UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05972
Name of Registrant: Vanguard International Equity Index Funds
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2014 – April 30, 2015
Item 1: Reports to Shareholders
Semiannual Report | April 30, 2015
Vanguard International Stock Index Funds
Vanguard European Stock Index Fund
Vanguard Pacific Stock Index Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| European Stock Index Fund. | 10 |
| Pacific Stock Index Fund. | 32 |
| About Your Fund’s Expenses. | 52 |
| Trustees Approve Advisory Arrangements. | 54 |
| Glossary. | 55 |
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: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant ship from the same era as Nelson’s flagship, the HMS Vanguard.
| |
| Your Fund’s Total Returns | |
| |
| |
| |
| |
| Six Months Ended April 30, 2015 | |
| | Total |
| | Returns |
| Vanguard European Stock Index Fund | |
| Investor Shares | 5.61% |
| FTSE Europe ETF Shares | |
| Market Price | 5.54 |
| Net Asset Value | 5.70 |
| Admiral™ Shares | 5.71 |
| Institutional Shares | 5.69 |
| Institutional Plus Shares (Inception: 12/5/2014) | 3.58 |
| FTSE Developed Europe Index | 6.26 |
| European Region Funds Average | 7.53 |
| European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| Vanguard Pacific Stock Index Fund | |
| Investor Shares | 5.84% |
| FTSE Pacific ETF Shares | |
| Market Price | 4.99 |
| Net Asset Value | 5.90 |
| Admiral Shares | 5.91 |
| Institutional Shares | 5.97 |
| FTSE Developed Asia Pacific Index | 8.44 |
| Japan/Pacific Region Funds Average | 8.67 |
| Japan/Pacific Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
1
Chairman’s Letter
Dear Shareholder,
International stocks made solid gains over the six months ended April 30, 2015. Monetary easing and growing consumer confidence helped offset concerns about worryingly low inflation, the downshift in economic activity in China, and uncertainty in Europe. While developed Pacific and European markets both produced results that were a little higher than those of U.S. stocks, emerging markets didn’t fare as well.
Vanguard Pacific Stock Index Fund returned 5.84% for the six months. (All returns cited in this letter are for Investor Shares.) While passive funds like the Pacific Stock Index Fund generally track their benchmark indexes quite closely, the Bank of Japan’s surprise announcement on October 31 that it would expand its already aggressive stimulus program contributed to temporary pricing differences arising from fair-value pricing policies. Those differences are part of the reason the fund fell significantly short of its benchmark for the period. (See the box on page 5 for an explanation of fair-value pricing.)
Vanguard European Stock Index Fund returned 5.61%. Here, too, temporary pricing differences were behind much of the lag in the fund’s return versus that of its benchmark.
2
Both the Pacific Stock Index Fund and the European Stock Index Fund returned less than their peers.
After the close of the fiscal half year, Vanguard announced important changes to the funds. With the aim of broadening their diversification, the funds will gradually transition to benchmarks that include small-capitalization stocks in addition to the large- and mid-cap stocks represented in their current benchmarks. Over a period of several months, the European Stock Index Fund will add small-cap exposure and begin tracking the FTSE Developed Europe All Cap Index rather than its current benchmark, the FTSE Developed Europe Index. The Pacific Stock Index Fund will begin tracking the FTSE Developed Asia Pacific All Cap Index instead of the FTSE Developed Asia Pacific Index.
U.S. stocks closed higher despite fluctuating returns
U.S. stocks returned almost 5% for the six months, despite stretches of shakiness. In two of those months, stocks declined. In two others, they were virtually unchanged or gained less than 1%. February’s surge of almost 6%, the largest monthly gain since October 2011, lifted stocks for the period.
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2015 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 4.75% | 13.00% | 14.47% |
| Russell 2000 Index (Small-caps) | 4.65 | 9.71 | 12.73 |
| Russell 3000 Index (Broad U.S. market) | 4.74 | 12.74 | 14.33 |
| FTSE All-World ex US Index (International) | 6.00 | 3.53 | 6.40 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 2.06% | 4.46% | 4.12% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 1.17 | 4.80 | 4.75 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.03 | 0.05 |
| |
| CPI | | | |
| Consumer Price Index | -0.35% | -0.20% | 1.65% |
3
The Federal Reserve’s careful approach to potentially raising short-term interest rates helped stocks along, as did monetary stimulus efforts by other nations’ central banks. These factors offset concerns that included Greece’s debt crisis and the negative effect of the strong U.S. dollar on the profits of U.S.-based multinational companies.
For U.S. investors, international stocks returned about 6%, a little more than their domestic counterparts (see the box on page 6 for a discussion of the benefits of an internationally diversified stock portfolio). Still, results were restrained by the dollar’s strength against many foreign currencies. Returns for the developed markets of the Pacific region, led by Japan, exceeded those of Europe and emerging markets. (You can read about Vanguard’s assessment of Japan’s economy in Japan: The Long Road Back to Inflation, available at vanguard.com/research. This is part of the Global Macro Matters series produced by our economists.)
Stimulus policies and demand have driven up bond prices
Like equities, bonds have benefited from accommodative monetary policies from the world’s central banks. Investor demand for the perceived safety of fixed income assets has also boosted bond returns.
| | | | | | |
| Expense Ratios | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | | |
| |
| | | | | | | Peer |
| | Investor | ETF | Admiral | Institutional | Institutional | Group |
| | Shares | Shares | Shares | Shares | Plus Shares | Average |
| European Stock Index Fund | 0.26% | 0.12% | 0.12% | 0.09% | 0.08% | 1.52% |
| Pacific Stock Index Fund | 0.26 | 0.12 | 0.12 | 0.09 | — | 1.33 |
The fund expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the funds’ annualized expense ratios were: for the European Stock Index Fund, 0.25% for Investor Shares, 0.11% for FTSE Europe ETF Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares, and 0.06% for Institutional Plus Shares (since inception); and for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.12% for FTSE Pacific ETF Shares, 0.12% for Admiral Shares, and 0.09% for Institutional Shares.
Peer groups: For the European Stock Index Fund, European Region Funds; and for the Pacific Stock Index Fund, Japan/Pacific Region Funds.
4
The broad U.S. taxable bond market returned 2.06% for the period, and the yield of the 10-year U.S. Treasury note ended April at 2.04%, down from 2.31% six months earlier. (Bond prices and yields move in opposite directions.)
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –4.83% as foreign currencies’ weakness relative to the dollar affected results. For international bonds hedged to eliminate the effect of changes in currency exchange rates, returns were positive.
Returns of money market funds and savings accounts remained checked by the Fed’s target of 0%–0.25% for short-term interest rates.
Developed markets stood up to a robust U.S. dollar
Developed markets in the Pacific and Europe returned roughly between 6% and 8% for the six-month period as the outlook for growth brightened. Returns in local currencies were even more robust than that, but gains made by the U.S. dollar against most currencies including the euro, British pound, and yen ate away some of that performance for U.S. investors.
In the Pacific Stock Index Fund, Japanese stocks were the top performers, surging to a 15-year high during the period. In November, the Bank of Japan ramped up its quantitative easing program aimed at helping the economy shake off two decades of stagnation. While inflation has remained far below the central bank’s
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
target and a value-added tax hike last spring dampened consumer spending, the Japanese economy managed to pull out of recession in the fourth quarter. The depreciation of the yen helped export-oriented companies in particular,
but it also shaved off some of the stock market’s strong gains for U.S. investors. Because Japanese stocks accounted for well over half the fund’s assets, they were by far the largest contributor to its performance.
International stocks—an opportunity for further diversification
International stocks led global stock markets out of the Great Recession in 2009. Since then, they’ve trailed the broad U.S. stock market in every year but one.
Despite the underperformance of the last several years, international stocks—which represent about half of the world’s market capitalization—can still help U.S.-based investors diversify their portfolios.
As the chart below shows, U.S. and international stocks have periodically swapped market leadership positions as differing market and economic forces caused their returns to vary.
Of course, the timing of these changes is impossible to predict.
Global diversification can help U.S. investors reduce their portfolio’s volatility over time by mitigating losses when domestic stocks do poorly and adding to returns when foreign stocks shine. (For more insight, see Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
Trailing 12-month return differential between U.S. and non-U.S. stocks
Notes: U.S. equities are represented by MSCI USA Index; international equities are represented by MSCI World Index ex USA from 1970 through 1987 and MSCI All Country World Index ex USA thereafter. Data are from December 31, 1984, through December 31, 2014.
Sources: Vanguard, Thomson Reuters Datastream, and MSCI.
6
Hong Kong stocks also had a good showing as loosened restrictions on mainland Chinese investing in that market resulted in large capital inflows. Australia, in contrast, detracted from the fund’s performance. Mining stocks, which make up a sizable portion of that market, slumped on the prospect of weak demand from China as its economy slowed.
In the Pacific region, nine of the ten market sectors posted positive results, with consumer goods and health care stocks making double-digit advances. Oil and gas stocks posted a negative return.
In the European Stock Index Fund, stocks of some of the largest Eurozone economies including Germany, the Netherlands, and France did better than the region as a whole. They benefited from the European Central Bank’s launch of a quantitative easing program, a continuing slide in the euro, and cheaper oil. Those developments helped increase the region’s competitiveness, ease unemployment, and lift consumer sentiment. Because some southern European countries, including Spain and Portugal, didn’t benefit from the upturn to the same extent, the fall in the euro meant their returns were negative when expressed in U.S. dollars.
The United Kingdom, a heavyweight in this fund, posted a return that was just below the average among European countries. The economy continued to expand at a modest clip and unemployment fell, while the Bank of England held interest rates steady.
In the European region, eight of ten sectors posted positive returns. Consumer goods and services and telecommunication services were out in front, with oil and gas and utilities bringing up the rear.
Promoting good corporate governance is one way we protect your interests
Our core purpose is “to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.” This means more than offering smart investments, trustworthy guidance, and low fees. It also means working with the companies held by Vanguard funds to make sure that your interests remain paramount.
How do we meet that responsibility?
As one of the world’s largest investment managers, we are making our voice heard in corporate boardrooms to promote the highest standards of stewardship. Our advocacy encompasses a range of corporate governance issues, including executive compensation and succession planning, board composition and effectiveness, oversight of strategy and risk, and communication with shareholders.
We also exert our influence in a very important way when Vanguard funds cast their proxy votes at companies’ shareholder meetings.
7
Most of these votes take place at this time of year, making it an appropriate time to remind you that we work hard to represent your best interests. Good governance, we believe, is essential for any company seeking to maximize its long-term returns to shareholders. You can learn more about our efforts at vanguard.com/corporategovernance.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 14, 2015
8
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| October 31, 2014, Through April 30, 2015 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard European Stock Index Fund | | | | |
| Investor Shares | $29.05 | $30.36 | $0.307 | $0.000 |
| FTSE Europe ETF Shares | 54.08 | 56.53 | 0.607 | 0.000 |
| Admiral Shares | 67.64 | 70.71 | 0.760 | 0.000 |
| Institutional Shares | 28.85 | 30.15 | 0.329 | 0.000 |
| Institutional Plus Shares | 131.51 | 134.67 | 1.486 | 0.000 |
| (Inception: 12/5/2014) | | | | |
| Vanguard Pacific Stock Index Fund | | | | |
| Investor Shares | $11.59 | $12.12 | $0.133 | $0.000 |
| FTSE Pacific ETF Shares | 60.80 | 63.58 | 0.740 | 0.000 |
| Admiral Shares | 75.19 | 78.63 | 0.915 | 0.000 |
| Institutional Shares | 11.50 | 12.03 | 0.142 | 0.000 |
9
| | | | | |
| European Stock Index Fund | | | | |
| |
| |
| Fund Profile | | | | | |
| As of April 30, 2015 | | | | | |
| Share-Class Characteristics | | | | | |
| | Investor | Admiral | Institutional | Institutional | FTSE Europe |
| | Shares | Shares | Shares | Plus Shares | ETF Shares |
| Ticker Symbol | VEURX | VEUSX | VESIX | VEUPX | VGK |
| Expense Ratio1 | 0.26% | 0.12% | 0.09% | 0.08% | 0.12% |
| | | |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Europe | ex US |
| | Fund | Index | Index |
| Number of Stocks | 532 | 512 | 5,629 |
| Median Market Cap | $49.6B | $49.6B | $26.3B |
| Price/Earnings Ratio | 22.3x | 22.3x | 19.4x |
| Price/Book Ratio | 2.0x | 2.0x | 1.8x |
| Return on Equity | 16.3% | 16.3% | 14.4% |
| Earnings Growth | | | |
| Rate | 7.8% | 7.8% | 10.8% |
| Dividend Yield | 3.1% | 3.1% | 2.7% |
| Turnover Rate | | | |
| (Annualized) | 4% | — | — |
| Short-Term | | | |
| Reserves | -0.5% | — | — |
Sector Diversification (% of equity exposure)
| | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Europe | ex US |
| | Fund | Index | Index |
| Basic Materials | 8.4% | 8.5% | 7.8% |
| Consumer Goods | 17.8 | 17.8 | 15.3 |
| Consumer Services | 7.2 | 7.2 | 8.3 |
| Financials | 22.6 | 22.6 | 26.5 |
| Health Care | 12.4 | 12.4 | 8.0 |
| Industrials | 12.4 | 12.4 | 14.1 |
| Oil & Gas | 7.5 | 7.4 | 6.9 |
| Technology | 3.1 | 3.1 | 5.2 |
| Telecommunications | 4.7 | 4.7 | 4.5 |
| Utilities | 3.9 | 3.9 | 3.4 |
| | |
| Volatility Measures | | |
| | Spliced | FTSE Global |
| | European | All Cap |
| | Stock | ex US |
| | Index | Index |
| R-Squared | 0.99 | 0.90 |
| Beta | 0.98 | 1.10 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
| | |
| Nestle SA | Food Products | 2.8% |
| Novartis AG | Pharmaceuticals | 2.7 |
| Royal Dutch Shell plc | Integrated Oil & Gas | 2.3 |
| Roche Holding AG | Pharmaceuticals | 2.2 |
| HSBC Holdings plc | Banks | 2.2 |
| BP plc | Integrated Oil & Gas | 1.5 |
| Unilever | Personal Products | 1.4 |
| Bayer AG | Specialty Chemicals | 1.3 |
| Sanofi | Pharmaceuticals | 1.3 |
| GlaxoSmithKline plc | Pharmaceuticals | 1.3 |
| Top Ten | | 19.0% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the annualized expense ratios were 0.25% for Investor Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares, 0.06% for Institutional Plus Shares (since inception), and 0.11% for FTSE Europe ETF Shares.
10
European Stock Index Fund
Market Diversification (% of equity exposure)
| | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Europe | ex US |
| | Fund | Index | Index |
| Europe | | | |
| United | | | |
| Kingdom | 31.9% | 31.9% | 14.5% |
| France | 14.4 | 14.4 | 6.1 |
| Switzerland | 14.0 | 14.1 | 6.0 |
| Germany | 13.6 | 13.7 | 6.0 |
| Spain | 5.2 | 5.2 | 2.3 |
| Sweden | 4.6 | 4.6 | 2.2 |
| Netherlands | 4.3 | 4.3 | 1.9 |
| Italy | 3.7 | 3.7 | 1.8 |
| Denmark | 2.6 | 2.7 | 1.2 |
| Belgium | 2.0 | 2.0 | 0.9 |
| Finland | 1.3 | 1.3 | 0.7 |
| Norway | 1.1 | 1.1 | 0.5 |
| Other | 1.3 | 1.0 | 0.6 |
| Subtotal | 100.0% | 100.0% | 44.7% |
| Pacific | 0.0% | 0.0% | 28.8% |
| Emerging | | | |
| Markets | 0.0% | 0.0% | 19.1% |
| North America | 0.0% | 0.0% | 6.9% |
| Middle East | 0.0% | 0.0% | 0.5% |
11
European Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2004, Through April 30, 2015
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Investor Shares | 6/18/1990 | -5.10% | 6.56% | 5.02% |
| FTSE Europe ETF Shares | 3/4/2005 | | | |
| Market Price | | -4.91 | 6.68 | 5.11 |
| Net Asset Value | | -4.97 | 6.70 | 5.15 |
| Admiral Shares | 8/13/2001 | -4.99 | 6.69 | 5.14 |
| Institutional Shares | 5/15/2000 | -4.96 | 6.73 | 5.18 |
| Institutional Plus Shares | 12/5/2014 | — | — | -0.661 |
| 1 Return since inception. | | | | |
| |
| |
| |
| See Financial Highlights for dividend and capital gains information. | | | | |
12
European Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2015
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Austria † | | 67,643 | 0.3% |
| |
| Belgium | | | |
| Anheuser-Busch InBev NV | 1,795,909 | 218,649 | 1.1% |
| Belgium—Other † | | 182,788 | 0.9% |
| | | 401,437 | 2.0% |
| Denmark | | | |
| Novo Nordisk A/S Class B | 4,385,782 | 246,221 | 1.2% |
| Denmark—Other † | | 283,403 | 1.4% |
| | | 529,624 | 2.6% |
| |
| Finland † | | 255,882 | 1.3% |
| |
| France | | | |
| Sanofi | 2,576,694 | 262,283 | 1.3% |
| TOTAL SA | 4,573,379 | 247,649 | 1.2% |
| BNP Paribas SA | 2,198,542 | 138,841 | 0.7% |
| AXA SA | 4,336,642 | 109,656 | 0.6% |
| France—Other † | | 2,134,418 | 10.6% |
| | | 2,892,847 | 14.4% |
| Germany | | | |
| * Bayer AG | 1,861,832 | 267,979 | 1.3% |
| Daimler AG | 2,150,534 | 206,767 | 1.0% |
| BASF SE | 2,078,452 | 206,490 | 1.0% |
| Siemens AG | 1,864,214 | 202,793 | 1.0% |
| Allianz SE | 1,024,953 | 174,462 | 0.9% |
| SAP SE | 2,012,386 | 152,066 | 0.8% |
| Deutsche Telekom AG | 7,016,881 | 128,975 | 0.7% |
| Deutsche Bank AG | 3,105,120 | 99,308 | 0.5% |
| * Kabel Deutschland Holding AG | 48,657 | 6,521 | 0.0% |
| 1 Germany—Other † | | 1,289,834 | 6.4% |
| | | 2,735,195 | 13.6% |
13
| | | |
| European Stock Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Greece † | | 19,061 | 0.1% |
| |
| Ireland † | | 81,660 | 0.4% |
| |
| Italy | | | |
| Eni SPA | 5,546,437 | 106,413 | 0.5% |
| Italy—Other † | | 629,024 | 3.1% |
| | | 735,437 | 3.6% |
| Netherlands | | | |
| Unilever NV | 3,503,503 | 152,825 | 0.7% |
| * ING Groep NV | 8,694,103 | 133,381 | 0.7% |
| Netherlands—Other † | | 585,300 | 2.9% |
| | | 871,506 | 4.3% |
| |
| Norway † | | 214,629 | 1.1% |
| |
| Portugal † | | 48,654 | 0.2% |
| |
| Spain | | | |
| * Banco Santander SA | 31,524,871 | 238,346 | 1.2% |
| Telefonica SA | 9,734,575 | 148,165 | 0.7% |
| Banco Bilbao Vizcaya Argentaria SA | 13,822,703 | 138,892 | 0.7% |
| Spain—Other † | | 514,163 | 2.6% |
| | | 1,039,566 | 5.2% |
| |
| Sweden † | | 920,408 | 4.6% |
| |
| Switzerland | | | |
| Nestle SA | 7,178,903 | 556,970 | 2.8% |
| Novartis AG | 5,242,768 | 535,141 | 2.7% |
| Roche Holding AG | 1,581,711 | 452,615 | 2.2% |
| * UBS Group AG | 7,700,210 | 153,830 | 0.8% |
| ABB Ltd. | 5,085,431 | 111,434 | 0.5% |
| Cie Financiere Richemont SA | 1,149,862 | 102,491 | 0.5% |
| Zurich Insurance Group AG | 332,037 | 102,484 | 0.5% |
| Switzerland—Other † | | 810,923 | 4.0% |
| | | 2,825,888 | 14.0% |
| United Kingdom | | | |
| HSBC Holdings plc | 43,890,479 | 438,448 | 2.2% |
| BP plc | 41,058,947 | 296,136 | 1.5% |
| GlaxoSmithKline plc | 10,945,154 | 252,799 | 1.3% |
| British American Tobacco plc | 4,196,598 | 230,578 | 1.1% |
| Royal Dutch Shell plc Class A | 7,152,166 | 225,512 | 1.1% |
| Vodafone Group plc | 59,808,230 | 210,719 | 1.0% |
| AstraZeneca plc | 2,840,997 | 194,970 | 1.0% |
| Royal Dutch Shell plc Class B | 5,521,227 | 176,768 | 0.9% |
| Diageo plc | 5,670,504 | 157,428 | 0.8% |
| Barclays plc | 36,910,901 | 144,413 | 0.7% |
| Lloyds Banking Group plc | 121,684,893 | 144,110 | 0.7% |
| Prudential plc | 5,744,527 | 143,026 | 0.7% |
| BG Group plc | 7,661,391 | 138,776 | 0.7% |
| BT Group plc | 18,841,709 | 131,414 | 0.6% |
14
| | | | |
| European Stock Index Fund | | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| Reckitt Benckiser Group plc | | 1,452,345 | 129,266 | 0.6% |
| Rio Tinto plc | | 2,808,770 | 125,697 | 0.6% |
| Unilever plc | | 2,716,229 | 119,066 | 0.6% |
| BHP Billiton plc | | 4,755,326 | 114,302 | 0.6% |
| National Grid plc | | 8,491,893 | 114,245 | 0.6% |
| Glencore plc | | 24,026,903 | 114,143 | 0.6% |
| SABMiller plc | | 2,128,352 | 112,661 | 0.6% |
| Shire plc | | 1,323,373 | 107,543 | 0.5% |
| Imperial Tobacco Group plc | | 2,169,839 | 105,955 | 0.5% |
| Royal Dutch Shell plc Class A (Amsterdam Shares) | | 1,617,019 | 51,271 | 0.2% |
| 1 United Kingdom—Other † | | | 2,428,712 | 12.1% |
| | | | 6,407,958 | 31.8% |
| Total Common Stocks (Cost $22,122,121) | | | 20,047,395 | 99.5%2 |
| |
| | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 Vanguard Market Liquidity Fund | 0.121% | 568,440,680 | 568,441 | 2.8% |
| |
| 5,6U.S. Government and Agency Obligations † | | | 8,900 | 0.1% |
| Total Temporary Cash Investments (Cost $577,340) | | | 577,341 | 2.9%2 |
| 7Total Investments (Cost $22,699,461) | | | 20,624,736 | 102.4% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 169,699 | 0.9% |
| Liabilities4 | | | (659,841) | (3.3%) |
| | | | (490,142) | (2.4%) |
| Net Assets | | | 20,134,594 | 100.0% |
| |
| |
| At April 30, 2015, net assets consisted of: | | | | |
| | | | | Amount |
| | | | | ($000) |
| Paid-in Capital | | | | 24,208,955 |
| Undistributed Net Investment Income | | | | 116,874 |
| Accumulated Net Realized Losses | | | | (2,117,092) |
| Unrealized Appreciation (Depreciation) | | | | |
| Investment Securities | | | | (2,074,725) |
| Futures Contracts | | | | (1,233) |
| Forward Currency Contracts | | | | 2,123 |
| Foreign Currencies | | | | (308) |
| Net Assets | | | | 20,134,594 |
15
| |
| European Stock Index Fund | |
| |
| |
| |
| | Amount |
| | ($000) |
| Investor Shares—Net Assets | |
| Applicable to 27,026,257 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 820,574 |
| Net Asset Value Per Share—Investor Shares | $30.36 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 61,844,908 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,372,893 |
| Net Asset Value Per Share—Admiral Shares | $70.71 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 32,660,972 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 984,836 |
| Net Asset Value Per Share—Institutional Shares | $30.15 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 862,971 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 116,214 |
| Net Asset Value Per Share—Institutional Plus Shares | $134.67 |
| |
| ETF Shares—Net Assets | |
| Applicable to 244,831,454 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 13,840,077 |
| Net Asset Value Per Share—ETF Shares | $56.53 |
See Note A in Notes to Financial Statements.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the aggregate value of these securities was $15,992,000, representing 0.1% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 2.4%, respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $568,441,000 of collateral received for securities on loan.
5 Securities with a value of $3,000,000 have been segregated as initial margin for open futures contracts.
6 Securities with a value of $738,000 have been segregated as collateral for open forward currency contracts.
7 The total value of securities on loan is $533,169,000.
See accompanying Notes, which are an integral part of the Financial Statements.
16
| |
| European Stock Index Fund | |
| |
| |
| Statement of Operations | |
| |
| |
| | Six Months Ended |
| | April 30, 2015 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 307,833 |
| Interest2 | 30 |
| Securities Lending | 4,845 |
| Total Income | 312,708 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,082 |
| Management and Administrative—Investor Shares | 780 |
| Management and Administrative—Admiral Shares | 1,390 |
| Management and Administrative—Institutional Shares | 152 |
| Management and Administrative—Institutional Plus Shares | 15 |
| Management and Administrative—ETF Shares | 3,567 |
| Marketing and Distribution—Investor Shares | 76 |
| Marketing and Distribution—Admiral Shares | 290 |
| Marketing and Distribution—Institutional Shares | 119 |
| Marketing and Distribution—Institutional Plus Shares | 4 |
| Marketing and Distribution—ETF Shares | 1,492 |
| Custodian Fees | 798 |
| Shareholders’ Reports—Investor Shares | 12 |
| Shareholders’ Reports—Admiral Shares | 12 |
| Shareholders’ Reports—Institutional Shares | 1 |
| Shareholders’ Reports—Institutional Plus Shares | — |
| Shareholders’ Reports—ETF Shares | 86 |
| Trustees’ Fees and Expenses | 7 |
| Total Expenses | 9,883 |
| Net Investment Income | 302,825 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 45,379 |
| Futures Contracts | 2,607 |
| Foreign Currencies and Forward Currency Contracts | (7,481) |
| Realized Net Gain (Loss) | 40,505 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 659,506 |
| Futures Contracts | (308) |
| Foreign Currencies and Forward Currency Contracts | 4,780 |
| Change in Unrealized Appreciation (Depreciation) | 663,978 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,007,308 |
| 1 Dividends are net of foreign withholding taxes of $24,439,000. | |
| 2 Interest income from an affiliated company of the fund was $27,000. | |
| See accompanying Notes, which are an integral part of the Financial Statements. | |
17
| | |
| European Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2015 | 2014 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 302,825 | 898,074 |
| Realized Net Gain (Loss) | 40,505 | 1,146,770 |
| Change in Unrealized Appreciation (Depreciation) | 663,978 | (2,273,099) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,007,308 | (228,255) |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (8,153) | (33,657) |
| Admiral Shares | (44,675) | (156,533) |
| Signal Shares | — | (15,253) |
| Institutional Shares | (11,214) | (42,503) |
| Institutional Plus Shares | (1,241) | (470) |
| ETF Shares | (135,800) | (643,629) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (201,083) | (892,045) |
| Capital Share Transactions | | |
| Investor Shares | 3,985 | (49,003) |
| Admiral Shares | 246,559 | 803,980 |
| Signal Shares | — | (426,309) |
| Institutional Shares | (66,587) | 159,390 |
| Institutional Plus Shares | 113,287 | (115,592) |
| ETF Shares | 1,618,950 | 450,062 |
| Net Increase (Decrease) from Capital Share Transactions | 1,916,194 | 822,528 |
| Total Increase (Decrease) | 2,722,419 | (297,772) |
| Net Assets | | |
| Beginning of Period | 17,412,175 | 17,709,947 |
| End of Period1 | 20,134,594 | 17,412,175 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $116,874,000 and $18,346,000.
See accompanying Notes, which are an integral part of the Financial Statements.
18
| | | | | | |
| European Stock Index Fund | | | | | | |
| |
| |
| Financial Highlights | | | | | | |
| |
| |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $29.05 | $30.42 | $24.69 | $24.48 | $27.15 | $25.77 |
| Investment Operations | | | | | | |
| Net Investment Income | . 456 | 1.2351 | .830 | .836 | .8822 | .7682 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 1.161 | (1.380) | 5.800 | .925 | (2.545) | 1.594 |
| Total from Investment Operations | 1.617 | (.145) | 6.630 | 1.761 | (1.663) | 2.362 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.307) | (1.225) | (.900) | (1.551) | (1.007) | (.982) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.307) | (1.225) | (.900) | (1.551) | (1.007) | (.982) |
| Net Asset Value, End of Period | $30.36 | $29.05 | $30.42 | $24.69 | $24.48 | $27.15 |
| |
| Total Return3 | 5.61% | -0.73% | 27.47% | 7.77% | -6.35% | 9.35% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $821 | $782 | $868 | $760 | $851 | $1,884 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.25% | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.27% | 4.12%1 | 3.02% | 3.75% | 3.46% | 2.98% |
| Portfolio Turnover Rate 4 | 4% | 7% | 10% | 7% | 6% | 11% |
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 0.97%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 Calculated based on average shares outstanding.
3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
19
| | | | | | |
| European Stock Index Fund | | | | | | |
| |
| |
| Financial Highlights | | | | | | |
| |
| |
| Admiral Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $67.64 | $70.85 | $57.54 | $57.09 | $63.75 | $60.51 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.110 | 2.9831 | 2.026 | 2.032 | 2.222 2 | 1.7582 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 2.720 | (3.233) | 13.503 | 2.152 | (6.020) | 3.864 |
| Total from Investment Operations | 3.830 | (.250) | 15.529 | 4.184 | (3.798) | 5.622 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.760) | (2.960) | (2.219) | (3.734) | (2.862) | (2.382) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.760) | (2.960) | (2.219) | (3.734) | (2.862) | (2.382) |
| Net Asset Value, End of Period | $70.71 | $67.64 | $70.85 | $57.54 | $57.09 | $63.75 |
| |
| Total Return3 | 5.71% | -0.61% | 27.64% | 7.93% | -6.22% | 9.49% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $4,373 | $3,949 | $3,340 | $2,508 | $2,531 | $2,087 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.41% | 4.26%1 | 3.16% | 3.89% | 3.58% | 3.10% |
| Portfolio Turnover Rate 4 | 4% | 7% | 10% | 7% | 6% | 11% |
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 0.97%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 Calculated based on average shares outstanding.
3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $28.85 | $30.21 | $24.54 | $24.36 | $27.20 | $25.80 |
| Investment Operations | | | | | | |
| Net Investment Income | . 478 | 1.2821 | .871 | .875 | .898 2 | .7642 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 1.151 | (1.371) | 5.755 | .912 | (2.510) | 1.644 |
| Total from Investment Operations | 1.629 | (.089) | 6.626 | 1.787 | (1.612) | 2.408 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.329) | (1.271) | (.956) | (1.607) | (1.228) | (1.008) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.329) | (1.271) | (.956) | (1.607) | (1.228) | (1.008) |
| Net Asset Value, End of Period | $30.15 | $28.85 | $30.21 | $24.54 | $24.36 | $27.20 |
| |
| Total Return3 | 5.69% | -0.55% | 27.66% | 7.95% | -6.19% | 9.53% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $985 | $1,006 | $901 | $762 | $606 | $1,349 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.08% | 0.09% | 0.09% | 0.09% | 0.10% | 0.10% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.44% | 4.29%1 | 3.19% | 3.92% | 3.62% | 3.14% |
| Portfolio Turnover Rate 4 | 4% | 7% | 10% | 7% | 6% | 11% |
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 0.97%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 Calculated based on average shares outstanding.
3 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
21
| | | |
| European Stock Index Fund | | | |
| |
| |
| Financial Highlights | | | |
| |
| |
| Institutional Plus Shares | | | |
| | Dec. 5, | Nov. 1, | May 17, |
| | 20143 to | 2013 to | 20131 to |
| | April 30, | March 17, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 20142 | 2013 |
| Net Asset Value, Beginning of Period | $131.51 | $126.52 | $116.90 |
| Investment Operations | | | |
| Net Investment Income | 1.937 | 2.253 4 | 2.257 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.709 | 2.866 | 9.966 |
| Total from Investment Operations | 4.646 | 5.119 | 12.223 |
| Distributions | | | |
| Dividends from Net Investment Income | (1.486) | (.539) | (2.603) |
| Distributions from Realized Capital Gains | — | — | — |
| Total Distributions | (1.486) | (.539) | (2.603) |
| Net Asset Value, End of Period | $134.67 | $131.102 | $126.52 |
| |
| Total Return | 3.58% | 4.06% | 10.81% |
| |
| Ratios/Supplemental Data | | | |
| Net Assets, End of Period (Millions) | $116 | — | $110 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.08%5 | 0.08%5 |
| Ratio of Net Investment Income to Average Net Assets | 3.70% | 4.80%4,5 | 3.20%5 |
| Portfolio Turnover Rate 6 | 4% | 7% | 10% |
The expense ratio, net income 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 all shares were redeemed.
3 Recommencement of operations.
4 Net investment income per share and the ratio of net investment income to average net assets include $1.242 and 0.97%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $54.08 | $56.64 | $46.01 | $45.66 | $51.00 | $48.41 |
| Investment Operations | | | | | | |
| Net Investment Income | . 888 | 2.3841 | 1.626 | 1.630 | 1.8262 | 1.4202 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 2.169 | (2.577) | 10.787 | 1.706 | (4.860) | 3.082 |
| Total from Investment Operations | 3.057 | (.193) | 12.413 | 3.336 | (3.034) | 4.502 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.607) | (2.367) | (1.783) | (2.986) | (2.306) | (1.912) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.607) | (2.367) | (1.783) | (2.986) | (2.306) | (1.912) |
| Net Asset Value, End of Period | $56.53 | $54.08 | $56.64 | $46.01 | $45.66 | $51.00 |
| |
| Total Return | 5.70% | -0.60% | 27.67% | 7.95% | -6.22% | 9.48% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $13,840 | $11,676 | $12,061 | $3,928 | $2,630 | $2,858 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.41% | 4.26%1 | 3.16% | 3.89% | 3.58% | 3.10% |
| Portfolio Turnover Rate 3 | 4% | 7% | 10% | 7% | 6% | 11% |
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 0.97%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 Calculated based on average shares outstanding.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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 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, known as Vanguard FTSE Europe ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Institutional Plus Shares were first issued May 17, 2013, and on March 17, 2014, all outstanding shares were redeemed. Institutional Plus Shares recommenced operations on December 5, 2014.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
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
24
European Stock Index Fund
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’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate settlement values and notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the six months ended April 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
25
European Stock Index Fund
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2011–2014), and for the period ended April 30, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2015, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
26
European Stock Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 invest up to 0.40% of its net assets in Vanguard. At April 30, 2015, the fund had contributed capital of $1,689,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.68% 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, 2015, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 17,775 | 20,029,620 | — |
| Temporary Cash Investments | 568,441 | 8,900 | — |
| Futures Contracts—Assets1 | 43 | — | — |
| Forward Currency Contracts—Assets | — | 5,040 | — |
| Forward Currency Contracts—Liabilities | — | (2,917) | — |
| Total | 586,259 | 20,040,643 | — |
| 1 Represents variation margin on the last day of the reporting period. | | | |
27
European Stock Index Fund
D. At April 30, 2015, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Statement of Net Assets Caption | ($000) | ($000) | ($000) |
| Other Assets | 43 | 5,040 | 5,083 |
| Liabilities | — | (2,917) | (2,917) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2015, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 2,607 | — | 2,607 |
| Forward Currency Contracts | — | (4,267) | (4,267) |
| Realized Net Gain (Loss) on Derivatives | 2,607 | (4,267) | (1,660) |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (308) | — | (308) |
| Forward Currency Contracts | — | 2,673 | 2,673 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (308) | 2,673 | 2,365 |
At April 30, 2015, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| E-mini S&P 500 Index | June 2015 | 600 | 62,367 | 2 |
| Dow Jones EURO STOXX 50 Index | June 2015 | 557 | 22,270 | (1,198) |
| FTSE 100 Index | June 2015 | 150 | 15,972 | (37) |
| | | | | (1,233) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
28
European Stock Index Fund
At April 30, 2015, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
| | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| BNP Paribas | 6/24/15 | EUR | 48,432 | USD | 51,771 | 2,651 |
| BNP Paribas | 6/24/15 | GBP | 28,539 | USD | 42,228 | 1,561 |
| Goldman Sachs International | 6/24/15 | EUR | 9,518 | USD | 10,153 | 543 |
| UBS AG | 6/24/15 | GBP | 4,520 | USD | 6,651 | 285 |
| Deutsche Bank AG | 6/24/15 | USD | 40,410 | EUR | 37,568 | (1,804) |
| Bank of America, NA | 6/24/15 | USD | 33,215 | GBP | 22,372 | (1,113) |
| | | | | | | 2,123 |
| EUR—Euro. | | | | | | |
| GBP—British pound. | | | | | | |
| USD—U.S. dollar. | | | | | | |
At April 30, 2015, the counterparty had deposited in segregated accounts securities with a value of $3,002,000 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, 2015, the fund realized net foreign currency losses of $3,214,000, 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, 2015, the fund realized $47,737,000 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, 2014, the fund had available capital losses totaling $2,110,155,000 to offset future net capital gains of $150,463,000 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
29
European Stock Index Fund
At April 30, 2015, the cost of investment securities for tax purposes was $22,706,465,000. Net unrealized depreciation of investment securities for tax purposes was $2,081,729,000, consisting of unrealized gains of $1,394,334,000 on securities that had risen in value since their purchase and $3,476,063,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2015, the fund purchased $2,748,608,000 of investment securities and sold $811,194,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,990,691,000 and $462,383,000, 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, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 105,751 | 3,602 | 159,279 | 5,113 |
| Issued in Lieu of Cash Distributions | 6,964 | 238 | 28,720 | 916 |
| Redeemed | (108,730) | (3,743) | (237,002) | (7,630) |
| Net Increase (Decrease)—Investor Shares | 3,985 | 97 | (49,003) | (1,601) |
| Admiral Shares | | | | |
| Issued1 | 576,544 | 8,414 | 1,159,727 | 16,220 |
| Issued in Lieu of Cash Distributions | 37,981 | 558 | 134,055 | 1,835 |
| Redeemed | (367,966) | (5,500) | (489,802) | (6,826) |
| Net Increase (Decrease)—Admiral Shares | 246,559 | 3,472 | 803,980 | 11,229 |
| Signal Shares | | | | |
| Issued | — | — | 118,028 | 4,197 |
| Issued in Lieu of Cash Distributions | — | — | 8,991 | 320 |
| Redeemed1 | — | — | (553,328) | (20,200) |
| Net Increase (Decrease)—Signal Shares | — | — | (426,309) | (15,683) |
| Institutional Shares | | | | |
| Issued | 176,008 | 6,104 | 434,652 | 14,030 |
| Issued in Lieu of Cash Distributions | 8,429 | 290 | 34,138 | 1,095 |
| Redeemed | (251,024) | (8,593) | (309,400) | (10,083) |
| Net Increase (Decrease)—Institutional Shares | (66,587) | (2,199) | 159,390 | 5,042 |
| Institutional Plus Shares2 | | | | |
| Issued | 112,046 | 853 | — | — |
| Issued in Lieu of Cash Distributions | 1,241 | 10 | 470 | 4 |
| Redeemed | — | — | (116,062) | (877) |
| Net Increase (Decrease)—Institutional Plus Shares | 113,287 | 863 | (115,592) | (873) |
30
| | | | |
| European Stock Index Fund | | | | |
| |
| |
| |
| |
| | Six Months Ended | | Year Ended |
| | | April 30, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| ETF Shares | | | | |
| Issued | 2,082,354 | 37,926 | 4,956,251 | 85,065 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (463,404) | (9,000) | (4,506,189) | (82,100) |
| Net Increase (Decrease)—ETF Shares | 1,618,950 | 28,926 | 450,062 | 2,965 |
1 Admiral Shares Issued and Signal Shares Redeemed include $319,504,000 from the conversion of Signal Shares to Admiral Shares during the 2014 fiscal year.
2 On March 17, 2014, all Institutional Plus shares were redeemed. Institutional Plus Shares recommenced operations on December 5, 2014.
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2015, that would require recognition or disclosure in these financial statements.
31
| | | | |
| Pacific Stock Index Fund | | | |
| |
| |
| Fund Profile | | | | |
| As of April 30, 2015 | | | | |
| Share-Class Characteristics | | | | |
| | Investor | Admiral | Institutional | FTSE Pacific ETF |
| | Shares | Shares | Shares | Shares |
| Ticker Symbol | VPACX | VPADX | VPKIX | VPL |
| Expense Ratio1 | 0.26% | 0.12% | 0.09% | 0.12% |
| | | |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Asia Pacific | ex US |
| | Fund | Index | Index |
| Number of Stocks | 838 | 834 | 5,629 |
| Median Market Cap | $19.6B | $19.6B | $26.3B |
| Price/Earnings Ratio | 16.8x | 16.8x | 19.4x |
| Price/Book Ratio | 1.6x | 1.6x | 1.8x |
| Return on Equity | 10.6% | 10.6% | 14.4% |
| Earnings Growth | | | |
| Rate | 14.4% | 14.3% | 10.8% |
| Dividend Yield | 2.1% | 2.1% | 2.7% |
| Turnover Rate | | | |
| (Annualized) | 6% | — | — |
| Short-Term | | | |
| Reserves | -0.1% | — | — |
Sector Diversification (% of equity exposure)
| | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Asia Pacific | ex US |
| | Fund | Index | Index |
| Basic Materials | 6.9% | 6.9% | 7.8% |
| Consumer Goods | 20.1 | 20.1 | 15.3 |
| Consumer Services | 9.7 | 9.7 | 8.3 |
| Financials | 28.7 | 28.7 | 26.5 |
| Health Care | 5.1 | 5.1 | 8.0 |
| Industrials | 16.9 | 16.9 | 14.1 |
| Oil & Gas | 2.0 | 2.0 | 6.9 |
| Technology | 4.0 | 4.0 | 5.2 |
| Telecommunications | 3.8 | 3.8 | 4.5 |
| Utilities | 2.8 | 2.8 | 3.4 |
| | |
| Volatility Measures | | |
| | Spliced | FTSE Global |
| | Pacific | All Cap |
| | Stock | ex US |
| | Index | Index |
| R-Squared | 0.94 | 0.73 |
| Beta | 1.06 | 0.89 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
| | |
| Toyota Motor Corp. | Automobiles | 3.2% |
| Samsung Electronics Co. Consumer | |
| Ltd. | Electronics | 2.5 |
| Commonwealth Bank of | | |
| Australia | Banks | 2.0 |
| Mitsubishi UFJ Financial | | |
| Group Inc. | Banks | 1.8 |
| Westpac Banking Corp. | Banks | 1.5 |
| BHP Billiton | General Mining | 1.4 |
| AIA Group Ltd. | Life Insurance | 1.4 |
| Australia & New Zealand | | |
| Banking Group Ltd. | Banks | 1.3 |
| National Australia Bank | | |
| Ltd. | Banks | 1.2 |
| Honda Motor Co. Ltd. | Automobiles | 1.0 |
| Top Ten | | 17.3% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the annualized expense ratios were 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.09% for Institutional Shares, and 0.12% for FTSE Pacific ETF Shares.
32
Pacific Stock Index Fund
Market Diversification (% of equity exposure)
| | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Asia Pacific | ex US |
| | Fund | Index | Index |
| Europe | 0.0% | 0.0% | 44.7% |
| Pacific | | | |
| Japan | 58.0% | 58.1% | 16.6% |
| Australia | 17.7 | 17.6 | 5.0 |
| South Korea | 10.7 | 10.7 | 3.2 |
| Hong Kong | 9.5 | 9.5 | 2.7 |
| Singapore | 3.6 | 3.6 | 1.1 |
| Other | 0.5 | 0.5 | 0.2 |
| Subtotal | 100.0% | 100.0% | 28.8% |
| Emerging | | | |
| Markets | 0.0% | 0.0% | 19.1% |
| North America | 0.0% | 0.0% | 6.9% |
| Middle East | 0.0% | 0.0% | 0.5% |
33
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, 2004, Through April 30, 2015
Pacific Stock Index Fund Investor Shares
Spliced Pacific Stock Index
For a benchmark description, see the Glossary.
Note: For 2015, performance data reflect the six months ended April 30, 2015.
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Investor Shares | 6/18/1990 | 5.70% | 5.48% | 4.94% |
| FTSE Pacific ETF Shares | 3/4/2005 | | | |
| Market Price | | 6.33 | 5.63 | 5.05 |
| Net Asset Value | | 5.85 | 5.62 | 5.06 |
| Admiral Shares | 8/13/2001 | 5.87 | 5.63 | 5.06 |
| Institutional Shares | 5/15/2000 | 5.91 | 5.66 | 5.10 |
See Financial Highlights for dividend and capital gains information.
34
Pacific Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2015
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Australia | | | |
| Commonwealth Bank of Australia | 1,754,417 | 122,804 | 2.0% |
| Westpac Banking Corp. | 3,357,993 | 96,478 | 1.5% |
| BHP Billiton Ltd. | 3,498,826 | 89,348 | 1.4% |
| Australia & New Zealand Banking Group Ltd. | 3,005,403 | 80,418 | 1.3% |
| National Australia Bank Ltd. | 2,579,294 | 74,685 | 1.2% |
| Wesfarmers Ltd. | 1,219,783 | 42,045 | 0.7% |
| CSL Ltd. | 516,667 | 37,036 | 0.6% |
| Woolworths Ltd. | 1,337,628 | 31,057 | 0.5% |
| Australia—Other † | | 526,529 | 8.4% |
| | | 1,100,400 | 17.6% |
| Hong Kong | | | |
| AIA Group Ltd. | 13,131,045 | 87,328 | 1.4% |
| ^ Hong Kong Exchanges and Clearing Ltd. | 1,253,497 | 47,784 | 0.8% |
| Hutchison Whampoa Ltd. | 2,188,531 | 32,175 | 0.5% |
| * CK Hutchison Holdings Ltd. | 1,439,136 | 31,218 | 0.5% |
| Sun Hung Kai Properties Ltd. | 1,679,118 | 27,888 | 0.4% |
| 1 Hong Kong—Other † | | 367,138 | 5.9% |
| | | 593,531 | 9.5% |
| Japan | | | |
| Toyota Motor Corp. | 2,888,071 | 201,036 | 3.2% |
| Mitsubishi UFJ Financial Group Inc. | 15,425,424 | 109,588 | 1.8% |
| Honda Motor Co. Ltd. | 1,955,127 | 65,546 | 1.0% |
| SoftBank Corp. | 1,026,270 | 64,153 | 1.0% |
| Sumitomo Mitsui Financial Group Inc. | 1,464,634 | 63,953 | 1.0% |
| Mizuho Financial Group Inc. | 26,087,441 | 49,730 | 0.8% |
| KDDI Corp. | 2,024,300 | 47,900 | 0.8% |
| FANUC Corp. | 213,276 | 46,913 | 0.8% |
| Takeda Pharmaceutical Co. Ltd. | 843,691 | 43,316 | 0.7% |
| Canon Inc. | 1,132,117 | 40,365 | 0.6% |
| Japan Tobacco Inc. | 1,149,259 | 40,133 | 0.6% |
| * Sony Corp. | 1,252,344 | 37,861 | 0.6% |
| Astellas Pharma Inc. | 2,407,070 | 37,480 | 0.6% |
35
| | | | |
| Pacific Stock Index Fund | | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Central Japan Railway Co. | | 206,600 | 36,900 | 0.6% |
| East Japan Railway Co. | | 413,685 | 36,564 | 0.6% |
| Seven & i Holdings Co. Ltd. | | 849,854 | 36,530 | 0.6% |
| Hitachi Ltd. | | 5,056,258 | 34,498 | 0.6% |
| Mitsubishi Corp. | | 1,540,434 | 33,238 | 0.5% |
| Panasonic Corp. | | 2,319,290 | 33,221 | 0.5% |
| Mitsubishi Estate Co. Ltd. | | 1,382,982 | 32,552 | 0.5% |
| Tokio Marine Holdings Inc. | | 776,990 | 31,675 | 0.5% |
| Murata Manufacturing Co. Ltd. | | 218,619 | 30,806 | 0.5% |
| Mitsui Fudosan Co. Ltd. | | 1,034,580 | 30,669 | 0.5% |
| Bridgestone Corp. | | 726,950 | 30,447 | 0.5% |
| Nissan Motor Co. Ltd. | | 2,766,746 | 28,721 | 0.5% |
| Mitsubishi Electric Corp. | | 2,157,954 | 28,182 | 0.5% |
| Kao Corp. | | 573,677 | 27,473 | 0.4% |
| Shin-Etsu Chemical Co. Ltd. | | 449,355 | 27,469 | 0.4% |
| Keyence Corp. | | 50,177 | 26,787 | 0.4% |
| Mitsui & Co. Ltd. | | 1,886,700 | 26,388 | 0.4% |
| Denso Corp. | | 519,986 | 25,815 | 0.4% |
| Hino Motors Ltd. | | 298,309 | 3,892 | 0.1% |
| Daihatsu Motor Co. Ltd. | | 228,157 | 3,305 | 0.1% |
| Japan—Other † | | | 2,199,348 | 35.1% |
| | | | 3,612,454 | 57.7% |
| |
| New Zealand † | | | 30,455 | 0.5% |
| |
| Singapore | | | | |
| DBS Group Holdings Ltd. | | 1,892,779 | 30,077 | 0.5% |
| ^ Oversea-Chinese Banking Corp. Ltd. | | 3,321,591 | 26,748 | 0.4% |
| Singapore Telecommunications Ltd. | | 7,975,209 | 26,650 | 0.4% |
| Singapore—Other † | | | 141,755 | 2.3% |
| | | | 225,230 | 3.6% |
| South Korea | | | | |
| Samsung Electronics Co. Ltd. | | 116,979 | 153,459 | 2.4% |
| Hyundai Motor Co. | | 167,204 | 26,241 | 0.4% |
| SK Hynix Inc. | | 579,476 | 24,793 | 0.4% |
| South Korea—Other † | | | 463,023 | 7.4% |
| | | | 667,516 | 10.6% |
| Total Common Stocks (Cost $6,695,578) | | | 6,229,586 | 99.5%2 |
| |
| | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 Vanguard Market Liquidity Fund | 0.121% | 133,912,323 | 133,912 | 2.2% |
| |
| 5U.S. Government and Agency Obligations † | | | 2,100 | 0.0% |
| Total Temporary Cash Investments (Cost $136,012) | | | 136,012 | 2.2%2 |
| Total Investments (Cost $6,831,590) | | | 6,365,598 | 101.7% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 34,903 | 0.5% |
| Liabilities4 | | | (139,245) | (2.2%) |
| | | | (104,342) | (1.7%) |
| Net Assets | | | 6,261,256 | 100.0% |
36
| |
| Pacific Stock Index Fund | |
| |
| |
| At April 30, 2015, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 7,851,939 |
| Undistributed Net Investment Income | 10,928 |
| Accumulated Net Realized Losses | (1,136,138) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | (465,992) |
| Futures Contracts | (222) |
| Forward Currency Contracts | 693 |
| Foreign Currencies | 48 |
| Net Assets | 6,261,256 |
| |
| Investor Shares—Net Assets | |
| Applicable to 30,450,554 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 368,918 |
| Net Asset Value Per Share—Investor Shares | $12.12 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 27,896,677 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,193,449 |
| Net Asset Value Per Share—Admiral Shares | $78.63 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 28,872,745 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 347,367 |
| Net Asset Value Per Share—Institutional Shares | $12.03 |
| |
| ETF Shares—Net Assets | |
| Applicable to 52,715,166 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,351,522 |
| Net Asset Value Per Share—ETF Shares | $63.58 |
• 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 $106,015,000.
† 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, 2015, the aggregate value of these securities was $2,396,000.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 1.7%, 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 $112,874,000 of collateral received for securities on loan.
5 Securities with a value of $1,000,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
37
| |
| Pacific Stock Index Fund | |
| |
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | April 30, 2015 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 69,004 |
| Interest2 | 10 |
| Securities Lending | 1,094 |
| Total Income | 70,108 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 611 |
| Management and Administrative—Investor Shares | 331 |
| Management and Administrative—Admiral Shares | 654 |
| Management and Administrative—Institutional Shares | 46 |
| Management and Administrative—ETF Shares | 821 |
| Marketing and Distribution—Investor Shares | 35 |
| Marketing and Distribution—Admiral Shares | 132 |
| Marketing and Distribution—Institutional Shares | 31 |
| Marketing and Distribution—ETF Shares | 325 |
| Custodian Fees | 427 |
| Shareholders’ Reports—Investor Shares | 16 |
| Shareholders’ Reports—Admiral Shares | 6 |
| Shareholders’ Reports—Institutional Shares | 4 |
| Shareholders’ Reports—ETF Shares | 24 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 3,465 |
| Net Investment Income | 66,643 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 56,923 |
| Futures Contracts | 3,072 |
| Foreign Currencies and Forward Currency Contracts | (2,428) |
| Realized Net Gain (Loss) | 57,567 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 215,265 |
| Futures Contracts | (732) |
| Foreign Currencies and Forward Currency Contracts | 991 |
| Change in Unrealized Appreciation (Depreciation) | 215,524 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 339,734 |
| 1 Dividends are net of foreign withholding taxes of $4,884,000. | |
| 2 Interest income from an affiliated company of the fund was $10,000. | |
| |
| See accompanying Notes, which are an integral part of the Financial Statements. | |
38
| | |
| Pacific Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2015 | 2014 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 66,643 | 138,837 |
| Realized Net Gain (Loss) | 57,567 | 64,452 |
| Change in Unrealized Appreciation (Depreciation) | 215,524 | (146,338) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 339,734 | 56,951 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (4,049) | (9,804) |
| Admiral Shares | (24,561) | (51,732) |
| Signal Shares | — | (3,961) |
| Institutional Shares | (4,152) | (9,260) |
| ETF Shares | (34,297) | (74,497) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (67,059) | (149,254) |
| Capital Share Transactions | | |
| Investor Shares | (6,559) | (32,507) |
| Admiral Shares | 67,689 | 223,950 |
| Signal Shares | — | (169,429) |
| Institutional Shares | (4,430) | (95,317) |
| ETF Shares | 444,050 | 166,435 |
| Net Increase (Decrease) from Capital Share Transactions | 500,750 | 93,132 |
| Total Increase (Decrease) | 773,425 | 829 |
| Net Assets | | |
| Beginning of Period | 5,487,831 | 5,487,002 |
| End of Period1 | 6,261,256 | 5,487,831 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $10,928,000 and $14,099,000.
See accompanying Notes, which are an integral part of the Financial Statements.
39
| | | | | | |
| Pacific Stock Index Fund | | | | | | |
| |
| |
| Financial Highlights | | | | | | |
| |
| |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $11.59 | $11.76 | $9.63 | $9.74 | $10.40 | $9.61 |
| Investment Operations | | | | | | |
| Net Investment Income | .129 | .282 | .246 | .278 | .2891 | .2431 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .534 | (.147) | 2.187 | .037 | (.619) | .803 |
| Total from Investment Operations | .663 | .135 | 2.433 | .315 | (.330) | 1.046 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.133) | (. 305) | (. 303) | (. 425) | (. 330) | (. 256) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.133) | (. 305) | (. 303) | (. 425) | (. 330) | (. 256) |
| Net Asset Value, End of Period | $12.12 | $11.59 | $11.76 | $9.63 | $9.74 | $10.40 |
| |
| Total Return2 | 5.84% | 1.21% | 25.72% | 3.47% | -3.45% | 11.09% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $369 | $360 | $398 | $360 | $438 | $868 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.26% | 2.45% | 2.27% | 2.93% | 2.85% | 2.37% |
| Portfolio Turnover Rate 3 | 6% | 5% | 22% | 4% | 4% | 3% |
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 | | | | | | |
| |
| |
| Admiral Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $75.19 | $76.32 | $62.54 | $63.28 | $68.06 | $62.95 |
| Investment Operations | | | | | | |
| Net Investment Income | .893 | 1.937 | 1.695 | 1.905 | 2.0511 | 1.5331 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 3.462 | (.982) | 14.194 | .249 | (4.080) | 5.337 |
| Total from Investment Operations | 4.355 | .955 | 15.889 | 2.154 | (2.029) | 6.870 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.915) | (2.085) | (2.109) | (2.894) | (2.751) | (1.760) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.915) | (2.085) | (2.109) | (2.894) | (2.751) | (1.760) |
| Net Asset Value, End of Period | $78.63 | $75.19 | $76.32 | $62.54 | $63.28 | $68.06 |
| |
| Total Return2 | 5.91% | 1.32% | 25.89% | 3.65% | -3.33% | 11.13% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $2,193 | $2,032 | $1,832 | $1,415 | $1,451 | $1,165 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.40% | 2.59% | 2.41% | 3.07% | 2.97% | 2.49% |
| Portfolio Turnover Rate 3 | 6% | 5% | 22% | 4% | 4% | 3% |
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.
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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $11.50 | $11.68 | $9.57 | $9.69 | $10.42 | $9.63 |
| Investment Operations | | | | | | |
| Net Investment Income | .139 | .300 | .263 | .295 | .3031 | .2431 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .533 | (.158) | 2.174 | .034 | (.609) | .816 |
| Total from Investment Operations | .672 | .142 | 2.437 | .329 | (.306) | 1.059 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.142) | (. 322) | (. 327) | (. 449) | (. 424) | (. 269) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.142) | (. 322) | (. 327) | (. 449) | (. 424) | (. 269) |
| Net Asset Value, End of Period | $12.03 | $11.50 | $11.68 | $9.57 | $9.69 | $10.42 |
| |
| Total Return2 | 5.97% | 1.28% | 25.96% | 3.65% | -3.29% | 11.22% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $347 | $336 | $437 | $406 | $354 | $799 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% | 0.10% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.43% | 2.62% | 2.44% | 3.10% | 3.01% | 2.53% |
| Portfolio Turnover Rate 3 | 6% | 5% | 22% | 4% | 4% | 3% |
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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $60.80 | $61.71 | $50.57 | $51.18 | $55.06 | $50.92 |
| Investment Operations | | | | | | |
| Net Investment Income | .723 | 1.568 | 1.372 | 1.544 | 1.6381 | 1.2651 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 2.797 | (.791) | 11.475 | .190 | (3.275) | 4.296 |
| Total from Investment Operations | 3.520 | .777 | 12.847 | 1.734 | (1.637) | 5.561 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.740) | (1.687) | (1.707) | (2.344) | (2.243) | (1.421) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.740) | (1.687) | (1.707) | (2.344) | (2.243) | (1.421) |
| Net Asset Value, End of Period | $63.58 | $60.80 | $61.71 | $50.57 | $51.18 | $55.06 |
| |
| Total Return | 5.90% | 1.31% | 25.88% | 3.65% | -3.34% | 11.11% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $3,352 | $2,760 | $2,645 | $1,563 | $1,472 | $1,482 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.40% | 2.59% | 2.41% | 3.07% | 2.97% | 2.49% |
| Portfolio Turnover Rate2 | 6% | 5% | 22% | 4% | 4% | 3% |
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 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, known as Vanguard FTSE Pacific ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker. The fund has not issued any Institutional Plus Shares through April 30, 2015.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby
44
Pacific Stock Index Fund
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’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate settlement values and notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the six months ended April 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
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, 2011–2014), and for the period ended April 30, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2015, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
46
Pacific Stock Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 invest up to 0.40% of its net assets in Vanguard. At April 30, 2015, the fund had contributed capital of $538,000 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, 2015, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 3,129 | 6,209,286 | 17,171 |
| Temporary Cash Investments | 133,912 | 2,100 | — |
| Futures Contracts—Liabilities1 | (562) | — | — |
| Forward Currency Contracts—Assets | — | 868 | — |
| Forward Currency Contracts—Liabilities | — | (175) | — |
| Total | 136,479 | 6,212,079 | 17,171 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
47
Pacific Stock Index Fund
D. At April 30, 2015, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Statement of Net Assets Caption | ($000) | ($000) | ($000) |
| Other Assets | — | 868 | 868 |
| Liabilities | (562) | (175) | (737) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2015, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 3,072 | — | 3,072 |
| Forward Currency Contracts | — | 327 | 327 |
| Realized Net Gain (Loss) on Derivatives | 3,072 | 327 | 3,399 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (732) | — | (732) |
| Forward Currency Contracts | — | 358 | 358 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (732) | 358 | (374) |
At April 30, 2015, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| Topix Index | June 2015 | 153 | 20,309 | (124) |
| S&P ASX 200 Index | June 2015 | 76 | 8,628 | (98) |
| | | | | (222) |
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Pacific Stock Index Fund
At April 30, 2015, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
| | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| Bank of America, NA | 6/16/15 | JPY | 2,312,163 | USD | 19,146 | 229 |
| Bank of America, NA | 6/23/15 | AUD | 12,147 | USD | 9,235 | 348 |
| UBS AG | 6/23/15 | AUD | 8,510 | USD | 6,581 | 132 |
| Bank of America, NA | 6/16/15 | JPY | 552,375 | USD | 4,644 | (15) |
| UBS AG | 6/16/15 | JPY | 321,000 | USD | 2,688 | 2 |
| Citibank NA | 6/16/15 | JPY | 296,970 | USD | 2,497 | (9) |
| The Toronto-Dominion Bank | 6/16/15 | JPY | 225,897 | USD | 1,887 | 6 |
| Deutsche Bank AG | 6/16/15 | JPY | 220,780 | USD | 1,853 | (3) |
| Citibank NA | 6/16/15 | JPY | 155,000 | USD | 1,279 | 20 |
| UBS AG | 6/16/15 | JPY | 150,930 | USD | 1,269 | (4) |
| UBS AG | 6/23/15 | AUD | 1,480 | USD | 1,190 | (22) |
| Goldman Sachs International | 6/23/15 | AUD | 875 | USD | 673 | 17 |
| BNP Paribas | 6/16/15 | USD | 38,123 | JPY | 4,539,465 | 84 |
| BNP Paribas | 6/23/15 | USD | 4,152 | AUD | 5,225 | 30 |
| BNP Paribas | 6/23/15 | USD | 2,944 | AUD | 3,878 | (115) |
| Citibank NA | 6/23/15 | USD | 1,174 | AUD | 1,498 | (7) |
| | | | | | | 693 |
| AUD—Australian dollar. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| USD—U.S. dollar. | | | | | | |
At April 30, 2015, the counterparty had deposited in segregated accounts securities with a value of $818,000 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, 2015, the fund realized net foreign currency losses of $2,755,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.
49
Pacific Stock Index Fund
During the six months ended April 30, 2015, the fund realized $40,404,000 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, 2014, the fund had available capital losses totaling $1,155,019,000 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 $10,527,000 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, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2015, the cost of investment securities for tax purposes was $6,846,182,000. Net unrealized depreciation of investment securities for tax purposes was $480,584,000, consisting of unrealized gains of $755,495,000 on securities that had risen in value since their purchase and $1,236,079,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2015, the fund purchased $898,843,000 of investment securities and sold $420,084,000 of investment securities, other than temporary cash investments. Purchases and sales include $634,815,000 and $264,451,000, 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, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 38,390 | 3,318 | 58,007 | 5,061 |
| Issued in Lieu of Cash Distributions | 3,822 | 347 | 9,268 | 811 |
| Redeemed | (48,771) | (4,273) | (99,782) | (8,663) |
| Net Increase (Decrease)—Investor Shares | (6,559) | (608) | (32,507) | (2,791) |
| Admiral Shares | | | | |
| Issued1 | 177,763 | 2,362 | 392,179 | 5,284 |
| Issued in Lieu of Cash Distributions | 20,811 | 290 | 44,509 | 600 |
| Redeemed | (130,885) | (1,784) | (212,738) | (2,863) |
| Net Increase (Decrease)—Admiral Shares | 67,689 | 868 | 223,950 | 3,021 |
| Signal Shares | | | | |
| Issued | — | — | 31,226 | 1,214 |
| Issued in Lieu of Cash Distributions | — | — | 3,197 | 125 |
| Redeemed1 | — | — | (203,852) | (7,921) |
| Net Increase (Decrease)—Signal Shares | — | — | (169,429) | (6,582) |
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| | | | |
| Pacific Stock Index Fund | | | | |
| |
| |
| |
| |
| | Six Months Ended | | Year Ended |
| | | April 30, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Institutional Shares | | | | |
| Issued | 24,407 | 2,164 | 62,585 | 5,485 |
| Issued in Lieu of Cash Distributions | 2,676 | 244 | 7,052 | 622 |
| Redeemed | (31,513) | (2,741) | (164,954) | (14,354) |
| Net Increase (Decrease)—Institutional Shares | (4,430) | (333) | (95,317) | (8,247) |
| ETF Shares | | | | |
| Issued | 741,377 | 12,419 | 422,766 | 6,937 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (297,327) | (5,100) | (256,331) | (4,400) |
| Net Increase (Decrease)—ETF Shares | 444,050 | 7,319 | 166,435 | 2,537 |
1 Admiral Shares Issued and Signal Shares Redeemed include $150,910,000 from the conversion of Signal Shares to Admiral Shares during the 2014 fiscal year.
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2015, that would require recognition or disclosure in these financial statements.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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| | | |
| Six Months Ended April 30, 2015 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 10/31/2014 | 4/30/2015 | Period |
| Based on Actual Fund Return | | | |
| European Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,056.09 | $1.27 |
| FTSE Europe ETF Shares | 1,000.00 | 1,057.00 | 0.56 |
| Admiral Shares | 1,000.00 | 1,057.08 | 0.56 |
| Institutional Shares | 1,000.00 | 1,056.93 | 0.41 |
| Pacific Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,058.37 | $1.33 |
| FTSE Pacific ETF Shares | 1,000.00 | 1,059.05 | 0.61 |
| Admiral Shares | 1,000.00 | 1,059.13 | 0.61 |
| Institutional Shares | 1,000.00 | 1,059.65 | 0.46 |
| Based on Hypothetical 5% Yearly Return | | | |
| European Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.55 | $1.25 |
| FTSE Europe ETF Shares | 1,000.00 | 1,024.25 | 0.55 |
| Admiral Shares | 1,000.00 | 1,024.25 | 0.55 |
| Institutional Shares | 1,000.00 | 1,024.40 | 0.40 |
| Pacific Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.51 | $1.30 |
| FTSE Pacific ETF Shares | 1,000.00 | 1,024.20 | 0.60 |
| Admiral Shares | 1,000.00 | 1,024.20 | 0.60 |
| Institutional Shares | 1,000.00 | 1,024.35 | 0.45 |
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, 0.25% for Investor Shares, 0.11% for FTSE Europe ETF Shares, 0.11% for Admiral Shares, and 0.08% for Institutional Shares, and for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.12% for FTSE Pacific ETF Shares, 0.12% for Admiral Shares, and 0.09% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period. The table does not include data for share classes with less than six months of history.
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard European and Pacific Stock Index Funds has renewed the funds’ investment advisory arrangements with The Vanguard Group, Inc. (Vanguard). Vanguard’s Equity Investment Group—through its Equity Index 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 reviewed 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 considered that Vanguard has been managing investments for more than three decades. The Equity Index 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.
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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.
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.
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Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced European Index: MSCI Europe Index through March 26, 2013; FTSE Developed Europe Index thereafter. Benchmark returns are adjusted for withholding taxes.
Spliced Pacific Stock Index: MSCI Pacific Index through March 26, 2013; FTSE Developed Asia Pacific Index thereafter. Benchmark returns are adjusted for withholding taxes.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, Amerigroup Corporation (managed health care), the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels), the University Medical Center at Princeton, the Robert Wood Johnson Foundation, and the Center for Talent Innovation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Controller Since July 2010. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Kathryn J. Hyatt
Born 1955. Treasurer Since November 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Assistant Treasurer of each of the investment companies served by The Vanguard Group (1988–2008).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| |
Mortimer J. Buckley Kathleen C. Gubanich Paul A. Heller Martha G. King John T. Marcante | Chris D. McIsaac Michael S. Miller James M. Norris Glenn W. Reed |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
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| | Q722 062015 |
Semiannual Report | April 30, 2015
Vanguard Total World Stock Index Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Fund Profile. | 8 |
| Performance Summary. | 10 |
| Financial Statements. | 11 |
| About Your Fund’s Expenses. | 30 |
| Trustees Approve Advisory Arrangement. | 32 |
| Glossary. | 33 |
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: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant ship from the same era as Nelson’s flagship, the HMS Vanguard.
http://www.jagerfoods.com/food/cook-corn-on-the-cob-for-a-crowd/
| |
| Your Fund’s Total Returns | |
| |
| |
| |
| |
| Six Months Ended April 30, 2015 | |
| | Total |
| | Returns |
| Vanguard Total World Stock Index Fund | |
| Investor Shares | 4.80% |
| ETF Shares | |
| Market Price | 4.75 |
| Net Asset Value | 4.86 |
| Institutional Shares | 4.86 |
| FTSE Global All Cap Index | 5.39 |
| Global Funds Average | 4.46 |
Global Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Institutional Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| October 31, 2014, Through April 30, 2015 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Total World Stock Index Fund | | | | |
| Investor Shares | $24.82 | $25.73 | $0.271 | $0.000 |
| ETF Shares | 60.89 | 63.13 | 0.692 | 0.000 |
| Institutional Shares | 124.35 | 128.91 | 1.432 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
Despite challenges both at home and abroad, global stocks produced solid results for the six months ended April 30, 2015. The world’s equity markets grew volatile at times, amid concerns over the timing of the Federal Reserve’s first prospective rate increase in almost a decade, Greece’s elections and debt crisis, the future of the Eurozone, the potential impact of falling oil prices on exporting nations, and slower growth in China. In a departure from recent years, international stocks as a whole outpaced their U.S. counterparts.
Vanguard Total World Stock Index Fund returned almost 5% for the period. The return diverged from that of its target index, the FTSE Global All Cap Index, a result of fair-value pricing adjustments (see the box on page 5 for an explanation of fair-value pricing). 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. The fund’s result was a bit ahead of the average return of its peer funds.
U.S. and Japanese stocks added most to returns, while stocks from Brazil and Australia held back results. On the sector level, consumer services stocks advanced by double digits, while the drop in oil prices weighed on stocks of oil and gas companies around the globe.
2
Currency effects limited returns for U.S.-based investors as the dollar rose against many foreign currencies, including the Japanese yen and the euro.
U.S. stocks closed higher despite fluctuating returns
U.S. stocks returned almost 5% for the six months, despite stretches of shakiness. In two of those months, stocks declined. In two others, they were virtually unchanged or gained less than 1%. February’s surge of almost 6%, the largest monthly gain since October 2011, lifted overall returns for the period.
The Fed’s careful approach to potentially raising short-term interest rates helped stocks along, as did monetary stimulus efforts by other nations’ central banks.
These factors offset concerns that included Greece’s debt crisis and the negative effect of the strong U.S. dollar on the profits of U.S.-based multinational companies.
For U.S. investors, international stocks returned 6%; as noted earlier, they were a little ahead of their domestic counterparts (see the box on page 6 for a discussion of the benefits of an internationally diversified stock portfolio). Returns for the developed markets of the Pacific region, led by Japan, exceeded those of Europe and emerging markets. (You can read about Vanguard’s assessment of Japan’s economy in Japan: The Long Road Back to Inflation, available at vanguard.com/research. This is part of the Global Macro Matters series produced by our economists.)
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2015 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 4.75% | 13.00% | 14.47% |
| Russell 2000 Index (Small-caps) | 4.65 | 9.71 | 12.73 |
| Russell 3000 Index (Broad U.S. market) | 4.74 | 12.74 | 14.33 |
| FTSE All-World ex US Index (International) | 6.00 | 3.53 | 6.40 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 2.06% | 4.46% | 4.12% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 1.17 | 4.80 | 4.75 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.03 | 0.05 |
| |
| CPI | | | |
| Consumer Price Index | -0.35% | -0.20% | 1.65% |
3
Stimulus policies and demand have driven up bond prices
Like equities, bonds have benefited from accommodative monetary policies from the world’s central banks. Investor demand for the perceived safety of fixed income assets has also boosted bond returns.
The broad U.S. taxable bond market returned 2.06% for the period, and the yield of the 10-year U.S. Treasury note ended April at 2.04%, down from 2.31% six months earlier. (Bond prices and yields move in opposite directions.)
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –4.83% as foreign currencies’ weakness relative to the dollar affected results. For international bonds hedged to eliminate the effect of changes in currency exchange rates, returns were positive.
Returns of money market funds and savings accounts remained checked by the Fed’s target of 0%–0.25% for short-term interest rates.
Stocks from all regions boosted the fund’s return
Vanguard Total World Stock Index Fund provides investors broad exposure to the world’s equity markets by investing in large-, mid-, and small-capitalization stocks in both developed and emerging markets. The fund seeks to closely track the FTSE Global All Cap Index, which includes more than 7,000 stocks.
| | | | |
| Expense Ratios | | | | |
| Your Fund Compared With Its Peer Group | | | | |
| |
| |
| | Investor | ETF | Institutional | Peer Group |
| | Shares | Shares | Shares | Average |
| Total World Stock Index Fund | 0.27% | 0.17% | 0.15% | 1.33% |
The fund expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the fund’s annualized expense ratios were 0.24% for Investor Shares, 0.14% for ETF Shares, and 0.13% for Institutional Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2014.
Peer group: Global Funds.
4
Each country is weighted in proportion to its market value, so the United States has the largest representation, by a wide margin, in both the fund and the index. U.S. stocks alone accounted for more than 50% of the fund’s assets. Compared with many of the other countries in the index, the United States posted a result that was middling at best. Still, because of their vast representation in the index, U.S. stocks were the fund’s top contributors.
The developed markets of Europe, which represented nearly one-quarter of the fund’s assets on average over the period, returned about 7%. The outlook for most European economies has turned positive, thanks in large part to the European Central Bank’s monetary policy. Key economies in the region, including the United Kingdom, Germany, and France, contributed significantly to results. Greece remained the trouble spot. It dominated headlines as investors feared it might default on its debts and be forced to exit the Eurozone.
Stocks from the developed markets of the Pacific region, which accounted for just over 13% of the fund’s assets on average during the period, returned about 9%. Japan, which has the second-largest weighting of any country in the global index, led the region’s performance. Japan’s economy is improving, but much of its growth in recent months has come from strong exports, as a weaker yen relative to the U.S. dollar has made Japanese products more attractive to consumers abroad. Other markets in the Pacific region delivered mixed results. Australia lost ground, as a slump in the country’s financial and oil and gas sectors hurt performance. Hong Kong and Singapore, among other markets, produced solid returns.
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
Emerging markets stocks, which represented about 9% of the fund’s assets on average during the period, returned about 4%. Results among the bigger emerging markets countries varied dramatically. China, Taiwan, and South
Africa posted gains, while India posted losses. Brazilian stocks, the index’s most notable detractors, tumbled amid falling commodities prices and a corruption scandal involving the country’s largest oil producer.
International stocks—an opportunity for further diversification
International stocks led global stock markets out of the Great Recession in 2009. Since then, they’ve trailed the broad U.S. stock market in every year but one.
Despite the underperformance of the last several years, international stocks—which represent about half of the world’s market capitalization—can still help U.S.-based investors diversify their portfolios.
As the chart below shows, U.S. and international stocks have periodically swapped market leadership positions as differing market and economic forces caused their returns to vary.
Of course, the timing of these changes is impossible to predict.
Global diversification can help U.S. investors reduce their portfolio’s volatility over time by mitigating losses when domestic stocks do poorly and adding to returns when foreign stocks shine. (For more insight, see Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
Trailing 12-month return differential between U.S. and non-U.S. stocks
Notes: U.S. equities are represented by MSCI USA Index; international equities are represented by MSCI World Index ex USA from 1970 through 1987 and MSCI All Country World Index ex USA thereafter. Data are from December 31, 1984, through December 31, 2014.
Sources: Vanguard, Thomson Reuters Datastream, and MSCI.
6
On the sector level, eight of the ten sectors represented in the index posted gains. Holdings in consumer services companies, especially retailers and media companies, added most to returns. Consumer goods, health care, and technology stocks also did well. At the other end of the performance spectrum, stocks in the oil and gas sector slumped amid the sharp drop in the price of oil. Utilities stocks also lost ground.
Promoting good corporate governance is one way we protect your interests
Our core purpose is “to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.” This involves more than offering smart investments, trustworthy guidance, and low fees. It also means working with the companies held by Vanguard funds to make sure that your interests remain paramount.
How do we fulfill that responsibility?
As one of the world’s largest investment managers, we are making our voice heard in corporate boardrooms to promote the highest standards of stewardship. Our advocacy encompasses a range of issues, including executive compensation and succession planning, board composition and effectiveness, oversight of strategy and risk, and communication with shareholders.
We also exert our influence in a very important way when Vanguard funds cast their proxy votes at companies’ shareholder meetings.
Most of these votes take place at this time of year, making it an appropriate time to remind you that we work hard to represent your best interests. Good governance, we believe, is essential for any company seeking to maximize its long-term returns to shareholders. You can learn more about our efforts at vanguard.com/corporategovernance.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer May 15, 2015
7
Total World Stock Index Fund
Fund Profile
As of April 30, 2015
| | | |
| Share-Class Characteristics | | |
| |
| | Investor | Institutional | ETF |
| | Shares | Shares | Shares |
| Ticker Symbol | VTWSX | VTWIX | VT |
| Expense Ratio1 | 0.27% | 0.15% | 0.17% |
| |
| |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | | Global |
| | | | All Cap |
| | | Fund | Index |
| Number of Stocks | | 7,161 | 7,596 |
| Median Market Cap | | $34.8B | $35.0B |
| Price/Earnings Ratio | | 20.2x | 20.1x |
| Price/Book Ratio | | 2.2x | 2.2x |
| Return on Equity | | 16.3% | 16.2% |
| Earnings Growth | | | |
| Rate | | 11.9% | 12.0% |
| Dividend Yield | | 2.3% | 2.3% |
| Turnover Rate | | | |
| (Annualized) | | 7% | — |
| Short-Term | | | |
| Reserves | | 0.0% | — |
| |
| Sector Diversification (% of equity exposure) |
| | | | FTSE |
| | | | Global |
| | | | All Cap |
| | | Fund | Index |
| Basic Materials | | 5.3% | 5.3% |
| Consumer Goods | | 12.6 | 12.6 |
| Consumer Services | | 11.0 | 11.0 |
| Financials | | 22.5 | 22.5 |
| Health Care | | 10.6 | 10.6 |
| Industrials | | 13.3 | 13.3 |
| Oil & Gas | | 7.5 | 7.5 |
| Technology | | 10.7 | 10.7 |
| Telecommunications | 3.3 | 3.3 |
| Utilities | | 3.2 | 3.2 |
| | |
| Volatility Measures | | |
| | | FTSE |
| | | Global |
| | | All Cap |
| | | 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 | 1.6% |
| Exxon Mobil Corp. | Integrated Oil & Gas | 0.8 |
| Microsoft Corp. | Software | 0.8 |
| Google Inc. | Internet | 0.7 |
| Wells Fargo & Co. | Banks | 0.6 |
| Johnson & Johnson | Pharmaceuticals | 0.6 |
| General Electric Co. | Diversified Industrials | 0.6 |
| Berkshire Hathaway Inc. Reinsurance | 0.6 |
| Nestle SA | Food Products | 0.6 |
| Novartis AG | Pharmaceuticals | 0.5 |
| Top Ten | | 7.4% |
| The holdings listed exclude any temporary cash investments and |
| equity index products. | | |
Allocation by Region (% of equity exposure)
1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the annualized expense ratios were 0.24% for Investor Shares, 0.13% for Institutional Shares, and 0.14% for ETF Shares.
8
Total World Stock Index Fund
Market Diversification (% of equity exposure)
| | |
| | | FTSE |
| | | Global |
| | | All Cap |
| | Fund | Index |
| Europe | | |
| United Kingdom | 7.2% | 7.2% |
| France | 3.0 | 3.0 |
| Germany | 3.0 | 3.0 |
| Switzerland | 2.9 | 3.0 |
| Spain | 1.1 | 1.1 |
| Sweden | 1.1 | 1.1 |
| Other | 3.8 | 3.9 |
| Subtotal | 22.1% | 22.3% |
| Pacific | | |
| Japan | 8.2% | 8.2% |
| Australia | 2.5 | 2.5 |
| South Korea | 1.6 | 1.6 |
| Hong Kong | 1.3 | 1.3 |
| Other | 0.7 | 0.6 |
| Subtotal | 14.3% | 14.2% |
| Emerging Markets | | |
| China | 2.6% | 2.6% |
| Taiwan | 1.5 | 1.5 |
| India | 1.0 | 1.0 |
| Other | 4.2 | 4.2 |
| Subtotal | 9.3% | 9.3% |
| North America | | |
| United States | 50.7% | 50.6% |
| Canada | 3.4 | 3.4 |
| Subtotal | 54.1% | 54.0% |
| Middle East | 0.2% | 0.2% |
9
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, 2015
For a benchmark description, see the Glossary.
Note: For 2015, performance data reflect the six months ended April 30, 2015.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | |
| | Inception | One | Five | Since |
| | Date | Year | Years | Inception |
| Investor Shares | 6/26/2008 | 5.35% | 9.13% | 5.40% |
| ETF Shares | 6/24/2008 | | | |
| Market Price | | 5.62 | 9.24 | 5.33 |
| Net Asset Value | | 5.46 | 9.29 | 5.32 |
| Institutional Shares | 10/9/2008 | 5.47 | 9.30 | 12.66 |
See Financial Highlights for dividend and capital gains information.
10
Total World Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2015
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Australia | | | |
| Commonwealth Bank of Australia | 248,208 | 17,374 | 0.3% |
| Australia—Other † | | 152,468 | 2.2% |
| | | 169,842 | 2.5% |
| |
| Austria † | | 6,661 | 0.1% |
| |
| Belgium † | | 31,301 | 0.5% |
| |
| Brazil † | | 56,105 | 0.8% |
| |
| Canada † | | 234,553 | 3.4% |
| |
| Chile † | | 8,969 | 0.1% |
| |
| China | | | |
| * Tencent Holdings Ltd. | 829,727 | 17,125 | 0.3% |
| China Mobile Ltd. | 798,361 | 11,403 | 0.2% |
| China Construction Bank Corp. | 11,085,811 | 10,761 | 0.2% |
| Industrial & Commercial Bank of China Ltd. | 10,998,245 | 9,541 | 0.2% |
| Bank of China Ltd. | 11,479,800 | 7,866 | 0.1% |
| China Life Insurance Co. Ltd. | 1,161,000 | 5,635 | 0.1% |
| CNOOC Ltd. | 2,468,496 | 4,209 | 0.1% |
| PetroChina Co. Ltd. | 3,246,000 | 4,187 | 0.1% |
| China Petroleum & Chemical Corp. | 4,088,314 | 3,858 | 0.1% |
| China Overseas Land & Investment Ltd. | 646,480 | 2,693 | 0.1% |
| Agricultural Bank of China Ltd. | 3,850,500 | 2,168 | 0.1% |
| China Telecom Corp. Ltd. | 2,544,034 | 1,885 | 0.0% |
| CITIC Ltd. | 814,000 | 1,628 | 0.0% |
| * China Unicom Hong Kong Ltd. | 861,574 | 1,618 | 0.0% |
| China Shenhua Energy Co. Ltd. | 580,500 | 1,508 | 0.0% |
| PICC Property & Casualty Co. Ltd. | 591,287 | 1,310 | 0.0% |
11
| | | | |
| Total World Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| | China Communications Construction Co. Ltd. | 685,375 | 1,247 | 0.0% |
| | China Resources Land Ltd. | 317,909 | 1,153 | 0.0% |
| | China CITIC Bank Corp. Ltd. | 1,163,010 | 1,055 | 0.0% |
| | China Resources Power Holdings Co. Ltd. | 287,400 | 867 | 0.0% |
| | China Merchants Holdings International Co. Ltd. | 186,000 | 844 | 0.0% |
| | China Railway Group Ltd. | 596,000 | 836 | 0.0% |
| | Sinopharm Group Co. Ltd. | 164,000 | 779 | 0.0% |
| | Dongfeng Motor Group Co. Ltd. | 398,000 | 661 | 0.0% |
| * | China Taiping Insurance Holdings Co. Ltd. | 170,859 | 635 | 0.0% |
| | Zhuzhou CSR Times Electric Co. Ltd. | 73,500 | 625 | 0.0% |
| | China Resources Enterprise Ltd. | 194,000 | 594 | 0.0% |
| ^ | CSR Corp. Ltd. | 298,000 | 574 | 0.0% |
| | China Railway Construction Corp. Ltd. | 287,126 | 573 | 0.0% |
| 1 | People’s Insurance Co. Group of China Ltd. | 826,000 | 572 | 0.0% |
| | China Longyuan Power Group Corp. Ltd. | 459,000 | 569 | 0.0% |
| *,1 | China CNR Corp. Ltd. | 278,000 | 568 | 0.0% |
| | China Oilfield Services Ltd. | 244,000 | 501 | 0.0% |
| *,1 | CGN Power Co. Ltd. | 885,832 | 496 | 0.0% |
| | Kunlun Energy Co. Ltd. | 370,000 | 439 | 0.0% |
| | China State Construction International Holdings Ltd. | 218,000 | 420 | 0.0% |
| | AviChina Industry & Technology Co. Ltd. | 356,000 | 403 | 0.0% |
| * | China COSCO Holdings Co. Ltd. | 420,500 | 387 | 0.0% |
| ^ | China Coal Energy Co. Ltd. | 581,000 | 382 | 0.0% |
| | Beijing Capital International Airport Co. Ltd. | 354,000 | 376 | 0.0% |
| | China Resources Gas Group Ltd. | 98,000 | 340 | 0.0% |
| * | China Cinda Asset Management Co. Ltd. | 530,000 | 315 | 0.0% |
| | Huaneng Renewables Corp. Ltd. | 694,000 | 303 | 0.0% |
| 1 | Sinopec Engineering Group Co. Ltd. | 265,135 | 286 | 0.0% |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 460,000 | 278 | 0.0% |
| | COSCO International Holdings Ltd. | 466,000 | 272 | 0.0% |
| | Air China Ltd. | 220,000 | 265 | 0.0% |
| | Huadian Power International Corp. Ltd. | 222,000 | 246 | 0.0% |
| ^,1 | China Galaxy Securities Co. Ltd. | 150,000 | 245 | 0.0% |
| | China Southern Airlines Co. Ltd. | 248,000 | 244 | 0.0% |
| | Metallurgical Corp. of China Ltd. | 390,000 | 230 | 0.0% |
| | China Power International Development Ltd. | 351,000 | 226 | 0.0% |
| | Sinotrans Ltd. | 283,000 | 217 | 0.0% |
| | China Communications Services Corp. Ltd. | 382,000 | 215 | 0.0% |
| * | Foshan Huaxin Packaging Co. Ltd. Class B | 266,600 | 205 | 0.0% |
| | Franshion Properties China Ltd. | 462,000 | 187 | 0.0% |
| | Huadian Fuxin Energy Corp. Ltd. | 342,000 | 184 | 0.0% |
| | China Agri-Industries Holdings Ltd. | 316,800 | 181 | 0.0% |
| * | China Foods Ltd. | 230,000 | 172 | 0.0% |
| * | China Eastern Airlines Corp. Ltd. | 202,000 | 156 | 0.0% |
| | China Merchants Property Development Co. Ltd. Class B | 49,900 | 147 | 0.0% |
| | China BlueChemical Ltd. | 318,000 | 142 | 0.0% |
| | China Resources Cement Holdings Ltd. | 196,000 | 125 | 0.0% |
| ^ | Sinopec Kantons Holdings Ltd. | 122,000 | 110 | 0.0% |
| | Dah Chong Hong Holdings Ltd. | 166,000 | 104 | 0.0% |
| * | Poly Culture Group Corp. Ltd. | 27,200 | 103 | 0.0% |
| | Angang Steel Co. Ltd. | 114,000 | 95 | 0.0% |
| | China Machinery Engineering Corp. | 69,000 | 92 | 0.0% |
| | MMG Ltd. | 196,000 | 84 | 0.0% |
| | Harbin Electric Co. Ltd. | 96,000 | 79 | 0.0% |
| | China Datang Corp. Renewable Power Co. Ltd. | 330,000 | 55 | 0.0% |
12
| | | |
| Total World Stock Index Fund | | | |
| |
| |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| * CITIC Resources Holdings Ltd. | 278,000 | 50 | 0.0% |
| * Sinofert Holdings Ltd. | 174,000 | 48 | 0.0% |
| * Sinotrans Shipping Ltd. | 169,500 | 47 | 0.0% |
| * Shanghai Baosight Software Co. Ltd. Class B | 10,100 | 45 | 0.0% |
| CPMC Holdings Ltd. | 55,000 | 43 | 0.0% |
| China National Accord Medicines Corp. Ltd. Class B | 5,400 | 40 | 0.0% |
| 1 China—Other † | | 67,136 | 1.0% |
| | | 176,263 | 2.6% |
| |
| Colombia † | | 4,363 | 0.1% |
| |
| Czech Republic † | | 1,444 | 0.0% |
| |
| Denmark † | | 40,895 | 0.6% |
| |
| Egypt † | | 2,453 | 0.0% |
| |
| Finland † | | 22,524 | 0.3% |
| |
| France | | | |
| Sanofi | 177,073 | 18,024 | 0.3% |
| TOTAL SA | 317,755 | 17,206 | 0.2% |
| 1 France—Other † | | 173,889 | 2.5% |
| | | 209,119 | 3.0% |
| |
| Germany | | | |
| * Bayer AG | 127,645 | 18,372 | 0.2% |
| 1 Germany—Other † | | 184,232 | 2.7% |
| | | 202,604 | 2.9% |
| |
| Greece † | | 2,560 | 0.0% |
| |
| Hong Kong | | | |
| BOC Hong Kong Holdings Ltd. | 557,500 | 2,162 | 0.0% |
| China Travel International Investment Hong Kong Ltd. | 354,000 | 158 | 0.0% |
| CITIC Telecom International Holdings Ltd. | 302,500 | 125 | 0.0% |
| * Shenyin Wanguo HK Ltd. | 75,000 | 80 | 0.0% |
| China Merchants Land Ltd. | 168,000 | 54 | 0.0% |
| APT Satellite Holdings Ltd. | 33,000 | 52 | 0.0% |
| 1 Hong Kong—Other † | | 89,221 | 1.3% |
| | | 91,852 | 1.3% |
| |
| Hungary † | | 1,714 | 0.0% |
| |
| 1India † | | 70,649 | 1.0% |
| |
| Indonesia † | | 16,098 | 0.2% |
| |
| Ireland † | | 8,081 | 0.1% |
| |
| Israel † | | 15,849 | 0.2% |
| |
| 1Italy † | | 60,623 | 0.9% |
13
| | | |
| Total World Stock Index Fund | | | |
| |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Japan | | | |
| Toyota Motor Corp. | 410,030 | 28,542 | 0.4% |
| Japan—Other † | | 533,987 | 7.8% |
| | | 562,529 | 8.2% |
| 1Malaysia † | | 28,334 | 0.4% |
| Mexico † | | 30,821 | 0.4% |
| Morocco † | | 60 | 0.0% |
| Netherlands † | | 65,227 | 0.9% |
| New Zealand † | | 6,191 | 0.1% |
| 1Norway † | | 18,740 | 0.3% |
| Other2 | | | |
| 3 Vanguard FTSE Emerging Markets ETF | 110,551 | 4,850 | 0.1% |
| Peru † | | 1,663 | 0.0% |
| Philippines † | | 12,190 | 0.2% |
| Poland † | | 10,884 | 0.2% |
| Portugal † | | 4,970 | 0.1% |
| Russia † | | 26,124 | 0.4% |
| Singapore | | | |
| COSCO Corp. Singapore Ltd. | 92,000 | 42 | 0.0% |
| 1 Singapore—Other † | | 37,937 | 0.6% |
| | | 37,979 | 0.6% |
| South Africa † | | 55,775 | 0.8% |
| South Korea | | | |
| Samsung Electronics Co. Ltd. GDR | 33,376 | 21,888 | 0.3% |
| South Korea—Other † | | 87,068 | 1.3% |
| | | 108,956 | 1.6% |
| Spain † | | 77,749 | 1.1% |
| Sweden † | | 72,610 | 1.1% |
| Switzerland | | | |
| Nestle SA | 493,369 | 38,278 | 0.6% |
| Novartis AG | 361,396 | 36,889 | 0.5% |
| Roche Holding AG | 108,733 | 31,115 | 0.5% |
| Switzerland—Other † | | 97,278 | 1.4% |
| | | 203,560 | 3.0% |
14
| | | |
| Total World Stock Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Taiwan † | | 103,616 | 1.5% |
| |
| Thailand † | | 18,262 | 0.3% |
| |
| Turkey † | | 9,987 | 0.1% |
| |
| United Arab Emirates † | | 5,628 | 0.1% |
| |
| United Kingdom | | | |
| HSBC Holdings plc | 3,017,103 | 30,140 | 0.4% |
| BP plc | 2,808,479 | 20,256 | 0.3% |
| Royal Dutch Shell plc Class A | 616,743 | 19,446 | 0.3% |
| GlaxoSmithKline plc | 751,062 | 17,347 | 0.2% |
| 1 United Kingdom—Other † | | 405,219 | 5.9% |
| | | 492,408 | 7.1% |
| |
| United States | | | |
| Basic Materials † | | 96,812 | 1.4% |
| |
| Consumer Goods | | | |
| Procter & Gamble Co. | 420,258 | 33,415 | 0.5% |
| Coca-Cola Co. | 645,557 | 26,184 | 0.4% |
| PepsiCo Inc. | 229,583 | 21,838 | 0.3% |
| Philip Morris International Inc. | 241,889 | 20,190 | 0.3% |
| Consumer Goods—Other † | | 245,561 | 3.5% |
| | | 347,188 | 5.0% |
| Consumer Services | | | |
| Walt Disney Co. | 261,947 | 28,479 | 0.4% |
| * Amazon.com Inc. | 57,798 | 24,378 | 0.4% |
| Home Depot Inc. | 201,360 | 21,542 | 0.3% |
| Wal-Mart Stores Inc. | 250,672 | 19,565 | 0.3% |
| CVS Health Corp. | 173,077 | 17,185 | 0.2% |
| Consumer Services—Other † | | 366,989 | 5.3% |
| | | 478,138 | 6.9% |
| Financials | | | |
| Wells Fargo & Co. | 799,095 | 44,030 | 0.6% |
| JPMorgan Chase & Co. | 573,834 | 36,301 | 0.5% |
| Bank of America Corp. | 1,631,333 | 25,987 | 0.4% |
| Citigroup Inc. | 469,471 | 25,032 | 0.4% |
| * Berkshire Hathaway Inc. Class B | 173,129 | 24,448 | 0.4% |
| Visa Inc. Class A | 305,336 | 20,167 | 0.3% |
| Financials—Other † | | 475,991 | 6.9% |
| | | 651,956 | 9.5% |
| Health Care | | | |
| Johnson & Johnson | 424,881 | 42,148 | 0.6% |
| Pfizer Inc. | 953,718 | 32,360 | 0.5% |
| Merck & Co. Inc. | 441,278 | 26,283 | 0.4% |
| * Gilead Sciences Inc. | 230,384 | 23,156 | 0.3% |
| Amgen Inc. | 117,254 | 18,516 | 0.3% |
| Health Care—Other † | | 316,455 | 4.6% |
| | | 458,918 | 6.7% |
15
| | | | | |
| Total World Stock Index Fund | | | | |
| |
| |
| |
| | | | | Market | Percentage |
| | | | | Value | of Net |
| | | | Shares | ($000) | Assets |
| Industrials | | | | |
| | General Electric Co. | | 1,554,629 | 42,099 | 0.6% |
| | Industrials—Other † | | | 392,980 | 5.7% |
| | | | | 435,079 | 6.3% |
| Oil & Gas | | | | |
| | Exxon Mobil Corp. | | 650,582 | 56,841 | 0.8% |
| | Chevron Corp. | | 291,952 | 32,424 | 0.5% |
| | Schlumberger Ltd. | | 198,263 | 18,758 | 0.3% |
| | Oil & Gas—Other † | | | 169,275 | 2.4% |
| | | | | 277,298 | 4.0% |
| |
| 2Other † | | | 13 | 0.0% |
| |
| Technology | | | | |
| | Apple Inc. | | 902,251 | 112,917 | 1.6% |
| | Microsoft Corp. | | 1,143,681 | 55,629 | 0.8% |
| | International Business Machines Corp. | | 154,140 | 26,403 | 0.4% |
| * | Facebook Inc. Class A | | 326,484 | 25,717 | 0.4% |
| * | Google Inc. Class C | | 45,328 | 24,357 | 0.4% |
| | Intel Corp. | | 732,143 | 23,831 | 0.3% |
| * | Google Inc. Class A | | 43,026 | 23,611 | 0.3% |
| | Cisco Systems Inc. | | 794,187 | 22,896 | 0.3% |
| | Oracle Corp. | | 519,095 | 22,643 | 0.3% |
| | QUALCOMM Inc. | | 257,054 | 17,480 | 0.3% |
| | Technology—Other † | | | 205,340 | 3.0% |
| | | | | 560,824 | 8.1% |
| Telecommunications | | | | |
| | Verizon Communications Inc. | | 630,988 | 31,827 | 0.5% |
| | AT&T Inc. | | 808,431 | 28,004 | 0.4% |
| | Telecommunications—Other † | | | 11,760 | 0.2% |
| | | | | 71,591 | 1.1% |
| |
| Utilities † | | | 105,619 | 1.5% |
| | | | | 3,483,436 | 50.5% |
| Total Common Stocks (Cost $5,643,193) | | | 6,877,071 | 99.7%4 |
| Total Other Investments (Cost $53) † | | | 61 | 0.0%4 |
| |
| | | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 5,6 | Vanguard Market Liquidity Fund | 0.121% | 118,229,812 | 118,230 | 1.7% |
| |
| 7U.S. Government and Agency Obligations † | | | 2,500 | 0.0% |
| Total Temporary Cash Investments (Cost $120,730) | | | 120,730 | 1.7%4 |
| Total Investments (Cost $5,763,976) | | | 6,997,862 | 101.4% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 21,737 | 0.3% |
| Liabilities6 | | | (120,271) | (1.7%) |
| | | | | (98,534) | (1.4%) |
| Net Assets | | | 6,899,328 | 100.0% |
16
| |
| Total World Stock Index Fund | |
| |
| |
| |
| At April 30, 2015, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 5,682,097 |
| Undistributed Net Investment Income | 13,982 |
| Accumulated Net Realized Losses | (31,136) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 1,233,886 |
| Futures Contracts | (39) |
| Forward Currency Contracts | 474 |
| Foreign Currencies | 64 |
| Net Assets | 6,899,328 |
| |
| |
| Investor Shares—Net Assets | |
| Applicable to 37,457,503 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 963,653 |
| Net Asset Value Per Share—Investor Shares | $25.73 |
| |
| |
| Institutional Shares—Net Assets | |
| Applicable to 12,797,356 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,649,739 |
| Net Asset Value Per Share—Institutional Shares | $128.91 |
| |
| |
| ETF Shares—Net Assets | |
| Applicable to 67,894,267 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,285,936 |
| Net Asset Value Per Share—ETF Shares | $63.13 |
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 $92,594,000.
† 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, 2015, the aggregate value of these securities was $8,104,000, 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 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, other investments, and temporary cash investment positions represent 100.0%, 0.0%, and 1.4%, 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 $100,243,000 of collateral received for securities on loan.
7 Securities with a value of $1,300,000 have been segregated as initial margin for open futures contracts.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.
17
| |
| Total World Stock Index Fund | |
| |
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | April 30, 2015 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1,2 | 81,303 |
| Interest2 | 29 |
| Securities Lending | 1,034 |
| Total Income | 82,366 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 670 |
| Management and Administrative—Investor Shares | 786 |
| Management and Administrative—Institutional Shares | 493 |
| Management and Administrative—ETF Shares | 1,640 |
| Marketing and Distribution—Investor Shares | 97 |
| Marketing and Distribution—Institutional Shares | 155 |
| Marketing and Distribution—ETF Shares | 443 |
| Custodian Fees | 488 |
| Shareholders’ Reports—Investor Shares | 5 |
| Shareholders’ Reports—Institutional Shares | 1 |
| Shareholders’ Reports—ETF Shares | 34 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 4,814 |
| Net Investment Income | 77,552 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 27,660 |
| Futures Contracts | 3,448 |
| Foreign Currencies and Forward Currency Contracts | (2,393) |
| Realized Net Gain (Loss) | 28,715 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 202,121 |
| Futures Contracts | (57) |
| Foreign Currencies and Forward Currency Contracts | 1,230 |
| Change in Unrealized Appreciation (Depreciation) | 203,294 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 309,561 |
1 Dividends are net of foreign withholding taxes of $3,493,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $19,000, $27,000, and ($446,000), respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
18
| | |
| Total World Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2015 | 2014 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 77,552 | 125,399 |
| Realized Net Gain (Loss) | 28,715 | 31,302 |
| Change in Unrealized Appreciation (Depreciation) | 203,294 | 230,456 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 309,561 | 387,157 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (9,535) | (17,406) |
| Institutional Shares | (16,958) | (24,806) |
| ETF Shares | (45,257) | (80,931) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (71,750) | (123,143) |
| Capital Share Transactions | | |
| Investor Shares | 86,581 | 189,627 |
| Institutional Shares | 315,679 | 501,071 |
| ETF Shares | 418,801 | 709,628 |
| Net Increase (Decrease) from Capital Share Transactions | 821,061 | 1,400,326 |
| Total Increase (Decrease) | 1,058,872 | 1,664,340 |
| Net Assets | | |
| Beginning of Period | 5,840,456 | 4,176,116 |
| End of Period1 | 6,899,328 | 5,840,456 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $13,982,000 and $9,202,000.
See accompanying Notes, which are an integral part of the Financial Statements.
19
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $24.82 | $23.48 | $19.46 | $18.40 | $18.85 | $16.66 |
| Investment Operations | | | | | | |
| Net Investment Income | .287 | .571 | .473 | .399 | .380 | .3591 |
| Net Realized and Unrealized Gain (Loss) | | | | | | �� |
| on Investments 2 | .894 | 1.340 | 4.084 | 1.263 | (.480) | 2.076 |
| Total from Investment Operations | 1.181 | 1.911 | 4.557 | 1.662 | (.100) | 2.435 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (. 271) | (. 571) | (. 537) | (. 602) | (. 350) | (. 245) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (. 271) | (. 571) | (. 537) | (. 602) | (. 350) | (. 245) |
| Net Asset Value, End of Period | $25.73 | $24.82 | $23.48 | $19.46 | $18.40 | $18.85 |
| |
| Total Return3 | 4.80% | 8.20% | 23.79% | 9.29% | -0.61% | 14.73% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $964 | $844 | $615 | $364 | $286 | $255 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.24% | 0.27% | 0.30% | 0.35% | 0.40% | 0.45% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.26% | 2.38% | 2.28% | 2.44% | 2.30% | 2.03% |
| Portfolio Turnover Rate 4 | 7% | 7% | 12% | 16% | 10% | 7% |
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, $.00, $.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.
20
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $124.35 | $117.63 | $97.56 | $92.36 | $94.62 | $83.54 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.513 | 3.007 | 2.506 | 2.167 | 2.124 | 1.8931 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 4.479 | 6.717 | 20.461 | 6.336 | (2.459) | 10.538 |
| Total from Investment Operations | 5.992 | 9.724 | 22.967 | 8.503 | (.335) | 12.431 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.432) | (3.004) | (2.897) | (3.303) | (1.925) | (1.351) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (1.432) | (3.004) | (2.897) | (3.303) | (1.925) | (1.351) |
| Net Asset Value, End of Period | $128.91 | $124.35 | $117.63 | $97.56 | $92.36 | $94.62 |
| |
| Total Return3 | 4.86% | 8.34% | 23.95% | 9.50% | -0.44% | 15.01% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,650 | $1,277 | $724 | $325 | $191 | $48 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.13% | 0.15% | 0.16% | 0.17% | 0.20% | 0.23% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.37% | 2.50% | 2.42% | 2.62% | 2.50% | 2.25% |
| Portfolio Turnover Rate 4 | 7% | 7% | 12% | 16% | 10% | 7% |
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, $.00, $.03, and $.03. 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.
21
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $60.89 | $57.60 | $47.76 | $45.21 | $46.30 | $40.88 |
| Investment Operations | | | | | | |
| Net Investment Income | .734 | 1.459 | 1.218 | 1.056 | 1.020 | .9641 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 2.198 | 3.291 | 10.025 | 3.096 | (1.192) | 5.118 |
| Total from Investment Operations | 2.932 | 4.750 | 11.243 | 4.152 | (.172) | 6.082 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.692) | (1.460) | (1.403) | (1.602) | (.918) | (.662) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.692) | (1.460) | (1.403) | (1.602) | (.918) | (.662) |
| Net Asset Value, End of Period | $63.13 | $60.89 | $57.60 | $47.76 | $45.21 | $46.30 |
| |
| Total Return | 4.86% | 8.31% | 23.95% | 9.47% | -0.46% | 15.00% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $4,286 | $3,720 | $2,837 | $1,463 | $971 | $733 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.14% | 0.17% | 0.18% | 0.19% | 0.22% | 0.25% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.36% | 2.48% | 2.40% | 2.60% | 2.48% | 2.23% |
| Portfolio Turnover Rate 3 | 7% | 7% | 12% | 16% | 10% | 7% |
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, $.00, $.03, 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.
22
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 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
23
Total World Stock Index Fund
market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate settlement values and notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the six months ended April 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2011–2014), and for the period ended April 30, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the
24
Total World Stock Index Fund
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 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 $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2015, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 invest up to 0.40% of its net assets in Vanguard. At April 30, 2015, the fund had contributed capital of $595,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.24% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
25
Total World 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, 2015, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—U.S. | 3,483,325 | 98 | 13 |
| Common Stocks—International | 370,549 | 3,018,093 | 4,993 |
| Other Investments | — | 61 | — |
| Temporary Cash Investments | 118,230 | 2,500 | — |
| Futures Contracts—Assets1 | 7 | — | — |
| Futures Contracts—Liabilities1 | (215) | — | — |
| Forward Currency Contracts—Assets | — | 528 | — |
| Forward Currency Contracts—Liabilities | — | (54) | — |
| Total | 3,971,896 | 3,021,226 | 5,006 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At April 30, 2015, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Statement of Net Assets Caption | ($000) | ($000) | ($000) |
| Other Assets | 7 | 528 | 535 |
| Liabilities | (215) | (54) | (269) |
26
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, 2015, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 3,448 | — | 3,448 |
| Forward Currency Contracts | — | (1,392) | (1,392) |
| Realized Net Gain (Loss) on Derivatives | 3,448 | (1,392) | 2,056 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (57) | — | (57) |
| Forward Currency Contracts | — | 924 | 924 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (57) | 924 | 867 |
At April 30, 2015, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| S&P 500 Index | June 2015 | 18 | 9,355 | 88 |
| E-mini S&P Mid-Cap 400 Index | June 2015 | 30 | 4,490 | (40) |
| Dow Jones EURO STOXX 50 Index | June 2015 | 86 | 3,438 | (98) |
| FTSE 100 Index | June 2015 | 25 | 2,662 | 23 |
| Topix Index | June 2015 | 18 | 2,389 | 19 |
| S&P ASX 200 Index | June 2015 | 10 | 1,135 | (27) |
| E-mini S&P 500 Index | June 2015 | 4 | 416 | (4) |
| | | | | (39) |
Unrealized appreciation (depreciation) on open S&P 500 Index, E-mini S&P Mid-Cap 400 Index, Dow Jones EURO STOXX 50 Index, FTSE 100 Index, and E-mini S&P 500 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
27
Total World Stock Index Fund
At April 30, 2015, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
| | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | Settlement | | | Contract Amount (000) | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| BNP Paribas | 6/24/15 | EUR | 3,853 | USD | 4,096 | 233 |
| Bank of America, N.A. | 6/16/15 | JPY | 475,936 | USD | 3,928 | 61 |
| Bank of America, N.A. | 6/24/15 | GBP | 1,422 | USD | 2,096 | 85 |
| Bank of America, N.A. | 6/23/15 | AUD | 2,483 | USD | 1,883 | 76 |
| BNP Paribas | 6/24/15 | GBP | 1,248 | USD | 1,846 | 69 |
| Credit Suisse International | 6/24/15 | USD | 1,602 | GBP | 1,057 | (19) |
| BNP Paribas | 6/16/15 | USD | 929 | JPY | 110,740 | 1 |
| Credit Suisse International | 6/24/15 | USD | 835 | EUR | 768 | (28) |
| Citibank, N.A. | 6/16/15 | USD | 820 | JPY | 97,500 | 3 |
| BNP Paribas | 6/23/15 | USD | 473 | AUD | 604 | (3) |
| UBS AG | 6/23/15 | USD | 343 | AUD | 439 | (4) |
| | | | | | | 474 |
| 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.
During the six months ended April 30, 2015, the fund realized net foreign currency losses of $1,001,000, 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, $21,000 of capital gains tax has been reclassified from accumulated net realized losses to undistributed net investment income.
During the six months ended April 30, 2015, the fund realized $16,996,000 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
Total World 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, 2014, the fund had available capital losses totaling $44,409,000 to offset future net capital gains. Of this amount, $24,146,000 is subject to expiration dates; $572,000 may be used to offset future net capital gains through October 31, 2016, $7,777,000 through October 31, 2017, $1,086,000 through October 31, 2018, and $14,711,000 through October 31, 2019. Capital losses of $20,263,000 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, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2015, the cost of investment securities for tax purposes was $5,771,201,000. Net unrealized appreciation of investment securities for tax purposes was $1,226,661,000, consisting of unrealized gains of $1,465,381,000 on securities that had risen in value since their purchase and $238,720,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2015, the fund purchased $1,095,883,000 of investment securities and sold $254,144,000 of investment securities, other than temporary cash investments. Purchases and sales include $426,432,000 and $35,900,000, 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, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 180,573 | 7,230 | 301,386 | 12,389 |
| Issued in Lieu of Cash Distributions | 8,863 | 355 | 16,253 | 665 |
| Redeemed | (102,855) | (4,131) | (128,012) | (5,251) |
| Net Increase (Decrease)—Investor Shares | 86,581 | 3,454 | 189,627 | 7,803 |
| Institutional Shares | | | | |
| Issued | 396,813 | 3,171 | 567,749 | 4,654 |
| Issued in Lieu of Cash Distributions | 14,954 | 119 | 21,700 | 177 |
| Redeemed | (96,088) | (762) | (88,378) | (715) |
| Net Increase (Decrease)—Institutional Shares | 315,679 | 2,528 | 501,071 | 4,116 |
| ETF Shares | | | | |
| Issued | 455,096 | 7,406 | 756,307 | 12,629 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (36,295) | (600) | (46,679) | (800) |
| Net Increase (Decrease)—ETF Shares | 418,801 | 6,806 | 709,628 | 11,829 |
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2015, that would require recognition or disclosure in these financial statements.
29
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.
30
| | | |
| Six Months Ended April 30, 2015 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Total World Stock Index Fund | 10/31/2014 | 4/30/2015 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $1,047.95 | $1.22 |
| ETF Shares | 1,000.00 | 1,048.57 | 0.71 |
| Institutional Shares | 1,000.00 | 1,048.58 | 0.66 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,023.60 | $1.20 |
| ETF Shares | 1,000.00 | 1,024.10 | 0.70 |
| Institutional Shares | 1,000.00 | 1,024.15 | 0.65 |
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 0.24% for Investor Shares, 0.14% for ETF Shares, and 0.13% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
31
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’s Equity Investment Group—through its Equity Index 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 reviewed 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 considered that Vanguard has been managing investments for more than three decades. The Equity Index 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.
32
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.
33
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced Total World Stock Index: FTSE All-World Index through December 18, 2011, and FTSE
Global All Cap Index thereafter. Benchmark returns are adjusted for withholding taxes.
34
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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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, Amerigroup Corporation (managed health care), the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels), the University Medical Center at Princeton, the Robert Wood Johnson Foundation, and the Center for Talent Innovation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Controller Since July 2010. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Kathryn J. Hyatt
Born 1955. Treasurer Since November 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Assistant Treasurer of each of the investment companies served by The Vanguard Group (1988–2008).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Mortimer J. Buckley Chris D. McIsaac Kathleen C. Gubanich Michael S. Miller Paul A. Heller James M. Norris Martha G. King Glenn W. Reed John T. Marcante
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
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| | Q6282 062015 |
Semiannual Report | April 30, 2015
Vanguard FTSE International Index Funds
Vanguard FTSE All-World ex-US Index Fund
Vanguard FTSE All-World ex-US Small-Cap Index Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| FTSE All-World ex-US Index Fund. | 9 |
| FTSE All-World ex-US Small-Cap Index Fund. | 34 |
| About Your Fund’s Expenses. | 52 |
| Trustees Approve Advisory Arrangements. | 54 |
| Glossary. | 55 |
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: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant ship from the same era as Nelson’s flagship, the HMS Vanguard.
| |
| Your Fund’s Total Returns | |
| |
| |
| |
| |
| Six Months Ended April 30, 2015 | |
| | Total |
| | Returns |
| Vanguard FTSE All-World ex-US Index Fund | |
| Investor Shares | 4.92% |
| ETF Shares | |
| Market Price | 4.64 |
| Net Asset Value | 5.00 |
| Admiral™ Shares | 4.98 |
| Institutional Shares | 5.01 |
| Institutional Plus Shares | 5.02 |
| FTSE All-World ex US Index | 6.00 |
| International Funds Average | 5.82 |
| 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 | 6.18% |
| ETF Shares | |
| Market Price | 5.74 |
| Net Asset Value | 6.24 |
| Institutional Shares | 6.27 |
| FTSE Global Small Cap ex US Index | 7.08 |
| International Small-Cap Funds Average | 8.39 |
| 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,
International stocks modestly outpaced U.S. stocks during the six months ended April 30, 2015. Aggressive monetary policies by a number of central banks helped stimulate ailing economies and bolstered investor confidence in international stock markets.
In this environment, small-capitalization international stocks, which are often more sensitive to economic growth prospects, proved resilient. Vanguard FTSE All-World ex-US Small-Cap Index Fund returned 6.18% for the six months. Vanguard FTSE All-World ex-US Index Fund, which invests in mid- and large-capitalization international companies, returned 4.92%. (All returns cited in this letter are for Investor Shares.)
The funds’ returns diverged from those of their benchmarks, largely because of fair-value pricing adjustments. (See the box on page 5.) 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. Both funds also trailed the average return of their respective peer groups.
U.S. stocks closed higher despite fluctuating returns
U.S. stocks returned almost 5% for the six months, despite stretches of shakiness. In two of those months, stocks declined.
2
In two others, they were virtually unchanged or gained less than 1%. February’s surge of almost 6%, the largest monthly gain since October 2011, lifted stocks over the period.
The Federal Reserve’s careful approach to potentially raising short-term interest rates helped stocks along, as did monetary stimulus efforts by other nations’ central banks. These factors offset concerns such as Greece’s debt crisis and the negative effect of the strong U.S. dollar on the profits of U.S.-based multinational companies.
Stimulus policies and demand have driven up bond prices
Like equities, bonds have benefited from accommodative monetary policies from the world’s central banks. Investor demand for the perceived safety of fixed income assets has also boosted bond returns.
The broad U.S. taxable bond market returned 2.06% for the period, and the yield of the 10-year U.S. Treasury note ended April at 2.04%, down from 2.31% six months earlier. (Bond prices and yields move in opposite directions.)
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2015 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 4.75% | 13.00% | 14.47% |
| Russell 2000 Index (Small-caps) | 4.65 | 9.71 | 12.73 |
| Russell 3000 Index (Broad U.S. market) | 4.74 | 12.74 | 14.33 |
| FTSE All-World ex US Index (International) | 6.00 | 3.53 | 6.40 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 2.06% | 4.46% | 4.12% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 1.17 | 4.80 | 4.75 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.03 | 0.05 |
| |
| CPI | | | |
| Consumer Price Index | -0.35% | -0.20% | 1.65% |
3
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –4.83% as foreign currencies’ weakness relative to the dollar affected results. For international bonds hedged to eliminate the effect of changes in currency exchange rates, returns were positive.
Returns of money market funds and savings accounts remained checked by the Fed’s target of 0%–0.25% for short-term interest rates.
Small-cap stocks stood out in Europe and emerging markets
The FTSE All-World ex-US Small-Cap Index Fund and the FTSE All-World ex-US Index Fund provide investors with broad exposure to emerging and developed markets outside the United States.
For the six-month period, developed markets as a whole outperformed emerging ones. Still, most markets faced some challenges. Concern over lower crude oil prices and tepid global economic growth weighed on results. In addition,
| | | | | | |
| Expense Ratios | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | | |
| |
| | | | | | | Peer |
| | Investor | ETF | Admiral | Institutional | Institutional | Group |
| | Shares | Shares | Shares | Shares | Plus Shares | Average |
| FTSE All-World ex-US Index Fund | 0.29% | 0.14% | 0.14% | 0.12% | 0.10% | 1.39% |
| FTSE All-World ex-US Small-Cap Index | | | | | | |
| Fund | 0.37 | 0.19 | — | 0.18 | — | 1.61 |
The fund expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the funds’ annualized expense ratios were: for the FTSE All-World ex-US Index Fund, 0.26% for Investor Shares, 0.13% for ETF Shares, 0.13% for Admiral Shares, 0.11% for Institutional Shares, and 0.09% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.33% for Investor Shares, 0.17% for ETF Shares, and 0.15% for Institutional Shares. The peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2014.
Peer groups: For the FTSE All-World ex-US Index Fund, International Funds; and for the FTSE All-World ex-US Small-Cap Index Fund, International Small-Cap Funds.
4
returns for U.S.-based investors were restrained by the strength of the U.S. dollar against many foreign currencies.
Developed markets in Europe returned about 11% for the small-cap fund and about 6% for the mid- and large-cap fund. Small-cap stocks in particular benefited from an optimistic outlook for the Eurozone following the European Central Bank’s efforts to stimulate the region’s economies. The central bank’s monetary policy contributed to a weaker euro, which has reduced the price of exports. Lower energy prices have helped reignite consumer demand. And bank lending to the private sector has expanded—a potentially major benefit for small companies, which tend to have more difficulty accessing loans than established firms.
In the Pacific region, the mid- and large-cap fund returned about 9%, more than a percentage point higher than the small-cap fund. Japan, the region’s largest market, led the way for the mid- and large-cap fund. The Bank of Japan’s aggressive stimulus efforts helped boost the country’s stock market, and a weaker yen relative to the U.S. dollar has made Japanese products more attractive to consumers abroad. Smaller Japanese companies with less exposure to overseas markets did not benefit as much from the weaker yen. (You can read about Vanguard’s assessment of Japan’s economy in
Japan: The Long Road Back to Inflation, available at vanguard.com/research. This is part of the Global Macro Matters series produced by our economists.)
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
Elsewhere in the Pacific region, smaller companies performed notably well. In Hong Kong, most sectors turned in double-digit returns, led by financial and technology stocks. Australia, one of the largest economies in the region, produced a negative return as companies of all sizes suffered, particularly those in the oil and gas and industrial sectors.
Emerging markets stocks returned nearly 7% for the small-cap fund and about 6% for the mid- and large-cap fund. Despite International stocks—an opportunity for further diversification
International stocks led global stock markets out of the Great Recession in 2009. Since then, they’ve trailed the broad U.S. stock market in every year but one.
Despite the underperformance of the last several years, international stocks—which represent about half of the world’s market capitalization—can still help U.S.-based investors diversify their portfolios.
As the chart below shows, U.S. and international stocks have periodically swapped market leadership positions as differing market and economic forces caused their returns to vary.
Of course, the timing of these changes is impossible to predict.
Global diversification can help U.S. investors reduce their portfolio’s volatility over time by mitigating losses when domestic stocks do poorly and adding to returns when foreign stocks shine. (For more insight, see Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
Trailing 12-month return differential between U.S. and non-U.S. stocks
Notes: U.S. equities are represented by MSCI USA Index; international equities are represented by MSCI World Index ex USA from 1970 through 1987 and MSCI All Country World Index ex USA thereafter. Data are from December 31, 1984, through December 31, 2014.
Sources: Vanguard, Thomson Reuters Datastream, and MSCI.
6
China’s economic slowdown, its stock market delivered strong double-digit gains for both funds as its government made an aggressive effort to stabilize growth through its monetary policy.
Other emerging-market countries didn’t perform as well. Several countries posted negative returns. Brazil detracted most as softer demand for its exports and plunging commodity prices hurt its largest companies.
A relatively small proportion of both funds is invested in Canada. Here stocks of all sizes fell, including energy stocks, a main driver of the Canadian economy.
Promoting good corporate governance is one way we protect your interests
Our core purpose is “to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.” This involves more than offering smart investments, trustworthy guidance, and low fees. It also means working with the companies held by Vanguard funds to make sure that your interests remain paramount.
How do we meet that responsibility?
As one of the world’s largest investment managers, we are making our voice heard in corporate boardrooms to promote the highest standards of stewardship. Our advocacy encompasses a range of corporate governance issues, including executive compensation and succession
planning, board composition and effectiveness, oversight of strategy and risk, and communication with shareholders.
We also exert our influence in a very important way when Vanguard funds cast their proxy votes at companies’ shareholder meetings.
Most of these votes occur at this time of year, making it an appropriate time to remind you that we work hard to represent your best interests. Good governance, we believe, is essential for any company seeking to maximize its long-term returns to shareholders. You can learn more about our efforts at vanguard.com/ corporategovernance.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 15, 2015
7
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| October 31, 2014, Through April 30, 2015 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard FTSE All-World ex-US Index Fund | | | | |
| Investor Shares | $19.40 | $20.14 | $0.201 | $0.000 |
| ETF Shares | 49.17 | 51.05 | 0.541 | 0.000 |
| Admiral Shares | 30.57 | 31.73 | 0.338 | 0.000 |
| Institutional Shares | 96.89 | 100.59 | 1.075 | 0.000 |
| Institutional Plus Shares | 102.60 | 106.52 | 1.148 | 0.000 |
| Vanguard FTSE All-World ex-US Small-Cap | | | | |
| Index Fund | | | | |
| Investor Shares | $38.10 | $39.87 | $0.531 | $0.000 |
| ETF Shares | 99.89 | 104.51 | 1.474 | 0.000 |
| Institutional Shares | 190.87 | 199.72 | 2.836 | 0.000 |
8
| | | | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| Fund Profile | | | | | |
| As of April 30, 2015 | | | | | |
| |
| Share-Class Characteristics | | | | | |
| | Investor | Admiral | Institutional | Institutional | |
| | Shares | Shares | Shares | Plus Shares | ETF Shares |
| Ticker Symbol | VFWIX | VFWAX | VFWSX | VFWPX | VEU |
| Expense Ratio1 | 0.29% | 0.14% | 0.12% | 0.10% | 0.14% |
| | |
| Portfolio Characteristics | | |
| | | FTSE |
| | | All-World |
| | Fund | ex US Index |
| Number of Stocks | 2,491 | 2,379 |
| Median Market Cap | $31.8B | $32.1B |
| Price/Earnings Ratio | 19.2x | 19.1x |
| Price/Book Ratio | 1.9x | 1.8x |
| Return on Equity | 14.8% | 14.8% |
| Earnings Growth | | |
| Rate | 10.5% | 10.5% |
| Dividend Yield | 2.6% | 2.7% |
| Turnover Rate | | |
| (Annualized) | 2% | — |
| Short-Term | | |
| Reserves | -0.2% | — |
Sector Diversification (% of equity exposure)
| | |
| | | FTSE |
| | | All-World |
| | Fund | ex US Index |
| Basic Materials | 7.8% | 7.8% |
| Consumer Goods | 15.7 | 15.8 |
| Consumer Services | 7.9 | 7.8 |
| Financials | 27.3 | 27.1 |
| Health Care | 8.2 | 8.2 |
| Industrials | 12.9 | 13.0 |
| Oil & Gas | 7.0 | 7.0 |
| Technology | 4.9 | 4.9 |
| Telecommunications | 4.9 | 4.9 |
| Utilities | 3.4 | 3.5 |
| |
| Volatility Measures | |
| | FTSE |
| | All-World |
| | ex US Index |
| R-Squared | 0.99 |
| Beta | 1.01 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
Ten Largest Holdings (% of total net assets)
| | |
| Nestle SA | Food Products | 1.2% |
| Novartis AG | Pharmaceuticals | 1.2 |
| Royal Dutch Shell plc | Integrated Oil & Gas | 1.0 |
| Roche Holding AG | Pharmaceuticals | 1.0 |
| HSBC Holdings plc | Banks | 1.0 |
| Toyota Motor Corp. | Automobiles | 0.9 |
| Samsung Electronics Co. Consumer | |
| Ltd. | Electronics | 0.7 |
| BHP Billiton | General Mining | 0.7 |
| BP plc | Integrated Oil & Gas | 0.7 |
| Unilever | Personal Products | 0.6 |
| Top Ten | | 9.0% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the annualized expense ratios were 0.26% for Investor Shares, 0.13% for Admiral Shares, 0.11% for Institutional Shares, 0.09% for Institutional Plus Shares, and 0.13% for ETF Shares.
9
FTSE All-World ex-US Index Fund
Allocation by Region (% of equity exposure)
| | |
| Market Diversification (% of equity exposure) |
| | | FTSE |
| | | All-World |
| | | ex US |
| | Fund | Index |
| Europe | | |
| United Kingdom | 14.5% | 14.5% |
| France | 6.5 | 6.5 |
| Switzerland | 6.3 | 6.4 |
| Germany | 6.2 | 6.2 |
| Spain | 2.3 | 2.3 |
| Sweden | 2.1 | 2.1 |
| Netherlands | 2.0 | 2.0 |
| Italy | 1.7 | 1.7 |
| Denmark | 1.2 | 1.2 |
| Other | 2.5 | 2.5 |
| Subtotal | 45.3% | 45.4% |
| Pacific | | |
| Japan | 16.8% | 16.9% |
| Australia | 5.1 | 5.1 |
| South Korea | 3.1 | 3.1 |
| Hong Kong | 2.7 | 2.8 |
| Singapore | 1.0 | 1.0 |
| Other | 0.1 | 0.1 |
| Subtotal | 28.8% | 29.0% |
| Emerging Markets | | |
| China | 5.5% | 5.4% |
| Taiwan | 2.7 | 2.7 |
| India | 2.1 | 2.0 |
| South Africa | 1.8 | 1.8 |
| Brazil | 1.7 | 1.7 |
| Other | 5.4 | 5.3 |
| Subtotal | 19.2% | 18.9% |
| North America | | |
| Canada | 6.2% | 6.2% |
| Middle East | 0.5% | 0.5% |
10
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.
FTSE All-World ex-US Index Fund Investor Shares
FTSE All-World ex US Index
Note: For 2015, performance data reflect the six months ended April 30, 2015.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | |
| | Inception | One | Five | Since |
| | Date | Year | Years | Inception |
| Investor Shares | 3/8/2007 | -0.65% | 4.86% | 1.87% |
| ETF Shares | 3/2/2007 | | | |
| Market Price | | -0.36 | 4.98 | 2.28 |
| Net Asset Value | | -0.49 | 5.02 | 2.27 |
| Admiral Shares | 9/27/2011 | -0.48 | — | 9.57 |
| Institutional Shares | 4/30/2007 | -0.48 | 5.06 | 1.21 |
| Institutional Plus Shares | 12/16/2010 | -0.45 | — | 4.14 |
See Financial Highlights for dividend and capital gains information.
11
FTSE All-World ex-US Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2015
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Australia | | | |
| Commonwealth Bank of Australia | 2,067,705 | 144,733 | 0.6% |
| Westpac Banking Corp. | 3,954,129 | 113,605 | 0.4% |
| BHP Billiton Ltd. | 4,119,186 | 105,189 | 0.4% |
| Australia & New Zealand Banking Group Ltd. | 3,538,951 | 94,695 | 0.4% |
| National Australia Bank Ltd. | 3,037,378 | 87,949 | 0.3% |
| Australia—Other † | | 750,773 | 3.0% |
| | | 1,296,944 | 5.1% |
| |
| Austria † | | 38,663 | 0.2% |
| |
| Belgium | | | |
| Anheuser-Busch InBev NV | 1,023,202 | 124,573 | 0.5% |
| Belgium—Other † | | 104,636 | 0.4% |
| | | 229,209 | 0.9% |
| |
| Brazil † | | 439,200 | 1.7% |
| |
| Canada | | | |
| Royal Bank of Canada | 1,846,447 | 122,602 | 0.5% |
| Toronto-Dominion Bank | 2,368,298 | 109,336 | 0.4% |
| * Valeant Pharmaceuticals International Inc. | 396,972 | 86,084 | 0.4% |
| Bank of Nova Scotia | 1,553,127 | 85,644 | 0.3% |
| Canada—Other † | | 1,165,130 | 4.6% |
| | | 1,568,796 | 6.2% |
| |
| Chile † | | 64,760 | 0.3% |
| |
| China | | | |
| * Tencent Holdings Ltd. | 6,865,060 | 141,687 | 0.6% |
| China Mobile Ltd. | 6,690,204 | 95,558 | 0.4% |
12
| | | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | China Construction Bank Corp. | 92,617,277 | 89,907 | 0.4% |
| | Industrial & Commercial Bank of China Ltd. | 92,507,500 | 80,247 | 0.3% |
| | Bank of China Ltd. | 96,704,541 | 66,262 | 0.3% |
| | China Life Insurance Co. Ltd. | 9,557,000 | 46,383 | 0.2% |
| | CNOOC Ltd. | 20,615,536 | 35,154 | 0.2% |
| | PetroChina Co. Ltd. | 27,088,000 | 34,937 | 0.2% |
| | China Petroleum & Chemical Corp. | 32,717,400 | 30,878 | 0.1% |
| | China Overseas Land & Investment Ltd. | 5,245,760 | 21,851 | 0.1% |
| | Agricultural Bank of China Ltd. | 33,149,715 | 18,663 | 0.1% |
| | China Telecom Corp. Ltd. | 20,856,000 | 15,450 | 0.1% |
| | CITIC Ltd. | 7,036,000 | 14,075 | 0.1% |
| * | China Unicom Hong Kong Ltd. | 7,414,123 | 13,925 | 0.1% |
| | China Shenhua Energy Co. Ltd. | 4,366,500 | 11,340 | 0.1% |
| | China Communications Construction Co. Ltd. | 5,993,000 | 10,900 | 0.1% |
| | China Resources Land Ltd. | 2,763,369 | 10,026 | 0.1% |
| | PICC Property & Casualty Co. Ltd. | 4,228,540 | 9,368 | 0.0% |
| | China CITIC Bank Corp. Ltd. | 9,795,843 | 8,883 | 0.0% |
| | China Resources Power Holdings Co. Ltd. | 2,436,400 | 7,350 | 0.0% |
| | China Railway Group Ltd. | 4,862,000 | 6,823 | 0.0% |
| | China Merchants Holdings International Co. Ltd. | 1,494,893 | 6,782 | 0.0% |
| | Sinopharm Group Co. Ltd. | 1,357,600 | 6,448 | 0.0% |
| | Dongfeng Motor Group Co. Ltd. | 3,764,000 | 6,253 | 0.0% |
| | Zhuzhou CSR Times Electric Co. Ltd. | 637,000 | 5,416 | 0.0% |
| | China Longyuan Power Group Corp. Ltd. | 4,250,000 | 5,267 | 0.0% |
| | China Resources Enterprise Ltd. | 1,602,000 | 4,908 | 0.0% |
| | China Railway Construction Corp. Ltd. | 2,427,574 | 4,847 | 0.0% |
| *,1 | China CNR Corp. Ltd. | 2,366,000 | 4,833 | 0.0% |
| * | China Taiping Insurance Holdings Co. Ltd. | 1,263,026 | 4,692 | 0.0% |
| | China Oilfield Services Ltd. | 2,280,000 | 4,681 | 0.0% |
| ^ | CSR Corp. Ltd. | 2,390,000 | 4,607 | 0.0% |
| *,1 | CGN Power Co. Ltd. | 7,938,000 | 4,442 | 0.0% |
| | Kunlun Energy Co. Ltd. | 3,568,000 | 4,236 | 0.0% |
| | China State Construction International Holdings Ltd. | 1,958,000 | 3,774 | 0.0% |
| 1 | People’s Insurance Co. Group of China Ltd. | 4,849,000 | 3,358 | 0.0% |
| | Air China Ltd. | 2,724,000 | 3,285 | 0.0% |
| | AviChina Industry & Technology Co. Ltd. | 2,788,000 | 3,159 | 0.0% |
| *,^ | China COSCO Holdings Co. Ltd. | 3,224,800 | 2,965 | 0.0% |
| | China Resources Gas Group Ltd. | 848,000 | 2,945 | 0.0% |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 4,491,000 | 2,713 | 0.0% |
| * | China Cinda Asset Management Co. Ltd. | 3,958,000 | 2,349 | 0.0% |
| ^ | China Coal Energy Co. Ltd. | 3,527,000 | 2,318 | 0.0% |
| ^,1 | China Galaxy Securities Co. Ltd. | 1,375,500 | 2,250 | 0.0% |
| | Huaneng Renewables Corp. Ltd. | 5,084,000 | 2,220 | 0.0% |
| | Huadian Power International Corp. Ltd. | 1,972,000 | 2,183 | 0.0% |
| | China Southern Airlines Co. Ltd. | 2,159,000 | 2,122 | 0.0% |
| | Metallurgical Corp. of China Ltd. | 3,590,000 | 2,119 | 0.0% |
| | China Power International Development Ltd. | 3,175,130 | 2,047 | 0.0% |
| | Beijing Capital International Airport Co. Ltd. | 1,852,000 | 1,968 | 0.0% |
| | China Communications Services Corp. Ltd. | 3,258,800 | 1,836 | 0.0% |
| | Sinotrans Ltd. | 2,340,000 | 1,791 | 0.0% |
| | Franshion Properties China Ltd. | 4,418,000 | 1,785 | 0.0% |
| | Huadian Fuxin Energy Corp. Ltd. | 3,160,134 | 1,700 | 0.0% |
| | China Resources Cement Holdings Ltd. | 2,424,000 | 1,541 | 0.0% |
| * | China Eastern Airlines Corp. Ltd. | 1,960,000 | 1,513 | 0.0% |
| 1 | Sinopec Engineering Group Co. Ltd. | 1,395,093 | 1,506 | 0.0% |
13
| | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| China Agri-Industries Holdings Ltd. | 2,622,200 | 1,497 | 0.0% |
| Angang Steel Co. Ltd. | 1,396,000 | 1,160 | 0.0% |
| China BlueChemical Ltd. | 2,310,000 | 1,029 | 0.0% |
| China Machinery Engineering Corp. | 629,361 | 835 | 0.0% |
| China Merchants Property Development Co. Ltd. Class B | 263,825 | 776 | 0.0% |
| Harbin Electric Co. Ltd. | 862,000 | 707 | 0.0% |
| * China Foods Ltd. | 934,000 | 699 | 0.0% |
| * Sinofert Holdings Ltd. | 2,341,153 | 644 | 0.0% |
| * CITIC Resources Holdings Ltd. | 2,472,690 | 443 | 0.0% |
| 1 China—Other † | | 477,412 | 1.9% |
| | | 1,375,728 | 5.4% |
| |
| Colombia † | | 32,625 | 0.1% |
| |
| Czech Republic † | | 10,438 | 0.0% |
| |
| Denmark | | | |
| Novo Nordisk A/S Class B | 2,501,609 | 140,442 | 0.6% |
| Denmark—Other † | | 161,873 | 0.6% |
| | | 302,315 | 1.2% |
| |
| Egypt † | | 15,941 | 0.1% |
| |
| Finland † | | 146,119 | 0.6% |
| |
| France | | | |
| Sanofi | 1,470,696 | 149,703 | 0.6% |
| ^ TOTAL SA | 2,607,839 | 141,215 | 0.6% |
| BNP Paribas SA | 1,254,882 | 79,248 | 0.3% |
| France—Other † | | 1,281,137 | 5.0% |
| | | 1,651,303 | 6.5% |
| Germany | | | |
| * Bayer AG | 1,062,581 | 152,940 | 0.6% |
| Daimler AG | 1,226,412 | 117,916 | 0.5% |
| BASF SE | 1,185,136 | 117,741 | 0.5% |
| Siemens AG | 1,063,401 | 115,679 | 0.4% |
| Allianz SE | 584,579 | 99,504 | 0.4% |
| SAP SE | 1,147,495 | 86,711 | 0.3% |
| 1 Germany—Other † | | 870,739 | 3.4% |
| | | 1,561,230 | 6.1% |
| |
| Greece † | | 10,973 | 0.0% |
| |
| Hong Kong | | | |
| AIA Group Ltd. | 15,463,881 | 102,842 | 0.4% |
| Hang Seng Bank Ltd. | 987,400 | 19,236 | 0.1% |
| BOC Hong Kong Holdings Ltd. | 4,653,882 | 18,051 | 0.1% |
| China Travel International Investment Hong Kong Ltd. | 3,334,000 | 1,485 | 0.0% |
| 1 Hong Kong—Other † | | 556,994 | 2.1% |
| | | 698,608 | 2.7% |
| |
| Hungary † | | 12,605 | 0.0% |
14
| | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| India | | | |
| Nestle India Ltd. | 28,798 | 2,977 | 0.0% |
| 1 India—Other † | | 523,815 | 2.1% |
| | | 526,792 | 2.1% |
| Indonesia † | | 113,834 | 0.4% |
| Ireland † | | 46,842 | 0.2% |
| Israel | | | |
| Osem Investments Ltd. | 40,567 | 866 | 0.0% |
| Israel—Other † | | 120,946 | 0.5% |
| | | 121,812 | 0.5% |
| Italy † | | 419,729 | 1.6% |
| Japan | | | |
| Toyota Motor Corp. | 3,403,761 | 236,933 | 0.9% |
| Mitsubishi UFJ Financial Group Inc. | 18,166,807 | 129,063 | 0.5% |
| Chugai Pharmaceutical Co. Ltd. | 289,600 | 8,807 | 0.0% |
| Japan—Other † | | 3,882,667 | 15.3% |
| | | 4,257,470 | 16.7% |
| 1Malaysia † | | 207,001 | 0.8% |
| Mexico † | | 238,409 | 0.9% |
| Morocco † | | 453 | 0.0% |
| Netherlands | | | |
| Unilever NV | 1,998,035 | 87,156 | 0.4% |
| Netherlands—Other † | | 410,116 | 1.6% |
| | | 497,272 | 2.0% |
| New Zealand † | | 36,169 | 0.1% |
| Norway † | | 122,626 | 0.5% |
| Other2 | | | |
| 3 Vanguard FTSE Emerging Markets ETF | 1,251,023 | 54,882 | 0.2% |
| Peru † | | 13,072 | 0.1% |
| Philippines † | | 85,226 | 0.3% |
| Poland † | | 85,698 | 0.3% |
| Portugal † | | 27,775 | 0.1% |
| |
| 1Russia † | | 217,878 | 0.9% |
| Singapore | | | |
| ^ COSCO Corp. Singapore Ltd. | 998,000 | 455 | 0.0% |
| Singapore—Other † | | 265,045 | 1.0% |
| | | 265,500 | 1.0% |
15
| | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| South Africa † | | 457,569 | 1.8% |
| |
| South Korea | | | |
| Samsung Electronics Co. Ltd. GDR | 220,376 | 144,520 | 0.6% |
| South Korea—Other † | | 643,208 | 2.5% |
| | | 787,728 | 3.1% |
| Spain | | | |
| * Banco Santander SA | 17,177,225 | 129,870 | 0.5% |
| Telefonica SA | 5,556,524 | 84,573 | 0.3% |
| Banco Bilbao Vizcaya Argentaria SA | 7,883,773 | 79,217 | 0.3% |
| Spain—Other † | | 299,120 | 1.2% |
| | | 592,780 | 2.3% |
| |
| Sweden † | | 525,328 | 2.1% |
| |
| Switzerland | | | |
| Nestle SA | 4,097,425 | 317,896 | 1.3% |
| Novartis AG | 2,992,252 | 305,426 | 1.2% |
| Roche Holding AG | 902,801 | 258,341 | 1.0% |
| * UBS Group AG | 4,385,184 | 87,604 | 0.3% |
| Switzerland—Other † | | 643,619 | 2.5% |
| | | 1,612,886 | 6.3% |
| Taiwan | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,185,381 | 126,731 | 0.5% |
| Taiwan—Other † | | 550,537 | 2.2% |
| | | 677,268 | 2.7% |
| |
| Thailand † | | 124,585 | 0.5% |
| |
| Turkey † | | 76,942 | 0.3% |
| |
| United Arab Emirates † | | 43,906 | 0.2% |
| |
| United Kingdom | | | |
| HSBC Holdings plc | 25,060,359 | 250,343 | 1.0% |
| BP plc | 23,433,945 | 169,016 | 0.7% |
| Royal Dutch Shell plc Class A | 5,005,121 | 157,814 | 0.6% |
| GlaxoSmithKline plc | 6,247,058 | 144,288 | 0.6% |
| British American Tobacco plc | 2,395,147 | 131,599 | 0.5% |
| Vodafone Group plc | 34,137,210 | 120,274 | 0.5% |
| AstraZeneca plc | 1,621,619 | 111,287 | 0.4% |
| Royal Dutch Shell plc Class B | 3,151,955 | 100,913 | 0.4% |
| Diageo plc | 3,237,363 | 89,878 | 0.4% |
| Barclays plc | 21,074,712 | 82,455 | 0.3% |
| Lloyds Banking Group plc | 69,479,242 | 82,283 | 0.3% |
| Prudential plc | 3,280,123 | 81,668 | 0.3% |
| BG Group plc | 4,375,512 | 79,257 | 0.3% |
| 1 United Kingdom—Other † | | 2,056,206 | 8.1% |
| | | 3,657,281 | 14.4% |
| Total Common Stocks (Cost $21,855,376) | | 25,350,170 | 99.5%4 |
| Total Other Investments (Cost $430) † | | 493 | 0.0%4 |
16
| | | | |
| 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 | 0.121% | 810,414,000 | 810,414 | 3.2% |
| |
| 7U.S. Government and Agency Obligations † | | | 8,000 | 0.0% |
| Total Temporary Cash Investments (Cost $818,415) | | | 818,414 | 3.2%4 |
| Total Investments (Cost $22,674,221) | | | 26,169,077 | 102.7% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 176,514 | 0.7% |
| Liabilities5 | | | (864,659) | (3.4%) |
| | | | (688,145) | (2.7%) |
| Net Assets | | | 25,480,932 | 100.0% |
| |
| |
| At April 30, 2015, net assets consisted of: | | | | |
| | | | | Amount |
| | | | | ($000) |
| Paid-in Capital | | | | 22,850,024 |
| Undistributed Net Investment Income | | | | 83,048 |
| Accumulated Net Realized Losses | | | | (952,143) |
| Unrealized Appreciation (Depreciation) | | | | |
| Investment Securities | | | | 3,494,856 |
| Futures Contracts | | | | (237) |
| Forward Currency Contracts | | | | 5,163 |
| Foreign Currencies | | | | 221 |
| Net Assets | | | | 25,480,932 |
| |
| Investor Shares—Net Assets | | | | |
| Applicable to 30,254,645 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 609,299 |
| Net Asset Value Per Share—Investor Shares | | | | $20.14 |
| |
| Admiral Shares—Net Assets | | | | |
| Applicable to 99,254,674 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 3,149,617 |
| Net Asset Value Per Share—Admiral Shares | | | | $31.73 |
| |
| Institutional Shares—Net Assets | | | | |
| Applicable to 50,322,558 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 5,062,088 |
| Net Asset Value Per Share—Institutional Shares | | | | $100.59 |
| |
| Institutional Plus Shares—Net Assets | | | | |
| Applicable to 23,940,735 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 2,550,191 |
| Net Asset Value Per Share—Institutional Plus Shares | | | $106.52 |
17
| |
| FTSE All-World ex-US Index Fund | |
| |
| |
| |
| | Amount |
| | ($000) |
| ETF Shares—Net Assets | |
| Applicable to 276,389,053 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 14,109,737 |
| Net Asset Value Per Share—ETF Shares | $51.05 |
• 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 $674,751,000.
† 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, 2015, the aggregate value of these securities was $58,934,000, representing 0.2% of net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock, other investments and temporary cash investment positions represent 100.0%, 0.0%, and 2.7%, respectively, of net assets.
5 Includes $735,915,000 of collateral received for securities on loan.
6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7 Securities with a value of $7,200,000 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.
18
| |
| FTSE All-World ex-US Index Fund | |
| |
| |
| Statement of Operations | |
| |
| |
| | Six Months Ended |
| | April 30, 2015 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1,2 | 310,947 |
| Interest2 | 53 |
| Securities Lending | 7,073 |
| Total Income | 318,073 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,160 |
| Management and Administrative—Investor Shares | 575 |
| Management and Administrative—Admiral Shares | 1,095 |
| Management and Administrative—Institutional Shares | 1,315 |
| Management and Administrative—Institutional Plus Shares | 464 |
| Management and Administrative—ETF Shares | 4,765 |
| Marketing and Distribution—Investor Shares | 63 |
| Marketing and Distribution—Admiral Shares | 250 |
| Marketing and Distribution—Institutional Shares | 488 |
| Marketing and Distribution—Institutional Plus Shares | 211 |
| Marketing and Distribution—ETF Shares | 1,319 |
| Custodian Fees | 2,103 |
| Shareholders’ Reports—Investor Shares | 6 |
| Shareholders’ Reports—Admiral Shares | 7 |
| Shareholders’ Reports—Institutional Shares | 9 |
| Shareholders’ Reports—Institutional Plus Shares | 2 |
| Shareholders’ Reports—ETF Shares | 112 |
| Trustees’ Fees and Expenses | 8 |
| Total Expenses | 13,952 |
| Net Investment Income | 304,121 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 4,291 |
| Futures Contracts | 14,105 |
| Foreign Currencies and Forward Currency Contracts | (17,857) |
| Realized Net Gain (Loss) | 539 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 887,881 |
| Futures Contracts | 635 |
| Foreign Currencies and Forward Currency Contracts | 9,291 |
| Change in Unrealized Appreciation (Depreciation) | 897,807 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,202,467 |
1 Dividends are net of foreign withholding taxes of $27,000,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $262,000, $51,000, and ($240,000), respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
19
| | |
| FTSE All-World ex-US Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2015 | 2014 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 304,121 | 718,808 |
| Realized Net Gain (Loss) | 539 | (28,844) |
| Change in Unrealized Appreciation (Depreciation) | 897,807 | (461,318) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,202,467 | 228,646 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (5,760) | (19,217) |
| Admiral Shares | (30,456) | (71,461) |
| Institutional Shares | (51,973) | (154,344) |
| Institutional Plus Shares | (25,787) | (67,065) |
| ETF Shares | (141,922) | (399,093) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (255,898) | (711,180) |
| Capital Share Transactions | | |
| Investor Shares | 34,505 | (77,758) |
| Admiral Shares | 474,704 | 699,465 |
| Institutional Shares | 157,813 | 117,739 |
| Institutional Plus Shares | 324,875 | 498,478 |
| ETF Shares | 1,150,513 | 1,629,962 |
| Net Increase (Decrease) from Capital Share Transactions | 2,142,410 | 2,867,886 |
| Total Increase (Decrease) | 3,088,979 | 2,385,352 |
| Net Assets | | |
| Beginning of Period | 22,391,953 | 20,006,601 |
| End of Period1 | 25,480,932 | 22,391,953 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $83,048,000 and $42,396,000.
See accompanying Notes, which are an integral part of the Financial Statements.
20
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $19.40 | $19.81 | $17.03 | $16.95 | $18.43 | $16.48 |
| Investment Operations | | | | | | |
| Net Investment Income | . 235 | . 6271 | .482 | .448 | .512 | .418 2 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .706 | (.413) | 2.850 | .397 | (1.608) | 1.853 |
| Total from Investment Operations | .941 | .214 | 3.332 | .845 | (1.096) | 2.271 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (. 201) | (. 624) | (. 552) | (.765) | (. 384) | (. 321) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (. 201) | (. 624) | (. 552) | (.765) | (. 384) | (. 321) |
| Net Asset Value, End of Period | $20.14 | $19.40 | $19.81 | $17.03 | $16.95 | $18.43 |
| |
| Total Return3 | 4.92% | 1.05% | 19.97% | 5.30% | -6.11% | 13.94% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $609 | $552 | $637 | $543 | $1,330 | $1,458 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.26% | 0.29% | 0.30% | 0.30% | 0.35% | 0.35% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.53% | 3.18%1 | 2.69% | 3.13% | 2.87% | 2.45% |
| Portfolio Turnover Rate 4 | 2% | 4% | 8% | 6% | 6% | 6% |
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 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 Calculated based on average shares outstanding.
3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
21
| | | | | |
| FTSE All-World ex-US Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| | Six Months | | | | Sept. 27, |
| | Ended | | | | 20111 to |
| | | Year Ended October 31, | |
| | April 30, | | | | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $30.57 | $31.21 | $26.86 | $26.86 | $25.00 |
| Investment Operations | | | | | |
| Net Investment Income | . 392 | 1.037 2 | .805 | .818 | .082 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | 1.106 | (.644) | 4.487 | .543 | 1.778 |
| Total from Investment Operations | 1.498 | .393 | 5.292 | 1.361 | 1.860 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.338) | (1.033) | (.942) | (1.361) | — |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.338) | (1.033) | (.942) | (1.361) | — |
| Net Asset Value, End of Period | $31.73 | $30.57 | $31.21 | $26.86 | $26.86 |
| |
| Total Return3 | 4.98% | 1.23% | 20.14% | 5.46% | 7.44% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $3,150 | $2,551 | $1,909 | $1,235 | $152 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | 0.14% | 0.15% | 0.15% | 0.18%4 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.66% | 3.33%2 | 2.84% | 3.28% | 3.04%4 |
| Portfolio Turnover Rate 5 | 2% | 4% | 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 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014. |
| 3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
| 4 | Annualized. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
22
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $96.89 | $98.93 | $85.14 | $85.10 | $92.50 | $82.71 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.251 | 3.2991 | 2.577 | 2.628 | 2.785 | 2.226 2 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 3.524 | (2.049) | 14.215 | 1.735 | (8.113) | 9.322 |
| Total from Investment Operations | 4.775 | 1.250 | 16.792 | 4.363 | (5.328) | 11.548 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.075) | (3.290) | (3.002) | (4.323) | (2.072) | (1.758) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (1.075) | (3.290) | (3.002) | (4.323) | (2.072) | (1.758) |
| Net Asset Value, End of Period | $100.59 | $96.89 | $98.93 | $85.14 | $85.10 | $92.50 |
| |
| Total Return3 | 5.01% | 1.23% | 20.16% | 5.51% | -5.94% | 14.15% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $5,062 | $4,713 | $4,687 | $3,684 | $3,975 | $4,146 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.13% | 0.15% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.68% | 3.35%1 | 2.87% | 3.31% | 3.09% | 2.65% |
| Portfolio Turnover Rate 4 | 2% | 4% | 8% | 6% | 6% | 6% |
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 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 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.
23
| | | | | |
| FTSE All-World ex-US Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Plus Shares | | | | | |
| | Six Months | | | | Dec. 16, |
| | Ended | | | | 20101 to |
| | | Year Ended October 31, | |
| | April 30, | | | | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $102.60 | $104.76 | $90.17 | $90.15 | $99.48 |
| Investment Operations | | | | | |
| Net Investment Income | 1.335 | 3.5172 | 2.749 | 2.809 | 2.794 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | 3.733 | (2.169) | 15.050 | 1.829 | (9.947) |
| Total from Investment Operations | 5.068 | 1.348 | 17.799 | 4.638 | (7.153) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.148) | (3.508) | (3.209) | (4.618) | (2.177) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.148) | (3.508) | (3.209) | (4.618) | (2.177) |
| Net Asset Value, End of Period | $106.52 | $102.60 | $104.76 | $90.17 | $90.15 |
| |
| Total Return3 | 5.02% | 1.25% | 20.18% | 5.54% | -7.36% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $2,550 | $2,122 | $1,671 | $1,274 | $566 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.10% | 0.10% | 0.10% | 0.10%4 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.70% | 3.37%2 | 2.89% | 3.33% | 3.12%4 |
| Portfolio Turnover Rate 5 | 2% | 4% | 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 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014. |
| 3 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
| 4 | Annualized. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
24
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $49.17 | $50.20 | $43.21 | $43.17 | $46.92 | $41.95 |
| Investment Operations | | | | | | |
| Net Investment Income | . 629 | 1.6651 | 1.295 | 1.324 | 1.390 | 1.1182 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 1.792 | (1.036) | 7.204 | .884 | (4.121) | 4.715 |
| Total from Investment Operations | 2.421 | .629 | 8.499 | 2.208 | (2.731) | 5.833 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.541) | (1.659) | (1.509) | (2.168) | (1.019) | (.863) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.541) | (1.659) | (1.509) | (2.168) | (1.019) | (.863) |
| Net Asset Value, End of Period | $51.05 | $49.17 | $50.20 | $43.21 | $43.17 | $46.92 |
| |
| Total Return | 5.00% | 1.21% | 20.12% | 5.51% | -5.99% | 14.07% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $14,110 | $12,453 | $11,102 | $7,400 | $6,301 | $6,272 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.13% | 0.14% | 0.15% | 0.15% | 0.18% | 0.22% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.66% | 3.33%1 | 2.84% | 3.28% | 3.04% | 2.58% |
| Portfolio Turnover Rate 3 | 2% | 4% | 8% | 6% | 6% | 6% |
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 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 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.
25
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 futures are believed to be priced more attractively than the underlying securities. The primary risks
26
FTSE All-World ex-US 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 clearing-house, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate settlement values and notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the six months ended April 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2011–2014), and for the period ended April 30, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
27
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 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 $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2015, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
28
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 invest up to 0.40% of its net assets in Vanguard. At April 30, 2015, the fund had contributed capital of $2,123,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.85% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and 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, 2015, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 2,302,029 | 54,833 | — |
| Common Stocks—Other | 459,880 | 22,505,840 | 27,588 |
| Other Investments | — | 493 | — |
| Temporary Cash Investments | 810,414 | 8,000 | — |
| Futures Contracts—Assets1 | 90 | — | — |
| Futures Contracts—Liabilities1 | (896) | — | — |
| Forward Currency Contracts—Assets | — | 6,278 | — |
| Forward Currency Contracts—Liabilities | — | (1,115) | — |
| Total | 3,571,517 | 22,574,329 | 27,588 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At April 30, 2015, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Statement of Net Assets Caption | ($000) | ($000) | ($000) |
| Other Assets | 90 | 6,278 | 6,368 |
| Liabilities | (896) | (1,115) | (2,011) |
29
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, 2015, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 14,105 | — | 14,105 |
| Forward Currency Contracts | — | (10,313) | (10,313) |
| Realized Net Gain (Loss) on Derivatives | 14,105 | (10,313) | 3,792 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | 635 | — | 635 |
| Forward Currency Contracts | — | 7,052 | 7,052 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 635 | 7,052 | 7,687 |
At April 30, 2015, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| FTSE 100 Index | June 2015 | 366 | 38,972 | 371 |
| Dow Jones EURO STOXX 50 | June 2015 | 959 | 38,342 | (799) |
| Topix Index | June 2015 | 225 | 29,867 | 481 |
| S&P ASX 200 Index | June 2015 | 122 | 13,850 | (290) |
| | | | | (237) |
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.
30
FTSE All-World ex-US Index Fund
At April 30, 2015, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
| | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| BNP Paribas | 6/24/15 | EUR | 36,945 | USD | 39,267 | 2,248 |
| BNP Paribas | 6/24/15 | GBP | 23,268 | USD | 34,353 | 1,349 |
| Bank of America NA | 6/16/15 | JPY | 3,194,660 | USD | 26,359 | 411 |
| Bank of America NA | 6/23/15 | AUD | 20,659 | USD | 15,667 | 631 |
| Citibank, N.A. | 6/24/15 | GBP | 9,532 | USD | 14,067 | 560 |
| Deutsche Bank AG | 6/24/15 | EUR | 9,195 | USD | 9,817 | 515 |
| BNP Paribas | 6/16/15 | JPY | 928,100 | USD | 7,686 | 92 |
| BNP Paribas | 6/16/15 | JPY | 887,040 | USD | 7,438 | (5) |
| Citibank, N.A. | 6/24/15 | EUR | 6,327 | USD | 6,717 | 393 |
| Citibank, N.A. | 6/16/15 | JPY | 217,000 | USD | 1,791 | 28 |
| Deutsche Bank AG | 6/23/15 | AUD | 1,750 | USD | 1,329 | 51 |
| Bank of America NA | 6/24/15 | USD | 19,405 | EUR | 17,739 | (528) |
| Deutsche Bank AG | 6/16/15 | USD | 14,715 | JPY | 1,774,160 | (152) |
| Bank of America NA | 6/24/15 | USD | 12,138 | GBP | 8,141 | (354) |
| BNP Paribas | 6/23/15 | USD | 3,641 | AUD | 4,712 | (76) |
| | | | | | | 5,163 |
| AUD—Australian dollar. | | | | | | |
| EUR—Euro. | | | | | | |
| GBP—British pound. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| USD—U.S. dollar. | | | | | | |
At April 30, 2015, the counterparty had deposited in segregated accounts securities with a value of $4,336,000 in connection with amounts due to the fund for open forward currency contracts. After April 30, 2015, the counterparty posted additional collateral of $1,095,000 in connection with open forward currency contracts as of April 30, 2015.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
31
FTSE All-World ex-US Index Fund
During the six months ended April 30, 2015, the fund realized net foreign currency losses of $7,544,000, 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, 2015, the fund realized $66,653,000 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, 2014, the fund had available capital losses totaling $868,376,000 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 $587,170,000 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, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2015, the cost of investment securities for tax purposes was $22,730,518,000. Net unrealized appreciation of investment securities for tax purposes was $3,438,559,000, consisting of unrealized gains of $5,289,265,000 on securities that had risen in value since their purchase and $1,850,706,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2015, the fund purchased $2,539,211,000 of investment securities and sold $395,758,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,141,129,000 and $144,977,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
32
FTSE All-World ex-US Index Fund
| | | | |
| G. Capital share transactions for each class of shares were: | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 112,867 | 5,906 | 234,361 | 11,821 |
| Issued in Lieu of Cash Distributions | 5,593 | 296 | 18,693 | 943 |
| Redeemed | (83,955) | (4,420) | (330,812) | (16,475) |
| Net Increase (Decrease)—Investor Shares | 34,505 | 1,782 | (77,758) | (3,711) |
| Admiral Shares | | | | |
| Issued | 695,580 | 23,206 | 1,011,547 | 32,236 |
| Issued in Lieu of Cash Distributions | 25,257 | 849 | 58,193 | 1,862 |
| Redeemed | (246,133) | (8,260) | (370,275) | (11,817) |
| Net Increase (Decrease)—Admiral Shares | 474,704 | 15,795 | 699,465 | 22,281 |
| Institutional Shares | | | | |
| Issued | 566,688 | 5,974 | 1,108,144 | 11,167 |
| Issued in Lieu of Cash Distributions | 47,924 | 508 | 140,367 | 1,417 |
| Redeemed | (456,799) | (4,801) | (1,130,772) | (11,322) |
| Net Increase (Decrease)—Institutional Shares | 157,813 | 1,681 | 117,739 | 1,262 |
| Institutional Plus Shares | | | | |
| Issued | 411,493 | 4,104 | 692,692 | 6,583 |
| Issued in Lieu of Cash Distributions | 24,670 | 247 | 65,258 | 622 |
| Redeemed | (111,288) | (1,097) | (259,472) | (2,467) |
| Net Increase (Decrease)—Institutional Plus Shares | 324,875 | 3,254 | 498,478 | 4,738 |
| ETF Shares | | | | |
| Issued | 1,295,624 | 26,128 | 1,717,407 | 33,926 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (145,111) | (3,000) | (87,445) | (1,800) |
| Net Increase (Decrease)—ETF Shares | 1,150,513 | 23,128 | 1,629,962 | 32,126 |
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2015, that would require recognition or disclosure in these financial statements.
33
FTSE All-World ex-US Small-Cap Index Fund
| | | |
| Fund Profile | | |
| As of April 30, 2015 | | | |
| |
| Share-Class Characteristics | | |
| |
| Investor | Institutional | ETF |
| | Shares | Shares | Shares |
| Ticker Symbol | VFSVX | VFSNX | VSS |
| Expense Ratio1 | 0.37% | 0.18% | 0.19% |
| |
| Portfolio Characteristics | | |
| | | | FTSE Global |
| | | | Small Cap |
| | | Fund | ex US Index |
| Number of Stocks | | 3,372 | 3,250 |
| Median Market Cap | | $1.6B | $1.6B |
| Price/Earnings Ratio | | 21.7x | 21.6x |
| Price/Book Ratio | | 1.7x | 1.7x |
| Return on Equity | | 11.2% | 11.2% |
| Earnings Growth | | | |
| Rate | | 13.5% | 13.4% |
| Dividend Yield | | 2.3% | 2.3% |
| Turnover Rate | | | |
| (Annualized) | | 7% | — |
| Short-Term Reserves | | 0.2% | — |
Sector Diversification (% of equity exposure)
| | |
| | | FTSE Global |
| | | Small Cap |
| | Fund | ex US Index |
| Basic Materials | 7.9% | 7.8% |
| Consumer Goods | 10.8 | 10.8 |
| Consumer Services | 12.8 | 12.8 |
| Financials | 21.7 | 21.7 |
| Health Care | 5.9 | 5.9 |
| Industrials | 23.7 | 23.7 |
| Oil & Gas | 6.1 | 6.1 |
| Technology | 7.5 | 7.5 |
| Telecommunications | 1.3 | 1.4 |
| Utilities | 2.3 | 2.3 |
| |
| 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)
| | |
| Deutsche Annington | Real Estate Holding | |
| Immobilien SE | & Development | |
| | REITs | 0.5% |
| Gildan Activewear Inc. | Clothing & | |
| | Accessories | 0.3 |
| Dollarama Inc. | Specialty Retailers | 0.3 |
| Constellation Software | | |
| Inc. | Software | 0.3 |
| Open Text Corp. | Software | 0.3 |
| Keyera Corp. | Exploration & | |
| | Production | 0.3 |
| Methanex Corp. | Specialty Chemicals | 0.3 |
| Onex Corp. | Diversified Industrials | 0.2 |
| H&R REIT | Industrial & Office | |
| | REITs | 0.2 |
| Elisa OYJ | Fixed Line | |
| | Telecommunications | 0.2 |
| Top Ten | | 2.9% |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of equity exposure)
1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the annualized expense ratios were 0.33% for Investor Shares, 0.15% for Institutional Shares, and 0.17% for ETF Shares.
34
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 | 15.0% | 15.0% |
| Germany | 4.2 | 4.2 |
| Italy | 2.9 | 2.9 |
| France | 2.7 | 2.7 |
| Sweden | 2.7 | 2.8 |
| Switzerland | 2.6 | 2.7 |
| Spain | 1.8 | 1.8 |
| Netherlands | 1.6 | 1.6 |
| Finland | 1.4 | 1.4 |
| Denmark | 1.2 | 1.2 |
| Belgium | 1.2 | 1.2 |
| Norway | 1.0 | 1.0 |
| Other | 2.0 | 2.0 |
| Subtotal | 40.3% | 40.5% |
| Pacific | | |
| Japan | 14.5% | 14.5% |
| South Korea | 4.4 | 4.4 |
| Australia | 4.0 | 4.0 |
| Hong Kong | 2.3 | 2.3 |
| Singapore | 1.7 | 1.6 |
| Other | 0.5 | 0.5 |
| Subtotal | 27.4% | 27.3% |
| Emerging Markets | | |
| Taiwan | 6.6% | 6.6% |
| China | 3.4 | 3.3 |
| India | 2.3 | 2.3 |
| Malaysia | 1.0 | 1.0 |
| Thailand | 1.0 | 1.0 |
| Brazil | 1.0 | 1.0 |
| Other | 3.5 | 3.7 |
| Subtotal | 18.8% | 18.9% |
| North America | | |
| Canada | 13.1% | 12.9% |
| Middle East | 0.4% | 0.4% |
35
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, 2015
FTSE All-World ex-US Small-Cap Index Fund Investor Shares
FTSE Global Small Cap ex US Index
Note: For 2015, performance data reflect the six months ended April 30, 2015.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | |
| | Inception | One | Five | Since |
| | Date | Year | Years | Inception |
| Investor Shares | 4/2/2009 | -5.72% | 5.88% | 14.01% |
| ETF Shares | 4/2/2009 | | | |
| Market Price | | -4.78 | 6.10 | 14.34 |
| Net Asset Value | | -5.54 | 6.10 | 14.24 |
| Institutional Shares | 4/2/2009 | -5.52 | 6.12 | 14.27 |
See Financial Highlights for dividend and capital gains information.
36
FTSE All-World ex-US Small-Cap Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2015
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Australia † | | 120,991 | 4.0% |
| |
| Austria † | | 19,467 | 0.6% |
| |
| Belgium † | | 35,222 | 1.1% |
| |
| Brazil † | | 29,675 | 1.0% |
| |
| Canada | | | |
| Gildan Activewear Inc. | 335,976 | 10,649 | 0.3% |
| Dollarama Inc. | 156,213 | 8,970 | 0.3% |
| Constellation Software Inc. | 22,209 | 8,707 | 0.3% |
| Open Text Corp. | 168,718 | 8,525 | 0.3% |
| Keyera Corp. | 231,506 | 8,149 | 0.3% |
| Methanex Corp. | 127,258 | 7,659 | 0.2% |
| Onex Corp. | 121,650 | 7,325 | 0.2% |
| ^ H&R REIT | 378,767 | 7,268 | 0.2% |
| ^ Vermilion Energy Inc. | 130,864 | 6,300 | 0.2% |
| ^ AltaGas Ltd. | 183,445 | 6,234 | 0.2% |
| ^ Veresen Inc. | 390,421 | 5,870 | 0.2% |
| ^ PrairieSky Royalty Ltd. | 206,703 | 5,676 | 0.2% |
| ^ Baytex Energy Corp. | 284,644 | 5,561 | 0.2% |
| ^ Peyto Exploration & Development Corp. | 184,006 | 5,349 | 0.2% |
| CCL Industries Inc. Class B | 45,193 | 5,196 | 0.2% |
| Empire Co. Ltd. | 71,083 | 5,136 | 0.2% |
| Industrial Alliance Insurance & Financial Services Inc. | 139,429 | 5,074 | 0.2% |
| * Element Financial Corp. | 349,799 | 5,016 | 0.1% |
| Canada—Other † | | 277,437 | 9.1% |
| | | 400,102 | 13.1% |
| |
| Chile † | | 10,883 | 0.4% |
37
| | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| 1China † | | 104,436 | 3.4% |
| |
| Colombia † | | 3,097 | 0.1% |
| |
| Czech Republic † | | 297 | 0.0% |
| |
| Denmark | | | |
| * Genmab A/S | 71,689 | 5,520 | 0.2% |
| GN Store Nord A/S | 222,247 | 4,798 | 0.1% |
| Denmark—Other † | | 26,559 | 0.9% |
| | | 36,877 | 1.2% |
| |
| Egypt † | | 4,102 | 0.1% |
| |
| Finland | | | |
| Elisa Oyj | 214,437 | 6,569 | 0.2% |
| Finland—Other † | | 35,948 | 1.2% |
| | | 42,517 | 1.4% |
| France | | | |
| Teleperformance | 78,240 | 5,873 | 0.2% |
| 1 France—Other † | | 77,094 | 2.5% |
| | | 82,967 | 2.7% |
| Germany | | | |
| Deutsche Annington Immobilien SE | 477,522 | 16,028 | 0.5% |
| LEG Immobilien AG | 78,350 | 6,079 | 0.2% |
| Freenet AG | 148,811 | 4,820 | 0.2% |
| Germany—Other † | | 100,972 | 3.3% |
| | | 127,899 | 4.2% |
| |
| Greece † | | 11,174 | 0.4% |
| |
| Hong Kong † | | 69,135 | 2.3% |
| |
| India † | | 71,298 | 2.3% |
| |
| Indonesia † | | 23,014 | 0.7% |
| |
| Ireland † | | 18,143 | 0.6% |
| |
| Israel † | | 10,953 | 0.4% |
| |
| Italy | | | |
| * Banca Popolare di Milano Scarl | 6,050,830 | 6,235 | 0.2% |
| * Banca Popolare dell’Emilia Romagna SC | 661,925 | 5,445 | 0.2% |
| 1 Italy—Other † | | 77,809 | 2.5% |
| | | 89,489 | 2.9% |
| |
| Japan † | | 441,376 | 14.4% |
| |
| Malaysia † | | 31,499 | 1.0% |
| |
| Mexico † | | 16,511 | 0.5% |
38
| | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Netherlands | | | |
| Delta Lloyd NV | 297,976 | 5,635 | 0.2% |
| Netherlands—Other † | | 43,314 | 1.4% |
| | | 48,949 | 1.6% |
| |
| New Zealand † | | 16,151 | 0.5% |
| |
| 1Norway † | | 30,290 | 1.0% |
| |
| Philippines † | | 16,523 | 0.5% |
| |
| Poland † | | 7,855 | 0.3% |
| |
| Portugal † | | 11,169 | 0.4% |
| |
| Russia † | | 1,844 | 0.1% |
| |
| 1Singapore † | | 51,795 | 1.7% |
| |
| South Africa † | | 12,876 | 0.4% |
| |
| South Korea † | | 133,221 | 4.4% |
| |
| Spain | | | |
| Bolsas y Mercados Espanoles SHMSF SA | 106,856 | 4,780 | 0.2% |
| Spain—Other † | | 50,313 | 1.6% |
| | | 55,093 | 1.8% |
| |
| Sweden † | | 82,731 | 2.7% |
| |
| Switzerland † | | 80,156 | 2.6% |
| |
| Taiwan † | | 201,081 | 6.6% |
| |
| Thailand † | | 30,783 | 1.0% |
| |
| Turkey † | | 8,474 | 0.3% |
| |
| United Arab Emirates † | | 1,740 | 0.1% |
| |
| United Kingdom | | | |
| Man Group plc | 2,191,614 | 6,462 | 0.2% |
| Rightmove plc | 129,279 | 6,258 | 0.2% |
| Henderson Group plc | 1,448,663 | 6,182 | 0.2% |
| Howden Joinery Group plc | 859,986 | 6,122 | 0.2% |
| Great Portland Estates plc | 479,996 | 5,859 | 0.2% |
| * BTG plc | 529,334 | 5,841 | 0.2% |
| Halma plc | 521,165 | 5,676 | 0.2% |
| IG Group Holdings plc | 503,073 | 5,672 | 0.2% |
| Spectris plc | 164,714 | 5,414 | 0.2% |
| Spirax-Sarco Engineering plc | 103,798 | 5,373 | 0.2% |
| UBM plc | 613,716 | 5,298 | 0.2% |
| Essentra plc | 360,207 | 5,288 | 0.2% |
| * AA plc | 812,192 | 5,191 | 0.2% |
39
| | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | |
| |
| |
| | | | | Market | Percentage |
| | | | | Value• | of Net |
| | | | Shares | ($000) | Assets |
| | Catlin Group Ltd. | | 475,528 | 5,172 | 0.2% |
| | Bellway plc | | 168,980 | 5,137 | 0.2% |
| | Booker Group plc | | 2,270,471 | 5,027 | 0.2% |
| | Shaftesbury plc | | 378,617 | 4,869 | 0.1% |
| * | Hiscox Ltd. | | 384,315 | 4,842 | 0.1% |
| | Amlin plc | | 688,524 | 4,825 | 0.1% |
| | Close Brothers Group plc | | 205,990 | 4,815 | 0.1% |
| 1 | United Kingdom—Other † | | | 348,184 | 11.4% |
| | | | | 457,507 | 15.0% |
| Total Common Stocks (Cost $2,846,270) | | | 3,049,362 | 99.8%2 |
| |
| | | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 Vanguard Market Liquidity Fund | 0.121% | 264,791,802 | 264,792 | 8.6% |
| |
| 5U.S. Government and Agency Obligations † | | | 2,200 | 0.1% |
| Total Temporary Cash Investments (Cost $266,992) | | | 266,992 | 8.7%2 |
| Total Investments (Cost $3,113,262) | | | 3,316,354 | 108.5% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 28,612 | 0.9% |
| Liabilities4 | | | (287,452) | (9.4%) |
| | | | | (258,840) | (8.5%) |
| Net Assets | | | 3,057,514 | 100.0% |
| |
| |
| At April 30, 2015, net assets consisted of: | | | | |
| | | | | | Amount |
| | | | | | ($000) |
| Paid-in Capital | | | | 2,902,022 |
| Overdistributed Net Investment Income | | | | 912 |
| Accumulated Net Realized Losses | | | | (48,613) |
| Unrealized Appreciation (Depreciation) | | | | |
| Investment Securities | | | | 203,092 |
| Futures Contracts | | | | (59) |
| Foreign Currencies | | | | 160 |
| Net Assets | | | | 3,057,514 |
| |
| Investor Shares—Net Assets | | | | |
| Applicable to 11,462,364 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 456,983 |
| Net Asset Value Per Share—Investor Shares | | | | $39.87 |
| |
| Institutional Shares—Net Assets | | | | |
| Applicable to 407,825 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 81,450 |
| Net Asset Value Per Share—Institutional Shares | | | | $199.72 |
40
| |
| FTSE All-World ex-US Small-Cap Index Fund | |
| |
| |
| |
| | Amount |
| | ($000) |
| ETF Shares—Net Assets | |
| Applicable to 24,102,719 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,519,081 |
| Net Asset Value Per Share—ETF Shares | $104.51 |
- 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 $243,444,000.
