N-CSRS 1 intlequityindex_final.htm VANGUARD INTERNATIONAL EQUITY INDEX FUNDS intlequityindex_final.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-5972

Name of Registrant: Vanguard International Equity Index Funds

Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2011 – April 30, 2012

Item 1: Reports to Shareholders

 


Semiannual Report | April 30, 2012

Vanguard International Stock Index Funds

Vanguard European Stock Index Fund

Vanguard Pacific Stock Index Fund

Vanguard Emerging Markets Stock Index Fund

 

> For the six months ended April 30, 2012, returns for the Vanguard International Stock Index Funds ranged from about 3% for the European Stock Index Fund to about 5% for the Pacific Stock Index Fund.

> The funds’ returns diverged from those of their respective target indexes in large part because of temporary price differences arising from fair-value pricing policies.

> In general, international stock markets trailed the return of the broad U.S. stock market.

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 4
European Stock Index Fund. 10
Pacific Stock Index Fund. 30
Emerging Markets Stock Index Fund. 50
About Your Fund’s Expenses. 72
Trustees Approve Advisory Arrangements. 75
Glossary. 76

 


European Stock Index Fund
Pacific Stock Index Fund
Emerging Markets Stock Index Fund

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.

 

Your Fund’s Total Returns

Six Months Ended April 30, 2012  
  Total
  Returns
Vanguard European Stock Index Fund  
Investor Shares 2.93%
Admiral™ Shares 3.00
Signal® Shares 2.98
Institutional Shares 3.02
MSCI Europe ETF Shares  
Market Price 2.88
Net Asset Value 3.00
MSCI Europe Index 1.65
European Region Funds Average 5.46
European Region Funds Average: Derived from data provided by Lipper Inc.
Vanguard Pacific Stock Index Fund  
Investor Shares 4.98%
Admiral Shares 5.08
Signal Shares 5.09
Institutional Shares 5.11
MSCI Pacific ETF Shares  
Market Price 5.15
Net Asset Value 5.08
MSCI Pacific Index 3.92
Japan/Pacific Region Funds Average 6.26
Japan/Pacific Region Funds Average: Derived from data provided by Lipper Inc.

 

Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Signal Shares, Institutional Shares, and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers.
The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573; 8,090,646.

1

 

Your Fund’s Total Returns

Six Months Ended April 30, 2012  
  Total
  Returns
Vanguard Emerging Markets Stock Index Fund  
Investor Shares 4.54%
Admiral Shares 4.61
Signal Shares 4.60
Institutional Shares 4.63
Institutional Plus Shares 4.66
MSCI Emerging Markets ETF Shares  
Market Price 4.91
Net Asset Value 4.62
MSCI Emerging Markets Index 3.93
Emerging Markets Funds Average 5.00
Emerging Markets Funds Average: Derived from data provided by Lipper Inc.

 

Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Signal Shares, Institutional Shares, and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573; 8,090,646.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.

2

 

Your Fund’s Performance at a Glance

October 31, 2011, Through April 30, 2012        
      Distributions Per Share
  Starting Ending Income Capital
  Share Price Share Price Dividends Gains
Vanguard European Stock Index Fund        
Investor Shares $24.48 $24.11 $0.988 $0.000
Admiral Shares 57.09 56.17 2.391 0.000
Signal Shares 22.09 21.73 0.924 0.000
Institutional Shares 24.36 23.96 1.032 0.000
MSCI Europe ETF Shares 45.66 44.92 1.908 0.000
Vanguard Pacific Stock Index Fund        
Investor Shares $9.74 $9.91 $0.286 $0.000
Admiral Shares 63.28 64.34 1.957 0.000
Signal Shares 21.98 22.35 0.680 0.000
Institutional Shares 9.69 9.85 0.304 0.000
MSCI Pacific ETF Shares 51.18 52.03 1.585 0.000
Vanguard Emerging Markets Stock Index Fund        
Investor Shares $26.39 $26.99 $0.529 $0.000
Admiral Shares 34.71 35.46 0.752 0.000
Signal Shares 33.38 34.10 0.723 0.000
Institutional Shares 26.42 26.98 0.588 0.000
Institutional Plus Shares 87.90 89.74 1.998 0.000
MSCI Emerging Markets ETF Shares 41.73 42.64 0.906 0.000

 

3

 

Chairman’s Letter

Dear Shareholder,

During the six months ended April 30, 2012, international stock markets moved in tandem with the waxing and waning of concerns surrounding Europe’s ongoing debt drama.

All three of the Vanguard International Stock Index Funds posted modestly positive returns for the period. Vanguard Pacific Stock Index Fund led with a return of about 5%. Vanguard Emerging Markets Stock Index Fund followed closely with a gain of more than 4%, and Vanguard European Stock Index Fund returned about 3%. Each fund’s return diverged somewhat from that of its target index because of temporary price differences arising from fair-value pricing policies. (For information about fair-value pricing, see page 8).

Please note that shortly after the close of our reporting period, Vanguard announced that it had eliminated the redemption fee for each fund, effective May 23. This 2% fee applied to shares redeemed within two months of purchase, and it was one of several measures in place to protect the interests of long-term investors and discourage frequent trading. The funds’ trustees determined that the fee was no longer needed.

I also want to note that earlier this year we announced a change in the frequency of the three funds’ dividend distributions. In the future, distributions will be made each quarter, rather than once a year. Spreading them out in this way will reduce the impact

4

 

to the funds of generating cash for payments to shareholders whose dividends are not reinvested. We’re phasing in the change, so in 2012 dividends will be paid twice, in September and December.

Europe’s sovereign-debt troubles
shadowed markets worldwide
International stock markets trailed the broad U.S. stock market for the six months ended April 30. European companies were the weakest performers, lagging the returns of emerging markets and the developed markets of the Pacific region. But markets globally were affected as anxiety built over Europe’s sovereign-debt crisis, which continued to dominate headlines.

The debt problems in Greece and several other Eurozone countries worry investors elsewhere because of the potential impact on financial markets globally. In the autumn of 2011, the European Central Bank injected more than 1 trillion euros into Europe’s banking sector to prevent a credit freeze and help ease concerns about the banks’ own stability.

Early in 2012, markets abroad rebounded for a time as investors became more optimistic about prospects for a resolution in Europe and economic improvements in other parts of the world. But that optimism quickly dissipated—and market returns sagged—as more bad news surfaced about troubled banks in Spain and other European countries.

Market Barometer      
 
      Total Returns
    Periods Ended April 30, 2012
  Six One Five Years
  Months Year (Annualized)
Stocks      
Russell 1000 Index (Large-caps) 12.89% 4.11% 1.23%
Russell 2000 Index (Small-caps) 11.02 -4.25 1.45
Dow Jones U.S. Total Stock Market Index 12.66 3.43 1.56
MSCI All Country World Index ex USA (International) 2.73 -12.90 -2.75
 
Bonds      
Barclays Capital U.S. Aggregate Bond Index (Broad      
taxable market) 2.44% 7.54% 6.37%
Barclays Capital Municipal Bond Index (Broad      
tax-exempt market) 5.50 11.36 5.60
Citigroup Three-Month U.S. Treasury Bill Index 0.01 0.04 1.03
 
CPI      
Consumer Price Index 1.62% 2.30% 2.17%

 

5

 

In the United States, stocks delivered strong returns for the fiscal half-year. Signs of acceleration in the U.S. economy, strength in corporate earnings, and apparent progress in Europe’s debt negotiations created a sense of optimism through much of the period. In fact, the broad U.S. stock market produced its best first-quarter gain since 1998.

By the end of the six months, however, apprehension about these same sources of good news began to weigh on stock prices in the United States as it did elsewhere. Such rapid changes in investor sentiment have been a prominent feature of the financial markets since the 2008–2009 financial crisis, a reflection of broader economic uncertainties.

Municipal securities remained
a bond market bright spot
The taxable bond market produced solid, if unremarkable, six-month total returns. The yields of U.S. Treasury bonds bobbed higher during the period but dropped at the end as investors put a premium on the safest securities. This “flight to quality” boosted bond prices modestly. (Bond yields and prices move in opposite directions.)

The six-month return of the broad municipal bond market was impressive. Investors have bid up prices as muni yields have continued to hover above those available from fully taxable U.S. Treasury bonds.

Expense Ratios
Your Fund Compared With Its Peer Group

              Peer
  Investor Admiral Signal  Institutional Institutional ETF Group
  Shares Shares Shares Shares  Plus Shares Shares Average
European Stock Index Fund 0.26% 0.14% 0.14% 0.10% — 0.14% 1.39%
Pacific Stock Index Fund 0.26 0.14 0.14 0.10 — 0.14 1.46
Emerging Markets Stock Index              
Fund 0.33 0.20 0.20 0.13 0.10% 0.20 1.61

 

The fund expense ratios shown are from the prospectuses dated April 30, 2012, for Investor, Admiral, Signal, Institutional, and Institutional Plus Shares and February 28, 2012, for ETF Shares. They represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the funds’ annualized expense ratios were: for the European Stock Index Fund, 0.26% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.10% for Institutional Shares, and 0.13% for MSCI Europe ETF Shares; for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.10% for Institutional Shares, and 0.14% for MSCI Pacific ETF Shares; and for the Emerging Markets Stock Index Fund, 0.33% for Investor Shares, 0.19% for Admiral Shares, 0.19% for Signal Shares, 0.13% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.19% for MSCI Emerging Markets ETF Shares.

Peer groups: For the European Stock Index Fund, European Region Funds; for the Pacific Stock Index Fund, Japan/Pacific Region Funds; for the Emerging Markets Stock Index Fund, Emerging Markets Funds.

6

 

As it has since December 2008, the Federal Reserve Board kept its target for the shortest-term interest rates between 0% and 0.25%. That policy has kept a tight lid on the returns available from money market funds and savings accounts.

European stock markets trailed those in other regions
Vanguard’s three International Stock Index Funds began the six-month period in negative territory, reflecting the widespread concern about the European debt crisis. Returns then climbed along with investors’ spirits as a resolution to the problems seemed nearer and economic news generally seemed to improve. Although markets ultimately dropped, all three funds posted six-month gains.

For U.S.-based investors, the gains were reduced somewhat by the relative strength of the U.S. dollar compared with the euro and the yen. Many international holdings lost value when converted into U.S. dollars.

For the six months, the Pacific Stock Index Fund outpaced the two other index funds. Japan’s market, representing more than 60% of the Pacific fund, on average, contributed most to its result. Consumer discretionary and financial stocks in Japan did well; in fact, auto manufacturers and some of the country’s largest banks delivered double-digit gains.

Australian stocks, which make up about a quarter of the Pacific fund’s assets, turned in more modest results. Australian bank stocks had solid gains, but the nation’s materials sector struggled in the face of slower global demand for raw materials as well as lower commodity prices.

The return of the Emerging Markets Stock Index Fund was led by stocks of Chinese and South Korean companies. These two countries had the largest weightings in the fund, with a combined total of about 30% of assets, on average. Information technology was the best-performing sector in emerging markets generally, and South Korean and Chinese electronics and semiconductor companies led the group. Notable underperformers for this period were markets in Brazil and India. In Brazil, financial and materials stocks suffered during the six months, with the former affected in part by challenges facing the global financial markets and the latter by lower commodity prices. In India, where seven of ten sectors produced negative returns, financial, energy, and tech stocks were among the hardest hit.

Unsurprisingly, the European Stock Index Fund delivered the weakest overall results of the group. Markets in the United Kingdom, Switzerland, and Germany held up well, but were overshadowed by losses in Spain, France, and Italy. In the United Kingdom, which represented a third of the fund’s assets, on average, consumer staples and financial stocks contributed the most to returns. In the former group, U.K. beverage and tobacco companies stood out, while in financials, the best-performing banks were those that found ways to make up for the slump in Europe by focusing on markets abroad, including South America and Asia.

7

 

Markets in the European countries most vulnerable to the debt crisis, including Spain and Italy, continued to struggle. In January, Standard & Poor’s lowered the credit ratings of nine European nations, including France.

International diversification may help reduce portfolio volatility
Over the past six months, we have witnessed the rise of the U.S. stock market and unease in the international markets. As investors, we are becoming all too familiar with investment environments that sound like weather forecasts: some- what sunny with occasional storms.

The financial markets move in unpredictable ways. Frankly, we shouldn’t waste our time obsessing about where they are headed in the short term. What’s more important is to focus on the long term by creating investment plans tailored to our individual goals and risk tolerance. You can do this by creating a balanced and diversified portfolio that includes a mix of domestic and international stocks and bonds, as well as money market funds—and sticking with that plan regardless of market conditions.

A note on fair-value pricing
The reported return of a fund that tracks an index sometimes may diverge from
the index’s return a bit more than would be expected. This may be the result of a
fair-value pricing adjustment.
 
These adjustments, which are required by the Securities and Exchange Commission,
address pricing discrepancies that may arise because of time-zone differences among
global stock markets. Foreign stocks may trade on exchanges that close many hours
before a fund’s closing share price is calculated in the United States, generally at
4 p.m., Eastern time. In the hours between the foreign close and the U.S. close,
the value of these foreign securities may change—because of company-specific
announcements or market-wide developments, for example. Such price changes
are not immediately reflected in international index values.
 
Fair-value pricing takes such changes into account in calculating the fund’s daily net
asset value, thus ensuring that the NAV doesn’t include “stale” prices. The result can
be a temporary divergence between the return of the fund and that of its benchmark
index—a difference that usually corrects itself when the foreign markets reopen.

 

8

 

Recent Vanguard research provides further insight on why diversification within asset classes can be useful to help temper some of the market volatility in today’s changing global environment. Long gone are the days when investors who want to participate in the broad spectrum of stocks can ignore international markets. Today, nearly 55% of global market capitalization represents non-U.S. equities.

One notable finding by our researchers: Investors who hold both domestic and international stocks in their portfolios are likely to have experienced less average volatility over the past several decades than those who held only domestic stocks. (You can find the research paper, Considerations for Investing in Non-U.S. Equities, at vanguard.com/research.)

Each of the three Vanguard International Stock Index Funds offers broad exposure to a distinct segment of the international marketplace at a low cost. Any of them can help support you in diversifying to a well-balanced portfolio.

Thank you for entrusting your assets to Vanguard.

Sincerely,


F. William McNabb III
Chairman and Chief Executive Officer
May 16, 2012

9

 

European Stock Index Fund

Fund Profile
As of April 30, 2012

Share-Class Characteristics          
  Investor Admiral Signal Institutional MSCI Europe
  Shares Shares Shares Shares ETF Shares
Ticker Symbol VEURX VEUSX VESSX VESIX VGK
Expense Ratio1 0.26% 0.14% 0.14% 0.10% 0.14%

 

Portfolio Characteristics    
      MSCI AC
    MSCI World
    Europe Index
  Fund Index  ex USA
Number of Stocks 457 449 1,837
Median Market Cap  $43.2B $43.2B $27.6B
Price/Earnings Ratio 13.3x 13.5x 13.5x
Price/Book Ratio 1.4x 1.4x 1.4x
Return on Equity 19.3% 19.3% 17.2%
Earnings Growth Rate 1.8% 1.8% 3.9%
Dividend Yield 4.0% 3.9% 3.3%
Turnover Rate      
(Annualized) 4% — —
Short-Term Reserves -0.2% — —
 
Sector Diversification (% of equity exposure)
      MSCI AC
    MSCI World
    Europe Index
  Fund Index  ex USA
Consumer      
Discretionary 8.9% 8.9% 9.6%
Consumer Staples 14.4 14.4 10.0
Energy 12.0 11.9 11.4
Financials 18.2 18.2 23.6
Health Care 11.8 11.9 6.9
Industrials 10.8 10.8 10.6
Information      
Technology 2.9 2.9 6.6
Materials 10.1 10.1 11.5
Telecommunication      
Services 6.3 6.3 5.9
Utilities 4.6 4.6 3.9

 

Volatility Measures    
    MSCI AC
  MSCI Europe World Index
  Index ex USA
R-Squared 0.99 0.95
Beta 1.03 1.14
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 3.4%
Nestle SA Packaged Foods &  
  Meats 3.1
HSBC Holdings plc Diversified Banks 2.4
Vodafone Group plc Wireless  
  Telecommunication  
  Services 2.1
BP plc Integrated Oil &  
  Gas 2.1
Novartis AG Pharmaceuticals 2.0
Roche Holding AG Pharmaceuticals 1.9
GlaxoSmithKline plc Pharmaceuticals 1.8
Total SA Integrated Oil &  
  Gas 1.5
British American    
Tobacco plc Tobacco 1.5
Top Ten   21.8%
The holdings listed exclude any temporary cash investments and equity index products.
   

 

1 The expense ratios shown are from the prospectuses dated April 30, 2012, for Investor, Admiral, Signal, and Institutional Shares and February 28, 2012, for MSCI Europe ETF Shares. They represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the annualized expense ratios were 0.26% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.10% for Institutional Shares, and 0.13% for MSCI Europe ETF Shares.

10

 

European Stock Index Fund

Market Diversification (% of equity exposure)
      MSCI AC
    MSCI World
    Europe Index
  Fund Index ex USA
Europe      
United Kingdom 36.2% 36.2% 15.7%
France 13.9 13.8 6.0
Switzerland 13.2 13.3 5.8
Germany 13.2 13.2 5.7
Sweden 4.9 5.0 2.1
Spain 4.0 4.0 1.7
Netherlands 3.7 3.7 1.6
Italy 3.4 3.4 1.5
Denmark 1.8 1.8 0.8
Belgium 1.6 1.6 0.7
Norway 1.5 1.5 0.6
Finland 1.3 1.3 0.5
Other 1.3 1.2 0.6
Subtotal 100.0% 100.0% 43.3%
Pacific 0.0% 0.0% 23.8%
Emerging Markets 0.0% 0.0% 24.2%
North America 0.0% 0.0% 8.3%
Middle East 0.0% 0.0% 0.4%

 

11

 

European Stock Index Fund

Performance Summary

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

Fiscal-Year Total Returns (%): October 31, 2001, Through April 30, 2012


Average Annual Total Returns: Periods Ended March 31, 2012
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

  Inception One Five Ten
  Date Year Years Years
Investor Shares 6/18/1990 -7.11% -3.81% 5.56%
Admiral Shares 8/13/2001 -7.02 -3.71 5.67
Signal Shares 10/6/2006 -7.02 -3.71 -0.881
Institutional Shares 5/15/2000 -6.98 -3.67 5.72
MSCI Europe ETF Shares 3/4/2005      
Market Price   -7.10 -3.80 2.711
Net Asset Value   -7.03 -3.71 2.701
1 Return since inception.

 

Vanguard fund returns do not reflect the 2% fee on redemptions of shares held for less than two months. The fee does not apply to ETF Shares.

See Financial Highlights for dividend and capital gains information.

12

 

European Stock Index Fund

Financial Statements (unaudited)

Statement of Net Assets—Investments Summary
As of April 30, 2012

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

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
    Market Percentage
    Value of Net
  Shares ($000) Assets
Common Stocks      
Austria †   25,961 0.4%
 
Belgium      
Anheuser-Busch InBev NV 807,500 58,202 0.9%
Belgium—Other †   45,930 0.7%
    104,132 1.6%
Denmark      
Novo Nordisk A/S Class B 427,791 63,066 0.9%
Denmark—Other †   58,267 0.9%
    121,333 1.8%
 
Finland †   83,455 1.3%
 
France      
Total SA 2,137,533 102,610 1.5%
Sanofi 1,147,518 87,651 1.3%
LVMH Moet Hennessy Louis Vuitton SA 255,690 42,418 0.6%
Danone 587,491 41,359 0.6%
BNP Paribas SA 971,861 39,224 0.6%
Air Liquide SA 285,544 36,729 0.6%
France—Other †   563,928 8.5%
    913,919 13.7%
Germany      
Siemens AG 829,215 76,969 1.2%
BASF SE 925,731 76,219 1.2%
SAP AG 925,807 61,394 0.9%
Bayer AG 831,301 58,577 0.9%
Allianz SE 456,864 50,960 0.8%
Daimler AG 867,429 47,997 0.7%
E.ON AG 1,811,670 41,020 0.6%
Deutsche Bank AG 934,746 40,581 0.6%
Germany—Other †   414,829 6.2%
    868,546 13.1%

 

13

 

European Stock Index Fund

    Market Percentage
    Value of Net
  Shares ($000) Assets
Greece †   8,875 0.1%
 
Ireland †   30,139 0.4%
 
Italy      
ENI SPA 2,417,796 53,724 0.8%
Italy—Other †   169,748 2.6%
    223,472 3.4%
Netherlands      
Unilever NV 1,638,183 56,115 0.9%
Netherlands—Other †   188,822 2.8%
    244,937 3.7%
 
Norway †   98,878 1.5%
 
Portugal †   21,165 0.3%
 
Spain      
Telefonica SA 4,129,593 60,304 0.9%
Banco Santander SA 8,645,834 54,285 0.8%
Spain—Other †   149,582 2.3%
    264,171 4.0%
Sweden      
Hennes & Mauritz AB Class B 1,029,130 35,287 0.5%
Sweden—Other †   290,772 4.4%
    326,059 4.9%
Switzerland      
Nestle SA 3,323,809 203,714 3.1%
Novartis AG 2,349,942 129,755 2.0%
Roche Holding AG 707,432 129,291 1.9%
UBS AG 3,663,343 45,749 0.7%
ABB Ltd. 2,206,431 40,208 0.6%
Zurich Insurance Group AG 148,611 36,410 0.5%
1 Switzerland—Other †   292,164 4.4%
    877,291 13.2%
United Kingdom      
HSBC Holdings plc 17,994,459 162,439 2.4%
Vodafone Group plc 50,635,119 140,156 2.1%
BP plc 19,101,162 137,989 2.1%
GlaxoSmithKline plc 5,083,790 117,443 1.8%
British American Tobacco plc 1,982,989 101,707 1.5%
Royal Dutch Shell plc Class B 2,681,945 98,145 1.5%
Royal Dutch Shell plc Class A (Amsterdam Shares) 2,265,335 80,796 1.2%
BG Group plc 3,417,307 80,632 1.2%
Rio Tinto plc 1,381,233 77,425 1.2%
BHP Billiton plc 2,130,475 68,584 1.0%
Diageo plc 2,516,697 63,479 1.0%
Standard Chartered plc 2,399,486 58,657 0.9%
AstraZeneca plc 1,312,114 57,499 0.9%
Anglo American plc 1,331,821 51,468 0.8%
Royal Dutch Shell plc Class A 1,402,524 50,022 0.7%
Unilever plc 1,290,092 44,072 0.7%
TESCO plc 8,066,554 41,564 0.6%
Barclays plc 11,659,571 41,279 0.6%
Imperial Tobacco Group plc 1,015,635 40,616 0.6%

 

14

 

European Stock Index Fund

      Market Percentage
      Value of Net
    Shares ($000) Assets
SABMiller plc   959,445 40,324 0.6%
Xstrata plc   2,088,375 40,108 0.6%
National Grid plc   3,578,464 38,642 0.6%
Reckitt Benckiser Group plc   623,075 36,271 0.5%
United Kingdom—Other †     715,324 10.8%
      2,384,641 35.9%
Total Common Stocks (Cost $9,600,247)     6,596,974 99.3%2
 
  Coupon      
Temporary Cash Investments        
Money Market Fund        
3,4 Vanguard Market Liquidity Fund 0.137% 401,896,227 401,896 6.1%
 
5U.S. Government and Agency Obligations †     2,600 0.0%
Total Temporary Cash Investments (Cost $404,497)     404,496 6.1%2
6Total Investments (Cost $10,004,744)     7,001,470 105.4%
Other Assets and Liabilities        
Other Assets     48,861 0.7%
Liabilities4     (405,751) (6.1%)
      (356,890) (5.4%)
Net Assets     6,644,580 100.0%
 
 
At April 30, 2012, net assets consisted of:        
        Amount
        ($000)
Paid-in Capital       12,006,538
Undistributed Net Investment Income       88,376
Accumulated Net Realized Losses       (2,447,205)
Unrealized Appreciation (Depreciation)        
Investment Securities       (3,003,274)
Futures Contracts       (1,091)
Forward Currency Contracts       683
Foreign Currencies       553
Net Assets       6,644,580
 
Investor Shares—Net Assets        
Applicable to 32,611,121 outstanding $.001 par value shares of      
beneficial interest (unlimited authorization)       786,287
Net Asset Value Per Share—Investor Shares       $24.11
 
Admiral Shares—Net Assets        
Applicable to 43,862,286 outstanding $.001 par value shares of      
beneficial interest (unlimited authorization)       2,463,795
Net Asset Value Per Share—Admiral Shares       $56.17

 

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European Stock Index Fund

  Amount
  ($000)
Signal Shares—Net Assets  
Applicable to 10,926,036 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 237,475
Net Asset Value Per Share—Signal Shares $21.73
 
Institutional Shares—Net Assets  
Applicable to 26,661,351 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 638,679
Net Asset Value Per Share—Institutional Shares $23.96
 
ETF Shares—Net Assets  
Applicable to 56,066,196 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 2,518,344
Net Asset Value Per Share—ETF Shares $44.92

 

See Note A in Notes to Financial Statements.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the value of this security represented 0.2% 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 5.5%, respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $381,214,000 of collateral received for securities on loan.
5 Securities with a value of $2,600,000 have been segregated as initial margin for open futures contracts.
6 The total value of securities on loan is $353,888,000.
See accompanying Notes, which are an integral part of the Financial Statements.

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European Stock Index Fund

Statement of Operations

  Six Months Ended
  April 30, 2012
  ($000)
Investment Income  
Income  
Dividends1 135,831
Interest2 16
Security Lending 1,139
Total Income 136,986
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 241
Management and Administrative—Investor Shares 812
Management and Administrative—Admiral Shares 1,196
Management and Administrative—Signal Shares 97
Management and Administrative—Institutional Shares 157
Management and Administrative—ETF Shares 1,032
Marketing and Distribution—Investor Shares 125
Marketing and Distribution—Admiral Shares 216
Marketing and Distribution—Signal Shares 34
Marketing and Distribution—Institutional Shares 92
Marketing and Distribution—ETF Shares 379
Custodian Fees 299
Shareholders’ Reports—Investor Shares 18
Shareholders’ Reports—Admiral Shares 9
Shareholders’ Reports—Signal Shares 1
Shareholders’ Reports—Institutional Shares 2
Shareholders’ Reports—ETF Shares 46
Trustees’ Fees and Expenses 3
Total Expenses 4,759
Net Investment Income 132,227
Realized Net Gain (Loss)  
Investment Securities Sold (163,544)
Futures Contracts 5,139
Foreign Currencies and Forward Currency Contracts (1,187)
Realized Net Gain (Loss) (159,592)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 190,964
Futures Contracts (4,742)
Foreign Currencies and Forward Currency Contracts 243
Change in Unrealized Appreciation (Depreciation) 186,465
Net Increase (Decrease) in Net Assets Resulting from Operations 159,100

 

1 Dividends are net of foreign withholding taxes of $12,374,000.
2 Interest income from an affiliated company of the fund was $13,000.
See accompanying Notes, which are an integral part of the Financial Statements.

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European Stock Index Fund

Statement of Changes in Net Assets

  Six Months Ended Year Ended
  April 30, October 31,
  2012 2011
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 132,227 276,482
Realized Net Gain (Loss) (159,592) (270,598)
Change in Unrealized Appreciation (Depreciation) 186,465 (533,607)
Net Increase (Decrease) in Net Assets Resulting from Operations 159,100 (527,723)
Distributions    
Net Investment Income    
Investor Shares (32,997) (39,214)
Admiral Shares (104,044) (127,944)
Signal Shares (9,299) (11,677)
Institutional Shares (25,923) (24,552)
ETF Shares (102,658) (130,385)
Realized Capital Gain    
Investor Shares — —
Admiral Shares — —
Signal Shares — —
Institutional Shares — —
ETF Shares — —
Total Distributions (274,921) (333,772)
Capital Share Transactions    
Investor Shares (51,609) (931,336)
Admiral Shares (29,810) 739,377
Signal Shares 13,492 (11,702)
Institutional Shares 34,475 (695,500)
ETF Shares (50,465) 155,154
Net Increase (Decrease) from Capital Share Transactions (83,917) (744,007)
Total Increase (Decrease) (199,738) (1,605,502)
Net Assets    
Beginning of Period 6,844,318 8,449,820
End of Period1 6,644,580 6,844,318
1 Net Assets—End of Period includes undistributed net investment income of $88,376,000 and $231,660,000.

 

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

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European Stock Index Fund

Financial Highlights

Investor Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $24.48 $27.15 $25.77 $21.99 $43.43 $34.67
Investment Operations            
Net Investment Income .507 .8821 .7681 1.008 1.3721 1.2981
Net Realized and Unrealized Gain (Loss)            
on Investments .111 (2.545) 1.594 4.269 (21.597) 8.386
Total from Investment Operations .618 (1.663) 2.362 5.277 (20.225) 9.684
Distributions            
Dividends from Net Investment Income (.988) (1.007) (.982) (1.497) (1.215) (.924)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.988) (1.007) (.982) (1.497) (1.215) (.924)
Net Asset Value, End of Period $24.11 $24.48 $27.15 $25.77 $21.99 $43.43
 
Total Return2 2.93% -6.35% 9.35% 26.25% -47.80% 28.49%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $786 $851 $1,884 $5,789 $10,534 $26,188
Ratio of Total Expenses to            
Average Net Assets 0.26% 0.26% 0.26% 0.27% 0.22% 0.22%
Ratio of Net Investment Income to            
Average Net Assets 3.94% 3.46% 2.98% 3.80% 3.82% 3.35%
Portfolio Turnover Rate3 4% 6% 11% 18% 15% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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European Stock Index Fund

Financial Highlights

Admiral Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $57.09 $63.75 $60.51 $51.71 $102.09 $81.50
Investment Operations            
Net Investment Income 1.219 2.2221 1.7581 2.448 3.1771 3.1401
Net Realized and Unrealized Gain (Loss)            
on Investments .252 (6.020) 3.864 9.968 (50.618) 19.692
Total from Investment Operations 1.471 (3.798) 5.622 12.416 (47.441) 22.832
Distributions            
Dividends from Net Investment Income (2.391) (2.862) (2.382) (3.616) (2.939) (2.242)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (2.391) (2.862) (2.382) (3.616) (2.939) (2.242)
Net Asset Value, End of Period $56.17 $57.09 $63.75 $60.51 $51.71 $102.09
 
Total Return2 3.00% -6.22% 9.49% 26.33% -47.74% 28.59%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,464 $2,531 $2,087 $1,700 $1,472 $2,955
Ratio of Total Expenses to            
Average Net Assets 0.13% 0.14% 0.14% 0.16% 0.12% 0.12%
Ratio of Net Investment Income to            
Average Net Assets 4.07% 3.58% 3.10% 3.91% 3.92% 3.45%
Portfolio Turnover Rate3 4% 6% 11% 18% 15% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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European Stock Index Fund

Financial Highlights

Signal Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $22.09 $24.68 $23.42 $20.01 $39.50 $31.51
Investment Operations            
Net Investment Income .472 .8521 .6861 .947 1.2551 1.1511
Net Realized and Unrealized Gain (Loss)            
on Investments .092 (2.327) 1.497 3.860 (19.616) 7.681
Total from Investment Operations .564 (1.475) 2.183 4.807 (18.361) 8.832
Distributions            
Dividends from Net Investment Income (.924) (1.115) (.923) (1.397) (1.129) (.842)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.924) (1.115) (.923) (1.397) (1.129) (.842)
Net Asset Value, End of Period $21.73 $22.09 $24.68 $23.42 $20.01 $39.50
 
Total Return2 2.98% -6.24% 9.52% 26.34% -47.74% 28.59%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $237 $227 $272 $245 $223 $502
Ratio of Total Expenses to            
Average Net Assets 0.13% 0.14% 0.14% 0.16% 0.12% 0.12%
Ratio of Net Investment Income to            
Average Net Assets 4.07% 3.58% 3.10% 3.91% 3.92% 3.45%
Portfolio Turnover Rate3 4% 6% 11% 18% 15% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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European Stock Index Fund

Financial Highlights

Institutional Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $24.36 $27.20 $25.80 $22.04 $43.51 $34.74
Investment Operations            
Net Investment Income .524 .8981 .7641 1.036 1.3151 1.3501
Net Realized and Unrealized Gain (Loss)            
on Investments .108 (2.510) 1.644 4.277 (21.524) 8.390
Total from Investment Operations .632 (1.612) 2.408 5.313 (20.209) 9.740
Distributions            
Dividends from Net Investment Income (1.032) (1.228) (1.008) (1.553) (1.261) (.970)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (1.032) (1.228) (1.008) (1.553) (1.261) (.970)
Net Asset Value, End of Period $23.96 $24.36 $27.20 $25.80 $22.04 $43.51
 
Total Return2 3.02% -6.19% 9.53% 26.45% -47.72% 28.63%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $639 $606 $1,349 $853 $3,316 $5,263
Ratio of Total Expenses to            
Average Net Assets 0.10% 0.10% 0.10% 0.12% 0.09% 0.09%
Ratio of Net Investment Income to            
Average Net Assets 4.10% 3.62% 3.14% 3.95% 3.95% 3.48%
Portfolio Turnover Rate3 4% 6% 11% 18% 15% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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European Stock Index Fund

Financial Highlights

MSCI Europe ETF Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $45.66 $51.00 $48.41 $41.37 $81.66 $65.21
Investment Operations            
Net Investment Income .973 1.8261 1.4201 1.964 2.5301 2.5761
Net Realized and Unrealized Gain (Loss)            
on Investments .195 (4.860) 3.082 7.977 (40.464) 15.683
Total from Investment Operations 1.168 (3.034) 4.502 9.941 (37.934) 18.259
Distributions            
Dividends from Net Investment Income (1.908) (2.306) (1.912) (2.901) (2.356) (1.809)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (1.908) (2.306) (1.912) (2.901) (2.356) (1.809)
Net Asset Value, End of Period $44.92 $45.66 $51.00 $48.41 $41.37 $81.66
 
Total Return 3.00% -6.22% 9.48% 26.33% -47.73% 28.60%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,518 $2,630 $2,858 $2,464 $1,754 $3,148
Ratio of Total Expenses to            
Average Net Assets 0.13% 0.14% 0.14% 0.16% 0.11% 0.12%
Ratio of Net Investment Income to            
Average Net Assets 4.07% 3.58% 3.10% 3.91% 3.93% 3.45%
Portfolio Turnover Rate2 4% 6% 11% 18% 15% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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European Stock Index Fund

Notes to Financial Statements

Vanguard European Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers six classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Signal Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. The fund has not issued any Institutional Plus Shares through April 30, 2012. ETF Shares, known as Vanguard MSCI Europe ETF Shares, are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.

