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: | Anne E. Robinson, 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, 2017 – October 31, 2018
Item 1: Reports to Shareholders
Annual Report | October 31, 2018
Vanguard International Stock Index Funds
Vanguard European Stock Index Fund
Vanguard Pacific Stock Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| CEO’s Perspective. | 4 |
| European Stock Index Fund. | 6 |
| Pacific Stock Index Fund. | 30 |
| Your Fund’s After-Tax Returns. | 55 |
| About Your Fund’s Expenses. | 56 |
| Glossary. | 58 |
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.
Your Fund’s Performance at a Glance
• Global stocks rallied early in the 12 months ended October 31, 2018, but fell back amid trade tensions and tightening monetary policy. A rising U.S. dollar hurt international equities, especially in emerging markets.
• For the fiscal year, Vanguard European Stock Index Fund returned –8.53% and Vanguard Pacific Stock Index Fund returned –7.53%. (All returns are for Investor Shares.) Both funds’ returns trailed their benchmark indexes, in part because of fair-value pricing adjustments (see the Glossary). They exceeded the average returns of their peer groups.
• The European fund had negative returns in all markets except Norway. The three largest—the U.K., France, and Germany—detracted most. The Pacific fund’s allocations to South Korea and Japan bit most into relative returns. Only New Zealand was positive.
• Please note that shortly after the close of the period, Vanguard lowered the investment minimum for your fund’s Admiral Shares from $10,000 to $3,000.
| |
| Total Returns: Fiscal Year Ended October 31, 2018 | |
| | Total |
| | Returns |
| Vanguard European Stock Index Fund | |
| Investor Shares | -8.53% |
| FTSE Europe ETF Shares | |
| Market Price | -8.66 |
| Net Asset Value | -8.44 |
| Admiral™ Shares | -8.43 |
| Institutional Shares | -8.42 |
| Institutional Plus Shares | -8.36 |
| FTSE Developed Europe All Cap Index | -8.13 |
| European Region Funds Average | -9.38 |
| European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
1
| |
| | Total |
| | Returns |
| Vanguard Pacific Stock Index Fund | |
| Investor Shares | -7.53% |
| FTSE Pacific ETF Shares | |
| Market Price | -7.60 |
| Net Asset Value | -7.34 |
| Admiral Shares | -7.36 |
| Institutional Shares | -7.37 |
| FTSE Developed Asia Pacific All Cap Index | -6.80 |
| Japan/Pacific Region Funds Average | -7.86 |
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.
| |
| Total Returns: Ten Years Ended October 31, 2018 | |
| | Average |
| | Annual Return |
| European Stock Index Fund Investor Shares | 6.68% |
| Spliced European Stock Index | 6.79 |
| European Region Funds Average | 7.26 |
| For a benchmark description, see the Glossary. | |
| European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| Pacific Stock Index Fund Investor Shares | 7.28% |
| Spliced Pacific Stock Index | 7.68 |
| Japan/Pacific Region Funds Average | 7.71 |
| For a benchmark description, see the Glossary. | |
| Japan/Pacific Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
2
| | | | | | |
| Expense Ratios | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | |
| | Investor | ETF | Admiral | Institutional | Institutional | Peer Group |
| | Shares | Shares | Shares | Shares | Plus Shares | Average |
| European Stock Index | | | | | | |
| Fund | 0.26% | 0.10% | 0.10% | 0.08% | 0.07% | 1.43% |
| Pacific Stock Index Fund | 0.26 | 0.10 | 0.10 | 0.08 | — | 1.02 |
The fund expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the funds’ expense ratios were: for the European Stock Index Fund, 0.23% for Investor Shares, 0.09% for FTSE Europe ETF Shares, 0.10% for Admiral Shares, 0.08% for Institutional Shares, and 0.07% for Institutional Plus Shares; and for the Pacific Stock Index Fund, 0.23% for Investor Shares, 0.09% for FTSE Pacific ETF Shares, 0.10% for Admiral Shares, and 0.08% 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 2017.
Peer groups: For the European Stock Index Fund, European Region Funds; and for the Pacific Stock Index Fund, Japan/Pacific Region Funds.
3
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.
4
We have been enjoying one of the longest bull markets in history, but it won’t continue forever. Prepare yourself now for how you will react when volatility comes back. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.
Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline
is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Mortimer J. Buckley
President and Chief Executive Officer
November 16, 2018
| | | |
| Market Barometer | | | |
| | | Average Annual Total Returns |
| | | Periods Ended October 31, 2018 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 6.98% | 11.31% | 11.05% |
| Russell 2000 Index (Small-caps) | 1.85 | 10.68 | 8.01 |
| Russell 3000 Index (Broad U.S. market) | 6.60 | 11.27 | 10.81 |
| FTSE All-World ex US Index (International) | -7.99 | 4.57 | 2.01 |
| |
| Bonds | | | |
| Bloomberg Barclays U. S. Aggregate Bond Index | | | |
| (Broad taxable market) | -2.05% | 1.04% | 1.83% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | -0.51 | 1.90 | 3.25 |
| FTSE Three-Month U.S. Treasury Bill Index | 1.67 | 0.86 | 0.52 |
| |
| CPI | | | |
| Consumer Price Index | 2.52% | 2.07% | 1.60% |
5
| | | | | |
| European Stock Index Fund | | | |
| |
| |
| Fund Profile | | | | | |
| As of October 31, 2018 | | | | | |
| |
| Share-Class Characteristics | | | | | |
| | Investor | FTSE Europe | Admiral | Institutional | Institutional |
| | Shares | ETF Shares | Shares | Shares | Plus Shares |
| Ticker Symbol | VEURX | VGK | VEUSX | VESIX | VEUPX |
| Expense Ratio1 | 0.26% | 0.10% | 0.10% | 0.08% | 0.07% |
| | | |
| Portfolio Characteristics | | |
| | | FTSE | FTSE |
| | | Developed | Global |
| | | Europe All | All Cap ex |
| | | Cap | US |
| | Fund | Index | Index |
| Number of Stocks | 1,351 | 1,333 | 6,000 |
| Median Market Cap | $35.0B | $35.0B | $24.6B |
| Price/Earnings Ratio | 13.6x | 13.6x | 12.7x |
| Price/Book Ratio | 1.7x | 1.7x | 1.5x |
| Return on Equity | 12.4% | 12.5% | 12.3% |
| Earnings Growth Rate | 5.4% | 5.3% | 9.1% |
| Dividend Yield | 3.6% | 3.6% | 3.2% |
| Turnover Rate | 6% | — | — |
| Short-Term Reserves | -0.5% | — | — |
Sector Diversification (% of equity exposure)
| |
| | Fund |
| Basic Materials | 6.6% |
| Consumer Goods | 17.5 |
| Consumer Services | 6.7 |
| Financials | 21.7 |
| Health Care | 13.1 |
| Industrials | 14.6 |
| Oil & Gas | 8.2 |
| Technology | 4.9 |
| Telecommunications | 3.1 |
| Utilities | 3.6 |
Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
| | |
| Volatility Measures | | |
| | FTSE | |
| | Developed | FTSE Global |
| | Europe All Cap | All Cap ex US |
| | Index | Index |
| R-Squared | 0.99 | 0.88 |
| Beta | 0.98 | 0.99 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
| | |
| Royal Dutch Shell plc | Integrated Oil & Gas | 2.8% |
| Nestle SA | Food Products | 2.7 |
| Novartis AG | Pharmaceuticals | 2.0 |
| Roche Holding AG | Pharmaceuticals | 1.8 |
| HSBC Holdings plc | Banks | 1.7 |
| TOTAL SA | Integrated Oil & Gas | 1.6 |
| BP plc | Integrated Oil & Gas | 1.5 |
| Unilever | Personal Products | 1.4 |
| SAP SE | Software | 1.1 |
| British American | | |
| Tobacco plc | Tobacco | 1.0 |
| Top Ten | | 17.6% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the expense ratios were 0.23% for Investor Shares, 0.09% for FTSE Europe ETF Shares, 0.10% for Admiral Shares, 0.08% for Institutional Shares, and 0.07% for Institutional Plus Shares.
6
European Stock Index Fund
Market Diversification (% of equity exposure)
| | | |
| | | FTSE | |
| | | Developed FTSE Global |
| | | Europe All | All Cap ex |
| | | Cap | US |
| | Fund | Index | Index |
| Europe | | | |
| United Kingdom | 28.7% | 28.8% | 12.3% |
| France | 15.6 | 15.6 | 6.7 |
| Germany | 14.1 | 14.0 | 6.0 |
| Switzerland | 13.0 | 13.0 | 5.6 |
| Netherlands | 5.3 | 5.3 | 2.3 |
| Sweden | 4.9 | 4.9 | 2.1 |
| Spain | 4.7 | 4.7 | 2.0 |
| Italy | 4.0 | 4.0 | 1.7 |
| Denmark | 2.6 | 2.6 | 1.1 |
| Finland | 1.9 | 1.9 | 0.8 |
| Belgium | 1.7 | 1.7 | 0.7 |
| Norway | 1.5 | 1.6 | 0.7 |
| Other | 2.0 | 1.9 | 0.8 |
| Subtotal | 100.0% | 100.0% | 42.8% |
| Pacific | 0.0% | 0.0% | 29.7% |
| Emerging Markets | 0.0% | 0.0% | 20.4% |
| North America | 0.0% | 0.0% | 6.7% |
| Middle East | 0.0% | 0.0% | 0.4% |
7
European Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2008, Through October 31, 2018
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| European Stock Index Fund Investor | | | | |
| Shares | -8.53% | 1.46% | 6.68% | $19,094 |
| |
| Spliced European Stock Index | -8.13 | 1.63 | 6.79 | 19,297 |
| |
| |
| |
| FTSE European Global Region All Cap Funds ex US Average Index | -8.29 -9.38 | 2.04 1.53 | 7.62 7.26 | 20,842 20,154 |
For a benchmark description, see the Glossary.
European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| FTSE Europe ETF Shares Net Asset Value | -8.44% | 1.61% | 6.83% | $19,360 |
| Spliced European Stock Index | -8.13 | 1.63 | 6.79 | 19,297 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
See Financial Highlights for dividend and capital gains information.
8
| | | | | |
| European Stock Index Fund | | | | | |
| |
| |
| |
| |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| | | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| European Stock Index Fund Admiral Shares | -8.43% | 1.60% | 6.82% | $19,347 |
| Spliced European Stock Index | -8.13 | 1.63 | 6.79 | 19,297 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
| |
| |
| |
| | | | | | Final Value |
| | One | Five | Ten | of a $5,000,000 |
| | Year | Years | Years | | Investment |
| European Stock Index Fund Institutional | | | | | |
| Shares | -8.42% | 1.63% | 6.86% | | $9,706,145 |
| Spliced European Stock Index | -8.13 | 1.63 | 6.79 | | 9,648,505 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | | 10,421,112 |
| |
| |
| |
| | | | Since | | Final Value |
| | One | | Inception | of a $100,000,000 |
| | Year | | (12/5/2014) | | Investment |
| European Stock Index Fund Institutional Plus | | | | | |
| Shares | -8.36% | | 1.72% | | $106,899,675 |
| Spliced European Stock Index | -8.13 | | 1.74 | | 106,968,214 |
| FTSE Global All Cap ex US Index | -8.29 | | 2.57 | | 110,419,514 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standards.
| | | |
| Cumulative Returns of ETF Shares: October 31, 2008, Through October 31, 2018 | | |
| | One | Five | Ten |
| | Year | Years | Years |
| FTSE Europe ETF Shares Market Price | -8.66% | 7.84% | 91.01% |
| FTSE Europe ETF Shares Net Asset Value | -8.44 | 8.30 | 93.60 |
| Spliced European Stock Index | -8.13 | 8.43 | 92.97 |
9
European Stock Index Fund
Fiscal-Year Total Returns (%): October 31, 2008, Through October 31, 2018
European Stock Index Fund Investor Shares Spliced European Stock Index
For a benchmark description, see the Glossary.
Average Annual Total Returns: Periods Ended September 30, 2018
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 | -0.26% | 3.98% | 4.95% |
| FTSE Europe ETF Shares | 3/4/2005 | | | |
| Market Price | | -0.35 | 4.07 | 4.97 |
| Net Asset Value | | -0.16 | 4.14 | 5.10 |
| Admiral Shares | 8/13/2001 | -0.12 | 4.13 | 5.10 |
| Institutional Shares | 5/15/2000 | -0.09 | 4.16 | 5.14 |
| Institutional Plus Shares | 12/5/2014 | -0.05 | — | 3.981 |
| 1 Return since inception. | | | | |
10
European Stock Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of October 31, 2018
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.
| | | |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| §,1Austria † | | 110,746 | 0.5% |
| |
| Belgium | | | |
| Anheuser-Busch InBev SA/NV | 1,618,258 | 119,689 | 0.6% |
| Belgium—Other † | | 224,104 | 1.1% |
| | | 343,793 | 1.7% |
| Denmark | | | |
| Novo Nordisk A/S Class B | 3,619,182 | 156,300 | 0.8% |
| 1 Denmark—Other † | | 365,237 | 1.8% |
| | | 521,537 | 2.6% |
| |
| Finland † | | 376,296 | 1.9% |
| |
| France | | | |
| TOTAL SA | 5,355,845 | 314,258 | 1.6% |
| Sanofi | 2,310,015 | 206,425 | 1.0% |
| LVMH Moet Hennessy Louis Vuitton SE | 529,168 | 160,553 | 0.8% |
| Airbus SE | 1,170,963 | 129,409 | 0.6% |
| BNP Paribas SA | 2,302,334 | 119,985 | 0.6% |
| AXA SA | 4,106,281 | 102,767 | 0.5% |
| Safran SA | 705,170 | 91,128 | 0.5% |
| Danone SA | 1,272,202 | 90,089 | 0.4% |
| Vinci SA | 989,052 | 88,026 | 0.4% |
| 1 France—Other † | | 1,835,468 | 9.1% |
| | | 3,138,108 | 15.5% |
| Germany | | | |
| SAP SE | 2,064,272 | 221,030 | 1.1% |
| Allianz SE | 910,634 | 189,704 | 0.9% |
| Siemens AG | 1,635,055 | 187,945 | 0.9% |
11
| | | | |
| European Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | Bayer AG | 1,988,818 | 152,449 | 0.8% |
| | BASF SE | 1,950,834 | 149,705 | 0.7% |
| | Deutsche Telekom AG | 6,876,764 | 112,791 | 0.6% |
| | Daimler AG | 1,832,318 | 108,541 | 0.5% |
| | adidas AG | 420,537 | 98,896 | 0.5% |
| *,1 | Siemens Healthineers AG | 276,432 | 11,441 | 0.1% |
| §,1 | Germany—Other † | | 1,577,068 | 7.8% |
| | | | 2,809,570 | 13.9% |
| |
| §Ireland † | | 91,484 | 0.4% |
| |
| Italy | | | |
| | Eni SPA | 5,326,060 | 94,590 | 0.5% |
| | Enel SPA | 16,545,882 | 81,126 | 0.4% |
| §,1 | Italy—Other † | | 627,977 | 3.1% |
| | | | 803,693 | 4.0% |
| Netherlands | | | |
| | Unilever NV | 3,224,161 | 173,251 | 0.8% |
| | ASML Holding NV | 865,661 | 149,106 | 0.7% |
| | ING Groep NV | 8,290,615 | 98,087 | 0.5% |
| 1 | Netherlands—Other † | | 643,325 | 3.2% |
| | | | 1,063,769 | 5.2% |
| |
| 1Norway † | | 310,211 | 1.5% |
| |
| 1Poland † | | 127,923 | 0.6% |
| |
| Portugal † | | 64,038 | 0.3% |
| |
| Spain | | | |
| | Banco Santander SA | 34,250,745 | 162,965 | 0.8% |
| * | Iberdrola SA | 12,769,216 | 90,353 | 0.5% |
| * | Siemens Gamesa Renewable Energy SA | 476,783 | 5,280 | 0.0% |
| 1 | Spain—Other † | | 684,865 | 3.4% |
| | | | 943,463 | 4.7% |
| |
| 1Sweden † | | 993,636 | 4.9% |
| |
| Switzerland | | | |
| | Nestle SA | 6,417,582 | 541,792 | 2.7% |
| | Novartis AG | 4,638,348 | 406,191 | 2.0% |
| | Roche Holding AG | 1,503,522 | 365,901 | 1.8% |
| | UBS Group AG | 7,520,931 | 105,121 | 0.5% |
| | Zurich Insurance Group AG | 319,738 | 99,273 | 0.5% |
| | Cie Financiere Richemont SA | 1,084,985 | 79,302 | 0.4% |
| | Roche Holding AG (Bearer) | 32,760 | 7,976 | 0.0% |
| 1 | Switzerland—Other † | | 1,006,928 | 5.0% |
| | | | 2,612,484 | 12.9% |
| United Kingdom | | | |
| | HSBC Holdings plc | 42,823,426 | 352,420 | 1.7% |
| | BP plc | 41,628,655 | 300,714 | 1.5% |
| | Royal Dutch Shell plc Class A | 8,455,414 | 269,374 | 1.3% |
| | Royal Dutch Shell plc Class B | 8,003,003 | 261,001 | 1.3% |
12
| | | | |
| European Stock Index Fund | | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| AstraZeneca plc | | 2,700,348 | 206,549 | 1.0% |
| British American Tobacco plc | | 4,702,975 | 203,875 | 1.0% |
| GlaxoSmithKline plc | | 10,382,526 | 201,086 | 1.0% |
| Diageo plc | | 5,144,797 | 177,863 | 0.9% |
| Unilever plc | | 2,371,521 | 125,619 | 0.6% |
| Rio Tinto plc | | 2,454,264 | 119,156 | 0.6% |
| Shire plc | | 1,909,425 | 115,236 | 0.6% |
| Lloyds Banking Group plc | | 152,882,189 | 111,564 | 0.6% |
| Prudential plc | | 5,517,525 | 110,481 | 0.6% |
| Reckitt Benckiser Group plc | | 1,333,648 | 107,844 | 0.5% |
| Vodafone Group plc | | 56,885,909 | 106,976 | 0.5% |
| Glencore plc | | 24,885,335 | 101,275 | 0.5% |
| BHP Billiton plc | | 4,432,082 | 88,414 | 0.4% |
| Barclays plc | | 36,293,802 | 79,966 | 0.4% |
| Royal Dutch Shell plc Class A (Amsterdam Shares) | | 1,337,244 | 42,473 | 0.2% |
| British American Tobacco plc ADR | | 161,443 | 7,007 | 0.0% |
| §,1 United Kingdom—Other † | | | 2,693,921 | 13.3% |
| | | | 5,782,814 | 28.5% |
| Total Common Stocks (Cost $25,248,632) | | | 20,093,565 | 99.1%2 |
| |
| | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 Vanguard Market Liquidity Fund | 2.308% | 1,901,689 | 190,169 | 0.9% |
| |
| 5U. S. Government and Agency Obligations † | | | 9,983 | 0.1% |
| Total Temporary Cash Investments (Cost $200,195) | | | 200,152 | 1.0%2 |
| 6Total Investments (Cost $25,448,827) | | | 20,293,717 | 100.1% |
| |
| | | | Amount | |
| | | | ($000) | |
| Other Assets and Liabilities | | | | |
| Other Assets | | | | |
| Investment in Vanguard | | | 1,144 | |
| Receivables for Investment Securities Sold | | | 32,886 | |
| Receivables for Accrued Income | | | 96,992 | |
| Receivables for Capital Shares Issued | | | 1,526 | |
| Variation Margin Receivable—Futures Contracts | | | 2,347 | |
| Unrealized Appreciation—Forward Currency Contracts | | | 882 | |
| Other Assets 5,7 | | | 15,091 | |
| Total Other Assets | | | 150,868 | 0.7% |
| Liabilities | | | | |
| Payables for Investment Securities Purchased | | | (4,946) | |
| Collateral for Securities on Loan | | | (142,671) | |
| Payables for Capital Shares Redeemed | | | (2,512) | |
| Payables to Vanguard | | | (10,238) | |
| Unrealized Depreciation—Forward Currency Contracts | | | (6,228) | |
| Other Liabilities | | | (5,594) | |
| Total Liabilities | | | (172,189) | (0.8%) |
| Net Assets | | | 20,272,396 | 100.0% |
13
| |
| European Stock Index Fund | |
| |
| |
| At October 31, 2018, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 25,562,647 |
| Total Distributable Earnings (Loss) | (5,290,251) |
| Net Assets | 20,272,396 |
| |
| Investor Shares—Net Assets | |
| Applicable to 19,508,216 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 543,243 |
| Net Asset Value Per Share—Investor Shares | $27.85 |
| |
| ETF Shares—Net Assets | |
| Applicable to 282,093,329 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 14,624,418 |
| Net Asset Value Per Share—ETF Shares | $51.84 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 64,382,187 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,174,303 |
| Net Asset Value Per Share—Admiral Shares | $64.84 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 27,487,918 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 760,078 |
| Net Asset Value Per Share—Institutional Shares | $27.65 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 1,378,865 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 170,354 |
| Net Asset Value Per Share—Institutional Plus Shares | $123.55 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
† 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 October 31, 2018, the aggregate value of these securities
was $372,366,000, representing 1.8% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to
futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.9% and 0.2%,
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 $142,671,000 of collateral received for securities on loan.
5 Securities with a value of $9,484,000 and cash of $166,000 have been segregated as initial margin for open futures contracts.
6 The total value of securities on loan is $116,870,000.
7 Cash of $5,110,000 have been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
14
| | | | | | |
| European Stock Index Fund | | | | | | |
| |
| |
| Derivative Financial Instruments Outstanding as of Period End | | | |
| |
| Futures Contracts | | | | | | |
| | | | | | | ($000) |
| | | | | | | Value and |
| | | | Number of | | Unrealized |
| | | | Long (Short) | Notional | Appreciation |
| | | Expiration | Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | | | |
| Dow Jones EURO STOXX 50 Index | December 2018 | | 2,653 | 96,011 | (3,579) |
| FTSE 100 Index | December 2018 | | 700 | 63,603 | (1,126) |
| | | | | | | (4,705) |
| |
| |
| Forward Currency Contracts | | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | Settlement | | Contract Amount (000) | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| Morgan Stanley Capital Services LLC | 12/28/18 | EUR | 81,976 | USD | 96,301 | (2,930) |
| Toronto-Dominion Bank | 12/28/18 | GBP | 47,722 | USD | 63,508 | (2,314) |
| BNP Paribas | 12/28/18 | EUR | 20,428 | USD | 23,789 | (522) |
| BNP Paribas | 12/28/18 | GBP | 10,688 | USD | 14,167 | (462) |
| Citibank, N.A. | 12/28/18 | USD | 7,113 | GBP | 5,381 | 214 |
| Citibank, N.A. | 12/28/18 | USD | 6,008 | EUR | 5,154 | 138 |
| Goldman Sachs International | 12/28/18 | USD | 5,941 | EUR | 5,007 | 238 |
| BNP Paribas | 12/28/18 | USD | 5,056 | EUR | 4,266 | 197 |
| JPMorgan Chase Bank, N.A. | 12/28/18 | USD | 3,052 | GBP | 2,306 | 95 |
| | | | | | | (5,346) |
| EUR—Euro. | | | | | | |
| GBP—British pound. | | | | | | |
| USD—U.S. dollar. | | | | | | |
See accompanying Notes, which are an integral part of the Financial Statements.
15
| |
| European Stock Index Fund | |
| |
| |
| |
| Statement of Operations | |
| |
| |
| | Year Ended |
| | October 31, 2018 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 805,354 |
| Interest 2 | 900 |
| Securities Lending—Net | 15,331 |
| Total Income | 821,585 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 3,152 |
| Management and Administrative—Investor Shares | 1,227 |
| Management and Administrative—ETF Shares | 9,684 |
| Management and Administrative—Admiral Shares | 3,277 |
| Management and Administrative—Institutional Shares | 438 |
| Management and Administrative—Institutional Plus Shares | 80 |
| Marketing and Distribution—Investor Shares | 115 |
| Marketing and Distribution—ETF Shares | 891 |
| Marketing and Distribution—Admiral Shares | 258 |
| Marketing and Distribution—Institutional Shares | 18 |
| Marketing and Distribution—Institutional Plus Shares | 1 |
| Custodian Fees | 2,631 |
| Auditing Fees | 50 |
| Shareholders’ Reports and Proxy—Investor Shares | 22 |
| Shareholders’ Reports and Proxy—ETF Shares | 465 |
| Shareholders’ Reports and Proxy—Admiral Shares | 60 |
| Shareholders’ Reports and Proxy—Institutional Shares | 2 |
| Shareholders’ Reports and Proxy—Institutional Plus Shares | — |
| Trustees’ Fees and Expenses | 15 |
| Total Expenses | 22,386 |
| Net Investment Income | 799,199 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold 2,3 | 685,143 |
| Futures Contracts | (10,259) |
| Forward Currency Contracts | (7,411) |
| Foreign Currencies | (3,126) |
| Realized Net Gain (Loss) | 664,347 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities 2 | (3,403,160) |
| Futures Contracts | (11,797) |
| Forward Currency Contracts | (2,261) |
| Foreign Currencies | (2,646) |
| Change in Unrealized Appreciation (Depreciation) | (3,419,864) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (1,956,318) |
1 Dividends are net of foreign withholding taxes of $82,529,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $637,000, $102,000, and $21,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $478,939,000 of net gains resulting from in-kind redemptions; such gains are not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
16
| | |
| European Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended October 31, |
| | 2018 | 2017 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 799,199 | 567,396 |
| Realized Net Gain (Loss) | 664,347 | 278 |
| Change in Unrealized Appreciation (Depreciation) | (3,419,864) | 3,968,447 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (1,956,318) | 4,536,121 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (20,533) | (17,979) |
| ETF Shares | (585,908) | (409,188) |
| Admiral Shares | (158,017) | (116,545) |
| Institutional Shares | (26,885) | (18,620) |
| Institutional Plus Shares | (6,293) | (3,247) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (797,636) | (565,579) |
| Capital Share Transactions | | |
| Investor Shares | (86,129) | (52,062) |
| ETF Shares | (1,240,151) | 4,559,972 |
| Admiral Shares | (29,222) | 270,199 |
| Institutional Shares | 99,822 | 40,847 |
| Institutional Plus Shares | 70,149 | (710) |
| Net Increase (Decrease) from Capital Share Transactions | (1,185,531) | 4,818,246 |
| Total Increase (Decrease) | (3,939,485) | 8,788,788 |
| Net Assets | | |
| Beginning of Period | 24,211,881 | 15,423,093 |
| End of Period | 20,272,396 | 24,211,881 |
See accompanying Notes, which are an integral part of the Financial Statements.
17
| | | | | |
| European Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $31.44 | $25.27 | $27.98 | $29.05 | $30.42 |
| Investment Operations | | | | | |
| Net Investment Income | . 9681 | .8271 | . 881 | . 866 | 1.2352 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (3.572) | 6.109 | (2.738) | (1.058) | (1.380) |
| Total from Investment Operations | (2.604) | 6.936 | (1.857) | (.192) | (.145) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.986) | (.766) | (.853) | (.878) | (1.225) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.986) | (.766) | (.853) | (.878) | (1.225) |
| Net Asset Value, End of Period | $27.85 | $31.44 | $25.27 | $27.98 | $29.05 |
| |
| Total Return 3 | -8.53% | 27.77% | -6.63% | -0.77% | -0.73% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $543 | $701 | $608 | $730 | $782 |
| Ratio of Total Expenses to Average Net Assets | 0.23% | 0.26% | 0.26% | 0.26% | 0.26% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.14% | 2.81% | 3.35% | 3.05% | 4.12%2 |
| Portfolio Turnover Rate 4 | 6% | 4% | 6% | 13% | 7% |
1 Calculated based on average shares outstanding.
2 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.
3 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
18
| | | | | |
| European Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| FTSE Europe ETF Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $58.54 | $47.05 | $52.09 | $54.08 | $56.64 |
| Investment Operations | | | | | |
| Net Investment Income | 1.9121 | 1.5671 | 1.717 | 1.691 | 2.3842 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (6.689) | 11.434 | (5.094) | (1.970) | (2.577) |
| Total from Investment Operations | (4.777) | 13.001 | (3.377) | (.279) | (.193) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.923) | (1.511) | (1.663) | (1.711) | (2.367) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.923) | (1.511) | (1.663) | (1.711) | (2.367) |
| Net Asset Value, End of Period | $51.84 | $58.54 | $47.05 | $52.09 | $54.08 |
| |
| Total Return | -8.44% | 27.98% | -6.43% | -0.62% | -0.60% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $14,624 | $17,880 | $10,533 | $15,578 | $11,676 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.10% | 0.10% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.28% | 2.97% | 3.51% | 3.19% | 4.26%2 |
| Portfolio Turnover Rate 3 | 6% | 4% | 6% | 13% | 7% |
1 Calculated based on average shares outstanding.
2 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.
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.
19
| | | | | |
| European Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $73.23 | $58.85 | $65.16 | $67.64 | $70.85 |
| Investment Operations | | | | | |
| Net Investment Income | 2.3531 | 2.016 1 | 2.151 | 2.113 | 2.983 2 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (8.338) | 14.251 | (6.379) | (2.454) | (3.233) |
| Total from Investment Operations | (5.985) | 16.267 | (4.228) | (.341) | (.250) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (2.405) | (1.887) | (2.082) | (2.139) | (2.960) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.405) | (1.887) | (2.082) | (2.139) | (2.960) |
| Net Asset Value, End of Period | $64.84 | $73.23 | $58.85 | $65.16 | $67.64 |
| |
| Total Return 3 | -8.43% | 27.99% | -6.48% | -0.61% | -0.61% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $4,174 | $4,754 | $3,609 | $4,137 | $3,949 |
| Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.27% | 2.97% | 3.51% | 3.19% | 4.26%2 |
| Portfolio Turnover Rate 4 | 6% | 4% | 6% | 13% | 7% |
1 Calculated based on average shares outstanding.
2 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.
3 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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 | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $31.23 | $25.10 | $27.79 | $28.85 | $30.21 |
| Investment Operations | | | | | |
| Net Investment Income | 1.0141 | . 8731 | .921 | .910 | 1.2822 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (3.564) | 6.068 | (2.719) | (1.048) | (1.371) |
| Total from Investment Operations | (2.550) | 6.941 | (1.798) | (.138) | (.089) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.030) | (.811) | (.892) | (.922) | (1.271) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.030) | (.811) | (.892) | (.922) | (1.271) |
| Net Asset Value, End of Period | $27.65 | $31.23 | $25.10 | $27.79 | $28.85 |
| |
| Total Return | -8.42% | 28.00% | -6.46% | -0.58% | -0.55% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $760 | $756 | $574 | $867 | $1,006 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.09% | 0.09% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.29% | 2.99% | 3.53% | 3.22% | 4.29%2 |
| Portfolio Turnover Rate 3 | 6% | 4% | 6% | 13% | 7% |
1 Calculated based on average shares outstanding.
2 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.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
21
| | | | | |
| European Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Plus Shares | | | | | |
| | | | | Dec. 5, | Nov. 1, |
| | | | | 20142 to | 2013, to |
| For a Share Outstanding | Year Ended October 31, | Oct. 31, | Mar. 17, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 20141 |
| Net Asset Value, Beginning of Period | $139.48 | $112.09 | $124.09 | $131.51 | $126.52 |
| Investment Operations | | | | | |
| Net Investment Income | 4.7113 | 3.9103 | 4.121 | 3.878 | 2.2534 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (16.018) | 27.110 | (12.133) | (7.151) | 2.866 |
| Total from Investment Operations | (11.307) | 31.020 | (8.012) | (3.273) | 5.119 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (4.623) | (3.630) | (3.988) | (4.147) | (.539) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (4.623) | (3.630) | (3.988) | (4.147) | (.539) |
| Net Asset Value, End of Period | $123.55 | $139.48 | $112.09 | $124.09 | $131.101 |
| |
| Total Return | -8.36% | 28.03% | -6.45% | -2.59% | 4.06% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $170 | $122 | $99 | $242 | — |
| Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08%5 | 0.08%5 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.30% | 3.00% | 3.54% | 3.11%5 | 4.80% 4,5 |
| Portfolio Turnover Rate 6 | 6% | 4% | 6% | 13% | 7% |
1 Net asset value as of March 17, 2014, on which date all shares were redeemed. 2 Recommencement of operations.
3 Calculated based on average shares outstanding.
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
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 offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares, known as Vanguard FTSE Europe ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. Institutional Plus Shares were first issued May 17, 2013, and on March 17, 2014, all outstanding shares were redeemed. Institutional Plus Shares recommenced operations on December 5, 2014.
The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. Further, at October 31, 2018, the fund had a concentration of its investments in securities issued in United Kingdom, and the performance of such investments may be impacted by the country’s social, political, and economic conditions.
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 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.
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, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest
23
European Stock Index Fund
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 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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypoth-ecated. 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended October 31, 2018, 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 the notional amounts at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 2% of net assets, based on the average of the notional amounts at each quarter-end during the period.
24
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, 2015–2018), 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. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and 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 before the opening of the market 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 event 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at October 31, 2018, 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
25
European Stock Index Fund
over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of $1,144,000, representing 0.01% of the fund’s net assets and 0.46% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
26
European Stock Index Fund
The following table summarizes the market value of the fund’s investments as of October 31, 2018, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 9,796 | 20,077,763 | 6,006 |
| Temporary Cash Investments | 190,169 | 9,983 | — |
| Futures Contracts—Assets1 | 2,347 | — | — |
| Forward Currency Contracts—Assets | — | 882 | — |
| Forward Currency Contracts—Liabilities | — | (6,228) | — |
| Total | 202,312 | 20,082,400 | 6,006 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At October 31, 2018, 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) |
| Variation Margin Receivable—Futures Contracts | 2,347 | — | 2,347 |
| Unrealized Appreciation—Forward Currency Contracts | — | 882 | 882 |
| Total Assets | 2,347 | 882 | 3,229 |
| |
| Unrealized Depreciation—Forward Currency Contracts | — | (6,228) | (6,228) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2018, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | (10,259) | — | (10,259) |
| Forward Currency Contracts | — | (7,411) | (7,411) |
| Realized Net Gain (Loss) on Derivatives | (10,259) | (7,411) | (17,670) |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (11,797) | — | (11,797) |
| Forward Currency Contracts | — | (2,261) | (2,261) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (11,797) | (2,261) | (14,058) |
27
European Stock Index Fund
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions, the expiration of capital loss carryforwards, foreign currency transactions, and passive foreign investment companies were reclassified to the following accounts:
| |
| | Amount |
| | ($000) |
| Paid-in Capital | 267,984 |
| Total Distributable Earnings (Loss) | (267,984) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales, the realization of unrealized gains or losses on certain futures contracts, forward currency contracts, and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| |
| | Amount |
| | ($000) |
| Undistributed Ordinary Income | 61,758 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards* | (166,753) |
| Net Unrealized Gains (Losses) | (5,175,524) |
| * | Includes $166,753,000 which may be used to offset future net capital gains through October 31, 2019. The fund used capital loss carryforwards of $171,214,000 to offset taxable capital gains realized during the year ended October 31, 2018, reducing the amount of capital gains that would otherwise be available to distribute to shareholders. |
As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| |
| | Amount |
| | ($000) |
| Tax Cost | 25,464,572 |
| Gross Unrealized Appreciation | 1,545,438 |
| Gross Unrealized Depreciation | (6,716,293) |
| Net Unrealized Appreciation (Depreciation) | (5,170,855) |
F. During the year ended October 31, 2018, the fund purchased $3,129,238,000 of investment securities and sold $4,311,809,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,559,946,000 and $2,928,007,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
28
European Stock Index Fund
| | | | |
| G. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended October 31, |
| | | 2018 | | 2017 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 95,588 | 3,025 | 159,694 | 5,562 |
| Issued in Lieu of Cash Distributions | 16,966 | 557 | 14,995 | 523 |
| Redeemed | (198,683) | (6,353) | (226,751) | (7,858) |
| Net Increase (Decrease)—Investor Shares | (86,129) | (2,771) | (52,062) | (1,773) |
| ETF Shares | | | | |
| Issued | 1,699,045 | 27,983 | 5,081,845 | 92,347 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (2,939,196) | (51,300) | (521,873) | (10,800) |
| Net Increase (Decrease)—ETF Shares | (1,240,151) | (23,317) | 4,559,972 | 81,547 |
| Admiral Shares | | | | |
| Issued | 633,624 | 8,635 | 901,375 | 13,382 |
| Issued in Lieu of Cash Distributions | 132,532 | 1,868 | 97,636 | 1,462 |
| Redeemed | (795,378) | (11,037) | (728,812) | (11,258) |
| Net Increase (Decrease)—Admiral Shares | (29,222) | (534) | 270,199 | 3,586 |
| Institutional Shares | | | | |
| Issued | 189,062 | 6,135 | 256,341 | 8,907 |
| Issued in Lieu of Cash Distributions | 17,527 | 579 | 12,203 | 429 |
| Redeemed | (106,767) | (3,424) | (227,697) | (8,002) |
| Net Increase (Decrease)—Institutional Shares | 99,822 | 3,290 | 40,847 | 1,334 |
| Institutional Plus Shares | | | | |
| Issued | 192,545 | 1,380 | 15,118 | 114 |
| Issued in Lieu of Cash Distributions | 6,293 | 47 | 3,247 | 26 |
| Redeemed | (128,689) | (926) | (19,075) | (144) |
| Net Increase (Decrease)—Institutional Plus Shares | 70,149 | 501 | (710) | (4) |
H. Management has determined that no events or transactions occurred subsequent to October 31, 2018, that would require recognition or disclosure in these financial statements.
29
| | | | |
| Pacific Stock Index Fund | | | |
| |
| |
| Fund Profile | | | | |
| As of October 31, 2018 | | | | |
| |
| Share-Class Characteristics | | | | |
| | Investor | FTSE Pacific ETF | Admiral | Institutional |
| | Shares | Shares | Shares | Shares |
| Ticker Symbol | VPACX | VPL | VPADX | VPKIX |
| Expense Ratio1 | 0.26% | 0.10% | 0.10% | 0.08% |
| | | |
| Portfolio Characteristics | | |
| | | FTSE | FTSE |
| | | Developed | Global |
| | | APAC All | All Cap ex |
| | | Cap | US |
| | Fund | Index | Index |
| Number of Stocks | 2,331 | 2,294 | 6,000 |
| Median Market Cap | $17.8B | $17.9B | $24.6B |
| Price/Earnings Ratio | 11.7x | 11.8x | 12.7x |
| Price/Book Ratio | 1.3x | 1.3x | 1.5x |
| Return on Equity | 10.5% | 10.5% | 12.3% |
| Earnings Growth Rate | 11.4% | 11.4% | 9.1% |
| Dividend Yield | 2.8% | 2.8% | 3.2% |
| Turnover Rate | 4% | — | — |
| Short-Term Reserves | -0.5% | — | — |
Sector Diversification (% of equity exposure)
| |
| | Fund |
| Basic Materials | 7.4% |
| Consumer Goods | 17.0 |
| Consumer Services | 10.7 |
| Financials | 23.4 |
| Health Care | 7.1 |
| Industrials | 18.5 |
| Oil & Gas | 2.0 |
| Technology | 7.9 |
| Telecommunications | 3.4 |
| Utilities | 2.6 |
Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
| | |
| Volatility Measures | | |
| | FTSE | |
| | Developed | FTSE Global |
| | APAC All Cap | All Cap ex US |
| | Index | Index |
| R-Squared | 0.93 | 0.83 |
| Beta | 0.91 | 0.88 |
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)
| | |
| Samsung Electronics | | |
| Co. Ltd. | Computer Hardware | 3.0% |
| Toyota Motor Corp. | Automobiles | 2.2 |
| AIA Group Ltd. | Life Insurance | 1.4 |
| Commonwealth Bank of | | |
| Australia | Banks | 1.3 |
| Mitsubishi UFJ Financial | | |
| Group Inc. | Banks | 1.2 |
| BHP Billiton | General Mining | 1.1 |
| Sony Corp. | Consumer | |
| | Electronics | 1.0 |
| SoftBank Group Corp. | Mobile | |
| | Telecommunications | 1.0 |
| Westpac Banking Corp. | Banks | 1.0 |
| CSL Ltd. | Pharmaceuticals | 0.9 |
| Top Ten | | 14.1% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the expense ratios were 0.23% for Investor Shares, 0.09% for FTSE Pacific ETF Shares, 0.10% for Admiral Shares, and 0.08% for Institutional Shares.
30
Pacific Stock Index Fund
Market Diversification (% of equity exposure)
| | | |
| | | FTSE | |
| | | Developed FTSE Global |
| | | APAC All | All Cap ex |
| | | Cap | US |
| | Fund | Index | Index |
| Europe | 0.0% | 0.0% | 42.6% |
| Pacific | | | |
| Japan | 60.4% | 60.5% | 18.0% |
| Australia | 16.3 | 16.3 | 4.8 |
| South Korea | 11.4 | 11.3 | 3.4 |
| Hong Kong | 8.1 | 8.1 | 2.4 |
| Singapore | 3.0 | 3.0 | 0.9 |
| Other | 0.8 | 0.8 | 0.2 |
| Subtotal | 100.0% | 100.0% | 29.7% |
| Emerging Markets | 0.0% | 0.0% | 20.6% |
| North America | 0.0% | 0.0% | 6.7% |
| Middle East | 0.0% | 0.0% | 0.4% |
31
Pacific Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2008, Through October 31, 2018
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| Pacific Stock Index Fund Investor | | | | |
| Shares | -7.53% | 3.27% | 7.28% | $20,200 |
| Spliced Pacific Stock Index | -6.80 | 3.48 | 7.68 | 20,957 |
| Japan/Pacific Region Funds Average | -7.86 | 4.19 | 7.71 | 21,024 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
For a benchmark description, see the Glossary.
Japan/Pacific Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| FTSE Pacific ETF Shares Net Asset Value | -7.34% | 3.43% | 7.43% | $20,470 |
| Spliced Pacific Stock Index | -6.80 | 3.48 | 7.68 | 20,957 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
See Financial Highlights for dividend and capital gains information.
32
Pacific Stock Index Fund
| | | | |
| | | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| Pacific Stock Index Fund Admiral Shares | -7.36% | 3.43% | 7.43% | $20,475 |
| Spliced Pacific Stock Index | -6.80 | 3.48 | 7.68 | 20,957 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $5,000,000 |
| | Year | Years | Years | Investment |
| Pacific Stock Index Fund Institutional Shares | -7.37% | 3.45% | 7.46% | $10,268,928 |
| Spliced Pacific Stock Index | -6.80 | 3.48 | 7.68 | 10,478,735 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 10,421,112 |
| | | |
| Cumulative Returns of ETF Shares: October 31, 2008, Through October 31, 2018 | |
| | One | Five | Ten |
| | Year | Years | Years |
| FTSE Pacific ETF Shares Market Price | -7.60% | 18.04% | 103.35% |
| FTSE Pacific ETF Shares Net Asset Value | -7.34 | 18.38 | 104.70 |
| Spliced Pacific Stock Index | -6.80 | 18.63 | 109.57 |
Fiscal-Year Total Returns (%): October 31, 2008, Through October 31, 2018
For a benchmark description, see the Glossary.
33
Pacific Stock Index Fund
Average Annual Total Returns: Periods Ended September 30, 2018
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 | 6.94% | 5.76% | 6.20% |
| FTSE Pacific ETF Shares | 3/4/2005 | | | |
| Market Price | | 6.93 | 5.88 | 6.31 |
| Net Asset Value | | 7.09 | 5.91 | 6.34 |
| Admiral Shares | 8/13/2001 | 7.09 | 5.91 | 6.34 |
| Institutional Shares | 5/15/2000 | 7.16 | 5.94 | 6.38 |
34
Pacific Stock Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of October 31, 2018
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.
| | | | |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Common Stocks | | | |
| Australia | | | |
| | Commonwealth Bank of Australia | 1,811,644 | 89,080 | 1.3% |
| | BHP Billiton Ltd. | 3,305,567 | 76,272 | 1.1% |
| | Westpac Banking Corp. | 3,522,719 | 66,917 | 1.0% |
| | CSL Ltd. | 464,736 | 62,041 | 0.9% |
| | Australia & New Zealand Banking Group Ltd. | 2,983,488 | 54,916 | 0.8% |
| | National Australia Bank Ltd. | 2,801,113 | 50,167 | 0.8% |
| | Wesfarmers Ltd. | 1,164,764 | 38,574 | 0.6% |
| | Woolworths Group Ltd. | 1,346,480 | 27,177 | 0.4% |
| | Macquarie Group Ltd. | 315,841 | 26,339 | 0.4% |
| §,1 | Australia—Other † | | 606,012 | 8.9% |
| | | | 1,097,495 | 16.2% |
| Hong Kong | | | |
| | AIA Group Ltd. | 12,406,312 | 94,375 | 1.4% |
| | Hong Kong Exchanges & Clearing Ltd. | 1,273,464 | 33,908 | 0.5% |
| | CK Hutchison Holdings Ltd. | 2,747,059 | 27,669 | 0.4% |
| §,1 | Hong Kong—Other † | | 386,579 | 5.7% |
| | | | 542,531 | 8.0% |
| Japan | | | |
| | Toyota Motor Corp. | 2,591,870 | 151,834 | 2.2% |
| | Mitsubishi UFJ Financial Group Inc. | 12,950,872 | 78,385 | 1.2% |
| | Sony Corp. | 1,297,739 | 70,229 | 1.0% |
| | SoftBank Group Corp. | 873,785 | 69,150 | 1.0% |
| | Sumitomo Mitsui Financial Group Inc. | 1,354,488 | 52,737 | 0.8% |
| | Honda Motor Co. Ltd. | 1,787,386 | 51,022 | 0.7% |
| | Keyence Corp. | 92,733 | 45,302 | 0.7% |
| | Mizuho Financial Group Inc. | 26,027,370 | 44,698 | 0.7% |
35
| | | |
| Pacific Stock Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| KDDI Corp. | 1,821,966 | 44,091 | 0.6% |
| Mitsubishi Corp. | 1,318,521 | 37,110 | 0.5% |
| Central Japan Railway Co. | 185,652 | 35,628 | 0.5% |
| Shin-Etsu Chemical Co. Ltd. | 418,150 | 34,941 | 0.5% |
| FANUC Corp. | 199,368 | 34,683 | 0.5% |
| Nintendo Co. Ltd. | 110,195 | 34,403 | 0.5% |
| Seven & i Holdings Co. Ltd. | 789,849 | 34,200 | 0.5% |
| Recruit Holdings Co. Ltd. | 1,229,312 | 32,994 | 0.5% |
| East Japan Railway Co. | 376,845 | 32,913 | 0.5% |
| Tokio Marine Holdings Inc. | 691,424 | 32,574 | 0.5% |
| Kao Corp. | 488,525 | 32,498 | 0.5% |
| ^ Takeda Pharmaceutical Co. Ltd. | 781,924 | 32,418 | 0.5% |
| NTT DOCOMO Inc. | 1,291,329 | 32,023 | 0.5% |
| Daikin Industries Ltd. | 272,773 | 31,618 | 0.5% |
| Japan Tobacco Inc. | 1,225,169 | 31,481 | 0.5% |
| Astellas Pharma Inc. | 1,996,901 | 30,853 | 0.5% |
| Nidec Corp. | 239,433 | 30,754 | 0.5% |
| Murata Manufacturing Co. Ltd. | 194,793 | 30,317 | 0.4% |
| Canon Inc. | 1,054,411 | 30,033 | 0.4% |
| Mitsui & Co. Ltd. | 1,733,957 | 28,972 | 0.4% |
| Hitachi Ltd. | 946,129 | 28,923 | 0.4% |
| Nippon Telegraph & Telephone Corp. | 670,043 | 27,632 | 0.4% |
| ITOCHU Corp. | 1,447,492 | 26,845 | 0.4% |
| Fast Retailing Co. Ltd. | 52,580 | 26,474 | 0.4% |
| Mitsubishi Electric Corp. | 2,026,314 | 25,652 | 0.4% |
| NTT Data Corp. | 644,857 | 8,279 | 0.1% |
| Sony Financial Holdings Inc. | 179,910 | 4,150 | 0.1% |
| Hino Motors Ltd. | 278,556 | 2,666 | 0.0% |
| NTT Urban Development Corp. | 108,397 | 1,611 | 0.0% |
| kabu.com Securities Co. Ltd. | 162,629 | 587 | 0.0% |
| Misawa Homes Co. Ltd. | 23,905 | 180 | 0.0% |
| Japan—Other † | | 2,691,538 | 39.6% |
| | | 4,072,398 | 59.9% |
| |
| §New Zealand † | | 55,096 | 0.8% |
| |
| Singapore | | | |
| DBS Group Holdings Ltd. | 1,849,613 | 31,383 | 0.4% |
| Oversea-Chinese Banking Corp. Ltd. | 3,353,597 | 26,052 | 0.4% |
| § Singapore—Other † | | 147,238 | 2.2% |
| | | 204,673 | 3.0% |
| South Korea | | | |
| Samsung Electronics Co. Ltd. | 4,834,342 | 180,977 | 2.6% |
| SK Hynix Inc. | 547,904 | 32,998 | 0.5% |
| Samsung Electronics Co. Ltd. Preference Shares | 847,193 | 26,730 | 0.4% |
| 1 South Korea—Other † | | 528,472 | 7.8% |
| | | 769,177 | 11.3% |
| Total Common Stocks (Cost $7,603,017) | | 6,741,370 | 99.2%2 |
36
| | | | |
| Pacific Stock Index Fund | | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | Coupon | Shares | ($000) | Assets |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 Vanguard Market Liquidity Fund | 2.308% | 1,668,352 | 166,835 | 2.5% |
| |
| 5U.S. Government and Agency Obligations† | | | 2,685 | 0.0% |
| Total Temporary Cash Investments (Cost $169,543) | | 169,520 | 2.5%2 |
| Total Investments (Cost $7,772,560) | | | 6,910,890 | 101.7% |
| |
| | | | Amount | |
| | | | ($000) | |
| Other Assets and Liabilities | | | | |
| Other Assets | | | | |
| Investment in Vanguard | | | 372 | |
| Receivables for Investment Securities Sold | | | 18 | |
| Receivables for Accrued Income | | | 35,788 | |
| Receivables for Capital Shares Issued | | | 589 | |
| Variation Margin Receivable—Futures Contracts | | | 1,447 | |
| Unrealized Appreciation—Forward Currency Contracts | | 110 | |
| Other Assets 5,6 | | | 9,207 | |
| Total Other Assets | | | 47,531 | 0.7% |
| Liabilities | | | | |
| Payables for Investment Securities Purchased | | | (192) | |
| Collateral for Securities on Loan | | | (151,879) | |
| Payables for Capital Shares Redeemed | | | (1,088) | |
| Payables to Vanguard | | | (4,558) | |
| Unrealized Depreciation—Forward Currency Contracts | | (695) | |
| Other Liabilities | | | (1,959) | |
| Total Liabilities | | | (160,371) | (2.4%) |
| Net Assets | | | 6,798,050 | 100.0% |
| |
| |
| At October 31, 2018, net assets consisted of: | | | | |
| | | | | Amount |
| | | | | ($000) |
| Paid-in Capital | | | | 7,651,846 |
| Total Distributable Earnings (Loss) | | | | (853,796) |
| Net Assets | | | | 6,798,050 |
| |
| |
| Investor Shares—Net Assets | | | | |
| Applicable to 18,395,572 outstanding $.001 par value shares of | | | |
| beneficial interest (unlimited authorization) | | | | 225,224 |
| Net Asset Value Per Share—Investor Shares | | | | $12.24 |
37
| |
| Pacific Stock Index Fund | |
| |
| |
| |
| | Amount |
| | ($000) |
| ETF Shares—Net Assets | |
| Applicable to 61,136,500 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,927,265 |
| Net Asset Value Per Share—ETF Shares | $64.24 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 27,726,138 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,202,304 |
| Net Asset Value Per Share—Admiral Shares | $79.43 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 36,471,492 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 443,257 |
| Net Asset Value Per Share—Institutional Shares | $12.15 |
• See Note A in Notes to Financial Statements.
§ Certain of the fund’s securities are valued using significant unobservable inputs.
† 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.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $138,513,000.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be
sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of
these securities was $21,917,000, representing 0.3% 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 1.7%,
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 $151,879,000 of collateral received for securities on loan.
5 Securities with a value of $1,485,000 and cash of $815,000 have been segregated as initial margin for open futures contracts.
6 Cash of $430,000 has been segregated as collateral for open forward currency contracts.
38
| | | | | | |
| Pacific Stock Index Fund | | | | | | |
| |
| |
| Derivative Financial Instruments Outstanding as of Period End | | | |
| Futures Contracts | | | | | | |
| | | | | | | ($000) |
| | | | | | | Value and |
| | | | Number of | | Unrealized |
| | | | Long (Short) | Notional | Appreciation |
| | | Expiration Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | | | |
| Topix Index | December 2018 | 238 | 34,613 | (1,924) |
| S&P ASX 200 Index | December 2018 | 118 | 12,112 | (771) |
| KOSPI 200 Index | December 2018 | 103 | 5,968 | (681) |
| | | | | | | (3,376) |
| |
| |
| Forward Currency Contracts | | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | Settlement | | Contract Amount (000) | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| BNP Paribas | 12/18/18 | JPY | 2,273,698 | USD | 20,547 | (310) |
| JPMorgan Chase Bank, N.A. | 12/18/18 | JPY | 1,127,700 | USD | 10,050 | (13) |
| JPMorgan Chase Bank, N.A. | 12/18/18 | JPY | 708,825 | USD | 6,260 | 49 |
| JPMorgan Chase Bank, N.A. | 12/18/18 | KRW | 6,529,262 | USD | 5,816 | (78) |
| Morgan Stanley Capital | | | | | | |
| Services LLC | 12/27/18 | AUD | 7,626 | USD | 5,504 | (100) |
| UBS AG | 12/27/18 | AUD | 7,116 | USD | 5,168 | (125) |
| Citibank, N.A. | 12/27/18 | AUD | 3,252 | USD | 2,350 | (46) |
| BNP Paribas | 12/18/18 | KRW | 1,053,500 | USD | 946 | (20) |
| BNP Paribas | 12/27/18 | AUD | 220 | USD | 159 | (3) |
| UBS AG | 12/18/18 | USD | 30,323 | JPY | 3,400,000 | 61 |
| | | | | | | (585) |
| AUD—Australian dollar. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| KRW—Korean won. | | | | | | |
| USD—U.S. dollar. | | | | | | |
See accompanying Notes, which are an integral part of the Financial Statements.
39
| |
| Pacific Stock Index Fund | |
| |
| |
| Statement of Operations | |
| |
| |
| | Year Ended |
| | October 31, 2018 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 211,000 |
| Interest 2 | 312 |
| Securities Lending—Net | 6,893 |
| Total Income | 218,205 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,190 |
| Management and Administrative—Investor Shares | 501 |
| Management and Administrative—ETF Shares | 2,258 |
| Management and Administrative—Admiral Shares | 1,537 |
| Management and Administrative—Institutional Shares | 193 |
| Marketing and Distribution—Investor Shares | 47 |
| Marketing and Distribution—ETF Shares | 216 |
| Marketing and Distribution—Admiral Shares | 126 |
| Marketing and Distribution—Institutional Shares | 10 |
| Custodian Fees | 1,247 |
| Auditing Fees | 52 |
| Shareholders’ Reports and Proxy—Investor Shares | 13 |
| Shareholders’ Reports and Proxy—ETF Shares | 98 |
| Shareholders’ Reports and Proxy—Admiral Shares | 20 |
| Shareholders’ Reports and Proxy—Institutional Shares | 16 |
| Trustees’ Fees and Expenses | 5 |
| Total Expenses | 7,529 |
| Net Investment Income | 210,676 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold 2,3 | 329,874 |
| Futures Contracts | 3,286 |
| Forward Currency Contracts | (1,341) |
| Foreign Currencies | (1,423) |
| Realized Net Gain (Loss) | 330,396 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities 2 | (1,044,561) |
| Futures Contracts | (8,421) |
| Forward Currency Contracts | 1,342 |
| Foreign Currencies | 224 |
| Change in Unrealized Appreciation (Depreciation) | (1,051,416) |
Net Increase (Decrease) in Net Assets Resulting from Operations (510,344)
1 Dividends are net of foreign withholding taxes of $14,701,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $266,000, ($16,000), and ($4,000), respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $277,404,000 of net gains resulting from in-kind redemptions; such gains are not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
40
| | |
| Pacific Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended October 31, |
| | 2018 | 2017 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 210,676 | 173,128 |
| Realized Net Gain (Loss) | 330,396 | 46,849 |
| Change in Unrealized Appreciation (Depreciation) | (1,051,416) | 1,138,601 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (510,344) | 1,358,578 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (6,815) | (7,088) |
| ETF Shares | (127,093) | (100,428) |
| Admiral Shares | (62,769) | (55,521) |
| Institutional Shares | (11,452) | (8,276) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (208,129) | (171,313) |
| Capital Share Transactions | | |
| Investor Shares | (47,032) | (35,133) |
| ETF Shares | (681,968) | 1,094,986 |
| Admiral Shares | 55,787 | 28,881 |
| Institutional Shares | 81,993 | 60,096 |
| Net Increase (Decrease) from Capital Share Transactions | (591,220) | 1,148,830 |
| Total Increase (Decrease) | (1,309,693) | 2,336,095 |
| Net Assets | | |
| Beginning of Period | 8,107,743 | 5,771,648 |
| End of Period | 6,798,050 | 8,107,743 |
See accompanying Notes, which are an integral part of the Financial Statements.
41
| | | | | |
| Pacific Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $13.56 | $11.42 | $10.99 | $11.59 | $11.76 |
| Investment Operations | | | | | |
| Net Investment Income | . 3471 | . 2951 | .257 | .258 | .282 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (1.336) | 2.141 | .426 | (.612) | (.147) |
| Total from Investment Operations | (.989) | 2.436 | .683 | (.354) | .135 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.331) | (.296) | (.253) | (.246) | (.305) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.331) | (.296) | (.253) | (.246) | (.305) |
| Net Asset Value, End of Period | $12.24 | $13.56 | $11.42 | $10.99 | $11.59 |
| |
| Total Return2 | -7.53% | 21.71% | 6.40% | -3.07% | 1.21% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $225 | $296 | $281 | $309 | $360 |
| Ratio of Total Expenses to Average Net Assets | 0.23% | 0.26% | 0.26% | 0.26% | 0.26% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.51% | 2.44% | 2.39% | 2.26% | 2.45% |
| Portfolio Turnover Rate 3 | 4% | 3% | 4% | 14% | 5% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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 | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $71.13 | $59.92 | $57.65 | $60.80 | $61.71 |
| Investment Operations | | | | | |
| Net Investment Income | 1.8951 | 1.6771 | 1.440 | 1.443 | 1.568 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (6.940) | 11.195 | 2.240 | (3.210) | (.791) |
| Total from Investment Operations | (5.045) | 12.872 | 3.680 | (1.767) | .777 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.845) | (1.662) | (1.410) | (1.383) | (1.687) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.845) | (1.662) | (1.410) | (1.383) | (1.687) |
| Net Asset Value, End of Period | $64.24 | $71.13 | $59.92 | $57.65 | $60.80 |
| |
| Total Return | -7.34% | 21.89% | 6.59% | -2.93% | 1.31% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $3,927 | $5,015 | $3,217 | $2,931 | $2,760 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.10% | 0.10% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.65% | 2.60% | 2.55% | 2.40% | 2.59% |
| Portfolio Turnover Rate2 | 4% | 3% | 4% | 14% | 5% |
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 | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $87.97 | $74.10 | $71.30 | $75.19 | $76.32 |
| Investment Operations | | | | | |
| Net Investment Income | 2.3601 | 2.0491 | 1.781 | 1.783 | 1.937 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (8.618) | 13.876 | 2.763 | (3.963) | (.982) |
| Total from Investment Operations | (6.258) | 15.925 | 4.544 | (2.180) | .955 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (2.282) | (2.055) | (1.744) | (1.710) | (2.085) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.282) | (2.055) | (1.744) | (1.710) | (2.085) |
| Net Asset Value, End of Period | $79.43 | $87.97 | $74.10 | $71.30 | $75.19 |
| |
| Total Return2 | -7.36% | 21.90% | 6.57% | -2.92% | 1.32% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $2,202 | $2,388 | $1,983 | $1,981 | $2,032 |
| Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.64% | 2.60% | 2.55% | 2.40% | 2.59% |
| Portfolio Turnover Rate 3 | 4% | 3% | 4% | 14% | 5% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.
44
| | | | | |
| Pacific Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $13.46 | $11.34 | $10.91 | $11.50 | $11.68 |
| Investment Operations | | | | | |
| Net Investment Income | . 3641 | . 3201 | .275 | .276 | .300 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (1.323) | 2.118 | .424 | (.601) | (.158) |
| Total from Investment Operations | (.959) | 2.438 | .699 | (.325) | .142 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.351) | (.318) | (.269) | (.265) | (.322) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.351) | (.318) | (.269) | (.265) | (.322) |
| Net Asset Value, End of Period | $12.15 | $13.46 | $11.34 | $10.91 | $11.50 |
| |
| Total Return | -7.37% | 21.91% | 6.61% | -2.84% | 1.28% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $443 | $408 | $291 | $329 | $336 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.09% | 0.09% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.66% | 2.62% | 2.57% | 2.43% | 2.62% |
| Portfolio Turnover Rate2 | 4% | 3% | 4% | 14% | 5% |
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.
45
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 offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares, known as Vanguard FTSE Pacific ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. The fund has not issued any Institutional Plus Shares through October 31, 2018. On November 30, 2018, the board of trustees approved the closure of the Institutional Plus Share class at an effective date yet to be determined.
The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. Further, at October 31, 2018, the fund had a concentration of its investments in securities issued in Japan, and the performance of such investments may be impacted by the country’s social, political, and economic conditions.
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 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.
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, 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
46
Pacific Stock Index Fund
invested position in the underlying index while maintaining a cash balance for liquidity. 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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended October 31, 2018, 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 the notional amounts at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 2% of net assets, based on the average of the notional amounts at each quarter-end during the period.
47
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, 2015–2018), 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. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and 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 before the opening of the market 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 event 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at October 31, 2018, 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
48
Pacific Stock Index Fund
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), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of $372,000 representing 0.01% of the fund’s net assets and 0.15% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of October 31, 2018, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 579 | 6,739,508 | 1,283 |
| Temporary Cash Investments | 166,835 | 2,685 | — |
| Futures Contracts—Assets1 | 1,447 | — | — |
| Forward Currency Contracts—Assets | — | 110 | — |
| Forward Currency Contracts—Liabilities | — | (695) | — |
| Total | 168,861 | 6,741,608 | 1,283 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
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Pacific Stock Index Fund
D. At October 31, 2018, 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) |
| Variation Margin Receivable—Futures Contracts | 1,447 | — | 1,447 |
| Unrealized Appreciation—Forward Currency Contracts | — | 110 | 110 |
| Total Assets | 1,447 | 110 | 1,557 |
| |
| Unrealized Depreciation—Forward Currency Contracts | — | (695) | (695) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2018, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 3,286 | — | 3,286 |
| Forward Currency Contracts | — | (1,341) | (1,341) |
| Realized Net Gain (Loss) on Derivatives | 3,286 | (1,341) | 1,945 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (8,421) | — | (8,421) |
| Forward Currency Contracts | — | 1,342 | 1,342 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (8,421) | 1,342 | (7,079) |
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, and passive foreign investment companies were reclassified to the following accounts:
| |
| | Amount |
| | ($000) |
| Paid-in Capital | 269,982 |
| Total Distributable Earnings (Loss) | (269,982) |
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Pacific Stock Index Fund
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales, the realization of unrealized gains or losses on certain futures contracts, forward currency contracts, and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| |
| | Amount |
| | ($000) |
| Undistributed Ordinary Income | 69,884 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards* | (30,179) |
| Net Unrealized Gains (Losses) | (889,204) |
| * | Includes $30,179,000 which may be used to offset future net capital gains through October 31, 2019. The fund used capital loss carryforwards of $53,948,000 to offset taxable capital gains realized during the year ended October 31, 2018, reducing the amount of capital gains that would otherwise be available to distribute to shareholders. |
As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| |
| | Amount |
| | ($000) |
| Tax Cost | 7,796,623 |
| Gross Unrealized Appreciation | 802,079 |
| Gross Unrealized Depreciation | (1,691,188) |
| Net Unrealized Appreciation (Depreciation) | (889,109) |
F. During the year ended October 31, 2018, the fund purchased $662,927,000 of investment securities and sold $1,238,076,000 of investment securities, other than temporary cash investments. Purchases and sales include $284,903,000 and $942,547,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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Pacific Stock Index Fund
| | | | |
| G. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended October 31, |
| | | 2018 | | 2017 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 52,115 | 3,756 | 45,509 | 3,754 |
| Issued in Lieu of Cash Distributions | 6,316 | 463 | 6,619 | 556 |
| Redeemed | (105,463) | (7,666) | (87,261) | (7,078) |
| Net Increase (Decrease) —Investor Shares | (47,032) | (3,447) | (35,133) | (2,768) |
| ETF Shares | | | | |
| Issued | 390,779 | 5,625 | 1,094,987 | 16,828 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (1,072,747) | (15,000) | (1) | — |
| Net Increase (Decrease)—ETF Shares | (681,968) | (9,375) | 1,094,986 | 16,828 |
| Admiral Shares | | | | |
| Issued | 358,669 | 4,004 | 293,910 | 3,691 |
| Issued in Lieu of Cash Distributions | 51,078 | 578 | 45,857 | 593 |
| Redeemed | (353,960) | (4,004) | (310,886) | (3,895) |
| Net Increase (Decrease) —Admiral Shares | 55,787 | 578 | 28,881 | 389 |
| Institutional Shares | | | | |
| Issued | 143,101 | 10,595 | 145,049 | 11,583 |
| Issued in Lieu of Cash Distributions | 7,917 | 586 | 5,339 | 450 |
| Redeemed | (69,025) | (5,030) | (90,292) | (7,382) |
| Net Increase (Decrease) —Institutional Shares | 81,993 | 6,151 | 60,096 | 4,651 |
H. Management has determined that no other events or transactions occurred subsequent to October 31, 2018, that would require recognition or disclosure in these financial statements.
52
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets—investments summary of Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund (two of the funds constituting Vanguard International Equity Index Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
53
Special 2018 tax information (unaudited) for Vanguard European Stock Index Fund
This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $668,160,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income $733,271,000 and foreign taxes paid of $61,143,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2019 to determine the calendar year amounts to be included on their 2018 tax returns.
Special 2018 tax information (unaudited) for Vanguard Pacific Stock Index Fund
This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $147,485,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income $216,759,000 and foreign taxes paid of $14,495,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2019 to determine the calendar year amounts to be included on their 2018 tax returns.
54
Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2018. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.) The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
| | | |
| Average Annual Total Returns: International Stock Index Funds | | |
| Periods Ended October 31, 2018 | | | |
| | One | Five | Ten |
| | Year | Years | Years |
| European Stock Index Fund Investor Shares | | | |
| Returns Before Taxes | -8.53% | 1.46% | 6.68% |
| Returns After Taxes on Distributions | -9.28 | 0.67 | 5.86 |
| Returns After Taxes on Distributions and Sale of | | | |
| Fund Shares | -4.54 | 1.09 | 5.42 |
| |
| | One | Five | Ten |
| | Year | Years | Years |
| Pacific Stock Index Fund Investor Shares | | | |
| Returns Before Taxes | -7.53% | 3.27% | 7.28% |
| Returns After Taxes on Distributions | -8.14 | 2.63 | 6.67 |
| Returns After Taxes on Distributions and Sale of | | | |
| Fund Shares | -4.09 | 2.43 | 5.86 |
55
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.
56
| | | |
| Six Months Ended October 31, 2018 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 4/30/2018 | 10/31/2018 | Period |
| Based on Actual Fund Return | | | |
| European Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $892.62 | $0.95 |
| FTSE Europe ETF Shares | 1,000.00 | 892.76 | 0.33 |
| Admiral Shares | 1,000.00 | 892.79 | 0.48 |
| Institutional Shares | 1,000.00 | 892.99 | 0.38 |
| Institutional Plus Shares | 1,000.00 | 892.94 | 0.33 |
| Pacific Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $885.75 | $0.95 |
| FTSE Pacific ETF Shares | 1,000.00 | 886.26 | 0.33 |
| Admiral Shares | 1,000.00 | 886.18 | 0.48 |
| Institutional Shares | 1,000.00 | 886.22 | 0.38 |
| Based on Hypothetical 5% Yearly Return | | | |
| European Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,024.20 | $1.02 |
| FTSE Europe ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
| Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
| Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
| Institutional Plus Shares | 1,000.00 | 1,024.85 | 0.36 |
| Pacific Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,024.20 | $1.02 |
| FTSE Pacific ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
| Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
| Institutional Shares | 1,000.00 | 1,024.80 | 0.41 |
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, 0.20% for Investor Shares, 0.07% for FTSE Europe ETF Shares, 0.10% for Admiral Shares, 0.08% for Institutional Shares, and 0.07% for Institutional Plus Shares; and for the Pacific Stock Index Fund, 0.20% for Investor Shares, 0.07% for FTSE Pacific ETF Shares, 0.10% for Admiral Shares, and 0.08% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
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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.
Fair-Value Pricing. Fair-value 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.
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.
58
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.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced European Stock Index: MSCI Europe Index through March 26, 2013; FTSE Developed Europe Index through September 30, 2015; FTSE Developed Europe All Cap Index thereafter. Benchmark returns are adjusted for withholding taxes.
Spliced Pacific Stock Index: MSCI Pacific Index through March 26, 2013; FTSE Developed Asia Pacific Index through September 30, 2015; FTSE Developed Asia Pacific All Cap Index thereafter. Benchmark returns are adjusted for withholding taxes.
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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 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Lead director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its executive committee (1997–2008). Chief global diversity officer (retired 2008), vice president and chief information officer (1997–2006), controller (1995–1997), treasurer (1991–1995), and assistant treasurer (1989–1991) of Johnson & Johnson. Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation. Member of the advisory board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education. Director of the V Foundation for Cancer Research. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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 co-managing partner of HighVista Strategies LLC (private investment firm). Overseer of the Museum of Fine Arts Boston.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the Board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
| |
| Vanguard Senior Management Team |
| |
| Joseph Brennan | Chris D. McIsaac |
| Mortimer J. Buckley | James M. Norris |
| Gregory Davis | Thomas M. Rampulla |
| John James | Karin A. Risi |
| Martha G. King | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
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
| |
| | P.O. Box 2600 |
| | Valley Forge, PA 19482-2600 |
| |
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| |
| Connect with Vanguard® > vanguard.com |
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| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q720 122018 |
Annual Report | October 31, 2018
Vanguard Total World Stock Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| CEO’s Perspective. | 3 |
| Fund Profile. | 5 |
| Performance Summary. | 7 |
| Financial Statements. | 10 |
| Your Fund’s After-Tax Returns. | 31 |
| About Your Fund’s Expenses. | 32 |
| Glossary. | 34 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
Your Fund’s Performance at a Glance
• For the 12 months ended October 31, 2018, Vanguard Total World Stock Index Fund returned –0.91% for Investor Shares. That performance was roughly in line with the return of –0.62% for its benchmark index and better than the average return of –1.29% for peer funds.
• Global stocks rallied into late January, then slumped in late winter and near the close of the fiscal year amid concerns about softening growth, rising inflation, and worsening trade tensions.
• Emerging markets performed the worst, and almost every European market ended in the red. The United States bucked the trend, rising more than 6%. Six of the fund’s ten market sectors produced negative returns. Basic materials, consumer goods, and industrials posted the biggest declines.
| |
| Total Returns: Fiscal Year Ended October 31, 2018 | |
| | Total |
| | Returns |
| Vanguard Total World Stock Index Fund | |
| Investor Shares | -0.91% |
| ETF Shares | |
| Market Price | -1.05 |
| Net Asset Value | -0.82 |
| Institutional Shares | -0.82 |
| FTSE Global All Cap Index | -0.62 |
| Global Funds Average | -1.29 |
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.
1
| |
| Total Returns: Ten Years Ended October 31, 2018 | |
| | Average |
| | Annual Return |
| Total World Stock Index Fund Investor Shares | 9.86% |
| Spliced Total World Stock Index | 10.17 |
| Global Funds Average | 9.20 |
| For a benchmark description, see the Glossary. | |
| Global Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
| | | | |
| Expense Ratios | | | | |
| Your Fund Compared With Its Peer Group | | | | |
| | Investor | ETF | Institutional | Peer Group |
| | Shares | Shares | Shares | Average |
| Total World Stock Index Fund | 0.19% | 0.10% | 0.09% | 1.18% |
The fund expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the fund’s expense ratios were 0.17% for Investor Shares, 0.09% for ETF Shares, and 0.08% 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 2017.
Peer group: Global Funds.
2
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.
3
We have been enjoying one of the longest bull markets in history, but it won’t continue forever. Prepare yourself now for how you will react when volatility comes back. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.
Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline
is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Mortimer J. Buckley
President and Chief Executive Officer
November 16, 2018
| | | |
| Market Barometer | | | |
| | | Average Annual Total Returns |
| | | Periods Ended October 31, 2018 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 6.98% | 11.31% | 11.05% |
| Russell 2000 Index (Small-caps) | 1.85 | 10.68 | 8.01 |
| Russell 3000 Index (Broad U.S. market) | 6.60 | 11.27 | 10.81 |
| FTSE All-World ex US Index (International) | -7.99 | 4.57 | 2.01 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | -2.05% | 1.04% | 1.83% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | -0.51 | 1.90 | 3.25 |
| FTSE Three-Month U. S. Treasury Bill Index | 1.67 | 0.86 | 0.52 |
| |
| CPI | | | |
| Consumer Price Index | 2.52% | 2.07% | 1.60% |
4
Total World Stock Index Fund
| | | |
| Fund Profile | | |
| As of October 31, 2018 | | |
| |
| Share-Class Characteristics | | |
| | Investor | ETF Institutional |
| | Shares | Shares | Shares |
| Ticker Symbol | VTWSX | VT | VTWIX |
| Expense Ratio1 | 0.19% | 0.10% | 0.09% |
| |
| |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | | Global |
| | | | All Cap |
| | | Fund | Index |
| Number of Stocks | | 8,126 | 7,869 |
| Median Market Cap | | $42.4B | $42.7B |
| Price/Earnings Ratio | | 15.3x | 15.3x |
| Price/Book Ratio | | 2.1x | 2.0x |
| Return on Equity | | 13.6% | 13.6% |
| Earnings Growth | | | |
| Rate | | 8.5% | 8.6% |
| Dividend Yield | | 2.4% | 2.5% |
| Turnover Rate | | 9% | — |
| Short-Term Reserves | -0.2% | — |
| |
| Volatility Measures | |
| | FTSE |
| | Global |
| | All Cap |
| | Index |
| R-Squared | 0.99 |
| Beta | 0.98 |
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 | 2.1% |
| Microsoft Corp. | Software | 1.6 |
| Alphabet Inc. | Internet | 1.3 |
| Amazon.com Inc. | Broadline Retailers | 1.3 |
| Berkshire Hathaway Inc. Reinsurance | 0.8 |
| Johnson & Johnson | Pharmaceuticals | 0.8 |
| JPMorgan Chase & Co. | Banks | 0.7 |
| Facebook Inc. | Internet | 0.7 |
| Exxon Mobil Corp. | Integrated Oil & Gas | 0.7 |
| Royal Dutch Shell plc | Integrated Oil & Gas | 0.5 |
| Top Ten | | 10.5% |
| |
| Sector Diversification (% of equity exposure) |
| | Fund |
| Basic Materials | 4.6% |
| Consumer Goods | 11.2 |
| Consumer Services | 11.3 |
| Financials | 21.7 |
| Health Care | 11.2 |
| Industrials | 13.5 |
| Oil & Gas | 6.3 |
| Technology | 14.6 |
| Telecommunications | 2.6 |
| Utilities | 3.0 |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of equity exposure)
Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the expense ratios were 0.17% for Investor Shares, 0.09% for ETF Shares, and 0.08% for Institutional Shares.
5
Total World Stock Index Fund
Market Diversification (% of equity exposure)
| | |
| | | FTSE |
| | | Global |
| | | All Cap |
| | Fund | Index |
| Europe | | |
| United Kingdom | 5.5% | 5.5% |
| France | 3.0 | 3.0 |
| Germany | 2.8 | 2.7 |
| Switzerland | 2.5 | 2.5 |
| Netherlands | 1.0 | 1.0 |
| Other | 4.5 | 4.5 |
| Subtotal | 19.3% | 19.2% |
| Pacific | | |
| Japan | 8.0% | 8.1% |
| Australia | 2.2 | 2.2 |
| Korea | 1.5 | 1.5 |
| Hong Kong | 1.1 | 1.1 |
| Other | 0.5 | 0.5 |
| Subtotal | 13.3% | 13.4% |
| Emerging Markets | | |
| China | 2.9% | 2.9% |
| Taiwan | 1.4 | 1.4 |
| India | 1.1 | 1.1 |
| Other | 3.7 | 3.7 |
| Subtotal | 9.1% | 9.1% |
| North America | | |
| United States | 55.1% | 55.1% |
| Canada | 3.0 | 3.0 |
| Subtotal | 58.1% | 58.1% |
| Middle East | | |
| Other | 0.2% | 0.2% |
6
Total World Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2008, Through October 31, 2018
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| Total World Stock Index Fund Investor | | | | |
| Shares | -0.91% | 6.32% | 9.86% | $25,620 |
| |
| Spliced Total World Stock Index | -0.62 | 6.50 | 10.17 | 26,347 |
| |
| Global Funds Average | -1.29 | 5.41 | 9.20 | 24,111 |
For a benchmark description, see the Glossary.
Global Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| Total World Stock Index Fund | | | | |
| ETF Shares Net Asset Value | -0.82% | 6.42% | 10.02% | $25,977 |
| Spliced Total World Stock Index | -0.62 | 6.50 | 10.17 | 26,347 |
See Financial Highlights for dividend and capital gains information.
7
| | | | |
| Total World Stock Index Fund | | | | |
| |
| |
| |
| |
| | | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| |
| | | | Since | Final Value |
| | One | Five | Inception | of a $5,000,000 |
| | Year | Years | (10/9/2008) | Investment |
| Total World Stock Index Fund Institutional | | | | |
| Shares | -0.82% | 6.44% | 10.27% | $13,009,483 |
| |
| Spliced Total World Stock Index | -0.62 | 6.50 | 9.99 | 13,173,255 |
"Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standards.
| | | |
| Cumulative Returns of ETF Shares: June 24, 2008, Through October 31, 2018 | | |
| |
| | | | Since |
| | One | Five | Inception |
| | Year | Years | (6/24/2008) |
| Total World Stock Index Fund ETF Shares Market | | | |
| Price | -1.05% | 36.31% | 75.03% |
| Total World Stock Index Fund ETF Shares Net Asset | | | |
| Value | -0.82 | 36.52 | 75.42 |
| Spliced Total World Stock Index | -0.62 | 37.00 | 76.23 |
Fiscal-Year Total Returns (%): October 31, 2008, Through October 31, 2018
Total World Stock Index Fund Investor Shares
Spliced Total World Stock Index
For a benchmark description, see the Glossary.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
8
Total World Stock Index Fund
Average Annual Total Returns: Periods Ended September 30, 2018
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 | 6/26/2008 | 9.70% | 8.87% | 8.35% |
| ETF Shares | 6/24/2008 | | | |
| Market Price | | 9.64 | 8.94 | 8.08 |
| Net Asset Value | | 9.76 | 8.97 | 8.50 |
| Institutional Shares | 10/9/2008 | 9.77 | 8.98 | 11.261 |
| 1 Return since inception. | | | | |
9
Total World Stock Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of October 31, 2018
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.
| | | | |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Common Stocks | | | |
| §,1Australia † | | 335,409 | 2.1% |
| §,1Austria † | | 16,143 | 0.1% |
| Belgium † | | 50,732 | 0.3% |
| 1Brazil † | | 133,620 | 0.9% |
| §,1Canada † | | 467,103 | 3.0% |
| Chile † | | 18,864 | 0.1% |
| China | | | |
| | Tencent Holdings Ltd. | 1,797,367 | 61,576 | 0.4% |
| * | Alibaba Group Holding Ltd. ADR | 343,426 | 48,863 | 0.3% |
| §,1 | China—Other † | | 332,355 | 2.1% |
| | | | 442,794 | 2.8% |
| Colombia † | | 6,644 | 0.0% |
| 1Czech Republic † | | 2,870 | 0.0% |
| §,1Denmark † | | 78,010 | 0.5% |
| Egypt † | | 3,270 | 0.0% |
| Finland † | | 55,702 | 0.4% |
10
| | | |
| Total World Stock Index Fund | | | |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| France | | | |
| TOTAL SA | 791,400 | 46,436 | 0.3% |
| 1 France—Other † | | 417,060 | 2.7% |
| | | 463,496 | 3.0% |
| §,1Germany † | | 429,265 | 2.8% |
| §Greece † | | 5,539 | 0.0% |
| §,1Hong Kong † | | 166,364 | 1.1% |
| Hungary † | | 4,911 | 0.0% |
| §,1India † | | 164,581 | 1.1% |
| §Indonesia † | | 33,409 | 0.2% |
| §Ireland † | | 16,239 | 0.1% |
| Israel † | | 28,102 | 0.2% |
| §,1Italy † | | 118,707 | 0.8% |
| Japan | | | |
| Toyota Motor Corp. | 797,694 | 46,730 | 0.3% |
| Japan—Other † | | 1,198,248 | 7.7% |
| | | 1,244,978 | 8.0% |
| Kuwait † | | 3,839 | 0.0% |
| Luxembourg † | | 1,040 | 0.0% |
| §,1Malaysia † | | 49,737 | 0.3% |
| §Malta † | | — | 0.0% |
| 1Mexico † | | 49,383 | 0.3% |
| 1Netherlands † | | 157,552 | 1.0% |
| §New Zealand † | | 16,648 | 0.1% |
| 1Norway † | | 46,601 | 0.3% |
| Pakistan † | | 3,195 | 0.0% |
| Peru † | | 5,682 | 0.0% |
| 1Philippines † | | 19,754 | 0.1% |
| 1Poland † | | 19,046 | 0.1% |
| Portugal † | | 9,476 | 0.1% |
11
| | | |
| Total World Stock Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Qatar † | | 17,300 | 0.1% |
| |
| 1Russia † | | 59,081 | 0.4% |
| |
| §Singapore † | | 62,247 | 0.4% |
| |
| 1South Africa † | | 97,254 | 0.6% |
| |
| South Korea | | | |
| Samsung Electronics Co. Ltd. GDR | 46,766 | 43,682 | 0.3% |
| §,1 South Korea—Other † | | 189,910 | 1.2% |
| | | 233,592 | 1.5% |
| |
| §,1Spain † | | 139,061 | 0.9% |
| |
| 1Sweden † | | 146,862 | 0.9% |
| |
| Switzerland | | | |
| Nestle SA | 943,251 | 79,632 | 0.5% |
| Novartis AG | 683,531 | 59,858 | 0.4% |
| Roche Holding AG | 218,819 | 53,252 | 0.4% |
| 1 Switzerland—Other † | | 193,588 | 1.2% |
| | | 386,330 | 2.5% |
| |
| §Taiwan † | | 215,195 | 1.4% |
| |
| §,1Thailand † | | 61,001 | 0.4% |
| |
| §,1Turkey † | | 11,030 | 0.1% |
| |
| United Arab Emirates † | | 14,193 | 0.1% |
| |
| United Kingdom | | | |
| HSBC Holdings plc | 6,302,718 | 51,869 | 0.3% |
| Royal Dutch Shell plc Class A | 1,429,260 | 45,534 | 0.3% |
| BP plc | 6,138,788 | 44,345 | 0.3% |
| Royal Dutch Shell plc Class B | 1,191,316 | 38,852 | 0.3% |
| §,1 United Kingdom—Other † | | 677,507 | 4.3% |
| | | 858,107 | 5.5% |
| United States | | | |
| Basic Materials | | | |
| DowDuPont Inc. | 729,750 | 39,348 | 0.2% |
| § Basic Materials—Other † | | 155,367 | 1.0% |
| | | 194,715 | 1.2% |
| |
| Consumer Goods | | | |
| Procter & Gamble Co. | 779,948 | 69,166 | 0.4% |
| Coca-Cola Co. | 1,197,410 | 57,332 | 0.4% |
| PepsiCo Inc. | 444,472 | 49,950 | 0.3% |
| Philip Morris International Inc. | 489,959 | 43,151 | 0.3% |
| Altria Group Inc. | 598,322 | 38,915 | 0.3% |
| Consumer Goods—Other † | | 428,409 | 2.7% |
| | | 686,923 | 4.4% |
12
| | | | |
| Total World Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Consumer Services | | | |
| * | Amazon.com Inc. | 127,884 | 204,360 | 1.3% |
| | Home Depot Inc. | 361,698 | 63,615 | 0.4% |
| | Comcast Corp. Class A | 1,437,237 | 54,816 | 0.3% |
| | Walt Disney Co. | 469,108 | 53,868 | 0.3% |
| | Walmart Inc. | 447,940 | 44,919 | 0.3% |
| | McDonald’s Corp. | 244,152 | 43,191 | 0.3% |
| * | Netflix Inc. | 131,138 | 39,575 | 0.3% |
| | Consumer Services—Other † | | 627,495 | 4.0% |
| | | | 1,131,839 | 7.2% |
| Financials | | | |
| | JPMorgan Chase & Co. | 1,056,178 | 115,145 | 0.7% |
| * | Berkshire Hathaway Inc. Class B | 445,107 | 91,372 | 0.6% |
| | Bank of America Corp. | 2,939,867 | 80,846 | 0.5% |
| | Visa Inc. Class A | 557,621 | 76,868 | 0.5% |
| | Wells Fargo & Co. | 1,365,221 | 72,671 | 0.5% |
| | Mastercard Inc. Class A | 287,540 | 56,838 | 0.4% |
| | Citigroup Inc. | 794,455 | 52,005 | 0.3% |
| | Financials—Other † | | 1,089,677 | 7.0% |
| | | | 1,635,422 | 10.5% |
| Health Care | | | |
| | Johnson & Johnson | 843,529 | 118,086 | 0.8% |
| | Pfizer Inc. | 1,821,699 | 78,442 | 0.5% |
| | UnitedHealth Group Inc. | 298,651 | 78,052 | 0.5% |
| | Merck & Co. Inc. | 836,812 | 61,598 | 0.4% |
| | Amgen Inc. | 204,509 | 39,427 | 0.2% |
| | Health Care—Other † | | 762,097 | 4.9% |
| | | | 1,137,702 | 7.3% |
| Industrials | | | |
| | Boeing Co. | 170,160 | 60,383 | 0.4% |
| | Industrials—Other † | | 1,036,296 | 6.6% |
| | | | 1,096,679 | 7.0% |
| Oil & Gas | | | |
| | Exxon Mobil Corp. | 1,332,159 | 106,146 | 0.7% |
| | Chevron Corp. | 598,239 | 66,793 | 0.4% |
| § | Oil & Gas—Other † | | 293,245 | 1.9% |
| | | | 466,184 | 3.0% |
| |
| §,2Other † | | 44 | 0.0% |
| |
| Technology | | | |
| | Apple Inc. | 1,523,710 | 333,479 | 2.2% |
| | Microsoft Corp. | 2,380,796 | 254,293 | 1.6% |
| * | Facebook Inc. Class A | 748,090 | 113,553 | 0.7% |
| * | Alphabet Inc. Class C | 105,295 | 113,378 | 0.7% |
| * | Alphabet Inc. Class A | 84,325 | 91,963 | 0.6% |
| | Intel Corp. | 1,452,926 | 68,113 | 0.5% |
| | Cisco Systems Inc. | 1,482,244 | 67,813 | 0.4% |
| | Oracle Corp. | 881,069 | 43,031 | 0.3% |
| | Technology—Other † | | 674,599 | 4.3% |
| | | | 1,760,222 | 11.3% |
13
| | | | |
| Total World Stock Index Fund | | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Telecommunications | | | | |
| Verizon Communications Inc. | | 1,299,808 | 74,206 | 0.5% |
| AT&T Inc. | | 2,284,875 | 70,100 | 0.5% |
| Telecommunications—Other † | | | 20,776 | 0.1% |
| | | | 165,082 | 1.1% |
| |
| Utilities † | | | 258,200 | 1.6% |
| | | | 8,533,012 | 54.6% |
| Total Common Stocks (Cost $13,609,553) | | | 15,502,970 | 99.2%3 |
| Preferred Stocks (Cost $ 33) † | | | 45 | 0.0% |
| |
| | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 4,5 Vanguard Market Liquidity Fund | 2.308% | 2,245,959 | 224,596 | 1.4% |
| |
| 6U.S. Government and Agency Obligations † | | | 7,182 | 0.1% |
| Total Temporary Cash Investments (Cost $231,773) | | | 231,778 | 1.5%3 |
| Total Investments (Cost $13,841,359) ^ | | | 15,734,793 | 100.7% |
| |
| | | | Amount | |
| | | | ($000) | |
| Other Assets and Liabilities | | | | |
| Other Assets | | | | |
| Investment in Vanguard | | | 855 | |
| Receivables for Investment Securities Sold | | | 132 | |
| Receivables for Accrued Income | | | 32,234 | |
| Receivables for Capital Shares Issued | | | 11,803 | |
| Variation Margin Receivable—Futures Contracts | | | 1,105 | |
| Unrealized Appreciation—Forward Currency Contracts | | | 74 | |
| Other Assets | | | 7,439 | |
| Total Other Assets | | | 53,642 | 0.3% |
| Liabilities | | | | |
| Payables for Investment Securities Purchased | | | (3,392) | |
| Collateral for Securities on Loan | | | (151,888) | |
| Payables for Capital Shares Redeemed | | | (5,819) | |
| Payables to Vanguard | | | (2,807) | |
| Variation Margin Payable—Futures Contracts | | | (1) | |
| Unrealized Depreciation—Forward Currency Contracts | | | (792) | |
| Other Liabilities | | | (20) | |
| Total Liabilities | | | (164,719) | (1.0%) |
| Net Assets | | | 15,623,716 | 100.0% |
14
| |
| Total World Stock Index Fund | |
| |
| |
| At October 31, 2018, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 13,925,099 |
| Total Distributable Earnings (Loss) | 1,698,617 |
| Net Assets | 15,623,716 |
| |
| Investor Shares—Net Assets | |
| Applicable to 58,984,068 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,681,794 |
| Net Asset Value Per Share—Investor Shares | $28.51 |
| |
| ETF Shares—Net Assets | |
| Applicable to 162,561,822 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 11,372,077 |
| Net Asset Value Per Share—ETF Shares | $69.96 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 17,987,796 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,569,845 |
| Net Asset Value Per Share—Institutional Shares | $142.87 |
• See Note A in Notes to Financial Statements.
§ Security value determined using significant unobservable inputs.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $142,900,000.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer,
represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be
sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of
these securities was $96,160,000, representing 0.6% of net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to
futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.9% and 0.8%,
respectively, of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Includes $151,888,000 of collateral received for securities on loan.
6 Securities with a value of $5,180,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
15
| | | | | | |
| Total World Stock Index Fund | | | | | | |
| |
| |
| Derivative Financial Instruments Outstanding as of Period End | | | |
| |
| Futures Contracts | | | | | | |
| | | | | | | ($000) |
| | | | | | | Value and |
| | | | Number of | | Unrealized |
| | | | Long (Short) | Notional | Appreciation |
| | | Expiration | Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | | | |
| E-mini S&P 500 Index | December 2018 | | 431 | 58,424 | (3,944) |
| MSCI Emerging Market Index | December 2018 | | 234 | 11,193 | (737) |
| Dow Jones EURO STOXX 50 Index | December 2018 | | 282 | 10,206 | (484) |
| E-mini Russell 2000 Index | December 2018 | | 109 | 8,240 | (1,093) |
| Topix Index | December 2018 | | 50 | 7,270 | (191) |
| FTSE 100 Index | December 2018 | | 70 | 6,360 | (163) |
| S&P ASX 200 Index | December 2018 | | 31 | 3,185 | (174) |
| S&P TSX 60 Index | December 2018 | | 20 | 2,724 | (161) |
| | | | | | | (6,947) |
| |
| Forward Currency Contracts | | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| Morgan Stanley Capital Services LLC | 12/28/18 | EUR | 8,655 | USD | 10,167 | (309) |
| BNP Paribas | 12/18/18 | JPY | 869,355 | USD | 7,856 | (119) |
| Toronto-Dominion Bank | 12/28/18 | GBP | 4,597 | USD | 6,118 | (223) |
| Deutsche Bank AG | 12/27/18 | CAD | 3,406 | USD | 2,620 | (29) |
| BNP Paribas | 12/28/18 | EUR | 1,698 | USD | 1,964 | (30) |
| Morgan Stanley Capital Services LLC | 12/27/18 | AUD | 2,615 | USD | 1,888 | (34) |
| BNP Paribas | 12/27/18 | AUD | 2,275 | USD | 1,613 | (1) |
| BNP Paribas | 12/28/18 | GBP | 1,023 | USD | 1,347 | (35) |
| BNP Paribas | 12/18/18 | JPY | 88,075 | USD | 784 | — |
| Credit Suisse International | 12/27/18 | CAD | 567 | USD | 438 | (7) |
| Goldman Sachs International | 12/27/18 | CAD | 378 | USD | 292 | (5) |
| Barclays Bank plc | 12/28/18 | USD | 1,132 | EUR | 956 | 44 |
| Barclays Bank plc | 12/18/18 | USD | 965 | JPY | 108,390 | — |
| UBS AG | 12/28/18 | USD | 687 | GBP | 521 | 20 |
| UBS AG | 12/27/18 | USD | 444 | CAD | 574 | 7 |
| JPMorgan Chase Bank, N.A. | 12/18/18 | USD | 159 | JPY | 17,935 | — |
| BNP Paribas | 12/27/18 | USD | 112 | AUD | 154 | 3 |
| | | | | | | (718) |
| AUD—Australian dollar. | | | | | | |
| CAD—Canadian dollar. | | | | | | |
| EUR—Euro. | | | | | | |
| GBP—British pound. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| USD—U.S. dollar. | | | | | | |
| See accompanying Notes, which are an integral part of the Financial Statements. | | | |
16
| |
| Total World Stock Index Fund | |
| |
| |
| Statement of Operations | |
| |
| |
| | Year Ended |
| | October 31, 2018 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1,2 | 379,901 |
| Interest 2 | 1,036 |
| Securities Lending—Net | 5,105 |
| Total Income | 386,042 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 2,412 |
| Management and Administrative—Investor Shares | 2,082 |
| Management and Administrative—ETF Shares | 6,392 |
| Management and Administrative—Institutional Shares | 1,335 |
| Marketing and Distribution—Investor Shares | 343 |
| Marketing and Distribution—ETF Shares | 595 |
| Marketing and Distribution—Institutional Shares | 82 |
| Custodian Fees | 1,993 |
| Auditing Fees | 43 |
| Shareholders’ Reports and Proxy—Investor Shares | 23 |
| Shareholders’ Reports and Proxy—ETF Shares | 262 |
| Shareholders’ Reports and Proxy—Institutional Shares | 3 |
| Trustees’ Fees and Expenses | 9 |
| Total Expenses | 15,574 |
| Net Investment Income | 370,468 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold 2,3 | 439,686 |
| Futures Contracts | (3,058) |
| Forward Currency Contracts | (288) |
| Foreign Currencies | (2,080) |
| Realized Net Gain (Loss) | 434,260 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities 2 | (1,019,547) |
| Futures Contracts | (8,173) |
| Forward Currency Contracts | 199 |
| Foreign Currencies | (81) |
| Change in Unrealized Appreciation (Depreciation) | (1,027,602) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (222,874) |
1 Dividends are net of foreign withholding taxes of $22,221,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated companies of the fund were $912,000, ($31,000), and $2,000, respectively.
3 Includes $473,959,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
17
| | |
| Total World Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended October 31, |
| | 2018 | 2017 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 370,468 | 255,274 |
| Realized Net Gain (Loss) | 434,260 | 23,538 |
| Change in Unrealized Appreciation (Depreciation) | (1,027,602) | 2,088,152 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (222,874) | 2,366,964 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (36,457) | (29,590) |
| ETF Shares | (260,204) | (179,823) |
| Institutional Shares | (59,875) | (50,514) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| ETF Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (356,536) | (259,927) |
| Capital Share Transactions | | |
| Investor Shares | 222,375 | 191,624 |
| ETF Shares | 2,042,046 | 2,198,964 |
| Institutional Shares | 132,640 | 500,503 |
| Net Increase (Decrease) from Capital Share Transactions | 2,397,061 | 2,891,091 |
| Total Increase (Decrease) | 1,817,651 | 4,998,128 |
| Net Assets | | |
| Beginning of Period | 13,806,065 | 8,807,937 |
| End of Period | 15,623,716 | 13,806,065 |
See accompanying Notes, which are an integral part of the Financial Statements.
18
| | | | | |
| Total World Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $29.40 | $24.30 | $24.18 | $24.82 | $23.48 |
| Investment Operations | | | | | |
| Net Investment Income | . 6791 | .5931 | .565 | .557 | .571 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (.916) | 5.105 | .089 | (.643) | 1.340 |
| Total from Investment Operations | (.237) | 5.698 | .654 | (.086) | 1.911 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 653) | (. 598) | (. 534) | (. 554) | (. 571) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 653) | (. 598) | (. 534) | (. 554) | (. 571) |
| Net Asset Value, End of Period | $28.51 | $29.40 | $24.30 | $24.18 | $24.82 |
| |
| Total Return2 | -0.91% | 23.71% | 2.80% | -0.37% | 8.20% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,682 | $1,522 | $1,078 | $961 | $844 |
| Ratio of Total Expenses to Average Net Assets | 0.17% | 0.19% | 0.21% | 0.25% | 0.27% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.24% | 2.19% | 2.40% | 2.31% | 2.38% |
| Portfolio Turnover Rate 3 | 9% | 10% | 15% | 7% | 7% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.
19
| | | | | |
| Total World Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| ETF Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $72.13 | $59.62 | $59.34 | $60.89 | $57.60 |
| Investment Operations | | | | | |
| Net Investment Income | 1.7321 | 1.5121 | 1.443 | 1.436 | 1.459 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (2.241) | 12.528 | .204 | (1.562) | 3.291 |
| Total from Investment Operations | (.509) | 14.040 | 1.647 | (.126) | 4.750 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.661) | (1.530) | (1.367) | (1.424) | (1.460) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.661) | (1.530) | (1.367) | (1.424) | (1.460) |
| Net Asset Value, End of Period | $69.96 | $72.13 | $59.62 | $59.34 | $60.89 |
| |
| Total Return | -0.82% | 23.82% | 2.89% | -0.23% | 8.31% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $11,372 | $9,755 | $6,112 | $5,008 | $3,720 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.10% | 0.11% | 0.14% | 0.17% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.32% | 2.28% | 2.50% | 2.42% | 2.48% |
| Portfolio Turnover Rate2 | 9% | 10% | 15% | 7% | 7% |
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.
20
| | | | | |
| Total World Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $147.32 | $121.75 | $121.18 | $124.35 | $117.63 |
| Investment Operations | | | | | |
| Net Investment Income | 3.5311 | 3.1121 | 2.956 | 2.945 | 3.007 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (4.578) | 25.594 | .414 | (3.189) | 6.717 |
| Total from Investment Operations | (1.047) | 28.706 | 3.370 | (.244) | 9.724 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (3.403) | (3.136) | (2.800) | (2.926) | (3.004) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (3.403) | (3.136) | (2.800) | (2.926) | (3.004) |
| Net Asset Value, End of Period | $142.87 | $147.32 | $121.75 | $121.18 | $124.35 |
| |
| Total Return | -0.82% | 23.86% | 2.88% | -0.22% | 8.34% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $2,570 | $2,529 | $1,617 | $1,828 | $1,277 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.09% | 0.10% | 0.13% | 0.15% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.33% | 2.29% | 2.51% | 2.43% | 2.50% |
| Portfolio Turnover Rate2 | 9% | 10% | 15% | 7% | 7% |
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.
21
Total World Stock Index Fund
Notes to Financial Statements
Vanguard Total World Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers three classes of shares: Investor Shares, ETF Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments 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.
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, 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 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
22
Total World Stock Index Fund
an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearing-house 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 clearing-house 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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended October 31, 2018, 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 the notional amounts 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 the 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, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
23
Total World Stock Index Fund
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and 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 before the opening of the market 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 event 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at October 31, 2018, 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.
24
Total World Stock Index Fund
Taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. Foreign capital gains tax is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of $855,000, representing 0.01% of the fund’s net assets and 0.34% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
25
Total World Stock Index Fund
The following table summarizes the market value of the fund’s investments as of October 31, 2018, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—International | 853,712 | 6,113,928 | 2,318 |
| Common Stocks—United States | 8,532,833 | 135 | 44 |
| Preferred Stocks | 21 | 24 | — |
| Temporary Cash Investments | 224,596 | 7,182 | — |
| Futures Contracts—Assets1 | 1,105 | — | — |
| Futures Contracts—Liabilities1 | (1) | — | — |
| Forward Currency Contracts—Assets | — | 74 | — |
| Forward Currency Contracts—Liabilities | — | (792) | — |
| Total | 9,612,266 | 6,120,551 | 2,362 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At October 31, 2018, 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) |
| Variation Margin Receivable—Futures Contracts | 1,105 | — | 1,105 |
| Unrealized Appreciation—Forward Currency Contracts | — | 74 | 74 |
| Total Asset | 1,105 | 74 | 1,179 |
| |
| Variation Margin Payable—Futures Contracts | (1) | — | (1) |
| Unrealized Depreciation—Forward Currency Contracts | — | (792) | (792) |
| Total Liabilities | (1) | (792) | (793) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2018, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | (3,058) | — | (3,058) |
| Forward Currency Contracts | — | (288) | (288) |
| Realized Net Gain (Loss) on Derivatives | (3,058) | (288) | (3,346) |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (8,173) | — | (8,173) |
| Forward Currency Contracts | — | 199 | 199 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (8,173) | 199 | (7,974) |
26
Total World Stock Index Fund
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions, the expiration of capital loss carryforwards, foreign currency transactions, and passive foreign investment companies were reclassified to the following accounts:
| |
| | Amount |
| | ($000) |
| Paid-in Capital | 472,872 |
| Total Distributable Earnings (Loss) | (472,872) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales; the realization of unrealized gains or losses on certain futures contracts and forward currency contracts; and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| |
| | Amount |
| | ($000) |
| Undistributed Ordinary Income | 57,494 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards* | (230,696) |
| Net Unrealized Gains (Losses) | 1,873,929 |
| * | Includes $14,711,000, which may be used to offset future net capital gains through October 31, 2019, as well as capital losses of $215,985,000, which may be carried forward indefinitely but must be used before any expiring loss carryforwards. |
As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| |
| | Amount |
| | ($000) |
| Tax Cost | 13,859,922 |
| Gross Unrealized Appreciation | 2,954,179 |
| Gross Unrealized Depreciation | (1,079,834) |
| Net Unrealized Appreciation (Depreciation) | 1,874,345 |
F. During the year ended October 31, 2018, the fund purchased $4,695,239,000 of investment securities and sold $2,309,219,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,710,284,000 and $909,943,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
27
Total World Stock Index Fund
| | | | |
| G. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended October 31, |
| | | 2018 | | 2017 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 608,762 | 19,945 | 480,775 | 17,937 |
| Issued in Lieu of Cash Distributions | 33,529 | 1,111 | 27,704 | 1,033 |
| Redeemed | (419,916) | (13,845) | (316,855) | (11,580) |
| Net Increase (Decrease)—Investor Shares | 222,375 | 7,211 | 191,624 | 7,390 |
| ETF Shares | | | | |
| Issued | 2,994,980 | 40,124 | 2,299,189 | 34,316 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (952,934) | (12,800) | (100,225) | (1,600) |
| Net Increase (Decrease) —ETF Shares | 2,042,046 | 27,324 | 2,198,964 | 32,716 |
| Institutional Shares | | | | |
| Issued | 957,311 | 6,277 | 1,267,149 | 9,359 |
| Issued in Lieu of Cash Distributions | 56,130 | 371 | 45,889 | 340 |
| Redeemed | (880,801) | (5,825) | (812,535) | (5,818) |
| Net Increase (Decrease)—Institutional Shares | 132,640 | 823 | 500,503 | 3,881 |
H. Management has determined that no events or transactions occurred subsequent to October 31, 2018, that would require recognition or disclosure in these financial statements.
28
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard Total World Stock Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Total World Stock Index Fund (one of the funds constituting Vanguard International Equity Index Funds, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
29
Special 2018 tax information (unaudited) for Vanguard Total World Stock Index Fund
This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $294,221,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 36.3% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
The fund designates to shareholders foreign source income of $219,858,000 and foreign taxes paid of $18,504,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2019 to determine the calendar-year amounts to be included on their 2018 tax returns.
30
Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2018. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns: Total World Stock Index Fund Investor Shares
Periods Ended October 31, 2018
| | | |
| | | | Since |
| | One | Five | Inception |
| | Year | Years | (6/26/2008) |
| Returns Before Taxes | -0.91% | 6.32% | 5.59% |
| Returns After Taxes on Distributions | -1.47 | 5.71 | 5.14 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -0.20 | 4.85 | 4.43 |
31
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.
32
| | | |
| Six Months Ended October 31, 2018 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Total World Stock Index Fund | 4/30/2018 | 10/31/2018 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $957.78 | $0.74 |
| ETF Shares | 1,000.00 | 958.25 | 0.39 |
| Institutional Shares | 1,000.00 | 958.18 | 0.35 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,024.45 | $0.77 |
| ETF Shares | 1,000.00 | 1,024.80 | 0.41 |
| Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.15% for Investor Shares, 0.08% for ETF Shares, and 0.07% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
33
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.
Fair-Value Pricing. Fair-value 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.
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.
34
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.
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.
35
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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 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Lead director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its executive committee (1997–2008). Chief global diversity officer (retired 2008), vice president and chief information officer (1997–2006), controller (1995–1997), treasurer (1991–1995), and assistant treasurer (1989–1991) of Johnson & Johnson. Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation. Member of the advisory board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education. Director of the V Foundation for Cancer Research. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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 co-managing partner of HighVista Strategies LLC (private investment firm). Overseer of the Museum of Fine Arts Boston.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the Board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
| |
| Vanguard Senior Management Team |
| |
| Joseph Brennan | Chris D. McIsaac |
| Mortimer J. Buckley | James M. Norris |
| Gregory Davis | Thomas M. Rampulla |
| John James | Karin A. Risi |
| Martha G. King | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
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
| |
| | P.O. Box 2600 |
| | Valley Forge, PA 19482-2600 |
| |
| |
| |
| Connect with Vanguard® > vanguard.com |
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| calling Vanguard at 800-662-2739. The guidelines are | loss from use of this publication. Neither the London |
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| | © 2018 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q6280 122018 |
Annual Report | October 31, 2018
Vanguard FTSE International Index Funds
Vanguard FTSE All-World ex-US Index Fund
Vanguard FTSE All-World ex-US Small-Cap Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| CEO’s Perspective. | 4 |
| FTSE All-World ex-US Index Fund. | 6 |
| FTSE All-World ex-US Small-Cap Index Fund. | 36 |
| Your Fund’s After-Tax Returns. | 62 |
| About Your Fund’s Expenses. | 63 |
| Glossary. | 65 |
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.
Your Fund’s Performance at a Glance
• Global stocks rallied early in the 12 months ended October 31, 2018, but fell back amid trade tensions and tightening monetary policy. A rising U.S. dollar hurt international equities, with emerging markets hit especially hard.
• For the period, Vanguard FTSE All-World ex-US Index Fund returned –8.49%, trailing its target index and slightly ahead of the average return of peer funds. Vanguard FTSE All-World ex-US Small-Cap Index Fund returned –10.95%, in line with its target index and lagging its peer-group average. (Returns cited are for Investor Shares.)
• European markets and financial stocks detracted most from the FTSE All-World ex-US Index Fund’s return, while Pacific markets and industrials were the biggest spoilers for the FTSE All-World ex-US Small-Cap Index Fund.
• Please note that shortly after the close of the period, Vanguard lowered the investment minimum for the FTSE All-World ex-US Index Fund’s Admiral Shares from $10,000 to $3,000.
| |
| Total Returns: Fiscal Year Ended October 31, 2018 | |
| | Total |
| | Returns |
| Vanguard FTSE All-World ex-US Index Fund | |
| Investor Shares | -8.49% |
| ETF Shares | |
| Market Price | -8.70 |
| Net Asset Value | -8.37 |
| Admiral™ Shares | -8.37 |
| Institutional Shares | -8.35 |
| Institutional Plus Shares | -8.33 |
| FTSE All-World ex US Index | -7.99 |
| International Funds Average | -8.67 |
| International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
1
| |
| | Total |
| | Returns |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund | |
| Investor Shares | -10.95% |
| ETF Shares | |
| Market Price | -11.21 |
| Net Asset Value | -10.87 |
| Institutional Shares | -10.85 |
| FTSE Global Small Cap ex US Index | -10.89 |
| International Small-Cap Funds Average | -9.98 |
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.
| |
| Total Returns: Ten Years Ended October 31, 2018 | |
| | Average |
| | Annual Return |
| FTSE All-World ex-US Index Fund Investor Shares | 6.94% |
| FTSE All-World ex US Index | 7.37 |
| International Funds Average | 6.70 |
| International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| FTSE All-World ex-US Small-Cap Index Fund Investor Shares (Returns since inception: 4/2/2009) | 9.83% |
| FTSE Global Small Cap ex US Index | 10.26 |
| International Small-Cap Funds Average | 11.81 |
| International Small-Cap Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
2
| | | | | | |
| Expense Ratios | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | |
| | Investor | ETF | Admiral | Institutional | Institutional | Peer Group |
| | Shares | Shares | Shares | Shares | Plus Shares | Average |
| FTSE All-World ex-US Index | | | | | | |
| Fund | 0.23% | 0.11% | 0.11% | 0.10% | 0.07% | 1.31% |
| FTSE All-World ex-US | | | | | | |
| Small-Cap Index Fund | 0.25 | 0.13 | — | 0.12 | — | 1.52 |
The fund expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the funds’ expense ratios were: for the FTSE All-World ex-US Index Fund, 0.20% for Investor Shares, 0.09% for ETF Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares, and 0.06% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.22% for Investor Shares, 0.12% for ETF Shares, and 0.11% 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 2017.
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.
3
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.
4
We have been enjoying one of the longest bull markets in history, but it won’t continue forever. Prepare yourself now for how you will react when volatility comes back. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.
Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline
is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Mortimer J. Buckley
President and Chief Executive Officer
November 16, 2018
| | | |
| Market Barometer | | | |
| | | Average Annual Total Returns |
| | | Periods Ended October 31, 2018 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 6.98% | 11.31% | 11.05% |
| Russell 2000 Index (Small-caps) | 1.85 | 10.68 | 8.01 |
| Russell 3000 Index (Broad U.S. market) | 6.60 | 11.27 | 10.81 |
| FTSE All-World ex US Index (International) | -7.99 | 4.57 | 2.01 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | -2.05% | 1.04% | 1.83% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | -0.51 | 1.90 | 3.25 |
| FTSE Three-Month U. S. Treasury Bill Index | 1.67 | 0.86 | 0.52 |
| |
| CPI | | | |
| Consumer Price Index | 2.52% | 2.07% | 1.60% |
5
FTSE All-World ex-US Index Fund
Fund Profile
As of October 31, 2018
| | | | | |
| Share-Class Characteristics | | | | | |
| | Investor | | Admiral | Institutional | Institutional |
| | Shares | ETF Shares | Shares | Shares | Plus Shares |
| Ticker Symbol | VFWIX | VEU | VFWAX | VFWSX | VFWPX |
| Expense Ratio1 | 0.23% | 0.11% | 0.11% | 0.10% | 0.07% |
| | |
| Portfolio Characteristics | | |
| | | FTSE |
| | | All-World |
| | Fund | ex US Index |
| Number of Stocks | 2,768 | 2,582 |
| Median Market Cap | $29.6B | $29.6B |
| Price/Earnings Ratio | 12.6x | 12.7x |
| Price/Book Ratio | 1.5x | 1.5x |
| Return on Equity | 12.5% | 12.5% |
| Earnings Growth Rate | 8.6% | 8.9% |
| Dividend Yield | 3.2% | 3.2% |
| Turnover Rate | 6% | — |
| Short-Term Reserves | -0.4% | — |
| |
| Sector Diversification (% of equity exposure) |
| | Fund |
| Basic Materials | 7.1% |
| Consumer Goods | 15.3 |
| Consumer Services | 8.6 |
| Financials | 25.2 |
| Health Care | 8.7 |
| Industrials | 13.5 |
| Oil & Gas | 7.6 |
| Technology | 7.2 |
| Telecommunications | 3.7 |
| Utilities | 3.1 |
Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
| |
| Volatility Measures | |
| | FTSE |
| | All-World |
| | ex US Index |
| R-Squared | 0.98 |
| Beta | 0.96 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
| | |
| Ten Largest Holdings (% of total net assets) |
| Royal Dutch Shell plc | Integrated Oil & Gas | 1.3% |
| Nestle SA | Food Products | 1.3 |
| Samsung Electronics | Consumer | |
| Co. Ltd. | Electronics | 1.0 |
| Tencent Holdings Ltd. | Internet | 1.0 |
| Novartis AG | Pharmaceuticals | 0.9 |
| Taiwan Semiconductor | | |
| Manufacturing Co. Ltd. | Semiconductors | 0.9 |
| Roche Holding AG | Pharmaceuticals | 0.9 |
| HSBC Holdings plc | Banks | 0.8 |
| Alibaba Group Holding | Specialized | |
| Ltd. | Consumer Services | 0.8 |
| Toyota Motor Corp. | Automobiles | 0.7 |
| Top Ten | | 9.6% |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of equity exposure)
1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the expense ratios were 0.20% for Investor Shares, 0.09% for ETF Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares, and 0.06% for Institutional Plus Shares.
6
FTSE All-World ex-US Index Fund
Market Diversification (% of equity exposure)
| | |
| | | FTSE |
| | | All-World |
| | | ex US |
| | Fund | Index |
| Europe | | |
| United Kingdom | 12.4% | 12.5% |
| France | 7.1 | 7.2 |
| Germany | 6.3 | 6.2 |
| Switzerland | 5.8 | 5.8 |
| Netherlands | 2.3 | 2.3 |
| Spain | 2.1 | 2.1 |
| Sweden | 1.9 | 1.9 |
| Italy | 1.6 | 1.6 |
| Denmark | 1.1 | 1.1 |
| Other | 2.6 | 2.6 |
| Subtotal | 43.2% | 43.3% |
| Pacific | | |
| Japan | 18.1% | 18.1% |
| Australia | 4.8 | 4.8 |
| South Korea | 3.2 | 3.2 |
| Hong Kong | 2.5 | 2.5 |
| Other | 1.0 | 1.0 |
| Subtotal | 29.6% | 29.6% |
| Emerging Markets | | |
| China | 6.7% | 6.7% |
| Taiwan | 2.8 | 2.8 |
| India | 2.3 | 2.3 |
| Brazil | 2.0 | 2.0 |
| South Africa | 1.5 | 1.5 |
| Other | 5.6 | 5.5 |
| Subtotal | 20.9% | 20.8% |
| North America | | |
| Canada | 5.9% | 5.9% |
| Middle East | 0.4% | 0.4% |
7
FTSE All-World ex-US Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2008, Through October 31, 2018
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| FTSE All-World ex-US Index Fund | | | | |
| Investor Shares | -8.49% | 1.83% | 6.94% | $19,559 |
| |
| FTSE All-World ex US Index | -7.99 | 2.01 | 7.37 | 20,369 |
| |
| |
| International Funds Average | -8.67 | 1.76 | 6.70 | 19,133 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| FTSE All-World ex-US Index Fund | | | | |
| ETF Shares Net Asset Value | -8.37% | 1.97% | 7.09% | $19,833 |
| FTSE All-World ex US Index | -7.99 | 2.01 | 7.37 | 20,369 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
See Financial Highlights for dividend and capital gains information.
8
| | | | |
| FTSE All-World ex-US Index Fund | | | | |
| |
| |
| |
| |
| | | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| | | | Since | Final Value |
| | One | Five | Inception | of a $10,000 |
| | Year | Years | (9/27/2011) | Investment |
| FTSE All-World ex-US Index Fund Admiral | | | | |
| Shares | -8.37% | 1.96% | 5.88% | $15,001 |
| FTSE All-World ex US Index | -7.99 | 2.01 | 5.92 | 15,033 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 5.94 | 15,062 |
"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards.
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $5,000,000 |
| | Year | Years | Years | Investment |
| FTSE All-World ex-US Index Fund | | | | |
| Institutional Shares | -8.35% | 1.98% | 7.13% | $9,951,648 |
| FTSE All-World ex US Index | -7.99 | 2.01 | 7.37 | 10,184,316 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 10,421,112 |
| |
| |
| |
| | | | Since | Final Value |
| | One | Five | Inception | of a $100,000,000 |
| | Year | Years | (12/16/2010) | Investment |
| FTSE All-World ex-US Index Fund Institutional | | | | |
| Plus Shares | -8.33% | 2.00% | 3.36% | $129,756,592 |
| FTSE All-World ex US Index | -7.99 | 2.01 | 3.47 | 130,831,226 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 3.47 | 130,824,847 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standards.
| | | |
| Cumulative Returns of ETF Shares: October 31, 2008, Through October 31, 2018 | |
| | One | Five | Ten |
| | Year | Years | Years |
| FTSE All-World ex-US Index Fund ETF Shares | | | |
| Market Price | -8.70% | 9.89% | 95.84% |
| FTSE All-World ex-US Index Fund ETF Shares Net | | | |
| Asset Value | -8.37 | 10.22 | 98.33 |
| FTSE All-World ex US Index | -7.99 | 10.44 | 103.69 |
9
FTSE All-World ex-US Index Fund
Fiscal-Year Total Returns (%): October 31, 2008, Through October 31, 2018
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
Average Annual Total Returns: Periods Ended September 30, 2018
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 | 3/8/2007 | 1.64% | 4.30% | 5.13% |
| ETF Shares | 3/2/2007 | | | |
| Market Price | | 1.59 | 4.40 | 5.25 |
| Net Asset Value | | 1.69 | 4.42 | 5.27 |
| Admiral Shares | 9/27/2011 | 1.72 | 4.43 | 7.251 |
| Institutional Shares | 4/30/2007 | 1.74 | 4.44 | 5.31 |
| Institutional Plus Shares | 12/16/2010 | 1.76 | 4.47 | 4.531 |
| 1 Return since inception. | | | | |
10
FTSE All-World ex-US Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of October 31, 2018
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.
| | | |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Australia | | | |
| Commonwealth Bank of Australia | 3,034,590 | 149,213 | 0.4% |
| BHP Billiton Ltd. | 5,533,645 | 127,681 | 0.4% |
| Westpac Banking Corp. | 5,899,917 | 112,073 | 0.3% |
| CSL Ltd. | 778,858 | 103,975 | 0.3% |
| Australia & New Zealand Banking Group Ltd. | 4,996,806 | 91,975 | 0.3% |
| Australia—Other † | | 1,069,567 | 3.1% |
| | | 1,654,484 | 4.8% |
| |
| Austria † | | 58,931 | 0.2% |
| |
| Belgium | | | |
| Anheuser-Busch InBev SA/NV | 1,308,239 | 96,760 | 0.3% |
| Belgium—Other † | | 138,393 | 0.4% |
| | | 235,153 | 0.7% |
| |
| Brazil † | | 690,923 | 2.0% |
| |
| Canada | | | |
| Royal Bank of Canada | 2,486,475 | 181,171 | 0.5% |
| Toronto-Dominion Bank | 3,176,192 | 176,199 | 0.5% |
| Bank of Nova Scotia | 2,123,715 | 113,974 | 0.3% |
| Canadian National Railway Co. | 1,267,153 | 108,326 | 0.3% |
| Suncor Energy Inc. | 2,817,690 | 94,519 | 0.3% |
| 1 Canada—Other † | | 1,352,985 | 3.9% |
| | | 2,027,174 | 5.8% |
| |
| Chile † | | 92,415 | 0.3% |
11
| | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| China | | | |
| Tencent Holdings Ltd. | 9,822,041 | 336,496 | 1.0% |
| * Alibaba Group Holding Ltd. ADR | 1,878,651 | 267,294 | 0.8% |
| China Construction Bank Corp. | 154,217,544 | 122,379 | 0.4% |
| Industrial & Commercial Bank of China Ltd. | 134,837,640 | 91,484 | 0.3% |
| China Mobile Ltd. | 9,124,067 | 85,473 | 0.3% |
| Bank of China Ltd. | 131,399,788 | 55,982 | 0.2% |
| CNOOC Ltd. | 27,419,400 | 46,695 | 0.2% |
| China Petroleum & Chemical Corp. | 44,057,284 | 35,888 | 0.1% |
| PetroChina Co. Ltd. | 35,873,234 | 25,794 | 0.1% |
| China Life Insurance Co. Ltd. | 12,867,341 | 25,784 | 0.1% |
| Agricultural Bank of China Ltd. | 53,101,233 | 23,374 | 0.1% |
| China Overseas Land & Investment Ltd. | 6,639,820 | 20,875 | 0.1% |
| China Resources Land Ltd. | 4,639,214 | 15,779 | 0.1% |
| China Shenhua Energy Co. Ltd. | 5,890,388 | 13,327 | 0.1% |
| CITIC Ltd. | 8,554,275 | 12,853 | 0.1% |
| China Telecom Corp. Ltd. | 24,111,541 | 11,408 | 0.0% |
| PICC Property & Casualty Co. Ltd. | 11,674,594 | 11,348 | 0.0% |
| China Resources Beer Holdings Co. Ltd. | 2,703,860 | 9,422 | 0.0% |
| China CITIC Bank Corp. Ltd. | 14,206,362 | 8,806 | 0.0% |
| Sinopharm Group Co. Ltd. | 1,780,903 | 8,627 | 0.0% |
| China Taiping Insurance Holdings Co. Ltd. | 2,491,164 | 8,368 | 0.0% |
| China Communications Construction Co. Ltd. | 7,699,026 | 7,059 | 0.0% |
| CRRC Corp. Ltd. | 6,877,053 | 6,040 | 0.0% |
| 1 Postal Savings Bank of China Co. Ltd. | 10,020,000 | 5,995 | 0.0% |
| China Railway Group Ltd. | 6,504,352 | 5,813 | 0.0% |
| 1 People’s Insurance Co. Group of China Ltd. | 14,089,161 | 5,762 | 0.0% |
| China Resources Power Holdings Co. Ltd. | 3,212,409 | 5,652 | 0.0% |
| Kunlun Energy Co. Ltd. | 4,847,523 | 5,515 | 0.0% |
| China Resources Gas Group Ltd. | 1,368,547 | 5,246 | 0.0% |
| China Everbright International Ltd. | 6,281,362 | 5,025 | 0.0% |
| Dongfeng Motor Group Co. Ltd. | 4,990,627 | 4,931 | 0.0% |
| Zhuzhou CRRC Times Electric Co. Ltd. | 863,009 | 4,626 | 0.0% |
| China Longyuan Power Group Corp. Ltd. | 5,813,785 | 4,424 | 0.0% |
| 1 CGN Power Co. Ltd. | 19,192,267 | 4,414 | 0.0% |
| 1 China Resources Pharmaceutical Group Ltd. | 2,831,500 | 4,160 | 0.0% |
| China Railway Construction Corp. Ltd. | 3,227,245 | 4,099 | 0.0% |
| China Cinda Asset Management Co. Ltd. | 16,098,693 | 3,952 | 0.0% |
| China Merchants Port Holdings Co. Ltd. | 2,152,031 | 3,666 | 0.0% |
| China Resources Cement Holdings Ltd. | 3,759,334 | 3,337 | 0.0% |
| 1 China Galaxy Securities Co. Ltd. | 6,386,277 | 3,217 | 0.0% |
| Beijing Capital International Airport Co. Ltd. | 2,916,557 | 3,166 | 0.0% |
| 1 China Huarong Asset Management Co. Ltd. | 16,603,874 | 3,015 | 0.0% |
| China Oilfield Services Ltd. | 3,130,300 | 2,921 | 0.0% |
| AviChina Industry & Technology Co. Ltd. | 4,188,954 | 2,797 | 0.0% |
| Sinopec Shanghai Petrochemical Co. Ltd. | 5,978,331 | 2,627 | 0.0% |
| 1 China International Capital Corp. Ltd. | 1,593,926 | 2,625 | 0.0% |
| Air China Ltd. | 3,134,115 | 2,534 | 0.0% |
| China Everbright Bank Co. Ltd. | 5,257,872 | 2,347 | 0.0% |
| 1 Sinopec Engineering Group Co. Ltd. | 2,499,381 | 2,328 | 0.0% |
| Huaneng Renewables Corp. Ltd. | 8,713,075 | 2,243 | 0.0% |
| China Reinsurance Group Corp. | 11,371,576 | 2,179 | 0.0% |
| China State Construction International Holdings Ltd. | 3,000,567 | 2,146 | 0.0% |
| 1 China Railway Signal & Communication Corp. Ltd. | 2,663,068 | 1,793 | 0.0% |
12
| | | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | China Southern Airlines Co. Ltd. | 3,277,017 | 1,786 | 0.0% |
| | China Coal Energy Co. Ltd. | 3,589,638 | 1,612 | 0.0% |
| | Angang Steel Co. Ltd. | 1,855,537 | 1,587 | 0.0% |
| | China Eastern Airlines Corp. Ltd. | 2,713,145 | 1,506 | 0.0% |
| | China Power International Development Ltd. | 7,499,691 | 1,484 | 0.0% |
| | China Agri-Industries Holdings Ltd. | 3,592,447 | 1,204 | 0.0% |
| | Metallurgical Corp. of China Ltd. | 4,915,562 | 1,195 | 0.0% |
| | China BlueChemical Ltd. | 3,179,895 | 1,090 | 0.0% |
| | Chongqing Changan Automobile Co. Ltd. Class B | 1,438,751 | 972 | 0.0% |
| | Huadian Fuxin Energy Corp. Ltd. | 4,384,005 | 790 | 0.0% |
| | China Machinery Engineering Corp. | 1,583,516 | 722 | 0.0% |
| | Shanghai Baosight Software Co. Ltd. Class B | 387,642 | 671 | 0.0% |
| | China Foods Ltd. | 1,206,843 | 567 | 0.0% |
| *,^ | Sinopec Oilfield Service Corp. | 3,546,643 | 394 | 0.0% |
| | CITIC Resources Holdings Ltd. | 4,332,222 | 355 | 0.0% |
| *,^ | Sinofert Holdings Ltd. | 2,969,208 | 334 | 0.0% |
| | China National Accord Medicines Corp. Ltd. Class B | 95,230 | 329 | 0.0% |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | 410,873 | 280 | 0.0% |
| §,1 | China—Other † | | 941,125 | 2.7% |
| | | | 2,321,113 | 6.7% |
| |
| Colombia † | | 34,507 | 0.1% |
| |
| 1Czech Republic † | | 15,528 | 0.0% |
| |
| Denmark | | | |
| | Novo Nordisk A/S Class B | 2,928,386 | 126,467 | 0.4% |
| 1 | Denmark—Other † | | 258,143 | 0.7% |
| | | | 384,610 | 1.1% |
| |
| Egypt † | | 14,726 | 0.0% |
| |
| Finland † | | 258,599 | 0.7% |
| |
| France | | | |
| | TOTAL SA | 4,329,222 | 254,020 | 0.7% |
| | Sanofi | 1,868,949 | 167,011 | 0.5% |
| | LVMH Moet Hennessy Louis Vuitton SE | 427,664 | 129,756 | 0.4% |
| | Airbus SE | 946,553 | 104,608 | 0.3% |
| | BNP Paribas SA | 1,861,777 | 97,025 | 0.3% |
| 1 | France—Other † | | 1,696,315 | 4.9% |
| | | | 2,448,735 | 7.1% |
| Germany | | | |
| | SAP SE | 1,668,572 | 178,661 | 0.5% |
| | Allianz SE | 735,874 | 153,298 | 0.4% |
| | Siemens AG | 1,321,753 | 151,932 | 0.4% |
| | Bayer AG | 1,609,245 | 123,353 | 0.4% |
| | BASF SE | 1,576,423 | 120,973 | 0.4% |
| §,1 | Germany—Other † | | 1,389,684 | 4.0% |
| | | | 2,117,901 | 6.1% |
| |
| §Greece † | | 25,327 | 0.1% |
13
| | | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Hong Kong | | | |
| | AIA Group Ltd. | 20,836,252 | 158,502 | 0.4% |
| | BOC Hong Kong Holdings Ltd. | 6,188,696 | 23,169 | 0.1% |
| 1 | BOC Aviation Ltd. | 361,100 | 2,588 | 0.0% |
| | Nexteer Automotive Group Ltd. | 1,363,000 | 1,922 | 0.0% |
| * | MMG Ltd. | 3,920,000 | 1,477 | 0.0% |
| | China Travel International Investment Hong Kong Ltd. | 4,239,542 | 1,140 | 0.0% |
| §,1 | Hong Kong—Other † | | 659,756 | 1.9% |
| | | | 848,554 | 2.4% |
| |
| Hungary † | | 27,084 | 0.1% |
| |
| India | | | |
| | Nestle India Ltd. | 39,520 | 5,420 | 0.0% |
| §,1 | India—Other † | | 785,217 | 2.3% |
| | | | 790,637 | 2.3% |
| |
| Indonesia † | | 162,578 | 0.5% |
| |
| §Ireland † | | 60,793 | 0.2% |
| |
| Israel † | | 132,653 | 0.4% |
| |
| Italy | | | |
| *,1 | Pirelli & C SPA | 746,015 | 5,482 | 0.0% |
| 1 | Italy—Other † | | 557,424 | 1.6% |
| | | | 562,906 | 1.6% |
| Japan | | | |
| | Toyota Motor Corp. | 4,353,591 | 255,038 | 0.7% |
| | Mitsubishi UFJ Financial Group Inc. | 21,750,359 | 131,644 | 0.4% |
| | Sony Corp. | 2,179,890 | 117,969 | 0.4% |
| | SoftBank Group Corp. | 1,468,768 | 116,237 | 0.3% |
| | Japan—Other † | | 5,585,555 | 16.1% |
| | | | 6,206,443 | 17.9% |
| |
| Kuwait † | | 19,741 | 0.1% |
| |
| Luxembourg † | | 3,070 | 0.0% |
| |
| Malaysia | | | |
| | Nestle Malaysia Bhd. | 104,000 | 3,575 | 0.0% |
| §,1 | Malaysia—Other † | | 233,841 | 0.7% |
| | | | 237,416 | 0.7% |
| |
| §Malta † | | — | 0.0% |
| |
| 1Mexico † | | 252,421 | 0.7% |
| |
| Netherlands | | | |
| | Unilever NV | 2,614,546 | 140,494 | 0.4% |
| | ASML Holding NV | 699,838 | 120,544 | 0.4% |
| 1 | Netherlands—Other † | | 529,292 | 1.5% |
| | | | 790,330 | 2.3% |
14
| | | |
| FTSE All-World ex-US Index Fund | | | |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| New Zealand † | | 62,242 | 0.2% |
| Norway † | | 180,397 | 0.5% |
| Pakistan † | | 5,150 | 0.0% |
| Peru † | | 31,670 | 0.1% |
| Philippines † | | 96,010 | 0.3% |
| |
| 1Poland † | | 80,407 | 0.2% |
| Portugal † | | 36,631 | 0.1% |
| Qatar † | | 94,518 | 0.3% |
| Russia † | | 321,337 | 0.9% |
| Singapore † | | 289,559 | 0.8% |
| South Africa | | | |
| Naspers Ltd. | 734,323 | 128,801 | 0.4% |
| §,1 South Africa—Other † | | 384,900 | 1.1% |
| | | 513,701 | 1.5% |
| South Korea | | | |
| Samsung Electronics Co. Ltd. GDR | 233,364 | 217,977 | 0.6% |
| Samsung Electronics Co. Ltd. | 2,358,952 | 88,309 | 0.3% |
| Samsung Electronics Co. Ltd. Preference Shares | 1,423,050 | 44,898 | 0.1% |
| 1 South Korea—Other † | | 761,809 | 2.2% |
| | | 1,112,993 | 3.2% |
| Spain | | | |
| Banco Santander SA | 27,677,254 | 131,688 | 0.4% |
| 1 Spain—Other † | | 571,247 | 1.6% |
| | | 702,935 | 2.0% |
| Sweden † | | 657,906 | 1.9% |
| Switzerland | | | |
| Nestle SA | 5,188,334 | 438,015 | 1.3% |
| Novartis AG | 3,751,043 | 328,488 | 0.9% |
| Roche Holding AG | 1,194,448 | 290,684 | 0.8% |
| Switzerland—Other † | | 933,824 | 2.7% |
| | | 1,991,011 | 5.7% |
| Taiwan | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,638,150 | 214,814 | 0.6% |
| Taiwan—Other † | | 739,694 | 2.2% |
| | | 954,508 | 2.8% |
| Thailand † | | 270,822 | 0.8% |
| |
| 1Turkey † | | 55,059 | 0.2% |
| United Arab Emirates † | | 73,713 | 0.2% |
15
| | | | |
| FTSE All-World ex-US Index Fund | | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| United Kingdom | | | | |
| HSBC Holdings plc | | 34,628,839 | 284,982 | 0.8% |
| Royal Dutch Shell plc Class A | | 7,947,901 | 253,205 | 0.7% |
| BP plc | | 33,656,485 | 243,125 | 0.7% |
| Royal Dutch Shell plc Class B | | 6,440,628 | 210,048 | 0.6% |
| AstraZeneca plc | | 2,186,261 | 167,226 | 0.5% |
| British American Tobacco plc | | 3,815,844 | 165,418 | 0.5% |
| GlaxoSmithKline plc | | 8,401,708 | 162,722 | 0.5% |
| Diageo plc | | 4,164,134 | 143,960 | 0.4% |
| Unilever plc | | 1,917,496 | 101,569 | 0.3% |
| Rio Tinto plc | | 1,983,036 | 96,278 | 0.3% |
| 1 United Kingdom—Other † | | | 2,443,576 | 7.0% |
| | | | 4,272,109 | 12.3% |
| Total Common Stocks (Cost $32,381,568) | | | 34,277,430 | 98.9%2 |
| |
| | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 Vanguard Market Liquidity Fund | 2.308% | 5,406,848 | 540,685 | 1.6% |
| |
| 5U.S. Government and Agency Obligations † | | | 17,268 | 0.0% |
| Total Temporary Cash Investments (Cost $557,936) | | | 557,953 | 1.6%2 |
| Total Investments (Cost $32,939,504) | | | 34,835,383 | 100.5% |
16
| | |
| FTSE All-World ex-US Index Fund | | |
| |
| |
| |
| | | Percentage |
| | Amount | of Net |
| | ($000) | Assets |
| Other Assets and Liabilities | | |
| Other Assets | | |
| Investment in Vanguard | 1,887 | |
| Receivables for Investment Securities Sold | 49,902 | |
| Receivables for Accrued Income | 130,950 | |
| Receivables for Capital Shares Issued | 8,426 | |
| Variation Margin Receivable—Futures Contracts | 4,723 | |
| Unrealized Appreciation—Forward Currency Contracts | 3,081 | |
| Other Assets 5,6 | 10,358 | |
| Total Other Assets | 209,327 | 0.6% |
| Liabilities | | |
| Payables for Investment Securities Purchased | (2,237) | |
| Collateral for Securities on Loan | (347,292) | |
| Payables for Capital Shares Redeemed | (5,463) | |
| Payables to Vanguard | (9,467) | |
| Unrealized Depreciation—Forward Currency Contracts | (8,637) | |
| Other Liabilities | (1,328) | |
| Total Liabilities | (374,424) | (1.1%) |
| Net Assets | 34,670,286 | 100.0% |
| |
| |
| At October 31, 2018, net assets consisted of: | | |
| | | Amount |
| | | ($000) |
| Paid-in Capital | | 34,377,955 |
| Total Distributable Earnings (Loss) | | 292,331 |
| Net Assets | | 34,670,286 |
| |
| |
| Investor Shares—Net Assets | | |
| Applicable to 29,565,152 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | | 557,438 |
| Net Asset Value Per Share—Investor Shares | | $18.85 |
| |
| |
| ETF Shares—Net Assets | | |
| Applicable to 446,730,266 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | | 21,347,772 |
| Net Asset Value Per Share—ETF Shares | | $47.79 |
17
| |
| FTSE All-World ex-US Index Fund | |
| |
| |
| | Amount |
| | ($000) |
| Admiral Shares—Net Assets | |
| Applicable to 183,782,690 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 5,458,036 |
| Net Asset Value Per Share—Admiral Shares | $29.70 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 50,121,623 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,719,488 |
| Net Asset Value Per Share—Institutional Shares | $94.16 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 25,951,132 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,587,552 |
| Net Asset Value Per Share—Institutional Plus Shares | $99.71 |
• 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 $328,112,000.
§ Certain of the fund’s securities are valued using significant unobservable inputs.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer,
represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be
sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of
these securities was $376,410,000, representing 1.1% 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 99.9% and 0.6%,
respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
4 Includes $347,292,000 of collateral received for securities on loan.
5 Securities with a value of $14,650,000 and cash of $4,537,000 have been segregated as initial margin for open futures contracts.
6 Cash of $5,370,000 has been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
18
| | | | | | |
| FTSE All-World ex-US Index Fund | | | | | | |
| |
| |
| Derivative Financial Instruments Outstanding as of Period End | | | |
| Futures Contracts | | | | | | |
| | | | | | | ($000) |
| | | | | | | Value and |
| | | | Number of | | Unrealized |
| | | | Long (Short) | Notional | Appreciation |
| | | Expiration Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | | | |
| MSCI Emerging Markets Index | December 2018 | 1,872 | 89,547 | (5,129) |
| Dow Jones EURO STOXX 50 Index | December 2018 | 2,274 | 82,296 | (2,427) |
| Topix Index | December 2018 | 471 | 68,487 | (3,083) |
| FTSE 100 Index | December 2018 | 627 | 56,970 | (324) |
| E-mini Russell 2000 Index | December 2018 | 224 | 30,364 | 313 |
| S&P ASX 200 Index | December 2018 | 284 | 29,176 | (968) |
| | | | | | | (11,618) |
| |
| |
| Forward Currency Contracts | | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| Morgan Stanley Capital Services LLC | 12/28/18 | EUR | 69,072 | USD | 81,142 | (2,469) |
| BNP Paribas | 12/18/18 | JPY | 6,787,656 | USD | 61,340 | (925) |
| Toronto-Dominion Bank | 12/28/18 | GBP | 39,404 | USD | 52,438 | (1,910) |
| JPMorgan Chase Bank, N.A. | 12/28/18 | EUR | 27,409 | USD | 31,951 | (733) |
| Morgan Stanley Capital Services LLC | 12/27/18 | AUD | 33,340 | USD | 24,063 | (439) |
| BNP Paribas | 12/28/18 | GBP | 16,457 | USD | 21,750 | (647) |
| JPMorgan Chase Bank, N.A. | 12/18/18 | JPY | 2,111,890 | USD | 18,884 | (86) |
| BNP Paribas | 12/28/18 | EUR | 14,799 | USD | 17,126 | (270) |
| JPMorgan Chase Bank, N.A. | 12/18/18 | JPY | 1,761,500 | USD | 15,661 | 17 |
| Goldman Sachs International | 12/28/18 | EUR | 11,153 | USD | 13,006 | (303) |
| Citibank, N.A. | 12/27/18 | AUD | 16,693 | USD | 11,900 | (71) |
| Goldman Sachs International | 12/18/18 | JPY | 1,188,600 | USD | 10,658 | (79) |
| Citibank, N.A. | 12/28/18 | GBP | 6,698 | USD | 8,891 | (302) |
| JPMorgan Chase Bank, N.A. | 12/28/18 | GBP | 5,403 | USD | 7,054 | (126) |
| UBS AG | 12/18/18 | JPY | 783,460 | USD | 6,991 | (18) |
| BNP Paribas | 12/27/18 | AUD | 9,404 | USD | 6,749 | (86) |
| Deutsche Bank AG | 12/28/18 | GBP | 4,158 | USD | 5,479 | (147) |
| Goldman Sachs International | 12/27/18 | AUD | 6,553 | USD | 4,666 | (22) |
| UBS AG | 12/18/18 | USD | 48,160 | JPY | 5,400,000 | 97 |
| Barclays Bank plc | 12/28/18 | USD | 31,654 | EUR | 27,060 | 832 |
| BNP Paribas | 12/18/18 | USD | 19,145 | JPY | 2,148,000 | 27 |
| Barclays Bank plc | 12/18/18 | USD | 16,248 | JPY | 1,824,565 | 8 |
19
| | | | | | |
| FTSE All-World ex-US Index Fund | | | | | | |
| |
| |
| Forward Currency Contracts (continued) | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| BNP Paribas | 12/28/18 | USD | 14,818 | GBP | 11,211 | 442 |
| JPMorgan Chase Bank, N.A. | 12/28/18 | USD | 14,006 | EUR | 11,800 | 567 |
| UBS AG | 12/28/18 | USD | 12,469 | GBP | 9,447 | 356 |
| BNP Paribas | 12/27/18 | USD | 12,455 | AUD | 17,162 | 294 |
| BNP Paribas | 12/28/18 | USD | 10,237 | EUR | 8,624 | 414 |
| Goldman Sachs International | 12/28/18 | USD | 8,033 | GBP | 6,256 | 10 |
| Citibank, N.A. | 12/18/18 | USD | 7,355 | JPY | 824,460 | 17 |
| Goldman Sachs International | 12/27/18 | USD | 4,139 | AUD | 5,847 | (4) |
| | | | | | | (5,556) |
| AUD—Australian dollar. | | | | | | |
| EUR—Euro. | | | | | | |
| GBP—British pound. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| USD—U.S. dollar. | | | | | | |
At October 31, 2018, the counterparties had deposited in segregated accounts securities with a value of $1,141,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
20
| |
| FTSE All-World ex-US Index Fund | |
| |
| |
| |
| Statement of Operations | |
| |
| |
| | Year Ended |
| | October 31, 2018 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends—Unaffiliated Issuers1 | 1,113,305 |
| Dividends—Affiliated Issuers | 491 |
| Interest—Unaffiliated Issuers | 367 |
| Interest—Affiliated Issuers | 3,091 |
| Securities Lending—Net | 16,117 |
| Total Income | 1,133,371 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 3,597 |
| Management and Administrative—Investor Shares | 958 |
| Management and Administrative—ETF Shares | 13,806 |
| Management and Administrative—Admiral Shares | 4,321 |
| Management and Administrative—Institutional Shares | 2,705 |
| Management and Administrative—Institutional Plus Shares | 894 |
| Marketing and Distribution—Investor Shares | 130 |
| Marketing and Distribution—ETF Shares | 1,014 |
| Marketing and Distribution—Admiral Shares | 448 |
| Marketing and Distribution—Institutional Shares | 124 |
| Marketing and Distribution—Institutional Plus Shares | 27 |
| Custodian Fees | 6,492 |
| Auditing Fees | 46 |
| Shareholders’ Reports and Proxy—Investor Shares | 17 |
| Shareholders’ Reports and Proxy—ETF Shares | 651 |
| Shareholders’ Reports and Proxy—Admiral Shares | 40 |
| Shareholders’ Reports and Proxy—Institutional Shares | 23 |
| Shareholders’ Reports and Proxy—Institutional Plus Shares | 14 |
| Trustees’ Fees and Expenses | 22 |
| Total Expenses | 35,329 |
| Net Investment Income | 1,098,042 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold—Unaffiliated Issuers 2 | (321,821) |
| Investment Securities Sold—Affiliated Issuers | 22,199 |
| Futures Contracts | (14,789) |
| Forward Currency Contracts | (4,193) |
| Foreign Currencies | (6,273) |
| Realized Net Gain (Loss) | (324,877) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities—Unaffiliated Issuers | (3,933,055) |
| Investment Securities—Affiliated Issuers | (14,292) |
| Futures Contracts | (21,925) |
| Forward Currency Contracts | (561) |
| Foreign Currencies | (1,574) |
| Change in Unrealized Appreciation (Depreciation) | (3,971,407) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (3,198,242) |
1 Dividends are net of foreign withholding taxes of $90,394,000.
2 Includes $56,429,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
21
| | |
| FTSE All-World ex-US Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended October 31, |
| | 2018 | 2017 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 1,098,042 | 842,085 |
| Realized Net Gain (Loss) | (324,877) | (200,378) |
| Change in Unrealized Appreciation (Depreciation) | (3,971,407) | 5,776,250 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (3,198,242) | 6,417,957 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (16,991) | (15,595) |
| ETF Shares | (648,509) | (498,013) |
| Admiral Shares | (163,922) | (122,709) |
| Institutional Shares | (148,701) | (139,459) |
| Institutional Plus Shares | (81,861) | (67,584) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (1,059,984) | (843,360) |
| Capital Share Transactions | | |
| Investor Shares | (8,197) | (3,346) |
| ETF Shares | 2,341,008 | 4,378,081 |
| Admiral Shares | 837,853 | 846,320 |
| Institutional Shares | (248,430) | 182,946 |
| Institutional Plus Shares | 165,410 | 67,822 |
| Net Increase (Decrease) from Capital Share Transactions | 3,087,644 | 5,471,823 |
| Total Increase (Decrease) | (1,170,582) | 11,046,420 |
| Net Assets | | |
| Beginning of Period | 35,840,868 | 24,794,448 |
| End of Period | 34,670,286 | 35,840,868 |
See accompanying Notes, which are an integral part of the Financial Statements.
22
| | | | | |
| FTSE All-World ex-US Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $21.17 | $17.59 | $17.92 | $19.40 | $19.81 |
| Investment Operations | | | | | |
| Net Investment Income | . 5931 | .5201 | .494 | .502 | . 6272 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (2.342) | 3.573 | (.341) | (1.484) | (.413) |
| Total from Investment Operations | (1.749) | 4.093 | .153 | (.982) | .214 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 571) | (. 513) | (. 483) | (. 498) | (. 624) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 571) | (. 513) | (. 483) | (. 498) | (. 624) |
| Net Asset Value, End of Period | $18.85 | $21.17 | $17.59 | $17.92 | $19.40 |
| |
| Total Return3 | -8.49% | 23.62% | 0.98% | -5.16% | 1.05% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $557 | $634 | $530 | $565 | $552 |
| Ratio of Total Expenses to Average Net Assets | 0.20% | 0.23% | 0.23% | 0.26% | 0.29% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.80% | 2.70% | 2.89% | 2.70% | 3.18%2 |
| Portfolio Turnover Rate 4 | 6% | 4% | 5% | 3% | 4% |
1 Calculated based on average shares outstanding.
| 2 | 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. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 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 | | | | | |
| |
| |
| ETF Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $53.65 | $44.60 | $45.41 | $49.17 | $50.20 |
| Investment Operations | | | | | |
| Net Investment Income | 1.5571 | 1.3791 | 1.304 | 1.335 | 1.6652 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (5.911) | 9.038 | (.846) | (3.769) | (1.036) |
| Total from Investment Operations | (4.354) | 10.417 | .458 | (2.434) | .629 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.506) | (1.367) | (1.268) | (1.326) | (1.659) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.506) | (1.367) | (1.268) | (1.326) | (1.659) |
| Net Asset Value, End of Period | $47.79 | $53.65 | $44.60 | $45.41 | $49.17 |
| |
| Total Return | -8.37% | 23.73% | 1.17% | -5.05% | 1.21% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $21,348 | $21,640 | $13,983 | $13,525 | $12,453 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.11% | 0.11% | 0.13% | 0.14% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.91% | 2.82% | 3.01% | 2.83% | 3.33%2 |
| Portfolio Turnover Rate 3 | 6% | 4% | 5% | 3% | 4% |
1 Calculated based on average shares outstanding.
| 2 | 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. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
24
| | | | | |
| FTSE All-World ex-US Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $33.35 | $27.72 | $28.23 | $30.57 | $31.21 |
| Investment Operations | | | | | |
| Net Investment Income | . 9691 | .8551 | .811 | .832 | 1.0372 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (3.682) | 5.625 | (.532) | (2.346) | (.644) |
| Total from Investment Operations | (2.713) | 6.480 | .279 | (1.514) | .393 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 937) | (. 850) | (.789) | (. 826) | (1.033) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 937) | (. 850) | (.789) | (. 826) | (1.033) |
| Net Asset Value, End of Period | $29.70 | $33.35 | $27.72 | $28.23 | $30.57 |
| |
| Total Return3 | -8.37% | 23.75% | 1.13% | -5.05% | 1.23% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $5,458 | $5,304 | $3,635 | $3,163 | $2,551 |
| Ratio of Total Expenses to Average Net Assets | 0.11% | 0.11% | 0.11% | 0.13% | 0.14% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.89% | 2.82% | 3.01% | 2.83% | 3.33%2 |
| Portfolio Turnover Rate 4 | 6% | 4% | 5% | 3% | 4% |
1 Calculated based on average shares outstanding.
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 account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable 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.
25
| | | | | |
| FTSE All-World ex-US Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $105.72 | $87.88 | $89.48 | $96.89 | $98.93 |
| Investment Operations | | | | | |
| Net Investment Income | 3.0461 | 2.7031 | 2.577 | 2.651 | 3.2992 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (11.621) | 17.838 | (1.669) | (7.429) | (2.049) |
| Total from Investment Operations | (8.575) | 20.541 | .908 | (4.778) | 1.250 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (2.985) | (2.701) | (2.508) | (2.632) | (3.290) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.985) | (2.701) | (2.508) | (2.632) | (3.290) |
| Net Asset Value, End of Period | $94.16 | $105.72 | $87.88 | $89.48 | $96.89 |
| |
| Total Return | -8.35% | 23.74% | 1.15% | -5.03% | 1.23% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $4,719 | $5,532 | $4,424 | $4,501 | $4,713 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.11% | 0.12% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.92% | 2.83% | 3.02% | 2.85% | 3.35%2 |
| Portfolio Turnover Rate 3 | 6% | 4% | 5% | 3% | 4% |
1 Calculated based on average shares outstanding.
| 2 | 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. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
26
| | | | | |
| FTSE All-World ex-US Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Plus Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $111.96 | $93.06 | $94.75 | $102.60 | $104.76 |
| Investment Operations | | | | | |
| Net Investment Income | 3.3361 | 2.8631 | 2.754 | 2.829 | 3.5172 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (12.397) | 18.928 | (1.767) | (7.869) | (2.169) |
| Total from Investment Operations | (9.061) | 21.791 | .987 | (5.040) | 1.348 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (3.189) | (2.891) | (2.677) | (2.810) | (3.508) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (3.189) | (2.891) | (2.677) | (2.810) | (3.508) |
| Net Asset Value, End of Period | $99.71 | $111.96 | $93.06 | $94.75 | $102.60 |
| |
| Total Return | -8.33% | 23.79% | 1.18% | -5.01% | 1.25% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $2,588 | $2,731 | $2,222 | $2,628 | $2,122 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.07% | 0.07% | 0.09% | 0.10% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.94% | 2.86% | 3.05% | 2.87% | 3.37%2 |
| Portfolio Turnover Rate 3 | 6% | 4% | 5% | 3% | 4% |
1 Calculated based on average shares outstanding.
| 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 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
27
FTSE All-World ex-US Index Fund
Notes to Financial Statements
Vanguard FTSE All-World ex-US Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments 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.
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, 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 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
28
FTSE All-World ex-US Index 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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended October 31, 2018, 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 the notional amounts at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 2% of net assets, based on the average of the 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, 2015–2018), 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. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
29
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 subject to termination by the fund at any time, and 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 before the opening of the market 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 event 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at October 31, 2018, 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.
Taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. Foreign capital gains tax is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
30
FTSE All-World ex-US Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of $1,887,000, representing 0.01% of the fund’s net assets and 0.75% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of October 31, 2018, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 3,129,093 | 17 | — |
| Common Stocks—Other | 965,331 | 30,176,733 | 6,256 |
| Temporary Cash Investments | 540,685 | 17,268 | — |
| Futures Contracts—Assets1 | 4,723 | — | — |
| Forward Currency Contracts—Assets | — | 3,081 | — |
| Forward Currency Contracts—Liabilities | — | (8,637) | — |
| Total | 4,639,832 | 30,188,462 | 6,256 |
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 $379,955,000 based on Level 2 inputs were transferred from Level 1 during the fiscal period. Additionally, based on values on the date of transfer, securities valued at $435,320,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
31
FTSE All-World ex-US Index Fund
D. At October 31, 2018, the fair values of derivatives were reflected in the Statement of Nets Assets as follows:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Statement of Net Assets Caption | ($000) | ($000) | ($000) |
| Variation Margin Receivable—Futures Contracts | 4,723 | — | 4,723 |
| Unrealized Appreciation—Forward Currency Contracts | — | 3,081 | 3,081 |
| Total Assets | 4,723 | 3,081 | 7,804 |
| |
| Variation Margin Payable—Futures Contracts | — | — | — |
| Unrealized Depreciation—Forward Currency Contracts | — | (8,637) | (8,637) |
| Total Liabilities | — | (8,637) | (8,637) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2018, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | (14,789) | — | (14,789) |
| Forward Currency Contracts | — | (4,193) | (4,193) |
| Realized Net Gain (Loss) on Derivatives | (14,789) | (4,193) | (18,892) |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (21,925) | — | (21,925) |
| Forward Currency Contracts | — | (561) | (561) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (21,925) | (561) | (22,486) |
32
FTSE All-World ex-US Index Fund
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions, the expiration of capital loss carryforwards, foreign currency transactions, passive foreign investment companies, and tax expense capital gains were reclassified to the following accounts:
| |
| | Amount |
| | ($000) |
| Paid-in Capital | 23,869 |
| Total Distributable Earning (Loss) | (23,869) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales; the realization of unrealized gains or losses on certain futures contracts and forward currency contracts; and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| |
| | Amount |
| | ($000) |
| Undistributed Ordinary Income | 210,866 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards* | (1,697,428) |
| Net Unrealized Gains (Losses) | 1,787,567 |
| * | Includes $79,230,000, which may be used to offset future net capital gains through October 31, 2019, as well as capital losses of $1,618,198,000, which may be carried forward indefinitely but must be used before any expiring loss carryforwards. |
As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| |
| | Amount |
| | ($000) |
| Tax Cost | 33,040,645 |
| Gross Unrealized Appreciation | 5,830,598 |
| Gross Unrealized Depreciation | (4,039,911) |
| Net Unrealized Appreciation (Depreciation) | 1,790,687 |
33
FTSE All-World ex-US Index Fund
F. During the year ended October 31, 2018, the fund purchased $5,077,779,000 of investment securities and sold $2,177,605,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,816,919,000 and $116,988,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
| | | | |
| G. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended October 31, |
| | | 2018 | | 2017 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 180,096 | 8,517 | 185,838 | 9,692 |
| Issued in Lieu of Cash Distributions | 16,330 | 785 | 15,098 | 790 |
| Redeemed | (204,623) | (9,700) | (204,282) | (10,635) |
| Net Increase (Decrease)—Investor Shares | (8,197) | (398) | (3,346) | (153) |
| ETF Shares | | | | |
| Issued | 2,468,809 | 45,799 | 4,378,082 | 89,802 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (127,801) | (2,400) | (1) | — |
| Net Increase (Decrease)—ETF Shares | 2,341,008 | 43,399 | 4,378,081 | 89,802 |
| Admiral Shares | | | | |
| Issued | 1,684,175 | 50,462 | 1,555,409 | 51,640 |
| Issued in Lieu of Cash Distributions | 137,578 | 4,203 | 103,093 | 3,416 |
| Redeemed | (983,900) | (29,911) | (812,182) | (27,172) |
| Net Increase (Decrease)—Admiral Shares | 837,853 | 24,754 | 846,320 | 27,884 |
| Institutional Shares | | | | |
| Issued | 1,143,356 | 10,929 | 1,033,029 | 10,732 |
| Issued in Lieu of Cash Distributions | 133,291 | 1,283 | 125,647 | 1,318 |
| Redeemed | (1,525,077) | (14,417) | (975,730) | (10,071) |
| Net Increase (Decrease)—Institutional Shares | (248,430) | (2,205) | 182,946 | 1,979 |
| Institutional Plus Shares | | | | |
| Issued | 836,366 | 7,382 | 443,419 | 4,349 |
| Issued in Lieu of Cash Distributions | 72,324 | 659 | 57,531 | 572 |
| Redeemed | (743,280) | (6,486) | (433,128) | (4,405) |
| Net Increase (Decrease)—Institutional Plus Shares | 165,410 | 1,555 | 67,822 | 516 |
34
FTSE All-World ex-US Index Fund
H. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
| | | | | | | | |
| | | | | | Current Period Transactions | |
| | Oct. 31, | | Proceeds Realized | | | | Oct. 31, |
| | 2017 | | from | Net | Change in | | Capital Gain | 2018 |
| | Market | Purchases | Securities | Gain | Unrealized | | Distributions | Market |
| | Value | at Cost | Sold | (Loss) | App. (Dep.) | Income | Received | Value |
| | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) |
| Vanguard FTSE | | | | | | | | |
| Emerging Markets | | | | | | | | |
| ETF | 89,905 | 50,274 | 148,047 | 22,172 | (14,304) | 491 | — | — |
| Vanguard Market | | | | | | | | |
| Liquidity Fund | 519,427 | NA1 | NA1 | 27 | 12 | 3,091 | — | 540,685 |
| Total | 609,332 | 50,274 | 148,047 | 22,199 | (14,292) | 3,582 | — | 540,685 |
1 Not applicable—purchases and sales are for temporary cash investment purposes.
I. Management has determined that no events or transactions occurred subsequent to October 31, 2018, that would require recognition or disclosure in these financial statements.
35
FTSE All-World ex-US Small-Cap Index Fund
Fund Profile
As of October 31, 2018
| | | |
| Share-Class Characteristics | | | |
| | Investor | | Institutional |
| | Shares | ETF Shares | Shares |
| Ticker Symbol | VFSVX | VSS | VFSNX |
| Expense Ratio1 | 0.25% | 0.13% | 0.12% |
| | |
| Portfolio Characteristics | | |
| | | FTSE Global |
| | | Small Cap |
| | Fund | ex US Index |
| Number of Stocks | 3,623 | 3,430 |
| Median Market Cap | $1.5B | $1.5B |
| Price/Earnings Ratio | 13.1x | 13.2x |
| Price/Book Ratio | 1.4x | 1.4x |
| Return on Equity | 10.3% | 10.3% |
| Earnings Growth Rate | 11.6% | 11.6% |
| Dividend Yield | 2.8% | 2.8% |
| Turnover Rate | 15% | — |
| Short-Term Reserves | -0.5% | — |
| |
| Sector Diversification (% of equity exposure) |
| | Fund |
| Basic Materials | 9.1% |
| Consumer Goods | 12.3 |
| Consumer Services | 11.6 |
| Financials | 21.5 |
| Health Care | 6.0 |
| Industrials | 22.7 |
| Oil & Gas | 4.9 |
| Technology | 8.3 |
| Telecommunications | 1.1 |
| Utilities | 2.5 |
Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
| |
| Volatility Measures | |
| | FTSE Global |
| | Small Cap |
| | ex US Index |
| R-Squared | 0.99 |
| Beta | 0.97 |
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) |
| Open Text Corp. | Software | 0.4% |
| First Quantum Minerals | | |
| Ltd. | Nonferrous Material | 0.3 |
| Canopy Growth Corp. | Tobacco | 0.3 |
| CCL Industries Inc. | Containers & | |
| | Packaging | 0.3 |
| Gildan Activewear Inc. | Clothing & | |
| | Accessories | 0.3 |
| Onex Corp. | Asset Managers | 0.2 |
| WSP Global Inc. | Business Support | |
| | Services | 0.2 |
| Methanex Corp. | Specialty Chemicals | 0.2 |
| Keyera Corp. | Exploration & | |
| | Production | 0.2 |
| Canadian Apartment | | |
| Properties REIT | Residential REITs | 0.2 |
| Top Ten | | 2.6% |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of equity exposure)
1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the expense ratios were 0.22% for Investor Shares, 0.12% for ETF Shares, and 0.11% for Institutional Shares.
36
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 | 10.7% | 10.8% |
| Germany | 4.1 | 4.1 |
| Sweden | 3.8 | 3.8 |
| Switzerland | 3.3 | 3.2 |
| France | 2.4 | 2.4 |
| Italy | 2.2 | 2.2 |
| Netherlands | 1.9 | 1.9 |
| Norway | 1.9 | 1.9 |
| Spain | 1.6 | 1.5 |
| Finland | 1.2 | 1.2 |
| Belgium | 1.2 | 1.2 |
| Denmark | 1.0 | 1.0 |
| Other | 1.7 | 1.6 |
| Subtotal | 37.0% | 36.8% |
| Pacific | | |
| Japan | 16.1% | 16.2% |
| Australia | 4.9 | 4.9 |
| South Korea | 4.6 | 4.6 |
| Hong Kong | 1.7 | 1.7 |
| Singapore | 1.4 | 1.4 |
| Other | 0.8 | 0.8 |
| Subtotal | 29.5% | 29.6% |
| Emerging Markets | | |
| Taiwan | 5.8% | 5.8% |
| China | 3.0 | 3.2 |
| India | 2.9 | 2.9 |
| Thailand | 1.8 | 1.8 |
| Brazil | 1.1 | 1.2 |
| Other | 4.5 | 4.3 |
| Subtotal | 19.1% | 19.2% |
| North America | | |
| Canada | 14.0% | 14.0% |
| Middle East | 0.4% | 0.4% |
37
FTSE All-World ex-US Small-Cap Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: April 2, 2009, Through October 31, 2018
Initial Investment of $10,000
| | | | | |
| | | Average Annual Total Returns | |
| | | Periods Ended October 31, 2018 | |
| |
| | | | | Since | Final Value |
| | | One | Five | Inception | of a $10,000 |
| | | Year | Years | (4/2/2009) | Investment |
| | FTSE All-World ex-US Small-Cap Index | | | | |
| | Fund Investor Shares | -10.95% | 2.35% | 9.83% | $24,555 |
| |
| • • • • • • • • | FTSE Global Small Cap ex US Index | -10.89 | 2.30 | 10.26 | 25,500 |
| |
| |
| – – – – | International Small-Cap Funds Average | -9.98 | 3.56 | 11.81 | 29,149 |
| | FTSE Global All Cap ex US Index | -8.29 | 2.04 | 8.38 | 21,611 |
International Small-Cap Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.
| | | | |
| | | | Since | Final Value |
| | One | Five | Inception | of a $10,000 |
| | Year | Years | (4/2/2009) | Investment |
| FTSE All-World ex-US Small-Cap Index Fund | | | | |
| ETF Shares Net Asset Value | -10.87% | 2.49% | 10.02% | $24,968 |
| FTSE Global Small Cap ex US Index | -10.89 | 2.30 | 10.26 | 25,500 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 8.38 | 21,611 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.
See Financial Highlights for dividend and capital gains information.
38
| | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | |
| |
| |
| |
| |
| | | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| | | | Since | Final Value |
| | One | Five | Inception | of a $5,000,000 |
| | Year | Years | (4/2/2009) | Investment |
| FTSE All-World ex-US Small-Cap Index Fund | | | | |
| Institutional Shares | -10.85% | 2.50% | 10.04% | $12,505,275 |
| FTSE Global Small Cap ex US Index | -10.89 | 2.30 | 10.26 | 12,750,158 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 8.38 | 10,805,516 |
"Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standards.
| | | |
| Cumulative Returns of ETF Shares: April 2, 2009, Through October 31, 2018 | | |
| |
| | | | Since |
| | One | Five | Inception |
| | Year | Years | (4/2/2009) |
| FTSE All-World ex-US Small-Cap Index Fund ETF | | | |
| Shares Market Price | -11.21% | 12.23% | 149.21% |
| FTSE All-World ex-US Small-Cap Index Fund ETF | | | |
| Shares Net Asset Value | -10.87 | 13.07 | 149.68 |
| FTSE Global Small Cap ex US Index | -10.89 | 12.06 | 155.00 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.
Fiscal-Year Total Returns (%): April 2, 2009, Through October 31, 2018
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
39
FTSE All-World ex-US Small-Cap Index Fund
Average Annual Total Returns: Periods Ended September 30, 2018
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 | 0.66% | 5.24% | 11.16% |
| ETF Shares | 4/2/2009 | | | |
| Market Price | | 0.33 | 5.26 | 11.33 |
| Net Asset Value | | 0.75 | 5.38 | 11.36 |
| Institutional Shares | 4/2/2009 | 0.77 | 5.40 | 11.38 |
40
FTSE All-World ex-US Small-Cap Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of October 31, 2018
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.
| | | | |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Common Stocks | | | |
| Australia | | | |
| | Northern Star Resources Ltd. | 1,608,615 | 10,049 | 0.2% |
| §,1 | Australia—Other † | | 280,495 | 4.6% |
| | | | 290,544 | 4.8% |
| |
| §,1Austria † | | 47,590 | 0.8% |
| |
| Belgium † | | 68,649 | 1.1% |
| |
| 1Brazil † | | 68,239 | 1.1% |
| |
| Canada | | | |
| | Open Text Corp. | 684,768 | 23,116 | 0.4% |
| | First Quantum Minerals Ltd. | 1,846,037 | 18,426 | 0.3% |
| ^,* | Canopy Growth Corp. | 471,832 | 17,358 | 0.3% |
| | CCL Industries Inc. Class B | 394,648 | 16,602 | 0.3% |
| | Gildan Activewear Inc. | 551,453 | 16,483 | 0.3% |
| | Onex Corp. | 226,947 | 14,921 | 0.2% |
| | WSP Global Inc. | 280,539 | 14,005 | 0.2% |
| | Methanex Corp. | 215,945 | 13,984 | 0.2% |
| | Keyera Corp. | 554,152 | 13,807 | 0.2% |
| | Canadian Apartment Properties REIT | 387,830 | 13,790 | 0.2% |
| ^,* | Aurora Cannabis Inc. | 2,027,060 | 13,766 | 0.2% |
| * | Bombardier Inc. Class B | 5,612,371 | 13,600 | 0.2% |
| | CAE Inc. | 732,792 | 12,925 | 0.2% |
| | Algonquin Power & Utilities Corp. | 1,261,461 | 12,591 | 0.2% |
| ^ | Parkland Fuel Corp. | 355,312 | 11,932 | 0.2% |
| ^ | H&R REIT | 782,735 | 11,838 | 0.2% |
| | Cameco Corp. | 1,064,654 | 11,403 | 0.2% |
| | Industrial Alliance Insurance & Financial Services Inc. | 298,181 | 10,541 | 0.2% |
41
| | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | Toromont Industries Ltd. | 211,875 | 9,975 | 0.2% |
| | Kirkland Lake Gold Ltd. | 506,518 | 9,938 | 0.2% |
| | Ritchie Bros Auctioneers Inc. | 294,301 | 9,899 | 0.2% |
| ^ | Vermilion Energy Inc. | 372,483 | 9,878 | 0.2% |
| ^ | PrairieSky Royalty Ltd. | 633,890 | 9,630 | 0.2% |
| | TMX Group Ltd. | 149,750 | 9,418 | 0.2% |
| | Finning International Inc. | 447,613 | 9,296 | 0.2% |
| | West Fraser Timber Co. Ltd. | 179,669 | 9,027 | 0.2% |
| ^ | AltaGas Ltd. | 710,809 | 8,936 | 0.1% |
| ^ | ARC Resources Ltd. | 953,700 | 8,882 | 0.1% |
| ^ | Allied Properties REIT | 273,992 | 8,804 | 0.1% |
| * | Kinross Gold Corp. | 3,364,261 | 8,740 | 0.1% |
| § | Canada—Other † | | 462,796 | 7.7% |
| | | | 836,307 | 13.9% |
| |
| Chile † | | 16,346 | 0.3% |
| |
| §,1China † | | 188,870 | 3.1% |
| |
| Colombia † | | 3,022 | 0.1% |
| |
| Czech Republic † | | 105 | 0.0% |
| |
| Denmark | | | |
| | Royal Unibrew A/S | 131,689 | 9,345 | 0.2% |
| §,1 | Denmark—Other † | | 50,124 | 0.8% |
| | | | 59,469 | 1.0% |
| |
| §Egypt † | | 5,925 | 0.1% |
| |
| Finland | | | |
| | Amer Sports Oyj | 308,864 | 11,481 | 0.2% |
| | Finland—Other † | | 59,832 | 1.0% |
| | | | 71,313 | 1.2% |
| France | | | |
| 1 | Euronext NV | 188,950 | 11,627 | 0.2% |
| 1 | France—Other † | | 129,703 | 2.2% |
| | | | 141,330 | 2.4% |
| |
| 1Germany † | | 241,950 | 4.0% |
| |
| §Greece † | | 7,844 | 0.1% |
| |
| §,1Hong Kong † | | 100,011 | 1.7% |
| |
| Hungary † | | 405 | 0.0% |
| |
| §,1India † | | 173,859 | 2.9% |
| |
| Indonesia † | | 32,471 | 0.5% |
| |
| Ireland † | | 20,740 | 0.4% |
42
| | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Israel † | | 25,991 | 0.4% |
| §,1Italy † | | 131,447 | 2.2% |
| Japan † | | 961,981 | 16.0% |
| Kuwait † | | 2,371 | 0.0% |
| 1Malaysia † | | 54,901 | 0.9% |
| 1Mexico † | | 25,563 | 0.4% |
| Netherlands | | | |
| *,^ Galapagos NV | 124,733 | 12,815 | 0.2% |
| | IMCD NV | 142,754 | 9,681 | 0.2% |
| §,1 | Netherlands—Other † | | 88,864 | 1.5% |
| | | | 111,360 | 1.9% |
| §New Zealand † | | 47,134 | 0.8% |
| Norway | | | |
| | Storebrand ASA | 1,267,097 | 10,531 | 0.2% |
| | TGS NOPEC Geophysical Co. ASA | 277,640 | 9,275 | 0.1% |
| 1 | Norway—Other † | | 90,402 | 1.5% |
| | | | 110,208 | 1.8% |
| Pakistan † | | 18,944 | 0.3% |
| 1Philippines † | | 19,014 | 0.3% |
| §,1Poland † | | 36,758 | 0.6% |
| Portugal † | | 23,531 | 0.4% |
| Qatar † | | 1,755 | 0.0% |
| 1Russia † | | 4,590 | 0.1% |
| §Singapore † | | 83,412 | 1.4% |
| South Africa † | | 31,588 | 0.5% |
| §,1South Korea † | | 274,937 | 4.6% |
| §,1Spain † | | 92,874 | 1.6% |
| Sweden | | | |
| | Castellum AB | 731,529 | 12,610 | 0.2% |
| * | Fabege AB | 715,114 | 9,132 | 0.2% |
| 1 | Sweden—Other † | | 206,871 | 3.4% |
| | | | 228,613 | 3.8% |
43
| | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | |
| |
| |
| | | | | Market | Percentage |
| | | | | Value• | of Net |
| | | | Shares | ($000) | Assets |
| Switzerland | | | | |
| ^ | BB Biotech AG | | 149,171 | 9,371 | 0.2% |
| §,1 | Switzerland—Other † | | | 185,991 | 3.1% |
| | | | | 195,362 | 3.3% |
| |
| §Taiwan † | | | 348,887 | 5.8% |
| |
| §,1Thailand † | | | 109,962 | 1.8% |
| |
| §,1Turkey † | | | 12,020 | 0.2% |
| United Arab Emirates † | | | 2,499 | 0.0% |
| United Kingdom | | | | |
| * | Tullow Oil plc | | 3,728,740 | 10,698 | 0.2% |
| | SSP Group plc | | 1,235,309 | 10,532 | 0.2% |
| | Beazley plc | | 1,401,526 | 9,410 | 0.2% |
| | Electrocomponents plc | | 1,183,665 | 9,372 | 0.2% |
| | Intermediate Capital Group plc | | 753,062 | 9,146 | 0.2% |
| | Rotork plc | | 2,353,028 | 9,010 | 0.1% |
| | HomeServe plc | | 734,048 | 8,911 | 0.1% |
| | BBA Aviation plc | | 2,772,176 | 8,501 | 0.1% |
| | Spectris plc | | 308,813 | 8,449 | 0.1% |
| §,1 | United Kingdom—Other † | | | 556,464 | 9.3% |
| | | | | 640,493 | 10.7% |
| Total Common Stocks (Cost $6,434,866) | | | 5,971,184 | 99.3%2 |
| |
| | | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 2.308% | 4,141,041 | 414,104 | 6.9% |
| |
| 5U. S. Government and Agency Obligations † | | | 14,892 | 0.2% |
| Total Temporary Cash Investments (Cost $428,988) | | | 428,996 | 7.1%2 |
| Total Investments (Cost $6,863,854) | | | 6,400,180 | 106.4% |
| Other Assets and Liabilities | | | | |
| Other Assets 3,6 | | | 44,948 | 0.7% |
| Liabilities 3 | | | (429,326) | (7.1%) |
| | | | | (384,378) | (6.4%) |
| Net Assets | | | 6,015,802 | 100.0% |
44
| |
| FTSE All-World ex-US Small-Cap Index Fund | |
| |
| |
| |
| |
| | Amount |
| | ($000) |
| Statement of Assets and Liabilities | |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers | 5,986,076 |
| Affiliated Issuers | 414,104 |
| Total Investments in Securities | 6,400,180 |
| Investment in Vanguard | 338 |
| Receivables for Investment Securities Sold | 1,469 |
| Receivables for Accrued Income | 15,383 |
| Receivables for Capital Shares Issued | 2,235 |
| Variation Margin Receivable—Futures Contracts | 479 |
| Unrealized Appreciation—Forward Currency Contracts | 2,419 |
| Other Assets 3,6 | 22,625 |
| Total Assets | 6,445,128 |
| Liabilities | |
| Payables for Investment Securities Purchased | 7,612 |
| Collateral for Securities on Loan | 416,732 |
| Payables for Capital Shares Redeemed | 505 |
| Payables to Vanguard | 1,504 |
| Variation Margin Payable—Futures Contracts | 1 |
| Unrealized Depreciation—Forward Currency Contracts | 2,677 |
| Other Liabilities | 295 |
| Total Liabilities | 429,326 |
| Net Assets | 6,015,802 |
| |
| |
| At October 31, 2018, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 6,579,803 |
| Total Distributable Earnings (Loss) | (564,001) |
| Net Assets | 6,015,802 |
| |
| |
| Investor Shares—Net Assets | |
| Applicable to 20,890,405 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 804,286 |
| Net Asset Value Per Share—Investor Shares | $38.50 |
45
| |
| FTSE All-World ex-US Small-Cap Index Fund | |
| |
| |
| | Amount |
| | ($000) |
| ETF Shares—Net Assets | |
| Applicable to 49,624,142 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 5,008,576 |
| Net Asset Value Per Share—ETF Shares | $100.93 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 1,052,208 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 202,940 |
| Net Asset Value Per Share—Institutional Shares | $192.87 |
• 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 $375,389,000.
* 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 valued using significant unobservable inputs.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be
sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value
of these securities was $239,851,000, representing 4.0% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to
futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 6.4%,
respectively, of net assets.
3 Includes $416,732,000 of collateral received for securities on loan, of which $401,898,000 is held in Vanguard Market Liquidity
Fund and $14,834,000 is held in cash.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Securities with a value of $3,574,000 have been segregated as initial margin for open futures contracts.
6 Cash of $1,330,000 has been segregated as collateral for open forward currency contracts.
REIT—Real Estate Investment Trust.
46
| | | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | | |
| |
| |
| Derivative Financial Instruments Outstanding as of Period End | | | |
| Futures Contracts | | | | | | |
| | | | | | | ($000) |
| | | | | | | Value and |
| | | | Number of | | Unrealized |
| | | | Long (Short) | Notional | Appreciation |
| | | Expiration | Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | | | |
| Dow Jones EURO STOXX 50 Index | December 2018 | | 339 | 12,268 | (407) |
| E-mini Russell 2000 Index | December 2018 | | 150 | 11,339 | (978) |
| MSCI Emerging Markets Index | December 2018 | | 226 | 10,811 | (665) |
| Topix Index | December 2018 | | 57 | 8,288 | (508) |
| | | | | | | (2,558) |
| |
| |
| Forward Currency Contracts | | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| JPMorgan Chase Bank, N.A. | 12/28/18 | EUR | 44,964 | USD | 52,846 | (1,632) |
| BNP Paribas | 12/18/18 | JPY 5,459,774 | USD | 49,049 | (453) |
| Morgan Stanley Capital Services LLC | 12/28/18 | EUR | 14,770 | USD | 17,351 | (528) |
| JPMorgan Chase Bank, N.A. | 12/18/18 | JPY | 246,225 | USD | 2,199 | (8) |
| Goldman Sachs International | 12/28/18 | EUR | 1,363 | USD | 1,587 | (35) |
| Toronto-Dominion Bank | 12/28/18 | USD | 21,092 | EUR | 17,822 | 793 |
| BNP Paribas | 12/28/18 | USD | 20,926 | EUR | 17,662 | 810 |
| JPMorgan Chase Bank, N.A. | 12/18/18 | USD | 20,002 | JPY | 2,237,500 | 86 |
| Citibank, N.A. | 12/28/18 | USD | 16,113 | EUR | 13,609 | 613 |
| Toronto-Dominion Bank | 12/18/18 | USD | 14,888 | JPY | 1,664,700 | 71 |
| Goldman Sachs International | 12/18/18 | USD | 6,254 | JPY | 700,905 | 16 |
| Goldman Sachs International | 12/18/18 | USD | 2,412 | JPY | 273,375 | (21) |
| Goldman Sachs International | 12/28/18 | USD | 1,361 | EUR | 1,168 | 30 |
| | | | | | | (258) |
| EUR—Euro. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| USD—U.S. dollar. | | | | | | |
At October 31, 2018, the counterparties had deposited in segregated accounts securities with a value of $1,083,000 and cash of $560,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
47
| |
| FTSE All-World ex-US Small-Cap Index Fund | |
| |
| |
| Statement of Operations | |
| |
| |
| | Year Ended |
| | October 31, 2018 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 151,532 |
| Interest 2 | 697 |
| Securities Lending—Net | 16,583 |
| Total Income | 168,812 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 940 |
| Management and Administrative—Investor Shares | 1,387 |
| Management and Administrative—ETF Shares | 3,233 |
| Management and Administrative—Institutional Shares | 141 |
| Marketing and Distribution—Investor Shares | 160 |
| Marketing and Distribution—ETF Shares | 253 |
| Marketing and Distribution—Institutional Shares | 5 |
| Custodian Fees | 1,844 |
| Auditing Fees | 44 |
| Shareholders’ Reports and Proxy—Investor Shares | 14 |
| Shareholders’ Reports and Proxy—ETF Shares | 330 |
| Shareholders’ Reports and Proxy—Institutional Shares | — |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 8,355 |
| Net Investment Income | 160,457 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold 2,3 | 198,740 |
| Futures Contracts | 1,952 |
| Forward Currency Contracts | (1,149) |
| Foreign Currencies | (806) |
| Realized Net Gain (Loss) | 198,737 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities 2 | (1,128,254) |
| Futures Contracts | (4,747) |
| Forward Currency Contracts | 662 |
| Foreign Currencies | (195) |
| Change in Unrealized Appreciation (Depreciation) | (1,132,534) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (773,340) |
1 Dividends are net of foreign withholding taxes of $14,657,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $522,000, ($50,000), and ($7,000), respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $175,546,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
48
| | |
| FTSE All-World ex-US Small-Cap Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended October 31, |
| | 2018 | 2017 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 160,457 | 107,010 |
| Realized Net Gain (Loss) | 198,737 | 57,506 |
| Change in Unrealized Appreciation (Depreciation) | (1,132,534) | 778,139 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (773,340) | 942,655 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (22,105) | (16,555) |
| ETF Shares | (131,769) | (89,996) |
| Institutional Shares | (6,194) | (4,326) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| ETF Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (160,068) | (110,877) |
| Capital Share Transactions | | |
| Investor Shares | 117,909 | 162,348 |
| ETF Shares | 1,220,600 | 1,246,669 |
| Institutional Shares | 4,805 | 18,432 |
| Net Increase (Decrease) from Capital Share Transactions | 1,343,314 | 1,427,449 |
| Total Increase (Decrease) | 409,906 | 2,259,227 |
| Net Assets | | |
| Beginning of Period | 5,605,896 | 3,346,669 |
| End of Period | 6,015,802 | 5,605,896 |
See accompanying Notes, which are an integral part of the Financial Statements.
49
| | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $44.36 | $36.74 | $36.27 | $38.10 | $38.99 |
| Investment Operations | | | | | |
| Net Investment Income | 1.1151 | .9651 | .933 | .887 | .909 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 2 | (5.832) | 7.684 | .461 | (1.769) | (.834) |
| Total from Investment Operations | (4.717) | 8.649 | 1.394 | (.882) | .075 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.143) | (1.029) | (.924) | (.948) | (.965) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.143) | (1.029) | (.924) | (.948) | (.965) |
| Net Asset Value, End of Period | $38.50 | $44.36 | $36.74 | $36.27 | $38.10 |
| |
| Total Return3 | -10.95% | 24.02% | 3.95% | -2.33% | 0.15% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $804 | $812 | $520 | $446 | $382 |
| Ratio of Total Expenses to Average Net Assets | 0.22% | 0.25% | 0.27% | 0.31% | 0.37% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.50% | 2.40% | 2.63% | 2.41% | 2.25% |
| Portfolio Turnover Rate 4 | 15% | 14% | 14% | 9% | 13% |
1 Calculated based on average shares outstanding.
| 2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.01. 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.
50
| | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| ETF Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $116.30 | $96.34 | $95.09 | $99.89 | $102.21 |
| Investment Operations | | | | | |
| Net Investment Income | 3.0191 | 2.6501 | 2.574 | 2.461 | 2.570 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 2 | (15.269) | 20.140 | 1.216 | (4.634) | (2.169) |
| Total from Investment Operations | (12.250) | 22.790 | 3.790 | (2.173) | .401 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (3.120) | (2.830) | (2.540) | (2.627) | (2.721) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (3.120) | (2.830) | (2.540) | (2.627) | (2.721) |
| Net Asset Value, End of Period | $100.93 | $116.30 | $96.34 | $95.09 | $99.89 |
| |
| Total Return | -10.87% | 24.16% | 4.11% | -2.19% | 0.34% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $5,009 | $4,568 | $2,652 | $2,407 | $1,947 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.13% | 0.13% | 0.17% | 0.19% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.60% | 2.52% | 2.77% | 2.55% | 2.43% |
| Portfolio Turnover Rate 3 | 15% | 14% | 14% | 9% | 13% |
1 Calculated based on average shares outstanding.
| 2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.04. 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.
51
| | | | | |
| FTSE All-World ex-US Small-Cap Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $222.24 | $184.07 | $181.69 | $190.87 | $195.32 |
| Investment Operations | | | | | |
| Net Investment Income | 5.7481 | 5.0441 | 4.937 | 4.756 | 4.933 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments 2 | (29.138) | 38.536 | 2.326 | (8.864) | (4.161) |
| Total from Investment Operations | (23.390) | 43.580 | 7.263 | (4.108) | .772 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (5.980) | (5.410) | (4.883) | (5.072) | (5.222) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (5.980) | (5.410) | (4.883) | (5.072) | (5.222) |
| Net Asset Value, End of Period | $192.87 | $222.24 | $184.07 | $181.69 | $190.87 |
| |
| Total Return3 | -10.85% | 24.18% | 4.11% | -2.17% | 0.34% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $203 | $226 | $175 | $164 | $57 |
| Ratio of Total Expenses to Average Net Assets | 0.11% | 0.12% | 0.12% | 0.15% | 0.18% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.61% | 2.53% | 2.78% | 2.57% | 2.44% |
| Portfolio Turnover Rate 4 | 15% | 14% | 14% | 9% | 13% |
1 Calculated based on average shares outstanding.
| 2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.06. 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.
52
FTSE All-World ex-US Small-Cap Index Fund
Notes to Financial Statements
Vanguard FTSE All-World ex-US Small-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers three classes of shares: Investor Shares, ETF Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments 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.
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, 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 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
53
FTSE All-World ex-US Small-Cap Index Fund
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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. 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 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 Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended October 31, 2018, 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 the notional amounts at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 2% of net assets, based on the average of the 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, 2015–2018), 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. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
54
FTSE All-World ex-US Small-Cap Index Fund
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and 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 before the opening of the market 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 event 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 Assets and Liabilities 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at October 31, 2018, 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.
Taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. Foreign capital gains tax is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
55
FTSE All-World ex-US Small-Cap Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of $338,000, representing 0.01% of the fund’s net assets and 0.14% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
56
FTSE All-World ex-US Small-Cap Index Fund
The following table summarizes the market value of the fund’s investments as of October 31, 2018, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 949,375 | — | 102 |
| Common Stocks—Other | 31,743 | 4,980,961 | 9,003 |
| Temporary Cash Investments | 414,104 | 14,892 | — |
| Futures Contracts—Assets1 | 479 | — | — |
| Futures Contracts—Liabilities1 | (1) | — | — |
| Forward Currency Contracts—Assets | — | 2,419 | — |
| Forward Currency Contracts—Liabilities | — | (2,677) | — |
| Total | 1,395,700 | 4,995,595 | 9,105 |
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 $64,952,000 based on Level 2 inputs were transferred from Level 1 during the fiscal period. Additionally, based on values on the date of transfer, securities valued at $73,029,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
D. At October 31, 2018, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Statement of Assets and Liabilities Caption | ($000) | ($000) | ($000) |
| Variation Margin Receivable—Futures Contracts | 479 | — | 479 |
| Unrealized Appreciation—Forward Currency Contracts | — | 2,419 | 2,419 |
| Total Assets | 479 | 2,419 | 2,898 |
| |
| Variation Margin Payable—Futures Contracts | (1) | — | (1) |
| Unrealized Depreciation—Forward Currency Contracts | — | (2,677) | (2,677) |
| Total Liabilities | (1) | (2,677) | (2,678) |
57
FTSE All-World ex-US Small-Cap Index Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2018, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 1,952 | — | 1,952 |
| Forward Currency Contracts | — | (1,149) | (1,149) |
| Realized Net Gain (Loss) on Derivatives | 1,952 | (1,149) | 803 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (4,747) | — | (4,747) |
| Forward Currency Contracts | — | 662 | 662 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (4,747) | 662 | (4,085) |
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, passive foreign investment companies, and tax expense capital gains were reclassified to the following accounts:
| |
| | Amount |
| | ($000) |
| Paid-in Capital | 175,546 |
| Total Distributable Earnings (Loss) | (175,546) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales; the realization of unrealized gains or losses on certain futures contracts and forward currency contracts; and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| |
| | Amount |
| | ($000) |
| Undistributed Ordinary Income | 75,616 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards* | (127,557) |
| Net Unrealized Gains (Losses) | (510,933) |
| * | Includes $8,715,000, which may be used to offset future net capital gains through October 31, 2019, as well as capital losses of $118,842,000, which may be carried forward indefinitely but must be used before any expiring loss carryforwards. The fund used capital loss carryforwards of $11,915,000 to offset taxable capital gains realized during the year ended October 31, 2018, reducing the amount of capital gains that would otherwise be available to distribute to shareholders. |
58
FTSE All-World ex-US Small-Cap Index Fund
As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| |
| | Amount |
| | ($000) |
| Tax Cost | 6,910,347 |
| Gross Unrealized Appreciation | 528,834 |
| Gross Unrealized Depreciation | (1,039,509) |
| Net Unrealized Appreciation (Depreciation) | (510,675) |
F. During the year ended October 31, 2018, the fund purchased $2,690,811,000 of investment securities and sold $1,341,474,000 of investment securities, other than temporary cash investments. Purchases and sales include $976,170,000 and $430,716,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
| | | | |
| G. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended October 31, |
| | | 2018 | | 2017 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 311,292 | 6,977 | 268,136 | 6,796 |
| Issued in Lieu of Cash Distributions | 19,120 | 433 | 14,233 | 370 |
| Redeemed | (212,503) | (4,819) | (120,021) | (3,006) |
| Net Increase (Decrease)—Investor Shares | 117,909 | 2,591 | 162,348 | 4,160 |
| ETF Shares | | | | |
| Issued | 1,687,576 | 14,347 | 1,304,242 | 12,247 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (466,976) | (4,000) | (57,573) | (500) |
| Net Increase (Decrease)—ETF Shares | 1,220,600 | 10,347 | 1,246,669 | 11,747 |
| Institutional Shares | | | | |
| Issued | 46,983 | 217 | 66,784 | 330 |
| Issued in Lieu of Cash Distributions | 6,012 | 27 | 4,326 | 22 |
| Redeemed | (48,190) | (209) | (52,678) | (285) |
| Net Increase (Decrease) —Institutional Shares | 4,805 | 35 | 18,432 | 67 |
H. Management has determined that no events or transactions occurred subsequent to October 31, 2018, that would require recognition or disclosure in these financial statements.
59
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund
Opinions on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Vanguard FTSE All-World ex-US Small-Cap Index Fund and statements of net assets—investments summary of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund (two of the funds constituting Vanguard International Equity Index Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018 and each of the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
60
Special 2018 tax information (unaudited) for Vanguard FTSE All-World ex-US Index Fund
This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $800,266,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $1,081,836,000 and foreign taxes paid of $89,479,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2019 to determine the calendar-year amounts to be included on their 2018 tax returns.
Special 2018 tax information (unaudited) for Vanguard FTSE All-World ex-US Small-Cap Index Fund
This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $77,774,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $153,562,000 and foreign taxes paid of $15,566,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2019 to determine the calendar-year amounts to be included on their 2018 tax returns.
61
Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2018. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
| | | |
| Average Annual Total Returns: FTSE International Index Funds | | |
| Periods Ended October 31, 2018 | | | |
| | One | Five | Ten |
| | Year | Years | Years |
| FTSE All-World ex-US Index Fund Investor Shares | | | |
| Returns Before Taxes | -8.49% | 1.83% | 6.94% |
| Returns After Taxes on Distributions | -9.15 | 1.10 | 6.29 |
| Returns After Taxes on Distributions and Sale of | | | |
| Fund Shares | -4.61 | 1.33 | 5.59 |
| |
| | | | Since |
| | One | Five | Inception |
| | Year | Years | (4/2/2009) |
| FTSE All-World ex-US Small-Cap Index Fund Investor Shares | | | |
| Returns Before Taxes | -10.95% | 2.35% | 9.83% |
| Returns After Taxes on Distributions | -11.66 | 1.56 | 9.10 |
| Returns After Taxes on Distributions and Sale of | | | |
| Fund Shares | -6.18 | 1.63 | 7.93 |
62
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.
63
| | | |
| Six Months Ended October 31, 2018 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 4/30/2018 | 10/31/2018 | Period |
| Based on Actual Fund Return | | | |
| FTSE All-World ex-US Index Fund | | | |
| Investor Shares | $1,000.00 | $888.42 | $0.81 |
| ETF Shares | 1,000.00 | 889.15 | 0.38 |
| Admiral Shares | 1,000.00 | 889.99 | 0.52 |
| Institutional Shares | 1,000.00 | 889.26 | 0.29 |
| Institutional Plus Shares | 1,000.00 | 889.32 | 0.24 |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| Investor Shares | $1,000.00 | $853.47 | $0.89 |
| ETF Shares | 1,000.00 | 853.83 | 0.51 |
| Institutional Shares | 1,000.00 | 853.94 | 0.47 |
| Based on Hypothetical 5% Yearly Return | | | |
| FTSE All-World ex-US Index Fund | | | |
| Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
| ETF Shares | 1,000.00 | 1,024.80 | 0.41 |
| Admiral Shares | 1,000.00 | 1,024.65 | 0.56 |
| Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
| Institutional Plus Shares | 1,000.00 | 1,024.95 | 0.26 |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
| ETF Shares | 1,000.00 | 1,024.65 | 0.56 |
| Institutional Shares | 1,000.00 | 1,024.70 | 0.51 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the FTSE All-World ex-US Index Fund, 0.17% for Investor Shares, 0.08% for ETF Shares, 0.11% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.19% for Investor Shares, 0.11% for ETF Shares, and 0.10% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
64
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.
Fair-Value Pricing. Fair-value 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.
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.
65
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.
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.
66
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 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Lead director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its executive committee (1997–2008). Chief global diversity officer (retired 2008), vice president and chief information officer (1997–2006), controller (1995–1997), treasurer (1991–1995), and assistant treasurer (1989–1991) of Johnson & Johnson. Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation. Member of the advisory board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education. Director of the V Foundation for Cancer Research. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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 co-managing partner of HighVista Strategies LLC (private investment firm). Overseer of the Museum of Fine Arts Boston.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the Board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
| |
Joseph Brennan Mortimer J. Buckley Gregory Davis John James Martha G. King John T. Marcante | Chris D. McIsaac James M. Norris Thomas M. Rampulla Karin A. Risi Anne E. Robinson Michael Rollings |
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
| |
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| | Q7700 122018 |
Annual Report | October 31, 2018
Vanguard Global ex-U.S. Real Estate Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| CEO’s Perspective. | 3 |
| Fund Profile. | 5 |
| Performance Summary. | 7 |
| Financial Statements. | 10 |
| Your Fund’s After-Tax Returns. | 40 |
| About Your Fund’s Expenses. | 41 |
| Glossary. | 43 |
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.
Your Fund’s Performance at a Glance
• Vanguard Global ex-U.S. Real Estate Index Fund returned –6.61% for Investor Shares for the 12 months ended October 31, 2018, closely tracking its benchmark.
• Returns were negative in all three of the largest global real estate sectors—the Pacific region, Europe, and emerging markets. The S&P Global ex-U.S. Property Index returned –6.79% for the period. The FTSE All-World ex US Index, which includes large- and mid-capitalization stocks in emerging and developed markets outside the United States, returned –7.99%.
• China was the largest detractor in emerging markets while Hong Kong subtracted most from the Pacific region. Germany and Sweden were among the few European markets turning in a positive performance.
• Please note that shortly after the close of the period, Vanguard lowered the investment minimum for your fund’s Admiral Shares from $10,000 to $3,000.
| |
| Total Returns: Fiscal Year Ended October 31, 2018 | |
| | Total |
| | Returns |
| Vanguard Global ex-U.S. Real Estate Index Fund | |
| Investor Shares | -6.61% |
| ETF Shares | |
| Market Price | -6.78 |
| Net Asset Value | -6.42 |
| Admiral™ Shares | -6.43 |
| Institutional Shares | -6.42 |
| S&P Global ex-U.S. Property Index | -6.79 |
| International Real Estate Funds Average | -3.07 |
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.
1
| |
| Total Returns: Inception Through October 31, 2018 | |
| | Average |
| | Annual Return |
| Global ex-U.S. Real Estate Index Fund Investor Shares (Returns since inception: 11/1/2010) | 4.51% |
| S&P Global ex-U.S. Property Index | 4.31 |
| International Real Estate Funds Average | 4.02 |
| International Real Estate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
| | | | | |
| 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 | 0.34% | 0.14% | 0.14% | 0.12% | 1.36% |
The fund expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the fund’s expense ratios were 0.31% for Investor Shares, 0.12% for ETF Shares, 0.12% for Admiral Shares, and 0.11% 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 2017.
Peer group: International Real Estate Funds.
2
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.
3
We have been enjoying one of the longest bull markets in history, but it won’t continue forever. Prepare yourself now for how you will react when volatility comes back. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.
Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline
is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Mortimer J. Buckley
President and Chief Executive Officer
November 16, 2018
| | | |
| Market Barometer | | | |
| | | Average Annual Total Returns |
| | | Periods Ended October 31, 2018 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 6.98% | 11.31% | 11.05% |
| Russell 2000 Index (Small-caps) | 1.85 | 10.68 | 8.01 |
| Russell 3000 Index (Broad U.S. market) | 6.60 | 11.27 | 10.81 |
| FTSE All-World ex US Index (International) | -7.99 | 4.57 | 2.01 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | -2.05% | 1.04% | 1.83% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | -0.51 | 1.90 | 3.25 |
| FTSE Three-Month U. S. Treasury Bill Index | 1.67 | 0.86 | 0.52 |
| |
| CPI | | | |
| Consumer Price Index | 2.52% | 2.07% | 1.60% |
4
Global ex-U.S. Real Estate Index Fund
Fund Profile
As of October 31, 2018
| | | | |
| Share-Class Characteristics | | | | |
| | Investor | | Admiral | Institutional |
| | Shares | ETF Shares | Shares | Shares |
| Ticker Symbol | VGXRX | VNQI | VGRLX | VGRNX |
| Expense Ratio1 | 0.34% | 0.14% | 0.14% | 0.12% |
| | |
| Portfolio Characteristics | | |
| | | S&P |
| | | Global |
| | | ex-U.S. |
| | | Property |
| | Fund | Index |
| Number of Stocks | 635 | 567 |
| Median Market Cap | $5.9B | $5.9B |
| Price/Earnings Ratio | 8.0x | 8.0x |
| Price/Book Ratio | 0.9x | 1.0x |
| Return on Equity | 10.7% | 10.8% |
| Earnings Growth Rate | 13.3% | 13.4% |
| Dividend Yield | 4.0% | 4.0% |
| Turnover Rate | 7% | — |
| Short-Term Reserves | -0.6% | — |
Allocation by Region (% of equity exposure)
| | |
| Volatility Measures | | |
| | S&P | |
| | Global | MSCI AC |
| | ex-U.S. | World |
| | Property | Index |
| | Index | ex USA |
| R-Squared | 0.99 | 0.78 |
| Beta | 0.97 | 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) |
| |
| Unibail-Rodamco- | | |
| Westfield | Retail REITs | 2.6% |
| Vonovia SE | Real Estate | |
| | Operating | |
| | Companies | 2.4 |
| Mitsui Fudosan Co. Ltd. | Diversified Real | |
| | Estate Activities | 2.3 |
| Mitsubishi Estate Co. | Diversified Real | |
| Ltd. | Estate Activities | 2.3 |
| Daiwa House Industry | Diversified Real | |
| Co. Ltd. | Estate Activities | 2.1 |
| Sun Hung Kai Properties Diversified Real | |
| Ltd. | Estate Activities | 2.0 |
| Link REIT | Retail REITs | 1.9 |
| CK Asset Holdings Ltd. | Real Estate | |
| | Development | 1.8 |
| Sumitomo Realty & | Diversified Real | |
| Development Co. Ltd. | Estate Activities | 1.7 |
| Deutsche Wohnen SE | Real Estate | |
| | Operating | |
| | Companies | 1.7 |
| Top Ten | | 20.8% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the expense ratios were 0.31% for Investor Shares, 0.12% for ETF Shares, 0.12% for Admiral Shares, and 0.11% for Institutional Shares.
5
Global ex-U.S. Real Estate Index Fund
Market Diversification (% of equity exposure)
| | |
| | | S&P |
| | | Global |
| | | ex-U.S. |
| | | Property |
| | Fund | Index |
| Europe | | |
| Germany | 7.0% | 7.1% |
| United Kingdom | 7.0 | 7.1 |
| France | 5.5 | 5.5 |
| Sweden | 2.2 | 2.2 |
| Switzerland | 1.5 | 1.5 |
| Spain | 1.0 | 1.0 |
| Other | 2.7 | 2.7 |
| Subtotal | 26.9% | 27.1% |
| Pacific | | |
| Japan | 23.1% | 23.2% |
| Hong Kong | 12.1 | 12.1 |
| Australia | 8.5 | 8.6 |
| Singapore | 5.4 | 5.4 |
| Other | 0.5 | 0.5 |
| Subtotal | 49.6% | 49.8% |
| Emerging Markets | | |
| China | 9.1% | 9.0% |
| South Africa | 2.3 | 2.3 |
| Philippines | 1.5 | 1.5 |
| Thailand | 1.5 | 1.5 |
| United Arab Emirates | 1.0 | 1.0 |
| Other | 4.5 | 4.3 |
| Subtotal | 19.9% | 19.6% |
| North America | | |
| Canada | 2.5% | 2.5% |
| Middle East | 0.9% | 0.9% |
| Other | 0.2% | 0.1% |
6
Global ex-U.S. Real Estate Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 1, 2010, Through October 31, 2018
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| |
| | | | Since | Final Value |
| | One | Five | Inception | of a $10,000 |
| | Year | Years | (11/1/2010) | Investment |
| Global ex-U.S. Real Estate Index Fund | | | | |
| Investor Shares | -7.07% | 2.16% | 4.45% | $14,168 |
| |
| S&P Global ex-U.S. Property Index | -6.79 | 1.96 | 4.31 | 14,012 |
| |
| |
| International Real Estate Funds Average | -3.07 | 2.12 | 4.02 | 13,705 |
| MSCI All Country World Index ex USA | -7.80 | 2.10 | 3.50 | 13,165 |
International Real Estate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.
| | | | |
| | | | Since | Final Value |
| | One | Five | Inception | of a $10,000 |
| | Year | Years | (11/1/2010) | Investment |
| Global ex-U.S. Real Estate Index FundETF | | | | |
| Shares Net Asset Value | -6.42% | 2.43% | 4.67% | $14,405 |
| S&P Global ex-U.S. Property Index | -6.79 | 1.96 | 4.31 | 14,012 |
| MSCI All Country World Index ex USA | -7.80 | 2.10 | 3.50 | 13,165 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares. The Fiscal-Year Total Returns chart is not adjusted for fees.
See Financial Highlights for dividend and capital gains information.
7
| | | | |
| Global ex-U.S. Real Estate Index Fund | | | | |
| |
| |
| |
| |
| | | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| | | | Since | Final Value |
| | One | Five | Inception | of a $10,000 |
| | Year | Years | (2/10/2011) | Investment |
| Global ex-U.S. Real Estate Index Fund | | | | |
| Admiral Shares | -6.89% | 2.34% | 4.85% | $14,412 |
| S&P Global ex-U.S. Property Index | -6.79 | 1.96 | 4.56 | 14,107 |
| MSCI All Country World Index ex USA | -7.80 | 2.10 | 3.21 | 12,760 |
"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards.
| | | | |
| | | | Since | Final Value |
| | One | Five | Inception | of a $5,000,000 |
| | Year | Years | (4/19/2011) | Investment |
| Global ex-U.S. Real Estate Index Fund | | | | |
| Institutional Shares | -6.88% | 2.36% | 4.66% | $7,048,560 |
| |
| S&P Global ex-U.S. Property Index | -6.79 | 1.96 | 4.39 | 6,908,855 |
| |
| MSCI All Country World Index ex USA | -7.80 | 2.10 | 2.87 | 6,187,060 |
"Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standards.
| | | |
| Cumulative Returns of ETF Shares: November 1, 2010, Through October 31, 2018 | |
| |
| | | | Since |
| | One | Five | Inception |
| | Year | Years | (11/1/2010) |
| Global ex-U.S. Real Estate Index Fund ETF Shares | | | |
| Market Price | -6.78% | 12.26% | 43.18% |
| Global ex-U.S. Real Estate Index Fund ETF Shares | | | |
| Net Asset Value | -6.42 | 12.76 | 44.05 |
| S&P Global ex-U.S. Property Index | -6.79 | 10.20 | 40.12 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares. The Fiscal-Year Total Returns chart is not adjusted for fees.
8
Global ex-U.S. Real Estate Index Fund
Fiscal-Year Total Returns (%): November 1, 2010, Through October 31, 2018
Average Annual Total Returns: Periods Ended September 30, 2018
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 | 11/1/2010 | -0.51% | 3.89% | 5.34% |
| Fee-Adjusted Returns | | -0.99 | 3.80 | 5.28 |
| ETF Shares | 11/1/2010 | | | |
| Market Price | | -0.64 | 4.00 | 5.44 |
| Net Asset Value | | -0.33 | 4.06 | 5.50 |
| Admiral Shares | 2/10/2011 | -0.33 | 4.07 | 5.77 |
| Fee-Adjusted Returns | | -0.82 | 3.98 | 5.71 |
| Institutional Shares | 4/19/2011 | -0.32 | 4.09 | 5.61 |
| Fee-Adjusted Returns | | -0.81 | 4.00 | 5.54 |
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.
9
Global ex-U.S. Real Estate Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2018
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.
| | |
| | | Market |
| | | Value• |
| | Shares | ($000) |
| Common Stocks (98.9%)1 | | |
| Australia (8.4%) | | |
| Scentre Group | 32,268,408 | 90,909 |
| Goodman Group | 9,687,000 | 71,194 |
| LendLease Group | 3,529,950 | 44,084 |
| Dexus | 6,099,700 | 44,072 |
| GPT Group | 10,841,905 | 39,651 |
| Stockland | 14,711,671 | 37,634 |
| Vicinity Centres | 19,428,664 | 36,446 |
| Mirvac Group | 22,401,769 | 34,459 |
| Charter Hall Group | 2,804,065 | 13,724 |
| Investa Office Fund | 2,994,542 | 11,782 |
| Shopping Centres | | |
| Australasia Property | | |
| Group | 5,051,547 | 9,188 |
| BWP Trust | 2,910,521 | 7,142 |
| Cromwell Property | | |
| Group | 8,649,331 | 6,313 |
| Charter Hall Retail | | |
| REIT | 1,967,431 | 5,930 |
| Abacus Property | | |
| Group | 1,954,683 | 4,550 |
| National Storage REIT | 3,670,539 | 4,435 |
| Viva Energy REIT | 2,623,847 | 4,054 |
| Growthpoint Properties | | |
| Australia Ltd. | 1,531,564 | 3,950 |
| Aveo Group | 2,536,538 | 3,318 |
| Charter Hall Long | | |
| Wale REIT | 1,087,937 | 3,177 |
| Rural Funds Group | 1,954,043 | 2,952 |
| GDI Property Group | 3,015,769 | 2,755 |
| Folkestone Education | | |
| Trust | 1,323,859 | 2,678 |
| Ingenia Communities | | |
| Group | 1,225,737 | 2,498 |
| Arena REIT | 1,545,157 | 2,373 |
| Propertylink Group | 2,627,019 | 2,177 |
| | Hotel Property | | |
| | Investments | 841,102 | 1,840 |
| | Cedar Woods | | |
| | Properties Ltd. | 344,220 | 1,293 |
| | Industria REIT | 632,742 | 1,133 |
| | Villa World Ltd. | 714,928 | 1,019 |
| | Servcorp Ltd. | 14,200 | 35 |
| | | | 496,765 |
| Austria (0.6%) | | |
| | CA Immobilien | | |
| | Anlagen AG | 444,203 | 14,455 |
| * | IMMOFINANZ AG | 561,064 | 13,356 |
| | S IMMO AG | 316,186 | 5,406 |
| ^ | BUWOG AG | 67,449 | 2,292 |
| | | | 35,509 |
| Belgium (0.9%) | | |
| | Cofinimmo SA | 127,699 | 15,271 |
| | Warehouses De | | |
| | Pauw CVA | 102,375 | 13,277 |
| | Aedifica SA | 108,669 | 9,091 |
| | Befimmo SA | 139,434 | 7,643 |
| | Retail Estates NV | 46,157 | 3,685 |
| | Intervest Offices & | | |
| | Warehouses NV | 98,851 | 2,567 |
| | | | 51,534 |
| Brazil (0.7%) | | |
| * | BR Malls Participacoes | | |
| | SA | 5,472,016 | 18,674 |
| | Multiplan | | |
| | Empreendimentos | | |
| | Imobiliarios SA | 1,696,548 | 10,485 |
| | Iguatemi Empresa de | | |
| | Shopping Centers SA | 549,486 | 5,738 |
| | Aliansce Shopping | | |
| | Centers SA | 554,837 | 2,612 |
| | BR Properties SA | 780,774 | 1,638 |
| | Sonae Sierra Brasil SA | 138,165 | 852 |
| | | | 39,999 |
10
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Canada (2.5%) | | |
| ^ | RioCan REIT | 926,359 | 16,888 |
| | First Capital Realty | | |
| | Inc. | 1,048,261 | 15,639 |
| ^ | Canadian Apartment | | |
| | Properties REIT | 430,565 | 15,310 |
| | H&R REIT | 857,380 | 12,967 |
| ^ | Allied Properties REIT | 294,692 | 9,469 |
| ^ | SmartCentres REIT | 396,136 | 9,051 |
| | Choice Properties | | |
| | REIT | 818,958 | 7,428 |
| ^ | Tricon Capital Group | | |
| | Inc. | 808,074 | 6,421 |
| ^ | Dream Global REIT | 562,224 | 5,731 |
| | Granite REIT | 134,698 | 5,562 |
| ^ | Boardwalk REIT | 135,370 | 5,040 |
| ^ | Cominar REIT | 538,108 | 4,468 |
| ^ | Artis REIT | 449,003 | 3,820 |
| | Northview Apartment | | |
| | REIT | 163,676 | 3,147 |
| ^ | Dream Office REIT | 175,535 | 3,107 |
| | Killam Apartment | | |
| | REIT | 239,678 | 2,944 |
| ^ | InterRent REIT | 305,465 | 2,928 |
| ^ | Crombie REIT | 263,973 | 2,641 |
| ^ | NorthWest Healthcare | | |
| | Properties REIT | 301,775 | 2,432 |
| * | DREAM Unlimited | | |
| | Corp. Class A | 421,498 | 2,321 |
| | Dream Industrial REIT | 257,130 | 1,910 |
| | CT REIT | 187,742 | 1,854 |
| | Summit Industrial | | |
| | Income REIT | 247,441 | 1,697 |
| ^ | Slate Retail REIT | 127,011 | 1,221 |
| ^ | Slate Office REIT | 203,345 | 1,193 |
| | Morguard North | | |
| | American Residential | | �� |
| | REIT | 95,615 | 1,180 |
| | Agellan Commercial | | |
| | REIT | 98,494 | 964 |
| | True North Commercial | | |
| | REIT | 174,518 | 850 |
| | | | 148,183 |
| Chile (0.2%) | | |
| | Parque Arauco SA | 4,154,456 | 9,424 |
| |
| China (9.0%) | | |
| | China Overseas Land | | |
| | & Investment Ltd. | 22,559,710 | 70,924 |
| | China Resources | | |
| | Land Ltd. | 16,374,446 | 55,693 |
| | Country Garden | | |
| | Holdings Co. Ltd. | 43,341,163 | 46,642 |
| | | |
| ^ | China Evergrande | | |
| | Group | 18,172,921 | 43,575 |
| | Sunac China Holdings | | |
| | Ltd. | 13,854,278 | 37,919 |
| | China Vanke Co. Ltd. | 7,966,483 | 24,600 |
| | Longfor Group | | |
| | Holdings Ltd. | 8,970,208 | 21,799 |
| | Shimao Property | | |
| | Holdings Ltd. | 6,454,164 | 12,718 |
| | China Jinmao Holdings | | |
| | Group Ltd. | 25,212,054 | 10,623 |
| | Jiayuan International | | |
| | Group Ltd. | 5,990,000 | 10,515 |
| | Agile Group Holdings | | |
| | Ltd. | 8,741,409 | 10,043 |
| | Guangzhou R&F | | |
| | Properties Co. Ltd. | 6,092,209 | 9,619 |
| | CIFI Holdings Group | | |
| | Co. Ltd. | 22,038,000 | 9,246 |
| | Sino-Ocean Group | | |
| | Holding Ltd. | 18,908,829 | 7,433 |
| | Shanghai Lujiazui | | |
| | Finance & Trade Zone | | |
| | Development Co. Ltd. | | |
| | Class B | 5,746,518 | 7,315 |
| | Logan Property | | |
| | Holdings Co. Ltd. | 7,623,984 | 7,061 |
| ^ | Future Land | | |
| | Development | | |
| | Holdings Ltd. | 10,366,000 | 5,979 |
| | Yuexiu Property Co. | | |
| | Ltd. | 37,335,094 | 5,925 |
| | KWG Group Holdings | | |
| | Ltd. | 7,302,158 | 5,604 |
| | Shenzhen Investment | | |
| | Ltd. | 18,894,201 | 5,438 |
| | Yuexiu REIT | 7,885,516 | 4,790 |
| ^ | Zhenro Properties | | |
| | Group Ltd. | 7,713,000 | 4,674 |
| | China Aoyuan Property | | |
| | Group Ltd. | 7,820,000 | 4,591 |
| * | Renhe Commercial | | |
| | Holdings Co. Ltd. | 127,131,484 | 4,310 |
| | Shui On Land Ltd. | 20,896,538 | 4,223 |
| *,^ | Ronshine China | | |
| | Holdings Ltd. | 3,542,000 | 3,996 |
| | SOHO China Ltd. | 11,402,045 | 3,876 |
| | China South City | | |
| | Holdings Ltd. | 26,090,111 | 3,835 |
| | Yuzhou Properties | | |
| | Co. Ltd. | 10,683,470 | 3,814 |
| | China SCE Group | | |
| | Holdings Ltd. | 11,084,766 | 3,789 |
11
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| ^,2 | Red Star Macalline | | |
| | Group Corp. Ltd. | 4,035,324 | 3,570 |
| | Poly Property Group | | |
| | Co. Ltd. | 11,677,048 | 3,499 |
| | Kaisa Group Holdings | | |
| | Ltd. | 13,218,000 | 3,233 |
| | Powerlong Real Estate | | |
| | Holdings Ltd. | 9,391,139 | 3,223 |
| *,2 | China Logistics | | |
| | Property Holdings | | |
| | Co. Ltd. | 9,509,000 | 3,153 |
| | Hopson Development | | |
| | Holdings Ltd. | 4,012,710 | 3,085 |
| | Times China Holdings | | |
| | Ltd. | 3,221,000 | 2,822 |
| | Zall Smart Commerce | | |
| | Group Ltd. | 3,652,000 | 2,613 |
| | Gemdale Properties & | | |
| | Investment Corp. Ltd. | 27,512,000 | 2,540 |
| | Greentown China | | |
| | Holdings Ltd. | 3,541,814 | 2,475 |
| ^,2 | Redco Group | 5,426,000 | 2,458 |
| ^ | China Overseas Grand | | |
| | Oceans Group Ltd. | 7,889,079 | 2,445 |
| | Joy City Property Ltd. | 21,853,515 | 2,323 |
| | C C Land Holdings Ltd. | 9,723,500 | 2,310 |
| *,^ | Zhuguang Holdings | | |
| | Group Co. Ltd. | 12,316,000 | 2,282 |
| *,2 | Sunshine 100 China | | |
| | Holdings Ltd. | 4,655,000 | 2,258 |
| | Road King | | |
| | Infrastructure Ltd. | 1,449,000 | 2,243 |
| * | Skyfame Realty | | |
| | Holdings Ltd. | 12,981,012 | 2,235 |
| ^ | LVGEM China Real | | |
| | Estate Investment | | |
| | Co. Ltd. | 6,584,000 | 1,853 |
| | Shanghai Jinqiao | | |
| | Export Processing | | |
| | Zone Development | | |
| | Co. Ltd. Class B | 1,668,650 | 1,849 |
| | Beijing Capital Land | | |
| | Ltd. | 5,089,034 | 1,728 |
| | Central China Real | | |
| | Estate Ltd. | 4,426,000 | 1,617 |
| | Yida China Holdings | | |
| | Ltd. | 4,482,000 | 1,520 |
| | Shanghai Industrial | | |
| | Urban Development | | |
| | Group Ltd. | 8,552,799 | 1,280 |
| * | C&D International | | |
| | Investment Group Ltd. | 1,425,000 | 1,237 |
| | Minmetals Land Ltd. | 7,956,000 | 1,221 |
| | | |
| *,^ | Ground International | | |
| | Development Ltd. | 11,520,000 | 1,177 |
| | Nam Tai Property Inc. | 124,518 | 1,149 |
| | Beijing North Star Co. | | |
| | Ltd. | 4,334,000 | 1,146 |
| | Greenland Hong Kong | | |
| | Holdings Ltd. | 4,827,000 | 1,113 |
| | Guorui Properties Ltd. | 4,456,000 | 1,070 |
| | China Electronics | | |
| | Optics Valley Union | | |
| | Holding Co. Ltd. | 18,920,000 | 1,053 |
| *,^ | Carnival Group | | |
| | International | | |
| | Holdings Ltd. | 57,272,799 | 1,038 |
| 2 | China Vast Industrial | | |
| | Urban Development | | |
| | Co. Ltd. | 2,645,000 | 1,031 |
| | Shanghai Shibei | | |
| | Hi-Tech Co. Ltd. | | |
| | Class B | 2,877,550 | 1,021 |
| *,§ | Mingfa Group | | |
| | International Co. Ltd. | 4,231,908 | 1,020 |
| | China Merchants | | |
| | Land Ltd. | 7,820,000 | 1,011 |
| | Xinyuan Real Estate | | |
| | Co. Ltd. ADR | 214,908 | 888 |
| | Fantasia Holdings | | |
| | Group Co. Ltd. | 8,831,943 | 883 |
| *,^ | Jingrui Holdings Ltd. | 3,018,000 | 782 |
| ^ | Modern Land China | | |
| | Co. Ltd. | 5,934,000 | 747 |
| * | Glorious Property | | |
| | Holdings Ltd. | 14,812,036 | 722 |
| *,^ | AVIC International | | |
| | Holding HK Ltd. | 29,153,742 | 674 |
| * | Zhong An Real Estate | | |
| | Ltd. | 15,993,000 | 551 |
| | Tian An China | | |
| | Investment Co. Ltd. | 1,028,000 | 549 |
| | Shanghai Lingang | | |
| | Holdings Corp. Ltd. | | |
| | Class B | 431,435 | 534 |
| * | Sansheng Holdings | | |
| | Group Co. Ltd. | 366,000 | 501 |
| * | Hydoo International | | |
| | Holding Ltd. | 9,360,000 | 500 |
| * | Shanghai Zendai | | |
| | Property Ltd. | 34,440,000 | 486 |
| | Greattown Holdings | | |
| | Ltd. Class B | 808,800 | 348 |
| * | Wanda Hotel | | |
| | Development Co. Ltd. | 4,269,000 | 330 |
12
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| ^ | Top Spring | | |
| | International | | |
| | Holdings Ltd. | 1,188,500 | 312 |
| * | China Minsheng | | |
| | DIT Group Ltd. | 12,840,000 | 271 |
| * | EverChina | | |
| | International | | |
| | Holdings Co. Ltd. | 11,159,331 | 257 |
| * | Shanghai Huili | | |
| | Building Materials | | |
| | Co. Ltd. Class B | 106,200 | 77 |
| | Spring REIT | 80,000 | 48 |
| ^ | Fullshare Holdings Ltd. | 100,000 | 39 |
| | | | 532,969 |
| Denmark (0.0%) | | |
| * | TK Development A/S | 5,256 | 5 |
| |
| Egypt (0.1%) | | |
| | Talaat Moustafa Group | 5,419,949 | 2,803 |
| * | Medinet Nasr Housing | 4,277,445 | 1,690 |
| * | Six of October | | |
| | Development & | | |
| | Investment | 1,490,785 | 1,247 |
| * | Palm Hills | | |
| | Developments SAE | 6,064,461 | 796 |
| | Heliopolis Housing | 763,610 | 765 |
| * | Emaar Misr for | | |
| | Development SAE | 3,985,076 | 697 |
| * | Palm Hills | | |
| | Developments SAE | | |
| | Rights Exp. 11/15/2018 | 2,021,487 | 31 |
| | | | 8,029 |
| Finland (0.1%) | | |
| | Citycon Oyj | 2,206,318 | 4,288 |
| |
| France (5.4%) | | |
| * | Unibail-Rodamco- | | |
| | Westfield (Amsterdam | | |
| | Shares) | 617,867 | 111,809 |
| | Gecina SA | 332,061 | 48,701 |
| | Klepierre SA | 1,253,769 | 42,487 |
| * | Unibail-Rodamco- | | |
| | Westfield | 216,117 | 39,235 |
| | Covivio | 325,901 | 32,702 |
| | ICADE | 272,838 | 23,119 |
| | Nexity SA | 297,664 | 14,235 |
| ^ | Mercialys SA | 336,406 | 4,932 |
| | Altarea SCA | 22,026 | 4,832 |
| | | | 322,052 |
| Germany (6.9%) | | |
| | Vonovia SE | 3,139,532 | 143,466 |
| | Deutsche Wohnen SE | 2,149,294 | 98,310 |
| | LEG Immobilien AG | 379,430 | 41,475 |
| * | Aroundtown SA | 4,106,104 | 34,026 |
| | | |
| | TAG Immobilien AG | 881,400 | 20,107 |
| | Grand City | | |
| | Properties SA | 626,510 | 15,146 |
| | alstria office REIT-AG | 955,011 | 13,748 |
| 2 | ADO Properties SA | 166,102 | 9,797 |
| | Deutsche EuroShop | | |
| | AG | 305,439 | 9,478 |
| | TLG Immobilien AG | 332,489 | 8,442 |
| | Hamborner REIT AG | 479,362 | 4,830 |
| | PATRIZIA Immobilien | | |
| | AG | 267,358 | 4,596 |
| | ADLER Real Estate | | |
| | AG | 201,809 | 3,263 |
| | DIC Asset AG | 265,584 | 2,864 |
| * | WCM Beteiligungs | | |
| | & Grundbesitz-AG | 2,735 | 12 |
| | | | 409,560 |
| Greece (0.1%) | | |
| | Grivalia Properties | | |
| | REIC AE | 295,146 | 2,536 |
| * | LAMDA Development | | |
| | SA | 239,643 | 1,653 |
| | | | 4,189 |
| Hong Kong (12.0%) | | |
| | Sun Hung Kai | | |
| | Properties Ltd. | 9,308,941 | 120,981 |
| | Link REIT | 12,914,589 | 114,773 |
| | CK Asset Holdings | | |
| | Ltd. | 16,140,875 | 105,041 |
| | New World | | |
| | Development Co. | | |
| | Ltd. | 34,611,000 | 44,031 |
| | Wharf Real Estate | | |
| | Investment Co. Ltd. | 7,005,000 | 43,530 |
| | Henderson Land | | |
| | Development Co. Ltd. | 9,046,397 | 42,193 |
| | Hongkong Land | | |
| | Holdings Ltd. | 7,109,012 | 42,099 |
| | Sino Land Co. Ltd. | 19,602,604 | 30,796 |
| | Wheelock & Co. Ltd. | 4,708,152 | 25,170 |
| | Swire Properties Ltd. | 6,377,400 | 21,794 |
| | Hang Lung Properties | | |
| | Ltd. | 11,990,932 | 21,736 |
| | Wharf Holdings Ltd. | 6,996,000 | 17,488 |
| | Hysan Development | | |
| | Co. Ltd. | 3,712,655 | 17,411 |
| | Hang Lung Group Ltd. | 5,187,103 | 12,770 |
| | Kerry Properties Ltd. | 3,568,832 | 11,236 |
| | Champion REIT | 12,029,512 | 8,094 |
| | Great Eagle Holdings | | |
| | Ltd. | 868,000 | 3,964 |
| | Sunlight REIT | 6,077,400 | 3,659 |
| | K Wah International | | |
| | Holdings Ltd. | 7,127,338 | 3,229 |
13
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Far East Consortium | | |
| | International Ltd. | 6,429,000 | 3,002 |
| ^ | Wang On Properties | | |
| | Ltd. | 22,516,000 | 2,788 |
| ^ | Chinese Estates | | |
| | Holdings Ltd. | 2,843,952 | 2,677 |
| | Prosperity REIT | 7,095,649 | 2,517 |
| | Landing International | | |
| | Development Ltd. | 8,792,400 | 1,834 |
| | Langham Hospitality | | |
| | Investments and | | |
| | Langham Hospitality | | |
| | Investments Ltd. | 5,056,500 | 1,799 |
| | CSI Properties Ltd. | 33,178,348 | 1,298 |
| | Lai Sun Development | | |
| | Co. Ltd. | 760,800 | 1,104 |
| | Liu Chong Hing | | |
| | Investment Ltd. | 560,000 | 810 |
| | Kowloon Development | | |
| | Co. Ltd. | 443,000 | 456 |
| | Emperor International | | |
| | Holdings Ltd. | 1,736,000 | 425 |
| | Soundwill Holdings | | |
| | Ltd. | 223,500 | 292 |
| | Asia Standard | | |
| | International Group | | |
| | Ltd. | 1,508,000 | 284 |
| | HKR International Ltd. | 38,400 | 18 |
| | | | 709,299 |
| India (0.4%) | | |
| | DLF Ltd. | 2,682,379 | 5,977 |
| | Oberoi Realty Ltd. | 682,146 | 3,908 |
| * | Godrej Properties | | |
| | Ltd. | 344,576 | 2,791 |
| | Phoenix Mills Ltd. | 353,925 | 2,659 |
| | Prestige Estates | | |
| | Projects Ltd. | 699,890 | 1,844 |
| * | Indiabulls Real Estate | | |
| | Ltd. | 1,690,760 | 1,718 |
| | Sobha Ltd. | 269,084 | 1,626 |
| | Sunteck Realty Ltd. | 222,901 | 976 |
| | Mahindra Lifespace | | |
| | Developers Ltd. | 156,706 | 866 |
| | Omaxe Ltd. | 270,192 | 778 |
| * | Housing Development | | |
| | & Infrastructure Ltd. | 1,562,087 | 426 |
| | Brigade Enterprises Ltd. | 194,222 | 420 |
| * | Unitech Ltd. | 12,893,631 | 375 |
| | NESCO Ltd. | 53,807 | 322 |
| | | | 24,686 |
| | | |
| Indonesia (0.4%) | | |
| * | Bumi Serpong Damai | | |
| | Tbk PT | 56,190,427 | 4,079 |
| * | Hanson International | | |
| | Tbk PT | 460,130,500 | 3,667 |
| | Ciputra Development | | |
| | Tbk PT | 59,559,091 | 3,221 |
| | Pakuwon Jati Tbk PT | 87,669,628 | 2,759 |
| | Summarecon Agung | | |
| | Tbk PT | 46,971,600 | 1,854 |
| | Lippo Karawaci Tbk | | |
| | PT | 100,277,300 | 1,853 |
| * | Kawasan Industri | | |
| | Jababeka Tbk PT | 101,276,111 | 1,479 |
| * | Alam Sutera Realty | | |
| | Tbk PT | 67,462,397 | 1,236 |
| * | Sentul City Tbk PT | 125,524,500 | 786 |
| | PP Properti Tbk PT | 104,663,007 | 662 |
| | Puradelta Lestari | | |
| | Tbk PT | 59,056,200 | 505 |
| * | Intiland Development | | |
| | Tbk PT | 18,733,000 | 401 |
| * | Lippo Cikarang | | |
| | Tbk PT | 1,115,200 | 113 |
| | | | 22,615 |
| Ireland (0.3%) | | |
| | Green REIT plc | 3,975,571 | 6,568 |
| | Hibernia REIT plc | 4,161,268 | 6,554 |
| | Irish Residential | | |
| | Properties REIT plc | 2,131,320 | 3,435 |
| | | | 16,557 |
| Israel (0.9%) | | |
| | Azrieli Group Ltd. | 218,386 | 10,604 |
| | Alony Hetz Properties | | |
| | & Investments Ltd. | 665,002 | 6,326 |
| * | Airport City Ltd. | 436,706 | 5,087 |
| | Gazit-Globe Ltd. | 576,796 | 4,823 |
| | Melisron Ltd. | 105,596 | 4,477 |
| | Amot Investments | | |
| | Ltd. | 873,934 | 4,341 |
| | Reit 1 Ltd. | 1,040,696 | 4,069 |
| * | Jerusalem Economy | | |
| | Ltd. | 1,241,428 | 3,331 |
| | Bayside Land Corp. | 5,723 | 2,457 |
| * | Brack Capital | | |
| | Properties NV | 18,447 | 1,962 |
| | Sella Capital Real | | |
| | Estate Ltd. | 1,151,411 | 1,907 |
| | Big Shopping | | |
| | Centers Ltd. | 28,839 | 1,878 |
| * | ADO Group Ltd. | 76,007 | 1,669 |
14
Global ex-U.S. Real Estate Index Fund
| | |
| | | Market |
| | | Value• |
| | Shares | ($000) |
| Property & Building | | |
| Corp. Ltd. | 14,607 | 1,048 |
| * Africa Israel | | |
| Investments Ltd. | | — |
| | | 53,979 |
| Italy (0.1%) | | |
| Beni Stabili SpA SIIQ | 6,254,452 | 5,355 |
| Immobiliare Grande | | |
| Distribuzione SIIQ | | |
| SPA | 293,544 | 2,071 |
| *,§ Beni Stabili SpA SIIQ | | |
| Rights Exp. 11/10/2018 | 6,501,127 | — |
| | | 7,426 |
| Japan (22.8%) | | |
| Mitsui Fudosan Co. | | |
| Ltd. | 6,007,457 | 135,301 |
| Mitsubishi Estate Co. | | |
| Ltd. | 8,429,445 | 134,718 |
| Daiwa House Industry | | |
| Co. Ltd. | 4,036,874 | 121,891 |
| Sumitomo Realty & | | |
| Development Co. Ltd. | 2,893,167 | 99,409 |
| Daito Trust | | |
| Construction Co. Ltd. | 457,825 | 60,359 |
| Nippon Building Fund | | |
| Inc. | 8,529 | 48,740 |
| Japan Real Estate | | |
| Investment Corp. | 8,365 | 43,170 |
| Nomura Real Estate | | |
| Master Fund Inc. | 26,087 | 33,790 |
| Japan Retail Fund | | |
| Investment Corp. | 15,856 | 29,286 |
| United Urban | | |
| Investment Corp. | 18,492 | 28,113 |
| Hulic Co. Ltd. | 2,970,080 | 27,178 |
| Nippon Prologis REIT | | |
| Inc. | 13,200 | 26,570 |
| Orix JREIT Inc. | 16,690 | 25,532 |
| Daiwa House REIT | | |
| Investment Corp. | 10,443 | 22,885 |
| GLP J-Reit | 23,001 | 22,761 |
| Advance Residence | | |
| Investment Corp. | 8,196 | 20,939 |
| Japan Prime Realty | | |
| Investment Corp. | 5,585 | 19,928 |
| Tokyu Fudosan | | |
| Holdings Corp. | 3,450,144 | 19,439 |
| Japan Hotel REIT | | |
| Investment Corp. | 24,278 | 17,271 |
| Kenedix Office | | |
| Investment Corp. | 2,600 | 16,112 |
| Activia Properties Inc. | 3,838 | 15,929 |
| Invincible Investment | | |
| Corp. | 34,794 | 14,412 |
| | | |
| | Sekisui House Reit Inc. | 22,629 | 14,163 |
| | Tokyo Tatemono Co. | | |
| | Ltd. | 1,302,683 | 14,011 |
| | Nomura Real Estate | | |
| | Holdings Inc. | 744,829 | 13,992 |
| | Nippon | | |
| | Accommodations | | |
| | Fund Inc. | 2,911 | 13,343 |
| | Mori Hills REIT | | |
| | Investment Corp. | 9,588 | 11,859 |
| | Aeon Mall Co. Ltd. | 619,883 | 11,448 |
| | Frontier Real Estate | | |
| | Investment Corp. | 2,979 | 11,418 |
| ^ | Daiwa Office | | |
| | Investment Corp. | 1,867 | 11,403 |
| | Japan Logistics Fund | | |
| | Inc. | 5,565 | 11,101 |
| | Japan Excellent Inc. | 7,935 | 10,288 |
| | Industrial & | | |
| | Infrastructure Fund | | |
| | Investment Corp. | 10,225 | 10,262 |
| | AEON REIT | | |
| | Investment Corp. | 9,079 | 10,000 |
| | Hulic Reit Inc. | 6,704 | 9,755 |
| | NTT Urban | | |
| | Development Corp. | 653,000 | 9,705 |
| | NIPPON REIT | | |
| | Investment Corp. | 2,663 | 8,657 |
| | Comforia Residential | | |
| | REIT Inc. | 3,538 | 8,463 |
| | Tokyu REIT Inc. | 5,914 | 8,319 |
| | Mori Trust Sogo Reit | | |
| | Inc. | 5,811 | 8,240 |
| | Premier Investment | | |
| | Corp. | 7,957 | 8,231 |
| | Kenedix Residential | | |
| | Next Investment Corp. | 5,215 | 7,954 |
| | Japan Rental Housing | | |
| | Investments Inc. | 9,840 | 7,723 |
| | MCUBS MidCity | | |
| | Investment Corp. | 9,899 | 7,577 |
| | Ichigo Office REIT | | |
| | Investment | 9,158 | 7,517 |
| | Invesco Office J-Reit | | |
| | Inc. | 52,114 | 7,344 |
| | Fukuoka REIT Corp. | 4,762 | 7,188 |
| | Kenedix Retail REIT | | |
| | Corp. | 3,061 | 6,509 |
| | Leopalace21 Corp. | 1,517,850 | 6,323 |
| | LaSalle Logiport REIT | 6,620 | 6,096 |
| | Heiwa Real Estate | | |
| | REIT Inc. | 6,088 | 5,971 |
| | Hoshino Resorts | | |
| | REIT Inc. | 1,254 | 5,881 |
15
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Global One Real Estate | | |
| | Investment Corp. | 5,400 | 5,446 |
| | Ichigo Inc. | 1,491,900 | 4,871 |
| | Hankyu Hanshin REIT | | |
| | Inc. | 3,809 | 4,739 |
| | Daikyo Inc. | 161,805 | 4,247 |
| | Mitsui Fudosan | | |
| | Logistics Park Inc. | 1,413 | 4,121 |
| | Heiwa Real Estate | | |
| | Co. Ltd. | 205,032 | 3,797 |
| | Unizo Holdings Co. | | |
| | Ltd. | 196,300 | 3,698 |
| ^ | Katitas Co. Ltd. | 145,800 | 3,536 |
| | Daibiru Corp. | 342,357 | 3,451 |
| | Mitsubishi Estate | | |
| | Logistics REIT | | |
| | Investment Corp. | 1,487 | 3,299 |
| ^ | Mirai Corp. | 2,018 | 3,181 |
| ^ | One REIT Inc. | 1,404 | 3,131 |
| | Star Asia Investment | | |
| | Corp. | 3,210 | 2,991 |
| | Mori Trust Hotel Reit | | |
| | Inc. | 2,058 | 2,487 |
| | TOC Co. Ltd. | 344,129 | 2,344 |
| | Keihanshin Building | | |
| | Co. Ltd. | 279,400 | 2,057 |
| | Starts Proceed | | |
| | Investment Corp. | 1,373 | 1,983 |
| ^ | Ichigo Hotel REIT | | |
| | Investment Corp. | 1,567 | 1,845 |
| | Sakura Sogo REIT | | |
| | Investment Corp. | 2,164 | 1,688 |
| | Sun Frontier | | |
| | Fudousan Co. Ltd. | 165,200 | 1,686 |
| | Goldcrest Co. Ltd. | 103,940 | 1,628 |
| | Takara Leben Co. Ltd. | 522,052 | 1,504 |
| | Samty Residential | | |
| | Investment Corp. | 1,910 | 1,502 |
| ^ | SAMTY Co. Ltd. | 107,100 | 1,402 |
| | Tosei Corp. | 151,600 | 1,386 |
| ^ | Tosei Reit Investment | | |
| | Corp. | 1,420 | 1,378 |
| | XYMAX REIT | | |
| | Investment Corp. | 1,314 | 1,312 |
| ^ | Shinoken Group Co. | | |
| | Ltd. | 153,600 | 1,270 |
| ^ | Health Care & Medical | | |
| | Investment Corp. | 1,215 | 1,215 |
| ^ | CRE Logistics REIT | | |
| | Inc. | 1,244 | 1,173 |
| ^ | Ooedo Onsen Reit | | |
| | Investment Corp. | 1,450 | 1,107 |
| | Nippon Commercial | | |
| | Development Co. Ltd. | 66,400 | 1,007 |
| | | |
| ^ | Star Mica Co. Ltd. | 70,800 | 967 |
| | Japan Property | | |
| | Management Center | | |
| | Co. Ltd. | 83,300 | 908 |
| | Arealink Co. Ltd. | 57,800 | 853 |
| * | Marimo Regional | | |
| | Revitalization REIT Inc. | 713 | 688 |
| ^ | Ardepro Co. Ltd. | 1,045,400 | 581 |
| ^ | Mugen Estate Co. Ltd. | 69,700 | 399 |
| *,^ | SAMTY Co. Ltd. Rights | | |
| | Exp. 11/19/2018 | 107,100 | 104 |
| | | | 1,349,456 |
| Malaysia (0.6%) | | |
| | Sime Darby Property | | |
| | Bhd. | 17,437,100 | 4,073 |
| | SP Setia Bhd. Group | 7,844,600 | 3,942 |
| | KLCCP Stapled Group | | |
| | Bhd. | 2,131,070 | 3,903 |
| | IGB REIT | 8,829,200 | 3,545 |
| | IOI Properties Group | | |
| | Bhd. | 11,018,600 | 3,450 |
| | Sunway REIT | 6,998,534 | 2,825 |
| | Mah Sing Group Bhd. | 7,812,825 | 1,793 |
| | Axis REIT | 4,623,900 | 1,688 |
| | Pavilion REIT | 4,141,600 | 1,573 |
| | UOA Development | | |
| | Bhd. | 3,356,100 | 1,566 |
| | Matrix Concepts | | |
| | Holdings Bhd. | 3,356,828 | 1,484 |
| * | Eastern & Oriental | | |
| | Bhd. | 5,158,197 | 1,458 |
| * | Eco World | | |
| | Development Group | | |
| | Bhd. | 5,523,800 | 1,321 |
| | UEM Sunrise Bhd. | 7,954,465 | 1,305 |
| * | Eco World | | |
| | International Bhd. | 5,329,593 | 1,140 |
| | Capitaland Malaysia | | |
| | Mall Trust | 4,522,300 | 1,114 |
| | YNH Property Bhd. | 2,430,300 | 782 |
| | LBS Bina Group Bhd. | 4,304,340 | 701 |
| | KIP REIT | 2,295,100 | 443 |
| | MKH Bhd. | 1,087,700 | 322 |
| * | KSL Holdings Bhd. | 1,200,900 | 204 |
| * | Sunway Bhd. Warrants | | |
| | Exp. 12/31/2024 | 1,260,691 | 87 |
| * | Eco World | | |
| | Development Group | | |
| | Bhd. Warrants | | |
| | Exp. 03/26/2022 | 450,320 | 25 |
| * | Matrix Concepts | | |
| | Holdings Bhd. | | |
| | Warrants | | |
| | Exp. 07/20/2020 | 167,103 | 7 |
16
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Mah Sing Group | | |
| | Warrants | | |
| | Exp. 01/15/2026 | 264,345 | 4 |
| * | Eastern & Oriental | | |
| | Bhd. Warrants | | |
| | Exp. 07/21/2019 | 438,840 | 3 |
| | | | 38,758 |
| Mexico (0.8%) | | |
| | Fibra Uno | | |
| | Administracion SA | | |
| | de CV | 18,294,985 | 19,661 |
| | Concentradora Fibra | | |
| | Danhos SA de CV | 4,977,092 | 6,554 |
| | PLA Administradora | | |
| | Industrial S de RL | | |
| | de CV | 4,767,447 | 5,797 |
| | Macquarie Mexico | | |
| | Real Estate | | |
| | Management SA de | | |
| | CV | 4,800,518 | 4,675 |
| | Corp Inmobiliaria | | |
| | Vesta SAB de CV | 3,286,040 | 4,012 |
| | Prologis Property | | |
| | Mexico SA de CV | 2,076,200 | 3,660 |
| 2 | Concentradora Fibra | | |
| | Hotelera Mexicana | | |
| | SA de CV | 4,123,348 | 1,979 |
| * | Grupo GICSA SAB | | |
| | de CV | 3,905,927 | 1,521 |
| | Asesor de Activos | | |
| | Prisma SAPI de CV | 2,795,540 | 1,394 |
| | | | 49,253 |
| Netherlands (0.4%) | | |
| | Eurocommercial | | |
| | Properties NV | 246,313 | 9,107 |
| ^ | Wereldhave NV | 243,690 | 8,361 |
| | NSI NV | 111,793 | 4,409 |
| | Vastned Retail NV | 95,932 | 3,797 |
| | | | 25,674 |
| New Zealand (0.5%) | | |
| | Kiwi Property Group | | |
| | Ltd. | 8,493,964 | 7,291 |
| | Goodman Property | | |
| | Trust | 6,182,707 | 6,056 |
| | Precinct Properties | | |
| | New Zealand Ltd. | 6,171,442 | 5,688 |
| | Argosy Property Ltd. | 5,053,289 | 3,530 |
| | Stride Property Group | 2,266,150 | 2,787 |
| | Vital Healthcare | | |
| | Property Trust | 1,996,813 | 2,704 |
| | | | 28,056 |
| Norway (0.2%) | | |
| 2 | Entra ASA | 748,972 | 10,135 |
| | Selvaag Bolig ASA | 274,657 | 1,229 |
| | | | 11,364 |
| | | |
| Other (0.2%)3 | | |
| 4 | Vanguard Real Estate | | |
| | ETF | 146,614 | 11,483 |
| |
| Philippines (1.5%) | | |
| | SM Prime Holdings | | |
| | Inc. | 69,831,993 | 44,149 |
| | Ayala Land Inc. | 35,471,400 | 26,320 |
| | Megaworld Corp. | 75,937,200 | 6,265 |
| | Robinsons Land Corp. | 12,165,572 | 4,782 |
| | Vista Land & | | |
| | Lifescapes Inc. | 25,529,278 | 2,522 |
| * | DoubleDragon | | |
| | Properties Corp. | 4,452,060 | 1,601 |
| | Filinvest Land Inc. | 57,819,000 | 1,514 |
| | Belle Corp. | 14,032,000 | 619 |
| | Cebu Landmasters Inc. | 2,273,000 | 183 |
| * | International | | |
| | Entertainment Corp. | 1,250,000 | 167 |
| | | | 88,122 |
| Poland (0.1%) | | |
| ^ | EPP NV | 2,723,924 | 3,832 |
| | LC Corp. SA | 2,799,833 | 1,751 |
| | Globe Trade Centre SA | 9,232 | 19 |
| | | | 5,602 |
| Qatar (0.3%) | | |
| | Barwa Real Estate Co. | 1,192,375 | 12,235 |
| | United Development | | |
| | Co. QSC | 1,097,747 | 4,215 |
| * | Mazaya Qatar Real | | |
| | Estate Development | | |
| | QSC | 323,513 | 672 |
| | | | 17,122 |
| Russia (0.1%) | | |
| | LSR Group PJSC GDR | 1,261,037 | 2,345 |
| | Etalon Group plc GDR | 505,571 | 1,159 |
| | | | 3,504 |
| Singapore (5.4%) | | |
| | CapitaLand Ltd. | 15,193,738 | 34,512 |
| | Ascendas REIT | 15,420,643 | 28,079 |
| | CapitaLand Mall Trust | 16,332,134 | 24,876 |
| | City Developments | | |
| | Ltd. | 3,730,490 | 21,319 |
| | CapitaLand | | |
| | Commercial Trust | 16,796,287 | 20,988 |
| | Suntec REIT | 13,555,227 | 17,348 |
| | UOL Group Ltd. | 3,267,878 | 14,234 |
| | Mapletree Commercial | | |
| | Trust | 11,479,833 | 13,349 |
| | Mapletree Logistics | | |
| | Trust | 14,458,996 | 12,636 |
| | Mapletree North Asia | | |
| | Commercial Trust | 13,000,504 | 10,620 |
| | Mapletree Industrial | | |
| | Trust | 7,554,934 | 10,083 |
17
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Fortune REIT | 8,324,861 | 9,108 |
| | Keppel REIT | 10,953,015 | 8,941 |
| | Frasers Logistics & | | |
| | Industrial Trust | 9,633,950 | 7,093 |
| | Ascott Residence | | |
| | Trust | 7,336,362 | 5,571 |
| ^ | Keppel DC REIT | 5,691,098 | 5,474 |
| | Frasers Centrepoint | | |
| | Trust | 3,455,841 | 5,392 |
| | Manulife US REIT | 7,119,234 | 5,065 |
| | CDL Hospitality Trusts | 4,545,086 | 4,760 |
| | Parkway Life REIT | 2,334,755 | 4,385 |
| | ESR-REIT | 11,579,235 | 4,059 |
| | Frasers Commercial | | |
| | Trust | 4,070,567 | 4,032 |
| | Starhill Global REIT | 8,152,668 | 3,945 |
| | Yanlord Land Group | | |
| | Ltd. | 3,975,804 | 3,626 |
| | AIMS AMP Capital | | |
| | Industrial REIT | 3,606,376 | 3,488 |
| | CapitaLand Retail | | |
| | China Trust | 3,521,386 | 3,487 |
| | OUE Hospitality Trust | 6,712,400 | 3,294 |
| | Cache Logistics Trust | 6,354,942 | 3,145 |
| | First REIT | 3,445,154 | 2,987 |
| | SPH REIT | 3,857,300 | 2,745 |
| | Frasers Property Ltd. | 2,298,800 | 2,621 |
| | Ascendas Hospitality | | |
| | Trust | 4,364,900 | 2,489 |
| | Far East Hospitality | | |
| | Trust | 5,478,192 | 2,354 |
| | GuocoLand Ltd. | 1,797,277 | 2,168 |
| | Lippo Malls Indonesia | | |
| | Retail Trust | 11,458,906 | 1,986 |
| | Soilbuild Business | | |
| | Space REIT | 4,435,060 | 1,825 |
| | OUE Ltd. | 1,727,400 | 1,748 |
| | Sabana Shari’ah | | |
| | Compliant Industrial | | |
| | REIT | 4,899,872 | 1,414 |
| | GSH Corp. Ltd. | 4,962,300 | 1,401 |
| | Chip Eng Seng Corp. | | |
| | Ltd. | 1,569,900 | 759 |
| * | Ying Li International | | |
| | Real Estate Ltd. | 7,738,700 | 476 |
| * | Aspen Group | | |
| | Holdings Ltd. | 1,200,200 | 158 |
| | Wing Tai Holdings Ltd. | 24,000 | 33 |
| | Yoma Strategic | | |
| | Holdings Ltd. | 132,000 | 24 |
| | | | 318,097 |
| South Africa (2.3%) | | |
| | Growthpoint | | |
| | Properties Ltd. | 17,995,940 | 27,629 |
| | NEPI Rockcastle plc | 2,875,171 | 24,837 |
| | | |
| ^ | Redefine Properties | | |
| | Ltd. | 32,490,515 | 21,118 |
| | Hyprop Investments | | |
| | Ltd. | 1,536,663 | 9,406 |
| | Resilient REIT Ltd. | 2,076,295 | 8,425 |
| | Fortress REIT Ltd. | | |
| | Class A | 7,121,349 | 8,170 |
| | Vukile Property Fund | | |
| | Ltd. | 4,928,101 | 6,790 |
| | Fortress REIT Ltd. | | |
| | Class B | 5,678,125 | 5,550 |
| | Attacq Ltd. | 4,511,162 | 4,450 |
| | SA Corporate Real | | |
| | Estate Ltd. | 15,122,514 | 4,055 |
| | Equites Property | | |
| | Fund Ltd. | 2,716,929 | 3,689 |
| | Emira Property Fund | | |
| | Ltd. | 2,608,371 | 2,630 |
| | Arrowhead Properties | | |
| | Ltd. | 6,247,918 | 2,276 |
| * | Stor-Age Property | | |
| | REIT Ltd. | 2,134,841 | 1,778 |
| | Rebosis Property | | |
| | Fund Ltd. | 3,765,131 | 1,584 |
| | Delta Property Fund | | |
| | Ltd. | 3,373,933 | 1,369 |
| | Octodec Investments | | |
| | Ltd. | 1,036,853 | 1,357 |
| | | | 135,113 |
| South Korea (0.0%) | | |
| | SK D&D Co. Ltd. | 45,403 | 1,222 |
| ^ | Dongwon | | |
| | Development Co. Ltd. | 247,658 | 772 |
| | | | 1,994 |
| Spain (1.0%) | | |
| | Merlin Properties | | |
| | Socimi SA | 2,218,615 | 27,800 |
| | Inmobiliaria Colonial | | |
| | Socimi SA | 1,791,532 | 17,988 |
| | Lar Espana Real | | |
| | Estate Socimi SA | 431,314 | 4,274 |
| *,2 | Aedas Homes SAU | 139,562 | 3,613 |
| *,2 | Metrovacesa SA | 274,903 | 3,381 |
| * | Quabit Inmobiliaria SA | 737,345 | 1,417 |
| * | Realia Business SA | 22,034 | 25 |
| | | | 58,498 |
| Sweden (2.2%) | | |
| | Castellum AB | 1,651,573 | 28,469 |
| * | Fabege AB | 1,644,187 | 20,995 |
| * | Fastighets AB Balder | | |
| | Class B | 588,831 | 14,768 |
| | Hemfosa Fastigheter | | |
| | AB | 1,016,027 | 12,552 |
| ^ | Wallenstam AB | 1,181,909 | 10,649 |
18
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Hufvudstaden AB | | |
| | Class A | 712,404 | 10,532 |
| * | Wihlborgs Fastigheter | | |
| | AB | 809,358 | 9,131 |
| | Kungsleden AB | 1,135,520 | 7,938 |
| | Klovern AB | 3,236,119 | 3,734 |
| * | Hembla AB Class B | 213,279 | 3,647 |
| | Dios Fastigheter AB | 525,983 | 3,168 |
| | Sagax AB | 509,723 | 1,867 |
| | Victoria Park AB | | |
| | Class B | 104,720 | 420 |
| | Magnolia Bostad AB | 3,673 | 16 |
| | | | 127,886 |
| Switzerland (1.4%) | | |
| | Swiss Prime Site AG | 459,510 | 37,286 |
| | PSP Swiss Property AG | 244,416 | 23,583 |
| | Allreal Holding AG | 79,198 | 12,149 |
| | Mobimo Holding AG | 39,940 | 8,894 |
| | Intershop Holding AG | 8,109 | 3,985 |
| | | | 85,897 |
| Taiwan (0.7%) | | |
| | Highwealth | | |
| | Construction Corp. | 5,627,544 | 8,266 |
| | Ruentex Development | | |
| | Co. Ltd. | 4,085,325 | 5,670 |
| | Chong Hong | | |
| | Construction Co. Ltd. | 1,293,297 | 2,948 |
| | Huaku Development | | |
| | Co. Ltd. | 1,436,854 | 2,923 |
| | Hung Sheng | | |
| | Construction Ltd. | 3,264,000 | 2,775 |
| | Prince Housing & | | |
| | Development Corp. | 7,378,478 | 2,410 |
| * | Radium Life Tech Co. | | |
| | Ltd. | 4,208,947 | 2,077 |
| | Farglory Land | | |
| | Development Co. Ltd. | 1,738,631 | 1,987 |
| | Cathay Real Estate | | |
| | Development Co. Ltd. | 3,105,100 | 1,847 |
| | Kindom Construction | | |
| | Corp. | 2,172,000 | 1,197 |
| * | Taiwan Land | | |
| | Development Corp. | 4,118,450 | 1,065 |
| | KEE TAI Properties | | |
| | Co. Ltd. | 2,678,869 | 1,015 |
| | Kuoyang Construction | | |
| | Co. Ltd. | 2,684,887 | 976 |
| | Hong Pu Real Estate | | |
| | Development Co. Ltd. | 1,444,194 | 926 |
| * | Shining Building | | |
| | Business Co. Ltd. | 2,633,524 | 837 |
| | Long Bon | | |
| | International Co. Ltd. | 1,544,000 | 745 |
| | | | |
| | Huang Hsiang | | | |
| | Construction Corp. | 790,000 | 636 |
| | Advancetek | | | |
| | Enterprise Co. Ltd. | 1,300,000 | 633 |
| | Hung Ching | | | |
| | Development & | | |
| | Construction Co. Ltd. | 829,000 | 625 |
| | ZongTai Real Estate | | |
| | Development Co. Ltd. | 1,120,574 | 590 |
| | | | | 40,148 |
| Thailand (1.4%) | | | |
| * | Central Pattana PCL | 8,098,800 | 19,313 |
| * | CPN Retail Growth | | |
| | Leasehold REIT | 9,706,610 | 7,681 |
| * | Land & Houses PCL | | |
| | (Local) | | 21,035,600 | 6,552 |
| | Tesco Lotus Retail | | |
| | Growth Freehold & | | |
| | Leasehold Property | | |
| | Fund | | 10,523,756 | 6,064 |
| * | WHA Corp. PCL | | |
| | (Local) | | 37,014,230 | 4,608 |
| | MBK PCL | | 4,058,900 | 2,988 |
| * | Bangkok Land PCL | | |
| | (Local) | | 48,233,400 | 2,506 |
| * | Quality Houses PCL | 26,250,800 | 2,490 |
| | Samui Airport | | | |
| | Property Fund | | | |
| | Leasehold | | 3,457,175 | 2,451 |
| * | Supalai PCL (Local) | 3,548,305 | 2,345 |
| * | Amata Corp. PCL | 3,116,300 | 2,270 |
| * | IMPACT Growth REIT | 3,872,800 | 2,210 |
| * | Pruksa Holding PCL | 2,842,300 | 1,733 |
| * | Origin Property PCL | 6,182,098 | 1,720 |
| * | Singha Estate PCL | | |
| | (Local) | | 16,462,336 | 1,565 |
| * | U City PCL | 1,665,852,400 | 1,508 |
| * | Platinum Group PCL | 5,603,200 | 1,338 |
| * | Ananda | | | |
| | Development PCL | 9,015,100 | 1,260 |
| * | Siam Future | | | |
| | Development PCL | 5,300,267 | 1,233 |
| *,§ | Pruksa Real Estate | | |
| | PCL | | 3,024,500 | 1,224 |
| * | Grand Canal Land | | |
| | PCL | | 13,403,200 | 1,191 |
| * | AP Thailand PCL | 4,272,950 | 1,060 |
| * | Sansiri PCL (Local) | 20,529,400 | 973 |
| * | LPN Development | | |
| | PCL | | 3,430,000 | 970 |
| * | Golden Land Property | | |
| | Development PCL | 3,052,700 | 849 |
| | Property Perfect PCL | 26,569,900 | 802 |
19
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| ^ | WHA Corp. PCL | | |
| | (Foreign) | 5,869,056 | 731 |
| ^ | Sansiri PCL | 14,694,200 | 697 |
| * | Golden Ventures | | |
| | Leasehold REIT | 1,540,000 | 683 |
| | SC Asset Corp. PCL | | |
| | NVDR | 5,349,100 | 549 |
| * | PACE Development | | |
| | Corp. PCL | 33,926,400 | 544 |
| ^ | Supalai PCL (Foreign) | 806,276 | 533 |
| * | Country Group | | |
| | Development PCL | 13,148,100 | 532 |
| * | Univentures PCL | | |
| | (Local) | 2,078,700 | 463 |
| ^ | Univentures PCL | | |
| | (Foreign) | 1,856,500 | 413 |
| | Asian Property | | |
| | Development PCL | | |
| | (Foreign) | 1,513,270 | 375 |
| * | SC Asset Corp. PCL | | |
| | (Local) | 3,071,925 | 315 |
| | SC Asset Corp. PCL | | |
| | (Foreign) | 2,817,412 | 289 |
| | Bangkok Land PCL | | |
| | (Foreign) | 4,269,495 | 222 |
| * | Bhiraj Office | | |
| | Leasehold REIT | 536,900 | 214 |
| | Land & Houses PCL | | |
| | (Foreign) | 481,300 | 150 |
| * | Origin Property PCL | | |
| | Warrants | 908,724 | 54 |
| *,^ | Singha Estate PCL | | |
| | (Foreign) | 253,164 | 24 |
| * | TICON Industrial | | |
| | Connection PCL | 8,123 | 4 |
| | | | 85,696 |
| Turkey (0.1%) | | |
| | Emlak Konut | | |
| | Gayrimenkul Yatirim | | |
| | Ortakligi AS | 11,662,082 | 3,493 |
| | Is Gayrimenkul Yatirim | | |
| | Ortakligi AS | 3,389,740 | 528 |
| | Torunlar Gayrimenkul | | |
| | Yatirim Ortakligi AS | 85,158 | 24 |
| | | | 4,045 |
| United Arab Emirates (1.0%) | |
| | Emaar Properties PJSC | 21,978,710 | 30,495 |
| | Aldar Properties PJSC | 24,093,076 | 11,358 |
| | Emaar Malls PJSC | 12,229,847 | 6,089 |
| | DAMAC Properties | | |
| | Dubai Co. PJSC | 10,612,613 | 5,842 |
| | | |
| * | Eshraq Properties Co. | | |
| | PJSC | 7,035,885 | 1,151 |
| * | Deyaar Development | | |
| | PJSC | 9,121,738 | 1,096 |
| | RAK Properties PJSC | 5,511,338 | 836 |
| | | | 56,867 |
| United Kingdom (6.9%) | | |
| | Land Securities | | |
| | Group plc | 4,535,725 | 49,340 |
| | Segro plc | 6,103,324 | 47,849 |
| | British Land Co. plc | 6,002,216 | 45,331 |
| | Hammerson plc | 4,798,802 | 26,792 |
| | Derwent London plc | 668,898 | 25,013 |
| | UNITE Group plc | 1,591,673 | 17,330 |
| | Tritax Big Box REIT | | |
| | plc | 8,917,163 | 16,280 |
| | Shaftesbury plc | 1,397,031 | 15,997 |
| | Great Portland | | |
| | Estates plc | 1,703,164 | 15,154 |
| | Capital & Counties | | |
| | Properties plc | 4,535,472 | 14,471 |
| | Intu Properties plc | 5,281,237 | 13,210 |
| | Big Yellow Group plc | 946,348 | 10,419 |
| | Workspace Group plc | 799,155 | 9,795 |
| | LondonMetric | | |
| | Property plc | 4,185,377 | 9,638 |
| | Assura plc | 14,360,401 | 9,592 |
| | Grainger plc | 2,508,697 | 8,667 |
| | Safestore Holdings | | |
| | plc | 1,267,081 | 8,652 |
| | F&C Commercial | | |
| | Property Trust Ltd. | 4,845,360 | 8,333 |
| | Primary Health | | |
| | Properties plc | 4,395,577 | 6,135 |
| | NewRiver REIT plc | 1,855,986 | 5,985 |
| | St. Modwen | | |
| | Properties plc | 1,241,336 | 5,926 |
| | UK Commercial | | |
| | Property REIT Ltd. | 4,116,641 | 4,615 |
| | Empiric Student | | |
| | Property plc | 3,426,400 | 4,153 |
| | MAS Real Estate Inc. | 2,546,949 | 3,641 |
| | Picton Property | | |
| | Income Ltd. | 3,256,622 | 3,610 |
| | Redefine | | |
| | International plc | 8,079,390 | 3,402 |
| | Hansteen Holdings | | |
| | plc | 2,467,831 | 3,035 |
| | LXI REIT plc | 1,889,302 | 2,864 |
| | Helical plc | 641,768 | 2,542 |
| 2 | Regional REIT Ltd. | 1,816,181 | 2,328 |
| | Schroder REIT Ltd. | 3,104,311 | 2,319 |
20
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | U & I Group plc | 710,612 | 2,080 |
| | Capital & Regional plc | 3,096,211 | 1,666 |
| | Civitas Social | | |
| | Housing plc | 1,158,990 | 1,630 |
| 2 | Triple Point Social | | |
| | Housing Reit plc | 1,203,645 | 1,580 |
| 2 | AEW UK Long Lease | | |
| | Reit plc | 124,067 | 143 |
| | | | 409,517 |
| Total Common Stocks | | |
| (Cost $6,348,456) | | 5,849,220 |
| Temporary Cash Investments (3.1%)1 | |
| Money Market Fund (3.0%) | | |
| 5,6 | Vanguard Market | | |
| | Liquidity Fund, 2.308% | 1,773,416 | 177,342 |
| |
| | | Face | |
| | | Amount | |
| | | ($000) | |
| U. S. Government and Agency Obligations (0.1%) |
| 7 | United States Treasury | | |
| | Bill, 2.078%, 11/15/18 | 1,400 | 1,399 |
| 7 | United States Treasury | | |
| | Bill, 2.037%, 11/29/18 | 1,000 | 998 |
| 7 | United States Treasury | | |
| | Bill, 2.082%, 12/20/18 | 1,000 | 997 |
| 7 | United States Treasury | | |
| | Bill, 2.284%, 2/21/19 | 400 | 397 |
| | | | 3,791 |
| Total Temporary Cash Investments | |
| (Cost $181,123) | | 181,133 |
| Total Investments (102.0%) | | |
| (Cost $6,529,579) | | 6,030,353 |
| | |
| | | Amount |
| | | ($000) |
| Other Assets and Liabilities (-2.0%) | | |
| Other Assets | | |
| Investment in Vanguard | | 329 |
| Receivables for Investment Securities Sold | 325 |
| Receivables for Accrued Income | | 23,940 |
| Receivables for Capital Shares Issued | | 431 |
| Variation Margin Receivable— | | |
| Futures Contracts | | 708 |
| Unrealized Appreciation— | | |
| Forward Currency Contracts | | 119 |
| Other Assets 6 | | 17,126 |
| Total Other Assets | | 42,978 |
| Liabilities | | |
| Payables for Investment Securities | | |
| Purchased | | (3,502) |
| Collateral for Securities on Loan | | (153,729) |
| Payables for Capital Shares Redeemed | | (3,672) |
| Payables to Vanguard | | (1,112) |
| Unrealized Depreciation— | | |
| Forward Currency Contracts | | (495) |
| Other Liabilities | | (228) |
| Total Liabilities | | (162,738) |
| Net Assets (100%) | 5,910,593 |
21
Global ex-U.S. Real Estate Index Fund
| |
| At October 31, 2018, net assets consisted of: |
| | Amount |
| | ($000) |
| Paid-in Capital | 6,501,223 |
| Total Distributable Earnings (Loss) | (590,630) |
| Net Assets | 5,910,593 |
| |
| |
| Investor Shares—Net Assets | |
| Applicable to 2,410,766 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 51,093 |
| Net Asset Value Per Share— | |
| Investor Shares | $21.19 |
| |
| |
| ETF Shares—Net Assets | |
| Applicable to 99,453,184 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 5,269,877 |
| Net Asset Value Per Share— | |
| ETF Shares | $52.99 |
| |
| |
| Admiral Shares—Net Assets | |
| Applicable to 14,777,600 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 474,542 |
| Net Asset Value Per Share— | |
| Admiral Shares | $32.11 |
| |
| | Amount |
| | ($000) |
| Institutional Shares—Net Assets | |
| Applicable to 1,075,693 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 115,081 |
| Net Asset Value Per Share— | |
| Institutional Shares | $106.98 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $134,792,000.