- 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.
- 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, 2015, the aggregate value of these securities was $16,792,000, representing 0.5% of net assets.
- 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 8.6%, respectively, of net assets.
- Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
- Includes $258,416,000 of collateral received for securities on loan.
- Securities with a value of $500,000 have been segregated as initial margin for open futures contracts. REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
41
| |
| FTSE All-World ex-US Small-Cap Index Fund | |
| |
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | April 30, 2015 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 28,374 |
| Interest2 | 15 |
| Securities Lending | 2,173 |
| Total Income | 30,562 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 296 |
| Management and Administrative—Investor Shares | 537 |
| Management and Administrative—Institutional Shares | 26 |
| Management and Administrative—ETF Shares | 1,042 |
| Marketing and Distribution—Investor Shares | 34 |
| Marketing and Distribution—Institutional Shares | 7 |
| Marketing and Distribution—ETF Shares | 238 |
| Custodian Fees | 263 |
| Shareholders’ Reports—Investor Shares | 2 |
| Shareholders’ Reports—Institutional Shares | — |
| Shareholders’ Reports—ETF Shares | 50 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,496 |
| Net Investment Income | 28,066 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 20,958 |
| Futures Contracts | 1,327 |
| Foreign Currencies | (1,451) |
| Realized Net Gain (Loss) | 20,834 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 124,669 |
| Futures Contracts | (59) |
| Foreign Currencies | 327 |
| Change in Unrealized Appreciation (Depreciation) | 124,937 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 173,837 |
| 1 Dividends are net of foreign withholding taxes of $2,478,000. | |
| 2 Interest income from an affiliated company of the fund was $14,000. | |
See accompanying Notes, which are an integral part of the Financial Statements.
42
| | |
| FTSE All-World ex-US Small-Cap Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2015 | 2014 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 28,066 | 55,436 |
| Realized Net Gain (Loss) | 20,834 | 142,226 |
| Change in Unrealized Appreciation (Depreciation) | 124,937 | (219,553) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 173,837 | (21,891) |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (5,534) | (8,501) |
| Institutional Shares | (863) | (985) |
| ETF Shares | (31,043) | (48,170) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (37,440) | (57,656) |
| Capital Share Transactions | | |
| Investor Shares | 54,338 | 74,677 |
| Institutional Shares | 20,851 | 40,284 |
| ETF Shares | 459,699 | 291,883 |
| Net Increase (Decrease) from Capital Share Transactions | 534,888 | 406,844 |
| Total Increase (Decrease) | 671,285 | 327,297 |
| Net Assets | | |
| Beginning of Period | 2,386,229 | 2,058,932 |
| End of Period1 | 3,057,514 | 2,386,229 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $912,000 and $9,924,000.
See accompanying Notes, which are an integral part of the Financial Statements.
43
| | | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | | |
| |
| |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $38.10 | $38.99 | $33.21 | $32.89 | $36.34 | $29.83 |
| Investment Operations | | | | | | |
| Net Investment Income | .381 | .909 | .946 | .798 | .854 | .6031 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 1.920 | (.834) | 5.947 | .649 | (3.231) | 6.430 |
| Total from Investment Operations | 2.301 | .075 | 6.893 | 1.447 | (2.377) | 7.033 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.531) | (.965) | (1.113) | (1.127) | (.782) | (.314) |
| Distributions from Realized Capital Gains — | — | — | — | (.291) | (.209) |
| Total Distributions | (.531) | (.965) | (1.113) | (1.127) | (1.073) | (.523) |
| Net Asset Value, End of Period | $39.87 | $38.10 | $38.99 | $33.21 | $32.89 | $36.34 |
| |
| Total Return 3 | 6.18% | 0.15% | 21.25% | 4.77% | -6.85% | 23.90% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $457 | $382 | $318 | $232 | $204 | $170 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.33% | 0.37% | 0.40% | 0.45% | 0.50% | 0.55% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.06% | 2.25% | 2.58% | 2.54% | 2.35% | 1.89% |
| Portfolio Turnover Rate4 | 7% | 13% | 19% | 18% | 37% | 19% |
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, $.01, $.01, $.03, $.06, and $.05. Effective July 25, 2014, fees were eliminated.
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.
44
| | | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | | |
| |
| |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $190.87 | $195.32 | $166.39 | $165.23 | $182.36 | $149.40 |
| Investment Operations | | | | | | |
| Net Investment Income | 2.077 | 4.933 | 5.100 | 4.244 | 4.892 | 3.2841 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 9.609 | (4.161) | 29.812 | 3.315 | (16.420) | 32.377 |
| Total from Investment Operations | 11.686 | .772 | 34.912 | 7.559 | (11.528) | 35.661 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (2.836) | (5.222) | (5.982) | (6.399) | (4.143) | (1.655) |
| Distributions from Realized Capital Gains — | — | — | — | (1.459) | (1.046) |
| Total Distributions | (2.836) | (5.222) | (5.982) | (6.399) | (5.602) | (2.701) |
| Net Asset Value, End of Period | $199.72 | $190.87 | $195.32 | $166.39 | $165.23 | $182.36 |
| |
| Total Return 3 | 6.27% | 0.34% | 21.51% | 5.00% | -6.64% | 24.21% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $81 | $57 | $18 | $15 | $35 | $9 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.15% | 0.18% | 0.19% | 0.24% | 0.25% | 0.30% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.24% | 2.44% | 2.79% | 2.75% | 2.60% | 2.14% |
| Portfolio Turnover Rate4 | 7% | 13% | 19% | 18% | 37% | 19% |
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, $.06, $.07, $.20, $.18, and $.32. Effective July 25, 2014, fees were eliminated.
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.
45
| | | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | | |
| |
| |
| ETF Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $99.89 | $102.21 | $87.11 | $86.38 | $95.38 | $78.21 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.077 | 2.570 | 2.664 | 2.252 | 2.450 | 1.7501 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 5.017 | (2.169) | 15.595 | 1.707 | (8.505) | 16.884 |
| Total from Investment Operations | 6.094 | .401 | 18.259 | 3.959 | (6.055) | 18.634 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.474) | (2.721) | (3.159) | (3.229) | (2.182) | (.917) |
| Distributions from Realized Capital Gains — | — | — | — | (.763) | (.547) |
| Total Distributions | (1.474) | (2.721) | (3.159) | (3.229) | (2.945) | (1.464) |
| Net Asset Value, End of Period | $104.51 | $99.89 | $102.21 | $87.11 | $86.38 | $95.38 |
| |
| Total Return | 6.24% | 0.34% | 21.50% | 4.99% | -6.67% | 24.17% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $2,519 | $1,947 | $1,723 | $1,040 | $906 | $626 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.17% | 0.19% | 0.20% | 0.25% | 0.28% | 0.33% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.22% | 2.43% | 2.78% | 2.74% | 2.57% | 2.11% |
| Portfolio Turnover Rate3 | 7% | 13% | 19% | 18% | 37% | 19% |
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, $.04, $.03, $.07, $.13, and $.14. Effective July 25, 2014, fees were eliminated.
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.
46
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 risk
47
FTSE All-World ex-US Small-Cap Index Fund
involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended April 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2011–2014), and for the period ended April 30, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counter-parties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counter-party risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
48
FTSE All-World ex-US Small-Cap Index Fund
The fund had no borrowings outstanding at April 30, 2015, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 invest up to 0.40% of its net assets in Vanguard. At April 30, 2015, the fund had contributed capital of $244,000 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, 2015, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 448,237 | 11,954 | 77 |
| Common Stocks—Other | — | 2,574,415 | 14,679 |
| Temporary Cash Investments | 264,792 | 2,200 | — |
| Futures Contracts—Liabilities1 | (70) | — | — |
| Total | 712,959 | 2,588,569 | 14,756 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
49
FTSE All-World ex-US Small-Cap Index Fund
D. At April 30, 2015, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| MSCI Emerging Markets Index | June 2015 | 40 | 2,077 | 7 |
| E-mini Russell 2000 Index | June 2015 | 15 | 1,825 | (66) |
| | | | | (59) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes, 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, 2015, the fund realized net foreign currency losses of $1,451,000, which decreased distributable net income for tax purposes; accordingly, such losses 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, 2015, the fund realized gains on the sale of passive foreign investment companies of $1,813,000, 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 $15,953,000 at April 30, 2015.
During the six months ended April 30, 2015, the fund realized $40,795,000 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, 2014, the fund had available capital losses totaling $28,101,000 to offset future net capital gains. Of this amount, $8,715,000 is subject to expiration on October 31, 2019. Capital losses of $19,386,000 realized beginning in fiscal 2012 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used
50
FTSE All-World ex-US Small-Cap Index Fund
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, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2015, the cost of investment securities for tax purposes was $3,129,215,000. Net unrealized appreciation of investment securities for tax purposes was $187,139,000, consisting of unrealized gains of $500,284,000 on securities that had risen in value since their purchase and $313,145,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2015, the fund purchased $720,998,000 of investment securities and sold $198,085,000 of investment securities, other than temporary cash investments. Purchases and sales include $350,759,000 and $106,517,000, 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, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued1 | 92,606 | 2,466 | 124,654 | 3,118 |
| Issued in Lieu of Cash Distributions | 4,859 | 134 | 7,547 | 193 |
| Redeemed 2 | (43,127) | (1,159) | (57,524) | (1,445) |
| Net Increase (Decrease)—Investor Shares | 54,338 | 1,441 | 74,677 | 1,866 |
| Institutional Shares | | | | |
| Issued1 | 30,375 | 161 | 39,711 | 204 |
| Issued in Lieu of Cash Distributions | 861 | 5 | 985 | 5 |
| Redeemed 2 | (10,385) | (57) | (412) | (2) |
| Net Increase (Decrease)—Institutional Shares | 20,851 | 109 | 40,284 | 207 |
| ETF Shares | | | | |
| Issued1 | 568,651 | 5,708 | 664,533 | 6,238 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed 2 | (108,952) | (1,100) | (372,650) | (3,600) |
| Net Increase (Decrease)—ETF Shares | 459,699 | 4,608 | 291,883 | 2,638 |
1 Includes purchase fees for fiscal 2014 of $751,000 (fund totals). Effective July 25, 2014, the purchase fee was eliminated.
2 Net of redemption fees for fiscal 2014 of $114,000 (fund totals). Effective July 25, 2014, the redemption fee was eliminated.
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2015, that would require recognition or disclosure in these financial statements.
51
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.
52
| | | |
| Six Months Ended April 30, 2015 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 10/31/2014 | 4/30/2015 | Period |
| Based on Actual Fund Return | | | |
| FTSE All-World ex-US Index Fund | | | |
| Investor Shares | $1,000.00 | $1,049.23 | $1.32 |
| ETF Shares | 1,000.00 | 1,049.98 | 0.66 |
| Admiral Shares | 1,000.00 | 1,049.77 | 0.66 |
| Institutional Shares | 1,000.00 | 1,050.06 | 0.56 |
| Institutional Plus Shares | 1,000.00 | 1,050.18 | 0.46 |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| Investor Shares | $1,000.00 | $1,061.80 | $1.69 |
| ETF Shares | 1,000.00 | 1,062.44 | 0.87 |
| Institutional Shares | 1,000.00 | 1,062.70 | 0.77 |
| Based on Hypothetical 5% Yearly Return | | | |
| FTSE All-World ex-US Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.51 | $1.30 |
| ETF Shares | 1,000.00 | 1,024.15 | 0.65 |
| Admiral Shares | 1,000.00 | 1,024.15 | 0.65 |
| Institutional Shares | 1,000.00 | 1,024.25 | 0.55 |
| Institutional Plus Shares | 1,000.00 | 1,024.35 | 0.45 |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.16 | $1.66 |
| ETF Shares | 1,000.00 | 1,023.95 | 0.85 |
| Institutional 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 FTSE All-World ex-US Index Fund, 0.26% for Investor Shares, 0.13% for ETF Shares, 0.13% for Admiral Shares, 0.11% for Institutional Shares, and 0.09% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.33% for Investor Shares, 0.17% for ETF Shares, and 0.15% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
53
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’s Equity Investment Group—through its Equity Index 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 reviewed 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 considered that Vanguard has been managing investments for more than three decades. The Equity Index 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 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.
54
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.
55
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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, Amerigroup Corporation (managed health care), the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels), the University Medical Center at Princeton, the Robert Wood Johnson Foundation, and the Center for Talent Innovation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Controller Since July 2010. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Kathryn J. Hyatt
Born 1955. Treasurer Since November 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Assistant Treasurer of each of the investment companies served by The Vanguard Group (1988–2008).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| |
Mortimer J. Buckley Kathleen C. Gubanich Paul A. Heller Martha G. King John T. Marcante | Chris D. McIsaac Michael S. Miller James M. Norris Glenn W. Reed |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
 |
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Connect with Vanguard® > vanguard.com
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| find out more about this public service, call the SEC at | |
| 202-551-8090. Information about your fund is also | |
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| | © 2015 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q7702 062015 |
Semiannual Report | April 30, 2015
Vanguard Global ex-U.S. Real Estate Index Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Fund Profile. | 8 |
| Performance Summary. | 10 |
| Financial Statements. | 11 |
| About Your Fund’s Expenses. | 33 |
| Trustees Approve Advisory Arrangement. | 35 |
| Glossary. | 36 |
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: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant ship from the same era as Nelson’s flagship, the HMS Vanguard.
| |
| Your Fund’s Total Returns | |
| |
| |
| |
| |
| Six Months Ended April 30, 2015 | |
| | Total |
| | Returns |
| Vanguard Global ex-U.S. Real Estate Index Fund | |
| Investor Shares | 7.24% |
| ETF Shares | |
| Market Price | 6.59 |
| Net Asset Value | 7.29 |
| Admiral™ Shares | 7.27 |
| Institutional Shares | 7.33 |
| S&P Global ex-U.S. Property Index | 8.05 |
| International Real Estate Funds Average | 5.96 |
| International Real Estate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Institutional Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the Nasdaq exchange and are available only through brokers. The table provides ETF returns based on both the Nasdaq market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| October 31, 2014, Through April 30, 2015 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Global ex-U.S. Real Estate Index Fund | | | | |
| Investor Shares | $22.63 | $23.67 | $0.539 | $0.000 |
| ETF Shares | 56.54 | 59.15 | 1.376 | 0.000 |
| Admiral Shares | 34.27 | 35.84 | 0.832 | 0.000 |
| Institutional Shares | 114.14 | 119.41 | 2.790 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
International stocks delivered a solid advance for the six months ended April 30, 2015, outpacing their U.S. counterparts. Aggressive monetary easing in Asia and Europe gave equities a boost and helped offset investor concerns about worryingly low inflation and the downshift in economic activity in China.
Against this backdrop, Investor Shares of Vanguard Global ex-U.S. Real Estate Index Fund returned 7.24% for the period. The result diverged from the 8.05% return of the benchmark, the Standard & Poor’s Global ex-U.S. Property Index, in part because 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. (See the box on page 5 for more on fair value pricing.)
The fund’s result exceeded the 5.96% average return of international real estate funds. Although holdings in both developed and emerging markets contributed to the fund’s return, real estate stocks of developed countries in the Pacific region contributed most.
U.S. stocks closed higher despite fluctuating returns
U.S. stocks returned almost 5% for the six months, despite stretches of shakiness. In two of those months, stocks declined. In two others, they were virtually unchanged
2
or gained less than 1%. February’s surge of almost 6%, the largest monthly gain since October 2011, lifted overall returns for the period.
The Federal Reserve’s careful approach to potentially raising short-term interest rates helped stocks along, as did monetary stimulus efforts by other nations’ central banks. These factors offset concerns that included Greece’s debt crisis and the negative effect of the strong U.S. dollar on the profits of U.S.-based multinational companies.
For U.S. investors, international stocks returned about 6%. Results were restrained by the dollar’s strength against many foreign currencies. Returns for the developed markets of the Pacific region, led by Japan, exceeded those of Europe and emerging markets. (You can read about Vanguard’s assessment of Japan’s economy in Japan: The Long Road Back to Inflation, available at vanguard.com/ research. This is part of the Global Macro Matters series produced by our economists.)
Stimulus policies and demand have driven up bond prices
Like equities, bonds have benefited from accommodative monetary policies from the world’s central banks. Investor demand for the perceived safety of fixed income assets has also boosted bond returns.
The broad U.S. taxable bond market returned 2.06% for the period, and the yield of the 10-year U.S. Treasury note
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2015 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 4.75% | 13.00% | 14.47% |
| Russell 2000 Index (Small-caps) | 4.65 | 9.71 | 12.73 |
| Russell 3000 Index (Broad U.S. market) | 4.74 | 12.74 | 14.33 |
| FTSE All-World ex US Index (International) | 6.00 | 3.53 | 6.40 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 2.06% | 4.46% | 4.12% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 1.17 | 4.80 | 4.75 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.03 | 0.05 |
| |
| CPI | | | |
| Consumer Price Index | -0.35% | -0.20% | 1.65% |
3
ended April at 2.04%, down from 2.31% six months earlier. (Bond prices and yields move in opposite directions.)
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –4.83% as foreign currencies’ weakness relative to the dollar affected results. For international bonds hedged to eliminate the effect of changes in currency exchange rates, returns were positive.
Returns of money market funds and savings accounts remained checked by the Fed’s target of 0%–0.25% for short-term interest rates.
International real estate stocks outperformed the broader market Vanguard Global ex-U.S. Real Estate Index Fund invests in real estate stocks of both developed and emerging markets outside the United States. The fund seeks to track the Standard & Poor’s Global ex-U.S. Property Index, which includes about 600 stocks.
As I mentioned, international stocks, including those in the real estate segment, produced solid results for the six months. Returns for the segment were generally in line with those of their respective markets; in some cases, they exceeded them.
| | | | | |
| Expense Ratios | | | | | |
| Your Fund Compared With Its Peer Group | | | | | |
| |
| |
| | Investor | ETF | Admiral | Institutional | Peer Group |
| | Shares | Shares | Shares | Shares | Average |
| Global ex-U.S. Real Estate Index Fund | 0.37% | 0.24% | 0.24% | 0.22% | 1.45% |
The fund expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the fund’s annualized expense ratios were 0.36% for Investor Shares, 0.20% for ETF Shares, 0.24% for Admiral Shares, and 0.18% for Institutional Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2014.
Peer group: International Real Estate Funds.
4
Real estate stocks from the developed markets of the Pacific region, which accounted for more than half the fund’s assets on average over the period, returned about 7%. Each market in the region posted gains. Hong Kong added most to the fund’s performance, as it benefited from the rally in Chinese stocks.
The developed markets of Europe, which represented nearly one-quarter of fund assets on average, returned more than 11%. The outlook for most European economies has turned positive, thanks in large part to the European Central Bank’s monetary policy. Key economies in the region, including the United Kingdom, France, and Germany, contributed to results. Greece remained the trouble spot. It dominated headlines as investors feared it might default on its debts and be forced to exit the Eurozone.
Stocks of emerging-market economies, which represented about 20% of the fund’s assets, returned about 11%. Results varied dramatically. Chinese real estate stocks surged, making them the second-largest contributor to the fund’s returns after Hong Kong. Holdings in South Africa, Taiwan, and the Philippines also boosted the fund’s performance, while double-digit declines in Mexico, Brazil, and Malaysia weighed on results.
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
Promoting good corporate governance is one way we protect your interests
Our core purpose is “to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.” This involves more than offering smart investments, trustworthy guidance, and low fees. It also means working with the companies held by Vanguard funds to make sure that your interests remain paramount.
International stocks—an opportunity for further diversification
International stocks led global stock markets out of the Great Recession in 2009. Since then, they’ve trailed the broad U.S. stock market in every year but one.
Despite the underperformance of the last several years, international stocks—which represent about half of the world’s market capitalization—can still help U.S.-based investors diversify their portfolios.
As the chart below shows, U.S. and international stocks have periodically swapped market leadership positions as differing market and economic forces caused their returns to vary.
Of course, the timing of these changes is impossible to predict.
Global diversification can help U.S. investors reduce their portfolio’s volatility over time by mitigating losses when domestic stocks do poorly and adding to returns when foreign stocks shine. (For more insight, see Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
Trailing 12-month return differential between U.S. and non-U.S. stocks
Notes: U.S. equities are represented by MSCI USA Index; international equities are represented by MSCI World Index ex USA from 1970 through 1987 and MSCI All Country World Index ex USA thereafter. Data are from December 31, 1984, through December 31, 2014.
Sources: Vanguard, Thomson Reuters Datastream, and MSCI.
6
How do we meet that responsibility?
As one of the world’s largest investment managers, we are making our voice heard in corporate boardrooms to promote the highest standards of stewardship. Our advocacy encompasses a range of issues, including executive compensation and succession planning, board composition and effectiveness, oversight of strategy and risk, and communication with shareholders.
We also exert our influence in a very important way when Vanguard funds cast their proxy votes at companies’ shareholder meetings.
Most of these votes take place at this time of year, making it an appropriate time to remind you that we work hard to represent your best interests. Good governance, we believe, is essential for any company seeking to maximize its long-term returns to shareholders. You can learn more about our efforts at vanguard.com/corporategovernance.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer May 18, 2015
7
| | | | |
| Global ex-U.S. Real Estate Index Fund | | |
| |
| |
| Fund Profile | | | | |
| As of April 30, 2015 | | | | |
| |
| Share-Class Characteristics | | | | |
| | Investor | Admiral | Institutional | |
| | Shares | Shares | Shares | ETF Shares |
| Ticker Symbol | VGXRX | VGRLX | VGRNX | VNQI |
| Expense Ratio1 | 0.37% | 0.24% | 0.22% | 0.24% |
| | |
| Portfolio Characteristics | | |
| | | S&P |
| | | Global |
| | | ex-U.S. |
| | | Property |
| | Fund | Index |
| Number of Stocks | 636 | 584 |
| Median Market Cap | $6.4B | $6.4B |
| Price/Earnings Ratio | 12.5x | 12.6x |
| Price/Book Ratio | 1.3x | 1.3x |
| Return on Equity | 10.4% | 10.5% |
| Earnings Growth | | |
| Rate | 18.8% | 18.3% |
| Dividend Yield | 2.8% | 2.9% |
| Turnover Rate | | |
| (Annualized) | 5% | — |
| Short-Term | | |
| Reserves | 0.1% | — |
| | |
| Volatility Measures | | |
| | S&P | |
| | Global | MSCI AC |
| | ex-U.S. | World |
| | Property | Index |
| | Index | ex USA |
| R-Squared | 0.99 | 0.71 |
| Beta | 1.01 | 0.92 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
| | |
| Mitsubishi Estate Co. | Diversified Real | |
| Ltd. | Estate Activities | 3.3% |
| Mitsui Fudosan Co. Ltd. | Diversified Real | |
| | Estate Activities | 3.0 |
| CK Hutchison Holdings | Real Estate | |
| Ltd. | Development | 2.9 |
| Sun Hung Kai Properties Diversified Real | |
| Ltd. | Estate Activities | 2.8 |
| Unibail-Rodamco SE | Retail REITs | 2.8 |
| Sumitomo Realty & | Diversified Real | |
| Development Co. Ltd. | Estate Activities | 1.9 |
| China Overseas Land & | Real Estate | |
| Investment Ltd. | Development | 1.7 |
| Scentre Group | Retail REITs | 1.6 |
| Land Securities Group | | |
| plc | Diversified REITs | 1.6 |
| Daiwa House Industry | Diversified Real | |
| Co. Ltd. | Estate Activities | 1.5 |
| Top Ten | | 23.1% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the fund’s annualized expense ratios were 0.36% for Investor Shares, 0.24% for Admiral Shares, 0.18% for Institutional Shares, and 0.20% for ETF Shares.
8
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 | 8.3% | 8.4% |
| France | 5.3 | 5.3 |
| Germany | 3.0 | 3.0 |
| Sweden | 1.5 | 1.5 |
| Switzerland | 1.3 | 1.3 |
| Other | 2.9 | 3.0 |
| Subtotal | 22.3% | 22.5% |
| Pacific | | |
| Japan | 21.6% | 21.7% |
| Hong Kong | 13.7 | 13.7 |
| Australia | 9.0 | 9.3 |
| Singapore | 6.3 | 6.1 |
| Other | 0.5 | 0.5 |
| Subtotal | 51.1% | 51.3% |
| Emerging Markets | | |
| China | 8.7% | 8.7% |
| South Africa | 2.0 | 2.0 |
| Philippines | 1.4 | 1.3 |
| United Arab | | |
| Emirates | 1.1 | 1.1 |
| Mexico | 1.0 | 1.1 |
| Other | 5.2 | 5.3 |
| Subtotal | 19.4% | 19.5% |
| North America | | |
| Canada | 2.7% | 2.7% |
| Middle East | 0.6% | 0.7% |
| Other | 3.9% | 3.3% |
| Other represents securities that are not classified by the Fund's benchmark index. |
| | |
9
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, 2015
Global ex-U.S. Real Estate Index Fund Investor Shares
S&P Global ex-U.S. Property Index
Note: For 2015, performance data reflect the six months ended April 30, 2015.
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | |
| | Inception | One | Since |
| | Date | Year | Inception |
| Investor Shares | 11/1/2010 | 7.84% | 6.58% |
| Fee-Adjusted Returns | | 7.31 | 6.46 |
| ETF Shares | 11/1/2010 | | |
| Market Price | | 8.28 | 6.68 |
| Net Asset Value | | 7.97 | 6.69 |
| Admiral Shares | 2/10/2011 | 7.98 | 7.28 |
| Fee-Adjusted Returns | | 7.45 | 7.16 |
| Institutional Shares | 4/19/2011 | 7.99 | 7.02 |
| Fee-Adjusted Returns | | 7.47 | 6.90 |
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.
10
Global ex-U.S. Real Estate Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of April 30, 2015
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Common Stocks (99.8%) | | |
| Australia (9.4%) | | |
| | Scentre Group | 20,499,863 | 60,386 |
| | Westfield Corp. | 7,341,799 | 54,585 |
| | Stockland | 9,005,828 | 31,475 |
| | Goodman Group | 6,007,911 | 29,480 |
| | Lend Lease Group | 2,032,769 | 25,685 |
| | GPT Group | 6,770,703 | 23,862 |
| | Mirvac Group | 13,990,845 | 22,165 |
| | Dexus Property Group | 3,669,441 | 21,322 |
| | Novion Property Group | 9,129,069 | 17,756 |
| | Federation Centres | 5,449,088 | 12,660 |
| | Investa Office Fund | 2,371,298 | 6,946 |
| | BWP Trust | 1,879,397 | 4,507 |
| | Cromwell Property Group | 4,994,121 | 4,356 |
| | Charter Hall Group | 1,056,557 | 4,268 |
| | Shopping Centres | | |
| | Australasia Property | | |
| | Group | 2,485,920 | 4,176 |
| | Charter Hall Retail REIT | 1,185,111 | 4,026 |
| | Aveo Group | 1,386,194 | 3,023 |
| | Abacus Property Group | 1,072,349 | 2,498 |
| ^ | National Storage REIT | 1,713,593 | 2,181 |
| | ALE Property Group | 682,572 | 2,046 |
| ^ | Growthpoint Properties | | |
| | Australia Ltd. | 604,025 | 1,513 |
| | GDI Property Group | 1,969,841 | 1,464 |
| ^ | Folkestone Education | | |
| | Trust | 799,477 | 1,389 |
| ^ | Peet Ltd. | 1,229,048 | 1,108 |
| | Hotel Property | | |
| | Investments | 511,786 | 1,091 |
| ^ | Arena REIT | 776,331 | 1,025 |
| | Australian Industrial REIT | 508,166 | 949 |
| | Ingenia Communities | | |
| | Group | 2,850,037 | 902 |
| ^ | Astro Japan Property | | |
| | Group | 214,099 | 896 |
| | 360 Capital Group Ltd. | 884,626 | 867 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Sunland Group Ltd. | 578,453 | 862 |
| | Cedar Woods Properties | | |
| | Ltd. | 198,077 | 838 |
| ^ | Industria REIT | 411,266 | 673 |
| | Villa World Ltd. | 359,138 | 649 |
| | Finbar Group Ltd. | 603,547 | 611 |
| | Aspen Group | 567,358 | 565 |
| | Galileo Japan Trust | 309,005 | 458 |
| | 360 Capital Office Fund | 273,972 | 448 |
| | | | 353,711 |
| Austria (0.8%) | | |
| * | IMMOFINANZ AG | 4,075,302 | 12,260 |
| | CA Immobilien Anlagen | | |
| | AG | 306,397 | 5,560 |
| | BUWOG AG | 195,256 | 3,948 |
| ^ | Conwert Immobilien | | |
| | Invest SE | 241,463 | 3,053 |
| | Atrium European Real | | |
| | Estate Ltd. | 476,421 | 2,338 |
| | S IMMO AG | 213,280 | 1,995 |
| | | | 29,154 |
| Belgium (0.5%) | | |
| | Cofinimmo SA | 67,188 | 7,415 |
| | Befimmo SA | 74,838 | 5,165 |
| | Warehouses De Pauw | | |
| | SCA | 48,313 | 3,840 |
| | Aedifica SA | 39,283 | 2,800 |
| * | Cofinimmo SA Rights | | |
| | Exp. 05/06/2015 | 63,195 | 38 |
| | | | 19,258 |
| Brazil (0.6%) | | |
| | BR Malls Participacoes | | |
| | SA | 1,769,000 | 9,629 |
| | Multiplan | | |
| | Empreendimentos | | |
| | Imobiliarios SA | 306,050 | 5,384 |
| | BR Properties SA | 789,353 | 2,754 |
| | Iguatemi Empresa de | | |
| | Shopping Centers SA | 257,386 | 2,307 |
11
| | | |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Aliansce Shopping Centers | | |
| | SA | 271,629 | 1,534 |
| | Sao Carlos | | |
| | Empreendimentos e | | |
| | Participacoes SA | 75,250 | 810 |
| | Sonae Sierra Brasil SA | 94,383 | 637 |
| | JHSF Participacoes SA | 344,227 | 215 |
| * | JHSF Participacoes SA | | |
| | Depository Receipt | 73,866 | 51 |
| | | | 23,321 |
| Canada (2.8%) | | |
| ^ | RioCan REIT | 596,504 | 14,763 |
| | H&R REIT | 516,369 | 9,908 |
| | First Capital Realty Inc. | 393,296 | 6,520 |
| ^ | Calloway REIT | 253,096 | 6,409 |
| | Canadian REIT | 135,714 | 5,130 |
| | Canadian Apartment | | |
| | Properties REIT | 208,755 | 5,047 |
| ^ | Cominar REIT | 313,545 | 4,969 |
| ^ | Boardwalk REIT | 97,691 | 4,920 |
| ^ | Allied Properties REIT | 145,508 | 4,824 |
| | Dream Office REIT | 205,806 | 4,722 |
| | Chartwell Retirement | | |
| | Residences | 339,983 | 3,412 |
| ^ | Artis REIT | 252,534 | 3,115 |
| | Granite REIT | 89,000 | 3,086 |
| | Morguard Corp. | 22,032 | 2,831 |
| | Crombie REIT | 244,544 | 2,684 |
| | Killam Properties Inc. | 232,482 | 2,085 |
| | Dream Global REIT | 206,488 | 1,730 |
| | Morguard REIT | 120,217 | 1,726 |
| | Choice Properties REIT | 184,973 | 1,717 |
| ^,* | DREAM Unlimited Corp. | | |
| | Class A | 197,833 | 1,553 |
| | Pure Industrial Real Estate | | |
| | Trust | 366,418 | 1,543 |
| ^ | Brookfield Canada Office | | |
| | Properties | 63,840 | 1,499 |
| ^ | CT REIT | 138,948 | 1,446 |
| | Milestone Apartments REIT | 112,679 | 1,293 |
| | Northern Property REIT | 54,039 | 1,124 |
| ^,* | Mainstreet Equity Corp. | 34,389 | 1,060 |
| | InnVest REIT | 225,538 | 1,056 |
| | Dream Industrial REIT | 125,100 | 940 |
| | Melcor Developments Ltd. | 55,161 | 796 |
| | Morguard North American | | |
| | Residential REIT | 80,700 | 696 |
| | InterRent REIT | 107,396 | 594 |
| ^ | Plaza Retail REIT | 155,150 | 567 |
| ^ | NorthWest Healthcare | | |
| | Properties REIT | 71,137 | 528 |
| ^ | Retrocom REIT | 123,205 | 407 |
| | | | 104,700 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Chile (0.1%) | | |
| | Parque Arauco SA | 2,353,060 | 4,796 |
| |
| China (9.2%) | | |
| | China Overseas Land & | | |
| | Investment Ltd. | 15,405,550 | 64,170 |
| | China Resources Land | | |
| | Ltd. | 9,072,646 | 32,917 |
| *,1 | Dalian Wanda | | |
| | Commercial Properties | | |
| | Co. Ltd. | 2,262,300 | 18,550 |
| ^ | Evergrande Real Estate | | |
| | Group Ltd. | 17,382,921 | 16,437 |
| | Country Garden Holdings | | |
| | Co. Ltd. | 28,942,163 | 15,625 |
| ^,* | China Vanke Co. Ltd. | 5,041,854 | 13,352 |
| ^,* | Goldin Properties | | |
| | Holdings Ltd. | 5,064,130 | 12,285 |
| | Sino-Ocean Land | | |
| | Holdings Ltd. | 14,720,891 | 12,246 |
| | Shimao Property | | |
| | Holdings Ltd. | 4,827,164 | 11,365 |
| ^ | Sunac China Holdings | | |
| | Ltd. | 6,888,378 | 9,058 |
| | Longfor Properties Co. | | |
| | Ltd. | 5,111,117 | 8,871 |
| | New World China Land | | |
| | Ltd. | 10,477,102 | 7,106 |
| | Yuexiu Property Co. Ltd. | 25,893,094 | 6,331 |
| * | Carnival Group | | |
| | International Holdings | | |
| | Ltd. | 30,051,452 | 6,161 |
| | Shanghai Lujiazui | | |
| | Finance & Trade Zone | | |
| | Development Co. Ltd. | | |
| | Class B | 1,949,534 | 5,947 |
| | SOHO China Ltd. | 7,268,545 | 5,514 |
| | KWG Property Holding | | |
| | Ltd. | 5,137,658 | 5,191 |
| | Guangzhou R&F | | |
| | Properties Co. Ltd. | 3,863,409 | 4,928 |
| | Poly Property Group Co. | | |
| | Ltd. | 7,622,336 | 4,884 |
| | Agile Property Holdings | | |
| | Ltd. | 5,715,409 | 4,773 |
| | Shenzhen Investment | | |
| | Ltd. | 8,650,077 | 4,750 |
| | China South City | | |
| | Holdings Ltd. | 10,278,111 | 4,530 |
| | Shui On Land Ltd. | 13,791,038 | 4,457 |
| | Franshion Properties | | |
| | China Ltd. | 10,654,054 | 4,304 |
| | Greentown China | | |
| | Holdings Ltd. | 3,173,237 | 3,937 |
12
| | | |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| ^,* | Renhe Commercial | | |
| | Holdings Co. Ltd. | 62,416,484 | 3,512 |
| | Beijing Capital Land Ltd. | 4,089,034 | 3,379 |
| * | Hopson Development | | |
| | Holdings Ltd. | 2,696,710 | 3,161 |
| | CIFI Holdings Group Co. | | |
| | Ltd. | 8,642,000 | 2,677 |
| | Yuexiu REIT | 4,113,516 | 2,322 |
| | Shanghai Jinqiao Export | | |
| | Processing Zone | | |
| | Development Co. Ltd. | | |
| | Class B | 1,043,034 | 2,200 |
| | China Merchants Property | | |
| | Development Co. Ltd. | | |
| | Class B | 746,294 | 2,195 |
| * | Mingfa Group International | |
| | Co. Ltd. | 5,945,363 | 2,104 |
| | Tian An China Investment | | |
| | Co. Ltd. | 3,009,761 | 1,989 |
| ^ | China Overseas Grand | | |
| | Oceans Group Ltd. | 3,146,386 | 1,881 |
| * | Shanghai Industrial Urban | | |
| | Development Group Ltd. | 5,994,799 | 1,727 |
| ^ | Greenland Hong Kong | | |
| | Holdings Ltd. | 1,423,000 | 1,451 |
| | Spring REIT | 3,080,000 | 1,440 |
| ^,* | Kaisa Group Holdings Ltd. | 6,991,671 | 1,407 |
| ^,* | Wanda Hotel | | |
| | Development Co. Ltd. | 6,355,741 | 1,386 |
| | China Merchants Land | | |
| | Ltd. | 4,264,000 | 1,360 |
| * | Glorious Property | | |
| | Holdings Ltd. | 8,682,036 | 1,333 |
| ^ | Yuzhou Properties Co. | | |
| | Ltd. | 4,558,000 | 1,323 |
| * | Zhuguang Holdings Group | | |
| | Co. Ltd. | 5,834,000 | 1,181 |
| | C C Land Holdings Ltd. | 4,619,000 | 1,168 |
| | China Aoyuan Property | | |
| | Group Ltd. | 4,933,000 | 1,105 |
| * | China Oceanwide | | |
| | Holdings Ltd. | 6,988,000 | 1,086 |
| ^,* | China SCE Property | | |
| | Holdings Ltd. | 5,177,766 | 1,082 |
| | Fantasia Holdings Group | | |
| | Co. Ltd. | 6,352,443 | 1,038 |
| | Hydoo International | | |
| | Holding Ltd. | 5,044,000 | 993 |
| | Logan Property Holdings | | |
| | Co. Ltd. | 2,624,000 | 992 |
| ^,*,1Sunshine 100 China | | |
| | Holdings Ltd. | 1,986,000 | 982 |
| | Future Land Development | | |
| | Holdings Ltd. | 5,180,000 | 980 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Silver Grant International | | |
| | Industries Ltd. | 4,414,216 | 943 |
| | Road King Infrastructure | | |
| | Ltd. | 904,000 | 911 |
| ^,* | Zall Development Group | | |
| | Ltd. | 2,445,858 | 890 |
| | Jiangsu Future Land Co. | | |
| | Ltd. Class B | 1,657,610 | 840 |
| ^,* | Wuzhou International | | |
| | Holdings Ltd. | 4,666,000 | 819 |
| * | Sinolink Worldwide | | |
| | Holdings Ltd. | 5,938,643 | 817 |
| ^,1 | Redco Properties Group | | |
| | Ltd. | 1,422,000 | 798 |
| * | Guorui Properties Ltd. | 2,111,000 | 779 |
| ^,* | Beijing Properties | | |
| | Holdings Ltd. | 7,442,000 | 776 |
| *,1 | China Vast Industrial | | |
| | Urban Development Co. | | |
| | Ltd. | 1,650,000 | 695 |
| * | Powerlong Real Estate | | |
| | Holdings Ltd. | 3,013,139 | 656 |
| | Xinyuan Real Estate Co. | | |
| | Ltd. ADR | 182,110 | 628 |
| ^ | Times Property Holdings | | |
| | Ltd. | 1,363,000 | 626 |
| | Lai Fung Holdings Ltd. | 24,425,000 | 601 |
| | Minmetals Land Ltd. | 3,827,000 | 591 |
| ^,* | Guangdong Land | | |
| | Holdings Ltd. | 1,498,000 | 526 |
| * | China New Town | | |
| | Development Co. Ltd. | 9,086,000 | 486 |
| | Zhong An Real Estate Ltd. | 3,184,000 | 452 |
| | New Century REIT | 1,081,000 | 447 |
| | Gemdale Properties & | | |
| | Investment Corp. Ltd. | 5,482,000 | 444 |
| | First Sponsor Group Ltd. | 287,100 | 274 |
| | | | 349,142 |
| Denmark (0.0%) | | |
| * | Jeudan A/S | 7,605 | 748 |
| * | TK Development A/S | 245,869 | 340 |
| | | | 1,088 |
| Egypt (0.3%) | | |
| | Talaat Moustafa Group | 4,176,462 | 5,498 |
| * | Six of October | | |
| | Development & | | |
| | Investment | 909,831 | 1,379 |
| * | Palm Hills Developments | | |
| | SAE | 3,001,546 | 1,068 |
| | Heliopolis Co. for Housing | | |
| | and Construction SAE | 119,463 | 955 |
| * | United Co. for Housing & | | |
| | Development - SAE | 290,569 | 551 |
| | Amer Group Holding | 4,029,353 | 522 |
13
| | | |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Palm Hills Developments | | |
| | SAE Rights Exp. | | |
| | 05/21/2015 | 1,834,337 | 142 |
| | | | 10,115 |
| Finland (0.2%) | | |
| ^ | Sponda Oyj | 910,525 | 3,982 |
| | Citycon Oyj | 1,028,736 | 3,326 |
| | Technopolis Oyj | 409,318 | 1,879 |
| | | | 9,187 |
| France (5.5%) | | |
| | Unibail-Rodamco SE | 377,448 | 104,217 |
| | Klepierre | 802,041 | 38,904 |
| ^ | Gecina SA | 137,634 | 18,876 |
| | Fonciere Des Regions | 184,843 | 17,499 |
| | ICADE | 123,970 | 10,782 |
| | Mercialys SA | 208,969 | 5,193 |
| | Nexity SA | 109,942 | 4,828 |
| * | Fonciere de Paris SIIC | 25,410 | 3,426 |
| | Altarea SCA | 10,502 | 2,056 |
| | ANF Immobilier | 40,345 | 1,060 |
| | | | 206,841 |
| Germany (3.1%) | | |
| | Deutsche Annington | | |
| | Immobilien SE | 980,618 | 32,915 |
| | Deutsche Wohnen AG | 1,131,110 | 29,669 |
| | LEG Immobilien AG | 218,716 | 16,970 |
| | Deutsche Euroshop AG | 174,642 | 8,693 |
| | TAG Immobilien AG | 474,396 | 6,074 |
| * | Grand City Properties SA | 289,264 | 5,483 |
| | alstria office REIT-AG | 315,365 | 4,468 |
| * | TLG Immobilien AG | 163,979 | 2,753 |
| * | PATRIZIA Immobilien AG | 138,689 | 2,732 |
| ^ | Hamborner REIT AG | 173,966 | 2,032 |
| | DIC Asset AG | 177,581 | 1,789 |
| * | Vib Vermoegen AG | 93,280 | 1,754 |
| * | DO Deutsche Office AG | 229,060 | 1,090 |
| * | GAGFAH SA | 2,690 | 57 |
| | | | 116,479 |
| Greece (0.0%) | | |
| | Grivalia Properties REIC | 150,388 | 1,195 |
| * | LAMDA Development SA | 88,367 | 342 |
| | | | 1,537 |
| Hong Kong (13.8%) | | |
| * | CK Hutchison Holdings | | |
| | Ltd. | 5,068,875 | 109,955 |
| | Sun Hung Kai Properties | | |
| | Ltd. | 6,412,441 | 106,501 |
| | Link REIT | 8,839,589 | 54,832 |
| | Henderson Land | | |
| | Development Co. Ltd. | 4,956,943 | 39,740 |
| | Hongkong Land Holdings | | |
| | Ltd. | 4,515,112 | 36,550 |
| | Sino Land Co. Ltd. | 17,292,605 | 30,424 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Hang Lung Properties | | |
| | Ltd. | 8,849,691 | 29,917 |
| | Hang Lung Group Ltd. | 3,572,413 | 18,914 |
| | Wheelock & Co. Ltd. | 3,115,652 | 17,544 |
| | Swire Properties Ltd. | 4,014,400 | 13,792 |
| | Hysan Development Co. | | |
| | Ltd. | 2,765,422 | 12,778 |
| | Kerry Properties Ltd. | 2,751,654 | 11,230 |
| | Chinese Estates | | |
| | Holdings Ltd. | 1,827,452 | 5,663 |
| | Champion REIT | 10,147,969 | 5,497 |
| | Great Eagle Holdings Ltd. | 1,049,697 | 3,873 |
| ^ | Joy City Property Ltd. | 12,748,000 | 2,655 |
| | K Wah International | | |
| | Holdings Ltd. | 4,551,338 | 2,631 |
| | Sunlight REIT | 3,716,400 | 1,877 |
| | TAI Cheung Holdings Ltd. | 2,039,131 | 1,788 |
| | Kowloon Development | | |
| | Co. Ltd. | 1,372,414 | 1,755 |
| | Prosperity REIT | 4,646,649 | 1,730 |
| * | Yida China Holdings Ltd. | 3,866,000 | 1,615 |
| | Far East Consortium | | |
| | International Ltd. | 3,380,000 | 1,601 |
| | HKR International Ltd. | 2,641,282 | 1,498 |
| | Langham Hospitality | | |
| | Investments and | | |
| | Langham Hospitality | | |
| | Investments Ltd. | 3,168,500 | 1,429 |
| | Emperor International | | |
| | Holdings Ltd. | 3,969,832 | 982 |
| | Regal REIT | 2,747,815 | 818 |
| * | Lai Sun Development Co. | | |
| | Ltd. | 30,240,302 | 812 |
| | Liu Chong Hing | | |
| | Investment Ltd. | 536,000 | 711 |
| | CSI Properties Ltd. | 17,348,348 | 703 |
| | Soundwill Holdings Ltd. | 282,000 | 508 |
| ^,* | International | | |
| | Entertainment Corp. | 796,000 | 231 |
| | | | 520,554 |
| India (0.3%) | | |
| | DLF Ltd. | 1,638,865 | 3,498 |
| * | Housing Development & | | |
| | Infrastructure Ltd. | 1,052,196 | 1,949 |
| | Oberoi Realty Ltd. | 316,612 | 1,337 |
| | Prestige Estates Projects | | |
| | Ltd. | 346,422 | 1,304 |
| * | Unitech Ltd. | 5,139,810 | 1,241 |
| | Phoenix Mills Ltd. | 169,671 | 972 |
| | Indiabulls Real Estate Ltd. | 827,068 | 774 |
| | Godrej Properties Ltd. | 169,273 | 644 |
| | Puravankara Projects Ltd. | 165,225 | 170 |
| | | | 11,889 |
14
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Indonesia (0.9%) | | |
| | Lippo Karawaci Tbk PT | 73,312,400 | 6,689 |
| | Summarecon Agung Tbk | | |
| | PT | 39,212,900 | 5,357 |
| | Bumi Serpong Damai | | |
| | Tbk PT | 35,218,727 | 5,046 |
| | Ciputra Development | | |
| | Tbk PT | 40,111,800 | 4,229 |
| | Pakuwon Jati Tbk PT | 99,540,643 | 3,352 |
| | Alam Sutera Realty Tbk | | |
| | PT | 38,117,597 | 1,797 |
| | Modernland Realty Tbk | | |
| | PT | 44,367,200 | 1,776 |
| | Kawasan Industri | | |
| | Jababeka Tbk PT | 67,450,012 | 1,473 |
| * | Lippo Cikarang Tbk PT | 1,418,000 | 1,306 |
| | Intiland Development | | |
| | Tbk PT | 21,035,151 | 1,051 |
| | Agung Podomoro Land | | |
| | Tbk PT | 20,415,700 | 656 |
| * | Sentul City Tbk PT | 71,307,500 | 530 |
| | Bekasi Fajar Industrial | | |
| | Estate Tbk PT | 11,472,182 | 527 |
| | Ciputra Property Tbk PT | 9,115,596 | 476 |
| | Ciputra Surya Tbk PT | 2,085,831 | 473 |
| * | Bakrieland Development | | |
| | Tbk PT | 58,597,400 | 226 |
| | | | 34,964 |
| Ireland (0.3%) | | |
| | Green REIT plc | 2,625,605 | 4,631 |
| | Hibernia REIT plc | 2,574,387 | 3,548 |
| | Irish Residential | | |
| | Properties REIT plc | 1,182,979 | 1,422 |
| | | | 9,601 |
| Israel (0.7%) | | |
| | Azrieli Group | 116,806 | 5,039 |
| | Gazit-Globe Ltd. | 331,866 | 4,392 |
| | Alony Hetz Properties & | | |
| | Investments Ltd. | 317,973 | 2,526 |
| | Melisron Ltd. | 60,760 | 2,330 |
| | Reit 1 Ltd. | 639,213 | 1,921 |
| * | Nitsba Holdings 1995 Ltd. | 94,720 | 1,606 |
| | Norstar Holdings Inc. | 57,845 | 1,577 |
| | Amot Investments Ltd. | 442,467 | 1,497 |
| * | Airport City Ltd. | 127,697 | 1,348 |
| * | Jerusalem Oil Exploration | 29,842 | 1,133 |
| | Africa Israel Properties | | |
| | Ltd. | 47,921 | 742 |
| | Sella Capital Real Estate | | |
| | Ltd. | 336,084 | 552 |
| * | Big Shopping Centers Ltd. | 10,003 | 522 |
| * | AL-ROV Israel Ltd. | 15,114 | 443 |
| * | Africa Israel Investments | | |
| | Ltd. | 437,025 | 410 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Jerusalem Economy Ltd. | 55,782 | 213 |
| * | Industrial Buildings Corp. | | |
| | Ltd. | 188,138 | 206 |
| * | Elbit Imaging Ltd. | 80,040 | 107 |
| | | | 26,564 |
| Italy (0.1%) | | |
| ^ | Beni Stabili SpA SIIQ | 3,828,661 | 3,157 |
| | Immobiliare Grande | | |
| | Distribuzione SIIQ SPA | 1,074,606 | 1,057 |
| ^,* | Prelios SPA | 1,020,769 | 513 |
| | | | 4,727 |
| Japan (21.8%) | | |
| | Mitsubishi Estate Co. Ltd. | 5,366,445 | 126,312 |
| | Mitsui Fudosan Co. Ltd. | 3,814,057 | 113,065 |
| | Sumitomo Realty & | | |
| | Development Co. Ltd. | 1,834,367 | 70,799 |
| | Daiwa House Industry | | |
| | Co. Ltd. | 2,537,074 | 56,640 |
| | Daito Trust Construction | | |
| | Co. Ltd. | 309,700 | 36,065 |
| | Nippon Building Fund Inc. | 5,451 | 27,124 |
| | Japan Real Estate | | |
| | Investment Corp. | 4,838 | 22,845 |
| | Japan Retail Fund | | |
| | Investment Corp. | 9,338 | 19,879 |
| | Hulic Co. Ltd. | 1,706,632 | 18,267 |
| | United Urban Investment | | |
| | Corp. | 10,160 | 16,127 |
| | Tokyu Fudosan Holdings | | |
| | Corp. | 1,970,156 | 14,640 |
| | Nippon Prologis REIT Inc. | 6,683 | 14,480 |
| ^ | Orix JREIT Inc. | 8,576 | 12,677 |
| | Tokyo Tatemono Co. Ltd. | 1,692,166 | 12,269 |
| | Advance Residence | | |
| | Investment Corp. | 4,967 | 11,719 |
| | Japan Prime Realty | | |
| | Investment Corp. | 3,149 | 11,298 |
| | Nomura Real Estate | | |
| | Holdings Inc. | 483,629 | 9,831 |
| | GLP J-Reit | 9,163 | 9,421 |
| | Activia Properties Inc. | 1,024 | 9,313 |
| | Frontier Real Estate | | |
| | Investment Corp. | 1,804 | 8,821 |
| | Japan Hotel REIT | | |
| | Investment Corp. | 11,436 | 8,427 |
| | Nomura Real Estate | | |
| | Master Fund Inc. | 6,374 | 8,292 |
| | Aeon Mall Co. Ltd. | 441,583 | 8,237 |
| | Kenedix Office | | |
| | Investment Corp. | 1,507 | 8,154 |
| | Mori Trust Sogo Reit Inc. | 3,903 | 7,689 |
| | Nippon Accommodations | | |
| | Fund Inc. | 1,859 | 7,213 |
| | Japan Logistics Fund Inc. | 3,174 | 6,731 |
15
| | | |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Nomura Real Estate | | |
| | Office Fund Inc. | 1,461 | 6,716 |
| | Industrial & Infrastructure | | |
| | Fund Investment Corp. | 1,341 | 6,468 |
| | Mori Hills REIT Investment | | |
| | Corp. | 4,593 | 6,303 |
| | Japan Excellent Inc. | 4,682 | 6,206 |
| | Daiwa House Residential | | |
| | Investment Corp. | 2,848 | 6,202 |
| * | Leopalace21 Corp. | 1,035,350 | 5,971 |
| ^ | Daiwa House REIT | | |
| | Investment Corp. | 1,319 | 5,893 |
| ^ | Daiwa Office Investment | | |
| | Corp. | 1,106 | 5,821 |
| | Premier Investment Corp. | 923 | 5,144 |
| | Tokyu REIT Inc. | 3,572 | 4,811 |
| | AEON REIT Investment | | |
| | Corp. | 3,457 | 4,779 |
| | Hulic Reit Inc. | 2,919 | 4,567 |
| | Fukuoka REIT Corp. | 2,492 | 4,540 |
| | Invincible Investment Corp. | 8,711 | 4,533 |
| | NTT Urban Development | | |
| | Corp. | 421,100 | 4,384 |
| ^ | Sekisui House SI | | |
| | Residential Investment | | |
| | Corp. | 3,822 | 4,251 |
| | Kenedix Residential | | |
| | Investment Corp. | 1,305 | 3,796 |
| | Comforia Residential | | |
| | REIT Inc. | 1,703 | 3,731 |
| ^ | Nomura Real Estate | | |
| | Residential Fund Inc. | 613 | 3,467 |
| ^ | Ichigo Real Estate | | |
| | Investment Corp. | 4,315 | 3,235 |
| | Hankyu Reit Inc. | 2,285 | 2,907 |
| ^ | NIPPON REIT Investment | | |
| | Corp. | 1,028 | 2,852 |
| | Top REIT Inc. | 653 | 2,817 |
| ^ | Sekisui House Reit Inc. | 2,248 | 2,667 |
| | Heiwa Real Estate REIT | | |
| | Inc. | 3,277 | 2,646 |
| | TOC Co. Ltd. | 343,829 | 2,627 |
| ^ | Global One Real Estate | | |
| | Investment Corp. | 725 | 2,558 |
| | Japan Rental Housing | | |
| | Investments Inc. | 3,451 | 2,437 |
| | Takara Leben Co. Ltd. | 387,152 | 2,360 |
| ^,* | Kenedix Retail REIT Corp. | 926 | 2,321 |
| | Daibiru Corp. | 221,257 | 2,173 |
| ^ | Jowa Holdings Co. Ltd. | 52,900 | 2,145 |
| | MID Reit Inc. | 691 | 2,043 |
| | Heiwa Real Estate Co. Ltd. | 147,532 | 2,002 |
| ^ | Hoshino Resorts REIT Inc. | 157 | 1,889 |
| | Daikyo Inc. | 1,237,050 | 1,861 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Invesco Office J-Reit Inc. | 1,774 | 1,697 |
| | Goldcrest Co. Ltd. | 67,940 | 1,335 |
| | SIA Reit Inc. | 262 | 1,101 |
| | Starts Proceed | | |
| | Investment Corp. | 591 | 1,008 |
| | Keihanshin Building Co. | | |
| | Ltd. | 153,200 | 905 |
| | Airport Facilities Co. Ltd. | 100,100 | 568 |
| ^ | Shinoken Group Co. Ltd. | 41,500 | 531 |
| ^ | Tokyo Theatres Co. Inc. | 354,017 | 411 |
| | | | 823,014 |
| Malaysia (0.9%) | | |
| | IOI Properties Group Bhd. | 6,505,516 | 3,899 |
| | KLCCP Stapled Group | 1,726,700 | 3,420 |
| | Sunway Bhd. | 2,479,885 | 2,634 |
| | IGB REIT | 5,851,800 | 2,250 |
| | SP Setia Bhd Group | 2,333,400 | 2,231 |
| | UEM Sunrise Bhd. | 5,872,965 | 2,120 |
| | Mah Sing Group Bhd. | 3,508,500 | 2,074 |
| | Sunway REIT | 4,049,534 | 1,943 |
| | Eastern & Oriental Bhd. | 3,282,220 | 1,795 |
| | CapitaMalls Malaysia | | |
| | Trust | 3,124,200 | 1,308 |
| | Pavilion REIT | 2,945,800 | 1,288 |
| | UOA Development Bhd. | 1,883,600 | 1,196 |
| | Axis REIT | 1,155,700 | 1,176 |
| | IJM Corp. Bhd. | 569,720 | 1,173 |
| | Eco World Development | | |
| | Group Bhd. | 1,799,500 | 918 |
| | IGB Corp. Bhd. | 1,113,600 | 894 |
| | KSL Holdings Bhd. | 1,503,500 | 807 |
| | Matrix Concepts | | |
| | Holdings Bhd. | 802,100 | 709 |
| * | YNH Property Bhd. | 1,302,380 | 701 |
| | Land & General Bhd. | 3,342,800 | 476 |
| * | Tropicana Corp. Bhd. | 1,419,600 | 433 |
| | Tambun Indah Land Bhd. | 614,800 | 323 |
| | Glomac Bhd. | 991,600 | 267 |
| | Titijaya Land Bhd. | 402,300 | 213 |
| * | Talam Transform Bhd. | 8,573,100 | 191 |
| * | Eco World Development | | |
| | Group Bhd Warrants 2 | | |
| | Exp. 03/26/2022 | 450,320 | 80 |
| * | Eastern & Oriental Bhd | | |
| | Warrants Exp. | | |
| | 07/21/2019 | 438,840 | 46 |
| * | Mah Sing Group Bhd. | | |
| | Warrants Exp. | | |
| | 03/18/2018 | 125,005 | 15 |
| * | Mah Sing Group Warrants | | |
| | Exp. 01/15/2026 | 211,476 | 14 |
| | | | 34,594 |
16
| | | |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Mexico (1.1%) | | |
| | Fibra Uno Administracion | | |
| | SA de CV | 8,254,812 | 20,597 |
| | PLA Administradora | | |
| | Industrial S de RL de | | |
| | CV | 2,307,810 | 4,558 |
| | Mexico Real Estate | | |
| | Management SA de CV | 2,916,493 | 4,422 |
| | Corp Inmobiliaria Vesta | | |
| | SAB de CV | 1,589,225 | 2,974 |
| | Fibra Shop Portafolios | | |
| | Inmobiliarios SAPI de | | |
| | CV | 2,049,920 | 2,327 |
| | Concentradora Fibra | | |
| | Hotelera Mexicana SA | | |
| | de CV | 1,624,609 | 2,195 |
| | Prologis Property Mexico | | |
| | SA de CV | 1,156,900 | 2,050 |
| | Concentradora Fibra | | |
| | Danhos SA de CV | 801,518 | 1,986 |
| | Asesor de Activos | | |
| | Prisma SAPI de CV | 1,234,800 | 1,206 |
| | | | 42,315 |
| Morocco (0.0%) | | |
| | Douja Promotion Groupe | | |
| | Addoha SA | 204,967 | 654 |
| | Alliances Developpement | | |
| | Immobilier SA | 7,717 | 99 |
| | | | 753 |
| Netherlands (0.6%) | | |
| | Wereldhave NV | 134,978 | 8,664 |
| | Eurocommercial | | |
| | Properties NV | 165,174 | 7,548 |
| | Vastned Retail NV | 74,565 | 3,641 |
| | NSI NV | 360,698 | 1,694 |
| | | | 21,547 |
| New Zealand (0.5%) | | |
| * | Kiwi Property Group Ltd. | 4,304,727 | 4,248 |
| | Goodman Property Trust | 3,898,764 | 3,506 |
| ^ | Precinct Properties New | | |
| | Zealand Ltd. | 3,697,981 | 3,255 |
| | Argosy Property Ltd. | 3,106,641 | 2,689 |
| | DNZ Property Fund Ltd. | 1,184,861 | 1,835 |
| ^ | Property for Industry Ltd. | 1,343,950 | 1,624 |
| | Vital Healthcare Property | | |
| | Trust | 1,183,563 | 1,506 |
| | | | 18,663 |
| Norway (0.2%) | | |
| 1 | Entra ASA | 274,847 | 2,820 |
| | Olav Thon | | |
| | Eiendomsselskap ASA | 117,790 | 2,580 |
| * | Norwegian Property ASA | 1,058,798 | 1,426 |
| | Selvaag Bolig ASA | 146,804 | 553 |
| | | | 7,379 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Philippines (1.4%) | | |
| | Ayala Land Inc. | 22,619,200 | 19,569 |
| | SM Prime Holdings Inc. | 37,859,547 | 15,831 |
| | Megaworld Corp. | 49,909,000 | 5,917 |
| | Robinsons Land Corp. | 6,241,150 | 4,191 |
| | Vista Land & Lifescapes | | |
| | Inc. | 12,939,000 | 2,176 |
| | Filinvest Land Inc. | 39,593,000 | 1,686 |
| | Belle Corp. | 16,762,300 | 1,568 |
| | 8990 Holdings Inc. | 2,404,000 | 469 |
| * | DoubleDragon Properties | | |
| | Corp. | 2,047,400 | 405 |
| | Century Properties | | |
| | Group Inc. | 12,236,020 | 251 |
| | | | 52,063 |
| Poland (0.1%) | | |
| ^,* | Globe Trade Centre SA | 1,031,044 | 1,770 |
| * | Echo Investment SA | 869,586 | 1,640 |
| | | | 3,410 |
| Qatar (0.2%) | | |
| | Barwa Real Estate Co. | 358,397 | 4,901 |
| | United Development Co. | | |
| | QSC | 315,736 | 1,940 |
| | Mazaya Qatar Real | | |
| | Estate Development | | |
| | QSC | 100,712 | 519 |
| | National Leasing | 35,912 | 212 |
| | | | 7,572 |
| Russia (0.1%) | | |
| | LSR Group PJSC GDR | 696,900 | 1,936 |
| | Etalon Group Ltd. GDR | 411,071 | 1,092 |
| | | | 3,028 |
| Singapore (6.4%) | | |
| | CapitaLand Ltd. | 9,997,404 | 27,821 |
| | Global Logistic | | |
| | Properties Ltd. | 11,895,631 | 24,672 |
| | CapitaMall Trust | 9,972,534 | 16,466 |
| ^ | UOL Group Ltd. | 2,446,978 | 14,714 |
| | Ascendas REIT | 7,888,221 | 14,700 |
| | City Developments Ltd. | 1,784,790 | 14,360 |
| | Suntec REIT | 9,615,727 | 12,837 |
| | CapitaCommercial Trust | 8,069,082 | 10,317 |
| | Keppel REIT | 6,639,715 | 6,167 |
| ^ | Mapletree Commercial | | |
| | Trust | 5,146,005 | 5,985 |
| | Mapletree Greater China | | |
| | Commercial Trust | 7,001,646 | 5,604 |
| | Mapletree Industrial Trust | 4,555,834 | 5,538 |
| | Fortune REIT | 5,280,861 | 5,448 |
| | Mapletree Logistics Trust | 5,650,029 | 5,250 |
| ^ | Frasers Centrepoint Trust | 2,225,541 | 3,475 |
| ^ | Ascott Residence Trust | 3,607,355 | 3,473 |
| | Starhill Global REIT | 5,257,968 | 3,472 |
| | CDL Hospitality Trusts | 2,599,702 | 3,369 |
17
| | | |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | CapitaRetail China Trust | 2,464,586 | 3,229 |
| | Wing Tai Holdings Ltd. | 2,019,410 | 2,988 |
| ^,* | Keppel DC REIT | 3,383,500 | 2,634 |
| | Parkway Life REIT | 1,384,855 | 2,562 |
| | Cache Logistics Trust | 2,781,405 | 2,478 |
| | Cambridge Industrial Trust | 4,592,709 | 2,428 |
| | AIMS AMP Capital | | |
| | Industrial REIT | 2,073,776 | 2,397 |
| | First REIT | 2,156,754 | 2,363 |
| ^ | SPH REIT | 2,832,000 | 2,246 |
| | Frasers Commercial Trust | 1,915,167 | 2,182 |
| ^ | Sinarmas Land Ltd. | 4,007,000 | 2,130 |
| ^ | OUE Hospitality Trust | 2,819,000 | 2,076 |
| | Yanlord Land Group Ltd. | 2,228,204 | 2,023 |
| ^ | Far East Hospitality Trust | 3,238,148 | 2,006 |
| ^ | United Industrial Corp. Ltd. | 771,788 | 1,999 |
| | GuocoLand Ltd. | 1,358,177 | 1,948 |
| | Ascendas India Trust | 2,830,666 | 1,913 |
| | Lippo Malls Indonesia | | |
| | Retail Trust | 7,029,706 | 1,912 |
| | Frasers Centrepoint Ltd. | 1,277,200 | 1,827 |
| ^,* | Yoma Strategic Holdings | | |
| | Ltd. | 4,382,918 | 1,684 |
| | Sabana Shari’ah | | |
| | Compliant Industrial | | |
| | REIT | 2,553,488 | 1,669 |
| | Wheelock Properties | | |
| | Singapore Ltd. | 1,125,969 | 1,632 |
| | Ascendas Hospitality | | |
| | Trust | 3,021,000 | 1,608 |
| | Ho Bee Land Ltd. | 909,903 | 1,594 |
| ^ | Perennial Real Estate | | |
| | Holdings Ltd. | 1,743,777 | 1,440 |
| | Croesus Retail Trust | 1,861,100 | 1,321 |
| | Soilbuild Business Space | | |
| | REIT | 1,827,300 | 1,146 |
| ^,* | Frasers Hospitality Trust | 1,411,900 | 976 |
| | OUE Commercial REIT | 1,322,000 | 814 |
| ^,* | Ying Li International Real | | |
| | Estate Ltd. | 3,654,900 | 701 |
| | Oxley Holdings Ltd. | 1,737,200 | 668 |
| | Fragrance Group Ltd. | 3,241,550 | 502 |
| * | SingHaiyi Group Ltd. | 2,920,300 | 320 |
| * | Keppel Land Ltd. | 29,400 | 99 |
| | | | 243,183 |
| South Africa (2.0%) | | |
| | Growthpoint Properties | | |
| | Ltd. | 8,195,663 | 19,224 |
| | Redefine Properties Ltd. | 13,572,517 | 13,749 |
| | Resilient Property Income | | |
| | Fund Ltd. | 1,197,537 | 10,020 |
| | Hyprop Investments Ltd. | 728,317 | 7,504 |
| | Capital Property Fund | 5,850,082 | 6,716 |
| * | Attacq Ltd. | 2,702,607 | 5,654 |
| * | Vukile Property Fund Ltd. | 1,900,540 | 3,047 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Emira Property Fund | 1,719,775 | 2,625 |
| | SA Corporate Real Estate | | |
| | Fund Nominees Pty Ltd. | 5,747,241 | 2,410 |
| | Fountainhead Property | | |
| | Trust | 2,051,766 | 1,724 |
| | Octodec Investments | | |
| | Ltd. | 718,743 | 1,704 |
| | Rebosis Property Fund | | |
| | Ltd. | 989,696 | 1,105 |
| * | Delta Property Fund Ltd. | 1,152,063 | 909 |
| | Hospitality Property Fund | | |
| | Ltd. Class A | 416,592 | 575 |
| | | | 76,966 |
| Spain (0.6%) | | |
| ^ | Merlin Properties Socimi | | |
| | SA | 747,841 | 10,214 |
| ^,* | Inmobiliaria Colonial SA | 7,469,686 | 5,125 |
| ^,* | Hispania Activos | | |
| | Inmobiliarios SAU | 221,798 | 3,161 |
| | Lar Espana Real Estate | | |
| | Socimi SA | 155,366 | 1,825 |
| * | Axia Real Estate SOCIMI | | |
| | SA | 134,369 | 1,815 |
| ^,* | Realia Business SA | 397,356 | 327 |
| | | | 22,467 |
| Sweden (1.6%) | | |
| | Castellum AB | 658,052 | 10,261 |
| | Fabege AB | 540,108 | 8,233 |
| | Wallenstam AB | 424,708 | 7,161 |
| | Hufvudstaden AB Class A | 457,023 | 6,318 |
| * | Hemfosa Fastigheter AB | 257,067 | 5,939 |
| ^ | Wihlborgs Fastigheter AB | 266,516 | 5,158 |
| * | Fastighets AB Balder | 284,926 | 5,079 |
| | Kungsleden AB | 622,667 | 4,532 |
| | Atrium Ljungberg AB | 193,425 | 2,822 |
| * | Sagax AB Class B | 262,726 | 1,818 |
| | Klovern AB B Shares | 1,600,929 | 1,776 |
| | Dios Fastigheter AB | 175,340 | 1,366 |
| | Tribona AB | 129,122 | 593 |
| | Platzer Fastigheter | | |
| | Holding AB Class B | 114,534 | 506 |
| | Corem Property Group | | |
| | AB Class B | 109,958 | 399 |
| ^ | Klovern AB A Shares | 182,091 | 204 |
| | Corem Property Group | | |
| | AB Preference Shares | 973 | 23 |
| | | | 62,188 |
| Switzerland (1.4%) | | |
| | Swiss Prime Site AG | 244,268 | 21,417 |
| | PSP Swiss Property AG | 148,026 | 13,807 |
| | Mobimo Holding AG | 23,690 | 5,286 |
| | Allreal Holding AG | 35,796 | 5,136 |
| | Solvalor 61 | 10,456 | 2,849 |
| * | Intershop Holding AG | 5,838 | 2,503 |
18
| | | |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Zug Estates Holding AG | | |
| | Class B | 947 | 1,449 |
| | Hiag Immobilien AG | 9,751 | 985 |
| | | | 53,432 |
| Taiwan (0.9%) | | |
| | Highwealth Construction | | |
| | Corp. | 2,677,700 | 6,985 |
| | Ruentex Development Co. | |
| | Ltd. | 3,061,830 | 5,441 |
| | Cathay No 1 REIT | 4,209,310 | 2,565 |
| | Prince Housing & | | |
| | Development Corp. | 4,638,478 | 2,003 |
| | Huaku Development Co. | | |
| | Ltd. | 867,554 | 1,982 |
| | Cathay Real Estate | | |
| | Development Co. Ltd. | 2,608,000 | 1,636 |
| | Chong Hong Construction | | |
| | Co. Ltd. | 686,950 | 1,566 |
| | Farglory Land | | |
| | Development Co. Ltd. | 1,181,631 | 1,411 |
| | Radium Life Tech Co. Ltd. | 2,636,223 | 1,373 |
| | Taiwan Land | | |
| | Development Corp. | 2,214,415 | 1,152 |
| | Hung Sheng Construction | | |
| | Ltd. | 1,583,000 | 1,135 |
| | Kindom Construction | | |
| | Corp. | 1,204,000 | 1,086 |
| | KEE TAI Properties Co. | | |
| | Ltd. | 1,361,869 | 893 |
| | Kuoyang Construction Co. | | |
| | Ltd. | 1,637,665 | 786 |
| | Hung Poo Real Estate | | |
| | Development Corp. | 846,194 | 753 |
| * | Shining Building Business | | |
| | Co. Ltd. | 1,254,429 | 745 |
| | Huang Hsiang | | |
| | Construction Corp. | 503,000 | 727 |
| | Advancetek Enterprise Co. | |
| | Ltd. | 539,000 | 446 |
| * | King’s Town Construction | | |
| | Co. Ltd. | 444,352 | 395 |
| | YeaShin International | | |
| | Development Co. Ltd. | 652,392 | 394 |
| * | Yungshin Construction & | | |
| | Development Co. Ltd. | 149,000 | 301 |
| | | | 33,775 |
| Thailand (1.0%) | | |
| * | Central Pattana PCL | 5,116,800 | 6,499 |
| * | Land & Houses PCL | 13,044,400 | 3,770 |
| ^ | CPN Retail Growth | | |
| | Leasehold Property | | |
| | Fund | 6,290,610 | 3,129 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Tesco Lotus Retail | | |
| | Growth Freehold & | | |
| | Leasehold Property | | |
| | Fund | 6,759,294 | 2,787 |
| * | Pruksa Real Estate PCL | 2,613,500 | 2,173 |
| * | Bangkok Land PCL | 38,586,600 | 1,783 |
| * | Quality Houses PCL | 17,258,200 | 1,617 |
| * | Supalai PCL | 2,472,305 | 1,494 |
| | Samui Airport Property | | |
| | Fund Leasehold | 2,805,800 | 1,480 |
| * | Amata Corp. PCL | 2,501,400 | 1,354 |
| * | WHA Corp. PCL | 1,022,343 | 1,297 |
| * | LPN Development PCL | 2,375,500 | 1,235 |
| * | MBK PCL | 2,237,720 | 963 |
| | Sansiri PCL | 11,844,200 | 677 |
| ^ | TICON Industrial | | |
| | Connection PCL | 1,269,680 | 576 |
| * | Siam Future | | |
| | Development PCL | 2,624,767 | 453 |
| | WHA Corp. PCL | | |
| | (Foreign) | 325,024 | 412 |
| * | AP Thailand PCL | 1,808,250 | 402 |
| | Univentures PCL | | |
| | (Foreign) | 1,577,100 | 396 |
| | Asian Property | | |
| | Development PCL | | |
| | (Foreign) | 1,513,270 | 337 |
| * | SC Asset Corp. PCL | 3,071,925 | 319 |
| * | Sansiri PCL (Local) | 5,418,200 | 310 |
| * | Raimon Land PCL | 5,085,900 | 274 |
| ^ | TICON Industrial | | |
| | Connection PCL | | |
| | (Foreign) | 601,993 | 273 |
| * | Property Perfect PCL | 8,226,000 | 269 |
| | SC Asset Corp. PCL | | |
| | (Foreign) | 2,526,712 | 263 |
| ^ | Rojana Industrial Park | | |
| | PCL NVDR | 974,482 | 242 |
| | Sansiri PCL (Foreign) | 4,060,798 | 232 |
| | Bangkok Land PCL | | |
| | (Foreign) | 4,269,495 | 197 |
| * | Rojana Industrial Park | | |
| | PCL | 775,812 | 193 |
| | Land & Houses PCL | | |
| | (Foreign) | 481,300 | 139 |
| | Thai Factory | | |
| | Development PCL | 1,024,000 | 139 |
| * | Thai Factory | | |
| | Development PCL | | |
| | NVDR | 981,300 | 133 |
| | Rojana Industrial Park | | |
| | PCL (Foreign) | 481,328 | 119 |
| * | Univentures PCL | 416,400 | 105 |
| * | WHA Corp. PCL | | |
| | Warrants Exp. 12/31/19 | 108,341 | 91 |
19
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Hemaraj Land and | | |
| | Development PCL | 245,700 | 32 |
| | | | 36,164 |
| Turkey (0.3%) | | |
| | Emlak Konut | | |
| | Gayrimenkul Yatirim | | |
| | Ortakligi AS | 7,546,305 | 8,717 |
| | Is Gayrimenkul Yatirim | | |
| �� | Ortakligi AS | 1,268,097 | 806 |
| | Torunlar Gayrimenkul | | |
| | Yatirim Ortakligi AS | 336,025 | 511 |
| | Saf Gayrimenkul Yatirim | | |
| | Ortakligi AS | 1,154,444 | 470 |
| | Halk Gayrimenkul Yatirim | | |
| | Ortakligi AS | 572,857 | 272 |
| * | Sinpas Gayrimenkul | | |
| | Yatirim Ortakligi AS | 712,033 | 216 |
| | Vakif Gayrimenkul | | |
| | Yatirim Ortakligi AS | 188,872 | 187 |
| | | | 11,179 |
| United Arab Emirates (1.3%) | |
| | Emaar Properties PJSC | 13,421,491 | 29,762 |
| | Aldar Properties PJSC | 12,031,931 | 8,935 |
| * | Emaar Malls Group | | |
| | PJSC | 7,468,263 | 6,522 |
| * | Deyaar Development | | |
| | PJSC | 5,535,542 | 1,368 |
| * | Eshraq Properties Co. | | |
| | PJSC | 4,413,378 | 1,228 |
| | RAK Properties PJSC | 3,473,829 | 704 |
| | | | 48,519 |
| United Kingdom (8.8%) | | |
| | Land Securities Group | | |
| | plc | 3,081,737 | 58,974 |
| | British Land Co. plc | 3,939,419 | 50,174 |
| | Hammerson plc | 3,024,318 | 30,986 |
| | Derwent London plc | 413,608 | 21,771 |
| | Intu Properties plc | 3,632,029 | 19,054 |
| | Segro plc | 2,847,505 | 18,707 |
| | Capital & Counties | | |
| | Properties plc | 2,857,112 | 17,273 |
| | Great Portland Estates | | |
| | plc | 1,326,605 | 16,194 |
| | Shaftesbury plc | 1,066,278 | 13,713 |
| | UNITE Group plc | 778,974 | 7,158 |
| | Big Yellow Group plc | 568,743 | 5,815 |
| | Workspace Group plc | 447,163 | 5,774 |
| | Londonmetric Property | | |
| | plc | 2,257,553 | 5,716 |
| | Grainger plc | 1,607,748 | 5,214 |
| | F&C Commercial | | |
| | Property Trust Ltd. | 2,313,548 | 4,977 |
| | Hansteen Holdings plc | 2,646,246 | 4,782 |
| | | | |
| | | | | Market |
| | | | | Value• |
| | | | Shares | ($000) |
| | ST Modwen Properties | | |
| | plc | | 704,332 | 4,694 |
| | Tritax Big Box REIT plc | 2,420,344 | 4,351 |
| | Safestore Holdings plc | 804,322 | 3,452 |
| | Assura plc | | 3,477,260 | 3,137 |
| | Redefine International plc | 3,469,399 | 3,117 |
| * | Quintain Estates & | | | |
| | Development plc | | 2,016,456 | 2,966 |
| | UK Commercial Property | | |
| | Trust Ltd. | | 2,078,976 | 2,929 |
| | Daejan Holdings plc | 34,234 | 2,844 |
| | Primary Health Properties | | |
| | plc | | 428,870 | 2,549 |
| | Helical Bar plc | | 411,994 | 2,458 |
| | Picton Property Income | | |
| | Ltd. | | 2,057,079 | 2,329 |
| | Development Securities | | |
| | plc | | 492,203 | 1,911 |
| | Schroder REIT Ltd. | | 2,024,370 | 1,910 |
| * | CLS Holdings plc | | 64,559 | 1,817 |
| | Mucklow A & J Group plc | 224,010 | 1,625 |
| | McKay Securities plc | 352,569 | 1,336 |
| | Urban & Civic plc | | 330,769 | 1,320 |
| ^,* | Raven Russia Ltd. | | 1,630,765 | 1,287 |
| | | | | 332,314 |
| Total Common Stocks | | | |
| (Cost $3,554,970) | | | 3,772,153 |
| Temporary Cash Investments (3.9%) | |
| Money Market Fund (3.8%) | | |
| 2,3 | Vanguard Market | | | |
| | Liquidity Fund, | | | |
| | 0.121% | 143,518,480 | 143,518 |
| |
| | | | Face | |
| | | | Amount | |
| | | | ($000) | |
| U.S. Government and Agency Obligations (0.1%) |
| 4 | Federal Home Loan | | | |
| | Bank Discount Notes, | | |
| | 0.060%, 5/8/15 | | 2,000 | 2,000 |
| 4 | Federal Home Loan | | | |
| | Bank Discount Notes, | | |
| | 0.067%, 6/3/15 | | 100 | 100 |
| 4,5 | Federal Home Loan | | | |
| | Bank Discount Notes, | | |
| | 0.140%, 7/8/15 | | 200 | 200 |
| | | | | 2,300 |
| Total Temporary Cash Investments | |
| (Cost $145,818) | | | 145,818 |
| Total Investments (103.7%) | | |
| (Cost $3,700,788) | | | 3,917,971 |
20
| |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| | Market |
| | Value• |
| | ($000) |
| Other Assets and Liabilities (-3.7%) | |
| Other Assets | 23,156 |
| Liabilities3 | (162,221) |
| | (139,065) |
| Net Assets (100%) | 3,778,906 |
| |
| |
| At April 30, 2015, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 3,581,196 |
| Overdistributed Net Investment Income | (4,823) |
| Accumulated Net Realized Losses | (14,707) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 217,183 |
| Foreign Currencies | 57 |
| Net Assets | 3,778,906 |
| |
| |
| Investor Shares—Net Assets | |
| Applicable to 2,792,730 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 66,098 |
| Net Asset Value Per Share— | |
| Investor Shares | $23.67 |
| |
| | Amount |
| | ($000) |
| Admiral Shares—Net Assets | |
| Applicable to 9,962,527 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 357,087 |
| Net Asset Value Per Share— | |
| Admiral Shares | $35.84 |
| |
| |
| Institutional Shares—Net Assets | |
| Applicable to 1,817,200 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 216,996 |
| Net Asset Value Per Share— | |
| Institutional Shares | $119.41 |
| |
| |
| ETF Shares—Net Assets | |
| Applicable to 53,062,180 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 3,138,725 |
| Net Asset Value Per Share— | |
| ETF Shares | $59.15 |
• 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 $135,198,000.
* 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, 2015, the aggregate value of these securities was $23,845,000, representing 0.6% 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 $143,518,000 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 Securities with a value of $200,000 have been segregated as initial margin for open futures contracts that were closed on April 30, 2015, and settled after month-end.
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.
21
| |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | April 30, 2015 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1,2 | 46,890 |
| Interest2 | 11 |
| Securities Lending | 958 |
| Total Income | 47,859 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 338 |
| Management and Administrative—Investor Shares | 79 |
| Management and Administrative—Admiral Shares | 268 |
| Management and Administrative—Institutional Shares | 104 |
| Management and Administrative—ETF Shares | 1,493 |
| Marketing and Distribution—Investor Shares | 6 |
| Marketing and Distribution—Admiral Shares | 29 |
| Marketing and Distribution—Institutional Shares | 21 |
| Marketing and Distribution—ETF Shares | 258 |
| Custodian Fees | 364 |
| Shareholders’ Reports—Investor Shares | 1 |
| Shareholders’ Reports—Admiral Shares | 1 |
| Shareholders’ Reports—Institutional Shares | — |
| Shareholders’ Reports—ETF Shares | 45 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 3,008 |
| Net Investment Income | 44,851 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 5,560 |
| Futures Contracts | 751 |
| Foreign Currencies | (1,169) |
| Realized Net Gain (Loss) | 5,142 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 181,067 |
| Foreign Currencies | 263 |
| Change in Unrealized Appreciation (Depreciation) | 181,330 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 231,323 |
1 Dividends are net of foreign withholding taxes of $3,850,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $51,000, $9,000, and $1,316,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
22
| | |
| Global ex-U.S. Real Estate Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2015 | 2014 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 44,851 | 83,723 |
| Realized Net Gain (Loss) | 5,142 | 38,982 |
| Change in Unrealized Appreciation (Depreciation) | 181,330 | (92,734) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 231,323 | 29,971 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (1,310) | (3,574) |
| Admiral Shares | (7,479) | (8,282) |
| Institutional Shares | (4,599) | (5,016) |
| ETF Shares | (54,593) | (64,730) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (67,981) | (81,602) |
| Capital Share Transactions | | |
| Investor Shares | 12,329 | (101,960) |
| Admiral Shares | 44,512 | 179,927 |
| Institutional Shares | 31,139 | 87,945 |
| ETF Shares | 801,133 | 941,601 |
| Net Increase (Decrease) from Capital Share Transactions | 889,113 | 1,107,513 |
| Total Increase (Decrease) | 1,052,455 | 1,055,882 |
| Net Assets | | |
| Beginning of Period | 2,726,451 | 1,670,569 |
| End of Period1 | 3,778,906 | 2,726,451 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($4,823,000) and $18,146,000.
See accompanying Notes, which are an integral part of the Financial Statements.
23
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| | Six Months | | | | Nov. 1, |
| | Ended | | | | 20101 to |
| | | Year Ended October 31, | |
| | April 30, | | | | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $22.63 | $23.06 | $21.04 | $18.14 | $20.00 |
| Investment Operations | | | | | |
| Net Investment Income | . 353 | . 944 | . 685 2 | .7002 | .7442 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 3 | 1.226 | (.443) | 2.321 | 2.995 | (2.430) |
| Total from Investment Operations | 1.579 | .501 | 3.006 | 3.695 | (1.686) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 539) | (. 931) | (. 986) | (.795) | (.174) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 539) | (. 931) | (. 986) | (.795) | (.174) |
| Net Asset Value, End of Period | $23.67 | $22.63 | $23.06 | $21.04 | $18.14 |
| |
| Total Return4 | 7.24% | 2.41% | 14.69% | 21.31% | -8.49% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $66 | $51 | $156 | $84 | $41 |
| Ratio of Total Expenses to Average Net Assets | 0.36% | 0.37% | 0.40% | 0.45% | 0.50%5 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.91% | 4.10% | 2.95% | 3.74% | 3.61%5 |
| Portfolio Turnover Rate 6 | 5% | 8% | 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, $.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.
24
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| | Six Months | | | | Feb. 10, |
| | Ended | | | | 20111 to |
| | | Year Ended October 31, | |
| | April 30, | | | | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $34.27 | $34.92 | $31.87 | $27.51 | $29.89 |
| Investment Operations | | | | | |
| Net Investment Income | .552 | 1.466 | 1.0122 | 1.0932 | .7842 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 3 | 1.850 | (.661) | 3.580 | 4.528 | (3.164) |
| Total from Investment Operations | 2.402 | .805 | 4.592 | 5.621 | (2.380) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.832) | (1.455) | (1.542) | (1.261) | — |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.832) | (1.455) | (1.542) | (1.261) | — |
| Net Asset Value, End of Period | $35.84 | $34.27 | $34.92 | $31.87 | $27.51 |
| |
| Total Return4 | 7.27% | 2.55% | 14.83% | 21.43% | -7.96% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $357 | $296 | $117 | $43 | $12 |
| Ratio of Total Expenses to Average Net Assets | 0.24% | 0.24% | 0.27% | 0.32% | 0.35%5 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.03% | 4.23% | 3.08% | 3.87% | 3.76%5 |
| Portfolio Turnover Rate 6 | 5% | 8% | 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, $.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.
25
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Shares | | | | | |
| | Six Months | | | | April 19, |
| | Ended | | | | 20111 to |
| | | Year Ended October 31, | |
| | April 30, | | | | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $114.14 | $116.37 | $106.19 | $91.68 | $102.01 |
| Investment Operations | | | | | |
| Net Investment Income | 1.872 | 4.954 | 3.4072 | 3.658 2 | 1.5222 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 3 | 6.188 | (2.273) | 11.930 | 15.107 | (11.852) |
| Total from Investment Operations | 8.060 | 2.681 | 15.337 | 18.765 | (10.330) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (2.790) | (4.911) | (5.157) | (4.255) | — |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.790) | (4.911) | (5.157) | (4.255) | — |
| Net Asset Value, End of Period | $119.41 | $114.14 | $116.37 | $106.19 | $91.68 |
| |
| Total Return4 | 7.33% | 2.55% | 14.87% | 21.48% | -10.13% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $217 | $176 | $92 | $61 | $52 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | 0.22% | 0.24% | 0.29% | 0.30%5 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.09% | 4.25% | 3.11% | 3.90% | 3.81%5 |
| Portfolio Turnover Rate 6 | 5% | 8% | 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, $.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.
26
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| ETF Shares | | | | | |
| | Six Months | | | | Nov. 1, |
| | Ended | | | | 20101 to |
| | | Year Ended October 31, | |
| | April 30, | | | | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $56.54 | $57.64 | $52.60 | $45.39 | $49.97 |
| Investment Operations | | | | | |
| Net Investment Income | .923 | 2.437 | 1.7132 | 1.8202 | 1.8482 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 3 | 3.063 | (1.120) | 5.869 | 7.460 | (5.981) |
| Total from Investment Operations | 3.986 | 1.317 | 7.582 | 9.280 | (4.133) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.376) | (2.417) | (2.542) | (2.070) | (.447) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.376) | (2.417) | (2.542) | (2.070) | (.447) |
| Net Asset Value, End of Period | $59.15 | $56.54 | $57.64 | $52.60 | $45.39 |
| |
| Total Return | 7.29% | 2.51% | 14.77% | 21.44% | -8.34% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $3,139 | $2,203 | $1,306 | $381 | $173 |
| Ratio of Total Expenses to Average Net Assets | 0.20% | 0.24% | 0.27% | 0.32% | 0.35%4 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.07% | 4.23% | 3.08% | 3.87% | 3.76%4 |
| Portfolio Turnover Rate 5 | 5% | 8% | 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, $.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.
27
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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance
28
Global ex-U.S. Real Estate Index Fund
returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended April 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at April 30, 2015.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2011–2014), and for the period ended April 30, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counter-parties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counter-party risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.
29
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 $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2015, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 invest up to 0.40% of its net assets in Vanguard. At April 30, 2015, the fund had contributed capital of $298,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.12% 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).
30
Global ex-U.S. Real Estate Index Fund
The following table summarizes the market value of the fund’s investments as of April 30, 2015, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 169,411 | 3,597,975 | 4,767 |
| Temporary Cash Investments | 143,518 | 2,300 | — |
| Futures Contracts—Liabilities1 | (15) | — | — |
| Total | 312,914 | 3,600,275 | 4,767 |
| 1 Represents variation margin on the last day of the reporting 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.
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. Passive foreign investment companies had unrealized appreciation of $33,963,000 at April 30, 2015.
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, 2014, the fund had available capital losses totaling $19,687,000 to offset future net capital gains. Of this amount, $1,948,000 is subject to expiration on October 31, 2019. Capital losses of $17,739,000 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, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2015, the cost of investment securities for tax purposes was $3,734,751,000. Net unrealized appreciation of investment securities for tax purposes was $183,220,000, consisting of unrealized gains of $306,744,000 on securities that had risen in value since their purchase and $123,524,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended April 30, 2015, the fund purchased $943,271,000 of investment securities and sold $79,939,000 of investment securities, other than temporary cash investments. Purchases and sales include $725,962,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
31
Global ex-U.S. Real Estate Index Fund
| | | | |
| F. Capital share transactions for each class of shares were: | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued1 | 17,916 | 793 | 31,515 | 1,441 |
| Issued in Lieu of Cash Distributions | 1,248 | 59 | 3,300 | 155 |
| Redeemed 2 | (6,835) | (306) | (136,775) | (6,126) |
| Net Increase (Decrease)—Investor Shares | 12,329 | 546 | (101,960) | (4,530) |
| Admiral Shares | | | | |
| Issued1 | 63,479 | 1,869 | 212,469 | 6,271 |
| Issued in Lieu of Cash Distributions | 6,418 | 199 | 7,203 | 218 |
| Redeemed 2 | (25,385) | (756) | (39,745) | (1,182) |
| Net Increase (Decrease)—Admiral Shares | 44,512 | 1,312 | 179,927 | 5,307 |
| Institutional Shares | | | | |
| Issued1 | 35,241 | 308 | 138,447 | 1,216 |
| Issued in Lieu of Cash Distributions | 2,827 | 26 | 4,204 | 38 |
| Redeemed 2 | (6,929) | (62) | (54,706) | (497) |
| Net Increase (Decrease)—Institutional Shares | 31,139 | 272 | 87,945 | 757 |
| ETF Shares | | | | |
| Issued1 | 801,133 | 14,103 | 1,118,382 | 19,503 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed 2 | — | — | (176,781) | (3,200) |
| Net Increase (Decrease)—ETF Shares | 801,133 | 14,103 | 941,601 | 16,303 |
| 1 Includes purchase fees for fiscal 2015 and 2014 of $365,000 and $666,000, respectively (fund totals). | | |
| 2 Net of redemption fees for fiscal 2015 and 2014 of $75,000 and $274,000, respectively (fund totals). | | |
At April 30, 2015, one shareholder was the record or beneficial owner of 33% of the fund’s net assets. If the shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s expense ratio.
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2015, that would require recognition or disclosure in these financial statements.
32
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.
33
| | | |
| Six Months Ended April 30, 2015 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Global ex-U.S. Real Estate Index Fund | 10/31/2014 | 4/30/2015 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $1,072.39 | $1.85 |
| ETF Shares | 1,000.00 | 1,072.92 | 1.03 |
| Admiral Shares | 1,000.00 | 1,072.74 | 1.23 |
| Institutional Shares | 1,000.00 | 1,073.29 | 0.93 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,023.01 | $1.81 |
| ETF Shares | 1,000.00 | 1,023.80 | 1.00 |
| Admiral Shares | 1,000.00 | 1,023.60 | 1.20 |
| Institutional Shares | 1,000.00 | 1,023.90 | 0.90 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.36% for Investor Shares, 0.20% for ETF Shares, 0.24% for Admiral Shares, and 0.18% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
34
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’s Equity Investment Group—through its Equity Index 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 reviewed 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 considered that Vanguard has been managing investments for more than three decades. The Equity Index 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.
35
Glossary
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments. This yield may include some payments that represent a return of capital, capital gains distributions, or both by the underlying stocks.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
36
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.
37
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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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, Amerigroup Corporation (managed health care), the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels), the University Medical Center at Princeton, the Robert Wood Johnson Foundation, and the Center for Talent Innovation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Controller Since July 2010. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Kathryn J. Hyatt
Born 1955. Treasurer Since November 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Assistant Treasurer of each of the investment companies served by The Vanguard Group (1988–2008).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| |
Mortimer J. Buckley Kathleen C. Gubanich Paul A. Heller Martha G. King John T. Marcante | Chris D. McIsaac Michael S. Miller James M. Norris Glenn W. Reed |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
|
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| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q7382 062015 |
Semiannual Report | April 30, 2015
Vanguard Emerging Markets Stock Index Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Fund Profile. | 8 |
| Performance Summary. | 10 |
| Financial Statements. | 11 |
| About Your Fund’s Expenses. | 30 |
| Trustees Approve Advisory Arrangement. | 32 |
| Glossary. | 33 |
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: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant ship from the same era as Nelson’s flagship, the HMS Vanguard.
| |
| Your Fund’s Total Returns | |
| |
| |
| |
| |
| Six Months Ended April 30, 2015 | |
| | Total |
| | Returns |
| Vanguard Emerging Markets Stock Index Fund | |
| Investor Shares | 3.49% |
| FTSE Emerging Markets ETF Shares | |
| Market Price | 3.59 |
| Net Asset Value | 3.61 |
| Admiral™ Shares | 3.59 |
| Institutional Shares | 3.61 |
| Institutional Plus Shares | 3.62 |
| FTSE Emerging Index | 3.98 |
| Emerging Markets Funds Average | 0.82 |
Emerging Markets Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| October 31, 2014, Through April 30, 2015 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Emerging Markets Stock Index Fund | | | | |
| Investor Shares | $27.02 | $27.82 | $0.130 | $0.000 |
| FTSE Emerging Markets ETF Shares | 42.66 | 43.93 | 0.245 | 0.000 |
| Admiral Shares | 35.49 | 36.54 | 0.203 | 0.000 |
| Institutional Shares | 26.99 | 27.79 | 0.157 | 0.000 |
| Institutional Plus Shares | 89.77 | 92.43 | 0.532 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
International stocks made solid gains over the six months ended April 30, 2015. Monetary easing and growing consumer confidence helped offset concerns about worryingly low inflation, the downshift in economic activity in China, and uncertainty in Europe. Although Pacific and European developed markets produced results that were a little higher than those of U.S. stocks, emerging markets didn’t fare quite as well.
Against this backdrop, Vanguard Emerging Markets Stock Index Fund returned more than 3%. The fund’s result was in line with that of its benchmark, the FTSE Emerging Index, and ahead of the average return of its peers.
Stocks from China contributed most significantly to performance. From a sector standpoint, financial holdings helped most, while oil and gas stocks stifled results.
After the close of the fiscal half year, Vanguard announced important changes to your fund. With the aim of broadening its diversification, the fund will transition over a period of approximately one year from its current benchmark, the FTSE Emerging Index, to the FTSE Emerging Markets All Cap China A Inclusion Index. The new benchmark will expand the fund’s reach to small-capitalization stocks in addition to the large- and mid-cap stocks it already invests in.
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It will also add exposure to China A-shares—shares of companies based in mainland China that trade on the Shanghai and Shenzhen stock exchanges. Foreign ownership of these securities is regulated, but Vanguard has received a quota to invest in them, which will make our fund the first major emerging markets fund to provide this breadth and depth of exposure to Chinese A-shares.
Japan’s strong showing led international returns
For U.S. investors, international stocks returned 6%. Still, results were restrained by the dollar’s strength against many foreign currencies. Returns for the developed markets of the Pacific region, led by Japan, exceeded those of Europe and emerging markets. (You can read about Vanguard’s assessment of Japan’s economy in Japan: The Long Road Back to Inflation, available at vanguard.com/ research. This is part of the Global Macro Matters series produced by our economists.)
U.S. stocks returned almost 5% for the six months, despite stretches of shakiness. In two of those months, stocks declined. In two others, they were virtually unchanged or gained less than 1%. February’s surge of almost 6%, the largest monthly gain since October 2011, lifted stocks for the period.
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2015 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 4.75% | 13.00% | 14.47% |
| Russell 2000 Index (Small-caps) | 4.65 | 9.71 | 12.73 |
| Russell 3000 Index (Broad U.S. market) | 4.74 | 12.74 | 14.33 |
| FTSE All-World ex US Index (International) | 6.00 | 3.53 | 6.40 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 2.06% | 4.46% | 4.12% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 1.17 | 4.80 | 4.75 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.03 | 0.05 |
| |
| CPI | | | |
| Consumer Price Index | -0.35% | -0.20% | 1.65% |
3
The Federal Reserve’s careful approach to potentially raising short-term interest rates helped stocks along, as did monetary stimulus efforts by other nations’ central banks. These factors offset concerns that ranged from Greece’s debt crisis to the negative effect of the strong U.S. dollar on the profits of U.S.-based multinational companies.
Stimulus policies and demand have driven up bond prices
Like equities, bonds have benefited from accommodative monetary policies from the world’s central banks. Investor demand for the perceived safety of fixed income assets has also boosted bond returns.
The broad U.S. taxable bond market returned 2.06% for the period, and the yield of the 10-year U.S. Treasury note ended April at 2.04%, down from 2.31% six months earlier. (Bond prices and yields move in opposite directions.)
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –4.83% as foreign currencies’ weakness relative to the dollar affected results. For international bonds hedged to eliminate the effect of changes in currency exchange rates, returns were positive.
| | | | | | |
| Expense Ratios | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | | |
| |
| | | | | | | Peer |
| | Investor | ETF | Admiral | Institutional | Institutional | Group |
| | Shares | Shares | Shares | Shares | Plus Shares | Average |
| Emerging Markets Stock Index Fund | 0.33% | 0.15% | 0.15% | 0.12% | 0.10% | 1.57% |
The fund expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the fund’s annualized expense ratios were 0.33% for Investor Shares, 0.14% for FTSE Emerging Markets ETF Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, and 0.10% for Institutional Plus Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2014.
Peer group: Emerging Markets Funds.
4
Returns of money market funds and savings accounts remained checked by the Fed’s target of 0%–0.25% for short-term interest rates.
The fund’s gains in a few countries were offset a bit by losses in others
The Emerging Markets Stock Index Fund offers investors exposure to stocks of companies located in developing countries around the world. Investing in emerging
International stocks—an opportunity for further diversification
International stocks led global stock markets out of the Great Recession in 2009. Since then, they’ve trailed the broad U.S. stock market in every year but one.
Despite the underperformance of the last several years, international stocks—which represent about half of the world’s market capitalization—can still help U.S.-based investors diversify their portfolios.
As the chart below shows, U.S. and international stocks have periodically swapped market leadership positions as differing market and economic forces caused their returns to vary.
Of course, the timing of these changes is impossible to predict.
Global diversification can help U.S. investors reduce their portfolio’s volatility over time by mitigating losses when domestic stocks do poorly and adding to returns when foreign stocks shine. (For more insight, see Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
Trailing 12-month return differential between U.S. and non-U.S. stocks
Notes: U.S. equities are represented by MSCI USA Index; international equities are represented by MSCI World Index ex USA from 1970 through 1987 and MSCI All Country World Index ex USA thereafter. Data are from December 31, 1984, through December 31, 2014.
Sources: Vanguard, Thomson Reuters Datastream, and MSCI.
5
markets is not for the faint of heart. Steep highs and lows are their hallmark, and their stocks tend to be more volatile than those in developed markets. While this could imply that emerging markets stocks may be able to produce greater long-term returns, they also come with a higher degree of risk.
As I mentioned earlier in this letter, emerging markets stocks didn’t keep pace with the broader international stock market. As a group, they returned about 4% for the six months.
Of the more than 20 countries represented in the FTSE Emerging Index, only seven ended the period on a positive note. Results among the bigger countries varied dramatically: Stocks from China, Taiwan, and South Africa posted gains, but Brazilian and Indian stocks lost ground.
Chinese stocks—which accounted for more than 25% of the index, on average, for the period—returned about 32% and added most notably to the fund’s return. Although China’s economy continued to weaken, its stock market surged as the nation’s government grew more aggressive in its efforts to stabilize growth through monetary easing.
Stocks from Taiwan and South Africa also added significantly to performance; those from Hong Kong, the Philippines, Hungary, and Peru made modest contributions.
These gains were partially offset by negative results from the remaining countries held in the index. Brazilian stocks, the most notable detractors, tumbled amid falling commodities prices and a corruption scandal involving the country’s largest oil producer. Holdings in Mexico, Malaysia, and India also weighed on performance.
Six of the ten sectors represented in the index posted gains. Holdings in financials added most to returns, led by banks and life insurance companies. At the other end of the performance spectrum, stocks in the oil and gas sector slumped amid the sharp drop in the price of oil.
Promoting good corporate governance is one way we protect your interests
Our core purpose is “to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.” This involves more than offering smart investments, trustworthy guidance, and low fees. It also means working with the companies held by Vanguard funds to make sure that your interests remain paramount.
How do we meet that responsibility?
As one of the world’s largest investment managers, we are making our voice heard in corporate boardrooms to promote the highest standards of stewardship. Our advocacy encompasses a range of corporate governance issues, including
6
executive compensation and succession planning, board composition and effectiveness, oversight of strategy and risk, and communication with shareholders.
We also exert our influence in a very important way when Vanguard funds cast their proxy votes at companies’ shareholder meetings.
Most of these votes take place at this time of year, making it an appropriate time to remind you that we work hard to represent your best interests. Good governance, we believe, is essential for any company seeking to maximize its long-term returns to shareholders. You can learn more about our efforts at vanguard.com/corporategovernance.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer May 14, 2015
7
| | | | | |
| Emerging Markets Stock Index Fund | | |
| |
| |
| Fund Profile | | | | | |
| As of April 30, 2015 | | | | | |
| |
| Share-Class Characteristics | | | | | |
| |
| | | | | | FTSE |
| | | | | | Emerging |
| | Investor | Admiral | Institutional | Institutional | Markets ETF |
| | Shares | Shares | Shares | Plus Shares | Shares |
| Ticker Symbol | VEIEX | VEMAX | VEMIX | VEMRX | VWO |
| Expense Ratio1 | 0.33% | 0.15% | 0.12% | 0.10% | 0.15% |
| | | |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | | Global |
| | | FTSE | All Cap |
| | | Emerging | ex US |
| | Fund | Index | Index |
| Number of Stocks | 1,027 | 938 | 5,629 |
| Median Market Cap | $19.4B | $19.5B | $26.3B |
| Price/Earnings Ratio | 17.1x | 17.0x | 19.4x |
| Price/Book Ratio | 2.0x | 1.9x | 1.8x |
| Return on Equity | 18.1% | 18.1% | 14.4% |
| Earnings Growth | | | |
| Rate | 12.2% | 12.2% | 10.8% |
| Dividend Yield | 2.4% | 2.6% | 2.7% |
| Turnover Rate | | | |
| (Annualized) | 5% | — | — |
| Short-Term | | | |
| Reserves | 0.0% | — | — |
| | |
| Volatility Measures | | |
| | | FTSE Global |
| | Spliced | All Cap |
| | Emerging | ex US |
| | Mkts Index | Index |
| R-Squared | 0.99 | 0.79 |
| Beta | 1.02 | 1.04 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
| | |
| Taiwan Semiconductor | | |
| Manufacturing Co. Ltd. | Semiconductors | 3.1% |
| Tencent Holdings Ltd. | Internet | 2.9 |
| China Mobile Ltd. | Mobile | |
| | Telecommunications | 2.0 |
| China Construction Bank | | |
| Corp. | Banks | 1.9 |
| Industrial & Commercial | | |
| Bank of China Ltd. | Banks | 1.7 |
| Naspers Ltd. | Broadcasting & | |
| | Entertainment | 1.5 |
| Bank of China Ltd. | Banks | 1.4 |
| Hon Hai Precision | Electrical | |
| Industry Co. Ltd. | Components & | |
| | Equipment | 1.0 |
| Petroleo Brasileiro SA | Integrated Oil & Gas | 1.0 |
| China Life Insurance Co. | | |
| Ltd. | Life Insurance | 0.9 |
| Top Ten | | 17.4% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2015, the annualized expense ratios were 0.33% for Investor Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.14% for FTSE Emerging Markets ETF Shares.
8
Emerging Markets Stock Index Fund
Sector Diversification (% of equity exposure)
| | | |
| | | | FTSE |
| | | | Global |
| | | FTSE | All Cap |
| | | Emerging | ex US |
| | Fund | Index | Index |
| Basic Materials | 7.2% | 7.2% | 7.8% |
| Consumer Goods | 9.2 | 9.3 | 15.3 |
| Consumer Services | 7.1 | 7.1 | 8.3 |
| Financials | 31.3 | 31.4 | 26.5 |
| Health Care | 2.6 | 2.5 | 8.0 |
| Industrials | 10.4 | 10.3 | 14.1 |
| Oil & Gas | 9.2 | 9.3 | 6.9 |
| Technology | 11.3 | 11.3 | 5.2 |
| Telecommunications | 7.8 | 7.7 | 4.5 |
| Utilities | 3.9 | 3.9 | 3.4 |
Market Diversification (% of equity exposure)
| | | |
| | | | FTSE |
| | | | Global |
| | | FTSE | All Cap |
| | | Emerging | ex US |
| | Fund | Index | Index |
| Europe | 0.0% | 0.0% | 44.8% |
| Pacific | 0.0% | 0.0% | 28.7% |
| Emerging Markets | | | |
| China | 28.4% | 28.7% | 5.2% |
| Taiwan | 14.1 | 14.1 | 3.1 |
| India | 10.8 | 10.7 | 2.1 |
| South Africa | 9.4 | 9.4 | 1.6 |
| Brazil | 9.1 | 9.1 | 1.7 |
| Mexico | 4.9 | 4.9 | 0.9 |
| Russia | 4.5 | 4.5 | 0.8 |
| Malaysia | 4.3 | 4.3 | 0.8 |
| Thailand | 2.6 | 2.6 | 0.5 |
| Indonesia | 2.4 | 2.4 | 0.5 |
| Poland | 1.8 | 1.8 | 0.3 |
| Philippines | 1.8 | 1.8 | 0.4 |
| Turkey | 1.6 | 1.6 | 0.3 |
| Chile | 1.4 | 1.3 | 0.3 |
| Other | 2.7 | 2.8 | 0.6 |
| Subtotal | 99.8% | 100.0% | 19.1% |
| North America | 0.2% | 0.0% | 6.9% |
| Middle East | 0.0% | 0.0% | 0.5% |
9
Emerging Markets Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2004, Through April 30, 2015
For a benchmark description, see the Glossary.
Note: For 2015, performance data reflect the six months ended April 30, 2015.
Average Annual Total Returns: Periods Ended March 31, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Investor Shares | 5/4/1994 | 2.90% | 1.67% | 8.02% |
| FTSE Emerging Markets ETF Shares | 3/4/2005 | | | |
| Market Price | | 3.35 | 1.79 | 8.17 |
| Net Asset Value | | 3.05 | 1.82 | 8.16 |
| Admiral Shares | 6/23/2006 | 3.08 | 1.82 | 6.151 |
| Institutional Shares | 6/22/2000 | 3.08 | 1.87 | 8.22 |
| Institutional Plus Shares | 12/15/2010 | 3.10 | — | -0.541 |
| 1 Return since inception. | | | | |
See Financial Highlights for dividend and capital gains information.
10
Emerging Markets Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2015
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Brazil | | | |
| Ambev SA | 50,068,155 | 314,738 | 0.5% |
| Itau Unibanco Holding SA ADR | 23,939,971 | 306,910 | 0.4% |
| Itau Unibanco Holding SA Preference Shares | 22,280,186 | 284,922 | 0.4% |
| BRF SA | 12,538,464 | 268,002 | 0.4% |
| Banco Bradesco SA Preference Shares | 23,652,123 | 252,461 | 0.4% |
| Banco Bradesco SA ADR | 22,042,141 | 235,631 | 0.3% |
| Brazil—Other † | | 4,588,793 | 6.7% |
| | | 6,251,457 | 9.1% |
| |
| Chile † | | 937,432 | 1.4% |
| |
| China | | | |
| * Tencent Holdings Ltd. | 97,470,460 | 2,011,681 | 2.9% |
| China Mobile Ltd. | 95,264,567 | 1,360,691 | 2.0% |
| China Construction Bank Corp. | 1,316,251,913 | 1,277,731 | 1.9% |
| Industrial & Commercial Bank of China Ltd. | 1,314,685,003 | 1,140,438 | 1.7% |
| Bank of China Ltd. | 1,373,834,177 | 941,356 | 1.4% |
| China Life Insurance Co. Ltd. | 134,354,470 | 652,060 | 1.0% |
| Ping An Insurance Group Co. of China Ltd. | 45,050,488 | 644,278 | 0.9% |
| CNOOC Ltd. | 290,351,252 | 495,111 | 0.7% |
| PetroChina Co. Ltd. | 380,965,479 | 491,356 | 0.7% |
| China Petroleum & Chemical Corp. | 460,665,372 | 434,761 | 0.6% |
| China Overseas Land & Investment Ltd. | 73,707,276 | 307,019 | 0.5% |
| Agricultural Bank of China Ltd. | 466,202,065 | 262,463 | 0.4% |
| China Pacific Insurance Group Co. Ltd. | 47,432,594 | 257,097 | 0.4% |
| China Merchants Bank Co. Ltd. | 82,892,905 | 248,815 | 0.4% |
| China Telecom Corp. Ltd. | 292,257,683 | 216,507 | 0.3% |
| CITIC Ltd. | 100,238,674 | 200,526 | 0.3% |
| * China Unicom Hong Kong Ltd. | 104,562,248 | 196,381 | 0.3% |
| China Shenhua Energy Co. Ltd. | 62,186,925 | 161,503 | 0.2% |
11
| | | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | China Communications Construction Co. Ltd. | 81,858,504 | 148,889 | 0.2% |
| | China Resources Land Ltd. | 37,700,771 | 136,786 | 0.2% |
| | PICC Property & Casualty Co. Ltd. | 59,675,895 | 132,214 | 0.2% |
| | China CITIC Bank Corp. Ltd. | 138,877,719 | 125,941 | 0.2% |
| | China Resources Power Holdings Co. Ltd. | 35,203,048 | 106,195 | 0.2% |
| | China Railway Group Ltd. | 70,772,408 | 99,319 | 0.1% |
| | China Merchants Holdings International Co. Ltd. | 20,950,610 | 95,046 | 0.1% |
| | Sinopharm Group Co. Ltd. | 19,269,700 | 91,527 | 0.1% |
| | Dongfeng Motor Group Co. Ltd. | 54,086,744 | 89,857 | 0.1% |
| | Zhuzhou CSR Times Electric Co. Ltd. | 9,247,000 | 78,628 | 0.1% |
| | China Longyuan Power Group Corp. Ltd. | 62,624,800 | 77,611 | 0.1% |
| | China Railway Construction Corp. Ltd. | 35,021,765 | 69,929 | 0.1% |
| *,1 | China CNR Corp. Ltd. | 33,654,000 | 68,739 | 0.1% |
| | China Resources Enterprise Ltd. | 22,394,860 | 68,604 | 0.1% |
| * | China Taiping Insurance Holdings Co. Ltd. | 18,420,420 | 68,434 | 0.1% |
| | China Oilfield Services Ltd. | 33,135,800 | 68,035 | 0.1% |
| ^ | CSR Corp. Ltd. | 34,403,377 | 66,322 | 0.1% |
| *,1 | CGN Power Co. Ltd. | 114,537,878 | 64,092 | 0.1% |
| | Kunlun Energy Co. Ltd. | 51,929,230 | 61,648 | 0.1% |
| | China State Construction International Holdings Ltd. | 29,074,872 | 56,037 | 0.1% |
| 1 | People’s Insurance Co. Group of China Ltd. | 68,121,000 | 47,168 | 0.1% |
| | AviChina Industry & Technology Co. Ltd. | 40,588,000 | 45,984 | 0.1% |
| *,^ | China COSCO Holdings Co. Ltd. | 49,171,000 | 45,208 | 0.1% |
| | China Resources Gas Group Ltd. | 12,314,100 | 42,765 | 0.1% |
| | Air China Ltd. | 33,636,748 | 40,570 | 0.1% |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 65,940,788 | 39,838 | 0.1% |
| * | China Cinda Asset Management Co. Ltd. | 57,827,000 | 34,317 | 0.1% |
| ^,1 | China Galaxy Securities Co. Ltd. | 20,783,500 | 33,992 | 0.1% |
| | Huadian Power International Corp. Ltd. | 29,726,000 | 32,912 | 0.1% |
| ^ | China Coal Energy Co. Ltd. | 48,199,800 | 31,683 | 0.1% |
| | Metallurgical Corp. of China Ltd. | 53,594,937 | 31,628 | 0.1% |
| | China Southern Airlines Co. Ltd. | 31,578,000 | 31,032 | 0.0% |
| ^ | Beijing Capital International Airport Co. Ltd. | 28,232,564 | 30,008 | 0.0% |
| ^ | China Power International Development Ltd. | 46,263,469 | 29,824 | 0.0% |
| ^ | Huaneng Renewables Corp. Ltd. | 62,718,000 | 27,383 | 0.0% |
| | Franshion Properties China Ltd. | 65,604,094 | 26,505 | 0.0% |
| | China Communications Services Corp. Ltd. | 46,901,973 | 26,431 | 0.0% |
| | Sinotrans Ltd. | 34,096,000 | 26,094 | 0.0% |
| ^ | Huadian Fuxin Energy Corp. Ltd. | 47,929,852 | 25,780 | 0.0% |
| * | China Eastern Airlines Corp. Ltd. | 29,684,000 | 22,921 | 0.0% |
| | China Resources Cement Holdings Ltd. | 35,502,686 | 22,564 | 0.0% |
| 1 | Sinopec Engineering Group Co. Ltd. | 20,530,272 | 22,160 | 0.0% |
| | China Agri-Industries Holdings Ltd. | 38,092,961 | 21,753 | 0.0% |
| | Angang Steel Co. Ltd. | 20,382,374 | 16,938 | 0.0% |
| | China BlueChemical Ltd. | 35,079,405 | 15,623 | 0.0% |
| | China Merchants Property Development Co. Ltd. Class B | 4,178,770 | 12,293 | 0.0% |
| ^ | China Machinery Engineering Corp. | 8,117,639 | 10,776 | 0.0% |
| ^ | Harbin Electric Co. Ltd. | 11,938,000 | 9,792 | 0.0% |
| *,^ | China Foods Ltd. | 12,701,506 | 9,511 | 0.0% |
| *,^ | CITIC Resources Holdings Ltd. | 50,156,000 | 8,981 | 0.0% |
| * | Sinofert Holdings Ltd. | 28,510,000 | 7,837 | 0.0% |
| 1 | China—Other † | | 5,685,121 | 8.3% |
| | | | 19,589,019 | 28.5% |
12
| | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Colombia † | | 471,499 | 0.7% |
| |
| Czech Republic † | | 150,529 | 0.2% |
| |
| Egypt † | | 230,010 | 0.3% |
| |
| Hungary † | | 181,549 | 0.3% |
| |
| India | | | |
| Infosys Ltd. | 17,314,381 | 528,517 | 0.8% |
| Housing Development Finance Corp. Ltd. | 28,445,455 | 523,201 | 0.8% |
| Reliance Industries Ltd. | 28,653,427 | 388,618 | 0.6% |
| Tata Consultancy Services Ltd. | 8,574,660 | 332,037 | 0.5% |
| Sun Pharmaceutical Industries Ltd. | 18,534,728 | 273,567 | 0.4% |
| * ICICI Bank Ltd. | 50,971,811 | 266,294 | 0.4% |
| Oil & Natural Gas Corp. Ltd. | 37,483,702 | 179,044 | 0.3% |
| Coal India Ltd. | 24,529,548 | 139,698 | 0.2% |
| State Bank of India | 26,880,740 | 113,938 | 0.2% |
| NTPC Ltd. | 36,834,912 | 87,027 | 0.1% |
| Power Grid Corp. of India Ltd. | 25,518,522 | 57,088 | 0.1% |
| Bharat Heavy Electricals Ltd. | 10,740,440 | 40,194 | 0.1% |
| Bharat Petroleum Corp. Ltd. | 3,275,476 | 39,385 | 0.1% |
| Indian Oil Corp. Ltd. | 5,805,012 | 32,962 | 0.1% |
| Rural Electrification Corp. Ltd. | 6,533,837 | 32,017 | 0.1% |
| GAIL India Ltd. | 5,560,566 | 31,524 | 0.0% |
| NMDC Ltd. | 14,216,931 | 28,624 | 0.0% |
| Power Finance Corp. Ltd. | 5,975,404 | 24,943 | 0.0% |
| * Bank of Baroda | 7,927,770 | 21,063 | 0.0% |
| Steel Authority of India Ltd. | 18,178,628 | 19,840 | 0.0% |
| Bharat Electronics Ltd. | 350,121 | 16,948 | 0.0% |
| Oil India Ltd. | 2,242,980 | 16,137 | 0.0% |
| Punjab National Bank | 6,325,972 | 15,871 | 0.0% |
| Hindustan Petroleum Corp. Ltd. | 1,462,903 | 14,375 | 0.0% |
| NHPC Ltd. | 27,955,708 | 8,682 | 0.0% |
| Canara Bank | 1,388,928 | 8,261 | 0.0% |
| * Bank of India | 2,191,539 | 7,459 | 0.0% |
| IDBI Bank Ltd. | 5,806,899 | 6,801 | 0.0% |
| Union Bank of India | 2,030,318 | 4,587 | 0.0% |
| * Mangalore Refinery & Petrochemicals Ltd. | 3,711,949 | 4,083 | 0.0% |
| Oriental Bank of Commerce | 1,194,783 | 3,823 | 0.0% |
| * State Bank of India GDR | 79,048 | 3,326 | 0.0% |
| * Corp Bank | 2,410,755 | 2,158 | 0.0% |
| India—Other † | | 4,122,644 | 6.0% |
| | | 7,394,736 | 10.8% |
| Indonesia | | | |
| Telekomunikasi Indonesia Persero Tbk PT | 909,964,405 | 183,013 | 0.3% |
| Bank Rakyat Indonesia Persero Tbk PT | 194,110,700 | 173,302 | 0.2% |
| Bank Mandiri Persero Tbk PT | 168,497,780 | 138,596 | 0.2% |
| Bank Negara Indonesia Persero Tbk PT | 138,819,061 | 68,510 | 0.1% |
| Perusahaan Gas Negara Persero Tbk PT | 200,298,604 | 63,134 | 0.1% |
| Semen Indonesia Persero Tbk PT | 55,034,604 | 52,923 | 0.1% |
| Jasa Marga Persero Tbk PT | 37,539,000 | 17,884 | 0.0% |
13
| | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Tambang Batubara Bukit Asam Persero Tbk PT | 16,558,825 | 11,906 | 0.0% |
| * Aneka Tambang Persero Tbk PT | 61,919,500 | 3,785 | 0.0% |
| Indonesia—Other † | | 905,495 | 1.3% |
| | | 1,618,548 | 2.3% |
| Malaysia | | | |
| Public Bank Bhd. (Local) | 56,752,000 | 310,260 | 0.4% |
| Tenaga Nasional Bhd. | 63,679,107 | 256,292 | 0.4% |
| 1 Malaysia—Other † | | 2,386,295 | 3.5% |
| | | 2,952,847 | 4.3% |
| Mexico | | | |
| America Movil SAB de CV | 523,515,568 | 549,722 | 0.8% |
| * Fomento Economico Mexicano SAB de CV | 39,021,466 | 353,742 | 0.5% |
| * Grupo Televisa SAB | 47,518,746 | 345,844 | 0.5% |
| Wal-Mart de Mexico SAB de CV | 101,467,630 | 239,681 | 0.3% |
| Mexico—Other † | | 1,897,487 | 2.8% |
| | | 3,386,476 | 4.9% |
| |
| Morocco † | | 1,308 | 0.0% |
| |
| Peru † | | 190,959 | 0.3% |
| |
| Philippines † | | 1,205,879 | 1.7% |
| |
| Poland † | | 1,236,377 | 1.8% |
| |
| Russia | | | |
| Gazprom OAO ADR | 56,350,052 | 330,152 | 0.5% |
| Sberbank of Russia | 196,348,048 | 292,422 | 0.4% |
| Lukoil OAO ADR | 5,628,503 | 287,929 | 0.4% |
| Magnit PJSC GDR | 5,037,146 | 276,351 | 0.4% |
| Gazprom OAO | 86,081,293 | 255,921 | 0.4% |
| VTB Bank OJSC | 58,129,231,072 | 73,721 | 0.1% |
| Rosneft OAO GDR | 14,876,183 | 73,402 | 0.1% |
| AK Transneft OAO Preference Shares | 28,866 | 67,878 | 0.1% |
| VTB Bank OJSC GDR | 18,643,874 | 46,112 | 0.1% |
| Rosneft OAO | 6,628,175 | 32,944 | 0.1% |
| RusHydro JSC | 2,341,602,363 | 27,130 | 0.0% |
| * Bashneft OAO | 400,000 | 16,629 | 0.0% |
| * Inter RAO UES JSC | 416,774,509 | 9,833 | 0.0% |
| Federal Grid Co. Unified Energy System JSC | 5,323,286,228 | 7,310 | 0.0% |
| Aeroflot - Russian Airlines OJSC | 9,430,172 | 6,958 | 0.0% |
| * Rosseti JSC | 407,033,605 | 4,144 | 0.0% |
| Sberbank of Russia ADR | 228,580 | 1,357 | 0.0% |
| Russia—Other † | | 1,306,179 | 1.9% |
| | | 3,116,372 | 4.5% |
| South Africa | | | |
| Naspers Ltd. | 6,597,498 | 1,035,054 | 1.5% |
| MTN Group Ltd. | 31,902,842 | 640,575 | 0.9% |
| Sasol Ltd. | 9,980,456 | 401,848 | 0.6% |
| Standard Bank Group Ltd. | 21,739,228 | 318,652 | 0.5% |
| FirstRand Ltd. | 54,730,311 | 261,452 | 0.4% |
| Steinhoff International Holdings Ltd. | 37,744,619 | 239,500 | 0.3% |
| South Africa—Other † | | 3,539,624 | 5.2% |
| | | 6,436,705 | 9.4% |
14
| | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Taiwan | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 250,584,845 | 1,206,384 | 1.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 37,103,778 | 906,816 | 1.3% |
| Hon Hai Precision Industry Co. Ltd. | 230,698,722 | 691,277 | 1.0% |
| MediaTek Inc. | 26,263,192 | 337,592 | 0.5% |
| Fubon Financial Holding Co. Ltd. | 130,779,336 | 281,248 | 0.4% |
| Nan Ya Plastics Corp. | 102,811,253 | 252,689 | 0.4% |
| Cathay Financial Holding Co. Ltd. | 142,887,966 | 249,629 | 0.4% |
| Taiwan—Other † | | 5,681,448 | 8.3% |
| | | 9,607,083 | 14.0% |
| |
| Thailand † | | 1,784,912 | 2.6% |
| |
| Turkey † | | 1,102,708 | 1.6% |
| |
| United Arab Emirates † | | 621,693 | 0.9% |
| Total Common Stocks (Cost $62,335,740) | | 68,468,098 | 99.6%2 |
| Total Other Investments (Cost $6,422) † | | 7,356 | 0.0% |
| |
| | Coupon | | |
| Temporary Cash Investments | | | |
| Money Market Fund | | | |
| 3,4 Vanguard Market Liquidity Fund | 0.121% 1,542,659,339 | 1,542,659 | 2.3% |
| |
| 5U.S. Government and Agency Obligations † | | 9,500 | 0.0% |
| Total Temporary Cash Investments (Cost $1,552,159) | | 1,552,159 | 2.3%2 |
| Total Investments (Cost $63,894,321) | | 70,027,613 | 101.9% |
| Other Assets and Liabilities | | | |
| Other Assets | | 307,095 | 0.8% |
| Liabilities4 | | (1,627,417) | (2.7%) |
| | | (1,320,322) | (1.9%) |
| Net Assets | | 68,707,291 | 100.0% |
| |
| |
| At April 30, 2015, net assets consisted of: | | | |
| | | | Amount |
| | | | ($000) |
| Paid-in Capital | | | 67,336,297 |
| Undistributed Net Investment Income | | | 111,182 |
| Accumulated Net Realized Losses | | | (4,875,495) |
| Unrealized Appreciation (Depreciation) | | | |
| Investment Securities | | | 6,133,292 |
| Futures Contracts | | | 2,608 |
| Foreign Currencies | | | (593) |
| Net Assets | | | 68,707,291 |
15
| |
| Emerging Markets Stock Index Fund | |
| |
| |
| |
| | Amount |
| | ($000) |
| Investor Shares—Net Assets | |
| Applicable to 72,935,130 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,029,122 |
| Net Asset Value Per Share—Investor Shares | $27.82 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 258,155,293 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 9,432,046 |
| Net Asset Value Per Share—Admiral Shares | $36.54 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 151,560,421 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,211,206 |
| Net Asset Value Per Share—Institutional Shares | $27.79 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 31,433,908 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,905,537 |
| Net Asset Value Per Share—Institutional Plus Shares | $92.43 |
| |
| ETF Shares—Net Assets | |
| Applicable to 1,141,182,767 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 50,129,380 |
| Net Asset Value Per Share—ETF Shares | $43.93 |
• 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 $1,224,928,000.
† 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 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, 2015, the aggregate value of these securities was $344,752,000,
representing 0.5% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 1.9%, 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 $1,303,796,000 of collateral received for securities on loan.
5 Securities with a value of $8,899,000 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.
16
| |
| Emerging Markets Stock Index Fund | |
| |
| |
| Statement of Operations | |
| |
| |
| | Six Months Ended |
| | April 30, 2015 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 474,461 |
| Interest2 | 201 |
| Securities Lending | 20,437 |
| Total Income | 495,099 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 2,093 |
| Management and Administrative—Investor Shares | 2,335 |
| Management and Administrative—Admiral Shares | 3,050 |
| Management and Administrative—Institutional Shares | 607 |
| Management and Administrative—Institutional Plus Shares | 159 |
| Management and Administrative—ETF Shares | 14,659 |
| Marketing and Distribution—Investor Shares | 211 |
| Marketing and Distribution—Admiral Shares | 654 |
| Marketing and Distribution—Institutional Shares | 458 |
| Marketing and Distribution—Institutional Plus Shares | 327 |
| Marketing and Distribution—ETF Shares | 4,074 |
| Custodian Fees | 17,583 |
| Shareholders’ Reports—Investor Shares | 27 |
| Shareholders’ Reports—Admiral Shares | 24 |
| Shareholders’ Reports—Institutional Shares | 8 |
| Shareholders’ Reports—Institutional Plus Shares | — |
| Shareholders’ Reports—ETF Shares | 275 |
| Trustees’ Fees and Expenses | 24 |
| Total Expenses | 46,568 |
| Net Investment Income | 448,531 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (576,041) |
| Futures Contracts | 4,776 |
| Foreign Currencies | (7,819) |
| Realized Net Gain (Loss) | (579,084) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 2,476,951 |
| Futures Contracts | 6,906 |
| Foreign Currencies | 326 |
| Change in Unrealized Appreciation (Depreciation) | 2,484,183 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,353,630 |
| 1 Dividends are net of foreign withholding taxes of $46,629,000. | |
| 2 Interest income from an affiliated company of the fund was $186,000. | |
| See accompanying Notes, which are an integral part of the Financial Statements. | |
17
| | |
| Emerging Markets Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2015 | 2014 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 448,531 | 1,704,321 |
| Realized Net Gain (Loss) | (579,084) | (1,371,709) |
| Change in Unrealized Appreciation (Depreciation) | 2,484,183 | 1,471,560 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,353,630 | 1,804,172 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (9,787) | (54,715) |
| Admiral Shares | (51,082) | (211,231) |
| Signal Shares | — | (27,666) |
| Institutional Shares | (23,284) | (107,801) |
| Institutional Plus Shares | (17,036) | (74,398) |
| ETF Shares | (280,342) | (1,306,758) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (381,531) | (1,782,569) |
| Capital Share Transactions | | |
| Investor Shares | (89,562) | (135,545) |
| Admiral Shares | 284,427 | 1,834,672 |
| Signal Shares | — | (1,387,323) |
| Institutional Shares | 86,443 | 402,491 |
| Institutional Plus Shares | 72,565 | 410,168 |
| ETF Shares | 692,476 | (2,957,902) |
| Net Increase (Decrease) from Capital Share Transactions | 1,046,349 | (1,833,439) |
| Total Increase (Decrease) | 3,018,448 | (1,811,836) |
| Net Assets | | |
| Beginning of Period | 65,688,843 | 67,500,679 |
| End of Period1 | 68,707,291 | 65,688,843 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $111,182,000 and $52,001,000.
See accompanying Notes, which are an integral part of the Financial Statements.
18
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $27.02 | $26.78 | $26.36 | $26.39 | $29.49 | $23.90 |
| Investment Operations | | | | | | |
| Net Investment Income | .157 | .672 | .667 | .576 | .589 | .5211 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | .773 | .271 | .548 | .237 | (3.255) | 5.383 |
| Total from Investment Operations | .930 | .943 | 1.215 | .813 | (2.666) | 5.904 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.130) | (.703) | (.795) | (. 843) | (. 434) | (. 314) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.130) | (.703) | (.795) | (. 843) | (. 434) | (. 314) |
| Net Asset Value, End of Period | $27.82 | $27.02 | $26.78 | $26.36 | $26.39 | $29.49 |
| |
| Total Return3 | 3.49% | 3.59% | 4.78% | 3.30% | -9.20% | 24.92% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $2,029 | $2,063 | $2,181 | $2,333 | $2,585 | $5,597 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% | 0.35% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.23% | 2.56% | 2.45% | 2.38% | 2.25% | 1.97% |
| Portfolio Turnover Rate 4 | 5% | 9% | 26% | 8% | 10% | 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, $.00, $.02, and $.04. 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
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $35.49 | $35.17 | $34.65 | $34.71 | $38.82 | $31.45 |
| Investment Operations | | | | | | |
| Net Investment Income | . 238 | . 946 | . 940 | . 816 | . 820 | . 6961 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 1.015 | .361 | .709 | .311 | (4.277) | 7.119 |
| Total from Investment Operations | 1.253 | 1.307 | 1.649 | 1.127 | (3.457) | 7.815 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.203) | (.987) | (1.129) | (1.187) | (.653) | (.445) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.203) | (.987) | (1.129) | (1.187) | (.653) | (.445) |
| Net Asset Value, End of Period | $36.54 | $35.49 | $35.17 | $34.65 | $34.71 | $38.82 |
| |
| Total Return3 | 3.59% | 3.79% | 4.94% | 3.49% | -9.09% | 25.08% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $9,432 | $8,870 | $6,959 | $6,801 | $6,486 | $4,761 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.15% | 0.15% | 0.15% | 0.18% | 0.20% | 0.22% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.41% | 2.74% | 2.63% | 2.53% | 2.38% | 2.10% |
| Portfolio Turnover Rate 4 | 5% | 9% | 26% | 8% | 10% | 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, $.01, $.02, and $.03. 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.
20
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $26.99 | $26.74 | $26.36 | $26.42 | $29.55 | $23.94 |
| Investment Operations | | | | | | |
| Net Investment Income | .185 | .726 | .725 | . 643 | . 657 | . 5711 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | .772 | .283 | .532 | .225 | (3.259) | 5.388 |
| Total from Investment Operations | .957 | 1.009 | 1.257 | .868 | (2.602) | 5.959 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.157) | (.759) | (. 877) | (. 928) | (. 528) | (. 349) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.157) | (.759) | (. 877) | (. 928) | (. 528) | (. 349) |
| Net Asset Value, End of Period | $27.79 | $26.99 | $26.74 | $26.36 | $26.42 | $29.55 |
| |
| Total Return3 | 3.61% | 3.85% | 4.95% | 3.54% | -9.00% | 25.13% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $4,211 | $4,002 | $3,558 | $2,495 | $1,305 | $3,473 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.13% | 0.15% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.44% | 2.77% | 2.66% | 2.59% | 2.45% | 2.17% |
| Portfolio Turnover Rate 4 | 5% | 9% | 26% | 8% | 10% | 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, $.00, $.02, and $.02. 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.
21
| | | | | |
| Emerging Markets Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Plus Shares | | | | | |
| | Six Months | | | | Dec. 15, |
| | Ended | | | | 20101 to |
| | | Year Ended October 31, | |
| | April 30, | | | | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $89.77 | $88.97 | $87.68 | $87.90 | $99.35 |
| Investment Operations | | | | | |
| Net Investment Income | .622 | 2.436 | 2.426 | 2.131 | 2.215 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 2 | 2.570 | .904 | 1.792 | .776 | (11.911) |
| Total from Investment Operations | 3.192 | 3.340 | 4.218 | 2.907 | (9.696) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.532) | (2.540) | (2.928) | (3.127) | (1.754) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.532) | (2.540) | (2.928) | (3.127) | (1.754) |
| Net Asset Value, End of Period | $92.43 | $89.77 | $88.97 | $87.68 | $87.90 |
| |
| Total Return3 | 3.62% | 3.83% | 4.99% | 3.56% | -9.95% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $2,906 | $2,754 | $2,320 | $1,607 | $1,581 |
| Ratio of Total Expenses to | | | | | |
| Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10%4 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 1.46% | 2.79% | 2.68% | 2.61% | 2.48%4 |
| Portfolio Turnover Rate 5 | 5% | 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, $.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.
22
| | | | | | |
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $42.66 | $42.28 | $41.65 | $41.73 | $46.70 | $37.84 |
| Investment Operations | | | | | | |
| Net Investment Income | .287 | 1.137 | 1.129 | .984 | 1.019 | .8701 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 1.228 | .428 | .860 | .367 | (5.174) | 8.535 |
| Total from Investment Operations | 1.515 | 1.565 | 1.989 | 1.351 | (4.155) | 9.405 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.245) | (1.185) | (1.359) | (1.431) | (.815) | (.545) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.245) | (1.185) | (1.359) | (1.431) | (.815) | (.545) |
| Net Asset Value, End of Period | $43.93 | $42.66 | $42.28 | $41.65 | $41.73 | $46.70 |
| |
| Total Return | 3.61% | 3.77% | 4.97% | 3.47% | -9.09% | 25.07% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $50,129 | $48,000 | $51,083 | $57,125 | $46,289 | $40,817 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.14% | 0.15% | 0.15% | 0.18% | 0.20% | 0.22% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.42% | 2.74% | 2.63% | 2.53% | 2.38% | 2.10% |
| Portfolio Turnover Rate 3 | 5% | 9% | 26% | 8% | 10% | 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, $.01, $.02, and $.03. 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.
23
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 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, 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
24
Emerging Markets Stock Index Fund
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’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended April 30, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2011–2014), and for the period ended April 30, 2015, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counter-parties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counter-party risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.
25
Emerging Markets Stock Index Fund
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2015, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 invest up to 0.40% of its net assets in Vanguard. At April 30, 2015, the fund had contributed capital of $5,720,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 2.29% 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).
26
Emerging Markets Stock Index Fund
The following table summarizes the market value of the fund’s investments as of April 30, 2015, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 10,429,364 | 808,459 | — |
| Common Stocks—Other | 1,548,301 | 55,573,689 | 108,285 |
| Other Investments | — | 7,356 | — |
| Temporary Cash Investments | 1,542,659 | 9,500 | — |
| Futures Contracts—Assets1 | 56 | — | — |
| Futures Contracts—Liabilities1 | (3,000) | — | — |
| Total | 13,517,380 | 56,399,004 | 108,285 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
Securities in certain countries may transfer between Level 1 and Level 2 because of differences in stock market closure times that may result from transitions between standard and daylight saving time in those countries and the United States. Based on values on the date of transfer, securities valued at $4,064,463,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
D. At April 30, 2015, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| E-mini S&P 500 Index | June 2015 | 1,000 | 103,945 | (356) |
| MSCI Emerging Markets Index | June 2015 | 1,986 | 103,143 | 3,699 |
| MSCI Taiwan Index | May 2015 | 1,000 | 36,240 | (735) |
| | | | | 2,608 |
Unrealized appreciation (depreciation) on open 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, 2015, the fund realized net foreign currency losses of $7,819,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.
27
Emerging Markets Stock Index Fund
During the six months ended April 30, 2015, the fund realized $137,872,000 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, 2014, the fund had available capital losses totaling $4,171,549,000 to offset future net capital gains. Of this amount, $2,165,283,000 is subject to expiration dates; $59,682,000 may be used to offset future net capital gains through October 31, 2016, $1,591,794,000 through October 31, 2017, $212,374,000 through October 31, 2018, and $301,433,000 through October 31, 2019. Capital losses of $2,006,266,000 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, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2015, the cost of investment securities for tax purposes was $63,933,749,000. Net unrealized appreciation of investment securities for tax purposes was $6,093,864,000, consisting of unrealized gains of $15,909,009,000 on securities that had risen in value since their purchase and $9,815,145,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2015, the fund purchased $3,497,348,000 of investment securities and sold $2,330,900,000 of investment securities, other than temporary cash investments. Purchases and sales include $432,458,000 and $635,555,000, 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, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 175,471 | 6,714 | 452,183 | 17,297 |
| Issued in Lieu of Cash Distributions | 9,185 | 364 | 51,321 | 1,929 |
| Redeemed | (274,218) | (10,498) | (639,049) | (24,336) |
| Net Increase (Decrease)—Investor Shares | (89,562) | (3,420) | (135,545) | (5,110) |
| Admiral Shares | | | | |
| Issued1 | 1,057,623 | 30,850 | 2,886,209 | 82,926 |
| Issued in Lieu of Cash Distributions | 44,969 | 1,356 | 188,705 | 5,400 |
| Redeemed | (818,165) | (24,007) | (1,240,242) | (36,247) |
| Net Increase (Decrease)—Admiral Shares | 284,427 | 8,199 | 1,834,672 | 52,079 |
| Signal Shares | | | | |
| Issued | — | — | 371,246 | 11,327 |
| Issued in Lieu of Cash Distributions | — | — | 23,257 | 699 |
| Redeemed1 | — | — | (1,781,826) | (53,414) |
| Net Increase (Decrease)—Signal Shares | — | — | (1,387,323) | (41,388) |
28
| | | | |
| Emerging Markets Stock Index Fund | | | | |
| |
| |
| |
| |
| | Six Months Ended | | Year Ended |
| | | April 30, 2015 | October 31, 2014 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Institutional Shares | | | | |
| Issued | 620,949 | 23,829 | 1,415,770 | 54,296 |
| Issued in Lieu of Cash Distributions | 21,577 | 856 | 99,153 | 3,728 |
| Redeemed | (556,083) | (21,414) | (1,112,432) | (42,784) |
| Net Increase (Decrease)—Institutional Shares | 86,443 | 3,271 | 402,491 | 15,240 |
| Institutional Plus Shares | | | | |
| Issued | 338,468 | 3,853 | 802,266 | 9,114 |
| Issued in Lieu of Cash Distributions | 15,245 | 182 | 66,245 | 749 |
| Redeemed | (281,148) | (3,277) | (458,343) | (5,261) |
| Net Increase (Decrease)—Institutional Plus Shares | 72,565 | 758 | 410,168 | 4,602 |
| ETF Shares | | | | |
| Issued | 1,642,811 | 39,914 | 4,796,082 | 112,270 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (950,335) | (23,800) | (7,753,984) | (195,400) |
| Net Increase (Decrease)—ETF Shares | 692,476 | 16,114 | (2,957,902) | (83,130) |
1 Admiral Shares Issued and Signal Shares Redeemed include $1,127,550,000 from the conversion of Signal Shares to Admiral Shares during the 2014 fiscal year.
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2015, that would require recognition or disclosure in these financial statements.
29
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.
30
| | | |
| Six Months Ended April 30, 2015 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Emerging Markets Stock Index Fund | 10/31/2014 | 4/30/2015 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $1,034.92 | $1.67 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 1,036.07 | 0.71 |
| Admiral Shares | 1,000.00 | 1,035.90 | 0.76 |
| Institutional Shares | 1,000.00 | 1,036.06 | 0.61 |
| Institutional Plus Shares | 1,000.00 | 1,036.17 | 0.50 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,023.16 | $1.66 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 1,024.10 | 0.70 |
| 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 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are 0.33% for Investor Shares, 0.14% for FTSE Emerging Markets ETF Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, and 0.10% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
31
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Emerging Markets Stock Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard’s Equity Investment Group—through its Equity Index 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 reviewed the quality of the investment management services provided to the fund over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Equity Index 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 short- and long-term performance of the fund, 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 again after a one-year period.
32
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.
33
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. Benchmark returns are adjusted for withholding taxes.
34
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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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, Amerigroup Corporation (managed health care), the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels), the University Medical Center at Princeton, the Robert Wood Johnson Foundation, and the Center for Talent Innovation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Controller Since July 2010. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Kathryn J. Hyatt
Born 1955. Treasurer Since November 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Assistant Treasurer of each of the investment companies served by The Vanguard Group (1988–2008).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| |
Mortimer J. Buckley Kathleen C. Gubanich Paul A. Heller Martha G. King John T. Marcante | Chris D. McIsaac Michael S. Miller James M. Norris Glenn W. Reed |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
 |
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Connect with Vanguard® > vanguard.com
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| otherwise noted. | purpose to which it is being put by Vanguard. |
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| 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 | |
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| | © 2015 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q5332 062015 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| |
| Common Stocks (99.5%)1 | | |
| Austria (0.3%) | | |
| | Erste Group Bank AG | 655,300 | 18,502 |
| | OMV AG | 322,043 | 10,719 |
| | voestalpine AG | 253,854 | 10,628 |
| | ANDRITZ AG | 162,805 | 9,532 |
| * | IMMOFINANZ AG | 2,152,213 | 6,474 |
| ^ | Raiffeisen Bank International AG | 272,509 | 4,524 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 85,893 | 3,418 |
| ^ | Verbund AG | 148,861 | 2,519 |
| | Telekom Austria AG | 178,691 | 1,327 |
| | | | 67,643 |
| Belgium (2.0%) | | |
| | Anheuser-Busch InBev NV | 1,795,909 | 218,649 |
| * | KBC Groep NV | 618,409 | 40,687 |
| * | UCB SA | 273,913 | 19,731 |
| | Solvay SA Class A | 127,275 | 18,741 |
| | Delhaize Group SA | 228,059 | 18,359 |
| | Ageas | 478,496 | 17,978 |
| * | Groupe Bruxelles Lambert SA | 175,450 | 15,401 |
| | Umicore SA | 242,042 | 12,031 |
| | Belgacom SA | 315,978 | 11,769 |
| | RTL Group SA | 87,262 | 8,181 |
| | Colruyt SA | 147,893 | 6,990 |
| * | Telenet Group Holding NV | 109,261 | 6,566 |
| | bpost SA | 221,567 | 6,354 |
| | | | 401,437 |
| Denmark (2.6%) | | |
| | Novo Nordisk A/S Class B | 4,385,782 | 246,221 |
| | Danske Bank A/S | 1,768,280 | 50,150 |
| | AP Moeller - Maersk A/S Class B | 15,165 | 30,096 |
| | Pandora A/S | 266,262 | 27,521 |
| | Novozymes A/S | 518,246 | 23,910 |
| | Vestas Wind Systems A/S | 499,550 | 22,658 |
| | Carlsberg A/S Class B | 238,429 | 21,737 |
| | AP Moeller - Maersk A/S Class A | 10,169 | 19,605 |
| | Coloplast A/S Class B | 225,389 | 18,397 |
| | TDC A/S | 1,798,801 | 13,695 |
| | DSV A/S | 380,019 | 13,183 |
| | ISS A/S | 360,683 | 12,183 |
| | Chr Hansen Holding A/S | 193,194 | 9,353 |
| * | Jyske Bank A/S | 159,184 | 7,795 |
| | Tryg A/S | 55,545 | 6,032 |
| * | William Demant Holding A/S | 55,193 | 4,539 |
| * | H Lundbeck A/S | 131,026 | 2,549 |
| | | | 529,624 |
| Finland (1.3%) | | |
| ^ | Nokia Oyj | 8,440,209 | 56,950 |
| | Sampo Oyj Class A | 1,059,494 | 51,337 |
| | Kone Oyj Class B | 855,788 | 36,817 |
| | UPM-Kymmene Oyj | 1,193,763 | 21,601 |
| | Fortum Oyj | 998,606 | 19,720 |
| | Wartsila OYJ Abp | 350,092 | 16,062 |
| ^ | Stora Enso Oyj | 1,290,771 | 13,583 |
| ^ | Nokian Renkaat Oyj | 298,149 | 9,689 |
| | Metso Oyj | 308,128 | 8,759 |
| | Neste Oil Oyj | 288,116 | 7,836 |
| | Orion Oyj Class B | 225,678 | 7,379 |
| | Kesko Oyj Class B | 150,489 | 6,149 |
| | | | 255,882 |
| France (14.4%) | | |
| | Sanofi | 2,576,694 | 262,283 |
| | TOTAL SA | 4,573,379 | 247,649 |
1
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | BNP Paribas SA | 2,198,542 | 138,841 |
| | AXA SA | 4,336,642 | 109,656 |
| | LVMH Moet Hennessy Louis Vuitton SE | 563,843 | 98,597 |
| | Schneider Electric SE | 1,244,014 | 92,988 |
| | Danone SA | 1,254,309 | 90,765 |
| | Airbus Group NV | 1,245,611 | 86,324 |
| | Societe Generale SA | 1,623,927 | 81,188 |
| | Vivendi SA | 2,890,689 | 72,466 |
| | Orange SA | 4,055,815 | 66,805 |
| ^ | GDF Suez | 3,197,617 | 65,060 |
| ^ | Vinci SA | 1,049,862 | 64,393 |
| * | L'Oreal SA | 302,586 | 57,746 |
| | Air Liquide SA | 433,081 | 56,639 |
| | Pernod Ricard SA | 441,479 | 54,869 |
| | Essilor International SA | 442,262 | 53,881 |
| | Cie Generale des Etablissements Michelin | 420,042 | 46,841 |
| | Cie de Saint-Gobain | 1,014,771 | 46,118 |
| * | Carrefour SA | 1,329,193 | 45,829 |
| | Safran SA | 626,596 | 45,784 |
| * | L'Oreal SA Loyalty Line | 232,325 | 44,337 |
| | Renault SA | 420,453 | 44,239 |
| | Air Liquide SA-PRIM | 337,631 | 44,156 |
| | Publicis Groupe SA | 451,494 | 37,867 |
| | Legrand SA | 597,813 | 34,567 |
| | Kering | 167,650 | 31,005 |
| | Cap Gemini SA | 340,085 | 30,300 |
| | Credit Agricole SA | 1,813,087 | 28,209 |
| | Valeo SA | 174,728 | 28,012 |
| ^ | Accor SA | 453,498 | 24,868 |
| | SES SA | 666,673 | 23,364 |
| | Christian Dior SE | 116,257 | 22,728 |
| * | Veolia Environnement SA | 1,046,428 | 22,142 |
| | Dassault Systemes | 284,198 | 21,899 |
| * | Alcatel-Lucent | 6,228,424 | 21,625 |
| | Sodexo SA | 202,930 | 20,535 |
| | Hermes International | 53,401 | 20,139 |
| | Klepierre | 391,316 | 18,981 |
| | Natixis SA | 2,114,485 | 17,503 |
| ^ | Bouygues SA | 422,493 | 17,443 |
| | Groupe Eurotunnel SE | 1,043,298 | 16,727 |
| | Lafarge SA (XPAR) | 229,091 | 16,716 |
| ^ | Technip SA | 241,488 | 16,463 |
| * | Peugeot SA | 860,147 | 16,262 |
| | Zodiac Aerospace | 434,990 | 15,974 |
| | Atos SE | 196,972 | 15,396 |
| * | Alstom SA | 487,784 | 15,323 |
| | Ingenico | 121,527 | 15,248 |
| ^ | Suez Environnement Co. | 731,845 | 14,926 |
| | Thales SA | 228,303 | 13,898 |
| | Bureau Veritas SA | 579,344 | 13,642 |
| * | Lafarge SA | 180,106 | 13,141 |
| | Eutelsat Communications SA | 374,751 | 13,066 |
| * | Numericable-SFR SAS | 228,222 | 12,671 |
| | Arkema SA | 155,849 | 12,542 |
| | Bollore SA | 2,186,550 | 12,496 |
| | Edenred | 458,973 | 12,305 |
| | Iliad SA | 51,925 | 12,241 |
| | Rexel SA | 648,781 | 12,227 |
| | Electricite de France SA | 469,783 | 11,954 |
| | SCOR SE | 326,168 | 11,739 |
| | STMicroelectronics NV | 1,421,876 | 11,340 |
| | Casino Guichard Perrachon SA | 128,079 | 11,326 |
| | Gecina SA | 76,879 | 10,543 |
| | Societe BIC SA | 60,483 | 10,332 |
2
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Wendel SA | 72,542 | 8,910 |
| | Lagardere SCA | 263,371 | 8,454 |
| | Aeroports de Paris | 64,164 | 7,910 |
| * | Credit Agricole SA Loyalty Line | 497,173 | 7,735 |
| | Fonciere Des Regions | 79,699 | 7,545 |
| | JCDecaux SA | 179,937 | 7,108 |
| | ICADE | 78,455 | 6,824 |
| | CNP Assurances | 365,115 | 6,562 |
| | Vallourec SA | 268,770 | 6,338 |
| | Eurazeo SA | 87,025 | 6,229 |
| | Eiffage SA | 93,181 | 5,682 |
| | Imerys SA | 72,990 | 5,555 |
| | SEB SA | 58,664 | 5,432 |
| | Ipsen SA | 75,794 | 4,353 |
| ^ | Societe Television Francaise 1 | 233,765 | 4,086 |
| | Remy Cointreau SA | 53,071 | 3,993 |
| | BioMerieux | 34,166 | 3,686 |
| | Euler Hermes Group | 29,676 | 3,244 |
| * | Electricite de France SA Loyalty Line | 122,442 | 3,116 |
| *,^ | Air France-KLM | 341,683 | 2,946 |
| | | | 2,892,847 |
| Germany (13.6%) | | |
| * | Bayer AG | 1,861,832 | 267,979 |
| | Daimler AG | 2,150,534 | 206,767 |
| | BASF SE | 2,078,452 | 206,490 |
| | Siemens AG | 1,864,214 | 202,793 |
| | Allianz SE | 1,024,953 | 174,462 |
| | SAP SE | 2,012,386 | 152,066 |
| | Deutsche Telekom AG | 7,016,881 | 128,975 |
| | Deutsche Bank AG | 3,105,120 | 99,308 |
| ^ | Volkswagen AG Preference Shares | 345,194 | 88,869 |
| | Bayerische Motoren Werke AG | 732,017 | 86,352 |
| | Linde AG | 416,083 | 81,307 |
| | Deutsche Post AG | 2,139,642 | 70,455 |
| ^ | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 340,668 | 66,498 |
| | E.ON SE | 4,168,496 | 64,895 |
| * | Continental AG | 243,160 | 56,986 |
| | Fresenius SE & Co. KGaA | 882,386 | 52,496 |
| | Henkel AG & Co. KGaA Preference Shares | 390,375 | 45,345 |
| | Fresenius Medical Care AG & Co. KGaA | 475,400 | 39,953 |
| ^ | adidas AG | 471,021 | 38,594 |
| | Deutsche Boerse AG | 413,144 | 34,235 |
| | Porsche Automobil Holding SE Preference Shares | 344,099 | 32,649 |
| | Merck KGaA | 290,179 | 31,283 |
| | Infineon Technologies AG | 2,524,728 | 29,683 |
| * | Commerzbank AG | 2,120,004 | 28,601 |
| ^ | RWE AG | 1,087,746 | 27,030 |
| | Henkel AG & Co. KGaA | 262,899 | 26,630 |
| | ThyssenKrupp AG | 956,060 | 25,402 |
| | ProSiebenSat.1 Media AG | 478,447 | 24,462 |
| ^ | HeidelbergCement AG | 316,056 | 24,261 |
| | Brenntag AG | 348,298 | 20,898 |
| | Beiersdorf AG | 224,385 | 19,518 |
| | GEA Group AG | 399,099 | 19,167 |
| | HUGO BOSS AG | 144,739 | 17,810 |
| | Deutsche Wohnen AG | 661,975 | 17,363 |
| ^ | Volkswagen AG | 65,964 | 16,710 |
| | Symrise AG | 271,613 | 16,469 |
| ^ | Hannover Rueck SE | 138,869 | 14,116 |
| | K&S AG | 427,603 | 13,940 |
| * | QIAGEN NV | 525,674 | 12,640 |
| | United Internet AG | 264,211 | 11,813 |
| | Wirecard AG | 264,225 | 11,605 |
| | MTU Aero Engines AG | 114,851 | 11,291 |
3
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | LANXESS AG | 204,551 | 10,918 |
| | METRO AG | 298,450 | 10,817 |
| | OSRAM Licht AG | 194,583 | 10,251 |
| | MAN SE | 79,166 | 8,589 |
| | Evonik Industries AG | 198,370 | 7,623 |
| | Telefonica Deutschland Holding AG | 1,186,308 | 7,352 |
| * | Deutsche Lufthansa AG | 522,885 | 7,211 |
| * | Kabel Deutschland Holding AG | 48,657 | 6,521 |
| | Fuchs Petrolub SE Preference Shares | 153,524 | 6,467 |
| | Fraport AG Frankfurt Airport Services Worldwide | 87,633 | 5,543 |
| *,2 | Zalando SE | 173,539 | 5,334 |
| | Axel Springer SE | 93,864 | 5,236 |
| ^ | HOCHTIEF AG | 61,131 | 4,723 |
| | Wacker Chemie AG | 33,565 | 4,163 |
| | Fielmann AG | 56,315 | 3,825 |
| | Celesio AG | 106,979 | 3,174 |
| | FUCHS PETROLUB SE | 73,968 | 2,760 |
| ^ | Talanx AG | 83,367 | 2,652 |
| ^ | Suedzucker AG | 170,324 | 2,567 |
| | Puma SE | 6,037 | 1,231 |
| | Software AG | 1,646 | 47 |
| | Bilfinger SE | 492 | 25 |
| | | | 2,735,195 |
| Greece (0.1%) | | |
| * | Hellenic Telecommunications Organization SA | 536,635 | 4,878 |
| * | National Bank of Greece SA | 3,414,955 | 4,788 |
| | OPAP SA | 486,300 | 4,351 |
| * | Alpha Bank AE | 8,814,546 | 3,089 |
| * | Piraeus Bank SA | 4,381,155 | 1,955 |
| | | | 19,061 |
| Ireland (0.4%) | | |
| | Kerry Group plc Class A | 328,296 | 24,147 |
| * | Bank of Ireland | 61,933,185 | 23,942 |
| | Ryanair Holdings plc ADR | 274,090 | 17,775 |
| | Smurfit Kappa Group plc | 515,947 | 15,796 |
| *,^ | Irish Bank Resolution Corp. Ltd. | 2,503,596 | — |
| | | | 81,660 |
| Italy (3.6%) | | |
| | Eni SPA | 5,546,437 | 106,413 |
| | Intesa Sanpaolo SPA (Registered) | 27,060,999 | 90,912 |
| | UniCredit SPA | 10,823,685 | 77,694 |
| | Enel SPA | 15,427,374 | 73,125 |
| | Assicurazioni Generali SPA | 2,838,628 | 55,464 |
| * | Fiat Chrysler Automobiles NV | 1,964,824 | 29,259 |
| * | Telecom Italia SPA (Registered) | 23,486,356 | 27,720 |
| | Luxottica Group SPA | 396,113 | 26,087 |
| | Snam SPA | 4,873,722 | 25,388 |
| | Atlantia SPA | 892,693 | 25,107 |
| | CNH Industrial NV | 2,054,372 | 18,050 |
| * | Tenaris SA | 1,072,747 | 16,471 |
| | Unione di Banche Italiane SCpA | 1,935,160 | 15,360 |
| | Terna Rete Elettrica Nazionale SPA | 3,184,451 | 15,013 |
| * | Telecom Italia SPA (Bearer) | 13,555,367 | 13,046 |
| | Pirelli & C. SPA | 748,773 | 12,955 |
| * | Banco Popolare SC | 808,508 | 12,782 |
| | Mediobanca SPA | 1,240,905 | 12,046 |
| * | Finmeccanica SPA | 862,630 | 11,006 |
| | EXOR SPA | 225,368 | 10,397 |
| | Prysmian SPA | 473,378 | 9,654 |
| * | Mediaset SPA | 1,675,792 | 8,613 |
| *,^ | Saipem SPA | 555,413 | 7,364 |
| | Enel Green Power SPA | 3,478,348 | 6,754 |
| ^ | Banca Monte dei Paschi di Siena SPA | 9,775,090 | 6,024 |
4
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Davide Campari-Milano SPA | 667,325 | 5,161 |
| | UnipolSai SPA | 1,819,726 | 5,092 |
| ^ | Mediolanum SPA | 562,160 | 4,719 |
| | Salvatore Ferragamo SPA | 105,176 | 3,271 |
| | UnipolSai SPA B | 829,847 | 2,329 |
| | Parmalat SPA | 780,344 | 2,161 |
| | | | 735,437 |
| Netherlands (4.3%) | | |
| | Unilever NV | 3,503,503 | 152,825 |
| * | ING Groep NV | 8,694,103 | 133,381 |
| | ASML Holding NV | 731,290 | 78,696 |
| | Unibail-Rodamco SE | 218,953 | 60,455 |
| | Koninklijke Philips NV | 2,047,460 | 58,648 |
| | Akzo Nobel NV | 545,337 | 41,726 |
| | Koninklijke Ahold NV | 2,010,040 | 38,943 |
| | Heineken NV | 492,761 | 38,819 |
| | Aegon NV | 4,270,153 | 33,691 |
| | Reed Elsevier NV | 1,318,572 | 31,801 |
| | Koninklijke KPN NV | 6,995,808 | 25,939 |
| ^ | ArcelorMittal | 2,246,533 | 23,906 |
| | Koninklijke DSM NV | 392,740 | 22,398 |
| | Wolters Kluwer NV | 668,117 | 21,645 |
| * | Altice SA | 188,787 | 19,963 |
| | Gemalto NV | 179,899 | 16,713 |
| | Heineken Holding NV | 220,654 | 15,382 |
| | Randstad Holding NV | 243,335 | 14,513 |
| * | NN Group NV | 360,049 | 10,496 |
| | TNT Express NV | 1,075,682 | 9,182 |
| | Boskalis Westminster NV | 172,373 | 8,957 |
| | Koninklijke Vopak NV | 152,082 | 7,983 |
| * | OCI NV | 182,314 | 5,435 |
| * | SBM Offshore NV | 348 | 5 |
| | Fugro NV | 120 | 4 |
| | | | 871,506 |
| Norway (1.1%) | | |
| | Statoil ASA | 2,152,031 | 45,624 |
| ^ | DNB ASA | 2,411,364 | 42,838 |
| | Telenor ASA | 1,560,315 | 35,240 |
| | Yara International ASA | 395,564 | 20,268 |
| ^ | Norsk Hydro ASA | 2,996,518 | 14,191 |
| | Orkla ASA | 1,762,738 | 13,842 |
| | Schibsted ASA | 183,389 | 11,410 |
| ^ | Seadrill Ltd. | 794,144 | 10,122 |
| | Marine Harvest ASA | 645,393 | 7,867 |
| ^ | Gjensidige Forsikring ASA | 383,887 | 6,678 |
| | Subsea 7 SA | 589,611 | 6,549 |
| | | | 214,629 |
| Portugal (0.2%) | | |
| | EDP - Energias de Portugal SA | 4,340,767 | 17,356 |
| | Galp Energia SGPS SA | 856,841 | 11,704 |
| * | Banco Comercial Portugues SA | 83,760,454 | 8,341 |
| | Jeronimo Martins SGPS SA | 550,884 | 8,036 |
| | EDP Renovaveis SA | 446,881 | 3,124 |
| * | Banco Espirito Santo SA | 8,371,877 | 73 |
| | Portugal Telecom SGPS SA | 31,487 | 20 |
| | | | 48,654 |
| Spain (5.2%) | | |
| * | Banco Santander SA | 31,524,871 | 238,346 |
| | Telefonica SA | 9,734,575 | 148,165 |
| | Banco Bilbao Vizcaya Argentaria SA | 13,822,703 | 138,892 |
| | Iberdrola SA | 11,646,462 | 77,953 |
| | Inditex SA | 2,382,623 | 76,456 |
| | Repsol SA | 2,347,636 | 48,394 |
5
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Amadeus IT Holding SA | 956,770 | 43,611 |
| *,^ | Banco de Sabadell SA | 10,050,290 | 26,879 |
| * | CaixaBank SA | 4,492,320 | 22,532 |
| * | Ferrovial SA | 914,700 | 20,744 |
| | Red Electrica Corp. SA | 242,716 | 20,370 |
| * | Banco Popular Espanol SA | 3,486,083 | 18,138 |
| | Gas Natural SDG SA | 689,264 | 16,948 |
| | Abertis Infraestructuras SA | 887,870 | 16,361 |
| | Grifols SA | 371,369 | 15,758 |
| * | Bankia SA | 10,372,183 | 14,485 |
| | Enagas SA | 461,230 | 14,205 |
| | Endesa SA | 709,936 | 14,066 |
| * | ACS Actividades de Construccion y Servicios SA | 386,198 | 13,608 |
| | Bankinter SA | 1,542,080 | 11,662 |
| | Distribuidora Internacional de Alimentacion SA | 1,354,631 | 10,849 |
| | Mapfre SA | 2,274,996 | 8,454 |
| * | Mediaset Espana Comunicacion SA | 491,514 | 6,662 |
| | Zardoya Otis SA | 385,499 | 4,970 |
| * | Acciona SA | 63,322 | 4,791 |
| *,^ | Acerinox SA | 295,436 | 4,311 |
| | Corp Financiera Alba SA | 38,493 | 1,956 |
| | | | 1,039,566 |
| Sweden (4.6%) | | |
| | Nordea Bank AB | 7,153,379 | 90,885 |
| ^ | Hennes & Mauritz AB Class B | 2,135,076 | 84,884 |
| | Telefonaktiebolaget LM Ericsson Class B | 6,705,335 | 73,335 |
| | Swedbank AB Class A | 2,350,433 | 54,654 |
| | Svenska Handelsbanken AB Class A | 1,081,881 | 49,938 |
| ^ | Volvo AB Class B | 3,434,917 | 47,454 |
| ^ | Atlas Copco AB Class A | 1,391,420 | 43,430 |
| | Investor AB Class B | 1,018,568 | 41,504 |
| | Skandinaviska Enskilda Banken AB Class A | 3,275,337 | 41,389 |
| | Assa Abloy AB Class B | 705,293 | 40,917 |
| | TeliaSonera AB | 5,854,140 | 36,396 |
| | Svenska Cellulosa AB SCA Class B | 1,302,923 | 32,957 |
| | Sandvik AB | 2,424,721 | 30,646 |
| ^ | Atlas Copco AB Class B | 876,837 | 24,415 |
| | SKF AB | 937,838 | 22,907 |
| * | Hexagon AB Class B | 576,236 | 21,344 |
| ^ | Skanska AB Class B | 814,664 | 18,129 |
| | Investment AB Kinnevik | 461,091 | 15,891 |
| | Electrolux AB Class B | 499,152 | 14,946 |
| ^ | Swedish Match AB | 450,838 | 13,879 |
| | Boliden AB | 617,147 | 13,408 |
| | Alfa Laval AB | 703,006 | 13,122 |
| ^ | Trelleborg AB Class B | 541,304 | 10,608 |
| | Meda AB Class A | 615,596 | 10,333 |
| | Securitas AB Class B | 683,155 | 10,216 |
| | Getinge AB | 408,393 | 9,926 |
| | Industrivarden AB Class A | 436,046 | 9,347 |
| | Tele2 AB | 699,033 | 9,324 |
| | Industrivarden AB | 369,095 | 7,690 |
| * | Lundin Petroleum AB | 473,357 | 7,662 |
| | Elekta AB Class B | 788,380 | 7,377 |
| ^ | Husqvarna AB | 819,074 | 6,058 |
| | Holmen AB | 110,439 | 3,654 |
| | Melker Schorling AB | 29,468 | 1,774 |
| | Ratos AB | 812 | 6 |
| | Modern Times Group MTG AB Class B | 88 | 3 |
| | | | 920,408 |
| Switzerland (14.0%) | | |
| | Nestle SA | 7,178,903 | 556,970 |
| | Novartis AG | 5,242,768 | 535,141 |
| | Roche Holding AG | 1,581,711 | 452,615 |
6
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | UBS Group AG | 7,700,210 | 153,830 |
| | ABB Ltd. | 5,085,431 | 111,434 |
| | Cie Financiere Richemont SA | 1,149,862 | 102,491 |
| | Zurich Insurance Group AG | 332,037 | 102,484 |
| | Credit Suisse Group AG | 3,593,295 | 95,104 |
| | Syngenta AG | 206,282 | 69,028 |
| | Swiss Re AG | 769,476 | 68,258 |
| | Holcim Ltd. | 511,722 | 41,107 |
| | Givaudan SA | 20,868 | 39,048 |
| | Actelion Ltd. | 236,134 | 31,071 |
| | Swatch Group AG (Bearer) | 68,454 | 30,603 |
| | Swisscom AG | 51,375 | 30,543 |
| | Adecco SA | 372,970 | 30,396 |
| | Geberit AG | 85,058 | 30,125 |
| | Julius Baer Group Ltd. | 489,448 | 25,618 |
| | SGS SA | 11,574 | 22,426 |
| | Swiss Life Holding AG | 72,114 | 17,113 |
| | Kuehne & Nagel International AG | 112,722 | 16,906 |
| | Schindler Holding AG | 99,022 | 16,751 |
| | Lonza Group AG | 116,090 | 16,414 |
| | Sika AG | 4,689 | 16,094 |
| | Sonova Holding AG | 116,450 | 16,088 |
| | Chocoladefabriken Lindt & Sprungli AG (Registered Shares) | 229 | 14,730 |
| ^ | Transocean Ltd. | 770,131 | 13,796 |
| * | Baloise Holding AG | 104,300 | 13,573 |
| | Clariant AG | 606,389 | 13,313 |
| | Aryzta AG | 187,511 | 12,653 |
| | Partners Group Holding AG | 40,133 | 12,579 |
| | Chocoladefabriken Lindt & Sprungli AG (Participation Certificates) | 2,148 | 11,738 |
| | Swiss Prime Site AG | 130,765 | 11,465 |
| * | Dufry AG | 72,334 | 10,636 |
| | Galenica AG | 11,061 | 10,328 |
| | Swatch Group AG (Registered) | 106,856 | 9,468 |
| * | GAM Holding AG | 380,963 | 8,595 |
| | PSP Swiss Property AG | 88,982 | 8,300 |
| | Schindler Holding AG (Registered) | 46,729 | 7,784 |
| | Helvetia Holding AG | 13,376 | 7,599 |
| | EMS-Chemie Holding AG | 16,218 | 6,806 |
| | Sulzer AG | 52,212 | 5,826 |
| | Barry Callebaut AG | 4,426 | 5,369 |
| | DKSH Holding AG | 60,075 | 4,728 |
| | Pargesa Holding SA | 63,251 | 4,607 |
| | Banque Cantonale Vaudoise | 7,364 | 4,337 |
| | | | 2,825,888 |
| United Kingdom (31.8%) | | |
| | HSBC Holdings plc | 43,890,479 | 438,448 |
| | BP plc | 41,058,947 | 296,136 |
| | GlaxoSmithKline plc | 10,945,154 | 252,799 |
| | British American Tobacco plc | 4,196,598 | 230,578 |
| | Royal Dutch Shell plc Class A | 7,152,166 | 225,512 |
| | Vodafone Group plc | 59,808,230 | 210,719 |
| | AstraZeneca plc | 2,840,997 | 194,970 |
| | Royal Dutch Shell plc Class B | 5,521,227 | 176,768 |
| | Diageo plc | 5,670,504 | 157,428 |
| | Barclays plc | 36,910,901 | 144,413 |
| | Lloyds Banking Group plc | 121,684,893 | 144,110 |
| | Prudential plc | 5,744,527 | 143,026 |
| | BG Group plc | 7,661,391 | 138,776 |
| | BT Group plc | 18,841,709 | 131,414 |
| | Reckitt Benckiser Group plc | 1,452,345 | 129,266 |
| | Rio Tinto plc | 2,808,770 | 125,697 |
| | Unilever plc | 2,716,229 | 119,066 |
| | BHP Billiton plc | 4,755,326 | 114,302 |
| | National Grid plc | 8,491,893 | 114,245 |
7
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Glencore plc | 24,026,903 | 114,143 |
| | SABMiller plc | 2,128,352 | 112,661 |
| | Shire plc | 1,323,373 | 107,543 |
| | Imperial Tobacco Group plc | 2,169,839 | 105,955 |
| | Standard Chartered plc | 4,558,675 | 74,636 |
| | Aviva plc | 8,904,141 | 71,639 |
| | WPP plc | 2,958,818 | 69,005 |
| | Rolls-Royce Holdings plc | 4,217,540 | 67,240 |
| | Compass Group plc | 3,754,174 | 66,366 |
| | Tesco plc | 18,293,875 | 61,663 |
| | BAE Systems plc | 7,122,834 | 55,183 |
| | ARM Holdings plc | 3,173,057 | 53,915 |
| | Legal & General Group plc | 13,368,200 | 53,140 |
| | SSE plc | 2,224,475 | 52,707 |
| | Royal Dutch Shell plc Class A (Amsterdam Shares) | 1,617,019 | 51,271 |
| | Anglo American plc London Shares | 2,941,653 | 49,839 |
| | Centrica plc | 11,190,045 | 43,692 |
| | Reed Elsevier plc | 2,548,436 | 42,178 |
| | Experian plc | 2,235,264 | 39,923 |
| | Old Mutual plc | 11,020,763 | 39,533 |
| | Sky plc | 2,357,915 | 38,878 |
| | Next plc | 331,637 | 37,286 |
| | Pearson plc | 1,827,363 | 36,929 |
| | Wolseley plc | 594,334 | 35,152 |
| | Smith & Nephew plc | 2,016,998 | 34,328 |
| | Associated British Foods plc | 783,785 | 34,219 |
| | Land Securities Group plc | 1,767,410 | 33,822 |
| | ITV plc | 8,434,828 | 32,749 |
| | Whitbread plc | 405,316 | 32,547 |
| | CRH plc (XDUB) | 1,135,535 | 31,906 |
| | Standard Life plc | 4,408,437 | 31,513 |
| | Marks & Spencer Group plc | 3,697,949 | 31,316 |
| | British Land Co. plc | 2,275,193 | 28,978 |
| | Kingfisher plc | 5,331,539 | 28,644 |
| | London Stock Exchange Group plc | 703,899 | 27,400 |
| | Burberry Group plc | 996,673 | 26,571 |
| | Capita plc | 1,488,768 | 26,058 |
| * | Royal Bank of Scotland Group plc | 4,854,258 | 25,150 |
| | Johnson Matthey plc | 461,054 | 23,573 |
| | InterContinental Hotels Group plc | 532,306 | 22,765 |
| | United Utilities Group plc | 1,530,107 | 22,762 |
| | Bunzl plc | 748,275 | 21,040 |
| | GKN plc | 3,678,775 | 19,732 |
| | Ashtead Group plc | 1,136,245 | 19,484 |
| | CRH plc (XLON) | 694,907 | 19,418 |
| * | International Consolidated Airlines Group SA (London Shares) | 2,281,682 | 18,924 |
| | Carnival plc | 411,667 | 18,730 |
| | Taylor Wimpey plc | 7,291,474 | 18,515 |
| | Hammerson plc | 1,769,418 | 18,129 |
| | Sage Group plc | 2,426,468 | 18,041 |
| | Persimmon plc | 687,041 | 17,839 |
| | Travis Perkins plc | 557,370 | 17,716 |
| | Barratt Developments plc | 2,210,130 | 17,534 |
| | Severn Trent plc | 535,350 | 17,433 |
| | 3i Group plc | 2,168,158 | 16,796 |
| | Mondi plc | 826,494 | 16,735 |
| | Direct Line Insurance Group plc | 3,377,799 | 16,491 |
| | Aberdeen Asset Management plc | 2,254,050 | 16,368 |
| | Randgold Resources Ltd. | 209,572 | 15,949 |
| | St. James's Place plc | 1,153,292 | 15,732 |
| | G4S plc | 3,484,546 | 15,630 |
| | Inmarsat plc | 1,007,317 | 15,511 |
| | Smiths Group plc | 884,353 | 15,482 |
| | Provident Financial plc | 328,274 | 15,142 |
8
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | RSA Insurance Group plc | 2,293,694 | 15,005 |
| | Meggitt plc | 1,820,272 | 14,710 |
| | Dixons Carphone plc | 2,236,735 | 14,516 |
| | Intertek Group plc | 362,705 | 14,496 |
| | Rexam plc | 1,573,701 | 13,968 |
| | WM Morrison Supermarkets plc | 4,889,755 | 13,942 |
| | Weir Group plc | 475,657 | 13,675 |
| | Aggreko plc | 540,005 | 13,622 |
| | easyJet plc | 486,741 | 13,459 |
| | Croda International plc | 304,813 | 13,228 |
| | J Sainsbury plc | 3,177,126 | 13,211 |
| | Tullow Oil plc | 2,037,488 | 12,936 |
| | Inchcape plc | 1,005,397 | 12,789 |
| | Schroders plc | 254,230 | 12,610 |
| | Informa plc | 1,454,603 | 12,388 |
| | Amec Foster Wheeler plc | 883,773 | 12,374 |
| | DCC plc | 188,999 | 12,023 |
| | IMI plc | 616,906 | 11,822 |
| | Derwent London plc | 224,235 | 11,803 |
| | Pennon Group plc | 898,945 | 11,798 |
| | Cobham plc | 2,558,306 | 11,606 |
| | DS Smith plc | 2,107,583 | 11,269 |
| | Berkeley Group Holdings plc | 284,946 | 10,971 |
| | Segro plc | 1,665,571 | 10,942 |
| | Investec plc | 1,139,804 | 10,884 |
| | TUI AG-New | 581,671 | 10,846 |
| | Intu Properties plc | 2,064,196 | 10,829 |
| | William Hill plc | 1,952,272 | 10,787 |
| 2 | Merlin Entertainments plc | 1,595,101 | 10,658 |
| | Admiral Group plc | 440,952 | 10,515 |
| | ICAP plc | 1,199,832 | 10,201 |
| | Royal Mail plc | 1,400,547 | 10,006 |
| | Capital & Counties Properties plc | 1,639,081 | 9,909 |
| | Antofagasta plc | 802,057 | 9,600 |
| | Tate & Lyle plc | 1,040,098 | 9,475 |
| * | Coca-Cola HBC AG | 446,973 | 9,430 |
| | Hikma Pharmaceuticals plc | 300,863 | 9,409 |
| | Hargreaves Lansdown plc | 488,307 | 9,173 |
| | Melrose Industries plc | 2,251,381 | 9,136 |
| | John Wood Group plc | 829,592 | 8,741 |
| | Babcock International Group plc | 564,172 | 8,703 |
| | Rentokil Initial plc | 4,098,529 | 8,430 |
| | Daily Mail & General Trust plc | 594,993 | 8,179 |
| | Petrofac Ltd. | 581,189 | 7,757 |
| | TUI AG-DI | 383,129 | 7,142 |
| ^ | TalkTalk Telecom Group plc | 1,172,294 | 6,554 |
| | Drax Group plc | 898,381 | 5,489 |
| * | Sports Direct International plc | 565,675 | 5,347 |
| * | Polyus Gold International Ltd. | 1,515,206 | 4,372 |
| | Fresnillo plc | 385,964 | 4,281 |
| ^ | Ashmore Group plc | 862,066 | 4,075 |
| | Polymetal International plc | 486,660 | 3,953 |
| | Serco Group plc | 29,684 | 61 |
| | Vedanta Resources plc | 2,665 | 26 |
| * | Indivior plc | 1,628 | 5 |
| |
| | | | 6,407,958 |
| Total Common Stocks (Cost $22,122,121) | | 20,047,395 |
9
| | | | | |
| Vanguard® European Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2015 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | Coupon | | Shares | ($000) |
| Temporary Cash Investments (2.9%)1 | | | | |
| Money Market Fund (2.8%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 0.121% | | 568,440,680 | 568,441 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.1%) | | | | |
| 5 | Federal Home Loan Bank Discount Notes | 0.060% | 5/1/15 | 3,000 | 3,000 |
| 5 | Federal Home Loan Bank Discount Notes | 0.065% | 5/13/15 | 1,000 | 1,000 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.070% | 5/15/15 | 1,000 | 1,000 |
| 5,7 | Federal Home Loan Bank Discount Notes | 0.060%-0.077% | 5/20/15 | 3,400 | 3,400 |
| 5,7 | Federal Home Loan Bank Discount Notes | 0.140% | 7/8/15 | 500 | 500 |
| |
| | | | | | 8,900 |
| |
| Total Temporary Cash Investments (Cost $577,340) | | | | 577,341 |
| |
| Total Investments (102.4%) (Cost $22,699,461) | | | | 20,624,736 |
| Other Assets and Liabilities—Net (-2.4%)4 | | | | (490,142) |
| Net Assets (100%) | | | | 20,134,594 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $533,169,000.