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

3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks

24

 

European Stock Index Fund

associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market.

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. Counterparty risk is mitigated by entering into forward currency contracts only with highly rated counterparties, by a master netting arrangement between the fund and the counterparty, and by the posting of collateral by the counterparty. 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 posted. Any securities posted as collateral for open contracts are noted in the Statement of Net Assets.

Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate principal 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.

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, 2008–2011), and for the period ended April 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

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

6. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.

7. 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. 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 redemptions of capital shares are credited to paid-in capital.

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

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European Stock Index Fund

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2012, the fund had contributed capital of $1,016,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.41% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following table summarizes the market value of the fund’s investments as of April 30, 2012, based on the inputs used to value them:
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 4,576 6,592,398 —
Temporary Cash Investments 401,896 2,600 —
Futures Contracts— Assets1 691 — —
Forward Currency Contracts—Assets — 683 —
Total 407,163 6,595,681 —
1 Represents variation margin on the last day of the reporting period.

 

D. At April 30, 2012, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

    Foreign  
  Equity Exchange  
  Contracts Contracts Total
Statement of Net Assets Caption ($000) ($000) ($000)
Other Assets 691 683 1,374

 

26

 

European Stock Index Fund

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2012, were:

    Foreign  
  Equity Exchange  
  Contracts Contracts Total
Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000)
Futures Contracts 5,139 — 5,139
Forward Currency Contracts — (168) (168)
Realized Net Gain (Loss) on Derivatives 5,139 (168) 4,971
 
Change in Unrealized Appreciation (Depreciation) on Derivatives      
Futures Contracts (4,742) — (4,742)
Forward Currency Contracts — 155 155
Change in Unrealized Appreciation (Depreciation) on Derivatives (4,742) 155 (4,587)

 

At April 30, 2012, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

        ($000)
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Appreciation
Futures Contracts Expiration Contracts Long (Short) (Depreciation)
Dow Jones EURO STOXX 50 Index June 2012 719 21,497 (949)
FTSE 100 Index June 2012 190 17,633 (142)

 

Unrealized appreciation (depreciation) on open FTSE 100 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.

At April 30, 2012, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
            Unrealized
  Contract         Appreciation
  Settlement     Contract Amount (000) (Depreciation)
Counterparty Date   Receive   Deliver ($000)
UBS AG 6/20/12 EUR 16,959 USD 22,452 197
UBS AG 6/20/12 GBP 10,946 USD 17,769 486

EUR—Euro.
GBP—British pound.
USD—U.S. dollar.

At April 30, 2012, the counterparty had deposited in a segregated account securities with a value sufficient to cover substantially all amounts due to the fund in connection with open forward currency contracts.

27

 

European Stock Index Fund

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

During the six months ended April 30, 2012, the fund realized net foreign currency losses of $1,019,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the six months ended April 30, 2012, the fund realized gains on the sale of passive foreign investment companies of $429,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at April 30, 2012, had unrealized appreciation of $1,104,000 as of October 31, 2011, the most recent mark-to-market date for tax purposes. This amount has been distributed and is reflected in the balance of undistributed net investment income.

During the six months ended April 30, 2012, the fund realized $31,026,000 of net capital losses resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such losses are not taxable losses to the fund, they have been reclassified from accumulated net realized losses to paid-in capital.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2011, the fund had available capital loss carryforwards totaling $2,316,734,000 to offset future net capital gains of $357,042,000 through October 31, 2016, $1,510,053,000 through October 31, 2017, $282,886,000 through October 31, 2018, and $166,753,000 through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2012, the cost of investment securities for tax purposes was $10,005,848,000. Net unrealized depreciation of investment securities for tax purposes was $3,004,378,000, consisting of unrealized gains of $521,442,000 on securities that had risen in value since their purchase and $3,525,820,000 in unrealized losses on securities that had fallen in value since their purchase.

28

 

European Stock Index Fund

F. During the six months ended April 30, 2012, the fund purchased $508,488,000 of investment securities and sold $776,197,000 of investment securities, other than temporary cash investments.

G. Capital share transactions for each class of shares were:
  Six Months Ended   Year Ended
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued 44,540 1,886 121,497 4,542
Issued in Lieu of Cash Distributions 30,424 1,389 36,112 1,387
Redeemed1 (126,573) (5,431) (1,088,945) (40,559)
Net Increase (Decrease)—Investor Shares (51,609) (2,156) (931,336) (34,630)
Admiral Shares        
Issued 108,296 1,969 1,023,624 16,220
Issued in Lieu of Cash Distributions 88,737 1,740 109,472 1,806
Redeemed1 (226,843) (4,173) (393,719) (6,429)
Net Increase (Decrease)—Admiral Shares (29,810) (464) 739,377 11,597
Signal Shares        
Issued 37,153 1,766 90,567 3,747
Issued in Lieu of Cash Distributions 7,656 388 9,978 425
Redeemed1 (31,317) (1,484) (112,247) (4,954)
Net Increase (Decrease)—Signal Shares 13,492 670 (11,702) (782)
Institutional Shares        
Issued 120,860 5,335 217,655 8,575
Issued in Lieu of Cash Distributions 15,859 729 13,369 517
Redeemed1 (102,244) (4,287) (926,524) (33,822)
Net Increase (Decrease)—Institutional Shares 34,475 1,777 (695,500) (24,730)
ETF Shares        
Issued 364,291 8,267 766,622 14,671
Issued in Lieu of Cash Distributions — — — —
Redeemed1 (414,756) (9,800) (611,468) (13,100)
Net Increase (Decrease)—ETF Shares (50,465) (1,533) 155,154 1,571
1 Net of redemption fees for fiscal 2012 and 2011 of $48,000 and $291,000, respectively (fund totals).

 

H. In preparing the financial statements as of April 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

29

 

Pacific Stock Index Fund

Fund Profile
As of April 30, 2012

Share-Class Characteristics          
  Investor Admiral Signal Institutional MSCI Pacific
  Shares Shares Shares Shares ETF Shares
Ticker Symbol VPACX VPADX VPASX VPKIX VPL
Expense Ratio1 0.26% 0.14% 0.14% 0.10% 0.14%

 

Portfolio Characteristics    
      MSCI AC
    MSCI World
    Pacific Index
  Fund Index ex USA
Number of Stocks 466 462 1,837
Median Market Cap $17.8B $17.8B $27.6B
Price/Earnings Ratio 15.0x 15.0x 13.5x
Price/Book Ratio 1.2x 1.2x 1.4x
Return on Equity 11.8% 11.8% 17.2%
Earnings Growth Rate -5.5% -5.5% 3.9%
Dividend Yield 3.1% 3.1% 3.3%
Turnover Rate      
(Annualized) 3% — —
Short-Term Reserves -0.6% — —

 

Sector Diversification (% of equity exposure)

      MSCI AC
    MSCI World
    Pacific Index
  Fund Index ex USA
Consumer      
Discretionary 14.4% 14.4% 9.6%
Consumer Staples 6.4 6.3 10.0
Energy 2.8 2.7 11.4
Financials 29.5 29.7 23.6
Health Care 4.6 4.6 6.9
Industrials 16.1 16.1 10.6
Information      
Technology 7.9 7.9 6.6
Materials 10.8 10.8 11.5
Telecommunication      
Services 3.8 3.8 5.9
Utilities 3.7 3.7 3.9

 

Volatility Measures    
  MSCI MSCI AC
  Pacific World Index
  Index ex USA
R-Squared 0.94 0.86
Beta 1.01 0.75

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)

BHP Billiton Ltd. Diversified Metals  
  & Mining 3.3%
Toyota Motor Corp. Automobile  
  Manufacturers 3.1
Commonwealth Bank of    
Australia Diversified Banks 2.4
Westpac Banking Corp. Diversified Banks 2.0
Australia & New Zealand    
Banking Group Ltd. Diversified Banks 1.8
Mitsubishi UFJ Financial    
Group Inc. Diversified Banks 1.7
Honda Motor Co Ltd. Automobile  
  Manufacturers 1.6
National Australia Bank    
Ltd. Diversified Banks 1.6
Canon Inc. Office Electronics 1.4
Sumitomo Mitsui    
Financial Group Inc. Diversified Banks 1.2
Top Ten   20.1%

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

1 The expense ratios shown are from the prospectuses dated April 30, 2012, for Investor, Admiral, Signal, and Institutional Shares and February 28, 2012, for MSCI Pacific ETF Shares. They represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the annualized expense ratios were 0.26% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.10% for Institutional Shares, and 0.14% for MSCI Pacific ETF Shares.

30

 

Pacific Stock Index Fund

Market Diversification (% of equity exposure)

      MSCI AC
    MSCI World
    Pacific Index
  Fund Index ex USA
Europe 0.0% 0.0% 43.3%
Pacific      
Japan 60.9% 60.9% 14.5%
Australia 25.2 25.1 6.0
Hong Kong 8.3 8.4 2.0
Singapore 5.2 5.2 1.2
Other 0.4 0.4 0.1
Subtotal 100.0% 100.0% 23.8%
Emerging Markets 0.0% 0.0% 24.2%
North America 0.0% 0.0% 8.3%
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.

Fiscal-Year Total Returns (%): October 31, 2001, Through April 30, 2012


Average Annual Total Returns: Periods Ended March 31, 2012
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 -1.77% -2.36% 6.25%
Admiral Shares 8/13/2001 -1.68 -2.27 6.36
Signal Shares 6/4/2007 -1.65 — -3.021
Institutional Shares 5/15/2000 -1.59 -2.22 6.42
MSCI Pacific ETF Shares 3/4/2005      
Market Price   -1.65 -2.31 3.261
Net Asset Value   -1.67 -2.26 3.271
1 Return since inception.

 

Vanguard fund returns do not reflect the 2% fee on redemptions of shares held for less than two months. The fee does not apply to ETF Shares.
See Financial Highlights for dividend and capital gains information.

32

 

Pacific Stock Index Fund

Financial Statements (unaudited)

Statement of Net Assets—Investments Summary
As of April 30, 2012

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

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
    Market Percentage
    Value of Net
  Shares ($000) Assets
Common Stocks      
Australia      
BHP Billiton Ltd. 3,592,740 133,318 3.3%
Commonwealth Bank of Australia 1,763,794 95,145 2.4%
Westpac Banking Corp. 3,390,467 79,901 2.0%
Australia & New Zealand Banking Group Ltd. 2,948,703 73,050 1.8%
National Australia Bank Ltd. 2,465,560 64,449 1.6%
Woolworths Ltd. 1,370,691 36,959 0.9%
Wesfarmers Ltd. 1,125,170 35,333 0.9%
Rio Tinto Ltd. 487,537 33,360 0.8%
Woodside Petroleum Ltd. 721,405 26,089 0.6%
Westfield Group 2,458,606 23,508 0.6%
CSL Ltd. 585,634 22,301 0.6%
Newcrest Mining Ltd. 804,939 21,935 0.5%
Australia—Other †   359,292 8.9%
    1,004,640 24.9%
Hong Kong      
1 AIA Group Ltd. 9,431,697 33,378 0.8%
Hutchison Whampoa Ltd. 2,382,531 22,825 0.6%
Cheung Kong Holdings Ltd. 1,555,436 20,571 0.5%
Sun Hung Kai Properties Ltd. 1,580,118 18,926 0.5%
CLP Holdings Ltd. 2,154,150 18,441 0.5%
Hong Kong Exchanges and Clearing Ltd. 1,149,844 18,286 0.4%
1 Hong Kong—Other †   202,413 5.0%
    334,840 8.3%
Japan      
Toyota Motor Corp. 3,086,871 126,493 3.1%
Mitsubishi UFJ Financial Group Inc. 14,252,226 68,432 1.7%
Honda Motor Co. Ltd. 1,824,227 65,652 1.6%
Canon Inc. 1,268,842 57,514 1.4%
Sumitomo Mitsui Financial Group Inc. 1,502,459 48,077 1.2%
Mizuho Financial Group Inc. 25,512,381 40,220 1.0%

 

33

 

Pacific Stock Index Fund

      Market Percentage
      Value of Net
    Shares ($000) Assets
Takeda Pharmaceutical Co. Ltd.   883,248 38,541 1.0%
FANUC Corp.   214,454 36,168 0.9%
Mitsubishi Corp.   1,572,618 34,082 0.8%
Hitachi Ltd.   5,057,813 32,214 0.8%
Komatsu Ltd.   1,061,509 30,550 0.8%
Mitsui & Co. Ltd.   1,946,045 30,389 0.7%
Softbank Corp.   992,415 29,620 0.7%
NTT DoCoMo Inc.   17,105 29,207 0.7%
Nissan Motor Co. Ltd.   2,783,562 28,941 0.7%
Japan Tobacco Inc.   5,037 27,903 0.7%
Shin-Etsu Chemical Co. Ltd.   458,957 26,491 0.7%
Seven & I Holdings Co. Ltd.   842,314 25,497 0.6%
Mitsubishi Estate Co. Ltd.   1,401,914 24,784 0.6%
East Japan Railway Co.   380,212 23,656 0.6%
Nippon Telegraph & Telephone Corp.   489,417 22,144 0.5%
KDDI Corp.   3,257 21,321 0.5%
Tokio Marine Holdings Inc.   809,890 20,720 0.5%
Astellas Pharma Inc.   497,551 20,178 0.5%
ITOCHU Corp.   1,684,900 19,063 0.5%
Mitsubishi Electric Corp.   2,162,954 19,001 0.5%
Panasonic Corp.   2,467,517 18,918 0.5%
Toshiba Corp.   4,502,424 18,405 0.5%
NTT Data Corp.   1,413 4,890 0.1%
Daihatsu Motor Co. Ltd.   212,557 4,012 0.1%
^ Hitachi Construction Machinery Co. Ltd.   120,232 2,600 0.1%
Hitachi Metals Ltd.   184,407 2,297 0.1%
Hitachi Chemical Co. Ltd.   117,166 2,172 0.1%
Hino Motors Ltd.   298,209 2,109 0.1%
Hitachi High-Technologies Corp.   68,780 1,728 0.0%
NTT Urban Development Corp.   1,273 977 0.0%
Japan—Other †     1,426,055 35.3%
      2,431,021 60.2%
 
New Zealand †     14,211 0.3%
 
Singapore        
Singapore Telecommunications Ltd.   8,913,109 22,421 0.6%
DBS Group Holdings Ltd.   1,959,779 22,017 0.6%
United Overseas Bank Ltd.   1,409,267 21,865 0.5%
Oversea-Chinese Banking Corp. Ltd.   2,882,594 20,817 0.5%
Singapore—Other †     122,622 3.0%
      209,742 5.2%
Total Common Stocks (Cost $5,315,485)     3,994,454 98.9%2
 
  Coupon      
Temporary Cash Investments        
Money Market Fund        
3,4 Vanguard Market Liquidity Fund 0.137% 85,150,345 85,150 2.1%
 
5U.S. Government and Agency Obligations †     2,604 0.1%
Total Temporary Cash Investments (Cost $87,755)     87,754 2.2%2
Total Investments (Cost $5,403,240)     4,082,208 101.1%

 

34

 

Pacific Stock Index Fund    
 
 
  Market Percentage
  Value of Net
  ($000) Assets
Other Assets and Liabilities    
Other Assets 33,762 0.9%
Liabilities3 (79,819) (2.0%)
  (46,057) (1.1%)
Net Assets 4,036,151 100.0%
 
 
At April 30, 2012, net assets consisted of:    
    Amount
    ($000)
Paid-in Capital   6,511,571
Undistributed Net Investment Income   33,479
Accumulated Net Realized Losses   (1,187,759)
Unrealized Appreciation (Depreciation)    
Investment Securities   (1,321,032)
Futures Contracts   (1,353)
Forward Currency Contracts   301
Foreign Currencies   944
Net Assets   4,036,151
 
Investor Shares—Net Assets    
Applicable to 41,023,090 outstanding $.001 par value shares of    
beneficial interest (unlimited authorization)   406,529
Net Asset Value Per Share—Investor Shares   $9.91
 
Admiral Shares—Net Assets    
Applicable to 23,055,247 outstanding $.001 par value shares of    
beneficial interest (unlimited authorization)   1,483,424
Net Asset Value Per Share—Admiral Shares   $64.34
 
Signal Shares—Net Assets    
Applicable to 7,401,963 outstanding $.001 par value shares of    
beneficial interest (unlimited authorization)   165,402
Net Asset Value Per Share—Signal Shares   $22.35

 

35

 

Pacific Stock Index Fund  
 
 
 
  Amount
  ($000)
Institutional Shares—Net Assets  
Applicable to 38,968,045 outstanding $.001 par value shares of beneficial  
interest (unlimited authorization) 383,700
Net Asset Value Per Share—Institutional Shares $9.85
 
ETF Shares—Net Assets  
Applicable to 30,694,353 outstanding $.001 par value shares of beneficial  
interest (unlimited authorization) 1,597,096
Net Asset Value Per Share—ETF Shares $52.03

 

See Note A in Notes to Financial Statements.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $63,522,000.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $37,755,000, representing 0.9% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.1% and 1.0%, respectively, of net assets.
3 Includes $66,632,000 of collateral received for securities on loan.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Securities with a value of $2,004,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.

36

 

Pacific Stock Index Fund

Statement of Operations

  Six Months Ended
  April 30, 2012
  ($000)
Investment Income  
Income  
Dividends1 59,535
Interest2 16
Security Lending 510
Total Income 60,061
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 156
Management and Administrative—Investor Shares 408
Management and Administrative—Admiral Shares 670
Management and Administrative—Signal Shares 66
Management and Administrative—Institutional Shares 83
Management and Administrative—ETF Shares 629
Marketing and Distribution—Investor Shares 65
Marketing and Distribution—Admiral Shares 130
Marketing and Distribution—Signal Shares 20
Marketing and Distribution—Institutional Shares 56
Marketing and Distribution—ETF Shares 182
Custodian Fees 286
Shareholders’ Reports—Investor Shares 12
Shareholders’ Reports—Admiral Shares 6
Shareholders’ Reports—Signal Shares 1
Shareholders’ Reports—Institutional Shares 2
Shareholders’ Reports—ETF Shares 30
Trustees’ Fees and Expenses 2
Total Expenses 2,804
Expenses Paid Indirectly (21)
Net Expenses 2,783
Net Investment Income 57,278
Realized Net Gain (Loss)  
Investment Securities Sold (37,145)
Futures Contracts 2,261
Foreign Currencies and Forward Currency Contracts (1,358)
Realized Net Gain (Loss) (36,242)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 174,916
Futures Contracts (2,362)
Foreign Currencies and Forward Currency Contracts 1,002
Change in Unrealized Appreciation (Depreciation) 173,556
Net Increase (Decrease) in Net Assets Resulting from Operations 194,592

 

1 Dividends are net of foreign withholding taxes of $2,174,000.
2 Interest income from an affiliated company of the fund was $15,000.
See accompanying Notes, which are an integral part of the Financial Statements.

37

 

Pacific Stock Index Fund

Statement of Changes in Net Assets

  Six Months Ended Year Ended
  April 30, October 31,
  2012 2011
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 57,278 124,465
Realized Net Gain (Loss) (36,242) (75,684)
Change in Unrealized Appreciation (Depreciation) 173,556 (169,625)
Net Increase (Decrease) in Net Assets Resulting from Operations 194,592 (120,844)
Distributions    
Net Investment Income    
Investor Shares (12,222) (16,209)
Admiral Shares (44,337) (61,136)
Signal Shares (4,645) (6,438)
Institutional Shares (11,449) (15,525)
ETF Shares (46,866) (60,867)
Realized Capital Gain    
Investor Shares — —
Admiral Shares — —
Signal Shares — —
Institutional Shares — —
ETF Shares — —
Total Distributions (119,519) (160,175)
Capital Share Transactions    
Investor Shares (39,020) (409,292)
Admiral Shares 5,850 408,150
Signal Shares 12,872 (8,847)
Institutional Shares 19,579 (432,407)
ETF Shares 96,779 103,279
Net Increase (Decrease) from Capital Share Transactions 96,060 (339,117)
Total Increase (Decrease) 171,133 (620,136)
Net Assets    
Beginning of Period 3,865,018 4,485,154
End of Period1 4,036,151 3,865,018
1 Net Assets—End of Period includes undistributed net investment income of $33,479,000 and $96,544,000.

 

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

38

 

Pacific Stock Index Fund

Financial Highlights

Investor Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $9.74 $10.40 $9.61 $7.94 $14.19 $12.13
Investment Operations            
Net Investment Income .141 .2891 .2431 .1891 .281 .236
Net Realized and Unrealized Gain (Loss)            
on Investments .315 (.619) .803 1.621 (6.228) 2.091
Total from Investment Operations .456 (.330) 1.046 1.810 (5.947) 2.327
Distributions            
Dividends from Net Investment Income (.286) (.330) (.256) (.140) (.303) (.267)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.286) (.330) (.256) (.140) (.303) (.267)
Net Asset Value, End of Period $9.91 $9.74 $10.40 $9.61 $7.94 $14.19
 
Total Return2 4.98% -3.45% 11.09% 23.23% -42.71% 19.52%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $407 $438 $868 $2,846 $5,065 $11,281
Ratio of Total Expenses to            
Average Net Assets 0.26% 0.26% 0.26% 0.27% 0.22% 0.22%
Ratio of Net Investment Income to            
Average Net Assets 2.84% 2.85% 2.37% 2.42% 2.32% 1.80%
Portfolio Turnover Rate3 3% 4% 3% 8% 9% 3%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

39

 

Pacific Stock Index Fund

Financial Highlights

Admiral Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $63.28 $68.06 $62.95 $52.04 $92.94 $79.43
Investment Operations            
Net Investment Income .963 2.0511 1.5331 1.3861 1.933 1.613
Net Realized and Unrealized Gain (Loss)            
on Investments 2.054 (4.080) 5.337 10.531 (40.773) 13.714
Total from Investment Operations 3.017 (2.029) 6.870 11.917 (38.840) 15.327
Distributions            
Dividends from Net Investment Income (1.957) (2.751) (1.760) (1.007) (2.060) (1.817)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (1.957) (2.751) (1.760) (1.007) (2.060) (1.817)
Net Asset Value, End of Period $64.34 $63.28 $68.06 $62.95 $52.04 $92.94
 
Total Return2 5.08% -3.33% 11.13% 23.38% -42.62% 19.64%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $1,483 $1,451 $1,165 $849 $737 $1,292
Ratio of Total Expenses to            
Average Net Assets 0.14% 0.14% 0.14% 0.16% 0.12% 0.12%
Ratio of Net Investment Income to            
Average Net Assets 2.96% 2.97% 2.49% 2.53% 2.42% 1.90%
Portfolio Turnover Rate3 3% 4% 3% 8% 9% 3%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

40

 

Pacific Stock Index Fund

Financial Highlights

Signal Shares            
Six Months         June 4,
  Ended         20071 to
For a Share Outstanding April 30,        Year Ended October 31, Oct. 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $21.98 $23.64 $21.87 $18.08 $32.28 $30.53
Investment Operations            
Net Investment Income .334 .6952 .5412 .4812 .667 .250
Net Realized and Unrealized Gain (Loss)            
on Investments .716 (1.394) 1.840 3.658 (14.158) 1.500
Total from Investment Operations 1.050 (.699) 2.381 4.139 (13.491) 1.750
Distributions            
Dividends from Net Investment Income (.680) (.961) (.611) (.349) (.709) —
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.680) (.961) (.611) (.349) (.709) —
Net Asset Value, End of Period $22.35 $21.98 $23.64 $21.87 $18.08 $32.28
 
Total Return3 5.09% -3.31% 11.10% 23.38% -42.61% 5.73%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $165 $149 $171 $159 $150 $247
Ratio of Total Expenses to            
Average Net Assets 0.14% 0.14% 0.14% 0.16% 0.12% 0.12%4
Ratio of Net Investment Income to            
Average Net Assets 2.96% 2.97% 2.49% 2.53% 2.42% 1.90%4
Portfolio Turnover Rate5 3% 4% 3% 8% 9% 3%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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Pacific Stock Index Fund

Financial Highlights

Institutional Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $9.69 $10.42 $9.63 $7.96 $14.22 $12.15
Investment Operations            
Net Investment Income .149 .3031 .2431 .2151 .300 .251
Net Realized and Unrealized Gain (Loss)            
on Investments .315 (.609) .816 1.613 (6.242) 2.102
Total from Investment Operations .464 (.306) 1.059 1.828 (5.942) 2.353
Distributions            
Dividends from Net Investment Income (.304) (.424) (.269) (.158) (.318) (.283)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.304) (.424) (.269) (.158) (.318) (.283)
Net Asset Value, End of Period $9.85 $9.69 $10.42 $9.63 $7.96 $14.22
 
Total Return2 5.11% -3.29% 11.22% 23.46% -42.62% 19.72%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $384 $354 $799 $487 $1,610 $2,720
Ratio of Total Expenses to            
Average Net Assets 0.10% 0.10% 0.10% 0.12% 0.09% 0.09%
Ratio of Net Investment Income to            
Average Net Assets 3.00% 3.01% 2.53% 2.57% 2.45% 1.93%
Portfolio Turnover Rate3 3% 4% 3% 8% 9% 3%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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Pacific Stock Index Fund

Financial Highlights

MSCI Pacific ETF Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $51.18 $55.06 $50.92 $42.10 $75.17 $64.24
Investment Operations            
Net Investment Income .781 1.6381 1.2651 1.1091 1.573 1.314
Net Realized and Unrealized Gain (Loss)            
on Investments 1.654 (3.275) 4.296 8.534 (32.974) 11.089
Total from Investment Operations 2.435 (1.637) 5.561 9.643 (31.401) 12.403
Distributions            
Dividends from Net Investment Income (1.585) (2.243) (1.421) (.823) (1.669) (1.473)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (1.585) (2.243) (1.421) (.823) (1.669) (1.473)
Net Asset Value, End of Period $52.03 $51.18 $55.06 $50.92 $42.10 $75.17
 
Total Return 5.08% -3.34% 11.11% 23.38% -42.61% 19.65%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $1,597 $1,472 $1,482 $1,288 $1,186 $1,503
Ratio of Total Expenses to            
Average Net Assets 0.14% 0.14% 0.14% 0.16% 0.11% 0.12%
Ratio of Net Investment Income to            
Average Net Assets 2.96% 2.97% 2.49% 2.53% 2.43% 1.90%
Portfolio Turnover Rate2 3% 4% 3% 8% 9% 3%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

43

 

Pacific Stock Index Fund

Notes to Financial Statements

Vanguard Pacific Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers six classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Signal Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. The fund has not issued any Institutional Plus Shares through April 30, 2012. ETF Shares, known as Vanguard MSCI Pacific ETF Shares, are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.

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

3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks

44

 

Pacific Stock Index Fund

associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market.

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. Counterparty risk is mitigated by entering into forward currency contracts only with highly rated counterparties, by a master netting arrangement between the fund and the counterparty, and by the posting of collateral by the counterparty. 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 posted. Any securities posted as collateral for open contracts are noted in the Statement of Net Assets.

Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate principal 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.

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, 2008–2011), and for the period ended April 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

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

6. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.

7. 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. 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 redemptions of capital shares are credited to paid-in capital.

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

45

 

Pacific Stock Index Fund

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2012, the fund had contributed capital of $598,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.24% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2012, custodian fee offset arrangements reduced the fund’s expenses by $21,000 (an annual rate of 0.00% of average net assets).

D. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following table summarizes the market value of the fund’s investments as of April 30, 2012, based on the inputs used to value them:
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 3,211 3,991,243 —
Temporary Cash Investments 85,150 2,604 —
Futures Contracts— Assets1 83 — —
Forward Currency Contracts—Assets — 348 —
Forward Currency Contracts—Liabilities — (47)  
Total 88,444 3,994,148 —
1 Represents variation margin on the last day of the reporting period.

 

E. At April 30, 2012, the fair values of derivatives were reflected in the Statement of Net Assets as follows:

    Foreign  
  Equity Exchange  
  Contracts Contracts Total
Statement of Net Assets Caption ($000) ($000) ($000)
Other Assets 83 348 431
Liabilities — (47) (47)

 

46

 

Pacific Stock Index Fund

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2012, were:

    Foreign  
  Equity Exchange  
  Contracts Contracts Total
Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000)
Futures Contracts 2,261 — 2,261
Forward Currency Contracts — (197) (197)
Realized Net Gain (Loss) on Derivatives 2,261 (197) 2,064
 
Change in Unrealized Appreciation (Depreciation) on Derivatives      
Futures Contracts (2,362) — (2,362)
Forward Currency Contracts — (416) (416)
Change in Unrealized Appreciation (Depreciation) on Derivatives (2,362) (416) (2,778)

 

At April 30, 2012, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

        ($000)
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Appreciation
Futures Contracts Expiration Contracts Long (Short) (Depreciation)
Topix Index June 2012 301 30,252 (1,656)
S&P ASX 200 Index June 2012 132 15,106 303

 

At April 30, 2012, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.

            Unrealized
  Contract         Appreciation
  Settlement     Contract Amount (000) (Depreciation)
Counterparty Date   Receive   Deliver ($000)
UBS AG 6/12/12 JPY 643,048 USD 8,057 294
UBS AG 6/26/12 AUD 7,508 USD 7,769 54
UBS AG 6/26/12 AUD 6,710 USD 6,943 (47)

AUD—Australian dollar.
JPY—Japanese yen.
USD—U.S. dollar.

At April 30, 2012, the counterparty had deposited in a segregated account securities with a value sufficient to cover substantially all amounts due to the fund in connection with open forward currency contracts.

47

 

Pacific Stock Index Fund

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

During the six months ended April 30, 2012, the fund realized net foreign currency losses of $1,161,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the six months ended April 30, 2012, the fund realized gains on the sale of passive foreign investment companies of $337,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at April 30, 2012, had unrealized appreciation of $1,793,000 as of October 31, 2011, the most recent mark-to-market date for tax purposes. This amount has been distributed and is reflected in the balance of undistributed net investment income.

During the six months ended April 30, 2012, the fund realized $2,436,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2011, the fund had available capital loss carryforwards totaling $1,149,165,000 to offset future net capital gains of $4,674,000 through October 31, 2013, $453,022,000 through October 31, 2016, $607,343,000 through October 31, 2017, $29,742,000 through October 31, 2018 and $54,384,000 through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2012, the cost of investment securities for tax purposes was $5,405,033,000. Net unrealized depreciation of investment securities for tax purposes was $1,322,825,000, consisting of unrealized gains of $219,128,000 on securities that had risen in value since their purchase and $1,541,953,000 in unrealized losses on securities that had fallen in value since their purchase.

G. During the six months ended April 30, 2012, the fund purchased $146,151,000 of investment securities and sold $117,919,000 of investment securities, other than temporary cash investments.