§ Security value determined using significant unobservable
inputs.
1 The fund invests a portion of its cash reserves in equity
markets through the use of index futures contracts. After
giving effect to futures investments, the fund’s effective
common stock and temporary cash investment positions
represent 100.0% and 2.0%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At October 31, 2018, the aggregate value
of these securities was $45,426,000, representing 0.8% of
net assets.
3 “Other” represents securities that are not classified by the
fund’s benchmark index.
4 Considered an affiliated company of the fund as the issuer is
another member of The Vanguard Group.
5 Affiliated money market fund available only to Vanguard funds
and certain trusts and accounts managed by Vanguard. Rate
shown is the 7-day yield.
6 Includes $153,729,000 of collateral received for securities on
loan, of which $139,842,000 is held in Vanguard Market Liquidity
Fund and $13,887,000 is held in cash.
7 Securities with a value of $2,922,000 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.
22
| | | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Derivative Financial Instruments Outstanding as of Period End | | | |
| Futures Contracts | | | | | | |
| | | | | | | ($000) |
| | | | | | | Value and |
| | | | Number of | | Unrealized |
| | | | Long (Short) | Notional | Appreciation |
| | | Expiration | Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | | | |
| E-mini S&P 500 Index | December 2018 | | 227 | 30,771 | (2,261) |
| MSCI Emerging Market Index | December 2018 | | 417 | 19,947 | (1,595) |
| Topix Index | December 2018 | | 51 | 7,416 | (139) |
| FTSE 100 Index | December 2018 | | 40 | 3,634 | (94) |
| | | | | | | (4,089) |
| |
| |
| Forward Currency Contracts | | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | | | Contract Amount (000) | |
| | Settlement | | | | | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| Morgan Stanley Capital Services LLC | 12/18/18 | JPY | 1,721,992 | USD | 15,557 | (230) |
| Toronto-Dominion Bank | 12/28/18 | GBP | 5,473 | USD | 7,283 | (265) |
| UBS AG | 12/18/18 | USD | 9,086 | JPY | 1,018,640 | 19 |
| Barclays Bank plc | 12/18/18 | USD | 6,435 | JPY | 722,600 | 3 |
| UBS AG | 12/28/18 | USD | 2,749 | GBP | 2,083 | 79 |
| Deutsche Bank AG | 12/28/18 | USD | 685 | GBP | 520 | 18 |
| | | | | | | (376) |
| GBP—British pound. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| USD—U.S. dollar. | | | | | | |
See accompanying Notes, which are an integral part of the Financial Statements.
23
| |
| Global ex-U.S. Real Estate Index Fund | |
| |
| |
| |
| Statement of Operations | |
| |
| |
| | Year Ended |
| | October 31, 2018 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends—Unaffiliated Issuers1 | 297,601 |
| Dividends—Affiliated Issuers | 447 |
| Interest—Unaffiliated Issuers | 57 |
| Interest—Affiliated Issuers | 451 |
| Securities Lending—Net | 6,208 |
| Total Income | 304,764 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 991 |
| Management and Administrative—Investor Shares | 146 |
| Management and Administrative—ETF Shares | 4,240 |
| Management and Administrative—Admiral Shares | 393 |
| Management and Administrative—Institutional Shares | 105 |
| Marketing and Distribution—Investor Shares | 10 |
| Marketing and Distribution—ETF Shares | 328 |
| Marketing and Distribution—Admiral Shares | 34 |
| Marketing and Distribution—Institutional Shares | 3 |
| Custodian Fees | 1,352 |
| Auditing Fees | 39 |
| Shareholders’ Reports and Proxy—Investor Shares | 2 |
| Shareholders’ Reports and Proxy—ETF Shares | 373 |
| Shareholders’ Reports and Proxy—Admiral Shares | 4 |
| Shareholders’ Reports and Proxy—Institutional Shares | — |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 8,024 |
| Net Investment Income | 296,740 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold—Unaffiliated Issuers 2 | 38,333 |
| Investment Securities Sold—Affiliated Issuers | 319 |
| Futures Contracts | 306 |
| Forward Currency Contracts | (651) |
| Foreign Currencies | (337) |
| Realized Net Gain (Loss) | 37,970 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities Sold—Unaffiliated Issuers | (797,533) |
| Investment Securities Sold—Affiliated Issuers | 67 |
| Futures Contracts | (4,594) |
| Forward Currency Contracts | (376) |
| Foreign Currencies | (112) |
| Change in Unrealized Appreciation (Depreciation) | (802,548) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (467,838) |
1 Dividends are net of foreign withholding taxes of $18,393,000.
2 Includes $49,332,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
24
| | |
| Global ex-U.S. Real Estate Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended October 31, |
| | 2018 | 2017 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 296,740 | 161,220 |
| Realized Net Gain (Loss) | 37,970 | 49,701 |
| Change in Unrealized Appreciation (Depreciation) | (802,548) | 489,291 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (467,838) | 700,212 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (2,637) | (2,179) |
| ETF Shares | (284,755) | (142,965) |
| Admiral Shares | (24,016) | (14,861) |
| Institutional Shares | (7,330) | (6,531) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (318,738) | (166,536) |
| Capital Share Transactions | | |
| Investor Shares | 1,905 | (10,258) |
| ETF Shares | 852,990 | 1,045,850 |
| Admiral Shares | 82,863 | 33,006 |
| Institutional Shares | (26,347) | (29,219) |
| Net Increase (Decrease) from Capital Share Transactions | 911,411 | 1,039,379 |
| Total Increase (Decrease) | 124,835 | 1,573,055 |
| Net Assets | | |
| Beginning of Period | 5,785,758 | 4,212,703 |
| End of Period | 5,910,593 | 5,785,758 |
See accompanying Notes, which are an integral part of the Financial Statements.
25
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $23.79 | $21.35 | $21.44 | $22.63 | $23.06 |
| Investment Operations | | | | | |
| Net Investment Income | 1.0311 | .7111 | .6551 | .683 | . 944 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (2.505) | 2.530 | (.088) | (1.103) | (.443) |
| Total from Investment Operations | (1.474) | 3.241 | .567 | (.420) | .501 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.126) | (. 801) | (. 657) | (.770) | (. 931) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.126) | (. 801) | (. 657) | (.770) | (. 931) |
| Net Asset Value, End of Period | $21.19 | $23.79 | $21.35 | $21.44 | $22.63 |
| |
| Total Return2 | -6.61% | 15.88% | 2.72% | -1.82% | 2.41% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $51 | $56 | $59 | $58 | $51 |
| Ratio of Total Expenses to Average Net Assets | 0.31% | 0.34% | 0.35% | 0.36% | 0.37% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 4.32% | 3.24% | 3.10% | 2.97% | 4.10% |
| Portfolio Turnover Rate 3 | 7% | 6% | 7% | 12% | 8% |
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.
26
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| ETF Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $59.49 | $53.35 | $53.58 | $56.54 | $57.64 |
| Investment Operations | | | | | |
| Net Investment Income | 2.6721 | 1.9001 | 1.7521 | 1.802 | 2.437 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (6.240) | 6.325 | (.241) | (2.747) | (1.120) |
| Total from Investment Operations | (3.568) | 8.225 | 1.511 | (.945) | 1.317 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (2.932) | (2.085) | (1.741) | (2.015) | (2.417) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.932) | (2.085) | (1.741) | (2.015) | (2.417) |
| Net Asset Value, End of Period | $52.99 | $59.49 | $53.35 | $53.58 | $56.54 |
| |
| Total Return | -6.42% | 16.13% | 2.92% | -1.66% | 2.51% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $5,270 | $5,122 | $3,616 | $3,111 | $2,203 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.14% | 0.15% | 0.18% | 0.24% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 4.51% | 3.44% | 3.30% | 3.15% | 4.23% |
| Portfolio Turnover Rate2 | 7% | 6% | 7% | 12% | 8% |
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.
27
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $36.05 | $32.33 | $32.47 | $34.27 | $34.92 |
| Investment Operations | | | | | |
| Net Investment Income | 1.6201 | 1.1411 | 1.0581 | 1.090 | 1.466 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (3.784) | 3.844 | (.139) | (1.673) | (.661) |
| Total from Investment Operations | (2.164) | 4.985 | .919 | (.583) | .805 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.776) | (1.265) | (1.059) | (1.217) | (1.455) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.776) | (1.265) | (1.059) | (1.217) | (1.455) |
| Net Asset Value, End of Period | $32.11 | $36.05 | $32.33 | $32.47 | $34.27 |
| |
| Total Return2 | -6.43% | 16.15% | 2.91% | -1.66% | 2.55% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $475 | $453 | $373 | $349 | $296 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.14% | 0.15% | 0.18% | 0.24% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 4.51% | 3.44% | 3.30% | 3.15% | 4.23% |
| Portfolio Turnover Rate 3 | 7% | 6% | 7% | 12% | 8% |
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.
28
| | | | | |
| Global ex-U.S. Real Estate Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $120.11 | $107.71 | $108.17 | $114.14 | $116.37 |
| Investment Operations | | | | | |
| Net Investment Income | 5.5431 | 3.8891 | 3.5591 | 3.657 | 4.954 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (12.740) | 12.741 | (.483) | (5.541) | (2.273) |
| Total from Investment Operations | (7.197) | 16.630 | 3.076 | (1.884) | 2.681 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (5.933) | (4.230) | (3.536) | (4.086) | (4.911) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (5.933) | (4.230) | (3.536) | (4.086) | (4.911) |
| Net Asset Value, End of Period | $106.98 | $120.11 | $107.71 | $108.17 | $114.14 |
| |
| Total Return2 | -6.42% | 16.17% | 2.93% | -1.61% | 2.55% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $115 | $156 | $165 | $167 | $176 |
| Ratio of Total Expenses to Average Net Assets | 0.11% | 0.12% | 0.13% | 0.16% | 0.22% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 4.52% | 3.46% | 3.32% | 3.17% | 4.25% |
| Portfolio Turnover Rate 3 | 7% | 6% | 7% | 12% | 8% |
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.
29
Global ex-U.S. Real Estate Index Fund
Notes to Financial Statements
Vanguard Global ex-U.S. Real Estate Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker. Admiral Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments 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.
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, 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 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 clearing-house is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the
30
Global ex-U.S. Real Estate Index Fund
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 clearing-house 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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended October 31, 2018, 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 the notional amounts 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 the 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, 2015–2018), 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. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
31
Global ex-U.S. Real Estate Index Fund
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and 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 before the opening of the market 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 event 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at October 31, 2018, 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), shareholder reporting, and the proxy. 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.
32
Global ex-U.S. Real Estate Index Fund
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of $329,000, representing 0.01% of the fund’s net assets and 0.13% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of October 31, 2018, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 260,379 | 5,586,597 | 2,244 |
| Temporary Cash Investments | 177,342 | 3,791 | — |
| Futures Contracts—Assets1 | 708 | — | — |
| Forward Currency Contracts—Assets | — | 119 | — |
| Forward Currency Contracts—Liabilities | — | (495) | — |
| Total | 438,429 | 5,590,012 | 2,244 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
33
Global ex-U.S. Real Estate Index Fund
D. At October 31, 2018, 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) |
| Variation Margin Receivable—Futures Contracts | 708 | — | 708 |
| Unrealized Appreciation—Forward Currency Contracts | — | 119 | 119 |
| Total Assets | 708 | 119 | 827 |
| |
| Unrealized Depreciation—Forward Currency Contracts | — | (495) | (495) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2018, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 306 | — | 306 |
| Forward Currency Contracts | — | (651) | (651) |
| Realized Net Gain (Loss) on Derivatives | 306 | (651) | (345) |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (4,594) | — | (4,594) |
| Forward Currency Contracts | — | (376) | (376) |
| Change in Unrealized Appreciation | | | |
| (Depreciation) on Derivatives | (4,594) | (376) | (4,970) |
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, and passive foreign investment companies were reclassified to the following accounts:
| |
| | Amount |
| | ($000) |
| Paid-in Capital | 49,328 |
| Total Distributable Earnings (Loss) | (49,328) |
34
Global ex-U.S. Real Estate Index Fund
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales, the realization of unrealized gains or losses on certain futures contracts and forward currency contracts, and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| |
| | Amount |
| | ($000) |
| Undistributed Ordinary Income | 121,794 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards* | (132,727) |
| Net Unrealized Gains (Losses) | (578,876) |
| * | Includes $1,948,000, which may be used to offset future net capital gains through October 31, 2019, as well as capital losses of $130,779,000, which may be carried forward indefinitely but must be used before any expiring loss carryforwards. |
As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| |
| | Amount |
| | ($000) |
| Tax Cost | 6,608,899 |
| Gross Unrealized Appreciation | 298,334 |
| Gross Unrealized Depreciation | (877,019) |
| Net Unrealized Appreciation (Depreciation) | (578,685) |
F. During the year ended October 31, 2018, the fund purchased $1,630,564,000 of investment securities and sold $787,971,000 of investment securities, other than temporary cash investments. Purchases and sales include $988,439,000 and $353,169,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
35
Global ex-U.S. Real Estate Index Fund
| | | | |
| G. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended October 31, |
| | | 2018 | | 2017 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued1 | 11,117 | 463 | 9,645 | 443 |
| Issued in Lieu of Cash Distributions | 2,293 | 98 | 1,894 | 94 |
| Redeemed 2 | (11,505) | (484) | (21,797) | (968) |
| Net Increase (Decrease)—Investor Shares | 1,905 | 77 | (10,258) | (431) |
| ETF Shares | | | | |
| Issued1 | 1,222,061 | 20,065 | 1,594,745 | 29,212 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed 2 | (369,071) | (6,700) | (548,895) | (10,900) |
| Net Increase (Decrease)—ETF Shares | 852,990 | 13,365 | 1,045,850 | 18,312 |
| Admiral Shares | | | | |
| Issued1 | 136,046 | 3,715 | 96,042 | 2,884 |
| Issued in Lieu of Cash Distributions | 20,084 | 564 | 12,797 | 417 |
| Redeemed 2 | (73,267) | (2,064) | (75,833) | (2,272) |
| Net Increase (Decrease)—Admiral Shares | 82,863 | 2,215 | 33,006 | 1,029 |
| Institutional Shares | | | | |
| Issued1 | 5,719 | 47 | 35,925 | 321 |
| Issued in Lieu of Cash Distributions | 3,800 | 32 | 4,242 | 41 |
| Redeemed 2 | (35,866) | (300) | (69,386) | (595) |
| Net Increase (Decrease) —Institutional Shares | (26,347) | (221) | (29,219) | (233) |
| 1 | Includes purchase fees for fiscal 2018 and 2017 of $350,000 and $495,000, respectively (fund totals). |
| 2 | Net of redemption fees for fiscal 2018 and 2017 of $227,000 and $251,000, respectively (fund totals). |
At October 31, 2018, one shareholder was the record or beneficial owner of 27% 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.
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Global ex-U.S. Real Estate Index Fund
H. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
| | | | | | | | |
| | | | | | Current Period Transactions | |
| | Oct. 31, | | Proceeds Realized | | | | Oct. 31, |
| | 2017 | | from | Net | Change in | | Capital Gain | 2018 |
| | Market | Purchases | Securities | Gain | Unrealized | | Distributions | Market |
| | Value | at Cost | Sold | (Loss) | App. (Dep.) | Income | Received | Value |
| | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) |
| Vanguard Market | | | | | | | | |
| Liquidity Fund | 147,067 | NA1 | NA1 | (7) | 6 | 451 | — | 177,342 |
| Vanguard Real | | | | | | | | |
| Estate ETF | 7,908 | 31,823 | 28,5452 | 326 | 61 | 447 | — | 11,483 |
| Total | 154,975 | | | 319 | 67 | 898 | — | 188,825 |
| 1 Not applicable—purchases and sales are for temporary cash investment purposes. | | | |
| 2 Does not include adjustment related to return of capital. | | | | | |
I. Management has determined that no events or transactions occurred subsequent to October 31, 2018, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard Global ex-U.S. Real Estate Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets of Vanguard Global ex-U.S. Real Estate Index Fund (one of the funds constituting Vanguard International Equity Index Funds, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 13, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Special 2018 tax information (unaudited) for Vanguard Global ex-U.S. Real Estate Index Fund
This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $54,753,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $289,914,000 and foreign taxes paid of $17,951,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2019 to determine the calendar-year amounts to be included on their 2018 tax returns.
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Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2018. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns: Global ex-U.S. Real Estate Index Fund Investor Shares
Periods Ended October 31, 2018
| | | |
| | | | Since |
| | One | Five | Inception |
| | Year | Years | (11/1/2010) |
| Returns Before Taxes | -7.07% | 2.16% | 4.45% |
| Returns After Taxes on Distributions | -8.68 | 0.69 | 3.13 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -3.92 | 1.11 | 2.99 |
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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| | | |
| Six Months Ended October 31, 2018 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Global ex-U.S. Real Estate Index Fund | 4/30/2018 | 10/31/2018 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $879.14 | $1.33 |
| ETF Shares | 1,000.00 | 880.18 | 0.47 |
| Admiral Shares | 1,000.00 | 880.02 | 0.47 |
| Institutional Shares | 1,000.00 | 880.18 | 0.47 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,023.79 | $1.43 |
| ETF Shares | 1,000.00 | 1,024.70 | 0.51 |
| Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
| Institutional Shares | 1,000.00 | 1,024.70 | 0.51 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.28% for Investor Shares, 0.10% for ETF Shares, 0.10% for Admiral Shares, and 0.10% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
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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. 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.
Fair-Value Pricing. Fair-value 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.
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.
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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.
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 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Lead director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its executive committee (1997–2008). Chief global diversity officer (retired 2008), vice president and chief information officer (1997–2006), controller (1995–1997), treasurer (1991–1995), and assistant treasurer (1989–1991) of Johnson & Johnson. Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation. Member of the advisory board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education. Director of the V Foundation for Cancer Research. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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 co-managing partner of HighVista Strategies LLC (private investment firm). Overseer of the Museum of Fine Arts Boston.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the Board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
| |
| Vanguard Senior Management Team |
| |
| Joseph Brennan | Chris D. McIsaac |
| Mortimer J. Buckley | James M. Norris |
| Gregory Davis | Thomas M. Rampulla |
| John James | Karin A. Risi |
| Martha G. King | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
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
| |
| | P.O. Box 2600 |
| | Valley Forge, PA 19482-2600 |
| |
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| |
| Connect with Vanguard® > vanguard.com |
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| Fund Information > 800-662-7447 | Source for Bloomberg Barclays indexes: Bloomberg |
| Direct Investor Account Services > 800-662-2739 | Index Services Limited. Copyright 2018, Bloomberg. All |
| | rights reserved. |
| Institutional Investor Services > 800-523-1036 | |
| | The index is a product of S&P Dow Jones Indices LLC |
| Text Telephone for People | (“SPDJI”), and has been licensed for use by Vanguard. |
| Who Are Deaf or Hard of Hearing > 800-749-7273 | Standard & Poor’s® and S&P® are registered |
| This material may be used in conjunction | trademarks of Standard & Poor’s Financial Services LLC |
| | (“S&P”); Dow Jones® is a registered trademark of Dow |
| with the offering of shares of any Vanguard | Jones Trademark Holdings LLC (“Dow Jones”); S&P® |
| fund only if preceded or accompanied by | and S&P 500® are trademarks of S&P; and these |
| the fund’s current prospectus. | trademarks have been licensed for use by SPDJI and |
| | sublicensed for certain purposes by Vanguard. |
| All comparative mutual fund data are from Lipper, a | Vanguard product(s) are not sponsored, endorsed, sold |
| Thomson Reuters Company, or Morningstar, Inc., unless | or promoted by SPDJI, Dow Jones, S&P, or their |
| otherwise noted. | respective affiliates and none of such parties make any |
| You can obtain a free copy of Vanguard’s proxy voting | representation regarding the advisability of investing in |
| guidelines by visiting vanguard.com/proxyreporting or by | such product(s) nor do they have any liability for any |
| calling Vanguard at 800-662-2739. The guidelines are | errors, omissions, or interruptions of the index. |
| 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 information about your fund on the | |
| SEC’s website, and you can receive copies of this | |
| information, for a fee, by sending a request via email | |
| addressed to publicinfo@sec.gov. | |
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| | © 2018 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q7380 122018 |
Annual Report | October 31, 2018
Vanguard Emerging Markets Stock Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| CEO’s Perspective. | 3 |
| Fund Profile. | 5 |
| Performance Summary. | 7 |
| Financial Statements. | 10 |
| Your Fund’s After-Tax Returns. | 38 |
| About Your Fund’s Expenses. | 39 |
| Glossary. | 41 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
Your Fund’s Performance at a Glance
• Global markets were in negative territory for the 12 months ended October 31, 2018.
Emerging markets stocks lagged overall global returns as these stocks were hurt in particular by trade tensions and a rising dollar.
• For the fiscal year, Vanguard Emerging Markets Stock Index Fund returned –12.73% for Investor Shares. Results for all share classes tracked the fund’s target index and surpassed the average return of its peer funds.
• China, Taiwan, and India, the index’s largest market allocations, posted negative returns.
• All but one of the fund’s industry sectors were in negative territory, with oil and gas the only positive performer. Technology, consumer services, and industrials were the biggest detractors.
• For the ten years ended October 31, 2018, the fund’s Investor Shares returned 7.13%, tracking its benchmark index and surpassing its peer funds.
• Please note that shortly after the close of the period, Vanguard lowered the investment minimum for your fund’s Admiral Shares from $10,000 to $3,000.
| |
| Total Returns: Fiscal Year Ended October 31, 2018 | |
| | Total |
| | Returns |
| Vanguard Emerging Markets Stock Index Fund | |
| Investor Shares | -12.73% |
| FTSE Emerging Markets ETF Shares | |
| Market Price | -13.14 |
| Net Asset Value | -12.64 |
| Admiral™ Shares | -12.64 |
| Institutional Shares | -12.60 |
| Institutional Plus Shares | -12.58 |
| FTSE Emerging Markets All Cap China A Inclusion Index | -12.66 |
| Emerging Markets Funds Average | -13.63 |
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.
1
| |
| Total Returns: Ten Years Ended October 31, 2018 | |
| | Average |
| | Annual Return |
| Emerging Markets Stock Index Fund Investor Shares | 7.13% |
| Spliced Emerging Markets Index | 7.48 |
| Emerging Markets Funds Average | 6.72 |
| For a benchmark description, see the Glossary. | |
| Emerging Markets Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
| | | | | | |
| Expense Ratios | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | |
| | Investor | ETF | Admiral | Institutional | Institutional | Peer Group |
| | Shares | Shares | Shares | Shares | Plus Shares | Average |
| Emerging Markets Stock | | | | | | |
| Index Fund | 0.32% | 0.14% | 0.14% | 0.11% | 0.09% | 1.44% |
The fund expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the fund’s expense ratios were 0.29% for Investor Shares, 0.12% for FTSE Emerging Markets ETF Shares, 0.14% for Admiral Shares, 0.10% for Institutional Shares, and 0.08% 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 2017.
Peer group: Emerging Markets Funds.
2
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.
3
We have been enjoying one of the longest bull markets in history, but it won’t continue forever. Prepare yourself now for how you will react when volatility comes back. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.
Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline
is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Mortimer J. Buckley
President and Chief Executive Officer
November 16, 2018
| | | |
| Market Barometer | | | |
| | | Average Annual Total Returns |
| | | Periods Ended October 31, 2018 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 6.98% | 11.31% | 11.05% |
| Russell 2000 Index (Small-caps) | 1.85 | 10.68 | 8.01 |
| Russell 3000 Index (Broad U.S. market) | 6.60 | 11.27 | 10.81 |
| FTSE All-World ex US Index (International) | -7.99 | 4.57 | 2.01 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | -2.05% | 1.04% | 1.83% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | -0.51 | 1.90 | 3.25 |
| FTSE Three-Month U. S. Treasury Bill Index | 1.67 | 0.86 | 0.52 |
| |
| CPI | | | |
| Consumer Price Index | 2.52% | 2.07% | 1.60% |
4
Emerging Markets Stock Index Fund
Fund Profile
As of October 31, 2018
| | | | | |
| Share-Class Characteristics | | | | | |
| | | FTSE | | | |
| | | Emerging | | | |
| | Investor | Markets ETF | Admiral | Institutional | Institutional |
| | Shares | Shares | Shares | Shares | Plus Shares |
| Ticker Symbol | VEIEX | VWO | VEMAX | VEMIX | VEMRX |
| Expense Ratio1 | 0.32% | 0.14% | 0.14% | 0.11% | 0.09% |
| | | |
| Portfolio Characteristics | | |
| | | FTSE | |
| | | Emerging | |
| | | Markets All | FTSE |
| | | Cap | Global |
| | | China A | All Cap |
| | | Inclusion | ex US |
| | Fund | Index | Index |
| Number of Stocks | 4,644 | 4,027 | 6,000 |
| Median Market Cap | $17.6B | $17.6B | $24.6B |
| Price/Earnings Ratio | 12.0x | 12.1x | 12.7x |
| Price/Book Ratio | 1.6x | 1.6x | 1.5x |
| Return on Equity | 16.1% | 16.2% | 12.3% |
| Earnings Growth Rate | 12.7% | 13.4% | 9.1% |
| Dividend Yield | 2.9% | 2.9% | 3.2% |
| Turnover Rate | 11% | — | — |
| Short-Term Reserves | 0.1% | — | — |
| |
| Sector Diversification (% of equity exposure) |
| | Fund |
| Basic Materials | 7.7% |
| Consumer Goods | 8.5 |
| Consumer Services | 11.2 |
| Financials | 28.6 |
| Health Care | 3.2 |
| Industrials | 9.7 |
| Oil & Gas | 8.6 |
| Technology | 15.0 |
| Telecommunications | 4.4 |
| Utilities | 3.1 |
Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
| | |
| Volatility Measures | | |
| | Spliced | FTSE Global |
| | Emerging | All Cap ex US |
| | Mkts Index | Index |
| R-Squared | 0.99 | 0.74 |
| Beta | 0.99 | 1.10 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2018, the expense ratios were 0.29% for Investor Shares, 0.12% for FTSE Emerging Markets ETF Shares, 0.14% for Admiral Shares, 0.10% for Institutional Shares, and 0.08% for Institutional Plus Shares.
5
Emerging Markets Stock Index Fund
| | |
| Ten Largest Holdings (% of total net assets) |
| Tencent Holdings Ltd. | Internet | 4.1% |
| Taiwan Semiconductor | | |
| Manufacturing Co. Ltd. | Semiconductors | 3.8 |
| Alibaba Group Holding | Specialized | |
| Ltd. | Consumer Services | 3.1 |
| Naspers Ltd. | Broadcasting & | |
| | Entertainment | 1.5 |
| China Construction Bank | | |
| Corp. | Banks | 1.5 |
| Industrial & Commercial | | |
| Bank of China Ltd. | Banks | 1.2 |
| Petroleo Brasileiro SA | Integrated Oil & Gas | 1.2 |
| Vale SA | Iron & Steel | 1.1 |
| Baidu Inc. | Internet | 1.1 |
| Ping An Insurance Group | | |
| Co. of China Ltd. | Life Insurance | 1.1 |
| Top Ten | | 19.7% |
The holdings listed exclude any temporary cash investments and equity index products.
| | | |
| Market Diversification (% of equity exposure) |
| | | FTSE | |
| | | Emerging | |
| | | Markets | FTSE |
| | | All Cap | Global |
| | | China A | All Cap ex |
| | | Inclusion | US |
| | Fund | Index | Index |
| Europe | 0.4% | 0.4% | 42.6% |
| Pacific | 0.0% | 0.0% | 29.7% |
| Emerging Markets | | | |
| China | 33.8% | 34.0% | 6.4% |
| Taiwan | 14.4 | 14.5 | 3.1 |
| India | 11.1 | 11.1 | 2.4 |
| Brazil | 9.0 | 9.0 | 1.9 |
| South Africa | 6.5 | 6.6 | 1.4 |
| Thailand | 4.2 | 4.2 | 0.9 |
| Russia | 4.0 | 4.0 | 0.8 |
| Malaysia | 3.3 | 3.3 | 0.7 |
| Mexico | 3.3 | 3.3 | 0.7 |
| Indonesia | 2.3 | 2.2 | 0.5 |
| Philippines | 1.3 | 1.3 | 0.3 |
| Chile | 1.3 | 1.3 | 0.3 |
| Qatar | 1.2 | 1.2 | 0.3 |
| Other | 3.9 | 3.6 | 0.9 |
| Subtotal | 99.6% | 99.6% | 20.6% |
| North America | 0.0% | 0.0% | 6.7% |
| Middle East | 0.0% | 0.0% | 0.4% |
6
Emerging Markets Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2008, Through October 31, 2018
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| |
| Emerging Markets Stock Index | | | | |
| Fund*Investor Shares | -12.73% | 0.27% | 7.13% | $19,921 |
| |
| Spliced Emerging Markets Index | -12.66 | 0.35 | 7.48 | 20,575 |
| |
| |
| Emerging Markets Funds Average | -13.63 | -0.26 | 6.72 | 19,159 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
For a benchmark description, see the Glossary.
Emerging Markets Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| FTSE Emerging Markets | | | | |
| ETF Shares Net Asset Value | -12.64% | 0.45% | 7.31% | $20,241 |
| Spliced Emerging Markets Index | -12.66 | 0.35 | 7.48 | 20,575 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
See Financial Highlights for dividend and capital gains information.
7
Emerging Markets Stock Index Fund
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended October 31, 2018 | |
| |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| Emerging Markets Stock Index Fund Admiral | | | | |
| Shares | -12.64% | 0.44% | 7.30% | $20,239 |
| Spliced Emerging Markets Index | -12.66 | 0.35 | 7.48 | 20,575 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 20,842 |
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $5,000,000 |
| | Year | Years | Years | Investment |
| Emerging Markets Stock Index Fund | | | | |
| Institutional Shares | -12.60% | 0.48% | 7.35% | $10,165,593 |
| |
| Spliced Emerging Markets Index | -12.66 | 0.35 | 7.48 | 10,287,447 |
| |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 7.62 | 10,421,112 |
| | | | |
| | | | Since | Final Value |
| | One | Five | Inception | of a $100,000,000 |
| | Year | Years | (12/15/2010) | Investment |
| Emerging Markets Stock Index Fund | | | | |
| Institutional Plus Shares | -12.58% | 0.50% | 0.05% | $100,374,680 |
| Spliced Emerging Markets Index | -12.66 | 0.35 | 0.00 | 100,026,613 |
| FTSE Global All Cap ex US Index | -8.29 | 2.04 | 3.39 | 130,043,803 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standards.
| | | |
| Cumulative Returns of ETF Shares: October 31, 2008, Through October 31, 2018 | | |
| | One | Five | Ten |
| | Year | Years | Years |
| FTSE Emerging Markets ETF Shares Market Price | -13.14% | 3.06% | 101.59% |
| FTSE Emerging Markets ETF Shares Net Asset | | | |
| Value | -12.64 | 2.26 | 102.41 |
| Spliced Emerging Markets Index | -12.66 | 1.74 | 105.75 |
8
Emerging Markets Stock Index Fund
Fiscal-Year Total Returns (%): October 31, 2008, Through October 31, 2018
For a benchmark description, see the Glossary.
Average Annual Total Returns: Periods Ended September 30, 2018
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 | -3.27% | 2.80% | 4.54% |
| FTSE Emerging Markets ETF | | | | |
| Shares | 3/4/2005 | | | |
| Market Price | | -3.55 | 3.11 | 4.62 |
| Net Asset Value | | -3.10 | 2.98 | 4.71 |
| Admiral Shares | 6/23/2006 | -3.10 | 2.98 | 4.70 |
| Institutional Shares | 6/22/2000 | -3.08 | 3.02 | 4.76 |
| Institutional Plus Shares | 12/15/2010 | -3.05 | 3.03 | 1.071 |
| 1 Return since inception. | | | | |
9
Emerging Markets Stock Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of October 31, 2018
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.
| | | |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Common Stocks | | | |
| Brazil | | | |
| Vale SA | 36,199,877 | 551,631 | 0.7% |
| Petroleo Brasileiro SA | 49,861,622 | 406,235 | 0.6% |
| Itau Unibanco Holding SA Preference Shares | 25,688,061 | 339,953 | 0.5% |
| Banco Bradesco SA Preference Shares | 31,994,923 | 294,888 | 0.4% |
| Vale SA Class B ADR | 17,759,584 | 268,170 | 0.4% |
| Ambev SA | 58,601,259 | 257,301 | 0.3% |
| Itau Unibanco Holding SA ADR | 19,422,681 | 255,797 | 0.3% |
| Petroleo Brasileiro SA Preference Shares | 29,505,386 | 218,981 | 0.3% |
| B3 SA - Brasil Bolsa Balcao | 30,444,855 | 217,118 | 0.3% |
| ^ Petroleo Brasileiro SA ADR | 13,191,415 | 195,497 | 0.3% |
| Banco do Brasil SA | 16,033,443 | 184,181 | 0.3% |
| BB Seguridade Participacoes SA | 10,398,436 | 73,989 | 0.1% |
| Petrobras Distribuidora SA | 4,918,493 | 31,693 | 0.0% |
| * Centrais Eletricas Brasileiras SA Preference Shares | 3,297,751 | 23,571 | 0.0% |
| * Centrais Eletricas Brasileiras SA | 3,710,374 | 23,430 | 0.0% |
| IRB Brasil Resseguros S/A | 1,115,100 | 21,712 | 0.0% |
| * Centrais Eletricas Brasileiras SA ADR | 1,270,754 | 8,946 | 0.0% |
| * Centrais Eletricas Brasileiras SA ADR (XNYS) | 369,747 | 2,304 | 0.0% |
| 1 Brazil—Other † | | 3,151,199 | 4.3% |
| | | 6,526,596 | 8.8% |
| |
| Chile † | | 927,646 | 1.3% |
10
| | | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| China | | | |
| | Tencent Holdings Ltd. | 87,503,024 | 2,997,789 | 4.1% |
| * | Alibaba Group Holding Ltd. ADR | 16,178,530 | 2,301,881 | 3.1% |
| | China Construction Bank Corp. | 1,373,646,794 | 1,090,053 | 1.5% |
| | Industrial & Commercial Bank of China Ltd. | 1,206,492,900 | 818,573 | 1.1% |
| * | Baidu Inc. ADR | 4,246,078 | 807,010 | 1.1% |
| | China Mobile Ltd. | 80,845,508 | 757,351 | 1.0% |
| | Ping An Insurance Group Co. of China Ltd. | 79,706,971 | 753,552 | 1.0% |
| | Bank of China Ltd. | 1,181,522,261 | 503,377 | 0.7% |
| | CNOOC Ltd. | 243,750,383 | 415,102 | 0.6% |
| | China Petroleum & Chemical Corp. | 399,782,266 | 325,653 | 0.5% |
| * | JD.com Inc. ADR | 12,162,388 | 286,059 | 0.4% |
| | China Merchants Bank Co. Ltd. | 66,774,104 | 257,840 | 0.4% |
| | NetEase Inc. ADR | 1,117,605 | 232,294 | 0.3% |
| | PetroChina Co. Ltd. | 319,990,827 | 230,081 | 0.3% |
| | China Life Insurance Co. Ltd. | 114,347,906 | 229,130 | 0.3% |
| | Agricultural Bank of China Ltd. | 479,210,976 | 210,939 | 0.3% |
| | China Overseas Land & Investment Ltd. | 58,886,741 | 185,130 | 0.3% |
| | China Resources Land Ltd. | 41,734,325 | 141,947 | 0.2% |
| | China Shenhua Energy Co. Ltd. | 54,753,964 | 123,878 | 0.2% |
| | CITIC Ltd. | 75,449,026 | 113,363 | 0.2% |
| | PICC Property & Casualty Co. Ltd. | 104,286,207 | 101,370 | 0.1% |
| | China Telecom Corp. Ltd. | 212,397,743 | 100,492 | 0.1% |
| | China Resources Beer Holdings Co. Ltd. | 24,648,084 | 85,889 | 0.1% |
| | China CITIC Bank Corp. Ltd. | 124,579,598 | 77,219 | 0.1% |
| | Sinopharm Group Co. Ltd. | 15,878,025 | 76,919 | 0.1% |
| | China Taiping Insurance Holdings Co. Ltd. | 22,642,400 | 76,055 | 0.1% |
| | China Communications Construction Co. Ltd. | 72,443,670 | 66,424 | 0.1% |
| | CRRC Corp. Ltd. | 70,124,812 | 61,589 | 0.1% |
| ^ | Autohome Inc. ADR | 835,148 | 60,448 | 0.1% |
| | China Railway Group Ltd. | 64,154,028 | 57,335 | 0.1% |
| 1 | Postal Savings Bank of China Co. Ltd | . 92,011,010 | 55,051 | 0.1% |
| 1 | People’s Insurance Co. Group of China Ltd. | 130,352,422 | 53,314 | 0.1% |
| | China Resources Power Holdings Co. Ltd | . 29,927,149 | 52,655 | 0.1% |
| | Kunlun Energy Co. Ltd. | 43,409,541 | 49,391 | 0.1% |
| | China Resources Gas Group Ltd. | 12,525,208 | 48,009 | 0.1% |
| * | Alibaba Health Information Technology Ltd. | 56,145,912 | 45,542 | 0.1% |
| | China Everbright International Ltd | . 56,810,055 | 45,448 | 0.1% |
| | Dongfeng Motor Group Co. Ltd. | 44,162,430 | 43,637 | 0.1% |
| | Zhuzhou CRRC Times Electric Co. Ltd. | 7,997,059 | 42,869 | 0.1% |
| | China Railway Construction Corp. Ltd. | 33,043,689 | 41,966 | 0.1% |
| | China Longyuan Power Group Corp. Ltd. | 53,820,493 | 40,958 | 0.1% |
| 1 | CGN Power Co. Ltd. | 177,249,514 | 40,764 | 0.1% |
| | Ping An Insurance Group Co. of China Ltd. Class A | 4,319,011 | 39,681 | 0.1% |
| ^,* | iQIYI Inc. ADR | 1,900,616 | 37,328 | 0.1% |
| | China Cinda Asset Management Co. Ltd. | 150,433,276 | 36,929 | 0.1% |
| | China Merchants Port Holdings Co. Ltd. | 20,231,337 | 34,461 | 0.1% |
| | Industrial & Commercial Bank of China Ltd. Class A | 41,334,279 | 33,479 | 0.1% |
| 1 | China Resources Pharmaceutical Group Ltd. | 21,916,626 | 32,200 | 0.1% |
| | China Resources Cement Holdings Ltd. | 33,997,076 | 30,178 | 0.1% |
| 1 | China Galaxy Securities Co. Ltd. | 58,840,375 | 29,642 | 0.1% |
| | Beijing Capital International Airport Co. Ltd. | 26,104,447 | 28,340 | 0.1% |
| | China Oilfield Services Ltd. | 29,568,348 | 27,588 | 0.0% |
| 1 | China Huarong Asset Management Co. Ltd. | 151,119,113 | 27,438 | 0.0% |
11
| | | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | AviChina Industry & Technology Co. Ltd | . 39,315,062 | 26,254 | 0.0% |
| | Agricultural Bank of China Ltd. Class A (XSHG) | 46,202,800 | 25,727 | 0.0% |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 55,418,131 | 24,353 | 0.0% |
| | China Everbright Bank Co. Ltd. | 54,397,956 | 24,281 | 0.0% |
| | Air China Ltd. | 28,642,808 | 23,157 | 0.0% |
| 1 | Sinopec Engineering Group Co. Ltd | . 23,263,564 | 21,671 | 0.0% |
| | China State Construction International Holdings Ltd. | 28,879,728 | 20,652 | 0.0% |
| | China Yangtze Power Co. Ltd. Class A | 8,999,991 | 20,189 | 0.0% |
| ^,1 | China International Capital Corp. Ltd. | 11,661,540 | 19,208 | 0.0% |
| | Huaneng Renewables Corp. Ltd. | 72,502,649 | 18,660 | 0.0% |
| | Bank of China Ltd. Class A | 33,432,100 | 17,882 | 0.0% |
| | Ping An Bank Co. Ltd. Class A | 11,357,604 | 17,859 | 0.0% |
| | China Southern Airlines Co. Ltd. | 32,479,638 | 17,704 | 0.0% |
| | China Coal Energy Co. Ltd. | 37,296,653 | 16,747 | 0.0% |
| ^ | China Reinsurance Group Corp. | 84,949,940 | 16,280 | 0.0% |
| 1 | China Railway Signal & Communication Corp. Ltd. | 24,035,798 | 16,185 | 0.0% |
| | Agricultural Bank of China Ltd. Class A | 29,002,995 | 16,150 | 0.0% |
| | China Eastern Airlines Corp. Ltd. | 29,078,558 | 16,139 | 0.0% |
| ^ | Angang Steel Co. Ltd. | 18,407,733 | 15,741 | 0.0% |
| | China State Construction Engineering Corp. Ltd. Class A | 19,942,133 | 15,444 | 0.0% |
| ^,*,1 China Literature Ltd. | 2,743,164 | 14,879 | 0.0% |
| ^ | China Power International Development Ltd. | 70,756,063 | 13,999 | 0.0% |
| | China Merchants Shekou Industrial Zone | | | |
| | Holdings Co. Ltd. Class A | 5,050,130 | 13,652 | 0.0% |
| | Metallurgical Corp. of China Ltd. | 52,034,885 | 12,647 | 0.0% |
| | China Agri-Industries Holdings Ltd. | 36,678,908 | 12,293 | 0.0% |
| | China Petroleum & Chemical Corp. Class A | 13,470,519 | 12,185 | 0.0% |
| | Baoshan Iron & Steel Co. Ltd. Class A | 9,505,794 | 10,492 | 0.0% |
| | China BlueChemical Ltd. | 30,210,568 | 10,356 | 0.0% |
| | China International Travel Service Corp. Ltd. Class A | 1,316,282 | 10,192 | 0.0% |
| | Chongqing Changan Automobile Co. Ltd. Class B | 14,518,360 | 9,809 | 0.0% |
| | China Life Insurance Co. Ltd. Class A | 3,029,098 | 9,536 | 0.0% |
| | PetroChina Co. Ltd. Class A | 7,896,690 | 9,394 | 0.0% |
| | China Everbright Bank Co. Ltd. Class A | 15,838,703 | 9,137 | 0.0% |
| | Huadian Fuxin Energy Corp. Ltd | . 44,658,912 | 8,045 | 0.0% |
| | Shenwan Hongyuan Group Co. Ltd. Class A | 12,122,481 | 7,770 | 0.0% |
| | CRRC Corp. Ltd. Class A | 6,160,753 | 7,518 | 0.0% |
| | Shanghai Baosight Software Co. Ltd. Class B | 4,312,026 | 7,468 | 0.0% |
| | China Foods Ltd. | 15,361,153 | 7,213 | 0.0% |
| | Daqin Railway Co. Ltd. Class A | 5,852,648 | 6,784 | 0.0% |
| | China State Construction Engineering Corp. Ltd. | | | |
| | Class A (XSHG) | 8,653,960 | 6,701 | 0.0% |
| | China CITIC Bank Corp. Ltd. Class A | 7,774,118 | 6,620 | 0.0% |
| | China Railway Construction Corp. Ltd. Class A | 3,990,577 | 6,330 | 0.0% |
| | China Shenhua Energy Co. Ltd. Class A | 2,183,415 | 6,324 | 0.0% |
| | Sinopec Kantons Holdings Ltd. | 15,398,976 | 6,284 | 0.0% |
| | China Machinery Engineering Corp. | 12,683,261 | 5,787 | 0.0% |
| | China Overseas Property Holdings Ltd. | 23,261,311 | 5,487 | 0.0% |
| | Sinotrans Shipping Ltd. | 16,363,769 | 5,472 | 0.0% |
| | China National Accord Medicines Corp. Ltd. Class B | 1,494,949 | 5,167 | 0.0% |
| | CRRC Corp. Ltd. Class A (XSHG) | 3,879,500 | 4,734 | 0.0% |
| | China Railway Group Ltd. Class A | 4,332,414 | 4,611 | 0.0% |
| | Harbin Electric Co. Ltd. | 14,991,875 | 4,259 | 0.0% |
| | China National Nuclear Power Co. Ltd. Class A | 5,319,107 | 4,259 | 0.0% |
12
| | | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | Daqin Railway Co. Ltd. Class A (XSHG) | 3,643,120 | 4,223 | 0.0% |
| | Power Construction Corp. of China Ltd. Class A | 6,112,916 | 4,160 | 0.0% |
| ^ | CITIC Resources Holdings Ltd. | 47,925,718 | 3,922 | 0.0% |
| | China Everbright Bank Co. Ltd. Class A (XSHG) | 6,695,800 | 3,863 | 0.0% |
| | Dah Chong Hong Holdings Ltd. | 11,320,570 | 3,839 | 0.0% |
| ^,* | Sinofert Holdings Ltd. | 32,860,032 | 3,695 | 0.0% |
| 1 | China Everbright Greentech Ltd. | 5,091,814 | 3,672 | 0.0% |
| | China Railway Group Ltd. Class A (XSHG) | 3,248,829 | 3,458 | 0.0% |
| | China Resources Sanjiu Medical & Pharmaceutical | | | |
| | Co. Ltd. Class A | 974,679 | 3,370 | 0.0% |
| | Air China Ltd. Class A | 3,077,214 | 3,341 | 0.0% |
| ^,* | Sinopec Oilfield Service Corp. | 30,046,608 | 3,338 | 0.0% |
| | AVIC Aircraft Co. Ltd. Class A | 1,540,402 | 3,283 | 0.0% |
| | Sinopec Shanghai Petrochemical Co. Ltd. Class A | 3,861,940 | 2,932 | 0.0% |
| | Dongxing Securities Co. Ltd. Class A | 1,987,701 | 2,904 | 0.0% |
| ^,* | CSSC Offshore and Marine Engineering Group Co. Ltd. | 4,146,581 | 2,830 | 0.0% |
| | Shenzhen Chiwan Wharf Holdings Ltd. Class B | 2,258,000 | 2,794 | 0.0% |
| | AECC Aviation Power Co. Ltd. Class A | 844,113 | 2,769 | 0.0% |
| | AVIC Electromechanical Systems Co. Ltd. Class A | 2,057,022 | 2,472 | 0.0% |
| | China Construction Bank Corp. Class A | 2,344,088 | 2,415 | 0.0% |
| | Baoshan Iron & Steel Co. Ltd. Class A (XSSC) | 2,173,144 | 2,399 | 0.0% |
| | Poly Culture Group Corp. Ltd. | 1,944,947 | 2,244 | 0.0% |
| | Bluestar Adisseo Co. Class A | 1,218,341 | 2,221 | 0.0% |
| | GD Power Development Co. Ltd. Class A | 6,103,116 | 2,139 | 0.0% |
| | China National Chemical Engineering Co. Ltd. Class A | 2,490,177 | 2,092 | 0.0% |
| | Offshore Oil Engineering Co. Ltd. Class A | 2,544,070 | 2,033 | 0.0% |
| | China Southern Airlines Co. Ltd. Class A | 2,288,500 | 2,017 | 0.0% |
| | China Nuclear Engineering Corp. Ltd. Class A | 1,920,882 | 1,933 | 0.0% |
| | Metallurgical Corp. of China Ltd. Class A | 4,195,533 | 1,912 | 0.0% |
| | China XD Electric Co. Ltd. Class A | 3,641,107 | 1,792 | 0.0% |
| | Avic Aviation Engine Corp. plc Class A (XSSC) | 544,366 | 1,786 | 0.0% |
| | Inner Mongolia MengDian HuaNeng Thermal Power | | | |
| | Corp. Ltd. Class A | 5,879,228 | 1,773 | 0.0% |
| | China Railway Hi-tech Industry Co. Ltd. Class A | 1,220,600 | 1,767 | 0.0% |
| | Shanghai Datun Energy Resources Co. Ltd. Class A | 1,156,850 | 1,734 | 0.0% |
| | Tsinghua Unisplendour Co. Ltd. Class A (XSHE) | 353,723 | 1,694 | 0.0% |
| | China International Travel Service Corp. Ltd. Class A (XSSC) | 218,010 | 1,688 | 0.0% |
| | Power Construction Corp. of China Ltd. Class A (XSHG) | 2,430,302 | 1,654 | 0.0% |
| | China Power Clean Energy Development Co. Ltd. | 5,711,691 | 1,643 | 0.0% |
| | China National Chemical Engineering Co. Ltd. Class A (XSSC) | 1,902,425 | 1,598 | 0.0% |
| | Chongqing Changan Automobile Co. Ltd. Class A | 1,695,900 | 1,559 | 0.0% |
| | China National Accord Medicines Corp. Ltd. Class A | 217,467 | 1,438 | 0.0% |
| | China Eastern Airlines Corp. Ltd. Class A | 1,928,700 | 1,392 | 0.0% |
| | AVIC Aircraft Co. Ltd. Class A (XSEC) | 636,800 | 1,357 | 0.0% |
| | Zhongjin Gold Corp. Ltd. Class A | 1,174,812 | 1,336 | 0.0% |
| | China Shenhua Energy Co. Ltd. Class A (XSHG) | 427,130 | 1,237 | 0.0% |
| | China Communications Construction Co. Ltd. Class A | 669,000 | 1,204 | 0.0% |
| | Unisplendour Corp. Ltd. Class A | 235,912 | 1,130 | 0.0% |
| | Angang Steel Co. Ltd. Class A | 1,300,855 | 1,095 | 0.0% |
| | Cinda Real Estate Co. Ltd. Class A | 2,023,896 | 1,095 | 0.0% |
| | China Galaxy Securities Co. Ltd. Class A | 995,320 | 1,053 | 0.0% |
| * | Sinopec Oilfield Equipment Corp. Class A | 748,494 | 1,023 | 0.0% |
| | China Merchants Land Ltd. | 7,883,888 | 1,019 | 0.0% |
| | China Railway Construction Corp. Ltd. Class A (XSHG) | 631,100 | 1,001 | 0.0% |
13
| | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | Market | Percentage |
| | | Value• | of Net |
| | Shares | ($000) | Assets |
| Minmetals Land Ltd. | 6,481,561 | 995 | 0.0% |
| AVIC Electromechanical Systems Co. Ltd. Class A (XSEC) | 803,745 | 966 | 0.0% |
| § Jingwei Textile Machinery Co. Ltd. Class A | 359,700 | 933 | 0.0% |
| Offshore Oil Engineering Co. Ltd. Class A (XSHG) | 1,162,500 | 929 | 0.0% |
| Guangxi Guiguan Electric Power Co. Ltd. Class A | 1,175,359 | 914 | 0.0% |
| Zhongjin Gold Corp. Ltd. Class A (XSHG) | 781,160 | 888 | 0.0% |
| China Southern Airlines Co. Ltd. Class A (XSSC) | 983,183 | 867 | 0.0% |
| Huadian Heavy Industries Co. Ltd. Class A | 1,526,509 | 863 | 0.0% |
| * Sinopec Oilfield Service Corp. Class A | 3,057,700 | 846 | 0.0% |
| China Spacesat Co. Ltd. Class A | 358,897 | 839 | 0.0% |
| Inner Mongolia Lantai Industrial Co. Ltd. Class A | 802,400 | 824 | 0.0% |
| Shanghai Electric Power Co. Ltd. Class A | 844,723 | 820 | 0.0% |
| Sinochem International Corp. Class A | 794,851 | 800 | 0.0% |
| Metallurgical Corp. of China Ltd. Class A (XSHG) | 1,714,400 | 781 | 0.0% |
| Inner Mongolia MengDian HuaNeng Thermal Power | | | |
| Corp. Ltd. Class A (XSHG) | 2,555,201 | 770 | 0.0% |
| China Coal Energy Co. Ltd. Class A | 1,018,694 | 769 | 0.0% |
| * Baoding Tianwei Baobian Electric Co. Ltd. Class A | 1,526,601 | 765 | 0.0% |
| Tian Di Science & Technology Co. Ltd. Class A | 1,340,984 | 763 | 0.0% |
| China XD Electric Co. Ltd. Class A (XSHG) | 1,531,400 | 754 | 0.0% |
| Daye Special Steel Co. Ltd. Class A | 556,300 | 737 | 0.0% |
| China Electronics Huada Technology Co. Ltd. | 8,308,062 | 732 | 0.0% |
| North Electro-Optic Co. Ltd. Class A | 494,561 | 726 | 0.0% |
| Sinosteel Engineering & Technology Co. Ltd. Class A | 1,202,994 | 710 | 0.0% |
| China CITIC Bank Corp. Ltd. Class A (XSHG) | 824,050 | 702 | 0.0% |
| Shanghai Baosteel Packaging Co. Ltd. Class A | 1,258,200 | 695 | 0.0% |
| * SGIS Songshan Co. Ltd. Class A | 794,400 | 689 | 0.0% |
| Guangxi Guiguan Electric Power Co. Ltd. Class A (XSHG) | 868,300 | 675 | 0.0% |
| China National Medicines Corp. Ltd. Class A | 185,586 | 674 | 0.0% |
| Dongxing Securities Co. Ltd. Class A (XSSC) | 459,313 | 671 | 0.0% |
| Heilongjiang Agriculture Co. Ltd. Class A | 517,150 | 654 | 0.0% |
| Xinjiang Yilite Industry Co. Ltd. Class A | 342,900 | 632 | 0.0% |
| China Eastern Airlines Corp. Ltd. Class A (XSSC) | 829,600 | 599 | 0.0% |
| FAW CAR Co. Ltd. Class A | 589,943 | 553 | 0.0% |
| China Spacesat Co. Ltd. Class A (XSHG) | 226,387 | 529 | 0.0% |
| Shanghai Electric Power Co. Ltd. Class A (XSHG) | 521,400 | 506 | 0.0% |
| Xinjiang Guannong Fruit & Antler Group Co. Ltd. Class A | 687,142 | 505 | 0.0% |
| * East China Engineering Science and Technology | | | |
| Co. Ltd. Class A | 589,564 | 500 | 0.0% |
| * Sichuan Chengfei Integration Technology Corp. Class A | 216,379 | 496 | 0.0% |
| Shenzhen Topway Video Communication Co. Ltd. Class A | 625,920 | 495 | 0.0% |
| * Minmetals Development Co. Ltd. Class A | 508,486 | 487 | 0.0% |
| Guodian Nanjing Automation Co. Ltd. Class A | 851,900 | 467 | 0.0% |
| * China Chengtong Development Group Ltd. | 17,691,007 | 464 | 0.0% |
| Cinda Real Estate Co. Ltd. Class A (XSHG) | 837,122 | 453 | 0.0% |
| * Grinm Advanced Materials Co. Ltd. Class A | 449,200 | 422 | 0.0% |
| Sinochem International Corp. Class A (XSHG) | 414,700 | 417 | 0.0% |
| COFCO Tunhe Sugar Co. Ltd. Class A | 421,800 | 412 | 0.0% |
| China Oilfield Services Ltd. Class A | 270,177 | 380 | 0.0% |
| GD Power Development Co. Ltd. Class A (XSSC) | 1,075,915 | 377 | 0.0% |
| China National Medicines Corp. Ltd. Class A (XSSC) | 98,552 | 358 | 0.0% |
| China Television Media Ltd. Class A | 289,800 | 334 | 0.0% |
| CITIC Heavy Industries Co. Ltd. Class A | 831,227 | 316 | 0.0% |
14
| | | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | Huolinhe Opencut Coal Industry Corp. Ltd. | | | |
| | of Inner Mongolia Class A | 251,700 | 297 | 0.0% |
| * | China Tungsten And Hightech Materials Co. Ltd. Class A | 363,860 | 287 | 0.0% |
| | Besttone Holdings Co. Ltd. Class A | 218,900 | 275 | 0.0% |
| | Xinjiang Yilite Industry Co. Ltd. Class A (XSSC) | 148,688 | 274 | 0.0% |
| | China Coal Energy Co. Ltd. Class A (XSHG) | 361,900 | 273 | 0.0% |
| | China Railway Hi-tech Industry Co. Ltd. Class A (XSSC) | 188,400 | 273 | 0.0% |
| | COSCO SHIPPING Specialized Carriers Co. Ltd. Class A | 557,401 | 270 | 0.0% |
| | Tian Di Science & Technology Co. Ltd. Class A (XSHG) | 456,100 | 259 | 0.0% |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. Class A | 177,401 | 238 | 0.0% |
| | CITIC Heavy Industries Co. Ltd. Class A (XSHG) | 624,200 | 237 | 0.0% |
| | Huadian Heavy Industries Co. Ltd. Class A (XSHG) | 414,676 | 234 | 0.0% |
| | Air China Ltd. Class A (XSSC) | 209,538 | 228 | 0.0% |
| * | Grinm Advanced Materials Co. Ltd. Class A (XSHG) | 241,500 | 227 | 0.0% |
| | China Television Media Ltd. Class A (XSSC) | 155,437 | 179 | 0.0% |
| | Ningxia Younglight Chemicals Co. Ltd. Class A | 131,734 | 164 | 0.0% |
| | Besttone Holdings Co. Ltd. Class A (XSHG) | 119,700 | 150 | 0.0% |
| | Xinjiang Guannong Fruit & Antler Group Co. Ltd. | | | |
| | Class A (XSHG) | 203,200 | 149 | 0.0% |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | | | |
| | Class A (XSHG) | 107,500 | 144 | 0.0% |
| * | Minmetals Development Co. Ltd. Class A (XSSC) | 104,800 | 100 | 0.0% |
| | Beijing HualuBaina Film & TV Co. Ltd. Class A | 124,000 | 88 | 0.0% |
| * | COSCO Shipping International Singapore Co. Ltd. | 141,815 | 36 | 0.0% |
| | COSCO Shipping Co. Ltd. Class A (XSSC) | 67,400 | 33 | 0.0% |
| | China Merchants Shekou Industrial Zone Holdings Co. | | | |
| | Ltd. Class A (XSEC) | 6,000 | 16 | 0.0% |
| | Ping An Bank Co. Ltd. Class A (XSEC) | 4,000 | 6 | 0.0% |
| §,1 | China—Other † | | 9,452,742 | 12.8% |
| | | | 24,724,267 | 33.5% |
| |
| Colombia † | | 327,770 | 0.4% |
| |
| 1Czech Republic † | | 151,447 | 0.2% |
| |
| Egypt † | | 158,666 | 0.2% |
| |
| §Greece † | | 267,961 | 0.4% |
| |
| Hungary † | | 244,560 | 0.3% |
| |
| India | | | |
| | Reliance Industries Ltd. | 47,683,895 | 684,563 | 0.9% |
| | Housing Development Finance Corp. Ltd. | 25,620,336 | 612,929 | 0.8% |
| | Infosys Ltd. | 57,974,054 | 535,742 | 0.7% |
| | Tata Consultancy Services Ltd. | 14,080,891 | 369,137 | 0.5% |
| | Hindustan Unilever Ltd. | 10,946,016 | 240,314 | 0.3% |
| * | Axis Bank Ltd. | 27,701,040 | 218,077 | 0.3% |
| | Oil & Natural Gas Corp. Ltd. | 48,300,449 | 100,052 | 0.2% |
| | Coal India Ltd. | 19,855,560 | 71,561 | 0.1% |
| | NTPC Ltd. | 31,207,247 | 67,379 | 0.1% |
| * | State Bank of India | 17,661,960 | 67,215 | 0.1% |
| | Indian Oil Corp. Ltd. | 33,976,076 | 63,748 | 0.1% |
| | Bharat Petroleum Corp. Ltd. | 15,548,402 | 57,985 | 0.1% |
15
| | | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| | GAIL India Ltd. | 8,842,189 | 44,799 | 0.1% |
| | Power Grid Corp. of India Ltd. | 13,003,016 | 32,685 | 0.1% |
| * | State Bank of India GDR | 805,673 | 30,415 | 0.1% |
| | Hindustan Petroleum Corp. Ltd. | 9,573,153 | 29,132 | 0.1% |
| | NMDC Ltd. | 13,047,969 | 19,276 | 0.0% |
| | Container Corp. Of India Ltd. | 2,009,685 | 17,239 | 0.0% |
| | REC Ltd. | 10,901,004 | 17,161 | 0.0% |
| * | Steel Authority of India Ltd. | 16,267,716 | 14,202 | 0.0% |
| | Bharat Heavy Electricals Ltd. | 14,383,034 | 13,392 | 0.0% |
| | Power Finance Corp. Ltd. | 10,283,768 | 13,283 | 0.0% |
| | Bharat Electronics Ltd. | 9,930,007 | 12,493 | 0.0% |
| | NHPC Ltd. | 36,569,479 | 12,049 | 0.0% |
| * | Bank of Baroda | 7,883,601 | 11,804 | 0.0% |
| | Oil India Ltd. | 3,796,349 | 10,138 | 0.0% |
| *,1 | SBI Life Insurance Co. Ltd. | 1,001,080 | 7,584 | 0.0% |
| * | Canara Bank | 2,057,326 | 7,288 | 0.0% |
| * | Punjab National Bank | 7,034,347 | 7,008 | 0.0% |
| | National Aluminium Co. Ltd. | 7,343,529 | 6,781 | 0.0% |
| * | IDBI Bank Ltd. | 7,635,989 | 6,111 | 0.0% |
| | NBCC India Ltd. | 6,692,882 | 5,009 | 0.0% |
| | Indian Bank | 1,439,781 | 4,921 | 0.0% |
| * | Bank of India | 3,985,341 | 4,640 | 0.0% |
| | Mangalore Refinery & Petrochemicals Ltd. | 4,165,114 | 4,614 | 0.0% |
| | Engineers India Ltd. | 2,164,778 | 3,390 | 0.0% |
| * | Union Bank of India | 2,362,060 | 2,451 | 0.0% |
| * | IFCI Ltd. | 10,892,947 | 2,043 | 0.0% |
| | Vijaya Bank | 2,789,455 | 1,659 | 0.0% |
| * | Indian Overseas Bank | 7,504,203 | 1,524 | 0.0% |
| * | Syndicate Bank | 3,117,293 | 1,469 | 0.0% |
| * | Oriental Bank of Commerce | 1,250,565 | 1,360 | 0.0% |
| * | Allahabad Bank | 2,197,982 | 1,314 | 0.0% |
| * | Corp Bank | 3,209,758 | 1,164 | 0.0% |
| | Gujarat Mineral Development Corp. Ltd. | 906,524 | 1,058 | 0.0% |
| * | UCO Bank | 3,911,966 | 1,012 | 0.0% |
| * | Shipping Corp. of India Ltd. | 1,518,067 | 905 | 0.0% |
| * | Central Bank of India | 1,889,837 | 816 | 0.0% |
| * | Andhra Bank | 1,615,424 | 640 | 0.0% |
| §,1 | India—Other † | | 4,612,412 | 6.3% |
| | | | 8,053,943 | 10.9% |
| Indonesia | | | |
| | Bank Central Asia Tbk PT | 147,953,680 | 230,373 | 0.3% |
| * | Vale Indonesia Tbk PT | 33,878,347 | 6,538 | 0.0% |
| § | Indonesia—Other † | | 1,398,795 | 1.9% |
| | | | 1,635,706 | 2.2% |
| |
| Kuwait † | | 189,724 | 0.3% |
| |
| Malaysia | | | |
| | Public Bank Bhd. (Local) | 47,885,358 | 281,682 | 0.4% |
| | Tenaga Nasional Bhd. | 61,073,111 | 214,680 | 0.3% |
| §,1 | Malaysia—Other † | | 1,939,307 | 2.6% |
| | | | 2,435,669 | 3.3% |
16
| | | | |
| Emerging Markets Stock Index Fund | | | |
| |
| |
| |
| | | | Market | Percentage |
| | | | Value• | of Net |
| | | Shares | ($000) | Assets |
| Mexico | | | |
| | America Movil SAB de CV | 422,944,462 | 306,279 | 0.4% |
| | Fomento Economico Mexicano SAB de CV | 32,628,578 | 277,387 | 0.4% |
| | Grupo Financiero Banorte SAB de CV | 43,202,954 | 237,695 | 0.3% |
| §,1 | Mexico—Other † | | 1,575,717 | 2.2% |
| | | | 2,397,078 | 3.3% |
| |
| Pakistan † | | 153,160 | 0.2% |
| |
| Peru † | | 286,111 | 0.4% |
| |
| 1Philippines † | | 970,063 | 1.3% |
| |
| §Poland † | | 239 | 0.0% |
| |
| Qatar | | | |
| | Qatar National Bank QPSC | 6,828,715 | 365,519 | 0.5% |
| | Qatar—Other † | | 473,819 | 0.6% |
| | | | 839,338 | 1.1% |
| Russia | | | |
| | Sberbank of Russia PJSC | 157,669,238 | 453,186 | 0.6% |
| | Lukoil PJSC ADR | 4,100,408 | 305,722 | 0.4% |
| | Lukoil PJSC | 3,049,511 | 228,619 | 0.3% |
| | Gazprom PJSC | 84,348,043 | 198,716 | 0.3% |
| | Gazprom PJSC ADR | 37,847,111 | 178,960 | 0.3% |
| | Rosneft Oil Co. PJSC GDR | 11,045,811 | 77,390 | 0.1% |
| | AK Transneft OAO Preference Shares | 24,335 | 63,170 | 0.1% |
| | Rosneft Oil Co. PJSC | 7,118,635 | 49,642 | 0.1% |
| | VTB Bank PJSC | 60,709,531,072 | 33,737 | 0.1% |
| | Inter RAO UES PJSC | 512,972,670 | 31,036 | 0.0% |
| | RusHydro PJSC | 1,792,266,418 | 14,958 | 0.0% |
| | VTB Bank PJSC GDR | 10,745,239 | 13,528 | 0.0% |
| | Federal Grid Co. Unified Energy System PJSC | 4,602,744,717 | 10,690 | 0.0% |
| | Aeroflot PJSC | 5,828,510 | 8,606 | 0.0% |
| | Bashneft PJSC | 293,156 | 8,575 | 0.0% |
| | ROSSETI PJSC | 536,105,584 | 5,478 | 0.0% |
| | Mosenergo PJSC | 90,179,234 | 2,638 | 0.0% |
| | TGC-1 PJSC | 8,801,055,345 | 1,146 | 0.0% |
| | OGK-2 PJSC | 157,137,880 | 829 | 0.0% |
| | Bashneft PAO Preference Shares | 1,006 | 28 | 0.0% |
| 1 | Russia—Other † | | 1,204,906 | 1.6% |
| | | | 2,891,560 | 3.9% |
| South Africa | | | |
| | Naspers Ltd. | 6,540,508 | 1,147,211 | 1.5% |
| | Sasol Ltd. | 8,156,139 | 266,542 | 0.4% |
| | Standard Bank Group Ltd. | 19,675,404 | 217,988 | 0.3% |
| | FirstRand Ltd. | 49,009,690 | 214,058 | 0.3% |
| 1 | South Africa—Other † | | 2,903,821 | 3.9% |
| | | | 4,749,620 | 6.4% |
17
| | | | | |
| Emerging Markets Stock Index Fund | | | | |
| |
| |
| | | | | Market | Percentage |
| | | | | Value• | of Net |
| | | | Shares | ($000) | Assets |
| Switzerland † | | | 14,578 | 0.0% |
| |
| Taiwan | | | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | | 227,865,845 | 1,710,676 | 2.3% |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 28,851,701 | 1,099,250 | 1.5% |
| | Hon Hai Precision Industry Co. Ltd. | | 182,412,892 | 464,341 | 0.6% |
| | Formosa Plastics Corp. | | 74,593,325 | 243,926 | 0.4% |
| | Nan Ya Plastics Corp. | | 86,052,401 | 214,357 | 0.3% |
| § | Taiwan—Other † | | | 6,779,535 | 9.2% |
| | | | | 10,512,085 | 14.3% |
| Thailand | | | | |
| * | PTT PCL | | 167,188,372 | 257,089 | 0.4% |
| §,1 | Thailand—Other † | | | 2,807,784 | 3.8% |
| | | | | 3,064,873 | 4.2% |
| |
| §,1Turkey † | | | 559,640 | 0.8% |
| |
| United Arab Emirates † | | | 688,786 | 0.9% |
| Total Common Stocks (Cost $71,291,835) | | | 72,771,086 | 98.6%2 |
| Preferred Stocks (Cost $976) † | | | 972 | 0.0% |
| |
| | | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 2.308% | 17,838,194 | 1,783,819 | 2.4% |
| |
| 5U.S. Government and Agency Obligations † | | | 59,680 | 0.1% |
| Total Temporary Cash Investments (Cost $1,843,497) | | 1,843,499 | 2.5%2 |
| Total Investments (Cost $73,136,308) | | | 74,615,557 | 101.1% |
18
| | |
| Emerging Markets Stock Index Fund | | |
| |
| |
| |
| | | Percentage |
| | Amount | of Net |
| | ($000) | Assets |
| Other Assets and Liabilities | | |
| Other Assets | | |
| Investment in Vanguard | 4,032 | |
| Receivables for Investment Securities Sold | 1,497 | |
| Receivables for Accrued Income | 58,471 | |
| Receivables for Capital Shares Issued | 41,401 | |
| Currency at Value and Receivable | 36,477 | |
| Variation Margin Receivable—Futures Contracts | 9,680 | |
| Other Assets 5,6 | 28,060 | |
| Total Other Assets | 179,618 | 0.3% |
| Liabilities | | |
| Payables for Investment Securities Purchased | (31,624) | |
| Collateral for Securities on Loan | (923,234) | |
| Payables for Capital Shares Redeemed | (10,697) | |
| Payables to Vanguard | (35,124) | |
| Unrealized Depreciation—Swap Contracts | (1,105) | |
| Other Liabilities | (24) | |
| Total Liabilities | (1,001,808) | (1.4%) |
| Net Assets | 73,793,367 | 100.0% |
| |
| |
| At October 31, 2018, net assets consisted of: | | |
| | | Amount |
| | | ($000) |
| Paid-in Capital | | 81,692,230 |
| Total Distributable Earnings (Loss) | | (7,898,863) |
| Net Assets | | 73,793,367 |
| |
| |
| Investor Shares—Net Assets | | |
| Applicable to 53,407,617 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | | 1,282,594 |
| Net Asset Value Per Share—Investor Shares | | $24.02 |
| |
| |
| ETF Shares—Net Assets | | |
| Applicable to 1,418,116,268 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | | 53,764,653 |
| Net Asset Value Per Share—ETF Shares | | $37.91 |
| |
| |
| Admiral Shares—Net Assets | | |
| Applicable to 368,937,806 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | | 11,631,879 |
| Net Asset Value Per Share—Admiral Shares | | $31.53 |
19
| |
| Emerging Markets Stock Index Fund | |
| |
| |
| |
| | Amount |
| | ($000) |
| Institutional Shares—Net Assets | |
| Applicable to 214,435,696 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 5,141,521 |
| Net Asset Value Per Share—Institutional Shares | $23.98 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 24,729,903 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,972,720 |
| Net Asset Value Per Share—Institutional Plus Shares | $79.77 |
• 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 $850,056,000.
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer,
represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be
sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value
of these securities was $1,057,704,000, representing 1.4% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts.
After giving effect to futures and swap investments, the fund’s effective common stock and temporary cash investment positions
represent 99.9% and 1.2%, 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 $923,234,000 of collateral received for securities on loan.
5 Securities with a value of $38,241,000 and cash of $7,764,000 have been segregated as initial margin for open futures contracts.
6 Cash of $5,580,000 has been segregated as collateral for open over-the-counter swap contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
20
| | | | | |
| Emerging Markets Stock Index Fund | | | | |
| |
| |
| Derivative Financial Instruments Outstanding as of Period End | | |
| |
| Futures Contracts | | | | | |
| | | | | | ($000) |
| | | | | | Value and |
| | | | Number of | | Unrealized |
| | | | Long (Short) | Notional | Appreciation |
| | | Expiration | Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | | |
| MSCI Emerging Market Index | December 2018 | 17,600 | 841,896 | (66,870) |
| |
| |
| Total Return Swaps | | | | | |
| | | | | | Value and |
| | | | | Fixed/Floating | Unrealized |
| | | | Notional | Net Rate | Appreciation |
| | Termination | | Amount | Received | (Depreciation) |
| Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
| Alibaba Group Holding | | | | | |
| Ltd. ADR | 2/4/19 | GSI | 79,288 | (2.289%) | (1,105) |
| GSI—Goldman Sachs International. | | | | | |
| 1 Payment received/paid monthly. | | | | | |
See accompanying Notes, which are an integral part of the Financial Statements.
21
| |
| Emerging Markets Stock Index Fund | |
| |
| |
| |
| Statement of Operations | |
| |
| |
| | Year Ended |
| | October 31, 2018 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 2,285,153 |
| Interest 2 | 11,771 |
| Securities Lending—Net | 43,295 |
| Total Income | 2,340,219 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 5,151 |
| Management and Administrative—Investor Shares | 3,831 |
| Management and Administrative—ETF Shares | 50,113 |
| Management and Administrative—Admiral Shares | 12,537 |
| Management and Administrative—Institutional Shares | 3,427 |
| Management and Administrative—Institutional Plus Shares | 1,196 |
| Marketing and Distribution—Investor Shares | 305 |
| Marketing and Distribution—ETF Shares | 2,666 |
| Marketing and Distribution—Admiral Shares | 1,009 |
| Marketing and Distribution—Institutional Shares | 158 |
| Marketing and Distribution—Institutional Plus Shares | 31 |
| Custodian Fees | 27,590 |
| Auditing Fees | 54 |
| Shareholders’ Reports and Proxy—Investor Shares | 49 |
| Shareholders’ Reports and Proxy—ETF Shares | 2,301 |
| Shareholders’ Reports and Proxy—Admiral Shares | 196 |
| Shareholders’ Reports and Proxy—Institutional Shares | 68 |
| Shareholders’ Reports and Proxy—Institutional Plus Shares | 4 |
| Trustees’ Fees and Expenses | 55 |
| Total Expenses | 110,741 |
| Net Investment Income | 2,229,478 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold 2,3 | (661,981) |
| Futures Contracts | (19,316) |
| Swap Contracts | (24,633) |
| Foreign Currencies | (24,528) |
| Realized Net Gain (Loss) | (730,458) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities 2 | (12,211,182) |
| Futures Contracts | (88,970) |
| Swap Contracts | (918) |
| Foreign Currencies | (19) |
| Change in Unrealized Appreciation (Depreciation) | (12,301,089) |
Net Increase (Decrease) in Net Assets Resulting from Operations (10,802,069)
1 Dividends are net of foreign withholding taxes of $246,058,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,964,000, ($281,000), and $26,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $781,913,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
22
| | |
| Emerging Markets Stock Index Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended October 31, |
| | 2018 | 2017 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 2,229,478 | 1,886,208 |
| Realized Net Gain (Loss) | (730,458) | (539,822) |
| Change in Unrealized Appreciation (Depreciation) | (12,301,089) | 13,171,624 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (10,802,069) | 14,518,010 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (34,840) | (38,483) |
| ETF Shares | (1,508,651) | (1,390,987) |
| Admiral Shares | (316,049) | (271,514) |
| Institutional Shares | (137,424) | (122,601) |
| Institutional Plus Shares | (66,402) | (89,075) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (2,063,366) | (1,912,660) |
| Capital Share Transactions | | |
| Investor Shares | (228,813) | (112,999) |
| ETF Shares | (1,758,476) | 11,178,651 |
| Admiral Shares | 1,120,358 | 1,620,504 |
| Institutional Shares | 352,226 | 664,358 |
| Institutional Plus Shares | (1,753,047) | 382,366 |
| Net Increase (Decrease) from Capital Share Transactions | (2,267,752) | 13,732,880 |
| Total Increase (Decrease) | (15,133,187) | 26,338,230 |
| Net Assets | | |
| Beginning of Period | 88,926,554 | 62,588,324 |
| End of Period | 73,793,367 | 88,926,554 |
See accompanying Notes, which are an integral part of the Financial Statements.
23
| | | | | |
| Emerging Markets Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $28.16 | $23.85 | $22.16 | $27.02 | $26.78 |
| Investment Operations | | | | | |
| Net Investment Income | . 6631 | .6011 | . 530 | .642 | .672 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (4.187) | 4.302 | 1.691 | (4.865) | .271 |
| Total from Investment Operations | (3.524) | 4.903 | 2.221 | (4.223) | .943 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 616) | (. 593) | (. 531) | (. 637) | (.703) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 616) | (. 593) | (. 531) | (. 637) | (.703) |
| Net Asset Value, End of Period | $24.02 | $28.16 | $23.85 | $22.16 | $27.02 |
| |
| Total Return2 | -12.73% | 20.76% | 10.21% | -15.74% | 3.59% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,283 | $1,738 | $1,570 | $1,573 | $2,063 |
| Ratio of Total Expenses to Average Net Assets | 0.29% | 0.32% | 0.32% | 0.33% | 0.33% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.36% | 2.38% | 2.50% | 2.53% | 2.56% |
| Portfolio Turnover Rate 3 | 11% | 6% | 13% | 7% | 9% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
24
| | | | | |
| Emerging Markets Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| FTSE Emerging Markets ETF Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $44.47 | $37.67 | $34.98 | $42.66 | $42.28 |
| Investment Operations | | | | | |
| Net Investment Income | 1.1261 | 1.0351 | .900 | 1.086 | 1.137 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (6.636) | 6.781 | 2.679 | (7.685) | .428 |
| Total from Investment Operations | (5.510) | 7.816 | 3.579 | (6.599) | 1.565 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (1.050) | (1.016) | (.889) | (1.081) | (1.185) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.050) | (1.016) | (.889) | (1.081) | (1.185) |
| Net Asset Value, End of Period | $37.91 | $44.47 | $37.67 | $34.98 | $42.66 |
| |
| Total Return | -12.64% | 20.98% | 10.47% | -15.59% | 3.77% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $53,765 | $64,967 | $44,636 | $37,071 | $48,000 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.14% | 0.14% | 0.15% | 0.15% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.53% | 2.56% | 2.68% | 2.71% | 2.74% |
| Portfolio Turnover Rate2 | 11% | 6% | 13% | 7% | 9% |
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.
25
| | | | | |
| Emerging Markets Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $36.99 | $31.33 | $29.10 | $35.49 | $35.17 |
| Investment Operations | | | | | |
| Net Investment Income | . 9441 | .8601 | .747 | .903 | .946 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (5.531) | 5.645 | 2.222 | (6.394) | .361 |
| Total from Investment Operations | (4.587) | 6.505 | 2.969 | (5.491) | 1.307 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 873) | (. 845) | (.739) | (. 899) | (. 987) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 873) | (. 845) | (.739) | (. 899) | (. 987) |
| Net Asset Value, End of Period | $31.53 | $36.99 | $31.33 | $29.10 | $35.49 |
| |
| Total Return2 | -12.64% | 21.00% | 10.41% | -15.60% | 3.79% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $11,632 | $12,585 | $9,166 | $8,060 | $8,870 |
| Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.14% | 0.15% | 0.15% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.51% | 2.56% | 2.68% | 2.71% | 2.74% |
| Portfolio Turnover Rate 3 | 11% | 6% | 13% | 7% | 9% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
| | | | | |
| Emerging Markets Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $28.13 | $23.82 | $22.13 | $26.99 | $26.74 |
| Investment Operations | | | | | |
| Net Investment Income | .7211 | .6591 | .577 | . 696 | .726 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (4.198) | 4.301 | 1.683 | (4.865) | .283 |
| Total from Investment Operations | (3.477) | 4.960 | 2.260 | (4.169) | 1.009 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 673) | (. 650) | (. 570) | (. 691) | (.759) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 673) | (. 650) | (. 570) | (. 691) | (.759) |
| Net Asset Value, End of Period | $23.98 | $28.13 | $23.82 | $22.13 | $26.99 |
| |
| Total Return | -12.60% | 21.06% | 10.42% | -15.57% | 3.85% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $5,142 | $5,647 | $4,191 | $3,645 | $4,002 |
| Ratio of Total Expenses to Average Net Assets | 0.10% | 0.11% | 0.11% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.55% | 2.59% | 2.71% | 2.74% | 2.77% |
| Portfolio Turnover Rate2 | 11% | 6% | 13% | 7% | 9% |
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.
27
| | | | | |
| Emerging Markets Stock Index Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Institutional Plus Shares | | | | | |
| |
| For a Share Outstanding | | | Year Ended October 31, |
| Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
| Net Asset Value, Beginning of Period | $93.57 | $79.26 | $73.61 | $89.77 | $88.97 |
| Investment Operations | | | | | |
| Net Investment Income | 2.1821 | 2.2211 | 1.928 | 2.326 | 2.436 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | (13.725) | 14.266 | 5.630 | (16.171) | .904 |
| Total from Investment Operations | (11.543) | 16.487 | 7.558 | (13.845) | 3.340 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (2.257) | (2.177) | (1.908) | (2.315) | (2.540) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.257) | (2.177) | (1.908) | (2.315) | (2.540) |
| Net Asset Value, End of Period | $79.77 | $93.57 | $79.26 | $73.61 | $89.77 |
| |
| Total Return | -12.58% | 21.04% | 10.48% | -15.55% | 3.83% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,973 | $3,991 | $3,026 | $2,566 | $2,754 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.09% | 0.09% | 0.10% | 0.10% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 2.57% | 2.61% | 2.73% | 2.76% | 2.79% |
| Portfolio Turnover Rate2 | 11% | 6% | 13% | 7% | 9% |
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.
28
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, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares, known as Vanguard FTSE Emerging Markets ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria.
The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. Further, at October 31, 2018, the fund had a concentration of its investments in securities issued in China, and the performance of such investments may be impacted by the country’s social, political, and economic conditions.
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 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.
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).
29
Emerging Markets Stock Index Fund
3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, 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 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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended October 31, 2018, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also receives a fixed rate spread related to the reference stock and pays a floating rate that is based on short-term interest rates, applied to the notional amount. To mitigate interest rate risk on the floating rate payable, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until termination of the swap, at which time realized gain (loss) is recorded.
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Emerging Markets Stock Index Fund
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counter-parties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, 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 swap 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 securities 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 swap 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.
During the year ended October 31, 2018, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
5. 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, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and 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 before the opening of the market 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 event 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
31
Emerging Markets Stock Index Fund
on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
8. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at October 31, 2018, or at any time during the period then ended.
9. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
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Emerging Markets Stock Index Fund
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of $4,032,000, representing 0.01% of the fund’s net assets and 1.61% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of October 31, 2018, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 10,465,026 | 167 | 8 |
| Common Stocks—Other | 6,252,764 | 55,921,236 | 131,885 |
| Preferred Stocks | — | 972 | — |
| Temporary Cash Investments | 1,783,819 | 59,680 | — |
| Futures Contracts—Assets1 | 9,680 | — | — |
| Swap Contracts—Liabilities | — | (1,105) | — |
| Total | 18,511,289 | 55,980,950 | 131,893 |
| 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 $5,716,390,000 based on Level 2 inputs were transferred from Level 1 during the fiscal period. Additionally, based on values on the date of transfer, securities valued at $6,446,825,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
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Emerging Markets Stock Index Fund
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions, the expiration of capital loss carryforwards, foreign currency transactions, passive foreign investment companies, and swap agreements were reclassified to the following accounts:
| |
| | Amount |
| | ($000) |
| Paid-in Capital | 569,539 |
| Total Distributable Earnings (Loss) | (569,539) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales, the realization of unrealized gains or losses on certain futures contracts, swap agreements, and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| |
| | Amount |
| | ($000) |
| Undistributed Ordinary Income | 356,719 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards* | (9,555,764) |
| Net Unrealized Gains (Losses) | 1,333,449 |
* Includes $301,433,000, which may be used to offset future net capital gains through October 31, 2019, as well as capital losses of $9,254,331,000, which may be carried forward indefinitely but must be used before any expiring loss carryforwards.
As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| |
| | Amount |
| | ($000) |
| Tax Cost | 73,281,175 |
| Gross Unrealized Appreciation | 15,660,530 |
| Gross Unrealized Depreciation | (14,326,148) |
| Net Unrealized Appreciation (Depreciation) | 1,334,382 |
E. During the year ended October 31, 2018, the fund purchased $10,023,584,000 of investment securities and sold $12,130,320,000 of investment securities, other than temporary cash investments. Purchases and sales include $625,255,000 and $2,113,945,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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Emerging Markets Stock Index Fund
| | | | |
| F. Capital share transactions for each class of shares were: | | | |
| | | | Year Ended October 31, |
| | | 2018 | | 2017 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 377,234 | 13,164 | 404,897 | 15,943 |
| Issued in Lieu of Cash Distributions | 32,904 | 1,223 | 36,484 | 1,391 |
| Redeemed | (638,951) | (22,689) | (554,380) | (21,446) |
| Net Increase (Decrease)—Investor Shares | (228,813) | (8,302) | (112,999) | (4,112) |
| ETF Shares | | | | |
| Issued | 1,587,017 | 32,926 | 11,178,653 | 276,026 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (3,345,493) | (75,800) | (2) | — |
| Net Increase (Decrease)—ETF Shares | (1,758,476) | (42,874) | 11,178,651 | 276,026 |
| Admiral Shares | | | | |
| Issued | 3,816,592 | 102,254 | 3,335,629 | 99,595 |
| Issued in Lieu of Cash Distributions | 274,729 | 7,776 | 237,621 | 6,898 |
| Redeemed | (2,970,963) | (81,349) | (1,952,746) | (58,774) |
| Net Increase (Decrease)—Admiral Shares | 1,120,358 | 28,681 | 1,620,504 | 47,719 |
| Institutional Shares | | | | |
| Issued | 1,751,540 | 63,414 | 1,613,065 | 63,224 |
| Issued in Lieu of Cash Distributions | 126,902 | 4,722 | 112,798 | 4,308 |
| Redeemed | (1,526,216) | (54,466) | (1,061,505) | (42,673) |
| Net Increase (Decrease)—Institutional Shares | 352,226 | 13,670 | 664,358 | 24,859 |
| Institutional Plus Shares | | | | |
| Issued | 867,783 | 9,576 | 919,111 | 10,731 |
| Issued in Lieu of Cash Distributions | 61,232 | 678 | 84,000 | 964 |
| Redeemed | (2,682,062) | (28,173) | (620,745) | (7,220) |
| Net Increase (Decrease)—Institutional Plus Shares | (1,753,047) | (17,919) | 382,366 | 4,475 |
G. Management has determined that no events or transactions occurred subsequent to October 31, 2018, that would require recognition or disclosure in these financial statements.
35
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard Emerging Markets Stock Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Emerging Markets Stock Index Fund (one of the funds constituting Vanguard International Equity Index Funds, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Special 2018 tax information (unaudited) for Vanguard Emerging Markets Stock Index Fund
This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $1,036,995,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $2,388,234,000 and foreign taxes paid of $246,085,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2019 to determine the calendar-year amounts to be included on their 2018 tax returns.
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Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2018. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns: Emerging Markets Stock Index Fund Investor Shares
Periods Ended October 31, 2018
| | | |
| | One | Five | Ten |
| | Year | Years | Years |
| Returns Before Taxes | -12.73% | 0.27% | 7.13% |
| Returns After Taxes on Distributions | -13.35 | -0.44 | 6.50 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -7.29 | 0.08 | 5.75 |
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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| | | |
| Six Months Ended October 31, 2018 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Emerging Markets Stock Index Fund | 4/30/2018 | 10/31/2018 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $842.01 | $1.21 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 842.47 | 0.46 |
| Admiral Shares | 1,000.00 | 842.55 | 0.65 |
| Institutional Shares | 1,000.00 | 842.89 | 0.42 |
| Institutional Plus Shares | 1,000.00 | 842.73 | 0.28 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,023.89 | $1.33 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 1,024.70 | 0.51 |
| Admiral Shares | 1,000.00 | 1,024.50 | 0.71 |
| Institutional Shares | 1,000.00 | 1,024.75 | 0.46 |
| Institutional Plus Shares | 1,000.00 | 1,024.90 | 0.31 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.26% for Investor Shares, 0.10% for FTSE Emerging Markets ETF Shares, 0.14% for Admiral Shares, 0.09% for Institutional Shares, and 0.06% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
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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.
Fair-Value Pricing. Fair-value 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.
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.
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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.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced Emerging Markets Index: Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index through January 9, 2013; FTSE Emerging Transition Index through June 27, 2013; FTSE Emerging Index through November 1, 2015; FTSE Emerging Markets All Cap China A Transition Index through September 18, 2016; and FTSE Emerging Markets All Cap China A Inclusion 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 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Lead director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its executive committee (1997–2008). Chief global diversity officer (retired 2008), vice president and chief information officer (1997–2006), controller (1995–1997), treasurer (1991–1995), and assistant treasurer (1989–1991) of Johnson & Johnson. Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation. Member of the advisory board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education. Director of the V Foundation for Cancer Research. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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 co-managing partner of HighVista Strategies LLC (private investment firm). Overseer of the Museum of Fine Arts Boston.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the Board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
| |
| Vanguard Senior Management Team |
| |
| Joseph Brennan | Chris D. McIsaac |
| Mortimer J. Buckley | James M. Norris |
| Gregory Davis | Thomas M. Rampulla |
| John James | Karin A. Risi |
| Martha G. King | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
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
| |
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| | Q5330 122018 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended October 31, 2018: $328,000
Fiscal Year Ended October 31, 2017: $405,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended October 31, 2018: $9,734,277
Fiscal Year Ended October 31, 2017: $8,424,459
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended October 31, 2018: $5,581,336
Fiscal Year Ended October 31, 2017: $3,194,093
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended October 31, 2018: $347,985
Fiscal Year Ended October 31, 2017: $274,313
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended October 31, 2018: $0
Fiscal Year Ended October 31, 2017: $0
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended October 31, 2018: $347,985
Fiscal Year Ended October 31, 2017: $274,313
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| |
| Common Stocks (99.1%)1 | | |
| Austria (0.5%) | | |
| | Erste Group Bank AG | 611,922 | 24,910 |
| | OMV AG | 301,129 | 16,723 |
| | voestalpine AG | 240,482 | 8,535 |
| | ANDRITZ AG | 150,705 | 7,808 |
| | Raiffeisen Bank International AG | 276,347 | 7,531 |
| | Wienerberger AG | 249,458 | 5,738 |
| * | IMMOFINANZ AG | 208,330 | 4,959 |
| | CA Immobilien Anlagen AG | 147,676 | 4,806 |
| *,2 | BAWAG Group AG | 75,897 | 3,274 |
| | Oesterreichische Post AG | 71,290 | 2,894 |
| | Verbund AG | 69,495 | 2,797 |
| | Lenzing AG | 28,176 | 2,556 |
| | UNIQA Insurance Group AG | 237,800 | 2,221 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 82,960 | 2,203 |
| | Telekom Austria AG Class A | 287,192 | 2,131 |
| | Schoeller-Bleckmann Oilfield Equipment AG | 23,772 | 2,122 |
| | S IMMO AG | 98,327 | 1,681 |
| | DO & CO AG | 14,912 | 1,352 |
| | Strabag SE | 37,188 | 1,308 |
| | EVN AG | 68,124 | 1,191 |
| | Flughafen Wien AG | 24,005 | 933 |
| | Palfinger AG | 23,570 | 719 |
| | Porr AG | 22,124 | 599 |
| * | Zumtobel Group AG | 62,514 | 567 |
| * | Agrana Beteiligungs AG | 21,152 | 421 |
| * | Semperit AG Holding | 21,928 | 362 |
| | Kapsch TrafficCom AG | 9,815 | 350 |
| *,§ | Strabag SE Rights Exp. 6/28/2021 | 37,485 | 55 |
| | | | 110,746 |
| Belgium (1.7%) | | |
| | Anheuser-Busch InBev SA/NV | 1,618,258 | 119,689 |
| | KBC Group NV | 588,546 | 40,561 |
| | UCB SA | 256,139 | 21,511 |
| | Umicore SA | 438,264 | 20,631 |
| | Ageas | 399,431 | 19,986 |
| | Solvay SA Class A | 148,025 | 16,861 |
| | Groupe Bruxelles Lambert SA | 155,022 | 14,418 |
| | Proximus SADP | 298,699 | 7,610 |
| | Ackermans & van Haaren NV | 47,910 | 7,543 |
| | Colruyt SA | 113,656 | 6,608 |
| | Sofina SA | 32,749 | 6,264 |
| | Cofinimmo SA | 48,632 | 5,816 |
| | Telenet Group Holding NV | 102,773 | 4,979 |
| | Warehouses De Pauw CVA | 36,498 | 4,733 |
| | Elia System Operator SA/NV | 66,446 | 4,154 |
| | KBC Ancora | 77,079 | 3,562 |
| | bpost SA | 216,020 | 3,278 |
| | Ontex Group NV | 170,710 | 3,272 |
| | Euronav NV | 343,069 | 3,195 |
| | Aedifica SA | 37,605 | 3,146 |
| | Melexis NV | 39,281 | 2,584 |
| | Barco NV | 20,131 | 2,292 |
| | Befimmo SA | 40,716 | 2,232 |
| | Gimv NV | 37,450 | 1,998 |
| | D'ieteren SA/NV | 47,582 | 1,882 |
| * | Tessenderlo Chemie NV (Voting Shares) | 52,912 | 1,863 |
| | Bekaert SA | 75,543 | 1,632 |
| * | AGFA-Gevaert NV | 357,415 | 1,596 |
| | Cie d'Entreprises CFE | 14,607 | 1,549 |
| | Kinepolis Group NV | 26,996 | 1,449 |
| | Fagron | 76,069 | 1,237 |
1
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Orange Belgium SA | 61,609 | 1,106 |
| ^ | Econocom Group SA/NV | 284,326 | 890 |
| *,^ | Ion Beam Applications | 44,160 | 776 |
| * | Mithra Pharmaceuticals SA | 27,930 | 766 |
| | EVS Broadcast Equipment SA | 30,415 | 676 |
| | Wereldhave Belgium NV | 5,192 | 503 |
| | Van de Velde NV | 14,082 | 351 |
| *,^ | Nyrstar (Voting Shares) | 164,800 | 298 |
| ^ | Greenyard NV | 32,402 | 296 |
| | | | 343,793 |
| Denmark (2.6%) | | |
| | Novo Nordisk A/S Class B | 3,619,182 | 156,300 |
| | DSV A/S | 384,224 | 30,824 |
| | Danske Bank A/S | 1,430,788 | 27,383 |
| | Coloplast A/S Class B | 281,373 | 26,256 |
| | Vestas Wind Systems A/S | 409,192 | 25,661 |
| | Carlsberg A/S Class B | 223,825 | 24,692 |
| | Novozymes A/S | 438,186 | 21,640 |
| | Chr Hansen Holding A/S | 208,115 | 21,008 |
| 2 | Orsted A/S | 317,662 | 20,143 |
| | AP Moller - Maersk A/S Class B | 13,535 | 17,084 |
| * | Genmab A/S | 117,562 | 16,086 |
| | Pandora A/S | 221,155 | 13,821 |
| | ISS A/S | 394,435 | 12,954 |
| | GN Store Nord A/S | 287,531 | 12,197 |
| | AP Moller - Maersk A/S Class A | 9,600 | 11,392 |
| *,^ | William Demant Holding A/S | 231,637 | 7,614 |
| | Royal Unibrew A/S | 105,676 | 7,499 |
| * | Ambu A/S Class B | 319,192 | 6,649 |
| | SimCorp A/S | 84,229 | 6,485 |
| | Tryg A/S | 262,151 | 6,319 |
| | Jyske Bank A/S | 146,033 | 5,963 |
| | H Lundbeck A/S | 126,650 | 5,907 |
| | FLSmidth & Co. A/S | 106,210 | 5,573 |
| | Rockwool International A/S Class B | 13,565 | 4,635 |
| | Topdanmark A/S | 90,081 | 4,282 |
| | Sydbank A/S | 137,552 | 3,177 |
| | Dfds A/S | 59,630 | 2,552 |
| * | Nilfisk Holding A/S | 57,513 | 2,257 |
| * | ALK-Abello A/S | 13,907 | 2,228 |
| | Schouw & Co. A/S | 27,134 | 2,216 |
| 2 | Scandinavian Tobacco Group A/S | 132,933 | 2,017 |
| *,^ | Bavarian Nordic A/S | 67,103 | 1,551 |
| * | Bang & Olufsen A/S | 72,994 | 1,516 |
| | Spar Nord Bank A/S | 164,594 | 1,364 |
| | Alm Brand A/S | 141,510 | 1,185 |
| *,^ | NKT A/S | 56,010 | 1,054 |
| * | D/S Norden A/S | 54,191 | 748 |
| | Matas A/S | 74,343 | 718 |
| | Solar A/S Class B | 10,951 | 587 |
| | | | 521,537 |
| Finland (1.9%) | | |
| | Nokia Oyj | 11,906,149 | 67,253 |
| | Sampo Oyj Class A | 1,044,237 | 48,022 |
| | Kone Oyj Class B | 829,758 | 40,388 |
| | UPM-Kymmene Oyj | 1,135,332 | 36,500 |
| | Neste Oyj | 294,820 | 24,209 |
| | Fortum Oyj | 919,168 | 19,349 |
| | Stora Enso Oyj | 1,191,635 | 17,905 |
| | Wartsila Oyj Abp | 966,923 | 16,453 |
| | Elisa Oyj | 304,820 | 12,128 |
| | Amer Sports Oyj | 246,092 | 9,148 |
| | Nokian Renkaat Oyj | 285,907 | 9,094 |
| | Kesko Oyj Class B | 145,308 | 8,486 |
2
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Orion Oyj Class B | 216,846 | 7,459 |
| | Metso Oyj | 226,054 | 7,137 |
| | Valmet Oyj | 285,594 | 6,503 |
| | Huhtamaki Oyj | 197,717 | 5,543 |
| | Konecranes Oyj Class A | 154,746 | 5,542 |
| | Tieto Oyj | 158,500 | 5,102 |
| | Cargotec Oyj Class B | 99,873 | 4,151 |
| | Metsa Board Oyj | 364,318 | 3,186 |
| | Outokumpu Oyj | 647,794 | 2,715 |
| | DNA Oyj | 130,991 | 2,567 |
| | Kemira Oyj | 190,703 | 2,339 |
| | YIT Oyj | 338,607 | 1,929 |
| | Sanoma Oyj | 166,208 | 1,873 |
| | Cramo Oyj | 82,501 | 1,573 |
| | Citycon Oyj | 789,605 | 1,535 |
| | Uponor Oyj | 118,425 | 1,283 |
| * | Caverion Oyj | 197,754 | 1,238 |
| * | Outotec Oyj | 305,563 | 1,182 |
| | Ramirent Oyj | 148,377 | 1,083 |
| | Oriola Oyj | 290,185 | 886 |
| | Finnair Oyj | 113,573 | 853 |
| | Raisio Oyj | 266,419 | 817 |
| | F-Secure Oyj | 213,121 | 556 |
| *,^ | Stockmann Oyj Abp Class B | 90,646 | 309 |
| | | | 376,296 |
| France (15.5%) | | |
| | TOTAL SA | 5,355,845 | 314,258 |
| | Sanofi | 2,310,015 | 206,425 |
| | LVMH Moet Hennessy Louis Vuitton SE | 529,168 | 160,553 |
| | Airbus SE | 1,170,963 | 129,409 |
| | BNP Paribas SA | 2,302,334 | 119,985 |
| | AXA SA | 4,106,281 | 102,767 |
| | Safran SA | 705,170 | 91,128 |
| | Danone SA | 1,272,202 | 90,089 |
| | Vinci SA | 989,052 | 88,026 |
| | Schneider Electric SE | 1,088,638 | 78,721 |
| | Kering SA | 158,004 | 70,231 |
| | Pernod Ricard SA | 449,755 | 68,582 |
| | Orange SA | 4,079,198 | 63,670 |
| | L'Oreal SA | 280,778 | 63,261 |
| | Air Liquide SA | 519,595 | 62,812 |
| | EssilorLuxottica SA | 435,811 | 59,523 |
| | Societe Generale SA | 1,537,038 | 56,345 |
| | L'Oreal SA Loyalty Line | 232,325 | 52,345 |
| | Vivendi SA | 2,040,801 | 49,221 |
| ^ | Engie SA | 3,489,296 | 46,363 |
| | Air Liquide SA - PRIM | 375,051 | 45,339 |
| | Capgemini SE | 332,247 | 40,569 |
| | Cie de Saint-Gobain | 1,047,283 | 39,453 |
| | Cie Generale des Etablissements Michelin SCA | 374,768 | 38,367 |
| | Hermes International | 65,603 | 37,453 |
| | Legrand SA | 567,729 | 37,073 |
| | Dassault Systemes SE | 281,052 | 35,184 |
| | Credit Agricole SA | 2,426,822 | 31,082 |
| | Renault SA | 391,097 | 29,205 |
| | Peugeot SA | 1,156,568 | 27,493 |
| | Thales SA | 212,767 | 27,174 |
| | TechnipFMC plc | 974,261 | 25,845 |
| | Publicis Groupe SA | 446,146 | 25,826 |
| | Carrefour SA | 1,186,346 | 23,008 |
| | Veolia Environnement SA | 1,061,280 | 21,151 |
| | STMicroelectronics NV | 1,348,350 | 20,497 |
| | Teleperformance | 121,796 | 20,059 |
| | Accor SA | 431,153 | 19,701 |
3
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sodexo SA | 187,977 | 19,188 |
| | Edenred | 504,489 | 19,137 |
| | Atos SE | 196,443 | 16,801 |
| | Gecina SA | 111,469 | 16,348 |
| | Valeo SA | 506,552 | 16,339 |
| * | Ubisoft Entertainment SA | 180,448 | 16,187 |
| | Arkema SA | 153,979 | 16,155 |
| | SES SA Class A | 746,451 | 16,021 |
| | Bouygues SA | 433,901 | 15,807 |
| | SCOR SE | 335,731 | 15,514 |
| | Electricite de France SA | 935,480 | 15,499 |
| | Eiffage SA | 157,791 | 15,410 |
| | Klepierre SA | 430,620 | 14,593 |
| | Alstom SA | 328,903 | 14,364 |
| | Bureau Veritas SA | 580,554 | 13,097 |
| | Aeroports de Paris | 60,586 | 12,672 |
| | Getlink | 972,150 | 12,228 |
| | Eurofins Scientific SE | 23,831 | 12,009 |
| | Orpea | 95,724 | 11,785 |
| | Suez | 781,302 | 11,270 |
| | Natixis SA | 1,788,422 | 10,441 |
| | Ipsen SA | 73,348 | 10,170 |
| | Ingenico Group SA | 132,470 | 9,376 |
| | Rubis SCA | 180,341 | 9,305 |
| 2 | Euronext NV | 150,342 | 9,251 |
| | Bollore SA | 2,086,837 | 8,829 |
| | SEB SA | 57,898 | 8,302 |
| | Rexel SA | 646,271 | 8,238 |
| | Dassault Aviation SA | 4,967 | 8,237 |
| | Wendel SA | 61,038 | 7,909 |
| | Covivio | 76,979 | 7,724 |
| | Faurecia SA | 156,598 | 7,592 |
| | CNP Assurances | 338,893 | 7,553 |
| | Eutelsat Communications SA | 361,893 | 7,330 |
| 2 | Amundi SA | 121,876 | 7,240 |
| | Eurazeo SE | 98,798 | 7,215 |
| | Lagardere SCA | 247,209 | 6,757 |
| | BioMerieux | 87,941 | 6,706 |
| | Sartorius Stedim Biotech | 51,671 | 6,403 |
| | Remy Cointreau SA | 52,595 | 6,243 |
| | ICADE | 70,475 | 5,972 |
| | Iliad SA | 51,314 | 5,931 |
| | Alten SA | 60,738 | 5,853 |
| ^ | Casino Guichard Perrachon SA | 121,088 | 5,340 |
| | Societe BIC SA | 54,888 | 5,255 |
| | JCDecaux SA | 155,610 | 5,108 |
| | Elis SA | 247,402 | 4,989 |
| | Altran Technologies SA | 494,129 | 4,898 |
| | Imerys SA | 78,275 | 4,825 |
| *,2 | Worldline SA | 85,111 | 4,478 |
| | Nexity SA | 92,963 | 4,446 |
| * | Air France-KLM | 457,577 | 4,424 |
| | SPIE SA | 254,489 | 3,984 |
| | Korian SA | 96,260 | 3,793 |
| * | CGG SA | 1,454,705 | 3,519 |
| | Gaztransport Et Technigaz SA | 46,417 | 3,431 |
| | Sopra Steria Group | 30,589 | 3,388 |
| | Cie Plastic Omnium SA | 120,217 | 3,342 |
| 2 | Elior Group SA | 221,403 | 3,185 |
| | Elis SA | 155,925 | 3,144 |
| *,^ | Vallourec SA | 635,471 | 3,004 |
| | Metropole Television SA | 139,990 | 2,710 |
| * | Fnac Darty SA | 36,805 | 2,617 |
| * | SOITEC | 36,363 | 2,591 |
4
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| 2 | ALD SA | 173,078 | 2,577 |
| | Neopost SA | 73,274 | 2,355 |
| 2 | Maisons du Monde SA | 92,109 | 2,309 |
| | Television Francaise 1 | 226,310 | 2,302 |
| | IPSOS | 80,715 | 2,149 |
| 2 | Europcar Mobility Group | 216,170 | 2,046 |
| | Electricite de France SA Loyalty Line | 122,442 | 2,029 |
| | Coface SA | 193,094 | 1,930 |
| * | DBV Technologies SA | 49,167 | 1,817 |
| | Nexans SA | 62,745 | 1,811 |
| | Altarea SCA | 8,105 | 1,778 |
| | Eramet | 18,855 | 1,736 |
| | Trigano SA | 17,046 | 1,731 |
| | Vicat SA | 32,043 | 1,722 |
| * | Virbac SA | 9,657 | 1,550 |
| | Tarkett SA | 66,842 | 1,468 |
| | Carmila SA | 64,619 | 1,424 |
| *,^ | Genfit | 60,781 | 1,415 |
| | FFP | 11,950 | 1,405 |
| | Akka Technologies | 20,181 | 1,329 |
| | Beneteau SA | 79,827 | 1,323 |
| | Mercialys SA | 89,022 | 1,305 |
| *,2 | SMCP SA | 54,520 | 1,289 |
| | Albioma SA | 61,334 | 1,192 |
| | Bonduelle SCA | 33,146 | 1,176 |
| * | Rothschild & Co. | 27,908 | 1,112 |
| | LISI | 36,611 | 1,066 |
| | Interparfums SA | 24,555 | 1,015 |
| | Mersen SA | 29,913 | 987 |
| | Derichebourg SA | 198,770 | 956 |
| *,^ | Technicolor SA | 735,497 | 938 |
| *,2 | X-Fab Silicon Foundries SE | 122,486 | 837 |
| | Vilmorin & Cie SA | 12,899 | 768 |
| | Manitou BF SA | 27,127 | 764 |
| | Boiron SA | 11,951 | 716 |
| | Guerbet | 11,017 | 699 |
| | Jacquet Metal Service SA | 29,541 | 612 |
| ^ | Rallye SA | 52,580 | 584 |
| | GL Events | 27,070 | 579 |
| * | Etablissements Maurel et Prom | 120,416 | 557 |
| | Groupe Crit | 6,693 | 447 |
| | Synergie SA | 14,355 | 438 |
| | AKWEL | 19,737 | 393 |
| * | Pharmagest Inter@ctive | 6,612 | 382 |
| *,^ | Bourbon Corp. | 60,570 | 354 |
| | Haulotte Group SA | 27,303 | 309 |
| | Union Financiere de France BQE SA | 9,089 | 277 |
| * | Stallergenes Greer plc | 8,152 | 250 |
| | Esso SA Francaise | 5,957 | 235 |
| | | | 3,138,108 |
| Germany (13.9%) | | |
| | SAP SE | 2,064,272 | 221,030 |
| | Allianz SE | 910,634 | 189,704 |
| | Siemens AG | 1,635,055 | 187,945 |
| | Bayer AG | 1,988,818 | 152,449 |
| | BASF SE | 1,950,834 | 149,705 |
| | Deutsche Telekom AG | 6,876,764 | 112,791 |
| | Daimler AG | 1,832,318 | 108,541 |
| | adidas AG | 420,537 | 98,896 |
| | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 316,790 | 68,042 |
| | Volkswagen AG Preference Shares | 389,188 | 65,385 |
| | Deutsche Post AG | 2,067,765 | 65,291 |
| | Bayerische Motoren Werke AG | 687,202 | 59,176 |
| | Fresenius SE & Co. KGaA | 863,700 | 54,893 |
5
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Vonovia SE | 1,103,058 | 50,406 |
| | Deutsche Boerse AG | 397,816 | 50,273 |
| | Infineon Technologies AG | 2,406,831 | 48,226 |
| | Wirecard AG | 243,443 | 45,538 |
| | E.ON SE | 4,617,483 | 44,652 |
| | Henkel AG & Co. KGaA Preference Shares | 373,211 | 40,775 |
| | Deutsche Bank AG | 4,051,331 | 39,597 |
| | Continental AG | 230,226 | 37,938 |
| | Fresenius Medical Care AG & Co. KGaA | 452,643 | 35,540 |
| | Deutsche Wohnen SE | 757,497 | 34,648 |
| | Merck KGaA | 274,992 | 29,425 |
| 2 | Covestro AG | 382,610 | 24,674 |
| | MTU Aero Engines AG | 109,823 | 23,319 |
| | Beiersdorf AG | 212,346 | 21,956 |
| | Symrise AG | 257,250 | 21,549 |
| | HeidelbergCement AG | 316,147 | 21,455 |
| | Henkel AG & Co. KGaA | 214,333 | 20,996 |
| * | Commerzbank AG | 2,215,893 | 20,865 |
| | Porsche Automobil Holding SE Preference Shares | 326,362 | 20,755 |
| | thyssenkrupp AG | 989,558 | 20,742 |
| | RWE AG | 1,039,787 | 20,228 |
| | Hannover Rueck SE | 128,574 | 17,291 |
| | Brenntag AG | 329,657 | 17,216 |
| * | QIAGEN NV | 466,619 | 16,938 |
| | LEG Immobilien AG | 136,131 | 14,880 |
| | LANXESS AG | 196,573 | 12,167 |
| | Uniper SE | 417,058 | 12,036 |
| *,2 | Siemens Healthineers AG | 276,432 | 11,441 |
| | Volkswagen AG | 69,279 | 11,405 |
| | ProSiebenSat.1 Media SE | 487,128 | 11,249 |
| *,2 | Zalando SE | 288,266 | 11,143 |
| * | Aroundtown SA | 1,342,760 | 11,127 |
| | Evonik Industries AG | 350,934 | 10,856 |
| | GEA Group AG | 354,011 | 10,757 |
| | Sartorius AG Preference Shares | 73,111 | 10,575 |
| | United Internet AG | 246,048 | 10,182 |
| | Deutsche Lufthansa AG | 503,014 | 10,097 |
| | HUGO BOSS AG | 138,078 | 9,868 |
| 2 | Scout24 AG | 231,579 | 9,597 |
| *,2 | Delivery Hero SE | 231,141 | 9,307 |
| | Puma SE | 17,408 | 8,952 |
| | KION Group AG | 150,352 | 8,786 |
| | Bayerische Motoren Werke AG Preference Shares | 114,337 | 8,612 |
| * | Knorr-Bremse AG | 92,698 | 8,400 |
| | OSRAM Licht AG | 204,772 | 8,297 |
| | Rheinmetall AG | 92,171 | 7,977 |
| | K&S AG | 407,510 | 7,589 |
| | MAN SE | 66,983 | 6,978 |
| | Fuchs Petrolub SE Preference Shares | 150,628 | 6,973 |
| | Carl Zeiss Meditec AG | 78,886 | 6,462 |
| | Axel Springer SE | 95,381 | 6,334 |
| | TUI AG | 383,129 | 6,332 |
| | TAG Immobilien AG | 272,244 | 6,211 |
| * | MorphoSys AG | 67,037 | 6,207 |
| | Freenet AG | 275,705 | 6,201 |
| *,§ | Innogy SE | 142,806 | 5,951 |
| | Fraport AG Frankfurt Airport Services Worldwide | 76,007 | 5,870 |
| | Grand City Properties SA | 235,057 | 5,683 |
| 2 | Innogy SE Ordinary Shares | 128,647 | 5,682 |
| | HOCHTIEF AG | 38,213 | 5,663 |
| | Telefonica Deutschland Holding AG | 1,439,220 | 5,595 |
| * | Evotec AG | 279,338 | 5,506 |
| | METRO AG | 360,815 | 5,428 |
| | RTL Group SA | 82,141 | 5,272 |
6
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | GRENKE AG | 54,810 | 5,256 |
| | Bechtle AG | 58,392 | 5,186 |
| | Nemetschek SE | 38,643 | 5,080 |
| | Aareal Bank AG | 129,970 | 4,835 |
| | Gerresheimer AG | 67,397 | 4,750 |
| | Aurubis AG | 77,064 | 4,678 |
| | TLG Immobilien AG | 182,017 | 4,621 |
| | Software AG | 102,765 | 4,601 |
| | alstria office REIT-AG | 314,615 | 4,529 |
| | Hella GmbH & Co. KGaA | 95,701 | 4,477 |
| | STADA Arzneimittel AG | 47,796 | 4,419 |
| | CTS Eventim AG & Co. KGaA | 117,873 | 4,419 |
| | 1&1 Drillisch AG | 98,602 | 4,398 |
| * | Dialog Semiconductor plc | 162,682 | 4,290 |
| | Siltronic AG | 44,729 | 4,097 |
| | Rational AG | 7,071 | 4,094 |
| *,2 | Rocket Internet SE | 140,986 | 4,071 |
| | Duerr AG | 104,585 | 3,727 |
| | Norma Group SE | 68,681 | 3,708 |
| 2 | ADO Properties SA | 61,950 | 3,654 |
| 2 | Deutsche Pfandbriefbank AG | 270,461 | 3,591 |
| | Stabilus SA | 52,075 | 3,490 |
| | Jungheinrich AG Preference Shares | 102,498 | 3,396 |
| | Deutsche EuroShop AG | 108,429 | 3,365 |
| | RWE AG Preference Shares | 200,019 | 3,325 |
| * | Jenoptik AG | 109,178 | 3,305 |
| | Salzgitter AG | 82,573 | 3,300 |
| | Fielmann AG | 51,316 | 3,183 |
| | FUCHS PETROLUB SE | 69,636 | 3,015 |
| | Sixt SE | 29,400 | 2,989 |
| | CANCOM SE | 70,973 | 2,894 |
| | Talanx AG | 79,826 | 2,852 |
| | Wacker Chemie AG | 31,890 | 2,849 |
| * | AIXTRON SE | 225,468 | 2,825 |
| | Krones AG | 31,228 | 2,792 |
| | Bilfinger SE | 63,701 | 2,775 |
| | Stroeer SE & Co. KGaA | 52,333 | 2,736 |
| | CompuGroup Medical SE | 48,210 | 2,723 |
| | Suedzucker AG | 167,169 | 2,589 |
| | Leoni AG | 69,740 | 2,546 |
| | S&T AG | 97,375 | 2,420 |
| | Sixt SE Preference Shares | 33,555 | 2,306 |
| 2 | Hapag-Lloyd AG | 58,431 | 2,161 |
| * | zooplus AG | 12,803 | 2,119 |
| | Indus Holding AG | 38,464 | 2,100 |
| *,2 | DWS Group GmbH & Co. KGaA | 70,050 | 1,955 |
| | DMG Mori AG | 39,799 | 1,925 |
| | CECONOMY AG | 371,996 | 1,901 |
| | Deutz AG | 249,726 | 1,857 |
| 2 | Befesa SA | 41,421 | 1,839 |
| | Pfeiffer Vacuum Technology AG | 13,843 | 1,721 |
| | XING SE | 5,662 | 1,702 |
| * | Hypoport AG | 8,113 | 1,625 |
| | Washtec AG | 21,068 | 1,624 |
| | PATRIZIA Immobilien AG | 94,243 | 1,620 |
| | Schaeffler AG Preference Shares | 152,992 | 1,612 |
| | VTG AG | 25,587 | 1,531 |
| | RIB Software SE | 86,861 | 1,499 |
| * | Isra Vision AG | 31,781 | 1,363 |
| | Koenig & Bauer AG | 27,809 | 1,358 |
| | KWS Saat SE | 3,996 | 1,358 |
| *,^ | Heidelberger Druckmaschinen AG | 570,902 | 1,323 |
| | Kloeckner & Co. SE | 156,724 | 1,318 |
| * | Nordex SE | 140,944 | 1,309 |
7
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Takkt AG | 73,385 | 1,247 |
| | Hornbach Holding AG & Co. KGaA | 18,661 | 1,233 |
| | Biotest AG Preference Shares | 45,875 | 1,217 |
| | Wacker Neuson SE | 54,493 | 1,210 |
| | Hamburger Hafen und Logistik AG | 53,910 | 1,142 |
| | RHOEN-KLINIKUM AG | 45,016 | 1,138 |
| | DIC Asset AG | 99,983 | 1,078 |
| * | SGL Carbon SE | 107,257 | 1,074 |
| | Deutsche Beteiligungs AG | 25,711 | 1,051 |
| | Diebold Nixdorf AG | 15,166 | 982 |
| | Vossloh AG | 19,975 | 924 |
| | BayWa AG | 31,472 | 917 |
| | Bertrandt AG | 10,995 | 910 |
| | Wuestenrot & Wuerttembergische AG | 43,989 | 890 |
| * | Varta AG | 26,613 | 839 |
| | Linde AG- Tender Line | 5,033 | 826 |
| | Draegerwerk AG & Co. KGaA Preference Shares | 15,240 | 818 |
| | comdirect bank AG | 68,241 | 808 |
| * | Corestate Capital Holding SA | 17,881 | 772 |
| *,2 | Tele Columbus AG | 196,863 | 693 |
| | ElringKlinger AG | 60,572 | 513 |
| | Hornbach Baumarkt AG | 19,060 | 507 |
| | SMA Solar Technology AG | 20,661 | 482 |
| | Draegerwerk AG & Co. KGaA | 8,198 | 400 |
| | H&R GmbH & Co. KGaA | 28,621 | 218 |
| | CropEnergies AG | 46,488 | 207 |
| | | | 2,809,570 |
| Ireland (0.4%) | | |
| | Kerry Group plc Class A | 310,422 | 31,801 |
| | Bank of Ireland Group plc | 1,963,944 | 13,877 |
| | Kingspan Group plc | 318,159 | 13,823 |
| | AIB Group plc | 1,680,494 | 8,102 |
| | Glanbia plc | 421,521 | 7,453 |
| * | Cairn Homes plc | 1,603,122 | 2,574 |
| | Green REIT plc | 1,481,174 | 2,447 |
| | Dalata Hotel Group plc | 388,192 | 2,399 |
| | C&C Group plc | 643,915 | 2,393 |
| | Hibernia REIT plc | 1,434,990 | 2,260 |
| | Irish Continental Group plc | 353,241 | 2,081 |
| | Origin Enterprises plc | 266,253 | 1,713 |
| * | Permanent TSB Group Holdings plc | 261,050 | 561 |
| *,§,^ | Irish Bank Resolution Corp. Ltd. | 2,503,596 | — |
| | | | 91,484 |
| Italy (4.0%) | | |
| | Eni SPA | 5,326,060 | 94,590 |
| | Enel SPA | 16,545,882 | 81,126 |
| | Intesa Sanpaolo SPA (Registered) | 32,154,041 | 71,224 |
| | UniCredit SPA | 4,747,963 | 60,704 |
| | Assicurazioni Generali SPA | 2,756,723 | 44,485 |
| * | Fiat Chrysler Automobiles NV | 2,344,302 | 35,677 |
| | Ferrari NV | 266,987 | 31,265 |
| | Atlantia SPA | 1,131,569 | 22,738 |
| | CNH Industrial NV | 2,112,754 | 21,963 |
| | Luxottica Group SPA | 331,087 | 20,793 |
| | Snam SPA | 4,863,370 | 20,108 |
| | Terna Rete Elettrica Nazionale SPA | 3,017,020 | 15,584 |
| | Tenaris SA | 994,481 | 14,639 |
| * | Telecom Italia SPA (Registered) | 23,766,116 | 13,978 |
| | EXOR NV | 229,310 | 12,969 |
| | Moncler SPA | 363,161 | 12,612 |
| | Mediobanca Banca di Credito Finanziario SPA | 1,277,569 | 11,189 |
| | Prysmian SPA | 553,802 | 10,759 |
| | Davide Campari-Milano SPA | 1,212,383 | 9,331 |
| | Leonardo SPA | 822,061 | 8,912 |
8
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | FinecoBank Banca Fineco SPA | 841,220 | 8,792 |
| 2 | Poste Italiane SPA | 993,239 | 7,127 |
| | Recordati SPA | 203,792 | 6,899 |
| *,2 | Pirelli & C SPA | 910,373 | 6,690 |
| | Unione di Banche Italiane SPA | 2,173,065 | 6,633 |
| * | Saipem SPA | 1,198,100 | 6,552 |
| *,^ | Banco BPM SPA | 3,245,032 | 6,083 |
| | Telecom Italia SPA (Bearer) | 12,012,883 | 6,069 |
| | Italgas SPA | 1,053,653 | 5,436 |
| | A2A SPA | 3,326,941 | 5,361 |
| | Interpump Group SPA | 177,530 | 5,122 |
| | Unipol Gruppo SPA | 1,187,897 | 4,781 |
| | Hera SPA | 1,708,748 | 4,716 |
| | Amplifon SPA | 249,053 | 4,412 |
| | Brembo SPA | 329,278 | 3,645 |
| | De' Longhi SPA | 137,706 | 3,644 |
| 2 | Infrastrutture Wireless Italiane SPA | 515,124 | 3,582 |
| | UnipolSai Assicurazioni SPA | 1,570,312 | 3,428 |
| | Cerved Group SPA | 423,454 | 3,377 |
| ^ | BPER Banca | 820,463 | 3,114 |
| ^ | Azimut Holding SPA | 251,343 | 3,095 |
| | Buzzi Unicem SPA | 160,644 | 3,085 |
| | Banca Popolare di Sondrio SCPA | 966,277 | 3,046 |
| | Banca Mediolanum SPA | 525,657 | 3,046 |
| | DiaSorin SPA | 31,058 | 2,946 |
| | Societa Cattolica di Assicurazioni SC | 333,811 | 2,697 |
| | Autogrill SPA | 272,500 | 2,679 |
| 2 | Anima Holding SPA | 612,882 | 2,563 |
| | Brunello Cucinelli SPA | 71,688 | 2,454 |
| | Reply SPA | 43,993 | 2,438 |
| 2 | Enav SPA | 538,949 | 2,429 |
| | Salvatore Ferragamo SPA | 100,796 | 2,384 |
| | Iren SPA | 1,084,264 | 2,346 |
| | Banca Generali SPA | 120,301 | 2,316 |
| 2 | Technogym SPA | 203,483 | 2,222 |
| | IMA Industria Macchine Automatiche SPA | 35,116 | 2,106 |
| | ERG SPA | 111,466 | 2,079 |
| | Societa Iniziative Autostradali e Servizi SPA | 145,570 | 2,051 |
| * | Mediaset SPA | 665,853 | 2,004 |
| | Beni Stabili SpA SIIQ | 2,192,793 | 1,878 |
| | Saras SPA | 960,770 | 1,876 |
| ^ | Tod's SPA | 28,353 | 1,733 |
| | MARR SPA | 69,787 | 1,689 |
| | Fincantieri SPA | 1,021,378 | 1,488 |
| | ASTM SPA | 73,611 | 1,459 |
| | Maire Tecnimont SPA | 305,965 | 1,337 |
| | Parmalat SPA | 425,959 | 1,311 |
| | ACEA SPA | 98,410 | 1,292 |
| | Datalogic SPA | 43,822 | 1,287 |
| | Tamburi Investment Partners SPA | 174,708 | 1,138 |
| | Danieli & C Officine Meccaniche SPA-RSP | 76,267 | 1,124 |
| 2 | RAI Way SPA | 214,029 | 1,108 |
| | Credito Emiliano SPA | 174,736 | 1,042 |
| 2 | doBank SPA | 91,807 | 1,012 |
| 2 | Banca Farmafactoring SPA | 174,291 | 897 |
| * | Ansaldo STS SPA | 60,881 | 875 |
| *,^ | Banca Monte dei Paschi di Siena SPA | 523,530 | 859 |
| *,^ | Juventus Football Club SPA | 802,327 | 849 |
| | Buzzi Unicem SPA-RSP | 74,587 | 838 |
| | Immobiliare Grande Distribuzione SIIQ SPA | 112,939 | 797 |
| ^ | Salini Impregilo SPA | 354,179 | 781 |
| 2 | Gima TT SPA | 79,320 | 772 |
| | Piaggio & C SPA | 352,224 | 754 |
| | Banca IFIS SPA | 42,719 | 751 |
9
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | CIR-Compagnie Industriali Riunite SPA | 690,213 | 734 |
| | Biesse SPA | 29,898 | 687 |
| | Cementir Holding SPA | 107,926 | 663 |
| *,2 | OVS SPA | 368,796 | 651 |
| | Zignago Vetro SPA | 68,117 | 634 |
| | Italmobiliare SPA | 25,431 | 561 |
| | Danieli & C Officine Meccaniche SPA | 27,279 | 510 |
| | Cairo Communication SPA | 155,712 | 492 |
| * | Arnoldo Mondadori Editore SPA | 284,654 | 491 |
| ^ | Geox SPA | 189,373 | 342 |
| * | Rizzoli Corriere Della Sera Mediagroup SPA | 309,849 | 315 |
| | Cofide SPA | 455,042 | 231 |
| | DeA Capital SPA | 154,133 | 224 |
| *,^ | Safilo Group SPA | 61,993 | 116 |
| *,§ | Beni Stabili SpA SIIQ Rights Exp. 11/10/2018 | 2,226,678 | — |
| | | | 803,693 |
| Netherlands (5.2%) | | |
| | Unilever NV | 3,224,161 | 173,251 |
| | ASML Holding NV | 865,661 | 149,106 |
| | ING Groep NV | 8,290,615 | 98,087 |
| | Koninklijke Philips NV | 1,975,316 | 73,672 |
| | Koninklijke Ahold Delhaize NV | 2,512,925 | 57,522 |
| * | Unibail-Rodamco-Westfield | 286,215 | 51,794 |
| | Heineken NV | 501,879 | 45,153 |
| | Akzo Nobel NV | 537,705 | 45,149 |
| | Wolters Kluwer NV | 590,368 | 33,494 |
| | Koninklijke DSM NV | 374,102 | 32,663 |
| | ArcelorMittal | 1,287,576 | 32,129 |
| | NN Group NV | 704,760 | 30,261 |
| | Aegon NV | 3,737,827 | 22,923 |
| 2 | ABN AMRO Group NV | 883,332 | 21,666 |
| | Heineken Holding NV | 225,417 | 19,498 |
| | Koninklijke KPN NV | 7,061,058 | 18,631 |
| | ASR Nederland NV | 297,651 | 13,513 |
| | Randstad NV | 233,629 | 11,755 |
| * | Galapagos NV | 98,226 | 10,092 |
| * | Gemalto NV | 175,772 | 10,025 |
| | IMCD NV | 112,804 | 7,650 |
| | Aalberts Industries NV | 206,239 | 7,560 |
| | SBM Offshore NV | 376,553 | 6,488 |
| | Koninklijke Vopak NV | 142,244 | 6,433 |
| 2 | Signify NV | 237,434 | 5,849 |
| * | OCI NV | 203,812 | 5,791 |
| ^ | Boskalis Westminster | 170,506 | 4,903 |
| | TKH Group NV | 89,021 | 4,497 |
| | Corbion NV | 125,731 | 3,818 |
| | Eurocommercial Properties NV | 99,637 | 3,684 |
| | APERAM SA | 105,635 | 3,607 |
| | ASM International NV | 79,849 | 3,428 |
| * | BE Semiconductor Industries NV | 155,695 | 3,328 |
| | AMG Advanced Metallurgical Group NV | 62,932 | 2,994 |
| *,^ | VEON Ltd. | 1,019,399 | 2,941 |
| ^ | Wereldhave NV | 84,954 | 2,915 |
| | Sligro Food Group NV | 64,894 | 2,876 |
| | PostNL NV | 936,513 | 2,767 |
| *,^ | ALTICE EUROPE NV | 1,159,746 | 2,759 |
| 2 | GrandVision NV | 104,545 | 2,636 |
| *,2 | Takeaway.com NV | 44,473 | 2,615 |
| 2 | Intertrust NV | 160,687 | 2,592 |
| *,^ | Fugro NV | 170,122 | 2,186 |
| * | TomTom NV | 260,101 | 2,172 |
| ^ | Arcadis NV | 147,597 | 1,990 |
| 2 | Flow Traders | 59,606 | 1,901 |
| | Koninklijke BAM Groep NV | 532,690 | 1,830 |
10
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,2 | Basic-Fit NV | 62,927 | 1,812 |
| | Vastned Retail NV | 39,784 | 1,575 |
| | NSI NV | 37,962 | 1,497 |
| ^ | Wessanen | 117,369 | 1,229 |
| | Koninklijke Volkerwessels NV | 56,444 | 1,003 |
| | Accell Group NV | 57,324 | 996 |
| | ForFarmers NV | 86,138 | 970 |
| *,2 | B&S Group Sarl | 46,649 | 813 |
| | Brunel International NV | 46,657 | 577 |
| * | ALTICE EUROPE NV Class B | 174,549 | 416 |
| 2 | NIBC Holding NV | 31,545 | 287 |
| | | | 1,063,769 |
| Norway (1.5%) | | |
| | Equinor ASA | 2,098,939 | 54,292 |
| | DNB ASA | 2,255,709 | 40,753 |
| | Telenor ASA | 1,417,537 | 25,991 |
| | Marine Harvest ASA | 860,904 | 20,843 |
| | Yara International ASA | 370,953 | 15,930 |
| | Norsk Hydro ASA | 2,835,745 | 14,706 |
| | Orkla ASA | 1,653,835 | 14,271 |
| | Storebrand ASA | 1,003,468 | 8,340 |
| | Aker BP ASA | 232,020 | 7,609 |
| | TGS NOPEC Geophysical Co. ASA | 218,085 | 7,285 |
| | Subsea 7 SA | 545,061 | 6,841 |
| | Schibsted ASA Class B | 207,408 | 6,563 |
| | Schibsted ASA Class A | 169,791 | 5,876 |
| | Salmar ASA | 111,255 | 5,873 |
| | Tomra Systems ASA | 232,877 | 5,769 |
| | Gjensidige Forsikring ASA | 353,192 | 5,465 |
| | Leroy Seafood Group ASA | 539,615 | 4,974 |
| | Bakkafrost P/F | 85,478 | 4,802 |
| | SpareBank 1 SR-Bank ASA | 382,238 | 4,249 |
| | Aker ASA | 51,261 | 3,894 |
| * | Borr Drilling Ltd. | 809,456 | 3,137 |
| 2 | Entra ASA | 231,498 | 3,132 |
| * | Norwegian Finans Holding ASA | 337,744 | 3,017 |
| | Austevoll Seafood ASA | 187,482 | 3,013 |
| | SpareBank 1 SMN | 264,583 | 2,696 |
| | DNO ASA | 1,335,925 | 2,554 |
| | Veidekke ASA | 222,140 | 2,318 |
| | Atea ASA | 173,829 | 2,291 |
| * | Petroleum Geo-Services ASA | 679,799 | 2,113 |
| *,2 | Aker Solutions ASA | 318,717 | 2,097 |
| | Borregaard ASA | 209,600 | 1,888 |
| | Grieg Seafood ASA | 123,431 | 1,799 |
| | Kongsberg Gruppen ASA | 107,233 | 1,761 |
| *,2 | Elkem ASA | 511,625 | 1,520 |
| 2 | Sbanken ASA | 149,956 | 1,494 |
| 2 | Evry AS | 385,870 | 1,417 |
| * | Nordic Semiconductor ASA | 294,751 | 1,255 |
| ^,2 | XXL ASA | 215,741 | 1,110 |
| | Norway Royal Salmon ASA | 37,697 | 1,109 |
| *,^,2 | BW LPG Ltd. | 172,384 | 813 |
| | Ocean Yield ASA | 103,747 | 787 |
| *,^ | Wallenius Wilhelmsen ASA | 228,885 | 786 |
| | Stolt-Nielsen Ltd. | 56,920 | 764 |
| *,^ | Norwegian Air Shuttle ASA | 29,282 | 746 |
| * | Akastor ASA | 335,367 | 654 |
| | Sparebank 1 Oestlandet | 62,243 | 646 |
| * | Otello Corp. ASA | 293,560 | 493 |
| | Hoegh LNG Holdings Ltd. | 101,650 | 475 |
| | | | 310,211 |
| Poland (0.6%) | | |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 1,822,887 | 18,931 |
11
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Polski Koncern Naftowy ORLEN SA | 661,794 | 15,914 |
| | Powszechny Zaklad Ubezpieczen SA | 1,192,746 | 12,155 |
| | Bank Polska Kasa Opieki SA | 333,290 | 9,086 |
| * | KGHM Polska Miedz SA | 292,012 | 6,602 |
| * | Polskie Gornictwo Naftowe i Gazownictwo SA | 3,684,522 | 6,011 |
| * | CD Projekt SA | 133,773 | 5,507 |
| | Santander Bank Polska SA | 61,473 | 5,447 |
| * | PGE Polska Grupa Energetyczna SA | 1,553,029 | 4,249 |
| | Grupa Lotos SA | 211,249 | 3,809 |
| | LPP SA | 1,769 | 3,617 |
| * | Cyfrowy Polsat SA | 571,062 | 3,284 |
| * | Bank Millennium SA | 1,286,996 | 2,963 |
| * | Alior Bank SA | 191,450 | 2,874 |
| | mBank SA | 27,295 | 2,654 |
| | CCC SA | 60,950 | 2,651 |
| *,2 | Dino Polska SA | 101,732 | 2,235 |
| * | Jastrzebska Spolka Weglowa SA | 109,904 | 2,113 |
| | Asseco Poland SA | 158,019 | 1,988 |
| | KRUK SA | 34,301 | 1,648 |
| * | Orange Polska SA | 1,376,989 | 1,556 |
| * | AmRest Holdings SE | 149,390 | 1,543 |
| | Bank Handlowy w Warszawie SA | 69,135 | 1,261 |
| | Kernel Holding SA | 93,075 | 1,192 |
| * | Tauron Polska Energia SA | 2,254,231 | 1,046 |
| 2 | PLAY Communications SA | 228,732 | 982 |
| * | Enea SA | 438,288 | 918 |
| ^ | Eurocash SA | 169,120 | 900 |
| * | Energa SA | 433,154 | 879 |
| | Budimex SA | 24,404 | 788 |
| | Grupa Azoty SA | 95,636 | 645 |
| * | PKP Cargo SA | 61,213 | 642 |
| | Ciech SA | 54,010 | 597 |
| | Warsaw Stock Exchange | 57,807 | 582 |
| * | Lubelski Wegiel Bogdanka SA | 21,762 | 305 |
| | Neuca SA | 3,410 | 204 |
| * | Boryszew SA | 116,064 | 145 |
| | | | 127,923 |
| Portugal (0.3%) | | |
| | Galp Energia SGPS SA | 1,094,242 | 19,027 |
| | EDP - Energias de Portugal SA | 4,815,071 | 16,916 |
| | Jeronimo Martins SGPS SA | 519,545 | 6,377 |
| * | Banco Comercial Portugues SA | 16,781,097 | 4,514 |
| | EDP Renovaveis SA | 319,983 | 2,875 |
| | Navigator Co. SA | 534,107 | 2,658 |
| | NOS SGPS SA | 471,758 | 2,646 |
| | Sonae SGPS SA | 2,105,329 | 2,104 |
| | REN - Redes Energeticas Nacionais SGPS SA | 723,965 | 1,928 |
| | Altri SGPS SA | 156,843 | 1,374 |
| ^ | CTT-Correios de Portugal SA | 348,385 | 1,336 |
| | Semapa-Sociedade de Investimento e Gestao | 53,251 | 1,016 |
| | Corticeira Amorim SGPS SA | 75,866 | 834 |
| * | Mota-Engil SGPS SA | 204,522 | 405 |
| * | Banco Espirito Santo SA | 8,371,877 | 28 |
| | | | 64,038 |
| Spain (4.7%) | | |
| | Banco Santander SA | 34,250,745 | 162,965 |
| * | Iberdrola SA | 12,769,216 | 90,353 |
| | Telefonica SA | 9,662,150 | 79,260 |
| | Banco Bilbao Vizcaya Argentaria SA | 14,175,743 | 78,238 |
| | Amadeus IT Group SA | 879,861 | 70,851 |
| | Industria de Diseno Textil SA | 2,236,128 | 63,025 |
| * | Repsol SA | 2,575,708 | 46,025 |
| | CaixaBank SA | 7,643,310 | 30,930 |
| 2 | Aena SME SA | 135,889 | 21,713 |
12
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Ferrovial SA | 1,013,253 | 20,286 |
| | Grifols SA | 707,096 | 20,145 |
| * | ACS Actividades de Construccion y Servicios SA | 523,875 | 19,615 |
| | Red Electrica Corp. SA | 922,646 | 19,105 |
| | Naturgy Energy Group SA | 659,677 | 16,213 |
| | Banco de Sabadell SA | 11,995,465 | 15,793 |
| | Endesa SA | 676,186 | 14,139 |
| | Enagas SA | 483,839 | 12,828 |
| | Bankinter SA | 1,472,595 | 12,065 |
| | Grifols SA Preference Shares | 551,599 | 11,463 |
| | Merlin Properties Socimi SA | 717,244 | 8,987 |
| 2 | Cellnex Telecom SA | 341,079 | 8,485 |
| | Bankia SA | 2,597,964 | 8,160 |
| | Inmobiliaria Colonial Socimi SA | 650,823 | 6,535 |
| | Mapfre SA | 2,104,963 | 6,290 |
| * | Siemens Gamesa Renewable Energy SA | 476,783 | 5,280 |
| | Viscofan SA | 83,848 | 5,016 |
| | Bolsas y Mercados Espanoles SHMSF SA | 164,953 | 4,880 |
| | Acerinox SA | 370,691 | 4,142 |
| | Applus Services SA | 304,625 | 4,141 |
| | Grupo Catalana Occidente SA | 95,617 | 3,950 |
| ^ | Acciona SA | 45,353 | 3,826 |
| * | Masmovil Ibercom SA | 27,763 | 3,598 |
| | Ebro Foods SA | 160,485 | 3,150 |
| | Prosegur Cia de Seguridad SA | 566,660 | 3,147 |
| | Cia de Distribucion Integral Logista Holdings SA | 129,869 | 3,136 |
| | CIE Automotive SA | 116,090 | 3,073 |
| *,2 | Neinor Homes SA | 161,998 | 2,607 |
| | Zardoya Otis SA | 378,985 | 2,594 |
| * | Indra Sistemas SA | 261,656 | 2,586 |
| | Mediaset Espana Comunicacion SA | 380,075 | 2,584 |
| | Melia Hotels International SA | 231,034 | 2,374 |
| * | Almirall SA | 130,672 | 2,368 |
| | Faes Farma SA | 560,408 | 2,357 |
| | Ence Energia y Celulosa SA | 269,799 | 2,266 |
| ^ | NH Hotel Group SA | 344,073 | 2,142 |
| 2 | Unicaja Banco SA | 1,656,345 | 2,120 |
| 2 | Gestamp Automocion SA | 333,859 | 2,117 |
| | Corp Financiera Alba SA | 42,910 | 2,063 |
| | Papeles y Cartones de Europa SA | 107,637 | 2,037 |
| * | Fomento de Construcciones y Contratas SA | 149,138 | 1,985 |
| ^ | Tecnicas Reunidas SA | 65,618 | 1,764 |
| * | Sacyr SA | 712,678 | 1,720 |
| ^,2 | Euskaltel SA | 203,504 | 1,704 |
| * | Fluidra SA | 126,278 | 1,527 |
| 2 | Prosegur Cash SA | 767,557 | 1,520 |
| | Construcciones y Auxiliar de Ferrocarriles SA | 40,304 | 1,513 |
| * | Liberbank SA | 2,929,187 | 1,371 |
| *,2 | Global Dominion Access SA | 235,955 | 1,260 |
| *,2 | Metrovacesa SA | 99,402 | 1,223 |
| *,2 | Aedas Homes SAU | 46,743 | 1,210 |
| *,^ | Promotora de Informaciones SA | 651,714 | 1,183 |
| | Lar Espana Real Estate Socimi SA | 111,044 | 1,100 |
| | Atresmedia Corp. de Medios de Comunicacion SA | 168,998 | 952 |
| * | Codere SA | 116,341 | 753 |
| ^ | Distribuidora Internacional de Alimentacion SA | 979,871 | 739 |
| * | Pharma Mar SA | 401,179 | 490 |
| ^ | Obrascon Huarte Lain SA | 373,427 | 426 |
| | | | 943,463 |
| Sweden (4.9%) | | |
| * | Nordea Bank Abp | 6,752,062 | 58,681 |
| | Telefonaktiebolaget LM Ericsson Class B | 6,318,438 | 55,013 |
| | Investor AB Class B | 1,116,776 | 48,386 |
| | Swedbank AB Class A | 2,130,123 | 47,916 |
13
| | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Volvo AB Class B | 3,187,257 | 47,599 |
| Assa Abloy AB Class B | 1,951,231 | 38,811 |
| Sandvik AB | 2,293,529 | 36,258 |
| Svenska Handelsbanken AB Class A | 3,098,996 | 33,686 |
| ^ Hennes & Mauritz AB Class B | 1,865,461 | 32,949 |
| * Atlas Copco AB Class A | 1,328,489 | 32,843 |
| Skandinaviska Enskilda Banken AB Class A | 3,051,959 | 31,583 |
| Essity AB Class B | 1,293,324 | 29,516 |
| Hexagon AB Class B | 532,327 | 26,054 |
| Telia Co. AB | 5,778,371 | 26,011 |
| Swedish Match AB | 369,966 | 18,846 |
| * Atlas Copco AB Class B | 816,366 | 18,697 |
| Alfa Laval AB | 667,416 | 17,029 |
| Kinnevik AB | 507,094 | 14,058 |
| * Boliden AB | 583,177 | 13,318 |
| SKF AB | 809,597 | 12,980 |
| Svenska Cellulosa AB SCA Class B | 1,262,003 | 11,930 |
| Skanska AB Class B | 751,857 | 11,819 |
| * Epiroc AB Class A | 1,336,117 | 11,726 |
| Lundin Petroleum AB | 370,262 | 11,265 |
| Securitas AB Class B | 656,059 | 11,244 |
| Electrolux AB Class B | 507,909 | 10,554 |
| Castellum AB | 581,118 | 10,017 |
| Industrivarden AB Class A | 462,957 | 9,878 |
| Elekta AB Class B | 762,876 | 9,675 |
| Trelleborg AB Class B | 513,184 | 9,259 |
| Tele2 AB | 741,429 | 8,419 |
| * Fabege AB | 566,862 | 7,238 |
| Industrivarden AB | 338,468 | 7,030 |
| * Swedish Orphan Biovitrum AB | 342,746 | 6,995 |
| Nibe Industrier AB Class B | 640,766 | 6,688 |
| * Epiroc AB Class B | 806,231 | 6,634 |
| Husqvarna AB | 856,782 | 6,465 |
| ^ Saab AB Class B | 156,968 | 6,154 |
| * Investor AB Class A | 135,853 | 5,924 |
| Com Hem Holding AB | 378,533 | 5,906 |
| ^ ICA Gruppen AB | 164,217 | 5,810 |
| * AAK AB | 362,235 | 5,460 |
| * Fastighets AB Balder Class B | 206,825 | 5,187 |
| Modern Times Group MTG AB Class B | 135,650 | 5,007 |
| * Holmen AB | 214,757 | 4,917 |
| Hexpol AB | 529,257 | 4,898 |
| L E Lundbergforetagen AB Class B | 158,250 | 4,878 |
| Loomis AB Class B | 153,357 | 4,742 |
| Indutrade AB | 196,876 | 4,726 |
| Getinge AB | 472,319 | 4,633 |
| ^ BillerudKorsnas AB | 374,093 | 4,431 |
| 2 Thule Group AB | 222,440 | 4,404 |
| 2 Dometic Group AB | 630,445 | 4,403 |
| SSAB AB Class B | 1,265,414 | 4,104 |
| Lifco AB Class B | 95,749 | 4,066 |
| Hemfosa Fastigheter AB | 326,363 | 4,032 |
| ^ Intrum AB | 157,114 | 4,007 |
| Axfood AB | 222,179 | 3,963 |
| 2 Evolution Gaming Group AB | 52,566 | 3,951 |
| Peab AB | 422,564 | 3,720 |
| Hufvudstaden AB Class A | 235,952 | 3,488 |
| 2 Ahlsell AB | 669,848 | 3,390 |
| Sweco AB Class B | 142,101 | 3,204 |
| * Wihlborgs Fastigheter AB | 283,019 | 3,193 |
| Wallenstam AB | 352,624 | 3,177 |
| 2 Bravida Holding AB | 421,355 | 3,095 |
| ^ Investment AB Latour Class B | 253,898 | 3,072 |
| AF AB | 141,086 | 3,026 |
14
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | NCC AB Class B | 202,247 | 3,014 |
| | Kungsleden AB | 407,508 | 2,848 |
| ^ | JM AB | 145,918 | 2,768 |
| | Avanza Bank Holding AB | 51,284 | 2,742 |
| | Pandox AB Class B | 158,862 | 2,714 |
| * | Betsson AB | 251,717 | 2,186 |
| * | NetEnt AB | 399,411 | 2,049 |
| * | Vitrolife AB | 137,653 | 2,039 |
| 2 | Attendo AB | 225,406 | 2,038 |
| | SSAB AB Class A | 504,467 | 2,014 |
| | Bonava AB | 174,313 | 1,969 |
| ^ | Mycronic AB | 147,953 | 1,856 |
| | Nolato AB Class B | 36,759 | 1,693 |
| | Arjo AB | 494,965 | 1,682 |
| | Bilia AB | 175,582 | 1,645 |
| | Atrium Ljungberg AB | 96,106 | 1,628 |
| | Bure Equity AB | 121,520 | 1,582 |
| | Nobia AB | 238,801 | 1,519 |
| | Klovern AB | 1,304,645 | 1,505 |
| 2 | Resurs Holding AB | 212,336 | 1,407 |
| 2 | Scandic Hotels Group AB | 147,483 | 1,348 |
| | Cloetta AB Class B | 434,916 | 1,311 |
| * | Investment AB Oresund | 84,803 | 1,288 |
| | SkiStar AB | 48,125 | 1,254 |
| | Oriflame Holding AG | 52,487 | 1,239 |
| * | Hembla AB Class B | 67,682 | 1,157 |
| | Lindab International AB | 160,112 | 1,119 |
| | Ratos AB | 406,370 | 1,097 |
| | Mekonomen AB | 88,630 | 1,038 |
| | Concentric AB | 75,574 | 1,014 |
| * | SAS AB | 444,861 | 1,004 |
| | Klovern AB Preference Shares | 27,799 | 928 |
| | Svenska Handelsbanken AB Class B | 76,184 | 844 |
| ^ | Clas Ohlson AB | 90,604 | 761 |
| | Telefonaktiebolaget LM Ericsson Class A | 80,079 | 710 |
| | Sagax AB | 182,343 | 668 |
| ^,2 | Munters Group AB | 170,273 | 631 |
| | Haldex AB | 69,634 | 589 |
| * | Collector AB | 98,445 | 575 |
| | Hemfosa Fastigheter AB Preference Shares | 28,026 | 527 |
| | Skandinaviska Enskilda Banken AB | 47,880 | 492 |
| * | Radisson Hospitality AB | 117,822 | 455 |
| | SAS AB Preference Shares | 7,370 | 444 |
| | NCC AB Class A | 8,920 | 134 |
| | Sagax AB Preference Shares | 19,723 | 73 |
| | | | 993,636 |
| Switzerland (12.9%) | | |
| | Nestle SA | 6,417,582 | 541,792 |
| | Novartis AG | 4,638,348 | 406,191 |
| | Roche Holding AG | 1,503,522 | 365,901 |
| | UBS Group AG | 7,520,931 | 105,121 |
| | Zurich Insurance Group AG | 319,738 | 99,273 |
| | Cie Financiere Richemont SA | 1,084,985 | 79,302 |
| | ABB Ltd. | 3,793,290 | 76,327 |
| | Credit Suisse Group AG | 5,425,559 | 70,932 |
| | Swiss Re AG | 645,475 | 58,243 |
| | Lonza Group AG | 157,856 | 49,636 |
| | Givaudan SA | 19,620 | 47,557 |
| * | Sika AG | 295,083 | 37,836 |
| | Geberit AG | 76,944 | 30,127 |
| | Swiss Life Holding AG | 72,754 | 27,444 |
| | LafargeHolcim Ltd. | 591,236 | 27,380 |
| | SGS SA | 10,918 | 25,931 |
| | Partners Group Holding AG | 35,525 | 25,292 |
15
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Swisscom AG | 54,229 | 24,830 |
| | Swatch Group AG (Bearer) | 62,631 | 21,155 |
| | Julius Baer Group Ltd. | 463,000 | 21,115 |
| | LafargeHolcim Ltd. | 415,132 | 19,112 |
| | Chocoladefabriken Lindt & Spruengli AG (Regular Shares) | 238 | 18,995 |
| | Schindler Holding AG | 86,786 | 18,300 |
| | Sonova Holding AG | 107,905 | 17,598 |
| | Temenos AG | 124,355 | 17,091 |
| | Adecco Group AG | 325,617 | 15,946 |
| | Kuehne & Nagel International AG | 106,710 | 14,831 |
| | Straumann Holding AG | 21,267 | 14,517 |
| | Baloise Holding AG | 100,890 | 14,421 |
| | Chocoladefabriken Lindt & Spruengli AG (Participation Certificates) | 2,023 | 13,947 |
| | Vifor Pharma AG | 94,689 | 13,685 |
| | Swiss Prime Site AG | 159,842 | 12,970 |
| | Logitech International SA | 309,105 | 11,444 |
| | Clariant AG | 426,335 | 9,189 |
| | Helvetia Holding AG | 13,911 | 8,521 |
| | EMS-Chemie Holding AG | 15,115 | 8,328 |
| | Schindler Holding AG (Registered) | 39,800 | 8,265 |
| | Georg Fischer AG | 8,764 | 8,154 |
| | PSP Swiss Property AG | 83,440 | 8,051 |
| | Barry Callebaut AG | 4,103 | 8,020 |
| | Flughafen Zurich AG | 40,475 | 7,999 |
| | Roche Holding AG (Bearer) | 32,760 | 7,976 |
| ^ | Dufry AG | 66,172 | 7,456 |
| ^ | BB Biotech AG | 118,180 | 7,424 |
| | Swatch Group AG (Registered) | 95,946 | 6,405 |
| 2 | Sunrise Communications Group AG | 72,689 | 6,398 |
| ^ | ams AG | 164,047 | 6,391 |
| | Pargesa Holding SA | 79,107 | 5,807 |
| | Tecan Group AG | 24,779 | 5,590 |
| 2 | Galenica AG | 102,785 | 5,510 |
| 2 | VAT Group AG | 54,890 | 5,508 |
| | Cembra Money Bank AG | 59,610 | 4,999 |
| | OC Oerlikon Corp. AG | 413,235 | 4,918 |
| | dormakaba Holding AG | 6,500 | 4,689 |
| | Allreal Holding AG | 30,124 | 4,621 |
| | Belimo Holding AG | 1,024 | 4,580 |
| | Banque Cantonale Vaudoise | 5,927 | 4,430 |
| | Valiant Holding AG | 34,730 | 3,922 |
| | Bucher Industries AG | 13,739 | 3,789 |
| | DKSH Holding AG | 56,019 | 3,777 |
| | Sulzer AG | 37,305 | 3,744 |
| * | Idorsia Ltd. | 188,825 | 3,657 |
| | Vontobel Holding AG | 58,413 | 3,624 |
| | SFS Group AG | 36,144 | 3,546 |
| ^ | Panalpina Welttransport Holding AG | 27,607 | 3,374 |
| | Forbo Holding AG | 2,284 | 3,352 |
| ^ | Landis&Gyr Group AG | 53,867 | 3,268 |
| | Siegfried Holding AG | 8,142 | 3,266 |
| | Emmi AG | 4,200 | 3,053 |
| | Mobimo Holding AG | 12,970 | 2,888 |
| | BKW AG | 38,331 | 2,431 |
| | Conzzeta AG | 2,713 | 2,426 |
| | Daetwyler Holding AG | 15,473 | 2,349 |
| | Interroll Holding AG | 1,258 | 2,327 |
| | St. Galler Kantonalbank AG | 4,574 | 2,252 |
| | Burckhardt Compression Holding AG | 6,467 | 2,143 |
| | Schweiter Technologies AG | 1,865 | 2,118 |
| | Huber & Suhner AG | 30,277 | 2,072 |
| *,^ | COSMO Pharmaceuticals NV | 15,455 | 1,946 |
| | Komax Holding AG | 7,092 | 1,943 |
| | GAM Holding AG | 330,717 | 1,921 |
16
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Inficon Holding AG | 3,954 | 1,896 |
| | u-blox Holding AG | 14,346 | 1,798 |
| | Implenia AG | 30,620 | 1,702 |
| | Valora Holding AG | 6,725 | 1,682 |
| | VZ Holding AG | 5,777 | 1,637 |
| *,^ | Aryzta AG | 173,730 | 1,620 |
| ^ | Comet Holding AG | 15,944 | 1,611 |
| | Kardex AG | 11,532 | 1,499 |
| | HBM HLTHCR-I | 8,869 | 1,461 |
| | Bachem Holding AG | 12,017 | 1,405 |
| | Intershop Holding AG | 2,699 | 1,326 |
| | Bobst Group SA | 16,852 | 1,274 |
| | LEM Holding SA | 1,090 | 1,246 |
| | Ascom Holding AG | 76,448 | 1,219 |
| | EFG International AG | 172,285 | 1,215 |
| * | Arbonia AG | 94,790 | 1,189 |
| | Autoneum Holding AG | 6,097 | 1,178 |
| | Liechtensteinische Landesbank AG | 17,747 | 1,145 |
| | Vetropack Holding AG | 463 | 1,060 |
| | Bell Food Group AG | 3,378 | 1,059 |
| * | Basilea Pharmaceutica AG | 21,682 | 1,047 |
| | Swissquote Group Holding SA | 19,252 | 1,001 |
| | Bossard Holding AG | 5,842 | 953 |
| ^ | Ypsomed Holding AG | 7,028 | 943 |
| *,^ | Leonteq AG | 19,450 | 917 |
| ^ | Rieter Holding AG | 6,732 | 909 |
| | Zehnder Group AG | 21,973 | 879 |
| | APG SGA SA | 2,352 | 828 |
| | ALSO Holding AG | 6,546 | 742 |
| * | Schmolz & Bickenbach AG | 991,035 | 728 |
| * | VP Bank AG | 4,438 | 714 |
| *,^ | Meyer Burger Technology AG | 1,343,506 | 703 |
| * | Alpiq Holding AG | 7,833 | 661 |
| ^ | Kudelski SA | 82,098 | 578 |
| | | | 2,612,484 |
| United Kingdom (28.5%) | | |
| | HSBC Holdings plc | 42,823,426 | 352,420 |
| | BP plc | 41,628,655 | 300,714 |
| | Royal Dutch Shell plc Class A | 8,455,414 | 269,374 |
| | Royal Dutch Shell plc Class B | 8,003,003 | 261,001 |
| | AstraZeneca plc | 2,700,348 | 206,549 |
| | British American Tobacco plc | 4,702,975 | 203,875 |
| | GlaxoSmithKline plc | 10,382,526 | 201,086 |
| | Diageo plc | 5,144,797 | 177,863 |
| | Unilever plc | 2,371,521 | 125,619 |
| | Rio Tinto plc | 2,454,264 | 119,156 |
| | Shire plc | 1,909,425 | 115,236 |
| | Lloyds Banking Group plc | 152,882,189 | 111,564 |
| | Prudential plc | 5,517,525 | 110,481 |
| | Reckitt Benckiser Group plc | 1,333,648 | 107,844 |
| | Vodafone Group plc | 56,885,909 | 106,976 |
| | Glencore plc | 24,885,335 | 101,275 |
| | BHP Billiton plc | 4,432,082 | 88,414 |
| | Barclays plc | 36,293,802 | 79,966 |
| | National Grid plc | 7,234,006 | 76,420 |
| | Imperial Brands plc | 2,021,790 | 68,483 |
| | Compass Group plc | 3,364,321 | 66,172 |
| | Tesco plc | 20,576,769 | 56,039 |
| | BT Group plc | 17,754,349 | 54,364 |
| | BAE Systems plc | 6,791,726 | 45,541 |
| | Aviva plc | 8,320,225 | 45,469 |
| | Anglo American plc | 2,102,499 | 44,874 |
| | Experian plc | 1,946,147 | 44,760 |
| | Royal Dutch Shell plc Class A (Amsterdam Shares) | 1,337,244 | 42,473 |
17
| | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| RELX plc (XLON) | 2,132,091 | 42,166 |
| Legal & General Group plc | 12,573,120 | 40,346 |
| Standard Chartered plc | 5,755,791 | 40,341 |
| * RELX plc (XAMS) | 1,930,115 | 38,192 |
| Rolls-Royce Holdings plc | 3,535,471 | 37,915 |
| London Stock Exchange Group plc | 665,138 | 36,648 |
| CRH plc (Irish Shares) | 1,135,242 | 33,862 |
| Ferguson plc | 493,164 | 33,249 |
| SSE plc | 2,158,177 | 31,456 |
| Smith & Nephew plc | 1,861,203 | 30,254 |
| WPP plc | 2,607,134 | 29,502 |
| Royal Bank of Scotland Group plc | 9,596,203 | 28,889 |
| Ashtead Group plc | 1,039,573 | 25,664 |
| Informa plc | 2,646,664 | 24,152 |
| 3i Group plc | 2,038,351 | 22,824 |
| Associated British Foods plc | 737,993 | 22,499 |
| Centrica plc | 11,936,366 | 22,420 |
| Melrose Industries plc | 10,214,215 | 21,987 |
| Whitbread plc | 390,000 | 21,929 |
| InterContinental Hotels Group plc | 406,181 | 21,312 |
| Bunzl plc | 711,831 | 20,999 |
| Intertek Group plc | 343,339 | 20,572 |
| Burberry Group plc | 883,046 | 20,433 |
| Carnival plc | 357,381 | 19,479 |
| Persimmon plc | 657,695 | 19,249 |
| CRH plc | 638,769 | 19,074 |
| Pearson plc | 1,658,327 | 19,051 |
| Next plc | 284,733 | 18,916 |
| * Standard Life Aberdeen plc | 5,434,012 | 18,768 |
| Mondi plc | 779,001 | 18,345 |
| DCC plc | 210,759 | 18,064 |
| Segro plc | 2,166,780 | 16,987 |
| Croda International plc | 271,599 | 16,729 |
| Land Securities Group plc | 1,521,605 | 16,552 |
| Smurfit Kappa Group plc | 504,751 | 16,515 |
| International Consolidated Airlines Group SA (London Shares) | 2,136,120 | 16,468 |
| Sage Group plc | 2,309,696 | 16,059 |
| British Land Co. plc | 2,101,967 | 15,875 |
| Rentokil Initial plc | 3,925,412 | 15,830 |
| RSA Insurance Group plc | 2,187,323 | 15,731 |
| Randgold Resources Ltd. | 199,324 | 15,678 |
| Johnson Matthey plc | 406,067 | 15,396 |
| Smiths Group plc | 845,686 | 15,075 |
| ITV plc | 7,916,678 | 15,028 |
| Kingfisher plc | 4,579,449 | 14,870 |
| Paddy Power Betfair plc | 172,052 | 14,755 |
| Wm Morrison Supermarkets plc | 4,635,568 | 14,686 |
| GVC Holdings plc | 1,218,338 | 14,594 |
| St. James's Place plc | 1,125,132 | 14,540 |
| Taylor Wimpey plc | 6,939,885 | 14,289 |
| Barratt Developments plc | 2,140,481 | 14,039 |
| Halma plc | 810,037 | 13,747 |
| J Sainsbury plc | 3,442,931 | 13,679 |
| DS Smith plc | 2,701,861 | 13,557 |
| United Utilities Group plc | 1,448,565 | 13,423 |
| Hargreaves Lansdown plc | 562,795 | 13,417 |
| Marks & Spencer Group plc | 3,461,734 | 13,093 |
| Spirax-Sarco Engineering plc | 156,287 | 12,909 |
| John Wood Group plc | 1,401,662 | 12,775 |
| Coca-Cola HBC AG | 419,776 | 12,400 |
| Direct Line Insurance Group plc | 2,931,967 | 12,321 |
| Hiscox Ltd. | 592,718 | 12,312 |
| Severn Trent plc | 507,265 | 12,055 |
| Berkeley Group Holdings plc | 262,048 | 11,712 |
18
| | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Micro Focus International plc | 730,810 | 11,329 |
| Admiral Group plc | 435,995 | 11,208 |
| Meggitt plc | 1,650,904 | 11,169 |
| Weir Group plc | 550,841 | 11,147 |
| Rightmove plc | 1,924,256 | 11,108 |
| 2 Auto Trader Group plc | 1,979,204 | 10,342 |
| * Ocado Group plc | 930,192 | 10,153 |
| NEX Group plc | 677,335 | 9,823 |
| B&M European Value Retail SA | 1,816,995 | 9,669 |
| Bellway plc | 263,361 | 9,659 |
| * Just Eat plc | 1,223,728 | 9,493 |
| Hammerson plc | 1,697,817 | 9,479 |
| Phoenix Group Holdings | 1,229,030 | 9,447 |
| CYBG plc | 2,646,658 | 9,093 |
| G4S plc | 3,298,340 | 9,052 |
| TUI AG | 544,015 | 9,026 |
| Royal Mail plc | 1,952,092 | 8,962 |
| Tate & Lyle plc | 992,538 | 8,534 |
| Pennon Group plc | 893,859 | 8,515 |
| Investec plc | 1,372,689 | 8,487 |
| * Tullow Oil plc | 2,942,576 | 8,442 |
| SSP Group plc | 983,635 | 8,386 |
| Schroders plc | 243,176 | 8,322 |
| NMC Health plc | 184,155 | 8,303 |
| RPC Group plc | 850,069 | 8,286 |
| Derwent London plc | 217,009 | 8,115 |
| Cineworld Group plc | 2,138,147 | 8,038 |
| Travis Perkins plc | 538,555 | 7,606 |
| Electrocomponents plc | 948,384 | 7,509 |
| Howden Joinery Group plc | 1,253,278 | 7,504 |
| Evraz plc | 1,078,845 | 7,475 |
| Beazley plc | 1,112,085 | 7,467 |
| Antofagasta plc | 737,982 | 7,387 |
| Intermediate Capital Group plc | 602,771 | 7,321 |
| Hikma Pharmaceuticals plc | 298,478 | 7,240 |
| IMI plc | 570,998 | 7,239 |
| easyJet plc | 470,584 | 7,209 |
| Rotork plc | 1,857,853 | 7,114 |
| HomeServe plc | 580,224 | 7,044 |
| British American Tobacco plc ADR | 161,443 | 7,007 |
| * Cobham plc | 5,093,564 | 6,992 |
| Spectris plc | 248,042 | 6,786 |
| BBA Aviation plc | 2,189,956 | 6,716 |
| Man Group plc | 3,358,310 | 6,663 |
| 2 ConvaTec Group plc | 3,101,703 | 6,411 |
| Jardine Lloyd Thompson Group plc | 260,294 | 6,272 |
| 2 Merlin Entertainments plc | 1,509,256 | 6,233 |
| Dechra Pharmaceuticals plc | 211,918 | 6,192 |
| Close Brothers Group plc | 327,318 | 6,148 |
| UNITE Group plc | 563,493 | 6,135 |
| Inchcape plc | 885,009 | 6,112 |
| Hays plc | 2,878,933 | 6,029 |
| IG Group Holdings plc | 774,543 | 5,980 |
| Victrex plc | 175,840 | 5,948 |
| * Capita plc | 3,536,294 | 5,792 |
| * BTG plc | 819,566 | 5,773 |
| Britvic plc | 568,096 | 5,735 |
| Inmarsat plc | 980,054 | 5,699 |
| 2 Quilter plc | 3,836,482 | 5,676 |
| Shaftesbury plc | 493,784 | 5,654 |
| Aggreko plc | 514,702 | 5,641 |
| WH Smith plc | 225,780 | 5,612 |
| Tritax Big Box REIT plc | 3,047,618 | 5,564 |
| Great Portland Estates plc | 611,847 | 5,444 |
19
| | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Metro Bank plc | 189,871 | 5,388 |
| Daily Mail & General Trust plc | 573,260 | 5,118 |
| Capital & Counties Properties plc | 1,575,649 | 5,027 |
| William Hill plc | 1,835,031 | 4,933 |
| Balfour Beatty plc | 1,460,827 | 4,908 |
| Intu Properties plc | 1,913,542 | 4,786 |
| Dixons Carphone plc | 2,144,764 | 4,637 |
| National Express Group plc | 898,497 | 4,591 |
| Polymetal International plc | 492,858 | 4,571 |
| AVEVA Group plc | 135,948 | 4,548 |
| TP ICAP plc | 1,198,691 | 4,441 |
| Drax Group plc | 865,187 | 4,432 |
| UDG Healthcare plc | 532,284 | 4,293 |
| IWG plc | 1,457,703 | 4,278 |
| Grafton Group plc | 461,264 | 4,261 |
| Pagegroup plc | 664,396 | 4,259 |
| Fresnillo plc | 391,818 | 4,249 |
| Babcock International Group plc | 541,739 | 4,225 |
| QinetiQ Group plc | 1,186,604 | 4,203 |
| BCA Marketplace plc | 1,628,480 | 4,187 |
| 2 John Laing Group plc | 1,051,020 | 4,182 |
| Moneysupermarket.com Group plc | 1,113,317 | 4,173 |
| Bodycote plc | 401,150 | 4,074 |
| Petrofac Ltd. | 553,899 | 4,073 |
| Ascential plc | 843,411 | 4,057 |
| JD Sports Fashion plc | 773,143 | 4,029 |
| Greene King plc | 653,872 | 4,024 |
| Cranswick plc | 108,617 | 4,010 |
| Mediclinic International plc | 830,700 | 3,992 |
| Diploma plc | 238,069 | 3,992 |
| Renishaw plc | 73,477 | 3,948 |
| 2 Sophos Group plc | 692,604 | 3,879 |
| Entertainment One Ltd. | 741,487 | 3,876 |
| Jupiter Fund Management plc | 896,054 | 3,857 |
| Playtech plc | 628,229 | 3,842 |
| Ashmore Group plc | 829,633 | 3,729 |
| * Indivior plc | 1,544,532 | 3,717 |
| Genus plc | 131,072 | 3,703 |
| Domino's Pizza Group plc | 1,022,145 | 3,698 |
| Greencore Group plc | 1,516,220 | 3,670 |
| Saga plc | 2,404,876 | 3,662 |
| 2 Countryside Properties plc | 957,378 | 3,659 |
| Bovis Homes Group plc | 291,412 | 3,602 |
| * Provident Financial plc | 543,514 | 3,543 |
| Redrow plc | 513,939 | 3,470 |
| Assura plc | 5,140,273 | 3,433 |
| Big Yellow Group plc | 310,767 | 3,422 |
| Workspace Group plc | 271,336 | 3,326 |
| KAZ Minerals plc | 496,254 | 3,277 |
| Rathbone Brothers plc | 110,088 | 3,239 |
| Synthomer plc | 569,605 | 3,231 |
| Lancashire Holdings Ltd. | 428,086 | 3,227 |
| Vesuvius plc | 463,636 | 3,217 |
| Elementis plc | 1,229,100 | 3,211 |
| LondonMetric Property plc | 1,383,181 | 3,185 |
| Greggs plc | 213,838 | 3,171 |
| Coats Group plc | 3,057,482 | 3,138 |
| Senior plc | 892,540 | 3,109 |
| Paragon Banking Group plc | 566,038 | 3,076 |
| * Cairn Energy plc | 1,222,805 | 3,071 |
| Grainger plc | 881,081 | 3,044 |
| Safestore Holdings plc | 445,007 | 3,039 |
| Centamin plc | 2,299,652 | 2,920 |
| * Serco Group plc | 2,328,623 | 2,858 |
20
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ultra Electronics Holdings plc | 153,319 | 2,818 |
| * | Firstgroup plc | 2,573,616 | 2,798 |
| *,^ | Sirius Minerals plc | 9,504,850 | 2,793 |
| | Micro Focus International plc ADR | 181,782 | 2,789 |
| | Essentra plc | 562,642 | 2,743 |
| | Savills plc | 285,013 | 2,638 |
| | Galliford Try plc | 233,520 | 2,602 |
| | Hunting plc | 296,989 | 2,548 |
| | Rhi Magnesita NV | 52,327 | 2,536 |
| *,2 | Wizz Air Holdings plc | 76,805 | 2,519 |
| | Brewin Dolphin Holdings plc | 577,446 | 2,426 |
| | Games Workshop Group plc | 61,388 | 2,411 |
| 2 | Ibstock plc | 833,683 | 2,390 |
| | J D Wetherspoon plc | 150,247 | 2,372 |
| | Marshalls plc | 427,627 | 2,353 |
| | OneSavings Bank plc | 487,604 | 2,323 |
| | Crest Nicholson Holdings plc | 531,219 | 2,311 |
| | Just Group plc | 1,993,166 | 2,259 |
| ^ | TalkTalk Telecom Group plc | 1,457,980 | 2,230 |
| * | Premier Oil plc | 1,606,242 | 2,204 |
| | esure Group plc | 616,802 | 2,194 |
| | Morgan Advanced Materials plc | 616,068 | 2,169 |
| | Kier Group plc | 193,336 | 2,164 |
| | Computacenter plc | 151,768 | 2,130 |
| * | EI Group plc | 1,002,364 | 2,129 |
| | Hill & Smith Holdings plc | 167,538 | 2,118 |
| | Softcat plc | 255,811 | 2,110 |
| | NewRiver REIT plc | 635,767 | 2,050 |
| | F&C Commercial Property Trust Ltd. | 1,173,983 | 2,019 |
| 2 | McCarthy & Stone plc | 1,136,145 | 1,962 |
| | Telecom Plus plc | 125,657 | 1,961 |
| | Polypipe Group plc | 405,807 | 1,921 |
| 2 | Equiniti Group plc | 694,877 | 1,912 |
| | Sanne Group plc | 267,002 | 1,910 |
| | Primary Health Properties plc | 1,315,956 | 1,837 |
| | SIG plc | 1,272,029 | 1,822 |
| | St. Modwen Properties plc | 380,581 | 1,817 |
| | Dairy Crest Group plc | 297,074 | 1,813 |
| | Stagecoach Group plc | 910,350 | 1,780 |
| * | Sports Direct International plc | 421,555 | 1,757 |
| | Stobart Group Ltd. | 640,845 | 1,738 |
| | Go-Ahead Group plc | 88,042 | 1,731 |
| | Marston's plc | 1,343,053 | 1,703 |
| | Thomas Cook Group plc | 2,937,999 | 1,690 |
| | Halfords Group plc | 429,216 | 1,687 |
| | Ferrexpo plc | 627,788 | 1,671 |
| | AA plc | 1,304,041 | 1,667 |
| | Dunelm Group plc | 217,208 | 1,655 |
| | Card Factory plc | 689,318 | 1,623 |
| | TBC Bank Group plc | 74,059 | 1,597 |
| | Mitchells & Butlers plc | 477,347 | 1,583 |
| | UK Commercial Property REIT Ltd. | 1,395,924 | 1,565 |
| 2 | Hastings Group Holdings plc | 658,971 | 1,557 |
| | Bank of Georgia Group plc | 75,440 | 1,505 |
| | Mitie Group plc | 800,789 | 1,488 |
| | Ted Baker plc | 62,808 | 1,470 |
| | Chesnara plc | 317,452 | 1,395 |
| | Pets at Home Group plc | 992,497 | 1,394 |
| | Chemring Group plc | 595,154 | 1,387 |
| | Superdry plc | 134,455 | 1,387 |
| | NCC Group plc | 542,039 | 1,358 |
| | Northgate plc | 280,205 | 1,350 |
| * | IntegraFin Holdings plc | 383,780 | 1,325 |
| | 888 Holdings plc | 559,756 | 1,324 |
21
| | | | | |
| Vanguard® European Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| October 31, 2018 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| | Dignity plc | | | 102,151 | 1,301 |
| * | Vectura Group plc | | | 1,420,981 | 1,291 |
| | Keller Group plc | | | 155,171 | 1,283 |
| | Picton Property Income Ltd. | | | 1,152,473 | 1,278 |
| | Restaurant Group plc | | | 409,788 | 1,259 |
| | KCOM Group plc | | | 1,067,774 | 1,258 |
| | De La Rue plc | | | 196,539 | 1,205 |
| | AG Barr plc | | | 117,179 | 1,144 |
| * | Georgia Capital plc | | | 76,473 | 1,143 |
| | Hansteen Holdings plc | | | 928,559 | 1,142 |
| | PZ Cussons plc | | | 394,005 | 1,099 |
| | Redefine International plc | | | 2,583,621 | 1,088 |
| | Hochschild Mining plc | | | 533,623 | 1,074 |
| | International Personal Finance plc | | | 464,892 | 1,060 |
| * | Bank of Cyprus Holdings plc | | | 521,761 | 1,035 |
| | ITE Group plc | | | 1,355,609 | 985 |
| *,^ | AO World plc | | | 573,541 | 977 |
| 2 | Charter Court Financial Services Group plc | | | 261,727 | 970 |
| | RPS Group plc | | | 472,563 | 945 |
| * | Petra Diamonds Ltd. | | | 1,822,425 | 913 |
| 2 | Spire Healthcare Group plc | | | 595,758 | 894 |
| | Renewi plc | | | 1,355,212 | 888 |
| | Daejan Holdings plc | | | 10,889 | 816 |
| | Schroder REIT Ltd. | | | 1,080,246 | 807 |
| | Helical plc | | | 200,180 | 793 |
| | Lookers plc | | | 647,079 | 791 |
| | Rank Group plc | | | 381,719 | 780 |
| * | Ophir Energy plc | | | 1,475,588 | 777 |
| * | Premier Foods plc | | | 1,424,082 | 693 |
| | Gocompare.Com Group plc | | | 613,394 | 651 |
| * | Acacia Mining plc | | | 317,998 | 622 |
| | Devro plc | | | 286,377 | 601 |
| 2 | Bakkavor Group plc | | | 311,094 | 595 |
| | N Brown Group plc | | | 326,138 | 567 |
| * | Nostrum Oil & Gas plc | | | 195,016 | 512 |
| | Soco International plc | | | 455,649 | 489 |
| * | Allied Minds plc | | | 486,346 | 368 |
| 2 | CMC Markets plc | | | 235,859 | 354 |
| *,2 | Alfa Financial Software Holdings plc | | | 192,449 | 311 |
| *,§ | Carillion plc | | | 1,000,411 | — |
| |
| | | | | | 5,782,814 |
| |
| Total Common Stocks (Cost $25,248,632) | | | | 20,093,565 |
| |
| |
| | | Coupon | | | |
| |
| Temporary Cash Investments (1.0%)1 | | | | |
| Money Market Fund (0.9%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 2.308% | | 1,901,689 | 190,169 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.1%) | | | | |
| 5 | United States Treasury Bill | 2.034%-2.078% | 11/15/18 | 9,000 | 8,992 |
| 5 | United States Treasury Bill | 2.349% | 3/21/19 | 1,000 | 991 |
| |
| | | | | | 9,983 |
| |
| Total Temporary Cash Investments (Cost $200,195) | | | | 200,152 |
22
| |
| Vanguard® European Stock Index Fund | |
| Schedule of Investments | |
| October 31, 2018 | |
| Total Investments (100.1%) (Cost $25,448,827) | 20,293,717 |
| Other Assets and Liabilities—Net (-0.1%)4,5,6 | (21,321) |
| Net Assets (100%) | 20,272,396 |
| * | Non-income-producing security. |
| § | Security value determined using significant unobservable inputs. |
| ^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $116,870,000. |
| 1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.9% and 0.2%, respectively, of net assets. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of these securities was $372,366,000, representing 1.8% of net assets. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Includes $142,671,000 of collateral received for securities on loan. |
| 5 | Securities with a value of $9,484,000 and cash of $166,000 have been segregated as initial margin for open futures contracts. |
| 6 | Cash of $5,110,000 has been segregated as collateral for open forward currency contracts. ADR—American Depositary Receipt. |
REIT—Real Estate Investment Trust.