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 2.4%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the aggregate value of these securities was $15,992,000, representing 0.1% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $568,441,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
6 Securities with a value of $738,000 have been segregated as collateral for open forward currency contracts.
7 Securities with a value of $3,000,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
10
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| |
| Common Stocks (99.5%)1 | | |
| Australia (17.6%) | | |
| | Commonwealth Bank of Australia | 1,754,417 | 122,804 |
| | Westpac Banking Corp. | 3,357,993 | 96,478 |
| | BHP Billiton Ltd. | 3,498,826 | 89,348 |
| | Australia & New Zealand Banking Group Ltd. | 3,005,403 | 80,418 |
| | National Australia Bank Ltd. | 2,579,294 | 74,685 |
| | Wesfarmers Ltd. | 1,219,783 | 42,045 |
| | CSL Ltd. | 516,667 | 37,036 |
| | Woolworths Ltd. | 1,337,628 | 31,057 |
| | Telstra Corp. Ltd. | 4,689,041 | 23,050 |
| | Woodside Petroleum Ltd. | 781,497 | 21,552 |
| | Rio Tinto Ltd. | 475,088 | 21,416 |
| | Macquarie Group Ltd. | 317,127 | 19,431 |
| | Scentre Group | 5,644,580 | 16,627 |
| | Transurban Group | 2,087,251 | 16,318 |
| | AMP Ltd. | 3,192,709 | 16,173 |
| | QBE Insurance Group Ltd. | 1,463,125 | 15,781 |
| | Westfield Corp. | 2,100,822 | 15,619 |
| | Suncorp Group Ltd. | 1,402,723 | 14,506 |
| | Brambles Ltd. | 1,693,487 | 14,435 |
| | Amcor Ltd. | 1,315,594 | 14,006 |
| | Origin Energy Ltd. | 1,180,310 | 11,798 |
| | Insurance Australia Group Ltd. | 2,503,568 | 11,474 |
| | Goodman Group | 1,861,003 | 9,132 |
| * | Newcrest Mining Ltd. | 797,406 | 8,938 |
| | APA Group | 1,175,148 | 8,888 |
| | Stockland | 2,505,520 | 8,757 |
| | AGL Energy Ltd. | 719,789 | 8,635 |
| | Aurizon Holdings Ltd. | 2,232,997 | 8,525 |
| | Caltex Australia Ltd. | 293,435 | 8,184 |
| | Oil Search Ltd. | 1,247,291 | 7,919 |
| | Lend Lease Group | 584,791 | 7,389 |
| | Ramsay Health Care Ltd. | 141,110 | 6,956 |
| | ASX Ltd. | 208,194 | 6,915 |
| | GPT Group | 1,926,246 | 6,789 |
| | Sonic Healthcare Ltd. | 432,449 | 6,777 |
| | Santos Ltd. | 1,034,446 | 6,737 |
| | Mirvac Group | 3,997,097 | 6,332 |
| ^ | Orica Ltd. | 398,827 | 6,320 |
| | Dexus Property Group | 987,260 | 5,737 |
| | Incitec Pivot Ltd. | 1,767,993 | 5,552 |
| | Asciano Ltd. | 1,067,537 | 5,547 |
| | James Hardie Industries plc | 479,262 | 5,505 |
| | Computershare Ltd. | 544,058 | 5,278 |
| | Toll Holdings Ltd. | 741,109 | 5,245 |
| * | Medibank Pvt Ltd. | 3,002,565 | 5,242 |
| | Tatts Group Ltd. | 1,519,798 | 4,841 |
| | Sydney Airport | 1,136,305 | 4,827 |
| | Coca-Cola Amatil Ltd. | 589,350 | 4,771 |
| | Novion Property Group | 2,425,524 | 4,718 |
| | Seek Ltd. | 366,072 | 4,682 |
| | Bendigo & Adelaide Bank Ltd. | 475,957 | 4,531 |
| | Aristocrat Leisure Ltd. | 680,041 | 4,445 |
| | Crown Resorts Ltd. | 415,751 | 4,257 |
| | Boral Ltd. | 844,717 | 4,208 |
| | Cochlear Ltd. | 62,771 | 4,133 |
| | Bank of Queensland Ltd. | 397,953 | 4,087 |
| | Federation Centres | 1,560,500 | 3,626 |
| | Challenger Ltd. | 632,408 | 3,512 |
| | Tabcorp Holdings Ltd. | 904,319 | 3,474 |
| | Ansell Ltd. | 166,741 | 3,432 |
| | Echo Entertainment Group Ltd. | 911,937 | 3,256 |
11
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Alumina Ltd. | 2,683,036 | 3,256 |
| * | Qantas Airways Ltd. | 1,211,180 | 3,237 |
| | Treasury Wine Estates Ltd. | 714,049 | 3,132 |
| ^ | Fortescue Metals Group Ltd. | 1,781,356 | 3,009 |
| | Iluka Resources Ltd. | 466,421 | 2,972 |
| | Healthscope Ltd. | 1,171,318 | 2,625 |
| | IOOF Holdings Ltd. | 321,977 | 2,554 |
| | Orora Ltd. | 1,291,473 | 2,247 |
| ^ | Flight Centre Travel Group Ltd. | 63,249 | 2,163 |
| | TPG Telecom Ltd. | 305,851 | 2,146 |
| | WorleyParsons Ltd. | 236,080 | 2,121 |
| | REA Group Ltd. | 56,388 | 2,097 |
| | AusNet Services | 1,801,397 | 2,095 |
| | Harvey Norman Holdings Ltd. | 598,638 | 2,076 |
| | DuluxGroup Ltd. | 415,268 | 2,071 |
| | Fairfax Media Ltd. | 2,513,725 | 2,068 |
| | Perpetual Ltd. | 46,811 | 1,993 |
| | Recall Holdings Ltd. | 332,488 | 1,910 |
| ^ | ALS Ltd. | 435,257 | 1,798 |
| * | CIMIC Group Ltd. | 108,302 | 1,793 |
| | Adelaide Brighton Ltd. | 476,208 | 1,696 |
| | BlueScope Steel Ltd. | 597,851 | 1,645 |
| | Downer EDI Ltd. | 461,449 | 1,605 |
| | CSR Ltd. | 541,724 | 1,557 |
| | Platinum Asset Management Ltd. | 241,411 | 1,437 |
| | OZ Minerals Ltd. | 352,464 | 1,298 |
| | Shopping Centres Australasia Property Group | 700,398 | 1,176 |
| | Macquarie Atlas Roads Group | 446,580 | 1,145 |
| ^ | Sims Metal Management Ltd. | 130,134 | 1,109 |
| ^ | Metcash Ltd. | 1,016,321 | 1,061 |
| | Nufarm Ltd. | 184,061 | 1,055 |
| *,^ | Whitehaven Coal Ltd. | 673,052 | 877 |
| | Seven West Media Ltd. | 708,302 | 706 |
| ^ | GWA Group Ltd. | 326,117 | 641 |
| | Sims Metal Management Ltd. ADR | 64,094 | 540 |
| | Seven West Media Ltd. | 535,949 | 530 |
| ^ | New Hope Corp. Ltd. | 254,227 | 438 |
| * | Newcrest Mining Ltd. ADR | 32,727 | 365 |
| * | BGP Holdings PLC | 15,642,708 | — |
| | | | 1,100,400 |
| Hong Kong (9.5%) | | |
| | AIA Group Ltd. | 13,131,045 | 87,328 |
| ^ | Hong Kong Exchanges and Clearing Ltd. | 1,253,497 | 47,784 |
| | Hutchison Whampoa Ltd. | 2,188,531 | 32,175 |
| * | CK Hutchison Holdings Ltd. | 1,439,136 | 31,218 |
| | Sun Hung Kai Properties Ltd. | 1,679,118 | 27,888 |
| | Hang Seng Bank Ltd. | 832,841 | 16,225 |
| | Hong Kong & China Gas Co. Ltd. | 6,765,060 | 16,114 |
| | Jardine Matheson Holdings Ltd. | 259,700 | 16,045 |
| | Link REIT | 2,494,343 | 15,472 |
| | BOC Hong Kong Holdings Ltd. | 3,919,046 | 15,201 |
| | CLP Holdings Ltd. | 1,680,041 | 14,707 |
| | Power Assets Holdings Ltd. | 1,447,316 | 14,608 |
| | Galaxy Entertainment Group Ltd. | 2,276,950 | 10,943 |
| | Sands China Ltd. | 2,633,547 | 10,735 |
| | Wharf Holdings Ltd. | 1,484,297 | 10,695 |
| | Hongkong Land Holdings Ltd. | 1,279,800 | 10,360 |
| | Swire Pacific Ltd. Class A | 694,125 | 9,362 |
| *,^ | Goldin Financial Holdings Ltd. | 2,258,000 | 9,031 |
| | Jardine Strategic Holdings Ltd. | 244,100 | 8,377 |
| | Hang Lung Properties Ltd. | 2,441,317 | 8,253 |
| | Henderson Land Development Co. Ltd. | 1,011,460 | 8,109 |
| | Want Want China Holdings Ltd. | 7,191,000 | 7,888 |
| | New World Development Co. Ltd. | 5,802,870 | 7,697 |
12
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China Mengniu Dairy Co. Ltd. | 1,485,000 | 7,523 |
| | MTR Corp. Ltd. | 1,524,317 | 7,492 |
| | Li & Fung Ltd. | 6,271,259 | 6,387 |
| | Sino Land Co. Ltd. | 3,234,300 | 5,690 |
| | Cheung Kong Infrastructure Holdings Ltd. | 656,215 | 5,559 |
| | Bank of East Asia Ltd. | 1,253,876 | 5,440 |
| | Samsonite International SA | 1,396,173 | 5,092 |
| | Wheelock & Co. Ltd. | 886,486 | 4,992 |
| | Techtronic Industries Co. Ltd. | 1,371,000 | 4,852 |
| | Swire Properties Ltd. | 1,277,115 | 4,388 |
| | Tingyi Cayman Islands Holding Corp. | 2,062,000 | 4,354 |
| | AAC Technologies Holdings Inc. | 763,000 | 4,028 |
| | Yue Yuen Industrial Holdings Ltd. | 897,519 | 3,410 |
| | Hysan Development Co. Ltd. | 686,603 | 3,173 |
| ^ | Prada SPA | 558,000 | 3,029 |
| | ASM Pacific Technology Ltd. | 266,628 | 2,976 |
| | Cathay Pacific Airways Ltd. | 1,133,548 | 2,919 |
| | Kerry Properties Ltd. | 710,858 | 2,901 |
| | PCCW Ltd. | 4,281,143 | 2,850 |
| * | Semiconductor Manufacturing International Corp. | 25,471,000 | 2,807 |
| | NWS Holdings Ltd. | 1,484,411 | 2,519 |
| | SJM Holdings Ltd. | 1,979,359 | 2,510 |
| ^ | Sun Art Retail Group Ltd. | 2,412,000 | 2,481 |
| | First Pacific Co. Ltd. | 2,520,823 | 2,444 |
| | VTech Holdings Ltd. | 174,500 | 2,427 |
| *,2 | WH Group Ltd. | 3,433,365 | 2,396 |
| | Huabao International Holdings Ltd. | 2,096,000 | 2,354 |
| | Wynn Macau Ltd. | 1,150,040 | 2,328 |
| | Hopewell Holdings Ltd. | 596,624 | 2,295 |
| | Melco Crown Entertainment Ltd. ADR | 108,900 | 2,224 |
| | Television Broadcasts Ltd. | 309,600 | 2,017 |
| | New World China Land Ltd. | 2,848,000 | 1,932 |
| | Esprit Holdings Ltd. | 1,993,800 | 1,889 |
| | Shangri-La Asia Ltd. | 1,184,096 | 1,796 |
| | MGM China Holdings Ltd. | 860,400 | 1,624 |
| * | Melco Crown Entertainment Ltd. | 219,300 | 1,503 |
| | Melco International Development Ltd. | 854,000 | 1,444 |
| ^ | Chow Tai Fook Jewellery Group Ltd. | 1,187,200 | 1,437 |
| | Johnson Electric Holdings Ltd. | 383,625 | 1,425 |
| | L'Occitane International SA | 474,500 | 1,397 |
| | Champion REIT | 2,490,000 | 1,349 |
| | Xinyi Glass Holdings Ltd. | 2,022,000 | 1,347 |
| | Orient Overseas International Ltd. | 214,324 | 1,315 |
| | Cafe de Coral Holdings Ltd. | 348,000 | 1,305 |
| * | FIH Mobile Ltd. | 2,393,000 | 1,275 |
| | China Travel International Investment Hong Kong Ltd. | 2,838,000 | 1,264 |
| * | Global Brands Group Holding Ltd. | 6,169,259 | 1,262 |
| | Shui On Land Ltd. | 3,624,666 | 1,171 |
| | Dah Sing Financial Holdings Ltd. | 164,552 | 1,155 |
| | Uni-President China Holdings Ltd. | 1,412,400 | 1,140 |
| | Shun Tak Holdings Ltd. | 1,952,000 | 1,133 |
| * | United Co. RUSAL plc | 1,816,000 | 1,098 |
| *,^ | Brightoil Petroleum Holdings Ltd. | 3,204,000 | 1,021 |
| | Great Eagle Holdings Ltd. | 271,000 | 1,000 |
| | Shougang Fushan Resources Group Ltd. | 3,848,000 | 988 |
| | Kerry Logistics Network Ltd. | 585,679 | 943 |
| | Lifestyle International Holdings Ltd. | 502,000 | 939 |
| | Dah Sing Banking Group Ltd. | 396,056 | 861 |
| | Xinyi Solar Holdings Ltd. | 2,448,000 | 856 |
| | Towngas China Co. Ltd. | 731,929 | 785 |
| *,^ | Macau Legend Development Ltd. | 1,726,000 | 652 |
| | Texwinca Holdings Ltd. | 666,000 | 646 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,340,000 | 620 |
| *,^ | China Huarong Energy Co. Ltd. | 4,192,000 | 562 |
13
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | SA Sa International Holdings Ltd. | 1,073,860 | 546 |
| ^ | Hopewell Highway Infrastructure Ltd. | 952,656 | 474 |
| | Kowloon Development Co. Ltd. | 354,000 | 453 |
| * | China Oceanwide Holdings Ltd. | 2,868,000 | 446 |
| | Parkson Retail Group Ltd. | 1,603,000 | 406 |
| | | | 593,531 |
| Japan (57.7%) | | |
| | Toyota Motor Corp. | 2,888,071 | 201,036 |
| | Mitsubishi UFJ Financial Group Inc. | 15,425,424 | 109,588 |
| | Honda Motor Co. Ltd. | 1,955,127 | 65,546 |
| | SoftBank Corp. | 1,026,270 | 64,153 |
| | Sumitomo Mitsui Financial Group Inc. | 1,464,634 | 63,953 |
| | Mizuho Financial Group Inc. | 26,087,441 | 49,730 |
| | KDDI Corp. | 2,024,300 | 47,900 |
| | FANUC Corp. | 213,276 | 46,913 |
| | Takeda Pharmaceutical Co. Ltd. | 843,691 | 43,316 |
| | Canon Inc. | 1,132,117 | 40,365 |
| | Japan Tobacco Inc. | 1,149,259 | 40,133 |
| * | Sony Corp. | 1,252,344 | 37,861 |
| | Astellas Pharma Inc. | 2,407,070 | 37,480 |
| | Central Japan Railway Co. | 206,600 | 36,900 |
| | East Japan Railway Co. | 413,685 | 36,564 |
| | Seven & i Holdings Co. Ltd. | 849,854 | 36,530 |
| | Hitachi Ltd. | 5,056,258 | 34,498 |
| | Mitsubishi Corp. | 1,540,434 | 33,238 |
| | Panasonic Corp. | 2,319,290 | 33,221 |
| | Mitsubishi Estate Co. Ltd. | 1,382,982 | 32,552 |
| | Tokio Marine Holdings Inc. | 776,990 | 31,675 |
| | Murata Manufacturing Co. Ltd. | 218,619 | 30,806 |
| | Mitsui Fudosan Co. Ltd. | 1,034,580 | 30,669 |
| | Bridgestone Corp. | 726,950 | 30,447 |
| | Nissan Motor Co. Ltd. | 2,766,746 | 28,721 |
| | Mitsubishi Electric Corp. | 2,157,954 | 28,182 |
| | Kao Corp. | 573,677 | 27,473 |
| | Shin-Etsu Chemical Co. Ltd. | 449,355 | 27,469 |
| | Keyence Corp. | 50,177 | 26,787 |
| | Mitsui & Co. Ltd. | 1,886,700 | 26,388 |
| | Denso Corp. | 519,986 | 25,815 |
| | Nomura Holdings Inc. | 3,821,094 | 24,789 |
| | Nippon Telegraph & Telephone Corp. | 363,744 | 24,562 |
| | Nippon Steel & Sumitomo Metal Corp. | 9,203,309 | 23,940 |
| | Fast Retailing Co. Ltd. | 58,220 | 22,932 |
| | Fuji Heavy Industries Ltd. | 682,312 | 22,817 |
| | ORIX Corp. | 1,413,240 | 21,733 |
| | Kubota Corp. | 1,366,895 | 21,393 |
| | ITOCHU Corp. | 1,719,697 | 21,175 |
| | Komatsu Ltd. | 1,038,509 | 20,894 |
| | SMC Corp. | 67,900 | 20,426 |
| | Dai-ichi Life Insurance Co. Ltd. | 1,232,200 | 20,252 |
| | Eisai Co. Ltd. | 300,968 | 20,062 |
| | Daikin Industries Ltd. | 290,812 | 19,592 |
| | Nintendo Co. Ltd. | 115,798 | 19,442 |
| | Mitsubishi Heavy Industries Ltd. | 3,490,743 | 19,341 |
| | NTT DOCOMO Inc. | 1,079,300 | 19,117 |
| | Nidec Corp. | 251,928 | 18,845 |
| | FUJIFILM Holdings Corp. | 499,272 | 18,806 |
| | Sumitomo Realty & Development Co. Ltd. | 477,539 | 18,431 |
| | Kyocera Corp. | 352,350 | 18,393 |
| | Sumitomo Mitsui Trust Holdings Inc. | 4,167,819 | 18,346 |
| | Hoya Corp. | 461,802 | 17,798 |
| | MS&AD Insurance Group Holdings Inc. | 592,601 | 16,958 |
| | Toshiba Corp. | 4,171,424 | 16,713 |
| | Secom Co. Ltd. | 226,003 | 16,017 |
| | Daiwa Securities Group Inc. | 1,902,984 | 15,787 |
14
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Daiwa House Industry Co. Ltd. | 703,305 | 15,701 |
| | Oriental Land Co. Ltd. | 231,672 | 15,684 |
| | Tokyo Gas Co. Ltd. | 2,593,959 | 14,969 |
| | Rakuten Inc. | 849,800 | 14,846 |
| | Suzuki Motor Corp. | 455,768 | 14,731 |
| | Toray Industries Inc. | 1,688,857 | 14,681 |
| | Sumitomo Corp. | 1,227,138 | 14,490 |
| | Asahi Group Holdings Ltd. | 437,421 | 14,066 |
| | Sompo Japan Nipponkoa Holdings Inc. | 420,926 | 13,752 |
| | Asahi Kasei Corp. | 1,456,836 | 13,718 |
| | Ajinomoto Co. Inc. | 616,706 | 13,674 |
| | Otsuka Holdings Co. Ltd. | 418,479 | 13,209 |
| | Daiichi Sankyo Co. Ltd. | 757,091 | 13,150 |
| | Fujitsu Ltd. | 1,943,981 | 12,885 |
| | Kirin Holdings Co. Ltd. | 965,416 | 12,778 |
| | JFE Holdings Inc. | 560,507 | 12,653 |
| * | Olympus Corp. | 350,294 | 12,614 |
| | Inpex Corp. | 1,003,900 | 12,599 |
| | Shimano Inc. | 85,798 | 12,291 |
| | Sumitomo Electric Industries Ltd. | 835,121 | 11,799 |
| | Nitto Denko Corp. | 179,666 | 11,514 |
| | West Japan Railway Co. | 207,237 | 11,478 |
| | Shionogi & Co. Ltd. | 347,973 | 11,471 |
| | JX Holdings Inc. | 2,631,923 | 11,461 |
| | Dentsu Inc. | 245,402 | 11,439 |
| | Mazda Motor Corp. | 578,591 | 11,342 |
| | Marubeni Corp. | 1,808,556 | 11,199 |
| | Ono Pharmaceutical Co. Ltd. | 101,233 | 10,972 |
| | Resona Holdings Inc. | 2,056,343 | 10,965 |
| | Toyota Industries Corp. | 184,320 | 10,439 |
| | T&D Holdings Inc. | 719,561 | 10,383 |
| | Chubu Electric Power Co. Inc. | 772,972 | 10,245 |
| | Tokyo Electron Ltd. | 186,713 | 10,234 |
| | Omron Corp. | 217,810 | 10,001 |
| | Aisin Seiki Co. Ltd. | 215,829 | 9,869 |
| | Daito Trust Construction Co. Ltd. | 83,558 | 9,730 |
| | Unicharm Corp. | 386,523 | 9,729 |
| | Aeon Co. Ltd. | 778,295 | 9,683 |
| | TDK Corp. | 134,387 | 9,680 |
| | Sekisui House Ltd. | 621,735 | 9,637 |
| | Sumitomo Chemical Co. Ltd. | 1,680,276 | 9,450 |
| | NEC Corp. | 2,839,284 | 9,446 |
| | Yamato Holdings Co. Ltd. | 418,461 | 9,366 |
| | Sysmex Corp. | 167,084 | 9,245 |
| | Terumo Corp. | 358,900 | 9,218 |
| | Osaka Gas Co. Ltd. | 2,163,548 | 9,182 |
| | Mitsubishi Chemical Holdings Corp. | 1,435,079 | 8,935 |
| | MEIJI Holdings Co. Ltd. | 77,315 | 8,882 |
| | Bank of Yokohama Ltd. | 1,372,462 | 8,710 |
| | Japan Exchange Group Inc. | 299,300 | 8,647 |
| | Kawasaki Heavy Industries Ltd. | 1,675,357 | 8,635 |
| * | Kansai Electric Power Co. Inc. | 845,514 | 8,497 |
| | Isuzu Motors Ltd. | 640,298 | 8,486 |
| | Tokyu Corp. | 1,270,409 | 8,446 |
| | Hankyu Hanshin Holdings Inc. | 1,386,000 | 8,366 |
| | NSK Ltd. | 517,736 | 8,086 |
| | Sumitomo Metal Mining Co. Ltd. | 546,149 | 8,005 |
| | Ricoh Co. Ltd. | 763,182 | 7,887 |
| | Shiseido Co. Ltd. | 428,653 | 7,721 |
| | Asahi Glass Co. Ltd. | 1,121,115 | 7,545 |
| | Yakult Honsha Co. Ltd. | 119,315 | 7,504 |
| | Chugai Pharmaceutical Co. Ltd. | 243,357 | 7,401 |
| | Yamaha Motor Co. Ltd. | 308,047 | 7,249 |
| | Rohm Co. Ltd. | 103,533 | 7,182 |
15
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | IHI Corp. | 1,549,720 | 7,105 |
| | Dai Nippon Printing Co. Ltd. | 683,513 | 7,061 |
| | Shizuoka Bank Ltd. | 636,859 | 7,011 |
| | Kintetsu Group Holdings Co. Ltd. | 1,955,927 | 6,927 |
| * | Tokyo Electric Power Co. Inc. | 1,690,084 | 6,902 |
| | Odakyu Electric Railway Co. Ltd. | 685,362 | 6,896 |
| | Makita Corp. | 138,027 | 6,888 |
| | NGK Insulators Ltd. | 305,541 | 6,864 |
| | Taisei Corp. | 1,163,863 | 6,742 |
| | Nippon Paint Holdings Co. Ltd. | 198,700 | 6,656 |
| | Tohoku Electric Power Co. Inc. | 521,342 | 6,558 |
| | LIXIL Group Corp. | 310,232 | 6,466 |
| | Isetan Mitsukoshi Holdings Ltd. | 394,980 | 6,391 |
| | Nitori Holdings Co. Ltd. | 82,982 | 6,382 |
| | Chiba Bank Ltd. | 776,129 | 6,379 |
| | Recruit Holdings Co. Ltd. | 189,035 | 6,364 |
| | Toyota Tsusho Corp. | 245,048 | 6,301 |
| | Sekisui Chemical Co. Ltd. | 471,445 | 6,286 |
| | NTT Data Corp. | 138,300 | 6,188 |
| | Mitsubishi Motors Corp. | 672,321 | 6,186 |
| | NGK Spark Plug Co. Ltd. | 219,381 | 6,143 |
| | Yahoo Japan Corp. | 1,457,000 | 5,952 |
| | Kikkoman Corp. | 208,642 | 5,950 |
| | Suntory Beverage & Food Ltd. | 138,100 | 5,873 |
| | Kobe Steel Ltd. | 3,228,957 | 5,869 |
| | Minebea Co. Ltd. | 382,000 | 5,857 |
| | Santen Pharmaceutical Co. Ltd. | 435,100 | 5,759 |
| | Nippon Express Co. Ltd. | 982,925 | 5,642 |
| | Konica Minolta Inc. | 510,953 | 5,642 |
| | Nippon Yusen KK | 1,763,083 | 5,542 |
| | Nikon Corp. | 383,630 | 5,455 |
| * | Kyushu Electric Power Co. Inc. | 506,344 | 5,400 |
| | Fukuoka Financial Group Inc. | 937,041 | 5,384 |
| | Electric Power Development Co. Ltd. | 159,479 | 5,354 |
| | Seiko Epson Corp. | 305,000 | 5,330 |
| | Tobu Railway Co. Ltd. | 1,097,206 | 5,231 |
| | Toppan Printing Co. Ltd. | 621,872 | 5,214 |
| | Asics Corp. | 201,632 | 5,174 |
| | Lawson Inc. | 71,895 | 5,170 |
| | Hirose Electric Co. Ltd. | 36,618 | 5,156 |
| | Shimizu Corp. | 715,504 | 5,146 |
| | Kuraray Co. Ltd. | 379,813 | 5,136 |
| | Keio Corp. | 664,808 | 5,135 |
| ^ | Casio Computer Co. Ltd. | 251,372 | 5,082 |
| | JGC Corp. | 242,221 | 5,041 |
| | Chugoku Electric Power Co. Inc. | 341,613 | 5,015 |
| | Obayashi Corp. | 740,575 | 4,947 |
| | Mitsubishi Materials Corp. | 1,369,508 | 4,930 |
| ^ | TOTO Ltd. | 344,078 | 4,868 |
| | Koito Manufacturing Co. Ltd. | 136,755 | 4,785 |
| | Aozora Bank Ltd. | 1,271,676 | 4,757 |
| | Don Quijote Holdings Co. Ltd. | 62,000 | 4,730 |
| | Alps Electric Co. Ltd. | 189,200 | 4,700 |
| | NH Foods Ltd. | 213,466 | 4,664 |
| | Suruga Bank Ltd. | 211,096 | 4,653 |
| | J Front Retailing Co. Ltd. | 275,690 | 4,594 |
| | Oji Holdings Corp. | 1,027,521 | 4,570 |
| | Seibu Holdings Inc. | 156,675 | 4,537 |
| | Kansai Paint Co. Ltd. | 252,442 | 4,500 |
| | Kajima Corp. | 931,362 | 4,449 |
| | Hamamatsu Photonics KK | 151,244 | 4,412 |
| | Bank of Kyoto Ltd. | 404,363 | 4,408 |
| | Bandai Namco Holdings Inc. | 213,854 | 4,393 |
| | Keikyu Corp. | 551,531 | 4,384 |
16
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Brother Industries Ltd. | 275,459 | 4,383 |
| | Mitsui OSK Lines Ltd. | 1,235,811 | 4,363 |
| | Kyowa Hakko Kirin Co. Ltd. | 295,386 | 4,324 |
| | Nomura Research Institute Ltd. | 107,084 | 4,226 |
| | JTEKT Corp. | 247,566 | 4,216 |
| | Daicel Corp. | 347,473 | 4,189 |
| | Mitsubishi Tanabe Pharma Corp. | 245,536 | 4,178 |
| | Ryohin Keikaku Co. Ltd. | 26,000 | 4,146 |
| | USS Co. Ltd. | 234,160 | 4,123 |
| | Nissin Foods Holdings Co. Ltd. | 85,947 | 4,121 |
| | Tokyu Fudosan Holdings Corp. | 551,955 | 4,102 |
| | Taiheiyo Cement Corp. | 1,299,000 | 4,093 |
| | Amada Holdings Co. Ltd. | 404,393 | 4,081 |
| | Joyo Bank Ltd. | 743,338 | 4,066 |
| | Japan Airlines Co. Ltd. | 118,592 | 3,954 |
| | NOK Corp. | 125,456 | 3,943 |
| | Hino Motors Ltd. | 298,309 | 3,892 |
| | Sumitomo Heavy Industries Ltd. | 623,153 | 3,872 |
| | Hisamitsu Pharmaceutical Co. Inc. | 89,340 | 3,850 |
| | Seven Bank Ltd. | 714,140 | 3,848 |
| | Trend Micro Inc. | 113,358 | 3,835 |
| | Stanley Electric Co. Ltd. | 170,541 | 3,827 |
| | Iyo Bank Ltd. | 303,598 | 3,782 |
| | Yaskawa Electric Corp. | 275,155 | 3,780 |
| | Toyo Suisan Kaisha Ltd. | 107,596 | 3,765 |
| | Nagoya Railroad Co. Ltd. | 952,000 | 3,760 |
| *,^ | Sharp Corp. | 1,732,829 | 3,734 |
| | Hiroshima Bank Ltd. | 638,000 | 3,726 |
| | Gunma Bank Ltd. | 523,081 | 3,704 |
| | Keisei Electric Railway Co. Ltd. | 312,404 | 3,703 |
| | JSR Corp. | 215,843 | 3,682 |
| | M3 Inc. | 193,600 | 3,658 |
| | Teijin Ltd. | 1,074,175 | 3,649 |
| | Sumitomo Rubber Industries Ltd. | 196,490 | 3,643 |
| | Taisho Pharmaceutical Holdings Co. Ltd. | 51,123 | 3,593 |
| | MISUMI Group Inc. | 95,600 | 3,588 |
| | Japan Airport Terminal Co. Ltd. | 63,600 | 3,580 |
| | Nabtesco Corp. | 129,065 | 3,550 |
| | Mabuchi Motor Co. Ltd. | 59,102 | 3,539 |
| | Shinsei Bank Ltd. | 1,725,373 | 3,531 |
| | ANA Holdings Inc. | 1,276,143 | 3,528 |
| | Hokuhoku Financial Group Inc. | 1,472,000 | 3,520 |
| | Tosoh Corp. | 655,000 | 3,512 |
| | Yamaha Corp. | 193,039 | 3,508 |
| | Hachijuni Bank Ltd. | 442,828 | 3,452 |
| | Shimadzu Corp. | 293,596 | 3,434 |
| | Hulic Co. Ltd. | 318,400 | 3,408 |
| | Sony Financial Holdings Inc. | 189,024 | 3,393 |
| | Toho Gas Co. Ltd. | 559,518 | 3,388 |
| | Nisshin Seifun Group Inc. | 288,724 | 3,367 |
| ^ | Yamaguchi Financial Group Inc. | 267,864 | 3,358 |
| | Mitsui Chemicals Inc. | 1,014,190 | 3,353 |
| | Air Water Inc. | 188,281 | 3,344 |
| | Credit Saison Co. Ltd. | 176,375 | 3,335 |
| | Kurita Water Industries Ltd. | 127,278 | 3,307 |
| | Daihatsu Motor Co. Ltd. | 228,157 | 3,305 |
| | THK Co. Ltd. | 131,332 | 3,299 |
| | Calbee Inc. | 80,400 | 3,273 |
| | Hitachi Metals Ltd. | 208,407 | 3,259 |
| | Tokyo Tatemono Co. Ltd. | 449,000 | 3,256 |
| | Keihan Electric Railway Co. Ltd. | 561,000 | 3,254 |
| | Toho Co. Ltd. | 130,833 | 3,252 |
| | Rinnai Corp. | 42,607 | 3,233 |
| | Miraca Holdings Inc. | 63,685 | 3,204 |
17
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nissan Chemical Industries Ltd. | 161,000 | 3,191 |
| | Pigeon Corp. | 119,400 | 3,162 |
| | Chugoku Bank Ltd. | 196,409 | 3,156 |
| | Alfresa Holdings Corp. | 209,932 | 3,146 |
| | SBI Holdings Inc. | 237,106 | 3,145 |
| | NTN Corp. | 569,000 | 3,106 |
| | Fuji Electric Co. Ltd. | 655,783 | 3,093 |
| | Obic Co. Ltd. | 73,800 | 3,087 |
| | AEON Financial Service Co. Ltd. | 120,370 | 3,069 |
| ^ | Yamada Denki Co. Ltd. | 746,440 | 3,055 |
| | Toyo Seikan Group Holdings Ltd. | 191,873 | 3,034 |
| | Kewpie Corp. | 124,200 | 3,030 |
| | Hokuriku Electric Power Co. | 204,734 | 3,027 |
| | Haseko Corp. | 305,000 | 3,012 |
| | Mitsubishi UFJ Lease & Finance Co. Ltd. | 559,190 | 3,000 |
| | Hakuhodo DY Holdings Inc. | 279,650 | 2,993 |
| | TonenGeneral Sekiyu KK | 307,713 | 2,953 |
| | FamilyMart Co. Ltd. | 68,565 | 2,953 |
| ^ | Marui Group Co. Ltd. | 270,342 | 2,951 |
| | Takashimaya Co. Ltd. | 315,494 | 2,944 |
| | Shimamura Co. Ltd. | 29,453 | 2,936 |
| | Yokogawa Electric Corp. | 243,196 | 2,848 |
| | Citizen Holdings Co. Ltd. | 359,848 | 2,848 |
| | Nankai Electric Railway Co. Ltd. | 593,000 | 2,835 |
| | Suzuken Co. Ltd. | 90,262 | 2,825 |
| | Kaken Pharmaceutical Co. Ltd. | 79,000 | 2,823 |
| | Sega Sammy Holdings Inc. | 201,591 | 2,814 |
| | Yamazaki Baking Co. Ltd. | 158,435 | 2,804 |
| | Tsuruha Holdings Inc. | 38,600 | 2,800 |
| | DIC Corp. | 902,000 | 2,729 |
| | Benesse Holdings Inc. | 86,247 | 2,703 |
| ^ | Taiyo Nippon Sanso Corp. | 207,800 | 2,697 |
| | Zenkoku Hosho Co. Ltd. | 72,900 | 2,691 |
| | Nomura Real Estate Holdings Inc. | 130,778 | 2,658 |
| | Mitsubishi Gas Chemical Co. Inc. | 473,921 | 2,648 |
| | Nippon Electric Glass Co. Ltd. | 464,752 | 2,643 |
| | Sojitz Corp. | 1,342,918 | 2,626 |
| | MediPal Holdings Corp. | 190,484 | 2,599 |
| | Kaneka Corp. | 369,995 | 2,580 |
| | Yokohama Rubber Co. Ltd. | 239,000 | 2,572 |
| | Kamigumi Co. Ltd. | 254,148 | 2,545 |
| | Hoshizaki Electric Co. Ltd. | 43,200 | 2,542 |
| | Kobayashi Pharmaceutical Co. Ltd. | 36,200 | 2,536 |
| | Otsuka Corp. | 54,926 | 2,530 |
| | CyberAgent Inc. | 52,400 | 2,522 |
| | Kawasaki Kisen Kaisha Ltd. | 976,000 | 2,521 |
| | Nishi-Nippon City Bank Ltd. | 788,839 | 2,514 |
| | Mitsubishi Logistics Corp. | 160,831 | 2,488 |
| | Sohgo Security Services Co. Ltd. | 74,100 | 2,415 |
| | NHK Spring Co. Ltd. | 210,396 | 2,409 |
| | Nippon Shokubai Co. Ltd. | 174,000 | 2,402 |
| | Dena Co. Ltd. | 119,751 | 2,392 |
| | Disco Corp. | 25,800 | 2,350 |
| | Sugi Holdings Co. Ltd. | 48,100 | 2,344 |
| | Aeon Mall Co. Ltd. | 125,255 | 2,336 |
| | Iida Group Holdings Co. Ltd. | 173,400 | 2,327 |
| * | Shikoku Electric Power Co. Inc. | 171,144 | 2,318 |
| | Ezaki Glico Co. Ltd. | 55,500 | 2,311 |
| | Dowa Holdings Co. Ltd. | 256,000 | 2,297 |
| | Nippon Kayaku Co. Ltd. | 190,000 | 2,297 |
| | 77 Bank Ltd. | 394,000 | 2,274 |
| | Nihon Kohden Corp. | 85,400 | 2,244 |
| | Sotetsu Holdings Inc. | 473,000 | 2,243 |
| | Nippon Shinyaku Co. Ltd. | 67,000 | 2,240 |
18
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ibiden Co. Ltd. | 127,783 | 2,235 |
| | Hitachi Chemical Co. Ltd. | 114,766 | 2,221 |
| ^ | Kakaku.com Inc. | 143,100 | 2,219 |
| | Showa Denko KK | 1,621,499 | 2,217 |
| | Sankyo Co. Ltd. | 58,517 | 2,216 |
| | Park24 Co. Ltd. | 110,400 | 2,205 |
| | Sawai Pharmaceutical Co. Ltd. | 38,700 | 2,203 |
| | Advantest Corp. | 186,587 | 2,200 |
| ^ | Sumco Corp. | 145,768 | 2,199 |
| | Kose Corp. | 33,100 | 2,159 |
| | Ebara Corp. | 482,000 | 2,143 |
| | Topcon Corp. | 81,000 | 2,107 |
| | Showa Shell Sekiyu KK | 217,422 | 2,097 |
| ^ | Idemitsu Kosan Co. Ltd. | 107,992 | 2,092 |
| | Hitachi Construction Machinery Co. Ltd. | 116,632 | 2,071 |
| | Toyo Tire & Rubber Co. Ltd. | 108,000 | 2,069 |
| | Azbil Corp. | 78,000 | 2,055 |
| | Hitachi High-Technologies Corp. | 69,380 | 2,011 |
| | Tokai Tokyo Financial Holdings Inc. | 261,400 | 2,009 |
| | Denki Kagaku Kogyo KK | 490,927 | 2,005 |
| | Aoyama Trading Co. Ltd. | 57,900 | 2,003 |
| | Ube Industries Ltd. | 1,192,936 | 1,979 |
| | Sumitomo Dainippon Pharma Co. Ltd. | 174,938 | 1,977 |
| | Nippon Paper Industries Co. Ltd. | 113,348 | 1,977 |
| | GS Yuasa Corp. | 415,999 | 1,956 |
| | Konami Corp. | 105,549 | 1,937 |
| | Daido Steel Co. Ltd. | 404,087 | 1,932 |
| | Seino Holdings Co. Ltd. | 168,100 | 1,930 |
| | DMG Mori Seiki Co. Ltd. | 118,000 | 1,924 |
| | Ushio Inc. | 143,684 | 1,884 |
| * | Hokkaido Electric Power Co. Inc. | 203,093 | 1,873 |
| | Sundrug Co. Ltd. | 36,900 | 1,852 |
| | OKUMA Corp. | 170,000 | 1,842 |
| | Toyoda Gosei Co. Ltd. | 79,403 | 1,837 |
| | Sanwa Holdings Corp. | 242,600 | 1,831 |
| | Tadano Ltd. | 126,000 | 1,828 |
| | Nexon Co. Ltd. | 142,600 | 1,819 |
| ^ | Maruichi Steel Tube Ltd. | 71,514 | 1,806 |
| | Nishi-Nippon Railroad Co. Ltd. | 411,000 | 1,802 |
| | Japan Steel Works Ltd. | 389,865 | 1,799 |
| | Taiyo Yuden Co. Ltd. | 121,100 | 1,790 |
| | Resorttrust Inc. | 68,500 | 1,789 |
| ^ | Sanrio Co. Ltd. | 66,750 | 1,788 |
| | Japan Aviation Electronics Industry Ltd. | 73,000 | 1,754 |
| | Glory Ltd. | 63,200 | 1,749 |
| | Izumi Co. Ltd. | 44,100 | 1,747 |
| | Oracle Corp. Japan | 38,168 | 1,742 |
| | Nagase & Co. Ltd. | 130,500 | 1,725 |
| ^ | Lion Corp. | 279,000 | 1,710 |
| ^ | Tsumura & Co. | 72,672 | 1,703 |
| ^ | Chiyoda Corp. | 187,123 | 1,698 |
| | Nisshinbo Holdings Inc. | 163,000 | 1,688 |
| | Nichirei Corp. | 319,000 | 1,684 |
| | Square Enix Holdings Co. Ltd. | 80,115 | 1,682 |
| | H2O Retailing Corp. | 92,800 | 1,670 |
| | Nifco Inc. | 47,100 | 1,668 |
| | Kinden Corp. | 118,431 | 1,663 |
| | COMSYS Holdings Corp. | 119,200 | 1,661 |
| | Fujikura Ltd. | 348,000 | 1,657 |
| | San-In Godo Bank Ltd. | 172,000 | 1,646 |
| | Sumitomo Forestry Co. Ltd. | 141,700 | 1,642 |
| | Keiyo Bank Ltd. | 277,000 | 1,640 |
| ^ | TS Tech Co. Ltd. | 54,600 | 1,626 |
| | House Foods Group Inc. | 79,200 | 1,617 |
19
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Century Tokyo Leasing Corp. | 50,300 | 1,588 |
| | Okasan Securities Group Inc. | 207,000 | 1,570 |
| | Matsumotokiyoshi Holdings Co. Ltd. | 43,000 | 1,566 |
| * | Japan Display Inc. | 380,000 | 1,561 |
| | SCREEN Holdings Co. Ltd. | 229,000 | 1,555 |
| | Zeon Corp. | 171,000 | 1,535 |
| | Rohto Pharmaceutical Co. Ltd. | 107,300 | 1,532 |
| | Takara Holdings Inc. | 205,200 | 1,529 |
| | Juroku Bank Ltd. | 382,000 | 1,521 |
| | Temp Holdings Co. Ltd. | 48,000 | 1,520 |
| ^ | K's Holdings Corp. | 45,000 | 1,503 |
| | Wacoal Holdings Corp. | 135,000 | 1,500 |
| ^ | Shiga Bank Ltd. | 278,000 | 1,463 |
| | Mitsui Engineering & Shipbuilding Co. Ltd. | 810,000 | 1,455 |
| | Toyobo Co. Ltd. | 954,000 | 1,454 |
| | Higo Bank Ltd. | 225,000 | 1,446 |
| ^ | Sapporo Holdings Ltd. | 368,000 | 1,444 |
| | Awa Bank Ltd. | 243,000 | 1,443 |
| | Shimachu Co. Ltd. | 55,300 | 1,431 |
| *,^ | Acom Co. Ltd. | 430,300 | 1,429 |
| | Furukawa Electric Co. Ltd. | 763,600 | 1,400 |
| | Mitsui Mining & Smelting Co. Ltd. | 589,000 | 1,399 |
| | Lintec Corp. | 56,600 | 1,388 |
| | Daishi Bank Ltd. | 368,000 | 1,388 |
| | SCSK Corp. | 47,400 | 1,384 |
| | ABC-Mart Inc. | 24,187 | 1,376 |
| | Sumitomo Osaka Cement Co. Ltd. | 421,000 | 1,371 |
| | HIS Co. Ltd. | 40,400 | 1,347 |
| | Jafco Co. Ltd. | 35,900 | 1,345 |
| | Itochu Techno-Solutions Corp. | 58,932 | 1,342 |
| | Tokai Rika Co. Ltd. | 54,500 | 1,332 |
| | Start Today Co. Ltd. | 53,900 | 1,320 |
| | UNY Group Holdings Co. Ltd. | 233,200 | 1,319 |
| | Nisshin Steel Co. Ltd. | 98,800 | 1,317 |
| | Hyakugo Bank Ltd. | 265,000 | 1,303 |
| | Kagoshima Bank Ltd. | 180,000 | 1,296 |
| | Cosmos Pharmaceutical Corp. | 9,600 | 1,292 |
| | Coca-Cola East Japan Co. Ltd. | 68,700 | 1,284 |
| | Musashino Bank Ltd. | 35,400 | 1,282 |
| | Japan Petroleum Exploration Co. Ltd. | 33,079 | 1,273 |
| ^ | Kagome Co. Ltd. | 81,100 | 1,272 |
| | Nipro Corp. | 131,600 | 1,263 |
| ^ | Ito En Ltd. | 60,700 | 1,261 |
| | Autobacs Seven Co. Ltd. | 80,600 | 1,255 |
| | Calsonic Kansei Corp. | 169,000 | 1,232 |
| | NTT Urban Development Corp. | 116,200 | 1,210 |
| ^ | Bic Camera Inc. | 119,700 | 1,194 |
| | North Pacific Bank Ltd. | 299,400 | 1,182 |
| | Hokkoku Bank Ltd. | 325,000 | 1,177 |
| | KYORIN Holdings Inc. | 49,200 | 1,132 |
| ^ | Hitachi Capital Corp. | 49,500 | 1,121 |
| | Maeda Road Construction Co. Ltd. | 68,000 | 1,121 |
| | Yamato Kogyo Co. Ltd. | 47,117 | 1,109 |
| | Coca-Cola West Co. Ltd. | 69,324 | 1,103 |
| | Anritsu Corp. | 153,500 | 1,101 |
| | Pola Orbis Holdings Inc. | 21,200 | 1,100 |
| | Senshu Ikeda Holdings Inc. | 245,200 | 1,088 |
| | Matsui Securities Co. Ltd. | 115,300 | 1,071 |
| | Toda Corp. | 259,000 | 1,067 |
| | Canon Marketing Japan Inc. | 56,800 | 1,067 |
| | Rengo Co. Ltd. | 244,000 | 1,067 |
| | Nissan Shatai Co. Ltd. | 82,500 | 1,062 |
| *,^ | Aiful Corp. | 306,800 | 1,058 |
| | Kissei Pharmaceutical Co. Ltd. | 35,500 | 1,054 |
20
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Shochiku Co. Ltd. | 122,000 | 1,048 |
| * | Cosmo Oil Co. Ltd. | 699,046 | 1,036 |
| | Nanto Bank Ltd. | 284,000 | 1,027 |
| ^ | Toyota Boshoku Corp. | 68,409 | 1,016 |
| | Hikari Tsushin Inc. | 15,200 | 1,014 |
| | Capcom Co. Ltd. | 54,400 | 1,013 |
| *,^ | COLOPL Inc. | 49,000 | 1,003 |
| | Hyakujushi Bank Ltd. | 292,000 | 1,002 |
| ^ | Mochida Pharmaceutical Co. Ltd. | 14,400 | 984 |
| | Onward Holdings Co. Ltd. | 142,000 | 955 |
| | FP Corp. | 26,600 | 954 |
| | SKY Perfect JSAT Holdings Inc. | 151,000 | 946 |
| | Nippo Corp. | 56,000 | 937 |
| | Asatsu-DK Inc. | 33,900 | 932 |
| | Heiwa Corp. | 42,800 | 892 |
| ^ | Fukuyama Transporting Co. Ltd. | 149,000 | 844 |
| | Nippon Television Holdings Inc. | 48,200 | 831 |
| | KYB Co. Ltd. | 207,000 | 786 |
| | Exedy Corp. | 31,700 | 779 |
| | Hitachi Transport System Ltd. | 46,700 | 753 |
| ^ | Gree Inc. | 114,879 | 742 |
| | Toshiba TEC Corp. | 132,000 | 732 |
| | Komeri Co. Ltd. | 32,000 | 720 |
| | Kandenko Co. Ltd. | 112,000 | 711 |
| *,^ | Orient Corp. | 385,700 | 622 |
| | Fuji Media Holdings Inc. | 43,300 | 606 |
| | NS Solutions Corp. | 17,500 | 587 |
| | PanaHome Corp. | 80,000 | 583 |
| | Shinko Electric Industries Co. Ltd. | 72,400 | 579 |
| | Tokyo Broadcasting System Holdings Inc. | 40,900 | 536 |
| | Toppan Forms Co. Ltd. | 43,300 | 519 |
| ^ | Takata Corp. | 37,900 | 469 |
| | Daikyo Inc. | 299,000 | 450 |
| | TV Asahi Holdings Corp. | 23,500 | 434 |
| | Sumitomo Real Estate Sales Co. Ltd. | 15,300 | 416 |
| | Mitsubishi Shokuhin Co. Ltd. | 15,900 | 336 |
| * | Aplus Financial Co. Ltd. | 91,000 | 98 |
| | | | 3,612,454 |
| New Zealand (0.5%) | | |
| | Fletcher Building Ltd. | 742,439 | 4,700 |
| | Spark New Zealand Ltd. | 1,972,860 | 4,464 |
| | Auckland International Airport Ltd. | 975,042 | 3,422 |
| | Fisher & Paykel Healthcare Corp. Ltd. | 594,378 | 2,943 |
| | Ryman Healthcare Ltd. | 450,262 | 2,796 |
| | SKYCITY Entertainment Group Ltd. | 644,969 | 2,066 |
| | SKY Network Television Ltd. | 418,586 | 2,005 |
| | Mighty River Power Ltd. | 770,179 | 1,768 |
| | Contact Energy Ltd. | 391,523 | 1,695 |
| *,^ | Xero Ltd. | 83,464 | 1,261 |
| * | Kiwi Property Group Ltd. | 1,246,470 | 1,230 |
| | Air New Zealand Ltd. | 552,910 | 1,136 |
| | Vector Ltd. | 266,439 | 657 |
| | Warehouse Group Ltd. | 148,408 | 312 |
| | | | 30,455 |
| Singapore (3.6%) | | |
| | DBS Group Holdings Ltd. | 1,892,779 | 30,077 |
| ^ | Oversea-Chinese Banking Corp. Ltd. | 3,321,591 | 26,748 |
| | Singapore Telecommunications Ltd. | 7,975,209 | 26,650 |
| | United Overseas Bank Ltd. | 1,287,967 | 23,782 |
| | Keppel Corp. Ltd. | 1,548,358 | 10,170 |
| | CapitaLand Ltd. | 2,765,858 | 7,697 |
| | Global Logistic Properties Ltd. | 3,267,673 | 6,777 |
| | Singapore Exchange Ltd. | 891,260 | 5,729 |
| | Wilmar International Ltd. | 2,293,303 | 5,633 |
21
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Singapore Press Holdings Ltd. | 1,743,017 | 5,516 |
| | City Developments Ltd. | 650,713 | 5,236 |
| | Singapore Airlines Ltd. | 556,926 | 5,132 |
| | Genting Singapore plc | 6,626,897 | 5,120 |
| | ComfortDelGro Corp. Ltd. | 2,195,980 | 5,087 |
| | CapitaMall Trust | 2,820,112 | 4,656 |
| | Singapore Technologies Engineering Ltd. | 1,691,755 | 4,618 |
| | Ascendas REIT | 2,144,694 | 3,997 |
| | Hutchison Port Holdings Trust | 5,544,639 | 3,736 |
| | Suntec REIT | 2,605,700 | 3,479 |
| | Sembcorp Industries Ltd. | 971,920 | 3,312 |
| * | Jardine Cycle & Carriage Ltd. | 108,621 | 3,310 |
| | Noble Group Ltd. | 4,967,604 | 3,235 |
| ^ | UOL Group Ltd. | 506,717 | 3,047 |
| | CapitaCommercial Trust | 2,107,900 | 2,695 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 2,278,710 | 2,516 |
| | Golden Agri-Resources Ltd. | 7,090,763 | 2,243 |
| | Singapore Post Ltd. | 1,534,200 | 2,212 |
| ^ | Sembcorp Marine Ltd. | 913,666 | 2,044 |
| | StarHub Ltd. | 639,567 | 2,042 |
| | Venture Corp. Ltd. | 265,100 | 1,691 |
| | SMRT Corp. Ltd. | 752,000 | 957 |
| | M1 Ltd. | 320,500 | 861 |
| *,^ | Neptune Orient Lines Ltd. | 969,000 | 829 |
| ^ | Olam International Ltd. | 521,600 | 796 |
| ^ | SIA Engineering Co. Ltd. | 239,900 | 759 |
| | Yanlord Land Group Ltd. | 717,000 | 651 |
| | Wing Tai Holdings Ltd. | 415,200 | 614 |
| | Frasers Centrepoint Ltd. | 382,000 | 546 |
| ^ | COSCO Corp. Singapore Ltd. | 961,001 | 438 |
| ^ | Fraser and Neave Ltd. | 176,000 | 371 |
| | Indofood Agri Resources Ltd. | 402,000 | 221 |
| | | | 225,230 |
| South Korea (10.6%) | | |
| | Samsung Electronics Co. Ltd. | 116,979 | 153,459 |
| | Hyundai Motor Co. | 167,204 | 26,241 |
| | SK Hynix Inc. | 579,476 | 24,793 |
| | Shinhan Financial Group Co. Ltd. | 496,318 | 20,542 |
| | POSCO | 80,594 | 18,985 |
| | NAVER Corp. | 29,622 | 17,912 |
| | KB Financial Group Inc. | 420,852 | 16,049 |
| | Hyundai Mobis Co. Ltd. | 72,853 | 16,019 |
| | Kia Motors Corp. | 281,792 | 12,985 |
| | Amorepacific Corp. | 3,379 | 12,243 |
| | Korea Electric Power Corp. | 279,149 | 12,139 |
| | LG Chem Ltd. | 47,686 | 12,046 |
| | KT&G Corp. | 131,463 | 11,642 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 42,354 | 11,159 |
| | SK Telecom Co. Ltd. | 35,156 | 9,421 |
| | Hana Financial Group Inc. | 319,077 | 9,392 |
| | LG Household & Health Care Ltd. | 10,298 | 7,566 |
| ^ | Samsung SDS Co. Ltd. | 31,203 | 7,424 |
| | SK Innovation Co. Ltd. | 66,535 | 7,283 |
| | Samsung C&T Corp. | 135,533 | 7,198 |
| | LG Display Co. Ltd. | 244,456 | 6,770 |
| | Samsung Life Insurance Co. Ltd. | 68,543 | 6,704 |
| | Samsung SDI Co. Ltd. | 59,514 | 6,626 |
| | LG Electronics Inc. | 117,372 | 6,600 |
| | Hyundai Heavy Industries Co. Ltd. | 48,048 | 6,243 |
| | LG Corp. | 98,755 | 6,128 |
| *,^ | Celltrion Inc. | 74,433 | 5,926 |
| | SK C&C Co. Ltd. | 24,173 | 5,721 |
| | Hyundai Steel Co. | 73,021 | 5,337 |
| | Korea Zinc Co. Ltd. | 11,546 | 5,142 |
22
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Coway Co. Ltd. | 60,811 | 5,107 |
| | Hyundai Glovis Co. Ltd. | 22,642 | 4,967 |
| | AMOREPACIFIC Group | 3,241 | 4,928 |
| | SK Holdings Co. Ltd. | 28,355 | 4,882 |
| | Orion Corp. | 4,092 | 4,779 |
| | E-Mart Co. Ltd. | 22,794 | 4,696 |
| | Kangwon Land Inc. | 125,779 | 4,288 |
| * | Cheil Industries Inc. | 28,831 | 4,243 |
| | Samsung Securities Co. Ltd. | 67,817 | 4,121 |
| | Lotte Chemical Corp. | 16,552 | 3,840 |
| | Hyundai Engineering & Construction Co. Ltd. | 79,789 | 3,839 |
| | Samsung Electro-Mechanics Co. Ltd. | 60,450 | 3,794 |
| | BNK Financial Group Inc. | 249,689 | 3,733 |
| | Industrial Bank of Korea | 270,780 | 3,721 |
| * | KT Corp. | 124,801 | 3,689 |
| | Hyundai Development Co-Engineering & Construction | 68,216 | 3,631 |
| | Hotel Shilla Co. Ltd. | 35,516 | 3,536 |
| ^ | Daum Kakao Corp. | 34,456 | 3,453 |
| | Hankook Tire Co. Ltd. | 80,336 | 3,376 |
| ^ | Samsung Heavy Industries Co. Ltd. | 198,616 | 3,345 |
| | Korea Aerospace Industries Ltd. | 54,199 | 3,311 |
| | Daewoo Securities Co. Ltd. | 209,133 | 3,264 |
| | KCC Corp. | 6,340 | 3,250 |
| | CJ CheilJedang Corp. | 8,319 | 3,235 |
| * | Woori Bank | 319,218 | 3,189 |
| | S-Oil Corp. | 46,126 | 3,143 |
| | NCSoft Corp. | 16,208 | 3,087 |
| | Lotte Shopping Co. Ltd. | 12,699 | 3,063 |
| | Hyosung Corp. | 26,080 | 2,885 |
| | CJ Corp. | 16,071 | 2,857 |
| | Korea Investment Holdings Co. Ltd. | 42,942 | 2,749 |
| | Dongbu Insurance Co. Ltd. | 52,643 | 2,675 |
| | GS Holdings Corp. | 57,176 | 2,667 |
| | Hyundai Wia Corp. | 18,014 | 2,553 |
| | Hyundai Department Store Co. Ltd. | 17,683 | 2,400 |
| | LG Uplus Corp. | 228,972 | 2,291 |
| | Daelim Industrial Co. Ltd. | 29,610 | 2,280 |
| | Hanwha Corp. | 56,133 | 2,204 |
| * | Cheil Worldwide Inc. | 94,242 | 2,013 |
| | Hyundai Securities Co. Ltd. | 193,476 | 2,003 |
| | Woori Investment & Securities Co. Ltd. | 138,645 | 1,919 |
| | DGB Financial Group Inc. | 168,230 | 1,899 |
| ^ | OCI Co. Ltd. | 19,803 | 1,825 |
| | Yuhan Corp. | 8,366 | 1,802 |
| ^ | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 106,903 | 1,797 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 65,111 | 1,736 |
| | Hanwha Life Insurance Co. Ltd. | 232,558 | 1,719 |
| | S-1 Corp. | 22,828 | 1,702 |
| * | Doosan Infracore Co. Ltd. | 144,755 | 1,600 |
| | Lotte Confectionery Co. Ltd. | 899 | 1,564 |
| * | Korean Air Lines Co. Ltd. | 36,532 | 1,559 |
| | Kumho Petrochemical Co. Ltd. | 18,927 | 1,516 |
| | Doosan Heavy Industries & Construction Co. Ltd. | 52,806 | 1,498 |
| | Mirae Asset Securities Co. Ltd. | 26,844 | 1,481 |
| *,^ | CJ Korea Express Co. Ltd. | 7,651 | 1,460 |
| | Samsung Card Co. Ltd. | 37,536 | 1,436 |
| | Lotte Chilsung Beverage Co. Ltd. | 649 | 1,436 |
| | Daewoo International Corp. | 48,751 | 1,422 |
| *,^ | Daewoo Engineering & Construction Co. Ltd. | 214,018 | 1,417 |
| | Shinsegae Co. Ltd. | 7,376 | 1,384 |
| | Hanwha Chemical Corp. | 86,722 | 1,383 |
| *,^ | GS Engineering & Construction Corp. | 46,245 | 1,381 |
| | Halla Visteon Climate Control Corp. | 35,421 | 1,329 |
| | Korea Gas Corp. | 30,193 | 1,302 |
23
| | | | | |
| Vanguard® Pacific Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2015 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| | SK Networks Co. Ltd. | | | 166,439 | 1,230 |
| ^ | Paradise Co. Ltd. | | | 51,707 | 1,200 |
| ^ | Samsung Techwin Co. Ltd. | | | 46,675 | 1,199 |
| *,^ | Samsung Engineering Co. Ltd. | | | 32,464 | 1,169 |
| *,^ | NHN Entertainment Corp. | | | 17,385 | 1,022 |
| ^ | LG Hausys Ltd. | | | 6,436 | 1,000 |
| | Mando Corp. | | | 6,837 | 948 |
| | LS Corp. | | | 18,265 | 918 |
| ^ | Hyundai Mipo Dockyard Co. Ltd. | | | 10,942 | 910 |
| | KEPCO Plant Service & Engineering Co. Ltd. | | | 9,619 | 872 |
| | Doosan Corp. | | | 7,522 | 871 |
| | SKC Co. Ltd. | | | 20,930 | 824 |
| | NongShim Co. Ltd. | | | 3,581 | 818 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | | | 85,890 | 763 |
| *,^ | Hanjin Shipping Co. Ltd. | | | 106,757 | 751 |
| ^ | Samsung Fine Chemicals Co. Ltd. | | | 18,299 | 741 |
| ^ | Hite Jinro Co. Ltd. | | | 29,734 | 629 |
| | Hyundai Hysco Co. Ltd. | | | 7,988 | 492 |
| ^ | KEPCO Engineering & Construction Co. Inc. | | | 12,527 | 486 |
| * | Kyongnam Bank | | | 34,349 | 324 |
| |
| | | | | | 667,516 |
| |
| Total Common Stocks (Cost $6,695,578) | | | | 6,229,586 |
| |
| |
| | | Coupon | | | |
| |
| Temporary Cash Investments (2.2%)1 | | | | |
| Money Market Fund (2.2%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 0.121% | | 133,912,323 | 133,912 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| 5,6 | Fannie Mae Discount Notes | 0.170% | 6/17/15 | 800 | 800 |
| 7 | Federal Home Loan Bank Discount Notes | 0.060% | 5/20/15 | 100 | 100 |
| 6,7 | Federal Home Loan Bank Discount Notes | 0.160% | 5/29/15 | 1,000 | 1,000 |
| 7 | Federal Home Loan Bank Discount Notes | 0.105% | 8/3/15 | 200 | 200 |
| |
| | | | | | 2,100 |
| |
| Total Temporary Cash Investments (Cost $136,012) | | | | 136,012 |
| Total Investments (101.7%) (Cost $6,831,590) | | | | 6,365,598 |
| |
| Other Assets and Liabilities—Net (-1.7%)4 | | | | (104,342) |
| Net Assets (100%) | | | | 6,261,256 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $106,015,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 1.7%, 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.
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 $112,874,000 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 $1,000,000 have been segregated as initial margin for open futures contracts.
24
Vanguard® Pacific Stock Index Fund
Schedule of Investments
April 30, 2015
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.
REIT—Real Estate Investment Trust.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
25
© 2015 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA722 062015
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| |
| Common Stocks (99.7%)1 | | |
| Australia (2.5%) | | |
| | Commonwealth Bank of Australia | 248,208 | 17,374 |
| | Westpac Banking Corp. | 475,553 | 13,663 |
| | BHP Billiton Ltd. | 493,597 | 12,605 |
| | Australia & New Zealand Banking Group Ltd. | 423,844 | 11,341 |
| | National Australia Bank Ltd. | 364,418 | 10,552 |
| | Wesfarmers Ltd. | 173,543 | 5,982 |
| | CSL Ltd. | 76,279 | 5,468 |
| | Woolworths Ltd. | 190,187 | 4,416 |
| | Woodside Petroleum Ltd. | 122,203 | 3,370 |
| | Telstra Corp. Ltd. | 665,176 | 3,270 |
| | Macquarie Group Ltd. | 52,766 | 3,233 |
| | Rio Tinto Ltd. | 67,474 | 3,042 |
| | Brambles Ltd. | 310,210 | 2,644 |
| | Scentre Group | 792,325 | 2,334 |
| | Transurban Group | 294,387 | 2,302 |
| | AMP Ltd. | 452,486 | 2,292 |
| | QBE Insurance Group Ltd. | 206,747 | 2,230 |
| | Westfield Corp. | 285,344 | 2,121 |
| | Suncorp Group Ltd. | 195,380 | 2,020 |
| | Amcor Ltd. | 181,397 | 1,931 |
| | Insurance Australia Group Ltd. | 410,305 | 1,880 |
| | Origin Energy Ltd. | 164,102 | 1,640 |
| * | Newcrest Mining Ltd. | 134,821 | 1,511 |
| | Aurizon Holdings Ltd. | 364,493 | 1,392 |
| | Orica Ltd. | 85,665 | 1,358 |
| | Goodman Group | 251,850 | 1,236 |
| | APA Group | 163,066 | 1,233 |
| | AGL Energy Ltd. | 97,275 | 1,167 |
| | Stockland | 333,392 | 1,165 |
| | Caltex Australia Ltd. | 41,037 | 1,145 |
| | Oil Search Ltd. | 171,808 | 1,091 |
| | Santos Ltd. | 160,701 | 1,047 |
| | Sonic Healthcare Ltd. | 64,903 | 1,017 |
| | Lend Lease Group | 79,315 | 1,002 |
| | Ramsay Health Care Ltd. | 18,877 | 931 |
| | GPT Group | 250,761 | 884 |
| | ASX Ltd. | 26,007 | 864 |
| | Toll Holdings Ltd. | 120,920 | 856 |
| | Mirvac Group | 508,422 | 805 |
| | Tatts Group Ltd. | 247,931 | 790 |
| | Dexus Property Group | 133,004 | 773 |
| | James Hardie Industries plc | 65,542 | 753 |
| | Incitec Pivot Ltd. | 239,193 | 751 |
| | Asciano Ltd. | 143,047 | 743 |
| | Computershare Ltd. | 74,709 | 725 |
| | Seek Ltd. | 56,411 | 722 |
| * | Medibank Pvt Ltd. | 391,369 | 683 |
| | Coca-Cola Amatil Ltd. | 80,950 | 655 |
| | Sydney Airport | 148,662 | 632 |
| | Bendigo & Adelaide Bank Ltd. | 64,180 | 611 |
| | Novion Property Group | 312,787 | 608 |
| | Crown Resorts Ltd. | 59,158 | 606 |
| | Bank of Queensland Ltd. | 55,281 | 568 |
| | Aristocrat Leisure Ltd. | 86,347 | 564 |
| | Cochlear Ltd. | 8,158 | 537 |
| | Boral Ltd. | 96,904 | 483 |
| | Tabcorp Holdings Ltd. | 118,966 | 457 |
| | Alumina Ltd. | 374,493 | 454 |
| * | Qantas Airways Ltd. | 168,836 | 451 |
| | Federation Centres | 193,992 | 451 |
| | Challenger Ltd. | 79,865 | 443 |
1
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | DUET Group | 217,692 | 435 |
| | Ansell Ltd. | 21,008 | 432 |
| | WorleyParsons Ltd. | 47,655 | 428 |
| | Iluka Resources Ltd. | 64,898 | 414 |
| | GUD Holdings Ltd. | 65,688 | 410 |
| ^ | Fortescue Metals Group Ltd. | 239,614 | 405 |
| | Treasury Wine Estates Ltd. | 91,493 | 401 |
| | Echo Entertainment Group Ltd. | 111,088 | 397 |
| | TPG Telecom Ltd. | 49,290 | 346 |
| | Healthscope Ltd. | 147,861 | 331 |
| | Fairfax Media Ltd. | 394,420 | 325 |
| | Recall Holdings Ltd. | 56,290 | 323 |
| | Orora Ltd. | 184,434 | 321 |
| | Flight Centre Travel Group Ltd. | 9,374 | 321 |
| | REA Group Ltd. | 8,499 | 316 |
| | DuluxGroup Ltd. | 62,104 | 310 |
| | IOOF Holdings Ltd. | 38,924 | 309 |
| | Slater & Gordon Ltd. | 55,852 | 280 |
| | Domino's Pizza Enterprises Ltd. | 9,546 | 275 |
| | Primary Health Care Ltd. | 69,027 | 270 |
| | Veda Group Ltd. | 145,800 | 263 |
| | carsales.com Ltd. | 35,013 | 262 |
| | AusNet Services | 218,787 | 254 |
| | IRESS Ltd. | 29,801 | 244 |
| | ALS Ltd. | 58,940 | 243 |
| * | Australian Agricultural Co. Ltd. | 187,667 | 240 |
| | Harvey Norman Holdings Ltd. | 69,041 | 239 |
| | BlueScope Steel Ltd. | 85,589 | 235 |
| | CSR Ltd. | 77,533 | 223 |
| | Investa Office Fund | 75,706 | 222 |
| | Adelaide Brighton Ltd. | 62,069 | 221 |
| * | CIMIC Group Ltd. | 12,925 | 214 |
| | Perpetual Ltd. | 4,888 | 208 |
| | JB Hi-Fi Ltd. | 13,341 | 206 |
| | Magellan Financial Group Ltd. | 13,015 | 204 |
| | Sims Metal Management Ltd. | 23,894 | 204 |
| | Qube Holdings Ltd. | 92,501 | 203 |
| | M2 Group Ltd. | 23,002 | 199 |
| | GrainCorp Ltd. Class A | 25,389 | 198 |
| *,^ | Liquefied Natural Gas Ltd. | 55,497 | 198 |
| | Cromwell Property Group | 226,795 | 198 |
| | Downer EDI Ltd. | 55,831 | 194 |
| | Navitas Ltd. | 50,787 | 185 |
| | Aveo Group | 83,081 | 181 |
| ^ | Super Retail Group Ltd. | 23,090 | 180 |
| | iiNET Ltd. | 22,593 | 177 |
| | Independence Group NL | 37,603 | 175 |
| | Platinum Asset Management Ltd. | 29,340 | 175 |
| | G8 Education Ltd. | 58,334 | 166 |
| | Nine Entertainment Co. Holdings Ltd. | 89,948 | 164 |
| | Macquarie Atlas Roads Group | 63,433 | 163 |
| | Beach Energy Ltd. | 182,176 | 159 |
| | nib holdings Ltd. | 54,642 | 158 |
| | Charter Hall Retail REIT | 45,936 | 156 |
| | Nufarm Ltd. | 26,632 | 153 |
| | BWP Trust | 61,633 | 148 |
| | Sigma Pharmaceuticals Ltd. | 209,696 | 144 |
| | Spotless Group Holdings Ltd. | 79,474 | 143 |
| | OZ Minerals Ltd. | 36,865 | 136 |
| | Metcash Ltd. | 129,865 | 136 |
| | Charter Hall Group | 33,079 | 134 |
| | Brickworks Ltd. | 11,518 | 133 |
| | BT Investment Management Ltd. | 17,584 | 132 |
| | Northern Star Resources Ltd. | 74,231 | 132 |
2
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Retail Food Group Ltd. | 22,951 | 126 |
| | Sirtex Medical Ltd. | 7,462 | 125 |
| | Invocare Ltd. | 11,763 | 124 |
| | Reject Shop Ltd. | 23,939 | 123 |
| | Shopping Centres Australasia Property Group | 70,056 | 118 |
| | Select Harvests Ltd. | 16,297 | 116 |
| | Seven Group Holdings Ltd. | 19,431 | 112 |
| | PanAust Ltd. | 80,111 | 109 |
| | Seven West Media Ltd. | 108,968 | 109 |
| | Mineral Resources Ltd. | 20,222 | 103 |
| | Steadfast Group Ltd. | 85,557 | 102 |
| * | Senex Energy Ltd. | 319,614 | 101 |
| * | Mayne Pharma Group Ltd. | 115,565 | 98 |
| | Evolution Mining Ltd. | 122,674 | 98 |
| | Premier Investments Ltd. | 9,643 | 97 |
| | Asaleo Care Ltd. | 64,802 | 94 |
| | SAI Global Ltd. | 29,194 | 91 |
| | Genworth Mortgage Insurance Australia Ltd. | 34,168 | 90 |
| | Breville Group Ltd. | 14,492 | 88 |
| *,^ | Whitehaven Coal Ltd. | 67,077 | 87 |
| | UXC Ltd. | 147,016 | 87 |
| | Monadelphous Group Ltd. | 10,830 | 84 |
| * | Sirius Resources NL | 35,090 | 80 |
| | Abacus Property Group | 33,542 | 78 |
| | Altium Ltd. | 18,786 | 77 |
| | Credit Corp. Group Ltd. | 8,434 | 76 |
| | Transpacific Industries Group Ltd. | 126,486 | 76 |
| | Ardent Leisure Group | 48,573 | 76 |
| | Myer Holdings Ltd. | 66,718 | 73 |
| | Folkestone Education Trust | 41,409 | 72 |
| | OzForex Group Ltd. | 39,620 | 71 |
| | Automotive Holdings Group Ltd. | 21,030 | 71 |
| | Technology One Ltd. | 22,813 | 70 |
| | Ingenia Communities Group | 217,755 | 69 |
| * | APN News & Media Ltd. | 91,628 | 68 |
| | Cardno Ltd. | 24,848 | 67 |
| | National Storage REIT | 51,828 | 66 |
| *,^ | Mesoblast Ltd. | 23,196 | 66 |
| | New Hope Corp. Ltd. | 38,080 | 66 |
| | Cover-More Group Ltd. | 37,846 | 65 |
| | Hotel Property Investments | 30,663 | 65 |
| * | Transfield Services Ltd. | 57,532 | 65 |
| * | Drillsearch Energy Ltd. | 68,448 | 65 |
| | Pact Group Holdings Ltd. | 19,616 | 64 |
| | Western Areas Ltd. | 21,942 | 64 |
| | FlexiGroup Ltd. | 23,453 | 63 |
| | Southern Cross Media Group Ltd. | 74,133 | 62 |
| | SKILLED Group Ltd. | 60,819 | 62 |
| | Arrium Ltd. | 450,831 | 61 |
| | Australian Pharmaceutical Industries Ltd. | 45,992 | 61 |
| | Astro Japan Property Group | 14,510 | 61 |
| | GWA Group Ltd. | 29,796 | 59 |
| * | ARB Corp. Ltd. | 5,897 | 58 |
| * | Virgin Australia Holdings Ltd. | 143,665 | 58 |
| | Greencross Ltd. | 10,999 | 58 |
| | Japara Healthcare Ltd. | 26,153 | 57 |
| | GDI Property Group | 75,397 | 56 |
| | Capitol Health Ltd. | 76,464 | 55 |
| *,^ | Syrah Resources Ltd. | 17,825 | 55 |
| | Vocus Communications Ltd. | 11,921 | 55 |
| | Sandfire Resources NL | 13,952 | 54 |
| | Bradken Ltd. | 29,923 | 54 |
| * | Energy World Corp. Ltd. | 149,123 | 51 |
| * | Saracen Mineral Holdings Ltd. | 138,314 | 50 |
3
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | iSentia Group Ltd. | 16,986 | 48 |
| * | AWE Ltd. | 42,522 | 48 |
| * | NEXTDC Ltd. | 25,198 | 48 |
| | Amcom Telecommunications Ltd. | 25,991 | 47 |
| | Cabcharge Australia Ltd. | 13,013 | 46 |
| | ERM Power Ltd. | 23,151 | 46 |
| | McMillan Shakespeare Ltd. | 5,068 | 46 |
| * | Karoon Gas Australia Ltd. | 19,935 | 43 |
| | Virtus Health Ltd. | 7,125 | 43 |
| * | Paladin Energy Ltd. | 153,176 | 42 |
| | TFS Corp. Ltd. | 31,364 | 41 |
| * | Energy Resources of Australia Ltd. | 38,157 | 40 |
| *,^ | CuDeco Ltd. | 35,034 | 39 |
| | Tox Free Solutions Ltd. | 16,304 | 39 |
| | MACA Ltd. | 54,308 | 38 |
| | Mantra Group Ltd. | 13,356 | 38 |
| | SMS Management & Technology Ltd. | 14,483 | 37 |
| * | Ten Network Holdings Ltd. | 229,769 | 37 |
| | Tassal Group Ltd. | 14,474 | 37 |
| | Bega Cheese Ltd. | 9,644 | 37 |
| | Thorn Group Ltd. | 17,486 | 36 |
| * | Billabong International Ltd. | 71,794 | 35 |
| | Village Roadshow Ltd. | 7,604 | 34 |
| * | iProperty Group Ltd. | 16,531 | 33 |
| * | Regis Resources Ltd. | 32,830 | 33 |
| | Ainsworth Game Technology Ltd. | 14,747 | 33 |
| | Programmed Maintenance Services Ltd. | 14,604 | 32 |
| | Webjet Ltd. | 10,804 | 31 |
| | UGL Ltd. | 22,674 | 31 |
| | Cedar Woods Properties Ltd. | 7,313 | 31 |
| | Growthpoint Properties Australia Ltd. | 11,980 | 30 |
| | STW Communications Group Ltd. | 58,559 | 30 |
| * | Pacific Brands Ltd. | 86,743 | 30 |
| | RCR Tomlinson Ltd. | 18,116 | 27 |
| * | Sundance Energy Australia Ltd. | 55,714 | 26 |
| | Hills Ltd. | 48,111 | 26 |
| | Dick Smith Holdings Ltd. | 14,824 | 24 |
| | MMA Offshore Ltd. | 40,368 | 22 |
| * | Troy Resources Ltd. | 60,145 | 21 |
| | Cash Converters International Ltd. | 29,337 | 20 |
| | Acrux Ltd. | 27,063 | 19 |
| *,^ | Buru Energy Ltd. | 42,599 | 18 |
| | Mount Gibson Iron Ltd. | 105,993 | 17 |
| *,^ | Lynas Corp. Ltd. | 437,604 | 15 |
| * | Resolute Mining Ltd. | 53,798 | 15 |
| * | Horizon Oil Ltd. | 149,601 | 14 |
| | Beadell Resources Ltd. | 77,976 | 14 |
| * | Medusa Mining Ltd. | 17,452 | 13 |
| * | Perseus Mining Ltd. | 41,674 | 13 |
| * | Starpharma Holdings Ltd. | 23,801 | 11 |
| * | Macmahon Holdings Ltd. | 314,164 | 11 |
| *,^ | Linc Energy Ltd. | 33,594 | 9 |
| | Ausdrill Ltd. | 19,488 | 7 |
| * | Boart Longyear Ltd. | 41,694 | 7 |
| * | Tiger Resources Ltd. | 135,207 | 6 |
| | Atlas Iron Ltd. | 61,964 | 6 |
| | Decmil Group Ltd. | 5,745 | 5 |
| * | Silver Lake Resources Ltd. | 36,487 | 5 |
| | NRW Holdings Ltd. | 24,486 | 4 |
| | Platinum Capital Ltd. | 732 | 1 |
| * | BGP Holdings PLC | 197,753 | — |
| * | Jacana Minerals Ltd. | 5,347 | — |
| | | | 169,842 |
4
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Austria (0.1%) | | |
| | voestalpine AG | 30,254 | 1,267 |
| | Erste Group Bank AG | 43,137 | 1,218 |
| | OMV AG | 20,897 | 695 |
| | ANDRITZ AG | 9,531 | 558 |
| * | IMMOFINANZ AG | 126,844 | 382 |
| | Wienerberger AG | 20,167 | 328 |
| | Raiffeisen Bank International AG | 16,574 | 275 |
| | Oesterreichische Post AG | 4,318 | 210 |
| | UNIQA Insurance Group AG | 17,732 | 174 |
| ^ | Verbund AG | 10,223 | 173 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 4,320 | 172 |
| | CA Immobilien Anlagen AG | 9,175 | 166 |
| | BUWOG AG | 6,676 | 135 |
| | RHI AG | 3,814 | 109 |
| | Schoeller-Bleckmann Oilfield Equipment AG | 1,502 | 106 |
| | Conwert Immobilien Invest SE | 7,337 | 93 |
| | Flughafen Wien AG | 952 | 86 |
| | Mayr Melnhof Karton AG | 708 | 82 |
| | Telekom Austria AG | 10,794 | 80 |
| | Lenzing AG | 1,176 | 80 |
| | Zumtobel Group AG | 2,692 | 74 |
| | S IMMO AG | 7,798 | 73 |
| | Semperit AG Holding | 1,094 | 50 |
| | Strabag SE | 1,787 | 42 |
| | Palfinger AG | 1,090 | 33 |
| | | | 6,661 |
| Belgium (0.5%) | | |
| | Anheuser-Busch InBev NV | 123,034 | 14,979 |
| * | KBC Groep NV | 41,001 | 2,698 |
| | Ageas | 45,631 | 1,714 |
| | Umicore SA | 26,869 | 1,336 |
| * | UCB SA | 18,238 | 1,314 |
| | Delhaize Group SA | 15,160 | 1,220 |
| | Solvay SA Class A | 8,211 | 1,209 |
| * | Groupe Bruxelles Lambert SA | 10,459 | 918 |
| | Belgacom SA | 19,889 | 741 |
| | RTL Group SA | 6,165 | 578 |
| | Colruyt SA | 10,069 | 476 |
| | bpost SA | 13,619 | 391 |
| * | Telenet Group Holding NV | 6,446 | 387 |
| | Ackermans & van Haaren NV | 3,137 | 383 |
| | Melexis NV | 3,442 | 213 |
| | Cofinimmo SA | 1,856 | 205 |
| | Fagron | 4,348 | 192 |
| | Cie d'Entreprises CFE | 1,711 | 185 |
| | Elia System Operator SA/NV | 4,096 | 182 |
| | EVS Broadcast Equipment SA | 4,549 | 178 |
| | Befimmo SA | 2,451 | 169 |
| * | Nyrstar (Voting Shares) | 42,132 | 166 |
| | Warehouses De Pauw SCA | 1,652 | 131 |
| * | Euronav NV | 9,394 | 129 |
| | D'ieteren SA/NV | 3,123 | 122 |
| | NV Bekaert SA | 3,709 | 108 |
| * | Ontex Group NV | 3,456 | 103 |
| * | Ion Beam Applications | 3,801 | 94 |
| * | Tessenderlo Chemie NV (Voting Shares) | 2,724 | 90 |
| * | KBC Ancora | 2,239 | 84 |
| * | Mobistar SA | 4,121 | 78 |
| * | Kinepolis Group NV | 1,963 | 76 |
| | Econocom Group SA/NV | 7,684 | 67 |
| | Van de Velde NV | 888 | 53 |
| | Gimv NV | 1,096 | 51 |
| | Wereldhave Belgium NV | 434 | 50 |
5
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Intervest Offices & Warehouses NV | 1,679 | 47 |
| | Barco NV | 689 | 47 |
| * | AGFA-Gevaert NV | 18,029 | 45 |
| * | BHF Kleinwort Benson Group | 9,317 | 44 |
| * | ThromboGenics NV | 4,042 | 24 |
| | Cie Maritime Belge SA | 1,632 | 23 |
| * | Cofinimmo SA Rights Exp. 05/06/2015 | 1,856 | 1 |
| | | | 31,301 |
| Brazil (0.8%) | | |
| | Itau Unibanco Holding SA Preference Shares | 305,716 | 3,910 |
| | Banco Bradesco SA ADR | 269,607 | 2,882 |
| | BRF SA | 133,824 | 2,860 |
| | Ambev SA | 404,717 | 2,544 |
| * | Petroleo Brasileiro SA | 472,646 | 2,235 |
| * | Petroleo Brasileiro SA Preference Shares | 493,192 | 2,136 |
| | Ambev SA ADR | 323,328 | 2,047 |
| | Cielo SA | 133,212 | 1,854 |
| | Itau Unibanco Holding SA ADR | 130,534 | 1,673 |
| | Itausa - Investimentos Itau SA Preference Shares | 466,263 | 1,642 |
| | Banco Bradesco SA Preference Shares | 153,204 | 1,635 |
| | Vale SA Preference Shares | 240,566 | 1,449 |
| *,^ | Petroleo Brasileiro SA ADR | 138,650 | 1,317 |
| | Ultrapar Participacoes SA | 56,248 | 1,294 |
| | Banco do Brasil SA | 132,593 | 1,171 |
| | BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros | 272,550 | 1,123 |
| | BB Seguridade Participacoes SA | 91,339 | 1,069 |
| | Embraer SA ADR | 34,225 | 1,067 |
| ^ | Vale SA Class B ADR | 135,384 | 1,040 |
| | Telefonica Brasil SA Preference Shares | 58,964 | 979 |
| | Kroton Educacional SA | 250,736 | 915 |
| | Vale SA Class B Pfd. ADR | 145,591 | 881 |
| | CCR SA | 133,100 | 733 |
| | Banco Bradesco SA | 72,852 | 726 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 21,137 | 716 |
| | Lojas Renner SA | 17,800 | 621 |
| | Souza Cruz SA | 60,000 | 548 |
| | JBS SA | 101,998 | 526 |
| | Klabin SA | 82,000 | 503 |
| | Raia Drogasil SA | 42,100 | 478 |
| | CETIP SA - Mercados Organizados | 40,831 | 468 |
| * | Fibria Celulose SA | 30,700 | 430 |
| | WEG SA | 76,322 | 407 |
| | Grupo BTG Pactual | 40,900 | 403 |
| | Lojas Americanas SA Preference Shares | 72,188 | 402 |
| * | Hypermarcas SA | 58,312 | 385 |
| | Gerdau SA Preference Shares | 107,200 | 358 |
| | Cia Energetica de Minas Gerais Preference Shares | 72,400 | 350 |
| | Tractebel Energia SA | 29,000 | 344 |
| | BR Malls Participacoes SA | 57,300 | 312 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 49,300 | 291 |
| | Multiplan Empreendimentos Imobiliarios SA | 16,500 | 290 |
| * | Qualicorp SA | 34,800 | 286 |
| | Tim Participacoes SA | 88,200 | 282 |
| | CPFL Energia SA | 40,968 | 270 |
| | Estacio Participacoes SA | 43,200 | 261 |
| | Natura Cosmeticos SA | 22,600 | 216 |
| | Localiza Rent a Car SA | 17,900 | 209 |
| | TOTVS SA | 17,600 | 203 |
| | Suzano Papel e Celulose SA Preference Shares Class A | 38,634 | 194 |
| | Odontoprev SA | 51,300 | 179 |
| | Cia Energetica de Minas Gerais | 35,922 | 173 |
| | Equatorial Energia SA | 16,100 | 171 |
| | Usinas Siderurgicas de Minas Gerais SA | 30,200 | 168 |
| * | Petroleo Brasileiro SA ADR Type A | 19,355 | 168 |
6
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | M Dias Branco SA | 5,800 | 167 |
| | Banco do Estado do Rio Grande do Sul SA Preference Shares | 41,873 | 162 |
| * | B2W Cia Digital | 17,620 | 160 |
| | Porto Seguro SA | 12,772 | 160 |
| | Cia Energetica de Sao Paulo Preference Shares | 24,085 | 152 |
| | Sul America SA | 31,909 | 150 |
| ^ | Cia Siderurgica Nacional SA ADR | 55,570 | 149 |
| | Braskem SA Preference Shares | 35,380 | 148 |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 37,898 | 148 |
| | MRV Engenharia e Participacoes SA | 52,900 | 145 |
| * | Rumo Logistica Operadora Multimodal SA | 324,832 | 140 |
| | Centrais Eletricas Brasileiras SA Preference Shares | 46,500 | 137 |
| | Metalurgica Gerdau SA Preference Shares Class A | 41,700 | 136 |
| | Bradespar SA Preference Shares | 33,000 | 132 |
| | Cia Paranaense de Energia Preference Shares | 11,500 | 129 |
| | Cia Siderurgica Nacional SA | 47,400 | 127 |
| | Cosan SA Industria e Comercio | 12,900 | 126 |
| | Lojas Americanas SA | 28,720 | 126 |
| | Duratex SA | 42,371 | 119 |
| | Vale SA | 15,800 | 119 |
| | Gerdau SA ADR | 34,726 | 117 |
| | EDP - Energias do Brasil SA | 30,300 | 115 |
| | BR Properties SA | 32,400 | 113 |
| | Via Varejo SA | 17,900 | 112 |
| | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A | 6,800 | 106 |
| | Tim Participacoes SA ADR | 6,700 | 105 |
| * | Restoque Comercio e Confeccoes de Roupas SA | 34,500 | 102 |
| | Linx SA | 6,600 | 97 |
| | Cia Energetica de Minas Gerais ADR | 19,000 | 93 |
| | Cia Hering | 15,700 | 91 |
| | Transmissora Alianca de Energia Eletrica SA | 13,627 | 90 |
| | Usinas Siderurgicas de Minas Gerais SA Preference Shares | 44,700 | 89 |
| | EcoRodovias Infraestrutura e Logistica SA | 29,800 | 88 |
| | Smiles SA | 4,700 | 79 |
| | AES Tiete SA Preference Shares | 13,700 | 79 |
| * | Oi SA Preference Shares | 38,851 | 73 |
| | Cia de Saneamento de Minas Gerais-COPASA | 11,500 | 69 |
| | Alupar Investimento SA | 11,100 | 68 |
| | Centrais Eletricas Brasileiras SA | 26,900 | 65 |
| | Sao Martinho SA | 5,100 | 65 |
| | Marcopolo SA Preference Shares | 70,300 | 65 |
| | Fleury SA | 11,700 | 64 |
| | Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 4,084 | 58 |
| | Light SA | 8,773 | 52 |
| | Multiplus SA | 4,400 | 49 |
| * | Marfrig Global Foods SA | 34,700 | 49 |
| | Iguatemi Empresa de Shopping Centers SA | 5,300 | 47 |
| | Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 2,542 | 44 |
| * | Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares | 12,108 | 44 |
| | Alpargatas SA Preference Shares | 13,189 | 43 |
| | Tupy SA | 7,400 | 42 |
| * | PDG Realty SA Empreendimentos e Participacoes | 240,800 | 42 |
| | Grendene SA | 6,900 | 41 |
| | Cia Paranaense de Energia | 5,400 | 41 |
| | Cia Energetica do Ceara Preference Shares | 2,819 | 39 |
| * | Oi SA | 20,455 | 38 |
| * | Abril Educacao SA | 9,300 | 38 |
| * | Gafisa SA | 40,500 | 38 |
| | SLC Agricola SA | 6,300 | 36 |
| | JSL SA | 9,200 | 35 |
| | Sonae Sierra Brasil SA | 5,200 | 35 |
| | Mahle-Metal Leve SA | 5,200 | 35 |
| | Aliansce Shopping Centers SA | 6,200 | 35 |
| | Ez Tec Empreendimentos e Participacoes SA | 5,300 | 34 |
7
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | GAEC Educacao SA | 4,964 | 33 |
| | Diagnosticos da America SA | 9,522 | 32 |
| | Arezzo Industria e Comercio SA | 3,700 | 30 |
| * | Minerva SA | 10,300 | 30 |
| | Guararapes Confeccoes SA | 1,100 | 30 |
| * | Gol Linhas Aereas Inteligentes SA Preference Shares | 11,700 | 30 |
| | QGEP Participacoes SA | 11,900 | 29 |
| | Arteris SA | 10,500 | 29 |
| | AES Tiete SA | 5,800 | 28 |
| | Santos Brasil Participacoes SA | 7,000 | 26 |
| | Even Construtora e Incorporadora SA | 15,000 | 25 |
| | Iochpe-Maxion SA | 6,300 | 23 |
| | Mills Estruturas e Servicos de Engenharia SA | 9,400 | 23 |
| | Marisa Lojas SA | 4,500 | 22 |
| | Randon Participacoes SA Preference Shares | 15,250 | 20 |
| * | Tegma Gestao Logistica | 4,000 | 20 |
| | Direcional Engenharia SA | 9,000 | 19 |
| | Oi SA ADR | 9,817 | 19 |
| | Brasil Brokers Participacoes SA | 20,300 | 19 |
| | Tecnisa SA | 13,900 | 18 |
| * | Magnesita Refratarios SA | 18,300 | 18 |
| | Helbor Empreendimentos SA | 15,730 | 17 |
| | LPS Brasil Consultoria de Imoveis SA | 8,200 | 15 |
| * | International Meal Co. Alimentacao SA | 5,600 | 14 |
| | JHSF Participacoes SA | 18,800 | 12 |
| | Ser Educacional SA | 2,300 | 11 |
| * | Cosan Logistica SA | 12,900 | 10 |
| * | Brasil Pharma SA | 31,700 | 8 |
| * | PDG Realty SA Empreendimentos e Participacoes Rights Exp. 05/18/2015 | 206,788 | 6 |
| * | JHSF Participacoes SA Depository Receipt | 4,034 | 3 |
| | | | 56,105 |
| Canada (3.4%) | | |
| | Royal Bank of Canada | 222,344 | 14,763 |
| | Toronto-Dominion Bank | 285,480 | 13,180 |
| * | Valeant Pharmaceuticals International Inc. | 47,800 | 10,365 |
| | Bank of Nova Scotia | 186,594 | 10,289 |
| | Suncor Energy Inc. | 222,894 | 7,259 |
| | Canadian National Railway Co. | 111,982 | 7,230 |
| | Enbridge Inc. | 130,680 | 6,830 |
| ^ | Bank of Montreal (XTSE) | 97,829 | 6,391 |
| | Canadian Natural Resources Ltd. | 167,960 | 5,581 |
| | Manulife Financial Corp. | 302,678 | 5,509 |
| | Brookfield Asset Management Inc. Class A (XTSE) | 97,706 | 5,261 |
| | TransCanada Corp. | 107,498 | 4,990 |
| | Canadian Imperial Bank of Commerce | 61,232 | 4,917 |
| | Canadian Pacific Railway Ltd. | 24,959 | 4,759 |
| | Potash Corp. of Saskatchewan Inc. | 129,676 | 4,235 |
| | Magna International Inc. | 64,520 | 3,251 |
| | Sun Life Financial Inc. | 93,974 | 3,007 |
| | Agrium Inc. | 24,522 | 2,541 |
| | Goldcorp Inc. | 133,486 | 2,513 |
| | Cenovus Energy Inc. | 126,874 | 2,390 |
| | Alimentation Couche-Tard Inc. Class B | 60,200 | 2,304 |
| | Thomson Reuters Corp. | 54,701 | 2,247 |
| | Barrick Gold Corp. (XTSE) | 156,808 | 2,038 |
| * | CGI Group Inc. Class A | 46,788 | 1,969 |
| | National Bank of Canada | 48,604 | 1,964 |
| | BCE Inc. | 43,916 | 1,936 |
| | Rogers Communications Inc. Class B | 54,000 | 1,929 |
| * | Catamaran Corp. | 32,002 | 1,900 |
| ^ | Crescent Point Energy Corp. | 68,800 | 1,797 |
| ^ | Pembina Pipeline Corp. | 50,400 | 1,754 |
| * | Fairfax Financial Holdings Ltd. | 3,200 | 1,748 |
| | Loblaw Cos. Ltd. | 33,935 | 1,725 |
8
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Encana Corp. | 121,338 | 1,723 |
| | Imperial Oil Ltd. | 38,190 | 1,683 |
| | Restaurant Brands International Inc. | 35,802 | 1,461 |
| | First Quantum Minerals Ltd. | 94,729 | 1,451 |
| | Intact Financial Corp. | 18,700 | 1,440 |
| | Canadian Utilities Ltd. Class A | 42,806 | 1,391 |
| ^ | Shaw Communications Inc. Class B | 59,720 | 1,365 |
| | Power Corp. of Canada | 48,290 | 1,327 |
| | Cameco Corp. | 74,506 | 1,310 |
| | Great-West Lifeco Inc. | 42,700 | 1,310 |
| ^ | Inter Pipeline Ltd. | 48,800 | 1,278 |
| | Fortis Inc. | 39,044 | 1,271 |
| | Talisman Energy Inc. | 157,566 | 1,258 |
| | Silver Wheaton Corp. | 62,688 | 1,237 |
| | Franco-Nevada Corp. | 23,300 | 1,210 |
| | Canadian Tire Corp. Ltd. Class A | 11,258 | 1,192 |
| | Keyera Corp. | 32,784 | 1,154 |
| | Teck Resources Ltd. Class B | 73,968 | 1,121 |
| | Gildan Activewear Inc. | 35,000 | 1,109 |
| | Saputo Inc. | 37,300 | 1,105 |
| | Metro Inc. | 37,950 | 1,097 |
| ^ | RioCan REIT | 44,200 | 1,094 |
| | Agnico Eagle Mines Ltd. | 35,858 | 1,085 |
| | TELUS Corp. | 30,700 | 1,062 |
| ^ | ARC Resources Ltd. | 51,800 | 1,060 |
| | Husky Energy Inc. | 45,060 | 1,008 |
| | Power Financial Corp. | 31,560 | 976 |
| | CI Financial Corp. | 32,600 | 958 |
| * | Tourmaline Oil Corp. | 27,500 | 949 |
| | Open Text Corp. | 17,900 | 904 |
| | Constellation Software Inc. | 2,300 | 902 |
| | Dollarama Inc. | 15,700 | 902 |
| | SNC-Lavalin Group Inc. | 24,300 | 876 |
| * | BlackBerry Ltd. | 85,972 | 873 |
| | Methanex Corp. | 13,900 | 837 |
| | Canadian Oil Sands Ltd. | 73,700 | 801 |
| ^ | Artis REIT | 63,000 | 777 |
| | Onex Corp. | 12,900 | 777 |
| | Allied Properties REIT | 23,400 | 776 |
| | H&R REIT | 39,703 | 762 |
| ^ | Vermilion Energy Inc. | 14,700 | 708 |
| ^ | AltaGas Ltd. | 20,373 | 692 |
| ^ | Veresen Inc. | 43,877 | 660 |
| ^ | PrairieSky Royalty Ltd. | 23,200 | 637 |
| | Yamana Gold Inc. | 162,468 | 621 |
| ^ | Baytex Energy Corp. | 31,409 | 614 |
| | Progressive Waste Solutions Ltd. | 21,100 | 610 |
| | Bombardier Inc. Class B | 293,228 | 593 |
| * | Turquoise Hill Resources Ltd. | 138,669 | 582 |
| | IGM Financial Inc. | 15,200 | 575 |
| | Empire Co. Ltd. | 7,900 | 571 |
| | George Weston Ltd. | 6,900 | 570 |
| | FirstService Corp. | 8,660 | 567 |
| | Finning International Inc. | 27,600 | 565 |
| ^ | Peyto Exploration & Development Corp. | 19,300 | 561 |
| | CAE Inc. | 43,500 | 540 |
| | Eldorado Gold Corp. | 108,105 | 538 |
| * | Element Financial Corp. | 37,500 | 538 |
| | CCL Industries Inc. Class B | 4,600 | 529 |
| | Industrial Alliance Insurance & Financial Services Inc. | 13,700 | 499 |
| | Morguard REIT | 34,540 | 496 |
| ^ | Home Capital Group Inc. Class B | 12,200 | 482 |
| | West Fraser Timber Co. Ltd. | 9,300 | 479 |
| | Cominar REIT | 30,172 | 478 |
9
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Whitecap Resources Inc. | 37,700 | 467 |
| * | MEG Energy Corp. | 24,200 | 467 |
| | Gibson Energy Inc. | 19,700 | 454 |
| | Linamar Corp. | 7,600 | 451 |
| | WSP Global Inc. | 12,603 | 449 |
| | DH Corp. | 12,700 | 445 |
| | TMX Group Ltd. | 9,964 | 444 |
| * | Lundin Mining Corp. | 86,184 | 429 |
| | Hudson's Bay Co. | 19,500 | 426 |
| * | Kinross Gold Corp. | 173,749 | 422 |
| *,^ | Amaya Inc. | 16,275 | 381 |
| | Canadian Apartment Properties REIT | 15,400 | 372 |
| | Atco Ltd. | 9,800 | 371 |
| | HudBay Minerals Inc. | 37,165 | 367 |
| | TransAlta Corp. | 36,760 | 366 |
| ^ | Enerplus Corp. | 28,900 | 366 |
| * | IMAX Corp. | 9,700 | 362 |
| | Calloway REIT | 14,200 | 360 |
| | Quebecor Inc. Class B | 13,000 | 357 |
| | MacDonald Dettwiler & Associates Ltd. | 4,500 | 357 |
| | Canadian Western Bank | 13,300 | 346 |
| | Barrick Gold Corp. (XNYS) | 26,426 | 344 |
| | ShawCor Ltd. | 9,900 | 335 |
| | Ritchie Bros Auctioneers Inc. | 13,000 | 329 |
| | Capital Power Corp. | 15,717 | 324 |
| ^ | Emera Inc. | 9,600 | 324 |
| | TransForce Inc. | 13,700 | 309 |
| ^ | Cineplex Inc. | 7,600 | 304 |
| | Canadian REIT | 7,900 | 299 |
| | Precision Drilling Corp. | 40,900 | 298 |
| * | Detour Gold Corp. | 27,700 | 293 |
| | Stantec Inc. | 10,600 | 286 |
| | Tahoe Resources Inc. | 20,034 | 283 |
| | Dream Office REIT | 12,300 | 282 |
| | Aimia Inc. | 25,400 | 282 |
| * | New Gold Inc. | 82,500 | 277 |
| | Secure Energy Services Inc. | 19,462 | 275 |
| | Toromont Industries Ltd. | 10,500 | 273 |
| | Parkland Fuel Corp. | 12,400 | 271 |
| * | Great Canadian Gaming Corp. | 13,100 | 257 |
| | Chartwell Retirement Residences | 25,400 | 255 |
| | RONA Inc. | 18,500 | 243 |
| * | Celestica Inc. | 19,900 | 243 |
| | Maple Leaf Foods Inc. | 12,300 | 236 |
| * | Canfor Corp. | 11,900 | 236 |
| | Granite REIT | 6,800 | 236 |
| ^ | Pengrowth Energy Corp. | 70,000 | 235 |
| | Algonquin Power & Utilities Corp. | 28,600 | 233 |
| ^ | Boardwalk REIT | 4,600 | 232 |
| | Dominion Diamond Corp. | 11,700 | 231 |
| | Westshore Terminals Investment Corp. | 8,300 | 220 |
| | Bank of Montreal | 3,309 | 216 |
| * | Paramount Resources Ltd. Class A | 7,100 | 210 |
| ^ | Mullen Group Ltd. | 11,800 | 205 |
| * | B2Gold Corp. | 129,493 | 203 |
| | Osisko Gold Royalties Ltd. | 15,107 | 202 |
| | Extendicare Inc. | 30,200 | 197 |
| | Russel Metals Inc. | 8,600 | 197 |
| ^ | Superior Plus Corp. | 16,500 | 190 |
| | Jean Coutu Group PJC Inc. Class A | 9,700 | 189 |
| ^ | Bonavista Energy Corp. | 27,200 | 187 |
| | Pan American Silver Corp. | 19,224 | 184 |
| * | Raging River Exploration Inc. | 23,200 | 182 |
| | Stella-Jones Inc. | 4,900 | 177 |
10
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Penn West Petroleum Ltd. | 70,300 | 175 |
| ^ | Bonterra Energy Corp. | 5,400 | 173 |
| *,^ | Sierra Wireless Inc. | 4,900 | 172 |
| | Corus Entertainment Inc. Class B | 11,100 | 171 |
| ^ | Northland Power Inc. | 11,652 | 167 |
| * | ATS Automation Tooling Systems Inc. | 15,000 | 165 |
| * | Brookfield Asset Management Inc. Class A (XNYS) | 3,000 | 162 |
| | Cogeco Cable Inc. | 2,800 | 160 |
| | Pason Systems Inc. | 8,900 | 160 |
| | Bombardier Inc. Class A | 74,500 | 156 |
| * | NuVista Energy Ltd. | 21,000 | 156 |
| | Martinrea International Inc. | 15,500 | 155 |
| ^ | Genworth MI Canada Inc. | 5,200 | 151 |
| * | Alamos Gold Inc. | 21,900 | 151 |
| *,^ | Pacific Rubiales Energy Corp. | 44,765 | 151 |
| | Ensign Energy Services Inc. | 18,800 | 150 |
| | First Capital Realty Inc. | 8,900 | 148 |
| | Enerflex Ltd. | 11,000 | 148 |
| * | Kelt Exploration Ltd. | 18,846 | 145 |
| | Nevsun Resources Ltd. | 36,800 | 145 |
| ^ | TORC Oil & Gas Ltd. | 16,628 | 145 |
| * | Advantage Oil & Gas Ltd. | 22,200 | 137 |
| * | SEMAFO Inc. | 43,200 | 133 |
| * | IAMGOLD Corp. | 59,200 | 132 |
| | Norbord Inc. | 6,472 | 131 |
| | Cott Corp. | 14,700 | 128 |
| | Laurentian Bank of Canada | 3,200 | 128 |
| * | Parex Resources Inc. | 15,864 | 127 |
| * | NovaGold Resources Inc. | 32,400 | 124 |
| | AuRico Gold Inc. | 34,900 | 122 |
| | Innergex Renewable Energy Inc. | 13,000 | 121 |
| | North West Co. Inc. | 5,700 | 117 |
| ^ | Canadian Energy Services & Technology Corp. | 22,800 | 115 |
| | Centerra Gold Inc. | 21,000 | 109 |
| ^ | Surge Energy Inc. | 29,800 | 108 |
| * | Bankers Petroleum Ltd. | 34,200 | 102 |
| ^ | Manitoba Telecom Services Inc. | 4,600 | 99 |
| * | Torex Gold Resources Inc. | 105,282 | 98 |
| | Transcontinental Inc. Class A | 6,000 | 92 |
| * | Gran Tierra Energy Inc. (XTSE) | 24,000 | 90 |
| * | Athabasca Oil Corp. | 48,500 | 89 |
| ^ | First National Financial Corp. | 4,600 | 86 |
| * | Primero Mining Corp. | 23,100 | 85 |
| * | Gran Tierra Energy Inc. (XASE) | 22,700 | 84 |
| * | Pretium Resources Inc. | 14,500 | 84 |
| * | Alacer Gold Corp. | 36,900 | 83 |
| * | Birchcliff Energy Ltd. | 11,500 | 83 |
| * | Crew Energy Inc. | 18,600 | 82 |
| | Trilogy Energy Corp. | 10,700 | 82 |
| * | Imperial Metals Corp. | 7,400 | 80 |
| | InnVest REIT | 16,500 | 77 |
| | Major Drilling Group International Inc. | 14,400 | 77 |
| * | China Gold International Resources Corp. Ltd. | 46,000 | 77 |
| * | First Majestic Silver Corp. | 15,700 | 76 |
| | Dorel Industries Inc. Class B | 2,600 | 76 |
| | OceanaGold Corp. | 40,100 | 76 |
| ^ | AutoCanada Inc. | 2,300 | 76 |
| | Canaccord Genuity Group Inc. | 13,000 | 75 |
| *,^ | Bellatrix Exploration Ltd. | 23,434 | 74 |
| | Sherritt International Corp. | 34,400 | 71 |
| | AGF Management Ltd. Class B | 11,100 | 71 |
| | Dundee Corp. Class A | 7,200 | 69 |
| | Northern Property REIT | 3,300 | 69 |
| | Trican Well Service Ltd. | 16,200 | 68 |
11
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Avigilon Corp. | 3,900 | 67 |
| ^ | Just Energy Group Inc. | 12,300 | 66 |
| | Trinidad Drilling Ltd. | 15,600 | 66 |
| * | Capstone Mining Corp. | 46,000 | 64 |
| | Torstar Corp. Class B | 10,400 | 62 |
| *,^ | Silver Standard Resources Inc. | 10,900 | 59 |
| | Aecon Group Inc. | 5,400 | 59 |
| *,^ | DREAM Unlimited Corp. Class A | 7,200 | 56 |
| | Cascades Inc. | 9,100 | 53 |
| | Calfrac Well Services Ltd. | 6,200 | 52 |
| ^ | Black Diamond Group Ltd. | 3,500 | 49 |
| ^ | Canexus Corp. | 25,900 | 43 |
| ^ | Sprott Inc. | 18,900 | 41 |
| *,^ | Denison Mines Corp. | 38,200 | 34 |
| * | Constellation Software Rights Exp. 09/15/2015 | 2,300 | 1 |
| | | | 234,553 |
| Chile (0.1%) | | |
| | Empresa Nacional de Electricidad SA ADR | 27,320 | 1,260 |
| | Empresas COPEC SA | 51,711 | 593 |
| | Enersis SA | 1,505,735 | 526 |
| | SACI Falabella | 64,905 | 506 |
| | Enersis SA ADR | 26,368 | 469 |
| | Banco de Chile | 4,040,648 | 464 |
| * | Latam Airlines Group SA (Santiago Shares) | 45,015 | 431 |
| | Cencosud SA | 164,113 | 425 |
| | Empresas CMPC SA | 131,977 | 370 |
| | Banco Santander Chile | 5,672,801 | 306 |
| | Colbun SA | 1,005,266 | 304 |
| | Sociedad Quimica y Minera de Chile SA ADR | 11,862 | 259 |
| | Empresa Nacional de Electricidad SA | 167,940 | 259 |
| | Aguas Andinas SA Class A | 425,142 | 252 |
| | Corpbanca SA | 20,346,293 | 231 |
| | Banco de Credito e Inversiones | 4,584 | 229 |
| | Cia Cervecerias Unidas SA | 19,385 | 211 |
| | Vina Concha y Toro SA | 102,740 | 210 |
| | Banco Santander Chile ADR | 9,416 | 205 |
| | ENTEL Chile SA | 14,138 | 160 |
| | AES Gener SA | 265,095 | 153 |
| | SONDA SA | 59,815 | 141 |
| | Administradora de Fondos de Pensiones Habitat SA | 81,126 | 125 |
| | Parque Arauco SA | 59,605 | 121 |
| | Inversiones La Construccion SA | 9,475 | 121 |
| | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 5,070 | 111 |
| | E.CL SA | 62,179 | 101 |
| | Forus SA | 15,785 | 69 |
| | Ripley Corp. SA | 116,780 | 62 |
| | Inversiones Aguas Metropolitanas SA | 36,076 | 59 |
| | Embotelladora Andina SA Preference Shares | 18,360 | 58 |
| | CAP SA | 14,259 | 51 |
| | Salfacorp SA | 57,321 | 47 |
| * | Latam Airlines Group SA | 4,562 | 43 |
| * | Cia Sud Americana de Vapores SA | 977,795 | 37 |
| | | | 8,969 |
| China (2.6%) | | |
| * | Tencent Holdings Ltd. | 829,727 | 17,125 |
| | China Mobile Ltd. | 798,361 | 11,403 |
| | China Construction Bank Corp. | 11,085,811 | 10,761 |
| | Industrial & Commercial Bank of China Ltd. | 10,998,245 | 9,541 |
| | Bank of China Ltd. | 11,479,800 | 7,866 |
| | China Life Insurance Co. Ltd. | 1,161,000 | 5,635 |
| | Ping An Insurance Group Co. of China Ltd. | 380,771 | 5,445 |
| | CNOOC Ltd. | 2,468,496 | 4,209 |
| | PetroChina Co. Ltd. | 3,246,000 | 4,187 |
| | China Petroleum & Chemical Corp. | 4,088,314 | 3,858 |
12
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China Overseas Land & Investment Ltd. | 646,480 | 2,693 |
| | Agricultural Bank of China Ltd. | 3,850,500 | 2,168 |
| | China Pacific Insurance Group Co. Ltd. | 390,200 | 2,115 |
| | China Merchants Bank Co. Ltd. | 703,272 | 2,111 |
| | China Telecom Corp. Ltd. | 2,544,034 | 1,885 |
| | Hengan International Group Co. Ltd. | 146,938 | 1,813 |
| | Lenovo Group Ltd. | 968,000 | 1,665 |
| | CITIC Ltd. | 814,000 | 1,628 |
| * | China Unicom Hong Kong Ltd. | 861,574 | 1,618 |
| *,^ | Hanergy Thin Film Power Group Ltd. | 1,702,000 | 1,584 |
| | China Shenhua Energy Co. Ltd. | 580,500 | 1,508 |
| | China Minsheng Banking Corp. Ltd. | 913,760 | 1,334 |
| | Bank of Communications Co. Ltd. | 1,288,058 | 1,320 |
| | PICC Property & Casualty Co. Ltd. | 591,287 | 1,310 |
| | Great Wall Motor Co. Ltd. | 172,394 | 1,308 |
| | China Communications Construction Co. Ltd. | 685,375 | 1,247 |
| | China Resources Land Ltd. | 317,909 | 1,153 |
| | Belle International Holdings Ltd. | 864,000 | 1,109 |
| | ENN Energy Holdings Ltd. | 151,586 | 1,091 |
| | China CITIC Bank Corp. Ltd. | 1,163,010 | 1,055 |
| | China National Building Material Co. Ltd. | 816,000 | 990 |
| ^ | Evergrande Real Estate Group Ltd. | 943,000 | 892 |
| | China Resources Power Holdings Co. Ltd. | 287,400 | 867 |
| | China Merchants Holdings International Co. Ltd. | 186,000 | 844 |
| | China Railway Group Ltd. | 596,000 | 836 |
| | CITIC Securities Co. Ltd. | 177,500 | 786 |
| | Brilliance China Automotive Holdings Ltd. | 418,000 | 784 |
| | Sinopharm Group Co. Ltd. | 164,000 | 779 |
| | New China Life Insurance Co. Ltd. | 123,301 | 763 |
| | Beijing Enterprises Holdings Ltd. | 81,500 | 745 |
| | Huaneng Power International Inc. | 512,000 | 726 |
| | Anhui Conch Cement Co. Ltd. | 178,000 | 720 |
| | China Everbright International Ltd. | 379,000 | 707 |
| | Haitong Securities Co. Ltd. | 212,400 | 694 |
| | CSPC Pharmaceutical Group Ltd. | 648,000 | 673 |
| | Dongfeng Motor Group Co. Ltd. | 398,000 | 661 |
| | Byd Co. Ltd. | 105,460 | 637 |
| * | China Taiping Insurance Holdings Co. Ltd. | 170,859 | 635 |
| | Zhuzhou CSR Times Electric Co. Ltd. | 73,500 | 625 |
| * | Alibaba Pictures Group Ltd. | 1,260,000 | 620 |
| *,^ | China Vanke Co. Ltd. | 233,404 | 618 |
| | China Resources Enterprise Ltd. | 194,000 | 594 |
| ^ | CSR Corp. Ltd. | 298,000 | 574 |
| | China Railway Construction Corp. Ltd. | 287,126 | 573 |
| 2 | People's Insurance Co. Group of China Ltd. | 826,000 | 572 |
| | China Longyuan Power Group Corp. Ltd. | 459,000 | 569 |
| ^ | Fosun International Ltd. | 228,000 | 568 |
| *,2 | China CNR Corp. Ltd. | 278,000 | 568 |
| | Guangdong Investment Ltd. | 362,000 | 540 |
| | Tsingtao Brewery Co. Ltd. | 84,667 | 538 |
| | Sino Biopharmaceutical Ltd. | 456,000 | 521 |
| * | Alibaba Health Information Technology Ltd. | 332,000 | 512 |
| | Beijing Enterprises Water Group Ltd. | 590,000 | 509 |
| | China Oilfield Services Ltd. | 244,000 | 501 |
| *,2 | CGN Power Co. Ltd. | 885,832 | 496 |
| * | Goldin Properties Holdings Ltd. | 204,000 | 495 |
| ^ | Kingsoft Corp. Ltd. | 121,000 | 473 |
| * | GCL-Poly Energy Holdings Ltd. | 1,554,000 | 470 |
| | China Gas Holdings Ltd. | 262,000 | 463 |
| | GOME Electrical Appliances Holding Ltd. | 1,797,720 | 461 |
| * | Aluminum Corp. of China Ltd. | 705,331 | 455 |
| | Kunlun Energy Co. Ltd. | 370,000 | 439 |
| | Shanghai Electric Group Co. Ltd. | 428,000 | 436 |
| | Jiangxi Copper Co. Ltd. | 211,000 | 435 |
13
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sino-Ocean Land Holdings Ltd. | 522,500 | 435 |
| | China State Construction International Holdings Ltd. | 218,000 | 420 |
| | Shimao Property Holdings Ltd. | 176,000 | 414 |
| | Shenzhou International Group Holdings Ltd. | 87,991 | 414 |
| | Haier Electronics Group Co. Ltd. | 142,000 | 408 |
| | Country Garden Holdings Co. Ltd. | 754,230 | 407 |
| | AviChina Industry & Technology Co. Ltd. | 356,000 | 403 |
| * | China COSCO Holdings Co. Ltd. | 420,500 | 387 |
| | China Everbright Ltd. | 116,000 | 383 |
| ^ | China Coal Energy Co. Ltd. | 581,000 | 382 |
| | Beijing Capital International Airport Co. Ltd. | 354,000 | 376 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 113,700 | 373 |
| | Zijin Mining Group Co. Ltd. | 947,301 | 365 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 343,869 | 348 |
| | Geely Automobile Holdings Ltd. | 605,000 | 340 |
| | China Resources Gas Group Ltd. | 98,000 | 340 |
| | Sunac China Holdings Ltd. | 258,000 | 339 |
| | Longfor Properties Co. Ltd. | 195,000 | 338 |
| | China International Marine Containers Group Co. Ltd. | 125,500 | 338 |
| * | China Shipping Container Lines Co. Ltd. | 590,000 | 333 |
| | ZTE Corp. | 98,012 | 330 |
| | COSCO Pacific Ltd. | 206,000 | 323 |
| | Zhejiang Expressway Co. Ltd. | 202,000 | 321 |
| | Chongqing Rural Commercial Bank Co. Ltd. | 356,000 | 318 |
| *,2 | Dalian Wanda Commercial Properties Co. Ltd. | 38,700 | 317 |
| * | China Cinda Asset Management Co. Ltd. | 530,000 | 315 |
| | Guangzhou Automobile Group Co. Ltd. | 283,857 | 308 |
| | Yanzhou Coal Mining Co. Ltd. | 308,000 | 308 |
| | ANTA Sports Products Ltd. | 139,000 | 306 |
| | Huaneng Renewables Corp. Ltd. | 694,000 | 303 |
| * | China Everbright Bank Co. Ltd. | 433,000 | 293 |
| | Far East Horizon Ltd. | 272,000 | 287 |
| 2 | Sinopec Engineering Group Co. Ltd. | 265,135 | 286 |
| | Jiangsu Expressway Co. Ltd. | 208,000 | 286 |
| | Shenzhen International Holdings Ltd. | 149,500 | 281 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 89,500 | 279 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 460,000 | 278 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 488,000 | 278 |
| | COSCO International Holdings Ltd. | 466,000 | 272 |
| | Weichai Power Co. Ltd. | 67,600 | 268 |
| | Air China Ltd. | 220,000 | 265 |
| | Sunny Optical Technology Group Co. Ltd. | 118,000 | 263 |
| | Yuexiu Property Co. Ltd. | 1,063,207 | 260 |
| | TravelSky Technology Ltd. | 130,000 | 252 |
| | Haitian International Holdings Ltd. | 99,000 | 246 |
| | Huadian Power International Corp. Ltd. | 222,000 | 246 |
| ^,2 | China Galaxy Securities Co. Ltd. | 150,000 | 245 |
| | China Southern Airlines Co. Ltd. | 248,000 | 244 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 63,500 | 242 |
| | Digital China Holdings Ltd. | 152,000 | 235 |
| | Tong Ren Tang Technologies Co. Ltd. | 134,000 | 234 |
| | Metallurgical Corp. of China Ltd. | 390,000 | 230 |
| | Kingboard Chemical Holdings Ltd. | 126,000 | 229 |
| | Datang International Power Generation Co. Ltd. | 390,000 | 228 |
| | China Power International Development Ltd. | 351,000 | 226 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 240,000 | 222 |
| | Shenzhen Investment Ltd. | 402,000 | 221 |
| | Intime Retail Group Co. Ltd. | 197,000 | 220 |
| | China Medical System Holdings Ltd. | 124,000 | 219 |
| ^ | China Shanshui Cement Group Ltd. | 267,000 | 217 |
| | Sinotrans Ltd. | 283,000 | 217 |
| ^ | China Huishan Dairy Holdings Co. Ltd. | 1,010,401 | 215 |
| | China Communications Services Corp. Ltd. | 382,000 | 215 |
| * | China Shipping Development Co. Ltd. | 256,000 | 214 |
14
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 69,637 | 212 |
| | Skyworth Digital Holdings Ltd. | 232,000 | 207 |
| * | Foshan Huaxin Packaging Co. Ltd. Class B | 266,600 | 205 |
| | Hangzhou Steam Turbine Co. Class B | 149,857 | 204 |
| | Shanghai Industrial Holdings Ltd. | 51,000 | 203 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 131,204 | 199 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 61,173 | 193 |
| | Lao Feng Xiang Co. Ltd. Class B | 30,400 | 191 |
| * | Shunfeng International Clean Energy Ltd. | 270,000 | 190 |
| * | GF Securities Co. Ltd. | 60,000 | 190 |
| | Franshion Properties China Ltd. | 462,000 | 187 |
| | Huadian Fuxin Energy Corp. Ltd. | 342,000 | 184 |
| * | Sinopec Oilfield Service Corp. | 316,000 | 183 |
| * | SFS Group AG | 2,365 | 181 |
| | China Agri-Industries Holdings Ltd. | 316,800 | 181 |
| | Jiangsu Future Land Co. Ltd. Class B | 339,800 | 172 |
| * | China Foods Ltd. | 230,000 | 172 |
| | Wasion Group Holdings Ltd. | 108,000 | 170 |
| ^ | China Molybdenum Co. Ltd. | 169,000 | 169 |
| * | Hopson Development Holdings Ltd. | 144,000 | 169 |
| | BBMG Corp. | 134,000 | 166 |
| | Agile Property Holdings Ltd. | 197,500 | 165 |
| | Weifu High-Technology Group Co. Ltd. Class B | 34,600 | 162 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 34,833 | 161 |
| | Guangshen Railway Co. Ltd. | 242,000 | 160 |
| * | Xinhua Winshare Publishing and Media Co. Ltd. | 126,000 | 158 |
| * | China Eastern Airlines Corp. Ltd. | 202,000 | 156 |
| | SOHO China Ltd. | 200,000 | 152 |
| | Fiyta Holdings Ltd. Class B | 119,740 | 152 |
| | Poly Property Group Co. Ltd. | 234,000 | 150 |
| | Guangzhou R&F Properties Co. Ltd. | 117,400 | 150 |
| * | Li Ning Co. Ltd. | 268,749 | 149 |
| | KWG Property Holding Ltd. | 147,000 | 149 |
| | China Merchants Property Development Co. Ltd. Class B | 49,900 | 147 |
| | Tianjin Port Development Holdings Ltd. | 450,000 | 145 |
| ^ | China Zhongwang Holdings Ltd. | 237,200 | 144 |
| * | Huadian Energy Co. Ltd. Class B | 204,600 | 143 |
| * | China Conch Venture Holdings Ltd. | 53,000 | 142 |
| | China BlueChemical Ltd. | 318,000 | 142 |
| | BYD Electronic International Co. Ltd. | 94,000 | 142 |
| | Nine Dragons Paper Holdings Ltd. | 173,000 | 141 |
| | Weiqiao Textile Co. | 191,000 | 141 |
| * | Kingdee International Software Group Co. Ltd. | 232,000 | 138 |
| * | CAR Inc. | 57,000 | 135 |
| ^ | NetDragon Websoft Inc. | 43,500 | 134 |
| | Beijing Jingneng Clean Energy Co. Ltd. | 270,000 | 133 |
| * | China High Speed Transmission Equipment Group Co. Ltd. | 145,000 | 131 |
| | China South City Holdings Ltd. | 292,000 | 129 |
| *,2 | BAIC Motor Corp. Ltd. | 86,900 | 129 |
| * | BOE Technology Group Co. Ltd. Class B | 288,800 | 129 |
| * | Renhe Commercial Holdings Co. Ltd. | 2,270,000 | 128 |
| *,^ | China Modern Dairy Holdings Ltd. | 310,000 | 126 |
| | Beijing Capital Land Ltd. | 152,000 | 126 |
| | China Resources Cement Holdings Ltd. | 196,000 | 125 |
| * | PAX Global Technology Ltd. | 85,000 | 123 |
| | Greentown China Holdings Ltd. | 97,879 | 121 |
| | Coolpad Group Ltd. | 320,000 | 119 |
| *,2 | Shengjing Bank Co. Ltd. | 97,854 | 119 |
| | CIFI Holdings Group Co. Ltd. | 382,000 | 118 |
| | China ZhengTong Auto Services Holdings Ltd. | 171,000 | 117 |
| | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 30,000 | 115 |
| | Shenzhen Expressway Co. Ltd. | 118,000 | 113 |
| | Xiamen International Port Co. Ltd. | 204,000 | 113 |
| | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 160,380 | 111 |
15
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 52,600 | 111 |
| | Double Coin Holdings Ltd. Class B | 63,200 | 111 |
| ^ | Sinopec Kantons Holdings Ltd. | 122,000 | 110 |
| | Dazhong Transportation Group Co. Ltd. Class B | 91,500 | 110 |
| | Xinjiang Goldwind Science & Technology Co. Ltd. | 46,600 | 108 |
| | CSG Holding Co. Ltd. Class B | 90,105 | 108 |
| | Lee & Man Paper Manufacturing Ltd. | 189,000 | 107 |
| | China Hongqiao Group Ltd. | 113,000 | 105 |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 130,500 | 104 |
| | Dah Chong Hong Holdings Ltd. | 166,000 | 104 |
| * | Poly Culture Group Corp. Ltd. | 27,200 | 103 |
| | Tianneng Power International Ltd. | 208,000 | 102 |
| | Dongfang Electric Corp. Ltd. | 44,800 | 102 |
| | Anhui Expressway Co. Ltd. | 116,000 | 100 |
| * | Tech Pro Technology Development Ltd. | 122,400 | 99 |
| | China Overseas Grand Oceans Group Ltd. | 165,000 | 99 |
| * | AVIC International Holding HK Ltd. | 604,000 | 98 |
| | Fufeng Group Ltd. | 125,000 | 98 |
| | Shandong Chenming Paper Holdings Ltd. | 127,500 | 96 |
| | Biostime International Holdings Ltd. | 21,000 | 96 |
| | Hua Han Bio-Pharmaceutical Holdings Ltd. | 350,400 | 96 |
| | Angang Steel Co. Ltd. | 114,000 | 95 |
| ^ | Golden Eagle Retail Group Ltd. | 63,000 | 94 |
| | Sinotruk Hong Kong Ltd. | 130,500 | 93 |
| * | Luye Pharma Group Ltd. | 72,000 | 92 |
| | China Machinery Engineering Corp. | 69,000 | 92 |
| | West China Cement Ltd. | 530,000 | 91 |
| | China Water Affairs Group Ltd. | 138,000 | 87 |
| *,^ | CT Environmental Group Ltd. | 62,000 | 87 |
| *,^ | China Traditional Chinese Medicine Co. Ltd. | 110,000 | 86 |
| * | Hi Sun Technology China Ltd. | 213,000 | 85 |
| | Huishang Bank Corp. Ltd. | 158,452 | 85 |
| | MMG Ltd. | 196,000 | 84 |
| | Yuexiu Transport Infrastructure Ltd. | 114,000 | 84 |
| * | Phoenix Healthcare Group Co. Ltd. | 39,840 | 82 |
| | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 162,000 | 82 |
| | Vinda International Holdings Ltd. | 36,000 | 80 |
| | Lijun International Pharmaceutical Holding Co. Ltd. | 180,000 | 80 |
| | Greatview Aseptic Packaging Co. Ltd. | 132,000 | 80 |
| | Kingboard Laminates Holdings Ltd. | 155,000 | 79 |
| | Phoenix Satellite Television Holdings Ltd. | 200,000 | 79 |
| | Harbin Electric Co. Ltd. | 96,000 | 79 |
| * | Maanshan Iron & Steel Co. Ltd. | 200,000 | 78 |
| * | Powerlong Real Estate Holdings Ltd. | 356,000 | 78 |
| | CIMC Enric Holdings Ltd. | 70,000 | 77 |
| | Dalian Port PDA Co. Ltd. | 142,000 | 77 |
| | China Singyes Solar Technologies Holdings Ltd. | 47,000 | 77 |
| * | Dongjiang Environmental Co. Ltd. | 14,200 | 77 |
| * | China Lumena New Materials Corp. | 476,000 | 77 |
| | Tianjin Capital Environmental Protection Group Co. Ltd. | 72,000 | 76 |
| | Zhongsheng Group Holdings Ltd. | 82,000 | 75 |
| * | Chinasoft International Ltd. | 130,000 | 74 |
| | Tibet 5100 Water Resources Holdings Ltd. | 191,000 | 73 |
| ^ | Hilong Holding Ltd. | 194,000 | 73 |
| | China Oil & Gas Group Ltd. | 520,000 | 73 |
| * | China Tian Lun Gas Holdings Ltd. | 72,000 | 73 |
| * | Central China Securities Co. Ltd. | 73,988 | 73 |
| | Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B | 26,900 | 72 |
| | China Dongxiang Group Co. Ltd. | 295,000 | 72 |
| * | Lianhua Supermarket Holdings Co. Ltd. | 94,000 | 72 |
| | Lonking Holdings Ltd. | 279,000 | 69 |
| *,^ | PW Medtech Group Ltd. | 159,000 | 68 |
| *,^ | China Yurun Food Group Ltd. | 195,000 | 67 |
| | Baoxin Auto Group Ltd. | 85,000 | 67 |
16
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | North Mining Shares Co. Ltd. | 1,310,000 | 64 |
| * | Mingfa Group International Co. Ltd. | 180,000 | 64 |
| | Hengdeli Holdings Ltd. | 284,000 | 64 |
| *,2 | Cosmo Lady China Holdings Co. Ltd. | 75,998 | 64 |
| * | Hisense Kelon Electrical Holdings Co. Ltd. Class A | 64,000 | 62 |
| | Chaowei Power Holdings Ltd. | 86,000 | 62 |
| * | China Power New Energy Development Co. Ltd. | 620,000 | 61 |
| | Fantasia Holdings Group Co. Ltd. | 375,000 | 61 |
| | Wumart Stores Inc. | 69,000 | 60 |
| *,2 | Tianhe Chemicals Group Ltd. | 383,088 | 58 |
| | China Suntien Green Energy Corp. Ltd. | 209,000 | 56 |
| | China Shineway Pharmaceutical Group Ltd. | 33,000 | 56 |
| ^ | Wisdom Holdings Group | 64,000 | 56 |
| | Shenguan Holdings Group Ltd. | 176,000 | 55 |
| | China Datang Corp. Renewable Power Co. Ltd. | 330,000 | 55 |
| * | Glorious Property Holdings Ltd. | 355,000 | 54 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 13,200 | 53 |
| ^ | Tiangong International Co. Ltd. | 258,000 | 51 |
| * | CITIC Resources Holdings Ltd. | 278,000 | 50 |
| | China Lesso Group Holdings Ltd. | 66,000 | 48 |
| * | Sinofert Holdings Ltd. | 174,000 | 48 |
| | TCL Multimedia Technology Holdings Ltd. | 58,000 | 48 |
| * | Sinotrans Shipping Ltd. | 169,500 | 47 |
| | Shanghai Diesel Engine Co. Ltd. Class B | 46,100 | 46 |
| | Texhong Textile Group Ltd. | 38,500 | 46 |
| | Comba Telecom Systems Holdings Ltd. | 129,800 | 46 |
| * | Shanghai Baosight Software Co. Ltd. Class B | 10,100 | 45 |
| | Boer Power Holdings Ltd. | 23,000 | 44 |
| | CPMC Holdings Ltd. | 55,000 | 43 |
| | Bosideng International Holdings Ltd. | 242,000 | 42 |
| * | Concord New Energy Group Ltd. | 520,000 | 42 |
| * | China Precious Metal Resources Holdings Co. Ltd. | 480,000 | 41 |
| | Welling Holding Ltd. | 156,000 | 41 |
| | Bloomage BioTechnology Corp. Ltd. | 17,500 | 40 |
| | China National Accord Medicines Corp. Ltd. Class B | 5,400 | 40 |
| | Bank of Chongqing Co. Ltd. | 37,000 | 40 |
| * | V1 Group Ltd. | 370,000 | 39 |
| | Livzon Pharmaceutical Group Inc. | 5,300 | 38 |
| | Ajisen China Holdings Ltd. | 61,000 | 38 |
| * | Kama Co. Ltd. Class B | 46,500 | 37 |
| | Changshouhua Food Co. Ltd. | 47,000 | 37 |
| * | China Resources and Transportation Group Ltd. | 1,500,000 | 36 |
| | NVC Lighting Holding Ltd. | 156,000 | 35 |
| | Shanghai Bailian Group Co. Ltd. Class B | 15,500 | 35 |
| | Hydoo International Holding Ltd. | 172,000 | 34 |
| | Xingda International Holdings Ltd. | 103,000 | 33 |
| *,2 | Kangda International Environmental Co. Ltd. | 59,998 | 33 |
| | Sichuan Expressway Co. Ltd. | 60,000 | 33 |
| | Jiangling Motors Corp. Ltd. Class B | 6,100 | 33 |
| ^ | Zhaojin Mining Industry Co. Ltd. | 45,500 | 33 |
| | Shenzhen Chiwan Wharf Holdings Ltd. Class B | 12,900 | 33 |
| ^ | First Tractor Co. Ltd. | 36,000 | 32 |
| | China National Materials Co. Ltd. | 88,000 | 32 |
| | Yashili International Holdings Ltd. | 94,000 | 32 |
| * | China Huiyuan Juice Group Ltd. | 77,500 | 30 |
| | Dongyue Group Ltd. | 71,000 | 30 |
| * | Sany Heavy Equipment International Holdings Co. Ltd. | 95,000 | 27 |
| * | Chengde Nanjiang Co. Ltd. Class B | 62,900 | 23 |
| * | EverChina International Holdings Co. Ltd. | 475,000 | 23 |
| | Daphne International Holdings Ltd. | 78,000 | 22 |
| | Anxin-China Holdings Ltd. | 312,000 | 15 |
| | XTEP International Holdings Ltd. | 31,500 | 11 |
| | | | 176,263 |
17
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Colombia (0.1%) | | |
| | Bancolombia SA ADR | 19,166 | 868 |
| | Grupo de Inversiones Suramericana SA | 35,615 | 585 |
| * | Ecopetrol SA | 423,943 | 361 |
| *,^ | Ecopetrol SA ADR | 19,570 | 335 |
| | Almacenes Exito SA | 30,107 | 323 |
| | Banco Davivienda SA Preference Shares | 24,093 | 280 |
| | Grupo Aval Acciones y Valores Preference Shares | 432,438 | 220 |
| | Cementos Argos SA | 49,950 | 212 |
| | Corp Financiera Colombiana SA | 12,489 | 201 |
| | Isagen SA ESP | 124,490 | 166 |
| | Bancolombia SA Preference Shares | 14,574 | 159 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 10,672 | 159 |
| | Interconexion Electrica SA ESP | 43,966 | 148 |
| | Celsia SA ESP | 59,713 | 127 |
| * | Cemex Latam Holdings SA | 21,710 | 121 |
| * | Avianca Holdings SA Preference Shares | 47,127 | 74 |
| | Grupo Aval Acciones y Valores ADR | 2,333 | 24 |
| | | | 4,363 |
| Czech Republic (0.0%) | | |
| | Komercni banka as | 3,643 | 812 |
| | CEZ AS | 21,547 | 559 |
| | O2 Czech Republic AS | 8,868 | 73 |
| | | | 1,444 |
| Denmark (0.6%) | | |
| | Novo Nordisk A/S Class B | 300,578 | 16,875 |
| | Danske Bank A/S | 117,147 | 3,322 |
| | Coloplast A/S Class B | 23,585 | 1,925 |
| | Pandora A/S | 17,935 | 1,854 |
| | AP Moeller - Maersk A/S Class A | 905 | 1,745 |
| | AP Moeller - Maersk A/S Class B | 801 | 1,590 |
| | Novozymes A/S | 33,706 | 1,555 |
| | Vestas Wind Systems A/S | 33,512 | 1,520 |
| | Carlsberg A/S Class B | 15,929 | 1,452 |
| | TDC A/S | 115,259 | 877 |
| | ISS A/S | 25,064 | 847 |
| | DSV A/S | 22,828 | 792 |
| * | Jyske Bank A/S | 13,369 | 655 |
| * | Genmab A/S | 7,640 | 588 |
| | Chr Hansen Holding A/S | 11,497 | 556 |
| * | Auriga Industries A/S Class B | 11,330 | 545 |
| | GN Store Nord A/S | 24,126 | 521 |
| | Sydbank A/S | 11,263 | 423 |
| | Royal Unibrew A/S | 2,179 | 417 |
| | Tryg A/S | 3,080 | 334 |
| | FLSmidth & Co. A/S | 7,328 | 313 |
| * | Topdanmark A/S | 9,790 | 294 |
| | Matas A/S | 11,786 | 279 |
| * | William Demant Holding A/S | 3,031 | 249 |
| | NKT Holding A/S | 3,370 | 214 |
| * | H Lundbeck A/S | 8,518 | 166 |
| | Solar A/S Class B | 2,959 | 145 |
| | SimCorp A/S | 4,076 | 141 |
| * | Bavarian Nordic A/S | 2,919 | 137 |
| | ALK-Abello A/S | 1,004 | 119 |
| * | Ambu A/S Class B | 3,819 | 100 |
| | Schouw & Co. | 1,690 | 86 |
| | Spar Nord Bank A/S | 7,698 | 83 |
| | Dfds A/S | 667 | 75 |
| | Rockwool International A/S Class B | 488 | 65 |
| *,^ | Bang & Olufsen A/S | 4,004 | 36 |
| * | OW Bunker A/S | 3,210 | — |
| | | | 40,895 |
18
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Egypt (0.0%) | | |
| | Commercial International Bank Egypt SAE | 113,814 | 824 |
| | Talaat Moustafa Group | 193,125 | 254 |
| * | Global Telecom Holding SAE GDR | 70,996 | 155 |
| | Juhayna Food Industries | 126,362 | 154 |
| | Sidi Kerir Petrochemicals Co. | 79,618 | 154 |
| * | Orascom Telecom Media And Technology Holding SAE GDR | 191,266 | 150 |
| * | Egyptian Financial Group-Hermes Holding Co. | 57,560 | 107 |
| * | Citadel Capital SAE | 263,431 | 80 |
| * | Orascom Construction Ltd. | 5,863 | 78 |
| | Egypt Kuwait Holding Co. SAE | 112,592 | 74 |
| | Telecom Egypt Co. | 55,015 | 71 |
| * | South Valley Cement | 74,684 | 54 |
| * | ElSwedy Electric Co. | 7,718 | 48 |
| * | Pioneers Holding for Financial Investments SAE | 40,996 | 47 |
| * | Ezz Steel | 24,554 | 42 |
| * | Six of October Development & Investment | 24,349 | 37 |
| | Oriental Weavers | 24,535 | 34 |
| | Heliopolis Co. for Housing and Construction SAE | 3,075 | 25 |
| * | Abu Dhabi Islamic Bank | 24,453 | 24 |
| * | Medinet Nasr Housing | 5,633 | 24 |
| * | Palm Hills Developments SAE | 41,968 | 15 |
| * | Palm Hills Developments SAE Rights Exp. 05/21/2015 | 25,647 | 2 |
| | | | 2,453 |
| Finland (0.3%) | | |
| ^ | Nokia Oyj | 569,704 | 3,844 |
| | Sampo Oyj Class A | 70,678 | 3,425 |
| | Kone Oyj Class B | 56,611 | 2,435 |
| | UPM-Kymmene Oyj | 96,777 | 1,751 |
| | Fortum Oyj | 64,915 | 1,282 |
| | Wartsila OYJ Abp | 21,654 | 993 |
| | Metso Oyj | 31,210 | 887 |
| | Nokian Renkaat Oyj | 25,875 | 841 |
| ^ | Stora Enso Oyj | 75,303 | 792 |
| | Elisa Oyj | 22,828 | 699 |
| | Cargotec Oyj Class B | 14,612 | 589 |
| | Orion Oyj Class B | 16,052 | 525 |
| | Neste Oil Oyj | 18,951 | 515 |
| | Huhtamaki Oyj | 14,189 | 454 |
| ^ | Outotec Oyj | 54,986 | 384 |
| | Amer Sports Oyj | 14,742 | 369 |
| | Kesko Oyj Class B | 8,532 | 349 |
| | Valmet Oyj | 28,128 | 326 |
| | Konecranes Oyj | 8,513 | 276 |
| | Tieto Oyj | 10,196 | 245 |
| ^ | Metsa Board Oyj | 33,515 | 198 |
| | Sponda Oyj | 44,471 | 194 |
| * | Outokumpu Oyj | 31,105 | 188 |
| | Caverion Corp. | 15,327 | 151 |
| | Citycon Oyj | 39,776 | 129 |
| | Kemira Oyj | 10,948 | 128 |
| ^ | YIT Oyj | 17,206 | 121 |
| | Uponor Oyj | 7,218 | 111 |
| | Ramirent Oyj | 11,293 | 87 |
| | Raisio Oyj | 14,364 | 64 |
| * | Oriola-KD Oyj | 13,385 | 60 |
| | Cramo Oyj | 2,348 | 44 |
| | Sanoma Oyj | 7,321 | 39 |
| * | Stockmann OYJ Abp Class B | 3,597 | 29 |
| | | | 22,524 |
| France (3.0%) | | |
| | Sanofi | 177,073 | 18,024 |
| | TOTAL SA | 317,755 | 17,206 |
| | BNP Paribas SA | 150,008 | 9,473 |
19
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | AXA SA | 293,799 | 7,429 |
| | LVMH Moet Hennessy Louis Vuitton SE | 38,927 | 6,807 |
| | Schneider Electric SE | 84,457 | 6,313 |
| | Danone SA | 85,477 | 6,185 |
| | Airbus Group NV | 85,111 | 5,898 |
| | Societe Generale SA | 111,005 | 5,550 |
| | Vivendi SA | 196,267 | 4,920 |
| | Air Liquide SA | 37,219 | 4,868 |
| *,^ | L'Oreal SA | 24,439 | 4,664 |
| | Orange SA | 275,784 | 4,543 |
| ^ | GDF Suez | 215,858 | 4,392 |
| ^ | Vinci SA | 71,170 | 4,365 |
| | Pernod Ricard SA | 29,840 | 3,709 |
| | Essilor International SA | 29,027 | 3,536 |
| | Cie Generale des Etablissements Michelin | 28,941 | 3,227 |
| | Cie de Saint-Gobain | 69,264 | 3,148 |
| *,^ | Carrefour SA | 90,337 | 3,115 |
| | Renault SA | 28,533 | 3,002 |
| | Safran SA | 40,884 | 2,987 |
| | Publicis Groupe SA | 30,304 | 2,542 |
| | Legrand SA | 40,219 | 2,326 |
| * | L'Oreal SA Loyalty Line | 12,108 | 2,311 |
| | Credit Agricole SA | 140,130 | 2,180 |
| | Kering | 11,405 | 2,109 |
| | Cap Gemini SA | 22,786 | 2,030 |
| | Valeo SA | 11,560 | 1,853 |
| | Lafarge SA (XPAR) | 25,041 | 1,827 |
| | Air Liquide SA-PRIM | 13,881 | 1,815 |
| ^ | Accor SA | 30,612 | 1,679 |
| | Dassault Systemes | 21,641 | 1,668 |
| | Hermes International | 4,312 | 1,626 |
| * | Alcatel-Lucent | 466,548 | 1,620 |
| | SES SA | 45,148 | 1,582 |
| | Christian Dior SE | 7,636 | 1,493 |
| * | Alstom SA | 44,800 | 1,407 |
| * | Veolia Environnement SA | 66,028 | 1,397 |
| ^ | Bouygues SA | 32,033 | 1,323 |
| | Sodexo SA | 12,153 | 1,230 |
| | SCOR SE | 33,393 | 1,202 |
| | Societe BIC SA | 6,972 | 1,191 |
| | Klepierre | 24,286 | 1,178 |
| ^ | Technip SA | 17,046 | 1,162 |
| | Casino Guichard Perrachon SA | 12,936 | 1,144 |
| | Natixis SA | 136,149 | 1,127 |
| | Bollore SA | 194,283 | 1,110 |
| | Arkema SA | 13,606 | 1,095 |
| * | Peugeot SA | 56,683 | 1,072 |
| | Groupe Eurotunnel SE | 65,862 | 1,056 |
| | Atos SE | 13,230 | 1,034 |
| | Zodiac Aerospace | 27,853 | 1,023 |
| | Ingenico | 7,914 | 993 |
| ^ | Suez Environnement Co. | 47,336 | 965 |
| | Bureau Veritas SA | 39,386 | 927 |
| * | Numericable-SFR SAS | 16,393 | 910 |
| | Electricite de France SA | 34,572 | 880 |
| | Edenred | 32,690 | 876 |
| | Thales SA | 13,945 | 849 |
| | Iliad SA | 3,474 | 819 |
| | Eutelsat Communications SA | 23,341 | 814 |
| | Rexel SA | 42,935 | 809 |
| | STMicroelectronics NV | 97,026 | 774 |
| * | Lafarge SA | 8,852 | 646 |
| | Sartorius Stedim Biotech | 2,486 | 634 |
| | Teleperformance | 8,378 | 629 |
20
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aeroports de Paris | 4,853 | 598 |
| ^ | Gecina SA | 4,324 | 593 |
| | Wendel SA | 4,757 | 584 |
| | SEB SA | 5,948 | 551 |
| | Lagardere SCA | 16,049 | 515 |
| | Vallourec SA | 21,690 | 511 |
| | Eurazeo SA | 6,678 | 478 |
| *,2 | Euronext NV | 10,658 | 447 |
| | Saft Groupe SA | 11,183 | 446 |
| | JCDecaux SA | 11,138 | 440 |
| | Faurecia | 9,139 | 433 |
| | CNP Assurances | 23,564 | 424 |
| | ICADE | 4,844 | 421 |
| | Eurofins Scientific SE | 1,478 | 416 |
| | Fonciere Des Regions | 4,367 | 413 |
| * | Credit Agricole SA Loyalty Line | 25,664 | 399 |
| | Eiffage SA | 6,370 | 388 |
| | Mercialys SA | 14,394 | 358 |
| | Rubis SCA | 4,968 | 338 |
| | Imerys SA | 4,319 | 329 |
| * | Technicolor SA | 46,511 | 316 |
| * | Constellium NV Class A | 16,000 | 294 |
| | Orpea | 4,455 | 293 |
| | Korian-Medica | 8,250 | 282 |
| ^ | Societe Television Francaise 1 | 15,937 | 279 |
| | Remy Cointreau SA | 3,597 | 271 |
| | Ipsen SA | 4,675 | 269 |
| * | UBISOFT Entertainment | 14,291 | 264 |
| | Metropole Television SA | 12,110 | 253 |
| | Neopost SA | 4,702 | 226 |
| *,^ | CGG SA | 31,048 | 220 |
| | Plastic Omnium SA | 7,468 | 208 |
| | BioMerieux | 1,906 | 206 |
| * | Nexans SA | 5,175 | 203 |
| | Euler Hermes Group | 1,829 | 200 |
| | Altran Technologies SA | 18,294 | 199 |
| * | Norbert Dentressangle SA | 816 | 199 |
| | Alten SA | 3,980 | 194 |
| *,^ | Air France-KLM | 22,432 | 193 |
| | Sopra Steria Group | 2,118 | 187 |
| | Nexity SA | 3,865 | 170 |
| * | Electricite de France SA Loyalty Line | 6,661 | 170 |
| * | Etablissements Maurel et Prom | 17,679 | 165 |
| | Gaztransport Et Technigaz SA | 2,718 | 163 |
| | Virbac SA | 549 | 143 |
| 2 | Elior Participations SCA | 7,053 | 132 |
| * | Genfit | 2,946 | 128 |
| * | Coface SA | 9,900 | 123 |
| * | DBV Technologies SA | 2,399 | 123 |
| | IPSOS | 4,103 | 121 |
| | Beneteau SA | 6,653 | 104 |
| | Vicat | 1,220 | 88 |
| | Rallye SA | 2,306 | 86 |
| | LISI | 2,726 | 84 |
| * | Groupe Fnac | 1,373 | 83 |
| | MPI | 20,679 | 81 |
| * | Eramet | 929 | 76 |
| | Boiron SA | 633 | 71 |
| * | GameLoft SE | 13,315 | 70 |
| | Trigano SA | 1,902 | 68 |
| | Vilmorin & Cie SA | 815 | 68 |
| * | SEB SA Loyalty Line | 643 | 60 |
| | Bourbon SA | 2,900 | 57 |
| * | Derichebourg SA | 18,005 | 56 |
21
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Haulotte Group SA | 2,872 | 56 |
| | Guerbet | 1,179 | 50 |
| | Tarkett SA | 1,857 | 50 |
| * | Solocal Group | 72,347 | 40 |
| | Albioma SA | 1,776 | 37 |
| | Faiveley Transport SA | 579 | 37 |
| | Assystem | 1,557 | 34 |
| | Bonduelle S.C.A. | 1,139 | 32 |
| * | FFP | 382 | 32 |
| | Jacquet Metal Service | 1,267 | 27 |
| | Societe d'Edition de Canal & | 3,717 | 26 |
| * | Parrot SA | 974 | 26 |
| | Mersen | 914 | 25 |
| *,^ | SOITEC | 21,254 | 20 |
| | Burelle SA | 2 | 1 |
| | Havas SA | 4 | — |
| | | | 209,119 |
| Germany (2.9%) | | |
| * | Bayer AG | 127,645 | 18,372 |
| | Siemens AG | 130,867 | 14,236 |
| | BASF SE | 142,269 | 14,134 |
| | Daimler AG | 146,808 | 14,115 |
| | Allianz SE | 69,420 | 11,816 |
| | SAP SE | 137,336 | 10,378 |
| | Deutsche Telekom AG | 481,335 | 8,847 |
| | Deutsche Bank AG | 211,535 | 6,765 |
| ^ | Volkswagen AG Preference Shares | 23,762 | 6,117 |
| | Bayerische Motoren Werke AG | 49,452 | 5,834 |
| | Linde AG | 28,855 | 5,639 |
| ^ | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 25,233 | 4,925 |
| | Deutsche Post AG | 145,100 | 4,778 |
| | E.ON SE | 283,522 | 4,414 |
| * | Continental AG | 16,389 | 3,841 |
| | Fresenius SE & Co. KGaA | 59,844 | 3,560 |
| | Deutsche Boerse AG | 36,782 | 3,048 |
| | Porsche Automobil Holding SE Preference Shares | 31,853 | 3,022 |
| | Henkel AG & Co. KGaA Preference Shares | 25,405 | 2,951 |
| | Fresenius Medical Care AG & Co. KGaA | 32,317 | 2,716 |
| ^ | adidas AG | 32,056 | 2,627 |
| | HeidelbergCement AG | 27,843 | 2,137 |
| | ThyssenKrupp AG | 76,663 | 2,037 |
| | Merck KGaA | 18,766 | 2,023 |
| | Infineon Technologies AG | 167,635 | 1,971 |
| * | Commerzbank AG | 141,815 | 1,913 |
| | Henkel AG & Co. KGaA | 18,756 | 1,900 |
| ^ | RWE AG | 73,897 | 1,836 |
| | Deutsche Annington Immobilien SE | 53,829 | 1,807 |
| | ProSiebenSat.1 Media AG | 31,676 | 1,620 |
| | GEA Group AG | 28,396 | 1,364 |
| | Brenntag AG | 21,999 | 1,320 |
| | Beiersdorf AG | 14,353 | 1,249 |
| | HUGO BOSS AG | 9,744 | 1,199 |
| ^ | Volkswagen AG | 4,276 | 1,083 |
| ^ | Hannover Rueck SE | 10,555 | 1,073 |
| | Deutsche Wohnen AG | 40,777 | 1,070 |
| | Symrise AG | 17,530 | 1,063 |
| | K&S AG | 28,599 | 932 |
| | LEG Immobilien AG | 11,717 | 909 |
| * | Kabel Deutschland Holding AG | 6,136 | 822 |
| | METRO AG | 22,640 | 821 |
| | United Internet AG | 17,175 | 768 |
| * | QIAGEN NV | 31,750 | 763 |
| | Wirecard AG | 17,179 | 755 |
| | LANXESS AG | 13,314 | 711 |
22
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | OSRAM Licht AG | 12,692 | 669 |
| | FUCHS PETROLUB SE | 17,522 | 654 |
| | MTU Aero Engines AG | 6,623 | 651 |
| | MAN SE | 5,697 | 618 |
| | Evonik Industries AG | 12,824 | 493 |
| | Freenet AG | 14,631 | 474 |
| | Telefonica Deutschland Holding AG | 74,552 | 462 |
| | KION Group AG | 10,057 | 446 |
| * | Deutsche Lufthansa AG | 32,260 | 445 |
| | Fraport AG Frankfurt Airport Services Worldwide | 6,847 | 433 |
| * | Dialog Semiconductor plc | 9,448 | 426 |
| | Deutsche Euroshop AG | 8,453 | 421 |
| | Aareal Bank AG | 8,799 | 378 |
| | Aurubis AG | 5,908 | 373 |
| ^ | Fuchs Petrolub SE Preference Shares | 8,756 | 369 |
| *,2 | Zalando SE | 11,781 | 362 |
| | STADA Arzneimittel AG | 9,436 | 345 |
| | DMG MORI SEIKI AG | 9,244 | 324 |
| | Axel Springer SE | 5,137 | 287 |
| | Drillisch AG | 6,179 | 284 |
| ^ | Bilfinger SE | 5,310 | 265 |
| | KUKA AG | 3,729 | 265 |
| | Leoni AG | 4,127 | 264 |
| ^ | HOCHTIEF AG | 3,360 | 260 |
| | Wacker Chemie AG | 1,999 | 248 |
| | Software AG | 8,520 | 246 |
| * | MorphoSys AG | 3,393 | 244 |
| | Gerresheimer AG | 4,122 | 233 |
| | Sartorius AG Preference Shares | 1,390 | 230 |
| | Celesio AG | 7,360 | 218 |
| | Norma Group SE | 3,992 | 212 |
| | CTS Eventim AG & Co. KGaA | 6,198 | 211 |
| | Fielmann AG | 2,992 | 203 |
| * | Grand City Properties SA | 10,568 | 200 |
| | Salzgitter AG | 5,667 | 193 |
| | Takkt AG | 10,483 | 191 |
| * | Nordex SE | 8,788 | 188 |
| | Krones AG | 1,665 | 184 |
| | Sixt SE | 3,725 | 178 |
| | Duerr AG | 1,716 | 176 |
| | Rational AG | 461 | 162 |
| | alstria office REIT-AG | 11,364 | 161 |
| * | GRENKELEASING AG | 1,154 | 154 |
| ^ | Suedzucker AG | 10,184 | 154 |
| | TAG Immobilien AG | 11,541 | 148 |
| | RHOEN-KLINIKUM AG | 5,330 | 148 |
| | Wincor Nixdorf AG | 3,793 | 144 |
| *,^ | SGL Carbon SE | 8,789 | 143 |
| ^ | Talanx AG | 4,447 | 141 |
| * | Kloeckner & Co. SE | 14,417 | 138 |
| | Gerry Weber International AG | 4,199 | 137 |
| | Draegerwerk AG & Co. KGaA Preference Shares | 1,078 | 124 |
| | Jungheinrich AG Preference Shares | 1,610 | 114 |
| | Aurelius AG | 2,371 | 114 |
| | Biotest AG Preference Shares | 1,323 | 111 |
| | CompuGroup Medical AG | 3,741 | 107 |
| * | PATRIZIA Immobilien AG | 5,149 | 101 |
| | Pfeiffer Vacuum Technology AG | 1,066 | 99 |
| | Puma SE | 468 | 95 |
| | BayWa AG | 2,533 | 95 |
| | Stroeer Media SE | 2,565 | 95 |
| | ElringKlinger AG | 3,434 | 95 |
| | Indus Holding AG | 1,803 | 94 |
| * | Heidelberger Druckmaschinen AG | 32,853 | 88 |
23
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | AIXTRON SE | 12,390 | 82 |
| | Bechtle AG | 1,108 | 81 |
| | Nemetschek AG | 601 | 78 |
| | Vossloh AG | 1,197 | 75 |
| | Bertrandt AG | 558 | 74 |
| | KWS Saat SE | 221 | 67 |
| | Wacker Neuson SE | 2,449 | 63 |
| | Rheinmetall AG | 1,226 | 63 |
| | Carl Zeiss Meditec AG | 2,316 | 59 |
| | Deutz AG | 11,888 | 58 |
| | DIC Asset AG | 5,437 | 55 |
| | Jenoptik AG | 3,717 | 45 |
| | Hamburger Hafen und Logistik AG | 2,013 | 44 |
| | KSB AG Preference Shares | 80 | 40 |
| * | Delticom AG | 1,746 | 39 |
| * | Kontron AG | 6,837 | 39 |
| *,^ | SMA Solar Technology AG | 1,946 | 29 |
| | CAT Oil AG | 2,118 | 28 |
| | QSC AG | 9,587 | 19 |
| | | | 202,604 |
| Greece (0.0%) | | |
| * | National Bank of Greece SA | 230,046 | 323 |
| | OPAP SA | 33,820 | 303 |
| | FF Group | 9,950 | 300 |
| * | Eurobank Ergasias SA | 1,350,700 | 206 |
| * | Hellenic Telecommunications Organization SA ADR | 45,296 | 202 |
| * | Alpha Bank AE | 514,758 | 180 |
| | Titan Cement Co. SA | 6,193 | 156 |
| * | Hellenic Telecommunications Organization SA | 16,411 | 149 |
| * | Mytilineos Holdings SA | 20,599 | 142 |
| | Motor Oil Hellas Corinth Refineries SA | 14,637 | 128 |
| * | Piraeus Bank SA | 281,904 | 126 |
| | JUMBO SA | 11,276 | 116 |
| * | Public Power Corp. SA | 13,196 | 89 |
| | Hellenic Petroleum SA | 7,187 | 36 |
| | Grivalia Properties REIC | 3,952 | 31 |
| | Hellenic Exchanges SA | 4,615 | 30 |
| | Athens Water Supply & Sewage Co. SA | 4,011 | 23 |
| * | Ellaktor SA | 8,992 | 20 |
| | | | 2,560 |
| Hong Kong (1.3%) | | |
| | AIA Group Ltd. | 1,852,358 | 12,319 |
| | Hong Kong Exchanges and Clearing Ltd. | 178,827 | 6,817 |
| | Hutchison Whampoa Ltd. | 331,501 | 4,874 |
| | Sun Hung Kai Properties Ltd. | 274,783 | 4,564 |
| * | CK Hutchison Holdings Ltd. | 203,900 | 4,423 |
| | Hang Seng Bank Ltd. | 148,648 | 2,896 |
| | Jardine Matheson Holdings Ltd. | 37,281 | 2,303 |
| | Hong Kong & China Gas Co. Ltd. | 926,941 | 2,208 |
| | BOC Hong Kong Holdings Ltd. | 557,500 | 2,162 |
| | Link REIT | 341,120 | 2,116 |
| | Power Assets Holdings Ltd. | 206,500 | 2,084 |
| | CLP Holdings Ltd. | 237,000 | 2,075 |
| | Wharf Holdings Ltd. | 220,600 | 1,589 |
| | Sands China Ltd. | 373,200 | 1,521 |
| | Galaxy Entertainment Group Ltd. | 316,000 | 1,519 |
| | Hongkong Land Holdings Ltd. | 171,700 | 1,390 |
| | Swire Pacific Ltd. Class A | 97,162 | 1,310 |
| *,^ | Goldin Financial Holdings Ltd. | 320,000 | 1,280 |
| | Henderson Land Development Co. Ltd. | 152,240 | 1,221 |
| | Jardine Strategic Holdings Ltd. | 33,200 | 1,139 |
| | Want Want China Holdings Ltd. | 1,016,311 | 1,115 |
| | New World Development Co. Ltd. | 825,224 | 1,095 |
| | Hang Lung Properties Ltd. | 311,000 | 1,051 |
24
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China Mengniu Dairy Co. Ltd. | 205,000 | 1,039 |
| | MTR Corp. Ltd. | 200,000 | 983 |
| | Li & Fung Ltd. | 944,000 | 961 |
| | Tingyi Cayman Islands Holding Corp. | 394,000 | 832 |
| | Bank of East Asia Ltd. | 184,672 | 801 |
| | Sino Land Co. Ltd. | 440,280 | 775 |
| | Cheung Kong Infrastructure Holdings Ltd. | 88,000 | 745 |
| | Samsonite International SA | 196,196 | 716 |
| | Techtronic Industries Co. Ltd. | 189,500 | 671 |
| | Wheelock & Co. Ltd. | 113,000 | 636 |
| | AAC Technologies Holdings Inc. | 107,000 | 565 |
| | Swire Properties Ltd. | 160,246 | 551 |
| | Prosperity REIT | 1,265,000 | 471 |
| | Yue Yuen Industrial Holdings Ltd. | 122,500 | 465 |
| | ASM Pacific Technology Ltd. | 38,200 | 426 |
| ^ | Prada SPA | 72,300 | 393 |
| | Hysan Development Co. Ltd. | 84,000 | 388 |
| * | Semiconductor Manufacturing International Corp. | 3,325,000 | 366 |
| | Hopewell Holdings Ltd. | 92,500 | 356 |
| ^ | Sun Art Retail Group Ltd. | 345,579 | 355 |
| | First Pacific Co. Ltd. | 361,200 | 350 |
| | Kerry Properties Ltd. | 85,500 | 349 |
| | Cathay Pacific Airways Ltd. | 135,000 | 348 |
| | VTech Holdings Ltd. | 24,500 | 341 |
| | PCCW Ltd. | 510,000 | 340 |
| * | Suncorp Technologies Ltd. | 1,910,000 | 339 |
| | SJM Holdings Ltd. | 259,000 | 328 |
| | Melco Crown Entertainment Ltd. ADR | 15,500 | 317 |
| *,2 | WH Group Ltd. | 446,201 | 311 |
| | Huabao International Holdings Ltd. | 275,000 | 309 |
| | NWS Holdings Ltd. | 181,500 | 308 |
| | Wynn Macau Ltd. | 147,600 | 299 |
| | Television Broadcasts Ltd. | 45,800 | 298 |
| | New World China Land Ltd. | 406,000 | 275 |
| | Shun Tak Holdings Ltd. | 472,000 | 274 |
| | Value Partners Group Ltd. | 143,000 | 264 |
| | Shangri-La Asia Ltd. | 157,519 | 239 |
| | Esprit Holdings Ltd. | 250,346 | 237 |
| | Dah Sing Financial Holdings Ltd. | 32,544 | 228 |
| | Johnson Electric Holdings Ltd. | 57,750 | 215 |
| * | Melco Crown Entertainment Ltd. | 30,900 | 212 |
| | MGM China Holdings Ltd. | 108,000 | 204 |
| * | Town Health International Medical Group Ltd. | 618,000 | 200 |
| | Xinyi Glass Holdings Ltd. | 300,000 | 200 |
| | Melco International Development Ltd. | 118,000 | 200 |
| | Orient Overseas International Ltd. | 30,500 | 187 |
| | Uni-President China Holdings Ltd. | 220,800 | 178 |
| | Giordano International Ltd. | 354,000 | 177 |
| ^ | Guotai Junan International Holdings Ltd. | 105,000 | 173 |
| | Cafe de Coral Holdings Ltd. | 46,000 | 172 |
| ^ | Chow Tai Fook Jewellery Group Ltd. | 135,200 | 164 |
| * | United Co. RUSAL plc | 270,000 | 163 |
| | Stella International Holdings Ltd. | 59,000 | 159 |
| | Man Wah Holdings Ltd. | 121,600 | 158 |
| | China Travel International Investment Hong Kong Ltd. | 354,000 | 158 |
| | L'Occitane International SA | 53,500 | 157 |
| | Lifestyle International Holdings Ltd. | 81,500 | 152 |
| | Minth Group Ltd. | 60,000 | 150 |
| * | Global Brands Group Holding Ltd. | 722,000 | 148 |
| | Shui On Land Ltd. | 447,000 | 144 |
| * | FIH Mobile Ltd. | 270,000 | 144 |
| * | China LNG Group Ltd. | 480,000 | 136 |
| | China Smarter Energy Group Holdings Ltd. | 636,000 | 131 |
| | Luk Fook Holdings International Ltd. | 42,000 | 131 |
25
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shougang Fushan Resources Group Ltd. | 498,000 | 128 |
| | CITIC Telecom International Holdings Ltd. | 302,500 | 125 |
| | NagaCorp Ltd. | 172,000 | 124 |
| *,^ | Brightoil Petroleum Holdings Ltd. | 385,000 | 123 |
| | Champion REIT | 225,000 | 122 |
| * | Nexteer Automotive Group Ltd. | 107,000 | 121 |
| | Yingde Gases Group Co. Ltd. | 137,500 | 120 |
| | Yuexiu REIT | 207,000 | 117 |
| *,^ | Superb Summit International Group Ltd. | 620,000 | 117 |
| | SmarTone Telecommunications Holdings Ltd. | 63,000 | 115 |
| * | Sino Oil And Gas Holdings Ltd. | 3,795,000 | 110 |
| | Xinyi Solar Holdings Ltd. | 310,000 | 108 |
| | Far East Consortium International Ltd. | 225,000 | 107 |
| * | China Fiber Optic Network System Group Ltd. | 290,000 | 105 |
| | Dah Sing Banking Group Ltd. | 47,937 | 104 |
| * | Imperial Pacific International Holdings Ltd. | 410,000 | 103 |
| ^ | Haitong International Securities Group Ltd. | 92,000 | 102 |
| | SITC International Holdings Co. Ltd. | 136,000 | 101 |
| * | FDG Electric Vehicles Ltd. | 1,000,000 | 99 |
| * | China Oceanwide Holdings Ltd. | 626,000 | 97 |
| | GCL New Energy Holdings Ltd. | 696,000 | 94 |
| | Kerry Logistics Network Ltd. | 58,000 | 93 |
| * | China LotSynergy Holdings Ltd. | 940,000 | 92 |
| | NewOcean Energy Holdings Ltd. | 162,000 | 90 |
| * | Tom Group Ltd. | 325,971 | 89 |
| | Great Eagle Holdings Ltd. | 24,000 | 89 |
| | EVA Precision Industrial Holdings Ltd. | 272,000 | 88 |
| * | G-Resources Group Ltd. | 2,679,600 | 88 |
| | Pacific Basin Shipping Ltd. | 235,000 | 87 |
| * | KuangChi Science Ltd. | 185,000 | 87 |
| * | Lee's Pharmaceutical Holdings Ltd. | 43,500 | 81 |
| * | Shenyin Wanguo HK Ltd. | 75,000 | 80 |
| | Dynam Japan Holdings Co. Ltd. | 37,400 | 79 |
| | TCL Communication Technology Holdings Ltd. | 74,000 | 79 |
| * | Kong Sun Holdings Ltd. | 375,000 | 79 |
| * | Fullshare Holdings Ltd. | 867,500 | 78 |
| | Hopewell Highway Infrastructure Ltd. | 156,300 | 78 |
| * | China All Access Holdings Ltd. | 220,000 | 77 |
| | K Wah International Holdings Ltd. | 132,000 | 76 |
| | Towngas China Co. Ltd. | 71,000 | 76 |
| * | L'sea Resources International Holdings Ltd. | 1,070,000 | 73 |
| | Truly International Holdings Ltd. | 154,000 | 73 |
| | Pacific Textiles Holdings Ltd. | 52,000 | 72 |
| * | Lifetech Scientific Corp. | 379,998 | 71 |
| * | Macau Legend Development Ltd. | 186,000 | 70 |
| | Ju Teng International Holdings Ltd. | 112,000 | 70 |
| | REXLot Holdings Ltd. | 900,000 | 67 |
| * | Hong Kong Television Network Ltd. | 164,000 | 66 |
| *,^ | China Huarong Energy Co. Ltd. | 492,000 | 66 |
| * | Carnival Group International Holdings Ltd. | 309,992 | 64 |
| * | Xinchen China Power Holdings Ltd. | 128,000 | 62 |
| * | Haitong International Securities Group Ltd. Rights Exp. 05/15/2015 | 92,000 | 61 |
| * | Sun Hung Kai & Co. Ltd. | 58,000 | 60 |
| ^ | SA Sa International Holdings Ltd. | 115,995 | 59 |
| * | United Laboratories International Holdings Ltd. | 86,000 | 58 |
| * | Synertone Communication Corp. | 712,000 | 58 |
| | TPV Technology Ltd. | 224,000 | 55 |
| | China Merchants Land Ltd. | 168,000 | 54 |
| * | CST Mining Group Ltd. | 4,128,000 | 53 |
| * | China Financial International Investments Ltd. | 570,000 | 52 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 112,000 | 52 |
| | APT Satellite Holdings Ltd. | 33,000 | 52 |
| | SPT Energy Group Inc. | 226,000 | 51 |
| | Texwinca Holdings Ltd. | 52,000 | 50 |
26
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | China Household Holdings Ltd. | 445,000 | 48 |
| *,^ | United Photovoltaics Group Ltd. | 312,000 | 48 |
| ^ | Goodbaby International Holdings Ltd. | 104,464 | 48 |
| ^ | Anton Oilfield Services Group | 196,000 | 47 |
| | Springland International Holdings Ltd. | 122,657 | 47 |
| *,^ | Haier Healthwise Holdings Ltd. | 301,115 | 45 |
| | Honghua Group Ltd. | 325,000 | 45 |
| *,^ | Midland Holdings Ltd. | 96,000 | 45 |
| ^ | Summit Ascent Holdings Ltd. | 75,948 | 44 |
| | Chow Sang Sang Holdings International Ltd. | 19,000 | 44 |
| * | Wanda Hotel Development Co. Ltd. | 200,000 | 44 |
| | TCC International Holdings Ltd. | 98,000 | 41 |
| | China Aerospace International Holdings Ltd. | 200,000 | 40 |
| * | Lai Sun Development Co. Ltd. | 1,446,000 | 39 |
| * | Louis XIII Holdings Ltd. | 107,500 | 38 |
| * | China Dynamics Holdings Ltd. | 420,000 | 38 |
| | Trinity Ltd. | 156,000 | 34 |
| | Parkson Retail Group Ltd. | 117,500 | 30 |
| * | China Public Procurement Ltd. | 904,000 | 30 |
| | Sunlight REIT | 56,000 | 28 |
| * | Sunshine Oilsands Ltd. | 317,500 | 28 |
| * | Landing International Development Ltd. | 1,095,000 | 27 |
| | Liu Chong Hing Investment Ltd. | 19,982 | 26 |
| | Emperor Watch & Jewellery Ltd. | 360,000 | 17 |
| * | Ju Teng International Holdings Ltd. Warrants Exp. 10/14/2016 | 14,000 | 1 |
| | | | 91,852 |
| Hungary (0.0%) | | |
| | OTP Bank plc | 42,895 | 949 |
| | MOL Hungarian Oil & Gas plc | 6,799 | 378 |
| | Richter Gedeon Nyrt | 17,526 | 294 |
| * | Magyar Telekom Telecommunications plc | 62,225 | 93 |
| | | | 1,714 |
| India (1.0%) | | |
| | Housing Development Finance Corp. Ltd. | 236,871 | 4,357 |
| | HDFC Bank Ltd. ADR | 58,796 | 3,342 |
| | Infosys Ltd. ADR | 94,082 | 2,915 |
| | Tata Consultancy Services Ltd. | 71,951 | 2,786 |
| | Sun Pharmaceutical Industries Ltd. | 154,555 | 2,281 |
| 2 | Reliance Industries Ltd. GDR | 80,505 | 2,157 |
| | Infosys Ltd. | 60,402 | 1,844 |
| * | ICICI Bank Ltd. | 317,485 | 1,659 |
| | Oil & Natural Gas Corp. Ltd. | 316,605 | 1,512 |
| * | Axis Bank Ltd. | 167,819 | 1,498 |
| | ITC Ltd. | 288,226 | 1,461 |
| | Hindustan Unilever Ltd. | 106,744 | 1,428 |
| | Reliance Industries Ltd. | 98,766 | 1,340 |
| | Tata Motors Ltd. | 149,360 | 1,197 |
| | Bharti Airtel Ltd. | 192,573 | 1,153 |
| | Coal India Ltd. | 195,279 | 1,112 |
| | HCL Technologies Ltd. | 80,124 | 1,110 |
| | Kotak Mahindra Bank Ltd. | 49,856 | 1,044 |
| | Lupin Ltd. | 36,408 | 1,015 |
| | State Bank of India GDR | 21,221 | 893 |
| | Larsen & Toubro Ltd. | 33,138 | 849 |
| | Mahindra & Mahindra Ltd. | 45,680 | 822 |
| * | Tech Mahindra Ltd. | 77,736 | 760 |
| | NTPC Ltd. | 307,711 | 727 |
| | Sesa Sterlite Ltd. | 213,858 | 703 |
| | Dr Reddy's Laboratories Ltd. | 12,672 | 660 |
| | Idea Cellular Ltd. | 229,303 | 630 |
| | ICICI Bank Ltd. ADR | 57,498 | 628 |
| | Power Grid Corp. of India Ltd. | 231,783 | 519 |
| | Asian Paints Ltd. | 43,230 | 519 |
| | Bharti Infratel Ltd. | 81,599 | 515 |
27
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hero MotoCorp Ltd. | 13,597 | 498 |
| | Wipro Ltd. | 57,577 | 486 |
| | Aurobindo Pharma Ltd. | 23,959 | 484 |
| * | United Spirits Ltd. | 9,126 | 478 |
| | Maruti Suzuki India Ltd. | 8,157 | 478 |
| | IndusInd Bank Ltd. | 35,703 | 463 |
| | Cipla Ltd. | 43,688 | 437 |
| | Ultratech Cement Ltd. | 9,734 | 409 |
| | Adani Enterprises Ltd. | 38,435 | 407 |
| * | Bosch Ltd. | 1,100 | 389 |
| | Indiabulls Housing Finance Ltd. | 38,237 | 356 |
| | Yes Bank Ltd. | 26,777 | 353 |
| | UPL Ltd. | 45,733 | 353 |
| | Bajaj Auto Ltd. | 11,495 | 352 |
| | Zee Entertainment Enterprises Ltd. | 71,673 | 351 |
| | LIC Housing Finance Ltd. | 50,770 | 343 |