48

 

Pacific Stock Index Fund

H. Capital share transactions for each class of shares were:

  Six Months Ended   Year Ended
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued 29,876 3,107 97,456 9,225
Issued in Lieu of Cash Distributions 11,516 1,279 15,294 1,433
Redeemed1 (80,412) (8,375) (522,042) (49,125)
Net Increase (Decrease)—Investor Shares (39,020) (3,989) (409,292) (38,467)
Admiral Shares        
Issued 88,949 1,423 569,343 8,201
Issued in Lieu of Cash Distributions 37,785 647 52,035 751
Redeemed1 (120,884) (1,944) (213,228) (3,135)
Net Increase (Decrease)—Admiral Shares 5,850 126 408,150 5,817
Signal Shares        
Issued 22,919 1,060 48,013 2,008
Issued in Lieu of Cash Distributions 3,981 196 5,823 242
Redeemed1 (14,028) (646) (62,683) (2,694)
Net Increase (Decrease)—Signal Shares 12,872 610 (8,847) (444)
Institutional Shares        
Issued 64,089 6,923 63,371 6,109
Issued in Lieu of Cash Distributions 7,242 810 10,333 974
Redeemed1 (51,752) (5,324) (506,111) (47,249)
Net Increase (Decrease)—Institutional Shares 19,579 2,409 (432,407) (40,166)
ETF Shares        
Issued 96,779 1,929 160,710 2,943
Issued in Lieu of Cash Distributions — — — —
Redeemed1 — — (57,431) (1,100)
Net Increase (Decrease)—ETF Shares 96,779 1,929 103,279 1,843
1 Net of redemption fees for fiscal 2012 and 2011 of $33,000 and $45,000, respectively (fund totals).

 

I. In preparing the financial statements as of April 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

49

 

Emerging Markets Stock Index Fund

Fund Profile
As of April 30, 2012

Share-Class Characteristics            
            MSCI
            Emerging
  Investor Admiral Signal Institutional Institutional Markets
  Shares Shares Shares Shares Plus Shares ETF Shares
Ticker Symbol VEIEX VEMAX VERSX VEMIX VEMRX VWO
Expense Ratio1 0.33% 0.20% 0.20% 0.13% 0.10% 0.20%

 

Portfolio Characteristics    
    MSCI MSCI AC
    Emerging World
    Markets Index
  Fund Index ex USA
Number of Stocks 903 811 1,837
Median Market Cap $16.6B $17.1B $27.6B
Price/Earnings Ratio 12.3x 11.6x 13.5x
Price/Book Ratio 1.8x 1.7x 1.4x
Return on Equity 20.1% 19.6% 17.2%
Earnings Growth Rate 15.0% 14.5% 3.9%
Dividend Yield 2.4% 2.7% 3.3%
Turnover Rate      
(Annualized) 8% — —
Short-Term Reserves 0.0% — —

 

Sector Diversification (% of equity exposure)

    MSCI MSCI AC
    Emerging World
    Markets Index
  Fund Index ex USA
Consumer      
Discretionary 8.2% 8.1% 9.6%
Consumer Staples 8.1 8.2 10.0
Energy 13.5 14.0 11.4
Financials 24.1 23.7 23.6
Health Care 1.0 1.1 6.9
Industrials 6.6 6.6 10.6
Information      
Technology 14.2 13.7 6.6
Materials 12.5 12.6 11.5
Telecommunication      
Services 8.2 8.3 5.9
Utilities 3.6 3.7 3.9

 

Volatility Measures    
  MSCI MSCI AC
  Emerging World Index
  Markets Index ex USA
R-Squared 0.98 0.90
Beta 1.03 1.15

 

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. Semiconductors 4.1%
Petroleo Brasileiro SA Integrated Oil &  
  Gas 2.3
Taiwan Semiconductor    
Manufacturing Co. Ltd. Semiconductors 2.0
Vale SA Steel 2.0
China Mobile Ltd. Wireless  
  Telecommunication  
  Services 1.8
Gazprom OAO Integrated Oil &  
  Gas 1.7
America Movil SAB de Wireless  
CV Telecommunication  
  Services 1.5
China Construction Bank    
Corp. Diversified Banks 1.3
Hyundai Motor Co. Automobile  
  Manufacturers 1.1
Industrial & Commercial    
Bank of China Diversified Banks 1.1
Top Ten   18.9%

 

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

1 The expense ratios shown are from the prospectuses dated April 30, 2012, for Investor, Admiral, Signal, Institutional, and Institutional Plus Shares and February 28, 2012, for MSCI Emerging Markets ETF Shares. They represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the annualized expense ratios were 0.33% for Investor Shares, 0.19% for Admiral Shares, 0.19% for Signal Shares, 0.13% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.19% for MSCI Emerging Markets ETF Shares.

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Emerging Markets Stock Index Fund

Market Diversification (% of equity exposure)

    MSCI MSCI AC
    Emerging World
    Markets Index
  Fund Index ex USA
Europe 0.0% 0.0% 43.3%
Pacific 0.0% 0.0% 23.8%
Emerging Markets      
China 18.1% 18.1% 4.4%
South Korea 15.4 15.3 3.7
Brazil 14.0 14.0 3.4
Taiwan 10.8 10.7 2.6
South Africa 7.8 7.7 1.9
Russia 6.6 6.5 1.6
India 6.4 6.3 1.5
Mexico 4.8 4.8 1.1
Malaysia 3.4 3.4 0.8
Indonesia 2.8 2.7 0.7
Thailand 2.2 2.1 0.5
Chile 1.8 1.8 0.4
Poland 1.4 1.4 0.3
Turkey 1.4 1.4 0.3
Other 3.1 3.8 1.0
Subtotal 100.0% 100.0% 24.2%
North America 0.0% 0.0% 8.3%
Middle East 0.0% 0.0% 0.4%

 

51

 

Emerging Markets Stock Index Fund

Performance Summary

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

Fiscal-Year Total Returns (%): October 31, 2001, Through April 30, 2012


Spliced Emerging Markets Index: Select Emerging Markets Index, administered exclusively for Vanguard by MSCI, through August 23, 2006; MSCI Emerging Markets Index thereafter. Index returns are adjusted for withholding taxes.
Note: For 2012, performance data reflect the six months ended April 30, 2012.

Average Annual Total Returns: Periods Ended March 31, 2012
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 -9.07% 4.42% 13.71%
Admiral Shares 6/23/2006 -8.98 4.55 9.171
Signal Shares 1/19/2007 -8.99 4.54 5.041
Institutional Shares 6/22/2000 -8.89 4.62 13.90
Institutional Plus Shares 12/15/2010 -8.88 — -3.181
MSCI Emerging Markets ETF 3/4/2005      
Shares        
Market Price   -9.13 4.51 10.391
Net Asset Value   -8.98 4.55 10.381
1 Return since inception.

 

Vanguard fund returns do not reflect the 2% fee on redemptions of shares held for less than two months. The fee does not apply to ETF Shares.
See Financial Highlights for dividend and capital gains information.

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Emerging Markets Stock Index Fund

Financial Statements (unaudited)

Statement of Net Assets—Investments Summary
As of April 30, 2012

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

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
    Market Percentage
    Value of Net
  Shares ($000) Assets
Common Stocks      
Brazil      
^ Vale SA Class B Pfd. ADR 27,044,876 584,981 0.9%
Petroleo Brasileiro SA ADR Type A 25,311,838 560,910 0.8%
Itau Unibanco Holding SA ADR 31,473,444 493,818 0.7%
Petroleo Brasileiro SA ADR 18,333,505 431,571 0.7%
Cia de Bebidas das Americas ADR 9,895,525 415,414 0.6%
Banco Bradesco SA ADR 24,658,040 395,268 0.6%
Vale SA Class B ADR 17,490,800 388,296 0.6%
Petroleo Brasileiro SA Prior Pfd. 27,963,628 309,248 0.5%
Vale SA Prior Pfd. 10,542,777 228,151 0.3%
Itausa - Investimentos Itau SA Prior Pfd. 47,548,829 226,001 0.3%
Petroleo Brasileiro SA 19,207,388 224,807 0.3%
Vale SA 7,134,838 158,406 0.2%
Brazil—Other †   5,054,763 7.5%
    9,471,634 14.0%
 
Chile †   1,245,427 1.8%
 
China      
China Mobile Ltd. 112,832,167 1,248,321 1.9%
China Construction Bank Corp. 1,126,281,857 874,044 1.3%
Industrial & Commercial Bank of China 1,138,490,003 756,451 1.1%
CNOOC Ltd. 334,448,552 706,739 1.1%
Tencent Holding s Ltd. 18,974,472 593,594 0.9%
PetroChina Co. Ltd. 395,695,679 590,258 0.9%
Bank of China Ltd. 1,254,622,277 522,452 0.8%
China Life Insurance Co. Ltd. 139,110,470 370,388 0.6%
China Petroleum & Chemical Corp. 314,705,540 334,252 0.5%
China Shenhua Energy Co. Ltd. 63,772,825 281,624 0.4%
Ping An Insurance Group Co. 32,114,988 266,756 0.4%
China Unicom Hong Kong Ltd. 110,843,048 193,862 0.3%
China Overseas Land & Investment Ltd. 76,071,076 164,391 0.3%

 

53

 

Emerging Markets Stock Index Fund      
 
 
 
      Market Percentage
      Value of Net
    Shares ($000) Assets
  Agricultural Bank of China Ltd. 344,704,045 163,028 0.2%
  China Telecom Corp. Ltd. 261,333,683 140,062 0.2%
  Dongfeng Motor Group Co. Ltd. 51,368,044 100,469 0.2%
  China Coal Energy Co. Ltd. 77,153,000 88,146 0.1%
  China Citic Bank Corp. Ltd. 138,150,919 87,535 0.1%
  China Resources Enterprise Ltd. 23,235,460 84,105 0.1%
  China Communications Construction Co. Ltd. 83,285,704 82,986 0.1%
  Yanzhou Coal Mining Co. Ltd. 37,700,720 78,962 0.1%
  Kunlun Energy Co. Ltd. 44,961,230 78,903 0.1%
^ China Resources Land Ltd. 38,150,000 73,004 0.1%
  China Merchants Holdings International Co. Ltd. 21,663,510 69,757 0.1%
  China Resources Power Holdings Co. Ltd. 30,840,548 56,053 0.1%
  China Oilfield Services Ltd. 28,622,000 46,109 0.1%
^ Sinopharm Group Co. Ltd. 15,302,000 39,873 0.1%
  Citic Pacific Ltd. 23,612,874 38,751 0.1%
  Guangdong Investment Ltd. 50,273,680 36,888 0.1%
  Huaneng Power International Inc. 61,059,978 36,142 0.1%
  China Longyuan Power Group Corp. 40,732,000 31,916 0.1%
^ CSR Corp. Ltd. 37,521,877 30,114 0.1%
  Air China Ltd. 41,345,548 29,864 0.1%
  China Railway Group Ltd. 72,989,608 28,771 0.0%
* China Taiping Insurance Holdings Co. Ltd. 13,777,407 28,694 0.0%
^ China Resources Cement Holdings Ltd. 35,552,686 28,077 0.0%
  China Railway Construction Corp. Ltd. 35,118,765 27,858 0.0%
^ China COSCO Holdings Co. Ltd. 47,976,000 27,601 0.0%
^ China Resources Gas Group Ltd. 12,758,000 24,718 0.0%
^ China State Construction International Holdings Ltd. 26,332,000 24,175 0.0%
^ Zhuzhou CSR Times Electric Co. Ltd. 8,389,000 23,649 0.0%
  Beijing Capital International Airport Co. Ltd. 35,969,654 23,435 0.0%
  China Communications Services Corp. Ltd. 44,523,973 22,839 0.0%
  China Agri-Industries Holdings Ltd. 29,946,586 21,900 0.0%
^ Poly Hong Kong Investments Ltd. 40,374,000 20,955 0.0%
  Franshion Properties China Ltd. 66,134,094 18,167 0.0%
^ AviChina Industry & Technology Co. Ltd. 36,416,000 16,739 0.0%
  Dah Chong Hong Holdings Ltd. 15,367,000 16,296 0.0%
  Sinopec Shanghai Petrochemical Co. Ltd. 43,581,192 15,127 0.0%
^,* China Southern Airlines Co. Ltd. 33,068,000 14,819 0.0%
^ Angang Steel Co. Ltd. 21,468,374 14,592 0.0%
^ Metallurgical Corp. of China Ltd. 48,427,000 10,751 0.0%
^ Sinofert Holdings Ltd. 34,699,917 7,537 0.0%
  China—Other †   3,573,607 5.3%
      12,286,106 18.1%
Colombia      
  BanColombia SA ADR 6,192,307 420,024 0.6%
  Colombia—Other †   149,377 0.2%
      569,401 0.8%
 
Czech Republic †   225,795 0.3%
 
Egypt †   149,158 0.2%
 
Hungary †   215,057 0.3%

 

54

 

Emerging Markets Stock Index Fund      
 
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
India      
Infosys Ltd. 8,069,681 374,676 0.6%
Reliance Industries Ltd. 24,563,195 346,512 0.5%
Housing Development Finance Corp. 20,399,845 260,044 0.4%
India—Other †   3,319,972 4.9%
    4,301,204 6.4%
Indonesia      
Astra International Tbk PT 38,402,790 295,731 0.4%
Telekomunikasi Indonesia Persero Tbk PT 191,171,979 176,273 0.3%
Bank Rakyat Indonesia Persero Tbk PT 208,488,100 150,097 0.2%
Bank Mandiri Persero Tbk PT 175,797,980 140,981 0.2%
Perusahaan Gas Negara Persero Tbk PT 216,770,980 78,715 0.1%
Semen Gresik Persero Tbk PT 59,460,320 78,367 0.1%
Bank Negara Indonesia Persero Tbk PT 120,123,084 52,403 0.1%
Tambang Batubara Bukit Asam Persero Tbk PT 17,495,357 35,020 0.1%
Vale Indonesia Tbk PT 39,377,150 13,225 0.0%
Aneka Tambang Persero Tbk PT 57,023,659 10,652 0.0%
Indonesia—Other †   839,198 1.3%
    1,870,662 2.8%
 
Malaysia †   2,299,572 3.4%
 
Mexico      
America Movil SAB de CV 743,307,200 991,194 1.5%
Wal-Mart de Mexico SAB de CV 115,674,892 330,793 0.5%
Fomento Economico Mexicano SAB de CV 36,232,908 294,515 0.4%
Mexico—Other †   1,634,792 2.4%
    3,251,294 4.8%
 
Morocco †   12,684 0.0%
 
Peru †   461,731 0.7%
 
Philippines †   554,584 0.8%
 
Poland †   947,325 1.4%
 
Russia      
Gazprom OAO ADR 87,482,883 1,013,232 1.5%
Lukoil OAO ADR 8,872,726 545,861 0.8%
Sberbank of Russia 132,842,072 426,500 0.6%
NovaTek OAO GDR 1,746,494 222,995 0.3%
Rosneft Oil Co. GDR 27,168,707 194,542 0.3%
Gazprom OAO 24,659,930 142,058 0.2%
VTB Bank OJSC GDR 25,642,735 107,538 0.2%
Federal Hydrogenerating Co. JSC 2,177,770,457 77,093 0.1%
AK Transneft OAO Prior Pfd. 28,480 53,450 0.1%
* IDGC Holding JSC 287,697,600 26,376 0.1%
Rosneft Oil Co. 3,355,481 24,013 0.0%
VTB Bank OJSC 442,200,349 951 0.0%
Russia—Other †   1,615,934 2.4%
    4,450,543 6.6%

 

55

 

Emerging Markets Stock Index Fund      
 
 
 
      Market Percentage
      Value of Net
    Shares ($000) Assets
South Africa      
  MTN Group Ltd. 31,813,350 556,347 0.8%
  Sasol Ltd. 10,224,736 486,130 0.7%
  Naspers Ltd. 7,220,626 435,669 0.7%
  Standard Bank Group Ltd. 22,343,502 330,065 0.5%
  AngloGold Ashanti Ltd. 7,150,516 245,183 0.4%
  South Africa—Other †   3,201,860 4.7%
      5,255,254 7.8%
South Korea      
1 Samsung Electronics Co. Ltd. GDR 2,751,228 1,678,906 2.5%
  Samsung Electronics Co. Ltd. 696,259 852,194 1.3%
  Hyundai Motor Co. 2,891,793 682,666 1.0%
  Hyundai Mobis 1,277,932 345,511 0.5%
  Kia Motors Corp. 4,503,144 330,436 0.5%
  POSCO ADR 3,580,110 298,044 0.4%
  Samsung Electronics Co. Ltd. Prior Pfd. 385,403 274,663 0.4%
  SK Hynix Inc. 9,761,920 240,606 0.3%
  Hyundai Motor Co. 2nd Pfd. 705,424 49,440 0.1%
  Hyundai Motor Co. Prior Pfd. 422,887 27,806 0.0%
1 South Korea—Other †   5,608,725 8.3%
      10,388,997 15.3%
Taiwan      
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR 58,484,443 911,188 1.3%
  Hon Hai Precision Industry Co. Ltd. 166,196,846 522,552 0.8%
  Taiwan Semiconductor Manufacturing Co. Ltd. 157,903,045 466,704 0.7%
  Taiwan—Other †   5,231,855 7.7%
      7,132,299 10.5%
 
Thailand †   1,468,243 2.2%
 
Turkey †   939,589 1.4%
Total Common Stocks (Cost $61,544,189)   67,496,559 99.6%2
 
    Coupon    
Temporary Cash Investments      
Money Market Fund      
3,4 Vanguard Market Liquidity Fund 0.137%  1,683,459,645 1,683,460 2.5%
 
5U.S. Government and Agency Obligations †   13,095 0.0%
Total Temporary Cash Investments (Cost $1,696,555)   1,696,555 2.5%2
Total Investments (Cost $63,240,744)   69,193,114 102.1%
Other Assets and Liabilities      
Other Assets   230,805 0.4%
Liabilities3   (1,682,282) (2.5%)
      (1,451,477) (2.1%)
Net Assets   67,741,637 100.0%

 

56

 

Emerging Markets Stock Index Fund  
 
 
At April 30, 2012, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 64,715,251
Undistributed Net Investment Income 282,637
Accumulated Net Realized Losses (3,205,026)
Unrealized Appreciation (Depreciation)  
Investment Securities 5,952,370
Futures Contracts (2,412)
Foreign Currencies (1,183)
Net Assets 67,741,637
 
Investor Shares—Net Assets  
Applicable to 94,373,364 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 2,547,031
Net Asset Value Per Share—Investor Shares $26.99
 
Admiral Shares—Net Assets  
Applicable to 196,429,921 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 6,966,091
Net Asset Value Per Share—Admiral Shares $35.46
 
Signal Shares—Net Assets  
Applicable to 24,180,019 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 824,575
Net Asset Value Per Share—Signal Shares $34.10

 

57

 

Emerging Markets Stock Index Fund  
 
 
 
  Amount
  ($000)
Institutional Shares—Net Assets  
Applicable to 63,930,564 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 1,724,899
Net Asset Value Per Share—Institutional Shares $26.98
 
Institutional Plus Shares—Net Assets  
Applicable to 20,190,113 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 1,811,905
Net Asset Value Per Share—Institutional Plus Shares $89.74
 
ETF Shares—Net Assets  
Applicable to 1,263,345,342 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 53,867,136
Net Asset Value Per Share—ETF Shares $42.64

 

See Note A in Notes to Financial Statements.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $1,443,815,000.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $1,761,686,000, representing 2.6% 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 2.2%, respectively, of net assets.
3 Includes $1,549,502,000 of collateral received for securities on loan.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Securities with a value of $10,996,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.

58

 

Emerging Markets Stock Index Fund

Statement of Operations

  Six Months Ended
  April 30, 2012
  ($000)
Investment Income  
Income  
Dividends1 543,844
Interest2 176
Security Lending 23,800
Total Income 567,820
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,732
Management and Administrative—Investor Shares 2,920
Management and Administrative—Admiral Shares 3,846
Management and Administrative—Signal Shares 394
Management and Administrative—Institutional Shares 281
Management and Administrative—Institutional Plus Shares 140
Management and Administrative—ETF Shares 25,962
Marketing and Distribution—Investor Shares 380
Marketing and Distribution—Admiral Shares 609
Marketing and Distribution—Signal Shares 101
Marketing and Distribution—Institutional Shares 212
Marketing and Distribution—Institutional Plus Shares 209
Marketing and Distribution—ETF Shares 6,902
Custodian Fees 16,113
Shareholders’ Reports—Investor Shares 52
Shareholders’ Reports—Admiral Shares 29
Shareholders’ Reports—Signal Shares 3
Shareholders’ Reports—Institutional Shares 3
Shareholders’ Reports—Institutional Plus Shares —
Shareholders’ Reports—ETF Shares 420
Trustees’ Fees and Expenses 26
Total Expenses 60,334
Net Investment Income 507,486
Realized Net Gain (Loss)  
Investment Securities Sold (287,239)
Futures Contracts 8,654
Foreign Currencies (9,893)
Realized Net Gain (Loss) (288,478)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 2,427,043
Futures Contracts (2,386)
Foreign Currencies (1,354)
Change in Unrealized Appreciation (Depreciation) 2,423,303
Net Increase (Decrease) in Net Assets Resulting from Operations 2,642,311

 

1 Dividends are net of foreign withholding taxes of $56,662,000.
2 Interest income from an affiliated company of the fund was $169,000.
See accompanying Notes, which are an integral part of the Financial Statements.

59

 

Emerging Markets Stock Index Fund

Statement of Changes in Net Assets

  Six Months Ended Year Ended
  April 30, October 31,
  2012 2011
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 507,486 1,416,236
Realized Net Gain (Loss) (288,478) 983,534
Change in Unrealized Appreciation (Depreciation) 2,423,303 (8,294,978)
Net Increase (Decrease) in Net Assets Resulting from Operations 2,642,311 (5,895,208)
Distributions    
Net Investment Income    
Investor Shares (49,312) (45,629)
Admiral Shares (141,105) (125,032)
Signal Shares (15,068) (11,188)
Institutional Shares (31,138) (54,245)
Institutional Plus Shares (36,088) (1,323)
ETF Shares (992,556) (754,419)
Realized Capital Gain    
Investor Shares — —
Admiral Shares — —
Signal Shares — —
Institutional Shares — —
Institutional Plus Shares — —
ETF Shares — —
Total Distributions (1,265,267) (991,836)
Capital Share Transactions    
Investor Shares (90,182) (2,736,615)
Admiral Shares 325,033 2,562,561
Signal Shares 139,878 98,315
Institutional Shares 384,173 (1,990,591)
Institutional Plus Shares 187,789 1,777,026
ETF Shares 6,504,717 10,797,233
Net Increase (Decrease) from Capital Share Transactions 7,451,408 10,507,929
Total Increase (Decrease) 8,828,452 3,620,885
Net Assets    
Beginning of Period 58,913,185 55,292,300
End of Period1 67,741,637 58,913,185
1 Net Assets—End of Period includes undistributed net investment income of $282,637,000 and $1,049,694,000.

 

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

60

 

Emerging Markets Stock Index Fund

Financial Highlights

Investor Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $26.39 $29.49 $23.90 $15.66 $36.78 $22.05
Investment Operations            
Net Investment Income .198 .589 .5211 .3981 .780 .6041
Net Realized and Unrealized Gain (Loss)            
on Investments2 .931 (3.255) 5.383 8.542 (21.313) 14.522
Total from Investment Operations 1.129 (2.666) 5.904 8.940 (20.533) 15.126
Distributions            
Dividends from Net Investment Income (.529) (.434) (.314) (.700) (.587) (.396)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.529) (.434) (.314) (.700) (.587) (.396)
Net Asset Value, End of Period $26.99 $26.39 $29.49 $23.90 $15.66 $36.78
 
Total Return3 4.54% -9.20% 24.92% 60.07% -56.66% 69.59%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,547 $2,585 $5,597 $7,024 $5,345 $14,150
Ratio of Total Expenses to            
Average Net Assets 0.33% 0.33% 0.35% 0.40% 0.32% 0.37%
Ratio of Net Investment Income to            
Average Net Assets 1.51% 2.25% 1.97% 2.16% 2.81% 2.24%
Portfolio Turnover Rate4 8% 10% 12% 12% 20% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.02, $.04, $.01, $.05, and $.04.
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.

61

 

Emerging Markets Stock Index Fund

Financial Highlights

Admiral Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $34.71 $38.82 $31.45 $20.63 $48.47 $29.03
Investment Operations            
Net Investment Income .287 .820 .6961 .5671 1.079 .8531
Net Realized and Unrealized Gain (Loss)            
on Investments2 1.215 (4.277) 7.119 11.222 (28.099) 19.121
Total from Investment Operations 1.502 (3.457) 7.815 11.789 (27.020) 19.974
Distributions            
Dividends from Net Investment Income (.752) (.653) (.445) (.969) (.820) (.534)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.752) (.653) (.445) (.969) (.820) (.534)
Net Asset Value, End of Period $35.46 $34.71 $38.82 $31.45 $20.63 $48.47
 
Total Return3 4.61% -9.09% 25.08% 60.29% -56.63% 69.82%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $6,966 $6,486 $4,761 $2,674 $1,508 $3,514
Ratio of Total Expenses to            
Average Net Assets 0.19% 0.20% 0.22% 0.27% 0.20% 0.25%
Ratio of Net Investment Income to            
Average Net Assets 1.65% 2.38% 2.10% 2.29% 2.93% 2.36%
Portfolio Turnover Rate4 8% 10% 12% 12% 20% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from redemption fees of $.00, $.02, $.03, $.01, $.06, and $.05.
3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

62

 

Emerging Markets Stock Index Fund

Financial Highlights

Signal Shares            
Six Months         Jan. 19,
  Ended         20071 to
For a Share Outstanding April 30,        Year Ended October 31, Oct. 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $33.38 $37.34 $30.26 $19.85 $46.61 $30.38
Investment Operations            
Net Investment Income .276 .813 .6902 .5532 1.029 .5802
Net Realized and Unrealized Gain (Loss)            
on Investments3 1.167 (4.129) 6.818 10.795 (27.029) 15.650
Total from Investment Operations 1.443 (3.316) 7.508 11.348 (26.000) 16.230
Distributions            
Dividends from Net Investment Income (.723) (.644) (.428) (.938) (.760) —
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.723) (.644) (.428) (.938) (.760) —
Net Asset Value, End of Period $34.10 $33.38 $37.34 $30.26 $19.85 $46.61
 
Total Return4 4.60% -9.07% 25.04% 60.33% -56.64% 53.42%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $825 $666 $644 $463 $266 $385
Ratio of Total Expenses to            
Average Net Assets 0.19% 0.20% 0.22% 0.27% 0.20% 0.25%5
Ratio of Net Investment Income to            
Average Net Assets 1.65% 2.38% 2.10% 2.29% 2.93% 2.36%5
Portfolio Turnover Rate6 8% 10% 12% 12% 20% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from redemption fees of $.00, $.02, $.03, $.01, $.05, and $.01.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

63

 

Emerging Markets Stock Index Fund

Financial Highlights

Institutional Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $26.42 $29.55 $23.94 $15.71 $36.90 $22.11
Investment Operations            
Net Investment Income .229 .657 .5711 .4371 .835 .6861
Net Realized and Unrealized Gain (Loss)            
on Investments2 .919 (3.259) 5.388 8.547 (21.393) 14.533
Total from Investment Operations 1.148 (2.602) 5.959 8.984 (20.558) 15.219
Distributions            
Dividends from Net Investment Income (.588) (.528) (.349) (.754) (.632) (.429)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.588) (.528) (.349) (.754) (.632) (.429)
Net Asset Value, End of Period $26.98 $26.42 $29.55 $23.94 $15.71 $36.90
 
Total Return3 4.63% -9.00% 25.13% 60.41% -56.61% 69.90%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $1,725 $1,305 $3,473 $1,731 $887 $1,463
Ratio of Total Expenses to            
Average Net Assets 0.13% 0.13% 0.15% 0.23% 0.15% 0.20%
Ratio of Net Investment Income to            
Average Net Assets 1.71% 2.45% 2.17% 2.33% 2.98% 2.41%
Portfolio Turnover Rate4 8% 10% 12% 12% 20% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.02, $.02, $.01, $.03, and $.04.
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.

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Emerging Markets Stock Index Fund

Financial Highlights

Institutional Plus Shares    
  Six Months Dec. 15,
  Ended 20101 to
  April 30, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011
Net Asset Value, Beginning of Period $87.90 $99.35
Investment Operations    
Net Investment Income .766 2.215
Net Realized and Unrealized Gain (Loss) on Investments2 3.072 (11.911)
Total from Investment Operations 3.838 (9.696)
Distributions    
Dividends from Net Investment Income (1.998) (1.754)
Distributions from Realized Capital Gains — —
Total Distributions (1.998) (1.754)
Net Asset Value, End of Period $89.74 $87.90
 
Total Return3 4.66% -9.95%
 
Ratios/Supplemental Data    
Net Assets, End of Period (Millions) $1,812 $1,581
Ratio of Total Expenses to Average Net Assets 0.10% 0.10%4
Ratio of Net Investment Income to Average Net Assets 1.74% 2.48%4
Portfolio Turnover Rate5 8% 10%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Includes increases from purchase and redemption fees of $.01 and $.05.
3 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

65

 

Emerging Markets Stock Index Fund

Financial Highlights

MSCI Emerging Markets ETF Shares            
Six Months          
  Ended          
For a Share Outstanding April 30,     Year Ended October 31,
Throughout Each Period 2012 2011 2010 2009 2008 20071
Net Asset Value, Beginning of Period $41.73 $46.70 $37.84 $24.83 $58.31 $34.96
Investment Operations            
Net Investment Income .345 1.019 .8702 .6682 1.303 1.0652
Net Realized and Unrealized Gain (Loss)            
on Investments3 1.471 (5.174) 8.535 13.520 (33.798) 22.955
Total from Investment Operations 1.816 (4.155) 9.405 14.188 (32.495) 24.020
Distributions            
Dividends from Net Investment Income (.906) (.815) (.545) (1.178) (.985) (.670)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.906) (.815) (.545) (1.178) (.985) (.670)
Net Asset Value, End of Period $42.64 $41.73 $46.70 $37.84 $24.83 $58.31
 
Total Return 4.62% -9.09% 25.07% 60.28% -56.62% 69.78%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $53,867 $46,289 $40,817 $15,537 $4,500 $6,275
Ratio of Total Expenses to            
Average Net Assets 0.19% 0.20% 0.22% 0.27% 0.20% 0.25%
Ratio of Net Investment Income to            
Average Net Assets 1.65% 2.38% 2.10% 2.29% 2.93% 2.36%
Portfolio Turnover Rate4 8% 10% 12% 12% 20% 9%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Adjusted to reflect a 2-for-1 share split as of the close of business on June 13, 2008.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.01, $.02, $.03, $.01, $.05, and $.10.
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.

66

 

Emerging Markets Stock Index Fund

Notes to Financial Statements

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

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.

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

3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market.

67

 

Emerging Markets Stock Index Fund

Futures contracts are valued at their quoted daily settlement prices. The aggregate principal 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).

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, 2008–2011), and for the period ended April 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

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

6. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.

7. 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. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.

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

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2012, the fund had contributed capital of $10,007,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 4.00% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

68

 

Emerging Markets Stock Index Fund

The following table summarizes the market value of the fund’s investments as of April 30, 2012, based on the inputs used to value them:

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks—North and South America 14,999,398 89 —
Common Stocks—Other 2,562,390 49,934,682 —
Temporary Cash Investments 1,683,460 13,095 —
Futures Contracts—Assets1 195 — —
Total 19,245,443 49,947,866 —
1 Represents variation margin on the last day of the reporting period.

 

D. At April 30, 2012, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

        ($000)
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Appreciation
Futures Contracts Expiration Contracts Long (Short) (Depreciation)
MSCI Taiwan Index May 2012 6,500 173,875 (2,412)

 

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

During the six months ended April 30, 2012, the fund realized net foreign currency losses of $9,893,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the six months ended April 30, 2012, the fund realized gains on the sale of passive foreign investment companies of $617,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at April 30, 2012, had unrealized appreciation of $31,837,000 as of October 31, 2011, the most recent mark-to-market date for tax purposes. This amount has been distributed and is reflected in the balance of undistributed net investment income.

During the six months ended April 30, 2012, the fund realized $174,267,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.

69

 

Emerging Markets Stock Index Fund

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2011, the fund had available capital loss carryforwards totaling $2,748,929,000 to offset future net capital gains of $15,143,000 through October 31, 2012, $167,332,000 through October 31, 2014, $460,853,000 through October 31, 2016, $1,591,794,000 through October 31, 2017, $212,374,000 through October 31, 2018, and $301,433,000 through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2012, the cost of investment securities for tax purposes was $63,272,581,000. Net unrealized appreciation of investment securities for tax purposes was $5,920,533,000, consisting of unrealized gains of $12,185,799,000 on securities that had risen in value since their purchase and $6,265,266,000 in unrealized losses on securities that had fallen in value since their purchase.

F. During the six months ended April 30, 2012, the fund purchased $9,615,098,000 of investment securities and sold $2,989,845,000 of investment securities, other than temporary cash investments.