23
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| |
| Common Stocks (99.2%)1 | | |
| Australia (16.2%) | | |
| Commonwealth Bank of Australia | 1,811,644 | 89,080 |
| BHP Billiton Ltd. | 3,305,567 | 76,272 |
| Westpac Banking Corp. | 3,522,719 | 66,917 |
| CSL Ltd. | 464,736 | 62,041 |
| Australia & New Zealand Banking Group Ltd. | 2,983,488 | 54,916 |
| National Australia Bank Ltd. | 2,801,113 | 50,167 |
| Wesfarmers Ltd. | 1,164,764 | 38,574 |
| Woolworths Group Ltd. | 1,346,480 | 27,177 |
| Macquarie Group Ltd. | 315,841 | 26,339 |
| Woodside Petroleum Ltd. | 962,164 | 23,689 |
| Rio Tinto Ltd. | 423,261 | 23,031 |
| Transurban Group | 2,689,594 | 21,633 |
| Scentre Group | 5,242,435 | 14,769 |
| South32 Ltd. | 5,308,447 | 13,691 |
| Goodman Group | 1,826,238 | 13,422 |
| Suncorp Group Ltd. | 1,331,275 | 13,237 |
| Aristocrat Leisure Ltd. | 659,148 | 12,421 |
| Brambles Ltd. | 1,634,839 | 12,315 |
| * Insurance Australia Group Ltd. | 2,389,387 | 11,557 |
| Newcrest Mining Ltd. | 775,247 | 11,348 |
| Amcor Ltd. | 1,201,516 | 11,338 |
| QBE Insurance Group Ltd. | 1,397,852 | 11,231 |
| * Origin Energy Ltd. | 1,805,612 | 9,357 |
| Telstra Corp. Ltd. | 4,253,881 | 9,305 |
| AGL Energy Ltd. | 678,244 | 8,661 |
| Santos Ltd. | 1,825,582 | 8,568 |
| ASX Ltd. | 198,398 | 8,333 |
| APA Group | 1,211,424 | 8,250 |
| Treasury Wine Estates Ltd. | 739,947 | 7,964 |
| Dexus | 1,042,189 | 7,530 |
| Oil Search Ltd. | 1,363,940 | 7,498 |
| LendLease Group | 599,521 | 7,487 |
| Cochlear Ltd. | 57,030 | 7,187 |
| Computershare Ltd. | 496,921 | 6,978 |
| Sonic Healthcare Ltd. | 434,810 | 6,959 |
| GPT Group | 1,849,092 | 6,763 |
| Stockland | 2,509,066 | 6,418 |
| Tabcorp Holdings Ltd. | 1,933,244 | 6,344 |
| Vicinity Centres | 3,324,757 | 6,237 |
| James Hardie Industries plc | 454,914 | 6,077 |
| Aurizon Holdings Ltd. | 1,978,388 | 5,894 |
| Mirvac Group | 3,811,132 | 5,862 |
| BlueScope Steel Ltd. | 564,527 | 5,787 |
| Medibank Pvt Ltd. | 2,863,111 | 5,677 |
| Caltex Australia Ltd. | 270,411 | 5,411 |
| AMP Ltd. | 3,019,415 | 5,295 |
| Ramsay Health Care Ltd. | 131,365 | 5,243 |
| Sydney Airport | 1,139,256 | 5,207 |
| Boral Ltd. | 1,199,680 | 4,779 |
| Incitec Pivot Ltd. | 1,699,787 | 4,710 |
| Fortescue Metals Group Ltd. | 1,646,011 | 4,685 |
| Alumina Ltd. | 2,579,136 | 4,681 |
| Orica Ltd. | 380,041 | 4,630 |
| SEEK Ltd. | 350,742 | 4,456 |
| Challenger Ltd. | 587,790 | 4,281 |
| ^ Northern Star Resources Ltd. | 604,569 | 3,777 |
| Coca-Cola Amatil Ltd. | 534,885 | 3,764 |
| WorleyParsons Ltd. | 352,107 | 3,642 |
| Bendigo & Adelaide Bank Ltd. | 487,470 | 3,542 |
| Atlas Arteria Ltd. | 690,282 | 3,344 |
| CIMIC Group Ltd. | 98,581 | 3,310 |
24
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Crown Resorts Ltd. | 370,504 | 3,297 |
| | Downer EDI Ltd. | 592,784 | 2,918 |
| | Orora Ltd. | 1,210,214 | 2,884 |
| | ALS Ltd. | 496,101 | 2,877 |
| | Star Entertainment Grp Ltd. | 842,173 | 2,840 |
| | Link Administration Holdings Ltd. | 522,341 | 2,784 |
| | Bank of Queensland Ltd. | 398,660 | 2,733 |
| * | Xero Ltd. | 93,400 | 2,648 |
| | Healthscope Ltd. | 1,756,017 | 2,635 |
| | Qantas Airways Ltd. | 677,750 | 2,631 |
| | REA Group Ltd. | 50,446 | 2,567 |
| | Magellan Financial Group Ltd. | 135,270 | 2,564 |
| | Reliance Worldwide Corp. Ltd. | 714,510 | 2,545 |
| | Iluka Resources Ltd. | 423,239 | 2,431 |
| | Ansell Ltd. | 145,189 | 2,394 |
| | Whitehaven Coal Ltd. | 691,317 | 2,388 |
| ^ | Domino's Pizza Enterprises Ltd. | 62,149 | 2,382 |
| | Charter Hall Group | 482,132 | 2,360 |
| | AusNet Services | 1,837,940 | 2,229 |
| | Evolution Mining Ltd. | 1,052,436 | 2,228 |
| | Beach Energy Ltd. | 1,774,719 | 2,211 |
| ^ | Qube Holdings Ltd. | 1,233,051 | 2,144 |
| | Investa Office Fund | 540,171 | 2,125 |
| | OZ Minerals Ltd. | 331,251 | 2,125 |
| | DuluxGroup Ltd. | 388,393 | 2,042 |
| | Flight Centre Travel Group Ltd. | 58,810 | 1,940 |
| | Metcash Ltd. | 977,292 | 1,910 |
| | TPG Telecom Ltd. | 373,214 | 1,900 |
| | Adelaide Brighton Ltd. | 470,041 | 1,891 |
| | Washington H Soul Pattinson & Co. Ltd. | 91,791 | 1,882 |
| | carsales.com Ltd. | 215,324 | 1,866 |
| ^ | JB Hi-Fi Ltd. | 112,658 | 1,836 |
| | nib holdings Ltd. | 460,827 | 1,814 |
| | Cleanaway Waste Management Ltd. | 1,361,262 | 1,740 |
| | IOOF Holdings Ltd. | 354,857 | 1,716 |
| | Altium Ltd. | 108,593 | 1,693 |
| | Steadfast Group Ltd. | 781,913 | 1,649 |
| | Pendal Group Ltd. | 280,967 | 1,625 |
| | St. Barbara Ltd. | 530,072 | 1,565 |
| * | Vocus Group Ltd. | 618,500 | 1,509 |
| * | NEXTDC Ltd. | 361,037 | 1,509 |
| | Mineral Resources Ltd. | 143,153 | 1,453 |
| *,^ | Afterpay Touch Group Ltd. | 162,455 | 1,448 |
| | Independence Group NL | 498,143 | 1,430 |
| | Bapcor Ltd. | 293,632 | 1,424 |
| * | Saracen Mineral Holdings Ltd. | 815,734 | 1,423 |
| | Regis Resources Ltd. | 469,141 | 1,407 |
| | Shopping Centres Australasia Property Group | 737,763 | 1,342 |
| | GrainCorp Ltd. Class A | 227,269 | 1,329 |
| | Costa Group Holdings Ltd. | 305,923 | 1,326 |
| ^ | Harvey Norman Holdings Ltd. | 577,513 | 1,307 |
| | CSR Ltd. | 518,239 | 1,300 |
| * | Mayne Pharma Group Ltd. | 1,593,871 | 1,268 |
| | Corporate Travel Management Ltd. | 85,467 | 1,220 |
| | Seven Group Holdings Ltd. | 96,395 | 1,218 |
| | BWP Trust | 494,098 | 1,212 |
| ^ | Blackmores Ltd. | 13,774 | 1,188 |
| | Nufarm Ltd. | 285,190 | 1,153 |
| | Cromwell Property Group | 1,502,842 | 1,097 |
| | Breville Group Ltd. | 125,434 | 1,093 |
| | Webjet Ltd. | 117,004 | 1,085 |
| *,^ | Lynas Corp. Ltd. | 726,523 | 1,075 |
| | Navitas Ltd. | 298,052 | 1,074 |
| | Fairfax Media Ltd. | 2,349,304 | 1,069 |
25
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Perpetual Ltd. | 43,077 | 1,060 |
| | Primary Health Care Ltd. | 562,298 | 1,059 |
| | Charter Hall Retail REIT | 346,971 | 1,046 |
| | IRESS Ltd. | 134,263 | 1,034 |
| | Sims Metal Management Ltd. | 125,492 | 1,006 |
| | WiseTech Global Ltd. | 87,397 | 1,000 |
| 2 | MYOB Group Ltd. | 416,547 | 996 |
| | Premier Investments Ltd. | 82,369 | 960 |
| ^ | InvoCare Ltd. | 108,812 | 936 |
| | IDP Education Ltd. | 139,297 | 910 |
| *,^ | Pilbara Minerals Ltd. | 1,610,693 | 902 |
| | Monadelphous Group Ltd. | 86,464 | 885 |
| | GUD Holdings Ltd. | 99,768 | 875 |
| | Appen Ltd. | 111,354 | 845 |
| | Super Retail Group Ltd. | 162,371 | 833 |
| | ARB Corp. Ltd. | 65,759 | 809 |
| ^ | Platinum Asset Management Ltd. | 230,447 | 802 |
| | Nine Entertainment Co. Holdings Ltd. | 663,200 | 796 |
| | National Storage REIT | 653,002 | 789 |
| | Abacus Property Group | 336,293 | 783 |
| | Brickworks Ltd. | 65,173 | 780 |
| | Charter Hall Long Wale REIT | 262,376 | 766 |
| ^ | Bega Cheese Ltd. | 178,094 | 754 |
| | McMillan Shakespeare Ltd. | 62,666 | 735 |
| | Viva Energy REIT | 474,525 | 733 |
| | oOh!media Ltd. | 215,786 | 725 |
| | Bingo Industries Ltd. | 425,961 | 723 |
| * | Emeco Holdings Ltd. | 3,547,617 | 721 |
| | Growthpoint Properties Australia Ltd. | 266,368 | 687 |
| | Southern Cross Media Group Ltd. | 838,579 | 679 |
| | Sandfire Resources NL | 142,306 | 673 |
| | Elders Ltd. | 128,965 | 668 |
| ^ | G8 Education Ltd. | 456,126 | 664 |
| | SmartGroup Corp. Ltd. | 93,169 | 660 |
| | Ausdrill Ltd. | 522,969 | 637 |
| | Technology One Ltd. | 161,074 | 622 |
| *,^ | Mesoblast Ltd. | 430,249 | 611 |
| *,^ | Galaxy Resources Ltd. | 389,376 | 608 |
| | Ardent Leisure Group | 509,671 | 580 |
| ^ | IPH Ltd. | 148,888 | 572 |
| | Credit Corp. Group Ltd. | 42,032 | 569 |
| | Aventus Retail Property Fund Ltd. | 396,742 | 565 |
| | Tassal Group Ltd. | 187,087 | 548 |
| | Inghams Group Ltd. | 197,395 | 546 |
| ^ | Eclipx Group Ltd. | 309,601 | 533 |
| *,^ | Nanosonics Ltd. | 248,053 | 530 |
| | Collins Foods Ltd. | 116,649 | 530 |
| | GWA Group Ltd. | 268,761 | 526 |
| | NRW Holdings Ltd. | 400,114 | 525 |
| | Rural Funds Group | 347,259 | 525 |
| | Aveo Group | 396,679 | 519 |
| | SpeedCast International Ltd. | 200,671 | 513 |
| * | Seven West Media Ltd. | 891,866 | 494 |
| *,^ | Orocobre Ltd. | 203,844 | 485 |
| *,^ | Gold Road Resources Ltd. | 973,353 | 481 |
| | GDI Property Group | 524,798 | 479 |
| ^ | Resolute Mining Ltd. | 648,075 | 479 |
| | Domain Holdings Australia Ltd. | 270,509 | 476 |
| | Arena REIT | 306,307 | 470 |
| *,^ | Australian Agricultural Co. Ltd. | 485,893 | 456 |
| | Folkestone Education Trust | 224,778 | 455 |
| | Ingenia Communities Group | 219,915 | 448 |
| | Western Areas Ltd. | 279,093 | 446 |
| | Pact Group Holdings Ltd. | 180,014 | 445 |
26
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Australian Pharmaceutical Industries Ltd. | 405,455 | 440 |
| ^ | Netwealth Group Ltd. | 87,533 | 436 |
| | Sigma Healthcare Ltd. | 1,172,498 | 433 |
| | Select Harvests Ltd. | 110,920 | 406 |
| | Centuria Industrial REIT | 206,098 | 405 |
| | OFX Group Ltd. | 263,077 | 400 |
| ^ | HT&E Ltd. | 282,436 | 389 |
| * | Senex Energy Ltd. | 1,356,082 | 388 |
| | Estia Health Ltd. | 263,150 | 381 |
| *,^ | Bellamy's Australia Ltd. | 73,420 | 378 |
| | Navigator Global Investments Ltd. | 117,429 | 374 |
| * | Starpharma Holdings Ltd. | 350,707 | 365 |
| | Genworth Mortgage Insurance Australia Ltd. | 222,410 | 355 |
| *,^ | Dacian Gold Ltd. | 207,316 | 351 |
| ^ | Automotive Holdings Group Ltd. | 272,519 | 349 |
| | FlexiGroup Ltd. | 315,051 | 343 |
| | Accent Group Ltd. | 387,087 | 343 |
| *,^ | Myer Holdings Ltd. | 1,052,017 | 340 |
| | Sims Metal Management Ltd. ADR | 42,286 | 336 |
| | SeaLink Travel Group Ltd. | 111,841 | 335 |
| | Hotel Property Investments | 145,043 | 317 |
| *,^ | Syrah Resources Ltd. | 275,505 | 313 |
| | SG Fleet Group Ltd. | 131,476 | 310 |
| * | Perseus Mining Ltd. | 1,191,844 | 305 |
| ^ | Lovisa Holdings Ltd. | 52,815 | 288 |
| *,^ | New Century Resources Ltd. | 471,536 | 282 |
| ^ | Greencross Ltd. | 85,791 | 276 |
| *,^ | Kidman Resources Ltd. | 351,502 | 250 |
| | Newcrest Mining Ltd. ADR | 16,719 | 243 |
| * | Westgold Resources Ltd. | 311,270 | 243 |
| | Mount Gibson Iron Ltd. | 620,315 | 238 |
| | MACA Ltd. | 271,518 | 232 |
| ^ | Regis Healthcare Ltd. | 131,205 | 223 |
| * | Infigen Energy | 633,664 | 221 |
| | Cedar Woods Properties Ltd. | 57,916 | 217 |
| | Virtus Health Ltd. | 56,162 | 200 |
| *,^ | Cardno Ltd. | 271,661 | 196 |
| ^ | BWX Ltd. | 108,067 | 195 |
| | Asaleo Care Ltd. | 390,085 | 194 |
| | Japara Healthcare Ltd. | 239,690 | 191 |
| *,^ | Superloop Ltd. | 141,860 | 175 |
| *,^ | Clean TeQ Holdings Ltd. | 578,950 | 173 |
| | Cabcharge Australia Ltd. | 113,459 | 166 |
| * | Village Roadshow Ltd. | 98,515 | 159 |
| *,^ | Liquefied Natural Gas Ltd. | 416,316 | 148 |
| *,^ | Karoon Gas Australia Ltd. | 195,153 | 148 |
| | ERM Power Ltd. | 120,801 | 140 |
| | WPP AUNZ Ltd. | 292,686 | 116 |
| | RCR Tomlinson Ltd. | 179,835 | 116 |
| | Vita Group Ltd. | 156,519 | 115 |
| | Ainsworth Game Technology Ltd. | 136,392 | 99 |
| *,§ | Quintis Ltd. | 377,075 | 79 |
| | Reject Shop Ltd. | 42,660 | 67 |
| * | Decmil Group Ltd. | 118,524 | 64 |
| * | OneMarket Ltd. | 102,810 | 60 |
| * | Cash Converters International Ltd. | 317,679 | 60 |
| | NZME Ltd. | 118,232 | 50 |
| *,^ | Blue Sky Alternative Investments Ltd. | 57,411 | 49 |
| * | Highfield Resources Ltd. | 63,604 | 22 |
| * | Unibail-Rodamco-Westfield | 1,636 | 15 |
| *,§ | BGP Holdings plc | 15,642,708 | — |
| *,§ | DSHE Holdings Ltd. | 147,770 | — |
| | | | 1,097,495 |
27
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Hong Kong (8.0%) | | |
| | AIA Group Ltd. | 12,406,312 | 94,375 |
| | Hong Kong Exchanges & Clearing Ltd. | 1,273,464 | 33,908 |
| | CK Hutchison Holdings Ltd. | 2,747,059 | 27,669 |
| | Link REIT | 2,203,298 | 19,581 |
| | Sun Hung Kai Properties Ltd. | 1,460,974 | 18,987 |
| | CLP Holdings Ltd. | 1,683,360 | 18,863 |
| | CK Asset Holdings Ltd. | 2,759,998 | 17,961 |
| | Hong Kong & China Gas Co. Ltd. | 9,186,172 | 17,547 |
| | Hang Seng Bank Ltd. | 744,452 | 17,456 |
| | BOC Hong Kong Holdings Ltd. | 3,683,759 | 13,791 |
| | Jardine Matheson Holdings Ltd. | 214,152 | 12,366 |
| | Galaxy Entertainment Group Ltd. | 2,188,062 | 11,879 |
| | Sands China Ltd. | 2,467,536 | 9,758 |
| | Power Assets Holdings Ltd. | 1,334,207 | 8,910 |
| | China Mengniu Dairy Co. Ltd. | 2,735,500 | 8,094 |
| | Wharf Real Estate Investment Co. Ltd. | 1,256,615 | 7,809 |
| | New World Development Co. Ltd. | 5,803,156 | 7,383 |
| | MTR Corp. Ltd. | 1,454,186 | 7,056 |
| | Hongkong Land Holdings Ltd. | 1,184,147 | 7,012 |
| | Jardine Strategic Holdings Ltd. | 185,751 | 6,240 |
| 2 | WH Group Ltd. | 8,618,433 | 6,052 |
| | Techtronic Industries Co. Ltd. | 1,274,656 | 6,002 |
| | Henderson Land Development Co. Ltd. | 1,214,355 | 5,664 |
| | Swire Pacific Ltd. Class A | 520,252 | 5,405 |
| | AAC Technologies Holdings Inc. | 704,257 | 5,365 |
| | Sino Land Co. Ltd. | 3,144,443 | 4,940 |
| | CK Infrastructure Holdings Ltd. | 641,313 | 4,694 |
| | Wheelock & Co. Ltd. | 834,668 | 4,462 |
| | Bank of East Asia Ltd. | 1,248,532 | 4,048 |
| | Want Want China Holdings Ltd. | 5,557,220 | 3,976 |
| 2 | Samsonite International SA | 1,327,997 | 3,830 |
| | Hang Lung Properties Ltd. | 2,085,841 | 3,781 |
| | Swire Properties Ltd. | 1,059,235 | 3,620 |
| | Wynn Macau Ltd. | 1,516,829 | 3,160 |
| | Wharf Holdings Ltd. | 1,261,615 | 3,154 |
| | Hysan Development Co. Ltd. | 640,726 | 3,005 |
| | NWS Holdings Ltd. | 1,459,887 | 2,898 |
| | Tingyi Cayman Islands Holding Corp. | 1,891,900 | 2,803 |
| | ASM Pacific Technology Ltd. | 312,936 | 2,714 |
| | Dairy Farm International Holdings Ltd. | 299,801 | 2,708 |
| *,^ | Semiconductor Manufacturing International Corp. | 3,101,321 | 2,562 |
| | Vitasoy International Holdings Ltd. | 798,304 | 2,545 |
| | Sun Art Retail Group Ltd. | 2,305,231 | 2,527 |
| | PCCW Ltd. | 4,207,715 | 2,310 |
| | Minth Group Ltd. | 696,783 | 2,264 |
| | Hang Lung Group Ltd. | 888,920 | 2,188 |
| | Xinyi Glass Holdings Ltd. | 2,046,640 | 2,032 |
| | Yue Yuen Industrial Holdings Ltd. | 720,658 | 1,979 |
| | PRADA SPA | 550,304 | 1,955 |
| | VTech Holdings Ltd. | 165,450 | 1,944 |
| | Kerry Properties Ltd. | 605,090 | 1,905 |
| | Hopewell Holdings Ltd. | 565,460 | 1,747 |
| | Shangri-La Asia Ltd. | 1,146,928 | 1,567 |
| | Fortune REIT | 1,398,833 | 1,530 |
| | SJM Holdings Ltd. | 1,871,639 | 1,517 |
| | Swire Pacific Ltd. Class B | 923,186 | 1,490 |
| 2 | BOC Aviation Ltd. | 203,325 | 1,457 |
| | NagaCorp Ltd. | 1,502,972 | 1,378 |
| | Melco International Development Ltd. | 802,274 | 1,377 |
| | Champion REIT | 2,015,900 | 1,356 |
| | Great Eagle Holdings Ltd. | 287,733 | 1,314 |
| | Li & Fung Ltd. | 6,086,213 | 1,208 |
| | Luk Fook Holdings International Ltd. | 364,406 | 1,202 |
28
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nexteer Automotive Group Ltd. | 801,211 | 1,130 |
| | HKBN Ltd. | 740,157 | 1,111 |
| | Uni-President China Holdings Ltd. | 1,095,038 | 1,065 |
| | MGM China Holdings Ltd. | 747,336 | 1,061 |
| | First Pacific Co. Ltd. | 2,273,939 | 1,018 |
| | Pacific Basin Shipping Ltd. | 4,634,236 | 1,015 |
| | Hongkong & Shanghai Hotels Ltd. | 722,500 | 997 |
| | Kerry Logistics Network Ltd. | 620,111 | 983 |
| | IGG Inc. | 924,628 | 980 |
| | Xinyi Solar Holdings Ltd. | 3,041,001 | 951 |
| | Chow Tai Fook Jewellery Group Ltd. | 1,019,218 | 894 |
| | Lifestyle International Holdings Ltd. | 507,407 | 877 |
| * | MMG Ltd. | 2,276,286 | 858 |
| | L'Occitane International SA | 451,623 | 846 |
| | SITC International Holdings Co. Ltd. | 1,141,586 | 839 |
| | United Energy Group Ltd. | 4,112,000 | 803 |
| | Towngas China Co. Ltd. | 1,088,140 | 793 |
| | Haitong International Securities Group Ltd. | 2,403,891 | 788 |
| | Shui On Land Ltd. | 3,872,066 | 783 |
| | Johnson Electric Holdings Ltd. | 344,019 | 772 |
| | Cathay Pacific Airways Ltd. | 604,864 | 771 |
| | Dah Sing Financial Holdings Ltd. | 142,660 | 766 |
| | Cafe de Coral Holdings Ltd. | 338,447 | 734 |
| | Shougang Fushan Resources Group Ltd. | 3,585,281 | 726 |
| ^ | Man Wah Holdings Ltd. | 1,538,252 | 710 |
| | Dah Sing Banking Group Ltd. | 365,556 | 696 |
| | Value Partners Group Ltd. | 920,665 | 687 |
| | Sunlight REIT | 1,092,089 | 658 |
| | China Travel International Investment Hong Kong Ltd. | 2,440,268 | 656 |
| | Television Broadcasts Ltd. | 296,047 | 625 |
| | Yuexiu REIT | 1,018,354 | 619 |
| *,^,2 | Razer Inc. | 3,838,000 | 594 |
| | Pacific Textiles Holdings Ltd. | 580,697 | 586 |
| | Mandarin Oriental International Ltd. | 303,078 | 573 |
| | Guotai Junan International Holdings Ltd. | 3,110,336 | 566 |
| | China Goldjoy Group Ltd. | 13,811,407 | 565 |
| | Giordano International Ltd. | 1,260,590 | 560 |
| | SmarTone Telecommunications Holdings Ltd. | 396,235 | 551 |
| | Gemdale Properties & Investment Corp. Ltd. | 5,945,080 | 549 |
| | Shun Tak Holdings Ltd. | 1,701,370 | 544 |
| | K Wah International Holdings Ltd. | 1,180,843 | 535 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,410,301 | 521 |
| | Spring REIT | 830,427 | 498 |
| | Chinese Estates Holdings Ltd. | 520,500 | 490 |
| | Microport Scientific Corp. | 404,219 | 483 |
| | Lai Sun Development Co. Ltd. | 326,137 | 473 |
| * | Agritrade Resources Ltd. | 2,365,000 | 471 |
| | Far East Consortium International Ltd. | 1,005,493 | 469 |
| | CP Pokphand Co. Ltd. | 5,304,204 | 460 |
| | Huabao International Holdings Ltd. | 963,071 | 449 |
| | SA Sa International Holdings Ltd. | 1,144,953 | 441 |
| * | NewOcean Energy Holdings Ltd. | 1,179,858 | 428 |
| * | Esprit Holdings Ltd. | 1,862,997 | 424 |
| | Prosperity REIT | 1,175,661 | 417 |
| | CITIC Telecom International Holdings Ltd. | 1,316,470 | 413 |
| *,^ | HC Group Inc. | 634,107 | 412 |
| | Road King Infrastructure Ltd. | 264,814 | 410 |
| | Chow Sang Sang Holdings International Ltd. | 249,922 | 405 |
| 2 | FIT Hon Teng Ltd. | 963,000 | 399 |
| | HKR International Ltd. | 828,993 | 395 |
| | Pou Sheng International Holdings Ltd. | 2,074,253 | 394 |
| 2 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 300,500 | 377 |
| * | Zhaobangji Properties Holdings Ltd. | 285,769 | 373 |
| * | Global Brands Group Holding Ltd. | 6,517,747 | 362 |
29
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Canvest Environmental Protection Group Co. Ltd. | 663,675 | 353 |
| *,§ | Town Health International Medical Group Ltd. | 3,921,659 | 345 |
| ^ | China Harmony New Energy Auto Holding Ltd. | 826,615 | 329 |
| | United Laboratories International Holdings Ltd. | 461,873 | 321 |
| | Sun Hung Kai & Co. Ltd. | 711,182 | 321 |
| * | FIH Mobile Ltd. | 3,210,581 | 299 |
| | Dynam Japan Holdings Co. Ltd. | 251,944 | 297 |
| | Macau Legend Development Ltd. | 1,665,954 | 291 |
| 2 | Crystal International Group Ltd. | 519,000 | 284 |
| | Goodbaby International Holdings Ltd. | 866,975 | 269 |
| 2 | IMAX China Holding Inc. | 114,175 | 267 |
| ^ | Nan Hai Corp. Ltd. | 11,392,146 | 265 |
| | Singamas Container Holdings Ltd. | 1,619,323 | 260 |
| | Liu Chong Hing Investment Ltd. | 175,145 | 253 |
| * | Truly International Holdings Ltd. | 1,677,603 | 245 |
| * | COFCO Meat Holdings Ltd. | 1,633,007 | 238 |
| *,§ | Convoy Global Holdings Ltd. | 10,860,141 | 231 |
| *,^ | China LNG Group Ltd. | 1,674,344 | 231 |
| *,^ | Digital Domain Holdings Ltd. | 16,888,031 | 231 |
| | Inspur International Ltd. | 522,000 | 208 |
| | Ju Teng International Holdings Ltd. | 818,334 | 207 |
| *,^ | GCL New Energy Holdings Ltd. | 6,003,422 | 200 |
| ^ | Texwinca Holdings Ltd. | 585,037 | 199 |
| | Emperor Capital Group Ltd. | 4,205,145 | 199 |
| | China Baoli Technologies Holdings Ltd. | 3,077,500 | 196 |
| * | Anton Oilfield Services Group | 1,376,022 | 195 |
| * | Beijing Enterprises Medical & Health Group Ltd. | 4,842,818 | 189 |
| *,^ | We Solutions Ltd. | 2,636,000 | 179 |
| | Lee's Pharmaceutical Holdings Ltd. | 236,812 | 178 |
| * | Lifestyle China Group Ltd. | 433,899 | 176 |
| * | China Financial International Investments Ltd. | 6,670,113 | 170 |
| * | Honghua Group Ltd. | 2,559,517 | 166 |
| ^,2 | Regina Miracle International Holdings Ltd. | 315,395 | 159 |
| | Emperor Watch & Jewellery Ltd. | 3,974,532 | 157 |
| *,^ | Panda Green Energy Group Ltd. | 4,086,273 | 154 |
| * | KuangChi Science Ltd. | 2,188,600 | 151 |
| *,^ | China Silver Group Ltd. | 1,202,976 | 149 |
| 2 | CGN New Energy Holdings Co. Ltd. | 962,897 | 127 |
| * | Parkson Retail Group Ltd. | 1,415,650 | 125 |
| * | Hong Kong Television Network Ltd. | 413,142 | 114 |
| * | Sunshine Oilsands Ltd. | 4,781,606 | 110 |
| * | China Strategic Holdings Ltd. | 13,420,800 | 98 |
| * | New World Department Store China Ltd. | 482,000 | 96 |
| * | G-Resources Group Ltd. | 14,174,198 | 91 |
| ^ | EVA Precision Industrial Holdings Ltd. | 1,043,049 | 83 |
| | Shenwan Hongyuan HK Ltd. | 378,136 | 77 |
| | New Sports Group Ltd. | 1,789,397 | 75 |
| * | CST Group Ltd. | 24,009,916 | 74 |
| | Yip's Chemical Holdings Ltd. | 238,801 | 72 |
| * | China LotSynergy Holdings Ltd. | 6,646,914 | 72 |
| | BOE Varitronix Ltd. | 240,699 | 70 |
| * | Future World Financial Holdings Ltd. | 8,285,507 | 68 |
| | Chong Hing Bank Ltd. | 39,236 | 66 |
| *,§ | Brightoil Petroleum Holdings Ltd. | 2,476,222 | 63 |
| * | Technovator International Ltd. | 409,938 | 55 |
| * | Freeman FinTech Corp. Ltd. | 10,036,762 | 55 |
| | TPV Technology Ltd. | 526,218 | 43 |
| | Henderson Investment Ltd. | 518,863 | 40 |
| * | New Provenance Everlasting Holdings Ltd. | 5,930,768 | 32 |
| * | Mei Ah Entertainment Group Ltd. | 1,065,022 | 31 |
| | Qianhai Health Holdings Ltd. | 619,508 | 25 |
| * | Xinchen China Power Holdings Ltd. | 290,362 | 21 |
| * | Good Resources Holdings Ltd. | 737,470 | 18 |
| * | Sincere Watch Hong Kong Ltd. | 1,490,000 | 18 |
30
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Yanchang Petroleum International Ltd. | 1,740,000 | 17 |
| * Silver Base Group Holdings Ltd. | 244,160 | 16 |
| * Sino Oil And Gas Holdings Ltd. | 611,509 | 12 |
| * Summit Ascent Holdings Ltd. | 84,173 | 10 |
| * China Oceanwide Holdings Ltd. | 188,081 | 9 |
| * China Ocean Industry Group Ltd. | 1,929,318 | 7 |
| | | 542,531 |
| Japan (59.9%) | | |
| Toyota Motor Corp. | 2,591,870 | 151,834 |
| Mitsubishi UFJ Financial Group Inc. | 12,950,872 | 78,385 |
| Sony Corp. | 1,297,739 | 70,229 |
| SoftBank Group Corp. | 873,785 | 69,150 |
| Sumitomo Mitsui Financial Group Inc. | 1,354,488 | 52,737 |
| Honda Motor Co. Ltd. | 1,787,386 | 51,022 |
| Keyence Corp. | 92,733 | 45,302 |
| Mizuho Financial Group Inc. | 26,027,370 | 44,698 |
| KDDI Corp. | 1,821,966 | 44,091 |
| Mitsubishi Corp. | 1,318,521 | 37,110 |
| Central Japan Railway Co. | 185,652 | 35,628 |
| Shin-Etsu Chemical Co. Ltd. | 418,150 | 34,941 |
| FANUC Corp. | 199,368 | 34,683 |
| Nintendo Co. Ltd. | 110,195 | 34,403 |
| Seven & i Holdings Co. Ltd. | 789,849 | 34,200 |
| Recruit Holdings Co. Ltd. | 1,229,312 | 32,994 |
| East Japan Railway Co. | 376,845 | 32,913 |
| Tokio Marine Holdings Inc. | 691,424 | 32,574 |
| Kao Corp. | 488,525 | 32,498 |
| ^ Takeda Pharmaceutical Co. Ltd. | 781,924 | 32,418 |
| NTT DOCOMO Inc. | 1,291,329 | 32,023 |
| Daikin Industries Ltd. | 272,773 | 31,618 |
| Japan Tobacco Inc. | 1,225,169 | 31,481 |
| Astellas Pharma Inc. | 1,996,901 | 30,853 |
| Nidec Corp. | 239,433 | 30,754 |
| Murata Manufacturing Co. Ltd. | 194,793 | 30,317 |
| Canon Inc. | 1,054,411 | 30,033 |
| Mitsui & Co. Ltd. | 1,733,957 | 28,972 |
| Hitachi Ltd. | 946,129 | 28,923 |
| Nippon Telegraph & Telephone Corp. | 670,043 | 27,632 |
| ITOCHU Corp. | 1,447,492 | 26,845 |
| Fast Retailing Co. Ltd. | 52,580 | 26,474 |
| Mitsubishi Electric Corp. | 2,026,314 | 25,652 |
| Shiseido Co. Ltd. | 399,338 | 25,196 |
| Daiichi Sankyo Co. Ltd. | 651,349 | 24,897 |
| Bridgestone Corp. | 634,128 | 24,452 |
| Komatsu Ltd. | 937,837 | 24,424 |
| Panasonic Corp. | 2,191,135 | 23,514 |
| Eisai Co. Ltd. | 271,634 | 22,622 |
| JXTG Holdings Inc. | 3,254,959 | 21,994 |
| Mitsui Fudosan Co. Ltd. | 969,360 | 21,832 |
| Tokyo Electron Ltd. | 160,984 | 21,725 |
| Dai-ichi Life Holdings Inc. | 1,146,395 | 21,512 |
| ORIX Corp. | 1,315,511 | 21,431 |
| Hoya Corp. | 376,046 | 21,275 |
| Suzuki Motor Corp. | 421,547 | 21,021 |
| Denso Corp. | 466,303 | 20,800 |
| Otsuka Holdings Co. Ltd. | 429,521 | 20,543 |
| Daiwa House Industry Co. Ltd. | 666,170 | 20,115 |
| Kirin Holdings Co. Ltd. | 837,501 | 19,985 |
| Mitsubishi Estate Co. Ltd. | 1,210,859 | 19,352 |
| SMC Corp. | 59,329 | 18,910 |
| Shionogi & Co. Ltd. | 291,207 | 18,621 |
| Oriental Land Co. Ltd. | 192,990 | 18,155 |
| * Toshiba Corp. | 605,359 | 18,144 |
| Kubota Corp. | 1,143,905 | 18,059 |
31
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Nissan Motor Co. Ltd. | 1,981,530 | 18,027 |
| Sumitomo Corp. | 1,151,501 | 17,464 |
| Terumo Corp. | 320,466 | 17,299 |
| Asahi Group Holdings Ltd. | 390,641 | 17,167 |
| Kyocera Corp. | 314,792 | 17,037 |
| Subaru Corp. | 630,848 | 17,017 |
| FUJIFILM Holdings Corp. | 390,687 | 16,897 |
| Nomura Holdings Inc. | 3,453,814 | 16,585 |
| Aeon Co. Ltd. | 719,338 | 16,510 |
| Secom Co. Ltd. | 198,997 | 16,292 |
| Japan Post Holdings Co. Ltd. | 1,351,920 | 16,032 |
| MS&AD Insurance Group Holdings Inc. | 513,368 | 15,420 |
| Asahi Kasei Corp. | 1,278,416 | 15,339 |
| Sumitomo Mitsui Trust Holdings Inc. | 380,436 | 15,116 |
| Sumitomo Realty & Development Co. Ltd. | 435,520 | 14,965 |
| Nippon Steel & Sumitomo Metal Corp. | 799,589 | 14,749 |
| Sompo Holdings Inc. | 353,620 | 14,585 |
| Sysmex Corp. | 194,411 | 13,636 |
| Marubeni Corp. | 1,615,543 | 13,100 |
| Chugai Pharmaceutical Co. Ltd. | 222,946 | 13,053 |
| West Japan Railway Co. | 187,580 | 12,616 |
| Fujitsu Ltd. | 199,283 | 12,124 |
| Resona Holdings Inc. | 2,237,324 | 11,768 |
| Kansai Electric Power Co. Inc. | 740,516 | 11,334 |
| Shimano Inc. | 80,633 | 11,012 |
| Toray Industries Inc. | 1,540,178 | 10,925 |
| Tokyo Gas Co. Ltd. | 442,734 | 10,888 |
| Unicharm Corp. | 397,734 | 10,790 |
| Inpex Corp. | 939,932 | 10,703 |
| Sumitomo Electric Industries Ltd. | 775,403 | 10,575 |
| TDK Corp. | 122,527 | 10,566 |
| Dentsu Inc. | 225,073 | 10,439 |
| Chubu Electric Power Co. Inc. | 721,002 | 10,397 |
| Mitsubishi Heavy Industries Ltd. | 293,839 | 10,358 |
| Ono Pharmaceutical Co. Ltd. | 451,801 | 10,253 |
| Kikkoman Corp. | 186,899 | 10,240 |
| Mitsubishi Chemical Holdings Corp. | 1,307,146 | 10,190 |
| Nitto Denko Corp. | 161,147 | 10,068 |
| Nitori Holdings Co. Ltd. | 76,537 | 9,994 |
| Japan Exchange Group Inc. | 554,784 | 9,937 |
| Yamato Holdings Co. Ltd. | 362,600 | 9,913 |
| JFE Holdings Inc. | 527,104 | 9,905 |
| Daito Trust Construction Co. Ltd. | 73,322 | 9,667 |
| Olympus Corp. | 287,680 | 9,589 |
| Daiwa Securities Group Inc. | 1,626,376 | 9,327 |
| T&D Holdings Inc. | 572,755 | 9,156 |
| Taisei Corp. | 213,790 | 9,143 |
| MEIJI Holdings Co. Ltd. | 136,699 | 9,070 |
| Yakult Honsha Co. Ltd. | 125,437 | 8,882 |
| Sekisui House Ltd. | 594,325 | 8,723 |
| Makita Corp. | 249,215 | 8,616 |
| Tokyu Corp. | 507,201 | 8,379 |
| NTT Data Corp. | 644,857 | 8,279 |
| Toyota Tsusho Corp. | 229,307 | 8,275 |
| * Tokyo Electric Power Co. Holdings Inc. | 1,613,307 | 8,257 |
| Ajinomoto Co. Inc. | 507,734 | 8,203 |
| Omron Corp. | 199,289 | 8,068 |
| Toyota Industries Corp. | 162,872 | 8,001 |
| Yaskawa Electric Corp. | 268,520 | 7,761 |
| Sumitomo Chemical Co. Ltd. | 1,548,430 | 7,757 |
| Sumitomo Metal Mining Co. Ltd. | 242,063 | 7,622 |
| Hankyu Hanshin Holdings Inc. | 229,035 | 7,565 |
| Yahoo Japan Corp. | 2,420,088 | 7,550 |
| Osaka Gas Co. Ltd. | 407,265 | 7,447 |
32
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| NEC Corp. | 258,159 | 7,411 |
| Yamaha Corp. | 166,561 | 7,319 |
| Don Quijote Holdings Co. Ltd. | 120,952 | 7,225 |
| Bandai Namco Holdings Inc. | 200,943 | 7,149 |
| Kintetsu Group Holdings Co. Ltd. | 184,854 | 7,101 |
| Ricoh Co. Ltd. | 703,504 | 7,023 |
| FamilyMart UNY Holdings Co. Ltd. | 60,133 | 6,970 |
| Shimadzu Corp. | 275,240 | 6,956 |
| Aisin Seiki Co. Ltd. | 176,852 | 6,917 |
| Isuzu Motors Ltd. | 522,854 | 6,855 |
| Trend Micro Inc. | 118,522 | 6,823 |
| Dai Nippon Printing Co. Ltd. | 303,980 | 6,821 |
| Yamaha Motor Co. Ltd. | 286,844 | 6,784 |
| Idemitsu Kosan Co. Ltd. | 149,208 | 6,760 |
| M3 Inc. | 413,188 | 6,697 |
| Odakyu Electric Railway Co. Ltd. | 315,756 | 6,675 |
| Nissan Chemical Corp. | 141,342 | 6,664 |
| MINEBEA MITSUMI Inc. | 430,599 | 6,587 |
| Showa Denko KK | 148,659 | 6,473 |
| Keio Corp. | 118,425 | 6,432 |
| Oji Holdings Corp. | 901,409 | 6,401 |
| Rohm Co. Ltd. | 90,319 | 6,350 |
| AGC Inc. | 193,524 | 6,339 |
| Obic Co. Ltd. | 69,288 | 6,308 |
| Mazda Motor Corp. | 587,732 | 6,260 |
| Ryohin Keikaku Co. Ltd. | 23,590 | 6,236 |
| Nikon Corp. | 354,404 | 6,178 |
| Tohoku Electric Power Co. Inc. | 487,140 | 6,155 |
| Obayashi Corp. | 686,429 | 6,060 |
| Kajima Corp. | 467,543 | 6,020 |
| Tobu Railway Co. Ltd. | 211,499 | 5,882 |
| SBI Holdings Inc. | 223,472 | 5,836 |
| Sekisui Chemical Co. Ltd. | 368,360 | 5,793 |
| MISUMI Group Inc. | 283,411 | 5,680 |
| Koito Manufacturing Co. Ltd. | 118,521 | 5,642 |
| Santen Pharmaceutical Co. Ltd. | 373,107 | 5,526 |
| Rakuten Inc. | 810,965 | 5,485 |
| Kyushu Electric Power Co. Inc. | 470,978 | 5,471 |
| Concordia Financial Group Ltd. | 1,195,233 | 5,470 |
| Suntory Beverage & Food Ltd. | 130,114 | 5,303 |
| TOTO Ltd. | 146,966 | 5,258 |
| Nisshin Seifun Group Inc. | 263,505 | 5,243 |
| Kyowa Hakko Kirin Co. Ltd. | 260,702 | 5,049 |
| Kyushu Railway Co. | 162,070 | 4,977 |
| Nippon Paint Holdings Co. Ltd. | 159,279 | 4,975 |
| Kuraray Co. Ltd. | 361,367 | 4,964 |
| Yokogawa Electric Corp. | 249,064 | 4,890 |
| Lion Corp. | 259,821 | 4,885 |
| IHI Corp. | 132,565 | 4,850 |
| Japan Post Bank Co. Ltd. | 414,303 | 4,830 |
| Nexon Co. Ltd. | 422,514 | 4,820 |
| Alfresa Holdings Corp. | 179,000 | 4,774 |
| Nippon Express Co. Ltd. | 75,551 | 4,768 |
| Nomura Research Institute Ltd. | 106,113 | 4,704 |
| Shimizu Corp. | 579,248 | 4,702 |
| Pigeon Corp. | 111,095 | 4,698 |
| Marui Group Co. Ltd. | 217,358 | 4,680 |
| Nagoya Railroad Co. Ltd. | 193,050 | 4,662 |
| Shizuoka Bank Ltd. | 532,899 | 4,662 |
| Nissin Foods Holdings Co. Ltd. | 71,425 | 4,605 |
| NSK Ltd. | 464,910 | 4,593 |
| Konica Minolta Inc. | 463,341 | 4,586 |
| Taisho Pharmaceutical Holdings Co. Ltd. | 43,010 | 4,586 |
| Electric Power Development Co. Ltd. | 166,308 | 4,528 |
33
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Alps Electric Co. Ltd. | 191,520 | 4,515 |
| Stanley Electric Co. Ltd. | 152,149 | 4,501 |
| Seiko Epson Corp. | 279,313 | 4,500 |
| Keisei Electric Railway Co. Ltd. | 144,752 | 4,461 |
| Disco Corp. | 27,871 | 4,430 |
| Hamamatsu Photonics KK | 132,239 | 4,421 |
| Brother Industries Ltd. | 241,257 | 4,415 |
| Hoshizaki Corp. | 54,656 | 4,412 |
| ZOZO Inc. | 181,568 | 4,357 |
| JGC Corp. | 223,614 | 4,328 |
| Kose Corp. | 28,866 | 4,314 |
| Sojitz Corp. | 1,281,565 | 4,310 |
| Japan Airlines Co. Ltd. | 121,340 | 4,307 |
| Isetan Mitsukoshi Holdings Ltd. | 365,013 | 4,266 |
| Daifuku Co. Ltd. | 98,264 | 4,220 |
| LIXIL Group Corp. | 267,602 | 4,207 |
| Hisamitsu Pharmaceutical Co. Inc. | 74,603 | 4,204 |
| CyberAgent Inc. | 98,753 | 4,202 |
| Kobayashi Pharmaceutical Co. Ltd. | 64,114 | 4,182 |
| Asahi Intecc Co. Ltd. | 101,976 | 4,176 |
| NGK Spark Plug Co. Ltd. | 205,687 | 4,162 |
| Aozora Bank Ltd. | 120,521 | 4,159 |
| Sony Financial Holdings Inc. | 179,910 | 4,150 |
| Chiba Bank Ltd. | 653,766 | 4,136 |
| Suzuken Co. Ltd. | 81,493 | 4,125 |
| Hakuhodo DY Holdings Inc. | 244,443 | 4,077 |
| Mitsui Chemicals Inc. | 180,588 | 4,050 |
| Mitsubishi Motors Corp. | 639,291 | 4,016 |
| Seibu Holdings Inc. | 221,104 | 4,011 |
| USS Co. Ltd. | 222,457 | 4,011 |
| Fuji Electric Co. Ltd. | 130,201 | 3,974 |
| Coca-Cola Bottlers Japan Holdings Inc. | 150,499 | 3,939 |
| Hikari Tsushin Inc. | 22,395 | 3,911 |
| ANA Holdings Inc. | 115,968 | 3,900 |
| Toppan Printing Co. Ltd. | 273,215 | 3,863 |
| Keihan Holdings Co. Ltd. | 101,743 | 3,861 |
| Tosoh Corp. | 292,273 | 3,848 |
| Toho Co. Ltd. | 117,799 | 3,843 |
| Chugoku Electric Power Co. Inc. | 297,367 | 3,825 |
| NGK Insulators Ltd. | 270,305 | 3,804 |
| Tsuruha Holdings Inc. | 36,331 | 3,792 |
| Keikyu Corp. | 254,504 | 3,767 |
| * Renesas Electronics Corp. | 708,069 | 3,730 |
| Showa Shell Sekiyu KK | 195,027 | 3,722 |
| Konami Holdings Corp. | 97,506 | 3,720 |
| Taiheiyo Cement Corp. | 124,436 | 3,662 |
| TIS Inc. | 81,825 | 3,655 |
| NH Foods Ltd. | 105,960 | 3,654 |
| Sumitomo Heavy Industries Ltd. | 116,003 | 3,648 |
| Fukuoka Financial Group Inc. | 148,125 | 3,640 |
| Haseko Corp. | 283,691 | 3,595 |
| Mitsubishi Materials Corp. | 128,968 | 3,570 |
| Kawasaki Heavy Industries Ltd. | 148,355 | 3,516 |
| Sumitomo Dainippon Pharma Co. Ltd. | 167,362 | 3,497 |
| ^ Yamada Denki Co. Ltd. | 739,673 | 3,488 |
| Otsuka Corp. | 104,974 | 3,482 |
| Advantest Corp. | 187,849 | 3,468 |
| MediPal Holdings Corp. | 157,651 | 3,375 |
| Mitsubishi Tanabe Pharma Corp. | 226,302 | 3,343 |
| SUMCO Corp. | 244,652 | 3,302 |
| Hulic Co. Ltd. | 360,338 | 3,297 |
| Hirose Electric Co. Ltd. | 34,511 | 3,289 |
| Casio Computer Co. Ltd. | 217,660 | 3,285 |
| Bank of Kyoto Ltd. | 73,135 | 3,284 |
34
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Tokyu Fudosan Holdings Corp. | 582,419 | 3,282 |
| COMSYS Holdings Corp. | 117,391 | 3,267 |
| J Front Retailing Co. Ltd. | 248,238 | 3,253 |
| Toyo Seikan Group Holdings Ltd. | 159,431 | 3,253 |
| Persol Holdings Co. Ltd. | 171,011 | 3,244 |
| Teijin Ltd. | 186,406 | 3,232 |
| Daicel Corp. | 304,479 | 3,221 |
| Lawson Inc. | 50,471 | 3,204 |
| Toyo Suisan Kaisha Ltd. | 92,975 | 3,196 |
| Rohto Pharmaceutical Co. Ltd. | 100,847 | 3,194 |
| ^ Tokai Carbon Co. Ltd. | 203,286 | 3,183 |
| Mitsubishi Gas Chemical Co. Inc. | 189,390 | 3,179 |
| Mebuki Financial Group Inc. | 1,039,270 | 3,165 |
| Toho Gas Co. Ltd. | 91,382 | 3,146 |
| Nihon M&A Center Inc. | 129,812 | 3,111 |
| Sohgo Security Services Co. Ltd. | 69,489 | 3,095 |
| Amada Holdings Co. Ltd. | 327,469 | 3,085 |
| Nippon Shinyaku Co. Ltd. | 53,660 | 3,083 |
| Skylark Holdings Co. Ltd. | 196,008 | 3,052 |
| Ebara Corp. | 102,130 | 2,975 |
| Park24 Co. Ltd. | 112,512 | 2,960 |
| Kansai Paint Co. Ltd. | 197,486 | 2,918 |
| Denka Co. Ltd. | 89,671 | 2,916 |
| Hitachi Construction Machinery Co. Ltd. | 108,937 | 2,892 |
| Matsumotokiyoshi Holdings Co. Ltd. | 79,934 | 2,890 |
| JTEKT Corp. | 230,310 | 2,865 |
| JSR Corp. | 190,068 | 2,833 |
| * PeptiDream Inc. | 86,330 | 2,831 |
| Square Enix Holdings Co. Ltd. | 78,354 | 2,808 |
| Nankai Electric Railway Co. Ltd. | 114,290 | 2,799 |
| Kurita Water Industries Ltd. | 112,864 | 2,780 |
| Mitsui OSK Lines Ltd. | 112,465 | 2,733 |
| Ezaki Glico Co. Ltd. | 54,158 | 2,700 |
| Iida Group Holdings Co. Ltd. | 148,238 | 2,698 |
| MonotaRO Co. Ltd. | 121,858 | 2,687 |
| Welcia Holdings Co. Ltd. | 52,382 | 2,672 |
| Credit Saison Co. Ltd. | 168,125 | 2,670 |
| Rinnai Corp. | 36,736 | 2,669 |
| Hino Motors Ltd. | 278,556 | 2,666 |
| Kyowa Exeo Corp. | 98,884 | 2,665 |
| Kewpie Corp. | 114,874 | 2,641 |
| Sumitomo Rubber Industries Ltd. | 183,945 | 2,639 |
| Nichirei Corp. | 109,601 | 2,632 |
| Nabtesco Corp. | 119,921 | 2,632 |
| Nippon Yusen KK | 162,759 | 2,625 |
| Tokyo Century Corp. | 48,883 | 2,624 |
| Asics Corp. | 181,105 | 2,621 |
| Sega Sammy Holdings Inc. | 202,167 | 2,596 |
| THK Co. Ltd. | 117,399 | 2,593 |
| Calbee Inc. | 77,150 | 2,560 |
| Azbil Corp. | 137,396 | 2,559 |
| Ito En Ltd. | 59,334 | 2,526 |
| Hitachi High-Technologies Corp. | 66,481 | 2,495 |
| Takara Holdings Inc. | 177,779 | 2,494 |
| Cosmo Energy Holdings Co. Ltd. | 67,301 | 2,475 |
| Sundrug Co. Ltd. | 68,093 | 2,474 |
| Relo Group Inc. | 104,916 | 2,473 |
| Shinsei Bank Ltd. | 162,273 | 2,472 |
| Air Water Inc. | 152,369 | 2,468 |
| Kobe Steel Ltd. | 305,606 | 2,457 |
| Sankyu Inc. | 52,068 | 2,454 |
| Kakaku.com Inc. | 134,869 | 2,443 |
| Sotetsu Holdings Inc. | 79,438 | 2,429 |
| Miura Co. Ltd. | 99,443 | 2,429 |
35
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| DIC Corp. | 82,019 | 2,420 |
| K's Holdings Corp. | 190,960 | 2,412 |
| Takashimaya Co. Ltd. | 152,557 | 2,401 |
| Kaneka Corp. | 57,330 | 2,396 |
| Yamazaki Baking Co. Ltd. | 131,541 | 2,371 |
| ^ Sharp Corp. | 153,615 | 2,358 |
| AEON Financial Service Co. Ltd. | 120,131 | 2,351 |
| Ube Industries Ltd. | 107,700 | 2,346 |
| Sanwa Holdings Corp. | 199,574 | 2,342 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | 455,619 | 2,342 |
| Hitachi Metals Ltd. | 198,886 | 2,339 |
| Yamaguchi Financial Group Inc. | 221,504 | 2,332 |
| Nomura Real Estate Holdings Inc. | 123,420 | 2,318 |
| Aeon Mall Co. Ltd. | 124,501 | 2,299 |
| Taiyo Nippon Sanso Corp. | 142,332 | 2,288 |
| Taiyo Yuden Co. Ltd. | 113,581 | 2,287 |
| Tokyo Tatemono Co. Ltd. | 210,239 | 2,261 |
| SCREEN Holdings Co. Ltd. | 41,317 | 2,246 |
| Nihon Kohden Corp. | 74,551 | 2,232 |
| Kamigumi Co. Ltd. | 106,929 | 2,206 |
| Oracle Corp. Japan | 32,517 | 2,201 |
| Ain Holdings Inc. | 27,807 | 2,181 |
| Seino Holdings Co. Ltd. | 155,710 | 2,156 |
| Izumi Co. Ltd. | 39,615 | 2,151 |
| SG Holdings Co. Ltd. | 85,100 | 2,142 |
| House Foods Group Inc. | 74,354 | 2,139 |
| Kagome Co. Ltd. | 79,834 | 2,125 |
| Kinden Corp. | 132,521 | 2,125 |
| Yokohama Rubber Co. Ltd. | 108,212 | 2,096 |
| Bic Camera Inc. | 157,693 | 2,082 |
| Nippon Kayaku Co. Ltd. | 174,618 | 2,078 |
| Sawai Pharmaceutical Co. Ltd. | 40,948 | 2,076 |
| Nippon Electric Glass Co. Ltd. | 82,364 | 2,075 |
| Anritsu Corp. | 136,153 | 2,064 |
| Seven Bank Ltd. | 658,672 | 2,059 |
| Nippon Shokubai Co. Ltd. | 31,852 | 2,055 |
| Sankyo Co. Ltd. | 53,678 | 2,049 |
| Tsumura & Co. | 65,665 | 2,042 |
| NOF Corp. | 71,836 | 2,034 |
| Pola Orbis Holdings Inc. | 75,352 | 2,013 |
| Daiichikosho Co. Ltd. | 43,507 | 2,008 |
| Nifco Inc. | 88,110 | 2,008 |
| TechnoPro Holdings Inc. | 38,141 | 1,987 |
| Capcom Co. Ltd. | 95,168 | 1,984 |
| Sumitomo Forestry Co. Ltd. | 133,686 | 1,984 |
| Benesse Holdings Inc. | 70,418 | 1,964 |
| Hachijuni Bank Ltd. | 464,706 | 1,963 |
| Gunma Bank Ltd. | 428,772 | 1,941 |
| Shikoku Electric Power Co. Inc. | 153,925 | 1,932 |
| Nishi-Nippon Railroad Co. Ltd. | 77,247 | 1,911 |
| Zenkoku Hosho Co. Ltd. | 52,665 | 1,909 |
| DeNA Co. Ltd. | 114,335 | 1,902 |
| Japan Airport Terminal Co. Ltd. | 48,783 | 1,879 |
| Itochu Techno-Solutions Corp. | 98,914 | 1,876 |
| NET One Systems Co. Ltd. | 88,312 | 1,849 |
| Shimamura Co. Ltd. | 21,951 | 1,846 |
| Rengo Co. Ltd. | 210,926 | 1,839 |
| Mabuchi Motor Co. Ltd. | 51,561 | 1,834 |
| Kaken Pharmaceutical Co. Ltd. | 36,339 | 1,822 |
| Hiroshima Bank Ltd. | 295,326 | 1,822 |
| Zensho Holdings Co. Ltd. | 93,470 | 1,813 |
| Horiba Ltd. | 38,620 | 1,807 |
| Nagase & Co. Ltd. | 114,285 | 1,795 |
| Cosmos Pharmaceutical Corp. | 8,759 | 1,790 |
36
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| SCSK Corp. | 41,905 | 1,776 |
| Maruichi Steel Tube Ltd. | 61,227 | 1,764 |
| Nippon Paper Industries Co. Ltd. | 96,009 | 1,739 |
| * LINE Corp. | 54,510 | 1,738 |
| Sugi Holdings Co. Ltd. | 37,931 | 1,737 |
| Morinaga & Co. Ltd. | 43,010 | 1,726 |
| NOK Corp. | 117,829 | 1,695 |
| Toyo Tire & Rubber Co. Ltd. | 101,430 | 1,692 |
| Wacoal Holdings Corp. | 61,167 | 1,686 |
| Penta-Ocean Construction Co. Ltd. | 281,875 | 1,686 |
| Kyushu Financial Group Inc. | 381,391 | 1,683 |
| GS Yuasa Corp. | 81,639 | 1,676 |
| Chugoku Bank Ltd. | 185,401 | 1,665 |
| Nippon Suisan Kaisha Ltd. | 258,475 | 1,651 |
| Furukawa Electric Co. Ltd. | 61,173 | 1,651 |
| Ulvac Inc. | 50,475 | 1,644 |
| SHO-BOND Holdings Co. Ltd. | 22,993 | 1,636 |
| Aica Kogyo Co. Ltd. | 54,755 | 1,630 |
| Iyo Bank Ltd. | 273,725 | 1,624 |
| NTN Corp. | 443,317 | 1,622 |
| PALTAC Corp. | 31,752 | 1,618 |
| NTT Urban Development Corp. | 108,397 | 1,611 |
| Toyoda Gosei Co. Ltd. | 74,659 | 1,610 |
| Nisshinbo Holdings Inc. | 145,511 | 1,602 |
| Toda Corp. | 237,920 | 1,601 |
| Fancl Corp. | 36,034 | 1,593 |
| * Hokuriku Electric Power Co. | 170,842 | 1,592 |
| GMO Payment Gateway Inc. | 32,846 | 1,591 |
| OSG Corp. | 76,997 | 1,589 |
| Ariake Japan Co. Ltd. | 17,917 | 1,588 |
| Hitachi Chemical Co. Ltd. | 100,503 | 1,584 |
| Mitsubishi Logistics Corp. | 68,900 | 1,580 |
| Ship Healthcare Holdings Inc. | 43,605 | 1,577 |
| * Daishi Hokuetsu Financial Group Inc. | 43,748 | 1,574 |
| Hokuhoku Financial Group Inc. | 126,805 | 1,571 |
| Topcon Corp. | 107,814 | 1,567 |
| ADEKA Corp. | 105,338 | 1,561 |
| Mitsui Mining & Smelting Co. Ltd. | 55,045 | 1,560 |
| Japan Post Insurance Co. Ltd. | 65,028 | 1,549 |
| Citizen Watch Co. Ltd. | 268,181 | 1,544 |
| TS Tech Co. Ltd. | 53,461 | 1,539 |
| Daido Steel Co. Ltd. | 37,345 | 1,538 |
| Maeda Corp. | 135,677 | 1,533 |
| Nipro Corp. | 119,948 | 1,527 |
| DMG Mori Co. Ltd. | 105,724 | 1,525 |
| ABC-Mart Inc. | 26,066 | 1,524 |
| Iwatani Corp. | 42,811 | 1,512 |
| Tokuyama Corp. | 67,382 | 1,507 |
| OKUMA Corp. | 30,040 | 1,500 |
| 77 Bank Ltd. | 71,870 | 1,485 |
| Amano Corp. | 69,680 | 1,482 |
| Nishi-Nippon Financial Holdings Inc. | 155,342 | 1,476 |
| Zeon Corp. | 151,014 | 1,458 |
| Aoyama Trading Co. Ltd. | 47,682 | 1,443 |
| Kyudenko Corp. | 39,318 | 1,431 |
| * Kansai Mirai Financial Group Inc. | 184,432 | 1,427 |
| Ushio Inc. | 117,737 | 1,421 |
| Nihon Unisys Ltd. | 64,199 | 1,407 |
| Acom Co. Ltd. | 379,726 | 1,398 |
| Colowide Co. Ltd. | 57,137 | 1,391 |
| NHK Spring Co. Ltd. | 162,441 | 1,391 |
| Dowa Holdings Co. Ltd. | 47,629 | 1,386 |
| Maruha Nichiro Corp. | 38,232 | 1,384 |
| Ibiden Co. Ltd. | 111,779 | 1,380 |
37
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Pilot Corp. | 24,884 | 1,375 |
| | Goldwin Inc. | 19,116 | 1,363 |
| | Toagosei Co. Ltd. | 132,114 | 1,357 |
| | Kokuyo Co. Ltd. | 85,907 | 1,356 |
| | Fuji Seal International Inc. | 44,603 | 1,353 |
| | Fukuyama Transporting Co. Ltd. | 34,845 | 1,350 |
| | Hazama Ando Corp. | 195,459 | 1,350 |
| | H2O Retailing Corp. | 86,400 | 1,342 |
| | Sumitomo Osaka Cement Co. Ltd. | 35,927 | 1,335 |
| | Toho Holdings Co. Ltd. | 50,660 | 1,327 |
| | Japan Steel Works Ltd. | 62,481 | 1,320 |
| ^ | Outsourcing Inc. | 103,030 | 1,306 |
| | Jafco Co. Ltd. | 33,355 | 1,285 |
| | Tsubakimoto Chain Co. | 33,444 | 1,284 |
| | Hanwa Co. Ltd. | 39,029 | 1,278 |
| | Shiga Bank Ltd. | 54,965 | 1,275 |
| | Fuji Oil Holdings Inc. | 43,890 | 1,266 |
| | Glory Ltd. | 54,343 | 1,265 |
| | Nikkon Holdings Co. Ltd. | 52,153 | 1,260 |
| | Okumura Corp. | 39,885 | 1,259 |
| | Toyobo Co. Ltd. | 88,192 | 1,254 |
| | Miraca Holdings Inc. | 51,342 | 1,250 |
| | Descente Ltd. | 47,688 | 1,249 |
| | Nippon Light Metal Holdings Co. Ltd. | 591,746 | 1,248 |
| | Nishimatsu Construction Co. Ltd. | 53,341 | 1,243 |
| * | Mitsui E&S Holdings Co. Ltd. | 73,257 | 1,230 |
| | Kureha Corp. | 19,126 | 1,229 |
| | Nihon Parkerizing Co. Ltd. | 101,751 | 1,229 |
| | Sangetsu Corp. | 63,605 | 1,223 |
| | Lasertec Corp. | 42,323 | 1,219 |
| | Tadano Ltd. | 112,666 | 1,207 |
| | Shimachu Co. Ltd. | 45,988 | 1,206 |
| | Nichias Corp. | 55,240 | 1,204 |
| | Kusuri no Aoki Holdings Co. Ltd. | 16,726 | 1,202 |
| | Ci:z Holdings Co. Ltd. | 23,100 | 1,197 |
| | Oki Electric Industry Co. Ltd. | 87,410 | 1,196 |
| | Fujikura Ltd. | 277,022 | 1,195 |
| | San-In Godo Bank Ltd. | 157,498 | 1,195 |
| | Kenedix Inc. | 229,208 | 1,193 |
| | Nippon Gas Co. Ltd. | 39,217 | 1,186 |
| | Heiwa Corp. | 51,756 | 1,184 |
| ^ | Sanrio Co. Ltd. | 58,476 | 1,176 |
| | Open House Co. Ltd. | 29,762 | 1,176 |
| | Maeda Road Construction Co. Ltd. | 64,429 | 1,174 |
| | FP Corp. | 22,893 | 1,173 |
| | Sapporo Holdings Ltd. | 62,908 | 1,167 |
| | Yaoko Co. Ltd. | 21,301 | 1,165 |
| | Lintec Corp. | 49,067 | 1,161 |
| | Sumitomo Bakelite Co. Ltd. | 32,051 | 1,157 |
| | Kyoritsu Maintenance Co. Ltd. | 25,788 | 1,146 |
| | Inaba Denki Sangyo Co. Ltd. | 28,380 | 1,143 |
| | Tokyo Ohka Kogyo Co. Ltd. | 42,616 | 1,141 |
| | Takara Bio Inc. | 48,186 | 1,136 |
| | Okamura Corp. | 83,223 | 1,134 |
| *,^ | Kawasaki Kisen Kaisha Ltd. | 85,114 | 1,134 |
| | Meitec Corp. | 26,981 | 1,130 |
| | Kanematsu Corp. | 87,414 | 1,122 |
| | Tokai Tokyo Financial Holdings Inc. | 216,834 | 1,119 |
| | Tomy Co. Ltd. | 95,286 | 1,108 |
| | Daiwabo Holdings Co. Ltd. | 18,716 | 1,104 |
| | Takasago Thermal Engineering Co. Ltd. | 64,498 | 1,102 |
| | Mochida Pharmaceutical Co. Ltd. | 13,940 | 1,102 |
| | Fuji Corp. | 78,436 | 1,093 |
| | Mandom Corp. | 39,327 | 1,091 |
38
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Awa Bank Ltd. | 40,024 | 1,089 |
| Matsui Securities Co. Ltd. | 106,823 | 1,089 |
| Sakata Seed Corp. | 34,350 | 1,087 |
| Kandenko Co. Ltd. | 106,614 | 1,086 |
| cocokara fine Inc. | 19,615 | 1,080 |
| Hitachi Transport System Ltd. | 41,899 | 1,076 |
| United Arrows Ltd. | 28,478 | 1,071 |
| Hokkaido Electric Power Co. Inc. | 182,370 | 1,064 |
| Fuyo General Lease Co. Ltd. | 19,111 | 1,062 |
| Mirait Holdings Corp. | 65,338 | 1,055 |
| ^ Yoshinoya Holdings Co. Ltd. | 64,102 | 1,054 |
| Morinaga Milk Industry Co. Ltd. | 39,513 | 1,053 |
| Hokkoku Bank Ltd. | 28,384 | 1,042 |
| KH Neochem Co. Ltd. | 36,637 | 1,041 |
| Shochiku Co. Ltd. | 10,656 | 1,039 |
| Sushiro Global Holdings Ltd. | 19,717 | 1,039 |
| Infomart Corp. | 100,016 | 1,038 |
| ^ HIS Co. Ltd. | 33,848 | 1,031 |
| Kiyo Bank Ltd. | 69,000 | 1,023 |
| Hitachi Capital Corp. | 41,202 | 1,010 |
| Shinmaywa Industries Ltd. | 81,929 | 1,009 |
| Toyota Boshoku Corp. | 60,326 | 1,006 |
| Fuji Soft Inc. | 21,903 | 1,004 |
| Autobacs Seven Co. Ltd. | 62,114 | 1,000 |
| Leopalace21 Corp. | 239,876 | 999 |
| Toyo Ink SC Holdings Co. Ltd. | 43,022 | 998 |
| Resorttrust Inc. | 64,494 | 993 |
| Yamato Kogyo Co. Ltd. | 37,154 | 979 |
| Kumagai Gumi Co. Ltd. | 37,437 | 978 |
| NS Solutions Corp. | 32,748 | 977 |
| KYORIN Holdings Inc. | 44,687 | 976 |
| Duskin Co. Ltd. | 42,895 | 976 |
| Trusco Nakayama Corp. | 38,518 | 972 |
| Sumitomo Mitsui Construction Co. Ltd. | 154,532 | 969 |
| Kanamoto Co. Ltd. | 28,975 | 968 |
| Daiseki Co. Ltd. | 40,920 | 967 |
| EDION Corp. | 90,857 | 955 |
| Japan Lifeline Co. Ltd. | 65,008 | 948 |
| ^ Daio Paper Corp. | 72,866 | 945 |
| Megmilk Snow Brand Co. Ltd. | 40,306 | 943 |
| As One Corp. | 13,242 | 943 |
| Mani Inc. | 20,505 | 942 |
| Keiyo Bank Ltd. | 128,453 | 937 |
| Digital Garage Inc. | 34,248 | 937 |
| North Pacific Bank Ltd. | 311,593 | 934 |
| TOKAI Holdings Corp. | 111,675 | 933 |
| Takuma Co. Ltd. | 73,052 | 931 |
| Musashino Bank Ltd. | 34,251 | 924 |
| Topre Corp. | 44,412 | 924 |
| Senko Group Holdings Co. Ltd. | 118,410 | 920 |
| FCC Co. Ltd. | 37,038 | 917 |
| Joyful Honda Co. Ltd. | 63,414 | 914 |
| Zenrin Co. Ltd. | 36,695 | 913 |
| Ogaki Kyoritsu Bank Ltd. | 41,019 | 910 |
| Iriso Electronics Co. Ltd. | 21,507 | 908 |
| Tokyo Seimitsu Co. Ltd. | 37,521 | 902 |
| Central Glass Co. Ltd. | 41,716 | 902 |
| Koei Tecmo Holdings Co. Ltd. | 56,887 | 900 |
| JINS Inc. | 15,830 | 896 |
| Tokyo Dome Corp. | 101,767 | 896 |
| Paramount Bed Holdings Co. Ltd. | 21,211 | 892 |
| Atom Corp. | 100,551 | 892 |
| Orient Corp. | 569,845 | 891 |
| GMO internet Inc. | 61,612 | 880 |
39
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SMS Co. Ltd. | 51,968 | 872 |
| | Kissei Pharmaceutical Co. Ltd. | 30,152 | 866 |
| | Taikisha Ltd. | 30,667 | 865 |
| | DCM Holdings Co. Ltd. | 88,962 | 865 |
| | Asahi Holdings Inc. | 40,358 | 864 |
| | ZERIA Pharmaceutical Co. Ltd. | 46,105 | 863 |
| | Daikyo Inc. | 32,664 | 857 |
| | Nippo Corp. | 52,263 | 857 |
| | Systena Corp. | 71,180 | 857 |
| | Tokai Rika Co. Ltd. | 46,970 | 856 |
| | Nippon Flour Mills Co. Ltd. | 51,663 | 856 |
| | Nojima Corp. | 36,150 | 854 |
| | Keihin Corp. | 43,199 | 851 |
| | Okasan Securities Group Inc. | 177,256 | 849 |
| | Eizo Corp. | 20,810 | 847 |
| | Makino Milling Machine Co. Ltd. | 22,114 | 842 |
| | Canon Marketing Japan Inc. | 44,289 | 838 |
| | Ryobi Ltd. | 28,677 | 832 |
| | Morita Holdings Corp. | 43,316 | 825 |
| | Takara Standard Co. Ltd. | 53,281 | 823 |
| | Heiwado Co. Ltd. | 32,062 | 822 |
| | Itoham Yonekyu Holdings Inc. | 130,136 | 820 |
| | San-A Co. Ltd. | 19,316 | 815 |
| | Senshu Ikeda Holdings Inc. | 265,164 | 815 |
| ^ | Suruga Bank Ltd. | 172,283 | 812 |
| | Shima Seiki Manufacturing Ltd. | 30,068 | 811 |
| | Takeuchi Manufacturing Co. Ltd. | 39,141 | 810 |
| | Nomura Co. Ltd. | 35,620 | 809 |
| | Fujitec Co. Ltd. | 74,240 | 809 |
| | Okinawa Electric Power Co. Inc. | 43,395 | 808 |
| | Fujitsu General Ltd. | 53,740 | 805 |
| ^ | Monex Group Inc. | 204,318 | 801 |
| | Tokyo Steel Manufacturing Co. Ltd. | 101,349 | 799 |
| | Toshiba Plant Systems & Services Corp. | 39,031 | 798 |
| *,^ | Aiful Corp. | 301,642 | 796 |
| | NSD Co. Ltd. | 37,526 | 795 |
| | Toei Co. Ltd. | 7,268 | 794 |
| | Nippon Seiki Co. Ltd. | 45,091 | 794 |
| | Komeri Co. Ltd. | 30,370 | 787 |
| | Arcs Co. Ltd. | 32,541 | 786 |
| | Yamazen Corp. | 71,692 | 785 |
| | Nippon Sheet Glass Co. Ltd. | 92,382 | 782 |
| | Benefit One Inc. | 30,260 | 780 |
| | Exedy Corp. | 31,663 | 780 |
| | Kotobuki Spirits Co. Ltd. | 20,313 | 778 |
| | Nippon Television Holdings Inc. | 48,662 | 776 |
| | Valor Holdings Co. Ltd. | 36,025 | 773 |
| | IBJ Leasing Co. Ltd. | 30,766 | 772 |
| | Kitz Corp. | 96,488 | 769 |
| | Nippon Soda Co. Ltd. | 29,473 | 766 |
| | Macnica Fuji Electronics Holdings Inc. | 52,859 | 764 |
| | Eiken Chemical Co. Ltd. | 34,056 | 762 |
| | Ryosan Co. Ltd. | 26,378 | 759 |
| ^ | Towa Pharmaceutical Co. Ltd. | 9,860 | 758 |
| | Nitta Corp. | 20,811 | 755 |
| | Juroku Bank Ltd. | 33,437 | 755 |
| | Nachi-Fujikoshi Corp. | 18,513 | 754 |
| | Alpine Electronics Inc. | 44,413 | 754 |
| | Shibuya Corp. | 22,404 | 753 |
| | Chiyoda Corp. | 150,408 | 748 |
| | Toshiba TEC Corp. | 25,088 | 748 |
| | Nisshin Oillio Group Ltd. | 24,890 | 747 |
| | Fuji Media Holdings Inc. | 45,984 | 746 |
| | Justsystems Corp. | 36,042 | 739 |
40
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Tsubaki Nakashima Co. Ltd. | 40,102 | 738 |
| S Foods Inc. | 18,236 | 735 |
| Ohsho Food Service Corp. | 10,650 | 734 |
| ^ GungHo Online Entertainment Inc. | 403,650 | 730 |
| Gunze Ltd. | 16,422 | 728 |
| Hyakugo Bank Ltd. | 198,038 | 728 |
| Kohnan Shoji Co. Ltd. | 28,877 | 722 |
| Nanto Bank Ltd. | 31,521 | 721 |
| Round One Corp. | 60,701 | 720 |
| DTS Corp. | 20,706 | 719 |
| Sumitomo Warehouse Co. Ltd. | 61,236 | 718 |
| Sato Holdings Corp. | 24,293 | 718 |
| Bank of Okinawa Ltd. | 21,480 | 716 |
| Noritake Co. Ltd. | 14,340 | 716 |
| Heiwa Real Estate Co. Ltd. | 38,635 | 716 |
| Funai Soken Holdings Inc. | 33,756 | 714 |
| Hogy Medical Co. Ltd. | 24,096 | 712 |
| Nippon Densetsu Kogyo Co. Ltd. | 34,938 | 706 |
| MOS Food Services Inc. | 26,586 | 704 |
| Okamoto Industries Inc. | 15,531 | 700 |
| Noevir Holdings Co. Ltd. | 16,427 | 699 |
| Nikkiso Co. Ltd. | 60,120 | 698 |
| Kameda Seika Co. Ltd. | 14,738 | 698 |
| Fuji Kyuko Co. Ltd. | 23,893 | 697 |
| Raito Kogyo Co. Ltd. | 51,588 | 697 |
| TPR Co. Ltd. | 28,572 | 696 |
| Milbon Co. Ltd. | 19,314 | 693 |
| Japan Petroleum Exploration Co. Ltd. | 33,137 | 693 |
| Kato Sangyo Co. Ltd. | 22,399 | 690 |
| Mitsubishi Pencil Co. Ltd. | 39,492 | 688 |
| Tokyo Broadcasting System Holdings Inc. | 36,837 | 682 |
| Financial Products Group Co. Ltd. | 69,718 | 681 |
| Totetsu Kogyo Co. Ltd. | 27,570 | 680 |
| Ichibanya Co. Ltd. | 17,824 | 680 |
| Pacific Industrial Co. Ltd. | 46,492 | 679 |
| Seiko Holdings Corp. | 28,293 | 679 |
| KOMEDA Holdings Co. Ltd. | 34,458 | 678 |
| Bank of Iwate Ltd. | 17,724 | 675 |
| Nisshin Steel Co. Ltd. | 51,588 | 673 |
| Wacom Co. Ltd. | 144,631 | 673 |
| Aeon Delight Co. Ltd. | 20,114 | 672 |
| Yamagata Bank Ltd. | 33,058 | 671 |
| Jeol Ltd. | 40,325 | 664 |
| Hyakujushi Bank Ltd. | 25,979 | 664 |
| Hokuetsu Corp. | 138,756 | 663 |
| Japan Material Co. Ltd. | 56,236 | 661 |
| Japan Aviation Electronics Industry Ltd. | 49,791 | 659 |
| Taiyo Holdings Co. Ltd. | 18,420 | 658 |
| EPS Holdings Inc. | 33,649 | 657 |
| Tosho Co. Ltd. | 16,862 | 655 |
| Nippon Steel & Sumikin Bussan Corp. | 15,035 | 655 |
| Modec Inc. | 21,809 | 654 |
| Nissha Co. Ltd. | 39,928 | 650 |
| Showa Sangyo Co. Ltd. | 25,886 | 648 |
| Transcosmos Inc. | 28,577 | 648 |
| Musashi Seimitsu Industry Co. Ltd. | 44,404 | 648 |
| Earth Corp. | 14,239 | 648 |
| * Japan Display Inc. | 669,239 | 647 |
| Tokyu Construction Co. Ltd. | 71,380 | 646 |
| Toho Bank Ltd. | 181,450 | 644 |
| Royal Holdings Co. Ltd. | 25,979 | 643 |
| ^ ASKUL Corp. | 23,205 | 641 |
| Kura Corp. | 11,055 | 641 |
| ^ UACJ Corp. | 29,269 | 638 |
41
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| JCR Pharmaceuticals Co. Ltd. | 14,933 | 633 |
| Onward Holdings Co. Ltd. | 104,959 | 633 |
| Yodogawa Steel Works Ltd. | 29,070 | 631 |
| Inabata & Co. Ltd. | 47,198 | 631 |
| TKC Corp. | 16,532 | 629 |
| Unipres Corp. | 35,120 | 628 |
| Starts Corp. Inc. | 30,160 | 626 |
| Hitachi Zosen Corp. | 164,434 | 625 |
| Nichiha Corp. | 28,268 | 624 |
| Kintetsu World Express Inc. | 39,935 | 621 |
| Showa Corp. | 45,072 | 620 |
| Nitto Boseki Co. Ltd. | 31,269 | 618 |
| V Technology Co. Ltd. | 4,779 | 617 |
| Seikagaku Corp. | 41,322 | 612 |
| United Super Markets Holdings Inc. | 55,835 | 612 |
| Create SD Holdings Co. Ltd. | 24,099 | 610 |
| TOMONY Holdings Inc. | 157,508 | 610 |
| Nagaileben Co. Ltd. | 27,183 | 609 |
| ^ Katitas Co. Ltd. | 25,000 | 606 |
| Kumiai Chemical Industry Co. Ltd. | 97,337 | 606 |
| Ai Holdings Corp. | 31,536 | 602 |
| Meidensha Corp. | 42,416 | 601 |
| Futaba Corp. | 38,435 | 601 |
| Tokyotokeiba Co. Ltd. | 16,930 | 599 |
| Nissin Kogyo Co. Ltd. | 41,123 | 598 |
| Seiren Co. Ltd. | 41,982 | 597 |
| CKD Corp. | 51,845 | 597 |
| Max Co. Ltd. | 44,218 | 595 |
| Koshidaka Holdings Co. Ltd. | 51,068 | 595 |
| Bank of Nagoya Ltd. | 18,818 | 595 |
| Arata Corp. | 13,049 | 593 |
| Ichigo Inc. | 181,443 | 592 |
| Hosiden Corp. | 64,434 | 592 |
| Menicon Co. Ltd. | 26,692 | 590 |
| OBIC Business Consultants Co. Ltd. | 7,366 | 589 |
| kabu.com Securities Co. Ltd. | 162,629 | 587 |
| Nichi-iko Pharmaceutical Co. Ltd. | 43,005 | 586 |
| ^ Nippon Carbon Co. Ltd. | 10,351 | 585 |
| AOKI Holdings Inc. | 44,323 | 584 |
| Prima Meat Packers Ltd. | 30,865 | 583 |
| Riso Kagaku Corp. | 27,583 | 582 |
| Chudenko Corp. | 27,582 | 581 |
| ^ Hirata Corp. | 9,415 | 581 |
| Piolax Inc. | 26,488 | 577 |
| Noritz Corp. | 39,641 | 576 |
| BML Inc. | 20,803 | 573 |
| San-Ai Oil Co. Ltd. | 53,242 | 573 |
| TSI Holdings Co. Ltd. | 83,884 | 572 |
| Aomori Bank Ltd. | 20,910 | 570 |
| SKY Perfect JSAT Holdings Inc. | 127,830 | 568 |
| Optex Group Co. Ltd. | 31,068 | 566 |
| ^ Sanyo Special Steel Co. Ltd. | 24,577 | 565 |
| Nippon Signal Company Ltd. | 61,421 | 562 |
| Japan Wool Textile Co. Ltd. | 71,200 | 562 |
| Internet Initiative Japan Inc. | 28,973 | 561 |
| Computer Engineering & Consulting Ltd. | 26,028 | 560 |
| Yuasa Trading Co. Ltd. | 17,026 | 559 |
| NEC Networks & System Integration Corp. | 25,295 | 551 |
| Yokogawa Bridge Holdings Corp. | 33,959 | 551 |
| LEC Inc. | 27,484 | 550 |
| Shizuoka Gas Co. Ltd. | 63,538 | 550 |
| Oita Bank Ltd. | 16,529 | 547 |
| ^ Zojirushi Corp. | 49,898 | 545 |
| Japan Securities Finance Co. Ltd. | 97,181 | 544 |
42
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sanken Electric Co. Ltd. | 24,497 | 540 |
| ^ | Shoei Foods Corp. | 14,041 | 539 |
| | Komori Corp. | 49,787 | 539 |
| | Nissan Shatai Co. Ltd. | 66,710 | 537 |
| | Idec Corp. | 29,479 | 535 |
| | Saibu Gas Co. Ltd. | 23,992 | 534 |
| | Kisoji Co. Ltd. | 23,200 | 534 |
| | Belluna Co. Ltd. | 53,677 | 533 |
| | Qol Holdings Co. Ltd. | 25,327 | 533 |
| | Saizeriya Co. Ltd. | 28,081 | 533 |
| ^ | Siix Corp. | 39,236 | 533 |
| | Nohmi Bosai Ltd. | 25,300 | 533 |
| | Doutor Nichires Holdings Co. Ltd. | 29,871 | 531 |
| | Star Micronics Co. Ltd. | 37,343 | 530 |
| | Noritsu Koki Co. Ltd. | 23,505 | 528 |
| | Relia Inc. | 47,806 | 528 |
| | Chiyoda Co. Ltd. | 27,287 | 526 |
| | JCU Corp. | 24,498 | 526 |
| | Mitsuboshi Belting Ltd. | 21,402 | 526 |
| | Sekisui Jushi Corp. | 28,971 | 526 |
| | Fujicco Co. Ltd. | 22,901 | 526 |
| | Obara Group Inc. | 13,345 | 525 |
| | Nichicon Corp. | 63,014 | 524 |
| | Macromill Inc. | 26,487 | 524 |
| | Hiday Hidaka Corp. | 26,863 | 524 |
| | Belc Co. Ltd. | 10,258 | 524 |
| | Maruwa Co. Ltd. | 9,262 | 523 |
| | Oiles Corp. | 28,471 | 523 |
| | Kurabo Industries Ltd. | 21,605 | 522 |
| ^ | Create Restaurants Holdings Inc. | 49,088 | 521 |
| | Bando Chemical Industries Ltd. | 45,003 | 521 |
| | Sakai Moving Service Co. Ltd. | 10,059 | 519 |
| | Tocalo Co. Ltd. | 59,356 | 517 |
| | Shinko Electric Industries Co. Ltd. | 74,093 | 516 |
| | DyDo Group Holdings Inc. | 10,159 | 516 |
| | Daiho Corp. | 18,725 | 515 |
| | Shoei Co. Ltd. | 13,200 | 514 |
| | Konoike Transport Co. Ltd. | 33,959 | 514 |
| | Daikyonishikawa Corp. | 53,745 | 513 |
| | Life Corp. | 20,610 | 510 |
| | Topy Industries Ltd. | 18,918 | 510 |
| | Aida Engineering Ltd. | 61,934 | 510 |
| | Anicom Holdings Inc. | 16,034 | 509 |
| | Jaccs Co. Ltd. | 27,084 | 508 |
| ^ | Giken Ltd. | 15,037 | 507 |
| | Axial Retailing Inc. | 15,434 | 506 |
| | Digital Arts Inc. | 11,056 | 506 |
| *,^ | Sourcenext Corp. | 40,900 | 505 |
| | Daihen Corp. | 21,508 | 504 |
| | Fukushima Industries Corp. | 11,048 | 503 |
| | T-Gaia Corp. | 22,204 | 503 |
| | Sumitomo Seika Chemicals Co. Ltd. | 10,059 | 502 |
| | Ricoh Leasing Co. Ltd. | 15,237 | 500 |
| | Tsugami Corp. | 55,762 | 500 |
| | Bell System24 Holdings Inc. | 37,648 | 497 |
| | Maxell Holdings Ltd. | 39,002 | 497 |
| | Token Corp. | 7,666 | 497 |
| | Hamakyorex Co. Ltd. | 15,329 | 495 |
| ^ | Broadleaf Co. Ltd. | 85,626 | 494 |
| | Solasto Corp. | 46,800 | 494 |
| | Sanshin Electronics Co. Ltd. | 29,183 | 491 |
| | Yamanashi Chuo Bank Ltd. | 34,257 | 489 |
| | Unizo Holdings Co. Ltd. | 25,792 | 486 |
| | Wakita & Co. Ltd. | 44,899 | 484 |
43
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Joshin Denki Co. Ltd. | 18,914 | 483 |
| | Toshiba Machine Co. Ltd. | 25,494 | 483 |
| | Geo Holdings Corp. | 31,664 | 482 |
| | YA-MAN Ltd. | 29,870 | 482 |
| | Prestige International Inc. | 42,303 | 482 |
| | Daibiru Corp. | 47,487 | 479 |
| | MCJ Co. Ltd. | 60,108 | 479 |
| ^ | Istyle Inc. | 53,276 | 478 |
| | Kanto Denka Kogyo Co. Ltd. | 52,387 | 476 |
| | Marusan Securities Co. Ltd. | 61,729 | 475 |
| | Kyokuto Kaihatsu Kogyo Co. Ltd. | 33,262 | 475 |
| | Avex Inc. | 35,255 | 474 |
| | Sanyo Chemical Industries Ltd. | 10,352 | 474 |
| | Teikoku Sen-I Co. Ltd. | 21,603 | 474 |
| | Doshisha Co. Ltd. | 22,997 | 474 |
| | Riken Corp. | 9,860 | 472 |
| | Dip Corp. | 21,706 | 471 |
| | Nippon Ceramic Co. Ltd. | 19,210 | 471 |
| * | Ishihara Sangyo Kaisha Ltd. | 39,439 | 471 |
| ^ | KYB Corp. | 19,627 | 471 |
| *,^ | RENOVA Inc. | 43,300 | 470 |
| | Aichi Steel Corp. | 13,247 | 468 |
| | Nishimatsuya Chain Co. Ltd. | 52,580 | 468 |
| | Link And Motivation Inc. | 47,500 | 467 |
| | Takasago International Corp. | 14,633 | 466 |
| | Toho Zinc Co. Ltd. | 14,538 | 465 |
| | Adastria Co. Ltd. | 28,472 | 464 |
| | Osaka Soda Co. Ltd. | 19,719 | 464 |
| | Mitsui Sugar Co. Ltd. | 17,229 | 463 |
| | Sintokogio Ltd. | 53,278 | 459 |
| | Press Kogyo Co. Ltd. | 99,893 | 457 |
| | Nishio Rent All Co. Ltd. | 14,133 | 455 |
| | Fukui Bank Ltd. | 23,996 | 454 |
| ^ | Nippon Yakin Kogyo Co. Ltd. | 170,534 | 453 |
| | Monogatari Corp. | 5,071 | 453 |
| | Tokyo Kiraboshi Financial Group Inc. | 27,965 | 452 |
| | Nitto Kogyo Corp. | 25,777 | 449 |
| | Fujimori Kogyo Co. Ltd. | 15,330 | 446 |
| ^ | Ringer Hut Co. Ltd. | 22,198 | 445 |
| | Sakata INX Corp. | 44,906 | 445 |
| * | Sogo Medical Holdings Co. Ltd. | 20,718 | 445 |
| | Kadokawa Dwango Corp. | 44,444 | 444 |
| | Vector Inc. | 25,894 | 443 |
| | Mizuno Corp. | 18,915 | 443 |
| | Sanki Engineering Co. Ltd. | 45,098 | 442 |
| | Tamura Corp. | 86,347 | 441 |
| ^ | Chugoku Marine Paints Ltd. | 54,936 | 441 |
| | Furukawa Co. Ltd. | 35,647 | 441 |
| | T Hasegawa Co. Ltd. | 24,799 | 440 |
| | Fuso Chemical Co. Ltd. | 21,912 | 440 |
| | Tsukishima Kikai Co. Ltd. | 37,137 | 438 |
| | Dexerials Corp. | 50,980 | 438 |
| | Iino Kaiun Kaisha Ltd. | 99,595 | 437 |
| | Akita Bank Ltd. | 18,824 | 437 |
| | San ju San Financial Group Inc. | 24,673 | 437 |
| | Elecom Co. Ltd. | 18,411 | 436 |
| | Ichikoh Industries Ltd. | 62,744 | 436 |
| | Kaga Electronics Co. Ltd. | 19,418 | 435 |
| | Koa Corp. | 31,369 | 434 |
| | Miyazaki Bank Ltd. | 16,571 | 432 |
| | Tokai Corp. | 21,318 | 429 |
| | Itochu Enex Co. Ltd. | 45,588 | 429 |
| | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 14,519 | 429 |
| | Bunka Shutter Co. Ltd. | 61,048 | 428 |
44
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tachi-S Co. Ltd. | 30,271 | 427 |
| | Retail Partners Co. Ltd. | 37,300 | 427 |
| | Fujimi Inc. | 18,610 | 425 |
| ^ | Plenus Co. Ltd. | 26,490 | 424 |
| | TV Asahi Holdings Corp. | 22,700 | 424 |
| ^ | J Trust Co. Ltd. | 83,043 | 424 |
| | Chofu Seisakusho Co. Ltd. | 20,911 | 423 |
| | Matsuya Co. Ltd. | 44,819 | 423 |
| | Gree Inc. | 100,639 | 421 |
| | Toyo Tanso Co. Ltd. | 16,135 | 420 |
| | Tonami Holdings Co. Ltd. | 7,569 | 420 |
| | Kanematsu Electronics Ltd. | 13,645 | 419 |
| | FULLCAST Holdings Co. Ltd. | 22,296 | 419 |
| ^ | Clarion Co. Ltd. | 19,105 | 419 |
| | Valqua Ltd. | 17,131 | 417 |
| | LIFULL Co. Ltd. | 61,339 | 415 |
| | Nippon Thompson Co. Ltd. | 71,494 | 413 |
| ^ | Strike Co. Ltd. | 14,230 | 413 |
| | Mitsubishi Logisnext Co. Ltd. | 34,461 | 410 |
| | Miroku Jyoho Service Co. Ltd. | 21,712 | 409 |
| | Shinko Plantech Co. Ltd. | 43,923 | 409 |
| | Marudai Food Co. Ltd. | 25,097 | 409 |
| | Nissin Electric Co. Ltd. | 49,890 | 408 |
| | Toppan Forms Co. Ltd. | 44,616 | 406 |
| | Yellow Hat Ltd. | 16,433 | 404 |
| | Tsurumi Manufacturing Co. Ltd. | 22,604 | 403 |
| | Sanyo Denki Co. Ltd. | 9,859 | 403 |
| | Nippon Chemi-Con Corp. | 17,796 | 403 |
| | Hokuto Corp. | 23,505 | 401 |
| | YAMABIKO Corp. | 37,247 | 400 |
| | Bank of the Ryukyus Ltd. | 35,042 | 399 |
| | Shikoku Bank Ltd. | 35,436 | 398 |
| | LIXIL VIVA Corp. | 24,500 | 397 |
| | Tanseisha Co. Ltd. | 38,849 | 396 |
| ^ | Toridoll Holdings Corp. | 23,300 | 395 |
| | Arcland Sakamoto Co. Ltd. | 29,980 | 393 |
| | Tayca Corp. | 18,588 | 391 |
| | St. Marc Holdings Co. Ltd. | 16,434 | 390 |
| | Mitsubishi Shokuhin Co. Ltd. | 15,135 | 390 |
| *,^ | euglena Co. Ltd. | 68,008 | 388 |
| | Pacific Metals Co. Ltd. | 13,833 | 388 |
| | Japan Pulp & Paper Co. Ltd. | 10,549 | 388 |
| | Pack Corp. | 13,546 | 388 |
| ^ | Pepper Food Service Co. Ltd. | 13,800 | 388 |
| | Maeda Kosen Co. Ltd. | 20,000 | 387 |
| | TOC Co. Ltd. | 56,692 | 386 |
| | ESPEC Corp. | 21,712 | 386 |
| ^ | NichiiGakkan Co. Ltd. | 41,320 | 385 |
| *,^ | Remixpoint Inc. | 57,367 | 385 |
| * | Mitsui-Soko Holdings Co. Ltd. | 24,900 | 384 |
| | Daito Pharmaceutical Co. Ltd. | 12,750 | 383 |
| | Sinfonia Technology Co. Ltd. | 29,079 | 380 |
| | Information Services International-Dentsu Ltd. | 11,046 | 380 |
| | JVC Kenwood Corp. | 153,475 | 379 |
| | Eighteenth Bank Ltd. | 13,931 | 379 |
| | VT Holdings Co. Ltd. | 90,694 | 378 |
| | Shindengen Electric Manufacturing Co. Ltd. | 8,664 | 377 |
| | Shikoku Chemicals Corp. | 36,844 | 376 |
| | Tsukui Corp. | 43,784 | 376 |
| | Juki Corp. | 33,563 | 376 |
| | Taihei Dengyo Kaisha Ltd. | 15,930 | 375 |
| ^ | Megachips Corp. | 19,517 | 375 |
| ^ | Vital KSK Holdings Inc. | 35,942 | 374 |
| | Riken Keiki Co. Ltd. | 18,920 | 373 |
45
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Rheon Automatic Machinery Co. Ltd. | 21,786 | 372 |
| | Kyoei Steel Ltd. | 20,502 | 371 |
| | Asahi Diamond Industrial Co. Ltd. | 58,660 | 371 |
| | Yondoshi Holdings Inc. | 17,418 | 370 |
| | Konishi Co. Ltd. | 26,280 | 368 |
| | Hibiya Engineering Ltd. | 22,095 | 365 |
| | Takamatsu Construction Group Co. Ltd. | 14,229 | 364 |
| | Ehime Bank Ltd. | 35,241 | 363 |
| | Sakai Chemical Industry Co. Ltd. | 15,728 | 362 |
| | Aichi Bank Ltd. | 9,459 | 361 |
| | Fuji Co. Ltd. | 19,216 | 361 |
| | UKC Holdings Corp. | 18,327 | 357 |
| | Key Coffee Inc. | 20,022 | 356 |
| | Hosokawa Micron Corp. | 7,271 | 353 |
| | OPT Holding Inc. | 15,800 | 353 |
| | Anest Iwata Corp. | 36,950 | 352 |
| | Dai-Dan Co. Ltd. | 14,869 | 350 |
| | Nippon Koei Co. Ltd. | 15,535 | 350 |
| | Chubu Shiryo Co. Ltd. | 28,679 | 349 |
| | Meisei Industrial Co. Ltd. | 45,984 | 348 |
| | Sanyo Electric Railway Co. Ltd. | 15,723 | 347 |
| | Maruwa Unyu Kikan Co. Ltd. | 10,847 | 347 |
| | Okabe Co. Ltd. | 38,911 | 346 |
| | Sankyo Tateyama Inc. | 30,677 | 345 |
| | Xebio Holdings Co. Ltd. | 24,898 | 345 |
| | CMK Corp. | 53,781 | 345 |
| | Toa Corp. | 20,118 | 337 |
| | Inageya Co. Ltd. | 26,665 | 336 |
| | Foster Electric Co. Ltd. | 22,998 | 336 |
| | Enplas Corp. | 12,251 | 333 |
| | Pressance Corp. | 29,063 | 331 |
| | Trancom Co. Ltd. | 5,772 | 331 |
| | COLOPL Inc. | 53,582 | 330 |
| | PIA Corp. | 6,871 | 328 |
| *,^ | M&A Capital Partners Co. Ltd. | 6,672 | 328 |
| ^ | Aruhi Corp. | 19,200 | 328 |
| | Starzen Co. Ltd. | 8,066 | 327 |
| | Iseki & Co. Ltd. | 19,031 | 327 |
| | Mie Kotsu Group Holdings Inc. | 70,336 | 327 |
| | Maruzen Showa Unyu Co. Ltd. | 12,339 | 326 |
| | Eagle Industry Co. Ltd. | 27,976 | 326 |
| | Mitsuuroko Group Holdings Co. Ltd. | 49,800 | 325 |
| ^ | Kitanotatsujin Corp. | 62,800 | 323 |
| * | Open Door Inc. | 13,600 | 323 |
| | Union Tool Co. | 9,356 | 322 |
| | Futaba Industrial Co. Ltd. | 58,929 | 322 |
| * | Unitika Ltd. | 63,043 | 322 |
| | Daido Metal Co. Ltd. | 41,934 | 321 |
| | Nihon Tokushu Toryo Co. Ltd. | 16,700 | 320 |
| | Yokohama Reito Co. Ltd. | 39,527 | 314 |
| *,^ | Nextage Co. Ltd. | 34,100 | 313 |
| | Mitsuba Corp. | 39,539 | 311 |
| | Shin-Etsu Polymer Co. Ltd. | 42,332 | 310 |
| | Canon Electronics Inc. | 16,916 | 309 |
| | Sinko Industries Ltd. | 21,609 | 309 |
| | Yakuodo Co. Ltd. | 9,952 | 308 |
| | Toho Titanium Co. Ltd. | 30,250 | 308 |
| | Towa Bank Ltd. | 37,747 | 307 |
| | Intage Holdings Inc. | 35,650 | 307 |
| | Osaki Electric Co. Ltd. | 47,810 | 306 |
| | Nippon Denko Co. Ltd. | 128,576 | 305 |
| | Yorozu Corp. | 21,613 | 305 |
| | Fujibo Holdings Inc. | 10,449 | 304 |
| | Tokushu Tokai Paper Co. Ltd. | 7,860 | 303 |
46
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tachibana Eletech Co. Ltd. | 19,900 | 302 |
| ^ | Nissei ASB Machine Co. Ltd. | 8,963 | 300 |
| | Denki Kogyo Co. Ltd. | 11,746 | 300 |
| | Sodick Co. Ltd. | 39,714 | 299 |
| | Kenko Mayonnaise Co. Ltd. | 13,938 | 298 |
| ^ | Genky DrugStores Co. Ltd. | 9,200 | 298 |
| | PAL GROUP Holdings Co. Ltd. | 10,151 | 297 |
| | Sun Frontier Fudousan Co. Ltd. | 29,004 | 296 |
| | Tekken Corp. | 11,842 | 296 |
| | Shinnihon Corp. | 31,182 | 295 |
| | Tochigi Bank Ltd. | 101,542 | 295 |
| | Achilles Corp. | 14,830 | 295 |
| | J-Oil Mills Inc. | 8,558 | 295 |
| | Tokyo Individualized Educational Institute Inc. | 22,804 | 295 |
| * | Sanden Holdings Corp. | 26,991 | 295 |
| | Hioki EE Corp. | 8,259 | 292 |
| | Nittetsu Mining Co. Ltd. | 6,872 | 292 |
| | Nagatanien Holdings Co. Ltd. | 11,948 | 292 |
| *,^ | RS Technologies Co. Ltd. | 7,200 | 292 |
| | Ines Corp. | 24,988 | 292 |
| | Kato Works Co. Ltd. | 10,150 | 291 |
| ^ | Mitsui High-Tec Inc. | 27,088 | 291 |
| * | Vision Inc. | 8,471 | 290 |
| ^ | KLab Inc. | 32,964 | 290 |
| | Neturen Co. Ltd. | 32,940 | 290 |
| | Yurtec Corp. | 38,451 | 290 |
| | Daiichi Jitsugyo Co. Ltd. | 8,757 | 290 |
| | Nippon Road Co. Ltd. | 5,174 | 286 |
| | Ichiyoshi Securities Co. Ltd. | 33,938 | 286 |
| | Sumitomo Riko Co. Ltd. | 34,333 | 284 |
| | ASAHI YUKIZAI Corp. | 14,344 | 283 |
| *,^ | Pioneer Corp. | 315,541 | 283 |
| ^ | Sumida Corp. | 22,655 | 281 |
| | Tosei Corp. | 30,673 | 280 |
| | Advan Co. Ltd. | 27,787 | 280 |
| | KFC Holdings Japan Ltd. | 15,934 | 280 |
| | Oyo Corp. | 24,402 | 278 |
| | Trust Tech Inc. | 9,087 | 277 |
| | Riken Vitamin Co. Ltd. | 8,964 | 276 |
| | CONEXIO Corp. | 19,124 | 276 |
| ^ | W-Scope Corp. | 27,783 | 275 |
| | Nippon Kanzai Co. Ltd. | 15,025 | 274 |
| | G-Tekt Corp. | 19,404 | 274 |
| | Toyo Construction Co. Ltd. | 66,670 | 273 |
| ^ | Kobe Bussan Co. Ltd. | 10,750 | 273 |
| | Sumitomo Densetsu Co. Ltd. | 17,235 | 273 |
| ^ | Yamashin-Filter Corp. | 38,399 | 273 |
| *,^ | Medical Data Vision Co. Ltd. | 17,326 | 273 |
| | Ryoyo Electro Corp. | 19,006 | 273 |
| | OSAKA Titanium Technologies Co. Ltd. | 17,314 | 272 |
| | Namura Shipbuilding Co. Ltd. | 60,954 | 271 |
| | METAWATER Co. Ltd. | 10,548 | 270 |
| | Dai Nippon Toryo Co. Ltd. | 26,686 | 269 |
| | Roland DG Corp. | 12,646 | 269 |
| | Itochu-Shokuhin Co. Ltd. | 5,776 | 269 |
| | Cawachi Ltd. | 14,446 | 268 |
| | Daiwa Industries Ltd. | 25,477 | 268 |
| | Feed One Co. Ltd. | 156,542 | 266 |
| * | Kintetsu Department Store Co. Ltd. | 8,458 | 266 |
| | Kanagawa Chuo Kotsu Co. Ltd. | 7,970 | 265 |
| | FIDEA Holdings Co. Ltd. | 196,802 | 264 |
| | Furuno Electric Co. Ltd. | 22,289 | 264 |
| | Komtasu Matere Co. Ltd. | 31,943 | 264 |
| | Sagami Holdings Corp. | 21,911 | 262 |
47
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Nichiban Co. Ltd. | 13,500 | 262 |
| Tamron Co. Ltd. | 14,627 | 261 |
| ^ Rock Field Co. Ltd. | 17,912 | 259 |
| ASKA Pharmaceutical Co. Ltd. | 19,704 | 259 |
| Jamco Corp. | 9,155 | 259 |
| Arcland Service Holdings Co. Ltd. | 12,536 | 257 |
| Torii Pharmaceutical Co. Ltd. | 11,642 | 257 |
| Shinko Shoji Co. Ltd. | 18,415 | 256 |
| Alconix Corp. | 22,420 | 256 |
| Alpen Co. Ltd. | 15,228 | 256 |
| Kyosan Electric Manufacturing Co. Ltd. | 54,783 | 255 |
| Bank of Saga Ltd. | 13,244 | 255 |
| Arakawa Chemical Industries Ltd. | 18,122 | 255 |
| ^ Kappa Create Co. Ltd. | 21,493 | 253 |
| Melco Holdings Inc. | 7,559 | 252 |
| Gakken Holdings Co. Ltd. | 4,978 | 252 |
| Takara Leben Co. Ltd. | 87,412 | 252 |
| Keihanshin Building Co. Ltd. | 34,031 | 251 |
| Krosaki Harima Corp. | 3,781 | 250 |
| Okuwa Co. Ltd. | 24,877 | 249 |
| Kamei Corp. | 21,596 | 249 |
| Pasona Group Inc. | 20,420 | 248 |
| Shinwa Co. Ltd. | 12,549 | 247 |
| GLOBERIDE Inc. | 10,200 | 245 |
| OSJB Holdings Corp. | 96,929 | 245 |
| Nihon Nohyaku Co. Ltd. | 44,081 | 244 |
| Matsuyafoods Holdings Co. Ltd. | 7,563 | 244 |
| F@N Communications Inc. | 44,003 | 244 |
| Nihon Trim Co. Ltd. | 4,379 | 243 |
| Aeon Fantasy Co. Ltd. | 7,770 | 243 |
| Kyokuto Securities Co. Ltd. | 20,100 | 243 |
| Sinanen Holdings Co. Ltd. | 10,160 | 242 |
| ^ Hoosiers Holdings | 43,400 | 241 |
| Katakura Industries Co. Ltd. | 22,201 | 240 |
| Michinoku Bank Ltd. | 15,126 | 240 |
| ^ SAMTY Co. Ltd. | 18,300 | 240 |
| Stella Chemifa Corp. | 7,859 | 239 |
| Amuse Inc. | 9,354 | 238 |
| Kyokuyo Co. Ltd. | 8,657 | 238 |
| ^ eRex Co. Ltd. | 28,561 | 237 |
| Teikoku Electric Manufacturing Co. Ltd. | 16,518 | 237 |
| Goldcrest Co. Ltd. | 15,126 | 237 |
| Daiken Corp. | 12,935 | 237 |
| WDB Holdings Co. Ltd. | 8,476 | 237 |
| Rokko Butter Co. Ltd. | 10,944 | 236 |
| Hisaka Works Ltd. | 24,702 | 236 |
| JAC Recruitment Co. Ltd. | 13,034 | 236 |
| * Space Value Holdings Co. Ltd. | 26,366 | 235 |
| KAWADA TECHNOLOGIES Inc. | 4,080 | 235 |
| Tenma Corp. | 13,434 | 233 |
| Chiyoda Integre Co. Ltd. | 11,446 | 230 |
| ^ Fixstars Corp. | 21,100 | 229 |
| Future Corp. | 16,816 | 229 |
| Nichiden Corp. | 13,940 | 226 |
| Aisan Industry Co. Ltd. | 30,051 | 225 |
| * World Holdings Co. Ltd. | 9,300 | 225 |
| Chukyo Bank Ltd. | 11,145 | 224 |
| Nissin Sugar Co. Ltd. | 11,300 | 224 |
| Daikokutenbussan Co. Ltd. | 5,977 | 224 |
| JSP Corp. | 11,248 | 222 |
| Toa Corp. | 20,697 | 222 |
| Central Sports Co. Ltd. | 6,346 | 222 |
| Asunaro Aoki Construction Co. Ltd. | 24,800 | 221 |
| France Bed Holdings Co. Ltd. | 26,098 | 220 |
48
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cosel Co. Ltd. | 21,397 | 220 |
| ^ | Akatsuki Inc. | 5,600 | 220 |
| | ValueCommerce Co. Ltd. | 15,500 | 219 |
| | Kanaden Corp. | 21,016 | 219 |
| | Keiyo Co. Ltd. | 44,214 | 219 |
| ^ | Marvelous Inc. | 27,269 | 218 |
| | Japan Transcity Corp. | 55,776 | 218 |
| | Alpha Systems Inc. | 9,167 | 218 |
| | Nissin Corp. | 11,349 | 218 |
| | Denyo Co. Ltd. | 14,429 | 218 |
| *,^ | Toyo Engineering Corp. | 26,894 | 217 |
| | Gurunavi Inc. | 28,384 | 217 |
| | Itoki Corp. | 41,614 | 216 |
| | Fuji Pharma Co. Ltd. | 13,730 | 216 |
| | Kasai Kogyo Co. Ltd. | 23,383 | 216 |
| | Fujiya Co. Ltd. | 9,951 | 215 |
| | Jimoto Holdings Inc. | 164,489 | 215 |
| | Happinet Corp. | 14,134 | 215 |
| | Toyo Kanetsu KK | 9,560 | 214 |
| | Nitto Kohki Co. Ltd. | 10,250 | 214 |
| | Kitagawa Corp. | 9,064 | 213 |
| | Ministop Co. Ltd. | 11,444 | 211 |
| | BRONCO BILLY Co. Ltd. | 8,059 | 208 |
| | Fuso Pharmaceutical Industries Ltd. | 8,667 | 206 |
| | Onoken Co. Ltd. | 14,130 | 206 |
| | Tomoku Co. Ltd. | 11,956 | 206 |
| | NS United Kaiun Kaisha Ltd. | 8,355 | 204 |
| ^ | Ohara Inc. | 9,600 | 202 |
| | Kansai Super Market Ltd. | 21,812 | 202 |
| | GCA Corp. | 25,096 | 201 |
| | Studio Alice Co. Ltd. | 8,756 | 200 |
| ^ | ST Corp. | 11,249 | 199 |
| | Warabeya Nichiyo Holdings Co. Ltd. | 12,239 | 199 |
| | Uchida Yoko Co. Ltd. | 8,159 | 199 |
| | IDOM Inc. | 59,053 | 199 |
| | Hochiki Corp. | 16,200 | 199 |
| | Kita-Nippon Bank Ltd. | 8,864 | 197 |
| | Mitsui Matsushima Holdings Co. Ltd. | 12,541 | 197 |
| | Fukuda Corp. | 4,776 | 197 |
| ^ | Micronics Japan Co. Ltd. | 30,647 | 196 |
| | Osaka Steel Co. Ltd. | 11,048 | 196 |
| | Nippon Parking Development Co. Ltd. | 139,410 | 195 |
| ^ | Yonex Co. Ltd. | 33,828 | 195 |
| | Riken Technos Corp. | 43,193 | 195 |
| | Yahagi Construction Co. Ltd. | 26,986 | 194 |
| | Toho Co. Ltd. | 9,759 | 193 |
| | Icom Inc. | 9,055 | 193 |
| | Central Security Patrols Co. Ltd. | 4,102 | 193 |
| * | Optorun Co. Ltd. | 9,600 | 192 |
| | Nihon Chouzai Co. Ltd. | 6,169 | 191 |
| | Mitsubishi Steel Manufacturing Co. Ltd. | 10,847 | 190 |
| | Fujita Kanko Inc. | 6,965 | 190 |
| | Toenec Corp. | 6,568 | 190 |
| | Sekisui Plastics Co. Ltd. | 24,382 | 190 |
| | Maezawa Kyuso Industries Co. Ltd. | 11,758 | 190 |
| ^ | Towa Corp. | 25,938 | 190 |
| | Koatsu Gas Kogyo Co. Ltd. | 25,873 | 188 |
| | Hokkan Holdings Ltd. | 11,355 | 188 |
| | K&O Energy Group Inc. | 13,336 | 185 |
| | Sankyo Seiko Co. Ltd. | 45,635 | 183 |
| | Taisei Lamick Co. Ltd. | 6,474 | 183 |
| | Matsuda Sangyo Co. Ltd. | 14,643 | 182 |
| | Mimasu Semiconductor Industry Co. Ltd. | 13,834 | 182 |
| ^ | WATAMI Co. Ltd. | 15,818 | 181 |
49
| | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| ^ Rorze Corp. | 10,556 | 181 |
| Mitsubishi Research Institute Inc. | 5,771 | 180 |
| Kyodo Printing Co. Ltd. | 7,165 | 180 |
| Misawa Homes Co. Ltd. | 23,905 | 180 |
| * U-Shin Ltd. | 26,587 | 179 |
| Pronexus Inc. | 18,431 | 179 |
| Fudo Tetra Corp. | 11,772 | 179 |
| Toyo Corp. | 22,595 | 179 |
| Chiba Kogyo Bank Ltd. | 45,077 | 178 |
| Kourakuen Holdings Corp. | 10,857 | 178 |
| Sanyo Shokai Ltd. | 10,548 | 178 |
| Yushin Precision Equipment Co. Ltd. | 19,504 | 177 |
| Mars Group Holdings Corp. | 8,558 | 176 |
| Zuken Inc. | 11,835 | 176 |
| Fujikura Kasei Co. Ltd. | 31,390 | 176 |
| Godo Steel Ltd. | 9,158 | 176 |
| Daisyo Corp. | 11,758 | 175 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 10,051 | 175 |
| * Nisso Corp. | 8,200 | 174 |
| CI Takiron Corp. | 33,820 | 174 |
| SRA Holdings | 6,168 | 174 |
| Chuo Spring Co. Ltd. | 5,582 | 173 |
| Cybozu Inc. | 27,188 | 173 |
| Mito Securities Co. Ltd. | 59,809 | 173 |
| Organo Corp. | 6,169 | 171 |
| Wowow Inc. | 5,849 | 170 |
| Kurimoto Ltd. | 11,345 | 170 |
| Torishima Pump Manufacturing Co. Ltd. | 20,201 | 166 |
| Ryoden Corp. | 11,940 | 166 |
| Ateam Inc. | 8,657 | 165 |
| Sanei Architecture Planning Co. Ltd. | 11,300 | 165 |
| Tokyo Energy & Systems Inc. | 18,910 | 164 |
| Kitano Construction Corp. | 4,881 | 164 |
| Chori Co. Ltd. | 9,952 | 164 |
| ^ Hito Communications Inc. | 9,253 | 164 |
| Chugai Ro Co. Ltd. | 7,671 | 163 |
| Chuetsu Pulp & Paper Co. Ltd. | 12,059 | 161 |
| Gun-Ei Chemical Industry Co. Ltd. | 5,977 | 160 |
| Tsukuba Bank Ltd. | 71,044 | 159 |
| Fuji Oil Co. Ltd. | 41,394 | 158 |
| Shibusawa Warehouse Co. Ltd. | 11,156 | 158 |
| Seika Corp. | 9,954 | 157 |
| Elematec Corp. | 7,364 | 157 |
| ^ Meiko Network Japan Co. Ltd. | 17,815 | 156 |
| Tokyo Rakutenchi Co. Ltd. | 3,589 | 156 |
| Weathernews Inc. | 5,274 | 155 |
| * Nippon Sharyo Ltd. | 5,869 | 154 |
| Showa Aircraft Industry Co. Ltd. | 13,050 | 152 |
| Parco Co. Ltd. | 14,329 | 152 |
| Sac's Bar Holdings Inc. | 17,116 | 152 |
| CMIC Holdings Co. Ltd. | 8,158 | 151 |
| Hokkaido Gas Co. Ltd. | 11,750 | 150 |
| Wellnet Corp. | 15,421 | 150 |
| Shimizu Bank Ltd. | 8,863 | 150 |
| Maezawa Kasei Industries Co. Ltd. | 15,043 | 150 |
| Asahi Co. Ltd. | 12,343 | 148 |
| PC Depot Corp. | 29,370 | 147 |
| T RAD Co. Ltd. | 6,171 | 147 |
| CHIMNEY Co. Ltd. | 5,968 | 147 |
| Okura Industrial Co. Ltd. | 7,964 | 146 |
| Airport Facilities Co. Ltd. | 27,315 | 146 |
| Halows Co. Ltd. | 6,661 | 145 |
| Aiphone Co. Ltd. | 11,145 | 145 |
| ^ COOKPAD Inc. | 39,391 | 144 |
50
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aichi Corp. | 24,182 | 143 |
| | CTS Co. Ltd. | 26,491 | 143 |
| | Paris Miki Holdings Inc. | 33,096 | 142 |
| *,^ | Akebono Brake Industry Co. Ltd. | 70,151 | 141 |
| | Toli Corp. | 53,895 | 141 |
| | Tatsuta Electric Wire and Cable Co. Ltd. | 31,744 | 140 |
| | Japan Cash Machine Co. Ltd. | 14,225 | 140 |
| | Takaoka Toko Co. Ltd. | 9,752 | 140 |
| | Mitsubishi Paper Mills Ltd. | 26,469 | 137 |
| ^ | Tateru Inc. | 32,365 | 136 |
| | Yomiuri Land Co. Ltd. | 3,582 | 136 |
| | AOI Electronics Co. Ltd. | 4,179 | 136 |
| | JP-Holdings Inc. | 51,145 | 135 |
| | Tv Tokyo Holdings Corp. | 5,874 | 135 |
| | Linical Co. Ltd. | 9,651 | 134 |
| | Rhythm Watch Co. Ltd. | 7,462 | 132 |
| | Hakuto Co. Ltd. | 11,645 | 132 |
| | Hodogaya Chemical Co. Ltd. | 5,373 | 131 |
| | SWCC Showa Holdings Co. Ltd. | 20,899 | 130 |
| | Takihyo Co. Ltd. | 7,376 | 128 |
| | MTI Ltd. | 26,378 | 127 |
| | Toyo Securities Co. Ltd. | 63,682 | 126 |
| | Nippon Coke & Engineering Co. Ltd. | 136,722 | 126 |
| | Atsugi Co. Ltd. | 13,834 | 126 |
| | Yushiro Chemical Industry Co. Ltd. | 9,952 | 125 |
| | Toa Oil Co. Ltd. | 5,274 | 122 |
| | Cleanup Corp. | 19,730 | 120 |
| | Taiho Kogyo Co. Ltd. | 13,235 | 119 |
| | SMK Corp. | 5,774 | 119 |
| ^ | Tokyo Rope Manufacturing Co. Ltd. | 11,544 | 118 |
| | Sanoh Industrial Co. Ltd. | 20,698 | 118 |
| | Nihon Yamamura Glass Co. Ltd. | 7,862 | 117 |
| | Honeys Holdings Co. Ltd. | 14,230 | 113 |
| | Tosho Printing Co. Ltd. | 13,922 | 112 |
| | Artnature Inc. | 19,006 | 112 |
| * | KNT-CT Holdings Co. Ltd. | 10,149 | 112 |
| | NEC Capital Solutions Ltd. | 6,866 | 108 |
| | Fujitsu Frontech Ltd. | 9,551 | 106 |
| *,^ | Tokyo Base Co. Ltd. | 18,700 | 105 |
| | Srg Takamiya Co. Ltd. | 17,916 | 105 |
| | Fukui Computer Holdings Inc. | 6,469 | 103 |
| | CAC Holdings Corp. | 11,347 | 101 |
| | Tokyo Electron Device Ltd. | 5,672 | 101 |
| | Tsutsumi Jewelry Co. Ltd. | 4,967 | 98 |
| | Corona Corp. Class A | 9,840 | 97 |
| | Gecoss Corp. | 9,850 | 94 |
| | Zuiko Corp. | 3,482 | 93 |
| | Inaba Seisakusho Co. Ltd. | 7,463 | 91 |
| | Daikoku Denki Co. Ltd. | 6,368 | 91 |
| *,^ | FDK Corp. | 8,765 | 88 |
| | Dai-ichi Seiko Co. Ltd. | 6,966 | 88 |
| | Fields Corp. | 11,741 | 88 |
| | Sumitomo Precision Products Co. Ltd. | 2,687 | 87 |
| | Right On Co. Ltd. | 10,250 | 85 |
| * | Aplus Financial Co. Ltd. | 90,572 | 84 |
| | Toda Kogyo Corp. | 3,482 | 82 |
| | Nippon Chemiphar Co. Ltd. | 2,189 | 81 |
| ^ | Toyo Denki Seizo KK | 5,569 | 79 |
| * | Senshukai Co. Ltd. | 30,450 | 78 |
| * | Shin Nippon Biomedical Laboratories Ltd. | 17,210 | 77 |
| * | Kojima Co. Ltd. | 16,893 | 74 |
| | Shimojima Co. Ltd. | 7,851 | 70 |
| *,^ | Funai Electric Co. Ltd. | 13,832 | 67 |
| * | Laox Co. Ltd. | 20,983 | 67 |
51
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Kinki Sharyo Co. Ltd. | 3,184 | 64 |
| | Nakayama Steel Works Ltd. | 9,829 | 52 |
| * | SAMTY Co. Ltd. Rights | 18,300 | 18 |
| | Mitsubishi Kakoki Kaisha Ltd. | 608 | 9 |
| | Mitani Sekisan Co. Ltd. | 150 | 3 |
| | Kobelco Eco-Solutions Co. Ltd. | 200 | 3 |
| | | | 4,072,398 |
| New Zealand (0.8%) | | |
| | Fisher & Paykel Healthcare Corp. Ltd. | 580,938 | 5,168 |
| * | a2 Milk Co. Ltd. | 742,674 | 5,096 |
| | Spark New Zealand Ltd. | 1,886,033 | 4,871 |
| | Auckland International Airport Ltd. | 955,583 | 4,370 |
| * | Fletcher Building Ltd. | 871,854 | 3,453 |
| | Ryman Healthcare Ltd. | 417,048 | 3,305 |
| | Contact Energy Ltd. | 736,064 | 2,691 |
| | Meridian Energy Ltd. | 1,261,745 | 2,588 |
| | SKYCITY Entertainment Group Ltd. | 701,392 | 1,757 |
| | Mainfreight Ltd. | 83,208 | 1,545 |
| | Mercury NZ Ltd. | 670,396 | 1,490 |
| | Z Energy Ltd. | 370,805 | 1,479 |
| | Chorus Ltd. | 446,740 | 1,386 |
| | Kiwi Property Group Ltd. | 1,574,804 | 1,352 |
| | Trade Me Group Ltd. | 412,445 | 1,308 |
| | EBOS Group Ltd. | 90,093 | 1,228 |
| | Goodman Property Trust | 1,115,611 | 1,093 |
| ^ | Summerset Group Holdings Ltd. | 234,949 | 1,024 |
| | Air New Zealand Ltd. | 514,663 | 941 |
| | Infratil Ltd. | 411,875 | 921 |
| | Precinct Properties New Zealand Ltd. | 899,838 | 829 |
| | Genesis Energy Ltd. | 511,486 | 781 |
| | Metlifecare Ltd. | 178,294 | 679 |
| | Freightways Ltd. | 132,991 | 641 |
| | Argosy Property Ltd. | 888,396 | 621 |
| | SKY Network Television Ltd. | 419,043 | 614 |
| * | Restaurant Brands New Zealand Ltd. | 105,234 | 590 |
| * | Synlait Milk Ltd. | 99,097 | 564 |
| | Vector Ltd. | 250,255 | 556 |
| | Vital Healthcare Property Trust | 346,570 | 469 |
| § | Heartland Group Holdings Ltd. | 429,764 | 432 |
| | Tourism Holdings Ltd. | 128,432 | 420 |
| | Kathmandu Holdings Ltd. | 199,100 | 349 |
| | New Zealand Refining Co. Ltd. | 199,365 | 307 |
| * | TOWER Ltd. | 367,838 | 178 |
| | | | 55,096 |
| Singapore (3.0%) | | |
| | DBS Group Holdings Ltd. | 1,849,613 | 31,383 |
| | Oversea-Chinese Banking Corp. Ltd. | 3,353,597 | 26,052 |
| | United Overseas Bank Ltd. | 1,312,990 | 23,214 |
| | Singapore Telecommunications Ltd. | 7,626,515 | 17,421 |
| | Keppel Corp. Ltd. | 1,467,160 | 6,574 |
| | CapitaLand Ltd. | 2,603,505 | 5,914 |
| | Ascendas REIT | 2,528,066 | 4,603 |
| | Wilmar International Ltd. | 2,003,922 | 4,578 |
| | Singapore Exchange Ltd. | 844,218 | 4,176 |
| | Singapore Technologies Engineering Ltd. | 1,561,930 | 4,008 |
| | Genting Singapore Ltd. | 5,959,394 | 3,792 |
| | Singapore Airlines Ltd. | 527,073 | 3,613 |
| | CapitaLand Mall Trust | 2,366,433 | 3,604 |
| | ComfortDelGro Corp. Ltd. | 2,139,804 | 3,484 |
| | Singapore Press Holdings Ltd. | 1,647,257 | 3,157 |
| | CapitaLand Commercial Trust | 2,399,647 | 2,999 |
| | Venture Corp. Ltd. | 264,116 | 2,924 |
| | City Developments Ltd. | 477,217 | 2,727 |
| | Suntec REIT | 1,943,766 | 2,488 |
52
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SATS Ltd. | 656,741 | 2,364 |
| | UOL Group Ltd. | 507,597 | 2,211 |
| | Mapletree Commercial Trust | 1,891,992 | 2,200 |
| | Jardine Cycle & Carriage Ltd. | 100,327 | 2,197 |
| | Sembcorp Industries Ltd. | 949,768 | 1,939 |
| | Mapletree Industrial Trust | 1,339,427 | 1,788 |
| | Mapletree Logistics Trust | 2,018,470 | 1,764 |
| | Mapletree North Asia Commercial Trust | 2,120,700 | 1,732 |
| | NetLink NBN Trust | 2,956,800 | 1,666 |
| | Keppel REIT | 1,964,982 | 1,604 |
| | Hutchison Port Holdings Trust | 5,045,899 | 1,241 |
| | Golden Agri-Resources Ltd. | 6,439,750 | 1,187 |
| | Singapore Post Ltd. | 1,545,529 | 1,164 |
| | Frasers Logistics & Industrial Trust | 1,541,594 | 1,135 |
| ^ | Sembcorp Marine Ltd. | 842,166 | 970 |
| | Manulife US REIT | 1,244,376 | 885 |
| | Ascott Residence Trust | 1,134,570 | 862 |
| | United Engineers Ltd. | 449,533 | 854 |
| | Frasers Centrepoint Trust | 538,345 | 840 |
| | Keppel DC REIT | 873,144 | 840 |
| | ESR-REIT | 2,299,006 | 806 |
| | CDL Hospitality Trusts | 746,453 | 782 |
| | Bukit Sembawang Estates Ltd. | 200,600 | 775 |
| | StarHub Ltd. | 538,170 | 731 |
| | Parkway Life REIT | 388,554 | 730 |
| | Starhill Global REIT | 1,494,801 | 723 |
| | Frasers Commercial Trust | 699,969 | 693 |
| | Raffles Medical Group Ltd. | 838,537 | 637 |
| | Ascendas India Trust | 806,700 | 628 |
| | Keppel Infrastructure Trust | 1,885,089 | 627 |
| | First Resources Ltd. | 545,389 | 622 |
| | CapitaLand Retail China Trust | 577,727 | 572 |
| | OUE Hospitality Trust | 1,156,691 | 568 |
| | Cache Logistics Trust | 1,144,326 | 566 |
| | Ascendas Hospitality Trust | 982,321 | 560 |
| | Wing Tai Holdings Ltd. | 397,852 | 555 |
| | M1 Ltd. | 353,189 | 538 |
| | First REIT | 599,489 | 520 |
| | AIMS AMP Capital Industrial REIT | 537,100 | 520 |
| | SIA Engineering Co. Ltd. | 253,609 | 518 |
| | SPH REIT | 642,320 | 457 |
| | Frasers Property Ltd. | 392,100 | 447 |
| | Far East Hospitality Trust | 1,037,989 | 446 |
| | Frasers Hospitality Trust | 847,000 | 431 |
| ^ | GuocoLand Ltd. | 345,300 | 417 |
| | Soilbuild Business Space REIT | 919,195 | 378 |
| | Asian Pay Television Trust | 1,622,074 | 369 |
| | Lippo Malls Indonesia Retail Trust | 2,071,614 | 359 |
| | OUE Ltd. | 323,245 | 327 |
| | Accordia Golf Trust | 912,438 | 326 |
| | Sheng Siong Group Ltd. | 415,299 | 324 |
| | Sabana Shari'ah Compliant Industrial REIT | 1,013,059 | 292 |
| | RHT Health Trust | 537,139 | 287 |
| | Silverlake Axis Ltd. | 759,136 | 236 |
| | Yoma Strategic Holdings Ltd. | 1,262,547 | 233 |
| ^ | Boustead Singapore Ltd. | 340,822 | 192 |
| | Bumitama Agri Ltd. | 289,847 | 135 |
| *,§ | Hyflux Ltd. | 516,932 | 78 |
| * | Noble Group Ltd. | 1,004,977 | 59 |
| *,§,^ | China Fishery Group Ltd. | 754,600 | 41 |
| *,§,^ | Ezra Holdings Ltd. | 1,786,900 | 14 |
| * | Ezion Holdings Ltd. Warrants Exp. 4/15/2020 | 276,736 | — |
| *,^ | Ezion Holdings Ltd. Warrants Exp. 4/16/2023 | 1,048,679 | — |
| | | | 204,673 |
53
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| South Korea (11.3%) | | |
| | Samsung Electronics Co. Ltd. | 4,834,342 | 180,977 |
| | SK Hynix Inc. | 547,904 | 32,998 |
| | Samsung Electronics Co. Ltd. Preference Shares | 847,193 | 26,730 |
| | Shinhan Financial Group Co. Ltd. | 467,555 | 17,414 |
| | KB Financial Group Inc. | 404,395 | 16,841 |
| | POSCO | 69,844 | 15,987 |
| *,^ | Celltrion Inc. | 79,944 | 15,295 |
| | LG Chem Ltd. | 46,773 | 14,293 |
| | NAVER Corp. | 137,583 | 13,855 |
| | Hyundai Motor Co. | 140,510 | 13,161 |
| | SK Innovation Co. Ltd. | 61,965 | 11,629 |
| | Hyundai Mobis Co. Ltd. | 66,913 | 11,177 |
| | Samsung SDI Co. Ltd. | 53,736 | 11,175 |
| | Hana Financial Group Inc. | 303,949 | 10,239 |
| | KT&G Corp. | 112,897 | 10,067 |
| | LG Household & Health Care Ltd. | 8,995 | 8,272 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 33,624 | 8,227 |
| | Samsung C&T Corp. | 85,870 | 8,218 |
| | SK Holdings Co. Ltd. | 34,020 | 7,833 |
| | Woori Bank | 527,151 | 7,304 |
| | NCSoft Corp. | 17,726 | 6,700 |
| | Kia Motors Corp. | 263,763 | 6,593 |
| | Korea Electric Power Corp. | 263,175 | 6,286 |
| | LG Electronics Inc. | 110,733 | 6,191 |
| ^ | Samsung Electro-Mechanics Co. Ltd. | 57,029 | 5,953 |
| | Samsung SDS Co. Ltd. | 32,787 | 5,577 |
| | SK Telecom Co. Ltd. | 23,370 | 5,491 |
| | LG Corp. | 92,688 | 5,400 |
| | Samsung Life Insurance Co. Ltd. | 65,540 | 5,303 |
| * | Hyundai Heavy Industries Co. Ltd. | 43,143 | 4,746 |
| *,2 | Samsung Biologics Co. Ltd. | 13,730 | 4,699 |
| | S-Oil Corp. | 41,730 | 4,554 |
| | Amorepacific Corp. | 32,409 | 4,379 |
| | Kakao Corp. | 53,061 | 4,289 |
| | E-MART Inc. | 20,795 | 3,741 |
| | Coway Co. Ltd. | 57,687 | 3,560 |
| | Industrial Bank of Korea | 268,885 | 3,511 |
| | Lotte Chemical Corp. | 14,929 | 3,449 |
| | Korea Zinc Co. Ltd. | 10,155 | 3,387 |
| * | Hyundai Heavy Industries Holdings Co. Ltd. | 10,744 | 3,376 |
| | LG Display Co. Ltd. | 228,693 | 3,337 |
| *,^ | SillaJen Inc. | 54,652 | 3,324 |
| | DB Insurance Co. Ltd. | 48,140 | 3,035 |
| | Hyundai Engineering & Construction Co. Ltd. | 74,508 | 3,011 |
| *,^ | Celltrion Healthcare Co. Ltd. | 52,719 | 2,956 |
| | Hyundai Steel Co. | 76,933 | 2,823 |
| | LG Uplus Corp. | 197,784 | 2,811 |
| | Hankook Tire Co. Ltd. | 77,217 | 2,808 |
| * | Samsung Heavy Industries Co. Ltd. | 448,857 | 2,754 |
| *,^ | HLB Inc. | 35,680 | 2,741 |
| | Kangwon Land Inc. | 108,136 | 2,738 |
| * | Samsung Engineering Co. Ltd. | 163,565 | 2,640 |
| ^ | Lotte Corp. | 60,984 | 2,552 |
| | Hanmi Pharm Co. Ltd. | 6,955 | 2,387 |
| * | ViroMed Co. Ltd. | 14,027 | 2,311 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 62,208 | 2,289 |
| | Hyundai Motor Co. 2nd Preference Shares | 36,562 | 2,276 |
| | CJ CheilJedang Corp. | 7,945 | 2,266 |
| | GS Holdings Corp. | 52,142 | 2,225 |
| | Mirae Asset Daewoo Co. Ltd. | 387,911 | 2,201 |
| ^ | GS Engineering & Construction Corp. | 59,697 | 2,201 |
| | CJ ENM Co. Ltd. | 10,833 | 2,155 |
| | Korea Investment Holdings Co. Ltd. | 38,991 | 2,039 |
54
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | BNK Financial Group Inc. | 302,746 | 2,022 |
| | Fila Korea Ltd. | 53,482 | 1,981 |
| | Lotte Shopping Co. Ltd. | 11,559 | 1,973 |
| | Hotel Shilla Co. Ltd. | 31,212 | 1,967 |
| | Hyundai Glovis Co. Ltd. | 18,864 | 1,894 |
| | Daelim Industrial Co. Ltd. | 27,451 | 1,838 |
| | Orion Corp. | 21,905 | 1,834 |
| ^,2 | Netmarble Corp. | 18,096 | 1,787 |
| | S-1 Corp. | 20,007 | 1,694 |
| | Medy-Tox Inc. | 4,053 | 1,660 |
| * | Korea Aerospace Industries Ltd. | 64,711 | 1,648 |
| | AMOREPACIFIC Group | 30,005 | 1,645 |
| | Hanon Systems | 169,709 | 1,637 |
| | Shinsegae Inc. | 7,033 | 1,606 |
| | LG Innotek Co. Ltd. | 14,371 | 1,577 |
| | Samsung Securities Co. Ltd. | 63,226 | 1,494 |
| | Kumho Petrochemical Co. Ltd. | 18,483 | 1,404 |
| | LG Chem Ltd. Preference Shares | 7,933 | 1,394 |
| | LG Household & Health Care Ltd. Preference Shares | 2,157 | 1,387 |
| | Cheil Worldwide Inc. | 69,183 | 1,381 |
| | NH Investment & Securities Co. Ltd. | 127,497 | 1,369 |
| | OCI Co. Ltd. | 18,113 | 1,361 |
| | DGB Financial Group Inc. | 162,749 | 1,346 |
| | Hyundai Motor Co. Preference Shares | 22,039 | 1,291 |
| | Yuhan Corp. | 8,746 | 1,290 |
| * | Korea Gas Corp. | 27,896 | 1,280 |
| | KCC Corp. | 5,846 | 1,271 |
| * | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 47,721 | 1,236 |
| | Korean Air Lines Co. Ltd. | 50,724 | 1,228 |
| | CJ Corp. | 12,744 | 1,225 |
| * | HDC Hyundai Development Co-Engineering & Construction | 31,472 | 1,220 |
| ^ | POSCO Chemtech Co. Ltd. | 20,839 | 1,199 |
| | Com2uSCorp | 10,384 | 1,175 |
| | Hanwha Chemical Corp. | 82,000 | 1,168 |
| * | Pearl Abyss Corp. | 6,391 | 1,158 |
| | Hyundai Department Store Co. Ltd. | 15,118 | 1,156 |
| | Hyundai Elevator Co. Ltd. | 16,126 | 1,136 |
| | Hanwha Corp. | 44,079 | 1,092 |
| | Hanwha Life Insurance Co. Ltd. | 275,332 | 1,086 |
| *,^ | CJ Logistics Corp. | 7,511 | 1,048 |
| | Meritz Securities Co. Ltd. | 294,647 | 1,032 |
| | Koh Young Technology Inc. | 12,248 | 971 |
| | Samsung Card Co. Ltd. | 32,565 | 962 |
| *,^ | Doosan Infracore Co. Ltd. | 139,519 | 949 |
| *,^ | Hyundai Rotem Co. Ltd. | 48,428 | 938 |
| | BGF retail Co. Ltd. | 6,237 | 923 |
| | Youngone Corp. | 29,146 | 917 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 269,252 | 897 |
| *,^ | Hanwha Aerospace Co. Ltd. | 35,668 | 894 |
| | Meritz Fire & Marine Insurance Co. Ltd. | 55,742 | 892 |
| 2 | Orange Life Insurance Ltd. | 32,968 | 889 |
| | GS Retail Co. Ltd. | 27,550 | 870 |
| ^ | Mando Corp. | 32,147 | 865 |
| * | Genexine Co. Ltd. | 12,925 | 849 |
| | Amorepacific Corp. Preference Shares | 10,613 | 843 |
| * | Hyundai Mipo Dockyard Co. Ltd. | 10,157 | 842 |
| | JB Financial Group Co. Ltd. | 171,977 | 831 |
| *,^ | Celltrion Pharm Inc. | 17,459 | 821 |
| | Doosan Bobcat Inc. | 26,221 | 813 |
| | LS Corp. | 18,222 | 811 |
| | Posco Daewoo Corp. | 50,815 | 799 |
| | KIWOOM Securities Co. Ltd. | 11,896 | 795 |
| | Korean Reinsurance Co. | 93,230 | 794 |
| | Kolon Industries Inc. | 17,880 | 791 |
55
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Pan Ocean Co. Ltd. | 187,755 | 790 |
| | SK Materials Co. Ltd. | 4,749 | 778 |
| * | Hanall Biopharma Co. Ltd. | 36,831 | 771 |
| | Hanmi Science Co. Ltd | 13,135 | 771 |
| ^ | Paradise Co. Ltd. | 45,413 | 718 |
| | Taekwang Industrial Co. Ltd. | 552 | 716 |
| | Ottogi Corp. | 1,234 | 715 |
| | Kolmar Korea Co. Ltd. | 14,957 | 714 |
| | Douzone Bizon Co. Ltd. | 18,135 | 693 |
| | SFA Engineering Corp. | 20,230 | 693 |
| * | Daewoo Engineering & Construction Co. Ltd. | 171,424 | 684 |
| *,^ | Ecopro Co. Ltd. | 19,571 | 682 |
| | Iljin Materials Co. Ltd. | 16,941 | 681 |
| | LS Industrial Systems Co. Ltd. | 15,600 | 678 |
| * | Doosan Heavy Industries & Construction Co. Ltd. | 69,437 | 671 |
| * | SM Entertainment Co. Ltd. | 17,136 | 663 |
| *,^ | JYP Entertainment Corp. | 26,220 | 661 |
| | Seoul Semiconductor Co. Ltd. | 36,620 | 660 |
| ^ | Cosmax Inc. | 6,409 | 651 |
| | Doosan Corp. | 5,991 | 631 |
| | NongShim Co. Ltd. | 3,283 | 629 |
| * | CrystalGenomics Inc. | 35,647 | 629 |
| | HDC Holdings Co. Ltd. | 42,099 | 625 |
| *,^ | Telcon RF Pharmaceutical Inc. | 67,797 | 606 |
| | LOTTE Fine Chemical Co. Ltd. | 16,820 | 605 |
| *,^ | Kumho Tire Co. Inc. | 136,430 | 602 |
| * | Pharmicell Co. Ltd. | 55,760 | 592 |
| * | Komipharm International Co. Ltd. | 31,361 | 589 |
| | Innocean Worldwide Inc. | 11,533 | 587 |
| | LOTTE Himart Co. Ltd. | 11,711 | 578 |
| | SKC Co. Ltd. | 19,722 | 577 |
| | SK Networks Co. Ltd. | 152,255 | 571 |
| | Hanjin Kal Corp. | 33,381 | 568 |
| | GS Home Shopping Inc. | 3,326 | 568 |
| | Dongsuh Cos. Inc. | 34,457 | 565 |
| *,^ | Cafe24 Corp. | 5,745 | 561 |
| | Hansol Chemical Co. Ltd. | 7,947 | 553 |
| | Hyundai Greenfood Co. Ltd. | 50,846 | 552 |
| | Bukwang Pharmaceutical Co. Ltd. | 28,055 | 551 |
| ^ | Green Cross Corp. | 5,152 | 543 |
| *,^ | Naturecell Co. Ltd. | 41,844 | 531 |
| ^ | Esmo Corp. | 88,020 | 528 |
| ^ | Daewoong Pharmaceutical Co. Ltd. | 4,188 | 521 |
| | Chong Kun Dang Pharmaceutical Corp. | 6,813 | 521 |
| *,^ | Studio Dragon Corp. | 6,332 | 514 |
| | LEENO Industrial Inc. | 9,762 | 514 |
| * | Medipost Co. Ltd. | 7,412 | 513 |
| | DoubleUGames Co. Ltd. | 8,785 | 505 |
| * | Hugel Inc. | 2,088 | 504 |
| | KEPCO Plant Service & Engineering Co. Ltd. | 20,733 | 502 |
| *,^ | Inscobee Inc. | 92,235 | 497 |
| | WONIK IPS Co. Ltd. | 29,567 | 496 |
| | L&F Co. Ltd. | 15,805 | 496 |
| * | Sangsangin Co. Ltd. | 31,957 | 495 |
| | Hyundai Home Shopping Network Corp. | 5,723 | 491 |
| ^ | Hana Tour Service Inc. | 9,361 | 491 |
| * | Enzychem Lifesciences Corp. | 6,067 | 489 |
| * | Hyosung TNC Co. Ltd. | 3,146 | 484 |
| * | HLB Life Science CO Ltd. | 33,395 | 482 |
| | Green Cross Holdings Corp. | 26,183 | 479 |
| * | Amicogen Inc. | 17,228 | 478 |
| | Ssangyong Cement Industrial Co. Ltd. | 112,240 | 475 |
| * | SK Chemicals Co. Ltd. | 8,869 | 473 |
| | Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 3,022 | 472 |
56
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SK Discovery Co. Ltd. | 19,379 | 462 |
| | Huchems Fine Chemical Corp. | 23,812 | 457 |
| ^ | BGF Co. Ltd. | 69,631 | 456 |
| *,^ | Yungjin Pharmaceutical Co. Ltd. | 93,736 | 455 |
| ^ | Hyosung Corp. | 10,030 | 453 |
| ^ | Lotte Chilsung Beverage Co. Ltd. | 374 | 449 |
| ^ | Hite Jinro Co. Ltd. | 32,231 | 447 |
| * | Mirae Asset Daewoo Co. Ltd. Preference Shares | 140,819 | 444 |
| | Hyundai Wia Corp. | 16,854 | 439 |
| | Hanwha General Insurance Co. Ltd. | 83,683 | 437 |
| ^ | CJ CGV Co. Ltd. | 12,152 | 432 |
| | Soulbrain Co. Ltd. | 9,335 | 431 |
| *,^ | Hyundai Construction Equipment Co. Ltd. | 6,530 | 430 |
| | SKCKOLONPI Inc. | 14,529 | 430 |
| | Korea Petrochemical Ind Co. Ltd. | 3,099 | 426 |
| | LG Electronics Inc. Preference Shares | 18,737 | 425 |
| | Poongsan Corp. | 19,839 | 422 |
| * | Osstem Implant Co. Ltd. | 11,132 | 418 |
| ^ | Kolon Life Science Inc. | 7,699 | 418 |
| | Samyang Holdings Corp. | 5,466 | 416 |
| | Dentium Co. Ltd. | 6,484 | 412 |
| | Handsome Co. Ltd. | 12,576 | 402 |
| * | G-treeBNT Co. Ltd. | 20,419 | 400 |
| ^ | Hanssem Co. Ltd. | 9,268 | 399 |
| | Daou Technology Inc. | 22,532 | 398 |
| | Dongkuk Steel Mill Co. Ltd. | 63,258 | 394 |
| | LF Corp. | 20,375 | 393 |
| *,^ | Feelux Co. Ltd. | 39,886 | 390 |
| | IS Dongseo Co. Ltd. | 14,273 | 389 |
| * | NHN Entertainment Corp. | 9,434 | 381 |
| | DB HiTek Co. Ltd. | 37,663 | 377 |
| *,^ | Foosung Co. Ltd. | 48,342 | 373 |
| * | iNtRON Biotechnology Inc. | 11,954 | 372 |
| | Binggrae Co. Ltd. | 5,963 | 371 |
| *,^ | BH Co. Ltd. | 26,113 | 368 |
| | Eo Technics Co. Ltd. | 8,533 | 367 |
| | Daesang Corp. | 18,177 | 361 |
| | Hanjin Transportation Co. Ltd. | 10,958 | 361 |
| *,^ | Samwha Capacitor Co. Ltd. | 7,244 | 359 |
| | Daishin Securities Co. Ltd. | 36,349 | 355 |
| | Taeyoung Engineering & Construction Co. Ltd. | 42,112 | 353 |
| | Grand Korea Leisure Co. Ltd. | 17,957 | 352 |
| * | CMG Pharmaceutical Co. Ltd. | 87,721 | 348 |
| | Mirae Asset Life Insurance Co. Ltd. | 86,354 | 346 |
| | NICE Information Service Co. Ltd. | 36,021 | 345 |
| | Jeil Pharmaceutical Co. Ltd. | 9,268 | 343 |
| * | Asiana Airlines Inc. | 106,218 | 341 |
| | Dong-A ST Co. Ltd. | 4,596 | 338 |
| | Silicon Works Co. Ltd. | 9,693 | 338 |
| ^ | JW Pharmaceutical Corp. | 11,479 | 335 |
| ^ | YG Entertainment Inc. | 10,297 | 334 |
| | Hankook Tire Worldwide Co. Ltd. | 21,973 | 326 |
| | Young Poong Corp. | 565 | 326 |
| | Maeil Dairies Co. Ltd. | 4,866 | 323 |
| | Youngone Holdings Co. Ltd. | 5,862 | 316 |
| | Halla Holdings Corp. | 8,765 | 316 |
| | Ilyang Pharmaceutical Co. Ltd. | 13,766 | 311 |
| ^ | Hansae Co. Ltd. | 19,028 | 310 |
| | LG International Corp. | 22,442 | 310 |
| ^ | LIG Nex1 Co. Ltd. | 12,087 | 309 |
| *,^ | GemVax & Kael Co. Ltd. | 27,900 | 306 |
| | Tongyang Inc. | 216,659 | 303 |
| | Orion Holdings Corp. | 21,959 | 303 |
| * | Hyosung Advanced Materials Corp. | 3,257 | 300 |
57
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | NICE Holdings Co. Ltd. | 19,858 | 300 |
| | Korea Real Estate Investment & Trust Co. Ltd. | 144,663 | 299 |
| | Shinsegae International Inc. | 2,299 | 299 |
| *,^ | Ananti Inc. | 39,180 | 296 |
| | Hanwha Corp. Preference Shares | 25,129 | 295 |
| | Nexen Tire Corp. | 40,974 | 294 |
| * | F&F Co. Ltd. | 6,379 | 293 |
| | Meritz Financial Group Inc. | 31,983 | 291 |
| *,^ | Hyundai Electric & Energy System Co. Ltd. | 6,910 | 287 |
| *,^ | Jenax Inc. | 16,614 | 285 |
| * | Peptron Inc. | 14,470 | 282 |
| * | ATGen Co. Ltd. | 23,030 | 279 |
| | Modetour Network Inc. | 13,449 | 279 |
| | Huons Co. Ltd. | 4,669 | 278 |
| | Partron Co. Ltd. | 36,074 | 276 |
| | SPC Samlip Co. Ltd. | 2,486 | 275 |
| | LG Hausys Ltd. | 6,458 | 273 |
| ^ | Daewoong Co. Ltd. | 22,255 | 273 |
| | HS Industries Co. Ltd. | 50,258 | 273 |
| ^ | Advanced Process Systems Corp. | 12,111 | 270 |
| * | Hyosung Chemical Corp. | 2,319 | 267 |
| * | Korea Line Corp. | 13,850 | 262 |
| | Dong-A Socio Holdings Co. Ltd. | 3,349 | 262 |
| | Songwon Industrial Co. Ltd. | 17,058 | 260 |
| | Dongwon Industries Co. Ltd. | 1,219 | 259 |
| *,^ | Taihan Electric Wire Co. Ltd. | 283,191 | 259 |
| | Dongjin Semichem Co. Ltd. | 33,872 | 258 |
| *,^ | Naturalendo Tech Co. Ltd. | 17,385 | 258 |
| *,^ | Gamevil Inc. | 5,731 | 258 |
| ^ | Lotte Confectionery Co. Ltd. | 1,842 | 257 |
| | Jusung Engineering Co. Ltd. | 42,052 | 254 |
| | Kumho Industrial Co. Ltd. | 29,434 | 253 |
| *,^ | Toptec Co. Ltd. | 21,622 | 253 |
| * | Hyosung Heavy Industries Corp. | 6,779 | 253 |
| | Daishin Securities Co. Ltd. Preference Shares | 31,878 | 252 |
| | Green Cross Cell Corp. | 5,374 | 249 |
| ^ | Dawonsys Co. Ltd. | 17,532 | 248 |
| | Dongwon F&B Co. Ltd. | 1,066 | 247 |
| | Posco ICT Co. Ltd. | 50,296 | 245 |
| | Caregen Co. Ltd. | 3,866 | 241 |
| | Hansol Paper Co. Ltd. | 15,350 | 236 |
| | Sebang Global Battery Co. Ltd. | 7,567 | 233 |
| *,^ | DIO Corp. | 10,110 | 231 |
| | Daeduck GDS Co. Ltd. | 20,266 | 229 |
| * | Hanil Cement Co. Ltd. | 2,216 | 228 |
| | Vieworks Co. Ltd. | 8,021 | 227 |
| | Lotte Food Co. Ltd. | 393 | 226 |
| * | Innox Advanced Materials Co. Ltd. | 6,441 | 225 |
| *,^ | Aekyung Industrial Co. Ltd. | 6,277 | 224 |
| * | Yuanta Securities Korea Co. Ltd. | 78,425 | 219 |
| | Namyang Dairy Products Co. Ltd. | 415 | 219 |
| | KEPCO Engineering & Construction Co. Inc. | 13,462 | 218 |
| | DongKook Pharmaceutical Co. Ltd. | 4,442 | 216 |
| | Shinyoung Securities Co. Ltd. | 4,325 | 216 |
| | Daeduck Electronics Co. | 29,381 | 214 |
| | AK Holdings Inc. | 5,417 | 213 |
| * | Seegene Inc. | 13,122 | 213 |
| | Samchully Co. Ltd. | 2,633 | 212 |
| | Lock&Lock Co. Ltd. | 15,389 | 209 |
| | SK Gas Ltd. | 3,213 | 207 |
| | Korea Electric Terminal Co. Ltd. | 6,243 | 206 |
| | Korea Asset In Trust Co. Ltd. | 53,791 | 205 |
| | Ahnlab Inc. | 5,702 | 204 |
| | TES Co. Ltd. | 15,234 | 202 |
58
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | CJ Hello Co. Ltd. | 25,075 | 201 |
| ^ | Huons Global Co. Ltd. | 5,717 | 197 |
| | Samyang Corp. | 3,651 | 195 |
| * | Webzen Inc. | 14,764 | 194 |
| * | Hanwha Investment & Securities Co. Ltd. | 107,257 | 193 |
| | Seah Besteel Corp. | 13,541 | 193 |
| | Hyundai Livart Furniture Co. Ltd. | 9,784 | 187 |
| * | Homecast Co. Ltd. | 37,009 | 184 |
| | S&T Motiv Co. Ltd. | 7,963 | 184 |
| | Dae Hwa Pharmaceutical Co. Ltd. | 10,363 | 184 |
| * | Binex Co. Ltd. | 21,825 | 183 |
| *,^ | SK Securities Co. Ltd. | 276,029 | 181 |
| *,^ | Vidente Co. Ltd. | 23,094 | 180 |
| | Kolon Corp. | 6,659 | 180 |
| | InBody Co. Ltd. | 9,496 | 176 |
| | SL Corp. | 13,785 | 175 |
| ^ | Hankook Shell Oil Co. Ltd. | 578 | 175 |
| | Kolmar Korea Holdings Co. Ltd. | 6,815 | 174 |
| | Lutronic Corp. | 20,382 | 169 |
| | Daekyo Co. Ltd. | 27,547 | 167 |
| | WeMade Entertainment Co. Ltd. | 7,992 | 167 |
| | i-SENS Inc. | 8,269 | 166 |
| | Namhae Chemical Corp. | 18,610 | 165 |
| * | Cuckoo Homesys Co. Ltd. | 1,202 | 165 |
| | Able C&C Co. Ltd. | 21,128 | 165 |
| * | Seobu T&D | 21,296 | 164 |
| | Sung Kwang Bend Co. Ltd. | 15,908 | 163 |
| *,^ | Aprogen pharmaceuticals Inc. | 69,551 | 160 |
| | E1 Corp. | 2,974 | 158 |
| ^ | Hancom Inc. | 13,852 | 157 |
| ^ | ST Pharm Co. Ltd. | 8,420 | 156 |
| | Tongyang Life Insurance Co. Ltd. | 31,110 | 154 |
| | Chongkundang Holdings Corp. | 3,115 | 154 |
| | Hyundai Corp. | 7,187 | 154 |
| | KT Skylife Co. Ltd. | 13,988 | 153 |
| | KISWIRE Ltd. | 8,000 | 152 |
| * | CUROCOM Co. Ltd. | 112,774 | 152 |
| | Sindoh Co. Ltd. | 3,962 | 152 |
| | Cuckoo Holdings Co. Ltd. | 1,400 | 149 |
| | Hansol Holdings Co. Ltd. | 40,933 | 149 |
| | JW Holdings Corp. | 28,934 | 149 |
| * | KONA I Co. Ltd. | 11,398 | 149 |
| | Kwang Dong Pharmaceutical Co. Ltd. | 29,386 | 145 |
| | NS Shopping Co. Ltd. | 14,990 | 142 |
| | Muhak Co. Ltd. | 13,199 | 135 |
| * | Ssangyong Motor Co. | 40,269 | 131 |
| * | Hansol Technics Co. Ltd. | 22,258 | 131 |
| | CJ CheilJedang Corp. Preference Shares | 1,253 | 131 |
| | Youlchon Chemical Co. Ltd. | 12,047 | 131 |
| | TK Corp. | 12,269 | 130 |
| * | S&T Dynamics Co. Ltd. | 21,412 | 130 |
| * | Hanjin Heavy Industries & Construction Co. Ltd. | 82,463 | 129 |
| | Sungwoo Hitech Co. Ltd. | 41,909 | 128 |
| * | APS Holdings Corp. | 35,638 | 126 |
| * | KTB Investment & Securities Co. Ltd. | 44,088 | 126 |
| | Dae Han Flour Mills Co. Ltd. | 842 | 126 |
| | Kyobo Securities Co. Ltd. | 16,417 | 126 |
| *,^ | NUTRIBIOTECH Co. Ltd. | 9,356 | 125 |
| *,^ | Insun ENT Co. Ltd. | 24,551 | 123 |
| *,^ | Duk San Neolux Co. Ltd. | 11,208 | 122 |
| * | Interflex Co. Ltd. | 13,049 | 122 |
| | KC Co. Ltd. | 8,503 | 122 |
| * | SFA Semicon Co. Ltd. | 97,638 | 122 |
| | Humedix Co. Ltd. | 5,256 | 121 |
59
| | | | | |
| Vanguard® Pacific Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| October 31, 2018 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| | Cell Biotech Co. Ltd. | | | 5,481 | 120 |
| | NEPES Corp. | | | 15,206 | 120 |
| | It's Hanbul Co. Ltd. | | | 5,498 | 119 |
| | iMarketKorea Inc. | | | 20,930 | 119 |
| | KC Tech Co. Ltd. | | | 11,659 | 118 |
| *,^ | COSON Co. Ltd. | | | 13,992 | 118 |
| *,^ | Eugene Investment & Securities Co. Ltd. | | | 56,837 | 116 |
| * | Neowiz | | | 11,282 | 113 |
| *,^ | Wonik Holdings Co. Ltd. | | | 31,912 | 113 |
| | KISCO Corp. | | | 21,795 | 111 |
| | SBS Media Holdings Co. Ltd. | | | 55,748 | 111 |
| | Sam Young Electronics Co. Ltd. | | | 11,192 | 110 |
| *,^ | Cellumed Co. Ltd. | | | 15,205 | 110 |
| *,^ | G-SMATT GLOBAL Co. Ltd. | | | 12,258 | 110 |
| * | Leaders Cosmetics Co. Ltd. | | | 11,056 | 108 |
| | CJ Freshway Corp. | | | 4,321 | 89 |
| | Maeil Holdings Co. Ltd. | | | 8,814 | 87 |
| ^ | Byucksan Corp. | | | 41,431 | 86 |
| | Coreana Cosmetics Co. Ltd. | | | 22,740 | 83 |
| * | Samsung Pharmaceutical Co. Ltd. | | | 36,622 | 83 |
| * | Eusu Holdings Co. Ltd. | | | 15,078 | 82 |
| | GOLFZON Co. Ltd. | | | 2,849 | 82 |
| | DB Financial Investment Co. Ltd. | | | 24,758 | 81 |
| * | GNCO Co. Ltd. | | | 65,482 | 81 |
| | ICD Co. Ltd. | | | 12,547 | 78 |
| * | Lumens Co. Ltd. | | | 37,737 | 78 |
| | INTOPS Co. Ltd. | | | 11,234 | 77 |
| *,^ | Taewoong Co. Ltd. | | | 8,132 | 76 |
| | Hanil Holdings Co. Ltd. | | | 1,818 | 74 |
| *,^ | KH Vatec Co. Ltd. | | | 12,932 | 73 |
| ^ | Woongjin Thinkbig Co. Ltd. | | | 19,431 | 71 |
| | Cosmax BTI Inc | | | 4,116 | 69 |
| | Interpark Holdings Corp. | | | 36,083 | 67 |
| *,^ | Agabang&Company | | | 22,329 | 67 |
| * | SeAH Steel Corp. | | | 1,204 | 62 |
| | Humax Co. Ltd. | | | 14,878 | 59 |
| | SeAH Steel Holdings Corp. | | | 1,343 | 58 |
| | LVMC Holdings | | | 25,107 | 46 |
| * | HSD Engine Co. Ltd. | | | 10,581 | 41 |
| * | SK Securities Co. Ltd. Rights | | | 73,443 | 11 |
| |
| | | | | | 769,177 |
| |
| Total Common Stocks (Cost $7,603,017) | | | | 6,741,370 |
| |
| |
| | | Coupon | | | |
| |
| Temporary Cash Investments (2.5%)1 | | | | |
| Money Market Fund (2.5%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 2.308% | | 1,668,352 | 166,835 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| | United States Treasury Bill | 2.034%-2.078% | 11/15/18 | 1,200 | 1,199 |
| 5 | United States Treasury Bill | 2.302% | 2/28/19 | 500 | 496 |
| 5 | United States Treasury Bill | 2.429% | 4/11/19 | 1,000 | 990 |
| |
| | | | | | 2,685 |
| |
| Total Temporary Cash Investments (Cost $169,543) | | | | 169,520 |
60
| |
| Vanguard® Pacific Stock Index Fund | |
| Schedule of Investments | |
| October 31, 2018 | |
| |
| |
| Total Investments (101.7%) (Cost $7,772,560) | 6,910,890 |
| Other Assets and Liabilities—Net (-1.7%)4,5,6 | (112,840) |
| Net Assets (100%) | 6,798,050 |
| * | Non-income-producing security. |
| § | Security value determined using significant unobservable inputs. |
| ^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $138,513,000. |
| 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. At October 31, 2018, the aggregate value of these securities was $21,917,000, representing 0.3% 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 $151,879,000 of collateral received for securities on loan. |
| 5 | Securities with a value of $1,485,000 and cash of $815,000 have been segregated as initial margin for open futures contracts. |
| 6 | Cash of $430,000 has been segregated as collateral for open forward currency contracts. ADR—American Depository Receipt. |
| | REIT—Real Estate Investment Trust. |
61
© 2018 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA720 122018
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| |
| Common Stocks (99.2%)1 | | |
| Australia (2.1%) | | |
| Commonwealth Bank of Australia | 553,899 | 27,236 |
| BHP Billiton Ltd. | 1,012,537 | 23,363 |
| Westpac Banking Corp. | 1,076,048 | 20,440 |
| CSL Ltd. | 142,786 | 19,062 |
| Australia & New Zealand Banking Group Ltd. | 916,275 | 16,866 |
| National Australia Bank Ltd. | 859,407 | 15,392 |
| Wesfarmers Ltd. | 357,246 | 11,831 |
| Woolworths Group Ltd. | 417,097 | 8,418 |
| Macquarie Group Ltd. | 97,984 | 8,171 |
| Woodside Petroleum Ltd. | 298,973 | 7,361 |
| Rio Tinto Ltd. | 132,344 | 7,201 |
| Transurban Group | 842,172 | 6,774 |
| Scentre Group | 1,675,721 | 4,721 |
| Goodman Group | 591,829 | 4,350 |
| Suncorp Group Ltd. | 432,318 | 4,299 |
| South32 Ltd. | 1,640,053 | 4,230 |
| Aristocrat Leisure Ltd. | 206,706 | 3,895 |
| * Insurance Australia Group Ltd. | 754,937 | 3,651 |
| Brambles Ltd. | 469,782 | 3,539 |
| Newcrest Mining Ltd. | 240,737 | 3,524 |
| Amcor Ltd. | 360,521 | 3,402 |
| QBE Insurance Group Ltd. | 421,338 | 3,385 |
| * Origin Energy Ltd. | 584,161 | 3,027 |
| Telstra Corp. Ltd. | 1,321,631 | 2,891 |
| AGL Energy Ltd. | 206,036 | 2,631 |
| Santos Ltd. | 550,940 | 2,586 |
| ASX Ltd. | 59,405 | 2,495 |
| APA Group | 364,095 | 2,480 |
| Treasury Wine Estates Ltd. | 223,980 | 2,411 |
| LendLease Group | 183,134 | 2,287 |
| Dexus | 312,808 | 2,260 |
| Oil Search Ltd. | 408,256 | 2,244 |
| Cochlear Ltd. | 17,200 | 2,167 |
| Computershare Ltd. | 148,593 | 2,087 |
| Sonic Healthcare Ltd. | 128,844 | 2,062 |
| GPT Group | 553,975 | 2,026 |
| Tabcorp Holdings Ltd. | 586,012 | 1,923 |
| Stockland | 742,854 | 1,900 |
| Vicinity Centres | 992,207 | 1,861 |
| Aurizon Holdings Ltd. | 611,003 | 1,820 |
| James Hardie Industries plc | 135,486 | 1,810 |
| BlueScope Steel Ltd. | 172,082 | 1,764 |
| Mirvac Group | 1,138,022 | 1,751 |
| Medibank Pvt Ltd. | 847,609 | 1,681 |
| AMP Ltd. | 923,721 | 1,620 |
| Caltex Australia Ltd. | 80,185 | 1,604 |
| Ramsay Health Care Ltd. | 39,857 | 1,591 |
| Sydney Airport | 339,574 | 1,552 |
| Incitec Pivot Ltd. | 524,440 | 1,453 |
| Boral Ltd. | 363,320 | 1,447 |
| Orica Ltd. | 116,965 | 1,425 |
| Fortescue Metals Group Ltd. | 500,275 | 1,424 |
| Alumina Ltd. | 777,980 | 1,412 |
| SEEK Ltd. | 105,541 | 1,341 |
| Challenger Ltd. | 179,331 | 1,306 |
| Northern Star Resources Ltd. | 181,581 | 1,134 |
| Bendigo & Adelaide Bank Ltd. | 152,841 | 1,111 |
| WorleyParsons Ltd. | 106,477 | 1,101 |
| Coca-Cola Amatil Ltd. | 152,009 | 1,070 |
| CIMIC Group Ltd. | 30,269 | 1,016 |
| Crown Resorts Ltd. | 111,700 | 994 |
1
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Atlas Arteria Ltd. | 204,158 | 989 |
| | Healthscope Ltd. | 589,741 | 885 |
| | Downer EDI Ltd. | 178,394 | 878 |
| | Orora Ltd. | 367,957 | 877 |
| | ALS Ltd. | 150,435 | 872 |
| | Link Administration Holdings Ltd. | 161,210 | 859 |
| * | Xero Ltd. | 29,742 | 843 |
| | Star Entertainment Grp Ltd. | 247,491 | 835 |
| | Bank of Queensland Ltd. | 118,997 | 816 |
| | Qantas Airways Ltd. | 204,473 | 794 |
| | Reliance Worldwide Corp. Ltd. | 220,915 | 787 |
| | Magellan Financial Group Ltd. | 41,180 | 781 |
| | REA Group Ltd. | 15,229 | 775 |
| | Iluka Resources Ltd. | 132,678 | 762 |
| | Investa Office Fund | 190,557 | 750 |
| | Charter Hall Group | 150,707 | 738 |
| | Evolution Mining Ltd. | 348,254 | 737 |
| | Ansell Ltd. | 42,783 | 705 |
| | Beach Energy Ltd. | 564,598 | 703 |
| | Whitehaven Coal Ltd. | 203,455 | 703 |
| ^ | Domino's Pizza Enterprises Ltd. | 17,875 | 685 |
| | Qube Holdings Ltd. | 384,580 | 669 |
| | AusNet Services | 547,825 | 664 |
| | OZ Minerals Ltd. | 100,727 | 646 |
| | DuluxGroup Ltd. | 121,559 | 639 |
| | Washington H Soul Pattinson & Co. Ltd. | 28,998 | 595 |
| | Flight Centre Travel Group Ltd. | 17,961 | 592 |
| | Cleanaway Waste Management Ltd. | 452,216 | 578 |
| | carsales.com Ltd. | 66,616 | 577 |
| | JB Hi-Fi Ltd. | 35,287 | 575 |
| | Adelaide Brighton Ltd. | 139,832 | 562 |
| | Metcash Ltd. | 278,505 | 544 |
| | TPG Telecom Ltd. | 102,672 | 523 |
| | Altium Ltd. | 33,171 | 517 |
| * | Vocus Group Ltd. | 211,206 | 515 |
| | IOOF Holdings Ltd. | 105,254 | 509 |
| | Steadfast Group Ltd. | 240,190 | 506 |
| | nib holdings Ltd. | 126,265 | 497 |
| | Pendal Group Ltd. | 84,607 | 489 |
| * | Saracen Mineral Holdings Ltd. | 270,201 | 471 |
| | Regis Resources Ltd. | 155,747 | 467 |
| | St. Barbara Ltd. | 157,627 | 465 |
| | Mineral Resources Ltd. | 42,971 | 436 |
| *,^ | Afterpay Touch Group Ltd. | 48,771 | 435 |
| | Independence Group NL | 149,998 | 431 |
| * | NEXTDC Ltd. | 102,710 | 429 |
| | Bapcor Ltd. | 87,324 | 424 |
| | Nufarm Ltd. | 104,176 | 421 |
| | Sims Metal Management Ltd. | 51,767 | 415 |
| | GrainCorp Ltd. Class A | 69,791 | 408 |
| | Costa Group Holdings Ltd. | 93,666 | 406 |
| ^ | Harvey Norman Holdings Ltd. | 176,374 | 399 |
| | Corporate Travel Management Ltd. | 27,898 | 398 |
| | CSR Ltd. | 153,212 | 384 |
| | Shopping Centres Australasia Property Group | 199,952 | 364 |
| | Primary Health Care Ltd. | 193,089 | 364 |
| | Seven Group Holdings Ltd. | 27,557 | 348 |
| | WiseTech Global Ltd. | 29,229 | 334 |
| | IRESS Ltd. | 43,139 | 332 |
| | Charter Hall Retail REIT | 110,111 | 332 |
| | Navitas Ltd. | 91,551 | 330 |
| | BWP Trust | 133,644 | 328 |
| | Fairfax Media Ltd. | 712,339 | 324 |
| * | Lynas Corp. Ltd. | 213,777 | 316 |
2
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Breville Group Ltd. | 35,800 | 312 |
| | Webjet Ltd. | 33,512 | 311 |
| | Monadelphous Group Ltd. | 29,944 | 306 |
| 2 | MYOB Group Ltd. | 128,019 | 306 |
| | Blackmores Ltd. | 3,503 | 302 |
| * | Mayne Pharma Group Ltd. | 376,918 | 300 |
| ^ | InvoCare Ltd. | 34,568 | 298 |
| | Cromwell Property Group | 395,933 | 289 |
| | Perpetual Ltd. | 11,643 | 286 |
| | Premier Investments Ltd. | 23,993 | 280 |
| | oOh!media Ltd. | 82,554 | 277 |
| | National Storage REIT | 228,553 | 276 |
| | Viva Energy REIT | 172,615 | 267 |
| ^ | Platinum Asset Management Ltd. | 76,033 | 265 |
| | Nine Entertainment Co. Holdings Ltd. | 214,863 | 258 |
| | Super Retail Group Ltd. | 48,655 | 250 |
| | SmartGroup Corp. Ltd. | 34,915 | 247 |
| | Rural Funds Group | 159,898 | 242 |
| | ARB Corp. Ltd. | 19,394 | 239 |
| | GUD Holdings Ltd. | 26,796 | 235 |
| | Appen Ltd. | 30,479 | 231 |
| | Technology One Ltd. | 59,623 | 230 |
| | Ardent Leisure Group | 199,337 | 227 |
| | Southern Cross Media Group Ltd. | 276,821 | 224 |
| | IDP Education Ltd. | 34,158 | 223 |
| | Brickworks Ltd. | 18,036 | 216 |
| | Bingo Industries Ltd. | 126,417 | 215 |
| | Charter Hall Long Wale REIT | 72,788 | 213 |
| | Abacus Property Group | 89,420 | 208 |
| | IPH Ltd. | 54,206 | 208 |
| | Folkestone Education Trust | 102,041 | 206 |
| *,^ | Pilbara Minerals Ltd. | 363,234 | 204 |
| ^ | G8 Education Ltd. | 138,748 | 202 |
| | NRW Holdings Ltd. | 152,504 | 200 |
| | Bega Cheese Ltd. | 46,740 | 198 |
| | Western Areas Ltd. | 119,037 | 190 |
| | Elders Ltd. | 36,460 | 189 |
| *,^ | Mesoblast Ltd. | 129,441 | 184 |
| | Sandfire Resources NL | 38,621 | 183 |
| | Aveo Group | 139,512 | 183 |
| | McMillan Shakespeare Ltd. | 15,440 | 181 |
| | Growthpoint Properties Australia Ltd. | 68,415 | 176 |
| | SpeedCast International Ltd. | 68,230 | 174 |
| *,^ | Galaxy Resources Ltd. | 111,184 | 174 |
| * | Emeco Holdings Ltd. | 850,381 | 173 |
| | Credit Corp. Group Ltd. | 11,940 | 162 |
| | GDI Property Group | 169,730 | 155 |
| | Ingenia Communities Group | 74,082 | 151 |
| | Collins Foods Ltd. | 33,101 | 150 |
| *,^ | Orocobre Ltd. | 62,464 | 149 |
| * | Dacian Gold Ltd. | 82,981 | 141 |
| | Eclipx Group Ltd. | 79,787 | 137 |
| | Select Harvests Ltd. | 37,320 | 137 |
| | Aventus Retail Property Fund Ltd. | 95,328 | 136 |
| * | Starpharma Holdings Ltd. | 129,509 | 135 |
| | Tassal Group Ltd. | 45,415 | 133 |
| | Hotel Property Investments | 60,363 | 132 |
| | Ausdrill Ltd. | 108,161 | 132 |
| | Sigma Healthcare Ltd. | 353,007 | 130 |
| | Genworth Mortgage Insurance Australia Ltd. | 81,279 | 130 |
| ^ | Netwealth Group Ltd. | 25,691 | 128 |
| | GWA Group Ltd. | 65,018 | 127 |
| | Centuria Industrial REIT | 64,056 | 126 |
| *,^ | Nanosonics Ltd. | 54,585 | 117 |
3
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Navigator Global Investments Ltd. | 36,584 | 116 |
| ^ | Greencross Ltd. | 35,208 | 113 |
| | Pact Group Holdings Ltd. | 45,255 | 112 |
| *,^ | Bellamy's Australia Ltd. | 21,436 | 110 |
| ^ | Inghams Group Ltd. | 39,642 | 110 |
| * | Seven West Media Ltd. | 191,420 | 106 |
| | Arena REIT | 68,505 | 105 |
| * | Australian Agricultural Co. Ltd. | 106,617 | 100 |
| | Domain Holdings Australia Ltd. | 56,609 | 100 |
| *,^ | Kidman Resources Ltd. | 136,924 | 97 |
| | Cabcharge Australia Ltd. | 65,725 | 96 |
| | ERM Power Ltd. | 79,429 | 92 |
| *,^ | Syrah Resources Ltd. | 80,877 | 92 |
| * | Senex Energy Ltd. | 319,614 | 91 |
| | Lovisa Holdings Ltd. | 16,436 | 90 |
| | Estia Health Ltd. | 60,540 | 88 |
| *,^ | New Century Resources Ltd. | 145,905 | 87 |
| * | Gold Road Resources Ltd. | 176,515 | 87 |
| | Australian Pharmaceutical Industries Ltd. | 78,311 | 85 |
| | SeaLink Travel Group Ltd. | 27,840 | 84 |
| | FlexiGroup Ltd. | 73,158 | 80 |
| ^ | Resolute Mining Ltd. | 107,430 | 79 |
| ^ | Automotive Holdings Group Ltd. | 60,314 | 77 |
| * | Cardno Ltd. | 104,821 | 76 |
| | Cedar Woods Properties Ltd. | 18,566 | 70 |
| * | Decmil Group Ltd. | 125,952 | 68 |
| | Virtus Health Ltd. | 18,856 | 67 |
| | SG Fleet Group Ltd. | 27,592 | 65 |
| | Accent Group Ltd. | 73,467 | 65 |
| | HT&E Ltd. | 47,055 | 65 |
| *,^ | Myer Holdings Ltd. | 192,568 | 62 |
| | OFX Group Ltd. | 39,620 | 60 |
| * | Village Roadshow Ltd. | 36,503 | 59 |
| * | Perseus Mining Ltd. | 207,674 | 53 |
| | Japara Healthcare Ltd. | 64,092 | 51 |
| * | Clean TeQ Holdings Ltd. | 164,077 | 49 |
| | Regis Healthcare Ltd. | 27,703 | 47 |
| * | Infigen Energy | 134,985 | 47 |
| | MACA Ltd. | 54,308 | 46 |
| * | Westgold Resources Ltd. | 57,371 | 45 |
| *,^ | Liquefied Natural Gas Ltd. | 123,849 | 44 |
| | Mount Gibson Iron Ltd. | 105,993 | 41 |
| * | Superloop Ltd. | 31,917 | 39 |
| | RCR Tomlinson Ltd. | 60,010 | 39 |
| ^ | BWX Ltd. | 20,537 | 37 |
| | Reject Shop Ltd. | 20,798 | 33 |
| | Asaleo Care Ltd. | 64,802 | 32 |
| *,^ | Karoon Gas Australia Ltd. | 40,339 | 31 |
| | Ainsworth Game Technology Ltd. | 39,806 | 29 |
| | WPP AUNZ Ltd. | 58,559 | 23 |
| | Vita Group Ltd. | 27,685 | 20 |
| | NZME Ltd. | 47,055 | 20 |
| * | OneMarket Ltd. | 30,364 | 18 |
| *,§ | Quintis Ltd. | 62,856 | 13 |
| *,^ | Blue Sky Alternative Investments Ltd. | 10,502 | 9 |
| * | Highfield Resources Ltd. | 24,899 | 9 |
| * | Cash Converters International Ltd. | 29,337 | 6 |
| *,§ | DSHE Holdings Ltd. | 14,824 | — |
| | | | 335,409 |
| Austria (0.1%) | | |
| | Erste Group Bank AG | 94,576 | 3,850 |
| | OMV AG | 43,566 | 2,419 |
| | voestalpine AG | 35,117 | 1,246 |
| | ANDRITZ AG | 21,920 | 1,136 |
4
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Raiffeisen Bank International AG | 39,735 | 1,083 |
| | Wienerberger AG | 36,350 | 836 |
| * | IMMOFINANZ AG | 30,574 | 728 |
| | CA Immobilien Anlagen AG | 21,500 | 700 |
| *,2 | BAWAG Group AG | 11,072 | 478 |
| | Lenzing AG | 4,449 | 404 |
| | Oesterreichische Post AG | 9,480 | 385 |
| | Verbund AG | 8,641 | 348 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 13,000 | 345 |
| | Schoeller-Bleckmann Oilfield Equipment AG | 3,228 | 288 |
| | S IMMO AG | 16,526 | 282 |
| | UNIQA Insurance Group AG | 30,201 | 282 |
| | Telekom Austria AG Class A | 35,662 | 265 |
| | DO & CO AG | 2,285 | 207 |
| | Strabag SE | 5,036 | 177 |
| | EVN AG | 7,792 | 136 |
| | Flughafen Wien AG | 3,428 | 133 |
| * | Agrana Beteiligungs AG | 4,952 | 99 |
| | Palfinger AG | 2,713 | 83 |
| | Kapsch TrafficCom AG | 2,165 | 77 |
| * | Zumtobel Group AG | 6,626 | 60 |
| | Porr AG | 2,073 | 56 |
| * | Semperit AG Holding | 2,008 | 33 |
| *,§ | Strabag SE Rights Exp. 6/28/2021 | 5,036 | 7 |
| | | | 16,143 |
| Belgium (0.3%) | | |
| | Anheuser-Busch InBev SA/NV | 238,647 | 17,651 |
| | KBC Group NV | 90,165 | 6,214 |
| | UCB SA | 37,042 | 3,111 |
| | Umicore SA | 65,666 | 3,091 |
| | Ageas | 58,145 | 2,909 |
| | Solvay SA Class A | 21,274 | 2,423 |
| | Groupe Bruxelles Lambert SA | 22,699 | 2,111 |
| | Proximus SADP | 43,172 | 1,100 |
| | Ackermans & van Haaren NV | 6,847 | 1,078 |
| | Colruyt SA | 16,495 | 959 |
| | Sofina SA | 4,748 | 908 |
| | Cofinimmo SA | 7,248 | 867 |
| | Telenet Group Holding NV | 14,476 | 701 |
| | Warehouses De Pauw CVA | 5,335 | 692 |
| | Elia System Operator SA/NV | 8,714 | 545 |
| | Aedifica SA | 6,207 | 519 |
| | bpost SA | 31,474 | 478 |
| | Euronav NV | 51,112 | 476 |
| | Ontex Group NV | 24,697 | 473 |
| | KBC Ancora | 9,536 | 441 |
| | Befimmo SA | 7,515 | 412 |
| | Melexis NV | 5,683 | 374 |
| | Barco NV | 3,037 | 346 |
| * | AGFA-Gevaert NV | 71,121 | 318 |
| * | Tessenderlo Chemie NV (Voting Shares) | 8,051 | 283 |
| | Gimv NV | 5,013 | 267 |
| | Bekaert SA | 12,070 | 261 |
| | D'ieteren SA/NV | 5,632 | 223 |
| | Kinepolis Group NV | 3,966 | 213 |
| | Fagron | 11,952 | 194 |
| | Cie d'Entreprises CFE | 1,711 | 181 |
| | Orange Belgium SA | 9,214 | 165 |
| | EVS Broadcast Equipment SA | 7,220 | 161 |
| * | Mithra Pharmaceuticals SA | 4,335 | 119 |
| | Van de Velde NV | 4,488 | 112 |
| ^ | Econocom Group SA/NV | 30,696 | 96 |
| * | Ion Beam Applications | 5,029 | 88 |
| | Wereldhave Belgium NV | 718 | 70 |
5
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Greenyard NV | 6,750 | 62 |
| *,^ | Nyrstar (Voting Shares) | 22,019 | 40 |
| | | | 50,732 |
| Brazil (0.9%) | | |
| | Vale SA Class B ADR | 661,848 | 9,994 |
| | Itau Unibanco Holding SA Preference Shares | 604,618 | 8,001 |
| | Petroleo Brasileiro SA Preference Shares | 945,192 | 7,015 |
| | Banco Bradesco SA ADR | 761,865 | 6,986 |
| | Vale SA | 446,652 | 6,806 |
| | Petroleo Brasileiro SA | 635,246 | 5,175 |
| | Itau Unibanco Holding SA ADR | 390,671 | 5,145 |
| | B3 SA - Brasil Bolsa Balcao | 604,750 | 4,313 |
| | Itausa - Investimentos Itau SA Preference Shares | 1,380,339 | 4,169 |
| | Banco do Brasil SA | 328,593 | 3,775 |
| | Banco Bradesco SA Preference Shares | 390,941 | 3,603 |
| | Ambev SA ADR | 811,048 | 3,512 |
| | Petroleo Brasileiro SA ADR Preference Shares | 221,950 | 3,289 |
| | Ambev SA | 571,937 | 2,511 |
| | Lojas Renner SA | 217,540 | 2,198 |
| | Ultrapar Participacoes SA | 130,848 | 1,556 |
| | Banco Bradesco SA | 188,568 | 1,533 |
| | Suzano Papel e Celulose SA | 146,834 | 1,493 |
| * | Rumo SA | 333,683 | 1,493 |
| | Telefonica Brasil SA Preference Shares | 127,964 | 1,486 |
| | BB Seguridade Participacoes SA | 207,839 | 1,479 |
| | Kroton Educacional SA | 474,036 | 1,455 |
| | Banco Santander Brasil SA | 122,100 | 1,385 |
| | Petroleo Brasileiro SA ADR | 84,295 | 1,370 |
| | Fibria Celulose SA | 70,300 | 1,357 |
| | Localiza Rent a Car SA | 157,135 | 1,214 |
| | Cielo SA | 341,588 | 1,212 |
| | Klabin SA | 232,700 | 1,167 |
| | Lojas Americanas SA Preference Shares | 230,858 | 1,166 |
| | WEG SA | 237,278 | 1,148 |
| | Raia Drogasil SA | 66,600 | 1,124 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 52,321 | 1,100 |
| * | BRF SA | 186,824 | 1,099 |
| | CCR SA | 346,644 | 1,022 |
| | Magazine Luiza SA | 22,500 | 1,021 |
| | Gerdau SA Preference Shares | 224,300 | 980 |
| | Equatorial Energia SA | 50,200 | 917 |
| | Hypera SA | 114,412 | 916 |
| | Braskem SA Preference Shares | 64,180 | 899 |
| | JBS SA | 325,398 | 896 |
| * | BR Malls Participacoes SA | 254,818 | 870 |
| | Embraer SA ADR | 36,363 | 810 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 107,200 | 805 |
| | IRB Brasil Resseguros S/A | 36,700 | 715 |
| | Petrobras Distribuidora SA | 106,395 | 686 |
| | Bradespar SA Preference Shares | 67,900 | 631 |
| | Cia Energetica de Minas Gerais Preference Shares | 199,976 | 593 |
| * | Centrais Eletricas Brasileiras SA | 90,300 | 570 |
| | TIM Participacoes SA | 182,600 | 569 |
| * | Centrais Eletricas Brasileiras SA Preference Shares | 76,500 | 547 |
| * | B2W Cia Digital | 58,462 | 542 |
| | Natura Cosmeticos SA | 61,700 | 540 |
| | Embraer SA | 91,400 | 514 |
| | Energisa SA | 55,400 | 514 |
| | Cosan SA | 57,700 | 500 |
| * | Azul SA Prior Preference Shares. | 58,648 | 482 |
| | Estacio Participacoes SA | 77,400 | 481 |
| | CVC Brasil Operadora e Agencia de Viagens SA | 31,000 | 471 |
| | Engie Brasil Energia SA | 43,100 | 461 |
| | Multiplan Empreendimentos Imobiliarios SA | 72,021 | 445 |
6
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Atacadao Distribuicao Comercio e Industria Ltda | 108,171 | 443 |
| Metalurgica Gerdau SA Preference Shares Class A | 199,300 | 425 |
| Transmissora Alianca de Energia Eletrica SA | 70,927 | 424 |
| Sul America SA | 62,244 | 415 |
| Porto Seguro SA | 28,372 | 415 |
| Gerdau SA ADR | 94,126 | 409 |
| Fleury SA | 71,200 | 399 |
| EDP - Energias do Brasil SA | 103,467 | 389 |
| Duratex SA | 112,885 | 349 |
| Cia Energetica de Minas Gerais | 114,724 | 342 |
| M Dias Branco SA | 25,200 | 301 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 76,598 | 300 |
| Banco BTG Pactual SA | 56,492 | 300 |
| Cia de Saneamento de Minas Gerais-COPASA | 20,489 | 282 |
| Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 15,577 | 274 |
| Qualicorp Consultoria e Corretora de Seguros SA | 67,000 | 259 |
| Lojas Americanas SA | 68,029 | 256 |
| Usinas Siderurgicas de Minas Gerais SA Preference Shares | 92,471 | 255 |
| MRV Engenharia e Participacoes SA | 75,200 | 255 |
| Odontoprev SA | 71,900 | 255 |
| Sao Martinho SA | 48,700 | 254 |
| Banco do Estado do Rio Grande do Sul SA Preference Shares | 46,698 | 249 |
| Cia Energetica de Sao Paulo Preference Shares | 46,585 | 248 |
| TOTVS SA | 36,100 | 243 |
| Cia Hering | 38,400 | 234 |
| Cia Siderurgica Nacional SA ADR | 89,670 | 226 |
| Cia Siderurgica Nacional SA | 86,800 | 223 |
| Cia de Saneamento do Parana Preference Shares | 82,300 | 223 |
| Iguatemi Empresa de Shopping Centers SA | 21,200 | 221 |
| TIM Participacoes SA ADR | 13,500 | 209 |
| * Cosan Logistica SA | 60,300 | 206 |
| SLC Agricola SA | 13,300 | 204 |
| Linx SA | 29,400 | 203 |
| Smiles Fidelidade SA | 19,500 | 195 |
| Iochpe Maxion SA | 36,924 | 192 |
| * Gol Linhas Aereas Inteligentes SA Preference Shares | 37,300 | 184 |
| Arezzo Industria e Comercio SA | 14,200 | 181 |
| Grendene SA | 89,100 | 175 |
| QGEP Participacoes SA | 52,800 | 170 |
| Cia Paranaense de Energia | 23,100 | 161 |
| Aliansce Shopping Centers SA | 34,069 | 160 |
| Alupar Investimento SA | 33,158 | 156 |
| * Magnesita Refratarios SA | 10,260 | 155 |
| Via Varejo SA | 33,500 | 152 |
| Randon Participacoes SA Preference Shares | 71,064 | 152 |
| * BK Brasil Operacao e Assessoria a Restaurantes SA | 33,800 | 146 |
| EcoRodovias Infraestrutura e Logistica SA | 56,200 | 143 |
| Ez Tec Empreendimentos e Participacoes SA | 21,859 | 141 |
| * Dommo Energia SA | 343,800 | 140 |
| Cia de Locacao das Americas | 16,700 | 138 |
| Light SA | 29,973 | 134 |
| * Marfrig Global Foods SA | 77,700 | 134 |
| * Construtora Tenda SA | 16,886 | 129 |
| AES Tiete Energia SA | 46,361 | 128 |
| Anima Holding SA | 27,664 | 124 |
| Cia Paranaense de Energia Preference Shares | 17,400 | 123 |
| Marcopolo SA Preference Shares | 114,295 | 121 |
| * Even Construtora e Incorporadora SA | 92,000 | 118 |
| Alpargatas SA Preference Shares | 28,989 | 118 |
| Unipar Carbocloro SA Preference Shares | 9,988 | 114 |
| Multiplus SA | 16,200 | 110 |
| Tupy SA | 23,300 | 110 |
| Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 7,516 | 109 |
| Direcional Engenharia SA | 49,300 | 95 |
7
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| BR Properties SA | 44,276 | 93 |
| Movida Participacoes SA | 43,300 | 92 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 18,538 | 76 |
| Guararapes Confeccoes SA | 2,000 | 71 |
| Mahle-Metal Leve SA | 12,100 | 70 |
| Wiz Solucoes e Corretagem de Seguros SA | 27,200 | 55 |
| Instituto Hermes Pardini SA | 12,400 | 51 |
| * Minerva SA | 34,300 | 51 |
| Cia de Saneamento do Parana | 3,460 | 48 |
| * Alliar Medicos A Frente SA | 14,900 | 48 |
| 2 Ser Educacional SA | 9,347 | 39 |
| Sonae Sierra Brasil SA | 5,800 | 36 |
| Santos Brasil Participacoes SA | 35,000 | 34 |
| Camil Alimentos SA | 14,000 | 31 |
| * Minerva SA/Brazil Rights Exp. 11/14/2018 | 25,393 | 1 |
| * Iochpe Maxion SA Warrants Exp. 04/01/2019 | 672 | — |
| | | 133,620 |
| Canada (3.0%) | | |
| ^ Royal Bank of Canada | 449,699 | 32,766 |
| Toronto-Dominion Bank | 574,316 | 31,860 |
| Bank of Nova Scotia | 384,414 | 20,630 |
| Canadian National Railway Co. | 230,956 | 19,744 |
| Suncor Energy Inc. | 513,707 | 17,232 |
| Enbridge Inc. | 535,343 | 16,681 |
| Bank of Montreal | 198,622 | 14,851 |
| Canadian Imperial Bank of Commerce | 137,488 | 11,873 |
| TransCanada Corp. | 290,901 | 10,969 |
| Brookfield Asset Management Inc. Class A | 263,184 | 10,740 |
| Nutrien Ltd. | 196,055 | 10,379 |
| Canadian Natural Resources Ltd. | 377,418 | 10,355 |
| Manulife Financial Corp. | 617,291 | 9,720 |
| Canadian Pacific Railway Ltd. | 45,677 | 9,367 |
| Sun Life Financial Inc. | 189,410 | 6,936 |
| Waste Connections Inc. | 85,690 | 6,551 |
| Alimentation Couche-Tard Inc. Class B | 136,581 | 6,523 |
| Rogers Communications Inc. Class B | 117,151 | 6,033 |
| Pembina Pipeline Corp. | 163,063 | 5,274 |
| National Bank of Canada | 115,649 | 5,250 |
| Magna International Inc. | 103,037 | 5,073 |
| * CGI Group Inc. Class A | 80,237 | 4,955 |
| Barrick Gold Corp. | 370,347 | 4,639 |
| Fortis Inc. | 136,374 | 4,506 |
| Constellation Software Inc. | 6,433 | 4,427 |
| Fairfax Financial Holdings Ltd. | 8,568 | 4,163 |
| Restaurant Brands International Inc. | 75,933 | 4,160 |
| Thomson Reuters Corp. | 86,898 | 4,044 |
| Franco-Nevada Corp. | 62,144 | 3,881 |
| BCE Inc. | 95,892 | 3,711 |
| Intact Financial Corp. | 42,600 | 3,366 |
| Teck Resources Ltd. Class B | 159,347 | 3,294 |
| Encana Corp. | 308,105 | 3,146 |
| Dollarama Inc. | 111,636 | 3,088 |
| Loblaw Cos. Ltd. | 58,169 | 2,909 |
| Cenovus Energy Inc. | 322,126 | 2,726 |
| Open Text Corp. | 79,800 | 2,694 |
| Agnico Eagle Mines Ltd. | 73,557 | 2,598 |
| Goldcorp Inc. | 286,784 | 2,590 |
| Shaw Communications Inc. Class B | 133,920 | 2,493 |
| * Bausch Health Cos. Inc. | 108,508 | 2,483 |
| Imperial Oil Ltd. | 79,090 | 2,470 |
| Power Corp. of Canada | 118,090 | 2,438 |
| Metro Inc. | 75,630 | 2,373 |
| Wheaton Precious Metals Corp. | 135,492 | 2,227 |
| ^ Canadian Tire Corp. Ltd. Class A | 19,142 | 2,154 |
8
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | First Quantum Minerals Ltd. | 214,423 | 2,140 |
| | TELUS Corp. | 61,200 | 2,096 |
| | Saputo Inc. | 67,000 | 2,041 |
| *,^ | Canopy Growth Corp. | 55,400 | 2,038 |
| | Great-West Lifeco Inc. | 87,600 | 2,010 |
| | Gildan Activewear Inc. | 66,300 | 1,982 |
| | Inter Pipeline Ltd. | 120,000 | 1,946 |
| | SNC-Lavalin Group Inc. | 54,400 | 1,942 |
| | CCL Industries Inc. Class B | 45,900 | 1,931 |
| | RioCan REIT | 99,700 | 1,818 |
| | Algonquin Power & Utilities Corp. | 182,068 | 1,817 |
| | Onex Corp. | 26,300 | 1,729 |
| | Canadian Apartment Properties REIT | 47,736 | 1,697 |
| | Methanex Corp. | 25,700 | 1,664 |
| | Power Financial Corp. | 75,060 | 1,616 |
| *,^ | Aurora Cannabis Inc. | 234,646 | 1,594 |
| | WSP Global Inc. | 31,603 | 1,578 |
| * | Bombardier Inc. Class B | 644,801 | 1,562 |
| ^ | Keyera Corp. | 62,242 | 1,551 |
| | CAE Inc. | 82,800 | 1,460 |
| * | BlackBerry Ltd. | 151,232 | 1,396 |
| | Parkland Fuel Corp. | 41,040 | 1,378 |
| ^,2 | Hydro One Ltd. | 94,516 | 1,375 |
| | Husky Energy Inc. | 94,099 | 1,330 |
| | H&R REIT | 87,003 | 1,316 |
| | Cameco Corp. | 122,136 | 1,308 |
| | Toromont Industries Ltd. | 24,600 | 1,158 |
| | Kirkland Lake Gold Ltd. | 58,800 | 1,154 |
| | Industrial Alliance Insurance & Financial Services Inc. | 32,600 | 1,153 |
| | CI Financial Corp. | 76,800 | 1,136 |
| ^ | PrairieSky Royalty Ltd. | 73,782 | 1,121 |
| | Ritchie Bros Auctioneers Inc. | 32,900 | 1,107 |
| | Tourmaline Oil Corp. | 75,842 | 1,106 |
| ^ | Vermilion Energy Inc. | 41,669 | 1,105 |
| | Finning International Inc. | 51,600 | 1,072 |
| | ARC Resources Ltd. | 114,100 | 1,063 |
| | TMX Group Ltd. | 16,764 | 1,054 |
| ^ | West Fraser Timber Co. Ltd. | 20,600 | 1,035 |
| | George Weston Ltd. | 14,200 | 1,033 |
| ^ | AltaGas Ltd. | 81,373 | 1,023 |
| * | Seven Generations Energy Ltd. Class A | 94,531 | 1,013 |
| * | Kinross Gold Corp. | 387,249 | 1,006 |
| | Empire Co. Ltd. | 54,529 | 992 |
| ^ | Enbridge Income Fund Holdings Inc. | 41,926 | 970 |
| * | Stars Group Inc. | 46,313 | 963 |
| | Allied Properties REIT | 29,392 | 944 |
| | Stantec Inc. | 36,200 | 942 |
| | TFI International Inc. | 27,130 | 903 |
| ^ | Crescent Point Energy Corp. | 185,800 | 878 |
| | SmartCentres REIT | 37,200 | 850 |
| | Canadian Utilities Ltd. Class A | 35,676 | 846 |
| * | Canada Goose Holdings Inc. | 15,100 | 825 |
| | Quebecor Inc. Class B | 41,600 | 816 |
| | Lundin Mining Corp. | 197,384 | 811 |
| * | B2Gold Corp. | 322,593 | 796 |
| | Element Fleet Management Corp. | 130,400 | 768 |
| | Gibson Energy Inc. | 48,358 | 766 |
| *,^ | Aphria Inc. | 62,400 | 744 |
| * | Descartes Systems Group Inc. | 23,800 | 728 |
| | FirstService Corp. | 9,921 | 728 |
| | Choice Properties REIT | 78,533 | 712 |
| * | Parex Resources Inc. | 48,843 | 711 |
| | Colliers International Group Inc. | 10,376 | 705 |
| | Chartwell Retirement Residences | 64,900 | 697 |
9
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | First Capital Realty Inc. | 46,600 | 695 |
| | Atco Ltd. | 23,600 | 688 |
| * | Air Canada Class B | 35,793 | 679 |
| | Enerplus Corp. | 72,770 | 677 |
| | Yamana Gold Inc. | 291,940 | 663 |
| | Whitecap Resources Inc. | 134,159 | 656 |
| | OceanaGold Corp. | 224,908 | 648 |
| | IGM Financial Inc. | 26,100 | 641 |
| ^ | Canadian Western Bank | 26,900 | 626 |
| | Granite REIT | 15,100 | 624 |
| | Pan American Silver Corp. | 42,224 | 622 |
| * | Great Canadian Gaming Corp. | 18,900 | 609 |
| | Capital Power Corp. | 28,917 | 600 |
| * | MEG Energy Corp. | 74,719 | 598 |
| | Linamar Corp. | 14,300 | 592 |
| | Premium Brands Holdings Corp. | 8,700 | 585 |
| | Stella-Jones Inc. | 17,932 | 574 |
| | Dream Global REIT | 56,000 | 571 |
| | Cott Corp. | 37,436 | 564 |
| ^ | Cineplex Inc. | 20,300 | 560 |
| | Boyd Group Income Fund | 6,100 | 558 |
| | NFI Group Inc. | 16,500 | 557 |
| * | Turquoise Hill Resources Ltd. | 319,209 | 538 |
| * | Kinaxis Inc. | 7,877 | 532 |
| | BRP Inc. | 13,217 | 532 |
| * | IAMGOLD Corp. | 153,394 | 527 |
| | Northland Power Inc. | 34,152 | 525 |
| | Maple Leaf Foods Inc. | 23,000 | 523 |
| ^ | Emera Inc. | 16,156 | 499 |
| | Alamos Gold Inc. Class A | 122,566 | 490 |
| | TransAlta Corp. | 86,660 | 458 |
| * | Celestica Inc. | 40,101 | 416 |
| | Norbord Inc. | 16,172 | 412 |
| ^ | Laurentian Bank of Canada | 13,015 | 411 |
| | Cominar REIT | 49,040 | 407 |
| | Pason Systems Inc. | 26,654 | 402 |
| | Nevsun Resources Ltd. | 90,400 | 402 |
| | Innergex Renewable Energy Inc. | 43,100 | 400 |
| ^ | Superior Plus Corp. | 44,353 | 399 |
| ^ | Boardwalk REIT | 10,400 | 387 |
| * | Detour Gold Corp. | 50,400 | 372 |
| ^ | Dream Office REIT | 20,828 | 369 |
| | Artis REIT | 43,300 | 368 |
| * | SSR Mining Inc. | 37,094 | 364 |
| * | Pretium Resources Inc. | 45,029 | 361 |
| | ShawCor Ltd. | 19,700 | 357 |
| * | Endeavour Mining Corp. | 23,000 | 353 |
| ^ | Peyto Exploration & Development Corp. | 42,800 | 349 |
| ^ | Genworth MI Canada Inc. | 10,500 | 345 |
| * | ATS Automation Tooling Systems Inc. | 23,300 | 343 |
| * | Ivanhoe Mines Ltd. | 178,600 | 336 |
| | Enghouse Systems Ltd. | 6,000 | 332 |
| | Winpak Ltd. | 9,500 | 330 |
| | Enerflex Ltd. | 27,305 | 329 |
| | Transcontinental Inc. Class A | 19,900 | 328 |
| | Osisko Gold Royalties Ltd. | 41,447 | 317 |
| * | Gran Tierra Energy Inc. | 99,634 | 305 |
| | Russel Metals Inc. | 16,400 | 303 |
| *,^ | Baytex Energy Corp. | 147,813 | 302 |
| * | NovaGold Resources Inc. | 73,600 | 300 |
| | Canadian Imperial Bank of Commerce | 3,342 | 289 |
| | Northview Apartment REIT | 14,863 | 286 |
| * | Canfor Corp. | 19,600 | 282 |
| | North West Co. Inc. | 12,900 | 281 |
10
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mullen Group Ltd. | 26,731 | 278 |
| * | Precision Drilling Corp. | 112,900 | 273 |
| | Westshore Terminals Investment Corp. | 14,700 | 268 |
| | Secure Energy Services Inc. | 40,536 | 264 |
| | Hudbay Minerals Inc. | 65,765 | 258 |
| ^ | TransAlta Renewables Inc. | 31,300 | 258 |
| | ECN Capital Corp. | 96,135 | 255 |
| | Martinrea International Inc. | 29,300 | 254 |
| | Aecon Group Inc. | 17,600 | 253 |
| * | Torex Gold Resources Inc. | 27,758 | 253 |
| * | Centerra Gold Inc. | 64,052 | 250 |
| | Bank of Montreal | 3,309 | 247 |
| * | SEMAFO Inc. | 112,000 | 245 |
| | Birchcliff Energy Ltd. | 75,420 | 238 |
| *,^ | First Majestic Silver Corp. | 41,900 | 233 |
| * | Kelt Exploration Ltd. | 47,151 | 218 |
| *,^ | Home Capital Group Inc. Class B | 21,100 | 209 |
| * | Tahoe Resources Inc. | 87,681 | 207 |
| ^ | Maxar Technologies Ltd. | 13,700 | 205 |
| | Corus Entertainment Inc. Class B | 48,229 | 182 |
| ^ | CES Energy Solutions Corp. | 64,600 | 171 |
| * | Eldorado Gold Corp. | 250,505 | 167 |
| * | NuVista Energy Ltd. | 41,573 | 167 |
| | Cascades Inc. | 21,000 | 163 |
| * | Sierra Wireless Inc. | 8,900 | 160 |
| ^ | Hudson's Bay Co. | 24,400 | 157 |
| *,^ | Paramount Resources Ltd. Class A | 19,353 | 141 |
| | Cogeco Communications Inc. | 2,800 | 137 |
| | TORC Oil & Gas Ltd. | 32,814 | 135 |
| * | New Gold Inc. | 151,653 | 121 |
| * | Alacer Gold Corp. | 70,700 | 115 |
| | Just Energy Group Inc. | 34,800 | 113 |
| | Ensign Energy Services Inc. | 26,400 | 103 |
| | Dorel Industries Inc. Class B | 6,200 | 101 |
| * | Advantage Oil & Gas Ltd. | 44,700 | 100 |
| | First National Financial Corp. | 4,600 | 94 |
| | Morguard REIT | 9,540 | 83 |
| * | Obsidian Energy Ltd. | 105,500 | 77 |
| * | China Gold International Resources Corp. Ltd. | 46,000 | 63 |
| * | Bombardier Inc. Class A | 13,420 | 33 |
| *,§ | Australis Capital Inc. | 6,901 | 12 |
| *,^ | ProMetic Life Sciences Inc. | 9,594 | 3 |
| * | Osisko Gold Royalties Warrants Exp. 02/26/2019 | 620 | — |
| | | | 467,103 |
| Chile (0.1%) | | |
| | Empresas COPEC SA | 167,240 | 2,344 |
| | SACI Falabella | 219,655 | 1,657 |
| | Empresas CMPC SA | 362,835 | 1,242 |
| | Banco de Chile | 8,094,063 | 1,121 |
| | Enel Americas SA | 6,222,032 | 981 |
| | Latam Airlines Group SA | 95,678 | 870 |
| | Cencosud SA | 409,838 | 853 |
| | Banco Santander Chile | 11,605,427 | 852 |
| | Banco de Credito e Inversiones SA | 12,260 | 771 |
| | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 16,305 | 704 |
| | Sociedad Quimica y Minera de Chile SA ADR | 13,980 | 612 |
| | Cia Cervecerias Unidas SA | 45,662 | 568 |
| | Banco Santander Chile ADR | 18,759 | 553 |
| | Parque Arauco SA | 209,058 | 474 |
| | Aguas Andinas SA Class A | 846,239 | 440 |
| | Itau CorpBanca | 44,533,717 | 413 |
| | Enel Americas SA ADR | 46,627 | 367 |
| | Colbun SA | 1,909,817 | 358 |
| | Enel Chile SA | 3,875,881 | 337 |
11
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Empresa Nacional de Telecomunicaciones SA | 39,628 | 288 |
| Enel Chile SA ADR | 65,984 | 284 |
| Engie Energia Chile SA | 169,857 | 283 |
| CAP SA | 25,734 | 250 |
| SONDA SA | 162,965 | 232 |
| AES Gener SA | 823,686 | 231 |
| Vina Concha y Toro SA | 121,838 | 229 |
| Embotelladora Andina SA Preference Shares | 61,493 | 213 |
| Ripley Corp. SA | 238,372 | 203 |
| * SMU SA | 719,143 | 189 |
| Salfacorp SA | 101,820 | 144 |
| Inversiones La Construccion SA | 9,475 | 143 |
| Inversiones Aguas Metropolitanas SA | 100,293 | 138 |
| * Cia Sud Americana de Vapores SA | 3,831,434 | 115 |
| Sociedad de Inversiones Oro Blanco SA | 17,521,951 | 113 |
| Besalco SA | 135,365 | 109 |
| Forus SA | 34,712 | 93 |
| Multiexport Foods SA | 165,519 | 86 |
| * Banco de Credito e Inversiones SA Rights Exp. 11/29/2018 | 937 | 3 |
| * SACI Falabella Rights Exp. 11/17/2018 | 6,813 | 1 |
| | | 18,864 |
| China (2.8%) | | |
| Tencent Holdings Ltd. | 1,797,367 | 61,576 |
| * Alibaba Group Holding Ltd. ADR | 343,426 | 48,863 |
| China Construction Bank Corp. | 28,126,891 | 22,320 |
| * Baidu Inc. ADR | 87,589 | 16,647 |
| Industrial & Commercial Bank of China Ltd. | 24,515,245 | 16,633 |
| China Mobile Ltd. | 1,703,265 | 15,956 |
| Ping An Insurance Group Co. of China Ltd. | 1,579,154 | 14,929 |
| Bank of China Ltd. | 23,680,251 | 10,089 |
| CNOOC Ltd. | 5,109,047 | 8,701 |
| China Petroleum & Chemical Corp. | 8,166,471 | 6,652 |
| * JD.com Inc. ADR | 252,562 | 5,940 |
| NetEase Inc. ADR | 23,430 | 4,870 |
| PetroChina Co. Ltd. | 6,672,000 | 4,797 |
| China Life Insurance Co. Ltd. | 2,364,420 | 4,738 |
| China Merchants Bank Co. Ltd. | 1,220,416 | 4,712 |
| Agricultural Bank of China Ltd. | 9,700,500 | 4,270 |
| * Ctrip.com International Ltd. ADR | 122,345 | 4,072 |
| China Overseas Land & Investment Ltd. | 1,200,480 | 3,774 |
| Geely Automobile Holdings Ltd. | 1,623,000 | 3,128 |
| CSPC Pharmaceutical Group Ltd. | 1,454,000 | 3,098 |
| China Pacific Insurance Group Co. Ltd. | 817,400 | 3,052 |
| * TAL Education Group ADR | 99,300 | 2,878 |
| China Resources Land Ltd. | 833,909 | 2,836 |
| * New Oriental Education & Technology Group Inc. ADR | 46,366 | 2,713 |
| Country Garden Holdings Co. Ltd. | 2,380,230 | 2,562 |
| Shenzhou International Group Holdings Ltd. | 224,291 | 2,487 |
| China Shenhua Energy Co. Ltd. | 1,059,000 | 2,396 |
| CITIC Ltd. | 1,507,000 | 2,264 |
| ^ China Evergrande Group | 921,000 | 2,208 |
| China Telecom Corp. Ltd. | 4,272,034 | 2,021 |
| PICC Property & Casualty Co. Ltd. | 2,068,330 | 2,010 |
| * 58.com Inc. ADR | 30,200 | 1,981 |
| ENN Energy Holdings Ltd. | 231,518 | 1,975 |
| Anhui Conch Cement Co. Ltd. | 379,000 | 1,964 |
| China Unicom Hong Kong Ltd. | 1,821,574 | 1,905 |
| Sunac China Holdings Ltd. | 691,900 | 1,894 |
| Sunny Optical Technology Group Co. Ltd. | 209,200 | 1,826 |
| Bank of Communications Co. Ltd. | 2,393,058 | 1,798 |
| Sino Biopharmaceutical Ltd. | 1,984,500 | 1,791 |
| Hengan International Group Co. Ltd. | 218,730 | 1,739 |
| China Resources Beer Holdings Co. Ltd. | 494,681 | 1,724 |
| ZTO Express Cayman Inc. ADR | 101,822 | 1,652 |
12
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,2 | China Tower Corp. Ltd. | 10,766,576 | 1,634 |
| | Guangdong Investment Ltd. | 898,000 | 1,608 |
| | China Gas Holdings Ltd. | 501,200 | 1,591 |
| | China CITIC Bank Corp. Ltd. | 2,542,525 | 1,576 |
| | China Taiping Insurance Holdings Co. Ltd. | 464,859 | 1,561 |
| | ANTA Sports Products Ltd. | 372,000 | 1,536 |
| | Sinopharm Group Co. Ltd. | 315,600 | 1,529 |
| | Lenovo Group Ltd. | 2,320,000 | 1,480 |
| | China Minsheng Banking Corp. Ltd. | 1,957,512 | 1,445 |
| | China Conch Venture Holdings Ltd. | 499,498 | 1,405 |
| ^ | BYD Co. Ltd. | 215,460 | 1,386 |
| | New China Life Insurance Co. Ltd. | 279,101 | 1,309 |
| * | BeiGene Ltd. ADR | 10,358 | 1,304 |
| | Autohome Inc. ADR | 17,530 | 1,269 |
| | China Communications Construction Co. Ltd. | 1,380,875 | 1,266 |
| | China Vanke Co. Ltd. | 404,489 | 1,249 |
| | CITIC Securities Co. Ltd. | 700,500 | 1,237 |
| * | SINA Corp. | 19,191 | 1,215 |
| | CRRC Corp. Ltd. | 1,366,800 | 1,200 |
| * | Momo Inc. ADR | 35,451 | 1,190 |
| 2 | Postal Savings Bank of China Co. Ltd. | 1,975,000 | 1,182 |
| *,2 | Wuxi Biologics Cayman Inc. | 157,368 | 1,126 |
| | Longfor Group Holdings Ltd. | 460,000 | 1,118 |
| | Haitong Securities Co. Ltd. | 1,076,339 | 1,084 |
| | China Railway Group Ltd. | 1,206,000 | 1,078 |
| 2 | People's Insurance Co. Group of China Ltd. | 2,559,000 | 1,047 |
| | China Resources Power Holdings Co. Ltd. | 585,400 | 1,030 |
| | Fosun International Ltd. | 692,464 | 1,016 |
| *,^ | Meituan Dianping Class B | 156,060 | 1,009 |
| | Kunlun Energy Co. Ltd. | 868,000 | 988 |
| | Guangzhou Automobile Group Co. Ltd. | 971,399 | 985 |
| | China Everbright International Ltd. | 1,212,777 | 970 |
| *,^,2 | Xiaomi Corp. Class B | 618,693 | 968 |
| ^ | Fullshare Holdings Ltd. | 2,445,000 | 955 |
| * | Weibo Corp. ADR | 16,062 | 948 |
| * | Alibaba Health Information Technology Ltd. | 1,158,000 | 939 |
| | China National Building Material Co. Ltd. | 1,290,750 | 928 |
| | China Resources Gas Group Ltd. | 234,000 | 897 |
| | Beijing Enterprises Holdings Ltd. | 163,000 | 884 |
| | Dongfeng Motor Group Co. Ltd. | 894,000 | 883 |
| * | Huazhu Group Ltd. ADR | 32,600 | 853 |
| 2 | Huatai Securities Co. Ltd. | 525,164 | 845 |
| | Haier Electronics Group Co. Ltd. | 396,000 | 832 |
| 2 | CGN Power Co. Ltd. | 3,515,832 | 809 |
| | Zhuzhou CRRC Times Electric Co. Ltd. | 149,209 | 800 |
| | Shimao Property Holdings Ltd. | 404,000 | 796 |
| | China Longyuan Power Group Corp. Ltd. | 1,041,000 | 792 |
| *,^ | iQIYI Inc. ADR | 39,745 | 781 |
| | China Railway Construction Corp. Ltd. | 608,626 | 773 |
| | Brilliance China Automotive Holdings Ltd. | 866,000 | 760 |
| | Zijin Mining Group Co. Ltd. | 2,029,301 | 759 |
| | Huaneng Power International Inc. | 1,358,000 | 757 |
| 2 | China Resources Pharmaceutical Group Ltd. | 513,000 | 754 |
| | TravelSky Technology Ltd. | 307,000 | 746 |
| | China Jinmao Holdings Group Ltd. | 1,766,000 | 744 |
| | China Cinda Asset Management Co. Ltd. | 2,974,000 | 730 |
| | China Merchants Port Holdings Co. Ltd. | 392,000 | 668 |
| | Beijing Enterprises Water Group Ltd. | 1,287,015 | 657 |
| * | Vipshop Holdings Ltd. ADR | 133,900 | 651 |
| | China Communications Services Corp. Ltd. | 786,000 | 637 |
| | Far East Horizon Ltd. | 654,000 | 635 |
| | GF Securities Co. Ltd. | 487,200 | 631 |
| | Jiayuan International Group Ltd. | 348,000 | 611 |
| | Beijing Capital International Airport Co. Ltd. | 560,000 | 608 |
13
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Weichai Power Co. Ltd. | 613,400 | 606 |
| | China Resources Cement Holdings Ltd. | 682,000 | 605 |
| | China Oriental Group Co. Ltd. | 754,000 | 598 |
| | Yanzhou Coal Mining Co. Ltd. | 616,000 | 586 |
| | Chongqing Rural Commercial Bank Co. Ltd. | 1,050,000 | 580 |
| | Kingboard Holdings Ltd. | 214,840 | 577 |
| ^ | Great Wall Motor Co. Ltd. | 959,058 | 570 |
| | Kingdee International Software Group Co. Ltd. | 692,000 | 567 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 624,236 | 560 |
| 2 | 3SBio Inc. | 382,000 | 558 |
| 2 | China Huarong Asset Management Co. Ltd. | 3,060,000 | 556 |
| 2 | China Galaxy Securities Co. Ltd. | 1,100,500 | 554 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 239,100 | 529 |
| | Shenzhen International Holdings Ltd. | 275,000 | 527 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 174,639 | 525 |
| * | Alibaba Pictures Group Ltd. | 3,800,000 | 525 |
| * | Li Ning Co. Ltd. | 548,249 | 516 |
| | Guangzhou R&F Properties Co. Ltd. | 325,000 | 513 |
| | Jiangxi Copper Co. Ltd. | 461,000 | 509 |
| | COSCO SHIPPING Ports Ltd. | 496,000 | 507 |
| | China Oilfield Services Ltd. | 542,000 | 506 |
| | China Traditional Chinese Medicine Holdings Co. Ltd. | 772,000 | 493 |
| 2 | Guotai Junan Securities Co. Ltd. | 231,000 | 487 |
| *,^ | Pinduoduo Inc. ADR | 27,484 | 485 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 1,102,000 | 484 |
| 2 | China International Capital Corp. Ltd. | 293,600 | 484 |
| | Nine Dragons Paper Holdings Ltd. | 494,000 | 473 |
| | Agile Group Holdings Ltd. | 411,500 | 473 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 520,000 | 466 |
| ^ | China Molybdenum Co. Ltd. | 1,242,000 | 464 |
| | Tsingtao Brewery Co. Ltd. | 116,322 | 460 |
| | China Medical System Holdings Ltd. | 385,000 | 460 |
| 2 | Dali Foods Group Co. Ltd. | 642,500 | 459 |
| | SSY Group Ltd. | 534,336 | 451 |
| * | 51job Inc. ADR | 7,198 | 442 |
| | Jiangsu Expressway Co. Ltd. | 328,000 | 440 |
| | AviChina Industry & Technology Co. Ltd. | 656,000 | 438 |
| *,^ | GOME Retail Holdings Ltd. | 4,383,720 | 438 |
| | Air China Ltd. | 540,000 | 437 |
| | CIFI Holdings Group Co. Ltd. | 1,018,000 | 427 |
| | China Everbright Ltd. | 240,000 | 426 |
| * | Aluminum Corp. of China Ltd. | 1,161,331 | 423 |
| * | China First Capital Group Ltd. | 1,026,000 | 414 |
| 2 | Fuyao Glass Industry Group Co. Ltd. | 140,000 | 414 |
| | Huaneng Renewables Corp. Ltd. | 1,570,000 | 404 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 317,009 | 404 |
| | China Everbright Bank Co. Ltd. | 899,000 | 401 |
| | Kingsoft Corp. Ltd. | 270,000 | 383 |
| | Tong Ren Tang Technologies Co. Ltd. | 259,000 | 371 |
| 2 | Sinopec Engineering Group Co. Ltd. | 389,635 | 363 |
| | ZTE Corp. | 236,614 | 362 |
| 2 | Luye Pharma Group Ltd. | 458,000 | 356 |
| | China Southern Airlines Co. Ltd. | 652,000 | 355 |
| | Zhongsheng Group Holdings Ltd. | 193,500 | 354 |
| * | Country Garden Services Holdings Co. Ltd. | 270,141 | 352 |
| | China State Construction International Holdings Ltd. | 489,750 | 350 |
| | Haitian International Holdings Ltd. | 177,000 | 348 |
| * | BEST Inc. ADR | 55,190 | 347 |
| * | Genscript Biotech Corp. | 224,000 | 346 |
| * | GDS Holdings Ltd. ADR | 14,600 | 343 |
| | China Reinsurance Group Corp. | 1,782,000 | 342 |
| | Lee & Man Paper Manufacturing Ltd. | 397,000 | 341 |
| | Chinasoft International Ltd. | 576,000 | 339 |
| ^,2 | China Merchants Securities Co. Ltd. | 293,200 | 333 |
14
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | COSCO SHIPPING Energy Transportation Co. Ltd. | 600,000 | 329 |
| *,2 | China Literature Ltd. | 60,600 | 329 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 275,904 | 329 |
| | Yihai International Holding Ltd. | 145,000 | 319 |
| *,^ | iKang Healthcare Group Inc. ADR | 18,200 | 317 |
| | Sino-Ocean Group Holding Ltd. | 797,500 | 313 |
| ^ | Sinotruk Hong Kong Ltd. | 215,500 | 312 |
| | Zhejiang Expressway Co. Ltd. | 370,000 | 311 |
| 2 | Legend Holdings Corp. | 112,900 | 307 |
| *,2 | Meitu Inc. | 578,500 | 303 |
| | KWG Group Holdings Ltd. | 391,000 | 300 |
| | Maanshan Iron & Steel Co. Ltd. | 552,000 | 297 |
| | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 80,000 | 292 |
| 2 | China Railway Signal & Communication Corp. Ltd. | 428,500 | 289 |
| *,^ | Baozun Inc. ADR | 7,200 | 287 |
| | Logan Property Holdings Co. Ltd. | 306,000 | 283 |
| | Angang Steel Co. Ltd. | 326,000 | 279 |
| | China Power International Development Ltd. | 1,395,851 | 276 |
| | China Eastern Airlines Corp. Ltd. | 492,000 | 273 |
| ^ | Future Land Development Holdings Ltd. | 472,000 | 272 |
| | China Water Affairs Group Ltd. | 296,000 | 268 |
| | China Coal Energy Co. Ltd. | 581,000 | 261 |
| | Yuexiu Property Co. Ltd. | 1,629,207 | 259 |
| | BYD Electronic International Co. Ltd. | 215,500 | 254 |
| | Kingboard Laminates Holdings Ltd. | 329,858 | 253 |
| | Shenzhen Investment Ltd. | 875,953 | 252 |
| * | Health & Happiness H&H International Holdings Ltd. | 43,000 | 245 |
| * | COSCO SHIPPING Holdings Co. Ltd. | 680,000 | 244 |
| | Shanghai Industrial Holdings Ltd. | 114,000 | 240 |
| | China Agri-Industries Holdings Ltd. | 702,800 | 236 |
| | China Grand Pharmaceutical and Healthcare Holdings Ltd. | 486,080 | 236 |
| | Greatview Aseptic Packaging Co. Ltd. | 347,000 | 231 |
| * | China Maple Leaf Educational Systems Ltd. | 528,000 | 229 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 1,108,000 | 226 |
| | Shanghai Electric Group Co. Ltd. | 690,000 | 225 |
| 2 | BAIC Motor Corp. Ltd. | 394,400 | 223 |
| | China Aoyuan Property Group Ltd. | 379,000 | 222 |
| *,^ | Bitauto Holdings Ltd. ADR | 11,600 | 222 |
| * | GCL-Poly Energy Holdings Ltd. | 3,669,800 | 218 |
| | Lao Feng Xiang Co. Ltd. Class B | 69,800 | 218 |
| 2 | Fu Shou Yuan International Group Ltd. | 272,000 | 209 |
| | Zhaojin Mining Industry Co. Ltd. | 234,000 | 207 |
| | Shenzhen Expressway Co. Ltd. | 224,000 | 206 |
| | China Lesso Group Holdings Ltd. | 390,000 | 206 |
| | Fufeng Group Ltd. | 481,000 | 204 |
| | China ZhengTong Auto Services Holdings Ltd. | 423,500 | 203 |
| ^ | Shandong Chenming Paper Holdings Ltd. | 360,750 | 203 |
| | China Zhongwang Holdings Ltd. | 442,800 | 197 |
| | Sinotrans Ltd. | 563,000 | 197 |
| *,^,2 | ZhongAn Online P&C Insurance Co. Ltd. | 58,356 | 195 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 37,400 | 194 |
| | Huadian Power International Corp. Ltd. | 510,000 | 193 |
| | Metallurgical Corp. of China Ltd. | 786,000 | 191 |
| | China BlueChemical Ltd. | 556,000 | 191 |
| | Wuxi Little Swan Co. Ltd. Class B | 40,175 | 191 |
| *,^ | CMBC Capital Holdings Ltd. | 5,250,000 | 188 |
| *,2 | China Metal Resources Utilization Ltd. | 320,000 | 184 |
| | Tianneng Power International Ltd. | 224,000 | 180 |
| | Skyworth Digital Holdings Ltd. | 776,000 | 180 |
| | Xinjiang Goldwind Science & Technology Co. Ltd. | 239,299 | 179 |
| | Yanlord Land Group Ltd. | 194,600 | 177 |
| | Datang International Power Generation Co. Ltd. | 788,000 | 176 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 82,633 | 176 |
| | China Shineway Pharmaceutical Group Ltd. | 150,000 | 175 |
15
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dongyue Group Ltd. | 326,000 | 175 |
| * | China Education Group Holdings Ltd. | 145,000 | 174 |
| | Livzon Pharmaceutical Group Inc. | 58,236 | 170 |
| | Poly Property Group Co. Ltd. | 567,000 | 170 |
| | Yuzhou Properties Co. Ltd. | 469,122 | 167 |
| 2 | China Yuhua Education Corp. Ltd. | 412,000 | 166 |
| | Yuexiu Transport Infrastructure Ltd. | 206,000 | 165 |
| * | Ronshine China Holdings Ltd. | 145,000 | 164 |
| * | HengTen Networks Group Ltd. | 4,524,000 | 163 |
| * | Skyfame Realty Holdings Ltd. | 942,000 | 162 |
| | BBMG Corp. | 585,000 | 162 |
| *,^ | Bilibili Inc. ADR | 11,909 | 161 |
| | Zhenro Properties Group Ltd. | 265,000 | 161 |
| 2 | YiChang HEC ChangJiang Pharmaceutical Co. Ltd. | 46,400 | 159 |
| | Greentown China Holdings Ltd. | 226,879 | 159 |
| | SOHO China Ltd. | 464,500 | 158 |
| 2 | Genertec Universal Medical Group Co. Ltd. | 202,500 | 158 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 76,815 | 157 |
| *,2 | Qingdao Port International Co. Ltd. | 266,000 | 156 |
| | Kaisa Group Holdings Ltd. | 633,000 | 155 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 225,962 | 153 |
| * | Ausnutria Dairy Corp. Ltd. | 165,000 | 150 |
| | China Suntien Green Energy Corp. Ltd. | 581,000 | 149 |
| | Shandong Airlines Co. Ltd. Class B | 102,600 | 148 |
| | Times China Holdings Ltd. | 167,000 | 146 |
| * | CAR Inc. | 183,117 | 146 |
| * | Yashili International Holdings Ltd. | 842,000 | 145 |
| * | Lifetech Scientific Corp. | 667,998 | 145 |
| | China SCE Group Holdings Ltd. | 424,000 | 145 |
| * | Sohu.com Ltd. ADR | 8,000 | 145 |
| | China Yongda Automobiles Services Holdings Ltd. | 267,000 | 143 |
| * | Digital China Holdings Ltd. | 297,499 | 143 |
| * | Tibet Water Resources Ltd. | 504,000 | 143 |
| | Beijing Capital Land Ltd. | 418,000 | 142 |
| 2 | Red Star Macalline Group Corp. Ltd. | 160,414 | 142 |
| | CIMC Enric Holdings Ltd. | 184,000 | 141 |
| * | Zhuguang Holdings Group Co. Ltd. | 762,000 | 141 |
| ^,2 | Zhou Hei Ya International Holdings Co. Ltd. | 274,000 | 141 |
| *,2 | China Logistics Property Holdings Co. Ltd. | 422,000 | 140 |
| | Greentown Service Group Co. Ltd. | 208,000 | 138 |
| *,2 | CSC Financial Co. Ltd. | 241,000 | 137 |
| 2 | Hua Hong Semiconductor Ltd. | 78,000 | 136 |
| | NetDragon Websoft Holdings Ltd. | 76,000 | 135 |
| * | Zhongyu Gas Holdings Ltd. | 196,000 | 132 |
| *,^ | Beijing Gas Blue Sky Holdings Ltd. | 2,024,000 | 132 |
| *,^ | Jinchuan Group International Resources Co. Ltd. | 1,512,000 | 130 |
| * | Fang Holdings Ltd. ADR | 64,000 | 130 |
| * | Zai Lab Ltd. ADR | 7,800 | 128 |
| *,2 | A-Living Services Co. Ltd. | 104,500 | 127 |
| | Lonking Holdings Ltd. | 563,000 | 127 |
| | Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 137,570 | 127 |
| | Guangshen Railway Co. Ltd. | 336,000 | 126 |
| | Sinopec Kantons Holdings Ltd. | 308,000 | 126 |
| | China Resources Medical Holdings Co. Ltd. | 182,090 | 125 |
| | China Oil & Gas Group Ltd. | 1,812,000 | 125 |
| * | Noah Holdings Ltd. ADR | 3,293 | 124 |
| * | Consun Pharmaceutical Group Ltd. | 178,000 | 124 |
| | Harbin Electric Co. Ltd. | 434,000 | 123 |
| 2 | Orient Securities Co. Ltd. | 186,000 | 122 |
| | Powerlong Real Estate Holdings Ltd. | 356,000 | 122 |
| *,§ | SMI Holdings Group Ltd. | 402,400 | 120 |
| | Dazhong Transportation Group Co. Ltd. Class B | 264,350 | 115 |
| | China South City Holdings Ltd. | 778,000 | 114 |
| | Vinda International Holdings Ltd. | 79,599 | 114 |
16
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| 2 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. | 46,000 | 113 |
| *,^ | China Shanshui Cement Group Ltd. | 267,000 | 112 |
| | China International Marine Containers Group Co. Ltd. | 125,500 | 111 |
| | Hopson Development Holdings Ltd. | 144,000 | 111 |
| | Tongda Group Holdings Ltd. | 850,293 | 110 |
| | China Dongxiang Group Co. Ltd. | 701,000 | 108 |
| 2 | Redco Group | 238,000 | 108 |
| 2 | China Everbright Greentech Ltd. | 149,000 | 107 |
| | Global Cord Blood Corp. | 17,400 | 106 |
| *,§ | China Huiyuan Juice Group Ltd. | 398,000 | 103 |
| | CITIC Resources Holdings Ltd. | 1,238,000 | 101 |
| * | JinkoSolar Holding Co. Ltd. ADR | 12,300 | 99 |
| * | COSCO Shipping International Singapore Co. Ltd. | 379,700 | 98 |
| | Huadian Fuxin Energy Corp. Ltd. | 538,000 | 97 |
| | JNBY Design Ltd. | 63,000 | 97 |
| | Concord New Energy Group Ltd. | 2,440,000 | 97 |
| | Texhong Textile Group Ltd. | 79,500 | 96 |
| | Bank of Chongqing Co. Ltd. | 166,000 | 96 |
| | Shanghai Haixin Group Co. Class B | 210,800 | 96 |
| | Xtep International Holdings Ltd. | 173,000 | 95 |
| | Shenzhen Wongtee International Enterprise Co. Ltd. Class B | 278,900 | 94 |
| | Sinotrans Shipping Ltd. | 278,000 | 93 |
| | BOE Technology Group Co. Ltd. Class B | 288,800 | 93 |
| * | Hi Sun Technology China Ltd. | 792,000 | 92 |
| | Landing International Development Ltd. | 439,700 | 92 |
| | Bosideng International Holdings Ltd. | 650,000 | 91 |
| | China Machinery Engineering Corp. | 200,000 | 91 |
| | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 278,180 | 89 |
| * | Sogou Inc. ADR | 15,000 | 87 |
| | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 372,000 | 87 |
| * | Qudian Inc. ADR | 20,600 | 86 |
| *,^ | Carnival Group International Holdings Ltd. | 4,678,114 | 85 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 76,394 | 85 |
| * | Leyou Technologies Holdings Ltd. | 365,000 | 83 |
| * | China Beidahuang Industry Group Holdings Ltd. | 3,192,000 | 82 |
| * | COSCO SHIPPING Development Co. Ltd. | 793,000 | 81 |
| | Tianjin Development Holdings Ltd. | 254,000 | 81 |
| *,^ | China Water Industry Group Ltd. | 544,000 | 80 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 47,573 | 80 |
| 2 | Ozner Water International Holding Ltd. | 366,000 | 79 |
| *,2 | Haichang Ocean Park Holdings Ltd. | 484,000 | 79 |
| | Xinhua Winshare Publishing and Media Co. Ltd. | 126,000 | 79 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 239,743 | 79 |
| | Tiangong International Co. Ltd. | 354,000 | 79 |
| | West China Cement Ltd. | 530,000 | 79 |
| * | First Tractor Co. Ltd. | 332,000 | 79 |
| * | Shanghai Phoenix Enterprise Group Co. Ltd. Class B | 142,100 | 78 |
| * | Kama Co. Ltd. Class B | 148,800 | 78 |
| | Beijing Jingneng Clean Energy Co. Ltd. | 414,000 | 78 |
| | China Overseas Grand Oceans Group Ltd. | 247,500 | 77 |
| | Changchai Co. Ltd. Class B | 242,100 | 77 |
| 2 | Cosmo Lady China Holdings Co. Ltd. | 179,998 | 76 |
| *,^ | Sinofert Holdings Ltd. | 668,000 | 75 |
| ^ | Hisense Kelon Electrical Holdings Co. Ltd. | 103,000 | 75 |
| | Huangshan Tourism Development Co. Ltd. Class B | 63,626 | 74 |
| | Huaxin Cement Co. Ltd. Class B | 36,200 | 74 |
| | China Foods Ltd. | 156,000 | 73 |
| * | Beijing Enterprises Clean Energy Group Ltd. | 5,760,000 | 73 |
| | Xingda International Holdings Ltd. | 269,000 | 73 |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | 106,000 | 72 |
| | Sinosoft Technology Group Ltd. | 252,000 | 72 |
| | Launch Tech Co. Ltd. | 73,500 | 72 |
| | Minmetals Land Ltd. | 470,000 | 72 |
| * | Wisdom Education International Holdings Co. Ltd. | 160,000 | 72 |
17
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China National Accord Medicines Corp. Ltd. Class B | 20,760 | 72 |
| | Shanghai Baosight Software Co. Ltd. Class B | 40,000 | 69 |
| ^ | China High Speed Transmission Equipment Group Co. Ltd. | 73,000 | 69 |
| | Hangzhou Steam Turbine Co. Ltd. Class B | 87,657 | 68 |
| | Bengang Steel Plates Co. Ltd. Class B | 223,200 | 68 |
| | Anhui Expressway Co. Ltd. | 116,000 | 67 |
| | Chongqing Machinery & Electric Co. Ltd. | 1,042,000 | 64 |
| | Greenland Hong Kong Holdings Ltd. | 275,000 | 63 |
| | China Overseas Property Holdings Ltd. | 267,493 | 63 |
| | Central China Securities Co. Ltd. | 256,988 | 62 |
| | Weifu High-Technology Group Co. Ltd. Class B | 34,600 | 60 |
| | China Lilang Ltd. | 73,000 | 60 |
| | Shandong Chenming Paper Holdings Ltd. Class B | 101,100 | 59 |
| | Shanghai Huayi Group Corp. Ltd. Class B | 63,200 | 58 |
| | PAX Global Technology Ltd. | 118,000 | 58 |
| | CSG Holding Co. Ltd. Class B | 170,742 | 58 |
| *,§,2 | Tianhe Chemicals Group Ltd. | 383,088 | 57 |
| | Dah Chong Hong Holdings Ltd. | 166,000 | 56 |
| 2 | Tian Ge Interactive Holdings Ltd. | 105,000 | 55 |
| | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 156,600 | 54 |
| * | Chongqing Iron & Steel Co. Ltd. | 378,000 | 54 |
| | INESA Intelligent Tech Inc. Class B | 103,700 | 54 |
| | Guangdong Provincial Expressway Development Co. Ltd. Class B | 75,700 | 53 |
| | Wasion Holdings Ltd. | 108,000 | 53 |
| *,§ | Coolpad Group Ltd. | 547,400 | 50 |
| | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. | 107,000 | 49 |
| | Sichuan Expressway Co. Ltd. | 166,000 | 49 |
| | Guorui Properties Ltd. | 205,000 | 49 |
| 2 | Everbright Securities Co. Ltd. | 55,000 | 48 |
| *,§ | Hanergy Thin Film Power Group Ltd. | 1,810,000 | 47 |
| | Ajisen China Holdings Ltd. | 140,000 | 47 |
| | Dawnrays Pharmaceutical Holdings Ltd. | 200,000 | 46 |
| | Tianjin Port Development Holdings Ltd. | 450,000 | 46 |
| * | O-Net Technologies Group Ltd. | 104,000 | 45 |
| ^ | Enerchina Holdings Ltd. | 901,800 | 45 |
| * | Capital Environment Holdings Ltd. | 2,152,000 | 45 |
| * | Shougang Concord International Enterprises Co. Ltd. | 1,988,000 | 45 |
| | Shanghai Shibei Hi-Tech Co. Ltd. Class B | 125,576 | 45 |
| ^ | Q Technology Group Co. Ltd. | 92,000 | 44 |
| | Jiangling Motors Corp. Ltd. Class B | 48,400 | 43 |
| | Shanghai Jinjiang International Travel Co. Ltd. Class B | 22,772 | 43 |
| | Shanghai Highly Group Co. Ltd. Class B | 47,700 | 42 |
| * | Renhe Commercial Holdings Co. Ltd. | 1,250,000 | 42 |
| | Dalian Port PDA Co. Ltd. | 326,600 | 42 |
| *,2 | Cogobuy Group | 121,000 | 41 |
| | Luthai Textile Co. Ltd. Class B | 35,800 | 40 |
| | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 61,900 | 40 |
| | China Power Clean Energy Development Co. Ltd. | 137,000 | 39 |
| * | Huadian Energy Co. Ltd. Class B | 131,400 | 38 |
| | Fantasia Holdings Group Co. Ltd. | 375,000 | 37 |
| *,§ | National Agricultural Holdings Ltd. | 246,000 | 37 |
| * | China Minsheng Financial Holding Corp. Ltd. | 1,210,000 | 37 |
| | Chaowei Power Holdings Ltd. | 86,000 | 37 |
| | Dongjiang Environmental Co. Ltd. | 37,500 | 37 |
| | Shanghai Industrial Urban Development Group Ltd. | 246,000 | 37 |
| | Qingling Motors Co. Ltd. | 140,000 | 36 |
| *,^ | FDG Electric Vehicles Ltd. | 3,675,000 | 36 |
| *,^ | Huayi Tencent Entertainment Co. Ltd. | 1,480,000 | 35 |
| | Xiamen International Port Co. Ltd. | 266,000 | 35 |
| | SIIC Environment Holdings Ltd. | 180,320 | 35 |
| * | Sinopec Oilfield Service Corp. | 316,000 | 35 |
| *,2 | Yixin Group Ltd. | 134,000 | 35 |
| | China Electronics Optics Valley Union Holding Co. Ltd. | 624,000 | 35 |
| | 361 Degrees International Ltd. | 146,000 | 34 |
18
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 26,900 | 33 |
| * | Xinjiang Xinxin Mining Industry Co. Ltd. | 346,000 | 32 |
| | China Fangda Group Co. Ltd. Class B | 74,700 | 32 |
| | TCL Electronics Holdings Ltd. | 77,333 | 32 |
| | Poly Culture Group Corp. Ltd. | 27,200 | 31 |
| | Beijing North Star Co. Ltd. | 118,000 | 31 |
| *,§ | China Fiber Optic Network System Group Ltd. | 348,000 | 31 |
| * | China Modern Dairy Holdings Ltd. | 238,500 | 30 |
| ^ | Grand Baoxin Auto Group Ltd. | 136,383 | 30 |
| * | Sinolink Worldwide Holdings Ltd. | 386,000 | 29 |
| | China Electronics Huada Technology Co. Ltd. | 322,000 | 28 |
| | Weiqiao Textile Co. | 88,000 | 28 |
| 2 | Beijing Urban Construction Design & Development Group Co. Ltd. | 88,000 | 28 |
| * | China Minsheng DIT Group Ltd. | 1,300,000 | 27 |
| | Sany Heavy Equipment International Holdings Co. Ltd. | 95,000 | 27 |
| | Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 27,700 | 27 |
| * | Comba Telecom Systems Holdings Ltd. | 190,039 | 27 |
| * | Shang Gong Group Co. Ltd. Class B | 42,600 | 27 |
| * | Chiho Environmental Group Ltd. | 92,000 | 27 |
| * | PW Medtech Group Ltd. | 159,000 | 27 |
| | Colour Life Services Group Co. Ltd. | 55,000 | 27 |
| * | Tianjin Capital Environmental Protection Group Co. Ltd. | 72,000 | 27 |
| | China Aerospace International Holdings Ltd. | 382,000 | 26 |
| | Shanghai Diesel Engine Co. Ltd. Class B | 46,100 | 26 |
| * | Dongfang Electric Corp. Ltd. | 44,800 | 24 |
| * | AVIC International Holding HK Ltd. | 1,018,042 | 24 |
| *,§ | V1 Group Ltd. | 370,000 | 23 |
| * | Shanghai Greencourt Investment Group Co. Ltd. Class B | 55,200 | 22 |
| * | Hybrid Kinetic Group Ltd. | 3,574,000 | 22 |
| | China Merchants Land Ltd. | 168,000 | 22 |
| * | Lianhua Supermarket Holdings Co. Ltd. | 94,000 | 22 |
| * | China Chengtong Development Group Ltd. | 816,000 | 21 |
| | Eastern Communications Co. Ltd. Class B | 45,100 | 20 |
| 2 | Shengjing Bank Co. Ltd. | 45,354 | 20 |
| | Jinzhou Port Co. Ltd. Class B | 56,400 | 20 |
| ^ | CT Environmental Group Ltd. | 424,000 | 19 |
| | CPMC Holdings Ltd. | 55,000 | 18 |
| | Foshan Electrical and Lighting Co. Ltd. Class B | 37,290 | 18 |
| *,^ | North Mining Shares Co. Ltd. | 5,110,000 | 18 |
| * | Rentian Technology Holdings Ltd. | 950,000 | 17 |
| * | Glorious Property Holdings Ltd. | 355,000 | 17 |
| * | Zhonglu Co. Ltd. Class B | 26,400 | 17 |
| § | China Singyes Solar Technologies Holdings Ltd. | 56,400 | 15 |
| * | China Yurun Food Group Ltd. | 195,000 | 15 |
| * | Phoenix Media Investment Holdings Ltd. | 200,000 | 15 |
| *,§ | Anxin-China Holdings Ltd. | 312,000 | 15 |
| | Shanghai Bailian Group Co. Ltd. Class B | 15,500 | 15 |
| | China Everbright Water Ltd. | 47,300 | 12 |
| | Hilong Holding Ltd. | 87,000 | 10 |
| | China All Access Holdings Ltd. | 220,000 | 10 |
| * | SRE Group Ltd. | 490,000 | 9 |
| * | China Rare Earth Holdings Ltd. | 179,113 | 8 |
| *,§ | China Lumena New Materials Corp. | 476,000 | 8 |
| *,§ | Mingfa Group International Co. Ltd. | 30,971 | 7 |
| *,§ | Tech Pro Technology Development Ltd. | 833,600 | 7 |
| 2 | Kangda International Environmental Co. Ltd. | 59,998 | 7 |
| * | Silk Road Logistics Holdings Ltd. | 483,480 | 5 |
| * | China Dynamics Holdings Ltd. | 350,000 | 4 |
| * | Shanghai Dasheng Agricultural Finance Technology Co. Ltd. | 728,000 | 4 |
| *,§ | Real Nutriceutical Group Ltd. | 143,000 | 4 |
| *,§ | Hua Han Health Industry Holdings Ltd. | 214,708 | 3 |
| * | MIE Holdings Corp. | 144,000 | 3 |
| * | China Soft Power Technology Holdings Ltd. | 344,742 | 2 |
| * | Fullsun International Holdings Group Co. Ltd. | 7,000 | 1 |
19
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Tongda Hong Tai Holdings Ltd. | 3,756 | 1 |
| *,^,§ | Midas Holdings Ltd. | 223,900 | — |
| *,^,§ | China Huishan Dairy Holdings Co. Ltd. | 822,401 | — |
| | | | 442,794 |
| Colombia (0.0%) | | |
| | Bancolombia SA ADR | 54,925 | 2,029 |
| | Ecopetrol SA | 780,704 | 907 |
| | Ecopetrol SA ADR | 31,110 | 724 |
| | Grupo de Inversiones Suramericana SA | 72,408 | 706 |
| | Grupo Aval Acciones y Valores Preference Shares | 1,232,442 | 433 |
| | Interconexion Electrica SA ESP | 113,624 | 422 |
| | Almacenes Exito SA | 77,262 | 334 |
| | Banco Davivienda SA Preference Shares | 30,722 | 296 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 30,601 | 279 |
| | Corp Financiera Colombiana SA | 26,515 | 162 |
| | Bancolombia SA Preference Shares | 14,574 | 136 |
| * | CEMEX Latam Holdings SA | 84,588 | 131 |
| | Avianca Holdings SA Preference Shares | 138,294 | 85 |
| | | | 6,644 |
| Czech Republic (0.0%) | | |
| | CEZ AS | 50,856 | 1,210 |
| | Komercni banka as | 22,956 | 871 |
| 2 | Moneta Money Bank AS | 158,283 | 525 |
| | Philip Morris CR AS | 235 | 148 |
| | O2 Czech Republic AS | 10,040 | 106 |
| * | PFNonwovens SA | 267 | 10 |
| | | | 2,870 |
| Denmark (0.5%) | | |
| | Novo Nordisk A/S Class B | 534,694 | 23,092 |
| | DSV A/S | 59,255 | 4,754 |
| | Danske Bank A/S | 209,260 | 4,005 |
| | Coloplast A/S Class B | 42,551 | 3,971 |
| | Vestas Wind Systems A/S | 61,231 | 3,840 |
| | Carlsberg A/S Class B | 34,626 | 3,820 |
| | Novozymes A/S | 65,861 | 3,253 |
| | Chr Hansen Holding A/S | 30,888 | 3,118 |
| 2 | Orsted A/S | 47,193 | 2,992 |
| | AP Moller - Maersk A/S Class B | 2,328 | 2,938 |
| * | Genmab A/S | 17,309 | 2,368 |
| | Pandora A/S | 33,371 | 2,086 |
| | ISS A/S | 56,462 | 1,854 |
| | GN Store Nord A/S | 41,174 | 1,747 |
| | AP Moller - Maersk A/S Class A | 1,053 | 1,250 |
| | Royal Unibrew A/S | 16,173 | 1,148 |
| * | William Demant Holding A/S | 34,691 | 1,140 |
| * | Ambu A/S Class B | 49,640 | 1,034 |
| | Jyske Bank A/S | 23,008 | 939 |
| | SimCorp A/S | 11,660 | 898 |
| | Tryg A/S | 37,182 | 896 |
| | H Lundbeck A/S | 19,075 | 890 |
| | FLSmidth & Co. A/S | 15,604 | 819 |
| | Topdanmark A/S | 14,420 | 685 |
| | Rockwool International A/S Class B | 2,005 | 685 |
| | Sydbank A/S | 19,827 | 458 |
| | Dfds A/S | 8,824 | 378 |
| | Schouw & Co. A/S | 4,587 | 375 |
| * | Nilfisk Holding A/S | 9,210 | 361 |
| * | ALK-Abello A/S | 2,242 | 359 |
| 2 | Scandinavian Tobacco Group A/S | 21,715 | 329 |
| | Spar Nord Bank A/S | 34,779 | 288 |
| * | Bang & Olufsen A/S | 11,316 | 235 |
| * | Bavarian Nordic A/S | 8,899 | 206 |
| * | D/S Norden A/S | 13,605 | 188 |
20
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Solar A/S Class B | 3,228 | 173 |
| | Alm Brand A/S | 18,659 | 156 |
| | Matas A/S | 15,123 | 146 |
| * | NKT A/S | 7,256 | 136 |
| *,§ | OW Bunker A/S | 3,210 | — |
| | | | 78,010 |
| Egypt (0.0%) | | |
| | Commercial International Bank Egypt SAE | 322,706 | 1,446 |
| | ElSewedy Electric Co. | 296,180 | 251 |
| | Eastern Tobacco | 272,070 | 244 |
| | Egypt Kuwait Holding Co. SAE | 151,515 | 168 |
| * | Egyptian Financial Group-Hermes Holding Co. | 207,673 | 164 |
| | Talaat Moustafa Group | 292,136 | 151 |
| * | Six of October Development & Investment | 132,125 | 111 |
| | Sidi Kerir Petrochemicals Co. | 79,618 | 98 |
| * | Global Telecom Holding SAE | 608,896 | 94 |
| * | Pioneers Holding for Financial Investments SAE | 239,340 | 90 |
| | Oriental Weavers | 109,768 | 56 |
| * | Palm Hills Developments SAE | 405,233 | 53 |
| * | Medinet Nasr Housing | 133,609 | 53 |
| * | Orascom Investment Holding GDR | 231,005 | 49 |
| | Abou Kir Fertilizers & Chemical Industries | 30,844 | 47 |
| | Heliopolis Housing | 43,756 | 44 |
| | Alexandria Mineral Oils Co. | 89,194 | 35 |
| | Telecom Egypt Co. | 55,015 | 32 |
| | Juhayna Food Industries | 57,874 | 31 |
| * | Ezz Steel Co. SAE | 24,554 | 26 |
| | Orascom Construction Ltd. | 3,826 | 25 |
| * | Palm Hills Developments SAE Rights Exp. 11/15/2018 | 135,077 | 2 |
| | | | 3,270 |
| Finland (0.4%) | | |
| | Nokia Oyj | 1,767,873 | 9,986 |
| | Sampo Oyj Class A | 154,058 | 7,085 |
| | Kone Oyj Class B | 124,744 | 6,072 |
| | UPM-Kymmene Oyj | 173,573 | 5,580 |
| | Neste Oyj | 43,722 | 3,590 |
| | Fortum Oyj | 135,888 | 2,861 |
| | Stora Enso Oyj | 176,839 | 2,657 |
| | Wartsila OYJ Abp | 143,664 | 2,445 |
| | Elisa Oyj | 44,116 | 1,755 |
| | Amer Sports Oyj | 35,480 | 1,319 |
| | Nokian Renkaat Oyj | 41,081 | 1,307 |
| | Kesko Oyj Class B | 20,248 | 1,183 |
| | Orion Oyj Class B | 31,648 | 1,089 |
| | Metso Oyj | 31,446 | 993 |
| | Valmet Oyj | 41,386 | 942 |
| | Konecranes Oyj Class A | 24,438 | 875 |
| | Huhtamaki Oyj | 28,748 | 806 |
| | Tieto Oyj | 23,042 | 742 |
| | Cargotec Oyj Class B | 15,131 | 629 |
| | Metsa Board Oyj | 53,803 | 470 |
| | Outokumpu Oyj | 95,736 | 401 |
| | DNA Oyj | 19,648 | 385 |
| | Cramo Oyj | 16,699 | 318 |
| | Kemira Oyj | 23,535 | 289 |
| | YIT Oyj | 49,763 | 283 |
| | Sanoma Oyj | 24,619 | 277 |
| | Citycon Oyj | 112,942 | 219 |
| | Uponor Oyj | 16,929 | 183 |
| * | Outotec Oyj | 43,506 | 168 |
| * | Caverion Oyj | 25,972 | 163 |
| | Ramirent Oyj | 20,779 | 152 |
| | Raisio Oyj | 43,911 | 135 |
| | Oriola Oyj | 39,257 | 120 |
21
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Finnair Oyj | 15,836 | 119 |
| F-Secure Oyj | 23,948 | 62 |
| * Stockmann OYJ Abp Class B | 12,229 | 42 |
| | | 55,702 |
| France (3.0%) | | |
| TOTAL SA | 791,400 | 46,436 |
| Sanofi | 343,130 | 30,663 |
| LVMH Moet Hennessy Louis Vuitton SE | 78,124 | 23,703 |
| Airbus SE | 172,996 | 19,119 |
| BNP Paribas SA | 338,779 | 17,655 |
| AXA SA | 609,024 | 15,242 |
| L'Oreal SA | 63,674 | 14,346 |
| Air Liquide SA | 117,006 | 14,145 |
| Safran SA | 104,482 | 13,502 |
| Danone SA | 187,940 | 13,309 |
| Vinci SA | 144,784 | 12,886 |
| Schneider Electric SE | 160,409 | 11,599 |
| Kering SA | 23,235 | 10,328 |
| Pernod Ricard SA | 66,908 | 10,203 |
| Orange SA | 608,794 | 9,502 |
| EssilorLuxottica SA | 63,117 | 8,621 |
| Societe Generale SA | 229,840 | 8,425 |
| Vivendi SA | 303,587 | 7,322 |
| Engie SA | 507,436 | 6,742 |
| Capgemini SE | 49,577 | 6,054 |
| Legrand SA | 91,354 | 5,966 |
| Cie de Saint-Gobain | 157,358 | 5,928 |
| Cie Generale des Etablissements Michelin SCA | 56,453 | 5,779 |
| Hermes International | 9,638 | 5,502 |
| Dassault Systemes SE | 41,996 | 5,257 |
| Credit Agricole SA | 362,965 | 4,649 |
| Renault SA | 58,221 | 4,348 |
| Peugeot SA | 175,321 | 4,168 |
| Thales SA | 31,104 | 3,973 |
| Publicis Groupe SA | 67,086 | 3,883 |
| Carrefour SA | 178,246 | 3,457 |
| Veolia Environnement SA | 157,301 | 3,135 |
| STMicroelectronics NV | 201,134 | 3,058 |
| Accor SA | 63,745 | 2,913 |
| Teleperformance | 17,557 | 2,892 |
| Sodexo SA | 27,997 | 2,858 |
| Edenred | 73,916 | 2,804 |
| L'Oreal SA Loyalty Line | 12,108 | 2,728 |
| TechnipFMC plc | 100,985 | 2,679 |
| Atos SE | 30,593 | 2,617 |
| Electricite de France SA | 150,558 | 2,494 |
| Valeo SA | 76,276 | 2,460 |
| SES SA Class A | 113,812 | 2,443 |
| * Ubisoft Entertainment SA | 27,056 | 2,427 |
| Gecina SA | 16,325 | 2,394 |
| Arkema SA | 22,719 | 2,384 |
| Bouygues SA | 64,449 | 2,348 |
| Eiffage SA | 22,809 | 2,228 |
| SCOR SE | 48,154 | 2,225 |
| Klepierre SA | 61,795 | 2,094 |
| Alstom SA | 47,320 | 2,067 |
| Bureau Veritas SA | 83,467 | 1,883 |
| Air Liquide SA | 15,489 | 1,872 |
| Aeroports de Paris | 8,850 | 1,851 |
| Eurofins Scientific SE | 3,536 | 1,782 |
| Getlink | 140,309 | 1,765 |
| Orpea | 13,852 | 1,705 |
| Suez | 118,045 | 1,703 |
| Natixis SA | 272,620 | 1,592 |
22
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ipsen SA | 10,587 | 1,468 |
| | Ingenico Group SA | 19,629 | 1,389 |
| | Rubis SCA | 26,477 | 1,366 |
| 2 | Euronext NV | 21,522 | 1,324 |
| | TechnipFMC plc | 50,111 | 1,318 |
| | Bollore SA | 306,118 | 1,295 |
| | Covivio | 12,033 | 1,207 |
| | Rexel SA | 92,962 | 1,185 |
| | Dassault Aviation SA | 708 | 1,174 |
| | Wendel SA | 8,582 | 1,112 |
| | Eutelsat Communications SA | 54,381 | 1,101 |
| | SEB SA | 7,676 | 1,101 |
| | CNP Assurances | 49,099 | 1,094 |
| | Faurecia SA | 22,567 | 1,094 |
| | Eurazeo SE | 14,058 | 1,027 |
| 2 | Amundi SA | 16,990 | 1,009 |
| | BioMerieux | 12,888 | 983 |
| | Lagardere SCA | 34,678 | 948 |
| | Iliad SA | 7,849 | 907 |
| | ICADE | 10,630 | 901 |
| | Remy Cointreau SA | 7,523 | 893 |
| | Sartorius Stedim Biotech | 7,075 | 877 |
| | Elis SA | 42,655 | 860 |
| | Alten SA | 8,824 | 850 |
| | Societe BIC SA | 8,110 | 776 |
| | Altran Technologies SA | 72,250 | 716 |
| | JCDecaux SA | 21,746 | 714 |
| | Imerys SA | 11,492 | 708 |
| ^ | Casino Guichard Perrachon SA | 15,789 | 696 |
| *,2 | Worldline SA/France | 12,808 | 674 |
| * | Air France-KLM | 68,516 | 662 |
| | Nexity SA | 13,351 | 638 |
| | Gaztransport Et Technigaz SA | 8,096 | 598 |
| ^ | SPIE SA | 35,489 | 556 |
| 2 | Elior Group SA | 38,533 | 554 |
| * | CGG SA | 216,740 | 524 |
| | Korian SA | 12,978 | 511 |
| *,^ | Vallourec SA | 105,433 | 498 |
| | Sopra Steria Group | 4,494 | 498 |
| | Cie Plastic Omnium SA | 17,774 | 494 |
| 2 | ALD SA | 27,079 | 403 |
| * | SOITEC | 5,077 | 362 |
| * | Rothschild & Co. | 9,000 | 359 |
| 2 | Maisons du Monde SA | 14,100 | 353 |
| | Metropole Television SA | 18,015 | 349 |
| * | Fnac Darty SA | 4,856 | 345 |
| | Television Francaise 1 | 30,649 | 312 |
| | IPSOS | 11,439 | 305 |
| 2 | Europcar Mobility Group | 31,724 | 300 |
| | Neopost SA | 8,928 | 287 |
| | Trigano SA | 2,626 | 267 |
| | Coface SA | 25,157 | 251 |
| | Eramet | 2,680 | 247 |
| | Vicat SA | 4,456 | 239 |
| | Nexans SA | 7,979 | 230 |
| * | DBV Technologies SA | 5,817 | 215 |
| | Akka Technologies | 3,108 | 205 |
| | Tarkett SA | 9,079 | 199 |
| | Interparfums SA | 4,638 | 192 |
| | Beneteau SA | 11,337 | 188 |
| | Altarea SCA | 849 | 186 |
| *,2 | SMCP SA | 7,781 | 184 |
| * | Genfit | 7,467 | 174 |
| | Derichebourg SA | 34,724 | 167 |
23
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mercialys SA | 11,167 | 164 |
| | Albioma SA | 8,342 | 162 |
| * | Virbac SA | 1,008 | 162 |
| | Carmila SA | 7,070 | 156 |
| | LISI | 5,088 | 148 |
| * | Etablissements Maurel et Prom | 31,465 | 146 |
| | Bonduelle SCA | 3,988 | 141 |
| | Mersen SA | 4,185 | 138 |
| *,^ | Technicolor SA | 97,769 | 125 |
| | FFP | 992 | 117 |
| | Electricite de France SA | 6,661 | 110 |
| | Vilmorin & Cie SA | 1,799 | 107 |
| | Manitou BF SA | 3,706 | 104 |
| | Synergie SA | 3,322 | 101 |
| *,2 | X-Fab Silicon Foundries SE | 14,653 | 100 |
| | SEB SA Loyalty Line | 643 | 92 |
| | AKWEL | 4,578 | 91 |
| | Jacquet Metal Service SA | 4,253 | 88 |
| | GL Events | 3,863 | 83 |
| ^ | Rallye SA | 7,379 | 82 |
| | Guerbet | 1,179 | 75 |
| | Boiron SA | 1,048 | 63 |
| *,^ | Bourbon Corp. | 9,593 | 56 |
| | Haulotte Group SA | 4,382 | 50 |
| | Union Financiere de France BQE SA | 1,138 | 35 |
| * | Stallergenes Greer plc | 975 | 30 |
| | Groupe Crit | 316 | 21 |
| | Esso SA Francaise | 389 | 15 |
| * | CGG SA Warrants Exp. 02/21/2023 | 17,195 | 2 |
| | | | 463,496 |
| Germany (2.8%) | | |
| | SAP SE | 304,209 | 32,573 |
| | Siemens AG | 242,261 | 27,847 |
| | Allianz SE | 133,394 | 27,789 |
| | Bayer AG | 294,675 | 22,588 |
| | BASF SE | 287,745 | 22,081 |
| | Deutsche Telekom AG | 1,027,596 | 16,854 |
| | Daimler AG | 269,629 | 15,972 |
| | Linde AG- Tender Line | 58,778 | 14,851 |
| | adidas AG | 62,358 | 14,664 |
| | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 47,655 | 10,236 |
| | Volkswagen AG Preference Shares | 60,597 | 10,181 |
| | Deutsche Post AG | 305,386 | 9,643 |
| | Bayerische Motoren Werke AG | 100,459 | 8,651 |
| | Fresenius SE & Co. KGaA | 128,428 | 8,162 |
| | Vonovia SE | 165,154 | 7,547 |
| | Deutsche Boerse AG | 59,596 | 7,531 |
| | Infineon Technologies AG | 359,311 | 7,200 |
| | Wirecard AG | 36,471 | 6,822 |
| | E.ON SE | 676,722 | 6,544 |
| | Henkel AG & Co. KGaA Preference Shares | 57,811 | 6,316 |
| | Deutsche Bank AG | 595,807 | 5,823 |
| | Continental AG | 34,507 | 5,686 |
| | Fresenius Medical Care AG & Co. KGaA | 69,197 | 5,433 |
| | Deutsche Wohnen SE | 113,766 | 5,204 |
| | Merck KGaA | 42,056 | 4,500 |
| 2 | Covestro AG | 58,311 | 3,760 |
| | MTU Aero Engines AG | 16,063 | 3,411 |
| | HeidelbergCement AG | 49,698 | 3,373 |
| | thyssenkrupp AG | 157,002 | 3,291 |
| | Beiersdorf AG | 31,311 | 3,238 |
| * | Commerzbank AG | 332,394 | 3,130 |
| | RWE AG | 160,671 | 3,126 |
| | Symrise AG | 37,209 | 3,117 |
24
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Porsche Automobil Holding SE Preference Shares | 47,711 | 3,034 |
| | Henkel AG & Co. KGaA | 28,770 | 2,818 |
| | Hannover Rueck SE | 18,980 | 2,552 |
| | Brenntag AG | 47,540 | 2,483 |
| * | QIAGEN NV | 67,800 | 2,461 |
| | LEG Immobilien AG | 19,442 | 2,125 |
| | LANXESS AG | 28,169 | 1,744 |
| | Uniper SE | 60,053 | 1,733 |
| *,2 | Siemens Healthineers AG | 40,424 | 1,673 |
| *,2 | Zalando SE | 42,827 | 1,656 |
| * | Aroundtown SA | 198,431 | 1,644 |
| | Evonik Industries AG | 52,758 | 1,632 |
| | ProSiebenSat.1 Media SE | 70,412 | 1,626 |
| | GEA Group AG | 51,741 | 1,572 |
| | Sartorius AG Preference Shares | 10,515 | 1,521 |
| | United Internet AG | 35,821 | 1,482 |
| | Deutsche Lufthansa AG | 72,137 | 1,448 |
| | HUGO BOSS AG | 19,811 | 1,416 |
| 2 | Scout24 AG | 33,150 | 1,374 |
| | Puma SE | 2,643 | 1,359 |
| *,2 | Delivery Hero SE | 33,567 | 1,352 |