| | Adani Ports & Special Economic Zone Ltd. | 68,192 | 340 |
| | Ambuja Cements Ltd. | 92,983 | 340 |
| | Nestle India Ltd. | 3,172 | 328 |
| | Eicher Motors Ltd. | 1,341 | 320 |
| | Bharat Petroleum Corp. Ltd. | 26,241 | 316 |
| | GAIL India Ltd. | 53,334 | 302 |
| | Dabur India Ltd. | 76,193 | 302 |
| | Federal Bank Ltd. | 144,273 | 298 |
| | Bharat Heavy Electricals Ltd. | 78,115 | 292 |
| | Titan Co. Ltd. | 48,049 | 289 |
| | IDFC Ltd. | 103,749 | 274 |
| | Motherson Sumi Systems Ltd. | 34,539 | 273 |
| | Siemens Ltd. | 12,446 | 266 |
| | Godrej Consumer Products Ltd. | 15,930 | 264 |
| | Shriram Transport Finance Co. Ltd. | 17,038 | 260 |
| | Rural Electrification Corp. Ltd. | 52,980 | 260 |
| | Indian Oil Corp. Ltd. | 45,509 | 258 |
| | Apollo Hospitals Enterprise Ltd. | 14,411 | 258 |
| | Bharat Forge Ltd. | 12,991 | 256 |
| * | Havells India Ltd. | 55,138 | 242 |
| | ABB India Ltd. | 11,390 | 239 |
| * | State Bank of India | 55,530 | 235 |
| | Hindalco Industries Ltd. | 109,038 | 220 |
| | Hindustan Zinc Ltd. | 79,986 | 213 |
| | Marico Ltd. | 33,062 | 209 |
| | JSW Steel Ltd. | 14,198 | 208 |
| | NMDC Ltd. | 102,807 | 207 |
| | Cairn India Ltd. | 60,209 | 202 |
| | Tata Steel Ltd. | 34,752 | 197 |
| | Glenmark Pharmaceuticals Ltd. | 13,590 | 190 |
| | Crompton Greaves Ltd. | 71,167 | 188 |
| | Mahindra & Mahindra Financial Services Ltd. | 43,961 | 185 |
| | Grasim Industries Ltd. | 3,156 | 178 |
| | Mindtree Ltd. | 9,244 | 177 |
| | Power Finance Corp. Ltd. | 42,034 | 175 |
| | Cadila Healthcare Ltd. | 6,466 | 173 |
| | Britannia Industries Ltd. | 4,992 | 173 |
| | United Breweries Ltd. | 11,552 | 169 |
| | Petronet LNG Ltd. | 61,098 | 168 |
| | Hindustan Petroleum Corp. Ltd. | 17,055 | 168 |
| | Pidilite Industries Ltd. | 18,150 | 162 |
| | ACC Ltd. | 7,059 | 159 |
| | Page Industries Ltd. | 735 | 158 |
| | Shree Cement Ltd. | 971 | 155 |
| | Colgate-Palmolive India Ltd. | 4,970 | 155 |
| | Piramal Enterprises Ltd. | 10,434 | 154 |
| * | Bank of Baroda | 57,912 | 154 |
| | Tata Power Co. Ltd. | 126,230 | 150 |
28
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | GlaxoSmithKline Pharmaceuticals Ltd. | 2,939 | 147 |
| | Bajaj Finserv Ltd. | 6,175 | 139 |
| * | Reliance Communications Ltd. | 146,458 | 139 |
| | Jindal Steel & Power Ltd. | 63,005 | 137 |
| | Bajaj Finance Ltd. | 2,125 | 135 |
| | Oil India Ltd. | 18,669 | 134 |
| | Bharat Electronics Ltd. | 2,758 | 134 |
| | DLF Ltd. | 60,681 | 130 |
| | Oracle Financial Services Software Ltd. | 2,415 | 126 |
| | Steel Authority of India Ltd. | 115,173 | 126 |
| | GlaxoSmithKline Consumer Healthcare Ltd. | 1,260 | 124 |
| | Cummins India Ltd. | 9,045 | 123 |
| | Max India Ltd. | 18,124 | 122 |
| | Torrent Pharmaceuticals Ltd. | 6,428 | 122 |
| | MRF Ltd. | 207 | 119 |
| | JSW Energy Ltd. | 65,068 | 117 |
| | Reliance Infrastructure Ltd. | 17,599 | 115 |
| | ING Vysya Bank Ltd. | 7,431 | 113 |
| | Emami Ltd. | 7,710 | 113 |
| | HDFC Bank Ltd. | 7,224 | 113 |
| | Mphasis Ltd. | 17,849 | 111 |
| | Just Dial Ltd. | 6,520 | 110 |
| | Punjab National Bank | 43,292 | 109 |
| | Divi's Laboratories Ltd. | 3,935 | 107 |
| * | AIA Engineering Ltd. | 5,820 | 105 |
| | Wockhardt Ltd. | 5,121 | 103 |
| | Castrol India Ltd. | 14,722 | 103 |
| * | Gujarat Pipavav Port Ltd. | 29,361 | 102 |
| | Oberoi Realty Ltd. | 23,982 | 101 |
| * | Ashok Leyland Ltd. | 92,594 | 101 |
| * | Suzlon Energy Ltd. | 269,032 | 100 |
| | Aditya Birla Nuvo Ltd. | 3,850 | 95 |
| | Voltas Ltd. | 21,448 | 95 |
| * | SKS Microfinance Ltd. | 12,790 | 95 |
| * | Balkrishna Industries Ltd. | 7,599 | 93 |
| | NCC Ltd. | 63,849 | 91 |
| | IIFL Holdings Ltd. | 32,769 | 90 |
| | Canara Bank | 15,022 | 89 |
| * | Sun Pharma Advanced Research Co. Ltd. | 14,218 | 89 |
| | Bajaj Holdings & Investment Ltd. | 4,212 | 86 |
| | Wipro Ltd. ADR | 7,455 | 86 |
| * | Rajesh Exports Ltd. | 23,244 | 85 |
| * | Jubilant Foodworks Ltd. | 3,560 | 83 |
| | Reliance Capital Ltd. | 13,059 | 83 |
| | Hexaware Technologies Ltd. | 18,647 | 83 |
| | Godrej Industries Ltd. | 14,509 | 82 |
| | Seven West Media Ltd. | 82,452 | 82 |
| | CESC Ltd. | 9,350 | 81 |
| | Arvind Ltd. | 20,018 | 80 |
| | Thermax Ltd. | 5,117 | 79 |
| | Apollo Tyres Ltd. | 28,669 | 78 |
| | PI Industries Ltd. | 7,408 | 77 |
| * | eClerx Services Ltd. | 3,049 | 76 |
| * | Indian Hotels Co. Ltd. | 44,199 | 76 |
| | Persistent Systems Ltd. | 6,778 | 75 |
| * | Gillette India Ltd. | 1,099 | 75 |
| | Tata Communications Ltd. | 10,833 | 74 |
| | Alstom T&D India Ltd. | 8,970 | 73 |
| | Credit Analysis & Research Ltd. | 2,975 | 73 |
| * | Gujarat Gas Co. Ltd. | 6,502 | 73 |
| * | Bayer CropScience Ltd. | 1,223 | 72 |
| * | Redington India Ltd. | 38,482 | 72 |
| | Info Edge India Ltd. | 5,723 | 69 |
| | Berger Paints India Ltd. | 20,494 | 68 |
29
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Cox & Kings Ltd. | 13,948 | 68 |
| * | Ajanta Pharma Ltd. | 3,380 | 67 |
| | Sintex Industries Ltd. | 37,552 | 65 |
| * | Alembic Pharmaceuticals Ltd. | 8,754 | 65 |
| | Sundaram Finance Ltd. | 2,786 | 65 |
| * | Amara Raja Batteries Ltd. | 5,150 | 64 |
| | Gateway Distriparks Ltd. | 11,596 | 64 |
| | Exide Industries Ltd. | 23,787 | 64 |
| * | Kajaria Ceramics Ltd. | 5,263 | 64 |
| | GMR Infrastructure Ltd. | 269,033 | 62 |
| | Dewan Housing Finance Corp. Ltd. | 8,815 | 62 |
| | Tata Chemicals Ltd. | 9,174 | 62 |
| * | Sadbhav Engineering Ltd. | 12,847 | 60 |
| | Torrent Power Ltd. | 23,118 | 60 |
| * | Housing Development & Infrastructure Ltd. | 31,911 | 59 |
| * | WABCO India Ltd. | 640 | 56 |
| | TVS Motor Co. Ltd. | 15,125 | 56 |
| * | Reliance Power Ltd. | 62,911 | 56 |
| | IRB Infrastructure Developers Ltd. | 15,260 | 56 |
| * | Hathway Cable & Datacom Ltd. | 65,940 | 56 |
| | NHPC Ltd. | 174,976 | 54 |
| | Sun TV Network Ltd. | 9,912 | 54 |
| * | Karur Vysya Bank Ltd. | 7,135 | 54 |
| * | GRUH Finance Ltd. | 13,350 | 52 |
| * | Bajaj Corp. Ltd. | 7,508 | 52 |
| * | Jaiprakash Associates Ltd. | 159,746 | 52 |
| | Strides Arcolab Ltd. | 3,169 | 51 |
| | Tata Global Beverages Ltd. | 22,864 | 51 |
| * | Repco Home Finance Ltd. | 5,587 | 51 |
| * | Whirlpool of India Ltd. | 4,543 | 50 |
| * | Mangalore Refinery & Petrochemicals Ltd. | 45,416 | 50 |
| | Amtek Auto Ltd. | 19,970 | 50 |
| * | KPIT Technologies Ltd. | 30,090 | 50 |
| * | Jammu & Kashmir Bank Ltd. | 32,230 | 49 |
| | Prestige Estates Projects Ltd. | 12,821 | 48 |
| * | Unitech Ltd. | 198,930 | 48 |
| | Ipca Laboratories Ltd. | 4,757 | 48 |
| | Union Bank of India | 21,229 | 48 |
| | Vakrangee Ltd. | 28,576 | 48 |
| | National Aluminium Co. Ltd. | 63,183 | 47 |
| * | Bank of India | 13,460 | 46 |
| | IDBI Bank Ltd. | 37,908 | 44 |
| | Sobha Ltd. | 7,055 | 43 |
| * | VA Tech Wabag Ltd. | 3,912 | 43 |
| | Multi Commodity Exchange of India Ltd. | 2,593 | 43 |
| | L&T Finance Holdings Ltd. | 40,644 | 40 |
| * | Essar Oil Ltd. | 23,435 | 40 |
| | IFCI Ltd. | 75,943 | 40 |
| * | Gujarat Fluorochemicals Ltd. | 4,074 | 40 |
| * | Adani Power Ltd. | 53,808 | 36 |
| | Rolta India Ltd. | 18,714 | 34 |
| * | Dish TV India Ltd. | 28,109 | 33 |
| | Gujarat State Petronet Ltd. | 17,246 | 33 |
| | Indiabulls Real Estate Ltd. | 33,322 | 31 |
| * | Pipavav Defence & Offshore Engineering Co. Ltd. | 34,299 | 31 |
| | South Indian Bank Ltd. | 79,690 | 30 |
| * | Hindustan Construction Co. Ltd. | 58,499 | 29 |
| | Alstom India Ltd. | 2,496 | 28 |
| | Indraprastha Gas Ltd. | 4,094 | 27 |
| | Indian Bank | 11,871 | 26 |
| | Jain Irrigation Systems Ltd. | 28,413 | 25 |
| | Biocon Ltd. | 3,399 | 24 |
| | Muthoot Finance Ltd. | 7,887 | 23 |
| * | Videocon Industries Ltd. | 9,656 | 23 |
30
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Great Eastern Shipping Co. Ltd. | 4,216 | 23 |
| | Vijaya Bank | 31,062 | 22 |
| * | DEN Networks Ltd. | 10,752 | 22 |
| * | Central Bank of India | 13,166 | 22 |
| | Srei Infrastructure Finance Ltd. | 33,628 | 21 |
| * | Corp Bank | 23,040 | 21 |
| | Karnataka Bank Ltd. | 10,313 | 20 |
| | Oriental Bank of Commerce | 6,239 | 20 |
| * | Allahabad Bank | 11,991 | 19 |
| | Indian Overseas Bank | 27,269 | 19 |
| | Engineers India Ltd. | 6,599 | 19 |
| | Syndicate Bank | 11,844 | 19 |
| | PTC India Ltd. | 16,013 | 18 |
| | UCO Bank | 17,873 | 18 |
| | Coromandel International Ltd. | 4,820 | 17 |
| | Bhushan Steel Ltd. | 9,009 | 9 |
| | | | 70,649 |
| Indonesia (0.2%) | | |
| | Bank Central Asia Tbk PT | 2,302,328 | 2,384 |
| | Astra International Tbk PT | 3,306,130 | 1,740 |
| | Telekomunikasi Indonesia Persero Tbk PT | 7,587,640 | 1,526 |
| | Bank Rakyat Indonesia Persero Tbk PT | 1,536,378 | 1,372 |
| | Bank Mandiri Persero Tbk PT | 1,316,416 | 1,083 |
| | Unilever Indonesia Tbk PT | 168,600 | 553 |
| | Bank Negara Indonesia Persero Tbk PT | 1,100,630 | 543 |
| | Perusahaan Gas Negara Persero Tbk PT | 1,483,600 | 468 |
| | Semen Indonesia Persero Tbk PT | 437,300 | 420 |
| | United Tractors Tbk PT | 222,960 | 367 |
| | Kalbe Farma Tbk PT | 2,531,400 | 350 |
| | Indofood Sukses Makmur Tbk PT | 666,900 | 346 |
| | Gudang Garam Tbk PT | 71,400 | 274 |
| | AKR Corporindo Tbk PT | 676,700 | 271 |
| | Indocement Tunggal Prakarsa Tbk PT | 163,600 | 264 |
| | Lippo Karawaci Tbk PT | 2,823,500 | 258 |
| | Charoen Pokphand Indonesia Tbk PT | 1,127,500 | 246 |
| | Summarecon Agung Tbk PT | 1,475,500 | 201 |
| | Surya Citra Media Tbk PT | 837,200 | 187 |
| | Tower Bersama Infrastructure Tbk PT | 263,000 | 172 |
| | Intiland Development Tbk PT | 3,401,500 | 170 |
| | Bumi Serpong Damai Tbk PT | 1,147,400 | 164 |
| | Indofood CBP Sukses Makmur Tbk PT | 147,600 | 150 |
| | Ciputra Development Tbk PT | 1,284,100 | 135 |
| | XL Axiata Tbk PT | 418,000 | 130 |
| | Bank Danamon Indonesia Tbk PT | 408,600 | 125 |
| | Ramayana Lestari Sentosa Tbk PT | 2,079,900 | 124 |
| | Jasa Marga Persero Tbk PT | 225,200 | 107 |
| | Matahari Putra Prima Tbk PT | 345,600 | 105 |
| | Adaro Energy Tbk PT | 1,516,000 | 102 |
| | Wijaya Karya Beton Tbk PT | 1,298,600 | 99 |
| | Media Nusantara Citra Tbk PT | 547,400 | 93 |
| | Pakuwon Jati Tbk PT | 2,725,000 | 92 |
| * | Panin Financial Tbk PT | 3,164,200 | 80 |
| | Global Mediacom Tbk PT | 667,100 | 80 |
| | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 1,091,000 | 73 |
| | Tambang Batubara Bukit Asam Persero Tbk PT | 100,900 | 72 |
| | BISI International Tbk PT | 636,900 | 69 |
| | Alam Sutera Realty Tbk PT | 1,374,100 | 65 |
| | Surya Semesta Internusa Tbk PT | 704,600 | 64 |
| * | Lippo Cikarang Tbk PT | 69,300 | 64 |
| | Bank Tabungan Negara Persero Tbk PT | 743,100 | 64 |
| | Astra Agro Lestari Tbk PT | 39,400 | 62 |
| | Gajah Tunggal Tbk PT | 720,000 | 61 |
| | MNC Investama Tbk PT | 2,927,700 | 61 |
| | Wijaya Karya Persero Tbk PT | 249,900 | 57 |
31
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Indosat Tbk PT | 174,900 | 54 |
| * | Waskita Karya Persero Tbk PT | 383,900 | 50 |
| | Agung Podomoro Land Tbk PT | 1,547,500 | 50 |
| * | Vale Indonesia Tbk PT | 216,600 | 46 |
| | Bekasi Fajar Industrial Estate Tbk PT | 1,002,100 | 46 |
| | Medco Energi Internasional Tbk PT | 186,500 | 46 |
| * | Siloam International Hospitals Tbk PT | 38,600 | 42 |
| | Indo Tambangraya Megah Tbk PT | 42,500 | 41 |
| * | Eagle High Plantations Tbk PT | 2,054,500 | 40 |
| | Ace Hardware Indonesia Tbk PT | 729,200 | 36 |
| | Mitra Adiperkasa Tbk PT | 82,600 | 35 |
| * | Energi Mega Persada Tbk PT | 5,503,500 | 34 |
| | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 293,100 | 32 |
| | Timah Persero Tbk PT | 473,400 | 29 |
| * | Berlian Laju Tanker Tbk PT | 968,000 | 15 |
| * | Bumi Resources Tbk PT | 1,618,500 | 9 |
| | | | 16,098 |
| Ireland (0.1%) | | |
| | Kerry Group plc Class A | 22,104 | 1,626 |
| * | Bank of Ireland | 4,131,048 | 1,597 |
| | Ryanair Holdings plc ADR | 16,051 | 1,041 |
| | Smurfit Kappa Group plc | 33,121 | 1,014 |
| | Paddy Power plc | 6,342 | 567 |
| * | ICON plc | 8,600 | 553 |
| | Glanbia plc | 29,480 | 546 |
| | Kingspan Group plc | 23,523 | 467 |
| | Ryanair Holdings plc | 23,375 | 274 |
| | C&C Group plc | 51,114 | 207 |
| | Green REIT plc | 83,889 | 148 |
| | Aer Lingus Group plc | 10,135 | 26 |
| | FBD Holdings plc | 1,374 | 15 |
| * | Irish Bank Resolution Corp. Ltd. | 14,385 | — |
| | | | 8,081 |
| Israel (0.2%) | | |
| | Teva Pharmaceutical Industries Ltd. | 146,183 | 8,883 |
| | Bank Hapoalim BM | 162,595 | 813 |
| * | Bank Leumi Le-Israel BM | 200,395 | 779 |
| | Bezeq The Israeli Telecommunication Corp. Ltd. | 288,159 | 546 |
| | Israel Chemicals Ltd. | 72,044 | 504 |
| * | Strauss Group Ltd. | 28,078 | 500 |
| | NICE-Systems Ltd. | 8,265 | 497 |
| | Azrieli Group | 5,692 | 245 |
| * | Mellanox Technologies Ltd. | 5,139 | 239 |
| | Elbit Systems Ltd. | 2,941 | 233 |
| * | Israel Discount Bank Ltd. Class A | 130,177 | 229 |
| | Frutarom Industries Ltd. | 5,312 | 226 |
| * | Mizrahi Tefahot Bank Ltd. | 15,715 | 176 |
| | Gazit-Globe Ltd. | 12,436 | 165 |
| | Delek Group Ltd. | 589 | 164 |
| | Melisron Ltd. | 2,819 | 108 |
| | Paz Oil Co. Ltd. | 663 | 101 |
| | Alony Hetz Properties & Investments Ltd. | 11,949 | 95 |
| | Osem Investments Ltd. | 4,261 | 91 |
| * | Airport City Ltd. | 7,872 | 83 |
| | Israel Corp. Ltd. | 219 | 81 |
| | Shikun & Binui Ltd. | 35,075 | 79 |
| * | EZchip Semiconductor Ltd. | 3,995 | 78 |
| * | Nitsba Holdings 1995 Ltd. | 4,580 | 78 |
| | Harel Insurance Investments & Financial Services Ltd. | 14,790 | 69 |
| | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,678 | 68 |
| * | Oil Refineries Ltd. | 184,043 | 66 |
| * | Tower Semiconductor Ltd. | 4,218 | 64 |
| * | Clal Insurance Enterprises Holdings Ltd. | 3,854 | 64 |
| | Migdal Insurance & Financial Holding Ltd. | 47,854 | 58 |
32
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Reit 1 Ltd. | 18,543 | 56 |
| | Ituran Location and Control Ltd. | 2,266 | 52 |
| * | Jerusalem Oil Exploration | 1,309 | 50 |
| * | Allot Communications Ltd. | 4,912 | 43 |
| * | Compugen Ltd. | 6,072 | 39 |
| * | Cellcom Israel Ltd. (Registered) | 8,090 | 37 |
| * | Kenon Holdings Ltd. | 1,533 | 33 |
| * | Mazor Robotics Ltd. | 5,016 | 33 |
| * | Nova Measuring Instruments Ltd. | 2,405 | 27 |
| * | Evogene Ltd. | 2,628 | 26 |
| | Silicom Ltd. | 693 | 25 |
| * | Kamada Ltd. | 5,171 | 24 |
| * | Partner Communications Co. Ltd. | 8,707 | 22 |
| | | | 15,849 |
| Italy (0.9%) | | |
| | Eni SPA | 382,259 | 7,334 |
| | Intesa Sanpaolo SPA (Registered) | 1,834,844 | 6,164 |
| | UniCredit SPA | 734,967 | 5,276 |
| | Enel SPA | 1,064,013 | 5,043 |
| | Assicurazioni Generali SPA | 188,707 | 3,687 |
| * | Telecom Italia SPA (Registered) | 1,748,856 | 2,064 |
| * | Fiat Chrysler Automobiles NV | 134,536 | 2,003 |
| | Luxottica Group SPA | 26,013 | 1,713 |
| | Snam SPA | 324,765 | 1,692 |
| | Atlantia SPA | 58,569 | 1,647 |
| | CNH Industrial NV (MTAA) | 172,721 | 1,518 |
| | Terna Rete Elettrica Nazionale SPA | 256,807 | 1,211 |
| | Prysmian SPA | 52,075 | 1,062 |
| | Unione di Banche Italiane SCpA | 130,164 | 1,033 |
| | Pirelli & C. SPA | 49,528 | 857 |
| * | Banco Popolare SC | 53,995 | 854 |
| | Mediobanca SPA | 73,697 | 715 |
| * | Telecom Italia SPA (Bearer) | 730,922 | 703 |
| * | Finmeccanica SPA | 54,334 | 693 |
| *,^ | Saipem SPA | 50,725 | 673 |
| | Azimut Holding SPA | 22,566 | 662 |
| * | Banca Popolare di Milano Scarl | 639,218 | 659 |
| | EXOR SPA | 14,047 | 648 |
| | Tenaris SA ADR | 19,598 | 603 |
| * | Banca Popolare dell'Emilia Romagna SC | 72,181 | 594 |
| * | Mediaset SPA | 113,805 | 585 |
| | Banca Generali SPA | 14,311 | 480 |
| | Recordati SPA | 23,910 | 476 |
| * | Tenaris SA | 29,761 | 457 |
| | Enel Green Power SPA | 218,697 | 425 |
| ^ | Banca Monte dei Paschi di Siena SPA | 642,538 | 396 |
| | Davide Campari-Milano SPA | 45,120 | 349 |
| | UnipolSai SPA | 120,333 | 337 |
| | Banca Popolare di Sondrio SCARL | 71,946 | 327 |
| | Italcementi SPA | 43,842 | 312 |
| | Moncler SPA | 16,922 | 301 |
| | Mediolanum SPA | 35,176 | 295 |
| | ERG SPA | 20,451 | 294 |
| | Unipol Gruppo Finanziario SPA Preference Shares | 51,585 | 271 |
| * | Yoox SPA | 8,423 | 265 |
| *,2 | Anima Holding SPA | 29,453 | 262 |
| | DiaSorin SPA | 5,622 | 257 |
| * | Sorin SPA | 69,863 | 220 |
| | FinecoBank Banca Fineco SPA | 28,097 | 212 |
| * | World Duty Free SPA | 18,692 | 209 |
| | A2A SPA | 168,610 | 194 |
| * | Credito Valtellinese SC | 154,199 | 192 |
| | Tod's SPA | 2,088 | 192 |
| | Buzzi Unicem SPA | 11,773 | 190 |
33
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Autogrill SPA | 19,451 | 186 |
| | Hera SPA | 70,189 | 185 |
| | Brembo SPA | 4,602 | 184 |
| | Ansaldo STS SPA | 16,919 | 180 |
| | Salvatore Ferragamo SPA | 5,670 | 176 |
| | Societa Cattolica di Assicurazioni SCRL | 20,187 | 172 |
| | Interpump Group SPA | 9,369 | 158 |
| | MARR SPA | 6,935 | 139 |
| | De' Longhi | 6,030 | 136 |
| | Parmalat SPA | 44,356 | 123 |
| * | Salini Impregilo SPA | 27,931 | 122 |
| | Danieli & C Officine Meccaniche SPA-RSP | 6,539 | 121 |
| | UnipolSai SPA B | 41,423 | 116 |
| * | Ei Towers SPA | 1,850 | 112 |
| | Industria Macchine Automatiche SPA | 2,180 | 111 |
| | Beni Stabili SpA SIIQ | 124,719 | 103 |
| *,^ | Banca Carige SPA | 1,207,308 | 98 |
| | Amplifon SPA | 11,873 | 93 |
| | Credito Emiliano SPA | 9,851 | 82 |
| * | Saras SPA | 40,518 | 79 |
| | Societa Iniziative Autostradali e Servizi SPA | 6,715 | 78 |
| | ACEA SPA | 5,737 | 77 |
| | Unipol Gruppo Finanziario SPA | 14,582 | 77 |
| | Cementir Holding SPA | 10,694 | 75 |
| | Italmobiliare SPA | 2,286 | 75 |
| | Iren SPA | 50,213 | 74 |
| * | Fincantieri SPA | 74,730 | 68 |
| * | RCS MediaGroup SPA | 48,117 | 66 |
| | Brunello Cucinelli SPA | 3,359 | 62 |
| * | Cerved Information Solutions SPA | 8,303 | 60 |
| | CNH Industrial NV (XNYS) | 6,507 | 57 |
| | Immobiliare Grande Distribuzione SIIQ SPA | 55,106 | 54 |
| | Trevi Finanziaria Industriale SPA | 17,319 | 51 |
| | ASTM SPA | 3,541 | 50 |
| * | Safilo Group SPA | 3,221 | 47 |
| | Danieli & C Officine Meccaniche SPA | 1,880 | 46 |
| | Piaggio & C SPA | 14,781 | 45 |
| | Esprinet SPA | 4,334 | 42 |
| | Astaldi SPA | 4,791 | 42 |
| * | Geox SPA | 10,796 | 39 |
| * | CIR-Compagnie Industriali Riunite SPA | 32,485 | 39 |
| * | Gruppo Editoriale L'Espresso SPA | 22,920 | 30 |
| * | Arnoldo Mondadori Editore SPA | 24,213 | 30 |
| * | Juventus Football Club SPA | 87,181 | 30 |
| * | Cofide SPA | 48,461 | 27 |
| | | | 60,623 |
| Japan (8.2%) | | |
| | Toyota Motor Corp. | 410,030 | 28,542 |
| | Mitsubishi UFJ Financial Group Inc. | 2,197,820 | 15,614 |
| | Honda Motor Co. Ltd. | 275,009 | 9,220 |
| | SoftBank Corp. | 145,373 | 9,087 |
| | Sumitomo Mitsui Financial Group Inc. | 206,848 | 9,032 |
| | Mizuho Financial Group Inc. | 3,693,107 | 7,040 |
| | KDDI Corp. | 289,500 | 6,850 |
| | FANUC Corp. | 30,600 | 6,731 |
| | Takeda Pharmaceutical Co. Ltd. | 120,400 | 6,181 |
| | Canon Inc. | 170,200 | 6,068 |
| | Japan Tobacco Inc. | 172,876 | 6,037 |
| * | Sony Corp. | 178,100 | 5,384 |
| | Astellas Pharma Inc. | 337,800 | 5,260 |
| | Central Japan Railway Co. | 29,100 | 5,197 |
| | East Japan Railway Co. | 58,518 | 5,172 |
| | Seven & i Holdings Co. Ltd. | 120,100 | 5,162 |
| | Mitsubishi Estate Co. Ltd. | 207,114 | 4,875 |
34
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hitachi Ltd. | 709,480 | 4,841 |
| | Bridgestone Corp. | 112,918 | 4,729 |
| | Mitsubishi Corp. | 217,000 | 4,682 |
| | Murata Manufacturing Co. Ltd. | 33,029 | 4,654 |
| | Panasonic Corp. | 324,755 | 4,652 |
| | Tokio Marine Holdings Inc. | 109,300 | 4,456 |
| | Mitsui Fudosan Co. Ltd. | 146,000 | 4,328 |
| | Shin-Etsu Chemical Co. Ltd. | 68,970 | 4,216 |
| | Kao Corp. | 87,731 | 4,201 |
| | Mitsubishi Electric Corp. | 317,939 | 4,152 |
| | Nissan Motor Co. Ltd. | 384,301 | 3,989 |
| | Nippon Telegraph & Telephone Corp. | 57,300 | 3,869 |
| | Mitsui & Co. Ltd. | 267,700 | 3,744 |
| | Keyence Corp. | 6,983 | 3,728 |
| | Denso Corp. | 72,600 | 3,604 |
| | Nomura Holdings Inc. | 537,500 | 3,487 |
| | Nippon Steel & Sumitomo Metal Corp. | 1,311,745 | 3,412 |
| | ITOCHU Corp. | 273,300 | 3,365 |
| | Nintendo Co. Ltd. | 19,400 | 3,257 |
| | Fuji Heavy Industries Ltd. | 96,000 | 3,210 |
| | Fast Retailing Co. Ltd. | 8,100 | 3,190 |
| | Komatsu Ltd. | 158,135 | 3,182 |
| | NTT DOCOMO Inc. | 176,920 | 3,134 |
| | ORIX Corp. | 199,360 | 3,066 |
| | Kubota Corp. | 191,000 | 2,989 |
| | Dai-ichi Life Insurance Co. Ltd. | 175,000 | 2,876 |
| | SMC Corp. | 9,500 | 2,858 |
| | Tokyo Gas Co. Ltd. | 494,000 | 2,851 |
| | Eisai Co. Ltd. | 42,300 | 2,820 |
| | Mitsubishi Heavy Industries Ltd. | 506,870 | 2,808 |
| | Daikin Industries Ltd. | 40,079 | 2,700 |
| | Nidec Corp. | 34,906 | 2,611 |
| | FUJIFILM Holdings Corp. | 69,300 | 2,610 |
| | Sumitomo Realty & Development Co. Ltd. | 66,846 | 2,580 |
| | Kyocera Corp. | 49,400 | 2,579 |
| | Sumitomo Mitsui Trust Holdings Inc. | 580,460 | 2,555 |
| | Toshiba Corp. | 617,000 | 2,472 |
| | Hoya Corp. | 63,400 | 2,444 |
| | MS&AD Insurance Group Holdings Inc. | 85,129 | 2,436 |
| | Daiwa Securities Group Inc. | 271,000 | 2,248 |
| | Secom Co. Ltd. | 31,400 | 2,225 |
| | Daiwa House Industry Co. Ltd. | 97,500 | 2,177 |
| | Oriental Land Co. Ltd. | 32,000 | 2,166 |
| | Toray Industries Inc. | 238,000 | 2,069 |
| | Rakuten Inc. | 118,100 | 2,063 |
| | Asahi Group Holdings Ltd. | 63,300 | 2,036 |
| * | Olympus Corp. | 56,500 | 2,035 |
| | Suzuki Motor Corp. | 62,381 | 2,016 |
| | JFE Holdings Inc. | 89,000 | 2,009 |
| | Sumitomo Corp. | 168,700 | 1,992 |
| | Sompo Japan Nipponkoa Holdings Inc. | 58,775 | 1,920 |
| | Ajinomoto Co. Inc. | 85,000 | 1,885 |
| | Otsuka Holdings Co. Ltd. | 59,300 | 1,872 |
| | Daito Trust Construction Co. Ltd. | 15,872 | 1,848 |
| | Daiichi Sankyo Co. Ltd. | 106,200 | 1,845 |
| | Asahi Kasei Corp. | 195,000 | 1,836 |
| | Fujitsu Ltd. | 274,906 | 1,822 |
| | Kirin Holdings Co. Ltd. | 131,900 | 1,746 |
| | Inpex Corp. | 138,800 | 1,742 |
| | Shimano Inc. | 11,700 | 1,676 |
| | Sysmex Corp. | 30,046 | 1,663 |
| | Shionogi & Co. Ltd. | 50,100 | 1,652 |
| | Sumitomo Electric Industries Ltd. | 116,700 | 1,649 |
| | Dentsu Inc. | 34,549 | 1,611 |
35
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Isuzu Motors Ltd. | 121,120 | 1,605 |
| | Osaka Gas Co. Ltd. | 378,000 | 1,604 |
| | Mazda Motor Corp. | 81,800 | 1,603 |
| | Nitto Denko Corp. | 25,000 | 1,602 |
| | West Japan Railway Co. | 28,500 | 1,578 |
| | Ono Pharmaceutical Co. Ltd. | 14,500 | 1,572 |
| | JX Holdings Inc. | 360,007 | 1,568 |
| | Marubeni Corp. | 248,628 | 1,540 |
| | Resona Holdings Inc. | 279,706 | 1,491 |
| | Omron Corp. | 32,400 | 1,488 |
| | Chubu Electric Power Co. Inc. | 109,993 | 1,458 |
| | T&D Holdings Inc. | 100,400 | 1,449 |
| | Toyota Industries Corp. | 25,400 | 1,439 |
| | Tokyo Electron Ltd. | 25,900 | 1,420 |
| | Aisin Seiki Co. Ltd. | 30,200 | 1,381 |
| | Aeon Co. Ltd. | 109,500 | 1,362 |
| | Terumo Corp. | 51,900 | 1,333 |
| | TDK Corp. | 18,400 | 1,325 |
| | Sekisui House Ltd. | 85,100 | 1,319 |
| | Unicharm Corp. | 52,200 | 1,314 |
| | Sumitomo Chemical Co. Ltd. | 233,492 | 1,313 |
| | NEC Corp. | 388,000 | 1,291 |
| | Yamato Holdings Co. Ltd. | 56,600 | 1,267 |
| | Tokyu Corp. | 182,000 | 1,210 |
| * | Kansai Electric Power Co. Inc. | 120,100 | 1,207 |
| | MEIJI Holdings Co. Ltd. | 10,417 | 1,197 |
| | Kawasaki Heavy Industries Ltd. | 231,000 | 1,191 |
| | Mitsubishi Chemical Holdings Corp. | 191,084 | 1,190 |
| | Japan Exchange Group Inc. | 40,400 | 1,167 |
| | Kintetsu Group Holdings Co. Ltd. | 325,000 | 1,151 |
| | Bank of Yokohama Ltd. | 181,000 | 1,149 |
| | Hankyu Hanshin Holdings Inc. | 185,000 | 1,117 |
| | NSK Ltd. | 70,000 | 1,093 |
| | Ricoh Co. Ltd. | 105,000 | 1,085 |
| | Sumitomo Metal Mining Co. Ltd. | 73,000 | 1,070 |
| | Shiseido Co. Ltd. | 58,300 | 1,050 |
| | Chugai Pharmaceutical Co. Ltd. | 34,100 | 1,037 |
| | Kikkoman Corp. | 35,750 | 1,020 |
| | Yakult Honsha Co. Ltd. | 16,000 | 1,006 |
| * | Tokyo Electric Power Co. Inc. | 246,200 | 1,005 |
| | Odakyu Electric Railway Co. Ltd. | 99,000 | 996 |
| | Asahi Glass Co. Ltd. | 146,000 | 983 |
| | IHI Corp. | 214,000 | 981 |
| | Shizuoka Bank Ltd. | 89,000 | 980 |
| | Amada Holdings Co. Ltd. | 96,700 | 976 |
| | Dai Nippon Printing Co. Ltd. | 94,000 | 971 |
| | Tohoku Electric Power Co. Inc. | 77,100 | 970 |
| | Nitori Holdings Co. Ltd. | 12,600 | 969 |
| | Rohm Co. Ltd. | 13,800 | 957 |
| | Yamaha Motor Co. Ltd. | 40,300 | 948 |
| | Taisei Corp. | 163,322 | 946 |
| | Makita Corp. | 18,800 | 938 |
| | NGK Insulators Ltd. | 41,000 | 921 |
| | LIXIL Group Corp. | 43,600 | 909 |
| | Nippon Paint Holdings Co. Ltd. | 27,000 | 904 |
| | NGK Spark Plug Co. Ltd. | 31,500 | 882 |
| | Chiba Bank Ltd. | 107,000 | 879 |
| | Yaskawa Electric Corp. | 63,363 | 871 |
| | Recruit Holdings Co. Ltd. | 25,670 | 864 |
| | Mitsubishi Motors Corp. | 93,700 | 862 |
| | Sekisui Chemical Co. Ltd. | 64,000 | 853 |
| | Toyota Tsusho Corp. | 33,000 | 848 |
| | Isetan Mitsukoshi Holdings Ltd. | 51,600 | 835 |
| | Yahoo Japan Corp. | 203,400 | 831 |
36
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Suntory Beverage & Food Ltd. | 19,500 | 829 |
| | NTT Data Corp. | 18,500 | 828 |
| | Sumitomo Heavy Industries Ltd. | 133,000 | 826 |
| | Toppan Printing Co. Ltd. | 96,000 | 805 |
| | Nippon Express Co. Ltd. | 140,000 | 804 |
| | Minebea Co. Ltd. | 51,000 | 782 |
| | Nippon Yusen KK | 247,000 | 776 |
| | Konica Minolta Inc. | 69,400 | 766 |
| | Seiko Epson Corp. | 43,800 | 765 |
| | Nikon Corp. | 53,700 | 764 |
| | Santen Pharmaceutical Co. Ltd. | 57,500 | 761 |
| * | Kyushu Electric Power Co. Inc. | 71,100 | 758 |
| | Kobe Steel Ltd. | 414,000 | 752 |
| | Tobu Railway Co. Ltd. | 150,000 | 715 |
| | Fukuoka Financial Group Inc. | 123,000 | 707 |
| | Asics Corp. | 27,500 | 706 |
| ^ | Casio Computer Co. Ltd. | 34,700 | 702 |
| | Electric Power Development Co. Ltd. | 20,800 | 698 |
| | Lawson Inc. | 9,700 | 698 |
| | Mitsubishi Materials Corp. | 191,340 | 689 |
| | Hirose Electric Co. Ltd. | 4,830 | 680 |
| | Chugoku Electric Power Co. Inc. | 46,200 | 678 |
| | Shimizu Corp. | 94,000 | 676 |
| | Ryohin Keikaku Co. Ltd. | 4,207 | 671 |
| | Aozora Bank Ltd. | 178,901 | 669 |
| | Pronexus Inc. | 100,700 | 668 |
| | JGC Corp. | 32,000 | 666 |
| | TOTO Ltd. | 47,000 | 665 |
| | Kuraray Co. Ltd. | 48,900 | 661 |
| | Keio Corp. | 85,000 | 657 |
| | Don Quijote Holdings Co. Ltd. | 8,500 | 649 |
| | Koito Manufacturing Co. Ltd. | 18,400 | 644 |
| | Obayashi Corp. | 96,000 | 641 |
| | NH Foods Ltd. | 29,000 | 634 |
| | J Front Retailing Co. Ltd. | 38,000 | 633 |
| | Bank of Kyoto Ltd. | 58,000 | 632 |
| | Alps Electric Co. Ltd. | 25,400 | 631 |
| | Suruga Bank Ltd. | 28,600 | 630 |
| | Kansai Paint Co. Ltd. | 35,000 | 624 |
| | M3 Inc. | 32,600 | 616 |
| | Seibu Holdings Inc. | 21,238 | 615 |
| | Kajima Corp. | 128,000 | 611 |
| | Mitsubishi Tanabe Pharma Corp. | 35,900 | 611 |
| ^ | Fukuyama Transporting Co. Ltd. | 107,000 | 606 |
| ^ | Yamada Denki Co. Ltd. | 146,160 | 598 |
| | Hamamatsu Photonics KK | 20,400 | 595 |
| | Mitsui OSK Lines Ltd. | 164,397 | 580 |
| | Hisamitsu Pharmaceutical Co. Inc. | 13,400 | 577 |
| | Tokyu Fudosan Holdings Corp. | 77,686 | 577 |
| | Bandai Namco Holdings Inc. | 28,100 | 577 |
| | Oji Holdings Corp. | 129,000 | 574 |
| | Brother Industries Ltd. | 36,000 | 573 |
| | Kyowa Hakko Kirin Co. Ltd. | 39,000 | 571 |
| | Shimamura Co. Ltd. | 5,700 | 568 |
| | Keikyu Corp. | 71,000 | 564 |
| | USS Co. Ltd. | 31,600 | 556 |
| | Daicel Corp. | 46,100 | 556 |
| | Nomura Research Institute Ltd. | 14,000 | 552 |
| | Joyo Bank Ltd. | 101,000 | 552 |
| | NOK Corp. | 17,200 | 541 |
| | Nissin Foods Holdings Co. Ltd. | 11,100 | 532 |
| | Trend Micro Inc. | 15,700 | 531 |
| | Nippon Valqua Industries Ltd. | 202,000 | 524 |
| | Stanley Electric Co. Ltd. | 23,300 | 523 |
37
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | JTEKT Corp. | 30,600 | 521 |
| | Taisho Pharmaceutical Holdings Co. Ltd. | 7,400 | 520 |
| | Taiheiyo Cement Corp. | 165,000 | 520 |
| | JSR Corp. | 30,200 | 515 |
| | Hakuto Co. Ltd. | 41,776 | 508 |
| | Japan Airport Terminal Co. Ltd. | 9,000 | 507 |
| | Nagoya Railroad Co. Ltd. | 128,000 | 506 |
| | Hino Motors Ltd. | 38,400 | 501 |
| | Toyo Suisan Kaisha Ltd. | 14,300 | 500 |
| | Aeon Mall Co. Ltd. | 26,772 | 499 |
| | MISUMI Group Inc. | 13,300 | 499 |
| | Sumitomo Rubber Industries Ltd. | 26,900 | 499 |
| | Japan Transcity Corp. | 154,000 | 499 |
| | Japan Pure Chemical Co. Ltd. | 24,100 | 495 |
| | Seven Bank Ltd. | 91,700 | 494 |
| | Shimadzu Corp. | 42,000 | 491 |
| | Shinsei Bank Ltd. | 240,000 | 491 |
| | Taisei Lamick Co. Ltd. | 21,100 | 490 |
| | Gunma Bank Ltd. | 69,000 | 489 |
| | Fujikura Kasei Co. Ltd. | 104,700 | 488 |
| | Keisei Electric Railway Co. Ltd. | 41,000 | 486 |
| | Iyo Bank Ltd. | 38,600 | 481 |
| *,^ | Sharp Corp. | 222,302 | 479 |
| | Hachijuni Bank Ltd. | 61,000 | 476 |
| | Hokuhoku Financial Group Inc. | 198,000 | 474 |
| | Japan Airlines Co. Ltd. | 14,200 | 473 |
| | Mitsui Chemicals Inc. | 142,000 | 469 |
| | Tokyo Tatemono Co. Ltd. | 64,000 | 464 |
| | Yamaguchi Financial Group Inc. | 37,000 | 464 |
| | Sony Financial Holdings Inc. | 25,800 | 463 |
| | Toho Co. Ltd. | 118,000 | 462 |
| | Hiroshima Bank Ltd. | 79,000 | 461 |
| | Nisshin Seifun Group Inc. | 39,420 | 460 |
| | Tosoh Corp. | 85,000 | 456 |
| | Rinnai Corp. | 6,000 | 455 |
| | Hitachi Metals Ltd. | 29,000 | 454 |
| | Teijin Ltd. | 133,000 | 452 |
| | THK Co. Ltd. | 17,900 | 450 |
| | Hulic Co. Ltd. | 41,900 | 448 |
| | Credit Saison Co. Ltd. | 23,700 | 448 |
| | Pigeon Corp. | 16,800 | 445 |
| | Calbee Inc. | 10,900 | 444 |
| | Mabuchi Motor Co. Ltd. | 7,400 | 443 |
| | Alfresa Holdings Corp. | 29,500 | 442 |
| | Nabtesco Corp. | 16,000 | 440 |
| | Yamaha Corp. | 24,100 | 438 |
| | Shibusawa Warehouse Co. Ltd. | 145,000 | 431 |
| | SBI Holdings Inc. | 32,340 | 429 |
| | Nissan Chemical Industries Ltd. | 21,600 | 428 |
| | Chugoku Bank Ltd. | 26,600 | 427 |
| | Air Water Inc. | 24,000 | 426 |
| | Fuji Electric Co. Ltd. | 90,000 | 424 |
| | Hokuriku Electric Power Co. | 28,700 | 424 |
| | Nippon Parking Development Co. Ltd. | 280,900 | 424 |
| | Keihan Electric Railway Co. Ltd. | 73,000 | 423 |
| | Toho Co. Ltd. | 17,000 | 423 |
| | Yokohama Rubber Co. Ltd. | 39,000 | 420 |
| | Toho Gas Co. Ltd. | 69,000 | 418 |
| | Haseko Corp. | 42,200 | 417 |
| | Mitsubishi UFJ Lease & Finance Co. Ltd. | 77,600 | 416 |
| | Toyo Seikan Group Holdings Ltd. | 26,300 | 416 |
| | Kewpie Corp. | 17,000 | 415 |
| | Marui Group Co. Ltd. | 37,900 | 414 |
| | Kurita Water Industries Ltd. | 15,900 | 413 |
38
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Daihatsu Motor Co. Ltd. | 28,400 | 411 |
| AEON Financial Service Co. Ltd. | 16,100 | 410 |
| FamilyMart Co. Ltd. | 9,500 | 409 |
| Century Tokyo Leasing Corp. | 12,900 | 407 |
| Obic Co. Ltd. | 9,700 | 406 |
| Hoshizaki Electric Co. Ltd. | 6,882 | 405 |
| Miraca Holdings Inc. | 7,900 | 397 |
| Yokogawa Electric Corp. | 33,600 | 394 |
| Kaken Pharmaceutical Co. Ltd. | 11,000 | 393 |
| Sega Sammy Holdings Inc. | 28,000 | 391 |
| ANA Holdings Inc. | 141,000 | 390 |
| Yamazaki Baking Co. Ltd. | 22,000 | 389 |
| Nankai Electric Railway Co. Ltd. | 81,000 | 387 |
| Advantest Corp. | 32,800 | 387 |
| Tsuruha Holdings Inc. | 5,300 | 384 |
| Nippon Electric Glass Co. Ltd. | 67,000 | 381 |
| Kamigumi Co. Ltd. | 38,000 | 380 |
| Hakuhodo DY Holdings Inc. | 35,400 | 379 |
| DIC Corp. | 125,000 | 378 |
| Zenkoku Hosho Co. Ltd. | 10,100 | 373 |
| Sumco Corp. | 24,626 | 372 |
| NTN Corp. | 68,000 | 371 |
| Nippon Chemiphar Co. Ltd. | 74,288 | 370 |
| Otsuka Corp. | 8,000 | 368 |
| Benesse Holdings Inc. | 11,700 | 367 |
| Suzuken Co. Ltd. | 11,660 | 365 |
| Sojitz Corp. | 186,148 | 364 |
| Takashimaya Co. Ltd. | 39,000 | 364 |
| Kakaku.com Inc. | 23,368 | 362 |
| Kawasaki Kisen Kaisha Ltd. | 137,000 | 354 |
| MediPal Holdings Corp. | 25,700 | 351 |
| Citizen Holdings Co. Ltd. | 44,300 | 351 |
| Taiyo Nippon Sanso Corp. | 27,000 | 350 |
| Dena Co. Ltd. | 17,400 | 348 |
| Nishi-Nippon City Bank Ltd. | 109,000 | 347 |
| CyberAgent Inc. | 7,200 | 346 |
| Duskin Co. Ltd. | 20,100 | 345 |
| Kobayashi Pharmaceutical Co. Ltd. | 4,900 | 343 |
| Ezaki Glico Co. Ltd. | 8,200 | 342 |
| KYORIN Holdings Inc. | 14,700 | 338 |
| TonenGeneral Sekiyu KK | 35,000 | 336 |
| Nippon Shokubai Co. Ltd. | 24,000 | 331 |
| NHK Spring Co. Ltd. | 28,800 | 330 |
| Sohgo Security Services Co. Ltd. | 10,100 | 329 |
| Nomura Real Estate Holdings Inc. | 16,000 | 325 |
| Sankyo Co. Ltd. | 8,500 | 322 |
| Park24 Co. Ltd. | 16,000 | 320 |
| 77 Bank Ltd. | 55,000 | 317 |
| FP Corp. | 8,800 | 316 |
| Topcon Corp. | 12,100 | 315 |
| Kaneka Corp. | 45,000 | 314 |
| Mitsubishi Gas Chemical Co. Inc. | 56,000 | 313 |
| Nihon Kohden Corp. | 11,800 | 310 |
| Seino Holdings Co. Ltd. | 27,000 | 310 |
| Disco Corp. | 3,400 | 310 |
| Mitsubishi Logistics Corp. | 20,000 | 309 |
| Sotetsu Holdings Inc. | 65,000 | 308 |
| Kose Corp. | 4,700 | 307 |
| Azbil Corp. | 11,600 | 306 |
| Zeon Corp. | 34,000 | 305 |
| Nippon Shinyaku Co. Ltd. | 9,000 | 301 |
| Kourakuen Corp. | 23,300 | 300 |
| Iida Group Holdings Co. Ltd. | 22,281 | 299 |
| Asahi Organic Chemicals Industry Co. Ltd. | 132,000 | 298 |
39
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sugi Holdings Co. Ltd. | 6,100 | 297 |
| | Shochiku Co. Ltd. | 34,000 | 292 |
| | Sumitomo Dainippon Pharma Co. Ltd. | 25,800 | 292 |
| | Sawai Pharmaceutical Co. Ltd. | 5,100 | 290 |
| | Nippon Kayaku Co. Ltd. | 24,000 | 290 |
| | DMG Mori Seiki Co. Ltd. | 17,700 | 289 |
| | Ibiden Co. Ltd. | 16,500 | 289 |
| * | Shikoku Electric Power Co. Inc. | 21,200 | 287 |
| | Hitachi Chemical Co. Ltd. | 14,800 | 286 |
| | Maruichi Steel Tube Ltd. | 11,200 | 283 |
| | Nippon Paper Industries Co. Ltd. | 16,100 | 281 |
| | Ube Industries Ltd. | 169,000 | 280 |
| | Hitachi High-Technologies Corp. | 9,600 | 278 |
| | Dowa Holdings Co. Ltd. | 31,000 | 278 |
| | Daido Steel Co. Ltd. | 58,000 | 277 |
| | Konami Corp. | 15,100 | 277 |
| | Japan Steel Works Ltd. | 59,000 | 272 |
| | K's Holdings Corp. | 8,142 | 272 |
| | Ebara Corp. | 61,000 | 271 |
| | OKUMA Corp. | 25,000 | 271 |
| | Ushio Inc. | 20,400 | 268 |
| | Showa Denko KK | 195,000 | 267 |
| | Hitachi Construction Machinery Co. Ltd. | 15,000 | 266 |
| | GS Yuasa Corp. | 56,000 | 263 |
| | Sundrug Co. Ltd. | 5,200 | 261 |
| | Toyo Tire & Rubber Co. Ltd. | 13,600 | 261 |
| | Nexon Co. Ltd. | 20,400 | 260 |
| | Idemitsu Kosan Co. Ltd. | 13,400 | 260 |
| | Aoyama Trading Co. Ltd. | 7,500 | 259 |
| | Shiga Bank Ltd. | 49,000 | 258 |
| | Izumi Co. Ltd. | 6,500 | 257 |
| | Nichirei Corp. | 48,000 | 253 |
| | Fujikura Ltd. | 53,000 | 252 |
| * | Hokkaido Electric Power Co. Inc. | 27,000 | 249 |
| | Showa Shell Sekiyu KK | 25,400 | 245 |
| | Tokai Tokyo Financial Holdings Inc. | 31,400 | 241 |
| | Denki Kagaku Kogyo KK | 59,000 | 241 |
| ^ | Sanrio Co. Ltd. | 8,992 | 241 |
| | IT Holdings Corp. | 12,200 | 240 |
| | San-In Godo Bank Ltd. | 25,000 | 239 |
| | Hazama Ando Corp. | 42,100 | 239 |
| | Japan Securities Finance Co. Ltd. | 36,300 | 238 |
| | Nifco Inc. | 6,701 | 237 |
| | Horiba Ltd. | 6,300 | 237 |
| | Resorttrust Inc. | 9,000 | 235 |
| | Coca-Cola East Japan Co. Ltd. | 12,500 | 234 |
| | Tadano Ltd. | 16,000 | 232 |
| | Matsumotokiyoshi Holdings Co. Ltd. | 6,300 | 229 |
| | Oki Electric Industry Co. Ltd. | 111,000 | 227 |
| | Chiyoda Corp. | 25,000 | 227 |
| | Lion Corp. | 37,000 | 227 |
| | Taiyo Yuden Co. Ltd. | 15,200 | 225 |
| | Sanken Electric Co. Ltd. | 29,000 | 222 |
| | Square Enix Holdings Co. Ltd. | 10,500 | 220 |
| | Higo Bank Ltd. | 34,000 | 219 |
| | OSG Corp. | 10,500 | 218 |
| | SCREEN Holdings Co. Ltd. | 32,000 | 217 |
| | Japan Aviation Electronics Industry Ltd. | 9,000 | 216 |
| | Japan Petroleum Exploration Co. Ltd. | 5,600 | 216 |
| | Oracle Corp. Japan | 4,700 | 215 |
| * | Leopalace21 Corp. | 37,200 | 215 |
| | Kyoritsu Maintenance Co. Ltd. | 4,436 | 214 |
| | Sumitomo Osaka Cement Co. Ltd. | 65,000 | 212 |
| | Sanwa Holdings Corp. | 28,000 | 211 |
40
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tsumura & Co. | 9,000 | 211 |
| | Toyoda Gosei Co. Ltd. | 9,100 | 211 |
| | Nishi-Nippon Railroad Co. Ltd. | 48,000 | 210 |
| | Shimachu Co. Ltd. | 8,100 | 210 |
| | Aica Kogyo Co. Ltd. | 9,100 | 209 |
| | Nisshinbo Holdings Inc. | 20,000 | 207 |
| | North Pacific Bank Ltd. | 52,400 | 207 |
| | TS Tech Co. Ltd. | 6,900 | 205 |
| | Kanamoto Co. Ltd. | 7,000 | 205 |
| | Daifuku Co. Ltd. | 15,300 | 204 |
| | Asahi Intecc Co. Ltd. | 3,300 | 203 |
| | Jafco Co. Ltd. | 5,400 | 202 |
| | Glory Ltd. | 7,300 | 202 |
| | Hitachi Capital Corp. | 8,900 | 202 |
| | Takara Holdings Inc. | 27,000 | 201 |
| | Mitsui Mining & Smelting Co. Ltd. | 84,000 | 200 |
| | ABC-Mart Inc. | 3,500 | 199 |
| * | Japan Display Inc. | 48,100 | 198 |
| | Lintec Corp. | 8,000 | 196 |
| | Iwatani Corp. | 29,000 | 196 |
| | House Foods Group Inc. | 9,600 | 196 |
| | HIS Co. Ltd. | 5,800 | 193 |
| | Nagase & Co. Ltd. | 14,600 | 193 |
| | COMSYS Holdings Corp. | 13,800 | 192 |
| ^ | Mitsubishi Kakoki Kaisha Ltd. | 54,000 | 192 |
| | Okasan Securities Group Inc. | 25,000 | 190 |
| | Calsonic Kansei Corp. | 26,000 | 190 |
| | Nisshin Steel Co. Ltd. | 14,200 | 189 |
| | H2O Retailing Corp. | 10,500 | 189 |
| | Mitsui Engineering & Shipbuilding Co. Ltd. | 105,000 | 189 |
| | Hitachi Zosen Corp. | 34,000 | 187 |
| *,^ | Acom Co. Ltd. | 56,300 | 187 |
| | Start Today Co. Ltd. | 7,600 | 186 |
| | Sapporo Holdings Ltd. | 47,000 | 184 |
| | Tokyo Ohka Kogyo Co. Ltd. | 5,900 | 184 |
| | Keiyo Bank Ltd. | 31,000 | 184 |
| | Ito En Ltd. | 8,800 | 183 |
| | Anritsu Corp. | 25,500 | 183 |
| | Nippon Television Holdings Inc. | 10,600 | 183 |
| | Rohto Pharmaceutical Co. Ltd. | 12,800 | 183 |
| | Kinden Corp. | 13,000 | 183 |
| | NTT Urban Development Corp. | 17,400 | 181 |
| | Nipro Corp. | 18,800 | 180 |
| | Sumitomo Forestry Co. Ltd. | 15,400 | 179 |
| | Nihon M&A Center Inc. | 5,100 | 177 |
| | Pola Orbis Holdings Inc. | 3,400 | 176 |
| | Gurunavi Inc. | 9,500 | 176 |
| | SCSK Corp. | 6,000 | 175 |
| | Juroku Bank Ltd. | 44,000 | 175 |
| | Temp Holdings Co. Ltd. | 5,500 | 174 |
| | Nanto Bank Ltd. | 48,000 | 174 |
| | Elematec Corp. | 6,800 | 172 |
| | Hyakujushi Bank Ltd. | 49,000 | 168 |
| * | Nippon Sheet Glass Co. Ltd. | 165,742 | 168 |
| | Panasonic Information Systems Co. Ltd. | 4,600 | 165 |
| | Sanyo Special Steel Co. Ltd. | 34,000 | 165 |
| | Tsubakimoto Chain Co. | 20,000 | 164 |
| | Nihon Parkerizing Co. Ltd. | 14,400 | 164 |
| | Shinko Plantech Co. Ltd. | 21,200 | 160 |
| | Toyobo Co. Ltd. | 105,000 | 160 |
| * | Aiful Corp. | 46,300 | 160 |
| | Sankyu Inc. | 34,000 | 159 |
| | Toyo Ink SC Holdings Co. Ltd. | 33,000 | 157 |
| | Nippon Steel & Sumikin Bussan Corp. | 46,000 | 157 |
41
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Relo Holdings Inc. | 1,900 | 156 |
| | Toagosei Co. Ltd. | 35,000 | 155 |
| | ADEKA Corp. | 11,000 | 155 |
| | Awa Bank Ltd. | 26,000 | 154 |
| | Sankyo Tateyama Inc. | 8,200 | 153 |
| | Toho Holdings Co. Ltd. | 8,800 | 153 |
| | NIFTY Corp. | 12,000 | 153 |
| | Fuyo General Lease Co. Ltd. | 3,700 | 151 |
| | Sangetsu Co. Ltd. | 9,800 | 151 |
| | Nippon Soda Co. Ltd. | 24,000 | 150 |
| | Daio Paper Corp. | 14,000 | 149 |
| | Yamato Kogyo Co. Ltd. | 6,300 | 148 |
| | Cosmos Pharmaceutical Corp. | 1,100 | 148 |
| | Nishimatsu Construction Co. Ltd. | 40,000 | 147 |
| | Tokai Rika Co. Ltd. | 6,000 | 147 |
| | Toyota Boshoku Corp. | 9,800 | 146 |
| | Wacom Co. Ltd. | 28,000 | 145 |
| | Taikisha Ltd. | 5,400 | 145 |
| | Ain Pharmaciez Inc. | 4,100 | 145 |
| | Wacoal Holdings Corp. | 13,000 | 144 |
| | Ikyu Corp. | 7,400 | 144 |
| | UNY Group Holdings Co. Ltd. | 25,500 | 144 |
| | Kissei Pharmaceutical Co. Ltd. | 4,848 | 144 |
| *,^ | COLOPL Inc. | 7,000 | 143 |
| | Furukawa Electric Co. Ltd. | 78,000 | 143 |
| | Tokyo Steel Manufacturing Co. Ltd. | 20,500 | 142 |
| | Sumitomo Bakelite Co. Ltd. | 31,000 | 141 |
| ^ | Kagome Co. Ltd. | 9,000 | 141 |
| | Nippon Seiki Co. Ltd. | 7,000 | 141 |
| | Kokuyo Co. Ltd. | 15,400 | 141 |
| * | United Super Markets Holdings Inc. | 16,160 | 140 |
| | NOF Corp. | 18,000 | 138 |
| | Hioki EE Corp. | 7,000 | 138 |
| | Hyakugo Bank Ltd. | 28,000 | 138 |
| | Nippon Konpo Unyu Soko Co. Ltd. | 7,800 | 137 |
| | Inaba Denki Sangyo Co. Ltd. | 3,800 | 137 |
| * | Kumagai Gumi Co. Ltd. | 43,000 | 137 |
| ^ | Bic Camera Inc. | 13,700 | 137 |
| | Kyowa Exeo Corp. | 11,700 | 137 |
| | Toda Corp. | 33,000 | 136 |
| | Welcia Holdings Co. Ltd. | 3,100 | 136 |
| | Ogaki Kyoritsu Bank Ltd. | 40,000 | 135 |
| | Pilot Corp. | 2,500 | 135 |
| ^ | Rock Field Co. Ltd. | 6,500 | 134 |
| | Hikari Tsushin Inc. | 2,000 | 133 |
| | Penta-Ocean Construction Co. Ltd. | 35,500 | 133 |
| | Hokuto Corp. | 7,400 | 133 |
| | Yushiro Chemical Industry Co. Ltd. | 10,290 | 133 |
| | J Trust Co. Ltd. | 12,700 | 131 |
| | Fujitsu General Ltd. | 9,000 | 130 |
| | Nissan Shatai Co. Ltd. | 10,000 | 129 |
| | Nachi-Fujikoshi Corp. | 22,000 | 129 |
| | Mochida Pharmaceutical Co. Ltd. | 1,871 | 128 |
| | MOS Food Services Inc. | 6,200 | 128 |
| | Kenedix Inc. | 32,000 | 127 |
| | Autobacs Seven Co. Ltd. | 8,100 | 126 |
| * | Cosmo Oil Co. Ltd. | 85,000 | 126 |
| | Morinaga Milk Industry Co. Ltd. | 34,000 | 126 |
| | Fuji Machine Manufacturing Co. Ltd. | 10,100 | 125 |
| | Sumitomo Mitsui Construction Co. Ltd. | 89,300 | 124 |
| | Royal Holdings Co. Ltd. | 6,700 | 124 |
| | Sankyo Seiko Co. Ltd. | 28,400 | 123 |
| | Capcom Co. Ltd. | 6,600 | 123 |
| | Keihin Corp. | 7,500 | 123 |
42
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ship Healthcare Holdings Inc. | 5,000 | 122 |
| | AOKI Holdings Inc. | 8,800 | 122 |
| | Earth Chemical Co. Ltd. | 3,300 | 121 |
| | Asatsu-DK Inc. | 4,400 | 121 |
| | Fujitec Co. Ltd. | 11,100 | 121 |
| | Daishi Bank Ltd. | 32,000 | 121 |
| | Saizeriya Co. Ltd. | 5,900 | 120 |
| | United Arrows Ltd. | 3,900 | 120 |
| | Topy Industries Ltd. | 50,000 | 120 |
| | Aida Engineering Ltd. | 10,500 | 120 |
| | SKY Perfect JSAT Holdings Inc. | 19,100 | 120 |
| | Senshu Ikeda Holdings Inc. | 26,900 | 119 |
| | SHO-BOND Holdings Co. Ltd. | 2,700 | 119 |
| | Makino Milling Machine Co. Ltd. | 13,000 | 119 |
| | Pasona Group Inc. | 18,500 | 118 |
| | Itochu Techno-Solutions Corp. | 5,200 | 118 |
| | Toho Bank Ltd. | 28,000 | 118 |
| * | Ulvac Inc. | 6,900 | 117 |
| | MonotaRO Co. Ltd. | 3,400 | 117 |
| | Takasago Thermal Engineering Co. Ltd. | 9,000 | 117 |
| | Maeda Corp. | 16,000 | 116 |
| | IBJ Leasing Co. Ltd. | 5,200 | 116 |
| | Hokkoku Bank Ltd. | 32,000 | 116 |
| | Musashino Bank Ltd. | 3,200 | 116 |
| | UACJ Corp. | 40,000 | 116 |
| | Maeda Road Construction Co. Ltd. | 7,000 | 115 |
| | Nippon Sharyo Ltd. | 40,000 | 115 |
| | Takuma Co. Ltd. | 15,000 | 115 |
| | Kagoshima Bank Ltd. | 16,000 | 115 |
| ^ | COOKPAD Inc. | 2,700 | 115 |
| | Miura Co. Ltd. | 10,200 | 115 |
| | Sekisui Jushi Corp. | 8,600 | 114 |
| | Foster Electric Co. Ltd. | 4,400 | 114 |
| | Coca-Cola West Co. Ltd. | 7,100 | 113 |
| | Canon Marketing Japan Inc. | 6,000 | 113 |
| | Nippon Gas Co. Ltd. | 4,500 | 112 |
| | NET One Systems Co. Ltd. | 15,600 | 112 |
| ^ | Matsuya Foods Co. Ltd. | 5,600 | 111 |
| | Nippon Suisan Kaisha Ltd. | 36,500 | 111 |
| | Hitachi Kokusai Electric Inc. | 8,000 | 111 |
| | Matsui Securities Co. Ltd. | 11,900 | 111 |
| | ST Corp. | 12,600 | 110 |
| | Katakura Industries Co. Ltd. | 10,200 | 110 |
| | NEC Networks & System Integration Corp. | 5,100 | 109 |
| *,^ | Laox Co. Ltd. | 39,000 | 109 |
| | Fuji Media Holdings Inc. | 7,800 | 109 |
| | Sakata Seed Corp. | 6,200 | 108 |
| | Monex Group Inc. | 39,500 | 107 |
| | Takara Leben Co. Ltd. | 17,600 | 107 |
| | Arcs Co. Ltd. | 5,100 | 107 |
| | Matsuda Sangyo Co. Ltd. | 8,300 | 107 |
| | Central Glass Co. Ltd. | 23,000 | 106 |
| | Heiwado Co. Ltd. | 4,400 | 106 |
| | Tokyo Seimitsu Co. Ltd. | 4,900 | 106 |
| | ASKUL Corp. | 4,500 | 105 |
| | Rengo Co. Ltd. | 24,000 | 105 |
| | Tokuyama Corp. | 47,000 | 105 |
| | Kadokawa Dwango Corp. | 6,636 | 104 |
| | Nichi-iko Pharmaceutical Co. Ltd. | 4,950 | 104 |
| | Mizuno Corp. | 20,000 | 104 |
| | Shinmaywa Industries Ltd. | 10,000 | 104 |
| ^ | Tekken Corp. | 31,000 | 104 |
| | Aeon Delight Co. Ltd. | 3,900 | 103 |
| | Fuji Kyuko Co. Ltd. | 11,000 | 103 |
43
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Fuji Oil Co. Ltd. | 7,100 | 103 |
| | Nagatanien Co. Ltd. | 11,000 | 102 |
| | Heiwa Corp. | 4,900 | 102 |
| | Amano Corp. | 7,900 | 102 |
| * | Tokyo Rope Manufacturing Co. Ltd. | 63,000 | 101 |
| ^ | Marvelous Inc. | 7,600 | 101 |
| | Nagaileben Co. Ltd. | 5,600 | 101 |
| | Ichiyoshi Securities Co. Ltd. | 9,400 | 101 |
| | Furukawa Co. Ltd. | 58,000 | 101 |
| | Okumura Corp. | 21,000 | 101 |
| | Nippo Corp. | 6,000 | 100 |
| | Valor Co. Ltd. | 4,700 | 100 |
| | Meitec Corp. | 3,100 | 100 |
| | Jaccs Co. Ltd. | 19,000 | 100 |
| | Kisoji Co. Ltd. | 6,000 | 100 |
| | GMO internet Inc. | 7,800 | 98 |
| | Ashikaga Holdings Co. Ltd. | 23,200 | 97 |
| | Mitsuba Corp. | 4,600 | 97 |
| | Colowide Co. Ltd. | 7,000 | 97 |
| | Financial Products Group Co. Ltd. | 9,300 | 96 |
| | Toei Co. Ltd. | 13,000 | 96 |
| | Kyoei Steel Ltd. | 5,800 | 95 |
| | KYB Co. Ltd. | 25,000 | 95 |
| | SMS Co. Ltd. | 7,700 | 95 |
| | Mitsubishi Pencil Co. Ltd. | 2,500 | 95 |
| | Nippon Light Metal Holdings Co. Ltd. | 60,700 | 94 |
| | Mani Inc. | 1,400 | 94 |
| | ZERIA Pharmaceutical Co. Ltd. | 5,900 | 94 |
| | Accordia Golf Co. Ltd. | 9,200 | 94 |
| | Fuji Seal International Inc. | 3,100 | 93 |
| | Siix Corp. | 3,500 | 93 |
| | Yamanashi Chuo Bank Ltd. | 20,000 | 93 |
| | Ryosan Co. Ltd. | 3,900 | 93 |
| | Descente Ltd. | 7,200 | 92 |
| | Aomori Bank Ltd. | 28,000 | 92 |
| | Kintetsu World Express Inc. | 2,000 | 92 |
| | Paramount Bed Holdings Co. Ltd. | 3,400 | 92 |
| | Internet Initiative Japan Inc. | 5,400 | 91 |
| | Jeol Ltd. | 18,000 | 91 |
| | Nitto Kohki Co. Ltd. | 4,500 | 91 |
| | Hanwa Co. Ltd. | 22,000 | 91 |
| | Nissin Kogyo Co. Ltd. | 5,500 | 91 |
| | Nichiden Corp. | 4,000 | 91 |
| | kabu.com Securities Co. Ltd. | 12,400 | 91 |
| | Seiko Holdings Corp. | 17,000 | 90 |
| | Okamoto Industries Inc. | 23,000 | 90 |
| | Bank of Iwate Ltd. | 2,000 | 90 |
| | Bank of Saga Ltd. | 34,000 | 90 |
| | HI-LEX Corp. | 2,800 | 90 |
| | Saibu Gas Co. Ltd. | 38,000 | 89 |
| | Unipres Corp. | 4,300 | 89 |
| | Topre Corp. | 5,500 | 89 |
| | Bank of Okinawa Ltd. | 2,100 | 89 |
| | Seikagaku Corp. | 5,200 | 88 |
| | Komori Corp. | 7,100 | 88 |
| | Kusuri No Aoki Co. Ltd. | 1,200 | 88 |
| | Tsugami Corp. | 15,000 | 88 |
| | DCM Holdings Co. Ltd. | 10,500 | 88 |
| | Onward Holdings Co. Ltd. | 13,000 | 87 |
| | Kureha Corp. | 19,000 | 87 |
| | Aichi Steel Corp. | 18,000 | 87 |
| | Itoham Foods Inc. | 16,000 | 86 |
| | Canon Electronics Inc. | 4,300 | 86 |
| | Nippon Thompson Co. Ltd. | 15,000 | 85 |
44
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tokyo Dome Corp. | 20,000 | 85 |
| | Starts Corp. Inc. | 5,400 | 85 |
| | Yaoko Co. Ltd. | 2,400 | 85 |
| | Yamagata Bank Ltd. | 19,000 | 84 |
| | Yoshinoya Holdings Co. Ltd. | 7,400 | 84 |
| | Futaba Industrial Co. Ltd. | 16,800 | 84 |
| | Chiba Kogyo Bank Ltd. | 12,200 | 84 |
| | Morita Holdings Corp. | 9,000 | 84 |
| | Sanden Holdings Corp. | 18,000 | 84 |
| | Kiyo Bank Ltd. | 5,807 | 83 |
| | Sodick Co. Ltd. | 8,000 | 83 |
| | Dunlop Sports Co. Ltd. | 8,000 | 83 |
| | Seiren Co. Ltd. | 9,400 | 82 |
| | Tokyo TY Financial Group Inc. | 2,849 | 81 |
| | Takara Standard Co. Ltd. | 10,000 | 81 |
| | Nissha Printing Co. Ltd. | 4,200 | 81 |
| | TPR Co. Ltd. | 3,100 | 81 |
| | Asahi Holdings Inc. | 4,300 | 81 |
| | Mirait Holdings Corp. | 7,100 | 80 |
| | Daiseki Co. Ltd. | 4,500 | 80 |
| | Kyudenko Corp. | 6,000 | 80 |
| | Miyazaki Bank Ltd. | 20,000 | 80 |
| | Kumiai Chemical Industry Co. Ltd. | 9,000 | 79 |
| | Toppan Forms Co. Ltd. | 6,600 | 79 |
| * | Pioneer Corp. | 41,100 | 79 |
| | Dydo Drinco Inc. | 1,900 | 79 |
| | Exedy Corp. | 3,200 | 79 |
| | NSD Co. Ltd. | 5,390 | 78 |
| | Trusco Nakayama Corp. | 2,300 | 77 |
| | Bank of the Ryukyus Ltd. | 5,300 | 77 |
| | Tokyo Electron Device Ltd. | 5,800 | 77 |
| | Ihara Chemical Industry Co. Ltd. | 5,900 | 77 |
| | Daiso Co. Ltd. | 22,000 | 77 |
| | Matsuya Co. Ltd. | 5,100 | 77 |
| | Kansai Urban Banking Corp. | 7,000 | 77 |
| | Obara Group Inc. | 1,300 | 76 |
| | Ai Holdings Corp. | 4,200 | 76 |
| | Meidensha Corp. | 23,000 | 76 |
| | Showa Corp. | 7,200 | 76 |
| | Hitachi Transport System Ltd. | 4,700 | 76 |
| | Yamazen Corp. | 8,500 | 76 |
| | Sanyo Denki Co. Ltd. | 9,000 | 75 |
| | Tochigi Bank Ltd. | 14,000 | 75 |
| | Alpine Electronics Inc. | 3,700 | 75 |
| | Kanto Denka Kogyo Co. Ltd. | 12,000 | 75 |
| | TOMONY Holdings Inc. | 15,700 | 75 |
| | Aisan Industry Co. Ltd. | 7,900 | 74 |
| | Komeri Co. Ltd. | 3,300 | 74 |
| | Plenus Co. Ltd. | 3,800 | 74 |
| | Benefit One Inc. | 5,100 | 74 |
| | Mitsumi Electric Co. Ltd. | 9,900 | 74 |
| | Prima Meat Packers Ltd. | 26,000 | 74 |
| | St. Marc Holdings Co. Ltd. | 2,200 | 74 |
| | Zensho Holdings Co. Ltd. | 7,900 | 74 |
| | Morinaga & Co. Ltd. | 22,000 | 74 |
| | Tosei Corp. | 10,200 | 74 |
| | Kura Corp. | 1,900 | 73 |
| | Mandom Corp. | 1,900 | 73 |
| | Star Micronics Co. Ltd. | 4,500 | 73 |
| | Ariake Japan Co. Ltd. | 2,200 | 73 |
| | Toyo Corp. | 7,800 | 73 |
| | Jin Co. Ltd. | 1,900 | 73 |
| | San-Ai Oil Co. Ltd. | 11,000 | 73 |
| | Riso Kagaku Corp. | 4,400 | 73 |
45
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bunka Shutter Co. Ltd. | 8,000 | 73 |
| | Sakai Chemical Industry Co. Ltd. | 22,000 | 73 |
| | Nitto Boseki Co. Ltd. | 19,000 | 72 |
| | Tamura Corp. | 17,000 | 72 |
| | Toshiba TEC Corp. | 13,000 | 72 |
| | Marusan Securities Co. Ltd. | 7,200 | 72 |
| | JVC Kenwood Corp. | 23,600 | 72 |
| | Daibiru Corp. | 7,300 | 72 |
| | TKC Corp. | 3,000 | 72 |
| | TSI Holdings Co. Ltd. | 10,500 | 71 |
| | FCC Co. Ltd. | 4,400 | 71 |
| | Minato Bank Ltd. | 29,000 | 71 |
| | Kameda Seika Co. Ltd. | 1,749 | 71 |
| | San-A Co. Ltd. | 1,700 | 71 |
| | Juki Corp. | 24,000 | 71 |
| | Axial Retailing Inc. | 2,427 | 71 |
| | Kanematsu Corp. | 45,000 | 71 |
| | Nomura Co. Ltd. | 6,600 | 71 |
| | Doshisha Co. Ltd. | 4,700 | 71 |
| | Kato Works Co. Ltd. | 11,000 | 70 |
| | Cocokara fine Inc. | 2,300 | 70 |
| | Okamura Corp. | 9,000 | 70 |
| | Milbon Co. Ltd. | 2,200 | 70 |
| | Tokyu Construction Co. Ltd. | 11,900 | 70 |
| | Senko Co. Ltd. | 11,000 | 69 |
| | Eiken Chemical Co. Ltd. | 3,500 | 69 |
| | Chugoku Marine Paints Ltd. | 8,000 | 69 |
| | Kinugawa Rubber Industrial Co. Ltd. | 15,000 | 69 |
| | Eighteenth Bank Ltd. | 21,000 | 69 |
| | Noevir Holdings Co. Ltd. | 3,200 | 68 |
| | Toyo Kanetsu KK | 36,000 | 68 |
| | Sanyo Shokai Ltd. | 26,000 | 68 |
| | Max Co. Ltd. | 6,000 | 68 |
| | Dr Ci:Labo Co. Ltd. | 1,800 | 68 |
| | Sumitomo Warehouse Co. Ltd. | 12,000 | 68 |
| | Hibiya Engineering Ltd. | 5,100 | 68 |
| | Japan Wool Textile Co. Ltd. | 9,000 | 68 |
| | Fujicco Co. Ltd. | 4,000 | 68 |
| | Tomy Co. Ltd. | 11,100 | 67 |
| | Nichicon Corp. | 7,300 | 67 |
| | Higashi-Nippon Bank Ltd. | 19,000 | 67 |
| | Nippon Densetsu Kogyo Co. Ltd. | 4,000 | 67 |
| * | Orient Corp. | 41,500 | 67 |
| | Hitachi Koki Co. Ltd. | 8,100 | 67 |
| | Shindengen Electric Manufacturing Co. Ltd. | 13,000 | 67 |
| ^ | Gree Inc. | 10,300 | 67 |
| | Itochu Enex Co. Ltd. | 7,300 | 66 |
| | Shibuya Kogyo Co. Ltd. | 3,200 | 66 |
| | UKC Holdings Corp. | 3,700 | 66 |
| | Koa Corp. | 6,400 | 66 |
| | Tokyo Broadcasting System Holdings Inc. | 5,000 | 66 |
| | TOKAI Holdings Corp. | 15,400 | 65 |
| | Noritz Corp. | 3,800 | 65 |
| | Nippon Carbon Co. Ltd. | 21,000 | 65 |
| | Toridoll.corp | 4,600 | 65 |
| | Okinawa Electric Power Co. Inc. | 1,700 | 65 |
| | Chiyoda Integre Co. Ltd. | 2,600 | 65 |
| | Fujimi Inc. | 3,800 | 64 |
| | EDION Corp. | 8,800 | 64 |
| | As One Corp. | 2,000 | 64 |
| | TOC Co. Ltd. | 8,400 | 64 |
| | Asahi Diamond Industrial Co. Ltd. | 5,200 | 64 |
| | Sanki Engineering Co. Ltd. | 8,000 | 64 |
| * | Kobe Bussan Co. Ltd. | 1,500 | 64 |
46
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | NS Solutions Corp. | 1,900 | 64 |
| | Open House Co. Ltd. | 2,500 | 64 |
| | Daihen Corp. | 13,000 | 63 |
| | Kandenko Co. Ltd. | 10,000 | 63 |
| | Yorozu Corp. | 3,100 | 63 |
| | Nishimatsuya Chain Co. Ltd. | 6,800 | 63 |
| | Totetsu Kogyo Co. Ltd. | 2,800 | 63 |
| | Oyo Corp. | 4,800 | 63 |
| | Nitta Corp. | 2,300 | 63 |
| | Nihon Nohyaku Co. Ltd. | 6,000 | 63 |
| | Fujimori Kogyo Co. Ltd. | 2,000 | 63 |
| | Nohmi Bosai Ltd. | 5,000 | 63 |
| | Aichi Bank Ltd. | 1,200 | 63 |
| | Takaoka Toko Co. Ltd. | 4,800 | 63 |
| | Hokuetsu Bank Ltd. | 31,000 | 62 |
| | Nippon Signal Co. Ltd. | 6,500 | 62 |
| | Shima Seiki Manufacturing Ltd. | 3,600 | 62 |
| | Shikoku Bank Ltd. | 29,000 | 62 |
| | Akita Bank Ltd. | 20,000 | 62 |
| | Tokai Carbon Co. Ltd. | 21,000 | 62 |
| | Nitto Kogyo Corp. | 3,400 | 62 |
| | Toyo Engineering Corp. | 22,000 | 62 |
| | Shikoku Chemicals Corp. | 7,000 | 61 |
| | Tokyotokeiba Co. Ltd. | 25,000 | 61 |
| | Atom Corp. | 9,300 | 61 |
| | Fuji Co. Ltd. | 3,400 | 61 |
| | Yodogawa Steel Works Ltd. | 15,000 | 61 |
| | Koei Tecmo Holdings Co. Ltd. | 4,000 | 61 |
| * | Ishihara Sangyo Kaisha Ltd. | 61,000 | 61 |
| | Union Tool Co. | 2,000 | 60 |
| | Daiho Corp. | 12,000 | 60 |
| | Optex Co. Ltd. | 2,800 | 60 |
| | Iino Kaiun Kaisha Ltd. | 11,400 | 60 |
| | Inabata & Co. Ltd. | 5,700 | 60 |
| | T-Gaia Corp. | 4,400 | 60 |
| | Wowow Inc. | 1,800 | 60 |
| | EPS Holdings Inc. | 5,100 | 59 |
| | Fudo Tetra Corp. | 31,300 | 59 |
| | Taihei Dengyo Kaisha Ltd. | 7,000 | 59 |
| | TV Asahi Holdings Corp. | 3,200 | 59 |
| | Nissin Electric Co. Ltd. | 9,000 | 59 |
| | Tocalo Co. Ltd. | 3,000 | 59 |
| | Bank of Nagoya Ltd. | 16,000 | 59 |
| | Oita Bank Ltd. | 15,000 | 59 |
| | Eagle Industry Co. Ltd. | 2,900 | 59 |
| | Towa Pharmaceutical Co. Ltd. | 1,100 | 58 |
| | Tonami Holdings Co. Ltd. | 16,000 | 58 |
| | Pal Co. Ltd. | 1,800 | 58 |
| * | Unitika Ltd. | 115,000 | 58 |
| | Toho Zinc Co. Ltd. | 15,000 | 58 |
| | Belluna Co. Ltd. | 11,900 | 57 |
| * | Nippon Chemi-Con Corp. | 19,000 | 57 |
| | Showa Sangyo Co. Ltd. | 14,000 | 57 |
| | Yondoshi Holdings Inc. | 2,600 | 57 |
| | Chudenko Corp. | 3,000 | 57 |
| | Toyo Construction Co. Ltd. | 14,700 | 57 |
| | Tokai Corp. | 1,700 | 57 |
| | Jowa Holdings Co. Ltd. | 1,400 | 57 |
| | Doutor Nichires Holdings Co. Ltd. | 3,000 | 57 |
| | Joyful Honda Co. Ltd. | 1,447 | 57 |
| | Trancom Co. Ltd. | 1,200 | 57 |
| * | Dip Corp. | 900 | 57 |
| | Megmilk Snow Brand Co. Ltd. | 4,700 | 56 |
| | Enplas Corp. | 1,400 | 56 |
47
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | YAMABIKO Corp. | 1,300 | 56 |
| | Mitsuboshi Belting Co. Ltd. | 7,000 | 56 |
| | Nikkiso Co. Ltd. | 6,000 | 56 |
| | Sakata INX Corp. | 5,900 | 56 |
| | Tv Tokyo Holdings Corp. | 3,000 | 56 |
| | Avex Group Holdings Inc. | 3,600 | 56 |
| | Hokuetsu Kishu Paper Co. Ltd. | 10,200 | 55 |
| | Musashi Seimitsu Industry Co. Ltd. | 2,600 | 55 |
| | Daiwabo Holdings Co. Ltd. | 33,000 | 55 |
| | Fujibo Holdings Inc. | 22,000 | 55 |
| | Ringer Hut Co. Ltd. | 2,800 | 55 |
| | Nippon Koei Co. Ltd. | 13,000 | 55 |
| | Sanyo Chemical Industries Ltd. | 7,000 | 55 |
| | Shizuoka Gas Co. Ltd. | 8,400 | 54 |
| | Paltac Corp. | 3,800 | 54 |
| | Daido Metal Co. Ltd. | 5,000 | 54 |
| | J-Oil Mills Inc. | 16,000 | 54 |
| | Kuroda Electric Co. Ltd. | 3,000 | 54 |
| | Ichibanya Co. Ltd. | 1,200 | 54 |
| | Iseki & Co. Ltd. | 26,000 | 54 |
| | Adastria Holdings Co. Ltd. | 1,770 | 54 |
| | Daikyonishikawa Corp. | 1,800 | 54 |
| | Sac's Bar Holdings Inc. | 3,000 | 54 |
| | Chiyoda Co. Ltd. | 2,500 | 53 |
| | JCR Pharmaceuticals Co. Ltd. | 2,200 | 53 |
| | Fancl Corp. | 4,100 | 53 |
| | Transcosmos Inc. | 2,200 | 53 |
| ^ | Keiyo Co. Ltd. | 11,400 | 53 |
| | Hitachi Maxell Ltd. | 3,300 | 53 |
| ^ | OSJB Holdings Corp. | 25,600 | 53 |
| | Hogy Medical Co. Ltd. | 1,100 | 53 |
| | DTS Corp. | 2,600 | 53 |
| | OBIC Business Consultants Ltd. | 1,400 | 53 |
| | Shinko Electric Industries Co. Ltd. | 6,600 | 53 |
| | Japan Cash Machine Co. Ltd. | 3,600 | 53 |
| | Oiles Corp. | 2,760 | 53 |
| | Next Co. Ltd. | 5,400 | 53 |
| * | KNT-CT Holdings Co. Ltd. | 37,000 | 52 |
| | Taiyo Holdings Co. Ltd. | 1,500 | 52 |
| | Heiwa Real Estate Co. Ltd. | 3,800 | 52 |
| | Fujita Kanko Inc. | 13,000 | 51 |
| *,^ | KLab Inc. | 4,300 | 51 |
| | Maruha Nichiro Corp. | 3,700 | 51 |
| | Goldcrest Co. Ltd. | 2,600 | 51 |
| | Toa Corp. | 4,900 | 51 |
| | Sumitomo Riko Co. Ltd. | 5,900 | 51 |
| | Eizo Corp. | 2,300 | 51 |
| | Nissin Corp. | 19,000 | 51 |
| | ASKA Pharmaceutical Co. Ltd. | 5,100 | 51 |
| | Takasago International Corp. | 11,000 | 51 |
| | Tsukishima Kikai Co. Ltd. | 5,000 | 50 |
| | Toshiba Plant Systems & Services Corp. | 3,600 | 50 |
| | Futaba Corp. | 3,000 | 50 |
| | Broadleaf Co. Ltd. | 3,200 | 50 |
| | Ryoyo Electro Corp. | 4,300 | 50 |
| | SMK Corp. | 12,000 | 50 |
| | Kitz Corp. | 9,800 | 50 |
| | Noritake Co. Ltd. | 21,000 | 50 |
| | Mars Engineering Corp. | 2,800 | 50 |
| | C Uyemura & Co. Ltd. | 1,000 | 50 |
| | Elecom Co. Ltd. | 2,200 | 50 |
| | Xebio Co. Ltd. | 2,800 | 49 |
| | Goldwin Inc. | 7,000 | 49 |
| | Nippon Flour Mills Co. Ltd. | 10,000 | 49 |
48
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sogo Medical Co. Ltd. | 1,800 | 49 |
| | Tachi-S Co. Ltd. | 3,200 | 49 |
| | Meisei Industrial Co. Ltd. | 9,000 | 49 |
| | Ryobi Ltd. | 15,000 | 49 |
| | Jimoto Holdings Inc. | 25,700 | 49 |
| | Piolax Inc. | 1,100 | 49 |
| | Mitsubishi Shokuhin Co. Ltd. | 2,300 | 49 |
| | Sato Holdings Corp. | 2,100 | 49 |
| | Nichias Corp. | 8,000 | 48 |
| | Aiphone Co. Ltd. | 2,900 | 48 |
| | Michinoku Bank Ltd. | 27,000 | 48 |
| | Modec Inc. | 2,900 | 48 |
| | CREATE SD HOLDINGS Co. Ltd. | 1,100 | 48 |
| | Gulliver International Co. Ltd. | 6,100 | 48 |
| | Sinfonia Technology Co. Ltd. | 28,000 | 48 |
| | Fukui Bank Ltd. | 21,000 | 47 |
| ^ | Clarion Co. Ltd. | 17,000 | 47 |
| | Toyo Tanso Co. Ltd. | 2,500 | 47 |
| | Itoki Corp. | 7,900 | 47 |
| | Namura Shipbuilding Co. Ltd. | 5,100 | 47 |
| ^ | F@N Communications Inc. | 5,600 | 47 |
| | Takiron Co. Ltd. | 10,000 | 46 |
| | GMO Payment Gateway Inc. | 1,800 | 46 |
| ^ | Takata Corp. | 3,700 | 46 |
| | Kobelco Eco-Solutions Co. Ltd. | 8,000 | 46 |
| | Teikoku Sen-I Co. Ltd. | 3,200 | 46 |
| | BML Inc. | 1,500 | 46 |
| | Tabuchi Electric Co. Ltd. | 4,200 | 45 |
| | Nippon Denko Co. Ltd. | 18,500 | 45 |
| | Yokogawa Bridge Holdings Corp. | 4,000 | 45 |
| * | Janome Sewing Machine Co. Ltd. | 38,000 | 45 |
| | Sumitomo Seika Chemicals Co. Ltd. | 6,000 | 45 |
| | Mito Securities Co. Ltd. | 12,000 | 45 |
| | Tsurumi Manufacturing Co. Ltd. | 3,000 | 45 |
| | CKD Corp. | 4,900 | 45 |
| | Tamron Co. Ltd. | 1,900 | 45 |
| | Yurtec Corp. | 7,000 | 45 |
| | Raito Kogyo Co. Ltd. | 5,600 | 44 |
| | JSP Corp. | 2,300 | 44 |
| | Sumitomo Real Estate Sales Co. Ltd. | 1,600 | 43 |
| | Mitsui Sugar Co. Ltd. | 12,000 | 43 |
| | Roland DG Corp. | 1,600 | 43 |
| | Riken Corp. | 11,000 | 43 |
| | Nishio Rent All Co. Ltd. | 1,500 | 43 |
| | Nihon Unisys Ltd. | 4,500 | 43 |
| | Okabe Co. Ltd. | 4,900 | 43 |
| * | Pacific Metals Co. Ltd. | 14,000 | 43 |
| | Yomiuri Land Co. Ltd. | 11,000 | 42 |
| | Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,800 | 42 |
| ^ | WATAMI Co. Ltd. | 4,300 | 42 |
| | Nichiha Corp. | 3,800 | 42 |
| | Mitsui-Soko Holdings Co. Ltd. | 12,000 | 42 |
| | Toa Corp. | 24,000 | 42 |
| | Nippon Synthetic Chemical Industry Co. Ltd. | 6,000 | 42 |
| | Kitano Construction Corp. | 14,000 | 42 |
| | Yahagi Construction Co. Ltd. | 6,400 | 42 |
| | Furuno Electric Co. Ltd. | 5,100 | 41 |
| * | SWCC Showa Holdings Co. Ltd. | 52,000 | 41 |
| | Sumitomo Densetsu Co. Ltd. | 3,400 | 41 |
| | Kyokuto Securities Co. Ltd. | 2,700 | 40 |
| | Maeda Kosen Co. Ltd. | 4,300 | 40 |
| | Tatsuta Electric Wire and Cable Co. Ltd. | 9,200 | 40 |
| | Tsukui Corp. | 5,300 | 40 |
| | Toshiba Machine Co. Ltd. | 9,000 | 40 |
49
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Wakita & Co. Ltd. | 4,000 | 40 |
| | Torii Pharmaceutical Co. Ltd. | 1,500 | 40 |
| | Gecoss Corp. | 3,200 | 39 |
| * | Nippon Yakin Kogyo Co. Ltd. | 19,500 | 39 |
| | Toko Inc. | 13,000 | 39 |
| | Belc Co. Ltd. | 1,300 | 38 |
| * | Justsystems Corp. | 6,000 | 38 |
| | KFC Holdings Japan Ltd. | 2,000 | 38 |
| | Akebono Brake Industry Co. Ltd. | 10,700 | 37 |
| | Mitani Corp. | 1,731 | 37 |
| | Mitsubishi Nichiyu Forklift Co. Ltd. | 6,600 | 37 |
| | PanaHome Corp. | 5,000 | 36 |
| | Zuiko Corp. | 1,100 | 36 |
| | Moshi Moshi Hotline Inc. | 3,300 | 36 |
| | Happinet Corp. | 3,000 | 35 |
| | Maruzen Showa Unyu Co. Ltd. | 10,000 | 34 |
| | Sun Frontier Fudousan Co. Ltd. | 3,600 | 34 |
| | Ateam Inc. | 1,600 | 34 |
| | Maruwa Co. Ltd. | 1,500 | 34 |
| | Arcland Sakamoto Co. Ltd. | 1,400 | 34 |
| | Hamakyorex Co. Ltd. | 900 | 34 |
| | Yokohama Reito Co. Ltd. | 4,700 | 33 |
| | Daisan Bank Ltd. | 20,000 | 33 |
| | Denki Kogyo Co. Ltd. | 7,000 | 33 |
| | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 6,000 | 32 |
| | OSAKA Titanium Technologies Co. Ltd. | 1,500 | 32 |
| | Kato Sangyo Co. Ltd. | 1,500 | 32 |
| | Daikyo Inc. | 21,000 | 32 |
| | Hosiden Corp. | 5,400 | 32 |
| | Jamco Corp. | 1,100 | 31 |
| | Round One Corp. | 5,900 | 31 |
| | Press Kogyo Co. Ltd. | 7,000 | 31 |
| | Sanyo Electric Railway Co. Ltd. | 7,907 | 31 |
| | Showa Aircraft Industry Co. Ltd. | 3,000 | 31 |
| | Fuji Soft Inc. | 1,500 | 31 |
| ^ | Japan Drilling Co. Ltd. | 900 | 30 |
| | Konoike Transport Co. Ltd. | 2,800 | 30 |
| | Nichii Gakkan Co. | 3,200 | 30 |
| | Megachips Corp. | 2,500 | 29 |
| | Geo Holdings Corp. | 2,700 | 29 |
| | Yellow Hat Ltd. | 1,300 | 29 |
| | Tosho Printing Co. Ltd. | 9,000 | 29 |
| | Bando Chemical Industries Ltd. | 7,000 | 28 |
| | Takamatsu Construction Group Co. Ltd. | 1,200 | 28 |
| | Pacific Industrial Co. Ltd. | 3,300 | 27 |
| | Gunze Ltd. | 10,000 | 27 |
| | NS United Kaiun Kaisha Ltd. | 11,000 | 26 |
| | Mitsui High-Tec Inc. | 3,500 | 26 |
| | Starzen Co. Ltd. | 8,000 | 26 |
| | Towa Bank Ltd. | 30,000 | 26 |
| | Kappa Create Holdings Co. Ltd. | 2,800 | 26 |
| | Nisshin Oillio Group Ltd. | 7,000 | 26 |
| | Ehime Bank Ltd. | 12,000 | 25 |
| | Chugai Ro Co. Ltd. | 11,000 | 25 |
| | Marudai Food Co. Ltd. | 7,000 | 25 |
| | S Foods Inc. | 1,400 | 25 |
| | Ohsho Food Service Corp. | 700 | 25 |
| | Itochu-Shokuhin Co. Ltd. | 700 | 25 |
| | ValueCommerce Co. Ltd. | 5,000 | 25 |
| | Nihon Trim Co. Ltd. | 800 | 25 |
| | Yonekyu Corp. | 1,600 | 24 |
| | Key Coffee Inc. | 1,600 | 24 |
| | Joshin Denki Co. Ltd. | 3,000 | 24 |
| | Chofu Seisakusho Co. Ltd. | 1,000 | 24 |
50
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Funai Electric Co. Ltd. | 2,000 | 24 |
| | Hiday Hidaka Corp. | 960 | 23 |
| | Hokkaido Gas Co. Ltd. | 9,000 | 21 |
| | Chuetsu Pulp & Paper Co. Ltd. | 10,000 | 21 |
| | Future Architect Inc. | 3,200 | 19 |
| | Nissei ASB Machine Co. Ltd. | 1,000 | 19 |
| | Aderans Co. Ltd. | 2,000 | 19 |
| | Okuwa Co. Ltd. | 2,000 | 16 |
| | Zuken Inc. | 1,600 | 14 |
| *,^ | Sanix Inc. | 4,500 | 14 |
| | Honeys Co. Ltd. | 60 | 1 |
| | | | 562,529 |
| Malaysia (0.4%) | | |
| | Public Bank Bhd. (Local) | 478,900 | 2,618 |
| | Tenaga Nasional Bhd. | 545,850 | 2,197 |
| | Malayan Banking Bhd. | 708,915 | 1,832 |
| | CIMB Group Holdings Bhd. | 800,942 | 1,325 |
| | Axiata Group Bhd. | 691,066 | 1,306 |
| | Sime Darby Bhd. | 460,200 | 1,169 |
| | Genting Bhd. | 368,100 | 904 |
| | DiGi.Com Bhd. | 533,500 | 899 |
| | Maxis Bhd. | 421,000 | 819 |
| | Petronas Gas Bhd. | 120,800 | 770 |
| | Petronas Chemicals Group Bhd. | 425,989 | 700 |
| | IOI Corp. Bhd. | 560,140 | 682 |
| | IHH Healthcare Bhd. | 406,100 | 674 |
| | MISC Bhd. | 220,356 | 564 |
| | British American Tobacco Malaysia Bhd. | 26,700 | 501 |
| | Genting Malaysia Bhd. | 414,400 | 499 |
| | IJM Corp. Bhd. | 240,210 | 495 |
| | Kuala Lumpur Kepong Bhd. | 75,100 | 467 |
| | SapuraKencana Petroleum Bhd. | 612,495 | 456 |
| | AMMB Holdings Bhd. | 239,100 | 434 |
| | Gamuda Bhd. | 275,000 | 404 |
| | Dialog Group Bhd. | 837,748 | 380 |
| | PPB Group Bhd. | 81,700 | 351 |
| | Hong Leong Bank Bhd. | 85,500 | 337 |
| | YTL Corp. Bhd. | 711,466 | 333 |
| | Telekom Malaysia Bhd. | 150,500 | 313 |
| | Malaysia Airports Holdings Bhd. | 162,300 | 294 |
| | Alliance Financial Group Bhd. | 213,600 | 284 |
| | Petronas Dagangan Bhd. | 44,800 | 269 |
| | BIMB Holdings Bhd. | 223,300 | 251 |
| | UMW Holdings Bhd. | 81,000 | 242 |
| | Kossan Rubber Industries | 128,900 | 217 |
| | RHB Capital Bhd. | 87,500 | 194 |
| 2 | Astro Malaysia Holdings Bhd. | 218,087 | 192 |
| | Bumi Armada Bhd. | 546,750 | 182 |
| | IOI Properties Group Bhd. | 296,997 | 178 |
| | Lafarge Malaysia Bhd. | 64,200 | 174 |
| | KPJ Healthcare Bhd. | 141,000 | 168 |
| | Felda Global Ventures Holdings Bhd. | 284,700 | 165 |
| | KLCCP Stapled Group | 73,300 | 145 |
| | YTL Power International Bhd. | 320,918 | 144 |
| | Berjaya Corp. Bhd. | 1,062,000 | 129 |
| | Hartalega Holdings Bhd. | 55,700 | 127 |
| | Westports Holdings Bhd. | 99,100 | 125 |
| | Perdana Petroleum Bhd. | 311,800 | 119 |
| | Bursa Malaysia Bhd. | 47,900 | 117 |
| | AirAsia Bhd. | 182,000 | 116 |
| | MMC Corp. Bhd. | 144,100 | 109 |
| | Hong Leong Financial Group Bhd. | 23,800 | 108 |
| | Pos Malaysia Bhd. | 74,800 | 107 |
| * | Puncak Niaga Holdings Bhd. | 140,200 | 102 |
51
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Genting Plantations Bhd. | 36,400 | 101 |
| | Unisem M Bhd. | 143,400 | 96 |
| | HAP Seng Consolidated Bhd. | 72,600 | 94 |
| | SP Setia Bhd Group | 95,600 | 91 |
| | Kulim Malaysia Bhd. | 123,800 | 90 |
| | Mah Sing Group Bhd. | 151,400 | 89 |
| | Pavilion REIT | 203,500 | 89 |
| | OSK Holdings Bhd. | 139,400 | 82 |
| | Muhibbah Engineering M Bhd. | 115,500 | 81 |
| | Cahya Mata Sarawak Bhd. | 55,800 | 79 |
| | Berjaya Auto Bhd. | 69,300 | 79 |
| | Berjaya Sports Toto Bhd. | 85,123 | 78 |
| | DRB-Hicom Bhd. | 145,200 | 77 |
| * | KNM Group Bhd. | 422,400 | 76 |
| * | Inari Amertron Bhd. | 83,300 | 74 |
| | TIME dotCom Bhd. | 42,900 | 73 |
| | UEM Sunrise Bhd. | 200,900 | 73 |
| | UOA Development Bhd. | 104,800 | 67 |
| | Top Glove Corp. Bhd. | 39,400 | 62 |
| | Media Prima Bhd. | 124,600 | 59 |
| * | Yinson Holdings Bhd. | 71,800 | 59 |
| | QL Resources Bhd. | 50,300 | 56 |
| | Sunway Bhd. | 52,943 | 56 |
| | TA Enterprise Bhd. | 271,300 | 54 |
| | CB Industrial Product Holding Bhd. | 94,400 | 54 |
| | Eastern & Oriental Bhd. | 90,200 | 49 |
| * | MPHB Capital Bhd. | 92,000 | 49 |
| | TSH Resources Bhd. | 75,450 | 48 |
| | Malaysia Building Society Bhd. | 81,400 | 48 |
| | CapitaMalls Malaysia Trust | 108,600 | 45 |
| * | Parkson Holdings Bhd. | 73,273 | 44 |
| | Malaysian Resources Corp. Bhd. | 107,900 | 40 |
| * | Perisai Petroleum Teknologi Bhd. | 259,800 | 40 |
| | Coastal Contracts Bhd. | 47,000 | 40 |
| | UMW Oil & Gas Corp. Bhd. | 56,800 | 35 |
| | Gas Malaysia Bhd. | 44,800 | 34 |
| | WCT Holdings Bhd. | 65,448 | 33 |
| | Supermax Corp. Bhd. | 58,600 | 33 |
| | Wah Seong Corp. Bhd. | 89,274 | 33 |
| * | Scomi Group Bhd. | 411,000 | 28 |
| * | Mulpha International Bhd. | 251,200 | 27 |
| | Datasonic Group Bhd. | 87,200 | 26 |
| | Mudajaya Group Bhd. | 61,100 | 24 |
| | Dayang Enterprise Holdings Bhd. | 30,500 | 22 |
| | Jaya Tiasa Holdings Bhd. | 45,300 | 21 |
| * | Puncak Niaga Holding Bhd. Warrants Exp. 07/20/2018 | 28,250 | 13 |
| | Malaysia Marine and Heavy Engineering Holdings Bhd. | 25,400 | 9 |
| * | BIMB Holdings Bhd. Warrants Exp. 12/04/2023 | 63,800 | 7 |
| * | KNM Group BHD Warrants Exp. 04/21/2020 | 40,650 | 2 |
| * | Mah Sing Group Bhd. Warrants Exp. 03/18/2018 | 18,606 | 2 |
| * | CB Industrial Product Holding Bhd Warrants Exp. 10/31/2019 | 15,733 | 2 |
| * | Eastern & Oriental Bhd Warrants Exp. 07/21/2019 | 16,400 | 2 |
| | Keck Seng Malaysia Bhd. | 698 | 1 |
| * | Mah Sing Group Warrants Exp. 01/15/2026 | 12,012 | 1 |
| | | | 28,334 |
| Mexico (0.4%) | | |
| | America Movil SAB de CV | 4,487,994 | 4,713 |
| * | Fomento Economico Mexicano SAB de CV | 331,485 | 3,005 |
| * | Grupo Televisa SAB | 400,800 | 2,917 |
| | Grupo Financiero Banorte SAB de CV | 363,928 | 2,075 |
| | Wal-Mart de Mexico SAB de CV | 864,600 | 2,042 |
| * | Cemex SAB de CV | 2,091,569 | 2,018 |
| | Grupo Mexico SAB de CV Class B | 632,147 | 1,951 |
| | Fibra Uno Administracion SA de CV | 364,140 | 909 |
52
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Alfa SAB de CV Class A | 435,000 | 883 |
| | Grupo Financiero Inbursa SAB de CV | 306,100 | 731 |
| * | Grupo Bimbo SAB de CV Class A | 270,300 | 726 |
| | Industrias Penoles SAB de CV | 34,754 | 589 |
| * | Promotora y Operadora de Infraestructura SAB de CV | 46,312 | 532 |
| | Grupo Aeroportuario del Pacifico SAB de CV ADR | 7,400 | 526 |
| | Coca-Cola Femsa SAB de CV | 61,400 | 491 |
| | Grupo Financiero Santander Mexico SAB de CV Class B | 236,565 | 482 |
| | Mexichem SAB de CV | 166,684 | 477 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 30,851 | 437 |
| | Gruma SAB de CV Class B | 24,935 | 301 |
| | Gentera SAB de CV | 166,800 | 285 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 125,000 | 277 |
| | Grupo Carso SAB de CV | 66,000 | 272 |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 37,900 | 270 |
| | Controladora Comercial Mexicana SAB de CV | 83,080 | 268 |
| | Arca Continental SAB de CV | 39,100 | 240 |
| * | OHL Mexico SAB de CV | 105,400 | 212 |
| | Grupo Elektra SAB DE CV | 7,880 | 206 |
| * | Megacable Holdings SAB de CV | 47,700 | 199 |
| * | Alsea SAB de CV | 65,100 | 196 |
| * | Industrias CH SAB de CV Class B | 43,100 | 176 |
| | Mexico Real Estate Management SA de CV | 101,100 | 153 |
| * | Infraestructura Energetica Nova SAB de CV | 25,900 | 151 |
| | Bolsa Mexicana de Valores SAB de CV | 78,100 | 150 |
| * | Genomma Lab Internacional SAB de CV Class B | 111,500 | 132 |
| | Corp Inmobiliaria Vesta SAB de CV | 67,400 | 126 |
| | Grupo Lala SAB de CV | 56,500 | 114 |
| | Grupo Comercial Chedraui SA de CV | 37,100 | 111 |
| | Grupo Aeroportuario del Centro Norte Sab de CV Class B | 21,900 | 109 |
| | PLA Administradora Industrial S de RL de CV | 55,286 | 109 |
| | Organizacion Soriana SAB de CV Class B | 37,200 | 91 |
| * | Grupo Aeromexico SAB de CV | 50,300 | 89 |
| | Alpek SAB de CV | 59,100 | 80 |
| * | Empresas ICA SAB de CV | 83,400 | 74 |
| * | Banregio Grupo Financiero SAB de CV | 12,900 | 74 |
| * | Industrias Bachoco SAB de CV Class B | 16,200 | 72 |
| | Concentradora Fibra Hotelera Mexicana SA de CV | 52,200 | 71 |
| * | Minera Frisco SAB de CV | 81,563 | 68 |
| * | Hoteles City Express SAB de CV | 40,800 | 62 |
| * | Credito Real SAB de CV SOFOM ER | 24,800 | 61 |
| | Grupo Sanborns SAB de CV | 37,600 | 60 |
| | Concentradora Fibra Danhos SA de CV | 24,000 | 60 |
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 47,500 | 59 |
| * | TV Azteca SAB de CV | 192,500 | 59 |
| | Prologis Property Mexico SA de CV | 28,800 | 51 |
| | Grupo Financiero Interacciones SA de CV | 7,400 | 47 |
| * | Grupo Herdez SAB de CV | 16,100 | 44 |
| | Organizacion Cultiba SAB de CV | 32,100 | 43 |
| * | Qualitas Controladora SAB de CV | 19,419 | 36 |
| * | Grupo Simec SAB de CV Class B | 13,000 | 35 |
| * | Consorcio ARA SAB de CV | 56,800 | 24 |
| | | | 30,821 |
| Morocco (0.0%) | | |
| | Douja Promotion Groupe Addoha SA | 18,751 | 60 |
| |
| Netherlands (0.9%) | | |
| | Unilever NV | 239,670 | 10,455 |
| * | ING Groep NV | 594,216 | 9,116 |
| | ASML Holding NV | 47,160 | 5,075 |
| | Koninklijke Philips NV | 146,190 | 4,188 |
| | Unibail-Rodamco SE | 14,606 | 4,033 |
| | Koninklijke Ahold NV | 149,344 | 2,893 |
| | Aegon NV | 360,279 | 2,843 |
53
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Akzo Nobel NV | 36,090 | 2,761 |
| | Heineken NV | 34,526 | 2,720 |
| | Reed Elsevier NV | 86,779 | 2,093 |
| | Koninklijke KPN NV | 474,084 | 1,758 |
| ^ | ArcelorMittal | 146,556 | 1,560 |
| | Koninklijke DSM NV | 25,942 | 1,479 |
| | Wolters Kluwer NV | 41,896 | 1,357 |
| * | Altice SA | 12,741 | 1,347 |
| | Gemalto NV | 12,059 | 1,120 |
| | Randstad Holding NV | 16,599 | 990 |
| | Heineken Holding NV | 13,400 | 934 |
| | Delta Lloyd NV | 44,019 | 832 |
| * | NN Group NV | 23,184 | 676 |
| | TNT Express NV | 72,594 | 620 |
| | Boskalis Westminster NV | 11,794 | 613 |
| | Koninklijke Vopak NV | 9,299 | 488 |
| | TKH Group NV | 10,533 | 391 |
| | Aalberts Industries NV | 12,229 | 379 |
| | ASML Holding NY | 3,375 | 361 |
| * | OCI NV | 11,726 | 350 |
| * | PostNL NV | 69,430 | 345 |
| * | SBM Offshore NV | 25,547 | 330 |
| | ASM International NV | 6,576 | 319 |
| | Wereldhave NV | 4,884 | 314 |
| | Eurocommercial Properties NV | 6,705 | 306 |
| * | APERAM SA | 7,367 | 281 |
| | Fugro NV | 9,761 | 281 |
| | Arcadis NV | 8,260 | 261 |
| | Corbion NV | 8,357 | 191 |
| * | TomTom NV | 20,252 | 180 |
| | USG People NV | 12,833 | 174 |
| * | IMCD Group NV | 3,700 | 139 |
| * | Koninklijke BAM Groep NV | 30,019 | 125 |
| | Vastned Retail NV | 1,807 | 88 |
| ^ | Royal Imtech NV | 15,715 | 84 |
| | Brunel International NV | 4,071 | 83 |
| | NSI NV | 13,998 | 66 |
| | BinckBank NV | 6,465 | 65 |
| | Accell Group | 2,813 | 53 |
| | Wessanen | 4,624 | 39 |
| | Koninklijke Ten Cate NV | 1,580 | 37 |
| * | Grontmij NV | 7,752 | 34 |
| | | | 65,227 |
| New Zealand (0.1%) | | |
| | Fletcher Building Ltd. | 160,781 | 1,018 |
| | Spark New Zealand Ltd. | 257,834 | 583 |
| | Auckland International Airport Ltd. | 125,234 | 439 |
| | Ryman Healthcare Ltd. | 66,162 | 411 |
| | Fisher & Paykel Healthcare Corp. Ltd. | 74,226 | 368 |
| | Contact Energy Ltd. | 73,552 | 319 |
| | SKY Network Television Ltd. | 65,167 | 312 |
| | Mighty River Power Ltd. | 110,267 | 253 |
| | SKYCITY Entertainment Group Ltd. | 77,786 | 249 |
| | Trade Me Group Ltd. | 59,488 | 173 |
| * | Xero Ltd. | 11,028 | 167 |
| | Air New Zealand Ltd. | 73,466 | 151 |
| | Infratil Ltd. | 58,089 | 138 |
| * | Chorus Ltd. | 57,044 | 133 |
| | Goodman Property Trust | 146,920 | 132 |
| ^ | Ebos Group Ltd. | 17,776 | 129 |
| | Z Energy Ltd. | 34,375 | 126 |
| * | Kiwi Property Group Ltd. | 114,280 | 113 |
| | Summerset Group Holdings Ltd. | 41,195 | 109 |
| | Argosy Property Ltd. | 106,763 | 92 |
54
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Genesis Energy Ltd. | 60,827 | 90 |
| | Freightways Ltd. | 18,883 | 88 |
| | Precinct Properties New Zealand Ltd. | 87,309 | 77 |
| | Vector Ltd. | 30,875 | 76 |
| * | Diligent Board Member Services Inc. | 16,234 | 73 |
| | Nuplex Industries Ltd. | 24,418 | 63 |
| | Vital Healthcare Property Trust | 45,667 | 58 |
| | Metlifecare Ltd. | 14,922 | 55 |
| * | Heartland New Zealand Ltd. | 52,255 | 53 |
| | TOWER Ltd. | 26,604 | 45 |
| | Warehouse Group Ltd. | 18,061 | 38 |
| | Kathmandu Holdings Ltd. | 32,196 | 35 |
| * | a2 Milk Co. Ltd. | 63,344 | 25 |
| | | | 6,191 |
| Norway (0.3%) | | |
| | Statoil ASA | 142,958 | 3,031 |
| ^ | DNB ASA | 162,402 | 2,885 |
| | Telenor ASA | 105,213 | 2,376 |
| | Yara International ASA | 28,126 | 1,441 |
| ^ | Norsk Hydro ASA | 198,420 | 940 |
| | Schibsted ASA | 14,822 | 922 |
| | Orkla ASA | 114,175 | 897 |
| ^ | Seadrill Ltd. | 54,976 | 701 |
| | Marine Harvest ASA | 52,553 | 640 |
| | Subsea 7 SA | 55,989 | 622 |
| | Golar LNG Ltd. | 13,000 | 468 |
| ^ | Gjensidige Forsikring ASA | 23,559 | 410 |
| * | Storebrand ASA | 111,615 | 395 |
| | TGS Nopec Geophysical Co. ASA | 13,466 | 343 |
| | SpareBank 1 SR-Bank ASA | 42,291 | 314 |
| ^ | Petroleum Geo-Services ASA | 41,232 | 274 |
| * | DNO ASA | 145,158 | 274 |
| * | Det Norske Oljeselskap ASA | 26,429 | 194 |
| *,^ | Nordic Semiconductor ASA | 22,372 | 170 |
| | Aker Solutions ASA | 25,705 | 156 |
| | SpareBank 1 SMN | 14,608 | 130 |
| * | Norwegian Property ASA | 96,123 | 129 |
| ^ | Opera Software ASA | 12,419 | 121 |
| | Atea ASA | 10,332 | 115 |
| | Bakkafrost P/F | 4,781 | 112 |
| | Prosafe SE | 29,784 | 106 |
| | Salmar ASA | 5,507 | 89 |
| * | REC Silicon ASA | 292,534 | 82 |
| | Fred Olsen Energy ASA | 8,446 | 76 |
| 2 | BW LPG Ltd. | 8,351 | 74 |
| ^ | Wilh Wilhelmsen ASA | 10,986 | 71 |
| | Aker ASA | 2,156 | 49 |
| * | Akastor ASA | 17,120 | 33 |
| * | Archer Ltd. | 77,414 | 29 |
| | Austevoll Seafood ASA | 4,106 | 24 |
| | Leroy Seafood Group ASA | 710 | 24 |
| | BW Offshore Ltd. | 25,396 | 19 |
| * | Odfjell Drilling Ltd. | 4,835 | 4 |
| | | | 18,740 |
| Other (0.1%)3 | | |
| 4 | Vanguard FTSE Emerging Markets ETF | 110,551 | 4,850 |
| |
| Peru (0.0%) | | |
| | Credicorp Ltd. (New York Shares) | 4,700 | 717 |
| | Cia de Minas Buenaventura SAA ADR | 43,629 | 488 |
| | Credicorp Ltd. | 3,045 | 458 |
| | | | 1,663 |
| Philippines (0.2%) | | |
| | SM Investments Corp. | 44,442 | 898 |
55
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Philippine Long Distance Telephone Co. | 13,085 | 821 |
| | Ayala Land Inc. | 816,500 | 706 |
| | Ayala Corp. | 33,910 | 593 |
| | Universal Robina Corp. | 121,190 | 591 |
| | JG Summit Holdings Inc. | 328,190 | 526 |
| | BDO Unibank Inc. | 193,570 | 473 |
| | Bank of the Philippine Islands | 205,385 | 467 |
| | GT Capital Holdings Inc. | 15,843 | 446 |
| | SM Prime Holdings Inc. | 1,067,150 | 446 |
| | Alliance Global Group Inc. | 742,000 | 422 |
| * | Semirara Mining and Power Corp. Class A | 102,839 | 382 |
| | Aboitiz Equity Ventures Inc. | 280,630 | 356 |
| | Metropolitan Bank & Trust Co. | 167,564 | 349 |
| | First Philippine Holdings Corp. | 162,410 | 338 |
| | Manila Electric Co. | 55,080 | 322 |
| | DMCI Holdings Inc. | 819,000 | 276 |
| | First Gen Corp. | 432,800 | 273 |
| | International Container Terminal Services Inc. | 107,150 | 264 |
| | Jollibee Foods Corp. | 55,700 | 249 |
| | Energy Development Corp. | 1,362,900 | 247 |
| | Vista Land & Lifescapes Inc. | 1,372,600 | 231 |
| | Filinvest Land Inc. | 4,980,000 | 212 |
| | Metro Pacific Investments Corp. | 1,962,000 | 199 |
| | Globe Telecom Inc. | 3,995 | 195 |
| | Manila Water Co. Inc. | 342,100 | 190 |
| | Megaworld Corp. | 1,569,900 | 186 |
| | Aboitiz Power Corp. | 187,520 | 181 |
| | Robinsons Land Corp. | 218,600 | 147 |
| * | LT Group Inc. | 435,600 | 145 |
| | Security Bank Corp. | 32,980 | 124 |
| | Robinsons Retail Holdings Inc. | 58,090 | 114 |
| * | Philippine National Bank | 58,365 | 101 |
| | Puregold Price Club Inc. | 104,600 | 93 |
| | Cosco Capital Inc. | 499,500 | 92 |
| | Bloomberry Resorts Corp. | 324,300 | 81 |
| | Belle Corp. | 770,000 | 72 |
| | Petron Corp. | 251,500 | 56 |
| * | D&L Industries Inc. | 110,700 | 50 |
| | Emperador Inc. | 185,300 | 48 |
| | Lopez Holdings Corp. | 241,900 | 47 |
| * | Melco Crown Philippines Resorts Corp. | 220,700 | 45 |
| | Nickel Asia Corp. | 84,300 | 43 |
| | Rizal Commercial Banking Corp. | 38,790 | 40 |
| | San Miguel Corp. | 18,438 | 28 |
| | Philex Mining Corp. | 157,700 | 25 |
| | | | 12,190 |
| Poland (0.2%) | | |
| | Powszechny Zaklad Ubezpieczen SA | 11,716 | 1,528 |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 124,786 | 1,248 |
| | Bank Pekao SA | 18,901 | 982 |
| | KGHM Polska Miedz SA | 26,757 | 938 |
| | Polski Koncern Naftowy Orlen SA | 47,740 | 907 |
| | PGE Polska Grupa Energetyczna SA | 106,978 | 616 |
| | Enea SA | 97,477 | 441 |
| | Polskie Gornictwo Naftowe i Gazownictwo SA | 231,935 | 418 |
| * | Bank Zachodni WBK SA | 3,777 | 390 |
| * | LPP SA | 171 | 363 |
| | Bank Millennium SA | 157,377 | 320 |
| | Energa SA | 41,485 | 288 |
| | Orange Polska SA | 81,004 | 229 |
| * | mBank SA | 1,351 | 175 |
| | Cyfrowy Polsat SA | 24,919 | 174 |
| | Grupa Azoty SA | 7,327 | 167 |
| | Asseco Poland SA | 9,655 | 163 |
56
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | CCC SA | 2,990 | 158 |
| * | Synthos SA | 108,677 | 142 |
| | Tauron Polska Energia SA | 102,169 | 137 |
| | Bank Handlowy w Warszawie SA | 3,958 | 125 |
| * | Alior Bank SA | 5,011 | 122 |
| | Eurocash SA | 9,585 | 97 |
| * | PKP Cargo SA | 3,586 | 84 |
| * | Grupa Lotos SA | 9,235 | 79 |
| | Netia SA | 47,099 | 77 |
| * | Getin Noble Bank SA | 144,691 | 72 |
| | Lubelski Wegiel Bogdanka SA | 2,869 | 70 |
| | Kernel Holding SA | 7,186 | 69 |
| * | TVN SA | 14,638 | 69 |
| * | Globe Trade Centre SA | 39,878 | 69 |
| * | CD Projekt SA | 9,088 | 52 |
| * | Integer.pl SA | 775 | 32 |
| * | Getin Holding SA | 53,314 | 32 |
| | Warsaw Stock Exchange | 1,878 | 26 |
| *,^ | Jastrzebska Spolka Weglowa SA | 4,357 | 17 |
| | ING Bank Slaski SA | 208 | 8 |
| | | | 10,884 |
| Portugal (0.1%) | | |
| | EDP - Energias de Portugal SA | 382,685 | 1,530 |
| | Galp Energia SGPS SA | 65,598 | 896 |
| * | Banco Comercial Portugues SA | 5,884,570 | 586 |
| | Jeronimo Martins SGPS SA | 37,228 | 543 |
| | NOS SGPS SA | 34,565 | 252 |
| * | CTT-Correios de Portugal SA | 20,528 | 232 |
| | EDP Renovaveis SA | 30,859 | 216 |
| | Sonae SGPS SA | 104,336 | 145 |
| | Portucel SA | 23,091 | 113 |
| *,^ | Banco BPI SA | 68,043 | 111 |
| | Semapa-Sociedade de Investimento e Gestao | 5,549 | 79 |
| ^ | Portugal Telecom SGPS SA | 99,498 | 63 |
| * | REN - Redes Energeticas Nacionais SGPS SA | 19,975 | 62 |
| | Altri SGPS SA | 13,342 | 57 |
| | Mota-Engil SGPS SA | 12,362 | 43 |
| * | Sonaecom - SGPS SA | 15,610 | 38 |
| * | Banco Espirito Santo SA | 428,634 | 4 |
| | | | 4,970 |
| Russia (0.4%) | | |
| | Lukoil OAO ADR | 78,121 | 3,996 |
| | Gazprom OAO ADR | 482,292 | 2,826 |
| | Magnit PJSC GDR | 41,207 | 2,261 |
| | Gazprom OAO | 664,220 | 1,975 |
| | Surgutneftegas OAO ADR | 271,157 | 1,964 |
| | NOVATEK OAO | 163,846 | 1,569 |
| | MMC Norilsk Nickel OJSC ADR | 71,984 | 1,356 |
| | Sberbank of Russia ADR | 212,670 | 1,262 |
| | Tatneft OAO ADR | 35,087 | 1,204 |
| | Sberbank of Russia | 759,171 | 1,131 |
| | Rosneft OAO GDR | 164,312 | 811 |
| | Mobile TeleSystems OJSC | 146,431 | 753 |
| | AK Transneft OAO Preference Shares | 243 | 571 |
| | Uralkali PJSC | 175,655 | 515 |
| | VTB Bank OJSC | 360,782,455 | 458 |
| * | Alrosa AO | 251,000 | 333 |
| | Severstal PAO | 22,467 | 252 |
| | Moscow Exchange MICEX-RTS OAO | 168,900 | 252 |
| | RusHydro JSC | 21,056,242 | 244 |
| | VTB Bank OJSC GDR | 89,021 | 220 |
| | Rostelecom OJSC | 139,763 | 215 |
| | MegaFon OAO GDR | 12,520 | 212 |
| | Sistema JSFC GDR | 24,816 | 187 |
57
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Acron JSC | 3,636 | 160 |
| | Novolipetsk Steel OJSC | 119,719 | 158 |
| * | Inter RAO UES JSC | 6,084,172 | 143 |
| * | Bashneft OAO | 3,191 | 133 |
| | PhosAgro OAO GDR | 9,709 | 118 |
| | PIK Group | 31,590 | 118 |
| | E.ON Russia JSC | 1,847,900 | 113 |
| | Magnitogorsk Iron & Steel Works OJSC | 278,631 | 82 |
| | M Video OJSC | 17,050 | 69 |
| * | Rosseti JSC | 6,061,655 | 62 |
| | Federal Grid Co. Unified Energy System JSC | 44,833,105 | 62 |
| * | DIXY Group OJSC | 6,760 | 58 |
| | LSR Group PJSC GDR | 18,772 | 52 |
| | Mosenergo OAO | 2,043,038 | 40 |
| | Aeroflot - Russian Airlines OJSC | 48,600 | 36 |
| | Sistema JSFC | 106,900 | 33 |
| * | Raspadskaya OAO | 41,689 | 30 |
| | Surgutneftegas OAO | 35,145 | 26 |
| | TMK OAO GDR | 6,181 | 25 |
| * | Pharmstandard OJSC GDR | 4,815 | 23 |
| | Rosneft OAO | 3,288 | 16 |
| | | | 26,124 |
| Singapore (0.6%) | | |
| | DBS Group Holdings Ltd. | 259,200 | 4,119 |
| | Oversea-Chinese Banking Corp. Ltd. | 459,238 | 3,698 |
| | Singapore Telecommunications Ltd. | 1,085,200 | 3,626 |
| | United Overseas Bank Ltd. | 171,400 | 3,165 |
| | Keppel Corp. Ltd. | 217,413 | 1,428 |
| | Singapore Airlines Ltd. | 125,217 | 1,154 |
| | Singapore Exchange Ltd. | 179,357 | 1,153 |
| | CapitaLand Ltd. | 357,600 | 995 |
| | Global Logistic Properties Ltd. | 414,000 | 859 |
| | Wilmar International Ltd. | 297,873 | 732 |
| | Singapore Press Holdings Ltd. | 222,000 | 703 |
| | ComfortDelGro Corp. Ltd. | 295,400 | 684 |
| | City Developments Ltd. | 84,900 | 683 |
| | Genting Singapore plc | 883,000 | 682 |
| | Ascott Residence Trust | 665,360 | 641 |
| | Singapore Technologies Engineering Ltd. | 205,000 | 560 |
| | CapitaMall Trust | 331,700 | 548 |
| | Noble Group Ltd. | 831,548 | 541 |
| | Ascendas REIT | 286,700 | 534 |
| | Hutchison Port Holdings Trust | 760,000 | 512 |
| | Suntec REIT | 374,000 | 499 |
| | AIMS AMP Capital Industrial REIT | 394,896 | 456 |
| | Cache Logistics Trust | 490,600 | 437 |
| * | Jardine Cycle & Carriage Ltd. | 14,300 | 436 |
| | Frasers Commercial Trust | 380,300 | 433 |
| | Cambridge Industrial Trust | 783,200 | 414 |
| | Singapore Post Ltd. | 281,000 | 405 |
| | Mapletree Logistics Trust | 427,000 | 397 |
| | UOL Group Ltd. | 63,819 | 384 |
| | Sembcorp Industries Ltd. | 112,231 | 382 |
| | CapitaCommercial Trust | 266,710 | 341 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 260,036 | 287 |
| | Keppel Telecommunications & Transportation Ltd. | 230,000 | 284 |
| | Golden Agri-Resources Ltd. | 862,419 | 273 |
| | Tat Hong Holdings Ltd. | 520,000 | 245 |
| ^ | Sembcorp Marine Ltd. | 108,389 | 242 |
| | StarHub Ltd. | 75,000 | 239 |
| | SATS Ltd. | 99,000 | 239 |
| | Keppel REIT | 229,188 | 213 |
| | Mapletree Greater China Commercial Trust | 235,000 | 188 |
| ^ | Ezion Holdings Ltd. | 205,120 | 186 |
58
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mapletree Commercial Trust | 156,200 | 182 |
| | Mapletree Industrial Trust | 148,500 | 180 |
| | First Resources Ltd. | 128,000 | 172 |
| | Raffles Medical Group Ltd. | 56,000 | 170 |
| | Fortune REIT | 157,923 | 163 |
| | Venture Corp. Ltd. | 25,500 | 163 |
| | United Engineers Ltd. | 65,000 | 130 |
| | Ascendas Hospitality Trust | 225,000 | 120 |
| | M1 Ltd. | 44,000 | 118 |
| * | Biosensors International Group Ltd. | 176,000 | 110 |
| | SMRT Corp. Ltd. | 85,000 | 108 |
| * | Genting Hong Kong Ltd. | 273,551 | 101 |
| * | SIIC Environment Holdings Ltd. | 594,000 | 101 |
| | OUE Ltd. | 57,600 | 96 |
| ^ | Olam International Ltd. | 59,000 | 90 |
| | Asian Pay Television Trust | 131,000 | 89 |
| | CapitaRetail China Trust | 63,000 | 83 |
| | Wing Tai Holdings Ltd. | 53,000 | 78 |
| | Frasers Centrepoint Trust | 50,000 | 78 |
| | Far East Hospitality Trust | 118,400 | 73 |
| | Yanlord Land Group Ltd. | 78,000 | 71 |
| | Sarine Technologies Ltd. | 44,300 | 68 |
| | Midas Holdings Ltd. | 223,900 | 66 |
| | Starhill Global REIT | 99,000 | 65 |
| | Super Group Ltd. | 58,000 | 65 |
| | SIA Engineering Co. Ltd. | 20,000 | 63 |
| * | Neptune Orient Lines Ltd. | 71,000 | 61 |
| * | Tiger Airways Holdings Ltd. | 227,600 | 60 |
| | First REIT | 53,000 | 58 |
| 2 | ARA Asset Management Ltd. | 44,000 | 57 |
| | Ascendas India Trust | 84,000 | 57 |
| *,^ | Yoma Strategic Holdings Ltd. | 147,330 | 57 |
| * | Swiber Holdings Ltd. | 379,500 | 57 |
| | Frasers Centrepoint Ltd. | 39,500 | 56 |
| *,^ | China Animal Healthcare Ltd. | 84,000 | 56 |
| | OUE Hospitality Trust | 76,000 | 56 |
| | SPH REIT | 66,700 | 53 |
| | CDL Hospitality Trusts | 39,000 | 51 |
| | Silverlake Axis Ltd. | 51,916 | 50 |
| | Croesus Retail Trust | 67,000 | 48 |
| | Lippo Malls Indonesia Retail Trust | 158,000 | 43 |
| | COSCO Corp. Singapore Ltd. | 92,000 | 42 |
| | Sabana Shari'ah Compliant Industrial REIT | 63,000 | 41 |
| | China Everbright Water Ltd. | 47,300 | 40 |
| * | Ezra Holdings Ltd. | 118,640 | 39 |
| | Hyflux Ltd. | 54,000 | 39 |
| | OSIM International Ltd. | 24,000 | 37 |
| * | Vard Holdings Ltd. | 70,000 | 34 |
| | Soilbuild Business Space REIT | 52,000 | 33 |
| * | Accordia Golf Trust | 44,000 | 27 |
| | Religare Health Trust | 33,000 | 27 |
| | | | 37,979 |
| South Africa (0.8%) | | |
| | Naspers Ltd. | 55,321 | 8,679 |
| | MTN Group Ltd. | 266,627 | 5,354 |
| | Sasol Ltd. | 84,572 | 3,405 |
| | Standard Bank Group Ltd. | 180,322 | 2,643 |
| | Steinhoff International Holdings Ltd. | 358,318 | 2,274 |
| | FirstRand Ltd. | 433,025 | 2,069 |
| | Sanlam Ltd. | 255,262 | 1,651 |
| | Remgro Ltd. | 69,480 | 1,543 |
| | Aspen Pharmacare Holdings Ltd. | 45,671 | 1,389 |
| | Bidvest Group Ltd. | 46,927 | 1,272 |
| | Shoprite Holdings Ltd. | 87,647 | 1,254 |
59
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Woolworths Holdings Ltd. | 128,472 | 966 |
| | Growthpoint Properties Ltd. | 343,081 | 805 |
| | Mr Price Group Ltd. | 34,491 | 736 |
| | Barclays Africa Group Ltd. | 44,969 | 720 |
| | Netcare Ltd. | 205,331 | 718 |
| | Barloworld Ltd. | 89,823 | 717 |
| | Mediclinic International Ltd. | 63,669 | 674 |
| * | AngloGold Ashanti Ltd. | 59,180 | 672 |
| | Tiger Brands Ltd. | 23,230 | 605 |
| | Gold Fields Ltd. | 125,041 | 577 |
| | Clicks Group Ltd. | 73,912 | 566 |
| | DataTec Ltd. | 103,532 | 538 |
| | MMI Holdings Ltd. | 185,429 | 528 |
| | Vodacom Group Ltd. | 42,141 | 525 |
| | Life Healthcare Group Holdings Ltd. | 152,937 | 525 |
| | Brait SE | 68,032 | 518 |
| | Mondi Ltd. | 25,592 | 516 |
| | Nedbank Group Ltd. | 23,565 | 509 |
| | Redefine Properties Ltd. | 491,490 | 498 |
| * | Impala Platinum Holdings Ltd. | 87,858 | 489 |
| | RMB Holdings Ltd. | 81,108 | 488 |
| | Discovery Ltd. | 43,079 | 478 |
| | Truworths International Ltd. | 64,510 | 470 |
| | Imperial Holdings Ltd. | 25,330 | 424 |
| | City Lodge Hotels Ltd. | 31,146 | 400 |
| | Capitec Bank Holdings Ltd. | 8,326 | 392 |
| | SPAR Group Ltd. | 24,366 | 390 |
| | Coronation Fund Managers Ltd. | 48,872 | 373 |
| | Foschini Group Ltd. | 24,992 | 370 |
| * | Telkom SA SOC Ltd. | 48,073 | 330 |
| | Hyprop Investments Ltd. | 31,338 | 323 |
| * | Sappi Ltd. | 76,611 | 315 |
| | Mpact Ltd. | 83,157 | 302 |
| | JSE Ltd. | 25,216 | 282 |
| | Nampak Ltd. | 74,568 | 267 |
| * | Pioneer Foods Ltd. | 17,032 | 266 |
| | AVI Ltd. | 36,727 | 252 |
| * | Adcock Ingram Holdings Ltd. | 54,656 | 243 |
| | Resilient Property Income Fund Ltd. | 28,790 | 241 |
| | Kumba Iron Ore Ltd. | 17,798 | 240 |
| | Investec Ltd. | 24,899 | 237 |
| * | Anglo American Platinum Ltd. | 8,548 | 236 |
| | Emira Property Fund | 150,442 | 230 |
| | Sibanye Gold Ltd. | 96,272 | 228 |
| | Capital Property Fund | 198,417 | 228 |
| | SA Corporate Real Estate Fund Nominees Pty Ltd. | 483,241 | 203 |
| * | Northam Platinum Ltd. | 46,879 | 193 |
| | EOH Holdings Ltd. | 13,273 | 180 |
| | Massmart Holdings Ltd. | 12,926 | 163 |
| | Liberty Holdings Ltd. | 11,494 | 160 |
| | Tongaat Hulett Ltd. | 13,623 | 151 |
| | Aeci Ltd. | 13,469 | 147 |
| | Sun International Ltd. | 12,892 | 143 |
| * | Attacq Ltd. | 64,477 | 135 |
| | Reunert Ltd. | 24,815 | 127 |
| | Lewis Group Ltd. | 17,093 | 124 |
| | Illovo Sugar Ltd. | 67,733 | 122 |
| | Pick n Pay Stores Ltd. | 25,106 | 120 |
| | Exxaro Resources Ltd. | 14,309 | 117 |
| * | Super Group Ltd. | 36,378 | 110 |
| | PSG Group Ltd. | 6,713 | 110 |
| * | Harmony Gold Mining Co. Ltd. | 55,434 | 107 |
| | Fountainhead Property Trust | 121,342 | 102 |
| | Omnia Holdings Ltd. | 6,362 | 88 |
60
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | African Rainbow Minerals Ltd. | 9,498 | 87 |
| | Cashbuild Ltd. | 3,622 | 85 |
| | PPC Ltd. | 52,938 | 76 |
| * | Alexander Forbes Group Holdings Ltd. | 89,965 | 74 |
| | Grindrod Ltd. | 54,052 | 74 |
| * | Distell Group Ltd. | 5,386 | 73 |
| | Murray & Roberts Holdings Ltd. | 56,830 | 63 |
| | Pick n Pay Holdings Ltd. | 26,672 | 58 |
| | Famous Brands Ltd. | 5,510 | 56 |
| | Hudaco Industries Ltd. | 5,387 | 56 |
| | Santam Ltd. | 2,842 | 56 |
| * | Aveng Ltd. | 60,206 | 54 |
| | Blue Label Telecoms Ltd. | 74,154 | 50 |
| | Clover Industries Ltd. | 30,888 | 48 |
| | Astral Foods Ltd. | 3,140 | 48 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 5,074 | 48 |
| | Adcorp Holdings Ltd. | 16,230 | 43 |
| | Metair Investments Ltd. | 12,945 | 40 |
| | Group Five Ltd. | 15,342 | 35 |
| * | ArcelorMittal South Africa Ltd. | 21,122 | 35 |
| | Assore Ltd. | 3,401 | 33 |
| | Oceana Group Ltd. | 2,752 | 25 |
| * | Royal Bafokeng Platinum Ltd. | 3,748 | 16 |
| * | Northam Platinum Ltd. Rights Exp. 05/15/2015 | 13,228 | — |
| * | African Bank Investments Ltd. | 150,852 | — |
| | | | 55,775 |
| South Korea (1.6%) | | |
| | Samsung Electronics Co. Ltd. GDR | 33,376 | 21,888 |
| | Hyundai Motor Co. | 23,738 | 3,725 |
| | SK Hynix Inc. | 83,801 | 3,585 |
| | NAVER Corp. | 4,127 | 2,496 |
| | KB Financial Group Inc. ADR | 63,174 | 2,409 |
| | Hyundai Mobis Co. Ltd. | 10,579 | 2,326 |
| | Kia Motors Corp. | 39,770 | 1,833 |
| | Amorepacific Corp. | 476 | 1,725 |
| | Korea Electric Power Corp. | 38,686 | 1,682 |
| | LG Chem Ltd. | 6,632 | 1,675 |
| | KT&G Corp. | 18,472 | 1,636 |
| | POSCO | 6,772 | 1,595 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 5,791 | 1,526 |
| | SK Telecom Co. Ltd. ADR | 45,141 | 1,338 |
| | Hana Financial Group Inc. | 43,391 | 1,277 |
| | Shinhan Financial Group Co. Ltd. ADR | 28,828 | 1,210 |
| | Shinhan Financial Group Co. Ltd. | 28,483 | 1,179 |
| | Samsung Life Insurance Co. Ltd. | 11,289 | 1,104 |
| | POSCO ADR | 18,593 | 1,098 |
| | Samsung C&T Corp. | 20,240 | 1,075 |
| | LG Household & Health Care Ltd. | 1,437 | 1,056 |
| | Samsung SDS Co. Ltd. | 4,358 | 1,037 |
| | LG Display Co. Ltd. | 36,947 | 1,023 |
| | SK Innovation Co. Ltd. | 9,317 | 1,020 |
| | Samsung SDI Co. Ltd. | 8,350 | 930 |
| | LG Electronics Inc. | 16,041 | 902 |
| | Hyundai Heavy Industries Co. Ltd. | 6,726 | 874 |
| | SK C&C Co. Ltd. | 3,594 | 851 |
| *,^ | Celltrion Inc. | 10,380 | 826 |
| | LG Corp. | 12,688 | 787 |
| | Korea Zinc Co. Ltd. | 1,709 | 761 |
| | Hyundai Steel Co. | 9,916 | 725 |
| | Coway Co. Ltd. | 8,620 | 724 |
| | SK Holdings Co. Ltd. | 4,108 | 707 |
| | E-Mart Co. Ltd. | 3,367 | 694 |
| | AMOREPACIFIC Group | 455 | 692 |
| | Hyundai Glovis Co. Ltd. | 3,120 | 684 |
61
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Orion Corp. | 575 | 672 |
| * | Cheil Industries Inc. | 4,143 | 610 |
| | Samsung Securities Co. Ltd. | 9,800 | 595 |
| | Hankook Tire Co. Ltd. | 13,291 | 559 |
| | Lotte Chemical Corp. | 2,285 | 530 |
| | Hyundai Engineering & Construction Co. Ltd. | 10,967 | 528 |
| | Hyundai Development Co-Engineering & Construction | 9,862 | 525 |
| | Kangwon Land Inc. | 15,285 | 521 |
| | Samsung Electro-Mechanics Co. Ltd. | 8,224 | 516 |
| ^ | Daum Kakao Corp. | 4,928 | 494 |
| ^ | Samsung Heavy Industries Co. Ltd. | 28,957 | 488 |
| | Industrial Bank of Korea | 35,489 | 488 |
| | Hotel Shilla Co. Ltd. | 4,765 | 474 |
| | BNK Financial Group Inc. | 30,985 | 463 |
| | KCC Corp. | 838 | 430 |
| | Korea Investment Holdings Co. Ltd. | 6,636 | 425 |
| * | KT Corp. | 14,359 | 424 |
| | Daewoo Securities Co. Ltd. | 27,047 | 422 |
| | Hyosung Corp. | 3,808 | 421 |
| | Korea Aerospace Industries Ltd. | 6,821 | 417 |
| * | Woori Bank | 41,162 | 411 |
| | Lotte Shopping Co. Ltd. | 1,663 | 401 |
| ^ | Hanssem Co. Ltd. | 2,152 | 397 |
| | S-Oil Corp. | 5,796 | 395 |
| | NCSoft Corp. | 2,044 | 389 |
| | CJ CheilJedang Corp. | 976 | 380 |
| * | Hanmi Pharm Co. Ltd. | 1,053 | 368 |
| | Daishin Securities Co. Ltd. | 27,720 | 364 |
| | CJ Corp. | 1,956 | 348 |
| | Hyundai Wia Corp. | 2,329 | 330 |
| | Dongbu Insurance Co. Ltd. | 6,468 | 329 |
| | SK Telecom Co. Ltd. | 1,173 | 314 |
| | Hanwha Corp. | 7,638 | 300 |
| | Sam Young Electronics Co. Ltd. | 21,196 | 300 |
| | LG Uplus Corp. | 29,064 | 291 |
| | Daelim Industrial Co. Ltd. | 3,745 | 288 |
| | GS Holdings Corp. | 6,121 | 286 |
| * | Cheil Worldwide Inc. | 13,305 | 284 |
| | Hyundai Department Store Co. Ltd. | 2,059 | 279 |
| | Yuhan Corp. | 1,250 | 269 |
| | KB Financial Group Inc. | 7,033 | 268 |
| | Woori Investment & Securities Co. Ltd. | 18,681 | 259 |
| * | LG Innotek Co. Ltd. | 2,764 | 257 |
| * | Kumho Tire Co. Inc. | 27,894 | 254 |
| ^ | OCI Co. Ltd. | 2,738 | 252 |
| | Youngone Corp. | 4,112 | 252 |
| | DGB Financial Group Inc. | 22,173 | 250 |
| | Hyundai Securities Co. Ltd. | 23,889 | 247 |
| | Hanwha Life Insurance Co. Ltd. | 33,060 | 244 |
| | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 14,483 | 243 |
| * | Doosan Infracore Co. Ltd. | 21,888 | 242 |
| *,^ | ViroMed Co. Ltd. | 2,182 | 235 |
| | Medy-Tox Inc. | 657 | 227 |
| | Daesang Corp. | 5,170 | 223 |
| | Taekwang Industrial Co. Ltd. | 199 | 223 |
| | Hanwha Chemical Corp. | 13,819 | 220 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 7,947 | 212 |
| | S-1 Corp. | 2,833 | 211 |
| *,^ | Com2uSCorp | 1,246 | 210 |
| * | Korean Air Lines Co. Ltd. | 4,852 | 207 |
| | Kumho Petrochemical Co. Ltd. | 2,557 | 205 |
| | Ottogi Corp. | 307 | 202 |
| | Lotte Chilsung Beverage Co. Ltd. | 91 | 201 |
| | Samsung Techwin Co. Ltd. | 7,374 | 189 |
62
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Doosan Heavy Industries & Construction Co. Ltd. | 6,629 | 188 |
| ^ | SK Chemicals Co. Ltd. | 2,877 | 187 |
| *,^ | Wonik IPS Co. Ltd. | 16,586 | 186 |
| *,^ | Daewoo Engineering & Construction Co. Ltd. | 27,757 | 184 |
| *,^ | GS Engineering & Construction Corp. | 6,137 | 183 |
| | Mirae Asset Securities Co. Ltd. | 3,255 | 180 |
| | Samsung Electronics Co. Ltd. | 135 | 177 |
| | Daewoo International Corp. | 6,053 | 177 |
| * | Hanjin Kal Corp. | 5,763 | 176 |
| | NongShim Co. Ltd. | 772 | 176 |
| *,^ | CJ Korea Express Co. Ltd. | 918 | 175 |
| | Samsung Fine Chemicals Co. Ltd. | 4,172 | 169 |
| | Halla Visteon Climate Control Corp. | 4,407 | 165 |
| | Namhae Chemical Corp. | 18,020 | 165 |
| | KT Corp. ADR | 11,162 | 163 |
| | Youlchon Chemical Co. Ltd. | 14,280 | 162 |
| | Lotte Confectionery Co. Ltd. | 93 | 162 |
| ^ | Paradise Co. Ltd. | 6,828 | 158 |
| *,^ | Komipharm International Co. Ltd. | 6,888 | 158 |
| | CJ CGV Co. Ltd. | 2,130 | 158 |
| | Korea Gas Corp. | 3,651 | 157 |
| ^ | Maeil Dairy Industry Co. Ltd. | 3,787 | 156 |
| *,^ | NHN Entertainment Corp. | 2,627 | 154 |
| | Dongsuh Co. Inc. | 4,930 | 153 |
| | Samsung Card Co. Ltd. | 3,992 | 153 |
| | LG International Corp. | 3,990 | 153 |
| | LOTTE Himart Co. Ltd. | 2,295 | 152 |
| | SK Networks Co. Ltd. | 20,389 | 151 |
| * | Samsung Engineering Co. Ltd. | 4,141 | 149 |
| | Shinsegae Co. Ltd. | 787 | 148 |
| | Doosan Corp. | 1,259 | 146 |
| | Meritz Securities Co. Ltd. | 24,710 | 144 |
| | KEPCO Plant Service & Engineering Co. Ltd. | 1,589 | 144 |
| ^ | iMarketKorea Inc. | 5,560 | 142 |
| | Hana Tour Service Inc. | 1,130 | 134 |
| | Hyundai Greenfood Co. Ltd. | 7,486 | 132 |
| | LIG Insurance Co. Ltd. | 5,630 | 130 |
| | Kolon Industries Inc. | 2,108 | 127 |
| * | CJ E&M Corp. | 2,294 | 125 |
| | LG Hausys Ltd. | 790 | 123 |
| * | Osstem Implant Co. Ltd. | 2,787 | 122 |
| | Fila Korea Ltd. | 1,243 | 122 |
| | Hanjin Transportation Co. Ltd. | 2,100 | 119 |
| * | SK Broadband Co. Ltd. | 26,386 | 118 |
| | Seah Besteel Corp. | 3,350 | 115 |
| | Eo Technics Co. Ltd. | 1,113 | 115 |
| | Korea Kolmar Co. Ltd. | 1,690 | 114 |
| | Hansae Co. Ltd. | 2,942 | 113 |
| | Young Poong Corp. | 91 | 112 |
| | Daeduck Electronics Co. | 12,627 | 112 |
| | S&T Motiv Co. Ltd. | 1,871 | 110 |
| | Green Cross Corp. | 646 | 106 |
| | Poongsan Corp. | 3,950 | 106 |
| | Mando Corp. | 765 | 106 |
| | Kwang Dong Pharmaceutical Co. Ltd. | 6,830 | 105 |
| | Hyundai Home Shopping Network Corp. | 819 | 103 |
| *,^ | Ssangyong Motor Co. | 10,890 | 103 |
| | Korean Reinsurance Co. | 9,144 | 101 |
| * | Webzen Inc. | 2,559 | 101 |
| *,^ | Hanjin Shipping Co. Ltd. | 14,218 | 100 |
| ^ | Kolao Holdings | 5,310 | 99 |
| * | Asiana Airlines Inc. | 13,664 | 98 |
| * | Green Cross Cell Corp. | 2,166 | 98 |
| | Hyundai Mipo Dockyard Co. Ltd. | 1,148 | 95 |
63
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ahnlab Inc. | 2,032 | 93 |
| | SKC Co. Ltd. | 2,370 | 93 |
| | LF Corp. | 2,820 | 93 |
| | Green Cross Holdings Corp. | 3,370 | 92 |
| | LS Industrial Systems Co. Ltd. | 1,644 | 91 |
| *,^ | IS Dongseo Co. Ltd. | 1,191 | 91 |
| * | Huons Co. Ltd. | 1,440 | 90 |
| *,^ | Hanmi Science Co. ltd | 2,269 | 90 |
| | Hankook Shell Oil Co. Ltd. | 194 | 89 |
| | KIWOOM Securities Co. Ltd. | 1,254 | 89 |
| | Grand Korea Leisure Co. Ltd. | 2,480 | 89 |
| | LEENO Industrial Inc. | 2,065 | 88 |
| *,^ | Gamevil Inc. | 801 | 88 |
| *,^ | Yuanta Securities Korea Co. Ltd. | 13,343 | 88 |
| | Cosmax Inc. | 643 | 87 |
| * | SK Securities Co. Ltd. | 54,276 | 86 |
| | Silicon Works Co. Ltd. | 2,267 | 86 |
| | Korea Real Estate Investment & Trust Co. Ltd. | 28,386 | 85 |
| * | Samlip General Foods Co. Ltd. | 352 | 85 |
| | Daewoong Pharmaceutical Co. Ltd. | 1,411 | 85 |
| | SFA Engineering Corp. | 1,773 | 85 |
| | Koh Young Technology Inc. | 2,048 | 85 |
| | GS Home Shopping Inc. | 379 | 84 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 9,438 | 84 |
| | JB Financial Group Co. Ltd. | 12,847 | 83 |
| * | Ssangyong Cement Industrial Co. Ltd. | 5,250 | 82 |
| *,^ | LG Life Sciences Ltd. | 1,565 | 82 |
| | LS Corp. | 1,593 | 80 |
| ^ | Seoul Semiconductor Co. Ltd. | 4,368 | 79 |
| *,^ | Kumho Industrial Co. Ltd. | 4,287 | 78 |
| | Hyundai Hysco Co. Ltd. | 1,228 | 76 |
| | AK Holdings Inc. | 952 | 76 |
| * | Medipost Co. Ltd. | 914 | 75 |
| *,^ | Naturalendo Tech Co. Ltd. | 2,354 | 75 |
| | Handsome Co. Ltd. | 2,264 | 75 |
| * | Hyundai Elevator Co. Ltd. | 1,049 | 75 |
| | Lotte Food Co. Ltd. | 105 | 74 |
| | Samyang Holdings Corp. | 780 | 74 |
| | Youngone Holdings Co. Ltd. | 745 | 72 |
| | KONA I Co. Ltd. | 2,190 | 71 |
| * | SM Entertainment Co. | 2,434 | 71 |
| | KEPCO Engineering & Construction Co. Inc. | 1,816 | 70 |
| | CJ O Shopping Co. Ltd. | 311 | 70 |
| * | Dongbu HiTek Co. Ltd. | 9,040 | 69 |
| ^ | GS Retail Co. Ltd. | 1,890 | 68 |
| | Tongyang Life Insurance | 4,930 | 68 |
| | Chong Kun Dang Pharmaceutical Corp. | 1,005 | 67 |
| * | i-SENS Inc. | 1,449 | 67 |
| * | GOLFZON Co. Ltd. | 566 | 66 |
| | Dong-A ST Co. Ltd. | 569 | 66 |
| * | Muhak Co. Ltd. | 1,917 | 65 |
| *,^ | GemVax & Kael Co. Ltd. | 3,321 | 65 |
| | Dongwon F&B Co. Ltd. | 196 | 64 |
| | Hanil Cement Co. Ltd. | 449 | 63 |
| * | Eusu Holdings Co. Ltd. | 6,136 | 62 |
| | Huchems Fine Chemical Corp. | 2,510 | 62 |
| *,^ | Seegene Inc. | 1,857 | 62 |
| | Nexen Tire Corp. | 5,080 | 62 |
| * | Neowiz Games Corp. | 3,030 | 62 |
| | Meritz Fire & Marine Insurance Co. Ltd. | 4,620 | 62 |
| | Ilyang Pharmaceutical Co. Ltd. | 1,960 | 60 |
| * | Seobu T&D | 2,639 | 58 |
| ^ | Hite Jinro Co. Ltd. | 2,740 | 58 |
| | Daou Technology Inc. | 3,300 | 58 |
64
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | China Ocean Resources Co. Ltd. | 16,469 | 57 |
| *,^ | Chabiotech Co. Ltd. | 3,667 | 56 |
| | Korea Electric Terminal Co. Ltd. | 821 | 56 |
| * | Hyundai Livart Furniture Co. Ltd. | 1,592 | 56 |
| | Bukwang Pharmaceutical Co. Ltd. | 2,403 | 55 |
| | Dongkuk Steel Mill Co. Ltd. | 9,093 | 54 |
| | KT Skylife Co. Ltd. | 3,297 | 54 |
| * | WeMade Entertainment Co. Ltd. | 1,456 | 53 |
| | Samchully Co. Ltd. | 442 | 53 |
| | KH Vatec Co. Ltd. | 2,613 | 53 |
| | DuzonBIzon Co. Ltd. | 4,685 | 52 |
| * | STS Semiconductor & Telecommunications | 11,646 | 52 |
| * | Korea Line Corp. | 2,370 | 51 |
| | Hyundai Corp. | 1,590 | 50 |
| | Hankook Tire Worldwide Co. Ltd. | 2,542 | 50 |
| * | Hansol Paper Co. Ltd. | 2,213 | 50 |
| ^ | Hyundai Rotem Co. Ltd. | 2,780 | 49 |
| | OCI Materials Co. Ltd. | 512 | 48 |
| | Dongwon Industries Co. Ltd. | 165 | 48 |
| | Partron Co. Ltd. | 4,491 | 47 |
| | Soulbrain Co. Ltd. | 1,212 | 47 |
| | Agabang&Company | 3,825 | 46 |
| | Kyobo Securities Co. Ltd. | 4,032 | 46 |
| | Halla Holdings Corp. | 701 | 45 |
| ^ | YG Entertainment Inc. | 1,017 | 44 |
| | MegaStudy Co. Ltd. | 672 | 42 |
| | Namyang Dairy Products Co. Ltd. | 61 | 42 |
| | Sungwoo Hitech Co. Ltd. | 3,981 | 42 |
| * | Kyongnam Bank | 4,423 | 42 |
| * | Cuckoo Electronics Co. Ltd. | 223 | 41 |
| | SL Corp. | 2,368 | 41 |
| | Hancom Inc. | 2,196 | 41 |
| | Meritz Financial Group Inc. | 3,105 | 40 |
| | Interpark Holdings Corp. | 4,596 | 38 |
| *,^ | Hanjin Heavy Industries & Construction Co. Ltd. | 6,504 | 38 |
| | Binggrae Co. Ltd. | 454 | 36 |
| | Able C&C Co. Ltd. | 1,204 | 36 |
| ^ | Posco ICT Co. Ltd. | 6,926 | 35 |
| * | Hansol Technics Co. Ltd. | 1,961 | 35 |
| * | Pan Ocean Co. Ltd. | 11,851 | 34 |
| | GOLFZONYUWONHOLDINGS Co. Ltd. | 2,759 | 34 |
| *,^ | Taihan Electric Wire Co. Ltd. | 29,761 | 33 |
| | SBS Media Holdings Co. Ltd. | 6,724 | 33 |
| ^ | Sung Kwang Bend Co. Ltd. | 2,178 | 32 |
| | CJ Hellovision Co. Ltd. | 2,780 | 30 |
| | Lumens Co. Ltd. | 5,290 | 29 |
| | Hanil E-Hwa Co. Ltd. | 1,885 | 27 |
| | Hansol Holdings Co. Ltd. | 3,626 | 27 |
| | SK Gas Ltd. | 298 | 27 |
| | Chongkundang Holdings Corp. | 389 | 26 |
| * | Kwangju Bank | 2,894 | 22 |
| * | Shenglong PV-Tech Investment Co. Ltd. | 1,034,191 | 19 |
| | Dong-A Socio Holdings Co. Ltd. | 81 | 12 |
| | Seoyon Co. Ltd. | 864 | 10 |
| * | Pharmicell Co. Ltd. | 960 | 4 |
| * | CNK International Co. Ltd. | 78 | — |
| | | | 108,956 |
| Spain (1.1%) | | |
| * | Banco Santander SA | 1,679,436 | 12,697 |
| | Telefonica SA | 670,394 | 10,204 |
| | Banco Bilbao Vizcaya Argentaria SA | 943,581 | 9,481 |
| | Inditex SA | 162,505 | 5,215 |
| | Iberdrola SA | 775,729 | 5,192 |
| | Repsol SA | 179,643 | 3,703 |
65
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Banco Santander SA ADR | 387,590 | 2,915 |
| | Amadeus IT Holding SA | 63,860 | 2,911 |
| * | Banco de Sabadell SA | 683,673 | 1,828 |
| * | CaixaBank SA | 298,266 | 1,496 |
| | Red Electrica Corp. SA | 15,462 | 1,298 |
| * | Ferrovial SA | 56,532 | 1,282 |
| * | Banco Popular Espanol SA | 236,607 | 1,231 |
| | Abertis Infraestructuras SA | 66,281 | 1,221 |
| | Gas Natural SDG SA | 43,095 | 1,060 |
| | Grifols SA | 24,832 | 1,054 |
| * | Bankia SA | 694,441 | 970 |
| | Viscofan SA | 14,751 | 938 |
| | Endesa SA | 45,757 | 907 |
| * | Banco Santander SA Depository Receipt | 130,239 | 904 |
| * | ACS Actividades de Construccion y Servicios SA | 24,931 | 878 |
| | Enagas SA | 27,786 | 856 |
| | Bankinter SA | 102,375 | 774 |
| | Distribuidora Internacional de Alimentacion SA | 84,517 | 677 |
| | Grupo Catalana Occidente SA | 19,658 | 632 |
| | Mapfre SA | 147,518 | 548 |
| | Bolsas y Mercados Espanoles SHMSF SA | 10,949 | 490 |
| * | Jazztel plc | 30,229 | 436 |
| * | Gamesa Corp. Tecnologica SA | 29,281 | 392 |
| * | Mediaset Espana Comunicacion SA | 28,774 | 390 |
| | Merlin Properties Socimi SA | 26,755 | 365 |
| * | Acciona SA | 4,590 | 347 |
| | Zardoya Otis SA | 26,867 | 346 |
| | Construcciones y Auxiliar de Ferrocarriles SA | 987 | 344 |
| * | Acerinox SA | 19,338 | 282 |
| * | Almirall SA | 14,904 | 281 |
| ^ | Abengoa SA | 85,289 | 276 |
| | Ebro Foods SA | 12,581 | 244 |
| * | Fomento de Construcciones y Contratas SA | 18,203 | 233 |
| | Indra Sistemas SA | 18,570 | 219 |
| * | Zeltia SA | 40,605 | 188 |
| * | Applus Services SA | 15,340 | 185 |
| | Tecnicas Reunidas SA | 3,518 | 164 |
| ^ | Obrascon Huarte Lain SA | 7,021 | 163 |
| | Prosegur Cia de Seguridad SA | 26,190 | 151 |
| * | Inmobiliaria Colonial SA | 209,700 | 144 |
| ^ | Atresmedia Corp. de Medios de Comunicacion SA | 8,613 | 139 |
| | Melia Hotels International SA | 10,108 | 126 |
| | Tubacex SA | 31,806 | 108 |
| * | NH Hotel Group SA | 17,890 | 104 |
| * | Liberbank SA | 117,825 | 102 |
| | Cia de Distribucion Integral Logista Holdings SA | 4,237 | 90 |
| | Corp Financiera Alba SA | 1,675 | 85 |
| * | Faes Farma SA | 30,308 | 78 |
| * | Sacyr SA | 16,101 | 72 |
| * | Promotora de Informaciones SA | 214,892 | 71 |
| | Ence Energia y Celulosa SA | 19,358 | 70 |
| | CIE Automotive SA | 3,478 | 53 |
| | Duro Felguera SA | 11,357 | 46 |
| * | Deoleo SA | 73,583 | 38 |
| ^ | Tubos Reunidos SA | 19,407 | 36 |
| * | Banco Santander SA Rights | 130,239 | 19 |
| * | Let's GOWEX SA | 3,921 | — |
| | | | 77,749 |
| Sweden (1.1%) | | |
| | Nordea Bank AB | 490,034 | 6,226 |
| ^ | Hennes & Mauritz AB Class B | 146,168 | 5,811 |
| | Telefonaktiebolaget LM Ericsson Class B | 456,174 | 4,989 |
| | Swedbank AB Class A | 159,600 | 3,711 |
| | Svenska Handelsbanken AB Class A | 72,791 | 3,360 |
66
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Volvo AB Class B | 235,442 | 3,253 |
| | Skandinaviska Enskilda Banken AB Class A | 219,948 | 2,779 |
| | Investor AB Class B | 67,963 | 2,769 |
| | Assa Abloy AB Class B | 45,424 | 2,635 |
| ^ | Atlas Copco AB Class B | 93,661 | 2,608 |
| | TeliaSonera AB | 390,412 | 2,427 |
| | Svenska Cellulosa AB SCA Class B | 87,318 | 2,209 |
| | Atlas Copco AB Class A | 69,679 | 2,175 |
| | Sandvik AB | 171,204 | 2,164 |
| | SKF AB | 82,895 | 2,025 |
| * | Hexagon AB Class B | 37,741 | 1,398 |
| | Electrolux AB Class B | 39,996 | 1,198 |
| | Boliden AB | 54,911 | 1,193 |
| | Skanska AB Class B | 51,937 | 1,156 |
| | Investment AB Kinnevik | 30,071 | 1,036 |
| * | Lundin Petroleum AB | 59,224 | 959 |
| | Swedish Match AB | 30,142 | 928 |
| | Alfa Laval AB | 44,220 | 825 |
| ^ | Trelleborg AB Class B | 36,035 | 706 |
| * | Swedish Orphan Biovitrum AB | 43,619 | 701 |
| | Meda AB Class A | 41,234 | 692 |
| | Getinge AB | 27,611 | 671 |
| | Securitas AB Class B | 44,285 | 662 |
| | Industrivarden AB Class A | 28,133 | 603 |
| | Tele2 AB | 42,998 | 574 |
| | Elekta AB Class B | 53,695 | 502 |
| | Wallenstam AB | 27,091 | 457 |
| | Hexpol AB | 4,195 | 450 |
| * | SSAB AB Class B | 84,851 | 441 |
| | Industrivarden AB | 21,001 | 438 |
| | Fabege AB | 27,387 | 417 |
| ^ | ICA Gruppen AB | 10,597 | 393 |
| | Husqvarna AB | 52,107 | 385 |
| | NCC AB Class B | 11,503 | 377 |
| | Castellum AB | 23,502 | 366 |
| | Hufvudstaden AB Class A | 26,208 | 362 |
| | BillerudKorsnas AB | 19,321 | 334 |
| | Loomis AB Class B | 9,026 | 289 |
| | Modern Times Group MTG AB Class B | 7,828 | 260 |
| * | Fastighets AB Balder | 13,992 | 249 |
| | Nibe Industrier AB Class B | 9,183 | 245 |
| | AAK AB | 3,806 | 241 |
| * | Betsson AB | 5,636 | 236 |
| | Holmen AB | 6,828 | 226 |
| | Kungsleden AB | 28,955 | 211 |
| * | Axfood AB | 13,244 | 209 |
| | JM AB | 6,979 | 208 |
| | Peab AB | 23,839 | 201 |
| | Avanza Bank Holding AB | 4,654 | 200 |
| ^ | Wihlborgs Fastigheter AB | 9,949 | 193 |
| | Indutrade AB | 3,659 | 179 |
| | Intrum Justitia AB | 5,438 | 171 |
| * | Net Entertainment NE AB Class B | 4,276 | 162 |
| | Ratos AB | 22,034 | 150 |
| * | Hemfosa Fastigheter AB | 6,232 | 144 |
| * | Com Hem Holding AB | 15,033 | 126 |
| | AF AB | 7,661 | 104 |
| | Saab AB Class B | 3,901 | 101 |
| *,^ | SAS AB | 49,862 | 96 |
| | L E Lundbergforetagen AB Class B | 2,038 | 96 |
| | Nobia AB | 8,453 | 92 |
| | Klovern AB Preference Shares | 2,036 | 82 |
| * | SSAB AB Class A | 11,555 | 70 |
| | Haldex AB | 4,667 | 70 |
67
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Bure Equity AB | 10,810 | 66 |
| | Concentric AB | 4,656 | 66 |
| *,^ | Qliro Group AB | 31,976 | 59 |
| | Mekonomen AB | 2,334 | 58 |
| | SkiStar AB | 4,733 | 57 |
| | Lindab International AB | 6,351 | 55 |
| | Melker Schorling AB | 893 | 54 |
| | Clas Ohlson AB | 2,654 | 46 |
| | Klovern AB | 40,198 | 45 |
| | Investment AB Oresund | 1,836 | 39 |
| | Rezidor Hotel Group AB | 8,522 | 36 |
| | Nordnet AB | 6,516 | 30 |
| | Sagax AB Preference Shares | 5,206 | 23 |
| * | Eniro AB | 204 | — |
| | | | 72,610 |
| Switzerland (3.0%) | | |
| | Nestle SA | 493,369 | 38,278 |
| | Novartis AG | 361,396 | 36,889 |
| | Roche Holding AG | 108,733 | 31,115 |
| * | UBS Group AG | 542,574 | 10,839 |
| | ABB Ltd. | 352,097 | 7,715 |
| | Cie Financiere Richemont SA | 82,176 | 7,325 |
| | Zurich Insurance Group AG | 22,452 | 6,930 |
| | Credit Suisse Group AG | 247,676 | 6,555 |
| | Syngenta AG | 14,042 | 4,699 |
| | Swiss Re AG | 51,528 | 4,571 |
| | Holcim Ltd. | 36,129 | 2,902 |
| | Givaudan SA | 1,398 | 2,616 |
| | Swatch Group AG (Bearer) | 5,604 | 2,505 |
| | Swisscom AG | 3,510 | 2,087 |
| | Geberit AG | 5,880 | 2,083 |
| | Actelion Ltd. | 15,549 | 2,046 |
| | Adecco SA | 24,864 | 2,026 |
| | Julius Baer Group Ltd. | 32,754 | 1,714 |
| | SGS SA | 794 | 1,538 |
| | Swiss Life Holding AG | 4,827 | 1,145 |
| | Sika AG | 318 | 1,092 |
| | Lonza Group AG | 7,641 | 1,080 |
| | Schindler Holding AG | 6,094 | 1,031 |
| | Sonova Holding AG | 7,374 | 1,019 |
| | Kuehne & Nagel International AG | 6,762 | 1,014 |
| | Chocoladefabriken Lindt & Sprungli AG Registered Shares | 15 | 965 |
| | Barry Callebaut AG | 766 | 929 |
| ^ | Transocean Ltd. (XVTX) | 50,927 | 912 |
| | Aryzta AG | 13,303 | 898 |
| | Clariant AG | 40,316 | 885 |
| * | Baloise Holding AG | 6,183 | 805 |
| | Partners Group Holding AG | 2,543 | 797 |
| | Chocoladefabriken Lindt & Sprungli AG Participation Certificates | 145 | 792 |
| * | Dufry AG | 5,049 | 742 |
| | Galenica AG | 771 | 720 |
| | Swiss Prime Site AG | 7,995 | 701 |
| | BB Biotech AG | 2,288 | 670 |
| | Schindler Holding AG (Registered) | 3,561 | 593 |
| * | ams AG | 10,465 | 569 |
| | Swatch Group AG (Registered) | 6,066 | 538 |
| | PSP Swiss Property AG | 5,741 | 535 |
| * | GAM Holding AG | 21,618 | 488 |
| | Helvetia Holding AG | 855 | 486 |
| | Georg Fischer AG | 656 | 464 |
| | EMS-Chemie Holding AG | 1,050 | 441 |
| | Kaba Holding AG Class B | 646 | 424 |
| | Sulzer AG | 3,438 | 384 |
| | Forbo Holding AG | 312 | 378 |
68
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Logitech International SA | 23,446 | 352 |
| | Temenos Group AG | 9,179 | 334 |
| | OC Oerlikon Corp. AG | 24,791 | 324 |
| | Flughafen Zuerich AG | 398 | 310 |
| | Pargesa Holding SA | 4,242 | 309 |
| | Allreal Holding AG | 2,075 | 298 |
| | DKSH Holding AG | 3,711 | 292 |
| | Bucher Industries AG | 1,143 | 287 |
| | Straumann Holding AG | 1,000 | 283 |
| | Panalpina Welttransport Holding AG | 2,018 | 281 |
| | Banque Cantonale Vaudoise | 434 | 256 |
| | Mobimo Holding AG | 1,069 | 239 |
| | Leonteq AG | 1,248 | 214 |
| | Valiant Holding AG | 2,356 | 212 |
| | Vontobel Holding AG | 4,312 | 192 |
| | Tecan Group AG | 1,403 | 186 |
| | EFG International AG | 12,367 | 182 |
| | Burckhardt Compression Holding AG | 416 | 181 |
| * | Cembra Money Bank AG | 2,618 | 174 |
| | St. Galler Kantonalbank AG | 394 | 150 |
| | Implenia AG | 2,085 | 143 |
| | Gategroup Holding AG | 4,013 | 140 |
| | Belimo Holding AG | 57 | 138 |
| | Kuoni Reisen Holding AG | 395 | 133 |
| | Autoneum Holding AG | 583 | 129 |
| | Conzzeta AG | 34 | 128 |
| | Rieter Holding AG | 709 | 117 |
| | Daetwyler Holding AG | 806 | 114 |
| | Schweiter Technologies AG | 125 | 109 |
| | Transocean Ltd. (XNYS) | 5,627 | 106 |
| | Huber & Suhner AG | 2,238 | 103 |
| * | Cosmo Pharmaceuticals SA | 599 | 101 |
| | Kudelski SA | 6,259 | 94 |
| | Emmi AG | 270 | 90 |
| *,^ | Meyer Burger Technology AG | 12,887 | 88 |
| | Valora Holding AG | 370 | 83 |
| * | Schmolz & Bickenbach AG | 75,992 | 73 |
| | Swissquote Group Holding SA | 2,287 | 73 |
| | Vetropack Holding AG | 40 | 68 |
| | BKW AG | 1,670 | 66 |
| | Basler Kantonalbank | 852 | 65 |
| | VZ Holding AG | 293 | 63 |
| | Ascom Holding AG | 3,260 | 58 |
| * | Zehnder Group AG | 1,190 | 56 |
| * | AFG Arbonia-Forster Holding AG | 2,493 | 53 |
| | Liechtensteinische Landesbank AG | 1,240 | 50 |
| * | Basilea Pharmaceutica | 412 | 49 |
| * | Alpiq Holding AG | 434 | 38 |
| | Siegfried Holding AG | 154 | 26 |
| * | Orascom Development Holding AG | 1,294 | 20 |
| | | | 203,560 |
| Taiwan (1.5%) | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 410,272 | 10,027 |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,726,000 | 8,309 |
| | Hon Hai Precision Industry Co. Ltd. | 1,927,266 | 5,775 |
| | MediaTek Inc. | 225,086 | 2,893 |
| | Chunghwa Telecom Co. Ltd. ADR | 84,306 | 2,713 |
| | Fubon Financial Holding Co. Ltd. | 1,092,880 | 2,350 |
| | Cathay Financial Holding Co. Ltd. | 1,196,549 | 2,090 |
| | Nan Ya Plastics Corp. | 847,423 | 2,083 |
| | Formosa Plastics Corp. | 723,873 | 1,861 |
| | Delta Electronics Inc. | 304,641 | 1,833 |
| | CTBC Financial Holding Co. Ltd. | 2,237,852 | 1,742 |
| | Formosa Chemicals & Fibre Corp. | 671,283 | 1,711 |
69
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Advanced Semiconductor Engineering Inc. ADR | 232,013 | 1,654 |
| | Largan Precision Co. Ltd. | 15,020 | 1,505 |
| | China Steel Corp. | 1,737,390 | 1,459 |
| | Mega Financial Holding Co. Ltd. | 1,481,557 | 1,318 |
| | Catcher Technology Co. Ltd. | 110,310 | 1,291 |
| | Uni-President Enterprises Corp. | 692,647 | 1,134 |
| | Asustek Computer Inc. | 105,169 | 1,114 |
| | Hotai Motor Co. Ltd. | 61,000 | 1,057 |
| | Quanta Computer Inc. | 412,450 | 1,035 |
| | China Development Financial Holding Corp. | 2,133,580 | 889 |
| | Taiwan Mobile Co. Ltd. | 249,800 | 880 |
| | Yuanta Financial Holding Co. Ltd. | 1,462,489 | 850 |
| | Innolux Corp. | 1,550,885 | 800 |
| | Pegatron Corp. | 247,954 | 735 |
| | Formosa Petrochemical Corp. | 277,140 | 714 |
| | United Microelectronics Corp. | 1,373,180 | 658 |
| | Highwealth Construction Corp. | 245,800 | 641 |
| | SinoPac Financial Holdings Co. Ltd. | 1,412,277 | 640 |
| | President Chain Store Corp. | 86,372 | 639 |
| | AU Optronics Corp. ADR | 125,318 | 629 |
| | Cheng Shin Rubber Industry Co. Ltd. | 261,379 | 626 |
| | Far EasTone Telecommunications Co. Ltd. | 262,000 | 625 |
| | E.Sun Financial Holding Co. Ltd. | 907,623 | 621 |
| | First Financial Holding Co. Ltd. | 978,237 | 615 |
| | Taiwan Cooperative Financial Holding Co. Ltd. | 1,122,794 | 606 |
| | Taiwan Cement Corp. | 423,210 | 601 |
| | Hermes Microvision Inc. | 8,493 | 597 |
| | Siliconware Precision Industries Co. Ltd. | 359,030 | 590 |
| | Hua Nan Financial Holdings Co. Ltd. | 935,651 | 575 |
| | Far Eastern New Century Corp. | 521,137 | 572 |
| | Taishin Financial Holding Co. Ltd. | 1,205,707 | 552 |
| | Pou Chen Corp. | 390,524 | 547 |
| | Compal Electronics Inc. | 585,323 | 533 |
| | China Life Insurance Co. Ltd. | 431,561 | 457 |
| * | HTC Corp. | 105,491 | 434 |
| * | Taiwan Business Bank | 1,306,973 | 430 |
| | Foxconn Technology Co. Ltd. | 147,478 | 420 |
| * | Inotera Memories Inc. | 362,000 | 416 |
| | Novatek Microelectronics Corp. | 79,025 | 413 |
| | Advantech Co. Ltd. | 49,518 | 408 |
| | Lite-On Technology Corp. | 322,109 | 407 |
| | Eclat Textile Co. Ltd. | 28,193 | 377 |
| | Chailease Holding Co. Ltd. | 132,550 | 363 |
| | Asia Cement Corp. | 282,264 | 357 |
| | Giant Manufacturing Co. Ltd. | 37,881 | 327 |
| | CTCI Corp. | 179,000 | 315 |
| | Inventec Corp. | 445,554 | 314 |
| | Shin Kong Financial Holding Co. Ltd. | 940,223 | 305 |
| | Feng TAY Enterprise Co. Ltd. | 48,748 | 301 |
| | Ruentex Industries Ltd. | 118,268 | 290 |
| | Clevo Co. | 182,628 | 288 |
| | WPG Holdings Ltd. | 218,000 | 273 |
| | Wistron Corp. | 319,604 | 272 |
| | Phison Electronics Corp. | 29,000 | 267 |
| * | Ta Chong Bank Ltd. | 739,578 | 265 |
| | AU Optronics Corp. | 520,000 | 261 |
| | Ruentex Development Co. Ltd. | 143,860 | 256 |
| | Makalot Industrial Co. Ltd. | 32,407 | 253 |
| | Teco Electric and Machinery Co. Ltd. | 258,000 | 250 |
| | Merida Industry Co. Ltd. | 33,400 | 250 |
| * | Acer Inc. | 379,551 | 248 |
| | Chang Hwa Commercial Bank Ltd. | 401,661 | 245 |
| | Syncmold Enterprise Corp. | 111,000 | 241 |
| * | Eva Airways Corp. | 301,595 | 238 |
70
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hiwin Technologies Corp. | 31,033 | 237 |
| | Powertech Technology Inc. | 126,000 | 233 |
| | Synnex Technology International Corp. | 160,189 | 227 |
| | King Yuan Electronics Co. Ltd. | 246,000 | 224 |
| | Advanced Semiconductor Engineering Inc. | 155,000 | 220 |
| | TPK Holding Co. Ltd. | 33,958 | 211 |
| | Chicony Electronics Co. Ltd. | 72,905 | 210 |
| | Zhen Ding Technology Holding Ltd. | 59,700 | 208 |
| | Depo Auto Parts Ind Co. Ltd. | 45,000 | 207 |
| | Radiant Opto-Electronics Corp. | 61,314 | 202 |
| * | China Airlines Ltd. | 377,000 | 200 |
| | Epistar Corp. | 125,044 | 195 |
| | Taiwan Fertilizer Co. Ltd. | 106,000 | 195 |
| | PChome Online Inc. | 11,389 | 193 |
| | Dynapack International Technology Corp. | 77,000 | 187 |
| | Simplo Technology Co. Ltd. | 37,400 | 185 |
| | Coretronic Corp. | 134,250 | 182 |
| | Realtek Semiconductor Corp. | 58,420 | 182 |
| | United Microelectronics Corp. ADR | 74,800 | 181 |
| | TSRC Corp. | 155,925 | 180 |
| | Yageo Corp. | 85,385 | 176 |
| | Airtac International Group | 21,000 | 172 |
| * | Aerospace Industrial Development Corp. | 112,368 | 163 |
| | King's Town Bank Co. Ltd. | 157,000 | 161 |
| * | Nan Ya Printed Circuit Board Corp. | 89,000 | 158 |
| | King Slide Works Co. Ltd. | 10,000 | 157 |
| | Wan Hai Lines Ltd. | 141,000 | 156 |
| | Kenda Rubber Industrial Co. Ltd. | 79,881 | 156 |
| | Chipbond Technology Corp. | 72,000 | 156 |
| * | Chimei Materials Technology Corp. | 143,000 | 154 |
| | Far Eastern Department Stores Ltd. | 190,115 | 153 |
| | Gigabyte Technology Co. Ltd. | 124,000 | 150 |
| | Greatek Electronics Inc. | 112,000 | 150 |
| | Huaku Development Co. Ltd. | 65,000 | 148 |
| | Nan Kang Rubber Tire Co. Ltd. | 144,493 | 148 |
| | FLEXium Interconnect Inc. | 41,798 | 148 |
| | Vanguard International Semiconductor Corp. | 96,000 | 147 |
| | Transcend Information Inc. | 38,000 | 146 |
| | Chunghwa Telecom Co. Ltd. | 45,000 | 145 |
| * | Xxentria Technology Materials Corp. | 44,000 | 144 |
| | Tripod Technology Corp. | 73,000 | 143 |
| | Asia Pacific Telecom Co. Ltd. | 331,152 | 143 |
| | Wistron NeWeb Corp. | 52,020 | 138 |
| | Taiwan Secom Co. Ltd. | 45,675 | 137 |
| * | China Petrochemical Development Corp. | 361,350 | 136 |
| | Yungtay Engineering Co. Ltd. | 59,000 | 136 |
| * | Nanya Technology Corp. | 60,000 | 133 |
| * | Evergreen Marine Corp. Taiwan Ltd. | 194,000 | 132 |
| | Formosa Taffeta Co. Ltd. | 108,000 | 128 |
| | Win Semiconductors Corp. | 98,000 | 127 |
| | Tainan Spinning Co. Ltd. | 218,360 | 127 |
| | Eternal Materials Co. Ltd. | 109,180 | 125 |
| | St. Shine Optical Co. Ltd. | 7,000 | 123 |
| | Elite Material Co. Ltd. | 74,000 | 123 |
| | Solar Applied Materials Technology Co. | 140,000 | 123 |
| | YFY Inc. | 287,000 | 122 |
| | Topco Scientific Co. Ltd. | 58,256 | 119 |
| | Wei Chuan Foods Corp. | 152,000 | 119 |
| | Yulon Motor Co. Ltd. | 91,000 | 119 |
| | President Securities Corp. | 198,000 | 118 |
| | Cathay Real Estate Development Co. Ltd. | 186,000 | 117 |
| * | Walsin Lihwa Corp. | 395,000 | 117 |
| * | Hota Industrial Manufacturing Co. Ltd. | 46,000 | 116 |
| | Taichung Commercial Bank Co. Ltd. | 318,971 | 114 |
71
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Chin-Poon Industrial Co. Ltd. | 59,000 | 113 |
| * | eMemory Technology Inc. | 10,000 | 113 |
| * | Macronix International | 461,432 | 112 |
| | Ta Ya Electric Wire & Cable | 528,000 | 111 |
| | Holtek Semiconductor Inc. | 60,000 | 110 |
| * | Winbond Electronics Corp. | 327,000 | 108 |
| | Taiwan Glass Industry Corp. | 150,354 | 108 |
| | Richtek Technology Corp. | 19,000 | 107 |
| | Everlight Electronics Co. Ltd. | 46,000 | 106 |
| | Far Eastern International Bank | 286,163 | 106 |
| | Test Research Inc. | 51,000 | 104 |
| | Visual Photonics Epitaxy Co. Ltd. | 87,000 | 103 |
| | Standard Foods Corp. | 41,365 | 103 |