G. Capital share transactions for each class of shares were:
  Six Months Ended   Year Ended
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued1 280,220 10,557 803,817 27,279
Issued in Lieu of Cash Distributions 46,011 1,924 42,733 1,443
Redeemed2 (416,413) (16,093) (3,583,165) (120,564)
Net Increase (Decrease)—Investor Shares (90,182) (3,612) (2,736,615) (91,842)
Admiral Shares        
Issued1 661,822 19,080 3,719,299 94,859
Issued in Lieu of Cash Distributions 127,637 4,065 113,656 2,921
Redeemed2 (464,426) (13,580) (1,270,394) (33,567)
Net Increase (Decrease)—Admiral Shares 325,033 9,565 2,562,561 64,213
Signal Shares        
Issued1 195,378 5,853 312,885 8,508
Issued in Lieu of Cash Distributions 13,221 438 9,808 262
Redeemed2 (68,721) (2,067) (224,378) (6,052)
Net Increase (Decrease)—Signal Shares 139,878 4,224 98,315 2,718
Institutional Shares        
Issued1 541,636 20,639 518,394 17,706
Issued in Lieu of Cash Distributions 23,964 1,003 41,282 1,395
Redeemed2 (181,427) (7,111) (2,550,267) (87,234)
Net Increase (Decrease)—Institutional Shares 384,173 14,531 (1,990,591) (68,133)

 

70

 

Emerging Markets Stock Index Fund        
 
 
 
 
  Six Months Ended   Year Ended
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Institutional Plus Shares3        
Issued1 183,665 2,110 2,256,669 23,321
Issued in Lieu of Cash Distributions 29,540 372 1,323 13
Redeemed2 (25,416) (284) (480,966) (5,342)
Net Increase (Decrease)—Institutional Plus Shares 187,789 2,198 1,777,026 17,992
ETF Shares        
Issued1 7,215,436 171,646 14,228,408 312,785
Issued in Lieu of Cash Distributions — — — —
Redeemed2 (710,719) (17,600) (3,431,175) (77,600)
Net Increase (Decrease)—ETF Shares 6,504,717 154,046 10,797,233 235,185

 

1 Includes purchase fees for fiscal 2012 and 2011 of $7,354,000 and $22,867,000, respectively (fund totals).
2 Net of redemption fees for fiscal 2012 and 2011 of $1,475,000 and $9,812,000, respectively (fund totals).
3 Inception was December 15, 2010, for Institutional Plus Shares.

H. In preparing the financial statements as of April 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

71

 

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.

72

 

Six Months Ended April 30, 2012      
  Beginning Ending Expenses
  Account Value Account Value Paid During
  10/31/2011 4/30/2012 Period
Based on Actual Fund Return      
European Stock Index Fund      
Investor Shares $1,000.00 $1,029.32 $1.31
Admiral Shares 1,000.00 1,030.01 0.66
Signal Shares 1,000.00 1,029.77 0.66
Institutional Shares 1,000.00 1,030.25 0.50
MSCI Europe ETF Shares 1,000.00 1,030.05 0.66
Pacific Stock Index Fund      
Investor Shares $1,000.00 $1,049.79 $1.33
Admiral Shares 1,000.00 1,050.81 0.71
Signal Shares 1,000.00 1,050.91 0.71
Institutional Shares 1,000.00 1,051.08 0.51
MSCI Pacific ETF Shares 1,000.00 1,050.83 0.71
Emerging Markets Stock Index Fund      
Investor Shares $1,000.00 $1,045.36 $1.68
Admiral Shares 1,000.00 1,046.07 0.97
Signal Shares 1,000.00 1,046.03 0.97
Institutional Shares 1,000.00 1,046.33 0.66
Institutional Plus Shares 1,000.00 1,046.61 0.51
MSCI Emerging Markets ETF Shares 1,000.00 1,046.18 0.97

 

73

 

Six Months Ended April 30, 2012      
  Beginning Ending Expenses
  Account Value Account Value Paid During
  10/31/2011 4/30/2012 Period
Based on Hypothetical 5% Yearly Return      
European Stock Index Fund      
Investor Shares $1,000.00 $1,023.57 $1.31
Admiral Shares 1,000.00 1,024.22 0.65
Signal Shares 1,000.00 1,024.22 0.65
Institutional Shares 1,000.00 1,024.37 0.50
MSCI Europe ETF Shares 1,000.00 1,024.22 0.65
Pacific Stock Index Fund      
Investor Shares $1,000.00 $1,023.57 $1.31
Admiral Shares 1,000.00 1,024.17 0.70
Signal Shares 1,000.00 1,024.17 0.70
Institutional Shares 1,000.00 1,024.37 0.50
MSCI Pacific ETF Shares 1,000.00 1,024.17 0.70
Emerging Markets Stock Index Fund      
Investor Shares $1,000.00 $1,023.22 $1.66
Admiral Shares 1,000.00 1,023.92 0.96
Signal Shares 1,000.00 1,023.92 0.96
Institutional Shares 1,000.00 1,024.22 0.65
Institutional Plus Shares 1,000.00 1,024.37 0.50
MSCI Emerging Markets ETF Shares 1,000.00 1,023.92 0.96

The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the European Stock Index Fund, 0.26% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.10% for Institutional Shares, and 0.13% for MSCI Europe ETF Shares; for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.10% for Institutional Shares, and 0.14% for MSCI Pacific ETF Shares; and for the Emerging Markets Stock Index Fund, 0.33% for Investor Shares, 0.19% for Admiral Shares, 0.19% for Signal Shares, 0.13% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.19% for MSCI Emerging Markets ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.

74

 

Trustees Approve Advisory Arrangements

The board of trustees of Vanguard European, Pacific, and Emerging Markets Stock Index Funds has renewed the funds’ investment advisory arrangements with The Vanguard Group, Inc. Vanguard—through its Equity Investment Group—serves as the investment advisor for each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services
The board considered the quality of the investment management services provided to the European, Pacific, and Emerging Markets Stock Index Funds over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

Investment performance
The board considered the performance of the European, Pacific, and Emerging Markets Stock Index Funds, including any periods of outperformance or underperformance of each fund’s target index and peer group. The board concluded that the funds have performed in line with expectations, and that their results have been consistent with their investment strategies. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.

Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.

The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.

The benefit of economies of scale
The board concluded that the funds’ low-cost arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangements after a one-year period.

75

 

Glossary

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

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

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

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

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

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

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

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

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

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

76

 

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.

77

 

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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 179 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 and Delphi Automotive LLP (automotive components);
  Senior Advisor at New Mountain Capital; Trustee of
F. William McNabb III The Conference Board.
Born 1957. Trustee Since July 2009. Chairman of the  
Board. Principal Occupation(s) During the Past Five Amy Gutmann
Years: Chairman of the Board of The Vanguard Group, Born 1949. Trustee Since June 2006. Principal
Inc., and of each of the investment companies served Occupation(s) During the Past Five Years: President
by The Vanguard Group, since January 2010; Director of the University of Pennsylvania; Christopher H.
of The Vanguard Group since 2008; Chief Executive Browne Distinguished Professor of Political Science
Officer and President of The Vanguard Group and of in the School of Arts and Sciences with secondary
each of the investment companies served by The appointments at the Annenberg School for
Vanguard Group since 2008; Director of Vanguard Communication and the Graduate School of Education
Marketing Corporation; Managing Director of The of the University of Pennsylvania; Member of the
Vanguard Group (1995–2008). National Commission on the Humanities and Social
  Sciences; Trustee of Carnegie Corporation of New
IndependentTrustees York and of the National Constitution Center; Chair
of the U. S. Presidential Commission for the Study 
Emerson U. Fullwood of Bioethical Issues.
Born 1948. Trustee Since January 2008. Principal  
Occupation(s) During the Past Five Years: Executive JoAnn Heffernan Heisen 
Chief Staff and Marketing Officer for North America  Born 1950. Trustee Since July 1998. Principal
and Corporate Vice President (retired 2008) of Xerox  Occupation(s) During the Past Five Years: Corporate
Corporation (document management products and  Vice President and Chief Global Diversity Officer
services); Executive in Residence and 2010  (retired 2008) and Member of the Executive
Distinguished Minett Professor at the Rochester  Committee (1997–2008) of Johnson & Johnson
Institute of Technology; Director of SPX Corporation  (pharmaceuticals/medical devices/consumer
(multi-industry manufacturing), the United Way of products); Director of Skytop Lodge Corporation
Rochester, Amerigroup Corporation (managed health  (hotels), the University Medical Center at Princeton,
care), the University of Rochester Medical Center,  the Robert Wood Johnson Foundation, and the Center
Monroe Community College Foundation, and North  for Talent Innovation; Member of the Advisory Board
Carolina A&T University.  of the Maxwell School of Citizenship and Public Affairs
  at Syracuse University.
 
 
Rajiv L. Gupta  F. Joseph Loughrey
Born 1945. Trustee Since December 2001.2 Born 1949. Trustee Since October 2009. Principal 
Principal Occupation(s) During the Past Five Years: Occupation(s) During the Past Five Years: President 
Chairman and Chief Executive Officer (retired 2009) and Chief Operating Officer (retired 2009) of Cummins 
and President (2006–2008) of Rohm Haas Co. Inc. (industrial machinery); Director of SKF AB 
(chemicals); Director of Tyco International, Ltd. (industrial machinery), Hillenbrand, Inc. (specialized 
(diversified manufacturing and services), Hewlett- consumer services), the Lumina Foundation for 
Packard Co. (electronic computer manufacturing),  

 

 

Education, and Oxfam America; Chairman of the Executive Officers  
Advisory Council for the College of Arts and Letters    
and Member of the Advisory Board to the Kellogg Glenn Booraem  
Institute for International Studies at the University Born 1967. Controller Since July 2010. Principal
of Notre Dame. Occupation(s) During the Past Five Years: Principal
  of The Vanguard Group, Inc.; Controller of each of
Mark Loughridge the investment companies served by The Vanguard
Born 1953. Trustee Since March 2012. Principal Group; Assistant Controller of each of the investment
Occupation(s) During the Past Five Years: Senior Vice companies served by The Vanguard Group (2001–2010).
President and Chief Financial Officer at IBM (information    
technology services); Fiduciary Member of IBM’s Thomas J. Higgins  
Retirement Plan Committee. Born 1957. Chief Financial Officer Since September
  2008. Principal Occupation(s) During the Past Five
Scott C. Malpass Years: Principal of The Vanguard Group, Inc.; Chief
Born 1962. Trustee Since March 2012. Principal Financial Officer of each of the investment companies
Occupation(s) During the Past Five Years: Chief served by The Vanguard Group; Treasurer of each of
Investment Officer and Vice President at the University the investment companies served by The Vanguard
of Notre Dame; Assistant Professor of Finance at the Group (1998–2008).  
Mendoza College of Business at Notre Dame; Member    
of the Notre Dame 403(b) Investment Committee; Kathryn J. Hyatt  
Director of TIFF Advisory Services, Inc. (investment Born 1955. Treasurer Since November 2008. Principal
advisor); Member of the Investment Advisory Occupation(s) During the Past Five Years: Principal of
Committees of the Financial Industry Regulatory The Vanguard Group, Inc.; Treasurer of each of the
Authority (FINRA) and of Major League Baseball. investment companies served by The Vanguard
  Group; Assistant Treasurer of each of the investment
André F. Perold companies served by The Vanguard Group (1988–2008).
Born 1952. Trustee Since December 2004. Principal    
Occupation(s) During the Past Five Years: George Heidi Stam  
Gund Professor of Finance and Banking at the Harvard Born 1956. Secretary Since July 2005. Principal
Business School (retired 2011); Chief Investment Occupation(s) During the Past Five Years: Managing
Officer and Managing Partner of HighVista Strategies Director of The Vanguard Group, Inc.; General Counsel
LLC (private investment firm); Director of Rand of The Vanguard Group; Secretary of The Vanguard
Merchant Bank; Overseer of the Museum of Fine Group and of each of the investment companies
Arts Boston. served by The Vanguard Group; Director and Senior
  Vice President of Vanguard Marketing Corporation.
Alfred M. Rankin, Jr.    
Born 1941. Trustee Since January 1993. Principal  Vanguard Senior ManagementTeam  
Occupation(s) During the Past Five Years: Chairman,    
President, and Chief Executive Officer of NACCO Mortimer J. Buckley Michael S. Miller
Industries, Inc. (forklift trucks/housewares/lignite); Kathleen C. Gubanich James M. Norris
Director of Goodrich Corporation (industrial products/ Paul A. Heller Glenn W. Reed
aircraft systems and services) and the National Martha G. King George U. Sauter
Association of Manufacturers; Chairman of the Board Chris D. McIsaac  
of the Federal Reserve Bank of Cleveland and of    
University Hospitals of Cleveland; Advisory Chairman    
of the Board of The Cleveland Museum of Art.  Chairman Emeritus and Senior Advisor
   
  John J. Brennan  
Peter F. Volanakis  Chairman, 1996–2009  
Born 1955. Trustee Since July 2009. Principal Chief Executive Officer and President, 1996–2008   
Occupation(s) During the Past Five Years: President    
and Chief Operating Officer (retired 2010) of Corning    
Incorporated (communications equipment); Director Founder  
of SPX Corporation (multi-industry manufacturing);    
Overseer of the Amos Tuck School of Business John C. Bogle   
Administration at Dartmouth College; Advisor to the Chairman and Chief Executive Officer, 1974–1996  
Norris Cotton Cancer Center.    

 

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

 

 

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

 

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447 The funds or securities referred to herein are not
Direct Investor Account Services > 800-662-2739 sponsored, endorsed, or promoted by MSCI, and MSCI
  bears no liability with respect to any such funds or
Institutional Investor Services > 800-523-1036 securities. The prospectus or the Statement of
Text Telephone for People Additional Information contains a more detailed
With Hearing Impairment > 800-749-7273 description of the limited relationship MSCI has with
  Vanguard and any related funds.
This material may be used in conjunction  
with the offering of shares of any Vanguard  
fund only if preceded or accompanied by  
the fund’s current prospectus.  
 
All comparative mutual fund data are from Lipper Inc. or  
Morningstar, Inc., unless otherwise noted.  
 
You can obtain a free copy of Vanguard’s proxy voting  
guidelines by visiting vanguard.com/proxyreporting or by  
calling Vanguard at 800-662-2739. The guidelines are  
also available from the SEC’s website, sec.gov. In  
addition, you may obtain a free report on how your fund  
voted the proxies for securities it owned during the 12  
months ended June 30. To get the report, visit either  
vanguard.com/proxyreporting or sec.gov.  
 
You can review and copy information about your fund at  
the SEC’s Public Reference Room in Washington, D.C. To  
find out more about this public service, call the SEC at  
202-551-8090. Information about your fund is also  
available on the SEC’s website, and you can receive  
copies of this information, for a fee, by sending a  
request in either of two ways: via e-mail addressed to  
publicinfo@sec.gov or via regular mail addressed to the  
Public Reference Section, Securities and Exchange  
Commission, Washington, DC 20549-1520.  
 
 
  © 2012 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
 
  Q722 062012

 

 

Vanguard® European Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Common Stocks (99.3%)1    
Austria (0.4%)    
  OMV AG 164,144 5,553
  Erste Group Bank AG 192,368 4,436
  Voestalpine AG 113,652 3,703
  Telekom Austria AG 330,549 3,627
  IMMOFINANZ AG 985,104 3,468
  Verbund AG 69,372 1,944
  Raiffeisen Bank International AG 49,021 1,631
  Vienna Insurance Group AG Wiener Versicherung Gruppe 39,276 1,599
      25,961
Belgium (1.6%)    
^ Anheuser-Busch InBev NV 807,500 58,202
  Solvay SA Class A 59,229 7,215
  Umicore SA 114,137 6,198
^ Groupe Bruxelles Lambert SA 81,017 5,623
  Delhaize Group SA 102,950 5,011
^ UCB SA 103,185 4,825
^ Belgacom SA 151,518 4,305
  Ageas 2,196,737 4,003
  KBC Groep NV 165,149 3,202
  Colruyt SA 77,888 3,191
^ NV Bekaert SA 39,832 1,183
  Mobistar SA 30,999 1,174
      104,132
Denmark (1.8%)    
  Novo Nordisk A/S Class B 427,791 63,066
* Danske Bank A/S 649,821 10,560
  AP Moeller - Maersk A/S Class B 1,326 10,383
  Carlsberg A/S Class B 108,294 9,348
  Novozymes A/S 233,912 6,138
  DSV A/S 189,089 4,312
  AP Moeller - Maersk A/S Class A 561 4,184
  Coloplast A/S Class B 22,581 4,181
  TDC A/S 504,278 3,615
* William Demant Holding A/S 24,020 2,269
^,* Vestas Wind Systems A/S 213,017 1,878
  Tryg A/S 25,061 1,399
      121,333
Finland (1.3%)    
  Nokia Oyj 3,782,075 13,698
  Sampo Oyj 423,851 11,285
  Kone Oyj Class B 157,501 9,747
  Fortum Oyj 443,012 9,529
  Wartsila OYJ Abp 168,481 6,827
  UPM-Kymmene Oyj 526,924 6,762
  Metso Oyj 127,480 5,476
  Nokian Renkaat Oyj 111,966 5,315
^ Stora Enso Oyj 588,933 4,031
  Elisa Oyj 139,074 3,136
^ Orion Oyj Class B 97,368 1,986
  Kesko Oyj Class B 65,553 1,754
  Pohjola Bank plc Class A 141,152 1,519
  Neste Oil Oyj 127,072 1,504
^ Sanoma Oyj 84,667 886
      83,455
France (13.7%)    
  Total SA 2,137,533 102,610
  Sanofi 1,147,518 87,651
^ LVMH Moet Hennessy Louis Vuitton SA 255,690 42,418
  Danone 587,491 41,359
  BNP Paribas SA 971,861 39,224
  Air Liquide SA 285,544 36,729

 

1

 
Vanguard® European Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Schneider Electric SA 493,723 30,412
^ L'Oreal SA 241,592 29,082
  GDF Suez 1,248,336 28,742
  France Telecom SA 1,862,184 25,527
  AXA SA 1,754,695 24,935
  Vivendi SA 1,257,381 23,257
  Vinci SA 454,667 21,088
  Pernod-Ricard SA 200,005 20,754
  Cie Generale d'Optique Essilor International SA 202,853 17,875
  Unibail-Rodamco SE 92,035 17,222
  Cie de St-Gobain 404,752 16,994
  European Aeronautic Defence and Space Co. NV 410,459 16,221
  Societe Generale SA 666,522 15,780
  ArcelorMittal 860,571 14,950
  Cie Generale des Etablissements Michelin 179,620 13,424
^ PPR 76,763 12,846
  Carrefour SA 583,211 11,715
  Technip SA 100,273 11,387
  Renault SA 194,351 8,841
  Christian Dior SA 54,985 8,291
  Lafarge SA 203,674 7,961
  Sodexo 95,390 7,600
  Legrand SA 225,012 7,596
  Publicis Groupe SA 145,665 7,522
  Alstom SA 208,043 7,441
  SES SA 303,555 7,273
  Vallourec SA 114,411 6,890
  Safran SA 169,684 6,289
  Dassault Systemes SA 60,649 5,885
  Cap Gemini SA 147,874 5,777
* Casino Guichard Perrachon SA 55,217 5,425
  Veolia Environnement SA 361,542 5,294
  Electricite de France SA 243,966 5,169
^ Bouygues SA 188,987 5,156
  Credit Agricole SA 1,000,374 5,150
  Accor SA 148,288 5,128
  Edenred 155,960 4,983
  Arkema SA 54,823 4,862
  Bureau Veritas SA 54,241 4,832
  Eutelsat Communications SA 132,360 4,713
  Groupe Eurotunnel SA 553,258 4,655
  SCOR SE 172,435 4,559
* Cie Generale de Geophysique - Veritas 144,360 4,140
  Suez Environnement Co. 276,851 3,905
  STMicroelectronics NV 650,839 3,748
* Alcatel-Lucent 2,359,326 3,628
  Thales SA 103,458 3,587
  Lagardere SCA 116,835 3,543
^ Klepierre 107,050 3,394
  Societe BIC SA 29,350 3,233
  AtoS 48,708 3,139
  Aeroports de Paris 35,864 3,018
  Peugeot SA 231,228 2,777
  Natixis 908,293 2,769
  Iliad SA 19,877 2,560
  Wendel SA 33,768 2,529
^ Fonciere Des Regions 28,073 2,175
  CNP Assurances 151,580 2,128
  Gecina SA 22,860 2,121
* ICADE 24,269 2,048
  Imerys SA 34,985 1,993
* JCDecaux SA 67,936 1,929
  Neopost SA 32,290 1,858
  Eurazeo 32,258 1,654

 

2

 
Vanguard® European Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
^ Eiffage SA 40,836 1,390
^ Societe Television Francaise 1 119,604 1,159
      913,919
Germany (13.1%)    
  Siemens AG 829,215 76,969
^ BASF SE 925,731 76,219
  SAP AG 925,807 61,394
^ Bayer AG 831,301 58,577
  Allianz SE 456,864 50,960
  Daimler AG 867,429 47,997
^ E.ON AG 1,811,670 41,020
  Deutsche Bank AG 934,746 40,581
  Deutsche Telekom AG 2,823,410 31,834
  Bayerische Motoren Werke AG 332,673 31,642
  Linde AG 172,337 29,498
  Volkswagen AG Prior Pfd. 145,228 27,529
^ Muenchener Rueckversicherungs AG 179,875 26,127
  RWE AG 493,268 21,204
  Adidas AG 209,879 17,506
  Deutsche Post AG 846,984 15,817
  Fresenius Medical Care AG & Co. KGaA 211,300 15,005
  Henkel AG & Co. KGaA Prior Pfd. 179,923 13,389
  Deutsche Boerse AG 197,035 12,372
  Fresenius SE & Co. KGaA 114,119 11,394
  Infineon Technologies AG 1,083,334 10,796
  Porsche Automobil Holding SE Prior Pfd. 154,515 9,440
  ThyssenKrupp AG 388,608 9,216
* K&S AG 174,021 8,698
  MAN SE 64,718 8,181
  Henkel AG & Co. KGaA 130,804 8,009
^ Continental AG 81,616 7,916
* Commerzbank AG 3,651,136 7,905
  HeidelbergCement AG 142,072 7,818
^ Beiersdorf AG 101,385 7,115
  Merck KGaA 64,070 7,043
  Lanxess AG 84,692 6,743
  Brenntag AG 47,219 5,883
* Kabel Deutschland Holding AG 91,816 5,788
  GEA Group AG 174,691 5,770
  Volkswagen AG 29,562 5,050
  Metro AG 130,777 4,222
* QIAGEN NV 239,615 3,962
  Hannover Rueckversicherung AG 61,375 3,714
  Bayerische Motoren Werke AG Prior Pfd. 53,249 3,315
  Deutsche Lufthansa AG 235,103 3,062
  Hochtief AG 42,215 2,476
  Fraport AG Frankfurt Airport Services Worldwide 37,805 2,458
  Daimler AG 43,902 2,430
  United Internet AG 109,842 2,174
  Suedzucker AG 67,599 2,059
  Salzgitter AG 38,260 2,005
  ProSiebenSat.1 Media AG Prior Pfd. 78,604 1,997
^ Axel Springer AG 40,058 1,828
  RWE AG Prior Pfd. 41,157 1,628
  Celesio AG 88,280 1,522
^ Wacker Chemie AG 15,987 1,289
      868,546
Greece (0.1%)    
  Coca Cola Hellenic Bottling Co. SA 186,952 3,713
  OPAP SA 227,803 2,036
* National Bank of Greece SA 911,727 2,034
  Hellenic Telecommunications Organization SA 224,397 733
* National Bank of Greece SA ADR 83,636 191

 

3

 
Vanguard® European Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Hellenic Telecommunications Organization SA ADR 100,573 168
      8,875
Ireland (0.4%)    
  CRH plc 722,026 14,650
* Elan Corp. plc 504,618 6,957
  Kerry Group plc Class A 141,375 6,456
* Ryanair Holdings plc ADR 28,679 966
  WPP plc ADR 12,113 822
* Ryanair Holdings plc 51,063 288
^,* Irish Bank Resolution Corp. Ltd. 2,503,596 —
      30,139
Italy (3.4%)    
  ENI SPA 2,417,796 53,724
  Enel SPA 6,616,511 21,698
* UniCredit SPA 4,077,912 16,265
  Assicurazioni Generali SPA 1,176,425 16,050
  Intesa Sanpaolo SPA (Registered) 10,151,890 15,389
  Saipem SPA 267,271 13,210
* Telecom Italia SPA (Registered) 9,474,647 10,749
  Tenaris SA 477,160 9,288
  Fiat Industrial SPA 774,051 8,787
  Snam SPA 1,635,785 7,771
* Telecom Italia SPA (Bearer) 6,046,917 5,664
  Atlantia SPA 314,666 4,771
  Terna Rete Elettrica Nazionale SPA 1,195,695 4,442
  Luxottica Group SPA 115,902 4,144
* Fiat SPA 759,298 3,668
  Prysmian SPA 202,730 3,302
^ Unione di Banche Italiane SCPA 826,931 3,074
  Enel Green Power SPA 1,792,017 2,894
  Pirelli & C SPA 234,372 2,856
^ Banco Popolare SC 1,820,887 2,708
  Mediobanca SPA 529,429 2,588
^ Banca Monte dei Paschi di Siena SPA 5,016,372 1,785
^ Finmeccanica SPA 409,219 1,760
  Mediaset SPA 691,380 1,646
  Exor SPA 65,385 1,522
  Intesa Sanpaolo SPA (Bearer) 911,194 1,218
  Autogrill SPA 116,973 1,165
^ Banca Carige SPA 649,612 679
^ A2A SPA 1,032,333 655
      223,472
Netherlands (3.7%)    
  Unilever NV 1,638,183 56,115
* ING Groep NV 3,852,383 27,178
  ASML Holding NV 432,993 22,032
  Koninklijke Philips Electronics NV 1,017,075 20,241
  Koninklijke Ahold NV 1,174,320 14,905
  Heineken NV 261,142 14,293
  Koninklijke KPN NV 1,480,614 13,293
  Akzo Nobel NV 236,119 12,663
  Koninklijke DSM NV 156,678 8,991
  Reed Elsevier NV 693,801 8,188
* Aegon NV 1,730,247 8,049
  Heineken Holding NV 115,909 5,368
  Wolters Kluwer NV 302,882 5,236
  Fugro NV 68,703 5,022
  Koninklijke Vopak NV 72,017 4,645
  TNT Express NV 360,367 4,377
  Randstad Holding NV 119,489 4,140
  SBM Offshore NV 170,942 3,112
  Koninklijke Boskalis Westminster NV 73,343 2,679
  Corio NV 59,620 2,671

 

4

 
Vanguard® European Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Delta Lloyd NV 103,080 1,739
      244,937
Norway (1.5%)    
  Statoil ASA 1,121,550 30,094
  Telenor ASA 723,422 13,297
  Seadrill Ltd. 327,454 12,696
^ DNB ASA 983,782 10,604
  Yara International ASA 188,822 9,256
* Subsea 7 SA 287,113 7,436
  Orkla ASA 779,268 5,723
  Norsk Hydro ASA 937,338 4,571
  Aker Solutions ASA 167,981 2,861
^ Gjensidige Forsikring ASA 207,688 2,340
      98,878
Portugal (0.3%)    
  EDP - Energias de Portugal SA 1,917,681 5,484
  Jeronimo Martins SGPS SA 228,066 4,268
  Galp Energia SGPS SA Class B 229,784 3,618
  Portugal Telecom SGPS SA 669,424 3,602
^,* Banco Espirito Santo SA 1,980,981 1,678
  Cimpor Cimentos de Portugal SGPS SA 210,772 1,542
* EDP Renovaveis SA 228,343 973
      21,165
Spain (4.0%)    
  Telefonica SA 4,129,593 60,304
  Banco Santander SA 8,645,834 54,285
  Banco Bilbao Vizcaya Argentaria SA 4,681,050 31,677
  Inditex SA 219,826 19,814
  Iberdrola SA 3,835,679 17,874
  Repsol YPF SA 796,516 15,313
  Amadeus IT Holding SA 313,482 6,418
  Abertis Infraestructuras SA 390,674 6,051
^ Banco de Sabadell SA 2,076,335 4,916
  Gas Natural SDG SA 348,829 4,863
  Red Electrica Corp. SA 108,235 4,712
  Ferrovial SA 369,544 4,121
^,* Grifols SA 141,286 3,557
^ Banco Popular Espanol SA 1,034,681 3,309
  Enagas SA 178,922 3,143
^,* Bankia SA 890,290 3,058
* Distribuidora Internacional de Alimentacion SA 601,064 2,886
* International Consolidated Airlines Group SA 919,211 2,644
^ CaixaBank 756,676 2,609
^ ACS Actividades de Construccion y Servicios SA 141,393 2,601
^ Mapfre SA 781,637 2,263
^ Zardoya Otis SA 153,021 1,876
  Acciona SA 26,171 1,612
^ Acerinox SA 106,256 1,297
^ Indra Sistemas SA 103,541 1,075
^ Bankinter SA 217,348 970
  Fomento de Construcciones y Contratas SA 53,968 923
      264,171
Sweden (4.9%)    
  Hennes & Mauritz AB Class B 1,029,130 35,287
* Telefonaktiebolaget LM Ericsson Class B 3,029,461 30,032
  Nordea Bank AB 2,638,303 23,350
  Volvo AB Class B 1,398,959 19,415
  Atlas Copco AB Class A 676,491 16,098
  Sandvik AB 1,012,225 16,003
  Svenska Handelsbanken AB Class A 493,174 15,963
  TeliaSonera AB 2,181,887 14,531
  Swedbank AB Class A 826,329 13,641
  Skandinaviska Enskilda Banken AB Class A 1,416,120 9,541

 

5

 
Vanguard® European Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Svenska Cellulosa AB Class B 584,418 9,265
  SKF AB 390,360 9,248
  Assa Abloy AB Class B 317,345 9,237
  Investor AB Class B 460,080 9,174
  Swedish Match AB 211,847 8,630
  Atlas Copco AB Class B 388,587 8,160
  Millicom International Cellular SA 77,048 8,155
  Alfa Laval AB 340,205 6,786
  Scania AB Class B 323,353 6,608
  Skanska AB Class B 403,397 6,570
  Tele2 AB 318,642 6,062
  Electrolux AB Class B 242,942 5,417
  Getinge AB 201,043 5,387
  Hexagon AB Class B 255,811 5,183
  Boliden AB 279,150 4,489
* Lundin Petroleum AB 222,681 4,433
  Investment AB Kinnevik 204,879 4,167
  Securitas AB Class B 320,316 2,934
  Husqvarna AB 456,338 2,628
  Modern Times Group AB Class B 49,809 2,425
  Ratos AB 197,320 2,310
  Industrivarden AB 119,194 1,822
  SSAB AB Class A 164,295 1,675
  Holmen AB 53,964 1,433
      326,059
Switzerland (13.2%)    
  Nestle SA 3,323,809 203,714
  Novartis AG 2,349,942 129,755
  Roche Holding AG 707,432 129,291
* UBS AG 3,663,343 45,749
  ABB Ltd. 2,206,431 40,208
  Zurich Insurance Group AG 148,611 36,410
  Syngenta AG 95,080 33,342
  Cie Financiere Richemont SA 526,336 32,579
  Credit Suisse Group AG 1,150,598 27,521
  Swiss Re AG 348,356 21,874
  Transocean Ltd. 348,440 17,464
  Holcim Ltd. 246,975 15,404
  Swatch Group AG (Bearer) 30,918 14,284
2 Synthes Inc. 65,694 11,330
  SGS SA 5,535 10,701
  Swisscom AG 23,559 8,774
  Geberit AG 39,577 8,368
  Julius Baer Group Ltd. 209,061 8,014
  Givaudan SA 8,249 8,008
  Kuehne & Nagel International AG 53,656 6,525
  Adecco SA 132,565 6,467
  Schindler Holding AG 49,282 6,378
  Sonova Holding AG 49,588 5,480
  Actelion Ltd. 110,061 4,661
  Lindt & Spruengli AG Regular 112 4,387
  Sika AG 2,030 4,306
  Baloise Holding AG 46,960 3,637
  Swatch Group AG (Registered) 44,226 3,535
  Sulzer AG 24,216 3,488
  Aryzta AG 62,506 3,149
  Swiss Life Holding AG 30,203 3,089
  Lindt & Spruengli AG 915 2,983
  Schindler Holding AG (Registered) 22,453 2,867
  Partners Group Holding AG 13,641 2,596
  GAM Holding AG 193,690 2,490
  Lonza Group AG 52,025 2,347
  Pargesa Holding SA 27,897 1,870
  Barry Callebaut AG 1,849 1,780

 