| | Bayerische Motoren Werke AG Preference Shares | 17,686 | 1,332 |
| | KION Group AG | 21,917 | 1,281 |
| | OSRAM Licht AG | 31,457 | 1,275 |
| * | Knorr-Bremse AG | 13,673 | 1,239 |
| | Volkswagen AG | 6,963 | 1,146 |
| | Rheinmetall AG | 13,165 | 1,139 |
| | K&S AG | 59,151 | 1,102 |
| | MAN SE | 10,242 | 1,067 |
| | FUCHS PETROLUB SE | 24,190 | 1,047 |
| | TAG Immobilien AG | 42,896 | 979 |
| | Carl Zeiss Meditec AG | 11,583 | 949 |
| * | MorphoSys AG | 9,958 | 922 |
| | Axel Springer SE | 13,693 | 909 |
| 2 | Innogy SE | 20,014 | 884 |
| | HOCHTIEF AG | 5,738 | 850 |
| | Freenet AG | 37,708 | 848 |
| *,§ | Innogy SE | 20,014 | 834 |
| | Fraport AG Frankfurt Airport Services Worldwide | 10,648 | 822 |
| | Telefonica Deutschland Holding AG | 209,645 | 815 |
| | Grand City Properties SA | 33,506 | 810 |
| | METRO AG | 51,745 | 778 |
| | RTL Group SA | 12,077 | 775 |
| | Gerresheimer AG | 10,865 | 766 |
| | Bechtle AG | 8,596 | 763 |
| * | Evotec AG | 38,397 | 757 |
| | GRENKE AG | 7,725 | 741 |
| | Aareal Bank AG | 19,832 | 738 |
| | alstria office REIT-AG | 50,550 | 728 |
| | TLG Immobilien AG | 27,642 | 702 |
| | Aurubis AG | 11,499 | 698 |
| * | Dialog Semiconductor plc | 25,962 | 685 |
| | Nemetschek SE | 5,198 | 683 |
| | Software AG | 14,689 | 658 |
| | 1&1 Drillisch AG | 14,282 | 637 |
| | CTS Eventim AG & Co. KGaA | 16,738 | 628 |
| | STADA Arzneimittel AG | 6,775 | 626 |
| | Hella GmbH & Co. KGaA | 13,335 | 624 |
| *,2 | Rocket Internet SE | 21,430 | 619 |
| | Siltronic AG | 6,555 | 600 |
| | Norma Group SE | 11,081 | 598 |
| | Rational AG | 987 | 572 |
| | Stabilus SA | 8,206 | 550 |
| * | Jenoptik AG | 18,037 | 546 |
25
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Jungheinrich AG Preference Shares | 16,227 | 538 |
| 2 | Deutsche Pfandbriefbank AG | 39,937 | 530 |
| 2 | ADO Properties SA | 8,450 | 498 |
| | Duerr AG | 13,648 | 486 |
| | Deutsche EuroShop AG | 15,101 | 469 |
| | Sixt SE Preference Shares | 6,669 | 458 |
| | Salzgitter AG | 11,432 | 457 |
| *,^ | AIXTRON SE | 35,309 | 443 |
| | Fielmann AG | 7,065 | 438 |
| | Wacker Chemie AG | 4,686 | 419 |
| | CANCOM SE | 10,008 | 408 |
| | CompuGroup Medical SE | 7,076 | 400 |
| | Krones AG | 4,377 | 391 |
| | Bilfinger SE | 8,961 | 390 |
| | TUI AG | 23,341 | 386 |
| | Talanx AG | 10,705 | 383 |
| | Sixt SE | 3,725 | 379 |
| | Suedzucker AG | 23,788 | 368 |
| | Fuchs Petrolub SE Preference Shares | 7,881 | 365 |
| | S&T AG | 14,510 | 361 |
| | Leoni AG | 9,596 | 350 |
| | RWE AG Preference Shares | 20,859 | 347 |
| | Stroeer SE & Co. KGaA | 6,559 | 343 |
| | Deutz AG | 42,585 | 317 |
| 2 | Hapag-Lloyd AG | 8,429 | 312 |
| * | zooplus AG | 1,876 | 310 |
| *,2 | DWS Group GmbH & Co. KGaA | 10,750 | 300 |
| | XING SE | 985 | 296 |
| | CECONOMY AG | 51,129 | 261 |
| | Pfeiffer Vacuum Technology AG | 2,059 | 256 |
| | PATRIZIA Immobilien AG | 14,852 | 255 |
| 2 | Befesa SA | 5,660 | 251 |
| | Indus Holding AG | 4,580 | 250 |
| | DMG Mori AG | 5,149 | 249 |
| | Washtec AG | 3,206 | 247 |
| * | Hypoport AG | 1,209 | 242 |
| * | Isra Vision AG | 4,880 | 209 |
| | Schaeffler AG Preference Shares | 18,887 | 199 |
| | KWS Saat SE | 581 | 197 |
| | BayWa AG | 6,589 | 192 |
| | RHOEN-KLINIKUM AG | 7,525 | 190 |
| | RIB Software SE | 10,730 | 185 |
| | VTG AG | 3,093 | 185 |
| | Koenig & Bauer AG | 3,654 | 179 |
| *,^ | Heidelberger Druckmaschinen AG | 76,327 | 177 |
| | Takkt AG | 10,249 | 174 |
| | Hornbach Holding AG & Co. KGaA | 2,609 | 172 |
| * | Nordex SE | 17,970 | 167 |
| | Vossloh AG | 3,545 | 164 |
| | Kloeckner & Co. SE | 19,462 | 164 |
| | Wacker Neuson SE | 7,364 | 164 |
| * | Corestate Capital Holding SA | 3,253 | 140 |
| | Biotest AG Preference Shares | 5,050 | 134 |
| * | SGL Carbon SE | 13,210 | 132 |
| | Hamburger Hafen und Logistik AG | 6,220 | 132 |
| | DIC Asset AG | 11,921 | 129 |
| | Wuestenrot & Wuerttembergische AG | 5,901 | 119 |
| | Deutsche Beteiligungs AG | 2,883 | 118 |
| | Diebold Nixdorf AG | 1,798 | 116 |
| * | Varta AG | 3,596 | 113 |
| | Bertrandt AG | 1,140 | 94 |
| *,2 | Tele Columbus AG | 26,416 | 93 |
| | Draegerwerk AG & Co. KGaA | 1,848 | 90 |
| | Draegerwerk AG & Co. KGaA Preference Shares | 1,599 | 86 |
26
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | comdirect bank AG | 7,126 | 84 |
| | SMA Solar Technology AG | 3,151 | 74 |
| | ElringKlinger AG | 6,460 | 55 |
| | Hornbach Baumarkt AG | 2,055 | 55 |
| | CropEnergies AG | 7,938 | 35 |
| | H&R GmbH & Co. KGaA | 3,176 | 24 |
| | | | 429,265 |
| Greece (0.0%) | | |
| | Hellenic Telecommunications Organization SA ADR | 137,099 | 752 |
| * | Alpha Bank AE | 450,992 | 681 |
| | OPAP SA | 64,589 | 607 |
| | JUMBO SA | 30,577 | 445 |
| * | Eurobank Ergasias SA | 543,015 | 366 |
| | Motor Oil Hellas Corinth Refineries SA | 14,637 | 347 |
| | Titan Cement Co. SA | 12,669 | 279 |
| | National Bank of Greece SA | 160,324 | 278 |
| | Mytilineos Holdings SA | 26,080 | 230 |
| | Hellenic Petroleum SA | 24,209 | 192 |
| | Grivalia Properties REIC AE | 21,026 | 181 |
| * | GEK Terna Holding Real Estate Construction SA | 31,563 | 167 |
| | Holding Co. ADMIE IPTO SA | 82,107 | 150 |
| | Sarantis SA | 16,556 | 131 |
| * | Piraeus Bank SA | 77,791 | 114 |
| * | Viohalco SA | 35,271 | 101 |
| | Aegean Airlines SA | 12,797 | 97 |
| | Fourlis Holdings SA | 19,211 | 94 |
| | Terna Energy SA | 13,243 | 92 |
| | Hellenic Exchanges SA | 17,966 | 79 |
| *,§ | FF Group | 12,862 | 70 |
| * | Public Power Corp. SA | 29,269 | 44 |
| * | Ellaktor SA | 29,150 | 42 |
| | | | 5,539 |
| Hong Kong (1.1%) | | |
| | AIA Group Ltd. | 3,807,182 | 28,961 |
| | Hong Kong Exchanges & Clearing Ltd. | 372,482 | 9,918 |
| | CK Hutchison Holdings Ltd. | 853,427 | 8,596 |
| | Link REIT | 687,460 | 6,110 |
| | CLP Holdings Ltd. | 544,875 | 6,106 |
| | Sun Hung Kai Properties Ltd. | 443,003 | 5,757 |
| | CK Asset Holdings Ltd. | 852,427 | 5,547 |
| | Hong Kong & China Gas Co. Ltd. | 2,871,331 | 5,485 |
| | Hang Seng Bank Ltd. | 233,166 | 5,467 |
| | BOC Hong Kong Holdings Ltd. | 1,138,500 | 4,262 |
| | Jardine Matheson Holdings Ltd. | 65,939 | 3,808 |
| | Galaxy Entertainment Group Ltd. | 660,000 | 3,583 |
| | Sands China Ltd. | 766,800 | 3,032 |
| | Power Assets Holdings Ltd. | 401,000 | 2,678 |
| | China Mengniu Dairy Co. Ltd. | 835,000 | 2,471 |
| | Wharf Real Estate Investment Co. Ltd. | 378,600 | 2,353 |
| | New World Development Co. Ltd. | 1,736,224 | 2,209 |
| | Hongkong Land Holdings Ltd. | 368,100 | 2,180 |
| | MTR Corp. Ltd. | 428,326 | 2,078 |
| | Jardine Strategic Holdings Ltd. | 55,795 | 1,874 |
| 2 | WH Group Ltd. | 2,623,684 | 1,843 |
| | Techtronic Industries Co. Ltd. | 390,500 | 1,839 |
| | Swire Pacific Ltd. Class A | 166,642 | 1,731 |
| | Henderson Land Development Co. Ltd. | 361,997 | 1,688 |
| | AAC Technologies Holdings Inc. | 219,500 | 1,672 |
| ^ | Sino Land Co. Ltd. | 928,279 | 1,458 |
| | CK Infrastructure Holdings Ltd. | 190,500 | 1,394 |
| | Wheelock & Co. Ltd. | 250,000 | 1,337 |
| | Want Want China Holdings Ltd. | 1,780,467 | 1,274 |
| | Bank of East Asia Ltd. | 369,672 | 1,199 |
| | Swire Properties Ltd. | 333,046 | 1,138 |
27
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| 2 | Samsonite International SA | 391,196 | 1,128 |
| | Hang Lung Properties Ltd. | 622,000 | 1,127 |
| | Wynn Macau Ltd. | 456,800 | 952 |
| | Wharf Holdings Ltd. | 372,600 | 931 |
| | ASM Pacific Technology Ltd. | 102,822 | 892 |
| | Hysan Development Co. Ltd. | 189,000 | 886 |
| | Vitasoy International Holdings Ltd. | 270,000 | 861 |
| | Tingyi Cayman Islands Holding Corp. | 580,000 | 859 |
| | NWS Holdings Ltd. | 419,500 | 833 |
| | Dairy Farm International Holdings Ltd. | 89,700 | 810 |
| *,^ | Semiconductor Manufacturing International Corp. | 935,600 | 773 |
| | Sun Art Retail Group Ltd. | 691,579 | 758 |
| | Minth Group Ltd. | 228,000 | 741 |
| | PCCW Ltd. | 1,316,000 | 723 |
| | Hang Lung Group Ltd. | 262,000 | 645 |
| | Xinyi Glass Holdings Ltd. | 648,000 | 643 |
| | VTech Holdings Ltd. | 51,800 | 609 |
| | Yue Yuen Industrial Holdings Ltd. | 216,000 | 593 |
| | PRADA SPA | 164,900 | 586 |
| | Kerry Properties Ltd. | 184,000 | 579 |
| | Hopewell Holdings Ltd. | 168,500 | 521 |
| | United Energy Group Ltd. | 2,486,000 | 485 |
| | SJM Holdings Ltd. | 572,000 | 464 |
| 2 | BOC Aviation Ltd. | 64,200 | 460 |
| | Shangri-La Asia Ltd. | 331,519 | 453 |
| | Melco International Development Ltd. | 245,000 | 420 |
| | Luk Fook Holdings International Ltd. | 126,000 | 416 |
| | Champion REIT | 608,000 | 409 |
| | NagaCorp Ltd. | 444,000 | 407 |
| | First Pacific Co. Ltd. | 901,200 | 403 |
| | Swire Pacific Ltd. Class B | 245,000 | 395 |
| | Fortune REIT | 353,923 | 387 |
| | Great Eagle Holdings Ltd. | 84,000 | 384 |
| | Li & Fung Ltd. | 1,806,000 | 358 |
| | Uni-President China Holdings Ltd. | 361,800 | 352 |
| | MGM China Holdings Ltd. | 239,600 | 340 |
| | Pacific Basin Shipping Ltd. | 1,483,000 | 325 |
| | Hongkong & Shanghai Hotels Ltd. | 227,000 | 313 |
| | Lifestyle International Holdings Ltd. | 179,000 | 310 |
| | Nexteer Automotive Group Ltd. | 217,000 | 306 |
| | IGG Inc. | 288,000 | 305 |
| | Xinyi Solar Holdings Ltd. | 958,200 | 300 |
| | Dah Sing Financial Holdings Ltd. | 55,744 | 299 |
| | HKBN Ltd. | 193,689 | 291 |
| | Cathay Pacific Airways Ltd. | 228,000 | 290 |
| | Cafe de Coral Holdings Ltd. | 134,000 | 290 |
| | Yuexiu REIT | 438,940 | 267 |
| * | MMG Ltd. | 690,117 | 260 |
| | L'Occitane International SA | 138,250 | 259 |
| | SITC International Holdings Co. Ltd. | 352,000 | 259 |
| | Shougang Fushan Resources Group Ltd. | 1,236,000 | 250 |
| | Johnson Electric Holdings Ltd. | 110,250 | 247 |
| | Sunlight REIT | 410,000 | 247 |
| | Towngas China Co. Ltd. | 332,000 | 242 |
| | Chow Tai Fook Jewellery Group Ltd. | 273,000 | 240 |
| | SmarTone Telecommunications Holdings Ltd. | 172,000 | 239 |
| | Value Partners Group Ltd. | 313,000 | 233 |
| | China Travel International Investment Hong Kong Ltd. | 864,000 | 232 |
| | Shui On Land Ltd. | 1,104,500 | 223 |
| | K Wah International Holdings Ltd. | 490,000 | 222 |
| | Man Wah Holdings Ltd. | 469,200 | 217 |
| | Dah Sing Banking Group Ltd. | 113,537 | 216 |
| | Television Broadcasts Ltd. | 98,900 | 209 |
| | Haitong International Securities Group Ltd. | 626,038 | 205 |
28
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kerry Logistics Network Ltd. | 128,000 | 203 |
| | Gemdale Properties & Investment Corp. Ltd. | 2,166,000 | 200 |
| ^ | China Goldjoy Group Ltd. | 4,396,000 | 180 |
| *,2 | Razer Inc. | 1,149,000 | 178 |
| | SA Sa International Holdings Ltd. | 455,995 | 176 |
| | Mandarin Oriental International Ltd. | 88,774 | 168 |
| | Prosperity REIT | 471,000 | 167 |
| | Giordano International Ltd. | 354,000 | 157 |
| | Canvest Environmental Protection Group Co. Ltd. | 291,000 | 155 |
| | Lai Sun Development Co. Ltd. | 106,080 | 154 |
| | Shun Tak Holdings Ltd. | 472,000 | 151 |
| 2 | Crystal International Group Ltd. | 275,500 | 151 |
| | Spring REIT | 250,000 | 150 |
| * | Agritrade Resources Ltd. | 735,000 | 147 |
| | Liu Chong Hing Investment Ltd. | 99,982 | 145 |
| ^ | Chinese Estates Holdings Ltd. | 147,000 | 138 |
| | Guotai Junan International Holdings Ltd. | 746,000 | 136 |
| * | Zhaobangji Properties Holdings Ltd. | 96,000 | 125 |
| | Huabao International Holdings Ltd. | 256,000 | 119 |
| | CP Pokphand Co. Ltd. | 1,350,000 | 117 |
| *,^ | Esprit Holdings Ltd. | 510,346 | 116 |
| 2 | FIT Hon Teng Ltd. | 279,000 | 116 |
| *,^,§ | Superb Summit International Group Ltd. | 620,000 | 115 |
| * | HC Group Inc. | 170,000 | 110 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 290,000 | 107 |
| 2 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 85,000 | 107 |
| | Far East Consortium International Ltd. | 225,000 | 105 |
| | Emperor Watch & Jewellery Ltd. | 2,560,000 | 101 |
| | Microport Scientific Corp. | 83,852 | 100 |
| | Pacific Textiles Holdings Ltd. | 97,000 | 98 |
| | HKR International Ltd. | 201,520 | 96 |
| | Yip's Chemical Holdings Ltd. | 316,000 | 96 |
| | CITIC Telecom International Holdings Ltd. | 302,500 | 95 |
| | China Harmony New Energy Auto Holding Ltd. | 231,000 | 92 |
| * | Anton Oilfield Services Group | 648,000 | 92 |
| * | New World Department Store China Ltd. | 459,000 | 91 |
| | Singamas Container Holdings Ltd. | 548,000 | 88 |
| | Pou Sheng International Holdings Ltd. | 458,000 | 87 |
| | Dynam Japan Holdings Co. Ltd. | 72,400 | 85 |
| | Goodbaby International Holdings Ltd. | 267,464 | 83 |
| | Road King Infrastructure Ltd. | 53,000 | 82 |
| * | Global Brands Group Holding Ltd. | 1,414,000 | 79 |
| * | COFCO Meat Holdings Ltd. | 538,000 | 78 |
| *,§ | Town Health International Medical Group Ltd. | 870,000 | 77 |
| | Chow Sang Sang Holdings International Ltd. | 46,000 | 75 |
| | Sun Hung Kai & Co. Ltd. | 165,000 | 74 |
| * | G-Resources Group Ltd. | 10,998,600 | 70 |
| *,§ | Convoy Global Holdings Ltd. | 3,102,000 | 66 |
| 2 | IMAX China Holding Inc. | 27,100 | 63 |
| * | Parkson Retail Group Ltd. | 706,000 | 62 |
| * | Sunshine Oilsands Ltd. | 2,618,500 | 60 |
| ^ | United Laboratories International Holdings Ltd. | 86,000 | 60 |
| * | NewOcean Energy Holdings Ltd. | 162,000 | 59 |
| | Inspur International Ltd. | 144,000 | 57 |
| | Nan Hai Corp. Ltd. | 2,450,000 | 57 |
| * | FIH Mobile Ltd. | 607,000 | 57 |
| *,^ | GCL New Energy Holdings Ltd. | 1,670,000 | 56 |
| * | Truly International Holdings Ltd. | 360,000 | 53 |
| *,^ | We Solutions Ltd. | 752,000 | 51 |
| | Texwinca Holdings Ltd. | 146,000 | 50 |
| * | Beijing Enterprises Medical & Health Group Ltd. | 1,242,000 | 48 |
| 2 | Regina Miracle International Holdings Ltd. | 94,000 | 47 |
| * | Hong Kong Television Network Ltd. | 164,000 | 45 |
| * | Digital Domain Holdings Ltd. | 3,220,000 | 44 |
29
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Panda Green Energy Group Ltd. | 1,110,000 | 42 |
| *,^ | Honghua Group Ltd. | 587,000 | 38 |
| | BOE Varitronix Ltd. | 124,000 | 36 |
| *,^ | China LNG Group Ltd. | 240,000 | 33 |
| * | Lifestyle China Group Ltd. | 81,500 | 33 |
| 2 | CGN New Energy Holdings Co. Ltd. | 250,000 | 33 |
| * | China Silver Group Ltd. | 264,000 | 33 |
| | Lee's Pharmaceutical Holdings Ltd. | 43,500 | 33 |
| | Macau Legend Development Ltd. | 186,000 | 33 |
| | China Baoli Technologies Holdings Ltd. | 505,000 | 32 |
| | Ju Teng International Holdings Ltd. | 126,000 | 32 |
| | Emperor Capital Group Ltd. | 654,000 | 31 |
| * | Technovator International Ltd. | 222,000 | 30 |
| * | KuangChi Science Ltd. | 427,000 | 30 |
| | Qianhai Health Holdings Ltd. | 694,750 | 28 |
| | Henderson Investment Ltd. | 351,000 | 27 |
| | Chong Hing Bank Ltd. | 16,000 | 27 |
| * | China Strategic Holdings Ltd. | 3,500,000 | 25 |
| * | Future World Financial Holdings Ltd. | 2,790,251 | 23 |
| | EVA Precision Industrial Holdings Ltd. | 272,000 | 22 |
| *,§ | Tou Rong Chang Fu Group Ltd. | 1,348,000 | 20 |
| * | Yanchang Petroleum International Ltd. | 2,130,000 | 20 |
| * | Good Resources Holdings Ltd. | 819,978 | 20 |
| * | China Financial International Investments Ltd. | 790,000 | 20 |
| * | Silver Base Group Holdings Ltd. | 294,000 | 19 |
| | TPV Technology Ltd. | 224,000 | 18 |
| * | Freeman FinTech Corp. Ltd. | 3,160,000 | 17 |
| | Shenwan Hongyuan HK Ltd. | 75,000 | 15 |
| * | CST Group Ltd. | 4,128,000 | 13 |
| * | China Ocean Industry Group Ltd. | 3,045,000 | 12 |
| *,§ | Brightoil Petroleum Holdings Ltd. | 426,340 | 11 |
| * | Summit Ascent Holdings Ltd. | 85,948 | 11 |
| * | Mei Ah Entertainment Group Ltd. | 360,000 | 11 |
| * | China LotSynergy Holdings Ltd. | 940,000 | 10 |
| * | Sincere Watch Hong Kong Ltd. | 560,000 | 7 |
| * | New Provenance Everlasting Holdings Ltd. | 1,070,000 | 6 |
| *,§ | China Animal Healthcare Ltd. | 84,000 | 5 |
| | New Sports Group Ltd. | 122,000 | 5 |
| * | Xinchen China Power Holdings Ltd. | 50,000 | 4 |
| * | Sino Oil And Gas Holdings Ltd. | 169,500 | 3 |
| * | China Oceanwide Holdings Ltd. | 46,000 | 2 |
| | | | 166,364 |
| Hungary (0.0%) | | |
| | OTP Bank Nyrt | 71,421 | 2,566 |
| | MOL Hungarian Oil & Gas plc | 132,546 | 1,390 |
| | Richter Gedeon Nyrt | 40,778 | 757 |
| | Magyar Telekom Telecommunications plc | 106,612 | 145 |
| * | Opus Global Nyrt | 31,411 | 53 |
| | | | 4,911 |
| India (1.1%) | | |
| | Housing Development Finance Corp. Ltd. | 531,368 | 12,712 |
| 2 | Reliance Industries Ltd. GDR | 326,228 | 9,312 |
| | Infosys Ltd. ADR | 960,578 | 9,097 |
| | Tata Consultancy Services Ltd. | 289,503 | 7,589 |
| | Hindustan Unilever Ltd. | 232,521 | 5,105 |
| | Reliance Industries Ltd. | 351,136 | 5,041 |
| * | Axis Bank Ltd. | 595,329 | 4,687 |
| | Maruti Suzuki India Ltd. | 40,695 | 3,641 |
| | ITC Ltd. | 862,188 | 3,267 |
| | Sun Pharmaceutical Industries Ltd. | 341,032 | 2,677 |
| | HCL Technologies Ltd. | 164,673 | 2,354 |
| | Infosys Ltd. | 236,342 | 2,184 |
| | Mahindra & Mahindra Ltd. | 190,065 | 1,970 |
| | Oil & Natural Gas Corp. Ltd. | 943,166 | 1,954 |
30
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Larsen & Toubro Ltd. | 106,223 | 1,867 |
| * State Bank of India GDR | 48,197 | 1,819 |
| Bajaj Finance Ltd. | 52,824 | 1,700 |
| JSW Steel Ltd. | 362,513 | 1,664 |
| Bharti Airtel Ltd. | 400,718 | 1,586 |
| UltraTech Cement Ltd. | 32,957 | 1,559 |
| Tech Mahindra Ltd. | 147,714 | 1,488 |
| Vedanta Ltd. | 512,682 | 1,467 |
| Asian Paints Ltd. | 87,472 | 1,456 |
| Coal India Ltd. | 395,529 | 1,426 |
| Yes Bank Ltd. | 549,919 | 1,399 |
| NTPC Ltd. | 622,657 | 1,344 |
| Indian Oil Corp. Ltd. | 714,891 | 1,341 |
| Eicher Motors Ltd. | 4,079 | 1,208 |
| Bharat Petroleum Corp. Ltd. | 306,836 | 1,144 |
| Indiabulls Housing Finance Ltd. | 99,355 | 1,121 |
| Godrej Consumer Products Ltd. | 113,928 | 1,119 |
| Hero MotoCorp Ltd. | 29,841 | 1,114 |
| Titan Co. Ltd. | 97,166 | 1,112 |
| Grasim Industries Ltd. | 98,450 | 1,111 |
| UPL Ltd. | 113,472 | 1,035 |
| Bharti Infratel Ltd. | 284,462 | 1,035 |
| Nestle India Ltd. | 7,326 | 1,005 |
| Zee Entertainment Enterprises Ltd. | 162,038 | 989 |
| Wipro Ltd. ADR | 190,796 | 986 |
| Adani Ports & Special Economic Zone Ltd. | 220,611 | 952 |
| Bajaj Auto Ltd. | 26,779 | 939 |
| Dr Reddy's Laboratories Ltd. | 25,877 | 889 |
| Aurobindo Pharma Ltd. | 82,577 | 885 |
| Bajaj Finserv Ltd. | 12,067 | 881 |
| GAIL India Ltd. | 171,505 | 869 |
| Dabur India Ltd. | 166,978 | 869 |
| Cipla Ltd. | 100,330 | 855 |
| Shriram Transport Finance Co. Ltd. | 51,202 | 809 |
| Hindalco Industries Ltd. | 270,099 | 805 |
| * Tata Motors Ltd. | 320,446 | 776 |
| Lupin Ltd. | 64,489 | 773 |
| Piramal Enterprises Ltd. | 25,912 | 762 |
| Havells India Ltd. | 85,241 | 746 |
| Wipro Ltd. | 160,252 | 717 |
| Britannia Industries Ltd. | 9,205 | 702 |
| United Spirits Ltd. | 88,940 | 693 |
| Tata Steel Ltd. | 91,159 | 684 |
| Ambuja Cements Ltd. | 241,475 | 645 |
| 2 InterGlobe Aviation Ltd. | 52,971 | 636 |
| Marico Ltd. | 141,376 | 615 |
| Federal Bank Ltd. | 546,938 | 612 |
| Hindustan Petroleum Corp. Ltd. | 191,559 | 583 |
| Bosch Ltd. | 2,165 | 578 |
| Ashok Leyland Ltd. | 364,793 | 566 |
| Page Industries Ltd. | 1,358 | 541 |
| 2 HDFC Standard Life Insurance Co. Ltd. | 106,421 | 536 |
| Power Grid Corp. of India Ltd. | 211,980 | 533 |
| Mindtree Ltd. | 45,360 | 523 |
| Mahindra & Mahindra Financial Services Ltd. | 92,477 | 511 |
| Divi's Laboratories Ltd. | 24,823 | 499 |
| Pidilite Industries Ltd. | 37,959 | 492 |
| IIFL Holdings Ltd. | 77,999 | 486 |
| 2 ICICI Prudential Life Insurance Co. Ltd. | 99,704 | 448 |
| Container Corp. Of India Ltd. | 51,595 | 443 |
| Cadila Healthcare Ltd. | 90,510 | 441 |
| Shree Cement Ltd. | 2,305 | 435 |
| * Future Retail Ltd. | 65,433 | 433 |
| Motherson Sumi Systems Ltd. | 194,776 | 430 |
31
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Crompton Greaves Consumer Electricals Ltd. | 147,976 | 427 |
| | Info Edge India Ltd. | 19,113 | 408 |
| | Bharat Forge Ltd. | 51,384 | 406 |
| | Alkem Laboratories Ltd. | 15,643 | 405 |
| | Biocon Ltd. | 44,849 | 400 |
| | LIC Housing Finance Ltd. | 71,431 | 397 |
| | United Breweries Ltd. | 23,649 | 390 |
| | Apollo Hospitals Enterprise Ltd. | 25,238 | 390 |
| * | Bharat Financial Inclusion Ltd. | 32,231 | 383 |
| | Mphasis Ltd. | 27,839 | 372 |
| | Colgate-Palmolive India Ltd. | 23,624 | 357 |
| | Torrent Pharmaceuticals Ltd. | 15,714 | 355 |
| * | Vodafone Idea Ltd. | 675,373 | 353 |
| | ABB India Ltd. | 19,787 | 342 |
| | Oracle Financial Services Software Ltd. | 6,643 | 326 |
| | Jubilant Foodworks Ltd. | 22,044 | 324 |
| *,2 | Avenue Supermarts Ltd. | 17,732 | 321 |
| | Glenmark Pharmaceuticals Ltd. | 38,015 | 319 |
| * | State Bank of India | 81,983 | 312 |
| | L&T Finance Holdings Ltd. | 177,041 | 306 |
| 2 | ICICI Lombard General Insurance Co. Ltd. | 27,713 | 302 |
| | NMDC Ltd. | 203,655 | 301 |
| | Petronet LNG Ltd. | 95,191 | 290 |
| | MRF Ltd. | 331 | 289 |
| | Rajesh Exports Ltd. | 37,342 | 288 |
| * | Bank of Baroda | 189,630 | 284 |
| *,2 | SBI Life Insurance Co. Ltd. | 37,300 | 283 |
| | Bajaj Holdings & Investment Ltd. | 7,375 | 281 |
| * | Jindal Steel & Power Ltd. | 120,970 | 280 |
| | REC Ltd. | 177,160 | 279 |
| | HEG Ltd. | 4,776 | 278 |
| * | Max Financial Services Ltd. | 54,408 | 278 |
| | Sun TV Network Ltd. | 31,281 | 275 |
| | Siemens Ltd. | 21,549 | 272 |
| | GlaxoSmithKline Consumer Healthcare Ltd. | 2,792 | 264 |
| | Cholamandalam Investment and Finance Co. Ltd. | 15,341 | 263 |
| | Indiabulls Ventures Ltd. | 45,246 | 262 |
| | TVS Motor Co. Ltd. | 35,146 | 259 |
| * | Dalmia Bharat Ltd. | 9,029 | 257 |
| | Tata Power Co. Ltd. | 243,302 | 252 |
| | DLF Ltd. | 112,856 | 251 |
| | Voltas Ltd. | 34,114 | 250 |
| | Edelweiss Financial Services Ltd. | 113,186 | 248 |
| 2 | Larsen & Toubro Infotech Ltd. | 10,351 | 248 |
| | CESC Ltd. | 20,476 | 246 |
| | Natco Pharma Ltd. | 23,911 | 244 |
| | Berger Paints India Ltd. | 62,801 | 238 |
| | Power Finance Corp. Ltd. | 183,340 | 237 |
| * | Steel Authority of India Ltd. | 268,026 | 234 |
| | Balkrishna Industries Ltd. | 15,622 | 231 |
| | IDFC Bank Ltd. | 491,432 | 230 |
| | Hindustan Zinc Ltd. | 64,711 | 230 |
| | Exide Industries Ltd. | 63,522 | 229 |
| | Graphite India Ltd. | 17,663 | 227 |
| | Bharat Heavy Electricals Ltd. | 243,496 | 227 |
| | ACC Ltd. | 12,109 | 225 |
| | AIA Engineering Ltd. | 9,421 | 218 |
| | NHPC Ltd. | 656,926 | 216 |
| * | Motherson Sumi Systems Ltd. Temporary Line | 97,388 | 215 |
| | Gillette India Ltd. | 2,396 | 212 |
| | Apollo Tyres Ltd. | 71,220 | 210 |
| | Indian Hotels Co. Ltd. | 120,366 | 210 |
| | Adani Enterprises Ltd. | 91,233 | 210 |
| | Jubilant Life Sciences Ltd. | 23,147 | 208 |
32
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | KPIT Technologies Ltd. | 67,891 | 204 |
| | City Union Bank Ltd. | 86,728 | 200 |
| *,2 | Bandhan Bank Ltd. | 37,178 | 196 |
| | Oil India Ltd. | 73,408 | 196 |
| * | Adani Transmission Ltd. | 84,325 | 190 |
| | GRUH Finance Ltd. | 47,298 | 185 |
| | Emami Ltd. | 33,903 | 181 |
| | Muthoot Finance Ltd. | 32,648 | 181 |
| | Kansai Nerolac Paints Ltd. | 35,036 | 180 |
| | Tata Global Beverages Ltd. | 61,078 | 180 |
| | Sundram Fasteners Ltd. | 24,845 | 179 |
| | Dewan Housing Finance Corp. Ltd. | 58,709 | 179 |
| * | Fortis Healthcare Ltd. | 93,804 | 178 |
| | Indraprastha Gas Ltd. | 47,090 | 170 |
| | Sundaram Finance Ltd. | 8,275 | 167 |
| * | Tata Motors Ltd. Class A | 126,659 | 167 |
| | Pfizer Ltd. | 4,184 | 165 |
| | Arvind Ltd. | 35,132 | 163 |
| | Whirlpool of India Ltd. | 8,466 | 160 |
| * | Adani Power Ltd. | 255,923 | 159 |
| | PI Industries Ltd. | 14,988 | 157 |
| | Hexaware Technologies Ltd. | 33,864 | 154 |
| | Manappuram Finance Ltd. | 139,248 | 151 |
| | Sterlite Technologies Ltd. | 29,075 | 150 |
| | Reliance Infrastructure Ltd. | 30,091 | 146 |
| | Ramco Cements Ltd. | 17,456 | 142 |
| | Redington India Ltd. | 125,238 | 141 |
| | Cummins India Ltd. | 13,668 | 138 |
| | Escorts Ltd. | 16,201 | 138 |
| | Oberoi Realty Ltd. | 23,982 | 137 |
| | Sanofi India Ltd. | 1,742 | 137 |
| 2 | Endurance Technologies Ltd. | 8,208 | 134 |
| | Kajaria Ceramics Ltd. | 25,055 | 134 |
| *,2 | PNB Housing Finance Ltd. | 12,182 | 132 |
| | KRBL Ltd. | 28,058 | 131 |
| * | GMR Infrastructure Ltd. | 570,405 | 130 |
| * | Sun Pharma Advanced Research Co. Ltd. | 32,065 | 129 |
| | Gujarat State Petronet Ltd. | 53,161 | 129 |
| * | Punjab National Bank | 128,046 | 128 |
| * | JSW Energy Ltd. | 144,094 | 127 |
| | NCC Ltd. | 124,641 | 127 |
| | Coromandel International Ltd. | 21,928 | 125 |
| *,2 | Eris Lifesciences Ltd. | 13,532 | 124 |
| | Care Ratings Ltd. | 8,295 | 121 |
| | National Aluminium Co. Ltd. | 129,187 | 119 |
| | Tata Communications Ltd. | 17,873 | 119 |
| *,2 | Quess Corp. Ltd. | 12,089 | 119 |
| * | IDBI Bank Ltd. | 147,071 | 118 |
| 2 | Syngene International Ltd. | 14,885 | 116 |
| | Phoenix Mills Ltd. | 15,440 | 116 |
| * | Canara Bank | 32,748 | 116 |
| | WABCO India Ltd. | 1,338 | 114 |
| * | Godrej Properties Ltd. | 13,999 | 113 |
| | Bharat Electronics Ltd. | 90,081 | 113 |
| * | Just Dial Ltd. | 16,622 | 113 |
| | Gujarat Gas Ltd. | 13,314 | 113 |
| | GlaxoSmithKline Pharmaceuticals Ltd. | 5,856 | 112 |
| | PVR Ltd. | 6,051 | 112 |
| | GE Power India Ltd. | 9,915 | 111 |
| | Supreme Industries Ltd. | 8,322 | 111 |
| * | Dish TV India Ltd. | 187,498 | 110 |
| 2 | AU Small Finance Bank Ltd. | 14,629 | 110 |
| | Karur Vysya Bank Ltd. | 100,944 | 109 |
| | TI Financial Holdings Ltd. | 16,493 | 109 |
33
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | NBCC India Ltd. | 145,348 | 109 |
| | Bombay Burmah Trading Co. | 6,145 | 108 |
| | Jain Irrigation Systems Ltd. | 108,444 | 104 |
| | Ipca Laboratories Ltd. | 11,247 | 104 |
| | Bayer CropScience Ltd. | 1,959 | 103 |
| | Engineers India Ltd. | 65,466 | 103 |
| | Indian Bank | 29,873 | 102 |
| | Varun Beverages Ltd. | 9,232 | 102 |
| | Capital First Ltd. | 16,025 | 101 |
| | Gateway Distriparks Ltd. | 55,622 | 100 |
| | Castrol India Ltd. | 48,912 | 98 |
| | Minda Industries Ltd. | 23,295 | 98 |
| | Ceat Ltd. | 6,232 | 97 |
| | Reliance Capital Ltd. | 29,023 | 95 |
| | Persistent Systems Ltd. | 12,422 | 95 |
| * | Shree Renuka Sugars Ltd. | 545,590 | 95 |
| | IRB Infrastructure Developers Ltd. | 48,800 | 92 |
| | Godrej Industries Ltd. | 14,509 | 92 |
| * | Aditya Birla Fashion and Retail Ltd. | 35,555 | 87 |
| | Prestige Estates Projects Ltd. | 32,922 | 87 |
| * | Sintex Plastics Technology Ltd. | 244,127 | 86 |
| * | Indiabulls Real Estate Ltd. | 83,885 | 85 |
| | Raymond Ltd. | 8,316 | 85 |
| | Amara Raja Batteries Ltd. | 8,322 | 84 |
| | Gujarat Fluorochemicals Ltd. | 6,978 | 84 |
| | Century Textiles & Industries Ltd. | 7,450 | 83 |
| | Bajaj Corp. Ltd. | 16,912 | 81 |
| | Torrent Power Ltd. | 23,118 | 81 |
| * | Suzlon Energy Ltd. | 946,139 | 80 |
| * | Bank of India | 68,499 | 80 |
| | PTC India Ltd. | 76,646 | 80 |
| | Karnataka Bank Ltd. | 55,925 | 78 |
| * | Ajanta Pharma Ltd. | 5,388 | 77 |
| | Finolex Cables Ltd. | 11,390 | 77 |
| | SRF Ltd. | 2,950 | 77 |
| | Blue Dart Express Ltd. | 2,017 | 77 |
| | Repco Home Finance Ltd. | 15,230 | 76 |
| * | Reliance Power Ltd. | 185,943 | 76 |
| | Rain Industries Ltd. | 30,380 | 76 |
| *,§ | Adani Gas Ltd. | 91,233 | 75 |
| 2 | Dr Lal PathLabs Ltd. | 6,202 | 74 |
| | eClerx Services Ltd. | 5,130 | 74 |
| * | Balrampur Chini Mills Ltd. | 50,849 | 74 |
| | Mahanagar Gas Ltd. | 6,429 | 73 |
| * | Kaveri Seed Co. Ltd. | 10,776 | 73 |
| | Cox & Kings Ltd. | 25,906 | 71 |
| | McLeod Russel India Ltd. | 39,170 | 71 |
| | Alembic Pharmaceuticals Ltd. | 8,754 | 71 |
| | Welspun India Ltd. | 88,190 | 70 |
| | Jindal Saw Ltd. | 61,019 | 70 |
| * | TV18 Broadcast Ltd. | 137,341 | 69 |
| | Thermax Ltd. | 5,117 | 69 |
| | South Indian Bank Ltd. | 343,838 | 68 |
| * | CG Power and Industrial Solutions Ltd. | 141,656 | 68 |
| | Motilal Oswal Financial Services Ltd. | 7,994 | 67 |
| | Thomas Cook India Ltd. | 23,781 | 67 |
| | Welspun Corp. Ltd. | 36,272 | 67 |
| | Avanti Feeds Ltd. | 12,114 | 65 |
| | Sadbhav Engineering Ltd. | 23,338 | 65 |
| * | Equitas Holdings Ltd. | 44,263 | 64 |
| | Chambal Fertilizers and Chemicals Ltd. | 32,741 | 64 |
| | Vijaya Bank | 106,806 | 64 |
| | Symphony Ltd. | 5,172 | 63 |
| * | Mahindra CIE Automotive Ltd. | 17,526 | 63 |
34
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Gujarat Pipavav Port Ltd. | 44,750 | 61 |
| * | DEN Networks Ltd. | 64,299 | 59 |
| | GE T&D India Ltd. | 18,902 | 59 |
| | VA Tech Wabag Ltd. | 17,247 | 59 |
| * | Jammu & Kashmir Bank Ltd. | 100,097 | 57 |
| * | Union Bank of India | 53,892 | 56 |
| 2 | Laurus Labs Ltd. | 12,108 | 56 |
| | Strides Pharma Science Ltd. | 9,442 | 54 |
| 2 | Dilip Buildcon Ltd. | 9,318 | 53 |
| | JM Financial Ltd. | 51,633 | 53 |
| | Vakrangee Ltd. | 149,459 | 52 |
| | IDFC Ltd. | 103,749 | 52 |
| | Mangalore Refinery & Petrochemicals Ltd. | 45,416 | 50 |
| * | Oriental Bank of Commerce | 45,611 | 50 |
| * | Allahabad Bank | 81,980 | 49 |
| * | Andhra Bank | 123,225 | 49 |
| * | Syndicate Bank | 101,228 | 48 |
| * | IFCI Ltd. | 247,622 | 46 |
| | Radico Khaitan Ltd. | 8,653 | 46 |
| | Great Eastern Shipping Co. Ltd. | 10,667 | 45 |
| * | Housing Development & Infrastructure Ltd. | 162,170 | 44 |
| * | Reliance Communications Ltd. | 245,174 | 41 |
| | Sobha Ltd. | 6,672 | 40 |
| | Srei Infrastructure Finance Ltd. | 85,989 | 38 |
| * | Wockhardt Ltd. | 5,121 | 34 |
| * | Central Bank of India | 79,029 | 34 |
| * | Shipping Corp. of India Ltd. | 52,970 | 32 |
| | PC Jeweller Ltd. | 39,296 | 31 |
| | India Cements Ltd. | 24,791 | 30 |
| * | Jaiprakash Associates Ltd. | 332,131 | 29 |
| | Gujarat Mineral Development Corp. Ltd. | 24,509 | 29 |
| | Multi Commodity Exchange of India Ltd. | 2,593 | 25 |
| * | RattanIndia Power Ltd. | 553,078 | 23 |
| | Sintex Industries Ltd. | 128,392 | 21 |
| * | Jet Airways India Ltd. | 5,987 | 18 |
| * | Corp Bank | 49,046 | 18 |
| * | Hindustan Construction Co. Ltd. | 103,619 | 17 |
| | Marksans Pharma Ltd. | 42,808 | 17 |
| | Reliance Home Finance Ltd. | 29,023 | 16 |
| * | Adani Green Energy Ltd. | 23,968 | 13 |
| * | Bajaj Hindusthan Sugar Ltd. | 90,862 | 12 |
| * | Cox & Kings Financial Services | 8,635 | 8 |
| * | Unitech Ltd. | 198,930 | 6 |
| * | Indian Overseas Bank | 27,269 | 6 |
| * | Solara Active Pharma Sciences Ltd. | 1,106 | 5 |
| * | UCO Bank | 17,873 | 5 |
| * | Rolta India Ltd. | 15,910 | 3 |
| *,§ | Amtek Auto Ltd. | 8,487 | 1 |
| | Sundaram Finance Holdings Ltd. | 380 | 1 |
| | | | 164,581 |
| Indonesia (0.2%) | | |
| | Bank Central Asia Tbk PT | 3,040,564 | 4,734 |
| | Telekomunikasi Indonesia Persero Tbk PT | 15,821,740 | 4,008 |
| | Bank Rakyat Indonesia Persero Tbk PT | 16,779,290 | 3,482 |
| | Astra International Tbk PT | 6,422,830 | 3,341 |
| | Bank Mandiri Persero Tbk PT | 5,883,032 | 2,643 |
| | Bank Negara Indonesia Persero Tbk PT | 2,302,130 | 1,112 |
| | United Tractors Tbk PT | 476,660 | 1,052 |
| | Unilever Indonesia Tbk PT | 361,600 | 1,030 |
| | Charoen Pokphand Indonesia Tbk PT | 2,146,700 | 778 |
| | Hanjaya Mandala Sampoerna Tbk PT | 2,999,700 | 738 |
| | Indah Kiat Pulp & Paper Corp. Tbk PT | 856,200 | 718 |
| | Gudang Garam Tbk PT | 147,100 | 701 |
| | Indofood Sukses Makmur Tbk PT | 1,490,900 | 587 |
35
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kalbe Farma Tbk PT | 5,850,700 | 528 |
| | Semen Indonesia Persero Tbk PT | 841,500 | 499 |
| | Bank Danamon Indonesia Tbk PT | 1,018,900 | 498 |
| | Indocement Tunggal Prakarsa Tbk PT | 396,900 | 453 |
| | Perusahaan Gas Negara Persero Tbk | 3,037,400 | 445 |
| | Adaro Energy Tbk PT | 3,993,500 | 434 |
| | Indofood CBP Sukses Makmur Tbk PT | 699,300 | 411 |
| | Bukit Asam Tbk PT | 1,246,200 | 350 |
| * | Pabrik Kertas Tjiwi Kimia Tbk PT | 391,500 | 266 |
| | Ace Hardware Indonesia Tbk PT | 2,595,300 | 234 |
| | Pakuwon Jati Tbk PT | 7,083,400 | 223 |
| | Matahari Department Store Tbk PT | 678,300 | 217 |
| | Tower Bersama Infrastructure Tbk PT | 667,600 | 205 |
| | Ciputra Development Tbk PT | 3,585,330 | 194 |
| | Surya Citra Media Tbk PT | 1,789,200 | 185 |
| | Jasa Marga Persero Tbk PT | 677,017 | 185 |
| * | Vale Indonesia Tbk PT | 924,200 | 178 |
| | Indo Tambangraya Megah Tbk PT | 108,800 | 178 |
| * | Kresna Graha Investama Tbk PT | 4,091,300 | 168 |
| | Barito Pacific Tbk PT | 1,316,300 | 163 |
| * | XL Axiata Tbk PT | 890,300 | 154 |
| | Bank Tabungan Negara Persero Tbk PT | 1,034,500 | 144 |
| * | Bumi Serpong Damai Tbk PT | 1,980,200 | 144 |
| * | Medco Energi Internasional Tbk PT | 2,538,166 | 137 |
| | Mitra Adiperkasa Tbk PT | 2,405,000 | 127 |
| | Waskita Karya Persero Tbk PT | 1,299,774 | 123 |
| * | Trada Alam Minera Tbk PT | 10,114,628 | 121 |
| | Summarecon Agung Tbk PT | 2,915,900 | 115 |
| | Aneka Tambang Tbk | 2,541,300 | 114 |
| | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 812,600 | 96 |
| | Lippo Karawaci Tbk PT | 5,076,000 | 94 |
| | Ramayana Lestari Sentosa Tbk PT | 1,190,900 | 93 |
| | Japfa Comfeed Indonesia Tbk PT | 615,700 | 82 |
| | AKR Corporindo Tbk PT | 359,800 | 82 |
| * | Sentul City Tbk PT | 12,501,167 | 78 |
| | Link Net Tbk PT | 246,700 | 71 |
| | Astra Agro Lestari Tbk PT | 82,055 | 65 |
| | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 725,400 | 62 |
| * | Panin Financial Tbk PT | 3,164,200 | 57 |
| * | Kawasan Industri Jababeka Tbk PT | 3,755,989 | 55 |
| | Media Nusantara Citra Tbk PT | 1,051,100 | 54 |
| | PP Persero Tbk PT | 528,300 | 46 |
| | Wijaya Karya Persero Tbk PT | 623,745 | 45 |
| * | Alam Sutera Realty Tbk PT | 2,431,200 | 45 |
| | Semen Baturaja Persero TBK PT | 358,900 | 42 |
| * | Intiland Development Tbk PT | 1,328,600 | 28 |
| | Global Mediacom Tbk PT | 1,211,000 | 26 |
| | Adhi Karya Persero Tbk PT | 348,200 | 26 |
| * | Eagle High Plantations Tbk PT | 2,054,500 | 24 |
| | Surya Semesta Internusa Tbk PT | 704,600 | 22 |
| | Timah Tbk PT | 473,400 | 20 |
| * | Krakatau Steel Persero Tbk PT | 810,647 | 20 |
| * | Agung Podomoro Land Tbk PT | 1,547,500 | 14 |
| *,§ | Berlian Laju Tanker Tbk PT | 968,000 | 12 |
| | Bekasi Fajar Industrial Estate Tbk PT | 1,002,100 | 9 |
| * | Siloam International Hospitals Tbk PT | 43,483 | 7 |
| * | Medco Energi Internasional Tbk PT Warrants Exp. 12/11/2020 | 256,166 | 5 |
| | Wijaya Karya Beton Tbk PT | 198,600 | 4 |
| * | Matahari Putra Prima Tbk PT | 379,800 | 4 |
| * | Lippo Cikarang Tbk PT | 35,500 | 4 |
| | | | 33,409 |
| Ireland (0.1%) | | |
| | Kerry Group plc Class A | 47,572 | 4,874 |
| * | ICON plc | 16,700 | 2,306 |
36
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of Ireland Group plc | 282,059 | 1,993 |
| | Kingspan Group plc | 45,729 | 1,987 |
| | AIB Group plc | 247,840 | 1,195 |
| | Glanbia plc | 60,190 | 1,064 |
| | Green REIT plc | 271,894 | 449 |
| | C&C Group plc | 116,065 | 431 |
| | Hibernia REIT plc | 269,351 | 424 |
| * | Cairn Homes plc | 258,809 | 415 |
| | Dalata Hotel Group plc | 55,774 | 345 |
| | Irish Continental Group plc | 49,543 | 292 |
| | Origin Enterprises plc | 40,317 | 259 |
| * | Prothena Corp. plc | 11,900 | 148 |
| * | Permanent TSB Group Holdings plc | 26,375 | 57 |
| *,§ | Irish Bank Resolution Corp. Ltd. | 14,385 | — |
| | | | 16,239 |
| Israel (0.2%) | | |
| | Teva Pharmaceutical Industries Ltd. | 305,844 | 6,109 |
| | Bank Leumi Le-Israel BM | 454,159 | 2,832 |
| | Bank Hapoalim BM | 316,102 | 2,138 |
| * | Nice Ltd. | 18,656 | 1,980 |
| | Israel Chemicals Ltd. | 213,262 | 1,228 |
| | Israel Discount Bank Ltd. Class A | 362,843 | 1,186 |
| * | Mellanox Technologies Ltd. | 13,739 | 1,164 |
| * | SodaStream International Ltd. | 7,045 | 1,009 |
| | Elbit Systems Ltd. | 7,405 | 884 |
| | Bezeq The Israeli Telecommunication Corp. Ltd. | 688,384 | 790 |
| | Mizrahi Tefahot Bank Ltd. | 44,872 | 755 |
| | Azrieli Group Ltd. | 11,224 | 545 |
| * | Tower Semiconductor Ltd. | 31,261 | 484 |
| * | Mazor Robotics Ltd. | 14,328 | 417 |
| | Israel Corp. Ltd. | 1,412 | 412 |
| | Paz Oil Co. Ltd. | 2,736 | 410 |
| | First International Bank Of Israel Ltd. | 14,322 | 308 |
| | Delek Group Ltd. | 1,804 | 302 |
| | Harel Insurance Investments & Financial Services Ltd. | 36,575 | 268 |
| | Alony Hetz Properties & Investments Ltd. | 26,745 | 254 |
| | Strauss Group Ltd. | 11,068 | 243 |
| | Melisron Ltd. | 4,981 | 211 |
| | Phoenix Holdings Ltd. | 38,113 | 211 |
| | Reit 1 Ltd. | 52,803 | 206 |
| | Gazit-Globe Ltd. | 23,638 | 198 |
| * | Airport City Ltd. | 16,888 | 197 |
| | Amot Investments Ltd. | 39,544 | 196 |
| | Oil Refineries Ltd. | 346,880 | 165 |
| * | Nova Measuring Instruments Ltd. | 7,371 | 163 |
| | Shufersal Ltd. | 23,960 | 152 |
| * | Jerusalem Economy Ltd. | 55,259 | 148 |
| * | Jerusalem Oil Exploration | 2,482 | 143 |
| * | Clal Insurance Enterprises Holdings Ltd. | 8,378 | 139 |
| | IDI Insurance Co. Ltd. | 2,463 | 138 |
| * | Cellcom Israel Ltd. (Registered) | 21,946 | 138 |
| | Electra Ltd. | 555 | 134 |
| * | Shikun & Binui Ltd. | 70,237 | 134 |
| * | Partner Communications Co. Ltd. | 25,426 | 129 |
| | Big Shopping Centers Ltd. | 1,527 | 99 |
| | Sella Capital Real Estate Ltd. | 59,072 | 98 |
| | Matrix IT Ltd. | 8,201 | 95 |
| * | Brack Capital Properties NV | 889 | 95 |
| | Shapir Engineering and Industry Ltd. | 25,565 | 93 |
| | Bayside Land Corp. | 210 | 90 |
| | Delta Galil Industries Ltd. | 3,081 | 86 |
| | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,678 | 85 |
| | Kenon Holdings Ltd. | 5,004 | 80 |
| | Hilan Ltd. | 3,172 | 75 |
37
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Naphtha Israel Petroleum Corp. Ltd. | 11,590 | 73 |
| * | Gilat Satellite Networks Ltd. | 7,449 | 71 |
| * | Africa Israel Properties Ltd. | 2,364 | 61 |
| | Delek Automotive Systems Ltd. | 9,988 | 56 |
| | Menora Mivtachim Holdings Ltd. | 4,821 | 54 |
| | Migdal Insurance & Financial Holding Ltd. | 47,854 | 53 |
| | Norstar Holdings Inc. | 3,315 | 52 |
| * | Kamada Ltd. | 9,329 | 50 |
| | AudioCodes Ltd. | 3,938 | 49 |
| | Formula Systems 1985 Ltd. | 1,047 | 41 |
| * | Evogene Ltd. | 14,751 | 39 |
| * | Allot Communications Ltd. | 4,912 | 32 |
| * | B Communications Ltd. | 3,139 | 29 |
| | Property & Building Corp. Ltd. | 357 | 26 |
| | | | 28,102 |
| Italy (0.8%) | | |
| | Eni SPA | 799,172 | 14,193 |
| | Enel SPA | 2,460,827 | 12,066 |
| | Intesa Sanpaolo SPA (Registered) | 4,764,770 | 10,554 |
| | UniCredit SPA | 707,428 | 9,045 |
| | Assicurazioni Generali SPA | 414,703 | 6,692 |
| * | Fiat Chrysler Automobiles NV | 347,833 | 5,294 |
| | Ferrari NV | 39,936 | 4,677 |
| | Atlantia SPA | 178,465 | 3,586 |
| | CNH Industrial NV | 302,446 | 3,144 |
| | Luxottica Group SPA | 48,889 | 3,070 |
| | Snam SPA | 729,313 | 3,015 |
| | Terna Rete Elettrica Nazionale SPA | 433,699 | 2,240 |
| * | Telecom Italia SPA (Registered) | 3,356,976 | 1,974 |
| | EXOR NV | 34,092 | 1,928 |
| | Moncler SPA | 53,257 | 1,850 |
| | Mediobanca Banca di Credito Finanziario SPA | 178,072 | 1,560 |
| | Prysmian SPA | 79,930 | 1,553 |
| | Leonardo SPA | 123,996 | 1,344 |
| | Davide Campari-Milano SPA | 174,215 | 1,341 |
| | FinecoBank Banca Fineco SPA | 120,399 | 1,258 |
| | Tenaris SA | 79,147 | 1,165 |
| 2 | Poste Italiane SPA | 145,369 | 1,043 |
| | Recordati SPA | 30,144 | 1,020 |
| *,2 | Pirelli & C SPA | 134,382 | 988 |
| | Telecom Italia SPA (Bearer) | 1,951,948 | 986 |
| | Unione di Banche Italiane SPA | 322,110 | 983 |
| * | Saipem SPA | 169,234 | 926 |
| * | Banco BPM SPA | 476,189 | 893 |
| | Italgas SPA | 158,081 | 816 |
| | A2A SPA | 466,344 | 751 |
| | Interpump Group SPA | 25,512 | 736 |
| | Hera SPA | 243,701 | 673 |
| | Unipol Gruppo SPA | 156,783 | 631 |
| | Amplifon SPA | 35,365 | 626 |
| * | LivaNova pcl | 5,390 | 604 |
| | UnipolSai Assicurazioni SPA | 258,558 | 565 |
| 2 | Infrastrutture Wireless Italiane SPA | 80,633 | 561 |
| | De' Longhi SPA | 21,041 | 557 |
| | Cerved Group SPA | 66,811 | 533 |
| | BPER Banca | 138,170 | 524 |
| | Brembo SPA | 47,018 | 521 |
| | DiaSorin SPA | 5,272 | 500 |
| | Banca Popolare di Sondrio SCPA | 156,731 | 494 |
| | Azimut Holding SPA | 36,326 | 447 |
| | Banca Mediolanum SPA | 77,034 | 446 |
| 2 | Enav SPA | 86,759 | 391 |
| | Iren SPA | 170,532 | 369 |
| | Societa Cattolica di Assicurazioni SC | 45,070 | 364 |
38
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Autogrill SPA | 36,501 | 359 |
| | Reply SPA | 6,441 | 357 |
| | IMA Industria Macchine Automatiche SPA | 5,943 | 356 |
| 2 | Anima Holding SPA | 85,088 | 356 |
| | Beni Stabili SpA SIIQ | 415,420 | 356 |
| | Buzzi Unicem SPA | 18,356 | 352 |
| | Banca Generali SPA | 17,718 | 341 |
| | Brunello Cucinelli SPA | 9,797 | 335 |
| 2 | Technogym SPA | 30,252 | 330 |
| | Salvatore Ferragamo SPA | 13,689 | 324 |
| * | Mediaset SPA | 104,006 | 313 |
| | Societa Iniziative Autostradali e Servizi SPA | 21,961 | 309 |
| ^ | Tod's SPA | 4,506 | 276 |
| | ERG SPA | 14,444 | 269 |
| | Datalogic SPA | 8,753 | 257 |
| | Saras SPA | 129,276 | 252 |
| | MARR SPA | 10,281 | 249 |
| | ASTM SPA | 10,810 | 214 |
| | Parmalat SPA | 68,626 | 211 |
| | Tamburi Investment Partners SPA | 31,859 | 208 |
| | Maire Tecnimont SPA | 45,145 | 197 |
| | Fincantieri SPA | 123,712 | 180 |
| 2 | RAI Way SPA | 33,424 | 173 |
| * | Ansaldo STS SPA | 11,409 | 164 |
| | Buzzi Unicem SPA Savings Shares | 13,277 | 149 |
| | ACEA SPA | 11,236 | 148 |
| | Credito Emiliano SPA | 23,562 | 141 |
| | Immobiliare Grande Distribuzione SIIQ SPA | 18,415 | 130 |
| | Piaggio & C SPA | 59,240 | 127 |
| | Zignago Vetro SPA | 13,478 | 125 |
| 2 | doBank SPA | 11,175 | 123 |
| * | Juventus Football Club SPA | 113,088 | 120 |
| *,^ | Banca Monte dei Paschi di Siena SPA | 71,774 | 118 |
| *,2 | OVS SPA | 63,114 | 111 |
| | Banca IFIS SPA | 6,213 | 109 |
| | Danieli & C Officine Meccaniche SPA | 5,775 | 108 |
| 2 | Gima TT SPA | 11,085 | 108 |
| 2 | Banca Farmafactoring SPA | 20,838 | 107 |
| | Italmobiliare SPA | 4,572 | 101 |
| | Danieli & C Officine Meccaniche SPA Savings Shares | 6,539 | 96 |
| | Biesse SPA | 4,125 | 95 |
| | CIR-Compagnie Industriali Riunite SPA | 86,471 | 92 |
| ^ | Salini Impregilo SPA | 41,504 | 91 |
| | Cementir Holding SPA | 10,694 | 66 |
| | Cairo Communication SPA | 15,486 | 49 |
| * | Arnoldo Mondadori Editore SPA | 24,213 | 42 |
| | DeA Capital SPA | 23,762 | 35 |
| * | Rizzoli Corriere Della Sera Mediagroup SPA | 29,726 | 30 |
| | Cofide SPA | 48,461 | 25 |
| | Geox SPA | 10,796 | 20 |
| *,^ | Safilo Group SPA | 3,221 | 6 |
| *,§ | Beni Stabili SpA SIIQ Rights Exp. 11/10/2018 | 415,420 | — |
| | | | 118,707 |
| Japan (8.0%) | | |
| | Toyota Motor Corp. | 797,694 | 46,730 |
| | Mitsubishi UFJ Financial Group Inc. | 3,960,460 | 23,971 |
| | Sony Corp. | 401,400 | 21,722 |
| | SoftBank Group Corp. | 269,247 | 21,308 |
| | Sumitomo Mitsui Financial Group Inc. | 416,948 | 16,234 |
| | Honda Motor Co. Ltd. | 548,641 | 15,661 |
| | Mizuho Financial Group Inc. | 8,009,107 | 13,755 |
| | Keyence Corp. | 28,066 | 13,711 |
| | KDDI Corp. | 561,500 | 13,588 |
| | Mitsubishi Corp. | 405,800 | 11,421 |
39
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Central Japan Railway Co. | 57,253 | 10,987 |
| Shin-Etsu Chemical Co. Ltd. | 129,392 | 10,812 |
| FANUC Corp. | 61,416 | 10,684 |
| Seven & i Holdings Co. Ltd. | 245,200 | 10,617 |
| Nintendo Co. Ltd. | 33,776 | 10,545 |
| East Japan Railway Co. | 116,757 | 10,197 |
| Recruit Holdings Co. Ltd. | 378,310 | 10,154 |
| Kao Corp. | 151,848 | 10,101 |
| ^ Takeda Pharmaceutical Co. Ltd. | 242,779 | 10,066 |
| Tokio Marine Holdings Inc. | 212,375 | 10,005 |
| Daikin Industries Ltd. | 86,079 | 9,978 |
| NTT DOCOMO Inc. | 395,448 | 9,807 |
| Japan Tobacco Inc. | 379,382 | 9,748 |
| Astellas Pharma Inc. | 624,200 | 9,644 |
| Nidec Corp. | 73,362 | 9,423 |
| Murata Manufacturing Co. Ltd. | 60,166 | 9,364 |
| Canon Inc. | 320,600 | 9,132 |
| Mitsui & Co. Ltd. | 539,100 | 9,008 |
| Hitachi Ltd. | 292,738 | 8,949 |
| Nippon Telegraph & Telephone Corp. | 205,000 | 8,454 |
| ITOCHU Corp. | 450,234 | 8,350 |
| Fast Retailing Co. Ltd. | 16,000 | 8,056 |
| Mitsubishi Electric Corp. | 629,801 | 7,973 |
| Shiseido Co. Ltd. | 123,400 | 7,786 |
| Daiichi Sankyo Co. Ltd. | 202,900 | 7,756 |
| Komatsu Ltd. | 291,045 | 7,580 |
| Bridgestone Corp. | 194,310 | 7,492 |
| Panasonic Corp. | 682,018 | 7,319 |
| Eisai Co. Ltd. | 85,100 | 7,087 |
| JXTG Holdings Inc. | 1,018,507 | 6,882 |
| ORIX Corp. | 415,960 | 6,776 |
| Mitsui Fudosan Co. Ltd. | 299,700 | 6,750 |
| Tokyo Electron Ltd. | 49,500 | 6,680 |
| Dai-ichi Life Holdings Inc. | 354,500 | 6,652 |
| Suzuki Motor Corp. | 132,781 | 6,621 |
| Denso Corp. | 148,400 | 6,620 |
| Hoya Corp. | 116,200 | 6,574 |
| Otsuka Holdings Co. Ltd. | 134,200 | 6,419 |
| Daiwa House Industry Co. Ltd. | 209,800 | 6,335 |
| Shionogi & Co. Ltd. | 98,000 | 6,266 |
| Kirin Holdings Co. Ltd. | 260,700 | 6,221 |
| Mitsubishi Estate Co. Ltd. | 373,391 | 5,967 |
| SMC Corp. | 18,200 | 5,801 |
| Kubota Corp. | 360,900 | 5,697 |
| Oriental Land Co. Ltd. | 59,900 | 5,635 |
| * Toshiba Corp. | 185,700 | 5,566 |
| Nissan Motor Co. Ltd. | 610,201 | 5,551 |
| Secom Co. Ltd. | 67,300 | 5,510 |
| Sumitomo Corp. | 361,800 | 5,487 |
| Terumo Corp. | 99,800 | 5,387 |
| Asahi Group Holdings Ltd. | 122,400 | 5,379 |
| FUJIFILM Holdings Corp. | 122,000 | 5,277 |
| Subaru Corp. | 195,200 | 5,265 |
| Kyocera Corp. | 97,100 | 5,255 |
| Nomura Holdings Inc. | 1,092,900 | 5,248 |
| Aeon Co. Ltd. | 228,600 | 5,247 |
| Sumitomo Mitsui Trust Holdings Inc. | 123,346 | 4,901 |
| Japan Post Holdings Co. Ltd. | 412,315 | 4,889 |
| MS&AD Insurance Group Holdings Inc. | 161,043 | 4,837 |
| Asahi Kasei Corp. | 397,600 | 4,771 |
| Nippon Steel & Sumitomo Metal Corp. | 257,174 | 4,744 |
| Sompo Holdings Inc. | 111,075 | 4,581 |
| Sumitomo Realty & Development Co. Ltd. | 124,846 | 4,290 |
| Marubeni Corp. | 523,428 | 4,244 |
40
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Sysmex Corp. | 59,334 | 4,162 |
| West Japan Railway Co. | 60,900 | 4,096 |
| Chugai Pharmaceutical Co. Ltd. | 64,800 | 3,794 |
| Resona Holdings Inc. | 717,106 | 3,772 |
| Fujitsu Ltd. | 60,841 | 3,701 |
| Tokyo Gas Co. Ltd. | 148,200 | 3,645 |
| Toray Industries Inc. | 510,200 | 3,619 |
| Kansai Electric Power Co. Inc. | 230,500 | 3,528 |
| Nitori Holdings Co. Ltd. | 25,300 | 3,304 |
| Nitto Denko Corp. | 52,300 | 3,267 |
| Inpex Corp. | 284,000 | 3,234 |
| Unicharm Corp. | 118,500 | 3,215 |
| Mitsubishi Heavy Industries Ltd. | 90,287 | 3,183 |
| Dentsu Inc. | 68,349 | 3,170 |
| Kikkoman Corp. | 57,650 | 3,159 |
| Shimano Inc. | 23,000 | 3,141 |
| Chubu Electric Power Co. Inc. | 217,470 | 3,136 |
| TDK Corp. | 35,800 | 3,087 |
| Mitsubishi Chemical Holdings Corp. | 395,984 | 3,087 |
| Sumitomo Electric Industries Ltd. | 222,000 | 3,028 |
| Yamato Holdings Co. Ltd. | 110,600 | 3,024 |
| Ono Pharmaceutical Co. Ltd. | 133,200 | 3,023 |
| JFE Holdings Inc. | 159,800 | 3,003 |
| Japan Exchange Group Inc. | 167,000 | 2,991 |
| Daito Trust Construction Co. Ltd. | 22,052 | 2,907 |
| Olympus Corp. | 87,200 | 2,907 |
| Daiwa Securities Group Inc. | 506,000 | 2,902 |
| Yakult Honsha Co. Ltd. | 39,319 | 2,784 |
| T&D Holdings Inc. | 173,700 | 2,777 |
| Taisei Corp. | 64,899 | 2,776 |
| MEIJI Holdings Co. Ltd. | 41,634 | 2,762 |
| Makita Corp. | 75,800 | 2,621 |
| Sekisui House Ltd. | 177,900 | 2,611 |
| FamilyMart UNY Holdings Co. Ltd. | 21,771 | 2,523 |
| Ajinomoto Co. Inc. | 155,800 | 2,517 |
| NTT Data Corp. | 195,900 | 2,515 |
| Omron Corp. | 62,000 | 2,510 |
| Tokyu Corp. | 151,300 | 2,500 |
| Toyota Tsusho Corp. | 68,400 | 2,468 |
| * Tokyo Electric Power Co. Holdings Inc. | 477,800 | 2,445 |
| Toyota Industries Corp. | 49,700 | 2,441 |
| Sumitomo Metal Mining Co. Ltd. | 76,600 | 2,412 |
| Yaskawa Electric Corp. | 82,263 | 2,378 |
| Sumitomo Chemical Co. Ltd. | 463,492 | 2,322 |
| Yahoo Japan Corp. | 740,000 | 2,309 |
| Hankyu Hanshin Holdings Inc. | 68,300 | 2,256 |
| NEC Corp. | 77,700 | 2,230 |
| Osaka Gas Co. Ltd. | 121,700 | 2,225 |
| Yamaha Corp. | 50,400 | 2,215 |
| Kintetsu Group Holdings Co. Ltd. | 56,700 | 2,178 |
| Don Quijote Holdings Co. Ltd. | 36,300 | 2,168 |
| Bandai Namco Holdings Inc. | 59,800 | 2,127 |
| Shimadzu Corp. | 83,700 | 2,115 |
| Ricoh Co. Ltd. | 208,400 | 2,080 |
| Isuzu Motors Ltd. | 158,620 | 2,080 |
| Aisin Seiki Co. Ltd. | 53,100 | 2,077 |
| Trend Micro Inc. | 35,600 | 2,049 |
| Idemitsu Kosan Co. Ltd. | 45,000 | 2,039 |
| Nissan Chemical Corp. | 43,200 | 2,037 |
| Yamaha Motor Co. Ltd. | 85,700 | 2,027 |
| Dai Nippon Printing Co. Ltd. | 90,200 | 2,024 |
| Showa Denko KK | 46,000 | 2,003 |
| M3 Inc. | 123,538 | 2,002 |
| MINEBEA MITSUMI Inc. | 128,884 | 1,972 |
41
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Odakyu Electric Railway Co. Ltd. | 93,200 | 1,970 |
| Ryohin Keikaku Co. Ltd. | 7,307 | 1,931 |
| Oji Holdings Corp. | 270,000 | 1,917 |
| Keio Corp. | 35,300 | 1,917 |
| AGC Inc. | 58,500 | 1,916 |
| Rohm Co. Ltd. | 27,200 | 1,912 |
| Obic Co. Ltd. | 20,600 | 1,875 |
| Mazda Motor Corp. | 175,300 | 1,867 |
| Nikon Corp. | 106,800 | 1,862 |
| Tohoku Electric Power Co. Inc. | 146,500 | 1,851 |
| Obayashi Corp. | 206,600 | 1,824 |
| Kajima Corp. | 141,500 | 1,822 |
| Tobu Railway Co. Ltd. | 64,900 | 1,805 |
| Sekisui Chemical Co. Ltd. | 110,700 | 1,741 |
| MISUMI Group Inc. | 86,300 | 1,730 |
| SBI Holdings Inc. | 65,440 | 1,709 |
| Koito Manufacturing Co. Ltd. | 35,100 | 1,671 |
| Santen Pharmaceutical Co. Ltd. | 112,800 | 1,671 |
| Kyushu Electric Power Co. Inc. | 142,400 | 1,654 |
| Concordia Financial Group Ltd. | 360,279 | 1,649 |
| Rakuten Inc. | 242,900 | 1,643 |
| Suntory Beverage & Food Ltd. | 39,000 | 1,589 |
| TOTO Ltd. | 44,200 | 1,581 |
| Nisshin Seifun Group Inc. | 78,720 | 1,566 |
| Kyushu Railway Co. | 50,524 | 1,552 |
| Japan Post Bank Co. Ltd. | 130,335 | 1,520 |
| Kyowa Hakko Kirin Co. Ltd. | 77,800 | 1,507 |
| Taisho Pharmaceutical Holdings Co. Ltd. | 14,000 | 1,493 |
| Kuraray Co. Ltd. | 108,100 | 1,485 |
| Yokogawa Electric Corp. | 75,600 | 1,484 |
| Nippon Paint Holdings Co. Ltd. | 47,300 | 1,478 |
| Nexon Co. Ltd. | 128,024 | 1,460 |
| IHI Corp. | 39,900 | 1,460 |
| Lion Corp. | 77,500 | 1,457 |
| Alfresa Holdings Corp. | 54,100 | 1,443 |
| Nagoya Railroad Co. Ltd. | 59,500 | 1,437 |
| Shimizu Corp. | 176,600 | 1,434 |
| Nippon Express Co. Ltd. | 22,400 | 1,414 |
| Pigeon Corp. | 33,400 | 1,413 |
| NSK Ltd. | 142,600 | 1,409 |
| Marui Group Co. Ltd. | 65,200 | 1,404 |
| Nomura Research Institute Ltd. | 31,623 | 1,402 |
| Electric Power Development Co. Ltd. | 51,300 | 1,397 |
| Shizuoka Bank Ltd. | 159,000 | 1,391 |
| Konica Minolta Inc. | 140,200 | 1,388 |
| Alps Electric Co. Ltd. | 57,800 | 1,363 |
| Nissin Foods Holdings Co. Ltd. | 21,100 | 1,361 |
| Seiko Epson Corp. | 84,100 | 1,355 |
| Disco Corp. | 8,500 | 1,351 |
| Sony Financial Holdings Inc. | 58,400 | 1,347 |
| Stanley Electric Co. Ltd. | 45,500 | 1,346 |
| Hamamatsu Photonics KK | 39,700 | 1,327 |
| ZOZO Inc. | 55,300 | 1,327 |
| Brother Industries Ltd. | 72,500 | 1,327 |
| Keisei Electric Railway Co. Ltd. | 42,700 | 1,316 |
| Kose Corp. | 8,800 | 1,315 |
| Isetan Mitsukoshi Holdings Ltd. | 111,800 | 1,307 |
| Mitsubishi Motors Corp. | 207,500 | 1,303 |
| Hoshizaki Corp. | 16,082 | 1,298 |
| JGC Corp. | 66,900 | 1,295 |
| Sojitz Corp. | 384,548 | 1,293 |
| Asahi Intecc Co. Ltd. | 31,400 | 1,286 |
| Japan Airlines Co. Ltd. | 36,100 | 1,281 |
| NGK Spark Plug Co. Ltd. | 63,100 | 1,277 |
42
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Mitsui Chemicals Inc. | 56,700 | 1,271 |
| Daifuku Co. Ltd. | 29,600 | 1,271 |
| LIXIL Group Corp. | 80,800 | 1,270 |
| CyberAgent Inc. | 29,784 | 1,267 |
| Chiba Bank Ltd. | 199,000 | 1,259 |
| Suzuken Co. Ltd. | 24,860 | 1,258 |
| Hisamitsu Pharmaceutical Co. Inc. | 22,100 | 1,245 |
| Aozora Bank Ltd. | 35,890 | 1,238 |
| Kobayashi Pharmaceutical Co. Ltd. | 18,800 | 1,226 |
| Hakuhodo DY Holdings Inc. | 73,000 | 1,218 |
| Seibu Holdings Inc. | 66,388 | 1,204 |
| Fuji Electric Co. Ltd. | 39,078 | 1,193 |
| Hikari Tsushin Inc. | 6,800 | 1,188 |
| Coca-Cola Bottlers Japan Holdings Inc. | 45,275 | 1,185 |
| USS Co. Ltd. | 65,300 | 1,177 |
| NGK Insulators Ltd. | 83,400 | 1,174 |
| Tsuruha Holdings Inc. | 11,200 | 1,169 |
| Keihan Holdings Co. Ltd. | 30,800 | 1,169 |
| Chugoku Electric Power Co. Inc. | 89,800 | 1,155 |
| * Renesas Electronics Corp. | 219,207 | 1,155 |
| ANA Holdings Inc. | 34,200 | 1,150 |
| Tosoh Corp. | 87,090 | 1,147 |
| Keikyu Corp. | 76,900 | 1,138 |
| Toho Co. Ltd. | 34,800 | 1,135 |
| Toppan Printing Co. Ltd. | 80,000 | 1,131 |
| ^ Yamada Denki Co. Ltd. | 238,672 | 1,125 |
| Showa Shell Sekiyu KK | 58,800 | 1,122 |
| Konami Holdings Corp. | 29,400 | 1,122 |
| TIS Inc. | 25,000 | 1,117 |
| Fukuoka Financial Group Inc. | 45,000 | 1,106 |
| Mitsubishi Materials Corp. | 39,834 | 1,103 |
| Haseko Corp. | 86,700 | 1,099 |
| Taiheiyo Cement Corp. | 37,100 | 1,092 |
| Sumitomo Heavy Industries Ltd. | 34,600 | 1,088 |
| Advantest Corp. | 58,889 | 1,087 |
| NH Foods Ltd. | 31,500 | 1,086 |
| Sumitomo Dainippon Pharma Co. Ltd. | 51,200 | 1,070 |
| Kawasaki Heavy Industries Ltd. | 45,100 | 1,069 |
| Tokyu Fudosan Holdings Corp. | 185,086 | 1,043 |
| Otsuka Corp. | 31,400 | 1,042 |
| Teijin Ltd. | 59,900 | 1,038 |
| Bank of Kyoto Ltd. | 23,100 | 1,037 |
| Rohto Pharmaceutical Co. Ltd. | 32,400 | 1,026 |
| MediPal Holdings Corp. | 47,700 | 1,021 |
| Casio Computer Co. Ltd. | 67,400 | 1,017 |
| Hulic Co. Ltd. | 110,700 | 1,013 |
| J Front Retailing Co. Ltd. | 77,300 | 1,013 |
| Mitsubishi Tanabe Pharma Corp. | 67,900 | 1,003 |
| Toho Gas Co. Ltd. | 29,000 | 999 |
| Mitsubishi Gas Chemical Co. Inc. | 59,200 | 994 |
| Toyo Seikan Group Holdings Ltd. | 48,400 | 987 |
| Hirose Electric Co. Ltd. | 10,321 | 984 |
| ^ Tokai Carbon Co. Ltd. | 62,800 | 983 |
| Persol Holdings Co. Ltd. | 51,700 | 981 |
| SUMCO Corp. | 71,726 | 968 |
| Daicel Corp. | 91,200 | 965 |
| Mebuki Financial Group Inc. | 315,550 | 961 |
| COMSYS Holdings Corp. | 34,498 | 960 |
| Denka Co. Ltd. | 29,500 | 959 |
| Ebara Corp. | 32,800 | 955 |
| Amada Holdings Co. Ltd. | 100,100 | 943 |
| Toyo Suisan Kaisha Ltd. | 27,300 | 938 |
| Sohgo Security Services Co. Ltd. | 21,000 | 935 |
| Nihon M&A Center Inc. | 39,000 | 935 |
43
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Lawson Inc. | 14,400 | 914 |
| Skylark Holdings Co. Ltd. | 58,351 | 908 |
| JSR Corp. | 60,600 | 903 |
| Park24 Co. Ltd. | 34,200 | 900 |
| Nippon Shinyaku Co. Ltd. | 15,500 | 891 |
| Kansai Paint Co. Ltd. | 59,600 | 881 |
| JTEKT Corp. | 70,300 | 875 |
| Mitsui OSK Lines Ltd. | 35,939 | 873 |
| Hitachi Construction Machinery Co. Ltd. | 32,500 | 863 |
| Square Enix Holdings Co. Ltd. | 23,900 | 857 |
| Nippon Yusen KK | 53,100 | 856 |
| Matsumotokiyoshi Holdings Co. Ltd. | 23,600 | 853 |
| Nankai Electric Railway Co. Ltd. | 34,500 | 845 |
| Kurita Water Industries Ltd. | 34,200 | 842 |
| * PeptiDream Inc. | 25,500 | 836 |
| Kyowa Exeo Corp. | 30,500 | 822 |
| Shinsei Bank Ltd. | 53,800 | 820 |
| Sumitomo Rubber Industries Ltd. | 56,372 | 809 |
| Credit Saison Co. Ltd. | 50,900 | 808 |
| Cosmo Energy Holdings Co. Ltd. | 21,800 | 802 |
| Azbil Corp. | 43,000 | 801 |
| Miura Co. Ltd. | 32,700 | 799 |
| Asics Corp. | 55,000 | 796 |
| Tokyo Century Corp. | 14,820 | 795 |
| Rinnai Corp. | 10,900 | 792 |
| Iida Group Holdings Co. Ltd. | 43,497 | 792 |
| Kewpie Corp. | 34,300 | 788 |
| Nabtesco Corp. | 35,700 | 784 |
| Nichirei Corp. | 32,500 | 781 |
| Ito En Ltd. | 18,300 | 779 |
| THK Co. Ltd. | 35,000 | 773 |
| Takara Holdings Inc. | 55,100 | 773 |
| MonotaRO Co. Ltd. | 34,580 | 762 |
| Kobe Steel Ltd. | 94,800 | 762 |
| Calbee Inc. | 22,900 | 760 |
| Air Water Inc. | 46,800 | 758 |
| Yamaguchi Financial Group Inc. | 72,000 | 758 |
| Ezaki Glico Co. Ltd. | 15,100 | 753 |
| Sega Sammy Holdings Inc. | 58,500 | 751 |
| Relo Group Inc. | 31,853 | 751 |
| Sotetsu Holdings Inc. | 24,500 | 749 |
| DIC Corp. | 25,200 | 744 |
| Hino Motors Ltd. | 77,300 | 740 |
| Kakaku.com Inc. | 40,768 | 738 |
| Kaneka Corp. | 17,600 | 736 |
| Taiyo Yuden Co. Ltd. | 36,400 | 733 |
| Welcia Holdings Co. Ltd. | 14,200 | 724 |
| Sanwa Holdings Corp. | 61,700 | 724 |
| Sundrug Co. Ltd. | 19,900 | 723 |
| Hitachi Metals Ltd. | 61,200 | 720 |
| Takashimaya Co. Ltd. | 45,500 | 716 |
| AEON Financial Service Co. Ltd. | 36,500 | 714 |
| Hitachi High-Technologies Corp. | 18,900 | 709 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | 135,800 | 698 |
| Taiyo Nippon Sanso Corp. | 43,300 | 696 |
| ^ Sharp Corp. | 45,129 | 693 |
| House Foods Group Inc. | 24,000 | 690 |
| Sankyu Inc. | 14,500 | 683 |
| Tokyo Tatemono Co. Ltd. | 63,500 | 683 |
| Nomura Real Estate Holdings Inc. | 36,200 | 680 |
| Ain Holdings Inc. | 8,600 | 674 |
| Ube Industries Ltd. | 30,900 | 673 |
| Oracle Corp. Japan | 9,900 | 670 |
| Aeon Mall Co. Ltd. | 36,272 | 670 |
44
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | K's Holdings Corp. | 52,168 | 659 |
| | Nihon Kohden Corp. | 22,000 | 659 |
| | Kagome Co. Ltd. | 24,500 | 652 |
| | Nippon Electric Glass Co. Ltd. | 25,800 | 650 |
| | Kamigumi Co. Ltd. | 31,500 | 650 |
| | Yamazaki Baking Co. Ltd. | 36,000 | 649 |
| | Anritsu Corp. | 42,800 | 649 |
| | Shimamura Co. Ltd. | 7,700 | 648 |
| | Capcom Co. Ltd. | 31,000 | 646 |
| | Izumi Co. Ltd. | 11,900 | 646 |
| | Seino Holdings Co. Ltd. | 46,600 | 645 |
| | SG Holdings Co. Ltd. | 25,300 | 637 |
| | SCREEN Holdings Co. Ltd. | 11,700 | 636 |
| | Tsumura & Co. | 20,300 | 631 |
| | Sumitomo Forestry Co. Ltd. | 42,400 | 629 |
| | Nippon Kayaku Co. Ltd. | 52,000 | 619 |
| | NOF Corp. | 21,800 | 617 |
| | Nippon Shokubai Co. Ltd. | 9,500 | 613 |
| | Pola Orbis Holdings Inc. | 22,900 | 612 |
| | Hachijuni Bank Ltd. | 144,700 | 611 |
| | Seven Bank Ltd. | 195,300 | 610 |
| | Kinden Corp. | 38,000 | 609 |
| | Sawai Pharmaceutical Co. Ltd. | 12,000 | 608 |
| | Sankyo Co. Ltd. | 15,900 | 607 |
| | Yokohama Rubber Co. Ltd. | 31,300 | 606 |
| | Nippon Suisan Kaisha Ltd. | 92,600 | 592 |
| | Rengo Co. Ltd. | 67,800 | 591 |
| | Bic Camera Inc. | 44,000 | 581 |
| | Benesse Holdings Inc. | 20,600 | 575 |
| | Nifco Inc. | 25,202 | 574 |
| | Maruichi Steel Tube Ltd. | 19,400 | 559 |
| | Daiichikosho Co. Ltd. | 12,100 | 558 |
| | Shikoku Electric Power Co. Inc. | 44,200 | 555 |
| | Mabuchi Motor Co. Ltd. | 15,500 | 551 |
| | Gunma Bank Ltd. | 121,200 | 549 |
| | TechnoPro Holdings Inc. | 10,500 | 547 |
| | Hiroshima Bank Ltd. | 88,500 | 546 |
| | Kyushu Financial Group Inc. | 123,470 | 545 |
| | Penta-Ocean Construction Co. Ltd. | 91,000 | 544 |
| | SHO-BOND Holdings Co. Ltd. | 7,600 | 541 |
| | Zenkoku Hosho Co. Ltd. | 14,900 | 540 |
| | Furukawa Electric Co. Ltd. | 20,000 | 540 |
| | Japan Airport Terminal Co. Ltd. | 14,000 | 539 |
| | Zensho Holdings Co. Ltd. | 27,700 | 537 |
| | Maeda Corp. | 47,200 | 533 |
| | Cosmos Pharmaceutical Corp. | 2,600 | 531 |
| | SCSK Corp. | 12,500 | 530 |
| | Horiba Ltd. | 11,300 | 529 |
| | Itochu Techno-Solutions Corp. | 27,600 | 523 |
| | DeNA Co. Ltd. | 31,400 | 522 |
| | Sugi Holdings Co. Ltd. | 11,400 | 522 |
| | Kaken Pharmaceutical Co. Ltd. | 10,400 | 521 |
| | Nishi-Nippon Railroad Co. Ltd. | 20,800 | 515 |
| *,^ | LINE Corp. | 15,994 | 510 |
| | Daido Steel Co. Ltd. | 12,300 | 506 |
| | Nippon Paper Industries Co. Ltd. | 27,700 | 502 |
| | Toyoda Gosei Co. Ltd. | 23,200 | 500 |
| | Fancl Corp. | 11,200 | 495 |
| | GS Yuasa Corp. | 24,000 | 493 |
| | Ibiden Co. Ltd. | 39,700 | 490 |
| | PALTAC Corp. | 9,600 | 489 |
| | Aica Kogyo Co. Ltd. | 16,300 | 485 |
| | NTT Urban Development Corp. | 32,600 | 485 |
| | GMO Payment Gateway Inc. | 10,000 | 484 |
45
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| NTN Corp. | 132,000 | 483 |
| NET One Systems Co. Ltd. | 23,000 | 482 |
| Japan Post Insurance Co. Ltd. | 20,080 | 478 |
| Toda Corp. | 71,000 | 478 |
| Morinaga & Co. Ltd. | 11,900 | 477 |
| Okumura Corp. | 15,000 | 473 |
| Iwatani Corp. | 13,400 | 473 |
| Ariake Japan Co. Ltd. | 5,300 | 470 |
| Toyo Tire & Rubber Co. Ltd. | 28,000 | 467 |
| * Hokuriku Electric Power Co. | 50,100 | 467 |
| Chugoku Bank Ltd. | 51,900 | 466 |
| TS Tech Co. Ltd. | 16,100 | 463 |
| Nagase & Co. Ltd. | 29,500 | 463 |
| NOK Corp. | 31,800 | 458 |
| Descente Ltd. | 17,300 | 453 |
| Hitachi Chemical Co. Ltd. | 28,600 | 451 |
| Nipro Corp. | 35,400 | 451 |
| ABC-Mart Inc. | 7,700 | 450 |
| Ulvac Inc. | 13,800 | 449 |
| DMG Mori Co. Ltd. | 31,100 | 449 |
| Citizen Watch Co. Ltd. | 77,800 | 448 |
| Tokuyama Corp. | 20,000 | 447 |
| Topcon Corp. | 30,500 | 443 |
| 77 Bank Ltd. | 21,400 | 442 |
| Mitsui Mining & Smelting Co. Ltd. | 15,600 | 442 |
| Nisshinbo Holdings Inc. | 40,100 | 441 |
| Wacoal Holdings Corp. | 16,000 | 441 |
| * Daishi Hokuetsu Financial Group Inc. | 12,250 | 441 |
| * Kansai Mirai Financial Group Inc. | 56,538 | 437 |
| Hanwa Co. Ltd. | 13,200 | 432 |
| Iyo Bank Ltd. | 72,800 | 432 |
| Aoyama Trading Co. Ltd. | 14,200 | 430 |
| OSG Corp. | 20,800 | 429 |
| H2O Retailing Corp. | 27,300 | 424 |
| Colowide Co. Ltd. | 17,400 | 424 |
| ADEKA Corp. | 28,500 | 422 |
| Shimachu Co. Ltd. | 16,100 | 422 |
| Hokuhoku Financial Group Inc. | 34,000 | 421 |
| Pilot Corp. | 7,600 | 420 |
| Amano Corp. | 19,700 | 419 |
| Nishi-Nippon Financial Holdings Inc. | 44,000 | 418 |
| Sangetsu Corp. | 21,700 | 417 |
| OKUMA Corp. | 8,300 | 414 |
| Mitsubishi Logistics Corp. | 18,000 | 413 |
| Fukuyama Transporting Co. Ltd. | 10,600 | 411 |
| Zeon Corp. | 42,000 | 406 |
| Ship Healthcare Holdings Inc. | 11,200 | 405 |
| ^ Sanrio Co. Ltd. | 19,892 | 400 |
| Outsourcing Inc. | 31,500 | 399 |
| Kyudenko Corp. | 10,800 | 393 |
| * Mitsui E&S Holdings Co. Ltd. | 23,300 | 391 |
| Acom Co. Ltd. | 105,800 | 389 |
| Nihon Unisys Ltd. | 17,700 | 388 |
| Sumitomo Mitsui Construction Co. Ltd. | 61,520 | 386 |
| Fuji Corp. | 27,500 | 383 |
| Tadano Ltd. | 35,700 | 382 |
| Kenedix Inc. | 73,400 | 382 |
| Fuji Oil Holdings Inc. | 13,200 | 381 |
| Japan Steel Works Ltd. | 18,000 | 380 |
| Maruha Nichiro Corp. | 10,500 | 380 |
| ^ Yoshinoya Holdings Co. Ltd. | 23,100 | 380 |
| Ushio Inc. | 31,300 | 378 |
| Kanematsu Corp. | 29,400 | 378 |
| Mani Inc. | 8,200 | 377 |
46
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dowa Holdings Co. Ltd. | 12,800 | 373 |
| | Open House Co. Ltd. | 9,400 | 372 |
| | Kokuyo Co. Ltd. | 23,500 | 371 |
| | Goldwin Inc. | 5,200 | 371 |
| | Fuji Seal International Inc. | 12,200 | 370 |
| | NHK Spring Co. Ltd. | 43,100 | 369 |
| | Morinaga Milk Industry Co. Ltd. | 13,800 | 368 |
| | Sumitomo Osaka Cement Co. Ltd. | 9,900 | 368 |
| | Shiga Bank Ltd. | 15,800 | 367 |
| | KH Neochem Co. Ltd. | 12,900 | 366 |
| | Nippon Gas Co. Ltd. | 12,000 | 363 |
| | Kusuri no Aoki Holdings Co. Ltd. | 5,000 | 359 |
| | Infomart Corp. | 34,400 | 357 |
| | Hazama Ando Corp. | 51,600 | 356 |
| | Hitachi Capital Corp. | 14,500 | 356 |
| | Miraca Holdings Inc. | 14,600 | 355 |
| | Nikkon Holdings Co. Ltd. | 14,700 | 355 |
| | Oki Electric Industry Co. Ltd. | 25,900 | 355 |
| | Kumagai Gumi Co. Ltd. | 13,300 | 347 |
| | Mirait Holdings Corp. | 21,500 | 347 |
| | Yaoko Co. Ltd. | 6,300 | 345 |
| | Toagosei Co. Ltd. | 33,500 | 344 |
| | Toho Holdings Co. Ltd. | 13,100 | 343 |
| | Fujikura Ltd. | 79,400 | 343 |
| | Glory Ltd. | 14,700 | 342 |
| | Tomy Co. Ltd. | 29,100 | 339 |
| | Nihon Parkerizing Co. Ltd. | 28,000 | 338 |
| | Daiwabo Holdings Co. Ltd. | 5,700 | 336 |
| | Nojima Corp. | 14,200 | 335 |
| | Toyobo Co. Ltd. | 23,400 | 333 |
| | Nippon Light Metal Holdings Co. Ltd. | 157,600 | 332 |
| | Tsubakimoto Chain Co. | 8,600 | 330 |
| | Nishimatsu Construction Co. Ltd. | 14,100 | 329 |
| | ZERIA Pharmaceutical Co. Ltd. | 17,400 | 326 |
| | Digital Garage Inc. | 11,900 | 325 |
| | Tokai Tokyo Financial Holdings Inc. | 62,800 | 324 |
| | Matsui Securities Co. Ltd. | 31,800 | 324 |
| | Morita Holdings Corp. | 16,900 | 322 |
| | Kureha Corp. | 5,000 | 321 |
| | Sapporo Holdings Ltd. | 17,300 | 321 |
| | Hokkaido Electric Power Co. Inc. | 54,800 | 320 |
| | Lasertec Corp. | 11,100 | 320 |
| | Okamura Corp. | 23,400 | 319 |
| | Toyota Boshoku Corp. | 19,100 | 319 |
| | FP Corp. | 6,200 | 318 |
| | Ci:z Holdings Co. Ltd. | 6,100 | 316 |
| | Tokyo Ohka Kogyo Co. Ltd. | 11,800 | 316 |
| | Nichias Corp. | 14,500 | 316 |
| | Lintec Corp. | 13,300 | 315 |
| | San-In Godo Bank Ltd. | 41,400 | 314 |
| | Leopalace21 Corp. | 75,300 | 314 |
| | Shima Seiki Manufacturing Ltd. | 11,600 | 313 |
| | Takara Bio Inc. | 13,200 | 311 |
| | Sumitomo Bakelite Co. Ltd. | 8,600 | 311 |
| | Shinmaywa Industries Ltd. | 24,700 | 304 |
| | Takuma Co. Ltd. | 23,800 | 303 |
| | S Foods Inc. | 7,500 | 302 |
| | Jafco Co. Ltd. | 7,800 | 301 |
| | Kandenko Co. Ltd. | 29,500 | 301 |
| | Heiwa Corp. | 13,100 | 300 |
| | Hitachi Transport System Ltd. | 11,600 | 298 |
| | Fuji Soft Inc. | 6,500 | 298 |
| | Japan Lifeline Co. Ltd. | 20,200 | 295 |
| *,^ | Kawasaki Kisen Kaisha Ltd. | 22,099 | 294 |
47
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Nitta Corp. | 8,100 | 294 |
| EDION Corp. | 27,900 | 293 |
| Tokyo Seimitsu Co. Ltd. | 12,200 | 293 |
| Meitec Corp. | 7,000 | 293 |
| Toyo Ink SC Holdings Co. Ltd. | 12,600 | 292 |
| SMS Co. Ltd. | 17,400 | 292 |
| Mochida Pharmaceutical Co. Ltd. | 3,671 | 290 |
| Systena Corp. | 24,000 | 289 |
| Koei Tecmo Holdings Co. Ltd. | 18,240 | 289 |
| Exedy Corp. | 11,700 | 288 |
| Ichigo Inc. | 88,100 | 288 |
| cocokara fine Inc. | 5,200 | 286 |
| Inaba Denki Sangyo Co. Ltd. | 7,100 | 286 |
| United Arrows Ltd. | 7,600 | 286 |
| Tokai Rika Co. Ltd. | 15,600 | 284 |
| Keihin Corp. | 14,400 | 284 |
| Resorttrust Inc. | 18,400 | 283 |
| Fuyo General Lease Co. Ltd. | 5,100 | 283 |
| Kissei Pharmaceutical Co. Ltd. | 9,848 | 283 |
| Japan Petroleum Exploration Co. Ltd. | 13,500 | 282 |
| Kameda Seika Co. Ltd. | 5,949 | 282 |
| KOMEDA Holdings Co. Ltd. | 14,300 | 281 |
| Okamoto Industries Inc. | 6,200 | 279 |
| ^ Orient Corp. | 178,500 | 279 |
| NS Solutions Corp. | 9,300 | 278 |
| Nippon Sheet Glass Co. Ltd. | 32,774 | 277 |
| Tokyo Dome Corp. | 31,500 | 277 |
| ^ Suruga Bank Ltd. | 58,500 | 276 |
| Maeda Road Construction Co. Ltd. | 15,000 | 273 |
| Musashino Bank Ltd. | 10,100 | 273 |
| Sakata Seed Corp. | 8,600 | 272 |
| Takasago Thermal Engineering Co. Ltd. | 15,900 | 272 |
| Taiyo Holdings Co. Ltd. | 7,600 | 272 |
| Topre Corp. | 13,000 | 271 |
| Trusco Nakayama Corp. | 10,700 | 270 |
| Macnica Fuji Electronics Holdings Inc. | 18,500 | 267 |
| Ogaki Kyoritsu Bank Ltd. | 12,000 | 266 |
| Keiyo Bank Ltd. | 36,500 | 266 |
| Senshu Ikeda Holdings Inc. | 86,400 | 266 |
| Shochiku Co. Ltd. | 2,700 | 263 |
| Kyoritsu Maintenance Co. Ltd. | 5,872 | 261 |
| Mandom Corp. | 9,400 | 261 |
| Eizo Corp. | 6,400 | 261 |
| JINS Inc. | 4,600 | 260 |
| Megmilk Snow Brand Co. Ltd. | 11,100 | 260 |
| HIS Co. Ltd. | 8,500 | 259 |
| Senko Group Holdings Co. Ltd. | 33,200 | 258 |
| ^ Daio Paper Corp. | 19,900 | 258 |
| Sumitomo Warehouse Co. Ltd. | 22,000 | 258 |
| Daiseki Co. Ltd. | 10,900 | 258 |
| Okinawa Electric Power Co. Inc. | 13,821 | 258 |
| TOKAI Holdings Corp. | 30,800 | 257 |
| Central Glass Co. Ltd. | 11,900 | 257 |
| Musashi Seimitsu Industry Co. Ltd. | 17,600 | 257 |
| As One Corp. | 3,600 | 256 |
| Awa Bank Ltd. | 9,400 | 256 |
| Autobacs Seven Co. Ltd. | 15,800 | 254 |
| Hokkoku Bank Ltd. | 6,900 | 253 |
| GMO internet Inc. | 17,700 | 253 |
| Makino Milling Machine Co. Ltd. | 6,600 | 251 |
| Gunze Ltd. | 5,600 | 248 |
| Duskin Co. Ltd. | 10,900 | 248 |
| Optex Group Co. Ltd. | 13,600 | 248 |
| Sushiro Global Holdings Ltd. | 4,700 | 248 |
48
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Fujitec Co. Ltd. | 22,700 | 247 |
| | Heiwado Co. Ltd. | 9,600 | 246 |
| | Fukushima Industries Corp. | 5,400 | 246 |
| | Mitsubishi Pencil Co. Ltd. | 14,100 | 246 |
| | Aomori Bank Ltd. | 9,000 | 246 |
| | Nomura Co. Ltd. | 10,800 | 245 |
| | Zenrin Co. Ltd. | 9,850 | 245 |
| | Iriso Electronics Co. Ltd. | 5,800 | 245 |
| *,^ | Aiful Corp. | 92,800 | 245 |
| | Tokyo Steel Manufacturing Co. Ltd. | 30,900 | 244 |
| | Showa Corp. | 17,300 | 238 |
| | Internet Initiative Japan Inc. | 12,300 | 238 |
| | KYORIN Holdings Inc. | 10,900 | 238 |
| | Ryobi Ltd. | 8,200 | 238 |
| | Kura Corp. | 4,100 | 238 |
| | Kiyo Bank Ltd. | 16,007 | 237 |
| ^ | GungHo Online Entertainment Inc. | 130,700 | 236 |
| | San-A Co. Ltd. | 5,600 | 236 |
| | Joyful Honda Co. Ltd. | 16,388 | 236 |
| | Hyakugo Bank Ltd. | 64,000 | 235 |
| | Canon Marketing Japan Inc. | 12,400 | 235 |
| | Kanamoto Co. Ltd. | 7,000 | 234 |
| | Modec Inc. | 7,800 | 234 |
| | San-Ai Oil Co. Ltd. | 21,700 | 233 |
| | Kitz Corp. | 29,200 | 233 |
| | Benefit One Inc. | 9,000 | 232 |
| | Yamato Kogyo Co. Ltd. | 8,800 | 232 |
| | Kotobuki Spirits Co. Ltd. | 6,000 | 230 |
| | Toei Co. Ltd. | 2,100 | 229 |
| | Fujitsu General Ltd. | 15,300 | 229 |
| | Create Restaurants Holdings Inc. | 21,500 | 228 |
| ^ | Monex Group Inc. | 57,900 | 227 |
| | Chiyoda Corp. | 45,400 | 226 |
| | North Pacific Bank Ltd. | 75,300 | 226 |
| | Taikisha Ltd. | 7,900 | 223 |
| | Nisshin Oillio Group Ltd. | 7,400 | 222 |
| | Justsystems Corp. | 10,800 | 222 |
| | EPS Holdings Inc. | 11,300 | 221 |
| | Asahi Holdings Inc. | 10,300 | 221 |
| | FCC Co. Ltd. | 8,900 | 220 |
| | Itoham Yonekyu Holdings Inc. | 34,872 | 220 |
| | Nippon Television Holdings Inc. | 13,600 | 217 |
| | Round One Corp. | 18,200 | 216 |
| ^ | Broadleaf Co. Ltd. | 37,300 | 215 |
| | Sintokogio Ltd. | 24,900 | 215 |
| | Toho Zinc Co. Ltd. | 6,700 | 214 |
| | Alpine Electronics Inc. | 12,600 | 214 |
| | Nippo Corp. | 13,000 | 213 |
| | Atom Corp. | 23,949 | 213 |
| | JCR Pharmaceuticals Co. Ltd. | 5,000 | 212 |
| | Japan Aviation Electronics Industry Ltd. | 16,000 | 212 |
| | Arcs Co. Ltd. | 8,700 | 210 |
| | Hitachi Zosen Corp. | 55,000 | 209 |
| | Nachi-Fujikoshi Corp. | 5,100 | 208 |
| | Towa Pharmaceutical Co. Ltd. | 2,700 | 208 |
| | Heiwa Real Estate Co. Ltd. | 11,200 | 207 |
| | Hogy Medical Co. Ltd. | 7,000 | 207 |
| | Starts Corp. Inc. | 9,900 | 206 |
| | Onward Holdings Co. Ltd. | 34,000 | 205 |
| | Nishimatsuya Chain Co. Ltd. | 22,900 | 204 |
| | IBJ Leasing Co. Ltd. | 8,100 | 203 |
| | SKY Perfect JSAT Holdings Inc. | 45,600 | 202 |
| | Japan Material Co. Ltd. | 17,200 | 202 |
| | Seiren Co. Ltd. | 14,200 | 202 |
49
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tosho Co. Ltd. | 5,200 | 202 |
| | Shibuya Corp. | 6,000 | 202 |
| | Pacific Industrial Co. Ltd. | 13,800 | 202 |
| | Fuji Media Holdings Inc. | 12,400 | 201 |
| | Fuji Co. Ltd. | 10,700 | 201 |
| ^ | Nippon Yakin Kogyo Co. Ltd. | 75,500 | 201 |
| | Tsubaki Nakashima Co. Ltd. | 10,900 | 200 |
| | Nippon Steel & Sumikin Bussan Corp. | 4,600 | 200 |
| | Yuasa Trading Co. Ltd. | 6,100 | 200 |
| | Monogatari Corp. | 2,236 | 200 |
| | Nippon Flour Mills Co. Ltd. | 12,000 | 199 |
| | Wacom Co. Ltd. | 42,600 | 198 |
| | Paramount Bed Holdings Co. Ltd. | 4,700 | 198 |
| | Yodogawa Steel Works Ltd. | 9,100 | 198 |
| | Nippon Soda Co. Ltd. | 7,600 | 198 |
| *,^ | RENOVA Inc. | 18,200 | 197 |
| | Tokai Corp. | 9,800 | 197 |
| | Nihon Nohyaku Co. Ltd. | 35,600 | 197 |
| | Kato Sangyo Co. Ltd. | 6,400 | 197 |
| | NSD Co. Ltd. | 9,290 | 197 |
| | DCM Holdings Co. Ltd. | 20,200 | 196 |
| | Saibu Gas Co. Ltd. | 8,800 | 196 |
| | BML Inc. | 7,100 | 196 |
| | Press Kogyo Co. Ltd. | 42,700 | 195 |
| | Avex Inc. | 14,500 | 195 |
| | Shoei Co. Ltd. | 5,000 | 195 |
| | Bank of Iwate Ltd. | 5,100 | 194 |
| | Nippon Seiki Co. Ltd. | 11,000 | 194 |
| | Nissan Shatai Co. Ltd. | 24,000 | 193 |
| | Shizuoka Gas Co. Ltd. | 22,300 | 193 |
| | Showa Sangyo Co. Ltd. | 7,700 | 193 |
| | Yamazen Corp. | 17,600 | 193 |
| | Yamagata Bank Ltd. | 9,400 | 191 |
| | Raito Kogyo Co. Ltd. | 14,100 | 190 |
| | Takeuchi Manufacturing Co. Ltd. | 9,200 | 190 |
| | Solasto Corp. | 18,000 | 190 |
| * | Japan Display Inc. | 196,500 | 190 |
| | Piolax Inc. | 8,700 | 190 |
| | Valor Holdings Co. Ltd. | 8,800 | 189 |
| | Kohnan Shoji Co. Ltd. | 7,500 | 188 |
| | Sanki Engineering Co. Ltd. | 19,100 | 187 |
| | Juroku Bank Ltd. | 8,200 | 185 |
| | Hokuetsu Corp. | 38,700 | 185 |
| | CKD Corp. | 16,000 | 184 |
| | Fuji Kyuko Co. Ltd. | 6,300 | 184 |
| | Noevir Holdings Co. Ltd. | 4,300 | 183 |
| | Create SD Holdings Co. Ltd. | 7,200 | 182 |
| | Hyakujushi Bank Ltd. | 7,100 | 181 |
| | Idec Corp. | 10,000 | 181 |
| | Maruwa Unyu Kikan Co. Ltd. | 5,666 | 181 |
| | Maruwa Co. Ltd. | 3,200 | 181 |
| | Nissha Co. Ltd. | 11,100 | 181 |
| | Kintetsu World Express Inc. | 11,600 | 180 |
| | Kumiai Chemical Industry Co. Ltd. | 28,963 | 180 |
| | LEC Inc. | 9,000 | 180 |
| | Belc Co. Ltd. | 3,500 | 179 |
| | Shikoku Chemicals Corp. | 17,500 | 179 |
| | Seiko Holdings Corp. | 7,400 | 178 |
| | Pressance Corp. | 15,600 | 177 |
| | United Super Markets Holdings Inc. | 16,160 | 177 |
| ^ | Katitas Co. Ltd. | 7,300 | 177 |
| | Macromill Inc. | 8,900 | 176 |
| | Ichibanya Co. Ltd. | 4,600 | 176 |
| | Ryosan Co. Ltd. | 6,100 | 176 |
50
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Doshisha Co. Ltd. | 8,500 | 175 |
| | Noritake Co. Ltd. | 3,500 | 175 |
| | Nichiha Corp. | 7,900 | 174 |
| | TOMONY Holdings Inc. | 44,900 | 174 |
| | Oiles Corp. | 9,460 | 174 |
| | Teikoku Sen-I Co. Ltd. | 7,900 | 173 |
| | Iino Kaiun Kaisha Ltd. | 39,400 | 173 |
| | Meidensha Corp. | 12,200 | 173 |
| | Bank of Okinawa Ltd. | 5,180 | 173 |
| | Tokyo Broadcasting System Holdings Inc. | 9,300 | 172 |
| | Hamakyorex Co. Ltd. | 5,300 | 171 |
| ^ | Noritsu Koki Co. Ltd. | 7,600 | 171 |
| | Prestige International Inc. | 15,000 | 171 |
| | Axial Retailing Inc. | 5,199 | 170 |
| | Nissin Kogyo Co. Ltd. | 11,700 | 170 |
| | Tachibana Eletech Co. Ltd. | 11,200 | 170 |
| | Fujicco Co. Ltd. | 7,400 | 170 |
| | Tokyotokeiba Co. Ltd. | 4,800 | 170 |
| | San ju San Financial Group Inc. | 9,580 | 170 |
| | Maruzen Showa Unyu Co. Ltd. | 6,400 | 169 |
| | JVC Kenwood Corp. | 68,400 | 169 |
| | Funai Soken Holdings Inc. | 7,950 | 168 |
| | V Technology Co. Ltd. | 1,300 | 168 |
| | Yondoshi Holdings Inc. | 7,900 | 168 |
| | Ai Holdings Corp. | 8,700 | 166 |
| | Royal Holdings Co. Ltd. | 6,700 | 166 |
| | Hirata Corp. | 2,680 | 165 |
| | Daiho Corp. | 6,000 | 165 |
| *,^ | euglena Co. Ltd. | 28,900 | 165 |
| | Nichicon Corp. | 19,800 | 165 |
| ^ | MOS Food Services Inc. | 6,200 | 164 |
| | Shikoku Bank Ltd. | 14,600 | 164 |
| | Chugoku Marine Paints Ltd. | 20,400 | 164 |
| | Yokogawa Bridge Holdings Corp. | 10,100 | 164 |
| | Hiday Hidaka Corp. | 8,397 | 164 |
| | Sato Holdings Corp. | 5,500 | 163 |
| | Takara Standard Co. Ltd. | 10,500 | 162 |
| | Oita Bank Ltd. | 4,900 | 162 |
| | Koshidaka Holdings Co. Ltd. | 13,904 | 162 |
| | Japan Pulp & Paper Co. Ltd. | 4,400 | 162 |
| | Dai Nippon Toryo Co. Ltd. | 15,900 | 161 |
| | Totetsu Kogyo Co. Ltd. | 6,500 | 160 |
| | Seikagaku Corp. | 10,800 | 160 |
| | Computer Engineering & Consulting Ltd. | 7,426 | 160 |
| | Toho Bank Ltd. | 45,000 | 160 |
| | Mitsuboshi Belting Ltd. | 6,500 | 160 |
| | Unipres Corp. | 8,900 | 159 |
| | Tayca Corp. | 7,561 | 159 |
| | Rheon Automatic Machinery Co. Ltd. | 9,280 | 159 |
| | Nippon Denko Co. Ltd. | 66,600 | 158 |
| | Financial Products Group Co. Ltd. | 16,200 | 158 |
| | Okasan Securities Group Inc. | 33,000 | 158 |
| | Milbon Co. Ltd. | 4,400 | 158 |
| ^ | Siix Corp. | 11,600 | 158 |
| | Itoki Corp. | 30,300 | 157 |
| | Tamron Co. Ltd. | 8,800 | 157 |
| | Tsukishima Kikai Co. Ltd. | 13,300 | 157 |
| | Sagami Holdings Corp. | 13,100 | 157 |
| | Eiken Chemical Co. Ltd. | 7,000 | 157 |
| *,^ | Sourcenext Corp. | 12,700 | 157 |
| | Sanyo Special Steel Co. Ltd. | 6,800 | 156 |
| | Toyo Tanso Co. Ltd. | 6,000 | 156 |
| | Sekisui Jushi Corp. | 8,600 | 156 |
| | Sanyo Chemical Industries Ltd. | 3,400 | 156 |
51
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nanto Bank Ltd. | 6,800 | 156 |
| | Komeri Co. Ltd. | 6,000 | 156 |
| | Sanyo Denki Co. Ltd. | 3,800 | 155 |
| | Toshiba TEC Corp. | 5,200 | 155 |
| | Goldcrest Co. Ltd. | 9,900 | 155 |
| | Inabata & Co. Ltd. | 11,600 | 155 |
| | Daikyo Inc. | 5,900 | 155 |
| | Sakai Moving Service Co. Ltd. | 3,000 | 155 |
| | Arata Corp. | 3,400 | 154 |
| | Tokushu Tokai Paper Co. Ltd. | 4,000 | 154 |
| | Denki Kogyo Co. Ltd. | 6,000 | 153 |
| | Toshiba Plant Systems & Services Corp. | 7,500 | 153 |
| | Riken Corp. | 3,200 | 153 |
| | Link And Motivation Inc. | 15,500 | 152 |
| | Aida Engineering Ltd. | 18,500 | 152 |
| | Kurabo Industries Ltd. | 6,300 | 152 |
| | Transcosmos Inc. | 6,700 | 152 |
| * | Open Door Inc. | 6,400 | 152 |
| | Ohsho Food Service Corp. | 2,200 | 152 |
| | FULLCAST Holdings Co. Ltd. | 8,066 | 152 |
| | Bando Chemical Industries Ltd. | 13,100 | 152 |
| * | Mitsui-Soko Holdings Co. Ltd. | 9,800 | 151 |
| | Relia Inc. | 13,700 | 151 |
| | Miyazaki Bank Ltd. | 5,800 | 151 |
| | Tokyu Construction Co. Ltd. | 16,700 | 151 |
| | Studio Alice Co. Ltd. | 6,600 | 151 |
| | Asunaro Aoki Construction Co. Ltd. | 16,900 | 150 |
| | Nippon Signal Company Ltd. | 16,400 | 150 |
| | Earth Corp. | 3,300 | 150 |
| | Daihen Corp. | 6,400 | 150 |
| | Sumitomo Seika Chemicals Co. Ltd. | 3,000 | 150 |
| | DTS Corp. | 4,300 | 149 |
| | Jeol Ltd. | 9,000 | 148 |
| | Giken Ltd. | 4,400 | 148 |
| | Max Co. Ltd. | 11,000 | 148 |
| ^ | Toridoll Holdings Corp. | 8,700 | 147 |
| | Prima Meat Packers Ltd. | 7,800 | 147 |
| ^ | Michinoku Bank Ltd. | 9,300 | 147 |
| | Teikoku Electric Manufacturing Co. Ltd. | 10,200 | 146 |
| | Foster Electric Co. Ltd. | 10,000 | 146 |
| | Bell System24 Holdings Inc. | 11,000 | 145 |
| | Sanshin Electronics Co. Ltd. | 8,600 | 145 |
| | Wakita & Co. Ltd. | 13,400 | 144 |
| | Nihon Tokushu Toryo Co. Ltd. | 7,500 | 144 |
| | Japan Wool Textile Co. Ltd. | 18,200 | 144 |
| | Nippon Densetsu Kogyo Co. Ltd. | 7,100 | 144 |
| | UACJ Corp. | 6,500 | 142 |
| | Geo Holdings Corp. | 9,300 | 142 |
| ^ | KYB Corp. | 5,900 | 142 |
| | Valqua Ltd. | 5,800 | 141 |
| | Unizo Holdings Co. Ltd. | 7,500 | 141 |
| | Bank of the Ryukyus Ltd. | 12,400 | 141 |
| | Nikkiso Co. Ltd. | 12,100 | 141 |
| ^ | Clarion Co. Ltd. | 6,400 | 140 |
| | Toshiba Machine Co. Ltd. | 7,400 | 140 |
| | Bank of Nagoya Ltd. | 4,400 | 139 |
| *,^ | Akebono Brake Industry Co. Ltd. | 69,100 | 139 |
| | Maxell Holdings Ltd. | 10,900 | 139 |
| | Daiichi Jitsugyo Co. Ltd. | 4,200 | 139 |
| ^ | Aruhi Corp. | 8,100 | 138 |
| | Kisoji Co. Ltd. | 6,000 | 138 |
| ^ | Pepper Food Service Co. Ltd. | 4,907 | 138 |
| | Obara Group Inc. | 3,500 | 138 |
| | Kadokawa Dwango Corp. | 13,736 | 137 |
52
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Menicon Co. Ltd. | 6,200 | 137 |
| TPR Co. Ltd. | 5,600 | 136 |
| Osaka Soda Co. Ltd. | 5,800 | 136 |
| Roland DG Corp. | 6,400 | 136 |
| Nisshin Steel Co. Ltd. | 10,400 | 136 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 9,500 | 136 |
| Topy Industries Ltd. | 5,000 | 135 |
| Mitsui Sugar Co. Ltd. | 5,000 | 135 |
| Tsugami Corp. | 15,000 | 134 |
| Hioki EE Corp. | 3,800 | 134 |
| Nagatanien Holdings Co. Ltd. | 5,500 | 134 |
| Nitto Boseki Co. Ltd. | 6,800 | 134 |
| Ringer Hut Co. Ltd. | 6,700 | 134 |
| Rokko Butter Co. Ltd. | 6,200 | 134 |
| ESPEC Corp. | 7,500 | 133 |
| ^ Plenus Co. Ltd. | 8,300 | 133 |
| Hosiden Corp. | 14,400 | 132 |
| Daido Metal Co. Ltd. | 17,300 | 132 |
| TSI Holdings Co. Ltd. | 19,400 | 132 |
| Komori Corp. | 12,200 | 132 |
| Nichi-iko Pharmaceutical Co. Ltd. | 9,650 | 131 |
| Futaba Corp. | 8,400 | 131 |
| Furukawa Co. Ltd. | 10,600 | 131 |
| ^ Shoei Foods Corp. | 3,400 | 131 |
| Kyodo Printing Co. Ltd. | 5,200 | 131 |
| Anest Iwata Corp. | 13,700 | 131 |
| Riken Keiki Co. Ltd. | 6,600 | 130 |
| Aeon Delight Co. Ltd. | 3,900 | 130 |
| Nippon Ceramic Co. Ltd. | 5,300 | 130 |
| ^ Strike Co. Ltd. | 4,443 | 129 |
| Mitsubishi Shokuhin Co. Ltd. | 5,000 | 129 |
| JCU Corp. | 6,000 | 129 |
| Okabe Co. Ltd. | 14,400 | 128 |
| Eighteenth Bank Ltd. | 4,700 | 128 |
| Sanken Electric Co. Ltd. | 5,800 | 128 |
| Star Micronics Co. Ltd. | 9,000 | 128 |
| Maeda Kosen Co. Ltd. | 6,600 | 128 |
| Dexerials Corp. | 14,800 | 127 |
| Hokuto Corp. | 7,400 | 126 |
| JP-Holdings Inc. | 47,500 | 126 |
| Krosaki Harima Corp. | 1,900 | 126 |
| ^ Matsuya Co. Ltd. | 13,300 | 126 |
| ^ Istyle Inc. | 14,000 | 126 |
| Nagaileben Co. Ltd. | 5,600 | 125 |
| * Ishihara Sangyo Kaisha Ltd. | 10,500 | 125 |
| Tokyo Kiraboshi Financial Group Inc. | 7,749 | 125 |
| * Kojima Co. Ltd. | 28,400 | 125 |
| ^ Nissin Electric Co. Ltd. | 15,300 | 125 |
| Noritz Corp. | 8,600 | 125 |
| Megachips Corp. | 6,500 | 125 |
| NS United Kaiun Kaisha Ltd. | 5,100 | 124 |
| Takasago International Corp. | 3,900 | 124 |
| ASKUL Corp. | 4,500 | 124 |
| Marusan Securities Co. Ltd. | 16,100 | 124 |
| Shinko Shoji Co. Ltd. | 8,900 | 124 |
| Nitto Kogyo Corp. | 7,100 | 124 |
| Hisaka Works Ltd. | 12,900 | 123 |
| Token Corp. | 1,900 | 123 |
| Retail Partners Co. Ltd. | 10,700 | 122 |
| Linical Co. Ltd. | 8,800 | 122 |
| Daikyonishikawa Corp. | 12,800 | 122 |
| Fujimori Kogyo Co. Ltd. | 4,200 | 122 |
| ^ Ohara Inc. | 5,800 | 122 |
| Gree Inc. | 29,100 | 122 |
53
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | TV Asahi Holdings Corp. | 6,500 | 121 |
| | Kansai Super Market Ltd. | 13,100 | 121 |
| | SRA Holdings | 4,300 | 121 |
| | Chuo Spring Co. Ltd. | 3,900 | 121 |
| | Arcland Sakamoto Co. Ltd. | 9,200 | 120 |
| | NichiiGakkan Co. Ltd. | 12,900 | 120 |
| | Jaccs Co. Ltd. | 6,400 | 120 |
| | Juki Corp. | 10,700 | 120 |
| | Yokohama Reito Co. Ltd. | 15,100 | 120 |
| | PIA Corp. | 2,500 | 120 |
| *,^ | Remixpoint Inc. | 17,807 | 119 |
| | Dip Corp. | 5,500 | 119 |
| | Nippon Carbon Co. Ltd. | 2,100 | 119 |
| | St. Marc Holdings Co. Ltd. | 5,000 | 119 |
| | France Bed Holdings Co. Ltd. | 14,000 | 118 |
| | Belluna Co. Ltd. | 11,900 | 118 |
| | Ichikoh Industries Ltd. | 17,000 | 118 |
| | Daibiru Corp. | 11,700 | 118 |
| ^ | Kitanotatsujin Corp. | 22,900 | 118 |
| | Aichi Steel Corp. | 3,300 | 117 |
| ^ | KFC Holdings Japan Ltd. | 6,600 | 116 |
| | Mitsui Matsushima Holdings Co. Ltd. | 7,400 | 116 |
| | AOKI Holdings Inc. | 8,800 | 116 |
| | Rock Field Co. Ltd. | 8,000 | 116 |
| | Chudenko Corp. | 5,500 | 116 |
| | Toda Kogyo Corp. | 4,900 | 116 |
| | Keihanshin Building Co. Ltd. | 15,700 | 116 |
| | Eagle Industry Co. Ltd. | 9,900 | 115 |
| | Osaka Steel Co. Ltd. | 6,500 | 115 |
| *,^ | Nextage Co. Ltd. | 12,500 | 115 |
| | YA-MAN Ltd. | 7,100 | 114 |
| | Alconix Corp. | 10,019 | 114 |
| | TKC Corp. | 3,000 | 114 |
| | Sankyo Seiko Co. Ltd. | 28,400 | 114 |
| | Qol Holdings Co. Ltd. | 5,400 | 114 |
| | Fukui Bank Ltd. | 6,000 | 114 |
| | Nippon Coke & Engineering Co. Ltd. | 123,200 | 114 |
| | Sanoh Industrial Co. Ltd. | 19,700 | 112 |
| | Sanyo Electric Railway Co. Ltd. | 5,081 | 112 |
| | Uchida Yoko Co. Ltd. | 4,600 | 112 |
| | Saizeriya Co. Ltd. | 5,900 | 112 |
| | OBIC Business Consultants Co. Ltd. | 1,400 | 112 |
| | Chiyoda Co. Ltd. | 5,800 | 112 |
| | YAMABIKO Corp. | 10,400 | 112 |
| | Kappa Create Co. Ltd. | 9,500 | 112 |
| * | Space Value Holdings Co. Ltd. | 12,500 | 112 |
| | NEC Networks & System Integration Corp. | 5,100 | 111 |
| | Marudai Food Co. Ltd. | 6,800 | 111 |
| | Bunka Shutter Co. Ltd. | 15,800 | 111 |
| | Katakura Industries Co. Ltd. | 10,200 | 110 |
| | Akatsuki Inc. | 2,800 | 110 |
| | Starzen Co. Ltd. | 2,700 | 110 |
| | Ehime Bank Ltd. | 10,600 | 109 |
| ^ | OPT Holding Inc. | 4,895 | 109 |
| ^ | Zojirushi Corp. | 10,000 | 109 |
| | Shinko Plantech Co. Ltd. | 11,700 | 109 |
| | Kanto Denka Kogyo Co. Ltd. | 12,000 | 109 |
| | Tokyo Individualized Educational Institute Inc. | 8,400 | 109 |
| | MCJ Co. Ltd. | 13,600 | 108 |
| *,^ | M&A Capital Partners Co. Ltd. | 2,200 | 108 |
| | Chofu Seisakusho Co. Ltd. | 5,300 | 107 |
| | Kenko Mayonnaise Co. Ltd. | 5,000 | 107 |
| | Nichiban Co. Ltd. | 5,500 | 107 |
| | Cleanup Corp. | 17,500 | 107 |
54
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Chugai Ro Co. Ltd. | 5,000 | 107 |
| Japan Securities Finance Co. Ltd. | 19,000 | 106 |
| G-Tekt Corp. | 7,500 | 106 |
| Dai-Dan Co. Ltd. | 4,500 | 106 |
| Nohmi Bosai Ltd. | 5,000 | 105 |
| Kyoei Steel Ltd. | 5,800 | 105 |
| Tochigi Bank Ltd. | 36,100 | 105 |
| Sanei Architecture Planning Co. Ltd. | 7,200 | 105 |
| Anicom Holdings Inc. | 3,300 | 105 |
| Chukyo Bank Ltd. | 5,200 | 105 |
| Tocalo Co. Ltd. | 12,000 | 104 |
| Shindengen Electric Manufacturing Co. Ltd. | 2,400 | 104 |
| Elecom Co. Ltd. | 4,400 | 104 |
| Toenec Corp. | 3,600 | 104 |
| Matsuda Sangyo Co. Ltd. | 8,300 | 103 |
| Pack Corp. | 3,600 | 103 |
| T Hasegawa Co. Ltd. | 5,800 | 103 |
| Tokyo Electron Device Ltd. | 5,800 | 103 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 5,900 | 103 |
| Xebio Holdings Co. Ltd. | 7,400 | 103 |
| Joshin Denki Co. Ltd. | 4,000 | 102 |
| Neturen Co. Ltd. | 11,600 | 102 |
| ^ COOKPAD Inc. | 27,800 | 102 |
| Torii Pharmaceutical Co. Ltd. | 4,600 | 102 |
| Life Corp. | 4,100 | 101 |
| Sakai Chemical Industry Co. Ltd. | 4,400 | 101 |
| Nakayama Steel Works Ltd. | 19,100 | 100 |
| Okuwa Co. Ltd. | 10,000 | 100 |
| Adastria Co. Ltd. | 6,140 | 100 |
| Zuken Inc. | 6,700 | 100 |
| Kanagawa Chuo Kotsu Co. Ltd. | 3,000 | 100 |
| T-Gaia Corp. | 4,400 | 100 |
| Shinko Electric Industries Co. Ltd. | 14,300 | 100 |
| ^ J Trust Co. Ltd. | 19,500 | 99 |
| ^ Rorze Corp. | 5,800 | 99 |
| Tsurumi Manufacturing Co. Ltd. | 5,500 | 98 |
| Konishi Co. Ltd. | 7,000 | 98 |
| Doutor Nichires Holdings Co. Ltd. | 5,500 | 98 |
| Kasai Kogyo Co. Ltd. | 10,600 | 98 |
| Tekken Corp. | 3,900 | 97 |
| Nishio Rent All Co. Ltd. | 3,000 | 97 |
| J-Oil Mills Inc. | 2,800 | 97 |
| DyDo Group Holdings Inc. | 1,900 | 96 |
| Fuso Chemical Co. Ltd. | 4,800 | 96 |
| Kyokuyo Co. Ltd. | 3,500 | 96 |
| ^ Godo Steel Ltd. | 5,000 | 96 |
| LIXIL VIVA Corp. | 5,900 | 96 |
| Towa Bank Ltd. | 11,700 | 95 |
| Sac's Bar Holdings Inc. | 10,700 | 95 |
| Meisei Industrial Co. Ltd. | 12,500 | 94 |
| Sodick Co. Ltd. | 12,500 | 94 |
| Nitto Kohki Co. Ltd. | 4,500 | 94 |
| Mizuno Corp. | 4,000 | 94 |
| Tosei Corp. | 10,200 | 93 |
| Itochu-Shokuhin Co. Ltd. | 2,000 | 93 |
| Fujiya Co. Ltd. | 4,300 | 93 |
| Sakata INX Corp. | 9,400 | 93 |
| Nippon Chemi-Con Corp. | 4,100 | 93 |
| Riso Kagaku Corp. | 4,400 | 93 |
| Yakuodo Co. Ltd. | 3,000 | 93 |
| TOC Co. Ltd. | 13,600 | 93 |
| Sankyo Tateyama Inc. | 8,200 | 92 |
| Toa Corp. | 5,500 | 92 |
| Futaba Industrial Co. Ltd. | 16,800 | 92 |
55
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Paris Miki Holdings Inc. | 21,300 | 91 |
| | Digital Arts Inc. | 2,000 | 91 |
| | Ateam Inc. | 4,800 | 91 |
| | Yamanashi Chuo Bank Ltd. | 6,400 | 91 |
| | Tsukui Corp. | 10,600 | 91 |
| | Konoike Transport Co. Ltd. | 6,000 | 91 |
| | Takihyo Co. Ltd. | 5,200 | 91 |
| | kabu.com Securities Co. Ltd. | 24,800 | 90 |
| * | World Holdings Co. Ltd. | 3,700 | 90 |
| | Key Coffee Inc. | 5,000 | 89 |
| | Tonami Holdings Co. Ltd. | 1,600 | 89 |
| | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 3,000 | 89 |
| | Ricoh Leasing Co. Ltd. | 2,700 | 89 |
| | Koa Corp. | 6,400 | 89 |
| | Sinko Industries Ltd. | 6,159 | 88 |
| | VT Holdings Co. Ltd. | 21,100 | 88 |
| | Achilles Corp. | 4,400 | 88 |
| | Genky DrugStores Co. Ltd. | 2,700 | 87 |
| * | Unitika Ltd. | 17,100 | 87 |
| | Mitsui High-Tec Inc. | 8,100 | 87 |
| | ASAHI YUKIZAI Corp. | 4,400 | 87 |
| | Enplas Corp. | 3,200 | 87 |
| | Tamura Corp. | 17,000 | 87 |
| | Sun Frontier Fudousan Co. Ltd. | 8,500 | 87 |
| | Nippon Thompson Co. Ltd. | 15,000 | 87 |
| | Fujimi Inc. | 3,800 | 87 |
| | Srg Takamiya Co. Ltd. | 14,800 | 86 |
| | Kamei Corp. | 7,500 | 86 |
| | GCA Corp. | 10,800 | 86 |
| | Ines Corp. | 7,400 | 86 |
| ^ | Parco Co. Ltd. | 8,100 | 86 |
| | Nippon Koei Co. Ltd. | 3,800 | 86 |
| | Trust Tech Inc. | 2,800 | 85 |
| | JAC Recruitment Co. Ltd. | 4,700 | 85 |
| | Meiko Network Japan Co. Ltd. | 9,600 | 84 |
| | Mitsubishi Steel Manufacturing Co. Ltd. | 4,800 | 84 |
| | Hibiya Engineering Ltd. | 5,100 | 84 |
| | Pacific Metals Co. Ltd. | 3,000 | 84 |
| | Chubu Shiryo Co. Ltd. | 6,900 | 84 |
| | Inageya Co. Ltd. | 6,647 | 84 |
| ^ | Hito Communications Inc. | 4,700 | 83 |
| | Osaki Electric Co. Ltd. | 13,000 | 83 |
| | Advan Co. Ltd. | 8,200 | 83 |
| | Taihei Dengyo Kaisha Ltd. | 3,500 | 82 |
| | Kita-Nippon Bank Ltd. | 3,700 | 82 |
| ^ | Sumida Corp. | 6,634 | 82 |
| | METAWATER Co. Ltd. | 3,200 | 82 |
| | Takamatsu Construction Group Co. Ltd. | 3,200 | 82 |
| *,^ | Optorun Co. Ltd. | 4,100 | 82 |
| | Pasona Group Inc. | 6,700 | 82 |
| *,^ | RS Technologies Co. Ltd. | 2,000 | 81 |
| ^ | KLab Inc. | 9,200 | 81 |
| | Kyokuto Securities Co. Ltd. | 6,700 | 81 |
| | Toyo Kanetsu KK | 3,600 | 81 |
| | Tachi-S Co. Ltd. | 5,700 | 80 |
| | Aichi Bank Ltd. | 2,100 | 80 |
| | Corona Corp. Class A | 8,100 | 80 |
| ^ | Yushin Precision Equipment Co. Ltd. | 8,800 | 80 |
| | Asahi Diamond Industrial Co. Ltd. | 12,600 | 80 |
| | Ichiyoshi Securities Co. Ltd. | 9,400 | 79 |
| | Stella Chemifa Corp. | 2,600 | 79 |
| | Information Services International-Dentsu Ltd. | 2,300 | 79 |
| | OSJB Holdings Corp. | 31,300 | 79 |
| | Akita Bank Ltd. | 3,400 | 79 |
56
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mitsuuroko Group Holdings Co. Ltd. | 12,100 | 79 |
| | Vector Inc. | 4,600 | 79 |
| *,^ | Medical Data Vision Co. Ltd. | 5,000 | 79 |
| | Canon Electronics Inc. | 4,300 | 79 |
| | Mitsubishi Logisnext Co. Ltd. | 6,600 | 78 |
| * | Sogo Medical Holdings Co. Ltd. | 3,600 | 77 |
| | Denyo Co. Ltd. | 5,100 | 77 |
| | GLOBERIDE Inc. | 3,200 | 77 |
| * | U-Shin Ltd. | 11,400 | 77 |
| | Kanematsu Electronics Ltd. | 2,500 | 77 |
| ^ | Toyo Denki Seizo KK | 5,400 | 77 |
| | Amuse Inc. | 3,000 | 76 |
| | Yellow Hat Ltd. | 3,100 | 76 |
| | Kobe Bussan Co. Ltd. | 3,000 | 76 |
| | Kaga Electronics Co. Ltd. | 3,400 | 76 |
| | F@N Communications Inc. | 13,700 | 76 |
| | Gakken Holdings Co. Ltd. | 1,500 | 76 |
| | Tomoku Co. Ltd. | 4,400 | 76 |
| | Iseki & Co. Ltd. | 4,400 | 76 |
| | Miroku Jyoho Service Co. Ltd. | 4,000 | 75 |
| ^ | Vital KSK Holdings Inc. | 7,200 | 75 |
| ^ | Hoosiers Holdings | 13,500 | 75 |
| ^ | Takara Leben Co. Ltd. | 26,000 | 75 |
| ^ | SAMTY Co. Ltd. | 5,700 | 75 |
| | Cawachi Ltd. | 4,000 | 74 |
| | Toho Titanium Co. Ltd. | 7,300 | 74 |
| | Intage Holdings Inc. | 8,600 | 74 |
| | Mie Kotsu Group Holdings Inc. | 15,900 | 74 |
| | Sinfonia Technology Co. Ltd. | 5,600 | 73 |
| | LIFULL Co. Ltd. | 10,800 | 73 |
| | Nissin Corp. | 3,800 | 73 |
| | Fuji Pharma Co. Ltd. | 4,600 | 72 |
| | Chiyoda Integre Co. Ltd. | 3,600 | 72 |
| | UKC Holdings Corp. | 3,700 | 72 |
| ^ | Fixstars Corp. | 6,600 | 72 |
| | Shinwa Co. Ltd. | 3,600 | 71 |
| ^ | ST Corp. | 4,000 | 71 |
| ^ | Daisyo Corp. | 4,700 | 70 |
| | Onoken Co. Ltd. | 4,800 | 70 |
| ^ | Yamashin-Filter Corp. | 9,851 | 70 |
| | Kyosan Electric Manufacturing Co. Ltd. | 15,000 | 70 |
| | Nichiden Corp. | 4,300 | 70 |
| ^ | COLOPL Inc. | 11,300 | 70 |
| | Tv Tokyo Holdings Corp. | 3,000 | 69 |
| | Takaoka Toko Co. Ltd. | 4,800 | 69 |
| | Union Tool Co. | 2,000 | 69 |
| ^ | Kourakuen Holdings Corp. | 4,200 | 69 |
| | Aeon Fantasy Co. Ltd. | 2,200 | 69 |
| | Itochu Enex Co. Ltd. | 7,300 | 69 |
| | Trancom Co. Ltd. | 1,200 | 69 |
| | Mitsubishi Research Institute Inc. | 2,200 | 69 |
| | Mitsuba Corp. | 8,700 | 69 |
| | Riken Technos Corp. | 15,200 | 68 |
| | Happinet Corp. | 4,500 | 68 |
| | Hosokawa Micron Corp. | 1,400 | 68 |
| | ValueCommerce Co. Ltd. | 4,800 | 68 |
| | Toli Corp. | 25,900 | 68 |
| | ASKA Pharmaceutical Co. Ltd. | 5,100 | 67 |
| ^ | Nissei ASB Machine Co. Ltd. | 2,000 | 67 |
| | Elematec Corp. | 3,100 | 66 |
| | Daiken Corp. | 3,600 | 66 |
| | Fujitsu Frontech Ltd. | 5,900 | 66 |
| | Bank of Saga Ltd. | 3,400 | 65 |
| | Tokyo Rope Manufacturing Co. Ltd. | 6,300 | 65 |
57
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Feed One Co. Ltd. | 37,900 | 65 |
| ^ | OSAKA Titanium Technologies Co. Ltd. | 4,100 | 64 |
| | Tanseisha Co. Ltd. | 6,300 | 64 |
| | Fujibo Holdings Inc. | 2,200 | 64 |
| | K&O Energy Group Inc. | 4,600 | 64 |
| | Kanaden Corp. | 6,100 | 64 |
| | Arakawa Chemical Industries Ltd. | 4,500 | 63 |
| | Dai-ichi Seiko Co. Ltd. | 5,000 | 63 |
| | Kato Works Co. Ltd. | 2,200 | 63 |
| | Daito Pharmaceutical Co. Ltd. | 2,100 | 63 |
| | Fujita Kanko Inc. | 2,300 | 63 |
| | Fuji Oil Co. Ltd. | 16,300 | 62 |
| | Hakuto Co. Ltd. | 5,492 | 62 |
| | BRONCO BILLY Co. Ltd. | 2,400 | 62 |
| | Toyo Corp. | 7,800 | 62 |
| | Ryoyo Electro Corp. | 4,300 | 62 |
| * | Pioneer Corp. | 68,800 | 62 |
| | CMK Corp. | 9,600 | 62 |
| | Hochiki Corp. | 5,000 | 61 |
| | Central Sports Co. Ltd. | 1,750 | 61 |
| *,^ | Tokyo Base Co. Ltd. | 10,900 | 61 |
| | Nippon Parking Development Co. Ltd. | 43,500 | 61 |
| | Marvelous Inc. | 7,600 | 61 |
| | Nippon Road Co. Ltd. | 1,100 | 61 |
| | Furuno Electric Co. Ltd. | 5,100 | 60 |
| | FIDEA Holdings Co. Ltd. | 44,900 | 60 |
| | Toyo Construction Co. Ltd. | 14,700 | 60 |
| | Melco Holdings Inc. | 1,800 | 60 |
| | Toppan Forms Co. Ltd. | 6,600 | 60 |
| | Shibusawa Warehouse Co. Ltd. | 4,200 | 59 |
| | Aisan Industry Co. Ltd. | 7,900 | 59 |
| | Fudo Tetra Corp. | 3,880 | 59 |
| | Warabeya Nichiyo Holdings Co. Ltd. | 3,600 | 59 |
| ^ | Hodogaya Chemical Co. Ltd. | 2,400 | 58 |
| | Mars Group Holdings Corp. | 2,800 | 58 |
| | Icom Inc. | 2,700 | 58 |
| | CMIC Holdings Co. Ltd. | 3,100 | 58 |
| | Arcland Service Holdings Co. Ltd. | 2,800 | 57 |
| | T RAD Co. Ltd. | 2,400 | 57 |
| | Central Security Patrols Co. Ltd. | 1,219 | 57 |
| | Sinanen Holdings Co. Ltd. | 2,400 | 57 |
| | Torishima Pump Manufacturing Co. Ltd. | 6,900 | 57 |
| | Mimasu Semiconductor Industry Co. Ltd. | 4,300 | 56 |
| | Keiyo Co. Ltd. | 11,400 | 56 |
| | Kitagawa Corp. | 2,400 | 56 |
| | Jimoto Holdings Inc. | 43,000 | 56 |
| | Komtasu Matere Co. Ltd. | 6,800 | 56 |
| | Toho Co. Ltd. | 2,800 | 55 |
| | Matsuyafoods Holdings Co. Ltd. | 1,700 | 55 |
| | Oyo Corp. | 4,800 | 55 |
| | Nippon Kanzai Co. Ltd. | 3,000 | 55 |
| | Sumitomo Densetsu Co. Ltd. | 3,400 | 54 |
| ^ | Wellnet Corp. | 5,500 | 54 |
| | CAC Holdings Corp. | 6,000 | 53 |
| * | Kintetsu Department Store Co. Ltd. | 1,700 | 53 |
| ^ | eRex Co. Ltd. | 6,400 | 53 |
| | Yurtec Corp. | 7,000 | 53 |
| | PAL GROUP Holdings Co. Ltd. | 1,800 | 53 |
| ^ | W-Scope Corp. | 5,300 | 53 |
| | Toa Corp./Hyogo | 4,900 | 53 |
| | Fuso Pharmaceutical Industries Ltd. | 2,200 | 52 |
| | Wowow Inc. | 1,800 | 52 |
| | IDOM Inc. | 15,500 | 52 |
| | Tokyo Energy & Systems Inc. | 6,000 | 52 |
58
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Chuetsu Pulp & Paper Co. Ltd. | 3,900 | 52 |
| Shin-Etsu Polymer Co. Ltd. | 7,100 | 52 |
| KAWADA TECHNOLOGIES Inc. | 900 | 52 |
| CHIMNEY Co. Ltd. | 2,100 | 52 |
| CI Takiron Corp. | 10,000 | 51 |
| Nittetsu Mining Co. Ltd. | 1,200 | 51 |
| Koatsu Gas Kogyo Co. Ltd. | 7,000 | 51 |
| Fukui Computer Holdings Inc. | 3,200 | 51 |
| Japan Transcity Corp. | 13,000 | 51 |
| Taisei Lamick Co. Ltd. | 1,800 | 51 |
| Daiwa Industries Ltd. | 4,800 | 51 |
| Alpen Co. Ltd. | 3,000 | 50 |
| Weathernews Inc. | 1,700 | 50 |
| Organo Corp. | 1,800 | 50 |
| Fukuda Corp. | 1,200 | 49 |
| Shinnihon Corp. | 5,200 | 49 |
| WATAMI Co. Ltd. | 4,300 | 49 |
| Gurunavi Inc. | 6,400 | 49 |
| Sumitomo Riko Co. Ltd. | 5,900 | 49 |
| Tenma Corp. | 2,800 | 49 |
| Ryoden Corp. | 3,500 | 49 |
| Yushiro Chemical Industry Co. Ltd. | 3,858 | 48 |
| Namura Shipbuilding Co. Ltd. | 10,900 | 48 |
| ^ Yonex Co. Ltd. | 8,400 | 48 |
| Chiba Kogyo Bank Ltd. | 12,200 | 48 |
| Right On Co. Ltd. | 5,800 | 48 |
| Ministop Co. Ltd. | 2,600 | 48 |
| Alpha Systems Inc. | 2,000 | 48 |
| CONEXIO Corp. | 3,300 | 48 |
| Maezawa Kyuso Industries Co. Ltd. | 2,900 | 47 |
| Cosel Co. Ltd. | 4,500 | 46 |
| Riken Vitamin Co. Ltd. | 1,500 | 46 |
| Yahagi Construction Co. Ltd. | 6,400 | 46 |
| Asahi Co. Ltd. | 3,800 | 46 |
| JSP Corp. | 2,300 | 45 |
| Micronics Japan Co. Ltd. | 7,000 | 45 |
| Nihon Trim Co. Ltd. | 800 | 44 |
| Rhythm Watch Co. Ltd. | 2,500 | 44 |
| Okura Industrial Co. Ltd. | 2,400 | 44 |
| Sanyo Shokai Ltd. | 2,600 | 44 |
| * Senshukai Co. Ltd. | 17,000 | 44 |
| Yorozu Corp. | 3,100 | 44 |
| Future Corp. | 3,200 | 44 |
| Toyo Securities Co. Ltd. | 22,000 | 44 |
| Sekisui Plastics Co. Ltd. | 5,500 | 43 |
| AOI Electronics Co. Ltd. | 1,300 | 42 |
| Cybozu Inc. | 6,600 | 42 |
| Yomiuri Land Co. Ltd. | 1,100 | 42 |
| Toa Oil Co. Ltd. | 1,800 | 42 |
| Fujikura Kasei Co. Ltd. | 7,400 | 41 |
| Seika Corp. | 2,600 | 41 |
| Tatsuta Electric Wire and Cable Co. Ltd. | 9,200 | 41 |
| * KNT-CT Holdings Co. Ltd. | 3,700 | 41 |
| Taiho Kogyo Co. Ltd. | 4,500 | 41 |
| Misawa Homes Co. Ltd. | 5,400 | 41 |
| Nihon Chouzai Co. Ltd. | 1,300 | 40 |
| Gun-Ei Chemical Industry Co. Ltd. | 1,500 | 40 |
| Hokkan Holdings Ltd. | 2,400 | 40 |
| * Sanden Holdings Corp. | 3,600 | 39 |
| Halows Co. Ltd. | 1,800 | 39 |
| Artnature Inc. | 6,500 | 38 |
| Atsugi Co. Ltd. | 4,200 | 38 |
| Maezawa Kasei Industries Co. Ltd. | 3,800 | 38 |
| Honeys Holdings Co. Ltd. | 4,760 | 38 |
59
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aiphone Co. Ltd. | 2,900 | 38 |
| * | Vision Inc. | 1,100 | 38 |
| | Mitsubishi Paper Mills Ltd. | 7,300 | 38 |
| | Nihon Yamamura Glass Co. Ltd. | 2,500 | 37 |
| | Kitano Construction Corp. | 1,100 | 37 |
| | Pronexus Inc. | 3,800 | 37 |
| | Tosho Printing Co. Ltd. | 4,500 | 36 |
| | Kurimoto Ltd. | 2,400 | 36 |
| *,^ | Toyo Engineering Corp. | 4,400 | 35 |
| | Japan Cash Machine Co. Ltd. | 3,600 | 35 |
| | Showa Aircraft Industry Co. Ltd. | 3,000 | 35 |
| | Tokyo Rakutenchi Co. Ltd. | 800 | 35 |
| | Mito Securities Co. Ltd. | 12,000 | 35 |
| | PC Depot Corp. | 6,720 | 34 |
| | MTI Ltd. | 7,000 | 34 |
| | Daikokutenbussan Co. Ltd. | 900 | 34 |
| ^ | Tateru Inc. | 8,000 | 34 |
| | Aichi Corp. | 5,600 | 33 |
| | Tsukuba Bank Ltd. | 14,600 | 33 |
| | Sumitomo Precision Products Co. Ltd. | 1,000 | 32 |
| | SWCC Showa Holdings Co. Ltd. | 5,200 | 32 |
| | Zuiko Corp. | 1,200 | 32 |
| * | Nippon Sharyo Ltd. | 1,200 | 32 |
| | Shimojima Co. Ltd. | 3,500 | 31 |
| | Chori Co. Ltd. | 1,900 | 31 |
| | Daikoku Denki Co. Ltd. | 2,200 | 31 |
| | Jamco Corp. | 1,100 | 31 |
| | Gecoss Corp. | 3,200 | 31 |
| | Inaba Seisakusho Co. Ltd. | 2,500 | 30 |
| | WDB Holdings Co. Ltd. | 1,040 | 29 |
| | Airport Facilities Co. Ltd. | 5,400 | 29 |
| | Shimizu Bank Ltd. | 1,600 | 27 |
| | NEC Capital Solutions Ltd. | 1,600 | 25 |
| | SMK Corp. | 1,200 | 25 |
| | Nippon Chemiphar Co. Ltd. | 652 | 24 |
| | CTS Co. Ltd. | 3,979 | 21 |
| * | Kinki Sharyo Co. Ltd. | 1,000 | 20 |
| | Towa Corp. | 2,751 | 20 |
| | Mitsubishi Kakoki Kaisha Ltd. | 1,130 | 17 |
| * | Laox Co. Ltd. | 3,900 | 12 |
| *,^ | Funai Electric Co. Ltd. | 2,000 | 10 |
| * | SAMTY Co. Ltd. Rights Exp. 11/19/2018 | 5,700 | 6 |
| | Mitani Sekisan Co. Ltd. | 100 | 2 |
| | | | 1,244,978 |
| Kuwait (0.0%) | | |
| * | National Bank of Kuwait SAKP | 466,298 | 1,261 |
| * | Kuwait Finance House KSCP | 478,541 | 925 |
| * | Mobile Telecommunications Co. KSC | 334,482 | 490 |
| | Agility Public Warehousing Co. KSC | 129,791 | 354 |
| * | Boubyan Petrochemicals Co. KSCP | 59,704 | 200 |
| * | Boubyan Bank KSCP | 108,108 | 187 |
| * | Humansoft Holding Co. KSC | 15,145 | 152 |
| * | National Industries Group Holding SAK | 145,443 | 74 |
| * | Warba Bank KSCP | 76,444 | 57 |
| * | Kuwait International Bank KSCP | 72,232 | 57 |
| * | Alimtiaz Investment Group KSC | 108,330 | 45 |
| * | Mezzan Holding Co. KSCC | 17,776 | 37 |
| | | | 3,839 |
| Luxembourg (0.0%) | | |
| | Tenaris SA ADR | 35,578 | 1,040 |
| |
| Malaysia (0.3%) | | |
| | Public Bank Bhd. (Local) | 1,026,989 | 6,041 |
| | Tenaga Nasional Bhd. | 1,363,626 | 4,793 |
60
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Malayan Banking Bhd. | 1,742,981 | 3,956 |
| CIMB Group Holdings Bhd. | 2,081,352 | 2,848 |
| Petronas Chemicals Group Bhd. | 866,489 | 1,937 |
| Sime Darby Plantation Bhd. | 1,141,775 | 1,437 |
| Genting Bhd. | 699,200 | 1,227 |
| Dialog Group Bhd. | 1,480,348 | 1,199 |
| DiGi.Com Bhd. | 1,144,400 | 1,179 |
| Axiata Group Bhd. | 1,382,351 | 1,127 |
| IOI Corp. Bhd. | 1,021,440 | 1,099 |
| Petronas Gas Bhd. | 241,100 | 1,055 |
| Maxis Bhd. | 843,200 | 1,054 |
| IHH Healthcare Bhd. | 855,520 | 1,023 |
| Genting Malaysia Bhd. | 883,500 | 949 |
| Hong Leong Bank Bhd. | 181,700 | 900 |
| Kuala Lumpur Kepong Bhd. | 144,500 | 860 |
| PPB Group Bhd. | 194,640 | 780 |
| Top Glove Corp. Bhd. | 477,400 | 679 |
| Hartalega Holdings Bhd. | 452,200 | 677 |
| Nestle Malaysia Bhd. | 18,800 | 646 |
| Sime Darby Bhd. | 1,180,575 | 621 |
| Press Metal Aluminium Holdings Bhd. | 531,980 | 616 |
| MISC Bhd. | 406,856 | 592 |
| Malaysia Airports Holdings Bhd. | 297,600 | 592 |
| AMMB Holdings Bhd. | 595,700 | 541 |
| Petronas Dagangan Bhd. | 81,100 | 505 |
| HAP Seng Consolidated Bhd. | 179,100 | 421 |
| Gamuda Bhd. | 705,700 | 404 |
| RHB Bank Bhd. | 313,450 | 392 |
| QL Resources Bhd. | 223,660 | 377 |
| IJM Corp. Bhd. | 958,120 | 374 |
| YTL Corp. Bhd. | 1,442,335 | 366 |
| AirAsia Group Bhd. | 547,700 | 344 |
| Fraser & Neave Holdings Bhd. | 40,700 | 328 |
| Alliance Bank Malaysia Bhd. | 342,800 | 325 |
| Inari Amertron Bhd. | 660,775 | 310 |
| Hong Leong Financial Group Bhd. | 69,342 | 305 |
| British American Tobacco Malaysia Bhd. | 38,900 | 289 |
| Sime Darby Property Bhd. | 1,147,475 | 268 |
| Bursa Malaysia Bhd. | 148,950 | 261 |
| My EG Services Bhd. | 742,250 | 213 |
| Westports Holdings Bhd. | 254,500 | 208 |
| IGB REIT | 514,400 | 207 |
| Padini Holdings Bhd. | 151,000 | 203 |
| Genting Plantations Bhd. | 87,700 | 203 |
| VS Industry Bhd. | 522,000 | 200 |
| Sunway REIT | 466,000 | 188 |
| KLCCP Stapled Group Bhd. | 102,000 | 187 |
| 2 Astro Malaysia Holdings Bhd. | 557,587 | 180 |
| YTL Power International Bhd. | 783,786 | 178 |
| IOI Properties Group Bhd. | 560,800 | 176 |
| Telekom Malaysia Bhd. | 303,200 | 173 |
| 2 Lotte Chemical Titan Holding Bhd. | 159,300 | 164 |
| TIME dotCom Bhd. | 86,600 | 162 |
| Kossan Rubber Industries Bhd. | 163,200 | 161 |
| Serba Dinamik Holdings Bhd. | 162,700 | 157 |
| Malaysia Building Society Bhd. | 667,700 | 150 |
| DRB-Hicom Bhd. | 333,800 | 150 |
| SP Setia Bhd Group | 295,400 | 148 |
| Bermaz Auto Bhd. | 320,120 | 145 |
| FGV Holdings Bhd. | 430,800 | 144 |
| Berjaya Sports Toto Bhd. | 272,531 | 137 |
| Sunway Bhd. | 417,230 | 137 |
| Yinson Holdings Bhd. | 121,600 | 129 |
| UEM Sunrise Bhd. | 780,000 | 128 |
61
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Bumi Armada Bhd. | 1,238,050 | 120 |
| | Malaysian Resources Corp. Bhd. | 667,900 | 117 |
| * | Sapura Energy Bhd. | 1,440,695 | 117 |
| | Malakoff Corp. Bhd. | 557,800 | 115 |
| | Scientex Bhd. | 50,900 | 104 |
| | Unisem M Bhd. | 143,400 | 99 |
| | Supermax Corp. Bhd. | 127,500 | 97 |
| * | Velesto Energy Bhd. | 1,473,763 | 91 |
| | Cahya Mata Sarawak Bhd. | 115,100 | 80 |
| | Pavilion REIT | 203,500 | 77 |
| | Muhibbah Engineering M Bhd. | 115,500 | 77 |
| | Sunway Construction Group Bhd. | 217,094 | 75 |
| * | Berjaya Corp. Bhd. | 1,104,263 | 74 |
| * | Eastern & Oriental Bhd. | 226,240 | 64 |
| * | Lafarge Malaysia Bhd. | 123,400 | 63 |
| | Pos Malaysia Bhd. | 77,300 | 55 |
| | KPJ Healthcare Bhd. | 210,800 | 52 |
| | WCT Holdings Bhd. | 266,022 | 52 |
| | Syarikat Takaful Malaysia Keluarga Bhd. | 50,800 | 47 |
| * | Eco World Development Group Bhd. | 194,600 | 47 |
| * | AirAsia X Bhd. | 759,600 | 42 |
| | MMC Corp. Bhd. | 144,100 | 37 |
| * | KNM Group Bhd. | 1,137,200 | 37 |
| | Datasonic Group Bhd. | 398,200 | 34 |
| * | UMW Oil & Gas Corp. Warrants Exp. 09/30/2024 | 467,368 | 11 |
| * | Malaysian Resources Corp. Bhd. Warrants Exp. 12/31/2027 | 95,161 | 5 |
| | Malaysia Marine and Heavy Engineering Holdings Bhd. | 35,600 | 5 |
| * | Mulpha International Bhd. | 10,680 | 5 |
| * | Sunway Bhd. Warrants Exp. 12/31/2024 | 53,643 | 4 |
| * | Datasonic Group Bhd. Warrants Exp. 07/05/2023 | 199,100 | 4 |
| * | BIMB Holdings Bhd. Warrants Exp. 12/04/2023 | 63,800 | 3 |
| * | WCT Holdings Bhd. Warrants Exp. 08/24/2020 | 52,360 | 1 |
| * | OSK Holdings Bhd. Warrants Exp. 07/22/2020 | 52,275 | 1 |
| * | KPJ Healthcare Warrants Exp. 01/23/2019 | 48,000 | — |
| * | KNM Group Bhd. Warrants Exp. 04/21/2020 | 40,650 | — |
| § | RHB Bank Bhd. | 116,200 | — |
| * | CB Industrial Product Holding Bhd Warrants Exp. 10/31/2019 | 15,733 | — |
| * | Mah Sing Group Warrants Exp. 01/15/2026 | 15,015 | — |
| * | Eastern & Oriental Bhd Warrants Exp. 07/21/2019 | 16,400 | — |
| | | | 49,737 |
| Malta (0.0%) | | |
| *,§ | BGP Holdings PLC | 197,753 | — |
| |
| Mexico (0.3%) | | |
| | America Movil SAB de CV | 8,683,209 | 6,288 |
| | Fomento Economico Mexicano SAB de CV | 679,428 | 5,776 |
| | Grupo Financiero Banorte SAB de CV | 888,159 | 4,886 |
| | Wal-Mart de Mexico SAB de CV | 1,583,459 | 4,044 |
| | Grupo Mexico SAB de CV Class B | 1,130,762 | 2,609 |
| * | Cemex SAB de CV | 4,782,846 | 2,387 |
| | Grupo Televisa SAB | 774,000 | 2,231 |
| | Grupo Bimbo SAB de CV Class A | 723,700 | 1,356 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 65,451 | 1,088 |
| | Alfa SAB de CV Class A | 959,000 | 1,011 |
| | Fibra Uno Administracion SA de CV | 934,973 | 1,005 |
| | Coca-Cola Femsa SAB de CV | 162,600 | 927 |
| | Grupo Financiero Inbursa SAB de CV | 709,700 | 920 |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 109,750 | 908 |
| | Mexichem SAB de CV | 321,194 | 848 |
| | Grupo Elektra SAB DE CV | 18,779 | 795 |
| | Gruma SAB de CV Class B | 65,590 | 684 |
| | Infraestructura Energetica Nova SAB de CV | 167,509 | 657 |
| | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B | 508,250 | 634 |
| | Arca Continental SAB de CV | 123,000 | 618 |
62
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Grupo Aeroportuario del Centro Norte SAB de CV Class B | 108,700 | 569 |
| | Industrias Penoles SAB de CV | 34,783 | 490 |
| | Promotora y Operadora de Infraestructura SAB de CV | 53,317 | 485 |
| | Alsea SAB de CV | 181,000 | 463 |
| | Grupo Carso SAB de CV | 151,230 | 445 |
| 2 | Banco del Bajio SA | 218,400 | 429 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 263,400 | 380 |
| | PLA Administradora Industrial S de RL de CV | 310,686 | 378 |
| | Megacable Holdings SAB de CV | 80,862 | 358 |
| | Elis SA | 17,164 | 346 |
| | El Puerto de Liverpool SAB de CV | 54,100 | 343 |
| * | Regional SAB de CV | 68,100 | 332 |
| * | Telesites SAB de CV | 417,065 | 257 |
| | Gentera SAB de CV | 287,100 | 233 |
| | Macquarie Mexico Real Estate Management SA de CV | 231,400 | 225 |
| | Corp Inmobiliaria Vesta SAB de CV | 184,001 | 225 |
| | Becle SAB de CV | 173,900 | 214 |
| | Grupo Comercial Chedraui SA de CV | 119,700 | 212 |
| | Bolsa Mexicana de Valores SAB de CV | 131,100 | 198 |
| | Grupo Herdez SAB de CV | 103,100 | 191 |
| 2 | GMexico Transportes SAB de CV | 136,000 | 186 |
| | Credito Real SAB de CV SOFOM ER | 154,300 | 176 |
| * | Hoteles City Express SAB de CV | 146,700 | 162 |
| | Prologis Property Mexico SA de CV | 90,270 | 159 |
| | Industrias Bachoco SAB de CV Class B | 43,000 | 158 |
| * | Genomma Lab Internacional SAB de CV Class B | 233,863 | 150 |
| 2 | Concentradora Fibra Hotelera Mexicana SA de CV | 312,916 | 150 |
| * | La Comer SAB de CV | 143,580 | 150 |
| | Qualitas Controladora SAB de CV | 68,064 | 137 |
| * | Industrias CH SAB de CV Class B | 37,458 | 134 |
| * | Grupo Aeromexico SAB de CV | 121,031 | 133 |
| * | Alpek SAB de CV | 100,700 | 133 |
| | Grupo Lala SAB de CV | 140,500 | 123 |
| | Promotora y Operadora de Infraestructura SAB de CV | 16,170 | 111 |
| | Consorcio ARA SAB de CV | 372,582 | 99 |
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 157,000 | 96 |
| 2 | Nemak SAB de CV | 119,300 | 87 |
| | OHL Mexico SAB de CV | 63,100 | 87 |
| | Rassini SAB de CV | 22,122 | 75 |
| * | Organizacion Soriana SAB de CV Class B | 57,125 | 75 |
| | Concentradora Fibra Danhos SA de CV | 53,076 | 70 |
| | Grupo Rotoplas SAB de CV | 60,100 | 58 |
| | TV Azteca SAB de CV | 507,500 | 55 |
| | Unifin Financiera SAB de CV SOFOM ENR | 27,100 | 51 |
| * | Grupo GICSA SAB de CV | 122,600 | 48 |
| * | Axtel SAB de CV | 212,700 | 35 |
| *,2 | Elementia SAB de CV | 45,250 | 26 |
| * | Grupo Simec SAB de CV Class B | 5,336 | 14 |
| | | | 49,383 |
| Netherlands (1.0%) | | |
| ^ | Unilever NV | 474,387 | 25,491 |
| | ASML Holding NV | 127,880 | 22,027 |
| | ING Groep NV | 1,221,848 | 14,456 |
| | Koninklijke Philips NV | 292,800 | 10,920 |
| | Koninklijke Ahold Delhaize NV | 374,874 | 8,581 |
| | Akzo Nobel NV | 80,937 | 6,796 |
| | Heineken NV | 74,282 | 6,683 |
| * | Unibail-Rodamco-Westfield | 31,733 | 5,742 |
| | Wolters Kluwer NV | 91,215 | 5,175 |
| | Koninklijke DSM NV | 56,827 | 4,962 |
| | ArcelorMittal | 191,966 | 4,790 |
| | NN Group NV | 107,463 | 4,614 |
| | Aegon NV | 556,586 | 3,413 |
| 2 | ABN AMRO Group NV | 130,167 | 3,193 |
63
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Heineken Holding NV | 33,196 | 2,871 |
| | Koninklijke KPN NV | 1,045,702 | 2,759 |
| * | Unibail-Rodamco-Westfield | 11,198 | 2,033 |
| | ASR Nederland NV | 43,591 | 1,979 |
| | Randstad NV | 33,789 | 1,700 |
| * | Gemalto NV | 26,195 | 1,494 |
| * | Galapagos NV | 13,886 | 1,427 |
| | Aalberts Industries NV | 29,584 | 1,084 |
| | IMCD NV | 15,758 | 1,069 |
| | Koninklijke Vopak NV | 20,580 | 931 |
| | SBM Offshore NV | 51,458 | 887 |
| 2 | Signify NV | 33,707 | 830 |
| * | OCI NV | 29,022 | 825 |
| | Boskalis Westminster | 25,170 | 724 |
| | TKH Group NV | 12,819 | 647 |
| | ASM International NV | 13,283 | 570 |
| | APERAM SA | 15,396 | 526 |
| | Eurocommercial Properties NV | 14,144 | 523 |
| | Corbion NV | 16,656 | 506 |
| * | BE Semiconductor Industries NV | 22,488 | 481 |
| | PostNL NV | 152,497 | 451 |
| * | VEON Ltd. | 154,090 | 445 |
| 2 | GrandVision NV | 16,627 | 419 |
| | Sligro Food Group NV | 9,388 | 416 |
| | AMG Advanced Metallurgical Group NV | 8,622 | 410 |
| 2 | Intertrust NV | 24,050 | 388 |
| *,2 | Takeaway.com NV | 6,516 | 383 |
| ^ | Wereldhave NV | 11,141 | 382 |
| *,^ | ALTICE EUROPE NV | 157,193 | 374 |
| *,^ | Fugro NV | 25,536 | 328 |
| * | TomTom NV | 37,420 | 313 |
| 2 | Flow Traders | 8,772 | 280 |
| | Arcadis NV | 19,149 | 258 |
| *,2 | Basic-Fit NV | 8,891 | 256 |
| | NSI NV | 6,011 | 237 |
| | Koninklijke BAM Groep NV | 66,202 | 227 |
| | Vastned Retail NV | 5,721 | 226 |
| | Accell Group NV | 9,916 | 172 |
| | Wessanen | 15,812 | 166 |
| * | ALTICE EUROPE NV Class B | 68,250 | 163 |
| | ForFarmers NV | 12,056 | 136 |
| *,2 | B&S Group Sarl | 7,543 | 132 |
| | Koninklijke Volkerwessels NV | 6,889 | 122 |
| 2 | NIBC Holding NV | 12,022 | 109 |
| | Brunel International NV | 4,071 | 50 |
| | | | 157,552 |
| New Zealand (0.1%) | | |
| | Fisher & Paykel Healthcare Corp. Ltd. | 213,939 | 1,903 |
| | Spark New Zealand Ltd. | 563,505 | 1,455 |
| * | a2 Milk Co. Ltd. | 204,845 | 1,406 |
| | Auckland International Airport Ltd. | 284,687 | 1,302 |
| * | Fletcher Building Ltd. | 265,283 | 1,051 |
| | Ryman Healthcare Ltd. | 120,436 | 954 |
| | Meridian Energy Ltd. | 369,472 | 758 |
| | Contact Energy Ltd. | 205,926 | 753 |
| | SKYCITY Entertainment Group Ltd. | 210,733 | 528 |
| | Mercury NZ Ltd. | 215,892 | 480 |
| | Z Energy Ltd. | 117,340 | 468 |
| | Chorus Ltd. | 134,610 | 418 |
| | Mainfreight Ltd. | 22,165 | 411 |
| | Trade Me Group Ltd. | 128,371 | 407 |
| | Kiwi Property Group Ltd. | 431,435 | 370 |
| | Summerset Group Holdings Ltd. | 84,273 | 367 |
| | EBOS Group Ltd. | 23,884 | 326 |
64
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Goodman Property Trust | 330,776 | 324 |
| | Infratil Ltd. | 134,679 | 301 |
| | Air New Zealand Ltd. | 150,439 | 275 |
| | Precinct Properties New Zealand Ltd. | 270,059 | 249 |
| | Freightways Ltd. | 48,884 | 236 |
| | Argosy Property Ltd. | 299,714 | 209 |
| § | Heartland Group Holdings Ltd. | 207,520 | 208 |
| | Genesis Energy Ltd. | 126,986 | 194 |
| | Vital Healthcare Property Trust | 137,358 | 186 |
| * | Restaurant Brands New Zealand Ltd. | 32,423 | 182 |
| * | Synlait Milk Ltd. | 30,704 | 175 |
| | Vector Ltd. | 77,157 | 172 |
| | Metlifecare Ltd. | 36,540 | 139 |
| | SKY Network Television Ltd. | 91,193 | 134 |
| | Tourism Holdings Ltd. | 34,950 | 114 |
| | Kathmandu Holdings Ltd. | 57,597 | 101 |
| | New Zealand Refining Co. Ltd. | 49,576 | 76 |
| * | TOWER Ltd. | 26,604 | 13 |
| * | New Zealand Oil & Gas Ltd. | 7,445 | 3 |
| | | | 16,648 |
| Norway (0.3%) | | |
| | Equinor ASA | 310,698 | 8,037 |
| | DNB ASA | 341,919 | 6,177 |
| | Telenor ASA | 212,040 | 3,888 |
| | Marine Harvest ASA | 125,783 | 3,045 |
| | Yara International ASA | 53,628 | 2,303 |
| | Norsk Hydro ASA | 409,742 | 2,125 |
| | Orkla ASA | 242,719 | 2,095 |
| | Storebrand ASA | 143,711 | 1,194 |
| | Aker BP ASA | 33,323 | 1,093 |
| | TGS NOPEC Geophysical Co. ASA | 32,019 | 1,070 |
| | Schibsted ASA Class B | 32,673 | 1,034 |
| | Subsea 7 SA | 80,445 | 1,010 |
| | Tomra Systems ASA | 36,614 | 907 |
| | Salmar ASA | 16,152 | 853 |
| | Golar LNG Ltd. | 30,900 | 828 |
| | Gjensidige Forsikring ASA | 52,606 | 814 |
| | Schibsted ASA Class A | 22,059 | 763 |
| | Leroy Seafood Group ASA | 78,014 | 719 |
| | Bakkafrost P/F | 11,138 | 626 |
| | SpareBank 1 SR-Bank ASA | 52,921 | 588 |
| | Aker ASA | 7,472 | 568 |
| * | Norwegian Finans Holding ASA | 51,170 | 457 |
| * | Borr Drilling Ltd. | 104,818 | 406 |
| 2 | Entra ASA | 29,267 | 396 |
| | Austevoll Seafood ASA | 23,772 | 382 |
| | SpareBank 1 SMN | 37,232 | 379 |
| *,2 | Aker Solutions ASA | 55,541 | 365 |
| | Veidekke ASA | 34,585 | 361 |
| | DNO ASA | 188,320 | 360 |
| * | Petroleum Geo-Services ASA | 111,839 | 348 |
| | Grieg Seafood ASA | 23,697 | 345 |
| | Kongsberg Gruppen ASA | 18,545 | 304 |
| | Atea ASA | 21,815 | 288 |
| | Borregaard ASA | 30,747 | 277 |
| 2 | Sbanken ASA | 25,515 | 254 |
| *,2 | Elkem ASA | 75,776 | 225 |
| * | Nordic Semiconductor ASA | 51,290 | 218 |
| | Ocean Yield ASA | 27,514 | 209 |
| 2 | XXL ASA | 37,987 | 195 |
| 2 | Evry AS | 47,356 | 174 |
| | Hoegh LNG Holdings Ltd. | 28,702 | 134 |
| | Norway Royal Salmon ASA | 4,318 | 127 |
| * | Wallenius Wilhelmsen ASA | 33,878 | 116 |
65
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,2 | BW LPG Ltd. | 23,866 | 113 |
| | Stolt-Nielsen Ltd. | 7,735 | 104 |
| * | Akastor ASA | 50,339 | 98 |
| *,^ | Norwegian Air Shuttle ASA | 3,158 | 80 |
| | Sparebank 1 Oestlandet | 7,478 | 78 |
| * | Otello Corp. ASA | 42,243 | 71 |
| | | | 46,601 |
| Pakistan (0.0%) | | |
| | Hub Power Co. Ltd. | 343,000 | 240 |
| | Habib Bank Ltd. | 213,200 | 234 |
| | Engro Corp. Ltd. | 90,000 | 228 |
| | Pakistan Petroleum Ltd. | 152,260 | 214 |
| | MCB Bank Ltd. | 143,400 | 214 |
| | Oil & Gas Development Co. Ltd. | 177,400 | 213 |
| | Bank Alfalah Ltd. | 506,250 | 200 |
| | Lucky Cement Ltd. | 52,200 | 196 |
| | Pakistan State Oil Co. Ltd. | 78,048 | 165 |
| | Nishat Mills Ltd. | 116,000 | 129 |
| | SUI Northern Gas Pipeline | 174,900 | 121 |
| | Thal Ltd. | 34,800 | 117 |
| | Engro Fertilizers Ltd. | 189,840 | 116 |
| | Pakistan Oilfields Ltd. | 27,360 | 113 |
| * | SUI Southern Gas Co. Ltd. | 561,000 | 109 |
| | United Bank Ltd. | 95,600 | 108 |
| | Fauji Fertilizer Co. Ltd. | 120,900 | 90 |
| | Fauji Cement Co. Ltd. | 448,621 | 89 |
| * | Searle Co. Ltd. | 37,454 | 83 |
| | DG Khan Cement Co. Ltd. | 90,500 | 72 |
| | Millat Tractors Ltd. | 7,060 | 53 |
| | Kot Addu Power Co. Ltd. | 130,000 | 53 |
| * | National Bank of Pakistan | 103,000 | 38 |
| | | | 3,195 |
| Peru (0.0%) | | |
| | Credicorp Ltd. | 13,332 | 3,009 |
| | Credicorp Ltd. | 7,474 | 1,682 |
| | Cia de Minas Buenaventura SAA ADR | 61,113 | 846 |
| | Volcan Cia Minera SAA Class B | 788,240 | 145 |
| | | | 5,682 |
| Philippines (0.1%) | | |
| | SM Investments Corp. | 164,828 | 2,779 |
| | SM Prime Holdings Inc. | 2,767,550 | 1,750 |
| | Ayala Land Inc. | 2,126,500 | 1,578 |
| | BDO Unibank Inc. | 606,754 | 1,390 |
| | Ayala Corp. | 74,405 | 1,281 |
| | PLDT Inc. | 37,445 | 966 |
| | Bank of the Philippine Islands | 564,920 | 869 |
| | Universal Robina Corp. | 278,230 | 677 |
| | Jollibee Foods Corp. | 130,700 | 675 |
| | Manila Electric Co. | 84,185 | 579 |
| | Metropolitan Bank & Trust Co. | 459,934 | 564 |
| | International Container Terminal Services Inc. | 308,880 | 523 |
| | Metro Pacific Investments Corp. | 5,426,300 | 487 |
| | Aboitiz Equity Ventures Inc. | 473,980 | 417 |
| | GT Capital Holdings Inc. | 26,737 | 380 |
| | JG Summit Holdings Inc. | 421,290 | 373 |
| | Security Bank Corp. | 136,640 | 369 |
| | Megaworld Corp. | 4,417,900 | 365 |
| | DMCI Holdings Inc. | 1,475,900 | 354 |
| | Aboitiz Power Corp. | 483,820 | 305 |
| | Globe Telecom Inc. | 7,195 | 281 |
| | Puregold Price Club Inc. | 360,980 | 274 |
| | LT Group Inc. | 785,600 | 213 |
| * | Alliance Global Group Inc. | 999,500 | 213 |
66
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Robinsons Retail Holdings Inc. | 149,000 | 211 |
| | Robinsons Land Corp. | 509,761 | 200 |
| | Manila Water Co. Inc. | 427,700 | 200 |
| | Semirara Mining & Power Corp. Class A | 367,836 | 192 |
| | Pilipinas Shell Petroleum Corp. | 182,260 | 166 |
| | D&L Industries Inc. | 751,700 | 160 |
| | Bloomberry Resorts Corp. | 925,300 | 145 |
| | Cebu Air Inc. | 114,530 | 137 |
| | Vista Land & Lifescapes Inc. | 1,181,800 | 117 |
| | Century Pacific Food Inc. | 394,200 | 99 |
| | Petron Corp. | 586,300 | 89 |
| | Filinvest Land Inc. | 3,219,000 | 84 |
| | First Gen Corp. | 278,700 | 82 |
| * | Melco Resorts And Entertainment Philippines Corp. | 590,500 | 79 |
| | Nickel Asia Corp. | 1,574,100 | 75 |
| * | DoubleDragon Properties Corp. | 73,300 | 26 |
| *,2 | CEMEX Holdings Philippines Inc. | 493,900 | 20 |
| | Lopez Holdings Corp. | 123,600 | 10 |
| | | | 19,754 |
| Poland (0.1%) | | |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 287,743 | 2,988 |
| | Polski Koncern Naftowy ORLEN SA | 96,570 | 2,322 |
| | Powszechny Zaklad Ubezpieczen SA | 174,442 | 1,778 |
| | Bank Polska Kasa Opieki SA | 48,700 | 1,328 |
| * | KGHM Polska Miedz SA | 41,905 | 947 |
| * | Polskie Gornictwo Naftowe i Gazownictwo SA | 537,353 | 877 |
| | Santander Bank Polska SA | 9,524 | 844 |
| * | CD Projekt SA | 19,740 | 813 |
| * | PGE Polska Grupa Energetyczna SA | 220,704 | 604 |
| | LPP SA | 262 | 536 |
| | Grupa Lotos SA | 29,300 | 528 |
| * | Bank Millennium SA | 216,585 | 499 |
| * | Cyfrowy Polsat SA | 82,906 | 477 |
| * | Alior Bank SA | 31,349 | 471 |
| | CCC SA | 8,904 | 387 |
| | mBank SA | 3,747 | 364 |
| | Asseco Poland SA | 26,467 | 333 |
| | KRUK SA | 6,082 | 292 |
| *,2 | Dino Polska SA | 13,235 | 291 |
| * | Jastrzebska Spolka Weglowa SA | 13,779 | 265 |
| * | AmRest Holdings SE | 24,770 | 256 |
| * | Orange Polska SA | 198,792 | 225 |
| | Bank Handlowy w Warszawie SA | 11,626 | 212 |
| | Kernel Holding SA | 15,618 | 200 |
| * | Energa SA | 71,262 | 145 |
| * | Tauron Polska Energia SA | 300,511 | 139 |
| | Eurocash SA | 25,626 | 136 |
| 2 | PLAY Communications SA | 28,229 | 121 |
| * | Enea SA | 55,620 | 116 |
| | Warsaw Stock Exchange | 9,251 | 93 |
| | Grupa Azoty SA | 13,602 | 92 |
| | Budimex SA | 2,399 | 77 |
| * | PKP Cargo SA | 7,179 | 75 |
| * | Boryszew SA | 50,430 | 63 |
| * | Lubelski Wegiel Bogdanka SA | 4,449 | 62 |
| | Ciech SA | 5,603 | 62 |
| | Neuca SA | 460 | 28 |
| | | | 19,046 |
| Portugal (0.1%) | | |
| | Galp Energia SGPS SA | 167,736 | 2,917 |
| | EDP - Energias de Portugal SA | 696,374 | 2,446 |
| | Jeronimo Martins SGPS SA | 79,069 | 971 |
| * | Banco Comercial Portugues SA | 2,568,762 | 691 |
| | EDP Renovaveis SA | 41,645 | 374 |
67
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Navigator Co. SA | 69,036 | 344 |
| NOS SGPS SA | 57,895 | 325 |
| REN - Redes Energeticas Nacionais SGPS SA | 120,600 | 321 |
| Sonae SGPS SA | 292,736 | 292 |
| Altri SGPS SA | 31,778 | 278 |
| ^ CTT-Correios de Portugal SA | 47,438 | 182 |
| Semapa-Sociedade de Investimento e Gestao | 7,423 | 142 |
| Corticeira Amorim SGPS SA | 8,976 | 99 |
| * Mota-Engil SGPS SA | 46,843 | 93 |
| * Banco Espirito Santo SA | 428,634 | 1 |
| | | 9,476 |
| Qatar (0.1%) | | |
| Qatar National Bank QPSC | 136,310 | 7,296 |
| Industries Qatar QSC | 63,191 | 2,431 |
| Qatar Islamic Bank SAQ | 36,597 | 1,538 |
| Masraf Al Rayan QSC | 116,255 | 1,213 |
| Qatar Electricity & Water Co. QSC | 15,933 | 822 |
| Commercial Bank PQSC | 61,073 | 694 |
| Barwa Real Estate Co. | 59,410 | 610 |
| Ooredoo QPSC | 25,734 | 488 |
| Qatar Gas Transport Co. Ltd. | 72,777 | 348 |
| Qatar Navigation QSC | 17,086 | 333 |
| * Vodafone Qatar QSC | 115,612 | 261 |
| Doha Bank QPSC | 40,734 | 246 |
| United Development Co. QSC | 60,456 | 232 |
| Qatar International Islamic Bank QSC | 10,164 | 173 |
| * Gulf International Services QSC | 28,274 | 139 |
| Al Meera Consumer Goods Co. QSC | 3,167 | 127 |
| * Salam International Investment Ltd. QSC | 82,639 | 108 |
| * Ezdan Holding Group QSC | 32,804 | 99 |
| Gulf Warehousing Co. | 7,703 | 86 |
| Medicare Group | 3,191 | 56 |
| | | 17,300 |
| Russia (0.4%) | | |
| Lukoil PJSC ADR | 147,472 | 10,995 |
| Sberbank of Russia PJSC ADR | 609,527 | 7,172 |
| Gazprom PJSC ADR | 1,244,177 | 5,883 |
| Novatek PJSC | 333,966 | 5,319 |
| Tatneft PJSC ADR | 71,341 | 5,007 |
| Rosneft Oil Co. PJSC GDR | 356,292 | 2,496 |
| MMC Norilsk Nickel PJSC ADR | 147,294 | 2,439 |
| Sberbank of Russia PJSC | 783,021 | 2,251 |
| Surgutneftegas PJSC ADR | 554,171 | 2,202 |
| Gazprom PJSC | 752,621 | 1,773 |
| AK Transneft OAO Preference Shares | 480 | 1,246 |
| Mobile TeleSystems PJSC | 312,742 | 1,227 |
| Alrosa PJSC | 769,900 | 1,168 |
| Magnit PJSC GDR | 83,658 | 1,114 |
| Severstal PJSC | 62,897 | 983 |
| Novolipetsk Steel PJSC | 273,909 | 667 |
| Inter RAO UES PJSC | 11,007,172 | 666 |
| Tatneft PAO Preference Shares | 70,462 | 561 |
| Moscow Exchange MICEX-RTS PJSC | 406,415 | 542 |
| VTB Bank PJSC GDR | 428,076 | 539 |
| PhosAgro PJSC GDR | 33,457 | 437 |
| VTB Bank PJSC | 765,146,460 | 425 |
| Tatneft PJSC | 35,340 | 418 |
| Polyus PJSC GDR | 13,003 | 401 |
| Magnitogorsk Iron & Steel Works PJSC | 482,831 | 351 |
| RusHydro PJSC | 41,855,242 | 349 |
| Rostelecom PJSC | 239,573 | 255 |
| * Uralkali PJSC | 149,295 | 191 |
| * Mechel PJSC | 136,673 | 191 |
| Safmar Financial Investment | 20,370 | 187 |
68
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Federal Grid Co. Unified Energy System PJSC | 78,720,000 | 183 |
| Aeroflot PJSC | 116,381 | 172 |
| * M.Video PJSC | 25,520 | 154 |
| TMK PJSC | 150,430 | 140 |
| Unipro PJSC | 2,787,900 | 115 |
| Bashneft PJSC | 3,712 | 109 |
| Mosenergo PJSC | 3,281,038 | 96 |
| * RussNeft PJSC | 11,177 | 95 |
| ENEL RUSSIA PJSC | 5,327,000 | 85 |
| 2 Detsky Mir PJSC | 58,720 | 80 |
| ROSSETI PJSC | 7,635,193 | 78 |
| * Raspadskaya OJSC | 41,689 | 76 |
| Sistema PJSFC GDR | 24,816 | 57 |
| TGC-1 PJSC | 340,600,000 | 44 |
| Surgutneftegas PJSC ADR | 8,300 | 33 |
| OGK-2 PJSC | 5,963,000 | 31 |
| TMK PJSC GDR | 6,181 | 23 |
| Rosneft Oil Co. PJSC | 3,288 | 23 |
| Novatek PJSC GDR | 95 | 16 |
| Sistema PJSFC | 106,900 | 13 |
| LSR Group PJSC GDR | 1,650 | 3 |
| | | 59,081 |
| Singapore (0.4%) | | |
| DBS Group Holdings Ltd. | 564,637 | 9,580 |
| Oversea-Chinese Banking Corp. Ltd. | 1,042,538 | 8,099 |
| United Overseas Bank Ltd. | 410,200 | 7,253 |
| Singapore Telecommunications Ltd. | 2,399,100 | 5,480 |
| Keppel Corp. Ltd. | 440,013 | 1,971 |
| CapitaLand Ltd. | 769,400 | 1,748 |
| Wilmar International Ltd. | 608,673 | 1,390 |
| Ascendas REIT | 748,860 | 1,364 |
| Singapore Exchange Ltd. | 252,110 | 1,247 |
| Singapore Technologies Engineering Ltd. | 468,600 | 1,202 |
| Genting Singapore Ltd. | 1,773,100 | 1,128 |
| Singapore Airlines Ltd. | 160,320 | 1,099 |
| CapitaLand Mall Trust | 703,700 | 1,072 |
| ComfortDelGro Corp. Ltd. | 646,800 | 1,053 |
| Singapore Press Holdings Ltd. | 490,100 | 939 |
| CapitaLand Commercial Trust | 741,853 | 927 |
| Venture Corp. Ltd. | 80,100 | 887 |
| City Developments Ltd. | 144,100 | 824 |
| Suntec REIT | 616,500 | 789 |
| SATS Ltd. | 195,100 | 702 |
| Jardine Cycle & Carriage Ltd. | 31,088 | 681 |
| Mapletree Commercial Trust | 577,898 | 672 |
| UOL Group Ltd. | 150,455 | 655 |
| Mapletree Industrial Trust | 438,300 | 585 |
| Mapletree North Asia Commercial Trust | 659,400 | 539 |
| Sembcorp Industries Ltd. | 250,131 | 511 |
| Keppel REIT | 613,388 | 501 |
| Mapletree Logistics Trust | 563,499 | 492 |
| NetLink NBN Trust | 798,800 | 450 |
| Hutchison Port Holdings Trust | 1,616,500 | 398 |
| CDL Hospitality Trusts | 315,888 | 331 |
| Sembcorp Marine Ltd. | 276,489 | 318 |
| Golden Agri-Resources Ltd. | 1,698,019 | 313 |
| Manulife US REIT | 437,980 | 312 |
| Frasers Logistics & Industrial Trust | 407,000 | 300 |
| Singapore Post Ltd. | 397,500 | 299 |
| Frasers Commercial Trust | 291,818 | 289 |
| Raffles Medical Group Ltd. | 343,000 | 260 |
| ESR-REIT | 723,463 | 254 |
| United Engineers Ltd. | 133,000 | 253 |
| Cache Logistics Trust | 488,165 | 242 |
69
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Frasers Centrepoint Trust | 150,500 | 235 |
| | Bukit Sembawang Estates Ltd. | 57,700 | 223 |
| | Keppel DC REIT | 229,475 | 221 |
| | StarHub Ltd. | 159,200 | 216 |
| | CapitaLand Retail China Trust | 215,400 | 213 |
| | Ascott Residence Trust | 277,209 | 211 |
| | SIA Engineering Co. Ltd. | 98,500 | 201 |
| | Parkway Life REIT | 106,686 | 200 |
| | Starhill Global REIT | 413,000 | 200 |
| | Ascendas India Trust | 249,700 | 194 |
| | Keppel Infrastructure Trust | 550,300 | 183 |
| | OUE Hospitality Trust | 355,500 | 174 |
| | AIMS AMP Capital Industrial REIT | 167,700 | 162 |
| | First REIT | 174,600 | 151 |
| | Ascendas Hospitality Trust | 262,500 | 150 |
| | First Resources Ltd. | 128,000 | 146 |
| | Wing Tai Holdings Ltd. | 102,400 | 143 |
| | Soilbuild Business Space REIT | 327,740 | 135 |
| | SPH REIT | 175,700 | 125 |
| | M1 Ltd. | 79,200 | 121 |
| | Far East Hospitality Trust | 279,700 | 120 |
| | Lippo Malls Indonesia Retail Trust | 689,400 | 119 |
| | GuocoLand Ltd. | 97,300 | 117 |
| | Frasers Property Ltd. | 94,000 | 107 |
| | Frasers Hospitality Trust | 204,000 | 104 |
| | Asian Pay Television Trust | 397,600 | 91 |
| | Sabana Shari'ah Compliant Industrial REIT | 293,300 | 85 |
| | RHT Health Trust | 147,100 | 79 |
| | Sheng Siong Group Ltd. | 87,100 | 68 |
| | Bumitama Agri Ltd. | 133,200 | 62 |
| | OUE Ltd. | 57,600 | 58 |
| | Yoma Strategic Holdings Ltd. | 310,430 | 57 |
| | Accordia Golf Trust | 158,100 | 57 |
| | Silverlake Axis Ltd. | 177,499 | 55 |
| | Boustead Singapore Ltd. | 58,100 | 33 |
| * | Noble Group Ltd. | 192,460 | 11 |
| *,^,§ | Hyflux Ltd. | 54,000 | 8 |
| *,^,§ | Ezra Holdings Ltd. | 344,056 | 3 |
| * | Ezion Holdings Ltd. Warrants Exp. 04/15/2020 | 102,200 | — |
| *,^ | Ezion Holdings Ltd. Warrants Exp. 04/16/2023 | 267,303 | — |
| | | | 62,247 |
| South Africa (0.6%) | | |
| | Naspers Ltd. | 134,071 | 23,516 |
| | Sasol Ltd. | 169,382 | 5,535 |
| | Standard Bank Group Ltd. | 410,547 | 4,549 |
| | FirstRand Ltd. | 1,013,012 | 4,425 |
| | MTN Group Ltd. | 613,282 | 3,561 |
| | Sanlam Ltd. | 539,621 | 2,717 |
| | Old Mutual Ltd. | 1,518,957 | 2,290 |
| | Absa Group Ltd. | 223,303 | 2,256 |
| | Remgro Ltd. | 157,542 | 2,031 |
| | Nedbank Group Ltd. | 113,604 | 1,921 |
| | Bid Corp. Ltd. | 101,603 | 1,902 |
| | Shoprite Holdings Ltd. | 144,930 | 1,769 |
| | Vodacom Group Ltd. | 185,195 | 1,562 |
| | Growthpoint Properties Ltd. | 886,220 | 1,361 |
| | Bidvest Group Ltd. | 108,550 | 1,355 |
| | AngloGold Ashanti Ltd. | 126,804 | 1,234 |
| | Aspen Pharmacare Holdings Ltd. | 114,319 | 1,209 |
| | Capitec Bank Holdings Ltd. | 17,503 | 1,176 |
| | Mr Price Group Ltd. | 74,469 | 1,166 |
| | Discovery Ltd. | 104,866 | 1,125 |
| | RMB Holdings Ltd. | 203,962 | 1,030 |
| | Redefine Properties Ltd. | 1,556,329 | 1,012 |
70
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Woolworths Holdings Ltd. | 292,769 | 1,011 |
| | NEPI Rockcastle plc | 114,341 | 988 |
| | Sappi Ltd. | 174,277 | 979 |
| | Clicks Group Ltd. | 74,953 | 955 |
| | Tiger Brands Ltd. | 49,407 | 885 |
| | Mondi Ltd. | 36,869 | 882 |
| | Exxaro Resources Ltd. | 84,424 | 864 |
| | PSG Group Ltd. | 50,675 | 756 |
| | SPAR Group Ltd. | 62,394 | 744 |
| | Foschini Group Ltd. | 67,215 | 736 |
| | Truworths International Ltd. | 133,810 | 733 |
| | Netcare Ltd. | 429,935 | 722 |
| | AVI Ltd. | 106,272 | 721 |
| | Gold Fields Ltd. | 266,498 | 705 |
| | Life Healthcare Group Holdings Ltd. | 424,195 | 704 |
| | Anglo American Platinum Ltd. | 19,329 | 629 |
| | Imperial Holdings Ltd. | 53,356 | 592 |
| | Investec Ltd. | 93,338 | 579 |
| | Rand Merchant Investment Holdings Ltd. | 220,560 | 513 |
| | Pick n Pay Stores Ltd. | 108,002 | 499 |
| | Barloworld Ltd. | 61,066 | 498 |
| | Hyprop Investments Ltd. | 72,741 | 445 |
| * | Impala Platinum Holdings Ltd. | 231,511 | 425 |
| * | Sibanye Gold Ltd. | 555,162 | 386 |
| * | MMI Holdings Ltd. | 316,049 | 383 |
| | JSE Ltd. | 33,136 | 368 |
| | Resilient REIT Ltd. | 88,581 | 359 |
| | Telkom SA SOC Ltd. | 95,430 | 347 |
| | Reunert Ltd. | 59,789 | 323 |
| | KAP Industrial Holdings Ltd. | 589,626 | 311 |
| * | Super Group Ltd. | 112,906 | 306 |
| | Fortress REIT Ltd. Class A | 259,487 | 298 |
| | Kumba Iron Ore Ltd. | 14,986 | 294 |
| | AECI Ltd. | 45,345 | 292 |
| | Vukile Property Fund Ltd. | 202,750 | 279 |
| * | Brait SE | 105,983 | 265 |
| *,2 | Pepkor Holdings Ltd. | 203,140 | 252 |
| | Pioneer Foods Group Ltd. | 45,592 | 251 |
| * | Sun International Ltd. | 61,842 | 247 |
| * | Northam Platinum Ltd. | 93,536 | 247 |
| | Fortress REIT Ltd. Class B | 251,648 | 246 |
| | Coronation Fund Managers Ltd. | 72,411 | 241 |
| | MAS Real Estate Inc. | 167,179 | 239 |
| | African Rainbow Minerals Ltd. | 27,614 | 234 |
| | Santam Ltd. | 11,134 | 233 |
| | SA Corporate Real Estate Ltd. | 862,059 | 231 |
| * | Harmony Gold Mining Co. Ltd. | 122,785 | 229 |
| | Liberty Holdings Ltd. | 30,382 | 223 |
| | Massmart Holdings Ltd. | 31,321 | 203 |
| | Assore Ltd. | 9,574 | 201 |
| 2 | Dis-Chem Pharmacies Ltd. | 102,291 | 200 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 18,265 | 189 |
| | Attacq Ltd. | 191,840 | 189 |
| * | PPC Ltd. | 464,396 | 187 |
| | Emira Property Fund Ltd. | 177,762 | 179 |
| | Hudaco Industries Ltd. | 17,691 | 168 |
| | Tsogo Sun Holdings Ltd. | 121,136 | 166 |
| | Cashbuild Ltd. | 8,908 | 163 |
| | Astral Foods Ltd. | 12,058 | 162 |
| * | Nampak Ltd. | 154,905 | 156 |
| | Equites Property Fund Ltd. | 112,157 | 152 |
| | Advtech Ltd. | 155,798 | 151 |
| * | Famous Brands Ltd. | 20,883 | 149 |
| | Murray & Roberts Holdings Ltd. | 126,635 | 146 |
71
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | EPP NV | 101,603 | 143 |
| | Omnia Holdings Ltd. | 16,576 | 131 |
| * | Steinhoff International Holdings NV | 950,152 | 116 |
| | Tongaat Hulett Ltd. | 28,436 | 110 |
| | DataTec Ltd. | 67,690 | 107 |
| * | Curro Holdings Ltd. | 60,826 | 99 |
| | EOH Holdings Ltd. | 43,545 | 97 |
| | Hosken Consolidated Investments Ltd. | 10,953 | 94 |
| | Arrowhead Properties Ltd. | 254,555 | 93 |
| * | Long4Life Ltd. | 272,592 | 83 |
| | City Lodge Hotels Ltd. | 9,147 | 81 |
| * | Allied Electronics Corp. Ltd. | 64,930 | 77 |
| | Adcock Ingram Holdings Ltd. | 18,877 | 74 |
| | Zeder Investments Ltd. | 192,785 | 61 |
| | Alexander Forbes Group Holdings Ltd. | 171,753 | 61 |
| * | Blue Label Telecoms Ltd. | 170,986 | 60 |
| | Delta Property Fund Ltd. | 143,041 | 58 |
| | Rebosis Property Fund Ltd. | 132,655 | 56 |
| | Mpact Ltd. | 39,551 | 56 |
| | Peregrine Holdings Ltd. | 35,263 | 49 |
| | Clover Industries Ltd. | 43,847 | 49 |
| | Merafe Resources Ltd. | 433,790 | 46 |
| * | Grindrod Ltd. | 98,088 | 44 |
| | Metair Investments Ltd. | 38,433 | 38 |
| * | Ascendis Health Ltd. | 71,819 | 37 |
| | Lewis Group Ltd. | 17,093 | 36 |
| | DRDGOLD Ltd. | 143,105 | 36 |
| | Raubex Group Ltd. | 24,403 | 31 |
| | Oceana Group Ltd. | 5,057 | 30 |
| * | Stadio Holdings Ltd. | 95,616 | 26 |
| | Alviva Holdings Ltd. | 18,929 | 23 |
| * | Grindrod Shipping Holdings Ltd. | 2,452 | 16 |
| * | Adbee Rf Ltd. | 3,376 | 12 |
| * | ArcelorMittal South Africa Ltd. | 23,596 | 6 |
| * | Steinhoff International Holdings NV | 19,964 | 3 |
| * | Royal Bafokeng Platinum Ltd. | 1,428 | 3 |
| * | Adcock Ingram Holdings Ltd. Warrants Exp. 07/26/2019 | 1,045 | — |
| | | | 97,254 |
| South Korea (1.5%) | | |
| | Samsung Electronics Co. Ltd. GDR | 46,766 | 43,682 |
| | Samsung Electronics Co. Ltd. | 306,042 | 11,457 |
| | SK Hynix Inc. | 166,212 | 10,010 |
| | Samsung Electronics Co. Ltd. Preference Shares | 244,610 | 7,718 |
| | Shinhan Financial Group Co. Ltd. | 125,249 | 4,665 |
| *,^ | Celltrion Inc. | 23,958 | 4,584 |
| | LG Chem Ltd. | 14,758 | 4,510 |
| | NAVER Corp. | 44,735 | 4,505 |
| | Hyundai Motor Co. | 43,938 | 4,115 |
| | Hyundai Mobis Co. Ltd. | 21,144 | 3,532 |
| | SK Innovation Co. Ltd. | 18,742 | 3,517 |
| | Samsung SDI Co. Ltd. | 16,128 | 3,354 |
| | Hana Financial Group Inc. | 97,024 | 3,268 |
| | KT&G Corp. | 33,808 | 3,015 |
| | POSCO | 12,392 | 2,836 |
| | KB Financial Group Inc. | 67,846 | 2,825 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 10,708 | 2,620 |
| | Samsung C&T Corp. | 26,539 | 2,540 |
| | LG Household & Health Care Ltd. | 2,625 | 2,414 |
| | KB Financial Group Inc. ADR | 58,086 | 2,413 |
| | SK Holdings Co. Ltd. | 10,144 | 2,336 |
| | POSCO ADR | 38,134 | 2,197 |
| | Woori Bank | 154,979 | 2,147 |
| | Kia Motors Corp. | 80,656 | 2,016 |
| | NCSoft Corp. | 5,236 | 1,979 |
72
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | LG Electronics Inc. | 34,788 | 1,945 |
| | Korea Electric Power Corp. | 80,114 | 1,914 |
| ^ | Samsung Electro-Mechanics Co. Ltd. | 16,904 | 1,765 |
| | Samsung SDS Co. Ltd. | 9,798 | 1,667 |
| | Samsung Life Insurance Co. Ltd. | 20,080 | 1,625 |
| | LG Corp. | 27,479 | 1,601 |
| *,2 | Samsung Biologics Co. Ltd. | 4,349 | 1,489 |
| * | Hyundai Heavy Industries Co. Ltd. | 12,763 | 1,404 |
| | S-Oil Corp. | 12,517 | 1,366 |
| | Amorepacific Corp. | 10,037 | 1,356 |
| | Kakao Corp. | 15,919 | 1,287 |
| | LG Uplus Corp. | 83,500 | 1,187 |
| | Shinhan Financial Group Co. Ltd. ADR | 30,064 | 1,113 |
| | E-MART Inc. | 6,158 | 1,108 |
| | Industrial Bank of Korea | 84,640 | 1,105 |
| | Coway Co. Ltd. | 17,754 | 1,096 |
| | Lotte Chemical Corp. | 4,497 | 1,039 |
| * | Hyundai Heavy Industries Holdings Co. Ltd. | 3,268 | 1,027 |
| | LG Display Co. Ltd. | 69,969 | 1,021 |
| | Korea Zinc Co. Ltd. | 3,059 | 1,020 |
| *,^ | SillaJen Inc. | 16,100 | 979 |
| | Hyundai Engineering & Construction Co. Ltd. | 22,551 | 911 |
| | Kangwon Land Inc. | 35,752 | 905 |
| *,^ | Celltrion Healthcare Co. Ltd. | 16,106 | 903 |
| | DB Insurance Co. Ltd. | 14,047 | 886 |
| | Hyundai Steel Co. | 23,945 | 879 |
| * | Samsung Heavy Industries Co. Ltd. | 141,005 | 865 |
| | SK Telecom Co. Ltd. | 3,656 | 859 |
| | Hankook Tire Co. Ltd. | 22,102 | 804 |
| * | Samsung Engineering Co. Ltd. | 49,696 | 802 |
| *,^ | HLB Inc. | 10,396 | 799 |
| | SK Telecom Co. Ltd. ADR | 30,122 | 780 |
| ^ | Lotte Corp. | 18,096 | 757 |
| | CJ CheilJedang Corp. | 2,649 | 756 |
| | Hanmi Pharm Co. Ltd. | 2,099 | 720 |
| | Mirae Asset Daewoo Co. Ltd. | 125,629 | 713 |
| * | ViroMed Co. Ltd. | 4,241 | 699 |
| | GS Holdings Corp. | 16,044 | 685 |
| | CJ ENM Co. Ltd. | 3,394 | 675 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 17,994 | 662 |
| | Hyundai Motor Co. Preference Shares | 11,020 | 645 |
| | Korea Investment Holdings Co. Ltd. | 11,951 | 625 |
| | Hotel Shilla Co. Ltd. | 9,587 | 604 |
| | LG Household & Health Care Ltd. Preference Shares | 932 | 599 |
| | Lotte Shopping Co. Ltd. | 3,498 | 597 |
| | GS Engineering & Construction Corp. | 16,005 | 590 |
| | Hyundai Glovis Co. Ltd. | 5,874 | 590 |
| | Fila Korea Ltd. | 15,520 | 575 |
| | Medy-Tox Inc. | 1,388 | 569 |
| | Orion Corp. | 6,684 | 560 |
| | BNK Financial Group Inc. | 81,851 | 547 |
| | AMOREPACIFIC Group | 9,748 | 534 |
| ^,2 | Netmarble Corp. | 5,390 | 532 |
| | Daelim Industrial Co. Ltd. | 7,898 | 529 |
| * | Korea Aerospace Industries Ltd. | 20,294 | 517 |
| | Hanon Systems | 52,224 | 504 |
| | S-1 Corp. | 5,939 | 503 |
| | Hyundai Motor Co. 2nd Preference Shares | 8,048 | 501 |
| | Shinsegae Inc. | 2,143 | 489 |
| | Kumho Petrochemical Co. Ltd. | 6,429 | 488 |
| | LG Innotek Co. Ltd. | 4,244 | 466 |
| | OCI Co. Ltd. | 6,152 | 462 |
| | Samsung Securities Co. Ltd. | 19,087 | 451 |
| ^ | POSCO Chemtech Co. Ltd. | 7,607 | 438 |
73
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Korea Gas Corp. | 9,521 | 437 |
| | KCC Corp. | 1,942 | 422 |
| | Cheil Worldwide Inc. | 20,329 | 406 |
| | DGB Financial Group Inc. | 48,829 | 404 |
| | LG Chem Ltd. Preference Shares | 2,221 | 390 |
| | Hanwha Chemical Corp. | 27,123 | 386 |
| * | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 14,757 | 382 |
| | NH Investment & Securities Co. Ltd. | 34,715 | 373 |
| | CJ Corp. | 3,841 | 369 |
| | Hanwha Corp. | 14,693 | 364 |
| | Hyundai Department Store Co. Ltd. | 4,642 | 355 |
| ^ | Hyundai Elevator Co. Ltd. | 4,996 | 352 |
| *,^ | CJ Logistics Corp. | 2,507 | 350 |
| | Com2uSCorp | 3,077 | 348 |
| | Yuhan Corp. | 2,255 | 332 |
| *,^ | Doosan Infracore Co. Ltd. | 48,176 | 328 |
| * | Hyundai Mipo Dockyard Co. Ltd. | 3,873 | 321 |
| *,^ | Hyundai Rotem Co. Ltd. | 16,361 | 317 |
| | Koh Young Technology Inc. | 3,972 | 315 |
| | Meritz Securities Co. Ltd. | 89,383 | 313 |
| | BGF retail Co. Ltd. | 2,109 | 312 |
| | Korean Air Lines Co. Ltd. | 12,848 | 311 |
| * | Pearl Abyss Corp. | 1,649 | 299 |
| | Hanwha Life Insurance Co. Ltd. | 75,081 | 296 |
| | Youngone Corp. | 9,226 | 290 |
| | Meritz Fire & Marine Insurance Co. Ltd. | 17,906 | 286 |
| | Samsung Card Co. Ltd. | 9,501 | 281 |
| ^ | Mando Corp. | 10,335 | 278 |
| | HDC Holdings Co. Ltd. | 18,704 | 277 |
| | GS Retail Co. Ltd. | 8,613 | 272 |
| * | Genexine Co. Ltd. | 4,020 | 264 |
| | LS Corp. | 5,861 | 261 |
| | LOTTE Himart Co. Ltd. | 5,257 | 260 |
| | Taekwang Industrial Co. Ltd. | 199 | 258 |
| * | Doosan Heavy Industries & Construction Co. Ltd. | 26,433 | 255 |
| | Posco Daewoo Corp. | 16,152 | 254 |
| | Hanmi Science Co. ltd | 4,243 | 249 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 73,520 | 245 |
| | SFA Engineering Corp. | 7,090 | 243 |
| 2 | Orange Life Insurance Ltd. | 8,998 | 243 |
| * | Celltrion Pharm Inc. | 5,156 | 243 |
| | SK Materials Co. Ltd. | 1,471 | 241 |
| * | Kumho Tire Co. Inc. | 54,297 | 240 |
| | Korean Reinsurance Co. | 28,052 | 239 |
| * | Hanall Biopharma Co. Ltd. | 11,383 | 238 |
| * | Hanwha Aerospace Co. Ltd. | 9,335 | 234 |
| | Amorepacific Corp. Preference Shares | 2,853 | 227 |
| | KEPCO Plant Service & Engineering Co. Ltd. | 9,254 | 224 |
| | KIWOOM Securities Co. Ltd. | 3,278 | 219 |
| ^ | Paradise Co. Ltd. | 13,822 | 218 |
| * | Daewoo Engineering & Construction Co. Ltd. | 52,895 | 211 |
| | LS Industrial Systems Co. Ltd. | 4,746 | 206 |
| ^ | Hana Tour Service Inc. | 3,906 | 205 |
| | Seoul Semiconductor Co. Ltd. | 11,359 | 205 |
| | Kolon Industries Inc. | 4,624 | 205 |
| *,^ | JYP Entertainment Corp. | 8,113 | 204 |
| ^ | Cosmax Inc. | 2,006 | 204 |
| | DoubleUGames Co. Ltd. | 3,487 | 201 |
| | LOTTE Fine Chemical Co. Ltd. | 5,575 | 200 |
| * | SM Entertainment Co. Ltd. | 5,163 | 200 |
| | Hyundai Home Shopping Network Corp. | 2,274 | 195 |
| | Kolmar Korea Co. Ltd. | 4,041 | 193 |
| *,^ | Ecopro Co. Ltd. | 5,513 | 192 |
| * | Hugel Inc. | 788 | 190 |
74
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Pan Ocean Co. Ltd. | 44,379 | 187 |
| *,^ | Telcon RF Pharmaceutical Inc. | 20,867 | 187 |
| * | HDC Hyundai Development Co-Engineering & Construction | 4,781 | 185 |
| * | Komipharm International Co. Ltd. | 9,753 | 183 |
| | Doosan Corp. | 1,725 | 182 |
| | Iljin Materials Co. Ltd. | 4,510 | 181 |
| * | CrystalGenomics Inc. | 10,250 | 181 |
| | Douzone Bizon Co. Ltd. | 4,685 | 179 |
| | Ottogi Corp. | 307 | 178 |
| ^ | Daewoong Pharmaceutical Co. Ltd. | 1,404 | 175 |
| | GS Home Shopping Inc. | 1,014 | 173 |
| * | Pharmicell Co. Ltd. | 16,212 | 172 |
| | LG International Corp. | 12,382 | 171 |
| | JB Financial Group Co. Ltd. | 35,084 | 170 |
| | Ssangyong Cement Industrial Co. Ltd. | 39,905 | 169 |
| | Samyang Holdings Corp. | 2,219 | 169 |
| | Hyundai Greenfood Co. Ltd. | 15,539 | 169 |
| | Hyundai Wia Corp. | 6,465 | 168 |
| * | NHN Entertainment Corp. | 4,148 | 167 |
| * | Medipost Co. Ltd. | 2,408 | 167 |
| *,^ | Studio Dragon Corp. | 2,043 | 166 |
| *,^ | HLB Life Science CO Ltd. | 11,375 | 164 |
| *,^ | Cafe24 Corp. | 1,679 | 164 |
| ^ | Esmo Corp. | 27,286 | 164 |
| * | BH Co. Ltd. | 11,537 | 162 |
| | Taeyoung Engineering & Construction Co. Ltd. | 18,812 | 158 |
| | Grand Korea Leisure Co. Ltd. | 8,051 | 158 |
| | Doosan Bobcat Inc. | 5,059 | 157 |
| * | SK Chemicals Co. Ltd. | 2,928 | 156 |
| | Green Cross Corp. | 1,466 | 154 |
| * | Sangsangin Co. Ltd. | 9,884 | 153 |
| * | Enzychem Lifesciences Corp. | 1,879 | 152 |
| *,^ | Naturecell Co. Ltd. | 11,802 | 150 |
| | Green Cross Holdings Corp. | 8,097 | 148 |
| | NongShim Co. Ltd. | 772 | 148 |
| | Chong Kun Dang Pharmaceutical Corp. | 1,934 | 148 |
| ^ | Advanced Process Systems Corp. | 6,612 | 147 |
| | Huchems Fine Chemical Corp. | 7,579 | 145 |
| | Daewoong Co. Ltd. | 11,845 | 145 |
| | Daishin Securities Co. Ltd. | 14,831 | 145 |
| ^ | L&F Co. Ltd. | 4,546 | 143 |
| | WONIK IPS Co. Ltd. | 8,495 | 143 |
| | Daou Technology Inc. | 7,947 | 140 |
| * | Inscobee Inc. | 25,963 | 140 |
| | Soulbrain Co. Ltd. | 2,999 | 139 |
| * | Hyosung TNC Co. Ltd. | 899 | 138 |
| * | Asiana Airlines Inc. | 42,168 | 135 |
| | Dentium Co. Ltd. | 2,128 | 135 |
| | Innocean Worldwide Inc. | 2,612 | 133 |
| | Bukwang Pharmaceutical Co. Ltd. | 6,755 | 133 |
| ^ | Hyosung Corp. | 2,867 | 130 |
| | Hansol Chemical Co. Ltd. | 1,859 | 129 |
| ^ | Hanssem Co. Ltd. | 2,954 | 127 |
| * | Amicogen Inc. | 4,448 | 123 |
| | SKCKOLONPI Inc. | 4,090 | 121 |
| * | Feelux Co. Ltd. | 12,362 | 121 |
| | SKC Co. Ltd. | 4,069 | 119 |
| * | KONA I Co. Ltd. | 9,122 | 119 |
| | Korea Petrochemical Ind Co. Ltd. | 862 | 118 |
| * | Hyundai Construction Equipment Co. Ltd. | 1,790 | 118 |
| | Dongsuh Cos. Inc. | 7,129 | 117 |
| | SK Networks Co. Ltd. | 30,571 | 115 |
| | Orion Holdings Corp. | 8,252 | 114 |
| | Meritz Financial Group Inc. | 12,474 | 114 |
75
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Modetour Network Inc. | 5,428 | 113 |
| | Dong-A ST Co. Ltd. | 1,528 | 113 |
| *,^ | G-treeBNT Co. Ltd. | 5,748 | 112 |
| *,^ | CMG Pharmaceutical Co. Ltd. | 28,197 | 112 |
| *,^ | Samwha Capacitor Co. Ltd. | 2,246 | 111 |
| *,^ | Foosung Co. Ltd. | 14,322 | 111 |
| | Hanwha General Insurance Co. Ltd. | 21,067 | 110 |
| | Hanjin Kal Corp. | 6,454 | 110 |
| | LEENO Industrial Inc. | 2,065 | 109 |
| *,^ | Ananti Inc. | 14,330 | 108 |
| | SK Discovery Co. Ltd. | 4,526 | 108 |
| *,^ | Gamevil Inc. | 2,389 | 108 |
| * | Yuanta Securities Korea Co. Ltd. | 38,496 | 107 |
| | BGF Co. Ltd. | 16,233 | 106 |
| ^ | YG Entertainment Inc. | 3,272 | 106 |
| * | Osstem Implant Co. Ltd. | 2,787 | 105 |
| | NICE Information Service Co. Ltd. | 10,929 | 105 |
| | Daesang Corp. | 5,170 | 103 |
| | CJ Hello Co. Ltd. | 12,615 | 101 |
| | SK Gas Ltd. | 1,565 | 101 |
| | Dongkuk Steel Mill Co. Ltd. | 15,616 | 97 |
| | LF Corp. | 4,969 | 96 |
| * | Binex Co. Ltd. | 11,366 | 95 |
| | Lotte Chilsung Beverage Co. Ltd. | 79 | 95 |
| ^ | CJ CGV Co. Ltd. | 2,668 | 95 |
| | Sebang Global Battery Co. Ltd. | 3,049 | 94 |
| | Lotte Food Co. Ltd. | 162 | 93 |
| * | iNtRON Biotechnology Inc. | 2,985 | 93 |
| | Shinsegae International Inc. | 713 | 93 |
| | Daeduck Electronics Co. | 12,627 | 92 |
| * | F&F Co. Ltd. | 1,973 | 91 |
| | Hite Jinro Co. Ltd. | 6,473 | 90 |
| | Samchully Co. Ltd. | 1,099 | 88 |
| | Dongwon Industries Co. Ltd. | 415 | 88 |
| | AK Holdings Inc. | 2,228 | 87 |
| | Binggrae Co. Ltd. | 1,397 | 87 |
| * | Yungjin Pharmaceutical Co. Ltd. | 17,777 | 86 |
| * | Hyosung Advanced Materials Corp. | 931 | 86 |
| | KEPCO Engineering & Construction Co. Inc. | 5,282 | 86 |
| | SL Corp. | 6,678 | 85 |
| | Kolon Life Science Inc. | 1,558 | 85 |
| | Poongsan Corp. | 3,950 | 84 |
| | SPC Samlip Co. Ltd. | 758 | 84 |
| | Kolon Corp. | 3,096 | 84 |
| * | Webzen Inc. | 6,346 | 83 |
| | LG Hausys Ltd. | 1,962 | 83 |
| | Caregen Co. Ltd. | 1,328 | 83 |
| | JW Pharmaceutical Corp. | 2,828 | 82 |
| *,^ | SK Securities Co. Ltd. | 126,052 | 82 |
| *,^ | Toptec Co. Ltd. | 6,950 | 81 |
| | Partron Co. Ltd. | 10,577 | 81 |
| | DB HiTek Co. Ltd. | 8,062 | 81 |
| ^ | Dawonsys Co. Ltd. | 5,674 | 80 |
| | Youlchon Chemical Co. Ltd. | 7,368 | 80 |
| | Sam Young Electronics Co. Ltd. | 8,042 | 79 |
| * | Agabang&Company | 26,481 | 79 |
| | Eo Technics Co. Ltd. | 1,839 | 79 |
| | Ilyang Pharmaceutical Co. Ltd. | 3,501 | 79 |
| | Namhae Chemical Corp. | 8,782 | 78 |
| | Maeil Dairies Co. Ltd. | 1,169 | 78 |
| | HS Industries Co. Ltd. | 14,294 | 78 |
| | WeMade Entertainment Co. Ltd. | 3,674 | 77 |
| * | Hyosung Chemical Corp. | 663 | 76 |
| | Hankook Tire Worldwide Co. Ltd. | 5,128 | 76 |
76
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | IS Dongseo Co. Ltd. | 2,765 | 75 |
| | Ahnlab Inc. | 2,032 | 73 |
| | Handsome Co. Ltd. | 2,264 | 72 |
| | NICE Holdings Co. Ltd. | 4,789 | 72 |
| * | Hyosung Heavy Industries Corp. | 1,938 | 72 |
| *,^ | Insun ENT Co. Ltd. | 14,296 | 71 |
| | Kumho Industrial Co. Ltd. | 8,282 | 71 |
| ^ | LIG Nex1 Co. Ltd. | 2,755 | 70 |
| | Tongyang Inc. | 50,362 | 70 |
| | Lock&Lock Co. Ltd. | 5,144 | 70 |
| | Hanjin Transportation Co. Ltd. | 2,100 | 69 |
| | Nexen Tire Corp. | 9,585 | 69 |
| | Daekyo Co. Ltd. | 11,162 | 68 |
| | Silicon Works Co. Ltd. | 1,927 | 67 |
| *,^ | Vidente Co. Ltd. | 8,565 | 67 |
| | Hansol Paper Co. Ltd. | 4,347 | 67 |
| | Songwon Industrial Co. Ltd. | 4,340 | 66 |
| * | Neowiz | 6,330 | 64 |
| | Jusung Engineering Co. Ltd. | 10,459 | 63 |
| * | Seegene Inc. | 3,900 | 63 |
| *,^ | DIO Corp. | 2,745 | 63 |
| * | Wonik Holdings Co. Ltd. | 17,538 | 62 |
| *,^ | GemVax & Kael Co. Ltd. | 5,608 | 61 |
| | Huons Co. Ltd. | 1,030 | 61 |
| | NS Shopping Co. Ltd. | 6,400 | 61 |
| | Cosmax BTI Inc | 3,588 | 60 |
| | Korea Electric Terminal Co. Ltd. | 1,823 | 60 |
| | Hanwha Corp. Preference Shares | 5,082 | 60 |
| | Green Cross Cell Corp. | 1,282 | 59 |
| ^ | Able C&C Co. Ltd. | 7,592 | 59 |
| ^ | Hankook Shell Oil Co. Ltd. | 194 | 59 |
| | Korea Real Estate Investment & Trust Co. Ltd. | 28,386 | 59 |
| | Dongjin Semichem Co. Ltd. | 7,670 | 59 |
| * | Peptron Inc. | 2,998 | 58 |
| * | ATGen Co. Ltd. | 4,640 | 56 |
| | Halla Holdings Corp. | 1,555 | 56 |
| | Daeduck GDS Co. Ltd. | 4,953 | 56 |
| | Samyang Corp. | 1,042 | 56 |
| | Namyang Dairy Products Co. Ltd. | 105 | 55 |
| * | Hyundai Electric & Energy System Co. Ltd. | 1,296 | 54 |
| * | Hanil Cement Co. Ltd. | 520 | 54 |
| *,^ | Jenax Inc. | 3,125 | 54 |
| ^ | JW Holdings Corp. | 10,367 | 53 |
| *,^ | Taihan Electric Wire Co. Ltd. | 58,282 | 53 |
| | LG Electronics Inc. Preference Shares | 2,321 | 53 |
| | Young Poong Corp. | 91 | 52 |
| * | Hanwha Investment & Securities Co. Ltd. | 28,944 | 52 |
| | Mirae Asset Life Insurance Co. Ltd. | 12,832 | 51 |
| | Jeil Pharmaceutical Co. Ltd. | 1,369 | 51 |
| * | KTB Investment & Securities Co. Ltd. | 17,627 | 50 |
| | Dae Han Flour Mills Co. Ltd. | 334 | 50 |
| | Coreana Cosmetics Co. Ltd. | 13,463 | 49 |
| | Korea Asset In Trust Co. Ltd. | 12,788 | 49 |
| * | Leaders Cosmetics Co. Ltd. | 4,938 | 48 |
| | Hansae Co. Ltd. | 2,942 | 48 |
| | INTOPS Co. Ltd. | 7,008 | 48 |
| | Seah Besteel Corp. | 3,350 | 48 |
| | Lotte Confectionery Co. Ltd. | 340 | 47 |
| | It's Hanbul Co. Ltd. | 2,175 | 47 |
| | DongKook Pharmaceutical Co. Ltd. | 967 | 47 |
| *,^ | Duk San Neolux Co. Ltd. | 4,300 | 47 |
| | Lutronic Corp. | 5,622 | 46 |
| | Dongwon F&B Co. Ltd. | 196 | 45 |
| * | Korea Line Corp. | 2,370 | 45 |
77
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Interpark Holdings Corp. | 23,623 | 44 |
| | Shinyoung Securities Co. Ltd. | 878 | 44 |
| | i-SENS Inc. | 2,173 | 44 |
| | S&T Motiv Co. Ltd. | 1,871 | 43 |
| | Dae Hwa Pharmaceutical Co. Ltd. | 2,420 | 43 |
| | Vieworks Co. Ltd. | 1,505 | 43 |
| | CJ Freshway Corp. | 2,037 | 42 |
| | Cell Biotech Co. Ltd. | 1,908 | 42 |
| * | GNCO Co. Ltd. | 33,968 | 42 |
| * | Homecast Co. Ltd. | 8,376 | 42 |
| *,^ | COSON Co. Ltd. | 4,916 | 41 |
| | iMarketKorea Inc. | 7,080 | 40 |
| | Youngone Holdings Co. Ltd. | 745 | 40 |
| | InBody Co. Ltd. | 2,162 | 40 |
| | Sindoh Co. Ltd. | 1,039 | 40 |
| | TES Co. Ltd. | 2,989 | 40 |
| * | Aprogen pharmaceuticals Inc. | 15,801 | 36 |
| | Dong-A Socio Holdings Co. Ltd. | 464 | 36 |
| | KT Skylife Co. Ltd. | 3,297 | 36 |
| * | Eugene Investment & Securities Co. Ltd. | 17,472 | 36 |
| * | Aekyung Industrial Co. Ltd. | 984 | 35 |
| *,^ | Naturalendo Tech Co. Ltd. | 2,354 | 35 |
| ^ | ST Pharm Co. Ltd. | 1,875 | 35 |
| | Kwang Dong Pharmaceutical Co. Ltd. | 6,830 | 34 |
| | Posco ICT Co. Ltd. | 6,926 | 34 |
| * | Eusu Holdings Co. Ltd. | 6,136 | 33 |
| * | NUTRIBIOTECH Co. Ltd. | 2,426 | 32 |
| | TK Corp. | 3,025 | 32 |
| * | Ssangyong Motor Co. | 9,829 | 32 |
| | KISWIRE Ltd. | 1,665 | 32 |
| | Kyobo Securities Co. Ltd. | 4,032 | 31 |
| * | Seobu T&D | 3,996 | 31 |
| | Hyundai Livart Furniture Co. Ltd. | 1,592 | 30 |
| * | APS Holdings Corp. | 8,569 | 30 |
| *,^ | Interflex Co. Ltd. | 3,142 | 29 |
| | KC Co. Ltd. | 2,009 | 29 |
| *,^ | CUROCOM Co. Ltd. | 21,142 | 28 |
| | SBS Media Holdings Co. Ltd. | 14,100 | 28 |
| ^ | Byucksan Corp. | 13,450 | 28 |
| | Hansol Holdings Co. Ltd. | 7,639 | 28 |
| | KC Tech Co. Ltd. | 2,755 | 28 |
| ^ | Woongjin Thinkbig Co. Ltd. | 7,243 | 26 |
| * | Innox Advanced Materials Co. Ltd. | 751 | 26 |
| | ICD Co. Ltd. | 4,187 | 26 |
| | Huons Global Co. Ltd. | 743 | 26 |
| * | S&T Dynamics Co. Ltd. | 4,215 | 26 |
| * | Cellumed Co. Ltd. | 3,487 | 25 |
| | Hancom Inc. | 2,196 | 25 |
| | Humedix Co. Ltd. | 1,077 | 25 |
| | Tongyang Life Insurance Co. Ltd. | 4,930 | 24 |
| *,^ | G-SMATT GLOBAL Co. Ltd. | 2,714 | 24 |
| | KISCO Corp. | 4,685 | 24 |
| | Kolmar Korea Holdings Co. Ltd. | 919 | 23 |
| | Sung Kwang Bend Co. Ltd. | 2,178 | 22 |
| | Maeil Holdings Co. Ltd. | 2,124 | 21 |
| | Humax Co. Ltd. | 5,217 | 21 |
| | Hyundai Corp. | 941 | 20 |
| | Muhak Co. Ltd. | 1,944 | 20 |
| | Chongkundang Holdings Corp. | 389 | 19 |
| | Hanil Holdings Co. Ltd. | 426 | 17 |
| * | Taewoong Co. Ltd. | 1,783 | 17 |
| | GOLFZON Co. Ltd. | 566 | 16 |
| | Sungwoo Hitech Co. Ltd. | 5,307 | 16 |
| * | Samsung Pharmaceutical Co. Ltd. | 6,660 | 15 |
78
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | KH Vatec Co. Ltd. | 2,613 | 15 |
| * | SFA Semicon Co. Ltd. | 11,646 | 14 |
| * | Cuckoo Homesys Co. Ltd. | 101 | 14 |
| * | SeAH Steel Corp. | 267 | 14 |
| | SeAH Steel Holdings Corp. | 299 | 13 |
| | Cuckoo Holdings Co. Ltd. | 120 | 13 |
| * | Hansol Technics Co. Ltd. | 1,961 | 12 |
| * | Lumens Co. Ltd. | 5,290 | 11 |
| * | Hanjin Heavy Industries & Construction Co. Ltd. | 6,504 | 10 |
| | LVMC Holdings | 5,310 | 10 |
| * | SK Securities Co. Ltd. Rights Exp. 12/4/2018 | 33,538 | 5 |
| | DB Financial Investment Co. Ltd. | 1,113 | 4 |
| *,§ | Shenglong PV-Tech Investment Co. Ltd. | 1,034,191 | — |
| *,§ | CNK International Co. Ltd. | 78 | — |
| | | | 233,592 |
| Spain (0.9%) | | |
| | Banco Santander SA | 4,745,848 | 22,581 |
| * | Iberdrola SA | 1,900,093 | 13,445 |
| | Telefonica SA | 1,438,630 | 11,801 |
| | Banco Bilbao Vizcaya Argentaria SA | 2,102,498 | 11,604 |
| | Amadeus IT Group SA | 130,725 | 10,527 |
| ^ | Industria de Diseno Textil SA | 330,364 | 9,311 |
| * | Repsol SA | 390,429 | 6,977 |
| ^ | CaixaBank SA | 1,170,456 | 4,737 |
| | Grifols SA | 121,838 | 3,471 |
| 2 | Aena SME SA | 20,170 | 3,223 |
| * | Ferrovial SA | 152,228 | 3,048 |
| * | ACS Actividades de Construccion y Servicios SA | 78,268 | 2,930 |
| | Red Electrica Corp. SA | 132,541 | 2,744 |
| | Banco de Sabadell SA | 1,811,978 | 2,386 |
| ^ | Naturgy Energy Group SA | 95,143 | 2,338 |
| | Endesa SA | 100,863 | 2,109 |
| | Enagas SA | 69,728 | 1,849 |
| | Bankinter SA | 213,046 | 1,746 |
| | Banco Santander SA ADR | 310,951 | 1,486 |
| | Merlin Properties Socimi SA | 102,879 | 1,289 |
| | Grifols SA Preference Shares | 59,079 | 1,228 |
| | Bankia SA | 382,878 | 1,203 |
| 2 | Cellnex Telecom SA | 47,911 | 1,192 |
| | Mapfre SA | 328,833 | 983 |
| | Inmobiliaria Colonial Socimi SA | 95,587 | 960 |
| * | Siemens Gamesa Renewable Energy SA | 67,271 | 745 |
| | Viscofan SA | 12,397 | 742 |
| | Bolsas y Mercados Espanoles SHMSF SA | 21,845 | 646 |
| | Acerinox SA | 54,520 | 609 |
| | Grupo Catalana Occidente SA | 13,963 | 577 |
| ^ | Acciona SA | 6,531 | 551 |
| | Applus Services SA | 39,380 | 535 |
| * | Masmovil Ibercom SA | 3,971 | 515 |
| | CIE Automotive SA | 17,148 | 454 |
| | Cia de Distribucion Integral Logista Holdings SA | 16,983 | 410 |
| * | Almirall SA | 22,375 | 405 |
| | Prosegur Cia de Seguridad SA | 72,994 | 405 |
| | Ebro Foods SA | 20,594 | 404 |
| *,2 | Neinor Homes SA | 24,062 | 387 |
| | Zardoya Otis SA | 55,101 | 377 |
| * | Indra Sistemas SA | 36,653 | 362 |
| | Mediaset Espana Comunicacion SA | 52,714 | 358 |
| ^ | NH Hotel Group SA | 55,368 | 345 |
| | Melia Hotels International SA | 33,176 | 341 |
| | Corp Financiera Alba SA | 6,779 | 326 |
| * | Fomento de Construcciones y Contratas SA | 23,977 | 319 |
| | Tecnicas Reunidas SA | 11,845 | 318 |
| | Faes Farma SA | 66,170 | 278 |
79
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| 2 | Unicaja Banco SA | 214,630 | 275 |
| | Ence Energia y Celulosa SA | 32,440 | 272 |
| 2 | Gestamp Automocion SA | 42,846 | 272 |
| 2 | Euskaltel SA | 29,552 | 247 |
| | Papeles y Cartones de Europa SA | 12,319 | 233 |
| | Lar Espana Real Estate Socimi SA | 21,012 | 208 |
| 2 | Prosegur Cash SA | 100,619 | 199 |
| * | Sacyr SA | 80,704 | 195 |
| * | Fluidra SA | 15,052 | 182 |
| * | Promotora de Informaciones SA | 100,092 | 182 |
| *,2 | Metrovacesa SA | 14,260 | 175 |
| *,2 | Aedas Homes SAU | 6,664 | 173 |
| *,2 | Global Dominion Access SA | 31,040 | 166 |
| | Construcciones y Auxiliar de Ferrocarriles SA | 4,390 | 165 |
| * | Liberbank SA | 310,057 | 145 |
| ^ | Distribuidora Internacional de Alimentacion SA | 144,674 | 109 |
| | Atresmedia Corp. de Medios de Comunicacion SA | 18,821 | 106 |
| * | Codere SA | 11,412 | 74 |
| | Obrascon Huarte Lain SA | 49,433 | 56 |
| * | Pharma Mar SA | 40,605 | 50 |
| *,§ | Let's GOWEX SA | 3,921 | — |
| | | | 139,061 |
| Sweden (0.9%) | | |
| * | Nordea Bank Abp | 1,001,485 | 8,704 |
| | Telefonaktiebolaget LM Ericsson Class B | 950,986 | 8,280 |
| | Swedbank AB Class A | 319,113 | 7,178 |
| | Investor AB Class B | 162,702 | 7,049 |
| | Volvo AB Class B | 469,504 | 7,012 |
| | Assa Abloy AB Class B | 291,826 | 5,805 |
| | Sandvik AB | 342,433 | 5,413 |
| | Svenska Handelsbanken AB Class A | 467,260 | 5,079 |
| | Skandinaviska Enskilda Banken AB Class A | 469,823 | 4,862 |
| ^ | Hennes & Mauritz AB Class B | 274,449 | 4,847 |
| | Essity AB Class B | 195,625 | 4,464 |
| * | Atlas Copco AB Class A | 172,398 | 4,262 |
| | Telia Co. AB | 865,918 | 3,898 |
| | Hexagon AB Class B | 79,385 | 3,885 |
| * | Atlas Copco AB Class B | 144,808 | 3,317 |
| | Swedish Match AB | 54,392 | 2,771 |
| | Alfa Laval AB | 96,325 | 2,458 |
| | Kinnevik AB | 73,188 | 2,029 |
| * | Boliden AB | 84,055 | 1,919 |
| | SKF AB | 116,555 | 1,869 |
| | Svenska Cellulosa AB SCA Class B | 192,330 | 1,818 |
| | Skanska AB Class B | 109,281 | 1,718 |
| | Securitas AB Class B | 98,410 | 1,687 |
| | Lundin Petroleum AB | 52,918 | 1,610 |
| | Electrolux AB Class B | 75,477 | 1,568 |
| * | Epiroc AB Class A | 175,038 | 1,536 |
| | Castellum AB | 82,697 | 1,425 |
| | Industrivarden AB Class A | 66,745 | 1,424 |
| | Elekta AB Class B | 111,891 | 1,419 |
| | Trelleborg AB Class B | 72,755 | 1,313 |
| * | Epiroc AB Class B | 148,623 | 1,223 |
| | Tele2 AB | 106,947 | 1,214 |
| | Industrivarden AB | 51,904 | 1,078 |
| * | Fabege AB | 82,110 | 1,048 |
| * | Swedish Orphan Biovitrum AB | 49,916 | 1,019 |
| ^ | Nibe Industrier AB Class B | 93,205 | 973 |
| | Husqvarna AB | 128,055 | 966 |
| | Saab AB Class B | 23,487 | 921 |
| * | Investor AB Class A | 20,000 | 872 |
| | Com Hem Holding AB | 52,891 | 825 |
| * | AAK AB | 53,850 | 812 |
80
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| ICA Gruppen AB | 22,933 | 811 |
| Indutrade AB | 30,418 | 730 |
| * Fastighets AB Balder Class B | 28,952 | 726 |
| Modern Times Group MTG AB Class B | 19,642 | 725 |
| L E Lundbergforetagen AB Class B | 23,292 | 718 |
| Hexpol AB | 77,013 | 713 |
| Loomis AB Class B | 23,024 | 712 |
| * Holmen AB | 30,610 | 701 |
| Getinge AB | 69,547 | 682 |
| 2 Dometic Group AB | 96,960 | 677 |
| Lifco AB Class B | 15,257 | 648 |
| ^ BillerudKorsnas AB | 52,366 | 620 |
| SSAB AB Class B | 182,468 | 592 |
| ^ Intrum AB | 23,125 | 590 |
| 2 Thule Group AB | 29,547 | 585 |
| Axfood AB | 32,159 | 574 |
| 2 Evolution Gaming Group AB | 7,569 | 569 |
| 2 Bravida Holding AB | 73,907 | 543 |
| Sweco AB Class B | 24,037 | 542 |
| AF AB | 24,436 | 524 |
| Wallenstam AB | 57,901 | 522 |
| Peab AB | 59,143 | 521 |
| 2 Ahlsell AB | 101,873 | 516 |
| Hufvudstaden AB Class A | 33,512 | 495 |
| ^ NCC AB Class B | 32,820 | 489 |
| ^ Avanza Bank Holding AB | 8,523 | 456 |
| ^ JM AB | 22,497 | 427 |
| * Wihlborgs Fastigheter AB | 36,514 | 412 |
| Kungsleden AB | 58,632 | 410 |
| Investment AB Latour Class B | 33,367 | 404 |
| Pandox AB Class B | 23,201 | 396 |
| * Betsson AB | 43,587 | 378 |
| Hemfosa Fastigheter AB | 29,751 | 368 |
| Bilia AB | 34,873 | 327 |
| Hemfosa Fastigheter AB Preference Shares | 17,061 | 321 |
| * Vitrolife AB | 19,390 | 287 |
| SSAB AB Class A | 68,745 | 274 |
| Bonava AB Class B | 24,050 | 272 |
| ^ Mycronic AB | 21,331 | 268 |
| * NetEnt AB | 51,187 | 262 |
| 2 Attendo AB | 27,393 | 248 |
| Nolato AB Class B | 5,301 | 244 |
| Nobia AB | 38,056 | 242 |
| 2 Resurs Holding AB | 36,406 | 241 |
| Arjo AB | 61,803 | 210 |
| Cloetta AB Class B | 65,209 | 197 |
| Atrium Ljungberg AB | 11,330 | 192 |
| Ratos AB | 70,826 | 191 |
| * Hembla AB Class B | 11,132 | 190 |
| Concentric AB | 13,287 | 178 |
| Klovern AB | 153,834 | 177 |
| 2 Scandic Hotels Group AB | 19,107 | 175 |
| * Investment AB Oresund | 10,840 | 165 |
| * SAS AB | 72,872 | 165 |
| Oriflame Holding AG | 6,960 | 164 |
| Mekonomen AB | 13,657 | 160 |
| Klovern AB Preference Shares | 4,687 | 156 |
| Lindab International AB | 21,286 | 149 |
| SkiStar AB | 5,594 | 146 |
| Bure Equity AB | 10,810 | 141 |
| Haldex AB | 15,892 | 134 |
| Sagax AB Preference Shares | 35,778 | 133 |
| Svenska Handelsbanken AB Class B | 10,104 | 112 |
| ^ Clas Ohlson AB | 11,122 | 93 |
81
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Collector AB | 14,330 | 84 |
| * Radisson Hospitality AB | 19,442 | 75 |
| 2 Munters Group AB | 20,246 | 75 |
| NCC AB Class A | 1,486 | 22 |
| Bonava AB Class A | 1,921 | 21 |
| Sagax AB | 3,641 | 13 |
| SAS AB Preference Shares | 200 | 12 |
| | | 146,862 |
| Switzerland (2.5%) | | |
| Nestle SA | 943,251 | 79,632 |
| Novartis AG | 683,531 | 59,858 |
| Roche Holding AG | 218,819 | 53,252 |
| UBS Group AG | 1,082,642 | 15,132 |
| Zurich Insurance Group AG | 47,236 | 14,666 |
| Cie Financiere Richemont SA | 160,044 | 11,698 |
| ABB Ltd. | 560,522 | 11,279 |
| Credit Suisse Group AG | 800,967 | 10,472 |
| Swiss Re AG | 96,213 | 8,682 |
| Lonza Group AG | 23,553 | 7,406 |
| Givaudan SA | 2,984 | 7,233 |
| * Sika AG | 44,564 | 5,714 |
| LafargeHolcim Ltd. | 112,293 | 5,200 |
| Geberit AG | 11,626 | 4,552 |
| Swiss Life Holding AG | 11,915 | 4,495 |
| SGS SA | 1,728 | 4,104 |
| Swatch Group AG (Bearer) | 11,431 | 3,861 |
| Partners Group Holding AG | 5,390 | 3,837 |
| Swisscom AG | 8,037 | 3,680 |
| Julius Baer Group Ltd. | 79,324 | 3,618 |
| Chocoladefabriken Lindt & Spruengli AG | 34 | 2,714 |
| Schindler Holding AG | 12,523 | 2,641 |
| Temenos AG | 18,772 | 2,580 |
| Sonova Holding AG | 15,752 | 2,569 |
| Adecco Group AG | 47,778 | 2,340 |
| Kuehne & Nagel International AG | 15,601 | 2,168 |
| Baloise Holding AG | 14,953 | 2,137 |
| Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 310 | 2,137 |
| Straumann Holding AG | 3,108 | 2,122 |
| Vifor Pharma AG | 14,016 | 2,026 |
| Roche Holding AG (Bearer) | 7,982 | 1,943 |
| Swiss Prime Site AG | 23,865 | 1,936 |
| Logitech International SA | 44,050 | 1,631 |
| LafargeHolcim Ltd. | 34,256 | 1,577 |
| Clariant AG | 63,247 | 1,363 |
| Schindler Holding AG (Registered) | 6,244 | 1,297 |
| EMS-Chemie Holding AG | 2,177 | 1,199 |
| PSP Swiss Property AG | 12,424 | 1,199 |
| Georg Fischer AG | 1,266 | 1,178 |
| Helvetia Holding AG | 1,922 | 1,177 |
| Barry Callebaut AG | 586 | 1,145 |
| ^ Dufry AG | 9,898 | 1,115 |
| Flughafen Zurich AG | 5,576 | 1,102 |
| ^ BB Biotech AG | 17,253 | 1,084 |
| ^ ams AG | 24,354 | 949 |
| 2 Sunrise Communications Group AG | 10,033 | 883 |
| Pargesa Holding SA | 11,916 | 875 |
| Tecan Group AG | 3,633 | 820 |
| 2 VAT Group AG | 7,981 | 801 |
| 2 Galenica AG | 14,906 | 799 |
| OC Oerlikon Corp. AG | 63,389 | 754 |
| Cembra Money Bank AG | 8,783 | 737 |
| Belimo Holding AG | 164 | 733 |
| Allreal Holding AG | 4,466 | 685 |
| Banque Cantonale Vaudoise | 893 | 667 |
82
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | dormakaba Holding AG | 841 | 607 |
| | Bucher Industries AG | 2,048 | 565 |
| | Sulzer AG | 5,560 | 558 |
| | DKSH Holding AG | 8,264 | 557 |
| | Valiant Holding AG | 4,857 | 548 |
| | Vontobel Holding AG | 8,625 | 535 |
| | SFS Group AG | 5,340 | 524 |
| * | Idorsia Ltd. | 26,922 | 521 |
| | Forbo Holding AG | 345 | 506 |
| | Siegfried Holding AG | 1,253 | 503 |
| ^ | Landis&Gyr Group AG | 8,113 | 492 |
| | Emmi AG | 602 | 438 |
| | Panalpina Welttransport Holding AG | 3,534 | 432 |
| | Mobimo Holding AG | 1,642 | 366 |
| | BKW AG | 5,634 | 357 |
| | Daetwyler Holding AG | 2,294 | 348 |
| | Conzzeta AG | 385 | 344 |
| | Huber & Suhner AG | 4,778 | 327 |
| | Fanhua Inc. ADR | 11,557 | 310 |
| | Burckhardt Compression Holding AG | 924 | 306 |
| | VZ Holding AG | 1,060 | 300 |
| | St. Galler Kantonalbank AG | 608 | 299 |
| | Komax Holding AG | 1,091 | 299 |
| | Interroll Holding AG | 156 | 289 |
| | Schweiter Technologies AG | 253 | 287 |
| *,^ | COSMO Pharmaceuticals NV | 2,263 | 285 |
| | HBM HLTHCR-I | 1,578 | 260 |
| *,^ | Aryzta AG | 27,753 | 259 |
| | u-blox Holding AG | 2,049 | 257 |
| | GAM Holding AG | 44,025 | 256 |
| | Implenia AG | 4,586 | 255 |
| | Inficon Holding AG | 508 | 244 |
| | Kardex AG | 1,827 | 237 |
| ^ | Comet Holding AG | 2,281 | 230 |
| | LEM Holding SA | 187 | 214 |
| | Bobst Group SA | 2,817 | 213 |
| | Swatch Group AG (Registered) | 3,154 | 211 |
| | Valora Holding AG | 810 | 203 |
| | Ascom Holding AG | 12,078 | 193 |
| | Autoneum Holding AG | 940 | 182 |
| | Intershop Holding AG | 367 | 180 |
| | Ypsomed Holding AG | 1,264 | 170 |
| | Liechtensteinische Landesbank AG | 2,615 | 169 |
| | Bell Food Group AG | 520 | 163 |
| | Bachem Holding AG | 1,300 | 152 |
| * | Arbonia AG | 11,977 | 150 |
| * | Alpiq Holding AG | 1,744 | 147 |
| * | Basilea Pharmaceutica AG | 3,005 | 145 |
| * | Leonteq AG | 3,057 | 144 |
| | Vetropack Holding AG | 62 | 142 |
| | Zehnder Group AG | 3,057 | 122 |
| * | VP Bank AG | 742 | 119 |
| | Rieter Holding AG | 883 | 119 |
| | Swissquote Group Holding SA | 2,287 | 119 |
| | APG SGA SA | 321 | 113 |
| | EFG International AG | 15,830 | 112 |
| | Bossard Holding AG | 682 | 111 |
| * | Schmolz & Bickenbach AG | 129,951 | 95 |
| * | Transocean Ltd. | 8,480 | 93 |
| *,^ | Meyer Burger Technology AG | 159,539 | 84 |
| | ALSO Holding AG | 582 | 66 |
| ^ | Kudelski SA | 6,259 | 44 |
| | | | 386,330 |
83
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Taiwan (1.4%) | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 922,352 | 35,142 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,833,000 | 21,268 |
| Hon Hai Precision Industry Co. Ltd. | 3,830,521 | 9,751 |
| Formosa Plastics Corp. | 1,619,873 | 5,297 |
| Nan Ya Plastics Corp. | 1,858,423 | 4,629 |
| CTBC Financial Holding Co. Ltd. | 6,065,715 | 4,062 |
| Formosa Chemicals & Fibre Corp. | 1,098,027 | 3,985 |
| Cathay Financial Holding Co. Ltd. | 2,481,549 | 3,940 |
| Fubon Financial Holding Co. Ltd. | 2,490,880 | 3,908 |
| Chunghwa Telecom Co. Ltd. ADR | 108,204 | 3,796 |
| MediaTek Inc. | 480,086 | 3,546 |
| Uni-President Enterprises Corp. | 1,456,992 | 3,532 |
| Largan Precision Co. Ltd. | 32,020 | 3,499 |
| China Steel Corp. | 3,801,390 | 3,002 |
| Mega Financial Holding Co. Ltd. | 3,352,769 | 2,839 |
| Delta Electronics Inc. | 664,471 | 2,797 |
| Catcher Technology Co. Ltd. | 235,310 | 2,379 |
| President Chain Store Corp. | 184,137 | 2,083 |
| E.Sun Financial Holding Co. Ltd. | 3,117,410 | 2,070 |
| ASE Technology Holding Co. Ltd. | 965,636 | 1,948 |
| First Financial Holding Co. Ltd. | 3,071,348 | 1,943 |
| Taiwan Mobile Co. Ltd. | 487,800 | 1,743 |
| Yuanta Financial Holding Co. Ltd. | 3,574,965 | 1,738 |
| Formosa Petrochemical Corp. | 420,140 | 1,659 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 2,859,576 | 1,611 |
| Asustek Computer Inc. | 216,169 | 1,603 |
| Taiwan Cement Corp. | 1,404,825 | 1,579 |
| Hua Nan Financial Holdings Co. Ltd. | 2,735,370 | 1,545 |
| China Development Financial Holding Corp. | 4,284,580 | 1,380 |
| Taishin Financial Holding Co. Ltd. | 3,027,050 | 1,349 |
| Quanta Computer Inc. | 817,450 | 1,293 |
| Yageo Corp. | 124,473 | 1,276 |
| Far Eastern New Century Corp. | 1,239,279 | 1,246 |
| Far EasTone Telecommunications Co. Ltd. | 494,000 | 1,177 |
| Pegatron Corp. | 624,954 | 1,142 |
| Chailease Holding Co. Ltd. | 393,609 | 1,129 |
| SinoPac Financial Holdings Co. Ltd. | 3,241,756 | 1,103 |
| Chang Hwa Commercial Bank Ltd. | 1,934,099 | 1,099 |
| United Microelectronics Corp. | 2,875,180 | 1,096 |
| Shin Kong Financial Holding Co. Ltd. | 2,911,837 | 960 |
| Innolux Corp. | 2,868,885 | 871 |
| Pou Chen Corp. | 838,524 | 851 |
| * Tatung Co. Ltd. | 698,000 | 816 |
| Cheng Shin Rubber Industry Co. Ltd. | 559,379 | 789 |
| Advantech Co. Ltd. | 114,266 | 788 |
| China Life Insurance Co. Ltd. | 819,954 | 779 |
| Novatek Microelectronics Corp. | 176,025 | 779 |
| Asia Cement Corp. | 732,264 | 776 |
| Eclat Textile Co. Ltd. | 65,166 | 776 |
| Inventec Corp. | 919,554 | 743 |
| Chunghwa Telecom Co. Ltd. | 209,000 | 738 |
| Lite-On Technology Corp. | 635,988 | 731 |
| Foxconn Technology Co. Ltd. | 330,514 | 702 |
| Compal Electronics Inc. | 1,265,323 | 699 |
| AU Optronics Corp. ADR | 176,018 | 674 |
| Walsin Technology Corp. | 150,968 | 638 |
| Feng TAY Enterprise Co. Ltd. | 104,235 | 627 |
| Acer Inc. | 843,551 | 594 |
| Realtek Semiconductor Corp. | 138,420 | 557 |
| WPG Holdings Ltd. | 466,440 | 556 |
| Taiwan High Speed Rail Corp. | 556,000 | 552 |
| Wistron Corp. | 859,151 | 527 |
| Globalwafers Co. Ltd. | 66,000 | 525 |
84
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Vanguard International Semiconductor Corp. | 278,000 | 514 |
| TA Chen Stainless Pipe | 332,524 | 470 |
| Walsin Lihwa Corp. | 937,000 | 466 |
| Micro-Star International Co. Ltd. | 209,000 | 466 |
| Nanya Technology Corp. | 277,324 | 463 |
| Synnex Technology International Corp. | 427,498 | 461 |
| Powertech Technology Inc. | 210,000 | 461 |
| Hiwin Technologies Corp. | 70,177 | 455 |
| TCI Co. Ltd. | 30,481 | 427 |
| Chroma ATE Inc. | 120,000 | 423 |
| Accton Technology Corp. | 148,000 | 410 |
| Highwealth Construction Corp. | 278,540 | 409 |
| AU Optronics Corp. | 1,030,000 | 402 |
| Makalot Industrial Co. Ltd. | 74,712 | 401 |
| Giant Manufacturing Co. Ltd. | 102,881 | 394 |
| Ruentex Industries Ltd. | 151,961 | 382 |
| Airtac International Group | 42,884 | 370 |
| Taiwan Business Bank | 1,118,869 | 369 |
| Eva Airways Corp. | 805,364 | 369 |
| Feng Hsin Steel Co. Ltd. | 194,000 | 368 |
| Win Semiconductors Corp. | 118,151 | 365 |
| Winbond Electronics Corp. | 829,726 | 361 |
| Macronix International | 606,903 | 338 |
| Simplo Technology Co. Ltd. | 57,640 | 335 |
| Sino-American Silicon Products Inc. | 178,000 | 333 |
| Tripod Technology Corp. | 136,000 | 329 |
| Ruentex Development Co. Ltd. | 235,793 | 327 |
| * TaiMed Biologics Inc. | 52,000 | 325 |
| Merida Industry Co. Ltd. | 92,400 | 324 |
| Phison Electronics Corp. | 49,000 | 322 |
| International CSRC Investment Holdings Co. | 286,237 | 321 |
| LCY Chemical Corp. | 190,000 | 320 |
| Formosa Taffeta Co. Ltd. | 286,000 | 312 |
| Chicony Electronics Co. Ltd. | 155,231 | 311 |
| United Microelectronics Corp. ADR | 164,278 | 309 |
| Chipbond Technology Corp. | 167,000 | 308 |
| Radiant Opto-Electronics Corp. | 116,314 | 306 |
| Teco Electric and Machinery Co. Ltd. | 527,000 | 303 |
| CTCI Corp. | 214,000 | 302 |
| * China Petrochemical Development Corp. | 824,350 | 302 |
| Voltronic Power Technology Corp. | 18,615 | 301 |
| Zhen Ding Technology Holding Ltd. | 125,700 | 288 |
| Taiwan Glass Industry Corp. | 636,842 | 274 |
| Grape King Bio Ltd. | 43,000 | 271 |
| * PharmaEssentia Corp. | 50,000 | 267 |
| Taiwan Fertilizer Co. Ltd. | 195,000 | 265 |
| Tung Ho Steel Enterprise Corp. | 378,000 | 256 |
| Merry Electronics Co. Ltd. | 58,850 | 255 |
| Standard Foods Corp. | 168,400 | 253 |
| St. Shine Optical Co. Ltd. | 14,000 | 250 |
| Qisda Corp. | 433,000 | 246 |
| Silergy Corp. | 19,000 | 242 |
| Nien Made Enterprise Co. Ltd. | 39,000 | 242 |
| Eternal Materials Co. Ltd. | 321,919 | 240 |
| Epistar Corp. | 264,044 | 239 |
| Nan Kang Rubber Tire Co. Ltd. | 268,493 | 235 |
| Evergreen Marine Corp. Taiwan Ltd. | 632,385 | 234 |
| King's Town Bank Co. Ltd. | 244,000 | 233 |
| Taiwan Secom Co. Ltd. | 80,675 | 230 |
| King Slide Works Co. Ltd. | 22,000 | 229 |
| Waterland Financial Holdings Co. Ltd. | 703,450 | 229 |
| Hotai Motor Co. Ltd. | 33,000 | 228 |
| Parade Technologies Ltd. | 17,000 | 226 |
| Oriental Union Chemical Corp. | 236,000 | 214 |
85
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| General Interface Solution Holding Ltd. | 63,000 | 210 |
| * HTC Corp. | 192,491 | 210 |
| Hota Industrial Manufacturing Co. Ltd. | 48,936 | 206 |
| Taichung Commercial Bank Co. Ltd. | 623,530 | 206 |
| TSRC Corp. | 220,925 | 204 |
| Gigabyte Technology Co. Ltd. | 155,000 | 204 |
| China Airlines Ltd. | 686,000 | 204 |
| E Ink Holdings Inc. | 254,000 | 201 |
| Genius Electronic Optical Co. Ltd. | 30,714 | 199 |
| Unimicron Technology Corp. | 406,000 | 198 |
| China Motor Corp. | 262,000 | 198 |
| Compeq Manufacturing Co. Ltd. | 306,000 | 197 |
| Career Technology MFG. Co. Ltd. | 141,636 | 196 |
| China Steel Chemical Corp. | 48,000 | 195 |
| King Yuan Electronics Co. Ltd. | 331,000 | 194 |
| Cheng Loong Corp. | 293,000 | 187 |
| Poya International Co. Ltd. | 21,450 | 187 |
| FLEXium Interconnect Inc. | 73,154 | 185 |
| Yungtay Engineering Co. Ltd. | 101,000 | 185 |
| Global Unichip Corp. | 27,000 | 184 |
| Test Rite International Co. Ltd. | 254,000 | 184 |
| China Bills Finance Corp. | 427,000 | 182 |
| Bizlink Holding Inc. | 33,616 | 180 |
| Lien Hwa Industrial Corp. | 181,581 | 179 |
| * AmTRAN Technology Co. Ltd. | 460,000 | 176 |
| Jih Sun Financial Holdings Co. Ltd. | 605,079 | 176 |
| Grand Pacific Petrochemical | 257,000 | 174 |
| Kenda Rubber Industrial Co. Ltd. | 180,413 | 173 |
| Gourmet Master Co. Ltd. | 28,245 | 171 |
| * Mercuries Life Insurance Co. Ltd. | 390,391 | 171 |
| HannStar Display Corp. | 775,265 | 171 |
| Far Eastern Department Stores Ltd. | 335,115 | 168 |
| Ton Yi Industrial Corp. | 389,000 | 166 |
| Great Wall Enterprise Co. Ltd. | 168,097 | 164 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 105,772 | 163 |
| Far Eastern International Bank | 509,136 | 163 |
| Taiwan Union Technology Corp. | 59,000 | 162 |
| Wafer Works Corp. | 156,436 | 159 |
| United Integrated Services Co. Ltd. | 89,000 | 159 |
| Ardentec Corp. | 181,903 | 159 |
| Flytech Technology Co. Ltd. | 68,853 | 155 |
| * Medigen Biotechnology Corp. | 118,000 | 154 |
| Cleanaway Co. Ltd. | 27,000 | 149 |
| Elite Material Co. Ltd. | 74,000 | 148 |
| China Man-Made Fiber Corp. | 466,416 | 148 |
| TTY Biopharm Co. Ltd. | 56,541 | 148 |
| Coretronic Corp. | 107,400 | 148 |
| YFY Inc. | 403,000 | 146 |
| Lealea Enterprise Co. Ltd. | 470,000 | 144 |
| LandMark Optoelectronics Corp. | 21,600 | 144 |
| Capital Securities Corp. | 477,220 | 143 |
| Yulon Motor Co. Ltd. | 244,000 | 143 |
| Sinbon Electronics Co. Ltd. | 51,499 | 142 |
| Clevo Co. | 182,628 | 142 |
| Taiwan Styrene Monomer | 190,450 | 142 |
| Getac Technology Corp. | 120,000 | 141 |
| eMemory Technology Inc. | 19,000 | 141 |
| Chilisin Electronics Corp. | 58,326 | 140 |
| Greatek Electronics Inc. | 112,000 | 140 |
| Holy Stone Enterprise Co. Ltd. | 44,200 | 139 |
| Chong Hong Construction Co. Ltd. | 61,152 | 139 |
| ASMedia Technology Inc. | 10,000 | 138 |
| Yulon Finance Corp. | 50,000 | 138 |
| Hung Sheng Construction Ltd. | 160,800 | 137 |
86
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Tainan Spinning Co. Ltd. | 345,543 | 136 |
| Prince Housing & Development Corp. | 412,050 | 135 |
| Shinkong Synthetic Fibers Corp. | 396,000 | 134 |
| Wistron NeWeb Corp. | 57,400 | 134 |
| ASPEED Technology Inc. | 9,000 | 133 |
| Huaku Development Co. Ltd. | 65,000 | 132 |
| Taiwan Cogeneration Corp. | 155,000 | 131 |
| ChipMOS Technologies Inc. | 188,683 | 131 |
| Tong Yang Industry Co. Ltd. | 115,000 | 130 |
| WT Microelectronics Co. Ltd. | 98,986 | 128 |
| BES Engineering Corp. | 560,000 | 127 |
| U-Ming Marine Transport Corp. | 121,000 | 127 |
| * Microbio Co. Ltd. | 234,000 | 127 |
| Lung Yen Life Service Corp. | 67,000 | 126 |
| Ginko International Co. Ltd. | 22,000 | 126 |
| * Asia Pacific Telecom Co. Ltd. | 646,152 | 124 |
| UPC Technology Corp. | 334,314 | 123 |
| Kinpo Electronics | 405,000 | 121 |
| * OBI Pharma Inc. | 31,000 | 121 |
| Firich Enterprises Co. Ltd. | 107,132 | 121 |
| Zeng Hsing Industrial Co. Ltd. | 26,000 | 121 |
| Sanyang Motor Co. Ltd. | 188,000 | 120 |
| * Ritek Corp. | 374,425 | 120 |
| China Chemical & Pharmaceutical Co. Ltd. | 202,000 | 119 |
| Visual Photonics Epitaxy Co. Ltd. | 65,250 | 118 |
| Chin-Poon Industrial Co. Ltd. | 105,000 | 117 |
| Transcend Information Inc. | 55,000 | 115 |
| Mitac Holdings Corp. | 141,036 | 115 |
| Taiwan Paiho Ltd. | 77,000 | 114 |
| Holtek Semiconductor Inc. | 60,000 | 114 |
| Primax Electronics Ltd. | 84,000 | 114 |
| Advanced Ceramic X Corp. | 18,000 | 113 |
| Cub Elecparts Inc. | 18,509 | 112 |
| CHC Healthcare Group | 104,268 | 111 |
| TPK Holding Co. Ltd. | 70,958 | 111 |
| Everlight Electronics Co. Ltd. | 125,000 | 108 |
| Elan Microelectronics Corp. | 57,400 | 107 |
| Long Chen Paper Co. Ltd. | 209,564 | 107 |
| SDI Corp. | 49,000 | 107 |
| Center Laboratories Inc. | 57,533 | 107 |
| Asia Optical Co. Inc. | 59,000 | 106 |
| ITEQ Corp. | 82,000 | 105 |
| Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 44,000 | 105 |
| YungShin Global Holding Corp. | 81,400 | 104 |
| * PChome Online Inc. | 22,587 | 103 |
| Machvision Inc. | 10,006 | 103 |
| * CMC Magnetics Corp. | 575,021 | 103 |
| * Pan Jit International Inc. | 142,000 | 103 |
| § Syncmold Enterprise Corp. | 48,750 | 102 |
| Chun Yuan Steel | 315,000 | 102 |
| Charoen Pokphand Enterprise | 75,000 | 102 |
| Shin Zu Shing Co. Ltd. | 41,000 | 101 |
| Taiwan Surface Mounting Technology Corp. | 92,250 | 101 |
| Run Long Construction Co. Ltd. | 57,000 | 99 |
| Sinyi Realty Inc. | 103,358 | 99 |
| China Metal Products | 101,000 | 98 |
| ScinoPharm Taiwan Ltd. | 133,245 | 98 |
| Depo Auto Parts Ind Co. Ltd. | 45,000 | 98 |
| * Federal Corp. | 276,612 | 98 |
| Dynapack International Technology Corp. | 77,000 | 97 |
| momo.com Inc. | 16,000 | 97 |
| Sampo Corp. | 257,000 | 96 |
| China General Plastics Corp. | 161,256 | 96 |
| Tyntek Corp. | 194,000 | 96 |
87
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * XinTec Inc. | 89,000 | 95 |
| * United Renewable Energy Co. Ltd. | 422,195 | 94 |
| Sunny Friend Environmental Technology Co. Ltd. | 13,000 | 94 |
| * Wei Chuan Foods Corp. | 152,000 | 94 |
| Yieh Phui Enterprise Co. Ltd. | 299,153 | 93 |
| Mercuries & Associates Holding Ltd. | 143,929 | 93 |
| Hong Pu Real Estate Development Co. Ltd. | 144,000 | 92 |
| Namchow Holdings Co. Ltd. | 64,000 | 90 |
| Tong Hsing Electronic Industries Ltd. | 30,000 | 90 |
| Darfon Electronics Corp. | 77,000 | 89 |
| Unitech Printed Circuit Board Corp. | 210,120 | 89 |
| Rechi Precision Co. Ltd. | 120,000 | 88 |
| Kung Long Batteries Industrial Co. Ltd. | 19,000 | 88 |
| * Taiwan TEA Corp. | 174,000 | 88 |
| Aten International Co. Ltd. | 35,000 | 88 |
| Bank of Kaohsiung Co. Ltd. | 304,966 | 87 |
| President Securities Corp. | 212,549 | 86 |
| USI Corp. | 222,645 | 85 |
| Xxentria Technology Materials Corp. | 44,000 | 84 |
| Hsin Kuang Steel Co. Ltd. | 78,000 | 84 |
| Goldsun Building Materials Co. Ltd. | 315,000 | 83 |
| YC INOX Co. Ltd. | 103,000 | 82 |
| Kinsus Interconnect Technology Corp. | 62,000 | 81 |
| Nan Liu Enterprise Co. Ltd. | 16,000 | 81 |
| Kindom Construction Corp. | 147,000 | 81 |
| Wisdom Marine Lines Co. Ltd. | 83,706 | 80 |
| Farglory Land Development Co. Ltd. | 70,000 | 80 |
| Faraday Technology Corp. | 76,800 | 80 |
| Lotes Co. Ltd. | 14,000 | 79 |
| Sigurd Microelectronics Corp. | 87,000 | 78 |
| * Yang Ming Marine Transport Corp. | 281,030 | 78 |
| Cathay Real Estate Development Co. Ltd. | 130,200 | 77 |
| Ennoconn Corp. | 11,556 | 77 |
| Supreme Electronics Co. Ltd. | 90,000 | 76 |
| Lingsen Precision Industries Ltd. | 278,000 | 75 |
| * Radium Life Tech Co. Ltd. | 152,393 | 75 |
| * Shining Building Business Co. Ltd. | 235,560 | 75 |
| Formosa International Hotels Corp. | 17,058 | 74 |
| AcBel Polytech Inc. | 126,000 | 72 |
| Systex Corp. | 36,000 | 72 |
| Pixart Imaging Inc. | 27,000 | 72 |
| Nan Ya Printed Circuit Board Corp. | 89,000 | 71 |
| Concraft Holding Co. Ltd. | 18,700 | 71 |
| Test Research Inc. | 51,000 | 71 |
| Darwin Precisions Corp. | 142,000 | 71 |
| Casetek Holdings Ltd. | 49,877 | 71 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 107,000 | 70 |
| Sercomm Corp. | 44,000 | 70 |
| Sitronix Technology Corp. | 27,000 | 70 |
| Yulon Nissan Motor Co. Ltd. | 10,000 | 70 |
| Wan Hai Lines Ltd. | 141,000 | 69 |
| Chaun-Choung Technology Corp. | 20,000 | 67 |
| Rich Development Co. Ltd. | 236,000 | 67 |
| Foxsemicon Integrated Technology Inc. | 18,900 | 66 |
| Everlight Chemical Industrial Corp. | 129,240 | 65 |
| Gloria Material Technology Corp. | 118,000 | 64 |
| Elite Semiconductor Memory Technology Inc. | 66,000 | 63 |
| Evergreen International Storage & Transport Corp. | 153,000 | 63 |
| * Taiwan Land Development Corp. | 243,731 | 63 |
| Pharmally International Holding Co. Ltd. | 8,325 | 63 |
| Long Bon International Co. Ltd. | 130,174 | 63 |
| Adlink Technology Inc. | 55,168 | 63 |
| Sporton International Inc. | 16,802 | 63 |
| Asia Vital Components Co. Ltd. | 90,000 | 62 |
88
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Kinik Co. | 36,000 | 62 |
| Taiwan Semiconductor Co. Ltd. | 41,000 | 62 |
| MIN AIK Technology Co. Ltd. | 130,400 | 61 |
| Gemtek Technology Corp. | 102,000 | 61 |
| TA-I Technology Co. Ltd. | 41,000 | 60 |
| * D-Link Corp. | 184,212 | 60 |
| Wah Lee Industrial Corp. | 38,000 | 60 |
| FocalTech Systems Co. Ltd. | 80,923 | 59 |
| * Silicon Integrated Systems Corp. | 249,000 | 59 |
| Hu Lane Associate Inc. | 23,000 | 59 |
| PharmaEngine Inc. | 17,038 | 58 |
| Sunplus Technology Co. Ltd. | 171,000 | 58 |
| Advanced Wireless Semiconductor Co. | 46,000 | 57 |
| IEI Integration Corp. | 54,342 | 57 |
| A-DATA Technology Co. Ltd. | 46,190 | 56 |
| Chlitina Holding Ltd. | 8,400 | 56 |
| OptoTech Corp. | 107,427 | 55 |
| TXC Corp. | 55,000 | 55 |
| Wowprime Corp. | 20,665 | 55 |
| Senao International Co. Ltd. | 49,000 | 54 |
| Chunghwa Precision Test Tech Co. Ltd. | 4,000 | 54 |
| Ho Tung Chemical Corp. | 251,141 | 54 |
| Asia Polymer Corp. | 122,836 | 54 |
| Topco Scientific Co. Ltd. | 26,047 | 54 |
| * CSBC Corp. Taiwan | 51,353 | 54 |
| International Games System Co. Ltd. | 12,000 | 53 |
| L&K Engineering Co. Ltd. | 65,000 | 53 |
| Taiwan PCB Techvest Co. Ltd. | 68,000 | 53 |
| Elite Advanced Laser Corp. | 30,412 | 53 |
| * Dynamic Electronics Co. Ltd. | 222,000 | 53 |
| * Phihong Technology Co. Ltd. | 193,000 | 51 |
| KEE TAI Properties Co. Ltd. | 131,000 | 50 |
| Cheng Uei Precision Industry Co. Ltd. | 70,000 | 48 |
| Sincere Navigation Corp. | 93,000 | 48 |
| Formosan Rubber Group Inc. | 100,890 | 47 |
| FSP Technology Inc. | 84,000 | 47 |
| Toung Loong Textile Manufacturing | 44,000 | 46 |
| Posiflex Technology Inc. | 15,169 | 46 |