| | Lung Yen Life Service Corp. | 38,000 | 101 |
| | Sino-American Silicon Products Inc. | 67,000 | 99 |
| | Sitronix Technology Corp. | 27,000 | 97 |
| | Great China Metal Industry | 86,000 | 94 |
| | Grand Pacific Petrochemical | 146,000 | 94 |
| | Unitech Printed Circuit Board Corp. | 206,000 | 93 |
| * | Orient Semiconductor Electronics Ltd. | 176,000 | 93 |
| | Taiwan Paiho Ltd. | 34,000 | 92 |
| | Micro-Star International Co. Ltd. | 77,000 | 92 |
| | Kinsus Interconnect Technology Corp. | 30,000 | 91 |
| | D-Link Corp. | 175,440 | 91 |
| * | Sporton International Inc. | 16,000 | 91 |
| | Firich Enterprises Co. Ltd. | 25,156 | 90 |
| | Unimicron Technology Corp. | 151,000 | 90 |
| | Chroma ATE Inc. | 37,000 | 89 |
| | Taiwan Sogo Shin Kong SEC | 65,650 | 89 |
| | Siliconware Precision Industries Co. Ltd. ADR | 10,800 | 88 |
| | Bank of Kaohsiung Co. Ltd. | 267,000 | 88 |
| | China Steel Chemical Corp. | 18,000 | 87 |
| * | CMC Magnetics Corp. | 696,000 | 86 |
| | MIN AIK Technology Co. Ltd. | 23,000 | 86 |
| | Tung Ho Steel Enterprise Corp. | 110,000 | 86 |
| | Capital Securities Corp. | 232,000 | 86 |
| | Feng Hsin Iron & Steel Co. | 63,000 | 86 |
| | Compeq Manufacturing Co. Ltd. | 135,000 | 85 |
| | China Synthetic Rubber Corp. | 79,000 | 84 |
| | Pixart Imaging Inc. | 27,000 | 82 |
| | Sigurd Microelectronics Corp. | 87,000 | 82 |
| | Grape King Bio Ltd. | 15,000 | 82 |
| * | Yang Ming Marine Transport Corp. | 156,000 | 82 |
| | Neo Solar Power Corp. | 91,000 | 82 |
| | Everlight Chemical Industrial Corp. | 88,200 | 81 |
| | Cheng Loong Corp. | 185,000 | 80 |
| | Wowprime Corp. | 8,665 | 80 |
| | Huang Hsiang Construction Corp. | 55,000 | 79 |
| | Shinkong Synthetic Fibers Corp. | 217,000 | 79 |
| | Asia Vital Components Co. Ltd. | 90,000 | 79 |
| | Jih Sun Financial Holdings Co. Ltd. | 259,814 | 77 |
| | Kinik Co. | 36,000 | 76 |
| | WT Microelectronics Co. Ltd. | 48,095 | 76 |
| | Elan Microelectronics Corp. | 46,000 | 75 |
| | Senao International Co. Ltd. | 49,000 | 75 |
| | Taiwan PCB Techvest Co. Ltd. | 46,000 | 75 |
| | Poya International Co. Ltd. | 6,997 | 75 |
| | Cheng Uei Precision Industry Co. Ltd. | 38,000 | 75 |
| * | Voltronic Power Technology Corp. | 6,000 | 74 |
| * | Etron Technology Inc. | 127,000 | 74 |
| | Ginko International Co. Ltd. | 5,000 | 73 |
| | Elitegroup Computer Systems Co. Ltd. | 73,000 | 73 |
| | Casetek Holdings Ltd. | 12,000 | 73 |
| | U-Ming Marine Transport Corp. | 48,000 | 72 |
72
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | TXC Corp. | 55,000 | 71 |
| * | Sanyang Motor Co. Ltd. | 80,000 | 71 |
| | Oriental Union Chemical Corp. | 78,000 | 70 |
| * | Elite Advanced Laser Corp. | 16,000 | 69 |
| | Parade Technologies Ltd. | 7,000 | 69 |
| | Silergy Corp. | 7,000 | 69 |
| | Evergreen International Storage & Transport Corp. | 118,000 | 69 |
| * | XPEC Entertainment Inc. | 14,000 | 69 |
| | Ton Yi Industrial Corp. | 86,000 | 68 |
| | Altek Corp. | 61,600 | 68 |
| * | Primax Electronics Ltd. | 51,000 | 67 |
| * | Lextar Electronics Corp. | 74,000 | 67 |
| | Taiwan Hon Chuan Enterprise Co. Ltd. | 35,772 | 67 |
| * | Qisda Corp. | 152,000 | 66 |
| | China Motor Corp. | 78,000 | 66 |
| * | Adlink Technology Inc. | 21,000 | 66 |
| | Formosan Rubber Group Inc. | 59,000 | 63 |
| | Cleanaway Co. Ltd. | 10,000 | 62 |
| | USI Corp. | 114,000 | 61 |
| | Merry Electronics Co. Ltd. | 26,850 | 61 |
| | OptoTech Corp. | 134,000 | 61 |
| * | Chung Hwa Pulp Corp. | 169,000 | 61 |
| | Great Wall Enterprise Co. Ltd. | 74,100 | 60 |
| * | Medigen Biotechnology Corp. | 14,000 | 60 |
| | Prince Housing & Development Corp. | 139,050 | 60 |
| | Namchow Chemical Industrial Co. Ltd. | 27,000 | 60 |
| | Taiflex Scientific Co. Ltd. | 40,000 | 60 |
| | Ardentec Corp. | 63,625 | 60 |
| * | Kinpo Electronics | 138,000 | 59 |
| | Faraday Technology Corp. | 43,000 | 59 |
| | Formosa International Hotels Corp. | 5,500 | 59 |
| | China Bills Finance Corp. | 150,000 | 58 |
| | Tong Yang Industry Co. Ltd. | 49,000 | 58 |
| | Lotes Co. Ltd. | 14,000 | 58 |
| | Taiwan Cogeneration Corp. | 58,000 | 57 |
| * | China Man-Made Fiber Corp. | 159,000 | 57 |
| | TA Chen Stainless Pipe | 84,000 | 57 |
| | Nan Liu Enterprise Co. Ltd. | 9,000 | 56 |
| | Toung Loong Textile Manufacturing | 14,000 | 55 |
| * | Center Laboratories Inc. | 19,000 | 55 |
| | Flytech Technology Co. Ltd. | 13,199 | 55 |
| | Hey Song Corp. | 43,500 | 55 |
| | Mitac Holdings Corp. | 67,000 | 55 |
| | Zeng Hsing Industrial Co. Ltd. | 9,000 | 55 |
| | Lien Hwa Industrial Corp. | 79,000 | 54 |
| | TTY Biopharm Co. Ltd. | 24,541 | 54 |
| | Johnson Health Tech Co. Ltd. | 21,000 | 54 |
| * | Kuo Toong International Co. Ltd. | 32,000 | 54 |
| * | PharmaEngine Inc. | 6,000 | 54 |
| * | Tatung Co. Ltd. | 200,000 | 53 |
| | Shin Zu Shing Co. Ltd. | 19,000 | 53 |
| | San Shing Fastech Corp. | 20,700 | 53 |
| * | Microbio Co. Ltd. | 61,000 | 52 |
| | Chlitina Holding Ltd. | 8,400 | 52 |
| | Sercomm Corp. | 23,000 | 51 |
| | YungShin Global Holding Corp. | 28,000 | 51 |
| | Brogent Technologies Inc. | 4,000 | 51 |
| | Chong Hong Construction Co. Ltd. | 22,050 | 50 |
| | Weltrend Semiconductor | 52,000 | 50 |
| | International Games System Co. Ltd. | 12,000 | 49 |
| * | Asia Optical Co. Inc. | 40,000 | 49 |
| * | Goldsun Development & Construction Co. Ltd. | 144,000 | 49 |
| * | Posiflex Technology Inc. | 9,000 | 49 |
| | UPC Technology Corp. | 123,000 | 48 |
73
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Unizyx Holding Corp. | 91,000 | 48 |
| * | Shining Building Business Co. Ltd. | 80,600 | 48 |
| | HannStar Display Corp. | 235,265 | 48 |
| * | E-Ton Solar Tech Co. Ltd. | 90,000 | 47 |
| * | TWi Pharmaceuticals Inc. | 7,000 | 47 |
| | Motech Industries Inc. | 36,000 | 46 |
| | CHC Healthcare Group | 23,000 | 46 |
| | Career Technology MFG. Co. Ltd. | 46,000 | 46 |
| | Soft-World International Corp. | 16,000 | 45 |
| | Taiwan Styrene Monomer | 93,450 | 45 |
| | Tong Hsing Electronic Industries Ltd. | 14,000 | 45 |
| | Radium Life Tech Co. Ltd. | 85,680 | 45 |
| | Aten International Co. Ltd. | 15,000 | 44 |
| | LCY Chemical Corp. | 67,000 | 44 |
| | Federal Corp. | 74,000 | 44 |
| | ScinoPharm Taiwan Ltd. | 26,000 | 44 |
| | Universal Cement Corp. | 40,642 | 43 |
| | IEI Integration Corp. | 24,380 | 43 |
| | AV Tech Corp. | 32,000 | 43 |
| | Taiwan Semiconductor Co. Ltd. | 41,000 | 43 |
| * | Darwin Precisions Corp. | 73,000 | 43 |
| | AmTRAN Technology Co. Ltd. | 74,000 | 42 |
| | Taiwan Mask Corp. | 129,000 | 42 |
| | AcBel Polytech Inc. | 43,000 | 42 |
| | Green Seal Holding Ltd. | 8,800 | 42 |
| * | Ichia Technologies Inc. | 49,000 | 42 |
| | A-DATA Technology Co. Ltd. | 26,190 | 41 |
| | Gigasolar Materials Corp. | 2,400 | 41 |
| | Unity Opto Technology Co. Ltd. | 38,000 | 41 |
| | Hung Sheng Construction Ltd. | 57,000 | 41 |
| | Kindom Construction Corp. | 45,000 | 41 |
| * | Taiwan Life Insurance Co. Ltd. | 43,000 | 40 |
| * | Walsin Technology Corp. | 87,000 | 40 |
| | Farglory Land Development Co. Ltd. | 33,000 | 39 |
| * | FocalTech Systems Co. Ltd. | 38,400 | 39 |
| | Sampo Corp. | 86,000 | 39 |
| * | TYC Brother Industrial Co. Ltd. | 53,000 | 38 |
| | Elite Semiconductor Memory Technology Inc. | 27,000 | 38 |
| * | Mosel Vitelic Inc. | 227,000 | 38 |
| | Taiwan Fire & Marine Insurance Co. Ltd. | 47,000 | 37 |
| * | Taiwan Liposome Co. Ltd. | 5,000 | 36 |
| | Taiwan Land Development Corp. | 70,000 | 36 |
| * | Topkey Corp. | 8,000 | 36 |
| * | E Ink Holdings Inc. | 79,000 | 36 |
| | Mercuries & Associates Holding Ltd. | 51,000 | 36 |
| | Long Bon International Co. Ltd. | 44,000 | 35 |
| * | Taigen Biopharmaceuticals Holdings Ltd. | 38,000 | 35 |
| | Jentech Precision Industrial Co. Ltd. | 16,000 | 35 |
| | CyberTAN Technology Inc. | 44,000 | 35 |
| * | Lotus Pharmaceutical Co. Ltd. | 11,000 | 34 |
| | ACES Electronic Co. Ltd. | 33,000 | 34 |
| | Masterlink Securities Corp. | 90,000 | 34 |
| | Taiwan TEA Corp. | 59,000 | 34 |
| * | G Tech Optoelectronics Corp. | 38,000 | 33 |
| | Continental Holdings Corp. | 91,000 | 33 |
| | Taiwan Surface Mounting Technology Co. Ltd. | 25,000 | 33 |
| * | Mercuries Life Insurance Co. Ltd. | 53,000 | 33 |
| * | Ho Tung Chemical Corp. | 111,300 | 32 |
| | Taiwan Sanyo Electric Co. Ltd. | 32,000 | 32 |
| | Wah Lee Industrial Corp. | 17,000 | 32 |
| | Sonix Technology Co. Ltd. | 21,000 | 32 |
| | Taiyen Biotech Co. Ltd. | 36,000 | 31 |
| * | Taiwan FamilyMart Co. Ltd. | 4,000 | 31 |
| | GeoVision Inc. | 8,800 | 31 |
74
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Lite-On Semiconductor Corp. | 38,000 | 30 |
| * | Ritek Corp. | 296,000 | 30 |
| | Gourmet Master Co. Ltd. | 7,000 | 30 |
| * | Gigastorage Corp. | 34,000 | 30 |
| | Taiwan Acceptance Corp. | 11,000 | 30 |
| * | Gintech Energy Corp. | 46,000 | 29 |
| | Kerry TJ Logistics Co. Ltd. | 21,623 | 29 |
| | Basso Industry Corp. | 18,000 | 28 |
| | Hung Poo Real Estate Development Corp. | 31,000 | 28 |
| | ITEQ Corp. | 33,000 | 27 |
| | Advanced International Multitech Co. Ltd. | 35,000 | 27 |
| * | Rich Development Co. Ltd. | 63,000 | 27 |
| | Rechi Precision Co. Ltd. | 25,000 | 27 |
| | KEE TAI Properties Co. Ltd. | 41,000 | 27 |
| * | Li Peng Enterprise Co. Ltd. | 72,000 | 27 |
| | Chung Hsin Electric & Machinery Manufacturing Corp. | 37,000 | 27 |
| | Tong-Tai Machine & Tool Co. Ltd. | 28,000 | 26 |
| * | Concord Securities Corp. | 96,000 | 26 |
| | Ambassador Hotel | 28,000 | 26 |
| | HUA ENG Wire & Cable | 79,000 | 26 |
| | Microlife Corp. | 11,000 | 26 |
| | Global Mixed Mode Technology Inc. | 9,000 | 26 |
| * | AGV Products Corp. | 96,000 | 26 |
| | Test Rite International Co. Ltd. | 37,000 | 25 |
| | China Metal Products | 24,000 | 25 |
| * | Genius Electronic Optical Co. Ltd. | 8,714 | 25 |
| | Vivotek Inc. | 8,275 | 25 |
| | BES Engineering Corp. | 99,000 | 24 |
| | Sinyi Realty Inc. | 21,000 | 24 |
| | Yulon Nissan Motor Co. Ltd. | 2,000 | 21 |
| * | Gold Circuit Electronics Ltd. | 41,000 | 21 |
| | Globalwafers Co. Ltd. | 3,133 | 10 |
| * | Via Technologies Inc. | 21,867 | 6 |
| | ENG Electric Co. Ltd. | 3,000 | 2 |
| | | | 103,616 |
| Thailand (0.3%) | | |
| | Advanced Info Service PCL (Foreign) | 178,500 | 1,296 |
| | Kasikornbank PCL (Foreign) | 190,035 | 1,206 |
| * | PTT PCL | 71,700 | 773 |
| | Siam Commercial Bank PCL (Foreign) | 157,200 | 756 |
| | Siam Cement PCL (Foreign) | 42,200 | 687 |
| | CP ALL PCL (Foreign) | 538,200 | 685 |
| | Airports of Thailand PCL (Foreign) | 75,200 | 659 |
| | PTT PCL (Foreign) | 54,300 | 585 |
| | PTT Exploration & Production PCL (Foreign) | 140,881 | 499 |
| | Bangkok Bank PCL (Foreign) | 73,698 | 414 |
| * | Siam Commercial Bank PCL (Local) | 77,800 | 374 |
| * | Big C Supercenter PCL | 53,700 | 360 |
| | Intouch NVDR | 135,496 | 316 |
| | PTT Global Chemical PCL (Foreign) | 161,915 | 315 |
| * | True Corp. PCL (Regular) | 816,800 | 301 |
| | Krung Thai Bank PCL (Foreign) | 482,175 | 292 |
| | TMB Bank PCL | 3,532,900 | 278 |
| | Central Pattana PCL | 208,800 | 265 |
| * | PTT Exploration and Production PCL (Local) | 72,800 | 258 |
| | Thai Union Frozen Products PCL (Foreign) | 404,880 | 251 |
| * | Indorama Ventures PCL | 332,500 | 248 |
| * | Thaicom PCL | 198,000 | 220 |
| | Total Access Communication PCL (Foreign) | 80,000 | 210 |
| * | Bangkok Dusit Medical Services PCL | 343,500 | 210 |
| * | Bumrungrad Hospital PCL | 42,500 | 206 |
| | Thai Oil PCL (Foreign) | 112,700 | 200 |
| * | Bangkok Expressway PCL | 165,600 | 196 |
75
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Thoresen Thai Agencies PCL (Foreign) | 480,252 | 195 |
| * | Intouch Holdings PCL | 78,200 | 182 |
| * | PTT Global Chemical PCL (Local) | 92,500 | 180 |
| | Pruksa Real Estate PCL | 210,700 | 175 |
| * | Charoen Pokphand Foods PCL | 255,900 | 173 |
| * | Minor International PCL | 172,260 | 172 |
| | Electricity Generating PCL (Foreign) | 37,200 | 171 |
| | BTS Group Holdings PCL Depository Receipt | 604,800 | 169 |
| | BEC World PCL (Foreign) | 130,800 | 160 |
| * | Airports of Thailand PCL | 17,766 | 156 |
| * | CP ALL PCL (Local) | 121,500 | 155 |
| | IRPC PCL (Foreign) | 1,079,400 | 150 |
| * | Cal-Comp Electronics Thailand PCL | 1,344,630 | 149 |
| ^ | Home Product Center PCL | 677,597 | 148 |
| * | Land & Houses PCL | 508,200 | 147 |
| * | Delta Electronics Thailand PCL | 51,800 | 131 |
| | Charoen Pokphand Foods PCL (Foreign) | 188,200 | 127 |
| * | Samart Corp. PCL | 128,900 | 117 |
| * | Banpu PCL (Local) | 131,700 | 116 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 361,700 | 114 |
| * | Siam City Cement PCL (Local) | 10,080 | 112 |
| ^ | Bangkok Dusit Medical Services PCL (Foreign) | 176,000 | 108 |
| * | Glow Energy PCL | 37,300 | 96 |
| * | Srisawad Power 1979 PCL | 75,480 | 95 |
| * | BTS Group Holdings PCL | 332,800 | 93 |
| * | VGI Global Media PCL | 652,900 | 90 |
| * | Hana Microelectronics PCL | 64,600 | 87 |
| * | True Corp. PCL (Foreign) | 232,127 | 86 |
| * | Robinson Department Store PCL | 59,400 | 84 |
| | Kiatnakin Bank PCL | 74,800 | 84 |
| ^ | Minor International PCL (Foreign) | 83,610 | 83 |
| * | KCE Electronics PCL | 48,000 | 78 |
| * | Bangkok Life Assurance PCL | 50,940 | 77 |
| * | Total Access Communication PCL (Local) | 25,400 | 67 |
| * | Italian-Thai Development PCL | 284,200 | 65 |
| * | Jasmine International PCL | 387,200 | 64 |
| * | Ratchaburi Electricity Generating Holding PCL (Local) | 35,300 | 64 |
| * | Sino-Thai Engineering & Construction PCL | 99,100 | 63 |
| * | Bangkok Land PCL | 1,219,100 | 56 |
| * | Superblock PCL | 867,300 | 56 |
| * | Berli Jucker PCL | 49,600 | 56 |
| * | Tisco Financial Group PCL | 40,100 | 55 |
| * | Siam Global House PCL | 184,914 | 54 |
| * | CH Karnchang PCL | 70,300 | 54 |
| * | SPCG PCL | 65,000 | 54 |
| * | Bank of Ayudhya PCL (Local) | 44,015 | 54 |
| | LPN Development PCL | 102,800 | 53 |
| * | CK Power PCL | 529,000 | 53 |
| * | WHA Corp. PCL | 42,000 | 53 |
| * | TPI Polene PCL | 605,600 | 53 |
| * | Precious Shipping PCL | 125,400 | 52 |
| * | Thanachart Capital PCL | 50,100 | 52 |
| | Bangkok Expressway PCL (Foreign) | 43,100 | 51 |
| * | Central Plaza Hotel PCL | 50,100 | 51 |
| * | Gunkul Engineering PCL | 60,125 | 50 |
| * | Chularat Hospital PCL | 83,798 | 49 |
| * | TTW PCL | 136,600 | 47 |
| * | Bangkok Metro PCL | 809,300 | 47 |
| * | Quality Houses PCL | 470,983 | 44 |
| | Siam City Cement PCL (Foreign) | 3,800 | 42 |
| * | Thai Airways International PCL (Foreign) | 104,374 | 40 |
| * | Bangkok Chain Hospital PCL | 154,400 | 38 |
| * | Univentures PCL | 143,400 | 36 |
| | Delta Electronics Thai PCL (Foreign) | 14,200 | 36 |
76
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Major Cineplex Group PCL | 33,800 | 34 |
| | Glow Energy PCL (Foreign) | 13,000 | 34 |
| * | Sri Trang Agro-Industry PCL | 78,200 | 31 |
| | Bumrungrad Hospital PCL (Foreign) | 5,600 | 27 |
| * | Sansiri PCL (Local) | 463,100 | 26 |
| * | MBK PCL | 61,400 | 26 |
| * | Bangchak Petroleum PCL | 24,500 | 26 |
| * | Thai Vegetable Oil PCL | 36,900 | 24 |
| | Thai Reinsurance PCL | 243,500 | 22 |
| | WHA Corp. PCL (Foreign) | 15,319 | 19 |
| * | Supalai PCL | 30,600 | 18 |
| * | IRPC PCL | 129,200 | 18 |
| | Bank of Ayudhya PCL | 10,665 | 13 |
| * | Thoresen Thai Agencies PCL | 13,200 | 5 |
| * | WHA Corp. PCL Warrants Exp. 12/31/2019 | 5,106 | 4 |
| * | Indorama Ventures PCL Warrants Exp. 08/24/2017 | 33,250 | 2 |
| | CK Power PCL Rights Exp. 05/22/2015 | 179,860 | 2 |
| * | Indorama Ventures Warrants Exp. 08/24/2018 | 25,576 | 1 |
| * | Minor International Warrants Exp. 11/03/2017 | 7,830 | 1 |
| | Bank of Ayudhya PCL (Foreign) | 4 | — |
| * | Thoresen Thai Agencies PCL Warrants Exp. 02/28/2019 | 53,346 | — |
| * | Samart Corp. PCL Warrants Exp. 02/11/2018 | 39,440 | — |
| * | VGI Global Media PCL Warrants | 35,725 | — |
| * | Srisawad Power 1979 PCL Warrants Exp. 11/30/2017 | 2,960 | — |
| | | | 18,262 |
| Turkey (0.1%) | | |
| | Turkiye Garanti Bankasi AS | 309,458 | 985 |
| | Akbank TAS | 302,016 | 880 |
| | Turkiye Halk Bankasi AS | 158,339 | 802 |
| | BIM Birlesik Magazalar AS | 33,556 | 621 |
| | Turkcell Iletisim Hizmetleri AS | 118,149 | 526 |
| * | Tupras Turkiye Petrol Rafinerileri AS | 18,444 | 448 |
| | Turkiye Is Bankasi | 196,810 | 443 |
| | KOC Holding AS | 93,117 | 440 |
| | Haci Omer Sabanci Holding AS (Bearer) | 120,258 | 440 |
| | Ford Otomotiv Sanayi AS | 29,955 | 370 |
| | Eregli Demir ve Celik Fabrikalari TAS | 198,474 | 335 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 270,833 | 313 |
| | Turkiye Vakiflar Bankasi TAO | 152,943 | 271 |
| | Is Gayrimenkul Yatirim Ortakligi AS | 410,411 | 261 |
| * | Anadolu Efes Biracilik Ve Malt Sanayii AS | 27,095 | 228 |
| * | Turk Hava Yollari AO | 64,679 | 215 |
| | Coca-Cola Icecek AS | 10,490 | 178 |
| | Ulker Biskuvi Sanayi AS | 23,237 | 178 |
| | Turk Telekomunikasyon AS | 61,606 | 170 |
| * | TAV Havalimanlari Holding AS | 18,890 | 166 |
| | Yapi ve Kredi Bankasi AS | 96,920 | 152 |
| * | Sekerbank TAS | 205,730 | 138 |
| | Enka Insaat ve Sanayi AS | 56,983 | 122 |
| | Aksigorta AS | 132,563 | 118 |
| | Arcelik AS | 19,148 | 103 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 125,938 | 87 |
| | Tofas Turk Otomobil Fabrikasi AS | 11,752 | 72 |
| | Turkiye Sise ve Cam Fabrikalari AS | 55,657 | 71 |
| * | Asya Katilim Bankasi AS | 200,622 | 65 |
| | Petkim Petrokimya Holding AS | 45,663 | 64 |
| * | Zorlu Enerji Elektrik Uretim AS | 82,067 | 63 |
| * | Vestel Elektronik Sanayi ve Ticaret AS | 30,240 | 62 |
| | Turkiye Sinai Kalkinma Bankasi AS | 82,153 | 62 |
| | Otokar Otomotiv Ve Savunma Sanayi A.S. | 1,491 | 54 |
| | Cimsa Cimento Sanayi VE Ticaret AS | 8,065 | 49 |
| | Yazicilar Holding AS Class A | 5,506 | 49 |
| | Aksa Akrilik Kimya Sanayii AS | 11,842 | 48 |
| | Turk Traktor ve Ziraat Makineleri AS | 1,534 | 46 |
77
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aygaz AS | 12,065 | 44 |
| * | Pegasus Hava Tasimaciligi AS | 4,428 | 44 |
| * | Dogan Sirketler Grubu Holding AS | 168,390 | 38 |
| | Aselsan Elektronik Sanayi Ve Ticaret AS | 6,963 | 36 |
| | Dogus Otomotiv Servis ve Ticaret AS | 7,386 | 36 |
| | Koza Altin Isletmeleri AS | 3,153 | 33 |
| | Albaraka Turk Katilim Bankasi AS | 32,421 | 21 |
| | Trakya Cam Sanayii AS | 17,090 | 21 |
| | Vakif Gayrimenkul Yatirim Ortakligi AS | 18,954 | 19 |
| | | | 9,987 |
| United Arab Emirates (0.1%) | | |
| | Emaar Properties PJSC | 537,662 | 1,192 |
| | First Gulf Bank PJSC | 166,096 | 687 |
| | Abu Dhabi Commercial Bank PJSC | 284,093 | 573 |
| | DP World Ltd. | 24,518 | 565 |
| | Aldar Properties PJSC | 434,222 | 322 |
| | Union National Bank PJSC | 160,687 | 299 |
| * | Emaar Malls Group PJSC | 333,632 | 291 |
| * | Arabtec Holding PJSC | 367,767 | 291 |
| | Dubai Islamic Bank PJSC | 133,375 | 250 |
| | Al Waha Capital PJSC | 234,724 | 165 |
| | Dubai Investments PJSC | 171,276 | 142 |
| | Dubai Financial Market PJSC | 204,087 | 120 |
| | Air Arabia PJSC | 256,371 | 114 |
| * | Drake & Scull International PJSC | 459,669 | 109 |
| | Aramex PJSC | 106,323 | 101 |
| * | Dana Gas PJSC | 547,053 | 75 |
| * | Agthia Group PJSC | 25,866 | 54 |
| * | Union Properties PJSC | 127,128 | 52 |
| * | Eshraq Properties Co. PJSC | 184,450 | 51 |
| * | Deyaar Development PJSC | 200,535 | 50 |
| | National Central Cooling Co. PJSC | 134,628 | 46 |
| * | Islamic Arab Insurance Co. | 275,587 | 45 |
| | RAK Properties PJSC | 168,932 | 34 |
| | | | 5,628 |
| United Kingdom (7.1%) | | |
| | HSBC Holdings plc | 3,017,103 | 30,140 |
| | BP plc | 2,808,479 | 20,256 |
| | Royal Dutch Shell plc Class A | 616,743 | 19,446 |
| | GlaxoSmithKline plc | 751,062 | 17,347 |
| | British American Tobacco plc | 287,715 | 15,808 |
| | Vodafone Group plc | 4,107,267 | 14,471 |
| | AstraZeneca plc | 194,953 | 13,379 |
| | Royal Dutch Shell plc Class B | 371,274 | 11,887 |
| | Diageo plc | 390,282 | 10,835 |
| | Barclays plc | 2,528,764 | 9,894 |
| | Lloyds Banking Group plc | 8,328,861 | 9,864 |
| | Prudential plc | 389,277 | 9,692 |
| | BG Group plc | 528,937 | 9,581 |
| | BT Group plc | 1,292,794 | 9,017 |
| | Reckitt Benckiser Group plc | 99,175 | 8,827 |
| | Rio Tinto plc | 191,576 | 8,573 |
| | SABMiller plc | 153,837 | 8,143 |
| | Unilever plc | 185,374 | 8,126 |
| | Glencore plc | 1,645,167 | 7,816 |
| | BHP Billiton plc | 324,121 | 7,791 |
| | National Grid plc | 577,358 | 7,767 |
| | Shire plc | 90,731 | 7,373 |
| | Imperial Tobacco Group plc | 149,331 | 7,292 |
| | Compass Group plc | 295,136 | 5,217 |
| | Standard Chartered plc | 313,336 | 5,130 |
| | Aviva plc | 610,826 | 4,914 |
| | WPP plc | 200,135 | 4,667 |
| | Rolls-Royce Holdings plc | 286,845 | 4,573 |
78
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tesco plc | 1,252,188 | 4,221 |
| | BAE Systems plc | 491,782 | 3,810 |
| | CRH plc | 132,932 | 3,715 |
| | ARM Holdings plc | 217,753 | 3,700 |
| | SSE plc | 150,161 | 3,558 |
| | Reed Elsevier plc | 214,197 | 3,545 |
| | Legal & General Group plc | 890,021 | 3,538 |
| | Anglo American plc London Shares | 203,224 | 3,443 |
| | Next plc | 28,286 | 3,180 |
| | Land Securities Group plc | 162,983 | 3,119 |
| | Centrica plc | 759,566 | 2,966 |
| | Experian plc | 153,312 | 2,738 |
| | Sky plc | 161,106 | 2,656 |
| | Old Mutual plc | 729,886 | 2,618 |
| | Pearson plc | 123,066 | 2,487 |
| | Associated British Foods plc | 53,799 | 2,349 |
| | Wolseley plc | 39,254 | 2,322 |
| | Smith & Nephew plc | 134,729 | 2,293 |
| | Burberry Group plc | 85,998 | 2,293 |
| | ITV plc | 569,336 | 2,210 |
| | Whitbread plc | 26,523 | 2,130 |
| | Marks & Spencer Group plc | 247,466 | 2,096 |
| | Standard Life plc | 287,005 | 2,052 |
| | InterContinental Hotels Group plc | 46,817 | 2,002 |
| | Kingfisher plc | 361,000 | 1,940 |
| | British Land Co. plc | 145,666 | 1,855 |
| | London Stock Exchange Group plc | 47,357 | 1,843 |
| | Capita plc | 100,672 | 1,762 |
| * | Royal Bank of Scotland Group plc | 322,630 | 1,672 |
| | Johnson Matthey plc | 30,925 | 1,581 |
| | United Utilities Group plc | 105,415 | 1,568 |
| | Aberdeen Asset Management plc | 214,052 | 1,554 |
| | Investec plc | 148,419 | 1,417 |
| | Bunzl plc | 47,206 | 1,327 |
| | Ashtead Group plc | 75,202 | 1,290 |
| | G4S plc | 287,322 | 1,289 |
| | GKN plc | 239,660 | 1,285 |
| | DCC plc | 20,197 | 1,285 |
| | Carnival plc | 27,666 | 1,259 |
| | IMI plc | 64,074 | 1,228 |
| * | International Consolidated Airlines Group SA (London Shares) | 147,260 | 1,221 |
| | Persimmon plc | 46,627 | 1,211 |
| | Taylor Wimpey plc | 473,339 | 1,202 |
| | Severn Trent plc | 36,616 | 1,192 |
| | Sage Group plc | 157,820 | 1,173 |
| | Travis Perkins plc | 36,101 | 1,147 |
| | Barratt Developments plc | 143,460 | 1,138 |
| | Smiths Group plc | 64,939 | 1,137 |
| | Mondi plc | 56,075 | 1,135 |
| | Hammerson plc | 107,430 | 1,101 |
| | Randgold Resources Ltd. | 14,430 | 1,098 |
| | Weir Group plc | 38,179 | 1,098 |
| | 3i Group plc | 136,566 | 1,058 |
| | Direct Line Insurance Group plc | 213,003 | 1,040 |
| | Provident Financial plc | 22,234 | 1,026 |
| | Inmarsat plc | 65,964 | 1,016 |
| | Intertek Group plc | 25,292 | 1,011 |
| | RSA Insurance Group plc | 153,722 | 1,006 |
| | St. James's Place plc | 73,348 | 1,001 |
| | Dixons Carphone plc | 148,164 | 962 |
| | Meggitt plc | 118,531 | 958 |
| | Rexam plc | 106,822 | 948 |
| | Aggreko plc | 37,196 | 938 |
| | Man Group plc | 317,455 | 936 |
79
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | WM Morrison Supermarkets plc | 325,405 | 928 |
| | Tullow Oil plc | 141,412 | 898 |
| | J Sainsbury plc | 214,709 | 893 |
| | Babcock International Group plc | 57,064 | 880 |
| | easyJet plc | 31,662 | 875 |
| | Croda International plc | 20,127 | 873 |
| | Inchcape plc | 66,349 | 844 |
| | Schroders plc | 16,998 | 843 |
| | Informa plc | 93,845 | 799 |
| | Howden Joinery Group plc | 112,047 | 798 |
| | William Hill plc | 143,284 | 792 |
| | Pennon Group plc | 59,845 | 785 |
| | DS Smith plc | 144,679 | 774 |
| | Amec Foster Wheeler plc | 53,864 | 754 |
| | TUI AG | 39,731 | 741 |
| | Royal Mail plc | 103,498 | 739 |
| | Derwent London plc | 13,949 | 734 |
| | Cobham plc | 158,612 | 720 |
| | Admiral Group plc | 29,631 | 707 |
| * | BTG plc | 63,864 | 705 |
| | Rightmove plc | 14,289 | 692 |
| | Henderson Group plc | 161,691 | 690 |
| 2 | Merlin Entertainments plc | 101,508 | 678 |
| | Berkeley Group Holdings plc | 17,558 | 676 |
| | ICAP plc | 78,700 | 669 |
| | Segro plc | 100,787 | 662 |
| | Spirax-Sarco Engineering plc | 12,768 | 661 |
| | Tate & Lyle plc | 71,931 | 655 |
| | Hikma Pharmaceuticals plc | 20,921 | 654 |
| | Capital & Counties Properties plc | 107,572 | 650 |
| | Intu Properties plc | 123,573 | 648 |
| * | Coca-Cola HBC AG | 30,276 | 639 |
| | Kier Group plc | 25,480 | 632 |
| | Halma plc | 56,652 | 617 |
| | Hargreaves Lansdown plc | 31,330 | 589 |
| | Melrose Industries plc | 144,547 | 587 |
| | IG Group Holdings plc | 51,644 | 582 |
| | Antofagasta plc | 48,129 | 576 |
| | UBM plc | 65,407 | 565 |
| | Catlin Group Ltd. | 51,765 | 563 |
| * | AA plc | 86,354 | 552 |
| | Great Portland Estates plc | 44,987 | 549 |
| | John Wood Group plc | 51,904 | 547 |
| | Essentra plc | 37,069 | 544 |
| | Spectris plc | 16,436 | 540 |
| | Booker Group plc | 238,554 | 528 |
| | Petrofac Ltd. | 39,465 | 527 |
| | Rentokil Initial plc | 252,534 | 519 |
| | Bellway plc | 16,945 | 515 |
| * | Hiscox Ltd. | 40,710 | 513 |
| | Amlin plc | 71,754 | 503 |
| | Daily Mail & General Trust plc | 36,525 | 502 |
| | SIG plc | 158,243 | 470 |
| | Fresnillo plc | 42,215 | 468 |
| * | Thomas Cook Group plc | 209,365 | 459 |
| | Shaftesbury plc | 35,343 | 455 |
| | Rotork plc | 12,514 | 452 |
| | Hays plc | 192,005 | 451 |
| | Micro Focus International plc | 23,415 | 451 |
| | Jupiter Fund Management plc | 67,553 | 445 |
| * | Betfair Group plc | 12,262 | 437 |
| | TUI AG-DI | 23,341 | 435 |
| | Bovis Homes Group plc | 30,538 | 435 |
| | Cable & Wireless Communications plc | 415,462 | 428 |
80
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Close Brothers Group plc | 18,314 | 428 |
| | Telecity Group plc | 31,409 | 426 |
| ^ | Greene King plc | 33,392 | 425 |
| ^ | TalkTalk Telecom Group plc | 73,698 | 412 |
| | Britvic plc | 37,092 | 412 |
| | Intermediate Capital Group plc | 50,245 | 406 |
| | Synergy Health plc | 11,865 | 402 |
| | Grafton Group plc | 31,460 | 397 |
| | Cineworld Group plc | 51,663 | 386 |
| * | Sports Direct International plc | 40,810 | 386 |
| | Restaurant Group plc | 36,332 | 378 |
| | Victrex plc | 12,373 | 375 |
| | Michael Page International plc | 45,775 | 373 |
| | Marston's plc | 151,725 | 369 |
| | Drax Group plc | 60,241 | 368 |
| | Berendsen plc | 22,769 | 362 |
| * | Serco Group plc | 176,960 | 362 |
| | Balfour Beatty plc | 97,111 | 359 |
| | Phoenix Group Holdings | 27,818 | 359 |
| * | Cairn Energy plc | 130,476 | 355 |
| | WH Smith plc | 16,168 | 355 |
| | Home Retail Group plc | 138,082 | 353 |
| | BBA Aviation plc | 66,528 | 350 |
| | Stagecoach Group plc | 62,819 | 349 |
| | Greencore Group plc | 63,117 | 343 |
| * | Just Eat plc | 48,758 | 342 |
| | RPC Group plc | 37,022 | 340 |
| | Playtech plc | 26,856 | 337 |
| | CSR plc | 23,992 | 323 |
| | Regus plc | 83,682 | 320 |
| | Dunelm Group plc | 22,807 | 314 |
| * | Ocado Group plc | 57,278 | 311 |
| | Elementis plc | 65,091 | 303 |
| | Bodycote plc | 28,475 | 300 |
| * | UDG Healthcare plc | 36,428 | 298 |
| | Greggs plc | 16,250 | 295 |
| * | Indivior plc | 96,268 | 294 |
| | WS Atkins plc | 14,128 | 290 |
| | Carillion plc | 58,017 | 289 |
| | UNITE Group plc | 30,678 | 282 |
| | Grainger plc | 86,141 | 279 |
| | Beazley plc | 64,005 | 275 |
| | International Personal Finance plc | 35,699 | 272 |
| | Pace plc | 42,726 | 271 |
| | Moneysupermarket.com Group plc | 63,025 | 270 |
| | Debenhams plc | 193,507 | 266 |
| ^ | Ashmore Group plc | 55,913 | 264 |
| | Jardine Lloyd Thompson Group plc | 16,078 | 262 |
| * | Alent plc | 46,867 | 260 |
| | Kennedy Wilson Europe Real Estate plc | 15,166 | 260 |
| * | Firstgroup plc | 169,076 | 257 |
| * | SSP Group plc | 55,596 | 254 |
| | National Express Group plc | 57,387 | 253 |
| | Savills plc | 19,727 | 250 |
| | Galliford Try plc | 10,822 | 249 |
| | Domino's Pizza Group plc | 20,321 | 246 |
| * | Polyus Gold International Ltd. | 84,833 | 245 |
| | Lancashire Holdings Ltd. | 24,894 | 243 |
| | Vesuvius plc | 34,842 | 242 |
| * | Evraz plc | 82,987 | 241 |
| | Polymetal International plc | 29,470 | 239 |
| | Paragon Group of Cos. plc | 36,418 | 238 |
| * | Ophir Energy plc | 108,688 | 237 |
| | QinetiQ Group plc | 76,178 | 236 |
81
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Mitchells & Butlers plc | 36,759 | 235 |
| * | Dignity plc | 7,476 | 233 |
| | Senior plc | 48,514 | 233 |
| | N Brown Group plc | 41,889 | 220 |
| | Interserve plc | 24,817 | 220 |
| | Domino Printing Sciences plc | 15,644 | 219 |
| | Go-Ahead Group plc | 5,672 | 214 |
| | Renishaw plc | 5,568 | 214 |
| | Workspace Group plc | 16,270 | 210 |
| | Diploma plc | 16,847 | 207 |
| | AVEVA Group plc | 7,986 | 207 |
| | Electrocomponents plc | 55,859 | 206 |
| *,2 | TSB Banking Group plc | 40,180 | 206 |
| | Ultra Electronics Holdings plc | 7,724 | 205 |
| | Morgan Advanced Materials plc | 39,401 | 202 |
| | Crest Nicholson Holdings plc | 29,300 | 201 |
| * | Saga plc | 67,692 | 200 |
| | Ladbrokes plc | 126,547 | 198 |
| | Halfords Group plc | 28,183 | 196 |
| * | Premier Oil plc | 73,323 | 196 |
| * | Genel Energy plc | 20,188 | 194 |
| | Fidessa Group plc | 5,613 | 192 |
| | Synthomer plc | 38,937 | 191 |
| | ST Modwen Properties plc | 28,439 | 190 |
| | Hunting plc | 20,638 | 185 |
| | Northgate plc | 18,558 | 184 |
| | Dechra Pharmaceuticals plc | 11,624 | 183 |
| | HellermannTyton Group plc | 34,274 | 181 |
| | Big Yellow Group plc | 17,658 | 181 |
| | Mitie Group plc | 40,408 | 177 |
| | Genus plc | 8,465 | 175 |
| * | SVG Capital plc | 22,876 | 175 |
| | HomeServe plc | 29,628 | 173 |
| *,2 | Spire Healthcare Group plc | 34,841 | 171 |
| | Tullett Prebon plc | 30,745 | 168 |
| | Brewin Dolphin Holdings plc | 32,202 | 167 |
| | Ted Baker plc | 3,760 | 164 |
| | Redrow plc | 28,946 | 164 |
| | Countrywide plc | 20,425 | 164 |
| | Laird plc | 29,606 | 163 |
| | Spirit Pub Co. plc | 93,343 | 161 |
| | Card Factory plc | 32,842 | 159 |
| | Bwin.Party Digital Entertainment plc | 123,400 | 158 |
| | Londonmetric Property plc | 59,355 | 150 |
| | Keller Group plc | 9,790 | 150 |
| * | KAZ Minerals plc | 37,455 | 149 |
| | Al Noor Hospitals Group plc | 10,622 | 146 |
| | J D Wetherspoon plc | 12,487 | 145 |
| | Redefine International PLC | 161,814 | 145 |
| | Premier Farnell plc | 49,682 | 145 |
| | esure Group plc | 42,145 | 141 |
| | Hansteen Holdings plc | 77,983 | 141 |
| * | Enterprise Inns plc | 77,242 | 138 |
| | Entertainment One Ltd. | 28,596 | 138 |
| | Oxford Instruments plc | 9,640 | 137 |
| | Pets at Home Group plc | 33,750 | 135 |
| * | Petra Diamonds Ltd. | 55,422 | 133 |
| | NMC Health plc | 11,230 | 131 |
| | Dairy Crest Group plc | 18,598 | 130 |
| | Acacia Mining plc | 29,009 | 129 |
| | Vedanta Resources plc | 13,228 | 127 |
| | Devro plc | 27,493 | 123 |
| | Centamin plc | 123,349 | 120 |
| *,^ | Lonmin plc | 53,018 | 117 |
82
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of Georgia Holdings plc | 4,233 | 116 |
| * | Allied Minds plc | 11,569 | 115 |
| | De La Rue plc | 13,186 | 111 |
| | Foxtons Group plc | 32,417 | 109 |
| | Fenner plc | 33,918 | 109 |
| * | Mothercare plc | 31,304 | 107 |
| | F&C Commercial Property Trust Ltd. | 48,866 | 105 |
| | RPS Group plc | 31,467 | 103 |
| | Spirent Communications plc | 76,600 | 103 |
| * | Colt Group SA | 44,448 | 102 |
| | Poundland Group plc | 21,130 | 101 |
| * | Imagination Technologies Group plc | 33,307 | 100 |
| | Telecom Plus plc | 8,363 | 98 |
| 2 | Zoopla Property Group plc | 29,771 | 98 |
| | Development Securities plc | 24,222 | 94 |
| * | Computacenter plc | 8,299 | 89 |
| | Connect Group plc | 34,236 | 83 |
| | ITE Group plc | 28,758 | 83 |
| | Schroder REIT Ltd. | 87,915 | 83 |
| | 888 Holdings plc | 33,538 | 82 |
| | Soco International plc | 29,740 | 82 |
| | Picton Property Income Ltd. | 71,746 | 81 |
| | Kcom Group plc | 57,194 | 80 |
| | Shanks Group plc | 48,766 | 80 |
| | Stobart Group Ltd. | 48,087 | 80 |
| | Chemring Group plc | 23,955 | 79 |
| * | Lamprell plc | 34,894 | 75 |
| *,^ | AO World plc | 25,742 | 74 |
| 2 | Brit plc | 16,423 | 70 |
| * | Premier Foods plc | 98,103 | 69 |
| * | Severfield plc | 69,430 | 68 |
| | SDL plc | 9,382 | 67 |
| | Chesnara plc | 13,561 | 67 |
| * | EnQuest plc | 82,313 | 66 |
| | APR Energy plc | 11,811 | 66 |
| | Just Retirement Group plc | 22,835 | 61 |
| | Xchanging plc | 32,346 | 61 |
| | Speedy Hire plc | 50,811 | 58 |
| * | SuperGroup plc | 3,600 | 57 |
| | Xaar plc | 8,202 | 55 |
| | Cape plc | 13,478 | 55 |
| | Helical Bar plc | 8,261 | 49 |
| | Morgan Sindall Group plc | 3,985 | 48 |
| | Partnership Assurance Group plc | 22,162 | 47 |
| | Daejan Holdings plc | 400 | 33 |
| * | Gem Diamonds Ltd. | 14,574 | 31 |
| * | Hochschild Mining plc | 20,486 | 31 |
| | Infinis Energy plc | 9,976 | 29 |
| | Ferrexpo plc | 23,306 | 28 |
| | UK Commercial Property Trust Ltd. | 18,099 | 26 |
| * | Aquarius Platinum Ltd. | 153,501 | 21 |
| *,^ | Afren plc | 141,140 | 7 |
| | | | 492,408 |
| United States (50.5%) | | |
| Basic Materials (1.4%) | | |
| | EI du Pont de Nemours & Co. | 140,022 | 10,250 |
| | Dow Chemical Co. | 178,746 | 9,116 |
| | LyondellBasell Industries NV Class A | 61,972 | 6,415 |
| | Praxair Inc. | 44,633 | 5,442 |
| | PPG Industries Inc. | 21,223 | 4,702 |
| | Air Products & Chemicals Inc. | 32,329 | 4,637 |
| | Ecolab Inc. | 41,217 | 4,615 |
| | Freeport-McMoRan Inc. | 160,471 | 3,734 |
| | International Paper Co. | 63,420 | 3,407 |
83
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | CF Industries Holdings Inc. | 8,635 | 2,482 |
| | Sigma-Aldrich Corp. | 17,757 | 2,467 |
| | Alcoa Inc. | 182,957 | 2,455 |
| | Nucor Corp. | 46,885 | 2,291 |
| | Mosaic Co. | 50,950 | 2,242 |
| | Newmont Mining Corp. | 78,534 | 2,080 |
| | Celanese Corp. Class A | 29,641 | 1,967 |
| | Eastman Chemical Co. | 22,307 | 1,700 |
| | International Flavors & Fragrances Inc. | 11,909 | 1,367 |
| | CONSOL Energy Inc. | 41,209 | 1,338 |
| | Ashland Inc. | 9,629 | 1,217 |
| | FMC Corp. | 19,278 | 1,143 |
| * | WR Grace & Co. | 11,000 | 1,064 |
| | Albemarle Corp. | 17,435 | 1,041 |
| | RPM International Inc. | 18,900 | 898 |
| | Southern Copper Corp. | 27,177 | 885 |
| | Airgas Inc. | 8,637 | 875 |
| | Steel Dynamics Inc. | 34,700 | 768 |
| | Reliance Steel & Aluminum Co. | 11,300 | 731 |
| | Allegheny Technologies Inc. | 21,443 | 729 |
| | Avery Dennison Corp. | 12,330 | 685 |
| | NewMarket Corp. | 1,400 | 626 |
| | Royal Gold Inc. | 8,900 | 574 |
| | Cytec Industries Inc. | 10,300 | 569 |
| | Huntsman Corp. | 24,200 | 558 |
| | Sensient Technologies Corp. | 8,500 | 556 |
| | United States Steel Corp. | 22,531 | 541 |
| | Domtar Corp. | 12,300 | 532 |
| * | Platform Specialty Products Corp. | 19,400 | 523 |
| | Minerals Technologies Inc. | 7,200 | 488 |
| | Westlake Chemical Corp. | 6,100 | 476 |
| | PolyOne Corp. | 11,900 | 465 |
| | Compass Minerals International Inc. | 4,900 | 433 |
| | Cabot Corp. | 9,700 | 415 |
| | Axiall Corp. | 9,600 | 392 |
| * | Polypore International Inc. | 5,700 | 334 |
| | Olin Corp. | 10,800 | 319 |
| | US Silica Holdings Inc. | 8,500 | 317 |
| | HB Fuller Co. | 7,600 | 317 |
| * | Chemtura Corp. | 10,346 | 312 |
| | Carpenter Technology Corp. | 7,200 | 311 |
| | KapStone Paper and Packaging Corp. | 10,600 | 296 |
| * | Clearwater Paper Corp. | 4,200 | 269 |
| * | Stillwater Mining Co. | 19,700 | 265 |
| | Worthington Industries Inc. | 8,500 | 230 |
| | Balchem Corp. | 4,100 | 215 |
| | Commercial Metals Co. | 12,400 | 206 |
| * | Resolute Forest Products Inc. | 12,800 | 197 |
| | Kaiser Aluminum Corp. | 2,400 | 193 |
| | Peabody Energy Corp. | 38,272 | 181 |
| * | Ferro Corp. | 13,400 | 181 |
| | A Schulman Inc. | 4,200 | 178 |
| | OM Group Inc. | 5,800 | 174 |
| | Tronox Ltd. Class A | 8,000 | 168 |
| * | RTI International Metals Inc. | 4,400 | 166 |
| | Cliffs Natural Resources Inc. | 26,973 | 160 |
| | SunCoke Energy Inc. | 8,600 | 151 |
| | Innospec Inc. | 3,300 | 144 |
| | Innophos Holdings Inc. | 2,600 | 137 |
| | Globe Specialty Metals Inc. | 6,700 | 133 |
| | Hecla Mining Co. | 42,212 | 127 |
| * | Coeur Mining Inc. | 20,810 | 109 |
| * | AK Steel Holding Corp. | 20,600 | 105 |
| | Calgon Carbon Corp. | 4,600 | 102 |
84
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Century Aluminum Co. | 7,800 | 101 |
| | Stepan Co. | 1,800 | 92 |
| | PH Glatfelter Co. | 3,600 | 89 |
| * | Kraton Performance Polymers Inc. | 3,900 | 88 |
| | Rayonier Advanced Materials Inc. | 5,200 | 87 |
| | Deltic Timber Corp. | 1,300 | 83 |
| | Haynes International Inc. | 1,500 | 67 |
| * | Intrepid Potash Inc. | 5,300 | 66 |
| | Tredegar Corp. | 2,700 | 55 |
| * | Cloud Peak Energy Inc. | 6,600 | 43 |
| | Koppers Holdings Inc. | 1,900 | 43 |
| * | Veritiv Corp. | 1,032 | 41 |
| | Wausau Paper Corp. | 3,800 | 35 |
| * | Arch Coal Inc. | 34,800 | 34 |
| | | | 96,812 |
| Consumer Goods (5.0%) | | |
| | Procter & Gamble Co. | 420,258 | 33,415 |
| | Coca-Cola Co. | 645,557 | 26,184 |
| | PepsiCo Inc. | 229,583 | 21,838 |
| | Philip Morris International Inc. | 241,889 | 20,190 |
| | Altria Group Inc. | 305,960 | 15,313 |
| | Mondelez International Inc. Class A | 257,612 | 9,885 |
| | Colgate-Palmolive Co. | 145,087 | 9,761 |
| | Ford Motor Co. | 597,920 | 9,447 |
| | NIKE Inc. Class B | 86,125 | 8,513 |
| | Monsanto Co. | 74,298 | 8,467 |
| | General Motors Co. | 226,131 | 7,928 |
| | Kraft Foods Group Inc. | 90,873 | 7,701 |
| | Kimberly-Clark Corp. | 60,524 | 6,639 |
| | Johnson Controls Inc. | 101,025 | 5,090 |
| | General Mills Inc. | 91,576 | 5,068 |
| | Archer-Daniels-Midland Co. | 98,772 | 4,828 |
| | VF Corp. | 55,725 | 4,036 |
| | Lorillard Inc. | 54,842 | 3,831 |
| | Delphi Automotive plc | 44,079 | 3,659 |
| | Reynolds American Inc. | 47,157 | 3,457 |
| * | Electronic Arts Inc. | 54,480 | 3,165 |
| *,^ | Tesla Motors Inc. | 13,607 | 3,076 |
| * | Monster Beverage Corp. | 21,200 | 2,907 |
| | Mead Johnson Nutrition Co. | 30,192 | 2,896 |
| * | Constellation Brands Inc. Class A | 24,647 | 2,858 |
| | Estee Lauder Cos. Inc. Class A | 33,500 | 2,723 |
| | Stanley Black & Decker Inc. | 27,142 | 2,679 |
| | Keurig Green Mountain Inc. | 21,980 | 2,558 |
| | BorgWarner Inc. | 41,614 | 2,464 |
| | Hanesbrands Inc. | 77,000 | 2,393 |
| | Kellogg Co. | 37,112 | 2,350 |
| | ConAgra Foods Inc. | 63,556 | 2,298 |
| | Autoliv Inc. | 19,263 | 2,287 |
| | Activision Blizzard Inc. | 100,177 | 2,286 |
| | Hershey Co. | 24,064 | 2,212 |
| | Dr Pepper Snapple Group Inc. | 28,873 | 2,153 |
| | Genuine Parts Co. | 23,934 | 2,150 |
| | Clorox Co. | 19,904 | 2,112 |
| | Whirlpool Corp. | 11,859 | 2,082 |
| * | Under Armour Inc. Class A | 25,800 | 2,001 |
| | Bunge Ltd. | 22,556 | 1,948 |
| | Tyson Foods Inc. Class A | 47,864 | 1,891 |
| | Harley-Davidson Inc. | 32,808 | 1,844 |
| | Coach Inc. | 47,710 | 1,823 |
| * | Michael Kors Holdings Ltd. | 29,400 | 1,819 |
| | Leucadia National Corp. | 74,308 | 1,766 |
| | JM Smucker Co. | 15,196 | 1,762 |
| * | TRW Automotive Holdings Corp. | 16,393 | 1,722 |
85
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Brown-Forman Corp. Class B | 18,864 | 1,702 |
| | Molson Coors Brewing Co. Class B | 22,496 | 1,654 |
| * | Mohawk Industries Inc. | 9,025 | 1,566 |
| | Leggett & Platt Inc. | 36,857 | 1,565 |
| | Coca-Cola Enterprises Inc. | 35,040 | 1,556 |
| * | LKQ Corp. | 57,100 | 1,546 |
| | Church & Dwight Co. Inc. | 19,020 | 1,544 |
| | Mattel Inc. | 52,804 | 1,487 |
| | Newell Rubbermaid Inc. | 38,902 | 1,483 |
| * | Jarden Corp. | 26,775 | 1,370 |
| | McCormick & Co. Inc. | 17,742 | 1,336 |
| | Harman International Industries Inc. | 10,212 | 1,331 |
| | Polaris Industries Inc. | 9,400 | 1,287 |
| | Lear Corp. | 11,371 | 1,263 |
| | PVH Corp. | 12,088 | 1,249 |
| | DR Horton Inc. | 49,091 | 1,247 |
| | Ralph Lauren Corp. Class A | 9,159 | 1,222 |
| | Hasbro Inc. | 16,829 | 1,191 |
| | Energizer Holdings Inc. | 8,660 | 1,183 |
| | Goodyear Tire & Rubber Co. | 41,109 | 1,166 |
| | Lennar Corp. Class A | 25,343 | 1,161 |
| | Campbell Soup Co. | 25,663 | 1,147 |
| | Snap-on Inc. | 7,600 | 1,137 |
| * | WABCO Holdings Inc. | 9,000 | 1,120 |
| * | WhiteWave Foods Co. Class A | 24,722 | 1,087 |
| | Hormel Foods Corp. | 19,775 | 1,075 |
| | Flowers Foods Inc. | 43,864 | 980 |
| * | lululemon athletica Inc. | 15,198 | 967 |
| | Scotts Miracle-Gro Co. Class A | 14,715 | 949 |
| * | Hain Celestial Group Inc. | 14,600 | 880 |
| | PulteGroup Inc. | 44,596 | 861 |
| * | Tempur Sealy International Inc. | 13,766 | 838 |
| * | Toll Brothers Inc. | 22,272 | 792 |
| * | NVR Inc. | 591 | 784 |
| | Gentex Corp. | 41,778 | 725 |
| * | Middleby Corp. | 6,900 | 699 |
| | Brunswick Corp. | 13,700 | 686 |
| | Snyder's-Lance Inc. | 23,195 | 685 |
| | Ingredion Inc. | 8,600 | 683 |
| | Pinnacle Foods Inc. | 15,868 | 643 |
| * | Visteon Corp. | 6,200 | 629 |
| | Carter's Inc. | 6,200 | 619 |
| * | Kate Spade & Co. | 18,600 | 608 |
| * | Vista Outdoor Inc. | 13,262 | 580 |
| * | Fossil Group Inc. | 6,700 | 563 |
| * | Herbalife Ltd. | 13,400 | 556 |
| | Dana Holding Corp. | 25,700 | 554 |
| * | Skechers U.S.A. Inc. Class A | 6,000 | 540 |
| * | Tenneco Inc. | 9,200 | 538 |
| | Avon Products Inc. | 64,225 | 525 |
| * | TreeHouse Foods Inc. | 5,993 | 487 |
| | Cooper Tire & Rubber Co. | 11,400 | 484 |
| | Wolverine World Wide Inc. | 14,700 | 452 |
| | Nu Skin Enterprises Inc. Class A | 7,800 | 441 |
| | WD-40 Co. | 5,200 | 421 |
| | Tupperware Brands Corp. | 6,100 | 408 |
| * | Deckers Outdoor Corp. | 5,300 | 392 |
| | Thor Industries Inc. | 6,400 | 385 |
| | Vector Group Ltd. | 17,115 | 379 |
| * | Post Holdings Inc. | 7,708 | 362 |
| * | Steven Madden Ltd. | 9,250 | 361 |
| | Pool Corp. | 5,400 | 350 |
| * | GoPro Inc. Class A | 6,924 | 347 |
| * | Darling Ingredients Inc. | 24,500 | 335 |
86
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Standard Pacific Corp. | 39,095 | 317 |
| * | TRI Pointe Homes Inc. | 22,000 | 314 |
| * | Helen of Troy Ltd. | 3,400 | 298 |
| * | Take-Two Interactive Software Inc. | 12,100 | 287 |
| | Fresh Del Monte Produce Inc. | 7,695 | 284 |
| * | Zynga Inc. Class A | 113,551 | 278 |
| | Coty Inc. Class A | 11,600 | 277 |
| * | Gentherm Inc. | 5,200 | 274 |
| * | Boston Beer Co. Inc. Class A | 1,100 | 273 |
| * | G-III Apparel Group Ltd. | 2,400 | 267 |
| * | Select Comfort Corp. | 8,400 | 259 |
| | Spectrum Brands Holdings Inc. | 2,800 | 256 |
| | HNI Corp. | 5,400 | 252 |
| * | Iconix Brand Group Inc. | 9,500 | 250 |
| | Ryland Group Inc. | 5,900 | 243 |
| * | American Axle & Manufacturing Holdings Inc. | 9,200 | 229 |
| | Sanderson Farms Inc. | 3,000 | 225 |
| | Lancaster Colony Corp. | 2,500 | 224 |
| | Columbia Sportswear Co. | 3,500 | 219 |
| | Oxford Industries Inc. | 2,700 | 215 |
| | Pilgrim's Pride Corp. | 8,500 | 210 |
| * | Tumi Holdings Inc. | 8,900 | 208 |
| | B&G Foods Inc. | 6,800 | 207 |
| | Drew Industries Inc. | 3,600 | 204 |
| | Steelcase Inc. Class A | 11,600 | 204 |
| * | Meritage Homes Corp. | 4,600 | 197 |
| | KB Home | 13,000 | 188 |
| | J&J Snack Foods Corp. | 1,800 | 188 |
| | Dean Foods Co. | 11,450 | 186 |
| | Interface Inc. Class A | 8,400 | 183 |
| | La-Z-Boy Inc. | 6,900 | 181 |
| | Herman Miller Inc. | 6,400 | 175 |
| | Schweitzer-Mauduit International Inc. | 3,900 | 172 |
| | Caesarstone Sdot-Yam Ltd. | 2,900 | 172 |
| | Universal Corp. | 3,600 | 169 |
| * | Dorman Products Inc. | 3,500 | 164 |
| | Andersons Inc. | 3,750 | 160 |
| * | TiVo Inc. | 14,181 | 157 |
| * | Seaboard Corp. | 42 | 151 |
| | Knoll Inc. | 6,300 | 143 |
| | MDC Holdings Inc. | 5,300 | 142 |
| * | Adecoagro SA | 14,300 | 139 |
| | Cal-Maine Foods Inc. | 3,000 | 134 |
| | Tootsie Roll Industries Inc. | 3,857 | 120 |
| * | Crocs Inc. | 8,500 | 112 |
| | Ethan Allen Interiors Inc. | 4,100 | 99 |
| | Cosan Ltd. | 13,600 | 99 |
| * | ACCO Brands Corp. | 11,942 | 94 |
| * | Diamond Foods Inc. | 2,900 | 81 |
| * | USANA Health Sciences Inc. | 700 | 80 |
| | Winnebago Industries Inc. | 3,500 | 72 |
| | Callaway Golf Co. | 6,900 | 67 |
| * | Modine Manufacturing Co. | 5,400 | 66 |
| * | Blount International Inc. | 5,000 | 66 |
| | Briggs & Stratton Corp. | 3,100 | 61 |
| * | Federal-Mogul Holdings Corp. | 4,100 | 53 |
| | Titan International Inc. | 3,700 | 38 |
| * | Elizabeth Arden Inc. | 2,500 | 35 |
| * | SodaStream International Ltd. | 1,700 | 33 |
| | Superior Industries International Inc. | 1,400 | 26 |
| * | Vera Bradley Inc. | 1,800 | 26 |
| | National Presto Industries Inc. | 400 | 25 |
| * | National Beverage Corp. | 1,000 | 22 |
| | | | 347,188 |
87
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Consumer Services (6.9%) | | |
| | Walt Disney Co. | 261,947 | 28,479 |
| * | Amazon.com Inc. | 57,798 | 24,378 |
| | Home Depot Inc. | 201,360 | 21,542 |
| | Wal-Mart Stores Inc. | 250,672 | 19,565 |
| | CVS Health Corp. | 173,077 | 17,185 |
| | Comcast Corp. Class A | 272,080 | 15,715 |
| | McDonald's Corp. | 150,208 | 14,503 |
| | Walgreens Boots Alliance Inc. | 137,166 | 11,375 |
| | Starbucks Corp. | 222,564 | 11,035 |
| | Time Warner Inc. | 128,447 | 10,842 |
| | Lowe's Cos. Inc. | 149,819 | 10,317 |
| * | Priceline Group Inc. | 8,073 | 9,993 |
| * | eBay Inc. | 169,160 | 9,855 |
| | Costco Wholesale Corp. | 67,618 | 9,673 |
| | McKesson Corp. | 35,330 | 7,893 |
| * | DIRECTV | 85,863 | 7,788 |
| | Target Corp. | 96,579 | 7,613 |
| | Comcast Corp. Special Class A | 123,470 | 7,111 |
| | TJX Cos. Inc. | 107,082 | 6,911 |
| | Time Warner Cable Inc. | 43,522 | 6,769 |
| | Twenty-First Century Fox Inc. Class A | 197,092 | 6,717 |
| | Yum! Brands Inc. | 67,212 | 5,778 |
| * | Netflix Inc. | 8,907 | 4,957 |
| * | Liberty Global plc | 97,698 | 4,929 |
| | Kroger Co. | 71,046 | 4,896 |
| | CBS Corp. Class B | 76,930 | 4,780 |
| | Viacom Inc. Class B | 60,604 | 4,209 |
| | Cardinal Health Inc. | 49,665 | 4,189 |
| * | AutoZone Inc. | 6,069 | 4,082 |
| | AmerisourceBergen Corp. Class A | 33,512 | 3,830 |
| | Macy's Inc. | 59,138 | 3,822 |
| * | O'Reilly Automotive Inc. | 15,501 | 3,377 |
| | Sysco Corp. | 89,029 | 3,297 |
| | Las Vegas Sands Corp. | 62,057 | 3,282 |
| | L Brands Inc. | 36,554 | 3,266 |
| | Ross Stores Inc. | 32,210 | 3,185 |
| | Dollar General Corp. | 42,381 | 3,082 |
| * | Chipotle Mexican Grill Inc. Class A | 4,719 | 2,932 |
| | Twenty-First Century Fox Inc. | 87,167 | 2,907 |
| | Omnicom Group Inc. | 38,146 | 2,890 |
| | Carnival Corp. | 63,540 | 2,794 |
| | Marriott International Inc. Class A | 32,438 | 2,597 |
| * | CarMax Inc. | 37,098 | 2,527 |
| | Whole Foods Market Inc. | 50,828 | 2,428 |
| | Kohl's Corp. | 32,936 | 2,360 |
| * | Dollar Tree Inc. | 30,368 | 2,320 |
| | Nielsen NV | 51,220 | 2,302 |
| | Starwood Hotels & Resorts Worldwide Inc. | 26,640 | 2,290 |
| | Nordstrom Inc. | 29,915 | 2,260 |
| * | DISH Network Corp. Class A | 32,010 | 2,166 |
| * | Charter Communications Inc. Class A | 11,214 | 2,098 |
| * | Bed Bath & Beyond Inc. | 27,400 | 1,931 |
| * | Liberty Interactive Corp. Class A | 66,266 | 1,906 |
| * | Hilton Worldwide Holdings Inc. | 63,256 | 1,832 |
| * | Liberty Global plc Class A | 34,721 | 1,810 |
| | Tiffany & Co. | 20,301 | 1,776 |
| | Delta Air Lines Inc. | 38,865 | 1,735 |
| | Darden Restaurants Inc. | 26,975 | 1,720 |
| * | Sirius XM Holdings Inc. | 433,540 | 1,712 |
| | Wynn Resorts Ltd. | 15,369 | 1,707 |
| | Staples Inc. | 100,801 | 1,645 |
| | Best Buy Co. Inc. | 46,872 | 1,624 |
| | Signet Jewelers Ltd. | 12,000 | 1,610 |
88
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Expedia Inc. | 16,968 | 1,599 |
| | Royal Caribbean Cruises Ltd. | 23,007 | 1,566 |
| | Advance Auto Parts Inc. | 10,900 | 1,559 |
| | Wyndham Worldwide Corp. | 17,798 | 1,520 |
| | Service Corp. International | 54,600 | 1,511 |
| | Southwest Airlines Co. | 36,855 | 1,495 |
| | Gap Inc. | 36,809 | 1,459 |
| * | Hertz Global Holdings Inc. | 69,505 | 1,448 |
| * | Discovery Communications Inc. | 47,847 | 1,446 |
| * | Ulta Salon Cosmetics & Fragrance Inc. | 9,100 | 1,375 |
| | Tractor Supply Co. | 15,900 | 1,368 |
| | Foot Locker Inc. | 22,033 | 1,310 |
| | Omnicare Inc. | 14,708 | 1,294 |
| * | TripAdvisor Inc. | 15,668 | 1,261 |
| * | IHS Inc. Class A | 10,011 | 1,256 |
| | American Airlines Group Inc. | 25,966 | 1,254 |
| | Interpublic Group of Cos. Inc. | 59,607 | 1,242 |
| | H&R Block Inc. | 39,175 | 1,185 |
| | Gannett Co. Inc. | 34,277 | 1,176 |
| * | MGM Resorts International | 54,002 | 1,142 |
| * | United Continental Holdings Inc. | 17,400 | 1,039 |
| | Family Dollar Stores Inc. | 13,143 | 1,027 |
| | Graham Holdings Co. Class B | 959 | 981 |
| * | Norwegian Cruise Line Holdings Ltd. | 19,932 | 967 |
| * | Liberty Media Corp. | 22,974 | 872 |
| * | Rite Aid Corp. | 111,500 | 860 |
| | Scripps Networks Interactive Inc. Class A | 12,065 | 843 |
| * | Avis Budget Group Inc. | 14,900 | 807 |
| | Domino's Pizza Inc. | 7,200 | 777 |
| | FactSet Research Systems Inc. | 4,900 | 771 |
| | Aramark | 25,063 | 770 |
| * | News Corp. Class A | 47,970 | 757 |
| * | Liberty Media Corp. Class A | 19,387 | 744 |
| * | Office Depot Inc. | 80,067 | 738 |
| | KAR Auction Services Inc. | 19,604 | 729 |
| | Williams-Sonoma Inc. | 9,900 | 728 |
| | Jack in the Box Inc. | 8,300 | 720 |
| * | Sprouts Farmers Market Inc. | 22,494 | 719 |
| * | Madison Square Garden Co. Class A | 8,800 | 707 |
| * | AutoNation Inc. | 11,166 | 687 |
| * | Panera Bread Co. Class A | 3,700 | 675 |
| * | Starz | 16,987 | 668 |
| * | AMC Networks Inc. Class A | 8,834 | 666 |
| * | Sally Beauty Holdings Inc. | 21,100 | 659 |
| | Six Flags Entertainment Corp. | 14,000 | 658 |
| | Dunkin' Brands Group Inc. | 12,618 | 658 |
| | Dun & Bradstreet Corp. | 5,130 | 655 |
| | Cinemark Holdings Inc. | 15,100 | 644 |
| | Dick's Sporting Goods Inc. | 11,700 | 635 |
| * | Live Nation Entertainment Inc. | 25,200 | 632 |
| | GameStop Corp. Class A | 16,116 | 621 |
| * | Urban Outfitters Inc. | 15,217 | 609 |
| * | JetBlue Airways Corp. | 28,600 | 587 |
| | GNC Holdings Inc. Class A | 13,500 | 581 |
| * | Discovery Communications Inc. Class A | 17,841 | 577 |
| * | Burlington Stores Inc. | 11,062 | 570 |
| * | United Natural Foods Inc. | 8,337 | 562 |
| | Cablevision Systems Corp. Class A | 27,840 | 556 |
| | Vail Resorts Inc. | 5,600 | 556 |
| | MercadoLibre Inc. | 3,700 | 527 |
| | New York Times Co. Class A | 38,900 | 521 |
| | Alaska Air Group Inc. | 7,700 | 493 |
| | Brinker International Inc. | 8,800 | 487 |
| * | Copart Inc. | 13,600 | 484 |
89
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | VCA Inc. | 9,400 | 479 |
| * | Pandora Media Inc. | 26,800 | 478 |
| * | Groupon Inc. Class A | 68,800 | 476 |
| * | ServiceMaster Global Holdings Inc. | 13,348 | 461 |
| | Dillard's Inc. Class A | 3,500 | 461 |
| | Casey's General Stores Inc. | 5,600 | 460 |
| | Lions Gate Entertainment Corp. | 14,785 | 458 |
| | CST Brands Inc. | 10,923 | 456 |
| * | Hyatt Hotels Corp. Class A | 7,700 | 447 |
| | American Eagle Outfitters Inc. | 27,943 | 445 |
| | AMERCO | 1,346 | 433 |
| * | Buffalo Wild Wings Inc. | 2,700 | 430 |
| * | JC Penney Co. Inc. | 51,434 | 427 |
| | Wendy's Co. | 42,028 | 425 |
| | Cracker Barrel Old Country Store Inc. | 3,100 | 411 |
| | Bloomin' Brands Inc. | 17,935 | 406 |
| | DeVry Education Group Inc. | 12,976 | 392 |
| * | Life Time Fitness Inc. | 5,400 | 386 |
| | Men's Wearhouse Inc. | 6,800 | 385 |
| | Big Lots Inc. | 8,200 | 374 |
| * | Restoration Hardware Holdings Inc. | 4,300 | 371 |
| * | Cabela's Inc. | 7,000 | 369 |
| | Rollins Inc. | 14,850 | 368 |
| * | Murphy USA Inc. | 5,630 | 368 |
| | John Wiley & Sons Inc. Class A | 6,400 | 364 |
| | Abercrombie & Fitch Co. | 16,188 | 364 |
| * | News Corp. Class B | 23,340 | 363 |
| * | GrubHub Inc. | 8,700 | 358 |
| | Sotheby's | 8,300 | 355 |
| | DSW Inc. Class A | 9,620 | 349 |
| * | Yelp Inc. Class A | 8,700 | 343 |
| * | Apollo Education Group Inc. | 20,275 | 340 |
| * | La Quinta Holdings Inc. | 14,106 | 340 |
| | Choice Hotels International Inc. | 5,600 | 335 |
| | Time Inc. | 14,602 | 333 |
| * | Pinnacle Entertainment Inc. | 8,900 | 327 |
| | Dolby Laboratories Inc. Class A | 8,000 | 322 |
| | Cheesecake Factory Inc. | 6,400 | 321 |
| | Cato Corp. Class A | 7,800 | 307 |
| * | International Game Technology plc | 14,778 | 301 |
| | Sabre Corp. | 12,085 | 301 |
| | Aaron's Inc. | 8,800 | 299 |
| | Sinclair Broadcast Group Inc. Class A | 9,500 | 291 |
| | Lithia Motors Inc. Class A | 2,900 | 289 |
| | Chico's FAS Inc. | 17,100 | 288 |
| | Penske Automotive Group Inc. | 5,900 | 288 |
| | HSN Inc. | 4,600 | 287 |
| * | Asbury Automotive Group Inc. | 3,300 | 277 |
| | Group 1 Automotive Inc. | 3,500 | 276 |
| * | ANN Inc. | 7,200 | 273 |
| * | DreamWorks Animation SKG Inc. Class A | 10,300 | 268 |
| * | Grand Canyon Education Inc. | 5,900 | 267 |
| * | comScore Inc. | 5,100 | 267 |
| * | Ascena Retail Group Inc. | 17,600 | 264 |
| | Weis Markets Inc. | 5,900 | 262 |
| * | Media General Inc. | 15,351 | 259 |
| * | SolarCity Corp. | 4,200 | 252 |
| * | SUPERVALU Inc. | 28,197 | 248 |
| * | Five Below Inc. | 7,300 | 246 |
| | Monro Muffler Brake Inc. | 4,100 | 246 |
| | Regal Entertainment Group Class A | 10,900 | 240 |
| | Papa John's International Inc. | 3,900 | 239 |
| | Bob Evans Farms Inc. | 5,500 | 237 |
| | Hillenbrand Inc. | 7,900 | 232 |
90
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Texas Roadhouse Inc. Class A | 6,900 | 232 |
| * | Beacon Roofing Supply Inc. | 7,800 | 232 |
| * | Sears Holdings Corp. | 5,794 | 231 |
| * | Bright Horizons Family Solutions Inc. | 4,545 | 229 |
| * | Shutterfly Inc. | 5,100 | 228 |
| | Nexstar Broadcasting Group Inc. Class A | 3,900 | 228 |
| | Rent-A-Center Inc. | 7,500 | 222 |
| | DineEquity Inc. | 2,300 | 222 |
| | Copa Holdings SA Class A | 2,000 | 222 |
| | Meredith Corp. | 4,200 | 219 |
| * | Genesco Inc. | 3,200 | 216 |
| | SeaWorld Entertainment Inc. | 10,200 | 216 |
| * | HomeAway Inc. | 7,700 | 215 |
| | Morningstar Inc. | 2,800 | 213 |
| * | WebMD Health Corp. | 4,700 | 208 |
| | Chemed Corp. | 1,800 | 207 |
| | Churchill Downs Inc. | 1,700 | 203 |
| | PriceSmart Inc. | 2,500 | 201 |
| * | Fresh Market Inc. | 5,700 | 200 |
| * | Fiesta Restaurant Group Inc. | 3,900 | 197 |
| | Interval Leisure Group Inc. | 7,900 | 196 |
| * | Orbitz Worldwide Inc. | 16,300 | 191 |
| | Sonic Corp. | 6,600 | 189 |
| * | Constant Contact Inc. | 5,200 | 181 |
| | Matthews International Corp. Class A | 3,619 | 176 |
| * | Spirit Airlines Inc. | 2,500 | 171 |
| * | Express Inc. | 10,400 | 170 |
| | Brown Shoe Co. Inc. | 5,500 | 163 |
| * | Michaels Cos. Inc. | 6,200 | 160 |
| | Guess? Inc. | 8,600 | 157 |
| * | Regis Corp. | 9,500 | 157 |
| * | Acxiom Corp. | 8,900 | 155 |
| | New Media Investment Group Inc. | 6,698 | 155 |
| * | Hibbett Sports Inc. | 3,300 | 154 |
| * | Belmond Ltd. Class A | 12,500 | 154 |
| * | Barnes & Noble Inc. | 7,000 | 153 |
| | Finish Line Inc. Class A | 6,200 | 152 |
| * | Boyd Gaming Corp. | 11,500 | 152 |
| | Extended Stay America Inc. | 7,375 | 149 |
| * | FTD Cos. Inc. | 5,200 | 148 |
| | Arcos Dorados Holdings Inc. Class A | 24,600 | 148 |
| * | BJ's Restaurants Inc. | 3,100 | 145 |
| | Marriott Vacations Worldwide Corp. | 1,763 | 145 |
| * | Mattress Firm Holding Corp. | 2,400 | 142 |
| | Pier 1 Imports Inc. | 11,200 | 142 |
| * | Biglari Holdings Inc. | 380 | 139 |
| | SpartanNash Co. | 4,600 | 139 |
| * | Vitamin Shoppe Inc. | 3,200 | 134 |
| * | Penn National Gaming Inc. | 8,300 | 133 |
| * | Popeyes Louisiana Kitchen Inc. | 2,300 | 128 |
| | Scholastic Corp. | 3,000 | 122 |
| | National CineMedia Inc. | 7,800 | 119 |
| * | zulily Inc. Class A | 9,300 | 116 |
| * | Rush Enterprises Inc. Class A | 4,400 | 115 |
| | Buckle Inc. | 2,500 | 112 |
| * | Scientific Games Corp. Class A | 8,700 | 110 |
| * | Lumber Liquidators Holdings Inc. | 4,000 | 110 |
| | Sonic Automotive Inc. Class A | 4,700 | 110 |
| * | Bankrate Inc. | 8,600 | 107 |
| * | Caesars Entertainment Corp. | 11,200 | 106 |
| * | Zumiez Inc. | 3,200 | 101 |
| * | TrueCar Inc. | 6,400 | 99 |
| * | Red Robin Gourmet Burgers Inc. | 1,300 | 98 |
| | Children's Place Inc. | 1,600 | 97 |
91
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Krispy Kreme Doughnuts Inc. | 5,300 | 94 |
| * | K12 Inc. | 5,700 | 92 |
| | Fred's Inc. Class A | 5,400 | 91 |
| * | RetailMeNot Inc. | 4,700 | 86 |
| *,^ | Clean Energy Fuels Corp. | 8,600 | 85 |
| * | Ruby Tuesday Inc. | 11,600 | 84 |
| | Core-Mark Holding Co. Inc. | 1,500 | 79 |
| * | Lands' End Inc. | 2,691 | 79 |
| * | Francesca's Holdings Corp. | 4,600 | 78 |
| | Allegiant Travel Co. Class A | 500 | 77 |
| * | Conn's Inc. | 2,700 | 76 |
| | International Speedway Corp. Class A | 1,600 | 58 |
| | Capella Education Co. | 1,000 | 54 |
| * | Steiner Leisure Ltd. | 1,120 | 54 |
| | Stage Stores Inc. | 2,700 | 52 |
| * | Ascent Capital Group Inc. Class A | 1,300 | 52 |
| * | Strayer Education Inc. | 900 | 46 |
| * | Cumulus Media Inc. Class A | 19,700 | 45 |
| | Stein Mart Inc. | 3,500 | 41 |
| * | American Public Education Inc. | 1,300 | 36 |
| * | Pep Boys-Manny Moe & Jack | 3,900 | 36 |
| | CTC Media Inc. | 8,000 | 28 |
| | Speedway Motorsports Inc. | 1,200 | 27 |
| * | Weight Watchers International Inc. | 3,111 | 27 |
| | Harte-Hanks Inc. | 3,700 | 25 |
| * | Central European Media Enterprises Ltd. Class A | 8,100 | 22 |
| | | | 478,138 |
| Financials (9.5%) | | |
| | Wells Fargo & Co. | 799,095 | 44,030 |
| | JPMorgan Chase & Co. | 573,834 | 36,301 |
| | Bank of America Corp. | 1,631,333 | 25,987 |
| | Citigroup Inc. | 469,471 | 25,032 |
| * | Berkshire Hathaway Inc. Class B | 173,129 | 24,448 |
| | Visa Inc. Class A | 305,336 | 20,167 |
| * | Berkshire Hathaway Inc. Class A | 76 | 16,218 |
| | MasterCard Inc. Class A | 154,350 | 13,924 |
| | Goldman Sachs Group Inc. | 62,357 | 12,248 |
| | US Bancorp | 277,703 | 11,905 |
| | American International Group Inc. | 207,479 | 11,679 |
| | American Express Co. | 142,703 | 11,052 |
| | Morgan Stanley | 236,016 | 8,806 |
| | Simon Property Group Inc. | 47,325 | 8,589 |
| | PNC Financial Services Group Inc. | 80,749 | 7,407 |
| | Bank of New York Mellon Corp. | 174,324 | 7,381 |
| | MetLife Inc. | 138,726 | 7,115 |
| | BlackRock Inc. | 18,968 | 6,903 |
| | American Tower Corporation | 65,098 | 6,154 |
| | Capital One Financial Corp. | 75,741 | 6,124 |
| | Prudential Financial Inc. | 70,223 | 5,730 |
| | ACE Ltd. | 48,851 | 5,227 |
| | Charles Schwab Corp. | 168,886 | 5,151 |
| | Travelers Cos. Inc. | 49,269 | 4,982 |
| | State Street Corp. | 62,811 | 4,844 |
| | Marsh & McLennan Cos. Inc. | 78,925 | 4,432 |
| | CME Group Inc. | 48,409 | 4,401 |
| | Aflac Inc. | 68,081 | 4,292 |
| | Allstate Corp. | 61,475 | 4,282 |
| | McGraw Hill Financial Inc. | 40,827 | 4,258 |
| | Crown Castle International Corp. | 50,488 | 4,217 |
| | BB&T Corp. | 109,169 | 4,180 |
| | Aon plc | 42,857 | 4,124 |
| | Discover Financial Services | 69,717 | 4,041 |
| | Intercontinental Exchange Inc. | 17,199 | 3,862 |
| | Equity Residential | 52,197 | 3,855 |
92
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Public Storage | 20,483 | 3,849 |
| | Health Care REIT Inc. | 51,420 | 3,703 |
| | Ameriprise Financial Inc. | 28,788 | 3,607 |
| | Chubb Corp. | 34,525 | 3,396 |
| | Ventas Inc. | 49,261 | 3,394 |
| | Moody's Corp. | 31,503 | 3,387 |
| | SunTrust Banks Inc. | 79,626 | 3,304 |
| | Hartford Financial Services Group Inc. | 79,236 | 3,230 |
| | AvalonBay Communities Inc. | 18,765 | 3,084 |
| | Franklin Resources Inc. | 59,096 | 3,047 |
| | Prologis Inc. | 75,153 | 3,021 |
| | Principal Financial Group Inc. | 56,925 | 2,910 |
| | T. Rowe Price Group Inc. | 35,508 | 2,883 |
| | Boston Properties Inc. | 21,601 | 2,858 |
| | HCP Inc. | 69,027 | 2,781 |
| | Lincoln National Corp. | 48,520 | 2,741 |
| | Northern Trust Corp. | 35,521 | 2,598 |
| | Loews Corp. | 62,087 | 2,585 |
| | Invesco Ltd. | 61,348 | 2,541 |
| | Fifth Third Bancorp | 124,525 | 2,490 |
| | Vornado Realty Trust | 23,149 | 2,396 |
| | Weyerhaeuser Co. | 75,225 | 2,370 |
| | Kilroy Realty Corp. | 31,278 | 2,220 |
| | Host Hotels & Resorts Inc. | 109,412 | 2,204 |
| | KeyCorp | 151,977 | 2,196 |
| | Western Union Co. | 106,574 | 2,161 |
| | Equinix Inc. | 8,378 | 2,144 |
| | Progressive Corp. | 76,817 | 2,048 |
| | Regions Financial Corp. | 205,266 | 2,018 |
| | General Growth Properties Inc. | 72,643 | 1,990 |
| | M&T Bank Corp. | 16,600 | 1,987 |
| | FNF Group | 55,002 | 1,980 |
| | Macerich Co. | 24,146 | 1,974 |
| | New York Community Bancorp Inc. | 114,442 | 1,967 |
| | Essex Property Trust Inc. | 8,518 | 1,891 |
| * | Affiliated Managers Group Inc. | 7,983 | 1,805 |
| | Comerica Inc. | 36,786 | 1,744 |
| | Equifax Inc. | 17,897 | 1,735 |
| | Extra Space Storage Inc. | 25,100 | 1,655 |
| | Realty Income Corp. | 34,575 | 1,624 |
| * | CBRE Group Inc. Class A | 42,298 | 1,622 |
| | SL Green Realty Corp. | 13,159 | 1,610 |
| * | Ally Financial Inc. | 72,443 | 1,586 |
| | Navient Corp. | 74,675 | 1,459 |
| | Voya Financial Inc. | 33,381 | 1,413 |
| | Legg Mason Inc. | 26,711 | 1,406 |
| | Brown & Brown Inc. | 43,668 | 1,395 |
| * | Markel Corp. | 1,845 | 1,366 |
| | XL Group plc Class A | 36,251 | 1,344 |
| | Annaly Capital Management Inc. | 132,995 | 1,339 |
| | Kimco Realty Corp. | 54,526 | 1,314 |
| | American Realty Capital Properties Inc. | 141,278 | 1,276 |
| | Post Properties Inc. | 22,300 | 1,275 |
| | TD Ameritrade Holding Corp. | 34,331 | 1,244 |
| | Everest Re Group Ltd. | 6,846 | 1,225 |
| | Willis Group Holdings plc | 25,161 | 1,224 |
| | Huntington Bancshares Inc. | 112,281 | 1,219 |
| * | E*TRADE Financial Corp. | 42,300 | 1,218 |
| | Unum Group | 35,303 | 1,206 |
| | Digital Realty Trust Inc. | 18,811 | 1,193 |
| | Apartment Investment & Management Co. | 31,557 | 1,191 |
| | Citizens Financial Group Inc. | 45,611 | 1,188 |
| | Hudson City Bancorp Inc. | 126,891 | 1,180 |
| | Acadia Realty Trust | 38,000 | 1,174 |
93
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Valley National Bancorp | 123,384 | 1,164 |
| | CIT Group Inc. | 25,300 | 1,139 |
| | Federal Realty Investment Trust | 8,450 | 1,130 |
| | UDR Inc. | 33,787 | 1,107 |
| | Arthur J Gallagher & Co. | 23,042 | 1,102 |
| | Corporate Office Properties Trust | 41,302 | 1,090 |
| * | Alleghany Corp. | 2,247 | 1,064 |
| | ProAssurance Corp. | 23,660 | 1,064 |
| | Jones Lang LaSalle Inc. | 6,400 | 1,063 |
| | First Republic Bank | 18,197 | 1,061 |
| * | Arch Capital Group Ltd. | 17,210 | 1,044 |
| | American Capital Agency Corp. | 48,894 | 1,009 |
| * | Realogy Holdings Corp. | 21,190 | 1,005 |
| | MSCI Inc. Class A | 16,200 | 991 |
| * | SVB Financial Group | 7,460 | 990 |
| * | Signature Bank | 7,200 | 965 |
| | Eaton Vance Corp. | 23,500 | 965 |
| | Plum Creek Timber Co. Inc. | 22,683 | 957 |
| | Ramco-Gershenson Properties Trust | 54,700 | 956 |
| | Reinsurance Group of America Inc. Class A | 10,400 | 953 |
| | Iron Mountain Inc. | 27,381 | 944 |
| | PartnerRe Ltd. | 7,224 | 925 |
| | TCF Financial Corp. | 58,732 | 920 |
| | Torchmark Corp. | 16,025 | 899 |
| | Camden Property Trust | 11,948 | 897 |
| * | MGIC Investment Corp. | 85,800 | 894 |
| | Sun Communities Inc. | 14,400 | 894 |
| | EastGroup Properties Inc. | 15,500 | 887 |
| | Omega Healthcare Investors Inc. | 24,459 | 883 |
| | Universal Health Realty Income Trust | 17,700 | 879 |
| * | Howard Hughes Corp. | 5,900 | 876 |
| | CBL & Associates Properties Inc. | 48,600 | 875 |
| | LTC Properties Inc. | 20,100 | 874 |
| | Washington REIT | 35,300 | 873 |
| | Medical Properties Trust Inc. | 61,488 | 860 |
| | NASDAQ OMX Group Inc. | 17,600 | 856 |
| | Cincinnati Financial Corp. | 16,871 | 854 |
| | NorthStar Realty Finance Corp. | 45,191 | 848 |
| | Raymond James Financial Inc. | 14,900 | 842 |
| * | SLM Corp. | 82,575 | 841 |
| | Alexandria Real Estate Equities Inc. | 9,071 | 838 |
| * | Liberty Ventures Class A | 20,053 | 836 |
| | Westamerica Bancorporation | 19,100 | 832 |
| | Zions Bancorporation | 29,196 | 827 |
| | Brookline Bancorp Inc. | 75,632 | 815 |
| | Duke Realty Corp. | 40,852 | 809 |
| | East West Bancorp Inc. | 19,900 | 808 |
| | Lazard Ltd. Class A | 15,100 | 801 |
| | Axis Capital Holdings Ltd. | 14,862 | 774 |
| | BOK Financial Corp. | 11,700 | 763 |
| | American Equity Investment Life Holding Co. | 28,100 | 757 |
| | SEI Investments Co. | 16,517 | 754 |
| | Mid-America Apartment Communities Inc. | 9,944 | 742 |
| | Tompkins Financial Corp. | 13,600 | 709 |
| | Senior Housing Properties Trust | 34,003 | 696 |
| | Regency Centers Corp. | 10,986 | 690 |
| | Assurant Inc. | 11,138 | 685 |
| | Inland Real Estate Corp. | 65,783 | 677 |
| | WP Carey Inc. | 10,643 | 676 |
| | Invesco Mortgage Capital Inc. | 43,800 | 675 |
| | CBOE Holdings Inc. | 11,900 | 670 |
| | Saul Centers Inc. | 13,300 | 669 |
| | Taubman Centers Inc. | 9,013 | 649 |
| | City National Corp. | 6,957 | 648 |
94
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | National Retail Properties Inc. | 16,805 | 645 |
| | DDR Corp. | 37,700 | 643 |
| | WR Berkley Corp. | 13,076 | 641 |
| | Liberty Property Trust | 18,298 | 638 |
| * | Genworth Financial Inc. Class A | 71,774 | 631 |
| | Brixmor Property Group Inc. | 26,553 | 623 |
| | Starwood Property Trust Inc. | 25,705 | 617 |
| | Home Properties Inc. | 8,300 | 611 |
| * | Navigators Group Inc. | 7,800 | 609 |
| | Mack-Cali Realty Corp. | 33,900 | 609 |
| | RenaissanceRe Holdings Ltd. | 5,931 | 608 |
| * | Synchrony Financial | 19,447 | 606 |
| | BGC Partners Inc. Class A | 59,609 | 598 |
| | Investors Real Estate Trust | 83,000 | 595 |
| | HCC Insurance Holdings Inc. | 10,400 | 592 |
| | PacWest Bancorp | 13,079 | 590 |
| * | Zillow Group Inc. Class A | 6,020 | 588 |
| | NorthStar Asset Management Group Inc. | 27,948 | 588 |
| | Waddell & Reed Financial Inc. Class A | 11,600 | 572 |
| | BioMed Realty Trust Inc. | 27,497 | 571 |
| | Hospitality Properties Trust | 18,768 | 565 |
| | Lamar Advertising Co. Class A | 9,727 | 564 |
| | Montpelier Re Holdings Ltd. | 14,700 | 560 |
| | Outfront Media Inc. | 19,315 | 555 |
| | Investors Bancorp Inc. | 46,631 | 552 |
| | American Financial Group Inc. | 8,700 | 550 |
| | MarketAxess Holdings Inc. | 6,400 | 549 |
| | Capstead Mortgage Corp. | 47,000 | 548 |
| | LaSalle Hotel Properties | 14,900 | 547 |
| * | Communications Sales & Leasing Inc. | 18,039 | 543 |
| | Prosperity Bancshares Inc. | 10,100 | 539 |
| * | Forest City Enterprises Inc. Class A | 22,527 | 535 |
| | Spirit Realty Capital Inc. | 47,099 | 532 |
| | People's United Financial Inc. | 34,824 | 526 |
| * | Hilltop Holdings Inc. | 26,160 | 526 |
| | Cullen/Frost Bankers Inc. | 7,200 | 525 |
| | Healthcare Trust of America Inc. Class A | 20,150 | 522 |
| | GEO Group Inc. | 13,132 | 512 |
| | First American Financial Corp. | 14,600 | 508 |
| | CubeSmart | 22,000 | 508 |
| | Commerce Bancshares Inc. | 11,850 | 506 |
| | Allied World Assurance Co. Holdings AG | 12,300 | 506 |
| | American Campus Communities Inc. | 12,600 | 506 |
| | Umpqua Holdings Corp. | 29,733 | 506 |
| | WP GLIMCHER Inc. | 33,371 | 501 |
| | Equity LifeStyle Properties Inc. | 9,400 | 497 |
| | Janus Capital Group Inc. | 27,642 | 495 |
| | New Residential Investment Corp. | 28,959 | 493 |
| | Safety Insurance Group Inc. | 8,476 | 493 |
| | Radian Group Inc. | 27,500 | 491 |
| | Corrections Corp. of America | 13,307 | 490 |
| | First Niagara Financial Group Inc. | 53,700 | 488 |
| | Assured Guaranty Ltd. | 18,500 | 481 |
| | RLJ Lodging Trust | 16,100 | 478 |
| | Webster Financial Corp. | 13,300 | 477 |
| | Synovus Financial Corp. | 16,985 | 470 |
| | Old Republic International Corp. | 30,667 | 469 |
| | Stock Yards Bancorp Inc. | 13,400 | 466 |
| | StanCorp Financial Group Inc. | 6,400 | 461 |
| | Highwoods Properties Inc. | 10,700 | 461 |
| * | Popular Inc. | 14,198 | 460 |
| * | Stifel Financial Corp. | 8,600 | 454 |
| | LPL Financial Holdings Inc. | 11,200 | 453 |
| | Douglas Emmett Inc. | 15,900 | 453 |
95
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Redwood Trust Inc. | 26,300 | 452 |
| | Rayonier Inc. | 17,400 | 445 |
| * | Liberty Broadband Corp. | 8,150 | 442 |
| | Gaming and Leisure Properties Inc. | 12,364 | 441 |
| | Federated Investors Inc. Class B | 12,779 | 440 |
| | CNO Financial Group Inc. | 25,600 | 435 |
| | PrivateBancorp Inc. | 11,700 | 434 |
| | Weingarten Realty Investors | 13,200 | 432 |
| | Retail Properties of America Inc. | 28,600 | 432 |
| | Hanover Insurance Group Inc. | 6,300 | 432 |
| * | PRA Group Inc. | 7,800 | 427 |
| | BankUnited Inc. | 12,801 | 421 |
| * | Strategic Hotels & Resorts Inc. | 35,924 | 420 |
| | First Horizon National Corp. | 29,481 | 420 |
| * | Equity Commonwealth | 16,500 | 416 |
| | Two Harbors Investment Corp. | 39,600 | 416 |
| | Pebblebrook Hotel Trust | 9,660 | 415 |
| | Santander Consumer USA Holdings Inc. | 16,600 | 410 |
| | Sunstone Hotel Investors Inc. | 25,991 | 405 |
| | Columbia Property Trust Inc. | 15,300 | 401 |
| | Tanger Factory Outlet Centers Inc. | 11,700 | 393 |
| | FirstMerit Corp. | 20,258 | 392 |
| | EPR Properties | 6,800 | 392 |
| | Colony Capital Inc. Class A | 14,564 | 377 |
| * | Texas Capital Bancshares Inc. | 7,100 | 374 |
| | Aspen Insurance Holdings Ltd. | 8,000 | 374 |
| * | Chimera Investment Corp. | 24,420 | 371 |
| | Hancock Holding Co. | 12,600 | 367 |
| | Blackstone Mortgage Trust Inc. Class A | 11,901 | 366 |
| | Ryman Hospitality Properties Inc. | 6,337 | 365 |
| | Bank of the Ozarks Inc. | 9,400 | 364 |
| | Sovran Self Storage Inc. | 4,000 | 349 |
| | Symetra Financial Corp. | 14,400 | 342 |
| * | Blackhawk Network Holdings Inc. Class B | 9,224 | 339 |
| | DiamondRock Hospitality Co. | 24,900 | 338 |
| | Hudson Pacific Properties Inc. | 11,125 | 336 |
| | Brandywine Realty Trust | 22,964 | 335 |
| | Validus Holdings Ltd. | 7,965 | 333 |
| | American Homes 4 Rent Class A | 19,507 | 329 |
| | Associated Banc-Corp | 17,500 | 329 |
| | Community Trust Bancorp Inc. | 10,230 | 328 |
| | Susquehanna Bancshares Inc. | 24,000 | 323 |
| | DCT Industrial Trust Inc. | 9,625 | 318 |
| * | Liberty TripAdvisor Holdings Inc. Class A | 10,667 | 317 |
| | Primerica Inc. | 6,800 | 314 |
| | Bank of Hawaii Corp. | 5,200 | 314 |
| | United Bankshares Inc. | 8,102 | 304 |
| | AmTrust Financial Services Inc. | 5,110 | 304 |
| | Piedmont Office Realty Trust Inc. Class A | 17,300 | 302 |
| | Washington Federal Inc. | 13,900 | 300 |
| | Financial Engines Inc. | 7,100 | 299 |
| | Fulton Financial Corp. | 24,300 | 295 |
| | IBERIABANK Corp. | 4,724 | 294 |
| * | Western Alliance Bancorp | 9,500 | 294 |
| | DuPont Fabros Technology Inc. | 9,300 | 290 |
| | Lexington Realty Trust | 30,700 | 285 |
| | Gramercy Property Trust Inc. | 10,373 | 284 |
| | MFA Financial Inc. | 36,000 | 280 |
| * | Credit Acceptance Corp. | 1,183 | 279 |
| | Healthcare Realty Trust Inc. | 10,900 | 279 |
| | FNB Corp. | 20,600 | 273 |
| | American National Insurance Co. | 2,700 | 270 |
| | Wintrust Financial Corp. | 5,500 | 268 |
| | Alexander & Baldwin Inc. | 6,600 | 267 |
96
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Endurance Specialty Holdings Ltd. | 4,400 | 266 |
| | Evercore Partners Inc. Class A | 5,500 | 265 |
| | Cousins Properties Inc. | 26,290 | 256 |
| | Artisan Partners Asset Management Inc. Class A | 5,700 | 255 |
| | RLI Corp. | 5,100 | 253 |
| | NRG Yield Inc. Class A | 5,100 | 251 |
| | Urban Edge Properties | 10,974 | 248 |
| | Interactive Brokers Group Inc. | 7,300 | 248 |
| | Kennedy-Wilson Holdings Inc. | 10,000 | 248 |
| | BancorpSouth Inc. | 10,200 | 247 |
| | First Industrial Realty Trust Inc. | 12,251 | 242 |
| | Kite Realty Group Trust | 9,200 | 241 |
| | First Citizens BancShares Inc. Class A | 1,000 | 240 |
| | National Health Investors Inc. | 3,600 | 240 |
| | FelCor Lodging Trust Inc. | 21,586 | 240 |
| | PS Business Parks Inc. | 3,100 | 237 |
| | Glacier Bancorp Inc. | 8,900 | 234 |
| | International Bancshares Corp. | 9,000 | 234 |
| | Home BancShares Inc. | 7,100 | 233 |
| * | Enstar Group Ltd. | 1,632 | 232 |
| | EverBank Financial Corp. | 12,433 | 231 |
| | Select Income REIT | 9,889 | 229 |
| | UMB Financial Corp. | 4,600 | 229 |
| | WisdomTree Investments Inc. | 12,000 | 228 |
| | South State Corp. | 3,300 | 223 |
| * | HRG Group Inc. | 17,625 | 221 |
| | New York REIT Inc. | 22,200 | 219 |
| | National Penn Bancshares Inc. | 21,050 | 219 |
| | Kemper Corp. | 5,700 | 215 |
| | Pinnacle Financial Partners Inc. | 4,500 | 214 |
| | Northwest Bancshares Inc. | 17,400 | 214 |
| | Sabra Health Care REIT Inc. | 7,139 | 213 |
| | Education Realty Trust Inc. | 6,300 | 212 |
| | MB Financial Inc. | 7,000 | 211 |
| | Cathay General Bancorp | 7,300 | 209 |
| | First Financial Bankshares Inc. | 7,200 | 209 |
| * | First Cash Financial Services Inc. | 4,300 | 208 |
| | PennyMac Mortgage Investment Trust | 9,900 | 207 |
| * | Liberty Broadband Corp. Class A | 3,746 | 203 |
| | Columbia Banking System Inc. | 6,800 | 202 |
| | Associated Estates Realty Corp. | 7,000 | 199 |
| | HFF Inc. Class A | 5,000 | 196 |
| | Community Bank System Inc. | 5,500 | 192 |
| | CYS Investments Inc. | 21,400 | 191 |
| | Capitol Federal Financial Inc. | 15,700 | 188 |
| | Government Properties Income Trust | 9,019 | 188 |
| | CVB Financial Corp. | 11,900 | 186 |
| | STAG Industrial Inc. | 8,508 | 185 |
| | Old National Bancorp | 13,500 | 184 |
| * | St. Joe Co. | 10,479 | 183 |
| * | FNFV Group | 12,171 | 182 |
| | Chesapeake Lodging Trust | 5,700 | 181 |
| | Pennsylvania REIT | 7,914 | 179 |
| | Simmons First National Corp. Class A | 4,000 | 175 |
| * | Markit Ltd. | 6,800 | 174 |
| | Mercury General Corp. | 3,155 | 173 |
| * | MBIA Inc. | 19,700 | 172 |
| * | Essent Group Ltd. | 6,900 | 172 |
| * | Encore Capital Group Inc. | 4,200 | 170 |
| | Chambers Street Properties | 22,500 | 169 |
| | Parkway Properties Inc. | 10,346 | 168 |
| | Hatteras Financial Corp. | 9,000 | 163 |
| | Selective Insurance Group Inc. | 6,000 | 162 |
| * | eHealth Inc. | 13,000 | 159 |
97
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Park National Corp. | 1,900 | 157 |
| | Trustmark Corp. | 6,500 | 155 |
| * | Nationstar Mortgage Holdings Inc. | 6,104 | 153 |
| | Horace Mann Educators Corp. | 4,500 | 153 |
| * | World Acceptance Corp. | 1,800 | 152 |
| | American Assets Trust Inc. | 3,800 | 151 |
| * | Springleaf Holdings Inc. Class A | 3,000 | 150 |
| | CNA Financial Corp. | 3,700 | 149 |
| * | Greenlight Capital Re Ltd. Class A | 4,900 | 149 |
| * | Ocwen Financial Corp. | 17,400 | 148 |
| * | TESARO Inc. | 2,700 | 147 |
| | First Midwest Bancorp Inc. | 8,600 | 147 |
| | Boston Private Financial Holdings Inc. | 11,000 | 145 |
| | Retail Opportunity Investments Corp. | 8,600 | 144 |
| | WesBanco Inc. | 4,557 | 144 |
| | First Financial Bancorp | 8,200 | 142 |
| | ARMOUR Residential REIT Inc. | 45,700 | 137 |
| | Empire State Realty Trust Inc. | 7,593 | 137 |
| | Altisource Residential Corp. | 7,100 | 136 |
| * | KCG Holdings Inc. Class A | 10,584 | 136 |
| | Hersha Hospitality Trust Class A | 21,100 | 136 |
| | NBT Bancorp Inc. | 5,600 | 135 |
| | Provident Financial Services Inc. | 7,500 | 135 |
| | Argo Group International Holdings Ltd. | 2,750 | 135 |
| | Independent Bank Corp. | 3,200 | 134 |
| | New Senior Investment Group Inc. | 8,251 | 133 |
| * | Piper Jaffray Cos. | 2,600 | 131 |
| | BBCN Bancorp Inc. | 9,200 | 131 |
| | TFS Financial Corp. | 8,900 | 130 |
| | Potlatch Corp. | 3,500 | 129 |
| | Ashford Hospitality Trust Inc. | 14,006 | 127 |
| * | Forestar Group Inc. | 8,500 | 125 |
| | Renasant Corp. | 4,200 | 125 |
| | Sterling Bancorp | 9,500 | 123 |
| | Chemical Financial Corp. | 3,900 | 121 |
| | Virtus Investment Partners Inc. | 900 | 120 |
| | United Fire Group Inc. | 4,000 | 119 |
| | Greenhill & Co. Inc. | 3,000 | 119 |
| | Cash America International Inc. | 4,400 | 114 |
| | Equity One Inc. | 4,600 | 113 |
| * | iStar Financial Inc. | 8,200 | 111 |
| | City Holding Co. | 2,400 | 110 |
| * | Investment Technology Group Inc. | 3,800 | 108 |
| | S&T Bancorp Inc. | 4,000 | 108 |
| * | First BanCorp | 17,400 | 105 |
| | 1st Source Corp. | 3,300 | 103 |
| | Sandy Spring Bancorp Inc. | 3,700 | 96 |
| | Starwood Waypoint Residential Trust | 3,721 | 96 |
| * | Beneficial Bancorp Inc. | 8,249 | 96 |
| | Franklin Street Properties Corp. | 8,100 | 96 |
| * | Green Dot Corp. Class A | 5,426 | 87 |
| | Alexander's Inc. | 200 | 86 |
| | Flushing Financial Corp. | 4,500 | 86 |
| | Employers Holdings Inc. | 3,400 | 83 |
| | First Commonwealth Financial Corp. | 9,200 | 83 |
| | Oritani Financial Corp. | 5,500 | 82 |
| | Infinity Property & Casualty Corp. | 1,100 | 82 |
| * | Enova International Inc. | 4,304 | 80 |
| | Cohen & Steers Inc. | 2,100 | 80 |
| * | Walter Investment Management Corp. | 4,500 | 79 |
| | Washington Trust Bancorp Inc. | 2,000 | 74 |
| | Urstadt Biddle Properties Inc. Class A | 3,557 | 74 |
| | Rouse Properties Inc. | 4,214 | 74 |
| | Maiden Holdings Ltd. | 4,700 | 68 |
98
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cedar Realty Trust Inc. | 9,476 | 66 |
| | FBL Financial Group Inc. Class A | 1,100 | 64 |
| * | Tejon Ranch Co. | 2,500 | 62 |
| * | Ezcorp Inc. Class A | 6,100 | 56 |
| | Nelnet Inc. Class A | 1,200 | 54 |
| | BancFirst Corp. | 900 | 52 |
| | Anworth Mortgage Asset Corp. | 9,800 | 50 |
| | OFG Bancorp | 3,500 | 49 |
| | First Financial Corp. | 1,448 | 49 |
| | GAMCO Investors Inc. | 600 | 46 |
| * | PICO Holdings Inc. | 2,200 | 40 |
| * | Altisource Portfolio Solutions SA | 1,500 | 36 |
| | Getty Realty Corp. | 2,000 | 35 |
| | Republic Bancorp Inc. Class A | 1,200 | 29 |
| | State Auto Financial Corp. | 1,200 | 28 |
| | National Interstate Corp. | 900 | 25 |
| | Astoria Financial Corp. | 1,900 | 25 |
| | Home Loan Servicing Solutions Ltd. | 11,600 | 8 |
| * | Tejon Ranch Co. Warrants Exp. 08/31/2016 | 369 | — |
| | | | 651,956 |
| Health Care (6.7%) | | |
| | Johnson & Johnson | 424,881 | 42,148 |
| | Pfizer Inc. | 953,718 | 32,360 |
| | Merck & Co. Inc. | 441,278 | 26,283 |
| * | Gilead Sciences Inc. | 230,384 | 23,156 |
| | Amgen Inc. | 117,254 | 18,516 |
| * | Actavis plc | 60,280 | 17,051 |
| | UnitedHealth Group Inc. | 148,039 | 16,492 |
| | Bristol-Myers Squibb Co. | 254,669 | 16,230 |
| | Medtronic plc | 216,703 | 16,134 |
| | AbbVie Inc. | 247,290 | 15,990 |
| * | Biogen Inc. | 36,725 | 13,733 |
| * | Celgene Corp. | 124,168 | 13,418 |
| | Eli Lilly & Co. | 160,815 | 11,558 |
| | Abbott Laboratories | 229,715 | 10,663 |
| * | Express Scripts Holding Co. | 116,309 | 10,049 |
| | Thermo Fisher Scientific Inc. | 61,761 | 7,762 |
| | Anthem Inc. | 41,305 | 6,234 |
| | Baxter International Inc. | 89,034 | 6,120 |
| | Cigna Corp. | 45,924 | 5,724 |
| | Aetna Inc. | 53,422 | 5,709 |
| * | Regeneron Pharmaceuticals Inc. | 12,100 | 5,535 |
| * | Alexion Pharmaceuticals Inc. | 31,045 | 5,254 |
| * | Vertex Pharmaceuticals Inc. | 39,774 | 4,903 |
| * | Mylan NV | 63,779 | 4,609 |
| | Becton Dickinson and Co. | 31,550 | 4,444 |
| * | Illumina Inc. | 22,241 | 4,098 |
| | Humana Inc. | 23,694 | 3,924 |
| | Stryker Corp. | 41,923 | 3,867 |
| * | HCA Holdings Inc. | 50,701 | 3,752 |
| | Perrigo Co. plc | 20,263 | 3,714 |
| | St. Jude Medical Inc. | 51,342 | 3,596 |
| * | Boston Scientific Corp. | 201,272 | 3,587 |
| | Zoetis Inc. | 75,908 | 3,372 |
| * | Intuitive Surgical Inc. | 6,685 | 3,316 |
| | Zimmer Holdings Inc. | 24,243 | 2,663 |
| * | DaVita HealthCare Partners Inc. | 32,186 | 2,610 |
| * | BioMarin Pharmaceutical Inc. | 22,943 | 2,571 |
| * | Pharmacyclics Inc. | 9,300 | 2,383 |
| * | Edwards Lifesciences Corp. | 18,250 | 2,311 |
| * | Hospira Inc. | 26,365 | 2,301 |
| * | Endo International plc | 25,189 | 2,117 |
| * | Mallinckrodt plc | 17,722 | 2,006 |
| * | Incyte Corp. | 19,800 | 1,924 |
99
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Laboratory Corp. of America Holdings | 14,928 | 1,785 |
| | CR Bard Inc. | 10,529 | 1,754 |
| | Cooper Cos. Inc. | 9,695 | 1,726 |
| * | Henry Schein Inc. | 12,591 | 1,726 |
| | Universal Health Services Inc. Class B | 13,928 | 1,629 |
| * | Waters Corp. | 12,325 | 1,543 |
| | Quest Diagnostics Inc. | 21,174 | 1,512 |
| * | Jazz Pharmaceuticals plc | 8,300 | 1,483 |
| * | MEDNAX Inc. | 19,200 | 1,359 |
| * | Hologic Inc. | 39,900 | 1,346 |
| * | Medivation Inc. | 11,000 | 1,328 |
| | ResMed Inc. | 20,700 | 1,324 |
| | Patterson Cos. Inc. | 27,539 | 1,293 |
| * | Varian Medical Systems Inc. | 14,490 | 1,287 |
| * | United Therapeutics Corp. | 7,100 | 1,134 |
| * | Alnylam Pharmaceuticals Inc. | 10,900 | 1,110 |
| * | Alkermes plc | 19,200 | 1,063 |
| * | Envision Healthcare Holdings Inc. | 27,134 | 1,030 |
| * | Centene Corp. | 16,400 | 1,017 |
| * | Isis Pharmaceuticals Inc. | 17,800 | 1,010 |
| | DENTSPLY International Inc. | 19,655 | 1,002 |
| * | Brookdale Senior Living Inc. | 26,273 | 952 |
| * | Community Health Systems Inc. | 17,302 | 929 |
| * | IDEXX Laboratories Inc. | 7,000 | 878 |
| | West Pharmaceutical Services Inc. | 13,800 | 735 |
| * | Tenet Healthcare Corp. | 14,750 | 706 |
| * | Sirona Dental Systems Inc. | 7,400 | 686 |
| * | Bluebird Bio Inc. | 5,111 | 681 |
| | Teleflex Inc. | 5,400 | 664 |
| * | Quintiles Transnational Holdings Inc. | 10,057 | 663 |
| * | Team Health Holdings Inc. | 10,800 | 643 |
| * | Horizon Pharma plc | 22,624 | 636 |
| * | DexCom Inc. | 9,000 | 608 |
| | HealthSouth Corp. | 12,820 | 580 |
| * | Health Net Inc. | 10,900 | 574 |
| * | Puma Biotechnology Inc. | 3,100 | 560 |
| * | Cepheid | 9,900 | 555 |
| * | Receptos Inc. | 3,700 | 545 |
| * | Seattle Genetics Inc. | 15,700 | 539 |
| * | Align Technology Inc. | 9,100 | 535 |
| | STERIS Corp. | 8,000 | 532 |
| * | Intercept Pharmaceuticals Inc. | 2,100 | 531 |
| * | Acadia Healthcare Co. Inc. | 7,676 | 526 |
| * | Akorn Inc. | 12,500 | 520 |
| * | OPKO Health Inc. | 37,600 | 517 |
| * | PAREXEL International Corp. | 8,100 | 515 |
| * | WellCare Health Plans Inc. | 6,600 | 511 |
| * | Dyax Corp. | 20,800 | 497 |
| * | Alere Inc. | 10,200 | 484 |
| * | Impax Laboratories Inc. | 10,700 | 484 |
| * | Charles River Laboratories International Inc. | 6,200 | 429 |
| * | Neurocrine Biosciences Inc. | 12,500 | 426 |
| * | ACADIA Pharmaceuticals Inc. | 12,200 | 417 |
| * | LifePoint Hospitals Inc. | 5,500 | 412 |
| * | Neogen Corp. | 9,000 | 401 |
| * | Amsurg Corp. | 6,342 | 398 |
| | Bio-Techne Corp. | 4,000 | 384 |
| * | Halyard Health Inc. | 7,725 | 374 |
| * | ABIOMED Inc. | 5,600 | 354 |
| * | Pacira Pharmaceuticals Inc. | 5,100 | 349 |
| * | Catalent Inc. | 11,600 | 334 |
| * | Celldex Therapeutics Inc. | 13,800 | 331 |
| * | Synageva BioPharma Corp. | 3,600 | 331 |
| * | Thoratec Corp. | 8,100 | 325 |
100
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Haemonetics Corp. | 7,600 | 308 |
| * | Myriad Genetics Inc. | 9,300 | 307 |
| * | NuVasive Inc. | 6,800 | 304 |
| * | Novavax Inc. | 38,551 | 298 |
| * | Bio-Rad Laboratories Inc. Class A | 2,200 | 296 |
| | Healthcare Services Group Inc. | 9,400 | 285 |
| * | Clovis Oncology Inc. | 3,500 | 281 |
| * | Exact Sciences Corp. | 13,400 | 280 |
| * | Prestige Brands Holdings Inc. | 7,100 | 279 |
| * | Ultragenyx Pharmaceutical Inc. | 4,900 | 276 |
| * | Bruker Corp. | 14,500 | 275 |
| | Kindred Healthcare Inc. | 11,900 | 273 |
| * | Molina Healthcare Inc. | 4,500 | 267 |
| * | Insulet Corp. | 8,800 | 263 |
| * | ARIAD Pharmaceuticals Inc. | 29,441 | 255 |
| | Owens & Minor Inc. | 7,200 | 243 |
| * | Medicines Co. | 9,200 | 236 |
| * | HMS Holdings Corp. | 13,800 | 235 |
| | Hill-Rom Holdings Inc. | 4,700 | 235 |
| * | Portola Pharmaceuticals Inc. Class A | 6,500 | 232 |
| * | Agios Pharmaceuticals Inc. | 2,500 | 231 |
| * | Ligand Pharmaceuticals Inc. | 2,900 | 225 |
| * | Ironwood Pharmaceuticals Inc. Class A | 16,300 | 223 |
| ^ | Theravance Inc. | 13,700 | 223 |
| * | Lannett Co. Inc. | 3,800 | 218 |
| * | Masimo Corp. | 6,400 | 216 |
| * | Cyberonics Inc. | 3,500 | 213 |
| * | Halozyme Therapeutics Inc. | 14,100 | 210 |
| * | Integra LifeSciences Holdings Corp. | 3,457 | 203 |
| * | Magellan Health Inc. | 3,200 | 203 |
| * | Air Methods Corp. | 4,400 | 201 |
| * | AMAG Pharmaceuticals Inc. | 3,800 | 194 |
| * | Globus Medical Inc. | 8,100 | 193 |
| * | Nektar Therapeutics | 20,300 | 193 |
| * | PTC Therapeutics Inc. | 3,200 | 188 |
| | Cantel Medical Corp. | 4,100 | 184 |
| * | Amedisys Inc. | 6,600 | 184 |
| | Abaxis Inc. | 2,800 | 179 |
| * | HeartWare International Inc. | 2,300 | 174 |
| * | Omnicell Inc. | 4,900 | 174 |
| * | Wright Medical Group Inc. | 6,800 | 172 |
| * | Arena Pharmaceuticals Inc. | 39,300 | 171 |
| * | Chimerix Inc. | 4,996 | 170 |
| * | Spectranetics Corp. | 6,300 | 162 |
| * | Acorda Therapeutics Inc. | 5,300 | 159 |
| | CONMED Corp. | 3,000 | 151 |
| * | Keryx Biopharmaceuticals Inc. | 14,100 | 150 |
| * | Bio-Reference Laboratories Inc. | 4,400 | 146 |
| *,^ | MannKind Corp. | 33,100 | 142 |
| * | NxStage Medical Inc. | 7,600 | 139 |
| * | Natus Medical Inc. | 3,600 | 136 |
| * | ICU Medical Inc. | 1,600 | 135 |
| * | Momenta Pharmaceuticals Inc. | 7,600 | 133 |
| | Analogic Corp. | 1,500 | 127 |
| | PDL BioPharma Inc. | 18,900 | 126 |
| * | IPC Healthcare Inc. | 2,300 | 112 |
| * | PharMerica Corp. | 3,900 | 112 |
| * | Hanger Inc. | 5,000 | 112 |
| * | Healthways Inc. | 6,400 | 111 |
| * | Merit Medical Systems Inc. | 5,600 | 109 |
| * | Accuray Inc. | 12,800 | 104 |
| | Invacare Corp. | 5,100 | 102 |
| * | Infinity Pharmaceuticals Inc. | 6,900 | 87 |
| * | ImmunoGen Inc. | 9,500 | 79 |
101
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Quidel Corp. | 3,200 | 75 |
| * | Luminex Corp. | 4,700 | 73 |
| | Meridian Bioscience Inc. | 4,000 | 71 |
| * | Lexicon Pharmaceuticals Inc. | 61,946 | 62 |
| * | CorVel Corp. | 1,600 | 57 |
| * | Universal American Corp. | 5,500 | 55 |
| * | Aegerion Pharmaceuticals Inc. | 2,200 | 51 |
| * | Orthofix International NV | 1,500 | 48 |
| * | Genomic Health Inc. | 1,700 | 46 |
| * | Theravance Biopharma Inc. | 2,657 | 42 |
| * | LHC Group Inc. | 1,100 | 35 |
| | | | 458,918 |
| Industrials (6.3%) | | |
| | General Electric Co. | 1,554,629 | 42,099 |
| | United Technologies Corp. | 136,239 | 15,497 |
| | 3M Co. | 98,282 | 15,370 |
| | Union Pacific Corp. | 137,301 | 14,585 |
| | Boeing Co. | 99,701 | 14,291 |
| | Honeywell International Inc. | 118,277 | 11,936 |
| | United Parcel Service Inc. Class B | 109,139 | 10,972 |
| | Lockheed Martin Corp. | 48,205 | 8,995 |
| | Accenture plc Class A | 96,545 | 8,945 |
| | Caterpillar Inc. | 93,500 | 8,123 |
| | Danaher Corp. | 91,160 | 7,464 |
| | General Dynamics Corp. | 52,962 | 7,273 |
| | FedEx Corp. | 40,715 | 6,904 |
| | Automatic Data Processing Inc. | 80,986 | 6,847 |
| | Emerson Electric Co. | 105,007 | 6,178 |
| | Raytheon Co. | 54,281 | 5,645 |
| | CSX Corp. | 152,551 | 5,506 |
| | Northrop Grumman Corp. | 33,971 | 5,233 |
| | Eaton Corp. plc | 72,335 | 4,972 |
| | Illinois Tool Works Inc. | 52,827 | 4,944 |
| | Deere & Co. | 54,219 | 4,908 |
| | Norfolk Southern Corp. | 48,023 | 4,843 |
| | Precision Castparts Corp. | 22,623 | 4,676 |
| * | LinkedIn Corp. Class A | 16,580 | 4,180 |
| | TE Connectivity Ltd. | 62,320 | 4,147 |
| | Cummins Inc. | 28,253 | 3,906 |
| | PACCAR Inc. | 58,895 | 3,849 |
| | Waste Management Inc. | 68,445 | 3,390 |
| | Sherwin-Williams Co. | 11,640 | 3,236 |
| | Rockwell Automation Inc. | 25,768 | 3,056 |
| | Ingersoll-Rand plc | 44,187 | 2,909 |
| * | Alliance Data Systems Corp. | 9,756 | 2,901 |
| * | Fiserv Inc. | 36,612 | 2,841 |
| | Fidelity National Information Services Inc. | 42,878 | 2,679 |
| | Parker-Hannifin Corp. | 22,011 | 2,627 |
| | Agilent Technologies Inc. | 63,203 | 2,615 |
| | Tyco International plc | 65,030 | 2,561 |
| | Amphenol Corp. Class A | 45,034 | 2,494 |
| | Roper Technologies Inc. | 14,729 | 2,477 |
| | Paychex Inc. | 49,325 | 2,387 |
| | Vulcan Materials Co. | 26,810 | 2,293 |
| | WW Grainger Inc. | 8,692 | 2,159 |
| | Xerox Corp. | 180,982 | 2,081 |
| * | FleetCor Technologies Inc. | 11,621 | 1,870 |
| | Dover Corp. | 24,546 | 1,859 |
| | PerkinElmer Inc. | 35,981 | 1,844 |
| | AMETEK Inc. | 34,393 | 1,803 |
| | Textron Inc. | 40,770 | 1,793 |
| | Fastenal Co. | 41,580 | 1,772 |
| | Rockwell Collins Inc. | 18,158 | 1,767 |
| | Pentair plc | 27,894 | 1,734 |
102
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Republic Services Inc. Class A | 42,578 | 1,730 |
| | Cintas Corp. | 21,598 | 1,727 |
| | Kansas City Southern | 16,785 | 1,720 |
| | Robert Half International Inc. | 29,977 | 1,662 |
| | Martin Marietta Materials Inc. | 10,900 | 1,555 |
| * | Verisk Analytics Inc. Class A | 20,100 | 1,508 |
| * | Stericycle Inc. | 11,131 | 1,485 |
| | L-3 Communications Holdings Inc. | 12,895 | 1,482 |
| | Ball Corp. | 19,960 | 1,465 |
| | Sealed Air Corp. | 31,935 | 1,456 |
| | TransDigm Group Inc. | 6,800 | 1,442 |
| | Pall Corp. | 14,699 | 1,430 |
| | Fluor Corp. | 23,305 | 1,402 |
| | AO Smith Corp. | 21,500 | 1,374 |
| | CH Robinson Worldwide Inc. | 21,136 | 1,361 |
| | Masco Corp. | 49,787 | 1,319 |
| * | Sensata Technologies Holding NV | 23,685 | 1,308 |
| * | Jacobs Engineering Group Inc. | 30,283 | 1,298 |
| | Rock-Tenn Co. Class A | 20,500 | 1,291 |
| | Towers Watson & Co. Class A | 10,100 | 1,282 |
| * | United Rentals Inc. | 13,200 | 1,275 |
| | Expeditors International of Washington Inc. | 27,595 | 1,265 |
| | MeadWestvaco Corp. | 25,913 | 1,265 |
| * | Teledyne Technologies Inc. | 11,688 | 1,227 |
| | JB Hunt Transport Services Inc. | 13,881 | 1,210 |
| | Flowserve Corp. | 20,466 | 1,198 |
| | Packaging Corp. of America | 16,467 | 1,139 |
| * | Crown Holdings Inc. | 20,241 | 1,098 |
| | MDU Resources Group Inc. | 48,976 | 1,092 |
| * | Keysight Technologies Inc. | 31,569 | 1,056 |
| * | Mettler-Toledo International Inc. | 3,324 | 1,054 |
| | Fortune Brands Home & Security Inc. | 23,450 | 1,046 |
| | Acuity Brands Inc. | 6,200 | 1,035 |
| * | Trimble Navigation Ltd. | 40,600 | 1,032 |
| | Wabtec Corp. | 10,900 | 1,025 |
| | ManpowerGroup Inc. | 11,954 | 1,020 |
| * | Spirit AeroSystems Holdings Inc. Class A | 19,558 | 995 |
| * | Flextronics International Ltd. | 83,625 | 964 |
| | Total System Services Inc. | 24,135 | 955 |
| | Xylem Inc. | 25,335 | 938 |
| | Graphic Packaging Holding Co. | 65,380 | 922 |
| * | CoreLogic Inc. | 23,545 | 921 |
| * | CoStar Group Inc. | 4,500 | 920 |
| | ADT Corp. | 24,371 | 916 |
| | Huntington Ingalls Industries Inc. | 6,929 | 912 |
| | Valspar Corp. | 10,942 | 887 |
| | B/E Aerospace Inc. | 14,800 | 885 |
| | Joy Global Inc. | 20,635 | 880 |
| * | Orbital ATK Inc. | 12,001 | 878 |
| * | Old Dominion Freight Line Inc. | 12,150 | 864 |
| | Oshkosh Corp. | 15,836 | 853 |
| | Owens Corning | 22,000 | 851 |
| | Allegion plc | 13,891 | 849 |
| * | Colfax Corp. | 16,540 | 820 |
| | Broadridge Financial Solutions Inc. | 15,095 | 814 |
| * | HD Supply Holdings Inc. | 24,600 | 812 |
| * | Vantiv Inc. Class A | 20,610 | 806 |
| | Avnet Inc. | 18,843 | 803 |
| | Carlisle Cos. Inc. | 8,300 | 801 |
| | Hubbell Inc. Class B | 7,300 | 794 |
| * | Arrow Electronics Inc. | 13,182 | 787 |
| * | Armstrong World Industries Inc. | 14,371 | 787 |
| | Waste Connections Inc. | 16,400 | 778 |
| | Chicago Bridge & Iron Co. NV | 16,310 | 777 |
103
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Allison Transmission Holdings Inc. | 25,223 | 774 |
| | Global Payments Inc. | 7,600 | 762 |
| * | Quanta Services Inc. | 26,300 | 760 |
| | Ryder System Inc. | 7,687 | 733 |
| * | Genesee & Wyoming Inc. Class A | 7,800 | 725 |
| | IDEX Corp. | 9,600 | 720 |
| | Donaldson Co. Inc. | 18,600 | 695 |
| | Exelis Inc. | 28,135 | 690 |
| * | AECOM | 21,300 | 672 |
| | Bemis Co. Inc. | 14,760 | 664 |
| * | Zebra Technologies Corp. | 7,200 | 663 |
| | AGCO Corp. | 12,800 | 659 |
| * | WEX Inc. | 5,700 | 642 |
| | FLIR Systems Inc. | 20,600 | 636 |
| | Hexcel Corp. | 12,600 | 632 |
| * | Kirby Corp. | 7,900 | 620 |
| * | AerCap Holdings NV | 12,965 | 605 |
| | Eagle Materials Inc. | 7,200 | 600 |
| | Lennox International Inc. | 5,500 | 583 |
| | Lincoln Electric Holdings Inc. | 8,700 | 582 |
| | Jabil Circuit Inc. | 25,719 | 579 |
| * | XPO Logistics Inc. | 11,853 | 575 |
| | Trinity Industries Inc. | 21,200 | 574 |
| | Graco Inc. | 7,900 | 566 |
| * | Owens-Illinois Inc. | 23,550 | 563 |
| | Nordson Corp. | 7,000 | 558 |
| | Air Lease Corp. Class A | 14,400 | 556 |
| | Toro Co. | 8,200 | 550 |
| | RR Donnelley & Sons Co. | 29,260 | 545 |
| | Jack Henry & Associates Inc. | 7,900 | 525 |
| * | Cognex Corp. | 11,600 | 521 |
| | Babcock & Wilcox Co. | 16,050 | 519 |
| | ITT Corp. | 12,967 | 514 |
| | MSC Industrial Direct Co. Inc. Class A | 7,200 | 512 |
| * | Louisiana-Pacific Corp. | 33,500 | 511 |
| | AptarGroup Inc. | 8,200 | 509 |
| | Sonoco Products Co. | 11,300 | 505 |
| | Brink's Co. | 19,000 | 503 |
| | SPX Corp. | 6,499 | 500 |
| * | Genpact Ltd. | 22,800 | 498 |
| | World Fuel Services Corp. | 8,900 | 494 |
| | MAXIMUS Inc. | 7,600 | 486 |
| * | Berry Plastics Group Inc. | 14,182 | 485 |
| | Belden Inc. | 5,700 | 479 |
| | Terex Corp. | 17,102 | 470 |
| * | Euronet Worldwide Inc. | 8,000 | 468 |
| * | Esterline Technologies Corp. | 4,100 | 456 |
| | Curtiss-Wright Corp. | 6,200 | 453 |
| | FEI Co. | 6,000 | 453 |
| | Regal Beloit Corp. | 5,700 | 446 |
| | Watsco Inc. | 3,700 | 445 |
| * | Clean Harbors Inc. | 8,000 | 442 |
| | CLARCOR Inc. | 6,400 | 416 |
| | Deluxe Corp. | 6,400 | 414 |
| | Crane Co. | 6,700 | 409 |
| | Triumph Group Inc. | 6,900 | 409 |
| | Kennametal Inc. | 11,500 | 407 |
| | Woodward Inc. | 8,600 | 405 |
| * | Generac Holdings Inc. | 9,700 | 404 |
| | Landstar System Inc. | 6,400 | 399 |
| * | IPG Photonics Corp. | 4,500 | 399 |
| | Manitowoc Co. Inc. | 19,700 | 389 |
| | EnerSys | 5,700 | 387 |
| | Booz Allen Hamilton Holding Corp. Class A | 14,058 | 387 |
104
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Corporate Executive Board Co. | 4,600 | 386 |
| | National Instruments Corp. | 13,100 | 375 |
| | Teekay Corp. | 7,500 | 373 |
| | Timken Co. | 9,400 | 369 |
| * | Rexnord Corp. | 13,889 | 368 |
| | Valmont Industries Inc. | 2,900 | 365 |
| * | Cimpress NV | 4,300 | 361 |
| * | WESCO International Inc. | 5,000 | 361 |
| * | Navistar International Corp. | 11,700 | 351 |
| | Con-way Inc. | 8,500 | 349 |
| | KBR Inc. | 19,400 | 339 |
| * | Swift Transportation Co. | 13,800 | 334 |
| | Littelfuse Inc. | 3,300 | 323 |
| * | Advisory Board Co. | 6,200 | 322 |
| | Korn/Ferry International | 10,200 | 322 |
| | EMCOR Group Inc. | 7,200 | 321 |
| * | USG Corp. | 11,400 | 303 |
| * | Moog Inc. Class A | 4,300 | 300 |
| | Covanta Holding Corp. | 14,800 | 300 |
| | Silgan Holdings Inc. | 5,484 | 295 |
| * | Knowles Corp. | 15,373 | 295 |
| * | KLX Inc. | 7,000 | 293 |
| | Barnes Group Inc. | 7,200 | 289 |
| * | DigitalGlobe Inc. | 8,754 | 282 |
| * | Universal Display Corp. | 6,300 | 278 |
| | Convergys Corp. | 12,000 | 272 |
| | RBC Bearings Inc. | 3,700 | 270 |
| | Heartland Payment Systems Inc. | 5,200 | 265 |
| | AAON Inc. | 10,950 | 262 |
| | UniFirst Corp. | 2,300 | 260 |
| * | Masonite International Corp. | 3,800 | 252 |
| | Applied Industrial Technologies Inc. | 6,000 | 251 |
| | Mobile Mini Inc. | 6,400 | 247 |
| | Methode Electronics Inc. | 5,800 | 246 |
| * | Anixter International Inc. | 3,400 | 240 |
| | GATX Corp. | 4,400 | 239 |
| | Outerwall Inc. | 3,600 | 239 |
| * | FTI Consulting Inc. | 5,700 | 234 |
| | Knight Transportation Inc. | 8,100 | 234 |
| * | Plexus Corp. | 5,400 | 232 |
| | Scorpio Tankers Inc. | 24,800 | 232 |
| * | TrueBlue Inc. | 8,000 | 230 |
| * | WageWorks Inc. | 4,500 | 227 |
| | Franklin Electric Co. Inc. | 6,200 | 224 |
| * | Sanmina Corp. | 11,000 | 224 |
| | Tetra Tech Inc. | 8,200 | 222 |
| * | TASER International Inc. | 7,300 | 220 |
| | Greenbrier Cos. Inc. | 3,800 | 219 |
| * | NeuStar Inc. Class A | 7,300 | 219 |
| | EVERTEC Inc. | 10,400 | 216 |
| * | Huron Consulting Group Inc. | 3,500 | 212 |
| * | ExamWorks Group Inc. | 5,100 | 209 |
| | Vishay Intertechnology Inc. | 16,200 | 205 |
| * | Veeco Instruments Inc. | 6,900 | 204 |
| * | Rogers Corp. | 2,800 | 204 |
| * | On Assignment Inc. | 5,900 | 199 |
| * | Trex Co. Inc. | 4,200 | 197 |
| * | Hub Group Inc. Class A | 4,900 | 195 |
| | United Stationers Inc. | 4,800 | 195 |
| | Tennant Co. | 3,000 | 193 |
| * | Coherent Inc. | 3,200 | 192 |
| | Forward Air Corp. | 3,800 | 191 |
| | AZZ Inc. | 4,100 | 190 |
| | ABM Industries Inc. | 5,900 | 189 |
105
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | PHH Corp. | 7,400 | 186 |
| | EnPro Industries Inc. | 2,900 | 186 |
| | MSA Safety Inc. | 4,000 | 183 |
| * | Cardtronics Inc. | 4,800 | 181 |
| | Aircastle Ltd. | 7,500 | 180 |
| * | ExlService Holdings Inc. | 5,200 | 179 |
| * | Benchmark Electronics Inc. | 7,600 | 179 |
| | Mueller Water Products Inc. Class A | 18,900 | 177 |
| | Sturm Ruger & Co. Inc. | 3,200 | 175 |
| * | TriNet Group Inc. | 5,000 | 175 |
| * | Rofin-Sinar Technologies Inc. | 7,400 | 175 |
| | Brady Corp. Class A | 6,400 | 170 |
| * | Itron Inc. | 4,700 | 169 |
| | Watts Water Technologies Inc. Class A | 3,000 | 164 |
| | G&K Services Inc. Class A | 2,300 | 162 |
| | Mueller Industries Inc. | 4,600 | 161 |
| | Greif Inc. Class A | 3,900 | 159 |
| * | Meritor Inc. | 12,100 | 159 |
| | Actuant Corp. Class A | 6,600 | 157 |
| | Albany International Corp. | 4,000 | 157 |
| | Materion Corp. | 3,900 | 156 |
| | Werner Enterprises Inc. | 5,800 | 156 |
| | Ship Finance International Ltd. | 9,813 | 155 |
| * | Nortek Inc. | 1,800 | 152 |
| | Harsco Corp. | 9,400 | 151 |
| * | Atlas Air Worldwide Holdings Inc. | 3,100 | 151 |
| * | Saia Inc. | 3,700 | 151 |
| | Matson Inc. | 3,700 | 150 |
| | Otter Tail Corp. | 5,000 | 150 |
| | AAR Corp. | 4,900 | 148 |
| | Apogee Enterprises Inc. | 2,800 | 147 |
| * | MasTec Inc. | 8,200 | 147 |
| | Quanex Building Products Corp. | 7,600 | 147 |
| | John Bean Technologies Corp. | 3,800 | 147 |
| * | TriMas Corp. | 5,200 | 146 |
| * | Boise Cascade Co. | 4,200 | 146 |
| | Heartland Express Inc. | 6,900 | 144 |
| * | Wesco Aircraft Holdings Inc. | 9,100 | 143 |
| * | II-VI Inc. | 8,000 | 142 |
| | Hyster-Yale Materials Handling Inc. | 1,900 | 139 |
| | Cubic Corp. | 2,800 | 139 |
| | TAL International Group Inc. | 3,600 | 139 |
| | TimkenSteel Corp. | 4,700 | 137 |
| | Insperity Inc. | 2,800 | 135 |
| | Astec Industries Inc. | 3,200 | 135 |
| * | OSI Systems Inc. | 2,000 | 134 |
| | Granite Construction Inc. | 3,800 | 132 |
| | HEICO Corp. | 2,343 | 131 |
| | Standex International Corp. | 1,600 | 129 |
| | Comfort Systems USA Inc. | 6,200 | 128 |
| | MTS Systems Corp. | 1,800 | 127 |
| * | UTi Worldwide Inc. | 13,300 | 120 |
| | ManTech International Corp. Class A | 4,100 | 120 |
| | Nordic American Tankers Ltd. | 9,698 | 119 |
| * | Navigant Consulting Inc. | 8,200 | 119 |
| | Universal Forest Products Inc. | 2,100 | 116 |
| | CIRCOR International Inc. | 2,100 | 115 |
| | Kelly Services Inc. Class A | 6,900 | 113 |
| * | Greatbatch Inc. | 2,100 | 113 |
| | Kaman Corp. | 2,700 | 113 |
| | US Ecology Inc. | 2,400 | 113 |
| | Hollysys Automation Technologies Ltd. | 5,100 | 112 |
| | GasLog Ltd. | 5,000 | 111 |
| | Encore Wire Corp. | 2,400 | 108 |
106
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Sykes Enterprises Inc. | 4,200 | 105 |
| * | Aerojet Rocketdyne Holdings Inc. | 5,200 | 102 |
| | Seaspan Corp. Class A | 5,000 | 99 |
| | Federal Signal Corp. | 6,300 | 99 |
| | Simpson Manufacturing Co. Inc. | 3,000 | 98 |
| * | Aegion Corp. Class A | 5,300 | 98 |
| * | Newport Corp. | 5,000 | 95 |
| | Lindsay Corp. | 1,200 | 95 |
| | General Cable Corp. | 5,600 | 91 |
| | Raven Industries Inc. | 4,400 | 88 |
| * | GrafTech International Ltd. | 17,600 | 85 |
| * | Tutor Perini Corp. | 4,000 | 85 |
| | ESCO Technologies Inc. | 2,300 | 84 |
| * | FARO Technologies Inc. | 2,100 | 84 |
| | H&E Equipment Services Inc. | 3,200 | 79 |
| | Textainer Group Holdings Ltd. | 2,600 | 79 |
| | AVX Corp. | 5,700 | 78 |
| | Primoris Services Corp. | 3,900 | 75 |
| * | Monster Worldwide Inc. | 12,300 | 72 |
| | Griffon Corp. | 4,200 | 71 |
| | Powell Industries Inc. | 2,100 | 70 |
| | Viad Corp. | 2,600 | 69 |
| | Acacia Research Corp. | 6,100 | 67 |
| * | ServiceSource International Inc. | 17,900 | 64 |
| * | Team Inc. | 1,600 | 63 |
| | Badger Meter Inc. | 1,000 | 62 |
| | Schnitzer Steel Industries Inc. | 3,500 | 61 |
| * | Engility Holdings Inc. | 2,073 | 58 |
| * | DryShips Inc. | 81,100 | 58 |
| * | TTM Technologies Inc. | 6,100 | 57 |
| | Myers Industries Inc. | 3,500 | 57 |
| | McGrath RentCorp | 1,700 | 56 |
| | Checkpoint Systems Inc. | 5,300 | 55 |
| | CTS Corp. | 3,000 | 54 |
| | Resources Connection Inc. | 3,400 | 54 |
| * | Era Group Inc. | 2,400 | 53 |
| | American Railcar Industries Inc. | 1,000 | 53 |
| *,^ | Golden Ocean Group Ltd. | 10,615 | 53 |
| * | Diana Shipping Inc. | 8,100 | 51 |
| | American Science & Engineering Inc. | 1,300 | 49 |
| | Daktronics Inc. | 4,400 | 47 |
| | TeleTech Holdings Inc. | 1,700 | 44 |
| | Park Electrochemical Corp. | 1,700 | 37 |
| * | DXP Enterprises Inc. | 800 | 36 |
| * | Aerovironment Inc. | 1,400 | 36 |
| | Navios Maritime Holdings Inc. | 8,900 | 34 |
| * | InnerWorkings Inc. | 4,600 | 29 |
| * | EnerNOC Inc. | 2,600 | 29 |
| * | Gibraltar Industries Inc. | 1,700 | 28 |
| * | CBIZ Inc. | 3,000 | 27 |
| | | | 435,079 |
| Oil & Gas (4.0%) | | |
| | Exxon Mobil Corp. | 650,582 | 56,841 |
| | Chevron Corp. | 291,952 | 32,424 |
| | Schlumberger Ltd. | 198,263 | 18,758 |
| | ConocoPhillips | 188,549 | 12,806 |
| | Kinder Morgan Inc. | 281,122 | 12,074 |
| | Occidental Petroleum Corp. | 119,019 | 9,533 |
| | EOG Resources Inc. | 83,574 | 8,270 |
| | Anadarko Petroleum Corp. | 77,880 | 7,329 |
| | Phillips 66 | 85,798 | 6,805 |
| | Halliburton Co. | 129,281 | 6,328 |
| | Williams Cos. Inc. | 113,815 | 5,826 |
| | Baker Hughes Inc. | 67,055 | 4,591 |
107
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Valero Energy Corp. | 79,461 | 4,521 |
| | Apache Corp. | 63,570 | 4,348 |
| | Marathon Petroleum Corp. | 43,980 | 4,335 |
| | Devon Energy Corp. | 62,880 | 4,289 |
| | Spectra Energy Corp. | 113,895 | 4,243 |
| | Pioneer Natural Resources Co. | 22,951 | 3,965 |
| | National Oilwell Varco Inc. | 66,526 | 3,620 |
| | Marathon Oil Corp. | 103,448 | 3,217 |
| | Hess Corp. | 40,551 | 3,118 |
| | Noble Energy Inc. | 58,573 | 2,971 |
| * | Cheniere Energy Inc. | 36,177 | 2,767 |
| * | Concho Resources Inc. | 20,913 | 2,649 |
| | Cabot Oil & Gas Corp. | 62,282 | 2,106 |
| | EQT Corp. | 23,255 | 2,092 |
| * | FMC Technologies Inc. | 41,735 | 1,841 |
| | Tesoro Corp. | 20,610 | 1,769 |
| * | Weatherford International plc | 120,303 | 1,750 |
| * | Cameron International Corp. | 30,693 | 1,683 |
| | Range Resources Corp. | 26,022 | 1,654 |
| * | Southwestern Energy Co. | 58,652 | 1,644 |
| | Cimarex Energy Co. | 13,041 | 1,622 |
| | Chesapeake Energy Corp. | 99,164 | 1,564 |
| | HollyFrontier Corp. | 35,502 | 1,377 |
| | Helmerich & Payne Inc. | 15,100 | 1,177 |
| * | Whiting Petroleum Corp. | 31,035 | 1,177 |
| | Murphy Oil Corp. | 23,723 | 1,129 |
| | Ensco plc Class A | 35,984 | 982 |
| | OGE Energy Corp. | 29,800 | 974 |
| * | Newfield Exploration Co. | 24,801 | 973 |
| * | Dresser-Rand Group Inc. | 11,500 | 951 |
| | Noble Corp. plc | 49,715 | 861 |
| | Nabors Industries Ltd. | 50,008 | 835 |
| | Core Laboratories NV | 6,300 | 827 |
| | Oceaneering International Inc. | 14,800 | 816 |
| * | Continental Resources Inc. | 15,112 | 795 |
| | Energen Corp. | 11,000 | 783 |
| | Targa Resources Corp. | 7,084 | 744 |
| * | Diamondback Energy Inc. | 8,800 | 727 |
| * | Gulfport Energy Corp. | 14,738 | 721 |
| * | First Solar Inc. | 10,470 | 625 |
| | QEP Resources Inc. | 27,699 | 623 |
| | Superior Energy Services Inc. | 22,635 | 577 |
| | SM Energy Co. | 9,900 | 574 |
| * | Cobalt International Energy Inc. | 52,092 | 557 |
| | SemGroup Corp. Class A | 6,200 | 522 |
| | Patterson-UTI Energy Inc. | 21,359 | 477 |
| | Denbury Resources Inc. | 53,026 | 467 |
| | Western Refining Inc. | 9,974 | 439 |
| | California Resources Corp. | 47,222 | 439 |
| * | Dril-Quip Inc. | 5,500 | 438 |
| * | Rice Energy Inc. | 16,344 | 403 |
| * | NOW Inc. | 16,760 | 401 |
| * | Oil States International Inc. | 8,300 | 395 |
| * | WPX Energy Inc. | 28,499 | 392 |
| | PBF Energy Inc. Class A | 12,799 | 363 |
| * | Carrizo Oil & Gas Inc. | 6,500 | 362 |
| * | Oasis Petroleum Inc. | 20,000 | 359 |
| | Rowan Cos. plc Class A | 16,488 | 349 |
| * | PDC Energy Inc. | 6,057 | 344 |
| * | Laredo Petroleum Inc. | 21,700 | 343 |
| | Diamond Offshore Drilling Inc. | 10,218 | 342 |
| * | Ultra Petroleum Corp. | 20,055 | 342 |
| * | Antero Resources Corp. | 7,300 | 323 |
| | Exterran Holdings Inc. | 8,600 | 319 |
108
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Delek US Holdings Inc. | 8,480 | 313 |
| * | Matador Resources Co. | 10,700 | 297 |
| | Bristow Group Inc. | 4,700 | 292 |
| * | Rosetta Resources Inc. | 12,700 | 290 |
| * | InterOil Corp. | 5,600 | 290 |
| * | Unit Corp. | 8,200 | 286 |
| | Atwood Oceanics Inc. | 8,300 | 277 |
| * | Parsley Energy Inc. Class A | 13,722 | 238 |
| * | SunPower Corp. Class A | 7,100 | 229 |
| | Pattern Energy Group Inc. Class A | 7,628 | 221 |
| * | McDermott International Inc. | 40,077 | 210 |
| * | Canadian Solar Inc. | 5,900 | 209 |
| * | Forum Energy Technologies Inc. | 8,800 | 205 |
| * | Helix Energy Solutions Group Inc. | 12,400 | 204 |
| * | Kosmos Energy Ltd. | 20,779 | 203 |
| * | MRC Global Inc. | 13,100 | 191 |
| * | C&J Energy Services Ltd. | 10,800 | 188 |
| | Green Plains Inc. | 5,800 | 181 |
| * | SEACOR Holdings Inc. | 2,400 | 174 |
| * | RSP Permian Inc. | 6,000 | 174 |
| * | Chart Industries Inc. | 4,200 | 170 |
| ^ | Tidewater Inc. | 6,100 | 169 |
| | CVR Energy Inc. | 4,200 | 168 |
| * | Bonanza Creek Energy Inc. | 6,044 | 167 |
| * | Hornbeck Offshore Services Inc. | 6,400 | 146 |
| | CARBO Ceramics Inc. | 3,100 | 137 |
| | Frank's International NV | 6,200 | 129 |
| *,^ | SandRidge Energy Inc. | 63,900 | 121 |
| * | Memorial Resource Development Corp. | 5,700 | 115 |
| * | Stone Energy Corp. | 6,456 | 110 |
| * | Matrix Service Co. | 5,000 | 110 |
| * | Newpark Resources Inc. | 10,100 | 104 |
| | RPC Inc. | 6,300 | 100 |
| * | Sanchez Energy Corp. | 6,500 | 95 |
| * | EP Energy Corp. Class A | 5,200 | 77 |
| * | Pacific Drilling SA | 15,800 | 74 |
| * | Flotek Industries Inc. | 4,700 | 67 |
| * | Bill Barrett Corp. | 5,600 | 65 |
| * | Clayton Williams Energy Inc. | 1,100 | 61 |
| * | TETRA Technologies Inc. | 8,400 | 61 |
| * | ION Geophysical Corp. | 26,300 | 60 |
| | Civeo Corp. | 12,800 | 60 |
| * | Halcon Resources Corp. | 38,200 | 57 |
| * | Contango Oil & Gas Co. | 2,100 | 53 |
| * | Magnum Hunter Resources Corp. | 23,700 | 52 |
| | EXCO Resources Inc. | 23,425 | 48 |
| | W&T Offshore Inc. | 5,000 | 32 |
| | Ocean Rig UDW Inc. | 3,900 | 29 |
| * | PHI Inc. | 385 | 12 |
| | | | 277,298 |
| Other (0.0%)3 | | |
| * | Leap Wireless International Inc CVR | 5,200 | 13 |
| |
| Technology (8.1%) | | |
| | Apple Inc. | 902,251 | 112,917 |
| | Microsoft Corp. | 1,143,681 | 55,629 |
| | International Business Machines Corp. | 154,140 | 26,403 |
| * | Facebook Inc. Class A | 326,484 | 25,717 |
| * | Google Inc. Class C | 45,328 | 24,357 |
| | Intel Corp. | 732,143 | 23,831 |
| * | Google Inc. Class A | 43,026 | 23,611 |
| | Cisco Systems Inc. | 794,187 | 22,896 |
| | Oracle Corp. | 519,095 | 22,643 |
| | QUALCOMM Inc. | 257,054 | 17,480 |
109
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hewlett-Packard Co. | 284,585 | 9,383 |
| | Texas Instruments Inc. | 162,191 | 8,792 |
| | EMC Corp. | 314,817 | 8,472 |
| * | Salesforce.com inc | 92,335 | 6,724 |
| * | Adobe Systems Inc. | 76,493 | 5,818 |
| * | Yahoo! Inc. | 135,474 | 5,766 |
| * | Cognizant Technology Solutions Corp. Class A | 92,300 | 5,403 |
| * | Micron Technology Inc. | 167,322 | 4,707 |
| | Avago Technologies Ltd. Class A | 39,329 | 4,597 |
| | Corning Inc. | 193,660 | 4,053 |
| | Intuit Inc. | 39,980 | 4,011 |
| | Broadcom Corp. Class A | 83,005 | 3,669 |
| | Applied Materials Inc. | 185,182 | 3,665 |
| | Western Digital Corp. | 36,714 | 3,588 |
| * | NXP Semiconductors NV | 34,900 | 3,355 |
| * | Cerner Corp. | 43,806 | 3,146 |
| | Seagate Technology plc | 50,383 | 2,959 |
| | Analog Devices Inc. | 47,321 | 2,926 |
| | Skyworks Solutions Inc. | 28,100 | 2,592 |
| | Symantec Corp. | 103,705 | 2,585 |
| * | Twitter Inc. | 65,700 | 2,560 |
| | Altera Corp. | 59,131 | 2,465 |
| | SanDisk Corp. | 35,315 | 2,364 |
| * | Citrix Systems Inc. | 34,699 | 2,330 |
| * | Autodesk Inc. | 40,813 | 2,319 |
| | NVIDIA Corp. | 98,105 | 2,177 |
| | Juniper Networks Inc. | 80,494 | 2,127 |
| * | Check Point Software Technologies Ltd. | 25,269 | 2,109 |
| * | Red Hat Inc. | 27,886 | 2,099 |
| | Motorola Solutions Inc. | 32,410 | 1,937 |
| * | Akamai Technologies Inc. | 25,402 | 1,874 |
| | Lam Research Corp. | 23,311 | 1,762 |
| | Xilinx Inc. | 39,697 | 1,721 |
| | NetApp Inc. | 47,240 | 1,712 |
| * | F5 Networks Inc. | 13,426 | 1,638 |
| | Linear Technology Corp. | 33,951 | 1,566 |
| | CA Inc. | 47,150 | 1,498 |
| * | Gartner Inc. | 17,900 | 1,485 |
| | KLA-Tencor Corp. | 24,592 | 1,446 |
| * | Workday Inc. Class A | 15,672 | 1,429 |
| | Microchip Technology Inc. | 29,930 | 1,426 |
| | Maxim Integrated Products Inc. | 41,836 | 1,373 |
| * | Qorvo Inc. | 20,627 | 1,360 |
| | Computer Sciences Corp. | 20,890 | 1,346 |
| | CDK Global Inc. | 27,027 | 1,295 |
| | Harris Corp. | 15,938 | 1,279 |
| * | VMware Inc. Class A | 14,028 | 1,236 |
| * | Mobileye NV | 26,705 | 1,198 |
| | Amdocs Ltd. | 21,338 | 1,175 |
| * | VeriSign Inc. | 17,066 | 1,084 |
| | Brocade Communications Systems Inc. | 93,500 | 1,057 |
| * | Teradata Corp. | 23,636 | 1,040 |
| * | ANSYS Inc. | 11,355 | 975 |
| * | SunEdison Inc. | 38,200 | 967 |
| * | Synopsys Inc. | 20,219 | 948 |
| * | Informatica Corp. | 19,300 | 928 |
| * | Rackspace Hosting Inc. | 17,000 | 916 |
| * | Palo Alto Networks Inc. | 5,900 | 872 |
| | Marvell Technology Group Ltd. | 60,979 | 854 |
| * | Cadence Design Systems Inc. | 41,565 | 775 |
| * | ON Semiconductor Corp. | 64,167 | 739 |
| | IAC/InterActiveCorp | 10,519 | 734 |
| * | Tableau Software Inc. Class A | 7,502 | 734 |
| | Garmin Ltd. | 15,936 | 720 |
110
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | NCR Corp. | 26,114 | 717 |
| * | Polycom Inc. | 54,321 | 709 |
| * | Fortinet Inc. | 18,200 | 687 |
| | Pitney Bowes Inc. | 30,047 | 672 |
| * | Ultimate Software Group Inc. | 4,000 | 665 |
| * | Yandex NV Class A | 34,362 | 661 |
| * | Splunk Inc. | 9,798 | 650 |
| * | athenahealth Inc. | 5,200 | 638 |
| * | IMS Health Holdings Inc. | 23,000 | 635 |
| * | Nuance Communications Inc. | 41,100 | 630 |
| | Cypress Semiconductor Corp. | 47,032 | 626 |
| | CDW Corp. | 16,217 | 621 |
| | Teradyne Inc. | 33,400 | 610 |
| | SS&C Technologies Holdings Inc. | 9,968 | 600 |
| * | ARRIS Group Inc. | 17,768 | 598 |
| * | VeriFone Systems Inc. | 16,500 | 590 |
| * | Manhattan Associates Inc. | 11,200 | 589 |
| * | CommVault Systems Inc. | 12,730 | 582 |
| * | Aspen Technology Inc. | 12,800 | 568 |
| * | Ingram Micro Inc. | 22,300 | 561 |
| * | Tyler Technologies Inc. | 4,600 | 561 |
| * | PTC Inc. | 14,400 | 552 |
| * | Freescale Semiconductor Ltd. | 14,056 | 549 |
| * | FireEye Inc. | 13,100 | 541 |
| * | NetSuite Inc. | 5,619 | 537 |
| * | Cree Inc. | 16,915 | 536 |
| * | Cavium Inc. | 8,100 | 525 |
| | DST Systems Inc. | 4,291 | 494 |
| | j2 Global Inc. | 7,100 | 493 |
| * | Verint Systems Inc. | 7,900 | 485 |
| * | SINA Corp. | 10,800 | 475 |
| * | Microsemi Corp. | 14,100 | 470 |
| * | SolarWinds Inc. | 9,600 | 468 |
| * | ServiceNow Inc. | 6,100 | 457 |
| * | CommScope Holding Co. Inc. | 15,300 | 452 |
| * | AOL Inc. | 11,191 | 447 |
| * | Synaptics Inc. | 5,200 | 441 |
| | Solera Holdings Inc. | 8,800 | 427 |
| * | Allscripts Healthcare Solutions Inc. | 31,200 | 415 |
| * | Integrated Device Technology Inc. | 22,700 | 413 |
| | Lexmark International Inc. Class A | 9,200 | 408 |
| * | EchoStar Corp. Class A | 7,800 | 390 |
| * | Guidewire Software Inc. | 7,800 | 390 |
| * | ACI Worldwide Inc. | 16,900 | 389 |
| * | ViaSat Inc. | 6,400 | 385 |
| | Mentor Graphics Corp. | 15,800 | 378 |
| | Atmel Corp. | 49,800 | 377 |
| | Diebold Inc. | 10,826 | 376 |
| | Fair Isaac Corp. | 4,200 | 372 |
| * | JDS Uniphase Corp. | 28,200 | 357 |
| *,^ | 3D Systems Corp. | 14,100 | 354 |
| | Plantronics Inc. | 6,600 | 352 |
| * | Qlik Technologies Inc. | 10,100 | 351 |
| * | Medidata Solutions Inc. | 6,400 | 342 |
| * | Cirrus Logic Inc. | 10,000 | 338 |
| * | Envestnet Inc. | 6,500 | 333 |
| | Leidos Holdings Inc. | 7,869 | 328 |
| * | Aruba Networks Inc. | 13,300 | 327 |
| * | Demandware Inc. | 5,300 | 326 |
| * | Ciena Corp. | 15,300 | 326 |
| | Blackbaud Inc. | 6,400 | 323 |
| * | Silicon Laboratories Inc. | 6,200 | 320 |
| * | Infinera Corp. | 16,600 | 312 |
| | Advent Software Inc. | 6,900 | 300 |
111
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Dealertrack Technologies Inc. | 7,500 | 295 |
| * | Veeva Systems Inc. Class A | 11,100 | 295 |
| * | CACI International Inc. Class A | 3,200 | 282 |
| * | Fairchild Semiconductor International Inc. Class A | 15,500 | 282 |
| * | Finisar Corp. | 13,800 | 281 |
| * | Electronics For Imaging Inc. | 6,700 | 280 |
| | InterDigital Inc. | 5,100 | 279 |
| | SYNNEX Corp. | 3,600 | 275 |
| * | Rovi Corp. | 14,399 | 267 |
| | Monolithic Power Systems Inc. | 5,100 | 264 |
| | Science Applications International Corp. | 5,153 | 258 |
| | Tessera Technologies Inc. | 7,000 | 253 |
| * | Sohu.com Inc. | 3,800 | 253 |
| * | NetScout Systems Inc. | 6,100 | 251 |
| * | Tech Data Corp. | 4,400 | 248 |
| * | Dycom Industries Inc. | 5,300 | 244 |
| * | IGATE Corp. | 5,056 | 240 |
| * | Progress Software Corp. | 9,100 | 240 |
| | West Corp. | 7,723 | 239 |
| * | Syntel Inc. | 5,200 | 234 |
| * | OmniVision Technologies Inc. | 8,100 | 226 |
| * | Stratasys Ltd. | 6,000 | 225 |
| * | Fleetmatics Group plc | 4,900 | 223 |
| * | InterXion Holding NV | 7,300 | 222 |
| | Intersil Corp. Class A | 16,500 | 220 |
| * | Synchronoss Technologies Inc. | 4,700 | 216 |
| * | QLogic Corp. | 14,100 | 207 |
| | Cogent Communications Holdings Inc. | 5,900 | 206 |
| * | BroadSoft Inc. | 6,400 | 203 |
| * | EPAM Systems Inc. | 3,100 | 201 |
| * | MicroStrategy Inc. Class A | 1,100 | 200 |
| * | Loral Space & Communications Inc. | 2,900 | 200 |
| * | Premier Inc. Class A | 5,275 | 200 |
| * | PMC-Sierra Inc. | 23,700 | 200 |
| * | LogMeIn Inc. | 3,100 | 199 |
| | Power Integrations Inc. | 4,000 | 198 |
| * | Entegris Inc. | 14,600 | 194 |
| * | MedAssets Inc. | 9,500 | 192 |
| * | Rambus Inc. | 13,100 | 181 |
| * | Semtech Corp. | 7,500 | 175 |
| * | Cray Inc. | 6,200 | 174 |
| * | Advanced Micro Devices Inc. | 76,406 | 173 |
| * | Cornerstone OnDemand Inc. | 6,000 | 172 |
| | MKS Instruments Inc. | 4,800 | 167 |
| * | Endurance International Group Holdings Inc. | 8,900 | 163 |
| * | Amkor Technology Inc. | 22,600 | 159 |
| * | Bottomline Technologies de Inc. | 5,900 | 158 |
| * | ScanSource Inc. | 3,900 | 155 |
| * | Unisys Corp. | 6,800 | 148 |
| * | Diodes Inc. | 5,500 | 147 |
| * | Advanced Energy Industries Inc. | 6,000 | 147 |
| * | RealPage Inc. | 7,300 | 145 |
| | Micrel Inc. | 10,500 | 143 |
| * | Kulicke & Soffa Industries Inc. | 9,400 | 142 |
| | Ebix Inc. | 5,200 | 142 |
| * | Super Micro Computer Inc. | 4,900 | 141 |
| | CSG Systems International Inc. | 4,800 | 140 |
| | Forrester Research Inc. | 4,000 | 139 |
| * | InvenSense Inc. | 9,000 | 134 |
| | NIC Inc. | 7,800 | 133 |
| * | NETGEAR Inc. | 4,200 | 127 |
| * | Cabot Microelectronics Corp. | 2,600 | 123 |
| | Ubiquiti Networks Inc. | 4,300 | 123 |
| * | Ixia | 10,100 | 121 |
112
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Infoblox Inc. | 5,100 | 120 |
| * | Insight Enterprises Inc. | 4,100 | 117 |
| | Quality Systems Inc. | 7,200 | 112 |
| * | Lattice Semiconductor Corp. | 18,600 | 110 |
| * | Shutterstock Inc. | 1,500 | 101 |
| * | Perficient Inc. | 4,400 | 91 |
| | ADTRAN Inc. | 5,000 | 83 |
| * | Exar Corp. | 8,400 | 83 |
| | Pegasystems Inc. | 3,800 | 82 |
| * | Web.com Group Inc. | 3,900 | 72 |
| | Epiq Systems Inc. | 4,000 | 72 |
| * | Premiere Global Services Inc. | 7,000 | 71 |
| * | Harmonic Inc. | 10,000 | 70 |
| | Brooks Automation Inc. | 6,200 | 67 |
| | Computer Programs & Systems Inc. | 1,200 | 63 |
| * | Interactive Intelligence Group Inc. | 1,400 | 62 |
| | Monotype Imaging Holdings Inc. | 1,800 | 58 |
| * | Emulex Corp. | 6,700 | 54 |
| | Comtech Telecommunications Corp. | 1,800 | 52 |
| * | Blucora Inc. | 3,800 | 52 |
| * | Ultratech Inc. | 2,600 | 52 |
| * | Marketo Inc. | 1,800 | 51 |
| * | Comverse Inc. | 1,900 | 47 |
| * | Sonus Networks Inc. | 5,407 | 43 |
| * | Applied Micro Circuits Corp. | 5,600 | 30 |
| | | | 560,824 |
| Telecommunications (1.1%) | | |
| | Verizon Communications Inc. | 630,988 | 31,827 |
| | AT&T Inc. | 808,431 | 28,004 |
| | CenturyLink Inc. | 87,138 | 3,133 |
| * | Level 3 Communications Inc. | 40,790 | 2,282 |
| * | SBA Communications Corp. Class A | 18,234 | 2,112 |
| * | T-Mobile US Inc. | 38,388 | 1,307 |
| | Frontier Communications Corp. | 145,702 | 999 |
| * | Sprint Corp. | 130,221 | 668 |
| | Telephone & Data Systems Inc. | 12,473 | 333 |
| * | Windstream Holdings Inc. | 15,032 | 176 |
| | Shenandoah Telecommunications Co. | 4,875 | 168 |
| | Consolidated Communications Holdings Inc. | 6,800 | 143 |
| * | Cincinnati Bell Inc. | 30,200 | 104 |
| * | United States Cellular Corp. | 2,700 | 100 |
| * | General Communication Inc. Class A | 5,400 | 86 |
| | Atlantic Tele-Network Inc. | 1,200 | 79 |
| | EarthLink Holdings Corp. | 14,900 | 70 |
| | | | 71,591 |
| Utilities (1.5%) | | |
| | Duke Energy Corp. | 108,232 | 8,396 |
| | NextEra Energy Inc. | 66,162 | 6,678 |
| | Dominion Resources Inc. | 86,394 | 6,193 |
| | Southern Co. | 135,604 | 6,007 |
| | Exelon Corp. | 130,268 | 4,432 |
| | American Electric Power Co. Inc. | 72,967 | 4,150 |
| | Sempra Energy | 35,673 | 3,787 |
| | PG&E Corp. | 71,484 | 3,783 |
| | PPL Corp. | 101,273 | 3,446 |
| | Public Service Enterprise Group Inc. | 76,319 | 3,170 |
| | Edison International | 48,777 | 2,973 |
| | NiSource Inc. | 63,216 | 2,745 |
| | Consolidated Edison Inc. | 41,988 | 2,584 |
| | Xcel Energy Inc. | 74,751 | 2,535 |
| | Eversource Energy | 46,582 | 2,271 |
| | FirstEnergy Corp. | 62,161 | 2,232 |
| | Entergy Corp. | 27,261 | 2,104 |
| | DTE Energy Co. | 24,591 | 1,958 |
113
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | CenterPoint Energy Inc. | 93,227 | 1,955 |
| | Vectren Corp. | 37,880 | 1,635 |
| | TECO Energy Inc. | 82,817 | 1,569 |
| | ONEOK Inc. | 31,706 | 1,525 |
| | Wisconsin Energy Corp. | 30,957 | 1,521 |
| | AES Corp. | 112,531 | 1,491 |
| | American Water Works Co. Inc. | 26,356 | 1,437 |
| | Ameren Corp. | 33,267 | 1,362 |
| | NRG Energy Inc. | 50,532 | 1,275 |
| | CMS Energy Corp. | 36,348 | 1,233 |
| * | Calpine Corp. | 47,884 | 1,044 |
| | Pinnacle West Capital Corp. | 15,440 | 945 |
| | Pepco Holdings Inc. | 34,995 | 909 |
| | SCANA Corp. | 16,127 | 854 |
| | MGE Energy Inc. | 20,265 | 841 |
| | UGI Corp. | 23,350 | 813 |
| | Integrys Energy Group Inc. | 11,100 | 811 |
| | Alliant Energy Corp. | 13,377 | 809 |
| | AGL Resources Inc. | 16,000 | 804 |
| | Atmos Energy Corp. | 14,300 | 772 |
| | ITC Holdings Corp. | 20,700 | 745 |
| | Westar Energy Inc. Class A | 18,800 | 708 |
| | National Fuel Gas Co. | 10,800 | 696 |
| * | Dynegy Inc. | 19,079 | 635 |
| | Aqua America Inc. | 22,125 | 593 |
| | Great Plains Energy Inc. | 21,500 | 563 |
| | Questar Corp. | 23,625 | 554 |
| | Empire District Electric Co. | 21,400 | 504 |
| | Hawaiian Electric Industries Inc. | 15,800 | 495 |
| | Cleco Corp. | 8,500 | 462 |
| | IDACORP Inc. | 7,500 | 453 |
| | Portland General Electric Co. | 12,300 | 432 |
| | NorthWestern Corp. | 7,900 | 412 |
| | UIL Holdings Corp. | 8,000 | 399 |
| | WGL Holdings Inc. | 7,100 | 391 |
| | Piedmont Natural Gas Co. Inc. | 10,100 | 378 |
| | Black Hills Corp. | 7,500 | 370 |
| | ALLETE Inc. | 6,800 | 342 |
| | New Jersey Resources Corp. | 11,000 | 336 |
| | Southwest Gas Corp. | 6,000 | 330 |
| | PNM Resources Inc. | 11,000 | 306 |
| | ONE Gas Inc. | 7,176 | 301 |
| | Laclede Group Inc. | 5,100 | 265 |
| | Avista Corp. | 7,800 | 254 |
| | South Jersey Industries Inc. | 4,400 | 232 |
| | American States Water Co. | 6,000 | 230 |
| | SJW Corp. | 7,780 | 228 |
| | Northwest Natural Gas Co. | 4,500 | 210 |
| | El Paso Electric Co. | 5,600 | 208 |
| | Abengoa Yield plc | 5,601 | 190 |
| | California Water Service Group | 7,700 | 184 |
| | Ormat Technologies Inc. (XTAE) | 2,610 | 98 |
| | Ormat Technologies Inc. (XNYS) | 1,800 | 66 |
| | | | 105,619 |
| |
| | | | 3,483,436 |
| Total Common Stocks (Cost $5,643,193) | | 6,877,071 |
114
| | | | | | |
| Vanguard® Total World Stock Index Fund | | | | | |
| Schedule of Investments | | | | | |
| April 30, 2015 | | | | | |
| |
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value |
| | | Coupon | Date | Currency | ($000) | ($000) |
| Other Investments (0.0%)1 | | | | | |
| India (0.0%) | | | | | |
| 5 | NTPC Ltd. (Cost $53) | 8.490% | 3/25/25 | INR | 308 | 61 |
| |
| |
| | | | | | Shares | |
| Temporary Cash Investments (1.7%)1 | | | | | |
| Money Market Fund (1.7%) | | | | | |
| 6,7 | Vanguard Market Liquidity Fund | 0.121% | | | 118,229,812 | 118,230 |
| |
| | | | | | Face | |
| | | | | | Amount | |
| | | | | | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | | |
| 8,9 | Federal Home Loan Bank Discount Notes | 0.060%-0.08% | 5/8/15 | | 2,200 | 2,200 |
| 8,9 | Federal Home Loan Bank Discount Notes | 0.077% | 5/20/15 | | 300 | 300 |
| | | | | | | 2,500 |
| Total Temporary Cash Investments (Cost $120,730) | | | | | 120,730 |
| Total Investments (101.4%) (Cost $5,763,976) | | | | | 6,997,862 |
| Other Assets and Liabilities—Net (-1.4%)7 | | | | | (98,534) |
| Net Assets (100%) | | | | | 6,899,328 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $92,594,000.