6

 
Vanguard® European Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Straumann Holding AG 8,010 1,331
  Aryzta AG 22,840 1,135
      877,291
United Kingdom (35.9%)    
  HSBC Holdings plc 17,994,459 162,439
  Vodafone Group plc 50,635,119 140,156
  BP plc 19,101,162 137,989
  GlaxoSmithKline plc 5,083,790 117,443
  British American Tobacco plc 1,982,989 101,707
  Royal Dutch Shell plc Class B 2,681,945 98,145
  Royal Dutch Shell plc Class A (Amsterdam Shares) 2,265,335 80,796
  BG Group plc 3,417,307 80,632
  Rio Tinto plc 1,381,233 77,425
  BHP Billiton plc 2,130,475 68,584
  Diageo plc 2,516,697 63,479
  Standard Chartered plc 2,399,486 58,657
  AstraZeneca plc 1,312,114 57,499
  Anglo American plc 1,331,821 51,468
  Royal Dutch Shell plc Class A 1,402,524 50,022
  Unilever plc 1,290,092 44,072
  TESCO plc 8,066,554 41,564
  Barclays plc 11,659,571 41,279
  Imperial Tobacco Group plc 1,015,635 40,616
  SABMiller plc 959,445 40,324
  Xstrata plc 2,088,375 40,108
  National Grid plc 3,578,464 38,642
  Reckitt Benckiser Group plc 623,075 36,271
  Prudential plc 2,569,416 31,491
  BT Group plc 7,812,987 26,724
  Centrica plc 5,220,335 25,974
  Rolls-Royce Holdings plc 1,884,243 25,193
  Tullow Oil plc 906,361 22,612
* Lloyds Banking Group plc 41,339,016 20,750
  SSE plc 946,263 20,291
  Compass Group plc 1,911,812 19,987
  Shire plc 568,328 18,523
  WPP plc 1,210,664 16,394
  Experian plc 1,011,916 15,982
  BAE Systems plc 3,260,157 15,623
  Pearson plc 823,686 15,515
  Aviva plc 2,921,948 14,624
  British Sky Broadcasting Group plc 1,138,398 12,528
* Old Mutual plc 4,903,337 11,772
  ARM Holdings plc 1,359,532 11,503
  Kingfisher plc 2,387,360 11,259
  Legal & General Group plc 5,859,019 11,187
  Wolseley plc 287,742 10,955
  Burberry Group plc 442,846 10,675
  International Power plc 1,532,925 10,369
  Reed Elsevier plc 1,213,476 10,042
  WM Morrison Supermarkets plc 2,183,052 9,943
  Aggreko plc 267,691 9,784
  Glencore International plc 1,394,911 9,667
  Marks & Spencer Group plc 1,602,197 9,286
  Land Securities Group plc 781,420 9,228
  Smith & Nephew plc 904,411 8,902
  Standard Life plc 2,391,431 8,679
  Next plc 174,391 8,294
  Johnson Matthey plc 217,147 8,154
  Randgold Resources Ltd. 91,037 8,081
  Antofagasta plc 392,487 7,558
  Petrofac Ltd. 262,011 7,399
  Associated British Foods plc 359,431 7,113
  Capita plc 658,322 7,090

 

7

 
Vanguard® European Stock Index Fund        
Schedule of Investments        
April 30, 2012        
 
          Market
          Value
        Shares ($000)
* Royal Bank of Scotland Group plc     17,908,775 7,065
  United Utilities Group plc     689,101 6,915
  InterContinental Hotels Group plc     289,929 6,913
  Smiths Group plc     395,897 6,877
  British Land Co. plc     850,798 6,759
  Intertek Group plc     163,379 6,671
  Severn Trent plc     237,863 6,523
  G4S plc     1,428,899 6,483
  Sage Group plc     1,337,232 6,213
  AMEC plc     333,970 6,167
  Rexam plc     883,149 6,165
  J Sainsbury plc     1,230,997 6,154
  Carnival plc     185,511 6,026
  RSA Insurance Group plc     3,528,406 6,016
  Weir Group plc     212,132 5,872
  Whitbread plc     178,129 5,573
  Bunzl plc     328,699 5,461
  Tate & Lyle plc     476,811 5,345
  Meggitt plc     792,922 5,258
  GKN plc     1,585,862 5,245
  ITV plc     3,769,208 5,122
  Resolution Ltd.     1,384,239 5,029
  Babcock International Group plc     366,337 4,945
  Hammerson plc     706,253 4,788
  Fresnillo plc     184,503 4,701
  Serco Group plc     506,630 4,464
  Cobham plc     1,118,270 4,112
  Admiral Group plc     200,078 3,933
  ICAP plc     549,353 3,386
  Inmarsat plc     449,319 3,206
  Man Group plc     1,887,001 3,170
  Investec plc     528,944 3,051
  Kazakhmys plc     212,976 2,990
  3i Group plc     957,673 2,970
  Capital Shopping Centres Group plc     549,099 2,897
  Invensys plc     796,967 2,875
  Balfour Beatty plc     675,471 2,862
  Lonmin plc     166,717 2,830
  Segro plc     764,299 2,743
  Schroders plc (Voting Shares)     117,107 2,695
  London Stock Exchange Group plc     150,309 2,654
  Eurasian Natural Resources Corp. plc     264,480 2,411
  Vedanta Resources plc     116,332 2,306
  TUI Travel plc     500,129 1,551
^,* Essar Energy plc     327,811 781
 
          2,384,641
 
Total Common Stocks (Cost $9,600,247)       6,596,974
 
          Market
          Value
    Coupon   Shares ($000)
 
Temporary Cash Investments (6.1%)1        
Money Market Fund (6.1%)        
3,4 Vanguard Market Liquidity Fund 0.137%   401,896,227 401,896
 
 
        Face Market
      Maturity Amount Value
    Coupon Date ($000) ($000)
U.S. Government and Agency Obligations (0.0%)        
5,6 Federal Home Loan Bank Discount Notes 0.110% 6/27/12 500 500
5,6 Federal Home Loan Bank Discount Notes 0.120% 7/27/12 800 800

 

8

 
Vanguard® European Stock Index Fund        
Schedule of Investments        
April 30, 2012        
 
        Face Market
      Maturity Amount Value
    Coupon Date ($000) ($000)
6,7 Freddie Mac Discount Notes 0.150% 8/27/12 1,000 999
6 United States Treasury Note/Bond 1.875% 6/15/12 200 200
6 United States Treasury Note/Bond 4.875% 6/30/12 100 101
          2,600
Total Temporary Cash Investments (Cost $404,497)       404,496
Total Investments (105.4%) (Cost $10,004,744)       7,001,470
Other Assets and Liabilities—Net (-5.4%)4       (356,890)
Net Assets (100%)       6,644,580

 

^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $353,888,000.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.9% and 5.5%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the value of this security represented 0.2% 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 $381,214,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
6 Securities with a value of $2,600,000 have been segregated as initial margin for open futures contracts.
7 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury in exchange for senior preferred stock.
ADR—American Depositary Receipt.

9

 
Vanguard® Pacific Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Common Stocks (98.9%)1    
Australia (24.9%)    
  BHP Billiton Ltd. 3,592,740 133,318
  Commonwealth Bank of Australia 1,763,794 95,145
  Westpac Banking Corp. 3,390,467 79,901
  Australia & New Zealand Banking Group Ltd. 2,948,703 73,050
  National Australia Bank Ltd. 2,465,560 64,449
  Woolworths Ltd. 1,370,691 36,959
  Wesfarmers Ltd. 1,125,170 35,333
  Rio Tinto Ltd. 487,537 33,360
  Woodside Petroleum Ltd. 721,405 26,089
  Westfield Group 2,458,606 23,508
  CSL Ltd. 585,634 22,301
  Newcrest Mining Ltd. 804,939 21,935
  Telstra Corp. Ltd. 4,873,136 17,967
  QBE Insurance Group Ltd. 1,248,522 17,914
  Origin Energy Ltd. 1,218,262 16,738
  Santos Ltd. 1,058,439 15,355
  AMP Ltd. 3,188,152 14,097
  Brambles Ltd. 1,651,587 12,392
  Suncorp Group Ltd. 1,437,485 12,121
  Macquarie Group Ltd. 389,932 11,753
  Orica Ltd. 406,340 11,308
  Amcor Ltd. 1,369,977 10,693
  Westfield Retail Trust 3,246,668 9,162
  Transurban Group 1,456,282 8,892
  Insurance Australia Group Ltd. 2,320,613 8,512
  Stockland 2,588,396 8,315
  Coca-Cola Amatil Ltd. 637,429 8,251
  Iluka Resources Ltd. 467,928 8,174
  Fortescue Metals Group Ltd. 1,389,370 8,071
  AGL Energy Ltd. 518,546 8,069
  QR National Ltd. 1,904,760 7,188
  GPT Group 1,947,690 6,631
  ASX Ltd. 195,247 6,491
  WorleyParsons Ltd. 216,972 6,353
  Incitec Pivot Ltd. 1,824,735 6,167
  Goodman Group 1,565,252 5,852
  Sonic Healthcare Ltd. 415,276 5,433
  Asciano Ltd. 1,098,738 5,377
  Campbell Brothers Ltd. 75,065 5,327
  Dexus Property Group 5,380,747 5,221
  Mirvac Group 3,824,797 5,139
  Lend Lease Group 610,989 4,706
  Toll Holdings Ltd. 761,861 4,618
  Computershare Ltd. 497,668 4,341
  Cochlear Ltd. 63,084 4,297
  Crown Ltd. 446,077 4,212
  CFS Retail Property Trust 2,062,443 4,125
  Tatts Group Ltd. 1,492,439 4,008
  James Hardie Industries SE 484,864 3,748
  Echo Entertainment Group Ltd. 774,087 3,606
  Leighton Holdings Ltd. 168,586 3,594
  Metcash Ltd. 870,353 3,581
  OZ Minerals Ltd. 352,242 3,392
  Alumina Ltd. 2,745,656 3,280
^ APA Group 604,593 3,274
  Bendigo and Adelaide Bank Ltd. 418,290 3,271
  Boral Ltd. 829,041 3,242
  Ramsay Health Care Ltd. 148,927 3,104
  Whitehaven Coal Ltd. 492,054 2,709
  TABCORP Holdings Ltd. 800,100 2,387
^,* Lynas Corp. Ltd. 1,914,414 2,210

 

10

 
Vanguard® Pacific Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Caltex Australia Ltd. 154,565 2,202
* Qantas Airways Ltd. 1,255,140 2,128
  SP AusNet 1,623,383 1,864
  Sims Metal Management Ltd. ADR 123,613 1,817
^ Fairfax Media Ltd. 2,471,353 1,764
  Newcrest Mining Ltd. ADR 51,388 1,394
  Harvey Norman Holdings Ltd. 609,513 1,278
* Sydney Airport 421,049 1,273
  Sims Metal Management Ltd. 61,470 904
      1,004,640
Hong Kong (8.3%)    
2 AIA Group Ltd. 9,431,697 33,378
  Hutchison Whampoa Ltd. 2,382,531 22,825
  Cheung Kong Holdings Ltd. 1,555,436 20,571
  Sun Hung Kai Properties Ltd. 1,580,118 18,926
  CLP Holdings Ltd. 2,154,150 18,441
  Hong Kong Exchanges and Clearing Ltd. 1,149,844 18,286
  Hong Kong & China Gas Co. Ltd. 5,299,956 13,538
  Li & Fung Ltd. 6,337,259 13,514
  BOC Hong Kong Holdings Ltd. 4,137,546 12,789
  Hang Seng Bank Ltd. 855,741 11,719
  Power Assets Holdings Ltd. 1,549,816 11,571
  Sands China Ltd. 2,704,328 10,588
  Link REIT 2,517,243 10,473
  Hang Lung Properties Ltd. 2,754,317 10,126
  Wharf Holdings Ltd. 1,691,297 10,030
  Swire Pacific Ltd. Class A 809,625 9,544
^ Bank of East Asia Ltd. 1,746,876 6,500
  Hang Lung Group Ltd. 977,222 6,095
  Henderson Land Development Co. Ltd. 1,066,662 6,052
  MTR Corp. Ltd. 1,619,917 5,745
  Sino Land Co. Ltd. 3,286,300 5,637
  Wynn Macau Ltd. 1,748,840 5,590
  New World Development Co. Ltd. 4,019,568 4,983
^,*,2 Galaxy Entertainment Group Ltd. 1,403,949 4,377
  SJM Holdings Ltd. 1,863,668 4,072
  Kerry Properties Ltd. 808,258 3,667
  Wheelock & Co. Ltd. 1,025,486 3,455
  Shangri-La Asia Ltd. 1,578,096 3,340
  Hysan Development Co. Ltd. 699,603 3,162
  Cheung Kong Infrastructure Holdings Ltd. 524,215 3,107
^ ASM Pacific Technology Ltd. 223,228 3,016
  Yue Yuen Industrial Holdings Ltd. 823,519 2,747
  First Pacific Co. Ltd. 2,389,843 2,589
  NWS Holdings Ltd. 1,535,411 2,307
  Cathay Pacific Airways Ltd. 1,320,548 2,234
  Wing Hang Bank Ltd. 196,885 2,087
  Hopewell Holdings Ltd. 629,124 1,686
  Orient Overseas International Ltd. 242,324 1,651
  PCCW Ltd. 4,397,143 1,633
  Lifestyle International Holdings Ltd. 669,658 1,561
^,* Foxconn International Holdings Ltd. 2,439,492 1,154
* HKT Trust / HKT Ltd. 95,590 74
      334,840
Japan (60.2%)    
  Toyota Motor Corp. 3,086,871 126,493
  Mitsubishi UFJ Financial Group Inc. 14,252,226 68,432
  Honda Motor Co. Ltd. 1,824,227 65,652
  Canon Inc. 1,268,842 57,514
  Sumitomo Mitsui Financial Group Inc. 1,502,459 48,077
  Mizuho Financial Group Inc. 25,512,381 40,220
  Takeda Pharmaceutical Co. Ltd. 883,248 38,541
  FANUC Corp. 214,454 36,168

 

11

 
Vanguard® Pacific Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
    Market
    Value
  Shares ($000)
Mitsubishi Corp. 1,572,618 34,082
Hitachi Ltd. 5,057,813 32,214
Komatsu Ltd. 1,061,509 30,550
Mitsui & Co. Ltd. 1,946,045 30,389
Softbank Corp. 992,415 29,620
NTT DoCoMo Inc. 17,105 29,207
Nissan Motor Co. Ltd. 2,783,562 28,941
Japan Tobacco Inc. 5,037 27,903
Shin-Etsu Chemical Co. Ltd. 458,957 26,491
Seven & I Holdings Co. Ltd. 842,314 25,497
Mitsubishi Estate Co. Ltd. 1,401,914 24,784
East Japan Railway Co. 380,212 23,656
Nippon Telegraph & Telephone Corp. 489,417 22,144
KDDI Corp. 3,257 21,321
Tokio Marine Holdings Inc. 809,890 20,720
Astellas Pharma Inc. 497,551 20,178
ITOCHU Corp. 1,684,900 19,063
Mitsubishi Electric Corp. 2,162,954 19,001
Panasonic Corp. 2,467,517 18,918
Toshiba Corp. 4,502,424 18,405
Sony Corp. 1,124,644 18,190
Sumitomo Corp. 1,257,638 17,873
Denso Corp. 544,586 17,609
Bridgestone Corp. 727,750 17,220
Mitsui Fudosan Co. Ltd. 934,580 17,119
Kyocera Corp. 170,878 16,659
Nomura Holdings Inc. 4,063,408 16,656
Inpex Corp. 2,452 16,189
Kao Corp. 588,618 15,772
Mitsubishi Heavy Industries Ltd. 3,390,432 15,376
Nintendo Co. Ltd. 111,598 15,064
Nippon Steel Corp. 5,713,369 14,237
JX Holdings Inc. 2,510,623 14,162
Central Japan Railway Co. 1,682 13,964
Fast Retailing Co. Ltd. 59,620 13,323
Tokyo Gas Co. Ltd. 2,756,298 13,301
Murata Manufacturing Co. Ltd. 226,719 12,957
Daiichi Sankyo Co. Ltd. 753,091 12,933
Marubeni Corp. 1,842,356 12,793
Toray Industries Inc. 1,640,857 12,615
Dai-ichi Life Insurance Co. Ltd. 10,049 12,584
Kubota Corp. 1,297,895 12,529
Chubu Electric Power Co. Inc. 762,672 12,490
Kansai Electric Power Co. Inc. 839,514 12,173
Keyence Corp. 51,418 12,136
MS&AD Insurance Group Holdings 636,836 11,741
Kirin Holdings Co. Ltd. 915,616 11,658
Sumitomo Electric Industries Ltd. 844,221 11,388
Nikon Corp. 382,130 11,326
ORIX Corp. 117,157 11,201
Hoya Corp. 487,002 11,170
Secom Co. Ltd. 234,703 11,105
Eisai Co. Ltd. 282,168 11,028
FUJIFILM Holdings Corp. 518,072 10,989
Nidec Corp. 122,214 10,983
Tokyo Electron Ltd. 192,413 10,663
Sumitomo Mitsui Trust Holdings Inc. 3,487,819 10,218
Fujitsu Ltd. 2,085,981 10,139
SMC Corp. 60,600 10,120
Asahi Group Holdings Ltd. 432,921 9,748
JFE Holdings Inc. 515,507 9,641
Sumitomo Realty & Development Co. Ltd. 401,292 9,570
Ajinomoto Co. Inc. 720,706 9,302
Rakuten Inc. 8,126 9,063

 

12

 
Vanguard® Pacific Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Resona Holdings Inc. 2,105,543 8,943
  Suzuki Motor Corp. 377,568 8,887
  Asahi Glass Co. Ltd. 1,123,115 8,831
  Aeon Co. Ltd. 672,495 8,779
  Terumo Corp. 191,350 8,768
  Asahi Kasei Corp. 1,413,836 8,739
  NKSJ Holdings Inc. 418,426 8,613
  Osaka Gas Co. Ltd. 2,099,548 8,491
  Otsuka Holdings Co. Ltd. 279,979 8,438
  Mitsubishi Chemical Holdings Corp. 1,515,879 7,989
  West Japan Railway Co. 190,637 7,832
  Sumitomo Metal Mining Co. Ltd. 589,149 7,728
  Isuzu Motors Ltd. 1,331,996 7,605
  Nitto Denko Corp. 185,266 7,603
  Aisin Seiki Co. Ltd. 214,429 7,551
  Daito Trust Construction Co. Ltd. 81,158 7,298
  Sumitomo Chemical Co. Ltd. 1,755,276 7,217
  TDK Corp. 137,887 7,200
  Sharp Corp. 1,112,867 7,119
  Unicharm Corp. 126,341 7,068
  Shiseido Co. Ltd. 403,253 7,060
  Daiwa Securities Group Inc. 1,863,984 7,044
  Daiwa House Industry Co. Ltd. 540,805 6,979
  T&D Holdings Inc. 647,061 6,975
  Daikin Industries Ltd. 262,812 6,944
  Yamato Holdings Co. Ltd. 446,061 6,878
  Shizuoka Bank Ltd. 653,859 6,842
  Sumitomo Metal Industries Ltd. 3,773,366 6,778
^ Ricoh Co. Ltd. 750,082 6,719
  Bank of Yokohama Ltd. 1,372,462 6,647
  JGC Corp. 229,221 6,600
^ Odakyu Electric Railway Co. Ltd. 702,362 6,510
  Nippon Building Fund Inc. 681 6,471
^ Kintetsu Corp. 1,824,927 6,438
  Oriental Land Co. Ltd. 56,318 6,244
  Dentsu Inc. 202,598 6,221
  Kyushu Electric Power Co. Inc. 451,868 5,994
  Sekisui House Ltd. 645,235 5,982
  Tokyu Corp. 1,275,409 5,973
  Yamada Denki Co. Ltd. 91,944 5,966
  JS Group Corp. 298,732 5,866
  Tobu Railway Co. Ltd. 1,137,206 5,788
  Chugoku Electric Power Co. Inc. 332,613 5,707
  Toyota Industries Corp. 200,820 5,672
  Dai Nippon Printing Co. Ltd. 629,513 5,587
  Shimano Inc. 84,098 5,530
  Kuraray Co. Ltd. 385,413 5,500
  Japan Real Estate Investment Corp. 609 5,395
  Tohoku Electric Power Co. Inc. 506,442 5,310
  Shikoku Electric Power Co. Inc. 204,444 5,281
* NEC Corp. 2,914,284 5,261
  Ono Pharmaceutical Co. Ltd. 92,833 5,256
  Chiba Bank Ltd. 850,311 5,166
  Nippon Yusen KK 1,709,083 5,052
  Sega Sammy Holdings Inc. 239,091 5,017
  Mitsui OSK Lines Ltd. 1,285,811 4,984
  Fuji Heavy Industries Ltd. 657,212 4,957
  Rohm Co. Ltd. 108,533 4,895
  NTT Data Corp. 1,413 4,890
  Yahoo Japan Corp. 16,244 4,875
* Mitsubishi Motors Corp. 4,334,212 4,863
  Omron Corp. 228,510 4,855
  Makita Corp. 125,627 4,809
  Kawasaki Heavy Industries Ltd. 1,592,357 4,780

 

13

 
Vanguard® Pacific Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Toyota Tsusho Corp. 238,448 4,729
  Keio Corp. 648,808 4,693
* Mazda Motor Corp. 2,879,959 4,680
  Isetan Mitsukoshi Holdings Ltd. 420,780 4,583
  Keikyu Corp. 528,531 4,537
  Chugai Pharmaceutical Co. Ltd. 250,857 4,515
  Lawson Inc. 67,095 4,442
  Sekisui Chemical Co. Ltd. 487,445 4,383
  Konica Minolta Holdings Inc. 538,753 4,371
  OJI Paper Co. Ltd. 949,521 4,360
  Shionogi & Co. Ltd. 333,273 4,347
  Toppan Printing Co. Ltd. 628,590 4,257
  Yamaha Motor Co. Ltd. 314,547 4,201
* Tokyo Electric Power Co. Inc. 1,608,184 4,015
  Daihatsu Motor Co. Ltd. 212,557 4,012
^ Yakult Honsha Co. Ltd. 108,815 4,008
  JSR Corp. 201,843 3,984
  Kobe Steel Ltd. 2,780,957 3,966
  Nitori Holdings Co. Ltd. 42,041 3,869
  Olympus Corp. 244,851 3,844
  Hirose Electric Co. Ltd. 36,241 3,795
  Mitsubishi Materials Corp. 1,262,508 3,765
  Benesse Holdings Inc. 75,547 3,751
  Showa Denko KK 1,672,499 3,721
  Electric Power Development Co. Ltd. 131,379 3,635
  Nippon Electric Glass Co. Ltd. 448,752 3,626
  Fukuoka Financial Group Inc. 863,041 3,591
  IHI Corp. 1,477,720 3,575
  Credit Saison Co. Ltd. 166,175 3,566
  Trend Micro Inc. 117,558 3,566
  Nippon Express Co. Ltd. 943,925 3,563
  Teijin Ltd. 1,053,175 3,542
  Brother Industries Ltd. 262,159 3,523
  NGK Insulators Ltd. 280,541 3,499
  Dena Co. Ltd. 109,951 3,450
  Santen Pharmaceutical Co. Ltd. 82,420 3,449
  Mitsubishi Tanabe Pharma Corp. 248,336 3,447
  MEIJI Holdings Co. Ltd. 76,915 3,407
  NSK Ltd. 488,736 3,353
  Japan Retail Fund Investment Corp. 2,101 3,350
  Hokuriku Electric Power Co. 189,434 3,242
  Sysmex Corp. 80,492 3,235
  Taisho Pharmaceutical Holdings Co. Ltd. 39,923 3,195
  Sumitomo Heavy Industries Ltd. 618,153 3,188
  Sony Financial Holdings Inc. 195,024 3,187
  Joyo Bank Ltd. 727,338 3,175
  Namco Bandai Holdings Inc. 220,354 3,151
  FamilyMart Co. Ltd. 70,665 3,145
  Bank of Kyoto Ltd. 365,363 3,095
  Kurita Water Industries Ltd. 125,978 3,087
  Hisamitsu Pharmaceutical Co. Inc. 69,340 3,085
  Obayashi Corp. 728,575 3,084
  Kyowa Hakko Kirin Co. Ltd. 286,386 3,010
^ Konami Corp. 103,549 2,995
  Hamamatsu Photonics KK 74,722 2,969
  TonenGeneral Sekiyu KK 314,713 2,944
  Ube Industries Ltd. 1,139,936 2,915
  Taisei Corp. 1,144,863 2,908
  Sankyo Co. Ltd. 60,017 2,894
  Hokkaido Electric Power Co. Inc. 205,293 2,885
  Mitsubishi Gas Chemical Co. Inc. 439,921 2,882
  Shimamura Co. Ltd. 24,653 2,792
^ Gree Inc. 102,479 2,772
  Advantest Corp. 166,787 2,772

 

14

 
Vanguard® Pacific Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Ibiden Co. Ltd. 135,683 2,770
^ All Nippon Airways Co. Ltd. 938,014 2,753
  J Front Retailing Co. Ltd. 533,380 2,741
  Kajima Corp. 957,362 2,729
  Toho Gas Co. Ltd. 451,518 2,724
  Amada Co. Ltd. 400,393 2,718
  JTEKT Corp. 246,866 2,706
  Mitsubishi UFJ Lease & Finance Co. Ltd. 65,100 2,705
  THK Co. Ltd. 135,232 2,704
  Sumitomo Rubber Industries Ltd. 192,890 2,654
  Rinnai Corp. 36,254 2,641
  Mitsui Chemicals Inc. 911,190 2,633
  Kansai Paint Co. Ltd. 243,442 2,620
^ Hitachi Construction Machinery Co. Ltd. 120,232 2,600
  Nomura Research Institute Ltd. 113,284 2,599
  Nisshin Seifun Group Inc. 208,764 2,547
  Shimizu Corp. 665,504 2,530
  Toyo Suisan Kaisha Ltd. 97,996 2,516
  USS Co. Ltd. 24,776 2,513
  Hachijuni Bank Ltd. 458,828 2,497
  Nissin Foods Holdings Co. Ltd. 65,847 2,478
  Stanley Electric Co. Ltd. 161,641 2,476
  Hokuhoku Financial Group Inc. 1,410,946 2,468
  NGK Spark Plug Co. Ltd. 172,081 2,457
  Nippon Meat Packers Inc. 191,466 2,446
  TOTO Ltd. 330,078 2,442
  Suzuken Co. Ltd. 80,248 2,427
  Miraca Holdings Inc. 61,385 2,418
  Chugoku Bank Ltd. 191,109 2,415
  NOK Corp. 116,156 2,389
  Keisei Electric Railway Co. Ltd. 307,404 2,373
  Shimadzu Corp. 262,596 2,338
  Sojitz Corp. 1,384,418 2,332
  Yokogawa Electric Corp. 241,596 2,319
  Tokyu Land Corp. 480,127 2,314
  Hitachi Metals Ltd. 184,407 2,297
  Toyo Seikan Kaisha Ltd. 171,673 2,284
  Toho Co. Ltd. 126,833 2,273
  Takashimaya Co. Ltd. 299,494 2,270
  Hiroshima Bank Ltd. 558,400 2,269
  Nabtesco Corp. 104,465 2,230
  Idemitsu Kosan Co. Ltd. 24,098 2,219
  Iyo Bank Ltd. 266,498 2,212
^ Nippon Paper Group Inc. 110,048 2,203
  Gunma Bank Ltd. 433,081 2,197
  Kamigumi Co. Ltd. 273,148 2,195
  Hitachi Chemical Co. Ltd. 117,166 2,172
  Japan Prime Realty Investment Corp. 751 2,157
^ Sanrio Co. Ltd. 48,750 2,143
  Japan Steel Works Ltd. 351,865 2,140
  Daicel Corp. 334,473 2,120
  Hino Motors Ltd. 298,209 2,109
  McDonald's Holdings Co. Japan Ltd. 73,522 2,086
^ Yaskawa Electric Corp. 237,655 2,070
  MediPal Holdings Corp. 163,584 2,069
  Denki Kagaku Kogyo KK 533,966 2,067
  NTN Corp. 545,217 2,062
  Chiyoda Corp. 171,123 2,061
  Kikkoman Corp. 174,642 2,048
  Air Water Inc. 161,281 2,033
  Jupiter Telecommunications Co. Ltd. 1,918 2,033
  Taiyo Nippon Sanso Corp. 292,728 2,022
  Marui Group Co. Ltd. 254,542 2,020
  Daido Steel Co. Ltd. 325,087 2,017

 

15

 
Vanguard® Pacific Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Nishi-Nippon City Bank Ltd. 760,839 2,012
^ GS Yuasa Corp. 389,999 2,007
  Shinsei Bank Ltd. 1,552,373 2,003
  Suruga Bank Ltd. 200,396 1,999
  Yamaguchi Financial Group Inc. 231,864 1,992
  Alfresa Holdings Corp. 43,058 1,988
  SBI Holdings Inc. 24,635 1,982
^ Seiko Epson Corp. 147,751 1,971
  Yamazaki Baking Co. Ltd. 132,435 1,958
  Kaneka Corp. 309,995 1,916
  Furukawa Electric Co. Ltd. 703,600 1,909
  Citizen Holdings Co. Ltd. 294,048 1,847
  Nomura Real Estate Holdings Inc. 105,278 1,840
  NHK Spring Co. Ltd. 175,296 1,830
  Cosmo Oil Co. Ltd. 656,046 1,819
  Dainippon Sumitomo Pharma Co. Ltd. 179,138 1,794
^ Casio Computer Co. Ltd. 269,172 1,788
  Aeon Mall Co. Ltd. 80,114 1,777
  Tsumura & Co. 66,472 1,776
  Asics Corp. 163,932 1,765
  Nomura Real Estate Office Fund Inc. Class A 301 1,748
  Hitachi High-Technologies Corp. 68,780 1,728
^ Kawasaki Kisen Kaisha Ltd. 820,235 1,728
  Yamaha Corp. 175,939 1,706
  Oracle Corp. Japan 43,568 1,683
  Fuji Electric Co. Ltd. 622,783 1,668
  Koito Manufacturing Co. Ltd. 106,455 1,647
  Aozora Bank Ltd. 641,231 1,645
  Hakuhodo DY Holdings Inc. 26,285 1,641
^ Seven Bank Ltd. 662,901 1,638
  Tosoh Corp. 578,233 1,599
^ Aeon Credit Service Co. Ltd. 87,670 1,528
  Ushio Inc. 116,284 1,517
  Toyoda Gosei Co. Ltd. 72,703 1,482
  Itochu Techno-Solutions Corp. 32,466 1,481
  Japan Petroleum Exploration Co. 31,579 1,441
  Otsuka Corp. 17,542 1,411
* Sumco Corp. 132,301 1,404
  Mitsubishi Logistics Corp. 127,831 1,402
  Square Enix Holdings Co. Ltd. 70,115 1,372
  Showa Shell Sekiyu KK 211,122 1,329
  Yamato Kogyo Co. Ltd. 45,817 1,304
^ Nippon Sheet Glass Co. Ltd. 994,104 1,288
  Coca-Cola West Co. Ltd. 67,824 1,224
  Maruichi Steel Tube Ltd. 51,914 1,142
  Mabuchi Motor Co. Ltd. 26,901 1,125
  Nisshin Steel Co. Ltd. 797,910 1,120
  ABC-Mart Inc. 29,087 1,059
  Kinden Corp. 148,431 1,031
  NTT Urban Development Corp. 1,273 977
  Toyota Boshoku Corp. 74,309 915
      2,431,021
New Zealand (0.3%)    
  Telecom Corp. of New Zealand Ltd. 2,143,831 4,609
  Fletcher Building Ltd. 754,966 3,852
  Auckland International Airport Ltd. 1,041,306 2,151
  SKYCITY Entertainment Group Ltd. 644,718 2,023
  Contact Energy Ltd. 397,932 1,576
      14,211
Singapore (5.2%)    
  Singapore Telecommunications Ltd. 8,913,109 22,421
  DBS Group Holdings Ltd. 1,959,779 22,017
  United Overseas Bank Ltd. 1,409,267 21,865
  Oversea-Chinese Banking Corp. Ltd. 2,882,594 20,817

 

16

 
Vanguard® Pacific Stock Index Fund        
Schedule of Investments        
April 30, 2012        
 
          Market
          Value
        Shares ($000)
  Keppel Corp. Ltd.     1,594,358 14,181
* Genting Singapore plc     6,805,033 9,482
  Wilmar International Ltd.     2,149,303 8,415
  CapitaLand Ltd.     2,860,558 6,761
  Fraser and Neave Ltd.     1,032,574 5,860
  Singapore Press Holdings Ltd.     1,709,417 5,477
  Singapore Airlines Ltd.     607,226 5,238
  Singapore Exchange Ltd.     955,260 5,150
  City Developments Ltd.     562,713 4,597
  Jardine Cycle & Carriage Ltd.     118,621 4,506
  SembCorp Industries Ltd.     1,100,820 4,471
  Golden Agri-Resources Ltd.     7,488,116 4,432
  Hutchison Port Holdings Trust     5,839,639 4,399
  Singapore Technologies Engineering Ltd.     1,704,055 4,138
  Noble Group Ltd.     4,300,304 4,081
  SembCorp Marine Ltd.     935,666 3,828
  CapitaMall Trust     2,416,112 3,508
* Global Logistic Properties Ltd.     2,071,673 3,438
  Ascendas REIT     1,988,894 3,337
  Olam International Ltd.     1,640,181 2,993
  ComfortDelGro Corp. Ltd.     2,131,980 2,632
  Keppel Land Ltd.     840,737 2,141
  Yangzijiang Shipbuilding Holdings Ltd.     2,150,210 2,040
  UOL Group Ltd.     521,717 1,901
  CapitaMalls Asia Ltd.     1,505,335 1,866
  StarHub Ltd.     667,567 1,719
^ Neptune Orient Lines Ltd.     999,571 993
^ Cosco Corp. Singapore Ltd.     1,123,305 934
* Golden Agri-Resources Ltd. Warrants Exp. 07/23/2012     699,582 104
 
          209,742
Total Common Stocks (Cost $5,315,485)       3,994,454
 
 
    Coupon      
 
Temporary Cash Investments (2.2%)1        
Money Market Fund (2.1%)        
3,4 Vanguard Market Liquidity Fund 0.137%   85,150,345 85,150
 
 
        Face  
      Maturity Amount  
      Date ($000)  
U.S. Government and Agency Obligations (0.1%)        
5 Freddie Mac Discount Notes 0.125% 7/17/12 600 600
5,6 Freddie Mac Discount Notes 0.120% 7/23/12 1,000 1,000
6 United States Treasury Note/Bond 1.375% 9/15/12 1,000 1,004
 
          2,604
 
Total Temporary Cash Investments (Cost $87,755)       87,754
Total Investments (101.1%) (Cost $5,403,240)       4,082,208
Other Assets and Liabilities—Net (-1.1%)4       (46,057)
Net Assets (100%)       4,036,151

 

^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $63,522,000.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.1% and 1.0%, respectively, of net assets.