| Pan-International Industrial Corp. | 80,000 | 46 |
| Altek Corp. | 61,600 | 46 |
| * TWi Pharmaceuticals Inc. | 23,000 | 46 |
| Chung Hwa Pulp Corp. | 152,421 | 45 |
| Huang Hsiang Construction Corp. | 55,000 | 44 |
| Swancor Holding Co. Ltd. | 22,000 | 42 |
| Basso Industry Corp. | 29,200 | 41 |
| Egis Technology Inc. | 13,000 | 41 |
| * Taigen Biopharmaceuticals Holdings Ltd. | 77,872 | 41 |
| Nien Hsing Textile Co. Ltd. | 54,945 | 41 |
| Quanta Storage Inc. | 59,000 | 41 |
| * Orient Semiconductor Electronics Ltd. | 176,000 | 40 |
| Taiflex Scientific Co. Ltd. | 40,800 | 40 |
| * Tong-Tai Machine & Tool Co. Ltd. | 70,560 | 40 |
| Lextar Electronics Corp. | 74,000 | 40 |
| TYC Brother Industrial Co. Ltd. | 53,000 | 39 |
| Concord Securities Co. Ltd. | 165,635 | 39 |
| Ta Ya Electric Wire & Cable | 107,000 | 38 |
| Jess-Link Products Co. Ltd. | 42,750 | 37 |
| ITE Technology Inc. | 37,000 | 36 |
| King's Town Construction Co. Ltd. | 59,000 | 36 |
| Sheng Yu Steel Co. Ltd. | 56,000 | 35 |
| * Etron Technology Inc. | 127,000 | 35 |
| Taiyen Biotech Co. Ltd. | 37,000 | 35 |
| Infortrend Technology Inc. | 100,000 | 35 |
| * HannsTouch Solution Inc. | 186,000 | 35 |
89
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Soft-World International Corp. | 16,000 | 34 |
| | Sonix Technology Co. Ltd. | 39,000 | 33 |
| * | Cheng Mei Materials Technology Corp. | 143,000 | 33 |
| * | WUS Printed Circuit Co. Ltd. | 69,700 | 33 |
| | Advanced International Multitech Co. Ltd. | 32,000 | 33 |
| * | ALI Corp. | 105,000 | 31 |
| | Li Cheng Enterprise Co. Ltd. | 24,447 | 31 |
| | Weltrend Semiconductor | 41,600 | 31 |
| | Lite-On Semiconductor Corp. | 38,000 | 31 |
| | Globe Union Industrial Corp. | 65,000 | 31 |
| * | Unizyx Holding Corp. | 91,000 | 31 |
| | Elitegroup Computer Systems Co. Ltd. | 73,000 | 30 |
| | Jentech Precision Industrial Co. Ltd. | 16,000 | 30 |
| | Ability Enterprise Co. Ltd. | 69,000 | 27 |
| * | AGV Products Corp. | 125,440 | 27 |
| | Universal Cement Corp. | 43,124 | 26 |
| * | Kuo Toong International Co. Ltd. | 37,643 | 25 |
| | Global Brands Manufacture Ltd. | 67,000 | 25 |
| | Tung Thih Electronic Co. Ltd. | 12,000 | 25 |
| | Alpha Networks Inc. | 55,000 | 24 |
| | Brogent Technologies Inc. | 5,266 | 24 |
| | Zinwell Corp. | 43,000 | 24 |
| | Cyberlink Corp. | 11,000 | 22 |
| * | Ichia Technologies Inc. | 49,000 | 22 |
| | Iron Force Industrial Co. Ltd. | 11,000 | 22 |
| | Johnson Health Tech Co. Ltd. | 21,105 | 22 |
| * | Lotus Pharmaceutical Co. Ltd. | 11,000 | 21 |
| *,§ | Pihsiang Machinery Manufacturing Co. Ltd. | 38,000 | 21 |
| | Yeong Guan Energy Technology Group Co. Ltd. | 15,000 | 20 |
| * | Li Peng Enterprise Co. Ltd. | 75,600 | 20 |
| * | Motech Industries Inc. | 85,447 | 18 |
| * | G Tech Optoelectronics Corp. | 53,043 | 18 |
| | Gigasolar Materials Corp. | 6,400 | 18 |
| | CyberTAN Technology Inc. | 44,000 | 17 |
| | Global Mixed Mode Technology Inc. | 9,000 | 17 |
| * | Gold Circuit Electronics Ltd. | 41,000 | 14 |
| | China Electric Manufacturing Corp. | 37,000 | 10 |
| * | Unity Opto Technology Co. Ltd. | 38,000 | 10 |
| *,§ | XPEC Entertainment Inc. | 21,468 | 9 |
| * | Gigastorage Corp. | 34,000 | 8 |
| * | E-Ton Solar Tech Co. Ltd. | 80,000 | 7 |
| * | Taishin Financial Holding Co. Ltd. Rights Exp. 11/22/18 | 61,063 | 6 |
| | Tsann Kuen Enterprise Co. Ltd. | 2,000 | 1 |
| * | TWi Biotechnology Inc. | 1,382 | 1 |
| * | Evergreen Marine Corp. Taiwan Ltd. Rights Exp. 11/21/18 | 36,024 | 1 |
| * | Taichung Commercial Bank Co. Ltd. Rights Exp. 11/26/2018 | 20,781 | — |
| | | | 215,195 |
| Thailand (0.4%) | | |
| * | PTT PCL | 4,420,680 | 6,798 |
| * | CP ALL PCL (Local) | 1,523,700 | 3,096 |
| * | Airports of Thailand PCL | 1,381,650 | 2,670 |
| * | Siam Commercial Bank PCL (Local) | 577,400 | 2,396 |
| | Siam Cement PCL NVDR | 162,800 | 2,057 |
| | Kasikornbank PCL | 326,800 | 1,967 |
| | Kasikornbank PCL (Foreign) | 304,883 | 1,835 |
| * | Bangkok Dusit Medical Services PCL (Local)Bangkok Dusit Medical Services PCL (Local) | 2,325,600 | 1,725 |
| | Advanced Info Service PCL (Foreign) | 243,300 | 1,440 |
| | PTT Exploration & Production PCL (Foreign) | 266,781 | 1,117 |
| * | Central Pattana PCL | 416,400 | 993 |
| | Central Pattana PCL (Foreign) | 401,800 | 958 |
| * | Indorama Ventures PCL | 529,800 | 869 |
| * | PTT Global Chemical PCL | 369,300 | 863 |
| * | Minor International PCL | 763,960 | 844 |
| * | Energy Absolute PCL | 538,100 | 805 |
90
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Siam Cement PCL (Foreign) | 63,100 | 797 |
| * | PTT Exploration and Production PCL (Local) | 175,700 | 736 |
| * | Banpu PCL (Local) | 1,320,600 | 695 |
| * | Bumrungrad Hospital PCL | 114,200 | 667 |
| | PTT Global Chemical PCL | 281,815 | 658 |
| * | Digital Telecommunications Infrastructure Fund | 1,467,229 | 655 |
| | Thai Oil PCL (Foreign) | 241,000 | 616 |
| * | Advanced Info Service PCL (Local) | 103,600 | 613 |
| | CP ALL PCL (Foreign) | 287,300 | 584 |
| | Bangkok Bank PCL (Foreign) | 89,698 | 574 |
| * | Intouch Holdings PCL | 347,200 | 556 |
| | Siam Commercial Bank PCL | 133,800 | 555 |
| * | Bangkok Expressway & Metro PCL (Local) | 2,149,509 | 552 |
| * | True Corp. PCL | 3,059,853 | 546 |
| * | BTS Group Holdings PCL | 1,725,400 | 477 |
| * | Gulf Energy Development PCL | 198,700 | 468 |
| | Land & Houses PCL NVDR | 1,482,900 | 462 |
| * | Krungthai Card PCL | 433,000 | 455 |
| * | Siam Cement PCL | 35,506 | 449 |
| * | Berli Jucker PCL (Local) | 256,200 | 432 |
| | Krung Thai Bank PCL (Foreign) | 687,175 | 417 |
| * | Muangthai Capital PCL | 251,300 | 397 |
| * | Home Product Center PCL | 867,800 | 391 |
| | Krung Thai Bank PCL | 633,000 | 384 |
| | Intouch Holdings PCL | 237,596 | 380 |
| | Thai Union Frozen Products PCL (Foreign) | 755,580 | 379 |
| | Home Product Center PCL (Foreign) | 838,798 | 378 |
| | Minor International PCL (Foreign) | 317,423 | 351 |
| * | Krung Thai Bank PCL | 565,700 | 343 |
| * | Ratchaburi Electricity Generating Holding PCL (Local) | 225,600 | 333 |
| | Bangkok Bank PCL | 53,100 | 332 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 881,600 | 319 |
| * | Glow Energy PCL | 116,300 | 294 |
| * | KCE Electronics PCL | 259,200 | 292 |
| * | Bangchak Corp. PCL | 288,900 | 287 |
| * | Electricity Generating PCL | 40,600 | 283 |
| * | Sino-Thai Engineering & Construction PCL | 376,100 | 282 |
| | Bangkok Dusit Medical Services PCL (Foreign)Bangkok Dusit Medical Services PCL (Foreign) | 375,500 | 278 |
| | IRPC PCL (Foreign) | 1,491,200 | 275 |
| * | WHA Corp. PCL | 2,165,800 | 270 |
| ^ | Total Access Communication PCL (Foreign) | 187,000 | 269 |
| * | Tisco Financial Group PCL | 111,400 | 265 |
| * | IRPC PCL | 1,439,200 | 265 |
| | Electricity Generating PCL (Foreign) | 37,200 | 260 |
| * | Delta Electronics Thailand PCL | 123,900 | 258 |
| * | Central Plaza Hotel PCL | 207,300 | 252 |
| | TMB Bank PCL (Foreign) | 3,532,900 | 244 |
| * | Jasmine Broadband Internet Infrastructure Fund | 766,700 | 236 |
| * | Siam Global House PCL | 414,688 | 235 |
| * | CH Karnchang PCL | 302,700 | 233 |
| * | Srisawad Corp. PCL | 169,459 | 228 |
| * | Chularat Hospital PCL | 2,926,280 | 225 |
| * | Robinson PCL | 112,700 | 223 |
| * | Jasmine International PCL | 1,429,000 | 222 |
| * | Supalai PCL | 327,800 | 217 |
| * | VGI Global Media PCL | 947,000 | 216 |
| * | TOA Paint Thailand PCL | 210,600 | 215 |
| | MBK PCL | 287,800 | 212 |
| * | Global Power Synergy PCL | 118,600 | 207 |
| * | TMB Bank PCL | 2,997,500 | 207 |
| *,2 | Star Petroleum Refining PCL | 484,700 | 206 |
| * | Siam City Cement PCL (Local) | 27,700 | 201 |
| ^ | Tisco Financial Group PCL | 83,500 | 199 |
| * | Kiatnakin Bank PCL (Local) | 88,100 | 190 |
91
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | IMPACT Growth REIT | 322,700 | 184 |
| | Bumrungrad Hospital PCL (Foreign) | 30,900 | 180 |
| * | Hana Microelectronics PCL | 163,000 | 179 |
| * | BCPG PCL | 313,500 | 177 |
| * | Bangkok Chain Hospital PCL | 297,200 | 175 |
| | Siam Commercial Bank PCL (Foreign) | 41,500 | 172 |
| * | Thanachart Capit | 106,100 | 169 |
| | BTS Group Holdings PCL | 604,800 | 167 |
| * | B Grimm Power PCL | 191,700 | 162 |
| * | TTW PCL | 437,300 | 162 |
| | Kiatnakin Bank PCL (Foreign) | 74,800 | 161 |
| * | Land & Houses PCL | 508,200 | 158 |
| * | Esso Thailand PCL | 357,200 | 156 |
| * | Major Cineplex Group PCL | 203,500 | 145 |
| * | Bangkok Land PCL | 2,749,700 | 143 |
| | Thanachart Cap-f | 88,900 | 141 |
| * | Thai Oil PCL | 54,500 | 139 |
| * | MK Restaurants Group PCL | 62,900 | 128 |
| * | Quality Houses PCL | 1,338,683 | 127 |
| * | TPI Polene Power PCL | 688,700 | 125 |
| | Bangkok Life Assurance PCL | 123,500 | 118 |
| * | AP Thailand PCL | 476,600 | 118 |
| * | Amata Corp. PCL | 158,800 | 116 |
| * | Italian-Thai Development PCL | 1,396,000 | 115 |
| | Berli Jucker PCL (Foreign) | 67,984 | 114 |
| * | Beauty Community PCL | 369,400 | 112 |
| * | Origin Property PCL | 389,400 | 108 |
| * | Carabao Group PCL | 77,400 | 106 |
| * | TPI Polene PCL | 1,930,500 | 105 |
| * | Thai Airways International PCL | 260,300 | 102 |
| * | Sri Trang Agro-Industry PCL | 180,700 | 98 |
| ^ | Thoresen Thai Agencies PCL (Foreign) | 476,652 | 97 |
| | Bangkok Expressway & Metro PCL (Foreign) | 373,048 | 96 |
| * | Gunkul Engineering PCL | 987,583 | 93 |
| * | Thai Union Group PCL | 183,500 | 92 |
| * | Sansiri PCL (Local) | 1,855,200 | 88 |
| *,§ | Pruksa Real Estate PCL | 210,700 | 85 |
| * | Banpu Power PCL | 117,600 | 85 |
| * | U City PCL | 90,412,494 | 82 |
| * | Super Energy Corp. PCL | 3,838,700 | 81 |
| * | CK Power PCL | 529,000 | 80 |
| * | Thaifoods Group PCL | 649,700 | 76 |
| | LPN Development PCL | 268,700 | 76 |
| * | Thai Vegetable Oil PCL | 88,000 | 75 |
| * | Vibhavadi Medical Center PCL | 1,028,700 | 70 |
| | Banpu PCL | 132,528 | 70 |
| * | Bangkok Airways PCL | 184,800 | 65 |
| * | Workpoint Entertainment PCL | 67,400 | 64 |
| * | Tipco Asphalt PCL | 140,500 | 62 |
| | Thanachart Capital PCL | 38,600 | 61 |
| | Unique Engineering & Construction PCL | 155,600 | 59 |
| * | Pruksa Holding PCL | 94,600 | 58 |
| | Hana Microelectronics PCL (Foreign) | 46,600 | 51 |
| * | Thaicom PCL | 197,300 | 51 |
| * | Bangkok Life Assurance PCL | 50,940 | 49 |
| * | GFPT PCL | 112,200 | 49 |
| * | Taokaenoi Food & Marketing PCL | 123,500 | 48 |
| * | Precious Shipping PCL | 125,400 | 44 |
| * | BEC World PCL (Foreign) | 225,100 | 42 |
| * | Thai Airways International PCL (Foreign) | 104,374 | 41 |
| * | PTG Energy PCL | 127,400 | 40 |
| * | SPCG PCL | 65,000 | 40 |
| * | Total Access Communication PCL (Local) | 25,400 | 37 |
| | True Corp. PCL (Foreign) | 196,601 | 35 |
92
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Supalai PCL (Foreign) | 52,800 | 35 |
| | Delta Electronics Thailand PCL (Foreign) | 16,000 | 33 |
| *,§ | Inter Far East Energy Corp. | 351,100 | 33 |
| | WHA Corp. PCL (Foreign) | 262,802 | 33 |
| * | Univentures PCL | 143,400 | 32 |
| * | Group Lease PCL | 149,700 | 31 |
| * | Samart Corp. PCL | 128,900 | 28 |
| | CK Power PCL (Foreign) | 179,860 | 27 |
| * | Cal-Comp Electronics Thailand PCL | 387,330 | 23 |
| * | Precious Shipping PCL (Foreign) | 62,700 | 22 |
| | Sri Trang Agro-Industry PCL (Foreign) | 38,696 | 21 |
| | VGI Global Media PCL | 71,450 | 16 |
| * | Dynasty Ceramic PCL Warrants Exp. 05/03/2021 | 544,600 | 15 |
| | Tesco Lotus Retail Growth Freehold & Leasehold Property Fund | 7,600 | 4 |
| * | CK Power PCL Foreign Line Warrants Exp. 05/28/2020 | 179,860 | 3 |
| * | Thoresen Thai Agencies PCL | 13,200 | 3 |
| * | VGI Global Media PCL (F)Warrants Exp. 12/31/2022 | 203,690 | 2 |
| * | Super Energy Corp. PCL Warrants Exp. 08/30/2020 | 767,740 | 2 |
| *,^ | Group Lease PCL (Foreign) | 6,259 | 1 |
| * | Srisawad Power 1979 PCL Warrants Exp. 05/29/2020 | 2,960 | 1 |
| * | Samart Corp. PCL Warrants Exp. 05/08/2021 | 42,966 | 1 |
| * | Vibhavadi Medical Center PCL Warrants Exp. 05/09/2022 | 79,130 | 1 |
| * | Thaifoods Group PCL Warrants Exp. 04/28/2020 | 24,210 | — |
| * | Thoresen Thai Agencies PCL Expire 2/28/2019 | 53,346 | — |
| * | Italian-Thai Development PCL Warrants Exp. 05/13/2019 | 56,840 | — |
| | Charoen Pokphand Foods PCL (Foreign) | 100 | — |
| * | BTS Group Holdings PCL - F Warrants Exp. 12/31/19 | 191,711 | — |
| * | BTS Group Holdings PCL - NVDR Warrants Exp. 12/31/19 | 67,199 | — |
| | | | 61,001 |
| Turkey (0.1%) | | |
| | Turkiye Garanti Bankasi AS | 837,676 | 1,054 |
| | BIM Birlesik Magazalar AS | 61,113 | 869 |
| | Tupras Turkiye Petrol Rafinerileri AS | 35,220 | 831 |
| | KOC Holding AS | 268,233 | 749 |
| | Akbank T.A.S. | 622,627 | 736 |
| | Eregli Demir ve Celik Fabrikalari TAS | 421,050 | 683 |
| | Turkcell Iletisim Hizmetleri AS | 331,134 | 674 |
| * | Turk Hava Yollari AO | 166,592 | 420 |
| | Haci Omer Sabanci Holding AS (Bearer) | 268,197 | 342 |
| | Turkiye Is Bankasi AS | 375,252 | 268 |
| | Petkim Petrokimya Holding AS | 267,186 | 243 |
| | Aselsan Elektronik Sanayi Ve Ticaret AS | 49,526 | 224 |
| | TAV Havalimanlari Holding AS | 47,557 | 198 |
| | Anadolu Efes Biracilik Ve Malt Sanayii AS | 57,339 | 193 |
| | Ford Otomotiv Sanayi AS | 17,563 | 189 |
| | Turkiye Halk Bankasi AS | 163,616 | 181 |
| * | Ulker Biskuvi Sanayi AS | 62,695 | 166 |
| | Turkiye Vakiflar Bankasi TAO | 270,158 | 166 |
| | Soda Sanayii AS | 118,534 | 144 |
| | Enka Insaat ve Sanayi AS | 169,819 | 142 |
| | Tofas Turk Otomobil Fabrikasi AS | 37,311 | 141 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 469,363 | 140 |
| | Turkiye Sise ve Cam Fabrikalari AS | 161,616 | 137 |
| | Tekfen Holding AS | 35,895 | 137 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class AKardemir Karabuk Demir Celik Sanayi | | |
| | ve Ticaret AS Class AKardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class AKardemir | | |
| | Karabuk Demir Celik Sanayi ve Ticaret AS Class A | 296,019 | 114 |
| | Arcelik AS | 35,788 | 99 |
| | EGE Endustri VE Ticaret AS | 1,374 | 97 |
| * | Yapi ve Kredi Bankasi AS | 316,975 | 92 |
| * | Aksa Enerji Uretim AS Class B | 123,798 | 84 |
| | Aksigorta AS | 132,563 | 81 |
| * | Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS | 265,111 | 80 |
| * | Vakif Gayrimenkul Yatirim Ortakligi AS | 268,431 | 76 |
93
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Bizim Toptan Satis Magazalari AS | 60,606 | 73 |
| | Turkiye Sinai Kalkinma Bankasi AS | 560,984 | 71 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 125,938 | 69 |
| | Trakya Cam Sanayii AS | 116,933 | 68 |
| | Coca-Cola Icecek AS | 13,694 | 68 |
| * | Zorlu Enerji Elektrik Uretim AS | 328,267 | 65 |
| * | Koza Altin Isletmeleri AS | 8,052 | 65 |
| | AG Anadolu Grubu Holding AS | 31,736 | 65 |
| * | Turk Telekomunikasyon AS | 106,702 | 61 |
| * | Sasa Polyester Sanayi AS | 38,322 | 57 |
| * | Koza Anadolu Metal Madencilik Isletmeleri AS | 59,315 | 54 |
| 2 | Mavi Giyim Sanayi Ve Ticaret AS Class B | 7,388 | 44 |
| | Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 60,773 | 42 |
| * | Logo Yazilim Sanayi Ve Ticaret AS | 6,831 | 39 |
| * | NET Holding AS | 95,198 | 38 |
| * | Sekerbank Turk AS | 205,730 | 34 |
| * | Dogan Sirketler Grubu Holding AS | 168,390 | 33 |
| | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 60,942 | 32 |
| *,2 | MLP Saglik Hizmetleri AS | 13,316 | 32 |
| * | Bera Holding AS | 102,172 | 29 |
| | Aygaz AS | 12,065 | 26 |
| | Tat Gida Sanayi AS | 37,871 | 26 |
| * | Afyon Cimento Sanayi TAS | 30,263 | 24 |
| * | Vestel Elektronik Sanayi ve Ticaret AS | 20,037 | 24 |
| | Aksa Akrilik Kimya Sanayii AS | 11,842 | 19 |
| | Otokar Otomotiv Ve Savunma Sanayi A.S. | 1,491 | 19 |
| * | Migros Ticaret AS | 6,467 | 17 |
| * | Pegasus Hava Tasimaciligi AS | 4,428 | 16 |
| | Is Gayrimenkul Yatirim Ortakligi AS | 91,844 | 14 |
| | Cimsa Cimento Sanayi VE Ticaret AS | 8,065 | 11 |
| | Turk Traktor ve Ziraat Makineleri AS | 1,534 | 10 |
| | Konya Cimento Sanayii AS | 267 | 8 |
| | Albaraka Turk Katilim Bankasi AS | 32,421 | 8 |
| | Torunlar Gayrimenkul Yatirim Ortakligi AS | 26,089 | 7 |
| | Dogus Otomotiv Servis ve Ticaret AS | 7,386 | 7 |
| | Anadolu Hayat Emeklilik AS | 4,440 | 5 |
| *,§ | Asya Katilim Bankasi AS | 147,465 | — |
| | | | 11,030 |
| United Arab Emirates (0.1%) | | |
| | First Abu Dhabi Bank PJSC | 927,705 | 3,493 |
| | Emirates Telecommunications Group Co. PJSC | 557,470 | 2,643 |
| | Emaar Properties PJSC | 1,074,375 | 1,491 |
| | Abu Dhabi Commercial Bank PJSC | 599,754 | 1,321 |
| | DP World Ltd. | 51,276 | 923 |
| | Dubai Islamic Bank PJSC | 569,309 | 816 |
| | Aldar Properties PJSC | 1,217,482 | 574 |
| | Dana Gas PJSC | 1,186,473 | 371 |
| | Emaar Development PJSC | 270,876 | 366 |
| | Dubai Investments PJSC | 659,013 | 291 |
| | Emaar Malls PJSC | 526,538 | 262 |
| | DAMAC Properties Dubai Co. PJSC | 473,801 | 261 |
| | Air Arabia PJSC | 787,031 | 218 |
| | Abu Dhabi National Oil Co. for Distribution PJSC | 345,208 | 208 |
| | Orascom Construction Ltd. | 29,541 | 184 |
| | Amanat Holdings PJSC | 389,761 | 125 |
| | Al Waha Capital PJSC | 234,724 | 119 |
| | Dubai Financial Market PJSC | 426,230 | 101 |
| | Arabtec Holding PJSC | 177,489 | 97 |
| * | Amlak Finance PJSC | 421,186 | 66 |
| * | DXB Entertainments PJSC | 666,893 | 64 |
| | National Central Cooling Co. PJSC | 134,628 | 62 |
| * | Deyaar Development PJSC | 361,379 | 43 |
| * | Eshraq Properties Co. PJSC | 184,450 | 30 |
| * | Union Properties PJSC | 154,253 | 26 |
94
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| RAK Properties PJSC | 168,932 | 26 |
| * Drake & Scull International PJSC | 114,862 | 12 |
| | | 14,193 |
| United Kingdom (5.5%) | | |
| HSBC Holdings plc | 6,302,718 | 51,869 |
| Royal Dutch Shell plc Class A | 1,429,260 | 45,534 |
| BP plc | 6,138,788 | 44,345 |
| Royal Dutch Shell plc Class B | 1,191,316 | 38,852 |
| AstraZeneca plc | 400,285 | 30,618 |
| GlaxoSmithKline plc | 1,538,498 | 29,797 |
| British American Tobacco plc | 607,725 | 26,345 |
| Diageo plc | 760,685 | 26,298 |
| Unilever plc | 351,121 | 18,599 |
| Rio Tinto plc | 361,210 | 17,537 |
| Shire plc | 283,430 | 17,105 |
| Lloyds Banking Group plc | 22,638,310 | 16,520 |
| Prudential plc | 814,034 | 16,300 |
| Reckitt Benckiser Group plc | 197,233 | 15,949 |
| Vodafone Group plc | 8,439,072 | 15,870 |
| Glencore plc | 3,677,282 | 14,965 |
| BHP Billiton plc | 651,719 | 13,001 |
| Barclays plc | 5,347,282 | 11,782 |
| National Grid plc | 1,055,869 | 11,154 |
| Imperial Brands plc | 305,912 | 10,362 |
| Compass Group plc | 501,223 | 9,858 |
| Tesco plc | 3,049,104 | 8,304 |
| BT Group plc | 2,656,454 | 8,134 |
| CRH plc | 261,287 | 7,802 |
| Aviva plc | 1,247,962 | 6,820 |
| Experian plc | 296,331 | 6,815 |
| BAE Systems plc | 1,012,601 | 6,790 |
| Anglo American plc | 313,946 | 6,701 |
| RELX plc | 332,757 | 6,581 |
| Legal & General Group plc | 1,894,204 | 6,078 |
| Standard Chartered plc | 858,993 | 6,020 |
| Rolls-Royce Holdings plc | 529,075 | 5,674 |
| London Stock Exchange Group plc | 100,266 | 5,524 |
| * RELX plc | 278,688 | 5,515 |
| Ferguson plc | 75,372 | 5,082 |
| British American Tobacco plc ADR | 114,073 | 4,951 |
| SSE plc | 334,736 | 4,879 |
| Smith & Nephew plc | 282,756 | 4,596 |
| WPP plc | 382,678 | 4,330 |
| Royal Bank of Scotland Group plc | 1,401,545 | 4,219 |
| Ashtead Group plc | 158,540 | 3,914 |
| Informa plc | 420,090 | 3,834 |
| InterContinental Hotels Group plc | 69,631 | 3,654 |
| Associated British Foods plc | 113,248 | 3,453 |
| 3i Group plc | 306,910 | 3,437 |
| Intertek Group plc | 57,289 | 3,433 |
| Centrica plc | 1,756,430 | 3,299 |
| Melrose Industries plc | 1,530,902 | 3,295 |
| Whitbread plc | 58,524 | 3,291 |
| * Worldpay Inc. Class A | 35,808 | 3,263 |
| Bunzl plc | 104,505 | 3,083 |
| Burberry Group plc | 129,134 | 2,988 |
| Persimmon plc | 97,770 | 2,861 |
| Carnival plc | 52,349 | 2,853 |
| Pearson plc | 245,143 | 2,816 |
| * Standard Life Aberdeen plc | 803,656 | 2,776 |
| Next plc | 41,624 | 2,765 |
| Mondi plc | 115,394 | 2,717 |
| DCC plc | 30,103 | 2,580 |
| Segro plc | 318,497 | 2,497 |
95
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Smurfit Kappa Group plc | 75,835 | 2,481 |
| Sage Group plc | 350,049 | 2,434 |
| Land Securities Group plc | 222,245 | 2,418 |
| International Consolidated Airlines Group SA (London Shares) | 312,499 | 2,409 |
| Croda International plc | 38,983 | 2,401 |
| British Land Co. plc | 302,516 | 2,285 |
| Rentokil Initial plc | 565,187 | 2,279 |
| Randgold Resources Ltd. | 28,747 | 2,261 |
| Johnson Matthey plc | 59,493 | 2,256 |
| RSA Insurance Group plc | 312,999 | 2,251 |
| Kingfisher plc | 679,034 | 2,205 |
| ITV plc | 1,159,223 | 2,201 |
| Smiths Group plc | 121,650 | 2,168 |
| Paddy Power Betfair plc | 25,220 | 2,163 |
| GVC Holdings plc | 178,960 | 2,144 |
| Wm Morrison Supermarkets plc | 666,927 | 2,113 |
| St. James's Place plc | 160,077 | 2,069 |
| Taylor Wimpey plc | 997,571 | 2,054 |
| Barratt Developments plc | 307,529 | 2,017 |
| Halma plc | 117,569 | 1,995 |
| United Utilities Group plc | 214,569 | 1,988 |
| J Sainsbury plc | 498,841 | 1,982 |
| DS Smith plc | 388,194 | 1,948 |
| Hargreaves Lansdown plc | 80,808 | 1,926 |
| Marks & Spencer Group plc | 499,521 | 1,889 |
| John Wood Group plc | 204,599 | 1,865 |
| Spirax-Sarco Engineering plc | 22,555 | 1,863 |
| TUI AG | 110,192 | 1,828 |
| Direct Line Insurance Group plc | 422,893 | 1,777 |
| Coca-Cola HBC AG | 59,946 | 1,771 |
| Hiscox Ltd. | 85,046 | 1,767 |
| Severn Trent plc | 72,641 | 1,726 |
| Berkeley Group Holdings plc | 38,618 | 1,726 |
| Meggitt plc | 241,371 | 1,633 |
| Weir Group plc | 80,624 | 1,632 |
| Rightmove plc | 278,830 | 1,610 |
| 2 Auto Trader Group plc | 307,149 | 1,605 |
| Admiral Group plc | 61,877 | 1,591 |
| * Ocado Group plc | 135,982 | 1,484 |
| NEX Group plc | 98,386 | 1,427 |
| * Just Eat plc | 180,737 | 1,402 |
| B&M European Value Retail SA | 260,874 | 1,388 |
| Bellway plc | 37,752 | 1,385 |
| CYBG plc | 402,359 | 1,382 |
| Hammerson plc | 245,007 | 1,368 |
| Phoenix Group Holdings | 177,067 | 1,361 |
| Tate & Lyle plc | 152,879 | 1,314 |
| Royal Mail plc | 285,263 | 1,310 |
| G4S plc | 475,689 | 1,305 |
| Investec plc | 199,812 | 1,235 |
| * Tullow Oil plc | 425,952 | 1,222 |
| Pennon Group plc | 128,016 | 1,220 |
| Cineworld Group plc | 321,698 | 1,209 |
| Micro Focus International plc | 76,614 | 1,188 |
| RPC Group plc | 121,092 | 1,180 |
| NMC Health plc | 26,088 | 1,176 |
| Schroders plc | 34,265 | 1,173 |
| SSP Group plc | 136,502 | 1,164 |
| Derwent London plc | 30,662 | 1,147 |
| Howden Joinery Group plc | 182,708 | 1,094 |
| Travis Perkins plc | 77,256 | 1,091 |
| Antofagasta plc | 108,377 | 1,085 |
| Intermediate Capital Group plc | 88,819 | 1,079 |
| Electrocomponents plc | 135,963 | 1,076 |
96
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Hikma Pharmaceuticals plc | 44,354 | 1,076 |
| Evraz plc | 154,357 | 1,069 |
| Beazley plc | 159,255 | 1,069 |
| easyJet plc | 68,612 | 1,051 |
| IMI plc | 82,412 | 1,045 |
| HomeServe plc | 85,769 | 1,041 |
| Rotork plc | 270,153 | 1,034 |
| * Cobham plc | 751,250 | 1,031 |
| Spectris plc | 37,421 | 1,024 |
| 2 ConvaTec Group plc | 486,309 | 1,005 |
| BBA Aviation plc | 318,413 | 976 |
| Man Group plc | 483,052 | 958 |
| 2 Merlin Entertainments plc | 223,162 | 922 |
| Close Brothers Group plc | 48,881 | 918 |
| Jardine Lloyd Thompson Group plc | 37,903 | 913 |
| UNITE Group plc | 82,326 | 896 |
| Dechra Pharmaceuticals plc | 30,514 | 892 |
| * Capita plc | 541,902 | 887 |
| Britvic plc | 86,231 | 871 |
| IG Group Holdings plc | 112,007 | 865 |
| Hays plc | 409,542 | 858 |
| Inmarsat plc | 146,486 | 852 |
| Inchcape plc | 123,050 | 850 |
| * BTG plc | 119,423 | 841 |
| 2 Quilter plc | 565,721 | 837 |
| WH Smith plc | 33,293 | 828 |
| Aggreko plc | 74,935 | 821 |
| * Metro Bank plc | 28,900 | 820 |
| Shaftesbury plc | 70,788 | 811 |
| Tritax Big Box REIT plc | 442,373 | 808 |
| Victrex plc | 23,578 | 798 |
| Daily Mail & General Trust plc | 87,693 | 783 |
| AVEVA Group plc | 23,044 | 771 |
| Polymetal International plc | 82,680 | 767 |
| National Express Group plc | 143,158 | 731 |
| Capital & Counties Properties plc | 228,253 | 728 |
| William Hill plc | 264,272 | 710 |
| Great Portland Estates plc | 79,418 | 707 |
| Drax Group plc | 136,579 | 700 |
| QinetiQ Group plc | 192,638 | 682 |
| Intu Properties plc | 268,035 | 670 |
| Petrofac Ltd. | 91,059 | 670 |
| Dixons Carphone plc | 309,638 | 669 |
| Bodycote plc | 65,682 | 667 |
| Pagegroup plc | 103,701 | 665 |
| UDG Healthcare plc | 81,522 | 657 |
| Balfour Beatty plc | 195,076 | 655 |
| Greene King plc | 104,512 | 643 |
| TP ICAP plc | 170,466 | 632 |
| Fresnillo plc | 58,206 | 631 |
| Babcock International Group plc | 78,314 | 611 |
| BCA Marketplace plc | 236,595 | 608 |
| IWG plc | 206,593 | 606 |
| Mediclinic International plc | 125,420 | 603 |
| Moneysupermarket.com Group plc | 159,747 | 599 |
| Greencore Group plc | 246,778 | 597 |
| JD Sports Fashion plc | 113,569 | 592 |
| Big Yellow Group plc | 52,830 | 582 |
| 2 Sophos Group plc | 103,846 | 582 |
| Ascential plc | 120,739 | 581 |
| Saga plc | 378,835 | 577 |
| 2 John Laing Group plc | 144,280 | 574 |
| Bovis Homes Group plc | 46,255 | 572 |
| Renishaw plc | 10,638 | 572 |
97
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Grafton Group plc | 61,147 | 565 |
| | Diploma plc | 33,683 | 565 |
| * | Indivior plc | 233,216 | 561 |
| | Playtech plc | 91,694 | 561 |
| | Jupiter Fund Management plc | 129,109 | 556 |
| 2 | Countryside Properties plc | 139,852 | 535 |
| | Lancashire Holdings Ltd. | 70,631 | 532 |
| | Genus plc | 18,846 | 532 |
| * | Provident Financial plc | 81,356 | 530 |
| | Ashmore Group plc | 117,860 | 530 |
| | Assura plc | 791,591 | 529 |
| | Synthomer plc | 92,013 | 522 |
| | Cranswick plc | 13,943 | 515 |
| | Entertainment One Ltd. | 97,523 | 510 |
| | Workspace Group plc | 41,522 | 509 |
| | Domino's Pizza Group plc | 139,808 | 506 |
| * | Cairn Energy plc | 198,661 | 499 |
| * | Serco Group plc | 399,905 | 491 |
| | Rathbone Brothers plc | 16,596 | 488 |
| | Paragon Banking Group plc | 88,196 | 479 |
| | KAZ Minerals plc | 72,293 | 477 |
| | Centamin plc | 374,696 | 476 |
| | Elementis plc | 174,367 | 456 |
| | Redrow plc | 66,999 | 452 |
| | Essentra plc | 92,683 | 452 |
| * | Firstgroup plc | 412,086 | 448 |
| | Coats Group plc | 430,209 | 442 |
| | Grainger plc | 127,474 | 440 |
| | LondonMetric Property plc | 188,148 | 433 |
| | Senior plc | 119,584 | 416 |
| | Greggs plc | 27,961 | 415 |
| 2 | Ibstock plc | 141,222 | 405 |
| | Ultra Electronics Holdings plc | 21,821 | 401 |
| | Vesuvius plc | 56,567 | 392 |
| | Safestore Holdings plc | 57,333 | 391 |
| | Savills plc | 42,139 | 390 |
| | Rhi Magnesita NV | 7,981 | 387 |
| *,^ | Sirius Minerals plc | 1,308,781 | 385 |
| | OneSavings Bank plc | 80,438 | 383 |
| | Hunting plc | 43,378 | 372 |
| *,2 | Wizz Air Holdings plc | 11,267 | 370 |
| | Galliford Try plc | 31,872 | 355 |
| | esure Group plc | 93,898 | 334 |
| | Just Group plc | 292,671 | 332 |
| | Kier Group plc | 29,518 | 330 |
| | Hill & Smith Holdings plc | 26,108 | 330 |
| | J D Wetherspoon plc | 20,870 | 329 |
| | Marshalls plc | 59,852 | 329 |
| * | Premier Oil plc | 237,527 | 326 |
| | Marston's plc | 256,497 | 325 |
| | Crest Nicholson Holdings plc | 74,364 | 323 |
| | Morgan Advanced Materials plc | 90,162 | 317 |
| | TalkTalk Telecom Group plc | 207,546 | 317 |
| | Games Workshop Group plc | 8,040 | 316 |
| | SIG plc | 220,272 | 315 |
| | UK Commercial Property REIT Ltd. | 280,203 | 314 |
| | NewRiver REIT plc | 96,297 | 311 |
| | Primary Health Properties plc | 220,486 | 308 |
| | Brewin Dolphin Holdings plc | 72,237 | 304 |
| | Stagecoach Group plc | 150,857 | 295 |
| | Computacenter plc | 20,756 | 291 |
| | Polypipe Group plc | 60,737 | 287 |
| | Telecom Plus plc | 18,074 | 282 |
| | Softcat plc | 33,596 | 277 |
98
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| 2 | McCarthy & Stone plc | 157,594 | 272 |
| * | EI Group plc | 127,165 | 270 |
| | Bank of Georgia Group plc | 13,513 | 270 |
| 2 | Equiniti Group plc | 97,712 | 269 |
| | AA plc | 208,955 | 267 |
| | Sanne Group plc | 36,955 | 264 |
| | Thomas Cook Group plc | 453,002 | 261 |
| | Go-Ahead Group plc | 13,183 | 259 |
| | NCC Group plc | 101,450 | 254 |
| | F&C Commercial Property Trust Ltd. | 145,117 | 250 |
| | Pets at Home Group plc | 172,559 | 242 |
| | Halfords Group plc | 61,629 | 242 |
| | St. Modwen Properties plc | 48,958 | 234 |
| | Dairy Crest Group plc | 37,658 | 230 |
| * | Sports Direct International plc | 54,487 | 227 |
| | Card Factory plc | 95,290 | 224 |
| | TBC Bank Group plc | 10,275 | 222 |
| | Stobart Group Ltd. | 81,472 | 221 |
| | Ferrexpo plc | 82,626 | 220 |
| | Chemring Group plc | 93,517 | 218 |
| | Keller Group plc | 25,893 | 214 |
| | Superdry plc | 20,701 | 214 |
| | Redefine International plc | 502,206 | 211 |
| * | IntegraFin Holdings plc | 60,208 | 208 |
| | Chesnara plc | 46,835 | 206 |
| | AG Barr plc | 20,735 | 202 |
| * | Georgia Capital plc | 13,513 | 202 |
| | De La Rue plc | 32,227 | 198 |
| | Northgate plc | 38,520 | 186 |
| | Picton Property Income Ltd. | 166,929 | 185 |
| | Mitie Group plc | 98,196 | 182 |
| * | Vectura Group plc | 199,977 | 182 |
| 2 | Hastings Group Holdings plc | 76,710 | 181 |
| | Ted Baker plc | 7,651 | 179 |
| | Dignity plc | 13,885 | 177 |
| | Schroder REIT Ltd. | 234,122 | 175 |
| | International Personal Finance plc | 76,661 | 175 |
| | Devro plc | 83,283 | 175 |
| | Dunelm Group plc | 22,807 | 174 |
| * | AO World plc | 101,244 | 172 |
| | KCOM Group plc | 145,954 | 172 |
| | Hansteen Holdings plc | 138,562 | 170 |
| | 888 Holdings plc | 70,142 | 166 |
| 2 | Charter Court Financial Services Group plc | 44,540 | 165 |
| | Restaurant Group plc | 52,919 | 163 |
| | ITE Group plc | 221,320 | 161 |
| | Mitchells & Butlers plc | 47,962 | 159 |
| | Gocompare.Com Group plc | 140,473 | 149 |
| * | Bank of Cyprus Holdings plc | 74,379 | 147 |
| | Lookers plc | 116,883 | 143 |
| | RPS Group plc | 70,942 | 142 |
| 2 | Spire Healthcare Group plc | 87,431 | 131 |
| | Hochschild Mining plc | 64,093 | 129 |
| | Renewi plc | 179,451 | 118 |
| * | Premier Foods plc | 239,782 | 117 |
| *,^ | Petra Diamonds Ltd. | 224,917 | 113 |
| | PZ Cussons plc | 39,815 | 111 |
| | Soco International plc | 99,429 | 107 |
| | Helical plc | 25,204 | 100 |
| * | Ophir Energy plc | 175,526 | 92 |
| 2 | Bakkavor Group plc | 46,001 | 88 |
| * | Acacia Mining plc | 43,908 | 86 |
| | N Brown Group plc | 41,889 | 73 |
| | Rank Group plc | 34,276 | 70 |
99
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Daejan Holdings plc | 813 | 61 |
| * | Nostrum Oil & Gas plc | 19,562 | 51 |
| 2 | CMC Markets plc | 28,615 | 43 |
| *,2 | Alfa Financial Software Holdings plc | 25,977 | 42 |
| * | Allied Minds plc | 50,534 | 38 |
| *,^,§ | Afren plc | 141,140 | — |
| *,§ | Carillion plc | 88,745 | — |
| | | | 858,107 |
| United States (54.6%) | | |
| Basic Materials (1.2%) | | |
| | DowDuPont Inc. | 729,750 | 39,348 |
| | LINDE PLC | 90,660 | 15,002 |
| | Ecolab Inc. | 81,369 | 12,462 |
| | Air Products & Chemicals Inc. | 69,782 | 10,771 |
| | LyondellBasell Industries NV Class A | 100,834 | 9,001 |
| | PPG Industries Inc. | 77,444 | 8,139 |
| | Nucor Corp. | 101,817 | 6,019 |
| | International Paper Co. | 130,949 | 5,940 |
| | Freeport-McMoRan Inc. | 453,142 | 5,279 |
| | Newmont Mining Corp. | 169,001 | 5,226 |
| | International Flavors & Fragrances Inc. | 29,834 | 4,316 |
| | Celanese Corp. Class A | 44,237 | 4,288 |
| | Eastman Chemical Co. | 46,026 | 3,606 |
| | CF Industries Holdings Inc. | 70,595 | 3,391 |
| | Mosaic Co. | 109,150 | 3,377 |
| | FMC Corp. | 43,098 | 3,365 |
| | Albemarle Corp. | 33,559 | 3,330 |
| | Steel Dynamics Inc. | 70,300 | 2,784 |
| | RPM International Inc. | 40,300 | 2,465 |
| | Avery Dennison Corp. | 27,030 | 2,452 |
| * | Alcoa Corp. | 57,564 | 2,014 |
| | Chemours Co. | 56,664 | 1,870 |
| | Reliance Steel & Aluminum Co. | 21,700 | 1,713 |
| * | Axalta Coating Systems Ltd. | 65,503 | 1,617 |
| | Royal Gold Inc. | 19,900 | 1,525 |
| | Huntsman Corp. | 68,800 | 1,505 |
| | United States Steel Corp. | 54,495 | 1,446 |
| | Ashland Global Holdings Inc. | 18,915 | 1,399 |
| | WR Grace & Co. | 20,900 | 1,354 |
| * | Ingevity Corp. | 13,839 | 1,260 |
| | Versum Materials Inc. | 33,364 | 1,053 |
| | Olin Corp. | 51,610 | 1,043 |
| * | Cleveland-Cliffs Inc. | 92,000 | 990 |
| | KapStone Paper and Packaging Corp. | 27,600 | 966 |
| | Southern Copper Corp. | 24,901 | 955 |
| | Cabot Corp. | 18,800 | 915 |
| | Peabody Energy Corp. | 25,300 | 897 |
| | NewMarket Corp. | 2,300 | 888 |
| | Scotts Miracle-Gro Co. | 13,291 | 887 |
| | Domtar Corp. | 19,000 | 880 |
| | Balchem Corp. | 9,300 | 871 |
| | Sensient Technologies Corp. | 12,900 | 837 |
| * | Univar Inc. | 33,503 | 825 |
| | PolyOne Corp. | 24,400 | 788 |
| | Westlake Chemical Corp. | 10,900 | 777 |
| * | Platform Specialty Products Corp. | 69,587 | 753 |
| | Commercial Metals Co. | 37,500 | 715 |
| | Trinseo SA | 13,218 | 712 |
| | HB Fuller Co. | 15,900 | 707 |
| | Quaker Chemical Corp. | 3,800 | 684 |
| * | GCP Applied Technologies Inc. | 25,600 | 665 |
| | Carpenter Technology Corp. | 14,400 | 628 |
| | Minerals Technologies Inc. | 10,800 | 591 |
| | Stepan Co. | 6,971 | 576 |
100
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Arch Coal Inc. Class A | 5,700 | 547 |
| | Innospec Inc. | 7,600 | 509 |
| | Worthington Industries Inc. | 11,400 | 477 |
| | Kaiser Aluminum Corp. | 5,000 | 477 |
| | Compass Minerals International Inc. | 9,400 | 456 |
| * | Ferro Corp. | 26,100 | 442 |
| * | Constellium NV Class A | 42,700 | 387 |
| | Neenah Inc. | 4,700 | 378 |
| | Materion Corp. | 6,232 | 354 |
| | US Silica Holdings Inc. | 25,078 | 351 |
| | Hecla Mining Co. | 142,712 | 342 |
| *,^ | AK Steel Holding Corp. | 91,692 | 339 |
| * | Coeur Mining Inc. | 70,200 | 336 |
| * | CONSOL Energy Inc. | 8,034 | 320 |
| | Tronox Ltd. Class A | 27,400 | 314 |
| | Schweitzer-Mauduit International Inc. | 9,400 | 300 |
| | PH Glatfelter Co. | 15,200 | 272 |
| * | Kraton Corp. | 9,200 | 253 |
| | Orion Engineered Carbons SA | 9,500 | 245 |
| * | AdvanSix Inc. | 8,299 | 230 |
| | Schnitzer Steel Industries Inc. | 8,000 | 215 |
| | Rayonier Advanced Materials Inc. | 15,900 | 197 |
| | Innophos Holdings Inc. | 5,600 | 164 |
| * | TimkenSteel Corp. | 14,100 | 164 |
| * | Koppers Holdings Inc. | 6,000 | 160 |
| | Tredegar Corp. | 8,100 | 151 |
| | Nexa Resources SA | 11,400 | 127 |
| | Ferroglobe plc | 20,700 | 126 |
| * | Century Aluminum Co. | 14,500 | 115 |
| * | Venator Materials plc | 14,800 | 100 |
| *,§ | Ferroglobe R&W Trust | 10,400 | — |
| | | | 194,715 |
| Consumer Goods (4.4%) | | |
| | Procter & Gamble Co. | 779,948 | 69,166 |
| | Coca-Cola Co. | 1,197,410 | 57,332 |
| | PepsiCo Inc. | 444,472 | 49,950 |
| | Philip Morris International Inc. | 489,959 | 43,151 |
| | Altria Group Inc. | 598,322 | 38,915 |
| | NIKE Inc. Class B | 393,297 | 29,513 |
| | Mondelez International Inc. Class A | 453,488 | 19,037 |
| | Activision Blizzard Inc. | 237,622 | 16,408 |
| | Colgate-Palmolive Co. | 268,787 | 16,006 |
| | General Motors Co. | 411,227 | 15,047 |
| *,^ | Tesla Inc. | 42,573 | 14,361 |
| | Ford Motor Co. | 1,213,322 | 11,587 |
| | Kimberly-Clark Corp. | 109,855 | 11,458 |
| | Kraft Heinz Co. | 188,243 | 10,348 |
| | Constellation Brands Inc. Class A | 49,594 | 9,881 |
| | Estee Lauder Cos. Inc. Class A | 68,554 | 9,422 |
| * | Electronic Arts Inc. | 94,341 | 8,583 |
| | VF Corp. | 102,138 | 8,465 |
| | Archer-Daniels-Midland Co. | 177,910 | 8,406 |
| | General Mills Inc. | 187,466 | 8,211 |
| * | Monster Beverage Corp. | 126,716 | 6,697 |
| | Aptiv plc | 82,424 | 6,330 |
| | Clorox Co. | 41,838 | 6,211 |
| | McCormick & Co. Inc. | 40,310 | 5,805 |
| | Tyson Foods Inc. Class A | 93,108 | 5,579 |
| | Conagra Brands Inc. | 154,528 | 5,501 |
| | Kellogg Co. | 79,608 | 5,213 |
| | Hershey Co. | 46,122 | 4,942 |
| | Church & Dwight Co. Inc. | 81,344 | 4,829 |
| | Genuine Parts Co. | 47,651 | 4,666 |
| * | Take-Two Interactive Software Inc. | 36,192 | 4,664 |
101
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Brown-Forman Corp. Class B | 97,790 | 4,532 |
| * | Lululemon Athletica Inc. | 31,339 | 4,410 |
| | Tapestry Inc. | 95,678 | 4,048 |
| | DR Horton Inc. | 111,863 | 4,023 |
| | Lennar Corp. Class A | 91,467 | 3,931 |
| | Hormel Foods Corp. | 85,309 | 3,723 |
| | JM Smucker Co. | 33,990 | 3,682 |
| | Molson Coors Brewing Co. Class B | 55,387 | 3,545 |
| | Lamb Weston Holdings Inc. | 44,985 | 3,516 |
| | PVH Corp. | 26,886 | 3,248 |
| | Hasbro Inc. | 34,739 | 3,186 |
| | Lear Corp. | 22,151 | 2,944 |
| * | LKQ Corp. | 99,948 | 2,726 |
| | Bunge Ltd. | 44,056 | 2,723 |
| * | Mohawk Industries Inc. | 21,378 | 2,666 |
| | BorgWarner Inc. | 64,923 | 2,559 |
| | Coca-Cola European Partners plc | 56,040 | 2,549 |
| * | Michael Kors Holdings Ltd. | 43,600 | 2,416 |
| | Garmin Ltd. | 35,336 | 2,338 |
| | Autoliv Inc. | 27,703 | 2,309 |
| | Ralph Lauren Corp. Class A | 17,159 | 2,224 |
| | Ingredion Inc. | 21,900 | 2,216 |
| * | NVR Inc. | 983 | 2,201 |
| | Newell Brands Inc. | 136,382 | 2,166 |
| | Whirlpool Corp. | 19,608 | 2,152 |
| | Campbell Soup Co. | 54,163 | 2,026 |
| | Harley-Davidson Inc. | 52,608 | 2,011 |
| | Jefferies Financial Group Inc. | 93,220 | 2,001 |
| | PulteGroup Inc. | 81,196 | 1,995 |
| * | US Foods Holding Corp. | 67,922 | 1,981 |
| | Fortune Brands Home & Security Inc. | 44,150 | 1,979 |
| * | Skechers U.S.A. Inc. Class A | 68,605 | 1,960 |
| * | Wayfair Inc. | 17,700 | 1,952 |
| * | Middleby Corp. | 17,200 | 1,932 |
| | Hanesbrands Inc. | 110,100 | 1,889 |
| * | WABCO Holdings Inc. | 16,900 | 1,816 |
| | Gentex Corp. | 85,578 | 1,801 |
| * | Herbalife Nutrition Ltd. | 33,662 | 1,793 |
| | Pool Corp. | 12,000 | 1,749 |
| * | Post Holdings Inc. | 19,772 | 1,748 |
| | Polaris Industries Inc. | 18,200 | 1,619 |
| | Goodyear Tire & Rubber Co. | 74,509 | 1,569 |
| | Coty Inc. Class A | 147,327 | 1,554 |
| | Keurig Dr Pepper Inc. | 57,784 | 1,502 |
| | Toll Brothers Inc. | 43,972 | 1,480 |
| *,^ | Mattel Inc. | 108,661 | 1,476 |
| | Leggett & Platt Inc. | 40,412 | 1,467 |
| | Carter's Inc. | 14,300 | 1,373 |
| | Brunswick Corp. | 26,200 | 1,362 |
| | Valvoline Inc. | 61,577 | 1,227 |
| * | Under Armour Inc. | 61,805 | 1,226 |
| *,^ | Under Armour Inc. Class A | 55,100 | 1,218 |
| | Nu Skin Enterprises Inc. Class A | 17,300 | 1,215 |
| * | Deckers Outdoor Corp. | 9,500 | 1,208 |
| | Energizer Holdings Inc. | 19,360 | 1,138 |
| | Thor Industries Inc. | 15,800 | 1,100 |
| | Flowers Foods Inc. | 54,082 | 1,044 |
| * | Darling Ingredients Inc. | 50,100 | 1,035 |
| | Lancaster Colony Corp. | 5,900 | 1,011 |
| | Wolverine World Wide Inc. | 28,600 | 1,006 |
| * | Helen of Troy Ltd. | 8,000 | 993 |
| * | Nomad Foods Ltd. | 50,900 | 972 |
| * | Veoneer Inc. | 28,418 | 954 |
| | Adient plc | 31,060 | 945 |
102
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Zynga Inc. Class A | 237,951 | 866 |
| | Spectrum Brands Holdings Inc. | 13,157 | 855 |
| | Steven Madden Ltd. | 26,925 | 842 |
| * | Welbilt Inc. | 43,500 | 814 |
| | Columbia Sportswear Co. | 8,900 | 804 |
| * | TreeHouse Foods Inc. | 17,331 | 790 |
| * | Boston Beer Co. Inc. Class A | 2,500 | 768 |
| | Medifast Inc. | 3,600 | 762 |
| * | Visteon Corp. | 9,500 | 751 |
| * | Tempur Sealy International Inc. | 16,211 | 749 |
| | J&J Snack Foods Corp. | 4,700 | 734 |
| * | Edgewell Personal Care Co. | 15,260 | 732 |
| * | iRobot Corp. | 7,900 | 697 |
| | Dana Inc. | 44,500 | 693 |
| * | Dorman Products Inc. | 8,400 | 664 |
| * | Hain Celestial Group Inc. | 25,800 | 642 |
| | WD-40 Co. | 3,800 | 635 |
| | Delphi Technologies plc | 29,177 | 626 |
| | Tupperware Brands Corp. | 17,500 | 614 |
| * | Taylor Morrison Home Corp. Class A | 36,536 | 604 |
| | Callaway Golf Co. | 28,097 | 601 |
| * | Fox Factory Holding Corp. | 11,100 | 596 |
| | Herman Miller Inc. | 18,074 | 596 |
| | Sanderson Farms Inc. | 5,900 | 581 |
| | Tenneco Inc. Class A | 15,500 | 534 |
| | KB Home | 26,600 | 531 |
| * | American Axle & Manufacturing Holdings Inc. | 34,943 | 530 |
| | B&G Foods Inc. | 20,100 | 523 |
| * | G-III Apparel Group Ltd. | 13,100 | 522 |
| * | Cavco Industries Inc. | 2,600 | 522 |
| | LCI Industries | 7,500 | 520 |
| * | Cooper-Standard Holdings Inc. | 5,600 | 519 |
| * | TRI Pointe Group Inc. | 43,000 | 512 |
| * | Gentherm Inc. | 11,700 | 511 |
| | Steelcase Inc. Class A | 30,400 | 505 |
| | HNI Corp. | 13,300 | 504 |
| | Universal Corp. | 7,374 | 500 |
| | Cal-Maine Foods Inc. | 10,100 | 492 |
| * | USANA Health Sciences Inc. | 4,100 | 480 |
| | Calavo Growers Inc. | 4,900 | 475 |
| | Oxford Industries Inc. | 4,900 | 436 |
| | Vector Group Ltd. | 31,901 | 431 |
| | Cooper Tire & Rubber Co. | 13,500 | 417 |
| | MDC Holdings Inc. | 14,246 | 400 |
| * | Sleep Number Corp. | 10,900 | 396 |
| * | Meritor Inc. | 23,200 | 394 |
| * | Crocs Inc. | 19,100 | 392 |
| * | Meritage Homes Corp. | 10,500 | 391 |
| * | Central Garden & Pet Co. Class A | 12,500 | 371 |
| | Knoll Inc. | 18,400 | 365 |
| | La-Z-Boy Inc. | 12,900 | 359 |
| *,^ | Garrett Motion Inc. | 23,197 | 352 |
| *,^ | National Beverage Corp. | 3,800 | 351 |
| | Fresh Del Monte Produce Inc. | 10,395 | 343 |
| | Interface Inc. Class A | 20,700 | 337 |
| | Andersons Inc. | 9,050 | 326 |
| * | Hostess Brands Inc. Class A | 31,000 | 322 |
| | Inter Parfums Inc. | 5,400 | 319 |
| | ACCO Brands Corp. | 39,442 | 318 |
| | Sturm Ruger & Co. Inc. | 5,200 | 309 |
| * | Pilgrim's Pride Corp. | 16,000 | 283 |
| | Nutrisystem Inc. | 7,900 | 281 |
| | Dean Foods Co. | 33,650 | 269 |
| | Acushnet Holdings Corp. | 10,700 | 261 |
103
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Avon Products Inc. | 132,425 | 260 |
| * American Woodmark Corp. | 4,267 | 258 |
| * Vista Outdoor Inc. | 20,262 | 253 |
| * Fitbit Inc. Class A | 52,600 | 249 |
| * Adecoagro SA | 30,400 | 243 |
| * LGI Homes Inc. | 5,300 | 227 |
| Winnebago Industries Inc. | 8,200 | 226 |
| Coca-Cola Bottling Co. Consolidated | 1,300 | 224 |
| Tootsie Roll Industries Inc. | 7,097 | 224 |
| * Modine Manufacturing Co. | 17,100 | 222 |
| National Presto Industries Inc. | 1,600 | 199 |
| * GoPro Inc. Class A | 26,403 | 173 |
| ^ Camping World Holdings Inc. Class A | 9,700 | 166 |
| * American Outdoor Brands Corp. | 11,800 | 161 |
| Ethan Allen Interiors Inc. | 6,700 | 128 |
| Changyou.com Ltd. ADR | 2,400 | 32 |
| Lennar Corp. Class B | 405 | 15 |
| | | 686,923 |
| Consumer Services (7.2%) | | |
| * Amazon.com Inc. | 127,884 | 204,360 |
| Home Depot Inc. | 361,698 | 63,615 |
| Comcast Corp. Class A | 1,437,237 | 54,816 |
| Walt Disney Co. | 469,108 | 53,868 |
| Walmart Inc. | 447,940 | 44,919 |
| McDonald's Corp. | 244,152 | 43,191 |
| * Netflix Inc. | 131,138 | 39,575 |
| Costco Wholesale Corp. | 136,525 | 31,214 |
| * Booking Holdings Inc. | 14,960 | 28,044 |
| Lowe's Cos. Inc. | 257,371 | 24,507 |
| Starbucks Corp. | 412,603 | 24,042 |
| CVS Health Corp. | 320,450 | 23,197 |
| TJX Cos. Inc. | 197,852 | 21,740 |
| Walgreens Boots Alliance Inc. | 266,139 | 21,230 |
| * Charter Communications Inc. Class A | 54,978 | 17,613 |
| Twenty-First Century Fox Inc. Class A | 330,332 | 15,037 |
| Target Corp. | 169,869 | 14,206 |
| Ross Stores Inc. | 117,761 | 11,658 |
| Sysco Corp. | 152,702 | 10,892 |
| Marriott International Inc. Class A | 90,850 | 10,619 |
| Dollar General Corp. | 85,479 | 9,521 |
| Yum! Brands Inc. | 101,447 | 9,172 |
| * eBay Inc. | 293,186 | 8,511 |
| * O'Reilly Automotive Inc. | 24,920 | 7,993 |
| McKesson Corp. | 63,395 | 7,909 |
| Kroger Co. | 251,923 | 7,497 |
| Carnival Corp. | 127,272 | 7,132 |
| Twenty-First Century Fox Inc. | 152,963 | 6,911 |
| Hilton Worldwide Holdings Inc. | 88,438 | 6,294 |
| * Dollar Tree Inc. | 73,471 | 6,194 |
| * AutoZone Inc. | 8,412 | 6,170 |
| CBS Corp. Class B | 105,478 | 6,049 |
| Las Vegas Sands Corp. | 111,204 | 5,675 |
| Royal Caribbean Cruises Ltd. | 52,896 | 5,540 |
| Best Buy Co. Inc. | 77,394 | 5,430 |
| Omnicom Group Inc. | 71,311 | 5,300 |
| * Ulta Beauty Inc. | 18,275 | 5,017 |
| Expedia Group Inc. | 38,281 | 4,802 |
| AmerisourceBergen Corp. Class A | 50,442 | 4,439 |
| Tiffany & Co. | 39,265 | 4,370 |
| * Liberty Global plc | 172,848 | 4,328 |
| MGM Resorts International | 160,726 | 4,288 |
| Yum China Holdings Inc. | 115,736 | 4,176 |
| Kohl's Corp. | 53,936 | 4,085 |
| MercadoLibre Inc. | 12,451 | 4,040 |
104
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Darden Restaurants Inc. | 37,802 | 4,028 |
| * | CarMax Inc. | 59,203 | 4,020 |
| | Domino's Pizza Inc. | 13,300 | 3,575 |
| * | Burlington Stores Inc. | 20,762 | 3,560 |
| | Tractor Supply Co. | 38,500 | 3,538 |
| | Viacom Inc. Class B | 110,214 | 3,525 |
| * | Chipotle Mexican Grill Inc. Class A | 7,550 | 3,476 |
| | Advance Auto Parts Inc. | 20,962 | 3,349 |
| | Macy's Inc. | 96,448 | 3,307 |
| * | Discovery Communications Inc. | 112,507 | 3,298 |
| | Wynn Resorts Ltd. | 31,966 | 3,216 |
| | Vail Resorts Inc. | 12,289 | 3,088 |
| * | Copart Inc. | 62,300 | 3,047 |
| | Delta Air Lines Inc. | 53,865 | 2,948 |
| * | Qurate Retail Group Inc. QVC Group Class A | 132,323 | 2,903 |
| | Nielsen Holdings plc | 110,822 | 2,879 |
| * | Norwegian Cruise Line Holdings Ltd. | 64,631 | 2,848 |
| | Aramark | 76,988 | 2,765 |
| | Interpublic Group of Cos. Inc. | 118,707 | 2,749 |
| | FactSet Research Systems Inc. | 11,900 | 2,663 |
| * | GrubHub Inc. | 27,810 | 2,579 |
| * | Liberty Broadband Corp. | 30,644 | 2,541 |
| ^ | Sirius XM Holdings Inc. | 405,640 | 2,442 |
| | L Brands Inc. | 74,307 | 2,409 |
| | Nordstrom Inc. | 36,335 | 2,390 |
| | KAR Auction Services Inc. | 41,404 | 2,358 |
| * | Live Nation Entertainment Inc. | 43,600 | 2,280 |
| | Service Corp. International | 53,900 | 2,235 |
| | Southwest Airlines Co. | 44,636 | 2,192 |
| * | Liberty Media Corp-Liberty SiriusXM Class C | 52,641 | 2,173 |
| * | DISH Network Corp. Class A | 69,560 | 2,138 |
| * | Etsy Inc. | 48,200 | 2,049 |
| * | Bright Horizons Family Solutions Inc. | 17,737 | 2,038 |
| * | Liberty Media Corp-Liberty Formula One | 61,379 | 2,030 |
| | Sabre Corp. | 80,422 | 1,982 |
| * | United Continental Holdings Inc. | 22,800 | 1,950 |
| * | Five Below Inc. | 17,000 | 1,935 |
| | Dunkin' Brands Group Inc. | 25,718 | 1,866 |
| | Gap Inc. | 67,909 | 1,854 |
| *,^ | Caesars Entertainment Corp. | 214,417 | 1,842 |
| | Altice USA Inc. Class A | 112,500 | 1,835 |
| * | Grand Canyon Education Inc. | 14,200 | 1,771 |
| * | ServiceMaster Global Holdings Inc. | 41,198 | 1,767 |
| | Foot Locker Inc. | 37,133 | 1,750 |
| | Rollins Inc. | 29,450 | 1,743 |
| * | TripAdvisor Inc. | 33,168 | 1,729 |
| | H&R Block Inc. | 64,142 | 1,702 |
| | News Corp. Class A | 122,470 | 1,615 |
| | Dun & Bradstreet Corp. | 11,330 | 1,612 |
| | Williams-Sonoma Inc. | 26,700 | 1,585 |
| * | Madison Square Garden Co. Class A | 5,633 | 1,558 |
| * | Liberty Global plc Class A | 59,194 | 1,517 |
| * | Ollie's Bargain Outlet Holdings Inc. | 16,200 | 1,505 |
| | Wyndham Hotels & Resorts Inc. | 30,398 | 1,498 |
| | Casey's General Stores Inc. | 11,300 | 1,425 |
| *,^ | Discovery Communications Inc. Class A | 42,941 | 1,391 |
| * | Planet Fitness Inc. Class A | 27,700 | 1,360 |
| | Cinemark Holdings Inc. | 32,600 | 1,355 |
| | Dolby Laboratories Inc. Class A | 19,300 | 1,328 |
| | American Airlines Group Inc. | 36,766 | 1,290 |
| | Texas Roadhouse Inc. Class A | 21,000 | 1,270 |
| * | Trade Desk Inc. Class A | 10,100 | 1,248 |
| | Cable One Inc. | 1,392 | 1,247 |
| | Six Flags Entertainment Corp. | 22,500 | 1,212 |
105
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Wyndham Destinations Inc. | 32,098 | 1,152 |
| | American Eagle Outfitters Inc. | 49,243 | 1,136 |
| * | Sprouts Farmers Market Inc. | 41,694 | 1,121 |
| * | Liberty Media Corp-Liberty SiriusXM Class A | 26,933 | 1,111 |
| * | Yelp Inc. Class A | 25,677 | 1,100 |
| * | Stamps.com Inc. | 5,400 | 1,092 |
| * | LiveRamp Holdings Inc. | 23,700 | 1,083 |
| | Signet Jewelers Ltd. | 19,100 | 1,071 |
| | Tribune Media Co. Class A | 27,600 | 1,049 |
| | Aaron's Inc. | 22,100 | 1,042 |
| | Nexstar Media Group Inc. Class A | 13,786 | 1,032 |
| | Marriott Vacations Worldwide Corp. | 11,600 | 1,027 |
| | New York Times Co. Class A | 38,300 | 1,011 |
| | Hyatt Hotels Corp. Class A | 14,094 | 975 |
| | World Wrestling Entertainment Inc. Class A | 13,300 | 965 |
| | Extended Stay America Inc. | 58,959 | 960 |
| | Wendy's Co. | 54,528 | 940 |
| | Cracker Barrel Old Country Store Inc. | 5,800 | 920 |
| * | Performance Food Group Co. | 31,152 | 913 |
| * | Adtalem Global Education Inc. | 18,036 | 913 |
| | Hillenbrand Inc. | 19,000 | 910 |
| * | Chegg Inc. | 33,300 | 908 |
| * | Urban Outfitters Inc. | 23,017 | 908 |
| | Churchill Downs Inc. | 3,598 | 898 |
| | Dick's Sporting Goods Inc. | 23,500 | 831 |
| * | Liberty Broadband Corp. Class A | 9,951 | 824 |
| * | Penn National Gaming Inc. | 33,907 | 823 |
| * | Hilton Grand Vacations Inc. | 30,460 | 818 |
| | Strategic Education Inc. | 6,437 | 810 |
| | Choice Hotels International Inc. | 11,000 | 807 |
| * | AMC Networks Inc. Class A | 13,734 | 805 |
| * | Liberty Expedia Holdings Inc. Class A | 17,881 | 776 |
| | Graham Holdings Co. Class B | 1,336 | 776 |
| *,^ | Sally Beauty Holdings Inc. | 43,100 | 768 |
| * | Eldorado Resorts Inc. | 20,632 | 753 |
| | Children's Place Inc. | 5,000 | 747 |
| * | Roku Inc. | 13,400 | 745 |
| * | Murphy USA Inc. | 9,130 | 736 |
| * | Weight Watchers International Inc. | 11,104 | 734 |
| | AMERCO | 2,246 | 733 |
| | Cheesecake Factory Inc. | 14,900 | 720 |
| | Boyd Gaming Corp. | 27,100 | 720 |
| *,^ | RH | 6,200 | 717 |
| | Dave & Buster's Entertainment Inc. | 12,000 | 715 |
| | John Wiley & Sons Inc. Class A | 13,100 | 711 |
| | TEGNA Inc. | 61,377 | 708 |
| * | frontdoor Inc. | 20,599 | 701 |
| | Morningstar Inc. | 5,600 | 699 |
| | Monro Inc. | 9,300 | 692 |
| * | AutoNation Inc. | 17,066 | 691 |
| * | Cargurus Inc. | 15,400 | 684 |
| | Jack in the Box Inc. | 8,400 | 663 |
| * | Avis Budget Group Inc. | 23,200 | 652 |
| | Sinclair Broadcast Group Inc. Class A | 22,465 | 643 |
| | Travelport Worldwide Ltd. | 42,300 | 633 |
| | Lithia Motors Inc. Class A | 7,100 | 632 |
| | Meredith Corp. | 12,200 | 629 |
| * | Pandora Media Inc. | 73,500 | 625 |
| | International Game Technology plc | 33,128 | 615 |
| | Core-Mark Holding Co. Inc. | 15,700 | 603 |
| * | Cars.com Inc. | 22,892 | 598 |
| | Bed Bath & Beyond Inc. | 42,600 | 585 |
| | Bloomin' Brands Inc. | 28,935 | 577 |
| | Alaska Air Group Inc. | 9,300 | 571 |
106
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| DSW Inc. Class A | 21,420 | 569 |
| * National Vision Holdings Inc. | 13,434 | 557 |
| Brinker International Inc. | 12,700 | 551 |
| * Belmond Ltd. Class A | 30,100 | 515 |
| * Shutterfly Inc. | 10,100 | 505 |
| * Michaels Cos. Inc. | 31,512 | 499 |
| Penske Automotive Group Inc. | 11,200 | 497 |
| GameStop Corp. Class A | 34,016 | 497 |
| Caleres Inc. | 14,400 | 493 |
| Big Lots Inc. | 11,800 | 490 |
| * Liberty Latin America Ltd. | 26,819 | 483 |
| Red Rock Resorts Inc. Class A | 20,700 | 479 |
| * Sotheby's | 11,300 | 475 |
| * MSG Networks Inc. | 18,400 | 470 |
| Lions Gate Entertainment Corp. Class B | 26,185 | 466 |
| BJ's Restaurants Inc. | 7,600 | 465 |
| Sonic Corp. | 10,700 | 463 |
| * Groupon Inc. Class A | 138,300 | 452 |
| News Corp. Class B | 33,640 | 449 |
| Papa John's International Inc. | 8,200 | 447 |
| Dine Brands Global Inc. | 5,500 | 446 |
| * SeaWorld Entertainment Inc. | 17,000 | 444 |
| Office Depot Inc. | 171,467 | 439 |
| PriceSmart Inc. | 6,200 | 435 |
| Lions Gate Entertainment Corp. Class A | 22,293 | 427 |
| * Asbury Automotive Group Inc. | 6,400 | 417 |
| * Rite Aid Corp. | 340,000 | 408 |
| * Shake Shack Inc. Class A | 7,600 | 402 |
| * TrueCar Inc. | 35,300 | 402 |
| * Liberty Latin America Ltd. Class A | 22,191 | 399 |
| Abercrombie & Fitch Co. | 20,080 | 396 |
| Scholastic Corp. | 8,900 | 386 |
| * Scientific Games Corp. | 17,181 | 382 |
| * At Home Group Inc. | 13,800 | 377 |
| * JetBlue Airways Corp. | 22,312 | 373 |
| Guess? Inc. | 17,200 | 365 |
| Group 1 Automotive Inc. | 6,100 | 352 |
| Matthews International Corp. Class A | 8,319 | 346 |
| * United Natural Foods Inc. | 15,833 | 344 |
| * Floor & Decor Holdings Inc. Class A | 13,078 | 335 |
| Gannett Co. Inc. | 34,388 | 334 |
| Tailored Brands Inc. | 15,500 | 326 |
| ^ Dillard's Inc. Class A | 4,400 | 310 |
| * Diplomat Pharmacy Inc. | 15,336 | 304 |
| * Liberty TripAdvisor Holdings Inc. Class A | 21,067 | 304 |
| Chico's FAS Inc. | 38,400 | 295 |
| * MakeMyTrip Ltd. | 11,500 | 285 |
| * Liberty Media Corp-Liberty Formula One Class A | 8,871 | 281 |
| * IMAX Corp. | 14,500 | 281 |
| International Speedway Corp. Class A | 7,200 | 270 |
| Viad Corp. | 5,500 | 263 |
| * Regis Corp. | 15,400 | 259 |
| New Media Investment Group Inc. | 18,369 | 258 |
| * Genesco Inc. | 5,900 | 252 |
| * Hertz Global Holdings Inc. | 17,581 | 242 |
| * Herc Holdings Inc. | 7,460 | 239 |
| EW Scripps Co. Class A | 14,000 | 236 |
| Buckle Inc. | 10,800 | 220 |
| * Spirit Airlines Inc. | 4,100 | 213 |
| SpartanNash Co. | 11,600 | 207 |
| * Houghton Mifflin Harcourt Co. | 30,800 | 206 |
| * Liberty Media Corp-Liberty Braves | 7,918 | 205 |
| National CineMedia Inc. | 22,400 | 200 |
| * Fiesta Restaurant Group Inc. | 7,400 | 191 |
107
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sonic Automotive Inc. Class A | 10,200 | 185 |
| * | Express Inc. | 20,600 | 182 |
| | Weis Markets Inc. | 3,900 | 180 |
| * | Rent-A-Center Inc. | 11,100 | 158 |
| | Copa Holdings SA Class A | 2,000 | 145 |
| * | Liberty Media Corp-Liberty Braves | 5,408 | 140 |
| *,^ | JC Penney Co. Inc. | 93,534 | 138 |
| | Hawaiian Holdings Inc. | 3,900 | 135 |
| * | Red Robin Gourmet Burgers Inc. | 4,300 | 130 |
| | Allegiant Travel Co. Class A | 1,000 | 114 |
| | Speedway Motorsports Inc. | 5,653 | 88 |
| * | Lumber Liquidators Holdings Inc. | 7,100 | 85 |
| * | Xunlei Ltd. ADR | 11,200 | 68 |
| * | Biglari Holdings Inc. Class B | 405 | 58 |
| * | Lands' End Inc. | 3,291 | 54 |
| * | Biglari Holdings Inc. | 40 | 30 |
| | | | 1,131,839 |
| Financials (10.5%) | | |
| | JPMorgan Chase & Co. | 1,056,178 | 115,145 |
| * | Berkshire Hathaway Inc. Class B | 445,107 | 91,372 |
| | Bank of America Corp. | 2,939,867 | 80,846 |
| | Visa Inc. Class A | 557,621 | 76,868 |
| | Wells Fargo & Co. | 1,365,221 | 72,671 |
| | Mastercard Inc. Class A | 287,540 | 56,838 |
| | Citigroup Inc. | 794,455 | 52,005 |
| * | Berkshire Hathaway Inc. Class A | 111 | 34,155 |
| | US Bancorp | 483,621 | 25,279 |
| | Goldman Sachs Group Inc. | 110,583 | 24,922 |
| | American Tower Corp. | 138,077 | 21,514 |
| | American Express Co. | 207,488 | 21,315 |
| | CME Group Inc. | 106,445 | 19,505 |
| | Morgan Stanley | 412,424 | 18,831 |
| | PNC Financial Services Group Inc. | 146,451 | 18,818 |
| | Chubb Ltd. | 144,597 | 18,062 |
| | Simon Property Group Inc. | 97,189 | 17,836 |
| | Charles Schwab Corp. | 377,336 | 17,448 |
| | BlackRock Inc. | 38,520 | 15,848 |
| | S&P Global Inc. | 78,973 | 14,398 |
| | Crown Castle International Corp. | 130,359 | 14,175 |
| | Intercontinental Exchange Inc. | 179,603 | 13,837 |
| | Bank of New York Mellon Corp. | 289,574 | 13,706 |
| | Capital One Financial Corp. | 150,709 | 13,458 |
| | Marsh & McLennan Cos. Inc. | 157,820 | 13,375 |
| | Progressive Corp. | 183,186 | 12,768 |
| | Prologis Inc. | 195,868 | 12,628 |
| | Prudential Financial Inc. | 132,148 | 12,393 |
| | BB&T Corp. | 246,879 | 12,137 |
| | Aon plc | 76,738 | 11,985 |
| | American International Group Inc. | 279,188 | 11,528 |
| | MetLife Inc. | 265,446 | 10,934 |
| | Travelers Cos. Inc. | 85,040 | 10,641 |
| | Aflac Inc. | 241,910 | 10,419 |
| | Allstate Corp. | 108,492 | 10,385 |
| | Public Storage | 46,869 | 9,630 |
| | Equinix Inc. | 25,051 | 9,488 |
| | SunTrust Banks Inc. | 145,371 | 9,109 |
| | State Street Corp. | 118,198 | 8,126 |
| | Welltower Inc. | 119,889 | 7,921 |
| | AvalonBay Communities Inc. | 45,125 | 7,914 |
| | M&T Bank Corp. | 46,704 | 7,725 |
| | Moody's Corp. | 52,422 | 7,626 |
| | Equity Residential | 116,696 | 7,581 |
| | Discover Financial Services | 104,910 | 7,309 |
| | T. Rowe Price Group Inc. | 74,948 | 7,269 |
108
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Synchrony Financial | 238,689 | 6,893 |
| Digital Realty Trust Inc. | 65,725 | 6,787 |
| * IHS Markit Ltd. | 125,880 | 6,612 |
| Ventas Inc. | 113,332 | 6,578 |
| Weyerhaeuser Co. | 239,148 | 6,369 |
| Northern Trust Corp. | 67,503 | 6,350 |
| Boston Properties Inc. | 51,115 | 6,173 |
| Regions Financial Corp. | 353,135 | 5,993 |
| KeyCorp | 327,175 | 5,942 |
| * SBA Communications Corp. Class A | 35,968 | 5,833 |
| Realty Income Corp. | 96,339 | 5,806 |
| Fifth Third Bancorp | 214,725 | 5,795 |
| Ameriprise Financial Inc. | 45,200 | 5,751 |
| Citizens Financial Group Inc. | 153,736 | 5,742 |
| Essex Property Trust Inc. | 21,265 | 5,333 |
| Huntington Bancshares Inc. | 369,239 | 5,291 |
| Hartford Financial Services Group Inc. | 113,868 | 5,172 |
| * Markel Corp. | 4,394 | 4,804 |
| Comerica Inc. | 57,255 | 4,670 |
| Host Hotels & Resorts Inc. | 238,880 | 4,565 |
| TD Ameritrade Holding Corp. | 87,789 | 4,540 |
| First Republic Bank | 48,645 | 4,426 |
| Alexandria Real Estate Equities Inc. | 35,499 | 4,339 |
| Principal Financial Group Inc. | 91,199 | 4,293 |
| Lincoln National Corp. | 70,060 | 4,217 |
| MSCI Inc. Class A | 27,681 | 4,163 |
| E*TRADE Financial Corp. | 83,606 | 4,132 |
| Cboe Global Markets Inc. | 36,246 | 4,090 |
| * CBRE Group Inc. Class A | 101,348 | 4,083 |
| Annaly Capital Management Inc. | 407,491 | 4,022 |
| * SVB Financial Group | 16,782 | 3,981 |
| Loews Corp. | 85,155 | 3,965 |
| Arthur J Gallagher & Co. | 53,528 | 3,962 |
| Equifax Inc. | 38,959 | 3,952 |
| Vornado Realty Trust | 57,878 | 3,940 |
| HCP Inc. | 137,575 | 3,790 |
| Cincinnati Financial Corp. | 46,267 | 3,638 |
| Extra Space Storage Inc. | 38,500 | 3,467 |
| * Arch Capital Group Ltd. | 122,148 | 3,465 |
| Mid-America Apartment Communities Inc. | 34,782 | 3,399 |
| Ally Financial Inc. | 131,357 | 3,338 |
| Raymond James Financial Inc. | 42,535 | 3,262 |
| UDR Inc. | 81,487 | 3,193 |
| Nasdaq Inc. | 35,900 | 3,113 |
| Regency Centers Corp. | 47,983 | 3,040 |
| Duke Realty Corp. | 109,152 | 3,009 |
| Franklin Resources Inc. | 95,958 | 2,927 |
| Zions Bancorp NA | 59,896 | 2,818 |
| Torchmark Corp. | 33,225 | 2,813 |
| Reinsurance Group of America Inc. Class A | 19,700 | 2,805 |
| Fidelity National Financial Inc. | 83,264 | 2,785 |
| Everest Re Group Ltd. | 12,746 | 2,777 |
| Federal Realty Investment Trust | 22,350 | 2,773 |
| Sun Communities Inc. | 27,443 | 2,757 |
| Invesco Ltd. | 125,989 | 2,735 |
| Alleghany Corp. | 4,547 | 2,731 |
| Iron Mountain Inc. | 88,348 | 2,704 |
| AGNC Investment Corp. | 148,644 | 2,652 |
| Equity LifeStyle Properties Inc. | 26,800 | 2,538 |
| Western Union Co. | 140,300 | 2,531 |
| VICI Properties Inc. | 117,035 | 2,527 |
| Camden Property Trust | 27,907 | 2,519 |
| MarketAxess Holdings Inc. | 11,600 | 2,432 |
| Unum Group | 66,043 | 2,395 |
109
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| SL Green Realty Corp. | 26,059 | 2,378 |
| East West Bancorp Inc. | 44,100 | 2,313 |
| * Athene Holding Ltd. Class A | 50,121 | 2,292 |
| ^ National Retail Properties Inc. | 48,705 | 2,277 |
| American Financial Group Inc. | 22,700 | 2,271 |
| WR Berkley Corp. | 29,176 | 2,214 |
| Macerich Co. | 42,646 | 2,201 |
| VEREIT Inc. | 299,378 | 2,194 |
| Voya Financial Inc. | 49,881 | 2,183 |
| WP Carey Inc. | 32,443 | 2,142 |
| * Black Knight Inc. | 43,907 | 2,141 |
| SEI Investments Co. | 39,217 | 2,096 |
| Gaming and Leisure Properties Inc. | 61,662 | 2,077 |
| Brown & Brown Inc. | 72,556 | 2,045 |
| Kilroy Realty Corp. | 29,618 | 2,040 |
| Kimco Realty Corp. | 126,626 | 2,037 |
| ^ Omega Healthcare Investors Inc. | 60,359 | 2,013 |
| Old Republic International Corp. | 89,367 | 1,971 |
| Invitation Homes Inc. | 89,854 | 1,966 |
| Liberty Property Trust | 46,598 | 1,951 |
| Affiliated Managers Group Inc. | 16,983 | 1,930 |
| Lamar Advertising Co. Class A | 26,027 | 1,908 |
| Commerce Bancshares Inc. | 29,991 | 1,907 |
| Jones Lang LaSalle Inc. | 14,100 | 1,865 |
| Park Hotels & Resorts Inc. | 63,324 | 1,841 |
| Signature Bank | 16,600 | 1,824 |
| People's United Financial Inc. | 116,313 | 1,821 |
| New Residential Investment Corp. | 101,427 | 1,814 |
| Douglas Emmett Inc. | 49,000 | 1,773 |
| Starwood Property Trust Inc. | 81,105 | 1,762 |
| American Homes 4 Rent Class A | 81,820 | 1,724 |
| CyrusOne Inc. | 32,335 | 1,721 |
| Cullen/Frost Bankers Inc. | 17,300 | 1,694 |
| American Campus Communities Inc. | 42,400 | 1,675 |
| LPL Financial Holdings Inc. | 27,100 | 1,669 |
| Forest City Realty Trust Inc. Class A | 66,282 | 1,668 |
| CIT Group Inc. | 35,133 | 1,665 |
| Popular Inc. | 31,898 | 1,659 |
| Webster Financial Corp. | 28,100 | 1,653 |
| Medical Properties Trust Inc. | 111,221 | 1,653 |
| Apartment Investment & Management Co. | 38,357 | 1,651 |
| First Horizon National Corp. | 102,258 | 1,650 |
| STORE Capital Corp. | 56,381 | 1,637 |
| Healthcare Trust of America Inc. Class A | 62,290 | 1,636 |
| EPR Properties | 23,300 | 1,602 |
| CubeSmart | 55,000 | 1,594 |
| PacWest Bancorp | 38,998 | 1,584 |
| Eaton Vance Corp. | 34,900 | 1,572 |
| Assurant Inc. | 16,038 | 1,559 |
| Brixmor Property Group Inc. | 94,657 | 1,533 |
| * GCI Liberty Inc. Class A | 32,383 | 1,533 |
| * Brighthouse Financial Inc. | 37,881 | 1,501 |
| RenaissanceRe Holdings Ltd. | 12,231 | 1,494 |
| Primerica Inc. | 13,600 | 1,492 |
| Janus Henderson Group plc | 60,341 | 1,483 |
| * Credit Acceptance Corp. | 3,483 | 1,478 |
| First American Financial Corp. | 33,000 | 1,463 |
| * Western Alliance Bancorp | 29,900 | 1,442 |
| Hanover Insurance Group Inc. | 12,900 | 1,437 |
| Hudson Pacific Properties Inc. | 47,415 | 1,437 |
| Lazard Ltd. Class A | 36,000 | 1,431 |
| Axis Capital Holdings Ltd. | 25,362 | 1,415 |
| New York Community Bancorp Inc. | 146,898 | 1,407 |
| * Zillow Group Inc. | 34,713 | 1,398 |
110
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * SLM Corp. | 137,578 | 1,395 |
| * MGIC Investment Corp. | 112,900 | 1,379 |
| Synovus Financial Corp. | 36,385 | 1,367 |
| * Howard Hughes Corp. | 12,224 | 1,363 |
| Life Storage Inc. | 14,307 | 1,347 |
| Highwoods Properties Inc. | 31,300 | 1,335 |
| Prosperity Bancshares Inc. | 20,400 | 1,327 |
| Assured Guaranty Ltd. | 33,000 | 1,319 |
| IBERIABANK Corp. | 17,606 | 1,311 |
| Umpqua Holdings Corp. | 67,633 | 1,299 |
| Wintrust Financial Corp. | 17,000 | 1,294 |
| Radian Group Inc. | 67,100 | 1,288 |
| Sabra Health Care REIT Inc. | 58,767 | 1,272 |
| Hospitality Properties Trust | 49,568 | 1,270 |
| Sterling Bancorp | 70,312 | 1,264 |
| Blackstone Mortgage Trust Inc. Class A | 36,697 | 1,238 |
| Associated Banc-Corp | 52,563 | 1,218 |
| JBG SMITH Properties | 32,364 | 1,213 |
| FNB Corp. | 101,925 | 1,206 |
| First Industrial Realty Trust Inc. | 39,251 | 1,205 |
| Kemper Corp. | 15,939 | 1,198 |
| Rayonier Inc. | 39,400 | 1,190 |
| * Essent Group Ltd. | 30,100 | 1,187 |
| First Financial Bankshares Inc. | 20,100 | 1,186 |
| Glacier Bancorp Inc. | 27,800 | 1,179 |
| Pinnacle Financial Partners Inc. | 22,261 | 1,164 |
| Senior Housing Properties Trust | 72,303 | 1,162 |
| Selective Insurance Group Inc. | 17,900 | 1,161 |
| Two Harbors Investment Corp. | 78,609 | 1,155 |
| FirstCash Inc. | 14,196 | 1,141 |
| Interactive Brokers Group Inc. | 23,000 | 1,136 |
| LaSalle Hotel Properties | 34,300 | 1,132 |
| Equity Commonwealth | 37,400 | 1,114 |
| Apple Hospitality REIT Inc. | 68,600 | 1,109 |
| Cousins Properties Inc. | 132,222 | 1,099 |
| MB Financial Inc. | 24,700 | 1,096 |
| * Green Dot Corp. Class A | 14,426 | 1,093 |
| Healthcare Realty Trust Inc. | 39,100 | 1,089 |
| Hancock Whitney Corp. | 25,800 | 1,083 |
| CoreSite Realty Corp. | 11,510 | 1,080 |
| First Citizens BancShares Inc. Class A | 2,500 | 1,067 |
| Spirit Realty Capital Inc. | 136,199 | 1,065 |
| TCF Financial Corp. | 50,188 | 1,048 |
| Chimera Investment Corp. | 56,020 | 1,042 |
| Evercore Inc. Class A | 12,700 | 1,037 |
| Bank of Hawaii Corp. | 13,200 | 1,035 |
| RLJ Lodging Trust | 53,065 | 1,032 |
| Chemical Financial Corp. | 21,998 | 1,031 |
| Ryman Hospitality Properties Inc. | 13,237 | 1,027 |
| BankUnited Inc. | 31,001 | 1,026 |
| EastGroup Properties Inc. | 10,700 | 1,025 |
| Bank OZK | 37,437 | 1,024 |
| Weingarten Realty Investors | 36,300 | 1,021 |
| Taubman Centers Inc. | 18,513 | 1,018 |
| United Bankshares Inc. | 30,481 | 1,011 |
| Navient Corp. | 87,067 | 1,008 |
| Physicians Realty Trust | 60,384 | 1,001 |
| * Texas Capital Bancshares Inc. | 15,200 | 992 |
| MFA Financial Inc. | 142,389 | 987 |
| RLI Corp. | 13,300 | 983 |
| Home BancShares Inc. | 51,587 | 982 |
| Uniti Group Inc. | 51,278 | 981 |
| Sunstone Hotel Investors Inc. | 66,789 | 966 |
| CNO Financial Group Inc. | 50,800 | 960 |
111
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Valley National Bancorp | 95,984 | 958 |
| National Health Investors Inc. | 12,700 | 933 |
| Stifel Financial Corp. | 20,300 | 928 |
| Community Bank System Inc. | 15,760 | 920 |
| Cathay General Bancorp | 24,300 | 915 |
| Paramount Group Inc. | 63,100 | 902 |
| BGC Partners Inc. Class A | 83,984 | 889 |
| Colony Capital Inc. | 151,386 | 889 |
| GEO Group Inc. | 39,698 | 878 |
| BOK Financial Corp. | 10,197 | 874 |
| Fulton Financial Corp. | 54,200 | 868 |
| BancorpSouth Bank | 30,000 | 861 |
| Retail Properties of America Inc. | 69,300 | 850 |
| Old National Bancorp | 47,446 | 847 |
| Investors Bancorp Inc. | 75,431 | 843 |
| UMB Financial Corp. | 13,200 | 843 |
| Rexford Industrial Realty Inc. | 26,500 | 839 |
| STAG Industrial Inc. | 31,708 | 839 |
| White Mountains Insurance Group Ltd. | 945 | 838 |
| Corporate Office Properties Trust | 32,410 | 837 |
| Columbia Banking System Inc. | 22,537 | 836 |
| * Zillow Group Inc. Class A | 20,563 | 830 |
| Columbia Property Trust Inc. | 36,900 | 828 |
| American Equity Investment Life Holding Co. | 26,484 | 827 |
| PS Business Parks Inc. | 6,300 | 823 |
| CoreCivic Inc. | 36,607 | 822 |
| Realogy Holdings Corp. | 41,590 | 793 |
| Washington Federal Inc. | 28,100 | 791 |
| Brandywine Realty Trust | 55,764 | 784 |
| South State Corp. | 11,495 | 778 |
| Acadia Realty Trust | 27,900 | 777 |
| First Financial Bancorp | 29,462 | 771 |
| Outfront Media Inc. | 43,115 | 764 |
| Simmons First National Corp. Class A | 28,452 | 762 |
| Aspen Insurance Holdings Ltd. | 18,000 | 754 |
| Santander Consumer USA Holdings Inc. | 40,200 | 754 |
| Kennedy-Wilson Holdings Inc. | 39,353 | 747 |
| ^ Pebblebrook Hotel Trust | 21,960 | 740 |
| First Midwest Bancorp Inc. | 32,200 | 739 |
| Legg Mason Inc. | 26,007 | 734 |
| Independent Bank Corp. | 9,300 | 730 |
| Xenia Hotels & Resorts Inc. | 34,900 | 717 |
| CVB Financial Corp. | 32,700 | 715 |
| CenterState Bank Corp. | 29,000 | 713 |
| ProAssurance Corp. | 16,216 | 712 |
| Federated Investors Inc. Class B | 28,779 | 710 |
| Urban Edge Properties | 34,474 | 706 |
| Union Bankshares Corp. | 20,594 | 703 |
| Apollo Commercial Real Estate Finance Inc. | 37,500 | 702 |
| Piedmont Office Realty Trust Inc. Class A | 38,700 | 697 |
| Washington REIT | 24,600 | 686 |
| * Genworth Financial Inc. Class A | 159,274 | 682 |
| Empire State Realty Trust Inc. | 42,811 | 679 |
| Terreno Realty Corp. | 18,100 | 677 |
| International Bancshares Corp. | 17,400 | 673 |
| Americold Realty Trust | 27,198 | 673 |
| Great Western Bancorp Inc. | 18,300 | 671 |
| First Hawaiian Inc. | 26,884 | 666 |
| PotlatchDeltic Corp. | 18,263 | 662 |
| Bank of NT Butterfield & Son Ltd. | 16,400 | 661 |
| DiamondRock Hospitality Co. | 62,900 | 657 |
| First Merchants Corp. | 15,600 | 649 |
| * First BanCorp | 70,000 | 646 |
| WesBanco Inc. | 16,031 | 643 |
112
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | OneMain Holdings Inc. | 22,352 | 637 |
| | Argo Group International Holdings Ltd. | 10,183 | 627 |
| * | Enstar Group Ltd. | 3,432 | 623 |
| | Tanger Factory Outlet Centers Inc. | 27,900 | 621 |
| | United Community Banks Inc. | 24,700 | 614 |
| | Retail Opportunity Investments Corp. | 34,600 | 609 |
| | QTS Realty Trust Inc. Class A | 15,800 | 605 |
| * | SITE Centers Corp. | 47,750 | 594 |
| | Brookfield Property REIT Inc. Class A | 30,669 | 592 |
| | Hope Bancorp Inc. | 40,854 | 592 |
| | Towne Bank | 20,800 | 585 |
| | Trustmark Corp. | 18,900 | 582 |
| | Mack-Cali Realty Corp. | 28,000 | 568 |
| | Renasant Corp. | 16,289 | 568 |
| | LegacyTexas Financial Group Inc. | 14,700 | 566 |
| | Moelis & Co. Class A | 13,924 | 562 |
| | Ameris Bancorp | 13,100 | 562 |
| * | Axos Financial Inc. | 18,100 | 550 |
| * | Eagle Bancorp Inc. | 11,100 | 546 |
| * | LendingTree Inc. | 2,700 | 545 |
| * | FCB Financial Holdings Inc. Class A | 13,900 | 544 |
| | Chesapeake Lodging Trust | 18,500 | 544 |
| | Agree Realty Corp. | 9,400 | 538 |
| | National General Holdings Corp. | 19,300 | 538 |
| | Global Net Lease Inc. | 26,400 | 535 |
| | LTC Properties Inc. | 12,200 | 522 |
| | ServisFirst Bancshares Inc. | 14,400 | 518 |
| | Banner Corp. | 8,800 | 509 |
| | Capitol Federal Financial Inc. | 40,800 | 506 |
| | Mercury General Corp. | 8,455 | 501 |
| | Lexington Realty Trust | 64,400 | 500 |
| | AmTrust Financial Services Inc. | 34,720 | 498 |
| | Four Corners Property Trust Inc. | 18,987 | 495 |
| | Heartland Financial USA Inc. | 9,100 | 484 |
| | Hilltop Holdings Inc. | 23,832 | 474 |
| | Provident Financial Services Inc. | 19,100 | 466 |
| | Westamerica Bancorporation | 8,000 | 466 |
| | Invesco Mortgage Capital Inc. | 30,800 | 464 |
| | American Assets Trust Inc. | 12,000 | 460 |
| | Select Income REIT | 24,087 | 456 |
| * | Clearway Energy Inc. | 23,196 | 455 |
| | Navigators Group Inc. | 6,500 | 449 |
| | Northwest Bancshares Inc. | 27,800 | 449 |
| | Horace Mann Educators Corp. | 11,200 | 440 |
| | Summit Hotel Properties Inc. | 37,496 | 432 |
| | First Commonwealth Financial Corp. | 31,800 | 429 |
| * | PRA Group Inc. | 13,900 | 429 |
| | NBT Bancorp Inc. | 11,743 | 429 |
| | HFF Inc. Class A | 11,500 | 423 |
| | Redwood Trust Inc. | 25,580 | 420 |
| | Artisan Partners Asset Management Inc. Class A | 15,100 | 414 |
| | Berkshire Hills Bancorp Inc. | 12,400 | 414 |
| * | Pacific Premier Bancorp Inc. | 14,100 | 412 |
| | Waddell & Reed Financial Inc. Class A | 21,400 | 408 |
| | City Holding Co. | 5,500 | 406 |
| | Kearny Financial Corp. | 30,993 | 401 |
| | Employers Holdings Inc. | 8,700 | 400 |
| | Kite Realty Group Trust | 24,700 | 391 |
| | Independent Bank Group Inc. | 6,700 | 388 |
| | Safety Insurance Group Inc. | 4,584 | 382 |
| *,^ | Redfin Corp. | 24,500 | 379 |
| | Alexander & Baldwin Inc. | 19,360 | 378 |
| | CNA Financial Corp. | 8,700 | 377 |
| | WSFS Financial Corp. | 8,800 | 374 |
113
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| S&T Bancorp Inc. | 9,300 | 373 |
| Walker & Dunlop Inc. | 8,700 | 365 |
| Boston Private Financial Holdings Inc. | 26,300 | 355 |
| * LendingClub Corp. | 106,200 | 343 |
| Getty Realty Corp. | 12,711 | 341 |
| * Cannae Holdings Inc. | 18,171 | 336 |
| American National Insurance Co. | 2,700 | 333 |
| Ramco-Gershenson Properties Trust | 24,700 | 328 |
| WisdomTree Investments Inc. | 41,800 | 325 |
| United Fire Group Inc. | 5,994 | 323 |
| Sandy Spring Bancorp Inc. | 9,067 | 322 |
| Brookline Bancorp Inc. | 20,647 | 320 |
| Piper Jaffray Cos. | 4,600 | 319 |
| Washington Prime Group Inc. | 49,471 | 317 |
| InfraREIT Inc. | 14,780 | 311 |
| Nelnet Inc. Class A | 5,500 | 310 |
| Franklin Street Properties Corp. | 43,300 | 301 |
| PennyMac Mortgage Investment Trust | 15,600 | 301 |
| * MBIA Inc. | 30,300 | 300 |
| Beneficial Bancorp Inc. | 18,649 | 292 |
| * Third Point Reinsurance Ltd. | 24,804 | 274 |
| ^ Government Properties Income Trust | 30,620 | 270 |
| BancFirst Corp. | 4,600 | 264 |
| * Flagstar Bancorp Inc. | 8,446 | 260 |
| Universal Health Realty Income Trust | 4,017 | 258 |
| FBL Financial Group Inc. Class A | 3,500 | 241 |
| Washington Trust Bancorp Inc. | 4,700 | 241 |
| ARMOUR Residential REIT Inc. | 11,012 | 240 |
| 1st Source Corp. | 5,130 | 239 |
| RMR Group Inc. Class A | 3,063 | 232 |
| BrightSphere Investment Group plc | 20,000 | 228 |
| * St. Joe Co. | 14,933 | 227 |
| TFS Financial Corp. | 15,200 | 224 |
| Cohen & Steers Inc. | 5,800 | 223 |
| TrustCo Bank Corp. NY | 29,706 | 223 |
| Community Trust Bancorp Inc. | 4,776 | 217 |
| iStar Inc. | 20,300 | 213 |
| * Marcus & Millichap Inc. | 6,100 | 212 |
| Stock Yards Bancorp Inc. | 6,637 | 210 |
| State Auto Financial Corp. | 6,500 | 207 |
| Investment Technology Group Inc. | 7,400 | 203 |
| Investors Real Estate Trust | 37,400 | 203 |
| CorePoint Lodging Inc. | 12,303 | 201 |
| Pennsylvania REIT | 22,214 | 199 |
| Hersha Hospitality Trust Class A | 11,275 | 198 |
| Oritani Financial Corp. | 13,496 | 197 |
| Capstead Mortgage Corp. | 28,700 | 197 |
| Flushing Financial Corp. | 8,445 | 192 |
| Alexander's Inc. | 600 | 189 |
| Urstadt Biddle Properties Inc. Class A | 9,457 | 188 |
| NorthStar Realty Europe Corp. | 13,915 | 187 |
| Saul Centers Inc. | 3,732 | 178 |
| First Financial Corp. | 3,848 | 176 |
| CBL & Associates Properties Inc. | 49,800 | 164 |
| * Encore Capital Group Inc. | 6,200 | 158 |
| Virtus Investment Partners Inc. | 1,528 | 152 |
| Spirit MTA REIT | 13,619 | 146 |
| Dime Community Bancshares Inc. | 8,800 | 142 |
| Ashford Hospitality Trust Inc. | 26,806 | 138 |
| Republic Bancorp Inc. Class A | 3,000 | 135 |
| * Retail Value Inc. | 4,775 | 134 |
| New Senior Investment Group Inc. | 20,051 | 115 |
| Greenhill & Co. Inc. | 5,100 | 112 |
| Front Yard Residential Corp. | 10,800 | 100 |
114
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Clearway Energy Inc. Class A | 5,100 | 99 |
| Maiden Holdings Ltd. | 21,100 | 74 |
| * Forestar Group Inc. | 932 | 17 |
| Tompkins Financial Corp. | 1 | — |
| | | 1,635,422 |
| Health Care (7.3%) | | |
| Johnson & Johnson | 843,529 | 118,086 |
| Pfizer Inc. | 1,821,699 | 78,442 |
| UnitedHealth Group Inc. | 298,651 | 78,052 |
| Merck & Co. Inc. | 836,812 | 61,598 |
| Amgen Inc. | 204,509 | 39,427 |
| Medtronic plc | 425,322 | 38,202 |
| AbbVie Inc. | 477,373 | 37,163 |
| Abbott Laboratories | 536,757 | 37,004 |
| Eli Lilly & Co. | 301,040 | 32,645 |
| Thermo Fisher Scientific Inc. | 125,337 | 29,285 |
| Gilead Sciences Inc. | 407,190 | 27,762 |
| Bristol-Myers Squibb Co. | 515,426 | 26,050 |
| Anthem Inc. | 82,149 | 22,638 |
| Aetna Inc. | 100,565 | 19,952 |
| * Biogen Inc. | 63,697 | 19,381 |
| Becton Dickinson and Co. | 83,748 | 19,304 |
| * Intuitive Surgical Inc. | 35,338 | 18,417 |
| Stryker Corp. | 107,128 | 17,378 |
| * Express Scripts Holding Co. | 176,556 | 17,121 |
| Allergan plc | 106,711 | 16,861 |
| * Celgene Corp. | 222,167 | 15,907 |
| Cigna Corp. | 73,934 | 15,808 |
| * Boston Scientific Corp. | 433,123 | 15,653 |
| * Illumina Inc. | 46,239 | 14,387 |
| Zoetis Inc. | 154,717 | 13,948 |
| Humana Inc. | 43,469 | 13,928 |
| * Vertex Pharmaceuticals Inc. | 81,837 | 13,868 |
| HCA Healthcare Inc. | 87,408 | 11,672 |
| Baxter International Inc. | 158,333 | 9,897 |
| * Edwards Lifesciences Corp. | 66,503 | 9,816 |
| * Regeneron Pharmaceuticals Inc. | 25,470 | 8,640 |
| * Centene Corp. | 64,404 | 8,393 |
| * Alexion Pharmaceuticals Inc. | 67,915 | 7,611 |
| Zimmer Biomet Holdings Inc. | 64,456 | 7,322 |
| * IQVIA Holdings Inc. | 52,155 | 6,411 |
| * IDEXX Laboratories Inc. | 27,453 | 5,823 |
| * Align Technology Inc. | 24,918 | 5,512 |
| * BioMarin Pharmaceutical Inc. | 57,910 | 5,338 |
| * Laboratory Corp. of America Holdings | 33,244 | 5,337 |
| * Mylan NV | 165,057 | 5,158 |
| Cardinal Health Inc. | 98,673 | 4,993 |
| ResMed Inc. | 44,266 | 4,689 |
| * ABIOMED Inc. | 13,525 | 4,615 |
| Quest Diagnostics Inc. | 45,387 | 4,271 |
| * WellCare Health Plans Inc. | 15,084 | 4,163 |
| * Henry Schein Inc. | 45,850 | 3,806 |
| Cooper Cos. Inc. | 14,321 | 3,699 |
| * Incyte Corp. | 56,448 | 3,659 |
| Teleflex Inc. | 14,952 | 3,600 |
| * DexCom Inc. | 26,600 | 3,532 |
| * Varian Medical Systems Inc. | 28,690 | 3,425 |
| * Hologic Inc. | 84,369 | 3,290 |
| Universal Health Services Inc. Class B | 25,966 | 3,156 |
| * Neurocrine Biosciences Inc. | 27,700 | 2,968 |
| * Jazz Pharmaceuticals plc | 18,000 | 2,859 |
| Perrigo Co. plc | 39,706 | 2,791 |
| STERIS plc | 25,506 | 2,788 |
| * DaVita Inc. | 40,316 | 2,715 |
115
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Exact Sciences Corp. | 37,500 | 2,664 |
| * | Sarepta Therapeutics Inc. | 19,491 | 2,607 |
| * | Molina Healthcare Inc. | 19,400 | 2,459 |
| | West Pharmaceutical Services Inc. | 22,500 | 2,383 |
| | Dentsply Sirona Inc. | 68,020 | 2,356 |
| * | Alnylam Pharmaceuticals Inc. | 27,596 | 2,220 |
| | Encompass Health Corp. | 30,020 | 2,020 |
| * | Alkermes plc | 49,200 | 2,009 |
| * | Nektar Therapeutics Class A | 51,841 | 2,005 |
| * | Bluebird Bio Inc. | 17,232 | 1,977 |
| * | Ionis Pharmaceuticals Inc. | 38,900 | 1,928 |
| | Bio-Techne Corp. | 11,300 | 1,895 |
| * | Sage Therapeutics Inc. | 14,347 | 1,846 |
| * | Seattle Genetics Inc. | 32,758 | 1,839 |
| * | Catalent Inc. | 44,062 | 1,777 |
| * | Haemonetics Corp. | 16,900 | 1,766 |
| * | Charles River Laboratories International Inc. | 14,400 | 1,754 |
| * | Bio-Rad Laboratories Inc. Class A | 6,400 | 1,746 |
| * | PRA Health Sciences Inc. | 17,981 | 1,742 |
| | Hill-Rom Holdings Inc. | 20,100 | 1,690 |
| * | Masimo Corp. | 13,800 | 1,595 |
| * | Insulet Corp. | 17,900 | 1,579 |
| *,^ | Teladoc Health Inc. | 21,319 | 1,478 |
| * | HealthEquity Inc. | 16,100 | 1,478 |
| * | United Therapeutics Corp. | 13,300 | 1,474 |
| | Chemed Corp. | 4,800 | 1,461 |
| * | Loxo Oncology Inc. | 8,300 | 1,267 |
| * | Penumbra Inc. | 9,200 | 1,251 |
| * | ICU Medical Inc. | 4,900 | 1,248 |
| * | Exelixis Inc. | 89,600 | 1,243 |
| * | Integra LifeSciences Holdings Corp. | 22,814 | 1,222 |
| * | Globus Medical Inc. | 22,300 | 1,179 |
| * | MEDNAX Inc. | 28,400 | 1,173 |
| * | Acadia Healthcare Co. Inc. | 27,269 | 1,132 |
| * | Endo International plc | 65,689 | 1,113 |
| * | LivaNova plc | 9,907 | 1,109 |
| * | Ligand Pharmaceuticals Inc. | 6,600 | 1,088 |
| * | Inogen Inc. | 5,700 | 1,081 |
| * | Array BioPharma Inc. | 66,500 | 1,077 |
| * | Agios Pharmaceuticals Inc. | 16,208 | 1,022 |
| * | FibroGen Inc. | 23,447 | 1,005 |
| *,^ | Immunomedics Inc. | 44,100 | 994 |
| | Bruker Corp. | 30,800 | 965 |
| * | Wright Medical Group NV | 35,415 | 956 |
| * | Myriad Genetics Inc. | 21,100 | 950 |
| * | Merit Medical Systems Inc. | 16,500 | 942 |
| * | Neogen Corp. | 14,933 | 907 |
| * | Amedisys Inc. | 8,200 | 902 |
| * | Syneos Health Inc. | 19,673 | 898 |
| * | LHC Group Inc. | 9,725 | 889 |
| * | Horizon Pharma plc | 48,424 | 882 |
| | Cantel Medical Corp. | 11,100 | 879 |
| * | Avanos Medical Inc. | 15,505 | 878 |
| | Healthcare Services Group Inc. | 21,600 | 877 |
| * | NuVasive Inc. | 15,500 | 871 |
| * | Emergent BioSolutions Inc. | 14,000 | 857 |
| * | Omnicell Inc. | 12,000 | 848 |
| * | Blueprint Medicines Corp. | 13,351 | 811 |
| * | Supernus Pharmaceuticals Inc. | 17,000 | 809 |
| * | HMS Holdings Corp. | 27,700 | 798 |
| * | LifePoint Health Inc. | 12,000 | 778 |
| * | Novocure Ltd. | 22,500 | 746 |
| * | Repligen Corp. | 12,629 | 685 |
| * | Quidel Corp. | 10,300 | 663 |
116
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Intercept Pharmaceuticals Inc. | 6,900 | 662 |
| | Patterson Cos. Inc. | 29,213 | 660 |
| * | Ultragenyx Pharmaceutical Inc. | 13,600 | 659 |
| * | REGENXBIO Inc. | 9,800 | 653 |
| * | Tenet Healthcare Corp. | 25,050 | 645 |
| * | Prestige Consumer Healthcare Inc. | 17,800 | 644 |
| * | Mallinckrodt plc | 25,422 | 637 |
| * | Amicus Therapeutics Inc. | 56,548 | 632 |
| * | Aerie Pharmaceuticals Inc. | 11,600 | 617 |
| * | Pacira Pharmaceuticals Inc. | 12,600 | 616 |
| * | NxStage Medical Inc. | 21,300 | 604 |
| * | ACADIA Pharmaceuticals Inc. | 30,600 | 596 |
| * | Heron Therapeutics Inc. | 21,300 | 591 |
| * | Acceleron Pharma Inc. | 11,600 | 589 |
| * | Select Medical Holdings Corp. | 35,300 | 585 |
| | CONMED Corp. | 8,600 | 580 |
| * | Halozyme Therapeutics Inc. | 36,400 | 565 |
| | Ensign Group Inc. | 15,200 | 563 |
| * | China Biologic Products Holdings Inc. | 8,400 | 558 |
| * | MyoKardia Inc. | 10,500 | 556 |
| * | Global Blood Therapeutics Inc. | 15,700 | 551 |
| * | Cambrex Corp. | 10,300 | 549 |
| * | Arena Pharmaceuticals Inc. | 15,300 | 546 |
| * | Medicines Co. | 23,400 | 544 |
| * | Ironwood Pharmaceuticals Inc. Class A | 40,500 | 531 |
| * | Brookdale Senior Living Inc. | 55,373 | 494 |
| * | iRhythm Technologies Inc. | 6,326 | 489 |
| * | Magellan Health Inc. | 7,300 | 475 |
| * | Xencor Inc. | 14,300 | 468 |
| * | Genomic Health Inc. | 6,300 | 452 |
| * | Amneal Pharmaceuticals Inc. | 24,300 | 448 |
| * | Atara Biotherapeutics Inc. | 13,000 | 444 |
| * | Spark Therapeutics Inc. | 9,811 | 441 |
| * | WageWorks Inc. | 10,900 | 434 |
| | Luminex Corp. | 15,000 | 432 |
| * | Tivity Health Inc. | 12,500 | 430 |
| * | Nevro Corp. | 8,800 | 429 |
| * | AnaptysBio Inc. | 5,400 | 403 |
| * | Portola Pharmaceuticals Inc. | 20,436 | 402 |
| * | Orthofix Medical Inc. | 6,600 | 401 |
| * | Enanta Pharmaceuticals Inc. | 5,200 | 401 |
| * | Madrigal Pharmaceuticals Inc. | 2,100 | 401 |
| * | Spectrum Pharmaceuticals Inc. | 33,600 | 400 |
| *,^ | Esperion Therapeutics Inc. | 8,700 | 395 |
| * | AxoGen Inc. | 10,500 | 392 |
| * | Taro Pharmaceutical Industries Ltd. | 3,800 | 378 |
| * | Editas Medicine Inc. | 14,100 | 357 |
| * | OPKO Health Inc. | 100,900 | 341 |
| *,^ | TESARO Inc. | 11,755 | 339 |
| * | Corcept Therapeutics Inc. | 27,800 | 327 |
| * | Insmed Inc. | 22,099 | 323 |
| * | Varex Imaging Corp. | 11,704 | 304 |
| * | Puma Biotechnology Inc. | 8,200 | 304 |
| * | Momenta Pharmaceuticals Inc. | 23,112 | 289 |
| * | Aimmune Therapeutics Inc. | 10,800 | 287 |
| * | Natus Medical Inc. | 9,500 | 284 |
| * | Theravance Biopharma Inc. | 11,657 | 283 |
| * | Innoviva Inc. | 19,900 | 278 |
| * | TherapeuticsMD Inc. | 56,500 | 276 |
| * | Acorda Therapeutics Inc. | 12,800 | 245 |
| * | Alder Biopharmaceuticals Inc. | 19,188 | 244 |
| * | Intra-Cellular Therapies Inc. | 13,700 | 233 |
| * | CorVel Corp. | 3,953 | 229 |
| *,^ | Intrexon Corp. | 19,800 | 229 |
117
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Radius Health Inc. | 13,200 | 209 |
| | Meridian Bioscience Inc. | 12,800 | 207 |
| * | Akorn Inc. | 30,700 | 205 |
| * | Clovis Oncology Inc. | 16,812 | 196 |
| * | Five Prime Therapeutics Inc. | 13,600 | 165 |
| * | Eagle Pharmaceuticals Inc. | 3,300 | 162 |
| *,^ | MiMedx Group Inc. | 27,900 | 162 |
| | Owens & Minor Inc. | 16,000 | 126 |
| *,^ | Lexicon Pharmaceuticals Inc. | 13,949 | 109 |
| * | Aduro Biotech Inc. | 12,200 | 52 |
| * | Lannett Co. Inc. | 9,800 | 36 |
| | | | 1,137,702 |
| Industrials (7.0%) | | |
| | Boeing Co. | 170,160 | 60,383 |
| | Union Pacific Corp. | 232,760 | 34,034 |
| | 3M Co. | 177,565 | 33,784 |
| | Honeywell International Inc. | 232,133 | 33,617 |
| | Accenture plc Class A | 202,055 | 31,848 |
| * | PayPal Holdings Inc. | 373,589 | 31,452 |
| | United Technologies Corp. | 234,852 | 29,171 |
| | General Electric Co. | 2,707,545 | 27,346 |
| | United Parcel Service Inc. Class B | 216,412 | 23,057 |
| | Lockheed Martin Corp. | 78,071 | 22,941 |
| | Caterpillar Inc. | 182,481 | 22,139 |
| | Automatic Data Processing Inc. | 139,095 | 20,041 |
| | Danaher Corp. | 192,303 | 19,115 |
| | CSX Corp. | 257,845 | 17,755 |
| | FedEx Corp. | 77,512 | 17,079 |
| | Raytheon Co. | 90,454 | 15,833 |
| | Norfolk Southern Corp. | 89,558 | 15,031 |
| | General Dynamics Corp. | 82,004 | 14,152 |
| | Deere & Co. | 102,168 | 13,838 |
| | Illinois Tool Works Inc. | 106,592 | 13,598 |
| | Emerson Electric Co. | 198,285 | 13,460 |
| | Northrop Grumman Corp. | 50,871 | 13,326 |
| | Waste Management Inc. | 136,733 | 12,234 |
| | Fidelity National Information Services Inc. | 104,616 | 10,891 |
| | Sherwin-Williams Co. | 26,672 | 10,495 |
| * | Fiserv Inc. | 127,760 | 10,131 |
| | Eaton Corp. plc | 138,122 | 9,899 |
| | Johnson Controls International plc | 294,198 | 9,406 |
| | Roper Technologies Inc. | 32,241 | 9,121 |
| | Amphenol Corp. Class A | 96,644 | 8,650 |
| | TE Connectivity Ltd. | 110,324 | 8,321 |
| | Ingersoll-Rand plc | 78,884 | 7,568 |
| | Fortive Corp. | 92,391 | 6,860 |
| | Paychex Inc. | 102,752 | 6,729 |
| | Cummins Inc. | 49,045 | 6,704 |
| | Rockwell Automation Inc. | 40,469 | 6,666 |
| * | Square Inc. | 90,651 | 6,658 |
| | Agilent Technologies Inc. | 102,732 | 6,656 |
| | Rockwell Collins Inc. | 51,523 | 6,596 |
| | Parker-Hannifin Corp. | 43,078 | 6,532 |
| | PACCAR Inc. | 110,397 | 6,316 |
| * | Verisk Analytics Inc. Class A | 52,675 | 6,313 |
| | Willis Towers Watson plc | 42,006 | 6,014 |
| | Global Payments Inc. | 51,676 | 5,903 |
| | Stanley Black & Decker Inc. | 49,693 | 5,790 |
| * | FleetCor Technologies Inc. | 28,276 | 5,656 |
| * | Worldpay Inc. Class A | 58,989 | 5,418 |
| | Total System Services Inc. | 59,000 | 5,378 |
| | Republic Services Inc. Class A | 72,210 | 5,248 |
| * | TransDigm Group Inc. | 15,715 | 5,190 |
| | AMETEK Inc. | 76,763 | 5,149 |
118
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| L3 Technologies Inc. | 27,147 | 5,144 |
| Cintas Corp. | 27,927 | 5,079 |
| Ball Corp. | 109,189 | 4,892 |
| Fastenal Co. | 93,971 | 4,831 |
| * Waters Corp. | 24,687 | 4,683 |
| Broadridge Financial Solutions Inc. | 39,223 | 4,587 |
| * Mettler-Toledo International Inc. | 8,047 | 4,400 |
| Textron Inc. | 80,791 | 4,333 |
| Vulcan Materials Co. | 41,704 | 4,218 |
| * CoStar Group Inc. | 11,633 | 4,204 |
| * Shopify Inc. | 29,742 | 4,109 |
| Xylem Inc. | 61,580 | 4,038 |
| WW Grainger Inc. | 14,201 | 4,033 |
| CH Robinson Worldwide Inc. | 44,711 | 3,981 |
| TransUnion | 58,269 | 3,831 |
| Expeditors International of Washington Inc. | 56,051 | 3,766 |
| Dover Corp. | 43,501 | 3,604 |
| WestRock Co. | 82,370 | 3,539 |
| * XPO Logistics Inc. | 39,541 | 3,534 |
| Martin Marietta Materials Inc. | 20,451 | 3,503 |
| Jack Henry & Associates Inc. | 23,320 | 3,494 |
| * Keysight Technologies Inc. | 56,719 | 3,238 |
| * United Rentals Inc. | 26,952 | 3,236 |
| Jacobs Engineering Group Inc. | 41,671 | 3,129 |
| * First Data Corp. Class A | 165,232 | 3,096 |
| Alliance Data Systems Corp. | 14,961 | 3,085 |
| Kansas City Southern | 29,985 | 3,057 |
| JB Hunt Transport Services Inc. | 27,481 | 3,040 |
| Masco Corp. | 97,651 | 2,930 |
| IDEX Corp. | 22,990 | 2,916 |
| * Trimble Inc. | 77,500 | 2,897 |
| PerkinElmer Inc. | 33,475 | 2,895 |
| Huntington Ingalls Industries Inc. | 13,229 | 2,890 |
| * Zebra Technologies Corp. | 16,800 | 2,794 |
| Spirit AeroSystems Holdings Inc. Class A | 32,958 | 2,769 |
| Arconic Inc. | 134,494 | 2,734 |
| Old Dominion Freight Line Inc. | 20,750 | 2,706 |
| Packaging Corp. of America | 29,303 | 2,690 |
| Snap-on Inc. | 17,400 | 2,679 |
| Allegion plc | 29,191 | 2,503 |
| * Teledyne Technologies Inc. | 11,160 | 2,469 |
| * Sensata Technologies Holding plc | 51,885 | 2,433 |
| National Instruments Corp. | 48,100 | 2,355 |
| Lennox International Inc. | 11,100 | 2,341 |
| * WEX Inc. | 13,004 | 2,288 |
| Robert Half International Inc. | 36,980 | 2,238 |
| Nordson Corp. | 18,000 | 2,208 |
| Cognex Corp. | 51,400 | 2,202 |
| Wabtec Corp. | 26,300 | 2,157 |
| * HD Supply Holdings Inc. | 57,300 | 2,153 |
| Booz Allen Hamilton Holding Corp. Class A | 43,074 | 2,134 |
| Graco Inc. | 51,200 | 2,080 |
| Donaldson Co. Inc. | 39,900 | 2,046 |
| Pentair plc | 50,744 | 2,037 |
| AO Smith Corp. | 44,100 | 2,008 |
| * AerCap Holdings NV | 39,216 | 1,964 |
| FLIR Systems Inc. | 42,400 | 1,964 |
| Xerox Corp. | 69,911 | 1,948 |
| AptarGroup Inc. | 18,800 | 1,917 |
| Fluor Corp. | 43,205 | 1,895 |
| * Arrow Electronics Inc. | 27,382 | 1,854 |
| BWX Technologies Inc. | 31,450 | 1,839 |
| Flowserve Corp. | 39,966 | 1,834 |
| Toro Co. | 32,313 | 1,820 |
119
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Carlisle Cos. Inc. | 18,700 | 1,806 |
| * | AECOM | 61,100 | 1,780 |
| * | Berry Global Group Inc. | 40,282 | 1,757 |
| * | Fair Isaac Corp. | 9,100 | 1,754 |
| | Hubbell Inc. Class B | 16,755 | 1,704 |
| * | Euronet Worldwide Inc. | 15,300 | 1,701 |
| | Sonoco Products Co. | 31,000 | 1,692 |
| * | Crown Holdings Inc. | 39,741 | 1,681 |
| | Sealed Air Corp. | 50,735 | 1,642 |
| | Lincoln Electric Holdings Inc. | 19,900 | 1,610 |
| | Owens Corning | 34,000 | 1,607 |
| | Universal Display Corp. | 13,000 | 1,599 |
| | Hexcel Corp. | 27,300 | 1,598 |
| | Allison Transmission Holdings Inc. | 35,623 | 1,570 |
| * | IPG Photonics Corp. | 11,700 | 1,563 |
| | Acuity Brands Inc. | 12,400 | 1,558 |
| | ManpowerGroup Inc. | 20,254 | 1,545 |
| | MDU Resources Group Inc. | 59,376 | 1,482 |
| | Watsco Inc. | 10,000 | 1,482 |
| | Curtiss-Wright Corp. | 13,500 | 1,478 |
| | Avnet Inc. | 36,843 | 1,476 |
| * | Genesee & Wyoming Inc. Class A | 18,600 | 1,474 |
| * | Quanta Services Inc. | 45,400 | 1,416 |
| | ITT Inc. | 27,167 | 1,372 |
| | HEICO Corp. Class A | 20,397 | 1,360 |
| | Littelfuse Inc. | 7,500 | 1,359 |
| * | Kirby Corp. | 18,600 | 1,338 |
| | Crane Co. | 15,300 | 1,332 |
| *,^ | Pagseguro Digital Ltd. Class A | 49,086 | 1,325 |
| | Trinity Industries Inc. | 46,200 | 1,319 |
| | Insperity Inc. | 12,000 | 1,318 |
| | Jabil Inc. | 52,819 | 1,306 |
| * | Flex Ltd. | 163,525 | 1,285 |
| | Oshkosh Corp. | 22,868 | 1,284 |
| | Woodward Inc. | 17,400 | 1,281 |
| | MAXIMUS Inc. | 19,700 | 1,280 |
| | Knight-Swift Transportation Holdings Inc. | 39,784 | 1,273 |
| | Bemis Co. Inc. | 27,760 | 1,271 |
| * | Stericycle Inc. | 25,331 | 1,266 |
| | Genpact Ltd. | 46,018 | 1,261 |
| | Landstar System Inc. | 12,600 | 1,261 |
| | nVent Electric plc | 50,744 | 1,239 |
| | EMCOR Group Inc. | 17,300 | 1,228 |
| | HEICO Corp. | 13,988 | 1,173 |
| | AGCO Corp. | 20,700 | 1,160 |
| | MSC Industrial Direct Co. Inc. Class A | 14,200 | 1,151 |
| | Tetra Tech Inc. | 17,400 | 1,149 |
| | Air Lease Corp. Class A | 29,600 | 1,128 |
| * | Trex Co. Inc. | 18,200 | 1,116 |
| | USG Corp. | 26,418 | 1,115 |
| * | Conduent Inc. | 58,306 | 1,114 |
| * | Clean Harbors Inc. | 16,000 | 1,089 |
| * | Axon Enterprise Inc. | 17,600 | 1,086 |
| * | Gardner Denver Holdings Inc. | 39,948 | 1,081 |
| | Eagle Materials Inc. | 14,400 | 1,063 |
| * | Allegheny Technologies Inc. | 40,988 | 1,061 |
| * | RBC Bearings Inc. | 7,100 | 1,049 |
| | Graphic Packaging Holding Co. | 94,980 | 1,046 |
| | MSA Safety Inc. | 10,000 | 1,044 |
| * | ASGN Inc. | 15,400 | 1,033 |
| | EnerSys | 12,800 | 1,018 |
| | John Bean Technologies Corp. | 9,700 | 1,009 |
| * | Proto Labs Inc. | 8,400 | 1,003 |
| | Brink's Co. | 15,000 | 995 |
120
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * CoreLogic Inc. | 24,245 | 985 |
| Macquarie Infrastructure Corp. | 26,500 | 979 |
| Louisiana-Pacific Corp. | 44,600 | 971 |
| Regal Beloit Corp. | 13,300 | 954 |
| * Coherent Inc. | 7,600 | 936 |
| * Generac Holdings Inc. | 18,200 | 923 |
| Ryder System Inc. | 16,187 | 895 |
| Kennametal Inc. | 25,200 | 893 |
| GATX Corp. | 11,800 | 884 |
| * Esterline Technologies Corp. | 7,500 | 880 |
| * MasTec Inc. | 19,900 | 866 |
| KBR Inc. | 43,700 | 864 |
| * Armstrong World Industries Inc. | 13,979 | 863 |
| Barnes Group Inc. | 15,200 | 860 |
| * Rexnord Corp. | 31,889 | 855 |
| * SiteOne Landscape Supply Inc. | 12,500 | 850 |
| * Cimpress NV | 6,800 | 850 |
| * FTI Consulting Inc. | 12,200 | 843 |
| Timken Co. | 21,300 | 842 |
| Valmont Industries Inc. | 6,700 | 833 |
| * Owens-Illinois Inc. | 52,550 | 823 |
| * Aerojet Rocketdyne Holdings Inc. | 23,300 | 823 |
| * Orbotech Ltd. | 14,600 | 817 |
| * Resideo Technologies Inc. | 38,688 | 814 |
| Korn/Ferry International | 17,700 | 799 |
| Applied Industrial Technologies Inc. | 12,000 | 789 |
| * Rogers Corp. | 6,200 | 763 |
| Vishay Intertechnology Inc. | 40,700 | 745 |
| * Colfax Corp. | 26,340 | 738 |
| Exponent Inc. | 14,600 | 737 |
| Moog Inc. Class A | 10,100 | 723 |
| * Integer Holdings Corp. | 9,678 | 721 |
| * AMN Healthcare Services Inc. | 14,000 | 709 |
| * Imperva Inc. | 12,800 | 708 |
| Simpson Manufacturing Co. Inc. | 12,400 | 708 |
| * WESCO International Inc. | 13,974 | 701 |
| Albany International Corp. | 9,900 | 693 |
| Franklin Electric Co. Inc. | 16,300 | 691 |
| * II-VI Inc. | 18,500 | 689 |
| UniFirst Corp. | 4,600 | 687 |
| Terex Corp. | 20,502 | 685 |
| Deluxe Corp. | 14,400 | 680 |
| Belden Inc. | 12,500 | 676 |
| * ExlService Holdings Inc. | 10,400 | 667 |
| * Mercury Systems Inc. | 14,200 | 665 |
| * Harsco Corp. | 23,800 | 654 |
| Comfort Systems USA Inc. | 12,100 | 647 |
| * TriNet Group Inc. | 13,700 | 644 |
| ABM Industries Inc. | 20,800 | 640 |
| * Dycom Industries Inc. | 9,300 | 631 |
| Granite Construction Inc. | 13,600 | 622 |
| World Fuel Services Corp. | 19,200 | 614 |
| * Itron Inc. | 11,700 | 610 |
| Watts Water Technologies Inc. Class A | 8,600 | 602 |
| * Paylocity Holding Corp. | 9,000 | 592 |
| * Anixter International Inc. | 9,000 | 591 |
| Brady Corp. Class A | 14,480 | 583 |
| * Novanta Inc. | 9,800 | 570 |
| Otter Tail Corp. | 12,611 | 568 |
| * Sanmina Corp. | 21,800 | 552 |
| * Aerovironment Inc. | 6,100 | 549 |
| * Beacon Roofing Supply Inc. | 19,644 | 548 |
| * TopBuild Corp. | 11,998 | 547 |
| Silgan Holdings Inc. | 22,768 | 547 |
121
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | US Ecology Inc. | 7,800 | 545 |
| * | Plexus Corp. | 9,200 | 537 |
| | Triton International Ltd. | 16,500 | 531 |
| * | Advanced Disposal Services Inc. | 19,559 | 530 |
| | Mobile Mini Inc. | 12,800 | 526 |
| | Covanta Holding Corp. | 35,600 | 523 |
| * | Navistar International Corp. | 15,500 | 519 |
| | Universal Forest Products Inc. | 17,900 | 506 |
| * | TriMas Corp. | 16,700 | 492 |
| * | Saia Inc. | 7,800 | 490 |
| | Forward Air Corp. | 8,100 | 486 |
| | AAR Corp. | 10,200 | 485 |
| * | Fabrinet | 11,200 | 485 |
| | Werner Enterprises Inc. | 15,000 | 483 |
| | Raven Industries Inc. | 11,100 | 483 |
| | Mueller Water Products Inc. Class A | 46,800 | 480 |
| | AAON Inc. | 13,793 | 476 |
| | Cubic Corp. | 7,200 | 472 |
| * | Masonite International Corp. | 8,500 | 471 |
| | Greenbrier Cos. Inc. | 9,900 | 470 |
| | ESCO Technologies Inc. | 7,500 | 459 |
| | Actuant Corp. Class A | 19,200 | 458 |
| * | Summit Materials Inc. Class A | 33,697 | 455 |
| * | Hub Group Inc. Class A | 9,900 | 454 |
| | EVERTEC Inc. | 17,100 | 446 |
| * | SPX FLOW Inc. | 12,999 | 445 |
| | Kaman Corp. | 7,000 | 445 |
| * | Knowles Corp. | 26,973 | 436 |
| | ManTech International Corp. Class A | 7,600 | 435 |
| | Boise Cascade Co. | 14,100 | 434 |
| * | MINDBODY Inc. Class A | 13,500 | 430 |
| * | Evolent Health Inc. Class A | 19,200 | 426 |
| * | Builders FirstSource Inc. | 34,100 | 422 |
| * | Gibraltar Industries Inc. | 11,800 | 421 |
| | Federal Signal Corp. | 18,700 | 411 |
| | Sun Hydraulics Corp. | 8,400 | 390 |
| * | Cardtronics plc Class A | 14,300 | 388 |
| | Advanced Drainage Systems Inc. | 13,900 | 386 |
| | McGrath RentCorp | 7,200 | 384 |
| | Mueller Industries Inc. | 15,600 | 380 |
| * | CBIZ Inc. | 17,000 | 377 |
| * | OSI Systems Inc. | 5,400 | 373 |
| * | Huron Consulting Group Inc. | 6,800 | 371 |
| | Tennant Co. | 6,000 | 367 |
| | Badger Meter Inc. | 7,400 | 363 |
| | EnPro Industries Inc. | 5,800 | 361 |
| * | TTM Technologies Inc. | 29,954 | 350 |
| * | Sykes Enterprises Inc. | 11,200 | 344 |
| | Primoris Services Corp. | 16,200 | 343 |
| | Hollysys Automation Technologies Ltd. | 17,800 | 342 |
| * | SPX Corp. | 11,599 | 340 |
| * | JELD-WEN Holding Inc. | 20,757 | 338 |
| * | BMC Stock Holdings Inc. | 20,100 | 336 |
| | Rush Enterprises Inc. Class A | 9,500 | 336 |
| | Ship Finance International Ltd. | 26,513 | 331 |
| | Greif Inc. Class A | 7,000 | 331 |
| *,^ | Ambarella Inc. | 9,500 | 330 |
| | CTS Corp. | 12,100 | 323 |
| * | Patrick Industries Inc. | 7,400 | 322 |
| | Schneider National Inc. Class B | 14,700 | 321 |
| | Lindsay Corp. | 3,300 | 316 |
| | Methode Electronics Inc. | 10,500 | 311 |
| | Apogee Enterprises Inc. | 8,600 | 310 |
| | Encore Wire Corp. | 6,900 | 305 |
122
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | AZZ Inc. | 6,800 | 302 |
| | Navigant Consulting Inc. | 13,900 | 300 |
| * | TrueBlue Inc. | 12,600 | 294 |
| | Heartland Express Inc. | 15,000 | 292 |
| | Benchmark Electronics Inc. | 13,300 | 290 |
| | AVX Corp. | 17,300 | 289 |
| | Standex International Corp. | 3,500 | 284 |
| ^ | ADT Inc. | 36,200 | 280 |
| | Aircastle Ltd. | 14,200 | 276 |
| | GasLog Ltd. | 12,700 | 260 |
| ^ | Seaspan Corp. Class A | 29,000 | 259 |
| * | FARO Technologies Inc. | 5,000 | 253 |
| * | SEACOR Holdings Inc. | 5,100 | 245 |
| *,^ | MACOM Technology Solutions Holdings Inc. | 17,013 | 239 |
| | Triumph Group Inc. | 13,000 | 237 |
| | Astec Industries Inc. | 6,200 | 233 |
| | Hyster-Yale Materials Handling Inc. | 3,800 | 230 |
| | MTS Systems Corp. | 4,700 | 223 |
| | H&E Equipment Services Inc. | 9,000 | 217 |
| | Quanex Building Products Corp. | 14,400 | 213 |
| | CIRCOR International Inc. | 6,300 | 205 |
| | Briggs & Stratton Corp. | 13,800 | 201 |
| * | Aegion Corp. Class A | 9,900 | 192 |
| * | Tutor Perini Corp. | 12,200 | 189 |
| * | Installed Building Products Inc. | 5,700 | 174 |
| | Kelly Services Inc. Class A | 6,900 | 162 |
| | Manitowoc Co. Inc. | 8,850 | 162 |
| * | Frontline Ltd. | 21,440 | 153 |
| | Myers Industries Inc. | 9,600 | 152 |
| * | Veeco Instruments Inc. | 15,217 | 145 |
| * | Donnelley Financial Solutions Inc. | 8,870 | 138 |
| * | Wesco Aircraft Holdings Inc. | 12,800 | 130 |
| | Matson Inc. | 3,700 | 130 |
| | Scorpio Tankers Inc. | 70,700 | 127 |
| | Teekay Corp. | 17,800 | 118 |
| * | Engility Holdings Inc. | 3,673 | 114 |
| | Griffon Corp. | 7,300 | 88 |
| ^ | Caesarstone Ltd. | 5,400 | 85 |
| | TTEC Holdings Inc. | 3,400 | 85 |
| * | Atlas Air Worldwide Holdings Inc. | 1,500 | 77 |
| | LSC Communications Inc. | 7,570 | 71 |
| | American Railcar Industries Inc. | 1,000 | 70 |
| | Maxar Technologies Ltd. | 4,620 | 69 |
| | Waste Connections Inc. | 302 | 23 |
| | | | 1,096,679 |
| Oil & Gas (3.0%) | | |
| | Exxon Mobil Corp. | 1,332,159 | 106,146 |
| | Chevron Corp. | 598,239 | 66,793 |
| | ConocoPhillips | 368,772 | 25,777 |
| | Schlumberger Ltd. | 435,648 | 22,353 |
| | EOG Resources Inc. | 181,489 | 19,118 |
| | Occidental Petroleum Corp. | 241,508 | 16,198 |
| | Marathon Petroleum Corp. | 210,461 | 14,827 |
| | Phillips 66 | 132,462 | 13,620 |
| | Valero Energy Corp. | 135,386 | 12,332 |
| | Kinder Morgan Inc. | 601,713 | 10,241 |
| | Halliburton Co. | 275,573 | 9,557 |
| | Williams Cos. Inc. | 385,194 | 9,372 |
| | Anadarko Petroleum Corp. | 163,296 | 8,687 |
| * | Concho Resources Inc. | 61,748 | 8,589 |
| | ONEOK Inc. | 130,230 | 8,543 |
| | Pioneer Natural Resources Co. | 53,897 | 7,937 |
| | Devon Energy Corp. | 162,760 | 5,273 |
| | Marathon Oil Corp. | 270,708 | 5,141 |
123
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hess Corp. | 84,699 | 4,862 |
| | Apache Corp. | 122,327 | 4,628 |
| | National Oilwell Varco Inc. | 125,082 | 4,603 |
| * | Cheniere Energy Inc. | 71,027 | 4,291 |
| | Noble Energy Inc. | 151,652 | 3,769 |
| | Baker Hughes a GE Co. | 129,308 | 3,451 |
| | HollyFrontier Corp. | 51,070 | 3,444 |
| | Diamondback Energy Inc. | 29,887 | 3,358 |
| | Targa Resources Corp. | 64,696 | 3,343 |
| | Cabot Oil & Gas Corp. | 135,338 | 3,279 |
| | EQT Corp. | 83,163 | 2,825 |
| | Cimarex Energy Co. | 28,794 | 2,288 |
| | OGE Energy Corp. | 61,200 | 2,212 |
| | Helmerich & Payne Inc. | 32,500 | 2,024 |
| * | WPX Energy Inc. | 123,078 | 1,974 |
| * | Energen Corp. | 27,209 | 1,958 |
| * | Parsley Energy Inc. Class A | 81,698 | 1,913 |
| | Murphy Oil Corp. | 50,023 | 1,594 |
| | PBF Energy Inc. Class A | 37,002 | 1,549 |
| * | Continental Resources Inc. | 27,112 | 1,428 |
| *,^ | Transocean Ltd. | 129,001 | 1,420 |
| * | Newfield Exploration Co. | 65,201 | 1,317 |
| * | Antero Resources Corp. | 76,200 | 1,211 |
| | Core Laboratories NV | 13,400 | 1,142 |
| | CNX Resources Corp. | 69,077 | 1,081 |
| * | Centennial Resource Development Inc. Class A | 56,100 | 1,075 |
| | Patterson-UTI Energy Inc. | 63,877 | 1,063 |
| *,^ | Chesapeake Energy Corp. | 301,511 | 1,058 |
| * | Whiting Petroleum Corp. | 28,113 | 1,049 |
| * | First Solar Inc. | 24,970 | 1,044 |
| | Range Resources Corp. | 65,496 | 1,038 |
| * | Southwestern Energy Co. | 192,418 | 1,028 |
| * | Apergy Corp. | 24,701 | 963 |
| | Delek US Holdings Inc. | 26,173 | 961 |
| * | Matador Resources Co. | 32,500 | 937 |
| | Ensco plc Class A | 130,103 | 929 |
| * | Oasis Petroleum Inc. | 88,653 | 892 |
| | SM Energy Co. | 36,114 | 879 |
| * | PDC Energy Inc. | 20,381 | 865 |
| * | Callon Petroleum Co. | 70,026 | 698 |
| * | Chart Industries Inc. | 10,000 | 680 |
| * | QEP Resources Inc. | 70,364 | 627 |
| * | Rowan Cos. plc Class A | 34,488 | 549 |
| * | Gulfport Energy Corp. | 59,882 | 546 |
| * | Oceaneering International Inc. | 28,600 | 542 |
| | Nabors Industries Ltd. | 107,306 | 533 |
| * | SRC Energy Inc. | 73,254 | 519 |
| * | Ocean Rig UDW Inc. | 17,100 | 518 |
| * | Dril-Quip Inc. | 11,400 | 485 |
| * | NOW Inc. | 36,496 | 469 |
| * | Kosmos Energy Ltd. | 70,956 | 460 |
| | SemGroup Corp. Class A | 24,853 | 460 |
| | McDermott International Inc. | 58,884 | 455 |
| *,^ | SolarEdge Technologies Inc. | 11,700 | 453 |
| * | Carrizo Oil & Gas Inc. | 24,579 | 448 |
| * | Denbury Resources Inc. | 129,126 | 445 |
| * | California Resources Corp. | 14,000 | 439 |
| * | Superior Energy Services Inc. | 55,835 | 437 |
| | Archrock Inc. | 41,684 | 428 |
| * | Oil States International Inc. | 18,720 | 417 |
| * | MRC Global Inc. | 26,000 | 412 |
| * | Weatherford International plc | 291,703 | 394 |
| * | Noble Corp. plc | 76,211 | 383 |
| * | C&J Energy Services Inc. | 20,200 | 379 |
124
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Unit Corp. | 15,800 | 365 |
| | Cosan Ltd. | 40,372 | 337 |
| * | Helix Energy Solutions Group Inc. | 37,800 | 322 |
| * | ProPetro Holding Corp. | 17,400 | 307 |
| * | Extraction Oil & Gas Inc. | 37,744 | 302 |
| *,^ | Diamond Offshore Drilling Inc. | 20,218 | 287 |
| * | Laredo Petroleum Inc. | 51,100 | 268 |
| | RPC Inc. | 17,400 | 259 |
| * | Exterran Corp. | 12,200 | 255 |
| * | WildHorse Resource Development Corp. | 12,000 | 255 |
| | Green Plains Inc. | 14,400 | 245 |
| *,^ | Jagged Peak Energy Inc. | 17,600 | 217 |
| * | Forum Energy Technologies Inc. | 23,900 | 214 |
| * | Newpark Resources Inc. | 25,900 | 213 |
| * | KLX Energy Services Holdings Inc. | 6,720 | 194 |
| | CVR Energy Inc. | 4,200 | 181 |
| * | Frank's International NV | 23,000 | 163 |
| * | Canadian Solar Inc. | 9,400 | 134 |
| *,^ | SunPower Corp. Class A | 19,200 | 115 |
| * | Gran Tierra Energy Inc. | 22,700 | 69 |
| *,^ | Covia Holdings Corp. | 9,800 | 57 |
| *,^,§ | Cobalt International Energy Inc. | 4,380 | — |
| | | | 466,184 |
| Other (0.0%)3 | | |
| *,§ | Herbalife Ltd. CVR | 2,700 | 26 |
| *,§ | A Schulman Inc. CVR | 8,800 | 17 |
| *,§ | Media General Inc. CVR | 21,051 | 1 |
| * | American International Group Inc. Warrants Exp. 01/19/2021 | 18,671 | — |
| | | | 44 |
| Technology (11.3%) | | |
| | Apple Inc. | 1,523,710 | 333,479 |
| | Microsoft Corp. | 2,380,796 | 254,293 |
| * | Facebook Inc. Class A | 748,090 | 113,553 |
| * | Alphabet Inc. Class C | 105,295 | 113,378 |
| * | Alphabet Inc. Class A | 84,325 | 91,963 |
| | Intel Corp. | 1,452,926 | 68,113 |
| | Cisco Systems Inc. | 1,482,244 | 67,813 |
| | Oracle Corp. | 881,069 | 43,031 |
| | NVIDIA Corp. | 183,071 | 38,597 |
| * | Adobe Inc. | 154,562 | 37,985 |
| | International Business Machines Corp. | 288,448 | 33,296 |
| * | salesforce.com Inc. | 222,030 | 30,471 |
| | Broadcom Inc. | 135,607 | 30,307 |
| | QUALCOMM Inc. | 466,756 | 29,354 |
| | Texas Instruments Inc. | 309,038 | 28,688 |
| | Intuit Inc. | 76,906 | 16,227 |
| * | Micron Technology Inc. | 363,569 | 13,714 |
| | Cognizant Technology Solutions Corp. Class A | 183,157 | 12,643 |
| | HP Inc. | 509,358 | 12,296 |
| | Applied Materials Inc. | 317,794 | 10,449 |
| * | ServiceNow Inc. | 55,533 | 10,054 |
| | Analog Devices Inc. | 116,583 | 9,759 |
| * | Red Hat Inc. | 56,470 | 9,693 |
| * | Autodesk Inc. | 69,374 | 8,967 |
| | Corning Inc. | 257,138 | 8,216 |
| | NXP Semiconductors NV | 108,117 | 8,108 |
| * | Twitter Inc. | 221,528 | 7,698 |
| | Hewlett Packard Enterprise Co. | 481,858 | 7,348 |
| | Lam Research Corp. | 49,808 | 7,059 |
| | Xilinx Inc. | 82,251 | 7,022 |
| | Motorola Solutions Inc. | 53,649 | 6,575 |
| | NetApp Inc. | 83,134 | 6,525 |
| | DXC Technology Co. | 89,586 | 6,525 |
| * | Workday Inc. Class A | 46,387 | 6,170 |
125
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Cerner Corp. | 104,162 | 5,966 |
| * Dell Technologies Inc. Class V | 63,323 | 5,724 |
| Harris Corp. | 38,375 | 5,707 |
| * Palo Alto Networks Inc. | 28,990 | 5,306 |
| * Advanced Micro Devices Inc. | 290,860 | 5,297 |
| * IAC/InterActiveCorp | 26,285 | 5,167 |
| * VeriSign Inc. | 34,525 | 4,921 |
| Skyworks Solutions Inc. | 56,339 | 4,888 |
| Microchip Technology Inc. | 72,235 | 4,752 |
| * Citrix Systems Inc. | 46,147 | 4,729 |
| * Splunk Inc. | 46,637 | 4,656 |
| KLA-Tencor Corp. | 50,819 | 4,652 |
| * Synopsys Inc. | 50,648 | 4,535 |
| Maxim Integrated Products Inc. | 86,980 | 4,351 |
| CDW Corp. | 47,874 | 4,309 |
| CA Inc. | 96,258 | 4,270 |
| * ANSYS Inc. | 28,513 | 4,264 |
| * Gartner Inc. | 28,210 | 4,162 |
| * Arista Networks Inc. | 17,770 | 4,093 |
| Western Digital Corp. | 94,301 | 4,062 |
| * Cadence Design Systems Inc. | 90,053 | 4,014 |
| * Check Point Software Technologies Ltd. | 35,872 | 3,982 |
| * Akamai Technologies Inc. | 53,272 | 3,849 |
| Seagate Technology plc | 91,013 | 3,661 |
| * Fortinet Inc. | 43,200 | 3,550 |
| Symantec Corp. | 193,322 | 3,509 |
| * GoDaddy Inc. Class A | 47,184 | 3,452 |
| * Veeva Systems Inc. Class A | 36,770 | 3,359 |
| * F5 Networks Inc. | 18,991 | 3,329 |
| SS&C Technologies Holdings Inc. | 65,009 | 3,326 |
| * VMware Inc. Class A | 21,976 | 3,107 |
| Juniper Networks Inc. | 105,996 | 3,102 |
| Leidos Holdings Inc. | 45,091 | 2,921 |
| * Qorvo Inc. | 39,227 | 2,884 |
| Marvell Technology Group Ltd. | 174,895 | 2,870 |
| Amdocs Ltd. | 44,938 | 2,843 |
| * PTC Inc. | 34,270 | 2,824 |
| * Tyler Technologies Inc. | 11,900 | 2,519 |
| * Ultimate Software Group Inc. | 9,400 | 2,506 |
| * Yandex NV Class A | 83,062 | 2,503 |
| * Atlassian Corp. plc Class A | 31,900 | 2,422 |
| CDK Global Inc. | 41,555 | 2,379 |
| * Tableau Software Inc. Class A | 21,302 | 2,272 |
| * ON Semiconductor Corp. | 133,267 | 2,266 |
| * Guidewire Software Inc. | 25,200 | 2,242 |
| Teradyne Inc. | 60,100 | 2,070 |
| * Paycom Software Inc. | 15,852 | 1,985 |
| * CommScope Holding Co. Inc. | 81,914 | 1,971 |
| * Integrated Device Technology Inc. | 41,200 | 1,929 |
| * Aspen Technology Inc. | 22,300 | 1,893 |
| * EPAM Systems Inc. | 15,300 | 1,828 |
| * Zendesk Inc. | 32,400 | 1,781 |
| * Twilio Inc. Class A | 22,600 | 1,700 |
| * athenahealth Inc. | 12,500 | 1,594 |
| * RingCentral Inc. Class A | 20,300 | 1,578 |
| * Nuance Communications Inc. | 89,700 | 1,560 |
| * Okta Inc. | 26,700 | 1,558 |
| * HubSpot Inc. | 11,400 | 1,546 |
| Monolithic Power Systems Inc. | 12,800 | 1,512 |
| Cypress Semiconductor Corp. | 112,532 | 1,456 |
| * Proofpoint Inc. | 15,900 | 1,446 |
| * Ciena Corp. | 44,200 | 1,382 |
| * Nutanix Inc. | 33,200 | 1,378 |
| * Teradata Corp. | 37,836 | 1,377 |
126
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | ARRIS International plc | 55,083 | 1,370 |
| | LogMeIn Inc. | 15,900 | 1,369 |
| * | CACI International Inc. Class A | 7,400 | 1,321 |
| * | InterXion Holding NV | 21,300 | 1,254 |
| * | New Relic Inc. | 13,900 | 1,241 |
| | MKS Instruments Inc. | 16,600 | 1,223 |
| * | Medidata Solutions Inc. | 17,300 | 1,216 |
| | Entegris Inc. | 44,400 | 1,178 |
| * | RealPage Inc. | 22,129 | 1,173 |
| * | Cree Inc. | 30,115 | 1,169 |
| | Perspecta Inc. | 44,398 | 1,087 |
| * | Coupa Software Inc. | 16,700 | 1,083 |
| * | 2U Inc. | 17,004 | 1,070 |
| | j2 Global Inc. | 14,600 | 1,063 |
| * | Lumentum Holdings Inc. | 19,340 | 1,057 |
| *,^ | ViaSat Inc. | 16,568 | 1,056 |
| * | Silicon Laboratories Inc. | 12,800 | 1,044 |
| | Blackbaud Inc. | 14,500 | 1,040 |
| * | FireEye Inc. | 55,800 | 1,032 |
| * | Pure Storage Inc. Class A | 50,800 | 1,025 |
| | SYNNEX Corp. | 12,984 | 1,008 |
| * | NCR Corp. | 36,615 | 983 |
| * | Manhattan Associates Inc. | 20,400 | 974 |
| | Micro Focus International plc ADR | 61,498 | 943 |
| | Science Applications International Corp. | 12,853 | 893 |
| * | ACI Worldwide Inc. | 35,500 | 891 |
| * | Verint Systems Inc. | 19,300 | 881 |
| * | Wix.com Ltd. | 9,000 | 876 |
| * | Semtech Corp. | 19,400 | 872 |
| * | Tech Data Corp. | 12,000 | 848 |
| * | Cornerstone OnDemand Inc. | 17,000 | 837 |
| * | Bottomline Technologies DE Inc. | 12,500 | 833 |
| * | YY Inc. ADR | 13,000 | 831 |
| * | Viavi Solutions Inc. | 70,200 | 809 |
| | Cogent Communications Holdings Inc. | 14,700 | 764 |
| * | Qualys Inc. | 10,600 | 755 |
| * | CyberArk Software Ltd. | 11,000 | 751 |
| | InterDigital Inc. | 10,500 | 745 |
| * | Envestnet Inc. | 14,300 | 744 |
| * | Premier Inc. Class A | 16,475 | 741 |
| | Cabot Microelectronics Corp. | 7,500 | 732 |
| * | Box Inc. | 39,900 | 718 |
| * | Cirrus Logic Inc. | 19,100 | 715 |
| * | Ellie Mae Inc. | 10,700 | 709 |
| * | Five9 Inc. | 17,800 | 701 |
| * | CommVault Systems Inc. | 11,970 | 697 |
| * | NetScout Systems Inc. | 26,238 | 663 |
| | Brooks Automation Inc. | 20,100 | 624 |
| | Pegasystems Inc. | 11,600 | 621 |
| ^ | Ubiquiti Networks Inc. | 6,600 | 614 |
| * | Allscripts Healthcare Solutions Inc. | 50,600 | 603 |
| * | EchoStar Corp. Class A | 14,700 | 596 |
| | Plantronics Inc. | 10,000 | 590 |
| * | Insight Enterprises Inc. | 11,300 | 584 |
| * | Q2 Holdings Inc. | 10,900 | 580 |
| * | Avaya Holdings Corp. | 34,300 | 563 |
| * | Finisar Corp. | 33,100 | 552 |
| * | Globant SA | 10,397 | 535 |
| * | Varonis Systems Inc. | 8,700 | 531 |
| * | Blackline Inc. | 11,100 | 515 |
| * | Advanced Energy Industries Inc. | 11,900 | 512 |
| * | NETGEAR Inc. | 9,200 | 510 |
| * | Yext Inc. | 25,200 | 484 |
| * | Blucora Inc. | 16,400 | 474 |
127
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Power Integrations Inc. | 8,400 | 473 |
| * | Oclaro Inc. | 57,000 | 469 |
| | Kulicke & Soffa Industries Inc. | 22,900 | 466 |
| * | Synaptics Inc. | 11,500 | 432 |
| * | Alarm.com Holdings Inc. | 9,700 | 431 |
| * | SailPoint Technologies Holding Inc. | 16,200 | 422 |
| *,^ | 3D Systems Corp. | 34,900 | 422 |
| | Progress Software Corp. | 13,000 | 418 |
| * | Electronics For Imaging Inc. | 13,700 | 417 |
| * | Cloudera Inc. | 30,100 | 414 |
| * | Inphi Corp. | 12,900 | 413 |
| | Pitney Bowes Inc. | 60,747 | 402 |
| * | Virtusa Corp. | 8,100 | 402 |
| * | MicroStrategy Inc. Class A | 3,000 | 378 |
| | TiVo Corp. | 34,262 | 377 |
| * | Acacia Communications Inc. | 10,900 | 376 |
| | Ebix Inc. | 6,500 | 373 |
| * | MaxLinear Inc. | 19,100 | 371 |
| * | 21Vianet Group Inc. ADR | 33,714 | 367 |
| * | Diodes Inc. | 11,400 | 344 |
| | CSG Systems International Inc. | 9,600 | 337 |
| * | Rambus Inc. | 35,400 | 308 |
| * | Mimecast Ltd. | 8,700 | 303 |
| * | Stratasys Ltd. | 15,900 | 303 |
| | Monotype Imaging Holdings Inc. | 16,300 | 286 |
| * | Infinera Corp. | 50,200 | 278 |
| * | Cray Inc. | 11,800 | 268 |
| | NIC Inc. | 20,000 | 266 |
| * | ScanSource Inc. | 6,700 | 260 |
| * | Loral Space & Communications Inc. | 5,577 | 249 |
| * | Luxoft Holding Inc. Class A | 5,900 | 243 |
| * | NextGen Healthcare Inc. | 16,200 | 239 |
| | ASE Technology Holding Co. Ltd. ADR | 59,923 | 230 |
| * | Endurance International Group Holdings Inc. | 22,000 | 217 |
| * | Amkor Technology Inc. | 30,000 | 214 |
| * | Perficient Inc. | 8,500 | 213 |
| | Xperi Corp. | 15,300 | 199 |
| | Shutterstock Inc. | 4,600 | 188 |
| | ADTRAN Inc. | 12,900 | 173 |
| * | Lattice Semiconductor Corp. | 27,800 | 167 |
| | Forrester Research Inc. | 3,375 | 136 |
| ^ | Diebold Nixdorf Inc. | 23,135 | 90 |
| | | | 1,760,222 |
| Telecommunications (1.1%) | | |
| | Verizon Communications Inc. | 1,299,808 | 74,206 |
| | AT&T Inc. | 2,284,875 | 70,100 |
| * | T-Mobile US Inc. | 96,937 | 6,645 |
| | CenturyLink Inc. | 305,524 | 6,306 |
| * | Zayo Group Holdings Inc. | 62,700 | 1,874 |
| * | Sprint Corp. | 196,721 | 1,204 |
| | Telephone & Data Systems Inc. | 30,373 | 937 |
| * | Vonage Holdings Corp. | 64,400 | 854 |
| * | Iridium Communications Inc. | 29,700 | 588 |
| | Shenandoah Telecommunications Co. | 14,650 | 557 |
| * | 8x8 Inc. | 28,400 | 488 |
| *,^ | GTT Communications Inc. | 13,100 | 470 |
| | ATN International Inc. | 3,600 | 304 |
| | Consolidated Communications Holdings Inc. | 16,951 | 212 |
| * | Cincinnati Bell Inc. | 12,980 | 184 |
| * | United States Cellular Corp. | 3,200 | 153 |
| | | | 165,082 |
| Utilities (1.6%) | | |
| | NextEra Energy Inc. | 148,535 | 25,622 |
| | Duke Energy Corp. | 223,645 | 18,480 |
128
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Dominion Energy Inc. | 203,934 | 14,565 |
| Southern Co. | 317,919 | 14,316 |
| Exelon Corp. | 304,870 | 13,356 |
| American Electric Power Co. Inc. | 155,175 | 11,384 |
| Sempra Energy | 86,149 | 9,487 |
| Public Service Enterprise Group Inc. | 156,728 | 8,374 |
| Xcel Energy Inc. | 162,470 | 7,963 |
| * PG&E Corp. | 161,628 | 7,566 |
| Consolidated Edison Inc. | 97,680 | 7,424 |
| Edison International | 100,037 | 6,942 |
| PPL Corp. | 223,617 | 6,798 |
| WEC Energy Group Inc. | 98,795 | 6,758 |
| Eversource Energy | 101,813 | 6,441 |
| DTE Energy Co. | 56,959 | 6,402 |
| FirstEnergy Corp. | 154,078 | 5,744 |
| American Water Works Co. Inc. | 58,079 | 5,142 |
| Evergy Inc. | 90,219 | 5,051 |
| Ameren Corp. | 78,184 | 5,049 |
| Entergy Corp. | 59,047 | 4,957 |
| CMS Energy Corp. | 89,553 | 4,435 |
| CenterPoint Energy Inc. | 155,073 | 4,188 |
| NRG Energy Inc. | 94,232 | 3,410 |
| Atmos Energy Corp. | 33,400 | 3,109 |
| Alliant Energy Corp. | 71,054 | 3,054 |
| AES Corp. | 205,531 | 2,997 |
| * Vistra Energy Corp. | 129,215 | 2,924 |
| NiSource Inc. | 114,416 | 2,902 |
| UGI Corp. | 53,250 | 2,825 |
| Pinnacle West Capital Corp. | 34,140 | 2,808 |
| Aqua America Inc. | 56,371 | 1,834 |
| Vectren Corp. | 25,496 | 1,824 |
| SCANA Corp. | 44,900 | 1,798 |
| IDACORP Inc. | 15,400 | 1,436 |
| National Fuel Gas Co. | 25,992 | 1,411 |
| ONE Gas Inc. | 15,376 | 1,213 |
| New Jersey Resources Corp. | 26,700 | 1,204 |
| Portland General Electric Co. | 26,325 | 1,187 |
| Hawaiian Electric Industries Inc. | 31,800 | 1,186 |
| ALLETE Inc. | 15,800 | 1,169 |
| Southwest Gas Holdings Inc. | 14,500 | 1,120 |
| Spire Inc. | 14,700 | 1,067 |
| Black Hills Corp. | 16,900 | 1,006 |
| NorthWestern Corp. | 17,100 | 1,005 |
| Avista Corp. | 19,300 | 992 |
| PNM Resources Inc. | 25,400 | 976 |
| Avangrid Inc. | 17,500 | 823 |
| South Jersey Industries Inc. | 26,500 | 783 |
| California Water Service Group | 17,100 | 718 |
| El Paso Electric Co. | 12,500 | 713 |
| American States Water Co. | 11,000 | 673 |
| MGE Energy Inc. | 10,745 | 671 |
| Northwest Natural Holding Co. | 8,800 | 570 |
| Pattern Energy Group Inc. Class A | 30,752 | 551 |
| Ormat Technologies Inc. | 10,600 | 542 |
| Atlantica Yield plc | 18,701 | 367 |
| SJW Group | 4,380 | 266 |
| TerraForm Power Inc. Class A | 22,998 | 259 |
| * Evoqua Water Technologies Corp. | 23,800 | 228 |
| Ormat Technologies Inc. | 2,610 | 135 |
| | | 258,200 |
| |
| | | 8,533,012 |
| Total Common Stocks (Cost $13,609,553) | | 15,502,970 |
129
| | | | | |
| Vanguard® Total World Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| October 31, 2018 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| Preferred Stocks (0.0%) | | | | |
| *,4 | Yulon Finance Corp. Preferred Class A | | | 14,565 | 24 |
| | GCI Liberty Inc. Pfd., 7.00%, 3/10/39 | | | 865 | 21 |
| Total Preferred Stocks (Cost $33) | | | | 45 |
| |
| | | Coupon | | | |
| Temporary Cash Investments (1.5%)1 | | | | |
| Money Market Fund (1.4%) | | | | |
| 5,6 | Vanguard Market Liquidity Fund | 2.308% | | 2,245,959 | 224,596 |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.1%) | | | | |
| 7 | United States Treasury Bill | 2.034% | 11/15/18 | 1,200 | 1,199 |
| 7 | United States Treasury Bill | 2.037% | 11/29/18 | 1,000 | 998 |
| 7 | United States Treasury Bill | 2.082% | 12/20/18 | 5,000 | 4,985 |
| | | | | | 7,182 |
| Total Temporary Cash Investments (Cost $231,773) | | | | 231,778 |
| Total Investments (100.7%) (Cost $13,841,359) | | | | 15,734,793 |
| Other Assets and Liabilities—Net (-0.7%)6 | | | | (111,077) |
| Net Assets (100%) | | | | 15,623,716 |
| * | Non-income-producing security. |
| ^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $142,900,000. |
| § | Security value determined using significant unobservable inputs. |
| 1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.9% and 0.8%, respectively, of net assets. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of these securities was $96,160,000, representing 0.6% of net assets. |
| 3 | “Other” represents securities that are not classified by the fund’s benchmark index. |
| 4 | Perpetual security with no stated maturity date. |
| 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 $151,888,000 of collateral received for securities on loan. |
| 7 | Securities with a value of $5,180,000 have been segregated as initial margin for open futures contracts. ADR—American Depositary Receipt. |
| | CVR—Contingent Value Rights. GDR—Global Depositary Receipt. NVDR—Non-Voting Depository Receipt. REIT—Real Estate Investment Trust. |
130
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© 2018 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA6280 122018
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| |
| Common Stocks (98.9%)1 | | |
| Australia (4.8%) | | |
| Commonwealth Bank of Australia | 3,034,590 | 149,213 |
| BHP Billiton Ltd. | 5,533,645 | 127,681 |
| Westpac Banking Corp. | 5,899,917 | 112,073 |
| CSL Ltd. | 778,858 | 103,975 |
| Australia & New Zealand Banking Group Ltd. | 4,996,806 | 91,975 |
| National Australia Bank Ltd. | 4,687,979 | 83,959 |
| Wesfarmers Ltd. | 1,947,718 | 64,504 |
| Woolworths Group Ltd. | 2,260,078 | 45,616 |
| Macquarie Group Ltd. | 530,064 | 44,203 |
| Woodside Petroleum Ltd. | 1,609,003 | 39,614 |
| Rio Tinto Ltd. | 709,461 | 38,603 |
| Transurban Group | 4,497,838 | 36,178 |
| Scentre Group | 8,775,834 | 24,724 |
| South32 Ltd. | 8,860,368 | 22,852 |
| Goodman Group | 3,044,268 | 22,374 |
| Suncorp Group Ltd. | 2,238,105 | 22,254 |
| Aristocrat Leisure Ltd. | 1,100,358 | 20,735 |
| Brambles Ltd. | 2,745,663 | 20,683 |
| Newcrest Mining Ltd. | 1,324,695 | 19,391 |
| * Insurance Australia Group Ltd. | 3,986,902 | 19,283 |
| Amcor Ltd. | 1,996,071 | 18,835 |
| QBE Insurance Group Ltd. | 2,342,081 | 18,818 |
| * Origin Energy Ltd. | 3,030,163 | 15,703 |
| Telstra Corp. Ltd. | 7,178,535 | 15,703 |
| AGL Energy Ltd. | 1,130,829 | 14,441 |
| Santos Ltd. | 3,049,351 | 14,312 |
| ASX Ltd. | 334,555 | 14,052 |
| APA Group | 2,037,067 | 13,872 |
| Treasury Wine Estates Ltd. | 1,243,146 | 13,381 |
| Dexus | 1,756,496 | 12,691 |
| Oil Search Ltd. | 2,293,106 | 12,606 |
| LendLease Group | 1,004,102 | 12,540 |
| Cochlear Ltd. | 97,019 | 12,226 |
| Computershare Ltd. | 837,031 | 11,754 |
| Sonic Healthcare Ltd. | 733,491 | 11,739 |
| GPT Group | 3,121,297 | 11,415 |
| Stockland | 4,207,054 | 10,762 |
| Tabcorp Holdings Ltd. | 3,261,677 | 10,704 |
| Vicinity Centres | 5,541,851 | 10,396 |
| James Hardie Industries plc | 763,584 | 10,200 |
| Mirvac Group | 6,413,893 | 9,866 |
| Aurizon Holdings Ltd. | 3,311,326 | 9,866 |
| BlueScope Steel Ltd. | 950,776 | 9,746 |
| Medibank Pvt Ltd. | 4,785,074 | 9,488 |
| Caltex Australia Ltd. | 451,779 | 9,040 |
| Ramsay Health Care Ltd. | 222,062 | 8,864 |
| AMP Ltd. | 5,049,448 | 8,854 |
| Sydney Airport | 1,909,416 | 8,727 |
| Incitec Pivot Ltd. | 2,883,586 | 7,990 |
| Boral Ltd. | 2,004,696 | 7,986 |
| Orica Ltd. | 653,750 | 7,965 |
| Fortescue Metals Group Ltd. | 2,786,547 | 7,931 |
| Alumina Ltd. | 4,287,504 | 7,781 |
| SEEK Ltd. | 602,642 | 7,657 |
| Challenger Ltd. | 989,805 | 7,209 |
| Coca-Cola Amatil Ltd. | 893,135 | 6,286 |
| Bendigo & Adelaide Bank Ltd. | 847,668 | 6,160 |
| WorleyParsons Ltd. | 586,922 | 6,071 |
| Atlas Arteria Ltd. | 1,186,985 | 5,750 |
| CIMIC Group Ltd. | 165,694 | 5,563 |
| Crown Resorts Ltd. | 606,779 | 5,399 |
1
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Downer EDI Ltd. | 1,016,531 | 5,005 |
| Orora Ltd. | 2,097,437 | 4,999 |
| ALS Ltd. | 837,943 | 4,859 |
| Bank of Queensland Ltd. | 699,911 | 4,798 |
| Star Entertainment Grp Ltd. | 1,419,638 | 4,787 |
| Healthscope Ltd. | 3,008,751 | 4,514 |
| REA Group Ltd. | 86,849 | 4,420 |
| * Xero Ltd. | 155,826 | 4,417 |
| Qantas Airways Ltd. | 1,120,595 | 4,350 |
| Magellan Financial Group Ltd. | 225,799 | 4,280 |
| Iluka Resources Ltd. | 710,826 | 4,082 |
| Whitehaven Coal Ltd. | 1,174,108 | 4,056 |
| Ansell Ltd. | 244,394 | 4,029 |
| ^ Domino's Pizza Enterprises Ltd. | 102,420 | 3,925 |
| Evolution Mining Ltd. | 1,790,749 | 3,790 |
| AusNet Services | 3,114,498 | 3,778 |
| DuluxGroup Ltd. | 671,252 | 3,528 |
| OZ Minerals Ltd. | 543,846 | 3,489 |
| Adelaide Brighton Ltd. | 811,033 | 3,262 |
| Flight Centre Travel Group Ltd. | 96,859 | 3,195 |
| TPG Telecom Ltd. | 617,498 | 3,144 |
| Metcash Ltd. | 1,548,138 | 3,026 |
| IOOF Holdings Ltd. | 594,025 | 2,873 |
| * Vocus Group Ltd. | 1,042,002 | 2,543 |
| Shopping Centres Australasia Property Group | 1,294,566 | 2,355 |
| Sims Metal Management Ltd. | 288,184 | 2,311 |
| CSR Ltd. | 873,107 | 2,190 |
| ^ Harvey Norman Holdings Ltd. | 963,035 | 2,180 |
| Seven Group Holdings Ltd. | 171,869 | 2,171 |
| Nufarm Ltd. | 511,038 | 2,067 |
| Perpetual Ltd. | 74,524 | 1,833 |
| Fairfax Media Ltd. | 3,899,195 | 1,775 |
| ^ Platinum Asset Management Ltd. | 400,275 | 1,394 |
| Domain Holdings Australia Ltd. | 408,442 | 719 |
| * OneMarket Ltd. | 165,360 | 96 |
| * Seven West Media Ltd. | 9,524 | 5 |
| | | 1,654,484 |
| Austria (0.2%) | | |
| Erste Group Bank AG | 494,440 | 20,128 |
| OMV AG | 244,477 | 13,577 |
| voestalpine AG | 196,088 | 6,959 |
| ANDRITZ AG | 122,338 | 6,338 |
| Raiffeisen Bank International AG | 224,108 | 6,108 |
| Verbund AG | 55,577 | 2,237 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 69,813 | 1,854 |
| Telekom Austria AG Class A | 233,167 | 1,730 |
| | | 58,931 |
| Belgium (0.7%) | | |
| Anheuser-Busch InBev SA/NV | 1,308,239 | 96,760 |
| KBC Group NV | 475,181 | 32,748 |
| UCB SA | 207,652 | 17,439 |
| Umicore SA | 354,839 | 16,703 |
| Ageas | 323,014 | 16,162 |
| Solvay SA Class A | 119,695 | 13,634 |
| Groupe Bruxelles Lambert SA | 125,108 | 11,635 |
| Proximus SADP | 242,518 | 6,179 |
| Ackermans & van Haaren NV | 38,757 | 6,102 |
| Sofina SA | 31,019 | 5,933 |
| Colruyt SA | 90,423 | 5,258 |
| Telenet Group Holding NV | 82,385 | 3,991 |
| bpost SA | 171,889 | 2,609 |
| | | 235,153 |
2
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Brazil (2.0%) | | |
| Petroleo Brasileiro SA ADR Preference Shares | 4,023,408 | 59,627 |
| Itau Unibanco Holding SA ADR | 4,476,655 | 58,958 |
| Vale SA Class B ADR | 3,694,523 | 55,787 |
| Banco Bradesco SA ADR | 5,421,376 | 49,714 |
| Vale SA | 2,447,555 | 37,297 |
| B3 SA - Brasil Bolsa Balcao | 3,366,229 | 24,006 |
| Itausa - Investimentos Itau SA Preference Shares | 7,366,057 | 22,248 |
| Banco do Brasil SA | 1,785,886 | 20,515 |
| Ambev SA ADR | 4,639,430 | 20,089 |
| Petroleo Brasileiro SA ADR | 1,103,726 | 17,936 |
| Petroleo Brasileiro SA | 1,882,132 | 15,334 |
| Ambev SA | 2,987,240 | 13,116 |
| Banco Bradesco SA | 1,545,230 | 12,560 |
| Lojas Renner SA | 1,210,701 | 12,232 |
| Itau Unibanco Holding SA Preference Shares | 762,855 | 10,096 |
| Ultrapar Participacoes SA | 723,337 | 8,601 |
| * Rumo SA | 1,864,342 | 8,341 |
| BB Seguridade Participacoes SA | 1,145,328 | 8,149 |
| Suzano Papel e Celulose SA | 796,400 | 8,100 |
| Kroton Educacional SA | 2,530,292 | 7,765 |
| Fibria Celulose SA | 390,300 | 7,535 |
| Banco Santander Brasil SA | 645,200 | 7,316 |
| Cielo SA | 1,897,176 | 6,729 |
| Localiza Rent a Car SA | 845,289 | 6,530 |
| Raia Drogasil SA | 386,270 | 6,520 |
| Lojas Americanas SA Preference Shares | 1,263,300 | 6,382 |
| Klabin SA | 1,223,784 | 6,139 |
| WEG SA | 1,251,141 | 6,051 |
| Magazine Luiza SA | 125,400 | 5,688 |
| Embraer SA ADR | 250,496 | 5,579 |
| CCR SA | 1,890,879 | 5,574 |
| Hypera SA | 673,633 | 5,391 |
| * BRF SA | 903,162 | 5,315 |
| Equatorial Energia SA | 285,426 | 5,215 |
| Telefonica Brasil SA Preference Shares | 422,435 | 4,906 |
| JBS SA | 1,688,074 | 4,649 |
| * BR Malls Participacoes SA | 1,292,170 | 4,410 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 576,517 | 4,330 |
| Gerdau SA Preference Shares | 924,486 | 4,039 |
| IRB Brasil Resseguros S/A | 205,700 | 4,005 |
| Banco Bradesco SA Preference Shares | 414,459 | 3,820 |
| Gerdau SA ADR | 856,846 | 3,727 |
| Petrobras Distribuidora SA | 574,967 | 3,705 |
| TIM Participacoes SA | 1,147,630 | 3,574 |
| Bradespar SA Preference Shares | 380,200 | 3,531 |
| Telefonica Brasil SA ADR | 284,037 | 3,295 |
| * Centrais Eletricas Brasileiras SA | 514,399 | 3,248 |
| Petroleo Brasileiro SA Preference Shares | 433,739 | 3,219 |
| Itau Unibanco Holding SA | 259,954 | 2,961 |
| * Centrais Eletricas Brasileiras SA Preference Shares | 405,376 | 2,898 |
| Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 137,630 | 2,893 |
| Energisa SA | 302,500 | 2,804 |
| Natura Cosmeticos SA | 310,931 | 2,723 |
| * Azul SA Prior Preference Shares. | 326,126 | 2,681 |
| Cia Brasileira de Distribuicao ADR | 127,955 | 2,676 |
| Estacio Participacoes SA | 421,800 | 2,622 |
| Braskem SA Preference Shares | 186,400 | 2,612 |
| * B2W Cia Digital | 280,600 | 2,601 |
| Cia Energetica de Minas Gerais Preference Shares | 847,265 | 2,511 |
| Sul America SA | 373,812 | 2,491 |
| Multiplan Empreendimentos Imobiliarios SA | 398,017 | 2,460 |
| Engie Brasil Energia SA | 229,208 | 2,451 |
| Cosan SA | 274,234 | 2,376 |
3
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Porto Seguro SA | 160,612 | 2,347 |
| Atacadao Distribuicao Comercio e Industria Ltda | 547,412 | 2,242 |
| Transmissora Alianca de Energia Eletrica SA | 363,844 | 2,176 |
| ^ Cia Energetica de Minas Gerais ADR | 733,720 | 2,128 |
| Braskem SA ADR | 71,344 | 1,988 |
| Fleury SA | 350,400 | 1,963 |
| EDP - Energias do Brasil SA | 507,745 | 1,910 |
| Banco do Estado do Rio Grande do Sul SA Preference Shares | 341,200 | 1,821 |
| Banco BTG Pactual SA | 338,305 | 1,797 |
| Usinas Siderurgicas de Minas Gerais SA Preference Shares | 647,500 | 1,789 |
| M Dias Branco SA | 143,886 | 1,719 |
| Odontoprev SA | 441,600 | 1,569 |
| Cia Siderurgica Nacional SA ADR | 615,490 | 1,551 |
| Qualicorp Consultoria e Corretora de Seguros SA | 380,900 | 1,474 |
| Embraer SA | 254,700 | 1,432 |
| Sao Martinho SA | 268,200 | 1,398 |
| Lojas Americanas SA | 356,505 | 1,341 |
| Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 69,424 | 1,219 |
| Cia Siderurgica Nacional SA | 395,800 | 1,018 |
| Alpargatas SA Preference Shares | 247,600 | 1,011 |
| Smiles Fidelidade SA | 97,030 | 971 |
| Via Varejo SA | 213,900 | 970 |
| ^ Cia Paranaense de Energia ADR | 136,574 | 957 |
| Grendene SA | 407,600 | 798 |
| TIM Participacoes SA ADR | 45,321 | 701 |
| Guararapes Confeccoes SA | 13,000 | 465 |
| Cia Energetica de Minas Gerais | 136,119 | 405 |
| Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 24,968 | 363 |
| * BRF SA ADR | 50,677 | 300 |
| Cia Paranaense de Energia | 32,500 | 227 |
| Cia Paranaense de Energia Preference Shares | 29,900 | 211 |
| Itausa - Investimentos Itau SA | 2,900 | 9 |
| | | 690,923 |
| Canada (5.8%) | | |
| Royal Bank of Canada | 2,486,475 | 181,171 |
| Toronto-Dominion Bank | 3,176,192 | 176,199 |
| Bank of Nova Scotia | 2,123,715 | 113,974 |
| Canadian National Railway Co. | 1,267,153 | 108,326 |
| Suncor Energy Inc. | 2,817,690 | 94,519 |
| Enbridge Inc. | 2,896,281 | 90,247 |
| Bank of Montreal | 1,111,076 | 83,074 |
| Canadian Imperial Bank of Commerce | 764,213 | 65,993 |
| Brookfield Asset Management Inc. Class A (Toronto Shares) | 1,450,799 | 59,202 |
| TransCanada Corp. | 1,563,861 | 58,969 |
| Canadian Natural Resources Ltd. | 2,075,075 | 56,935 |
| Nutrien Ltd. | 1,068,910 | 56,586 |
| Manulife Financial Corp. | 3,421,257 | 53,874 |
| Canadian Pacific Railway Ltd. | 246,992 | 50,652 |
| Sun Life Financial Inc. | 1,048,566 | 38,400 |
| Alimentation Couche-Tard Inc. Class B | 734,170 | 35,062 |
| Waste Connections Inc. | 451,289 | 34,500 |
| Rogers Communications Inc. Class B | 619,145 | 31,883 |
| Pembina Pipeline Corp. | 866,338 | 28,021 |
| Magna International Inc. | 562,580 | 27,696 |
| National Bank of Canada | 588,839 | 26,730 |
| * CGI Group Inc. Class A | 432,051 | 26,682 |
| Barrick Gold Corp. (Toronto Shares) | 1,960,762 | 24,561 |
| Fortis Inc. | 721,262 | 23,833 |
| Constellation Software Inc. | 34,341 | 23,634 |
| Fairfax Financial Holdings Ltd. | 46,357 | 22,526 |
| ^ Thomson Reuters Corp. | 481,120 | 22,392 |
| Restaurant Brands International Inc. | 403,765 | 22,120 |
| BCE Inc. | 516,191 | 19,978 |
| Franco-Nevada Corp. | 315,020 | 19,675 |
4
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Intact Financial Corp. | 239,801 | 18,946 |
| Teck Resources Ltd. Class B | 869,901 | 17,980 |
| Encana Corp. | 1,663,210 | 16,980 |
| Loblaw Cos. Ltd. | 323,057 | 16,157 |
| Dollarama Inc. | 560,650 | 15,506 |
| Cenovus Energy Inc. | 1,760,699 | 14,899 |
| Agnico Eagle Mines Ltd. | 402,097 | 14,203 |
| Shaw Communications Inc. Class B | 760,039 | 14,151 |
| Power Corp. of Canada | 666,402 | 13,759 |
| * Bausch Health Cos. Inc. | 590,597 | 13,513 |
| Goldcorp Inc. | 1,479,142 | 13,359 |
| Imperial Oil Ltd. | 421,410 | 13,163 |
| Metro Inc. | 415,668 | 13,044 |
| Wheaton Precious Metals Corp. | 758,968 | 12,476 |
| ^ Canadian Tire Corp. Ltd. Class A | 105,229 | 11,841 |
| TELUS Corp. | 343,883 | 11,776 |
| Saputo Inc. | 379,350 | 11,558 |
| Great-West Lifeco Inc. | 476,579 | 10,937 |
| SNC-Lavalin Group Inc. | 304,763 | 10,881 |
| ^ Inter Pipeline Ltd. | 668,282 | 10,838 |
| RioCan REIT | 539,680 | 9,839 |
| Power Financial Corp. | 422,975 | 9,109 |
| 2 Hydro One Ltd. | 540,768 | 7,866 |
| * BlackBerry Ltd. | 843,492 | 7,785 |
| Husky Energy Inc. | 528,332 | 7,469 |
| Tourmaline Oil Corp. | 437,749 | 6,384 |
| CI Financial Corp. | 428,224 | 6,333 |
| George Weston Ltd. | 78,648 | 5,720 |
| Canadian Utilities Ltd. Class A | 210,049 | 4,983 |
| IGM Financial Inc. | 142,174 | 3,492 |
| * Turquoise Hill Resources Ltd. | 1,685,992 | 2,843 |
| Enbridge Inc. (New York Shares) | 36,000 | 1,120 |
| Barrick Gold Corp. | 44,306 | 556 |
| Brookfield Asset Management Inc. Class A | 6,899 | 281 |
| ARC Resources Ltd. | 975 | 9 |
| Crescent Point Energy Corp. | 873 | 4 |
| | | 2,027,174 |
| Chile (0.3%) | | |
| Empresas COPEC SA | 838,247 | 11,750 |
| SACI Falabella | 1,199,692 | 9,049 |
| Banco de Chile | 48,181,930 | 6,674 |
| Empresas CMPC SA | 1,926,931 | 6,597 |
| Banco Santander Chile ADR | 212,431 | 6,258 |
| ^ Sociedad Quimica y Minera de Chile SA ADR | 125,833 | 5,513 |
| Enel Americas SA ADR | 673,544 | 5,307 |
| Latam Airlines Group SA | 524,403 | 4,769 |
| Cencosud SA | 2,276,728 | 4,739 |
| Banco de Credito e Inversiones SA | 67,446 | 4,241 |
| Cia Cervecerias Unidas SA | 250,333 | 3,112 |
| Itau CorpBanca | 286,818,709 | 2,658 |
| Aguas Andinas SA Class A | 4,681,035 | 2,435 |
| Colbun SA | 12,385,581 | 2,324 |
| Parque Arauco SA | 1,018,325 | 2,310 |
| Enel Americas SA | 14,064,245 | 2,216 |
| Enel Chile SA | 21,704,937 | 1,889 |
| Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 40,117 | 1,732 |
| Empresa Nacional de Telecomunicaciones SA | 232,325 | 1,688 |
| Enel Chile SA ADR | 380,187 | 1,635 |
| Banco Santander Chile | 22,088,399 | 1,621 |
| Engie Energia Chile SA | 812,682 | 1,352 |
| AES Gener SA | 4,708,715 | 1,319 |
| Embotelladora Andina SA Preference Shares | 341,518 | 1,181 |
| SONDA SA | 17,870 | 25 |
| * Banco de Credito e Inversiones SA Rights Exp. 11/29/2018 | 5,160 | 17 |
5
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | SACI Falabella Rights Exp. 11/17/2018 | 36,792 | 4 |
| | | | 92,415 |
| China (6.7%) | | |
| | Tencent Holdings Ltd. | 9,822,041 | 336,496 |
| * | Alibaba Group Holding Ltd. ADR | 1,878,651 | 267,294 |
| | China Construction Bank Corp. | 154,217,544 | 122,379 |
| | Industrial & Commercial Bank of China Ltd. | 134,837,640 | 91,484 |
| * | Baidu Inc. ADR | 477,581 | 90,769 |
| | China Mobile Ltd. | 9,124,067 | 85,473 |
| | Ping An Insurance Group Co. of China Ltd. | 8,614,189 | 81,439 |
| | Bank of China Ltd. | 131,399,788 | 55,982 |
| | CNOOC Ltd. | 27,419,400 | 46,695 |
| | China Petroleum & Chemical Corp. | 44,057,284 | 35,888 |
| * | JD.com Inc. ADR | 1,375,026 | 32,341 |
| | NetEase Inc. ADR | 126,141 | 26,218 |
| | PetroChina Co. Ltd. | 35,873,234 | 25,794 |
| | China Life Insurance Co. Ltd. | 12,867,341 | 25,784 |
| | China Merchants Bank Co. Ltd. | 6,542,820 | 25,264 |
| | Agricultural Bank of China Ltd. | 53,101,233 | 23,374 |
| * | Ctrip.com International Ltd. ADR | 658,470 | 21,914 |
| | China Overseas Land & Investment Ltd. | 6,639,820 | 20,875 |
| | China Pacific Insurance Group Co. Ltd. | 4,469,295 | 16,686 |
| | CSPC Pharmaceutical Group Ltd. | 7,555,115 | 16,098 |
| | Geely Automobile Holdings Ltd. | 8,329,610 | 16,051 |
| * | TAL Education Group ADR | 551,313 | 15,977 |
| | China Resources Land Ltd. | 4,639,214 | 15,779 |
| * | New Oriental Education & Technology Group Inc. ADR | 235,426 | 13,775 |
| | Country Garden Holdings Co. Ltd. | 12,765,756 | 13,738 |
| | Shenzhou International Group Holdings Ltd. | 1,234,915 | 13,691 |
| | China Shenhua Energy Co. Ltd. | 5,890,388 | 13,327 |
| | CITIC Ltd. | 8,554,275 | 12,853 |
| ^ | China Evergrande Group | 5,107,377 | 12,246 |
| | China Telecom Corp. Ltd. | 24,111,541 | 11,408 |
| | PICC Property & Casualty Co. Ltd. | 11,674,594 | 11,348 |
| | ENN Energy Holdings Ltd. | 1,266,812 | 10,809 |
| * | 58.com Inc. ADR | 164,576 | 10,795 |
| | China Unicom Hong Kong Ltd. | 10,286,713 | 10,759 |
| | Anhui Conch Cement Co. Ltd. | 2,057,155 | 10,663 |
| | Sunac China Holdings Ltd. | 3,807,164 | 10,420 |
| | Bank of Communications Co. Ltd. | 13,625,925 | 10,237 |
| | Sino Biopharmaceutical Ltd. | 11,092,902 | 10,012 |
| | Hengan International Group Co. Ltd. | 1,250,808 | 9,943 |
| | Sunny Optical Technology Group Co. Ltd. | 1,127,919 | 9,848 |
| | China Resources Beer Holdings Co. Ltd. | 2,703,860 | 9,422 |
| | ZTO Express Cayman Inc. ADR | 565,804 | 9,177 |
| | Guangdong Investment Ltd. | 5,015,851 | 8,980 |
| *,2 | China Tower Corp. Ltd. | 59,094,342 | 8,967 |
| | China Gas Holdings Ltd. | 2,797,915 | 8,882 |
| | China CITIC Bank Corp. Ltd. | 14,206,362 | 8,806 |
| | Sinopharm Group Co. Ltd. | 1,780,903 | 8,627 |
| | ANTA Sports Products Ltd. | 2,071,368 | 8,552 |
| | China Taiping Insurance Holdings Co. Ltd. | 2,491,164 | 8,368 |
| | Lenovo Group Ltd. | 12,930,802 | 8,247 |
| | China Minsheng Banking Corp. Ltd. | 11,158,233 | 8,239 |
| | China Conch Venture Holdings Ltd. | 2,839,869 | 7,990 |
| ^ | BYD Co. Ltd. | 1,180,355 | 7,593 |
| | New China Life Insurance Co. Ltd. | 1,535,538 | 7,204 |
| * | BeiGene Ltd. ADR | 56,851 | 7,160 |
| | China Vanke Co. Ltd. | 2,289,698 | 7,070 |
| | China Communications Construction Co. Ltd. | 7,699,026 | 7,059 |
| | CITIC Securities Co. Ltd. | 3,919,490 | 6,920 |
| | Autohome Inc. ADR | 95,272 | 6,896 |
| * | SINA Corp. | 106,437 | 6,739 |
| | Longfor Group Holdings Ltd. | 2,569,934 | 6,245 |
6
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,2 | Wuxi Biologics Cayman Inc. | 851,024 | 6,089 |
| | CRRC Corp. Ltd. | 6,877,053 | 6,040 |
| 2 | Postal Savings Bank of China Co. Ltd. | 10,020,000 | 5,995 |
| | Haitong Securities Co. Ltd. | 5,880,593 | 5,925 |
| | China Railway Group Ltd. | 6,504,352 | 5,813 |
| 2 | People's Insurance Co. Group of China Ltd. | 14,089,161 | 5,762 |
| * | Momo Inc. ADR | 171,055 | 5,742 |
| | Fosun International Ltd. | 3,856,135 | 5,657 |
| | China Resources Power Holdings Co. Ltd. | 3,212,409 | 5,652 |
| | Kunlun Energy Co. Ltd. | 4,847,523 | 5,515 |
| *,^ | Meituan Dianping Class B | 839,213 | 5,426 |
| | Guangzhou Automobile Group Co. Ltd. | 5,305,847 | 5,378 |
| *,^,2 | Xiaomi Corp. Class B | 3,362,154 | 5,258 |
| | China Resources Gas Group Ltd. | 1,368,547 | 5,246 |
| * | Weibo Corp. ADR | 88,869 | 5,244 |
| ^ | Fullshare Holdings Ltd. | 13,369,594 | 5,223 |
| * | Alibaba Health Information Technology Ltd. | 6,351,236 | 5,152 |
| | China Everbright International Ltd. | 6,281,362 | 5,025 |
| | Dongfeng Motor Group Co. Ltd. | 4,990,627 | 4,931 |
| | China National Building Material Co. Ltd. | 6,626,272 | 4,764 |
| | Beijing Enterprises Holdings Ltd. | 877,981 | 4,760 |
| 2 | Huatai Securities Co. Ltd. | 2,950,375 | 4,750 |
| | Zhuzhou CRRC Times Electric Co. Ltd. | 863,009 | 4,626 |
| * | Huazhu Group Ltd. ADR | 176,644 | 4,621 |
| * | YY Inc. ADR | 70,200 | 4,486 |
| | China Longyuan Power Group Corp. Ltd. | 5,813,785 | 4,424 |
| 2 | CGN Power Co. Ltd. | 19,192,267 | 4,414 |
| | Haier Electronics Group Co. Ltd. | 2,094,646 | 4,399 |
| *,^ | iQIYI Inc. ADR | 216,072 | 4,244 |
| | TravelSky Technology Ltd. | 1,731,703 | 4,207 |
| | Brilliance China Automotive Holdings Ltd. | 4,768,396 | 4,183 |
| 2 | China Resources Pharmaceutical Group Ltd. | 2,831,500 | 4,160 |
| | China Jinmao Holdings Group Ltd. | 9,858,005 | 4,154 |
| | China Railway Construction Corp. Ltd. | 3,227,245 | 4,099 |
| | Huaneng Power International Inc. | 7,281,982 | 4,059 |
| | Shimao Property Holdings Ltd. | 2,055,128 | 4,049 |
| | China Cinda Asset Management Co. Ltd. | 16,098,693 | 3,952 |
| | Beijing Enterprises Water Group Ltd. | 7,632,280 | 3,897 |
| | China Merchants Port Holdings Co. Ltd. | 2,152,031 | 3,666 |
| | Zijin Mining Group Co. Ltd. | 9,785,955 | 3,661 |
| * | Vipshop Holdings Ltd. ADR | 725,771 | 3,527 |
| | China Communications Services Corp. Ltd. | 4,323,612 | 3,504 |
| | Far East Horizon Ltd. | 3,596,070 | 3,493 |
| | GF Securities Co. Ltd. | 2,665,226 | 3,453 |
| | Weichai Power Co. Ltd. | 3,406,438 | 3,368 |
| | Jiayuan International Group Ltd. | 1,906,000 | 3,346 |
| | China Resources Cement Holdings Ltd. | 3,759,334 | 3,337 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 3,633,445 | 3,258 |
| | Kingboard Holdings Ltd. | 1,206,048 | 3,240 |
| 2 | China Galaxy Securities Co. Ltd. | 6,386,277 | 3,217 |
| | Yanzhou Coal Mining Co. Ltd. | 3,360,246 | 3,196 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 1,438,277 | 3,185 |
| ^ | Great Wall Motor Co. Ltd. | 5,337,803 | 3,171 |
| | Beijing Capital International Airport Co. Ltd. | 2,916,557 | 3,166 |
| | COSCO SHIPPING Ports Ltd. | 3,089,985 | 3,158 |
| 2 | 3SBio Inc. | 2,094,075 | 3,061 |
| 2 | Guotai Junan Securities Co. Ltd. | 1,437,600 | 3,031 |
| 2 | China Huarong Asset Management Co. Ltd. | 16,603,874 | 3,015 |
| | Jiangsu Expressway Co. Ltd. | 2,244,544 | 3,011 |
| *,^ | Alibaba Pictures Group Ltd. | 21,428,648 | 2,961 |
| | China Oilfield Services Ltd. | 3,130,300 | 2,921 |
| | Shenzhen International Holdings Ltd. | 1,509,089 | 2,891 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 933,746 | 2,808 |
| | Guangzhou R&F Properties Co. Ltd. | 1,775,133 | 2,803 |
7
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | AviChina Industry & Technology Co. Ltd. | 4,188,954 | 2,797 |
| | Agile Group Holdings Ltd. | 2,393,637 | 2,750 |
| | China Traditional Chinese Medicine Holdings Co. Ltd. | 4,207,794 | 2,687 |
| | Chongqing Rural Commercial Bank Co. Ltd. | 4,824,070 | 2,665 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 5,978,331 | 2,627 |
| 2 | China International Capital Corp. Ltd. | 1,593,926 | 2,625 |
| *,^ | Pinduoduo Inc. ADR | 147,026 | 2,595 |
| | Nine Dragons Paper Holdings Ltd. | 2,706,292 | 2,592 |
| * | Li Ning Co. Ltd. | 2,755,117 | 2,592 |
| | Tsingtao Brewery Co. Ltd. | 652,108 | 2,579 |
| 2 | Fuyao Glass Industry Group Co. Ltd. | 870,710 | 2,574 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 2,850,328 | 2,553 |
| | China Medical System Holdings Ltd. | 2,131,715 | 2,546 |
| 2 | Dali Foods Group Co. Ltd. | 3,553,697 | 2,541 |
| | Air China Ltd. | 3,134,115 | 2,534 |
| | China Molybdenum Co. Ltd. | 6,764,571 | 2,526 |
| | China Everbright Ltd. | 1,414,465 | 2,508 |
| * | Aluminum Corp. of China Ltd. | 6,699,377 | 2,439 |
| * | 51job Inc. ADR | 39,300 | 2,413 |
| | CIFI Holdings Group Co. Ltd. | 5,688,000 | 2,386 |
| | Jiangxi Copper Co. Ltd. | 2,134,248 | 2,357 |
| | China Everbright Bank Co. Ltd. | 5,257,872 | 2,347 |
| 2 | Sinopec Engineering Group Co. Ltd. | 2,499,381 | 2,328 |
| | Huaneng Renewables Corp. Ltd. | 8,713,075 | 2,243 |
| * | Genscript Biotech Corp. | 1,436,000 | 2,220 |
| | China Reinsurance Group Corp. | 11,371,576 | 2,179 |
| 2 | Luye Pharma Group Ltd. | 2,789,930 | 2,166 |
| | Lee & Man Paper Manufacturing Ltd. | 2,506,743 | 2,152 |
| | China State Construction International Holdings Ltd. | 3,000,567 | 2,146 |
| | Kingsoft Corp. Ltd. | 1,491,944 | 2,118 |
| | Zhejiang Expressway Co. Ltd. | 2,481,267 | 2,086 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 1,733,254 | 2,065 |
| | ZTE Corp. | 1,303,988 | 1,996 |
| | Zhongsheng Group Holdings Ltd. | 1,071,048 | 1,958 |
| | Sino-Ocean Group Holding Ltd. | 4,966,254 | 1,952 |
| | Haitian International Holdings Ltd. | 992,063 | 1,948 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 1,529,615 | 1,947 |
| * | Country Garden Services Holdings Co. Ltd. | 1,466,293 | 1,912 |
| *,^ | GDS Holdings Ltd. ADR | 80,300 | 1,885 |
| *,^ | GOME Retail Holdings Ltd. | 18,717,203 | 1,869 |
| 2 | Legend Holdings Corp. | 660,170 | 1,795 |
| 2 | China Railway Signal & Communication Corp. Ltd. | 2,663,068 | 1,793 |
| | China Southern Airlines Co. Ltd. | 3,277,017 | 1,786 |
| *,^,2 | China Literature Ltd. | 329,000 | 1,785 |
| ^,2 | China Merchants Securities Co. Ltd. | 1,548,200 | 1,758 |
| | Yuexiu Property Co. Ltd. | 10,910,772 | 1,731 |
| | KWG Group Holdings Ltd. | 2,165,909 | 1,662 |
| *,2 | Meitu Inc. | 3,155,000 | 1,652 |
| | Shanghai Industrial Holdings Ltd. | 782,587 | 1,648 |
| ^ | Sinotruk Hong Kong Ltd. | 1,134,699 | 1,641 |
| | Future Land Development Holdings Ltd. | 2,842,000 | 1,639 |
| | China Coal Energy Co. Ltd. | 3,589,638 | 1,612 |
| | Maanshan Iron & Steel Co. Ltd. | 2,989,903 | 1,610 |
| | Logan Property Holdings Co. Ltd. | 1,722,000 | 1,595 |
| | Angang Steel Co. Ltd. | 1,855,537 | 1,587 |
| | Shanghai Electric Group Co. Ltd. | 4,869,316 | 1,585 |
| | Shenzhen Investment Ltd. | 5,368,281 | 1,545 |
| | BYD Electronic International Co. Ltd. | 1,291,500 | 1,520 |
| * | COSCO SHIPPING Holdings Co. Ltd. | 4,211,660 | 1,509 |
| | China Eastern Airlines Corp. Ltd. | 2,713,145 | 1,506 |
| | China Power International Development Ltd. | 7,499,691 | 1,484 |
| * | Health & Happiness H&H International Holdings Ltd. | 258,876 | 1,477 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 6,909,000 | 1,407 |
| | Zhaojin Mining Industry Co. Ltd. | 1,581,048 | 1,398 |
8
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| 2 | BAIC Motor Corp. Ltd. | 2,474,692 | 1,397 |
| | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 371,398 | 1,356 |
| | Kingboard Laminates Holdings Ltd. | 1,730,370 | 1,328 |
| * | GCL-Poly Energy Holdings Ltd. | 21,341,024 | 1,268 |
| | Shenzhen Expressway Co. Ltd. | 1,375,216 | 1,267 |
| | Sinotrans Ltd. | 3,559,860 | 1,245 |
| | China Agri-Industries Holdings Ltd. | 3,592,447 | 1,204 |
| | COSCO SHIPPING Energy Transportation Co. Ltd. | 2,185,196 | 1,197 |
| | Metallurgical Corp. of China Ltd. | 4,915,562 | 1,195 |
| * | HengTen Networks Group Ltd. | 32,480,941 | 1,167 |
| ^ | BBMG Corp. | 4,032,760 | 1,116 |
| *,2 | Qingdao Port International Co. Ltd. | 1,871,000 | 1,096 |
| | China BlueChemical Ltd. | 3,179,895 | 1,090 |
| | Lao Feng Xiang Co. Ltd. Class B | 347,021 | 1,083 |
| | SOHO China Ltd. | 3,172,994 | 1,079 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 207,439 | 1,077 |
| | Datang International Power Generation Co. Ltd. | 4,780,668 | 1,069 |
| | Huadian Power International Corp. Ltd. | 2,800,361 | 1,062 |
| ^ | China Zhongwang Holdings Ltd. | 2,321,876 | 1,033 |
| | Yanlord Land Group Ltd. | 1,089,100 | 993 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 1,438,751 | 972 |
| | Poly Property Group Co. Ltd. | 3,202,998 | 960 |
| | Guangshen Railway Co. Ltd. | 2,558,327 | 958 |
| 2 | Orient Securities Co. Ltd. | 1,397,600 | 920 |
| | Greentown China Holdings Ltd. | 1,314,020 | 918 |
| | China Dongxiang Group Co. Ltd. | 5,819,598 | 899 |
| *,2 | CSC Financial Co. Ltd. | 1,557,500 | 884 |
| * | CAR Inc. | 1,067,492 | 849 |
| | Hopson Development Holdings Ltd. | 1,046,475 | 805 |
| | Huadian Fuxin Energy Corp. Ltd. | 4,384,005 | 790 |
| 2 | Red Star Macalline Group Corp. Ltd. | 886,080 | 784 |
| | Wuxi Little Swan Co. Ltd. Class B | 164,000 | 778 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 358,084 | 762 |
| | Shandong Chenming Paper Holdings Ltd. Class B | 1,279,650 | 744 |
| | CIMC Enric Holdings Ltd. | 968,225 | 744 |
| | China Machinery Engineering Corp. | 1,583,516 | 722 |
| | Xinjiang Goldwind Science & Technology Co. Ltd. | 964,621 | 720 |
| | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 2,192,481 | 703 |
| | Shanghai Baosight Software Co. Ltd. Class B | 387,642 | 671 |
| | China International Marine Containers Group Co. Ltd. | 747,489 | 660 |
| * | COSCO SHIPPING Development Co. Ltd. | 6,273,407 | 642 |
| | Livzon Pharmaceutical Group Inc. | 211,666 | 619 |
| | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 1,775,184 | 616 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 365,578 | 614 |
| | Bosideng International Holdings Ltd. | 4,325,541 | 609 |
| | Dazhong Transportation Group Co. Ltd. Class B | 1,366,748 | 596 |
| | China South City Holdings Ltd. | 4,030,311 | 592 |
| | CSG Holding Co. Ltd. Class B | 1,739,237 | 591 |
| | China Foods Ltd. | 1,206,843 | 567 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 263,015 | 539 |
| *,§,2 | Tianhe Chemicals Group Ltd. | 3,538,329 | 528 |
| | Landing International Development Ltd. | 2,490,000 | 519 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 468,037 | 519 |
| | Beijing Jingneng Clean Energy Co. Ltd. | 2,736,885 | 514 |
| | Weifu High-Technology Group Co. Ltd. Class B | 287,262 | 501 |
| | Anhui Expressway Co. Ltd. | 857,659 | 498 |
| | BOE Technology Group Co. Ltd. Class B | 1,542,620 | 496 |
| | Xinhua Winshare Publishing and Media Co. Ltd. | 768,000 | 482 |
| | Central China Securities Co. Ltd. | 1,920,000 | 461 |
| | Sichuan Expressway Co. Ltd. | 1,539,487 | 457 |
| | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 686,334 | 440 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 1,329,691 | 438 |
| | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 339,821 | 420 |
| ^ | Shandong Chenming Paper Holdings Ltd. | 731,811 | 412 |
9
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Sinopec Oilfield Service Corp. | 3,546,643 | 394 |
| | Shanghai Huayi Group Corp. Ltd. Class B | 421,647 | 389 |
| | Dalian Port PDA Co. Ltd. | 2,973,103 | 383 |
| *,§ | Hanergy Thin Film Power Group Ltd. | 14,742,000 | 380 |
| | CITIC Resources Holdings Ltd. | 4,332,222 | 355 |
| 2 | Everbright Securities Co. Ltd. | 401,600 | 352 |
| * | Dongfang Electric Corp. Ltd. | 626,095 | 336 |
| *,^ | Sinofert Holdings Ltd. | 2,969,208 | 334 |
| | China National Accord Medicines Corp. Ltd. Class B | 95,230 | 329 |
| | Shanghai Haixin Group Co. Class B | 723,546 | 329 |
| | Beijing North Star Co. Ltd. | 1,163,223 | 308 |
| | Shanghai Bailian Group Co. Ltd. Class B | 304,123 | 296 |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | 410,873 | 280 |
| | Shanghai Shibei Hi-Tech Co. Ltd. Class B | 764,060 | 271 |
| | Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 275,140 | 268 |
| | Foshan Electrical and Lighting Co. Ltd. Class B | 532,374 | 258 |
| * | China Minsheng Financial Holding Corp. Ltd. | 8,277,907 | 254 |
| * | Huadian Energy Co. Ltd. Class B | 750,601 | 218 |
| * | Tianjin Capital Environmental Protection Group Co. Ltd. | 558,838 | 206 |
| * | Renhe Commercial Holdings Co. Ltd. | 5,782,355 | 196 |
| | Bengang Steel Plates Co. Ltd. Class B | 637,300 | 194 |
| | Jiangling Motors Corp. Ltd. Class B | 163,283 | 147 |
| | Jinzhou Port Co. Ltd. Class B | 370,560 | 129 |
| 2 | Shengjing Bank Co. Ltd. | 267,764 | 118 |
| *,^,2 | ZhongAn Online P&C Insurance Co. Ltd. | 28,423 | 95 |
| * | Sogou Inc. ADR | 8,900 | 52 |
| *,2 | Yixin Group Ltd. | 152,500 | 40 |
| | Golden Eagle Retail Group Ltd. | 928 | 1 |
| *,^,§ | China Huishan Dairy Holdings Co. Ltd. | 5,503,795 | — |
| | | | 2,321,113 |
| Colombia (0.1%) | | |
| | Bancolombia SA ADR | 199,664 | 7,376 |
| | Ecopetrol SA | 5,845,448 | 6,791 |
| | Grupo de Inversiones Suramericana SA | 435,392 | 4,246 |
| | Bancolombia SA | 437,354 | 4,113 |
| | Ecopetrol SA ADR | 115,858 | 2,695 |
| | Interconexion Electrica SA ESP | 723,718 | 2,689 |
| | Grupo Aval Acciones y Valores Preference Shares | 6,948,485 | 2,439 |
| | Almacenes Exito SA | 341,229 | 1,473 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 125,732 | 1,148 |
| | Corp Financiera Colombiana SA | 169,780 | 1,039 |
| * | CEMEX Latam Holdings SA | 250,747 | 389 |
| | Bancolombia SA Preference Shares | 11,063 | 103 |
| | Cementos Argos SA | 2,122 | 5 |
| | Cementos Argos SA Preference Shares | 503 | 1 |
| | | | 34,507 |
| Czech Republic (0.0%) | | |
| | CEZ AS | 273,218 | 6,501 |
| | Komercni banka as | 126,848 | 4,814 |
| 2 | Moneta Money Bank AS | 867,006 | 2,875 |
| | O2 Czech Republic AS | 79,201 | 832 |
| | Philip Morris CR AS | 806 | 506 |
| | | | 15,528 |
| Denmark (1.1%) | | |
| | Novo Nordisk A/S Class B | 2,928,386 | 126,467 |
| | DSV A/S | 311,671 | 25,004 |
| | Danske Bank A/S | 1,159,938 | 22,200 |
| | Coloplast A/S Class B | 228,166 | 21,291 |
| | Vestas Wind Systems A/S | 331,935 | 20,816 |
| | Carlsberg A/S Class B | 182,292 | 20,110 |
| | Novozymes A/S | 355,181 | 17,541 |
| | Chr Hansen Holding A/S | 168,400 | 16,999 |
| 2 | Orsted A/S | 257,485 | 16,327 |
10
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| AP Moller - Maersk A/S Class B | 11,281 | 14,239 |
| * Genmab A/S | 95,379 | 13,051 |
| Pandora A/S | 179,503 | 11,218 |
| ISS A/S | 320,524 | 10,526 |
| GN Store Nord A/S | 232,797 | 9,875 |
| AP Moller - Maersk A/S Class A | 7,431 | 8,818 |
| * William Demant Holding A/S | 187,624 | 6,167 |
| * Ambu A/S Class B | 258,445 | 5,384 |
| Tryg A/S | 212,382 | 5,120 |
| Jyske Bank A/S | 118,761 | 4,849 |
| H Lundbeck A/S | 103,274 | 4,817 |
| Rockwool International A/S Class B | 11,097 | 3,791 |
| | | 384,610 |
| Egypt (0.0%) | | |
| Commercial International Bank Egypt SAE | 1,839,054 | 8,241 |
| Eastern Tobacco | 1,513,460 | 1,358 |
| ElSewedy Electric Co. | 1,263,180 | 1,070 |
| * Egyptian Financial Group-Hermes Holding Co. | 1,184,793 | 938 |
| Talaat Moustafa Group | 1,678,468 | 868 |
| Egypt Kuwait Holding Co. SAE | 758,841 | 842 |
| * Global Telecom Holding SAE | 3,842,768 | 596 |
| Abou Kir Fertilizers & Chemical Industries | 311,794 | 470 |
| Telecom Egypt Co. | 582,348 | 343 |
| | | 14,726 |
| Finland (0.7%) | | |
| Nokia Oyj | 9,616,338 | 54,319 |
| Sampo Oyj Class A | 842,857 | 38,761 |
| Kone Oyj Class B | 670,357 | 32,629 |
| UPM-Kymmene Oyj | 917,722 | 29,504 |
| Neste Oyj | 238,537 | 19,588 |
| Fortum Oyj | 743,168 | 15,644 |
| Stora Enso Oyj | 965,773 | 14,511 |
| Wartsila Oyj Abp | 786,322 | 13,380 |
| Elisa Oyj | 248,056 | 9,869 |
| Nokian Renkaat Oyj | 232,223 | 7,387 |
| Kesko Oyj Class B | 115,705 | 6,758 |
| Orion Oyj Class B | 176,135 | 6,059 |
| Metso Oyj | 182,382 | 5,758 |
| Huhtamaki Oyj | 158,091 | 4,432 |
| | | 258,599 |
| France (7.1%) | | |
| TOTAL SA | 4,329,222 | 254,020 |
| Sanofi | 1,868,949 | 167,011 |
| LVMH Moet Hennessy Louis Vuitton SE | 427,664 | 129,756 |
| Airbus SE | 946,553 | 104,608 |
| BNP Paribas SA | 1,861,777 | 97,025 |
| AXA SA | 3,308,046 | 82,790 |
| Safran SA | 570,234 | 73,691 |
| Danone SA | 1,029,859 | 72,928 |
| Vinci SA | 799,068 | 71,117 |
| Schneider Electric SE | 881,120 | 63,715 |
| Air Liquide SA | 479,786 | 58,000 |
| Kering SA | 127,858 | 56,832 |
| Pernod Ricard SA | 364,728 | 55,616 |
| Orange SA | 3,303,334 | 51,560 |
| L'Oreal SA | 223,340 | 50,320 |
| EssilorLuxottica SA | 352,094 | 48,089 |
| Societe Generale SA | 1,244,877 | 45,635 |
| L'Oreal SA Loyalty Line | 190,657 | 42,956 |
| Vivendi SA | 1,651,344 | 39,828 |
| Engie SA | 2,823,642 | 37,519 |
| Capgemini SE | 269,050 | 32,852 |
| Cie de Saint-Gobain | 850,573 | 32,043 |
11
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cie Generale des Etablissements Michelin SCA | 303,531 | 31,074 |
| | Hermes International | 53,027 | 30,273 |
| | Legrand SA | 459,049 | 29,977 |
| | Air Liquide SA (Prime de fidelite) | 243,101 | 29,388 |
| | Dassault Systemes SE | 227,330 | 28,458 |
| | Credit Agricole SA | 1,961,716 | 25,125 |
| | Renault SA | 316,771 | 23,655 |
| | Peugeot SA | 937,349 | 22,282 |
| | Thales SA | 172,452 | 22,025 |
| | Publicis Groupe SA | 362,640 | 20,992 |
| | TechnipFMC plc | 789,202 | 20,935 |
| | Carrefour SA | 963,940 | 18,695 |
| | Veolia Environnement SA | 860,688 | 17,153 |
| | STMicroelectronics NV | 1,093,045 | 16,616 |
| | Teleperformance | 98,648 | 16,247 |
| | Accor SA | 349,120 | 15,952 |
| | Sodexo SA | 152,568 | 15,574 |
| | Edenred | 409,529 | 15,535 |
| | Atos SE | 159,072 | 13,605 |
| | Valeo SA | 410,665 | 13,246 |
| * | Ubisoft Entertainment SA | 146,606 | 13,151 |
| | Gecina SA | 89,428 | 13,116 |
| | Arkema SA | 124,661 | 13,079 |
| | SES SA Class A | 605,903 | 13,004 |
| | Bouygues SA | 352,230 | 12,832 |
| | SCOR SE | 271,442 | 12,544 |
| | Eiffage SA | 127,689 | 12,470 |
| | Electricite de France SA Loyalty Line | 751,426 | 12,450 |
| | Klepierre SA | 345,332 | 11,702 |
| | Alstom SA | 264,788 | 11,564 |
| | Bureau Veritas SA | 469,864 | 10,600 |
| | Aeroports de Paris | 48,779 | 10,202 |
| | Getlink | 781,815 | 9,834 |
| | Eurofins Scientific SE | 19,352 | 9,752 |
| | Orpea | 77,563 | 9,549 |
| | Suez | 632,863 | 9,129 |
| | Natixis SA | 1,442,359 | 8,420 |
| | Ipsen SA | 59,475 | 8,246 |
| | Ingenico Group SA | 107,704 | 7,623 |
| | Rubis SCA | 146,956 | 7,582 |
| | Bollore SA | 1,680,393 | 7,109 |
| | Dassault Aviation SA | 4,020 | 6,667 |
| | Elis SA | 329,162 | 6,637 |
| | Rexel SA | 519,941 | 6,628 |
| | Wendel SA | 49,504 | 6,415 |
| | Faurecia SA | 127,221 | 6,168 |
| | CNP Assurances | 275,175 | 6,133 |
| | Covivio | 60,758 | 6,097 |
| | Eurazeo SE | 83,160 | 6,073 |
| | Eutelsat Communications SA | 295,074 | 5,977 |
| 2 | Amundi SA | 98,591 | 5,857 |
| | Lagardere SCA | 200,574 | 5,483 |
| | BioMerieux | 70,890 | 5,406 |
| | SEB SA | 37,249 | 5,341 |
| | Remy Cointreau SA | 42,823 | 5,083 |
| | Sartorius Stedim Biotech | 40,904 | 5,068 |
| | Iliad SA | 40,985 | 4,737 |
| | ICADE | 55,031 | 4,663 |
| | Societe BIC SA | 44,723 | 4,282 |
| ^ | Casino Guichard Perrachon SA | 96,627 | 4,262 |
| | JCDecaux SA | 123,848 | 4,066 |
| | Imerys SA | 64,454 | 3,973 |
| *,2 | Worldline SA | 68,376 | 3,597 |
| * | Air France-KLM | 365,764 | 3,536 |
12
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cie Plastic Omnium SA | 96,547 | 2,684 |
| 2 | ALD SA | 142,828 | 2,127 |
| | Electricite de France SA | 102,414 | 1,697 |
| | SEB SA Loyalty Line | 9,727 | 1,395 |
| 2 | Elior Group SA | 472 | 7 |
| | | | 2,448,735 |
| Germany (6.1%) | | |
| | SAP SE | 1,668,572 | 178,661 |
| | Allianz SE | 735,874 | 153,298 |
| | Siemens AG | 1,321,753 | 151,932 |
| | Bayer AG | 1,609,245 | 123,353 |
| | BASF SE | 1,576,423 | 120,973 |
| | Deutsche Telekom AG | 5,560,384 | 91,200 |
| | Daimler AG | 1,481,393 | 87,753 |
| | adidas AG | 340,356 | 80,040 |
| | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 256,956 | 55,191 |
| | Volkswagen AG Preference Shares | 318,964 | 53,587 |
| | Deutsche Post AG | 1,672,412 | 52,807 |
| | Bayerische Motoren Werke AG | 550,956 | 47,443 |
| | Fresenius SE & Co. KGaA | 699,061 | 44,430 |
| | Vonovia SE | 893,908 | 40,849 |
| | Deutsche Boerse AG | 321,739 | 40,659 |
| | Infineon Technologies AG | 1,951,874 | 39,110 |
| | Wirecard AG | 197,036 | 36,857 |
| | E.ON SE | 3,740,767 | 36,174 |
| | Henkel AG & Co. KGaA Preference Shares | 305,317 | 33,358 |
| | Deutsche Bank AG | 3,277,569 | 32,034 |
| | Continental AG | 186,332 | 30,705 |
| | Fresenius Medical Care AG & Co. KGaA | 366,343 | 28,764 |
| | Deutsche Wohnen SE | 612,319 | 28,008 |
| | Merck KGaA | 223,058 | 23,868 |
| 2 | Covestro AG | 309,953 | 19,989 |
| | MTU Aero Engines AG | 89,146 | 18,929 |
| | Beiersdorf AG | 172,308 | 17,816 |
| | Symrise AG | 208,707 | 17,483 |
| | HeidelbergCement AG | 257,082 | 17,447 |
| * | Commerzbank AG | 1,795,627 | 16,908 |
| | Porsche Automobil Holding SE Preference Shares | 264,710 | 16,834 |
| | thyssenkrupp AG | 798,983 | 16,748 |
| | Henkel AG & Co. KGaA | 169,355 | 16,590 |
| | RWE AG | 834,921 | 16,243 |
| | Brenntag AG | 268,586 | 14,027 |
| | Hannover Rueck SE | 103,925 | 13,976 |
| * | QIAGEN NV | 377,247 | 13,694 |
| | LEG Immobilien AG | 108,875 | 11,901 |
| | LANXESS AG | 159,132 | 9,850 |
| | Uniper SE | 338,553 | 9,770 |
| *,2 | Siemens Healthineers AG | 223,692 | 9,258 |
| | ProSiebenSat.1 Media SE | 397,744 | 9,185 |
| * | Aroundtown SA | 1,100,913 | 9,123 |
| *,2 | Zalando SE | 234,255 | 9,055 |
| | Evonik Industries AG | 287,116 | 8,882 |
| | GEA Group AG | 287,505 | 8,736 |
| | Sartorius AG Preference Shares | 59,073 | 8,545 |
| | Volkswagen AG | 51,385 | 8,459 |
| | United Internet AG | 198,744 | 8,224 |
| | Deutsche Lufthansa AG | 409,122 | 8,212 |
| | Bayerische Motoren Werke AG Preference Shares | 108,940 | 8,205 |
| | HUGO BOSS AG | 112,206 | 8,019 |
| 2 | Scout24 AG | 186,856 | 7,744 |
| *,2 | Delivery Hero SE | 188,536 | 7,591 |
| | Puma SE | 14,171 | 7,287 |
| | KION Group AG | 122,093 | 7,135 |
| | OSRAM Licht AG | 166,113 | 6,730 |
13
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Knorr-Bremse AG | 74,172 | 6,721 |
| | Rheinmetall AG | 74,957 | 6,487 |
| | K&S AG | 335,617 | 6,250 |
| | MAN SE | 54,379 | 5,665 |
| | Fuchs Petrolub SE Preference Shares | 119,152 | 5,516 |
| | Axel Springer SE | 77,285 | 5,132 |
| | Carl Zeiss Meditec AG | 62,608 | 5,128 |
| 2 | Innogy SE (Ordinary Shares) | 111,287 | 4,915 |
| | Fraport AG Frankfurt Airport Services Worldwide | 62,240 | 4,807 |
| | HOCHTIEF AG | 31,512 | 4,670 |
| *,§ | Innogy SE | 109,720 | 4,572 |
| | Telefonica Deutschland Holding AG | 1,163,662 | 4,524 |
| | METRO AG | 287,614 | 4,327 |
| | GRENKE AG | 44,880 | 4,304 |
| | RTL Group SA | 65,020 | 4,173 |
| | STADA Arzneimittel AG | 42,182 | 3,900 |
| | TUI AG | 232,404 | 3,841 |
| | Hella GmbH & Co. KGaA | 75,775 | 3,544 |
| | 1&1 Drillisch AG | 79,366 | 3,540 |
| *,2 | Rocket Internet SE | 114,107 | 3,295 |
| | Rational AG | 5,675 | 3,286 |
| | RWE AG Preference Shares | 170,420 | 2,833 |
| | Fielmann AG | 41,610 | 2,581 |
| | FUCHS PETROLUB SE | 59,300 | 2,568 |
| | Talanx AG | 67,255 | 2,403 |
| | Wacker Chemie AG | 25,875 | 2,311 |
| | Suedzucker AG | 132,076 | 2,045 |
| 2 | Hapag-Lloyd AG | 46,141 | 1,706 |
| *,2 | DWS Group GmbH & Co. KGaA | 58,845 | 1,643 |
| | CECONOMY AG | 306,218 | 1,565 |
| | | | 2,117,901 |
| Greece (0.1%) | | |
| | Hellenic Telecommunications Organization SA | 435,117 | 4,849 |
| * | Alpha Bank AE | 2,350,065 | 3,547 |
| | OPAP SA | 362,625 | 3,407 |
| | JUMBO SA | 180,171 | 2,623 |
| | Motor Oil Hellas Corinth Refineries SA | 94,995 | 2,250 |
| * | Eurobank Ergasias SA | 3,101,928 | 2,091 |
| | National Bank of Greece SA | 930,253 | 1,610 |
| | Mytilineos Holdings SA | 180,043 | 1,590 |
| | Titan Cement Co. SA | 68,793 | 1,517 |
| | Hellenic Petroleum SA | 98,872 | 784 |
| * | Piraeus Bank SA | 497,967 | 731 |
| *,§ | FF Group | 60,219 | 328 |
| | | | 25,327 |
| Hong Kong (2.4%) | | |
| | AIA Group Ltd. | 20,836,252 | 158,502 |
| | Hong Kong Exchanges & Clearing Ltd. | 2,139,371 | 56,965 |
| | CK Hutchison Holdings Ltd. | 4,619,310 | 46,526 |
| | Link REIT | 3,695,960 | 32,846 |
| | Sun Hung Kai Properties Ltd. | 2,437,033 | 31,672 |
| | CLP Holdings Ltd. | 2,826,310 | 31,670 |
| | CK Asset Holdings Ltd. | 4,641,699 | 30,207 |
| | Hong Kong & China Gas Co. Ltd. | 15,363,714 | 29,347 |
| | Hang Seng Bank Ltd. | 1,249,766 | 29,304 |
| | BOC Hong Kong Holdings Ltd. | 6,188,696 | 23,169 |
| | Jardine Matheson Holdings Ltd. | 357,592 | 20,649 |
| | Galaxy Entertainment Group Ltd. | 3,664,309 | 19,894 |
| | Sands China Ltd. | 4,142,808 | 16,383 |
| | Power Assets Holdings Ltd. | 2,255,716 | 15,063 |
| | China Mengniu Dairy Co. Ltd. | 4,632,849 | 13,708 |
| | Wharf Real Estate Investment Co. Ltd. | 2,096,472 | 13,028 |
| | New World Development Co. Ltd. | 9,894,840 | 12,588 |
| | Hongkong Land Holdings Ltd. | 2,009,691 | 11,901 |
14
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | MTR Corp. Ltd. | 2,430,842 | 11,795 |
| | Jardine Strategic Holdings Ltd. | 313,847 | 10,543 |
| 2 | WH Group Ltd. | 14,512,923 | 10,192 |
| | Techtronic Industries Co. Ltd. | 2,154,888 | 10,147 |
| | Henderson Land Development Co. Ltd. | 2,027,304 | 9,456 |
| | Swire Pacific Ltd. Class A | 879,551 | 9,137 |
| | AAC Technologies Holdings Inc. | 1,199,449 | 9,137 |
| ^ | Sino Land Co. Ltd. | 5,354,374 | 8,412 |
| | CK Infrastructure Holdings Ltd. | 1,077,318 | 7,884 |
| | Wheelock & Co. Ltd. | 1,437,113 | 7,683 |
| | Bank of East Asia Ltd. | 2,131,515 | 6,911 |
| | Want Want China Holdings Ltd. | 9,602,382 | 6,870 |
| 2 | Samsonite International SA | 2,221,258 | 6,406 |
| | Hang Lung Properties Ltd. | 3,445,742 | 6,246 |
| | Swire Properties Ltd. | 1,796,268 | 6,138 |
| | Wynn Macau Ltd. | 2,495,484 | 5,198 |
| | Wharf Holdings Ltd. | 2,073,752 | 5,184 |
| | Hysan Development Co. Ltd. | 1,052,530 | 4,936 |
| | NWS Holdings Ltd. | 2,418,043 | 4,799 |
| | Tingyi Cayman Islands Holding Corp. | 3,180,119 | 4,712 |
| | Dairy Farm International Holdings Ltd. | 513,400 | 4,638 |
| | ASM Pacific Technology Ltd. | 526,894 | 4,570 |
| *,^ | Semiconductor Manufacturing International Corp. | 5,119,417 | 4,229 |
| | Sun Art Retail Group Ltd. | 3,772,460 | 4,136 |
| | PCCW Ltd. | 7,095,207 | 3,896 |
| | Minth Group Ltd. | 1,179,490 | 3,832 |
| | Hang Lung Group Ltd. | 1,479,967 | 3,644 |
| | Xinyi Glass Holdings Ltd. | 3,434,685 | 3,410 |
| | Yue Yuen Industrial Holdings Ltd. | 1,232,728 | 3,385 |
| | VTech Holdings Ltd. | 271,290 | 3,187 |
| | Kerry Properties Ltd. | 1,005,165 | 3,165 |
| | PRADA SPA | 885,158 | 3,145 |
| | Hopewell Holdings Ltd. | 970,568 | 2,999 |
| | Shangri-La Asia Ltd. | 1,909,232 | 2,608 |
| 2 | BOC Aviation Ltd. | 361,100 | 2,588 |
| | SJM Holdings Ltd. | 3,190,280 | 2,585 |
| | Swire Pacific Ltd. Class B | 1,540,000 | 2,486 |
| | Melco International Development Ltd. | 1,366,504 | 2,345 |
| | Great Eagle Holdings Ltd. | 488,425 | 2,230 |
| | Champion REIT | 3,307,027 | 2,225 |
| | Li & Fung Ltd. | 9,960,956 | 1,977 |
| | Uni-President China Holdings Ltd. | 1,981,788 | 1,928 |
| | Nexteer Automotive Group Ltd. | 1,363,000 | 1,922 |
| | MGM China Holdings Ltd. | 1,265,164 | 1,796 |
| | First Pacific Co. Ltd. | 3,986,253 | 1,784 |
| | Xinyi Solar Holdings Ltd. | 5,301,662 | 1,659 |
| | Chow Tai Fook Jewellery Group Ltd. | 1,829,392 | 1,605 |
| * | MMG Ltd. | 3,920,000 | 1,477 |
| | Lifestyle International Holdings Ltd. | 843,563 | 1,459 |
| | Kerry Logistics Network Ltd. | 916,924 | 1,454 |
| | L'Occitane International SA | 773,775 | 1,449 |
| | Dah Sing Financial Holdings Ltd. | 254,584 | 1,367 |
| | Haitong International Securities Group Ltd. | 4,104,736 | 1,345 |
| | Cathay Pacific Airways Ltd. | 1,034,672 | 1,318 |
| | Towngas China Co. Ltd. | 1,792,806 | 1,306 |
| | Johnson Electric Holdings Ltd. | 580,622 | 1,302 |
| | Shougang Fushan Resources Group Ltd. | 6,027,352 | 1,220 |
| | Cafe de Coral Holdings Ltd. | 561,108 | 1,216 |
| | Shui On Land Ltd. | 5,985,885 | 1,210 |
| | Dah Sing Banking Group Ltd. | 622,444 | 1,184 |
| | China Travel International Investment Hong Kong Ltd. | 4,239,542 | 1,140 |
| | Television Broadcasts Ltd. | 510,509 | 1,078 |
| | Shun Tak Holdings Ltd. | 3,083,006 | 987 |
| | Guotai Junan International Holdings Ltd. | 5,238,228 | 952 |
15
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 2,139,886 | 790 |
| | SA Sa International Holdings Ltd. | 1,903,621 | 733 |
| 2 | FIT Hon Teng Ltd. | 1,684,000 | 698 |
| | Huabao International Holdings Ltd. | 1,401,000 | 653 |
| | Macau Legend Development Ltd. | 2,657,006 | 465 |
| * | FIH Mobile Ltd. | 4,937,762 | 461 |
| *,§ | Brightoil Petroleum Holdings Ltd. | 3,241,567 | 83 |
| * | China Oceanwide Holdings Ltd. | 341,799 | 17 |
| * | Esprit Holdings Ltd. | 30,790 | 7 |
| | Kingston Financial Group Ltd. | 5,258 | 1 |
| | | | 848,554 |
| Hungary (0.1%) | | |
| | OTP Bank Nyrt | 393,383 | 14,132 |
| | MOL Hungarian Oil & Gas plc | 729,889 | 7,653 |
| | Richter Gedeon Nyrt | 237,561 | 4,413 |
| | Magyar Telekom Telecommunications plc | 649,398 | 886 |
| | | | 27,084 |
| India (2.3%) | | |
| | Housing Development Finance Corp. Ltd. | 2,894,538 | 69,248 |
| | Infosys Ltd. ADR | 5,942,149 | 56,272 |
| 2 | Reliance Industries Ltd. GDR | 1,717,250 | 49,018 |
| | Tata Consultancy Services Ltd. | 1,585,572 | 41,566 |
| | Reliance Industries Ltd. | 1,936,559 | 27,802 |
| | Hindustan Unilever Ltd. | 1,219,428 | 26,772 |
| * | Axis Bank Ltd. | 3,093,681 | 24,355 |
| | ITC Ltd. | 5,052,741 | 19,148 |
| | Maruti Suzuki India Ltd. | 208,444 | 18,651 |
| | Sun Pharmaceutical Industries Ltd. | 1,888,558 | 14,826 |
| | HCL Technologies Ltd. | 959,389 | 13,715 |
| | Oil & Natural Gas Corp. Ltd. | 5,329,201 | 11,039 |
| * | State Bank of India GDR | 291,167 | 10,992 |
| | Mahindra & Mahindra Ltd. | 1,053,793 | 10,925 |
| | Larsen & Toubro Ltd. | 583,551 | 10,255 |
| | Bajaj Finance Ltd. | 300,303 | 9,663 |
| | JSW Steel Ltd. | 2,049,915 | 9,411 |
| | Bharti Airtel Ltd. | 2,217,016 | 8,775 |
| | UltraTech Cement Ltd. | 181,567 | 8,592 |
| | Asian Paints Ltd. | 500,088 | 8,323 |
| | Vedanta Ltd. | 2,904,072 | 8,309 |
| | Tech Mahindra Ltd. | 816,814 | 8,227 |
| | Coal India Ltd. | 2,196,346 | 7,916 |
| | Yes Bank Ltd. | 2,954,160 | 7,513 |
| | NTPC Ltd. | 3,450,658 | 7,450 |
| | Indian Oil Corp. Ltd. | 3,789,374 | 7,110 |
| | Wipro Ltd. ADR | 1,344,454 | 6,951 |
| | Eicher Motors Ltd. | 23,226 | 6,879 |
| | Bharat Petroleum Corp. Ltd. | 1,727,003 | 6,441 |
| | Indiabulls Housing Finance Ltd. | 559,493 | 6,311 |
| | Hero MotoCorp Ltd. | 167,445 | 6,251 |
| | Grasim Industries Ltd. | 550,909 | 6,216 |
| | Godrej Consumer Products Ltd. | 628,618 | 6,175 |
| | Titan Co. Ltd. | 531,540 | 6,081 |
| | UPL Ltd. | 612,185 | 5,584 |
| | Zee Entertainment Enterprises Ltd. | 908,354 | 5,545 |
| | Nestle India Ltd. | 39,520 | 5,420 |
| | Bharti Infratel Ltd. | 1,471,199 | 5,351 |
| | Bajaj Auto Ltd. | 148,524 | 5,208 |
| | Adani Ports & Special Economic Zone Ltd. | 1,191,896 | 5,142 |
| | Aurobindo Pharma Ltd. | 456,490 | 4,892 |
| | Bajaj Finserv Ltd. | 65,284 | 4,767 |
| | Cipla Ltd. | 554,483 | 4,727 |
| | Dabur India Ltd. | 906,088 | 4,715 |
| | GAIL India Ltd. | 926,197 | 4,693 |
| | Hindalco Industries Ltd. | 1,532,740 | 4,570 |
16
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shriram Transport Finance Co. Ltd. | 288,888 | 4,563 |
| | Lupin Ltd. | 380,241 | 4,557 |
| | Piramal Enterprises Ltd. | 144,003 | 4,234 |
| * | Tata Motors Ltd. | 1,734,411 | 4,202 |
| | United Spirits Ltd. | 512,525 | 3,996 |
| | Britannia Industries Ltd. | 49,294 | 3,758 |
| | Tata Steel Ltd. | 493,566 | 3,701 |
| | Havells India Ltd. | 413,668 | 3,622 |
| | Ambuja Cements Ltd. | 1,327,274 | 3,543 |
| | Infosys Ltd. | 369,489 | 3,414 |
| | Page Industries Ltd. | 8,498 | 3,388 |
| | Bosch Ltd. | 12,644 | 3,375 |
| | Marico Ltd. | 774,114 | 3,365 |
| | Power Grid Corp. of India Ltd. | 1,326,196 | 3,334 |
| | Hindustan Petroleum Corp. Ltd. | 1,051,132 | 3,199 |
| | Ashok Leyland Ltd. | 2,012,226 | 3,120 |
| | Mahindra & Mahindra Financial Services Ltd. | 510,288 | 2,820 |
| | Dr Reddy's Laboratories Ltd. | 80,356 | 2,760 |
| | Divi's Laboratories Ltd. | 136,924 | 2,752 |
| 2 | HDFC Standard Life Insurance Co. Ltd. | 545,125 | 2,747 |
| | Shree Cement Ltd. | 14,347 | 2,708 |
| | Pidilite Industries Ltd. | 208,196 | 2,700 |
| | Bharat Forge Ltd. | 322,361 | 2,550 |
| | Wipro Ltd. | 546,238 | 2,445 |
| | Container Corp. Of India Ltd. | 284,473 | 2,440 |
| | Motherson Sumi Systems Ltd. | 1,074,588 | 2,373 |
| | LIC Housing Finance Ltd. | 425,711 | 2,365 |
| 2 | ICICI Prudential Life Insurance Co. Ltd. | 525,562 | 2,363 |
| * | Future Retail Ltd. | 350,275 | 2,321 |
| | Biocon Ltd. | 255,789 | 2,281 |
| | Dr Reddy's Laboratories Ltd. ADR | 62,480 | 2,126 |
| | Cadila Healthcare Ltd. | 421,892 | 2,056 |
| *,2 | Avenue Supermarts Ltd. | 112,211 | 2,031 |
| | Glenmark Pharmaceuticals Ltd. | 238,835 | 2,006 |
| 2 | InterGlobe Aviation Ltd. | 165,479 | 1,987 |
| | Petronet LNG Ltd. | 643,652 | 1,963 |
| | NMDC Ltd. | 1,295,247 | 1,913 |
| * | Vodafone Idea Ltd. | 3,626,661 | 1,894 |
| | United Breweries Ltd. | 113,001 | 1,865 |
| | Siemens Ltd. | 145,177 | 1,830 |
| | Oracle Financial Services Software Ltd. | 37,063 | 1,818 |
| | Rajesh Exports Ltd. | 234,345 | 1,805 |
| | REC Ltd. | 1,127,793 | 1,775 |
| | Mphasis Ltd. | 131,459 | 1,757 |
| | Bajaj Holdings & Investment Ltd. | 45,821 | 1,745 |
| 2 | ICICI Lombard General Insurance Co. Ltd. | 155,393 | 1,694 |
| | Colgate-Palmolive India Ltd. | 110,520 | 1,671 |
| | Tata Power Co. Ltd. | 1,605,044 | 1,661 |
| | GlaxoSmithKline Consumer Healthcare Ltd. | 17,417 | 1,648 |
| | DLF Ltd. | 726,985 | 1,620 |
| | Torrent Pharmaceuticals Ltd. | 69,899 | 1,579 |
| *,2 | SBI Life Insurance Co. Ltd. | 203,393 | 1,541 |
| | MRF Ltd. | 1,762 | 1,537 |
| | Berger Paints India Ltd. | 401,967 | 1,521 |
| | ABB India Ltd. | 87,581 | 1,515 |
| * | Jindal Steel & Power Ltd. | 652,354 | 1,513 |
| * | Steel Authority of India Ltd. | 1,667,461 | 1,456 |
| | ACC Ltd. | 77,937 | 1,450 |
| | Bharat Heavy Electricals Ltd. | 1,535,422 | 1,430 |
| | L&T Finance Holdings Ltd. | 824,926 | 1,426 |
| | Hindustan Zinc Ltd. | 399,736 | 1,419 |
| | NHPC Ltd. | 4,229,202 | 1,393 |
| * | State Bank of India | 365,914 | 1,393 |
| | Power Finance Corp. Ltd. | 1,061,931 | 1,372 |
17
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Bank of Baroda | 913,364 | 1,368 |
| | Sun TV Network Ltd. | 145,168 | 1,277 |
| | Exide Industries Ltd. | 345,047 | 1,242 |
| | Oil India Ltd. | 457,404 | 1,221 |
| | Bharat Electronics Ltd. | 965,480 | 1,215 |
| * | Motherson Sumi Systems Ltd. Temporary Line | 537,294 | 1,186 |
| 2 | Larsen & Toubro Infotech Ltd. | 48,530 | 1,161 |
| | Cummins India Ltd. | 114,361 | 1,156 |
| | Kansai Nerolac Paints Ltd. | 222,509 | 1,144 |
| *,2 | Bandhan Bank Ltd. | 210,765 | 1,112 |
| | IDFC Bank Ltd. | 2,321,432 | 1,087 |
| | Reliance Infrastructure Ltd. | 223,617 | 1,085 |
| * | Dalmia Bharat Ltd. | 37,017 | 1,052 |
| | Adani Enterprises Ltd. | 456,749 | 1,050 |
| * | Adani Power Ltd. | 1,602,077 | 997 |
| | Emami Ltd. | 184,958 | 990 |
| * | Punjab National Bank | 934,164 | 931 |
| * | Canara Bank | 257,142 | 911 |
| * | Tata Motors Ltd. Class A | 641,015 | 846 |
| | Castrol India Ltd. | 412,977 | 831 |
| * | GMR Infrastructure Ltd. | 3,614,301 | 826 |
| * | IDBI Bank Ltd. | 1,015,573 | 813 |
| | Tata Communications Ltd. | 120,373 | 801 |
| | Godrej Industries Ltd. | 123,955 | 784 |
| | Reliance Capital Ltd. | 212,625 | 697 |
| | Torrent Power Ltd. | 194,270 | 678 |
| * | JSW Energy Ltd. | 664,223 | 584 |
| * | Bank of India | 486,144 | 566 |
| * | Union Bank of India | 419,664 | 435 |
| * | Reliance Power Ltd. | 920,386 | 377 |
| * | Wockhardt Ltd. | 55,535 | 372 |
| | Mangalore Refinery & Petrochemicals Ltd. | 335,742 | 372 |
| *,§ | Adani Gas Ltd. | 438,957 | 362 |
| | Vakrangee Ltd. | 873,983 | 306 |
| | GlaxoSmithKline Pharmaceuticals Ltd. | 14,691 | 282 |
| | IDFC Ltd. | 491,794 | 245 |
| * | Adani Green Energy Ltd. | 103,895 | 55 |
| * | CG Power and Industrial Solutions Ltd. | 20,223 | 10 |
| * | Reliance Communications Ltd. | 33,677 | 6 |
| | Great Eastern Shipping Co. Ltd. | 1,326 | 6 |
| | | | 790,637 |
| Indonesia (0.5%) | | |
| | Bank Central Asia Tbk PT | 16,704,399 | 26,010 |
| | Telekomunikasi Indonesia Persero Tbk PT | 81,810,024 | 20,724 |
| | Bank Rakyat Indonesia Persero Tbk PT | 91,462,515 | 18,983 |
| | Astra International Tbk PT | 35,070,088 | 18,242 |
| | Bank Mandiri Persero Tbk PT | 32,115,372 | 14,430 |
| | Bank Negara Indonesia Persero Tbk PT | 12,649,187 | 6,108 |
| | United Tractors Tbk PT | 2,589,212 | 5,717 |
| | Unilever Indonesia Tbk PT | 1,944,330 | 5,538 |
| | Charoen Pokphand Indonesia Tbk PT | 12,460,764 | 4,513 |
| | Indah Kiat Pulp & Paper Corp. Tbk PT | 4,489,300 | 3,762 |
| | Gudang Garam Tbk PT | 787,386 | 3,753 |
| | Hanjaya Mandala Sampoerna Tbk PT | 14,881,400 | 3,663 |
| | Semen Indonesia Persero Tbk PT | 4,999,549 | 2,964 |
| | Indofood Sukses Makmur Tbk PT | 7,459,005 | 2,935 |
| | Kalbe Farma Tbk PT | 32,532,837 | 2,934 |
| | Perusahaan Gas Negara Persero Tbk | 17,853,146 | 2,615 |
| | Indocement Tunggal Prakarsa Tbk PT | 2,262,898 | 2,582 |
| | Bank Danamon Indonesia Tbk PT | 5,219,027 | 2,551 |
| | Adaro Energy Tbk PT | 21,969,963 | 2,387 |
| | Indofood CBP Sukses Makmur Tbk PT | 3,854,484 | 2,265 |
| | Bukit Asam Tbk PT | 6,907,955 | 1,940 |
| | Matahari Department Store Tbk PT | 4,043,500 | 1,292 |
18
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | XL Axiata Tbk PT | 6,217,150 | 1,074 |
| | Jasa Marga Persero Tbk PT | 3,751,819 | 1,026 |
| | Tower Bersama Infrastructure Tbk PT | 3,324,365 | 1,023 |
| | Surya Citra Media Tbk PT | 9,572,279 | 991 |
| * | Bumi Serpong Damai Tbk PT | 12,776,740 | 928 |
| * | Vale Indonesia Tbk PT | 3,299,862 | 637 |
| | Astra Agro Lestari Tbk PT | 680,225 | 538 |
| | Media Nusantara Citra Tbk PT | 8,802,166 | 453 |
| | | | 162,578 |
| Ireland (0.2%) | | |
| | Kerry Group plc Class A | 251,421 | 25,757 |
| | Kingspan Group plc | 258,160 | 11,216 |
| | Bank of Ireland Group plc | 1,584,575 | 11,196 |
| | AIB Group plc | 1,355,451 | 6,535 |
| | Glanbia plc | 342,589 | 6,057 |
| * | Ryanair Holdings plc | 2,331 | 32 |
| *,§ | Irish Bank Resolution Corp. Ltd. | 236,607 | — |
| | | | 60,793 |
| Israel (0.4%) | | |
| | Teva Pharmaceutical Industries Ltd. | 1,564,691 | 31,252 |
| | Bank Leumi Le-Israel BM | 2,627,487 | 16,384 |
| | Bank Hapoalim BM | 1,786,132 | 12,083 |
| * | Nice Ltd. | 105,788 | 11,225 |
| | Israel Chemicals Ltd. | 1,191,416 | 6,863 |
| | Israel Discount Bank Ltd. Class A | 2,051,595 | 6,705 |
| * | SodaStream International Ltd. | 38,620 | 5,531 |
| | Elbit Systems Ltd. | 40,109 | 4,788 |
| | Bezeq The Israeli Telecommunication Corp. Ltd. | 3,478,677 | 3,994 |
| | Mizrahi Tefahot Bank Ltd. | 220,086 | 3,704 |
| | Azrieli Group Ltd. | 62,268 | 3,024 |
| * | Tower Semiconductor Ltd. | 167,508 | 2,596 |
| | Paz Oil Co. Ltd. | 17,236 | 2,581 |
| * | Mazor Robotics Ltd. | 79,430 | 2,311 |
| | First International Bank Of Israel Ltd. | 89,100 | 1,919 |
| | Israel Corp. Ltd. | 6,309 | 1,843 |
| | Alony Hetz Properties & Investments Ltd. | 172,919 | 1,645 |
| | Strauss Group Ltd. | 69,242 | 1,518 |
| * | Airport City Ltd. | 123,594 | 1,440 |
| | Delek Group Ltd. | 8,567 | 1,436 |
| | Harel Insurance Investments & Financial Services Ltd. | 188,770 | 1,381 |
| | Gazit-Globe Ltd. | 155,402 | 1,299 |
| | Oil Refineries Ltd. | 2,571,477 | 1,222 |
| | Shufersal Ltd. | 189,490 | 1,203 |
| | Melisron Ltd. | 27,271 | 1,156 |
| | Phoenix Holdings Ltd. | 196,086 | 1,084 |
| | Amot Investments Ltd. | 209,336 | 1,040 |
| * | Shikun & Binui Ltd. | 335,390 | 638 |
| | Migdal Insurance & Financial Holding Ltd. | 528,473 | 585 |
| | Teva Pharmaceutical Industries Ltd. ADR | 10,177 | 203 |
| | | | 132,653 |
| Italy (1.6%) | | |
| | Eni SPA | 4,303,888 | 76,436 |
| | Enel SPA | 13,390,230 | 65,654 |
| | Intesa Sanpaolo SPA (Registered) | 26,024,492 | 57,647 |
| | UniCredit SPA | 3,846,494 | 49,178 |
| | Assicurazioni Generali SPA | 2,225,860 | 35,919 |
| * | Fiat Chrysler Automobiles NV | 1,898,113 | 28,886 |
| | Ferrari NV | 216,230 | 25,321 |
| | Atlantia SPA | 917,578 | 18,438 |
| | CNH Industrial NV | 1,711,128 | 17,788 |
| | Luxottica Group SPA | 267,729 | 16,814 |
| | Snam SPA | 3,961,023 | 16,377 |
| | Terna Rete Elettrica Nazionale SPA | 2,433,219 | 12,569 |
19
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Telecom Italia SPA (Registered) | 19,684,537 | 11,578 |
| | EXOR NV | 184,354 | 10,426 |
| | Moncler SPA | 295,301 | 10,255 |
| | Mediobanca Banca di Credito Finanziario SPA | 1,034,554 | 9,060 |
| | Tenaris SA | 607,779 | 8,947 |
| | Prysmian SPA | 453,530 | 8,811 |
| | Davide Campari-Milano SPA | 986,454 | 7,592 |
| | Leonardo SPA | 671,340 | 7,278 |
| | FinecoBank Banca Fineco SPA | 679,722 | 7,104 |
| 2 | Poste Italiane SPA | 790,611 | 5,673 |
| | Recordati SPA | 163,857 | 5,547 |
| *,2 | Pirelli & C SPA | 746,015 | 5,482 |
| ^ | Unione di Banche Italiane SPA | 1,765,980 | 5,390 |
| * | Saipem SPA | 973,695 | 5,325 |
| *,^ | Banco BPM SPA | 2,634,530 | 4,939 |
| | Telecom Italia SPA (Bearer) | 9,018,862 | 4,556 |
| | Italgas SPA | 849,256 | 4,382 |
| | A2A SPA | 2,652,581 | 4,274 |
| | UnipolSai Assicurazioni SPA | 1,328,985 | 2,902 |
| | Banca Mediolanum SPA | 414,506 | 2,402 |
| | Buzzi Unicem SPA | 122,461 | 2,352 |
| | DiaSorin SPA | 23,831 | 2,260 |
| | Salvatore Ferragamo SPA | 83,569 | 1,977 |
| * | Mediaset SPA | 528,364 | 1,590 |
| | Parmalat SPA | 331,656 | 1,021 |
| | Buzzi Unicem SPA Saving Shares | 67,265 | 756 |
| | | | 562,906 |
| Japan (17.9%) | | |
| | Toyota Motor Corp. | 4,353,591 | 255,038 |
| | Mitsubishi UFJ Financial Group Inc. | 21,750,359 | 131,644 |
| | Sony Corp. | 2,179,890 | 117,969 |
| | SoftBank Group Corp. | 1,468,768 | 116,237 |
| | Sumitomo Mitsui Financial Group Inc. | 2,276,130 | 88,621 |
| | Honda Motor Co. Ltd. | 2,997,779 | 85,573 |
| | Keyence Corp. | 155,385 | 75,909 |
| | Mizuho Financial Group Inc. | 43,684,558 | 75,022 |
| | KDDI Corp. | 3,059,864 | 74,048 |
| | Mitsubishi Corp. | 2,212,563 | 62,273 |
| | Central Japan Railway Co. | 310,649 | 59,616 |
| | Shin-Etsu Chemical Co. Ltd. | 701,901 | 58,651 |
| | FANUC Corp. | 334,317 | 58,160 |
| | Nintendo Co. Ltd. | 185,130 | 57,798 |
| | Seven & i Holdings Co. Ltd. | 1,327,219 | 57,469 |
| | East Japan Railway Co. | 634,816 | 55,443 |
| | Recruit Holdings Co. Ltd. | 2,058,961 | 55,262 |
| | Tokio Marine Holdings Inc. | 1,163,441 | 54,812 |
| ^ | Takeda Pharmaceutical Co. Ltd. | 1,314,748 | 54,509 |
| | Kao Corp. | 817,279 | 54,367 |
| | NTT DOCOMO Inc. | 2,165,745 | 53,708 |
| | Japan Tobacco Inc. | 2,061,067 | 52,960 |
| | Daikin Industries Ltd. | 456,471 | 52,910 |
| | Astellas Pharma Inc. | 3,353,378 | 51,810 |
| | Nidec Corp. | 402,955 | 51,758 |
| | Murata Manufacturing Co. Ltd. | 326,965 | 50,887 |
| | Canon Inc. | 1,760,388 | 50,142 |
| | Hitachi Ltd. | 1,590,391 | 48,619 |
| | Mitsui & Co. Ltd. | 2,902,733 | 48,501 |
| | Nippon Telegraph & Telephone Corp. | 1,125,685 | 46,422 |
| | ITOCHU Corp. | 2,432,365 | 45,111 |
| | Fast Retailing Co. Ltd. | 88,485 | 44,553 |
| | Mitsubishi Electric Corp. | 3,402,900 | 43,079 |
| | Shiseido Co. Ltd. | 668,755 | 42,195 |
| | Daiichi Sankyo Co. Ltd. | 1,094,961 | 41,853 |
| | Komatsu Ltd. | 1,574,311 | 40,999 |
20
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Bridgestone Corp. | 1,060,842 | 40,905 |
| Panasonic Corp. | 3,669,470 | 39,379 |
| Eisai Co. Ltd. | 454,802 | 37,876 |
| JXTG Holdings Inc. | 5,467,035 | 36,941 |