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, other investments, and temporary cash investment positions represent 100.0%, 0.0%, and 1.4%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the aggregate value of these securities was $8,104,000, 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 Security is not classified by the fund’s benchmark index.
6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7 Includes $100,243,000 of collateral received for securities on loan.
8 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.
9 Securities with a value of $1,300,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
115
© 2015 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA6282 062015
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.5%)1 | | |
| Australia (5.1%) | | |
| | Commonwealth Bank of Australia | 2,067,705 | 144,733 |
| | Westpac Banking Corp. | 3,954,129 | 113,605 |
| | BHP Billiton Ltd. | 4,119,186 | 105,189 |
| | Australia & New Zealand Banking Group Ltd. | 3,538,951 | 94,695 |
| | National Australia Bank Ltd. | 3,037,378 | 87,949 |
| | Wesfarmers Ltd. | 1,434,606 | 49,450 |
| | CSL Ltd. | 608,846 | 43,644 |
| | Woolworths Ltd. | 1,575,253 | 36,574 |
| | Telstra Corp. Ltd. | 5,529,432 | 27,181 |
| | Woodside Petroleum Ltd. | 920,031 | 25,372 |
| | Rio Tinto Ltd. | 558,357 | 25,169 |
| | Macquarie Group Ltd. | 374,862 | 22,969 |
| | Scentre Group | 6,652,538 | 19,596 |
| | Transurban Group | 2,452,072 | 19,171 |
| | AMP Ltd. | 3,744,678 | 18,969 |
| | QBE Insurance Group Ltd. | 1,717,608 | 18,526 |
| | Westfield Corp. | 2,483,310 | 18,463 |
| | Suncorp Group Ltd. | 1,653,408 | 17,099 |
| | Brambles Ltd. | 2,005,383 | 17,093 |
| | Amcor Ltd. | 1,557,917 | 16,586 |
| | Origin Energy Ltd. | 1,389,746 | 13,892 |
| | Insurance Australia Group Ltd. | 2,929,053 | 13,424 |
| * | Newcrest Mining Ltd. | 983,500 | 11,025 |
| | Goodman Group | 2,201,407 | 10,802 |
| | APA Group | 1,392,552 | 10,532 |
| | Stockland | 2,989,484 | 10,448 |
| | AGL Energy Ltd. | 846,529 | 10,156 |
| | Aurizon Holdings Ltd. | 2,655,769 | 10,139 |
| | Caltex Australia Ltd. | 343,490 | 9,580 |
| | Oil Search Ltd. | 1,480,689 | 9,400 |
| | Lend Lease Group | 684,025 | 8,643 |
| | Ramsay Health Care Ltd. | 168,248 | 8,294 |
| | ASX Ltd. | 243,618 | 8,092 |
| | GPT Group | 2,279,295 | 8,033 |
| | Sonic Healthcare Ltd. | 509,824 | 7,990 |
| | Santos Ltd. | 1,212,353 | 7,895 |
| | Mirvac Group | 4,726,786 | 7,488 |
| | Orica Ltd. | 467,484 | 7,409 |
| | Dexus Property Group | 1,163,556 | 6,761 |
| | Incitec Pivot Ltd. | 2,122,931 | 6,667 |
| | Asciano Ltd. | 1,277,767 | 6,639 |
| | James Hardie Industries plc | 559,608 | 6,427 |
| | Toll Holdings Ltd. | 880,212 | 6,230 |
| | Computershare Ltd. | 641,196 | 6,220 |
| * | Medibank Pvt Ltd. | 3,501,625 | 6,114 |
| | Tatts Group Ltd. | 1,830,445 | 5,831 |
| | Coca-Cola Amatil Ltd. | 700,581 | 5,672 |
| | Novion Property Group | 2,902,601 | 5,645 |
| | Sydney Airport | 1,325,172 | 5,629 |
| | Seek Ltd. | 426,375 | 5,454 |
| | Aristocrat Leisure Ltd. | 822,080 | 5,373 |
| | Bendigo & Adelaide Bank Ltd. | 549,794 | 5,234 |
| | Crown Resorts Ltd. | 497,625 | 5,096 |
| | Boral Ltd. | 994,716 | 4,955 |
| | Cochlear Ltd. | 74,369 | 4,897 |
| | Bank of Queensland Ltd. | 464,680 | 4,772 |
| | Federation Centres | 1,863,346 | 4,329 |
| * | Qantas Airways Ltd. | 1,582,060 | 4,229 |
| | Challenger Ltd. | 737,522 | 4,095 |
| | Tabcorp Holdings Ltd. | 1,044,409 | 4,012 |
| | Ansell Ltd. | 192,031 | 3,952 |
1
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Echo Entertainment Group Ltd. | 1,083,088 | 3,867 |
| | Treasury Wine Estates Ltd. | 867,273 | 3,804 |
| | Alumina Ltd. | 3,064,310 | 3,718 |
| ^ | Fortescue Metals Group Ltd. | 2,060,459 | 3,481 |
| | Iluka Resources Ltd. | 532,364 | 3,392 |
| | Healthscope Ltd. | 1,341,680 | 3,007 |
| | IOOF Holdings Ltd. | 376,819 | 2,990 |
| | Perpetual Ltd. | 62,418 | 2,658 |
| | Orora Ltd. | 1,514,336 | 2,635 |
| | Harvey Norman Holdings Ltd. | 728,507 | 2,526 |
| | TPG Telecom Ltd. | 352,957 | 2,476 |
| | REA Group Ltd. | 65,666 | 2,442 |
| | AusNet Services | 2,100,283 | 2,442 |
| | DuluxGroup Ltd. | 489,233 | 2,440 |
| | Fairfax Media Ltd. | 2,961,460 | 2,437 |
| | WorleyParsons Ltd. | 268,939 | 2,416 |
| | Flight Centre Travel Group Ltd. | 70,291 | 2,404 |
| | Recall Holdings Ltd. | 399,179 | 2,293 |
| | ALS Ltd. | 512,783 | 2,118 |
| * | CIMIC Group Ltd. | 127,684 | 2,114 |
| | Adelaide Brighton Ltd. | 568,316 | 2,025 |
| ^ | Sims Metal Management Ltd. | 231,385 | 1,972 |
| | CSR Ltd. | 683,547 | 1,965 |
| | BlueScope Steel Ltd. | 689,445 | 1,897 |
| | Downer EDI Ltd. | 524,556 | 1,824 |
| | Platinum Asset Management Ltd. | 282,168 | 1,679 |
| | OZ Minerals Ltd. | 384,201 | 1,414 |
| | Shopping Centres Australasia Property Group | 805,240 | 1,353 |
| | Macquarie Atlas Roads Group | 526,478 | 1,350 |
| | Metcash Ltd. | 1,201,261 | 1,254 |
| | Nufarm Ltd. | 209,005 | 1,198 |
| | GWA Group Ltd. | 485,591 | 955 |
| *,^ | Whitehaven Coal Ltd. | 700,624 | 913 |
| | Seven West Media Ltd. | 840,872 | 838 |
| | Seven West Media Ltd. | 636,260 | 629 |
| | New Hope Corp. Ltd. | 296,312 | 510 |
| * | BGP Holdings PLC | 3,738,510 | — |
| | | | 1,296,944 |
| Austria (0.2%) | | |
| | Erste Group Bank AG | 373,834 | 10,555 |
| | voestalpine AG | 145,754 | 6,102 |
| | OMV AG | 183,300 | 6,101 |
| | ANDRITZ AG | 96,881 | 5,672 |
| * | IMMOFINANZ AG | 1,234,191 | 3,713 |
| | Raiffeisen Bank International AG | 144,485 | 2,398 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 50,405 | 2,006 |
| ^ | Verbund AG | 83,549 | 1,414 |
| | Telekom Austria AG | 94,557 | 702 |
| | | | 38,663 |
| Belgium (0.9%) | | |
| | Anheuser-Busch InBev NV | 1,023,202 | 124,573 |
| * | KBC Groep NV | 352,243 | 23,175 |
| * | UCB SA | 154,224 | 11,109 |
| | Solvay SA Class A | 72,518 | 10,678 |
| | Delhaize Group SA | 128,947 | 10,380 |
| | Ageas | 272,412 | 10,235 |
| * | Groupe Bruxelles Lambert SA | 97,535 | 8,562 |
| | Umicore SA | 146,702 | 7,292 |
| | Belgacom SA | 173,776 | 6,472 |
| | RTL Group SA | 49,139 | 4,607 |
| | Colruyt SA | 95,247 | 4,502 |
| * | Telenet Group Holding NV | 67,733 | 4,071 |
2
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | bpost SA | 123,897 | 3,553 |
| | | | 229,209 |
| Brazil (1.7%) | | |
| | Itau Unibanco Holding SA ADR | 3,322,685 | 42,597 |
| | Banco Bradesco SA ADR | 3,253,634 | 34,781 |
| | Ambev SA ADR | 3,811,225 | 24,125 |
| * | Petroleo Brasileiro SA ADR | 2,579,120 | 22,387 |
| | BRF SA | 897,162 | 19,176 |
| *,^ | Petroleo Brasileiro SA ADR | 1,994,605 | 18,949 |
| | Cielo SA | 1,115,120 | 15,522 |
| | Itausa - Investimentos Itau SA Preference Shares | 4,075,911 | 14,353 |
| | Ambev SA | 2,279,440 | 14,329 |
| | Ultrapar Participacoes SA | 487,537 | 11,220 |
| | Vale SA Class B ADR Preference Shares | 1,741,780 | 10,538 |
| ^ | Vale SA Class B ADR | 1,335,602 | 10,257 |
| | Banco do Brasil SA | 1,087,986 | 9,613 |
| | BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros | 2,244,229 | 9,244 |
| | BB Seguridade Participacoes SA | 761,928 | 8,914 |
| | Banco Bradesco SA | 770,347 | 7,681 |
| | Vale SA Preference Shares | 1,206,536 | 7,268 |
| | Kroton Educacional SA | 1,952,192 | 7,127 |
| | Embraer SA ADR | 205,715 | 6,414 |
| | CCR SA | 1,087,953 | 5,994 |
| | Lojas Renner SA | 161,782 | 5,641 |
| | Cia Brasileira de Distribuicao ADR | 144,597 | 4,850 |
| | BRF SA ADR | 222,593 | 4,779 |
| | JBS SA | 914,074 | 4,715 |
| | Telefonica Brasil SA Preference Shares | 278,735 | 4,626 |
| | Souza Cruz SA | 490,972 | 4,481 |
| | Klabin SA | 704,984 | 4,324 |
| * | Fibria Celulose SA | 287,400 | 4,030 |
| * | Petroleo Brasileiro SA | 851,132 | 4,026 |
| | Lojas Americanas SA Preference Shares | 654,915 | 3,645 |
| | WEG SA | 676,824 | 3,605 |
| | Raia Drogasil SA | 311,470 | 3,536 |
| | Cia Energetica de Minas Gerais ADR | 684,032 | 3,365 |
| | CETIP SA - Mercados Organizados | 274,753 | 3,151 |
| | Tractebel Energia SA | 265,108 | 3,141 |
| * | Hypermarcas SA | 471,433 | 3,111 |
| | Grupo BTG Pactual | 314,289 | 3,097 |
| | BR Malls Participacoes SA | 539,113 | 2,935 |
| | Gerdau SA ADR | 845,873 | 2,842 |
| | Telefonica Brasil SA ADR | 163,214 | 2,680 |
| | Itau Unibanco Holding SA | 214,839 | 2,474 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 418,117 | 2,470 |
| | CPFL Energia SA | 368,026 | 2,427 |
| * | Qualicorp SA | 265,900 | 2,189 |
| | Localiza Rent a Car SA | 181,513 | 2,116 |
| | TOTVS SA | 171,362 | 1,980 |
| ^ | Cia Siderurgica Nacional SA ADR | 732,648 | 1,971 |
| | Natura Cosmeticos SA | 206,031 | 1,969 |
| | Estacio Participacoes SA | 324,100 | 1,958 |
| * | Petroleo Brasileiro SA Preference Shares | 433,739 | 1,879 |
| | Suzano Papel e Celulose SA Preference Shares Class A | 373,900 | 1,874 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 54,330 | 1,839 |
| | Multiplan Empreendimentos Imobiliarios SA | 95,000 | 1,671 |
| | M Dias Branco SA | 56,262 | 1,616 |
| | Cia Paranaense de Energia ADR | 146,700 | 1,605 |
| | Cia Energetica de Minas Gerais Preference Shares | 328,837 | 1,588 |
| | Porto Seguro SA | 119,212 | 1,491 |
| | Cia Energetica de Sao Paulo Preference Shares | 227,834 | 1,437 |
| | Sul America SA | 299,488 | 1,411 |
| | Cosan SA Industria e Comercio | 137,934 | 1,351 |
| | Tim Participacoes SA ADR | 81,069 | 1,274 |
3
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 327,171 | 1,274 |
| * | B2W Cia Digital | 131,300 | 1,193 |
| | EDP - Energias do Brasil SA | 303,800 | 1,155 |
| | Bradespar SA Preference Shares | 279,268 | 1,117 |
| | Braskem SA ADR | 134,494 | 1,116 |
| | Tim Participacoes SA | 347,930 | 1,114 |
| | Metalurgica Gerdau SA Preference Shares Class A | 333,929 | 1,091 |
| | Via Varejo SA | 162,000 | 1,016 |
| | Duratex SA | 355,705 | 1,002 |
| | Gerdau SA Preference Shares | 282,486 | 942 |
| | Usinas Siderurgicas de Minas Gerais SA Preference Shares | 474,854 | 941 |
| | Embraer SA | 113,800 | 888 |
| | Usinas Siderurgicas de Minas Gerais SA | 147,820 | 824 |
| | Centrais Eletricas Brasileiras SA | 328,299 | 795 |
| | Lojas Americanas SA | 178,295 | 781 |
| | Centrais Eletricas Brasileiras SA Preference Shares | 252,976 | 743 |
| | EcoRodovias Infraestrutura e Logistica SA | 251,700 | 741 |
| | Transmissora Alianca de Energia Eletrica SA | 108,644 | 715 |
| * | Oi SA Preference Shares | 350,557 | 657 |
| | AES Tiete SA Preference Shares | 112,916 | 648 |
| | Multiplus SA | 56,323 | 626 |
| | Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 41,462 | 585 |
| | Cia Siderurgica Nacional SA | 217,400 | 582 |
| | Itau Unibanco Holding SA Preference Shares | 44,008 | 563 |
| | Cia Energetica de Minas Gerais | 99,669 | 481 |
| | AES Tiete SA | 62,900 | 303 |
| | Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 17,268 | 301 |
| * | Oi SA | 160,034 | 300 |
| | Guararapes Confeccoes SA | 9,777 | 264 |
| | Cia Paranaense de Energia | 24,000 | 182 |
| | Arteris SA | 57,398 | 156 |
| | Braskem SA Preference Shares | 33,000 | 138 |
| | Oi SA ADR | 68,948 | 133 |
| | Banco Bradesco SA Preference Shares | 11,037 | 118 |
| | Cia Paranaense de Energia Preference Shares | 4,200 | 47 |
| | Oi SA ADR | 4,655 | 9 |
| * | Itausa - Investimentos Itau SA | 7 | — |
| | | | 439,200 |
| Canada (6.2%) | | |
| | Royal Bank of Canada | 1,846,447 | 122,602 |
| | Toronto-Dominion Bank | 2,368,298 | 109,336 |
| * | Valeant Pharmaceuticals International Inc. | 396,972 | 86,084 |
| | Bank of Nova Scotia | 1,553,127 | 85,644 |
| | Suncor Energy Inc. | 1,869,577 | 60,883 |
| | Canadian National Railway Co. | 923,567 | 59,632 |
| | Enbridge Inc. | 1,091,895 | 57,070 |
| ^ | Bank of Montreal | 834,138 | 54,494 |
| | Canadian Natural Resources Ltd. | 1,405,953 | 46,717 |
| | Manulife Financial Corp. | 2,525,300 | 45,964 |
| | TransCanada Corp. | 902,813 | 41,904 |
| | Canadian Imperial Bank of Commerce | 513,191 | 41,208 |
| | Brookfield Asset Management Inc. Class A | 727,051 | 39,152 |
| | Canadian Pacific Railway Ltd. | 193,896 | 36,968 |
| | Potash Corp. of Saskatchewan Inc. | 1,062,004 | 34,681 |
| | Magna International Inc. | 504,889 | 25,443 |
| | Sun Life Financial Inc. | 783,077 | 25,060 |
| | Cenovus Energy Inc. | 1,061,016 | 19,989 |
| | Goldcorp Inc. | 1,033,449 | 19,453 |
| | Agrium Inc. | 186,581 | 19,331 |
| | Alimentation Couche-Tard Inc. Class B | 499,475 | 19,118 |
| | Thomson Reuters Corp. | 464,714 | 19,093 |
| | Barrick Gold Corp. | 1,376,626 | 17,891 |
| | National Bank of Canada | 422,889 | 17,087 |
| | Rogers Communications Inc. Class B | 464,011 | 16,576 |
4
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Catamaran Corp. | 266,518 | 15,825 |
| | BCE Inc. | 357,336 | 15,754 |
| | Loblaw Cos. Ltd. | 295,277 | 15,010 |
| | Imperial Oil Ltd. | 340,388 | 15,004 |
| ^ | Crescent Point Energy Corp. | 572,911 | 14,963 |
| * | Fairfax Financial Holdings Ltd. | 27,296 | 14,909 |
| ^ | Pembina Pipeline Corp. | 424,241 | 14,765 |
| | Encana Corp. | 1,039,664 | 14,761 |
| * | CGI Group Inc. Class A | 340,954 | 14,350 |
| | Intact Financial Corp. | 170,039 | 13,097 |
| | Power Corp. of Canada | 450,673 | 12,383 |
| | Great-West Lifeco Inc. | 389,523 | 11,949 |
| | Shaw Communications Inc. Class B | 521,458 | 11,920 |
| | First Quantum Minerals Ltd. | 766,352 | 11,738 |
| | Fortis Inc. | 348,443 | 11,341 |
| | Restaurant Brands International Inc. | 270,971 | 11,057 |
| | Inter Pipeline Ltd. | 411,618 | 10,781 |
| | Talisman Energy Inc. | 1,320,318 | 10,538 |
| | Franco-Nevada Corp. | 199,208 | 10,343 |
| | Silver Wheaton Corp. | 519,498 | 10,248 |
| | Canadian Tire Corp. Ltd. Class A | 94,966 | 10,059 |
| ^ | RioCan REIT | 398,101 | 9,853 |
| | Saputo Inc. | 326,222 | 9,666 |
| | Metro Inc. | 322,836 | 9,333 |
| | Power Financial Corp. | 300,985 | 9,310 |
| | Teck Resources Ltd. Class B | 607,576 | 9,211 |
| | TELUS Corp. | 263,594 | 9,117 |
| | CI Financial Corp. | 306,388 | 9,005 |
| | Cameco Corp. | 511,969 | 9,005 |
| ^ | ARC Resources Ltd. | 430,416 | 8,808 |
| | Agnico Eagle Mines Ltd. | 279,197 | 8,451 |
| | Husky Energy Inc. | 376,497 | 8,419 |
| * | Tourmaline Oil Corp. | 229,255 | 7,912 |
| | Canadian Utilities Ltd. Class A | 239,648 | 7,786 |
| | SNC-Lavalin Group Inc. | 196,848 | 7,097 |
| | Canadian Oil Sands Ltd. | 615,304 | 6,686 |
| * | BlackBerry Ltd. | 642,662 | 6,525 |
| | George Weston Ltd. | 67,450 | 5,572 |
| | Bombardier Inc. Class B | 2,498,440 | 5,053 |
| | IGM Financial Inc. | 128,465 | 4,859 |
| | Finning International Inc. | 230,373 | 4,720 |
| | Yamana Gold Inc. | 1,208,413 | 4,617 |
| | Eldorado Gold Corp. | 920,428 | 4,585 |
| * | Turquoise Hill Resources Ltd. | 1,053,321 | 4,418 |
| * | MEG Energy Corp. | 196,743 | 3,795 |
| | Barrick Gold Corp. | 112,553 | 1,465 |
| * | Brookfield Asset Management Inc. Class A | 22,000 | 1,185 |
| | Bombardier Inc. Class A | 57,933 | 121 |
| | Restaurant Brands International LP | 1,203 | 47 |
| | | | 1,568,796 |
| Chile (0.3%) | | |
| | Empresa Nacional de Electricidad SA ADR | 138,955 | 6,409 |
| | Enersis SA ADR | 328,867 | 5,844 |
| | Empresas COPEC SA | 484,369 | 5,559 |
| | SACI Falabella | 602,600 | 4,701 |
| | Empresas CMPC SA | 1,401,745 | 3,929 |
| | Cencosud SA | 1,412,081 | 3,657 |
| | Banco Santander Chile ADR | 165,350 | 3,606 |
| | Banco de Chile | 30,459,335 | 3,498 |
| * | Latam Airlines Group SA | 360,475 | 3,451 |
| | Enersis SA | 8,755,223 | 3,059 |
| | Sociedad Quimica y Minera de Chile SA ADR | 137,176 | 2,996 |
| | Colbun SA | 8,947,193 | 2,703 |
| | Banco de Credito e Inversiones | 53,682 | 2,681 |
5
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Corpbanca SA | 195,710,385 | 2,218 |
| | Aguas Andinas SA Class A | 3,554,967 | 2,105 |
| | Cia Cervecerias Unidas SA | 186,103 | 2,027 |
| | AES Gener SA | 3,139,361 | 1,809 |
| | ENTEL Chile SA | 132,235 | 1,496 |
| | Embotelladora Andina SA Preference Shares | 291,638 | 926 |
| | Banco Santander Chile | 15,222,058 | 820 |
| * | Latam Airlines Group SA | 72,072 | 682 |
| | Empresa Nacional de Electricidad SA | 350,630 | 540 |
| | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 1,990 | 44 |
| | | | 64,760 |
| China (5.4%) | | |
| * | Tencent Holdings Ltd. | 6,865,060 | 141,687 |
| | China Mobile Ltd. | 6,690,204 | 95,558 |
| | China Construction Bank Corp. | 92,617,277 | 89,907 |
| | Industrial & Commercial Bank of China Ltd. | 92,507,500 | 80,247 |
| | Bank of China Ltd. | 96,704,541 | 66,262 |
| | China Life Insurance Co. Ltd. | 9,557,000 | 46,383 |
| | Ping An Insurance Group Co. of China Ltd. | 3,204,438 | 45,827 |
| | CNOOC Ltd. | 20,615,536 | 35,154 |
| | PetroChina Co. Ltd. | 27,088,000 | 34,937 |
| | China Petroleum & Chemical Corp. | 32,717,400 | 30,878 |
| | China Overseas Land & Investment Ltd. | 5,245,760 | 21,851 |
| | Agricultural Bank of China Ltd. | 33,149,715 | 18,663 |
| | China Pacific Insurance Group Co. Ltd. | 3,320,120 | 17,996 |
| | China Merchants Bank Co. Ltd. | 5,909,508 | 17,738 |
| | China Telecom Corp. Ltd. | 20,856,000 | 15,450 |
| | Lenovo Group Ltd. | 8,345,966 | 14,351 |
| | CITIC Ltd. | 7,036,000 | 14,075 |
| * | China Unicom Hong Kong Ltd. | 7,414,123 | 13,925 |
| *,^ | Hanergy Thin Film Power Group Ltd. | 14,330,000 | 13,336 |
| | Hengan International Group Co. Ltd. | 952,517 | 11,751 |
| | China Minsheng Banking Corp. Ltd. | 7,831,060 | 11,435 |
| | China Shenhua Energy Co. Ltd. | 4,366,500 | 11,340 |
| | China Communications Construction Co. Ltd. | 5,993,000 | 10,900 |
| | Bank of Communications Co. Ltd. | 10,384,220 | 10,644 |
| | Great Wall Motor Co. Ltd. | 1,329,750 | 10,090 |
| | China Resources Land Ltd. | 2,763,369 | 10,026 |
| | PICC Property & Casualty Co. Ltd. | 4,228,540 | 9,368 |
| | China CITIC Bank Corp. Ltd. | 9,795,843 | 8,883 |
| | Belle International Holdings Ltd. | 6,773,839 | 8,694 |
| ^ | Evergrande Real Estate Group Ltd. | 7,915,336 | 7,485 |
| | China Resources Power Holdings Co. Ltd. | 2,436,400 | 7,350 |
| | China Railway Group Ltd. | 4,862,000 | 6,823 |
| | ENN Energy Holdings Ltd. | 946,000 | 6,809 |
| | China Merchants Holdings International Co. Ltd. | 1,494,893 | 6,782 |
| | CITIC Securities Co. Ltd. | 1,514,000 | 6,707 |
| | Brilliance China Automotive Holdings Ltd. | 3,484,000 | 6,539 |
| | Beijing Enterprises Holdings Ltd. | 709,800 | 6,487 |
| | Sinopharm Group Co. Ltd. | 1,357,600 | 6,448 |
| | New China Life Insurance Co. Ltd. | 1,029,043 | 6,368 |
| | Haitong Securities Co. Ltd. | 1,937,200 | 6,327 |
| | China Everbright International Ltd. | 3,359,000 | 6,264 |
| | Huaneng Power International Inc. | 4,416,000 | 6,263 |
| | Dongfeng Motor Group Co. Ltd. | 3,764,000 | 6,253 |
| | Anhui Conch Cement Co. Ltd. | 1,522,500 | 6,156 |
| | CSPC Pharmaceutical Group Ltd. | 5,325,765 | 5,530 |
| | Zhuzhou CSR Times Electric Co. Ltd. | 637,000 | 5,416 |
| | Byd Co. Ltd. | 895,641 | 5,411 |
| | China Longyuan Power Group Corp. Ltd. | 4,250,000 | 5,267 |
| *,^ | Alibaba Pictures Group Ltd. | 10,430,000 | 5,130 |
| | China Resources Enterprise Ltd. | 1,602,000 | 4,908 |
| | China Railway Construction Corp. Ltd. | 2,427,574 | 4,847 |
| *,2 | China CNR Corp. Ltd. | 2,366,000 | 4,833 |
6
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | China Taiping Insurance Holdings Co. Ltd. | 1,263,026 | 4,692 |
| | China Oilfield Services Ltd. | 2,280,000 | 4,681 |
| ^ | CSR Corp. Ltd. | 2,390,000 | 4,607 |
| | China National Building Material Co. Ltd. | 3,686,400 | 4,471 |
| | GOME Electrical Appliances Holding Ltd. | 17,403,357 | 4,458 |
| *,2 | CGN Power Co. Ltd. | 7,938,000 | 4,442 |
| *,^ | China Vanke Co. Ltd. | 1,655,738 | 4,385 |
| * | Alibaba Health Information Technology Ltd. | 2,802,000 | 4,325 |
| ^ | Fosun International Ltd. | 1,718,000 | 4,282 |
| | Kunlun Energy Co. Ltd. | 3,568,000 | 4,236 |
| | Beijing Enterprises Water Group Ltd. | 4,886,000 | 4,214 |
| | Guangdong Investment Ltd. | 2,800,000 | 4,175 |
| ^ | Shanghai Electric Group Co. Ltd. | 4,054,000 | 4,134 |
| | Sino Biopharmaceutical Ltd. | 3,555,627 | 4,059 |
| * | Aluminum Corp. of China Ltd. | 6,220,000 | 4,013 |
| * | GCL-Poly Energy Holdings Ltd. | 13,199,000 | 3,992 |
| | Sino-Ocean Land Holdings Ltd. | 4,791,185 | 3,986 |
| | Country Garden Holdings Co. Ltd. | 7,170,812 | 3,871 |
| | Shimao Property Holdings Ltd. | 1,613,594 | 3,799 |
| | China State Construction International Holdings Ltd. | 1,958,000 | 3,774 |
| | China Gas Holdings Ltd. | 2,069,592 | 3,657 |
| ^ | Kingsoft Corp. Ltd. | 924,000 | 3,612 |
| | China Everbright Ltd. | 1,084,000 | 3,584 |
| | Jiangxi Copper Co. Ltd. | 1,726,000 | 3,562 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 1,057,621 | 3,470 |
| | COSCO Pacific Ltd. | 2,196,578 | 3,445 |
| | Shenzhou International Group Holdings Ltd. | 718,944 | 3,381 |
| 2 | People's Insurance Co. Group of China Ltd. | 4,849,000 | 3,358 |
| | Haier Electronics Group Co. Ltd. | 1,157,215 | 3,329 |
| | Air China Ltd. | 2,724,000 | 3,285 |
| | Geely Automobile Holdings Ltd. | 5,730,000 | 3,223 |
| | AviChina Industry & Technology Co. Ltd. | 2,788,000 | 3,159 |
| | Chongqing Rural Commercial Bank Co. Ltd. | 3,519,000 | 3,139 |
| | Guangzhou Automobile Group Co. Ltd. | 2,843,558 | 3,087 |
| | Tsingtao Brewery Co. Ltd. | 478,000 | 3,037 |
| | Zhejiang Expressway Co. Ltd. | 1,898,000 | 3,014 |
| | Longfor Properties Co. Ltd. | 1,725,000 | 2,994 |
| *,^ | China COSCO Holdings Co. Ltd. | 3,224,800 | 2,965 |
| | China Resources Gas Group Ltd. | 848,000 | 2,945 |
| | Zijin Mining Group Co. Ltd. | 7,472,000 | 2,883 |
| | Sunac China Holdings Ltd. | 2,177,707 | 2,864 |
| * | China Everbright Bank Co. Ltd. | 4,137,297 | 2,803 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 4,491,000 | 2,713 |
| *,2 | Dalian Wanda Commercial Properties Co. Ltd. | 325,400 | 2,668 |
| | ZTE Corp. | 792,826 | 2,668 |
| * | China Shipping Container Lines Co. Ltd. | 4,633,700 | 2,613 |
| | Shenzhen International Holdings Ltd. | 1,362,500 | 2,561 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 4,459,000 | 2,537 |
| | TravelSky Technology Ltd. | 1,302,000 | 2,525 |
| ^ | Yanzhou Coal Mining Co. Ltd. | 2,462,910 | 2,463 |
| | ANTA Sports Products Ltd. | 1,114,000 | 2,450 |
| | Weichai Power Co. Ltd. | 617,200 | 2,445 |
| | Datang International Power Generation Co. Ltd. | 4,124,000 | 2,412 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 762,900 | 2,375 |
| * | China Cinda Asset Management Co. Ltd. | 3,958,000 | 2,349 |
| ^ | China Coal Energy Co. Ltd. | 3,527,000 | 2,318 |
| ^,2 | China Galaxy Securities Co. Ltd. | 1,375,500 | 2,250 |
| | Shanghai Industrial Holdings Ltd. | 564,000 | 2,249 |
| | Huaneng Renewables Corp. Ltd. | 5,084,000 | 2,220 |
| | Huadian Power International Corp. Ltd. | 1,972,000 | 2,183 |
| | China Southern Airlines Co. Ltd. | 2,159,000 | 2,122 |
| | Metallurgical Corp. of China Ltd. | 3,590,000 | 2,119 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 2,276,000 | 2,103 |
| | Jiangsu Expressway Co. Ltd. | 1,526,000 | 2,095 |
7
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China Power International Development Ltd. | 3,175,130 | 2,047 |
| | Far East Horizon Ltd. | 1,917,445 | 2,025 |
| | China International Marine Containers Group Co. Ltd. | 744,720 | 2,007 |
| | Beijing Capital International Airport Co. Ltd. | 1,852,000 | 1,968 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 1,297,454 | 1,968 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 512,000 | 1,949 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 637,393 | 1,944 |
| ^ | China Huishan Dairy Holdings Co. Ltd. | 8,939,438 | 1,906 |
| | Yuexiu Property Co. Ltd. | 7,759,708 | 1,897 |
| | China Medical System Holdings Ltd. | 1,047,542 | 1,849 |
| | China Communications Services Corp. Ltd. | 3,258,800 | 1,836 |
| | Haitian International Holdings Ltd. | 725,000 | 1,803 |
| | Kingboard Chemical Holdings Ltd. | 990,100 | 1,802 |
| | BBMG Corp. | 1,450,000 | 1,795 |
| | Sinotrans Ltd. | 2,340,000 | 1,791 |
| | Franshion Properties China Ltd. | 4,418,000 | 1,785 |
| | Huadian Fuxin Energy Corp. Ltd. | 3,160,134 | 1,700 |
| ^ | China Molybdenum Co. Ltd. | 1,676,000 | 1,676 |
| | Nine Dragons Paper Holdings Ltd. | 1,919,331 | 1,567 |
| * | GF Securities Co. Ltd. | 491,600 | 1,557 |
| | China Resources Cement Holdings Ltd. | 2,424,000 | 1,541 |
| | Guangzhou R&F Properties Co. Ltd. | 1,197,200 | 1,527 |
| | Shenzhen Investment Ltd. | 2,762,808 | 1,517 |
| * | China Eastern Airlines Corp. Ltd. | 1,960,000 | 1,513 |
| * | Sinopec Oilfield Service Corp. | 2,602,000 | 1,507 |
| 2 | Sinopec Engineering Group Co. Ltd. | 1,395,093 | 1,506 |
| | China Agri-Industries Holdings Ltd. | 2,622,200 | 1,497 |
| | KWG Property Holding Ltd. | 1,471,500 | 1,487 |
| | Agile Property Holdings Ltd. | 1,754,750 | 1,465 |
| | Poly Property Group Co. Ltd. | 2,286,000 | 1,465 |
| ^ | Golden Eagle Retail Group Ltd. | 970,000 | 1,453 |
| | SOHO China Ltd. | 1,862,000 | 1,413 |
| * | China Shipping Development Co. Ltd. | 1,608,000 | 1,345 |
| | China South City Holdings Ltd. | 2,888,000 | 1,273 |
| | Xinjiang Goldwind Science & Technology Co. Ltd. | 536,400 | 1,246 |
| | China National Materials Co. Ltd. | 3,386,000 | 1,244 |
| | Beijing Jingneng Clean Energy Co. Ltd. | 2,500,000 | 1,236 |
| | Greentown China Holdings Ltd. | 994,121 | 1,233 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 264,684 | 1,222 |
| *,^ | Li Ning Co. Ltd. | 2,185,104 | 1,209 |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 1,727,405 | 1,199 |
| | Angang Steel Co. Ltd. | 1,396,000 | 1,160 |
| | Guangshen Railway Co. Ltd. | 1,744,000 | 1,155 |
| ^ | China Hongqiao Group Ltd. | 1,231,886 | 1,147 |
| | CSG Holding Co. Ltd. Class B | 933,712 | 1,116 |
| * | Renhe Commercial Holdings Co. Ltd. | 19,380,000 | 1,091 |
| *,2 | BAIC Motor Corp. Ltd. | 729,200 | 1,079 |
| ^ | China Zhongwang Holdings Ltd. | 1,709,600 | 1,036 |
| * | Luye Pharma Group Ltd. | 803,000 | 1,030 |
| | China BlueChemical Ltd. | 2,310,000 | 1,029 |
| *,2 | Shengjing Bank Co. Ltd. | 823,140 | 998 |
| | Huishang Bank Corp. Ltd. | 1,839,504 | 988 |
| | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 258,000 | 987 |
| | Lee & Man Paper Manufacturing Ltd. | 1,665,200 | 943 |
| *,^ | China Yurun Food Group Ltd. | 2,700,000 | 931 |
| * | Hopson Development Holdings Ltd. | 784,000 | 919 |
| ^ | Dongfang Electric Corp. Ltd. | 404,400 | 917 |
| | Shenzhen Expressway Co. Ltd. | 878,000 | 838 |
| ^ | Biostime International Holdings Ltd. | 182,500 | 836 |
| | China Machinery Engineering Corp. | 629,361 | 835 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 817,560 | 827 |
| * | Maanshan Iron & Steel Co. Ltd. | 2,122,000 | 825 |
| | Weifu High-Technology Group Co. Ltd. Class B | 175,784 | 821 |
| | China Dongxiang Group Co. Ltd. | 3,304,000 | 808 |
8
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 996,370 | 796 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 251,691 | 794 |
| | Dazhong Transportation Group Co. Ltd. Class B | 658,000 | 789 |
| ^ | Zhaojin Mining Industry Co. Ltd. | 1,092,500 | 785 |
| | China Merchants Property Development Co. Ltd. Class B | 263,825 | 776 |
| | Zhongsheng Group Holdings Ltd. | 821,000 | 749 |
| * | BOE Technology Group Co. Ltd. Class B | 1,675,520 | 746 |
| | CIMC Enric Holdings Ltd. | 670,287 | 741 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 345,760 | 729 |
| | Harbin Electric Co. Ltd. | 862,000 | 707 |
| * | China Foods Ltd. | 934,000 | 699 |
| * | China Conch Venture Holdings Ltd. | 257,000 | 690 |
| | Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B | 256,100 | 690 |
| | Sichuan Expressway Co. Ltd. | 1,186,000 | 650 |
| * | Sinofert Holdings Ltd. | 2,341,153 | 644 |
| | Kingboard Laminates Holdings Ltd. | 1,255,000 | 643 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 156,700 | 626 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 193,500 | 624 |
| | Bosideng International Holdings Ltd. | 3,466,000 | 605 |
| | Jiangling Motors Corp. Ltd. Class B | 111,283 | 597 |
| | Wumart Stores Inc. | 662,094 | 579 |
| | Sinotruk Hong Kong Ltd. | 804,500 | 574 |
| | Anhui Expressway Co. Ltd. | 628,000 | 542 |
| *,2 | Tianhe Chemicals Group Ltd. | 3,538,329 | 534 |
| * | Huadian Energy Co. Ltd. Class B | 749,100 | 524 |
| | Shandong Chenming Paper Holdings Ltd. Class B | 584,700 | 462 |
| | Double Coin Holdings Ltd. Class B | 255,000 | 446 |
| * | CITIC Resources Holdings Ltd. | 2,472,690 | 443 |
| | Tianjin Capital Environmental Protection Group Co. Ltd. | 420,000 | 441 |
| * | Shanghai Haixin Group Co. Class B | 462,434 | 434 |
| | Beijing North Star Co. Ltd. | 922,000 | 431 |
| | Shanghai Bailian Group Co. Ltd. Class B | 188,490 | 428 |
| | Foshan Electrical and Lighting Co. Ltd. Class B | 303,520 | 397 |
| | Shenzhen Chiwan Wharf Holdings Ltd. Class B | 143,700 | 363 |
| | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 402,235 | 328 |
| * | Sany Heavy Equipment International Holdings Co. Ltd. | 966,000 | 272 |
| | Shandong Chenming Paper Holdings Ltd. | 311,500 | 235 |
| | Bengang Steel Plates Co. Ltd. Class B | 372,700 | 195 |
| | Jinzhou Port Co. Ltd. Class B | 211,860 | 145 |
| | | | 1,375,728 |
| Colombia (0.1%) | | |
| | Bancolombia SA ADR | 146,497 | 6,632 |
| | Grupo de Inversiones Suramericana SA | 295,294 | 4,852 |
| * | Ecopetrol SA | 4,821,790 | 4,109 |
| | Almacenes Exito SA | 286,092 | 3,070 |
| | Cementos Argos SA | 521,160 | 2,214 |
| | Corp Financiera Colombiana SA | 129,502 | 2,082 |
| | Grupo Aval Acciones y Valores Preference Shares | 3,741,358 | 1,901 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 119,309 | 1,778 |
| * | Ecopetrol SA ADR | 87,360 | 1,496 |
| | Isagen SA ESP | 1,055,378 | 1,411 |
| | Interconexion Electrica SA ESP | 414,847 | 1,393 |
| * | Cemex Latam Holdings SA | 217,281 | 1,213 |
| | Grupo Aval Acciones y Valores ADR | 46,834 | 474 |
| | | | 32,625 |
| Czech Republic (0.0%) | | |
| | CEZ AS | 200,600 | 5,212 |
| | Komercni banka as | 20,685 | 4,610 |
| | O2 Czech Republic AS | 75,099 | 616 |
| | | | 10,438 |
| Denmark (1.2%) | | |
| | Novo Nordisk A/S Class B | 2,501,609 | 140,442 |
| | Danske Bank A/S | 1,012,638 | 28,719 |
9
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | AP Moeller - Maersk A/S Class B | 8,586 | 17,040 |
| | Pandora A/S | 151,623 | 15,672 |
| | Novozymes A/S | 297,894 | 13,744 |
| | Vestas Wind Systems A/S | 282,252 | 12,802 |
| | Carlsberg A/S Class B | 136,733 | 12,466 |
| | AP Moeller - Maersk A/S Class A | 5,852 | 11,282 |
| | Coloplast A/S Class B | 126,037 | 10,288 |
| | DSV A/S | 227,662 | 7,897 |
| | TDC A/S | 1,018,150 | 7,752 |
| | ISS A/S | 200,081 | 6,758 |
| | Chr Hansen Holding A/S | 116,603 | 5,645 |
| * | Jyske Bank A/S | 89,440 | 4,380 |
| | Tryg A/S | 29,878 | 3,244 |
| * | William Demant Holding A/S | 34,096 | 2,804 |
| * | H Lundbeck A/S | 70,930 | 1,380 |
| | | | 302,315 |
| Egypt (0.1%) | | |
| | Commercial International Bank Egypt SAE | 1,063,539 | 7,697 |
| | Talaat Moustafa Group | 1,204,944 | 1,586 |
| * | Global Telecom Holding SAE GDR | 652,803 | 1,430 |
| * | Egyptian Financial Group-Hermes Holding Co. | 610,981 | 1,140 |
| | Juhayna Food Industries | 607,623 | 742 |
| | Egypt Kuwait Holding Co. SAE | 1,096,639 | 723 |
| * | Orascom Construction Ltd. | 51,534 | 685 |
| * | Ezz Steel | 349,074 | 590 |
| * | ElSwedy Electric Co. | 90,127 | 560 |
| | Telecom Egypt Co. | 362,333 | 469 |
| | Sidi Kerir Petrochemicals Co. | 165,354 | 319 |
| | | | 15,941 |
| Finland (0.6%) | | |
| ^ | Nokia Oyj | 4,794,912 | 32,353 |
| | Sampo Oyj Class A | 603,934 | 29,263 |
| | Kone Oyj Class B | 488,261 | 21,006 |
| | UPM-Kymmene Oyj | 688,080 | 12,450 |
| | Fortum Oyj | 568,273 | 11,222 |
| | Wartsila OYJ Abp | 201,442 | 9,242 |
| | Stora Enso Oyj | 718,670 | 7,563 |
| ^ | Nokian Renkaat Oyj | 174,383 | 5,667 |
| | Metso Oyj | 177,039 | 5,033 |
| | Neste Oil Oyj | 174,707 | 4,752 |
| | Orion Oyj Class B | 127,497 | 4,169 |
| | Kesko Oyj Class B | 83,186 | 3,399 |
| | | | 146,119 |
| France (6.5%) | | |
| | Sanofi | 1,470,696 | 149,703 |
| ^ | TOTAL SA | 2,607,839 | 141,215 |
| | BNP Paribas SA | 1,254,882 | 79,248 |
| | AXA SA | 2,473,100 | 62,534 |
| | LVMH Moet Hennessy Louis Vuitton SE | 321,800 | 56,272 |
| | Schneider Electric SE | 709,413 | 53,028 |
| ^ | Danone SA | 714,446 | 51,699 |
| | Airbus Group NV | 710,394 | 49,232 |
| | Societe Generale SA | 927,281 | 46,359 |
| ^ | Vivendi SA | 1,648,110 | 41,316 |
| | Orange SA | 2,311,781 | 38,078 |
| ^ | GDF Suez | 1,826,040 | 37,153 |
| | Vinci SA | 598,333 | 36,699 |
| * | L'Oreal SA Loyalty Line | 190,657 | 36,385 |
| | Pernod Ricard SA | 252,362 | 31,365 |
| | Essilor International SA | 253,134 | 30,839 |
| | Air Liquide SA | 220,519 | 28,840 |
| | Air Liquide SA | 219,013 | 28,643 |
| | Cie Generale des Etablissements Michelin | 240,135 | 26,779 |
10
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cie de Saint-Gobain | 586,120 | 26,637 |
| | Safran SA | 358,217 | 26,174 |
| * | Carrefour SA | 756,541 | 26,085 |
| | Renault SA | 239,366 | 25,186 |
| *,^ | L'Oreal SA | 114,331 | 21,819 |
| | Publicis Groupe SA | 257,856 | 21,627 |
| | Legrand SA | 341,188 | 19,728 |
| | Kering | 95,712 | 17,701 |
| | Cap Gemini SA | 193,005 | 17,196 |
| | Valeo SA | 99,740 | 15,990 |
| | Credit Agricole SA | 942,471 | 14,663 |
| ^ | Accor SA | 259,162 | 14,211 |
| | SES SA | 383,776 | 13,450 |
| | Christian Dior SE | 67,009 | 13,100 |
| * | Veolia Environnement SA | 597,087 | 12,634 |
| | Dassault Systemes | 162,559 | 12,526 |
| * | Alcatel-Lucent | 3,560,791 | 12,363 |
| | Sodexo SA | 116,213 | 11,760 |
| | Hermes International | 31,034 | 11,704 |
| | Klepierre | 225,210 | 10,924 |
| ^ | Bouygues SA | 244,309 | 10,086 |
| | Natixis SA | 1,188,809 | 9,840 |
| * | Lafarge SA | 134,714 | 9,829 |
| | Groupe Eurotunnel SE | 594,989 | 9,539 |
| ^ | Technip SA | 136,480 | 9,304 |
| * | Peugeot SA | 483,419 | 9,139 |
| | Zodiac Aerospace | 248,051 | 9,109 |
| * | Alstom SA | 280,502 | 8,812 |
| | Atos SE | 112,148 | 8,766 |
| | Ingenico | 68,557 | 8,602 |
| ^ | Suez Environnement Co. | 416,648 | 8,498 |
| | Thales SA | 132,095 | 8,041 |
| | Bureau Veritas SA | 335,146 | 7,892 |
| | Eutelsat Communications SA | 213,156 | 7,432 |
| | Lafarge SA | 100,431 | 7,328 |
| * | Numericable-SFR SAS | 129,846 | 7,209 |
| | Rexel SA | 379,922 | 7,160 |
| | Bollore SA | 1,241,451 | 7,095 |
| | Edenred | 261,034 | 6,998 |
| | Arkema SA | 86,434 | 6,956 |
| | Iliad SA | 29,463 | 6,946 |
| | SCOR SE | 183,781 | 6,615 |
| | Casino Guichard Perrachon SA | 74,423 | 6,581 |
| | STMicroelectronics NV | 803,921 | 6,412 |
| | Societe BIC SA | 35,382 | 6,044 |
| | Gecina SA | 43,481 | 5,963 |
| * | Credit Agricole SA Loyalty Line | 374,217 | 5,822 |
| | Electricite de France SA | 228,757 | 5,821 |
| | Lagardere SCA | 149,280 | 4,792 |
| | Wendel SA | 38,112 | 4,681 |
| | Aeroports de Paris | 36,876 | 4,546 |
| | Fonciere Des Regions | 45,744 | 4,330 |
| | JCDecaux SA | 99,527 | 3,932 |
| | CNP Assurances | 212,485 | 3,819 |
| | ICADE | 43,873 | 3,816 |
| | Vallourec SA | 153,586 | 3,622 |
| | Eurazeo SA | 49,038 | 3,510 |
| | Eiffage SA | 54,728 | 3,337 |
| | Imerys SA | 42,124 | 3,206 |
| * | Electricite de France SA Loyalty Line | 102,414 | 2,606 |
| ^ | Societe Television Francaise 1 | 141,485 | 2,473 |
| | Ipsen SA | 42,048 | 2,415 |
| | Remy Cointreau SA | 31,607 | 2,378 |
| | SEB SA | 25,588 | 2,370 |
11
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | BioMerieux | 19,580 | 2,112 |
| | Euler Hermes Group | 18,315 | 2,002 |
| *,^ | Air France-KLM | 203,119 | 1,751 |
| * | SEB SA Loyalty Line | 9,727 | 901 |
| | | | 1,651,303 |
| Germany (6.1%) | | |
| * | Bayer AG | 1,062,581 | 152,940 |
| | Daimler AG | 1,226,412 | 117,916 |
| | BASF SE | 1,185,136 | 117,741 |
| | Siemens AG | 1,063,401 | 115,679 |
| | Allianz SE | 584,579 | 99,504 |
| | SAP SE | 1,147,495 | 86,711 |
| | Deutsche Telekom AG | 4,004,868 | 73,612 |
| | Deutsche Bank AG | 1,770,757 | 56,632 |
| ^ | Volkswagen AG Preference Shares | 196,870 | 50,683 |
| | Bayerische Motoren Werke AG | 416,832 | 49,172 |
| | Linde AG | 237,211 | 46,353 |
| | Deutsche Post AG | 1,220,415 | 40,186 |
| ^ | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 194,552 | 37,976 |
| | E.ON SE | 2,380,649 | 37,062 |
| * | Continental AG | 138,880 | 32,547 |
| | Fresenius SE & Co. KGaA | 504,568 | 30,018 |
| | Henkel AG & Co. KGaA Preference Shares | 223,133 | 25,919 |
| | Fresenius Medical Care AG & Co. KGaA | 271,329 | 22,803 |
| ^ | adidas AG | 269,220 | 22,059 |
| | Deutsche Boerse AG | 237,220 | 19,657 |
| | Porsche Automobil Holding SE Preference Shares | 197,717 | 18,760 |
| | Merck KGaA | 166,120 | 17,909 |
| | Infineon Technologies AG | 1,437,889 | 16,905 |
| * | Commerzbank AG | 1,213,904 | 16,377 |
| ^ | RWE AG | 618,542 | 15,370 |
| | Henkel AG & Co. KGaA | 150,437 | 15,239 |
| | ThyssenKrupp AG | 545,820 | 14,502 |
| | ProSiebenSat.1 Media AG | 273,714 | 13,994 |
| ^ | HeidelbergCement AG | 180,695 | 13,870 |
| | Brenntag AG | 200,632 | 12,038 |
| | Beiersdorf AG | 129,187 | 11,237 |
| | GEA Group AG | 229,440 | 11,019 |
| | HUGO BOSS AG | 81,634 | 10,045 |
| | Deutsche Wohnen AG | 378,687 | 9,933 |
| ^ | Volkswagen AG | 38,157 | 9,666 |
| | Symrise AG | 154,565 | 9,372 |
| | K&S AG | 250,384 | 8,162 |
| ^ | Hannover Rueck SE | 78,549 | 7,985 |
| * | QIAGEN NV | 298,981 | 7,189 |
| | United Internet AG | 150,333 | 6,721 |
| | Wirecard AG | 147,571 | 6,481 |
| | MTU Aero Engines AG | 64,579 | 6,349 |
| | METRO AG | 173,993 | 6,306 |
| | LANXESS AG | 116,221 | 6,203 |
| | OSRAM Licht AG | 112,004 | 5,901 |
| | MAN SE | 46,352 | 5,029 |
| | Evonik Industries AG | 113,769 | 4,372 |
| | Telefonica Deutschland Holding AG | 680,769 | 4,219 |
| * | Deutsche Lufthansa AG | 301,792 | 4,162 |
| * | Kabel Deutschland Holding AG | 27,840 | 3,731 |
| ^ | Fuchs Petrolub SE Preference Shares | 86,375 | 3,638 |
| *,2 | Zalando SE | 100,642 | 3,094 |
| | Fraport AG Frankfurt Airport Services Worldwide | 48,715 | 3,081 |
| | Axel Springer SE | 52,877 | 2,950 |
| | Wacker Chemie AG | 20,158 | 2,500 |
| ^ | HOCHTIEF AG | 32,206 | 2,489 |
| | Fielmann AG | 31,277 | 2,125 |
| | Celesio AG | 65,561 | 1,946 |
12
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | FUCHS PETROLUB SE | 42,994 | 1,604 |
| ^ | Suedzucker AG | 96,737 | 1,458 |
| ^ | Talanx AG | 45,439 | 1,445 |
| | Puma SE | 3,355 | 684 |
| | | | 1,561,230 |
| Greece (0.0%) | | |
| * | Hellenic Telecommunications Organization SA | 309,333 | 2,812 |
| * | National Bank of Greece SA | 1,998,914 | 2,803 |
| | OPAP SA | 270,788 | 2,423 |
| * | Alpha Bank AE | 5,155,203 | 1,806 |
| * | Piraeus Bank SA | 2,529,719 | 1,129 |
| | | | 10,973 |
| Hong Kong (2.7%) | | |
| | AIA Group Ltd. | 15,463,881 | 102,842 |
| | Hong Kong Exchanges and Clearing Ltd. | 1,474,300 | 56,201 |
| | Hutchison Whampoa Ltd. | 2,583,722 | 37,985 |
| * | CK Hutchison Holdings Ltd. | 1,688,331 | 36,624 |
| | Sun Hung Kai Properties Ltd. | 1,968,499 | 32,694 |
| | Hang Seng Bank Ltd. | 987,400 | 19,236 |
| | Jardine Matheson Holdings Ltd. | 309,546 | 19,125 |
| | Hong Kong & China Gas Co. Ltd. | 8,025,844 | 19,118 |
| | BOC Hong Kong Holdings Ltd. | 4,653,882 | 18,051 |
| | Link REIT | 2,903,343 | 18,009 |
| | CLP Holdings Ltd. | 2,009,257 | 17,588 |
| | Power Assets Holdings Ltd. | 1,733,812 | 17,500 |
| | Galaxy Entertainment Group Ltd. | 2,684,000 | 12,899 |
| | Sands China Ltd. | 3,109,200 | 12,674 |
| | Wharf Holdings Ltd. | 1,732,275 | 12,481 |
| | Hongkong Land Holdings Ltd. | 1,521,865 | 12,320 |
| | Swire Pacific Ltd. Class A | 832,941 | 11,234 |
| *,^ | Goldin Financial Holdings Ltd. | 2,625,402 | 10,501 |
| | Henderson Land Development Co. Ltd. | 1,240,335 | 9,944 |
| | Hang Lung Properties Ltd. | 2,930,000 | 9,905 |
| | Jardine Strategic Holdings Ltd. | 283,000 | 9,712 |
| | Want Want China Holdings Ltd. | 8,435,805 | 9,253 |
| | New World Development Co. Ltd. | 6,864,309 | 9,105 |
| | China Mengniu Dairy Co. Ltd. | 1,774,000 | 8,987 |
| | MTR Corp. Ltd. | 1,734,000 | 8,522 |
| | Li & Fung Ltd. | 7,443,555 | 7,581 |
| | Sino Land Co. Ltd. | 3,883,600 | 6,833 |
| | Bank of East Asia Ltd. | 1,496,407 | 6,492 |
| | Cheung Kong Infrastructure Holdings Ltd. | 742,000 | 6,286 |
| | Techtronic Industries Co. Ltd. | 1,664,500 | 5,891 |
| | Samsonite International SA | 1,595,720 | 5,820 |
| | Wheelock & Co. Ltd. | 1,013,000 | 5,704 |
| | Tingyi Cayman Islands Holding Corp. | 2,603,667 | 5,498 |
| | Swire Properties Ltd. | 1,461,700 | 5,022 |
| ^ | AAC Technologies Holdings Inc. | 889,000 | 4,693 |
| | Yue Yuen Industrial Holdings Ltd. | 1,036,830 | 3,940 |
| | Hysan Development Co. Ltd. | 782,000 | 3,613 |
| ^ | Prada SPA | 642,606 | 3,489 |
| | Kerry Properties Ltd. | 811,500 | 3,312 |
| * | Semiconductor Manufacturing International Corp. | 29,998,000 | 3,306 |
| ^ | Sun Art Retail Group Ltd. | 3,191,555 | 3,283 |
| | PCCW Ltd. | 4,930,000 | 3,282 |
| | ASM Pacific Technology Ltd. | 293,100 | 3,271 |
| | Cathay Pacific Airways Ltd. | 1,251,015 | 3,221 |
| | SJM Holdings Ltd. | 2,245,000 | 2,846 |
| | Wynn Macau Ltd. | 1,399,700 | 2,833 |
| | NWS Holdings Ltd. | 1,649,500 | 2,799 |
| | First Pacific Co. Ltd. | 2,872,350 | 2,785 |
| | Huabao International Holdings Ltd. | 2,442,000 | 2,743 |
| | VTech Holdings Ltd. | 196,700 | 2,735 |
| *,2 | WH Group Ltd. | 3,839,161 | 2,680 |
13
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Melco Crown Entertainment Ltd. ADR | 126,300 | 2,579 |
| | Hopewell Holdings Ltd. | 669,000 | 2,573 |
| | Esprit Holdings Ltd. | 2,603,244 | 2,466 |
| | Television Broadcasts Ltd. | 360,300 | 2,347 |
| | Shangri-La Asia Ltd. | 1,494,390 | 2,267 |
| | New World China Land Ltd. | 3,233,400 | 2,193 |
| * | FIH Mobile Ltd. | 3,829,000 | 2,041 |
| | MGM China Holdings Ltd. | 929,776 | 1,755 |
| *,^ | Melco Crown Entertainment Ltd. | 247,200 | 1,694 |
| ^ | Chow Tai Fook Jewellery Group Ltd. | 1,394,400 | 1,688 |
| ^ | Melco International Development Ltd. | 985,000 | 1,665 |
| | L'Occitane International SA | 559,500 | 1,647 |
| | Johnson Electric Holdings Ltd. | 438,375 | 1,629 |
| | Champion REIT | 2,925,000 | 1,585 |
| | Xinyi Glass Holdings Ltd. | 2,310,000 | 1,539 |
| | Cafe de Coral Holdings Ltd. | 410,000 | 1,537 |
| ^ | Orient Overseas International Ltd. | 249,000 | 1,528 |
| | China Travel International Investment Hong Kong Ltd. | 3,334,000 | 1,485 |
| * | Global Brands Group Holding Ltd. | 7,237,555 | 1,480 |
| | Shui On Land Ltd. | 4,203,200 | 1,358 |
| * | United Co. RUSAL plc | 2,201,876 | 1,331 |
| | Shun Tak Holdings Ltd. | 2,239,625 | 1,301 |
| ^ | Uni-President China Holdings Ltd. | 1,591,702 | 1,285 |
| | Dah Sing Financial Holdings Ltd. | 177,321 | 1,245 |
| *,^ | Brightoil Petroleum Holdings Ltd. | 3,794,000 | 1,209 |
| | Great Eagle Holdings Ltd. | 314,000 | 1,159 |
| ^ | Shougang Fushan Resources Group Ltd. | 4,414,000 | 1,133 |
| | Kerry Logistics Network Ltd. | 658,000 | 1,060 |
| | Lifestyle International Holdings Ltd. | 551,500 | 1,031 |
| | Dah Sing Banking Group Ltd. | 470,063 | 1,022 |
| ^ | Xinyi Solar Holdings Ltd. | 2,670,000 | 934 |
| ^ | Towngas China Co. Ltd. | 848,921 | 910 |
| *,^ | Macau Legend Development Ltd. | 2,055,000 | 777 |
| | Texwinca Holdings Ltd. | 776,000 | 753 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,531,000 | 708 |
| ^ | SA Sa International Holdings Ltd. | 1,235,844 | 629 |
| | Hopewell Highway Infrastructure Ltd. | 1,211,100 | 602 |
| *,^ | China Huarong Energy Co. Ltd. | 4,279,229 | 574 |
| | Kowloon Development Co. Ltd. | 406,000 | 519 |
| * | China Oceanwide Holdings Ltd. | 2,988,000 | 464 |
| | Parkson Retail Group Ltd. | 1,727,000 | 438 |
| | | | 698,608 |
| Hungary (0.0%) | | |
| | OTP Bank plc | 241,559 | 5,341 |
| | MOL Hungarian Oil & Gas plc | 58,630 | 3,262 |
| | Richter Gedeon Nyrt | 192,045 | 3,224 |
| * | Magyar Telekom Telecommunications plc | 520,363 | 778 |
| | | | 12,605 |
| India (2.1%) | | |
| | Infosys Ltd. ADR | 1,224,852 | 37,946 |
| | Housing Development Finance Corp. Ltd. | 1,979,378 | 36,407 |
| | HDFC Bank Ltd. ADR | 416,997 | 23,702 |
| | Tata Consultancy Services Ltd. | 603,580 | 23,372 |
| | ICICI Bank Ltd. ADR | 1,856,342 | 20,290 |
| 2 | Reliance Industries Ltd. GDR | 720,499 | 19,302 |
| | Sun Pharmaceutical Industries Ltd. | 1,288,065 | 19,011 |
| | Oil & Natural Gas Corp. Ltd. | 2,610,761 | 12,471 |
| | ITC Ltd. | 2,419,156 | 12,260 |
| | Hindustan Unilever Ltd. | 886,520 | 11,862 |
| * | Axis Bank Ltd. | 1,313,788 | 11,728 |
| | Tata Motors Ltd. | 1,258,899 | 10,092 |
| | State Bank of India GDR | 233,263 | 9,814 |
| | Bharti Airtel Ltd. | 1,592,232 | 9,534 |
| | Kotak Mahindra Bank Ltd. | 454,547 | 9,520 |
14
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Coal India Ltd. | 1,650,774 | 9,401 |
| | HCL Technologies Ltd. | 661,970 | 9,173 |
| | Wipro Ltd. ADR | 761,059 | 8,729 |
| | Reliance Industries Ltd. | 636,382 | 8,631 |
| | Lupin Ltd. | 270,504 | 7,538 |
| | Larsen & Toubro Ltd. | 275,289 | 7,051 |
| | Dr Reddy's Laboratories Ltd. ADR | 131,085 | 6,814 |
| | Mahindra & Mahindra Ltd. | 375,961 | 6,768 |
| | NTPC Ltd. | 2,465,187 | 5,824 |
| | Sesa Sterlite Ltd. | 1,661,931 | 5,466 |
| * | Tech Mahindra Ltd. | 557,112 | 5,450 |
| | Idea Cellular Ltd. | 1,790,191 | 4,922 |
| | Hero MotoCorp Ltd. | 120,585 | 4,417 |
| | Asian Paints Ltd. | 359,733 | 4,315 |
| | Power Grid Corp. of India Ltd. | 1,926,533 | 4,310 |
| | Bharti Infratel Ltd. | 678,588 | 4,282 |
| | Maruti Suzuki India Ltd. | 72,758 | 4,264 |
| | IndusInd Bank Ltd. | 319,935 | 4,146 |
| | Cipla Ltd. | 401,720 | 4,015 |
| * | United Spirits Ltd. | 73,431 | 3,847 |
| | Ultratech Cement Ltd. | 82,151 | 3,452 |
| | Adani Enterprises Ltd. | 322,956 | 3,419 |
| | Aurobindo Pharma Ltd. | 163,842 | 3,312 |
| * | Bosch Ltd. | 9,337 | 3,306 |
| | Zee Entertainment Enterprises Ltd. | 668,625 | 3,276 |
| | Yes Bank Ltd. | 233,337 | 3,078 |
| | Adani Ports & Special Economic Zone Ltd. | 607,864 | 3,034 |
| | Nestle India Ltd. | 28,798 | 2,977 |
| | Ambuja Cements Ltd. | 753,765 | 2,754 |
| | Bharat Heavy Electricals Ltd. | 713,945 | 2,672 |
| | Bajaj Auto Ltd. | 84,972 | 2,604 |
| | Dabur India Ltd. | 649,909 | 2,573 |
| | Bharat Petroleum Corp. Ltd. | 212,330 | 2,553 |
| | IDFC Ltd. | 952,848 | 2,512 |
| | Godrej Consumer Products Ltd. | 146,783 | 2,429 |
| | Shriram Transport Finance Co. Ltd. | 152,742 | 2,331 |
| | Siemens Ltd. | 106,825 | 2,284 |
| | Bharat Forge Ltd. | 114,309 | 2,253 |
| | Indian Oil Corp. Ltd. | 386,187 | 2,193 |
| | JSW Steel Ltd. | 147,411 | 2,160 |
| | GAIL India Ltd. | 373,693 | 2,119 |
| | Hindalco Industries Ltd. | 1,028,237 | 2,076 |
| | Rural Electrification Corp. Ltd. | 422,864 | 2,072 |
| | LIC Housing Finance Ltd. | 306,377 | 2,070 |
| | Motherson Sumi Systems Ltd. | 260,300 | 2,060 |
| | NMDC Ltd. | 970,189 | 1,953 |
| | Eicher Motors Ltd. | 7,954 | 1,899 |
| | Glenmark Pharmaceuticals Ltd. | 134,879 | 1,887 |
| | Cairn India Ltd. | 557,913 | 1,875 |
| | Indiabulls Housing Finance Ltd. | 190,150 | 1,772 |
| | Marico Ltd. | 279,493 | 1,765 |
| | Shree Cement Ltd. | 10,304 | 1,650 |
| | Tata Steel Ltd. | 286,120 | 1,620 |
| | Power Finance Corp. Ltd. | 387,594 | 1,618 |
| | Cadila Healthcare Ltd. | 60,319 | 1,615 |
| | Titan Co. Ltd. | 267,853 | 1,611 |
| | Grasim Industries Ltd. | 27,587 | 1,558 |
| | Piramal Enterprises Ltd. | 105,231 | 1,552 |
| * | Bank of Baroda | 536,326 | 1,425 |
| | Crompton Greaves Ltd. | 514,425 | 1,362 |
| | Mahindra & Mahindra Financial Services Ltd. | 323,420 | 1,362 |
| | Pidilite Industries Ltd. | 152,435 | 1,360 |
| | Tata Power Co. Ltd. | 1,131,636 | 1,349 |
| | ABB India Ltd. | 63,706 | 1,338 |
15
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Divi's Laboratories Ltd. | 49,016 | 1,328 |
| | Steel Authority of India Ltd. | 1,202,031 | 1,312 |
| | Hindustan Petroleum Corp. Ltd. | 133,397 | 1,311 |
| | Oracle Financial Services Software Ltd. | 24,892 | 1,298 |
| | Colgate-Palmolive India Ltd. | 40,625 | 1,270 |
| | GlaxoSmithKline Consumer Healthcare Ltd. | 12,832 | 1,267 |
| | Infosys Ltd. | 41,426 | 1,265 |
| | ACC Ltd. | 55,743 | 1,256 |
| * | GlaxoSmithKline Pharmaceuticals Ltd. | 24,954 | 1,249 |
| | United Breweries Ltd. | 84,385 | 1,236 |
| | Britannia Industries Ltd. | 35,660 | 1,232 |
| * | Reliance Communications Ltd. | 1,262,907 | 1,200 |
| * | ICICI Bank Ltd. | 221,425 | 1,157 |
| | DLF Ltd. | 531,581 | 1,135 |
| | Bharat Electronics Ltd. | 23,335 | 1,130 |
| | Punjab National Bank | 443,003 | 1,111 |
| | HDFC Bank Ltd. | 70,792 | 1,103 |
| | Cummins India Ltd. | 78,667 | 1,066 |
| | Oil India Ltd. | 147,579 | 1,062 |
| | Reliance Infrastructure Ltd. | 162,539 | 1,059 |
| | Bajaj Finserv Ltd. | 46,655 | 1,052 |
| | Jindal Steel & Power Ltd. | 468,685 | 1,023 |
| | Castrol India Ltd. | 138,471 | 965 |
| | Reliance Capital Ltd. | 139,880 | 887 |
| * | Ashok Leyland Ltd. | 808,985 | 884 |
| | JSW Energy Ltd. | 484,420 | 872 |
| | Aditya Birla Nuvo Ltd. | 33,586 | 828 |
| | Wockhardt Ltd. | 40,782 | 822 |
| | Hindustan Zinc Ltd. | 296,781 | 791 |
| | Dr Reddy's Laboratories Ltd. | 14,261 | 742 |
| | Exide Industries Ltd. | 250,282 | 675 |
| | Bajaj Holdings & Investment Ltd. | 31,525 | 641 |
| | Wipro Ltd. | 75,365 | 637 |
| | Canara Bank | 105,157 | 625 |
| | NHPC Ltd. | 1,955,291 | 607 |
| | Mphasis Ltd. | 96,829 | 601 |
| | Tata Communications Ltd. | 87,649 | 600 |
| * | Reliance Power Ltd. | 653,447 | 582 |
| | Godrej Industries Ltd. | 92,551 | 525 |
| | Sun TV Network Ltd. | 94,259 | 515 |
| * | Bank of India | 146,073 | 497 |
| * | Adani Power Ltd. | 689,830 | 465 |
| * | Jaiprakash Associates Ltd. | 1,377,495 | 446 |
| | Union Bank of India | 188,519 | 426 |
| | IDBI Bank Ltd. | 356,488 | 418 |
| | Tata Chemicals Ltd. | 61,655 | 414 |
| | GMR Infrastructure Ltd. | 1,759,641 | 407 |
| | Torrent Power Ltd. | 143,644 | 373 |
| * | Unitech Ltd. | 1,523,516 | 368 |
| | Great Eastern Shipping Co. Ltd. | 57,738 | 309 |
| * | Mangalore Refinery & Petrochemicals Ltd. | 276,782 | 304 |
| * | Essar Oil Ltd. | 172,738 | 296 |
| | Oriental Bank of Commerce | 72,758 | 233 |
| * | Corp Bank | 112,610 | 101 |
| | | | 526,792 |
| Indonesia (0.4%) | | |
| | Bank Central Asia Tbk PT | 15,643,700 | 16,198 |
| | Astra International Tbk PT | 25,585,058 | 13,464 |
| | Telekomunikasi Indonesia Persero Tbk PT | 63,999,046 | 12,872 |
| | Bank Rakyat Indonesia Persero Tbk PT | 13,731,000 | 12,259 |
| | Bank Mandiri Persero Tbk PT | 11,962,878 | 9,840 |
| | Unilever Indonesia Tbk PT | 1,592,400 | 5,222 |
| | Bank Negara Indonesia Persero Tbk PT | 9,385,944 | 4,632 |
| | Perusahaan Gas Negara Persero Tbk PT | 13,301,100 | 4,192 |
16
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Semen Indonesia Persero Tbk PT | 3,966,200 | 3,814 |
| | Kalbe Farma Tbk PT | 25,935,881 | 3,585 |
| | United Tractors Tbk PT | 2,159,358 | 3,551 |
| | Indofood Sukses Makmur Tbk PT | 5,947,500 | 3,087 |
| | Indocement Tunggal Prakarsa Tbk PT | 1,743,700 | 2,816 |
| | Gudang Garam Tbk PT | 566,600 | 2,178 |
| | Charoen Pokphand Indonesia Tbk PT | 9,920,800 | 2,163 |
| | Indofood CBP Sukses Makmur Tbk PT | 1,959,500 | 1,989 |
| | Surya Citra Media Tbk PT | 7,011,100 | 1,563 |
| | Tower Bersama Infrastructure Tbk PT | 2,273,700 | 1,486 |
| | Adaro Energy Tbk PT | 18,145,458 | 1,222 |
| | Bank Danamon Indonesia Tbk PT | 3,890,294 | 1,190 |
| | Jasa Marga Persero Tbk PT | 2,496,000 | 1,189 |
| | XL Axiata Tbk PT | 3,296,500 | 1,023 |
| | Media Nusantara Citra Tbk PT | 5,807,500 | 985 |
| | Tambang Batubara Bukit Asam Persero Tbk PT | 958,600 | 689 |
| | Astra Agro Lestari Tbk PT | 400,000 | 625 |
| | Global Mediacom Tbk PT | 4,668,800 | 557 |
| * | Vale Indonesia Tbk PT | 2,111,500 | 454 |
| | Indo Tambangraya Megah Tbk PT | 444,600 | 432 |
| * | Indosat Tbk PT | 1,188,500 | 367 |
| * | Aneka Tambang Persero Tbk PT | 3,116,500 | 190 |
| | | | 113,834 |
| Ireland (0.2%) | | |
| | Kerry Group plc Class A | 187,410 | 13,785 |
| * | Bank of Ireland | 35,225,771 | 13,617 |
| | Ryanair Holdings plc ADR | 159,864 | 10,367 |
| | Smurfit Kappa Group plc | 288,503 | 8,833 |
| | Ryanair Holdings plc | 20,481 | 240 |
| * | Irish Bank Resolution Corp. Ltd. | 236,607 | — |
| | | | 46,842 |
| Israel (0.5%) | | |
| | Teva Pharmaceutical Industries Ltd. | 1,209,598 | 73,500 |
| * | Bank Leumi Le-Israel BM | 1,633,934 | 6,351 |
| | Bank Hapoalim BM | 1,236,175 | 6,183 |
| | NICE-Systems Ltd. | 78,549 | 4,722 |
| | Bezeq The Israeli Telecommunication Corp. Ltd. | 2,399,423 | 4,545 |
| | Israel Chemicals Ltd. | 588,627 | 4,119 |
| | Elbit Systems Ltd. | 39,331 | 3,112 |
| | Azrieli Group | 52,717 | 2,274 |
| * | Israel Discount Bank Ltd. Class A | 1,276,990 | 2,243 |
| | Frutarom Industries Ltd. | 44,077 | 1,874 |
| | Gazit-Globe Ltd. | 125,373 | 1,659 |
| * | Mizrahi Tefahot Bank Ltd. | 141,635 | 1,584 |
| | Delek Group Ltd. | 5,340 | 1,490 |
| | Shikun & Binui Ltd. | 523,985 | 1,178 |
| | Israel Corp. Ltd. | 2,583 | 951 |
| | Osem Investments Ltd. | 40,567 | 866 |
| | Paz Oil Co. Ltd. | 5,494 | 839 |
| * | Strauss Group Ltd. | 35,763 | 637 |
| | Melisron Ltd. | 14,451 | 554 |
| | Harel Insurance Investments & Financial Services Ltd. | 111,920 | 523 |
| * | Oil Refineries Ltd. | 1,179,965 | 422 |
| * | Kenon Holdings Ltd. | 18,081 | 392 |
| * | Clal Insurance Enterprises Holdings Ltd. | 22,729 | 377 |
| | Delek Automotive Systems Ltd. | 29,330 | 356 |
| | First International Bank Of Israel Ltd. | 22,480 | 316 |
| | Migdal Insurance & Financial Holding Ltd. | 232,284 | 281 |
| * | Cellcom Israel Ltd. (Registered) | 50,556 | 233 |
| * | Partner Communications Co. Ltd. | 91,767 | 231 |
| * | Shufersal Ltd. | 1 | — |
| | | | 121,812 |
17
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Italy (1.6%) | | |
| | Eni SPA | 3,162,370 | 60,673 |
| | Intesa Sanpaolo SPA (Registered) | 15,431,791 | 51,843 |
| | UniCredit SPA | 6,163,074 | 44,239 |
| | Enel SPA | 8,795,707 | 41,691 |
| | Assicurazioni Generali SPA | 1,619,805 | 31,650 |
| * | Fiat Chrysler Automobiles NV | 1,126,369 | 16,773 |
| * | Telecom Italia SPA (Registered) | 13,413,538 | 15,832 |
| | Luxottica Group SPA | 226,831 | 14,938 |
| | Snam SPA | 2,786,436 | 14,515 |
| | Atlantia SPA | 513,542 | 14,443 |
| | CNH Industrial NV | 1,192,035 | 10,473 |
| | Unione di Banche Italiane SCpA | 1,098,092 | 8,716 |
| | Terna Rete Elettrica Nazionale SPA | 1,819,082 | 8,576 |
| | Pirelli & C. SPA | 435,346 | 7,532 |
| * | Telecom Italia SPA (Bearer) | 7,658,148 | 7,370 |
| * | Banco Popolare SC | 460,848 | 7,286 |
| | Mediobanca SPA | 707,894 | 6,872 |
| * | Finmeccanica SPA | 494,795 | 6,313 |
| | EXOR SPA | 124,390 | 5,739 |
| | Prysmian SPA | 267,926 | 5,464 |
| * | Mediaset SPA | 988,499 | 5,081 |
| * | Tenaris SA | 330,341 | 5,072 |
| *,^ | Saipem SPA | 320,773 | 4,253 |
| | Tenaris SA ADR | 137,850 | 4,239 |
| | Enel Green Power SPA | 1,947,149 | 3,781 |
| ^ | Banca Monte dei Paschi di Siena SPA | 5,578,519 | 3,438 |
| | Davide Campari-Milano SPA | 375,317 | 2,903 |
| | UnipolSai SPA | 1,021,332 | 2,858 |
| | Mediolanum SPA | 323,889 | 2,719 |
| | Salvatore Ferragamo SPA | 59,189 | 1,841 |
| | UnipolSai SPA | 475,874 | 1,335 |
| | Parmalat SPA | 458,943 | 1,271 |
| | | | 419,729 |
| Japan (16.7%) | | |
| | Toyota Motor Corp. | 3,403,761 | 236,933 |
| | Mitsubishi UFJ Financial Group Inc. | 18,166,807 | 129,063 |
| | Honda Motor Co. Ltd. | 2,304,146 | 77,247 |
| | SoftBank Corp. | 1,207,854 | 75,503 |
| | Sumitomo Mitsui Financial Group Inc. | 1,725,614 | 75,348 |
| | Mizuho Financial Group Inc. | 30,682,263 | 58,489 |
| | KDDI Corp. | 2,384,766 | 56,429 |
| | FANUC Corp. | 253,583 | 55,779 |
| | Takeda Pharmaceutical Co. Ltd. | 993,531 | 51,009 |
| | Canon Inc. | 1,333,077 | 47,531 |
| | Japan Tobacco Inc. | 1,352,800 | 47,241 |
| * | Sony Corp. | 1,474,900 | 44,589 |
| | Astellas Pharma Inc. | 2,835,980 | 44,158 |
| | Central Japan Railway Co. | 244,612 | 43,689 |
| | East Japan Railway Co. | 487,326 | 43,073 |
| | Seven & i Holdings Co. Ltd. | 1,001,429 | 43,046 |
| | Hitachi Ltd. | 5,953,350 | 40,619 |
| | Mitsubishi Corp. | 1,813,594 | 39,131 |
| | Panasonic Corp. | 2,725,584 | 39,041 |
| | Mitsubishi Estate Co. Ltd. | 1,620,247 | 38,136 |
| | Tokio Marine Holdings Inc. | 913,827 | 37,253 |
| | Murata Manufacturing Co. Ltd. | 258,600 | 36,440 |
| | Mitsui Fudosan Co. Ltd. | 1,224,500 | 36,299 |
| | Bridgestone Corp. | 857,097 | 35,898 |
| | Nissan Motor Co. Ltd. | 3,267,125 | 33,915 |
| | Mitsubishi Electric Corp. | 2,543,148 | 33,213 |
| | Shin-Etsu Chemical Co. Ltd. | 530,966 | 32,457 |
| | Kao Corp. | 676,900 | 32,416 |
| | Keyence Corp. | 58,621 | 31,295 |
18
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mitsui & Co. Ltd. | 2,214,318 | 30,970 |
| | Denso Corp. | 611,445 | 30,356 |
| | Nomura Holdings Inc. | 4,516,900 | 29,303 |
| | Nippon Telegraph & Telephone Corp. | 428,157 | 28,911 |
| | Nippon Steel & Sumitomo Metal Corp. | 10,830,069 | 28,171 |
| | Fuji Heavy Industries Ltd. | 805,500 | 26,936 |
| | Fast Retailing Co. Ltd. | 68,200 | 26,863 |
| | ORIX Corp. | 1,663,600 | 25,584 |
| | Kubota Corp. | 1,602,266 | 25,077 |
| | ITOCHU Corp. | 2,025,258 | 24,937 |
| | Komatsu Ltd. | 1,225,800 | 24,662 |
| | SMC Corp. | 79,753 | 23,991 |
| | Dai-ichi Life Insurance Co. Ltd. | 1,448,500 | 23,807 |
| | Eisai Co. Ltd. | 355,511 | 23,697 |
| | Daikin Industries Ltd. | 345,414 | 23,270 |
| | Nintendo Co. Ltd. | 136,600 | 22,935 |
| | Mitsubishi Heavy Industries Ltd. | 4,114,890 | 22,799 |
| | NTT DOCOMO Inc. | 1,277,200 | 22,622 |
| | FUJIFILM Holdings Corp. | 588,272 | 22,158 |
| | Nidec Corp. | 294,692 | 22,044 |
| | Kyocera Corp. | 421,024 | 21,978 |
| | Sumitomo Mitsui Trust Holdings Inc. | 4,937,168 | 21,733 |
| | Sumitomo Realty & Development Co. Ltd. | 556,762 | 21,489 |
| | Hoya Corp. | 549,600 | 21,182 |
| | MS&AD Insurance Group Holdings Inc. | 701,475 | 20,074 |
| | Toshiba Corp. | 4,897,452 | 19,622 |
| | Secom Co. Ltd. | 267,444 | 18,954 |
| | Daiwa Securities Group Inc. | 2,269,500 | 18,827 |
| | Daiwa House Industry Co. Ltd. | 832,906 | 18,595 |
| | Oriental Land Co. Ltd. | 271,004 | 18,347 |
| | Tokyo Gas Co. Ltd. | 3,037,242 | 17,527 |
| | Toray Industries Inc. | 2,013,390 | 17,502 |
| | Rakuten Inc. | 994,400 | 17,373 |
| | Suzuki Motor Corp. | 536,100 | 17,328 |
| | Sumitomo Corp. | 1,445,938 | 17,073 |
| | Asahi Group Holdings Ltd. | 514,883 | 16,557 |
| | Sompo Japan Nipponkoa Holdings Inc. | 496,300 | 16,214 |
| | Asahi Kasei Corp. | 1,709,807 | 16,101 |
| | Ajinomoto Co. Inc. | 722,697 | 16,024 |
| | Otsuka Holdings Co. Ltd. | 495,400 | 15,637 |
| | Daiichi Sankyo Co. Ltd. | 890,540 | 15,468 |
| | Fujitsu Ltd. | 2,310,055 | 15,312 |
| | Kirin Holdings Co. Ltd. | 1,151,656 | 15,244 |
| | JFE Holdings Inc. | 660,100 | 14,902 |
| | Inpex Corp. | 1,182,805 | 14,845 |
| * | Olympus Corp. | 411,805 | 14,829 |
| | Shimano Inc. | 102,200 | 14,640 |
| | Sumitomo Electric Industries Ltd. | 983,894 | 13,901 |
| | Shionogi & Co. Ltd. | 415,800 | 13,707 |
| | Nitto Denko Corp. | 213,659 | 13,692 |
| | West Japan Railway Co. | 245,194 | 13,580 |
| | JX Holdings Inc. | 3,116,930 | 13,573 |
| | Dentsu Inc. | 289,018 | 13,473 |
| | Mazda Motor Corp. | 687,300 | 13,472 |
| | Marubeni Corp. | 2,148,274 | 13,302 |
| | Ono Pharmaceutical Co. Ltd. | 120,200 | 13,027 |
| | Resona Holdings Inc. | 2,423,173 | 12,921 |
| | Toyota Industries Corp. | 220,057 | 12,463 |
| | T&D Holdings Inc. | 849,679 | 12,261 |
| | Chubu Electric Power Co. Inc. | 911,365 | 12,080 |
| | Tokyo Electron Ltd. | 220,006 | 12,059 |
| | Omron Corp. | 260,800 | 11,975 |
| | Daito Trust Construction Co. Ltd. | 99,900 | 11,633 |
| | Aisin Seiki Co. Ltd. | 253,309 | 11,583 |
19
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aeon Co. Ltd. | 928,000 | 11,545 |
| | Unicharm Corp. | 453,779 | 11,422 |
| | TDK Corp. | 157,100 | 11,316 |
| | Sumitomo Chemical Co. Ltd. | 2,009,500 | 11,301 |
| | Sekisui House Ltd. | 721,989 | 11,191 |
| | NEC Corp. | 3,308,000 | 11,006 |
| | Terumo Corp. | 426,902 | 10,965 |
| | Mitsubishi Chemical Holdings Corp. | 1,760,715 | 10,963 |
| | Yamato Holdings Co. Ltd. | 488,126 | 10,925 |
| | Osaka Gas Co. Ltd. | 2,547,921 | 10,814 |
| | Sysmex Corp. | 194,420 | 10,758 |
| | MEIJI Holdings Co. Ltd. | 92,545 | 10,632 |
| | Kawasaki Heavy Industries Ltd. | 2,004,037 | 10,329 |
| | Bank of Yokohama Ltd. | 1,595,869 | 10,128 |
| | Japan Exchange Group Inc. | 349,800 | 10,106 |
| | Isuzu Motors Ltd. | 760,500 | 10,080 |
| | Hankyu Hanshin Holdings Inc. | 1,662,700 | 10,036 |
| * | Kansai Electric Power Co. Inc. | 992,800 | 9,978 |
| | Tokyu Corp. | 1,484,537 | 9,870 |
| | Ricoh Co. Ltd. | 912,741 | 9,433 |
| | NSK Ltd. | 603,700 | 9,428 |
| | Sumitomo Metal Mining Co. Ltd. | 631,700 | 9,259 |
| | Yakult Honsha Co. Ltd. | 144,940 | 9,115 |
| | Shiseido Co. Ltd. | 505,599 | 9,107 |
| | Asahi Glass Co. Ltd. | 1,320,300 | 8,886 |
| | Chugai Pharmaceutical Co. Ltd. | 289,600 | 8,807 |
| | Yamaha Motor Co. Ltd. | 369,200 | 8,688 |
| | Rohm Co. Ltd. | 123,000 | 8,532 |
| | IHI Corp. | 1,856,000 | 8,509 |
| | Makita Corp. | 165,600 | 8,264 |
| | Shizuoka Bank Ltd. | 749,877 | 8,256 |
| * | Tokyo Electric Power Co. Inc. | 2,006,263 | 8,193 |
| | Taisei Corp. | 1,413,700 | 8,189 |
| | Dai Nippon Printing Co. Ltd. | 792,566 | 8,188 |
| | Kintetsu Group Holdings Co. Ltd. | 2,287,500 | 8,102 |
| | Odakyu Electric Railway Co. Ltd. | 795,210 | 8,002 |
| | NGK Insulators Ltd. | 356,000 | 7,997 |
| | Nippon Paint Holdings Co. Ltd. | 234,000 | 7,838 |
| | Tohoku Electric Power Co. Inc. | 610,900 | 7,685 |
| | Chiba Bank Ltd. | 926,500 | 7,614 |
| | LIXIL Group Corp. | 365,273 | 7,614 |
| | Isetan Mitsukoshi Holdings Ltd. | 468,140 | 7,574 |
| | Nitori Holdings Co. Ltd. | 97,282 | 7,482 |
| | Mitsubishi Motors Corp. | 809,520 | 7,449 |
| | Toyota Tsusho Corp. | 289,502 | 7,444 |
| | NTT Data Corp. | 165,900 | 7,423 |
| | Recruit Holdings Co. Ltd. | 220,150 | 7,411 |
| | Sekisui Chemical Co. Ltd. | 543,000 | 7,240 |
| | NGK Spark Plug Co. Ltd. | 255,508 | 7,155 |
| | Kobe Steel Ltd. | 3,928,000 | 7,140 |
| | Yahoo Japan Corp. | 1,717,300 | 7,016 |
| | Nippon Express Co. Ltd. | 1,215,500 | 6,978 |
| | Kikkoman Corp. | 243,000 | 6,930 |
| | Minebea Co. Ltd. | 450,000 | 6,900 |
| | Santen Pharmaceutical Co. Ltd. | 520,500 | 6,890 |
| | Suntory Beverage & Food Ltd. | 160,900 | 6,843 |
| | Konica Minolta Inc. | 606,189 | 6,694 |
| | Nippon Yusen KK | 2,104,700 | 6,616 |
| ^ | Casio Computer Co. Ltd. | 322,826 | 6,527 |
| | Tobu Railway Co. Ltd. | 1,349,690 | 6,434 |
| | Electric Power Development Co. Ltd. | 191,000 | 6,412 |
| * | Kyushu Electric Power Co. Inc. | 599,848 | 6,397 |
| | Nikon Corp. | 449,420 | 6,390 |
| | Toppan Printing Co. Ltd. | 759,000 | 6,364 |
20
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Seiko Epson Corp. | 363,200 | 6,347 |
| | Fukuoka Financial Group Inc. | 1,092,700 | 6,278 |
| | Asics Corp. | 240,200 | 6,164 |
| | Kuraray Co. Ltd. | 451,200 | 6,101 |
| | Lawson Inc. | 84,500 | 6,076 |
| | Keio Corp. | 769,031 | 5,940 |
| | Chugoku Electric Power Co. Inc. | 403,900 | 5,930 |
| | Shimizu Corp. | 824,000 | 5,926 |
| | Mitsubishi Materials Corp. | 1,643,000 | 5,915 |
| | JGC Corp. | 282,604 | 5,881 |
| | Hirose Electric Co. Ltd. | 41,160 | 5,795 |
| | Obayashi Corp. | 862,700 | 5,762 |
| | Alps Electric Co. Ltd. | 230,800 | 5,733 |
| | Aozora Bank Ltd. | 1,500,488 | 5,612 |
| | TOTO Ltd. | 395,000 | 5,588 |
| | Don Quijote Holdings Co. Ltd. | 73,100 | 5,577 |
| | Koito Manufacturing Co. Ltd. | 156,700 | 5,483 |
| | Kansai Paint Co. Ltd. | 307,000 | 5,472 |
| | NH Foods Ltd. | 248,000 | 5,418 |
| | J Front Retailing Co. Ltd. | 324,900 | 5,414 |
| | Oji Holdings Corp. | 1,217,200 | 5,413 |
| | Suruga Bank Ltd. | 242,200 | 5,339 |
| | Seibu Holdings Inc. | 182,471 | 5,285 |
| | Bandai Namco Holdings Inc. | 256,600 | 5,271 |
| | Kajima Corp. | 1,100,200 | 5,255 |
| | Brother Industries Ltd. | 330,300 | 5,255 |
| | Hamamatsu Photonics KK | 178,400 | 5,204 |
| | Nissin Foods Holdings Co. Ltd. | 107,800 | 5,169 |
| | Joyo Bank Ltd. | 934,072 | 5,109 |
| | Mitsui OSK Lines Ltd. | 1,446,500 | 5,107 |
| | Bank of Kyoto Ltd. | 468,000 | 5,102 |
| | JTEKT Corp. | 298,500 | 5,084 |
| | Nomura Research Institute Ltd. | 128,000 | 5,051 |
| | Taiheiyo Cement Corp. | 1,590,000 | 5,011 |
| | Japan Airlines Co. Ltd. | 150,188 | 5,008 |
| | Keikyu Corp. | 620,657 | 4,934 |
| | Kyowa Hakko Kirin Co. Ltd. | 337,000 | 4,933 |
| | USS Co. Ltd. | 278,300 | 4,900 |
| | Mitsubishi Tanabe Pharma Corp. | 285,100 | 4,851 |
| | Daicel Corp. | 401,700 | 4,843 |
| | Shinsei Bank Ltd. | 2,355,000 | 4,819 |
| | Iyo Bank Ltd. | 386,000 | 4,808 |
| | Ryohin Keikaku Co. Ltd. | 29,900 | 4,768 |
| | Tokyu Fudosan Holdings Corp. | 628,723 | 4,672 |
| | Seven Bank Ltd. | 866,760 | 4,670 |
| | Hiroshima Bank Ltd. | 791,200 | 4,621 |
| | Amada Holdings Co. Ltd. | 457,700 | 4,619 |
| | Hisamitsu Pharmaceutical Co. Inc. | 106,101 | 4,572 |
| | NOK Corp. | 144,800 | 4,550 |
| | Trend Micro Inc. | 134,500 | 4,550 |
| | Hino Motors Ltd. | 347,000 | 4,527 |
| | Stanley Electric Co. Ltd. | 199,400 | 4,474 |
| | JSR Corp. | 259,000 | 4,418 |
| | Sumitomo Heavy Industries Ltd. | 708,200 | 4,400 |
| | M3 Inc. | 228,800 | 4,323 |
| | Toyo Suisan Kaisha Ltd. | 123,500 | 4,321 |
| | Hokuhoku Financial Group Inc. | 1,806,000 | 4,319 |
| | Yaskawa Electric Corp. | 313,900 | 4,313 |
| | Yamaha Corp. | 236,500 | 4,298 |
| *,^ | Sharp Corp. | 1,989,657 | 4,287 |
| | Nagoya Railroad Co. Ltd. | 1,085,000 | 4,286 |
| | Shimadzu Corp. | 363,000 | 4,246 |
| | Sumitomo Rubber Industries Ltd. | 227,400 | 4,216 |
| | Keisei Electric Railway Co. Ltd. | 355,000 | 4,208 |
21
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hulic Co. Ltd. | 392,143 | 4,197 |
| | Japan Airport Terminal Co. Ltd. | 74,100 | 4,171 |
| | Teijin Ltd. | 1,227,000 | 4,168 |
| | Gunma Bank Ltd. | 584,000 | 4,135 |
| | MISUMI Group Inc. | 109,884 | 4,124 |
| | ANA Holdings Inc. | 1,490,258 | 4,120 |
| | Taisho Pharmaceutical Holdings Co. Ltd. | 58,500 | 4,111 |
| | Nabtesco Corp. | 149,000 | 4,098 |
| | Tosoh Corp. | 764,000 | 4,096 |
| | THK Co. Ltd. | 162,500 | 4,082 |
| | Sony Financial Holdings Inc. | 226,600 | 4,068 |
| | Mabuchi Motor Co. Ltd. | 67,400 | 4,036 |
| | Toho Gas Co. Ltd. | 653,000 | 3,954 |
| | Pigeon Corp. | 149,100 | 3,949 |
| | Nisshin Seifun Group Inc. | 336,625 | 3,926 |
| | Hachijuni Bank Ltd. | 503,000 | 3,921 |
| | Mitsui Chemicals Inc. | 1,183,000 | 3,911 |
| | Keihan Electric Railway Co. Ltd. | 673,000 | 3,903 |
| | Toho Co. Ltd. | 156,800 | 3,897 |
| | SBI Holdings Inc. | 293,790 | 3,897 |
| | Yokogawa Electric Corp. | 331,600 | 3,884 |
| | Credit Saison Co. Ltd. | 204,984 | 3,876 |
| | Kurita Water Industries Ltd. | 148,600 | 3,861 |
| ^ | Yamaguchi Financial Group Inc. | 308,000 | 3,861 |
| | Nissan Chemical Industries Ltd. | 192,600 | 3,817 |
| | Hokuriku Electric Power Co. | 256,500 | 3,792 |
| | Daihatsu Motor Co. Ltd. | 261,400 | 3,787 |
| | Air Water Inc. | 213,000 | 3,783 |
| | Haseko Corp. | 382,100 | 3,773 |
| ^ | Yamada Denki Co. Ltd. | 920,600 | 3,768 |
| | Rinnai Corp. | 49,600 | 3,763 |
| | Hitachi Metals Ltd. | 238,000 | 3,722 |
| | Tokyo Tatemono Co. Ltd. | 513,000 | 3,720 |
| | Sega Sammy Holdings Inc. | 264,900 | 3,698 |
| | Calbee Inc. | 90,804 | 3,697 |
| | Miraca Holdings Inc. | 71,800 | 3,612 |
| | Chugoku Bank Ltd. | 223,400 | 3,589 |
| | Mitsubishi UFJ Lease & Finance Co. Ltd. | 669,000 | 3,589 |
| | AEON Financial Service Co. Ltd. | 140,400 | 3,579 |
| | Alfresa Holdings Corp. | 237,700 | 3,562 |
| | NTN Corp. | 649,000 | 3,543 |
| | Fuji Electric Co. Ltd. | 747,000 | 3,523 |
| | Toyo Seikan Group Holdings Ltd. | 222,000 | 3,510 |
| | Citizen Holdings Co. Ltd. | 443,300 | 3,508 |
| | Obic Co. Ltd. | 83,800 | 3,505 |
| | Marui Group Co. Ltd. | 319,700 | 3,490 |
| | Kewpie Corp. | 141,400 | 3,450 |
| | TonenGeneral Sekiyu KK | 351,000 | 3,369 |
| | Sojitz Corp. | 1,718,500 | 3,360 |
| | Shimamura Co. Ltd. | 33,632 | 3,352 |
| | FamilyMart Co. Ltd. | 77,200 | 3,324 |
| | Nankai Electric Railway Co. Ltd. | 691,000 | 3,303 |
| | Hakuhodo DY Holdings Inc. | 306,900 | 3,284 |
| | Yamazaki Baking Co. Ltd. | 185,000 | 3,275 |
| | NHK Spring Co. Ltd. | 284,500 | 3,257 |
| | Takashimaya Co. Ltd. | 348,000 | 3,248 |
| | Kaken Pharmaceutical Co. Ltd. | 90,201 | 3,223 |
| | Suzuken Co. Ltd. | 102,987 | 3,223 |
| | Benesse Holdings Inc. | 102,700 | 3,219 |
| | Tsuruha Holdings Inc. | 44,208 | 3,206 |
| | MediPal Holdings Corp. | 233,800 | 3,190 |
| | DIC Corp. | 1,024,700 | 3,100 |
| | Zenkoku Hosho Co. Ltd. | 83,600 | 3,087 |
| ^ | Taiyo Nippon Sanso Corp. | 236,000 | 3,063 |
22
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nomura Real Estate Holdings Inc. | 150,100 | 3,051 |
| | Nishi-Nippon City Bank Ltd. | 955,700 | 3,045 |
| | Otsuka Corp. | 64,500 | 2,971 |
| | Yokohama Rubber Co. Ltd. | 276,000 | 2,970 |
| | Kaneka Corp. | 424,000 | 2,956 |
| | Nippon Electric Glass Co. Ltd. | 519,500 | 2,954 |
| | Mitsubishi Gas Chemical Co. Inc. | 525,000 | 2,934 |
| | Dena Co. Ltd. | 146,300 | 2,923 |
| | Kawasaki Kisen Kaisha Ltd. | 1,130,000 | 2,919 |
| | Kamigumi Co. Ltd. | 289,000 | 2,894 |
| | Hoshizaki Electric Co. Ltd. | 49,093 | 2,888 |
| | CyberAgent Inc. | 59,500 | 2,863 |
| | Kobayashi Pharmaceutical Co. Ltd. | 40,700 | 2,852 |
| | Mitsubishi Logistics Corp. | 184,000 | 2,846 |
| | Nippon Shokubai Co. Ltd. | 204,000 | 2,817 |
| | Sohgo Security Services Co. Ltd. | 84,500 | 2,755 |
| | Aeon Mall Co. Ltd. | 147,380 | 2,749 |
| | Ezaki Glico Co. Ltd. | 65,800 | 2,740 |
| | Sugi Holdings Co. Ltd. | 56,065 | 2,732 |
| * | Shikoku Electric Power Co. Inc. | 200,572 | 2,716 |
| | Nippon Kayaku Co. Ltd. | 223,000 | 2,696 |
| | Disco Corp. | 29,600 | 2,696 |
| | Dowa Holdings Co. Ltd. | 300,000 | 2,692 |
| | Showa Denko KK | 1,952,200 | 2,669 |
| | Iida Group Holdings Co. Ltd. | 197,900 | 2,656 |
| ^ | Sumco Corp. | 175,286 | 2,645 |
| | Ibiden Co. Ltd. | 150,400 | 2,630 |
| | Nihon Kohden Corp. | 100,000 | 2,628 |
| | Sankyo Co. Ltd. | 69,100 | 2,617 |
| | Nippon Shinyaku Co. Ltd. | 78,000 | 2,608 |
| | Kakaku.com Inc. | 167,188 | 2,593 |
| | 77 Bank Ltd. | 447,000 | 2,580 |
| | Sawai Pharmaceutical Co. Ltd. | 45,100 | 2,567 |
| | Sotetsu Holdings Inc. | 540,000 | 2,561 |
| | Showa Shell Sekiyu KK | 264,200 | 2,549 |
| | Kose Corp. | 38,900 | 2,537 |
| | Park24 Co. Ltd. | 125,300 | 2,503 |
| | Ebara Corp. | 560,000 | 2,490 |
| | Idemitsu Kosan Co. Ltd. | 127,300 | 2,466 |
| | Hitachi Chemical Co. Ltd. | 127,100 | 2,460 |
| | Advantest Corp. | 206,500 | 2,435 |
| | Topcon Corp. | 92,000 | 2,393 |
| | Konami Corp. | 128,500 | 2,358 |
| | Azbil Corp. | 89,400 | 2,355 |
| | Nexon Co. Ltd. | 184,438 | 2,353 |
| | Toyo Tire & Rubber Co. Ltd. | 122,100 | 2,339 |
| | Aoyama Trading Co. Ltd. | 67,400 | 2,331 |
| | Denki Kagaku Kogyo KK | 569,000 | 2,323 |
| | Sumitomo Dainippon Pharma Co. Ltd. | 205,300 | 2,320 |
| | Hitachi High-Technologies Corp. | 79,400 | 2,301 |
| | Tokai Tokyo Financial Holdings Inc. | 299,100 | 2,298 |
| | GS Yuasa Corp. | 485,000 | 2,280 |
| | Hitachi Construction Machinery Co. Ltd. | 128,300 | 2,278 |
| * | Hokkaido Electric Power Co. Inc. | 246,600 | 2,274 |
| | Lion Corp. | 371,000 | 2,274 |
| | Nippon Paper Industries Co. Ltd. | 129,700 | 2,262 |
| | Seino Holdings Co. Ltd. | 194,000 | 2,227 |
| | Zeon Corp. | 247,000 | 2,217 |
| | DMG Mori Seiki Co. Ltd. | 134,900 | 2,200 |
| | Sundrug Co. Ltd. | 43,000 | 2,158 |
| | OKUMA Corp. | 199,000 | 2,156 |
| | Ube Industries Ltd. | 1,299,000 | 2,155 |
| | Toyoda Gosei Co. Ltd. | 92,400 | 2,138 |
| | Sanwa Holdings Corp. | 281,200 | 2,122 |
23
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Taiyo Yuden Co. Ltd. | 142,900 | 2,113 |
| | COMSYS Holdings Corp. | 151,200 | 2,106 |
| | Ushio Inc. | 159,900 | 2,097 |
| | Maruichi Steel Tube Ltd. | 82,400 | 2,081 |
| | Nishi-Nippon Railroad Co. Ltd. | 474,000 | 2,079 |
| | Resorttrust Inc. | 79,500 | 2,077 |
| | Japan Steel Works Ltd. | 449,500 | 2,074 |
| ^ | Sanrio Co. Ltd. | 77,288 | 2,070 |
| | Daido Steel Co. Ltd. | 431,700 | 2,064 |
| | Tadano Ltd. | 142,000 | 2,060 |
| | Japan Aviation Electronics Industry Ltd. | 84,000 | 2,018 |
| | Glory Ltd. | 72,700 | 2,012 |
| | Nagase & Co. Ltd. | 152,000 | 2,009 |
| | Izumi Co. Ltd. | 50,100 | 1,984 |
| | Tsumura & Co. | 83,900 | 1,966 |
| | Nisshinbo Holdings Inc. | 189,000 | 1,958 |
| | Fujikura Ltd. | 410,000 | 1,953 |
| | Chiyoda Corp. | 215,000 | 1,951 |
| | Nifco Inc. | 54,600 | 1,934 |
| *,^ | Acom Co. Ltd. | 579,100 | 1,923 |
| | Oracle Corp. Japan | 42,100 | 1,922 |
| | Square Enix Holdings Co. Ltd. | 91,000 | 1,911 |
| | H2O Retailing Corp. | 106,100 | 1,909 |
| | TS Tech Co. Ltd. | 64,100 | 1,909 |
| | House Foods Group Inc. | 93,200 | 1,903 |
| | Kinden Corp. | 135,000 | 1,896 |
| | San-In Godo Bank Ltd. | 198,000 | 1,895 |
| | Sumitomo Forestry Co. Ltd. | 162,300 | 1,881 |
| | Nichirei Corp. | 355,000 | 1,874 |
| | Keiyo Bank Ltd. | 314,000 | 1,859 |
| | Okasan Securities Group Inc. | 240,000 | 1,821 |
| * | Japan Display Inc. | 442,100 | 1,816 |
| | Rohto Pharmaceutical Co. Ltd. | 126,400 | 1,805 |
| | Takara Holdings Inc. | 239,800 | 1,787 |
| | Matsumotokiyoshi Holdings Co. Ltd. | 48,700 | 1,773 |
| | Century Tokyo Leasing Corp. | 56,044 | 1,770 |
| | Wacoal Holdings Corp. | 159,000 | 1,767 |
| | Temp Holdings Co. Ltd. | 55,400 | 1,755 |
| | Sapporo Holdings Ltd. | 446,200 | 1,751 |
| | NTT Urban Development Corp. | 168,200 | 1,751 |
| | SCREEN Holdings Co. Ltd. | 256,000 | 1,738 |
| | Juroku Bank Ltd. | 434,000 | 1,728 |
| | K's Holdings Corp. | 51,744 | 1,728 |
| | Toyobo Co. Ltd. | 1,127,000 | 1,718 |
| | Nipro Corp. | 178,600 | 1,714 |
| | Mitsui Engineering & Shipbuilding Co. Ltd. | 947,700 | 1,702 |
| | Shiga Bank Ltd. | 323,000 | 1,699 |
| | Coca-Cola East Japan Co. Ltd. | 89,500 | 1,673 |
| | Higo Bank Ltd. | 258,200 | 1,660 |
| | KYORIN Holdings Inc. | 71,920 | 1,654 |
| | Mitsui Mining & Smelting Co. Ltd. | 693,000 | 1,647 |
| | Sumitomo Osaka Cement Co. Ltd. | 499,000 | 1,625 |
| | Awa Bank Ltd. | 273,500 | 1,624 |
| | Lintec Corp. | 65,400 | 1,604 |
| | SKY Perfect JSAT Holdings Inc. | 254,400 | 1,593 |
| | Shimachu Co. Ltd. | 61,500 | 1,592 |
| | North Pacific Bank Ltd. | 401,500 | 1,586 |
| | Furukawa Electric Co. Ltd. | 863,000 | 1,582 |
| | Daishi Bank Ltd. | 418,000 | 1,576 |
| | HIS Co. Ltd. | 47,000 | 1,567 |
| | SCSK Corp. | 53,376 | 1,559 |
| | Nisshin Steel Co. Ltd. | 116,300 | 1,550 |
| | Tokai Rika Co. Ltd. | 63,400 | 1,549 |
| | ABC-Mart Inc. | 27,100 | 1,542 |
24
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hyakugo Bank Ltd. | 309,000 | 1,519 |
| | Jafco Co. Ltd. | 40,400 | 1,514 |
| | Kagoshima Bank Ltd. | 209,500 | 1,508 |
| | Japan Petroleum Exploration Co. Ltd. | 38,900 | 1,497 |
| | Musashino Bank Ltd. | 41,200 | 1,492 |
| | UNY Group Holdings Co. Ltd. | 262,400 | 1,484 |
| | Autobacs Seven Co. Ltd. | 94,400 | 1,470 |
| | Kissei Pharmaceutical Co. Ltd. | 49,000 | 1,454 |
| | Cosmos Pharmaceutical Corp. | 10,802 | 1,454 |
| ^ | Kagome Co. Ltd. | 92,600 | 1,452 |
| | Start Today Co. Ltd. | 59,100 | 1,448 |
| ^ | Ito En Ltd. | 68,700 | 1,427 |
| | Senshu Ikeda Holdings Inc. | 315,040 | 1,398 |
| | Calsonic Kansei Corp. | 191,700 | 1,397 |
| ^ | Bic Camera Inc. | 138,800 | 1,384 |
| | Itochu Techno-Solutions Corp. | 60,200 | 1,371 |
| | Hokkoku Bank Ltd. | 378,000 | 1,369 |
| | Maeda Road Construction Co. Ltd. | 78,895 | 1,300 |
| | Coca-Cola West Co. Ltd. | 80,600 | 1,282 |
| | Rengo Co. Ltd. | 289,000 | 1,264 |
| | Pola Orbis Holdings Inc. | 24,268 | 1,259 |
| | Toda Corp. | 304,000 | 1,253 |
| ^ | Fukuyama Transporting Co. Ltd. | 220,000 | 1,247 |
| | Hitachi Capital Corp. | 54,900 | 1,244 |
| *,^ | Aiful Corp. | 359,692 | 1,240 |
| | Yamato Kogyo Co. Ltd. | 52,400 | 1,233 |
| | Anritsu Corp. | 169,179 | 1,213 |
| * | Cosmo Oil Co. Ltd. | 818,000 | 1,213 |
| | Matsui Securities Co. Ltd. | 129,900 | 1,207 |
| | Shochiku Co. Ltd. | 139,676 | 1,200 |
| | Nanto Bank Ltd. | 328,000 | 1,186 |
| | Capcom Co. Ltd. | 63,400 | 1,181 |
| | Hyakujushi Bank Ltd. | 343,500 | 1,179 |
| | Nissan Shatai Co. Ltd. | 91,359 | 1,176 |
| | Canon Marketing Japan Inc. | 62,500 | 1,174 |
| *,^ | COLOPL Inc. | 56,900 | 1,165 |
| | Hikari Tsushin Inc. | 17,100 | 1,141 |
| | Onward Holdings Co. Ltd. | 169,000 | 1,137 |
| | Mochida Pharmaceutical Co. Ltd. | 16,600 | 1,135 |
| | Toyota Boshoku Corp. | 75,100 | 1,115 |
| | Asatsu-DK Inc. | 40,100 | 1,103 |
| | Heiwa Corp. | 50,700 | 1,057 |
| | FP Corp. | 29,106 | 1,044 |
| | Nippon Television Holdings Inc. | 59,500 | 1,026 |
| | Nippo Corp. | 59,531 | 996 |
| ^ | Gree Inc. | 144,200 | 931 |
| | Exedy Corp. | 37,026 | 909 |
| | KYB Co. Ltd. | 234,476 | 890 |
| | Toshiba TEC Corp. | 159,000 | 882 |
| | Hitachi Transport System Ltd. | 50,800 | 819 |
| | Kandenko Co. Ltd. | 125,000 | 793 |
| | Komeri Co. Ltd. | 35,100 | 790 |
| | Fuji Media Holdings Inc. | 53,500 | 749 |
| * | Orient Corp. | 449,632 | 725 |
| | NS Solutions Corp. | 20,700 | 695 |
| | Shinko Electric Industries Co. Ltd. | 81,800 | 654 |
| | Toppan Forms Co. Ltd. | 54,400 | 652 |
| | PanaHome Corp. | 89,000 | 649 |
| | Tokyo Broadcasting System Holdings Inc. | 47,300 | 620 |
| | Sumitomo Real Estate Sales Co. Ltd. | 19,320 | 525 |
| | Daikyo Inc. | 340,000 | 512 |
| ^ | Takata Corp. | 40,800 | 504 |
| | TV Asahi Holdings Corp. | 26,100 | 482 |
| | Mitsubishi Shokuhin Co. Ltd. | 18,502 | 391 |
25
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Aplus Financial Co. Ltd. | 101,100 | 109 |
| | | | 4,257,470 |
| Malaysia (0.8%) | | |
| | Public Bank Bhd. (Local) | 3,993,700 | 21,833 |
| | Tenaga Nasional Bhd. | 4,530,200 | 18,233 |
| | Malayan Banking Bhd. | 6,105,974 | 15,779 |
| | CIMB Group Holdings Bhd. | 6,767,900 | 11,196 |
| | Axiata Group Bhd. | 5,534,324 | 10,458 |
| | Sime Darby Bhd. | 4,007,697 | 10,183 |
| | DiGi.Com Bhd. | 4,813,266 | 8,115 |
| | Genting Bhd. | 2,848,100 | 6,991 |
| | Maxis Bhd. | 3,385,800 | 6,584 |
| | Petronas Gas Bhd. | 1,007,700 | 6,425 |
| | Petronas Chemicals Group Bhd. | 3,714,168 | 6,107 |
| | IOI Corp. Bhd. | 4,779,765 | 5,820 |
| | IHH Healthcare Bhd. | 3,494,300 | 5,800 |
| | MISC Bhd. | 1,880,523 | 4,812 |
| | Genting Malaysia Bhd. | 3,803,500 | 4,585 |
| | Kuala Lumpur Kepong Bhd. | 690,700 | 4,297 |
| | IJM Corp. Bhd. | 1,986,720 | 4,091 |
| | AMMB Holdings Bhd. | 2,232,000 | 4,054 |
| | Gamuda Bhd. | 2,521,800 | 3,701 |
| | SapuraKencana Petroleum Bhd. | 4,927,696 | 3,669 |
| | British American Tobacco Malaysia Bhd. | 181,300 | 3,403 |
| | PPB Group Bhd. | 754,500 | 3,246 |
| | YTL Corp. Bhd. | 6,898,653 | 3,233 |
| | Telekom Malaysia Bhd. | 1,379,000 | 2,863 |
| | Hong Leong Bank Bhd. | 722,360 | 2,851 |
| | UMW Holdings Bhd. | 833,100 | 2,486 |
| | Petronas Dagangan Bhd. | 382,200 | 2,297 |
| | Malaysia Airports Holdings Bhd. | 1,129,400 | 2,043 |
| | RHB Capital Bhd. | 883,400 | 1,956 |
| | Alliance Financial Group Bhd. | 1,412,600 | 1,875 |
| 2 | Astro Malaysia Holdings Bhd. | 1,972,868 | 1,737 |
| | YTL Power International Bhd. | 3,858,647 | 1,731 |
| | IOI Properties Group Bhd. | 2,508,754 | 1,504 |
| | Lafarge Malaysia Bhd. | 550,710 | 1,491 |
| | Bumi Armada Bhd. | 4,390,500 | 1,463 |
| | Felda Global Ventures Holdings Bhd. | 2,359,400 | 1,369 |
| | Hong Leong Financial Group Bhd. | 271,500 | 1,231 |
| | KLCCP Stapled Group | 596,300 | 1,181 |
| | Westports Holdings Bhd. | 868,996 | 1,097 |
| | SP Setia Bhd Group | 1,102,300 | 1,054 |
| | Berjaya Sports Toto Bhd. | 1,141,630 | 1,044 |
| | AirAsia Bhd. | 1,500,800 | 955 |
| | MMC Corp. Bhd. | 1,136,100 | 858 |
| | UEM Sunrise Bhd. | 1,798,200 | 649 |
| * | Parkson Holdings Bhd. | 828,542 | 499 |
| | Malaysia Marine and Heavy Engineering Holdings Bhd. | 445,200 | 152 |
| | | | 207,001 |
| Mexico (0.9%) | | |
| | America Movil SAB de CV | 37,183,495 | 39,045 |
| * | Fomento Economico Mexicano SAB de CV | 2,785,734 | 25,254 |
| * | Grupo Televisa SAB | 3,384,000 | 24,629 |
| | Wal-Mart de Mexico SAB de CV | 7,259,953 | 17,149 |
| | Grupo Financiero Banorte SAB de CV | 2,926,160 | 16,685 |
| | Grupo Mexico SAB de CV Class B | 5,020,455 | 15,498 |
| * | Cemex SAB de CV ADR | 1,089,021 | 10,476 |
| | Fibra Uno Administracion SA de CV | 3,082,421 | 7,691 |
| | Alfa SAB de CV Class A | 3,745,898 | 7,606 |
| * | Grupo Bimbo SAB de CV Class A | 2,440,328 | 6,553 |
| | Grupo Financiero Inbursa SAB de CV | 2,649,200 | 6,325 |
| * | Cemex SAB de CV | 5,737,108 | 5,534 |
| | Coca-Cola Femsa SAB de CV | 542,924 | 4,343 |
26
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mexichem SAB de CV | 1,444,521 | 4,137 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 288,356 | 4,081 |
| | Grupo Financiero Santander Mexico SAB de CV Class B | 1,896,750 | 3,865 |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 440,700 | 3,138 |
| * | Promotora y Operadora de Infraestructura SAB de CV | 250,993 | 2,886 |
| | Industrias Penoles SAB de CV | 166,329 | 2,821 |
| | Gruma SAB de CV Class B | 212,400 | 2,561 |
| | Grupo Carso SAB de CV | 608,763 | 2,509 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 1,097,740 | 2,435 |
| | Gentera SAB de CV | 1,403,000 | 2,395 |
| | Arca Continental SAB de CV | 375,083 | 2,304 |
| * | OHL Mexico SAB de CV | 964,400 | 1,943 |
| * | Alsea SAB de CV | 644,205 | 1,934 |
| | Controladora Comercial Mexicana SAB de CV | 571,829 | 1,841 |
| * | Megacable Holdings SAB de CV | 372,800 | 1,551 |
| * | Infraestructura Energetica Nova SAB de CV | 246,709 | 1,436 |
| | Grupo Lala SAB de CV | 594,800 | 1,205 |
| | Grupo Elektra SAB DE CV | 44,910 | 1,175 |
| * | Genomma Lab Internacional SAB de CV Class B | 957,946 | 1,130 |
| | Grupo Comercial Chedraui SA de CV | 356,400 | 1,070 |
| * | Industrias Bachoco SAB de CV Class B | 210,600 | 941 |
| | Grupo Sanborns SAB de CV | 528,840 | 845 |
| * | Industrias CH SAB de CV Class B | 206,767 | 843 |
| | Organizacion Soriana SAB de CV Class B | 330,700 | 806 |
| * | Minera Frisco SAB de CV | 775,051 | 644 |
| | Concentradora Fibra Danhos SA de CV | 242,600 | 601 |
| | Alpek SAB de CV | 388,445 | 524 |
| | | | 238,409 |
| Morocco (0.0%) | | |
| | Douja Promotion Groupe Addoha SA | 142,052 | 453 |
| |
| Netherlands (2.0%) | | |
| | Unilever NV | 1,998,035 | 87,156 |
| * | ING Groep NV | 4,957,819 | 76,061 |
| | ASML Holding NV | 416,978 | 44,872 |
| | Unibail-Rodamco SE | 124,550 | 34,390 |
| | Koninklijke Philips NV | 1,166,452 | 33,412 |
| | Akzo Nobel NV | 312,707 | 23,926 |
| | Heineken NV | 283,345 | 22,321 |
| | Koninklijke Ahold NV | 1,148,337 | 22,248 |
| | Aegon NV | 2,450,001 | 19,330 |
| | Reed Elsevier NV | 749,288 | 18,071 |
| | Koninklijke KPN NV | 3,967,502 | 14,711 |
| ^ | ArcelorMittal | 1,275,086 | 13,569 |
| | Koninklijke DSM NV | 225,552 | 12,863 |
| | Wolters Kluwer NV | 383,459 | 12,423 |
| * | Altice SA | 107,159 | 11,331 |
| ^ | Gemalto NV | 102,680 | 9,539 |
| | Heineken Holding NV | 124,357 | 8,669 |
| | Randstad Holding NV | 140,369 | 8,372 |
| * | NN Group NV | 204,706 | 5,968 |
| | Boskalis Westminster NV | 102,095 | 5,305 |
| | TNT Express NV | 598,974 | 5,113 |
| | Koninklijke Vopak NV | 86,671 | 4,549 |
| * | OCI NV | 103,069 | 3,073 |
| | | | 497,272 |
| New Zealand (0.1%) | | |
| | Fletcher Building Ltd. | 874,727 | 5,537 |
| | Spark New Zealand Ltd. | 2,362,167 | 5,345 |
| | Auckland International Airport Ltd. | 1,253,723 | 4,399 |
| | Fisher & Paykel Healthcare Corp. Ltd. | 675,551 | 3,346 |
| | Ryman Healthcare Ltd. | 519,402 | 3,226 |
| | SKYCITY Entertainment Group Ltd. | 890,217 | 2,852 |
| | SKY Network Television Ltd. | 470,946 | 2,256 |
27
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mighty River Power Ltd. | 867,274 | 1,990 |
| | Contact Energy Ltd. | 452,749 | 1,961 |
| *,^ | Xero Ltd. | 94,824 | 1,432 |
| * | Kiwi Property Group Ltd. | 1,400,819 | 1,382 |
| | Air New Zealand Ltd. | 662,393 | 1,361 |
| | Vector Ltd. | 313,090 | 772 |
| | Warehouse Group Ltd. | 147,257 | 310 |
| | | | 36,169 |
| Norway (0.5%) | | |
| | Statoil ASA | 1,224,857 | 25,968 |
| ^ | DNB ASA | 1,371,622 | 24,367 |
| | Telenor ASA | 885,988 | 20,010 |
| | Yara International ASA | 227,806 | 11,672 |
| ^ | Norsk Hydro ASA | 1,720,548 | 8,148 |
| | Orkla ASA | 1,013,771 | 7,961 |
| | Schibsted ASA | 106,115 | 6,602 |
| | Seadrill Ltd. | 449,859 | 5,734 |
| | Marine Harvest ASA | 356,809 | 4,349 |
| | Subsea 7 SA | 368,451 | 4,093 |
| ^ | Gjensidige Forsikring ASA | 213,949 | 3,722 |
| | | | 122,626 |
| Other (0.2%)3 | | |
| 4 | Vanguard FTSE Emerging Markets ETF | 1,251,023 | 54,882 |
| |
| Peru (0.1%) | | |
| | Credicorp Ltd. (New York Shares) | 63,873 | 9,610 |
| | Cia de Minas Buenaventura SAA ADR | 291,434 | 3,258 |
| | Credicorp Ltd. | 1,338 | 204 |
| | | | 13,072 |
| Philippines (0.3%) | | |
| | SM Investments Corp. | 399,066 | 8,062 |
| | Philippine Long Distance Telephone Co. | 107,350 | 6,736 |
| | Ayala Land Inc. | 7,648,648 | 6,617 |
| | Universal Robina Corp. | 1,244,440 | 6,069 |
| | Ayala Corp. | 296,548 | 5,186 |
| | JG Summit Holdings Inc. | 2,852,570 | 4,569 |
| | BDO Unibank Inc. | 1,820,868 | 4,453 |
| | Bank of the Philippine Islands | 1,939,056 | 4,404 |
| | SM Prime Holdings Inc. | 9,911,045 | 4,144 |
| | Aboitiz Equity Ventures Inc. | 2,910,630 | 3,697 |
| | Metropolitan Bank & Trust Co. | 1,589,887 | 3,314 |
| | Alliance Global Group Inc. | 5,771,000 | 3,280 |
| | International Container Terminal Services Inc. | 1,182,060 | 2,916 |
| | Jollibee Foods Corp. | 619,440 | 2,764 |
| | GT Capital Holdings Inc. | 92,591 | 2,609 |
| | Aboitiz Power Corp. | 2,482,780 | 2,390 |
| | DMCI Holdings Inc. | 6,851,400 | 2,306 |
| | Manila Electric Co. | 373,840 | 2,185 |
| | Megaworld Corp. | 14,335,131 | 1,700 |
| | Globe Telecom Inc. | 34,465 | 1,685 |
| * | Semirara Mining and Power Corp. Class A | 370,760 | 1,377 |
| | Energy Development Corp. | 7,178,600 | 1,302 |
| * | LT Group Inc. | 3,109,773 | 1,038 |
| | Bloomberry Resorts Corp. | 3,198,200 | 802 |
| | Emperador Inc. | 2,155,296 | 560 |
| | Petron Corp. | 2,326,000 | 514 |
| * | Travellers International Hotel Group Inc. | 1,844,200 | 279 |
| | San Miguel Corp. | 174,433 | 268 |
| | | | 85,226 |
| Poland (0.3%) | | |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 1,106,010 | 11,061 |
| | Powszechny Zaklad Ubezpieczen SA | 72,787 | 9,493 |
| ^ | Bank Pekao SA | 166,612 | 8,660 |
| | Polski Koncern Naftowy Orlen SA | 422,243 | 8,019 |
28
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | KGHM Polska Miedz SA | 177,167 | 6,212 |
| | PGE Polska Grupa Energetyczna SA | 940,743 | 5,413 |
| | Polskie Gornictwo Naftowe i Gazownictwo SA | 2,228,692 | 4,020 |
| * | Bank Zachodni WBK SA | 36,298 | 3,748 |
| * | LPP SA | 1,628 | 3,458 |
| | Energa SA | 402,376 | 2,789 |
| | Orange Polska SA | 843,152 | 2,388 |
| * | mBank SA | 15,857 | 2,051 |
| ^ | Cyfrowy Polsat SA | 266,525 | 1,858 |
| | Tauron Polska Energia SA | 1,299,222 | 1,738 |
| | Asseco Poland SA | 92,551 | 1,559 |
| | Bank Millennium SA | 763,416 | 1,550 |
| | CCC SA | 27,594 | 1,458 |
| * | Alior Bank SA | 58,124 | 1,418 |
| *,^ | Synthos SA | 1,022,531 | 1,339 |
| | Grupa Azoty SA | 57,763 | 1,317 |
| | Bank Handlowy w Warszawie SA | 40,252 | 1,273 |
| | Enea SA | 260,329 | 1,178 |
| * | Grupa Lotos SA | 114,526 | 978 |
| | Eurocash SA | 95,980 | 974 |
| * | TVN SA | 192,520 | 909 |
| *,^ | Getin Noble Bank SA | 1,464,514 | 727 |
| | ING Bank Slaski SA | 2,753 | 109 |
| * | Jastrzebska Spolka Weglowa SA | 320 | 1 |
| | | | 85,698 |
| Portugal (0.1%) | | |
| | EDP - Energias de Portugal SA | 2,471,105 | 9,880 |
| | Galp Energia SGPS SA | 489,393 | 6,685 |
| * | Banco Comercial Portugues SA | 47,487,207 | 4,729 |
| | Jeronimo Martins SGPS SA | 321,763 | 4,694 |
| | EDP Renovaveis SA | 250,865 | 1,753 |
| * | Banco Espirito Santo SA | 3,873,216 | 34 |
| | | | 27,775 |
| Russia (0.9%) | | |
| | Gazprom OAO ADR | 6,012,631 | 35,228 |
| | Lukoil OAO ADR | 627,042 | 32,077 |
| | Magnit PJSC GDR | 360,149 | 19,759 |
| | Sberbank of Russia | 10,545,546 | 15,705 |
| | NOVATEK OAO | 1,427,036 | 13,663 |
| | MMC Norilsk Nickel OJSC ADR | 602,808 | 11,355 |
| | Tatneft OAO ADR | 306,428 | 10,511 |
| | Rosneft OAO GDR | 1,586,749 | 7,829 |
| | Surgutneftegas OAO Preference Shares | 9,782,000 | 7,374 |
| | Surgutneftegas OAO ADR | 912,764 | 6,611 |
| | Gazprom OAO | 2,185,455 | 6,497 |
| | Mobile TeleSystems OJSC | 1,032,110 | 5,310 |
| | Sberbank of Russia ADR | 815,250 | 4,839 |
| | AK Transneft OAO Preference Shares | 1,942 | 4,567 |
| 2 | VTB Bank OJSC GDR | 1,751,901 | 4,333 |
| | VTB Bank OJSC | 3,097,238,867 | 3,928 |
| | Uralkali PJSC | 1,257,196 | 3,684 |
| * | Alrosa AO | 2,190,000 | 2,908 |
| | Moscow Exchange MICEX-RTS OAO | 1,678,490 | 2,504 |
| | Severstal PAO GDR | 206,271 | 2,287 |
| | MegaFon OAO GDR | 119,946 | 2,034 |
| | RusHydro JSC | 161,974,634 | 1,877 |
| | Novolipetsk Steel OJSC | 1,124,273 | 1,487 |
| | Sistema JSFC GDR | 180,896 | 1,366 |
| | Mobile TeleSystems OJSC ADR | 105,080 | 1,269 |
| | PhosAgro OAO GDR | 95,475 | 1,164 |
| * | Bashneft OAO | 27,887 | 1,159 |
| | E.ON Russia JSC | 18,049,100 | 1,103 |
| | Rostelecom OJSC | 682,908 | 1,049 |
| | Rostelecom OJSC ADR | 100,601 | 928 |
29
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | LSR Group PJSC GDR | 268,081 | 745 |
| * | Inter RAO UES JSC | 24,257,300 | 572 |
| | Magnitogorsk Iron & Steel Works OJSC | 1,828,548 | 538 |
| | Federal Grid Co. Unified Energy System JSC | 335,366,667 | 460 |
| | Aeroflot - Russian Airlines OJSC | 494,114 | 365 |
| | Acron JSC | 8,035 | 353 |
| * | Rosseti JSC | 24,327,627 | 248 |
| * | Pharmstandard OJSC GDR | 39,234 | 192 |
| | | | 217,878 |
| Singapore (1.0%) | | |
| | DBS Group Holdings Ltd. | 2,226,659 | 35,382 |
| | Oversea-Chinese Banking Corp. Ltd. | 3,921,819 | 31,582 |
| | Singapore Telecommunications Ltd. | 9,373,000 | 31,321 |
| | United Overseas Bank Ltd. | 1,516,960 | 28,011 |
| | Keppel Corp. Ltd. | 1,809,983 | 11,888 |
| | CapitaLand Ltd. | 3,305,650 | 9,199 |
| | Global Logistic Properties Ltd. | 3,816,517 | 7,916 |
| | Singapore Exchange Ltd. | 1,120,174 | 7,200 |
| | City Developments Ltd. | 816,498 | 6,570 |
| | Wilmar International Ltd. | 2,672,754 | 6,565 |
| | ComfortDelGro Corp. Ltd. | 2,813,024 | 6,517 |
| | Singapore Press Holdings Ltd. | 2,044,121 | 6,469 |
| | Singapore Airlines Ltd. | 692,270 | 6,379 |
| | Genting Singapore plc | 7,734,212 | 5,976 |
| | Singapore Technologies Engineering Ltd. | 1,973,751 | 5,388 |
| | CapitaMall Trust | 3,261,800 | 5,386 |
| | Hutchison Port Holdings Trust | 6,937,400 | 4,674 |
| | Ascendas REIT | 2,499,600 | 4,658 |
| | Suntec REIT | 3,048,095 | 4,069 |
| * | Jardine Cycle & Carriage Ltd. | 126,016 | 3,840 |
| | Sembcorp Industries Ltd. | 1,107,200 | 3,773 |
| | Noble Group Ltd. | 5,497,872 | 3,580 |
| ^ | UOL Group Ltd. | 557,000 | 3,349 |
| | CapitaCommercial Trust | 2,401,235 | 3,070 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 2,548,164 | 2,814 |
| | Golden Agri-Resources Ltd. | 8,628,407 | 2,730 |
| | Singapore Post Ltd. | 1,774,400 | 2,558 |
| | StarHub Ltd. | 739,840 | 2,362 |
| ^ | Sembcorp Marine Ltd. | 1,032,800 | 2,310 |
| | Venture Corp. Ltd. | 313,700 | 2,001 |
| | SMRT Corp. Ltd. | 855,000 | 1,088 |
| *,^ | Neptune Orient Lines Ltd. | 1,113,450 | 953 |
| | M1 Ltd. | 334,900 | 900 |
| ^ | SIA Engineering Co. Ltd. | 273,000 | 863 |
| ^ | Olam International Ltd. | 549,000 | 837 |
| | Wing Tai Holdings Ltd. | 551,811 | 817 |
| | Yanlord Land Group Ltd. | 821,700 | 746 |
| | Frasers Centrepoint Ltd. | 434,000 | 621 |
| ^ | COSCO Corp. Singapore Ltd. | 998,000 | 455 |
| ^ | Fraser and Neave Ltd. | 200,000 | 421 |
| | Indofood Agri Resources Ltd. | 477,000 | 262 |
| | | | 265,500 |
| South Africa (1.8%) | | |
| | Naspers Ltd. | 469,061 | 73,589 |
| | MTN Group Ltd. | 2,278,035 | 45,741 |
| | Sasol Ltd. | 717,151 | 28,875 |
| | Standard Bank Group Ltd. | 1,561,220 | 22,884 |
| | FirstRand Ltd. | 3,941,816 | 18,830 |
| | Steinhoff International Holdings Ltd. | 2,716,119 | 17,235 |
| | Sanlam Ltd. | 2,282,520 | 14,763 |
| | Remgro Ltd. | 625,970 | 13,904 |
| | Aspen Pharmacare Holdings Ltd. | 407,632 | 12,396 |
| | Bidvest Group Ltd. | 414,722 | 11,241 |
| | Woolworths Holdings Ltd. | 1,134,451 | 8,534 |
30
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shoprite Holdings Ltd. | 564,483 | 8,077 |
| | Growthpoint Properties Ltd. | 3,033,219 | 6,902 |
| | Netcare Ltd. | 1,923,514 | 6,729 |
| | Mr Price Group Ltd. | 313,487 | 6,693 |
| | Barclays Africa Group Ltd. | 413,938 | 6,631 |
| * | AngloGold Ashanti Ltd. | 521,109 | 5,918 |
| | Mediclinic International Ltd. | 551,790 | 5,843 |
| | Tiger Brands Ltd. | 207,114 | 5,391 |
| | Nedbank Group Ltd. | 247,504 | 5,346 |
| | RMB Holdings Ltd. | 879,657 | 5,294 |
| ^ | Vodacom Group Ltd. | 418,886 | 5,222 |
| | Redefine Properties Ltd. | 4,690,764 | 4,752 |
| | Discovery Ltd. | 427,256 | 4,742 |
| | Gold Fields Ltd. | 980,923 | 4,529 |
| | Life Healthcare Group Holdings Ltd. | 1,254,814 | 4,310 |
| | Truworths International Ltd. | 562,683 | 4,101 |
| | MMI Holdings Ltd. | 1,333,780 | 3,795 |
| | Foschini Group Ltd. | 251,919 | 3,730 |
| * | Impala Platinum Holdings Ltd. | 664,749 | 3,700 |
| | Imperial Holdings Ltd. | 220,749 | 3,697 |
| | SPAR Group Ltd. | 221,245 | 3,544 |
| | Capitec Bank Holdings Ltd. | 71,015 | 3,344 |
| * | Sappi Ltd. | 788,409 | 3,239 |
| | Mondi Ltd. | 158,041 | 3,187 |
| | Brait SE | 410,743 | 3,125 |
| | Hyprop Investments Ltd. | 301,208 | 3,103 |
| | Coronation Fund Managers Ltd. | 386,621 | 2,954 |
| | Investec Ltd. | 306,381 | 2,913 |
| * | Telkom SA SOC Ltd. | 398,184 | 2,737 |
| | AVI Ltd. | 397,642 | 2,725 |
| | Nampak Ltd. | 741,169 | 2,654 |
| * | Pioneer Foods Ltd. | 159,620 | 2,494 |
| | Clicks Group Ltd. | 309,827 | 2,374 |
| | Resilient Property Income Fund Ltd. | 275,590 | 2,306 |
| | Barloworld Ltd. | 285,234 | 2,275 |
| | Sibanye Gold Ltd. | 946,668 | 2,247 |
| | Capital Property Fund | 1,897,197 | 2,178 |
| * | Northam Platinum Ltd. | 497,158 | 2,044 |
| * | Anglo American Platinum Ltd. | 73,852 | 2,040 |
| | Liberty Holdings Ltd. | 144,840 | 2,020 |
| | Massmart Holdings Ltd. | 157,355 | 1,979 |
| | EOH Holdings Ltd. | 134,545 | 1,826 |
| | Aeci Ltd. | 148,191 | 1,615 |
| * | Attacq Ltd. | 716,239 | 1,498 |
| | Tongaat Hulett Ltd. | 133,864 | 1,482 |
| | Pick n Pay Stores Ltd. | 288,043 | 1,379 |
| | PSG Group Ltd. | 82,600 | 1,356 |
| ^ | Exxaro Resources Ltd. | 165,553 | 1,355 |
| | Reunert Ltd. | 264,546 | 1,349 |
| | Sun International Ltd. | 113,438 | 1,261 |
| | JSE Ltd. | 106,642 | 1,193 |
| | DataTec Ltd. | 229,189 | 1,190 |
| | African Rainbow Minerals Ltd. | 123,570 | 1,127 |
| * | Harmony Gold Mining Co. Ltd. | 554,830 | 1,068 |
| | Omnia Holdings Ltd. | 77,343 | 1,067 |
| | Kumba Iron Ore Ltd. | 69,564 | 938 |
| | Santam Ltd. | 42,023 | 822 |
| *,^ | Adcock Ingram Holdings Ltd. | 183,206 | 814 |
| | PPC Ltd. | 557,027 | 798 |
| | Grindrod Ltd. | 546,549 | 748 |
| | Pick n Pay Holdings Ltd. | 322,871 | 697 |
| * | Distell Group Ltd. | 48,856 | 660 |
| | Fountainhead Property Trust | 773,925 | 650 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 59,225 | 555 |
31
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Alexander Forbes Group Holdings Ltd. | 646,159 | 535 |
| | Murray & Roberts Holdings Ltd. | 481,406 | 533 |
| | Illovo Sugar Ltd. | 242,377 | 438 |
| | Acucap Properties Ltd. | 93,330 | 431 |
| | Assore Ltd. | 37,367 | 361 |
| | Oceana Group Ltd. | 37,656 | 336 |
| *,^ | ArcelorMittal South Africa Ltd. | 189,691 | 317 |
| * | Royal Bafokeng Platinum Ltd. | 67,222 | 292 |
| * | Northam Platinum Ltd. Rights Exp. 05/15/2015 | 136,288 | 2 |
| * | African Bank Investments Ltd. | 1,597,662 | — |
| | | | 457,569 |
| South Korea (3.1%) | | |
| | Samsung Electronics Co. Ltd. GDR | 220,376 | 144,520 |
| | Samsung Electronics Co. Ltd. | 27,690 | 36,325 |
| | Hyundai Motor Co. | 197,061 | 30,927 |
| | SK Hynix Inc. | 684,426 | 29,283 |
| | Shinhan Financial Group Co. Ltd. ADR | 604,298 | 25,356 |
| | POSCO ADR | 407,134 | 24,053 |
| | NAVER Corp. | 34,540 | 20,886 |
| | KB Financial Group Inc. ADR | 536,643 | 20,462 |
| | Hyundai Mobis Co. Ltd. | 85,206 | 18,735 |
| | Korea Electric Power Corp. ADR | 713,268 | 15,364 |
| | Kia Motors Corp. | 332,316 | 15,314 |
| | Amorepacific Corp. | 4,009 | 14,525 |
| | LG Chem Ltd. | 55,541 | 14,030 |
| | KT&G Corp. | 155,243 | 13,748 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 48,915 | 12,887 |
| | SK Telecom Co. Ltd. ADR | 431,644 | 12,798 |
| | Hana Financial Group Inc. | 370,690 | 10,912 |
| | LG Household & Health Care Ltd. | 11,780 | 8,655 |
| ^ | Samsung SDS Co. Ltd. | 35,818 | 8,522 |
| | Samsung C&T Corp. | 159,781 | 8,485 |
| | SK Innovation Co. Ltd. | 77,513 | 8,484 |
| | LG Display Co. Ltd. | 280,431 | 7,766 |
| | Samsung Life Insurance Co. Ltd. | 78,549 | 7,683 |
| | Samsung SDI Co. Ltd. | 68,599 | 7,637 |
| | LG Electronics Inc. | 134,879 | 7,585 |
| | Hyundai Heavy Industries Co. Ltd. | 55,975 | 7,273 |
| | LG Corp. | 114,088 | 7,079 |
| *,^ | Celltrion Inc. | 84,542 | 6,731 |
| | SK C&C Co. Ltd. | 27,972 | 6,620 |
| | Hyundai Steel Co. | 82,215 | 6,009 |
| | AMOREPACIFIC Group | 3,850 | 5,854 |
| | Korea Zinc Co. Ltd. | 13,124 | 5,845 |
| | Coway Co. Ltd. | 68,590 | 5,760 |
| | Hyundai Glovis Co. Ltd. | 26,228 | 5,753 |
| | KT Corp. ADR | 393,681 | 5,736 |
| | SK Holdings Co. Ltd. | 31,894 | 5,492 |
| | Orion Corp. | 4,607 | 5,381 |
| | E-Mart Co. Ltd. | 26,082 | 5,373 |
| * | Cheil Industries Inc. | 33,127 | 4,876 |
| | Kangwon Land Inc. | 141,057 | 4,808 |
| ^ | Samsung Securities Co. Ltd. | 73,881 | 4,489 |
| | Samsung Electro-Mechanics Co. Ltd. | 70,154 | 4,403 |
| | Hyundai Engineering & Construction Co. Ltd. | 90,106 | 4,335 |
| | Lotte Chemical Corp. | 18,433 | 4,276 |
| | Industrial Bank of Korea | 308,184 | 4,234 |
| | Hyundai Development Co-Engineering & Construction | 78,234 | 4,164 |
| | BNK Financial Group Inc. | 276,738 | 4,137 |
| ^ | Daum Kakao Corp. | 40,183 | 4,026 |
| | Hotel Shilla Co. Ltd. | 39,987 | 3,981 |
| | Hankook Tire Co. Ltd. | 90,939 | 3,822 |
| | Korea Aerospace Industries Ltd. | 61,592 | 3,763 |
| | KCC Corp. | 7,268 | 3,725 |
32
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Samsung Heavy Industries Co. Ltd. | 221,144 | 3,725 |
| * | Woori Bank | 364,076 | 3,637 |
| | CJ CheilJedang Corp. | 9,345 | 3,634 |
| | Daewoo Securities Co. Ltd. | 229,302 | 3,579 |
| | S-Oil Corp. | 52,287 | 3,563 |
| | NCSoft Corp. | 18,488 | 3,522 |
| | Lotte Shopping Co. Ltd. | 13,879 | 3,347 |
| | Hyosung Corp. | 30,153 | 3,335 |
| | Korea Investment Holdings Co. Ltd. | 49,446 | 3,166 |
| | CJ Corp. | 17,593 | 3,128 |
| | Dongbu Insurance Co. Ltd. | 59,374 | 3,017 |
| | GS Holdings Corp. | 63,337 | 2,955 |
| | Hyundai Wia Corp. | 19,786 | 2,804 |
| | Daelim Industrial Co. Ltd. | 33,953 | 2,615 |
| | Hyundai Department Store Co. Ltd. | 19,184 | 2,604 |
| | LG Uplus Corp. | 260,019 | 2,601 |
| | Hanwha Corp. | 65,281 | 2,564 |
| | Hyundai Securities Co. Ltd. | 218,271 | 2,260 |
| * | Cheil Worldwide Inc. | 105,567 | 2,255 |
| *,^ | CJ Korea Express Co. Ltd. | 11,752 | 2,242 |
| | Woori Investment & Securities Co. Ltd. | 156,392 | 2,165 |
| | Yuhan Corp. | 9,557 | 2,059 |
| | DGB Financial Group Inc. | 182,011 | 2,055 |
| ^ | OCI Co. Ltd. | 22,226 | 2,049 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 75,054 | 2,001 |
| | Hanwha Life Insurance Co. Ltd. | 265,970 | 1,966 |
| ^ | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 115,344 | 1,939 |
| | S-1 Corp. | 25,863 | 1,928 |
| * | Korean Air Lines Co. Ltd. | 44,364 | 1,893 |
| | Samsung Card Co. Ltd. | 48,317 | 1,849 |
| * | Doosan Infracore Co. Ltd. | 163,702 | 1,809 |
| | Lotte Confectionery Co. Ltd. | 1,027 | 1,786 |
| ^ | Kumho Petrochemical Co. Ltd. | 21,477 | 1,720 |
| | Mirae Asset Securities Co. Ltd. | 30,818 | 1,700 |
| | Lotte Chilsung Beverage Co. Ltd. | 768 | 1,699 |
| | Doosan Heavy Industries & Construction Co. Ltd. | 59,261 | 1,681 |
| | Daewoo International Corp. | 57,583 | 1,680 |
| *,^ | Daewoo Engineering & Construction Co. Ltd. | 245,860 | 1,628 |
| | Hanwha Chemical Corp. | 100,881 | 1,609 |
| *,^ | GS Engineering & Construction Corp. | 53,833 | 1,608 |
| | Shinsegae Co. Ltd. | 8,432 | 1,582 |
| | Halla Visteon Climate Control Corp. | 41,559 | 1,559 |
| | Korea Gas Corp. | 34,393 | 1,483 |
| ^ | Paradise Co. Ltd. | 59,786 | 1,387 |
| | Shinhan Financial Group Co. Ltd. | 33,099 | 1,370 |
| | SK Networks Co. Ltd. | 179,957 | 1,330 |
| *,^ | Samsung Engineering Co. Ltd. | 35,396 | 1,275 |
| ^ | Samsung Techwin Co. Ltd. | 49,528 | 1,272 |
| *,^ | NHN Entertainment Corp. | 19,858 | 1,168 |
| | Doosan Corp. | 9,725 | 1,126 |
| | Mando Corp. | 8,043 | 1,116 |
| ^ | LG Hausys Ltd. | 7,079 | 1,100 |
| | LS Corp. | 21,396 | 1,076 |
| ^ | Hyundai Mipo Dockyard Co. Ltd. | 12,921 | 1,074 |
| | KEPCO Plant Service & Engineering Co. Ltd. | 11,151 | 1,011 |
| | SKC Co. Ltd. | 23,198 | 913 |
| ^ | Samsung Fine Chemicals Co. Ltd. | 22,429 | 908 |
| | NongShim Co. Ltd. | 3,915 | 894 |
| *,^ | Hanjin Shipping Co. Ltd. | 123,512 | 869 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 92,579 | 823 |
| | KB Financial Group Inc. | 20,445 | 780 |
| ^ | Hite Jinro Co. Ltd. | 35,066 | 742 |
| ^ | KEPCO Engineering & Construction Co. Inc. | 15,285 | 593 |
| * | KT Corp. | 19,695 | 582 |
33
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hyundai Hysco Co. Ltd. | 9,358 | 577 |
| * | Kyongnam Bank | 38,715 | 366 |
| | Korea Electric Power Corp. | 7,298 | 317 |
| | POSCO | 699 | 165 |
| | SK Telecom Co. Ltd. | 21 | 6 |
| | | | 787,728 |
| Spain (2.3%) | | |
| * | Banco Santander SA | 17,177,225 | 129,870 |
| | Telefonica SA | 5,556,524 | 84,573 |
| | Banco Bilbao Vizcaya Argentaria SA | 7,883,773 | 79,217 |
| | Iberdrola SA | 6,644,418 | 44,473 |
| | Inditex SA | 1,363,451 | 43,752 |
| | Repsol SA | 1,337,036 | 27,562 |
| | Amadeus IT Holding SA | 548,545 | 25,004 |
| *,^ | Banco de Sabadell SA | 5,747,930 | 15,373 |
| * | CaixaBank SA | 2,551,156 | 12,795 |
| | Red Electrica Corp. SA | 139,114 | 11,675 |
| * | Ferrovial SA | 513,204 | 11,638 |
| * | Banco Popular Espanol SA | 1,982,462 | 10,315 |
| | Gas Natural SDG SA | 391,479 | 9,626 |
| | Abertis Infraestructuras SA | 508,069 | 9,362 |
| | Grifols SA | 214,998 | 9,123 |
| * | Bankia SA | 5,857,563 | 8,180 |
| | Enagas SA | 264,054 | 8,132 |
| | Endesa SA | 403,338 | 7,991 |
| * | ACS Actividades de Construccion y Servicios SA | 226,595 | 7,984 |
| | Bankinter SA | 886,096 | 6,701 |
| | Distribuidora Internacional de Alimentacion SA | 781,395 | 6,258 |
| * | Banco Santander SA | 798,146 | 5,542 |
| | Mapfre SA | 1,278,551 | 4,751 |
| * | Mediaset Espana Comunicacion SA | 293,812 | 3,983 |
| | Zardoya Otis SA | 215,443 | 2,778 |
| * | Acerinox SA | 169,646 | 2,475 |
| * | Acciona SA | 32,437 | 2,454 |
| | Corp Financiera Alba SA | 21,196 | 1,077 |
| * | Banco Santander SA Rights | 798,146 | 116 |
| | | | 592,780 |
| Sweden (2.1%) | | |
| | Nordea Bank AB | 4,077,758 | 51,809 |
| ^ | Hennes & Mauritz AB Class B | 1,218,826 | 48,457 |
| | Telefonaktiebolaget LM Ericsson Class B | 3,821,756 | 41,798 |
| | Swedbank AB Class A | 1,340,234 | 31,164 |
| | Svenska Handelsbanken AB Class A | 614,713 | 28,375 |
| | Volvo AB Class B | 1,954,948 | 27,008 |
| | Atlas Copco AB Class A | 797,640 | 24,897 |
| | Skandinaviska Enskilda Banken AB Class A | 1,868,710 | 23,614 |
| | Investor AB Class B | 579,444 | 23,611 |
| | Assa Abloy AB Class B | 402,463 | 23,348 |
| | TeliaSonera AB | 3,324,369 | 20,668 |
| | Svenska Cellulosa AB SCA Class B | 745,651 | 18,861 |
| | Sandvik AB | 1,391,967 | 17,593 |
| ^ | Atlas Copco AB Class B | 501,459 | 13,963 |
| | SKF AB | 539,054 | 13,166 |
| * | Hexagon AB Class B | 329,045 | 12,188 |
| ^ | Skanska AB Class B | 462,640 | 10,295 |
| | Investment AB Kinnevik | 265,911 | 9,164 |
| | Electrolux AB Class B | 289,273 | 8,662 |
| ^ | Swedish Match AB | 258,964 | 7,972 |
| ^ | Alfa Laval AB | 406,823 | 7,594 |
| | Boliden AB | 347,319 | 7,546 |
| ^ | Trelleborg AB Class B | 308,030 | 6,037 |
| | Securitas AB Class B | 402,497 | 6,019 |
| | Meda AB Class A | 348,067 | 5,842 |
| | Getinge AB | 236,463 | 5,747 |
34
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tele2 AB | 397,477 | 5,301 |
| | Industrivarden AB Class A | 245,843 | 5,270 |
| | Industrivarden AB | 210,487 | 4,386 |
| | Elekta AB Class B | 466,108 | 4,361 |
| * | Lundin Petroleum AB | 267,038 | 4,322 |
| ^ | Husqvarna AB | 467,684 | 3,459 |
| | Holmen AB | 60,310 | 1,996 |
| | Melker Schorling AB | 13,871 | 835 |
| | | | 525,328 |
| Switzerland (6.3%) | | |
| | Nestle SA | 4,097,425 | 317,896 |
| | Novartis AG | 2,992,252 | 305,426 |
| | Roche Holding AG | 902,801 | 258,341 |
| * | UBS Group AG | 4,385,184 | 87,604 |
| | ABB Ltd. | 2,900,053 | 63,547 |
| | Zurich Insurance Group AG | 189,363 | 58,448 |
| | Cie Financiere Richemont SA | 655,626 | 58,438 |
| | Credit Suisse Group AG | 2,046,533 | 54,166 |
| | Syngenta AG | 117,494 | 39,317 |
| | Swiss Re AG | 437,985 | 38,853 |
| | Holcim Ltd. | 292,413 | 23,490 |
| | Givaudan SA | 11,932 | 22,327 |
| | Actelion Ltd. | 134,846 | 17,743 |
| | Swatch Group AG (Bearer) | 39,242 | 17,543 |
| | Swisscom AG | 29,404 | 17,481 |
| | Adecco SA | 211,914 | 17,270 |
| | Geberit AG | 48,319 | 17,113 |
| | Julius Baer Group Ltd. | 282,131 | 14,767 |
| | SGS SA | 6,623 | 12,833 |
| | Swiss Life Holding AG | 41,524 | 9,854 |
| | Kuehne & Nagel International AG | 64,001 | 9,599 |
| | Schindler Holding AG | 56,150 | 9,499 |
| | Lonza Group AG | 66,374 | 9,385 |
| | Sonova Holding AG | 67,159 | 9,278 |
| | Sika AG | 2,699 | 9,264 |
| | Chocoladefabriken Lindt & Sprungli AG | 131 | 8,426 |
| ^ | Transocean Ltd. | 439,304 | 7,870 |
| * | Baloise Holding AG | 59,486 | 7,741 |
| | Clariant AG | 351,907 | 7,726 |
| | Aryzta AG | 108,640 | 7,331 |
| | Partners Group Holding AG | 23,295 | 7,301 |
| | Chocoladefabriken Lindt & Sprungli AG | 1,226 | 6,700 |
| | Swiss Prime Site AG | 75,244 | 6,597 |
| * | Dufry AG | 40,502 | 5,955 |
| | Galenica AG | 6,198 | 5,787 |
| | Swatch Group AG (Registered) | 62,878 | 5,571 |
| | PSP Swiss Property AG | 51,859 | 4,837 |
| * | GAM Holding AG | 213,294 | 4,812 |
| | Schindler Holding AG (Registered) | 26,265 | 4,375 |
| | Helvetia Holding AG | 7,461 | 4,239 |
| | EMS-Chemie Holding AG | 9,621 | 4,038 |
| | Sulzer AG | 30,430 | 3,396 |
| | Barry Callebaut AG | 2,741 | 3,325 |
| | DKSH Holding AG | 35,535 | 2,796 |
| | Pargesa Holding SA | 34,752 | 2,531 |
| | Banque Cantonale Vaudoise | 3,481 | 2,050 |
| | | | 1,612,886 |
| Taiwan (2.7%) | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,185,381 | 126,731 |
| | Hon Hai Precision Industry Co. Ltd. | 16,301,446 | 48,846 |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 5,067,973 | 24,399 |
| | MediaTek Inc. | 1,837,440 | 23,619 |
| | Fubon Financial Holding Co. Ltd. | 9,237,861 | 19,867 |
| | Cathay Financial Holding Co. Ltd. | 10,098,057 | 17,642 |
35
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nan Ya Plastics Corp. | 7,161,615 | 17,602 |
| ^ | Chunghwa Telecom Co. Ltd. ADR | 529,468 | 17,038 |
| | Formosa Plastics Corp. | 6,163,873 | 15,845 |
| | Delta Electronics Inc. | 2,546,818 | 15,325 |
| | CTBC Financial Holding Co. Ltd. | 18,436,263 | 14,350 |
| | Formosa Chemicals & Fibre Corp. | 5,470,306 | 13,939 |
| | China Steel Corp. | 15,483,234 | 13,005 |
| | Largan Precision Co. Ltd. | 125,068 | 12,533 |
| | Advanced Semiconductor Engineering Inc. ADR | 1,581,016 | 11,273 |
| | Mega Financial Holding Co. Ltd. | 12,429,144 | 11,055 |
| | Catcher Technology Co. Ltd. | 896,153 | 10,487 |
| | United Microelectronics Corp. ADR | 4,171,485 | 10,095 |
| | Uni-President Enterprises Corp. | 5,779,392 | 9,458 |
| | Asustek Computer Inc. | 890,023 | 9,429 |
| | Hotai Motor Co. Ltd. | 510,000 | 8,836 |
| | Quanta Computer Inc. | 3,291,598 | 8,258 |
| | Siliconware Precision Industries Co. Ltd. ADR | 915,324 | 7,423 |
| | China Development Financial Holding Corp. | 17,758,318 | 7,399 |
| | Taiwan Mobile Co. Ltd. | 2,085,648 | 7,348 |
| | Yuanta Financial Holding Co. Ltd. | 12,260,950 | 7,126 |
| | AU Optronics Corp. ADR | 1,247,859 | 6,264 |
| | Innolux Corp. | 12,140,370 | 6,262 |
| | Pegatron Corp. | 2,111,038 | 6,254 |
| | Formosa Petrochemical Corp. | 2,361,580 | 6,088 |
| | First Financial Holding Co. Ltd. | 9,103,895 | 5,723 |
| | E.Sun Financial Holding Co. Ltd. | 8,323,265 | 5,699 |
| | Taiwan Cement Corp. | 3,997,768 | 5,678 |
| | Cheng Shin Rubber Industry Co. Ltd. | 2,310,220 | 5,529 |
| | Far Eastern New Century Corp. | 4,913,235 | 5,397 |
| | Hua Nan Financial Holdings Co. Ltd. | 8,734,738 | 5,366 |
| | President Chain Store Corp. | 698,904 | 5,172 |
| | Taiwan Cooperative Financial Holding Co. Ltd. | 9,115,287 | 4,918 |
| | SinoPac Financial Holdings Co. Ltd. | 10,768,140 | 4,881 |
| | Hermes Microvision Inc. | 69,114 | 4,860 |
| | Taishin Financial Holding Co. Ltd. | 10,292,488 | 4,712 |
| | Far EasTone Telecommunications Co. Ltd. | 1,967,643 | 4,691 |
| | Pou Chen Corp. | 3,323,125 | 4,657 |
| | Compal Electronics Inc. | 5,111,510 | 4,654 |
| * | HTC Corp. | 922,570 | 3,798 |
| | Novatek Microelectronics Corp. | 717,916 | 3,752 |
| | Foxconn Technology Co. Ltd. | 1,295,996 | 3,694 |
| * | Inotera Memories Inc. | 3,188,000 | 3,661 |
| | Asia Cement Corp. | 2,884,519 | 3,648 |
| | Advantech Co. Ltd. | 427,314 | 3,520 |
| | Lite-On Technology Corp. | 2,613,850 | 3,303 |
| | Giant Manufacturing Co. Ltd. | 349,625 | 3,016 |
| | Shin Kong Financial Holding Co. Ltd. | 8,418,732 | 2,730 |
| | Inventec Corp. | 3,751,064 | 2,647 |
| | Chang Hwa Commercial Bank Ltd. | 4,266,558 | 2,607 |
| | Advanced Semiconductor Engineering Inc. | 1,785,847 | 2,533 |
| | Wistron Corp. | 2,929,966 | 2,493 |
| * | Acer Inc. | 3,650,396 | 2,387 |
| | Synnex Technology International Corp. | 1,590,990 | 2,254 |
| | Teco Electric and Machinery Co. Ltd. | 2,241,000 | 2,176 |
| | Chicony Electronics Co. Ltd. | 683,418 | 1,965 |
| | TPK Holding Co. Ltd. | 309,422 | 1,922 |
| * | Eva Airways Corp. | 2,434,587 | 1,919 |
| | Realtek Semiconductor Corp. | 579,768 | 1,806 |
| | Epistar Corp. | 1,150,000 | 1,796 |
| | Taiwan Fertilizer Co. Ltd. | 915,000 | 1,683 |
| | Formosa Taffeta Co. Ltd. | 1,307,000 | 1,555 |
| * | China Airlines Ltd. | 2,822,913 | 1,501 |
| | Vanguard International Semiconductor Corp. | 975,466 | 1,498 |
| * | Taiwan Business Bank | 4,529,699 | 1,491 |
36
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Wan Hai Lines Ltd. | 1,318,702 | 1,462 |
| * | Evergreen Marine Corp. Taiwan Ltd. | 2,028,993 | 1,380 |
| | Yulon Motor Co. Ltd. | 1,055,898 | 1,378 |
| | Transcend Information Inc. | 353,455 | 1,358 |
| * | Walsin Lihwa Corp. | 4,214,000 | 1,243 |
| | Taiwan Glass Industry Corp. | 1,657,701 | 1,188 |
| | Siliconware Precision Industries Co. Ltd. | 697,000 | 1,145 |
| | Eternal Materials Co. Ltd. | 990,157 | 1,130 |
| | Taiwan Secom Co. Ltd. | 356,725 | 1,073 |
| | Capital Securities Corp. | 2,870,231 | 1,062 |
| | Unimicron Technology Corp. | 1,707,975 | 1,017 |
| * | Macronix International | 4,122,748 | 999 |
| * | Nanya Technology Corp. | 445,000 | 988 |
| | Cheng Uei Precision Industry Co. Ltd. | 475,591 | 935 |
| | Chunghwa Telecom Co. Ltd. | 282,207 | 911 |
| * | Yang Ming Marine Transport Corp. | 1,651,305 | 864 |
| | Oriental Union Chemical Corp. | 950,191 | 851 |
| | U-Ming Marine Transport Corp. | 561,000 | 842 |
| | Far Eastern International Bank | 2,270,706 | 838 |
| | Feng Hsin Iron & Steel Co. | 613,790 | 835 |
| | China Motor Corp. | 869,105 | 737 |
| | YFY Inc. | 1,600,451 | 680 |
| | Ton Yi Industrial Corp. | 856,600 | 675 |
| | Cathay Real Estate Development Co. Ltd. | 1,064,000 | 667 |
| | President Securities Corp. | 1,025,349 | 613 |
| * | Nan Ya Printed Circuit Board Corp. | 274,395 | 489 |
| | AU Optronics Corp. | 929,000 | 466 |
| | Yulon Nissan Motor Co. Ltd. | 33,633 | 348 |
| | United Microelectronics Corp. | 11,978 | 6 |
| | | | 677,268 |
| Thailand (0.5%) | | |
| | Advanced Info Service PCL (Foreign) | 1,550,850 | 11,256 |
| | Kasikornbank PCL (Foreign) | 1,554,916 | 9,866 |
| | Siam Cement PCL (Foreign) | 408,848 | 6,652 |
| | PTT Exploration & Production PCL (Foreign) | 1,817,178 | 6,437 |
| * | PTT PCL | 557,272 | 6,009 |
| | PTT PCL (Foreign) | 539,900 | 5,821 |
| | CP ALL PCL (Foreign) | 4,192,000 | 5,333 |
| * | Siam Commercial Bank PCL (Local) | 996,700 | 4,796 |
| | Siam Commercial Bank PCL (Foreign) | 995,486 | 4,790 |
| | Intouch Holdings PCL | 1,841,904 | 4,294 |
| | Airports of Thailand PCL (Foreign) | 455,300 | 3,992 |
| | Bangkok Bank PCL (Foreign) | 644,529 | 3,617 |
| * | True Corp. PCL | 7,277,500 | 2,681 |
| | PTT Global Chemical PCL | 1,264,212 | 2,459 |
| ^ | Bangkok Dusit Medical Services PCL | 3,910,700 | 2,389 |
| * | Minor International PCL | 2,205,710 | 2,197 |
| | TMB Bank PCL | 26,715,100 | 2,101 |
| * | BTS Group Holdings PCL | 7,113,900 | 1,991 |
| | Thai Oil PCL (Foreign) | 1,017,500 | 1,802 |
| * | CP ALL PCL (Local) | 1,399,500 | 1,780 |
| | Big C Supercenter PCL (Foreign) | 254,900 | 1,748 |
| | Krung Thai Bank PCL (Foreign) | 2,716,125 | 1,644 |
| * | PTT Global Chemical PCL | 809,300 | 1,574 |
| ^ | Thai Union Frozen Products PCL (Foreign) | 2,521,744 | 1,560 |
| | Total Access Communication PCL (Foreign) | 587,700 | 1,544 |
| * | Charoen Pokphand Foods PCL | 1,985,700 | 1,343 |
| | Charoen Pokphand Foods PCL (Foreign) | 1,947,300 | 1,317 |
| * | Indorama Ventures PCL | 1,736,700 | 1,296 |
| | Big C Supercenter PCL NVDR | 187,400 | 1,256 |
| | Glow Energy PCL (Foreign) | 465,500 | 1,203 |
| * | Banpu PCL (Local) | 1,362,900 | 1,198 |
| | Central Pattana PCL | 903,200 | 1,147 |
| * | Land & Houses PCL | 3,790,800 | 1,096 |
37
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Home Product Center PCL | 4,982,746 | 1,087 |
| * | Central Pattana PCL | 801,600 | 1,018 |
| * | Krung Thai Bank PCL | 1,617,600 | 979 |
| * | IRPC PCL | 6,914,000 | 963 |
| | Delta Electronics Thai PCL (Foreign) | 339,900 | 858 |
| * | True Corp. PCL | 2,258,001 | 832 |
| | IRPC PCL (Foreign) | 5,950,900 | 829 |
| * | Bangkok Life Assurance PCL | 515,600 | 780 |
| * | Airports of Thailand PCL | 88,900 | 779 |
| * | BEC World PCL | 617,900 | 754 |
| * | Delta Electronics Thailand PCL | 291,500 | 736 |
| | BEC World PCL (Foreign) | 573,400 | 700 |
| * | Electricity Generating PCL | 151,900 | 696 |
| | Siam City Cement PCL (Foreign) | 57,200 | 635 |
| * | Bank of Ayudhya PCL (Local) | 496,108 | 604 |
| | Electricity Generating PCL (Foreign) | 130,500 | 598 |
| * | Berli Jucker PCL | 472,900 | 530 |
| * | Ratchaburi Electricity Generating Holding PCL (Local) | 269,900 | 491 |
| * | Total Access Communication PCL (Local) | 167,000 | 439 |
| | Total Access Communication PCL | 135,800 | 357 |
| | Ratchaburi Electricity Generating Holding PCL (Foreign) | 187,700 | 341 |
| * | Siam City Cement PCL (Local) | 29,900 | 332 |
| * | Thai Airways International PCL (Foreign) | 676,002 | 258 |
| * | Glow Energy PCL | 73,800 | 191 |
| * | Intouch Holdings PCL | 72,600 | 169 |
| ^ | Land & Houses PCL | 478,520 | 138 |
| * | PTT Exploration and Production PCL (Local) | 28,000 | 99 |
| * | Thai Airways International PCL | 257,400 | 98 |
| | Bank of Ayudhya PCL | 44,848 | 55 |
| * | Big C Supercenter PCL | 2,900 | 19 |
| * | Minor International Warrants Exp. 11/03/2017 | 90,215 | 12 |
| * | Indorama Ventures PCL Warrants Exp. 8/24/2017 | 162,130 | 12 |
| * | Indorama Ventures Warrants Exp. 8/24/2018 | 124,715 | 7 |
| | Bank of Ayudhya PCL | 38 | — |
| | | | 124,585 |
| Turkey (0.3%) | | |
| | Turkiye Garanti Bankasi AS | 2,658,442 | 8,459 |
| | Akbank TAS | 2,584,754 | 7,531 |
| | BIM Birlesik Magazalar AS | 289,854 | 5,366 |
| | Turkcell Iletisim Hizmetleri AS | 993,259 | 4,423 |
| | KOC Holding AS | 875,180 | 4,139 |
| | Turkiye Halk Bankasi AS | 785,485 | 3,979 |
| * | Tupras Turkiye Petrol Rafinerileri AS | 155,818 | 3,785 |
| | Turkiye Is Bankasi | 1,679,019 | 3,775 |
| | Haci Omer Sabanci Holding AS (Bearer) | 998,592 | 3,651 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 2,665,675 | 3,079 |
| | Eregli Demir ve Celik Fabrikalari TAS | 1,755,790 | 2,963 |
| * | Turk Hava Yollari AO | 866,543 | 2,875 |
| * | Anadolu Efes Biracilik Ve Malt Sanayii AS | 291,125 | 2,451 |
| | Turkiye Vakiflar Bankasi TAO | 1,289,514 | 2,288 |
| | Coca-Cola Icecek AS | 109,139 | 1,849 |
| | Turk Telekomunikasyon AS | 653,372 | 1,806 |
| * | TAV Havalimanlari Holding AS | 185,365 | 1,630 |
| | Yapi ve Kredi Bankasi AS | 1,021,804 | 1,600 |
| | Ulker Biskuvi Sanayi AS | 183,134 | 1,399 |
| | Koza Altin Isletmeleri AS | 112,490 | 1,175 |
| | Enka Insaat ve Sanayi AS | 508,412 | 1,093 |
| | Arcelik AS | 190,858 | 1,028 |
| | Ford Otomotiv Sanayi AS | 77,794 | 961 |
| | Tofas Turk Otomobil Fabrikasi AS | 142,802 | 875 |
| | Turkiye Sise ve Cam Fabrikalari AS | 625,817 | 800 |
| | Petkim Petrokimya Holding AS | 485,361 | 682 |
| | Turkiye Sinai Kalkinma Bankasi AS | 780,598 | 589 |
| | Turk Traktor ve Ziraat Makineleri AS | 16,605 | 496 |
38
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Pegasus Hava Tasimaciligi AS | 44,548 | 439 |
| | Aselsan Elektronik Sanayi Ve Ticaret AS | 78,700 | 410 |
| | Yazicilar Holding AS Class A | 39,999 | 358 |
| * | Migros Ticaret AS | 44,312 | 355 |
| | Aygaz AS | 89,205 | 327 |
| | Akcansa Cimento AS | 49,811 | 306 |
| | | | 76,942 |
| United Arab Emirates (0.2%) | | |
| | Emaar Properties PJSC | 4,507,929 | 9,996 |
| | First Gulf Bank PJSC | 1,448,603 | 5,991 |
| | DP World Ltd. | 215,056 | 4,954 |
| | Abu Dhabi Commercial Bank PJSC | 2,358,509 | 4,757 |
| | Aldar Properties PJSC | 4,005,858 | 2,975 |
| | Union National Bank PJSC | 1,415,492 | 2,629 |
| * | Emaar Malls Group PJSC | 2,712,782 | 2,369 |
| | Dubai Islamic Bank PJSC | 1,258,976 | 2,363 |
| * | Arabtec Holding PJSC | 2,742,914 | 2,172 |
| | Air Arabia PJSC | 3,007,827 | 1,335 |
| | Dubai Financial Market PJSC | 2,059,541 | 1,210 |
| | Dubai Investments PJSC | 1,087,857 | 904 |
| | Al Waha Capital PJSC | 1,220,264 | 858 |
| * | Dana Gas PJSC | 4,107,459 | 563 |
| * | Union Properties PJSC | 1,021,833 | 417 |
| * | Deyaar Development PJSC | 1,670,104 | 413 |
| | | | 43,906 |
| United Kingdom (14.4%) | | |
| | HSBC Holdings plc | 25,060,359 | 250,343 |
| | BP plc | 23,433,945 | 169,016 |
| | Royal Dutch Shell plc Class A | 5,005,121 | 157,814 |
| | GlaxoSmithKline plc | 6,247,058 | 144,288 |
| | British American Tobacco plc | 2,395,147 | 131,599 |
| | Vodafone Group plc | 34,137,210 | 120,274 |
| | AstraZeneca plc | 1,621,619 | 111,287 |
| | Royal Dutch Shell plc Class B | 3,151,955 | 100,913 |
| | Diageo plc | 3,237,363 | 89,878 |
| | Barclays plc | 21,074,712 | 82,455 |
| | Lloyds Banking Group plc | 69,479,242 | 82,283 |
| | Prudential plc | 3,280,123 | 81,668 |
| | BG Group plc | 4,375,512 | 79,257 |
| | BT Group plc | 10,746,305 | 74,952 |
| | Reckitt Benckiser Group plc | 828,388 | 73,731 |
| | Rio Tinto plc | 1,602,106 | 71,697 |
| | Unilever plc | 1,549,273 | 67,912 |
| | BHP Billiton plc | 2,712,649 | 65,203 |
| | National Grid plc | 4,844,011 | 65,169 |
| | Glencore plc | 13,710,589 | 65,134 |
| | SABMiller plc | 1,214,149 | 64,269 |
| | Shire plc | 755,078 | 61,361 |
| | Imperial Tobacco Group plc | 1,237,680 | 60,437 |
| | Standard Chartered plc | 2,601,601 | 42,594 |
| | Aviva plc | 5,080,409 | 40,875 |
| | WPP plc | 1,685,602 | 39,311 |
| | Rolls-Royce Holdings plc | 2,402,600 | 38,305 |
| | Compass Group plc | 2,146,163 | 37,940 |
| | Tesco plc | 10,426,291 | 35,144 |
| | BAE Systems plc | 4,057,432 | 31,434 |
| | ARM Holdings plc | 1,812,891 | 30,804 |
| | Legal & General Group plc | 7,632,953 | 30,342 |
| | SSE plc | 1,270,074 | 30,093 |
| | Anglo American plc London Shares | 1,677,597 | 28,423 |
| | CRH plc | 1,014,241 | 28,342 |
| | Centrica plc | 6,377,201 | 24,900 |
| | Reed Elsevier plc | 1,466,235 | 24,267 |
| | Experian plc | 1,275,917 | 22,788 |
39
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Old Mutual plc | 6,288,524 | 22,558 |
| | Sky plc | 1,345,073 | 22,178 |
| | Next plc | 188,967 | 21,246 |
| | Pearson plc | 1,046,356 | 21,146 |
| | Wolseley plc | 339,274 | 20,066 |
| | Smith & Nephew plc | 1,154,726 | 19,653 |
| | Associated British Foods plc | 446,714 | 19,503 |
| | Land Securities Group plc | 1,011,451 | 19,356 |
| | ITV plc | 4,805,406 | 18,657 |
| | Whitbread plc | 232,061 | 18,634 |
| | Marks & Spencer Group plc | 2,143,770 | 18,155 |
| | Standard Life plc | 2,513,257 | 17,965 |
| | British Land Co. plc | 1,302,195 | 16,585 |
| | Kingfisher plc | 3,038,850 | 16,326 |
| | London Stock Exchange Group plc | 400,716 | 15,598 |
| | Burberry Group plc | 570,844 | 15,218 |
| | Capita plc | 854,980 | 14,965 |
| * | Royal Bank of Scotland Group plc | 2,774,847 | 14,377 |
| | Johnson Matthey plc | 263,443 | 13,470 |
| | United Utilities Group plc | 873,814 | 12,999 |
| | InterContinental Hotels Group plc | 302,714 | 12,946 |
| | Bunzl plc | 425,084 | 11,952 |
| | GKN plc | 2,094,507 | 11,234 |
| | Ashtead Group plc | 649,510 | 11,138 |
| * | International Consolidated Airlines Group SA (London Shares) | 1,318,818 | 10,938 |
| | Carnival plc | 234,908 | 10,688 |
| | Taylor Wimpey plc | 4,159,357 | 10,561 |
| | Hammerson plc | 1,004,658 | 10,293 |
| | Sage Group plc | 1,376,925 | 10,238 |
| | Persimmon plc | 392,473 | 10,190 |
| | Travis Perkins plc | 318,225 | 10,115 |
| | Barratt Developments plc | 1,270,721 | 10,081 |
| | Severn Trent plc | 307,163 | 10,002 |
| | 3i Group plc | 1,232,439 | 9,547 |
| | Mondi plc | 471,091 | 9,539 |
| | Direct Line Insurance Group plc | 1,921,337 | 9,380 |
| | Aberdeen Asset Management plc | 1,276,965 | 9,273 |
| | Randgold Resources Ltd. | 118,873 | 9,046 |
| | G4S plc | 2,000,701 | 8,974 |
| | St. James's Place plc | 656,920 | 8,961 |
| | Inmarsat plc | 574,799 | 8,851 |
| | Smiths Group plc | 503,624 | 8,817 |
| | Provident Financial plc | 188,485 | 8,694 |
| | RSA Insurance Group plc | 1,303,681 | 8,528 |
| | Dixons Carphone plc | 1,282,910 | 8,326 |
| | Meggitt plc | 1,029,450 | 8,319 |
| | Intertek Group plc | 205,780 | 8,224 |
| | Rexam plc | 899,821 | 7,987 |
| | WM Morrison Supermarkets plc | 2,789,185 | 7,953 |
| | Weir Group plc | 272,059 | 7,822 |
| | Aggreko plc | 308,632 | 7,785 |
| | easyJet plc | 277,460 | 7,672 |
| | J Sainsbury plc | 1,814,799 | 7,546 |
| | Croda International plc | 173,665 | 7,537 |
| | Tullow Oil plc | 1,161,637 | 7,375 |
| | Inchcape plc | 570,089 | 7,252 |
| | Schroders plc | 144,722 | 7,178 |
| | Informa plc | 830,083 | 7,070 |
| | Amec Foster Wheeler plc | 502,573 | 7,037 |
| | DCC plc | 108,245 | 6,886 |
| | Derwent London plc | 127,296 | 6,700 |
| | Pennon Group plc | 509,633 | 6,689 |
| | IMI plc | 348,080 | 6,670 |
| | Cobham plc | 1,453,907 | 6,596 |
40
| | | | | | |
| Vanguard® FTSE All-World ex-US Index Fund | | | | | |
| Schedule of Investments | | | | | |
| April 30, 2015 | | | | | |
| |
| | | | | | | Market |
| | | | | | | Value |
| | | | | | Shares | ($000) |
| | DS Smith plc | | | | 1,200,927 | 6,421 |
| | Segro plc | | | | 952,555 | 6,258 |
| | Investec plc | | | | 653,453 | 6,240 |
| | William Hill plc | | | | 1,126,534 | 6,224 |
| | Berkeley Group Holdings plc | | | | 160,873 | 6,194 |
| | Intu Properties plc | | | | 1,169,935 | 6,138 |
| 2 | Merlin Entertainments plc | | | | 916,195 | 6,122 |
| | Admiral Group plc | | | | 253,584 | 6,047 |
| | TUI AG | | | | 320,441 | 5,975 |
| | ICAP plc | | | | 692,168 | 5,885 |
| | Royal Mail plc | | | | 803,088 | 5,738 |
| | Capital & Counties Properties plc | | | | 939,045 | 5,677 |
| | Tate & Lyle plc | | | | 602,082 | 5,485 |
| | Antofagasta plc | | | | 455,377 | 5,451 |
| * | Coca-Cola HBC AG | | | | 255,220 | 5,384 |
| | Hikma Pharmaceuticals plc | | | | 171,888 | 5,375 |
| | Hargreaves Lansdown plc | | | | 277,745 | 5,217 |
| | Melrose Industries plc | | | | 1,278,690 | 5,189 |
| | Babcock International Group plc | | | | 325,050 | 5,014 |
| | John Wood Group plc | | | | 471,420 | 4,967 |
| | Rentokil Initial plc | | | | 2,340,155 | 4,813 |
| | Daily Mail & General Trust plc | | | | 339,912 | 4,673 |
| | Petrofac Ltd. | | | | 333,977 | 4,458 |
| | TUI AG | | | | 232,404 | 4,332 |
| ^ | TalkTalk Telecom Group plc | | | | 668,877 | 3,739 |
| | Drax Group plc | | | | 510,776 | 3,121 |
| * | Sports Direct International plc | | | | 323,271 | 3,056 |
| * | Polyus Gold International Ltd. | | | | 905,924 | 2,614 |
| | Fresnillo plc | | | | 219,144 | 2,431 |
| ^ | Ashmore Group plc | | | | 500,024 | 2,364 |
| | Polymetal International plc | | | | 270,607 | 2,198 |
| | CRH plc | | | | 25,417 | 714 |
| |
| | | | | | | 3,657,281 |
| |
| Total Common Stocks (Cost $21,855,376) | | | | | 25,350,170 |
| |
| | | | | | Face | |
| | | | Maturity | | Amount | |
| | | Coupon | Date | Currency | ($000) | |
| |
| Other Investments (0.0%)1 | | | | | |
| India (0.0%) | | | | | |
| 5 | NTPC Ltd.(Cost $ 430) | 8.490% | 3/25/25 | INR | 2,465 | 493 |
| |
| |
| | | | | | Shares | |
| |
| Temporary Cash Investments (3.2%)1 | | | | | |
| Money Market Fund (3.2%) | | | | | |
| 6,7 | Vanguard Market Liquidity Fund | 0.121% | | | 810,414,000 | 810,414 |
| |
| | | | | | Face | |
| | | | | | Amount | |
| | | | | | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | | |
| 8,9 | Federal Home Loan Bank Discount Notes | 0.070% | 5/14/15 | | 3,000 | 3,000 |
| 8,9 | Federal Home Loan Bank Discount Notes | 0.060%-0.077% | 5/20/15 | | 5,000 | 5,000 |
| |
| | | | | | | 8,000 |
| |
| Total Temporary Cash Investments (Cost $818,415) | | | | | 818,414 |
41
| |
| Vanguard® FTSE All-World ex-US Index Fund | |
| Schedule of Investments | |
| April 30, 2015 | |
| Total Investments (102.7%) (Cost $22,674,221) | 26,169,077 |
| Other Assets and Liabilities—Net (-2.7%)7 | (688,145) |
| Net Assets (100%) | 25,480,932 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $674,751,000.