17

 

Vanguard® Pacific Stock Index Fund
Schedule of Investments
April 30, 2012


2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $37,755,000, representing 0.9% 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 $66,632,000 of collateral received for securities on loan.
5 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury in exchange for senior preferred stock.
6 Securities with a value of $2,004,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.

18

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Common Stocks (99.6%)1    
Brazil (14.0%)    
^ Vale SA Class B Pfd. ADR 27,044,876 584,981
  Petroleo Brasileiro SA ADR Type A 25,311,838 560,910
  Itau Unibanco Holding SA ADR 31,473,444 493,818
  Petroleo Brasileiro SA ADR 18,333,505 431,571
  Cia de Bebidas das Americas ADR 9,895,525 415,414
  Banco Bradesco SA ADR 24,658,040 395,268
  Vale SA Class B ADR 17,490,800 388,296
  Petroleo Brasileiro SA Prior Pfd. 27,963,628 309,248
  Vale SA Prior Pfd. 10,542,777 228,151
  Itausa - Investimentos Itau SA Prior Pfd. 47,548,829 226,001
  Petroleo Brasileiro SA 19,207,388 224,807
  BM&FBovespa SA 36,296,421 202,795
  Banco Bradesco SA Prior Pfd. 11,420,572 182,140
  Cia de Bebidas das Americas Prior Pfd. 4,298,534 180,046
  Itau Unibanco Holding SA Prior Pfd. 11,216,300 175,998
* OGX Petroleo e Gas Participacoes SA 24,178,128 168,828
  Cielo SA 5,453,388 163,818
  Vale SA 7,134,838 158,406
  Ultrapar Participacoes SA 6,030,843 136,743
  Cia Energetica de Minas Gerais ADR 5,325,250 131,374
  Banco do Brasil SA 10,588,243 131,370
  CCR SA 16,236,708 125,897
  BRF - Brasil Foods SA ADR 6,300,150 116,112
  BRF - Brasil Foods SA 6,318,280 114,688
  Souza Cruz SA 7,160,285 111,265
  Redecard SA 6,224,556 103,713
  Gerdau SA ADR 10,227,067 96,032
^ Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 2,025,166 95,243
  Cia Siderurgica Nacional SA ADR 10,645,002 94,953
  BR Malls Participacoes SA 7,356,605 90,928
  Banco Santander Brasil SA ADR 11,033,696 89,042
  Telefonica Brasil SA ADR 2,926,219 83,309
  Telefonica Brasil SA Prior Pfd. 2,893,535 82,397
  Bradespar SA Prior Pfd. 4,246,301 76,900
  Embraer SA ADR 2,207,742 76,476
  Lojas Renner SA 2,272,011 72,196
  Natura Cosmeticos SA 3,172,565 71,685
  Cia de Saneamento Basico do Estado de Sao Paulo ADR 882,837 69,885
  Metalurgica Gerdau SA Prior Pfd. Class A 5,144,848 62,592
  Gerdau SA Prior Pfd. 6,168,600 57,604
  Cia Hering 2,296,833 57,031
  Cia Energetica de Sao Paulo Prior Pfd. 2,848,371 54,169
  Tim Participacoes SA 9,146,918 54,033
  Cia Energetica de Minas Gerais Prior Pfd. 2,728,993 53,759
* JBS SA 13,708,350 53,722
  Oi SA Pfd. ADR 2,985,477 53,530
  CETIP SA - Mercados Organizados 3,469,638 53,333
  Lojas Americanas SA Prior Pfd. 5,679,866 53,040
  PDG Realty SA Empreendimentos e Participacoes 21,002,924 49,363
  Usinas Siderurgicas de Minas Gerais SA Prior Pfd. 8,195,914 46,996
  Cia Paranaense de Energia ADR 1,798,887 45,062
  Cyrela Brazil Realty SA Empreendimentos e Participacoes 5,334,859 42,989
  Tractebel Energia SA 2,349,887 40,374
* Oi SA Prior Pfd. 6,655,133 39,976
  Cosan SA Industria e Comercio 2,246,850 39,099
  Totvs SA 2,000,300 38,827
  Klabin SA Prior Pfd. 7,949,361 38,034
  Tim Participacoes SA ADR 1,247,788 37,346
  Centrais Eletricas Brasileiras SA 4,359,261 37,300
  All America Latina Logistica SA 8,118,827 36,758
  Raia Drogasil SA 3,349,700 35,814

 

19

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Localiza Rent a Car SA 2,032,059 34,753
  Fibria Celulose SA 4,224,116 33,706
  Centrais Eletricas Brasileiras SA Prior Pfd. 2,761,719 32,961
  Hypermarcas SA 5,063,548 32,913
  MRV Engenharia e Participacoes SA 5,304,951 31,003
  Cia Siderurgica Nacional SA 3,640,220 30,918
  EDP - Energias do Brasil SA 4,381,215 30,547
  CPFL Energia SA 2,175,180 30,400
  Diagnosticos da America SA 4,188,500 29,994
  Anhanguera Educacional Participacoes SA 2,222,028 29,399
  Usinas Siderurgicas de Minas Gerais SA 3,076,566 29,230
  Banco do Estado do Rio Grande do Sul Prior Pfd. 3,380,922 29,177
  Multiplan Empreendimentos Imobiliarios SA 1,226,019 28,879
  Duratex SA 4,533,714 26,639
* HRT Participacoes em Petroleo SA 90,073 26,131
  Odontoprev SA 4,885,923 25,812
  AES Tiete SA Prior Pfd. 1,855,120 25,790
  EcoRodovias Infraestrutura e Logistica SA 3,076,397 25,484
  Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Prior Pfd. 1,652,523 25,280
  Banco Santander Brasil SA 3,097,990 25,143
* Oi SA 3,541,587 23,782
  CPFL Energia SA ADR 817,713 23,059
  Amil Participacoes SA 2,321,700 22,704
  Cia de Saneamento Basico do Estado de Sao Paulo 513,582 20,218
  Centrais Eletricas Brasileiras SA ADR 1,654,414 19,770
* TAM SA Prior Pfd. 821,408 19,754
  Embraer SA 2,239,149 19,230
* MMX Mineracao e Metalicos SA 4,092,100 18,978
  Porto Seguro SA 1,914,804 18,795
^,* TAM SA ADR 736,848 18,016
  Cia de Transmissao de Energia Electrica Paulista Prior Pfd. 503,400 16,123
  Light SA 1,194,900 15,433
  Sul America SA 1,765,631 14,506
  Braskem SA Prior Pfd. 1,783,624 12,492
  Braskem SA ADR 849,769 12,492
  Rossi Residencial SA 2,741,919 11,479
  Brookfield Incorporacoes SA 3,962,447 10,456
  Suzano Papel e Celulose SA Prior Pfd. 2,704,409 10,173
  Gol Linhas Aereas Inteligentes SA ADR 1,670,783 8,855
  Cia Paranaense de Energia Prior Pfd. 264,639 6,638
  Gol Linhas Aereas Inteligentes SA Prior Pfd. 1,134,100 6,027
  Centrais Eletricas Brasileiras SA ADR 623,224 5,310
* Oi SA ADR 625,137 4,170
  Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. 84,945 3,923
  Fibria Celulose SA ADR 429,806 3,413
* Itausa - Investimentos Itau SA Rights Exp. 05/31/2012 524,545 135
* Companhia de Bebidas das Americas Pfd. Rights Exp. 05/28/2012 10,470 88
* Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. Rights Exp. 05/31/2012 612 1
      9,471,634
Chile (1.8%)    
  Empresas COPEC SA 8,485,782 137,756
  Cencosud SA 16,814,099 107,103
  Sociedad Quimica y Minera de Chile SA ADR 1,466,881 85,505
  Empresas CMPC SA 20,561,287 84,517
  Empresa Nacional de Electricidad SA ADR 1,507,588 82,344
  Lan Airlines SA 2,531,078 71,325
  Banco Santander Chile ADR 855,988 70,028
  Enersis SA ADR 3,434,757 69,623
  SACI Falabella 6,862,477 67,337
  CAP SA 1,380,444 57,910
  Banco de Chile 325,240,423 50,600
  Banco de Credito e Inversiones 573,303 41,245
  ENTEL Chile SA 2,006,467 39,832
  Colbun SA 128,884,733 36,665

 

20

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Enersis SA 78,498,873 32,071
  Empresa Nacional de Electricidad SA 17,474,993 31,841
  Cia Cervecerias Unidas SA 2,088,754 30,054
  AES Gener SA 45,402,485 28,733
  Banco Santander Chile 333,575,716 26,371
  E.CL SA 9,686,447 25,910
  Corpbanca 1,839,007,635 25,081
  Sociedad Quimica y Minera de Chile SA Prior Pfd. Class B 396,954 23,240
  Vina Concha y Toro SA 9,577,886 20,336
      1,245,427
China (18.1%)    
  China Mobile Ltd. 112,832,167 1,248,321
  China Construction Bank Corp. 1,126,281,857 874,044
  Industrial & Commercial Bank of China 1,138,490,003 756,451
  CNOOC Ltd. 334,448,552 706,739
  Tencent Holdings Ltd. 18,974,472 593,594
  PetroChina Co. Ltd. 395,695,679 590,258
  Bank of China Ltd. 1,254,622,277 522,452
  China Life Insurance Co. Ltd. 139,110,470 370,388
  China Petroleum & Chemical Corp. 314,705,540 334,252
  China Shenhua Energy Co. Ltd. 63,772,825 281,624
  Ping An Insurance Group Co. 32,114,988 266,756
  China Unicom Hong Kong Ltd. 110,843,048 193,862
  Belle International Holdings Ltd. 87,576,500 170,883
  China Overseas Land & Investment Ltd. 76,071,076 164,391
  Agricultural Bank of China Ltd. 344,704,045 163,028
  China Merchants Bank Co. Ltd. 73,116,502 157,874
  Hengan International Group Co. Ltd. 13,872,000 146,580
  China Telecom Corp. Ltd. 261,333,683 140,062
  Want Want China Holdings Ltd. 112,934,285 137,850
  Lenovo Group Ltd. 116,063,309 110,994
  China Pacific Insurance Group Co. Ltd. 32,184,394 104,225
  Bank of Communications Co. Ltd. 135,159,345 104,008
^ China Minsheng Banking Corp. Ltd. 97,444,868 100,835
  Dongfeng Motor Group Co. Ltd. 51,368,044 100,469
  Tingyi Cayman Islands Holding Corp. 37,238,634 98,944
  China Coal Energy Co. Ltd. 77,153,000 88,146
  China Citic Bank Corp. Ltd. 138,150,919 87,535
  China Resources Enterprise Ltd. 23,235,460 84,105
  China Communications Construction Co. Ltd. 83,285,704 82,986
  Yanzhou Coal Mining Co. Ltd. 37,700,720 78,962
  Kunlun Energy Co. Ltd. 44,961,230 78,903
^ Anhui Conch Cement Co. Ltd. 23,680,152 78,773
^ China Resources Land Ltd. 38,150,000 73,004
^ China National Building Material Co. Ltd. 53,996,360 72,366
  China Mengniu Dairy Co. Ltd. 22,892,356 70,476
  China Merchants Holdings International Co. Ltd. 21,663,510 69,757
  Jiangxi Copper Co. Ltd. 27,032,598 65,010
  Inner Mongolia Yitai Coal Co. Class B 11,077,105 63,149
  PICC Property & Casualty Co. Ltd. 50,516,306 62,835
  China Resources Power Holdings Co. Ltd. 30,840,548 56,053
^ Evergrande Real Estate Group Ltd. 94,999,885 54,538
  Beijing Enterprises Holdings Ltd. 9,735,500 54,328
  ENN Energy Holdings Ltd. 13,780,000 48,145
^,* Sun Art Retail Group Ltd. 35,235,738 46,654
  China Oilfield Services Ltd. 28,622,000 46,109
^,* Brilliance China Automotive Holdings Ltd. 42,196,000 45,519
  Guangzhou Automobile Group Co. Ltd. 40,155,084 44,336
  COSCO Pacific Ltd. 30,140,988 43,572
^,* Alibaba.com Ltd. 25,039,632 42,928
^ Great Wall Motor Co. Ltd. 19,328,000 41,480
^ Sinopharm Group Co. Ltd. 15,302,000 39,873
^ Shimao Property Holdings Ltd. 29,563,257 38,833
  Citic Pacific Ltd. 23,612,874 38,751

 

21

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
^ Longfor Properties Co. Ltd. 23,558,280 37,216
  Guangdong Investment Ltd. 50,273,680 36,888
  Huaneng Power International Inc. 61,059,978 36,142
^ Zoomlion Heavy Industry Science and Technology Co. Ltd. 24,137,179 35,810
^ Zijin Mining Group Co. Ltd. 109,848,180 35,600
^ Aluminum Corp. of China Ltd. 73,311,720 35,287
^ Weichai Power Co. Ltd. 7,503,600 35,124
^ Country Garden Holdings Co. Ltd. 81,120,821 34,985
^ Agile Property Holdings Ltd. 26,223,245 34,119
^ GOME Electrical Appliances Holding Ltd. 188,004,805 33,923
  Shandong Weigao Group Medical Polymer Co. Ltd. 29,390,200 33,703
^ Golden Eagle Retail Group Ltd. 12,886,000 33,636
^ China Yurun Food Group Ltd. 25,881,149 32,867
^ Tsingtao Brewery Co. Ltd. 5,400,000 32,632
  Shanghai Industrial Holdings Ltd. 9,727,045 32,391
^ GCL-Poly Energy Holdings Ltd. 126,225,000 32,371
  China Longyuan Power Group Corp. 40,732,000 31,916
  China Vanke Co. Ltd. Class B 23,640,677 31,504
  Kingboard Chemical Holdings Ltd. 11,106,626 31,027
  China Gas Holdings Ltd. 62,244,000 30,827
  Parkson Retail Group Ltd. 27,581,779 30,629
^ Sino-Ocean Land Holdings Ltd. 66,005,302 30,616
^ CSR Corp. Ltd. 37,521,877 30,114
  Air China Ltd. 41,345,548 29,864
^ Geely Automobile Holdings Ltd. 78,113,000 28,895
  China Railway Group Ltd. 72,989,608 28,771
^ Soho China Ltd. 37,098,606 28,759
* China Taiping Insurance Holdings Co. Ltd. 13,777,407 28,694
^ China Resources Cement Holdings Ltd. 35,552,686 28,077
  China Railway Construction Corp. Ltd. 35,118,765 27,858
^ China COSCO Holdings Co. Ltd. 47,976,000 27,601
  Shanghai Electric Group Co. Ltd. 54,052,969 27,062
^ ZTE Corp. 10,763,928 25,988
^,* Byd Co. Ltd. 9,744,255 25,460
^ Intime Department Store Group Co. Ltd. 19,997,000 25,141
  China Everbright Ltd. 15,870,010 25,051
  Zhaojin Mining Industry Co. Ltd. 17,787,000 24,757
^ China Resources Gas Group Ltd. 12,758,000 24,718
  China Shanshui Cement Group Ltd. 30,330,000 24,440
  Nine Dragons Paper Holdings Ltd. 29,785,000 24,418
^ China State Construction International Holdings Ltd. 26,332,000 24,175
^ Zhuzhou CSR Times Electric Co. Ltd. 8,389,000 23,649
^ Guangzhou R&F Properties Co. Ltd. 17,739,200 23,564
  Daphne International Holdings Ltd. 16,566,000 23,548
^,* Far East Horizon Ltd. 30,610,010 23,498
  Beijing Capital International Airport Co. Ltd. 35,969,654 23,435
  Jiangsu Expressway Co. Ltd. 23,650,139 23,247
  China BlueChemical Ltd. 32,509,405 23,170
  China Communications Services Corp. Ltd. 44,523,973 22,839
^ Shui On Land Ltd. 54,034,237 22,559
  China Agri-Industries Holdings Ltd. 29,946,586 21,900
  Wumart Stores Inc. 9,441,000 21,727
^,* China Shipping Container Lines Co. Ltd. 65,791,618 21,314
  Zhejiang Expressway Co. Ltd. 29,378,704 21,057
^ Poly Hong Kong Investments Ltd. 40,374,000 20,955
  Yuexiu Property Co. Ltd. 93,916,000 20,935
^ Zhongsheng Group Holdings Ltd. 10,297,000 20,341
* Semiconductor Manufacturing International Corp. 392,257,000 19,431
^ Datang International Power Generation Co. Ltd. 54,770,568 19,412
^ Shougang Fushan Resources Group Ltd. 55,423,984 19,315
^,* Chongqing Rural Commercial Bank 41,517,461 19,083
^ Yingde Gases 15,648,500 18,175
  Franshion Properties China Ltd. 66,134,094 18,167
^ Anta Sports Products Ltd. 17,724,000 17,489

 

22

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  China International Marine Containers Group Co. Ltd. Class B 11,839,498 17,389
^ Dongfang Electric Corp. Ltd. 6,184,430 16,765
  BBMG Corp. 19,546,500 16,763
^ AviChina Industry & Technology Co. Ltd. 36,416,000 16,739
  Fosun International Ltd. 28,202,737 16,729
  China Shipping Development Co. Ltd. 25,432,798 16,433
  Dah Chong Hong Holdings Ltd. 15,367,000 16,296
^ Hengdeli Holdings Ltd. 40,448,000 16,117
^ Skyworth Digital Holdings Ltd. 39,288,610 15,995
^,* Haier Electronics Group Co. Ltd. 15,050,000 15,663
  Sinopec Shanghai Petrochemical Co. Ltd. 43,581,192 15,127
* Minmetals Resources Ltd. 29,680,000 15,085
^,* China ZhengTong Auto Services Holdings Ltd. 15,260,852 14,982
^,* China Southern Airlines Co. Ltd. 33,068,000 14,819
^ Angang Steel Co. Ltd. 21,468,374 14,592
^ Sany Heavy Equipment International Holdings Co. Ltd. 17,215,000 13,231
  Lee & Man Paper Manufacturing Ltd. 27,584,000 12,869
^ Huabao International Holdings Ltd. 34,570,838 12,447
* Shanghai Pharmaceuticals Holding Co. Ltd. 8,276,600 12,419
^ Lonking Holdings Ltd. 33,671,000 12,159
^ Dongyue Group 16,228,000 12,080
  Bosideng International Holdings Ltd. 41,426,000 11,903
^ Sihuan Pharmaceutical Holdings Group Ltd. 29,983,229 11,347
^ Renhe Commercial Holdings Co. Ltd. 190,841,454 10,991
^ China Zhongwang Holdings Ltd. 26,655,732 10,936
^ Metallurgical Corp. of China Ltd. 48,427,000 10,751
  CSG Holding Co. Ltd. Class B 12,436,803 9,578
^ China Rongsheng Heavy Industries Group Holdings Ltd. 36,483,141 9,054
^,* China Molybdenum Co. Ltd. 20,570,000 7,946
^ Sinofert Holdings Ltd. 34,699,917 7,537
^ China Dongxiang Group Co. 55,614,788 7,486
* Kingboard Chemical Holdings Ltd. Warrants Exp. 10/31/2012 696,212 2
      12,286,106
Colombia (0.8%)    
  BanColombia SA ADR 6,192,307 420,024
  Ecopetrol SA 17,567,353 56,817
  Ecopetrol SA ADR 746,048 48,269
  Almacenes Exito SA 556,242 9,027
  Grupo de Inversiones Suramericana SA 476,534 8,642
  Cementos Argos SA 909,298 6,295
  Grupo Aval Acciones y Valores Prior Pfd. 8,301,284 5,958
  Corp Financiera Colombiana SA 299,717 5,833
  Inversiones Argos SA 504,109 4,863
  Interconexion Electrica SA ESP 567,759 3,673
      569,401
Czech Republic (0.3%)    
  CEZ AS 3,097,222 124,867
  Komercni Banka AS 308,487 56,675
  Telefonica Czech Republic AS 2,192,799 44,253
      225,795
Egypt (0.2%)    
  Orascom Construction Industries GDR 1,844,710 81,363
  Orascom Telecom Holding SAE GDR 11,492,388 32,171
* Orascom Telecom Media And Technology Holding SAE GDR 10,239,924 11,571
  Commercial International Bank Egypt SAE 1,681,514 7,103
  Egyptian Co. for Mobile Services 95,739 3,114
  Telecom Egypt Co. 1,443,930 3,108
* Egyptian Financial Group-Hermes Holding 1,335,097 2,988
* Talaat Moustafa Group 4,208,215 2,942
  Egyptian Kuwaiti Holding Co. SAE 2,456,711 2,723
  National Societe Generale Bank SAE 439,999 2,075
      149,158

 

23

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Hungary (0.3%)    
^ OTP Bank plc 4,574,677 80,193
* MOL Hungarian Oil and Gas plc 824,034 68,127
  Richter Gedeon Nyrt 256,668 44,356
  Magyar Telekom Telecommunications plc 8,897,400 22,381
      215,057
India (6.4%)    
  Infosys Ltd. 8,069,681 374,676
  Reliance Industries Ltd. 24,563,195 346,512
  Housing Development Finance Corp. 20,399,845 260,044
  HDFC Bank Ltd. ADR 6,097,467 209,326
  Tata Consultancy Services Ltd. 8,802,222 207,594
  ITC Ltd. 42,181,043 196,290
* Tata Motors Ltd. 28,191,773 168,505
  Hindustan Unilever Ltd. 16,346,013 129,360
  ICICI Bank Ltd. 7,499,694 125,557
* HDFC Bank Ltd. 10,134,946 104,360
  State Bank of India 2,411,172 97,568
  Larsen & Toubro Ltd. 3,877,587 90,040
  Axis Bank Ltd. 4,249,584 88,980
  Mahindra & Mahindra Ltd. 5,722,606 76,901
  Oil & Natural Gas Corp. Ltd. 14,440,706 73,881
  Jindal Steel & Power Ltd. 7,004,626 66,898
  Sun Pharmaceutical Industries Ltd. 5,792,999 66,153
  Coal India Ltd. 9,360,804 62,497
  Bharti Airtel Ltd. 10,537,497 61,924
  Kotak Mahindra Bank Ltd. 5,136,868 56,642
  Dr Reddy's Laboratories Ltd. ADR 1,540,387 52,111
  Wipro Ltd. ADR 5,277,722 50,983
  Tata Steel Ltd. 5,756,607 50,502
  Sterlite Industries India Ltd. 24,963,532 50,311
  Bajaj Auto Ltd. 1,626,684 50,003
  Hindalco Industries Ltd. 20,780,268 47,463
  Bharat Heavy Electricals Ltd. 11,007,607 46,799
  GAIL India Ltd. 7,118,129 44,525
  Power Grid Corp. of India Ltd. 20,767,600 43,758
  Infrastructure Development Finance Co. Ltd. 17,891,088 40,891
  Cipla Ltd. 6,220,130 36,764
* Tata Power Co. Ltd. 18,147,617 36,238
  Asian Paints Ltd. 531,285 35,544
  Maruti Suzuki India Ltd. 1,348,788 35,066
  Ultratech Cement Ltd. 1,256,557 33,916
  Hero Motocorp Ltd. 797,578 33,822
  NTPC Ltd. 10,946,181 33,695
  Ambuja Cements Ltd. 11,501,938 32,803
  Wipro Ltd. 3,880,776 29,770
  Lupin Ltd. 2,719,976 28,479
  LIC Housing Finance Ltd. 5,637,276 27,773
  DLF Ltd. 7,765,304 27,471
  Jaiprakash Associates Ltd. 18,479,532 26,127
  Shriram Transport Finance Co. Ltd. 2,285,720 24,820
  United Spirits Ltd. 1,628,263 24,130
  Sesa Goa Ltd. 6,747,137 24,062
  Ranbaxy Laboratories Ltd. 2,473,700 23,522
  ACC Ltd. 972,378 22,780
  Rural Electrification Corp. Ltd. 5,555,733 21,972
  JSW Steel Ltd. 1,668,203 21,894
  Reliance Infrastructure Ltd. 2,169,398 21,659
  Adani Enterprises Ltd. 4,018,562 21,357
  Bharat Petroleum Corp. Ltd. 1,640,503 20,843
* Reliance Power Ltd. 10,239,639 20,757
  Zee Entertainment Enterprises Ltd. 8,410,703 20,101
  Adani Ports and Special Economic Zone 7,514,454 18,202
  Siemens Ltd. 1,230,416 18,073

 

24

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Idea Cellular Ltd. 11,984,913 17,859
  Titan Industries Ltd. 3,888,856 17,161
  Dabur India Ltd. 7,564,243 16,031
* Satyam Computer Services Ltd. 10,799,382 15,784
  Power Finance Corp. Ltd. 4,763,657 15,332
  HCL Technologies Ltd. 1,520,622 14,755
  Reliance Communications Ltd. 10,282,815 14,611
* Unitech Ltd. 28,149,160 14,128
  Bank of India 1,994,834 13,366
  Aditya Birla Nuvo Ltd. 751,579 13,201
  Canara Bank 1,568,042 12,948
  Dr Reddy's Laboratories Ltd. 375,561 12,572
  Reliance Capital Ltd. 1,986,972 12,374
  ICICI Bank Ltd. ADR 330,217 11,191
  Piramal Healthcare Ltd. 1,240,082 10,290
  United Phosphorus Ltd. 4,171,917 9,203
* GMR Infrastructure Ltd. 17,966,338 9,047
* Suzlon Energy Ltd. 11,947,627 5,143
  State Bank of India GDR 43,236 3,514
      4,301,204
Indonesia (2.8%)    
  Astra International Tbk PT 38,402,790 295,731
  Bank Central Asia Tbk PT 233,051,224 202,382
  Telekomunikasi Indonesia Persero Tbk PT 191,171,979 176,273
  Bank Rakyat Indonesia Persero Tbk PT 208,488,100 150,097
  Bank Mandiri Persero Tbk PT 175,797,980 140,981
  United Tractors Tbk PT 32,333,901 103,724
  Perusahaan Gas Negara Persero Tbk PT 216,770,980 78,715
  Semen Gresik Persero Tbk PT 59,460,320 78,367
  Bumi Resources Tbk PT 306,928,552 67,396
  Unilever Indonesia Tbk PT 31,121,230 67,134
  Gudang Garam Tbk PT 9,505,500 61,046
  Indocement Tunggal Prakarsa Tbk PT 30,284,103 59,300
  Adaro Energy Tbk PT 283,215,750 57,069
  Bank Negara Indonesia Persero Tbk PT 120,123,084 52,403
  Indofood Sukses Makmur Tbk PT 89,165,796 46,855
  Charoen Pokphand Indonesia Tbk PT 120,027,425 35,711
  Tambang Batubara Bukit Asam Persero Tbk PT 17,495,357 35,020
  Bank Danamon Indonesia Tbk PT 52,907,724 32,160
  Kalbe Farma Tbk PT 73,199,438 31,958
  Indo Tambangraya Megah Tbk PT 6,426,300 27,735
  Indosat Tbk PT 32,051,773 16,838
  XL Axiata Tbk PT 26,620,224 15,618
  Astra Agro Lestari Tbk PT 6,159,180 14,272
  Vale Indonesia Tbk PT 39,377,150 13,225
  Aneka Tambang Persero Tbk PT 57,023,659 10,652
      1,870,662
Malaysia (3.4%)    
  CIMB Group Holdings Bhd. 90,532,748 221,235
  Malayan Banking Bhd. 63,059,648 179,583
  Sime Darby Bhd. 50,716,513 162,984
  Genting Bhd. 38,216,190 130,262
  Tenaga Nasional Bhd. 51,033,807 108,352
  IOI Corp. Bhd. 60,220,678 103,703
  Petronas Chemicals Group Bhd. 45,010,334 96,909
  Public Bank Bhd. (Foreign) 19,824,947 89,510
  Maxis Bhd. 42,135,850 85,140
  Axiata Group Bhd. 47,541,194 83,417
  DiGi.Com Bhd. 58,254,150 77,527
  Petronas Gas Bhd. 12,946,104 71,726
  Kuala Lumpur Kepong Bhd. 8,994,400 70,148
  Genting Malaysia Bhd. 55,402,490 70,137
  AMMB Holdings Bhd. 31,090,678 64,133
  PPB Group Bhd. 8,853,608 48,926

 

25

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  YTL Corp. Bhd. 88,929,540 47,559
  Hong Leong Bank Bhd. 10,576,905 42,691
  IJM Corp. Bhd. 22,564,550 40,737
  British American Tobacco Malaysia Bhd. 2,135,981 39,170
  Gamuda Bhd. 31,066,716 36,440
  Telekom Malaysia Bhd. 20,145,340 35,762
  MISC Bhd. 20,746,590 32,823
  Petronas Dagangan Bhd. 4,601,900 29,460
  UMW Holdings Bhd. 10,869,720 28,164
  AirAsia Bhd. 23,841,848 26,158
  RHB Capital Bhd. 10,215,635 24,828
  YTL Power International Bhd. 41,156,327 23,346
  Alliance Financial Group Bhd. 17,242,517 22,430
* Bumi Armada Bhd. 16,299,081 21,440
  Berjaya Sports Toto Bhd. 14,320,596 20,422
  Malaysia Airports Holdings Bhd. 10,183,000 19,460
  Lafarge Malayan Cement Bhd. 7,827,520 18,559
  Parkson Holdings Bhd. 10,129,123 17,423
* UEM Land Holdings Bhd. 24,127,000 15,982
  Hong Leong Financial Group Bhd. 3,876,600 15,271
  Malaysia Marine and Heavy Engineering Holdings Bhd. 8,905,235 14,795
  Bursa Malaysia Bhd. 6,482,014 14,442
  Genting Plantations Bhd. 4,219,600 13,078
  Berjaya Corp. Bhd. 47,380,300 12,503
  MMC Corp. Bhd. 14,157,700 12,297
  SP Setia Bhd. 8,921,424 10,640
      2,299,572
Mexico (4.8%)    
  America Movil SAB de CV 743,307,200 991,194
  Wal-Mart de Mexico SAB de CV 115,674,892 330,793
  Fomento Economico Mexicano SAB de CV 36,232,908 294,515
  Grupo Mexico SAB de CV Class B 70,865,407 218,647
  Grupo Televisa SAB 47,811,550 209,475
  Grupo Financiero Banorte SAB de CV 30,594,590 148,229
* Cemex SAB de CV 194,158,297 140,112
  Industrias Penoles SAB de CV 2,602,632 121,682
  Grupo Modelo SAB de CV 12,083,887 85,337
  Grupo Elektra SA de CV 1,359,765 84,127
  Grupo Financiero Inbursa SA 38,253,060 83,960
  Alfa SAB de CV Class A 5,688,531 81,206
  Grupo Bimbo SAB de CV Class A 31,136,452 74,196
  Kimberly-Clark de Mexico SAB de CV Class A 30,195,660 61,569
* Coca-Cola Femsa SAB de CV 5,296,745 56,282
  Mexichem SAB de CV 14,268,606 53,061
* Minera Frisco SAB de CV 11,574,158 50,061
  Grupo Carso SAB de CV 12,118,666 40,470
  Grupo Aeroportuario del Pacifico SAB de CV Class B 8,987,007 34,876
  Arca Continental SAB de CV 5,874,431 29,918
  El Puerto de Liverpool SAB de CV 3,329,799 26,391
  Compartamos SAB de CV 17,983,700 21,924
* Urbi Desarrollos Urbanos SAB de CV 11,237,593 11,836
  Grupo Aeroportuario del Pacifico SAB de CV ADR 37,027 1,433
      3,251,294
Morocco (0.0%)    
  Maroc Telecom SA 407,304 6,235
  Attijariwafa Bank 88,455 3,488
  Douja Promotion Groupe Addoha SA 399,586 2,961
      12,684
Peru (0.7%)    
  Cia de Minas Buenaventura SA ADR 3,149,426 129,977
  Credicorp Ltd. 920,979 120,565
  Southern Copper Corp. 3,287,474 108,092
  Credicorp Ltd. 352,483 45,876

 