| Mitsui Fudosan Co. Ltd. | 1,628,346 | 36,674 |
| Tokyo Electron Ltd. | 269,146 | 36,321 |
| Dai-ichi Life Holdings Inc. | 1,919,411 | 36,018 |
| ORIX Corp. | 2,209,853 | 36,001 |
| Hoya Corp. | 632,426 | 35,780 |
| Suzuki Motor Corp. | 707,975 | 35,304 |
| Denso Corp. | 785,899 | 35,056 |
| Otsuka Holdings Co. Ltd. | 721,916 | 34,528 |
| Daiwa House Industry Co. Ltd. | 1,120,382 | 33,829 |
| Kirin Holdings Co. Ltd. | 1,407,406 | 33,584 |
| Mitsubishi Estate Co. Ltd. | 2,034,361 | 32,513 |
| SMC Corp. | 100,638 | 32,077 |
| Shionogi & Co. Ltd. | 489,443 | 31,297 |
| Oriental Land Co. Ltd. | 324,076 | 30,487 |
| * Toshiba Corp. | 1,012,221 | 30,339 |
| Kubota Corp. | 1,915,887 | 30,246 |
| Nissan Motor Co. Ltd. | 3,313,639 | 30,147 |
| Sumitomo Corp. | 1,929,845 | 29,269 |
| Terumo Corp. | 537,037 | 28,990 |
| Asahi Group Holdings Ltd. | 656,686 | 28,858 |
| Kyocera Corp. | 527,259 | 28,537 |
| Subaru Corp. | 1,055,338 | 28,467 |
| FUJIFILM Holdings Corp. | 652,605 | 28,225 |
| Nomura Holdings Inc. | 5,787,223 | 27,790 |
| Aeon Co. Ltd. | 1,201,986 | 27,588 |
| Secom Co. Ltd. | 333,606 | 27,313 |
| Japan Post Holdings Co. Ltd. | 2,275,954 | 26,989 |
| MS&AD Insurance Group Holdings Inc. | 857,212 | 25,748 |
| Asahi Kasei Corp. | 2,139,729 | 25,673 |
| Sumitomo Realty & Development Co. Ltd. | 743,862 | 25,559 |
| Sumitomo Mitsui Trust Holdings Inc. | 640,254 | 25,440 |
| Nippon Steel & Sumitomo Metal Corp. | 1,334,094 | 24,609 |
| Sompo Holdings Inc. | 595,567 | 24,564 |
| Sysmex Corp. | 325,690 | 22,844 |
| Marubeni Corp. | 2,699,003 | 21,885 |
| Chugai Pharmaceutical Co. Ltd. | 373,164 | 21,848 |
| West Japan Railway Co. | 316,671 | 21,299 |
| Fujitsu Ltd. | 335,507 | 20,412 |
| Resona Holdings Inc. | 3,756,875 | 19,761 |
| Kansai Electric Power Co. Inc. | 1,251,953 | 19,162 |
| Toray Industries Inc. | 2,613,052 | 18,535 |
| Shimano Inc. | 135,362 | 18,487 |
| Tokyo Gas Co. Ltd. | 740,966 | 18,223 |
| Unicharm Corp. | 667,057 | 18,096 |
| Inpex Corp. | 1,573,178 | 17,913 |
| TDK Corp. | 206,454 | 17,803 |
| Sumitomo Electric Industries Ltd. | 1,294,096 | 17,648 |
| Dentsu Inc. | 378,895 | 17,573 |
| Chubu Electric Power Co. Inc. | 1,204,497 | 17,370 |
| Mitsubishi Heavy Industries Ltd. | 492,027 | 17,345 |
| Kikkoman Corp. | 315,848 | 17,304 |
| Ono Pharmaceutical Co. Ltd. | 760,724 | 17,264 |
| Mitsubishi Chemical Holdings Corp. | 2,193,512 | 17,099 |
| Nitori Holdings Co. Ltd. | 128,443 | 16,771 |
| Yamato Holdings Co. Ltd. | 612,483 | 16,744 |
| Nitto Denko Corp. | 266,854 | 16,672 |
| Japan Exchange Group Inc. | 928,285 | 16,626 |
| JFE Holdings Inc. | 883,793 | 16,608 |
| Daito Trust Construction Co. Ltd. | 123,077 | 16,226 |
| Olympus Corp. | 484,419 | 16,147 |
21
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Daiwa Securities Group Inc. | 2,746,067 | 15,748 |
| T&D Holdings Inc. | 964,038 | 15,411 |
| Taisei Corp. | 359,557 | 15,378 |
| MEIJI Holdings Co. Ltd. | 230,444 | 15,290 |
| Yakult Honsha Co. Ltd. | 211,708 | 14,991 |
| Sekisui House Ltd. | 994,861 | 14,602 |
| Makita Corp. | 419,924 | 14,518 |
| Tokyu Corp. | 850,222 | 14,046 |
| NTT Data Corp. | 1,084,590 | 13,925 |
| Toyota Tsusho Corp. | 385,714 | 13,920 |
| Ajinomoto Co. Inc. | 856,080 | 13,830 |
| * Tokyo Electric Power Co. Holdings Inc. | 2,685,949 | 13,747 |
| Omron Corp. | 334,825 | 13,555 |
| Toyota Industries Corp. | 274,160 | 13,467 |
| Sumitomo Chemical Co. Ltd. | 2,609,905 | 13,074 |
| Yaskawa Electric Corp. | 451,394 | 13,047 |
| Sumitomo Metal Mining Co. Ltd. | 407,485 | 12,830 |
| Hankyu Hanshin Holdings Inc. | 382,688 | 12,640 |
| Yahoo Japan Corp. | 4,047,601 | 12,628 |
| Osaka Gas Co. Ltd. | 680,954 | 12,452 |
| Yamaha Corp. | 279,935 | 12,302 |
| NEC Corp. | 421,986 | 12,113 |
| Don Quijote Holdings Co. Ltd. | 202,172 | 12,077 |
| Bandai Namco Holdings Inc. | 336,834 | 11,983 |
| Kintetsu Group Holdings Co. Ltd. | 308,494 | 11,850 |
| Ricoh Co. Ltd. | 1,171,879 | 11,698 |
| FamilyMart UNY Holdings Co. Ltd. | 100,758 | 11,679 |
| Shimadzu Corp. | 462,002 | 11,676 |
| Aisin Seiki Co. Ltd. | 298,178 | 11,662 |
| Isuzu Motors Ltd. | 880,031 | 11,538 |
| Dai Nippon Printing Co. Ltd. | 513,051 | 11,512 |
| Trend Micro Inc. | 198,819 | 11,445 |
| Idemitsu Kosan Co. Ltd. | 251,703 | 11,403 |
| Yamaha Motor Co. Ltd. | 481,986 | 11,399 |
| Nissan Chemical Corp. | 239,055 | 11,272 |
| M3 Inc. | 690,356 | 11,189 |
| Odakyu Electric Railway Co. Ltd. | 528,232 | 11,167 |
| MINEBEA MITSUMI Inc. | 727,527 | 11,130 |
| Showa Denko KK | 251,575 | 10,954 |
| Oji Holdings Corp. | 1,521,903 | 10,807 |
| Keio Corp. | 198,120 | 10,761 |
| Rohm Co. Ltd. | 152,854 | 10,746 |
| Ryohin Keikaku Co. Ltd. | 40,404 | 10,680 |
| AGC Inc. | 325,172 | 10,651 |
| Obic Co. Ltd. | 116,211 | 10,580 |
| Nikon Corp. | 602,501 | 10,503 |
| Mazda Motor Corp. | 980,342 | 10,442 |
| Tohoku Electric Power Co. Inc. | 816,031 | 10,310 |
| Obayashi Corp. | 1,164,915 | 10,284 |
| Kajima Corp. | 789,424 | 10,165 |
| Tobu Railway Co. Ltd. | 356,532 | 9,916 |
| SBI Holdings Inc. | 374,191 | 9,771 |
| Sekisui Chemical Co. Ltd. | 618,089 | 9,720 |
| MISUMI Group Inc. | 479,467 | 9,609 |
| Koito Manufacturing Co. Ltd. | 196,928 | 9,375 |
| Santen Pharmaceutical Co. Ltd. | 631,702 | 9,357 |
| Kyushu Electric Power Co. Inc. | 804,796 | 9,349 |
| Rakuten Inc. | 1,357,539 | 9,182 |
| Concordia Financial Group Ltd. | 1,994,275 | 9,127 |
| Suntory Beverage & Food Ltd. | 218,168 | 8,891 |
| TOTO Ltd. | 248,126 | 8,877 |
| Nisshin Seifun Group Inc. | 445,924 | 8,873 |
| Kyowa Hakko Kirin Co. Ltd. | 442,852 | 8,577 |
| Kyushu Railway Co. | 276,708 | 8,498 |
22
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Kuraray Co. Ltd. | 613,210 | 8,423 |
| IHI Corp. | 226,287 | 8,278 |
| Yokogawa Electric Corp. | 421,448 | 8,275 |
| Nippon Paint Holdings Co. Ltd. | 264,869 | 8,274 |
| Lion Corp. | 432,689 | 8,135 |
| Japan Post Bank Co. Ltd. | 695,725 | 8,111 |
| Alfresa Holdings Corp. | 303,266 | 8,089 |
| Nexon Co. Ltd. | 708,826 | 8,086 |
| Nippon Express Co. Ltd. | 127,068 | 8,019 |
| Shimizu Corp. | 980,596 | 7,960 |
| Nagoya Railroad Co. Ltd. | 329,301 | 7,953 |
| Nomura Research Institute Ltd. | 179,300 | 7,949 |
| Shizuoka Bank Ltd. | 905,184 | 7,919 |
| Taisho Pharmaceutical Holdings Co. Ltd. | 74,254 | 7,917 |
| Pigeon Corp. | 186,598 | 7,892 |
| Marui Group Co. Ltd. | 365,858 | 7,878 |
| Electric Power Development Co. Ltd. | 288,334 | 7,850 |
| NSK Ltd. | 789,476 | 7,800 |
| Nissin Foods Holdings Co. Ltd. | 119,695 | 7,718 |
| Konica Minolta Inc. | 778,925 | 7,710 |
| Seiko Epson Corp. | 476,373 | 7,675 |
| Alps Electric Co. Ltd. | 325,292 | 7,668 |
| Disco Corp. | 47,868 | 7,609 |
| Stanley Electric Co. Ltd. | 254,876 | 7,539 |
| Brother Industries Ltd. | 408,147 | 7,470 |
| Keisei Electric Railway Co. Ltd. | 241,682 | 7,448 |
| Hamamatsu Photonics KK | 221,597 | 7,408 |
| Kose Corp. | 49,495 | 7,397 |
| Hoshizaki Corp. | 91,213 | 7,363 |
| Sojitz Corp. | 2,183,260 | 7,342 |
| JGC Corp. | 375,793 | 7,274 |
| Japan Airlines Co. Ltd. | 204,838 | 7,270 |
| Isetan Mitsukoshi Holdings Ltd. | 621,057 | 7,258 |
| ZOZO Inc. | 302,037 | 7,247 |
| Daifuku Co. Ltd. | 166,749 | 7,161 |
| Aozora Bank Ltd. | 206,422 | 7,123 |
| LIXIL Group Corp. | 453,058 | 7,122 |
| Chiba Bank Ltd. | 1,117,753 | 7,071 |
| CyberAgent Inc. | 165,940 | 7,061 |
| Asahi Intecc Co. Ltd. | 172,242 | 7,054 |
| Kobayashi Pharmaceutical Co. Ltd. | 107,500 | 7,011 |
| NGK Spark Plug Co. Ltd. | 345,737 | 6,996 |
| Suzuken Co. Ltd. | 137,657 | 6,968 |
| Hisamitsu Pharmaceutical Co. Inc. | 123,588 | 6,964 |
| Mitsui Chemicals Inc. | 309,413 | 6,938 |
| Hakuhodo DY Holdings Inc. | 415,443 | 6,929 |
| Sony Financial Holdings Inc. | 297,588 | 6,865 |
| USS Co. Ltd. | 379,196 | 6,838 |
| Mitsubishi Motors Corp. | 1,073,333 | 6,742 |
| Seibu Holdings Inc. | 370,131 | 6,715 |
| Hikari Tsushin Inc. | 38,423 | 6,711 |
| Tsuruha Holdings Inc. | 64,063 | 6,686 |
| Fuji Electric Co. Ltd. | 218,314 | 6,664 |
| Coca-Cola Bottlers Japan Holdings Inc. | 252,062 | 6,597 |
| Tosoh Corp. | 493,966 | 6,503 |
| Chugoku Electric Power Co. Inc. | 501,779 | 6,454 |
| Toppan Printing Co. Ltd. | 455,106 | 6,434 |
| NGK Insulators Ltd. | 455,877 | 6,416 |
| Toho Co. Ltd. | 196,286 | 6,404 |
| Keikyu Corp. | 431,974 | 6,393 |
| ANA Holdings Inc. | 188,994 | 6,355 |
| Showa Shell Sekiyu KK | 332,199 | 6,340 |
| * Renesas Electronics Corp. | 1,203,400 | 6,339 |
| ^ Keihan Holdings Co. Ltd. | 166,813 | 6,330 |
23
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Fukuoka Financial Group Inc. | 253,498 | 6,229 |
| NH Foods Ltd. | 180,067 | 6,210 |
| TIS Inc. | 139,006 | 6,209 |
| Taiheiyo Cement Corp. | 210,706 | 6,200 |
| Konami Holdings Corp. | 162,031 | 6,182 |
| Sumitomo Heavy Industries Ltd. | 192,290 | 6,048 |
| Kawasaki Heavy Industries Ltd. | 254,600 | 6,034 |
| Haseko Corp. | 473,492 | 6,000 |
| Sumitomo Dainippon Pharma Co. Ltd. | 286,889 | 5,994 |
| Mitsubishi Materials Corp. | 211,104 | 5,844 |
| Advantest Corp. | 315,612 | 5,826 |
| Otsuka Corp. | 174,770 | 5,797 |
| MediPal Holdings Corp. | 268,407 | 5,746 |
| ^ Yamada Denki Co. Ltd. | 1,209,963 | 5,705 |
| Mitsubishi Tanabe Pharma Corp. | 383,133 | 5,659 |
| Bank of Kyoto Ltd. | 125,686 | 5,644 |
| J Front Retailing Co. Ltd. | 429,137 | 5,624 |
| Casio Computer Co. Ltd. | 371,102 | 5,601 |
| Hulic Co. Ltd. | 606,547 | 5,550 |
| Tokyu Fudosan Holdings Corp. | 975,037 | 5,494 |
| Hirose Electric Co. Ltd. | 57,431 | 5,474 |
| COMSYS Holdings Corp. | 195,972 | 5,454 |
| Persol Holdings Co. Ltd. | 287,180 | 5,448 |
| Toyo Seikan Group Holdings Ltd. | 264,665 | 5,400 |
| Toyo Suisan Kaisha Ltd. | 156,811 | 5,390 |
| ^ SUMCO Corp. | 398,766 | 5,382 |
| Daicel Corp. | 507,285 | 5,367 |
| Teijin Ltd. | 307,810 | 5,336 |
| Rohto Pharmaceutical Co. Ltd. | 167,892 | 5,318 |
| Mebuki Financial Group Inc. | 1,742,400 | 5,306 |
| Mitsubishi Gas Chemical Co. Inc. | 314,709 | 5,283 |
| Toho Gas Co. Ltd. | 152,612 | 5,255 |
| Amada Holdings Co. Ltd. | 554,757 | 5,226 |
| ^ Tokai Carbon Co. Ltd. | 333,800 | 5,226 |
| Nihon M&A Center Inc. | 217,172 | 5,204 |
| Lawson Inc. | 81,835 | 5,195 |
| Sohgo Security Services Co. Ltd. | 114,889 | 5,117 |
| Skylark Holdings Co. Ltd. | 326,003 | 5,075 |
| Nippon Shinyaku Co. Ltd. | 87,834 | 5,046 |
| Ebara Corp. | 171,926 | 5,008 |
| Park24 Co. Ltd. | 187,556 | 4,934 |
| Kansai Paint Co. Ltd. | 330,926 | 4,890 |
| Denka Co. Ltd. | 149,759 | 4,871 |
| Matsumotokiyoshi Holdings Co. Ltd. | 134,348 | 4,857 |
| JTEKT Corp. | 387,102 | 4,816 |
| * PeptiDream Inc. | 146,760 | 4,813 |
| Hitachi Construction Machinery Co. Ltd. | 180,632 | 4,796 |
| JSR Corp. | 319,161 | 4,757 |
| Square Enix Holdings Co. Ltd. | 131,753 | 4,722 |
| Nankai Electric Railway Co. Ltd. | 191,840 | 4,698 |
| Mitsui OSK Lines Ltd. | 189,322 | 4,601 |
| Kurita Water Industries Ltd. | 186,435 | 4,592 |
| Rinnai Corp. | 62,622 | 4,549 |
| Sumitomo Rubber Industries Ltd. | 315,385 | 4,524 |
| Ezaki Glico Co. Ltd. | 89,123 | 4,443 |
| Kewpie Corp. | 193,269 | 4,443 |
| Nippon Yusen KK | 274,912 | 4,433 |
| Kyowa Exeo Corp. | 164,300 | 4,429 |
| Asics Corp. | 305,135 | 4,416 |
| Nichirei Corp. | 183,226 | 4,401 |
| MonotaRO Co. Ltd. | 199,564 | 4,400 |
| Nabtesco Corp. | 199,891 | 4,388 |
| Iida Group Holdings Co. Ltd. | 240,307 | 4,374 |
| Welcia Holdings Co. Ltd. | 85,414 | 4,358 |
24
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Hino Motors Ltd. | 454,685 | 4,352 |
| Credit Saison Co. Ltd. | 273,653 | 4,346 |
| Sega Sammy Holdings Inc. | 336,763 | 4,324 |
| THK Co. Ltd. | 194,524 | 4,296 |
| Azbil Corp. | 229,448 | 4,274 |
| Tokyo Century Corp. | 79,183 | 4,250 |
| Air Water Inc. | 261,618 | 4,238 |
| Calbee Inc. | 127,652 | 4,235 |
| Sotetsu Holdings Inc. | 138,492 | 4,235 |
| Takara Holdings Inc. | 298,062 | 4,181 |
| Kakaku.com Inc. | 229,237 | 4,152 |
| Ito En Ltd. | 97,320 | 4,143 |
| Relo Group Inc. | 175,380 | 4,133 |
| Hitachi High-Technologies Corp. | 110,056 | 4,130 |
| Sankyu Inc. | 86,800 | 4,091 |
| Shinsei Bank Ltd. | 268,524 | 4,090 |
| DIC Corp. | 138,577 | 4,089 |
| Sundrug Co. Ltd. | 112,496 | 4,088 |
| Miura Co. Ltd. | 166,918 | 4,076 |
| Kaneka Corp. | 97,335 | 4,068 |
| Cosmo Energy Holdings Co. Ltd. | 110,543 | 4,066 |
| Kobe Steel Ltd. | 503,818 | 4,051 |
| K's Holdings Corp. | 317,122 | 4,006 |
| Yamaguchi Financial Group Inc. | 379,800 | 3,999 |
| Sanwa Holdings Corp. | 339,707 | 3,986 |
| AEON Financial Service Co. Ltd. | 202,873 | 3,971 |
| Takashimaya Co. Ltd. | 251,313 | 3,955 |
| Taiyo Nippon Sanso Corp. | 244,674 | 3,932 |
| Hitachi Metals Ltd. | 333,819 | 3,925 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | 759,091 | 3,901 |
| Ube Industries Ltd. | 178,098 | 3,879 |
| Yamazaki Baking Co. Ltd. | 214,644 | 3,869 |
| Taiyo Yuden Co. Ltd. | 190,063 | 3,827 |
| ^ Sharp Corp. | 247,467 | 3,799 |
| Nihon Kohden Corp. | 126,850 | 3,798 |
| Tokyo Tatemono Co. Ltd. | 352,516 | 3,791 |
| Oracle Corp. Japan | 55,508 | 3,757 |
| Nomura Real Estate Holdings Inc. | 199,312 | 3,744 |
| Aeon Mall Co. Ltd. | 202,543 | 3,741 |
| Ain Holdings Inc. | 47,298 | 3,709 |
| Kamigumi Co. Ltd. | 178,584 | 3,685 |
| Izumi Co. Ltd. | 67,782 | 3,680 |
| House Foods Group Inc. | 127,607 | 3,670 |
| Kinden Corp. | 226,898 | 3,638 |
| SCREEN Holdings Co. Ltd. | 66,571 | 3,619 |
| Seino Holdings Co. Ltd. | 257,702 | 3,569 |
| Kagome Co. Ltd. | 133,728 | 3,560 |
| Nippon Electric Glass Co. Ltd. | 139,385 | 3,512 |
| Nippon Kayaku Co. Ltd. | 294,377 | 3,503 |
| Seven Bank Ltd. | 1,120,639 | 3,502 |
| Nippon Shokubai Co. Ltd. | 54,026 | 3,486 |
| SG Holdings Co. Ltd. | 138,200 | 3,479 |
| Tsumura & Co. | 111,691 | 3,474 |
| Benesse Holdings Inc. | 124,041 | 3,459 |
| Yokohama Rubber Co. Ltd. | 177,236 | 3,433 |
| Pola Orbis Holdings Inc. | 127,712 | 3,412 |
| Gunma Bank Ltd. | 752,151 | 3,405 |
| Sumitomo Forestry Co. Ltd. | 229,257 | 3,402 |
| Sankyo Co. Ltd. | 88,482 | 3,378 |
| Bic Camera Inc. | 254,252 | 3,357 |
| NOF Corp. | 118,000 | 3,342 |
| Sawai Pharmaceutical Co. Ltd. | 65,728 | 3,332 |
| Nishi-Nippon Railroad Co. Ltd. | 134,113 | 3,318 |
| Nifco Inc. | 145,458 | 3,315 |
25
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Capcom Co. Ltd. | 158,546 | 3,305 |
| | Shikoku Electric Power Co. Inc. | 262,553 | 3,295 |
| | Hachijuni Bank Ltd. | 778,858 | 3,290 |
| | DeNA Co. Ltd. | 195,407 | 3,250 |
| | TechnoPro Holdings Inc. | 62,100 | 3,235 |
| | Daiichikosho Co. Ltd. | 69,896 | 3,226 |
| | Shimamura Co. Ltd. | 37,675 | 3,169 |
| | Itochu Techno-Solutions Corp. | 165,184 | 3,133 |
| | Zenkoku Hosho Co. Ltd. | 85,854 | 3,113 |
| | Mabuchi Motor Co. Ltd. | 87,208 | 3,102 |
| | Horiba Ltd. | 66,037 | 3,091 |
| | Hiroshima Bank Ltd. | 500,521 | 3,087 |
| | Rengo Co. Ltd. | 353,888 | 3,085 |
| | Cosmos Pharmaceutical Corp. | 14,921 | 3,050 |
| | SCSK Corp. | 71,791 | 3,042 |
| | Japan Airport Terminal Co. Ltd. | 78,737 | 3,033 |
| | Kaken Pharmaceutical Co. Ltd. | 60,465 | 3,032 |
| | Maruichi Steel Tube Ltd. | 103,808 | 2,991 |
| | Zensho Holdings Co. Ltd. | 153,688 | 2,981 |
| | Nagase & Co. Ltd. | 186,069 | 2,923 |
| | Kyushu Financial Group Inc. | 660,630 | 2,915 |
| | Nippon Paper Industries Co. Ltd. | 159,944 | 2,898 |
| | Penta-Ocean Construction Co. Ltd. | 483,300 | 2,891 |
| | Toyo Tire & Rubber Co. Ltd. | 171,887 | 2,867 |
| | NOK Corp. | 198,433 | 2,855 |
| | Furukawa Electric Co. Ltd. | 105,326 | 2,842 |
| *,^ | LINE Corp. | 88,169 | 2,811 |
| | Morinaga & Co. Ltd. | 69,400 | 2,785 |
| | Sugi Holdings Co. Ltd. | 60,816 | 2,785 |
| | Wacoal Holdings Corp. | 100,224 | 2,763 |
| | Iyo Bank Ltd. | 465,741 | 2,762 |
| | PALTAC Corp. | 54,200 | 2,761 |
| | NTT Urban Development Corp. | 185,237 | 2,753 |
| | GMO Payment Gateway Inc. | 56,606 | 2,742 |
| | Fancl Corp. | 61,600 | 2,724 |
| | Toyoda Gosei Co. Ltd. | 126,157 | 2,721 |
| | OSG Corp. | 131,826 | 2,720 |
| | Ariake Japan Co. Ltd. | 30,585 | 2,710 |
| * | Hokuriku Electric Power Co. | 290,040 | 2,702 |
| | Hokuhoku Financial Group Inc. | 217,530 | 2,695 |
| | GS Yuasa Corp. | 131,182 | 2,693 |
| | Mitsui Mining & Smelting Co. Ltd. | 94,900 | 2,689 |
| | Ulvac Inc. | 82,000 | 2,671 |
| | Aica Kogyo Co. Ltd. | 89,600 | 2,667 |
| | Mitsubishi Logistics Corp. | 116,093 | 2,661 |
| | Hitachi Chemical Co. Ltd. | 168,349 | 2,654 |
| | NTN Corp. | 722,841 | 2,644 |
| | Nisshinbo Holdings Inc. | 240,066 | 2,643 |
| | Toda Corp. | 392,108 | 2,639 |
| * | Daishi Hokuetsu Financial Group Inc. | 73,319 | 2,638 |
| | Citizen Watch Co. Ltd. | 457,226 | 2,632 |
| | Chugoku Bank Ltd. | 292,663 | 2,628 |
| | Tokuyama Corp. | 117,500 | 2,628 |
| | Japan Post Insurance Co. Ltd. | 109,962 | 2,619 |
| | ABC-Mart Inc. | 44,586 | 2,607 |
| | 77 Bank Ltd. | 125,705 | 2,597 |
| | Nipro Corp. | 203,202 | 2,588 |
| | OKUMA Corp. | 51,772 | 2,585 |
| | Topcon Corp. | 175,846 | 2,555 |
| | Maeda Corp. | 224,700 | 2,539 |
| | DMG Mori Co. Ltd. | 175,834 | 2,537 |
| | Ushio Inc. | 209,980 | 2,534 |
| | TS Tech Co. Ltd. | 87,038 | 2,505 |
| | Nishi-Nippon Financial Holdings Inc. | 262,176 | 2,491 |
26
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kyudenko Corp. | 67,861 | 2,469 |
| | Daido Steel Co. Ltd. | 59,148 | 2,435 |
| | Nihon Unisys Ltd. | 110,400 | 2,419 |
| | Acom Co. Ltd. | 648,972 | 2,389 |
| | Zeon Corp. | 246,160 | 2,377 |
| * | Kansai Mirai Financial Group Inc. | 306,300 | 2,369 |
| | NHK Spring Co. Ltd. | 274,648 | 2,352 |
| | Pilot Corp. | 42,470 | 2,346 |
| | Aoyama Trading Co. Ltd. | 77,400 | 2,342 |
| | Japan Steel Works Ltd. | 108,450 | 2,292 |
| | Ibiden Co. Ltd. | 184,472 | 2,278 |
| | Kokuyo Co. Ltd. | 144,000 | 2,273 |
| | H2O Retailing Corp. | 145,402 | 2,259 |
| | Sumitomo Osaka Cement Co. Ltd. | 60,420 | 2,245 |
| | Maruha Nichiro Corp. | 61,400 | 2,223 |
| | Dowa Holdings Co. Ltd. | 76,351 | 2,222 |
| | Fuji Oil Holdings Inc. | 76,200 | 2,198 |
| | Miraca Holdings Inc. | 89,916 | 2,189 |
| | Fukuyama Transporting Co. Ltd. | 56,016 | 2,171 |
| | Glory Ltd. | 91,818 | 2,138 |
| | Shiga Bank Ltd. | 91,690 | 2,127 |
| | Tadano Ltd. | 198,124 | 2,122 |
| | Toyobo Co. Ltd. | 148,924 | 2,117 |
| | Heiwa Corp. | 89,815 | 2,054 |
| | Jafco Co. Ltd. | 53,063 | 2,045 |
| | Open House Co. Ltd. | 51,600 | 2,040 |
| ^ | Sanrio Co. Ltd. | 100,750 | 2,027 |
| | Shimachu Co. Ltd. | 77,291 | 2,026 |
| | Nippon Gas Co. Ltd. | 66,900 | 2,024 |
| | Fujikura Ltd. | 467,196 | 2,015 |
| | FP Corp. | 39,023 | 2,000 |
| | Sapporo Holdings Ltd. | 107,231 | 1,989 |
| | Yaoko Co. Ltd. | 36,300 | 1,985 |
| | Sumitomo Bakelite Co. Ltd. | 54,800 | 1,979 |
| | Lintec Corp. | 83,599 | 1,979 |
| | Tokai Tokyo Financial Holdings Inc. | 382,728 | 1,976 |
| | San-In Godo Bank Ltd. | 255,915 | 1,942 |
| | Kusuri no Aoki Holdings Co. Ltd. | 27,012 | 1,941 |
| | Hitachi Transport System Ltd. | 73,698 | 1,892 |
| *,^ | Kawasaki Kisen Kaisha Ltd. | 140,382 | 1,871 |
| | Ci:z Holdings Co. Ltd. | 36,100 | 1,871 |
| | Morinaga Milk Industry Co. Ltd. | 70,000 | 1,866 |
| | Hitachi Capital Corp. | 76,099 | 1,866 |
| ^ | Kyoritsu Maintenance Co. Ltd. | 41,700 | 1,853 |
| | Takara Bio Inc. | 78,100 | 1,842 |
| | Fuyo General Lease Co. Ltd. | 32,500 | 1,805 |
| | Kandenko Co. Ltd. | 176,828 | 1,801 |
| | Maeda Road Construction Co. Ltd. | 98,197 | 1,789 |
| | Hokkaido Electric Power Co. Inc. | 304,126 | 1,775 |
| | Matsui Securities Co. Ltd. | 174,060 | 1,774 |
| | Toyota Boshoku Corp. | 104,525 | 1,743 |
| | Awa Bank Ltd. | 63,854 | 1,738 |
| | Mochida Pharmaceutical Co. Ltd. | 21,922 | 1,733 |
| | Resorttrust Inc. | 112,326 | 1,730 |
| | KYORIN Holdings Inc. | 78,970 | 1,725 |
| | Leopalace21 Corp. | 407,438 | 1,697 |
| | NS Solutions Corp. | 56,121 | 1,675 |
| | Autobacs Seven Co. Ltd. | 103,995 | 1,674 |
| ^ | Shochiku Co. Ltd. | 17,034 | 1,660 |
| | Megmilk Snow Brand Co. Ltd. | 70,869 | 1,658 |
| | HIS Co. Ltd. | 53,888 | 1,641 |
| | Keiyo Bank Ltd. | 223,342 | 1,629 |
| | Koei Tecmo Holdings Co. Ltd. | 101,060 | 1,600 |
| | Yamato Kogyo Co. Ltd. | 58,599 | 1,544 |
27
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kissei Pharmaceutical Co. Ltd. | 53,628 | 1,541 |
| | GMO internet Inc. | 106,500 | 1,522 |
| | Tokai Rika Co. Ltd. | 82,979 | 1,513 |
| ^ | Orient Corp. | 964,987 | 1,509 |
| | Canon Marketing Japan Inc. | 77,056 | 1,458 |
| | North Pacific Bank Ltd. | 476,768 | 1,430 |
| | Itoham Yonekyu Holdings Inc. | 225,590 | 1,421 |
| ^ | Suruga Bank Ltd. | 301,090 | 1,420 |
| | Fujitsu General Ltd. | 93,730 | 1,404 |
| | Shima Seiki Manufacturing Ltd. | 52,000 | 1,402 |
| | Nippo Corp. | 85,359 | 1,399 |
| | Nippon Television Holdings Inc. | 85,700 | 1,367 |
| *,^ | Aiful Corp. | 503,479 | 1,328 |
| | Chiyoda Corp. | 266,303 | 1,325 |
| | Benefit One Inc. | 51,400 | 1,325 |
| | Exedy Corp. | 53,216 | 1,311 |
| | Fuji Media Holdings Inc. | 80,000 | 1,298 |
| | Daikyo Inc. | 48,694 | 1,278 |
| | Toshiba Plant Systems & Services Corp. | 61,300 | 1,253 |
| | Komeri Co. Ltd. | 47,121 | 1,221 |
| ^ | GungHo Online Entertainment Inc. | 641,357 | 1,159 |
| | Ichigo Inc. | 342,216 | 1,117 |
| | Japan Petroleum Exploration Co. Ltd. | 53,258 | 1,113 |
| | Tokyo Broadcasting System Holdings Inc. | 59,579 | 1,103 |
| | Noevir Holdings Co. Ltd. | 25,400 | 1,080 |
| | OBIC Business Consultants Co. Ltd. | 12,842 | 1,026 |
| | Japan Aviation Electronics Industry Ltd. | 76,747 | 1,016 |
| | Nisshin Steel Co. Ltd. | 76,286 | 996 |
| ^ | ASKUL Corp. | 35,369 | 977 |
| | SKY Perfect JSAT Holdings Inc. | 209,772 | 931 |
| | Nissan Shatai Co. Ltd. | 108,847 | 877 |
| | Gree Inc. | 180,557 | 756 |
| | TV Asahi Holdings Corp. | 36,641 | 684 |
| | Toppan Forms Co. Ltd. | 70,373 | 640 |
| | Mitsubishi Shokuhin Co. Ltd. | 24,208 | 624 |
| * | Aplus Financial Co. Ltd. | 245,386 | 228 |
| | COLOPL Inc. | 3,346 | 21 |
| * | Mitsui E&S Holdings Co. Ltd. | 937 | 16 |
| * | Japan Display Inc. | 7,900 | 8 |
| | Juroku Bank Ltd. | 71 | 2 |
| | | | 6,206,443 |
| Kuwait (0.1%) | | |
| * | National Bank of Kuwait SAKP | 2,603,186 | 7,041 |
| * | Kuwait Finance House KSCP | 2,630,904 | 5,085 |
| * | Mobile Telecommunications Co. KSC | 1,798,259 | 2,636 |
| | Agility Public Warehousing Co. KSC | 706,904 | 1,929 |
| * | Boubyan Petrochemicals Co. KSCP | 328,239 | 1,101 |
| * | Boubyan Bank KSCP | 596,325 | 1,032 |
| * | Humansoft Holding Co. KSC | 91,423 | 917 |
| | | | 19,741 |
| Luxembourg (0.0%) | | |
| | Tenaris SA ADR | 105,043 | 3,070 |
| |
| Malaysia (0.7%) | | |
| | Public Bank Bhd. (Local) | 5,295,824 | 31,152 |
| | Tenaga Nasional Bhd. | 6,799,600 | 23,902 |
| | Malayan Banking Bhd. | 10,050,500 | 22,812 |
| | CIMB Group Holdings Bhd. | 11,362,800 | 15,548 |
| | Petronas Chemicals Group Bhd. | 4,878,568 | 10,908 |
| | Sime Darby Plantation Bhd. | 6,152,605 | 7,744 |
| | Genting Bhd. | 3,999,800 | 7,019 |
| | DiGi.Com Bhd. | 6,246,766 | 6,437 |
| | Dialog Group Bhd. | 7,919,700 | 6,415 |
| | Axiata Group Bhd. | 7,674,924 | 6,259 |
28
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | IOI Corp. Bhd. | 5,436,765 | 5,848 |
| | Maxis Bhd. | 4,668,100 | 5,837 |
| | Petronas Gas Bhd. | 1,321,650 | 5,781 |
| | IHH Healthcare Bhd. | 4,746,500 | 5,673 |
| | Hong Leong Bank Bhd. | 1,074,200 | 5,319 |
| | Genting Malaysia Bhd. | 4,795,400 | 5,151 |
| | Kuala Lumpur Kepong Bhd. | 790,300 | 4,706 |
| | PPB Group Bhd. | 1,142,160 | 4,577 |
| | Hartalega Holdings Bhd. | 2,485,900 | 3,719 |
| | Press Metal Aluminium Holdings Bhd. | 3,093,400 | 3,581 |
| | Nestle Malaysia Bhd. | 104,000 | 3,575 |
| | MISC Bhd. | 2,441,623 | 3,555 |
| | Sime Darby Bhd. | 6,029,605 | 3,172 |
| | Petronas Dagangan Bhd. | 494,500 | 3,078 |
| | Malaysia Airports Holdings Bhd. | 1,511,800 | 3,005 |
| | AMMB Holdings Bhd. | 3,268,900 | 2,971 |
| | HAP Seng Consolidated Bhd. | 1,099,100 | 2,586 |
| | RHB Bank Bhd. (Ordinary Shares) | 1,925,700 | 2,409 |
| | IJM Corp. Bhd. | 5,483,840 | 2,138 |
| | Gamuda Bhd. | 3,723,600 | 2,130 |
| | YTL Corp. Bhd. | 7,865,066 | 1,996 |
| | Alliance Bank Malaysia Bhd. | 1,908,600 | 1,808 |
| | British American Tobacco Malaysia Bhd. | 239,600 | 1,780 |
| | Hong Leong Financial Group Bhd. | 384,435 | 1,690 |
| | AirAsia Group Bhd. | 2,533,600 | 1,592 |
| | Westports Holdings Bhd. | 1,781,196 | 1,453 |
| | KLCCP Stapled Group Bhd. | 765,400 | 1,402 |
| | Sime Darby Property Bhd. | 5,961,305 | 1,392 |
| | YTL Power International Bhd. | 5,187,711 | 1,179 |
| | Telekom Malaysia Bhd. | 1,976,100 | 1,125 |
| | FGV Holdings Bhd. | 3,173,600 | 1,063 |
| | IOI Properties Group Bhd. | 3,209,700 | 1,005 |
| 2 | Astro Malaysia Holdings Bhd. | 2,650,368 | 856 |
| * | Sapura Energy Bhd. | 8,138,696 | 659 |
| * | Bumi Armada Bhd. | 5,785,400 | 559 |
| | UEM Sunrise Bhd. | 2,761,900 | 453 |
| | MMC Corp. Bhd. | 1,508,900 | 386 |
| | UMW Holdings Bhd. | 7,200 | 8 |
| § | RHB Bank Bhd. | 1,187,500 | 3 |
| | | | 237,416 |
| Malta (0.0%) | | |
| *,§ | BGP Holdings PLC | 3,738,510 | — |
| |
| Mexico (0.7%) | | |
| | America Movil SAB de CV | 47,264,183 | 34,227 |
| | Fomento Economico Mexicano SAB de CV | 3,620,612 | 30,780 |
| | Grupo Financiero Banorte SAB de CV | 4,840,866 | 26,634 |
| | Wal-Mart de Mexico SAB de CV | 8,881,061 | 22,682 |
| | Grupo Mexico SAB de CV Class B | 6,174,036 | 14,246 |
| | Grupo Televisa SAB | 4,307,042 | 12,417 |
| | Grupo Bimbo SAB de CV Class A | 4,174,652 | 7,820 |
| * | Cemex SAB de CV ADR | 1,341,915 | 6,763 |
| * | Cemex SAB de CV | 12,875,982 | 6,427 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 353,422 | 5,875 |
| | Alfa SAB de CV Class A | 5,329,235 | 5,617 |
| | Fibra Uno Administracion SA de CV | 5,151,198 | 5,536 |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 613,763 | 5,078 |
| | Grupo Financiero Inbursa SAB de CV | 3,914,536 | 5,074 |
| | Coca-Cola Femsa SAB de CV | 883,346 | 5,038 |
| | Grupo Elektra SAB DE CV | 110,360 | 4,671 |
| | Mexichem SAB de CV | 1,756,798 | 4,641 |
| | Gruma SAB de CV Class B | 353,495 | 3,689 |
| | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B | 2,897,464 | 3,613 |
| | Infraestructura Energetica Nova SAB de CV | 877,260 | 3,439 |
29
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Promotora y Operadora de Infraestructura SAB de CV | 376,052 | 3,422 |
| | Arca Continental SAB de CV | 671,590 | 3,377 |
| | Industrias Penoles SAB de CV | 210,580 | 2,968 |
| | Grupo Aeroportuario del Centro Norte SAB de CV Class B | 547,776 | 2,866 |
| | Grupo Carso SAB de CV | 819,680 | 2,412 |
| 2 | Banco del Bajio SA | 1,200,100 | 2,359 |
| | Alsea SAB de CV | 893,410 | 2,284 |
| | Megacable Holdings SAB de CV | 510,729 | 2,265 |
| | El Puerto de Liverpool SAB de CV | 336,297 | 2,131 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 1,421,251 | 2,049 |
| * | Regional SAB de CV | 390,200 | 1,900 |
| * | Telesites SAB de CV | 2,182,083 | 1,346 |
| | Becle SAB de CV | 933,700 | 1,147 |
| 2 | GMexico Transportes SAB de CV | 736,900 | 1,009 |
| | Industrias Bachoco SAB de CV Class B | 272,288 | 999 |
| | Grupo Comercial Chedraui SA de CV | 518,255 | 916 |
| | Grupo Lala SAB de CV | 973,548 | 851 |
| * | Alpek SAB de CV | 617,867 | 813 |
| 2 | Nemak SAB de CV | 1,013,599 | 738 |
| | OHL Mexico SAB de CV | 436,700 | 600 |
| * | Organizacion Soriana SAB de CV Class B | 415,471 | 542 |
| | Concentradora Fibra Danhos SA de CV | 378,573 | 499 |
| * | Industrias CH SAB de CV Class B | 137,634 | 494 |
| * | Grupo Simec SAB de CV Class B | 46,940 | 127 |
| | Promotora y Operadora de Infraestructura SAB de CV Class L | 4,991 | 34 |
| | Gentera SAB de CV | 7,062 | 6 |
| | | | 252,421 |
| Netherlands (2.3%) | | |
| | Unilever NV | 2,614,546 | 140,494 |
| | ASML Holding NV | 699,838 | 120,544 |
| | ING Groep NV | 6,708,609 | 79,370 |
| | Koninklijke Philips NV | 1,596,715 | 59,551 |
| | Koninklijke Ahold Delhaize NV | 2,034,996 | 46,582 |
| | Heineken NV | 406,537 | 36,575 |
| | Akzo Nobel NV | 435,121 | 36,535 |
| * | Unibail-Rodamco-Westfield | 170,278 | 30,814 |
| | Wolters Kluwer NV | 477,445 | 27,088 |
| | Koninklijke DSM NV | 301,110 | 26,290 |
| | ArcelorMittal | 1,039,161 | 25,930 |
| | NN Group NV | 572,830 | 24,596 |
| | Aegon NV | 3,022,405 | 18,535 |
| 2 | ABN AMRO Group NV | 713,319 | 17,496 |
| | Heineken Holding NV | 182,830 | 15,814 |
| | Koninklijke KPN NV | 5,721,590 | 15,097 |
| * | Unibail-Rodamco-Westfield CDI | 60,985 | 11,071 |
| | ASR Nederland NV | 240,319 | 10,910 |
| | Randstad NV | 190,306 | 9,575 |
| * | Gemalto NV | 143,135 | 8,164 |
| | Aalberts Industries NV | 167,293 | 6,133 |
| | Koninklijke Vopak NV | 115,520 | 5,224 |
| 2 | Signify NV | 192,896 | 4,752 |
| * | OCI NV | 163,850 | 4,656 |
| ^ | Boskalis Westminster | 135,608 | 3,899 |
| *,^ | ALTICE EUROPE NV | 982,232 | 2,337 |
| 2 | GrandVision NV | 83,171 | 2,097 |
| * | ALTICE EUROPE NV Class B | 84,180 | 201 |
| | | | 790,330 |
| New Zealand (0.2%) | | |
| | Fisher & Paykel Healthcare Corp. Ltd. | 978,702 | 8,706 |
| * | a2 Milk Co. Ltd. | 1,249,282 | 8,572 |
| | Spark New Zealand Ltd. | 3,202,045 | 8,270 |
| | Auckland International Airport Ltd. | 1,628,552 | 7,448 |
| * | Fletcher Building Ltd. | 1,475,984 | 5,846 |
| | Ryman Healthcare Ltd. | 698,571 | 5,535 |
30
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Contact Energy Ltd. | 1,233,343 | 4,509 |
| | Meridian Energy Ltd. | 2,108,318 | 4,325 |
| | SKYCITY Entertainment Group Ltd. | 1,155,043 | 2,893 |
| | Mercury NZ Ltd. | 1,120,977 | 2,492 |
| | Kiwi Property Group Ltd. | 2,413,480 | 2,072 |
| | Air New Zealand Ltd. | 857,056 | 1,567 |
| | SKY Network Television Ltd. | 4,575 | 7 |
| | | | 62,242 |
| Norway (0.5%) | | |
| | Equinor ASA | 1,689,652 | 43,705 |
| | DNB ASA | 1,820,609 | 32,892 |
| ^ | Telenor ASA | 1,148,788 | 21,063 |
| | Marine Harvest ASA | 699,194 | 16,928 |
| | Yara International ASA | 301,487 | 12,947 |
| | Norsk Hydro ASA | 2,305,369 | 11,955 |
| | Orkla ASA | 1,349,007 | 11,641 |
| | Aker BP ASA | 186,123 | 6,104 |
| | Subsea 7 SA | 442,445 | 5,553 |
| | Schibsted ASA Class B | 169,614 | 5,367 |
| | Schibsted ASA Class A | 136,141 | 4,712 |
| | Gjensidige Forsikring ASA | 283,842 | 4,392 |
| | Aker ASA | 41,308 | 3,138 |
| | | | 180,397 |
| Pakistan (0.0%) | | |
| | Pakistan Petroleum Ltd. | 1,015,680 | 1,430 |
| | Habib Bank Ltd. | 1,191,606 | 1,310 |
| | Oil & Gas Development Co. Ltd. | 1,038,800 | 1,244 |
| | Fauji Fertilizer Co. Ltd. | 1,134,600 | 842 |
| * | National Bank of Pakistan | 889,000 | 324 |
| | | | 5,150 |
| Peru (0.1%) | | |
| | Credicorp Ltd. (Lima Shares) | 64,722 | 14,563 |
| | Credicorp Ltd. | 50,332 | 11,360 |
| | Cia de Minas Buenaventura SAA ADR | 360,464 | 4,989 |
| | Volcan Cia Minera SAA Class B | 4,121,710 | 758 |
| | | | 31,670 |
| Philippines (0.3%) | | |
| | SM Investments Corp. | 834,959 | 14,075 |
| | SM Prime Holdings Inc. | 15,611,437 | 9,870 |
| | Ayala Land Inc. | 12,077,157 | 8,961 |
| | BDO Unibank Inc. | 3,409,810 | 7,811 |
| | Ayala Corp. | 427,573 | 7,361 |
| | PLDT Inc. | 200,312 | 5,169 |
| | Bank of the Philippine Islands | 3,043,572 | 4,680 |
| | Universal Robina Corp. | 1,508,309 | 3,669 |
| | Jollibee Foods Corp. | 696,395 | 3,596 |
| | Metropolitan Bank & Trust Co. | 2,731,166 | 3,351 |
| | International Container Terminal Services Inc. | 1,874,644 | 3,173 |
| | Manila Electric Co. | 449,401 | 3,093 |
| | JG Summit Holdings Inc. | 2,569,369 | 2,275 |
| | GT Capital Holdings Inc. | 158,294 | 2,250 |
| | Aboitiz Equity Ventures Inc. | 2,551,355 | 2,244 |
| | Metro Pacific Investments Corp. | 23,968,500 | 2,153 |
| | Globe Telecom Inc. | 49,799 | 1,946 |
| | Aboitiz Power Corp. | 2,627,332 | 1,656 |
| | DMCI Holdings Inc. | 6,888,996 | 1,654 |
| | Megaworld Corp. | 19,550,706 | 1,613 |
| * | Alliance Global Group Inc. | 6,981,299 | 1,487 |
| | LT Group Inc. | 4,846,041 | 1,314 |
| | Semirara Mining & Power Corp. Class A | 1,973,684 | 1,032 |
| | Bloomberry Resorts Corp. | 5,774,450 | 908 |
| | Petron Corp. | 4,417,873 | 669 |
| | | | 96,010 |
31
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Poland (0.2%) | | |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 1,474,757 | 15,316 |
| | Polski Koncern Naftowy ORLEN SA | 535,470 | 12,877 |
| | Powszechny Zaklad Ubezpieczen SA | 972,802 | 9,914 |
| | Bank Polska Kasa Opieki SA | 273,819 | 7,465 |
| * | KGHM Polska Miedz SA | 233,258 | 5,273 |
| * | Polskie Gornictwo Naftowe i Gazownictwo SA | 2,939,397 | 4,795 |
| * | CD Projekt SA | 107,247 | 4,415 |
| | Santander Bank Polska SA | 49,548 | 4,390 |
| * | PGE Polska Grupa Energetyczna SA | 1,253,423 | 3,430 |
| | Grupa Lotos SA | 167,155 | 3,014 |
| | LPP SA | 1,431 | 2,926 |
| * | Cyfrowy Polsat SA | 452,167 | 2,600 |
| | mBank SA | 21,631 | 2,104 |
| *,2 | Dino Polska SA | 83,506 | 1,835 |
| | Bank Handlowy w Warszawie SA | 815 | 15 |
| * | Alior Bank SA | 976 | 15 |
| * | Bank Millennium SA | 4,847 | 11 |
| | Asseco Poland SA | 592 | 7 |
| 2 | PLAY Communications SA | 717 | 3 |
| | Eurocash SA | 218 | 1 |
| * | Orange Polska SA | 652 | 1 |
| | CCC SA | 11 | — |
| | Budimex SA | 10 | — |
| | | | 80,407 |
| Portugal (0.1%) | | |
| | Galp Energia SGPS SA | 889,995 | 15,476 |
| | EDP - Energias de Portugal SA | 3,901,623 | 13,707 |
| | Jeronimo Martins SGPS SA | 416,705 | 5,115 |
| | EDP Renovaveis SA | 258,279 | 2,320 |
| * | Banco Espirito Santo SA | 3,873,216 | 13 |
| | | | 36,631 |
| Qatar (0.3%) | | |
| | Qatar National Bank QPSC | 763,836 | 40,886 |
| | Industries Qatar QSC | 346,245 | 13,323 |
| | Qatar Islamic Bank SAQ | 202,195 | 8,495 |
| | Masraf Al Rayan QSC | 626,956 | 6,539 |
| | Qatar Electricity & Water Co. QSC | 86,244 | 4,449 |
| | Commercial Bank PQSC | 339,674 | 3,862 |
| | Barwa Real Estate Co. | 324,809 | 3,333 |
| | Ooredoo QPSC | 140,799 | 2,668 |
| | Qatar Gas Transport Co. Ltd. | 461,112 | 2,206 |
| | Qatar Navigation QSC | 93,327 | 1,822 |
| | Doha Bank QPSC | 258,200 | 1,560 |
| * | Vodafone Qatar QSC | 549,085 | 1,238 |
| | Qatar International Islamic Bank QSC | 66,078 | 1,126 |
| | United Development Co. QSC | 291,153 | 1,118 |
| * | Ezdan Holding Group QSC | 264,051 | 794 |
| * | Gulf International Services QSC | 152,619 | 753 |
| | Al Meera Consumer Goods Co. QSC | 8,416 | 337 |
| | Qatar Insurance Co. SAQ | 915 | 9 |
| | | | 94,518 |
| Russia (0.9%) | | |
| | Lukoil PJSC ADR | 742,267 | 55,343 |
| | Sberbank of Russia PJSC | 12,837,796 | 36,899 |
| | Gazprom PJSC ADR | 7,257,642 | 34,318 |
| | Novatek PJSC | 1,836,075 | 29,241 |
| | Tatneft PJSC ADR | 409,797 | 28,764 |
| | Sberbank of Russia PJSC ADR | 1,260,924 | 14,837 |
| | Rosneft Oil Co. PJSC GDR | 1,876,853 | 13,150 |
| | MMC Norilsk Nickel PJSC ADR | 747,933 | 12,383 |
| | Gazprom PJSC | 3,443,247 | 8,112 |
| | Surgutneftegas OAO Preference Shares | 12,772,300 | 7,379 |
| | AK Transneft OAO Preference Shares | 2,658 | 6,900 |
32
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Alrosa PJSC | 4,256,300 | 6,455 |
| Magnit PJSC GDR | 484,559 | 6,454 |
| Severstal PJSC GDR | 312,475 | 4,850 |
| LUKOIL PJSC | 63,859 | 4,787 |
| Surgutneftegas PJSC ADR | 1,187,986 | 4,721 |
| Mobile TeleSystems PJSC | 1,071,502 | 4,203 |
| Inter RAO UES PJSC | 60,581,300 | 3,665 |
| Novolipetsk Steel PJSC | 1,482,233 | 3,610 |
| Moscow Exchange MICEX-RTS PJSC | 2,454,154 | 3,271 |
| VTB Bank PJSC GDR | 2,300,991 | 2,897 |
| Mobile TeleSystems PJSC ADR | 331,569 | 2,656 |
| Polyus PJSC GDR | 74,673 | 2,301 |
| PhosAgro PJSC GDR | 175,962 | 2,299 |
| VTB Bank PJSC | 4,030,378,867 | 2,240 |
| Magnitogorsk Iron & Steel Works PJSC | 3,002,648 | 2,183 |
| Tatneft PJSC | 158,930 | 1,879 |
| RusHydro PJSC | 198,154,634 | 1,654 |
| Tatneft PAO Preference Shares | 171,280 | 1,364 |
| Federal Grid Co. Unified Energy System PJSC | 450,626,667 | 1,047 |
| Safmar Financial Investment | 112,110 | 1,029 |
| Aeroflot PJSC | 678,191 | 1,001 |
| Rosneft Oil Co. PJSC | 136,080 | 949 |
| Bashneft PAO Preference Shares | 33,136 | 913 |
| Rostelecom PJSC | 790,068 | 840 |
| MMC Norilsk Nickel PJSC | 4,815 | 804 |
| Rostelecom PJSC ADR | 118,592 | 778 |
| Unipro PJSC | 18,049,100 | 742 |
| * RussNeft PJSC | 74,191 | 628 |
| Magnit PJSC | 11,023 | 601 |
| * Uralkali PJSC | 452,680 | 579 |
| Surgutneftegas PJSC | 1,328,600 | 534 |
| ROSSETI PJSC | 48,484,896 | 495 |
| TMK PJSC | 528,970 | 491 |
| Sistema PJSFC GDR | 191,390 | 443 |
| Mosenergo PJSC | 13,331,000 | 390 |
| Sistema PJSFC | 986,400 | 117 |
| Novatek PJSC GDR | 544 | 92 |
| LSR Group PJSC GDR | 16,276 | 30 |
| Novorossiysk Commercial Sea Port PJSC | 109,000 | 10 |
| * Mechel PJSC | 6,352 | 9 |
| | | 321,337 |
| Singapore (0.8%) | | |
| DBS Group Holdings Ltd. | 3,091,648 | 52,457 |
| Oversea-Chinese Banking Corp. Ltd. | 5,631,811 | 43,750 |
| United Overseas Bank Ltd. | 2,205,750 | 38,999 |
| Singapore Telecommunications Ltd. | 12,808,496 | 29,257 |
| Keppel Corp. Ltd. | 2,492,079 | 11,166 |
| CapitaLand Ltd. | 4,376,641 | 9,941 |
| Wilmar International Ltd. | 3,392,007 | 7,748 |
| Ascendas REIT | 4,171,587 | 7,596 |
| Singapore Exchange Ltd. | 1,444,358 | 7,145 |
| Singapore Technologies Engineering Ltd. | 2,600,622 | 6,674 |
| Genting Singapore Ltd. | 10,057,664 | 6,400 |
| CapitaLand Mall Trust | 3,961,851 | 6,034 |
| Singapore Airlines Ltd. | 869,824 | 5,963 |
| ComfortDelGro Corp. Ltd. | 3,508,349 | 5,713 |
| Singapore Press Holdings Ltd. | 2,738,557 | 5,248 |
| CapitaLand Commercial Trust | 4,037,551 | 5,045 |
| Venture Corp. Ltd. | 441,151 | 4,884 |
| City Developments Ltd. | 799,361 | 4,568 |
| Suntec REIT | 3,330,972 | 4,263 |
| SATS Ltd. | 1,073,015 | 3,862 |
| Jardine Cycle & Carriage Ltd. | 168,639 | 3,693 |
| UOL Group Ltd. | 839,567 | 3,657 |
33
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sembcorp Industries Ltd. | 1,551,591 | 3,168 |
| | Hutchison Port Holdings Trust | 8,568,908 | 2,108 |
| | Golden Agri-Resources Ltd. | 10,871,501 | 2,004 |
| | Singapore Post Ltd. | 2,606,164 | 1,962 |
| ^ | Sembcorp Marine Ltd. | 1,410,477 | 1,625 |
| | StarHub Ltd. | 978,937 | 1,330 |
| | M1 Ltd. | 600,743 | 915 |
| | Wing Tai Holdings Ltd. | 639,240 | 891 |
| | SIA Engineering Co. Ltd. | 405,309 | 828 |
| | Frasers Property Ltd. | 583,000 | 665 |
| | | | 289,559 |
| South Africa (1.5%) | | |
| | Naspers Ltd. | 734,323 | 128,801 |
| | Sasol Ltd. | 909,336 | 29,717 |
| | Standard Bank Group Ltd. | 2,201,380 | 24,390 |
| | FirstRand Ltd. | 5,478,144 | 23,927 |
| | MTN Group Ltd. | 3,105,754 | 18,035 |
| | Sanlam Ltd. | 3,008,794 | 15,150 |
| | Absa Group Ltd. | 1,232,889 | 12,458 |
| | Old Mutual Ltd. (London Shares) | 8,205,512 | 12,371 |
| | Remgro Ltd. | 906,039 | 11,680 |
| | Bid Corp. Ltd. | 576,509 | 10,795 |
| | Nedbank Group Ltd. | 638,378 | 10,792 |
| | Shoprite Holdings Ltd. | 776,705 | 9,482 |
| | Vodacom Group Ltd. | 1,036,819 | 8,743 |
| | Growthpoint Properties Ltd. | 5,107,430 | 7,842 |
| | Bidvest Group Ltd. | 588,192 | 7,340 |
| | Aspen Pharmacare Holdings Ltd. | 643,095 | 6,801 |
| | AngloGold Ashanti Ltd. | 691,568 | 6,731 |
| | Mr Price Group Ltd. | 424,582 | 6,648 |
| | Discovery Ltd. | 591,303 | 6,346 |
| | Capitec Bank Holdings Ltd. | 90,463 | 6,077 |
| | Redefine Properties Ltd. | 8,982,047 | 5,838 |
| | RMB Holdings Ltd. | 1,134,919 | 5,732 |
| | Woolworths Holdings Ltd. | 1,630,644 | 5,631 |
| | Sappi Ltd. | 951,239 | 5,345 |
| | Clicks Group Ltd. | 418,610 | 5,333 |
| | NEPI Rockcastle plc | 584,184 | 5,047 |
| | Tiger Brands Ltd. | 274,758 | 4,921 |
| | Mondi Ltd. | 200,265 | 4,793 |
| | Exxaro Resources Ltd. | 428,263 | 4,380 |
| | Foschini Group Ltd. | 392,262 | 4,294 |
| | Netcare Ltd. | 2,482,420 | 4,167 |
| | PSG Group Ltd. | 277,610 | 4,140 |
| | Truworths International Ltd. | 730,837 | 4,003 |
| | SPAR Group Ltd. | 331,972 | 3,958 |
| | Life Healthcare Group Holdings Ltd. | 2,353,606 | 3,908 |
| | AVI Ltd. | 567,543 | 3,848 |
| | Gold Fields Ltd. | 1,386,918 | 3,667 |
| | Anglo American Platinum Ltd. | 103,092 | 3,356 |
| | Investec Ltd. | 508,481 | 3,157 |
| | Imperial Holdings Ltd. | 273,460 | 3,034 |
| | Barloworld Ltd. | 362,257 | 2,953 |
| | Rand Merchant Investment Holdings Ltd. | 1,185,323 | 2,754 |
| | Pick n Pay Stores Ltd. | 589,748 | 2,726 |
| | Hyprop Investments Ltd. | 426,973 | 2,613 |
| *,^ | Sibanye Gold Ltd. | 3,068,145 | 2,135 |
| * | MMI Holdings Ltd. | 1,750,744 | 2,123 |
| * | Impala Platinum Holdings Ltd. | 1,134,102 | 2,084 |
| | Fortress REIT Ltd. Class A | 1,728,803 | 1,983 |
| | Telkom SA SOC Ltd. | 498,109 | 1,813 |
| | Vukile Property Fund Ltd. | 1,275,698 | 1,758 |
| * | Super Group Ltd. | 643,584 | 1,744 |
| | Resilient REIT Ltd. | 427,756 | 1,736 |
34
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kumba Iron Ore Ltd. | 87,379 | 1,713 |
| | KAP Industrial Holdings Ltd. | 3,234,541 | 1,709 |
| | JSE Ltd. | 143,375 | 1,593 |
| * | Northam Platinum Ltd. | 589,128 | 1,554 |
| | Coronation Fund Managers Ltd. | 455,174 | 1,516 |
| | Liberty Holdings Ltd. | 204,398 | 1,499 |
| | Reunert Ltd. | 275,097 | 1,486 |
| | African Rainbow Minerals Ltd. | 174,613 | 1,478 |
| *,2 | Pepkor Holdings Ltd. | 1,187,984 | 1,473 |
| | Santam Ltd. | 68,866 | 1,444 |
| | Fortress REIT Ltd. Class B | 1,461,343 | 1,428 |
| * | Brait SE | 555,354 | 1,390 |
| * | Harmony Gold Mining Co. Ltd. | 743,738 | 1,389 |
| | Pioneer Foods Group Ltd. | 251,807 | 1,384 |
| 2 | Dis-Chem Pharmacies Ltd. | 669,451 | 1,312 |
| | Attacq Ltd. | 1,292,981 | 1,276 |
| | Tsogo Sun Holdings Ltd. | 909,302 | 1,247 |
| | AECI Ltd. | 191,449 | 1,232 |
| | Assore Ltd. | 58,044 | 1,216 |
| | Massmart Holdings Ltd. | 173,834 | 1,129 |
| * | Nampak Ltd. | 1,088,567 | 1,098 |
| * | Famous Brands Ltd. | 151,076 | 1,075 |
| | Omnia Holdings Ltd. | 111,780 | 881 |
| | MAS Real Estate Inc. | 577,991 | 826 |
| | Tongaat Hulett Ltd. | 186,538 | 718 |
| *,^ | Curro Holdings Ltd. | 301,879 | 490 |
| | Oceana Group Ltd. | 62,933 | 372 |
| * | Grindrod Ltd. | 723,190 | 325 |
| | Old Mutual Ltd. | 147,844 | 227 |
| * | Grindrod Shipping Holdings Ltd. | 18,079 | 118 |
| | EOH Holdings Ltd. | 1,008 | 2 |
| * | Adcock Ingram Holdings Ltd. Warrants Exp. 07/26/2019 | 5,387 | 1 |
| * | Steinhoff International Holdings NV | 2,822 | — |
| | | | 513,701 |
| South Korea (3.2%) | | |
| | Samsung Electronics Co. Ltd. GDR | 233,364 | 217,977 |
| | Samsung Electronics Co. Ltd. | 2,358,952 | 88,309 |
| | SK Hynix Inc. | 924,531 | 55,680 |
| | Samsung Electronics Co. Ltd. Preference Shares | 1,423,050 | 44,898 |
| *,^ | Celltrion Inc. | 133,485 | 25,538 |
| | POSCO ADR | 423,827 | 24,421 |
| | LG Chem Ltd. | 79,313 | 24,236 |
| | NAVER Corp. | 230,430 | 23,205 |
| | Hyundai Motor Co. | 236,269 | 22,130 |
| | KB Financial Group Inc. ADR | 471,419 | 19,587 |
| | SK Innovation Co. Ltd. | 103,541 | 19,432 |
| ^ | Shinhan Financial Group Co. Ltd. ADR | 513,447 | 19,003 |
| | Samsung SDI Co. Ltd. | 90,085 | 18,734 |
| | Hyundai Mobis Co. Ltd. | 111,778 | 18,672 |
| | Hana Financial Group Inc. | 508,431 | 17,127 |
| | KT&G Corp. | 189,786 | 16,924 |
| | LG Household & Health Care Ltd. | 15,256 | 14,030 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 56,705 | 13,875 |
| | Samsung C&T Corp. | 144,224 | 13,803 |
| | SK Holdings Co. Ltd. | 56,934 | 13,109 |
| | Woori Bank | 873,262 | 12,100 |
| | NCSoft Corp. | 29,372 | 11,101 |
| | Kia Motors Corp. | 442,056 | 11,050 |
| | LG Electronics Inc. | 186,104 | 10,404 |
| | Shinhan Financial Group Co. Ltd. | 267,356 | 9,958 |
| ^ | Samsung Electro-Mechanics Co. Ltd. | 94,758 | 9,891 |
| | Samsung SDS Co. Ltd. | 54,145 | 9,210 |
| | LG Corp. | 154,773 | 9,017 |
| | Samsung Life Insurance Co. Ltd. | 109,111 | 8,828 |
35
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | KB Financial Group Inc. | 193,558 | 8,061 |
| * | Hyundai Heavy Industries Co. Ltd. | 71,714 | 7,889 |
| *,2 | Samsung Biologics Co. Ltd. | 22,719 | 7,776 |
| | S-Oil Corp. | 69,364 | 7,569 |
| | Amorepacific Corp. | 55,223 | 7,461 |
| | SK Telecom Co. Ltd. ADR | 274,420 | 7,110 |
| | Kakao Corp. | 87,712 | 7,090 |
| | E-MART Inc. | 34,232 | 6,158 |
| ^ | Korea Electric Power Corp. ADR | 501,372 | 5,996 |
| | Coway Co. Ltd. | 95,535 | 5,895 |
| | Industrial Bank of Korea | 445,833 | 5,822 |
| | Lotte Chemical Corp. | 24,995 | 5,775 |
| * | Hyundai Heavy Industries Holdings Co. Ltd. | 17,664 | 5,551 |
| | Korea Zinc Co. Ltd. | 16,625 | 5,545 |
| | LG Display Co. Ltd. | 378,291 | 5,520 |
| *,^ | SillaJen Inc. | 89,361 | 5,435 |
| | DB Insurance Co. Ltd. | 80,049 | 5,046 |
| | Hyundai Engineering & Construction Co. Ltd. | 123,891 | 5,007 |
| *,^ | Celltrion Healthcare Co. Ltd. | 87,360 | 4,898 |
| | POSCO | 21,001 | 4,807 |
| | Korea Electric Power Corp. | 196,436 | 4,692 |
| | LG Uplus Corp. | 327,692 | 4,657 |
| | Hyundai Steel Co. | 126,861 | 4,655 |
| | Hankook Tire Co. Ltd. | 126,185 | 4,589 |
| * | Samsung Heavy Industries Co. Ltd. | 742,700 | 4,557 |
| | Kangwon Land Inc. | 179,712 | 4,551 |
| * | Samsung Engineering Co. Ltd. | 268,992 | 4,342 |
| | Mirae Asset Daewoo Co. Ltd. | 741,683 | 4,209 |
| ^ | Lotte Corp. | 100,411 | 4,201 |
| | Hanmi Pharm Co. Ltd. | 11,721 | 4,022 |
| | Hyundai Motor Co. 2nd Preference Shares | 61,915 | 3,854 |
| | CJ CheilJedang Corp. | 13,450 | 3,837 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 103,509 | 3,808 |
| | CJ ENM Co. Ltd. | 18,311 | 3,643 |
| | GS Holdings Corp. | 85,146 | 3,634 |
| ^ | GS Engineering & Construction Corp. | 96,934 | 3,574 |
| | Korea Investment Holdings Co. Ltd. | 64,826 | 3,390 |
| | Hotel Shilla Co. Ltd. | 52,803 | 3,328 |
| | BNK Financial Group Inc. | 486,885 | 3,252 |
| | Lotte Shopping Co. Ltd. | 19,044 | 3,251 |
| | Hyundai Glovis Co. Ltd. | 31,434 | 3,156 |
| | Orion Corp. | 36,757 | 3,077 |
| | Daelim Industrial Co. Ltd. | 45,868 | 3,071 |
| ^,2 | Netmarble Corp. | 30,085 | 2,972 |
| * | Korea Aerospace Industries Ltd. | 109,715 | 2,795 |
| | S-1 Corp. | 32,150 | 2,723 |
| | AMOREPACIFIC Group | 49,206 | 2,697 |
| | Shinsegae Inc. | 11,809 | 2,696 |
| | Hanon Systems | 272,279 | 2,626 |
| | Samsung Securities Co. Ltd. | 104,645 | 2,472 |
| | NH Investment & Securities Co. Ltd. | 217,320 | 2,333 |
| | OCI Co. Ltd. | 30,968 | 2,327 |
| | Cheil Worldwide Inc. | 115,601 | 2,307 |
| | Kumho Petrochemical Co. Ltd. | 29,676 | 2,254 |
| * | HDC Hyundai Development Co-Engineering & Construction | 56,370 | 2,185 |
| | SK Telecom Co. Ltd. | 9,146 | 2,149 |
| | LG Household & Health Care Ltd. Preference Shares | 3,326 | 2,138 |
| | DGB Financial Group Inc. | 256,393 | 2,121 |
| * | Korea Gas Corp. | 45,210 | 2,074 |
| | Yuhan Corp. | 14,047 | 2,071 |
| | KCC Corp. | 9,222 | 2,005 |
| | Hanwha Chemical Corp. | 140,050 | 1,994 |
| | Hyundai Motor Co. Preference Shares | 33,887 | 1,985 |
| | CJ Corp. | 20,572 | 1,978 |
36
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | LG Chem Ltd. Preference Shares | 11,135 | 1,957 |
| | Hyundai Department Store Co. Ltd. | 25,184 | 1,926 |
| | Korean Air Lines Co. Ltd. | 79,408 | 1,922 |
| | Hanwha Life Insurance Co. Ltd. | 458,203 | 1,807 |
| *,^ | CJ Logistics Corp. | 12,617 | 1,760 |
| | Hanwha Corp. | 70,563 | 1,748 |
| | BGF retail Co. Ltd. | 10,565 | 1,563 |
| *,^ | Doosan Infracore Co. Ltd. | 225,037 | 1,530 |
| * | Hanwha Aerospace Co. Ltd. | 60,363 | 1,514 |
| | Samsung Card Co. Ltd. | 50,673 | 1,497 |
| ^ | Mando Corp. | 55,050 | 1,481 |
| | GS Retail Co. Ltd. | 45,028 | 1,422 |
| * | Hyundai Mipo Dockyard Co. Ltd. | 16,795 | 1,393 |
| | Amorepacific Corp. Preference Shares | 16,417 | 1,303 |
| | Hanmi Science Co. ltd | 22,198 | 1,303 |
| | Posco Daewoo Corp. | 82,292 | 1,295 |
| | LS Corp. | 28,811 | 1,282 |
| | Ottogi Corp. | 2,122 | 1,230 |
| * | Daewoo Engineering & Construction Co. Ltd. | 302,532 | 1,208 |
| ^ | Paradise Co. Ltd. | 75,316 | 1,190 |
| * | Doosan Heavy Industries & Construction Co. Ltd. | 117,038 | 1,131 |
| | HDC Holdings Co. Ltd. | 74,604 | 1,107 |
| | LOTTE Fine Chemical Co. Ltd. | 29,162 | 1,049 |
| | NongShim Co. Ltd. | 5,263 | 1,009 |
| | Doosan Corp. | 9,108 | 960 |
| | SKC Co. Ltd. | 32,013 | 936 |
| | SK Networks Co. Ltd. | 247,553 | 928 |
| | KEPCO Plant Service & Engineering Co. Ltd. | 36,315 | 880 |
| | Dongsuh Cos. Inc. | 49,443 | 811 |
| * | Hyosung TNC Co. Ltd. | 4,865 | 749 |
| ^ | Hite Jinro Co. Ltd. | 51,243 | 710 |
| ^ | Hanssem Co. Ltd. | 16,373 | 704 |
| ^ | Hyosung Corp. | 15,508 | 701 |
| *,^ | Hyundai Construction Equipment Co. Ltd. | 10,545 | 695 |
| | Hyundai Wia Corp. | 26,670 | 695 |
| * | NHN Entertainment Corp. | 16,358 | 660 |
| | Lotte Chilsung Beverage Co. Ltd. | 547 | 657 |
| | Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 4,175 | 653 |
| | LG Electronics Inc. Preference Shares | 22,942 | 521 |
| * | Hyosung Advanced Materials Corp. | 5,036 | 465 |
| | Hanwha Corp. Preference Shares | 37,363 | 439 |
| * | Hyosung Chemical Corp. | 3,586 | 414 |
| * | Hyosung Heavy Industries Corp. | 10,482 | 390 |
| | BGF Co. Ltd. | 45,435 | 298 |
| ^ | CJ CheilJedang Corp. Preference Shares | 1,801 | 188 |
| | | | 1,112,993 |
| Spain (2.0%) | | |
| | Banco Santander SA | 27,677,254 | 131,688 |
| * | Iberdrola SA | 10,307,727 | 72,936 |
| | Telefonica SA | 7,808,833 | 64,057 |
| | Banco Bilbao Vizcaya Argentaria SA | 11,464,460 | 63,274 |
| | Amadeus IT Group SA | 710,684 | 57,228 |
| ^ | Industria de Diseno Textil SA | 1,807,875 | 50,955 |
| * | Repsol SA | 2,079,066 | 37,151 |
| | CaixaBank SA | 6,182,404 | 25,019 |
| 2 | Aena SME SA | 109,886 | 17,558 |
| * | Ferrovial SA | 821,013 | 16,438 |
| | Grifols SA | 574,410 | 16,365 |
| * | ACS Actividades de Construccion y Servicios SA | 424,367 | 15,889 |
| | Red Electrica Corp. SA | 746,271 | 15,453 |
| | Naturgy Energy Group SA | 528,951 | 13,000 |
| | Banco de Sabadell SA | 9,722,236 | 12,800 |
| | Endesa SA | 546,241 | 11,421 |
| | Enagas SA | 392,635 | 10,410 |
37
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bankinter SA | 1,189,179 | 9,743 |
| | Grifols SA Preference Shares | 447,052 | 9,290 |
| | Merlin Properties Socimi SA | 578,155 | 7,244 |
| 2 | Cellnex Telecom SA | 283,309 | 7,048 |
| | Bankia SA | 2,103,150 | 6,606 |
| | Inmobiliaria Colonial Socimi SA | 516,229 | 5,183 |
| | Mapfre SA | 1,701,761 | 5,085 |
| *,^ | Siemens Gamesa Renewable Energy SA | 382,363 | 4,235 |
| | Acerinox SA | 293,268 | 3,277 |
| | Grupo Catalana Occidente SA | 75,999 | 3,139 |
| ^ | Acciona SA | 35,892 | 3,028 |
| | Zardoya Otis SA | 302,331 | 2,070 |
| | Mediaset Espana Comunicacion SA | 302,473 | 2,057 |
| | Corp Financiera Alba SA | 34,407 | 1,654 |
| * | Fomento de Construcciones y Contratas SA | 122,587 | 1,631 |
| | Distribuidora Internacional de Alimentacion SA | 4,433 | 3 |
| | | | 702,935 |
| Sweden (1.9%) | | |
| * | Nordea Bank Abp | 5,471,296 | 47,550 |
| | Telefonaktiebolaget LM Ericsson Class B | 5,176,515 | 45,071 |
| | Swedbank AB Class A | 1,723,131 | 38,761 |
| | Volvo AB Class B | 2,572,426 | 38,417 |
| | Investor AB Class B | 885,934 | 38,384 |
| | Assa Abloy AB Class B | 1,581,544 | 31,458 |
| | Sandvik AB | 1,853,576 | 29,303 |
| | Svenska Handelsbanken AB Class A | 2,544,259 | 27,656 |
| ^ | Hennes & Mauritz AB Class B | 1,509,597 | 26,664 |
| * | Atlas Copco AB Class A | 1,078,251 | 26,656 |
| | Skandinaviska Enskilda Banken AB Class A | 2,476,957 | 25,633 |
| | Essity AB Class B | 1,046,409 | 23,881 |
| ^ | Telia Co. AB | 4,679,899 | 21,067 |
| | Hexagon AB Class B | 429,270 | 21,010 |
| | Swedish Match AB | 300,192 | 15,291 |
| * | Atlas Copco AB Class B | 654,215 | 14,984 |
| | Alfa Laval AB | 540,538 | 13,792 |
| | Kinnevik AB | 412,436 | 11,434 |
| * | Boliden AB | 472,964 | 10,801 |
| | SKF AB | 660,613 | 10,591 |
| | Svenska Cellulosa AB SCA Class B | 1,026,535 | 9,704 |
| | Skanska AB Class B | 613,477 | 9,644 |
| * | Epiroc AB Class A | 1,083,644 | 9,510 |
| | Securitas AB Class B | 536,884 | 9,201 |
| | Lundin Petroleum AB | 299,374 | 9,108 |
| ^ | Electrolux AB Class B | 414,980 | 8,623 |
| | Industrivarden AB Class A | 374,457 | 7,990 |
| | Elekta AB Class B | 621,037 | 7,876 |
| | Trelleborg AB Class B | 417,517 | 7,533 |
| | Tele2 AB | 602,240 | 6,839 |
| | Industrivarden AB | 273,791 | 5,687 |
| * | Swedish Orphan Biovitrum AB | 277,912 | 5,672 |
| | Nibe Industrier AB Class B | 525,817 | 5,488 |
| * | Investor AB Class A | 123,802 | 5,399 |
| * | Epiroc AB Class B | 650,203 | 5,350 |
| | Husqvarna AB | 692,392 | 5,224 |
| | Saab AB Class B | 126,574 | 4,962 |
| ^ | ICA Gruppen AB | 132,037 | 4,671 |
| * | Fastighets AB Balder Class B | 164,997 | 4,138 |
| | L E Lundbergforetagen AB Class B | 125,069 | 3,855 |
| | Investment AB Latour Class B | 205,158 | 2,482 |
| | Svenska Handelsbanken AB Class B | 25,191 | 279 |
| | Skandinaviska Enskilda Banken AB | 26,022 | 267 |
| | | | 657,906 |
| Switzerland (5.7%) | | |
| | Nestle SA | 5,188,334 | 438,015 |
38
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Novartis AG | 3,751,043 | 328,488 |
| Roche Holding AG | 1,194,448 | 290,684 |
| UBS Group AG | 6,056,218 | 84,649 |
| Zurich Insurance Group AG | 258,397 | 80,227 |
| Cie Financiere Richemont SA | 878,181 | 64,187 |
| ABB Ltd. | 3,067,747 | 61,728 |
| Credit Suisse Group AG | 4,371,031 | 57,145 |
| Swiss Re AG | 522,380 | 47,136 |
| Lonza Group AG | 127,312 | 40,032 |
| Givaudan SA | 15,869 | 38,465 |
| * Sika AG | 238,834 | 30,624 |
| LafargeHolcim Ltd. (Swiss Shares) | 585,805 | 27,129 |
| Geberit AG | 62,527 | 24,482 |
| Swiss Life Holding AG | 58,644 | 22,121 |
| SGS SA | 8,861 | 21,045 |
| Partners Group Holding AG | 28,453 | 20,257 |
| Swisscom AG | 43,890 | 20,096 |
| Swatch Group AG (Bearer) | 50,888 | 17,189 |
| Julius Baer Group Ltd. | 373,965 | 17,055 |
| Schindler Holding AG | 68,976 | 14,545 |
| Sonova Holding AG | 87,473 | 14,265 |
| Chocoladefabriken Lindt & Spruengli AG Registered Shares | 174 | 13,887 |
| Temenos AG | 100,716 | 13,842 |
| Adecco Group AG | 265,934 | 13,023 |
| Chocoladefabriken Lindt & Spruengli AG | 1,874 | 12,920 |
| Kuehne & Nagel International AG | 86,665 | 12,045 |
| Baloise Holding AG | 82,650 | 11,813 |
| Straumann Holding AG | 17,289 | 11,802 |
| Roche Holding AG (Bearer) | 48,142 | 11,721 |
| Vifor Pharma AG | 76,862 | 11,109 |
| Swiss Prime Site AG | 131,213 | 10,647 |
| LafargeHolcim Ltd. | 230,997 | 10,635 |
| Logitech International SA | 248,814 | 9,212 |
| Clariant AG | 346,790 | 7,474 |
| Helvetia Holding AG | 11,474 | 7,028 |
| Schindler Holding AG (Registered) | 32,978 | 6,848 |
| EMS-Chemie Holding AG | 12,248 | 6,748 |
| Georg Fischer AG | 7,135 | 6,638 |
| PSP Swiss Property AG | 68,761 | 6,635 |
| Flughafen Zurich AG | 33,267 | 6,575 |
| Barry Callebaut AG | 3,305 | 6,460 |
| Dufry AG | 52,709 | 5,939 |
| ams AG | 133,410 | 5,197 |
| Swatch Group AG (Registered) | 74,331 | 4,962 |
| Pargesa Holding SA | 64,289 | 4,719 |
| OC Oerlikon Corp. AG | 330,625 | 3,935 |
| Banque Cantonale Vaudoise | 4,834 | 3,613 |
| DKSH Holding AG | 45,003 | 3,034 |
| Sulzer AG | 29,705 | 2,982 |
| * Aryzta AG | 468 | 4 |
| | | 1,991,011 |
| Taiwan (2.8%) | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,638,150 | 214,814 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12,089,373 | 90,760 |
| Hon Hai Precision Industry Co. Ltd. | 20,529,824 | 52,260 |
| Formosa Plastics Corp. | 8,366,873 | 27,360 |
| Nan Ya Plastics Corp. | 9,718,615 | 24,209 |
| Cathay Financial Holding Co. Ltd. | 13,599,057 | 21,591 |
| Formosa Chemicals & Fibre Corp. | 5,886,306 | 21,362 |
| CTBC Financial Holding Co. Ltd. | 31,239,939 | 20,919 |
| Uni-President Enterprises Corp. | 8,243,487 | 19,981 |
| Fubon Financial Holding Co. Ltd. | 12,671,861 | 19,881 |
| MediaTek Inc. | 2,626,440 | 19,401 |
| Largan Precision Co. Ltd. | 175,848 | 19,214 |
39
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Chunghwa Telecom Co. Ltd. ADR | 501,355 | 17,588 |
| China Steel Corp. | 21,378,234 | 16,884 |
| Mega Financial Holding Co. Ltd. | 18,750,777 | 15,878 |
| Delta Electronics Inc. | 3,684,676 | 15,510 |
| Catcher Technology Co. Ltd. | 1,273,153 | 12,873 |
| E.Sun Financial Holding Co. Ltd. | 17,771,791 | 11,800 |
| President Chain Store Corp. | 974,904 | 11,028 |
| First Financial Holding Co. Ltd. | 16,949,035 | 10,723 |
| ASE Technology Holding Co. Ltd. | 5,170,449 | 10,428 |
| Yuanta Financial Holding Co. Ltd. | 20,351,916 | 9,897 |
| Taiwan Mobile Co. Ltd. | 2,736,648 | 9,779 |
| Formosa Petrochemical Corp. | 2,323,580 | 9,173 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 16,145,107 | 9,093 |
| Asustek Computer Inc. | 1,214,026 | 9,002 |
| Taiwan Cement Corp. | 7,697,744 | 8,653 |
| Hua Nan Financial Holdings Co. Ltd. | 14,887,567 | 8,409 |
| Quanta Computer Inc. | 4,991,598 | 7,895 |
| China Development Financial Holding Corp. | 24,130,318 | 7,769 |
| Taishin Financial Holding Co. Ltd. | 17,215,643 | 7,671 |
| Yageo Corp. | 662,000 | 6,788 |
| Far Eastern New Century Corp. | 6,671,819 | 6,711 |
| Far EasTone Telecommunications Co. Ltd. | 2,725,643 | 6,495 |
| Pegatron Corp. | 3,421,038 | 6,251 |
| United Microelectronics Corp. ADR | 3,258,207 | 6,125 |
| SinoPac Financial Holdings Co. Ltd. | 17,951,229 | 6,106 |
| Chang Hwa Commercial Bank Ltd. | 10,593,319 | 6,018 |
| Chailease Holding Co. Ltd. | 2,017,000 | 5,785 |
| Chunghwa Telecom Co. Ltd. | 1,595,207 | 5,635 |
| Shin Kong Financial Holding Co. Ltd. | 15,653,398 | 5,161 |
| Pou Chen Corp. | 5,063,125 | 5,138 |
| Cheng Shin Rubber Industry Co. Ltd. | 3,594,222 | 5,071 |
| Foxconn Technology Co. Ltd. | 2,379,925 | 5,054 |
| Compal Electronics Inc. | 8,406,510 | 4,644 |
| Innolux Corp. | 14,580,370 | 4,427 |
| Novatek Microelectronics Corp. | 974,916 | 4,313 |
| Advantech Co. Ltd. | 623,026 | 4,299 |
| China Life Insurance Co. Ltd. | 4,439,269 | 4,219 |
| Asia Cement Corp. | 3,969,519 | 4,209 |
| Inventec Corp. | 5,131,064 | 4,147 |
| Lite-On Technology Corp. | 3,574,767 | 4,110 |
| Eclat Textile Co. Ltd. | 341,398 | 4,065 |
| ^ AU Optronics Corp. ADR | 1,025,878 | 3,929 |
| Walsin Technology Corp. | 830,000 | 3,507 |
| Taiwan High Speed Rail Corp. | 3,519,000 | 3,497 |
| Acer Inc. | 4,905,396 | 3,452 |
| Feng TAY Enterprise Co. Ltd. | 572,100 | 3,442 |
| Realtek Semiconductor Corp. | 801,768 | 3,228 |
| Globalwafers Co. Ltd. | 361,000 | 2,874 |
| Vanguard International Semiconductor Corp. | 1,544,466 | 2,857 |
| Wistron Corp. | 4,632,444 | 2,840 |
| Walsin Lihwa Corp. | 5,253,000 | 2,613 |
| Synnex Technology International Corp. | 2,331,889 | 2,516 |
| Taiwan Business Bank | 7,314,243 | 2,415 |
| Nanya Technology Corp. | 1,392,600 | 2,325 |
| AU Optronics Corp. | 5,163,000 | 2,017 |
| Eva Airways Corp. | 4,316,063 | 1,977 |
| Giant Manufacturing Co. Ltd. | 513,625 | 1,966 |
| Chicony Electronics Co. Ltd. | 969,337 | 1,943 |
| Formosa Taffeta Co. Ltd. | 1,730,000 | 1,886 |
| United Microelectronics Corp. | 4,740,978 | 1,807 |
| Teco Electric and Machinery Co. Ltd. | 3,124,000 | 1,797 |
| Taiwan Fertilizer Co. Ltd. | 1,286,000 | 1,749 |
| China Airlines Ltd. | 5,536,913 | 1,643 |
| Epistar Corp. | 1,673,000 | 1,517 |
40
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Feng Hsin Steel Co. Ltd. | 770,790 | 1,462 |
| Taiwan Secom Co. Ltd. | 482,725 | 1,374 |
| Evergreen Marine Corp. Taiwan Ltd. | 3,582,278 | 1,323 |
| * HTC Corp. | 1,211,570 | 1,319 |
| ASE Technology Holding Co. Ltd. ADR | 340,991 | 1,306 |
| Eternal Materials Co. Ltd. | 1,694,104 | 1,263 |
| Taiwan Glass Industry Corp. | 2,787,089 | 1,199 |
| China Motor Corp. | 1,566,105 | 1,182 |
| Oriental Union Chemical Corp. | 1,254,191 | 1,138 |
| Far Eastern International Bank | 3,492,597 | 1,118 |
| Capital Securities Corp. | 3,704,587 | 1,110 |
| Unimicron Technology Corp. | 2,216,975 | 1,084 |
| Transcend Information Inc. | 453,455 | 948 |
| Yulon Motor Co. Ltd. | 1,527,898 | 893 |
| TPK Holding Co. Ltd. | 538,422 | 839 |
| * OBI Pharma Inc. | 201,000 | 787 |
| U-Ming Marine Transport Corp. | 732,000 | 767 |
| Wan Hai Lines Ltd. | 1,268,702 | 620 |
| Yulon Nissan Motor Co. Ltd. | 39,633 | 276 |
| Hotai Motor Co. Ltd. | 5,000 | 35 |
| Cathay Real Estate Development Co. Ltd. | 57,800 | 34 |
| * Taishin Financial Holding Co. Ltd. Rights Exp. 11/22/2018 | 340,768 | 33 |
| Ton Yi Industrial Corp. | 47,600 | 20 |
| * Evergreen Marine Corp. Taiwan Ltd. Rights Exp. 11/21/2018 | 204,070 | 5 |
| | | 954,508 |
| Thailand (0.8%) | | |
| * PTT PCL | 20,329,620 | 31,261 |
| Siam Cement PCL NVDR | 937,480 | 11,843 |
| Kasikornbank PCL (Foreign) | 1,948,983 | 11,732 |
| Advanced Info Service PCL (Foreign) | 1,798,650 | 10,643 |
| CP ALL PCL (Foreign) | 4,930,600 | 10,017 |
| Kasikornbank PCL | 1,491,437 | 8,978 |
| * Bangkok Dusit Medical Services PCL | 11,930,601 | 8,848 |
| * Siam Commercial Bank PCL (Local) | 2,117,503 | 8,788 |
| * CP ALL PCL (Local) | 4,022,113 | 8,172 |
| PTT Exploration & Production PCL (Foreign) | 1,934,878 | 8,104 |
| Airports of Thailand PCL (Foreign) | 3,925,400 | 7,586 |
| * Minor International PCL | 6,292,687 | 6,949 |
| * Airports of Thailand PCL | 3,530,690 | 6,824 |
| PTT PCL (Foreign) | 4,223,800 | 6,495 |
| * Central Pattana PCL | 2,545,494 | 6,070 |
| * PTT Global Chemical PCL | 2,565,315 | 5,993 |
| Siam Cement PCL (Foreign) | 453,513 | 5,729 |
| Bangkok Bank PCL (Foreign) | 814,427 | 5,213 |
| Siam Commercial Bank PCL | 1,230,600 | 5,107 |
| * Krung Thai Bank PCL | 7,642,687 | 4,640 |
| * Indorama Ventures PCL | 2,767,283 | 4,540 |
| * Charoen Pokphand Foods PCL | 5,908,278 | 4,503 |
| * Home Product Center PCL | 9,595,089 | 4,321 |
| * Energy Absolute PCL | 2,834,500 | 4,239 |
| Intouch Holdings PCL NVDR | 2,465,604 | 3,947 |
| Central Pattana PCL (Foreign) | 1,648,100 | 3,930 |
| * BTS Group Holdings PCL | 12,954,317 | 3,583 |
| * Bangkok Expressway & Metro PCL | 13,601,527 | 3,493 |
| Siam Commercial Bank PCL (Foreign) | 819,786 | 3,402 |
| * Banpu PCL (Local) | 6,232,451 | 3,282 |
| * True Corp. PCL | 17,309,833 | 3,087 |
| * Bumrungrad Hospital PCL | 503,042 | 2,937 |
| Thai Oil PCL (Foreign) | 1,143,100 | 2,924 |
| * Electricity Generating PCL | 347,109 | 2,422 |
| Bangkok Dusit Medical Services PCL (Foreign) | 3,054,700 | 2,266 |
| * Gulf Energy Development PCL | 918,500 | 2,165 |
| * IRPC PCL | 11,447,628 | 2,108 |
| PTT Global Chemical PCL (Foreign) | 866,712 | 2,025 |
41
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Land & Houses PCL NVDR | 6,369,900 | 1,984 |
| TMB Bank PCL (Foreign) | 28,160,400 | 1,941 |
| Krung Thai Bank PCL (Foreign) | 3,141,525 | 1,907 |
| * Berli Jucker PCL | 1,108,335 | 1,869 |
| * PTT Exploration and Production PCL (Local) | 437,322 | 1,832 |
| * Ratchaburi Electricity Generating Holding PCL (Local) | 1,168,045 | 1,726 |
| Berli Jucker PCL (Foreign) | 802,680 | 1,350 |
| * Thai Oil PCL | 516,683 | 1,321 |
| * Land & Houses PCL | 4,145,156 | 1,291 |
| * Intouch Holdings PCL | 769,257 | 1,231 |
| Thai Union Frozen Products PCL (Foreign) | 2,371,444 | 1,189 |
| * Thai Union Group PCL | 2,358,705 | 1,183 |
| IRPC PCL (Foreign) | 5,950,900 | 1,096 |
| * Delta Electronics Thailand PCL | 493,410 | 1,027 |
| Glow Energy PCL (Foreign) | 393,400 | 994 |
| Total Access Communication PCL (Foreign) | 582,300 | 837 |
| * Total Access Communication PCL (Local) | 553,023 | 795 |
| Electricity Generating PCL (Foreign) | 113,100 | 789 |
| * Bangkok Life Assurance PCL | 809,802 | 777 |
| * Thai Airways International PCL | 1,930,522 | 759 |
| * Glow Energy PCL | 292,064 | 738 |
| Delta Electronics Thailand PCL (Foreign) | 339,900 | 708 |
| ^ Siam City Cement PCL (Foreign) | 85,968 | 623 |
| Central Pattana PCL NVDR | 257,900 | 615 |
| * Siam Cement PCL | 41,400 | 523 |
| * TMB Bank PCL | 7,433,100 | 512 |
| Banpu PCL | 924,278 | 487 |
| * Advanced Info Service PCL (Local) | 69,414 | 411 |
| Indorama Ventures PCL (Foreign) | 244,100 | 400 |
| * Siam City Cement PCL (Local) | 51,868 | 376 |
| Bumrungrad Hospital PCL (XBKK) | 50,700 | 296 |
| ^ Ratchaburi Electricity Generating Holding PCL (Foreign) | 164,800 | 244 |
| ^ Land & Houses PCL (Foreign) | 747,020 | 233 |
| Charoen Pokphand Foods PCL (Foreign) | 255,900 | 195 |
| Minor International PCL (Foreign) | 99,236 | 110 |
| Krung Thai Bank PCL NVDR | 166,300 | 101 |
| True Corp. PCL (Foreign) | 513,753 | 92 |
| Bangkok Life Assurance PCL NVDR | 83,800 | 80 |
| * Thai Airways International PCL (Foreign) | 21,702 | 9 |
| * BEC World PCL | 17,910 | 3 |
| * BEC World PCL (Foreign) | 10,200 | 2 |
| * BTS Group Holdings PCL - F Warrants Exp. 12/31/2019 | 1,456,423 | — |
| | | 270,822 |
| Turkey (0.2%) | | |
| BIM Birlesik Magazalar AS | 416,655 | 5,923 |
| Tupras Turkiye Petrol Rafinerileri AS | 209,245 | 4,937 |
| Turkiye Garanti Bankasi AS | 3,564,615 | 4,484 |
| Akbank T.A.S. | 3,483,969 | 4,120 |
| KOC Holding AS | 1,444,175 | 4,034 |
| Turkcell Iletisim Hizmetleri AS | 1,855,121 | 3,775 |
| Eregli Demir ve Celik Fabrikalari TAS | 2,318,421 | 3,763 |
| * Turk Hava Yollari AO | 950,758 | 2,395 |
| Haci Omer Sabanci Holding AS (Bearer) | 1,501,016 | 1,915 |
| Turkiye Is Bankasi AS | 2,439,860 | 1,746 |
| Petkim Petrokimya Holding AS | 1,368,328 | 1,246 |
| TAV Havalimanlari Holding AS | 287,113 | 1,195 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 258,749 | 1,171 |
| Tekfen Holding AS | 305,173 | 1,162 |
| Ford Otomotiv Sanayi AS | 107,939 | 1,159 |
| Turkiye Halk Bankasi AS | 1,034,550 | 1,144 |
| Turkiye Vakiflar Bankasi TAO | 1,816,171 | 1,114 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 329,159 | 1,107 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 3,129,528 | 937 |
| Turkiye Sise ve Cam Fabrikalari AS | 1,043,950 | 884 |
42
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Soda Sanayii AS | 663,302 | 805 |
| | Arcelik AS | 288,045 | 801 |
| | Tofas Turk Otomobil Fabrikasi AS | 204,506 | 772 |
| * | Yapi ve Kredi Bankasi AS | 2,626,370 | 762 |
| | Enka Insaat ve Sanayi AS | 836,645 | 699 |
| * | Ulker Biskuvi Sanayi AS | 254,228 | 672 |
| * | Koza Altin Isletmeleri AS | 76,947 | 620 |
| | Coca-Cola Icecek AS | 114,368 | 565 |
| * | Turk Telekomunikasyon AS | 888,516 | 510 |
| *,2 | Enerjisa Enerji AS | 374,561 | 323 |
| * | Iskenderun Demir ve Celik AS | 250,150 | 311 |
| | Turkiye Sinai Kalkinma Bankasi AS | 49,057 | 6 |
| * | Migros Ticaret AS | 825 | 2 |
| | | | 55,059 |
| United Arab Emirates (0.2%) | | |
| | First Abu Dhabi Bank PJSC | 4,674,322 | 17,597 |
| | Emirates Telecommunications Group Co. PJSC | 2,999,116 | 14,221 |
| | Emaar Properties PJSC | 6,065,623 | 8,416 |
| | Abu Dhabi Commercial Bank PJSC | 3,372,636 | 7,430 |
| | DP World Ltd. | 279,544 | 5,031 |
| | Dubai Islamic Bank PJSC | 2,785,103 | 3,993 |
| | Aldar Properties PJSC | 6,561,746 | 3,093 |
| | Emaar Development PJSC | 1,361,907 | 1,841 |
| | Emaar Malls PJSC | 3,410,822 | 1,698 |
| | Dana Gas PJSC | 5,427,069 | 1,698 |
| | DAMAC Properties Dubai Co. PJSC | 2,890,982 | 1,591 |
| | Dubai Investments PJSC | 3,530,213 | 1,557 |
| | Abu Dhabi National Oil Co. for Distribution PJSC | 2,075,055 | 1,252 |
| | Air Arabia PJSC | 3,919,683 | 1,088 |
| | Al Waha Capital PJSC | 1,554,265 | 789 |
| | Arabtec Holding PJSC | 1,289,351 | 707 |
| | Dubai Financial Market PJSC | 2,767,106 | 653 |
| * | DXB Entertainments PJSC | 4,312,357 | 413 |
| * | Union Properties PJSC | 1,906,946 | 323 |
| * | Deyaar Development PJSC | 2,684,309 | 322 |
| | | | 73,713 |
| United Kingdom (12.3%) | | |
| | HSBC Holdings plc | 34,628,839 | 284,982 |
| | Royal Dutch Shell plc Class A | 7,947,901 | 253,205 |
| | BP plc | 33,656,485 | 243,125 |
| | Royal Dutch Shell plc Class B | 6,440,628 | 210,048 |
| | AstraZeneca plc | 2,186,261 | 167,226 |
| | British American Tobacco plc | 3,815,844 | 165,418 |
| | GlaxoSmithKline plc | 8,401,708 | 162,722 |
| | Diageo plc | 4,164,134 | 143,960 |
| | Unilever plc | 1,917,496 | 101,569 |
| | Rio Tinto plc | 1,983,036 | 96,278 |
| | Lloyds Banking Group plc | 123,764,467 | 90,316 |
| | Prudential plc | 4,466,418 | 89,434 |
| | Reckitt Benckiser Group plc | 1,079,040 | 87,256 |
| | Vodafone Group plc | 46,023,880 | 86,550 |
| | Glencore plc | 20,121,705 | 81,889 |
| | BHP Billiton plc | 3,580,822 | 71,433 |
| | Shire plc | 1,179,515 | 71,185 |
| | Barclays plc | 29,410,871 | 64,801 |
| | National Grid plc | 5,856,167 | 61,865 |
| | Imperial Brands plc | 1,639,789 | 55,544 |
| | Compass Group plc | 2,727,935 | 53,655 |
| | Tesco plc | 16,662,209 | 45,378 |
| | BT Group plc | 14,387,483 | 44,055 |
| | CRH plc (London Shares) | 1,311,089 | 39,150 |
| | Aviva plc | 6,758,750 | 36,936 |
| | BAE Systems plc | 5,502,778 | 36,898 |
| | Anglo American plc | 1,700,836 | 36,302 |
43
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Experian plc | 1,577,731 | 36,287 |
| RELX plc | 1,800,580 | 35,609 |
| Legal & General Group plc | 10,211,229 | 32,767 |
| Standard Chartered plc | 4,667,624 | 32,714 |
| Rolls-Royce Holdings plc | 2,861,915 | 30,692 |
| London Stock Exchange Group plc | 537,535 | 29,617 |
| * RELX plc (London Shares) | 1,494,869 | 29,580 |
| Ferguson plc | 399,112 | 26,908 |
| SSE plc | 1,753,561 | 25,559 |
| Smith & Nephew plc | 1,505,144 | 24,466 |
| WPP plc | 2,113,434 | 23,915 |
| Royal Bank of Scotland Group plc | 7,775,013 | 23,407 |
| Shire plc ADR | 122,914 | 22,346 |
| Ashtead Group plc | 841,103 | 20,764 |
| Informa plc | 2,141,902 | 19,546 |
| 3i Group plc | 1,642,539 | 18,392 |
| Associated British Foods plc | 597,978 | 18,230 |
| Centrica plc | 9,656,409 | 18,137 |
| Melrose Industries plc | 8,285,090 | 17,834 |
| Whitbread plc | 315,701 | 17,751 |
| InterContinental Hotels Group plc | 329,947 | 17,312 |
| Bunzl plc | 580,148 | 17,114 |
| Intertek Group plc | 277,725 | 16,640 |
| Burberry Group plc | 717,032 | 16,592 |
| Persimmon plc | 564,911 | 16,533 |
| Carnival plc | 290,485 | 15,833 |
| Pearson plc | 1,341,336 | 15,409 |
| Next plc | 230,121 | 15,288 |
| * Standard Life Aberdeen plc | 4,420,618 | 15,268 |
| Mondi plc | 630,723 | 14,853 |
| DCC plc | 169,090 | 14,493 |
| Segro plc | 1,731,926 | 13,578 |
| Croda International plc | 218,750 | 13,474 |
| Smurfit Kappa Group plc | 408,903 | 13,379 |
| Land Securities Group plc | 1,225,526 | 13,331 |
| International Consolidated Airlines Group SA (London Shares) | 1,726,542 | 13,311 |
| Sage Group plc | 1,868,184 | 12,989 |
| Rentokil Initial plc | 3,172,870 | 12,795 |
| RSA Insurance Group plc | 1,773,790 | 12,757 |
| British Land Co. plc | 1,689,114 | 12,757 |
| Randgold Resources Ltd. | 160,858 | 12,652 |
| Johnson Matthey plc | 327,083 | 12,401 |
| ITV plc | 6,412,091 | 12,172 |
| Smiths Group plc | 681,511 | 12,148 |
| Kingfisher plc | 3,699,798 | 12,014 |
| Paddy Power Betfair plc | 139,777 | 11,987 |
| Wm Morrison Supermarkets plc | 3,774,971 | 11,960 |
| GVC Holdings plc | 989,916 | 11,858 |
| St. James's Place plc | 898,801 | 11,615 |
| Taylor Wimpey plc | 5,594,041 | 11,518 |
| Barratt Developments plc | 1,732,175 | 11,361 |
| J Sainsbury plc | 2,783,395 | 11,059 |
| Halma plc | 648,521 | 11,006 |
| DS Smith plc | 2,187,667 | 10,977 |
| United Utilities Group plc | 1,174,627 | 10,885 |
| Hargreaves Lansdown plc | 452,695 | 10,792 |
| Marks & Spencer Group plc | 2,796,941 | 10,579 |
| Spirax-Sarco Engineering plc | 126,155 | 10,420 |
| John Wood Group plc | 1,135,065 | 10,345 |
| Coca-Cola HBC AG | 342,280 | 10,110 |
| Direct Line Insurance Group plc | 2,401,566 | 10,092 |
| Hiscox Ltd. | 479,185 | 9,954 |
| Severn Trent plc | 412,738 | 9,808 |
| Micro Focus International plc | 609,571 | 9,450 |
44
| | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Berkeley Group Holdings plc | 211,350 | 9,446 |
| Admiral Group plc | 355,387 | 9,136 |
| Meggitt plc | 1,345,025 | 9,100 |
| Rightmove plc | 1,568,283 | 9,053 |
| Weir Group plc | 446,053 | 9,027 |
| TUI AG (London Shares) | 516,499 | 8,569 |
| 2 Auto Trader Group plc | 1,603,353 | 8,378 |
| * Ocado Group plc | 752,682 | 8,215 |
| NEX Group plc | 547,635 | 7,942 |
| B&M European Value Retail SA | 1,484,138 | 7,897 |
| Bellway plc | 211,847 | 7,770 |
| * Just Eat plc | 995,944 | 7,726 |
| Phoenix Group Holdings | 998,069 | 7,671 |
| Hammerson plc | 1,367,103 | 7,633 |
| G4S plc | 2,666,626 | 7,318 |
| CYBG plc | 2,117,146 | 7,274 |
| Royal Mail plc | 1,582,617 | 7,266 |
| Investec plc | 1,117,748 | 6,911 |
| Tate & Lyle plc | 801,019 | 6,887 |
| Pennon Group plc | 721,851 | 6,877 |
| RPC Group plc | 689,072 | 6,717 |
| NMC Health plc | 148,076 | 6,677 |
| Schroders plc | 191,904 | 6,567 |
| Cineworld Group plc | 1,736,012 | 6,526 |
| Derwent London plc | 173,912 | 6,503 |
| Travis Perkins plc | 434,843 | 6,142 |
| Howden Joinery Group plc | 1,018,335 | 6,097 |
| Evraz plc | 873,237 | 6,050 |
| Antofagasta plc | 597,517 | 5,981 |
| Hikma Pharmaceuticals plc | 242,155 | 5,873 |
| IMI plc | 463,162 | 5,872 |
| easyJet plc | 376,890 | 5,774 |
| * Cobham plc | 4,116,211 | 5,650 |
| British American Tobacco plc ADR | 119,853 | 5,202 |
| 2 ConvaTec Group plc | 2,509,136 | 5,186 |
| 2 Merlin Entertainments plc | 1,210,870 | 5,001 |
| Inchcape plc | 709,820 | 4,903 |
| 2 Quilter plc | 3,205,811 | 4,743 |
| * Capita plc | 2,867,642 | 4,696 |
| Inmarsat plc | 790,237 | 4,596 |
| Capital & Counties Properties plc | 1,263,819 | 4,032 |
| William Hill plc | 1,495,062 | 4,019 |
| Intu Properties plc | 1,529,411 | 3,826 |
| Dixons Carphone plc | 1,725,362 | 3,730 |
| AVEVA Group plc | 110,184 | 3,686 |
| CRH plc | 123,476 | 3,683 |
| Polymetal International plc | 395,845 | 3,671 |
| Fresnillo plc | 316,687 | 3,434 |
| Babcock International Group plc | 436,048 | 3,400 |
| JD Sports Fashion plc | 620,236 | 3,233 |
| Mediclinic International plc | 672,006 | 3,230 |
| Renishaw plc | 58,866 | 3,163 |
| Ashmore Group plc | 666,586 | 2,996 |
| KAZ Minerals plc | 393,829 | 2,600 |
| Micro Focus International plc ADR | 129,344 | 1,984 |
| |
| | | 4,272,109 |
| Total Common Stocks (Cost $32,381,568) | | 34,277,430 |
45
| | | | | |
| Vanguard® FTSE All-World ex-US Index Fund | | | | |
| Schedule of Investments | | | | |
| October 31, 2018 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | Coupon | | Shares | ($000) |
| Temporary Cash Investments (1.6%)1 | | | | |
| Money Market Fund (1.6%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 2.308% | | 5,406,848 | 540,685 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| 5 | United States Treasury Bill | 2.034%—2.078% | 11/15/18 | 7,300 | 7,294 |
| 5 | United States Treasury Bill | 2.037% | 11/29/18 | 3,000 | 2,995 |
| 5 | United States Treasury Bill | 2.093% | 12/20/18 | 7,000 | 6,979 |
| |
| | | | | | 17,268 |
| |
| Total Temporary Cash Investments (Cost $557,936) | | | | 557,953 |
| Total Investments (100.5%) (Cost $32,939,504) | | | | 34,835,383 |
| Other Assets and Liabilities—Net (-0.5%)4,5,6 | | | | (165,097) |
| Net Assets (100%) | | | | 34,670,286 |
| * | Non-income-producing security. |
| ^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $328,112,000. |
| § | Security value determined using significant unobservable inputs. |
| 1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.9% and 0.6%, respectively, of net assets. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of these securities was $376,410,000, representing 1.1% 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 $347,292,000 of collateral received for securities on loan. |
| 5 | Securities with a value of $14,650,000 and cash of $4,537,000 have been segregated as initial margin for open futures contracts. |
| 6 | Cash of $5,370,000 has been segregated as collateral for open forward currency contracts. ADR—American Depositary Receipt. |
| | GDR—Global Depositary Receipt. NVDR—Non-Voting Depository Receipt. REIT—Real Estate Investment Trust. |
46
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| |
| Common Stocks (99.3%)1 | | |
| Australia (4.8%) | | |
| | Northern Star Resources Ltd. | 1,608,615 | 10,049 |
| | Link Administration Holdings Ltd. | 1,385,446 | 7,383 |
| | Reliance Worldwide Corp. Ltd. | 1,934,315 | 6,891 |
| | Charter Hall Group | 1,255,372 | 6,144 |
| | Beach Energy Ltd. | 4,772,951 | 5,945 |
| | Qube Holdings Ltd. | 3,351,907 | 5,829 |
| | Investa Office Fund | 1,480,418 | 5,824 |
| | Washington H Soul Pattinson & Co. Ltd. | 247,042 | 5,065 |
| | carsales.com Ltd. | 582,629 | 5,050 |
| ^ | JB Hi-Fi Ltd. | 306,571 | 4,996 |
| | nib holdings Ltd. | 1,234,284 | 4,859 |
| | Cleanaway Waste Management Ltd. | 3,661,740 | 4,681 |
| | Altium Ltd. | 293,611 | 4,577 |
| | Steadfast Group Ltd. | 2,089,970 | 4,407 |
| | Pendal Group Ltd. | 736,760 | 4,260 |
| | St. Barbara Ltd. | 1,394,755 | 4,117 |
| * | NEXTDC Ltd. | 923,805 | 3,862 |
| *,^ | Afterpay Touch Group Ltd. | 430,793 | 3,840 |
| | Mineral Resources Ltd. | 377,043 | 3,826 |
| | Regis Resources Ltd. | 1,268,706 | 3,806 |
| | Independence Group NL | 1,304,078 | 3,743 |
| | Bapcor Ltd. | 767,099 | 3,721 |
| | GrainCorp Ltd. Class A | 621,817 | 3,635 |
| * | Saracen Mineral Holdings Ltd. | 2,064,048 | 3,600 |
| | Costa Group Holdings Ltd. | 821,746 | 3,560 |
| * | Mayne Pharma Group Ltd. | 4,076,750 | 3,242 |
| | Corporate Travel Management Ltd. | 226,221 | 3,228 |
| | BWP Trust | 1,297,938 | 3,185 |
| | Breville Group Ltd. | 361,442 | 3,149 |
| ^ | Blackmores Ltd. | 35,559 | 3,066 |
| | Cromwell Property Group | 4,063,035 | 2,966 |
| | Primary Health Care Ltd. | 1,556,024 | 2,929 |
| | IRESS Ltd. | 379,151 | 2,921 |
| | Navitas Ltd. | 791,293 | 2,852 |
| 2 | MYOB Group Ltd. | 1,184,612 | 2,833 |
| | Webjet Ltd. | 305,511 | 2,832 |
| | Charter Hall Retail REIT | 930,883 | 2,806 |
| *,^ | Lynas Corp. Ltd. | 1,792,107 | 2,652 |
| ^ | InvoCare Ltd. | 295,996 | 2,548 |
| | Premier Investments Ltd. | 215,907 | 2,517 |
| | Monadelphous Group Ltd. | 242,394 | 2,480 |
| | WiseTech Global Ltd. | 210,825 | 2,411 |
| *,^ | Pilbara Minerals Ltd. | 4,279,750 | 2,398 |
| | IDP Education Ltd. | 335,736 | 2,194 |
| | ARB Corp. Ltd. | 175,753 | 2,162 |
| | Appen Ltd. | 271,225 | 2,059 |
| ^ | Bega Cheese Ltd. | 485,098 | 2,055 |
| | GUD Holdings Ltd. | 233,719 | 2,049 |
| | Super Retail Group Ltd. | 394,261 | 2,022 |
| | Abacus Property Group | 860,193 | 2,002 |
| | National Storage REIT | 1,655,758 | 2,001 |
| | Brickworks Ltd. | 164,237 | 1,966 |
| | oOh!media Ltd. | 584,353 | 1,964 |
| | Sandfire Resources NL | 415,052 | 1,963 |
| ^ | Nine Entertainment Co. Holdings Ltd. | 1,627,972 | 1,955 |
| | Viva Energy REIT | 1,221,660 | 1,887 |
| ^ | G8 Education Ltd. | 1,263,561 | 1,839 |
| | Charter Hall Long Wale REIT | 626,824 | 1,831 |
| | Bingo Industries Ltd. | 1,075,373 | 1,826 |
| | McMillan Shakespeare Ltd. | 151,622 | 1,778 |
| * | Emeco Holdings Ltd. | 8,612,439 | 1,751 |
47
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Southern Cross Media Group Ltd. | 2,091,936 | 1,695 |
| | SmartGroup Corp. Ltd. | 230,581 | 1,633 |
| *,^ | Mesoblast Ltd. | 1,146,086 | 1,626 |
| *,^ | Galaxy Resources Ltd. | 1,036,654 | 1,618 |
| | Growthpoint Properties Australia Ltd. | 618,563 | 1,595 |
| | SpeedCast International Ltd. | 610,455 | 1,561 |
| | Elders Ltd. | 300,912 | 1,558 |
| | Aveo Group | 1,187,992 | 1,554 |
| | Ausdrill Ltd. | 1,270,198 | 1,548 |
| | Technology One Ltd. | 393,870 | 1,522 |
| | Ardent Leisure Group | 1,328,414 | 1,511 |
| ^ | IPH Ltd. | 372,140 | 1,429 |
| | Eclipx Group Ltd. | 817,289 | 1,406 |
| ^ | Credit Corp. Group Ltd. | 103,504 | 1,400 |
| | GWA Group Ltd. | 712,459 | 1,393 |
| * | Seven West Media Ltd. | 2,497,395 | 1,384 |
| | Inghams Group Ltd. | 500,029 | 1,383 |
| *,^ | Orocobre Ltd. | 580,737 | 1,381 |
| | Aventus Retail Property Fund Ltd. | 949,623 | 1,353 |
| | Pact Group Holdings Ltd. | 545,753 | 1,349 |
| | Tassal Group Ltd. | 456,742 | 1,338 |
| | Rural Funds Group | 869,439 | 1,314 |
| | NRW Holdings Ltd. | 995,090 | 1,307 |
| *,^ | Nanosonics Ltd. | 600,264 | 1,283 |
| | Collins Foods Ltd. | 282,021 | 1,281 |
| | Folkestone Education Trust | 600,553 | 1,215 |
| | Ingenia Communities Group | 561,145 | 1,143 |
| | Australian Pharmaceutical Industries Ltd. | 1,031,198 | 1,120 |
| * | Gold Road Resources Ltd. | 2,266,937 | 1,119 |
| * | Australian Agricultural Co. Ltd. | 1,188,701 | 1,115 |
| | Arena REIT | 723,400 | 1,111 |
| | Western Areas Ltd. | 690,197 | 1,103 |
| ^ | Netwealth Group Ltd. | 220,059 | 1,097 |
| | Centuria Industrial REIT | 552,675 | 1,085 |
| | GDI Property Group | 1,171,475 | 1,070 |
| | Resolute Mining Ltd. | 1,435,015 | 1,061 |
| * | Starpharma Holdings Ltd. | 994,955 | 1,034 |
| | Navigator Global Investments Ltd. | 315,758 | 1,005 |
| | Sigma Healthcare Ltd. | 2,703,962 | 999 |
| * | Senex Energy Ltd. | 3,364,108 | 963 |
| *,^ | Bellamy's Australia Ltd. | 185,844 | 957 |
| *,^ | Dacian Gold Ltd. | 558,680 | 947 |
| | Select Harvests Ltd. | 257,830 | 945 |
| | HT&E Ltd. | 683,151 | 941 |
| | Genworth Mortgage Insurance Australia Ltd. | 587,282 | 938 |
| | Estia Health Ltd. | 634,902 | 920 |
| | OFX Group Ltd. | 598,594 | 911 |
| ^ | Automotive Holdings Group Ltd. | 675,989 | 867 |
| | Hotel Property Investments | 387,523 | 848 |
| * | Syrah Resources Ltd. | 726,180 | 826 |
| | FlexiGroup Ltd. | 747,256 | 814 |
| ^ | Lovisa Holdings Ltd. | 142,256 | 776 |
| ^ | Greencross Ltd. | 240,398 | 772 |
| * | Perseus Mining Ltd. | 2,962,377 | 759 |
| *,^ | New Century Resources Ltd. | 1,266,412 | 756 |
| | SeaLink Travel Group Ltd. | 246,945 | 740 |
| *,^ | Kidman Resources Ltd. | 1,015,710 | 722 |
| | Accent Group Ltd. | 803,634 | 711 |
| * | Myer Holdings Ltd. | 2,188,346 | 706 |
| | SG Fleet Group Ltd. | 294,654 | 695 |
| | MACA Ltd. | 789,948 | 674 |
| ^ | Regis Healthcare Ltd. | 360,906 | 614 |
| * | Infigen Energy | 1,751,107 | 610 |
| | Mount Gibson Iron Ltd. | 1,570,997 | 602 |
48
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Virtus Health Ltd. | 163,448 | 583 |
| *,^ | Liquefied Natural Gas Ltd. | 1,534,373 | 545 |
| *,^ | Superloop Ltd. | 439,708 | 543 |
| | Japara Healthcare Ltd. | 679,793 | 542 |
| | Cedar Woods Properties Ltd. | 142,625 | 536 |
| * | Westgold Resources Ltd. | 682,995 | 533 |
| ^ | BWX Ltd. | 287,822 | 520 |
| * | Cardno Ltd. | 667,116 | 481 |
| | RCR Tomlinson Ltd. | 673,950 | 434 |
| | Asaleo Care Ltd. | 836,903 | 415 |
| | Cabcharge Australia Ltd. | 280,553 | 411 |
| | ERM Power Ltd. | 350,000 | 406 |
| * | Village Roadshow Ltd. | 249,660 | 402 |
| *,^ | Karoon Gas Australia Ltd. | 517,013 | 391 |
| *,^ | Clean TeQ Holdings Ltd. | 1,246,119 | 373 |
| | WPP AUNZ Ltd. | 800,580 | 318 |
| | Ainsworth Game Technology Ltd. | 369,456 | 268 |
| | Vita Group Ltd. | 283,477 | 209 |
| * | Cash Converters International Ltd. | 905,437 | 170 |
| | NZME Ltd. | 372,233 | 159 |
| * | Decmil Group Ltd. | 286,354 | 155 |
| *,^ | Blue Sky Alternative Investments Ltd. | 169,668 | 146 |
| *,§ | Quintis Ltd. | 686,147 | 143 |
| | Reject Shop Ltd. | 63,937 | 100 |
| * | Highfield Resources Ltd. | 170,509 | 59 |
| *,§ | SGH Energy Pty Ltd. | 1,906,834 | — |
| *,§ | DSHE Holdings Ltd. | 201,826 | — |
| | | | 290,544 |
| Austria (0.8%) | | |
| | Wienerberger AG | 317,169 | 7,295 |
| * | IMMOFINANZ AG | 265,651 | 6,324 |
| | CA Immobilien Anlagen AG | 186,869 | 6,081 |
| *,2 | BAWAG Group AG | 94,698 | 4,085 |
| | Oesterreichische Post AG | 88,955 | 3,611 |
| | Lenzing AG | 36,329 | 3,295 |
| | Schoeller-Bleckmann Oilfield Equipment AG | 30,686 | 2,739 |
| | UNIQA Insurance Group AG | 290,450 | 2,713 |
| | S IMMO AG | 131,522 | 2,249 |
| | DO & CO AG | 17,879 | 1,621 |
| | Strabag SE | 43,749 | 1,538 |
| | EVN AG | 78,555 | 1,373 |
| | Flughafen Wien AG | 24,815 | 965 |
| | Palfinger AG | 27,174 | 829 |
| * | Zumtobel Group AG | 81,876 | 743 |
| | Porr AG | 26,326 | 713 |
| * | Agrana Beteiligungs AG | 30,530 | 608 |
| | Kapsch TrafficCom AG | 11,375 | 406 |
| * | Semperit AG Holding | 20,904 | 345 |
| *,§ | Strabag SE Rights Exp. 06/28/2021 | 38,689 | 57 |
| | | | 47,590 |
| Belgium (1.1%) | | |
| | Cofinimmo SA | 60,315 | 7,213 |
| | Warehouses De Pauw CVA | 46,686 | 6,055 |
| | Elia System Operator SA/NV | 84,342 | 5,273 |
| | KBC Ancora | 96,453 | 4,457 |
| | Ontex Group NV | 216,772 | 4,155 |
| | Aedifica SA | 49,330 | 4,127 |
| | Euronav NV | 436,782 | 4,067 |
| | Melexis NV | 49,963 | 3,286 |
| | Barco NV | 26,093 | 2,971 |
| | Befimmo SA | 50,925 | 2,792 |
| | Gimv NV | 50,996 | 2,720 |
| * | Tessenderlo Chemie NV (Voting Shares) | 71,847 | 2,529 |
| | D'ieteren SA/NV | 62,170 | 2,459 |
49
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | AGFA-Gevaert NV | 458,998 | 2,049 |
| | Bekaert SA | 94,665 | 2,045 |
| | Kinepolis Group NV | 36,933 | 1,983 |
| | Cie d'Entreprises CFE | 18,596 | 1,972 |
| | Fagron | 104,448 | 1,699 |
| | Orange Belgium SA | 76,352 | 1,371 |
| ^ | Econocom Group SA/NV | 355,311 | 1,112 |
| *,^ | Mithra Pharmaceuticals SA | 37,663 | 1,034 |
| *,^ | Ion Beam Applications | 54,630 | 960 |
| | EVS Broadcast Equipment SA | 34,513 | 767 |
| | Wereldhave Belgium NV | 5,211 | 505 |
| *,^ | Nyrstar (Voting Shares) | 224,479 | 405 |
| | Van de Velde NV | 14,243 | 355 |
| ^ | Greenyard NV | 31,463 | 288 |
| | | | 68,649 |
| Brazil (1.1%) | | |
| | CVC Brasil Operadora e Agencia de Viagens SA | 318,300 | 4,841 |
| | Metalurgica Gerdau SA Preference Shares Class A | 1,741,500 | 3,716 |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 691,764 | 2,714 |
| | MRV Engenharia e Participacoes SA | 787,300 | 2,674 |
| | Cia Energetica de Sao Paulo Preference Shares | 491,600 | 2,622 |
| | Linx SA | 359,434 | 2,476 |
| | TOTVS SA | 362,700 | 2,446 |
| | Cia de Saneamento do Parana Preference Shares | 888,000 | 2,405 |
| | Iguatemi Empresa de Shopping Centers SA | 230,000 | 2,402 |
| | Duratex SA | 755,900 | 2,334 |
| | Cia de Saneamento de Minas Gerais-COPASA | 167,670 | 2,311 |
| | Cia Hering | 345,400 | 2,102 |
| | SLC Agricola SA | 121,900 | 1,870 |
| | Iochpe Maxion SA | 336,890 | 1,754 |
| | Marcopolo SA Preference Shares | 1,489,680 | 1,573 |
| | Arezzo Industria e Comercio SA | 117,800 | 1,500 |
| | Alupar Investimento SA | 280,509 | 1,319 |
| * | BK Brasil Operacao e Assessoria a Restaurantes SA | 303,700 | 1,312 |
| * | Gol Linhas Aereas Inteligentes SA Preference Shares | 265,100 | 1,311 |
| | EcoRodovias Infraestrutura e Logistica SA | 502,300 | 1,276 |
| * | Magnesita Refratarios SA | 84,140 | 1,268 |
| * | Dommo Energia SA | 3,040,800 | 1,242 |
| | Cia de Locacao das Americas | 146,100 | 1,206 |
| | Light SA | 266,000 | 1,192 |
| | AES Tiete Energia SA | 417,200 | 1,155 |
| * | Cosan Logistica SA | 323,400 | 1,107 |
| | Randon Participacoes SA Preference Shares | 500,388 | 1,068 |
| | Aliansce Shopping Centers SA | 211,803 | 997 |
| | Unipar Carbocloro SA Preference Shares | 87,353 | 995 |
| | Ez Tec Empreendimentos e Participacoes SA | 150,105 | 967 |
| * | Marfrig Global Foods SA | 526,312 | 907 |
| | Multiplus SA | 118,900 | 806 |
| * | Construtora Tenda SA | 104,768 | 803 |
| 2 | Ser Educacional SA | 188,298 | 789 |
| | Camil Alimentos SA | 345,900 | 764 |
| | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 183,472 | 751 |
| | Tupy SA | 146,331 | 688 |
| | BR Properties SA | 300,339 | 630 |
| | Santos Brasil Participacoes SA | 647,830 | 622 |
| | Anima Holding SA | 128,662 | 576 |
| | Mahle-Metal Leve SA | 98,300 | 567 |
| | QGEP Participacoes SA | 173,100 | 558 |
| | Instituto Hermes Pardini SA | 131,800 | 539 |
| | Wiz Solucoes e Corretagem de Seguros SA | 243,200 | 493 |
| * | Alliar Medicos A Frente SA | 145,900 | 470 |
| | Movida Participacoes SA | 193,200 | 410 |
| | Sonae Sierra Brasil SA | 64,300 | 397 |
| * | Even Construtora e Incorporadora SA | 307,722 | 396 |
50
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Direcional Engenharia SA | 200,394 | 385 |
| * | Minerva SA | 219,900 | 324 |
| | Dimed SA Distribuidora da Medicamentos | 2,489 | 204 |
| * | Minerva SA Rights Exp. 11/14/2018 | 162,802 | 4 |
| * | Iochpe Maxion SA Warrants Exp. 04/01/2019 | 4,854 | 1 |
| | | | 68,239 |
| Canada (13.9%) | | |
| | Open Text Corp. | 684,768 | 23,116 |
| | First Quantum Minerals Ltd. | 1,846,037 | 18,426 |
| *,^ | Canopy Growth Corp. | 471,832 | 17,358 |
| | CCL Industries Inc. Class B | 394,648 | 16,602 |
| | Gildan Activewear Inc. | 551,453 | 16,483 |
| | Onex Corp. | 226,947 | 14,921 |
| | WSP Global Inc. | 280,539 | 14,005 |
| | Methanex Corp. | 215,945 | 13,984 |
| | Keyera Corp. | 554,152 | 13,807 |
| | Canadian Apartment Properties REIT | 387,830 | 13,790 |
| *,^ | Aurora Cannabis Inc. | 2,027,060 | 13,766 |
| * | Bombardier Inc. Class B | 5,612,371 | 13,600 |
| | CAE Inc. | 732,792 | 12,925 |
| | Algonquin Power & Utilities Corp. | 1,261,461 | 12,591 |
| ^ | Parkland Fuel Corp. | 355,312 | 11,932 |
| ^ | H&R REIT | 782,735 | 11,838 |
| | Cameco Corp. | 1,064,654 | 11,403 |
| | Industrial Alliance Insurance & Financial Services Inc. | 298,181 | 10,541 |
| | Toromont Industries Ltd. | 211,875 | 9,975 |
| | Kirkland Lake Gold Ltd. | 506,518 | 9,938 |
| | Ritchie Bros Auctioneers Inc. | 294,301 | 9,899 |
| ^ | Vermilion Energy Inc. | 372,483 | 9,878 |
| ^ | PrairieSky Royalty Ltd. | 633,890 | 9,630 |
| | TMX Group Ltd. | 149,750 | 9,418 |
| | Finning International Inc. | 447,613 | 9,296 |
| | West Fraser Timber Co. Ltd. | 179,669 | 9,027 |
| ^ | AltaGas Ltd. | 710,809 | 8,936 |
| ^ | ARC Resources Ltd. | 953,700 | 8,882 |
| ^ | Allied Properties REIT | 273,992 | 8,804 |
| * | Kinross Gold Corp. | 3,364,261 | 8,740 |
| ^ | Enbridge Income Fund Holdings Inc. | 361,242 | 8,361 |
| * | Stars Group Inc. | 400,301 | 8,326 |
| | Empire Co. Ltd. | 450,147 | 8,189 |
| * | Seven Generations Energy Ltd. Class A | 755,613 | 8,099 |
| | Stantec Inc. | 310,629 | 8,084 |
| | TFI International Inc. | 222,689 | 7,411 |
| ^ | SmartCentres REIT | 324,334 | 7,411 |
| ^ | Crescent Point Energy Corp. | 1,470,300 | 6,947 |
| * | Air Canada Class B | 364,100 | 6,909 |
| | Lundin Mining Corp. | 1,676,974 | 6,892 |
| * | Canada Goose Holdings Inc. | 124,900 | 6,820 |
| *,^ | Aphria Inc. | 543,518 | 6,482 |
| * | B2Gold Corp. | 2,599,217 | 6,417 |
| * | Descartes Systems Group Inc. | 209,447 | 6,409 |
| | First Capital Realty Inc. | 427,390 | 6,376 |
| | Colliers International Group Inc. | 92,967 | 6,313 |
| | Quebecor Inc. Class B | 320,648 | 6,289 |
| | Enerplus Corp. | 670,571 | 6,240 |
| | FirstService Corp. | 83,375 | 6,117 |
| | Gibson Energy Inc. | 384,819 | 6,092 |
| | Chartwell Retirement Residences | 559,531 | 6,006 |
| | Atco Ltd. | 205,866 | 6,002 |
| | Element Fleet Management Corp. | 1,010,638 | 5,950 |
| | Pan American Silver Corp. | 401,041 | 5,907 |
| * | Parex Resources Inc. | 403,268 | 5,872 |
| | Yamana Gold Inc. | 2,546,933 | 5,785 |
| | Capital Power Corp. | 273,897 | 5,684 |
51
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Choice Properties REIT | 625,877 | 5,677 |
| | Canadian Western Bank | 238,730 | 5,553 |
| ^ | Whitecap Resources Inc. | 1,129,929 | 5,528 |
| | Cott Corp. | 361,371 | 5,441 |
| * | MEG Energy Corp. | 666,401 | 5,330 |
| | Premium Brands Holdings Corp. | 79,212 | 5,327 |
| | Granite REIT | 126,495 | 5,223 |
| | NFI Group Inc. | 154,157 | 5,200 |
| | Linamar Corp. | 123,591 | 5,117 |
| | Dream Global REIT | 491,148 | 5,007 |
| * | Great Canadian Gaming Corp. | 155,018 | 4,993 |
| ^ | Boyd Group Income Fund | 53,900 | 4,926 |
| ^ | Emera Inc. | 159,356 | 4,917 |
| | Stella-Jones Inc. | 153,524 | 4,917 |
| | Maple Leaf Foods Inc. | 211,780 | 4,816 |
| ^ | Northland Power Inc. | 312,218 | 4,803 |
| ^ | Cineplex Inc. | 170,599 | 4,703 |
| | OceanaGold Corp. | 1,631,140 | 4,696 |
| * | Kinaxis Inc. | 68,718 | 4,639 |
| | BRP Inc. | 112,322 | 4,519 |
| * | IAMGOLD Corp. | 1,234,762 | 4,239 |
| | TransAlta Corp. | 780,509 | 4,121 |
| | Alamos Gold Inc. Class A | 1,029,113 | 4,112 |
| ^ | Cominar REIT | 486,600 | 4,040 |
| ^ | Boardwalk REIT | 100,495 | 3,741 |
| ^ | Laurentian Bank of Canada | 115,634 | 3,651 |
| * | Pretium Resources Inc. | 448,556 | 3,598 |
| ^ | Peyto Exploration & Development Corp. | 432,992 | 3,532 |
| | Nevsun Resources Ltd. | 787,489 | 3,499 |
| | ShawCor Ltd. | 189,971 | 3,446 |
| | Norbord Inc. | 134,649 | 3,434 |
| * | Detour Gold Corp. | 464,039 | 3,423 |
| * | Celestica Inc. | 328,014 | 3,404 |
| ^ | Superior Plus Corp. | 377,972 | 3,397 |
| | Transcontinental Inc. Class A | 201,722 | 3,321 |
| ^ | Genworth MI Canada Inc. | 98,388 | 3,229 |
| | Osisko Gold Royalties Ltd. | 417,946 | 3,200 |
| | Innergex Renewable Energy Inc. | 340,824 | 3,161 |
| * | SSR Mining Inc. | 316,814 | 3,104 |
| ^ | Artis REIT | 364,509 | 3,101 |
| * | Ivanhoe Mines Ltd. | 1,624,080 | 3,060 |
| | North West Co. Inc. | 138,644 | 3,023 |
| * | Endeavour Mining Corp. | 194,136 | 2,977 |
| | Russel Metals Inc. | 160,651 | 2,970 |
| | Pason Systems Inc. | 195,002 | 2,943 |
| | Enerflex Ltd. | 243,930 | 2,942 |
| * | ATS Automation Tooling Systems Inc. | 198,125 | 2,914 |
| *,^ | Baytex Energy Corp. | 1,418,307 | 2,898 |
| | Enghouse Systems Ltd. | 51,668 | 2,860 |
| | Winpak Ltd. | 81,990 | 2,844 |
| ^ | Secure Energy Services Inc. | 425,241 | 2,771 |
| ^ | Mullen Group Ltd. | 264,415 | 2,752 |
| * | Gran Tierra Energy Inc. (Toronto Shares) | 858,693 | 2,629 |
| *,^ | NovaGold Resources Inc. | 627,806 | 2,556 |
| *,^ | First Majestic Silver Corp. | 447,228 | 2,483 |
| | Hudbay Minerals Inc. | 629,237 | 2,471 |
| * | Canfor Corp. | 171,226 | 2,460 |
| | Westshore Terminals Investment Corp. | 134,485 | 2,452 |
| | Aecon Group Inc. | 163,822 | 2,356 |
| | Dream Office REIT | 133,005 | 2,354 |
| | Northview Apartment REIT | 118,554 | 2,279 |
| ^ | Maxar Technologies Ltd. | 150,702 | 2,253 |
| | ECN Capital Corp. | 844,986 | 2,240 |
| * | Centerra Gold Inc. | 568,677 | 2,220 |
52
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Birchcliff Energy Ltd. | 679,689 | 2,143 |
| *,^ | Home Capital Group Inc. Class B | 214,171 | 2,123 |
| | TransAlta Renewables Inc. | 248,272 | 2,046 |
| * | Torex Gold Resources Inc. | 221,645 | 2,019 |
| | Martinrea International Inc. | 228,148 | 1,974 |
| * | Kelt Exploration Ltd. | 422,737 | 1,952 |
| *,^ | Precision Drilling Corp. | 795,739 | 1,922 |
| * | SEMAFO Inc. | 873,797 | 1,912 |
| * | Tahoe Resources Inc. | 808,872 | 1,911 |
| * | NuVista Energy Ltd. | 449,871 | 1,811 |
| ^ | CES Energy Solutions Corp. | 669,820 | 1,776 |
| ^ | Hudson's Bay Co. | 274,168 | 1,764 |
| *,^ | Canadian Solar Inc. | 122,398 | 1,750 |
| ^ | TORC Oil & Gas Ltd. | 388,875 | 1,598 |
| * | Sierra Wireless Inc. | 88,367 | 1,593 |
| | Cogeco Communications Inc. | 30,320 | 1,487 |
| * | Eldorado Gold Corp. | 2,135,513 | 1,427 |
| | Cascades Inc. | 180,908 | 1,407 |
| *,^ | Paramount Resources Ltd. Class A | 191,176 | 1,397 |
| | Ensign Energy Services Inc. | 349,469 | 1,362 |
| * | Alacer Gold Corp. | 758,704 | 1,239 |
| * | New Gold Inc. | 1,521,307 | 1,213 |
| | Corus Entertainment Inc. Class B | 303,751 | 1,144 |
| | Dorel Industries Inc. Class B | 69,322 | 1,133 |
| * | Advantage Oil & Gas Ltd. | 469,916 | 1,053 |
| * | Obsidian Energy Ltd. | 1,175,959 | 858 |
| | Just Energy Group Inc. | 257,868 | 836 |
| * | China Gold International Resources Corp. Ltd. | 565,088 | 773 |
| ^ | First National Financial Corp. | 37,557 | 769 |
| * | Gran Tierra Energy Inc. | 193,660 | 591 |
| | Morguard REIT | 58,774 | 509 |
| *,§ | Australis Capital Inc. | 56,678 | 102 |
| *,^ | ProMetic Life Sciences Inc. | 58,584 | 20 |
| * | Osisko Gold Royalties Warrants Exp. 02/26/2019 | 5,460 | — |
| *,§ | Great Basin Gold Ltd. | 345,634 | — |
| | | | 836,307 |
| Chile (0.3%) | | |
| | SONDA SA | 1,361,085 | 1,939 |
| | CAP SA | 196,576 | 1,913 |
| | Vina Concha y Toro SA | 883,732 | 1,664 |
| | Inversiones Aguas Metropolitanas SA | 1,196,924 | 1,651 |
| | Ripley Corp. SA | 1,690,367 | 1,436 |
| | Inversiones La Construccion SA | 89,959 | 1,354 |
| | Salfacorp SA | 898,338 | 1,273 |
| * | Cia Sud Americana de Vapores SA | 38,263,659 | 1,147 |
| * | SMU SA | 4,172,143 | 1,098 |
| | Multiexport Foods SA | 1,793,173 | 930 |
| | Forus SA | 198,672 | 533 |
| | Sociedad de Inversiones Oro Blanco SA | 75,563,725 | 489 |
| | Empresas Tricot SA | 331,621 | 460 |
| | Besalco SA | 570,480 | 459 |
| | | | 16,346 |
| China (3.1%) | | |
| | China Oriental Group Co. Ltd. | 6,466,000 | 5,130 |
| | Kingdee International Software Group Co. Ltd. | 5,942,116 | 4,873 |
| * | China Biologic Products Holdings Inc. | 71,578 | 4,756 |
| * | China First Capital Group Ltd. | 8,728,000 | 3,521 |
| | SSY Group Ltd. | 3,791,324 | 3,203 |
| * | BEST Inc. ADR | 482,098 | 3,032 |
| | Chinasoft International Ltd. | 5,018,587 | 2,957 |
| | Yihai International Holding Ltd. | 1,269,000 | 2,789 |
| *,^ | Baozun Inc. ADR | 63,850 | 2,542 |
| | Tong Ren Tang Technologies Co. Ltd. | 1,709,164 | 2,448 |
| * | 21Vianet Group Inc. ADR | 217,477 | 2,365 |
53
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hollysys Automation Technologies Ltd. | 121,200 | 2,329 |
| | China Water Affairs Group Ltd. | 2,535,600 | 2,295 |
| *,^ | iKang Healthcare Group Inc. ADR | 129,834 | 2,259 |
| | China Aoyuan Property Group Ltd. | 3,389,000 | 1,989 |
| 2 | Fu Shou Yuan International Group Ltd. | 2,512,000 | 1,931 |
| | Greatview Aseptic Packaging Co. Ltd. | 2,863,000 | 1,905 |
| * | China Maple Leaf Educational Systems Ltd. | 4,166,000 | 1,808 |
| | Fufeng Group Ltd. | 3,997,864 | 1,697 |
| * | Digital China Holdings Ltd. | 3,418,588 | 1,641 |
| | Dongyue Group Ltd. | 2,972,000 | 1,592 |
| *,^ | Bilibili Inc. ADR | 114,641 | 1,548 |
| * | Ronshine China Holdings Ltd. | 1,352,000 | 1,525 |
| ^ | China Grand Pharmaceutical and Healthcare Holdings Ltd. | 3,130,240 | 1,517 |
| *,^ | CMBC Capital Holdings Ltd. | 42,236,897 | 1,513 |
| | Tianneng Power International Ltd. | 1,878,536 | 1,508 |
| * | Sohu.com Ltd. ADR | 83,282 | 1,505 |
| 2 | Hua Hong Semiconductor Ltd. | 859,540 | 1,500 |
| *,^ | Bitauto Holdings Ltd. ADR | 77,900 | 1,488 |
| | China ZhengTong Auto Services Holdings Ltd. | 3,043,000 | 1,460 |
| | Greentown Service Group Co. Ltd. | 2,200,000 | 1,460 |
| 2 | Genertec Universal Medical Group Co. Ltd. | 1,869,309 | 1,456 |
| | Yuexiu Transport Infrastructure Ltd. | 1,780,000 | 1,427 |
| | China SCE Group Holdings Ltd. | 4,158,000 | 1,421 |
| 2 | YiChang HEC ChangJiang Pharmaceutical Co. Ltd. | 408,403 | 1,400 |
| | Kaisa Group Holdings Ltd. | 5,661,000 | 1,384 |
| | Zhenro Properties Group Ltd. | 2,282,000 | 1,383 |
| | China Lesso Group Holdings Ltd. | 2,591,812 | 1,369 |
| | Xtep International Holdings Ltd. | 2,426,879 | 1,331 |
| * | Skyfame Realty Holdings Ltd. | 7,710,000 | 1,327 |
| | China Yongda Automobiles Services Holdings Ltd. | 2,463,500 | 1,322 |
| * | Ausnutria Dairy Corp. Ltd. | 1,430,000 | 1,303 |
| *,2 | China Metal Resources Utilization Ltd. | 2,264,000 | 1,300 |
| | Yuzhou Properties Co. Ltd. | 3,630,896 | 1,296 |
| | China Suntien Green Energy Corp. Ltd. | 5,020,762 | 1,284 |
| | Times China Holdings Ltd. | 1,460,000 | 1,279 |
| ^,2 | Zhou Hei Ya International Holdings Co. Ltd. | 2,474,000 | 1,273 |
| | Powerlong Real Estate Holdings Ltd. | 3,673,000 | 1,260 |
| | Huaxin Cement Co. Ltd. Class B | 610,860 | 1,250 |
| | Skyworth Digital Holdings Ltd. | 5,392,497 | 1,249 |
| * | Lifetech Scientific Corp. | 5,706,058 | 1,239 |
| ^ | Tongda Group Holdings Ltd. | 9,572,346 | 1,238 |
| *,^ | Zhuguang Holdings Group Co. Ltd. | 6,600,000 | 1,223 |
| | Lonking Holdings Ltd. | 5,411,313 | 1,220 |
| *,2 | China Logistics Property Holdings Co. Ltd. | 3,675,000 | 1,218 |
| * | China Education Group Holdings Ltd. | 1,001,000 | 1,204 |
| 2 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. | 487,000 | 1,193 |
| | NetDragon Websoft Holdings Ltd. | 668,090 | 1,189 |
| | Sinotrans Shipping Ltd. | 3,468,190 | 1,160 |
| *,^ | Zhongyu Gas Holdings Ltd. | 1,702,000 | 1,150 |
| *,^ | Jinchuan Group International Resources Co. Ltd. | 13,137,000 | 1,130 |
| * | Tibet Water Resources Ltd. | 3,973,006 | 1,124 |
| * | Zai Lab Ltd. ADR | 67,800 | 1,109 |
| * | Fang Holdings Ltd. ADR | 545,613 | 1,108 |
| *,2 | A-Living Services Co. Ltd. | 900,250 | 1,097 |
| * | Noah Holdings Ltd. ADR | 28,970 | 1,092 |
| | Sinopec Kantons Holdings Ltd. | 2,663,962 | 1,087 |
| | China Resources Medical Holdings Co. Ltd. | 1,577,291 | 1,087 |
| * | Consun Pharmaceutical Group Ltd. | 1,548,000 | 1,077 |
| *,^ | Beijing Gas Blue Sky Holdings Ltd. | 16,320,000 | 1,063 |
| 2 | China Everbright Greentech Ltd. | 1,457,000 | 1,051 |
| | Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 1,141,178 | 1,050 |
| 2 | Redco Group | 2,298,000 | 1,041 |
| 2 | China Yuhua Education Corp. Ltd. | 2,580,000 | 1,040 |
| | Beijing Capital Land Ltd. | 2,964,000 | 1,006 |
54
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Vinda International Holdings Ltd. | 696,873 | 996 |
| | China Overseas Grand Oceans Group Ltd. | 3,138,500 | 973 |
| ^ | Texhong Textile Group Ltd. | 796,000 | 961 |
| | Bank of Chongqing Co. Ltd. | 1,598,843 | 925 |
| | China Shineway Pharmaceutical Group Ltd. | 784,343 | 916 |
| | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 3,777,480 | 885 |
| ^ | China High Speed Transmission Equipment Group Co. Ltd. | 930,300 | 874 |
| 2 | Cosmo Lady China Holdings Co. Ltd. | 2,071,131 | 872 |
| | China Lilang Ltd. | 1,044,000 | 861 |
| *,2 | Yixin Group Ltd. | 3,255,500 | 850 |
| | PAX Global Technology Ltd. | 1,722,062 | 849 |
| | JNBY Design Ltd. | 547,000 | 840 |
| *,^ | China Shanshui Cement Group Ltd. | 1,992,757 | 836 |
| *,§ | SMI Holdings Group Ltd. | 2,800,800 | 836 |
| | West China Cement Ltd. | 5,595,200 | 831 |
| | China Overseas Property Holdings Ltd. | 3,475,000 | 820 |
| | China Oil & Gas Group Ltd. | 11,808,000 | 814 |
| ^ | Hisense Kelon Electrical Holdings Co. Ltd. | 1,113,173 | 808 |
| | Luthai Textile Co. Ltd. Class B | 714,192 | 800 |
| 2 | Ozner Water International Holding Ltd. | 3,597,000 | 780 |
| | Huangshan Tourism Development Co. Ltd. Class B | 645,600 | 755 |
| | Dah Chong Hong Holdings Ltd. | 2,222,988 | 754 |
| *,^ | Sogou Inc. ADR | 128,700 | 748 |
| *,^ | COSCO Shipping International Singapore Co. Ltd. | 2,824,100 | 725 |
| 2 | Tian Ge Interactive Holdings Ltd. | 1,360,000 | 717 |
| *,^ | Leyou Technologies Holdings Ltd. | 3,120,000 | 712 |
| *,2 | Haichang Ocean Park Holdings Ltd. | 4,348,000 | 711 |
| *,^ | Qudian Inc. ADR | 169,800 | 708 |
| | Shanghai Highly Group Co. Ltd. Class B | 772,200 | 688 |
| | Global Cord Blood Corp. | 112,300 | 686 |
| | Tiangong International Co. Ltd. | 3,058,000 | 680 |
| | Guangdong Provincial Expressway Development Co. Ltd. Class B | 957,294 | 674 |
| * | Wisdom Education International Holdings Co. Ltd. | 1,494,000 | 672 |
| | TCL Electronics Holdings Ltd. | 1,644,122 | 670 |
| * | O-Net Technologies Group Ltd. | 1,527,000 | 663 |
| | Sany Heavy Equipment International Holdings Co. Ltd. | 2,283,000 | 659 |
| * | Beijing Enterprises Clean Energy Group Ltd. | 50,700,000 | 642 |
| | Xingda International Holdings Ltd. | 2,368,000 | 639 |
| | Harbin Electric Co. Ltd. | 2,135,813 | 607 |
| | Changyou.com Ltd. ADR | 44,600 | 597 |
| *,^ | JinkoSolar Holding Co. Ltd. ADR | 73,557 | 593 |
| | Wasion Holdings Ltd. | 1,207,454 | 592 |
| | Chaowei Power Holdings Ltd. | 1,363,563 | 587 |
| | Hangzhou Steam Turbine Co. Ltd. Class B | 662,776 | 518 |
| | Greenland Hong Kong Holdings Ltd. | 2,182,000 | 503 |
| * | Hi Sun Technology China Ltd. | 4,254,101 | 494 |
| | Shandong Airlines Co. Ltd. Class B | 340,248 | 492 |
| | Concord New Energy Group Ltd. | 12,400,000 | 491 |
| | Colour Life Services Group Co. Ltd. | 1,014,000 | 490 |
| ^ | Enerchina Holdings Ltd. | 9,792,600 | 488 |
| * | Xunlei Ltd. ADR | 80,000 | 484 |
| | Grand Baoxin Auto Group Ltd. | 2,202,859 | 481 |
| * | Sinolink Worldwide Holdings Ltd. | 6,356,000 | 480 |
| * | Carnival Group International Holdings Ltd. | 26,432,133 | 479 |
| | Minmetals Land Ltd. | 3,096,000 | 475 |
| | Ajisen China Holdings Ltd. | 1,424,408 | 475 |
| ^ | Q Technology Group Co. Ltd. | 995,000 | 474 |
| * | Yashili International Holdings Ltd. | 2,736,000 | 473 |
| | China Aerospace International Holdings Ltd. | 6,932,000 | 471 |
| | Shanghai Diesel Engine Co. Ltd. Class B | 841,400 | 470 |
| | 361 Degrees International Ltd. | 2,007,000 | 467 |
| | Dongjiang Environmental Co. Ltd. | 469,800 | 461 |
| | Sinosoft Technology Group Ltd. | 1,593,000 | 456 |
| *,^ | Huayi Tencent Entertainment Co. Ltd. | 19,042,375 | 456 |
55
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | China Water Industry Group Ltd. | 3,100,000 | 456 |
| *,2 | Cogobuy Group | 1,325,000 | 453 |
| * | Comba Telecom Systems Holdings Ltd. | 3,205,959 | 452 |
| * | AVIC International Holding HK Ltd. | 19,434,139 | 449 |
| *,§ | V1 Group Ltd. | 7,281,484 | 446 |
| | Shanghai Industrial Urban Development Group Ltd. | 2,946,000 | 441 |
| | Guorui Properties Ltd. | 1,832,000 | 440 |
| | Qingling Motors Co. Ltd. | 1,666,929 | 432 |
| § | China Singyes Solar Technologies Holdings Ltd. | 1,576,250 | 432 |
| *,§ | Coolpad Group Ltd. | 4,660,669 | 428 |
| | Dawnrays Pharmaceutical Holdings Ltd. | 1,832,000 | 421 |
| | China Fangda Group Co. Ltd. Class B | 975,900 | 417 |
| | Launch Tech Co. Ltd. | 424,500 | 417 |
| | CPMC Holdings Ltd. | 1,258,000 | 414 |
| ^ | SIIC Environment Holdings Ltd. | 2,046,582 | 399 |
| | Fantasia Holdings Group Co. Ltd. | 3,895,500 | 389 |
| | China Electronics Optics Valley Union Holding Co. Ltd. | 6,956,000 | 387 |
| * | Glorious Property Holdings Ltd. | 7,816,000 | 381 |
| * | China Modern Dairy Holdings Ltd. | 3,025,000 | 379 |
| | China Merchants Land Ltd. | 2,878,000 | 372 |
| * | Shang Gong Group Co. Ltd. Class B | 575,512 | 361 |
| | Tianjin Port Development Holdings Ltd. | 3,533,976 | 360 |
| *,§ | China Huiyuan Juice Group Ltd. | 1,333,000 | 343 |
| | INESA Intelligent Tech Inc. Class B | 652,133 | 339 |
| | Weiqiao Textile Co. | 997,000 | 320 |
| | Eastern Communications Co. Ltd. Class B | 704,750 | 318 |
| | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. | 686,000 | 316 |
| *,^ | FDG Electric Vehicles Ltd. | 31,903,885 | 314 |
| *,^ | Chiho Environmental Group Ltd. | 1,066,000 | 310 |
| | Tianjin Development Holdings Ltd. | 954,000 | 303 |
| ^ | China Everbright Water Ltd. | 1,196,100 | 302 |
| ^ | China Power Clean Energy Development Co. Ltd. | 1,040,500 | 299 |
| | China Electronics Huada Technology Co. Ltd. | 3,390,000 | 299 |
| * | Lianhua Supermarket Holdings Co. Ltd. | 1,208,000 | 278 |
| ^ | CT Environmental Group Ltd. | 6,115,760 | 278 |
| | Shanghai Jinjiang International Travel Co. Ltd. Class B | 148,246 | 277 |
| * | Shanghai Greencourt Investment Group Co. Ltd. Class B | 664,350 | 269 |
| * | Kama Co. Ltd. Class B | 512,012 | 269 |
| * | China Yurun Food Group Ltd. | 3,358,000 | 266 |
| * | PW Medtech Group Ltd. | 1,558,000 | 261 |
| * | Hybrid Kinetic Group Ltd. | 42,268,000 | 259 |
| | Chongqing Machinery & Electric Co. Ltd. | 4,216,000 | 259 |
| | Xiamen International Port Co. Ltd. | 1,931,000 | 256 |
| * | Phoenix Media Investment Holdings Ltd. | 3,219,783 | 247 |
| * | Xinjiang Xinxin Mining Industry Co. Ltd. | 2,598,000 | 242 |
| *,^,§ | National Agricultural Holdings Ltd. | 1,560,000 | 237 |
| | Poly Culture Group Corp. Ltd. | 197,414 | 228 |
| * | Shougang Concord International Enterprises Co. Ltd. | 10,078,232 | 226 |
| * | SRE Group Ltd. | 11,816,302 | 223 |
| *,§ | Mingfa Group International Co. Ltd. | 915,541 | 221 |
| * | Capital Environment Holdings Ltd. | 10,510,000 | 218 |
| * | China Beidahuang Industry Group Holdings Ltd. | 8,384,000 | 215 |
| * | Shanghai Phoenix Enterprise Group Co. Ltd. Class B | 380,400 | 209 |
| * | First Tractor Co. Ltd. | 866,954 | 205 |
| *,§ | China Fiber Optic Network System Group Ltd. | 2,215,200 | 198 |
| | Maoye International Holdings Ltd. | 2,567,459 | 184 |
| 2 | Beijing Urban Construction Design & Development Group Co. Ltd. | 587,000 | 184 |
| | Hilong Holding Ltd. | 1,456,000 | 174 |
| * | Chongqing Iron & Steel Co. Ltd. | 1,181,500 | 169 |
| * | Rentian Technology Holdings Ltd. | 9,040,000 | 166 |
| 2 | Kangda International Environmental Co. Ltd. | 1,233,111 | 137 |
| *,§ | Anxin-China Holdings Ltd. | 2,621,200 | 129 |
| * | China Minsheng DIT Group Ltd. | 5,920,000 | 125 |
| * | Zhonglu Co. Ltd. Class B | 186,564 | 120 |
56
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shenzhen Wongtee International Enterprise Co. Ltd. Class B | 345,880 | 117 |
| *,^ | North Mining Shares Co. Ltd. | 30,423,200 | 105 |
| * | China Chengtong Development Group Ltd. | 3,894,000 | 102 |
| *,§ | Boshiwa International Holding Ltd. | 469,000 | 100 |
| *,§ | Tech Pro Technology Development Ltd. | 10,406,800 | 90 |
| | Changhong Meiling Co. Ltd. Class B | 278,900 | 85 |
| | Dalian Refrigeration Co. Ltd. Class B | 294,700 | 82 |
| * | China Rare Earth Holdings Ltd. | 1,656,548 | 73 |
| *,^,§ | China Lumena New Materials Corp. | 3,950,000 | 63 |
| * | Silk Road Logistics Holdings Ltd. | 5,174,000 | 48 |
| * | Shanghai Dasheng Agricultural Finance Technology Co. Ltd. | 6,556,000 | 40 |
| *,§ | Hua Han Health Industry Holdings Ltd. | 1,817,183 | 28 |
| | Changchai Co. Ltd. Class B | 82,200 | 26 |
| *,§ | Real Gold Mining Ltd. | 239,476 | 26 |
| * | MIE Holdings Corp. | 1,148,000 | 24 |
| | China All Access Holdings Ltd. | 432,000 | 20 |
| * | Tongda Hong Tai Holdings Ltd. | 90,308 | 17 |
| * | China Dynamics Holdings Ltd. | 1,068,752 | 14 |
| * | China Soft Power Technology Holdings Ltd. | 1,594,322 | 10 |
| * | Fullsun International Holdings Group Co. Ltd. | 15,000 | 2 |
| *,^,§ | Midas Holdings Ltd. | 2,619,447 | — |
| *,§ | China High Precision Automation Group Ltd. | 401,000 | — |
| *,^,§ | China Metal Recycling Holdings Ltd. | 332,400 | — |
| | | | 188,870 |
| Colombia (0.1%) | | |
| | Banco Davivienda SA Preference Shares | 262,892 | 2,531 |
| | Avianca Holdings SA Preference Shares | 799,705 | 491 |
| | | | 3,022 |
| Czech Republic (0.0%) | | |
| * | PFNonwovens SA | 2,663 | 105 |
| |
| Denmark (1.0%) | | |
| | Royal Unibrew A/S | 131,689 | 9,345 |
| | SimCorp A/S | 105,389 | 8,114 |
| | FLSmidth & Co. A/S | 134,475 | 7,056 |
| | Topdanmark A/S | 110,230 | 5,240 |
| | Sydbank A/S | 173,758 | 4,013 |
| | Dfds A/S | 79,435 | 3,400 |
| * | Nilfisk Holding A/S | 72,586 | 2,849 |
| | Schouw & Co. A/S | 34,700 | 2,834 |
| * | ALK-Abello A/S | 17,442 | 2,794 |
| 2 | Scandinavian Tobacco Group A/S | 168,619 | 2,558 |
| *,^ | Bavarian Nordic A/S | 87,517 | 2,023 |
| * | Bang & Olufsen A/S | 93,472 | 1,942 |
| | Spar Nord Bank A/S | 228,125 | 1,890 |
| *,^ | NKT A/S | 76,231 | 1,434 |
| | Alm Brand A/S | 168,883 | 1,414 |
| * | D/S Norden A/S | 71,234 | 984 |
| | Matas A/S | 92,852 | 897 |
| | Solar A/S Class B | 12,739 | 682 |
| *,§ | OW Bunker A/S | 24,023 | — |
| | | | 59,469 |
| Egypt (0.1%) | | |
| | Orascom Construction Ltd. | 153,300 | 996 |
| | Juhayna Food Industries | 1,122,800 | 602 |
| * | Medinet Nasr Housing | 1,504,288 | 594 |
| * | Pioneers Holding for Financial Investments SAE | 1,544,409 | 584 |
| * | Six of October Development & Investment | 657,468 | 550 |
| * | Ezz Steel Co. SAE | 513,519 | 534 |
| | Alexandria Mineral Oils Co. | 1,209,942 | 472 |
| * | Palm Hills Developments SAE | 3,088,715 | 405 |
| | Sidi Kerir Petrochemicals Co. | 286,388 | 353 |
| | Heliopolis Housing | 327,625 | 328 |
| * | Orascom Investment Holding | 9,071,765 | 282 |
57
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Oriental Weavers | 387,202 | 198 |
| * | Palm Hills Developments SAE Rights Exp. 11/15/2018 | 1,029,571 | 16 |
| *,§ | Nile Cotton Ginning | 31,192 | 11 |
| | | | 5,925 |
| Finland (1.2%) | | |
| | Amer Sports Oyj | 308,864 | 11,481 |
| | Valmet Oyj | 361,273 | 8,226 |
| | Konecranes Oyj Class A | 196,178 | 7,025 |
| | Tieto Oyj | 196,712 | 6,332 |
| | Cargotec Oyj Class B | 131,972 | 5,485 |
| | Metsa Board Oyj | 461,716 | 4,038 |
| | Outokumpu Oyj | 830,070 | 3,479 |
| | DNA Oyj | 164,784 | 3,229 |
| | Kemira Oyj | 240,422 | 2,949 |
| | YIT Oyj | 434,487 | 2,475 |
| | Sanoma Oyj | 203,705 | 2,295 |
| | Cramo Oyj | 117,776 | 2,245 |
| | Citycon Oyj | 1,016,296 | 1,975 |
| *,^ | Caverion Oyj | 267,753 | 1,676 |
| | Uponor Oyj | 148,105 | 1,604 |
| * | Outotec Oyj | 382,654 | 1,480 |
| | Ramirent Oyj | 176,529 | 1,289 |
| | Finnair Oyj | 142,466 | 1,070 |
| | Oriola Oyj | 343,440 | 1,049 |
| | Raisio Oyj | 305,136 | 936 |
| | F-Secure Oyj | 262,927 | 686 |
| *,^ | Stockmann Oyj Abp Class B | 84,513 | 289 |
| | | | 71,313 |
| France (2.4%) | | |
| 2 | Euronext NV | 188,950 | 11,627 |
| | Alten SA | 75,154 | 7,243 |
| | Altran Technologies SA | 625,691 | 6,202 |
| | Nexity SA | 117,055 | 5,598 |
| ^ | SPIE SA | 325,816 | 5,101 |
| | Korian SA | 124,943 | 4,923 |
| * | CGG SA | 1,886,459 | 4,563 |
| | Gaztransport Et Technigaz SA | 59,617 | 4,406 |
| | Sopra Steria Group | 38,714 | 4,288 |
| 2 | Elior Group SA | 279,768 | 4,024 |
| *,^ | Vallourec SA | 825,522 | 3,902 |
| | Metropole Television SA | 175,364 | 3,394 |
| * | Fnac Darty SA | 46,581 | 3,312 |
| * | SOITEC | 45,052 | 3,210 |
| * | Rothschild & Co. | 78,091 | 3,112 |
| | Neopost SA | 92,770 | 2,982 |
| 2 | Maisons du Monde SA | 116,823 | 2,929 |
| | Television Francaise 1 | 284,078 | 2,889 |
| | IPSOS | 104,402 | 2,780 |
| 2 | Europcar Mobility Group | 283,181 | 2,680 |
| | Altarea SCA | 11,896 | 2,610 |
| | Coface SA | 246,975 | 2,468 |
| * | DBV Technologies SA | 63,575 | 2,350 |
| | Nexans SA | 80,265 | 2,316 |
| | Vicat SA | 42,001 | 2,257 |
| | Eramet | 24,362 | 2,243 |
| | Trigano SA | 21,658 | 2,199 |
| | Tarkett SA | 86,120 | 1,892 |
| * | Virbac SA | 11,680 | 1,874 |
| *,^ | Genfit | 79,976 | 1,862 |
| | Carmila SA | 81,119 | 1,788 |
| | Akka Technologies | 27,009 | 1,779 |
| | Beneteau SA | 100,991 | 1,674 |
| | FFP | 13,939 | 1,639 |
| ^ | Mercialys SA | 109,735 | 1,609 |
58
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,2 | SMCP SA | 66,742 | 1,578 |
| | LISI | 46,262 | 1,347 |
| | Interparfums SA | 32,231 | 1,333 |
| | Bonduelle SCA | 36,181 | 1,283 |
| | Derichebourg SA | 262,612 | 1,263 |
| | Mersen SA | 37,862 | 1,249 |
| *,^ | Technicolor SA | 975,569 | 1,244 |
| | Albioma SA | 62,670 | 1,218 |
| *,2 | X-Fab Silicon Foundries SE | 144,587 | 989 |
| | Manitou BF SA | 33,291 | 938 |
| | Guerbet | 14,195 | 900 |
| | Vilmorin & Cie SA | 14,820 | 883 |
| | Boiron SA | 14,636 | 876 |
| ^ | Rallye SA | 65,639 | 729 |
| | Jacquet Metal Service SA | 34,412 | 713 |
| | GL Events | 32,986 | 705 |
| * | Etablissements Maurel et Prom | 140,108 | 648 |
| * | Pharmagest Inter@ctive | 10,041 | 580 |
| | Synergie SA | 15,616 | 476 |
| | Groupe Crit | 6,345 | 424 |
| | Union Financiere de France BQE SA | 13,131 | 400 |
| | AKWEL | 19,771 | 394 |
| *,^ | Bourbon Corp. | 66,338 | 388 |
| * | Stallergenes Greer plc | 11,421 | 350 |
| | Haulotte Group SA | 29,353 | 332 |
| | Esso SA Francaise | 4,875 | 192 |
| * | Albioma SA Loyalty Line | 8,890 | 173 |
| | | | 141,330 |
| Germany (4.0%) | | |
| * | MorphoSys AG | 85,407 | 7,908 |
| | Freenet AG | 347,583 | 7,818 |
| | TAG Immobilien AG | 333,298 | 7,603 |
| | Grand City Properties SA | 298,888 | 7,226 |
| * | Evotec AG | 355,911 | 7,016 |
| | Bechtle AG | 74,487 | 6,615 |
| | Nemetschek SE | 48,937 | 6,433 |
| | alstria office REIT-AG | 428,706 | 6,172 |
| | Aareal Bank AG | 162,573 | 6,048 |
| | Gerresheimer AG | 85,202 | 6,005 |
| | Aurubis AG | 96,340 | 5,848 |
| | Software AG | 128,864 | 5,769 |
| | TLG Immobilien AG | 226,111 | 5,741 |
| | CTS Eventim AG & Co. KGaA | 148,082 | 5,552 |
| * | Dialog Semiconductor plc | 204,342 | 5,389 |
| | Siltronic AG | 56,382 | 5,164 |
| | Duerr AG | 133,006 | 4,740 |
| | Norma Group SE | 86,492 | 4,670 |
| 2 | ADO Properties SA | 79,146 | 4,668 |
| | Stabilus SA | 66,443 | 4,453 |
| 2 | Deutsche Pfandbriefbank AG | 334,168 | 4,437 |
| | Deutsche EuroShop AG | 139,056 | 4,315 |
| | Jungheinrich AG Preference Shares | 128,623 | 4,262 |
| * | Jenoptik AG | 138,316 | 4,187 |
| | Salzgitter AG | 103,496 | 4,137 |
| | CANCOM SE | 90,247 | 3,680 |
| | Sixt SE | 35,365 | 3,595 |
| * | AIXTRON SE | 286,860 | 3,595 |
| | Krones AG | 39,432 | 3,525 |
| | CompuGroup Medical SE | 61,751 | 3,488 |
| | Stroeer SE & Co. KGaA | 66,112 | 3,456 |
| | Bilfinger SE | 79,193 | 3,450 |
| | S&T AG | 129,184 | 3,211 |
| | Leoni AG | 87,387 | 3,190 |
| | Sixt SE Preference Shares | 45,463 | 3,124 |
59
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | zooplus AG | 16,745 | 2,771 |
| | Indus Holding AG | 49,863 | 2,722 |
| | Deutz AG | 331,645 | 2,467 |
| | DMG Mori AG | 49,926 | 2,414 |
| | XING SE | 7,735 | 2,326 |
| 2 | Befesa SA | 52,200 | 2,318 |
| | Pfeiffer Vacuum Technology AG | 17,426 | 2,167 |
| | Washtec AG | 27,826 | 2,144 |
| * | Hypoport AG | 10,511 | 2,106 |
| | Schaeffler AG Preference Shares | 197,486 | 2,081 |
| | PATRIZIA Immobilien AG | 116,369 | 2,000 |
| | RIB Software SE | 112,818 | 1,947 |
| | VTG AG | 31,889 | 1,908 |
| | KWS Saat SE | 5,574 | 1,894 |
| * | Isra Vision AG | 42,479 | 1,822 |
| | Koenig & Bauer AG | 36,779 | 1,797 |
| | Kloeckner & Co. SE | 197,931 | 1,664 |
| *,^ | Heidelberger Druckmaschinen AG | 695,726 | 1,612 |
| * | Nordex SE | 168,536 | 1,566 |
| | Takkt AG | 90,438 | 1,536 |
| | Wacker Neuson SE | 68,181 | 1,514 |
| | Hornbach Holding AG & Co. KGaA | 22,895 | 1,513 |
| | Biotest AG Preference Shares | 53,631 | 1,422 |
| | RHOEN-KLINIKUM AG | 54,414 | 1,375 |
| | Hamburger Hafen und Logistik AG | 64,038 | 1,356 |
| * | SGL Carbon SE | 133,173 | 1,334 |
| | DIC Asset AG | 120,736 | 1,302 |
| | Deutsche Beteiligungs AG | 30,359 | 1,242 |
| * | Corestate Capital Holding SA | 28,215 | 1,218 |
| | Draegerwerk AG & Co. KGaA Preference Shares | 22,492 | 1,207 |
| | Diebold Nixdorf AG | 18,199 | 1,178 |
| | Vossloh AG | 23,971 | 1,109 |
| * | Varta AG | 34,734 | 1,095 |
| | BayWa AG | 36,919 | 1,075 |
| | Bertrandt AG | 11,948 | 989 |
| | Wuestenrot & Wuerttembergische AG | 48,103 | 973 |
| *,2 | Tele Columbus AG | 275,558 | 970 |
| | comdirect bank AG | 76,945 | 911 |
| | ElringKlinger AG | 75,846 | 642 |
| | SMA Solar Technology AG | 21,134 | 493 |
| | Hornbach Baumarkt AG | 18,171 | 483 |
| | Draegerwerk AG & Co. KGaA | 6,790 | 331 |
| | H&R GmbH & Co. KGaA | 29,667 | 226 |
| | CropEnergies AG | 42,623 | 190 |
| | GRENKE AG | 526 | 50 |
| | | | 241,950 |
| Greece (0.1%) | | |
| * | GEK Terna Holding Real Estate Construction SA | 208,522 | 1,102 |
| | Grivalia Properties REIC AE | 127,725 | 1,098 |
| | Terna Energy SA | 115,326 | 799 |
| | Hellenic Exchanges SA | 151,295 | 667 |
| | Sarantis SA | 73,434 | 582 |
| | Fourlis Holdings SA | 111,730 | 549 |
| | Aegean Airlines SA | 70,949 | 537 |
| | Holding Co. ADMIE IPTO SA | 286,015 | 523 |
| * | Viohalco SA | 178,808 | 514 |
| * | LAMDA Development SA | 74,287 | 513 |
| * | Public Power Corp. SA | 341,305 | 511 |
| * | Ellaktor SA | 311,420 | 449 |
| *,§ | TT Hellenic Postbank SA | 44,448 | — |
| | | | 7,844 |
| Hong Kong (1.7%) | | |
| | Vitasoy International Holdings Ltd. | 2,156,000 | 6,873 |
| | NagaCorp Ltd. | 4,112,228 | 3,770 |
60
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Fortune REIT | 3,420,000 | 3,742 |
| | Luk Fook Holdings International Ltd. | 934,135 | 3,082 |
| | HKBN Ltd. | 1,938,225 | 2,910 |
| | United Energy Group Ltd. | 14,557,000 | 2,842 |
| | Hongkong & Shanghai Hotels Ltd. | 2,053,000 | 2,833 |
| | IGG Inc. | 2,456,000 | 2,604 |
| | Pacific Basin Shipping Ltd. | 11,073,532 | 2,426 |
| | SITC International Holdings Co. Ltd. | 3,172,858 | 2,331 |
| | Yuexiu REIT | 3,311,904 | 2,012 |
| | Value Partners Group Ltd. | 2,518,578 | 1,878 |
| | Man Wah Holdings Ltd. | 4,025,200 | 1,857 |
| | Sunlight REIT | 2,847,406 | 1,714 |
| | China Goldjoy Group Ltd. | 40,896,000 | 1,674 |
| | K Wah International Holdings Ltd. | 3,483,335 | 1,578 |
| ^ | Mandarin Oriental International Ltd. | 827,591 | 1,565 |
| *,2 | Razer Inc. | 10,069,000 | 1,558 |
| | SmarTone Telecommunications Holdings Ltd. | 1,047,730 | 1,456 |
| | Giordano International Ltd. | 3,139,735 | 1,395 |
| | Gemdale Properties & Investment Corp. Ltd. | 14,454,000 | 1,334 |
| | Pacific Textiles Holdings Ltd. | 1,313,000 | 1,326 |
| * | Agritrade Resources Ltd. | 6,375,000 | 1,271 |
| | Far East Consortium International Ltd. | 2,693,858 | 1,258 |
| | Microport Scientific Corp. | 1,048,000 | 1,251 |
| | CP Pokphand Co. Ltd. | 14,366,000 | 1,246 |
| | Spring REIT | 2,072,762 | 1,244 |
| | Chinese Estates Holdings Ltd. | 1,288,500 | 1,213 |
| | CITIC Telecom International Holdings Ltd. | 3,817,004 | 1,199 |
| | Lai Sun Development Co. Ltd. | 821,850 | 1,192 |
| | Prosperity REIT | 3,283,000 | 1,164 |
| * | Esprit Holdings Ltd. | 4,895,400 | 1,114 |
| | Pou Sheng International Holdings Ltd. | 5,654,000 | 1,075 |
| | Road King Infrastructure Ltd. | 688,346 | 1,066 |
| | Canvest Environmental Protection Group Co. Ltd. | 1,937,000 | 1,031 |
| | Chow Sang Sang Holdings International Ltd. | 624,565 | 1,013 |
| *,^ | HC Group Inc. | 1,554,500 | 1,010 |
| | HKR International Ltd. | 2,033,760 | 970 |
| * | Zhaobangji Properties Holdings Ltd. | 736,000 | 961 |
| ^,2 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 753,000 | 945 |
| * | NewOcean Energy Holdings Ltd. | 2,394,000 | 869 |
| | Dynam Japan Holdings Co. Ltd. | 731,040 | 863 |
| * | Global Brands Group Holding Ltd. | 15,518,000 | 862 |
| ^ | United Laboratories International Holdings Ltd. | 1,230,500 | 855 |
| *,^,§ | Town Health International Medical Group Ltd. | 8,913,419 | 784 |
| ^ | Nan Hai Corp. Ltd. | 33,600,000 | 781 |
| ^ | China Harmony New Energy Auto Holding Ltd. | 1,942,000 | 773 |
| * | Anton Oilfield Services Group | 5,213,298 | 737 |
| *,^,§ | Superb Summit International Group Ltd. | 3,957,346 | 737 |
| | Liu Chong Hing Investment Ltd. | 506,000 | 732 |
| 2 | Crystal International Group Ltd. | 1,313,500 | 719 |
| | Sun Hung Kai & Co. Ltd. | 1,591,000 | 718 |
| 2 | IMAX China Holding Inc. | 301,858 | 705 |
| * | COFCO Meat Holdings Ltd. | 4,679,000 | 682 |
| | Goodbaby International Holdings Ltd. | 2,175,000 | 675 |
| *,^ | Truly International Holdings Ltd. | 4,379,000 | 639 |
| *,^ | China LNG Group Ltd. | 4,407,999 | 609 |
| | Singamas Container Holdings Ltd. | 3,771,960 | 607 |
| | Ju Teng International Holdings Ltd. | 2,379,002 | 602 |
| | Texwinca Holdings Ltd. | 1,730,000 | 589 |
| *,§ | Convoy Global Holdings Ltd. | 26,130,000 | 556 |
| | Inspur International Ltd. | 1,363,203 | 543 |
| *,^ | We Solutions Ltd. | 7,904,000 | 536 |
| | Lee's Pharmaceutical Holdings Ltd. | 684,500 | 514 |
| *,^ | Digital Domain Holdings Ltd. | 36,730,000 | 502 |
| *,^ | GCL New Energy Holdings Ltd. | 14,301,541 | 477 |
61
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,2 | Regina Miracle International Holdings Ltd. | 935,000 | 471 |
| | Emperor Capital Group Ltd. | 9,569,860 | 453 |
| * | China Silver Group Ltd. | 3,600,508 | 447 |
| * | Beijing Enterprises Medical & Health Group Ltd. | 11,442,000 | 446 |
| * | G-Resources Group Ltd. | 65,226,190 | 417 |
| * | Lifestyle China Group Ltd. | 1,002,870 | 407 |
| * | China Financial International Investments Ltd. | 15,707,232 | 400 |
| 2 | CGN New Energy Holdings Co. Ltd. | 2,716,720 | 358 |
| *,^ | Honghua Group Ltd. | 5,286,000 | 343 |
| * | New World Department Store China Ltd. | 1,605,666 | 320 |
| | Emperor Watch & Jewellery Ltd. | 8,060,000 | 319 |
| | China Baoli Technologies Holdings Ltd. | 4,894,496 | 312 |
| *,^ | Panda Green Energy Group Ltd. | 8,028,645 | 303 |
| * | Parkson Retail Group Ltd. | 3,395,500 | 299 |
| *,^ | KuangChi Science Ltd. | 4,312,000 | 298 |
| * | CST Group Ltd. | 93,536,000 | 287 |
| | BOE Varitronix Ltd. | 957,000 | 277 |
| *,^ | China Strategic Holdings Ltd. | 34,650,000 | 252 |
| * | Future World Financial Holdings Ltd. | 30,486,286 | 249 |
| * | Hong Kong Television Network Ltd. | 888,000 | 244 |
| * | Sunshine Oilsands Ltd. | 10,456,418 | 240 |
| *,^ | China LotSynergy Holdings Ltd. | 18,419,951 | 198 |
| | Henderson Investment Ltd. | 2,494,000 | 195 |
| ^ | Shenwan Hongyuan HK Ltd. | 925,000 | 188 |
| | EVA Precision Industrial Holdings Ltd. | 2,328,000 | 185 |
| | Yip's Chemical Holdings Ltd. | 572,000 | 174 |
| | New Sports Group Ltd. | 4,056,576 | 169 |
| | Chong Hing Bank Ltd. | 98,000 | 165 |
| | TPV Technology Ltd. | 1,790,000 | 146 |
| * | Freeman FinTech Corp. Ltd. | 25,754,488 | 142 |
| * | Technovator International Ltd. | 978,000 | 132 |
| * | Silver Base Group Holdings Ltd. | 1,040,712 | 67 |
| | Qianhai Health Holdings Ltd. | 1,649,750 | 66 |
| *,^,§ | China Animal Healthcare Ltd. | 1,003,918 | 65 |
| * | New Provenance Everlasting Holdings Ltd. | 11,490,000 | 62 |
| * | Xinchen China Power Holdings Ltd. | 670,800 | 49 |
| * | Mei Ah Entertainment Group Ltd. | 1,660,000 | 49 |
| * | Good Resources Holdings Ltd. | 1,770,000 | 44 |
| * | Sincere Watch Hong Kong Ltd. | 2,550,000 | 30 |
| * | Summit Ascent Holdings Ltd. | 206,000 | 25 |
| * | Sino Oil And Gas Holdings Ltd. | 1,231,500 | 24 |
| * | Yanchang Petroleum International Ltd. | 2,510,000 | 24 |
| * | China Ocean Industry Group Ltd. | 5,450,000 | 21 |
| | | | 100,011 |
| Hungary (0.0%) | | |
| * | Opus Global Nyrt | 240,209 | 405 |
| |
| India (2.9%) | | |
| | Federal Bank Ltd. | 3,880,832 | 4,345 |
| | Mindtree Ltd. | 360,724 | 4,157 |
| | Apollo Hospitals Enterprise Ltd. | 248,180 | 3,834 |
| | Info Edge India Ltd. | 162,474 | 3,471 |
| | Crompton Greaves Consumer Electricals Ltd. | 1,098,587 | 3,172 |
| * | Bharat Financial Inclusion Ltd. | 260,899 | 3,100 |
| | Jubilant Foodworks Ltd. | 197,420 | 2,898 |
| | IIFL Holdings Ltd. | 462,154 | 2,879 |
| | Alkem Laboratories Ltd. | 109,643 | 2,836 |
| | Natco Pharma Ltd. | 245,503 | 2,505 |
| | HEG Ltd. | 42,268 | 2,458 |
| | AIA Engineering Ltd. | 99,749 | 2,312 |
| | Indiabulls Ventures Ltd. | 394,035 | 2,282 |
| | Indian Hotels Co. Ltd. | 1,294,806 | 2,258 |
| | TVS Motor Co. Ltd. | 302,461 | 2,227 |
| | Edelweiss Financial Services Ltd. | 1,008,049 | 2,213 |
62
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | CESC Ltd. | 172,518 | 2,073 |
| | Apollo Tyres Ltd. | 700,626 | 2,070 |
| | Voltas Ltd. | 267,285 | 1,957 |
| | Gillette India Ltd. | 21,560 | 1,905 |
| | Balkrishna Industries Ltd. | 126,025 | 1,866 |
| | GRUH Finance Ltd. | 475,215 | 1,858 |
| | City Union Bank Ltd. | 791,738 | 1,823 |
| * | Fortis Healthcare Ltd. | 951,525 | 1,807 |
| * | Max Financial Services Ltd. | 345,646 | 1,764 |
| | Jubilant Life Sciences Ltd. | 194,789 | 1,750 |
| | Cholamandalam Investment and Finance Co. Ltd. | 99,975 | 1,717 |
| | Tata Global Beverages Ltd. | 580,695 | 1,710 |
| | Arvind Ltd. | 356,918 | 1,657 |
| | Graphite India Ltd. | 127,243 | 1,638 |
| | Whirlpool of India Ltd. | 83,937 | 1,585 |
| * | Adani Transmission Ltd. | 700,485 | 1,577 |
| | PI Industries Ltd. | 148,845 | 1,563 |
| | Dewan Housing Finance Corp. Ltd. | 511,491 | 1,556 |
| | Muthoot Finance Ltd. | 263,454 | 1,458 |
| | Sundaram Finance Ltd. | 71,891 | 1,455 |
| | Escorts Ltd. | 163,776 | 1,390 |
| | Oberoi Realty Ltd. | 238,353 | 1,365 |
| | Supreme Industries Ltd. | 102,120 | 1,362 |
| | Bayer CropScience Ltd. | 25,766 | 1,361 |
| | Sterlite Technologies Ltd. | 252,695 | 1,305 |
| | Indraprastha Gas Ltd. | 359,720 | 1,301 |
| | KPIT Technologies Ltd. | 425,522 | 1,276 |
| | Varun Beverages Ltd. | 115,561 | 1,275 |
| | Ramco Cements Ltd. | 155,960 | 1,267 |
| * | Aditya Birla Fashion and Retail Ltd. | 500,721 | 1,222 |
| | Manappuram Finance Ltd. | 1,129,189 | 1,221 |
| | KRBL Ltd. | 261,322 | 1,219 |
| | National Aluminium Co. Ltd. | 1,290,372 | 1,191 |
| | PVR Ltd. | 63,664 | 1,175 |
| | NCC Ltd. | 1,146,398 | 1,165 |
| * | Godrej Properties Ltd. | 142,848 | 1,157 |
| | Sanofi India Ltd. | 14,620 | 1,148 |
| *,2 | PNB Housing Finance Ltd. | 105,976 | 1,147 |
| | Pfizer Ltd. | 28,872 | 1,140 |
| | Amara Raja Batteries Ltd. | 111,209 | 1,123 |
| *,2 | Eris Lifesciences Ltd. | 121,589 | 1,119 |
| | Phoenix Mills Ltd. | 148,493 | 1,116 |
| | Coromandel International Ltd. | 190,688 | 1,087 |
| | Ipca Laboratories Ltd. | 115,943 | 1,072 |
| 2 | AU Small Finance Bank Ltd. | 142,728 | 1,071 |
| *,2 | Quess Corp. Ltd. | 108,665 | 1,067 |
| 2 | Endurance Technologies Ltd. | 65,259 | 1,066 |
| | WABCO India Ltd. | 12,425 | 1,060 |
| | Hexaware Technologies Ltd. | 231,565 | 1,051 |
| | Thermax Ltd. | 76,974 | 1,042 |
| 2 | Syngene International Ltd. | 130,020 | 1,016 |
| | Sundram Fasteners Ltd. | 137,510 | 991 |
| | Kajaria Ceramics Ltd. | 185,412 | 989 |
| | SRF Ltd. | 37,566 | 981 |
| | Karur Vysya Bank Ltd. | 903,802 | 975 |
| | Alembic Pharmaceuticals Ltd. | 115,500 | 934 |
| * | Sun Pharma Advanced Research Co. Ltd. | 228,184 | 916 |
| | NBCC India Ltd. | 1,208,686 | 905 |
| * | Mahindra CIE Automotive Ltd. | 249,048 | 893 |
| | Gujarat State Petronet Ltd. | 367,175 | 888 |
| | Welspun India Ltd. | 1,089,079 | 868 |
| | Century Textiles & Industries Ltd. | 77,432 | 863 |
| | Gujarat Fluorochemicals Ltd. | 71,640 | 858 |
| | Capital First Ltd. | 133,852 | 845 |
63
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Just Dial Ltd. | 122,714 | 835 |
| * Ajanta Pharma Ltd. | 57,608 | 825 |
| TI Financial Holdings Ltd. | 122,001 | 805 |
| Motilal Oswal Financial Services Ltd. | 95,489 | 805 |
| Indian Bank | 233,975 | 800 |
| Care Ratings Ltd. | 54,893 | 798 |
| Gujarat Pipavav Port Ltd. | 587,059 | 794 |
| Persistent Systems Ltd. | 103,150 | 790 |
| Ceat Ltd. | 50,496 | 783 |
| Jain Irrigation Systems Ltd. | 810,983 | 781 |
| Mahanagar Gas Ltd. | 68,909 | 780 |
| Bombay Burmah Trading Co. | 44,256 | 775 |
| Radico Khaitan Ltd. | 144,481 | 769 |
| Gujarat Gas Ltd. | 89,106 | 756 |
| Prestige Estates Projects Ltd. | 276,137 | 727 |
| eClerx Services Ltd. | 50,438 | 726 |
| Minda Industries Ltd. | 170,434 | 715 |
| Cox & Kings Ltd. | 257,545 | 710 |
| IRB Infrastructure Developers Ltd. | 374,258 | 707 |
| * Indiabulls Real Estate Ltd. | 676,581 | 687 |
| Thomas Cook India Ltd. | 242,382 | 685 |
| 2 Dr Lal PathLabs Ltd. | 56,355 | 671 |
| Redington India Ltd. | 589,949 | 662 |
| Bajaj Corp. Ltd. | 137,424 | 661 |
| Sobha Ltd. | 108,778 | 657 |
| Welspun Corp. Ltd. | 351,715 | 646 |
| Engineers India Ltd. | 410,648 | 643 |
| Sadbhav Engineering Ltd. | 228,661 | 638 |
| * Suzlon Energy Ltd. | 7,372,498 | 625 |
| Strides Pharma Science Ltd. | 106,741 | 614 |
| * TV18 Broadcast Ltd. | 1,208,503 | 611 |
| Karnataka Bank Ltd. | 435,162 | 610 |
| Finolex Cables Ltd. | 87,422 | 592 |
| JM Financial Ltd. | 549,891 | 563 |
| Great Eastern Shipping Co. Ltd. | 132,723 | 562 |
| * Balrampur Chini Mills Ltd. | 385,503 | 559 |
| Blue Dart Express Ltd. | 14,582 | 553 |
| * CG Power and Industrial Solutions Ltd. | 1,113,434 | 535 |
| * Kaveri Seed Co. Ltd. | 75,299 | 507 |
| South Indian Bank Ltd. | 2,530,914 | 502 |
| 2 Dilip Buildcon Ltd. | 87,536 | 502 |
| Rain Industries Ltd. | 195,427 | 489 |
| Symphony Ltd. | 39,685 | 484 |
| * Sintex Plastics Technology Ltd. | 1,362,051 | 480 |
| Raymond Ltd. | 46,507 | 473 |
| * Reliance Communications Ltd. | 2,779,569 | 465 |
| Chambal Fertilizers and Chemicals Ltd. | 238,418 | 464 |
| PTC India Ltd. | 437,371 | 454 |
| * Oriental Bank of Commerce | 414,541 | 451 |
| GE T&D India Ltd. | 144,000 | 449 |
| GE Power India Ltd. | 39,928 | 449 |
| 2 Laurus Labs Ltd. | 96,208 | 444 |
| Jindal Saw Ltd. | 384,241 | 443 |
| * Equitas Holdings Ltd. | 293,109 | 427 |
| Avanti Feeds Ltd. | 79,038 | 426 |
| * Central Bank of India | 961,989 | 415 |
| Repco Home Finance Ltd. | 82,651 | 413 |
| * Syndicate Bank | 868,796 | 409 |
| India Cements Ltd. | 334,711 | 406 |
| * Dish TV India Ltd. | 680,380 | 400 |
| * Corp Bank | 1,064,343 | 386 |
| * Allahabad Bank | 629,770 | 377 |
| * IFCI Ltd. | 1,998,828 | 375 |
| Vijaya Bank | 614,206 | 365 |
64
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Multi Commodity Exchange of India Ltd. | 36,776 | 350 |
| * | Andhra Bank | 864,916 | 343 |
| | Tata Chemicals Ltd. | 35,530 | 330 |
| * | Jammu & Kashmir Bank Ltd. | 553,220 | 316 |
| | Gateway Distriparks Ltd. | 164,655 | 297 |
| * | DEN Networks Ltd. | 291,243 | 269 |
| | PC Jeweller Ltd. | 338,526 | 268 |
| * | Housing Development & Infrastructure Ltd. | 954,079 | 260 |
| * | Indian Overseas Bank | 1,236,351 | 251 |
| * | Shipping Corp. of India Ltd. | 406,434 | 242 |
| | VA Tech Wabag Ltd. | 69,142 | 235 |
| * | Jaiprakash Associates Ltd. | 2,665,172 | 232 |
| | Srei Infrastructure Finance Ltd. | 506,207 | 226 |
| * | UCO Bank | 867,836 | 225 |
| * | RattanIndia Power Ltd. | 4,785,775 | 201 |
| | Gujarat Mineral Development Corp. Ltd. | 162,654 | 190 |
| * | Hindustan Construction Co. Ltd. | 1,096,845 | 183 |
| | McLeod Russel India Ltd. | 97,424 | 177 |
| * | Bajaj Hindusthan Sugar Ltd. | 1,151,415 | 158 |
| * | Shree Renuka Sugars Ltd. | 889,994 | 155 |
| | Reliance Home Finance Ltd. | 261,928 | 145 |
| * | Jet Airways India Ltd. | 48,005 | 144 |
| | Sintex Industries Ltd. | 849,055 | 139 |
| * | Unitech Ltd. | 4,702,410 | 137 |
| | Marksans Pharma Ltd. | 220,929 | 87 |
| * | Cox & Kings Financial Services | 85,848 | 76 |
| * | Solara Active Pharma Sciences Ltd. | 10,075 | 45 |
| * | Rolta India Ltd. | 159,057 | 32 |
| | Sundaram Finance Holdings Ltd. | 8,526 | 12 |
| * | JITF Infralogistics Ltd. | 19,851 | 5 |
| *,§ | Chennai Super Kings Cricket Ltd. | 176,674 | — |
| | | | 173,859 |
| Indonesia (0.5%) | | |
| * | Pabrik Kertas Tjiwi Kimia Tbk PT | 3,406,500 | 2,316 |
| | Ciputra Development Tbk PT | 37,552,255 | 2,031 |
| | Pakuwon Jati Tbk PT | 62,542,534 | 1,968 |
| | Indo Tambangraya Megah Tbk PT | 1,111,100 | 1,820 |
| | Ace Hardware Indonesia Tbk PT | 18,687,600 | 1,686 |
| * | Kresna Graha Investama Tbk PT | 37,624,500 | 1,547 |
| | Bank Tabungan Negara Persero Tbk PT | 9,530,970 | 1,330 |
| | Barito Pacific Tbk PT | 10,198,700 | 1,261 |
| | Summarecon Agung Tbk PT | 29,236,568 | 1,154 |
| | Waskita Karya Persero Tbk PT | 11,680,379 | 1,109 |
| | AKR Corporindo Tbk PT | 4,653,983 | 1,060 |
| * | Trada Alam Minera Tbk PT | 87,902,007 | 1,050 |
| | Mitra Adiperkasa Tbk PT | 19,855,500 | 1,046 |
| | Aneka Tambang Tbk | 23,261,119 | 1,044 |
| * | Medco Energi Internasional Tbk PT | 18,304,545 | 987 |
| | Lippo Karawaci Tbk PT | 50,526,418 | 934 |
| | Japfa Comfeed Indonesia Tbk PT | 6,273,500 | 839 |
| | Link Net Tbk PT | 2,781,800 | 803 |
| | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 6,449,900 | 760 |
| * | Panin Financial Tbk PT | 41,389,100 | 747 |
| * | Sentul City Tbk PT | 106,573,906 | 667 |
| | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 7,566,629 | 643 |
| | Wijaya Karya Persero Tbk PT | 8,108,733 | 588 |
| | Ramayana Lestari Sentosa Tbk PT | 7,108,900 | 557 |
| | PP Persero Tbk PT | 6,331,100 | 556 |
| * | Alam Sutera Realty Tbk PT | 27,764,191 | 509 |
| * | Kawasan Industri Jababeka Tbk PT | 25,099,206 | 366 |
| | Semen Baturaja Persero TBK PT | 3,041,400 | 352 |
| | Global Mediacom Tbk PT | 16,104,506 | 348 |
| * | Eagle High Plantations Tbk PT | 28,794,500 | 332 |
| | Adhi Karya Persero Tbk PT | 4,233,400 | 314 |
65
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Surya Semesta Internusa Tbk PT | 8,886,600 | 273 |
| Timah Tbk PT | 6,388,820 | 272 |
| * Intiland Development Tbk PT | 11,222,200 | 241 |
| Salim Ivomas Pratama Tbk PT | 6,932,500 | 210 |
| * Krakatau Steel Persero Tbk PT | 8,556,750 | 208 |
| * Agung Podomoro Land Tbk PT | 15,858,078 | 146 |
| * Siloam International Hospitals Tbk PT | 768,239 | 116 |
| Bekasi Fajar Industrial Estate Tbk PT | 10,382,400 | 96 |
| * Medco Energi Internasional Tbk PT Warrants Exp. 12/11/2020 | 3,656,161 | 74 |
| * Lippo Cikarang Tbk PT | 418,600 | 42 |
| Sampoerna Agro PT | 181,400 | 28 |
| * Matahari Putra Prima Tbk PT | 2,632,200 | 26 |
| Wijaya Karya Beton Tbk PT | 749,195 | 15 |
| | | 32,471 |
| Ireland (0.4%) | | |
| * Cairn Homes plc (London Shares) | 1,941,114 | 3,116 |
| C&C Group plc | 834,873 | 3,103 |
| Green REIT plc | 1,873,524 | 3,095 |
| Dalata Hotel Group plc | 477,971 | 2,954 |
| Hibernia REIT plc | 1,855,832 | 2,923 |
| Irish Continental Group plc | 439,353 | 2,589 |
| Origin Enterprises plc | 344,658 | 2,217 |
| * Permanent TSB Group Holdings plc | 269,553 | 579 |
| * Cairn Homes plc | 57,910 | 93 |
| C&C Group plc (London Shares) | 19,098 | 71 |
| | | 20,740 |
| Israel (0.4%) | | |
| Reit 1 Ltd. | 468,399 | 1,831 |
| * Nova Measuring Instruments Ltd. | 75,194 | 1,659 |
| * Jerusalem Oil Exploration | 22,398 | 1,287 |
| * Partner Communications Co. Ltd. | 254,452 | 1,286 |
| * Jerusalem Economy Ltd. | 458,549 | 1,230 |
| * Clal Insurance Enterprises Holdings Ltd. | 69,034 | 1,145 |
| IDI Insurance Co. Ltd. | 20,357 | 1,144 |
| Electra Ltd. | 4,595 | 1,112 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 20,288 | 1,034 |
| Matrix IT Ltd. | 84,150 | 979 |
| Shapir Engineering and Industry Ltd. | 265,260 | 965 |
| * Cellcom Israel Ltd. (Registered) | 148,919 | 939 |
| * Africa Israel Properties Ltd. | 34,247 | 888 |
| Sella Capital Real Estate Ltd. | 516,726 | 856 |
| Hilan Ltd. | 34,488 | 810 |
| Bayside Land Corp. | 1,805 | 775 |
| Formula Systems 1985 Ltd. | 18,233 | 708 |
| Delta Galil Industries Ltd. | 24,764 | 692 |
| * Gilat Satellite Networks Ltd. | 72,660 | 690 |
| Big Shopping Centers Ltd. | 10,476 | 682 |
| Kenon Holdings Ltd. | 40,203 | 642 |
| * Brack Capital Properties NV | 5,839 | 621 |
| AudioCodes Ltd. | 49,569 | 611 |
| Menora Mivtachim Holdings Ltd. | 54,254 | 603 |
| * Naphtha Israel Petroleum Corp. Ltd. | 92,468 | 580 |
| Delek Automotive Systems Ltd. | 87,599 | 493 |
| * Allot Communications Ltd. | 74,413 | 480 |
| Norstar Holdings Inc. | 22,513 | 354 |
| * Kamada Ltd. | 64,582 | 347 |
| * B Communications Ltd. | 23,187 | 215 |
| Property & Building Corp. Ltd. | 2,556 | 183 |
| * Evogene Ltd. | 56,647 | 150 |
| * Tower Semiconductor Ltd. | 1 | — |
| * Africa Israel Investments Ltd. | 1 | — |
| | | 25,991 |
66
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Italy (2.2%) | | |
| | Interpump Group SPA | 225,114 | 6,495 |
| | Unipol Gruppo SPA | 1,494,348 | 6,014 |
| | Hera SPA | 2,169,119 | 5,987 |
| | Amplifon SPA | 320,084 | 5,670 |
| | De' Longhi SPA | 174,552 | 4,619 |
| | Brembo SPA | 417,177 | 4,619 |
| 2 | Infrastrutture Wireless Italiane SPA | 644,804 | 4,484 |
| | Cerved Group SPA | 525,572 | 4,191 |
| | BPER Banca | 1,044,026 | 3,962 |
| ^ | Azimut Holding SPA | 319,612 | 3,935 |
| | Banca Popolare di Sondrio SCPA | 1,220,970 | 3,849 |
| | Autogrill SPA | 344,520 | 3,387 |
| | Societa Cattolica di Assicurazioni SC | 419,071 | 3,386 |
| 2 | Anima Holding SPA | 756,819 | 3,165 |
| | Brunello Cucinelli SPA | 90,483 | 3,097 |
| 2 | Enav SPA | 680,496 | 3,067 |
| | Reply SPA | 54,395 | 3,014 |
| | Banca Generali SPA | 153,880 | 2,963 |
| 2 | Technogym SPA | 260,609 | 2,846 |
| | Iren SPA | 1,311,696 | 2,838 |
| | ERG SPA | 148,457 | 2,769 |
| | IMA Industria Macchine Automatiche SPA | 45,685 | 2,740 |
| | Societa Iniziative Autostradali e Servizi SPA | 181,364 | 2,555 |
| | Saras SPA | 1,229,889 | 2,401 |
| | Beni Stabili SpA SIIQ | 2,723,207 | 2,332 |
| ^ | Tod's SPA | 35,685 | 2,182 |
| | MARR SPA | 89,666 | 2,170 |
| | ASTM SPA | 91,884 | 1,821 |
| | Tamburi Investment Partners SPA | 278,652 | 1,816 |
| | Fincantieri SPA | 1,212,527 | 1,767 |
| | Danieli & C Officine Meccaniche SPA Saving Shares | 117,842 | 1,737 |
| | Maire Tecnimont SPA | 396,934 | 1,735 |
| | Datalogic SPA | 54,155 | 1,590 |
| | ACEA SPA | 117,611 | 1,544 |
| * | Ansaldo STS SPA | 94,614 | 1,360 |
| 2 | RAI Way SPA | 257,690 | 1,334 |
| 2 | Banca Farmafactoring SPA | 237,099 | 1,220 |
| | Credito Emiliano SPA | 203,078 | 1,211 |
| *,^ | Banca Monte dei Paschi di Siena SPA | 725,934 | 1,192 |
| 2 | doBank SPA | 100,406 | 1,107 |
| *,^ | Juventus Football Club SPA | 992,276 | 1,051 |
| | Piaggio & C SPA | 464,983 | 995 |
| ^ | Salini Impregilo SPA | 433,460 | 955 |
| | Immobiliare Grande Distribuzione SIIQ SPA | 131,430 | 927 |
| | Banca IFIS SPA | 50,724 | 891 |
| 2 | Gima TT SPA | 90,251 | 878 |
| *,2 | OVS SPA | 476,943 | 842 |
| | Biesse SPA | 36,405 | 837 |
| | CIR-Compagnie Industriali Riunite SPA | 766,766 | 815 |
| | Cementir Holding SPA | 125,020 | 768 |
| | Zignago Vetro SPA | 82,435 | 767 |
| | Italmobiliare SPA | 26,299 | 580 |
| | Cairo Communication SPA | 183,128 | 579 |
| * | Arnoldo Mondadori Editore SPA | 298,521 | 515 |
| | Danieli & C Officine Meccaniche SPA | 25,773 | 482 |
| | Cofide SPA | 876,057 | 445 |
| ^ | Geox SPA | 175,823 | 318 |
| | DeA Capital SPA | 180,380 | 262 |
| * | Rizzoli Corriere Della Sera Mediagroup SPA | 239,748 | 244 |
| *,^ | Safilo Group SPA | 67,077 | 125 |
| *,§ | Beni Stabili SpA SIIQ Rights Exp. 11/10/2018 | 2,723,207 | — |
| | | | 131,447 |
67
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Japan (16.0%) | | |
| Anritsu Corp. | 372,800 | 5,651 |
| NET One Systems Co. Ltd. | 225,100 | 4,713 |
| Nippon Suisan Kaisha Ltd. | 713,287 | 4,556 |
| SHO-BOND Holdings Co. Ltd. | 62,100 | 4,418 |
| Ship Healthcare Holdings Inc. | 111,800 | 4,042 |
| Iwatani Corp. | 111,824 | 3,950 |
| ADEKA Corp. | 265,955 | 3,940 |
| Amano Corp. | 182,968 | 3,891 |
| Colowide Co. Ltd. | 149,400 | 3,638 |
| Toho Holdings Co. Ltd. | 135,118 | 3,540 |
| Nikkon Holdings Co. Ltd. | 145,948 | 3,527 |
| Hazama Ando Corp. | 509,779 | 3,520 |
| Tsubakimoto Chain Co. | 89,665 | 3,443 |
| ^ Outsourcing Inc. | 270,100 | 3,423 |
| Toagosei Co. Ltd. | 332,692 | 3,416 |
| Goldwin Inc. | 47,900 | 3,414 |
| Fuji Seal International Inc. | 111,796 | 3,391 |
| Kureha Corp. | 52,402 | 3,368 |
| Nippon Light Metal Holdings Co. Ltd. | 1,596,269 | 3,366 |
| * Mitsui E&S Holdings Co. Ltd. | 199,300 | 3,347 |
| Nichias Corp. | 149,070 | 3,248 |
| Hanwa Co. Ltd. | 99,183 | 3,248 |
| Descente Ltd. | 122,500 | 3,208 |
| Kenedix Inc. | 609,900 | 3,175 |
| Okumura Corp. | 100,352 | 3,167 |
| Nishimatsu Construction Co. Ltd. | 135,474 | 3,158 |
| Sangetsu Corp. | 163,420 | 3,143 |
| Nihon Parkerizing Co. Ltd. | 259,061 | 3,129 |
| Oki Electric Industry Co. Ltd. | 225,706 | 3,089 |
| Takasago Thermal Engineering Co. Ltd. | 179,297 | 3,064 |
| Fuji Corp. | 215,688 | 3,006 |
| Okamura Corp. | 217,894 | 2,970 |
| Kanematsu Corp. | 229,600 | 2,948 |
| Meitec Corp. | 70,246 | 2,943 |
| Daiwabo Holdings Co. Ltd. | 49,376 | 2,913 |
| Lasertec Corp. | 100,300 | 2,888 |
| Tomy Co. Ltd. | 246,917 | 2,872 |
| ^ Yoshinoya Holdings Co. Ltd. | 173,720 | 2,855 |
| Infomart Corp. | 274,400 | 2,848 |
| Inaba Denki Sangyo Co. Ltd. | 70,388 | 2,834 |
| Mandom Corp. | 100,254 | 2,782 |
| Sakata Seed Corp. | 87,656 | 2,773 |
| Trusco Nakayama Corp. | 108,500 | 2,738 |
| Mirait Holdings Corp. | 168,871 | 2,727 |
| Tokyo Ohka Kogyo Co. Ltd. | 101,605 | 2,721 |
| Duskin Co. Ltd. | 119,360 | 2,715 |
| Shinmaywa Industries Ltd. | 219,368 | 2,701 |
| cocokara fine Inc. | 48,789 | 2,686 |
| Takuma Co. Ltd. | 209,200 | 2,667 |
| United Arrows Ltd. | 70,867 | 2,665 |
| KH Neochem Co. Ltd. | 93,700 | 2,661 |
| Japan Lifeline Co. Ltd. | 180,800 | 2,636 |
| Sushiro Global Holdings Ltd. | 49,700 | 2,618 |
| TOKAI Holdings Corp. | 311,500 | 2,603 |
| Kiyo Bank Ltd. | 173,973 | 2,578 |
| Kumagai Gumi Co. Ltd. | 97,780 | 2,554 |
| Fuji Soft Inc. | 55,374 | 2,537 |
| Sumitomo Mitsui Construction Co. Ltd. | 398,946 | 2,503 |
| EDION Corp. | 237,451 | 2,497 |
| Tokyo Seimitsu Co. Ltd. | 103,734 | 2,495 |
| ^ Daio Paper Corp. | 192,354 | 2,494 |
| Daiseki Co. Ltd. | 104,687 | 2,474 |
| Kanamoto Co. Ltd. | 73,900 | 2,469 |
68
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Mani Inc. | 53,400 | 2,454 |
| Digital Garage Inc. | 88,700 | 2,426 |
| Topre Corp. | 115,500 | 2,404 |
| Toyo Ink SC Holdings Co. Ltd. | 102,853 | 2,387 |
| Hokkoku Bank Ltd. | 64,902 | 2,382 |
| Joyful Honda Co. Ltd. | 164,948 | 2,376 |
| As One Corp. | 33,200 | 2,363 |
| Nomura Co. Ltd. | 103,900 | 2,360 |
| Paramount Bed Holdings Co. Ltd. | 55,900 | 2,352 |
| Keihin Corp. | 119,221 | 2,347 |
| DCM Holdings Co. Ltd. | 240,988 | 2,343 |
| SMS Co. Ltd. | 139,200 | 2,335 |
| FCC Co. Ltd. | 94,043 | 2,329 |
| Musashino Bank Ltd. | 86,300 | 2,329 |
| Ogaki Kyoritsu Bank Ltd. | 104,474 | 2,318 |
| Central Glass Co. Ltd. | 106,413 | 2,301 |
| JINS Inc. | 40,300 | 2,282 |
| Senko Group Holdings Co. Ltd. | 293,200 | 2,279 |
| Fujitec Co. Ltd. | 208,684 | 2,274 |
| Valor Holdings Co. Ltd. | 104,700 | 2,247 |
| Systena Corp. | 185,600 | 2,233 |
| Tokyo Dome Corp. | 252,178 | 2,220 |
| Nippon Flour Mills Co. Ltd. | 133,929 | 2,218 |
| Iriso Electronics Co. Ltd. | 52,400 | 2,213 |
| Senshu Ikeda Holdings Inc. | 718,700 | 2,209 |
| Arcs Co. Ltd. | 90,600 | 2,189 |
| Taikisha Ltd. | 76,673 | 2,164 |
| Makino Milling Machine Co. Ltd. | 56,781 | 2,161 |
| Zenrin Co. Ltd. | 85,950 | 2,139 |
| Asahi Holdings Inc. | 99,600 | 2,133 |
| NSD Co. Ltd. | 100,734 | 2,133 |
| Nippon Seiki Co. Ltd. | 121,032 | 2,130 |
| Juroku Bank Ltd. | 94,100 | 2,125 |
| Nippon Sheet Glass Co. Ltd. | 251,100 | 2,124 |
| Okinawa Electric Power Co. Inc. | 113,242 | 2,110 |
| Mitsubishi Pencil Co. Ltd. | 121,000 | 2,109 |
| Nojima Corp. | 87,800 | 2,074 |
| ZERIA Pharmaceutical Co. Ltd. | 110,640 | 2,070 |
| Eizo Corp. | 50,856 | 2,070 |
| San-A Co. Ltd. | 48,944 | 2,065 |
| Ryobi Ltd. | 71,087 | 2,063 |
| Okasan Securities Group Inc. | 428,000 | 2,049 |
| Hyakugo Bank Ltd. | 555,600 | 2,041 |
| Tokyo Steel Manufacturing Co. Ltd. | 258,500 | 2,038 |
| Heiwado Co. Ltd. | 79,400 | 2,035 |
| Morita Holdings Corp. | 106,866 | 2,035 |
| Nachi-Fujikoshi Corp. | 49,951 | 2,034 |
| Tsubaki Nakashima Co. Ltd. | 110,500 | 2,032 |
| ^ Atom Corp. | 228,057 | 2,024 |
| Toshiba TEC Corp. | 67,600 | 2,017 |
| Gunze Ltd. | 45,207 | 2,005 |
| Toei Co. Ltd. | 18,264 | 1,994 |
| Ohsho Food Service Corp. | 28,774 | 1,984 |
| Round One Corp. | 166,600 | 1,976 |
| S Foods Inc. | 48,900 | 1,970 |
| Justsystems Corp. | 96,000 | 1,969 |
| Takara Standard Co. Ltd. | 126,499 | 1,953 |
| Nippon Soda Co. Ltd. | 74,826 | 1,945 |
| Nanto Bank Ltd. | 84,800 | 1,939 |
| IBJ Leasing Co. Ltd. | 77,201 | 1,938 |
| Yamazen Corp. | 176,400 | 1,931 |
| Bank of Okinawa Ltd. | 57,744 | 1,926 |
| Kitz Corp. | 241,048 | 1,921 |
| Nisshin Oillio Group Ltd. | 63,852 | 1,916 |
69
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| ^ Monex Group Inc. | 485,787 | 1,905 |
| Kotobuki Spirits Co. Ltd. | 49,700 | 1,904 |
| Takeuchi Manufacturing Co. Ltd. | 92,000 | 1,903 |
| Ai Holdings Corp. | 99,300 | 1,894 |
| Nippon Densetsu Kogyo Co. Ltd. | 93,503 | 1,891 |
| Seiren Co. Ltd. | 132,600 | 1,887 |
| Kohnan Shoji Co. Ltd. | 75,400 | 1,886 |
| Nikkiso Co. Ltd. | 162,361 | 1,885 |
| Eiken Chemical Co. Ltd. | 84,200 | 1,884 |
| Ryosan Co. Ltd. | 65,357 | 1,881 |
| Unipres Corp. | 104,680 | 1,873 |
| Shibuya Corp. | 55,400 | 1,862 |
| Nitta Corp. | 51,200 | 1,858 |
| Hokuetsu Corp. | 388,921 | 1,858 |
| DTS Corp. | 53,322 | 1,853 |
| Macnica Fuji Electronics Holdings Inc. | 127,713 | 1,846 |
| Alpine Electronics Inc. | 108,448 | 1,841 |
| Totetsu Kogyo Co. Ltd. | 74,400 | 1,836 |
| Sato Holdings Corp. | 62,000 | 1,832 |
| Fuji Kyuko Co. Ltd. | 62,700 | 1,830 |
| Pacific Industrial Co. Ltd. | 124,700 | 1,822 |
| Onward Holdings Co. Ltd. | 300,556 | 1,812 |
| Showa Corp. | 131,492 | 1,810 |
| TPR Co. Ltd. | 74,158 | 1,806 |
| Kato Sangyo Co. Ltd. | 58,300 | 1,796 |
| Wacom Co. Ltd. | 386,236 | 1,796 |
| ^ Nissha Co. Ltd. | 110,160 | 1,793 |
| Hyakujushi Bank Ltd. | 69,800 | 1,784 |
| Towa Pharmaceutical Co. Ltd. | 23,194 | 1,783 |
| Japan Material Co. Ltd. | 151,500 | 1,780 |
| MOS Food Services Inc. | 66,858 | 1,771 |
| Seiko Holdings Corp. | 73,658 | 1,767 |
| Okamoto Industries Inc. | 39,200 | 1,767 |
| Milbon Co. Ltd. | 49,120 | 1,763 |
| Noritake Co. Ltd. | 35,100 | 1,753 |
| Royal Holdings Co. Ltd. | 70,500 | 1,744 |
| Hogy Medical Co. Ltd. | 59,022 | 1,744 |
| Funai Soken Holdings Inc. | 82,450 | 1,743 |
| Tokyu Construction Co. Ltd. | 192,500 | 1,741 |
| Sumitomo Warehouse Co. Ltd. | 148,455 | 1,741 |
| Toho Bank Ltd. | 488,864 | 1,735 |
| EPS Holdings Inc. | 88,300 | 1,724 |
| Nippon Steel & Sumikin Bussan Corp. | 39,449 | 1,718 |
| Heiwa Real Estate Co. Ltd. | 92,564 | 1,714 |
| Nichiha Corp. | 77,400 | 1,709 |
| Earth Corp. | 37,543 | 1,708 |
| CKD Corp. | 147,800 | 1,701 |
| Ichibanya Co. Ltd. | 44,368 | 1,694 |
| Hitachi Zosen Corp. | 445,610 | 1,694 |
| Starts Corp. Inc. | 81,215 | 1,686 |
| Kameda Seika Co. Ltd. | 35,600 | 1,686 |
| Transcosmos Inc. | 74,096 | 1,681 |
| Bank of Iwate Ltd. | 44,124 | 1,681 |
| Jeol Ltd. | 102,000 | 1,681 |
| Raito Kogyo Co. Ltd. | 124,400 | 1,680 |
| Aeon Delight Co. Ltd. | 50,100 | 1,673 |
| Yamagata Bank Ltd. | 82,185 | 1,669 |
| Financial Products Group Co. Ltd. | 170,500 | 1,665 |
| Showa Sangyo Co. Ltd. | 66,000 | 1,653 |
| Musashi Seimitsu Industry Co. Ltd. | 113,230 | 1,652 |
| ^ UACJ Corp. | 75,785 | 1,652 |
| Taiyo Holdings Co. Ltd. | 46,100 | 1,647 |
| * Japan Display Inc. | 1,687,500 | 1,631 |
| Yodogawa Steel Works Ltd. | 74,833 | 1,624 |
70
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | United Super Markets Holdings Inc. | 148,050 | 1,623 |
| | JCR Pharmaceuticals Co. Ltd. | 38,194 | 1,619 |
| | Kumiai Chemical Industry Co. Ltd. | 259,950 | 1,618 |
| ^ | Nippon Carbon Co. Ltd. | 28,500 | 1,612 |
| | Nagaileben Co. Ltd. | 71,400 | 1,599 |
| | San-Ai Oil Co. Ltd. | 147,900 | 1,590 |
| | KOMEDA Holdings Co. Ltd. | 80,600 | 1,586 |
| | Modec Inc. | 52,788 | 1,582 |
| | Nissin Kogyo Co. Ltd. | 108,109 | 1,573 |
| | Nitto Boseki Co. Ltd. | 79,111 | 1,563 |
| | Nichi-iko Pharmaceutical Co. Ltd. | 114,602 | 1,561 |
| | TOMONY Holdings Inc. | 402,600 | 1,560 |
| | BML Inc. | 56,600 | 1,560 |
| ^ | Katitas Co. Ltd. | 64,100 | 1,555 |
| | Tosho Co. Ltd. | 39,800 | 1,546 |
| | TSI Holdings Co. Ltd. | 226,600 | 1,545 |
| | Inabata & Co. Ltd. | 115,500 | 1,543 |
| | Maxell Holdings Ltd. | 120,200 | 1,532 |
| | Seikagaku Corp. | 102,964 | 1,526 |
| | Create SD Holdings Co. Ltd. | 60,218 | 1,525 |
| | Kura Corp. | 26,300 | 1,524 |
| | Meidensha Corp. | 107,187 | 1,519 |
| | Unizo Holdings Co. Ltd. | 80,200 | 1,511 |
| | Arata Corp. | 33,259 | 1,510 |
| | Futaba Corp. | 95,532 | 1,493 |
| | Prima Meat Packers Ltd. | 78,688 | 1,486 |
| | Kintetsu World Express Inc. | 95,500 | 1,486 |
| ^ | V Technology Co. Ltd. | 11,500 | 1,484 |
| | Nippon Signal Company Ltd. | 161,516 | 1,479 |
| | TKC Corp. | 38,849 | 1,478 |
| | Bank of Nagoya Ltd. | 46,412 | 1,466 |
| ^ | Hirata Corp. | 23,611 | 1,456 |
| | Chudenko Corp. | 68,300 | 1,438 |
| | Internet Initiative Japan Inc. | 73,956 | 1,431 |
| ^ | Sanyo Special Steel Co. Ltd. | 61,870 | 1,423 |
| | Hosiden Corp. | 154,467 | 1,420 |
| | Max Co. Ltd. | 105,300 | 1,418 |
| | Optex Group Co. Ltd. | 77,800 | 1,418 |
| | Daikyonishikawa Corp. | 147,700 | 1,411 |
| | Yuasa Trading Co. Ltd. | 43,000 | 1,411 |
| | Aomori Bank Ltd. | 51,661 | 1,409 |
| | Tokyotokeiba Co. Ltd. | 39,600 | 1,400 |
| | Mitsuboshi Belting Ltd. | 57,000 | 1,400 |
| | kabu.com Securities Co. Ltd. | 387,900 | 1,400 |
| | Computer Engineering & Consulting Ltd. | 64,670 | 1,391 |
| | Menicon Co. Ltd. | 62,900 | 1,390 |
| | Riso Kagaku Corp. | 65,684 | 1,385 |
| | Koshidaka Holdings Co. Ltd. | 118,808 | 1,385 |
| | Nichicon Corp. | 165,783 | 1,379 |
| | Saibu Gas Co. Ltd. | 61,873 | 1,378 |
| | Japan Wool Textile Co. Ltd. | 174,289 | 1,376 |
| | Nishio Rent All Co. Ltd. | 42,500 | 1,369 |
| | Oiles Corp. | 74,508 | 1,368 |
| *,^ | Sourcenext Corp. | 110,700 | 1,365 |
| | Piolax Inc. | 62,600 | 1,364 |
| | MCJ Co. Ltd. | 170,700 | 1,359 |
| | Fukushima Industries Corp. | 29,800 | 1,357 |
| | Yokogawa Bridge Holdings Corp. | 83,600 | 1,356 |
| | Oita Bank Ltd. | 40,907 | 1,353 |
| | Sekisui Jushi Corp. | 74,300 | 1,348 |
| | Kisoji Co. Ltd. | 58,360 | 1,343 |
| | Idec Corp. | 73,900 | 1,341 |
| | AOKI Holdings Inc. | 101,704 | 1,340 |
| | Komori Corp. | 122,700 | 1,328 |
71
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Japan Securities Finance Co. Ltd. | 236,841 | 1,326 |
| | Noritz Corp. | 90,987 | 1,321 |
| | Macromill Inc. | 66,700 | 1,320 |
| | Sanken Electric Co. Ltd. | 59,730 | 1,318 |
| | Bando Chemical Industries Ltd. | 113,900 | 1,318 |
| | Fujicco Co. Ltd. | 57,405 | 1,318 |
| | NEC Networks & System Integration Corp. | 60,400 | 1,316 |
| | LEC Inc. | 65,648 | 1,314 |
| | Shizuoka Gas Co. Ltd. | 151,200 | 1,308 |
| | Hamakyorex Co. Ltd. | 40,500 | 1,308 |
| | Obara Group Inc. | 33,140 | 1,303 |
| | Saizeriya Co. Ltd. | 68,621 | 1,302 |
| ^ | Shoei Foods Corp. | 33,800 | 1,298 |
| | Belluna Co. Ltd. | 130,500 | 1,296 |
| | Qol Holdings Co. Ltd. | 61,499 | 1,294 |
| ^ | Siix Corp. | 95,100 | 1,291 |
| | Nippon Ceramic Co. Ltd. | 52,500 | 1,287 |
| | Sanyo Chemical Industries Ltd. | 28,054 | 1,286 |
| | Prestige International Inc. | 112,700 | 1,283 |
| | Life Corp. | 51,800 | 1,282 |
| | Token Corp. | 19,786 | 1,282 |
| | Star Micronics Co. Ltd. | 90,098 | 1,280 |
| | Topy Industries Ltd. | 47,479 | 1,280 |
| | Kurabo Industries Ltd. | 53,000 | 1,279 |
| | Wakita & Co. Ltd. | 118,500 | 1,277 |
| ^ | Create Restaurants Holdings Inc. | 120,370 | 1,277 |
| | Tocalo Co. Ltd. | 146,700 | 1,277 |
| | Shoei Co. Ltd. | 32,700 | 1,274 |
| | Aida Engineering Ltd. | 153,806 | 1,266 |
| *,^ | RENOVA Inc. | 116,300 | 1,262 |
| ^ | KYB Corp. | 52,600 | 1,262 |
| ^ | Zojirushi Corp. | 115,500 | 1,262 |
| | Hiday Hidaka Corp. | 64,654 | 1,261 |
| | Daihen Corp. | 53,752 | 1,260 |
| | Solasto Corp. | 119,300 | 1,259 |
| | Elecom Co. Ltd. | 53,100 | 1,257 |
| ^ | Giken Ltd. | 37,300 | 1,257 |
| | T-Gaia Corp. | 55,300 | 1,252 |
| | Joshin Denki Co. Ltd. | 48,826 | 1,248 |
| | Relia Inc. | 112,900 | 1,247 |
| | Jaccs Co. Ltd. | 66,400 | 1,245 |
| | Takasago International Corp. | 39,000 | 1,243 |
| | JCU Corp. | 57,800 | 1,241 |
| ^ | Noritsu Koki Co. Ltd. | 55,200 | 1,240 |
| | Nitto Kogyo Corp. | 71,188 | 1,240 |
| | Daibiru Corp. | 122,643 | 1,236 |
| | Belc Co. Ltd. | 24,200 | 1,236 |
| | Doshisha Co. Ltd. | 60,000 | 1,235 |
| | Shinko Electric Industries Co. Ltd. | 177,300 | 1,234 |
| | Teikoku Sen-I Co. Ltd. | 56,184 | 1,234 |
| | Axial Retailing Inc. | 37,630 | 1,233 |
| | Maruwa Co. Ltd. | 21,800 | 1,232 |
| ^ | Broadleaf Co. Ltd. | 212,200 | 1,225 |
| | Konoike Transport Co. Ltd. | 80,900 | 1,223 |
| | Nohmi Bosai Ltd. | 58,100 | 1,223 |
| | Ringer Hut Co. Ltd. | 60,900 | 1,220 |
| | Mizuno Corp. | 52,056 | 1,218 |
| | Sakai Moving Service Co. Ltd. | 23,500 | 1,213 |
| | Marusan Securities Co. Ltd. | 157,355 | 1,212 |
| | Adastria Co. Ltd. | 74,200 | 1,209 |
| | Doutor Nichires Holdings Co. Ltd. | 67,937 | 1,207 |
| | DyDo Group Holdings Inc. | 23,744 | 1,205 |
| | Chiyoda Co. Ltd. | 62,200 | 1,199 |
| | Chugoku Marine Paints Ltd. | 149,000 | 1,197 |
72
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Clarion Co. Ltd. | 54,500 | 1,195 |
| | Sanshin Electronics Co. Ltd. | 71,000 | 1,194 |
| | Osaka Soda Co. Ltd. | 50,700 | 1,192 |
| | Fujimi Inc. | 52,147 | 1,190 |
| | Daiho Corp. | 43,200 | 1,189 |
| ^ | Istyle Inc. | 132,400 | 1,187 |
| | Fujimori Kogyo Co. Ltd. | 40,800 | 1,187 |
| | YA-MAN Ltd. | 73,200 | 1,180 |
| | Digital Arts Inc. | 25,700 | 1,175 |
| | Bell System24 Holdings Inc. | 88,900 | 1,174 |
| | Dip Corp. | 54,100 | 1,174 |
| | Sumitomo Seika Chemicals Co. Ltd. | 23,500 | 1,173 |
| | Yamanashi Chuo Bank Ltd. | 82,063 | 1,173 |
| | Ricoh Leasing Co. Ltd. | 35,706 | 1,172 |
| | Toshiba Machine Co. Ltd. | 61,600 | 1,167 |
| | Anicom Holdings Inc. | 36,300 | 1,153 |
| | Tsugami Corp. | 128,000 | 1,147 |
| | Toho Zinc Co. Ltd. | 35,778 | 1,144 |
| | Miyazaki Bank Ltd. | 43,793 | 1,141 |
| | Fukui Bank Ltd. | 60,155 | 1,138 |
| | Kyokuto Kaihatsu Kogyo Co. Ltd. | 79,700 | 1,138 |
| | Kadokawa Dwango Corp. | 113,901 | 1,137 |
| | Link And Motivation Inc. | 115,600 | 1,136 |
| | Avex Inc. | 84,200 | 1,133 |
| | Itochu Enex Co. Ltd. | 120,200 | 1,132 |
| | Monogatari Corp. | 12,670 | 1,131 |
| | Kanto Denka Kogyo Co. Ltd. | 123,400 | 1,121 |
| | Tsukishima Kikai Co. Ltd. | 94,700 | 1,118 |
| ^ | Strike Co. Ltd. | 38,514 | 1,118 |
| * | Ishihara Sangyo Kaisha Ltd. | 93,300 | 1,114 |
| | Maeda Kosen Co. Ltd. | 57,500 | 1,113 |
| | Retail Partners Co. Ltd. | 97,000 | 1,109 |
| | Sintokogio Ltd. | 128,700 | 1,109 |
| ^ | J Trust Co. Ltd. | 216,700 | 1,105 |
| | Tokyo Kiraboshi Financial Group Inc. | 68,266 | 1,103 |
| | Dexerials Corp. | 128,400 | 1,102 |
| | Furukawa Co. Ltd. | 88,798 | 1,098 |
| | Riken Corp. | 22,900 | 1,096 |
| | Sanki Engineering Co. Ltd. | 111,667 | 1,094 |
| | Mitsui Sugar Co. Ltd. | 40,600 | 1,092 |
| | Pacific Metals Co. Ltd. | 38,808 | 1,089 |
| | San ju San Financial Group Inc. | 61,452 | 1,088 |
| | Eighteenth Bank Ltd. | 39,900 | 1,086 |
| | Nishimatsuya Chain Co. Ltd. | 122,000 | 1,086 |
| | Aichi Steel Corp. | 30,702 | 1,085 |
| | Press Kogyo Co. Ltd. | 235,900 | 1,079 |
| | Tsukui Corp. | 125,200 | 1,075 |
| | Sakata INX Corp. | 108,300 | 1,072 |
| ^ | Vector Inc. | 62,500 | 1,070 |
| | Information Services International-Dentsu Ltd. | 31,100 | 1,070 |
| | Kaga Electronics Co. Ltd. | 47,600 | 1,066 |
| | Bank of the Ryukyus Ltd. | 93,467 | 1,063 |
| | Shikoku Bank Ltd. | 94,540 | 1,062 |
| | Tachi-S Co. Ltd. | 75,000 | 1,057 |
| | Chofu Seisakusho Co. Ltd. | 52,200 | 1,057 |
| | Tamura Corp. | 205,600 | 1,051 |
| | T Hasegawa Co. Ltd. | 58,500 | 1,039 |
| *,^ | Remixpoint Inc. | 154,750 | 1,038 |
| | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 35,103 | 1,037 |
| | Maruzen Showa Unyu Co. Ltd. | 39,200 | 1,037 |
| | Geo Holdings Corp. | 68,000 | 1,036 |
| | Koa Corp. | 74,800 | 1,035 |
| | Japan Pulp & Paper Co. Ltd. | 28,100 | 1,033 |
| ^ | Plenus Co. Ltd. | 64,300 | 1,029 |
73
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nippon Yakin Kogyo Co. Ltd. | 386,800 | 1,028 |
| | Yondoshi Holdings Inc. | 48,400 | 1,027 |
| | Nippon Thompson Co. Ltd. | 177,600 | 1,027 |
| | Fuso Chemical Co. Ltd. | 51,100 | 1,026 |
| | Kyoei Steel Ltd. | 56,612 | 1,026 |
| | LIFULL Co. Ltd. | 151,300 | 1,024 |
| * | Sogo Medical Holdings Co. Ltd. | 47,700 | 1,023 |
| | Akita Bank Ltd. | 44,000 | 1,022 |
| | Bunka Shutter Co. Ltd. | 144,900 | 1,015 |
| | FULLCAST Holdings Co. Ltd. | 53,846 | 1,012 |
| | Takamatsu Construction Group Co. Ltd. | 39,500 | 1,010 |
| | Ichikoh Industries Ltd. | 144,966 | 1,006 |
| | Sanyo Electric Railway Co. Ltd. | 44,984 | 993 |
| | Nissin Electric Co. Ltd. | 121,500 | 993 |
| | Toyo Tanso Co. Ltd. | 38,010 | 990 |
| | Matsuya Co. Ltd. | 104,600 | 987 |
| | Fuji Co. Ltd. | 52,500 | 986 |
| *,^ | euglena Co. Ltd. | 172,600 | 986 |
| | JVC Kenwood Corp. | 398,340 | 985 |
| | Tsurumi Manufacturing Co. Ltd. | 55,200 | 985 |
| ^ | Toridoll Holdings Corp. | 58,100 | 984 |
| | Tonami Holdings Co. Ltd. | 17,700 | 982 |
| | Iino Kaiun Kaisha Ltd. | 221,936 | 974 |
| ^ | NichiiGakkan Co. Ltd. | 104,500 | 973 |
| ^ | Pepper Food Service Co. Ltd. | 34,654 | 973 |
| | Valqua Ltd. | 39,800 | 970 |
| | Konishi Co. Ltd. | 69,200 | 970 |
| | VT Holdings Co. Ltd. | 232,200 | 969 |
| | Tayca Corp. | 46,032 | 968 |
| | Kanematsu Electronics Ltd. | 31,500 | 968 |
| | Tokai Corp. | 48,000 | 967 |
| | Nippon Chemi-Con Corp. | 42,681 | 966 |
| | Okabe Co. Ltd. | 108,635 | 966 |
| | Shinko Plantech Co. Ltd. | 103,100 | 961 |
| | Vital KSK Holdings Inc. | 92,200 | 961 |
| | TOC Co. Ltd. | 140,746 | 959 |
| | Miroku Jyoho Service Co. Ltd. | 50,800 | 958 |
| | Ehime Bank Ltd. | 92,900 | 958 |
| | Mitsubishi Logisnext Co. Ltd. | 80,300 | 955 |
| | Taihei Dengyo Kaisha Ltd. | 40,500 | 954 |
| | Pressance Corp. | 83,848 | 954 |
| | Sanyo Denki Co. Ltd. | 23,300 | 953 |
| | Yellow Hat Ltd. | 38,700 | 952 |
| | YAMABIKO Corp. | 88,400 | 950 |
| | Marudai Food Co. Ltd. | 58,319 | 950 |
| ^ | OPT Holding Inc. | 42,545 | 949 |
| | Meisei Industrial Co. Ltd. | 125,100 | 945 |
| | Hokuto Corp. | 55,424 | 945 |
| | Sakai Chemical Industry Co. Ltd. | 40,809 | 940 |
| | Trancom Co. Ltd. | 16,400 | 939 |
| | LIXIL VIVA Corp. | 57,900 | 939 |
| | Asahi Diamond Industrial Co. Ltd. | 147,022 | 930 |
| ^ | Megachips Corp. | 48,381 | 929 |
| | St. Marc Holdings Co. Ltd. | 39,000 | 926 |
| | Rheon Automatic Machinery Co. Ltd. | 54,015 | 923 |
| | Shikoku Chemicals Corp. | 90,000 | 919 |
| | Sinfonia Technology Co. Ltd. | 70,000 | 915 |
| | Riken Keiki Co. Ltd. | 46,200 | 912 |
| | Arcland Sakamoto Co. Ltd. | 69,200 | 906 |
| | ESPEC Corp. | 50,908 | 905 |
| | Shindengen Electric Manufacturing Co. Ltd. | 20,600 | 896 |
| | Aichi Bank Ltd. | 23,404 | 893 |
| | Juki Corp. | 79,618 | 892 |
| | Pack Corp. | 31,100 | 890 |
74
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Canon Electronics Inc. | 48,694 | 890 |
| | Tanseisha Co. Ltd. | 87,400 | 890 |
| * | Mitsui-Soko Holdings Co. Ltd. | 57,553 | 889 |
| ^ | PIA Corp. | 18,500 | 884 |
| | Toho Titanium Co. Ltd. | 86,800 | 882 |
| | Dai-Dan Co. Ltd. | 37,400 | 880 |
| | Studio Alice Co. Ltd. | 38,400 | 878 |
| | Yokohama Reito Co. Ltd. | 109,900 | 872 |
| | Union Tool Co. | 25,300 | 871 |
| | Foster Electric Co. Ltd. | 59,585 | 871 |
| | Tokushu Tokai Paper Co. Ltd. | 22,500 | 868 |
| | Daito Pharmaceutical Co. Ltd. | 28,900 | 868 |
| | Tochigi Bank Ltd. | 298,012 | 867 |
| | Fujibo Holdings Inc. | 29,700 | 865 |
| | Melco Holdings Inc. | 25,900 | 865 |
| | PAL GROUP Holdings Co. Ltd. | 29,500 | 864 |
| ^ | Maruwa Unyu Kikan Co. Ltd. | 26,951 | 862 |
| | Hioki EE Corp. | 24,300 | 860 |
| | Futaba Industrial Co. Ltd. | 156,900 | 857 |
| | Yakuodo Co. Ltd. | 27,700 | 856 |
| ^ | Kitanotatsujin Corp. | 166,200 | 856 |
| | Nippon Koei Co. Ltd. | 38,000 | 855 |
| | Central Security Patrols Co. Ltd. | 18,195 | 854 |
| | Chubu Shiryo Co. Ltd. | 69,800 | 850 |
| | Tekken Corp. | 33,900 | 846 |
| | Daiichi Jitsugyo Co. Ltd. | 25,500 | 843 |
| * | Unitika Ltd. | 165,200 | 843 |
| | Eagle Industry Co. Ltd. | 71,900 | 838 |
| | Ines Corp. | 71,400 | 833 |
| | UKC Holdings Corp. | 42,700 | 832 |
| | Starzen Co. Ltd. | 20,500 | 832 |
| | Kato Works Co. Ltd. | 28,941 | 830 |
| | Nippon Road Co. Ltd. | 15,000 | 829 |
| | Anest Iwata Corp. | 86,900 | 828 |
| *,^ | M&A Capital Partners Co. Ltd. | 16,800 | 826 |
| | Xebio Holdings Co. Ltd. | 59,208 | 821 |
| ^ | Aruhi Corp. | 48,100 | 821 |
| | Hosokawa Micron Corp. | 16,900 | 820 |
| | Sodick Co. Ltd. | 108,178 | 815 |
| | CMK Corp. | 127,000 | 814 |
| | Nippon Kanzai Co. Ltd. | 44,400 | 810 |
| | Toyo Construction Co. Ltd. | 197,900 | 810 |
| *,^ | Nextage Co. Ltd. | 88,100 | 809 |
| * | Open Door Inc. | 34,000 | 807 |
| | Denki Kogyo Co. Ltd. | 31,380 | 802 |
| | Sumitomo Riko Co. Ltd. | 97,000 | 801 |
| | Toa Corp. | 47,800 | 800 |
| | Inageya Co. Ltd. | 63,300 | 799 |
| ^ | OSAKA Titanium Technologies Co. Ltd. | 50,800 | 798 |
| | Neturen Co. Ltd. | 90,500 | 797 |
| | Sankyo Tateyama Inc. | 70,800 | 797 |
| | Arcland Service Holdings Co. Ltd. | 38,800 | 795 |
| | Nihon Tokushu Toryo Co. Ltd. | 41,400 | 794 |
| | Ichiyoshi Securities Co. Ltd. | 93,900 | 791 |
| | Hibiya Engineering Ltd. | 47,800 | 789 |
| | Key Coffee Inc. | 44,393 | 789 |
| | COLOPL Inc. | 128,000 | 788 |
| * | Vision Inc. | 22,955 | 787 |
| | Ryoyo Electro Corp. | 54,642 | 784 |
| | G-Tekt Corp. | 55,200 | 779 |
| | ASKA Pharmaceutical Co. Ltd. | 59,100 | 777 |
| | Nippon Denko Co. Ltd. | 327,190 | 777 |
| | METAWATER Co. Ltd. | 30,300 | 777 |
| | Achilles Corp. | 38,800 | 772 |
75
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Intage Holdings Inc. | 89,400 | 771 |
| | Kenko Mayonnaise Co. Ltd. | 35,700 | 763 |
| ^ | Tokyo Individualized Educational Institute Inc. | 58,412 | 756 |
| ^ | Sumida Corp. | 60,909 | 755 |
| | Komtasu Matere Co. Ltd. | 91,300 | 755 |
| | Jamco Corp. | 26,600 | 753 |
| * | Space Value Holdings Co. Ltd. | 84,200 | 751 |
| | Tamron Co. Ltd. | 42,100 | 751 |
| | Sinko Industries Ltd. | 52,341 | 748 |
| | Sun Frontier Fudousan Co. Ltd. | 73,100 | 746 |
| | Nagatanien Holdings Co. Ltd. | 30,500 | 745 |
| ^ | Kappa Create Co. Ltd. | 63,388 | 745 |
| ^ | Genky DrugStores Co. Ltd. | 23,000 | 744 |
| | NS United Kaiun Kaisha Ltd. | 30,500 | 744 |
| ^ | Rock Field Co. Ltd. | 51,368 | 744 |
| | J-Oil Mills Inc. | 21,500 | 741 |
| | Daido Metal Co. Ltd. | 96,800 | 741 |
| | Torii Pharmaceutical Co. Ltd. | 33,500 | 739 |
| | Stella Chemifa Corp. | 24,200 | 736 |
| | Mitsuba Corp. | 93,324 | 735 |
| *,^ | RS Technologies Co. Ltd. | 18,100 | 734 |
| | Trust Tech Inc. | 24,096 | 734 |
| | Gakken Holdings Co. Ltd. | 14,400 | 729 |
| | Yurtec Corp. | 96,600 | 728 |
| | OSJB Holdings Corp. | 287,994 | 728 |
| | Amuse Inc. | 28,500 | 726 |
| | Bank of Saga Ltd. | 37,600 | 724 |
| | Towa Bank Ltd. | 88,500 | 721 |
| | Matsuyafoods Holdings Co. Ltd. | 22,200 | 717 |
| | Nihon Trim Co. Ltd. | 12,900 | 716 |
| | Shin-Etsu Polymer Co. Ltd. | 97,300 | 713 |
| | Tachibana Eletech Co. Ltd. | 46,934 | 713 |
| | Kyokuyo Co. Ltd. | 25,900 | 711 |
| | Nissei ASB Machine Co. Ltd. | 21,200 | 710 |
| | Daiken Corp. | 38,700 | 709 |
| | FIDEA Holdings Co. Ltd. | 526,800 | 708 |
| | Osaki Electric Co. Ltd. | 110,600 | 707 |
| | Nihon Nohyaku Co. Ltd. | 127,200 | 705 |
| ^ | KLab Inc. | 80,060 | 705 |
| | Alpen Co. Ltd. | 41,900 | 704 |
| | KFC Holdings Japan Ltd. | 40,000 | 703 |
| ^ | W-Scope Corp. | 70,700 | 701 |
| | JAC Recruitment Co. Ltd. | 38,400 | 695 |
| | Yorozu Corp. | 49,176 | 693 |
| | ASAHI YUKIZAI Corp. | 35,011 | 692 |
| | KAWADA TECHNOLOGIES Inc. | 12,000 | 690 |
| * | Sanden Holdings Corp. | 63,100 | 689 |
| ^ | Yamashin-Filter Corp. | 96,813 | 688 |
| ^ | Alconix Corp. | 60,214 | 688 |
| | Furuno Electric Co. Ltd. | 57,900 | 687 |
| | Mitsuuroko Group Holdings Co. Ltd. | 105,200 | 686 |
| ^ | Mitsui High-Tec Inc. | 63,800 | 685 |
| | Nittetsu Mining Co. Ltd. | 16,100 | 684 |
| | Jimoto Holdings Inc. | 518,282 | 678 |
| | Okuwa Co. Ltd. | 67,600 | 677 |
| | Enplas Corp. | 24,853 | 675 |
| *,^ | Pioneer Corp. | 752,213 | 674 |
| ^ | eRex Co. Ltd. | 80,900 | 672 |
| | Advan Co. Ltd. | 65,900 | 665 |
| | Namura Shipbuilding Co. Ltd. | 149,448 | 664 |
| * | Kintetsu Department Store Co. Ltd. | 21,100 | 663 |
| | Daiwa Industries Ltd. | 62,900 | 662 |
| | GLOBERIDE Inc. | 27,500 | 661 |
| | Teikoku Electric Manufacturing Co. Ltd. | 46,000 | 661 |
76
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nichiban Co. Ltd. | 33,900 | 659 |
| | Ministop Co. Ltd. | 35,600 | 657 |
| | Sagami Holdings Corp. | 54,696 | 655 |
| | Chiba Kogyo Bank Ltd. | 165,200 | 654 |
| ^ | Hoosiers Holdings | 117,200 | 650 |
| | Feed One Co. Ltd. | 381,400 | 649 |
| ^ | SAMTY Co. Ltd. | 49,500 | 648 |
| | Chukyo Bank Ltd. | 32,100 | 646 |
| ^ | F@N Communications Inc. | 116,500 | 646 |
| | Krosaki Harima Corp. | 9,700 | 641 |
| ^ | Kobe Bussan Co. Ltd. | 25,200 | 640 |
| | Mie Kotsu Group Holdings Inc. | 137,100 | 637 |
| | Oyo Corp. | 55,700 | 636 |
| | Arakawa Chemical Industries Ltd. | 45,100 | 634 |
| | CONEXIO Corp. | 43,900 | 633 |
| | Keihanshin Building Co. Ltd. | 85,800 | 632 |
| | Kasai Kogyo Co. Ltd. | 68,200 | 629 |
| | JSP Corp. | 31,800 | 628 |
| ^ | Yonex Co. Ltd. | 108,600 | 625 |
| | Fujiya Co. Ltd. | 28,800 | 623 |
| | Happinet Corp. | 41,000 | 622 |
| | Rokko Butter Co. Ltd. | 28,700 | 620 |
| ^ | Fixstars Corp. | 56,900 | 617 |
| | Kyokuto Securities Co. Ltd. | 51,100 | 617 |
| | BRONCO BILLY Co. Ltd. | 23,800 | 615 |
| ^ | Marvelous Inc. | 76,700 | 615 |
| | Mitsubishi Steel Manufacturing Co. Ltd. | 34,800 | 611 |
| | Nissin Sugar Co. Ltd. | 30,800 | 610 |
| | Kanagawa Chuo Kotsu Co. Ltd. | 18,300 | 608 |
| | Iseki & Co. Ltd. | 35,287 | 606 |
| | Kamei Corp. | 52,400 | 604 |
| ^ | Michinoku Bank Ltd. | 38,000 | 602 |
| *,^ | Medical Data Vision Co. Ltd. | 38,000 | 598 |
| | Tenma Corp. | 34,400 | 598 |
| | Pasona Group Inc. | 49,000 | 596 |
| | Goldcrest Co. Ltd. | 37,980 | 595 |
| | Kita-Nippon Bank Ltd. | 26,600 | 593 |
| | ValueCommerce Co. Ltd. | 41,900 | 592 |
| | Roland DG Corp. | 27,800 | 592 |
| | Future Corp. | 43,400 | 591 |
| | Dai Nippon Toryo Co. Ltd. | 58,400 | 590 |
| | Tosei Corp. | 64,500 | 590 |
| | Japan Transcity Corp. | 149,592 | 586 |
| | Mitsui Matsushima Holdings Co. Ltd. | 37,300 | 585 |
| | WDB Holdings Co. Ltd. | 20,912 | 584 |
| | Itochu-Shokuhin Co. Ltd. | 12,500 | 582 |
| | Shinnihon Corp. | 61,200 | 580 |
| | Nippon Parking Development Co. Ltd. | 411,600 | 577 |
| | Toa Corp. | 53,800 | 577 |
| | COMSYS Holdings Corp. | 20,647 | 575 |
| | Shinko Shoji Co. Ltd. | 41,200 | 574 |
| | Riken Vitamin Co. Ltd. | 18,600 | 573 |
| | Toyo Kanetsu KK | 25,500 | 572 |
| | Mitsubishi Research Institute Inc. | 18,200 | 568 |
| | Takara Leben Co. Ltd. | 196,800 | 567 |
| | Aisan Industry Co. Ltd. | 75,700 | 567 |
| | Fuji Pharma Co. Ltd. | 35,800 | 563 |
| | Chiyoda Integre Co. Ltd. | 28,000 | 562 |
| | Nihon Chouzai Co. Ltd. | 18,100 | 561 |
| ^ | Ohara Inc. | 26,588 | 560 |
| | Nissin Corp. | 29,100 | 559 |
| ^ | Meiko Network Japan Co. Ltd. | 63,563 | 558 |
| | Kurimoto Ltd. | 37,000 | 553 |
| | Central Sports Co. Ltd. | 15,775 | 551 |
77
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Godo Steel Ltd. | 28,700 | 551 |
| *,^ | Toyo Engineering Corp. | 68,235 | 550 |
| | Katakura Industries Co. Ltd. | 50,900 | 549 |
| | Denyo Co. Ltd. | 36,400 | 549 |
| | Tsukuba Bank Ltd. | 242,500 | 543 |
| | Cosel Co. Ltd. | 52,700 | 542 |
| ^ | Hito Communications Inc. | 30,566 | 541 |
| | Nitto Kohki Co. Ltd. | 25,900 | 539 |
| | Hisaka Works Ltd. | 56,300 | 538 |
| | Kyodo Printing Co. Ltd. | 21,400 | 537 |
| | Sumitomo Densetsu Co. Ltd. | 33,600 | 532 |
| | Onoken Co. Ltd. | 36,200 | 528 |
| | NEC Capital Solutions Ltd. | 33,600 | 528 |
| | Zuken Inc. | 35,100 | 522 |
| | Cawachi Ltd. | 28,100 | 522 |
| | Sinanen Holdings Co. Ltd. | 21,900 | 521 |
| ^ | Towa Corp. | 71,165 | 520 |
| | CMIC Holdings Co. Ltd. | 28,000 | 520 |
| | Riken Technos Corp. | 114,700 | 517 |
| | Sac's Bar Holdings Inc. | 58,250 | 516 |
| | Gurunavi Inc. | 67,600 | 516 |
| | Shinwa Co. Ltd. | 26,200 | 515 |
| | Kyosan Electric Manufacturing Co. Ltd. | 109,900 | 513 |
| | Fukuda Corp. | 12,300 | 506 |
| | Warabeya Nichiyo Holdings Co. Ltd. | 30,900 | 502 |
| | Wellnet Corp. | 51,500 | 501 |
| | Icom Inc. | 23,500 | 501 |
| * | World Holdings Co. Ltd. | 20,600 | 498 |
| | Itoki Corp. | 95,900 | 498 |
| ^ | Micronics Japan Co. Ltd. | 77,900 | 498 |
| | Nichiden Corp. | 30,600 | 496 |
| | Organo Corp. | 17,800 | 495 |
| | Fujita Kanko Inc. | 18,100 | 494 |
| | JP-Holdings Inc. | 186,000 | 493 |
| ^ | WATAMI Co. Ltd. | 42,900 | 491 |
| | CHIMNEY Co. Ltd. | 20,000 | 491 |
| | Toenec Corp. | 17,000 | 491 |
| ^ | Akatsuki Inc. | 12,500 | 491 |
| | Uchida Yoko Co. Ltd. | 20,000 | 487 |
| | Keiyo Co. Ltd. | 98,500 | 487 |
| | Osaka Steel Co. Ltd. | 27,400 | 485 |
| * | U-Shin Ltd. | 71,600 | 483 |
| | Shimizu Bank Ltd. | 28,500 | 482 |
| | CI Takiron Corp. | 93,600 | 481 |
| | Koatsu Gas Kogyo Co. Ltd. | 66,000 | 480 |
| | Aeon Fantasy Co. Ltd. | 15,300 | 478 |
| | Shibusawa Warehouse Co. Ltd. | 33,509 | 473 |
| *,^ | Nisso Corp. | 22,000 | 468 |
| | Fudo Tetra Corp. | 30,720 | 467 |
| | K&O Energy Group Inc. | 33,700 | 467 |
| | Sekisui Plastics Co. Ltd. | 59,200 | 461 |
| | Cybozu Inc. | 72,000 | 458 |
| | Sanyo Shokai Ltd. | 27,142 | 458 |
| | PC Depot Corp. | 90,940 | 457 |
| | ST Corp. | 25,700 | 455 |
| | SRA Holdings | 16,100 | 453 |
| | Kanaden Corp. | 43,500 | 453 |
| | Mimasu Semiconductor Industry Co. Ltd. | 34,400 | 452 |
| | Yushin Precision Equipment Co. Ltd. | 49,700 | 450 |
| | Daikokutenbussan Co. Ltd. | 12,000 | 449 |
| | Nippon Beet Sugar Manufacturing Co. Ltd. | 25,700 | 448 |
| | Tatsuta Electric Wire and Cable Co. Ltd. | 100,900 | 446 |
| | Halows Co. Ltd. | 20,400 | 445 |
| | GCA Corp. | 55,400 | 443 |
78
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ryoden Corp. | 31,700 | 441 |
| | Matsuda Sangyo Co. Ltd. | 35,300 | 438 |
| | Mito Securities Co. Ltd. | 151,400 | 438 |
| *,^ | Nippon Sharyo Ltd. | 16,600 | 437 |
| | SWCC Showa Holdings Co. Ltd. | 69,800 | 434 |
| | Yahagi Construction Co. Ltd. | 60,200 | 433 |
| | Toho Co. Ltd. | 21,800 | 432 |
| | Torishima Pump Manufacturing Co. Ltd. | 52,000 | 428 |
| | Asunaro Aoki Construction Co. Ltd. | 48,000 | 427 |
| *,^ | Akebono Brake Industry Co. Ltd. | 212,165 | 427 |
| | Hochiki Corp. | 34,600 | 424 |
| *,^ | Optorun Co. Ltd. | 21,100 | 421 |
| | AOI Electronics Co. Ltd. | 12,970 | 421 |
| | Hodogaya Chemical Co. Ltd. | 17,000 | 414 |
| | Sanei Architecture Planning Co. Ltd. | 28,400 | 414 |
| | Kansai Super Market Ltd. | 44,700 | 414 |
| | Elematec Corp. | 19,400 | 413 |
| | Mars Group Holdings Corp. | 20,000 | 412 |
| | IDOM Inc. | 121,900 | 410 |
| | Yomiuri Land Co. Ltd. | 10,800 | 409 |
| | France Bed Holdings Co. Ltd. | 48,400 | 409 |
| | Tomoku Co. Ltd. | 23,700 | 408 |
| | Toa Oil Co. Ltd. | 17,500 | 405 |
| | Tokyo Energy & Systems Inc. | 46,600 | 405 |
| | Ateam Inc. | 21,200 | 404 |
| | Toyo Corp. | 50,817 | 403 |
| | Kitagawa Corp. | 17,100 | 401 |
| | Parco Co. Ltd. | 37,500 | 398 |
| ^ | COOKPAD Inc. | 108,500 | 398 |
| | Fuji Oil Co. Ltd. | 103,500 | 396 |
| | Daisyo Corp. | 26,500 | 395 |
| | Japan Cash Machine Co. Ltd. | 39,100 | 385 |
| | CTS Co. Ltd. | 71,442 | 385 |
| | Chori Co. Ltd. | 23,000 | 379 |
| | Fuso Pharmaceutical Industries Ltd. | 15,900 | 378 |
| ^ | Rorze Corp. | 22,000 | 377 |
| | Seika Corp. | 23,600 | 373 |
| | Hokkaido Gas Co. Ltd. | 29,000 | 371 |
| | Weathernews Inc. | 12,600 | 371 |
| | Taisei Lamick Co. Ltd. | 13,100 | 370 |
| | Alpha Systems Inc. | 15,500 | 369 |
| | Wowow Inc. | 12,600 | 366 |
| * | Daishi Hokuetsu Financial Group Inc. | 10,110 | 364 |
| | Takaoka Toko Co. Ltd. | 25,300 | 363 |
| | Linical Co. Ltd. | 25,800 | 359 |
| | Hokkan Holdings Ltd. | 21,400 | 354 |
| | T RAD Co. Ltd. | 14,800 | 353 |
| | Kitano Construction Corp. | 10,400 | 349 |
| | Aiphone Co. Ltd. | 26,300 | 342 |
| | Misawa Homes Co. Ltd. | 44,800 | 337 |
| | Chugai Ro Co. Ltd. | 15,800 | 337 |
| | Toyo Securities Co. Ltd. | 170,000 | 337 |
| | Kourakuen Holdings Corp. | 20,400 | 334 |
| | Okura Industrial Co. Ltd. | 18,200 | 333 |
| | Aichi Corp. | 56,000 | 332 |
| | Asahi Co. Ltd. | 27,400 | 329 |
| ^ | Tateru Inc. | 77,500 | 325 |
| | Rhythm Watch Co. Ltd. | 18,300 | 324 |
| | Mitsubishi Paper Mills Ltd. | 62,400 | 322 |
| | Pronexus Inc. | 32,735 | 318 |
| | Tosho Printing Co. Ltd. | 39,500 | 318 |
| | Maezawa Kyuso Industries Co. Ltd. | 19,600 | 316 |
| | Sankyo Seiko Co. Ltd. | 78,497 | 315 |
| | Nippon Coke & Engineering Co. Ltd. | 339,100 | 312 |
79
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tsutsumi Jewelry Co. Ltd. | 15,700 | 308 |
| | Tokyo Rope Manufacturing Co. Ltd. | 29,200 | 299 |
| | Fujikura Kasei Co. Ltd. | 53,200 | 298 |
| | Hakuto Co. Ltd. | 26,000 | 295 |
| | Gun-Ei Chemical Industry Co. Ltd. | 11,000 | 294 |
| | Atsugi Co. Ltd. | 32,300 | 293 |
| | Tv Tokyo Holdings Corp. | 12,600 | 290 |
| | Yushiro Chemical Industry Co. Ltd. | 23,100 | 290 |
| | Fujitsu Frontech Ltd. | 25,500 | 284 |
| | SMK Corp. | 13,700 | 282 |
| | Corona Corp. Class A | 28,400 | 280 |
| | Honeys Holdings Co. Ltd. | 35,290 | 280 |
| | Taiho Kogyo Co. Ltd. | 31,000 | 280 |
| | Chuo Spring Co. Ltd. | 9,000 | 279 |
| | MTI Ltd. | 57,900 | 279 |
| | Nihon Yamamura Glass Co. Ltd. | 18,700 | 278 |
| | Sanoh Industrial Co. Ltd. | 48,600 | 277 |
| | Showa Aircraft Industry Co. Ltd. | 23,700 | 276 |
| | Maezawa Kasei Industries Co. Ltd. | 27,600 | 275 |
| * | KNT-CT Holdings Co. Ltd. | 24,200 | 266 |
| | Artnature Inc. | 44,900 | 264 |
| | Chuetsu Pulp & Paper Co. Ltd. | 19,700 | 263 |
| | Toli Corp. | 96,701 | 253 |
| | Tokyo Rakutenchi Co. Ltd. | 5,600 | 244 |
| | Tokyo Electron Device Ltd. | 13,300 | 236 |
| | Fukui Computer Holdings Inc. | 14,800 | 236 |
| | Srg Takamiya Co. Ltd. | 39,600 | 231 |
| | Zuiko Corp. | 8,600 | 231 |
| | Cleanup Corp. | 37,600 | 229 |
| | Gecoss Corp. | 24,000 | 229 |
| | CAC Holdings Corp. | 25,100 | 224 |
| | Inaba Seisakusho Co. Ltd. | 18,300 | 223 |
| * | Kojima Co. Ltd. | 50,300 | 222 |
| | Takihyo Co. Ltd. | 12,700 | 221 |
| | Airport Facilities Co. Ltd. | 41,200 | 220 |
| | Daikoku Denki Co. Ltd. | 15,100 | 215 |
| *,^ | Tokyo Base Co. Ltd. | 38,100 | 214 |
| | Shimojima Co. Ltd. | 23,800 | 213 |
| | Paris Miki Holdings Inc. | 49,200 | 211 |
| | Fields Corp. | 27,800 | 208 |
| ^ | Toyo Denki Seizo KK | 14,600 | 207 |
| | Dai-ichi Seiko Co. Ltd. | 16,300 | 206 |
| * | Laox Co. Ltd. | 63,900 | 204 |
| | Right On Co. Ltd. | 23,900 | 199 |
| | Sumitomo Precision Products Co. Ltd. | 6,100 | 198 |
| | Toda Kogyo Corp. | 8,300 | 196 |
| * | Shin Nippon Biomedical Laboratories Ltd. | 44,100 | 196 |
| *,^ | Funai Electric Co. Ltd. | 38,600 | 188 |
| | Nippon Chemiphar Co. Ltd. | 5,000 | 184 |
| | Nakayama Steel Works Ltd. | 33,600 | 177 |
| *,^ | FDK Corp. | 16,715 | 168 |
| * | Kinki Sharyo Co. Ltd. | 7,400 | 149 |
| * | Senshukai Co. Ltd. | 56,400 | 145 |
| * | SAMTY Co. Ltd. Rights Exp. 11/19/2018 | 49,500 | 48 |
| | Mitsubishi Kakoki Kaisha Ltd. | 1,560 | 23 |
| | Mitani Sekisan Co. Ltd. | 100 | 2 |
| | | | 961,981 |
| Kuwait (0.0%) | | |
| * | National Industries Group Holding SAK | 1,267,525 | 646 |
| * | Warba Bank KSCP | 667,981 | 499 |
| * | Kuwait International Bank KSCP | 621,343 | 486 |
| * | Alimtiaz Investment Group KSC | 967,731 | 401 |
| * | Mezzan Holding Co. KSCC | 157,547 | 327 |
80
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Mobile Telecommunications Co. KSC | 8,192 | 12 |
| | | 2,371 |
| Malaysia (0.9%) | | |
| Top Glove Corp. Bhd. | 4,575,916 | 6,506 |
| QL Resources Bhd. | 1,949,862 | 3,287 |
| Inari Amertron Bhd. | 5,603,100 | 2,632 |
| Bursa Malaysia Bhd. | 1,445,754 | 2,531 |
| Genting Plantations Bhd. | 979,973 | 2,263 |
| Fraser & Neave Holdings Bhd. | 279,000 | 2,247 |
| Sunway REIT | 4,527,600 | 1,828 |
| IGB REIT | 4,396,600 | 1,765 |
| Kossan Rubber Industries Bhd. | 1,740,200 | 1,721 |
| My EG Services Bhd. | 5,948,400 | 1,710 |
| SP Setia Bhd Group | 3,378,700 | 1,698 |
| TIME dotCom Bhd. | 833,800 | 1,555 |
| 2 Lotte Chemical Titan Holding Bhd. | 1,494,500 | 1,538 |
| Malakoff Corp. Bhd. | 6,959,300 | 1,432 |
| Serba Dinamik Holdings Bhd. | 1,422,500 | 1,375 |
| Yinson Holdings Bhd. | 1,276,400 | 1,358 |
| Padini Holdings Bhd. | 940,200 | 1,264 |
| Sunway Bhd. | 3,845,088 | 1,259 |
| Malaysia Building Society Bhd. | 5,198,400 | 1,170 |
| VS Industry Bhd. | 2,972,775 | 1,138 |
| Berjaya Sports Toto Bhd. | 2,224,500 | 1,117 |
| Malaysian Resources Corp. Bhd. | 5,823,938 | 1,018 |
| DRB-Hicom Bhd. | 2,233,227 | 1,005 |
| Cahya Mata Sarawak Bhd. | 1,447,600 | 1,004 |
| Scientex Bhd. | 486,400 | 998 |
| Unisem M Bhd. | 1,296,080 | 896 |
| Bermaz Auto Bhd. | 1,835,440 | 834 |
| Supermax Corp. Bhd. | 1,082,150 | 825 |
| Pavilion REIT | 2,150,300 | 817 |
| Pos Malaysia Bhd. | 980,600 | 694 |
| * Velesto Energy Bhd. | 10,352,980 | 642 |
| WCT Holdings Bhd. | 3,199,139 | 620 |
| * Berjaya Corp. Bhd. | 8,780,992 | 588 |
| * Eastern & Oriental Bhd. | 2,041,257 | 577 |
| Muhibbah Engineering M Bhd. | 849,700 | 563 |
| * Lafarge Malaysia Bhd. | 1,081,100 | 556 |
| * Eco World Development Group Bhd. | 2,258,400 | 540 |
| Sunway Construction Group Bhd. | 1,163,740 | 404 |
| * AirAsia X Bhd. | 5,583,950 | 308 |
| * KNM Group Bhd. | 4,026,700 | 130 |
| KPJ Healthcare Bhd. | 431,090 | 107 |
| Datasonic Group Bhd. | 1,198,500 | 103 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 83,800 | 78 |
| * UMW Oil & Gas Corp. Warrants Exp. 09/30/2024 | 2,470,020 | 59 |
| Malaysia Marine and Heavy Engineering Holdings Bhd. | 214,100 | 30 |
| * Sunway Bhd. Warrants Exp. 12/31/2024 | 362,955 | 25 |
| * Malaysian Resources Corp. Bhd. Warrants Exp. 12/31/2027 | 430,554 | 25 |
| * Mulpha International Bhd. | 40,195 | 18 |
| * Datasonic Group Bhd. Warrants Exp. 07/05/2023 | 599,250 | 11 |
| * WCT Holdings Bhd. Warrants Exp. 08/24/2020 | 310,551 | 7 |
| * OSK Holdings Bhd. Warrants Exp. 07/22/2020 | 357,292 | 7 |
| * BIMB Holdings Bhd. Warrants Exp. 12/04/2023 | 154,640 | 6 |
| * AirAsia X Bhd. Warrants Exp. 06/08/2020 | 300,675 | 5 |
| * KPJ Healthcare Warrants Exp. 01/23/2019 | 197,280 | 2 |
| * Mah Sing Group Warrants Exp. 01/15/2026 | 125,235 | 2 |
| * CB Industrial Product Holding Bhd Warrants Exp. 10/31/2019 | 78,700 | 1 |
| * KNM Group Bhd. Warrants Exp. 04/21/2020 | 178,365 | 1 |
| * Eastern & Oriental Bhd Warrants Exp. 07/21/2019 | 154,580 | 1 |
| | | 54,901 |
| Mexico (0.4%) | | |
| PLA Administradora Industrial S de RL de CV | 2,140,663 | 2,603 |
81
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Gentera SAB de CV | 3,012,700 | 2,441 |
| | Macquarie Mexico Real Estate Management SA de CV | 2,193,693 | 2,136 |
| | Corp Inmobiliaria Vesta SAB de CV | 1,560,100 | 1,905 |
| | Bolsa Mexicana de Valores SAB de CV | 1,125,305 | 1,696 |
| | Prologis Property Mexico SA de CV | 946,743 | 1,669 |
| * | La Comer SAB de CV | 1,247,840 | 1,301 |
| * | Genomma Lab Internacional SAB de CV Class B | 2,006,652 | 1,289 |
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 1,970,208 | 1,205 |