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, other investments, and temporary cash investment positions represent 100.0%, 0.0%, and
2.7%, 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, 2015, the aggregate value of these securities was $58,936,000, representing 0.2% of net assets.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
5 Security is not classified by fund’s benchmark index.
6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7 Includes $735,915,000 of collateral received for securities on loan.
8 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.
9 Securities with a value of $7,200,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
CP—Commercial Paper.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
NVDR—Non-Voting Depository Receipt.
42
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| |
| Common Stocks (99.8%)1 | | |
| Australia (4.0%) | | |
| | DUET Group | 2,068,407 | 4,133 |
| | Primary Health Care Ltd. | 659,093 | 2,580 |
| | Domino's Pizza Enterprises Ltd. | 86,398 | 2,487 |
| | Investa Office Fund | 807,108 | 2,364 |
| | Magellan Financial Group Ltd. | 141,916 | 2,227 |
| | JB Hi-Fi Ltd. | 142,921 | 2,208 |
| | Slater & Gordon Ltd. | 437,341 | 2,190 |
| | Qube Holdings Ltd. | 989,809 | 2,174 |
| ^ | M2 Group Ltd. | 247,891 | 2,145 |
| | carsales.com Ltd. | 283,830 | 2,120 |
| | Veda Group Ltd. | 1,138,160 | 2,054 |
| ^,* | Liquefied Natural Gas Ltd. | 557,621 | 1,988 |
| | GrainCorp Ltd. Class A | 248,185 | 1,935 |
| | Cromwell Property Group | 2,081,280 | 1,815 |
| | nib holdings Ltd. | 613,542 | 1,769 |
| | Charter Hall Group | 429,397 | 1,735 |
| | Nine Entertainment Co. Holdings Ltd. | 931,969 | 1,702 |
| | Invocare Ltd. | 160,435 | 1,695 |
| | Beach Energy Ltd. | 1,938,979 | 1,691 |
| | Charter Hall Retail REIT | 479,753 | 1,630 |
| | Super Retail Group Ltd. | 202,964 | 1,580 |
| | BWP Trust | 655,510 | 1,572 |
| | iiNET Ltd. | 200,559 | 1,569 |
| | IRESS Ltd. | 183,588 | 1,506 |
| | Independence Group NL | 322,238 | 1,504 |
| | Navitas Ltd. | 406,879 | 1,481 |
| | Northern Star Resources Ltd. | 822,244 | 1,462 |
| | Spotless Group Holdings Ltd. | 804,637 | 1,446 |
| | G8 Education Ltd. | 500,068 | 1,419 |
| | Sigma Pharmaceuticals Ltd. | 1,755,749 | 1,204 |
| | PanAust Ltd. | 879,954 | 1,203 |
| | Aveo Group | 525,265 | 1,146 |
| | Sirtex Medical Ltd. | 67,631 | 1,130 |
| | Breville Group Ltd. | 183,923 | 1,113 |
| | Automotive Holdings Group Ltd. | 316,180 | 1,064 |
| | SAI Global Ltd. | 341,596 | 1,063 |
| ^ | Monadelphous Group Ltd. | 132,763 | 1,035 |
| ^ | Mineral Resources Ltd. | 202,780 | 1,031 |
| | BT Investment Management Ltd. | 135,578 | 1,021 |
| | Premier Investments Ltd. | 101,161 | 1,019 |
| | Retail Food Group Ltd. | 184,243 | 1,009 |
| | Ardent Leisure Group | 636,878 | 997 |
| | Transpacific Industries Group Ltd. | 1,606,828 | 970 |
| ^ | Myer Holdings Ltd. | 871,158 | 952 |
| | Abacus Property Group | 402,653 | 938 |
| * | ARB Corp. Ltd. | 91,841 | 911 |
| | Cover-More Group Ltd. | 517,522 | 895 |
| | Seven Group Holdings Ltd. | 154,456 | 894 |
| * | AWE Ltd. | 791,836 | 891 |
| | Sandfire Resources NL | 230,073 | 890 |
| | Brickworks Ltd. | 74,970 | 867 |
| | Western Areas Ltd. | 296,754 | 861 |
| | FlexiGroup Ltd. | 320,788 | 861 |
| * | Mayne Pharma Group Ltd. | 998,036 | 850 |
| ^,* | Sirius Resources NL | 370,270 | 844 |
| | Genworth Mortgage Insurance Australia Ltd. | 310,741 | 821 |
| * | Transfield Services Ltd. | 710,382 | 806 |
| * | APN News & Media Ltd. | 1,075,773 | 799 |
| | Pact Group Holdings Ltd. | 230,194 | 748 |
| ^,* | Mesoblast Ltd. | 259,716 | 736 |
| * | Karoon Gas Australia Ltd. | 334,711 | 721 |
43
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Asaleo Care Ltd. | 477,163 | 694 |
| ^ | Steadfast Group Ltd. | 565,812 | 672 |
| | Bega Cheese Ltd. | 175,017 | 667 |
| | Evolution Mining Ltd. | 833,277 | 665 |
| | Japara Healthcare Ltd. | 295,815 | 643 |
| | Southern Cross Media Group Ltd. | 757,728 | 639 |
| * | Australian Agricultural Co. Ltd. | 494,522 | 633 |
| | Cardno Ltd. | 221,181 | 601 |
| | Cabcharge Australia Ltd. | 167,501 | 597 |
| | Australian Pharmaceutical Industries Ltd. | 447,150 | 591 |
| | McMillan Shakespeare Ltd. | 64,335 | 587 |
| | Technology One Ltd. | 190,500 | 585 |
| | Amcom Telecommunications Ltd. | 321,302 | 582 |
| | Greencross Ltd. | 109,104 | 571 |
| * | Regis Resources Ltd. | 570,619 | 571 |
| ^,* | Virgin Australia Holdings Ltd. | 1,407,801 | 567 |
| * | Pacific Brands Ltd. | 1,649,635 | 564 |
| | Mantra Group Ltd. | 197,056 | 560 |
| | OzForex Group Ltd. | 312,156 | 557 |
| ^,* | Senex Energy Ltd. | 1,739,561 | 551 |
| ^,* | Energy World Corp. Ltd. | 1,596,481 | 548 |
| | Altium Ltd. | 132,123 | 542 |
| | Village Roadshow Ltd. | 120,971 | 537 |
| | iSentia Group Ltd. | 190,466 | 537 |
| | Growthpoint Properties Australia Ltd. | 213,561 | 535 |
| | Select Harvests Ltd. | 75,287 | 534 |
| | GUD Holdings Ltd. | 84,654 | 529 |
| ^,* | Paladin Energy Ltd. | 1,928,771 | 528 |
| ^,* | Drillsearch Energy Ltd. | 548,058 | 521 |
| ^ | Vocus Communications Ltd. | 112,617 | 516 |
| | Tassal Group Ltd. | 201,935 | 515 |
| ^,* | Syrah Resources Ltd. | 166,712 | 513 |
| | Arrium Ltd. | 3,573,869 | 487 |
| | TFS Corp. Ltd. | 356,502 | 469 |
| | Bradken Ltd. | 257,708 | 463 |
| * | Saracen Mineral Holdings Ltd. | 1,272,900 | 461 |
| | Virtus Health Ltd. | 76,102 | 459 |
| | National Storage REIT | 358,818 | 457 |
| | Capitol Health Ltd. | 630,148 | 454 |
| | Folkestone Education Trust | 258,638 | 449 |
| ^ | Ainsworth Game Technology Ltd. | 193,591 | 427 |
| | Credit Corp. Group Ltd. | 47,058 | 427 |
| | Tox Free Solutions Ltd. | 168,183 | 402 |
| * | Ten Network Holdings Ltd. | 2,420,531 | 392 |
| | GDI Property Group | 524,231 | 390 |
| ^,* | NEXTDC Ltd. | 202,502 | 384 |
| | ERM Power Ltd. | 187,757 | 375 |
| | Hotel Property Investments | 175,992 | 375 |
| | Thorn Group Ltd. | 176,512 | 368 |
| * | Billabong International Ltd. | 693,727 | 339 |
| | Cedar Woods Properties Ltd. | 80,129 | 339 |
| | Ingenia Communities Group | 1,062,862 | 336 |
| ^ | UGL Ltd. | 243,831 | 335 |
| | Dick Smith Holdings Ltd. | 201,826 | 333 |
| | Programmed Maintenance Services Ltd. | 147,446 | 326 |
| | Cash Converters International Ltd. | 457,078 | 311 |
| | MMA Offshore Ltd. | 539,692 | 297 |
| | Astro Japan Property Group | 67,032 | 280 |
| * | Sundance Energy Australia Ltd. | 572,857 | 271 |
| | Webjet Ltd. | 85,327 | 249 |
| | Mount Gibson Iron Ltd. | 1,527,569 | 244 |
| ^,* | iProperty Group Ltd. | 118,508 | 237 |
| * | Infigen Energy | 954,536 | 230 |
| | Beadell Resources Ltd. | 1,167,244 | 211 |
44
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SKILLED Group Ltd. | 202,963 | 207 |
| | SMS Management & Technology Ltd. | 78,073 | 202 |
| | Sunland Group Ltd. | 131,850 | 196 |
| | UXC Ltd. | 321,272 | 191 |
| ^,* | CuDeco Ltd. | 169,624 | 189 |
| | STW Communications Group Ltd. | 371,377 | 189 |
| | Reject Shop Ltd. | 36,693 | 188 |
| * | Energy Resources of Australia Ltd. | 174,119 | 184 |
| | Ausdrill Ltd. | 509,302 | 179 |
| ^,* | Medusa Mining Ltd. | 237,300 | 175 |
| * | Starpharma Holdings Ltd. | 365,348 | 168 |
| | RCR Tomlinson Ltd. | 112,269 | 166 |
| ^,* | Kingsgate Consolidated Ltd. | 277,729 | 156 |
| ^,* | Perseus Mining Ltd. | 487,089 | 150 |
| ^ | Acrux Ltd. | 199,813 | 140 |
| ^,* | Buru Energy Ltd. | 305,978 | 130 |
| | Panoramic Resources Ltd. | 313,454 | 128 |
| * | Resolute Mining Ltd. | 455,877 | 123 |
| | Hills Ltd. | 224,358 | 121 |
| * | Horizon Oil Ltd. | 1,230,328 | 117 |
| ^ | Atlas Iron Ltd. | 1,145,123 | 109 |
| | MACA Ltd. | 149,109 | 105 |
| | Decmil Group Ltd. | 108,517 | 99 |
| ^,* | Linc Energy Ltd. | 339,008 | 95 |
| | Watpac Ltd. | 150,993 | 92 |
| ^,* | Lynas Corp. Ltd. | 2,304,919 | 81 |
| | NRW Holdings Ltd. | 425,357 | 64 |
| * | Troy Resources Ltd. | 171,798 | 60 |
| ^,* | Boart Longyear Ltd. | 378,135 | 59 |
| | Fleetwood Corp. Ltd. | 56,264 | 58 |
| * | Emeco Holdings Ltd. | 720,007 | 57 |
| | Mincor Resources NL | 114,012 | 51 |
| * | Macmahon Holdings Ltd. | 1,472,493 | 50 |
| ^,* | Silver Lake Resources Ltd. | 354,158 | 50 |
| * | Tap Oil Ltd. | 186,680 | 44 |
| * | Tiger Resources Ltd. | 837,171 | 39 |
| * | Imdex Ltd. | 139,048 | 37 |
| * | Intrepid Mines Ltd. | 297,788 | 29 |
| | Platinum Capital Ltd. | 6,008 | 8 |
| * | Virgin Australia Holdings Pvt Ltd | 1,276,415 | 5 |
| * | Nexus Energy Ltd. | 1,906,834 | — |
| * | Kagara Ltd. | 274,560 | — |
| * | Jacana Minerals Ltd. | 37,888 | — |
| | | | 120,991 |
| Austria (0.6%) | | |
| | Wienerberger AG | 158,952 | 2,583 |
| | Oesterreichische Post AG | 47,973 | 2,335 |
| | CA Immobilien Anlagen AG | 106,416 | 1,931 |
| | BUWOG AG | 69,495 | 1,405 |
| | UNIQA Insurance Group AG | 142,348 | 1,398 |
| | Conwert Immobilien Invest SE | 100,686 | 1,273 |
| | Mayr Melnhof Karton AG | 10,735 | 1,245 |
| ^ | Schoeller-Bleckmann Oilfield Equipment AG | 16,484 | 1,162 |
| | Zumtobel Group AG | 42,329 | 1,158 |
| | RHI AG | 39,326 | 1,127 |
| | Lenzing AG | 10,842 | 739 |
| | S IMMO AG | 68,848 | 644 |
| ^ | Flughafen Wien AG | 6,387 | 576 |
| | Semperit AG Holding | 10,660 | 488 |
| | Strabag SE | 19,974 | 466 |
| | Palfinger AG | 13,806 | 415 |
| | EVN AG | 32,515 | 370 |
45
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Kapsch TrafficCom AG | 6,789 | 152 |
| | | | 19,467 |
| Belgium (1.1%) | | |
| | Ackermans & van Haaren NV | 33,963 | 4,151 |
| * | Ontex Group NV | 91,470 | 2,720 |
| | Cofinimmo SA | 24,586 | 2,714 |
| * | Nyrstar (Voting Shares) | 495,094 | 1,947 |
| | Melexis NV | 29,739 | 1,836 |
| | Fagron | 41,414 | 1,830 |
| | Befimmo SA | 25,722 | 1,775 |
| | Elia System Operator SA/NV | 37,987 | 1,686 |
| ^ | NV Bekaert SA | 52,865 | 1,536 |
| | Warehouses De Pauw SCA | 17,726 | 1,409 |
| | D'ieteren SA/NV | 35,922 | 1,401 |
| ^,* | Euronav NV | 100,639 | 1,385 |
| | Gimv NV | 29,129 | 1,358 |
| * | Tessenderlo Chemie NV (Voting Shares) | 34,432 | 1,133 |
| | Cie d'Entreprises CFE | 10,177 | 1,101 |
| * | Mobistar SA | 42,200 | 803 |
| ^,* | KBC Ancora | 19,675 | 738 |
| | Barco NV | 9,667 | 653 |
| * | Kinepolis Group NV | 15,662 | 607 |
| * | Ion Beam Applications | 23,992 | 596 |
| | Econocom Group SA/NV | 67,141 | 587 |
| * | AGFA-Gevaert NV | 229,914 | 576 |
| ^ | EVS Broadcast Equipment SA | 14,063 | 550 |
| | Van de Velde NV | 9,160 | 547 |
| * | BHF Kleinwort Benson Group | 94,301 | 450 |
| ^ | Cie Maritime Belge SA | 26,606 | 372 |
| | Wereldhave Belgium NV | 2,887 | 333 |
| ^,* | ThromboGenics NV | 37,484 | 224 |
| | Intervest Offices & Warehouses NV | 6,767 | 190 |
| * | Cofinimmo SA Rights Exp. 5/06/2015 | 23,542 | 14 |
| | | | 35,222 |
| Brazil (1.0%) | | |
| | Equatorial Energia SA | 164,350 | 1,747 |
| | Odontoprev SA | 373,427 | 1,301 |
| * | Rumo Logistica Operadora Multimodal SA | 3,012,778 | 1,300 |
| | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A | 78,900 | 1,227 |
| | Cia Hering | 195,800 | 1,138 |
| | MRV Engenharia e Participacoes SA | 398,800 | 1,092 |
| | Smiles SA | 60,793 | 1,027 |
| | Banco do Estado do Rio Grande do Sul SA Preference Shares | 242,350 | 940 |
| | BR Properties SA | 254,300 | 887 |
| | Iguatemi Empresa de Shopping Centers SA | 88,500 | 793 |
| | Sao Martinho SA | 59,700 | 759 |
| | Linx SA | 46,378 | 683 |
| | Marcopolo SA Preference Shares | 720,516 | 665 |
| * | Abril Educacao SA | 161,300 | 662 |
| | Grendene SA | 106,564 | 637 |
| | Fleury SA | 113,456 | 616 |
| | Aliansce Shopping Centers SA | 105,779 | 598 |
| | Alpargatas SA Preference Shares | 178,602 | 587 |
| | Light SA | 93,000 | 551 |
| | Alupar Investimento SA | 88,700 | 544 |
| | Tupy SA | 94,531 | 537 |
| | Cia de Saneamento de Minas Gerais-COPASA | 86,598 | 522 |
| | Arezzo Industria e Comercio SA | 62,000 | 506 |
| | Even Construtora e Incorporadora SA | 301,022 | 496 |
| * | Gafisa SA | 527,782 | 490 |
| | Ez Tec Empreendimentos e Participacoes SA | 73,900 | 470 |
| | SLC Agricola SA | 78,400 | 454 |
| * | Marfrig Global Foods SA | 322,212 | 453 |
| * | Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares | 123,818 | 446 |
46
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | JSL SA | 114,300 | 440 |
| * | Restoque Comercio e Confeccoes de Roupas SA | 144,700 | 427 |
| | GAEC Educacao SA | 63,022 | 422 |
| | QGEP Participacoes SA | 166,900 | 402 |
| * | Gol Linhas Aereas Inteligentes SA Preference Shares | 158,500 | 400 |
| * | PDG Realty SA Empreendimentos e Participacoes | 2,297,900 | 397 |
| | Mahle-Metal Leve SA | 50,700 | 342 |
| * | Minerva SA | 110,800 | 323 |
| | Iochpe-Maxion SA | 87,950 | 321 |
| * | Paranapanema SA | 245,700 | 314 |
| | Marisa Lojas SA | 57,900 | 281 |
| | Direcional Engenharia SA | 123,294 | 261 |
| | Randon Participacoes SA Preference Shares | 195,695 | 260 |
| | Diagnosticos da America SA | 74,631 | 247 |
| * | Magnesita Refratarios SA | 245,201 | 240 |
| * | Tegma Gestao Logistica | 47,700 | 239 |
| | Cia Energetica do Ceara Preference Shares | 16,642 | 230 |
| | Mills Estruturas e Servicos de Engenharia SA | 91,778 | 224 |
| | Sonae Sierra Brasil SA | 32,600 | 220 |
| | Santos Brasil Participacoes SA | 55,846 | 209 |
| | Ser Educacional SA | 36,200 | 177 |
| | Brasil Brokers Participacoes SA | 191,600 | 175 |
| * | International Meal Co. Alimentacao SA | 61,700 | 154 |
| | Tecnisa SA | 117,100 | 152 |
| | Magazine Luiza SA | 89,100 | 148 |
| | Helbor Empreendimentos SA | 128,300 | 135 |
| | LPS Brasil Consultoria de Imoveis SA | 66,806 | 125 |
| * | Cosan Logistica SA | 133,600 | 106 |
| * | Brasil Pharma SA | 261,700 | 63 |
| | JHSF Participacoes SA | 95,400 | 60 |
| * | PDG Realty SA Empreendimentos e Participacoes Rights Exp. 5/18/2015 | 1,303,680 | 39 |
| * | JHSF Participacoes SA | 20,471 | 14 |
| | | | 29,675 |
| Canada (13.1%) | | |
| | Gildan Activewear Inc. | 335,976 | 10,649 |
| | Dollarama Inc. | 156,213 | 8,970 |
| | Constellation Software Inc. | 22,209 | 8,707 |
| | Open Text Corp. | 168,718 | 8,525 |
| | Keyera Corp. | 231,506 | 8,149 |
| | Methanex Corp. | 127,258 | 7,659 |
| | Onex Corp. | 121,650 | 7,325 |
| ^ | H&R REIT | 378,767 | 7,268 |
| ^ | Vermilion Energy Inc. | 130,864 | 6,300 |
| ^ | AltaGas Ltd. | 183,445 | 6,234 |
| ^ | Veresen Inc. | 390,421 | 5,870 |
| ^ | PrairieSky Royalty Ltd. | 206,703 | 5,676 |
| ^ | Baytex Energy Corp. | 284,644 | 5,561 |
| ^ | Peyto Exploration & Development Corp. | 184,006 | 5,349 |
| | CCL Industries Inc. Class B | 45,193 | 5,196 |
| | Empire Co. Ltd. | 71,083 | 5,136 |
| | Industrial Alliance Insurance & Financial Services Inc. | 139,429 | 5,074 |
| * | Element Financial Corp. | 349,799 | 5,016 |
| | Progressive Waste Solutions Ltd. | 162,489 | 4,696 |
| | CAE Inc. | 366,331 | 4,545 |
| | WSP Global Inc. | 122,382 | 4,362 |
| | West Fraser Timber Co. Ltd. | 84,713 | 4,359 |
| | Linamar Corp. | 71,935 | 4,273 |
| * | Lundin Mining Corp. | 856,417 | 4,259 |
| | DH Corp. | 119,508 | 4,188 |
| ^ | Whitecap Resources Inc. | 334,298 | 4,142 |
| | Gibson Energy Inc. | 173,496 | 4,001 |
| | Atco Ltd. | 105,021 | 3,981 |
| | MacDonald Dettwiler & Associates Ltd. | 49,808 | 3,954 |
| ^ | Home Capital Group Inc. Class B | 97,582 | 3,852 |
47
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Kinross Gold Corp. | 1,584,725 | 3,849 |
| | Hudson's Bay Co. | 172,980 | 3,781 |
| | TransAlta Corp. | 378,749 | 3,767 |
| | Canadian REIT | 99,585 | 3,765 |
| | Canadian Apartment Properties REIT | 152,552 | 3,688 |
| | Cominar REIT | 228,975 | 3,629 |
| ^ | Calloway REIT | 142,660 | 3,612 |
| | Allied Properties REIT | 108,948 | 3,612 |
| ^ | Enerplus Corp. | 279,942 | 3,541 |
| ^ | Cineplex Inc. | 86,371 | 3,458 |
| | Dream Office REIT | 150,302 | 3,448 |
| ^,* | Amaya Inc. | 144,988 | 3,392 |
| | Stantec Inc. | 119,078 | 3,217 |
| | TransForce Inc. | 141,983 | 3,207 |
| | Quebecor Inc. Class B | 114,908 | 3,160 |
| | HudBay Minerals Inc. | 313,450 | 3,099 |
| | Ritchie Bros Auctioneers Inc. | 121,653 | 3,078 |
| | FirstService Corp. | 45,750 | 2,995 |
| | Precision Drilling Corp. | 403,537 | 2,937 |
| | ShawCor Ltd. | 85,612 | 2,899 |
| | Capital Power Corp. | 140,254 | 2,889 |
| | Canadian Western Bank | 110,495 | 2,873 |
| ^ | Boardwalk REIT | 55,156 | 2,778 |
| * | Celestica Inc. | 218,988 | 2,674 |
| | Aimia Inc. | 233,937 | 2,598 |
| | Secure Energy Services Inc. | 181,424 | 2,565 |
| | Tahoe Resources Inc. | 178,180 | 2,518 |
| | Toromont Industries Ltd. | 95,389 | 2,483 |
| * | Detour Gold Corp. | 234,659 | 2,480 |
| ^ | Pengrowth Energy Corp. | 719,539 | 2,415 |
| | Parkland Fuel Corp. | 108,563 | 2,370 |
| | Chartwell Retirement Residences | 234,139 | 2,350 |
| | Dominion Diamond Corp. | 118,641 | 2,338 |
| | TMX Group Ltd. | 52,330 | 2,332 |
| * | New Gold Inc. | 691,528 | 2,321 |
| ^ | Artis REIT | 186,558 | 2,301 |
| * | Canfor Corp. | 111,788 | 2,215 |
| | Granite REIT | 63,460 | 2,201 |
| | Algonquin Power & Utilities Corp. | 268,917 | 2,191 |
| | Westshore Terminals Investment Corp. | 81,038 | 2,143 |
| * | Paramount Resources Ltd. Class A | 71,128 | 2,104 |
| | Stella-Jones Inc. | 57,085 | 2,058 |
| ^ | Superior Plus Corp. | 177,910 | 2,045 |
| | Maple Leaf Foods Inc. | 106,139 | 2,037 |
| | Jean Coutu Group PJC Inc. Class A | 103,211 | 2,009 |
| | Russel Metals Inc. | 86,827 | 1,986 |
| ^ | Northland Power Inc. | 138,724 | 1,983 |
| * | B2Gold Corp. | 1,258,109 | 1,971 |
| | First Capital Realty Inc. | 118,377 | 1,962 |
| | RONA Inc. | 148,566 | 1,955 |
| | Pan American Silver Corp. | 200,036 | 1,915 |
| ^ | Bonavista Energy Corp. | 276,847 | 1,907 |
| ^ | Mullen Group Ltd. | 109,697 | 1,902 |
| | Corus Entertainment Inc. Class B | 118,514 | 1,822 |
| * | Raging River Exploration Inc. | 227,060 | 1,778 |
| ^ | Penn West Petroleum Ltd. | 689,576 | 1,715 |
| | Osisko Gold Royalties Ltd. | 124,158 | 1,664 |
| ^ | Emera Inc. | 49,327 | 1,662 |
| | Pason Systems Inc. | 90,483 | 1,629 |
| | Laurentian Bank of Canada | 40,264 | 1,612 |
| ^ | Genworth MI Canada Inc. | 55,303 | 1,611 |
| ^,* | Sierra Wireless Inc. | 44,966 | 1,580 |
| | Enerflex Ltd. | 111,211 | 1,491 |
| * | Advantage Oil & Gas Ltd. | 237,853 | 1,473 |
48
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Innergex Renewable Energy Inc. | 156,624 | 1,457 |
| ^,* | Pacific Rubiales Energy Corp. | 430,178 | 1,455 |
| ^ | Transcontinental Inc. Class A | 93,429 | 1,439 |
| * | NuVista Energy Ltd. | 190,194 | 1,409 |
| | Ensign Energy Services Inc. | 175,480 | 1,399 |
| | North West Co. Inc. | 67,059 | 1,376 |
| * | Kelt Exploration Ltd. | 174,144 | 1,344 |
| * | NovaGold Resources Inc. | 349,417 | 1,338 |
| ^ | Bonterra Energy Corp. | 40,990 | 1,310 |
| ^ | TORC Oil & Gas Ltd. | 150,019 | 1,306 |
| * | ATS Automation Tooling Systems Inc. | 118,107 | 1,303 |
| * | Great Canadian Gaming Corp. | 65,730 | 1,288 |
| ^ | Canadian Energy Services & Technology Corp. | 253,060 | 1,277 |
| | Cott Corp. | 145,794 | 1,271 |
| * | Alamos Gold Inc. | 181,567 | 1,255 |
| ^ | Norbord Inc. | 61,190 | 1,234 |
| ^ | Manitoba Telecom Services Inc. | 56,807 | 1,223 |
| * | Parex Resources Inc. | 151,704 | 1,217 |
| * | SEMAFO Inc. | 392,289 | 1,206 |
| | AuRico Gold Inc. | 341,033 | 1,190 |
| * | IAMGOLD Corp. | 528,200 | 1,182 |
| | Centerra Gold Inc. | 228,034 | 1,179 |
| | Dorel Industries Inc. Class B | 38,686 | 1,138 |
| | Nevsun Resources Ltd. | 280,935 | 1,108 |
| * | Torex Gold Resources Inc. | 1,149,361 | 1,067 |
| ^ | Surge Energy Inc. | 290,560 | 1,057 |
| * | Birchcliff Energy Ltd. | 145,884 | 1,054 |
| * | Bankers Petroleum Ltd. | 353,410 | 1,052 |
| | Martinrea International Inc. | 98,038 | 979 |
| | Aecon Group Inc. | 88,455 | 961 |
| ^ | Just Energy Group Inc. | 177,582 | 954 |
| * | Gran Tierra Energy Inc. | 250,760 | 933 |
| * | Avigilon Corp. | 53,240 | 919 |
| | Trican Well Service Ltd. | 213,691 | 903 |
| * | Crew Energy Inc. | 203,301 | 902 |
| ^,* | Athabasca Oil Corp. | 490,593 | 899 |
| * | Alacer Gold Corp. | 389,299 | 881 |
| ^ | Northern Property REIT | 41,548 | 864 |
| | Sherritt International Corp. | 415,565 | 861 |
| * | Capstone Mining Corp. | 612,477 | 853 |
| | Trinidad Drilling Ltd. | 200,893 | 844 |
| ^,* | Bellatrix Exploration Ltd. | 265,863 | 835 |
| ^ | Extendicare Inc. | 127,395 | 832 |
| | Cogeco Cable Inc. | 14,370 | 823 |
| | Canaccord Genuity Group Inc. | 142,061 | 816 |
| ^,* | First Majestic Silver Corp. | 166,111 | 810 |
| * | Primero Mining Corp. | 216,780 | 800 |
| | Calfrac Well Services Ltd. | 94,500 | 786 |
| ^,* | Pretium Resources Inc. | 135,373 | 780 |
| | OceanaGold Corp. | 408,549 | 779 |
| | AGF Management Ltd. Class B | 121,503 | 777 |
| ^ | AutoCanada Inc. | 23,300 | 772 |
| | Major Drilling Group International Inc. | 134,924 | 724 |
| ^ | Black Diamond Group Ltd. | 51,100 | 717 |
| | Morguard REIT | 49,774 | 715 |
| | Trilogy Energy Corp. | 88,859 | 678 |
| * | Gran Tierra Energy Inc. | 175,780 | 657 |
| ^,* | Silver Standard Resources Inc. | 119,404 | 649 |
| | InnVest REIT | 129,203 | 605 |
| | Torstar Corp. Class B | 97,751 | 583 |
| * | China Gold International Resources Corp. Ltd. | 346,800 | 581 |
| ^,* | Imperial Metals Corp. | 52,202 | 566 |
| ^,* | DREAM Unlimited Corp. Class A | 70,310 | 552 |
| | Cascades Inc. | 93,208 | 541 |
49
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Denison Mines Corp. | 608,167 | 539 |
| | Dundee Corp. Class A | 53,730 | 518 |
| ^ | Sprott Inc. | 204,300 | 449 |
| ^ | Canexus Corp. | 248,417 | 412 |
| ^ | First National Financial Corp. | 16,000 | 299 |
| | GMP Capital Inc. | 66,200 | 281 |
| * | Westport Innovations Inc. | 1,676 | 8 |
| * | Constellation Software Rights Exp. 9/15/2015 | 21,561 | 6 |
| * | BlackPearl Resources Inc. | 5,400 | 5 |
| | Savanna Energy Services Corp. | 1,917 | 3 |
| * | Great Basin Gold Ltd. | 345,634 | 1 |
| | | | 400,102 |
| Chile (0.4%) | | |
| | Vina Concha y Toro SA | 760,603 | 1,551 |
| | SONDA SA | 649,800 | 1,531 |
| | Parque Arauco SA | 742,313 | 1,513 |
| | E.CL SA | 690,787 | 1,124 |
| | Inversiones Aguas Metropolitanas SA | 619,927 | 1,011 |
| | Ripley Corp. SA | 1,297,730 | 690 |
| | Administradora de Fondos de Pensiones Habitat SA | 439,040 | 675 |
| * | Cia Sud Americana de Vapores SA | 16,541,053 | 634 |
| | Inversiones La Construccion SA | 48,262 | 618 |
| | Salfacorp SA | 575,971 | 471 |
| | Forus SA | 101,984 | 448 |
| | CAP SA | 90,918 | 324 |
| | Coca-Cola Embonor SA Preference Shares Class B | 181,228 | 293 |
| | | | 10,883 |
| China (3.4%) | | |
| ^,* | Goldin Properties Holdings Ltd. | 1,786,680 | 4,334 |
| | Skyworth Digital Holdings Ltd. | 2,548,497 | 2,270 |
| | Sunny Optical Technology Group Co. Ltd. | 953,367 | 2,122 |
| | Digital China Holdings Ltd. | 1,278,671 | 1,976 |
| * | Shunfeng International Clean Energy Ltd. | 2,590,986 | 1,827 |
| | Intime Retail Group Co. Ltd. | 1,568,937 | 1,754 |
| ^ | China Shanshui Cement Group Ltd. | 2,156,757 | 1,750 |
| | BYD Electronic International Co. Ltd. | 1,158,911 | 1,746 |
| * | SFS Group AG | 22,310 | 1,707 |
| | Lao Feng Xiang Co. Ltd. Class B | 267,020 | 1,679 |
| * | China High Speed Transmission Equipment Group Co. Ltd. | 1,787,000 | 1,609 |
| ^,* | Kingdee International Software Group Co. Ltd. | 2,638,480 | 1,565 |
| | Tong Ren Tang Technologies Co. Ltd. | 887,008 | 1,551 |
| | Coolpad Group Ltd. | 3,773,956 | 1,409 |
| * | PAX Global Technology Ltd. | 931,640 | 1,353 |
| ^ | Sinopec Kantons Holdings Ltd. | 1,487,962 | 1,345 |
| | Beijing Capital Land Ltd. | 1,580,000 | 1,305 |
| ^,* | Tech Pro Technology Development Ltd. | 1,606,000 | 1,305 |
| ^,* | China Modern Dairy Holdings Ltd. | 3,049,400 | 1,241 |
| | Hua Han Bio-Pharmaceutical Holdings Ltd. | 4,344,889 | 1,191 |
| ^ | NetDragon Websoft Inc. | 361,660 | 1,116 |
| * | Xinhua Winshare Publishing and Media Co. Ltd. | 871,000 | 1,090 |
| | Greatview Aseptic Packaging Co. Ltd. | 1,794,000 | 1,081 |
| ^,* | China Traditional Chinese Medicine Co. Ltd. | 1,329,280 | 1,035 |
| | Wasion Group Holdings Ltd. | 654,000 | 1,031 |
| * | Hi Sun Technology China Ltd. | 2,558,720 | 1,027 |
| * | Chinasoft International Ltd. | 1,750,720 | 1,001 |
| | Phoenix Satellite Television Holdings Ltd. | 2,483,783 | 981 |
| | China ZhengTong Auto Services Holdings Ltd. | 1,418,000 | 967 |
| ^,* | CT Environmental Group Ltd. | 689,200 | 966 |
| | Fufeng Group Ltd. | 1,216,606 | 951 |
| ^ | China Singyes Solar Technologies Holdings Ltd. | 571,375 | 936 |
| | MMG Ltd. | 2,112,127 | 907 |
| ^ | China Lesso Group Holdings Ltd. | 1,208,727 | 888 |
| | Lijun International Pharmaceutical Holding Co. Ltd. | 2,005,880 | 887 |
| ^ | Baoxin Auto Group Ltd. | 1,115,000 | 880 |
50
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China Oil & Gas Group Ltd. | 6,160,000 | 865 |
| ^,* | CAR Inc. | 363,000 | 858 |
| ^ | Tibet 5100 Water Resources Holdings Ltd. | 2,184,480 | 839 |
| | Dah Chong Hong Holdings Ltd. | 1,335,988 | 834 |
| | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 1,627,417 | 826 |
| | Bank of Chongqing Co. Ltd. | 760,500 | 816 |
| ^ | China Overseas Grand Oceans Group Ltd. | 1,311,000 | 784 |
| | Dongyue Group Ltd. | 1,790,000 | 760 |
| | China Shineway Pharmaceutical Group Ltd. | 446,000 | 758 |
| | CIFI Holdings Group Co. Ltd. | 2,440,000 | 756 |
| *,2 | Cosmo Lady China Holdings Co. Ltd. | 887,131 | 743 |
| | China Suntien Green Energy Corp. Ltd. | 2,732,640 | 734 |
| | China Water Affairs Group Ltd. | 1,140,000 | 723 |
| | Lonking Holdings Ltd. | 2,833,313 | 703 |
| * | AVIC International Holding HK Ltd. | 4,250,000 | 689 |
| | Tianjin Port Development Holdings Ltd. | 2,123,976 | 683 |
| * | Shanghai Baosight Software Co. Ltd. Class B | 151,370 | 679 |
| | China Datang Corp. Renewable Power Co. Ltd. | 4,087,440 | 678 |
| * | Hisense Kelon Electrical Holdings Co. Ltd. Class A | 695,560 | 674 |
| * | V1 Group Ltd. | 6,315,766 | 664 |
| * | Sinotrans Shipping Ltd. | 2,357,190 | 658 |
| | Xiamen International Port Co. Ltd. | 1,177,000 | 649 |
| ^,* | China Lumena New Materials Corp. | 3,950,000 | 637 |
| | Luthai Textile Co. Ltd. Class B | 388,400 | 628 |
| * | North Mining Shares Co. Ltd. | 12,720,000 | 621 |
| * | Central China Securities Co. Ltd. | 628,523 | 617 |
| * | China Power New Energy Development Co. Ltd. | 6,140,000 | 607 |
| | Boer Power Holdings Ltd. | 312,000 | 602 |
| ^ | Yuexiu Transport Infrastructure Ltd. | 818,000 | 601 |
| * | Phoenix Healthcare Group Co. Ltd. | 291,091 | 601 |
| | West China Cement Ltd. | 3,384,000 | 578 |
| | Ajisen China Holdings Ltd. | 920,408 | 571 |
| | Dalian Port PDA Co. Ltd. | 1,037,459 | 565 |
| ^,* | China Precious Metal Resources Holdings Co. Ltd. | 6,622,000 | 565 |
| | Shenguan Holdings Group Ltd. | 1,782,000 | 559 |
| | Livzon Pharmaceutical Group Inc. | 76,800 | 555 |
| ^ | First Tractor Co. Ltd. | 612,954 | 552 |
| * | China Resources and Transportation Group Ltd. | 22,811,400 | 541 |
| | China National Accord Medicines Corp. Ltd. Class B | 72,900 | 539 |
| ^ | Chaowei Power Holdings Ltd. | 723,000 | 519 |
| * | Shanghai Industrial Urban Development Group Ltd. | 1,788,000 | 515 |
| ^ | Yashili International Holdings Ltd. | 1,504,000 | 515 |
| ^ | TCL Multimedia Technology Holdings Ltd. | 615,842 | 506 |
| ^ | Wisdom Holdings Group | 556,000 | 485 |
| | Shanghai Diesel Engine Co. Ltd. Class B | 482,300 | 483 |
| | Hangzhou Steam Turbine Co. Class B | 347,112 | 473 |
| | Weiqiao Textile Co. | 632,000 | 466 |
| | Vinda International Holdings Ltd. | 206,000 | 460 |
| | Hengdeli Holdings Ltd. | 2,021,765 | 453 |
| ^,* | Lianhua Supermarket Holdings Co. Ltd. | 591,000 | 453 |
| ^ | Tiangong International Co. Ltd. | 2,289,478 | 453 |
| | China Lilang Ltd. | 435,000 | 451 |
| | Texhong Textile Group Ltd. | 369,000 | 442 |
| * | Glorious Property Holdings Ltd. | 2,780,000 | 427 |
| | Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 229,100 | 410 |
| * | Mingfa Group International Co. Ltd. | 1,151,000 | 407 |
| ^,* | China Metal Recycling Holdings Ltd. | 332,400 | 404 |
| | Tianjin Development Hldgs Ltd. | 426,000 | 403 |
| * | Concord New Energy Group Ltd. | 4,890,000 | 395 |
| | Xingda International Holdings Ltd. | 1,216,000 | 395 |
| * | Powerlong Real Estate Holdings Ltd. | 1,811,000 | 394 |
| * | Dongjiang Environmental Co. Ltd. | 72,600 | 393 |
| | Jiangsu Future Land Co. Ltd. Class B | 763,150 | 387 |
| ^ | Hilong Holding Ltd. | 1,005,000 | 379 |
51
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | China Fangda Group Co. Ltd. Class B | 436,800 | 377 |
| | Qingling Motors Co. Ltd. | 932,929 | 376 |
| * | China Huiyuan Juice Group Ltd. | 959,000 | 375 |
| | Comba Telecom Systems Holdings Ltd. | 1,055,092 | 373 |
| | 361 Degrees International Ltd. | 965,000 | 373 |
| * | EverChina International Holdings Co. Ltd. | 7,695,000 | 371 |
| | NVC Lighting Holding Ltd. | 1,626,088 | 369 |
| | Huaxin Cement Co. Ltd. Class B | 277,760 | 369 |
| | COSCO International Holdings Ltd. | 626,000 | 366 |
| * | Poly Culture Group Corp. Ltd. | 96,114 | 365 |
| | Bloomage BioTechnology Corp. Ltd. | 152,500 | 353 |
| ^,* | PW Medtech Group Ltd. | 817,000 | 351 |
| * | Shougang Concord International Enterprises Co. Ltd. | 4,959,116 | 350 |
| | Tianneng Power International Ltd. | 710,000 | 348 |
| * | Chongqing Iron & Steel Co. Ltd. | 1,125,500 | 345 |
| | Huangshan Tourism Development Co. Ltd. Class B | 158,500 | 338 |
| | XTEP International Holdings Ltd. | 920,379 | 335 |
| *,2 | Kangda International Environmental Co. Ltd. | 600,111 | 329 |
| * | Sinolink Worldwide Holdings Ltd. | 2,370,000 | 326 |
| | CPMC Holdings Ltd. | 419,000 | 325 |
| | Fantasia Holdings Group Co. Ltd. | 1,986,000 | 324 |
| * | Shang Gong Group Co. Ltd. Class B | 286,100 | 321 |
| | Peak Sport Products Co. Ltd. | 947,756 | 321 |
| * | Kama Co. Ltd. Class B | 401,200 | 320 |
| | C C Land Holdings Ltd. | 1,254,000 | 317 |
| | Welling Holding Ltd. | 1,203,600 | 313 |
| | Shanghai Highly Group Co. Ltd. Class B | 354,300 | 311 |
| | Hubei Sanonda Co. Ltd. Class B | 247,600 | 306 |
| * | China Rare Earth Holdings Ltd. | 1,334,000 | 302 |
| * | China Tian Lun Gas Holdings Ltd. | 295,500 | 299 |
| * | Shanghai Potevio Co. Ltd. Class B | 165,700 | 269 |
| | Eastern Communications Co. Ltd. Class B | 269,950 | 268 |
| * | China SCE Property Holdings Ltd. | 1,259,000 | 263 |
| ^ | Changshouhua Food Co. Ltd. | 326,000 | 257 |
| * | Shanghai Greencourt Investment Group Co. Ltd. Class B | 349,900 | 251 |
| | SRE Group Ltd. | 4,930,302 | 245 |
| | Yuanda China Holdings Ltd. | 2,880,000 | 245 |
| ^ | Hydoo International Holding Ltd. | 1,208,000 | 238 |
| | Chongqing Machinery & Electric Co. Ltd. | 1,046,000 | 230 |
| * | Jinshan Development & Construction Co. Ltd. Class B | 236,200 | 214 |
| * | INESA Electron Co. Ltd. Class B | 268,933 | 209 |
| | Maoye International Holdings Ltd. | 923,459 | 205 |
| * | Xinjiang Xinxin Mining Industry Co. Ltd. | 844,000 | 189 |
| | Daphne International Holdings Ltd. | 671,996 | 187 |
| | Minmetals Land Ltd. | 1,184,000 | 183 |
| | HNA Infrastructure Company Ltd. | 166,000 | 174 |
| | Hefei Meiling Co. Ltd. Class B | 184,160 | 147 |
| | Guangdong Provincial Expressway Development Co. Ltd. Class B | 299,900 | 146 |
| * | Shenzhen Chiwan Petroleum Class B | 47,000 | 143 |
| | Changchai Co. Ltd. Class B | 179,100 | 139 |
| | Anxin-China Holdings Ltd. | 2,683,000 | 133 |
| | MIE Holdings Corp. | 1,070,000 | 131 |
| | China Medical System Holdings Ltd. | 65,000 | 115 |
| * | Winsway Enterprises Holdings Ltd. | 3,198,870 | 111 |
| * | O-Net Communications Group Ltd. | 397,000 | 109 |
| * | Foshan Huaxin Packaging Co. Ltd. Class B | 135,000 | 104 |
| * | Global Bio-Chem Technology Group Co. Ltd. | 1,678,000 | 103 |
| * | Boshiwa International Holding Ltd. | 469,000 | 102 |
| * | Chengde Nanjiang Co. Ltd. Class B | 271,700 | 101 |
| * | China Automation Group Ltd. | 566,670 | 101 |
| | Real Nutriceutical Group Ltd. | 314,000 | 99 |
| | Fiyta Holdings Ltd. Class B | 73,309 | 93 |
| * | Hidili Industry International Development Ltd. | 815,000 | 85 |
| | China ITS Holdings Co. Ltd. | 531,000 | 83 |
52
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China Vanadium Titano - Magnetite Mining Co. Ltd. | 742,000 | 81 |
| | Dalian Refrigeration Co. Ltd. Class B | 57,600 | 69 |
| * | Shenzhen International Enterprise Co. Ltd. Class B | 45,840 | 66 |
| * | China High Precision Automation Group Ltd. | 401,000 | 63 |
| * | Real Gold Mining Ltd. | 239,476 | 26 |
| * | Chigo Holding Ltd. | 1,038,000 | 24 |
| | China Power International Development Ltd. | 32,000 | 21 |
| | Sunac China Holdings Ltd. | 2,000 | 3 |
| | | | 104,436 |
| Colombia (0.1%) | | |
| | Banco Davivienda SA Preference Shares | 138,889 | 1,615 |
| | Celsia SA ESP | 358,833 | 761 |
| * | Avianca Holdings SA Preference Shares | 458,061 | 721 |
| | | | 3,097 |
| Czech Republic (0.0%) | | |
| | Philip Morris CR AS | 697 | 297 |
| |
| Denmark (1.2%) | | |
| * | Genmab A/S | 71,689 | 5,520 |
| | GN Store Nord A/S | 222,247 | 4,798 |
| | Sydbank A/S | 105,337 | 3,954 |
| * | Topdanmark A/S | 106,115 | 3,183 |
| ^ | FLSmidth & Co. A/S | 68,121 | 2,910 |
| | NKT Holding A/S | 33,862 | 2,149 |
| | Royal Unibrew A/S | 11,221 | 2,148 |
| | SimCorp A/S | 50,157 | 1,733 |
| | Spar Nord Bank A/S | 120,568 | 1,303 |
| | Matas A/S | 54,637 | 1,292 |
| * | Bavarian Nordic A/S | 26,674 | 1,250 |
| | Rockwool International A/S Class B | 8,132 | 1,077 |
| | Dfds A/S | 8,909 | 997 |
| | ALK-Abello A/S | 8,357 | 990 |
| * | Ambu A/S Class B | 28,951 | 759 |
| | Schouw & Co. | 14,455 | 741 |
| | Alm Brand A/S | 90,615 | 594 |
| * | Auriga Industries A/S Class B | 12,065 | 580 |
| ^,* | Bang & Olufsen A/S | 42,015 | 378 |
| | Solar A/S Class B | 7,325 | 360 |
| ^,* | D/S Norden A/S | 8,002 | 161 |
| * | OW Bunker A/S | 24,023 | — |
| | | | 36,877 |
| Egypt (0.1%) | | |
| * | Medinet Nasr Housing | 120,178 | 513 |
| * | Six of October Development & Investment | 319,092 | 483 |
| * | Orascom Telecom Media And Technology Holding SAE | 3,751,555 | 472 |
| * | Pioneers Holding for Financial Investments SAE | 405,621 | 465 |
| * | Palm Hills Developments SAE | 1,066,814 | 379 |
| | Heliopolis Co. for Housing and Construction SAE | 39,198 | 313 |
| | Oriental Weavers | 207,790 | 287 |
| | Amer Group Holding | 1,525,662 | 198 |
| * | Maridive & Oil Services SAE | 356,111 | 188 |
| * | South Valley Cement | 250,000 | 181 |
| | Arab Cotton Ginning | 444,362 | 169 |
| * | Egyptian Resorts Co. | 1,289,451 | 165 |
| * | Citadel Capital SAE | 425,000 | 129 |
| * | Abu Dhabi Islamic Bank | 53,172 | 53 |
| | Egyptian Financial & Industrial Co. | 43,090 | 45 |
| * | Palm Hills Developments SAE Rights Exp. 5/21/2015 | 449,577 | 35 |
| * | Nile Cotton Ginning | 31,192 | 27 |
| | | | 4,102 |
| Finland (1.4%) | | |
| | Elisa Oyj | 214,437 | 6,569 |
| | Huhtamaki Oyj | 140,341 | 4,486 |
| | Amer Sports Oyj | 164,119 | 4,107 |
53
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Konecranes Oyj | 82,399 | 2,672 |
| | Tieto Oyj | 100,480 | 2,410 |
| ^ | Cargotec Oyj Class B | 54,995 | 2,217 |
| | Valmet Oyj | 183,306 | 2,124 |
| ^ | Outotec Oyj | 262,373 | 1,833 |
| | Metsa Board Oyj | 299,929 | 1,772 |
| | Caverion Corp. | 178,483 | 1,758 |
| ^,* | Outokumpu Oyj | 286,169 | 1,727 |
| | Sponda Oyj | 350,902 | 1,535 |
| ^ | YIT Oyj | 184,883 | 1,305 |
| | Kemira Oyj | 110,536 | 1,294 |
| | Uponor Oyj | 83,127 | 1,280 |
| | Citycon Oyj | 368,963 | 1,193 |
| | Ramirent Oyj | 107,111 | 823 |
| | Raisio Oyj | 169,590 | 756 |
| ^ | Sanoma Oyj | 136,285 | 718 |
| * | Oriola-KD Oyj | 127,336 | 575 |
| | Cramo Oyj | 25,473 | 473 |
| | F-Secure Oyj | 118,532 | 377 |
| ^,* | Stockmann OYJ Abp Class B | 32,328 | 257 |
| * | Finnair Oyj | 77,235 | 256 |
| | | | 42,517 |
| France (2.7%) | | |
| | Teleperformance | 78,240 | 5,873 |
| *,2 | Euronext NV | 96,812 | 4,064 |
| | Faurecia | 83,108 | 3,940 |
| | Orpea | 53,855 | 3,547 |
| | Eurofins Scientific SE | 11,702 | 3,296 |
| | Rubis SCA | 44,086 | 2,995 |
| * | Technicolor SA | 404,008 | 2,741 |
| * | UBISOFT Entertainment | 128,622 | 2,372 |
| | Neopost SA | 49,082 | 2,363 |
| | Plastic Omnium SA | 77,561 | 2,160 |
| | Metropole Television SA | 95,316 | 1,989 |
| | Altran Technologies SA | 172,426 | 1,877 |
| | Havas SA | 218,492 | 1,822 |
| * | Nexans SA | 46,108 | 1,807 |
| | Korian-Medica | 51,714 | 1,764 |
| | Virbac SA | 6,547 | 1,704 |
| * | Norbert Dentressangle SA | 6,660 | 1,620 |
| | Vicat | 22,448 | 1,619 |
| | Alten SA | 33,010 | 1,611 |
| ^,* | CGG SA | 226,204 | 1,602 |
| | Nexity SA | 36,113 | 1,586 |
| 2 | Elior Participations SCA | 84,050 | 1,576 |
| | Sopra Steria Group | 17,745 | 1,567 |
| | Saft Groupe SA | 38,356 | 1,530 |
| | Mercialys SA | 61,047 | 1,517 |
| | IPSOS | 51,383 | 1,516 |
| | Gaztransport Et Technigaz SA | 23,820 | 1,425 |
| | Sartorius Stedim Biotech | 5,484 | 1,397 |
| * | Coface SA | 101,495 | 1,265 |
| | Rallye SA | 33,481 | 1,251 |
| * | Etablissements Maurel et Prom | 128,187 | 1,200 |
| ^,* | Eramet | 13,091 | 1,077 |
| ^,* | Genfit | 23,903 | 1,039 |
| * | DBV Technologies SA | 19,633 | 1,010 |
| ^ | Bourbon SA | 42,147 | 830 |
| | Boiron SA | 7,420 | 826 |
| | LISI | 26,445 | 816 |
| | Beneteau SA | 50,120 | 786 |
| * | Groupe Fnac | 12,992 | 782 |
| | Vilmorin & Cie SA | 8,414 | 704 |
| * | GameLoft SE | 114,732 | 607 |
54
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Societe d'Edition de Canal & | 80,799 | 565 |
| | Tarkett SA | 20,563 | 552 |
| | Faiveley Transport SA | 8,741 | 552 |
| * | FFP | 6,624 | 547 |
| * | Derichebourg SA | 142,793 | 446 |
| | Bonduelle S.C.A. | 15,840 | 440 |
| * | Solocal Group | 775,885 | 434 |
| | MPI | 105,489 | 414 |
| | Jacquet Metal Service | 18,428 | 391 |
| | Mersen | 13,125 | 359 |
| ^,* | SOITEC | 375,686 | 357 |
| | Haulotte Group SA | 16,624 | 323 |
| | Trigano SA | 8,932 | 321 |
| | Assystem | 13,611 | 297 |
| * | Esso SA Francaise | 4,789 | 256 |
| | GL Events | 11,575 | 252 |
| | Albioma SA | 11,750 | 245 |
| * | Parrot SA | 7,881 | 208 |
| * | Albioma SA Loyalty Line | 8,890 | 186 |
| * | Manitou BF SA | 9,233 | 179 |
| | Guerbet | 4,184 | 178 |
| | Stallergenes SA | 2,818 | 172 |
| | Union Financiere de France BQE SA | 3,200 | 99 |
| | Ingenico | 690 | 87 |
| | Burelle SA | 47 | 33 |
| * | Etablissements Maurel et Prom Warrants Exp. 12/31/2015 | 38,916 | 1 |
| | | | 82,967 |
| Germany (4.2%) | | |
| | Deutsche Annington Immobilien SE | 477,522 | 16,028 |
| | LEG Immobilien AG | 78,350 | 6,079 |
| | Freenet AG | 148,811 | 4,820 |
| * | Dialog Semiconductor plc | 90,655 | 4,088 |
| | Aurubis AG | 63,186 | 3,993 |
| | KION Group AG | 89,828 | 3,985 |
| | Aareal Bank AG | 79,909 | 3,437 |
| | Deutsche Euroshop AG | 63,819 | 3,177 |
| | STADA Arzneimittel AG | 85,269 | 3,119 |
| | DMG MORI SEIKI AG | 84,219 | 2,955 |
| | Leoni AG | 44,896 | 2,875 |
| | Drillisch AG | 59,469 | 2,735 |
| | KUKA AG | 35,808 | 2,544 |
| * | MorphoSys AG | 35,287 | 2,539 |
| | Gerresheimer AG | 44,009 | 2,491 |
| | Norma Group SE | 44,299 | 2,353 |
| | Software AG | 78,217 | 2,258 |
| ^ | Bilfinger SE | 44,937 | 2,244 |
| | Krones AG | 19,586 | 2,162 |
| | Sartorius AG Preference Shares | 12,630 | 2,094 |
| * | Grand City Properties SA | 107,585 | 2,039 |
| | Duerr AG | 19,763 | 2,023 |
| | Rational AG | 5,618 | 1,980 |
| | TAG Immobilien AG | 151,409 | 1,939 |
| | Salzgitter AG | 56,791 | 1,937 |
| * | Nordex SE | 89,244 | 1,910 |
| | Jungheinrich AG Preference Shares | 23,756 | 1,679 |
| | RHOEN-KLINIKUM AG | 58,712 | 1,625 |
| | CTS Eventim AG & Co. KGaA | 47,116 | 1,606 |
| | alstria office REIT-AG | 105,565 | 1,496 |
| | Indus Holding AG | 27,323 | 1,429 |
| | Wincor Nixdorf AG | 36,789 | 1,392 |
| * | GRENKELEASING AG | 10,329 | 1,377 |
| | Pfeiffer Vacuum Technology AG | 14,326 | 1,335 |
| ^,* | SGL Carbon SE | 82,016 | 1,330 |
| * | Kloeckner & Co. SE | 138,466 | 1,325 |
55
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aurelius AG | 26,797 | 1,285 |
| | Gerry Weber International AG | 36,506 | 1,193 |
| | Bechtle AG | 16,167 | 1,184 |
| | ElringKlinger AG | 39,701 | 1,093 |
| | Draegerwerk AG & Co. KGaA Preference Shares | 8,880 | 1,025 |
| | KWS Saat SE | 3,273 | 988 |
| | Stroeer Media SE | 25,945 | 959 |
| | Sixt SE | 19,798 | 948 |
| * | PATRIZIA Immobilien AG | 47,981 | 945 |
| | Bertrandt AG | 6,930 | 915 |
| | BayWa AG | 22,994 | 862 |
| ^,* | AIXTRON SE | 129,827 | 860 |
| | Vossloh AG | 13,589 | 855 |
| | CompuGroup Medical AG | 29,837 | 853 |
| | Wacker Neuson SE | 32,939 | 845 |
| | Rheinmetall AG | 16,494 | 844 |
| | Takkt AG | 45,867 | 836 |
| | Jenoptik AG | 64,890 | 782 |
| * | Heidelberger Druckmaschinen AG | 287,165 | 770 |
| | Sixt SE Preference Shares | 20,520 | 755 |
| ^ | Biotest AG Preference Shares | 8,753 | 734 |
| | Nemetschek AG | 5,504 | 716 |
| | Deutz AG | 133,404 | 646 |
| | KSB AG Preference Shares | 1,085 | 544 |
| | Hamburger Hafen und Logistik AG | 23,954 | 528 |
| | Carl Zeiss Meditec AG | 20,193 | 513 |
| | Deutsche Beteiligungs AG | 13,381 | 445 |
| | DIC Asset AG | 36,039 | 363 |
| * | Kontron AG | 64,059 | 362 |
| | comdirect bank AG | 28,225 | 300 |
| * | Bauer AG | 15,649 | 272 |
| | Draegerwerk AG & Co. KGaA | 2,797 | 245 |
| * | Biotest AG | 2,488 | 198 |
| * | H&R AG | 22,324 | 195 |
| * | Delticom AG | 8,075 | 181 |
| ^,* | SMA Solar Technology AG | 12,133 | 180 |
| | CAT Oil AG | 10,156 | 136 |
| ^ | QSC AG | 56,381 | 113 |
| | CropEnergies AG | 10,226 | 33 |
| | | | 127,899 |
| Greece (0.4%) | | |
| * | Eurobank Ergasias SA | 11,134,144 | 1,695 |
| | Titan Cement Co. SA | 64,099 | 1,617 |
| | FF Group | 46,980 | 1,417 |
| | JUMBO SA | 133,316 | 1,376 |
| * | Public Power Corp. SA | 145,629 | 979 |
| * | Mytilineos Holdings SA | 121,450 | 838 |
| | Motor Oil Hellas Corinth Refineries SA | 85,027 | 744 |
| | Hellenic Exchanges SA | 79,889 | 520 |
| | Hellenic Petroleum SA | 102,506 | 511 |
| * | Ellaktor SA | 188,945 | 424 |
| | Grivalia Properties REIC | 51,080 | 406 |
| | Metka SA | 37,574 | 350 |
| | Athens Water Supply & Sewage Co. SA | 49,681 | 279 |
| * | Intralot SA-Integrated Lottery Systems & Services | 5,285 | 10 |
| * | TT Hellenic Postbank SA | 44,448 | 8 |
| | | | 11,174 |
| Hong Kong (2.3%) | | |
| * | Suncorp Technologies Ltd. | 16,470,000 | 2,923 |
| | Value Partners Group Ltd. | 1,375,498 | 2,543 |
| | Minth Group Ltd. | 788,219 | 1,973 |
| | Guotai Junan International Holdings Ltd. | 1,075,000 | 1,770 |
| ^,* | Town Health International Medical Group Ltd. | 5,164,680 | 1,676 |
| | Stella International Holdings Ltd. | 582,591 | 1,575 |
56
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Luk Fook Holdings International Ltd. | 485,000 | 1,517 |
| * | FDG Electric Vehicles Ltd. | 15,129,154 | 1,496 |
| | NagaCorp Ltd. | 1,994,228 | 1,437 |
| | SITC International Holdings Co. Ltd. | 1,927,760 | 1,426 |
| | Yingde Gases Group Co. Ltd. | 1,582,000 | 1,380 |
| | Man Wah Holdings Ltd. | 955,200 | 1,239 |
| * | China LNG Group Ltd. | 4,260,000 | 1,204 |
| * | G-Resources Group Ltd. | 35,283,190 | 1,162 |
| ^ | Haitong International Securities Group Ltd. | 1,024,000 | 1,139 |
| * | Nexteer Automotive Group Ltd. | 925,920 | 1,044 |
| | SmarTone Telecommunications Holdings Ltd. | 555,730 | 1,013 |
| | Pacific Basin Shipping Ltd. | 2,692,766 | 997 |
| | Pacific Textiles Holdings Ltd. | 702,000 | 973 |
| | China Smarter Energy Group Holdings Ltd. | 4,680,000 | 967 |
| | Giordano International Ltd. | 1,911,735 | 956 |
| * | KuangChi Science Ltd. | 2,026,000 | 951 |
| ^ | REXLot Holdings Ltd. | 12,607,848 | 939 |
| ^,* | Imperial Pacific International Holdings Ltd. | 3,724,605 | 932 |
| | K Wah International Holdings Ltd. | 1,596,000 | 923 |
| | Truly International Holdings Ltd. | 1,871,000 | 883 |
| * | China LotSynergy Holdings Ltd. | 8,953,720 | 875 |
| | Chow Sang Sang Holdings International Ltd. | 365,565 | 842 |
| | CITIC Telecom International Holdings Ltd. | 1,933,004 | 796 |
| | Yuexiu REIT | 1,404,000 | 793 |
| * | Sun Hung Kai & Co. Ltd. | 758,000 | 788 |
| | Dynam Japan Holdings Co. Ltd. | 367,200 | 778 |
| | Ju Teng International Holdings Ltd. | 1,214,002 | 761 |
| ^ | TCL Communication Technology Holdings Ltd. | 701,942 | 747 |
| ^,* | Superb Summit International Group Ltd. | 3,957,346 | 746 |
| ^ | NewOcean Energy Holdings Ltd. | 1,294,000 | 721 |
| | GCL New Energy Holdings Ltd. | 5,335,541 | 720 |
| * | Carnival Group International Holdings Ltd. | 3,460,000 | 709 |
| * | Kong Sun Holdings Ltd. | 3,300,000 | 692 |
| * | United Photovoltaics Group Ltd. | 4,514,000 | 692 |
| * | Haitong International Securities Group Ltd. Rights Exp. 5/15/15 | 1,004,000 | 667 |
| | Far East Consortium International Ltd. | 1,379,858 | 654 |
| | Springland International Holdings Ltd. | 1,679,000 | 645 |
| ^ | Summit Ascent Holdings Ltd. | 1,104,000 | 644 |
| ^,* | Lee's Pharmaceutical Holdings Ltd. | 329,000 | 610 |
| ^ | Goodbaby International Holdings Ltd. | 1,307,000 | 597 |
| | Sunlight REIT | 1,177,000 | 594 |
| ^,* | Haier Healthwise Holdings Ltd. | 3,914,000 | 589 |
| ^,* | Xinchen China Power Holdings Ltd. | 1,221,500 | 588 |
| * | Tom Group Ltd. | 2,067,016 | 564 |
| * | Fullshare Holdings Ltd. | 6,192,500 | 558 |
| ^,* | China Fiber Optic Network System Group Ltd. | 1,466,000 | 532 |
| | China Merchants Land Ltd. | 1,636,000 | 522 |
| | China Aerospace International Holdings Ltd. | 2,616,000 | 521 |
| | TCC International Holdings Ltd. | 1,203,000 | 508 |
| * | Shenyin Wanguo HK Ltd. | 470,000 | 503 |
| ^,* | Sino Oil And Gas Holdings Ltd. | 16,505,000 | 478 |
| | HKR International Ltd. | 825,600 | 468 |
| * | Lifetech Scientific Corp. | 2,494,058 | 463 |
| | Prosperity REIT | 1,231,000 | 458 |
| | APT Satellite Holdings Ltd. | 279,000 | 437 |
| * | Louis XIII Holdings Ltd. | 1,203,040 | 430 |
| | AMVIG Holdings Ltd. | 764,000 | 418 |
| | EVA Precision Industrial Holdings Ltd. | 1,276,000 | 414 |
| ^,* | China Dynamics Holdings Ltd. | 4,458,752 | 407 |
| * | United Laboratories International Holdings Ltd. | 602,500 | 406 |
| * | China All Access Holdings Ltd. | 1,132,000 | 397 |
| * | China Financial International Investments Ltd. | 4,260,000 | 389 |
| | Trinity Ltd. | 1,746,000 | 382 |
| ^,* | Wanda Hotel Development Co. Ltd. | 1,717,000 | 375 |
57
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Singamas Container Holdings Ltd. | 1,917,960 | 363 |
| ^ | Honghua Group Ltd. | 2,552,400 | 351 |
| * | Synertone Communication Corp. | 4,312,000 | 351 |
| ^,* | Yanchang Petroleum International Ltd. | 7,630,000 | 348 |
| ^ | Anton Oilfield Services Group | 1,399,320 | 338 |
| ^,* | Midland Holdings Ltd. | 722,000 | 336 |
| * | Lai Sun Development Co. Ltd. | 12,085,000 | 324 |
| * | China Household Holdings Ltd. | 2,920,000 | 318 |
| | Varitronix International Ltd. | 386,000 | 307 |
| | Spring REIT | 629,762 | 294 |
| * | Landing International Development Ltd. | 11,416,350 | 279 |
| * | China Public Procurement Ltd. | 8,028,000 | 264 |
| * | SOCAM Development Ltd. | 290,725 | 260 |
| | Road King Infrastructure Ltd. | 257,346 | 259 |
| | Regal Hotels International Holdings Ltd. | 414,000 | 257 |
| * | Microport Scientific Corp. | 457,000 | 255 |
| | New World Department Store China Ltd. | 846,966 | 243 |
| | Liu Chong Hing Investment Ltd. | 178,000 | 236 |
| ^ | SPT Energy Group Inc. | 1,023,000 | 230 |
| | TPV Technology Ltd. | 876,000 | 214 |
| * | L'sea Resources International Holdings Ltd. | 3,050,000 | 209 |
| | Inspur International Ltd. | 736,000 | 208 |
| * | Silver base Group Holdings Ltd. | 1,234,475 | 205 |
| | Polytec Asset Holdings Ltd. | 1,440,000 | 204 |
| * | CST Mining Group Ltd. | 15,432,000 | 197 |
| | Emperor Watch & Jewellery Ltd. | 4,230,000 | 196 |
| | IT Ltd. | 412,000 | 168 |
| | Yip's Chemical Holdings Ltd. | 272,000 | 165 |
| * | Hong Kong Television Network Ltd. | 405,000 | 164 |
| * | Neo-Neon Holdings Ltd. | 946,880 | 162 |
| | Henderson Investment Ltd. | 1,405,000 | 139 |
| ^,* | Sunshine Oilsands Ltd. | 1,555,000 | 138 |
| * | PetroAsian Energy Holdings Ltd. | 3,380,000 | 115 |
| * | Heng Tai Consumables Group Ltd. | 4,220,244 | 78 |
| | Oriental Press Group | 262,000 | 32 |
| * | Ju Teng International Holdings Ltd. Warrants Exp. 10/14/2016 | 139,000 | 12 |
| | | | 69,135 |
| India (2.3%) | | |
| | UPL Ltd. | 419,500 | 3,238 |
| | Indiabulls Housing Finance Ltd. | 277,675 | 2,588 |
| | Apollo Hospitals Enterprise Ltd. | 104,870 | 1,874 |
| | Mindtree Ltd. | 90,714 | 1,740 |
| | Page Industries Ltd. | 6,683 | 1,435 |
| * | Havells India Ltd. | 325,278 | 1,429 |
| | Bajaj Finance Ltd. | 20,659 | 1,315 |
| | Max India Ltd. | 179,099 | 1,206 |
| | Federal Bank Ltd. | 576,884 | 1,191 |
| | Emami Ltd. | 75,762 | 1,109 |
| * | Jubilant Foodworks Ltd. | 46,503 | 1,090 |
| | Torrent Pharmaceuticals Ltd. | 56,951 | 1,077 |
| | Just Dial Ltd. | 63,024 | 1,060 |
| * | Gujarat Pipavav Port Ltd. | 293,281 | 1,022 |
| * | SKS Microfinance Ltd. | 122,890 | 908 |
| | Sundaram Finance Ltd. | 38,167 | 886 |
| * | AIA Engineering Ltd. | 48,448 | 875 |
| | MRF Ltd. | 1,479 | 853 |
| * | Suzlon Energy Ltd. | 2,252,774 | 841 |
| | Berger Paints India Ltd. | 247,792 | 819 |
| | NCC Ltd. | 567,189 | 809 |
| | PI Industries Ltd. | 77,434 | 802 |
| | Dewan Housing Finance Corp. Ltd. | 114,119 | 800 |
| * | Indian Hotels Co. Ltd. | 453,347 | 779 |
| * | Amara Raja Batteries Ltd. | 61,432 | 767 |
| | Info Edge India Ltd. | 62,900 | 761 |
58
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Gillette India Ltd. | 11,134 | 758 |
| * | Sun Pharma Advanced Research Co. Ltd. | 120,239 | 753 |
| * | Rajesh Exports Ltd. | 204,283 | 747 |
| | CESC Ltd. | 84,755 | 730 |
| | IIFL Holdings Ltd. | 264,250 | 724 |
| | Alstom T&D India Ltd. | 88,446 | 721 |
| | Apollo Tyres Ltd. | 262,090 | 714 |
| | Credit Analysis & Research Ltd. | 28,953 | 710 |
| * | Bayer CropScience Ltd. | 11,959 | 707 |
| * | Housing Development & Infrastructure Ltd. | 380,330 | 704 |
| * | Balkrishna Industries Ltd. | 54,610 | 667 |
| | Sintex Industries Ltd. | 380,208 | 662 |
| | Petronet LNG Ltd. | 241,234 | 662 |
| | Arvind Ltd. | 164,332 | 656 |
| | Persistent Systems Ltd. | 58,717 | 653 |
| | Hexaware Technologies Ltd. | 145,401 | 643 |
| | Strides Arcolab Ltd. | 39,671 | 640 |
| * | Cox & Kings Ltd. | 131,140 | 635 |
| | Vakrangee Ltd. | 365,811 | 612 |
| | IRB Infrastructure Developers Ltd. | 160,742 | 589 |
| | Voltas Ltd. | 133,317 | 588 |
| * | Redington India Ltd. | 312,258 | 586 |
| | Thermax Ltd. | 37,403 | 577 |
| * | Ajanta Pharma Ltd. | 27,997 | 557 |
| * | Sadbhav Engineering Ltd. | 118,656 | 556 |
| | TVS Motor Co. Ltd. | 148,201 | 549 |
| | IFCI Ltd. | 1,013,175 | 534 |
| | National Aluminium Co. Ltd. | 702,977 | 525 |
| | Amtek Auto Ltd. | 207,569 | 517 |
| | L&T Finance Holdings Ltd. | 517,030 | 512 |
| * | Kajaria Ceramics Ltd. | 42,165 | 511 |
| * | Alembic Pharmaceuticals Ltd. | 68,511 | 509 |
| * | WABCO India Ltd. | 5,705 | 502 |
| * | Karur Vysya Bank Ltd. | 66,045 | 501 |
| * | Bajaj Corp. Ltd. | 72,242 | 498 |
| | Tata Global Beverages Ltd. | 218,339 | 488 |
| * | eClerx Services Ltd. | 19,191 | 481 |
| | Prestige Estates Projects Ltd. | 124,025 | 467 |
| | Oberoi Realty Ltd. | 110,395 | 466 |
| * | Jammu & Kashmir Bank Ltd. | 307,394 | 464 |
| | Gateway Distriparks Ltd. | 83,117 | 460 |
| * | Whirlpool of India Ltd. | 40,389 | 444 |
| * | Gujarat Gas Co. Ltd. | 39,800 | 444 |
| * | VA Tech Wabag Ltd. | 39,337 | 433 |
| | Biocon Ltd. | 57,919 | 412 |
| * | GRUH Finance Ltd. | 106,111 | 412 |
| * | KPIT Technologies Ltd. | 243,466 | 402 |
| | Ramco Cements Ltd. | 83,231 | 401 |
| * | Dish TV India Ltd. | 337,241 | 399 |
| * | Hathway Cable & Datacom Ltd. | 471,255 | 397 |
| | Coromandel International Ltd. | 109,756 | 396 |
| * | Gujarat Fluorochemicals Ltd. | 39,837 | 390 |
| | Century Textiles & Industries Ltd. | 32,612 | 375 |
| | Gujarat State Petronet Ltd. | 193,931 | 367 |
| * | Repco Home Finance Ltd. | 37,764 | 345 |
| * | Central Bank of India | 209,377 | 345 |
| | Muthoot Finance Ltd. | 118,117 | 341 |
| | Ipca Laboratories Ltd. | 33,503 | 338 |
| | Sobha Ltd. | 54,471 | 336 |
| | Engineers India Ltd. | 107,676 | 310 |
| | Jain Irrigation Systems Ltd. | 344,143 | 308 |
| | Indiabulls Real Estate Ltd. | 326,133 | 305 |
| | CMC Ltd. | 10,268 | 303 |
| | PTC India Ltd. | 266,177 | 303 |
59
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Karnataka Bank Ltd. | 149,626 | 296 |
| | McLeod Russel India Ltd. | 76,709 | 292 |
| | South Indian Bank Ltd. | 753,626 | 287 |
| | Indraprastha Gas Ltd. | 41,986 | 272 |
| | Rolta India Ltd. | 141,036 | 256 |
| * | Allahabad Bank | 156,752 | 254 |
| * | India Cements Ltd. | 176,674 | 252 |
| | Indian Bank | 114,039 | 251 |
| * | Hindustan Construction Co. Ltd. | 505,220 | 250 |
| * | Pipavav Defence & Offshore Engineering Co. Ltd. | 270,702 | 243 |
| | Syndicate Bank | 144,831 | 226 |
| | Polaris Consulting & Services Ltd. | 88,447 | 218 |
| * | Jet Airways India Ltd. | 35,377 | 211 |
| * | Balrampur Chini Mills Ltd. | 290,118 | 210 |
| * | Videocon Industries Ltd. | 88,639 | 207 |
| | Future Retail Ltd. | 110,904 | 202 |
| * | DEN Networks Ltd. | 98,353 | 201 |
| | UCO Bank | 201,120 | 199 |
| | Indian Overseas Bank | 281,582 | 196 |
| | Alstom India Ltd. | 17,227 | 194 |
| | Srei Infrastructure Finance Ltd. | 300,127 | 187 |
| | Jindal Saw Ltd. | 166,808 | 181 |
| | Multi Commodity Exchange of India Ltd. | 10,477 | 172 |
| | Vijaya Bank | 216,248 | 155 |
| | Welspun Corp. Ltd. | 112,757 | 149 |
| * | Shipping Corp. of India Ltd. | 199,415 | 147 |
| | Raymond Ltd. | 20,579 | 144 |
| * | Andhra Bank | 115,901 | 139 |
| | Chambal Fertilizers & Chemicals Ltd. | 133,715 | 136 |
| | Gujarat Mineral Development Corp. Ltd. | 76,783 | 122 |
| | Radico Khaitan Ltd. | 72,936 | 104 |
| | Gujarat State Fertilisers & Chemicals Ltd. | 82,282 | 99 |
| * | Bajaj Hindusthan Sugar Ltd. | 325,470 | 88 |
| * | Tata Teleservices Maharashtra Ltd. | 680,372 | 81 |
| * | Punj Lloyd Ltd. | 166,563 | 76 |
| * | Shree Renuka Sugars Ltd. | 360,673 | 70 |
| | Bhushan Steel Ltd. | 69,507 | 67 |
| * | IVRCL Ltd. | 254,830 | 59 |
| | Financial Technologies India Ltd. | 18,072 | 49 |
| * | Nagarjuna Fertilizers & Chemicals Ltd. | 233,445 | 41 |
| | | | 71,298 |
| Indonesia (0.7%) | | |
| | Lippo Karawaci Tbk PT | 27,673,018 | 2,525 |
| | Summarecon Agung Tbk PT | 15,447,168 | 2,110 |
| | Ciputra Development Tbk PT | 15,280,000 | 1,611 |
| | Bumi Serpong Damai Tbk PT | 10,513,249 | 1,506 |
| | Matahari Putra Prima Tbk PT | 4,121,900 | 1,257 |
| | Alam Sutera Realty Tbk PT | 24,218,348 | 1,142 |
| | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 14,598,200 | 983 |
| | AKR Corporindo Tbk PT | 2,409,800 | 965 |
| | Pakuwon Jati Tbk PT | 27,713,234 | 933 |
| | MNC Investama Tbk PT | 39,912,030 | 827 |
| | Wijaya Karya Beton Tbk PT | 10,448,495 | 795 |
| | Wijaya Karya Persero Tbk PT | 2,502,900 | 574 |
| | Ace Hardware Indonesia Tbk PT | 10,692,100 | 532 |
| | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 4,597,845 | 503 |
| * | Panin Financial Tbk PT | 19,481,000 | 490 |
| | Bank Tabungan Negara Persero Tbk PT | 5,352,170 | 459 |
| * | Waskita Karya Persero Tbk PT | 3,515,900 | 456 |
| * | Lippo Cikarang Tbk PT | 491,200 | 452 |
| | Surya Semesta Internusa Tbk PT | 4,971,800 | 451 |
| | Mitra Adiperkasa Tbk PT | 1,015,300 | 435 |
| | Medco Energi Internasional Tbk PT | 1,752,671 | 432 |
| * | Siloam International Hospitals Tbk PT | 318,800 | 349 |
60
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Energi Mega Persada Tbk PT | 54,645,500 | 336 |
| | Agung Podomoro Land Tbk PT | 10,183,000 | 327 |
| * | Eagle High Plantations Tbk PT | 14,471,000 | 281 |
| | Bekasi Fajar Industrial Estate Tbk PT | 5,517,800 | 253 |
| | Intiland Development Tbk PT | 4,902,000 | 245 |
| | Holcim Indonesia Tbk PT | 2,049,577 | 245 |
| * | Sigmagold Inti Perkasa Tbk PT | 6,751,200 | 235 |
| | Timah Persero Tbk PT | 3,195,120 | 200 |
| | Salim Ivomas Pratama Tbk PT | 4,001,200 | 197 |
| | Ramayana Lestari Sentosa Tbk PT | 3,183,500 | 190 |
| | BISI International Tbk PT | 1,734,420 | 187 |
| * | Bumi Resources Tbk PT | 25,095,500 | 139 |
| | Gajah Tunggal Tbk PT | 1,340,000 | 113 |
| | Harum Energy Tbk PT | 976,100 | 90 |
| | Sampoerna Agro PT | 545,500 | 76 |
| * | Krakatau Steel Persero Tbk PT | 2,114,000 | 57 |
| * | Indika Energy Tbk PT | 1,327,939 | 30 |
| * | Trada Maritime Tbk PT | 6,712,200 | 26 |
| | | | 23,014 |
| Ireland (0.6%) | | |
| | Kingspan Group plc | 236,373 | 4,690 |
| | Paddy Power plc | 50,664 | 4,529 |
| | Glanbia plc | 239,908 | 4,446 |
| | C&C Group plc | 490,161 | 1,986 |
| | Green REIT plc | 926,858 | 1,635 |
| | Aer Lingus Group plc | 204,576 | 532 |
| | FBD Holdings plc | 25,902 | 280 |
| | C&C Group plc | 11,196 | 45 |
| | | | 18,143 |
| Israel (0.4%) | | |
| | Alony Hetz Properties & Investments Ltd. | 120,124 | 955 |
| * | Nitsba Holdings 1995 Ltd. | 46,720 | 792 |
| * | EZchip Semiconductor Ltd. | 35,397 | 692 |
| * | Tower Semiconductor Ltd. | 43,681 | 664 |
| * | Nova Measuring Instruments Ltd. | 51,548 | 585 |
| | Ituran Location and Control Ltd. | 25,033 | 575 |
| | Reit 1 Ltd. | 188,505 | 567 |
| * | Compugen Ltd. | 83,415 | 542 |
| * | Allot Communications Ltd. | 51,631 | 454 |
| * | Airport City Ltd. | 42,737 | 451 |
| * | Mazor Robotics Ltd. | 61,945 | 409 |
| | Amot Investments Ltd. | 113,805 | 385 |
| * | Jerusalem Oil Exploration | 9,484 | 360 |
| * | Evogene Ltd. | 35,035 | 350 |
| | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 8,163 | 332 |
| | Norstar Holdings Inc. | 11,222 | 306 |
| | Menorah Mivtachim Holdings Ltd. | 30,185 | 299 |
| | Electra Ltd. | 2,231 | 273 |
| | Phoenix Holdings Ltd. | 91,613 | 272 |
| * | Gilat Satellite Networks Ltd. | 40,725 | 251 |
| | Silicom Ltd. | 6,193 | 228 |
| | Africa Israel Properties Ltd. | 14,311 | 222 |
| * | Shufersal Ltd. | 77,475 | 177 |
| * | Naphtha Israel Petroleum Corp. Ltd. | 30,682 | 174 |
| * | AudioCodes Ltd. | 35,741 | 163 |
| * | Kamada Ltd. | 24,100 | 110 |
| * | Africa Israel Investments Ltd. | 109,166 | 102 |
| * | Ceragon Networks Ltd. | 69,161 | 96 |
| * | Property & Building Corp. Ltd. | 1,263 | 86 |
| | Jerusalem Economy Ltd. | 21,043 | 81 |
| * | Modiin Energy Warrants Exp. 7/21/2015 | 6,431 | — |
| | | | 10,953 |
61
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Italy (2.9%) | | |
| * | Banca Popolare di Milano Scarl | 6,050,830 | 6,235 |
| * | Banca Popolare dell'Emilia Romagna SC | 661,925 | 5,445 |
| | Azimut Holding SPA | 141,919 | 4,166 |
| | Banca Popolare di Sondrio SCARL | 641,413 | 2,911 |
| | Recordati SPA | 143,481 | 2,859 |
| | Moncler SPA | 155,125 | 2,762 |
| | Banca Generali SPA | 77,400 | 2,598 |
| *,2 | Anima Holding SPA | 280,549 | 2,498 |
| * | Yoox SPA | 77,420 | 2,439 |
| | A2A SPA | 1,952,601 | 2,249 |
| | Hera SPA | 844,253 | 2,227 |
| | FinecoBank Banca Fineco SPA | 293,474 | 2,216 |
| | Unipol Gruppo Finanziario SPA Preference Shares | 387,188 | 2,035 |
| | Italcementi SPA | 273,133 | 1,946 |
| | Interpump Group SPA | 115,086 | 1,935 |
| * | Credito Valtellinese SC | 1,543,313 | 1,926 |
| | Ansaldo STS SPA | 177,705 | 1,889 |
| * | Sorin SPA | 567,325 | 1,786 |
| ^ | Tod's SPA | 19,005 | 1,744 |
| * | Autogrill SPA | 180,881 | 1,730 |
| | Societa Cattolica di Assicurazioni SCRL | 198,523 | 1,696 |
| * | World Duty Free SPA | 151,401 | 1,690 |
| | Brembo SPA | 40,040 | 1,602 |
| | De' Longhi | 69,327 | 1,564 |
| | Buzzi Unicem SPA | 93,153 | 1,499 |
| | Unipol Gruppo Finanziario SPA | 283,470 | 1,487 |
| | DiaSorin SPA | 32,384 | 1,478 |
| * | Ei Towers SPA | 23,104 | 1,400 |
| | Danieli & C Officine Meccaniche SPA | 68,157 | 1,265 |
| | Beni Stabili SpA SIIQ | 1,522,852 | 1,256 |
| | Societa Iniziative Autostradali e Servizi SPA | 106,672 | 1,232 |
| | ERG SPA | 82,439 | 1,185 |
| * | Salini Impregilo SPA | 250,398 | 1,093 |
| | Credito Emiliano SPA | 115,725 | 965 |
| | Industria Macchine Automatiche SPA | 18,469 | 940 |
| ^,* | Banca Carige SPA | 11,503,337 | 938 |
| | Iren SPA | 631,239 | 927 |
| | ACEA SPA | 66,547 | 896 |
| | Amplifon SPA | 110,724 | 862 |
| ^ | Piaggio & C SPA | 279,345 | 847 |
| | MARR SPA | 38,499 | 773 |
| * | Cerved Information Solutions SPA | 102,861 | 746 |
| * | CIR-Compagnie Industriali Riunite SPA | 606,132 | 725 |
| ^ | Brunello Cucinelli SPA | 38,454 | 714 |
| | Italmobiliare SPA | 34,207 | 668 |
| ^,* | RCS MediaGroup SPA | 445,797 | 613 |
| ^,* | Safilo Group SPA | 42,085 | 612 |
| ^,* | Saras SPA | 311,228 | 603 |
| | ASTM SPA | 40,949 | 582 |
| ^ | Astaldi SPA | 65,899 | 573 |
| | Cementir Holding SPA | 71,516 | 504 |
| * | Fincantieri SPA | 549,467 | 499 |
| | Danieli & C Officine Meccaniche SPA | 15,592 | 379 |
| | Falck Renewables SPA | 274,270 | 362 |
| ^,* | Geox SPA | 83,231 | 304 |
| | Immobiliare Grande Distribuzione SIIQ SPA | 302,469 | 298 |
| * | DeA Capital SPA | 122,976 | 263 |
| | Trevi Finanziaria Industriale SPA | 86,441 | 252 |
| * | Cofide SPA | 431,222 | 242 |
| * | Gruppo Editoriale L'Espresso SPA | 183,674 | 241 |
| | Esprinet SPA | 24,928 | 240 |
| | Zignago Vetro SPA | 34,901 | 217 |
| | Italmobiliare SPA | 5,714 | 187 |
62
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Arnoldo Mondadori Editore SPA | 143,206 | 177 |
| * | Sogefi SPA | 40,379 | 135 |
| * | Juventus Football Club SPA | 290,159 | 99 |
| ^,* | Fiera Milano SPA | 8,283 | 63 |
| | | | 89,489 |
| Japan (14.4%) | | |
| | OSG Corp. | 114,214 | 2,375 |
| | Oki Electric Industry Co. Ltd. | 1,118,186 | 2,291 |
| | IT Holdings Corp. | 113,860 | 2,242 |
| | ADEKA Corp. | 153,155 | 2,160 |
| | Horiba Ltd. | 55,414 | 2,081 |
| * | Leopalace21 Corp. | 357,100 | 2,060 |
| | Asahi Intecc Co. Ltd. | 33,220 | 2,046 |
| | Tsubakimoto Chain Co. | 242,050 | 1,982 |
| | Iwatani Corp. | 285,260 | 1,929 |
| | Daifuku Co. Ltd. | 143,601 | 1,913 |
| | Nippon Konpo Unyu Soko Co. Ltd. | 104,240 | 1,837 |
| | Tokyo Ohka Kogyo Co. Ltd. | 57,797 | 1,799 |
| | Aica Kogyo Co. Ltd. | 76,324 | 1,753 |
| | Sankyu Inc. | 369,974 | 1,735 |
| | Nihon Parkerizing Co. Ltd. | 151,360 | 1,721 |
| | Toagosei Co. Ltd. | 385,584 | 1,711 |
| | SHO-BOND Holdings Co. Ltd. | 38,200 | 1,684 |
| | Ogaki Kyoritsu Bank Ltd. | 478,200 | 1,612 |
| | NOF Corp. | 207,202 | 1,594 |
| | Fuji Machine Manufacturing Co. Ltd. | 127,440 | 1,573 |
| | Penta-Ocean Construction Co. Ltd. | 419,500 | 1,572 |
| | Kyowa Exeo Corp. | 132,190 | 1,542 |
| | Kiyo Bank Ltd. | 106,796 | 1,531 |
| * | Kumagai Gumi Co. Ltd. | 477,600 | 1,526 |
| ^ | Kenedix Inc. | 380,400 | 1,515 |
| | Nachi-Fujikoshi Corp. | 254,782 | 1,490 |
| | Nihon M&A Center Inc. | 42,780 | 1,489 |
| | Arcs Co. Ltd. | 70,700 | 1,479 |
| | Hazama Ando Corp. | 260,379 | 1,477 |
| | Makino Milling Machine Co. Ltd. | 160,901 | 1,470 |
| | Toho Bank Ltd. | 341,664 | 1,442 |
| | MonotaRO Co. Ltd. | 41,000 | 1,411 |
| | Miura Co. Ltd. | 125,455 | 1,408 |
| | Maeda Corp. | 193,306 | 1,406 |
| | Fuyo General Lease Co. Ltd. | 34,147 | 1,397 |
| | Amano Corp. | 108,416 | 1,395 |
| | Toho Holdings Co. Ltd. | 79,418 | 1,383 |
| | Nichi-iko Pharmaceutical Co. Ltd. | 65,610 | 1,381 |
| | Okumura Corp. | 288,213 | 1,381 |
| | Inaba Denki Sangyo Co. Ltd. | 38,028 | 1,375 |
| | Sangetsu Co. Ltd. | 89,220 | 1,373 |
| | Ship Healthcare Holdings Inc. | 56,100 | 1,371 |
| | Central Glass Co. Ltd. | 296,538 | 1,363 |
| | Pilot Corp. | 25,180 | 1,357 |
| | Sumitomo Mitsui Construction Co. Ltd. | 964,832 | 1,343 |
| | Duskin Co. Ltd. | 77,860 | 1,335 |
| | Ain Pharmaciez Inc. | 37,608 | 1,327 |
| | Nishimatsu Construction Co. Ltd. | 359,560 | 1,324 |
| | Nippon Soda Co. Ltd. | 211,787 | 1,323 |
| | Toyo Ink SC Holdings Co. Ltd. | 277,451 | 1,321 |
| | Takasago Thermal Engineering Co. Ltd. | 101,436 | 1,316 |
| | Sumitomo Bakelite Co. Ltd. | 288,000 | 1,313 |
| | Zensho Holdings Co. Ltd. | 139,561 | 1,306 |
| | Meitec Corp. | 40,546 | 1,306 |
| | Nippon Light Metal Holdings Co. Ltd. | 842,623 | 1,305 |
| ^ | Welcia Holdings Co. Ltd. | 29,741 | 1,301 |
| | Shinmaywa Industries Ltd. | 125,040 | 1,300 |
| ^ | United Arrows Ltd. | 42,167 | 1,298 |
63
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sanken Electric Co. Ltd. | 169,648 | 1,297 |
| | Nippon Seiki Co. Ltd. | 64,460 | 1,296 |
| | Tokuyama Corp. | 573,050 | 1,275 |
| | IBJ Leasing Co. Ltd. | 56,901 | 1,272 |
| | Nippon Gas Co. Ltd. | 50,980 | 1,271 |
| | J Trust Co. Ltd. | 123,000 | 1,267 |
| | Accordia Golf Co. Ltd. | 124,380 | 1,265 |
| * | Ulvac Inc. | 74,280 | 1,265 |
| | Tokyo Seimitsu Co. Ltd. | 58,534 | 1,262 |
| | Relo Holdings Inc. | 15,300 | 1,256 |
| | Bank of Okinawa Ltd. | 29,604 | 1,249 |
| | Mitsubishi Pencil Co. Ltd. | 33,000 | 1,248 |
| | Yamanashi Chuo Bank Ltd. | 265,311 | 1,232 |
| | Kokuyo Co. Ltd. | 134,700 | 1,230 |
| | Valor Co. Ltd. | 57,600 | 1,228 |
| | Saibu Gas Co. Ltd. | 521,734 | 1,226 |
| | Fujitec Co. Ltd. | 111,540 | 1,213 |
| | Bank of Iwate Ltd. | 26,924 | 1,209 |
| | Kanamoto Co. Ltd. | 41,200 | 1,205 |
| | Alpine Electronics Inc. | 58,900 | 1,197 |
| | Daiseki Co. Ltd. | 67,187 | 1,196 |
| | Nippon Suisan Kaisha Ltd. | 390,062 | 1,184 |
| * | Nippon Sheet Glass Co. Ltd. | 1,167,000 | 1,182 |
| | Taikisha Ltd. | 43,463 | 1,167 |
| | HI-LEX Corp. | 36,349 | 1,163 |
| | Fujitsu General Ltd. | 80,760 | 1,163 |
| | Hitachi Zosen Corp. | 210,820 | 1,162 |
| | Morinaga Milk Industry Co. Ltd. | 310,678 | 1,151 |
| | Ryosan Co. Ltd. | 48,257 | 1,149 |
| | GMO internet Inc. | 91,261 | 1,147 |
| | Yamagata Bank Ltd. | 257,426 | 1,145 |
| | Mitsuba Corp. | 53,820 | 1,134 |
| | Asahi Holdings Inc. | 60,000 | 1,129 |
| | Tokyo Dome Corp. | 264,680 | 1,128 |
| | Hanwa Co. Ltd. | 271,415 | 1,122 |
| | Colowide Co. Ltd. | 81,000 | 1,119 |
| | Japan Securities Finance Co. Ltd. | 170,541 | 1,116 |
| | Marusan Securities Co. Ltd. | 111,595 | 1,115 |
| | Bank of Nagoya Ltd. | 303,121 | 1,114 |
| | Yaoko Co. Ltd. | 31,400 | 1,112 |
| | Kureha Corp. | 240,026 | 1,099 |
| | TSI Holdings Co. Ltd. | 160,700 | 1,094 |
| | Heiwado Co. Ltd. | 45,500 | 1,093 |
| | DCM Holdings Co. Ltd. | 130,988 | 1,092 |
| | Noritz Corp. | 63,695 | 1,090 |
| | Nichicon Corp. | 117,667 | 1,086 |
| | Kadokawa Dwango Corp. | 68,751 | 1,082 |
| | Mirait Holdings Corp. | 95,471 | 1,079 |
| | Kintetsu World Express Inc. | 23,300 | 1,073 |
| | Daibiru Corp. | 109,243 | 1,073 |
| | Unipres Corp. | 51,900 | 1,072 |
| | UACJ Corp. | 369,852 | 1,069 |
| | Aomori Bank Ltd. | 323,480 | 1,068 |
| | Seiko Holdings Corp. | 201,291 | 1,066 |
| | San-A Co. Ltd. | 25,444 | 1,064 |
| | Takara Standard Co. Ltd. | 130,398 | 1,061 |
| | Nitto Boseki Co. Ltd. | 277,944 | 1,059 |
| | Okinawa Electric Power Co. Inc. | 27,740 | 1,054 |
| ^ | Wacom Co. Ltd. | 202,980 | 1,052 |
| | Mandom Corp. | 27,247 | 1,050 |
| | Meidensha Corp. | 316,399 | 1,049 |
| | Kanematsu Corp. | 666,000 | 1,046 |
| | Nichias Corp. | 173,375 | 1,046 |
| | NET One Systems Co. Ltd. | 145,300 | 1,044 |
64
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aida Engineering Ltd. | 91,386 | 1,042 |
| | Keihin Corp. | 63,209 | 1,035 |
| | Yoshinoya Holdings Co. Ltd. | 90,500 | 1,033 |
| | Seikagaku Corp. | 60,164 | 1,023 |
| | Jaccs Co. Ltd. | 193,000 | 1,013 |
| | Ai Holdings Corp. | 55,700 | 1,013 |
| | TPR Co. Ltd. | 38,480 | 1,009 |
| | Hitachi Kokusai Electric Inc. | 72,815 | 1,009 |
| | Toho Zinc Co. Ltd. | 261,758 | 1,008 |
| | Totetsu Kogyo Co. Ltd. | 44,600 | 1,006 |
| | Tokyo Steel Manufacturing Co. Ltd. | 145,200 | 1,002 |
| | Megmilk Snow Brand Co. Ltd. | 83,026 | 996 |
| | Cocokara fine Inc. | 32,489 | 991 |
| | Sumitomo Warehouse Co. Ltd. | 175,128 | 988 |
| | TOMONY Holdings Inc. | 207,200 | 984 |
| | Tokyo TY Financial Group Inc. | 34,384 | 983 |
| | Nissha Printing Co. Ltd. | 50,760 | 983 |
| | Nippon Signal Co. Ltd. | 102,200 | 979 |
| | Komori Corp. | 78,500 | 978 |
| | Sakata Seed Corp. | 56,356 | 977 |
| | Asahi Diamond Industrial Co. Ltd. | 79,322 | 975 |
| | NSD Co. Ltd. | 67,234 | 975 |
| | Obara Group Inc. | 16,440 | 967 |
| | Fuji Oil Co. Ltd. | 66,498 | 967 |
| | Oita Bank Ltd. | 246,755 | 965 |
| | Sanyo Special Steel Co. Ltd. | 198,872 | 962 |
| | ZERIA Pharmaceutical Co. Ltd. | 60,500 | 960 |
| | Transcosmos Inc. | 39,596 | 959 |
| | Ariake Japan Co. Ltd. | 28,547 | 950 |
| | Bank of the Ryukyus Ltd. | 65,059 | 949 |
| | Futaba Corp. | 56,840 | 947 |
| | Okamura Corp. | 120,740 | 941 |
| | Nikkiso Co. Ltd. | 100,433 | 940 |
| | Earth Chemical Co. Ltd. | 25,543 | 939 |
| | Fuji Seal International Inc. | 31,240 | 937 |
| | Nishimatsuya Chain Co. Ltd. | 99,900 | 928 |
| | Mitsumi Electric Co. Ltd. | 123,649 | 926 |
| | Hokuetsu Kishu Paper Co. Ltd. | 170,221 | 926 |
| | Miyazaki Bank Ltd. | 230,932 | 918 |
| | Daio Paper Corp. | 86,454 | 917 |
| | EDION Corp. | 125,133 | 913 |
| | Nissin Kogyo Co. Ltd. | 55,109 | 908 |
| ^,* | Laox Co. Ltd. | 324,000 | 907 |
| | Morinaga & Co. Ltd. | 270,518 | 907 |
| | Higashi-Nippon Bank Ltd. | 255,844 | 905 |
| | Mizuno Corp. | 173,782 | 904 |
| | Iino Kaiun Kaisha Ltd. | 171,280 | 901 |
| | Fuji Kyuko Co. Ltd. | 95,600 | 898 |
| | Star Micronics Co. Ltd. | 54,980 | 894 |
| | Trusco Nakayama Corp. | 26,500 | 892 |
| | Topre Corp. | 55,200 | 891 |
| | Japan Wool Textile Co. Ltd. | 118,189 | 888 |
| | Kameda Seika Co. Ltd. | 21,700 | 884 |
| | Tokai Carbon Co. Ltd. | 301,000 | 882 |
| | Showa Sangyo Co. Ltd. | 216,000 | 882 |
| | Itoham Foods Inc. | 162,948 | 880 |
| | Shikoku Bank Ltd. | 410,703 | 877 |
| | Chiyoda Co. Ltd. | 41,000 | 876 |
| | Koei Tecmo Holdings Co. Ltd. | 57,600 | 873 |
| ^ | COOKPAD Inc. | 20,500 | 873 |
| | Ashikaga Holdings Co. Ltd. | 208,400 | 871 |
| | Fukui Bank Ltd. | 385,337 | 867 |
| | Yodogawa Steel Works Ltd. | 213,665 | 865 |
| | Fuji Co. Ltd. | 48,300 | 864 |
65
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tochigi Bank Ltd. | 160,360 | 861 |
| | Sanki Engineering Co. Ltd. | 107,767 | 861 |
| | NEC Networks & System Integration Corp. | 39,600 | 849 |
| ^ | Jin Co. Ltd. | 21,800 | 839 |
| | Aichi Bank Ltd. | 16,020 | 838 |
| | Shima Seiki Manufacturing Ltd. | 48,400 | 836 |
| | Financial Products Group Co. Ltd. | 80,700 | 834 |
| | Monex Group Inc. | 306,380 | 833 |
| | MOS Food Services Inc. | 40,350 | 830 |
| | Takuma Co. Ltd. | 108,000 | 830 |
| | Descente Ltd. | 64,500 | 828 |
| | Avex Group Holdings Inc. | 53,500 | 826 |
| | Sanden Holdings Corp. | 177,000 | 825 |
| * | Pioneer Corp. | 429,313 | 823 |
| | Hogy Medical Co. Ltd. | 16,890 | 813 |
| | Fancl Corp. | 62,304 | 810 |
| | Tokai Corp. | 24,200 | 809 |
| | FCC Co. Ltd. | 49,843 | 809 |
| | Enplas Corp. | 20,053 | 807 |
| * | Pacific Metals Co. Ltd. | 264,160 | 803 |
| | kabu.com Securities Co. Ltd. | 110,000 | 803 |
| | Hokuetsu Bank Ltd. | 397,014 | 797 |
| | Furukawa Co. Ltd. | 457,640 | 794 |
| | Yamazen Corp. | 88,900 | 791 |
| | Doutor Nichires Holdings Co. Ltd. | 41,737 | 788 |
| | Matsuya Co. Ltd. | 52,300 | 788 |
| | Kusuri No Aoki Co. Ltd. | 10,700 | 788 |
| | Eizo Corp. | 35,480 | 787 |
| | Kuroda Electric Co. Ltd. | 43,500 | 782 |
| | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 144,480 | 781 |
| | Riso Kagaku Corp. | 46,784 | 774 |
| | AOKI Holdings Inc. | 55,704 | 772 |
| | Toei Co. Ltd. | 104,648 | 771 |
| | Saizeriya Co. Ltd. | 37,721 | 768 |
| | Nippon Flour Mills Co. Ltd. | 155,459 | 767 |
| | Oiles Corp. | 40,208 | 766 |
| | Aichi Steel Corp. | 159,029 | 765 |
| | Senko Co. Ltd. | 121,000 | 764 |
| | TOC Co. Ltd. | 99,946 | 764 |
| | Nihon Unisys Ltd. | 79,609 | 756 |
| ^ | Kyoritsu Maintenance Co. Ltd. | 15,580 | 753 |
| | Eagle Industry Co. Ltd. | 37,200 | 751 |
| | Gunze Ltd. | 278,079 | 748 |
| | Nitto Kogyo Corp. | 41,204 | 746 |
| | Paltac Corp. | 51,700 | 741 |
| | Iseki & Co. Ltd. | 358,160 | 741 |
| | Nippon Densetsu Kogyo Co. Ltd. | 43,803 | 736 |
| | Foster Electric Co. Ltd. | 28,385 | 735 |
| | Kyoei Steel Ltd. | 44,760 | 733 |
| | Nippon Steel & Sumikin Bussan Corp. | 215,080 | 733 |
| * | Nippon Chemi-Con Corp. | 242,296 | 731 |
| | Taiyo Holdings Co. Ltd. | 21,200 | 729 |
| | Paramount Bed Holdings Co. Ltd. | 26,900 | 729 |
| | Kyudenko Corp. | 54,560 | 725 |
| | Kisoji Co. Ltd. | 43,700 | 725 |
| | Nitta Corp. | 26,400 | 723 |
| | Nihon Nohyaku Co. Ltd. | 68,900 | 723 |
| | ASKUL Corp. | 30,740 | 720 |
| | Chugoku Marine Paints Ltd. | 83,000 | 719 |
| | Eighteenth Bank Ltd. | 219,000 | 717 |
| | Daihen Corp. | 146,759 | 716 |
| | Chudenko Corp. | 36,900 | 703 |
| | Hiday Hidaka Corp. | 28,767 | 699 |
| | Heiwa Real Estate Co. Ltd. | 51,372 | 697 |
66
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Juki Corp. | 235,440 | 696 |
| | Takara Leben Co. Ltd. | 113,300 | 691 |
| | Hitachi Maxell Ltd. | 42,700 | 687 |
| | Akita Bank Ltd. | 220,000 | 679 |
| | Showa Corp. | 64,160 | 678 |
| | Starts Corp. Inc. | 42,915 | 675 |
| | Tokyu Construction Co. Ltd. | 115,000 | 674 |
| | Axial Retailing Inc. | 22,930 | 668 |
| | Musashi Seimitsu Industry Co. Ltd. | 31,415 | 665 |
| | Bunka Shutter Co. Ltd. | 73,000 | 663 |
| | Joyful Honda Co. Ltd. | 16,887 | 661 |
| | Internet Initiative Japan Inc. | 39,080 | 661 |
| | Takasago International Corp. | 143,000 | 660 |
| | Aeon Delight Co. Ltd. | 24,900 | 659 |
| | Namura Shipbuilding Co. Ltd. | 71,548 | 655 |
| | Jimoto Holdings Inc. | 343,582 | 653 |
| | Toshiba Plant Systems & Services Corp. | 46,524 | 647 |
| | Gurunavi Inc. | 34,900 | 646 |
| | Minato Bank Ltd. | 262,000 | 645 |
| | Maruha Nichiro Corp. | 45,846 | 636 |
| | Sodick Co. Ltd. | 60,880 | 633 |
| | Fujimori Kogyo Co. Ltd. | 20,100 | 632 |
| | Riken Corp. | 162,120 | 630 |
| | Fuji Soft Inc. | 30,841 | 627 |
| | Ihara Chemical Industry Co. Ltd. | 47,600 | 621 |
| | Tomy Co. Ltd. | 102,017 | 620 |
| | Xebio Co. Ltd. | 35,108 | 620 |
| | Jowa Holdings Co. Ltd. | 15,200 | 616 |
| | Morita Holdings Corp. | 65,814 | 615 |
| | Nagaileben Co. Ltd. | 34,000 | 613 |
| | Sanyo Chemical Industries Ltd. | 78,274 | 610 |
| | Chofu Seisakusho Co. Ltd. | 25,400 | 607 |
| | Kitz Corp. | 119,548 | 606 |
| ^ | Modec Inc. | 36,440 | 604 |
| | Ricoh Leasing Co. Ltd. | 20,806 | 603 |
| | Sato Holdings Corp. | 25,900 | 598 |
| | Adastria Holdings Co. Ltd. | 19,700 | 598 |
| | Royal Holdings Co. Ltd. | 32,300 | 596 |
| | Toyo Engineering Corp. | 210,520 | 589 |
| | TOKAI Holdings Corp. | 138,700 | 589 |
| | Nisshin Oillio Group Ltd. | 159,262 | 586 |
| | Yondoshi Holdings Inc. | 26,500 | 582 |
| | Sankyo Tateyama Inc. | 30,800 | 576 |
| | Mani Inc. | 8,600 | 576 |
| | Sintokogio Ltd. | 68,300 | 572 |
| | Shibuya Kogyo Co. Ltd. | 27,800 | 571 |
| | Dr Ci:Labo Co. Ltd. | 15,100 | 568 |
| | Gulliver International Co. Ltd. | 72,400 | 566 |
| | Hokuto Corp. | 31,524 | 566 |
| | Nomura Co. Ltd. | 52,500 | 561 |
| | Wakita & Co. Ltd. | 56,300 | 561 |
| | CKD Corp. | 61,200 | 561 |
| | Toshiba Machine Co. Ltd. | 126,000 | 560 |
| | St. Marc Holdings Co. Ltd. | 16,600 | 558 |
| | Ryobi Ltd. | 170,435 | 557 |
| | Inabata & Co. Ltd. | 52,800 | 555 |
| | Seiren Co. Ltd. | 63,700 | 555 |
| | Plenus Co. Ltd. | 28,400 | 555 |
| | Kato Sangyo Co. Ltd. | 26,200 | 555 |
| | GMO Payment Gateway Inc. | 21,400 | 550 |
| * | United Super Markets Holdings Inc. | 63,250 | 548 |
| | Yorozu Corp. | 26,676 | 545 |
| | Towa Pharmaceutical Co. Ltd. | 10,294 | 544 |
| | Sagami Chain Co. Ltd. | 53,880 | 541 |
67
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | OSAKA Titanium Technologies Co. Ltd. | 25,100 | 540 |
| | Tamron Co. Ltd. | 22,800 | 539 |
| | Tachi-S Co. Ltd. | 35,000 | 538 |
| | Moshi Moshi Hotline Inc. | 49,500 | 535 |
| | Itochu Enex Co. Ltd. | 59,000 | 533 |
| | Nichii Gakkan Co. | 57,300 | 532 |
| ^ | Marvelous Inc. | 39,800 | 530 |
| | JCR Pharmaceuticals Co. Ltd. | 21,694 | 526 |
| | Tsugami Corp. | 90,000 | 526 |
| | DTS Corp. | 25,800 | 525 |
| | Okabe Co. Ltd. | 60,235 | 524 |
| | Hitachi Koki Co. Ltd. | 63,400 | 521 |
| | Max Co. Ltd. | 46,000 | 520 |
| | Mitsui-Soko Holdings Co. Ltd. | 147,762 | 518 |
| | Kumiai Chemical Industry Co. Ltd. | 58,000 | 512 |
| | JVC Kenwood Corp. | 167,640 | 509 |
| | Canon Electronics Inc. | 25,294 | 507 |
| | Nishio Rent All Co. Ltd. | 17,800 | 507 |
| | Kurabo Industries Ltd. | 289,000 | 506 |
| | TKC Corp. | 21,149 | 505 |
| | Japan Pulp & Paper Co. Ltd. | 184,000 | 505 |
| | As One Corp. | 15,700 | 504 |
| | Topy Industries Ltd. | 209,795 | 503 |
| | YAMABIKO Corp. | 11,500 | 498 |
| | San-Ai Oil Co. Ltd. | 75,000 | 498 |
| | Fujimi Inc. | 29,347 | 496 |
| | Tsukishima Kikai Co. Ltd. | 49,300 | 495 |
| | Wowow Inc. | 14,900 | 493 |
| | Marudai Food Co. Ltd. | 136,591 | 492 |
| | Sakata INX Corp. | 51,700 | 491 |
| ^ | Kura Corp. | 12,700 | 490 |
| ^ | Tekken Corp. | 146,000 | 490 |
| | Yuasa Trading Co. Ltd. | 22,200 | 489 |
| | Daido Metal Co. Ltd. | 45,000 | 488 |
| | Press Kogyo Co. Ltd. | 110,000 | 488 |
| | Milbon Co. Ltd. | 15,360 | 487 |
| | Hosiden Corp. | 83,067 | 486 |
| | Siix Corp. | 18,200 | 484 |
| | Broadleaf Co. Ltd. | 31,000 | 483 |
| | Ichiyoshi Securities Co. Ltd. | 44,800 | 481 |
| | CREATE SD HOLDINGS Co. Ltd. | 11,006 | 479 |
| * | Macnica Fuji Electronics Holdings Inc. | 38,899 | 479 |
| | Nippon Synthetic Chemical Industry Co. Ltd. | 68,000 | 476 |
| | Piolax Inc. | 10,700 | 474 |
| | Mitsuboshi Belting Co. Ltd. | 57,000 | 457 |
| | Raito Kogyo Co. Ltd. | 57,800 | 456 |
| | Shindengen Electric Manufacturing Co. Ltd. | 89,000 | 456 |
| | Belc Co. Ltd. | 15,600 | 455 |
| | Ringer Hut Co. Ltd. | 23,200 | 454 |
| | Sekisui Jushi Corp. | 34,100 | 453 |
| | Sanyo Denki Co. Ltd. | 54,000 | 452 |
| | Pacific Industrial Co. Ltd. | 54,700 | 452 |
| | Sanyo Electric Railway Co. Ltd. | 115,000 | 451 |
| | Yellow Hat Ltd. | 20,400 | 451 |
| | Senshukai Co. Ltd. | 62,400 | 450 |
| | Kato Works Co. Ltd. | 70,205 | 450 |
| | Nichiha Corp. | 40,500 | 449 |
| | Joshin Denki Co. Ltd. | 55,653 | 446 |
| | Yokogawa Bridge Holdings Corp. | 39,400 | 446 |
| | Arcland Sakamoto Co. Ltd. | 18,500 | 446 |
| | C Uyemura & Co. Ltd. | 9,000 | 446 |
| | Atom Corp. | 67,900 | 446 |
| | Nippon Carbon Co. Ltd. | 144,000 | 446 |
| | Prima Meat Packers Ltd. | 156,440 | 445 |
68
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Koa Corp. | 43,400 | 445 |
| ^,* | KLab Inc. | 37,100 | 444 |
| | Osaka Steel Co. Ltd. | 24,000 | 443 |
| ^ | Tokyotokeiba Co. Ltd. | 181,000 | 442 |
| | Takamatsu Construction Group Co. Ltd. | 19,000 | 441 |
| | Jeol Ltd. | 87,000 | 440 |
| | Goldcrest Co. Ltd. | 22,380 | 440 |
| | T-Gaia Corp. | 32,400 | 439 |
| | Bank of Saga Ltd. | 165,000 | 436 |
| | Token Corp. | 8,586 | 435 |
| | Nippon Thompson Co. Ltd. | 76,000 | 433 |
| | Ohsho Food Service Corp. | 12,174 | 433 |
| | Noritake Co. Ltd. | 183,000 | 432 |
| | Geo Holdings Corp. | 39,600 | 430 |
| | Shikoku Chemicals Corp. | 49,000 | 430 |
| | Konoike Transport Co. Ltd. | 40,200 | 430 |
| * | Ishihara Sangyo Kaisha Ltd. | 431,000 | 428 |
| ^ | Ichibanya Co. Ltd. | 9,484 | 426 |
| | Nissin Electric Co. Ltd. | 65,000 | 426 |
| | Fujicco Co. Ltd. | 25,205 | 426 |
| | Dydo Drinco Inc. | 10,244 | 424 |
| | SMS Co. Ltd. | 34,400 | 423 |
| | Shizuoka Gas Co. Ltd. | 64,100 | 416 |
| | Pal Co. Ltd. | 12,900 | 415 |
| | Mitsui Sugar Co. Ltd. | 115,000 | 414 |
| | Kyokuto Kaihatsu Kogyo Co. Ltd. | 37,000 | 412 |
| | Bando Chemical Industries Ltd. | 103,000 | 411 |
| | Teikoku Sen-I Co. Ltd. | 28,720 | 410 |
| | Goldwin Inc. | 58,000 | 409 |
| ^ | Daiho Corp. | 81,000 | 405 |
| | Tv Tokyo Holdings Corp. | 21,800 | 404 |
| | UKC Holdings Corp. | 22,800 | 404 |
| | Doshisha Co. Ltd. | 26,900 | 404 |
| | Sanyo Shokai Ltd. | 154,423 | 403 |
| | PGM Holdings K K | 37,600 | 400 |
| | Kyokuto Securities Co. Ltd. | 26,700 | 399 |
| | Hibiya Engineering Ltd. | 30,000 | 398 |
| | Noevir Holdings Co. Ltd. | 18,600 | 397 |
| | Warabeya Nichiyo Co. Ltd. | 17,700 | 396 |
| | Daisan Bank Ltd. | 240,037 | 396 |
| | J-Oil Mills Inc. | 117,000 | 396 |
| | Nippon Road Co. Ltd. | 73,000 | 394 |
| | Denki Kogyo Co. Ltd. | 84,400 | 394 |
| | Round One Corp. | 74,300 | 394 |
| | Ines Corp. | 41,200 | 391 |
| | Torii Pharmaceutical Co. Ltd. | 14,700 | 389 |
| * | Unitika Ltd. | 772,000 | 388 |
| | Sakai Chemical Industry Co. Ltd. | 117,546 | 388 |
| | Ikyu Corp. | 19,800 | 386 |
| | Nichiden Corp. | 17,000 | 385 |
| | Toyo Construction Co. Ltd. | 99,400 | 385 |
| | Sumitomo Riko Co. Ltd. | 44,300 | 383 |
| | Sumitomo Seika Chemicals Co. Ltd. | 51,000 | 383 |
| | Toridoll.corp | 27,100 | 381 |
| | BML Inc. | 12,500 | 381 |
| | Nitto Kohki Co. Ltd. | 18,800 | 381 |
| | Kohnan Shoji Co. Ltd. | 34,100 | 380 |
| | Tamura Corp. | 89,000 | 378 |
| ^ | Clarion Co. Ltd. | 136,000 | 378 |
| | Daikyonishikawa Corp. | 12,600 | 376 |
| ^,* | FDK Corp. | 294,149 | 375 |
| | Mitani Corp. | 17,400 | 375 |
| | Kanto Denka Kogyo Co. Ltd. | 60,000 | 374 |
| | Kinugawa Rubber Industrial Co. Ltd. | 81,000 | 373 |
69
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Okamoto Industries Inc. | 95,000 | 372 |
| | T Hasegawa Co. Ltd. | 25,300 | 371 |
| | Optex Co. Ltd. | 17,300 | 371 |
| | Yokohama Reito Co. Ltd. | 52,200 | 370 |
| | Toa Corp. | 211,000 | 369 |
| | Aisan Industry Co. Ltd. | 39,100 | 368 |
| * | Toho Titanium Co. Ltd. | 43,000 | 367 |
| | Ryoyo Electro Corp. | 31,142 | 361 |
| | Mitsubishi Steel Manufacturing Co. Ltd. | 159,000 | 360 |
| | Daiwabo Holdings Co. Ltd. | 214,761 | 358 |
| | Ehime Bank Ltd. | 169,000 | 358 |
| | Michinoku Bank Ltd. | 197,000 | 352 |
| | Shinko Plantech Co. Ltd. | 46,400 | 351 |
| | Sac's Bar Holdings Inc. | 19,550 | 349 |
| | Fujita Kanko Inc. | 88,000 | 348 |
| | Toyo Tanso Co. Ltd. | 18,410 | 347 |
| | Fujibo Holdings Inc. | 138,000 | 344 |
| | EPS Holdings Inc. | 29,000 | 338 |
| | Daiso Co. Ltd. | 96,000 | 336 |
| | Futaba Industrial Co. Ltd. | 66,800 | 336 |
| * | Dip Corp. | 5,300 | 333 |
| ^ | FIDEA Holdings Co. Ltd. | 166,900 | 332 |
| | Union Tool Co. | 11,000 | 332 |
| | Daikokutenbussan Co. Ltd. | 7,900 | 332 |
| | OBIC Business Consultants Ltd. | 8,800 | 332 |
| | Trancom Co. Ltd. | 7,000 | 330 |
| | Chiyoda Integre Co. Ltd. | 13,300 | 330 |
| ^,* | Nippon Yakin Kogyo Co. Ltd. | 165,400 | 330 |
| | Keihanshin Building Co. Ltd. | 55,700 | 329 |
| | Chiba Kogyo Bank Ltd. | 47,500 | 328 |
| | Kansai Urban Banking Corp. | 30,000 | 328 |
| | Cosel Co. Ltd. | 27,700 | 327 |
| | Nohmi Bosai Ltd. | 26,000 | 327 |
| | Zenrin Co. Ltd. | 26,600 | 326 |
| * | Create Restaurants Holdings Inc. | 17,090 | 324 |
| | Itoki Corp. | 54,400 | 322 |
| | Tonami Holdings Co. Ltd. | 89,000 | 322 |
| | Nippon Parking Development Co. Ltd. | 212,000 | 320 |
| | Fudo Tetra Corp. | 168,400 | 318 |
| | Oyo Corp. | 24,200 | 318 |
| | Katakura Industries Co. Ltd. | 29,400 | 317 |
| | Sanshin Electronics Co. Ltd. | 38,300 | 315 |
| | Tsurumi Manufacturing Co. Ltd. | 21,000 | 315 |
| | Neturen Co. Ltd. | 42,300 | 315 |
| | Nippon Denko Co. Ltd. | 127,990 | 314 |
| | S Foods Inc. | 17,600 | 314 |
| | Meisei Industrial Co. Ltd. | 57,000 | 311 |
| | Nippon Koei Co. Ltd. | 74,000 | 311 |
| | Tocalo Co. Ltd. | 15,800 | 310 |
| | Kita-Nippon Bank Ltd. | 11,300 | 310 |
| | Mie Bank Ltd. | 133,104 | 307 |
| ^,* | Kobe Bussan Co. Ltd. | 7,200 | 306 |
| | Meiko Network Japan Co. Ltd. | 24,763 | 306 |
| | Eiken Chemical Co. Ltd. | 15,400 | 305 |
| | Alpen Co. Ltd. | 18,600 | 304 |
| | Kyokuyo Co. Ltd. | 131,000 | 302 |
| | Toa Corp. | 29,000 | 302 |
| | Akebono Brake Industry Co. Ltd. | 85,757 | 300 |
| | Nissin Corp. | 112,000 | 300 |
| ^ | Kappa Create Holdings Co. Ltd. | 32,188 | 298 |
| ^ | F@N Communications Inc. | 35,800 | 298 |
| | Pressance Corp. | 9,287 | 298 |
| ^ | Tabuchi Electric Co. Ltd. | 27,500 | 298 |
| | Elecom Co. Ltd. | 13,100 | 295 |
70
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hamakyorex Co. Ltd. | 7,900 | 294 |
| | Sinfonia Technology Co. Ltd. | 173,000 | 294 |
| | SMK Corp. | 71,000 | 294 |
| | Nittetsu Mining Co. Ltd. | 74,000 | 294 |
| | Icom Inc. | 12,000 | 293 |
| | Roland DG Corp. | 10,900 | 292 |
| | Jamco Corp. | 10,200 | 291 |
| ^ | Mitsubishi Kakoki Kaisha Ltd. | 82,000 | 291 |
| | Elematec Corp. | 11,500 | 291 |
| | Key Coffee Inc. | 19,193 | 290 |
| | Pack Corp. | 13,200 | 288 |
| ^ | Keiyo Co. Ltd. | 61,500 | 287 |
| * | Tokyo Rope Manufacturing Co. Ltd. | 178,000 | 287 |
| | Cawachi Ltd. | 17,800 | 286 |
| ^ | Japan Cash Machine Co. Ltd. | 19,300 | 283 |
| | Open House Co. Ltd. | 11,100 | 282 |
| | Konishi Co. Ltd. | 16,100 | 282 |
| | Maruzen Showa Unyu Co. Ltd. | 82,000 | 282 |
| | Aiphone Co. Ltd. | 16,900 | 281 |
| | Nagatanien Co. Ltd. | 30,000 | 279 |
| | Sekisui Plastics Co. Ltd. | 68,000 | 279 |
| | Nippon Beet Sugar Manufacturing Co. Ltd. | 168,000 | 278 |
| | Megachips Corp. | 23,581 | 278 |
| | JSP Corp. | 14,600 | 277 |
| | Tokyo Energy & Systems Inc. | 29,000 | 276 |
| ^ | Japan Drilling Co. Ltd. | 8,200 | 275 |
| | Daiichi Jitsugyo Co. Ltd. | 52,000 | 274 |
| | Funai Electric Co. Ltd. | 23,200 | 274 |
| | Tsukuba Bank Ltd. | 79,900 | 273 |
| | ESPEC Corp. | 25,208 | 273 |
| | Belluna Co. Ltd. | 56,400 | 272 |
| | Toyo Securities Co. Ltd. | 86,000 | 272 |
| | Misawa Homes Co. Ltd. | 30,800 | 272 |
| | Next Co. Ltd. | 27,800 | 271 |
| | Fukuda Corp. | 42,000 | 271 |
| | Sogo Medical Co. Ltd. | 9,800 | 268 |
| | Yusen Logistics Co. Ltd. | 21,900 | 268 |
| | Tosei Corp. | 37,000 | 267 |
| | Sumitomo Densetsu Co. Ltd. | 22,100 | 267 |
| | Kasai Kogyo Co. Ltd. | 31,200 | 267 |
| | Towa Bank Ltd. | 307,000 | 267 |
| | Mito Securities Co. Ltd. | 71,000 | 267 |
| | Ministop Co. Ltd. | 17,900 | 265 |
| | Japan Pure Chemical Co. Ltd. | 12,900 | 265 |
| | Toyo Corp. | 28,117 | 264 |
| | Tenma Corp. | 16,300 | 264 |
| | Japan Digital Laboratory Co. Ltd. | 17,300 | 263 |
| | Yushin Precision Equipment Co. Ltd. | 12,200 | 263 |
| | Taihei Dengyo Kaisha Ltd. | 31,000 | 262 |
| | Denyo Co. Ltd. | 17,300 | 261 |
| | Toyo Kohan Co. Ltd. | 55,000 | 261 |
| | Starzen Co. Ltd. | 80,000 | 261 |
| | Shibusawa Warehouse Co. Ltd. | 87,549 | 260 |
| ^ | Rock Field Co. Ltd. | 12,534 | 258 |
| | Melco Holdings Inc. | 12,500 | 258 |
| * | Kintetsu Department Store Co. Ltd. | 94,000 | 257 |
| | Benefit One Inc. | 17,600 | 256 |
| | Godo Steel Ltd. | 158,000 | 256 |
| | Okuwa Co. Ltd. | 31,000 | 255 |
| | AOI Electronics Co. Ltd. | 6,070 | 254 |
| | Kurimoto Ltd. | 131,000 | 252 |
| | Vital KSK Holdings Inc. | 34,000 | 251 |
| | Teikoku Electric Manufacturing Co. Ltd. | 26,300 | 247 |
| | K&O Energy Group Inc. | 19,500 | 244 |
71
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Showa Aircraft Industry Co. Ltd. | 24,000 | 244 |
| | Kanematsu Electronics Ltd. | 15,900 | 242 |
| | Chukyo Bank Ltd. | 128,000 | 242 |
| * | Justsystems Corp. | 38,300 | 242 |
| | Mimasu Semiconductor Industry Co. Ltd. | 21,000 | 241 |
| | Shinko Shoji Co. Ltd. | 23,400 | 239 |
| | Yahagi Construction Co. Ltd. | 36,400 | 236 |
| | Kyodo Printing Co. Ltd. | 76,000 | 236 |
| ^ | Kobelco Eco-Solutions Co. Ltd. | 41,000 | 234 |
| | Studio Alice Co. Ltd. | 12,700 | 234 |
| | Arakawa Chemical Industries Ltd. | 21,100 | 233 |
| | Taiho Kogyo Co. Ltd. | 18,000 | 232 |
| | ASKA Pharmaceutical Co. Ltd. | 23,200 | 231 |
| | NS United Kaiun Kaisha Ltd. | 96,000 | 230 |
| | Ryoden Trading Co. Ltd. | 32,000 | 230 |
| | Tosho Co. Ltd. | 10,100 | 230 |
| | Kamei Corp. | 31,200 | 229 |
| | Sun Frontier Fudousan Co. Ltd. | 24,000 | 229 |
| | Tokushu Tokai Paper Co. Ltd. | 100,000 | 228 |
| | CHIMNEY Co. Ltd. | 9,100 | 227 |
| | Sanoh Industrial Co. Ltd. | 31,000 | 227 |
| | Happinet Corp. | 19,700 | 227 |
| | Atsugi Co. Ltd. | 218,000 | 225 |
| | Maeda Kosen Co. Ltd. | 24,000 | 225 |
| | Nippon Sharyo Ltd. | 78,000 | 225 |
| | Takiron Co. Ltd. | 48,000 | 223 |
| | Nippon Steel & Sumikin Texeng Co. Ltd. | 41,000 | 221 |
| | Kaga Electronics Co. Ltd. | 18,200 | 220 |
| | Artnature Inc. | 23,600 | 220 |
| | Fukushima Industries Corp. | 13,000 | 218 |
| | Idec Corp. | 23,900 | 216 |
| | Achilles Corp. | 165,000 | 216 |
| | Maruwa Co. Ltd. | 9,500 | 215 |
| | Toyo Kanetsu KK | 114,000 | 215 |
| | Shiroki Corp. | 64,961 | 215 |
| | Riken Technos Corp. | 58,400 | 213 |
| | Matsuda Sangyo Co. Ltd. | 16,500 | 212 |
| | Yurtec Corp. | 33,000 | 211 |
| | Tokyo Tekko Co. Ltd. | 51,000 | 211 |
| | Nihon Dempa Kogyo Co. Ltd. | 25,310 | 209 |
| | Ateam Inc. | 9,800 | 208 |
| | Nippon Ceramic Co. Ltd. | 14,600 | 208 |
| | Aderans Co. Ltd. | 22,009 | 208 |
| | Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd. | 58,000 | 206 |
| | Toli Corp. | 85,101 | 205 |
| | Shimizu Bank Ltd. | 7,700 | 205 |
| | Furuno Electric Co. Ltd. | 25,200 | 205 |
| ^ | Torishima Pump Manufacturing Co. Ltd. | 27,500 | 204 |
| | Fuso Pharmaceutical Industries Ltd. | 78,000 | 203 |
| ^ | OSJB Holdings Corp. | 97,594 | 202 |
| * | Mitsubishi Paper Mills Ltd. | 263,000 | 202 |
| | Yushiro Chemical Industry Co. Ltd. | 15,600 | 201 |
| | Uchida Yoko Co. Ltd. | 59,000 | 201 |
| | Japan Radio Co. Ltd. | 53,000 | 199 |
| | Sinanen Co. Ltd. | 50,000 | 198 |
| | Hisaka Works Ltd. | 21,500 | 197 |
| | Nippon Kanzai Co. Ltd. | 8,200 | 197 |
| ^ | JP-Holdings Inc. | 68,400 | 196 |
| | Sankyo Seiko Co. Ltd. | 45,097 | 195 |
| * | Nakayama Steel Works Ltd. | 245,000 | 192 |
| | Mitsui High-Tec Inc. | 25,500 | 192 |
| ^ | WATAMI Co. Ltd. | 19,500 | 192 |
| | Daiwa Industries Ltd. | 27,700 | 190 |
| | Daiken Corp. | 83,000 | 189 |
72
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Weathernews Inc. | 6,400 | 188 |
| | Hosokawa Micron Corp. | 36,000 | 187 |
| | Dai-ichi Seiko Co. Ltd. | 9,800 | 187 |
| | Mitani Sekisan Co. Ltd. | 12,200 | 187 |
| | Kyosan Electric Manufacturing Co. Ltd. | 59,000 | 186 |
| | Tatsuta Electric Wire and Cable Co. Ltd. | 42,600 | 186 |
| | CONEXIO Corp. | 18,800 | 185 |
| | Yomiuri Land Co. Ltd. | 48,000 | 185 |
| | Hakuto Co. Ltd. | 15,200 | 185 |
| | Kitagawa Iron Works Co. Ltd. | 87,000 | 183 |
| | Itochu-Shokuhin Co. Ltd. | 5,200 | 183 |
| * | SWCC Showa Holdings Co. Ltd. | 229,000 | 182 |
| | Aichi Corp. | 32,700 | 181 |
| | Toho Co. Ltd. | 46,000 | 180 |
| ^ | Osaki Electric Co. Ltd. | 26,000 | 180 |
| | Tsutsumi Jewelry Co. Ltd. | 7,500 | 178 |
| | Chuetsu Pulp & Paper Co. Ltd. | 85,000 | 177 |
| | Koatsu Gas Kogyo Co. Ltd. | 34,000 | 177 |
| | CMK Corp. | 70,700 | 177 |
| | Shin-Etsu Polymer Co. Ltd. | 36,000 | 176 |
| ^ | Nihon Trim Co. Ltd. | 5,700 | 175 |
| | Mitsubishi Nichiyu Forklift Co. Ltd. | 31,000 | 175 |
| | Kourakuen Corp. | 13,500 | 174 |
| | Toenec Corp. | 35,000 | 173 |
| | Cleanup Corp. | 21,800 | 173 |
| * | Janome Sewing Machine Co. Ltd. | 145,000 | 172 |
| * | KNT-CT Holdings Co. Ltd. | 122,000 | 172 |
| * | Kinki Sharyo Co. Ltd. | 55,000 | 172 |
| | France Bed Holdings Co. Ltd. | 115,000 | 172 |
| * | Fujiya Co. Ltd. | 105,000 | 171 |
| | Nippon Valqua Industries Ltd. | 66,000 | 171 |
| ^ | Matsuya Foods Co. Ltd. | 8,600 | 171 |
| | Krosaki Harima Corp. | 80,000 | 170 |
| | T RAD Co. Ltd. | 79,000 | 170 |
| ^ | Hokkaido Gas Co. Ltd. | 72,000 | 170 |
| | Chugai Ro Co. Ltd. | 74,000 | 170 |
| | Onoken Co. Ltd. | 18,900 | 169 |
| | Asahi Organic Chemicals Industry Co. Ltd. | 74,555 | 169 |
| | Mars Engineering Corp. | 9,500 | 168 |
| | Pasona Group Inc. | 26,200 | 168 |
| | Sumitomo Precision Products Co. Ltd. | 42,000 | 166 |
| | Noritsu Koki Co. Ltd. | 28,600 | 163 |
| | Fujitsu Frontech Ltd. | 13,100 | 162 |
| ^ | U-Shin Ltd. | 24,500 | 161 |
| | Nissei ASB Machine Co. Ltd. | 8,400 | 161 |
| * | Giken Ltd. | 9,700 | 160 |
| | Tomoku Co. Ltd. | 68,000 | 160 |
| | Zuken Inc. | 17,800 | 159 |
| | Japan Transcity Corp. | 49,192 | 159 |
| | Daidoh Ltd. | 37,100 | 159 |
| | Paris Miki Holdings Inc. | 39,400 | 158 |
| | Panasonic Information Systems Co. Ltd. | 4,400 | 157 |
| | Organo Corp. | 35,000 | 156 |
| | Mitsubishi Research Institute Inc. | 6,800 | 156 |
| ^ | Asahi Co. Ltd. | 17,600 | 155 |
| | Shinwa Co. Ltd. | 9,300 | 155 |
| | Nihon Yamamura Glass Co. Ltd. | 105,000 | 155 |
| | Asunaro Aoki Construction Co. Ltd. | 20,700 | 154 |
| ^ | CMIC Holdings Co. Ltd. | 10,200 | 152 |
| | Tsukui Corp. | 20,000 | 151 |
| | KFC Holdings Japan Ltd. | 8,000 | 151 |
| ^ | Zuiko Corp. | 4,500 | 149 |
| | Dai Nippon Toryo Co. Ltd. | 114,000 | 148 |
| | Rhythm Watch Co. Ltd. | 106,000 | 147 |
73
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | NDS Co. Ltd. | 58,000 | 146 |
| | Honeys Co. Ltd. | 15,690 | 142 |
| ^ | Toda Kogyo Corp. | 40,000 | 141 |
| | Hioki EE Corp. | 7,100 | 140 |
| | Japan Vilene Co. Ltd. | 27,889 | 140 |
| | Nippon Coke & Engineering Co. Ltd. | 143,000 | 139 |
| | Yonekyu Corp. | 9,100 | 138 |
| | Parco Co. Ltd. | 14,400 | 136 |
| | Iwasaki Electric Co. Ltd. | 59,000 | 136 |
| | Gun-Ei Chemical Industry Co. Ltd. | 48,000 | 136 |
| | Panasonic Industrial Devices SUNX Co. Ltd. | 19,100 | 136 |
| | Arata Corp. | 49,797 | 135 |
| | Chori Co. Ltd. | 8,200 | 130 |
| | Nippon Chemiphar Co. Ltd. | 26,000 | 129 |
| | Komatsu Seiren Co. Ltd. | 28,000 | 127 |
| | Chuo Spring Co. Ltd. | 46,000 | 126 |
| | Fuji Oil Co. Ltd. | 35,900 | 126 |
| | Seika Corp. | 45,000 | 125 |
| | Mitsui Matsushima Co. Ltd. | 115,000 | 125 |
| | Pronexus Inc. | 18,735 | 124 |
| | Okura Industrial Co. Ltd. | 40,000 | 123 |
| ^ | Srg Takamiya Co. Ltd. | 17,900 | 122 |
| | GCA Savvian Corp. | 11,300 | 121 |
| | Taisei Lamick Co. Ltd. | 5,200 | 121 |
| | Ohara Inc. | 23,270 | 119 |
| | Corona Corp. Class A | 12,200 | 118 |
| | Nice Holdings Inc. | 72,000 | 116 |
| | Hokkan Holdings Ltd. | 49,000 | 114 |
| | Kitano Construction Corp. | 38,000 | 114 |
| | Dunlop Sports Co. Ltd. | 10,600 | 110 |
| | Toko Inc. | 37,000 | 110 |
| | Takaoka Toko Co. Ltd. | 8,400 | 109 |
| | Kanaden Corp. | 15,000 | 108 |
| | Advan Co. Ltd. | 8,000 | 108 |
| | Gakken Holdings Co. Ltd. | 47,000 | 99 |
| | Maezawa Kasei Industries Co. Ltd. | 9,600 | 98 |
| | Axell Corp. | 7,600 | 97 |
| | Future Architect Inc. | 15,900 | 96 |
| | Tokyo Rakutenchi Co. Ltd. | 23,000 | 95 |
| | Shimojima Co. Ltd. | 10,200 | 91 |
| | CAC Holdings Corp. | 10,000 | 90 |
| | Mory Industries Inc. | 26,000 | 90 |
| | Gecoss Corp. | 7,300 | 90 |
| ^ | Tosho Printing Co. Ltd. | 28,000 | 89 |
| ^,* | Shin Nippon Biomedical Laboratories Ltd. | 12,900 | 84 |
| | Endo Lighting Corp. | 7,100 | 84 |
| | ValueCommerce Co. Ltd. | 17,000 | 84 |
| ^,* | Sanix Inc. | 26,300 | 83 |
| | NIFTY Corp. | 6,500 | 83 |
| | Information Services International-Dentsu Ltd. | 8,000 | 83 |
| | Airport Facilities Co. Ltd. | 14,000 | 79 |
| | NEC Capital Solutions Ltd. | 5,000 | 78 |
| | Daisyo Corp. | 6,000 | 75 |
| | Uniden Corp. | 41,000 | 75 |
| | Maezawa Kyuso Industries Co. Ltd. | 5,900 | 75 |
| | Fujikura Kasei Co. Ltd. | 16,000 | 75 |
| | Mitsui Home Co. Ltd. | 17,000 | 74 |
| * | Nissen Holdings Co. Ltd. | 33,000 | 74 |
| | Ichikoh Industries Ltd. | 32,000 | 73 |
| | Takihyo Co. Ltd. | 18,000 | 71 |
| | Hodogaya Chemical Co. Ltd. | 42,000 | 70 |
| | Stella Chemifa Corp. | 6,200 | 69 |
| | ST Corp. | 7,500 | 66 |
| ^,* | Yamada SxL Home Co. Ltd. | 81,000 | 64 |
74
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Livesense Inc. | 12,000 | 61 |
| | Oenon Holdings Inc. | 32,000 | 60 |
| | Alpha Systems Inc. | 4,000 | 59 |
| | Aeon Fantasy Co. Ltd. | 3,600 | 57 |
| ^ | Best Denki Co. Ltd. | 46,000 | 57 |
| | Right On Co. Ltd. | 7,000 | 54 |
| | Olympic Group Corp. | 7,800 | 53 |
| | Cybozu Inc. | 17,600 | 50 |
| | Shoko Co. Ltd. | 37,000 | 47 |
| | Tokyo Electron Device Ltd. | 3,500 | 47 |
| | Pocket Card Co. Ltd. | 10,600 | 44 |
| | Daikoku Denki Co. Ltd. | 2,900 | 44 |
| | Inaba Seisakusho Co. Ltd. | 3,500 | 42 |
| | Toa Oil Co. Ltd. | 33,000 | 42 |
| | Kojima Co. Ltd. | 15,100 | 41 |
| | Nippon Kasei Chemical Co. Ltd. | 21,000 | 28 |
| | Japan Aviation Electronics Industry Ltd. | 1 | — |
| | | | 441,376 |
| Malaysia (1.0%) | | |
| | Dialog Group Bhd. | 5,588,662 | 2,535 |
| | Genting Plantations Bhd. | 484,473 | 1,345 |
| | Bursa Malaysia Bhd. | 490,736 | 1,203 |
| | Hartalega Holdings Bhd. | 474,200 | 1,085 |
| | HAP Seng Consolidated Bhd. | 799,500 | 1,036 |
| | Cahya Mata Sarawak Bhd. | 715,100 | 1,017 |
| | KPJ Healthcare Bhd. | 813,510 | 972 |
| | Mah Sing Group Bhd. | 1,596,700 | 944 |
| | Sunway Bhd. | 795,400 | 845 |
| | Top Glove Corp. Bhd. | 530,079 | 834 |
| | BIMB Holdings Bhd. | 725,240 | 814 |
| | QL Resources Bhd. | 685,240 | 768 |
| | Berjaya Auto Bhd. | 662,100 | 750 |
| | Kossan Rubber Industries | 422,900 | 712 |
| | TSH Resources Bhd. | 1,062,500 | 673 |
| | Pos Malaysia Bhd. | 471,400 | 672 |
| | TIME dotCom Bhd. | 390,500 | 668 |
| | Malaysia Building Society Bhd. | 1,134,400 | 662 |
| | Media Prima Bhd. | 1,400,617 | 659 |
| | DRB-Hicom Bhd. | 1,209,127 | 637 |
| * | Inari Amertron Bhd. | 703,000 | 625 |
| | CapitaMalls Malaysia Trust | 1,418,000 | 594 |
| | WCT Holdings Bhd. | 1,139,222 | 583 |
| | Eastern & Oriental Bhd. | 1,048,190 | 573 |
| | OSK Holdings Bhd. | 952,781 | 561 |
| | Kulim Malaysia Bhd. | 764,636 | 558 |
| | Berjaya Corp. Bhd. | 4,161,471 | 507 |
| * | Yinson Holdings Bhd. | 603,900 | 492 |
| | Pavilion REIT | 1,125,600 | 492 |
| | Malaysian Resources Corp. Bhd. | 1,198,969 | 443 |
| | IJM Corp. Bhd. | 209,200 | 431 |
| | UMW Oil & Gas Corp. Bhd. | 694,000 | 426 |
| * | MPHB Capital Bhd. | 782,300 | 416 |
| | Gas Malaysia Bhd. | 547,600 | 410 |
| | Supermax Corp. Bhd. | 679,350 | 385 |
| | Muhibbah Engineering M Bhd. | 543,000 | 381 |
| | Unisem M Bhd. | 565,980 | 379 |
| | Jaya Tiasa Holdings Bhd. | 807,900 | 367 |
| | UOA Development Bhd. | 574,600 | 365 |
| | Dayang Enterprise Holdings Bhd. | 485,100 | 358 |
| | IGB Corp. Bhd. | 430,500 | 345 |
| | TA Enterprise Bhd. | 1,674,100 | 333 |
| * | KNM Group Bhd. | 1,852,200 | 331 |
| | CB Industrial Product Holding Bhd. | 567,700 | 323 |
| | Coastal Contracts Bhd. | 300,000 | 254 |
75
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Perdana Petroleum Bhd. | 614,756 | 234 |
| | Datasonic Group Bhd. | 639,800 | 190 |
| * | Puncak Niaga Holdings Bhd. | 252,500 | 183 |
| | Wah Seong Corp. Bhd. | 492,642 | 182 |
| * | Mulpha International Bhd. | 1,519,700 | 164 |
| * | Perisai Petroleum Teknologi Bhd. | 904,200 | 138 |
| | Malaysian Bulk Carriers Bhd. | 370,500 | 125 |
| | Mudajaya Group Bhd. | 269,500 | 106 |
| * | Scomi Group Bhd. | 1,394,300 | 93 |
| * | AirAsia X Bhd. | 801,800 | 92 |
| * | Lion Industries Corp. Bhd. | 425,900 | 53 |
| | Keck Seng Malaysia Bhd. | 17,144 | 27 |
| * | Hartalega Holdings Bhd. Warrants Exp. 5/29/2015 | 22,560 | 25 |
| * | BIMB Holdings Bhd. Warrants Exp. 12/4/2023 | 154,640 | 17 |
| * | Eastern & Oriental Bhd Warrants Exp. 7/21/2019 | 154,580 | 16 |
| * | Mah Sing Group Bhd. Warrants Exp. 3/18/2018 | 131,268 | 16 |
| * | Malaysian Resources Corp. Bhd. Warrants Exp. 9/16/2018 | 253,023 | 13 |
| * | Puncak Niaga Holding Bhd. Warrants Exp. 7/20/2018 | 25,250 | 12 |
| * | KNM Group BHD Warrants Exp. 4/21/2020 | 178,365 | 11 |
| * | CB Industrial Product Holding Bhd Warrants Exp. 10/31/2019 | 78,700 | 10 |
| * | KNM Group Bhd. Warrants Exp. 11/15/2017 | 189,022 | 9 |
| * | Mah Sing Group Warrants Exp. 1/15/2026 | 100,188 | 7 |
| * | WCT Holdings Bhd. Warrants Exp. 12/11/2017 | 82,009 | 6 |
| * | Kulim Malaysia Bhd. Warrants Exp. 2/27/2016 | 46,729 | 4 |
| * | WCT Holdings Bhd. Warrants Exp. 3/10/2016 | 73,268 | 3 |
| | | | 31,499 |
| Mexico (0.5%) | | |
| | Mexico Real Estate Management SA de CV | 1,138,260 | 1,726 |
| | Bolsa Mexicana de Valores SAB de CV | 866,776 | 1,667 |
| | Grupo Aeroportuario del Centro Norte Sab de CV Class B | 288,644 | 1,442 |
| | Corp Inmobiliaria Vesta SAB de CV | 744,900 | 1,394 |
| | PLA Administradora Industrial S de RL de CV | 653,728 | 1,291 |
| * | Grupo Aeromexico SAB de CV | 725,188 | 1,285 |
| | Concentradora Fibra Hotelera Mexicana SA de CV | 651,180 | 880 |
| | Prologis Property Mexico SA de CV | 462,175 | 819 |
| * | TV Azteca SAB de CV | 2,434,322 | 744 |
| * | Empresas ICA SAB de CV | 829,860 | 737 |
| | Grupo Financiero Interacciones SA de CV | 98,391 | 622 |
| * | Credito Real SAB de CV SOFOM ER | 229,100 | 567 |
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 427,200 | 531 |
| * | Hoteles City Express SAB de CV | 323,100 | 493 |
| * | Banregio Grupo Financiero SAB de CV | 82,676 | 474 |
| * | Grupo Herdez SAB de CV | 167,675 | 456 |
| * | Qualitas Controladora SAB de CV | 210,076 | 394 |
| * | Consorcio ARA SAB de CV | 898,210 | 382 |
| | Organizacion Cultiba SAB de CV | 225,228 | 302 |
| * | Grupo Simec SAB de CV Class B | 84,915 | 228 |
| * | Corp GEO SAB de CV | 412,100 | 45 |
| * | Urbi Desarrollos Urbanos SAB de CV | 313,585 | 32 |
| | | | 16,511 |
| Netherlands (1.6%) | | |
| | Delta Lloyd NV | 297,976 | 5,635 |
| | Aalberts Industries NV | 132,504 | 4,108 |
| | ASM International NV | 69,318 | 3,366 |
| * | SBM Offshore NV | 245,126 | 3,166 |
| | Wereldhave NV | 47,419 | 3,044 |
| * | PostNL NV | 599,431 | 2,977 |
| | Arcadis NV | 90,556 | 2,866 |
| | Eurocommercial Properties NV | 57,649 | 2,634 |
| * | APERAM SA | 67,876 | 2,588 |
| | Fugro NV | 76,039 | 2,187 |
| | TKH Group NV | 58,195 | 2,159 |
| | Corbion NV | 86,052 | 1,965 |
| | Vastned Retail NV | 29,367 | 1,434 |
76
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | TomTom NV | 152,227 | 1,351 |
| | USG People NV | 98,487 | 1,337 |
| * | Koninklijke BAM Groep NV | 300,554 | 1,253 |
| * | IMCD Group NV | 31,661 | 1,186 |
| | BinckBank NV | 103,549 | 1,038 |
| | NSI NV | 183,547 | 862 |
| | Koninklijke Ten Cate NV | 35,347 | 823 |
| ^ | Royal Imtech NV | 135,766 | 726 |
| | Accell Group | 32,437 | 607 |
| | Brunel International NV | 29,314 | 601 |
| * | Grontmij NV | 125,046 | 553 |
| | Wessanen | 56,729 | 483 |
| ^,* | SNS REAAL NV | 96,364 | — |
| | | | 48,949 |
| New Zealand (0.5%) | | |
| | Trade Me Group Ltd. | 555,893 | 1,619 |
| | Infratil Ltd. | 607,614 | 1,446 |
| | Z Energy Ltd. | 373,513 | 1,372 |
| | Goodman Property Trust | 1,435,455 | 1,291 |
| * | Chorus Ltd. | 526,292 | 1,225 |
| | Argosy Property Ltd. | 1,221,830 | 1,058 |
| | Freightways Ltd. | 221,473 | 1,031 |
| | Genesis Energy Ltd. | 659,205 | 980 |
| | Precinct Properties New Zealand Ltd. | 963,344 | 848 |
| | Summerset Group Holdings Ltd. | 292,869 | 775 |
| | Ebos Group Ltd. | 105,911 | 769 |
| | Nuplex Industries Ltd. | 259,929 | 665 |
| | Metlifecare Ltd. | 163,988 | 608 |
| | Vital Healthcare Property Trust | 345,813 | 440 |
| * | Diligent Board Member Services Inc. | 96,234 | 430 |
| * | Heartland New Zealand Ltd. | 409,064 | 412 |
| | TOWER Ltd. | 217,320 | 366 |
| * | New Zealand Oil & Gas Ltd. | 789,922 | 352 |
| | Kathmandu Holdings Ltd. | 255,330 | 279 |
| ^,* | a2 Milk Co. Ltd. | 468,164 | 185 |
| | | | 16,151 |
| Norway (1.0%) | | |
| ^ | TGS Nopec Geophysical Co. ASA | 139,802 | 3,558 |
| ^,* | DNO ASA | 1,401,289 | 2,642 |
| * | Storebrand ASA | 611,272 | 2,161 |
| ^ | Petroleum Geo-Services ASA | 317,515 | 2,108 |
| ^,* | Nordic Semiconductor ASA | 232,779 | 1,774 |
| | SpareBank 1 SMN | 194,158 | 1,734 |
| | Atea ASA | 137,996 | 1,539 |
| ^ | Opera Software ASA | 137,594 | 1,339 |
| ^,* | Det Norske Oljeselskap ASA | 169,012 | 1,238 |
| | Salmar ASA | 73,332 | 1,191 |
| 2 | Aker Solutions ASA | 180,026 | 1,096 |
| | SpareBank 1 SR-Bank ASA | 140,751 | 1,044 |
| ^ | Prosafe SE | 273,727 | 974 |
| ^,* | REC Silicon ASA | 3,377,021 | 943 |
| | Bakkafrost P/F | 38,931 | 914 |
| | Aker ASA | 37,956 | 855 |
| 2 | BW LPG Ltd. | 92,010 | 814 |
| * | Norwegian Property ASA | 484,908 | 653 |
| | Leroy Seafood Group ASA | 17,417 | 578 |
| ^ | Wilh Wilhelmsen ASA | 74,712 | 487 |
| | Stolt-Nielsen Ltd. | 25,276 | 471 |
| ^,* | Norwegian Air Shuttle ASA | 10,232 | 429 |
| | Austevoll Seafood ASA | 72,494 | 422 |
| ^,* | Akastor ASA | 178,071 | 347 |
| | BW Offshore Ltd. | 460,983 | 343 |
| ^ | Fred Olsen Energy ASA | 37,861 | 340 |
| * | Archer Ltd. | 369,663 | 137 |
77
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kvaerner ASA | 136,524 | 107 |
| ^,* | Odfjell Drilling Ltd. | 58,856 | 52 |
| | | | 30,290 |
| Philippines (0.5%) | | |
| | Metro Pacific Investments Corp. | 16,233,666 | 1,648 |
| | Robinsons Land Corp. | 2,360,331 | 1,585 |
| | Security Bank Corp. | 373,389 | 1,407 |
| | Puregold Price Club Inc. | 1,358,500 | 1,209 |
| | Robinsons Retail Holdings Inc. | 515,350 | 1,007 |
| * | Philippine National Bank | 573,012 | 995 |
| | First Gen Corp. | 1,571,130 | 989 |
| | Cosco Capital Inc. | 5,135,700 | 945 |
| | Vista Land & Lifescapes Inc. | 4,243,300 | 714 |
| | Filinvest Land Inc. | 14,538,400 | 619 |
| | Nickel Asia Corp. | 1,216,404 | 619 |
| | Manila Water Co. Inc. | 1,111,085 | 618 |
| | First Philippine Holdings Corp. | 282,240 | 588 |
| | Rizal Commercial Banking Corp. | 569,000 | 583 |
| * | D&L Industries Inc. | 1,273,200 | 570 |
| | Belle Corp. | 5,638,600 | 528 |
| * | Melco Crown Philippines Resorts Corp. | 2,542,800 | 517 |
| | Lopez Holdings Corp. | 2,487,700 | 482 |
| | Cebu Air Inc. | 223,530 | 427 |
| | Philex Mining Corp. | 2,046,281 | 320 |
| | Atlas Consolidated Mining & Development Corp. | 853,100 | 153 |
| | | | 16,523 |
| Poland (0.3%) | | |
| ^ | Lubelski Wegiel Bogdanka SA | 48,442 | 1,181 |
| | Netia SA | 573,290 | 938 |
| * | PKP Cargo SA | 39,928 | 937 |
| ^ | Kernel Holding SA | 71,659 | 691 |
| | Budimex SA | 13,851 | 677 |
| ^,* | Globe Trade Centre SA | 349,445 | 600 |
| * | CD Projekt SA | 86,807 | 498 |
| | Ciech SA | 29,620 | 482 |
| * | Fabryki Mebli Forte SA | 27,954 | 443 |
| | Warsaw Stock Exchange | 31,797 | 434 |
| * | Integer.pl SA | 7,186 | 299 |
| ^,* | Jastrzebska Spolka Weglowa SA | 62,857 | 250 |
| ^,* | Boryszew SA | 127,777 | 214 |
| ^,* | Getin Holding SA | 353,234 | 211 |
| | | | 7,855 |
| Portugal (0.4%) | | |
| * | CTT-Correios de Portugal SA | 203,612 | 2,297 |
| | NOS SGPS SA | 312,194 | 2,274 |
| | Sonae SGPS SA | 1,329,937 | 1,849 |
| | Portucel SA | 239,518 | 1,172 |
| | Semapa-Sociedade de Investimento e Gestao | 69,592 | 997 |
| ^,* | Banco BPI SA | 487,159 | 796 |
| | Altri SGPS SA | 123,649 | 530 |
| * | REN - Redes Energeticas Nacionais SGPS SA | 153,218 | 480 |
| ^ | Portugal Telecom SGPS SA | 660,729 | 419 |
| | Mota-Engil SGPS SA | 102,966 | 355 |
| * | Banco Comercial Portugues SA | 1 | — |
| | | | 11,169 |
| Russia (0.1%) | | |
| * | DIXY Group OJSC | 77,280 | 668 |
| | M Video OJSC | 81,240 | 328 |
| | TMK OAO GDR | 56,000 | 227 |
| * | Mechel | 179,200 | 223 |
| | Mosenergo OAO | 8,590,191 | 166 |
| * | Raspadskaya OAO | 182,900 | 130 |
78
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | OGK-2 OAO | 18,997,639 | 102 |
| | | | 1,844 |
| Singapore (1.7%) | | |
| | Keppel REIT | 2,534,947 | 2,355 |
| | SATS Ltd. | 964,729 | 2,324 |
| | Mapletree Commercial Trust | 1,976,000 | 2,298 |
| | Mapletree Industrial Trust | 1,771,000 | 2,153 |
| | Mapletree Greater China Commercial Trust | 2,482,212 | 1,987 |
| | Mapletree Logistics Trust | 2,070,826 | 1,924 |
| ^ | Ezion Holdings Ltd. | 1,862,612 | 1,689 |
| | Fortune REIT | 1,624,000 | 1,676 |
| | Asian Pay Television Trust | 2,259,000 | 1,536 |
| ^ | United Engineers Ltd. | 740,000 | 1,481 |
| | Starhill Global REIT | 2,201,108 | 1,454 |
| ^ | Raffles Medical Group Ltd. | 429,728 | 1,307 |
| | Frasers Centrepoint Trust | 796,210 | 1,243 |
| | AIMS AMP Capital Industrial REIT | 1,023,795 | 1,184 |
| | CDL Hospitality Trusts | 885,166 | 1,147 |
| ^,* | SIIC Environment Holdings Ltd. | 6,419,520 | 1,089 |
| | Cambridge Industrial Trust | 2,046,260 | 1,082 |
| | Ascott Residence Trust | 1,076,021 | 1,036 |
| | Cache Logistics Trust | 1,135,241 | 1,011 |
| ^,* | Biosensors International Group Ltd. | 1,557,902 | 971 |
| ^ | First Resources Ltd. | 712,629 | 956 |
| | Silverlake Axis Ltd. | 919,280 | 882 |
| 2 | ARA Asset Management Ltd. | 664,210 | 868 |
| | Lippo Malls Indonesia Retail Trust | 2,815,000 | 766 |
| | CapitaRetail China Trust | 584,060 | 765 |
| * | Genting Hong Kong Ltd. | 2,017,877 | 745 |
| ^,* | China Animal Healthcare Ltd. | 1,067,176 | 716 |
| | OUE Hospitality Trust | 948,166 | 698 |
| ^ | Super Group Ltd. | 606,574 | 681 |
| | Frasers Commercial Trust | 586,200 | 668 |
| | Far East Hospitality Trust | 1,040,000 | 644 |
| | First REIT | 573,000 | 628 |
| | Ascendas India Trust | 904,562 | 611 |
| ^ | SPH REIT | 750,400 | 595 |
| * | Accordia Golf Trust | 948,616 | 580 |
| | Hyflux Ltd. | 776,286 | 565 |
| | Religare Health Trust | 669,000 | 538 |
| | Sabana Shari'ah Compliant Industrial REIT | 821,300 | 537 |
| | Ascendas Hospitality Trust | 1,003,000 | 534 |
| ^ | China Everbright Water Ltd. | 616,500 | 521 |
| ^,* | Yoma Strategic Holdings Ltd. | 1,313,919 | 505 |
| ^ | OUE Ltd. | 301,000 | 502 |
| ^ | Sarine Technologies Ltd. | 279,404 | 432 |
| ^ | Croesus Retail Trust | 595,000 | 422 |
| | GuocoLeisure Ltd. | 601,900 | 418 |
| ^,* | Tiger Airways Holdings Ltd. | 1,498,136 | 396 |
| | Soilbuild Business Space REIT | 616,000 | 386 |
| ^ | OSIM International Ltd. | 235,080 | 360 |
| ^,* | Ezra Holdings Ltd. | 984,378 | 326 |
| | Perennial Real Estate Holdings Ltd. | 388,183 | 320 |
| | Hi-P International Ltd. | 642,000 | 296 |
| | Midas Holdings Ltd. | 978,847 | 287 |
| | Fortune REIT | 276,589 | 282 |
| | Raffles Education Corp. Ltd. | 1,110,839 | 269 |
| | Bumitama Agri Ltd. | 356,000 | 264 |
| ^,* | Vard Holdings Ltd. | 508,000 | 245 |
| | Boustead Singapore Ltd. | 214,000 | 228 |
| ^,* | Gallant Venture Ltd. | 1,115,679 | 206 |
| | CSE Global Ltd. | 398,759 | 173 |
| * | China Fishery Group Ltd. | 1,088,512 | 157 |
| ^,* | Ying Li International Real Estate Ltd. | 717,000 | 137 |
79
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | GMG Global Ltd. | 2,444,000 | 137 |
| | Hong Leong Asia Ltd. | 123,000 | 123 |
| | Keppel Telecommunications & Transportation Ltd. | 96,420 | 119 |
| | Tat Hong Holdings Ltd. | 244,000 | 115 |
| ^,* | Swiber Holdings Ltd. | 679,500 | 101 |
| * | Boustead Projects Pte Ltd. | 64,200 | 51 |
| ^ | United Envirotech Ltd. | 28,449 | 39 |
| * | China Hongxing Sports Ltd. | 831,000 | 36 |
| * | Sound Global Ltd. | 20,000 | 18 |
| * | China Milk Products Group Ltd. | 140,000 | — |
| | | | 51,795 |
| South Africa (0.4%) | | |
| * | Super Group Ltd. | 426,157 | 1,292 |
| | SA Corporate Real Estate Fund Nominees Pty Ltd. | 2,953,844 | 1,239 |
| | Famous Brands Ltd. | 97,467 | 999 |
| | Emira Property Fund | 631,076 | 963 |
| | Lewis Group Ltd. | 129,594 | 942 |
| | Mpact Ltd. | 217,206 | 789 |
| | Astral Foods Ltd. | 50,540 | 767 |
| | Metair Investments Ltd. | 220,527 | 679 |
| | Cashbuild Ltd. | 25,634 | 602 |
| | Hudaco Industries Ltd. | 51,950 | 543 |
| * | Peregrine Holdings Ltd. | 229,681 | 538 |
| | City Lodge Hotels Ltd. | 38,979 | 501 |
| * | Aveng Ltd. | 471,485 | 423 |
| * | Curro Holdings Ltd. | 129,714 | 415 |
| | Invicta Holdings Ltd. | 59,706 | 366 |
| | Adcorp Holdings Ltd. | 135,922 | 356 |
| | Blue Label Telecoms Ltd. | 475,055 | 321 |
| | Group Five Ltd. | 136,967 | 315 |
| | Clover Industries Ltd. | 188,516 | 294 |
| | Raubex Group Ltd. | 149,828 | 225 |
| * | Pinnacle Holdings Ltd. | 176,819 | 168 |
| | Merafe Resources Ltd. | 1,222,650 | 89 |
| | DRDGOLD Ltd. | 257,096 | 48 |
| * | Curro Holdings Ltd. Rights Exp. 5/08/2015 | 2,193 | 2 |
| | | | 12,876 |
| South Korea (4.4%) | | |
| ^ | Hanssem Co. Ltd. | 19,524 | 3,603 |
| ^,* | Hanmi Pharm Co. Ltd. | 8,701 | 3,042 |
| ^ | Youngone Corp. | 41,854 | 2,562 |
| | Medy-Tox Inc. | 6,018 | 2,080 |
| * | Kumho Tire Co. Inc. | 208,830 | 1,898 |
| ^,* | LG Innotek Co. Ltd. | 20,092 | 1,865 |
| ^,* | Com2uSCorp | 10,938 | 1,844 |
| ^,* | ViroMed Co. Ltd. | 17,016 | 1,836 |
| ^ | SK Chemicals Co. Ltd. | 24,440 | 1,587 |