26

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Volcan Cia Minera SAA Class B 28,994,794 34,919
  Cia de Minas Buenaventura SA 461,011 19,484
  Southern Copper Corp. 86,163 2,818
      461,731
Philippines (0.8%)    
  SM Investments Corp. 3,848,016 63,448
  Ayala Land Inc. 111,188,850 56,248
  Philippine Long Distance Telephone Co. 861,535 52,713
  SM Prime Holdings Inc. 119,308,534 47,137
  Ayala Corp. 4,018,543 40,843
  Aboitiz Equity Ventures Inc. 32,301,190 38,912
  Manila Electric Co. 5,690,697 35,436
  Bank of the Philippine Islands 15,651,666 27,232
  Aboitiz Power Corp. 28,780,326 23,127
* BDO Unibank Inc. 14,277,091 22,324
  Universal Robina Corp. 13,804,300 21,209
  San Miguel Corp. 7,926,446 21,063
  International Container Terminal Services Inc. 12,989,900 20,844
  Alliance Global Group Inc. 69,458,798 20,241
  Jollibee Foods Corp. 6,476,619 17,166
  Energy Development Corp. 117,332,853 16,354
  Metropolitan Bank & Trust 7,069,205 15,240
  Globe Telecom Inc. 566,823 15,047
      554,584
Poland (1.4%)    
^ Powszechna Kasa Oszczednosci Bank Polski SA 11,830,253 126,885
^ KGHM Polska Miedz SA 2,644,805 116,945
  Powszechny Zaklad Ubezpieczen SA 1,064,068 107,666
  Bank Pekao SA 2,233,210 105,380
  PGE SA 13,617,867 81,512
  Telekomunikacja Polska SA 14,175,895 74,130
^,* Polski Koncern Naftowy Orlen SA 6,263,258 73,070
  Polskie Gornictwo Naftowe i Gazownictwo SA 35,038,232 45,380
  Tauron Polska Energia SA 21,851,939 32,413
^,* BRE Bank SA 305,723 28,033
* Jastrzebska Spolka Weglowa SA 741,649 21,852
  Asseco Poland SA 1,367,983 20,364
* Kernel Holding SA 857,131 18,913
  Synthos SA 9,619,674 18,591
* Cyfrowy Polsat SA 3,379,095 14,917
  Bank Handlowy w Warszawie SA 511,020 12,293
^ TVN SA 3,691,758 11,233
^,* Globe Trade Centre SA 4,263,481 9,758
  Enea SA 1,827,817 9,651
^,* Grupa Lotos SA 1,068,484 9,602
  Bank Millennium SA 6,642,438 8,737
      947,325
Russia (6.6%)    
  Gazprom OAO ADR 87,482,883 1,013,232
  Lukoil OAO ADR 8,872,726 545,861
  Sberbank of Russia 132,842,072 426,500
  NovaTek OAO GDR 1,746,494 222,995
  Uralkali OJSC 25,791,634 194,826
  Rosneft Oil Co. GDR 27,168,707 194,542
  Mobile Telesystems OJSC ADR 9,727,039 190,261
  Magnit OJSC GDR 4,921,951 144,233
  Gazprom OAO 24,659,930 142,058
  MMC Norilsk Nickel OJSC ADR 7,857,133 139,776
  Tatneft ADR 3,753,843 139,340
  Surgutneftegas OJSC ADR 13,717,329 137,396
  Rostelecom OJSC 23,954,625 111,410
  VTB Bank OJSC GDR 25,642,735 107,538
  Sberbank of Russia ADR 7,229,000 93,632

 

27

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Surgutneftegas OJSC Prior Pfd. 125,330,085 83,471
  Federal Hydrogenerating Co. JSC 2,177,770,457 77,093
  AK Transneft OAO Prior Pfd. 28,480 53,450
  Federal Grid Co. Unified Energy System JSC 5,612,988,253 51,247
  Sberbank of Russia Prior Pfd. 18,182,896 42,475
  Lukoil OAO 672,560 41,069
  Sistema JSFC GDR 2,145,662 40,799
  Severstal OAO GDR 2,728,003 37,107
  Novolipetsk Steel OJSC GDR 1,526,373 33,139
  Tatneft 4,319,629 26,575
* IDGC Holding JSC 287,697,600 26,376
  Rosneft Oil Co. 3,355,481 24,013
  Mechel ADR 2,547,214 22,135
  Severstal OAO 1,417,762 19,314
  Inter Rao Ues OAO 20,241,206,081 18,824
  MMC Norilsk Nickel OJSC 89,001 15,775
  LSR Group GDR 2,820,717 15,098
  TMK OAO GDR 946,915 12,726
  Surgutneftegas OJSC 4,620,684 4,538
  VTB Bank OJSC 442,200,349 951
* Rostelecom OJSC ADR 27,263 768
      4,450,543
South Africa (7.8%)    
  MTN Group Ltd. 31,813,350 556,347
  Sasol Ltd. 10,224,736 486,130
  Naspers Ltd. 7,220,626 435,669
  Standard Bank Group Ltd. 22,343,502 330,065
  AngloGold Ashanti Ltd. 7,150,516 245,183
  Impala Platinum Holdings Ltd. 9,396,362 183,428
  Gold Fields Ltd. 13,576,981 173,919
  FirstRand Ltd. 52,567,729 170,962
  Sanlam Ltd. 33,607,533 145,002
  Shoprite Holdings Ltd. 7,948,739 137,486
  Remgro Ltd. 8,100,744 137,272
  Bidvest Group Ltd. 5,773,509 136,647
  ABSA Group Ltd. 5,384,007 110,957
  Tiger Brands Ltd. 2,983,454 109,423
  Kumba Iron Ore Ltd. 1,506,273 106,672
  Vodacom Group Ltd. 7,080,372 98,451
  Truworths International Ltd. 8,371,102 89,444
  Woolworths Holdings Ltd. 14,048,964 87,946
  Aspen Pharmacare Holdings Ltd. 5,235,860 84,633
  Growthpoint Properties Ltd. 31,016,397 83,795
  Nedbank Group Ltd. 3,758,079 82,010
  Anglo American Platinum Ltd. 1,203,883 78,294
  Steinhoff International Holdings Ltd. 20,318,838 74,146
  Harmony Gold Mining Co. Ltd. 7,451,312 72,458
  Imperial Holdings Ltd. 3,256,357 70,806
  African Bank Investments Ltd. 13,808,473 69,034
  Foschini Group Ltd. 3,788,427 62,801
  Exxaro Resources Ltd. 2,322,504 61,919
  RMB Holdings Ltd. 13,307,519 57,527
  Redefine Properties Ltd. 51,592,595 54,730
  Spar Group Ltd. 3,160,825 49,450
  Barloworld Ltd. 3,856,240 48,635
  African Rainbow Minerals Ltd. 2,045,863 47,681
  Life Healthcare Group Holdings Ltd. 13,096,311 45,311
  Massmart Holdings Ltd. 2,084,119 44,847
  MMI Holdings Ltd. 18,932,578 42,643
  Pretoria Portland Cement Co. Ltd. 10,367,264 41,362
  Discovery Holdings Ltd. 5,970,664 39,516
* Sappi Ltd. 10,141,006 36,730
  Aveng Ltd. 7,004,296 35,797
  Netcare Ltd. 17,757,904 32,117

 

28

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Reunert Ltd. 3,355,959 31,077
  RMI Holdings 13,339,029 29,870
  Liberty Holdings Ltd. 2,375,399 26,956
  Investec Ltd. 4,636,930 26,668
  ArcelorMittal South Africa Ltd. 3,270,553 24,825
  Pick n Pay Stores Ltd. 4,259,523 24,693
  Northam Platinum Ltd. 4,161,218 18,004
  Telkom SA Ltd. 5,199,948 15,916
      5,255,254
South Korea (15.3%)    
2 Samsung Electronics Co. Ltd. GDR 2,751,228 1,678,906
  Samsung Electronics Co. Ltd. 696,259 852,194
  Hyundai Motor Co. 2,891,793 682,666
  Hyundai Mobis 1,277,932 345,511
  Kia Motors Corp. 4,503,144 330,436
  POSCO ADR 3,580,110 298,044
  Samsung Electronics Co. Ltd. Prior Pfd. 385,403 274,663
  SK Hynix Inc. 9,761,920 240,606
  LG Chem Ltd. 870,007 217,469
  Hyundai Heavy Industries Co. Ltd. 783,930 194,807
  Shinhan Financial Group Co. Ltd. ADR 2,502,911 174,052
  NHN Corp. 767,211 173,440
  Samsung C&T Corp. 2,343,805 158,558
  SK Innovation Co. Ltd. 1,127,183 155,808
  KB Financial Group Inc. ADR 4,304,942 146,067
  KT&G Corp. 2,059,861 141,365
  Hana Financial Group Inc. 4,102,410 139,856
  Samsung Fire & Marine Insurance Co. Ltd. 665,810 127,061
^ LG Electronics Inc. 1,928,107 118,962
  Samsung Heavy Industries Co. Ltd. 3,028,425 110,720
  POSCO 331,319 109,759
^ Samsung Electro-Mechanics Co. Ltd. 1,119,735 107,715
  Samsung Engineering Co. Ltd. 562,163 106,432
  Shinhan Financial Group Co. Ltd. 2,998,134 104,054
  LG Display Co. Ltd. 4,358,266 96,210
  E-Mart Co. Ltd. 391,769 92,965
^ LG Household & Health Care Ltd. 175,561 91,945
^ Samsung SDI Co. Ltd. 640,811 91,822
  LG Corp. 1,778,430 90,013
  Hyundai Steel Co. 1,039,148 89,905
  KB Financial Group Inc. 2,578,521 87,239
2 Samsung Life Insurance Co. Ltd. 937,715 82,780
  Hyundai Engineering & Construction Co. Ltd. 1,253,040 78,656
  Cheil Industries Inc. 885,089 75,477
  NCSoft Corp. 286,804 73,971
  S-Oil Corp. 843,865 72,346
  Hankook Tire Co. Ltd. 1,711,116 72,185
  Woori Finance Holdings Co. Ltd. 6,802,322 71,169
^ Honam Petrochemical Corp. 268,881 64,250
  Korea Electric Power Corp. ADR 6,737,928 64,010
  Lotte Shopping Co. Ltd. 190,483 59,042
  Amorepacific Corp. 60,299 57,883
^ OCI Co. Ltd. 290,490 54,612
  Orion Corp. 67,120 53,159
  SK Holdings Co. Ltd. 483,426 51,468
  Korea Zinc Co. Ltd. 159,120 51,261
  GS Holdings 958,404 50,023
  Daewoo Shipbuilding & Marine Engineering Co. Ltd. 1,794,702 49,924
  GS Engineering & Construction Corp. 669,529 49,637
  Hyundai Motor Co. 2nd Pfd. 705,424 49,440
^ CJ CheilJedang Corp. 147,050 48,580
  Hyundai Glovis Co. Ltd. 246,150 48,077
  Daelim Industrial Co. Ltd. 520,942 47,953
  Samsung Securities Co. Ltd. 1,075,116 47,276

 

29

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
^ Samsung Techwin Co. Ltd. 697,491 42,424
  Hyundai Department Store Co. Ltd. 285,052 40,088
  SK Telecom Co. Ltd. ADR 2,863,932 38,720
  Kangwon Land Inc. 1,805,538 38,653
  Mando Corp. 238,577 37,994
  Doosan Heavy Industries & Construction Co. Ltd. 793,351 37,194
^ Celltrion Inc. 1,311,901 36,809
  Korea Exchange Bank 4,833,910 36,557
  BS Financial Group Inc. 3,442,515 35,251
^,* Doosan Infracore Co. Ltd. 1,895,120 35,154
  Daewoo Securities Co. Ltd. 3,359,918 33,797
  Industrial Bank of Korea 3,063,780 33,642
  Woongjin Coway Co. Ltd. 1,009,799 32,267
^ Hyundai Wia Corp. 216,426 32,122
  Dongbu Insurance Co. Ltd. 796,022 31,701
^ Hanwha Chem Corp. 1,574,350 30,813
  Shinsegae Co. Ltd. 138,111 30,257
  Hyundai Marine & Fire Insurance Co. Ltd. 1,173,650 30,001
  DGB Financial Group Inc. 2,514,070 29,264
  Hyundai Motor Co. Prior Pfd. 422,887 27,806
* Korea Electric Power Corp. 1,442,881 27,680
  Korean Air Lines Co. Ltd. 674,691 26,437
  Korea Investment Holdings Co. Ltd. 728,703 25,002
  Samsung Card Co. Ltd. 804,947 24,639
  Woori Investment & Securities Co. Ltd. 2,428,965 23,796
  Doosan Corp. 191,779 23,301
  SK C&C Co. Ltd. 282,322 23,271
  Hyundai Mipo Dockyard 207,985 22,420
  LS Corp. 336,166 22,397
  Hyundai Development Co. 1,060,336 22,196
  Kumho Petro chemical Co. Ltd. 237,620 22,175
  Hyosung Corp. 427,279 21,747
  LG Uplus Corp. 4,349,668 21,478
  Hanwha Corp. 842,786 21,476
^ Hyundai Hysco Co. Ltd. 599,640 21,070
^ Hyundai Merchant Marine Co. Ltd. 803,950 20,373
  KCC Corp. 79,359 20,294
^ Korea Aerospace Industries Ltd. 820,437 20,284
  Lotte Confectionery Co. Ltd. 13,318 20,126
  Korea Life Insurance Co. Ltd. 3,335,635 20,105
^ Daewoo International Corp. 676,719 19,535
  CJ Corp. 271,050 18,683
  Hyundai Securities Co. Ltd. 2,233,441 18,281
  SK Networks Co. Ltd. 2,093,645 17,214
  Korea Gas Corp. 434,256 16,905
* Daewoo Engineering & Construction Co. Ltd. 1,972,804 16,390
  S1 Corp. 320,426 15,999
^ Yuhan Corp. 155,891 14,600
  LS Industrial Systems Co. Ltd. 281,082 14,300
  Mirae Asset Securities Co. Ltd. 430,797 13,085
^ LG Innotek Co. Ltd. 178,612 12,765
^ KP Chemical Corp. 921,370 11,648
  LG Chem Ltd. Prior Pfd. 142,957 10,948
^ STX Pan Ocean Co. Ltd. 2,069,100 10,734
^ Dongkuk Steel Mill Co. Ltd. 693,942 10,729
  KT Corp. 394,976 10,243
  SK Telecom Co. Ltd. 63,236 7,572
  KT Corp. ADR 479,035 6,156
      10,388,997
Taiwan (10.5%)    
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR 58,484,443 911,188
  Hon Hai Precision Industry Co. Ltd. 166,196,846 522,552
  Taiwan Semiconductor Manufacturing Co. Ltd. 157,903,045 466,704
  Formosa Plastics Corp. 72,714,458 205,666

 

30

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  China Steel Corp. 206,244,830 204,756
  HTC Corp. 13,392,425 201,024
  Nan Ya Plastics Corp. 86,107,439 176,676
  MediaTek Inc. 18,875,475 162,620
  Chunghwa Telecom Co. Ltd. ADR 5,108,638 158,266
  Formosa Chemicals & Fibre Corp. 52,001,164 150,094
  Cathay Financial Holding Co. Ltd. 123,149,791 129,466
  Asustek Computer Inc. 12,392,858 124,493
  Quanta Computer Inc. 45,627,685 119,388
  Chinatrust Financial Holding Co. Ltd. 184,915,102 117,214
  Mega Financial Holding Co. Ltd. 144,441,928 113,563
  Uni-President Enterprises Corp. 70,657,026 109,493
  Taiwan Mobile Co. Ltd. 30,634,876 98,724
  Delta Electronics Inc. 32,941,245 97,301
  Fubon Financial Holding Co. Ltd. 90,341,726 93,465
  Compal Electronics Inc. 76,299,129 87,350
  United Microelectronics Corp. ADR 31,737,261 85,056
  Cheng Shin Rubber Industry Co. Ltd. 29,397,116 72,875
  Taiwan Cement Corp. 60,783,577 72,045
* Yuanta Financial Holding Co. Ltd. 146,575,264 69,822
  Catcher Technology Co. Ltd. 10,289,463 65,330
  Formosa Petrochemical Corp. 20,830,393 64,506
  Far EasTone Telecommunications Co. Ltd. 29,101,043 62,972
  First Financial Holding Co. Ltd. 105,073,275 62,611
  Advanced Semiconductor Engineering Inc. ADR 11,980,266 60,740
  Far Eastern New Century Corp. 53,932,446 60,550
  Chunghwa Telecom Co. Ltd. 19,157,613 59,902
  Synnex Technology International Corp. 24,158,355 56,417
  President Chain Store Corp. 10,544,547 56,356
  Wistron Corp. 36,072,381 53,814
  Acer Inc. 46,936,105 53,492
  Hua Nan Financial Holdings Co. Ltd. 90,154,445 49,767
  Lite-On Technology Corp. 38,605,688 46,917
  Pegatron Corp. 32,003,225 46,037
  Foxconn Technology Co. Ltd. 12,839,970 44,940
* Taiwan Cooperative Financial Holding 72,203,563 44,373
  Siliconware Precision Industries Co. ADR 7,375,213 42,998
  China Development Financial Holding Corp. 163,486,689 41,133
  Asia Cement Corp. 34,328,472 41,113
  Chang Hwa Commercial Bank 74,221,432 40,922
  AU Optronics Corp. ADR 8,979,407 40,318
  MStar Semiconductor Inc. 6,800,701 40,137
* Chimei Innolux Corp. 93,517,699 38,499
  E.Sun Financial Holding Co. Ltd. 71,073,131 37,519
  SinoPac Financial Holdings Co. Ltd. 106,899,258 36,221
  United Microelectronics Corp. 68,468,970 35,814
  Taishin Financial Holding Co. Ltd. 92,898,376 35,675
  Pou Chen Corp. 39,903,631 34,086
  Epistar Corp. 14,116,732 34,065
  WPG Holdings Ltd. 24,420,492 33,154
  Taiwan Fertilizer Co. Ltd. 13,685,600 32,564
  China Petrochemical Development Corp. 32,258,800 32,390
* Shin Kong Financial Holding Co. Ltd. 107,728,775 31,727
  Radiant Opto-Electronics Corp. 7,591,000 31,669
  Simplo Technology Co. Ltd. 4,090,030 31,142
  Largan Precision Co. Ltd. 1,834,135 28,887
  Advanced Semiconductor Engineering Inc. 28,542,789 28,702
  Novatek Microelectronics Corp. 9,513,117 28,632
* Hotai Motor Co. Ltd. 4,481,000 28,361
  Hiwin Technologies Corp. 2,996,490 28,167
  Unimicron Technology Corp. 24,310,754 27,468
  Giant Manufacturing Co. Ltd. 5,484,121 27,422
  China Life Insurance Co. Ltd. 30,015,403 26,613
  KGI Securities Co. Ltd. 55,637,278 25,543

 

31

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Yulon Motor Co. Ltd. 15,746,872 25,091
  Tripod Technology Corp. 7,685,229 22,476
  Powertech Technology Inc. 13,014,061 22,071
  Teco Electric and Machinery Co. Ltd. 29,829,000 21,769
  TSRC Corp. 9,036,937 21,754
  AU Optronics Corp. 47,451,669 21,352
* TPK Holding Co. Ltd. 1,719,490 20,984
  Macronix International 61,872,318 20,320
  Siliconware Precision Industries Co. 17,150,860 20,215
  China Airlines Ltd. 48,007,050 18,581
  Far Eastern Department Stores Co. Ltd. 16,699,573 17,891
  Eva Airways Corp. 29,704,580 17,755
  Wintek Corp. 27,035,098 17,492
  Advantech Co. Ltd. 5,153,942 17,438
  Walsin Lihwa Corp. 58,580,770 16,934
  Realtek Semiconductor Corp. 7,651,869 16,515
  Taiwan Glass Industry Corp. 16,638,351 16,506
  Chicony Electronics Co. Ltd. 8,244,589 16,002
  Phison Electronics Corp. 2,254,297 15,962
  E Ink Holdings Inc. 14,606,000 15,820
  Richtek Technology Corp. 2,595,626 15,675
  Inventec Corp. 40,813,033 15,625
* Taiwan Business Bank 51,691,471 15,625
  Ruentex Development Co. Ltd. 10,711,262 15,301
  Kinsus Interconnect Technology Corp. 4,878,029 15,235
  Evergreen Marine Corp. Taiwan Ltd. 25,344,969 14,856
  Ruentex Industries Ltd. 8,442,105 14,596
  Cheng Uei Precision Industry Co. Ltd. 6,948,033 14,192
  U-Ming Marine Transport Corp. 8,046,356 13,625
  Feng Hsin Iron & Steel Co. 7,957,310 13,348
  Everlight Electronics Co. Ltd. 6,413,742 13,093
  Formosa Taffeta Co. Ltd. 13,625,868 12,833
  Tung Ho Steel Enterprise Corp. 13,129,144 12,440
  Clevo Co. 8,010,938 12,435
  Nan Kang Rubber Tire Co. Ltd. 8,396,208 12,267
  LCY Chemical Corp. 7,968,730 12,240
  Highwealth Construction Corp. 7,177,000 11,967
  Sino-American Silicon Products Inc. 6,779,938 11,664
  Standard Foods Corp. 3,741,000 11,584
  Capital Securities Corp. 31,983,422 11,372
  Yang Ming Marine Transport Corp. 25,420,195 10,733
  Wan Hai Lines Ltd. 20,233,450 10,199
  Farglory Land Development Co. Ltd. 5,532,688 10,178
  Eternal Chemical Co. Ltd. 12,361,862 9,606
  Transcend Information Inc. 3,494,981 9,304
* Tatung Co. Ltd. 33,031,926 9,002
* Inotera Memories Inc. 34,137,436 8,854
  Formosa International Hotels Corp. 632,652 8,541
  Motech Industries Inc. 5,584,999 8,093
  China Motor Corp. 9,802,000 8,060
  Nan Ya Printed Circuit Board Corp. 3,466,521 6,455
* Tatung Co. Ltd. GDR 165,365 907
* Ya Hsin Industrial Co. Ltd. 5,306,018 —
      7,132,299
Thailand (2.2%)    
  Siam Commercial Bank PCL (Foreign) 29,702,657 149,138
  PTT Exploration & Production PCL (Foreign) 22,006,518 126,804
  Kasikornbank PCL (Foreign) 22,814,449 120,566
  PTT PCL (Foreign) 9,994,037 113,978
  Bangkok Bank PCL (Foreign) 16,680,131 104,973
  Siam Cement PCL (Foreign) 6,088,517 82,695
* PTT PCL 6,287,800 71,710
  Advanced Info Service PCL (Foreign) 11,809,877 70,226
  CP ALL PCL (Foreign) 25,934,515 64,410

 

32

 
Vanguard® Emerging Markets Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Bangkok Bank PCL (Local) 9,854,643 61,035
* Kasikornbank PCL 10,016,100 53,077
* CP ALL PCL (Local) 18,335,600 45,538
  PTT Global Chemical PCL 20,256,407 44,293
* Charoen Pokphand Foods PCL (Foreign) 32,617,200 43,122
* Banpu PCL (Local) 2,364,600 42,697
* Charoen Pokphand Foods PCL 27,910,600 36,899
* Advanced Info Service PCL (Local) 5,407,300 32,154
  Thai Oil PCL (Foreign) 11,458,300 25,136
  Indorama Ventures PCL 19,164,164 21,410
* Bank of Ayudhya PCL (Local) 22,120,800 19,900
  Krung Thai Bank PCL (Foreign) 33,902,721 19,788
  IRPC PCL (Foreign) 138,017,360 19,514
  BEC World PCL (Foreign) 10,649,325 17,800
* PTT Global Chemical PCL 7,505,400 16,770
  Bank of Ayudhya PCL (Foreign) 17,920,134 16,443
  Glow Energy PCL (Foreign) 6,297,555 13,745
  Banpu PCL 427,167 7,735
* Krung Thai Bank PCL 9,822,200 5,733
* BEC World PCL 3,400,400 5,684
* Indorama Ventures PCL 3,430,600 3,833
* Thai Oil PCL 1,430,300 3,138
* IRPC PCL 18,449,200 2,608
* Glow Energy PCL 1,183,000 2,582
* Siam Commercial Bank PCL (Local) 441,600 2,217
* PTT Exploration and Production PCL (Local) 154,800 892
      1,468,243
Turkey (1.4%)    
* Turkiye Garanti Bankasi AS 39,723,649 146,244
^ Akbank TAS 22,448,303 83,449
* Turkcell Iletisim Hizmetleri AS 14,643,155 72,857
  Turkiye Is Bankasi 29,700,070 68,025
  BIM Birlesik Magazalar AS 1,612,826 67,269
  Anadolu Efes Biracilik Ve Malt Sanayii AS 3,805,035 53,637
  Tupras Turkiye Petrol Rafinerileri AS 2,319,098 48,561
  Turk Telekomunikasyon AS 10,600,588 46,444
  Turkiye Halk Bankasi AS 6,517,737 45,689
  KOC Holding AS 12,035,864 44,702
  Haci Omer Sabanci Holding AS (Bearer) 10,330,467 42,966
^,* Yapi ve Kredi Bankasi AS 18,864,138 34,940
  Turkiye Vakiflar Bankasi Tao 15,357,997 27,567
  Enka Insaat ve Sanayi AS 6,378,500 19,987
^ Eregli Demir ve Celik Fabrikalari TAS 13,693,162 18,974
  Koza Altin Isletmeleri AS 765,882 16,596
* Turk Hava Yollari 10,331,589 15,823
  Coca-Cola Icecek AS 1,072,890 15,099
  Arcelik AS 3,338,337 14,649
  Emlak Konut Gayrimenkul Yatirim Ortakligi AS 10,259,556 13,501
* TAV Havalimanlari Holding AS 2,557,481 13,469
  Ford Otomotiv Sanayi AS 1,174,888 10,816
  Turkiye Sise ve Cam Fabrikalari AS 6,101,305 10,428
* Asya Katilim Bankasi AS 7,743,941 7,897
 
      939,589
Total Common Stocks (Cost $61,544,189)   67,496,559

 

33

 
Vanguard® Emerging Markets Stock Index Fund        
Schedule of Investments        
April 30, 2012        
 
          Market
          Value
    Coupon   Shares ($000)
Temporary Cash Investments (2.5%)1        
Money Market Fund (2.5%)        
3,4 Vanguard Market Liquidity Fund 0.137%   1,683,459,645 1,683,460
 
 
        Face  
      Maturity Amount  
      Date ($000)  
U.S. Government and Agency Obligations (0.0%)        
5,6 Freddie Mac Discount Notes 0.120% 7/23/12 2,000 1,999
5,6 Freddie Mac Discount Notes 0.150% 8/27/12 10,100 10,095
6 United States Treasury Note/Bond 0.375% 8/31/12 1,000 1,001
 
          13,095
Total Temporary Cash Investments (Cost $1,696,555)       1,696,555
Total Investments (102.1%) (Cost $63,240,744)       69,193,114
Other Assets and Liabilities—Net (-2.1%)3       (1,451,477)
Net Assets (100%)       67,741,637

 

^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $1,443,815,000.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.9% and 2.2%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $1,761,686,000, representing 2.6% of net assets.
3 Includes $1,549,502,000 of collateral received for securities on loan.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury in exchange for senior preferred stock.
6 Securities with a value of $10,996,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.

34

 

© 2012 The Vanguard Group. Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.

SNA 722 062012

 


Semiannual Report | April 30, 2012

Vanguard Total World Stock Index Fund

 

> For the six months ended April 30, 2012, Vanguard Total World Stock Index Fund returned more than 7%, slightly ahead of the average result of its peer funds.

> Because of temporary price differences arising from fair-value pricing policies, the fund’s return diverged from that of its benchmark index.

> U.S. stocks outperformed their international counterparts as the U.S. economy gained traction and corporate earnings increased.

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 2
Fund Profile. 8
Performance Summary. 10
Financial Statements. 11
About Your Fund’s Expenses. 26
Trustees Approve Advisory Arrangement. 28
Glossary. 29

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.

 

Your Fund’s Total Returns

Six Months Ended April 30, 2012  
  Total
  Returns
Vanguard Total World Stock Index Fund  
Investor Shares 7.72%
Institutional Shares 7.82
ETF Shares  
Market Price 7.95
Net Asset Value 7.81
Spliced Total World Stock Index 7.13
Global Funds Average 7.12

Spliced Total World Stock Index: Consists of the FTSE All-World Index through December 18, 2011, and the FTSE Global All Cap Index thereafter.

Global Funds Average: Derived from data provided by Lipper Inc.

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. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573; 8,090,646.

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.

Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.

1

 

 

Chairman’s Letter

Dear Shareholder,

In contrast to our last fiscal year—especially the second half of it—the past six months saw major progress in global stock markets. For Vanguard Total World Stock Index Fund, the result was a gain of more than 7%.

The major driver of this return was the United States, where the economy gained momentum, corporate earnings rose, and investors’ confidence increased. Although international stock markets performed sluggishly at times and didn’t keep pace with the broad U.S. market, in aggregate they too produced positive returns. Altogether, the six months ended April 30, 2012, represented a notable improvement from last summer’s tumult.

The Total World Stock Index Fund ended the period slightly ahead of the average return of its international peer funds. The fund’s return diverged from that of its target, the Spliced Total World Index, because of temporary price differences arising from fair-value pricing policies. (For an explanation of fair-value pricing, see page 6.)

Please note that, shortly after the close of the period, Vanguard announced that it had eliminated the redemption fee for your fund, effective May 23. The fund’s trustees determined that the fee, one of several measures in place to protect the interests of long-term investors and discourage frequent trading, was no longer needed.

2

 

I also want to note that earlier this year we announced a change in the frequency of the fund’s dividend distributions. In the future, distributions will be made each quarter, rather than once a year. Spreading them out in this way will reduce the impact to the fund of generating cash for payments to shareholders whose dividends are not reinvested. We’re phasing in the change, so dividends will be paid twice in 2012, in September and December.

Before turning to the performance of global equity markets during the period, I’d like to look briefly at the domestic bond market, where municipal securities remained a bright spot.

The taxable bond market produced solid, if unremarkable, six-month total returns. The yields of U.S. Treasury bonds bobbed higher during the period but dropped at the end as investors put a premium on the safest securities. This “flight to quality” boosted bond prices modestly. (Bond yields and prices move in opposite directions.)

The six-month return of the broad municipal bond market was impressive. Investors have bid up prices as muni yields have continued to hover above those available from fully taxable U.S. Treasury bonds.

As it has since December 2008, the Federal Reserve Board kept its target for the shortest-term interest rates between

Market Barometer      
 
      Total Returns
    Periods Ended April 30, 2012
  Six One Five Years
  Months Year (Annualized)
Stocks      
Russell 1000 Index (Large-caps) 12.89% 4.11% 1.23%
Russell 2000 Index (Small-caps) 11.02 -4.25 1.45
Dow Jones U.S. Total Stock Market Index 12.66 3.43 1.56
MSCI All Country World Index ex USA (International) 2.73 -12.90 -2.75
 
Bonds      
Barclays Capital U.S. Aggregate Bond Index (Broad      
taxable market) 2.44% 7.54% 6.37%
Barclays Capital Municipal Bond Index (Broad      
tax-exempt market) 5.50 11.36 5.60
Citigroup Three-Month U.S. Treasury Bill Index 0.01 0.04 1.03
 
CPI      
Consumer Price Index 1.62% 2.30% 2.17%

 

3

 

0% and 0.25%. That policy has kept a tight lid on the returns available from money market funds and savings accounts.

U.S. stocks led the fund’s gain; many European markets rebounded
The United States stock market, by far the largest represented in the Total World Stock Index Fund, powered returns over the six months. As measured by market capitalization, its size dwarfs those of the other nations represented in the fund. And, for the fiscal half-year, so did its contribution to the fund’s performance.

Results for the developed markets of the Pacific and Europe regions and emerging markets were less impressive but still positive. For U.S.-based investors, however, the gains were crimped by the relative strength of the U.S. dollar compared with the euro and the yen, as some holdings lost value when converted into dollars.

In the United States, all ten industry sectors registered positive returns, with information technology leading the way. Spending by businesses and consumers fueled computer, software, and internet companies, along with makers of communications equipment. Much of the growth arose from the popularity of smartphones and tablet computers and their supporting products and services.

U.S. financial and consumer discretionary stocks also boosted the fund’s performance significantly. Giant banks and financial services corporations that

Expense Ratios
Your Fund Compared With Its Peer Group

  Investor Institutional ETF Peer Group
  Shares Shares Shares Average
Total World Stock Index Fund 0.40% 0.20% 0.22% 1.44%

 

The fund expense ratios shown are from the prospectus dated February 28, 2012, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the fund’s annualized expense ratios were 0.39% for Investor Shares, 0.20% for Institutional Shares, and 0.21% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2011.

Peer group: Global Funds.

4

 

navigated the financial crisis delivered the strongest returns within the financial sector. Within the consumer discretionary sector, stars included major home improvement retailers, restaurants, and media corporations. Industrial, health care, and consumer staples stocks also performed well.

Canada, the fund’s fourth-largest market in terms of assets, turned in mixed results: A commendable showing by its financial stocks was countered by weakness in materials.