| | Grupo Herdez SAB de CV | 574,883 | 1,068 |
| | Qualitas Controladora SAB de CV | 528,276 | 1,064 |
| * | Grupo Aeromexico SAB de CV | 942,700 | 1,040 |
| * | Hoteles City Express SAB de CV | 935,101 | 1,030 |
| 2 | Concentradora Fibra Hotelera Mexicana SA de CV | 1,831,066 | 879 |
| | Credito Real SAB de CV SOFOM ER | 691,668 | 791 |
| | Rassini SAB de CV | 194,146 | 658 |
| * | Axtel SAB de CV | 3,674,651 | 599 |
| * | Grupo GICSA SAB de CV | 1,442,973 | 562 |
| | Unifin Financiera SAB de CV SOFOM ENR | 254,441 | 481 |
| | Consorcio ARA SAB de CV | 1,607,043 | 426 |
| | Grupo Rotoplas SAB de CV | 389,731 | 377 |
| | TV Azteca SAB de CV | 1,778,595 | 192 |
| *,2 | Elementia SAB de CV | 267,237 | 151 |
| | | | 25,563 |
| Netherlands (1.9%) | | |
| *,^ | Galapagos NV | 124,733 | 12,815 |
| | IMCD NV | 142,754 | 9,681 |
| | SBM Offshore NV | 476,872 | 8,217 |
| | TKH Group NV | 114,134 | 5,765 |
| | Corbion NV | 159,501 | 4,843 |
| | Eurocommercial Properties NV | 129,215 | 4,777 |
| | APERAM SA | 133,014 | 4,542 |
| | ASM International NV | 101,235 | 4,346 |
| * | BE Semiconductor Industries NV | 198,004 | 4,233 |
| | Sligro Food Group NV | 91,200 | 4,042 |
| | AMG Advanced Metallurgical Group NV | 81,989 | 3,901 |
| * | VEON Ltd. | 1,343,776 | 3,876 |
| ^ | Wereldhave NV | 107,279 | 3,681 |
| ^ | PostNL NV | 1,184,313 | 3,499 |
| *,2 | Takeaway.com NV | 56,076 | 3,298 |
| 2 | Intertrust NV | 201,668 | 3,253 |
| *,^ | Fugro NV | 213,530 | 2,743 |
| * | TomTom NV | 317,649 | 2,653 |
| ^ | Arcadis NV | 191,599 | 2,583 |
| *,2 | Basic-Fit NV | 82,732 | 2,382 |
| 2 | Flow Traders | 72,432 | 2,310 |
| | Koninklijke BAM Groep NV | 661,217 | 2,272 |
| | Vastned Retail NV | 49,883 | 1,974 |
| | NSI NV | 48,371 | 1,908 |
| ^ | Wessanen | 141,093 | 1,477 |
| | Accell Group NV | 69,012 | 1,199 |
| | ForFarmers NV | 103,248 | 1,163 |
| *,2 | B&S Group Sarl | 65,431 | 1,141 |
| | Koninklijke Volkerwessels NV | 64,120 | 1,140 |
| 2 | NIBC Holding NV | 107,970 | 983 |
| | Brunel International NV | 53,568 | 663 |
| *,§ | SRH NV | 96,364 | — |
| | | | 111,360 |
| New Zealand (0.8%) | | |
| | Mainfreight Ltd. | 218,444 | 4,055 |
| | Z Energy Ltd. | 961,050 | 3,833 |
| | Chorus Ltd. | 1,191,123 | 3,696 |
| | Trade Me Group Ltd. | 1,070,647 | 3,394 |
| | EBOS Group Ltd. | 237,507 | 3,237 |
| | Goodman Property Trust | 2,892,804 | 2,834 |
82
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Summerset Group Holdings Ltd. | 598,457 | 2,609 |
| | Infratil Ltd. | 1,098,932 | 2,457 |
| | Genesis Energy Ltd. | 1,354,361 | 2,069 |
| | Precinct Properties New Zealand Ltd. | 2,241,439 | 2,066 |
| | Freightways Ltd. | 401,492 | 1,934 |
| | Metlifecare Ltd. | 490,992 | 1,871 |
| * | Restaurant Brands New Zealand Ltd. | 292,206 | 1,638 |
| | SKY Network Television Ltd. | 1,055,484 | 1,548 |
| * | Synlait Milk Ltd. | 267,635 | 1,523 |
| | Vector Ltd. | 675,932 | 1,503 |
| | Argosy Property Ltd. | 2,100,032 | 1,467 |
| | Vital Healthcare Property Trust | 957,653 | 1,296 |
| § | Heartland Group Holdings Ltd. | 1,100,185 | 1,105 |
| | Tourism Holdings Ltd. | 309,001 | 1,010 |
| | Kathmandu Holdings Ltd. | 501,826 | 880 |
| | New Zealand Refining Co. Ltd. | 485,574 | 747 |
| * | TOWER Ltd. | 747,916 | 362 |
| | | | 47,134 |
| Norway (1.8%) | | |
| | Storebrand ASA | 1,267,097 | 10,531 |
| | TGS NOPEC Geophysical Co. ASA | 277,640 | 9,275 |
| | Salmar ASA | 140,513 | 7,417 |
| | Tomra Systems ASA | 296,215 | 7,338 |
| | Leroy Seafood Group ASA | 694,745 | 6,404 |
| | Bakkafrost P/F | 107,410 | 6,034 |
| | SpareBank 1 SR-Bank ASA | 480,302 | 5,339 |
| 2 | Entra ASA | 296,675 | 4,014 |
| * | Borr Drilling Ltd. | 1,031,197 | 3,997 |
| | Austevoll Seafood ASA | 239,005 | 3,841 |
| * | Norwegian Finans Holding ASA | 424,320 | 3,790 |
| | SpareBank 1 SMN | 352,760 | 3,595 |
| | DNO ASA | 1,677,145 | 3,206 |
| | Veidekke ASA | 295,678 | 3,085 |
| | Atea ASA | 216,510 | 2,854 |
| * | Petroleum Geo-Services ASA | 876,948 | 2,726 |
| *,2 | Aker Solutions ASA | 388,167 | 2,554 |
| | Borregaard ASA | 269,639 | 2,428 |
| | Kongsberg Gruppen ASA | 135,789 | 2,230 |
| 2 | Sbanken ASA | 221,892 | 2,210 |
| | Grieg Seafood ASA | 148,299 | 2,162 |
| *,2 | Elkem ASA | 659,294 | 1,958 |
| 2 | Evry AS | 452,312 | 1,661 |
| * | Nordic Semiconductor ASA | 387,595 | 1,650 |
| ^,2 | XXL ASA | 269,017 | 1,384 |
| | Norway Royal Salmon ASA | 42,575 | 1,253 |
| | Ocean Yield ASA | 130,440 | 989 |
| *,^ | Wallenius Wilhelmsen ASA | 278,592 | 957 |
| *,2 | BW LPG Ltd. | 202,131 | 954 |
| * | Norwegian Air Shuttle ASA | 36,980 | 942 |
| | Stolt-Nielsen Ltd. | 63,646 | 855 |
| * | Akastor ASA | 393,368 | 767 |
| | Sparebank 1 Oestlandet | 73,061 | 759 |
| * | Otello Corp. ASA | 339,238 | 569 |
| | Hoegh LNG Holdings Ltd. | 102,786 | 480 |
| | | | 110,208 |
| Pakistan (0.3%) | | |
| | MCB Bank Ltd. | 1,412,400 | 2,111 |
| | Engro Corp. Ltd. | 787,921 | 1,993 |
| | Lucky Cement Ltd. | 496,616 | 1,869 |
| | Hub Power Co. Ltd. | 2,314,200 | 1,617 |
| | Pakistan State Oil Co. Ltd. | 757,018 | 1,599 |
| | Pakistan Oilfields Ltd. | 362,630 | 1,490 |
| | Bank Alfalah Ltd. | 3,418,550 | 1,352 |
| | Engro Fertilizers Ltd. | 1,578,930 | 966 |
83
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | United Bank Ltd. | 832,100 | 943 |
| | Nishat Mills Ltd. | 717,026 | 796 |
| | SUI Northern Gas Pipeline | 1,093,200 | 758 |
| * | Searle Co. Ltd. | 254,351 | 566 |
| | Millat Tractors Ltd. | 74,330 | 559 |
| | DG Khan Cement Co. Ltd. | 698,086 | 557 |
| * | SUI Southern Gas Co. Ltd. | 2,597,500 | 505 |
| | Kot Addu Power Co. Ltd. | 1,174,608 | 477 |
| | Fauji Cement Co. Ltd. | 1,937,807 | 384 |
| | Fauji Fertilizer Bin Qasim Ltd. | 667,500 | 192 |
| | Thal Ltd. | 42,150 | 141 |
| | Pakistan Telecommunication Co. Ltd. | 825,500 | 69 |
| | | | 18,944 |
| Philippines (0.3%) | | |
| | Security Bank Corp. | 1,239,769 | 3,350 |
| | Robinsons Land Corp. | 5,445,697 | 2,141 |
| | Puregold Price Club Inc. | 2,611,740 | 1,984 |
| | Robinsons Retail Holdings Inc. | 1,270,330 | 1,800 |
| | Pilipinas Shell Petroleum Corp. | 1,950,950 | 1,774 |
| | Manila Water Co. Inc. | 3,122,485 | 1,461 |
| | D&L Industries Inc. | 5,811,700 | 1,238 |
| | Vista Land & Lifescapes Inc. | 10,780,000 | 1,065 |
| | First Gen Corp. | 3,252,130 | 951 |
| | Filinvest Land Inc. | 26,108,400 | 683 |
| | Century Pacific Food Inc. | 2,700,500 | 675 |
| * | Melco Resorts And Entertainment Philippines Corp. | 4,452,800 | 597 |
| | Cebu Air Inc. | 451,430 | 540 |
| | Nickel Asia Corp. | 7,132,874 | 339 |
| *,2 | CEMEX Holdings Philippines Inc. | 5,055,000 | 200 |
| * | DoubleDragon Properties Corp. | 495,290 | 178 |
| | Lopez Holdings Corp. | 480,360 | 38 |
| | | | 19,014 |
| Poland (0.6%) | | |
| * | Bank Millennium SA | 1,643,232 | 3,783 |
| * | Alior Bank SA | 247,943 | 3,722 |
| | CCC SA | 77,574 | 3,374 |
| * | Jastrzebska Spolka Weglowa SA | 139,462 | 2,681 |
| | Asseco Poland SA | 201,930 | 2,541 |
| | KRUK SA | 44,350 | 2,131 |
| * | Orange Polska SA | 1,782,283 | 2,014 |
| *,^ | AmRest Holdings SE | 189,860 | 1,961 |
| | Kernel Holding SA | 138,427 | 1,772 |
| | Bank Handlowy w Warszawie SA | 88,084 | 1,606 |
| * | Tauron Polska Energia SA | 2,817,178 | 1,307 |
| 2 | PLAY Communications SA | 291,682 | 1,252 |
| * | Enea SA | 573,734 | 1,201 |
| * | Energa SA | 555,973 | 1,129 |
| | Eurocash SA | 211,530 | 1,125 |
| | Budimex SA | 31,000 | 1,001 |
| | Grupa Azoty SA | 126,138 | 851 |
| * | PKP Cargo SA | 80,279 | 842 |
| | Ciech SA | 69,830 | 772 |
| | Warsaw Stock Exchange | 72,550 | 730 |
| * | Lubelski Wegiel Bogdanka SA | 25,706 | 360 |
| * | Boryszew SA | 216,015 | 269 |
| | Neuca SA | 3,880 | 233 |
| *,§ | getBACK SA | 103,234 | 101 |
| | | | 36,758 |
| Portugal (0.4%) | | |
| * | Banco Comercial Portugues SA | 21,106,691 | 5,677 |
| | Navigator Co. SA | 682,233 | 3,395 |
| | NOS SGPS SA | 589,544 | 3,307 |
| | REN - Redes Energeticas Nacionais SGPS SA | 1,039,534 | 2,768 |
84
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Sonae SGPS SA | 2,527,745 | 2,526 |
| Altri SGPS SA | 194,494 | 1,704 |
| CTT-Correios de Portugal SA | 407,208 | 1,562 |
| Semapa-Sociedade de Investimento e Gestao | 62,160 | 1,186 |
| Corticeira Amorim SGPS SA | 90,271 | 992 |
| * Mota-Engil SGPS SA | 208,963 | 414 |
| | | 23,531 |
| Qatar (0.0%) | | |
| Gulf Warehousing Co. | 73,478 | 819 |
| Medicare Group | 40,280 | 709 |
| * Salam International Investment Ltd. QSC | 173,434 | 227 |
| | | 1,755 |
| Russia (0.1%) | | |
| * M.Video PJSC | 209,880 | 1,271 |
| 2 Detsky Mir PJSC | 605,280 | 822 |
| * Mechel PJSC | 510,710 | 714 |
| * Raspadskaya OJSC | 312,100 | 569 |
| Mechel PJSC Preference Shares | 264,550 | 394 |
| ENEL RUSSIA PJSC | 21,416,000 | 344 |
| TGC-1 PJSC | 1,936,700,000 | 252 |
| OGK-2 PJSC | 42,539,850 | 224 |
| | | 4,590 |
| Singapore (1.4%) | | |
| Mapletree Commercial Trust | 5,158,804 | 5,999 |
| Mapletree Logistics Trust | 5,545,082 | 4,846 |
| Mapletree Industrial Trust | 3,555,300 | 4,745 |
| Mapletree North Asia Commercial Trust | 5,659,312 | 4,623 |
| NetLink NBN Trust | 7,954,900 | 4,482 |
| Keppel REIT | 5,298,647 | 4,325 |
| Frasers Logistics & Industrial Trust | 3,993,680 | 2,940 |
| Frasers Centrepoint Trust | 1,514,210 | 2,363 |
| United Engineers Ltd. | 1,237,850 | 2,352 |
| Ascott Residence Trust | 2,975,165 | 2,259 |
| Manulife US REIT | 3,175,348 | 2,259 |
| CDL Hospitality Trusts | 2,116,563 | 2,217 |
| ESR-REIT | 6,037,546 | 2,116 |
| Keppel DC REIT | 2,167,908 | 2,085 |
| Parkway Life REIT | 1,038,481 | 1,951 |
| ^ Bukit Sembawang Estates Ltd. | 504,500 | 1,948 |
| Raffles Medical Group Ltd. | 2,416,384 | 1,835 |
| Starhill Global REIT | 3,746,708 | 1,813 |
| Frasers Commercial Trust | 1,829,313 | 1,812 |
| Keppel Infrastructure Trust | 5,423,700 | 1,802 |
| Ascendas India Trust | 2,178,900 | 1,697 |
| First Resources Ltd. | 1,397,929 | 1,594 |
| CapitaLand Retail China Trust | 1,557,360 | 1,542 |
| AIMS AMP Capital Industrial REIT | 1,441,500 | 1,394 |
| OUE Hospitality Trust | 2,780,466 | 1,364 |
| Cache Logistics Trust | 2,752,904 | 1,362 |
| Ascendas Hospitality Trust | 2,243,400 | 1,279 |
| First REIT | 1,364,200 | 1,183 |
| SPH REIT | 1,554,500 | 1,106 |
| Frasers Hospitality Trust | 2,071,700 | 1,055 |
| Far East Hospitality Trust | 2,452,800 | 1,054 |
| Lippo Malls Indonesia Retail Trust | 5,368,400 | 931 |
| Sheng Siong Group Ltd. | 1,159,600 | 905 |
| Soilbuild Business Space REIT | 2,165,600 | 891 |
| GuocoLand Ltd. | 738,600 | 891 |
| Asian Pay Television Trust | 3,693,200 | 841 |
| RHT Health Trust | 1,550,600 | 828 |
| Accordia Golf Trust | 2,148,316 | 768 |
| OUE Ltd. | 720,800 | 730 |
| Sabana Shari'ah Compliant Industrial REIT | 2,302,400 | 664 |
85
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Silverlake Axis Ltd. | 1,852,029 | 575 |
| | Yoma Strategic Holdings Ltd. | 3,037,719 | 560 |
| ^ | Boustead Singapore Ltd. | 750,400 | 423 |
| | Bumitama Agri Ltd. | 687,400 | 320 |
| | Fortune REIT (Singapore Shares) | 276,589 | 306 |
| *,§ | Hyflux Ltd. | 1,145,286 | 174 |
| * | Noble Group Ltd. | 1,804,400 | 107 |
| *,^,§ | China Fishery Group Ltd. | 1,088,512 | 60 |
| *,^,§ | Ezra Holdings Ltd. | 4,500,399 | 36 |
| * | Ezion Holdings Ltd. Warrants Exp. 04/15/2020 | 455,755 | — |
| § | China Hongxing Sports Ltd. | 831,000 | — |
| *,^ | Ezion Holdings Ltd. Warrants Exp. 04/16/2023 | 2,195,796 | — |
| | | | 83,412 |
| South Africa (0.5%) | | |
| | SA Corporate Real Estate Ltd. | 6,816,968 | 1,828 |
| * | PPC Ltd. | 4,033,397 | 1,627 |
| | Advtech Ltd. | 1,583,316 | 1,533 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 141,805 | 1,471 |
| | Astral Foods Ltd. | 104,615 | 1,407 |
| * | Sun International Ltd. | 332,734 | 1,329 |
| | Equites Property Fund Ltd. | 962,067 | 1,306 |
| | Emira Property Fund Ltd. | 1,290,546 | 1,301 |
| | EPP NV | 882,422 | 1,242 |
| | Murray & Roberts Holdings Ltd. | 1,072,190 | 1,234 |
| | Hosken Consolidated Investments Ltd. | 140,461 | 1,206 |
| | Cashbuild Ltd. | 61,443 | 1,121 |
| | Arrowhead Properties Ltd. | 2,715,661 | 989 |
| | DataTec Ltd. | 570,528 | 904 |
| | Zeder Investments Ltd. | 2,618,908 | 834 |
| | City Lodge Hotels Ltd. | 91,614 | 813 |
| * | Steinhoff International Holdings NV | 6,550,027 | 797 |
| | Adcock Ingram Holdings Ltd. | 204,117 | 796 |
| | EOH Holdings Ltd. | 350,795 | 783 |
| | Hudaco Industries Ltd. | 81,387 | 774 |
| * | Long4Life Ltd. | 2,362,116 | 719 |
| | Alexander Forbes Group Holdings Ltd. | 2,012,216 | 709 |
| * | Allied Electronics Corp. Ltd. | 565,265 | 673 |
| | Peregrine Holdings Ltd. | 481,689 | 669 |
| | Mpact Ltd. | 409,691 | 578 |
| | Rebosis Property Fund Ltd. | 1,322,559 | 556 |
| * | Blue Label Telecoms Ltd. | 1,545,467 | 543 |
| | Delta Property Fund Ltd. | 1,269,986 | 515 |
| | Metair Investments Ltd. | 464,447 | 457 |
| | Lewis Group Ltd. | 208,336 | 444 |
| | Clover Industries Ltd. | 366,363 | 408 |
| | Raubex Group Ltd. | 313,592 | 403 |
| | Alviva Holdings Ltd. | 322,563 | 385 |
| * | Ascendis Health Ltd. | 734,235 | 378 |
| | Merafe Resources Ltd. | 2,866,137 | 303 |
| * | Stadio Holdings Ltd. | 867,721 | 235 |
| | DRDGOLD Ltd. | 784,769 | 198 |
| * | Royal Bafokeng Platinum Ltd. | 38,150 | 69 |
| * | ArcelorMittal South Africa Ltd. | 197,263 | 51 |
| | | | 31,588 |
| South Korea (4.6%) | | |
| *,^ | HLB Inc. | 93,219 | 7,161 |
| *,^ | ViroMed Co. Ltd. | 36,806 | 6,064 |
| | Fila Korea Ltd. | 141,030 | 5,223 |
| | Medy-Tox Inc. | 10,743 | 4,401 |
| ^ | LG Innotek Co. Ltd. | 38,044 | 4,175 |
| * | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 128,678 | 3,333 |
| ^ | POSCO Chemtech Co. Ltd. | 56,096 | 3,227 |
| ^ | Hyundai Elevator Co. Ltd. | 43,521 | 3,065 |
| | Com2uSCorp | 26,819 | 3,034 |
86
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Pearl Abyss Corp. | 16,348 | 2,963 |
| | Meritz Securities Co. Ltd. | 779,139 | 2,728 |
| | Koh Young Technology Inc. | 32,440 | 2,570 |
| | Youngone Corp. | 78,722 | 2,477 |
| *,^ | Hyundai Rotem Co. Ltd. | 127,438 | 2,468 |
| | Meritz Fire & Marine Insurance Co. Ltd. | 151,463 | 2,423 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 722,556 | 2,407 |
| 2 | Orange Life Insurance Ltd. | 89,236 | 2,406 |
| * | Genexine Co. Ltd. | 33,801 | 2,221 |
| *,^ | Celltrion Pharm Inc. | 47,091 | 2,215 |
| *,^ | Hanall Biopharma Co. Ltd. | 100,060 | 2,096 |
| | SK Materials Co. Ltd. | 12,659 | 2,073 |
| *,^ | Pan Ocean Co. Ltd. | 491,535 | 2,069 |
| ^ | KIWOOM Securities Co. Ltd. | 30,702 | 2,051 |
| | Korean Reinsurance Co. | 239,253 | 2,037 |
| | Kolon Industries Inc. | 45,861 | 2,029 |
| | Doosan Bobcat Inc. | 64,948 | 2,014 |
| | Taekwang Industrial Co. Ltd. | 1,484 | 1,926 |
| | Kolmar Korea Co. Ltd. | 39,443 | 1,884 |
| | Douzone Bizon Co. Ltd. | 48,904 | 1,869 |
| | SFA Engineering Corp. | 52,578 | 1,801 |
| | JB Financial Group Co. Ltd. | 372,434 | 1,800 |
| | LS Industrial Systems Co. Ltd. | 41,325 | 1,797 |
| * | JYP Entertainment Corp. | 70,814 | 1,785 |
| ^ | Cosmax Inc. | 17,527 | 1,781 |
| | Iljin Materials Co. Ltd. | 44,316 | 1,780 |
| | Seoul Semiconductor Co. Ltd. | 98,497 | 1,775 |
| * | SM Entertainment Co. Ltd. | 45,091 | 1,744 |
| * | CrystalGenomics Inc. | 94,625 | 1,669 |
| *,^ | Ecopro Co. Ltd. | 47,809 | 1,665 |
| *,^ | Kumho Tire Co. Inc. | 367,709 | 1,623 |
| *,^ | Komipharm International Co. Ltd. | 84,563 | 1,587 |
| | Hansol Chemical Co. Ltd. | 22,277 | 1,550 |
| | LOTTE Himart Co. Ltd. | 31,325 | 1,547 |
| | Innocean Worldwide Inc. | 30,319 | 1,544 |
| * | Pharmicell Co. Ltd. | 144,183 | 1,531 |
| *,^ | Telcon RF Pharmaceutical Inc. | 171,062 | 1,529 |
| | Hyundai Greenfood Co. Ltd. | 138,348 | 1,501 |
| ^ | Green Cross Corp. | 14,251 | 1,501 |
| *,^ | Cafe24 Corp. | 14,638 | 1,430 |
| ^ | Esmo Corp. | 237,542 | 1,424 |
| * | Hugel Inc. | 5,869 | 1,418 |
| ^ | Daewoong Pharmaceutical Co. Ltd. | 11,333 | 1,411 |
| *,^ | HLB Life Science CO Ltd. | 97,741 | 1,410 |
| | GS Home Shopping Inc. | 8,245 | 1,408 |
| | Bukwang Pharmaceutical Co. Ltd. | 69,374 | 1,363 |
| ^ | Hanjin Kal Corp. | 79,982 | 1,361 |
| *,^ | Naturecell Co. Ltd. | 107,189 | 1,360 |
| ^ | DoubleUGames Co. Ltd. | 23,641 | 1,360 |
| | Green Cross Holdings Corp. | 73,449 | 1,345 |
| * | Sangsangin Co. Ltd. | 86,292 | 1,336 |
| * | Medipost Co. Ltd. | 19,132 | 1,323 |
| * | Enzychem Lifesciences Corp. | 16,384 | 1,322 |
| | WONIK IPS Co. Ltd. | 77,932 | 1,308 |
| | Hyundai Home Shopping Network Corp. | 15,196 | 1,304 |
| | LEENO Industrial Inc. | 24,775 | 1,304 |
| *,^ | Studio Dragon Corp. | 15,933 | 1,294 |
| | Chong Kun Dang Pharmaceutical Corp. | 16,752 | 1,280 |
| * | SK Chemicals Co. Ltd. | 23,779 | 1,267 |
| | Daishin Securities Co. Ltd. | 127,078 | 1,240 |
| * | Amicogen Inc. | 44,541 | 1,235 |
| ^ | CJ CGV Co. Ltd. | 34,452 | 1,225 |
| *,^ | Inscobee Inc. | 226,232 | 1,219 |
| ^ | L&F Co. Ltd. | 38,640 | 1,213 |
87
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Hana Tour Service Inc. | 22,890 | 1,201 |
| | Handsome Co. Ltd. | 36,813 | 1,177 |
| | Samyang Holdings Corp. | 15,337 | 1,166 |
| | Poongsan Corp. | 54,149 | 1,153 |
| | Daou Technology Inc. | 64,779 | 1,143 |
| | Ssangyong Cement Industrial Co. Ltd. | 270,156 | 1,143 |
| | Kolon Life Science Inc. | 20,849 | 1,131 |
| *,^ | Yungjin Pharmaceutical Co. Ltd. | 228,042 | 1,108 |
| *,^ | Foosung Co. Ltd. | 143,190 | 1,105 |
| | Huchems Fine Chemical Corp. | 57,461 | 1,103 |
| | SK Discovery Co. Ltd. | 45,921 | 1,094 |
| | Hanwha General Insurance Co. Ltd. | 207,681 | 1,084 |
| ^ | Dentium Co. Ltd. | 17,029 | 1,082 |
| ^ | SKCKOLONPI Inc. | 36,154 | 1,070 |
| | Korea Petrochemical Ind Co. Ltd. | 7,711 | 1,059 |
| | Daesang Corp. | 53,160 | 1,056 |
| *,^ | Feelux Co. Ltd. | 107,615 | 1,051 |
| | Hanjin Transportation Co. Ltd. | 31,829 | 1,048 |
| ^ | Soulbrain Co. Ltd. | 22,633 | 1,046 |
| * | Osstem Implant Co. Ltd. | 27,707 | 1,041 |
| * | G-treeBNT Co. Ltd. | 51,093 | 1,000 |
| * | iNtRON Biotechnology Inc. | 31,802 | 990 |
| ^ | IS Dongseo Co. Ltd. | 36,260 | 989 |
| | Eo Technics Co. Ltd. | 22,673 | 975 |
| | Grand Korea Leisure Co. Ltd. | 49,667 | 973 |
| *,^ | GemVax & Kael Co. Ltd. | 88,653 | 971 |
| *,^ | Samwha Capacitor Co. Ltd. | 19,565 | 970 |
| ^ | JW Pharmaceutical Corp. | 33,267 | 970 |
| ^ | YG Entertainment Inc. | 29,882 | 970 |
| | Dongkuk Steel Mill Co. Ltd. | 154,182 | 959 |
| | LF Corp. | 49,761 | 959 |
| | Hankook Tire Worldwide Co. Ltd. | 64,353 | 955 |
| | Korea Real Estate Investment & Trust Co. Ltd. | 460,530 | 952 |
| | DB HiTek Co. Ltd. | 93,714 | 939 |
| | Dong-A ST Co. Ltd. | 12,370 | 911 |
| | LG International Corp. | 65,833 | 909 |
| | NICE Information Service Co. Ltd. | 94,814 | 907 |
| * | BH Co. Ltd. | 63,949 | 900 |
| | Taeyoung Engineering & Construction Co. Ltd. | 105,971 | 889 |
| * | CMG Pharmaceutical Co. Ltd. | 223,275 | 887 |
| | Binggrae Co. Ltd. | 14,086 | 877 |
| | Partron Co. Ltd. | 113,755 | 870 |
| | Daekyo Co. Ltd. | 140,592 | 852 |
| *,^ | Ananti Inc. | 112,033 | 847 |
| | Silicon Works Co. Ltd. | 24,121 | 840 |
| | Modetour Network Inc. | 40,487 | 840 |
| * | Asiana Airlines Inc. | 252,597 | 811 |
| | Shinsegae International Inc. | 6,193 | 804 |
| | NICE Holdings Co. Ltd. | 53,170 | 802 |
| | Ilyang Pharmaceutical Co. Ltd. | 35,524 | 802 |
| ^ | LIG Nex1 Co. Ltd. | 31,143 | 796 |
| * | F&F Co. Ltd. | 17,206 | 791 |
| | Jeil Pharmaceutical Co. Ltd. | 21,349 | 790 |
| | Young Poong Corp. | 1,362 | 785 |
| ^ | Dawonsys Co. Ltd. | 54,692 | 774 |
| | Dongwon Industries Co. Ltd. | 3,638 | 773 |
| | Orion Holdings Corp. | 56,018 | 772 |
| | Hansae Co. Ltd. | 47,214 | 770 |
| | Halla Holdings Corp. | 21,228 | 765 |
| | Huons Co. Ltd. | 12,814 | 764 |
| | Mirae Asset Life Insurance Co. Ltd. | 188,953 | 758 |
| | Hansol Paper Co. Ltd. | 48,477 | 744 |
| | Tongyang Inc. | 518,031 | 725 |
| *,^ | Jenax Inc. | 42,100 | 722 |
88
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Green Cross Cell Corp. | 15,542 | 720 |
| *,^ | Peptron Inc. | 36,652 | 714 |
| | Caregen Co. Ltd. | 11,368 | 710 |
| | Meritz Financial Group Inc. | 77,687 | 707 |
| | Dongwon F&B Co. Ltd. | 3,026 | 702 |
| | SPC Samlip Co. Ltd. | 6,312 | 698 |
| | HS Industries Co. Ltd. | 128,479 | 697 |
| ^ | Youngone Holdings Co. Ltd. | 12,884 | 695 |
| ^ | Advanced Process Systems Corp. | 31,150 | 695 |
| * | Hyundai Electric & Energy System Co. Ltd. | 16,667 | 693 |
| ^ | Posco ICT Co. Ltd. | 141,697 | 690 |
| *,^ | ATGen Co. Ltd. | 56,792 | 689 |
| *,^ | DIO Corp. | 29,887 | 683 |
| | Korea Electric Terminal Co. Ltd. | 20,550 | 677 |
| | LG Hausys Ltd. | 16,008 | 677 |
| | Nexen Tire Corp. | 93,637 | 672 |
| | Daewoong Co. Ltd. | 54,538 | 668 |
| * | Yuanta Securities Korea Co. Ltd. | 239,036 | 667 |
| | SK Gas Ltd. | 10,366 | 667 |
| | Daeduck Electronics Co. | 91,453 | 666 |
| | Dong-A Socio Holdings Co. Ltd. | 8,488 | 664 |
| | Sebang Global Battery Co. Ltd. | 21,291 | 656 |
| * | Webzen Inc. | 49,063 | 644 |
| * | Korea Line Corp. | 33,998 | 644 |
| | Kumho Industrial Co. Ltd. | 74,010 | 636 |
| ^ | Songwon Industrial Co. Ltd. | 41,249 | 629 |
| | Namyang Dairy Products Co. Ltd. | 1,192 | 628 |
| | Lock&Lock Co. Ltd. | 46,251 | 628 |
| ^ | DongKook Pharmaceutical Co. Ltd. | 12,892 | 627 |
| | Dongjin Semichem Co. Ltd. | 82,217 | 627 |
| * | Hanil Cement Co. Ltd. | 6,050 | 624 |
| * | Seegene Inc. | 38,453 | 623 |
| *,^ | Toptec Co. Ltd. | 52,273 | 611 |
| *,^ | Taihan Electric Wire Co. Ltd. | 662,752 | 606 |
| *,^ | Aekyung Industrial Co. Ltd. | 16,902 | 604 |
| | AK Holdings Inc. | 15,283 | 600 |
| | Ahnlab Inc. | 16,703 | 597 |
| | Shinyoung Securities Co. Ltd. | 11,960 | 597 |
| *,^ | Naturalendo Tech Co. Ltd. | 40,185 | 597 |
| | KEPCO Engineering & Construction Co. Inc. | 36,851 | 597 |
| | Jusung Engineering Co. Ltd. | 98,509 | 595 |
| | Vieworks Co. Ltd. | 20,639 | 585 |
| * | Innox Advanced Materials Co. Ltd. | 16,638 | 582 |
| | Lotte Food Co. Ltd. | 983 | 566 |
| | Maeil Dairies Co. Ltd. | 8,291 | 551 |
| | Daeduck GDS Co. Ltd. | 47,697 | 539 |
| ^ | TES Co. Ltd. | 40,459 | 537 |
| | Dae Hwa Pharmaceutical Co. Ltd. | 29,838 | 529 |
| | Lotte Confectionery Co. Ltd. | 3,774 | 527 |
| | Kolon Corp. | 19,514 | 527 |
| | CJ Hello Co. Ltd. | 65,101 | 522 |
| | S&T Motiv Co. Ltd. | 22,506 | 521 |
| | Hyundai Livart Furniture Co. Ltd. | 27,137 | 519 |
| *,^ | Gamevil Inc. | 11,205 | 505 |
| * | Aprogen pharmaceuticals Inc. | 218,858 | 503 |
| | Hancom Inc. | 42,895 | 486 |
| | Korea Asset In Trust Co. Ltd. | 126,781 | 484 |
| ^ | JW Holdings Corp. | 93,912 | 483 |
| * | Hanwha Investment & Securities Co. Ltd. | 267,611 | 483 |
| *,^ | Vidente Co. Ltd. | 61,291 | 479 |
| ^ | Kolmar Korea Holdings Co. Ltd. | 18,787 | 479 |
| ^ | InBody Co. Ltd. | 25,593 | 475 |
| | Tongyang Life Insurance Co. Ltd. | 95,230 | 473 |
| * | Binex Co. Ltd. | 55,646 | 467 |
89
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | SK Securities Co. Ltd. | 693,791 | 454 |
| | Kyobo Securities Co. Ltd. | 58,597 | 449 |
| | Samchully Co. Ltd. | 5,477 | 440 |
| | SL Corp. | 34,592 | 439 |
| | i-SENS Inc. | 21,811 | 438 |
| ^ | Samyang Corp. | 8,199 | 437 |
| * | Seobu T&D | 55,088 | 425 |
| | Sung Kwang Bend Co. Ltd. | 41,381 | 425 |
| | Hankook Shell Oil Co. Ltd. | 1,399 | 424 |
| | Seah Besteel Corp. | 29,712 | 423 |
| * | NUTRIBIOTECH Co. Ltd. | 31,452 | 421 |
| *,^ | COSON Co. Ltd. | 49,072 | 412 |
| | WeMade Entertainment Co. Ltd. | 19,778 | 412 |
| *,^ | KONA I Co. Ltd. | 31,530 | 411 |
| ^ | Able C&C Co. Ltd. | 52,754 | 411 |
| ^ | Namhae Chemical Corp. | 45,994 | 409 |
| * | Eugene Investment & Securities Co. Ltd. | 198,197 | 406 |
| | KT Skylife Co. Ltd. | 36,858 | 402 |
| | KISWIRE Ltd. | 20,602 | 391 |
| ^ | ST Pharm Co. Ltd. | 20,886 | 386 |
| | Hyundai Corp. | 17,907 | 383 |
| *,^ | Cellumed Co. Ltd. | 52,681 | 382 |
| ^ | Huons Global Co. Ltd. | 11,013 | 379 |
| | Kwang Dong Pharmaceutical Co. Ltd. | 76,201 | 377 |
| ^ | Dae Han Flour Mills Co. Ltd. | 2,501 | 374 |
| * | Hansol Technics Co. Ltd. | 63,656 | 374 |
| | TK Corp. | 34,897 | 371 |
| | Lutronic Corp. | 44,536 | 368 |
| *,^ | Cuckoo Homesys Co. Ltd. | 2,674 | 368 |
| | NS Shopping Co. Ltd. | 37,811 | 359 |
| * | Homecast Co. Ltd. | 70,528 | 351 |
| | Chongkundang Holdings Corp. | 7,118 | 351 |
| | Cuckoo Holdings Co. Ltd. | 3,270 | 349 |
| | KISCO Corp. | 68,056 | 347 |
| | Youlchon Chemical Co. Ltd. | 31,779 | 345 |
| | E1 Corp. | 6,436 | 342 |
| *,^ | CUROCOM Co. Ltd. | 253,459 | 341 |
| | Muhak Co. Ltd. | 33,303 | 341 |
| | Sindoh Co. Ltd. | 8,777 | 336 |
| * | KTB Investment & Securities Co. Ltd. | 115,440 | 330 |
| | Sungwoo Hitech Co. Ltd. | 107,515 | 329 |
| * | Hanjin Heavy Industries & Construction Co. Ltd. | 206,061 | 321 |
| *,^ | Insun ENT Co. Ltd. | 63,815 | 319 |
| | iMarketKorea Inc. | 55,127 | 314 |
| | Humedix Co. Ltd. | 13,470 | 309 |
| | NEPES Corp. | 39,184 | 309 |
| *,^ | Ssangyong Motor Co. | 94,350 | 307 |
| *,^ | Duk San Neolux Co. Ltd. | 27,628 | 301 |
| | Cell Biotech Co. Ltd. | 13,391 | 294 |
| *,^ | G-SMATT GLOBAL Co. Ltd. | 32,569 | 292 |
| | Coreana Cosmetics Co. Ltd. | 79,203 | 291 |
| | Daishin Securities Co. Ltd. Preference Shares | 36,833 | 291 |
| | Hansol Holdings Co. Ltd. | 79,544 | 290 |
| * | APS Holdings Corp. | 81,474 | 289 |
| * | Wonik Holdings Co. Ltd. | 78,940 | 279 |
| | KC Co. Ltd. | 19,389 | 278 |
| * | Neowiz | 27,293 | 274 |
| | Sam Young Electronics Co. Ltd. | 27,081 | 267 |
| *,^ | Leaders Cosmetics Co. Ltd. | 27,292 | 267 |
| *,^ | Samsung Pharmaceutical Co. Ltd. | 117,521 | 266 |
| * | Eusu Holdings Co. Ltd. | 46,514 | 253 |
| *,^ | Interflex Co. Ltd. | 26,188 | 245 |
| | CJ Freshway Corp. | 11,837 | 244 |
| | SBS Media Holdings Co. Ltd. | 119,182 | 237 |
90
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | KC Tech Co. Ltd. | 23,171 | 234 |
| | DB Financial Investment Co. Ltd. | 66,675 | 218 |
| ^ | Hanil Holdings Co. Ltd. | 5,355 | 218 |
| * | S&T Dynamics Co. Ltd. | 34,796 | 211 |
| | It's Hanbul Co. Ltd. | 9,625 | 209 |
| * | Lumens Co. Ltd. | 100,724 | 208 |
| *,^ | SeAH Steel Corp. | 3,994 | 206 |
| * | SFA Semicon Co. Ltd. | 162,679 | 203 |
| ^ | Byucksan Corp. | 96,970 | 202 |
| * | GNCO Co. Ltd. | 159,084 | 196 |
| *,^ | Taewoong Co. Ltd. | 20,806 | 194 |
| ^ | SeAH Steel Holdings Corp. | 4,456 | 192 |
| | GOLFZON Co. Ltd. | 6,590 | 189 |
| *,^ | KH Vatec Co. Ltd. | 33,505 | 189 |
| | Cosmax BTI Inc | 10,993 | 185 |
| | INTOPS Co. Ltd. | 27,000 | 184 |
| ^ | ICD Co. Ltd. | 27,501 | 172 |
| *,^ | Agabang&Company | 57,516 | 172 |
| ^ | Woongjin Thinkbig Co. Ltd. | 44,487 | 162 |
| | Humax Co. Ltd. | 40,050 | 158 |
| | Interpark Holdings Corp. | 83,025 | 155 |
| | Maeil Holdings Co. Ltd. | 14,593 | 144 |
| * | HSD Engine Co. Ltd. | 30,969 | 120 |
| | LVMC Holdings | 56,393 | 104 |
| * | SK Securities Co. Ltd. Rights Exp. 12/04/2018 | 184,598 | 29 |
| *,§ | Tera Resource Co. Ltd. | 42,004 | 2 |
| *,§ | CNK International Co. Ltd. | 35,374 | — |
| *,§ | SSCP Co. Ltd. | 20,873 | — |
| *,§ | Shenglong PV-Tech Investment Co. Ltd. | 44,660 | — |
| *,§ | Daewoo Songdo Development Co. Ltd. | 11,746 | — |
| | | | 274,937 |
| Spain (1.6%) | | |
| | Viscofan SA | 106,389 | 6,364 |
| | Bolsas y Mercados Espanoles SHMSF SA | 206,773 | 6,117 |
| | Applus Services SA | 385,439 | 5,240 |
| * | Masmovil Ibercom SA | 35,795 | 4,639 |
| | Ebro Foods SA | 208,827 | 4,099 |
| | Cia de Distribucion Integral Logista Holdings SA | 169,543 | 4,093 |
| | Prosegur Cia de Seguridad SA | 720,254 | 4,000 |
| | CIE Automotive SA | 147,176 | 3,895 |
| *,2 | Neinor Homes SA | 207,830 | 3,345 |
| * | Indra Sistemas SA | 325,484 | 3,217 |
| | Faes Farma SA | 725,142 | 3,049 |
| | Melia Hotels International SA | 293,780 | 3,019 |
| * | Almirall SA | 161,737 | 2,930 |
| | Ence Energia y Celulosa SA | 338,436 | 2,843 |
| 2 | Unicaja Banco SA | 2,110,593 | 2,702 |
| 2 | Gestamp Automocion SA | 422,047 | 2,676 |
| | Papeles y Cartones de Europa SA | 134,393 | 2,543 |
| ^,2 | Euskaltel SA | 274,118 | 2,295 |
| ^ | Tecnicas Reunidas SA | 82,907 | 2,229 |
| * | Sacyr SA | 901,363 | 2,176 |
| 2 | Prosegur Cash SA | 1,036,736 | 2,054 |
| * | Fluidra SA | 166,727 | 2,016 |
| | Construcciones y Auxiliar de Ferrocarriles SA | 49,761 | 1,868 |
| | Lar Espana Real Estate Socimi SA | 180,310 | 1,787 |
| ^ | NH Hotel Group SA | 267,227 | 1,664 |
| *,2 | Global Dominion Access SA | 304,390 | 1,626 |
| * | Liberbank SA | 3,462,778 | 1,620 |
| * | Promotora de Informaciones SA | 869,890 | 1,580 |
| *,2 | Metrovacesa SA | 122,380 | 1,505 |
| *,2 | Aedas Homes SAU | 56,846 | 1,471 |
| | Atresmedia Corp. de Medios de Comunicacion SA | 228,910 | 1,289 |
| ^ | Distribuidora Internacional de Alimentacion SA | 1,239,185 | 934 |
91
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Codere SA | 141,240 | 914 |
| * | Pharma Mar SA | 446,158 | 545 |
| ^ | Obrascon Huarte Lain SA | 464,526 | 530 |
| *,^,§ | Let's GOWEX SA | 31,105 | — |
| | | | 92,874 |
| Sweden (3.8%) | | |
| | Castellum AB | 731,529 | 12,610 |
| * | Fabege AB | 715,114 | 9,132 |
| | Com Hem Holding AB | 472,718 | 7,375 |
| * | AAK AB | 453,603 | 6,837 |
| | Modern Times Group MTG AB Class B | 172,741 | 6,377 |
| * | Holmen AB | 273,943 | 6,272 |
| | Hexpol AB | 670,718 | 6,207 |
| | Indutrade AB | 252,087 | 6,051 |
| ^ | Loomis AB Class B | 195,103 | 6,033 |
| | Getinge AB | 605,442 | 5,939 |
| ^ | BillerudKorsnas AB | 476,315 | 5,642 |
| 2 | Dometic Group AB | 803,078 | 5,609 |
| 2 | Thule Group AB | 282,755 | 5,599 |
| | Hemfosa Fastigheter AB | 437,267 | 5,402 |
| | Lifco AB Class B | 123,002 | 5,223 |
| ^ | Intrum AB | 200,565 | 5,116 |
| ^ | SSAB AB Class B | 1,560,629 | 5,061 |
| | Axfood AB | 283,506 | 5,057 |
| 2 | Evolution Gaming Group AB | 66,520 | 5,000 |
| | Peab AB | 526,727 | 4,637 |
| 2 | Ahlsell AB | 868,198 | 4,394 |
| | Hufvudstaden AB Class A | 296,770 | 4,387 |
| | Sweco AB Class B | 180,863 | 4,078 |
| * | Wihlborgs Fastigheter AB | 359,448 | 4,055 |
| 2 | Bravida Holding AB | 533,560 | 3,920 |
| | Wallenstam AB | 433,327 | 3,904 |
| ^ | NCC AB Class B | 254,963 | 3,799 |
| | AF AB | 174,592 | 3,744 |
| | Kungsleden AB | 506,856 | 3,543 |
| ^ | JM AB | 185,015 | 3,509 |
| ^ | Avanza Bank Holding AB | 65,177 | 3,485 |
| | Pandox AB Class B | 199,400 | 3,407 |
| * | Betsson AB | 328,477 | 2,852 |
| | SSAB AB Class A | 676,149 | 2,699 |
| | Bonava AB Class B | 229,274 | 2,590 |
| * | NetEnt AB | 501,183 | 2,571 |
| 2 | Attendo AB | 283,646 | 2,565 |
| * | Vitrolife AB | 171,480 | 2,540 |
| ^ | Mycronic AB | 184,546 | 2,315 |
| | Nolato AB Class B | 46,623 | 2,147 |
| | Atrium Ljungberg AB | 124,854 | 2,115 |
| | Arjo AB | 605,880 | 2,059 |
| | Nobia AB | 312,929 | 1,991 |
| | Bilia AB | 212,242 | 1,988 |
| 2 | Resurs Holding AB | 290,112 | 1,922 |
| | Cloetta AB Class B | 603,705 | 1,820 |
| | Klovern AB | 1,573,049 | 1,815 |
| 2 | Scandic Hotels Group AB | 197,150 | 1,802 |
| | Bure Equity AB | 138,111 | 1,798 |
| * | SAS AB | 768,494 | 1,735 |
| * | Hembla AB Class B | 96,928 | 1,657 |
| | Oriflame Holding AG | 62,920 | 1,485 |
| | Concentric AB | 109,859 | 1,474 |
| | SkiStar AB | 56,110 | 1,462 |
| | Ratos AB | 539,642 | 1,457 |
| ^ | Mekonomen AB | 112,383 | 1,316 |
| | Lindab International AB | 180,386 | 1,260 |
| * | Investment AB Oresund | 80,814 | 1,228 |
92
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Klovern AB Preference Shares | 35,377 | 1,181 |
| | Sagax AB | 265,617 | 973 |
| ^ | Clas Ohlson AB | 107,601 | 904 |
| ^,2 | Munters Group AB | 198,160 | 734 |
| | Haldex AB | 80,191 | 678 |
| * | Collector AB | 109,630 | 640 |
| * | Radisson Hospitality AB | 128,421 | 496 |
| | Hemfosa Fastigheter AB Preference Shares | 25,026 | 470 |
| | SAS AB Preference Shares | 4,417 | 266 |
| | NCC AB Class A | 11,677 | 175 |
| | Sagax AB Preference Shares | 7,725 | 29 |
| | | | 228,613 |
| Switzerland (3.3%) | | |
| ^ | BB Biotech AG | 149,171 | 9,371 |
| 2 | Sunrise Communications Group AG | 91,703 | 8,072 |
| | Tecan Group AG | 31,623 | 7,134 |
| 2 | VAT Group AG | 69,716 | 6,995 |
| 2 | Galenica AG | 130,188 | 6,979 |
| | Cembra Money Bank AG | 75,952 | 6,370 |
| | dormakaba Holding AG | 8,250 | 5,952 |
| | Allreal Holding AG | 38,418 | 5,893 |
| | Belimo Holding AG | 1,253 | 5,604 |
| | Valiant Holding AG | 42,939 | 4,849 |
| | Bucher Industries AG | 17,560 | 4,843 |
| | Vontobel Holding AG | 75,179 | 4,665 |
| * | Idorsia Ltd. | 240,301 | 4,653 |
| | SFS Group AG | 45,916 | 4,504 |
| | Forbo Holding AG | 3,014 | 4,424 |
| | Siegfried Holding AG | 10,894 | 4,370 |
| | Panalpina Welttransport Holding AG | 34,747 | 4,246 |
| ^ | Landis&Gyr Group AG | 67,057 | 4,068 |
| | Emmi AG | 5,254 | 3,819 |
| | Mobimo Holding AG | 16,715 | 3,722 |
| | Conzzeta AG | 3,522 | 3,149 |
| | BKW AG | 48,076 | 3,049 |
| | Daetwyler Holding AG | 19,947 | 3,028 |
| | St. Galler Kantonalbank AG | 6,095 | 3,001 |
| | Schweiter Technologies AG | 2,564 | 2,912 |
| | Fanhua Inc. ADR | 104,312 | 2,794 |
| | Burckhardt Compression Holding AG | 8,380 | 2,777 |
| | Interroll Holding AG | 1,496 | 2,768 |
| | Huber & Suhner AG | 39,243 | 2,686 |
| | HBM HLTHCR-I | 16,031 | 2,641 |
| | Komax Holding AG | 9,508 | 2,604 |
| * | COSMO Pharmaceuticals NV | 19,583 | 2,466 |
| | GAM Holding AG | 424,376 | 2,464 |
| | Inficon Holding AG | 5,105 | 2,448 |
| | u-blox Holding AG | 18,188 | 2,279 |
| | Valora Holding AG | 8,937 | 2,236 |
| | Implenia AG | 38,642 | 2,148 |
| *,^ | Aryzta AG | 229,447 | 2,140 |
| | Kardex AG | 15,914 | 2,069 |
| ^ | Comet Holding AG | 20,431 | 2,064 |
| | VZ Holding AG | 7,049 | 1,997 |
| | Liechtensteinische Landesbank AG | 27,403 | 1,768 |
| | Bachem Holding AG | 14,616 | 1,709 |
| | Ascom Holding AG | 102,133 | 1,629 |
| | Intershop Holding AG | 3,256 | 1,600 |
| | Bell Food Group AG | 5,059 | 1,586 |
| | Bobst Group SA | 20,441 | 1,545 |
| * | Arbonia AG | 122,295 | 1,534 |
| | Autoneum Holding AG | 7,744 | 1,497 |
| *,^ | Basilea Pharmaceutica AG | 29,851 | 1,441 |
| | EFG International AG | 198,492 | 1,400 |
93
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | LEM Holding SA | 1,211 | 1,384 |
| | Swissquote Group Holding SA | 23,218 | 1,207 |
| | Vetropack Holding AG | 525 | 1,202 |
| ^ | Ypsomed Holding AG | 8,756 | 1,175 |
| | Bossard Holding AG | 6,931 | 1,130 |
| * | Leonteq AG | 23,799 | 1,122 |
| ^ | Rieter Holding AG | 8,282 | 1,118 |
| * | VP Bank AG | 6,467 | 1,041 |
| | Zehnder Group AG | 25,921 | 1,037 |
| | APG SGA SA | 2,821 | 994 |
| *,^ | Meyer Burger Technology AG | 1,745,481 | 914 |
| | ALSO Holding AG | 7,415 | 840 |
| * | Schmolz & Bickenbach AG | 1,127,132 | 827 |
| * | Alpiq Holding AG | 8,587 | 725 |
| ^ | Kudelski SA | 97,129 | 684 |
| *,§ | Petroplus Holdings AG | 36,495 | — |
| | | | 195,362 |
| Taiwan (5.8%) | | |
| * | Tatung Co. Ltd. | 5,895,320 | 6,891 |
| | WPG Holdings Ltd. | 3,976,138 | 4,736 |
| | Hiwin Technologies Corp. | 657,591 | 4,268 |
| | Powertech Technology Inc. | 1,902,662 | 4,174 |
| | Micro-Star International Co. Ltd. | 1,857,000 | 4,137 |
| | TA Chen Stainless Pipe | 2,892,037 | 4,087 |
| | Accton Technology Corp. | 1,428,467 | 3,954 |
| | Chroma ATE Inc. | 1,042,040 | 3,671 |
| | Highwealth Construction Corp. | 2,421,341 | 3,557 |
| | Airtac International Group | 399,528 | 3,447 |
| | Winbond Electronics Corp. | 7,811,614 | 3,403 |
| | Win Semiconductors Corp. | 1,089,969 | 3,367 |
| | TCI Co. Ltd. | 236,842 | 3,318 |
| | Tripod Technology Corp. | 1,338,327 | 3,234 |
| | LCY Chemical Corp. | 1,850,623 | 3,113 |
| | Radiant Opto-Electronics Corp. | 1,182,147 | 3,107 |
| * | TaiMed Biologics Inc. | 496,000 | 3,098 |
| | Chipbond Technology Corp. | 1,606,852 | 2,959 |
| | Ruentex Industries Ltd. | 1,115,496 | 2,803 |
| | Ruentex Development Co. Ltd. | 2,015,351 | 2,797 |
| | Phison Electronics Corp. | 421,962 | 2,775 |
| | Zhen Ding Technology Holding Ltd. | 1,208,400 | 2,765 |
| | Sino-American Silicon Products Inc. | 1,458,945 | 2,732 |
| | Simplo Technology Co. Ltd. | 469,631 | 2,731 |
| | Macronix International | 4,829,386 | 2,689 |
| | CTCI Corp. | 1,873,667 | 2,646 |
| * | China Petrochemical Development Corp. | 7,095,077 | 2,599 |
| | Makalot Industrial Co. Ltd. | 469,880 | 2,521 |
| | King's Town Bank Co. Ltd. | 2,620,193 | 2,507 |
| | Hota Industrial Manufacturing Co. Ltd. | 581,323 | 2,447 |
| | Parade Technologies Ltd. | 183,000 | 2,436 |
| * | PharmaEssentia Corp. | 455,168 | 2,431 |
| | Waterland Financial Holdings Co. Ltd. | 7,197,117 | 2,340 |
| | Merida Industry Co. Ltd. | 665,055 | 2,335 |
| | Nien Made Enterprise Co. Ltd. | 373,081 | 2,314 |
| | St. Shine Optical Co. Ltd. | 125,419 | 2,239 |
| | International CSRC Investment Holdings Co. | 1,947,219 | 2,184 |
| | Merry Electronics Co. Ltd. | 501,910 | 2,175 |
| | Qisda Corp. | 3,690,000 | 2,099 |
| | Taichung Commercial Bank Co. Ltd. | 6,277,505 | 2,072 |
| | Lien Hwa Industrial Corp. | 2,029,768 | 2,001 |
| | Voltronic Power Technology Corp. | 123,356 | 1,997 |
| | Silergy Corp. | 155,000 | 1,975 |
| | FLEXium Interconnect Inc. | 762,140 | 1,927 |
| | Compeq Manufacturing Co. Ltd. | 2,978,471 | 1,913 |
| | Standard Foods Corp. | 1,259,708 | 1,894 |
94
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| E Ink Holdings Inc. | 2,374,708 | 1,880 |
| Grape King Bio Ltd. | 293,000 | 1,848 |
| King Yuan Electronics Co. Ltd. | 3,087,963 | 1,809 |
| Sinbon Electronics Co. Ltd. | 643,066 | 1,777 |
| TSRC Corp. | 1,922,046 | 1,775 |
| Kenda Rubber Industrial Co. Ltd. | 1,848,016 | 1,771 |
| General Interface Solution Holding Ltd. | 527,000 | 1,760 |
| Yungtay Engineering Co. Ltd. | 961,993 | 1,758 |
| Gigabyte Technology Co. Ltd. | 1,328,271 | 1,746 |
| Poya International Co. Ltd. | 199,535 | 1,739 |
| WT Microelectronics Co. Ltd. | 1,343,377 | 1,733 |
| King Slide Works Co. Ltd. | 165,675 | 1,724 |
| Wistron NeWeb Corp. | 736,495 | 1,719 |
| Taiwan Union Technology Corp. | 609,000 | 1,676 |
| Great Wall Enterprise Co. Ltd. | 1,700,753 | 1,659 |
| Nan Kang Rubber Tire Co. Ltd. | 1,878,107 | 1,642 |
| Cheng Loong Corp. | 2,548,920 | 1,628 |
| China Steel Chemical Corp. | 398,853 | 1,624 |
| Grand Pacific Petrochemical | 2,348,928 | 1,590 |
| Mitac Holdings Corp. | 1,934,610 | 1,573 |
| Global Unichip Corp. | 228,649 | 1,562 |
| Elite Material Co. Ltd. | 764,519 | 1,532 |
| Tung Ho Steel Enterprise Corp. | 2,256,150 | 1,531 |
| Bizlink Holding Inc. | 284,651 | 1,523 |
| TTY Biopharm Co. Ltd. | 575,987 | 1,506 |
| Coretronic Corp. | 1,091,000 | 1,501 |
| Far Eastern Department Stores Ltd. | 2,923,043 | 1,462 |
| Elan Microelectronics Corp. | 776,545 | 1,451 |
| Tong Yang Industry Co. Ltd. | 1,280,919 | 1,448 |
| HannStar Display Corp. | 6,512,810 | 1,437 |
| Career Technology MFG. Co. Ltd. | 1,034,066 | 1,434 |
| * Mercuries Life Insurance Co. Ltd. | 3,124,524 | 1,370 |
| Wafer Works Corp. | 1,319,552 | 1,345 |
| eMemory Technology Inc. | 181,000 | 1,343 |
| Hung Sheng Construction Ltd. | 1,575,720 | 1,340 |
| Huaku Development Co. Ltd. | 657,499 | 1,337 |
| Shinkong Synthetic Fibers Corp. | 3,942,416 | 1,335 |
| ASPEED Technology Inc. | 90,437 | 1,333 |
| Genius Electronic Optical Co. Ltd. | 201,732 | 1,310 |
| Lung Yen Life Service Corp. | 680,000 | 1,282 |
| ASMedia Technology Inc. | 92,000 | 1,274 |
| Sunny Friend Environmental Technology Co. Ltd. | 176,000 | 1,271 |
| LandMark Optoelectronics Corp. | 190,600 | 1,267 |
| Chong Hong Construction Co. Ltd. | 550,493 | 1,255 |
| YFY Inc. | 3,459,000 | 1,255 |
| Clevo Co. | 1,603,944 | 1,249 |
| Chilisin Electronics Corp. | 506,441 | 1,220 |
| Tainan Spinning Co. Ltd. | 3,089,674 | 1,215 |
| Cleanaway Co. Ltd. | 220,000 | 1,214 |
| Gourmet Master Co. Ltd. | 198,789 | 1,206 |
| ChipMOS Technologies Inc. | 1,724,495 | 1,193 |
| Tong Hsing Electronic Industries Ltd. | 398,961 | 1,192 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 767,401 | 1,184 |
| China Bills Finance Corp. | 2,732,800 | 1,168 |
| Getac Technology Corp. | 975,000 | 1,149 |
| Jih Sun Financial Holdings Co. Ltd. | 3,941,008 | 1,145 |
| Long Chen Paper Co. Ltd. | 2,223,350 | 1,137 |
| * United Renewable Energy Co. Ltd. | 5,090,228 | 1,134 |
| Sanyang Motor Co. Ltd. | 1,764,037 | 1,130 |
| Holy Stone Enterprise Co. Ltd. | 357,769 | 1,129 |
| Cub Elecparts Inc. | 183,069 | 1,108 |
| Center Laboratories Inc. | 596,997 | 1,106 |
| Ardentec Corp. | 1,266,851 | 1,105 |
| Primax Electronics Ltd. | 806,000 | 1,089 |
95
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Asia Pacific Telecom Co. Ltd. | 5,574,000 | 1,073 |
| China Man-Made Fiber Corp. | 3,349,487 | 1,065 |
| * PChome Online Inc. | 232,082 | 1,061 |
| Yieh Phui Enterprise Co. Ltd. | 3,354,697 | 1,042 |
| Chin-Poon Industrial Co. Ltd. | 931,072 | 1,041 |
| Wisdom Marine Lines Co. Ltd. | 1,087,098 | 1,039 |
| Cathay Real Estate Development Co. Ltd. | 1,722,000 | 1,024 |
| * Radium Life Tech Co. Ltd. | 2,070,265 | 1,022 |
| Asia Optical Co. Inc. | 566,000 | 1,020 |
| Taiwan Styrene Monomer | 1,366,579 | 1,018 |
| ITEQ Corp. | 791,261 | 1,016 |
| Sercomm Corp. | 632,000 | 1,011 |
| Prince Housing & Development Corp. | 3,088,183 | 1,009 |
| Kinpo Electronics | 3,359,196 | 1,007 |
| Run Long Construction Co. Ltd. | 576,000 | 1,003 |
| Kinsus Interconnect Technology Corp. | 763,282 | 1,002 |
| * Ritek Corp. | 3,106,239 | 996 |
| President Securities Corp. | 2,428,005 | 984 |
| Greatek Electronics Inc. | 787,000 | 982 |
| Farglory Land Development Co. Ltd. | 845,854 | 967 |
| Yulon Finance Corp. | 350,000 | 964 |
| Everlight Electronics Co. Ltd. | 1,109,725 | 956 |
| SDI Corp. | 437,000 | 951 |
| Taiwan Paiho Ltd. | 639,183 | 947 |
| Chlitina Holding Ltd. | 140,750 | 941 |
| Lotes Co. Ltd. | 165,000 | 927 |
| USI Corp. | 2,419,784 | 925 |
| Taiwan Cogeneration Corp. | 1,075,903 | 909 |
| Goldsun Building Materials Co. Ltd. | 3,426,591 | 905 |
| Shin Zu Shing Co. Ltd. | 362,000 | 890 |
| Visual Photonics Epitaxy Co. Ltd. | 490,455 | 886 |
| Taiwan Surface Mounting Technology Corp. | 803,530 | 878 |
| United Integrated Services Co. Ltd. | 490,000 | 877 |
| Advanced Ceramic X Corp. | 139,000 | 875 |
| Topco Scientific Co. Ltd. | 421,793 | 875 |
| Charoen Pokphand Enterprise | 643,000 | 872 |
| UPC Technology Corp. | 2,356,905 | 867 |
| BES Engineering Corp. | 3,819,468 | 867 |
| * Taiwan TEA Corp. | 1,705,293 | 863 |
| Machvision Inc. | 83,591 | 860 |
| Sigurd Microelectronics Corp. | 955,000 | 859 |
| Taiwan Semiconductor Co. Ltd. | 570,000 | 857 |
| Mercuries & Associates Holding Ltd. | 1,324,102 | 853 |
| Systex Corp. | 420,000 | 842 |
| Ton Yi Industrial Corp. | 1,967,000 | 840 |
| Supreme Electronics Co. Ltd. | 976,000 | 823 |
| * Yang Ming Marine Transport Corp. | 2,959,650 | 820 |
| Aten International Co. Ltd. | 325,260 | 816 |
| * CMC Magnetics Corp. | 4,507,369 | 806 |
| China Metal Products | 823,515 | 803 |
| Kung Long Batteries Industrial Co. Ltd. | 173,000 | 802 |
| * AmTRAN Technology Co. Ltd. | 2,096,692 | 801 |
| Depo Auto Parts Ind Co. Ltd. | 364,313 | 792 |
| Lealea Enterprise Co. Ltd. | 2,539,849 | 778 |
| Wah Lee Industrial Corp. | 487,883 | 765 |
| Flytech Technology Co. Ltd. | 336,845 | 758 |
| Ennoconn Corp. | 113,644 | 756 |
| YungShin Global Holding Corp. | 588,647 | 754 |
| PharmaEngine Inc. | 222,102 | 752 |
| TXC Corp. | 748,877 | 749 |
| Pixart Imaging Inc. | 281,920 | 747 |
| Cheng Uei Precision Industry Co. Ltd. | 1,081,000 | 746 |
| Holtek Semiconductor Inc. | 393,279 | 745 |
| momo.com Inc. | 123,000 | 742 |
96
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Hsin Kuang Steel Co. Ltd. | 687,569 | 740 |
| Formosa International Hotels Corp. | 170,841 | 738 |
| Ginko International Co. Ltd. | 129,200 | 738 |
| Pharmally International Holding Co. Ltd. | 96,932 | 732 |
| YC INOX Co. Ltd. | 915,174 | 732 |
| * Pan Jit International Inc. | 1,003,000 | 725 |
| Sinyi Realty Inc. | 740,465 | 706 |
| Xxentria Technology Materials Corp. | 365,776 | 699 |
| Sitronix Technology Corp. | 269,282 | 698 |
| Foxsemicon Integrated Technology Inc. | 199,400 | 698 |
| Test Rite International Co. Ltd. | 946,725 | 687 |
| A-DATA Technology Co. Ltd. | 550,915 | 674 |
| Pan-International Industrial Corp. | 1,172,595 | 673 |
| * Wei Chuan Foods Corp. | 1,085,835 | 670 |
| Namchow Holdings Co. Ltd. | 473,000 | 668 |
| Elite Semiconductor Memory Technology Inc. | 691,000 | 665 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 1,009,625 | 664 |
| Zeng Hsing Industrial Co. Ltd. | 143,000 | 664 |
| Test Research Inc. | 469,371 | 653 |
| Chunghwa Precision Test Tech Co. Ltd. | 48,000 | 650 |
| Firich Enterprises Co. Ltd. | 574,924 | 649 |
| Unitech Printed Circuit Board Corp. | 1,524,672 | 642 |
| Elite Advanced Laser Corp. | 366,607 | 641 |
| China General Plastics Corp. | 1,062,854 | 631 |
| § Syncmold Enterprise Corp. | 300,750 | 631 |
| Chaun-Choung Technology Corp. | 186,000 | 626 |
| Shin Kong Financial Holding Co. Ltd. | 1,897,810 | 626 |
| International Games System Co. Ltd. | 138,213 | 615 |
| Nan Liu Enterprise Co. Ltd. | 121,000 | 614 |
| Kinik Co. | 353,000 | 605 |
| Faraday Technology Corp. | 572,000 | 595 |
| Darfon Electronics Corp. | 512,000 | 590 |
| Soft-World International Corp. | 275,520 | 590 |
| FocalTech Systems Co. Ltd. | 804,398 | 590 |
| Sporton International Inc. | 153,533 | 572 |
| * D-Link Corp. | 1,742,407 | 568 |
| Rechi Precision Co. Ltd. | 764,668 | 563 |
| Egis Technology Inc. | 178,000 | 561 |
| OptoTech Corp. | 1,081,772 | 554 |
| AcBel Polytech Inc. | 952,000 | 548 |
| Darwin Precisions Corp. | 1,095,000 | 545 |
| Long Bon International Co. Ltd. | 1,110,374 | 536 |
| Gemtek Technology Corp. | 896,115 | 533 |
| Kindom Construction Corp. | 964,000 | 531 |
| Asia Vital Components Co. Ltd. | 769,337 | 529 |
| TA-I Technology Co. Ltd. | 359,000 | 526 |
| Hu Lane Associate Inc. | 204,000 | 521 |
| ScinoPharm Taiwan Ltd. | 704,891 | 520 |
| * Shining Building Business Co. Ltd. | 1,633,312 | 519 |
| Casetek Holdings Ltd. | 365,953 | 518 |
| * Microbio Co. Ltd. | 948,562 | 513 |
| Gloria Material Technology Corp. | 943,023 | 510 |
| Lite-On Semiconductor Corp. | 624,977 | 506 |
| * CSBC Corp. Taiwan | 480,075 | 503 |
| Wowprime Corp. | 186,761 | 493 |
| Evergreen International Storage & Transport Corp. | 1,181,502 | 489 |
| Concraft Holding Co. Ltd. | 128,500 | 488 |
| Posiflex Technology Inc. | 159,822 | 488 |
| Everlight Chemical Industrial Corp. | 970,649 | 486 |
| * Li Peng Enterprise Co. Ltd. | 1,844,915 | 484 |
| * Taiwan Land Development Corp. | 1,822,969 | 472 |
| Lextar Electronics Corp. | 878,000 | 469 |
| Alpha Networks Inc. | 1,062,827 | 469 |
| Sincere Navigation Corp. | 899,000 | 464 |
97
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Ho Tung Chemical Corp. | 2,139,362 | 462 |
| Taiwan PCB Techvest Co. Ltd. | 579,102 | 453 |
| IEI Integration Corp. | 429,861 | 449 |
| Sampo Corp. | 1,186,311 | 444 |
| Rich Development Co. Ltd. | 1,556,000 | 441 |
| Taiflex Scientific Co. Ltd. | 445,594 | 435 |
| Ta Ya Electric Wire & Cable | 1,210,440 | 428 |
| Dynapack International Technology Corp. | 332,299 | 418 |
| Nan Ya Printed Circuit Board Corp. | 521,000 | 417 |
| * Medigen Biotechnology Corp. | 314,680 | 412 |
| China Chemical & Pharmaceutical Co. Ltd. | 690,000 | 408 |
| KEE TAI Properties Co. Ltd. | 1,074,740 | 407 |
| * XinTec Inc. | 378,000 | 404 |
| Adlink Technology Inc. | 355,254 | 403 |
| Advanced Wireless Semiconductor Co. | 318,000 | 398 |
| Asia Polymer Corp. | 892,659 | 393 |
| Li Cheng Enterprise Co. Ltd. | 307,365 | 392 |
| * Federal Corp. | 1,091,505 | 385 |
| * Orient Semiconductor Electronics Ltd. | 1,696,000 | 385 |
| Altek Corp. | 509,250 | 377 |
| * Lotus Pharmaceutical Co. Ltd. | 194,000 | 375 |
| * Taigen Biopharmaceuticals Holdings Ltd. | 717,723 | 374 |
| Tyntek Corp. | 746,250 | 368 |
| Formosan Rubber Group Inc. | 756,089 | 350 |
| Brogent Technologies Inc. | 76,327 | 348 |
| Sunplus Technology Co. Ltd. | 1,030,000 | 347 |
| Senao International Co. Ltd. | 309,000 | 344 |
| * Cheng Mei Materials Technology Corp. | 1,469,000 | 341 |
| * Kuo Toong International Co. Ltd. | 503,557 | 341 |
| Chun Yuan Steel | 1,052,676 | 341 |
| Yeong Guan Energy Technology Group Co. Ltd. | 250,000 | 339 |
| Jentech Precision Industrial Co. Ltd. | 181,698 | 338 |
| Bank of Kaohsiung Co. Ltd. | 1,175,429 | 334 |
| L&K Engineering Co. Ltd. | 404,000 | 332 |
| Hong Pu Real Estate Development Co. Ltd. | 517,195 | 331 |
| Swancor Holding Co. Ltd. | 171,000 | 326 |
| Basso Industry Corp. | 228,000 | 322 |
| CyberTAN Technology Inc. | 807,571 | 319 |
| * Tong-Tai Machine & Tool Co. Ltd. | 566,429 | 318 |
| TYC Brother Industrial Co. Ltd. | 426,710 | 316 |
| * Ichia Technologies Inc. | 703,000 | 315 |
| * Gold Circuit Electronics Ltd. | 941,280 | 312 |
| Tung Thih Electronic Co. Ltd. | 152,000 | 311 |
| Concord Securities Co. Ltd. | 1,332,806 | 311 |
| Global Mixed Mode Technology Inc. | 160,199 | 310 |
| Taiyen Biotech Co. Ltd. | 323,877 | 307 |
| ITE Technology Inc. | 312,418 | 307 |
| Weltrend Semiconductor | 401,754 | 300 |
| * TWi Pharmaceuticals Inc. | 151,000 | 299 |
| * Motech Industries Inc. | 1,418,059 | 298 |
| Chung Hwa Pulp Corp. | 1,013,135 | 298 |
| Huang Hsiang Construction Corp. | 363,051 | 292 |
| Globe Union Industrial Corp. | 591,675 | 280 |
| * Silicon Integrated Systems Corp. | 1,147,945 | 272 |
| China Electric Manufacturing Corp. | 938,000 | 266 |
| * Etron Technology Inc. | 960,947 | 266 |
| Iron Force Industrial Co. Ltd. | 133,000 | 264 |
| Sonix Technology Co. Ltd. | 305,000 | 261 |
| Advanced International Multitech Co. Ltd. | 256,000 | 261 |
| Elitegroup Computer Systems Co. Ltd. | 624,647 | 257 |
| Quanta Storage Inc. | 372,000 | 256 |
| Vivotek Inc. | 80,975 | 252 |
| Global Brands Manufacture Ltd. | 651,045 | 246 |
| * Unizyx Holding Corp. | 728,000 | 245 |
98
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Zinwell Corp. | 432,099 | 241 |
| | Johnson Health Tech Co. Ltd. | 232,283 | 239 |
| | Lingsen Precision Industries Ltd. | 877,000 | 238 |
| * | AGV Products Corp. | 1,079,425 | 231 |
| | CHC Healthcare Group | 216,727 | 230 |
| * | HannsTouch Solution Inc. | 1,231,731 | 229 |
| * | Gigastorage Corp. | 987,800 | 225 |
| | Infortrend Technology Inc. | 634,885 | 222 |
| | Gigasolar Materials Corp. | 80,600 | 221 |
| | Cyberlink Corp. | 109,076 | 219 |
| | Ability Enterprise Co. Ltd. | 550,099 | 216 |
| | Universal Cement Corp. | 350,994 | 213 |
| * | Green Energy Technology Inc. | 608,746 | 199 |
| | Toung Loong Textile Manufacturing | 188,000 | 198 |
| * | Phihong Technology Co. Ltd. | 728,618 | 194 |
| | Jess-Link Products Co. Ltd. | 226,100 | 194 |
| * | WUS Printed Circuit Co. Ltd. | 407,550 | 191 |
| * | Unity Opto Technology Co. Ltd. | 701,000 | 189 |
| * | ALI Corp. | 624,358 | 187 |
| * | Dynamic Electronics Co. Ltd. | 768,468 | 182 |
| | Nien Hsing Textile Co. Ltd. | 240,611 | 178 |
| | FSP Technology Inc. | 307,428 | 170 |
| * | Yulon Finance Corp. Prior Pfd. | 101,955 | 165 |
| | Sheng Yu Steel Co. Ltd. | 244,000 | 154 |
| | MIN AIK Technology Co. Ltd. | 309,389 | 145 |
| | Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 49,000 | 117 |
| *,§ | Pihsiang Machinery Manufacturing Co. Ltd. | 191,000 | 107 |
| * | E-Ton Solar Tech Co. Ltd. | 798,603 | 65 |
| *,§ | XPEC Entertainment Inc. | 125,457 | 54 |
| | Tsann Kuen Enterprise Co. Ltd. | 66,295 | 42 |
| * | G Tech Optoelectronics Corp. | 69,168 | 23 |
| | King's Town Construction Co. Ltd. | 14,826 | 9 |
| * | TWi Biotechnology Inc. | 9,077 | 6 |
| * | Taichung Commercial Bank Co. Ltd. Rights Exp. 11/26/2018 | 209,218 | — |
| | | | 348,887 |
| Thailand (1.8%) | | |
| * | Digital Telecommunications Infrastructure Fund | 12,860,392 | 5,740 |
| * | Krungthai Card PCL | 3,536,700 | 3,715 |
| * | Kiatnakin Bank PCL | 1,380,360 | 2,970 |
| * | Muangthai Capital PCL | 1,852,800 | 2,924 |
| * | Bangchak Corp. PCL | 2,833,600 | 2,820 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 7,732,076 | 2,801 |
| * | Tisco Financial Group PCL | 1,146,550 | 2,728 |
| * | Robinson PCL | 1,265,800 | 2,501 |
| * | KCE Electronics PCL | 2,186,900 | 2,465 |
| * | Jasmine Broadband Internet Infrastructure Fund | 7,354,100 | 2,265 |
| * | Thanachart Capital PCL | 1,415,197 | 2,252 |
| * | CH Karnchang PCL | 2,816,400 | 2,168 |
| * | WHA Corp. PCL | 16,664,400 | 2,074 |
| * | Siam Global House PCL | 3,610,542 | 2,044 |
| * | Srisawad Corp. PCL | 1,370,813 | 1,844 |
| | MBK PCL | 2,498,300 | 1,839 |
| * | Bangkok Land PCL | 34,391,400 | 1,787 |
| * | Supalai PCL | 2,624,800 | 1,735 |
| * | Bangkok Chain Hospital PCL | 2,932,448 | 1,728 |
| * | Quality Houses PCL | 18,179,533 | 1,724 |
| * | Global Power Synergy PCL | 963,496 | 1,681 |
| *,2 | Star Petroleum Refining PCL | 3,899,800 | 1,659 |
| * | B Grimm Power PCL | 1,940,300 | 1,643 |
| * | Hana Microelectronics PCL | 1,479,236 | 1,620 |
| * | Amata Corp. PCL | 2,141,500 | 1,560 |
| | Tesco Lotus Retail Growth Freehold & Leasehold Property Fund | 2,670,700 | 1,539 |
| * | Sino-Thai Engineering & Construction PCL | 1,900,916 | 1,425 |
| * | Esso Thailand PCL | 3,240,600 | 1,416 |
99
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | TOA Paint Thailand PCL | 1,379,500 | 1,407 |
| * | Jasmine International PCL | 8,960,188 | 1,395 |
| * | CK Power PCL | 8,897,000 | 1,343 |
| * | TPI Polene PCL | 24,607,700 | 1,339 |
| * | Central Plaza Hotel PCL | 1,066,400 | 1,298 |
| * | Sansiri PCL (Local) | 26,648,600 | 1,263 |
| * | TPI Polene Power PCL | 6,767,500 | 1,226 |
| * | Banpu Power PCL | 1,681,000 | 1,213 |
| * | Chularat Hospital PCL | 15,266,860 | 1,173 |
| * | Sri Trang Agro-Industry PCL | 2,126,569 | 1,152 |
| ^ | Tisco Financial Group PCL NVDR | 483,550 | 1,150 |
| * | Major Cineplex Group PCL | 1,552,544 | 1,107 |
| * | IMPACT Growth REIT | 1,867,500 | 1,066 |
| * | Beauty Community PCL | 3,262,300 | 986 |
| * | Thai Vegetable Oil PCL | 1,154,000 | 984 |
| | Thanachart Capital PCL NVDR | 615,700 | 981 |
| * | Vibhavadi Medical Center PCL | 14,273,600 | 974 |
| * | Pruksa Holding PCL | 1,551,000 | 945 |
| * | Carabao Group PCL | 678,800 | 929 |
| * | Origin Property PCL | 3,305,850 | 920 |
| * | VGI Global Media PCL | 4,006,724 | 913 |
| * | BCPG PCL | 1,592,900 | 901 |
| * | U City PCL | 977,644,875 | 885 |
| * | MK Restaurants Group PCL | 423,500 | 859 |
| ^ | Central Plaza Hotel PCL NVDR | 670,400 | 816 |
| * | Tipco Asphalt PCL | 1,822,700 | 803 |
| | Asian Property Development PCL (Foreign) | 3,129,356 | 776 |
| * | Super Energy Corp. PCL | 35,518,900 | 751 |
| * | Bangkok Airways PCL | 1,935,300 | 685 |
| * | Workpoint Entertainment PCL | 705,600 | 672 |
| * | Gunkul Engineering PCL | 7,141,103 | 669 |
| * | TTW PCL | 1,751,700 | 650 |
| * | Thoresen Thai Agencies PCL | 3,100,816 | 629 |
| * | Italian-Thai Development PCL | 7,299,808 | 604 |
| * | Taokaenoi Food & Marketing PCL | 1,538,300 | 601 |
| * | GFPT PCL | 1,372,900 | 594 |
| *,^ | Sino-Thai Engineering & Construction PCL (Foreign) | 759,099 | 569 |
| ^ | VGI Global Media PCL (Foreign) | 2,424,088 | 553 |
| * | SPCG PCL | 895,100 | 546 |
| | Unique Engineering & Construction PCL | 1,408,900 | 537 |
| ^ | AP Thailand PCL NVDR | 2,127,300 | 528 |
| | Thanachart Capital PCL | 311,700 | 496 |
| * | BEC World PCL | 2,650,900 | 489 |
| * | Thaifoods Group PCL | 4,121,400 | 485 |
| | Kiatnakin Bank PCL ( Foreign) | 210,900 | 454 |
| * | Thaicom PCL | 1,740,640 | 450 |
| ^ | TTW PCL (Foreign) | 1,201,300 | 446 |
| * | Univentures PCL | 1,975,588 | 440 |
| *,^ | Sino-Thai Engineering & Construction PCL NVDR | 565,500 | 424 |
| ^ | VGI Global Media PCL NVDR | 1,808,900 | 412 |
| *,§ | Inter Far East Energy Corp. | 3,992,800 | 373 |
| * | PTG Energy PCL | 1,130,007 | 358 |
| ^ | Supalai PCL NVDR | 518,650 | 343 |
| ^ | WHA Corp. PCL (Foreign) | 2,705,692 | 337 |
| * | AP Thailand PCL | 1,301,400 | 323 |
| ^ | Central Plaza Hotel PCL (Foreign) | 240,490 | 293 |
| ^ | LPN Development PCL (Foreign) | 1,029,500 | 291 |
| *,§ | Pruksa Real Estate PCL | 701,890 | 284 |
| * | Cal-Comp Electronics Thailand PCL | 4,594,416 | 269 |
| *,^ | Precious Shipping PCL | 766,900 | 267 |
| * | Group Lease PCL | 1,195,500 | 251 |
| ^ | LPN Development PCL NVDR | 859,200 | 243 |
| *,^ | Precious Shipping PCL NVDR | 686,000 | 239 |
| | Supalai PCL (Foreign) | 312,250 | 206 |
100
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Italian-Thai Development PCL NVDR | 2,448,500 | 203 |
| * | LPN Development PCL | 685,211 | 194 |
| | TTW PCL NVDR | 490,400 | 182 |
| * | Samart Corp. PCL | 744,921 | 161 |
| ^ | Sri Trang Agro-Industry PCL (Foreign) | 286,554 | 155 |
| *,§ | Pruksa Real Estate PCL (Foreign) | 361,400 | 146 |
| | Hana Microelectronics PCL (Foreign) | 129,010 | 141 |
| *,^ | Group Lease PCL NVDR | 640,878 | 135 |
| ^ | Samart Corp. PCL (Foreign) | 560,900 | 121 |
| ^ | Thoresen Thai Agencies PCL (Foreign) | 356,525 | 72 |
| | Cal-Comp Electronics Thailand PCL ( Foreign) | 686,500 | 40 |
| | Quality Houses PCL (Foreign) | 397,857 | 38 |
| *,^ | Italian-Thai Development PCL (Foreign) | 382,402 | 32 |
| * | Dynasty Ceramic PCL Warrants Exp. 05/03/2021 | 1,109,920 | 30 |
| * | CK Power PCL Foreign Line Warrants Exp. 05/28/2020 | 1,015,920 | 17 |
| * | VGI Global Media PCL (F)Warrants Exp. 12/31/2022 | 1,248,361 | 15 |
| * | Super Energy Corp. PCL Warrants Exp. 08/30/2020 | 5,115,280 | 11 |
| * | VGI Global Media PCL (NVDR) Warrants Exp. 12/31/2022 | 696,280 | 8 |
| * | Vibhavadi Medical Center PCL Warrants Exp. 05/09/2022 | 765,646 | 7 |
| * | Srisawad Power 1979 PCL Warrants Exp. 05/29/2020 | 22,388 | 6 |
| * | Samart Corp. PCL Warrants Exp. 05/08/2021 | 369,640 | 6 |
| * | Thaifoods Group PCL Warrants Exp. 04/28/2020 | 237,080 | 5 |
| * | TICON Industrial Connection PCL | 3,402 | 2 |
| * | Italian-Thai Development PCL Warrants Exp. 05/13/2019 | 407,302 | 1 |
| * | G J Steel PCL Warrants Exp. 02/07/2020 | 1,627,035 | 1 |
| * | Thoresen Thai Agencies PCL Exp. 02/28/2019 | 166,980 | 1 |
| | | | 109,962 |
| Turkey (0.2%) | | |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 2,204,116 | 1,208 |
| | Trakya Cam Sanayii AS | 1,147,570 | 672 |
| 2 | Mavi Giyim Sanayi Ve Ticaret AS Class B | 102,272 | 616 |
| | AG Anadolu Grubu Holding AS | 262,993 | 536 |
| *,2 | MLP Saglik Hizmetleri AS | 205,614 | 489 |
| * | Dogan Sirketler Grubu Holding AS | 2,273,820 | 444 |
| | Aygaz AS | 188,360 | 410 |
| | Turkiye Sinai Kalkinma Bankasi AS | 3,174,050 | 404 |
| * | Koza Anadolu Metal Madencilik Isletmeleri AS | 441,109 | 399 |
| * | Aksa Enerji Uretim AS Class B | 575,312 | 392 |
| | Otokar Otomotiv Ve Savunma Sanayi AS | 29,651 | 379 |
| * | Migros Ticaret AS | 129,881 | 340 |
| * | Sasa Polyester Sanayi AS | 226,112 | 336 |
| | Anadolu Cam Sanayii AS | 608,016 | 329 |
| * | Pegasus Hava Tasimaciligi AS | 88,411 | 318 |
| | EGE Endustri VE Ticaret AS | 4,172 | 294 |
| | Is Gayrimenkul Yatirim Ortakligi AS | 1,506,576 | 235 |
| | Turk Traktor ve Ziraat Makineleri AS | 36,094 | 235 |
| | Aksa Akrilik Kimya Sanayii AS | 144,363 | 234 |
| * | Vestel Elektronik Sanayi ve Ticaret AS | 182,197 | 217 |
| | Alarko Holding AS | 606,523 | 214 |
| | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 393,642 | 209 |
| * | NET Holding AS | 517,820 | 206 |
| * | Logo Yazilim Sanayi Ve Ticaret AS | 35,364 | 201 |
| * | Bera Holding AS | 689,705 | 199 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A | 502,816 | 193 |
| * | Zorlu Enerji Elektrik Uretim AS | 970,837 | 193 |
| | Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 257,764 | 178 |
| * | Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS | 219,903 | 172 |
| | Tat Gida Sanayi AS | 247,709 | 168 |
| | Cimsa Cimento Sanayi VE Ticaret AS | 120,430 | 162 |
| | Aksigorta AS | 254,666 | 156 |
| | Albaraka Turk Katilim Bankasi AS | 619,418 | 146 |
| * | Sekerbank Turk AS | 786,775 | 130 |
| | Akcansa Cimento AS | 88,673 | 120 |
| * | Gubre Fabrikalari TAS | 175,550 | 93 |
101
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 85,686 | 92 |
| | Torunlar Gayrimenkul Yatirim Ortakligi AS | 328,962 | 91 |
| * | Afyon Cimento Sanayi TAS | 110,775 | 89 |
| | Adana Cimento Sanayii TAS Class A | 84,005 | 84 |
| * | Bizim Toptan Satis Magazalari AS | 66,076 | 79 |
| * | Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS | 249,889 | 76 |
| | Dogus Otomotiv Servis ve Ticaret AS | 70,079 | 63 |
| | Konya Cimento Sanayii AS | 1,789 | 57 |
| * | Vakif Gayrimenkul Yatirim Ortakligi AS | 197,644 | 56 |
| | Turcas Petrol AS | 214,174 | 53 |
| * | Akenerji Elektrik Uretim AS | 396,854 | 42 |
| | Anadolu Hayat Emeklilik AS | 10,206 | 11 |
| *,§ | Asya Katilim Bankasi AS | 975,452 | — |
| | | | 12,020 |
| United Arab Emirates (0.0%) | | |
| | Amanat Holdings PJSC | 3,311,694 | 1,058 |
| * | Eshraq Properties Co. PJSC | 3,298,894 | 540 |
| | RAK Properties PJSC | 2,159,459 | 327 |
| | National Central Cooling Co. PJSC | 498,310 | 231 |
| * | Amlak Finance PJSC | 1,349,016 | 210 |
| * | Drake & Scull International PJSC | 1,238,097 | 133 |
| | | | 2,499 |
| United Kingdom (10.7%) | | |
| * | Tullow Oil plc | 3,728,740 | 10,698 |
| | SSP Group plc | 1,235,309 | 10,532 |
| | Beazley plc | 1,401,526 | 9,410 |
| | Electrocomponents plc | 1,183,665 | 9,372 |
| | Intermediate Capital Group plc | 753,062 | 9,146 |
| | Rotork plc | 2,353,028 | 9,010 |
| | HomeServe plc | 734,048 | 8,911 |
| | BBA Aviation plc | 2,772,176 | 8,501 |
| | Spectris plc | 308,813 | 8,449 |
| | Man Group plc | 4,201,422 | 8,336 |
| | Dechra Pharmaceuticals plc | 269,223 | 7,866 |
| | Jardine Lloyd Thompson Group plc | 325,293 | 7,839 |
| | Hays plc | 3,635,318 | 7,613 |
| | IG Group Holdings plc | 981,408 | 7,577 |
| | UNITE Group plc | 689,882 | 7,512 |
| | Close Brothers Group plc | 398,904 | 7,492 |
| | Victrex plc | 221,100 | 7,479 |
| * | BTG plc | 1,043,672 | 7,352 |
| | Britvic plc | 715,156 | 7,220 |
| | Aggreko plc | 652,803 | 7,154 |
| | Tritax Big Box REIT plc | 3,918,540 | 7,154 |
| | WH Smith plc | 285,994 | 7,109 |
| | Shaftesbury plc | 610,212 | 6,988 |
| * | Metro Bank plc | 244,276 | 6,932 |
| | Great Portland Estates plc | 759,742 | 6,760 |
| | Daily Mail & General Trust plc | 720,234 | 6,430 |
| | Balfour Beatty plc | 1,862,110 | 6,256 |
| | National Express Group plc | 1,120,276 | 5,724 |
| | TP ICAP plc | 1,528,778 | 5,664 |
| | Drax Group plc | 1,085,375 | 5,560 |
| | Pagegroup plc | 859,540 | 5,510 |
| | Grafton Group plc | 589,825 | 5,449 |
| | UDG Healthcare plc | 674,758 | 5,442 |
| | IWG plc | 1,847,102 | 5,421 |
| | BCA Marketplace plc | 2,062,688 | 5,303 |
| 2 | John Laing Group plc | 1,319,511 | 5,251 |
| | Moneysupermarket.com Group plc | 1,392,036 | 5,218 |
| | QinetiQ Group plc | 1,469,909 | 5,207 |
| | Bodycote plc | 508,052 | 5,159 |
| | Petrofac Ltd. | 701,069 | 5,155 |
| | Ascential plc | 1,064,332 | 5,120 |
102
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Greene King plc | 818,232 | 5,036 |
| | Entertainment One Ltd. | 960,696 | 5,022 |
| | Diploma plc | 299,319 | 5,019 |
| 2 | Sophos Group plc | 888,161 | 4,974 |
| | Cranswick plc | 134,709 | 4,973 |
| | Playtech plc | 796,771 | 4,872 |
| | Jupiter Fund Management plc | 1,123,134 | 4,834 |
| * | Indivior plc | 1,959,812 | 4,717 |
| | Genus plc | 166,761 | 4,711 |
| | Domino's Pizza Group plc | 1,287,942 | 4,660 |
| | Greencore Group plc | 1,913,623 | 4,631 |
| 2 | Countryside Properties plc | 1,197,886 | 4,579 |
| | Saga plc | 2,984,184 | 4,544 |
| | Bovis Homes Group plc | 364,228 | 4,502 |
| * | Provident Financial plc | 676,550 | 4,410 |
| | Redrow plc | 651,667 | 4,400 |
| | Workspace Group plc | 358,838 | 4,398 |
| | Big Yellow Group plc | 393,948 | 4,337 |
| | Rathbone Brothers plc | 144,491 | 4,251 |
| | Assura plc | 6,261,363 | 4,182 |
| | Lancashire Holdings Ltd. | 544,053 | 4,102 |
| | Synthomer plc | 722,145 | 4,096 |
| | Elementis plc | 1,564,566 | 4,088 |
| | Vesuvius plc | 575,759 | 3,995 |
| | LondonMetric Property plc | 1,732,338 | 3,989 |
| | Greggs plc | 267,841 | 3,972 |
| | Senior plc | 1,133,375 | 3,948 |
| * | Cairn Energy plc | 1,569,684 | 3,942 |
| | Coats Group plc | 3,815,756 | 3,916 |
| | Grainger plc | 1,113,539 | 3,847 |
| | Paragon Banking Group plc | 697,314 | 3,790 |
| | Safestore Holdings plc | 551,131 | 3,763 |
| | Centamin plc | 2,920,453 | 3,709 |
| | Ultra Electronics Holdings plc | 197,874 | 3,637 |
| *,^ | Sirius Minerals plc | 12,202,185 | 3,586 |
| * | Firstgroup plc | 3,278,131 | 3,564 |
| * | Serco Group plc | 2,894,303 | 3,552 |
| | Essentra plc | 708,447 | 3,453 |
| | Savills plc | 356,927 | 3,303 |
| | Galliford Try plc | 292,560 | 3,260 |
| | Hunting plc | 377,128 | 3,236 |
| | Games Workshop Group plc | 81,493 | 3,201 |
| | Rhi Magnesita NV (London Shares) | 65,860 | 3,192 |
| *,2 | Wizz Air Holdings plc | 96,509 | 3,165 |
| | OneSavings Bank plc | 652,791 | 3,110 |
| | Brewin Dolphin Holdings plc | 733,118 | 3,080 |
| | J D Wetherspoon plc | 189,589 | 2,993 |
| 2 | Ibstock plc | 1,042,649 | 2,989 |
| | Marshalls plc | 535,818 | 2,949 |
| | Crest Nicholson Holdings plc | 674,669 | 2,935 |
| | Kier Group plc | 253,947 | 2,843 |
| | Just Group plc | 2,503,624 | 2,838 |
| * | Premier Oil plc | 2,062,425 | 2,829 |
| ^ | TalkTalk Telecom Group plc | 1,813,434 | 2,773 |
| | Softcat plc | 334,084 | 2,756 |
| | esure Group plc | 772,918 | 2,750 |
| | Computacenter plc | 192,749 | 2,705 |
| | Morgan Advanced Materials plc | 761,522 | 2,681 |
| | Hill & Smith Holdings plc | 211,068 | 2,669 |
| | Primary Health Properties plc | 1,907,420 | 2,662 |
| * | EI Group plc | 1,225,767 | 2,603 |
| | NewRiver REIT plc | 806,733 | 2,601 |
| | Sanne Group plc | 361,012 | 2,582 |
| | Dairy Crest Group plc | 408,723 | 2,494 |
103
| | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| 2 McCarthy & Stone plc | 1,443,460 | 2,492 |
| F&C Commercial Property Trust Ltd. | 1,428,252 | 2,456 |
| 2 Equiniti Group plc | 878,333 | 2,416 |
| Telecom Plus plc | 152,220 | 2,375 |
| SIG plc | 1,658,374 | 2,375 |
| Polypipe Group plc | 495,004 | 2,343 |
| Go-Ahead Group plc | 117,165 | 2,303 |
| Stagecoach Group plc | 1,157,258 | 2,263 |
| Stobart Group Ltd. | 830,589 | 2,253 |
| St. Modwen Properties plc | 462,047 | 2,206 |
| Marston's plc | 1,723,393 | 2,186 |
| AA plc | 1,687,879 | 2,157 |
| AG Barr plc | 220,675 | 2,154 |
| * Sports Direct International plc | 513,310 | 2,140 |
| Ferrexpo plc | 802,691 | 2,137 |
| Thomas Cook Group plc | 3,699,217 | 2,128 |
| Halfords Group plc | 536,747 | 2,110 |
| Card Factory plc | 869,819 | 2,048 |
| Dunelm Group plc | 268,419 | 2,046 |
| Bank of Georgia Group plc | 102,353 | 2,042 |
| TBC Bank Group plc | 91,821 | 1,981 |
| 2 Hastings Group Holdings plc | 830,487 | 1,963 |
| UK Commercial Property REIT Ltd. | 1,742,575 | 1,953 |
| Mitchells & Butlers plc | 571,628 | 1,895 |
| Mitie Group plc | 1,007,454 | 1,871 |
| Superdry plc | 180,258 | 1,860 |
| Pets at Home Group plc | 1,322,978 | 1,858 |
| * Bank of Cyprus Holdings plc | 919,524 | 1,824 |
| NCC Group plc | 726,494 | 1,820 |
| * IntegraFin Holdings plc | 523,182 | 1,806 |
| Ted Baker plc | 76,533 | 1,791 |
| Chemring Group plc | 755,935 | 1,762 |
| Chesnara plc | 390,318 | 1,715 |
| Restaurant Group plc | 547,867 | 1,683 |
| Northgate plc | 345,544 | 1,664 |
| Dignity plc | 128,485 | 1,636 |
| De La Rue plc | 265,131 | 1,626 |
| 888 Holdings plc | 679,119 | 1,606 |
| Keller Group plc | 192,905 | 1,595 |
| KCOM Group plc | 1,341,665 | 1,580 |
| Picton Property Income Ltd. | 1,422,435 | 1,577 |
| * Vectura Group plc | 1,719,276 | 1,562 |
| 2 Charter Court Financial Services Group plc | 386,716 | 1,433 |
| Hochschild Mining plc | 711,149 | 1,432 |
| * Georgia Capital plc | 94,548 | 1,413 |
| Redefine International plc | 3,277,473 | 1,380 |
| PZ Cussons plc | 492,376 | 1,374 |
| ITE Group plc | 1,877,802 | 1,364 |
| International Personal Finance plc | 569,218 | 1,297 |
| Hansteen Holdings plc | 1,049,632 | 1,291 |
| * AO World plc | 707,939 | 1,205 |
| * Petra Diamonds Ltd. | 2,346,006 | 1,175 |
| 2 Spire Healthcare Group plc | 780,251 | 1,171 |
| RPS Group plc | 579,036 | 1,158 |
| Renewi plc | 1,575,971 | 1,033 |
| Lookers plc | 833,079 | 1,018 |
| Helical plc | 254,873 | 1,009 |
| Schroder REIT Ltd. | 1,344,555 | 1,005 |
| * Ophir Energy plc | 1,756,162 | 925 |
| Devro plc | 429,464 | 901 |
| Rank Group plc | 438,649 | 896 |
| Daejan Holdings plc | 11,866 | 890 |
| * Premier Foods plc | 1,804,587 | 879 |
| Gocompare.Com Group plc | 805,717 | 855 |
104
| | | | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | | | |
| Schedule of Investments | | | | |
| October 31, 2018 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| * | Acacia Mining plc | | | 384,001 | 751 |
| 2 | Bakkavor Group plc | | | 371,405 | 711 |
| | N Brown Group plc | | | 393,215 | 684 |
| * | Nostrum Oil & Gas plc | | | 234,938 | 617 |
| | Soco International plc | | | 552,715 | 593 |
| * | Allied Minds plc | | | 604,221 | 457 |
| 2 | CMC Markets plc | | | 292,054 | 438 |
| *,2 | Alfa Financial Software Holdings plc | | | 247,035 | 399 |
| *,^,§ | Afren plc | | | 1,404,272 | — |
| *,^,§ | Carillion plc | | | 961,048 | — |
| |
| | | | | | 640,493 |
| |
| Total Common Stocks (Cost $6,434,866) | | | | 5,971,184 |
| |
| |
| | | Coupon | | | |
| |
| Temporary Cash Investments (7.1%)1 | | | | |
| Money Market Fund (6.9%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 2.308% | | 4,141,041 | 414,104 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.2%) | | | | |
| 5 | United States Treasury Bill | 2.280%—2.298% | 2/21/19 | 15,000 | 14,892 |
| |
| Total Temporary Cash Investments (Cost $428,988) | | | | 428,996 |
| |
| Total Investments (106.4%) (Cost $6,863,854) | | | | 6,400,180 |
| Other Assets and Liabilities—Net (-6.4%)3,6 | | | | (384,378) |
| Net Assets (100%) | | | | 6,015,802 |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $375,389,000.
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
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 6.4%, respectively, of net
assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of these securities was $239,851,000,
representing 4.0% of net assets.
3 Includes $416,732,000 of collateral received for securities on loan, of which $401,898,000 is held in Vanguard Market Liquidity Fund and
$14,834,000 is held in cash.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Securities with a value of $3,574,000 have been segregated as initial margin for open futures contracts.
6 Cash of $1,330,000 has been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
105
© 2018 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA7700 122018
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| |
| Common Stocks (98.6%)1 | | |
| Brazil (8.8%) | | |
| Vale SA | 36,199,877 | 551,631 |
| Petroleo Brasileiro SA | 49,861,622 | 406,235 |
| Itau Unibanco Holding SA Preference Shares | 25,688,061 | 339,953 |
| Banco Bradesco SA Preference Shares | 31,994,923 | 294,888 |
| Vale SA Class B ADR | 17,759,584 | 268,170 |
| Ambev SA | 58,601,259 | 257,301 |
| Itau Unibanco Holding SA ADR | 19,422,681 | 255,797 |
| Petroleo Brasileiro SA Preference Shares | 29,505,386 | 218,981 |
| B3 SA - Brasil Bolsa Balcao | 30,444,855 | 217,118 |
| Itausa - Investimentos Itau SA Preference Shares | 66,967,855 | 202,262 |
| ^ Petroleo Brasileiro SA ADR | 13,191,415 | 195,497 |
| Banco do Brasil SA | 16,033,443 | 184,181 |
| Banco Bradesco SA ADR | 18,885,201 | 173,177 |
| Lojas Renner SA | 11,188,829 | 113,046 |
| Banco Bradesco SA | 13,502,281 | 109,752 |
| Ultrapar Participacoes SA | 6,613,173 | 78,633 |
| * Rumo SA | 17,453,442 | 78,087 |
| BB Seguridade Participacoes SA | 10,398,436 | 73,989 |
| Suzano Papel e Celulose SA | 7,213,515 | 73,366 |
| Kroton Educacional SA | 23,068,902 | 70,790 |
| Fibria Celulose SA | 3,445,834 | 66,528 |
| Telefonica Brasil SA Preference Shares | 5,718,956 | 66,418 |
| Lojas Americanas SA Preference Shares | 12,271,458 | 61,992 |
| Cielo SA | 17,253,188 | 61,196 |
| Localiza Rent a Car SA | 7,826,374 | 60,462 |
| Raia Drogasil SA | 3,531,397 | 59,611 |
| ^ Banco Santander Brasil SA ADR | 5,232,885 | 59,289 |
| Klabin SA | 11,057,565 | 55,474 |
| WEG SA | 11,327,706 | 54,789 |
| Magazine Luiza SA | 1,169,131 | 53,029 |
| Equatorial Energia SA | 2,814,206 | 51,414 |
| CCR SA | 17,240,466 | 50,820 |
| Gerdau SA Preference Shares | 11,606,862 | 50,713 |
| Hypera SA | 6,168,727 | 49,363 |
| * BRF SA | 7,770,014 | 45,724 |
| JBS SA | 15,199,770 | 41,864 |
| Embraer SA | 7,251,482 | 40,783 |
| * BR Malls Participacoes SA | 11,893,869 | 40,589 |
| Cia Energetica de Minas Gerais Preference Shares | 11,733,745 | 34,777 |
| Ambev SA ADR | 7,793,173 | 33,744 |
| Itau Unibanco Holding SA | 2,927,395 | 33,345 |
| Bradespar SA Preference Shares | 3,586,219 | 33,304 |
| Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 1,551,216 | 32,604 |
| Petrobras Distribuidora SA | 4,918,493 | 31,693 |
| Multiplan Empreendimentos Imobiliarios SA | 4,469,385 | 27,622 |
| TIM Participacoes SA | 8,436,750 | 26,275 |
| Engie Brasil Energia SA | 2,432,051 | 26,010 |
| Natura Cosmeticos SA | 2,922,640 | 25,594 |
| Estacio Participacoes SA | 4,107,096 | 25,527 |
| CVC Brasil Operadora e Agencia de Viagens SA | 1,649,100 | 25,081 |
| Sul America SA | 3,626,721 | 24,168 |
| Braskem SA Preference Shares | 1,682,178 | 23,573 |
| * Centrais Eletricas Brasileiras SA Preference Shares | 3,297,751 | 23,571 |
| * Centrais Eletricas Brasileiras SA | 3,710,374 | 23,430 |
| * B2W Cia Digital | 2,478,392 | 22,976 |
| Embraer SA ADR | 1,007,849 | 22,445 |
| Porto Seguro SA | 1,513,198 | 22,111 |
| Metalurgica Gerdau SA Preference Shares Class A | 10,298,712 | 21,973 |
| IRB Brasil Resseguros S/A | 1,115,100 | 21,712 |
| Cia de Saneamento Basico do Estado de Sao Paulo ADR | 2,908,322 | 21,580 |
| Cosan SA | 2,411,727 | 20,900 |
1
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Azul SA Prior Preference Shares. | 2,473,643 | 20,333 |
| | Atacadao Distribuicao Comercio e Industria Ltda | 4,920,547 | 20,150 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 2,604,986 | 19,564 |
| | Banco BTG Pactual SA | 3,570,233 | 18,966 |
| | Cia Brasileira de Distribuicao ADR | 872,038 | 18,234 |
| ^ | Gerdau SA ADR | 4,162,648 | 18,107 |
| | EDP - Energias do Brasil SA | 4,797,050 | 18,046 |
| | Energisa SA | 1,945,878 | 18,039 |
| | Transmissora Alianca de Energia Eletrica SA | 2,894,886 | 17,316 |
| | Fleury SA | 3,090,566 | 17,315 |
| | Braskem SA ADR | 607,575 | 16,927 |
| | M Dias Branco SA | 1,412,413 | 16,878 |
| | Usinas Siderurgicas de Minas Gerais SA Preference Shares | 6,081,523 | 16,799 |
| | Cia Energetica de Sao Paulo Preference Shares | 3,061,805 | 16,331 |
| | TOTVS SA | 2,347,212 | 15,831 |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 4,031,552 | 15,816 |
| | Odontoprev SA | 4,261,386 | 15,138 |
| | Cia de Saneamento de Minas Gerais-COPASA | 1,071,717 | 14,773 |
| | Duratex SA | 4,706,449 | 14,531 |
| | Banco do Estado do Rio Grande do Sul SA Preference Shares | 2,711,500 | 14,470 |
| | MRV Engenharia e Participacoes SA | 4,251,733 | 14,441 |
| | Qualicorp Consultoria e Corretora de Seguros SA | 3,711,164 | 14,360 |
| | TIM Participacoes SA ADR | 909,441 | 14,069 |
| | Linx SA | 2,040,594 | 14,059 |
| | Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 796,367 | 13,984 |
| | Cia de Saneamento do Parana | 957,655 | 13,291 |
| | Iguatemi Empresa de Shopping Centers SA | 1,238,422 | 12,932 |
| | Cia Siderurgica Nacional SA | 5,027,948 | 12,930 |
| | Sao Martinho SA | 2,457,586 | 12,811 |
| | Cia Hering | 2,003,977 | 12,197 |
| | Banco Santander Brasil SA | 1,055,500 | 11,969 |
| ^ | Cia Paranaense de Energia ADR | 1,596,693 | 11,193 |
| | Cia Siderurgica Nacional SA ADR | 4,267,207 | 10,753 |
| | SLC Agricola SA | 698,515 | 10,714 |
| | Lojas Americanas SA | 2,792,418 | 10,505 |
| | Arezzo Industria e Comercio SA | 749,584 | 9,547 |
| | Via Varejo SA | 2,081,465 | 9,436 |
| | EcoRodovias Infraestrutura e Logistica SA | 3,627,426 | 9,211 |
| * | Centrais Eletricas Brasileiras SA ADR | 1,270,754 | 8,946 |
| | Iochpe Maxion SA | 1,715,546 | 8,934 |
| | Alupar Investimento SA | 1,871,734 | 8,802 |
| | Smiles Fidelidade SA | 878,180 | 8,790 |
| | Marcopolo SA Preference Shares | 8,205,090 | 8,665 |
| | Alpargatas SA Preference Shares | 2,065,521 | 8,431 |
| | AES Tiete Energia SA | 2,901,452 | 8,030 |
| * | Gol Linhas Aereas Inteligentes SA Preference Shares | 1,616,802 | 7,994 |
| | Telefonica Brasil SA ADR | 686,650 | 7,965 |
| ^ | Cia Energetica de Minas Gerais ADR | 2,573,115 | 7,462 |
| | Light SA | 1,611,589 | 7,219 |
| | Aliansce Shopping Centers SA | 1,481,194 | 6,973 |
| * | Dommo Energia SA | 16,406,451 | 6,701 |
| | Grendene SA | 3,408,931 | 6,678 |
| | Multiplus SA | 863,076 | 5,854 |
| | Guararapes Confeccoes SA | 162,220 | 5,797 |
| | Randon Participacoes SA Preference Shares | 2,680,812 | 5,720 |
| * | Marfrig Global Foods SA | 3,152,873 | 5,431 |
| | Cia de Locacao das Americas | 619,800 | 5,115 |
| | Ez Tec Empreendimentos e Participacoes SA | 781,180 | 5,034 |
| | Unipar Carbocloro SA Preference Shares | 420,768 | 4,794 |
| | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 1,118,798 | 4,582 |
| * | Magnesita Refratarios SA | 301,369 | 4,543 |
| ^,* | BRF SA ADR | 752,438 | 4,454 |
| | Cia Energetica de Minas Gerais | 1,456,951 | 4,338 |
| | BR Properties SA | 1,995,079 | 4,187 |
2
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * BK Brasil Operacao e Assessoria a Restaurantes SA | 964,600 | 4,168 |
| Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 279,918 | 4,069 |
| Camil Alimentos SA | 1,836,600 | 4,057 |
| * Construtora Tenda SA | 526,699 | 4,038 |
| Tupy SA | 834,592 | 3,925 |
| QGEP Participacoes SA | 951,730 | 3,069 |
| * Even Construtora e Incorporadora SA | 2,332,600 | 3,002 |
| Fibria Celulose SA ADR | 151,224 | 2,905 |
| 2 Ser Educacional SA | 633,028 | 2,652 |
| * Minerva SA | 1,680,039 | 2,478 |
| Movida Participacoes SA | 1,140,170 | 2,417 |
| * Centrais Eletricas Brasileiras SA ADR (XNYS) | 369,747 | 2,304 |
| * Alliar Medicos A Frente SA | 690,000 | 2,221 |
| Wiz Solucoes e Corretagem de Seguros SA | 1,069,619 | 2,170 |
| Mahle-Metal Leve SA | 362,173 | 2,090 |
| Cia Paranaense de Energia Preference Shares | 263,705 | 1,859 |
| Direcional Engenharia SA | 940,943 | 1,805 |
| Anima Holding SA | 366,826 | 1,641 |
| Dimed SA Distribuidora da Medicamentos | 19,600 | 1,606 |
| Sonae Sierra Brasil SA | 250,510 | 1,545 |
| Santos Brasil Participacoes SA | 1,412,222 | 1,355 |
| Instituto Hermes Pardini SA | 146,560 | 600 |
| Gerdau SA | 71,400 | 249 |
| * Minerva SA Rights Exp. 11/14/2018 | 1,243,811 | 30 |
| * Iochpe Maxion SA Warrants Exp. 04/01/2019 | 42,859 | 9 |
| | | 6,526,596 |
| Chile (1.3%) | | |
| Empresas COPEC SA | 6,840,902 | 95,888 |
| SACI Falabella | 10,702,468 | 80,731 |
| Banco de Chile | 458,702,132 | 63,539 |
| Empresas CMPC SA | 17,631,730 | 60,360 |
| Cencosud SA | 21,115,825 | 43,952 |
| Banco de Credito e Inversiones SA | 671,913 | 42,245 |
| Latam Airlines Group SA | 4,581,361 | 41,665 |
| Banco Santander Chile ADR | 1,356,416 | 39,960 |
| Enel Americas SA | 248,403,892 | 39,148 |
| ^ Sociedad Quimica y Minera de Chile SA ADR | 834,850 | 36,575 |
| Banco Santander Chile | 479,904,527 | 35,220 |
| Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 727,061 | 31,398 |
| Cia Cervecerias Unidas SA | 2,455,411 | 30,523 |
| Enel Americas SA ADR | 3,679,040 | 28,991 |
| Itau CorpBanca | 2,973,674,424 | 27,558 |
| Aguas Andinas SA Class A | 50,536,453 | 26,285 |
| Enel Chile SA | 292,132,257 | 25,427 |
| Colbun SA | 117,947,342 | 22,129 |
| Parque Arauco SA | 9,313,868 | 21,129 |
| Empresa Nacional de Telecomunicaciones SA | 2,307,514 | 16,767 |
| Embotelladora Andina SA Preference Shares | 3,609,398 | 12,477 |
| AES Gener SA | 44,275,370 | 12,401 |
| Vina Concha y Toro SA | 6,457,454 | 12,160 |
| CAP SA | 1,223,001 | 11,902 |
| Ripley Corp. SA | 12,912,551 | 10,971 |
| SONDA SA | 6,104,807 | 8,697 |
| Enel Chile SA ADR | 1,803,817 | 7,756 |
| Inversiones La Construccion SA | 503,615 | 7,581 |
| Inversiones Aguas Metropolitanas SA | 5,130,801 | 7,076 |
| Engie Energia Chile SA | 3,739,359 | 6,220 |
| * Cia Sud Americana de Vapores SA | 206,009,107 | 6,174 |
| Salfacorp SA | 3,978,344 | 5,636 |
| ^ Latam Airlines Group SA ADR | 395,326 | 3,645 |
| Besalco SA | 2,833,463 | 2,280 |
| Forus SA | 505,914 | 1,359 |
| Multiexport Foods SA | 2,207,817 | 1,145 |
| * SMU SA | 1,815,109 | 478 |
3
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Banco de Credito e Inversiones SA Rights Exp. 11/29/2018 | 51,406 | 167 |
| * | SACI Falabella Rights Exp. 11/17/2018 | 311,153 | 31 |
| | | | 927,646 |
| China (33.5%) | | |
| | Tencent Holdings Ltd. | 87,503,024 | 2,997,789 |
| * | Alibaba Group Holding Ltd. ADR | 16,178,530 | 2,301,881 |
| | China Construction Bank Corp. | 1,373,646,794 | 1,090,053 |
| | Industrial & Commercial Bank of China Ltd. | 1,206,492,900 | 818,573 |
| * | Baidu Inc. ADR | 4,246,078 | 807,010 |
| | China Mobile Ltd. | 80,845,508 | 757,351 |
| | Ping An Insurance Group Co. of China Ltd. | 79,706,971 | 753,552 |
| | Bank of China Ltd. | 1,181,522,261 | 503,378 |
| | CNOOC Ltd. | 243,750,383 | 415,102 |
| | China Petroleum & Chemical Corp. | 399,782,266 | 325,653 |
| * | JD.com Inc. ADR | 12,162,388 | 286,059 |
| | China Merchants Bank Co. Ltd. | 66,774,104 | 257,840 |
| | NetEase Inc. ADR | 1,117,605 | 232,294 |
| | PetroChina Co. Ltd. | 319,990,827 | 230,081 |
| | China Life Insurance Co. Ltd. | 114,347,906 | 229,130 |
| | Agricultural Bank of China Ltd. | 479,210,976 | 210,939 |
| * | Ctrip.com International Ltd. ADR | 5,762,452 | 191,774 |
| | China Overseas Land & Investment Ltd. | 58,886,741 | 185,130 |
| | China Pacific Insurance Group Co. Ltd. | 43,054,237 | 160,739 |
| | CSPC Pharmaceutical Group Ltd. | 67,688,180 | 144,230 |
| | Geely Automobile Holdings Ltd. | 74,187,643 | 142,960 |
| | China Resources Land Ltd. | 41,734,325 | 141,947 |
| * | TAL Education Group ADR | 4,822,166 | 139,746 |
| | China Shenhua Energy Co. Ltd. | 54,753,964 | 123,878 |
| | Shenzhou International Group Holdings Ltd. | 11,149,533 | 123,610 |
| | Country Garden Holdings Co. Ltd. | 114,099,469 | 122,789 |
| * | New Oriental Education & Technology Group Inc. ADR | 2,078,352 | 121,604 |
| | CITIC Ltd. | 75,449,026 | 113,363 |
| ^ | China Evergrande Group | 45,291,057 | 108,598 |
| | PICC Property & Casualty Co. Ltd. | 104,286,207 | 101,370 |
| | China Telecom Corp. Ltd. | 212,397,743 | 100,492 |
| | Bank of Communications Co. Ltd. | 132,682,256 | 99,678 |
| | Anhui Conch Cement Co. Ltd. | 18,717,072 | 97,013 |
| | ENN Energy Holdings Ltd. | 11,354,207 | 96,881 |
| | China Unicom Hong Kong Ltd. | 91,197,981 | 95,388 |
| * | 58.com Inc. ADR | 1,451,908 | 95,231 |
| | Sunac China Holdings Ltd. | 33,868,653 | 92,698 |
| | Sino Biopharmaceutical Ltd. | 99,653,963 | 89,947 |
| | China Minsheng Banking Corp. Ltd. | 121,732,158 | 89,887 |
| | Hengan International Group Co. Ltd. | 11,064,990 | 87,960 |
| | Sunny Optical Technology Group Co. Ltd. | 10,073,145 | 87,947 |
| | China Resources Beer Holdings Co. Ltd. | 24,648,084 | 85,889 |
| | Guangdong Investment Ltd. | 45,837,102 | 82,061 |
| *,2 | China Tower Corp. Ltd. | 528,112,566 | 80,140 |
| | ZTO Express Cayman Inc. ADR | 4,938,456 | 80,102 |
| | China Gas Holdings Ltd. | 24,569,637 | 77,994 |
| | China CITIC Bank Corp. Ltd. | 124,579,598 | 77,219 |
| | Sinopharm Group Co. Ltd. | 15,878,025 | 76,919 |
| | ANTA Sports Products Ltd. | 18,455,405 | 76,194 |
| | China Taiping Insurance Holdings Co. Ltd. | 22,642,400 | 76,055 |
| | China Vanke Co. Ltd. | 24,355,000 | 75,206 |
| | CITIC Securities Co. Ltd. | 41,675,677 | 73,579 |
| | China Conch Venture Holdings Ltd. | 25,775,518 | 72,522 |
| | Lenovo Group Ltd. | 113,257,130 | 72,234 |
| ^ | BYD Co. Ltd. | 11,204,234 | 72,074 |
| | New China Life Insurance Co. Ltd. | 14,243,705 | 66,826 |
| | China Communications Construction Co. Ltd. | 72,443,670 | 66,424 |
| * | BeiGene Ltd. ADR | 501,215 | 63,123 |
| | CRRC Corp. Ltd. | 70,124,812 | 61,589 |
| * | SINA Corp. | 960,115 | 60,785 |
4
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Autohome Inc. ADR | 835,148 | 60,448 |
| | Haitong Securities Co. Ltd. | 59,604,610 | 60,051 |
| | China Railway Group Ltd. | 64,154,028 | 57,335 |
| | Longfor Group Holdings Ltd. | 23,150,601 | 56,260 |
| 2 | Postal Savings Bank of China Co. Ltd. | 92,011,010 | 55,051 |
| *,2 | Wuxi Biologics Cayman Inc. | 7,581,624 | 54,246 |
| 2 | People's Insurance Co. Group of China Ltd. | 130,352,422 | 53,314 |
| | China Resources Power Holdings Co. Ltd. | 29,927,149 | 52,655 |
| | Fosun International Ltd. | 35,128,125 | 51,538 |
| | Guangzhou Automobile Group Co. Ltd. | 50,364,820 | 51,047 |
| * | Momo Inc. ADR | 1,489,471 | 50,002 |
| | Kunlun Energy Co. Ltd. | 43,409,541 | 49,391 |
| ^,* | Meituan Dianping Class B | 7,532,989 | 48,703 |
| | China Resources Gas Group Ltd. | 12,525,208 | 48,009 |
| ^ | Fullshare Holdings Ltd. | 119,841,870 | 46,817 |
| ^,*,2 | Xiaomi Corp. Class B | 29,618,320 | 46,318 |
| * | Alibaba Health Information Technology Ltd. | 56,145,912 | 45,542 |
| | China Everbright International Ltd. | 56,810,055 | 45,448 |
| | Beijing Enterprises Holdings Ltd. | 8,294,767 | 44,974 |
| ^,* | Weibo Corp. ADR | 757,532 | 44,702 |
| | Dongfeng Motor Group Co. Ltd. | 44,162,430 | 43,637 |
| | Kweichow Moutai Co. Ltd. Class A | 548,130 | 43,418 |
| | China National Building Material Co. Ltd. | 59,960,673 | 43,110 |
| | Zhuzhou CRRC Times Electric Co. Ltd. | 7,997,059 | 42,869 |
| | China Railway Construction Corp. Ltd. | 33,043,689 | 41,966 |
| | China Longyuan Power Group Corp. Ltd. | 53,820,493 | 40,958 |
| 2 | CGN Power Co. Ltd. | 177,249,514 | 40,764 |
| | Haier Electronics Group Co. Ltd. | 19,342,535 | 40,619 |
| * | Huazhu Group Ltd. ADR | 1,524,976 | 39,893 |
| | Ping An Insurance Group Co. of China Ltd. Class A | 4,319,011 | 39,681 |
| | TravelSky Technology Ltd. | 16,264,867 | 39,511 |
| * | YY Inc. ADR | 613,677 | 39,214 |
| ^,* | iQIYI Inc. ADR | 1,900,616 | 37,328 |
| | Shimao Property Holdings Ltd. | 18,839,423 | 37,122 |
| | Brilliance China Automotive Holdings Ltd. | 42,209,099 | 37,027 |
| | China Cinda Asset Management Co. Ltd. | 150,433,276 | 36,929 |
| | China Jinmao Holdings Group Ltd. | 86,020,771 | 36,245 |
| | Beijing Enterprises Water Group Ltd. | 70,140,691 | 35,818 |
| 2 | Huatai Securities Co. Ltd. | 21,659,468 | 34,871 |
| | China Merchants Port Holdings Co. Ltd. | 20,231,337 | 34,461 |
| | Zijin Mining Group Co. Ltd. | 91,462,097 | 34,213 |
| | Huaneng Power International Inc. | 61,279,822 | 34,158 |
| | Far East Horizon Ltd. | 34,649,130 | 33,657 |
| | Industrial & Commercial Bank of China Ltd. Class A | 41,334,279 | 33,479 |
| 2 | China Resources Pharmaceutical Group Ltd. | 21,916,626 | 32,200 |
| | China Communications Services Corp. Ltd. | 39,554,821 | 32,054 |
| * | Vipshop Holdings Ltd. ADR | 6,342,221 | 30,823 |
| ^ | Great Wall Motor Co. Ltd. | 51,252,875 | 30,445 |
| | China Resources Cement Holdings Ltd. | 33,997,076 | 30,178 |
| 2 | China Galaxy Securities Co. Ltd. | 58,840,375 | 29,642 |
| | Jiayuan International Group Ltd. | 16,819,853 | 29,525 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 13,317,326 | 29,491 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 32,385,398 | 29,039 |
| | COSCO SHIPPING Ports Ltd. | 28,373,359 | 28,999 |
| | Yanzhou Coal Mining Co. Ltd. | 30,402,023 | 28,915 |
| | Kingboard Holdings Ltd. | 10,763,108 | 28,912 |
| | GF Securities Co. Ltd. Class A | 16,187,255 | 28,907 |
| | Beijing Capital International Airport Co. Ltd. | 26,104,447 | 28,340 |
| | Jiangsu Expressway Co. Ltd. | 21,043,006 | 28,229 |
| | Shenzhen International Holdings Ltd. | 14,564,504 | 27,903 |
| | China Oriental Group Co. Ltd. | 35,030,736 | 27,795 |
| | China Oilfield Services Ltd. | 29,568,348 | 27,588 |
| | Weichai Power Co. Ltd. | 27,861,294 | 27,544 |
| 2 | China Huarong Asset Management Co. Ltd. | 151,119,113 | 27,438 |
5
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Alibaba Pictures Group Ltd. | 197,089,250 | 27,234 |
| | Kingdee International Software Group Co. Ltd. | 33,045,154 | 27,099 |
| | Kweichow Moutai Co. Ltd. Class A (XSHG) | 337,161 | 26,707 |
| | China Everbright Ltd. | 14,839,100 | 26,314 |
| | AviChina Industry & Technology Co. Ltd. | 39,315,062 | 26,254 |
| * | China Biologic Products Holdings Inc. | 391,675 | 26,023 |
| | Agricultural Bank of China Ltd. Class A (XSHG) | 46,202,800 | 25,727 |
| | Agile Group Holdings Ltd. | 22,263,226 | 25,579 |
| 2 | 3SBio Inc. | 17,463,586 | 25,531 |
| | Chongqing Rural Commercial Bank Co. Ltd. | 46,124,539 | 25,479 |
| | Guangzhou R&F Properties Co. Ltd. | 16,011,536 | 25,281 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 8,367,109 | 25,160 |
| | Shanghai Pudong Development Bank Co. Ltd. Class A | 15,675,875 | 24,756 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 55,418,131 | 24,353 |
| | China Everbright Bank Co. Ltd. | 54,397,956 | 24,281 |
| | China Traditional Chinese Medicine Holdings Co. Ltd. | 37,932,802 | 24,219 |
| * | Li Ning Co. Ltd. | 25,649,480 | 24,128 |
| | Nine Dragons Paper Holdings Ltd. | 24,679,910 | 23,636 |
| | China Medical System Holdings Ltd. | 19,734,584 | 23,572 |
| | Industrial Bank Co. Ltd. Class A | 10,091,665 | 23,429 |
| 2 | Dali Foods Group Co. Ltd. | 32,585,548 | 23,297 |
| ^,* | Pinduoduo Inc. ADR | 1,317,400 | 23,252 |
| | Midea Group Co. Ltd. Class A | 4,332,991 | 23,196 |
| | Air China Ltd. | 28,642,808 | 23,157 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 25,703,984 | 23,024 |
| ^ | China Molybdenum Co. Ltd. | 60,730,171 | 22,678 |
| | China Merchants Bank Co. Ltd. Class A | 5,285,593 | 22,042 |
| | Jiangxi Copper Co. Ltd. | 19,644,753 | 21,699 |
| 2 | Sinopec Engineering Group Co. Ltd. | 23,263,564 | 21,671 |
| * | Aluminum Corp. of China Ltd. | 59,198,237 | 21,551 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 17,723,998 | 21,113 |
| | CIFI Holdings Group Co. Ltd. | 50,227,897 | 21,073 |
| | Lee & Man Paper Manufacturing Ltd. | 24,310,227 | 20,872 |
| | China State Construction International Holdings Ltd. | 28,879,728 | 20,652 |
| | Zhejiang Expressway Co. Ltd. | 24,477,763 | 20,583 |
| * | 51job Inc. ADR | 331,302 | 20,345 |
| | China Yangtze Power Co. Ltd. Class A | 8,999,991 | 20,189 |
| ^,2 | Luye Pharma Group Ltd. | 25,733,956 | 19,975 |
| | Kingsoft Corp. Ltd. | 13,815,478 | 19,615 |
| | Hangzhou Hikvision Digital Technology Co. Ltd. Class A | 5,555,769 | 19,431 |
| * | China First Capital Group Ltd. | 47,632,535 | 19,217 |
| * | Gree Electric Appliances Inc. of Zhuhai Class A | 3,497,200 | 19,213 |
| ^,2 | China International Capital Corp. Ltd. | 11,661,540 | 19,208 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 15,033,843 | 19,136 |
| | Zhongsheng Group Holdings Ltd. | 10,309,718 | 18,847 |
| | Sino-Ocean Group Holding Ltd. | 47,633,089 | 18,724 |
| | Huaneng Renewables Corp. Ltd. | 72,502,649 | 18,660 |
| ^,* | Genscript Biotech Corp. | 12,067,400 | 18,655 |
| ^,* | GOME Retail Holdings Ltd. | 186,481,708 | 18,625 |
| | Haitian International Holdings Ltd. | 9,244,180 | 18,155 |
| | Tsingtao Brewery Co. Ltd. | 4,586,736 | 18,138 |
| ^,2 | Guotai Junan Securities Co. Ltd. | 8,539,736 | 18,005 |
| | Bank of China Ltd. Class A | 33,432,100 | 17,882 |
| | Ping An Bank Co. Ltd. Class A | 11,357,604 | 17,859 |
| | China Southern Airlines Co. Ltd. | 32,479,638 | 17,704 |
| | Chinasoft International Ltd. | 29,373,155 | 17,309 |
| * | Country Garden Services Holdings Co. Ltd. | 13,233,331 | 17,253 |
| 2 | Legend Holdings Corp. | 6,341,914 | 17,249 |
| ^,* | COSCO SHIPPING Holdings Co. Ltd. | 47,401,658 | 16,983 |
| | SSY Group Ltd. | 20,067,775 | 16,955 |
| * | Huatai Securities Co. Ltd. Class A | 7,039,997 | 16,884 |
| | China Coal Energy Co. Ltd. | 37,296,653 | 16,747 |
| 2 | China Merchants Securities Co. Ltd. | 14,651,997 | 16,639 |
| | Yuexiu Property Co. Ltd. | 103,763,662 | 16,466 |
6
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | GDS Holdings Ltd. ADR | 694,500 | 16,300 |
| ^ | China Reinsurance Group Corp. | 84,949,940 | 16,280 |
| | Shenzhen Investment Ltd. | 56,427,262 | 16,241 |
| 2 | China Railway Signal & Communication Corp. Ltd. | 24,035,798 | 16,185 |
| | Agricultural Bank of China Ltd. Class A | 29,002,995 | 16,150 |
| | China Eastern Airlines Corp. Ltd. | 29,078,558 | 16,139 |
| ^ | ZTE Corp. | 10,382,239 | 15,891 |
| ^,* | BEST Inc. ADR | 2,513,229 | 15,808 |
| ^ | Angang Steel Co. Ltd. | 18,407,733 | 15,741 |
| | Wuliangye Yibin Co. Ltd. Class A | 2,236,198 | 15,529 |
| | KWG Group Holdings Ltd. | 20,131,797 | 15,450 |
| ^ | Yihai International Holding Ltd. | 7,029,328 | 15,447 |
| | China State Construction Engineering Corp. Ltd. Class A | 19,942,133 | 15,444 |
| | Shanghai Industrial Holdings Ltd. | 7,271,518 | 15,314 |
| | Logan Property Holdings Co. Ltd. | 16,533,165 | 15,311 |
| | Fuyao Glass Industry Group Co. Ltd. Class A | 4,860,732 | 15,170 |
| ^,*,2 | China Literature Ltd. | 2,743,164 | 14,879 |
| * | Health & Happiness H&H International Holdings Ltd. | 2,606,701 | 14,875 |
| ^ | Sinotruk Hong Kong Ltd. | 10,222,967 | 14,782 |
| | Maanshan Iron & Steel Co. Ltd. | 27,276,033 | 14,689 |
| | Jiangsu Hengrui Medicine Co. Ltd. Class A | 1,628,486 | 14,458 |
| | SAIC Motor Corp. Ltd. Class A | 3,705,029 | 14,458 |
| | BYD Electronic International Co. Ltd. | 12,258,529 | 14,425 |
| | Future Land Development Holdings Ltd. | 24,765,509 | 14,286 |
| *,2 | Meitu Inc. | 26,770,936 | 14,014 |
| ^ | China Power International Development Ltd. | 70,756,063 | 13,999 |
| | China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 5,050,130 | 13,652 |
| ^ | Zhaojin Mining Industry Co. Ltd. | 15,428,167 | 13,647 |
| | Shanghai Electric Group Co. Ltd. | 41,229,315 | 13,419 |
| * | 21Vianet Group Inc. ADR | 1,222,728 | 13,297 |
| ^,* | Baozun Inc. ADR | 329,291 | 13,109 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 63,675,195 | 12,965 |
| | Tong Ren Tang Technologies Co. Ltd. | 8,949,132 | 12,817 |
| 2 | BAIC Motor Corp. Ltd. | 22,600,093 | 12,758 |
| | Kingboard Laminates Holdings Ltd. | 16,571,299 | 12,722 |
| | Metallurgical Corp. of China Ltd. | 52,034,885 | 12,647 |
| | COSCO SHIPPING Energy Transportation Co. Ltd. | 22,498,261 | 12,327 |
| | Greatview Aseptic Packaging Co. Ltd. | 18,505,219 | 12,314 |
| | China Agri-Industries Holdings Ltd. | 36,678,908 | 12,293 |
| | China Petroleum & Chemical Corp. Class A | 13,470,519 | 12,185 |
| | Shenzhen Expressway Co. Ltd. | 13,187,170 | 12,154 |
| | China Water Affairs Group Ltd. | 13,424,149 | 12,149 |
| | Orient Securities Co. Ltd. Class A | 9,084,322 | 12,049 |
| | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 3,281,825 | 11,980 |
| | Sinotrans Ltd. | 33,834,836 | 11,836 |
| | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | 913,928 | 11,651 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 2,189,234 | 11,372 |
| ^,* | GCL-Poly Energy Holdings Ltd. | 190,417,171 | 11,315 |
| * | HengTen Networks Group Ltd. | 309,675,107 | 11,131 |
| | Poly Developments and Holdings Group Co. Ltd. Class A | 6,067,580 | 11,012 |
| | Datang International Power Generation Co. Ltd. | 48,084,046 | 10,753 |
| | SOHO China Ltd. | 31,577,030 | 10,735 |
| ^ | China Zhongwang Holdings Ltd. | 23,751,419 | 10,569 |
| | Baoshan Iron & Steel Co. Ltd. Class A | 9,505,794 | 10,492 |
| | Fuyao Glass Industry Group Co. Ltd. Class A (XSSC) | 3,328,294 | 10,387 |
| 2 | Fu Shou Yuan International Group Ltd. | 13,500,913 | 10,376 |
| | China BlueChemical Ltd. | 30,210,568 | 10,356 |
| | Fufeng Group Ltd. | 24,227,495 | 10,282 |
| | China Vanke Co. Ltd. Class A | 2,931,084 | 10,222 |
| | China International Travel Service Corp. Ltd. Class A | 1,316,282 | 10,192 |
| | China Aoyuan Property Group Ltd. | 17,268,071 | 10,137 |
| ^ | BBMG Corp. | 35,655,781 | 9,864 |
| | Poly Property Group Co. Ltd. | 32,808,038 | 9,832 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 14,518,360 | 9,809 |
7
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Huadian Power International Corp. Ltd. | 25,846,909 | 9,804 |
| | Lao Feng Xiang Co. Ltd. Class B | 3,104,906 | 9,691 |
| | China Life Insurance Co. Ltd. Class A | 3,029,098 | 9,536 |
| | PetroChina Co. Ltd. Class A | 7,896,690 | 9,394 |
| ^,* | China Maple Leaf Educational Systems Ltd. | 21,330,538 | 9,258 |
| | Hollysys Automation Technologies Ltd. | 477,306 | 9,174 |
| ^,* | CAR Inc. | 11,515,796 | 9,154 |
| | China Everbright Bank Co. Ltd. Class A | 15,838,703 | 9,137 |
| | Bank of Ningbo Co. Ltd. Class A | 3,591,770 | 9,108 |
| | China Dongxiang Group Co. Ltd. | 58,387,360 | 9,020 |
| | Guangshen Railway Co. Ltd. | 23,859,093 | 8,939 |
| * | CSC Financial Co. Ltd. Class A | 7,134,677 | 8,923 |
| | BOE Technology Group Co. Ltd. Class B | 27,278,943 | 8,780 |
| 2 | Red Star Macalline Group Corp. Ltd. | 9,902,064 | 8,760 |
| | Tianneng Power International Ltd. | 10,913,156 | 8,758 |
| | China Merchants Bank Co. Ltd. Class A (XSHG) | 2,082,000 | 8,682 |
| | Suning.com Co. Ltd. Class A | 5,278,922 | 8,663 |
| | Greentown China Holdings Ltd. | 12,292,719 | 8,591 |
| 2 | Hua Hong Semiconductor Ltd. | 4,904,188 | 8,560 |
| | China Pacific Insurance Group Co. Ltd. Class A | 1,763,527 | 8,557 |
| *,§,2 | Tianhe Chemicals Group Ltd. | 57,304,542 | 8,550 |
| ^,* | Bilibili Inc. ADR | 628,928 | 8,491 |
| | Yuexiu Transport Infrastructure Ltd. | 10,540,501 | 8,448 |
| ^,* | Digital China Holdings Ltd. | 17,453,894 | 8,377 |
| 2 | Genertec Universal Medical Group Co. Ltd. | 10,739,668 | 8,362 |
| * | Sohu.com Ltd. ADR | 459,708 | 8,307 |
| | Qingdao Haier Co. Ltd. Class A | 4,539,212 | 8,286 |
| | Yanlord Land Group Ltd. | 9,046,960 | 8,251 |
| | China United Network Communications Ltd. Class A | 10,505,024 | 8,201 |
| | Bank of Communications Co. Ltd. Class A | 9,488,573 | 8,187 |
| | Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 2,563,592 | 8,165 |
| | Jiangsu Hengrui Medicine Co. Ltd. Class A (XSHG) | 918,780 | 8,159 |
| | Xtep International Holdings Ltd. | 14,833,291 | 8,138 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 3,788,487 | 8,061 |
| | Huadian Fuxin Energy Corp. Ltd. | 44,658,912 | 8,045 |
| | Xinjiang Goldwind Science & Technology Co. Ltd. | 10,766,780 | 8,040 |
| | Hopson Development Holdings Ltd. | 10,365,434 | 7,970 |
| ^,* | CMBC Capital Holdings Ltd. | 218,873,412 | 7,839 |
| | Shenwan Hongyuan Group Co. Ltd. Class A | 12,122,481 | 7,770 |
| | Guotai Junan Securities Co. Ltd. Class A | 3,523,600 | 7,729 |
| | Kaisa Group Holdings Ltd. | 31,081,049 | 7,601 |
| ^ | Skyworth Digital Holdings Ltd. | 32,659,899 | 7,563 |
| | Aier Eye Hospital Group Co. Ltd. Class A | 1,927,527 | 7,520 |
| | CRRC Corp. Ltd. Class A | 6,160,753 | 7,518 |
| | Shandong Chenming Paper Holdings Ltd. Class B | 12,912,357 | 7,511 |
| ^,* | Bitauto Holdings Ltd. ADR | 391,788 | 7,483 |
| | Dongyue Group Ltd. | 13,967,339 | 7,483 |
| | Anhui Conch Cement Co. Ltd. Class A | 1,581,661 | 7,470 |
| | Shanghai Baosight Software Co. Ltd. Class B | 4,312,026 | 7,468 |
| | Powerlong Real Estate Holdings Ltd. | 21,747,277 | 7,463 |
| 2 | YiChang HEC ChangJiang Pharmaceutical Co. Ltd. | 2,167,782 | 7,430 |
| | Focus Media Information Technology Co. Ltd. Class A | 8,573,431 | 7,417 |
| ^ | Tongda Group Holdings Ltd. | 57,191,919 | 7,398 |
| ^ | China Lesso Group Holdings Ltd. | 13,876,317 | 7,330 |
| | Industrial Bank Co. Ltd. Class A (XSHG) | 3,135,301 | 7,279 |
| | China Foods Ltd. | 15,361,153 | 7,213 |
| | Luxshare Precision Industry Co. Ltd. Class A | 2,990,708 | 7,172 |
| | SAIC Motor Corp. Ltd. Class A (XSHG) | 1,835,265 | 7,162 |
| | CIMC Enric Holdings Ltd. | 9,281,019 | 7,134 |
| | Lonking Holdings Ltd. | 31,531,868 | 7,109 |
| | Yuzhou Properties Co. Ltd. | 19,844,926 | 7,085 |
| | China Resources Medical Holdings Co. Ltd. | 10,209,789 | 7,035 |
| | Shanghai Pudong Development Bank Co. Ltd. Class A (XSHG) | 4,454,177 | 7,034 |
| * | COSCO SHIPPING Development Co. Ltd. | 68,646,529 | 7,023 |
8
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | China ZhengTong Auto Services Holdings Ltd. | 14,629,764 | 7,021 |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 21,874,132 | 7,017 |
| | Beijing Jingneng Clean Energy Co. Ltd. | 36,905,531 | 6,933 |
| ^ | China Grand Pharmaceutical and Healthcare Holdings Ltd. | 14,293,210 | 6,926 |
| | Henan Shuanghui Investment & Development Co. Ltd. Class A | 2,115,976 | 6,864 |
| | Bank of Beijing Co. Ltd. Class A | 7,834,785 | 6,847 |
| ^ | China International Marine Containers Group Co. Ltd. | 7,747,415 | 6,840 |
| | Daqin Railway Co. Ltd. Class A | 5,852,648 | 6,784 |
| * | Ausnutria Dairy Corp. Ltd. | 7,439,000 | 6,776 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 3,292,550 | 6,746 |
| | Greentown Service Group Co. Ltd. | 10,145,893 | 6,732 |
| | Bosideng International Holdings Ltd. | 47,783,764 | 6,726 |
| | China State Construction Engineering Corp. Ltd. Class A (XSHG) | 8,653,960 | 6,701 |
| * | Lifetech Scientific Corp. | 30,783,059 | 6,684 |
| § | Yunnan Baiyao Group Co. Ltd. Class A | 663,692 | 6,683 |
| | Lepu Medical Technology Beijing Co. Ltd. Class A | 1,615,592 | 6,674 |
| | China CITIC Bank Corp. Ltd. Class A | 7,774,118 | 6,620 |
| | China Suntien Green Energy Corp. Ltd. | 25,728,823 | 6,578 |
| | Texhong Textile Group Ltd. | 5,403,469 | 6,526 |
| | China Railway Construction Corp. Ltd. Class A | 3,990,577 | 6,330 |
| | China Shenhua Energy Co. Ltd. Class A | 2,183,415 | 6,324 |
| | China Overseas Grand Oceans Group Ltd. | 20,315,142 | 6,297 |
| | Dazhong Transportation Group Co. Ltd. Class B | 14,421,708 | 6,289 |
| | Sinopec Kantons Holdings Ltd. | 15,398,976 | 6,284 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 3,735,157 | 6,270 |
| * | Tibet Water Resources Ltd. | 22,154,590 | 6,268 |
| ^,* | Ronshine China Holdings Ltd. | 5,547,308 | 6,259 |
| ^ | NetDragon Websoft Holdings Ltd. | 3,515,138 | 6,256 |
| * | Skyfame Realty Holdings Ltd. | 36,171,804 | 6,227 |
| ^,* | iKang Healthcare Group Inc. ADR | 354,412 | 6,167 |
| § | Wanda Film Holding Co. Ltd. Class A | 1,241,314 | 6,151 |
| ^,* | China Education Group Holdings Ltd. | 5,108,724 | 6,142 |
| | Bank of Shanghai Co. Ltd. Class A | 3,490,158 | 6,129 |
| ^,2 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. | 2,501,659 | 6,128 |
| | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 17,644,295 | 6,123 |
| | China SCE Group Holdings Ltd. | 17,841,301 | 6,099 |
| ^ | China Yongda Automobiles Services Holdings Ltd. | 11,343,652 | 6,087 |
| | Huaxia Bank Co. Ltd. Class A | 5,253,414 | 6,040 |
| | New China Life Insurance Co. Ltd. Class A | 885,186 | 5,970 |
| | CSG Holding Co. Ltd. Class B | 17,563,848 | 5,970 |
| | Shanghai International Airport Co. Ltd. Class A | 832,867 | 5,950 |
| ^,2 | Zhou Hei Ya International Holdings Co. Ltd. | 11,557,404 | 5,948 |
| | Huadong Medicine Co. Ltd. Class A | 1,152,039 | 5,931 |
| | Times China Holdings Ltd. | 6,733,094 | 5,900 |
| ^ | PAX Global Technology Ltd. | 11,960,436 | 5,896 |
| | China Lilang Ltd. | 7,048,865 | 5,812 |
| | China Machinery Engineering Corp. | 12,683,261 | 5,787 |
| ^ | Sichuan Expressway Co. Ltd. | 19,472,276 | 5,776 |
| | China South City Holdings Ltd. | 39,153,258 | 5,755 |
| * | Noah Holdings Ltd. ADR | 150,705 | 5,683 |
| | Beijing Capital Land Ltd. | 16,693,643 | 5,668 |
| | Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 6,099,550 | 5,613 |
| ^ | China High Speed Transmission Equipment Group Co. Ltd. | 5,915,934 | 5,557 |
| | Anhui Expressway Co. Ltd. | 9,534,097 | 5,531 |
| *,2 | Qingdao Port International Co. Ltd. | 9,434,915 | 5,526 |
| | China Overseas Property Holdings Ltd. | 23,261,311 | 5,487 |
| | Guotai Junan Securities Co. Ltd. Class A (XSSC) | 2,499,568 | 5,483 |
| | Sinotrans Shipping Ltd. | 16,363,769 | 5,472 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 4,934,243 | 5,467 |
| ^,* | Beijing Gas Blue Sky Holdings Ltd. | 83,902,573 | 5,466 |
| *,§ | SMI Holdings Group Ltd. | 18,314,748 | 5,465 |
| ^,2 | Ozner Water International Holding Ltd. | 25,153,767 | 5,454 |
| * | Contemporary Amperex Technology Co. Ltd. Class A | 503,200 | 5,403 |
| * | Fang Holdings Ltd. ADR | 2,641,067 | 5,361 |
9
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,*,§ | Hanergy Thin Film Power Group Ltd. | 206,154,000 | 5,321 |
| | Shaanxi Coal Industry Co. Ltd. Class A | 4,300,834 | 5,294 |
| | Zhenro Properties Group Ltd. | 8,619,508 | 5,223 |
| | China United Network Communications Ltd. Class A (XSHG) | 6,641,000 | 5,185 |
| | BOE Technology Group Co. Ltd. Class A | 13,072,954 | 5,185 |
| | China National Accord Medicines Corp. Ltd. Class B | 1,494,949 | 5,167 |
| | China Merchants Securities Co. Ltd. Class A | 2,704,874 | 5,147 |
| | Wuxi Little Swan Co. Ltd. Class A | 844,472 | 5,143 |
| ^,*,2 | ZhongAn Online P&C Insurance Co. Ltd. | 1,518,593 | 5,062 |
| * | Aluminum Corp. of China Ltd. Class A | 9,203,700 | 5,046 |
| | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 7,859,532 | 5,041 |
| 2 | Cosmo Lady China Holdings Co. Ltd. | 11,877,105 | 4,999 |
| | Shenzhen Overseas Chinese Town Co. Ltd. Class A | 6,006,721 | 4,991 |
| | Wuxi Little Swan Co. Ltd. Class B | 1,048,505 | 4,973 |
| ^,* | Zhongyu Gas Holdings Ltd. | 7,360,000 | 4,972 |
| | Weifu High-Technology Group Co. Ltd. Class B | 2,844,219 | 4,963 |
| | Aisino Corp. Class A | 1,461,426 | 4,954 |
| * | Zai Lab Ltd. ADR | 300,900 | 4,923 |
| ^,*,2 | China Logistics Property Holdings Co. Ltd. | 14,596,409 | 4,839 |
| | Sany Heavy Equipment International Holdings Co. Ltd. | 16,712,954 | 4,821 |
| *,2 | A-Living Services Co. Ltd. | 3,941,663 | 4,801 |
| | Landing International Development Ltd. | 22,958,464 | 4,788 |
| § | Shanghai RAAS Blood Products Co. Ltd. Class A | 1,704,422 | 4,771 |
| | China Oil & Gas Group Ltd. | 69,087,003 | 4,761 |
| | Chaozhou Three-Circle Group Co. Ltd. Class A | 1,777,408 | 4,760 |
| | Kangmei Pharmaceutical Co. Ltd. Class A | 2,672,018 | 4,741 |
| | Future Land Holdings Co. Ltd. Class A | 1,325,573 | 4,737 |
| | CRRC Corp. Ltd. Class A (XSHG) | 3,879,500 | 4,734 |
| | China Shineway Pharmaceutical Group Ltd. | 4,007,885 | 4,681 |
| | TCL Electronics Holdings Ltd. | 11,481,329 | 4,680 |
| | Wens Foodstuffs Group Co. Ltd. | 1,318,619 | 4,679 |
| | Everbright Securities Co. Ltd. Class A | 3,363,510 | 4,678 |
| | Vinda International Holdings Ltd. | 3,272,804 | 4,675 |
| | West China Cement Ltd. | 31,446,438 | 4,669 |
| | Wasion Holdings Ltd. | 9,458,867 | 4,640 |
| | China Railway Group Ltd. Class A | 4,332,414 | 4,611 |
| | Dalian Port PDA Co. Ltd. | 35,744,762 | 4,609 |
| | Shenzhen Inovance Technology Co. Ltd. Class A | 1,434,119 | 4,607 |
| | Guangdong Provincial Expressway Development Co. Ltd. Class B | 6,541,331 | 4,603 |
| | East Money Information Co. Ltd. Class A | 2,555,400 | 4,556 |
| * | ZTE Corp. Class A | 1,839,678 | 4,508 |
| | Luzhou Laojiao Co. Ltd. Class A | 820,599 | 4,501 |
| | Chongqing Zhifei Biological Products Co. Ltd. Class A | 871,236 | 4,498 |
| | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 3,627,486 | 4,481 |
| | China Fortune Land Development Co. Ltd. Class A | 1,319,438 | 4,451 |
| | Muyuan Foodstuff Co. Ltd. Class A | 1,352,534 | 4,448 |
| | Songcheng Performance Development Co. Ltd. Class A | 1,443,362 | 4,413 |
| *,2 | China Metal Resources Utilization Ltd. | 7,657,587 | 4,398 |
| | Hangzhou Hikvision Digital Technology Co. Ltd. Class A (XSEC) | 1,255,976 | 4,393 |
| ^ | Chaowei Power Holdings Ltd. | 10,165,924 | 4,377 |
| | Weichai Power Co. Ltd. Class A | 4,072,000 | 4,370 |
| | Bank of Communications Co. Ltd. Class A (XSHG) | 5,057,900 | 4,364 |
| 2 | China Yuhua Education Corp. Ltd. | 10,797,676 | 4,354 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 13,088,628 | 4,313 |
| | Shandong Airlines Co. Ltd. Class B | 2,960,917 | 4,280 |
| | Inner Mongolia Yili Industrial Group Co. Ltd. Class A (XSHG) | 1,340,562 | 4,270 |
| | Harbin Electric Co. Ltd. | 14,991,875 | 4,259 |
| | China National Nuclear Power Co. Ltd. Class A | 5,319,107 | 4,259 |
| *,§ | Coolpad Group Ltd. | 46,294,028 | 4,250 |
| | Daqin Railway Co. Ltd. Class A (XSHG) | 3,643,120 | 4,223 |
| ^,* | Zhuguang Holdings Group Co. Ltd. | 22,762,000 | 4,218 |
| | Huaneng Power International Inc. Class A | 4,530,197 | 4,204 |
| | Central China Securities Co. Ltd. | 17,488,324 | 4,203 |
| ^,2 | Tian Ge Interactive Holdings Ltd. | 7,962,476 | 4,199 |
10
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shanghai International Airport Co. Ltd. Class A (XSHG) | 587,126 | 4,195 |
| | Power Construction Corp. of China Ltd. Class A | 6,112,916 | 4,160 |
| | Foshan Haitian Flavouring & Food Co. Ltd. Class A | 441,936 | 4,112 |
| | Huaxin Cement Co. Ltd. Class B | 1,992,230 | 4,076 |
| | Shanghai Huayi Group Corp. Ltd. Class B | 4,398,334 | 4,056 |
| | Huayu Automotive Systems Co. Ltd. Class A | 1,610,116 | 4,043 |
| | Sichuan Kelun Pharmaceutical Co. Ltd. Class A | 1,194,312 | 4,038 |
| * | Consun Pharmaceutical Group Ltd. | 5,794,000 | 4,033 |
| | JNBY Design Ltd. | 2,610,000 | 4,010 |
| | SF Holding Co. Ltd. Class A | 734,859 | 3,979 |
| § | Kangde Xin Composite Material Group Co. Ltd. Class A | 1,630,242 | 3,976 |
| * | AVIC Shenyang Aircraft Co. Ltd. Class A | 822,090 | 3,952 |
| ^ | CITIC Resources Holdings Ltd. | 47,925,718 | 3,922 |
| | Xingda International Holdings Ltd. | 14,487,093 | 3,911 |
| | China Everbright Bank Co. Ltd. Class A (XSHG) | 6,695,800 | 3,863 |
| | Dah Chong Hong Holdings Ltd. | 11,320,570 | 3,839 |
| | Shanghai Haixin Group Co. Class B | 8,385,119 | 3,809 |
| * | Hi Sun Technology China Ltd. | 32,769,186 | 3,805 |
| | Poly Real Estate Group Co. Ltd. Class A (XSHG) | 2,095,452 | 3,803 |
| *,2 | Haichang Ocean Park Holdings Ltd. | 23,096,362 | 3,778 |
| | Livzon Pharmaceutical Group Inc. Class A | 905,293 | 3,768 |
| | Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | 1,761,572 | 3,713 |
| ^,2 | Redco Group | 8,195,640 | 3,713 |
| | Inner Mongolia BaoTou Steel Union Co. Ltd. Class A | 15,908,157 | 3,711 |
| | Bank of Beijing Co. Ltd. Class A (XSHG) | 4,245,408 | 3,710 |
| | Greenland Holdings Corp. Ltd. Class A | 4,164,281 | 3,697 |
| ^,* | Sinofert Holdings Ltd. | 32,860,032 | 3,695 |
| | Hangzhou Steam Turbine Co. Ltd. Class B | 4,722,804 | 3,689 |
| 2 | China Everbright Greentech Ltd. | 5,091,814 | 3,672 |
| | Tianqi Lithium Corp. Class A | 872,836 | 3,672 |
| | Sanan Optoelectronics Co. Ltd. Class A | 1,800,942 | 3,659 |
| | Huaxin Cement Co. Ltd. Class A | 1,334,003 | 3,658 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 995,802 | 3,649 |
| | Bank of Nanjing Co. Ltd. Class A | 3,452,568 | 3,643 |
| | Yonghui Superstores Co. Ltd. Class A | 3,529,775 | 3,630 |
| | Beijing North Star Co. Ltd. | 13,727,813 | 3,630 |
| § | Shandong Nanshan Aluminum Co. Ltd. Class A | 9,539,913 | 3,625 |
| | Wuliangye Yibin Co. Ltd. Class A (XSEC) | 519,852 | 3,610 |
| ^,* | Qudian Inc. ADR | 861,953 | 3,594 |
| | CITIC Securities Co. Ltd. Class A | 1,449,600 | 3,580 |
| | Shanghai Bailian Group Co. Ltd. Class B | 3,653,716 | 3,554 |
| | Huaxia Bank Co. Ltd. Class A (XSHG) | 3,088,291 | 3,551 |
| | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | 661,594 | 3,518 |
| * | Foxconn Industrial Internet Co. Ltd. Class A | 1,979,200 | 3,502 |
| | Shandong Gold Mining Co. Ltd. Class A | 921,650 | 3,494 |
| | China Minsheng Banking Corp. Ltd. Class A | 3,800,438 | 3,491 |
| ^,* | Leyou Technologies Holdings Ltd. | 15,295,789 | 3,490 |
| * | Dongfang Electric Corp. Ltd. | 6,490,017 | 3,485 |
| | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 14,881,780 | 3,485 |
| | Beijing Shiji Information Technology Co. Ltd. Class A | 821,807 | 3,463 |
| | China Railway Group Ltd. Class A (XSHG) | 3,248,829 | 3,458 |
| | Dongjiang Environmental Co. Ltd. Class A | 2,163,866 | 3,449 |
| | Zhejiang Supor Co. Ltd. Class A | 492,919 | 3,449 |
| | Huangshan Tourism Development Co. Ltd. Class B | 2,926,303 | 3,421 |
| * | GCL System Integration Technology Co. Ltd. Class A | 4,601,125 | 3,407 |
| *,§ | Beijing Xinwei Technology Group Co. Ltd. Class A | 1,890,524 | 3,406 |
| | Iflytek Co. Ltd. Class A | 1,044,759 | 3,405 |
| | China Fangda Group Co. Ltd. Class B | 7,946,483 | 3,395 |
| * | Bank of Changsha Co. Ltd. Class A | 2,389,688 | 3,379 |
| | Dawnrays Pharmaceutical Holdings Ltd. | 14,673,515 | 3,374 |
| | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | 974,679 | 3,370 |
| | Tsingtao Brewery Co. Ltd. Class A (XSHG) | 773,551 | 3,369 |
| | Bank of Chongqing Co. Ltd. | 5,797,426 | 3,353 |
| | Hengli Petrochemical Co. Ltd. Class A | 1,637,536 | 3,343 |
11
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Air China Ltd. Class A | 3,077,214 | 3,341 |
| | China Shipbuilding Industry Co. Ltd. Class A | 5,565,452 | 3,340 |
| ^,* | Sinopec Oilfield Service Corp. | 30,046,608 | 3,338 |
| | Zijin Mining Group Co. Ltd. Class A | 6,739,100 | 3,333 |
| ^,* | O-Net Technologies Group Ltd. | 7,656,238 | 3,325 |
| | Livzon Pharmaceutical Group Inc. | 1,132,787 | 3,310 |
| | Shanghai Jinjiang International Travel Co. Ltd. Class B | 1,764,490 | 3,297 |
| | AVIC Aircraft Co. Ltd. Class A | 1,540,402 | 3,283 |
| | RiseSun Real Estate Development Co. Ltd. Class A | 2,871,785 | 3,275 |
| | Weichai Power Co. Ltd. Class A (XSHE) | 3,047,078 | 3,270 |
| | Siasun Robot & Automation Co. Ltd. Class A | 1,599,651 | 3,269 |
| * | Beijing Enterprises Clean Energy Group Ltd. | 257,617,198 | 3,262 |
| | Yango Group Co. Ltd. Class A | 4,124,783 | 3,246 |
| | Sinosoft Technology Group Ltd. | 11,227,652 | 3,217 |
| ^,*,2 | Cogobuy Group | 9,403,913 | 3,214 |
| § | Kangde Xin Composite Material Group Co. Ltd. Class A (XSEC) | 1,314,500 | 3,206 |
| ^,* | Sogou Inc. ADR | 551,600 | 3,205 |
| | China Molybdenum Co. Ltd. Class A | 5,450,411 | 3,204 |
| | Jinke Properties Group Co. Ltd. Class A | 3,657,625 | 3,168 |
| | Guosen Securities Co. Ltd. Class A | 2,592,241 | 3,122 |
| | Beijing Capital Retailing Group Co. Ltd. Class A | 3,481,950 | 3,108 |
| | STO Express Co. Ltd. Class A | 1,175,776 | 3,103 |
| | Hisense Kelon Electrical Holdings Co. Ltd. Class A (XSHE) | 3,144,827 | 3,086 |
| | Zhejiang Huayou Cobalt Co. Ltd. Class A | 631,105 | 3,080 |
| | Grandblue Environment Co. Ltd. Class A | 1,700,460 | 3,069 |
| | Beijing Originwater Technology Co. Ltd. Class A | 2,594,218 | 3,057 |
| | Shanghai International Port Group Co. Ltd. Class A | 3,899,232 | 3,032 |
| * | China Modern Dairy Holdings Ltd. | 24,097,299 | 3,018 |
| | Foshan Haitian Flavouring & Food Co. Ltd. Class A (XSHG) | 324,216 | 3,017 |
| | O-film Tech Co. Ltd. Class A | 1,589,325 | 3,011 |
| | BYD Co. Ltd. Class A | 444,238 | 3,003 |
| | Foshan Electrical and Lighting Co. Ltd. Class B | 6,184,861 | 2,998 |
| | By-health Co. Ltd. Class A | 1,113,819 | 2,997 |
| | Zhejiang Longsheng Group Co. Ltd. Class A | 2,332,150 | 2,986 |
| * | Walvax Biotechnology Co. Ltd. Class A | 1,265,157 | 2,967 |
| | TCL Corp. Class A | 8,341,322 | 2,966 |
| | Concord New Energy Group Ltd. | 74,664,071 | 2,958 |
| | Youngor Group Co. Ltd. Class A | 2,771,052 | 2,948 |
| | Founder Securities Co. Ltd. Class A | 3,762,813 | 2,947 |
| | Gemdale Corp. Class A | 2,233,107 | 2,942 |
| | Sinopec Shanghai Petrochemical Co. Ltd. Class A | 3,861,940 | 2,932 |
| | Xinhua Winshare Publishing and Media Co. Ltd. | 4,642,844 | 2,912 |
| | Dongxing Securities Co. Ltd. Class A | 1,987,701 | 2,904 |
| | HLA Corp. Ltd. Class A | 2,598,579 | 2,896 |
| | China Shipbuilding Industry Co. Ltd. Class A (XSHG) | 4,823,800 | 2,895 |
| | Qingdao TGOOD Electric Co. Ltd. Class A | 1,447,916 | 2,895 |
| * | 360 Security Technology Inc. Class A | 923,000 | 2,888 |
| | Guangdong Haid Group Co. Ltd. Class A | 997,759 | 2,880 |
| | NARI Technology Co. Ltd. Class A (XSHG) | 1,151,800 | 2,876 |
| § | Zhongtian Financial Group Co. Ltd. Class A | 4,101,249 | 2,864 |
| | Ningbo Zhoushan Port Co. Ltd. Class A | 5,301,983 | 2,863 |
| | China Northern Rare Earth Group High-Tech Co. Ltd. Class A | 1,881,240 | 2,851 |
| | Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | 799,753 | 2,840 |
| | Shanghai Diesel Engine Co. Ltd. Class B | 5,079,470 | 2,839 |
| ^,* | Huayi Tencent Entertainment Co. Ltd. | 118,499,325 | 2,837 |
| ^,* | CSSC Offshore and Marine Engineering Group Co. Ltd. | 4,146,581 | 2,830 |
| | Shanghai Oriental Pearl Group Co. Ltd. Class A | 2,140,114 | 2,811 |
| | GF Securities Co. Ltd. Class A (XSEC) | 1,569,400 | 2,803 |
| | China Grand Automotive Services Co. Ltd. Class A | 4,686,056 | 2,796 |
| | Shenzhen Chiwan Wharf Holdings Ltd. Class B | 2,258,000 | 2,794 |
| | Suning Commerce Group Co. Ltd. Class A (XSEC) | 1,694,970 | 2,782 |
| | Shandong Chenming Paper Holdings Ltd. | 4,928,782 | 2,775 |
| | AECC Aviation Power Co. Ltd. Class A | 844,113 | 2,769 |
| | Hangzhou Tigermed Consulting Co. Ltd. Class A | 444,373 | 2,733 |
12
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Kama Co. Ltd. Class B | 5,203,252 | 2,731 |
| | Avic Capital Co. Ltd. Class A | 4,125,848 | 2,728 |
| | Zhejiang Huace Film & TV Co. Ltd. Class A | 1,831,924 | 2,725 |
| | Qingling Motors Co. Ltd. | 10,456,072 | 2,711 |
| | Luthai Textile Co. Ltd. Class B | 2,415,793 | 2,706 |
| | Shanghai Industrial Urban Development Group Ltd. | 18,046,816 | 2,701 |
| * | ZTE Corp. Class A (XSHE) | 1,094,565 | 2,682 |
| | Global Cord Blood Corp. | 436,491 | 2,667 |
| | Fangda Carbon New Material Co. Ltd. Class A | 934,100 | 2,664 |
| | Jiangxi Ganyue Expressway Co. Ltd. Class A | 4,762,342 | 2,660 |
| * | Xunlei Ltd. ADR | 439,471 | 2,659 |
| | Beijing Enlight Media Co. Ltd. Class A | 2,631,203 | 2,653 |
| | Zhongshan Public Utilities Group Co. Ltd. Class A | 2,683,836 | 2,644 |
| | Shandong Himile Mechanical Science & Technology Co. Ltd. Class A | 1,322,857 | 2,639 |
| ^ | Q Technology Group Co. Ltd. | 5,532,424 | 2,635 |
| | Zhejiang Dahua Technology Co. Ltd. Class A | 1,574,692 | 2,620 |
| | Guangdong Haid Group Co. Ltd. Class A (XSHE) | 907,167 | 2,618 |
| | East Money Information Co. Ltd. Class A (XSHE) | 1,453,548 | 2,592 |
| | Yonyou Network Technology Co. Ltd. Class A | 741,210 | 2,570 |
| | Anhui Conch Cement Co. Ltd. Class A (XSHG) | 544,000 | 2,569 |
| | Jiangxi Ganfeng Lithium Co. Ltd. Class A | 751,350 | 2,561 |
| | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | 548,676 | 2,558 |
| | Glodon Co. Ltd. Class A | 732,431 | 2,552 |
| | Han's Laser Technology Industry Group Co. Ltd. Class A | 562,423 | 2,547 |
| | Focus Media Information Technology Co. Ltd. Class A (XSEC) | 2,938,396 | 2,543 |
| | Hengtong Optic-electric Co. Ltd. Class A | 1,066,354 | 2,519 |
| ^ | CPMC Holdings Ltd. | 7,641,319 | 2,518 |
| | Tsingtao Brewery Co. Ltd. Class A | 575,686 | 2,507 |
| | Shandong Pharmaceutical Glass Co. Ltd. Class A | 1,067,094 | 2,487 |
| | LONGi Green Energy Technology Co. Ltd. Class A | 1,270,376 | 2,485 |
| | Bengang Steel Plates Co. Ltd. Class B | 8,157,311 | 2,482 |
| * | Mango Excellent Media Co. Ltd. Class A | 552,900 | 2,474 |
| | AVIC Electromechanical Systems Co. Ltd. Class A | 2,057,022 | 2,472 |
| | Shandong Linglong Tyre Co. Ltd. Class A | 1,213,391 | 2,453 |
| | 361 Degrees International Ltd. | 10,480,198 | 2,439 |
| | Western Securities Co. Ltd. Class A | 2,020,851 | 2,434 |
| | NanJi E-Commerce Co. Ltd. Class A | 2,307,043 | 2,433 |
| | Tongling Nonferrous Metals Group Co. Ltd. Class A | 8,082,400 | 2,430 |
| ^ | Tiangong International Co. Ltd. | 10,921,224 | 2,428 |
| ^,* | China Minsheng Financial Holding Corp. Ltd. | 79,192,427 | 2,426 |
| | Hualan Biological Engineering Inc. Class A | 493,321 | 2,425 |
| | China Construction Bank Corp. Class A | 2,344,088 | 2,415 |
| | Huaneng Power International Inc. Class A (XSHG) | 2,599,994 | 2,413 |
| | Luxi Chemical Group Co. Ltd. Class A | 1,437,608 | 2,409 |
| | BBMG Corp. Class A | 5,057,870 | 2,404 |
| | Baoshan Iron & Steel Co. Ltd. Class A (XSSC) | 2,173,144 | 2,399 |
| *,§ | China Huiyuan Juice Group Ltd. | 9,298,137 | 2,395 |
| | Inspur Electronic Information Industry Co. Ltd. Class A | 911,884 | 2,389 |
| ^,* | JinkoSolar Holding Co. Ltd. ADR | 296,237 | 2,388 |
| | Guocheng Mining Co. Ltd. | 1,433,400 | 2,387 |
| | Guangdong No 2 Hydropower Engineering Co. Ltd. Class A | 6,032,274 | 2,386 |
| | Industrial Securities Co. Ltd. Class A | 3,352,265 | 2,361 |
| | Guangzhou Baiyun International Airport Co. Ltd. Class A | 1,671,947 | 2,359 |
| ^ | Grand Baoxin Auto Group Ltd. | 10,789,691 | 2,354 |
| | Dongxu Optoelectronic Technology Co. Ltd. Class A | 3,465,608 | 2,353 |
| | Sichuan Road & Bridge Co. Ltd. Class A | 4,719,850 | 2,345 |
| § | Shenzhen Techand Ecology & Environment Co. Ltd. Class A | 3,034,650 | 2,337 |
| | Sansteel Minguang Co. Ltd. Fujian Class A | 945,704 | 2,322 |
| | Jiangsu Lianfa Textile Co. Ltd. Class A | 1,568,252 | 2,317 |
| * | Shang Gong Group Co. Ltd. Class B | 3,678,113 | 2,310 |
| ^,* | Wisdom Education International Holdings Co. Ltd. | 5,120,000 | 2,304 |
| | Luthai Textile Co. Ltd. Class A | 1,702,491 | 2,304 |
| § | Beijing Watertek Information Technology Co. Ltd. Class A | 1,688,685 | 2,298 |
| * | Huadian Energy Co. Ltd. Class B | 7,910,644 | 2,298 |
13
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Xinhua Winshare Publishing and Media Co. Ltd. Class A | 1,796,153 | 2,298 |
| *,§ | V1 Group Ltd. | 37,430,176 | 2,291 |
| | Sunwoda Electronic Co. Ltd. Class A | 1,881,380 | 2,282 |
| | Perfect World Co. Ltd. Class A | 646,583 | 2,277 |
| | Zhejiang Conba Pharmaceutical Co. Ltd. Class A | 2,553,361 | 2,277 |
| | AVIC Jonhon OptronicTechnology Co. Ltd. Class A | 411,928 | 2,270 |
| | Chongqing Fuling Zhacai Group Co. Ltd. Class A | 778,459 | 2,266 |
| | Dongguan Development Holdings Co. Ltd. Class A | 2,257,901 | 2,265 |
| ^ | Enerchina Holdings Ltd. | 45,354,783 | 2,261 |
| | Ningbo Joyson Electronic Corp. Class A | 682,733 | 2,245 |
| | Poly Culture Group Corp. Ltd. | 1,944,947 | 2,244 |
| | Inner Mongolia First Machinery Group Co. Ltd. Class A | 1,296,286 | 2,243 |
| | Beijing Jingneng Power Co. Ltd. Class A | 5,005,703 | 2,243 |
| | Yonghui Superstores Co. Ltd. Class A (XSHG) | 2,177,795 | 2,240 |
| | Greenland Hong Kong Holdings Ltd. | 9,710,314 | 2,239 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 784,985 | 2,237 |
| | Sichuan Chuantou Energy Co. Ltd. Class A | 1,925,161 | 2,231 |
| | Jiangsu Phoenix Publishing & Media Corp. Ltd. Class A | 2,252,506 | 2,227 |
| | Bluestar Adisseo Co. Class A | 1,218,341 | 2,221 |
| | Hangzhou Robam Appliances Co. Ltd. Class A | 731,804 | 2,220 |
| ^,* | Tianjin Capital Environmental Protection Group Co. Ltd. | 6,023,266 | 2,218 |
| | Jiangsu Hengli Hydraulic Co. Ltd. Class A | 816,340 | 2,212 |
| | Venustech Group Inc. Class A | 779,436 | 2,193 |
| | Boya Bio-pharmaceutical Group Co. Ltd. Class A | 568,500 | 2,185 |
| *,§ | Neoglory Prosperity Inc. Class A | 1,027,689 | 2,175 |
| | Fujian Expressway Development Co. Ltd. Class A | 5,302,318 | 2,161 |
| ^,* | Comba Telecom Systems Holdings Ltd. | 15,274,130 | 2,152 |
| | Bohai Capital Holding Co. Ltd. Class A | 3,732,242 | 2,144 |
| 2 | Shengjing Bank Co. Ltd. | 4,868,142 | 2,144 |
| | Sany Heavy Industry Co. Ltd. Class A | 1,887,126 | 2,142 |
| | Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | 1,107,648 | 2,139 |
| | GD Power Development Co. Ltd. Class A | 6,103,116 | 2,139 |
| | Guangdong Electric Power Development Co. Ltd. Class A | 3,812,800 | 2,139 |
| | Lao Feng Xiang Co. Ltd. Class A | 406,700 | 2,138 |
| | Shenzhen Energy Group Co. Ltd. Class A | 2,848,058 | 2,129 |
| | NARI Technology Co. Ltd. Class A | 850,399 | 2,124 |
| | Ajisen China Holdings Ltd. | 6,367,260 | 2,122 |
| | Huayu Automotive Systems Co. Ltd. Class A (XSHG) | 842,877 | 2,116 |
| * | Shanxi Zhangze Electric Power Co. Ltd. Class A | 5,356,146 | 2,109 |
| | Shengyi Technology Co. Ltd. Class A | 1,540,460 | 2,109 |
| | Apeloa Pharmaceutical Co. Ltd. Class A | 1,977,321 | 2,108 |
| * | Yashili International Holdings Ltd. | 12,141,956 | 2,098 |
| | China National Chemical Engineering Co. Ltd. Class A | 2,490,177 | 2,092 |
| | Shanghai Zhenhua Heavy Industries Co. Ltd. Class A | 4,584,039 | 2,083 |
| | Xinhu Zhongbao Co. Ltd. Class A | 4,659,001 | 2,083 |
| | Zhejiang Weixing New Building Materials Co. Ltd. Class A | 1,092,274 | 2,080 |
| | Changchun High & New Technology Industry Group Inc. Class A | 81,381 | 2,078 |
| * | Renhe Commercial Holdings Co. Ltd. | 61,258,155 | 2,077 |
| ^,*,§ | National Agricultural Holdings Ltd. | 13,680,292 | 2,076 |
| | Hisense Kelon Electrical Holdings Co. Ltd. Class A (XSEC) | 2,097,006 | 2,057 |
| | Shanghai International Port Group Co. Ltd. Class A (XSHG) | 2,640,400 | 2,053 |
| ^ | Colour Life Services Group Co. Ltd. | 4,242,570 | 2,050 |
| | Oceanwide Holdings Co. Ltd. Class A | 2,790,994 | 2,049 |
| * | Shenzhen Kangtai Biological Products Co. Ltd. Class A | 387,600 | 2,049 |
| | Joeone Co. Ltd. Class A | 1,211,177 | 2,045 |
| | Zhejiang Zheneng Electric Power Co. Ltd. Class A | 3,004,652 | 2,041 |
| | GoerTek Inc. Class A | 1,938,204 | 2,035 |
| | Changjiang Securities Co. Ltd. Class A | 2,745,424 | 2,034 |
| | Offshore Oil Engineering Co. Ltd. Class A | 2,544,070 | 2,033 |
| | Anhui Heli Co. Ltd. Class A | 1,706,475 | 2,032 |
| | New Hope Liuhe Co. Ltd. Class A (XSHE) | 2,373,324 | 2,030 |
| | Zhejiang NHU Co. Ltd. Class A | 997,477 | 2,029 |
| | Winning Health Technology Group Co. Ltd. Class A | 1,090,814 | 2,024 |
| | China Southern Airlines Co. Ltd. Class A | 2,288,500 | 2,017 |
14
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Zhejiang Narada Power Source Co. Ltd. Class A | 1,161,462 | 2,016 |
| | Southwest Securities Co. Ltd. Class A | 3,433,481 | 2,014 |
| * | Zhejiang Huge Leaf Co. Ltd. Class A | 3,411,772 | 2,006 |
| * | Sinolink Worldwide Holdings Ltd. | 26,532,699 | 2,005 |
| | Suofeiya Home Collection Co. Ltd. Class A | 773,978 | 2,005 |
| | China Fortune Land Development Co. Ltd. Class A (XSHG) | 594,137 | 2,004 |
| | Shanghai Highly Group Co. Ltd. Class A | 1,408,500 | 1,997 |
| | Beijing Yanjing Brewery Co. Ltd. Class A | 2,439,558 | 1,993 |
| | NavInfo Co. Ltd. Class A | 908,800 | 1,991 |
| | Shenzhen Airport Co. Ltd. Class A | 1,820,428 | 1,991 |
| | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | 177,127 | 1,979 |
| | Shandong Hualu Hengsheng Chemical Co. Ltd. Class A (XSHG) | 975,586 | 1,972 |
| | Lomon Billions Group Co. Ltd. Class A | 1,061,625 | 1,970 |
| § | Zibo Qixiang Tengda Chemical Co. Ltd. Class A | 1,117,520 | 1,968 |
| | New Hope Liuhe Co. Ltd. Class A | 2,293,521 | 1,961 |
| ^,* | China Water Industry Group Ltd. | 13,215,349 | 1,942 |
| § | Yinyi Co. Ltd. Class A | 2,405,411 | 1,942 |
| | China Nuclear Engineering Corp. Ltd. Class A | 1,920,882 | 1,933 |
| | Centre Testing International Group Co. Ltd. Class A | 2,147,012 | 1,932 |
| | Beijing Thunisoft Corp. Ltd. Class A | 982,620 | 1,929 |
| | Kingenta Ecological Engineering Group Co. Ltd. Class A | 2,362,788 | 1,927 |
| | Leyard Optoelectronic Co. Ltd. Class A | 1,748,173 | 1,926 |
| | Huadian Power International Corp. Ltd. Class A | 3,213,300 | 1,921 |
| * | Shanghai Greencourt Investment Group Co. Ltd. Class B | 4,733,900 | 1,920 |
| | Central China Land Media Co. Ltd. Class A | 1,857,208 | 1,915 |
| | Shenzhen Centralcon Investment Holding Co. Ltd. Class A | 1,034,344 | 1,913 |
| | Metallurgical Corp. of China Ltd. Class A | 4,195,533 | 1,912 |
| | Sunvim Group Co. Ltd. Class A | 2,576,900 | 1,906 |
| § | YanAn Bicon Pharmaceutical Listed Co. Class A | 645,100 | 1,905 |
| | Accelink Technologies Co. Ltd. Class A | 513,948 | 1,904 |
| | Bank of Guiyang Co. Ltd. Class A | 1,108,565 | 1,903 |
| | Yunda Holding Co. Ltd. Class A | 430,965 | 1,902 |
| | Shandong Huatai Paper Industry Shareholding Co. Ltd. Class A | 2,962,092 | 1,891 |
| * | Dezhan Healthcare Co. Ltd. Class A | 1,444,422 | 1,888 |
| | GRG Banking Equipment Co. Ltd. Class A | 2,300,350 | 1,887 |
| | Chongqing Sokon Industry Group Co. Ltd. Class A | 817,728 | 1,883 |
| | Beijing Shunxin Agriculture Co. Ltd. Class A | 384,118 | 1,882 |
| | Sany Heavy Industry Co. Ltd. Class A (XSSC) | 1,657,301 | 1,881 |
| | Xishui Strong Year Co. Ltd. Inner Mongolia Class A | 1,097,404 | 1,880 |
| | Bank of Jiangsu Co. Ltd. Class A | 2,012,300 | 1,878 |
| | Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A | 1,148,411 | 1,877 |
| | Rongsheng Petro Chemical Co. Ltd. Class A | 1,261,696 | 1,875 |
| | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A (XSEC) | 146,809 | 1,872 |
| | China Minsheng Banking Corp. Ltd. Class A (XSHG) | 2,033,760 | 1,868 |
| | Inner Mongolia BaoTou Steel Union Co. Ltd. Class A (XSHG) | 7,999,740 | 1,866 |
| | Hubei Energy Group Co. Ltd. Class A | 3,564,555 | 1,865 |
| | Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A | 268,301 | 1,857 |
| | Weiqiao Textile Co. | 5,764,033 | 1,852 |
| | Chongqing Brewery Co. Ltd. Class A | 464,151 | 1,852 |
| § | Jiangsu Shagang Co. Ltd. Class A | 801,300 | 1,849 |
| | China Merchants Energy Shipping Co. Ltd. Class A | 3,204,169 | 1,848 |
| | Shanghai Shibei Hi-Tech Co. Ltd. Class B | 5,203,124 | 1,846 |
| | Bank of Nanjing Co. Ltd. Class A (XSHG) | 1,748,376 | 1,845 |
| | Shanghai M&G Stationery Inc. Class A | 485,000 | 1,840 |
| | Beijing Tongrentang Co. Ltd. Class A | 449,297 | 1,838 |
| | Hundsun Technologies Inc. Class A | 272,220 | 1,835 |
| ^,* | Carnival Group International Holdings Ltd. | 101,043,696 | 1,831 |
| § | China Singyes Solar Technologies Holdings Ltd. | 6,673,675 | 1,830 |
| | China Film Co. Ltd. Class A | 1,041,800 | 1,817 |
| | Ninestar Corp. Class A | 498,987 | 1,812 |
| | Xiamen Comfort Science & Technology Group Co. Ltd. Class A | 865,200 | 1,811 |
| | Topchoice Medical Investment Corp. Class A | 263,079 | 1,810 |
| | China Greatwall Technology Group Co. Ltd. Class A | 2,462,488 | 1,809 |
| | Anxin Trust Co. Ltd. Class A | 2,579,157 | 1,807 |
15
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| § | Tatwah Smartech Co. Ltd. Class A | 1,303,958 | 1,805 |
| | Shenergy Co. Ltd. Class A | 2,486,691 | 1,804 |
| | Hubei Biocause Pharmaceutical Co. Ltd. Class A | 2,149,300 | 1,801 |
| | Hesteel Co. Ltd. Class A | 3,934,183 | 1,795 |
| | Sanan Optoelectronics Co. Ltd. Class A (XSHG) | 882,400 | 1,793 |
| | China XD Electric Co. Ltd. Class A | 3,641,107 | 1,792 |
| | Avic Aviation Engine Corp. plc Class A (XSSC) | 544,366 | 1,786 |
| | Beijing New Building Materials plc Class A | 884,097 | 1,785 |
| * | Glorious Property Holdings Ltd. | 36,534,401 | 1,780 |
| | Shanghai Pudong Road & Bridge Construction Co. Ltd. Class A | 2,518,650 | 1,776 |
| | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A | 5,879,228 | 1,773 |
| ^,* | Chiho Environmental Group Ltd. | 6,094,846 | 1,772 |
| | Kuang-Chi Technologies Co. Ltd. Class A | 1,653,204 | 1,771 |
| | China Railway Hi-tech Industry Co. Ltd. Class A | 1,220,600 | 1,767 |
| | Jiangling Motors Corp. Ltd. Class B | 1,965,170 | 1,765 |
| | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. Class A | 1,106,667 | 1,759 |
| * | Lier Chemical Co. Ltd. Class A | 707,644 | 1,757 |
| | Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 2,118,077 | 1,755 |
| | Kangmei Pharmaceutical Co. Ltd. Class A (XSHG) | 988,000 | 1,753 |
| *,§ | Wintime Energy Co. Ltd. Class A | 7,316,650 | 1,752 |
| ^ | CT Environmental Group Ltd. | 38,490,600 | 1,747 |
| | Hefei Meiya Optoelectronic Technology Inc. Class A | 594,958 | 1,747 |
| | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A (XSHG) | 155,775 | 1,741 |
| | NAURA Technology Group Co. Ltd. Class A | 317,300 | 1,740 |
| | Beijing Sanju Environmental Protection and New Material Co. Ltd. Class A (XSHE) | 1,062,828 | 1,739 |
| | China South Publishing & Media Group Co. Ltd. Class A | 1,032,349 | 1,736 |
| | Shanghai Datun Energy Resources Co. Ltd. Class A | 1,156,850 | 1,734 |
| | Huaxi Securities Co. Ltd. Class A | 1,351,200 | 1,734 |
| | Jiangsu Changbao Steeltube Co. Ltd. Class A | 2,189,654 | 1,726 |
| | Jiangsu Guotai International Group Guomao Co. Ltd. Class A | 2,275,771 | 1,716 |
| | Hesteel Co. Ltd. Class A (XSHE) | 3,757,200 | 1,714 |
| | Hubei Jumpcan Pharmaceutical Co. Ltd. Class A | 294,047 | 1,714 |
| | Guoyuan Securities Co. Ltd. Class A | 1,654,275 | 1,713 |
| | Zhejiang Chint Electrics Co. Ltd. Class A | 520,558 | 1,709 |
| | Xinxing Ductile Iron Pipes Co. Ltd. Class A | 2,591,500 | 1,707 |
| * | Lushang Property Co. Ltd. Class A | 4,115,979 | 1,707 |
| | Shenzhen Sunway Communication Co. Ltd. Class A (XSHE) | 447,624 | 1,704 |
| | Huayuan Property Co. Ltd. Class A | 5,225,205 | 1,697 |
| | Tsinghua Unisplendour Co. Ltd. Class A (XSHE) | 353,723 | 1,694 |
| | Guangdong Fenghua Advanced Technology Holding Co. Ltd. Class A | 852,495 | 1,692 |
| | Shanghai Yimin Commerce Group Co. Ltd. Class A | 3,750,104 | 1,688 |
| | China International Travel Service Corp. Ltd. Class A (XSSC) | 218,010 | 1,688 |
| | Tande Co. Ltd. Class A | 3,429,500 | 1,684 |
| ^,* | AVIC International Holding HK Ltd. | 72,723,070 | 1,682 |
| | Hainan Airlines Holding Co. Ltd. Class A | 6,003,000 | 1,679 |
| ^,* | FDG Electric Vehicles Ltd. | 169,701,865 | 1,671 |
| | Zhejiang Kaishan Compressor Co. Ltd. Class A | 1,281,208 | 1,669 |
| | Unigroup Guoxin Microelectronics Co. Ltd. Class A | 374,793 | 1,668 |
| | Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 1,711,010 | 1,667 |
| | Sealand Securities Co. Ltd. Class A | 2,444,050 | 1,663 |
| | Tianjin Chase Sun Pharmaceutical Co. Ltd. Class A | 3,570,505 | 1,663 |
| | Xinxiang Chemical Fiber Co. Ltd. Class A | 4,549,049 | 1,663 |
| | Dong-E-E-Jiao Co. Ltd. Class A | 293,067 | 1,661 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A (XSHG) | 452,300 | 1,657 |
| | Henan Zhongyuan Expressway Co. Ltd. Class A | 3,398,481 | 1,657 |
| * | Shanghai Phoenix Enterprise Group Co. Ltd. Class B | 3,009,500 | 1,656 |
| | Shandong New Beiyang Information Technology Co. Ltd. Class A | 721,300 | 1,654 |
| | Power Construction Corp. of China Ltd. Class A (XSHG) | 2,430,302 | 1,654 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. Class A (XSSC) | 578,794 | 1,650 |
| | Jinzhou Port Co. Ltd. Class B | 4,738,200 | 1,649 |
| | China Power Clean Energy Development Co. Ltd. | 5,711,691 | 1,643 |
| | Shanxi Meijin Energy Co. Ltd. Class A | 3,191,407 | 1,642 |
| | Foshan Nationstar Optoelectronics Co. Ltd. Class A | 1,105,683 | 1,641 |
| | Yonyou Network Technology Co. Ltd. Class A (XSHG) | 472,273 | 1,637 |
16
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Guangzhou Grandbuy Co. Ltd. Class A | 1,453,667 | 1,634 |
| | China Electronics Optics Valley Union Holding Co. Ltd. | 29,327,808 | 1,633 |
| | INESA Intelligent Tech Inc. Class B | 3,144,066 | 1,632 |
| | China Quanjude Group Co. Ltd. Class A | 952,758 | 1,626 |
| * | Tianjin Realty Development Group Co. Ltd. Class A | 2,925,000 | 1,619 |
| | CSG Smart Science&Technology Co. Ltd. Class A | 756,395 | 1,615 |
| | Hongfa Technology Co. Ltd. Class A | 520,834 | 1,613 |
| | Sunflower Pharmaceutical Group Co. Ltd. Class A | 604,108 | 1,611 |
| * | Guizhou Tyre Co. Ltd. Class A | 3,345,876 | 1,611 |
| | Xinyu Iron & Steel Co. Ltd. Class A | 1,870,600 | 1,608 |
| | Jointown Pharmaceutical Group Co. Ltd. Class A | 730,895 | 1,605 |
| | CNHTC Jinan Truck Co. Ltd. Class A | 1,045,742 | 1,601 |
| | China National Chemical Engineering Co. Ltd. Class A (XSSC) | 1,902,425 | 1,598 |
| ^,* | Hybrid Kinetic Group Ltd. | 260,106,956 | 1,595 |
| | Jiangxi Wannianqing Cement Co. Ltd. Class A | 865,403 | 1,594 |
| | Joincare Pharmaceutical Group Industry Co. Ltd. Class A | 1,508,941 | 1,592 |
| * | Guangdong LY Intelligent Manufacturing Co. Ltd. Class A | 3,773,700 | 1,592 |
| | Wuhan Department Store Group Co. Ltd. Class A | 1,132,677 | 1,589 |
| | Taiji Computer Corp. Ltd. Class A | 397,801 | 1,588 |
| | Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (XSEC) | 968,669 | 1,583 |
| | Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | 1,685,573 | 1,576 |
| | Iflytek Co. Ltd. Class A (XSEC) | 483,450 | 1,575 |
| | Financial Street Holdings Co. Ltd. Class A | 1,676,851 | 1,574 |
| | Shenzhen Gas Corp. Ltd. Class A | 1,917,987 | 1,574 |
| | Shenergy Co. Ltd. Class A (XSHG) | 2,163,979 | 1,570 |
| *,§ | China Fiber Optic Network System Group Ltd. | 17,564,000 | 1,568 |
| | Bluedon Information Security Technology Co. Ltd. Class A | 2,104,556 | 1,565 |
| | SDIC Power Holdings Co. Ltd. Class A | 1,529,000 | 1,563 |
| | Zhejiang Wanfeng Auto Wheel Co. Ltd. Class A | 1,411,966 | 1,563 |
| | Jafron Biomedical Co. Ltd. Class A | 246,100 | 1,561 |
| | Chongqing Changan Automobile Co. Ltd. Class A | 1,695,900 | 1,559 |
| | Bank of Hangzhou Co. Ltd. Class A | 1,355,928 | 1,557 |
| ^,* | China Yurun Food Group Ltd. | 19,616,993 | 1,555 |
| | Yantai Jereh Oilfield Services Group Co. Ltd. Class A | 534,742 | 1,555 |
| | Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A | 849,296 | 1,554 |
| | Tahoe Group Co. Ltd. Class A | 735,700 | 1,551 |
| | Shanghai Highly Group Co. Ltd. Class B | 1,732,974 | 1,544 |
| | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 793,693 | 1,543 |
| | Shenzhen Yinghe Technology Co. Ltd. Class A | 438,507 | 1,541 |
| | Fantasia Holdings Group Co. Ltd. | 15,408,520 | 1,540 |
| | Guangxi Liugong Machinery Co. Ltd. Class A | 1,530,461 | 1,538 |
| | Hytera Communications Corp. Ltd. Class A | 1,454,565 | 1,537 |
| | Bright Dairy & Food Co. Ltd. Class A | 1,410,000 | 1,535 |
| | North China Pharmaceutical Co. Ltd. Class A | 2,549,560 | 1,533 |
| *,§ | Eastern Gold Jade Co. Ltd. Class A | 1,062,360 | 1,529 |
| | Jiangsu Changqing Agrochemical Co. Ltd. Class A | 973,206 | 1,529 |
| | Shanghai Shimao Co. Ltd. Class A | 2,638,212 | 1,528 |
| | Maanshan Iron & Steel Co. Ltd. Class A | 2,539,472 | 1,527 |
| | Rainbow Department Store Co. Ltd. Class A | 903,099 | 1,526 |
| § | Wingtech Technology Co. Ltd. Class A | 348,500 | 1,523 |
| § | Hengyi Petrochemical Co. Ltd. Class A | 835,200 | 1,523 |
| | Tasly Pharmaceutical Group Co. Ltd. Class A | 524,225 | 1,521 |
| | Shenghe Resources Holding Co. Ltd. Class A | 1,051,830 | 1,520 |
| | Shenzhen Heungkong Holding Co. Ltd. Class A | 5,179,468 | 1,519 |
| * | Guangdong HEC Technology Holding Co. Ltd. Class A | 1,341,075 | 1,519 |
| | Shandong Bohui Paper Industrial Co. Ltd. Class A | 3,243,600 | 1,519 |
| | Fiberhome Telecommunication Technologies Co. Ltd. Class A | 395,854 | 1,515 |
| | Angel Yeast Co. Ltd. Class A | 484,793 | 1,512 |
| | Jiangsu Hoperun Software Co. Ltd. Class A | 1,046,746 | 1,510 |
| | Beijing Jetsen Technology Co. Ltd. Class A | 2,171,023 | 1,508 |
| | Zhejiang Weixing Industrial Development Co. Ltd. Class A | 1,513,140 | 1,502 |
| | Wangfujing Group Co. Ltd. Class A | 736,842 | 1,496 |
| * | Fujian Sunner Development Co. Ltd. Class A | 652,847 | 1,494 |
| | China Merchants Securities Co. Ltd. Class A (XSHG) | 784,200 | 1,492 |
17
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| China World Trade Center Co. Ltd. Class A | 724,135 | 1,491 |
| Han's Laser Technology Industry Group Co. Ltd. Class A (XSHE) | 327,400 | 1,483 |
| Chengdu Kanghong Pharmaceutical Group Co. Ltd. Class A | 257,500 | 1,482 |
| Tianjin Guangyu Development Co. Ltd. Class A | 1,360,000 | 1,482 |
| Beijing Sanju Environmental Protection and New Material Co. Ltd. Class A | 905,179 | 1,481 |
| * PW Medtech Group Ltd. | 8,831,811 | 1,481 |
| Yintai Resources Co. Ltd. Class A | 1,269,038 | 1,479 |
| HyUnion Holding Co. Ltd. Class A | 1,013,582 | 1,476 |
| Shaan Xi Provincial Natural Gas Co. Ltd. Class A | 1,388,989 | 1,475 |
| Hakim Unique Internet Co. Ltd. Class A | 949,498 | 1,467 |
| Northeast Securities Co. Ltd. Class A | 1,604,558 | 1,462 |
| Sichuan Hebang Biotechnology Co. Ltd. Class A | 6,242,363 | 1,460 |
| Jiangsu Zhongtian Technology Co. Ltd. Class A | 1,385,900 | 1,458 |
| Chongqing Department Store Co. Ltd. Class A | 374,760 | 1,457 |
| China Jushi Co. Ltd. Class A | 1,069,398 | 1,454 |
| Hubei Biocause Pharmaceutical Co. Ltd. Class A (XSHE) | 1,733,900 | 1,453 |
| Eve Energy Co. Ltd. Class A | 830,262 | 1,452 |
| Guangxi Wuzhou Communications Co. Ltd. Class A | 3,146,047 | 1,449 |
| Shaanxi International Trust Co. Ltd. Class A | 3,487,380 | 1,445 |
| Jilin Aodong Pharmaceutical Group Co. Ltd. Class A | 652,876 | 1,444 |
| Huayi Brothers Media Corp. Class A | 2,205,602 | 1,442 |
| Yihua Healthcare Co. Ltd. Class A | 808,497 | 1,442 |
| China National Accord Medicines Corp. Ltd. Class A | 217,467 | 1,438 |
| Shanying International Holding Co. Ltd. Class A | 3,226,525 | 1,437 |
| Jiangsu Financial Leasing Co. Ltd. Class A | 1,645,707 | 1,433 |
| Wuchan Zhongda Group Co. Ltd. Class A | 2,179,156 | 1,432 |
| * Hangzhou Iron & Steel Co. Class A | 2,213,476 | 1,431 |
| Global Top E-Commerce Co. Ltd. Class A | 929,940 | 1,430 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 2,973,591 | 1,428 |
| Shenzhen Sunlord Electronics Co. Ltd. Class A | 725,578 | 1,427 |
| Zhejiang Zheneng Electric Power Co. Ltd. Class A (XSHG) | 2,095,862 | 1,424 |
| Silver Plaza Group Co. Ltd. Class A | 1,987,631 | 1,421 |
| Emei Shan Tourism Co. Class A | 1,722,471 | 1,414 |
| YTO Express Group Co. Ltd. Class A | 911,106 | 1,411 |
| Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | 1,219,705 | 1,411 |
| Fortune Ng Fung Food Hebei Co. Ltd. Class A | 930,674 | 1,405 |
| Wangsu Science & Technology Co. Ltd. Class A | 1,245,519 | 1,405 |
| Sichuan Chuantou Energy Co. Ltd. Class A (XSHG) | 1,208,700 | 1,400 |
| Tasly Pharmaceutical Group Co. Ltd. Class A (XSHG) | 482,342 | 1,400 |
| Beijing Vantone Real Estate Co. Ltd. Class A | 2,640,410 | 1,398 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A (XSHG) | 262,000 | 1,393 |
| Shenzhen Fuanna Bedding and Furnishing Co. Ltd. Class A | 1,309,240 | 1,393 |
| China Eastern Airlines Corp. Ltd. Class A | 1,928,700 | 1,392 |
| Heilan Home Co. Ltd. Class A (XSHG) | 1,249,331 | 1,392 |
| Joyoung Co. Ltd. Class A | 682,392 | 1,392 |
| Dawning Information Industry Co. Ltd. Class A | 232,582 | 1,392 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A | 824,640 | 1,391 |
| Ourpalm Co. Ltd. Class A | 2,485,861 | 1,389 |
| China Shipbuilding Industry Group Power Co. Ltd. Class A | 462,637 | 1,384 |
| * Qinghai Salt Lake Industry Co. Ltd. Class A | 1,262,100 | 1,382 |
| Guangdong Tapai Group Co. Ltd. Class A | 931,036 | 1,379 |
| Yingkou Port Liability Co. Ltd. Class A | 3,501,300 | 1,378 |
| Wonders Information Co. Ltd. Class A | 911,000 | 1,375 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A | 3,455,340 | 1,373 |
| Guosheng Financial Holding Inc. Class A | 1,012,873 | 1,362 |
| Beijing SL Pharmaceutical Co. Ltd. Class A | 345,900 | 1,360 |
| PCI-Suntek Technology Co. Ltd. Class A | 1,516,958 | 1,360 |
| * Top Energy Co. Ltd. Shanxi Class A | 2,903,744 | 1,360 |
| AVIC Aircraft Co. Ltd. Class A (XSEC) | 636,800 | 1,357 |
| Nanyang Topsec Technologies Group Inc. Class A | 879,332 | 1,355 |
| Guanghui Energy Co. Ltd. Class A | 2,129,303 | 1,352 |
| Shenzhen Sunway Communication Co. Ltd. Class A | 353,925 | 1,348 |
| Luoniushan Co. Ltd. Class A | 1,057,707 | 1,347 |
| Huangshan Tourism Development Co. Ltd. Class A | 1,000,088 | 1,346 |
18
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| JSTI Group Class A | 1,038,548 | 1,345 |
| China Resources Double Crane Pharmaceutical Co. Ltd. Class A | 613,542 | 1,344 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A (XSHG) | 194,117 | 1,344 |
| INESA Intelligent Tech Inc. Class A | 1,830,990 | 1,344 |
| Beijing UniStrong Science & Technology Co. Ltd. Class A | 758,400 | 1,339 |
| TBEA Co. Ltd. Class A | 1,336,069 | 1,338 |
| Zhongjin Gold Corp. Ltd. Class A | 1,174,812 | 1,336 |
| Shenzhen Capchem Technology Co. Ltd. Class A | 415,900 | 1,334 |
| Midea Group Co. Ltd. Class A (XSEC) | 248,700 | 1,331 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. Class A | 658,163 | 1,330 |
| Guangdong Baolihua New Energy Stock Co. Ltd. Class A | 1,475,460 | 1,328 |
| GEM Co. Ltd. Class A | 2,179,354 | 1,328 |
| Tus-Sound Environmental Resources Co. Ltd. Class A | 845,482 | 1,328 |
| Shanxi Securities Co. Ltd. Class A | 1,558,546 | 1,326 |
| Yunnan Chihong Zinc&Germanium Co. Ltd. Class A | 2,126,424 | 1,326 |
| Wuxi Lead Intelligent Equipment Co. Ltd. Class A | 381,001 | 1,324 |
| FAWER Automotive Parts Co. Ltd. Class A | 2,428,245 | 1,317 |
| Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd. Class A | 417,554 | 1,314 |
| Tibet Tianlu Co. Ltd. Class A | 1,313,049 | 1,313 |
| Huaan Securities Co. Ltd. Class A | 1,778,632 | 1,308 |
| Chinese Universe Publishing and Media Co. Ltd. Class A | 788,436 | 1,306 |
| Oriental Energy Co. Ltd. Class A | 1,067,921 | 1,305 |
| China Gezhouba Group Co. Ltd. Class A | 1,409,100 | 1,304 |
| Jinyu Bio-Technology Co. Ltd. Class A | 509,054 | 1,299 |
| Yonggao Co. Ltd. Class A | 2,933,059 | 1,298 |
| Zhejiang Jinke Culture Industry Co. Ltd. Class A | 1,383,880 | 1,297 |
| Yifeng Pharmacy Chain Co. Ltd. Class A (XSHG) | 185,452 | 1,293 |
| Fujian Funeng Co. Ltd. Class A | 1,105,261 | 1,288 |
| Shandong Hi-Speed Road & Bridge Co. Ltd. Class A | 1,782,000 | 1,287 |
| Xiamen International Airport Co. Ltd. Class A | 440,255 | 1,286 |
| Zhejiang Xinan Chemical Industrial Group Co. Ltd. Class A | 727,579 | 1,282 |
| Beijing Dabeinong Technology Group Co. Ltd. Class A | 2,655,387 | 1,282 |
| Huafa Industrial Co. Ltd. Zhuhai Class A | 1,437,226 | 1,281 |
| Shenzhen Goodix Technology Co. Ltd. Class A | 110,147 | 1,279 |
| Guangzhou Haige Communications Group Inc. Co. Class A | 1,201,147 | 1,277 |
| § Hengyi Petrochemical Co. Ltd. Class A (XSHE) | 700,160 | 1,277 |
| Realcan Pharmaceutical Co. Ltd. Class A | 1,015,910 | 1,275 |
| Spring Airlines Co. Ltd. Class A | 260,939 | 1,275 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 1,066,800 | 1,272 |
| Staidson Beijing Biopharmaceuticals Co. Ltd. Class A | 831,119 | 1,272 |
| Bright Real Estate Group Co. Ltd. Class A | 2,494,774 | 1,271 |
| * Fujian Zhangzhou Development Co. Ltd. Class A | 3,250,833 | 1,268 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A | 498,915 | 1,266 |
| SDIC Power Holdings Co. Ltd. Class A (XSSC) | 1,236,493 | 1,264 |
| Xi'an LONGi Silicon Materials Corp. Class A (XSHG) | 644,840 | 1,262 |
| Guilin Tourism Co. Ltd. Class A | 1,623,123 | 1,260 |
| Shenzhen Hepalink Pharmaceutical Group Co. Ltd. Class A | 489,180 | 1,260 |
| Beijing New Building Materials plc Class A (XSHE) | 623,500 | 1,259 |
| Nanjing Hanrui Cobalt Co. Ltd. Class A | 116,000 | 1,257 |
| Hithink RoyalFlush Information Network Co. Ltd. Class A | 223,559 | 1,256 |
| Hubei Xinyangfeng Fertilizer Co. Ltd. Class A | 1,008,156 | 1,256 |
| Gemdale Corp. Class A (XSHG) | 953,400 | 1,256 |
| Bluefocus Intelligent Communications Group Co. Ltd. Class A | 1,977,219 | 1,255 |
| Laobaixing Pharmacy Chain JSC Class A | 153,900 | 1,254 |
| * Tangshan Jidong Cement Co. Ltd. Class A | 851,877 | 1,254 |
| * First Tractor Co. Ltd. | 5,275,706 | 1,248 |
| Youzu Interactive Co. Ltd. Class A | 608,916 | 1,248 |
| Zhejiang China Commodities City Group Co. Ltd. Class A | 2,366,478 | 1,246 |
| XCMG Construction Machinery Co. Ltd. Class A | 2,593,215 | 1,241 |
| Maoye Commericial Co. Ltd. Class A | 1,737,504 | 1,240 |
| China Shenhua Energy Co. Ltd. Class A (XSHG) | 427,130 | 1,237 |
| China Gezhouba Group Co. Ltd. Class A (XSSC) | 1,329,375 | 1,230 |
| WUS Printed Circuit Kunshan Co. Ltd. Class A | 1,164,076 | 1,229 |
| Tibet Rhodiola Pharmaceutical Holding Co. Class A | 274,369 | 1,227 |
19
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Huapont Life Sciences Co. Ltd. Class A | 1,804,001 | 1,226 |
| Beijing Strong Biotechnologies Inc. Class A | 884,285 | 1,226 |
| * Northeast Pharmaceutical Group Co. Ltd. Class A | 759,012 | 1,226 |
| GuangDong HongTeo Technology Co. Ltd. Class A | 254,113 | 1,223 |
| Sieyuan Electric Co. Ltd. Class A | 787,700 | 1,221 |
| Fujian Newland Computer Co. Ltd. Class A | 618,095 | 1,220 |
| Hongrun Construction Group Co. Ltd. Class A | 2,146,046 | 1,219 |
| Zhejiang Xianju Pharmaceutical Co. Ltd. Class A | 1,294,950 | 1,218 |
| Guizhou Xinbang Pharmaceutical Co. Ltd. Class A | 1,840,931 | 1,215 |
| Fiyta Holdings Ltd. Class A | 1,190,485 | 1,211 |
| § Holitech Technology Co. Ltd. Class A | 1,706,396 | 1,207 |
| China Communications Construction Co. Ltd. Class A | 669,000 | 1,204 |
| Guoxuan High-Tech Co. Ltd. | 684,269 | 1,203 |
| Tianjin Port Development Holdings Ltd. | 11,791,162 | 1,203 |
| Tianshui Huatian Technology Co. Ltd. Class A | 2,153,548 | 1,202 |
| * Lianhua Supermarket Holdings Co. Ltd. | 5,223,543 | 1,202 |
| Shenzhen Yan Tian Port Holding Co. Ltd. Class A | 1,679,432 | 1,201 |
| C&S Paper Co. Ltd. Class A | 1,152,090 | 1,199 |
| TBEA Co. Ltd. Class A (XSSC) | 1,196,958 | 1,198 |
| Guangshen Railway Co. Ltd. Class A | 2,686,634 | 1,198 |
| Xiamen Tungsten Co. Ltd. Class A | 607,669 | 1,198 |
| Bros Eastern Co. Ltd. Class A | 1,661,679 | 1,193 |
| Shanghai Construction Group Co. Ltd. Class A | 2,758,182 | 1,193 |
| Zhejiang Dahua Technology Co. Ltd. Class A (XSEC) | 716,123 | 1,192 |
| BTG Hotels Group Co. Ltd. Class A | 499,726 | 1,191 |
| Zhongbai Holdings Group Co. Ltd. Class A | 1,547,097 | 1,190 |
| Tianjin Teda Co. Ltd. Class A | 2,999,443 | 1,190 |
| * Guangdong Taiantang Pharmaceutical Co. Ltd. Class A | 1,691,178 | 1,184 |
| Guorui Properties Ltd. | 4,932,228 | 1,184 |
| Tianjin Hi-Tech Development Co. Ltd. Class A | 2,247,302 | 1,184 |
| Beijing Orient Landscape & Environment Co. Ltd. Class A | 1,024,286 | 1,183 |
| Wolong Electric Group Co. Ltd. Class A | 1,287,033 | 1,182 |
| Sinolink Securities Co. Ltd. Class A | 1,143,000 | 1,179 |
| * Beijing Shougang Co. Ltd. Class A | 1,993,600 | 1,176 |
| TangShan Port Group Co. Ltd. Class A | 3,446,935 | 1,175 |
| Bank of Chengdu Co. Ltd. Class A | 930,600 | 1,175 |
| Hithink RoyalFlush Information Network Co. Ltd. Class A (XSHE) | 208,328 | 1,171 |
| Guangxi Wuzhou Zhongheng Group Co. Ltd. Class A | 2,950,603 | 1,170 |
| Sichuan Languang Development Co. Ltd. Class A | 1,707,860 | 1,168 |
| Hybio Pharmaceutical Co. Ltd. Class A | 815,691 | 1,168 |
| Beijing Sinnet Technology Co. Ltd. Class A | 620,016 | 1,167 |
| * Beijing Capital Development Co. Ltd. Class A | 1,203,111 | 1,167 |
| Zhengzhou Yutong Bus Co. Ltd. Class A | 760,514 | 1,166 |
| Zhejiang Juhua Co. Ltd. Class A | 1,146,624 | 1,166 |
| DHC Software Co. Ltd. Class A | 1,129,600 | 1,165 |
| Zhejiang Hailiang Co. Ltd. Class A | 1,087,716 | 1,164 |
| Transfar Zhilian Co. Ltd. Class A | 927,422 | 1,163 |
| Jiangsu King's Luck Brewery JSC Ltd. Class A | 552,395 | 1,160 |
| Beijing Electronic Zone Investment and Development Co. Ltd. Class A | 1,692,069 | 1,158 |
| Zhejiang Semir Garment Co. Ltd. Class A | 1,005,620 | 1,157 |
| Shanghai Shyndec Pharmaceutical Co. Ltd. Class A | 831,538 | 1,155 |
| CITIC Guoan Information Industry Co. Ltd. Class A | 2,563,300 | 1,150 |
| * Shandong Xinchao Energy Corp. Ltd. Class A | 3,400,300 | 1,149 |
| Shanghai Lingang Holdings Corp. Ltd. Class A | 454,300 | 1,147 |
| Metro Land Corp. Ltd. Class A | 2,013,684 | 1,147 |
| Qiaqia Food Co. Ltd. Class A | 440,621 | 1,147 |
| * Shanghai Ganglian E-Commerce Holdings Co. Ltd. Class A | 161,187 | 1,145 |
| * Shanxi Guoxin Energy Corp. Ltd. Class A | 1,479,242 | 1,145 |
| Xinjiang Tianshan Cement Co. Ltd. Class A | 1,061,720 | 1,140 |
| * Jiangsu Broadcasting Cable Information Network Corp. Ltd. Class A | 1,849,689 | 1,139 |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 596,995 | 1,139 |
| Luyang Energy-Saving Materials Co. Ltd. | 815,725 | 1,132 |
| * Rentian Technology Holdings Ltd. | 61,560,124 | 1,131 |
| Unisplendour Corp. Ltd. Class A | 235,912 | 1,130 |
20
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Changhong Meiling Co. Ltd. Class A | 2,685,828 | 1,130 |
| | Titan Wind Energy Suzhou Co. Ltd. Class A | 2,323,572 | 1,128 |
| | Oppein Home Group Inc. Class A | 106,355 | 1,127 |
| | Guangdong Shirongzhaoye Co. Ltd. Class A | 916,961 | 1,127 |
| | Zijin Mining Group Co. Ltd. Class A (XSHG) | 2,277,600 | 1,126 |
| * | GuangYuYuan Chinese Herbal Medicine Co. Ltd. Class A | 242,100 | 1,125 |
| | Beijing Tongrentang Co. Ltd. Class A (XSHG) | 274,800 | 1,124 |
| | Zhejiang Huafeng Spandex Co. Ltd. Class A | 1,999,101 | 1,121 |
| | Kingnet Network Co. Ltd. Class A | 1,942,332 | 1,120 |
| | Changchunjingkai Group Co. Ltd. Class A | 1,151,871 | 1,119 |
| | Square Technology Group Co. Ltd. Class A | 514,064 | 1,116 |
| | Everbright Jiabao Co. Ltd. Class A | 1,504,391 | 1,116 |
| | Shandong Sun Paper Industry JSC Ltd. Class A | 1,277,100 | 1,116 |
| * | Anyang Iron & Steel Inc. Class A | 2,169,680 | 1,116 |
| | Jiangsu Asia-Pacific Light Alloy Technology Co. Ltd. Class A | 1,778,766 | 1,113 |
| | Chengzhi Co. Ltd. Class A | 607,300 | 1,112 |
| | Shandong Gold Mining Co. Ltd. Class A (XSHG) | 293,000 | 1,111 |
| | Inner Mongolia Yuan Xing Energy Co. Ltd. Class A | 3,088,732 | 1,111 |
| | Shanghai East China Computer Co. Ltd. Class A | 474,730 | 1,108 |
| | Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd. Class A | 2,791,386 | 1,108 |
| *,§ | Mingfa Group International Co. Ltd. | 4,576,880 | 1,103 |
| | Pacific Securities Co. Ltd. China Class A | 2,676,600 | 1,100 |
| § | Jiangsu Bicon Pharmaceutical Listed Co. Class A (XSEC) | 371,639 | 1,097 |
| | Westone Information Industry Inc. Class A | 429,179 | 1,096 |
| | Shenzhen Tagen Group Co. Ltd. Class A | 1,515,457 | 1,095 |
| | Angang Steel Co. Ltd. Class A | 1,300,855 | 1,095 |
| | Cinda Real Estate Co. Ltd. Class A | 2,023,896 | 1,095 |
| | Jiuzhitang Co. Ltd. Class A | 745,255 | 1,094 |
| * | Wuhu Conch Profiles and Science Co. Ltd. Class A | 1,315,613 | 1,094 |
| * | Shandong Iron and Steel Co. Ltd. Class A | 4,441,710 | 1,092 |
| | Tongwei Co. Ltd. Class A | 1,181,422 | 1,092 |
| | Gosuncn Technology Group Co. Ltd. Class A | 1,229,692 | 1,092 |
| | Teamax Smart City Technology Corp. Ltd. Class A | 1,053,185 | 1,092 |
| * | Hunan Valin Steel Co. Ltd. Class A | 960,800 | 1,089 |
| | Anhui Jinhe Industrial Co. Ltd. Class A | 513,300 | 1,089 |
| * | Ningxia Western Venture Industrial Co. Ltd. Class A | 2,071,451 | 1,087 |
| | Guangshen Railway Co. Ltd. Class A (XSHG) | 2,437,700 | 1,087 |
| | Fangda Special Steel Technology Co. Ltd. Class A | 669,649 | 1,086 |
| | Guanghui Energy Co. Ltd. Class A (XSSC) | 1,709,312 | 1,086 |
| 2 | Everbright Securities Co. Ltd. | 1,237,253 | 1,085 |
| | Tsinghua Tongfang Co. Ltd. Class A | 863,708 | 1,084 |
| | Visual China Group Co. Ltd. Class A | 323,812 | 1,083 |
| | Zhongji Innolight Co. Ltd. Class A | 196,669 | 1,083 |
| | Yifan Pharmaceutical Co. Ltd. Class A | 740,302 | 1,080 |
| | Xinjiang Goldwind Science & Technology Co. Ltd. Class A | 850,862 | 1,080 |
| | BeijingHualian Hypermarket Co. Ltd. Class A | 2,177,445 | 1,079 |
| * | Guizhou Gas Group Corp. Ltd. Class A | 310,694 | 1,076 |
| *,§ | Yaxia Automobile Corp. Class A | 926,480 | 1,075 |
| | Tengda Construction Group Co. Ltd. Class A | 3,400,299 | 1,075 |
| | Beijing Kunlun Tech Co. Ltd. Class A | 603,356 | 1,073 |
| * | Beijing Lanxum Technology Co. Ltd. Class A | 866,539 | 1,073 |
| | BYD Co. Ltd. Class A (XSHE) | 158,600 | 1,072 |
| | Jiangxi Copper Co. Ltd. Class A | 548,544 | 1,069 |
| | Nanjing Gaoke Co. Ltd. Class A | 1,141,108 | 1,068 |
| § | Zhongtian Financial Group Co. Ltd. Class A (XSEC) | 1,528,818 | 1,068 |
| * | Puyang Refractories Group Co. Ltd. Class A | 1,516,881 | 1,067 |
| | Founder Securities Co. Ltd. Class A (XSHG) | 1,362,890 | 1,067 |
| | Hangzhou Century Co. Ltd. Class A | 799,700 | 1,067 |
| | Shandong Hi-speed Co. Ltd. Class A | 1,735,154 | 1,066 |
| | Xi'An Shaangu Power Co. Ltd. Class A | 1,340,926 | 1,064 |
| | Haisco Pharmaceutical Group Co. Ltd. Class A | 636,064 | 1,064 |
| | Lens Technology Co. Ltd. Class A | 952,854 | 1,064 |
| | BOE Technology Group Co. Ltd. Class A (XSEC) | 2,678,600 | 1,062 |
| *,§ | Tech Pro Technology Development Ltd. | 122,060,000 | 1,058 |
21
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| § Beijing Shouhang Resources Saving Co. Ltd. Class A | 1,272,541 | 1,058 |
| China Galaxy Securities Co. Ltd. Class A | 995,320 | 1,053 |
| Guilin Sanjin Pharmaceutical Co. Ltd. Class A | 563,464 | 1,051 |
| Hefei Meiya Optoelectronic Technology Inc. Class A (XSHE) | 358,050 | 1,051 |
| Caitong Securities Co. Ltd. Class A | 929,500 | 1,050 |
| Hunan Jingfeng Pharmaceutical Co. Ltd. Class A | 1,759,953 | 1,046 |
| Tonghua Dongbao Pharmaceutical Co. Ltd. Class A (XSHG) | 541,421 | 1,046 |
| Tianjin ZhongXin Pharmaceutical Group Corp. Ltd. Class A | 540,729 | 1,045 |
| Hubei Dinglong Co. Ltd. Class A | 1,222,108 | 1,044 |
| Sino GeoPhysical Co. Ltd. Class A | 446,065 | 1,044 |
| Yifeng Pharmacy Chain Co. Ltd. Class A | 149,292 | 1,041 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 1,801,683 | 1,041 |
| Guangzhou Port Co. Ltd. Class A | 1,745,300 | 1,038 |
| Guangzhou Hengyun Enterprises Holdings Ltd. Class A | 1,557,076 | 1,038 |
| * Yunnan Coal & Energy Co. Ltd. Class A | 2,410,493 | 1,037 |
| Xinjiang Zhongtai Chemical Co. Ltd. Class A | 961,315 | 1,036 |
| CECEP Solar Energy Co. Ltd. Class A | 2,436,430 | 1,034 |
| Anhui Anke Biotechnology Group Co. Ltd. Class A | 487,870 | 1,033 |
| Shanghai Kinetic Medical Co. Ltd. Class A | 830,843 | 1,033 |
| * Rendong Holdings Co. Ltd. | 461,457 | 1,031 |
| * Xin Jiang Ready Health Industry Co. Ltd. Class A | 1,328,260 | 1,028 |
| Tianjin Zhonghuan Semiconductor Co. Ltd. Class A | 1,248,400 | 1,028 |
| Hangzhou Hangyang Co. Ltd. Class A | 697,450 | 1,026 |
| Guangdong Vanward New Electric Co. Ltd. Class A | 647,646 | 1,026 |
| Beijing Capital Co. Ltd. Class A | 2,205,443 | 1,025 |
| Hengtong Optic-electric Co. Ltd. Class A (XSHG) | 433,160 | 1,023 |
| * Sinopec Oilfield Equipment Corp. Class A | 748,494 | 1,023 |
| Guangdong Golden Dragon Development Inc. Class A | 722,300 | 1,019 |
| Jiangsu Expressway Co. Ltd. Class A | 766,800 | 1,019 |
| China Merchants Land Ltd. | 7,883,888 | 1,019 |
| Guangdong Zhongsheng Pharmaceutical Co. Ltd. Class A | 852,417 | 1,019 |
| Jiangsu SINOJIT Wind Energy Technology Co. Ltd. Class A | 2,323,427 | 1,018 |
| Eastern Communications Co. Ltd. Class A | 1,682,562 | 1,017 |
| Jiangsu Zhongtian Technology Co. Ltd. Class A (XSSC) | 965,100 | 1,015 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. Class A | 431,004 | 1,015 |
| Yantai Tayho Advanced Materials Co. Ltd. Class A | 668,261 | 1,014 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A | 762,157 | 1,012 |
| Lingyuan Iron & Steel Co. Ltd. Class A | 2,221,670 | 1,012 |
| Guangdong Hongda Blasting Co. Ltd. Class A | 759,658 | 1,011 |
| Shanghai Pret Composites Co. Ltd. Class A | 765,666 | 1,011 |
| Beijing Dalong Weiye Real Estate Development Co. Ltd. Class A | 2,920,409 | 1,011 |
| Xinjiang Tianfu Energy Co. Ltd. Class A | 1,877,888 | 1,011 |
| * Hna-Caissa Travel Group Co. Ltd. Class A | 1,127,931 | 1,011 |
| Xinjiang Machinery Research Institute Co. Ltd. Class A | 1,249,036 | 1,010 |
| China Resources Double Crane Pharmaceutical Co. Ltd. Class A (XSSC) | 460,351 | 1,009 |
| Infore Environment Technology Group Co. Ltd. Class A | 1,290,887 | 1,008 |
| Hainan Airlines Co. Ltd. Class A (XSHG) | 3,599,600 | 1,007 |
| Sunsea AIoT Technology Co. Ltd. Class A | 407,845 | 1,006 |
| Shimge Pump Industry Group Co. Ltd. Class A | 1,369,158 | 1,006 |
| Changjiang Publishing & Media Co. Ltd. Class A | 1,105,865 | 1,006 |
| Hangzhou Weiguang Electronic Co. Ltd. Class A | 366,700 | 1,006 |
| ^ SIIC Environment Holdings Ltd. | 5,150,133 | 1,003 |
| Shaanxi Yanchang Petroleum Chemical Engineering Co. Ltd. Class A | 1,639,667 | 1,002 |
| China Railway Construction Corp. Ltd. Class A (XSHG) | 631,100 | 1,001 |
| Weihai Guangwei Composites Co. Ltd. Class A | 177,177 | 1,000 |
| Shenzhen Fastprint Circuit Tech Co. Ltd. Class A | 1,947,300 | 1,000 |
| 2 Beijing Urban Construction Design & Development Group Co. Ltd. | 3,193,580 | 1,000 |
| Gansu Gangtai Holding Group Co. Ltd. Class A | 1,441,067 | 999 |
| Baoxiniao Holding Co. Ltd. Class A | 2,412,700 | 997 |
| Minmetals Land Ltd. | 6,481,561 | 995 |
| Yuan Longping High-tech Agriculture Co. Ltd. Class A | 547,439 | 992 |
| Hunan Er-Kang Pharmaceutical Co. Ltd. Class A | 1,676,979 | 992 |
| Luolai Lifestyle Technology Co. Ltd. Class A | 778,894 | 992 |
| Wuhan Yangtze Communications Industry Group Co. Ltd. Class A | 375,860 | 991 |
22
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Suzhou New District Hi-Tech Industrial Co. Ltd. Class A | 1,415,906 | 988 |
| Vatti Corp. Ltd. Class A | 768,748 | 988 |
| Avic Capital Co. Ltd. Class A (XSHG) | 1,493,800 | 988 |
| China High Speed Railway Technology Co. Ltd. Class A | 1,560,400 | 986 |
| Markor International Home Furnishings Co. Ltd. Class A | 1,715,635 | 986 |
| Shanghai Shibei Hi-Tech Co. Ltd. Class A | 2,021,530 | 984 |
| Beijing BDStar Navigation Co. Ltd. Class A | 339,651 | 983 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. Class A | 556,973 | 983 |
| Jiangsu Hongdou Industrial Co. Ltd. Class A | 1,759,053 | 982 |
| Yunnan Wenshan Electric Power Co. Ltd. Class A | 1,008,527 | 982 |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 768,700 | 978 |
| Sungrow Power Supply Co. Ltd. Class A | 1,157,954 | 977 |
| Wuxi Commercial Mansion Grand Orient Co. Ltd. Class A | 1,612,438 | 977 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. Class A (XSHG) | 167,500 | 976 |
| Shenzhen Bauing Construction Holding Group Co. Ltd. Class A | 1,084,024 | 976 |
| Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 1,241,400 | 975 |
| Zhengzhou Yutong Bus Co. Ltd. Class A (XSHG) | 635,800 | 975 |
| Renhe Pharmacy Co. Ltd. Class A (XSHE) | 941,747 | 974 |
| * Shanghai Putailai New Energy Technology Co. Ltd. Class A | 170,961 | 973 |
| Anhui Honglu Steel Construction Group Co. Ltd. Class A | 976,207 | 970 |
| Shandong Chenming Paper Holdings Ltd. Class A | 1,192,350 | 967 |
| Hunan Mendale Hometextile Co. Ltd. Class A | 1,520,254 | 967 |
| AVIC Electromechanical Systems Co. Ltd. Class A (XSEC) | 803,745 | 966 |
| Sichuan Meifeng Chemical IND Class A | 1,301,751 | 966 |
| Yunnan Energy New Material Co. Ltd. | 172,962 | 964 |
| Hunan Aihua Group Co. Ltd. Class A | 293,306 | 964 |
| Zhuzhou Kibing Group Co. Ltd. Class A | 1,810,914 | 964 |
| * Yiwu Huading Nylon Co. Ltd. Class A | 990,139 | 963 |
| Inner Mongolia Xingye Mining Co. Ltd. Class A | 1,276,772 | 962 |
| Nanjing Pharmaceutical Co. Ltd. Class A | 1,494,262 | 962 |
| Zhejiang Hisoar Pharmaceutical Co. Ltd. Class A | 1,479,817 | 961 |
| China Wuyi Co. Ltd. Class A | 1,670,759 | 960 |
| Ningbo Shanshan Co. Ltd. Class A | 497,723 | 959 |
| Hainan Strait Shipping Co. Ltd. Class A | 497,120 | 958 |
| Changchun Faway Automobile Components Co. Ltd. Class A | 744,684 | 958 |
| Moon Environment Technology Co. Ltd. Class A | 1,411,584 | 957 |
| Harbin Gloria Pharmaceuticals Co. Ltd. Class A | 2,133,075 | 957 |
| Nanjing Redsun Co. Ltd. Class A | 462,551 | 956 |
| Gree Real Estate Co. Ltd. Class A | 1,721,028 | 954 |
| Western Mining Co. Ltd. Class A | 1,053,500 | 954 |
| Wanxiang Qianchao Co. Ltd. Class A | 1,320,379 | 951 |
| Kailuan Energy Chemical Co. Ltd. Class A | 1,071,969 | 951 |
| Zhongyuan Environment-Protection Co. Ltd. Class A | 1,373,668 | 950 |
| Shenzhen Huaqiang Industry Co. Ltd. Class A | 372,600 | 949 |
| * Shenyang Chemical Co. Ltd. Class A | 1,716,100 | 949 |
| Shenzhen Das Intellitech Co. Ltd. Class A | 1,832,196 | 949 |
| Yangguang Co. Ltd. Class A | 1,520,002 | 948 |
| ENN Ecological Holdings Co. Ltd. Class A | 594,569 | 946 |
| Shanghai M&G Stationery Inc. Class A (XSHG) | 249,275 | 946 |
| Huadian Power International Corp. Ltd. Class A (XSHG) | 1,581,717 | 946 |
| * China Calxon Group Co. Ltd. Class A | 788,400 | 944 |
| Huafu Fashion Co. Ltd. Class A | 1,360,510 | 944 |
| 2 Orient Securities Co. Ltd. | 1,432,910 | 944 |
| Renhe Pharmacy Co. Ltd. Class A | 911,201 | 942 |
| Zhejiang Hisun Pharmaceutical Co. Ltd. Class A | 568,100 | 942 |
| LingNan Eco&Culture-Tourism Co. Ltd. Class A | 727,941 | 941 |
| Shanghai Construction Group Co. Ltd. Class A (XSHG) | 2,169,991 | 939 |
| Jinduicheng Molybdenum Co. Ltd. Class A | 1,035,740 | 939 |
| Maoye Communication and Network Co. Ltd. Class A | 532,830 | 938 |
| Wuhan Guide Infrared Co. Ltd. Class A | 448,972 | 938 |
| Anhui Zhongding Sealing Parts Co. Ltd. Class A | 644,765 | 938 |
| * Guangdong Great River Smarter Logistics Co. Ltd. Class A | 238,900 | 937 |
| Sou Yu Te Group Co. Ltd. Class A | 2,415,182 | 937 |
| Sinoma Science & Technology Co. Ltd. Class A | 825,184 | 934 |
23
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Datang International Power Generation Co. Ltd. Class A | 1,974,340 | 934 |
| * | Changjiang & Jinggong Steel Building Group Co. Ltd. Class A | 2,308,797 | 933 |
| § | Jingwei Textile Machinery Co. Ltd. Class A | 359,700 | 933 |
| | Offshore Oil Engineering Co. Ltd. Class A (XSHG) | 1,162,500 | 929 |
| | Hilong Holding Ltd. | 7,760,352 | 928 |
| | Beijing Sinnet Technology Co. Ltd. Class A (XSEC) | 492,900 | 928 |
| * | Heilongjiang Interchina Water Treatment Co. Ltd. Class A | 2,623,124 | 928 |
| * | Jiangsu Sunshine Co. Ltd. Class A | 3,160,555 | 928 |
| | Zhejiang Weiming Environment Protection Co. Ltd. Class A | 289,800 | 925 |
| | Shanghai Chinafortune Co. Ltd. Class A | 812,561 | 922 |
| | Guangdong Homa Appliances Co. Ltd. Class A | 668,551 | 921 |
| | Myhome Real Estate Development Group Co. Ltd. Class A | 2,899,500 | 921 |
| | Changchun Gas Co. Ltd. Class A | 1,091,800 | 920 |
| | Shenzhen Danbond Technology Co. Ltd. Class A | 446,643 | 919 |
| | Fangda Special Steel Technology Co. Ltd. Class A (XSHG) | 565,690 | 918 |
| | Suning Universal Co. Ltd. Class A | 2,183,210 | 917 |
| | Harbin Boshi Automation Co. Ltd. Class A | 740,755 | 915 |
| | Guangxi Guiguan Electric Power Co. Ltd. Class A | 1,175,359 | 914 |
| | Tianjin Tianbao Infrastructure Co. Ltd. Class A | 1,621,711 | 911 |
| * | Shenma Industry Co. Ltd. Class A | 511,849 | 910 |
| | Xiamen Xiangyu Co. Ltd. Class A | 1,386,426 | 909 |
| | Guizhou Guihang Automotive Components Co. Ltd. Class A | 769,584 | 909 |
| | Kunming Yunnei Power Co. Ltd. Class A | 2,646,054 | 906 |
| | Hubei Fuxing Science And Technology Co. Ltd. Class A | 987,200 | 905 |
| | Shinva Medical Instrument Co. Ltd. Class A | 493,041 | 904 |
| | Fujian Longking Co. Ltd. Class A | 718,680 | 904 |
| | Beijing Water Business Doctor Co. Ltd. Class A | 778,474 | 904 |
| | Huafon Microfibre Shanghai Co. Ltd. Class A | 617,954 | 903 |
| | Zhejiang Crystal-Optech Co. Ltd. Class A | 630,765 | 902 |
| | Henan Senyuan Electric Co. Ltd. Class A | 427,000 | 901 |
| | Greattown Holdings Ltd. Class A | 1,641,600 | 899 |
| | Norinco International Cooperation Ltd. Class A | 725,850 | 897 |
| | Shanghai Oriental Pearl Media Co. Ltd. Class A (XSHG) | 681,995 | 896 |
| | Jiangsu Yangnong Chemical Co. Ltd. Class A | 166,900 | 896 |
| | Tongkun Group Co. Ltd. Class A | 486,899 | 895 |
| | Tianjin Port Co. Ltd. Class A | 878,396 | 895 |
| | Shenzhen Wongtee International Enterprise Co. Ltd. Class A | 1,074,724 | 895 |
| | Fiberhome Telecommunication Technologies Co. Ltd. Class A (XSHG) | 233,300 | 893 |
| | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. | 1,936,772 | 892 |
| | Everbright Securities Co. Ltd. Class A (XSHG) | 640,900 | 891 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class A | 269,824 | 890 |
| | Nanjing Iron & Steel Co. Ltd. Class A | 1,601,500 | 889 |
| | Zhongjin Gold Corp. Ltd. Class A (XSHG) | 781,160 | 888 |
| | CGN Nuclear Technology Development Co. Ltd. Class A | 809,829 | 888 |
| * | Yibin Tianyuan Group Co. Ltd. Class A | 1,120,929 | 886 |
| | Huayi Compressor Co. Ltd. Class A | 1,592,880 | 886 |
| | Zhuhai Port Co. Ltd. Class A | 853,300 | 886 |
| | China National Software & Service Co. Ltd. Class A | 242,434 | 885 |
| | Guangdong Goworld Co. Ltd. Class A | 943,044 | 884 |
| | Ningbo Sanxing Medical Electric Co. Ltd. Class A | 1,089,936 | 882 |
| | Digital China Group Co. Ltd. Class A | 450,736 | 881 |
| | Tianjin Development Holdings Ltd. | 2,770,025 | 881 |
| | Fujian Expressway Development Co. Ltd. Class A (XSHG) | 2,156,400 | 879 |
| | Fujian Star-net Communication Co. Ltd. Class A | 369,581 | 879 |
| | Shanghai Xujiahui Commercial Co. Ltd. Class A | 786,770 | 878 |
| | Spring Airlines Co. Ltd. Class A (XSHG) | 179,600 | 878 |
| | Eastern Communications Co. Ltd. Class B | 1,942,674 | 878 |
| | Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. Class A | 804,713 | 878 |
| | Asymchem Laboratories Tianjin Co. Ltd. Class A | 96,376 | 878 |
| | Hangzhou Shunwang Technology Co. Ltd. Class A | 416,035 | 877 |
| | Zhejiang Conba Pharmaceutical Co. Ltd. Class A (XSHG) | 982,257 | 876 |
| | Zheshang Securities Co. Ltd. Class A | 832,600 | 875 |
| ^,* | Capital Environment Holdings Ltd. | 42,179,368 | 874 |
| | Jiangsu Yoke Technology Co. Ltd. Class A | 419,500 | 873 |
24
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Beijing Forever Technology Co. Ltd. Class A | 292,796 | 873 |
| | SooChow Securities Co. Ltd. Class A | 913,430 | 872 |
| | Dare Power Dekor Home Co. Ltd. Class A | 562,739 | 871 |
| | Tongding Interconnection Information Co. Ltd. Class A | 858,300 | 870 |
| | Yantai Tayho Advanced Materials Co. Ltd. Class A (XSEC) | 572,800 | 869 |
| | Guangzhou Zhujiang Brewery Co. Ltd. Class A | 1,435,600 | 869 |
| | Zhejiang Satellite Petrochemical Co. Ltd. Class A | 601,905 | 868 |
| | Hangzhou First Applied Material Co. Ltd. Class A | 255,437 | 867 |
| | China Southern Airlines Co. Ltd. Class A (XSSC) | 983,183 | 867 |
| | Datang International Power Generation Co. Ltd. Class A (XSHG) | 1,831,400 | 866 |
| ^,* | China Beidahuang Industry Group Holdings Ltd. | 33,846,293 | 866 |
| * | Northcom Group Co. Ltd. Class A | 635,480 | 866 |
| | Chengdu Xingrong Environment Co. Ltd. Class A | 1,448,400 | 864 |
| * | Deppon Logistics Co. Ltd. Class A | 328,307 | 864 |
| * | Tibet Summit Resources Co. Ltd. Class A | 285,589 | 863 |
| | Huadian Heavy Industries Co. Ltd. Class A | 1,526,509 | 863 |
| | Greattown Holdings Ltd. Class A (XSSC) | 1,572,121 | 861 |
| * | Tianjin Jinbin Development Co. Ltd. Class A | 2,589,100 | 860 |
| | Shanghai Industrial Development Co. Ltd. Class A | 1,323,492 | 860 |
| | Shanghai Jahwa United Co. Ltd. Class A | 232,700 | 859 |
| | Hoshine Silicon Industry Co. Ltd. Class A | 120,800 | 857 |
| * | Guodian Changyuan Electric Power Co. Ltd. Class A | 2,237,894 | 856 |
| | China Jushi Co. Ltd. Class A (XSHG) | 629,798 | 856 |
| | Tunghsu Azure Renewable Energy Co. Ltd. Class A | 597,100 | 855 |
| | Create Technology & Science Co. Ltd. Class A | 1,136,256 | 855 |
| | Launch Tech Co. Ltd. | 868,324 | 852 |
| * | Chongqing Taiji Industry Group Co. Ltd. Class A | 554,600 | 850 |
| * | Suzhou Hailu Heavy Industry Co. Ltd. Class A | 1,456,715 | 849 |
| | Hangxiao Steel Structure Co. Ltd. Class A | 1,488,696 | 849 |
| § | Shenzhen Comix Group Co. Ltd. Class A | 759,535 | 848 |
| | Jiangsu Hongdou Industrial Co. Ltd. Class A (XSHG) | 1,515,822 | 846 |
| * | Sinopec Oilfield Service Corp. Class A | 3,057,700 | 846 |
| | Tianjin Tianyao Pharmaceutical Co. Ltd. Class A | 1,597,548 | 846 |
| | China Northern Rare Earth Group High-Tech Co. Ltd. Class A (XSHG) | 557,700 | 845 |
| | Shenzhen Grandland Group Co. Ltd. Class A | 1,277,051 | 845 |
| | Dian Diagnostics Group Co. Ltd. Class A | 354,237 | 845 |
| *,2 | Yixin Group Ltd. | 3,234,000 | 844 |
| | Beijing Sanyuan Foods Co. Ltd. Class A | 1,155,178 | 843 |
| | CCS Supply Chain Management Co. Ltd. Class A | 755,328 | 841 |
| | China Spacesat Co. Ltd. Class A | 358,897 | 839 |
| | Shenzhen Neptunus Bioengineering Co. Ltd. Class A | 1,950,950 | 839 |
| | Zhejiang Jingxin Pharmaceutical Co. Ltd. Class A | 582,116 | 838 |
| | China Animal Husbandry Industry Co. Ltd. Class A | 518,998 | 838 |
| | Sichuan Swellfun Co. Ltd. Class A | 208,139 | 837 |
| | Shengyi Technology Co. Ltd. Class A (XSHG) | 611,018 | 837 |
| | China Shipbuilding Industry Group Power Co. Ltd. Class A (XSHG) | 279,700 | 837 |
| | Neusoft Corp. Class A | 593,614 | 837 |
| § | Gigadevice Semiconductor Beijing Inc. Class A | 85,260 | 836 |
| | Xinxing Ductile Iron Pipes Co. Ltd. Class A (XSHE) | 1,266,700 | 835 |
| | Huagong Tech Co. Ltd. Class A | 536,500 | 833 |
| | Shanghai Kaibao Pharmaceutical Co. Ltd. Class A | 1,345,208 | 833 |
| | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd. Class A | 234,200 | 833 |
| * | BAIC BluePark New Energy Technology Co. Ltd. Class | 650,796 | 832 |
| | Universal Scientific Industrial Shanghai Co. Ltd. Class A | 576,952 | 831 |
| | Yunnan Aluminium Co. Ltd. Class A | 1,335,552 | 830 |
| | Beijing Ultrapower Software Co. Ltd. Class A | 1,697,868 | 826 |
| | Guangxi Liuzhou Pharmaceutical Co. Ltd. Class A | 208,976 | 826 |
| | Xuchang Yuandong Drive Shaft Co. Ltd. Class A | 1,033,700 | 825 |
| | Inner Mongolia Lantai Industrial Co. Ltd. Class A | 802,400 | 824 |
| | Beijing Lier High-temperature Materials Co. Ltd. Class A | 1,731,571 | 823 |
| | UTour Group Co. Ltd. Class A | 929,925 | 823 |
| | Shenzhen Selen Science & Technology Co. Ltd. Class A | 550,000 | 822 |
| | Guangzhou Pearl River Piano Group Co. Ltd. Class A | 998,531 | 822 |
| * | Shenyang Jinbei Automotive Co. Ltd. Class A | 1,672,301 | 822 |
25
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Xiamen Faratronic Co. Ltd. Class A | 148,115 | 822 |
| Hubei Xingfa Chemicals Group Co. Ltd. Class A | 531,450 | 821 |
| Liuzhou Iron & Steel Co. Ltd. Class A | 711,900 | 821 |
| Shanghai Electric Power Co. Ltd. Class A | 844,723 | 820 |
| * Huatian Hotel Group Co. Ltd. Class A | 2,175,677 | 819 |
| * Beijing Orient National Communication Science & Technology Co. Ltd. Class A | 511,595 | 818 |
| * Jiangsu Akcome Science & Technology Co. Ltd. Class A | 3,458,800 | 815 |
| Yechiu Metal Recycling China Ltd. Class A | 2,802,500 | 815 |
| Shanghai Tianchen Co. Ltd. Class A | 1,088,338 | 815 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A (XSSC) | 682,702 | 814 |
| Shenzhen Ysstech Info-tech Co. Ltd. Class A | 455,175 | 813 |
| Shanghai Electric Group Co. Ltd. Class A | 1,045,430 | 811 |
| Shandong Buchang Pharmaceuticals Co. Ltd. Class A | 206,247 | 810 |
| * Shanghai Aerospace Automobile Electromechanical Co. Ltd. Class A | 1,444,129 | 809 |
| Guizhou Bailing Group Pharmaceutical Co. Ltd. Class A | 681,807 | 809 |
| Suzhou Anjie Technology Co. Ltd. Class A | 462,649 | 808 |
| Shanxi Lanhua Sci-Tech Venture Co. Ltd. Class A | 779,000 | 807 |
| Kingenta Ecological Engineering Group Co. Ltd. Class A (XSEC) | 987,507 | 806 |
| China Avionics Systems Co. Ltd. Class A | 411,820 | 805 |
| * Shanghai Ground Food Tech Co. Ltd. Class A | 730,743 | 803 |
| Hangzhou Advance Gearbox Group Co. Ltd. Class A | 942,109 | 803 |
| Hangzhou Silan Microelectronics Co. Ltd. Class A | 632,600 | 801 |
| Henan Senyuan Electric Co. Ltd. Class A (XSHE) | 379,562 | 801 |
| Liaoning Cheng Da Co. Ltd. Class A | 510,220 | 800 |
| Sinochem International Corp. Class A | 794,851 | 800 |
| Hunan Friendship & Apollo Commercial Co. Ltd. Class A | 1,641,000 | 798 |
| Shenzhen Guangju Energy Co. Ltd. Class A | 684,388 | 798 |
| Haining China Leather Market Co. Ltd. Class A | 1,252,410 | 798 |
| Shenzhen Laibao Hi-tech Co. Ltd. Class A | 961,687 | 798 |
| Wuhan East Lake High Technology Group Co. Ltd. Class A | 1,182,050 | 797 |
| Tianjin Lisheng Pharmaceutical Co. Ltd. Class A | 270,403 | 796 |
| Cultural Investment Holdings Co. Ltd. Class A | 1,293,929 | 796 |
| Black Peony Group Co. Ltd. Class A | 983,187 | 796 |
| Baosheng Science and Technology Innovation Co. Ltd. Class A | 1,454,355 | 795 |
| Anxin Trust Co. Ltd. Class A (XSHG) | 1,130,448 | 792 |
| Wangsu Science & Technology Co. Ltd. Class A (XSEC) | 701,438 | 791 |
| Xiamen Kingdomway Group Co. Class A | 462,900 | 790 |
| Chongqing Zaisheng Technology Corp. Ltd. Class A | 810,492 | 788 |
| Henan Mingtai Al Industrial Co. Ltd. Class A | 616,254 | 785 |
| Easysight Supply Chain Management Co. Ltd. Class A | 674,835 | 784 |
| Sichuan Expressway Co. Ltd. Class A | 1,682,510 | 783 |
| Xinfengming Group Co. Ltd. Class A | 259,140 | 783 |
| Metallurgical Corp. of China Ltd. Class A (XSHG) | 1,714,400 | 781 |
| Genimous Technology Co. Ltd. Class A | 531,565 | 778 |
| * Sunny Loan Top Co. Ltd. Class A | 1,074,547 | 778 |
| Tongkun Group Co. Ltd. Class A (XSHG) | 422,700 | 777 |
| * China Aerospace Times Electronics Co. Ltd. Class A | 924,160 | 776 |
| * Xinjiang Beixin Road & Bridge Group Co. Ltd. Class A | 959,360 | 776 |
| Wenfeng Great World Chain Development Corp. Class A | 1,921,613 | 776 |
| Jiangsu King's Luck Brewery JSC Ltd. Class A (XSHG) | 368,662 | 774 |
| Beijing Zhong Ke San Huan High-Tech Co. Ltd. Class A | 689,408 | 773 |
| Jilin Jian Yisheng Pharmaceutical Co. Ltd. Class A | 915,086 | 773 |
| Zhejiang Yasha Decoration Co. Ltd. Class A | 1,071,760 | 773 |
| Better Life Commercial Chain Share Co. Ltd. Class A | 672,220 | 771 |
| Shenzhen Gas Corp. Ltd. Class A (XSHG) | 939,116 | 771 |
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A (XSHG) | 2,555,201 | 770 |
| Beijing SPC Environment Protection Tech Co. Ltd. Class A | 697,821 | 770 |
| Chongqing Pharscin Pharmaceutical Co. Ltd. Class A | 281,200 | 770 |
| China Coal Energy Co. Ltd. Class A | 1,018,694 | 769 |
| Zhengzhou Coal Mining Machinery Group Co. Ltd. Class A | 819,425 | 769 |
| * Sonoscape Medical Corp. Class A | 203,400 | 768 |
| Beijing Tiantan Biological Products Corp. Ltd. Class A | 248,127 | 767 |
| Jiangsu Chengxing Phosph-Chemicals Co. Ltd. Class A | 1,678,333 | 765 |
| * Baoding Tianwei Baobian Electric Co. Ltd. Class A | 1,526,601 | 765 |
26
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hundsun Technologies Inc. Class A (XSHG) | 113,400 | 765 |
| | Haitong Securities Co. Ltd. Class A | 564,115 | 764 |
| | Beijing SuperMap Software Co. Ltd. Class A | 283,000 | 763 |
| | Tian Di Science & Technology Co. Ltd. Class A | 1,340,984 | 763 |
| | Jizhong Energy Resources Co. Ltd. Class A | 1,315,107 | 761 |
| | Jilin Yatai Group Co. Ltd. Class A | 1,597,167 | 760 |
| | Hubei Chutian Expressway Co. Ltd. Class A | 1,807,951 | 759 |
| * | Meidu Energy Corp. Class A | 2,309,881 | 759 |
| | Guangdong East Power Co. Ltd. Class A | 1,175,600 | 759 |
| | China Baoan Group Co. Ltd. Class A | 1,314,680 | 759 |
| | Eternal Asia Supply Chain Management Ltd. Class A | 1,037,500 | 758 |
| | Shanghai Hile Bio-Technology Co. Ltd. Class A | 433,341 | 757 |
| | China Automotive Engineering Research Institute Co. Ltd. Class A | 850,441 | 756 |
| | Guangdong Dongfang Precision Science & Technology Co. Ltd. Class A | 1,220,832 | 756 |
| | Qingdao Hanhe Cable Co. Ltd. Class A | 2,629,604 | 755 |
| | Humanwell Healthcare Group Co. Ltd. Class A | 452,907 | 755 |
| *,§ | Shenzhen Special Economic Zone Real Estate & Properties Group Co. Ltd. Class A | 471,000 | 754 |
| | Nanjing Chixia Development Co. Ltd. Class A | 1,765,800 | 754 |
| | China XD Electric Co. Ltd. Class A (XSHG) | 1,531,400 | 754 |
| | Tellhow Sci-Tech Co. Ltd. Class A | 983,884 | 754 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 489,657 | 753 |
| * | Hainan Poly Pharm Co. Ltd. | 103,231 | 752 |
| | Northern United Publishing & Media Group Co. Ltd. Class A | 1,073,800 | 752 |
| | Shandong Publishing & Media Co. Ltd. Class A | 692,888 | 751 |
| | Zhejiang Runtu Co. Ltd. Class A | 577,651 | 750 |
| | Cachet Pharmaceutical Co. Ltd. Class A | 343,843 | 750 |
| * | Hang Zhou Great Star Industrial Co. Ltd. Class A | 601,900 | 750 |
| | China TransInfo Technology Co. Ltd. Class A | 425,300 | 749 |
| | Beijing North Star Co. Ltd. Class A | 1,915,531 | 749 |
| | Changsha Jingjia Microelectronics Co. Ltd. Class A | 136,638 | 748 |
| | Insigma Technology Co. Ltd. Class A | 728,100 | 748 |
| | Beijing Shuzhi Technology Co. Ltd. | 567,389 | 748 |
| | Shanghai Xin Nanyang Only Education & Technology Co. Ltd. Class A | 266,349 | 748 |
| | CITIC Securities Co. Ltd. Class A (XSHG) | 302,500 | 747 |
| | Future Land Holdings Co. Ltd. Class A (XSSC) | 208,808 | 746 |
| | Zhejiang Longsheng Group Co. Ltd. Class A (XSHG) | 581,200 | 744 |
| | Shenzhen Kaifa Technology Co. Ltd. Class A | 958,400 | 744 |