| | LIG Insurance Co. Ltd. | 62,813 | 1,453 |
| ^ | Hana Tour Service Inc. | 12,081 | 1,433 |
| ^ | Korean Reinsurance Co. | 129,062 | 1,431 |
| | Hyundai Greenfood Co. Ltd. | 80,352 | 1,417 |
| * | CJ E&M Corp. | 25,390 | 1,388 |
| | Kolon Industries Inc. | 22,823 | 1,372 |
| ^ | CJ CGV Co. Ltd. | 18,165 | 1,344 |
| | Dongsuh Co. Inc. | 43,269 | 1,342 |
| | Meritz Securities Co. Ltd. | 226,991 | 1,327 |
| | LG International Corp. | 34,381 | 1,316 |
| | Daesang Corp. | 27,860 | 1,204 |
| | Green Cross Corp. | 7,236 | 1,192 |
| | Ottogi Corp. | 1,792 | 1,177 |
| | LS Industrial Systems Co. Ltd. | 21,338 | 1,176 |
| ^ | Korea Kolmar Co. Ltd. | 17,160 | 1,160 |
| | Cosmax Inc. | 8,567 | 1,157 |
| ^ | Eo Technics Co. Ltd. | 11,064 | 1,139 |
80
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Green Cross Holdings Corp. | 41,188 | 1,121 |
| | Fila Korea Ltd. | 11,324 | 1,108 |
| * | Hanjin Kal Corp. | 35,386 | 1,083 |
| ^ | KIWOOM Securities Co. Ltd. | 15,237 | 1,080 |
| ^ | LOTTE Himart Co. Ltd. | 15,874 | 1,054 |
| * | Ssangyong Cement Industrial Co. Ltd. | 65,027 | 1,021 |
| | GS Home Shopping Inc. | 4,520 | 1,007 |
| | Hyundai Home Shopping Network Corp. | 8,006 | 1,007 |
| | Kwang Dong Pharmaceutical Co. Ltd. | 62,506 | 962 |
| | Hanjin Transportation Co. Ltd. | 16,918 | 958 |
| | Young Poong Corp. | 774 | 952 |
| ^ | JB Financial Group Co. Ltd. | 143,864 | 929 |
| ^,* | Hanmi Science Co. ltd | 23,273 | 926 |
| ^,* | Webzen Inc. | 23,476 | 922 |
| | Taekwang Industrial Co. Ltd. | 824 | 922 |
| ^ | Grand Korea Leisure Co. Ltd. | 25,749 | 921 |
| | CJ O Shopping Co. Ltd. | 4,090 | 915 |
| ^,* | Komipharm International Co. Ltd. | 38,827 | 891 |
| ^ | Seoul Semiconductor Co. Ltd. | 49,405 | 890 |
| ^ | Meritz Fire & Marine Insurance Co. Ltd. | 65,314 | 870 |
| ^,* | Wonik IPS Co. Ltd. | 77,170 | 864 |
| ^ | iMarketKorea Inc. | 33,638 | 857 |
| | Hanil Cement Co. Ltd. | 6,066 | 851 |
| ^,* | IS Dongseo Co. Ltd. | 11,177 | 850 |
| * | SK Broadband Co. Ltd. | 188,456 | 842 |
| * | Samlip General Foods Co. Ltd. | 3,474 | 839 |
| ^,* | LG Life Sciences Ltd. | 15,971 | 837 |
| * | Asiana Airlines Inc. | 115,901 | 832 |
| | Hansae Co. Ltd. | 21,693 | 831 |
| ^,* | Medipost Co. Ltd. | 9,525 | 787 |
| ^ | LF Corp. | 23,839 | 784 |
| ^,* | Yuanta Securities Korea Co. Ltd. | 118,630 | 780 |
| | Samyang Holdings Corp. | 7,947 | 755 |
| | Huchems Fine Chemical Corp. | 30,444 | 752 |
| | Chong Kun Dang Pharmaceutical Corp. | 11,255 | 750 |
| | Hankook Tire Worldwide Co. Ltd. | 37,732 | 747 |
| ^,* | Gamevil Inc. | 6,754 | 743 |
| ^ | GS Retail Co. Ltd. | 20,510 | 742 |
| | Lotte Food Co. Ltd. | 1,031 | 730 |
| ^ | Kolao Holdings | 38,920 | 726 |
| ^,* | Hyundai Elevator Co. Ltd. | 10,132 | 721 |
| ^ | Binggrae Co. Ltd. | 8,873 | 710 |
| | Poongsan Corp. | 26,233 | 707 |
| | Koh Young Technology Inc. | 17,123 | 707 |
| | Youngone Holdings Co. Ltd. | 7,341 | 706 |
| ^,* | Chabiotech Co. Ltd. | 46,135 | 705 |
| | Korea Electric Terminal Co. Ltd. | 10,270 | 700 |
| * | Kumho Industrial Co. Ltd. | 37,982 | 692 |
| | OCI Materials Co. Ltd. | 7,314 | 691 |
| ^,* | Muhak Co. Ltd. | 20,486 | 690 |
| | Tongyang Life Insurance | 49,761 | 684 |
| ^,* | SM Entertainment Co. | 22,771 | 666 |
| * | Huons Co. Ltd. | 10,611 | 666 |
| ^,* | GemVax & Kael Co. Ltd. | 34,136 | 664 |
| | SFA Engineering Corp. | 13,743 | 658 |
| ^ | Korea Real Estate Investment & Trust Co. Ltd. | 218,120 | 656 |
| ^ | YG Entertainment Inc. | 15,019 | 656 |
| | Halla Holdings Corp. | 10,030 | 646 |
| | S&T Motiv Co. Ltd. | 10,865 | 641 |
| | Daishin Securities Co. Ltd. | 47,829 | 628 |
| ^ | Handsome Co. Ltd. | 18,868 | 623 |
| | Bukwang Pharmaceutical Co. Ltd. | 26,913 | 618 |
| | Dong-A ST Co. Ltd. | 5,300 | 612 |
| * | SK Securities Co. Ltd. | 383,523 | 607 |
81
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Seegene Inc. | 18,115 | 603 |
| ^,* | Ssangyong Motor Co. | 63,591 | 601 |
| | Daou Technology Inc. | 33,820 | 590 |
| | Seah Besteel Corp. | 17,123 | 586 |
| * | Osstem Implant Co. Ltd. | 13,349 | 583 |
| | AK Holdings Inc. | 7,336 | 582 |
| | Dongwon Industries Co. Ltd. | 1,999 | 582 |
| ^ | Partron Co. Ltd. | 54,782 | 574 |
| ^ | Hyundai Corp. | 18,124 | 574 |
| ^ | Ilyang Pharmaceutical Co. Ltd. | 18,829 | 572 |
| ^ | KONA I Co. Ltd. | 17,486 | 570 |
| ^,* | Naturalendo Tech Co. Ltd. | 17,523 | 558 |
| ^ | Hyundai Rotem Co. Ltd. | 31,377 | 556 |
| | Nexen Tire Corp. | 45,685 | 554 |
| * | Cuckoo Electronics Co. Ltd. | 2,974 | 553 |
| | Dongwon F&B Co. Ltd. | 1,657 | 545 |
| * | Hyundai Livart Furniture Co. Ltd. | 15,525 | 544 |
| | Dong-A Socio Holdings Co. Ltd. | 3,744 | 536 |
| | Sungwoo Hitech Co. Ltd. | 50,015 | 525 |
| * | Hansol Paper Co. Ltd. | 23,051 | 517 |
| ^,* | Seobu T&D | 23,489 | 517 |
| | Meritz Financial Group Inc. | 39,478 | 506 |
| ^,* | Hanjin Heavy Industries & Construction Co. Ltd. | 84,169 | 487 |
| ^,* | Pan Ocean Co. Ltd. | 167,428 | 484 |
| ^,* | WeMade Entertainment Co. Ltd. | 13,083 | 480 |
| | LEENO Industrial Inc. | 11,127 | 476 |
| | Namyang Dairy Products Co. Ltd. | 682 | 468 |
| ^ | Maeil Dairy Industry Co. Ltd. | 11,350 | 468 |
| | Samchully Co. Ltd. | 3,906 | 468 |
| ^ | Dongkuk Steel Mill Co. Ltd. | 78,028 | 463 |
| ^ | Able C&C Co. Ltd. | 15,249 | 450 |
| | Daeduck Electronics Co. | 50,782 | 450 |
| | CJ Hellovision Co. Ltd. | 41,043 | 445 |
| ^ | Agabang&Company | 36,606 | 444 |
| | Hanwha Investment & Securities Co. Ltd. | 74,260 | 437 |
| | SK Gas Ltd. | 4,818 | 431 |
| | Silicon Works Co. Ltd. | 11,248 | 426 |
| ^ | Posco ICT Co. Ltd. | 83,435 | 420 |
| | Hankook Shell Oil Co. Ltd. | 913 | 419 |
| | E1 Corp. | 6,216 | 413 |
| | Soulbrain Co. Ltd. | 10,706 | 413 |
| | Interpark Holdings Corp. | 48,320 | 402 |
| * | Taeyoung Engineering & Construction Co. Ltd. | 70,945 | 397 |
| ^,* | Hansol Technics Co. Ltd. | 22,339 | 394 |
| | KT Skylife Co. Ltd. | 23,886 | 388 |
| | Humax Co. Ltd. | 22,327 | 386 |
| ^ | Lumens Co. Ltd. | 64,180 | 352 |
| | Daekyo Co. Ltd. | 42,417 | 344 |
| ^ | SBS Media Holdings Co. Ltd. | 69,400 | 343 |
| ^ | Ahnlab Inc. | 7,419 | 341 |
| | Samyang Corp. | 3,233 | 340 |
| ^ | Hancom Inc. | 18,122 | 340 |
| ^ | KH Vatec Co. Ltd. | 16,560 | 336 |
| ^,* | GOLFZON Co. Ltd. | 2,864 | 335 |
| ^,* | China Ocean Resources Co. Ltd. | 95,752 | 333 |
| * | Hanwha General Insurance Co. Ltd. | 72,735 | 333 |
| * | Green Cross Cell Corp. | 7,374 | 332 |
| | S&T Dynamics Co. Ltd. | 25,783 | 330 |
| * | Korea Line Corp. | 15,081 | 326 |
| | POSCO Chemtech Co. Ltd. | 2,547 | 325 |
| ^,* | STS Semiconductor & Telecommunications | 72,593 | 322 |
| | SL Corp. | 18,280 | 319 |
| * | Woongjin Thinkbig Co. Ltd. | 33,602 | 318 |
| * | i-SENS Inc. | 6,700 | 308 |
82
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Daewoong Pharmaceutical Co. Ltd. | 5,084 | 306 |
| | Daishin Securities Co. Ltd. Preference Shares | 38,355 | 297 |
| | MegaStudy Co. Ltd. | 4,643 | 293 |
| ^ | Sung Kwang Bend Co. Ltd. | 19,985 | 292 |
| * | Eugene Investment & Securities Co. Ltd. | 72,832 | 292 |
| | Daeduck GDS Co. Ltd. | 25,565 | 291 |
| ^,* | Jusung Engineering Co. Ltd. | 51,077 | 288 |
| | Dae Han Flour Mills Co. Ltd. | 1,507 | 282 |
| ^,* | Neowiz Games Corp. | 13,715 | 279 |
| | Cosmax BTI Inc | 5,202 | 278 |
| | Namhae Chemical Corp. | 30,040 | 275 |
| | Sindoh Co. Ltd. | 4,070 | 264 |
| | Sam Young Electronics Co. Ltd. | 18,620 | 263 |
| ^,* | Pharmicell Co. Ltd. | 68,478 | 262 |
| | SeAH Steel Corp. | 3,441 | 261 |
| | Hanil E-Hwa Co. Ltd. | 17,568 | 256 |
| ^,* | Eusu Holdings Co. Ltd. | 25,060 | 254 |
| | Kyobo Securities Co. Ltd. | 22,141 | 250 |
| | Dongbu Securities Co. Ltd. | 38,937 | 239 |
| | Chongkundang Holdings Corp. | 3,425 | 230 |
| | DuzonBIzon Co. Ltd. | 20,360 | 226 |
| ^ | Lock&Lock Co. Ltd. | 18,759 | 226 |
| ^,* | Insun ENT Co. Ltd. | 48,264 | 221 |
| ^,* | 3S Korea Co. Ltd. | 70,925 | 217 |
| ^,* | Dongbu HiTek Co. Ltd. | 27,650 | 212 |
| | Hansol Holdings Co. Ltd. | 27,780 | 208 |
| | Seoyon Co. Ltd. | 17,030 | 205 |
| * | KTB Investment & Securities Co. Ltd. | 56,860 | 194 |
| * | Kwangju Bank | 25,433 | 190 |
| ^,* | Doosan Engine Co. Ltd. | 28,930 | 188 |
| ^,* | Foosung Co. Ltd. | 47,710 | 181 |
| * | Interflex Co. Ltd. | 12,875 | 173 |
| | GOLFZONYUWONHOLDINGS Co. Ltd. | 13,953 | 172 |
| | KISCO Corp. | 5,076 | 168 |
| ^ | Kumho Electric Co. Ltd. | 8,710 | 162 |
| * | Taewoong Co. Ltd. | 9,801 | 150 |
| | Kolon Corp. | 3,490 | 145 |
| | Youlchon Chemical Co. Ltd. | 12,100 | 138 |
| ^,* | TK Corp. | 13,654 | 137 |
| | Hanjin Heavy Industries & Construction Holdings Co. Ltd. | 16,877 | 135 |
| ^ | Iljin Display Co. Ltd. | 12,970 | 131 |
| * | NEPES Corp. | 16,272 | 129 |
| | DY Corp. | 15,761 | 123 |
| | INTOPS Co. Ltd. | 6,332 | 123 |
| | Hitejinro Holdings Co. Ltd. | 9,000 | 116 |
| * | Duk San Neolux Co. Ltd. | 4,957 | 102 |
| * | DY POWER Corp. | 8,438 | 101 |
| ^,* | Taihan Electric Wire Co. Ltd. | 78,662 | 88 |
| * | ICD Co. Ltd. | 11,667 | 79 |
| ^,* | Duksan Hi-Metal Co. Ltd. | 7,177 | 70 |
| ^,* | CUROCOM Co. Ltd. | 52,753 | 68 |
| ^,* | SK Communications Co. Ltd. | 9,340 | 63 |
| * | Melfas Inc. | 12,837 | 62 |
| ^ | EG Corp. | 3,452 | 57 |
| ^,* | CNK International Co. Ltd. | 35,374 | 57 |
| ^,* | STX Engine Co. Ltd. | 16,747 | 55 |
| * | Dongbu Steel Co. Ltd. | 6,329 | 32 |
| * | Zyle Motor Sales Corp. | 3,992 | 6 |
| * | Daewoo Industrial Development Co. Ltd. | 2,856 | 3 |
| * | Tera Resource Co. Ltd. | 42,004 | 2 |
| * | SSCP Co. Ltd. | 20,873 | 2 |
| * | Shenglong PV-Tech Investment Co. Ltd. | 44,660 | 1 |
| * | Daewoo Songdo Development Co. Ltd. | 11,746 | — |
| | | | 133,221 |
83
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Spain (1.8%) | | |
| | Bolsas y Mercados Espanoles SHMSF SA | 106,856 | 4,780 |
| * | Jazztel plc | 296,804 | 4,285 |
| | Viscofan SA | 65,544 | 4,166 |
| * | Gamesa Corp. Tecnologica SA | 310,902 | 4,158 |
| ^ | Merlin Properties Socimi SA | 268,940 | 3,673 |
| ^ | Abengoa SA | 743,403 | 2,403 |
| * | Fomento de Construcciones y Contratas SA | 185,566 | 2,380 |
| | Ebro Foods SA | 119,694 | 2,322 |
| | Tecnicas Reunidas SA | 43,638 | 2,030 |
| | Grupo Catalana Occidente SA | 61,176 | 1,968 |
| | Indra Sistemas SA | 166,551 | 1,961 |
| * | Almirall SA | 89,063 | 1,679 |
| | Prosegur Cia de Seguridad SA | 288,160 | 1,661 |
| * | Applus Services SA | 135,453 | 1,633 |
| * | Inmobiliaria Colonial SA | 2,198,052 | 1,508 |
| * | NH Hotel Group SA | 245,082 | 1,427 |
| ^ | Melia Hotels International SA | 107,827 | 1,348 |
| ^ | Obrascon Huarte Lain SA | 57,858 | 1,342 |
| ^ | Atresmedia Corp. de Medios de Comunicacion SA | 74,568 | 1,204 |
| * | Zeltia SA | 240,564 | 1,113 |
| | Cia de Distribucion Integral Logista Holdings SA | 47,536 | 1,015 |
| * | Liberbank SA | 1,147,678 | 991 |
| ^ | Construcciones y Auxiliar de Ferrocarriles SA | 2,803 | 978 |
| * | Sacyr SA | 216,037 | 970 |
| * | Faes Farma SA | 352,876 | 912 |
| | CIE Automotive SA | 50,688 | 770 |
| | Ence Energia y Celulosa SA | 176,301 | 636 |
| ^,* | Promotora de Informaciones SA | 1,751,651 | 575 |
| | Papeles y Cartones de Europa SA | 57,769 | 374 |
| | Duro Felguera SA | 71,726 | 289 |
| * | Deoleo SA | 365,266 | 188 |
| ^ | Tubos Reunidos SA | 96,966 | 181 |
| | Tubacex SA | 51,058 | 173 |
| ^,* | Caja de Ahorros del Mediterraneo | 42,306 | — |
| ^,* | Let's GOWEX SA | 31,105 | — |
| * | Pescanova SA | 10,066 | — |
| | | | 55,093 |
| Sweden (2.7%) | | |
| ^ | ICA Gruppen AB | 103,837 | 3,852 |
| ^ | NCC AB Class B | 115,335 | 3,782 |
| | Hexpol AB | 34,708 | 3,719 |
| | BillerudKorsnas AB | 209,466 | 3,626 |
| | Castellum AB | 223,664 | 3,487 |
| * | Swedish Orphan Biovitrum AB | 216,692 | 3,483 |
| | Fabege AB | 190,855 | 2,909 |
| | Loomis AB Class B | 87,132 | 2,793 |
| | Modern Times Group MTG AB Class B | 74,074 | 2,463 |
| | Wallenstam AB | 143,790 | 2,424 |
| * | Fastighets AB Balder | 130,542 | 2,327 |
| * | Betsson AB | 55,258 | 2,313 |
| * | Axfood AB | 146,012 | 2,307 |
| | Indutrade AB | 45,249 | 2,211 |
| | AAK AB | 34,613 | 2,190 |
| | Nibe Industrier AB Class B | 81,562 | 2,172 |
| | Hufvudstaden AB Class A | 155,045 | 2,143 |
| | JM AB | 68,480 | 2,037 |
| ^,* | SSAB AB Class A | 334,034 | 2,021 |
| | Peab AB | 232,922 | 1,964 |
| ^ | Wihlborgs Fastigheter AB | 99,787 | 1,931 |
| | Kungsleden AB | 250,232 | 1,821 |
| ^ | Ratos AB | 250,366 | 1,707 |
| | L E Lundbergforetagen AB Class B | 36,332 | 1,707 |
| | Intrum Justitia AB | 53,323 | 1,679 |
84
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Avanza Bank Holding AB | 38,574 | 1,662 |
| * | Com Hem Holding AB | 183,986 | 1,545 |
| | Saab AB Class B | 58,649 | 1,514 |
| * | Net Entertainment NE AB Class B | 39,307 | 1,486 |
| * | Hemfosa Fastigheter AB | 56,181 | 1,298 |
| ^,* | SSAB AB Class B | 221,502 | 1,150 |
| | AF AB | 83,056 | 1,130 |
| | Nobia AB | 95,435 | 1,033 |
| | Haldex AB | 57,190 | 855 |
| | Concentric AB | 59,970 | 849 |
| | Lindab International AB | 87,377 | 763 |
| | Klovern AB Preference Shares | 17,247 | 695 |
| | Rezidor Hotel Group AB | 126,934 | 539 |
| * | Bure Equity AB | 84,020 | 514 |
| | SAS AB Preference Shares | 8,517 | 510 |
| | Mekonomen AB | 19,670 | 489 |
| | Clas Ohlson AB | 28,293 | 486 |
| | Klovern AB | 424,945 | 471 |
| ^,* | Qliro Group AB | 223,283 | 415 |
| | Investment AB Oresund | 17,885 | 375 |
| | SkiStar AB | 30,187 | 363 |
| ^ | Nordnet AB | 79,360 | 362 |
| ^,* | SAS AB | 161,460 | 312 |
| | Fastighets AB Balder Preference Shares | 6,516 | 277 |
| | Sagax AB Preference Shares | 59,698 | 265 |
| | NCC AB Class A | 3,950 | 130 |
| | KappAhl AB | 21,651 | 99 |
| * | Axis Communications AB | 1,773 | 72 |
| ^,* | Active Biotech AB | 1,278 | 2 |
| * | Eniro AB | 8,250 | 2 |
| | | | 82,731 |
| Switzerland (2.6%) | | |
| | BB Biotech AG | 15,725 | 4,602 |
| * | ams AG | 77,512 | 4,214 |
| | Georg Fischer AG | 5,616 | 3,972 |
| | Kaba Holding AG Class B | 5,398 | 3,545 |
| | Flughafen Zuerich AG | 4,319 | 3,364 |
| | OC Oerlikon Corp. AG | 234,713 | 3,070 |
| | Straumann Holding AG | 10,479 | 2,965 |
| | Logitech International SA | 194,677 | 2,923 |
| | Panalpina Welttransport Holding AG | 18,756 | 2,616 |
| | Forbo Holding AG | 1,880 | 2,277 |
| | Leonteq AG | 13,052 | 2,237 |
| | Bucher Industries AG | 8,629 | 2,169 |
| | Mobimo Holding AG | 9,375 | 2,092 |
| | Temenos Group AG | 55,591 | 2,020 |
| | Valiant Holding AG | 22,365 | 2,016 |
| | Allreal Holding AG | 13,417 | 1,925 |
| | Tecan Group AG | 14,461 | 1,922 |
| | Burckhardt Compression Holding AG | 4,406 | 1,918 |
| * | Cembra Money Bank AG | 27,274 | 1,814 |
| | Vontobel Holding AG | 38,195 | 1,697 |
| | Belimo Holding AG | 672 | 1,631 |
| | Implenia AG | 20,951 | 1,435 |
| | Autoneum Holding AG | 6,429 | 1,420 |
| | Gategroup Holding AG | 39,907 | 1,395 |
| | Kuoni Reisen Holding AG | 3,894 | 1,308 |
| | Schweiter Technologies AG | 1,377 | 1,198 |
| | St. Galler Kantonalbank AG | 3,053 | 1,165 |
| | Rieter Holding AG | 7,069 | 1,164 |
| * | Cosmo Pharmaceuticals SA | 6,546 | 1,107 |
| | Daetwyler Holding AG | 7,667 | 1,088 |
| | Huber & Suhner AG | 23,091 | 1,067 |
| | Conzzeta AG | 278 | 1,048 |
85
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Emmi AG | 3,132 | 1,038 |
| | Ascom Holding AG | 55,992 | 997 |
| ^,* | Meyer Burger Technology AG | 125,442 | 858 |
| | Valora Holding AG | 3,733 | 838 |
| * | Schmolz & Bickenbach AG | 819,778 | 790 |
| | EFG International AG | 48,978 | 719 |
| | Kudelski SA | 46,727 | 701 |
| * | Basilea Pharmaceutica | 5,222 | 623 |
| | VZ Holding AG | 2,859 | 614 |
| * | AFG Arbonia-Forster Holding AG | 27,387 | 584 |
| * | Zehnder Group AG | 11,558 | 547 |
| | Liechtensteinische Landesbank AG | 12,751 | 517 |
| | Siegfried Holding AG | 2,887 | 491 |
| | Vetropack Holding AG | 280 | 477 |
| | Basler Kantonalbank | 5,734 | 440 |
| | Swissquote Group Holding SA | 12,543 | 400 |
| | BKW AG | 9,868 | 388 |
| * | Ypsomed Holding AG | 3,838 | 372 |
| ^,* | Alpiq Holding AG | 2,339 | 204 |
| * | Orascom Development Holding AG | 7,199 | 112 |
| | Bachem Holding AG | 1,133 | 61 |
| * | Petroplus Holdings AG | 36,495 | 1 |
| | | | 80,156 |
| Taiwan (6.6%) | | |
| | China Life Insurance Co. Ltd. | 4,091,955 | 4,332 |
| | Chailease Holding Co. Ltd. | 1,388,860 | 3,807 |
| | Eclat Textile Co. Ltd. | 268,086 | 3,589 |
| | Highwealth Construction Corp. | 1,142,724 | 2,981 |
| | WPG Holdings Ltd. | 2,055,889 | 2,572 |
| | Merida Industry Co. Ltd. | 336,263 | 2,519 |
| | Feng TAY Enterprise Co. Ltd. | 404,160 | 2,494 |
| | Ruentex Industries Ltd. | 995,160 | 2,443 |
| | Hiwin Technologies Corp. | 296,025 | 2,257 |
| | Ruentex Development Co. Ltd. | 1,198,292 | 2,130 |
| | Zhen Ding Technology Holding Ltd. | 587,400 | 2,045 |
| | Radiant Opto-Electronics Corp. | 610,147 | 2,006 |
| | Simplo Technology Co. Ltd. | 392,053 | 1,940 |
| | Chipbond Technology Corp. | 845,852 | 1,828 |
| | Yageo Corp. | 856,218 | 1,761 |
| | Makalot Industrial Co. Ltd. | 223,783 | 1,750 |
| | CTCI Corp. | 976,667 | 1,717 |
| | Powertech Technology Inc. | 916,662 | 1,692 |
| | Kenda Rubber Industrial Co. Ltd. | 853,683 | 1,669 |
| | Phison Electronics Corp. | 172,962 | 1,595 |
| | Airtac International Group | 184,980 | 1,512 |
| | King's Town Bank Co. Ltd. | 1,412,193 | 1,447 |
| | PChome Online Inc. | 85,503 | 1,446 |
| | King Yuan Electronics Co. Ltd. | 1,574,963 | 1,432 |
| | Clevo Co. | 893,944 | 1,409 |
| | King Slide Works Co. Ltd. | 87,675 | 1,379 |
| * | Winbond Electronics Corp. | 3,949,000 | 1,307 |
| | Tripod Technology Corp. | 660,327 | 1,290 |
| | Everlight Electronics Co. Ltd. | 548,725 | 1,269 |
| | Far Eastern Department Stores Ltd. | 1,560,043 | 1,254 |
| | Win Semiconductors Corp. | 948,000 | 1,229 |
| | Chroma ATE Inc. | 509,040 | 1,226 |
| * | China Petrochemical Development Corp. | 3,206,077 | 1,204 |
| | Yungtay Engineering Co. Ltd. | 514,993 | 1,183 |
| | Micro-Star International Co. Ltd. | 982,000 | 1,172 |
| | Standard Foods Corp. | 472,052 | 1,170 |
| | Kinsus Interconnect Technology Corp. | 376,282 | 1,148 |
| * | eMemory Technology Inc. | 101,000 | 1,141 |
| | Sino-American Silicon Products Inc. | 754,945 | 1,111 |
| | TSRC Corp. | 956,046 | 1,101 |
86
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Richtek Technology Corp. | 193,155 | 1,092 |
| | Poya International Co. Ltd. | 99,790 | 1,066 |
| | St. Shine Optical Co. Ltd. | 60,419 | 1,065 |
| | China Steel Chemical Corp. | 214,853 | 1,043 |
| | FLEXium Interconnect Inc. | 289,070 | 1,025 |
| | Asia Pacific Telecom Co. Ltd. | 2,378,000 | 1,024 |
| | Nan Kang Rubber Tire Co. Ltd. | 971,107 | 998 |
| | Compeq Manufacturing Co. Ltd. | 1,532,471 | 970 |
| | Wistron NeWeb Corp. | 363,305 | 964 |
| | Neo Solar Power Corp. | 1,054,819 | 945 |
| | Tung Ho Steel Enterprise Corp. | 1,206,150 | 942 |
| | Taichung Commercial Bank Co. Ltd. | 2,618,959 | 936 |
| | Tainan Spinning Co. Ltd. | 1,609,579 | 934 |
| | Coretronic Corp. | 682,000 | 926 |
| | Casetek Holdings Ltd. | 152,000 | 923 |
| | Taiwan Paiho Ltd. | 339,183 | 921 |
| | Elan Microelectronics Corp. | 542,350 | 888 |
| | Firich Enterprises Co. Ltd. | 245,601 | 883 |
| | Parade Technologies Ltd. | 89,000 | 881 |
| | Formosa International Hotels Corp. | 81,805 | 873 |
| | Chin-Poon Industrial Co. Ltd. | 452,072 | 869 |
| | Ginko International Co. Ltd. | 59,000 | 862 |
| | MIN AIK Technology Co. Ltd. | 229,987 | 859 |
| * | Sanyang Motor Co. Ltd. | 968,037 | 859 |
| | Depo Auto Parts Ind Co. Ltd. | 183,313 | 844 |
| * | Kinpo Electronics | 1,931,196 | 829 |
| * | Tatung Co. Ltd. | 3,042,320 | 807 |
| * | Qisda Corp. | 1,829,000 | 799 |
| | Wowprime Corp. | 85,761 | 793 |
| | Jih Sun Financial Holdings Co. Ltd. | 2,627,675 | 783 |
| | Gigabyte Technology Co. Ltd. | 640,271 | 777 |
| | Tong Yang Industry Co. Ltd. | 652,919 | 774 |
| | Grand Pacific Petrochemical | 1,194,928 | 766 |
| | WT Microelectronics Co. Ltd. | 482,311 | 759 |
| | Grape King Bio Ltd. | 138,000 | 752 |
| | Taiwan Hon Chuan Enterprise Co. Ltd. | 403,401 | 751 |
| * | Aerospace Industrial Development Corp. | 506,042 | 733 |
| | Lung Yen Life Service Corp. | 274,000 | 729 |
| | Huaku Development Co. Ltd. | 318,499 | 728 |
| | HannStar Display Corp. | 3,600,810 | 727 |
| | Faraday Technology Corp. | 525,000 | 722 |
| * | PharmaEngine Inc. | 79,000 | 710 |
| * | Goldsun Development & Construction Co. Ltd. | 2,075,591 | 708 |
| | Flytech Technology Co. Ltd. | 170,395 | 707 |
| | Shinkong Synthetic Fibers Corp. | 1,929,416 | 701 |
| * | Hota Industrial Manufacturing Co. Ltd. | 277,000 | 697 |
| | China Synthetic Rubber Corp. | 648,562 | 692 |
| | Cleanaway Co. Ltd. | 110,000 | 682 |
| * | Ta Chong Bank Ltd. | 1,899,593 | 681 |
| | Great Wall Enterprise Co. Ltd. | 830,190 | 677 |
| | USI Corp. | 1,229,518 | 663 |
| | TA Chen Stainless Pipe | 981,330 | 662 |
| | TTY Biopharm Co. Ltd. | 291,987 | 647 |
| * | Voltronic Power Technology Corp. | 52,000 | 645 |
| | Prince Housing & Development Corp. | 1,490,183 | 644 |
| | Tong Hsing Electronic Industries Ltd. | 200,056 | 641 |
| | Lien Hwa Industrial Corp. | 911,356 | 628 |
| | San Shing Fastech Corp. | 247,113 | 628 |
| | Formosan Rubber Group Inc. | 575,888 | 618 |
| | Gigasolar Materials Corp. | 35,600 | 614 |
| | LCY Chemical Corp. | 938,255 | 614 |
| | Ardentec Corp. | 651,749 | 610 |
| * | Xxentria Technology Materials Corp. | 185,776 | 608 |
| | Sercomm Corp. | 270,000 | 603 |
87
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cheng Loong Corp. | 1,386,920 | 602 |
| | Mitac Holdings Corp. | 734,000 | 599 |
| * | Medigen Biotechnology Corp. | 138,680 | 596 |
| | Elite Material Co. Ltd. | 356,519 | 594 |
| | Silergy Corp. | 60,000 | 594 |
| * | FocalTech Systems Co. Ltd. | 578,200 | 590 |
| | Chong Hong Construction Co. Ltd. | 257,518 | 587 |
| | Test Research Inc. | 288,371 | 586 |
| | Taiwan PCB Techvest Co. Ltd. | 354,102 | 575 |
| | Farglory Land Development Co. Ltd. | 480,854 | 574 |
| | China Bills Finance Corp. | 1,468,800 | 570 |
| | ScinoPharm Taiwan Ltd. | 338,040 | 566 |
| * | Primax Electronics Ltd. | 428,000 | 564 |
| * | Mercuries Life Insurance Co. Ltd. | 915,561 | 562 |
| | AcBel Polytech Inc. | 567,000 | 557 |
| | Merry Electronics Co. Ltd. | 241,910 | 554 |
| * | Taiwan FamilyMart Co. Ltd. | 71,000 | 553 |
| | YungShin Global Holding Corp. | 300,617 | 546 |
| * | E Ink Holdings Inc. | 1,199,708 | 543 |
| | AmTRAN Technology Co. Ltd. | 942,692 | 540 |
| | Radium Life Tech Co. Ltd. | 1,030,652 | 537 |
| | Taiwan Sogo Shin Kong SEC | 396,930 | 535 |
| | IEI Integration Corp. | 300,623 | 533 |
| | Universal Cement Corp. | 495,740 | 530 |
| * | China Man-Made Fiber Corp. | 1,471,778 | 527 |
| | Taiwan Cogeneration Corp. | 527,903 | 522 |
| | TXC Corp. | 401,877 | 522 |
| | Yieh Phui Enterprise Co. Ltd. | 1,654,714 | 521 |
| | Masterlink Securities Corp. | 1,396,252 | 521 |
| | Taiwan Surface Mounting Technology Co. Ltd. | 392,886 | 520 |
| | Sitronix Technology Corp. | 143,282 | 517 |
| | Aten International Co. Ltd. | 174,260 | 515 |
| | Greatek Electronics Inc. | 384,000 | 515 |
| | Namchow Chemical Industrial Co. Ltd. | 229,000 | 508 |
| * | Center Laboratories Inc. | 172,000 | 497 |
| | Hung Sheng Construction Ltd. | 692,100 | 496 |
| | Toung Loong Textile Manufacturing | 125,000 | 493 |
| | Chlitina Holding Ltd. | 79,750 | 490 |
| * | XPEC Entertainment Inc. | 100,000 | 489 |
| | Everlight Chemical Industrial Corp. | 535,737 | 489 |
| | Motech Industries Inc. | 381,311 | 489 |
| | Dynapack International Technology Corp. | 201,299 | 488 |
| | Nan Liu Enterprise Co. Ltd. | 79,000 | 487 |
| | Shin Zu Shing Co. Ltd. | 176,000 | 487 |
| * | Walsin Technology Corp. | 1,036,408 | 477 |
| * | Lextar Electronics Corp. | 528,000 | 477 |
| | Wah Lee Industrial Corp. | 254,883 | 477 |
| | Hey Song Corp. | 377,000 | 474 |
| | Career Technology MFG. Co. Ltd. | 477,126 | 474 |
| | Sigurd Microelectronics Corp. | 501,000 | 473 |
| | Brogent Technologies Inc. | 37,000 | 467 |
| | Taiwan Land Development Corp. | 897,389 | 467 |
| | D-Link Corp. | 901,340 | 467 |
| | Zeng Hsing Industrial Co. Ltd. | 76,000 | 461 |
| * | Orient Semiconductor Electronics Ltd. | 873,000 | 460 |
| | Elite Semiconductor Memory Technology Inc. | 324,000 | 454 |
| | Long Bon International Co. Ltd. | 566,000 | 454 |
| | Evergreen International Storage & Transport Corp. | 767,502 | 448 |
| * | Taiwan Life Insurance Co. Ltd. | 474,397 | 446 |
| * | Shining Building Business Co. Ltd. | 743,330 | 441 |
| | China Metal Products | 411,515 | 429 |
| * | Lealea Enterprise Co. Ltd. | 1,178,848 | 429 |
| * | Posiflex Technology Inc. | 79,000 | 427 |
| * | Microbio Co. Ltd. | 491,562 | 422 |
88
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | BES Engineering Corp. | 1,714,468 | 422 |
| | Pixart Imaging Inc. | 137,920 | 420 |
| | A-DATA Technology Co. Ltd. | 263,915 | 418 |
| | Kindom Construction Corp. | 461,000 | 416 |
| * | Adlink Technology Inc. | 132,000 | 414 |
| | Johnson Health Tech Co. Ltd. | 158,491 | 410 |
| | ITEQ Corp. | 488,261 | 405 |
| | UPC Technology Corp. | 1,025,510 | 404 |
| * | Sporton International Inc. | 71,000 | 403 |
| * | Asia Optical Co. Inc. | 325,000 | 402 |
| | Holtek Semiconductor Inc. | 219,279 | 401 |
| | Taiwan Acceptance Corp. | 149,000 | 401 |
| | Lotes Co. Ltd. | 97,000 | 400 |
| | Alpha Networks Inc. | 530,919 | 398 |
| * | Li Peng Enterprise Co. Ltd. | 1,067,539 | 395 |
| * | TWi Pharmaceuticals Inc. | 59,000 | 393 |
| | Holy Stone Enterprise Co. Ltd. | 273,670 | 390 |
| * | Darwin Precisions Corp. | 667,000 | 390 |
| | Wei Chuan Foods Corp. | 496,835 | 390 |
| | Solar Applied Materials Technology Co. | 440,201 | 385 |
| | Visual Photonics Epitaxy Co. Ltd. | 323,941 | 385 |
| | Accton Technology Corp. | 735,467 | 382 |
| | Long Chen Paper Co. Ltd. | 863,655 | 382 |
| | Mercuries & Associates Holding Ltd. | 547,005 | 381 |
| | Federal Corp. | 643,781 | 380 |
| * | Ichia Technologies Inc. | 446,000 | 378 |
| | Great China Metal Industry | 345,000 | 378 |
| * | Elite Advanced Laser Corp. | 87,000 | 377 |
| | Elitegroup Computer Systems Co. Ltd. | 376,647 | 376 |
| | Rechi Precision Co. Ltd. | 345,668 | 374 |
| * | Taiwan Liposome Co. Ltd. | 51,000 | 372 |
| | United Integrated Services Co. Ltd. | 319,000 | 370 |
| * | Ho Tung Chemical Corp. | 1,270,356 | 367 |
| | Taiwan Styrene Monomer | 756,579 | 367 |
| | YC INOX Co. Ltd. | 450,159 | 366 |
| | Unity Opto Technology Co. Ltd. | 338,000 | 366 |
| * | Chimei Materials Technology Corp. | 339,000 | 364 |
| | Gloria Material Technology Corp. | 488,484 | 364 |
| * | E-Ton Solar Tech Co. Ltd. | 694,603 | 363 |
| * | Pihsiang Machinery Manufacturing Co. Ltd. | 187,000 | 362 |
| * | CMC Magnetics Corp. | 2,910,000 | 361 |
| | Test Rite International Co. Ltd. | 522,725 | 357 |
| | Ambassador Hotel | 384,519 | 357 |
| | Taiwan TEA Corp. | 627,293 | 357 |
| | Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 121,000 | 355 |
| | Pan-International Industrial Corp. | 578,595 | 352 |
| * | Topkey Corp. | 78,000 | 351 |
| | Continental Holdings Corp. | 936,600 | 341 |
| | Sampo Corp. | 748,311 | 339 |
| * | Kuo Toong International Co. Ltd. | 198,000 | 335 |
| * | Rich Development Co. Ltd. | 777,000 | 334 |
| | Systex Corp. | 173,000 | 333 |
| | Topco Scientific Co. Ltd. | 161,625 | 331 |
| | Getac Technology Corp. | 539,000 | 331 |
| * | G Tech Optoelectronics Corp. | 378,000 | 330 |
| | Syncmold Enterprise Corp. | 152,000 | 330 |
| | CyberTAN Technology Inc. | 413,571 | 327 |
| | Sinyi Realty Inc. | 282,354 | 326 |
| | Soft-World International Corp. | 114,520 | 326 |
| * | Taigen Biopharmaceuticals Holdings Ltd. | 353,000 | 325 |
| | CSBC Corp. Taiwan | 591,808 | 323 |
| | Taiwan Semiconductor Co. Ltd. | 304,000 | 320 |
| * | Ritek Corp. | 3,140,000 | 320 |
| * | Gintech Energy Corp. | 498,800 | 319 |
89
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Chung Hsin Electric & Machinery Manufacturing Corp. | 443,625 | 318 |
| | Global Unichip Corp. | 119,649 | 314 |
| | Sincere Navigation Corp. | 390,000 | 310 |
| | Nien Hsing Textile Co. Ltd. | 330,083 | 309 |
| * | Etron Technology Inc. | 531,947 | 308 |
| * | Genius Electronic Optical Co. Ltd. | 106,732 | 304 |
| | Gourmet Master Co. Ltd. | 70,650 | 301 |
| | KEE TAI Properties Co. Ltd. | 450,740 | 296 |
| | International Games System Co. Ltd. | 71,213 | 294 |
| * | Gold Circuit Electronics Ltd. | 586,280 | 293 |
| | Altek Corp. | 267,250 | 293 |
| | Weltrend Semiconductor | 304,200 | 291 |
| | Asia Vital Components Co. Ltd. | 329,337 | 287 |
| | Kinik Co. | 134,000 | 285 |
| * | Sunplus Technology Co. Ltd. | 570,000 | 281 |
| | Jess-Link Products Co. Ltd. | 226,800 | 279 |
| * | Gigastorage Corp. | 318,800 | 278 |
| | Jentech Precision Industrial Co. Ltd. | 124,698 | 273 |
| * | King's Town Construction Co. Ltd. | 305,712 | 272 |
| | Huang Hsiang Construction Corp. | 186,051 | 269 |
| | Ability Enterprise Co. Ltd. | 470,257 | 268 |
| | Kuoyang Construction Co. Ltd. | 557,648 | 268 |
| * | Chung Hung Steel Corp. | 1,168,047 | 267 |
| | Asia Polymer Corp. | 361,500 | 267 |
| | Zinwell Corp. | 273,099 | 266 |
| | GeoVision Inc. | 76,279 | 266 |
| | Unitech Printed Circuit Board Corp. | 583,738 | 264 |
| | Green Seal Holding Ltd. | 55,000 | 262 |
| | OptoTech Corp. | 551,000 | 250 |
| * | Lotus Pharmaceutical Co. Ltd. | 80,000 | 250 |
| * | Pan Jit International Inc. | 552,000 | 247 |
| | Tong-Tai Machine & Tool Co. Ltd. | 259,401 | 245 |
| * | Tyntek Corp. | 448,250 | 244 |
| | Chia Hsin Cement Corp. | 524,352 | 243 |
| | Vivotek Inc. | 80,863 | 242 |
| | WUS Printed Circuit Co. Ltd. | 320,000 | 240 |
| | Taiflex Scientific Co. Ltd. | 158,034 | 236 |
| * | Chung Hwa Pulp Corp. | 649,890 | 234 |
| | ITE Technology Inc. | 182,418 | 231 |
| | Sonix Technology Co. Ltd. | 152,000 | 229 |
| | Global Mixed Mode Technology Inc. | 80,199 | 228 |
| | Senao International Co. Ltd. | 149,000 | 227 |
| | Kerry TJ Logistics Co. Ltd. | 170,028 | 226 |
| | Unizyx Holding Corp. | 427,000 | 225 |
| | HUA ENG Wire & Cable | 677,000 | 221 |
| | CHC Healthcare Group | 108,733 | 218 |
| | Gemtek Technology Corp. | 291,115 | 215 |
| * | Wafer Works Corp. | 517,309 | 215 |
| * | Silicon Integrated Systems Corp. | 782,592 | 213 |
| | China Chemical & Pharmaceutical Co. Ltd. | 313,000 | 210 |
| | ALI Corp. | 277,358 | 210 |
| * | Solartech Energy Corp. | 310,414 | 206 |
| * | Concord Securities Corp. | 755,324 | 205 |
| | Quanta Storage Inc. | 190,000 | 203 |
| | Taiwan Fire & Marine Insurance Co. Ltd. | 255,840 | 202 |
| | Hung Poo Real Estate Development Corp. | 225,195 | 200 |
| * | TYC Brother Industrial Co. Ltd. | 272,710 | 198 |
| | Chun Yuan Steel | 516,676 | 196 |
| | Lite-On Semiconductor Corp. | 245,977 | 196 |
| | Infortrend Technology Inc. | 334,885 | 196 |
| | Taiwan Sanyo Electric Co. Ltd. | 191,300 | 191 |
| | Champion Building Materials Co. Ltd. | 625,000 | 188 |
| | FSP Technology Inc. | 221,254 | 185 |
| | Lingsen Precision Industries Ltd. | 398,000 | 181 |
90
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cyberlink Corp. | 61,076 | 180 |
| | Darfon Electronics Corp. | 287,000 | 177 |
| | China General Plastics Corp. | 389,147 | 176 |
| | Basso Industry Corp. | 113,000 | 176 |
| * | HannsTouch Solution Inc. | 828,392 | 169 |
| * | Green Energy Technology Inc. | 252,746 | 162 |
| | Phihong Technology Co. Ltd. | 308,618 | 160 |
| | Hsin Kuang Steel Co. Ltd. | 260,569 | 157 |
| | Globe Union Industrial Corp. | 310,675 | 156 |
| | Microlife Corp. | 66,500 | 156 |
| * | Genesis Photonics Inc. | 312,308 | 150 |
| * | Dynamic Electronics Co. Ltd. | 366,468 | 149 |
| | Taiwan Navigation Co. Ltd. | 219,178 | 145 |
| | Eastern Media International Corp. | 406,072 | 141 |
| | Ta Ya Electric Wire & Cable | 650,440 | 137 |
| | ENG Electric Co. Ltd. | 177,799 | 134 |
| * | AGV Products Corp. | 495,000 | 132 |
| * | China Electric Manufacturing Corp. | 343,000 | 132 |
| * | Giantplus Technology Co. Ltd. | 371,000 | 130 |
| | Bank of Kaohsiung Co. Ltd. | 391,121 | 128 |
| | Taiwan Mask Corp. | 377,650 | 124 |
| | ACES Electronic Co. Ltd. | 120,000 | 123 |
| * | First Steamship Co. Ltd. | 216,588 | 121 |
| | L&K Engineering Co. Ltd. | 159,000 | 120 |
| | Chinese Maritime Transport Ltd. | 109,000 | 115 |
| | Shih Wei Navigation Co. Ltd. | 195,986 | 115 |
| | Sunrex Technology Corp. | 184,000 | 114 |
| | Young Optics Inc. | 58,000 | 113 |
| | Taiyen Biotech Co. Ltd. | 107,877 | 93 |
| | Tsann Kuen Enterprise Co. Ltd. | 91,295 | 91 |
| | KYE Systems Corp. | 244,308 | 91 |
| * | Global Brands Manufacture Ltd. | 295,045 | 91 |
| | Globalwafers Co. Ltd. | 27,634 | 86 |
| | Sheng Yu Steel Co. Ltd. | 111,000 | 80 |
| * | LES Enphants Co. Ltd. | 145,059 | 79 |
| | Avermedia Technologies | 192,290 | 78 |
| | AV Tech Corp. | 57,053 | 77 |
| * | Microelectronics Technology Inc. | 188,212 | 76 |
| * | Via Technologies Inc. | 244,273 | 72 |
| * | J Touch Corp. | 128,999 | 70 |
| | Advanced International Multitech Co. Ltd. | 90,000 | 70 |
| * | Young Fast Optoelectronics Co. Ltd. | 119,000 | 66 |
| * | Entire Technology Co. Ltd. | 85,000 | 60 |
| * | Mosel Vitelic Inc. | 358,861 | 59 |
| | Newmax Technology Co. Ltd. | 61,479 | 58 |
| | Silitech Technology Corp. | 72,925 | 56 |
| * | Chinese Gamer International Corp. | 32,000 | 54 |
| | | | 201,081 |
| Thailand (1.0%) | | |
| | Bumrungrad Hospital PCL (Foreign) | 304,713 | 1,480 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 4,315,176 | 1,362 |
| * | Robinson Department Store PCL | 676,800 | 958 |
| * | Hana Microelectronics PCL | 580,820 | 782 |
| * | Bumrungrad Hospital PCL | 157,160 | 763 |
| * | Bangkok Land PCL | 16,424,600 | 759 |
| * | Siam Global House PCL | 2,568,303 | 756 |
| * | Thaicom PCL | 652,140 | 725 |
| * | Srisawad Power 1979 PCL | 570,885 | 720 |
| * | Jasmine International PCL | 4,329,288 | 720 |
| * | Tata Steel Thailand PCL | 27,942,336 | 634 |
| * | Major Cineplex Group PCL | 622,620 | 632 |
| * | Thanachart Capital PCL | 605,920 | 624 |
| * | Superblock PCL | 8,903,500 | 576 |
| ^ | Thoresen Thai Agencies PCL | 1,399,625 | 567 |
91
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | SPCG PCL | 652,100 | 538 |
| * | KCE Electronics PCL | 327,300 | 535 |
| | Central Plaza Hotel PCL | 526,790 | 534 |
| * | Pruksa Real Estate PCL | 639,890 | 532 |
| * | TPI Polene PCL | 5,725,800 | 502 |
| * | Tisco Financial Group PCL | 362,950 | 498 |
| ^ | Sino-Thai Engineering & Construction PCL (Foreign) | 759,099 | 479 |
| * | Dynasty Ceramic PCL | 3,808,000 | 466 |
| * | Bangchak Petroleum PCL | 431,000 | 463 |
| * | Gunkul Engineering PCL | 548,750 | 460 |
| | Kiatnakin Bank PCL | 389,200 | 436 |
| * | Chularat Hospital PCL | 726,286 | 426 |
| | Hana Microelectronics PCL (Foreign) | 307,510 | 414 |
| | TTW PCL (Foreign) | 1,201,300 | 411 |
| * | CH Karnchang PCL | 515,300 | 393 |
| * | MBK PCL | 907,100 | 391 |
| * | Univentures PCL | 1,548,020 | 388 |
| ^ | WHA Corp. PCL | 300,777 | 382 |
| * | LPN Development PCL | 693,711 | 361 |
| * | Bangkok Metro PCL | 6,235,600 | 358 |
| * | Amata Corp. PCL | 645,400 | 349 |
| * | Esso Thailand PCL | 1,741,000 | 342 |
| | Bangkok Expressway PCL (Foreign) | 278,700 | 329 |
| * | Samart Corp. PCL | 352,021 | 319 |
| * | Bangkok Chain Hospital PCL | 1,266,640 | 314 |
| * | Italian-Thai Development PCL | 1,360,202 | 312 |
| * | Thai Vegetable Oil PCL | 467,600 | 311 |
| | Samart Corp. PCL | 341,500 | 309 |
| * | Thai Reinsurance PCL | 3,398,450 | 309 |
| * | CK Power PCL | 2,988,000 | 302 |
| * | Sansiri PCL (Local) | 5,274,300 | 301 |
| * | Quality Houses PCL | 3,199,233 | 300 |
| * | Sri Trang Agro-Industry PCL | 740,900 | 289 |
| * | Supalai PCL | 468,800 | 283 |
| * | TICON Industrial Connection PCL | 622,700 | 282 |
| ^ | VGI Global Media PCL NVDR | 2,024,200 | 278 |
| * | WHA Corp. PCL | 218,700 | 277 |
| ^ | Bangkok Chain Hospital PCL | 1,051,125 | 261 |
| | VGI Global Media PCL (Foreign) | 1,865,788 | 256 |
| | Supalai PCL | 413,100 | 250 |
| * | GFPT PCL | 671,200 | 240 |
| | Tisco Financial Group PCL (Foreign) | 172,150 | 236 |
| | Thanachart Capital PCL | 216,600 | 223 |
| | Bangkok Expressway PCL | 180,100 | 213 |
| | Quality Houses PCL | 2,133,756 | 200 |
| | Asian Property Development PCL (Foreign) | 861,256 | 192 |
| * | Cal-Comp Electronics Thailand PCL | 1,718,516 | 190 |
| * | Thoresen Thai Agencies PCL | 447,344 | 181 |
| | Univentures PCL | 707,100 | 177 |
| | Bumrungrad Hospital PCL | 34,400 | 167 |
| * | Italian-Thai Development PCL | 676,308 | 155 |
| | Central Plaza Hotel PCL | 149,600 | 152 |
| * | TTW PCL | 419,400 | 144 |
| ^ | Pruksa Real Estate PCL | 171,200 | 142 |
| | Maybank Kim Eng Securities Thailand PCL | 197,500 | 139 |
| * | Sino-Thai Engineering & Construction PCL | 205,200 | 129 |
| * | TTW PCL NVDR | 361,600 | 124 |
| * | AP Thailand PCL | 532,800 | 119 |
| * | Kiatnakin Bank PCL | 104,200 | 117 |
| | Precious Shipping PCL (Foreign) | 269,200 | 111 |
| ^ | Precious Shipping PCL NVDR | 206,600 | 85 |
| | Sansiri PCL (Foreign) | 1,403,050 | 80 |
| * | Sahaviriya Steel Industries PCL | 11,300,000 | 75 |
| * | Sahaviriya Steel Industries PCL (Foreign) | 9,411,500 | 63 |
92
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | WHA Corp. PCL Warrants Exp. 12/31/2019 | 56,618 | 48 |
| * | Hemaraj Land and Development PCL | 329,463 | 43 |
| * | Sino-Thai Engineering & Construction PCL (Local) | 24,716 | 16 |
| * | VGI Global Media PCL | 104,424 | 14 |
| | CK Power PCL Rights Exp. 5/22/2015 | 1,015,920 | 10 |
| * | G J Steel PCL Warrants Exp. 1/30/2020 | 1,627,035 | — |
| * | Sansiri PLC Warrants Exp. 7/29/2017 | 1,403,050 | — |
| * | BTS Group Holdings PCL Warrants Exp 10/16/2018 | 976,408 | — |
| * | VGI Global Media PCL Foreign Warrants | 224,000 | — |
| * | VGI Global Media PCL NVDR Warrants | 171,400 | — |
| * | Thoresen Thai Agencies PCL Warrants Exp. 2/28/2019 | 166,980 | — |
| * | Samart Corp. PCL Warrants Exp. 2/11/2018 | 106,504 | — |
| * | Srisawad Power 1979 PCL Warrants Exp. 11/30/2017 | 22,387 | — |
| | | | 30,783 |
| Turkey (0.3%) | | |
| * | Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS | 498,939 | 624 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 840,357 | 579 |
| | Dogus Otomotiv Servis ve Ticaret AS | 112,659 | 548 |
| * | Dogan Sirketler Grubu Holding AS | 2,194,241 | 500 |
| | Cimsa Cimento Sanayi VE Ticaret AS | 68,394 | 420 |
| | Aksa Akrilik Kimya Sanayii AS | 91,802 | 371 |
| | Otokar Otomotiv Ve Savunma Sanayi A.S. | 9,612 | 347 |
| | Trakya Cam Sanayii AS | 282,015 | 339 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A | 367,602 | 330 |
| * | Asya Katilim Bankasi AS | 999,599 | 322 |
| * | Aksa Enerji Uretim AS Class B | 304,501 | 309 |
| * | Sekerbank TAS | 457,167 | 307 |
| | Konya Cimento Sanayii AS | 2,412 | 274 |
| * | Tekfen Holding AS | 137,570 | 257 |
| | Is Gayrimenkul Yatirim Ortakligi AS | 379,137 | 241 |
| | Gubre Fabrikalari TAS | 87,760 | 234 |
| | Albaraka Turk Katilim Bankasi AS | 349,642 | 226 |
| * | NET Holding AS | 182,457 | 209 |
| * | Koza Anadolu Metal Madencilik Isletmeleri AS | 193,359 | 209 |
| | Akfen Holding AS | 74,550 | 187 |
| | Aksigorta AS | 175,747 | 157 |
| | Anadolu Cam Sanayii AS | 210,651 | 155 |
| * | Vestel Elektronik Sanayi ve Ticaret AS | 72,776 | 150 |
| | Torunlar Gayrimenkul Yatirim Ortakligi AS | 97,105 | 148 |
| | Bizim Toptan Satis Magazalari AS | 24,664 | 146 |
| * | Zorlu Enerji Elektrik Uretim AS | 180,809 | 139 |
| | Yazicilar Holding AS Class A | 13,600 | 122 |
| * | Adana Cimento Sanayii TAS Class A | 46,134 | 121 |
| | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 107,261 | 114 |
| | Vakif Gayrimenkul Yatirim Ortakligi AS | 102,688 | 102 |
| * | Akenerji Elektrik Uretim AS | 223,987 | 93 |
| | Alarko Holding AS | 44,146 | 67 |
| * | Ihlas Holding AS | 631,611 | 64 |
| | Turcas Petrol AS | 74,081 | 63 |
| | | | 8,474 |
| United Arab Emirates (0.1%) | | |
| * | Eshraq Properties Co. PJSC | 1,825,843 | 508 |
| * | Drake & Scull International PJSC | 1,728,095 | 408 |
| * | Agthia Group PJSC | 182,508 | 382 |
| | RAK Properties PJSC | 1,412,175 | 286 |
| | National Central Cooling Co. PJSC | 339,412 | 116 |
| * | Islamic Arab Insurance Co. | 243,276 | 40 |
| | | | 1,740 |
| United Kingdom (15.0%) | | |
| | Man Group plc | 2,191,614 | 6,462 |
| | Rightmove plc | 129,279 | 6,258 |
| | Henderson Group plc | 1,448,663 | 6,182 |
| | Howden Joinery Group plc | 859,986 | 6,122 |
93
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Great Portland Estates plc | 479,996 | 5,859 |
| * | BTG plc | 529,334 | 5,841 |
| | Halma plc | 521,165 | 5,676 |
| | IG Group Holdings plc | 503,073 | 5,672 |
| | Spectris plc | 164,714 | 5,414 |
| | Spirax-Sarco Engineering plc | 103,798 | 5,373 |
| | UBM plc | 613,716 | 5,298 |
| | Essentra plc | 360,207 | 5,288 |
| * | AA plc | 812,192 | 5,191 |
| | Catlin Group Ltd. | 475,528 | 5,172 |
| | Bellway plc | 168,980 | 5,137 |
| | Booker Group plc | 2,270,471 | 5,027 |
| | Shaftesbury plc | 378,617 | 4,869 |
| * | Hiscox Ltd. | 384,315 | 4,842 |
| | Amlin plc | 688,524 | 4,825 |
| | Close Brothers Group plc | 205,990 | 4,815 |
| | Hays plc | 1,941,085 | 4,562 |
| | Micro Focus International plc | 230,013 | 4,427 |
| | Intermediate Capital Group plc | 544,911 | 4,401 |
| * | Thomas Cook Group plc | 1,999,646 | 4,386 |
| | Rotork plc | 119,667 | 4,318 |
| * | Betfair Group plc | 114,628 | 4,085 |
| | Phoenix Group Holdings | 311,014 | 4,014 |
| | Cable & Wireless Communications plc | 3,847,433 | 3,966 |
| ^ | Greene King plc | 304,261 | 3,868 |
| ^ | Telecity Group plc | 283,096 | 3,840 |
| | Jupiter Fund Management plc | 581,789 | 3,831 |
| | Berendsen plc | 239,862 | 3,813 |
| | Grafton Group plc | 297,572 | 3,755 |
| | Britvic plc | 331,911 | 3,686 |
| | Balfour Beatty plc | 935,801 | 3,464 |
| | Michael Page International plc | 424,695 | 3,460 |
| | WH Smith plc | 155,757 | 3,417 |
| | Victrex plc | 112,747 | 3,413 |
| | BBA Aviation plc | 648,200 | 3,411 |
| | Regus plc | 888,910 | 3,395 |
| | Playtech plc | 267,389 | 3,359 |
| | Stagecoach Group plc | 594,349 | 3,303 |
| | RPC Group plc | 346,114 | 3,181 |
| ^ | Serco Group plc | 1,519,670 | 3,105 |
| | Greencore Group plc | 567,250 | 3,078 |
| * | Just Eat plc | 438,309 | 3,074 |
| | CSR plc | 227,913 | 3,072 |
| | Beazley plc | 707,609 | 3,043 |
| * | Ocado Group plc | 548,280 | 2,976 |
| | Carillion plc | 590,653 | 2,947 |
| | Elementis plc | 625,842 | 2,912 |
| | Home Retail Group plc | 1,136,432 | 2,904 |
| | Kennedy Wilson Europe Real Estate plc | 165,858 | 2,841 |
| | WS Atkins plc | 137,872 | 2,829 |
| | Senior plc | 586,259 | 2,815 |
| | Restaurant Group plc | 270,110 | 2,807 |
| * | UDG Healthcare plc | 343,148 | 2,804 |
| | UNITE Group plc | 299,959 | 2,756 |
| | Bodycote plc | 261,422 | 2,753 |
| | Paragon Group of Cos. plc | 419,347 | 2,743 |
| | Jardine Lloyd Thompson Group plc | 168,131 | 2,738 |
| | Pace plc | 430,983 | 2,733 |
| * | Indivior plc | 892,091 | 2,728 |
| | QinetiQ Group plc | 857,889 | 2,655 |
| | Moneysupermarket.com Group plc | 616,864 | 2,643 |
| | Synergy Health plc | 76,976 | 2,611 |
| | Bovis Homes Group plc | 183,076 | 2,607 |
| | Greggs plc | 143,113 | 2,601 |
94
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Galliford Try plc | 111,920 | 2,575 |
| | Vesuvius plc | 368,824 | 2,565 |
| | Ultra Electronics Holdings plc | 96,169 | 2,557 |
| | National Express Group plc | 577,545 | 2,544 |
| | Lancashire Holdings Ltd. | 255,259 | 2,495 |
| * | Firstgroup plc | 1,635,052 | 2,484 |
| | International Personal Finance plc | 314,998 | 2,396 |
| | Debenhams plc | 1,741,514 | 2,392 |
| | SIG plc | 781,002 | 2,321 |
| | AVEVA Group plc | 89,447 | 2,315 |
| | HomeServe plc | 390,183 | 2,280 |
| * | SSP Group plc | 497,047 | 2,271 |
| | Crest Nicholson Holdings plc | 328,521 | 2,256 |
| | Mitie Group plc | 512,403 | 2,248 |
| | Savills plc | 176,684 | 2,238 |
| | Electrocomponents plc | 603,909 | 2,231 |
| | Domino's Pizza Group plc | 183,699 | 2,222 |
| | Domino Printing Sciences plc | 156,219 | 2,192 |
| * | Cairn Energy plc | 799,315 | 2,178 |
| | Go-Ahead Group plc | 57,605 | 2,175 |
| * | Dignity plc | 67,515 | 2,106 |
| * | Ophir Energy plc | 942,683 | 2,055 |
| * | Evraz plc | 704,848 | 2,047 |
| | Laird plc | 371,935 | 2,045 |
| | Londonmetric Property plc | 804,968 | 2,038 |
| | Morgan Advanced Materials plc | 396,186 | 2,035 |
| * | Mitchells & Butlers plc | 318,127 | 2,032 |
| | Workspace Group plc | 156,326 | 2,018 |
| | Big Yellow Group plc | 196,500 | 2,009 |
| | Cineworld Group plc | 268,100 | 2,002 |
| * | Genel Energy plc | 203,772 | 1,959 |
| * | SVG Capital plc | 255,737 | 1,957 |
| | Diploma plc | 159,036 | 1,951 |
| * | Premier Oil plc | 723,932 | 1,937 |
| | Ladbrokes plc | 1,230,138 | 1,925 |
| | Halfords Group plc | 275,630 | 1,920 |
| | Dechra Pharmaceuticals plc | 122,117 | 1,919 |
| | Brewin Dolphin Holdings plc | 365,179 | 1,897 |
| | Marston's plc | 779,009 | 1,894 |
| | Renishaw plc | 48,693 | 1,867 |
| | Synthomer plc | 376,789 | 1,845 |
| *,2 | TSB Banking Group plc | 357,976 | 1,836 |
| | Grainger plc | 564,838 | 1,832 |
| | Kier Group plc | 73,448 | 1,822 |
| | Fidessa Group plc | 53,124 | 1,814 |
| | Northgate plc | 179,593 | 1,779 |
| | Tullett Prebon plc | 324,732 | 1,778 |
| | Hunting plc | 195,737 | 1,757 |
| | Interserve plc | 197,697 | 1,751 |
| | Genus plc | 83,985 | 1,739 |
| | Dunelm Group plc | 125,377 | 1,726 |
| | Redrow plc | 301,149 | 1,706 |
| | Countrywide plc | 210,776 | 1,692 |
| | Hansteen Holdings plc | 931,397 | 1,683 |
| *,2 | Spire Healthcare Group plc | 334,974 | 1,641 |
| | ST Modwen Properties plc | 244,534 | 1,630 |
| * | Saga plc | 542,081 | 1,599 |
| * | Alent plc | 284,746 | 1,581 |
| | F&C Commercial Property Trust Ltd. | 725,505 | 1,561 |
| | Ted Baker plc | 35,715 | 1,560 |
| | HellermannTyton Group plc | 292,385 | 1,544 |
| | Spirit Pub Co. plc | 887,258 | 1,526 |
| * | Petra Diamonds Ltd. | 617,972 | 1,482 |
| | Premier Farnell plc | 501,231 | 1,463 |
95
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Al Noor Hospitals Group plc | 104,784 | 1,443 |
| | Keller Group plc | 93,224 | 1,426 |
| ^ | Vedanta Resources plc | 148,065 | 1,422 |
| | Card Factory plc | 291,446 | 1,413 |
| * | KAZ Minerals plc | 354,968 | 1,412 |
| | J D Wetherspoon plc | 120,553 | 1,405 |
| ^,* | Lonmin plc | 633,730 | 1,401 |
| | Centamin plc | 1,413,106 | 1,380 |
| * | Enterprise Inns plc | 743,321 | 1,329 |
| | Dairy Crest Group plc | 185,132 | 1,294 |
| | Bank of Georgia Holdings plc | 46,829 | 1,286 |
| | Entertainment One Ltd. | 261,058 | 1,258 |
| | Bwin.Party Digital Entertainment plc | 970,021 | 1,241 |
| | Pets at Home Group plc | 304,815 | 1,217 |
| | Foxtons Group plc | 356,964 | 1,203 |
| | Redefine International PLC | 1,335,994 | 1,200 |
| | Spirent Communications plc | 890,722 | 1,192 |
| | Poundland Group plc | 240,869 | 1,156 |
| | De La Rue plc | 134,673 | 1,132 |
| | N Brown Group plc | 209,841 | 1,102 |
| | esure Group plc | 325,418 | 1,091 |
| | Devro plc | 240,011 | 1,075 |
| * | Allied Minds plc | 107,180 | 1,070 |
| * | Colt Group SA | 441,563 | 1,009 |
| | Oxford Instruments plc | 70,699 | 1,007 |
| | ITE Group plc | 343,209 | 990 |
| | NMC Health plc | 84,194 | 982 |
| * | Computacenter plc | 90,534 | 972 |
| | Telecom Plus plc | 82,524 | 969 |
| | RPS Group plc | 295,945 | 967 |
| * | Imagination Technologies Group plc | 319,869 | 961 |
| | Kcom Group plc | 672,133 | 945 |
| | Acacia Mining plc | 208,708 | 926 |
| | Chesnara plc | 185,086 | 909 |
| | Shanks Group plc | 551,719 | 903 |
| | Speedy Hire plc | 792,184 | 900 |
| | Fenner plc | 276,249 | 888 |
| | Chemring Group plc | 269,639 | 886 |
| | Helical Bar plc | 144,390 | 862 |
| | UK Commercial Property Trust Ltd. | 606,747 | 855 |
| * | EnQuest plc | 1,040,849 | 836 |
| | Connect Group plc | 340,180 | 828 |
| | Soco International plc | 299,305 | 828 |
| | SDL plc | 114,262 | 816 |
| | Just Retirement Group plc | 296,908 | 795 |
| 2 | Zoopla Property Group plc | 239,966 | 789 |
| | APR Energy plc | 140,803 | 781 |
| * | Lamprell plc | 361,441 | 778 |
| | Xaar plc | 113,539 | 764 |
| | Development Securities plc | 189,040 | 734 |
| | Picton Property Income Ltd. | 648,097 | 734 |
| | Stobart Group Ltd. | 434,610 | 721 |
| * | SuperGroup plc | 43,532 | 689 |
| ^,* | AO World plc | 233,792 | 670 |
| | Morgan Sindall Group plc | 55,185 | 664 |
| | Cape plc | 160,749 | 651 |
| * | Premier Foods plc | 898,395 | 634 |
| | Schroder REIT Ltd. | 639,849 | 604 |
| | Xchanging plc | 316,464 | 592 |
| | Daejan Holdings plc | 7,085 | 589 |
| ^,* | Mothercare plc | 169,927 | 579 |
| 2 | Brit plc | 126,539 | 538 |
| | 888 Holdings plc | 203,823 | 500 |
| | Partnership Assurance Group plc | 170,982 | 361 |
96
| | | | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2015 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| * | Gem Diamonds Ltd. | | | 166,096 | 355 |
| * | Hochschild Mining plc | | | 227,136 | 341 |
| * | Aquarius Platinum Ltd. | | | 2,343,980 | 318 |
| | Infinis Energy plc | | | 105,599 | 308 |
| | Ferrexpo plc | | | 168,214 | 202 |
| ^,* | Afren plc | | | 1,404,272 | 72 |
| | Anglo Pacific Group plc | | | 4,122 | 6 |
| * | Kenmare Resources plc | | | 59,895 | 3 |
| |
| | | | | | 457,507 |
| |
| Total Common Stocks (Cost $2,846,270) | | | | 3,049,362 |
| |
| |
| | | Coupon | | | |
| |
| Temporary Cash Investments (8.7%)1 | | | | |
| Money Market Fund (8.6%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 0.121% | | 264,791,802 | 264,792 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.1%) | | | | |
| 5 | Federal Home Loan Bank Discount Notes | 0.065% | 5/13/15 | 1,000 | 1,000 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.060% | 5/20/15 | 1,000 | 1,000 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.067% | 6/3/15 | 200 | 200 |
| |
| | | | | | 2,200 |
| |
| Total Temporary Cash Investments (Cost $266,992) | | | | 266,992 |
| |
| Total Investments (108.5%) (Cost $3,113,262) | | | | 3,316,354 |
| Other Assets and Liabilities—Net (-8.5%)4 | | | | (258,840) |
| Net Assets (100%) | | | | 3,057,514 |
- Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $243,444,000.
- Non-income-producing security.
- 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 8.6%, respectively, of net assets.
- 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, 2015, the aggregate value of these securities was $16,792,000, representing 0.5% of net assets.
- Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
- Includes $258,416,000 of collateral received for securities on loan.
- 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.
- Securities with a value of $500,000 have been segregated as initial margin for open futures contracts. GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt. REIT—Real Estate Investment Trust.
97
© 2015 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA7702 062015
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.6%)1 | | |
| Brazil (9.1%) | | |
| | Ambev SA | 50,068,155 | 314,738 |
| | Itau Unibanco Holding SA ADR | 23,939,971 | 306,910 |
| | Itau Unibanco Holding SA Preference Shares | 22,280,186 | 284,922 |
| | BRF SA | 12,538,464 | 268,002 |
| | Banco Bradesco SA Preference Shares | 23,652,123 | 252,461 |
| | Banco Bradesco SA ADR | 22,042,141 | 235,631 |
| * | Petroleo Brasileiro SA | 47,810,197 | 226,122 |
| | Cielo SA | 15,674,872 | 218,193 |
| | Ambev SA ADR | 34,433,647 | 217,965 |
| * | Petroleo Brasileiro SA Preference Shares | 47,340,786 | 205,047 |
| | Itausa - Investimentos Itau SA Preference Shares | 57,293,644 | 201,758 |
| | Ultrapar Participacoes SA | 7,108,295 | 163,590 |
| | Banco do Brasil SA | 15,844,285 | 139,987 |
| * | Petroleo Brasileiro SA ADR | 15,268,488 | 132,530 |
| | BB Seguridade Participacoes SA | 11,169,378 | 130,676 |
| | Vale SA Preference Shares | 21,387,986 | 128,841 |
| | BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros | 31,147,149 | 128,292 |
| | Banco Bradesco SA | 11,174,985 | 111,418 |
| | Vale SA Class B Pfd. ADR | 18,196,720 | 110,090 |
| | Kroton Educacional SA | 28,203,880 | 102,970 |
| *,^ | Petroleo Brasileiro SA ADR Series A | 9,686,294 | 92,020 |
| ^ | Vale SA Class B ADR | 11,657,749 | 89,532 |
| | CCR SA | 15,961,576 | 87,941 |
| | Lojas Renner SA | 2,327,072 | 81,136 |
| | Telefonica Brasil SA Preference Shares | 4,835,856 | 80,251 |
| | JBS SA | 13,595,506 | 70,122 |
| | BRF SA ADR | 3,218,610 | 69,104 |
| | Souza Cruz SA | 7,018,579 | 64,060 |
| | Klabin SA | 10,041,430 | 61,589 |
| | Vale SA | 7,711,012 | 57,968 |
| * | Fibria Celulose SA | 4,009,340 | 56,222 |
| | WEG SA | 10,511,300 | 55,994 |
| | Embraer SA | 7,046,682 | 54,962 |
| | Lojas Americanas SA Preference Shares | 9,644,967 | 53,684 |
| | Raia Drogasil SA | 4,725,525 | 53,639 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 1,499,116 | 50,751 |
| | Embraer SA ADR | 1,503,207 | 46,870 |
| | Grupo BTG Pactual | 4,738,064 | 46,690 |
| | CETIP SA - Mercados Organizados | 4,060,099 | 46,558 |
| | Tractebel Energia SA | 3,876,301 | 45,930 |
| * | Hypermarcas SA | 6,848,690 | 45,189 |
| | BR Malls Participacoes SA | 7,891,499 | 42,955 |
| | Itau Unibanco Holding SA | 3,627,955 | 41,771 |
| | Cia Energetica de Minas Gerais Preference Shares | 8,572,689 | 41,399 |
| | Cia Brasileira de Distribuicao ADR | 1,162,950 | 39,005 |
| * | Qualicorp SA | 3,907,500 | 32,163 |
| | Natura Cosmeticos SA | 3,279,139 | 31,344 |
| | Gerdau SA Preference Shares | 9,135,462 | 30,472 |
| | CPFL Energia SA | 4,583,386 | 30,227 |
| | Localiza Rent a Car SA | 2,588,023 | 30,167 |
| | TOTVS SA | 2,517,929 | 29,091 |
| | Tim Participacoes SA | 8,992,542 | 28,802 |
| | Estacio Participacoes SA | 4,747,900 | 28,680 |
| ^ | Telefonica Brasil SA ADR | 1,733,799 | 28,469 |
| | Suzano Papel e Celulose SA Preference Shares Class A | 5,180,400 | 25,963 |
| | Multiplan Empreendimentos Imobiliarios SA | 1,453,839 | 25,574 |
| | Cia Energetica de Minas Gerais ADR | 5,034,039 | 24,767 |
| | M Dias Branco SA | 822,217 | 23,616 |
| | Porto Seguro SA | 1,863,248 | 23,308 |
| | Gerdau SA ADR | 6,827,253 | 22,940 |
| ^ | Cia Siderurgica Nacional SA ADR | 8,427,869 | 22,671 |
1
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cia Energetica de Sao Paulo Preference Shares | 3,427,886 | 21,617 |
| | Cosan SA Industria e Comercio | 2,153,501 | 21,085 |
| | Sul America SA | 4,389,955 | 20,690 |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 5,279,298 | 20,553 |
| | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 3,443,413 | 20,282 |
| | Tim Participacoes SA ADR | 1,247,788 | 19,615 |
| | Bradespar SA Preference Shares | 4,351,963 | 17,405 |
| | Metalurgica Gerdau SA Preference Shares Class A | 5,313,391 | 17,353 |
| * | B2W Cia Digital | 1,903,100 | 17,288 |
| | EDP - Energias do Brasil SA | 4,547,421 | 17,281 |
| ^ | Cia Paranaense de Energia ADR | 1,516,306 | 16,588 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 2,755,186 | 16,277 |
| | Duratex SA | 5,393,315 | 15,198 |
| | Usinas Siderurgicas de Minas Gerais SA Preference Shares | 7,636,578 | 15,131 |
| | Via Varejo SA | 2,369,300 | 14,862 |
| | Lojas Americanas SA | 3,232,941 | 14,164 |
| | Cia Siderurgica Nacional SA | 5,027,948 | 13,467 |
| | Centrais Eletricas Brasileiras SA | 5,397,752 | 13,078 |
| | Usinas Siderurgicas de Minas Gerais SA | 2,213,944 | 12,337 |
| | EcoRodovias Infraestrutura e Logistica SA | 3,685,499 | 10,850 |
| | Transmissora Alianca de Energia Eletrica SA | 1,560,986 | 10,274 |
| | AES Tiete SA Preference Shares | 1,777,496 | 10,206 |
| * | Oi SA Preference Shares | 5,405,362 | 10,136 |
| | Multiplus SA | 906,035 | 10,074 |
| | Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 603,017 | 8,506 |
| | Centrais Eletricas Brasileiras SA Preference Shares | 2,821,151 | 8,287 |
| | Cia Energetica de Minas Gerais | 1,641,634 | 7,922 |
| | CPFL Energia SA ADR | 540,477 | 7,037 |
| | Braskem SA ADR | 723,728 | 6,007 |
| | Braskem SA Preference Shares | 1,397,378 | 5,844 |
| | Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 273,619 | 4,765 |
| | AES Tiete SA | 979,505 | 4,714 |
| | Cia Paranaense de Energia Preference Shares | 394,834 | 4,444 |
| | Guararapes Confeccoes SA | 162,220 | 4,388 |
| * | Oi SA | 2,266,249 | 4,250 |
| | Centrais Eletricas Brasileiras SA ADR Preference Shares | 1,380,801 | 3,963 |
| * | Fibria Celulose SA ADR | 269,506 | 3,776 |
| | Cia Paranaense de Energia | 385,300 | 2,929 |
| | Arteris SA | 888,291 | 2,418 |
| ^ | Centrais Eletricas Brasileiras SA ADR | 595,104 | 1,458 |
| ^ | Oi SA ADR Preference Shares | 596,490 | 1,151 |
| | Oi SA ADR | 24,193 | 48 |
| * | Itausa - Investimentos Itau SA | 105 | — |
| | | | 6,251,457 |
| Chile (1.4%) | | |
| | Empresas COPEC SA | 6,913,475 | 79,346 |
| | Enersis SA ADR | 4,029,843 | 71,610 |
| | SACI Falabella | 8,787,621 | 68,547 |
| | Enersis SA | 163,962,717 | 57,291 |
| | Empresas CMPC SA | 20,227,406 | 56,702 |
| | Cencosud SA | 20,997,078 | 54,382 |
| | Empresa Nacional de Electricidad SA ADR | 1,149,840 | 53,031 |
| | Banco de Chile | 439,926,130 | 50,517 |
| * | Latam Airlines Group | 5,125,277 | 49,073 |
| | Empresa Nacional de Electricidad SA | 27,733,420 | 42,740 |
| | Banco de Credito e Inversiones | 785,866 | 39,250 |
| | Colbun SA | 127,043,510 | 38,374 |
| | Corpbanca SA | 3,093,290,221 | 35,051 |
| | Banco Santander Chile ADR | 1,541,395 | 33,618 |
| | Aguas Andinas SA Class A | 56,633,964 | 33,539 |
| | Cia Cervecerias Unidas SA | 2,911,578 | 31,707 |
| | Banco Santander Chile | 544,089,640 | 29,318 |
| | AES Gener SA | 48,382,024 | 27,885 |
| | ENTEL Chile SA | 2,159,216 | 24,425 |
2
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sociedad Quimica y Minera de Chile SA ADR | 998,469 | 21,807 |
| | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 663,282 | 14,561 |
| | Embotelladora Andina SA Preference Shares | 4,552,891 | 14,458 |
| * | Latam Airlines Group SA | 739,267 | 6,993 |
| * | Latam Airlines Group SA ADR | 335,113 | 3,207 |
| | | | 937,432 |
| China (28.5%) | | |
| * | Tencent Holdings Ltd. | 97,470,460 | 2,011,681 |
| | China Mobile Ltd. | 95,264,567 | 1,360,691 |
| | China Construction Bank Corp. | 1,316,251,913 | 1,277,731 |
| | Industrial & Commercial Bank of China Ltd. | 1,314,685,003 | 1,140,438 |
| | Bank of China Ltd. | 1,373,834,177 | 941,356 |
| | China Life Insurance Co. Ltd. | 134,354,470 | 652,060 |
| | Ping An Insurance Group Co. of China Ltd. | 45,050,488 | 644,278 |
| | CNOOC Ltd. | 290,351,252 | 495,111 |
| | PetroChina Co. Ltd. | 380,965,479 | 491,356 |
| | China Petroleum & Chemical Corp. | 460,665,372 | 434,761 |
| | China Overseas Land & Investment Ltd. | 73,707,276 | 307,019 |
| | Agricultural Bank of China Ltd. | 466,202,065 | 262,463 |
| | China Pacific Insurance Group Co. Ltd. | 47,432,594 | 257,097 |
| | China Merchants Bank Co. Ltd. | 82,892,905 | 248,815 |
| | China Telecom Corp. Ltd. | 292,257,683 | 216,507 |
| | Lenovo Group Ltd. | 118,500,109 | 203,769 |
| | CITIC Ltd. | 100,238,674 | 200,526 |
| * | China Unicom Hong Kong Ltd. | 104,562,248 | 196,381 |
| *,^ | Hanergy Thin Film Power Group Ltd. | 206,928,000 | 192,577 |
| | Hengan International Group Co. Ltd. | 13,387,400 | 165,159 |
| | China Minsheng Banking Corp. Ltd. | 111,647,241 | 163,023 |
| | China Shenhua Energy Co. Ltd. | 62,186,925 | 161,503 |
| | Bank of Communications Co. Ltd. | 148,223,345 | 151,938 |
| | China Communications Construction Co. Ltd. | 81,858,504 | 148,889 |
| | Great Wall Motor Co. Ltd. | 18,903,500 | 143,432 |
| | China Resources Land Ltd. | 37,700,771 | 136,786 |
| | PICC Property & Casualty Co. Ltd. | 59,675,895 | 132,214 |
| | China CITIC Bank Corp. Ltd. | 138,877,719 | 125,941 |
| | Belle International Holdings Ltd. | 96,328,500 | 123,635 |
| | China Resources Power Holdings Co. Ltd. | 35,203,048 | 106,195 |
| ^ | Evergrande Real Estate Group Ltd. | 110,156,785 | 104,163 |
| | China Railway Group Ltd. | 70,772,408 | 99,319 |
| | ENN Energy Holdings Ltd. | 13,476,400 | 96,995 |
| | CITIC Securities Co. Ltd. | 21,580,700 | 95,600 |
| | China Merchants Holdings International Co. Ltd. | 20,950,610 | 95,046 |
| | Brilliance China Automotive Holdings Ltd. | 50,150,700 | 94,119 |
| | Sinopharm Group Co. Ltd. | 19,269,700 | 91,527 |
| | China Everbright International Ltd. | 49,049,000 | 91,464 |
| | New China Life Insurance Co. Ltd. | 14,698,219 | 90,954 |
| ^ | Haitong Securities Co. Ltd. | 27,631,800 | 90,248 |
| | Dongfeng Motor Group Co. Ltd. | 54,086,744 | 89,857 |
| | Anhui Conch Cement Co. Ltd. | 21,879,552 | 88,465 |
| | Huaneng Power International Inc. | 62,370,978 | 88,456 |
| | Beijing Enterprises Holdings Ltd. | 9,625,000 | 87,960 |
| | CSPC Pharmaceutical Group Ltd. | 76,649,757 | 79,586 |
| | Zhuzhou CSR Times Electric Co. Ltd. | 9,247,000 | 78,628 |
| | China Longyuan Power Group Corp. Ltd. | 62,624,800 | 77,611 |
| ^ | Byd Co. Ltd. | 12,674,281 | 76,570 |
| *,^ | Alibaba Pictures Group Ltd. | 148,340,000 | 72,968 |
| | China Railway Construction Corp. Ltd. | 35,021,765 | 69,929 |
| *,2 | China CNR Corp. Ltd. | 33,654,000 | 68,739 |
| | China Resources Enterprise Ltd. | 22,394,860 | 68,604 |
| * | China Taiping Insurance Holdings Co. Ltd. | 18,420,420 | 68,434 |
| | China Oilfield Services Ltd. | 33,135,800 | 68,035 |
| ^ | Fosun International Ltd. | 26,872,237 | 66,978 |
| ^ | CSR Corp. Ltd. | 34,403,377 | 66,322 |
| | China National Building Material Co. Ltd. | 53,930,960 | 65,415 |
3
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | China Vanke Co. Ltd. | 24,437,741 | 64,715 |
| *,2 | CGN Power Co. Ltd. | 114,537,878 | 64,092 |
| | Guangdong Investment Ltd. | 41,628,080 | 62,074 |
| | Kunlun Energy Co. Ltd. | 51,929,230 | 61,648 |
| | Beijing Enterprises Water Group Ltd. | 71,042,000 | 61,270 |
| | Sino Biopharmaceutical Ltd. | 52,268,373 | 59,674 |
| *,^ | GCL-Poly Energy Holdings Ltd. | 192,513,000 | 58,222 |
| | Country Garden Holdings Co. Ltd. | 104,769,728 | 56,564 |
| | China State Construction International Holdings Ltd. | 29,074,872 | 56,037 |
| ^ | GOME Electrical Appliances Holding Ltd. | 216,342,805 | 55,421 |
| | Shimao Property Holdings Ltd. | 23,139,957 | 54,479 |
| | Sino-Ocean Land Holdings Ltd. | 65,236,802 | 54,270 |
| ^ | Shanghai Electric Group Co. Ltd. | 52,335,756 | 53,367 |
| ^ | Kingsoft Corp. Ltd. | 13,496,000 | 52,760 |
| | China Everbright Ltd. | 15,908,010 | 52,589 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 15,801,912 | 51,848 |
| | Jiangxi Copper Co. Ltd. | 24,820,898 | 51,223 |
| * | Alibaba Health Information Technology Ltd. | 32,328,000 | 49,903 |
| | China Gas Holdings Ltd. | 27,985,900 | 49,447 |
| *,^ | Aluminum Corp. of China Ltd. | 74,491,220 | 48,062 |
| | Haier Electronics Group Co. Ltd. | 16,658,000 | 47,919 |
| | Shenzhou International Group Holdings Ltd. | 10,120,065 | 47,597 |
| | COSCO Pacific Ltd. | 30,341,788 | 47,581 |
| 2 | People's Insurance Co. Group of China Ltd. | 68,121,000 | 47,168 |
| | Chongqing Rural Commercial Bank Co. Ltd. | 52,577,461 | 46,900 |
| | Geely Automobile Holdings Ltd. | 82,317,300 | 46,308 |
| | AviChina Industry & Technology Co. Ltd. | 40,588,000 | 45,984 |
| *,^ | China COSCO Holdings Co. Ltd. | 49,171,000 | 45,208 |
| | Tsingtao Brewery Co. Ltd. | 7,064,000 | 44,879 |
| | Guangzhou Automobile Group Co. Ltd. | 41,270,584 | 44,805 |
| | Zhejiang Expressway Co. Ltd. | 27,879,704 | 44,278 |
| | China Resources Gas Group Ltd. | 12,314,100 | 42,765 |
| | Longfor Properties Co. Ltd. | 24,583,080 | 42,668 |
| | Zijin Mining Group Co. Ltd. | 109,925,680 | 42,407 |
| | Sunac China Holdings Ltd. | 31,739,406 | 41,736 |
| * | China Everbright Bank Co. Ltd. | 61,380,472 | 41,588 |
| *,2 | Dalian Wanda Commercial Properties Co. Ltd. | 5,027,600 | 41,225 |
| | Air China Ltd. | 33,636,748 | 40,570 |
| * | China Shipping Container Lines Co. Ltd. | 71,252,618 | 40,183 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 65,940,788 | 39,838 |
| | ZTE Corp. | 11,632,328 | 39,143 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 67,441,000 | 38,373 |
| | Shenzhen International Holdings Ltd. | 19,976,500 | 37,549 |
| ^ | Yanzhou Coal Mining Co. Ltd. | 36,699,320 | 36,697 |
| | TravelSky Technology Ltd. | 18,898,000 | 36,644 |
| | Weichai Power Co. Ltd. | 9,205,820 | 36,475 |
| | ANTA Sports Products Ltd. | 16,153,000 | 35,518 |
| * | China Cinda Asset Management Co. Ltd. | 57,827,000 | 34,317 |
| ^,2 | China Galaxy Securities Co. Ltd. | 20,783,500 | 33,992 |
| | Shanghai Industrial Holdings Ltd. | 8,518,445 | 33,963 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 10,642,953 | 33,128 |
| | Huadian Power International Corp. Ltd. | 29,726,000 | 32,912 |
| | Jiangsu Expressway Co. Ltd. | 23,254,139 | 31,929 |
| | Datang International Power Generation Co. Ltd. | 54,394,568 | 31,819 |
| ^ | China Coal Energy Co. Ltd. | 48,199,800 | 31,683 |
| | Metallurgical Corp. of China Ltd. | 53,594,937 | 31,628 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 33,969,800 | 31,394 |
| | China Southern Airlines Co. Ltd. | 31,578,000 | 31,032 |
| | Far East Horizon Ltd. | 29,374,010 | 31,021 |
| | China International Marine Containers Group Co. Ltd. | 11,175,998 | 30,115 |
| ^ | Beijing Capital International Airport Co. Ltd. | 28,232,564 | 30,008 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 9,816,857 | 29,945 |
| ^ | China Power International Development Ltd. | 46,263,469 | 29,824 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 18,889,698 | 28,657 |
4
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Yuexiu Property Co. Ltd. | 115,485,732 | 28,239 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 7,418,500 | 28,234 |
| ^ | Huaneng Renewables Corp. Ltd. | 62,718,000 | 27,383 |
| ^ | China Huishan Dairy Holdings Co. Ltd. | 126,712,365 | 27,013 |
| | China Medical System Holdings Ltd. | 15,258,711 | 26,928 |
| | BBMG Corp. | 21,643,000 | 26,786 |
| | Franshion Properties China Ltd. | 65,604,094 | 26,505 |
| | China Communications Services Corp. Ltd. | 46,901,973 | 26,431 |
| ^ | Sinotrans Ltd. | 34,096,000 | 26,094 |
| | Haitian International Holdings Ltd. | 10,384,000 | 25,826 |
| ^ | Huadian Fuxin Energy Corp. Ltd. | 47,929,852 | 25,780 |
| ^ | China Molybdenum Co. Ltd. | 25,185,000 | 25,191 |
| | Nine Dragons Paper Holdings Ltd. | 29,032,000 | 23,702 |
| * | China Eastern Airlines Corp. Ltd. | 29,684,000 | 22,921 |
| | Kingboard Chemical Holdings Ltd. | 12,535,671 | 22,815 |
| | China Resources Cement Holdings Ltd. | 35,502,686 | 22,564 |
| | Guangzhou R&F Properties Co. Ltd. | 17,636,900 | 22,495 |
| ^ | Agile Property Holdings Ltd. | 26,896,887 | 22,462 |
| 2 | Sinopec Engineering Group Co. Ltd. | 20,530,272 | 22,160 |
| *,^ | Sinopec Oilfield Service Corp. | 37,898,000 | 21,944 |
| | SOHO China Ltd. | 28,868,506 | 21,900 |
| | China Agri-Industries Holdings Ltd. | 38,092,961 | 21,753 |
| | Poly Property Group Co. Ltd. | 33,920,900 | 21,733 |
| | KWG Property Holding Ltd. | 21,397,500 | 21,620 |
| | Shenzhen Investment Ltd. | 38,044,000 | 20,892 |
| * | China Shipping Development Co. Ltd. | 23,476,021 | 19,640 |
| ^ | Xinjiang Goldwind Science & Technology Co. Ltd. | 8,230,200 | 19,121 |
| ^ | Beijing Jingneng Clean Energy Co. Ltd. | 38,342,000 | 18,953 |
| ^ | China South City Holdings Ltd. | 41,722,000 | 18,388 |
| | CSG Holding Co. Ltd. Class B | 15,311,292 | 18,296 |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 26,009,779 | 18,051 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 3,866,387 | 17,846 |
| ^ | Greentown China Holdings Ltd. | 14,294,500 | 17,734 |
| | Guangshen Railway Co. Ltd. | 26,224,000 | 17,366 |
| | Angang Steel Co. Ltd. | 20,382,374 | 16,938 |
| *,2 | BAIC Motor Corp. Ltd. | 11,245,200 | 16,639 |
| *,^ | Renhe Commercial Holdings Co. Ltd. | 287,922,999 | 16,202 |
| ^ | Golden Eagle Retail Group Ltd. | 10,603,000 | 15,879 |
| ^ | China Zhongwang Holdings Ltd. | 26,178,486 | 15,858 |
| *,^ | Luye Pharma Group Ltd. | 12,356,500 | 15,842 |
| | China BlueChemical Ltd. | 35,079,405 | 15,623 |
| ^ | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 4,074,000 | 15,580 |
| *,2 | Shengjing Bank Co. Ltd. | 12,679,284 | 15,370 |
| *,^ | Li Ning Co. Ltd. | 27,529,291 | 15,227 |
| ^ | China Hongqiao Group Ltd. | 16,294,256 | 15,170 |
| | Lee & Man Paper Manufacturing Ltd. | 26,526,000 | 15,028 |
| | Huishang Bank Corp. Ltd. | 26,849,380 | 14,426 |
| ^ | Dongfang Electric Corp. Ltd. | 6,336,430 | 14,366 |
| *,^ | Hopson Development Holdings Ltd. | 11,626,000 | 13,629 |
| ^ | China Dongxiang Group Co. Ltd. | 55,466,000 | 13,559 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 13,330,537 | 13,484 |
| | Weifu High-Technology Group Co. Ltd. Class B | 2,870,619 | 13,407 |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 15,713,579 | 12,549 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 3,952,657 | 12,465 |
| ^ | Shenzhen Expressway Co. Ltd. | 12,982,000 | 12,385 |
| *,^ | Maanshan Iron & Steel Co. Ltd. | 31,848,000 | 12,375 |
| | China Merchants Property Development Co. Ltd. Class B | 4,178,770 | 12,293 |
| * | BOE Technology Group Co. Ltd. Class B | 27,192,442 | 12,103 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 5,678,643 | 11,979 |
| | Dazhong Transportation Group Co. Ltd. Class B | 9,758,772 | 11,702 |
| ^ | CIMC Enric Holdings Ltd. | 10,573,713 | 11,690 |
| ^ | Biostime International Holdings Ltd. | 2,532,000 | 11,605 |
| * | GF Securities Co. Ltd. | 3,644,000 | 11,542 |
| | Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B | 4,238,486 | 11,417 |
5
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Zhongsheng Group Holdings Ltd. | 12,379,000 | 11,298 |
| ^ | Zhaojin Mining Industry Co. Ltd. | 15,306,000 | 11,003 |
| ^ | China Machinery Engineering Corp. | 8,117,639 | 10,776 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 3,272,024 | 10,560 |
| *,^ | China Conch Venture Holdings Ltd. | 3,894,000 | 10,457 |
| | Sichuan Expressway Co. Ltd. | 18,632,000 | 10,216 |
| ^ | Harbin Electric Co. Ltd. | 11,938,000 | 9,792 |
| *,^ | China Foods Ltd. | 12,701,506 | 9,511 |
| | Jiangling Motors Corp. Ltd. Class B | 1,720,246 | 9,235 |
| | Anhui Expressway Co. Ltd. | 10,584,000 | 9,141 |
| *,^ | China Yurun Food Group Ltd. | 26,362,149 | 9,090 |
| *,^ | CITIC Resources Holdings Ltd. | 50,156,000 | 8,981 |
| | Double Coin Holdings Ltd. Class B | 5,030,634 | 8,806 |
| | Kingboard Laminates Holdings Ltd. | 17,081,000 | 8,758 |
| | Shanghai Bailian Group Co. Ltd. Class B | 3,823,241 | 8,683 |
| ^ | Sinotruk Hong Kong Ltd. | 12,173,000 | 8,682 |
| *,2 | Tianhe Chemicals Group Ltd. | 57,304,542 | 8,651 |
| * | Shanghai Haixin Group Co. Class B | 8,925,019 | 8,379 |
| | Wumart Stores Inc. | 9,362,000 | 8,183 |
| ^ | Bosideng International Holdings Ltd. | 46,692,000 | 8,149 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 2,010,234 | 8,034 |
| * | Sinofert Holdings Ltd. | 28,510,000 | 7,837 |
| | Tianjin Capital Environmental Protection Group Co. Ltd. | 6,920,000 | 7,262 |
| | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 8,649,032 | 7,049 |
| | Beijing North Star Co. Ltd. | 14,830,000 | 6,929 |
| | Shandong Chenming Paper Holdings Ltd. Class B | 8,608,238 | 6,807 |
| | Shenzhen Chiwan Wharf Holdings Ltd. Class B | 2,595,918 | 6,561 |
| | China National Materials Co. Ltd. | 17,855,000 | 6,558 |
| * | Huadian Energy Co. Ltd. Class B | 9,190,269 | 6,433 |
| | Foshan Electrical and Lighting Co. Ltd. Class B | 4,592,770 | 6,013 |
| | Shandong Chenming Paper Holdings Ltd. | 7,243,000 | 5,473 |
| *,^ | Sany Heavy Equipment International Holdings Co. Ltd. | 16,931,000 | 4,768 |
| | Bengang Steel Plates Co. Ltd. Class B | 8,157,311 | 4,260 |
| | Jinzhou Port Co. Ltd. Class B | 4,698,200 | 3,224 |
| | | | 19,589,019 |
| Colombia (0.7%) | | |
| | Bancolombia SA ADR | 1,682,689 | 76,175 |
| | Grupo de Inversiones Suramericana SA | 4,358,315 | 71,614 |
| | Almacenes Exito SA | 4,155,368 | 44,589 |
| * | Ecopetrol SA ADR | 2,308,158 | 39,516 |
| * | Ecopetrol SA | 45,538,785 | 38,809 |
| | Cementos Argos SA | 7,584,954 | 32,225 |
| | Corp Financiera Colombiana SA | 1,889,077 | 30,374 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 1,829,593 | 27,267 |
| | Grupo Aval Acciones y Valores Preference Shares | 52,345,028 | 26,590 |
| | Interconexion Electrica SA ESP | 6,189,125 | 20,786 |
| | Isagen SA ESP | 15,294,882 | 20,451 |
| | Bancolombia SA Preference Shares | 1,663,227 | 18,197 |
| * | Cemex Latam Holdings SA | 3,098,238 | 17,299 |
| | Grupo Aval Acciones y Valores ADR | 751,667 | 7,607 |
| | | | 471,499 |
| Czech Republic (0.2%) | | |
| | CEZ AS | 2,989,949 | 77,680 |
| | Komercni banka as | 282,649 | 62,987 |
| | O2 Czech Republic AS | 1,201,357 | 9,862 |
| | | | 150,529 |
| Egypt (0.3%) | | |
| | Commercial International Bank Egypt SAE | 15,305,295 | 110,772 |
| | Talaat Moustafa Group | 18,883,871 | 24,860 |
| * | Global Telecom Holding SAE GDR | 9,175,935 | 20,095 |
| * | Egyptian Financial Group-Hermes Holding Co. | 8,843,291 | 16,496 |
| * | Orascom Construction Ltd. | 759,631 | 10,103 |
| | Juhayna Food Industries | 8,193,983 | 10,010 |
6
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Egypt Kuwait Holding Co. SAE | 14,735,315 | 9,713 |
| * | ElSwedy Electric Co. | 1,404,660 | 8,721 |
| | Telecom Egypt Co. | 6,322,855 | 8,175 |
| * | Ezz Steel | 3,558,889 | 6,017 |
| | Sidi Kerir Petrochemicals Co. | 2,236,241 | 4,316 |
| * | Global Telecom Holding SAE | 1,722,880 | 732 |
| | | | 230,010 |
| Hungary (0.3%) | | |
| | OTP Bank plc | 3,500,447 | 77,403 |
| | MOL Hungarian Oil & Gas plc | 878,084 | 48,845 |
| | Richter Gedeon Nyrt | 2,597,981 | 43,616 |
| * | Magyar Telekom Telecommunications plc | 7,811,918 | 11,685 |
| | | | 181,549 |
| India (10.8%) | | |
| | Infosys Ltd. | 17,314,381 | 528,517 |
| | Housing Development Finance Corp. Ltd. | 28,445,455 | 523,201 |
| | Reliance Industries Ltd. | 28,653,427 | 388,618 |
| | Tata Consultancy Services Ltd. | 8,574,660 | 332,037 |
| | Sun Pharmaceutical Industries Ltd. | 18,534,728 | 273,567 |
| * | ICICI Bank Ltd. | 50,971,811 | 266,294 |
| | HDFC Bank Ltd. | 12,059,547 | 187,846 |
| | Oil & Natural Gas Corp. Ltd. | 37,483,702 | 179,044 |
| | ITC Ltd. | 34,368,502 | 174,179 |
| | Hindustan Unilever Ltd. | 12,871,152 | 172,222 |
| * | Axis Bank Ltd. | 18,664,906 | 166,617 |
| | Tata Motors Ltd. | 18,633,344 | 149,377 |
| | Coal India Ltd. | 24,529,548 | 139,698 |
| | Bharti Airtel Ltd. | 23,106,864 | 138,362 |
| | Kotak Mahindra Bank Ltd. | 6,597,805 | 138,189 |
| | HCL Technologies Ltd. | 9,786,525 | 135,620 |
| | HDFC Bank Ltd. ADR | 2,041,884 | 116,061 |
| * | State Bank of India | 26,880,740 | 113,938 |
| | Lupin Ltd. | 3,943,298 | 109,891 |
| | Larsen & Toubro Ltd. | 4,087,794 | 104,701 |
| | Mahindra & Mahindra Ltd. | 5,445,080 | 98,025 |
| | NTPC Ltd. | 36,834,912 | 87,027 |
| | Sesa Sterlite Ltd. | 24,691,683 | 81,213 |
| * | Tech Mahindra Ltd. | 8,260,992 | 80,815 |
| | Idea Cellular Ltd. | 26,293,467 | 72,288 |
| | Hero MotoCorp Ltd. | 1,801,811 | 65,998 |
| | Asian Paints Ltd. | 5,292,998 | 63,482 |
| | Bharti Infratel Ltd. | 9,892,918 | 62,422 |
| | Maruti Suzuki India Ltd. | 1,060,871 | 62,171 |
| | IndusInd Bank Ltd. | 4,596,515 | 59,563 |
| | Cipla Ltd. | 5,930,888 | 59,277 |
| * | United Spirits Ltd. | 1,089,690 | 57,094 |
| | Power Grid Corp. of India Ltd. | 25,518,522 | 57,088 |
| | Adani Enterprises Ltd. | 4,826,129 | 51,095 |
| | Ultratech Cement Ltd. | 1,203,451 | 50,572 |
| | Aurobindo Pharma Ltd. | 2,448,336 | 49,490 |
| | Zee Entertainment Enterprises Ltd. | 9,896,925 | 48,483 |
| * | Bosch Ltd. | 136,083 | 48,176 |
| ^ | Wipro Ltd. ADR | 4,171,857 | 47,851 |
| | Adani Ports & Special Economic Zone Ltd. | 9,037,975 | 45,109 |
| | Dr Reddy's Laboratories Ltd. ADR | 863,957 | 44,908 |
| | Nestle India Ltd. | 419,469 | 43,358 |
| | Wipro Ltd. | 4,905,628 | 41,443 |
| | Ambuja Cements Ltd. | 11,159,326 | 40,775 |
| | Bharat Heavy Electricals Ltd. | 10,740,440 | 40,194 |
| | Bharat Petroleum Corp. Ltd. | 3,275,476 | 39,385 |
| | Yes Bank Ltd. | 2,972,012 | 39,204 |
| | Bajaj Auto Ltd. | 1,269,778 | 38,916 |
| | Dabur India Ltd. | 9,532,609 | 37,744 |
| | Godrej Consumer Products Ltd. | 2,198,178 | 36,378 |
7
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shriram Transport Finance Co. Ltd. | 2,350,885 | 35,879 |
| | Dr Reddy's Laboratories Ltd. | 657,542 | 34,226 |
| | JSW Steel Ltd. | 2,252,820 | 33,010 |
| | Siemens Ltd. | 1,543,256 | 33,000 |
| | Indian Oil Corp. Ltd. | 5,805,012 | 32,962 |
| | IDFC Ltd. | 12,416,964 | 32,737 |
| | Bharat Forge Ltd. | 1,638,393 | 32,299 |
| | Rural Electrification Corp. Ltd. | 6,533,837 | 32,017 |
| | GAIL India Ltd. | 5,560,566 | 31,524 |
| | Hindalco Industries Ltd. | 15,300,786 | 30,886 |
| | Motherson Sumi Systems Ltd. | 3,889,111 | 30,784 |
| | LIC Housing Finance Ltd. | 4,469,057 | 30,190 |
| | Cairn India Ltd. | 8,637,081 | 29,028 |
| | NMDC Ltd. | 14,216,931 | 28,624 |
| | Glenmark Pharmaceuticals Ltd. | 2,034,272 | 28,455 |
| | Eicher Motors Ltd. | 118,420 | 28,279 |
| | Marico Ltd. | 4,074,137 | 25,735 |
| | Shree Cement Ltd. | 157,810 | 25,267 |
| | Power Finance Corp. Ltd. | 5,975,404 | 24,943 |
| | Tata Steel Ltd. | 4,396,802 | 24,892 |
| | Piramal Enterprises Ltd. | 1,648,827 | 24,321 |
| | Titan Co. Ltd. | 4,042,889 | 24,318 |
| | Cadila Healthcare Ltd. | 900,437 | 24,108 |
| | Tata Power Co. Ltd. | 18,342,043 | 21,858 |
| * | Bank of Baroda | 7,927,770 | 21,063 |
| | ABB India Ltd. | 982,936 | 20,651 |
| | Divi's Laboratories Ltd. | 753,346 | 20,410 |
| | Mahindra & Mahindra Financial Services Ltd. | 4,801,490 | 20,213 |
| | Oracle Financial Services Software Ltd. | 383,280 | 19,992 |
| | Crompton Greaves Ltd. | 7,494,603 | 19,848 |
| | Steel Authority of India Ltd. | 18,178,628 | 19,840 |
| | Pidilite Industries Ltd. | 2,220,926 | 19,809 |
| | United Breweries Ltd. | 1,301,443 | 19,062 |
| | Colgate-Palmolive India Ltd. | 608,240 | 19,019 |
| | ACC Ltd. | 826,057 | 18,615 |
| | Grasim Industries Ltd. | 323,269 | 18,252 |
| | GlaxoSmithKline Consumer Healthcare Ltd. | 184,167 | 18,177 |
| | Britannia Industries Ltd. | 519,510 | 17,952 |
| * | GlaxoSmithKline Pharmaceuticals Ltd. | 358,182 | 17,931 |
| * | Reliance Communications Ltd. | 18,529,752 | 17,612 |
| | DLF Ltd. | 8,232,217 | 17,572 |
| | Bharat Electronics Ltd. | 350,121 | 16,948 |
| | Cummins India Ltd. | 1,230,891 | 16,685 |
| | Castrol India Ltd. | 2,355,406 | 16,408 |
| | Oil India Ltd. | 2,242,980 | 16,137 |
| | Punjab National Bank | 6,325,972 | 15,871 |
| | Reliance Infrastructure Ltd. | 2,434,194 | 15,857 |
| | Bajaj Finserv Ltd. | 679,781 | 15,334 |
| | Jindal Steel & Power Ltd. | 6,821,128 | 14,883 |
| | Aditya Birla Nuvo Ltd. | 585,174 | 14,429 |
| | Hindustan Petroleum Corp. Ltd. | 1,462,903 | 14,375 |
| | Reliance Capital Ltd. | 2,235,200 | 14,168 |
| * | Ashok Leyland Ltd. | 12,710,004 | 13,893 |
| | JSW Energy Ltd. | 7,530,571 | 13,549 |
| | Wockhardt Ltd. | 606,605 | 12,220 |
| | Hindustan Zinc Ltd. | 4,146,302 | 11,051 |
| | Bajaj Holdings & Investment Ltd. | 534,466 | 10,870 |
| | Mphasis Ltd. | 1,612,193 | 10,009 |
| | Exide Industries Ltd. | 3,698,215 | 9,971 |
| | Tata Communications Ltd. | 1,384,211 | 9,472 |
| * | Reliance Power Ltd. | 10,402,661 | 9,259 |
| | NHPC Ltd. | 27,955,708 | 8,682 |
| | Canara Bank | 1,388,928 | 8,261 |
| | Sun TV Network Ltd. | 1,468,839 | 8,028 |
8
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Bank of India | 2,191,539 | 7,459 |
| | Godrej Industries Ltd. | 1,271,291 | 7,218 |
| | IDBI Bank Ltd. | 5,806,899 | 6,801 |
| * | Adani Power Ltd. | 9,810,488 | 6,620 |
| | GMR Infrastructure Ltd. | 28,524,836 | 6,604 |
| | Torrent Power Ltd. | 2,409,638 | 6,257 |
| * | Jaiprakash Associates Ltd. | 18,912,124 | 6,119 |
| | Tata Chemicals Ltd. | 830,784 | 5,575 |
| * | Essar Oil Ltd. | 3,173,339 | 5,431 |
| * | Unitech Ltd. | 21,844,749 | 5,274 |
| | Union Bank of India | 2,030,318 | 4,587 |
| | Great Eastern Shipping Co. Ltd. | 777,407 | 4,158 |
| * | Mangalore Refinery & Petrochemicals Ltd. | 3,711,949 | 4,083 |
| | Oriental Bank of Commerce | 1,194,783 | 3,823 |
| | State Bank of India GDR | 79,048 | 3,326 |
| * | Corp Bank | 2,410,755 | 2,158 |
| | | | 7,394,736 |
| Indonesia (2.3%) | | |
| | Bank Central Asia Tbk PT | 221,302,824 | 229,139 |
| | Astra International Tbk PT | 362,790,100 | 190,912 |
| | Telekomunikasi Indonesia Persero Tbk PT | 909,964,405 | 183,013 |
| | Bank Rakyat Indonesia Persero Tbk PT | 194,110,700 | 173,302 |
| | Bank Mandiri Persero Tbk PT | 168,497,780 | 138,596 |
| | Unilever Indonesia Tbk PT | 21,191,330 | 69,493 |
| | Bank Negara Indonesia Persero Tbk PT | 138,819,061 | 68,510 |
| | Perusahaan Gas Negara Persero Tbk PT | 200,298,604 | 63,134 |
| | Semen Indonesia Persero Tbk PT | 55,034,604 | 52,923 |
| | Kalbe Farma Tbk PT | 347,053,990 | 47,979 |
| | United Tractors Tbk PT | 28,088,801 | 46,186 |
| | Indofood Sukses Makmur Tbk PT | 82,731,796 | 42,940 |
| | Indocement Tunggal Prakarsa Tbk PT | 24,710,631 | 39,906 |
| | Gudang Garam Tbk PT | 8,459,180 | 32,512 |
| | Charoen Pokphand Indonesia Tbk PT | 136,633,332 | 29,793 |
| | Tower Bersama Infrastructure Tbk PT | 36,115,600 | 23,606 |
| | Surya Citra Media Tbk PT | 105,732,100 | 23,574 |
| | Indofood CBP Sukses Makmur Tbk PT | 21,879,100 | 22,204 |
| | Bank Danamon Indonesia Tbk PT | 60,240,524 | 18,426 |
| | Jasa Marga Persero Tbk PT | 37,539,000 | 17,884 |
| | XL Axiata Tbk PT | 55,922,224 | 17,356 |
| | Adaro Energy Tbk PT | 232,975,580 | 15,686 |
| | Media Nusantara Citra Tbk PT | 90,978,250 | 15,439 |
| | Tambang Batubara Bukit Asam Persero Tbk PT | 16,558,825 | 11,906 |
| | Astra Agro Lestari Tbk PT | 6,118,180 | 9,568 |
| | Global Mediacom Tbk PT | 75,526,889 | 9,016 |
| * | Vale Indonesia Tbk PT | 36,520,627 | 7,846 |
| | Indo Tambangraya Megah Tbk PT | 7,523,300 | 7,305 |
| * | Indosat Tbk PT | 21,426,273 | 6,609 |
| * | Aneka Tambang Persero Tbk PT | 61,919,500 | 3,785 |
| | | | 1,618,548 |
| Malaysia (4.3%) | | |
| | Public Bank Bhd. (Local) | 56,752,000 | 310,260 |
| | Tenaga Nasional Bhd. | 63,679,107 | 256,292 |
| | Malayan Banking Bhd. | 85,828,688 | 221,790 |
| | CIMB Group Holdings Bhd. | 95,130,548 | 157,374 |
| | Axiata Group Bhd. | 79,117,394 | 149,508 |
| | Sime Darby Bhd. | 56,341,513 | 143,155 |
| | DiGi.Com Bhd. | 68,250,250 | 115,060 |
| | Genting Bhd. | 40,817,490 | 100,197 |
| | Maxis Bhd. | 48,947,250 | 95,186 |
| | Petronas Gas Bhd. | 14,475,096 | 92,290 |
| | Petronas Chemicals Group Bhd. | 52,689,522 | 86,638 |
| | IHH Healthcare Bhd. | 49,967,376 | 82,944 |
| | IOI Corp. Bhd. | 68,002,178 | 82,794 |
| | MISC Bhd. | 27,406,391 | 70,128 |
9
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Genting Malaysia Bhd. | 55,414,290 | 66,793 |
| | Kuala Lumpur Kepong Bhd. | 9,820,212 | 61,094 |
| | AMMB Holdings Bhd. | 32,706,658 | 59,401 |
| | IJM Corp. Bhd. | 28,647,850 | 58,991 |
| | Gamuda Bhd. | 37,031,516 | 54,350 |
| | SapuraKencana Petroleum Bhd. | 71,369,562 | 53,144 |
| | British American Tobacco Malaysia Bhd. | 2,678,887 | 50,288 |
| | PPB Group Bhd. | 11,034,308 | 47,466 |
| | YTL Corp. Bhd. | 97,564,256 | 45,716 |
| | Telekom Malaysia Bhd. | 20,460,440 | 42,485 |
| | Hong Leong Bank Bhd. | 10,323,105 | 40,746 |
| | UMW Holdings Bhd. | 12,425,820 | 37,085 |
| | Petronas Dagangan Bhd. | 5,413,300 | 32,538 |
| | RHB Capital Bhd. | 12,848,135 | 28,446 |
| | Alliance Financial Group Bhd. | 20,150,117 | 26,746 |
| 2 | Astro Malaysia Holdings Bhd. | 30,344,400 | 26,716 |
| | Malaysia Airports Holdings Bhd. | 13,086,500 | 23,667 |
| | YTL Power International Bhd. | 52,130,868 | 23,389 |
| | IOI Properties Group Bhd. | 38,695,694 | 23,190 |
| | Lafarge Malaysia Bhd. | 8,227,320 | 22,272 |
| | Bumi Armada Bhd. | 64,191,690 | 21,391 |
| | Felda Global Ventures Holdings Bhd. | 33,658,957 | 19,527 |
| | Hong Leong Financial Group Bhd. | 4,112,600 | 18,651 |
| | KLCCP Stapled Group | 7,935,900 | 15,718 |
| | SP Setia Bhd Group | 15,916,024 | 15,217 |
| | Berjaya Sports Toto Bhd. | 16,480,455 | 15,075 |
| | Westports Holdings Bhd. | 11,692,224 | 14,755 |
| | AirAsia Bhd. | 22,006,548 | 14,009 |
| | MMC Corp. Bhd. | 14,997,900 | 11,325 |
| | UEM Sunrise Bhd. | 27,918,400 | 10,079 |
| * | Parkson Holdings Bhd. | 9,831,603 | 5,922 |
| | Malaysia Marine and Heavy Engineering Holdings Bhd. | 8,890,935 | 3,039 |
| | | | 2,952,847 |
| Mexico (4.9%) | | |
| | America Movil SAB de CV | 523,515,568 | 549,722 |
| * | Fomento Economico Mexicano SAB de CV | 39,021,466 | 353,742 |
| * | Grupo Televisa SAB | 47,518,746 | 345,844 |
| | Wal-Mart de Mexico SAB de CV | 101,467,630 | 239,681 |
| | Grupo Financiero Banorte SAB de CV | 41,066,156 | 234,159 |
| * | Cemex SAB de CV | 233,798,925 | 225,539 |
| | Grupo Mexico SAB de CV Class B | 70,450,965 | 217,479 |
| | Fibra Uno Administracion SA de CV | 43,658,169 | 108,932 |
| | Alfa SAB de CV Class A | 52,650,520 | 106,900 |
| * | Grupo Bimbo SAB de CV Class A | 34,800,610 | 93,455 |
| | Grupo Financiero Inbursa SAB de CV | 38,448,315 | 91,798 |
| | Coca-Cola Femsa SAB de CV | 7,638,770 | 61,107 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 4,304,220 | 60,922 |
| | Mexichem SAB de CV | 20,882,035 | 59,807 |
| | Grupo Financiero Santander Mexico SAB de CV Class B | 27,824,962 | 56,695 |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 6,286,100 | 44,755 |
| * | Promotora y Operadora de Infraestructura SAB de CV | 3,642,533 | 41,879 |
| | Industrias Penoles SAB de CV | 2,355,020 | 39,943 |
| | Grupo Carso SAB de CV | 9,086,154 | 37,453 |
| | Gruma SAB de CV Class B | 3,083,531 | 37,180 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 16,759,052 | 37,173 |
| | Gentera SAB de CV | 21,041,029 | 35,919 |
| | Arca Continental SAB de CV | 5,107,206 | 31,375 |
| * | OHL Mexico SAB de CV | 14,171,500 | 28,552 |
| * | Alsea SAB de CV | 9,392,410 | 28,204 |
| | Controladora Comercial Mexicana SAB de CV | 8,219,500 | 26,466 |
| * | Infraestructura Energetica Nova SAB de CV | 4,063,320 | 23,646 |
| * | Megacable Holdings SAB de CV | 5,431,700 | 22,605 |
| | Grupo Elektra SAB DE CV | 681,135 | 17,817 |
| * | Genomma Lab Internacional SAB de CV Class B | 14,740,818 | 17,391 |
10
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Grupo Lala SAB de CV | 8,473,300 | 17,160 |
| | Grupo Comercial Chedraui SA de CV | 5,412,200 | 16,241 |
| | Grupo Sanborns SAB de CV | 8,569,888 | 13,697 |
| * | Industrias Bachoco SAB de CV Class B | 2,973,700 | 13,285 |
| * | Industrias CH SAB de CV Class B | 3,207,498 | 13,083 |
| | Organizacion Soriana SAB de CV Class B | 4,605,744 | 11,222 |
| | Concentradora Fibra Danhos SA de CV | 3,785,800 | 9,379 |
| | Alpek SAB de CV | 6,169,921 | 8,317 |
| * | Minera Frisco SAB de CV | 9,576,176 | 7,952 |
| | | | 3,386,476 |
| Morocco (0.0%) | | |
| | Douja Promotion Groupe Addoha SA | 409,761 | 1,308 |
| |
| Peru (0.3%) | | |
| | Credicorp Ltd. | 603,509 | 92,065 |
| | Credicorp Ltd. XLIM | 357,268 | 53,751 |
| | Cia de Minas Buenaventura SAA ADR | 3,363,225 | 37,601 |
| * | Cia de Minas Buenaventura SAA | 461,011 | 5,124 |
| | Grana y Montero SAA | 1,499,402 | 2,418 |
| | | | 190,959 |
| Philippines (1.7%) | | |
| | SM Investments Corp. | 5,750,349 | 116,172 |
| | Philippine Long Distance Telephone Co. | 1,548,600 | 97,172 |
| | Ayala Land Inc. | 106,936,829 | 92,515 |
| | Universal Robina Corp. | 16,218,440 | 79,091 |
| | Ayala Corp. | 4,242,137 | 74,179 |
| | Bank of the Philippine Islands | 30,173,115 | 68,531 |
| | BDO Unibank Inc. | 26,787,762 | 65,509 |
| | JG Summit Holdings Inc. | 39,369,830 | 63,064 |
| | SM Prime Holdings Inc. | 141,202,197 | 59,045 |
| | Aboitiz Equity Ventures Inc. | 40,706,750 | 51,702 |
| | Metropolitan Bank & Trust Co. | 23,821,919 | 49,659 |
| | Alliance Global Group Inc. | 76,837,834 | 43,667 |
| | International Container Terminal Services Inc. | 15,912,780 | 39,250 |
| | GT Capital Holdings Inc. | 1,258,851 | 35,469 |
| | Manila Electric Co. | 5,806,396 | 33,939 |
| | Jollibee Foods Corp. | 7,571,949 | 33,790 |
| | Aboitiz Power Corp. | 30,048,826 | 28,930 |
| | Globe Telecom Inc. | 558,858 | 27,323 |
| | DMCI Holdings Inc. | 76,777,650 | 25,836 |
| | Megaworld Corp. | 208,876,013 | 24,763 |
| | Energy Development Corp. | 115,666,153 | 20,978 |
| * | Semirara Mining and Power Corp. Class A | 5,401,332 | 20,062 |
| * | LT Group Inc. | 50,848,227 | 16,976 |
| | Bloomberry Resorts Corp. | 55,319,072 | 13,880 |
| | Emperador Inc. | 34,000,000 | 8,836 |
| | Petron Corp. | 36,852,300 | 8,140 |
| * | Travellers International Hotel Group Inc. | 28,774,400 | 4,356 |
| | San Miguel Corp. | 1,981,691 | 3,045 |
| | | | 1,205,879 |
| Poland (1.8%) | | |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 15,952,957 | 159,537 |
| | Powszechny Zaklad Ubezpieczen SA | 1,043,041 | 136,038 |
| | Bank Pekao SA | 2,408,089 | 125,169 |
| | Polski Koncern Naftowy Orlen SA | 5,877,345 | 111,620 |
| | KGHM Polska Miedz SA | 2,554,526 | 89,568 |
| | PGE Polska Grupa Energetyczna SA | 13,351,575 | 76,827 |
| | Polskie Gornictwo Naftowe i Gazownictwo SA | 34,011,521 | 61,347 |
| * | Bank Zachodni WBK SA | 526,183 | 54,333 |
| * | LPP SA | 23,703 | 50,345 |
| ^ | Energa SA | 5,857,247 | 40,605 |
| | Orange Polska SA | 12,789,686 | 36,228 |
| * | mBank SA | 239,650 | 30,995 |
| | Cyfrowy Polsat SA | 3,991,039 | 27,823 |
11
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tauron Polska Energia SA | 20,260,952 | 27,099 |
| | Asseco Poland SA | 1,349,040 | 22,727 |
| ^ | Bank Millennium SA | 11,070,680 | 22,483 |
| | CCC SA | 403,009 | 21,287 |
| * | Alior Bank SA | 847,344 | 20,677 |
| | Bank Handlowy w Warszawie SA | 622,503 | 19,686 |
| | Grupa Azoty SA | 841,352 | 19,179 |
| | Enea SA | 4,056,496 | 18,350 |
| *,^ | Grupa Lotos SA | 1,668,139 | 14,246 |
| ^ | Eurocash SA | 1,380,633 | 14,004 |
| * | TVN SA | 2,804,173 | 13,240 |
| * | Synthos SA | 8,271,766 | 10,834 |
| *,^ | Getin Noble Bank SA | 21,095,325 | 10,474 |
| | ING Bank Slaski SA | 41,664 | 1,642 |
| *,^ | Jastrzebska Spolka Weglowa SA | 3,508 | 14 |
| | | | 1,236,377 |
| Russia (4.5%) | | |
| | Gazprom OAO ADR | 56,350,052 | 330,152 |
| | Sberbank of Russia | 196,348,048 | 292,422 |
| | Lukoil OAO ADR | 5,628,503 | 287,929 |
| | Magnit PJSC GDR | 5,037,146 | 276,351 |
| | Gazprom OAO | 86,081,293 | 255,921 |
| | Lukoil OAO | 3,095,234 | 158,867 |
| | NOVATEK OAO GDR | 1,175,301 | 113,799 |
| | Mobile TeleSystems OJSC ADR | 9,203,270 | 111,176 |
| | Surgutneftegas OAO Preference Shares | 138,992,500 | 104,783 |
| | MMC Norilsk Nickel OJSC ADR | 5,468,173 | 103,007 |
| | Tatneft OAO ADR | 2,790,061 | 95,705 |
| | NOVATEK OAO | 8,525,751 | 81,629 |
| | Surgutneftegas OAO ADR | 10,444,085 | 75,644 |
| | VTB Bank OJSC | 58,129,231,072 | 73,721 |
| | Rosneft OAO GDR | 14,876,183 | 73,402 |
| | AK Transneft OAO Preference Shares | 28,866 | 67,878 |
| | MMC Norilsk Nickel OJSC | 309,853 | 58,039 |
| | Uralkali PJSC | 18,592,129 | 54,488 |
| | Tatneft OAO | 8,951,972 | 50,760 |
| | VTB Bank OJSC GDR | 18,643,874 | 46,112 |
| * | Alrosa AO | 31,898,500 | 42,352 |
| | Moscow Exchange MICEX-RTS OAO | 25,514,500 | 38,056 |
| | Rosneft OAO | 6,628,175 | 32,944 |
| | MegaFon OAO GDR | 1,697,599 | 28,794 |
| | Rostelecom OJSC | 18,698,858 | 28,737 |
| | Severstal PAO | 2,534,129 | 28,482 |
| | RusHydro JSC | 2,341,602,363 | 27,130 |
| | Novolipetsk Steel OJSC GDR | 1,622,812 | 21,426 |
| | Surgutneftegas OAO | 27,603,149 | 20,565 |
| | Sistema JSFC GDR | 2,564,845 | 19,372 |
| | E.ON Russia JSC | 297,929,779 | 18,214 |
| | PhosAgro OAO GDR | 1,428,779 | 17,417 |
| * | Bashneft OAO | 400,000 | 16,629 |
| * | Inter RAO UES JSC | 416,774,509 | 9,833 |
| | LSR Group PJSC GDR | 3,369,735 | 9,361 |
| | Magnitogorsk Iron & Steel Works OJSC | 30,882,788 | 9,079 |
| | Federal Grid Co. Unified Energy System JSC | 5,323,286,228 | 7,310 |
| | Aeroflot - Russian Airlines OJSC | 9,430,172 | 6,958 |
| | Severstal PAO GDR | 565,392 | 6,268 |
| | Acron JSC | 117,000 | 5,140 |
| * | Rosseti JSC | 407,033,605 | 4,144 |
| * | Pharmstandard OJSC GDR | 567,784 | 2,772 |
| | Rostelecom OJSC ADR | 178,529 | 1,646 |
| | Sberbank of Russia ADR | 228,580 | 1,357 |
| | Mobile TeleSystems OJSC | 95,358 | 491 |
12
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Novolipetsk Steel OJSC | 82,970 | 110 |
| | | | 3,116,372 |
| South Africa (9.4%) | | |
| | Naspers Ltd. | 6,597,498 | 1,035,054 |
| | MTN Group Ltd. | 31,902,842 | 640,575 |
| | Sasol Ltd. | 9,980,456 | 401,848 |
| | Standard Bank Group Ltd. | 21,739,228 | 318,652 |
| | FirstRand Ltd. | 54,730,311 | 261,452 |
| | Steinhoff International Holdings Ltd. | 37,744,619 | 239,500 |
| | Sanlam Ltd. | 31,684,851 | 204,925 |
| | Remgro Ltd. | 8,686,186 | 192,935 |
| | Aspen Pharmacare Holdings Ltd. | 5,673,136 | 172,518 |
| | Bidvest Group Ltd. | 5,796,460 | 157,108 |
| | Woolworths Holdings Ltd. | 16,245,362 | 122,210 |
| | Shoprite Holdings Ltd. | 8,043,721 | 115,089 |
| | Barclays Africa Group Ltd. | 5,962,056 | 95,501 |
| | Netcare Ltd. | 26,604,992 | 93,070 |
| | Growthpoint Properties Ltd. | 40,050,061 | 90,846 |
| | Mr Price Group Ltd. | 4,246,053 | 90,654 |
| * | AngloGold Ashanti Ltd. | 7,433,640 | 84,420 |
| | Mediclinic International Ltd. | 7,691,795 | 81,451 |
| | Nedbank Group Ltd. | 3,574,535 | 77,208 |
| ^ | Vodacom Group Ltd. | 6,087,391 | 75,894 |
| | Tiger Brands Ltd. | 2,910,145 | 75,743 |
| | RMB Holdings Ltd. | 12,223,851 | 73,560 |
| | Discovery Ltd. | 6,241,296 | 69,263 |
| | Redefine Properties Ltd. | 66,626,670 | 67,494 |
| | Gold Fields Ltd. | 14,336,336 | 66,190 |
| | Life Healthcare Group Holdings Ltd. | 17,246,438 | 59,232 |
| | Truworths International Ltd. | 7,899,076 | 57,572 |
| | Imperial Holdings Ltd. | 3,294,780 | 55,175 |
| | MMI Holdings Ltd. | 19,029,135 | 54,142 |
| * | Impala Platinum Holdings Ltd. | 9,692,016 | 53,941 |
| | SPAR Group Ltd. | 3,297,303 | 52,813 |
| | Foschini Group Ltd. | 3,295,286 | 48,792 |
| | Brait SE | 6,158,041 | 46,846 |
| | Hyprop Investments Ltd. | 4,389,776 | 45,227 |
| | Capitec Bank Holdings Ltd. | 940,647 | 44,291 |
| | Investec Ltd. | 4,644,488 | 44,162 |
| | Mondi Ltd. | 2,181,401 | 43,987 |
| * | Sappi Ltd. | 10,252,241 | 42,121 |
| * | Telkom SA SOC Ltd. | 5,918,241 | 40,683 |
| | AVI Ltd. | 5,878,923 | 40,286 |
| | Nampak Ltd. | 10,993,085 | 39,370 |
| | Coronation Fund Managers Ltd. | 4,853,845 | 37,086 |
| * | Pioneer Foods Ltd. | 2,326,072 | 36,344 |
| | Resilient Property Income Fund Ltd. | 4,016,496 | 33,608 |
| | Barloworld Ltd. | 4,155,215 | 33,148 |
| | Sibanye Gold Ltd. | 13,770,954 | 32,683 |
| | Clicks Group Ltd. | 4,219,175 | 32,334 |
| | Capital Property Fund | 27,969,624 | 32,110 |
| * | Anglo American Platinum Ltd. | 1,134,229 | 31,327 |
| | Liberty Holdings Ltd. | 1,916,748 | 26,730 |
| | EOH Holdings Ltd. | 1,960,403 | 26,601 |
| | Massmart Holdings Ltd. | 2,088,400 | 26,260 |
| * | Northam Platinum Ltd. | 6,249,138 | 25,687 |
| | Aeci Ltd. | 2,118,619 | 23,089 |
| | Tongaat Hulett Ltd. | 2,043,986 | 22,635 |
| * | Attacq Ltd. | 10,388,632 | 21,734 |
| | PSG Group Ltd. | 1,314,030 | 21,575 |
| ^ | Exxaro Resources Ltd. | 2,469,401 | 20,215 |
| | Pick n Pay Stores Ltd. | 4,152,198 | 19,880 |
| | Sun International Ltd. | 1,654,456 | 18,394 |
| | JSE Ltd. | 1,554,665 | 17,397 |
13
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | African Rainbow Minerals Ltd. | 1,819,394 | 16,600 |
| | DataTec Ltd. | 3,191,860 | 16,577 |
| | Omnia Holdings Ltd. | 1,131,663 | 15,610 |
| | Reunert Ltd. | 2,888,410 | 14,732 |
| | Kumba Iron Ore Ltd. | 1,052,260 | 14,193 |
| * | Harmony Gold Mining Co. Ltd. | 7,265,440 | 13,984 |
| | PPC Ltd. | 8,757,959 | 12,545 |
| | Santam Ltd. | 638,217 | 12,487 |
| *,^ | Adcock Ingram Holdings Ltd. | 2,644,900 | 11,758 |
| | Grindrod Ltd. | 7,929,040 | 10,846 |
| | Pick n Pay Holdings Ltd. | 4,871,483 | 10,521 |
| * | Distell Group Ltd. | 711,631 | 9,619 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 913,387 | 8,558 |
| | Murray & Roberts Holdings Ltd. | 7,629,098 | 8,440 |
| * | Alexander Forbes Group Holdings Ltd. | 9,944,499 | 8,235 |
| | Illovo Sugar Ltd. | 4,201,098 | 7,591 |
| | Fountainhead Property Trust | 7,796,186 | 6,551 |
| | Acucap Properties Ltd. | 1,359,407 | 6,283 |
| ^ | Assore Ltd. | 645,179 | 6,241 |
| *,^ | ArcelorMittal South Africa Ltd. | 2,984,502 | 4,980 |
| * | Royal Bafokeng Platinum Ltd. | 1,129,971 | 4,914 |
| | Oceana Group Ltd. | 534,464 | 4,772 |
| * | Northam Platinum Ltd. Rights Expire 05/15/2015 | 1,756,129 | 31 |
| * | African Bank Investments Ltd. | 23,997,414 | — |
| | | | 6,436,705 |
| Taiwan (14.0%) | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 250,584,845 | 1,206,384 |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 37,103,778 | 906,816 |
| | Hon Hai Precision Industry Co. Ltd. | 230,698,722 | 691,277 |
| | MediaTek Inc. | 26,263,192 | 337,592 |
| | Fubon Financial Holding Co. Ltd. | 130,779,336 | 281,248 |
| | Nan Ya Plastics Corp. | 102,811,253 | 252,689 |
| | Cathay Financial Holding Co. Ltd. | 142,887,966 | 249,629 |
| | Formosa Plastics Corp. | 88,247,616 | 226,849 |
| | Delta Electronics Inc. | 36,547,245 | 219,922 |
| | CTBC Financial Holding Co. Ltd. | 272,315,691 | 211,963 |
| | Formosa Chemicals & Fibre Corp. | 80,934,918 | 206,235 |
| | China Steel Corp. | 223,687,385 | 187,888 |
| | Largan Precision Co. Ltd. | 1,808,135 | 181,186 |
| | Mega Financial Holding Co. Ltd. | 184,619,340 | 164,212 |
| | Catcher Technology Co. Ltd. | 13,310,463 | 155,757 |
| | Uni-President Enterprises Corp. | 85,551,715 | 140,010 |
| | Asustek Computer Inc. | 13,158,958 | 139,411 |
| | Hotai Motor Co. Ltd. | 7,590,000 | 131,507 |
| | Quanta Computer Inc. | 48,643,165 | 122,042 |
| ^ | Chunghwa Telecom Co. Ltd. ADR | 3,541,184 | 113,955 |
| | Taiwan Mobile Co. Ltd. | 30,855,796 | 108,706 |
| | China Development Financial Holding Corp. | 259,657,649 | 108,181 |
| | Chunghwa Telecom Co. Ltd. | 32,953,913 | 106,352 |
| | Yuanta Financial Holding Co. Ltd. | 181,543,679 | 105,519 |
| | Advanced Semiconductor Engineering Inc. | 66,075,717 | 93,704 |
| | Pegatron Corp. | 31,167,897 | 92,333 |
| | Formosa Petrochemical Corp. | 34,896,393 | 89,965 |
| | Innolux Corp. | 170,282,726 | 87,838 |
| | First Financial Holding Co. Ltd. | 135,727,074 | 85,329 |
| | E.Sun Financial Holding Co. Ltd. | 123,689,697 | 84,694 |
| | Taiwan Cement Corp. | 59,330,877 | 84,260 |
| | Cheng Shin Rubber Industry Co. Ltd. | 33,964,883 | 81,286 |
| | Far Eastern New Century Corp. | 72,541,983 | 79,681 |
| | Hua Nan Financial Holdings Co. Ltd. | 128,713,992 | 79,066 |
| | President Chain Store Corp. | 10,399,647 | 76,959 |
| | SinoPac Financial Holdings Co. Ltd. | 158,681,524 | 71,924 |
| | Hermes Microvision Inc. | 1,009,369 | 70,977 |
| | Far EasTone Telecommunications Co. Ltd. | 29,405,343 | 70,110 |
14
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Compal Electronics Inc. | 76,628,629 | 69,765 |
| | Taishin Financial Holding Co. Ltd. | 151,209,607 | 69,221 |
| | Taiwan Cooperative Financial Holding Co. Ltd. | 126,515,006 | 68,259 |
| | Advanced Semiconductor Engineering Inc. ADR | 9,523,763 | 67,904 |
| | Pou Chen Corp. | 48,298,531 | 67,683 |
| | United Microelectronics Corp. ADR | 24,556,835 | 59,428 |
| * | HTC Corp. | 13,826,925 | 56,929 |
| | Foxconn Technology Co. Ltd. | 19,632,499 | 55,953 |
| | Novatek Microelectronics Corp. | 10,468,817 | 54,717 |
| | Asia Cement Corp. | 43,128,529 | 54,536 |
| * | Inotera Memories Inc. | 46,862,000 | 53,816 |
| | Advantech Co. Ltd. | 6,230,619 | 51,326 |
| | Lite-On Technology Corp. | 39,585,458 | 50,016 |
| | United Microelectronics Corp. | 98,295,970 | 47,095 |
| | AU Optronics Corp. | 92,924,669 | 46,634 |
| | Giant Manufacturing Co. Ltd. | 5,234,721 | 45,150 |
| ^ | Siliconware Precision Industries Co. Ltd. ADR | 5,557,403 | 45,071 |
| | Siliconware Precision Industries Co. Ltd. | 26,629,860 | 43,748 |
| | Shin Kong Financial Holding Co. Ltd. | 127,023,185 | 41,196 |
| | Inventec Corp. | 56,144,489 | 39,621 |
| | Wistron Corp. | 42,945,136 | 36,534 |
| | Chang Hwa Commercial Bank Ltd. | 59,364,294 | 36,272 |
| * | Acer Inc. | 53,492,632 | 34,979 |
| | Synnex Technology International Corp. | 23,841,055 | 33,781 |
| ^ | AU Optronics Corp. ADR | 6,670,231 | 33,485 |
| | Teco Electric and Machinery Co. Ltd. | 33,898,000 | 32,912 |
| | Chicony Electronics Co. Ltd. | 10,534,090 | 30,291 |
| | TPK Holding Co. Ltd. | 4,678,667 | 29,064 |
| | Realtek Semiconductor Corp. | 8,778,241 | 27,339 |
| * | Eva Airways Corp. | 33,356,242 | 26,294 |
| | Taiwan Fertilizer Co. Ltd. | 13,581,100 | 24,978 |
| | Epistar Corp. | 15,850,732 | 24,759 |
| | Formosa Taffeta Co. Ltd. | 19,862,868 | 23,629 |
| | Wan Hai Lines Ltd. | 20,566,450 | 22,803 |
| * | China Airlines Ltd. | 42,673,050 | 22,693 |
| | Vanguard International Semiconductor Corp. | 14,578,000 | 22,388 |
| * | Taiwan Business Bank | 66,672,808 | 21,953 |
| * | Evergreen Marine Corp. Taiwan Ltd. | 30,488,969 | 20,740 |
| | Transcend Information Inc. | 5,347,981 | 20,548 |
| | Yulon Motor Co. Ltd. | 15,699,584 | 20,487 |
| * | Walsin Lihwa Corp. | 63,652,770 | 18,780 |
| | Taiwan Glass Industry Corp. | 25,659,551 | 18,392 |
| | Eternal Materials Co. Ltd. | 15,011,697 | 17,130 |
| * | Macronix International | 65,922,541 | 15,976 |
| | Capital Securities Corp. | 42,981,422 | 15,901 |
| | Taiwan Secom Co. Ltd. | 4,845,805 | 14,581 |
| * | Nanya Technology Corp. | 6,486,000 | 14,405 |
| | Unimicron Technology Corp. | 24,175,754 | 14,390 |
| | Cheng Uei Precision Industry Co. Ltd. | 6,966,473 | 13,699 |
| * | Yang Ming Marine Transport Corp. | 26,033,195 | 13,628 |
| | Feng Hsin Iron & Steel Co. | 8,998,310 | 12,241 |
| | Far Eastern International Bank | 32,872,607 | 12,126 |
| | U-Ming Marine Transport Corp. | 8,051,356 | 12,080 |
| | Oriental Union Chemical Corp. | 13,026,000 | 11,660 |
| | China Motor Corp. | 13,166,000 | 11,166 |
| | Ton Yi Industrial Corp. | 13,597,000 | 10,711 |
| | Cathay Real Estate Development Co. Ltd. | 17,052,000 | 10,697 |
| | President Securities Corp. | 17,170,000 | 10,268 |
| | YFY Inc. | 22,827,000 | 9,697 |
| * | Nan Ya Printed Circuit Board Corp. | 4,378,521 | 7,795 |
| | Yulon Nissan Motor Co. Ltd. | 416,188 | 4,307 |
| * | Ya Hsin Industrial Co. Ltd. | 5,306,018 | — |
| | | | 9,607,083 |
15
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2015 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Thailand (2.6%) | | |
| * | Advanced Info Service PCL (Local) | 21,963,677 | 159,417 |
| * | Siam Commercial Bank PCL (Local) | 28,058,757 | 135,010 |
| * | CP ALL PCL (Local) | 81,519,130 | 103,700 |
| * | PTT Exploration and Production PCL (Local) | 26,103,406 | 92,466 |
| | PTT PCL (Foreign) | 8,133,737 | 87,698 |
| ^ | Siam Cement PCL (Foreign) | 5,204,917 | 84,687 |
| * | Kasikornbank PCL | 12,816,700 | 81,326 |
| * | PTT PCL | 7,264,200 | 78,323 |
| * | Airports of Thailand PCL | 8,044,200 | 70,530 |
| ^ | Intouch Holdings PCL | 26,817,400 | 62,516 |
| | Kasikornbank PCL (Foreign) | 8,243,449 | 52,307 |
| * | Bangkok Bank PCL (Local) | 8,389,343 | 46,958 |
| | Big C Supercenter PCL NVDR | 6,231,900 | 41,783 |
| | PTT Global Chemical PCL | 20,151,407 | 39,200 |
| | Krung Thai Bank PCL (Foreign) | 62,207,551 | 37,640 |
| * | Total Access Communication PCL (Local) | 14,083,900 | 36,997 |
| * | True Corp. PCL | 97,789,400 | 36,023 |
| * | Bangkok Dusit Medical Services PCL | 58,216,100 | 35,567 |
| * | TMB Bank PCL | 404,634,100 | 31,827 |
| * | Minor International PCL | 31,509,830 | 31,390 |
| * | Central Pattana PCL | 24,636,028 | 31,288 |
| * | BTS Group Holdings PCL | 104,106,600 | 29,131 |
| * | Thai Oil PCL | 15,511,800 | 27,471 |
| * | Thai Union Frozen Products PCL | 37,193,800 | 23,015 |
| * | Charoen Pokphand Foods PCL | 32,600,400 | 22,042 |
| * | Delta Electronics Thailand PCL | 8,640,200 | 21,819 |
| * | Electricity Generating PCL | 4,614,000 | 21,154 |
| * | PTT Global Chemical | 9,898,300 | 19,255 |
| | IRPC PCL (Foreign) | 138,017,360 | 19,217 |
| ^ | Charoen Pokphand Foods PCL (Foreign) | 27,394,400 | 18,522 |
| ^ | Land & Houses PCL | 63,407,380 | 18,328 |
| * | Banpu PCL (Local) | 20,734,800 | 18,224 |
| | Glow Energy PCL (Foreign) | 6,520,655 | 16,855 |
| * | Home Product Center PCL | 72,355,680 | 15,777 |
| * | Siam City Cement PCL (Local) | 1,414,683 | 15,715 |
| *,^ | True Corp. PCL (Foreign) | 42,285,523 | 15,577 |
| | Indorama Ventures PCL | 19,164,164 | 14,304 |
| | Ratchaburi Electricity Generating Holding PCL | 7,573,400 | 13,769 |
| ^ | BEC World PCL (Foreign) | 10,649,325 | 12,994 |
| * | Bank of Ayudhya PCL (Local) | 6,907,832 | 8,403 |
| * | Bangkok Life Assurance PCL | 5,506,900 | 8,330 |
| * | BEC World PCL | 6,660,500 | 8,127 |
| * | IRPC PCL | 58,053,900 | 8,083 |
| * | Berli Jucker PCL | 6,877,300 | 7,704 |
| | Siam Cement PCL NVDR | 376,300 | 6,123 |
| * | Indorama Ventures | 7,058,300 | 5,268 |
| * | Thai Airways International PCL | 8,863,100 | 3,380 |
| * | Glow Energy PCL | 916,900 | 2,370 |
| | Bangkok Bank PCL (Foreign) | 397,200 | 2,229 |
| * | Krung Thai Bank PCL | 3,189,500 | 1,930 |
| ^ | Intouch Holdings PCL (Foreign) | 506,050 | 1,180 |
| | Bank of Ayu NVDR | 790,473 | 961 |
| * | Minor International Warrants Expire 11/03/2017 | 1,432,265 | 195 |
| * | Indorama Ventures PCL Warrants Expire 8/24/2017 | 2,633,776 | 193 |
| * | Intouch Holdings PCL | 81,400 | 190 |
| * | Siam Cement PCL | 11,600 | 189 |
| * | Big C Supercenter PCL | 17,600 | 118 |
| * | Indorama Ventures Warrants Expire 8/24/2018 | 2,025,981 | 116 |
| | Bank of Ayudhya PCL | 558 | 1 |
| | | | 1,784,912 |
| Turkey (1.6%) | | |
| | Turkiye Garanti Bankasi AS | 38,778,090 | 123,382 |
| | Akbank TAS | 37,134,888 | 108,194 |
16
| | | | | | |
| Vanguard® Emerging Markets Stock Index Fund | | | | | |
| Schedule of Investments | | | | | |
| April 30, 2015 | | | | | |
| |
| | | | | | | Market |
| | | | | | | Value |
| | | | | | Shares | ($000) |
| | BIM Birlesik Magazalar AS | | | | 4,221,493 | 78,155 |
| | Turkcell Iletisim Hizmetleri AS | | | | 14,839,754 | 66,075 |
| | Turkiye Halk Bankasi AS | | | | 11,820,779 | 59,882 |
| | Turkiye Is Bankasi | | | | 25,642,340 | 57,659 |
| * | Tupras Turkiye Petrol Rafinerileri AS | | | | 2,319,589 | 56,342 |
| | Haci Omer Sabanci Holding AS (Bearer) | | | | 15,309,088 | 55,966 |
| | KOC Holding AS | | | | 11,674,932 | 55,218 |
| | Eregli Demir ve Celik Fabrikalari TAS | | | | 25,251,969 | 42,613 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | | 36,847,265 | 42,562 |
| | Turkiye Vakiflar Bankasi TAO | | | | 19,507,441 | 34,610 |
| * | Turk Hava Yollari AO | | | | 9,936,614 | 32,962 |
| * | Anadolu Efes Biracilik Ve Malt Sanayii AS | | | | 3,686,523 | 31,035 |
| | Turk Telekomunikasyon AS | | | | 9,760,754 | 26,979 |
| | Yapi ve Kredi Bankasi AS | | | | 15,949,022 | 24,973 |
| * | TAV Havalimanlari Holding AS | | | | 2,771,792 | 24,369 |
| | Coca-Cola Icecek AS | | | | 1,275,961 | 21,614 |
| | Ulker Biskuvi Sanayi AS | | | | 2,707,088 | 20,686 |
| | Enka Insaat ve Sanayi AS | | | | 8,269,721 | 17,774 |
| | Arcelik AS | | | | 3,170,954 | 17,081 |
| | Ford Otomotiv Sanayi AS | | | | 1,309,187 | 16,178 |
| | Tofas Turk Otomobil Fabrikasi AS | | | | 2,218,179 | 13,594 |
| | Turkiye Sise ve Cam Fabrikalari AS | | | | 8,812,981 | 11,262 |
| | Petkim Petrokimya Holding AS | | | | 7,038,047 | 9,890 |
| | Aselsan Elektronik Sanayi Ve Ticaret AS | | | | 1,736,374 | 9,054 |
| | Turkiye Sinai Kalkinma Bankasi AS | | | | 11,369,914 | 8,583 |
| | Koza Altin Isletmeleri AS | | | | 800,427 | 8,362 |
| | Turk Traktor ve Ziraat Makineleri AS | | | | 241,677 | 7,222 |
| | Yazicilar Holding AS Class A | | | | 744,486 | 6,667 |
| | Aygaz AS | | | | 1,299,331 | 4,761 |
| | Akcansa Cimento AS | | | | 725,531 | 4,462 |
| * | Pegasus Hava Tasimaciligi AS | | | | 272,478 | 2,688 |
| * | Migros Ticaret AS | | | | 231,635 | 1,854 |
| | | | | | | 1,102,708 |
| United Arab Emirates (0.9%) | | | | | |
| | Emaar Properties PJSC | | | | 64,731,712 | 143,542 |
| | First Gulf Bank PJSC | | | | 20,758,066 | 85,849 |
| | DP World Ltd. | | | | 3,013,694 | 69,424 |
| | Abu Dhabi Commercial Bank PJSC | | | | 32,873,181 | 66,298 |
| | Aldar Properties PJSC | | | | 57,532,679 | 42,724 |
| | Union National Bank PJSC | | | | 20,348,748 | 37,797 |
| | Dubai Islamic Bank PJSC | | | | 18,274,016 | 34,294 |
| * | Emaar Malls Group PJSC | | | | 38,563,031 | 33,676 |
| * | Arabtec Holding PJSC | | | | 35,678,442 | 28,257 |
| | Air Arabia PJSC | | | | 41,976,760 | 18,631 |
| | Dubai Financial Market PJSC | | | | 29,383,037 | 17,256 |
| | Al Waha Capital PJSC | | | | 17,790,695 | 12,516 |
| | Dubai Investments PJSC | | | | 12,764,772 | 10,611 |
| * | Dana Gas PJSC | | | | 55,802,470 | 7,642 |
| * | Union Properties PJSC | | | | 16,223,186 | 6,621 |
| * | Deyaar Development PJSC | | | | 26,515,495 | 6,555 |
| |
| | | | | | | 621,693 |
| |
| Total Common Stocks (Cost $62,335,740) | | | | | 68,468,098 |
| |
| | | | | | Face | |
| | | | Maturity | | Amount | |
| | | Coupon | Date | Currency | ($000) | |
| |
| Other Investments (0.0%) | | | | | |
| India (0.0%) | | | | | |
| 3 | NTPC Ltd. (Cost $6,422) | 8.490% | 3/25/25 | INR | 36,800 | 7,356 |
17
| | | | | |
| Vanguard® Emerging Markets Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2015 | | | | |
| |
| | | | | | Market |
| | | | Maturity | | Value |
| | | Coupon | Date | Shares | ($000) |
| Temporary Cash Investments (2.3%)1 | | | | |
| Money Market Fund (2.3%) | | | | |
| |
| |
| 4,5 | Vanguard Market Liquidity Fund | 0.121% | | 1,542,659,339 | 1,542,659 |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| 6,7 | Fannie Mae Discount Notes | 0.070% | 7/15/15 | 800 | 800 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.070% | 5/14/15 | 8,000 | 8,000 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.133% | 7/31/15 | 700 | 700 |
| | | | | | 9,500 |
| Total Temporary Cash Investments (Cost $1,552,159) | | | | 1,552,159 |
| Total Investments (101.9%) (Cost $63,894,321) | | | | 70,027,613 |
| Other Assets and Liabilities—Net (-1.9%)5 | | | | (1,320,322) |
| Net Assets (100%) | | | | 68,707,291 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,224,928,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 1.9%, 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, 2015, the aggregate value of these securities was $344,752,000, representing 0.5% of net assets.
3 Security is 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 $1,303,796,000 of collateral received for securities on loan.
6 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
7 Securities with a value of $8,899,000 have been segregated as initial margin for open futures contracts.
8 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.
18
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19
© 2015 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA5332 062015
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 18, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
| | VANGUARD INTERNATIONAL EQUITY INDEX FUNDS |
| |
| By: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: June 18, 2015 |
| |
| | VANGUARD INTERNATIONAL EQUITY INDEX FUNDS |
| |
| By: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| |
| Date: June 18, 2015 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.