| | Leyard Optoelectronic Co. Ltd. Class A (XSHE) | 674,766 | 743 |
| | Guangzhou Guangri Stock Co. Ltd. Class A | 961,200 | 743 |
| * | Beijing Tensyn Digital Marketing Technology JSC Class A | 755,700 | 742 |
| | LingNan Landscape Co. Ltd. Class A (XSEC) | 572,922 | 741 |
| * | Datang Huayin Electric Power Co. Ltd. Class A | 2,052,700 | 740 |
| | Shenzhen World Union Properties Consultancy Inc. Class A | 1,106,550 | 740 |
| | Fujian Septwolves Industry Co. Ltd. Class A | 824,109 | 740 |
| | Central China Securities Co. Ltd. Class A | 1,063,100 | 739 |
| | Sichuan Road & Bridge Co. Ltd. Class A (XSHG) | 1,487,624 | 739 |
| | Daye Special Steel Co. Ltd. Class A | 556,300 | 737 |
| | Kingsignal Technology Co. Ltd. Class A | 620,360 | 736 |
| | Shantou Dongfeng Printing Co. Ltd. Class A | 757,046 | 736 |
| | Beijing Jingxi Culture & Tourism Co. Ltd. Class A | 520,396 | 735 |
| * | Taiyuan Heavy Industry Co. Ltd. Class A | 2,206,513 | 734 |
| | Shede Spirits Co. Ltd. Class A | 254,113 | 733 |
| | Kuangda Technology Group Co. Ltd. Class A | 1,736,484 | 732 |
| | Baotailong New Materials Co. Ltd. Class A | 820,700 | 732 |
| | China Electronics Huada Technology Co. Ltd. | 8,308,062 | 732 |
| | China Zhenhua Group Science & Technology Co. Ltd. Class A | 432,542 | 731 |
| | Shanghai 2345 Network Holding Group Co. Ltd. Class A | 1,275,780 | 731 |
| * | ZhongMan Petroleum and Natural Gas Group Corp. Ltd. | 283,400 | 731 |
| | Inspur Software Co. Ltd. Class A | 312,726 | 731 |
| | Jiangxi Ganyue Expressway Co. Ltd. Class A (XSHG) | 1,305,500 | 729 |
| | North Electro-Optic Co. Ltd. Class A | 494,561 | 726 |
| | Shenzhen YUTO Packaging Technology Co. Ltd. Class A | 110,245 | 726 |
| | SDIC Capital Co. Ltd. Class A | 559,500 | 725 |
| * | Rising Nonferrous Metals Share Co. Ltd. Class A | 181,820 | 724 |
27
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Beijing E-Hualu Information Technology Co. Ltd. Class A | 232,680 | 724 |
| Shuangliang Eco-Energy Systems Co. Ltd. Class A | 1,412,260 | 723 |
| § Shenzhen Zowee Tech Co. Ltd. Class A | 575,635 | 723 |
| Shenzhen Desay Battery Technology Co. Class A | 184,400 | 722 |
| Beijing Sanlian Hope Shin-Gosen Technical Service Co. Ltd. Class A | 345,641 | 722 |
| Qinghai Huzhu Barley Wine Co. Ltd. Class A | 433,000 | 720 |
| Beijing Jingyuntong Technology Co. Ltd. Class A | 1,596,888 | 720 |
| * Shanghai Weaver Network Co. Ltd. Class A | 74,371 | 720 |
| Harbin Pharmaceutical Group Co. Ltd. Class A | 1,447,577 | 719 |
| * Contemporary Eastern Investment Co. Ltd. Class A | 980,025 | 719 |
| * Founder Technology Group Corp. Class A | 2,014,872 | 714 |
| Beijing Urban-Rural Commercial Group Co. Ltd. Class A | 740,548 | 713 |
| Qingdao Doublestar Co. Ltd. Class A | 1,264,900 | 713 |
| Leo Group Co. Ltd. Class A | 3,005,211 | 713 |
| Shenzhen Absen Optoelectronic Co. Ltd. Class A | 316,981 | 713 |
| Risen Energy Co. Ltd. Class A | 869,370 | 712 |
| Ningxia Building Materials Group Co. Ltd. Class A | 634,288 | 711 |
| Sinosteel Engineering & Technology Co. Ltd. Class A | 1,202,994 | 710 |
| Guangdong Ellington Electronics Technology Co. Ltd. Class A | 562,164 | 710 |
| Sanquan Food Co. Ltd. Class A | 896,000 | 709 |
| Huangshan Novel Co. Ltd. Class A | 876,216 | 708 |
| Hefei Department Store Group Co. Ltd. Class A | 1,084,817 | 708 |
| DongFeng Automobile Co. Ltd. Class A | 1,412,412 | 708 |
| Shanghai Shimao Co. Ltd. Class A (XSHG) | 1,219,830 | 707 |
| Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd. Class A | 613,200 | 705 |
| Avic Sunda Holding Co. Ltd. | 744,416 | 705 |
| Shenzhen Sunline Tech Co. Ltd. Class A | 233,912 | 705 |
| Huabao Flavours & Fragrances Co. Ltd. Class A | 158,400 | 704 |
| Tianjin Port Co. Ltd. Class A (XSSC) | 689,783 | 703 |
| China CITIC Bank Corp. Ltd. Class A (XSHG) | 824,050 | 702 |
| Glarun Technology Co. Ltd. Class A | 392,641 | 701 |
| * Shaanxi Fenghuo Electronics Co. Ltd. Class A | 864,429 | 700 |
| * Henan Hengxing Science & Technology Co. Ltd. Class A | 1,720,395 | 700 |
| Jihua Group Corp. Ltd. Class A | 1,398,940 | 699 |
| Jiangxi Zhengbang Technology Co. Ltd. Class A | 1,210,308 | 699 |
| Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A | 1,390,724 | 698 |
| Beijing Kunlun Tech Co. Ltd. Class A (XSHE) | 392,631 | 698 |
| * Dongguan Winnerway Industrial Zone Ltd. Class A | 1,608,200 | 697 |
| Tsinghua Tongfang Co. Ltd. Class A (XSHG) | 554,900 | 696 |
| Beijing SDL Technology Co. Ltd. Class A | 716,927 | 695 |
| Shanghai Baosteel Packaging Co. Ltd. Class A | 1,258,200 | 695 |
| * Zhonglu Co. Ltd. Class B | 1,084,642 | 695 |
| 2 Fuyao Glass Industry Group Co. Ltd. | 234,952 | 695 |
| Shenzhen Deren Electronic Co. Ltd. Class A | 505,251 | 694 |
| Jiangsu Kanion Pharmaceutical Co. Ltd. Class A | 505,566 | 694 |
| Shanghai Bairun Investment Holding Group Co. Ltd. Class A | 581,853 | 693 |
| Haoxiangni Health Food Co. Ltd. Class A | 612,988 | 691 |
| Fujian Funeng Co. Ltd. Class A (XSSC) | 592,188 | 690 |
| Medicalsystem Biotechnology Co. Ltd. Class A | 346,583 | 690 |
| AVIC Helicopter Co. Ltd. Class A | 131,603 | 689 |
| * SGIS Songshan Co. Ltd. Class A | 794,400 | 689 |
| * TongFu Microelectronics Co. Ltd. Class A | 644,588 | 689 |
| * Yunnan Tin Co. Ltd. Class A | 476,300 | 688 |
| * Hangzhou Lianluo Interactive Information Technology Co. Ltd. Class A | 1,161,700 | 688 |
| China CYTS Tours Holding Co. Ltd. Class A | 367,868 | 688 |
| Fangda Carbon New Material Co. Ltd. Class A (XSHG) | 240,900 | 687 |
| Jinyu Bio-Technology Co. Ltd. Class A (XSHG) | 268,996 | 686 |
| Shenzhen Feima International Supply Chain Co. Ltd. Class A | 1,141,791 | 686 |
| * Xiamen Meiya Pico Information Co. Ltd. Class A | 350,605 | 685 |
| * Jiangsu Broadcasting Cable Information Network Corp. Ltd. Class A (XSHG) | 1,112,150 | 685 |
| Anhui Huamao Textile Co. Class A | 1,495,364 | 684 |
| * H&R Century Union Corp. Class A | 1,231,176 | 683 |
| Zhejiang China Light & Textile Industrial City Group Co. Ltd. Class A | 1,402,004 | 683 |
| Wangfujing Group Co. Ltd. Class A (XSHG) | 335,920 | 682 |
28
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Inner Mongolia M-Grass Ecology And Enviroment Group Co. Ltd. Class A | 1,180,320 | 681 |
| Sailun Group Co. Ltd. | 2,021,815 | 681 |
| Wasu Media Holding Co. Ltd. Class A | 581,500 | 681 |
| Shanghai Runda Medical Technology Co. Ltd. Class A | 580,320 | 680 |
| * Fujian Cement Inc. Class A | 612,500 | 678 |
| Konfoong Materials International Co. Ltd. Class A | 111,476 | 677 |
| * Qingdao Hengshun Zhongsheng Group Co. Ltd. Class A | 808,606 | 677 |
| Befar Group Co. Ltd. Class A | 1,075,692 | 677 |
| Jinling Pharmaceutical Co. Ltd. Class A | 758,131 | 676 |
| Guangxi Guiguan Electric Power Co. Ltd. Class A (XSHG) | 868,300 | 675 |
| Beijing Changjiu Logistics Corp. Class A | 402,980 | 675 |
| Langold Real Estate Co. Ltd. Class A | 1,962,979 | 675 |
| Zhejiang Hailide New Material Co. Ltd. Class A | 1,186,917 | 674 |
| Suzhou Electrical Apparatus Science Academy Co. Ltd. Class A | 884,800 | 674 |
| Maanshan Iron & Steel Co. Ltd. Class A (XSHG) | 1,120,600 | 674 |
| China National Medicines Corp. Ltd. Class A | 185,586 | 674 |
| Jason Furniture Hangzhou Co. Ltd. Class A | 100,600 | 673 |
| Jiangsu Sunrain Solar Energy Co. Ltd. Class A | 1,355,759 | 673 |
| ORG Technology Co. Ltd. Class A | 897,007 | 672 |
| Dongxing Securities Co. Ltd. Class A (XSSC) | 459,313 | 671 |
| Nanjing Xinjiekou Department Store Co. Ltd. Class A | 499,409 | 670 |
| Zhuhai Orbita Aerospace Science & Technology Co. Ltd. Class A | 535,608 | 670 |
| * HY Energy Group Co. Ltd. Class A | 523,541 | 670 |
| Beijing Join-Cheer Software Co. Ltd. Class A | 636,090 | 670 |
| Jointo Energy Investment Co. Ltd. Hebei Class A | 1,058,144 | 669 |
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | 1,082,550 | 669 |
| Hangzhou Zhongheng Electric Co. Ltd. Class A | 428,200 | 667 |
| Jointown Pharmaceutical Group Co. Ltd. Class A (XSHG) | 303,520 | 667 |
| Beijing Science Sun Pharmaceutical Co. Ltd. Class A | 453,922 | 666 |
| Befar Group Co. Ltd. Class A (XSHG) | 1,058,542 | 666 |
| Zhejiang Yankon Group Co. Ltd. Class A | 1,473,339 | 665 |
| Beijing Tiantan Biological Products Corp. Ltd. Class A (XSHG) | 214,799 | 664 |
| Hubei Kaile Science & Technology Co. Ltd. Class A | 265,300 | 664 |
| Changzhou Qianhong Biopharma Co. Ltd. Class A | 1,146,300 | 662 |
| CECEP Wind-Power Corp. Class A | 1,938,694 | 661 |
| Kangxin New Materials Co. Ltd. Class A | 1,153,880 | 661 |
| Huapont Life Sciences Co. Ltd. Class A (XSHE) | 971,200 | 660 |
| Maoming Petro-Chemical Shihua Co. Ltd. Class A | 1,284,209 | 660 |
| * Henan Ancai Hi-Tech Co. Ltd. Class A | 1,024,750 | 660 |
| China Animal Husbandry Industry Co. Ltd. Class A (XSHG) | 408,520 | 659 |
| Hainan Ruize New Building Material Co. Ltd. Class A | 766,704 | 657 |
| Shanghai Jiao Yun Co. Ltd. Class A | 1,006,690 | 656 |
| Qingdao East Steel Tower Stock Co. Ltd. Class A | 822,581 | 655 |
| Shijiazhuang Changshan BeiMing Technology Co. Ltd. Class A | 999,275 | 655 |
| Chengzhi Co. Ltd. Class A (XSHE) | 357,628 | 655 |
| Changchai Co. Ltd. Class A | 1,196,785 | 654 |
| Heilongjiang Agriculture Co. Ltd. Class A | 517,150 | 654 |
| Guangzhou Development Group Inc. Class A | 858,971 | 654 |
| Guangxi Yuegui Guangye Holding Co. Ltd. Class A | 887,856 | 653 |
| Chongqing Water Group Co. Ltd. Class A | 846,450 | 651 |
| * Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd. Class A | 2,262,800 | 651 |
| * Alpha Group Class A | 827,701 | 651 |
| Shandong Hi-speed Co. Ltd. Class A (XSHG) | 1,057,400 | 649 |
| Xinjiang Joinworld Co. Ltd. Class A | 1,029,753 | 648 |
| Anhui Golden Seed Winery Co. Ltd. Class A | 984,601 | 645 |
| Shanghai SMI Holding Co. Ltd. Class A | 858,852 | 644 |
| An Hui Wenergy Co. Ltd. Class A | 1,093,644 | 643 |
| * Kunwu Jiuding Investment Holdings Co. Ltd. Class A | 319,099 | 642 |
| * Dasheng Times Cultural Investment Co. Ltd. Class A | 464,000 | 641 |
| * Hanwang Technology Co. Ltd. Class A | 333,500 | 640 |
| * Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A | 1,116,230 | 640 |
| Henan Taloph Pharmaceutical Stock Co. Ltd. Class A | 1,275,030 | 640 |
| § Shandong Meichen Ecology & Environment Co. Ltd. Class A | 804,420 | 638 |
| Hongda Xingye Co. Ltd. Class A | 1,392,019 | 637 |
29
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Da An Gene Co. Ltd. of Sun Yat-Sen University Class A | 387,420 | 636 |
| | China Union Holdings Ltd. Class A | 937,300 | 636 |
| | Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A | 731,570 | 635 |
| | China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd. Class A | 1,132,500 | 634 |
| | Chongqing Road & Bridge Co. Ltd. Class A | 1,442,078 | 633 |
| * | Shenzhen Kondarl Group Co. Ltd. Class A | 206,081 | 633 |
| | Youngor Group Co. Ltd. Class A (XSHG) | 594,720 | 633 |
| | Yihua Healthcare Co. Ltd. Class A (XSHE) | 354,256 | 632 |
| | Baida Group Co. Ltd. Class A | 767,300 | 632 |
| | Xinjiang Yilite Industry Co. Ltd. Class A | 342,900 | 632 |
| | Tecon Biology Co. Ltd. Class A | 1,063,904 | 631 |
| | Shenzhen Jinjia Group Co. Ltd. Class A | 597,600 | 631 |
| | Valiant Co. Ltd. Class A | 510,250 | 631 |
| | Hubei Sanxia New Building Material Co. Ltd. Class A | 1,092,825 | 629 |
| | HeiLongJiang ZBD Pharmaceutical Co. Ltd. Class A | 370,400 | 629 |
| | Qingdao Citymedia Co. Ltd. Class A | 682,800 | 629 |
| § | Shenzhen Agricultural Products Co. Ltd. Class A | 1,056,629 | 627 |
| | Xiamen Port Development Co. Ltd. Class A | 739,716 | 626 |
| | North Navigation Control Technology Co. Ltd. Class A | 597,204 | 625 |
| | Shenzhen H&T Intelligent Control Co. Ltd. Class A | 708,842 | 622 |
| | Guangzhou Pearl River Industrial Development Co. Ltd. Class A | 1,115,079 | 622 |
| *,§ | China Hainan Rubber Industry Group Co. Ltd. Class A | 655,100 | 622 |
| | New China Life Insurance Co. Ltd. Class A (XSHG) | 92,100 | 621 |
| | Guangzhou Tinci Materials Technology Co. Ltd. Class A | 215,981 | 621 |
| * | Anhui Wanjiang Logistics Group Co. Ltd. Class A | 2,035,500 | 619 |
| * | Hunan Gold Corp. Ltd. Class A | 665,040 | 619 |
| | Dalian Zeus Entertainment Group Co. Ltd. Class A | 803,569 | 618 |
| | Beyondsoft Corp. Class A | 638,200 | 618 |
| | Shandong Humon Smelting Co. Ltd. Class A | 550,100 | 617 |
| | Jiangsu Yangnong Chemical Co. Ltd. Class A (XSHG) | 114,900 | 617 |
| 2 | Kangda International Environmental Co. Ltd. | 5,531,812 | 616 |
| | Guangxi Nanning Waterworks Co. Ltd. Class A | 730,159 | 614 |
| | Wuxi Taiji Industry Co. Ltd. Class A | 784,831 | 613 |
| | China National Complete Plant Import & Export Corp. Ltd. Class A | 410,475 | 613 |
| | G-bits Network Technology Xiamen Co. Ltd. Class A | 39,600 | 613 |
| | Jiangxi Special Electric Motor Co. Ltd. Class A | 704,500 | 613 |
| | Nanjing Yunhai Special Metals Co. Ltd. Class A | 615,234 | 612 |
| | HPGC Renmintongtai Pharmaceutical Corp. Class A | 729,534 | 612 |
| | China Zhenhua Group Science & Technology Co. Ltd. Class A (XSEC) | 361,800 | 611 |
| | Guosheng Financial Holding Inc. Class A (XSEC) | 452,919 | 609 |
| | CMST Development Co. Ltd. Class A | 779,838 | 609 |
| * | Shenzhen MTC Co. Ltd. Class A | 2,237,255 | 608 |
| | Guomai Technologies Inc. Class A | 680,179 | 608 |
| | Hebei Chengde Lolo Co. Class A | 559,720 | 608 |
| * | North Huajin Chemical Industries Co. Ltd. Class A | 687,903 | 607 |
| | Sichuan Maker Biotechnology Co. Ltd. Class A | 235,730 | 607 |
| | China South Publishing & Media Group Co. Ltd. Class A (XSHG) | 361,000 | 607 |
| | Yanzhou Coal Mining Co. Ltd. Class A | 409,900 | 607 |
| | AVIC Helicopter Co. Ltd. Class A (XSHG) | 115,800 | 607 |
| | Jiangsu Linyang Energy Co. Ltd. Class A | 998,525 | 607 |
| | Macrolink Culturaltainment Development Co. Ltd. Class A | 1,056,632 | 604 |
| | Anhui Kouzi Distillery Co. Ltd. Class A | 129,827 | 604 |
| | Fujian Longxi Bearing Group Co. Ltd. Class A | 804,399 | 604 |
| | Shanghai Tofflon Science & Technology Co. Ltd. Class A | 741,754 | 603 |
| | Jiangsu Rainbow Heavy Industries Co. Ltd. Class A | 1,134,336 | 603 |
| § | Beijing Watertek Information Technology Co. Ltd. Class A (XSHE) | 443,012 | 603 |
| | Shenzhen SDG Information Co. Ltd. Class A | 654,162 | 602 |
| | Shenzhen Expressway Co. Ltd. Class A | 526,804 | 601 |
| | Fujian Torch Electron Technology Co. Ltd. Class A | 271,012 | 600 |
| * | Autek China Inc. Class A | 107,400 | 600 |
| | Jiangsu Sainty Corp. Ltd. Class A | 797,700 | 600 |
| | China Eastern Airlines Corp. Ltd. Class A (XSSC) | 829,600 | 599 |
| * | First Tractor Co. Ltd. Class A | 935,289 | 598 |
| | Yang Quan Coal Industry Group Co. Ltd. Class A | 729,300 | 598 |
30
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Yabao Pharmaceutical Group Co. Ltd. Class A | 623,083 | 597 |
| | Yuan Longping High-tech Agriculture Co. Ltd. Class A (XSEC) | 329,100 | 597 |
| | Ningbo Boway Alloy Material Co. Ltd. Class A | 623,270 | 595 |
| * | Xian International Medical Investment Co. Ltd. Class A | 860,950 | 594 |
| | Xuji Electric Co. Ltd. Class A | 443,400 | 593 |
| | Jangho Group Co. Ltd. Class A | 616,507 | 593 |
| | Meinian Onehealth Healthcare Holdings Co. Ltd. Class A (XSEC) | 279,216 | 589 |
| | Eastcompeace Technology Co. Ltd. Class A | 767,109 | 588 |
| | JC Finance & Tax Interconnect Holdings Ltd. Class A | 475,040 | 588 |
| | Laobaixing Pharmacy Chain JSC Class A (XSHG) | 72,121 | 588 |
| | Keda Group Co. Ltd. Class A | 906,553 | 587 |
| * | HNA Innovation Co. Ltd. Class A | 1,456,300 | 587 |
| | Yunnan Aluminium Co. Ltd. Class A (XSHE) | 943,800 | 586 |
| | Hongli Zhihui Group Co. Ltd. Class A | 509,200 | 585 |
| | Sailun Jinyu Group Co. Ltd. (XSHG) | 1,737,560 | 585 |
| * | Hangzhou Lianluo Interactive Information Technology Co. Ltd. Class A (XSHE) | 988,358 | 585 |
| | Juneyao Airlines Co. Ltd. Class A | 326,939 | 585 |
| | Shandong Xinhua Pharmaceutical Co. Ltd. Class A | 690,442 | 583 |
| | Shanghai Tunnel Engineering Co. Ltd. Class A | 711,300 | 583 |
| | Dr Peng Telecom & Media Group Co. Ltd. Class A | 564,679 | 583 |
| | YGSOFT Inc. Class A | 764,561 | 582 |
| | Thunder Software Technology Co. Ltd. Class A | 177,727 | 581 |
| | Qingdao Hanhe Cable Co. Ltd. Class A (XSEC) | 2,019,276 | 580 |
| | China Meheco Co. Ltd. Class A | 281,360 | 579 |
| | Xi'An Shaangu Power Co. Ltd. Class A (XSHG) | 728,545 | 578 |
| | Xinhu Zhongbao Co. Ltd. Class A (XSHG) | 1,292,000 | 578 |
| | Shanghai Huayi Group Corp. Ltd. Class A | 449,976 | 577 |
| | Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd. Class A | 609,690 | 577 |
| | BGI Genomics Co. Ltd. | 72,800 | 576 |
| | Gem-Year Industrial Co. Ltd. Class A | 746,111 | 575 |
| | Hainan Expressway Co. Ltd. Class A | 1,056,400 | 574 |
| | Jiangsu High Hope International Group Corp. Class A | 916,300 | 574 |
| | Xiamen International Port Co. Ltd. | 4,326,518 | 574 |
| | Xiamen International Airport Co. Ltd. Class A (XSHG) | 196,455 | 574 |
| | Nanjing Keyuan Automatic Corp. Co. Ltd. Class A | 359,646 | 572 |
| | Shunfa Hengye Corp. Class A | 1,413,801 | 572 |
| | Shanghai Bailian Group Co. Ltd. Class A | 479,788 | 571 |
| | Grandblue Environment Co. Ltd. Class A (XSHG) | 316,000 | 570 |
| | Jiangsu Expressway Co. Ltd. Class A (XSHG) | 428,998 | 570 |
| | Fujian Dongbai Group Co. Ltd. Class A | 750,009 | 570 |
| | SDIC Essence Holdings Co. Ltd. Class A (XSHG) | 439,500 | 569 |
| | Zhejiang Red Dragonfly Footwear Co. Ltd. Class A | 566,581 | 569 |
| | Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A | 642,481 | 569 |
| | LianChuang Electronic Technology Co. Ltd. Class A | 442,403 | 568 |
| | Liaoning SG Automotive Group Co. Ltd. Class A | 926,034 | 568 |
| | Xingyuan Environment Technology Co. Ltd. Class A | 1,069,281 | 567 |
| | Yealink Network Technology Corp. Ltd. Class A | 58,700 | 567 |
| | Hubei Xingfa Chemicals Group Co. Ltd. Class A (XSHG) | 367,200 | 567 |
| * | Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 1,035,882 | 564 |
| | Shandong Jinjing Science & Technology Co. Ltd. Class A | 1,271,196 | 564 |
| | Anhui Guofeng Plastic Industry Co. Ltd. Class A | 1,347,300 | 564 |
| | Lianhe Chemical Technology Co. Ltd. Class A | 457,600 | 564 |
| | Shanghai Environment Group Co. Ltd. Class A | 311,847 | 563 |
| | Shandong Sinocera Functional Material Co. Ltd. Class A | 235,000 | 562 |
| * | Far East Smarter Energy Co. Ltd. Class A | 901,200 | 562 |
| * | Suzhou New Sea Union Telecom Technology Co. Ltd. Class A | 1,214,400 | 561 |
| | Zhejiang Medicine Co. Ltd. Class A | 463,550 | 561 |
| | Shanghai Hanbell Precise Machinery Co. Ltd. Class A | 560,880 | 560 |
| | Zhejiang Chint Electrics Co. Ltd. Class A (XSSC) | 170,624 | 560 |
| *,§ | China Hainan Rubber Industry Group Co. Ltd. Class A (XSSC) | 589,600 | 560 |
| | Long Yuan Construction Group Co. Ltd. Class A | 566,024 | 559 |
| | Bros Eastern Co. Ltd. Class A (XSHG) | 778,810 | 559 |
| | Do-Fluoride Chemicals Co. Ltd. Class A | 398,450 | 559 |
| | People.cn Co. Ltd. Class A | 556,581 | 558 |
31
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Beiqi Foton Motor Co. Ltd. Class A | 2,096,576 | 558 |
| | Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd. Class A (XSSC) | 588,398 | 557 |
| | Western Mining Co. Ltd. Class A (XSHG) | 613,700 | 555 |
| * | Canadian Solar Inc. | 38,783 | 555 |
| | Shandong Denghai Seeds Co. Ltd. Class A | 683,618 | 555 |
| | Chengtun Mining Group Co. Ltd. Class A | 757,325 | 554 |
| | Shanghai New Huangpu Real Estate Co. Ltd. Class A | 474,480 | 554 |
| | Zhejiang NetSun Co. Ltd. Class A | 170,500 | 554 |
| * | Shanxi Coking Co. Ltd. Class A | 403,500 | 553 |
| | FAW CAR Co. Ltd. Class A | 589,943 | 553 |
| | Shandong Shanda WIT Science & Tech Co. Ltd. Class A | 273,150 | 552 |
| | Shenzhen Clou Electronics Co. Ltd. Class A | 826,100 | 551 |
| * | Fujian Sunner Development Co. Ltd. Class A (XSEC) | 240,967 | 551 |
| | Changchun Sinoenergy Corp. Class A (XSHG) | 823,800 | 551 |
| | Jonjee High-Tech Industrial And Commercial Holding Co. Ltd. Class A (XSSC) | 155,047 | 551 |
| | Wanxiang Qianchao Co. Ltd. Class A (XSEC) | 764,600 | 551 |
| * | Hand Enterprise Solutions Co. Ltd. Class A | 327,100 | 551 |
| | CNNC Hua Yuan Titanium Dioxide Co. Ltd. Class A | 1,148,100 | 550 |
| | Shenzhen Sunrise New Energy Co. Ltd. Class A | 1,309,200 | 549 |
| | Shanghai New Huangpu Real Estate Co. Ltd. Class A (XSSC) | 469,716 | 549 |
| * | Yunnan Copper Co. Ltd. Class A | 447,200 | 549 |
| * | TOP Energy Co. Ltd. Class A (XSSC) | 1,166,372 | 546 |
| * | Goldenmax International Technology Ltd. Class A | 538,100 | 546 |
| * | Jilin Power Share Co. Ltd. Class A | 1,452,680 | 543 |
| | Guangdong Guanghua Sci-Tech Co. Ltd. Class A | 267,742 | 543 |
| | Beijing Capital Co. Ltd. Class A (XSHG) | 1,167,800 | 543 |
| ^,* | North Mining Shares Co. Ltd. | 156,966,634 | 543 |
| * | HNA Investment Group Co. Ltd. Class A | 1,371,500 | 541 |
| | Tangshan Sanyou Chemical Industries Co. Ltd. Class A | 620,352 | 541 |
| | Shanghai Zhixin Electric Co. Ltd. Class A | 1,131,046 | 539 |
| * | Jilin Zixin Pharmaceutical Industrial Co. Ltd. Class A | 833,200 | 538 |
| * | Jinhong Holding Group Co. Ltd. Class A | 521,325 | 538 |
| | Henan Pinggao Electric Co. Ltd. Class A | 498,800 | 538 |
| * | Fujian Qingshan Paper Industry Co. Ltd. Class A | 1,432,300 | 538 |
| | Xinjiang Zhongtai Chemical Co. Ltd. Class A (XSEC) | 498,800 | 538 |
| | Changchun Eurasia Group Co. Ltd. Class A | 193,201 | 536 |
| | Industrial Securities Co. Ltd. Class A (XSHG) | 760,890 | 536 |
| | Shanghai AJ Group Co. Ltd. Class A | 425,898 | 536 |
| | Yantai Zhenghai Magnetic Material Co. Ltd. Class A | 582,654 | 536 |
| * | Grand Industrial Holding Group Co. Ltd. | 602,984 | 536 |
| | Zhejiang Hisun Pharmaceutical Co. Ltd. Class A (XSHG) | 322,800 | 535 |
| | Sichuan Yahua Industrial Group Co. Ltd. Class A | 545,100 | 535 |
| | China Meheco Co. Ltd. Class A (XSHG) | 260,100 | 535 |
| | Zhejiang Jiemei Electronic & Technology Co. Ltd. Class A | 102,221 | 535 |
| | Jiangsu Lianyungang Port Co. Ltd. Class A | 1,211,925 | 534 |
| | Dalian Refrigeration Co. Ltd. Class A | 1,193,220 | 533 |
| | Jishi Media Co. Ltd. Class A | 1,827,200 | 533 |
| | Enjoyor Co. Ltd. Class A | 602,900 | 533 |
| * | Phoenix Media Investment Holdings Ltd. | 6,931,907 | 532 |
| | Hangzhou Silan Microelectronics Co. Ltd. Class A (XSHG) | 419,500 | 531 |
| | Zhejiang Daily Digital Culture Group Co. Ltd. Class A | 477,200 | 531 |
| | First Capital Securities Co. Ltd. Class A | 711,520 | 530 |
| | TianGuang ZhongMao Co. Ltd. Class A | 1,696,512 | 530 |
| | China Spacesat Co. Ltd. Class A (XSHG) | 226,387 | 529 |
| | Changchun Faway Automobile Components Co. Ltd. Class A (XSHG) | 411,360 | 529 |
| | Zhejiang Dingli Machinery Co. Ltd. Class A | 68,800 | 529 |
| | Sinopec Shandong Taishan Petroleum Co. Ltd. Class A | 728,500 | 528 |
| * | Shenzhen Infinova Ltd. Class A | 1,076,307 | 526 |
| | Zhejiang Yongtai Technology Co. Ltd. Class A | 502,960 | 526 |
| * | New Huadu Supercenter Co. Ltd. Class A | 589,800 | 525 |
| * | Jiangsu Sihuan Bioengineering Co. Ltd. Class A | 1,119,200 | 525 |
| | Zhejiang Aokang Shoes Co. Ltd. Class A | 359,876 | 525 |
| | MYS Group Co. Ltd. | 789,767 | 524 |
| | Jiangsu Changhai Composite Materials Co. Ltd. Class A | 469,128 | 524 |
32
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Anhui Shanying Paper Industry Co. Ltd. Class A (XSHG) | 1,176,000 | 524 |
| | Polaris Bay Group Co. Ltd. Class A | 476,999 | 524 |
| | Ningbo Ligong Environment And Energy Technology Co. Ltd. Class A | 408,869 | 523 |
| | Beijing Kingee Culture Development Co. Ltd. Class A | 641,780 | 523 |
| | Shenzhen Fenda Technology Co. Ltd. Class A | 1,001,030 | 522 |
| | Anhui Gujing Distillery Co. Ltd. Class A | 65,540 | 521 |
| * | Sichuan Hongda Co. Ltd. Class A | 1,560,500 | 519 |
| * | Xining Special Steel Co. Ltd. Class A | 906,600 | 519 |
| * | Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A | 237,005 | 517 |
| | Orient Securities Co. Ltd. Class A (XSHG) | 390,100 | 517 |
| | AUCMA Co. Ltd. Class A | 1,103,101 | 517 |
| | Mayinglong Pharmaceutical Group Co. Ltd. Class A | 259,926 | 516 |
| * | Yunnan Yuntianhua Co. Ltd. Class A | 747,100 | 516 |
| * | KPC Pharmaceuticals Inc. Class A | 523,308 | 515 |
| | Shenzhen Invt Electric Co. Ltd. Class A | 844,252 | 515 |
| * | Datong Coal Industry Co. Ltd. Class A | 721,035 | 515 |
| *,§ | Wintime Energy Co. Ltd. Class A (XSHG) | 2,148,110 | 514 |
| | Sichuan Jiuyuan Yinhai Software Co. Ltd. Class A | 157,000 | 514 |
| | Zhejiang China Light & Textile Industrial City Group Co. Ltd. Class A (XSHG) | 1,055,320 | 514 |
| | Ningbo Huaxiang Electronic Co. Ltd. Class A | 354,700 | 514 |
| | Shanghai Jinfeng Wine Co. Ltd. Class A | 758,496 | 514 |
| | Nanfang Zhongjin Environment Co. Ltd. Class A | 996,883 | 514 |
| | Zhejiang China Commodities City Group Co. Ltd. Class A (XSHG) | 976,000 | 514 |
| | Nanjing Doron Technology Co. Ltd. Class A | 587,777 | 513 |
| | China Avionics Systems Co. Ltd. Class A (XSHG) | 262,584 | 513 |
| | Zhengzhou Sino Crystal Diamond Co. Ltd. Class A | 759,964 | 513 |
| | Beijing Urban Construction Investment & Development Co. Ltd. Class A | 471,011 | 512 |
| | Guangzhou Holike Creative Home Co. Ltd. Class A | 220,658 | 511 |
| | Anhui Sierte Fertilizer Industry Ltd. Co. Class A | 798,125 | 509 |
| | Camel Group Co. Ltd. Class A | 367,658 | 509 |
| * | Dalian Morningstar Network Technology Co. Ltd. Class A | 1,223,662 | 509 |
| | Jolywood Suzhou Sunwatt Co. Ltd. Class A | 248,744 | 508 |
| * | Shandong Sinobioway Biomedicine Co. Ltd. Class A | 506,060 | 508 |
| | GITI Tire Corp. Class A | 219,400 | 508 |
| | Hangzhou Zhongheng Electric Co. Ltd. Class A (XSHE) | 325,667 | 507 |
| | Shanghai Kehua Bio-Engineering Co. Ltd. Class A | 352,700 | 507 |
| * | Misho Ecology & Landscape Co. Ltd. Class A | 266,900 | 507 |
| | Xiamen King Long Motor Group Co. Ltd. Class A | 458,046 | 507 |
| | Shanghai Electric Power Co. Ltd. Class A (XSHG) | 521,400 | 506 |
| | Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A | 329,061 | 506 |
| | China Oil HBP Science & Technology Co. Ltd. Class A | 1,184,212 | 506 |
| * | Chifeng Jilong Gold Mining Co. Ltd. Class A | 854,988 | 506 |
| | Changchun Eurasia Group Co. Ltd. Class A (XSHG) | 182,041 | 506 |
| | Newcapec Electronics Co. Ltd. Class A | 707,935 | 505 |
| | Xinjiang Guannong Fruit & Antler Group Co. Ltd. Class A | 687,142 | 505 |
| | Materials Industry Zhongda Group Co. Ltd. Class A (XSHG) | 767,715 | 505 |
| | Jiangsu Hagong Intelligent Robot Co. Ltd. Class A | 527,000 | 505 |
| | Guangdong Chj Industry Co. Ltd. Class A | 727,900 | 504 |
| | China CYTS Tours Holding Co. Ltd. Class A (XSHG) | 269,300 | 503 |
| | Anhui Truchum Advanced Materials & Technology Co. Ltd. Class A | 745,000 | 503 |
| | JCHX Mining Management Co. Ltd. Class A | 439,296 | 503 |
| * | Yinchuan Xinhua Commercial Group Co. Ltd. Class A | 212,462 | 501 |
| | Shenzhen Properties & Resources Development Group Ltd. Class A | 389,552 | 501 |
| | Beijing Bewinner Communications Co. Ltd. Class A | 695,710 | 500 |
| | Risen Energy Co. Ltd. Class A (XSHE) | 610,625 | 500 |
| | Chenzhou City Jingui Silver Industry Co. Ltd. Class A | 518,300 | 500 |
| * | East China Engineering Science and Technology Co. Ltd. Class A | 589,564 | 500 |
| | Songz Automobile Air Conditioning Co. Ltd. Class A | 828,445 | 499 |
| | Hangzhou Shunwang Technology Co. Ltd. Class A (XSHE) | 236,990 | 499 |
| * | Shaanxi Ligeance Mineral Resources Co. Ltd. Class A | 262,000 | 499 |
| | Baoji Titanium Industry Co. Ltd. Class A | 233,400 | 499 |
| | Dawning Information Industry Co. Ltd. Class A (XSHG) | 83,200 | 498 |
| | Saurer Intelligent Technology Co. Ltd. Class A | 449,600 | 497 |
| | Jilin Sino-Microelectronics Co. Ltd. Class A | 673,700 | 497 |
33
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Shanghai Zhongyida Co. Ltd. Class B | 4,407,300 | 497 |
| | Zhejiang Shuanghuan Driveline Co. Ltd. Class A | 635,080 | 497 |
| * | Sichuan Chengfei Integration Technology Corp. Class A | 216,379 | 496 |
| | Cangzhou Mingzhu Plastic Co. Ltd. Class A | 835,797 | 496 |
| | Anhui Zhongding Sealing Parts Co. Ltd. Class A (XSEC) | 340,400 | 495 |
| | Chuying Agro-pastora Group Co. Ltd. Class A | 2,227,192 | 495 |
| | Shenzhen Topway Video Communication Co. Ltd. Class A | 625,920 | 495 |
| | Shanghai ShenTong Metro Co. Ltd. Class A | 531,176 | 494 |
| | Qiming Information Technology Co. Ltd. Class A | 478,073 | 494 |
| | Dongfeng Electronic Technology Co. Ltd. Class A | 451,788 | 494 |
| | Jiangsu Leike Defense Technology Co. Ltd. Class A | 602,323 | 494 |
| | Tibet Galaxy Science & Technology Development Co. Ltd. Class A | 469,400 | 493 |
| * | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A | 99,820 | 493 |
| | Bestsun Energy Co. Ltd. Class A | 241,185 | 493 |
| * | Guangzhou Restaurant Group Co. Ltd. Class A | 144,572 | 492 |
| | Hangzhou Jiebai Group Co. Ltd. Class A | 693,786 | 492 |
| | Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd. Class A | 547,500 | 491 |
| | China Railway Tielong Container Logistics Co. Ltd. Class A | 450,150 | 491 |
| * | Guangdong Highsun Group Co. Ltd. Class A | 1,356,380 | 490 |
| | Sinoma International Engineering Co. Class A | 595,222 | 490 |
| | Dalian Refrigeration Co. Ltd. Class B | 1,763,581 | 490 |
| | Henan Thinker Automatic Equipment Co. Ltd. Class A | 104,239 | 489 |
| * | Jiangsu Yinhe Electronics Co. Ltd. Class A | 946,533 | 489 |
| | Shanghai Guangdian Electric Group Co. Ltd. Class A | 1,095,200 | 488 |
| * | Harbin Churin Group Jointstock Co. Ltd. Class A | 631,198 | 487 |
| | Focus Technology Co. Ltd. Class A | 275,400 | 487 |
| | Shenzhen Everwin Precision Technology Co. Ltd. Class A | 397,066 | 487 |
| | Daheng New Epoch Technology Inc. Class A | 518,400 | 487 |
| * | Minmetals Development Co. Ltd. Class A | 508,486 | 487 |
| | Tongwei Co. Ltd. Class A (XSHG) | 526,200 | 486 |
| | Zhejiang Juhua Co. Ltd. Class A (XSHG) | 478,140 | 486 |
| | Shenzhen Topraysolar Co. Ltd. Class A | 1,218,258 | 486 |
| | Humanwell Healthcare Group Co. Ltd. Class A (XSHG) | 291,000 | 485 |
| | Citychamp Dartong Co. Ltd. Class A | 925,633 | 485 |
| | Zhejiang Huamei Holding Co. Ltd. Class A | 956,853 | 484 |
| | Yantai Dongcheng Pharmaceutical Co. Ltd. Class A | 426,300 | 483 |
| * | JinJian Cereals Industry Co. Ltd. Class A | 1,176,000 | 483 |
| | Lingyun Industrial Corp. Ltd. Class A | 415,941 | 483 |
| | Qingdao Eastsoft Communication Technology Co. Ltd. Class A | 312,800 | 482 |
| * | Galaxy Biomedical Investment Co. Ltd. Class A | 863,800 | 482 |
| | Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A | 443,776 | 482 |
| * | Autobio Diagnostics Co. Ltd. Class A | 61,900 | 482 |
| | Kingfa Sci & Tech Co. Ltd. Class A | 755,423 | 482 |
| * | Beijing Global Safety Technology Co. Ltd. Class A | 56,740 | 481 |
| | Stanley Agricultural Group Co. Ltd. Class A | 860,128 | 480 |
| | Jinling Pharmaceutical Co. Ltd. Class A (XSEC) | 538,552 | 480 |
| | Shenzhen Jinjia Group Co. Ltd. Class A (XSEC) | 452,536 | 478 |
| * | Shenyang Jinshan Energy Co. Ltd. Class A | 1,680,158 | 478 |
| | Gansu Qilianshan Cement Group Co. Ltd. Class A | 497,350 | 477 |
| | Hangzhou Boiler Group Co. Ltd. Class A | 646,818 | 477 |
| * | Guangdong Advertising Group Co. Ltd. Class A | 1,247,122 | 476 |
| | China Sports Industry Group Co. Ltd. Class A | 430,900 | 476 |
| * | Focused Photonics Hangzhou Inc. Class A | 143,400 | 475 |
| | Jiangsu Zhongli Group Co. Ltd. Class A | 436,400 | 474 |
| | Sinotrans Air Transportation Development Co. Ltd. Class A | 161,950 | 473 |
| | Beijing Jetsen Technology Co. Ltd. Class A (XSHE) | 680,212 | 473 |
| | Zhuzhou Qianjin Pharmaceutical Co. Ltd. Class A | 389,960 | 472 |
| | Xiwang Foodstuffs Co. Ltd. Class A | 429,100 | 472 |
| | JiuGui Liquor Co. Ltd. Class A | 217,000 | 472 |
| | Zhejiang Huahai Pharmaceutical Co. Ltd. Class A (XSSC) | 267,534 | 472 |
| | DeHua TB New Decoration Materials Co. Ltd. Class A | 595,750 | 471 |
| | Fujian Rongji Software Co. Ltd. Class A | 500,500 | 470 |
| | Anhui Wanwei Updated High-Tech Material Industry Co. Ltd. Class A | 1,344,100 | 470 |
| *,§ | Hareon Solar Technology Co. Ltd. Class A | 3,766,600 | 470 |
34
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Zhefu Holding Group Co. Ltd. Class A | 862,700 | 469 |
| * SRE Group Ltd. | 24,783,157 | 468 |
| * Hengbao Co. Ltd. Class A | 620,300 | 468 |
| Guodian Nanjing Automation Co. Ltd. Class A | 851,900 | 467 |
| Jiangsu Huaxicun Co. Ltd. Class A | 704,200 | 467 |
| * Pingdingshan Tianan Coal Mining Co. Ltd. Class A (XSSC) | 856,653 | 467 |
| * Dongfang Electric Corp. Ltd. Class A | 448,691 | 466 |
| Unilumin Group Co. Ltd. Class A | 369,840 | 466 |
| Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd. Class A (XSSC) | 404,858 | 466 |
| * Gohigh Data Networks Technology Co. Ltd. Class A | 856,940 | 465 |
| * Great Chinasoft Technology Co. Ltd. Class A | 681,900 | 465 |
| * China Chengtong Development Group Ltd. | 17,691,007 | 464 |
| Guangdong Guanghong Holdings Co. Ltd. Class A | 720,203 | 464 |
| Nanjing Xinjiekou Department Store Co. Ltd. Class A (XSHG) | 345,011 | 463 |
| Jiangsu Shuangxing Color Plastic New Materials Co. Ltd. Class A | 562,085 | 463 |
| Jiangsu Etern Co. Ltd. Class A | 1,035,970 | 463 |
| Talkweb Information System Co. Ltd. Class A | 844,649 | 463 |
| Whirlpool China Co. Ltd. Class A | 599,150 | 462 |
| Jinzhou Port Co. Ltd. Class A | 1,144,371 | 461 |
| * Guangdong Weihua Corp. Class A | 366,774 | 460 |
| Zhejiang Jingu Co. Ltd. Class A | 491,860 | 460 |
| Beijing eGOVA Co. Ltd. Class A | 312,103 | 457 |
| * Meisheng Cultural & Creative Corp. Ltd. Class A | 553,282 | 457 |
| Jiangsu Dewei Advanced Materials Co. Ltd. Class A | 1,164,200 | 457 |
| * Zangge Holding Co. Ltd. Class A | 288,800 | 456 |
| Anhui Xinhua Media Co. Ltd. Class A | 490,455 | 456 |
| Guangzhou Automobile Group Co. Ltd. Class A | 293,330 | 456 |
| Jiajiayue Group Co. Ltd. Class A | 149,290 | 456 |
| Chongqing Gangjiu Co. Ltd. Class A | 802,300 | 456 |
| Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd. Class A | 763,986 | 455 |
| Sinolink Securities Co. Ltd. Class A (XSHG) | 441,000 | 455 |
| Jinduicheng Molybdenum Co. Ltd. Class A (XSHG) | 501,200 | 454 |
| Ningbo Peacebird Fashion Co. Ltd. Class A | 175,698 | 453 |
| Shandong Homey Aquatic Development Co. Ltd. Class A | 1,296,098 | 453 |
| Cinda Real Estate Co. Ltd. Class A (XSHG) | 837,122 | 453 |
| Beijing Aerospace Changfeng Co. Ltd. Class A | 339,187 | 453 |
| Tianma Microelectronics Co. Ltd. Class A | 297,705 | 452 |
| Shanghai Shunho New Materials Technology Co. Ltd. Class A | 826,600 | 452 |
| * Montnets Rongxin Technology Group Co. Ltd. Class A | 437,000 | 452 |
| Shanghai Wanye Enterprises Co. Ltd. Class A | 357,600 | 452 |
| Beijing TRS Information Technology Co. Ltd. Class A | 387,406 | 451 |
| * China CIFCO Investment Co. Ltd. Class A | 394,800 | 451 |
| Xiamen ITG Group Corp. Ltd. Class A | 478,674 | 451 |
| Zhuhai Huajin Capital Co. Ltd. Class A | 381,017 | 448 |
| * Shandong Shengli Co. Class A | 821,977 | 448 |
| * Shanxi Blue Flame Holding Co. Ltd. Class A | 246,440 | 447 |
| * Longmaster Information & Technology Co. Ltd. Class A | 246,300 | 447 |
| Sundy Land Investment Co. Ltd. Class A | 1,220,600 | 447 |
| Digital China Information Service Co. Ltd. Class A | 311,643 | 447 |
| Shenzhen Suntak Circuit Technology Co. Ltd. Class A | 213,000 | 447 |
| * Gansu Dunhuang Seed Group Co. Ltd. Class A | 819,370 | 446 |
| Cosmos Group Co. Ltd. Class A | 876,400 | 446 |
| EGing Photovoltaic Technology Co. Ltd. Class A | 1,137,674 | 445 |
| * Tianjin Faw Xiali Automobile Co. Ltd. Class A | 865,700 | 445 |
| Shenzhen Kingdom Sci-Tech Co. Ltd. Class A | 340,049 | 445 |
| Fiyta Holdings Ltd. Class B | 681,898 | 445 |
| Zhongshan Broad Ocean Motor Co. Ltd. Class A | 893,700 | 445 |
| * Shenzhen Liantronics Co. Ltd. Class A | 525,023 | 443 |
| * GI Technologies Group Co. Ltd. Class A | 358,560 | 443 |
| Tongyu Communication Inc. Class A | 121,650 | 443 |
| Beijing Hualian Department Store Co. Ltd. Class A | 1,344,700 | 443 |
| Chongqing Water Group Co. Ltd. Class A (XSHG) | 575,000 | 442 |
| SPIC Dongfang New Energy Corp. Class A | 986,256 | 442 |
| Wisesoft Co. Ltd. Class A | 247,414 | 441 |
35
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Chengdu Leejun Industrial Co. Ltd. Class A | 718,961 | 441 |
| | Ningbo Marine Co. Ltd. Class A | 938,000 | 440 |
| | Nantong Jianghai Capacitor Co. Ltd. Class A | 584,148 | 440 |
| * | Anhui Tongfeng Electronics Co. Ltd. Class A | 924,200 | 440 |
| | Changyuan Group Ltd. Class A | 522,960 | 439 |
| | Nuode Investment Co. Ltd. Class A | 773,000 | 439 |
| * | Jiangsu Yulong Steel Pipe Co. Ltd. Class A | 601,600 | 438 |
| | Wolong Real Estate Group Co. Ltd. Class A | 662,901 | 438 |
| | Guangdong Mingzhu Group Co. Ltd. Class A | 387,024 | 438 |
| * | Shanghai Yatong Co. Ltd. Class A | 511,000 | 437 |
| *,§ | Tian Jin Global Magnetic Card Co. Ltd. Class A | 557,171 | 437 |
| | Sichuan Jiuzhou Electric Co. Ltd. Class A | 711,368 | 436 |
| * | Jinzhou Cihang Group Co. Ltd. Class A | 1,189,728 | 436 |
| | Shanghai AtHub Co. Ltd. Class A | 131,900 | 436 |
| | Beijing VRV Software Corp. Ltd. Class A | 935,500 | 433 |
| | Mingsheng Holdings Co. Ltd. Class A | 642,355 | 433 |
| | Beijing Easpring Material Technology Co. Ltd. Class A | 130,000 | 433 |
| | Western Region Gold Co. Ltd. Class A | 194,400 | 432 |
| | Tungkong Inc. Class A | 245,184 | 432 |
| | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A (XSHG) | 1,085,600 | 431 |
| | Shanghai Environment Group Co. Ltd. Class A (XSSC) | 238,530 | 431 |
| * | Sichuan Tianyi Comheart Telecom Co. Ltd. Class A | 129,400 | 430 |
| | Guangdong Shenglu Telecommunication Tech Co. Ltd. Class A | 553,537 | 430 |
| * | Jilin Liyuan Precision Manufacturing Co. Ltd. Class A | 943,730 | 430 |
| | Ningxia Qinglong Pipes Industry Co. Ltd. Class A | 430,090 | 430 |
| | Tibet Cheezheng Tibetan Medicine Co. Ltd. Class A | 120,960 | 428 |
| * | Shenzhen Infogem Technologies Co. Ltd. Class A | 326,680 | 428 |
| | Henan Zhongyuan Expressway Co. Ltd. Class A (XSHG) | 876,400 | 427 |
| | Jiangnan Mould and Plastic Technology Co. Ltd. Class A | 977,300 | 427 |
| | Shandong Lukang Pharma Class A | 320,300 | 427 |
| | Wuhan Jingce Electronic Group Ltd. Class A | 55,118 | 426 |
| * | Zhongrun Resources Investment Corp. Class A | 867,700 | 425 |
| | Bright Dairy & Food Co. Ltd. Class A (XSHG) | 389,800 | 424 |
| | Surfilter Network Technology Co. Ltd. Class A | 506,668 | 423 |
| * | Tianjin 712 Communication & Broadcasting Co. Ltd. Class A | 169,900 | 423 |
| | Shenzhen Wongtee International Enterprise Co. Ltd. Class B | 1,247,940 | 422 |
| * | Grinm Advanced Materials Co. Ltd. Class A | 449,200 | 422 |
| | Beijing Sifang Automation Co. Ltd. Class A | 617,639 | 422 |
| | Shanghai Xinhua Media Co. Ltd. Class A | 805,781 | 419 |
| * | Jiangsu Aoyang Health Industry Co. Ltd. Class A | 784,900 | 418 |
| | Sinochem International Corp. Class A (XSHG) | 414,700 | 417 |
| * | Hunan Corun New Energy Co. Ltd. Class A | 690,330 | 417 |
| | Eastern Pioneer Driving School Co. Ltd. Class A | 224,916 | 416 |
| | Beijing Capital Development Co. Ltd. Class A (XSHG) | 428,652 | 416 |
| | NSFOCUS Information Technology Co. Ltd. Class A | 343,400 | 415 |
| | Jiangsu Guotai International Group Guomao Co. Ltd. Class A (XSHE) | 550,290 | 415 |
| | Shenzhen Click Technology Co. Ltd. Class A | 257,800 | 415 |
| § | Anhui Jiangnan Chemical Industry Co. Ltd. Class A | 532,600 | 414 |
| § | Shenzhen Zhengtong Electronics Co. Ltd. Class A | 449,500 | 413 |
| | Baotou Huazi Industry Co. Ltd. Class A | 606,000 | 413 |
| | Jiangxi Huangshanghuang Group Food Co. Ltd. Class A | 270,900 | 412 |
| | Maoye Commericial Co. Ltd. Class A (XSHG) | 577,668 | 412 |
| | Nanjing Xinlian Electronics Co. Ltd. Class A | 771,541 | 412 |
| | COFCO Tunhe Sugar Co. Ltd. Class A | 421,800 | 412 |
| | Zhejiang Hisoar Pharmaceutical Co. Ltd. Class A (XSEC) | 634,000 | 412 |
| | Shanghai Belling Co. Ltd. Class A | 350,844 | 411 |
| | GF Securities Co. Ltd. | 316,758 | 410 |
| | Changyuan Group Ltd. Class A (XSSC) | 488,983 | 410 |
| * | Shenzhen Tellus Holding Co. Ltd. Class A | 110,007 | 410 |
| | Shanghai Wanye Enterprises Co. Ltd. Class A (XSSC) | 323,932 | 409 |
| * | Sinodata Co. Ltd. Class A | 212,735 | 409 |
| * | Estun Automation Co. Ltd. Class A | 320,100 | 407 |
| | Huaming Power Equipment Co. Ltd. Class A | 758,043 | 407 |
| | Xiamen Xindeco Ltd. Class A | 486,051 | 406 |
36
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Guangdong Zhengye Technology Co. Ltd. Class A | 150,025 | 405 |
| Liaoning Wellhope Agri-Tech JSC Ltd. Class A | 371,300 | 405 |
| * Huludao Zinc Industry Co. Class A | 943,200 | 402 |
| Xiamen Kehua Hengsheng Co. Ltd. Class A | 207,200 | 402 |
| Guangdong Provincial Expressway Development Co. Ltd. Class A | 392,500 | 401 |
| * China Rare Earth Holdings Ltd. | 9,082,389 | 401 |
| Shanghai Jiaoda Onlly Co. Ltd. Class A | 651,750 | 400 |
| Jiangzhong Pharmaceutical Co. Ltd. Class A | 179,760 | 400 |
| Zhejiang JIULI Hi-tech Metals Co. Ltd. Class A | 449,450 | 399 |
| Chongqing Yukaifa Co. Ltd. Class A | 731,800 | 398 |
| * Hunan Tianrun Digital Entertainment & Cultural Media Co. Ltd. Class A | 696,900 | 398 |
| Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd. Class A | 585,500 | 397 |
| Anhui Heli Co. Ltd. Class A (XSHG) | 333,240 | 397 |
| Lao Feng Xiang Co. Ltd. Class A (XSSC) | 75,384 | 396 |
| * Sundiro Holding Co. Ltd. Class A | 1,009,900 | 396 |
| Digital China Group Co. Ltd. Class A (XSEC) | 202,500 | 396 |
| Huaren Pharmaceutical Co. Ltd. Class A | 856,972 | 396 |
| * Jiangsu Zongyi Co. Ltd. Class A | 611,800 | 394 |
| Beijing GeoEnviron Engineering & Technology Inc. Class A | 326,400 | 394 |
| Fujian Longma Environmental Sanitation Equipment Co. Ltd. Class A | 229,300 | 394 |
| * Shandong Oriental Ocean Sci-Tech Co. Ltd. Class A (XSHE) | 660,600 | 393 |
| Beijing Haohua Energy Resource Co. Ltd. Class A | 386,714 | 393 |
| Neway Valve Suzhou Co. Ltd. Class A (XSHG) | 251,288 | 392 |
| * Shaanxi Ligeance Mineral Resources Co. Ltd. Class A (XSHE) | 205,566 | 392 |
| * Hunan TV & Broadcast Intermediary Co. Ltd. Class A | 650,700 | 391 |
| § Tempus Global Business Service Holding Ltd. Class A | 281,100 | 391 |
| Shanghai Jinjiang International Industrial Investment Co. Ltd. Class A | 280,900 | 391 |
| * Gosun Holding Co. Ltd. Class A | 727,848 | 391 |
| Keda Clean Energy Co. Ltd. Class A | 591,200 | 390 |
| Zhejiang Juli Culture Development Co. Ltd. | 587,836 | 389 |
| Neusoft Corp. Class A (XSHG) | 275,400 | 388 |
| Guangzhou Shangpin Home Collection Co. Ltd. Class A | 40,105 | 388 |
| * Invengo Information Technology Co. Ltd. Class A | 473,000 | 388 |
| * Shangying Global Co. Ltd. Class A | 337,100 | 387 |
| Hangzhou Sunrise Technology Co. Ltd. Class A | 403,128 | 387 |
| Der Future Science & Technology Holding Group Co. Ltd. Class A | 405,040 | 387 |
| * MCC Meili Cloud Computing Industry Investment Co. Ltd. Class A | 399,728 | 387 |
| Greatoo Intelligent Equipment Inc. | 1,407,600 | 386 |
| * Shanghai Yanhua Smartech Group Co. Ltd. Class A | 704,400 | 385 |
| Henan Yuguang Gold & Lead Co. Ltd. Class A | 710,800 | 385 |
| Shanghai STEP Electric Corp. Class A | 503,347 | 384 |
| * Shenzhen New Nanshan Holding Group Co. Ltd. Class A | 898,744 | 384 |
| Jihua Group Corp. Ltd. Class A (XSHG) | 768,000 | 384 |
| China Media Group Class A | 962,720 | 384 |
| Hongbaoli Group Corp. Ltd. Class A | 714,859 | 383 |
| * Innuovo Technology Co. Ltd. Class A | 676,055 | 383 |
| * Dongfang Electric Corp. Ltd. Class A (XSHG) | 368,700 | 383 |
| * LandOcean Energy Services Co. Ltd. Class A | 599,400 | 383 |
| Shenzhen Jieshun Science And Technology Industry Co. Ltd. Class A | 456,626 | 383 |
| China Grand Automotive Services Co. Ltd. Class A (XSHG) | 640,770 | 382 |
| * Beijing Tongtech Co. Ltd. Class A | 194,800 | 382 |
| Integrated Electronic Systems Lab Co. Ltd. Class A | 423,130 | 381 |
| Weichai Heavy Machinery Co. Ltd. Class A | 398,324 | 381 |
| Sino-Platinum Metals Co. Ltd. Class A | 248,141 | 381 |
| Kingfa Sci & Tech Co. Ltd. Class A (XSHG) | 596,600 | 381 |
| Shenzhen Noposion Agrochemicals Co. Ltd. Class A | 383,200 | 380 |
| China Oilfield Services Ltd. Class A | 270,177 | 380 |
| * Chongqing Iron & Steel Co. Ltd. Class A | 1,419,100 | 380 |
| * CSSC Science & Technology Co. Ltd. Class A | 375,000 | 380 |
| Jiangsu Kanion Pharmaceutical Co. Ltd. Class A (XSSC) | 276,418 | 379 |
| Tangshan Sanyou Chemical Industries Co. Ltd. Class A (XSHG) | 435,200 | 379 |
| Zhongzhu Healthcare Holding Co. Ltd. Class A | 1,060,760 | 378 |
| Zhejiang Hangmin Co. Ltd. Class A | 318,100 | 378 |
| Shandong Polymer Biochemicals Co. Ltd. Class A | 587,400 | 378 |
37
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Beijing Philisense Technology Co. Ltd. Class A | 619,200 | 378 |
| * | Shandong Minhe animal Husbandry Co. Ltd. Class A | 222,583 | 378 |
| | Yunnan Chihong Zinc & Germanium Co. Ltd. Class A (XSHG) | 604,980 | 377 |
| | GD Power Development Co. Ltd. Class A (XSSC) | 1,075,915 | 377 |
| * | Henan Splendor Science & Technology Co. Ltd. Class A | 514,800 | 377 |
| * | Avic Aviation High-Technology Co. Ltd. Class A | 510,148 | 377 |
| | Changyou.com Ltd. ADR | 28,150 | 377 |
| | Loncin Motor Co. Ltd. Class A | 645,000 | 376 |
| | CPT Technology Group Co. Ltd. Class A | 1,305,529 | 376 |
| * | Whole Easy Internet Technology Co. Ltd. Class A | 262,566 | 376 |
| * | Lotus Health Group Co. Class A | 1,349,937 | 375 |
| * | Sichuan Haite High-tech Co. Ltd. Class A | 302,880 | 375 |
| | Kingswood Enterprise Co. Ltd. Class A | 1,447,500 | 375 |
| | Infund Holding Co. Ltd. | 873,334 | 375 |
| | Shanghai SMI Holding Co. Ltd. Class A (XSHG) | 499,088 | 374 |
| | Porton Pharma Solutions Ltd. Class A | 321,250 | 374 |
| | Suzhou New District Hi-Tech Industrial Co. Ltd. Class A (XSHG) | 534,800 | 373 |
| | Shenzhen Kstar Science And Technology Co. Ltd. Class A | 429,004 | 372 |
| | Jiangsu Aucksun Co. Ltd. Class A | 653,250 | 372 |
| | Anhui Huilong Agricultural Means of Production Co. Ltd. Class A | 591,250 | 372 |
| *,§ | Zhonghong Holding Co. Ltd. Class A (XSHE) | 3,392,620 | 371 |
| * | Shen Zhen Mindata Holding Co. Ltd. Class A | 424,200 | 370 |
| | Wutong Holding Group Co. Ltd. Class A | 826,122 | 370 |
| | PKU Healthcare Corp. Ltd. Class A | 476,696 | 369 |
| | Jishi Media Co. Ltd. Class A (XSSC) | 1,259,300 | 368 |
| | ZYNP Corp. Class A | 447,900 | 367 |
| | Harbin Pharmaceutical Group Co. Ltd. Class A (XSHG) | 739,354 | 367 |
| | Hubei Kaile Science & Technology Co. Ltd. Class A (XSSC) | 146,423 | 366 |
| * | 263 Network Communications Co. Ltd. Class A | 545,388 | 366 |
| | Rizhao Port Co. Ltd. Class A | 912,650 | 366 |
| | CASIN Guoxing Property Development Co. Ltd. | 849,801 | 365 |
| | Shanghai Join Buy Co. Ltd. Class A | 421,900 | 365 |
| * | Henan Yuneng Holdings Co. Ltd. Class A | 829,200 | 365 |
| | SooChow Securities Co. Ltd. Class A (XSHG) | 382,200 | 365 |
| | CMST Development Co. Ltd. Class A (XSHG) | 467,300 | 365 |
| * | Zhongfu Straits Pingtan Development Co. Ltd. Class A | 1,084,944 | 365 |
| * | Haima Automobile Group Co. Ltd. Class A | 1,131,800 | 363 |
| * | Huaxun Fangzhou Co. Ltd. Class A | 408,600 | 363 |
| | Hisense Electric Co. Ltd. Class A | 295,362 | 363 |
| * | Shougang Concord International Enterprises Co. Ltd. | 16,172,058 | 363 |
| | Lanzhou Great Wall Electrical Co. Ltd. Class A | 584,000 | 363 |
| | Shenzhen Glory Medical Co. Ltd. Class A | 528,222 | 362 |
| * | IRICO Display Devices Co. Ltd. Class A | 574,500 | 362 |
| | Hongbo Co. Ltd. Class A | 358,650 | 361 |
| | Beijing WKW Automotive Parts Co. Ltd. Class A | 652,976 | 361 |
| * | Shanghai Shenhua Holdings Co. Ltd. Class A | 1,337,862 | 360 |
| | Hubei Broadcasting & Television Information Network Co. Ltd. Class A | 372,800 | 360 |
| | Canny Elevator Co. Ltd. Class A (XSHE) | 578,496 | 360 |
| | Shanghai Lansheng Corp. Class A | 238,891 | 359 |
| | Yotrio Group Co. Ltd. Class A | 994,750 | 359 |
| * | Ningbo Bird Co. Ltd. Class A | 774,100 | 359 |
| | Taihai Manoir Nuclear Equipment Co. Ltd. Class A | 294,996 | 358 |
| | China National Medicines Corp. Ltd. Class A (XSSC) | 98,552 | 358 |
| * | Shenwu Environmental Technology Co. Ltd. Class A | 616,265 | 357 |
| | Beijing Teamsun Technology Co. Ltd. Class A | 420,486 | 356 |
| | Mayinglong Pharmaceutical Group Co. Ltd. Class A (XSHG) | 179,100 | 356 |
| | China National Software & Service Co. Ltd. Class A (XSHG) | 97,500 | 356 |
| | ENC Data Technology Co. Ltd. Class A | 164,200 | 356 |
| | ZhongYeDa Electric Co. Ltd. Class A | 395,000 | 356 |
| | China World Trade Center Co. Ltd. Class A (XSHG) | 172,500 | 355 |
| | Nanjing Central Emporium Class A | 693,445 | 355 |
| | Beiqi Foton Motor Co. Ltd. Class A (XSSC) | 1,333,709 | 355 |
| | Zhuzhou Times New Material Technology Co. Ltd. Class A | 348,522 | 354 |
| | Sunstone Development Co. Ltd. Class A | 202,300 | 354 |
38
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| CTS International Logistics Corp. Ltd. Class A | 450,986 | 353 |
| Wuxi Huaguang Boiler Co. Ltd. Class A | 283,300 | 353 |
| Changzheng Engineering Co. Ltd. Class A | 171,551 | 352 |
| * Chengdu Santai Holding Group Co. Ltd. Class A | 800,731 | 351 |
| Sanlux Co. Ltd. Class A | 412,600 | 351 |
| Anhui Jianghuai Automobile Group Corp. Ltd. Class A | 534,301 | 350 |
| Sichuan Hebang Biotechnology Co. Ltd. Class A (XSHG) | 1,495,340 | 350 |
| Shenzhen Aisidi Co. Ltd. Class A | 422,520 | 349 |
| * Skyworth Digital Co. Ltd. Class A | 423,200 | 349 |
| * Nationz Technologies Inc. Class A | 266,700 | 349 |
| Zhe Jiang Kangsheng Co. Ltd. Class A | 841,000 | 349 |
| AECC Aero-Engine Control Co. Ltd. Class A | 196,500 | 348 |
| Guangzhou Guangri Stock Co. Ltd. Class A (XSSC) | 450,352 | 348 |
| Nanjing Gaoke Co. Ltd. Class A (XSHG) | 371,520 | 348 |
| * Luyin Investment Group Co. Ltd. Class A | 515,800 | 348 |
| Guangzhou KingTeller Technology Co. Ltd. Class A | 817,028 | 347 |
| * Suzhou Chunxing Precision Mechanical Co. Ltd. Class A | 781,900 | 347 |
| * Hainan HNA Infrastructure Investment Group Co. Ltd. Class A | 465,531 | 347 |
| Shenzhen Minkave Technology Co. Ltd. Class A | 163,100 | 346 |
| Jiangling Motors Corp. Ltd. Class A | 234,298 | 346 |
| Vtron Group Co. Ltd. Class A | 468,923 | 344 |
| YanTai Shuangta Food Co. Ltd. Class A | 815,400 | 344 |
| Guangdong Macro Co. Ltd. Class A | 864,971 | 344 |
| * Shantui Construction Machinery Co. Ltd. Class A | 722,635 | 343 |
| Shanghai Dragon Corp. Class A | 364,000 | 343 |
| Xiamen Tungsten Co. Ltd. Class A (XSHG) | 174,200 | 343 |
| Beijing Dabeinong Technology Group Co. Ltd. Class A (XSEC) | 710,400 | 343 |
| Sanxiang Impression Co. Ltd. Class A | 645,800 | 343 |
| Weihai Guangtai Airport Equipment Co. Ltd. Class A | 245,902 | 343 |
| * Cofco Biochemical Co. Ltd. Class A | 292,300 | 342 |
| Shenzhen Fenda Technology Co. Ltd. Class A (XSEC) | 656,357 | 342 |
| Guizhou Red Star Developing Co. Ltd. Class A | 321,100 | 342 |
| Harbin Hatou Investment Co. Ltd. Class A | 585,669 | 342 |
| Sunward Intelligent Equipment Co. Ltd. Class A | 424,600 | 341 |
| Beijing Gehua CATV Network Co. Ltd. Class A | 270,900 | 340 |
| Changzhou Tronly New Electronic Materials Co. Ltd. Class A | 86,376 | 339 |
| Dalian Tianbao Green Foods Co. Ltd. Class A | 951,580 | 339 |
| Zhejiang Zhongcheng Packing Material Co. Ltd. Class A | 524,621 | 338 |
| Shanghai Tunnel Engineering Co. Ltd. Class A (XSSC) | 412,700 | 338 |
| * YUD Yangtze River Investment Industry Co. Ltd. Class A | 347,125 | 338 |
| Shinva Medical Instrument Co. Ltd. Class A (XSHG) | 184,248 | 338 |
| Tongyu Heavy Industry Co. Ltd. Class A | 1,451,300 | 338 |
| Pacific Securities Co. Ltd. Class A (XSHG) | 821,535 | 338 |
| * Ningbo Tuopu Group Co. Ltd. Class A | 159,900 | 337 |
| Changshu Fengfan Power Equipment Co. Ltd. Class A | 845,828 | 337 |
| * Shanxi Guoxin Energy Corp. Ltd. Class A (XSHG) | 434,126 | 336 |
| Hangzhou Cable Co. Ltd. Class A | 505,100 | 335 |
| Guangdong Dowstone Technology Co. Ltd. Class A | 177,300 | 335 |
| * Tianjin Capital Environmental Protection Group Co. Ltd. Class A | 329,936 | 335 |
| * Jiangsu Yueda Investment Co. Ltd. Class A | 486,700 | 334 |
| China Television Media Ltd. Class A | 289,800 | 334 |
| ^ Dongjiang Environmental Co. Ltd. | 340,071 | 334 |
| Julong Co. Ltd. Class A | 332,900 | 334 |
| Sanjiang Shopping Club Co. Ltd. Class A | 185,300 | 334 |
| * Qinghai Spring Medicinal Resources Technology Co. Ltd. Class A | 388,781 | 333 |
| * Linzhou Heavy Machinery Group Co. Ltd. Class A | 695,460 | 332 |
| Guangdong Delian Group Co. Ltd. Class A | 634,135 | 332 |
| * Visionox Technology Inc. Class A | 273,150 | 331 |
| § Shenzhen Comix Group Co. Ltd. Class A (XSHE) | 296,389 | 331 |
| Guangdong Guangzhou Daily Media Co. Ltd. Class A | 730,428 | 331 |
| * Youngy Co. Ltd. Class A | 183,076 | 331 |
| Qinhuangdao Port Co. Ltd. Class A (XSHG) | 729,500 | 331 |
| Chengdu Xinzhu Road&Bridge Machinery Co. Ltd. Class A | 482,514 | 329 |
| China Molybdenum Co. Ltd. Class A (XSHG) | 558,700 | 328 |
39
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Elec-Tech International Co. Ltd. Class A | 968,445 | 328 |
| Advanced Technology & Materials Co. Ltd. Class A | 501,000 | 328 |
| Xiamen ITG Group Corp. Ltd. Class A (XSHG) | 348,100 | 328 |
| Guangxi Guidong Electric Power Co. Ltd. Class A | 616,200 | 328 |
| Chongqing Dima Industry Co. Ltd. Class A | 868,700 | 327 |
| Zhejiang Hangmin Co. Ltd. Class A (XSSC) | 274,993 | 327 |
| Guangzhou Development Group Inc. Class A (XSHG) | 427,000 | 325 |
| Shenzhen Center Power Tech Co. Ltd. Class A | 252,250 | 325 |
| Pubang Landscape Architecture Co. Ltd. Class A | 897,097 | 324 |
| Shenzhen Jieshun Science And Technology Industry Co. Ltd. Class A (XSHE) | 386,900 | 324 |
| * Aerospace Hi-Tech Holdings Grp Ltd. Class A | 244,480 | 324 |
| Shenzhen Jiawei Photovoltaic Lighting Co. Ltd. Class A | 433,702 | 324 |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A (XSHG) | 254,200 | 324 |
| Dalian Huarui Heavy Industry Group Co. Ltd. Class A | 683,920 | 324 |
| Canny Elevator Co. Ltd. Class A | 519,677 | 323 |
| * Shenwu Energy Saving Co. Ltd. Class A | 361,405 | 323 |
| * Guangdong Chaohua Technology Co. Ltd. Class A | 809,488 | 323 |
| Xiamen Faratronic Co. Ltd. Class A (XSHG) | 58,248 | 323 |
| * United Electronics Co. Ltd. Class A | 324,587 | 322 |
| Southwest Securities Co. Ltd. Class A (XSHG) | 547,606 | 321 |
| * Ningbo Fuda Co. Ltd. Class A | 692,700 | 321 |
| Zhejiang Golden Eagle Co. Ltd. Class A | 492,600 | 320 |
| Changzhou Qianhong Biopharma Co. Ltd. Class A (XSEC) | 553,950 | 320 |
| * Tianjin Quanye Bazaar Group Co. Ltd. Class A | 505,939 | 320 |
| * Shenzhen Huakong SEG Co. Ltd. Class A | 858,900 | 319 |
| * Dongguan Kingsun Optoelectronic Co. Ltd. Class A | 806,250 | 319 |
| Shandong Sunway Petrochemical Engineering Co. Ltd. Class A | 577,700 | 318 |
| * Yunnan Copper Co. Ltd. Class A (XSEC) | 259,200 | 318 |
| V V Food & Beverage Co. Ltd. Class A | 772,770 | 318 |
| Jiangsu Jiangnan High Polymer Fiber Co. Ltd. Class A | 1,061,671 | 318 |
| Aerospace Communications Holding Group Co. Ltd. Class A | 256,319 | 318 |
| Guangzhou Wondfo Biotech Co. Ltd. Class A | 81,635 | 318 |
| * Qinchuan Machine Tool & Tool Group Co. Ltd. Class A | 549,605 | 318 |
| Jiangsu General Science Technology Co. Ltd. Class A | 345,300 | 318 |
| Global Top E-Commerce Co. Ltd. Class A (XSEC) | 206,400 | 317 |
| Anhui Sinonet & Xonglong Science & Technology Co. Ltd. Class A | 375,002 | 317 |
| South Huiton Co. Ltd. Class A | 423,300 | 317 |
| * Hangzhou Sunyard System Engineering Co. Ltd. Class A | 334,854 | 317 |
| Ciwen Media Co. Ltd. | 206,209 | 316 |
| CITIC Heavy Industries Co. Ltd. Class A | 831,227 | 316 |
| Sichuan Changhong Electric Co. Ltd. Class A | 917,600 | 316 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. Class A (XSHG) | 319,000 | 315 |
| Liaoning Wellhope Agri-Tech JSC Ltd. Class A (XSSC) | 289,101 | 315 |
| Changshu Tianyin Electromechanical Co. Ltd. Class A | 188,393 | 315 |
| Guizhou Jiulian Industrial Explosive Material Development Co. Ltd. Class A | 303,301 | 315 |
| * Yueyang Xingchang Petrochemical Class A | 228,952 | 315 |
| Guangdong Rongtai Industry Co. Ltd. Class A | 540,200 | 315 |
| * Shanghai Metersbonwe Fashion & Accessories Co. Ltd. Class A | 926,300 | 314 |
| * China Aerospace Times Electronics Co. Ltd. Class A (XSSC) | 373,500 | 314 |
| Jinxi Axle Co. Ltd. Class A | 501,211 | 314 |
| Rongan Property Co. Ltd. Class A | 814,200 | 312 |
| Zhengzhou Coal Mining Machinery Group Co. Ltd. Class A (XSHG) | 332,200 | 312 |
| Joincare Pharmaceutical Group Industry Co. Ltd. Class A (XSHG) | 294,624 | 311 |
| Sichuan Xun You Network Technology Co. Ltd. Class A | 97,194 | 311 |
| * Zhejiang Feida Environmental Science & Technology Co. Ltd. Class A | 474,799 | 310 |
| * Qinghai Salt Lake Industry Co. Ltd. Class A (XSEC) | 283,500 | 310 |
| Lanzhou LS Heavy Equipment Co. Ltd. Class A | 489,203 | 310 |
| Guangdong Shaoneng Group Co. Ltd. Class A | 591,240 | 310 |
| * North Industries Group Red Arrow Co. Ltd. Class A | 329,543 | 309 |
| * Tibet Mineral Development Co. Class A | 291,700 | 309 |
| * Zhejiang Guangsha Co. Ltd. Class A | 706,650 | 309 |
| Zhongtong Bus Holding Co. Ltd. Class A | 470,700 | 309 |
| Hubei Jiuzhiyang Infrared System Co. Ltd. Class A | 74,225 | 309 |
| Fujian Longking Co. Ltd. Class A (XSHG) | 245,222 | 308 |
40
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dashang Co. Ltd. Class A | 84,700 | 308 |
| | Zhejiang Vie Science & Technology Co. Ltd. Class A | 336,000 | 308 |
| * | Juli Sling Co. Ltd. Class A | 686,926 | 308 |
| | Guizhou Panjiang Refined Coal Co. Ltd. Class A | 385,200 | 307 |
| | Ningbo Shanshan Co. Ltd. Class A (XSHG) | 159,200 | 307 |
| | Hunan Nanling Industry Explosive Material Co. Ltd. Class A | 413,559 | 307 |
| *,§ | Zhonghong Holding Co. Ltd. Class A | 2,799,945 | 307 |
| | TDG Holdings Co. Ltd. Class A | 384,600 | 306 |
| | Jiangxi Zhengbang Technology Co. Ltd. Class A (XSEC) | 528,000 | 305 |
| * | Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. Class A | 396,095 | 305 |
| | Shenzhen Hongtao Decoration Co. Ltd. Class A | 691,360 | 304 |
| | Jiangsu Zhongli Group Co. Ltd. Class A (XSEC) | 279,049 | 303 |
| * | Henan Yinge Industrial Investment Holding Co. Ltd. Class A | 738,790 | 303 |
| | Suzhou Good-Ark Electronics Co. Ltd. Class A | 480,300 | 303 |
| * | Henan Huanghe Whirlwind Co. Ltd. Class A | 664,380 | 303 |
| | Changchai Co. Ltd. Class B | 954,342 | 302 |
| | Chengdu Wintrue Holding Co. Ltd. Class A | 479,170 | 302 |
| | Yihua Lifestyle Technology Co. Ltd. Class A | 526,699 | 301 |
| | Antong Holdings Co. Ltd. Class A | 286,860 | 300 |
| | Shaanxi Broadcast & TV Network Intermediary Group Co. Ltd. Class A | 416,916 | 299 |
| * | Tianjin Capital Environmental Protection Group Co. Ltd. Class A (XSHG) | 294,500 | 299 |
| § | Chengdu Techcent Environment Co. Ltd. Class A | 215,300 | 298 |
| | Shanghai Pudong Road & Bridge Construction Co. Ltd. Class A (XSHG) | 422,660 | 298 |
| | Sinoma International Engineering Co. Class A (XSHG) | 361,650 | 298 |
| | China Pacific Insurance Group Co. Ltd. Class A (XSHG) | 61,300 | 297 |
| | Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A (XSEC) | 317,700 | 297 |
| | Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A | 251,700 | 297 |
| * | Mesnac Co. Ltd. Class A | 438,189 | 295 |
| | Toyou Feiji Electronics Co. Ltd. Class A | 288,235 | 294 |
| * | Zhejiang Sunriver Culture Co. Ltd. Class A | 493,970 | 294 |
| | Gansu Qilianshan Cement Group Co. Ltd. Class A (XSHG) | 306,100 | 294 |
| | Shenzhen World Union Properties Consultancy Inc. Class A (XSEC) | 437,605 | 293 |
| * | Shenzhen Textile Holdings Co. Ltd. Class A | 361,875 | 292 |
| | Sino Wealth Electronic Ltd. Class A | 109,024 | 292 |
| | Shandong Xiantan Co. Ltd. Class A | 146,530 | 292 |
| | Changhong Meiling Co. Ltd. Class B | 962,200 | 292 |
| * | Dynavolt Renewable Power Technology Co. Ltd. Class A | 331,383 | 291 |
| | Henan City Development Environment Co. Ltd. | 258,900 | 291 |
| § | Huawei Culture Co. Ltd. Class A | 351,400 | 291 |
| | Beijing Haohua Energy Resource Co. Ltd. Class A (XSHG) | 286,200 | 291 |
| | CTS International Logistics Corp. Ltd. Class A (XSSC) | 370,600 | 290 |
| | Shanghai New World Co. Ltd. Class A | 314,400 | 289 |
| | Jiangsu Wuzhong Industrial Co. Class A | 359,939 | 289 |
| * | Pang Da Automobile Trade Co. Ltd. Class A | 1,316,800 | 288 |
| § | Huawei Culture Co. Ltd. Class A (XSHE) | 348,240 | 288 |
| | Jiangxi Hongdu Aviation Industry Co. Ltd. Class A | 240,800 | 288 |
| | Hunan Investment Group Co. Ltd. Class A | 490,600 | 287 |
| * | China Tungsten And Hightech Materials Co. Ltd. Class A | 363,860 | 287 |
| | Guoguang Electric Co. Ltd. Class A | 459,400 | 287 |
| * | Shanghai Dasheng Agricultural Finance Technology Co. Ltd. | 46,755,290 | 287 |
| | Sufa Technology Industry Co. Ltd. CNNC Class A | 190,700 | 286 |
| | Sichuan EM Technology Co. Ltd. Class A | 537,500 | 286 |
| | Zhe Jiang Kangsheng Co. Ltd. Class A (XSHE) | 688,800 | 286 |
| | Royal Group Co. Ltd. Class A | 593,878 | 284 |
| * | Far East Smarter Energy Co. Ltd. Class A (XSHG) | 455,060 | 284 |
| | Beijing Urban Construction Investment & Development Co. Ltd. Class A (XSHG) | 260,600 | 283 |
| | Shanghai Maling Aquarius Co. Ltd. Class A | 323,200 | 283 |
| | Zhejiang Founder Motor Co. Ltd. Class A | 378,586 | 283 |
| | Zhejiang Yankon Group Co. Ltd. Class A (XSHG) | 625,675 | 283 |
| | Dashang Group Co. Ltd. Class A (XSSC) | 77,700 | 283 |
| | Wuxi Commercial Mansion Grand Orient Co. Ltd. Class A (XSHG) | 465,102 | 282 |
| | Hisense Electric Co. Ltd. Class A (XSHG) | 229,200 | 282 |
| | Xinjiang Joinworld Co. Ltd. Class A (XSHG) | 446,160 | 281 |
| | Beijing Homyear Capital Holdings Co. Ltd. Class A | 647,616 | 281 |
41
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Sinotrans Air Transportation Development Co. Ltd. Class A (XSHG) | 96,100 | 280 |
| Henan Rebecca Hair Products Co. Ltd. Class A | 687,794 | 280 |
| Nanjing Kangni Mechanical & Electrical Co. Ltd. Class A | 476,985 | 280 |
| * China Minsheng DIT Group Ltd. | 13,171,563 | 279 |
| Long Yuan Construction Group Co. Ltd. Class A (XSHG) | 281,700 | 278 |
| Gansu Yasheng Industrial Group Co. Ltd. Class A | 721,600 | 277 |
| Konka Group Co. Ltd. Class A | 535,900 | 277 |
| Liaoning Cheng Da Co. Ltd. Class A (XSHG) | 176,400 | 277 |
| Zhejiang Talent Television & Film Co. Ltd. Class A | 271,176 | 276 |
| * Zhejiang Wanma Co. Ltd. Class A | 383,972 | 276 |
| * KPC Pharmaceuticals Inc. Class A (XSHG) | 280,088 | 276 |
| * Beijing Shougang Co. Ltd. Class A (XSEC) | 467,100 | 276 |
| Guangdong Eastone Century Technology Co. Ltd. Class A | 482,115 | 275 |
| Betta Pharmaceuticals Co. Ltd. Class A | 53,200 | 275 |
| Besttone Holdings Co. Ltd. Class A | 218,900 | 275 |
| Shanghai Pret Composites Co. Ltd. Class A (XSEC) | 208,303 | 275 |
| Xinjiang Yilite Industry Co. Ltd. Class A (XSSC) | 148,688 | 274 |
| Tianjin ZhongXin Pharmaceutical Group Corp. Ltd. Class A (XSHG) | 141,500 | 274 |
| Shanghai Sinyang Semiconductor Materials Co. Ltd. Class A | 101,400 | 273 |
| China Coal Energy Co. Ltd. Class A (XSHG) | 361,900 | 273 |
| China Railway Hi-tech Industry Co. Ltd. Class A (XSSC) | 188,400 | 273 |
| Jinfa Labi Maternity & Baby Articles Co. Ltd. Class A | 345,345 | 272 |
| Tianjin Benefo Tejing Electric Co. Ltd. Class A | 430,333 | 272 |
| Jiangzhong Pharmaceutical Co. Ltd. Class A (XSHG) | 121,940 | 271 |
| Guangxi Wuzhou Zhongheng Group Co. Ltd. Class A (XSHG) | 683,200 | 271 |
| Sichuan Changhong Electric Co. Ltd. Class A (XSSC) | 787,438 | 271 |
| COSCO SHIPPING Specialized Carriers Co. Ltd. Class A | 557,401 | 270 |
| * Vcanbio Cell & Gene Engineering Corp. Ltd. Class A | 115,300 | 270 |
| Asian Star Anchor Chain Co. Ltd. Jiangsu Class A | 529,350 | 269 |
| Zhejiang Daily Digital Culture Group Co. Ltd. (XSSC) | 241,888 | 269 |
| § Shenzhen ESUN Display Co. Ltd. Class A | 90,126 | 269 |
| North Navigation Control Technology Co. Ltd. Class A (XSHG) | 256,600 | 269 |
| * Steyr Motors Co. Ltd. Class A | 519,800 | 269 |
| Guizhou Panjiang Refined Coal Co. Ltd. Class A (XSSC) | 333,800 | 266 |
| Guangdong Zhongsheng Pharmaceutical Co. Ltd. Class A (XSEC) | 222,700 | 266 |
| Shanghai AJ Group Co. Ltd. Class A (XSSC) | 211,126 | 266 |
| Neway Valve Suzhou Co. Ltd. Class A | 170,321 | 266 |
| Dr Peng Telecom & Media Group Co. Ltd. Class A (XSHG) | 257,100 | 265 |
| Nanjing Panda Electronics Co. Ltd. Class A | 375,700 | 265 |
| * Nanjing Huadong Electronics Information & Technology Co. Ltd. Class A | 1,322,852 | 265 |
| * Pengqi Technology Development Co. Ltd. Class A | 502,032 | 265 |
| Dalian Port PDA Co. Ltd. Class A | 958,410 | 264 |
| Hangjin Technology Co. Ltd. Class A | 202,350 | 263 |
| Xiangtan Electric Manufacturing Co. Ltd. Class A | 344,549 | 263 |
| Loncin Motor Co. Ltd. Class A (XSHG) | 448,250 | 262 |
| Qtone Education Group Guandong Ltd. Class A | 296,692 | 261 |
| * Shaanxi Aerospace Power Hi-Tech Co. Ltd. Class A | 236,600 | 260 |
| * Henan Zhongfu Industry Co. Ltd. Class A | 861,000 | 260 |
| Tian Di Science & Technology Co. Ltd. Class A (XSHG) | 456,100 | 259 |
| Yabao Pharmaceutical Group Co. Ltd. Class A (XSHG) | 270,400 | 259 |
| China Hi-Tech Group Co. Class A | 449,600 | 259 |
| * Jiangsu Phoenix Property Investment Co. Ltd. Class A | 533,520 | 259 |
| Universal Scientific Industrial Shanghai Co. Ltd. Class A (XSHG) | 178,938 | 258 |
| * Zhonglu Co. Ltd. Class A | 189,037 | 257 |
| Shanghai Maling Aquarius Co. Ltd. Class A (XSSC) | 291,998 | 256 |
| * Guangdong Sunwill Precising Plastic Co. Ltd. Class A | 618,660 | 256 |
| Angel Yeast Co. Ltd. Class A (XSSC) | 81,788 | 255 |
| Shanghai Zijiang Enterprise Group Co. Ltd. Class A | 597,218 | 255 |
| Ningbo Yunsheng Co. Ltd. Class A | 379,431 | 254 |
| * Ningxia Xinri Hengli Steel Wire Co. Ltd. Class A | 480,200 | 254 |
| * Guizhou Salvage Pharmaceutical Co. Ltd. Class A | 614,300 | 254 |
| Chunghsin Technology Group Co. Ltd. Class A | 225,463 | 254 |
| Time Publishing and Media Co. Ltd. Class A | 239,408 | 253 |
| * Shenzhen Batian Ecotypic Engineering Co. Ltd. Class A | 651,251 | 252 |
42
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| * Qianjiang Water Resources Development Co. Ltd. Class A | 186,351 | 251 |
| FSPG Hi-Tech Co. Ltd. Class A | 556,700 | 251 |
| TianGuang ZhongMao Co. Ltd. Class A (XSEC) | 803,200 | 251 |
| Xiangtan Electric Manufacturing Co. Ltd. Class A (XSHG) | 328,934 | 251 |
| Anhui Jianghuai Automobile Group Corp. Ltd. Class A (XSSC) | 381,428 | 250 |
| Zhongnan Red Culture Group Co. Ltd. Class A | 730,660 | 249 |
| Xinjiang Xuefeng Sci-Tech Group Co. Ltd. Class A | 458,800 | 249 |
| Xinjiang Tianye Co. Ltd. Class A | 370,020 | 248 |
| Jiangsu Wanlin Modern Logistics Co. Ltd. Class A | 460,880 | 247 |
| Shenzhen Kingdom Sci-Tech Co. Ltd. Class A (XSHG) | 188,500 | 247 |
| Huafa Industrial Co. Ltd. Zhuhai Class A (XSHG) | 276,840 | 247 |
| Shenzhen Capstone Industrial Co. Ltd. Class A | 142,240 | 246 |
| * Aerosun Corp. Class A | 276,162 | 246 |
| * Sansheng Intellectual Education Technology Co. Ltd. Class A | 167,558 | 245 |
| Chongqing Zongshen Power Machinery Co. Ltd. Class A | 367,200 | 245 |
| Glarun Technology Co. Ltd. Class A (XSHG) | 137,358 | 245 |
| * Zhongyuan Union Cell & Gene Engineering Corp. Ltd. Class A (XSSC) | 103,883 | 243 |
| * Xiamen 35.com Technology Co. Ltd. Class A | 289,600 | 243 |
| Zhejiang Xinan Chemical Industrial Group Co. Ltd. Class A (XSHG) | 136,600 | 241 |
| § Chengdu B-Ray Media Co. Ltd. Class A | 439,200 | 241 |
| * Silk Road Logistics Holdings Ltd. | 25,662,353 | 239 |
| * Changjiang & Jinggong Steel Building Group Co. Ltd. Class A (XSHG) | 590,400 | 239 |
| Zhejiang Asia-Pacific Mechanical & Electronic Co. Ltd. Class A | 385,700 | 238 |
| Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. Class A | 270,600 | 238 |
| Shanghai Yaoji Playing Card Co. Ltd. Class A | 262,459 | 238 |
| * CSSC Offshore and Marine Engineering Group Co. Ltd. Class A | 177,401 | 238 |
| CITIC Heavy Industries Co. Ltd. Class A (XSHG) | 624,200 | 237 |
| Eastern Communications Co. Ltd. Class A (XSHG) | 392,200 | 237 |
| Citic Offshore Helicopter Co. Ltd. Class A | 296,000 | 237 |
| Tangel Publishing Co. Ltd. Class A | 408,820 | 236 |
| * Shenzhen Fountain Corp. Class A | 599,700 | 236 |
| Shenzhen Expressway Co. Ltd. Class A (XSHG) | 206,700 | 236 |
| Changchun Sinoenergy Corp. Class A | 352,945 | 236 |
| * COSCO SHIPPING Development Co. Ltd. Class A | 730,576 | 235 |
| * Shanghai SK Petroleum & Chemical Equipment Corp. Ltd. Class A | 253,600 | 235 |
| Huadian Heavy Industries Co. Ltd. Class A (XSHG) | 414,676 | 234 |
| Jilin Yatai Group Co. Ltd. Class A (XSHG) | 492,000 | 234 |
| * Shaanxi J&R Optimum Energy Co. Ltd. Class A | 1,017,168 | 234 |
| Tibet Urban Development and Investment Co. Ltd. Class A | 267,344 | 234 |
| * Andon Health Co. Ltd. Class A | 324,156 | 233 |
| Guangzhou Yuetai Group Co. Ltd. | 772,500 | 233 |
| Rizhao Port Co. Ltd. Class A (XSHG) | 580,400 | 233 |
| Yueyang Forest & Paper Co. Ltd. Class A | 402,600 | 233 |
| Shanghai Industrial Development Co. Ltd. Class A (XSHG) | 357,890 | 232 |
| Central China Securities Co. Ltd. Class A (XSSC) | 334,200 | 232 |
| Shanghai Kehua Bio-Engineering Co. Ltd. Class A (XSEC) | 160,900 | 231 |
| * Jiangsu Dagang Co. Ltd. Class A | 423,089 | 231 |
| Shenzhen Gongjin Electronics Co. Ltd. Class A | 306,240 | 230 |
| Jiangsu Yunyi Electric Co. Ltd. Class A | 452,540 | 230 |
| Xingmin Intelligent Transportation Systems Group Co. Ltd. Class A | 245,226 | 230 |
| Guangbo Group Stock Co. Ltd. Class A | 409,434 | 230 |
| Zhejiang Ming Jewelry Co. Ltd. Class A | 328,100 | 229 |
| Xinjiang Tianfu Energy Co. Ltd. Class A (XSHG) | 425,800 | 229 |
| Shenzhen Silver Basis Technology Co. Ltd. Class A | 266,346 | 228 |
| Suzhou China Create Special Material Co. Ltd. | 182,800 | 228 |
| Air China Ltd. Class A (XSSC) | 209,538 | 228 |
| * Lifan Industry Group Co. Ltd. Class A | 388,900 | 227 |
| * Grinm Advanced Materials Co. Ltd. Class A (XSHG) | 241,500 | 227 |
| Jiangmen Kanhoo Industry Co. Ltd. Class A | 114,120 | 227 |
| Beijing Shiji Information Technology Co. Ltd. Class A (XSEC) | 53,512 | 226 |
| * First Tractor Co. Ltd. Class A (XSHG) | 352,300 | 225 |
| Luxin Venture Capital Group Co. Ltd. Class A | 165,708 | 225 |
| Shanghai Jinjiang International Industrial Investment Co. Ltd. Class A (XSHG) | 161,800 | 225 |
| * Shandong Wohua Pharmaceutical Co. Ltd. Class A | 238,400 | 223 |
43
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Xinjiang Xinxin Mining Industry Co. Ltd. | 2,380,911 | 222 |
| | Chengdu Taihe Health Technology Group Inc. Ltd. Class A | 367,792 | 222 |
| * | Avic Aviation High-Technology Co. Ltd. Class A (XSSC) | 300,067 | 222 |
| | Zhejiang Jingxing Paper JSC Ltd. Class A | 490,500 | 221 |
| | Guangdong Xinhui Meida Nylon Co. Ltd. Class A | 337,800 | 221 |
| | Shanghai Jielong Industry Group Corp. Ltd. Class A | 418,400 | 220 |
| | Guangdong Meiyan Jixiang Hydropower Co. Ltd. Class A | 586,600 | 219 |
| | Guangdong Kinlong Hardware Products Co. Ltd. Class A | 153,600 | 219 |
| | V V Food & Beverage Co. Ltd. Class A (XSHG) | 532,402 | 219 |
| | Guangxi Radio and Television Information Network Corp. Ltd. Class A | 392,102 | 218 |
| | Beijing Gehua CATV Network Co. Ltd. Class A (XSSC) | 173,800 | 218 |
| | Motic Xiamen Electric Group Co. Ltd. Class A | 317,129 | 218 |
| * | Skyworth Digital Co. Ltd. Class A (XSEC) | 262,900 | 217 |
| | Hexing Electrical Co. Ltd. Class A | 120,021 | 216 |
| | Beijing Interact Technology Co. Ltd. Class A | 269,800 | 216 |
| | Shanghai Zhezhong Group Co. Ltd. Class A | 165,900 | 214 |
| *,§ | Hua Han Health Industry Holdings Ltd. | 13,993,028 | 214 |
| | Guomai Technologies Inc. Class A (XSEC) | 238,886 | 214 |
| * | Kunwu Jiuding Investment Holdings Co. Ltd. Class A (XSSC) | 106,168 | 214 |
| | Anhui Xinhua Media Co. Ltd. Class A (XSHG) | 227,560 | 212 |
| | Shuangliang Eco-Energy Systems Co. Ltd. Class A (XSHG) | 412,005 | 211 |
| | Yueyang Forest & Paper Co. Ltd. Class A (XSHG) | 365,300 | 211 |
| | Xinhuanet Co. Ltd. Class A | 102,200 | 211 |
| | Kunshan Kersen Science & Technology Co. Ltd. Class A | 177,968 | 210 |
| | JCHX Mining Management Co. Ltd. Class A (XSSC) | 183,573 | 210 |
| | CCS Supply Chain Management Co. Ltd. Class A (XSHG) | 188,300 | 210 |
| | Chengtun Mining Group Co. Ltd. Class A (XSHG) | 286,400 | 210 |
| | Ningbo Sanxing Electric Co. Ltd. Class A (XSHG) | 258,500 | 209 |
| | Simei Media Co. Ltd. Class A | 245,136 | 209 |
| | China Railway Tielong Container Logistics Co. Ltd. Class A (XSSC) | 189,300 | 206 |
| | Shanghai Yimin Commerce Group Co. Ltd. Class A (XSHG) | 457,500 | 206 |
| | Deluxe Family Co. Ltd. Class A | 437,436 | 206 |
| | Beijing Philisense Technology Co. Ltd. Class A (XSEC) | 335,133 | 204 |
| * | Taiyuan Heavy Industry Co. Ltd. Class A (XSHG) | 613,100 | 204 |
| | Keda Group Co. Ltd. Class A (XSSC) | 315,140 | 204 |
| | Ningbo David Medical Device Co. Ltd. Class A | 182,500 | 204 |
| | Guizhou Yibai Pharmaceutical Co. Ltd. Class A | 237,100 | 203 |
| | Beijing Jingyuntong Technology Co. Ltd. Class A (XSHG) | 450,160 | 203 |
| | Camel Group Co. Ltd. Class A (XSHG) | 146,600 | 203 |
| § | Shenzhen Prolto Supply Chain Management Co. Ltd. Class A | 193,329 | 203 |
| | Jinxi Axle Co. Ltd. Class A (XSHG) | 321,000 | 201 |
| | Rastar Group Class A | 431,500 | 200 |
| | Gansu Yasheng Industrial Group Co. Ltd. Class A (XSHG) | 519,200 | 199 |
| | Hubei Broadcasting & Television Information Network Co. Ltd. Class A (XSEC) | 205,897 | 199 |
| | Guangdong Guanhao High-Tech Co. Ltd. Class A | 423,300 | 199 |
| | Time Publishing and Media Co. Ltd. Class A (XSHG) | 187,800 | 198 |
| * | Jiangsu Phoenix Property Investment Co. Ltd. Class A (XSHG) | 409,000 | 198 |
| | Bright Real Estate Group Co. Ltd. Class A (XSHG) | 388,531 | 198 |
| | Shanghai Jahwa United Co. Ltd. Class A (XSSC) | 53,631 | 198 |
| | Orient International Enterprise Ltd. Class A | 151,830 | 196 |
| | Shanghai Shenda Co. Ltd. Class A | 280,493 | 195 |
| | Guangzhou Great Power Energy & Technology Co. Ltd. Class A | 87,300 | 195 |
| | Henan Thinker Automatic Equipment Co. Ltd. Class A (XSHG) | 41,500 | 195 |
| | Guangzhou Zhiguang Electric Co. Ltd. Class A | 377,400 | 194 |
| | Qinhuangdao Port Co. Ltd. Class A (XSSC) | 428,500 | 194 |
| | Sichuan Languang Development Co. Ltd. Class A (XSSC) | 283,172 | 194 |
| | Beijing Bashi Media Co. Ltd. Class A | 439,434 | 194 |
| | Jiangsu SINOJIT Wind Energy Technology Co. Ltd. Class A (XSHG) | 441,600 | 194 |
| | Huayi Electric Co. Ltd. Class A | 364,092 | 192 |
| | Southern Publishing & Media Co. Ltd. Class A | 180,249 | 192 |
| | Xiangxue Pharmaceutical Co. Ltd. Class A | 207,900 | 192 |
| | Wuxi Hodgen Technology Co. Ltd. Class A | 228,121 | 191 |
| | Shanghai Jiao Yun Co. Ltd. Class A (XSHG) | 293,500 | 191 |
| | Guangzhou Pearl River Industrial Development Co. Ltd. Class A (XSHG) | 342,120 | 191 |
44
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Fuan Pharmaceutical Group Co. Ltd. Class A | 390,000 | 190 |
| Zhuzhou Kibing Group Co. Ltd. Class A (XSHG) | 356,400 | 190 |
| * Founder Technology Group Corp. Class A (XSHG) | 533,300 | 189 |
| Shanghai Chinafortune Co. Ltd. Class A (XSHG) | 165,500 | 188 |
| Top Resource Conservation & Environment Corp. Class A | 364,100 | 188 |
| Zhuzhou Qianjin Pharmaceutical Co. Ltd. Class A (XSHG) | 153,960 | 186 |
| Jangho Group Co. Ltd. Class A (XSHG) | 193,400 | 186 |
| Wenfeng Great World Chain Development Corp. Class A (XSHG) | 460,200 | 186 |
| Anhui Yingliu Electromechanical Co. Ltd. Class A | 138,800 | 186 |
| Ningbo BaoSi Energy Equipment Co. Ltd. Class A | 207,974 | 186 |
| * Hubei Mailyard Share Co. Ltd. Class A | 259,600 | 185 |
| * Lander Sports Development Co. Ltd. Class A | 448,950 | 185 |
| Luolai Lifestyle Technology Co. Ltd. Class A (XSEC) | 145,095 | 185 |
| Triangle Tyre Co. Ltd. Class A | 113,100 | 184 |
| Yanzhou Coal Mining Co. Ltd. Class A (XSHG) | 123,865 | 183 |
| Nanjing Central Emporium Class A (XSHG) | 358,100 | 183 |
| * Jinlong Machinery & Electronics Co. Ltd. Class A | 393,985 | 183 |
| * Pang Da Automobile Trade Co. Ltd. Class A (XSSC) | 833,600 | 183 |
| Black Peony Group Co. Ltd. Class A (XSHG) | 225,400 | 182 |
| Beijing Sifang Automation Co. Ltd. Class A (XSHG) | 266,300 | 182 |
| People.cn Co. Ltd. Class A (XSHG) | 180,600 | 181 |
| Huaxin Cement Co. Ltd. Class A (XSHG) | 65,900 | 181 |
| Xinjiang Urban Construction Group Co. Ltd. Class A (XSSC) | 162,900 | 180 |
| Citychamp Dartong Co. Ltd. Class A (XSHG) | 343,700 | 180 |
| China Harzone Industry Corp. Ltd. Class A | 183,330 | 179 |
| BBMG Corp. Class A (XSHG) | 377,414 | 179 |
| China Television Media Ltd. Class A (XSSC) | 155,437 | 179 |
| * Gansu Mogao Industrial Development Co. Ltd. Class A | 174,820 | 179 |
| Lucky Film Co. Class A | 219,191 | 178 |
| Lecron Internet Media Industry Co. Ltd. Class A | 178,500 | 178 |
| Chongqing Machinery & Electric Co. Ltd. | 2,890,723 | 178 |
| * Chongqing Iron & Steel Co. Ltd. | 1,229,474 | 176 |
| China Western Power Industrial Co. Ltd. Class A | 399,680 | 175 |
| Jiangsu Linyang Energy Co. Ltd. Class A (XSHG) | 284,900 | 173 |
| Hangzhou Jiebai Group Co. Ltd. Class A (XSHG) | 243,100 | 172 |
| * Shanghai U9 Game Co. Ltd. Class A | 318,000 | 172 |
| China Sports Industry Group Co. Ltd. Class A (XSHG) | 156,000 | 172 |
| * Jinzi Ham Co. Ltd. Class A | 258,518 | 172 |
| Talkweb Information System Co. Ltd. Class A (XSEC) | 314,007 | 172 |
| Bestway Marine & Energy Technology Co. Ltd. Class A | 401,050 | 171 |
| * Huachangda Intelligent Equipment Group Co. Ltd. Class A | 178,356 | 171 |
| Shanghai East China Computer Co. Ltd. Class A (XSHG) | 72,280 | 169 |
| * Shenzhen Rapoo Technology Co. Ltd. Class A | 120,590 | 169 |
| Shanghai Belling Co. Ltd. Class A (XSHG) | 143,000 | 168 |
| * Shanghai Hongda Mining Co. Ltd. Class A | 250,782 | 167 |
| AECC Aero Science and Technology Co. Ltd. Class A | 103,600 | 167 |
| * Rongyu Group Co. Ltd. Class A | 395,857 | 167 |
| Shanghai Lansheng Corp. Class A (XSHG) | 110,800 | 167 |
| Wolong Electric Group Co. Ltd. Class A (XSHG) | 180,200 | 166 |
| Shanghai Dazhong Public Utilities Group Co. Ltd. Class A | 345,800 | 165 |
| KAISA JiaYun Technology Inc. Class A | 306,220 | 164 |
| Ningxia Younglight Chemicals Co. Ltd. Class A | 131,734 | 164 |
| Avic Heavy Machinery Co. Ltd. Class A | 147,200 | 164 |
| * Meidu Energy Corp. Class A (XSHG) | 496,400 | 163 |
| Hangzhou Electronic Soul Network Technology Co. Ltd. Class A | 82,109 | 163 |
| Jiangsu Changjiang Electronics Technology Co. Ltd. Class A | 109,750 | 162 |
| Qingdao Kingking Applied Chemistry Co. Ltd. Class A | 239,870 | 162 |
| Baofeng Group Co. Ltd. Class A | 120,363 | 162 |
| Sotech Smarter Equipment Co. Ltd. Class A | 243,501 | 161 |
| Guirenniao Co. Ltd. Class A | 191,699 | 161 |
| Wuxi Taiji Industry Co. Ltd. Class A (XSHG) | 204,420 | 160 |
| * Oriental Times Media Corp. Class A | 342,456 | 160 |
| * Ningbo Tuopu Group Co. Ltd. Class A (XSSC) | 75,737 | 160 |
| Shanghai Dazhong Public Utilities Group Co. Ltd. Class A (XSSC) | 333,600 | 159 |
45
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Jiangsu High Hope International Group Corp. Class A (XSSC) | 252,100 | 158 |
| Beijing Bohui Innovation Technology Co. Ltd. Class A | 279,637 | 158 |
| Gansu Gangtai Holding Group Co. Ltd. Class A (XSHG) | 226,680 | 157 |
| Guangzhou Automobile Group Co. Ltd. Class A (XSHG) | 100,920 | 157 |
| Shanghai Cooltech Power Co. Ltd. Class A | 157,500 | 156 |
| Wasu Media Holding Co. Ltd. Class A (XSHE) | 133,500 | 156 |
| Tianjin Benefo Tejing Electric Co. Ltd. Class A (XSHG) | 247,500 | 156 |
| Ningbo Yunsheng Group Co. Ltd. Class A (XSHG) | 232,740 | 156 |
| Jiangsu Changjiang Electronics Technology Co. Ltd. Class A (XSHG) | 105,300 | 155 |
| Huayi Electric Co. Ltd. Class A (XSSC) | 293,437 | 155 |
| * Triumph Science & Technology Co. Ltd. Class A | 309,550 | 155 |
| * Sichuan Western Resources Holding Co. Ltd. Class A | 315,200 | 154 |
| Zhuzhou Times New Material Technology Co. Ltd. Class A (XSHG) | 151,400 | 154 |
| Guizhou Yibai Pharmaceutical Co. Ltd. Class A (XSHG) | 178,600 | 153 |
| * Shenzhen Batian Ecotypic Engineering Co. Ltd. Class A (XSEC) | 395,100 | 153 |
| Beijing Teamsun Technology Co. Ltd. Class A (XSHG) | 180,320 | 153 |
| Inspur Software Co. Ltd. Class A (XSHG) | 64,900 | 152 |
| Shanghai Lonyer Fuels Co. Ltd. Class A | 153,300 | 151 |
| Gem-Year Industrial Co. Ltd. Class A (XSHG) | 196,000 | 151 |
| * Bode Energy Equipment Co. Ltd. Class A | 147,258 | 151 |
| Gree Real Estate Co. Ltd. Class A (XSHG) | 271,320 | 150 |
| Besttone Holdings Co. Ltd. Class A (XSHG) | 119,700 | 150 |
| Shanghai Qiangsheng Holding Co. Ltd. Class A | 250,900 | 150 |
| Xinjiang Guannong Fruit & Antler Group Co. Ltd. Class A (XSHG) | 203,200 | 149 |
| Chongyi Zhangyuan Tungsten Co. Ltd. Class A | 201,600 | 148 |
| Jiangxi Hongdu Aviation Industry Co. Ltd. Class A (XSHG) | 123,000 | 147 |
| * Lifan Industry Group Co. Ltd. Class A (XSHG) | 250,700 | 147 |
| Wolong Real Estate Group Co. Ltd. Class A (XSHG) | 220,900 | 146 |
| * Hainan Mining Co. Ltd. Class A | 239,100 | 146 |
| * Chang Jiang Shipping Group Phoenix Co. Ltd. Class A | 341,600 | 145 |
| Ningxia Building Materials Group Co. Ltd. Class A (XSHG) | 129,000 | 145 |
| * CSSC Offshore and Marine Engineering Group Co. Ltd. Class A (XSHG) | 107,500 | 144 |
| * Zhejiang Haiyue Co. Ltd. Class A (XSHG) | 112,600 | 144 |
| Zhejiang Semir Garment Co. Ltd. Class A (XSEC) | 125,100 | 144 |
| Huayuan Property Co. Ltd. Class A (XSHG) | 440,570 | 143 |
| Shanghai Feilo Acoustics Co. Ltd. Class A | 301,800 | 143 |
| * Jiangsu Yueda Investment Co. Ltd. Class A (XSHG) | 202,800 | 139 |
| YongXing Special Stainless Steel Co. Ltd. Class A | 75,068 | 139 |
| * Shaanxi Aerospace Power Hi-Tech Co. Ltd. Class A (XSHG) | 126,100 | 139 |
| Ningbo Joyson Electronic Corp. Class A (XSSC) | 42,100 | 138 |
| Shanghai New World Co. Ltd. Class A (XSHG) | 149,800 | 138 |
| Qingdao Haier Co. Ltd. Class A (XSHG) | 75,300 | 137 |
| Shanghai Shenda Co. Ltd. Class A (XSHG) | 195,100 | 136 |
| Sino-Platinum Metals Co. Ltd. Class A (XSHG) | 87,750 | 135 |
| Guangdong Silver Age Sci & Tech Co. Ltd. Class A | 165,995 | 134 |
| Guangdong Anjubao Digital Technology Co. Ltd. Class A | 220,636 | 134 |
| TangShan Port Group Co. Ltd. Class A (XSHG) | 391,248 | 133 |
| Shenzhen Heungkong Holding Co. Ltd. Class A (XSHG) | 454,350 | 133 |
| * Fujian Cement Inc. Class A (XSSC) | 119,800 | 133 |
| Luxin Venture Capital Group Co. Ltd. Class A (XSHG) | 97,300 | 132 |
| Sichuan Expressway Co. Ltd. Class A (XSHG) | 284,100 | 132 |
| * Tongda Hong Tai Holdings Ltd. | 717,611 | 132 |
| Anhui Yingliu Electromechanical Co. Ltd. Class A (XSHG) | 98,400 | 132 |
| * Huadian Energy Co. Ltd. Class A | 382,900 | 131 |
| Shanghai Feilo Acoustics Co. Ltd. Class A (XSSC) | 270,600 | 128 |
| Guangdong Ellington Electronics Technology Co. Ltd. Class A (XSHG) | 101,000 | 128 |
| Shanghai Mechanical and Electrical Industry Co. Ltd. Class A | 60,430 | 126 |
| Orient International Enterprise Ltd. Class A (XSHG) | 97,700 | 126 |
| Shantou Dongfeng Printing Co. Ltd. Class A (XSHG) | 129,000 | 125 |
| Anhui Wanwei Updated High-Tech Material Industry Co. Ltd. Class A (XSHG) | 357,950 | 125 |
| Nanjing Quanxin Cable Technology Co. Ltd. Class A | 91,630 | 124 |
| Baosheng Science and Technology Innovation Co. Ltd. Class A (XSHG) | 226,569 | 124 |
| Shandong Jinjing Science & Technology Co. Ltd. Class A (XSHG) | 275,100 | 122 |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A (XSHG) | 63,720 | 122 |
46
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Deluxe Family Co. Ltd. Class A (XSHG) | 257,500 | 121 |
| * | Shanghai Dingli Technology Development Group Co. Ltd. Class A (XSHG) | 228,600 | 121 |
| * | Shandong Oriental Ocean Sci-Tech Co. Ltd. Class A | 201,000 | 120 |
| | Avic Heavy Machinery Co. Ltd. Class A (XSSC) | 107,075 | 119 |
| * | Guangdong Sky Dragon Printing Ink Group Co. Ltd. Class A | 269,170 | 118 |
| | Shanghai Xinhua Media Co. Ltd. Class A (XSHG) | 226,400 | 118 |
| | Beijing Homyear Capital Holdings Co. Ltd. Class A (XSHG) | 269,440 | 117 |
| | China All Access Holdings Ltd. | 2,508,795 | 117 |
| *,§ | JiangSu Yabaite Technology Co. Ltd. Class A | 611,343 | 115 |
| | Lingyun Industrial Corp. Ltd. Class A (XSHG) | 98,200 | 114 |
| | COSCO SHIPPING Energy Transportation Co. Ltd. Class A | 153,200 | 114 |
| | Beijing Jingneng Power Co. Ltd. Class A (XSHG) | 252,800 | 113 |
| | Mianyang Fulin Precision Machining Co. Ltd. Class A | 120,000 | 112 |
| * | Oriental Times Media Corp. Class A (XSHE) | 234,500 | 109 |
| | Changzheng Engineering Co. Ltd. Class A (XSHG) | 53,100 | 109 |
| | Kailuan Energy Chemical Co. Ltd. Class A (XSSC) | 121,600 | 108 |
| | Shaanxi Broadcast & TV Network Intermediary Co. Ltd. Class A (XSHG) | 149,200 | 107 |
| | Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A (XSHG) | 98,300 | 107 |
| * | Shaanxi J&R Optimum Energy Co. Ltd. Class A (XSEC) | 464,186 | 107 |
| | EGing Photovoltaic Technology Co. Ltd. Class A (XSHG) | 271,800 | 106 |
| | Changshu Fengfan Power Equipment Co. Ltd. Class A (XSHG) | 263,500 | 105 |
| * | Henan Huanghe Whirlwind Co. Ltd. Class A (XSHG) | 230,400 | 105 |
| | Zhejiang Medicine Co. Ltd. Class A (XSSC) | 83,700 | 101 |
| | Henan Rebecca Hair Products Co. Ltd. Class A (XSHG) | 247,320 | 101 |
| | Shanghai Qiangsheng Holding Co. Ltd. Class A (XSSC) | 168,000 | 101 |
| * | Minmetals Development Co. Ltd. Class A (XSSC) | 104,800 | 100 |
| * | Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd. Class A (XSSC) | 348,000 | 100 |
| | Shanghai Zhixin Electric Co. Ltd. Class A (XSHG) | 209,544 | 100 |
| | Lucky Film Co. Class A (XSHG) | 120,000 | 97 |
| | Beijing North Star Co. Ltd. Class A (XSHG) | 247,700 | 97 |
| | Tianqi Lithium Corp. Class A (XSEC) | 22,910 | 96 |
| | Sichuan Chengfa Aero-Science & Technology Co. Ltd. Class A (XSHG) | 59,100 | 95 |
| | Shenzhen Gongjin Electronics Co. Ltd. Class A (XSSC) | 125,048 | 94 |
| | Dongfeng Electronic Technology Co. Ltd. Class A (XSHG) | 86,000 | 94 |
| * | Hainan Mining Co. Ltd. Class A (XSSC) | 153,262 | 93 |
| | ChangjiangRunfa Medicine Co. Ltd. Class A | 120,933 | 93 |
| | Shanghai Zi Jiang Enterprise Group Co. Ltd. Class A (XSHG) | 217,600 | 93 |
| | Keda Clean Energy Co. Ltd. Class A (XSSC) | 140,100 | 92 |
| | Tibet Urban Development and Investment Co. Ltd. Class A (XSHG) | 104,570 | 91 |
| | Anhui Xinke New Materials Co. Ltd. Class A (XSHG) | 348,200 | 90 |
| | SPIC Yuanda Environmental-Protection Co. Ltd. Class A | 123,400 | 90 |
| * | Datong Coal Industry Co. Ltd. Class A (XSSC) | 125,300 | 89 |
| | Beijing HualuBaina Film & TV Co. Ltd. Class A | 124,000 | 88 |
| | Beijing Bashi Media Co. Ltd. Class A (XSHG) | 200,236 | 88 |
| | Nanjing Panda Electronics Co. Ltd. Class A (XSHG) | 124,000 | 88 |
| * | YUD Yangtze River Investment Industry Co. Ltd. Class A (XSHG) | 89,650 | 87 |
| * | Hangzhou Sunyard System Engineering Co. Ltd. Class A (XSHG) | 91,600 | 87 |
| * | MIE Holdings Corp. | 4,018,884 | 84 |
| | China Wafer Level CSP Co. Ltd. Class A | 37,400 | 84 |
| * | Liuzhou Liangmianzhen Co. Ltd. Class A | 149,993 | 83 |
| | Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A (XSHG) | 93,600 | 83 |
| | Yang Quan Coal Industry Group Co. Ltd. Class A (XSSC) | 100,700 | 83 |
| | Lanzhou LS Heavy Equipment Co. Ltd. Class A (XSHG) | 129,885 | 82 |
| * | Aerosun Corp. Class A (XSHG) | 90,800 | 81 |
| * | COSCO SHIPPING Development Co. Ltd. Class A (XSHG) | 242,900 | 78 |
| | CECEP Wind-Power Corp. Class A (XSHG) | 225,800 | 77 |
| * | Triumph Science & Technology Co. Ltd. Class A (XSHG) | 153,600 | 77 |
| | ENN Ecological Holdings Co. Ltd. Class A (XSSC) | 47,823 | 76 |
| | Jiangsu Jiangnan High Polymer Fiber Co. Ltd. Class A (XSHG) | 251,850 | 75 |
| | Hongfa Technology Co. Ltd. Class A (XSSC) | 23,940 | 74 |
| | Shanghai Fudan Forward S & T Co. Ltd. Class A | 117,520 | 72 |
| | Beijing Kingee Culture Development Co. Ltd. Class A (XSEC) | 86,400 | 70 |
| * | China Dynamics Holdings Ltd. | 5,391,248 | 69 |
| * | Huatai Securities Co. Ltd. Class A (XSHG) | 28,800 | 69 |
47
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Guirenniao Co. Ltd. Class A (XSHG) | 81,674 | 69 |
| * | Sunny Loan Top Co. Ltd. Class A (XSHG) | 94,700 | 69 |
| | Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd. Class A (XSSC) | 74,500 | 67 |
| | China Wafer Level CSP Co. Ltd. Class A (XSSC) | 29,828 | 67 |
| * | Zhejiang Feida Environmental Science & Technology Co. Ltd. Class A (XSHG) | 101,500 | 66 |
| | Duzhe Publishing & Media Co. Ltd. Class A | 93,800 | 65 |
| § | Chengdu B-Ray Media Co. Ltd. Class A (XSHG) | 115,100 | 63 |
| | Maoye International Holdings Ltd. | 825,290 | 59 |
| | HPGC Renmintongtai Pharmaceutical Corp. Class A (XSSC) | 69,000 | 58 |
| | Inzone Group Co. Ltd. Class A (XSSC) | 78,132 | 56 |
| * | Chongqing Iron & Steel Co. Ltd. Class A (XSSC) | 206,200 | 55 |
| | Sichuan EM Technology Co. Ltd. Class A (XSSC) | 97,800 | 52 |
| | CPI Yuanda Environmental-Protection Group Co. Ltd. Class A (XSSC) | 68,861 | 50 |
| * | EverChina International Holdings Co. Ltd. | 2,148,420 | 49 |
| | Anhui Kouzi Distillery Co. Ltd. Class A (XSHG) | 10,400 | 48 |
| | China International Marine Containers Group Co. Ltd. Class A | 30,200 | 47 |
| | COSCO SHIPPING Energy Transportation Co. Ltd. Class A (XSSC) | 53,000 | 39 |
| * | China Soft Power Technology Holdings Ltd. | 5,957,355 | 37 |
| | Jiangsu Wuzhong Industrial Co. Class A (XSHG) | 45,400 | 36 |
| * | COSCO Shipping International Singapore Co. Ltd. | 141,815 | 36 |
| *,§ | Real Nutriceutical Group Ltd. | 1,315,000 | 34 |
| | COSCO Shipping Co. Ltd. Class A (XSSC) | 67,400 | 33 |
| * | Zhonglu Co. Ltd. Class A (XSHG) | 19,300 | 26 |
| * | Shandong Hongda Mining Co. Ltd. Class A (XSSC) | 27,800 | 19 |
| | China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A (XSEC) | 6,000 | 16 |
| *,2 | CSC Financial Co. Ltd. | 23,500 | 13 |
| * | Fullsun International Holdings Group Co. Ltd. | 95,133 | 11 |
| | China Hi-Tech Group Co. Class A (XSSC) | 16,500 | 10 |
| | Shanghai Fudan Forward S & T Co. Ltd. Class A (XSSC) | 10,910 | 7 |
| | Ping An Bank Co. Ltd. Class A (XSEC) | 4,000 | 6 |
| * | Jiangsu Fasten Co. Ltd. Class A | 900 | 1 |
| ^,*,§ | China Huishan Dairy Holdings Co. Ltd. | 70,679,103 | — |
| * | COSCO SHIPPING Holdings Co. Ltd. Class A | 90 | — |
| *,§ | Zhongzhu Holding Ordinary Shares | 5,306,018 | — |
| ^,*,§ | Midas Holdings Ltd. | 202,000 | — |
| | | | 24,724,267 |
| Colombia (0.4%) | | |
| | Bancolombia SA ADR | 1,918,358 | 70,864 |
| | Ecopetrol SA | 39,691,902 | 46,109 |
| ^ | Ecopetrol SA ADR | 1,692,639 | 39,371 |
| | Grupo de Inversiones Suramericana SA | 3,507,120 | 34,205 |
| | Interconexion Electrica SA ESP | 6,546,989 | 24,321 |
| | Bancolombia SA | 2,027,975 | 19,074 |
| | Grupo Aval Acciones y Valores Preference Shares | 48,574,428 | 17,049 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 1,716,405 | 15,674 |
| | Bancolombia SA Preference Shares | 1,634,187 | 15,278 |
| | Almacenes Exito SA | 3,462,765 | 14,950 |
| | Banco Davivienda SA Preference Shares | 1,175,099 | 11,315 |
| | Grupo Aval Acciones y Valores SA ADR | 1,221,850 | 8,590 |
| * | CEMEX Latam Holdings SA | 2,714,977 | 4,216 |
| | Corp Financiera Colombiana SA | 647,813 | 3,964 |
| | Avianca Holdings SA Preference Shares | 4,547,759 | 2,790 |
| | | | 327,770 |
| Czech Republic (0.2%) | | |
| | CEZ AS | 2,596,925 | 61,790 |
| | Komercni banka as | 1,314,852 | 49,897 |
| 2 | Moneta Money Bank AS | 9,201,641 | 30,510 |
| | O2 Czech Republic AS | 478,950 | 5,035 |
| | Philip Morris CR AS | 6,707 | 4,215 |
| | | | 151,447 |
| Egypt (0.2%) | | |
| | Commercial International Bank Egypt SAE | 16,801,027 | 75,286 |
| | Eastern Tobacco | 11,998,473 | 10,769 |
48
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | ElSewedy Electric Co. | 12,343,490 | 10,452 |
| * | Egyptian Financial Group-Hermes Holding Co. | 11,899,063 | 9,423 |
| | Talaat Moustafa Group | 17,399,151 | 8,997 |
| * | Global Telecom Holding SAE | 35,803,436 | 5,554 |
| | Orascom Construction Ltd. | 742,891 | 4,825 |
| * | Medinet Nasr Housing | 9,755,248 | 3,854 |
| * | Ezz Steel Co. SAE | 3,558,889 | 3,698 |
| | Telecom Egypt Co. | 5,842,749 | 3,441 |
| * | Palm Hills Developments SAE | 22,405,024 | 2,942 |
| * | Six of October Development & Investment | 3,326,445 | 2,783 |
| | Sidi Kerir Petrochemicals Co. | 2,204,960 | 2,719 |
| * | Pioneers Holding for Financial Investments SAE | 6,609,654 | 2,498 |
| | Heliopolis Housing | 2,338,420 | 2,343 |
| | Abou Kir Fertilizers & Chemical Industries | 1,439,450 | 2,169 |
| | Egypt Kuwait Holding Co. SAE | 1,722,309 | 1,912 |
| | Juhayna Food Industries | 2,813,413 | 1,507 |
| | Oriental Weavers | 2,557,341 | 1,307 |
| * | Orascom Investment Holding | 40,632,279 | 1,263 |
| | Alexandria Mineral Oils Co. | 2,073,279 | 809 |
| * | Palm Hills Developments SAE Rights Exp. 11/15/2018 | 7,468,341 | 115 |
| | | | 158,666 |
| Greece (0.4%) | | |
| | Hellenic Telecommunications Organization SA | 3,783,719 | 42,168 |
| | OPAP SA | 3,448,255 | 32,397 |
| * | Alpha Bank AE | 21,323,510 | 32,180 |
| | JUMBO SA | 1,700,240 | 24,756 |
| | Motor Oil Hellas Corinth Refineries SA | 915,505 | 21,687 |
| * | Eurobank Ergasias SA | 28,539,433 | 19,239 |
| | Mytilineos Holdings SA | 1,742,693 | 15,392 |
| | National Bank of Greece SA | 8,515,287 | 14,738 |
| | Titan Cement Co. SA | 652,751 | 14,394 |
| | Hellenic Petroleum SA | 952,171 | 7,548 |
| | Grivalia Properties REIC AE | 796,108 | 6,841 |
| * | Piraeus Bank SA | 4,456,136 | 6,544 |
| * | GEK Terna Holding Real Estate Construction SA | 1,138,976 | 6,021 |
| | Hellenic Exchanges SA | 1,107,708 | 4,882 |
| | Aegean Airlines SA | 577,107 | 4,368 |
| * | Ellaktor SA | 2,235,956 | 3,225 |
| | Holding Co. ADMIE IPTO SA | 1,746,529 | 3,193 |
| | Fourlis Holdings SA | 632,941 | 3,108 |
| *,§ | FF Group | 496,942 | 2,702 |
| * | Public Power Corp. SA | 1,691,203 | 2,532 |
| | Sarantis SA | 5,838 | 46 |
| | | | 267,961 |
| Hungary (0.3%) | | |
| | OTP Bank Nyrt | 3,557,831 | 127,817 |
| | MOL Hungarian Oil & Gas plc | 6,452,357 | 67,655 |
| | Richter Gedeon Nyrt | 2,129,013 | 39,547 |
| | Magyar Telekom Telecommunications plc | 5,615,839 | 7,658 |
| * | Opus Global Nyrt | 1,116,250 | 1,883 |
| | | | 244,560 |
| India (10.9%) | | |
| | Reliance Industries Ltd. | 47,683,895 | 684,563 |
| | Housing Development Finance Corp. Ltd. | 25,620,336 | 612,929 |
| | Infosys Ltd. | 57,974,054 | 535,742 |
| | Tata Consultancy Services Ltd. | 14,080,891 | 369,137 |
| | Hindustan Unilever Ltd. | 10,946,016 | 240,314 |
| * | Axis Bank Ltd. | 27,701,040 | 218,077 |
| | ITC Ltd. | 45,435,555 | 172,180 |
| | Maruti Suzuki India Ltd. | 1,877,511 | 167,998 |
| | Sun Pharmaceutical Industries Ltd. | 16,840,868 | 132,211 |
| | HCL Technologies Ltd. | 8,155,414 | 116,590 |
| | Oil & Natural Gas Corp. Ltd. | 48,300,449 | 100,052 |
49
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Mahindra & Mahindra Ltd. | 9,613,187 | 99,662 |
| Larsen & Toubro Ltd. | 5,330,376 | 93,672 |
| Bajaj Finance Ltd. | 2,712,675 | 87,283 |
| JSW Steel Ltd. | 18,471,084 | 84,803 |
| Bharti Airtel Ltd. | 19,881,347 | 78,691 |
| Asian Paints Ltd. | 4,673,299 | 77,783 |
| Vedanta Ltd. | 26,070,741 | 74,593 |
| Tech Mahindra Ltd. | 7,393,070 | 74,465 |
| Coal India Ltd. | 19,855,560 | 71,561 |
| UltraTech Cement Ltd. | 1,463,612 | 69,257 |
| Yes Bank Ltd. | 26,792,022 | 68,138 |
| NTPC Ltd. | 31,207,247 | 67,379 |
| * State Bank of India | 17,661,960 | 67,215 |
| Indian Oil Corp. Ltd. | 33,976,076 | 63,748 |
| Eicher Motors Ltd. | 208,993 | 61,900 |
| Indiabulls Housing Finance Ltd. | 5,240,164 | 59,104 |
| Hero MotoCorp Ltd. | 1,559,411 | 58,219 |
| Bharat Petroleum Corp. Ltd. | 15,548,402 | 57,985 |
| Godrej Consumer Products Ltd. | 5,884,132 | 57,803 |
| Titan Co. Ltd. | 5,019,209 | 57,425 |
| Grasim Industries Ltd. | 4,890,154 | 55,174 |
| Zee Entertainment Enterprises Ltd. | 8,700,832 | 53,111 |
| Nestle India Ltd. | 376,509 | 51,635 |
| UPL Ltd. | 5,629,568 | 51,352 |
| Bharti Infratel Ltd. | 13,645,540 | 49,628 |
| Adani Ports & Special Economic Zone Ltd. | 11,485,880 | 49,555 |
| Wipro Ltd. | 11,014,157 | 49,307 |
| Bajaj Finserv Ltd. | 627,690 | 45,837 |
| Bajaj Auto Ltd. | 1,278,796 | 44,844 |
| GAIL India Ltd. | 8,842,189 | 44,799 |
| Cipla Ltd. | 5,187,745 | 44,225 |
| Aurobindo Pharma Ltd. | 4,124,368 | 44,200 |
| Dabur India Ltd. | 8,488,241 | 44,171 |
| Lupin Ltd. | 3,528,076 | 42,284 |
| Shriram Transport Finance Co. Ltd. | 2,659,225 | 42,004 |
| Hindalco Industries Ltd. | 13,894,800 | 41,428 |
| Piramal Enterprises Ltd. | 1,343,326 | 39,495 |
| Britannia Industries Ltd. | 514,223 | 39,202 |
| * Tata Motors Ltd. | 15,667,175 | 37,962 |
| United Spirits Ltd. | 4,865,674 | 37,939 |
| Tata Steel Ltd. | 4,620,745 | 34,649 |
| Havells India Ltd. | 3,899,789 | 34,142 |
| Ambuja Cements Ltd. | 12,678,644 | 33,840 |
| Power Grid Corp. of India Ltd. | 13,003,016 | 32,685 |
| Marico Ltd. | 7,441,358 | 32,345 |
| Page Industries Ltd. | 77,928 | 31,065 |
| Bosch Ltd. | 115,588 | 30,857 |
| Wipro Ltd. ADR | 5,923,307 | 30,623 |
| * State Bank of India GDR | 805,673 | 30,415 |
| Hindustan Petroleum Corp. Ltd. | 9,573,153 | 29,132 |
| Ashok Leyland Ltd. | 18,365,181 | 28,480 |
| Mahindra & Mahindra Financial Services Ltd. | 5,018,295 | 27,733 |
| Divi's Laboratories Ltd. | 1,356,028 | 27,259 |
| Shree Cement Ltd. | 143,897 | 27,157 |
| Pidilite Industries Ltd. | 2,079,350 | 26,967 |
| Bharat Forge Ltd. | 3,233,107 | 25,577 |
| Mindtree Ltd. | 2,187,349 | 25,206 |
| LIC Housing Finance Ltd. | 4,489,204 | 24,944 |
| Federal Bank Ltd. | 20,515,377 | 22,972 |
| Dr Reddy's Laboratories Ltd. | 657,542 | 22,588 |
| Motherson Sumi Systems Ltd. | 10,203,431 | 22,536 |
| Dr Reddy's Laboratories Ltd. ADR | 639,213 | 21,752 |
| Biocon Ltd. | 2,351,151 | 20,962 |
| Info Edge India Ltd. | 979,441 | 20,922 |
50
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Apollo Hospitals Enterprise Ltd. | 1,326,322 | 20,491 |
| 2 | HDFC Standard Life Insurance Co. Ltd. | 4,059,702 | 20,459 |
| * | Bharat Financial Inclusion Ltd. | 1,681,090 | 19,975 |
| | Crompton Greaves Consumer Electricals Ltd. | 6,904,317 | 19,935 |
| | Glenmark Pharmaceuticals Ltd. | 2,346,772 | 19,712 |
| 2 | ICICI Prudential Life Insurance Co. Ltd. | 4,335,763 | 19,498 |
| | Siemens Ltd. | 1,539,625 | 19,409 |
| | Oracle Financial Services Software Ltd. | 394,824 | 19,369 |
| | NMDC Ltd. | 13,047,969 | 19,276 |
| | Cadila Healthcare Ltd. | 3,921,781 | 19,109 |
| * | Future Retail Ltd. | 2,864,534 | 18,977 |
| | Bajaj Holdings & Investment Ltd. | 496,746 | 18,917 |
| | Rajesh Exports Ltd. | 2,433,629 | 18,740 |
| | United Breweries Ltd. | 1,128,302 | 18,625 |
| | Tata Power Co. Ltd. | 17,551,371 | 18,165 |
| | Mphasis Ltd. | 1,323,636 | 17,695 |
| | Container Corp. Of India Ltd. | 2,009,685 | 17,239 |
| | Jubilant Foodworks Ltd. | 1,170,116 | 17,177 |
| | REC Ltd. | 10,901,004 | 17,161 |
| | Colgate-Palmolive India Ltd. | 1,130,739 | 17,098 |
| *,2 | Avenue Supermarts Ltd. | 918,735 | 16,633 |
| | ABB India Ltd. | 955,773 | 16,531 |
| | DLF Ltd. | 7,351,982 | 16,381 |
| | GlaxoSmithKline Consumer Healthcare Ltd. | 172,584 | 16,326 |
| | Alkem Laboratories Ltd. | 616,387 | 15,942 |
| 2 | InterGlobe Aviation Ltd. | 1,326,430 | 15,928 |
| | Torrent Pharmaceuticals Ltd. | 688,867 | 15,558 |
| | Exide Industries Ltd. | 4,225,662 | 15,207 |
| | Hindustan Zinc Ltd. | 4,274,091 | 15,176 |
| * | Vodafone Idea Ltd. | 28,921,946 | 15,102 |
| | ACC Ltd. | 799,444 | 14,872 |
| * | Jindal Steel & Power Ltd. | 6,177,946 | 14,324 |
| | IIFL Holdings Ltd. | 2,289,252 | 14,259 |
| | Berger Paints India Ltd. | 3,767,083 | 14,258 |
| * | Steel Authority of India Ltd. | 16,267,716 | 14,202 |
| | MRF Ltd. | 16,185 | 14,123 |
| | Natco Pharma Ltd. | 1,364,669 | 13,922 |
| | HEG Ltd. | 237,237 | 13,796 |
| | Bharat Heavy Electricals Ltd. | 14,383,034 | 13,392 |
| | TVS Motor Co. Ltd. | 1,817,798 | 13,387 |
| | Power Finance Corp. Ltd. | 10,283,768 | 13,283 |
| | Petronet LNG Ltd. | 4,243,658 | 12,944 |
| | Indian Hotels Co. Ltd. | 7,406,308 | 12,913 |
| | Sun TV Network Ltd. | 1,448,678 | 12,741 |
| | Bharat Electronics Ltd. | 9,930,007 | 12,493 |
| | Indiabulls Ventures Ltd. | 2,147,184 | 12,436 |
| | CESC Ltd. | 1,029,140 | 12,367 |
| | Edelweiss Financial Services Ltd. | 5,631,218 | 12,364 |
| | Cummins India Ltd. | 1,195,319 | 12,080 |
| | AIA Engineering Ltd. | 519,945 | 12,054 |
| | NHPC Ltd. | 36,569,479 | 12,049 |
| | L&T Finance Holdings Ltd. | 6,866,587 | 11,868 |
| * | Bank of Baroda | 7,883,601 | 11,804 |
| 2 | ICICI Lombard General Insurance Co. Ltd. | 1,076,325 | 11,730 |
| * | Motherson Sumi Systems Ltd. Temporary Line | 5,101,715 | 11,263 |
| | Balkrishna Industries Ltd. | 753,379 | 11,158 |
| * | Max Financial Services Ltd. | 2,152,727 | 10,985 |
| | Voltas Ltd. | 1,492,573 | 10,928 |
| | Apollo Tyres Ltd. | 3,623,590 | 10,707 |
| | IDFC Bank Ltd. | 22,771,317 | 10,662 |
| | Jubilant Life Sciences Ltd. | 1,165,540 | 10,474 |
| | Emami Ltd. | 1,932,770 | 10,345 |
| | Reliance Infrastructure Ltd. | 2,090,330 | 10,143 |
| | Oil India Ltd. | 3,796,349 | 10,138 |
51
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cholamandalam Investment and Finance Co. Ltd. | 586,679 | 10,077 |
| | GRUH Finance Ltd. | 2,529,968 | 9,891 |
| * | Dalmia Bharat Ltd. | 344,522 | 9,795 |
| | Tata Communications Ltd. | 1,456,619 | 9,688 |
| | Dewan Housing Finance Corp. Ltd. | 3,179,283 | 9,669 |
| 2 | Larsen & Toubro Infotech Ltd. | 400,209 | 9,574 |
| | Adani Enterprises Ltd. | 4,147,554 | 9,531 |
| * | Adani Power Ltd. | 15,225,846 | 9,472 |
| | Muthoot Finance Ltd. | 1,700,656 | 9,412 |
| | GlaxoSmithKline Pharmaceuticals Ltd. | 488,876 | 9,383 |
| | Castrol India Ltd. | 4,550,277 | 9,162 |
| | Gillette India Ltd. | 101,645 | 8,981 |
| | KPIT Technologies Ltd. | 2,957,559 | 8,866 |
| * | Adani Transmission Ltd. | 3,930,943 | 8,852 |
| * | Fortis Healthcare Ltd. | 4,655,990 | 8,842 |
| | Graphite India Ltd. | 682,179 | 8,783 |
| *,2 | Bandhan Bank Ltd. | 1,655,485 | 8,733 |
| | Whirlpool of India Ltd. | 458,582 | 8,658 |
| | Tata Global Beverages Ltd. | 2,897,665 | 8,534 |
| * | GMR Infrastructure Ltd. | 36,129,054 | 8,262 |
| | Arvind Ltd. | 1,735,145 | 8,057 |
| | PI Industries Ltd. | 750,153 | 7,880 |
| | Godrej Industries Ltd. | 1,202,308 | 7,601 |
| *,2 | SBI Life Insurance Co. Ltd. | 1,001,080 | 7,584 |
| | Manappuram Finance Ltd. | 6,986,725 | 7,556 |
| * | Canara Bank | 2,057,326 | 7,288 |
| | Torrent Power Ltd. | 2,056,226 | 7,173 |
| | Kansai Nerolac Paints Ltd. | 1,367,357 | 7,029 |
| * | Punjab National Bank | 7,034,347 | 7,008 |
| | Reliance Capital Ltd. | 2,124,317 | 6,967 |
| * | Tata Motors Ltd. Class A | 5,209,593 | 6,878 |
| | Hexaware Technologies Ltd. | 1,513,760 | 6,873 |
| | Ramco Cements Ltd. | 844,832 | 6,863 |
| | National Aluminium Co. Ltd. | 7,343,529 | 6,781 |
| | Oberoi Realty Ltd. | 1,180,901 | 6,765 |
| | PVR Ltd. | 365,281 | 6,739 |
| * | JSW Energy Ltd. | 7,616,473 | 6,698 |
| | KRBL Ltd. | 1,435,621 | 6,697 |
| | Supreme Industries Ltd. | 484,215 | 6,457 |
| | Sterlite Technologies Ltd. | 1,246,657 | 6,439 |
| | NCC Ltd. | 6,121,586 | 6,220 |
| | City Union Bank Ltd. | 2,689,269 | 6,191 |
| * | IDBI Bank Ltd. | 7,635,989 | 6,111 |
| | Bayer CropScience Ltd. | 114,914 | 6,069 |
| | Indraprastha Gas Ltd. | 1,667,914 | 6,032 |
| * | Aditya Birla Fashion and Retail Ltd. | 2,461,706 | 6,006 |
| | Pfizer Ltd. | 151,854 | 5,996 |
| | Sundaram Finance Ltd. | 290,915 | 5,886 |
| | Coromandel International Ltd. | 1,026,805 | 5,851 |
| | Amara Raja Batteries Ltd. | 574,271 | 5,797 |
| | Persistent Systems Ltd. | 746,129 | 5,714 |
| | Ipca Laboratories Ltd. | 617,562 | 5,712 |
| | Sanofi India Ltd. | 72,073 | 5,658 |
| | Kajaria Ceramics Ltd. | 1,038,861 | 5,540 |
| | Radico Khaitan Ltd. | 1,033,524 | 5,499 |
| *,2 | PNB Housing Finance Ltd. | 506,136 | 5,479 |
| | Welspun India Ltd. | 6,783,833 | 5,409 |
| | Karur Vysya Bank Ltd. | 4,954,000 | 5,346 |
| * | Just Dial Ltd. | 758,261 | 5,163 |
| | Care Ratings Ltd. | 348,778 | 5,072 |
| | NBCC India Ltd. | 6,692,882 | 5,009 |
| | Indian Bank | 1,439,781 | 4,921 |
| | Thermax Ltd. | 361,792 | 4,896 |
| * | Mahindra CIE Automotive Ltd. | 1,346,918 | 4,832 |
52
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Ajanta Pharma Ltd. | 333,758 | 4,777 |
| 2 | AU Small Finance Bank Ltd. | 636,226 | 4,776 |
| | Gujarat Fluorochemicals Ltd. | 396,332 | 4,745 |
| * | Bank of India | 3,985,341 | 4,640 |
| | Mangalore Refinery & Petrochemicals Ltd. | 4,165,114 | 4,614 |
| | Alembic Pharmaceuticals Ltd. | 564,744 | 4,565 |
| | WABCO India Ltd. | 53,172 | 4,534 |
| 2 | Syngene International Ltd. | 576,503 | 4,506 |
| *,2 | Eris Lifesciences Ltd. | 486,444 | 4,475 |
| | Gujarat State Petronet Ltd. | 1,830,223 | 4,427 |
| *,2 | Quess Corp. Ltd. | 446,948 | 4,389 |
| | Prestige Estates Projects Ltd. | 1,660,248 | 4,374 |
| | Varun Beverages Ltd. | 393,831 | 4,347 |
| * | Sun Pharma Advanced Research Co. Ltd. | 1,078,982 | 4,330 |
| * | Reliance Power Ltd. | 10,547,220 | 4,316 |
| | Gujarat Pipavav Port Ltd. | 3,188,336 | 4,314 |
| | SRF Ltd. | 165,074 | 4,313 |
| | Ceat Ltd. | 276,784 | 4,293 |
| | Escorts Ltd. | 503,395 | 4,273 |
| | Century Textiles & Industries Ltd. | 380,011 | 4,236 |
| | Phoenix Mills Ltd. | 552,159 | 4,149 |
| | Cox & Kings Ltd. | 1,502,091 | 4,139 |
| * | Indiabulls Real Estate Ltd. | 4,059,221 | 4,125 |
| | Jain Irrigation Systems Ltd. | 4,247,185 | 4,091 |
| | Strides Pharma Science Ltd. | 705,994 | 4,059 |
| | eClerx Services Ltd. | 281,630 | 4,055 |
| *,§ | Adani Gas Ltd. | 4,603,071 | 3,794 |
| | Great Eastern Shipping Co. Ltd. | 878,930 | 3,721 |
| * | Wockhardt Ltd. | 536,763 | 3,596 |
| | TI Financial Holdings Ltd. | 539,711 | 3,561 |
| | Blue Dart Express Ltd. | 91,616 | 3,477 |
| * | Godrej Properties Ltd. | 429,227 | 3,477 |
| | Engineers India Ltd. | 2,164,778 | 3,390 |
| | IRB Infrastructure Developers Ltd. | 1,783,662 | 3,370 |
| | Sobha Ltd. | 553,058 | 3,342 |
| * | Suzlon Energy Ltd. | 39,267,277 | 3,328 |
| | Redington India Ltd. | 2,943,282 | 3,303 |
| | Chambal Fertilizers and Chemicals Ltd. | 1,697,887 | 3,302 |
| * | Balrampur Chini Mills Ltd. | 2,244,300 | 3,252 |
| | Bombay Burmah Trading Co. | 184,179 | 3,227 |
| 2 | Dr Lal PathLabs Ltd. | 266,448 | 3,175 |
| | Welspun Corp. Ltd. | 1,668,231 | 3,064 |
| | Sadbhav Engineering Ltd. | 1,078,381 | 3,008 |
| | Rain Industries Ltd. | 1,188,032 | 2,973 |
| * | Reliance Communications Ltd. | 17,214,298 | 2,881 |
| | Jindal Saw Ltd. | 2,501,190 | 2,881 |
| * | CG Power and Industrial Solutions Ltd. | 5,982,158 | 2,874 |
| | Vakrangee Ltd. | 8,076,049 | 2,832 |
| | Capital First Ltd. | 447,303 | 2,822 |
| | Bajaj Corp. Ltd. | 578,387 | 2,783 |
| | Gujarat Gas Ltd. | 325,971 | 2,767 |
| | PTC India Ltd. | 2,630,256 | 2,729 |
| * | Kaveri Seed Co. Ltd. | 402,801 | 2,711 |
| | GE T&D India Ltd. | 854,541 | 2,667 |
| | Karnataka Bank Ltd. | 1,855,436 | 2,602 |
| | Motilal Oswal Financial Services Ltd. | 305,886 | 2,578 |
| | JM Financial Ltd. | 2,512,311 | 2,573 |
| | Repco Home Finance Ltd. | 504,928 | 2,526 |
| 2 | Dilip Buildcon Ltd. | 438,834 | 2,514 |
| | Symphony Ltd. | 203,270 | 2,479 |
| * | Union Bank of India | 2,362,060 | 2,451 |
| * | TV18 Broadcast Ltd. | 4,769,144 | 2,412 |
| | India Cements Ltd. | 1,889,968 | 2,295 |
| 2 | Endurance Technologies Ltd. | 140,378 | 2,294 |
53
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | IDFC Ltd. | 4,559,544 | 2,268 |
| | Minda Industries Ltd. | 491,166 | 2,061 |
| * | IFCI Ltd. | 10,892,947 | 2,043 |
| | Avanti Feeds Ltd. | 378,915 | 2,042 |
| | Multi Commodity Exchange of India Ltd. | 206,525 | 1,964 |
| | Raymond Ltd. | 186,308 | 1,895 |
| | South Indian Bank Ltd. | 9,144,582 | 1,814 |
| | PC Jeweller Ltd. | 2,219,491 | 1,756 |
| * | Equitas Holdings Ltd. | 1,189,264 | 1,733 |
| | Vijaya Bank | 2,789,455 | 1,659 |
| * | Jaiprakash Associates Ltd. | 18,964,999 | 1,649 |
| | Srei Infrastructure Finance Ltd. | 3,494,023 | 1,563 |
| * | Indian Overseas Bank | 7,504,203 | 1,524 |
| * | Syndicate Bank | 3,117,293 | 1,469 |
| * | RattanIndia Power Ltd. | 33,153,204 | 1,391 |
| * | Oriental Bank of Commerce | 1,250,565 | 1,360 |
| * | Housing Development & Infrastructure Ltd. | 4,877,229 | 1,330 |
| | Reliance Home Finance Ltd. | 2,388,370 | 1,324 |
| * | Allahabad Bank | 2,197,982 | 1,314 |
| | Gateway Distriparks Ltd. | 712,092 | 1,285 |
| * | Jammu & Kashmir Bank Ltd. | 2,201,271 | 1,258 |
| * | Hindustan Construction Co. Ltd. | 7,450,944 | 1,243 |
| | VA Tech Wabag Ltd. | 344,406 | 1,169 |
| * | Corp Bank | 3,209,758 | 1,164 |
| * | Dish TV India Ltd. | 1,909,252 | 1,124 |
| | Gujarat Mineral Development Corp. Ltd. | 906,524 | 1,058 |
| * | Bajaj Hindusthan Sugar Ltd. | 7,636,205 | 1,049 |
| * | DEN Networks Ltd. | 1,135,308 | 1,048 |
| * | Unitech Ltd. | 34,945,519 | 1,016 |
| * | UCO Bank | 3,911,966 | 1,012 |
| | Sintex Industries Ltd. | 6,043,284 | 987 |
| * | Sintex Plastics Technology Ltd. | 2,664,543 | 938 |
| * | Shipping Corp. of India Ltd. | 1,518,067 | 905 |
| | GE Power India Ltd. | 77,455 | 871 |
| * | Jet Airways India Ltd. | 277,508 | 831 |
| | Infosys Ltd. ADR | 87,492 | 829 |
| * | Central Bank of India | 1,889,837 | 816 |
| * | Shree Renuka Sugars Ltd. | 4,584,552 | 799 |
| 2 | Laurus Labs Ltd. | 169,197 | 780 |
| | Mahanagar Gas Ltd. | 62,687 | 710 |
| | Sundram Fasteners Ltd. | 96,506 | 695 |
| * | Andhra Bank | 1,615,424 | 640 |
| * | Adani Green Energy Ltd. | 1,157,471 | 614 |
| | Marksans Pharma Ltd. | 1,435,980 | 563 |
| * | Cox & Kings Financial Services | 500,697 | 441 |
| | Thomas Cook India Ltd. | 122,878 | 347 |
| * | Solara Active Pharma Sciences Ltd. | 73,998 | 329 |
| * | Rolta India Ltd. | 1,605,499 | 322 |
| | McLeod Russel India Ltd. | 126,557 | 231 |
| 2 | Reliance Industries Ltd. GDR | 2,576 | 74 |
| | Sundaram Finance Holdings Ltd. | 49,241 | 67 |
| *,§ | Amtek Auto Ltd. | 525,565 | 33 |
| * | JITF Infralogistics Ltd. | 93,891 | 22 |
| | | | 8,053,943 |
| Indonesia (2.2%) | | |
| | Bank Central Asia Tbk PT | 147,953,680 | 230,373 |
| | Telekomunikasi Indonesia Persero Tbk PT | 723,368,212 | 183,247 |
| | Bank Rakyat Indonesia Persero Tbk PT | 812,659,418 | 168,666 |
| | Astra International Tbk PT | 308,082,801 | 160,254 |
| | Bank Mandiri Persero Tbk PT | 284,644,015 | 127,897 |
| | Bank Negara Indonesia Persero Tbk PT | 114,821,286 | 55,441 |
| | United Tractors Tbk PT | 23,635,927 | 52,184 |
| | Unilever Indonesia Tbk PT | 17,138,591 | 48,818 |
| | Charoen Pokphand Indonesia Tbk PT | 113,805,153 | 41,222 |
54
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Gudang Garam Tbk PT | 7,300,130 | 34,800 |
| Hanjaya Mandala Sampoerna Tbk PT | 134,691,374 | 33,150 |
| Indah Kiat Pulp & Paper Corp. Tbk PT | 39,437,368 | 33,051 |
| Indofood Sukses Makmur Tbk PT | 71,046,008 | 27,952 |
| Semen Indonesia Persero Tbk PT | 44,566,610 | 26,424 |
| Kalbe Farma Tbk PT | 288,165,384 | 25,991 |
| Bank Danamon Indonesia Tbk PT | 49,345,931 | 24,119 |
| Perusahaan Gas Negara Persero Tbk PT | 159,951,179 | 23,425 |
| Indocement Tunggal Prakarsa Tbk PT | 20,364,161 | 23,236 |
| Indofood CBP Sukses Makmur Tbk PT | 36,967,247 | 21,720 |
| Adaro Energy Tbk PT | 198,301,779 | 21,549 |
| Bukit Asam Tbk PT | 66,971,244 | 18,809 |
| * Pabrik Kertas Tjiwi Kimia Tbk PT | 18,375,500 | 12,492 |
| Ciputra Development Tbk PT | 223,740,050 | 12,100 |
| Matahari Department Store Tbk PT | 37,067,467 | 11,842 |
| Pakuwon Jati Tbk PT | 374,178,467 | 11,774 |
| Jasa Marga Persero Tbk PT | 39,938,104 | 10,918 |
| Indo Tambangraya Megah Tbk PT | 6,523,080 | 10,688 |
| Tower Bersama Infrastructure Tbk PT | 33,006,037 | 10,161 |
| * XL Axiata Tbk PT | 57,539,298 | 9,943 |
| Surya Citra Media Tbk PT | 93,214,131 | 9,645 |
| Ace Hardware Indonesia Tbk PT | 104,155,756 | 9,395 |
| * Bumi Serpong Damai Tbk PT | 126,418,801 | 9,178 |
| Bank Tabungan Negara Persero Tbk PT | 55,452,338 | 7,741 |
| Summarecon Agung Tbk PT | 174,223,992 | 6,875 |
| Aneka Tambang Tbk PT | 147,473,610 | 6,619 |
| * Vale Indonesia Tbk PT | 33,878,347 | 6,538 |
| * Medco Energi Internasional Tbk PT | 113,419,243 | 6,119 |
| Waskita Karya Persero Tbk PT | 63,342,398 | 6,014 |
| * Kresna Graha Investama Tbk PT | 142,290,048 | 5,851 |
| AKR Corporindo Tbk PT | 25,292,625 | 5,760 |
| * Trada Alam Minera Tbk PT | 469,658,766 | 5,609 |
| Barito Pacific Tbk PT | 45,075,590 | 5,572 |
| Lippo Karawaci Tbk PT | 281,819,720 | 5,208 |
| Astra Agro Lestari Tbk PT | 6,367,313 | 5,035 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 39,141,599 | 4,610 |
| Link Net Tbk PT | 15,383,518 | 4,440 |
| Media Nusantara Citra Tbk PT | 83,712,424 | 4,307 |
| Mitra Adiperkasa Tbk PT | 80,177,226 | 4,224 |
| Japfa Comfeed Indonesia Tbk PT | 28,189,095 | 3,770 |
| * Sentul City Tbk PT | 556,401,544 | 3,482 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 40,664,495 | 3,456 |
| PP Persero Tbk PT | 39,339,695 | 3,452 |
| * Panin Financial Tbk PT | 188,811,331 | 3,409 |
| * Alam Sutera Realty Tbk PT | 175,015,554 | 3,206 |
| Wijaya Karya Persero Tbk PT | 43,229,270 | 3,133 |
| Global Mediacom Tbk PT | 123,974,703 | 2,678 |
| Semen Baturaja Persero TBK PT | 21,373,118 | 2,477 |
| Ramayana Lestari Sentosa Tbk PT | 29,304,466 | 2,296 |
| Adhi Karya Persero Tbk PT | 24,013,406 | 1,780 |
| * Eagle High Plantations Tbk PT | 147,276,163 | 1,701 |
| * Kawasan Industri Jababeka Tbk PT | 100,265,706 | 1,464 |
| Timah Tbk PT | 32,163,274 | 1,368 |
| * Krakatau Steel Persero Tbk PT | 49,643,146 | 1,210 |
| Surya Semesta Internusa Tbk PT | 38,981,698 | 1,196 |
| Salim Ivomas Pratama Tbk PT | 32,852,398 | 995 |
| * Intiland Development Tbk PT | 40,131,806 | 860 |
| * Medco Energi Internasional Tbk PT Warrants Exp. 12/11/2020 | 32,541,705 | 659 |
| * Agung Podomoro Land Tbk PT | 66,344,385 | 611 |
| * Siloam International Hospitals Tbk PT | 3,481,343 | 527 |
| Bekasi Fajar Industrial Estate Tbk PT | 40,098,120 | 369 |
| * Lippo Cikarang Tbk PT | 1,655,277 | 168 |
| Sampoerna Agro Tbk PT | 1,040,802 | 164 |
| * Matahari Putra Prima Tbk PT | 13,068,382 | 129 |
55
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Wijaya Karya Beton Tbk PT | 5,619,989 | 111 |
| *,§ | Sigmagold Inti Perkasa Tbk PT | 14,934,100 | 49 |
| | | | 1,635,706 |
| Kuwait (0.3%) | | |
| * | National Bank of Kuwait SAKP | 23,136,300 | 62,579 |
| * | Kuwait Finance House KSCP | 23,694,400 | 45,791 |
| * | Mobile Telecommunications Co. KSCP | 16,157,900 | 23,688 |
| | Agility Public Warehousing Co. KSCP | 6,444,700 | 17,588 |
| * | Boubyan Petrochemicals Co. KSCP | 2,958,500 | 9,926 |
| * | Boubyan Bank KSCP | 5,381,000 | 9,312 |
| * | Humansoft Holding Co. KSCP | 748,800 | 7,512 |
| * | National Industries Group Holding SAK | 7,184,000 | 3,660 |
| * | Warba Bank KSCP | 3,777,200 | 2,820 |
| * | Kuwait International Bank KSCP | 3,526,700 | 2,762 |
| * | Alimtiaz Investment Group KSCP | 5,446,900 | 2,258 |
| * | Mezzan Holding Co. KSCP | 881,300 | 1,828 |
| | | | 189,724 |
| Malaysia (3.3%) | | |
| | Public Bank Bhd. (Local) | 47,885,358 | 281,682 |
| | Tenaga Nasional Bhd. | 61,073,111 | 214,680 |
| | Malayan Banking Bhd. | 87,050,592 | 197,583 |
| | CIMB Group Holdings Bhd. | 102,507,338 | 140,259 |
| | Petronas Chemicals Group Bhd. | 44,761,732 | 100,085 |
| | Sime Darby Plantation Bhd. | 55,987,479 | 70,466 |
| | Genting Bhd. | 36,821,484 | 64,619 |
| | DiGi.Com Bhd. | 58,344,533 | 60,117 |
| | Dialog Group Bhd. | 72,363,400 | 58,611 |
| | Axiata Group Bhd. | 69,070,419 | 56,331 |
| | Maxis Bhd. | 43,716,250 | 54,660 |
| | IOI Corp. Bhd. | 50,746,090 | 54,581 |
| | Petronas Gas Bhd. | 12,218,753 | 53,448 |
| | IHH Healthcare Bhd. | 44,392,875 | 53,059 |
| | Hong Leong Bank Bhd. | 10,115,642 | 50,092 |
| | Genting Malaysia Bhd. | 45,853,237 | 49,249 |
| | Kuala Lumpur Kepong Bhd. | 7,565,192 | 45,049 |
| | PPB Group Bhd. | 10,917,560 | 43,748 |
| | Top Glove Corp. Bhd. | 27,006,200 | 38,399 |
| | Hartalega Holdings Bhd. | 23,299,000 | 34,858 |
| | Press Metal Aluminium Holdings Bhd. | 29,578,420 | 34,241 |
| | MISC Bhd. | 22,629,914 | 32,945 |
| | Petronas Dagangan Bhd. | 4,723,507 | 29,398 |
| | Sime Darby Bhd. | 55,112,036 | 28,990 |
| | Malaysia Airports Holdings Bhd. | 14,548,400 | 28,918 |
| | AMMB Holdings Bhd. | 31,296,045 | 28,445 |
| | Nestle Malaysia Bhd. | 808,157 | 27,782 |
| | RHB Bank Bhd. | 18,702,000 | 23,397 |
| | IJM Corp. Bhd. | 50,375,734 | 19,638 |
| | Gamuda Bhd. | 34,174,217 | 19,552 |
| | YTL Corp. Bhd. | 73,667,810 | 18,694 |
| | Alliance Bank Malaysia Bhd. | 19,636,217 | 18,598 |
| | Hong Leong Financial Group Bhd. | 4,075,741 | 17,920 |
| | British American Tobacco Malaysia Bhd. | 2,261,134 | 16,798 |
| | AirAsia Group Bhd. | 25,069,448 | 15,751 |
| | Westports Holdings Bhd. | 18,906,901 | 15,421 |
| | Inari Amertron Bhd. | 32,634,200 | 15,329 |
| | HAP Seng Consolidated Bhd. | 6,312,200 | 14,855 |
| | Bursa Malaysia Bhd. | 8,471,000 | 14,831 |
| | KLCCP Stapled Group Bhd. | 7,425,346 | 13,599 |
| | Sime Darby Property Bhd. | 56,894,942 | 13,290 |
| | Genting Plantations Bhd. | 5,344,000 | 12,338 |
| | YTL Power International Bhd. | 50,684,333 | 11,523 |
| | FGV Holdings Bhd. | 30,729,557 | 10,290 |
| | Sunway REIT | 25,049,700 | 10,113 |
| | Telekom Malaysia Bhd. | 17,735,678 | 10,095 |
56
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| IOI Properties Group Bhd. | 31,861,020 | 9,976 |
| My EG Services Bhd. | 33,151,650 | 9,533 |
| QL Resources Bhd. | 5,652,520 | 9,529 |
| 2 Astro Malaysia Holdings Bhd. | 26,975,573 | 8,714 |
| Sunway Bhd. | 25,021,438 | 8,193 |
| Kossan Rubber Industries Bhd. | 8,142,800 | 8,053 |
| Berjaya Sports Toto Bhd. | 15,518,998 | 7,792 |
| TIME dotCom Bhd. | 4,116,800 | 7,678 |
| Malakoff Corp. Bhd. | 36,828,000 | 7,576 |
| 2 Lotte Chemical Titan Holding Bhd. | 7,292,747 | 7,503 |
| Yinson Holdings Bhd. | 6,729,200 | 7,161 |
| Malaysia Building Society Bhd. | 30,873,100 | 6,950 |
| SP Setia Bhd Group | 13,402,745 | 6,735 |
| IGB REIT | 15,988,470 | 6,420 |
| Malaysian Resources Corp. Bhd. | 35,187,900 | 6,153 |
| * Sapura Energy Bhd. | 73,832,162 | 5,980 |
| * Bumi Armada Bhd. | 60,990,628 | 5,898 |
| VS Industry Bhd. | 15,333,750 | 5,869 |
| DRB-Hicom Bhd. | 12,889,800 | 5,799 |
| Fraser & Neave Holdings Bhd. | 670,300 | 5,399 |
| Unisem M Bhd. | 7,721,000 | 5,337 |
| UEM Sunrise Bhd. | 29,701,200 | 4,871 |
| Supermax Corp. Bhd. | 6,158,800 | 4,694 |
| Cahya Mata Sarawak Bhd. | 6,727,300 | 4,668 |
| Serba Dinamik Holdings Bhd. | 4,781,700 | 4,621 |
| Pos Malaysia Bhd. | 6,417,600 | 4,541 |
| * Velesto Energy Bhd. | 65,267,327 | 4,050 |
| MMC Corp. Bhd. | 15,609,395 | 3,997 |
| Padini Holdings Bhd. | 2,745,337 | 3,690 |
| WCT Holdings Bhd. | 15,971,862 | 3,096 |
| Bermaz Auto Bhd. | 6,608,100 | 3,001 |
| * Berjaya Corp. Bhd. | 40,686,589 | 2,725 |
| * Eastern & Oriental Bhd. | 8,703,864 | 2,461 |
| Pavilion REIT | 6,381,700 | 2,424 |
| * Eco World Development Group Bhd. | 9,892,000 | 2,366 |
| * AirAsia X Bhd. | 27,661,300 | 1,524 |
| * Lafarge Malaysia Bhd. | 2,039,381 | 1,048 |
| Muhibbah Engineering M Bhd. | 1,452,600 | 963 |
| Sunway Construction Group Bhd. | 2,138,100 | 743 |
| KPJ Healthcare Bhd. | 2,946,010 | 732 |
| * KNM Group Bhd. | 16,010,600 | 516 |
| * UMW Oil & Gas Corp. Bhd. Warrants Exp. 09/30/2024 | 20,487,189 | 490 |
| Datasonic Group Bhd. | 4,951,100 | 426 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 404,900 | 377 |
| Scientex Bhd. | 128,000 | 263 |
| Malaysia Marine and Heavy Engineering Holdings Bhd. | 1,617,029 | 228 |
| * Sunway Bhd. Warrants Exp. 12/31/2024 | 3,268,483 | 227 |
| * Malaysian Resources Corp. Bhd. Warrants Exp. 12/31/2027 | 3,624,441 | 208 |
| * Mulpha International Bhd. | 160,950 | 71 |
| * Datasonic Group Bhd. Warrants Exp. 07/05/2023 | 2,475,550 | 44 |
| § RHB Bank Bhd. (XKLS) | 11,952,935 | 29 |
| | | 2,435,669 |
| Mexico (3.3%) | | |
| America Movil SAB de CV | 422,944,462 | 306,279 |
| Fomento Economico Mexicano SAB de CV | 32,628,578 | 277,387 |
| Grupo Financiero Banorte SAB de CV | 43,202,954 | 237,695 |
| Wal-Mart de Mexico SAB de CV | 79,223,357 | 202,336 |
| Grupo Mexico SAB de CV Class B | 54,201,277 | 125,062 |
| * Cemex SAB de CV | 234,121,769 | 116,869 |
| Grupo Televisa SAB de CV | 36,266,841 | 104,552 |
| Grupo Bimbo SAB de CV Class A | 38,275,906 | 71,697 |
| Grupo Aeroportuario del Sureste SAB de CV Class B | 3,266,631 | 54,297 |
| Fibra Uno Administracion SAB de CV | 47,542,702 | 51,093 |
| Alfa SAB de CV Class A | 48,180,501 | 50,782 |
57
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Grupo Financiero Inbursa SAB de CV | 36,914,850 | 47,849 |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 5,634,503 | 46,614 |
| | Coca-Cola Femsa SAB de CV | 8,096,775 | 46,181 |
| | Mexichem SAB de CV | 16,664,637 | 44,022 |
| | Grupo Elektra SAB De CV | 996,532 | 42,178 |
| | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B | 27,818,911 | 34,689 |
| | Gruma SAB de CV Class B | 3,291,226 | 34,349 |
| | Infraestructura Energetica Nova SAB de CV | 8,598,568 | 33,707 |
| | Promotora y Operadora de Infraestructura SAB de CV Ordinary Shares | 3,495,149 | 31,807 |
| | Arca Continental SAB de CV | 5,817,576 | 29,255 |
| | Industrias Penoles SAB de CV | 1,988,239 | 28,023 |
| | Grupo Aeroportuario del Centro Norte SAB de CV Class B | 4,863,115 | 25,446 |
| | Alsea SAB de CV | 9,686,026 | 24,767 |
| | Megacable Holdings SAB de CV | 5,371,061 | 23,816 |
| | El Puerto de Liverpool SAB de CV | 3,311,974 | 20,989 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 13,197,882 | 19,024 |
| * | Regional SAB de CV | 3,683,824 | 17,941 |
| | Grupo Carso SAB de CV | 5,825,441 | 17,144 |
| | Gentera SAB de CV | 18,318,217 | 14,843 |
| * | Telesites SAB de CV | 24,039,946 | 14,829 |
| | Macquarie Mexico Real Estate Management SA de CV | 14,256,831 | 13,883 |
| | Bolsa Mexicana de Valores SAB de CV | 7,765,409 | 11,702 |
| | Industrias Bachoco SAB de CV Class B | 3,051,453 | 11,193 |
| | PLA Administradora Industrial S de RL de CV | 8,682,074 | 10,557 |
| | Corp Inmobiliaria Vesta SAB de CV | 8,319,308 | 10,157 |
| | Grupo Comercial Chedraui SAB de CV | 5,689,668 | 10,058 |
| * | La Comer SAB de CV | 9,506,604 | 9,912 |
| | Prologis Property Mexico SA de CV | 5,450,491 | 9,609 |
| 2 | Banco del Bajio SA | 4,766,786 | 9,370 |
| | Becle SAB de CV | 6,881,694 | 8,453 |
| * | Genomma Lab Internacional SAB de CV Class B | 12,932,154 | 8,308 |
| 2 | Nemak SAB de CV | 10,344,078 | 7,531 |
| | Grupo Lala SAB de CV | 8,608,029 | 7,522 |
| * | Alpek SAB de CV | 5,608,836 | 7,383 |
| * | Organizacion Soriana SAB de CV Class B | 4,714,427 | 6,155 |
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 10,007,963 | 6,119 |
| * | Industrias CH SAB de CV Class B | 1,565,927 | 5,617 |
| | Concentradora Fibra Danhos SA de CV | 3,978,046 | 5,239 |
| * | Hoteles City Express SAB de CV | 4,655,076 | 5,126 |
| * | Grupo Aeromexico SAB de CV | 4,061,782 | 4,481 |
| | Qualitas Controladora SAB de CV | 2,220,156 | 4,473 |
| | Grupo Herdez SAB de CV | 2,250,651 | 4,182 |
| | Promotora y Operadora de Infraestructura SAB de CV | 521,497 | 3,581 |
| | Credito Real SAB de CV SOFOM ER | 2,469,643 | 2,825 |
| 2 | GMexico Transportes SAB de CV | 1,777,845 | 2,434 |
| | OHL Mexico SAB de CV | 1,611,597 | 2,216 |
| | TV Azteca SAB de CV | 20,473,151 | 2,207 |
| 2 | Concentradora Fibra Hotelera Mexicana SA de CV | 4,588,716 | 2,203 |
| | Unifin Financiera SAB de CV SOFOM ENR | 1,163,739 | 2,199 |
| * | Grupo GICSA SAB de CV | 5,152,341 | 2,006 |
| | Rassini SAB de CV | 439,697 | 1,491 |
| * | Grupo Simec SAB de CV Class B | 407,174 | 1,105 |
| * | Axtel SAB de CV | 5,715,462 | 931 |
| *,2 | Elementia SAB de CV | 1,220,516 | 691 |
| | Consorcio ARA SAB de CV | 2,369,402 | 629 |
| *,§ | Empresas ICA SAB de CV | 104,678 | 8 |
| | | | 2,397,078 |
| Pakistan (0.2%) | | |
| | Oil & Gas Development Co. Ltd. | 12,348,800 | 14,789 |
| | Engro Corp. Ltd. | 5,469,142 | 13,832 |
| | Habib Bank Ltd. | 11,920,762 | 13,107 |
| | Pakistan Petroleum Ltd. | 9,015,987 | 12,694 |
| | Pakistan State Oil Co. Ltd. | 5,497,980 | 11,616 |
| | Lucky Cement Ltd. | 3,084,834 | 11,608 |
58
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hub Power Co. Ltd. | 14,473,443 | 10,114 |
| | Pakistan Oilfields Ltd. | 2,280,840 | 9,375 |
| | United Bank Ltd. | 6,722,300 | 7,618 |
| | Fauji Fertilizer Co. Ltd. | 9,706,474 | 7,205 |
| | MCB Bank Ltd. | 4,639,164 | 6,933 |
| | Engro Fertilizers Ltd. | 8,144,880 | 4,985 |
| | SUI Northern Gas Pipeline Ltd. | 6,556,300 | 4,549 |
| * | Searle Co. Ltd. | 1,975,733 | 4,393 |
| | Kot Addu Power Co. Ltd. | 9,131,721 | 3,705 |
| | DG Khan Cement Co. Ltd. | 4,379,670 | 3,492 |
| * | National Bank of Pakistan | 8,789,900 | 3,200 |
| | Nishat Mills Ltd. | 2,665,900 | 2,960 |
| * | SUI Southern Gas Co. Ltd. | 14,985,400 | 2,911 |
| | Fauji Cement Co. Ltd. | 5,841,901 | 1,159 |
| | Fauji Fertilizer Bin Qasim Ltd. | 2,622,500 | 756 |
| | Millat Tractors Ltd. | 99,930 | 751 |
| | Pakistan Telecommunication Co. Ltd. | 8,247,500 | 687 |
| | Thal Ltd. | 181,766 | 610 |
| | Bank Alfalah Ltd. | 280,000 | 111 |
| | | | 153,160 |
| Peru (0.4%) | | |
| | Credicorp Ltd. | 682,544 | 154,057 |
| | Credicorp Ltd. (XLIM) | 357,268 | 80,385 |
| | Cia de Minas Buenaventura SAA ADR | 2,840,970 | 39,319 |
| | Cia de Minas Buenaventura SAA | 461,011 | 6,276 |
| | Volcan Cia Minera SAA Class B | 33,027,173 | 6,074 |
| | | | 286,111 |
| Philippines (1.3%) | | |
| | SM Investments Corp. | 7,419,003 | 125,067 |
| | SM Prime Holdings Inc. | 139,112,298 | 87,950 |
| | Ayala Land Inc. | 106,625,367 | 79,116 |
| | BDO Unibank Inc. | 30,755,601 | 70,450 |
| | Ayala Corp. | 3,818,030 | 65,728 |
| | PLDT Inc. | 1,787,712 | 46,136 |
| | Bank of the Philippine Islands | 28,200,688 | 43,360 |
| | Jollibee Foods Corp. | 6,458,699 | 33,354 |
| | Universal Robina Corp. | 13,375,054 | 32,535 |
| | Metropolitan Bank & Trust Co. | 24,760,558 | 30,377 |
| | International Container Terminal Services Inc. | 17,317,251 | 29,307 |
| | Manila Electric Co. | 4,146,223 | 28,540 |
| | JG Summit Holdings Inc. | 25,204,501 | 22,319 |
| | Aboitiz Equity Ventures Inc. | 23,479,451 | 20,655 |
| | GT Capital Holdings Inc. | 1,438,986 | 20,452 |
| | Security Bank Corp. | 7,284,464 | 19,686 |
| | Metro Pacific Investments Corp. | 215,874,879 | 19,391 |
| | Globe Telecom Inc. | 437,967 | 17,113 |
| | Aboitiz Power Corp. | 25,455,429 | 16,042 |
| | Megaworld Corp. | 187,082,664 | 15,435 |
| | DMCI Holdings Inc. | 62,372,497 | 14,979 |
| * | Alliance Global Group Inc. | 63,548,567 | 13,534 |
| | LT Group Inc. | 43,368,550 | 11,761 |
| | Robinsons Land Corp. | 28,551,007 | 11,223 |
| | Puregold Price Club Inc. | 13,979,192 | 10,619 |
| | Pilipinas Shell Petroleum Corp. | 11,029,324 | 10,028 |
| | Semirara Mining & Power Corp. Class A | 18,564,708 | 9,709 |
| | Bloomberry Resorts Corp. | 57,950,549 | 9,111 |
| | Robinsons Retail Holdings Inc. | 6,353,071 | 9,005 |
| | Petron Corp. | 39,597,057 | 5,993 |
| | D&L Industries Inc. | 27,778,190 | 5,918 |
| | Manila Water Co. Inc. | 12,322,728 | 5,764 |
| | First Gen Corp. | 18,952,092 | 5,541 |
| | Vista Land & Lifescapes Inc. | 50,017,300 | 4,942 |
| * | Melco Resorts And Entertainment Philippines Corp. | 30,205,943 | 4,048 |
| | Century Pacific Food Inc. | 14,131,987 | 3,530 |
59
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Filinvest Land Inc. | 112,132,351 | 2,936 |
| | Cebu Air Inc. | 2,278,085 | 2,723 |
| | Nickel Asia Corp. | 40,376,703 | 1,918 |
| *,2 | CEMEX Holdings Philippines Inc. | 34,832,471 | 1,381 |
| * | DoubleDragon Properties Corp. | 3,388,774 | 1,218 |
| | Emperador Inc. | 7,734,569 | 1,007 |
| | Lopez Holdings Corp. | 2,049,615 | 162 |
| | | | 970,063 |
| Poland (0.0%) | | |
| *,§ | getBACK SA | 245,053 | 239 |
| |
| Qatar (1.1%) | | |
| | Qatar National Bank QPSC | 6,828,715 | 365,519 |
| | Industries Qatar QSC | 2,893,291 | 111,332 |
| | Qatar Islamic Bank SAQ | 1,634,492 | 68,674 |
| | Masraf Al Rayan QSC | 6,104,187 | 63,669 |
| | Commercial Bank PQSC | 3,166,099 | 35,996 |
| | Qatar Electricity & Water Co. QSC | 633,316 | 32,670 |
| | Ooredoo QPSC | 1,346,337 | 25,509 |
| | Barwa Real Estate Co.QSC | 2,471,962 | 25,366 |
| | Qatar Gas Transport Co. Ltd. QPSC | 4,393,732 | 21,017 |
| | Doha Bank QPSC | 2,612,019 | 15,782 |
| | Qatar Navigation QSC | 725,044 | 14,153 |
| * | Vodafone Qatar QSC | 5,686,822 | 12,819 |
| | United Development Co. QSC | 2,990,928 | 11,483 |
| | Qatar International Islamic Bank QSC | 655,243 | 11,166 |
| * | Ezdan Holding Group QSC | 2,693,645 | 8,101 |
| | Medicare Group QSC | 238,866 | 4,205 |
| * | Gulf International Services QSC | 814,387 | 4,016 |
| | Al Meera Consumer Goods Co. QSC | 93,648 | 3,754 |
| * | Salam International Investment Ltd. QSC | 1,750,127 | 2,292 |
| | Gulf Warehousing Co.QSC | 162,981 | 1,815 |
| | | | 839,338 |
| Russia (3.9%) | | |
| | Sberbank of Russia PJSC | 157,669,238 | 453,186 |
| | Lukoil PJSC ADR | 4,100,408 | 305,722 |
| | Lukoil PJSC | 3,049,511 | 228,619 |
| | Gazprom PJSC | 84,348,043 | 198,716 |
| | Tatneft PJSC ADR | 2,594,082 | 182,081 |
| | Gazprom PJSC ADR | 37,847,111 | 178,960 |
| | Novatek PJSC | 8,493,507 | 135,268 |
| | Novatek PJSC GDR | 795,146 | 134,107 |
| | Tatneft PJSC | 8,475,842 | 100,216 |
| | Rosneft Oil Co. PJSC GDR | 11,045,811 | 77,390 |
| | MMC Norilsk Nickel PJSC ADR | 4,229,617 | 70,027 |
| | Surgutneftegas OAO Preference Shares | 117,199,623 | 67,711 |
| | AK Transneft OAO Preference Shares | 24,335 | 63,170 |
| | Mobile TeleSystems PJSC ADR | 7,448,832 | 59,665 |
| | Alrosa PJSC | 39,040,400 | 59,205 |
| | Magnit PJSC GDR | 4,162,290 | 55,437 |
| | Rosneft Oil Co. PJSC | 7,118,635 | 49,642 |
| | MMC Norilsk Nickel PJSC | 296,072 | 49,466 |
| | Severstal PJSC | 2,684,231 | 41,941 |
| | VTB Bank PJSC | 60,709,531,072 | 33,737 |
| | Surgutneftegas PJSC ADR | 8,334,287 | 33,120 |
| | Moscow Exchange MICEX-RTS PJSC | 23,469,968 | 31,286 |
| | Inter RAO UES PJSC | 512,972,670 | 31,036 |
| | Novolipetsk Steel PJSC GDR | 1,198,343 | 28,855 |
| | PhosAgro PJSC GDR | 1,715,929 | 22,422 |
| | Magnitogorsk Iron & Steel Works PJSC | 27,424,184 | 19,939 |
| | Polyus PJSC GDR | 517,612 | 15,953 |
| | RusHydro PJSC | 1,792,266,418 | 14,958 |
| | Rostelecom PJSC | 13,901,458 | 14,774 |
| 2 | VTB Bank PJSC GDR | 10,745,239 | 13,528 |
60
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Surgutneftegas PJSC | 29,266,849 | 11,770 |
| Federal Grid Co. Unified Energy System PJSC | 4,602,744,717 | 10,690 |
| Unipro PJSC | 230,721,198 | 9,483 |
| Aeroflot PJSC | 5,828,510 | 8,606 |
| Bashneft PJSC | 293,156 | 8,575 |
| Safmar Financial Investment | 889,743 | 8,163 |
| Tatneft PAO Preference Shares | 802,370 | 6,391 |
| * Raspadskaya OJSC | 3,102,693 | 5,653 |
| Severstal PJSC GDR | 358,154 | 5,560 |
| ROSSETI PJSC | 536,105,584 | 5,478 |
| Sistema PJSFC GDR | 2,033,508 | 4,706 |
| * M.Video PJSC | 742,170 | 4,494 |
| * Uralkali PJSC | 3,327,285 | 4,258 |
| TMK PJSC GDR | 1,051,705 | 3,983 |
| * Mechel PJSC | 2,848,636 | 3,982 |
| 2 Detsky Mir PJSC | 2,137,150 | 2,901 |
| Magnit PJSC | 51,269 | 2,796 |
| Mosenergo PJSC | 90,179,234 | 2,638 |
| * RussNeft PJSC | 301,134 | 2,549 |
| Rostelecom PJSC ADR | 285,263 | 1,871 |
| Mobile TeleSystems PJSC | 440,959 | 1,729 |
| TGC-1 PJSC | 8,801,055,345 | 1,146 |
| TMK PJSC | 1,111,110 | 1,032 |
| Novolipetsk Steel PJSC | 409,537 | 997 |
| OGK-2 PJSC | 157,137,880 | 829 |
| Sistema PJSFC | 5,036,000 | 597 |
| * Mechel PJSC ADR | 160,397 | 439 |
| LSR Group PJSC GDR | 42,635 | 79 |
| Bashneft PAO Preference Shares | 1,006 | 28 |
| | | 2,891,560 |
| South Africa (6.4%) | | |
| Naspers Ltd. | 6,540,508 | 1,147,211 |
| Sasol Ltd. | 8,156,139 | 266,542 |
| Standard Bank Group Ltd. | 19,675,404 | 217,988 |
| FirstRand Ltd. | 49,009,690 | 214,058 |
| MTN Group Ltd. | 27,641,029 | 160,509 |
| Sanlam Ltd. | 26,833,574 | 135,116 |
| Old Mutual Ltd. | 74,448,144 | 114,458 |
| Absa Group Ltd. | 10,705,760 | 108,174 |
| Remgro Ltd. | 7,988,479 | 102,985 |
| Nedbank Group Ltd. | 5,759,694 | 97,369 |
| Bid Corp. Ltd. | 5,134,573 | 96,139 |
| Shoprite Holdings Ltd. | 6,891,448 | 84,132 |
| Vodacom Group Ltd. | 9,150,575 | 77,165 |
| Growthpoint Properties Ltd. | 45,066,039 | 69,190 |
| Bidvest Group Ltd. | 5,196,835 | 64,855 |
| Mr Price Group Ltd. | 3,933,080 | 61,581 |
| AngloGold Ashanti Ltd. | 6,203,141 | 60,376 |
| Aspen Pharmacare Holdings Ltd. | 5,662,140 | 59,877 |
| Discovery Ltd. | 5,288,070 | 56,753 |
| Capitec Bank Holdings Ltd. | 831,041 | 55,829 |
| Redefine Properties Ltd. | 82,440,106 | 53,583 |
| RMB Holdings Ltd. | 10,438,596 | 52,724 |
| Woolworths Holdings Ltd. | 14,910,519 | 51,493 |
| Sappi Ltd. | 8,703,973 | 48,904 |
| Clicks Group Ltd. | 3,819,865 | 48,660 |
| NEPI Rockcastle plc | 5,282,156 | 45,630 |
| Tiger Brands Ltd. | 2,486,273 | 44,534 |
| Mondi Ltd. | 1,833,425 | 43,880 |
| Exxaro Resources Ltd. | 3,933,813 | 40,235 |
| Foschini Group Ltd. | 3,548,224 | 38,843 |
| Netcare Ltd. | 22,645,274 | 38,010 |
| SPAR Group Ltd. | 3,137,357 | 37,409 |
| Truworths International Ltd. | 6,813,207 | 37,321 |
61
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Life Healthcare Group Holdings Ltd. | 21,922,826 | 36,404 |
| | AVI Ltd. | 5,302,192 | 35,953 |
| | Gold Fields Ltd. | 12,580,890 | 33,261 |
| | PSG Group Ltd. | 2,161,612 | 32,235 |
| | Anglo American Platinum Ltd. | 953,977 | 31,059 |
| | Imperial Holdings Ltd. | 2,527,597 | 28,045 |
| | Investec Ltd. | 4,380,421 | 27,194 |
| | Barloworld Ltd. | 3,320,566 | 27,065 |
| | Pick n Pay Stores Ltd. | 5,722,429 | 26,448 |
| | Rand Merchant Investment Holdings Ltd. | 11,014,628 | 25,594 |
| | Hyprop Investments Ltd. | 3,997,835 | 24,470 |
| * | MMI Holdings Ltd. | 16,557,375 | 20,078 |
| ^,* | Sibanye Gold Ltd. | 27,606,381 | 19,206 |
| * | Impala Platinum Holdings Ltd. | 10,359,854 | 19,037 |
| | Telkom SA SOC Ltd. | 4,727,572 | 17,207 |
| | JSE Ltd. | 1,505,911 | 16,731 |
| | KAP Industrial Holdings Ltd. | 30,784,889 | 16,261 |
| | Resilient REIT Ltd. | 4,002,241 | 16,240 |
| ^ | Kumba Iron Ore Ltd. | 811,654 | 15,914 |
| | Fortress REIT Ltd. Class B | 16,012,016 | 15,651 |
| * | Super Group Ltd. | 5,763,095 | 15,617 |
| | Reunert Ltd. | 2,802,976 | 15,144 |
| * | Northam Platinum Ltd. | 5,623,382 | 14,831 |
| | Liberty Holdings Ltd. | 1,998,440 | 14,659 |
| | Coronation Fund Managers Ltd. | 4,345,596 | 14,476 |
| | African Rainbow Minerals Ltd. | 1,671,710 | 14,154 |
| | Santam Ltd. | 669,808 | 14,040 |
| | Pioneer Foods Group Ltd. | 2,393,398 | 13,151 |
| ^,*,2 | Pepkor Holdings Ltd. | 10,415,558 | 12,914 |
| | Vukile Property Fund Ltd. | 9,266,808 | 12,767 |
| * | Brait SE | 5,001,321 | 12,518 |
| | AECI Ltd. | 1,895,878 | 12,201 |
| | Tsogo Sun Holdings Ltd. | 8,670,973 | 11,894 |
| | Attacq Ltd. | 11,588,760 | 11,433 |
| * | Harmony Gold Mining Co. Ltd. | 6,081,297 | 11,353 |
| | Assore Ltd. | 539,551 | 11,306 |
| | Massmart Holdings Ltd. | 1,646,664 | 10,695 |
| * | Nampak Ltd. | 10,340,722 | 10,433 |
| 2 | Dis-Chem Pharmacies Ltd. | 5,148,185 | 10,087 |
| | Fortress REIT Ltd. Class A | 8,485,070 | 9,735 |
| * | PPC Ltd. | 23,688,136 | 9,553 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 904,354 | 9,382 |
| * | Sun International Ltd. | 2,342,163 | 9,354 |
| * | Famous Brands Ltd. | 1,274,232 | 9,067 |
| | SA Corporate Real Estate Ltd. | 32,741,820 | 8,779 |
| | Astral Foods Ltd. | 637,106 | 8,569 |
| | Omnia Holdings Ltd. | 1,029,042 | 8,108 |
| | Murray & Roberts Holdings Ltd. | 6,431,021 | 7,400 |
| | Tongaat Hulett Ltd. | 1,785,049 | 6,874 |
| | Advtech Ltd. | 6,120,980 | 5,926 |
| | Emira Property Fund Ltd. | 5,678,680 | 5,726 |
| | Alexander Forbes Group Holdings Ltd. | 15,522,288 | 5,468 |
| | Cashbuild Ltd. | 278,243 | 5,079 |
| | DataTec Ltd. | 3,059,949 | 4,849 |
| | EOH Holdings Ltd. | 2,153,339 | 4,807 |
| | MAS Real Estate Inc. | 3,316,893 | 4,741 |
| | Adcock Ingram Holdings Ltd. | 1,159,582 | 4,521 |
| ^,* | Steinhoff International Holdings NV | 35,037,997 | 4,262 |
| | Mpact Ltd. | 2,682,033 | 3,781 |
| | Zeder Investments Ltd. | 11,811,478 | 3,760 |
| | Peregrine Holdings Ltd. | 2,543,757 | 3,535 |
| * | Grindrod Ltd. | 7,798,507 | 3,507 |
| | Arrowhead Properties Ltd. | 9,210,450 | 3,355 |
| | Hosken Consolidated Investments Ltd. | 388,650 | 3,336 |
62
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | City Lodge Hotels Ltd. | 341,011 | 3,026 |
| | Metair Investments Ltd. | 2,697,746 | 2,655 |
| ^,* | Curro Holdings Ltd. | 1,623,249 | 2,637 |
| | Oceana Group Ltd. | 440,723 | 2,601 |
| | Lewis Group Ltd. | 1,128,712 | 2,405 |
| | Delta Property Fund Ltd. | 5,892,183 | 2,391 |
| | Alviva Holdings Ltd. | 1,835,107 | 2,191 |
| | Raubex Group Ltd. | 1,669,177 | 2,144 |
| * | Blue Label Telecoms Ltd. | 5,875,388 | 2,065 |
| | Rebosis Property Fund Ltd. | 4,703,102 | 1,979 |
| | Hudaco Industries Ltd. | 198,979 | 1,893 |
| * | Ascendis Health Ltd. | 3,622,306 | 1,865 |
| | Merafe Resources Ltd. | 13,830,598 | 1,464 |
| ^ | DRDGOLD Ltd. | 5,711,126 | 1,444 |
| ^,* | Stadio Holdings Ltd. | 5,056,163 | 1,369 |
| ^,* | Grindrod Shipping Holdings Ltd. | 195,250 | 1,276 |
| | Clover Industries Ltd. | 1,141,346 | 1,271 |
| * | Long4Life Ltd. | 3,897,927 | 1,186 |
| * | ArcelorMittal South Africa Ltd. | 1,611,325 | 416 |
| * | Royal Bafokeng Platinum Ltd. | 199,960 | 362 |
| * | Steinhoff International Holdings NV (XETR) | 1,075,902 | 140 |
| | EPP NV | 39,579 | 56 |
| | Equites Property Fund Ltd. | 22,885 | 31 |
| * | Adcock Ingram Holdings Ltd. Warrants Exp. 07/26/2019 | 73,897 | 13 |
| * | Allied Electronics Corp. Ltd. | 6,251 | 7 |
| | | | 4,749,620 |
| Switzerland (0.0%) | | |
| ^ | Fanhua Inc. ADR | 544,367 | 14,578 |
| |
| Taiwan (14.3%) | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 227,865,845 | 1,710,676 |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 28,851,701 | 1,099,250 |
| | Hon Hai Precision Industry Co. Ltd. | 182,412,892 | 464,341 |
| | Formosa Plastics Corp. | 74,593,325 | 243,926 |
| | Nan Ya Plastics Corp. | 86,052,401 | 214,357 |
| | Cathay Financial Holding Co. Ltd. | 120,488,502 | 191,296 |
| | Formosa Chemicals & Fibre Corp. | 52,444,123 | 190,323 |
| | CTBC Financial Holding Co. Ltd. | 280,719,522 | 187,979 |
| | Uni-President Enterprises Corp. | 73,472,984 | 178,088 |
| | Fubon Financial Holding Co. Ltd. | 111,917,424 | 175,588 |
| | Largan Precision Co. Ltd. | 1,568,956 | 171,430 |
| | MediaTek Inc. | 22,351,764 | 165,104 |
| | China Steel Corp. | 187,717,868 | 148,259 |
| | Mega Financial Holding Co. Ltd. | 168,343,343 | 142,552 |
| | Delta Electronics Inc. | 32,996,676 | 138,890 |
| | Catcher Technology Co. Ltd. | 11,362,812 | 114,892 |
| | E.Sun Financial Holding Co. Ltd. | 161,325,985 | 107,116 |
| | Chunghwa Telecom Co. Ltd. | 29,708,913 | 104,936 |
| | ASE Technology Holding Co. Ltd. | 51,236,943 | 103,341 |
| | President Chain Store Corp. | 8,632,481 | 97,652 |
| | First Financial Holding Co. Ltd. | 150,812,108 | 95,410 |
| | Chunghwa Telecom Co. Ltd. ADR | 2,683,142 | 94,125 |
| | Taiwan Mobile Co. Ltd. | 24,615,590 | 87,959 |
| | Yuanta Financial Holding Co. Ltd. | 174,905,029 | 85,056 |
| | Formosa Petrochemical Corp. | 20,796,509 | 82,100 |
| | Taiwan Cooperative Financial Holding Co. Ltd. | 142,690,532 | 80,367 |
| | Asustek Computer Inc. | 10,789,589 | 80,007 |
| | Hua Nan Financial Holdings Co. Ltd. | 135,102,843 | 76,311 |
| | Taiwan Cement Corp. | 66,234,264 | 74,453 |
| | China Development Financial Holding Corp. | 218,740,413 | 70,430 |
| | Taishin Financial Holding Co. Ltd. | 157,488,200 | 70,172 |
| | Quanta Computer Inc. | 40,609,494 | 64,232 |
| | Yageo Corp. | 5,978,933 | 61,309 |
| | Far Eastern New Century Corp. | 60,893,861 | 61,248 |
63
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Far EasTone Telecommunications Co. Ltd. | 24,849,533 | 59,216 |
| SinoPac Financial Holdings Co. Ltd. | 168,267,178 | 57,240 |
| Chang Hwa Commercial Bank Ltd. | 97,780,943 | 55,549 |
| Pegatron Corp. | 30,045,093 | 54,900 |
| Chailease Holding Co. Ltd. | 18,607,860 | 53,370 |
| Shin Kong Financial Holding Co. Ltd. | 140,639,573 | 46,369 |
| Pou Chen Corp. | 41,444,721 | 42,056 |
| China Life Insurance Co. Ltd. Ordinary Shares | 42,446,426 | 40,343 |
| Advantech Co. Ltd. | 5,811,584 | 40,100 |
| * Tatung Co. Ltd. | 33,907,920 | 39,636 |
| Asia Cement Corp. | 37,125,130 | 39,363 |
| Cheng Shin Rubber Industry Co. Ltd. | 27,804,751 | 39,228 |
| Novatek Microelectronics Corp. | 8,733,412 | 38,636 |
| Innolux Corp. | 126,906,952 | 38,535 |
| Eclat Textile Co. Ltd. | 3,147,269 | 37,474 |
| Lite-On Technology Corp. | 32,467,864 | 37,330 |
| Inventec Corp. | 45,817,576 | 37,030 |
| Foxconn Technology Co. Ltd. | 17,393,583 | 36,935 |
| AU Optronics Corp. | 92,924,669 | 36,306 |
| Compal Electronics Inc. | 64,111,410 | 35,414 |
| United Microelectronics Corp. | 90,805,970 | 34,604 |
| United Microelectronics Corp. ADR | 17,621,869 | 33,129 |
| Feng TAY Enterprise Co. Ltd. | 5,305,273 | 31,915 |
| Walsin Technology Corp. | 7,494,501 | 31,669 |
| Acer Inc. | 44,831,897 | 31,547 |
| Realtek Semiconductor Corp. | 7,194,439 | 28,970 |
| WPG Holdings Ltd. | 23,241,040 | 27,680 |
| Wistron Corp. | 42,718,405 | 26,188 |
| Globalwafers Co. Ltd. | 3,263,000 | 25,975 |
| Vanguard International Semiconductor Corp. | 13,796,980 | 25,527 |
| Hiwin Technologies Corp. | 3,821,961 | 24,805 |
| Taiwan High Speed Rail Corp. | 24,951,482 | 24,794 |
| Walsin Lihwa Corp. | 48,866,965 | 24,305 |
| Taiwan Business Bank | 73,173,940 | 24,156 |
| Synnex Technology International Corp. | 21,713,300 | 23,432 |
| Micro-Star International Co. Ltd. | 10,473,000 | 23,330 |
| TA Chen Stainless Pipe Ltd. | 16,148,850 | 22,819 |
| Powertech Technology Inc. | 10,361,000 | 22,727 |
| Accton Technology Corp. | 8,051,000 | 22,285 |
| Chroma ATE Inc. | 6,134,000 | 21,609 |
| Highwealth Construction Corp. | 14,487,000 | 21,280 |
| Chicony Electronics Co. Ltd. | 10,067,892 | 20,179 |
| Nanya Technology Corp. | 12,007,246 | 20,049 |
| Airtac International Group | 2,294,181 | 19,792 |
| TCI Co. Ltd. | 1,349,088 | 18,899 |
| Win Semiconductors Corp. | 6,110,139 | 18,872 |
| Winbond Electronics Corp. | 43,255,524 | 18,844 |
| LCY Chemical Corp. | 11,126,000 | 18,713 |
| Formosa Taffeta Co. Ltd. | 17,080,424 | 18,618 |
| Tripod Technology Corp. | 7,703,000 | 18,613 |
| * TaiMed Biologics Inc. | 2,927,000 | 18,281 |
| Ruentex Development Co. Ltd. | 13,067,971 | 18,137 |
| Giant Manufacturing Co. Ltd. | 4,605,509 | 17,626 |
| Radiant Opto-Electronics Corp. | 6,620,291 | 17,398 |
| Eva Airways Corp. | 37,634,739 | 17,240 |
| Ruentex Industries Ltd. | 6,747,872 | 16,955 |
| Teco Electric and Machinery Co. Ltd. | 29,125,000 | 16,757 |
| Chipbond Technology Corp. | 8,815,000 | 16,235 |
| Sino-American Silicon Products Inc. | 8,443,292 | 15,811 |
| Zhen Ding Technology Holding Ltd. | 6,894,000 | 15,773 |
| Taiwan Fertilizer Co. Ltd. | 11,418,086 | 15,528 |
| ^ AU Optronics Corp. ADR | 3,998,859 | 15,316 |
| Simplo Technology Co. Ltd. | 2,617,400 | 15,222 |
| Macronix International Co. Ltd. | 26,945,343 | 15,003 |
64
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Phison Electronics Corp. | 2,278,000 | 14,980 |
| Feng Hsin Steel Co. Ltd. | 7,827,310 | 14,849 |
| * China Petrochemical Development Corp. | 40,172,000 | 14,713 |
| Hotai Motor Co. Ltd. | 2,098,764 | 14,522 |
| Makalot Industrial Co. Ltd. | 2,705,987 | 14,520 |
| CTCI Corp. | 10,145,000 | 14,327 |
| Nien Made Enterprise Co. Ltd. | 2,290,000 | 14,202 |
| Taiwan Secom Co. Ltd. | 4,967,876 | 14,141 |
| Merida Industry Co. Ltd. | 3,897,256 | 13,682 |
| Parade Technologies Ltd. | 1,027,000 | 13,669 |
| Capital Securities Corp. | 44,884,593 | 13,450 |
| Epistar Corp. | 14,737,180 | 13,363 |
| King's Town Bank Co. Ltd. | 13,925,000 | 13,324 |
| China Airlines Ltd. | 44,850,050 | 13,309 |
| Hota Industrial Manufacturing Co. Ltd. | 3,139,562 | 13,218 |
| St. Shine Optical Co. Ltd. | 737,000 | 13,157 |
| Far Eastern International Bank | 41,082,910 | 13,154 |
| Eternal Materials Co. Ltd. | 17,444,630 | 13,004 |
| Lien Hwa Industrial Corp. | 13,142,709 | 12,959 |
| Evergreen Marine Corp. Taiwan Ltd. | 34,946,685 | 12,911 |
| Qisda Corp. | 22,642,000 | 12,877 |
| * PharmaEssentia Corp. | 2,226,526 | 11,893 |
| International CSRC Investment Holdings Co. | 10,508,611 | 11,787 |
| Silergy Corp. | 923,620 | 11,767 |
| Merry Electronics Co. Ltd. | 2,712,528 | 11,756 |
| * HTC Corp. | 10,586,221 | 11,523 |
| FLEXium Interconnect Inc. | 4,519,260 | 11,425 |
| Taiwan Glass Industry Corp. | 26,150,290 | 11,245 |
| Compeq Manufacturing Co. Ltd. | 17,354,000 | 11,146 |
| E Ink Holdings Inc. | 13,921,000 | 11,023 |
| Oriental Union Chemical Corp. | 11,907,372 | 10,805 |
| King Slide Works Co. Ltd. | 1,021,000 | 10,624 |
| Wistron NeWeb Corp. | 4,507,687 | 10,519 |
| Transcend Information Inc. | 5,023,429 | 10,504 |
| TSRC Corp. | 11,215,000 | 10,359 |
| General Interface Solution Holding Ltd. | 3,077,070 | 10,277 |
| Standard Foods Corp. | 6,825,403 | 10,263 |
| Grape King Bio Ltd. | 1,614,039 | 10,181 |
| Voltronic Power Technology Corp. | 613,355 | 9,928 |
| Gigabyte Technology Co. Ltd. | 7,542,000 | 9,916 |
| Great Wall Enterprise Co. Ltd. | 10,054,790 | 9,809 |
| Sinbon Electronics Co. Ltd. | 3,519,315 | 9,725 |
| King Yuan Electronics Co. Ltd. | 16,397,000 | 9,603 |
| Mitac Holdings Corp. | 11,629,338 | 9,456 |
| Unimicron Technology Corp. | 19,329,849 | 9,448 |
| Bizlink Holding Inc. | 1,757,678 | 9,405 |
| Taichung Commercial Bank Co. Ltd. | 28,336,706 | 9,351 |
| Poya International Co. Ltd. | 1,064,703 | 9,279 |
| Global Unichip Corp. | 1,356,940 | 9,272 |
| Cheng Loong Corp. | 14,412,000 | 9,205 |
| TTY Biopharm Co. Ltd. | 3,492,000 | 9,128 |
| Grand Pacific Petrochemical Corp. | 13,342,394 | 9,031 |
| Taiwan Union Technology Corp. | 3,280,772 | 9,030 |
| China Steel Chemical Corp. | 2,212,000 | 9,004 |
| U-Ming Marine Transport Corp. | 8,592,868 | 8,999 |
| Huaku Development Co. Ltd. | 4,383,000 | 8,916 |
| Coretronic Corp. | 6,422,400 | 8,838 |
| WT Microelectronics Co. Ltd. | 6,823,751 | 8,802 |
| Elite Material Co. Ltd. | 4,390,246 | 8,800 |
| Tong Yang Industry Co. Ltd. | 7,760,000 | 8,775 |
| YFY Inc. | 24,139,883 | 8,757 |
| Nan Kang Rubber Tire Co. Ltd. | 9,839,000 | 8,600 |
| eMemory Technology Inc. | 1,128,000 | 8,370 |
| Elan Microelectronics Corp. | 4,448,500 | 8,311 |
65
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Yungtay Engineering Co. Ltd. | 4,520,000 | 8,260 |
| Career Technology MFG. Co. Ltd. | 5,919,338 | 8,212 |
| HannStar Display Corp. | 36,414,113 | 8,034 |
| China Motor Corp. | 10,605,000 | 8,006 |
| Chong Hong Construction Co. Ltd. | 3,497,000 | 7,972 |
| Cathay Real Estate Development Co. Ltd. | 13,068,700 | 7,773 |
| Kenda Rubber Industrial Co. Ltd. | 8,035,571 | 7,700 |
| ASPEED Technology Inc. | 520,000 | 7,663 |
| Yulon Motor Co. Ltd. | 12,972,584 | 7,585 |
| Genius Electronic Optical Co. Ltd. | 1,163,775 | 7,560 |
| Wafer Works Corp. | 7,369,651 | 7,511 |
| * OBI Pharma Inc. | 1,907,000 | 7,465 |
| Gourmet Master Co. Ltd. | 1,229,469 | 7,457 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 4,820,000 | 7,434 |
| President Securities Corp. | 18,313,293 | 7,421 |
| Clevo Co. | 9,398,000 | 7,319 |
| Waterland Financial Holdings Co. Ltd. | 22,491,638 | 7,314 |
| TPK Holding Co. Ltd. | 4,689,018 | 7,311 |
| Sunny Friend Environmental Technology Co. Ltd. | 1,002,000 | 7,236 |
| LandMark Optoelectronics Corp. | 1,083,900 | 7,204 |
| * Mercuries Life Insurance Co. Ltd. | 16,074,847 | 7,051 |
| Cub Elecparts Inc. | 1,159,552 | 7,017 |
| Yieh Phui Enterprise Co. Ltd. | 22,261,204 | 6,916 |
| Primax Electronics Ltd. | 5,081,000 | 6,867 |
| China Bills Finance Corp. | 15,747,000 | 6,729 |
| * PChome Online Inc. | 1,467,873 | 6,712 |
| Wan Hai Lines Ltd. | 13,704,450 | 6,703 |
| Getac Technology Corp. | 5,688,000 | 6,702 |
| ASMedia Technology Inc. | 481,027 | 6,659 |
| Chilisin Electronics Corp. | 2,756,592 | 6,640 |
| Taiwan Styrene Monomer Corp. | 8,895,000 | 6,629 |
| Holy Stone Enterprise Co. Ltd. | 2,079,013 | 6,560 |
| Chin-Poon Industrial Co. Ltd. | 5,838,000 | 6,524 |
| ITEQ Corp. | 5,059,416 | 6,495 |
| Center Laboratories Inc. | 3,472,371 | 6,432 |
| Ardentec Corp. | 7,332,882 | 6,396 |
| Tong Hsing Electronic Industries Ltd. | 2,132,000 | 6,370 |
| Sercomm Corp. | 3,953,000 | 6,322 |
| Tung Ho Steel Enterprise Corp. | 9,276,000 | 6,293 |
| * Asia Pacific Telecom Co. Ltd. | 32,267,000 | 6,212 |
| * Taiwan TEA Corp. | 12,263,000 | 6,209 |
| Sanyang Motor Co. Ltd. | 9,641,000 | 6,178 |
| China Man-Made Fiber Corp. | 19,418,198 | 6,171 |
| Ton Yi Industrial Corp. | 14,347,000 | 6,124 |
| Asia Optical Co. Inc. | 3,399,000 | 6,123 |
| Long Chen Paper Co. Ltd. | 11,808,474 | 6,040 |
| United Integrated Services Co. Ltd. | 3,327,000 | 5,957 |
| Greatek Electronics Inc. | 4,691,000 | 5,856 |
| Lotes Co. Ltd. | 1,037,000 | 5,825 |
| Kinpo Electronics Inc. | 19,197,000 | 5,753 |
| Hung Sheng Construction Ltd. | 6,730,800 | 5,723 |
| Yulon Finance Corp. | 2,065,000 | 5,687 |
| Far Eastern Department Stores Ltd. | 11,222,000 | 5,613 |
| * Ritek Corp. | 17,324,424 | 5,557 |
| Sigurd Microelectronics Corp. | 6,151,000 | 5,530 |
| Everlight Electronics Co. Ltd. | 6,401,000 | 5,515 |
| Lung Yen Life Service Corp. | 2,878,000 | 5,426 |
| Farglory Land Development Co. Ltd. | 4,735,000 | 5,413 |
| * United Renewable Energy Co. Ltd. | 24,244,701 | 5,401 |
| Cheng Uei Precision Industry Co. Ltd. | 7,799,473 | 5,385 |
| Visual Photonics Epitaxy Co. Ltd. | 2,963,500 | 5,356 |
| Shin Zu Shing Co. Ltd. | 2,142,000 | 5,265 |
| Taiwan Semiconductor Co. Ltd. | 3,473,000 | 5,224 |
| Advanced Ceramic X Corp. | 828,615 | 5,219 |
66
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Tainan Spinning Co. Ltd. | 13,265,000 | 5,217 |
| Systex Corp. | 2,600,000 | 5,209 |
| Charoen Pokphand Enterprise Co. Ltd. | 3,803,476 | 5,161 |
| Topco Scientific Co. Ltd. | 2,464,342 | 5,111 |
| Taiwan Paiho Ltd. | 3,445,000 | 5,102 |
| Shinkong Synthetic Fibers Corp. | 14,686,000 | 4,971 |
| * CMC Magnetics Corp. | 27,224,000 | 4,870 |
| Kinsus Interconnect Technology Corp. | 3,668,000 | 4,813 |
| PharmaEngine Inc. | 1,396,457 | 4,728 |
| YC INOX Co. Ltd. | 5,911,200 | 4,727 |
| Ennoconn Corp. | 704,085 | 4,683 |
| Gloria Material Technology Corp. | 8,615,640 | 4,658 |
| * Radium Life Tech Co. Ltd. | 9,422,000 | 4,650 |
| Prince Housing & Development Corp. | 13,823,000 | 4,515 |
| Chlitina Holding Ltd. | 674,000 | 4,506 |
| YungShin Global Holding Corp. | 3,486,000 | 4,462 |
| Lealea Enterprise Co. Ltd. | 14,563,000 | 4,460 |
| Machvision Inc. | 429,231 | 4,416 |
| Wah Lee Industrial Corp. | 2,796,000 | 4,386 |
| UPC Technology Corp. | 11,858,589 | 4,364 |
| Namchow Holdings Co. Ltd. | 3,072,000 | 4,340 |
| Cleanaway Co. Ltd. | 776,000 | 4,283 |
| USI Corp. | 11,158,861 | 4,265 |
| Pan-International Industrial Corp. | 7,417,000 | 4,257 |
| AcBel Polytech Inc. | 7,390,000 | 4,250 |
| TXC Corp. | 4,249,000 | 4,249 |
| Hsin Kuang Steel Co. Ltd. | 3,864,000 | 4,161 |
| Mercuries & Associates Holding Ltd. | 6,453,568 | 4,158 |
| Ginko International Co. Ltd. | 728,000 | 4,157 |
| Goldsun Building Materials Co. Ltd. | 15,701,000 | 4,148 |
| * Pan Jit International Inc. | 5,727,000 | 4,141 |
| Test Research Inc. | 2,969,000 | 4,129 |
| * Yang Ming Marine Transport Corp. | 14,834,725 | 4,109 |
| Taiwan Surface Mounting Technology Corp. | 3,760,000 | 4,107 |
| Sitronix Technology Corp. | 1,581,000 | 4,098 |
| Unitech Printed Circuit Board Corp. | 9,530,880 | 4,016 |
| * AmTRAN Technology Co. Ltd. | 10,479,000 | 4,004 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 6,079,000 | 4,000 |
| Pharmally International Holding Co. Ltd. | 528,728 | 3,995 |
| Darfon Electronics Corp. | 3,452,000 | 3,980 |
| Pixart Imaging Inc. | 1,497,000 | 3,968 |
| Asia Vital Components Co. Ltd. | 5,770,000 | 3,967 |
| Foxsemicon Integrated Technology Inc. | 1,126,242 | 3,942 |
| Aten International Co. Ltd. | 1,538,000 | 3,858 |
| BES Engineering Corp. | 16,980,000 | 3,855 |
| Holtek Semiconductor Inc. | 1,990,483 | 3,771 |
| International Games System Co. Ltd. | 846,000 | 3,764 |
| Flytech Technology Co. Ltd. | 1,664,000 | 3,742 |
| Taiwan PCB Techvest Co. Ltd. | 4,710,000 | 3,683 |
| Rechi Precision Co. Ltd. | 4,972,000 | 3,664 |
| IEI Integration Corp. | 3,508,200 | 3,663 |
| Elite Semiconductor Memory Technology Inc. | 3,797,000 | 3,654 |
| Chaun-Choung Technology Corp. | 1,084,000 | 3,647 |
| Chunghwa Precision Test Tech Co. Ltd. | 268,443 | 3,637 |
| Zeng Hsing Industrial Co. Ltd. | 777,000 | 3,608 |
| Test Rite International Co. Ltd. | 4,897,000 | 3,555 |
| Xxentria Technology Materials Corp. | 1,840,000 | 3,514 |
| China General Plastics Corp. | 5,876,442 | 3,491 |
| § Syncmold Enterprise Corp. | 1,657,500 | 3,478 |
| Soft-World International Corp. | 1,617,000 | 3,464 |
| Everlight Chemical Industrial Corp. | 6,884,200 | 3,444 |
| Depo Auto Parts Ind Co. Ltd. | 1,579,000 | 3,431 |
| Firich Enterprises Co. Ltd. | 3,006,040 | 3,395 |
| Elite Advanced Laser Corp. | 1,939,349 | 3,390 |
67
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Ho Tung Chemical Corp. | 15,494,459 | 3,343 |
| SDI Corp. | 1,533,236 | 3,337 |
| A-DATA Technology Co. Ltd. | 2,710,000 | 3,314 |
| Kinik Co. | 1,929,000 | 3,306 |
| OptoTech Corp. | 6,393,103 | 3,276 |
| Formosa International Hotels Corp. | 744,000 | 3,214 |
| Hu Lane Associate Inc. | 1,257,000 | 3,213 |
| Faraday Technology Corp. | 3,061,000 | 3,186 |
| ITE Technology Inc. | 3,210,000 | 3,153 |
| Darwin Precisions Corp. | 6,263,000 | 3,119 |
| * Wei Chuan Foods Corp. | 5,030,000 | 3,103 |
| * Taiwan Land Development Corp. | 11,881,201 | 3,074 |
| Egis Technology Inc. | 970,100 | 3,060 |
| TA-I Technology Co. Ltd. | 2,049,000 | 3,004 |
| Lextar Electronics Corp. | 5,597,663 | 2,993 |
| Tyntek Corp. | 5,985,000 | 2,950 |
| * Orient Semiconductor Electronics Ltd. | 12,970,000 | 2,943 |
| ScinoPharm Taiwan Ltd. | 3,986,576 | 2,942 |
| Kindom Construction Corp. | 5,222,000 | 2,877 |
| Nan Liu Enterprise Co. Ltd. | 563,000 | 2,855 |
| Lite-On Semiconductor Corp. | 3,505,000 | 2,838 |
| Casetek Holdings Ltd. | 1,952,364 | 2,762 |
| Wowprime Corp. | 1,036,000 | 2,737 |
| Concraft Holding Co. Ltd. | 706,712 | 2,686 |
| Taiwan Cogeneration Corp. | 3,179,000 | 2,686 |
| KEE TAI Properties Co. Ltd. | 7,078,000 | 2,681 |
| Taiflex Scientific Co. Ltd. | 2,698,920 | 2,635 |
| Advanced Wireless Semiconductor Co. | 2,079,000 | 2,599 |
| China Metal Products Co. Ltd. | 2,658,000 | 2,591 |
| Global Mixed Mode Technology Inc. | 1,333,000 | 2,576 |
| Long Bon International Co. Ltd. | 5,334,100 | 2,575 |
| Sunplus Technology Co. Ltd. | 7,505,000 | 2,531 |
| Nan Ya Printed Circuit Board Corp. | 3,145,521 | 2,516 |
| * D-Link Corp. | 7,598,000 | 2,479 |
| * CSBC Corp. Taiwan | 2,359,999 | 2,471 |
| Dynapack International Technology Corp. | 1,939,000 | 2,438 |
| Ta Ya Electric Wire & Cable Co. Ltd. | 6,850,000 | 2,419 |
| CyberTAN Technology Inc. | 6,098,000 | 2,412 |
| Posiflex Technology Inc. | 787,764 | 2,404 |
| * Lotus Pharmaceutical Co. Ltd. | 1,239,000 | 2,396 |
| Wisdom Marine Lines Co. Ltd. | 2,502,844 | 2,393 |
| * Microbio Co. Ltd. | 4,422,000 | 2,391 |
| Li Cheng Enterprise Co. Ltd. | 1,863,713 | 2,378 |
| Gemtek Technology Corp. | 3,989,000 | 2,373 |
| Sampo Corp. | 6,331,000 | 2,368 |
| FocalTech Systems Co. Ltd. | 3,180,000 | 2,331 |
| Taiyen Biotech Co. Ltd. | 2,457,000 | 2,330 |
| Sporton International Inc. | 616,459 | 2,297 |
| momo.com Inc. | 380,000 | 2,293 |
| Brogent Technologies Inc. | 488,400 | 2,229 |
| Yulon Nissan Motor Co. Ltd. | 310,188 | 2,157 |
| Formosan Rubber Group Inc. | 4,658,135 | 2,155 |
| TYC Brother Industrial Co. Ltd. | 2,895,000 | 2,144 |
| Altek Corp. | 2,882,000 | 2,133 |
| Hong Pu Real Estate Development Co. Ltd. | 3,326,000 | 2,132 |
| Adlink Technology Inc. | 1,843,790 | 2,094 |
| ChipMOS Technologies Inc. | 3,006,569 | 2,080 |
| Tung Thih Electronic Co. Ltd. | 1,005,000 | 2,059 |
| Jentech Precision Industrial Co. Ltd. | 1,093,000 | 2,032 |
| * Federal Corp. | 5,681,040 | 2,004 |
| Asia Polymer Corp. | 4,534,854 | 1,997 |
| * Shining Building Business Co. Ltd. | 6,279,840 | 1,995 |
| Lingsen Precision Industries Ltd. | 7,333,000 | 1,989 |
| * XinTec Inc. | 1,840,225 | 1,964 |
68
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Global Brands Manufacture Ltd. | 5,173,000 | 1,954 |
| * | Taigen Biopharmaceuticals Holdings Ltd. | 3,741,820 | 1,951 |
| | L&K Engineering Co. Ltd. | 2,341,000 | 1,922 |
| | Swancor Holding Co. Ltd. | 1,006,000 | 1,915 |
| * | Ichia Technologies Inc. | 4,266,000 | 1,912 |
| | Globe Union Industrial Corp. | 3,939,000 | 1,864 |
| * | Li Peng Enterprise Co. Ltd. | 7,079,000 | 1,858 |
| | Sinyi Realty Inc. | 1,937,391 | 1,847 |
| | Sonix Technology Co. Ltd. | 2,123,000 | 1,819 |
| * | Etron Technology Inc. | 6,578,000 | 1,818 |
| | Basso Industry Corp. | 1,277,000 | 1,805 |
| * | Unizyx Holding Corp. | 5,295,000 | 1,785 |
| | China Chemical & Pharmaceutical Co. Ltd. | 3,009,000 | 1,779 |
| * | Silicon Integrated Systems Corp. | 7,452,468 | 1,768 |
| * | Medigen Biotechnology Corp. | 1,336,000 | 1,747 |
| | Yeong Guan Energy Technology Group Co. Ltd. | 1,284,000 | 1,743 |
| | Cyberlink Corp. | 852,000 | 1,712 |
| | Jess-Link Products Co. Ltd. | 1,986,750 | 1,704 |
| | Alpha Networks Inc. | 3,710,000 | 1,637 |
| * | Kuo Toong International Co. Ltd. | 2,342,950 | 1,586 |
| * | HannsTouch Solution Inc. | 8,494,000 | 1,579 |
| | Rich Development Co. Ltd. | 5,537,000 | 1,569 |
| | Weltrend Semiconductor Inc. | 2,093,568 | 1,565 |
| | Quanta Storage Inc. | 2,255,000 | 1,550 |
| * | WUS Printed Circuit Co. Ltd. | 3,243,600 | 1,522 |
| * | AGV Products Corp. | 7,062,370 | 1,512 |
| | CHC Healthcare Group | 1,412,899 | 1,502 |
| * | Tong-Tai Machine & Tool Co. Ltd. | 2,617,000 | 1,471 |
| | Senao International Co. Ltd. | 1,290,000 | 1,435 |
| * | Unity Opto Technology Co. Ltd. | 5,295,000 | 1,430 |
| | Iron Force Industrial Co. Ltd. | 717,000 | 1,423 |
| | Ability Enterprise Co. Ltd. | 3,587,491 | 1,408 |
| * | Gold Circuit Electronics Ltd. | 4,135,000 | 1,372 |
| | Concord Securities Co. Ltd. | 5,802,500 | 1,356 |
| | Evergreen International Storage & Transport Corp. | 3,228,000 | 1,337 |
| | Elitegroup Computer Systems Co. Ltd. | 3,216,000 | 1,324 |
| | Kung Long Batteries Industrial Co. Ltd. | 281,000 | 1,303 |
| | Supreme Electronics Co. Ltd. | 1,533,000 | 1,293 |
| | China Electric Manufacturing Corp. | 4,538,000 | 1,286 |
| | Huang Hsiang Construction Corp. | 1,545,000 | 1,243 |
| *,§ | Pihsiang Machinery Manufacturing Co. Ltd. | 2,219,000 | 1,241 |
| | Chung Hwa Pulp Corp. | 4,020,000 | 1,183 |
| * | Motech Industries Inc. | 5,585,883 | 1,174 |
| | Chun Yuan Steel Industry Co. Ltd. | 3,524,000 | 1,140 |
| * | Cheng Mei Materials Technology Corp. | 4,872,000 | 1,132 |
| | Kuoyang Construction Co. Ltd. | 3,109,111 | 1,130 |
| | Zinwell Corp. | 1,943,000 | 1,083 |
| | Sheng Yu Steel Co. Ltd. | 1,687,000 | 1,068 |
| | Bank of Kaohsiung Co. Ltd. | 3,728,309 | 1,061 |
| | Sincere Navigation Corp. | 2,046,000 | 1,057 |
| | FSP Technology Inc. | 1,896,120 | 1,051 |
| * | TWi Pharmaceuticals Inc. | 527,000 | 1,044 |
| | Infortrend Technology Inc. | 2,973,000 | 1,039 |
| | Toung Loong Textile Manufacturing Co. Ltd. | 967,000 | 1,020 |
| * | Phihong Technology Co. Ltd. | 3,758,000 | 1,001 |
| | MIN AIK Technology Co. Ltd. | 2,115,200 | 989 |
| | Universal Cement Corp. | 1,595,991 | 967 |
| * | Green Energy Technology Inc. | 2,940,000 | 963 |
| * | ALI Corp. | 2,977,000 | 891 |
| | Gigasolar Materials Corp. | 316,000 | 868 |
| * | Gigastorage Corp. | 3,550,000 | 810 |
| | Johnson Health Tech Co. Ltd. | 787,000 | 809 |
| * | Dynamic Electronics Co. Ltd. | 2,613,000 | 619 |
| | Nien Hsing Textile Co. Ltd. | 804,375 | 594 |
69
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Advanced International Multitech Co. Ltd. | 561,000 | 572 |
| | Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 177,000 | 423 |
| *,§ | XPEC Entertainment Inc. | 988,965 | 422 |
| * | E-Ton Solar Tech Co. Ltd. | 4,773,000 | 391 |
| | Tsann Kuen Enterprise Co. Ltd. | 517,000 | 324 |
| * | Taishin Financial Holding Co. Ltd. Rights Exp. 11/22/2018 | 3,176,945 | 308 |
| | Jih Sun Financial Holdings Co. Ltd. | 679,692 | 197 |
| * | G Tech Optoelectronics Corp. | 416,481 | 138 |
| * | Evergreen Marine Corp. Taiwan Ltd. Rights Exp. 11/21/2018 | 1,990,800 | 45 |
| | King's Town Construction Co. Ltd. | 59,000 | 36 |
| * | TWi Biotechnology Inc. | 31,680 | 22 |
| * | Taichung Commercial Bank Co. Ltd. Rights Exp. 11/26/2018 | 944,414 | — |
| | | | 10,512,085 |
| Thailand (4.2%) | | |
| * | PTT PCL | 167,188,372 | 257,089 |
| * | CP ALL PCL (Local) | 80,959,822 | 164,486 |
| * | Siam Commercial Bank PCL (Local) | 31,113,133 | 129,118 |
| * | Airports of Thailand PCL | 66,364,594 | 128,258 |
| * | Advanced Info Service PCL (Local) | 17,406,296 | 102,999 |
| * | Bangkok Dusit Medical Services PCL | 134,718,835 | 99,913 |
| | Siam Cement PCL NVDR | 7,226,618 | 91,296 |
| * | Central Pattana PCL | 37,997,258 | 90,613 |
| * | PTT Exploration and Production PCL (Local) | 21,154,884 | 88,605 |
| | PTT PCL (Foreign) | 49,222,194 | 75,690 |
| * | Kasikornbank PCL | 11,243,034 | 67,679 |
| | Kasikornbank PCL (Foreign) | 10,222,041 | 61,533 |
| | Kasikornbank PCL (XBKK) | 10,121,875 | 60,930 |
| * | Minor International PCL | 50,525,844 | 55,797 |
| | Siam Cement PCL (Foreign) | 4,261,732 | 53,840 |
| * | Bangkok Bank PCL (Local) | 7,504,586 | 46,905 |
| | Intouch Holdings PCL | 27,490,317 | 44,003 |
| * | Home Product Center PCL | 91,956,084 | 41,411 |
| | Krung Thai Bank PCL (Foreign) | 66,157,394 | 40,163 |
| * | Thai Oil PCL | 15,664,655 | 40,062 |
| * | Energy Absolute PCL | 25,580,496 | 38,257 |
| * | PTT Global Chemical PCL (XBKK) | 15,405,035 | 35,988 |
| | PTT Global Chemical PCL | 14,986,344 | 35,010 |
| * | Charoen Pokphand Foods PCL | 45,548,917 | 34,716 |
| * | BTS Group Holdings PCL | 124,259,213 | 34,370 |
| * | Bangkok Expressway & Metro PCL | 132,773,221 | 34,094 |
| | Indorama Ventures PCL | 19,436,898 | 31,886 |
| ^ | Land & Houses PCL | 100,323,036 | 31,248 |
| * | Digital Telecommunications Infrastructure Fund | 69,023,422 | 30,806 |
| * | Bumrungrad Hospital PCL | 5,267,074 | 30,747 |
| * | Banpu PCL (Local) | 57,364,531 | 30,208 |
| * | Electricity Generating PCL | 4,318,011 | 30,123 |
| * | TMB Bank PCL | 430,504,891 | 29,678 |
| ^ | Siam Commercial Bank PCL | 6,164,479 | 25,582 |
| * | Krungthai Card PCL | 20,564,531 | 21,600 |
| * | Kiatnakin Bank PCL | 9,762,718 | 21,007 |
| * | Thanachart Capital PCL | 13,186,956 | 20,984 |
| * | Thai Union Group PCL | 39,406,966 | 19,762 |
| | IRPC PCL (Foreign) | 99,728,211 | 18,364 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 50,407,373 | 18,258 |
| * | True Corp. PCL | 101,887,468 | 18,171 |
| * | Muangthai Capital PCL | 11,442,745 | 18,056 |
| ^ | Ratchaburi Electricity Generating Holding PCL | 12,098,804 | 17,882 |
| * | Bangchak Corp. PCL | 17,604,766 | 17,517 |
| * | Robinson PCL | 8,270,871 | 16,339 |
| * | Berli Jucker PCL | 9,465,153 | 15,958 |
| | Krung Thai Bank PCL | 25,195,234 | 15,296 |
| * | Total Access Communication PCL (Local) | 10,549,245 | 15,170 |
| * | Delta Electronics Thailand PCL | 7,209,452 | 15,009 |
| * | Central Plaza Hotel PCL | 12,258,213 | 14,919 |
70
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Glow Energy PCL (Foreign) | 5,792,897 | 14,640 |
| * | KCE Electronics PCL | 12,467,414 | 14,055 |
| * | Sino-Thai Engineering & Construction PCL | 18,349,963 | 13,759 |
| * | Siam Global House PCL | 23,602,607 | 13,365 |
| * | Tisco Financial Group PCL | 5,608,087 | 13,343 |
| * | Jasmine Broadband Internet Infrastructure Fund | 43,221,907 | 13,309 |
| * | CH Karnchang PCL | 17,260,363 | 13,286 |
| * | Siam Cement PCL | 985,505 | 12,450 |
| * | WHA Corp. PCL | 99,695,206 | 12,410 |
| * | Bangkok Chain Hospital PCL | 20,923,045 | 12,329 |
| * | VGI Global Media PCL | 53,475,600 | 12,190 |
| | Berli Jucker PCL (Foreign) | 6,473,837 | 10,887 |
| ^ | Tisco Financial Group PCL (XBKK) | 4,529,174 | 10,776 |
| * | Srisawad Corp. PCL | 7,985,357 | 10,741 |
| * | Quality Houses PCL | 113,052,951 | 10,724 |
| * | Hana Microelectronics PCL | 9,559,283 | 10,470 |
| * | AP Thailand PCL | 42,171,042 | 10,457 |
| * | Indorama Ventures PCL (XBKK) | 6,234,537 | 10,228 |
| * | Bangkok Land PCL | 196,157,278 | 10,192 |
| *,2 | Star Petroleum Refining PCL | 23,334,868 | 9,926 |
| * | Gulf Energy Development PCL | 4,092,809 | 9,646 |
| * | Global Power Synergy PCL | 5,316,304 | 9,275 |
| * | Amata Corp. PCL | 12,727,577 | 9,271 |
| * | Supalai PCL Ordinary Shares | 13,877,735 | 9,173 |
| * | Esso Thailand PCL | 20,298,173 | 8,872 |
| * | TTW PCL | 23,456,434 | 8,701 |
| * | Chularat Hospital PCL | 109,965,746 | 8,450 |
| * | CK Power PCL | 55,149,272 | 8,324 |
| * | Bangkok Life Assurance PCL | 8,667,434 | 8,316 |
| | Tesco Lotus Retail Growth Freehold & Leasehold Property Fund | 13,749,171 | 7,923 |
| ^ | Charoen Pokphand Foods PCL (Foreign) | 10,229,700 | 7,797 |
| * | TPI Polene PCL | 137,601,361 | 7,489 |
| | True Corp. PCL (XBKK) | 41,508,710 | 7,403 |
| * | Sansiri PCL (Local) | 154,763,806 | 7,337 |
| * | IRPC PCL | 39,317,835 | 7,240 |
| * | B Grimm Power PCL | 8,534,995 | 7,229 |
| * | Major Cineplex Group PCL | 9,874,997 | 7,042 |
| * | Siam City Cement PCL (Local) | 969,365 | 7,028 |
| * | Thai Airways International PCL | 17,846,368 | 7,014 |
| * | IMPACT Growth REIT | 11,850,237 | 6,764 |
| * | Pruksa Holding PCL | 10,700,630 | 6,523 |
| | MBK PCL | 8,479,400 | 6,241 |
| * | Vibhavadi Medical Center PCL | 90,522,990 | 6,175 |
| ^ | Banpu PCL | 11,701,624 | 6,162 |
| * | Thai Vegetable Oil PCL | 7,152,711 | 6,099 |
| * | Sri Trang Agro-Industry Ordinary Shares | 10,802,325 | 5,854 |
| * | Carabao Group PCL | 4,183,605 | 5,723 |
| * | Gunkul Engineering PCL | 60,277,389 | 5,650 |
| * | Beauty Community PCL | 18,407,896 | 5,566 |
| * | Banpu Power PCL | 7,109,939 | 5,129 |
| * | Thoresen Thai Agencies PCL | 23,751,287 | 4,816 |
| *,§ | Pruksa Real Estate PCL | 11,775,000 | 4,767 |
| * | Super Energy Corp. PCL | 224,329,919 | 4,745 |
| * | LPN Development PCL | 16,412,497 | 4,641 |
| * | Precious Shipping PCL | 12,568,363 | 4,381 |
| * | Tipco Asphalt PCL | 9,906,530 | 4,365 |
| * | Bangkok Airways PCL | 12,190,224 | 4,315 |
| | Unique Engineering & Construction PCL | 11,265,709 | 4,293 |
| * | Jasmine International PCL | 26,945,255 | 4,194 |
| * | GFPT PCL | 9,542,696 | 4,128 |
| * | SPCG PCL | 6,739,404 | 4,110 |
| * | Taokaenoi Food & Marketing PCL | 10,152,881 | 3,968 |
| * | Italian-Thai Development PCL | 47,976,992 | 3,968 |
| * | Intouch Holdings PCL (XBKK) | 2,462,900 | 3,942 |
71
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Thai Union Frozen Products PCL (Foreign) | 7,143,313 | 3,582 |
| * | Gulf Energy Development PCL (Foreign) | 1,488,200 | 3,507 |
| * | Univentures PCL | 15,102,951 | 3,361 |
| * | Origin Property PCL | 11,942,919 | 3,323 |
| * | TPI Polene Power PCL | 18,325,880 | 3,320 |
| * | Workpoint Entertainment PCL | 3,436,734 | 3,272 |
| * | Thaicom PCL | 12,516,385 | 3,236 |
| ^ | Siam City Cement PCL (Foreign) | 434,041 | 3,147 |
| ^ | Supalai PCL (Foreign) | 4,610,850 | 3,048 |
| * | PTG Energy PCL | 8,794,646 | 2,789 |
| * | Cal-Comp Electronics Thailand PCL | 46,773,675 | 2,741 |
| * | Samart Corp. PCL | 11,631,020 | 2,515 |
| | Thanachart Capital PCL (Foreign) | 1,573,400 | 2,504 |
| *,§ | Inter Far East Energy Corp. | 25,084,660 | 2,346 |
| * | U City PCL | 2,516,966,865 | 2,278 |
| * | Group Lease PCL | 10,536,404 | 2,215 |
| * | Thaifoods Group PCL | 18,733,275 | 2,205 |
| * | Glow Energy PCL | 838,940 | 2,120 |
| ^,* | BEC World PCL (Foreign) | 9,549,672 | 1,762 |
| * | BCPG PCL | 3,017,882 | 1,707 |
| * | Krung Thai Bank PCL (XBKK) | 2,594,876 | 1,575 |
| ^ | Sri Trang Agro-Industry PCL (Foreign) | 2,792,036 | 1,513 |
| * | TOA Paint Thailand PCL | 1,444,734 | 1,474 |
| | Minor International PCL (Foreign) | 1,139,421 | 1,258 |
| ^ | TOA Paint Thailand PCL (Foreign) | 1,206,300 | 1,231 |
| * | Land & Houses PCL (XBKK) | 3,912,928 | 1,219 |
| * | BEC World PCL | 5,760,655 | 1,063 |
| ^ | Jasmine International PCL (Foreign) | 5,444,100 | 847 |
| * | Thai Reinsurance PCL | 20,011,700 | 610 |
| ^,* | Group Lease PCL NVDR | 2,829,545 | 595 |
| * | Maybank Kim Eng Securities Thailand PCL | 1,180,200 | 435 |
| | Central Pattana PCL (XBKK) | 129,966 | 310 |
| * | Dynasty Ceramic PCL Warrants Exp. 05/03/2021 | 10,213,708 | 277 |
| * | VGI Global Media PCL Warrants Exp. 12/31/2022 | 10,681,940 | 129 |
| * | Super Energy Corp. PCL Warrants Exp. 08/30/2020 | 44,649,180 | 94 |
| | Bangkok Bank PCL (Foreign) | 14,555 | 93 |
| * | Samart Corp. PCL Warrants Exp. 05/08/2021 | 3,873,466 | 64 |
| * | Vibhavadi Medical Center PCL Warrants Exp. 05/09/2022 | 6,650,153 | 58 |
| * | Thaifoods Group PCL Warrants Exp. 04/28/2020 | 1,806,270 | 36 |
| | Kiatnakin Bank PCL (XBKK) | 11,652 | 25 |
| ^,* | Italian-Thai Development PCL (XBKK) | 101,839 | 8 |
| * | BTS Group Holdings PCL Warrants Exp. 12/31/2019 | 13,802,120 | — |
| | | | 3,064,873 |
| Turkey (0.8%) | | |
| | BIM Birlesik Magazalar AS | 3,548,622 | 50,445 |
| | Tupras Turkiye Petrol Rafinerileri AS | 1,881,390 | 44,389 |
| | Turkiye Garanti Bankasi AS | 32,278,722 | 40,604 |
| | KOC Holding AS | 13,371,959 | 37,355 |
| | Akbank T.A.S. | 31,576,265 | 37,342 |
| | Eregli Demir ve Celik Fabrikalari TAS | 21,436,153 | 34,787 |
| | Turkcell Iletisim Hizmetleri AS | 17,035,076 | 34,665 |
| * | Turk Hava Yollari AO | 8,759,050 | 22,063 |
| | Haci Omer Sabanci Holding AS (Bearer) | 14,465,502 | 18,452 |
| | Turkiye Is Bankasi AS | 22,597,467 | 16,173 |
| | Ford Otomotiv Sanayi AS | 1,080,724 | 11,606 |
| | Aselsan Elektronik Sanayi Ve Ticaret AS | 2,491,235 | 11,278 |
| | TAV Havalimanlari Holding AS | 2,707,953 | 11,274 |
| | Anadolu Efes Biracilik Ve Malt Sanayii AS | 3,266,479 | 10,983 |
| | Petkim Petrokimya Holding AS | 11,893,056 | 10,825 |
| | Turkiye Halk Bankasi AS | 9,621,486 | 10,640 |
| | Turkiye Vakiflar Bankasi TAO | 17,260,787 | 10,590 |
| | Tekfen Holding AS | 2,694,028 | 10,256 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 28,793,204 | 8,624 |
| | Turkiye Sise ve Cam Fabrikalari AS | 10,050,374 | 8,512 |
72
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| October 31, 2018 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tofas Turk Otomobil Fabrikasi AS | 2,036,679 | 7,687 |
| | Arcelik AS | 2,692,994 | 7,490 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 13,400,881 | 7,346 |
| * | Ulker Biskuvi Sanayi AS | 2,736,539 | 7,236 |
| * | Yapi ve Kredi Bankasi AS | 24,360,047 | 7,065 |
| | Soda Sanayii AS | 5,803,991 | 7,039 |
| | Enka Insaat ve Sanayi AS | 7,868,100 | 6,575 |
| * | Koza Altin Isletmeleri AS | 686,644 | 5,535 |
| | Coca-Cola Icecek AS | 1,114,719 | 5,504 |
| * | Turk Telekomunikasyon AS | 8,835,232 | 5,070 |
| | Turkiye Sinai Kalkinma Bankasi AS | 26,754,475 | 3,403 |
| | Aygaz AS | 1,459,442 | 3,179 |
| * | Koza Anadolu Metal Madencilik Isletmeleri AS | 3,356,690 | 3,036 |
| | Trakya Cam Sanayii AS | 4,766,960 | 2,791 |
| * | Dogan Sirketler Grubu Holding AS | 14,256,775 | 2,785 |
| * | Sasa Polyester Sanayi AS | 1,492,049 | 2,219 |
| 2 | Mavi Giyim Sanayi Ve Ticaret AS Class B | 313,256 | 1,888 |
| | Turk Traktor ve Ziraat Makineleri AS | 271,664 | 1,767 |
| * | Pegasus Hava Tasimaciligi AS | 463,703 | 1,668 |
| *,2 | MLP Saglik Hizmetleri AS | 647,571 | 1,540 |
| | AG Anadolu Grubu Holding AS | 731,541 | 1,490 |
| * | Migros Ticaret AS | 559,686 | 1,465 |
| * | Aksa Enerji Uretim AS Class B | 2,002,973 | 1,364 |
| * | Bera Holding AS | 4,583,223 | 1,323 |
| | Dogus Otomotiv Servis ve Ticaret AS | 1,475,707 | 1,321 |
| | Otokar Otomotiv Ve Savunma Sanayi AS | 89,952 | 1,149 |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A | 2,991,509 | 1,148 |
| | Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 1,656,618 | 1,147 |
| * | Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS | 1,451,151 | 1,135 |
| * | Vestel Elektronik Sanayi ve Ticaret AS | 905,864 | 1,080 |
| | Aksa Akrilik Kimya Sanayii AS | 661,319 | 1,071 |
| * | Iskenderun Demir ve Celik AS | 839,143 | 1,043 |
| | Akcansa Cimento AS | 744,618 | 1,007 |
| | Cimsa Cimento Sanayi VE Ticaret AS | 732,267 | 984 |
| | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 1,818,988 | 968 |
| | Anadolu Cam Sanayii AS | 1,671,735 | 904 |
| * | Logo Yazilim Sanayi Ve Ticaret AS | 156,776 | 890 |
| | Is Gayrimenkul Yatirim Ortakligi AS | 5,207,302 | 812 |
| * | Sekerbank Turk AS | 4,862,986 | 802 |
| * | Zorlu Enerji Elektrik Uretim AS | 3,994,065 | 794 |
| | EGE Endustri VE Ticaret AS | 10,855 | 764 |
| * | Afyon Cimento Sanayi TAS | 742,581 | 600 |
| | Aksigorta AS | 967,628 | 593 |
| | Albaraka Turk Katilim Bankasi AS | 2,292,531 | 542 |
| | Torunlar Gayrimenkul Yatirim Ortakligi AS | 1,550,899 | 430 |
| * | Vakif Gayrimenkul Yatirim Ortakligi AS | 1,443,642 | 408 |
| | Tat Gida Sanayi AS | 593,638 | 402 |
| * | NET Holding AS | 978,177 | 388 |
| * | Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS | 1,268,965 | 384 |
| * | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 296,709 | 320 |
| * | Gubre Fabrikalari TAS | 564,879 | 300 |
| | Alarko Holding AS | 525,178 | 185 |
| * | Bizim Toptan Satis Magazalari AS | 153,215 | 184 |
| | Turcas Petrol AS | 634,423 | 157 |
| | Adana Cimento Sanayii TAS Class A | 146,899 | 146 |
| | Konya Cimento Sanayii AS | 4,239 | 135 |
| * | Akenerji Elektrik Uretim AS | 915,565 | 97 |
| | Anadolu Hayat Emeklilik AS | 21,235 | 22 |
| *,§ | Asya Katilim Bankasi AS | 6,317,442 | — |
| | | | 559,640 |
| United Arab Emirates (0.9%) | | |
| | First Abu Dhabi Bank PJSC | 41,886,833 | 157,689 |
| | Emirates Telecommunications Group Co. PJSC | 26,799,287 | 127,079 |
| | Emaar Properties PJSC | 54,085,124 | 75,043 |
73
| | | | | |
| Vanguard® Emerging Markets Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| October 31, 2018 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| | Abu Dhabi Commercial Bank PJSC | | | 30,335,631 | 66,828 |
| | DP World Ltd. | | | 2,536,535 | 45,650 |
| | Dubai Islamic Bank PJSC | | | 26,690,877 | 38,264 |
| | Aldar Properties PJSC | | | 51,074,900 | 24,078 |
| | Emaar Development PJSC | | | 12,880,069 | 17,406 |
| | Emaar Malls PJSC | | | 32,597,477 | 16,230 |
| | Dana Gas PJSC | | | 49,742,975 | 15,559 |
| | DAMAC Properties Dubai Co. PJSC | | | 27,134,896 | 14,937 |
| | Abu Dhabi National Oil Co. for Distribution PJSC | | | 21,093,277 | 12,728 |
| | Dubai Investments PJSC | | | 26,546,450 | 11,705 |
| | Air Arabia PJSC | | | 39,862,307 | 11,060 |
| | Al Waha Capital PJSC | | | 18,505,279 | 9,397 |
| | Amanat Holdings PJSC | | | 23,735,040 | 7,585 |
| | Dubai Financial Market PJSC | | | 29,551,530 | 6,979 |
| | Arabtec Holding PJSC | | | 12,399,762 | 6,796 |
| * | DXB Entertainments PJSC | | | 48,123,702 | 4,603 |
| * | Deyaar Development PJSC | | | 34,487,159 | 4,142 |
| | National Central Cooling Co. PJSC | | | 8,318,553 | 3,856 |
| * | Eshraq Properties Co. PJSC | | | 21,838,704 | 3,572 |
| * | Union Properties PJSC | | | 18,806,545 | 3,185 |
| | RAK Properties PJSC | | | 20,584,860 | 3,122 |
| * | Amlak Finance PJSC | | | 5,398,387 | 840 |
| * | Drake & Scull International PJSC | | | 4,230,859 | 453 |
| |
| | | | | | 688,786 |
| |
| Total Common Stocks (Cost $71,291,835) | | | | 72,771,086 |
| |
| Preferred Stocks (0.0%) | | | | |
| *,3 | Yulon Finance Corp. Preferred Class A (Cost $976) | | | 601,538 | 972 |
| |
| |
| | | Coupon | | | |
| |
| Temporary Cash Investments (2.5%)1 | | | | |
| Money Market Fund (2.4%) | | | | |
| 4,5 | Vanguard Market Liquidity Fund | 2.308% | | 17,838,194 | 1,783,819 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.1%) | | | | |
| | United States Treasury Bill | 2.040% | 11/29/18 | 15,000 | 14,975 |
| 6 | United States Treasury Bill | 2.088% | 12/27/18 | 3,000 | 2,990 |
| 6 | United States Treasury Bill | 2.077% | 1/3/19 | 4,000 | 3,984 |
| 6 | United States Treasury Bill | 2.280% | 2/7/19 | 10,000 | 9,937 |
| 6 | United States Treasury Bill | 2.284% | 2/21/19 | 14,000 | 13,900 |
| 6 | United States Treasury Bill | 2.313%—2.314% | 2/28/19 | 14,000 | 13,894 |
| |
| | | | | | 59,680 |
| |
| Total Temporary Cash Investments (Cost $1,843,497) | | | | 1,843,499 |
| |
| Total Investments (101.1%) (Cost $73,136,308) | | | | 74,615,557 |
| Other Assets and Liabilities—Net (-1.1%)5,6,7 | | | | (822,190) |
| Net Assets (100%) | | | | 73,793,367 |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $850,056,000.
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts. After giving effect to futures and swap investments, the fund's effective common stock and temporary cash investment positions represent 99.9% and 1.2%, respectively, of net assets.
74
Vanguard® Emerging Markets Stock Index Fund
Schedule of Investments
October 31, 2018
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of these securities was $1,057,704,000,
representing 1.4% of net assets.
3 Perpetual security with no stated maturity date.
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 $923,234,000 of collateral received for securities on loan.
6 Securities with a value of $38,241,000 and cash of $7,764,000 have been segregated as initial margin for open futures contracts.
7 Cash of $5,580,000 has been segregated as collateral for open over-the-counter swap contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
75
© 2018 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA5330 122018
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard Total World Stock Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Total World Stock Index Fund (one of the funds constituting Vanguard International Equity Index Funds, referred to hereafter as the "Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund
Opinions on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Vanguard FTSE All-World ex-US Small-Cap Index Fund and statements of net assets - investments summary of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund (two of the funds constituting Vanguard International Equity Index Funds, hereafter collectively referred to as the "Funds") as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018 and each of the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard Emerging Markets Stock Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Emerging Markets Stock Index Fund (one of the funds constituting Vanguard International Equity Index Funds, referred to hereafter as the "Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13: Exhibits.
(a) Code of Ethics. (b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
| | VANGUARD INTERNATIONAL EQUITY INDEX FUNDS |
| BY: | /s/ MORTIMER J. BUCKLEY* |
|
| MORTIMER J. BUCKLEY |
| CHIEF EXECUTIVE OFFICER |
| |
| Date: December 18, 2018 |
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/ MORTIMER J. BUCKLEY * |
| | MORTIMER J. BUCKLEY |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: December 18, 2018 |
| |
| | VANGUARD INTERNATIONAL EQUITY INDEX FUNDS |
| |
| |
| BY: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| |
| Date: December 18, 2018 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file Number
33-32216, Incorporated by Reference.