Stocks in developed European markets, which account for more than 20% of the fund’s holdings, rose by nearly 3%. Although Europe’s return was modest, it was a vast improvement over the nearly –18% result of the prior six months. Holdings in the United Kingdom, which made up about 8% of the fund’s assets on average, returned about 7%, with the main contributors coming from industrials and consumer discretionary.

German and Swiss automakers and Swedish and Dutch pharmaceutical corporations also lifted performance. Stock returns were weak, however, in several European countries most vulnerable to the debt crisis: Spain, Italy, Portugal, and Greece. Their problems were evident in a variety of areas, most notably banks and telecommunication services providers.

Emerging markets countries returned about 4% in aggregate, with stronger returns coming from markets in China, South Africa, and South Korea. While performance was largely mixed across the emerging market spectrum, the leaders offset the laggards. In China, where strides have been made in curbing inflation, top performers included financial, information technology, and energy stocks. South African banks and South Korea’s information technology companies also displayed strength. However, financial services firms and banks in India and Brazil suffered as investors worried that the rapid economic growth in those nations was slowing.

Returns for developed markets in the Pacific region were nearly 4% overall. Japan’s automakers are approaching production levels not seen since before the natural and nuclear disasters of March 2011, and sales are improving as high gas prices attract consumers to fuel-efficient Japanese cars. This trend boosted returns in Japan’s consumer discretionary sector, which—along with good results from the financial, industrial, and consumer staples sectors—lifted the fund’s Japanese holdings as the nation’s economy expanded. Financial services companies and banks from Hong Kong, Singapore, and Australia also boosted the fund’s returns.

International diversification may help reduce portfolio volatility
Diversification is a hallmark of any sensible investing program, and exposure to international equities, which can behave

5

 

A note on fair-value pricing
The reported return of a fund that
tracks an index sometimes may
diverge from the index’s return a bit
more than would be expected. This
may be the result of a fair-value
pricing adjustment.
 
These adjustments, which are
required by the Securities and
Exchange Commission, address
pricing discrepancies that may arise
because of time-zone differences
among global stock markets. Foreign
stocks may trade on exchanges that
close many hours before a fund’s
closing share price is calculated in
the United States, generally at 4 p.m.,
Eastern time. In the hours between
the foreign close and the U.S. close,
the value of these foreign securities
may change––because of company-
specific announcements or market-
wide developments, for example.
Such price changes are not
immediately reflected in inter-
national 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 open.

 

differently from their U.S. counterparts, can be an important part of the equation.

Considerations for Investing in Non-U.S. Equities, a recent Vanguard research paper, explains that international stocks can provide significant opportunities for U.S. investors and can also help dampen a portfolio’s volatility. (You can find the paper at vanguard.com/research.)

Vanguard counsels investors to create a broadly diversified investment program that considers their time horizon, risk tolerance, and long-term goals. Such a program may include domestic and international stock funds as well as bond and money market funds. Vanguard Total World Stock Index Fund, which offers broad exposure to stocks from all over the globe, can play an important role in a well-diversified portfolio.

Thank you for entrusting your assets to Vanguard.

Sincerely,


F. William McNabb III
Chairman and Chief Executive Officer
May 17, 2012

6

 

Your Fund’s Performance at a Glance
October 31, 2011, Through April 30, 2012

      Distributions Per Share
  Starting Ending Income Capital
  Share Price Share Price Dividends Gains
Vanguard Total World Stock Index Fund        
Investor Shares $18.40 $19.40 $0.375 $0.000
Institutional Shares 92.36 97.22 2.106 0.000
ETF Shares 45.21 47.60 1.018 0.000

 

7

 

Total World Stock Index Fund

Fund Profile
As of April 30, 2012

Share-Class Characteristics  
 
  Investor  Institutional ETF
  Shares Shares Shares
Ticker Symbol VTWSX VTWIX VT
Expense Ratio1 0.40% 0.20% 0.22%
 
Portfolio Characteristics    
      FTSE
      Global
      All Cap
    Fund Index
Number of Stocks   3,771 7,369
Median Market Cap $26.8B $27.2B
Price/Earnings Ratio   15.0x 15.0x
Price/Book Ratio   1.7x 1.7x
Return on Equity   17.5% 17.3%
Earnings Growth Rate 6.4% 6.3%
Dividend Yield   2.6% 2.7%
Turnover Rate      
(Annualized)   19% —
Short-Term Reserves   0.4% —

 

Sector Diversification (% of equity exposure)

    FTSE
    Global
    All Cap
  Fund Index
Consumer Discretionary 11.0% 11.1%
Consumer Staples 9.5 9.8
Energy 10.6 10.6
Financials 20.0 19.8
Health Care 8.5 8.6
Industrials 11.6 11.5
Information Technology 13.0 12.9
Materials 8.1 8.1
Telecommunication    
Services 4.0 4.0
Utilities 3.7 3.6

 

Volatility Measures  
  Spliced Total
  World Stock
  Index
R-Squared 0.99
Beta 1.02

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

Ten Largest Holdings (% of total net assets)

Apple Inc. Computer  
  Hardware 1.6%
Exxon Mobil Corp. Integrated Oil &  
  Gas 1.2
Microsoft Corp. Systems Software 0.8
International Business IT Consulting &  
Machines Corp. Other Services 0.7
Royal Dutch Shell plc Integrated Oil &  
  Gas 0.7
Chevron Corp. Integrated Oil &  
  Gas 0.6
Nestle SA Packaged Foods &  
  Meats 0.6
General Electric Co. Industrial  
  Conglomerates 0.6
Samsung Electronics Co.    
Ltd. Semiconductors 0.6
BHP Billiton Diversified Metals  
  & Mining 0.6
Top Ten   8.0%

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 28, 2012, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the annualized expense ratios were 0.39% for Investor Shares, 0.20% for Institutional Shares, and 0.21% for ETF Shares.

8

 

Total World Stock Index Fund

Market Diversification (% of equity exposure)

    FTSE
    Global
    All Cap
  Fund Index
Europe    
United Kingdom 8.0% 8.1%
France 3.3 3.2
Germany 2.9 2.8
Switzerland 2.8 2.9
Sweden 1.1 1.1
Other 4.6 4.8
Subtotal 22.7% 22.9%
Pacific    
Japan 7.2% 7.2%
Australia 3.2 3.2
Hong Kong 1.3 1.4
Other 0.8 0.8
Subtotal 12.5% 12.6%
Emerging Markets    
China 2.3% 2.3%
South Korea 2.2 2.2
Brazil 1.9 1.9
Taiwan 1.6 1.6
India 1.1 1.0
South Africa 1.0 1.1
Other 4.0 3.8
Subtotal 14.1% 13.9%
North America    
United States 46.0% 45.9%
Canada 4.4 4.4
Subtotal 50.4% 50.3%
Middle East 0.3% 0.3%

 

9

 

Total World Stock Index Fund

Performance Summary

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

Fiscal-Year Total Returns (%): June 26, 2008, Through April 30, 2012


Spliced Total World Stock Index: Consists of the FTSE All-World Index through December 18, 2011, and the FTSE Global All Cap Index thereafter.
Note: For 2012, performance data reflect the six months ended April 30, 2012.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.

Average Annual Total Returns: Periods Ended March 31, 2012
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

  Inception One Since
  Date Year Inception
Investor Shares 6/26/2008 -0.76% 1.10%
Institutional Shares 10/9/2008 -0.56 13.94
ETF Shares 6/24/2008    
Market Price   -0.80 0.90
Net Asset Value   -0.57 0.89

 

Vanguard fund returns do not reflect the 2% fee on redemptions of shares held for less than two months.

See Financial Highlights for dividend and capital gains information.

10

 

Total World Stock Index Fund

Financial Statements (unaudited)

Statement of Net Assets—Investments Summary
As of April 30, 2012

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

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
    Market Percentage
    Value of Net
  Shares ($000) Assets
Common Stocks      
Australia      
BHP Billiton Ltd. 173,958 6,455 0.4%
Commonwealth Bank of Australia 91,231 4,921 0.3%
1 Australia—Other †   46,068 2.5%
    57,444 3.2%
 
Austria †   2,628 0.1%
 
Belgium †   7,137 0.4%
 
Brazil †   34,258 1.9%
 
Canada      
Royal Bank of Canada 75,170 4,344 0.3%
Imperial Oil Ltd. 15,590 726 0.0%
Canada—Other †   73,916 4.1%
    78,986 4.4%
 
Chile †   5,251 0.3%
 
China      
China Mobile Ltd. 333,121 3,685 0.2%
China Construction Bank Corp. 4,251,060 3,299 0.2%
Industrial & Commercial Bank of China 3,804,245 2,528 0.2%
CNOOC Ltd. 980,000 2,071 0.1%
Bank of China Ltd. 4,880,800 2,032 0.1%
PetroChina Co. Ltd. 1,290,000 1,924 0.1%
China Life Insurance Co. Ltd. 471,000 1,254 0.1%
China Petroleum & Chemical Corp. 1,121,319 1,191 0.1%
China Shenhua Energy Co. Ltd. 226,500 1,000 0.1%
China Unicom Hong Kong Ltd. 467,574 818 0.1%
Agricultural Bank of China Ltd. 1,222,500 578 0.1%
China Overseas Land & Investment Ltd. 244,480 528 0.0%

 

11

 

Total World Stock Index Fund      
 
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
China Telecom Corp. Ltd. 936,034 502 0.0%
China Citic Bank Corp. Ltd. 592,010 375 0.0%
Hangzhou Steam Turbine Co. Class B 239,464 328 0.0%
China Communications Construction Co. Ltd. 279,375 278 0.0%
Dongfeng Motor Group Co. Ltd. 134,000 262 0.0%
China Resources Land Ltd. 134,000 256 0.0%
Kunlun Energy Co. Ltd. 128,000 225 0.0%
Yanzhou Coal Mining Co. Ltd. 106,000 222 0.0%
China Coal Energy Co. Ltd. 193,000 221 0.0%
China Resources Enterprise Ltd. 60,000 217 0.0%
China State Construction International Holdings Ltd. 218,000 200 0.0%
China Merchants Holdings International Co. Ltd. 62,000 200 0.0%
China Resources Power Holdings Co. Ltd. 99,400 181 0.0%
Dah Chong Hong Holdings Ltd. 166,000 176 0.0%
China COSCO Holdings Co. Ltd. 276,500 159 0.0%
Citic Pacific Ltd. 91,000 149 0.0%
China Oilfield Services Ltd. 80,000 129 0.0%
China Agri-Industries Holdings Ltd. 136,000 99 0.0%
Sinopharm Group Co. Ltd. 37,600 98 0.0%
Huaneng Power International Inc. 152,000 90 0.0%
Air China Ltd. 116,000 84 0.0%
China Resources Cement Holdings Ltd. 106,000 84 0.0%
Guangdong Investment Ltd. 112,000 82 0.0%
Zhuzhou CSR Times Electric Co. Ltd. 29,000 82 0.0%
China Railway Construction Corp. Ltd. 102,626 81 0.0%
* China Taiping Insurance Holdings Co. Ltd. 38,800 81 0.0%
CSR Corp. Ltd. 98,000 79 0.0%
China Railway Group Ltd. 184,000 73 0.0%
Poly Hong Kong Investments Ltd. 136,000 71 0.0%
China Longyuan Power Group Corp. 80,000 63 0.0%
China Resources Gas Group Ltd. 32,000 62 0.0%
* China Southern Airlines Co. Ltd. 88,000 39 0.0%
1 China—Other †   16,084 0.9%
    42,240 2.3%
 
Colombia †   2,442 0.1%
 
Czech Republic †   719 0.0%
 
Denmark †   8,708 0.5%
 
Egypt †   1,497 0.1%
 
Finland †   6,522 0.4%
 
France      
Total SA 115,935 5,565 0.3%
Sanofi 67,650 5,167 0.3%
France—Other †   48,759 2.7%
    59,491 3.3%
Germany      
Siemens AG 48,382 4,491 0.3%
Germany—Other †   47,078 2.6%
    51,569 2.9%
 
Greece †   694 0.0%

 

12

 

Total World Stock Index Fund      
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
Hong Kong      
BOC Hong Kong Holdings Ltd. 224,500 694 0.1%
1 Hong Kong—Other †   22,342 1.2%
    23,036 1.3%
Hungary †   873 0.0%
1India †   19,466 1.1%
Indonesia †   6,544 0.4%
Ireland †   2,817 0.2%
Israel †   5,035 0.3%
Italy †   15,252 0.8%
Japan      
Toyota Motor Corp. 134,230 5,500 0.3%
TonenGeneral Sekiyu KK 15,000 140 0.0%
Japan—Other †   123,599 6.8%
    129,239 7.1%
Malaysia †   9,995 0.6%
Mexico †   11,896 0.7%
Mongolia †   55 0.0%
Morocco †   202 0.0%
Netherlands †   14,964 0.8%
New Zealand †   991 0.1%
Norway †   7,910 0.4%
Panama †   211 0.0%
Peru †   1,561 0.1%
Philippines †   2,522 0.1%
Poland †   2,705 0.1%
Portugal †   1,413 0.1%
Russia †   12,749 0.7%
Singapore †   12,740 0.7%
South Africa †   18,846 1.0%

 

13

 

Total World Stock Index Fund      
 
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
South Korea      
1 Samsung Electronics Co. Ltd. GDR 17,186 10,488 0.6%
1 South Korea—Other †   28,566 1.6%
    39,054 2.2%
 
Spain †   16,709 0.9%
 
Sweden †   20,657 1.1%
 
Switzerland      
Nestle SA 178,555 10,943 0.6%
Novartis AG 126,729 6,997 0.4%
Roche Holding AG 35,814 6,545 0.4%
1 Switzerland—Other †   25,877 1.4%
    50,362 2.8%
Taiwan      
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 323,312 5,037 0.3%
Taiwan—Other †   24,583 1.3%
    29,620 1.6%
 
Thailand †   6,523 0.4%
 
Turkey †   3,833 0.2%
 
United Kingdom      
HSBC Holdings plc 961,987 8,684 0.5%
Royal Dutch Shell plc Class A 209,035 7,455 0.4%
Vodafone Group plc 2,644,922 7,321 0.4%
BP plc 1,011,623 7,308 0.4%
GlaxoSmithKline plc 268,494 6,203 0.3%
British American Tobacco plc 102,643 5,265 0.3%
Royal Dutch Shell plc Class B 143,461 5,250 0.3%
BG Group plc 187,557 4,425 0.3%
United Kingdom—Other †   92,669 5.1%
    144,580 8.0%
United States      
* Apple Inc. 49,363 28,840 1.6%
Exxon Mobil Corp. 250,340 21,614 1.2%
Microsoft Corp. 445,736 14,272 0.8%
International Business Machines Corp. 62,213 12,883 0.7%
Chevron Corp. 104,283 11,112 0.6%
General Electric Co. 553,199 10,832 0.6%
AT&T Inc. 303,788 9,998 0.6%
Wells Fargo & Co. 282,698 9,451 0.5%
Pfizer Inc. 403,650 9,256 0.5%
Johnson & Johnson 139,300 9,067 0.5%
Procter & Gamble Co. 139,429 8,873 0.5%
Coca-Cola Co. 114,863 8,766 0.5%
JPMorgan Chase & Co. 199,571 8,578 0.5%
Philip Morris International Inc. 89,915 8,048 0.4%
Wal-Mart Stores Inc. 136,514 8,042 0.4%
Oracle Corp. 267,351 7,857 0.4%
* Google Inc. Class A 12,900 7,807 0.4%
Intel Corp. 258,417 7,339 0.4%
Merck & Co. Inc. 157,254 6,171 0.3%

 

14

 

Total World Stock Index Fund        
 
 
 
      Market Percentage
      Value of Net
    Shares ($000) Assets
Verizon Communications Inc.   146,864 5,930 0.3%
Cisco Systems Inc.   284,548 5,734 0.3%
PepsiCo Inc.   82,474 5,443 0.3%
Schlumberger Ltd.   72,017 5,339 0.3%
QUALCOMM Inc.   82,062 5,239 0.3%
McDonald’s Corp.   52,794 5,145 0.3%
Citigroup Inc.   151,645 5,010 0.3%
* Berkshire Hathaway Inc. Class B   61,660 4,961 0.3%
Abbott Laboratories   77,990 4,840 0.3%
Bank of America Corp.   595,574 4,830 0.3%
ConocoPhillips   67,394 4,827 0.3%
United States—Other †     561,201 31.0%
      827,305 45.7%
Total Common Stocks (Cost $1,579,687)     1,799,251 99.4%
 
  Coupon      
Temporary Cash Investment        
Money Market Fund        
       
2,3 Vanguard Market Liquidity Fund (Cost $42,785) 0.137% 42,784,833 42,785 2.4%
4Total Investments (Cost $1,622,472)     1,842,036 101.8%
Other Assets and Liabilities        
Other Assets     8,112 0.5%
Liabilities3     (40,948) (2.3%)
      (32,836) (1.8%)
Net Assets     1,809,200 100.0%

 

15

 

Total World Stock Index Fund  
 
 
At April 30, 2012, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 1,645,345
Undistributed Net Investment Income 11,518
Accumulated Net Realized Losses (67,288)
Unrealized Appreciation (Depreciation)  
Investment Securities 219,564
Foreign Currencies 61
Net Assets 1,809,200
 
Investor Shares—Net Assets  
Applicable to 16,912,574 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 328,030
Net Asset Value Per Share—Investor Shares $19.40
 
Institutional Shares—Net Assets  
Applicable to 2,216,210 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 215,457
Net Asset Value Per Share—Institutional Shares $97.22
 
ETF Shares—Net Assets  
Applicable to 26,590,237 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 1,265,713
Net Asset Value Per Share—ETF Shares $47.60

 

See Note A in Notes to Financial Statements.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $15,631,000, representing 0.9% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $35,671,000 of collateral received for securities on loan.
4 The total value of securities on loan is $33,416,000.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.

16

 

Total World Stock Index Fund

Statement of Operations

  Six Months Ended
  April 30, 2012
  ($000)
Investment Income  
Income  
Dividends1 21,255
Interest2 4
Security Lending 151
Total Income 21,410
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 83
Management and Administrative—Investor Shares 497
Management and Administrative—Institutional Shares 147
Management and Administrative—ETF Shares 854
Marketing and Distribution—Investor Shares 43
Marketing and Distribution—Institutional Shares 30
Marketing and Distribution—ETF Shares 151
Custodian Fees 109
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—Institutional Shares —
Shareholders’ Reports—ETF Shares 13
Trustees’ Fees and Expenses 1
Total Expenses 1,929
Net Investment Income 19,481
Realized Net Gain (Loss)  
Investment Securities Sold (30,183)
Foreign Currencies (215)
Realized Net Gain (Loss) (30,398)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 134,605
Foreign Currencies 119
Change in Unrealized Appreciation (Depreciation) 134,724
Net Increase (Decrease) in Net Assets Resulting from Operations 123,807

1 Dividends are net of foreign withholding taxes of $1,203,000.
2 Interest income from an affiliated company of the fund was $4,000.

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

17

 

Total World Stock Index Fund

Statement of Changes in Net Assets

  Six Months Ended Year Ended
  April 30, October 31,
  2012 2011
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 19,481 32,078
Realized Net Gain (Loss) (30,398) (16,581)
Change in Unrealized Appreciation (Depreciation) 134,724 (50,920)
Net Increase (Decrease) in Net Assets Resulting from Operations 123,807 (35,423)
Distributions    
Net Investment Income    
Investor Shares (5,752) (4,815)
Institutional Shares (4,099) (1,119)
ETF Shares (24,096) (16,015)
Realized Capital Gain    
Investor Shares — —
Institutional Shares — —
ETF Shares — —
Total Distributions (33,947) (21,949)
Capital Share Transactions    
Investor Shares 24,672 39,203
Institutional Shares 13,791 162,247
ETF Shares 232,955 267,478
Net Increase (Decrease) from Capital Share Transactions 271,418 468,928
Total Increase (Decrease) 361,278 411,556
Net Assets    
Beginning of Period 1,447,922 1,036,366
End of Period1 1,809,200 1,447,922
1 Net Assets—End of Period includes undistributed net investment income of $11,518,000 and $26,107,000.

 

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

18

 

Total World Stock Index Fund

Financial Highlights

Investor Shares          
  Six Months       June 26,
  Ended       20081 to
  April 30,     Year Ended October 31, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011 2010 2009 2008
Net Asset Value, Beginning of Period $18.40 $18.85 $16.66 $13.71 $20.00
Investment Operations          
Net Investment Income .185 .380 .3592 .3282 .1602
Net Realized and Unrealized Gain (Loss)          
on Investments3 1.190 (.480) 2.076 2.698 (6.450)
Total from Investment Operations 1.375 (.100) 2.435 3.026 (6.290)
Distributions          
Dividends from Net Investment Income (.375) (.350) (.245) (.076) —
Distributions from Realized Capital Gains — — — — —
Total Distributions (.375) (.350) (.245) (.076) —
Net Asset Value, End of Period $19.40 $18.40 $18.85 $16.66 $13.71
 
Total Return4 7.72% -0.61% 14.73% 22.25% -31.45%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $328 $286 $255 $131 $41
Ratio of Total Expenses to          
Average Net Assets 0.39% 0.40% 0.45% 0.50% 0.46%5
Ratio of Net Investment Income to          
Average Net Assets 2.30% 2.30% 2.03% 2.28% 2.32%5
Portfolio Turnover Rate6 19% 10% 7% 18% 5%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.00, $.01, $.01, $.01, and $.01.
4 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

19

 

Total World Stock Index Fund

Financial Highlights

Institutional Shares          
  Six Months       Oct. 9,
  Ended       20081 to
  April 30,      Year Ended October 31, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011 2010 2009 2008
Net Asset Value, Beginning of Period $92.36 $94.62 $83.54 $68.63 $66.81
Investment Operations          
Net Investment Income 1.014 2.124 1.8932 1.8842 .1242
Net Realized and Unrealized Gain (Loss)          
on Investments3 5.952 (2.459) 10.538 13.457 1.696
Total from Investment Operations 6.966 (.335) 12.431 15.341 1.820
Distributions          
Dividends from Net Investment Income (2.106) (1.925) (1.351) (.431) —
Distributions from Realized Capital Gains — — — — —
Total Distributions (2.106) (1.925) (1.351) (.431) —
Net Asset Value, End of Period $97.22 $92.36 $94.62 $83.54 $68.63
 
Total Return4 7.82% -0.44% 15.01% 22.55% 2.72%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $215 $191 $48 $17 $7
Ratio of Total Expenses to          
Average Net Assets 0.20% 0.20% 0.23% 0.25% 0.20%5
Ratio of Net Investment Income to          
Average Net Assets 2.49% 2.50% 2.25% 2.53% 2.58%5
Portfolio Turnover Rate6 19% 10% 7% 18% 5%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.00, $.03, $.03, $.05, and $.01.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

20

 

Total World Stock Index Fund

Financial Highlights

ETF Shares          
  Six Months       June 24,
  Ended       20081 to
  April 30,     Year Ended October 31, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011 2010 2009 2008
Net Asset Value, Beginning of Period $45.21 $46.30 $40.88 $33.59 $49.74
Investment Operations          
Net Investment Income .501 1.020 .9642 .8712 .3402
Net Realized and Unrealized Gain (Loss)          
on Investments3 2.907 (1.192) 5.118 6.622 (16.490)
Total from Investment Operations 3.408 (.172) 6.082 7.493 (16.150)
Distributions          
Dividends from Net Investment Income (1.018) (.918) (.662) (.203) —
Distributions from Realized Capital Gains — — — — —
Total Distributions (1.018) (.918) (.662) (.203) —
Net Asset Value, End of Period $47.60 $45.21 $46.30 $40.88 $33.59
 
Total Return 7.81% -0.46% 15.00% 22.49% -32.47%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $1,266 $971 $733 $499 $114
Ratio of Total Expenses to          
Average Net Assets 0.21% 0.22% 0.25% 0.30% 0.29%4
Ratio of Net Investment Income to          
Average Net Assets 2.48% 2.48% 2.23% 2.48% 2.49%4
Portfolio Turnover Rate5 19% 10% 7% 18% 5%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.00, $.03, $.02, $.02, and $.01.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

21

 

Total World Stock Index Fund

Notes to Financial Statements

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

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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.

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. 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, 2008–2011), and for the period ended April 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

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

5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.

22

 

Total World Stock Index Fund

6. 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. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.

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

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2012, the fund had contributed capital of $257,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.10% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following table summarizes the market value of the fund’s investments as of April 30, 2012, based on the inputs used to value them:
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks—U.S. 827,305 — —
Common Stocks—International 154,314 817,618 14
Temporary Cash Investments 42,785 — —
Total 1,024,404 817,618 14

 

23

 

Total World Stock Index Fund

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

During the six months ended April 30, 2012, the fund realized net foreign currency losses of $215,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the six months ended April 30, 2012, the fund realized gains on the sale of passive foreign investment companies of $92,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at April 30, 2012, had unrealized appreciation of $656,000 as of October 31, 2011, the most recent mark-to-market date for tax purposes. This amount has been distributed and is reflected in the balance of undistributed net investment income.

During the six months ended April 30, 2012, the fund realized $11,065,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2011, the fund had available capital loss carryforwards totaling $24,145,000 to offset future net capital gains of $572,000 through October 31, 2016, $7,776,000 through October 31, 2017, $1,086,000 through October 31, 2018, and $14,711,000 through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2012, the cost of investment securities for tax purposes was $1,623,128,000. Net unrealized appreciation of investment securities for tax purposes was $218,908,000, consisting of unrealized gains of $307,445,000 on securities that had risen in value since their purchase and $88,537,000 in unrealized losses on securities that had fallen in value since their purchase.

E. During the six months ended April 30, 2012, the fund purchased $518,080,000 of investment securities and sold $272,231,000 of investment securities, other than temporary cash investments.

24

 

Total World Stock Index Fund

F. Capital share transactions for each class of shares were:

  Six Months Ended   Year Ended
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued1 59,934 3,243 119,111 6,119
Issued in Lieu of Cash Distributions 5,327 308 4,116 214
Redeemed2 (40,589) (2,188) (84,024) (4,310)
Net Increase (Decrease)—Investor Shares 24,672 1,363 39,203 2,023
Institutional Shares        
Issued1 45,751 496 210,138 2,097
Issued in Lieu of Cash Distributions 4,026 46 1,119 12
Redeemed2 (35,986) (397) (49,010) (544)
Net Increase (Decrease)—Institutional Shares 13,791 145 162,247 1,565
ETF Shares        
Issued1 261,617 5,721 267,478 5,626
Issued in Lieu of Cash Distributions — — — —
Redeemed2 (28,662) (600) — —
Net Increase (Decrease)—ETF Shares 232,955 5,121 267,478 5,626

 

1 Includes purchase fees for fiscal 2012 and 2011 of $45,000 and $771,000, respectively (fund totals).
2 Net of redemption fees for fiscal 2012 and 2011 of $25,000 and $25,000, respectively (fund totals).

G. In preparing the financial statements as of April 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

25

 

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.

26

 

Six Months Ended April 30, 2012      
  Beginning Ending Expenses
  Account Value Account Value Paid During
Total World Stock Index Fund 10/31/2011 4/30/2012 Period
Based on Actual Fund Return      
Investor Shares $1,000.00 $1,077.22 $2.01
Institutional Shares 1,000.00 1,078.21 1.03
ETF Shares 1,000.00 1,078.12 1.09
Based on Hypothetical 5% Yearly Return      
Investor Shares $1,000.00 $1,022.92 $1.96
Institutional Shares 1,000.00 1,023.87 1.01
ETF Shares 1,000.00 1,023.82 1.06

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 0.39% for Investor Shares, 0.20% for Institutional Shares, and 0.21% for ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.

27

 

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard Total World Stock Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Equity Investment Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interest of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services
The board considered the quality of the fund’s investment management since the fund’s inception in 2008, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance
The board considered the fund’s performance since its inception, including any periods of out- performance or underperformance of its target index and peer group. The board concluded that the fund has performed in line with expectations and that its results have been consistent with its investment strategy. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.

Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate is also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.

The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.

The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund’s assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

28

 

Glossary

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

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

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

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

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

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

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

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

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

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

29

 

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.

30

 

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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 179 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 and Delphi Automotive LLP (automotive components);
  Senior Advisor at New Mountain Capital; Trustee of
F. William McNabb III The Conference Board.
Born 1957. Trustee Since July 2009. Chairman of the  
Board. Principal Occupation(s) During the Past Five Amy Gutmann
Years: Chairman of the Board of The Vanguard Group, Born 1949. Trustee Since June 2006. Principal
Inc., and of each of the investment companies served Occupation(s) During the Past Five Years: President
by The Vanguard Group, since January 2010; Director of the University of Pennsylvania; Christopher H.
of The Vanguard Group since 2008; Chief Executive Browne Distinguished Professor of Political Science
Officer and President of The Vanguard Group and of in the School of Arts and Sciences with secondary
each of the investment companies served by The appointments at the Annenberg School for
Vanguard Group since 2008; Director of Vanguard Communication and the Graduate School of Education
Marketing Corporation; Managing Director of The of the University of Pennsylvania; Member of the
Vanguard Group (1995–2008). National Commission on the Humanities and Social
  Sciences; Trustee of Carnegie Corporation of New
  York and of the National Constitution Center; Chair
IndependentTrustees of the U. S. Presidential Commission for the Study 
  of Bioethical Issues.
 
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal  
Occupation(s) During the Past Five Years: Executive JoAnn Heffernan Heisen 
Chief Staff and Marketing Officer for North America  Born 1950. Trustee Since July 1998. Principal
and Corporate Vice President (retired 2008) of Xerox  Occupation(s) During the Past Five Years: Corporate
Corporation (document management products and  Vice President and Chief Global Diversity Officer
services); Executive in Residence and 2010  (retired 2008) and Member of the Executive
Distinguished Minett Professor at the Rochester  Committee (1997–2008) of Johnson & Johnson
Institute of Technology; Director of SPX Corporation  (pharmaceuticals/medical devices/consumer
(multi-industry manufacturing), the United Way of  products); Director of Skytop Lodge Corporation
Rochester, Amerigroup Corporation (managed health  (hotels), the University Medical Center at Princeton,
care), the University of Rochester Medical Center,  the Robert Wood Johnson Foundation, and the Center
Monroe Community College Foundation, and North  for Talent Innovation; Member of the Advisory Board
Carolina A&T University.  of the Maxwell School of Citizenship and Public Affairs
  at Syracuse University.
 
Rajiv L. Gupta  F. Joseph Loughrey
Born 1945. Trustee Since December 2001.2 Born 1949. Trustee Since October 2009. Principal 
Principal Occupation(s) During the Past Five Years: Occupation(s) During the Past Five Years: President 
Chairman and Chief Executive Officer (retired 2009) and Chief Operating Officer (retired 2009) of Cummins 
and President (2006–2008) of Rohm Haas Co. Inc. (industrial machinery); Director of SKF AB 
(chemicals); Director of Tyco International, Ltd. (industrial machinery), Hillenbrand, Inc. (specialized 
(diversified manufacturing and services), Hewlett- consumer services), the Lumina Foundation for 
Packard Co. (electronic computer manufacturing),  

 

 

Education, and Oxfam America; Chairman of the Executive Officers  
Advisory Council for the College of Arts and Letters    
and Member of the Advisory Board to the Kellogg Glenn Booraem  
Institute for International Studies at the University Born 1967. Controller Since July 2010. Principal
of Notre Dame. Occupation(s) During the Past Five Years: Principal
  of The Vanguard Group, Inc.; Controller of each of
Mark Loughridge the investment companies served by The Vanguard
Born 1953. Trustee Since March 2012. Principal Group; Assistant Controller of each of the investment
Occupation(s) During the Past Five Years: Senior Vice companies served by The Vanguard Group (2001–2010).
President and Chief Financial Officer at IBM (information    
technology services); Fiduciary Member of IBM’s Thomas J. Higgins  
Retirement Plan Committee. Born 1957. Chief Financial Officer Since September
  2008. Principal Occupation(s) During the Past Five
Scott C. Malpass Years: Principal of The Vanguard Group, Inc.; Chief
Born 1962. Trustee Since March 2012. Principal Financial Officer of each of the investment companies
Occupation(s) During the Past Five Years: Chief served by The Vanguard Group; Treasurer of each of
Investment Officer and Vice President at the University the investment companies served by The Vanguard
of Notre Dame; Assistant Professor of Finance at the Group (1998–2008).  
Mendoza College of Business at Notre Dame; Member    
of the Notre Dame 403(b) Investment Committee; Kathryn J. Hyatt  
Director of TIFF Advisory Services, Inc. (investment Born 1955. Treasurer Since November 2008. Principal
advisor); Member of the Investment Advisory Occupation(s) During the Past Five Years: Principal of
Committees of the Financial Industry Regulatory The Vanguard Group, Inc.; Treasurer of each of the
Authority (FINRA) and of Major League Baseball. investment companies served by The Vanguard
  Group; Assistant Treasurer of each of the investment
André F. Perold companies served by The Vanguard Group (1988–2008).
Born 1952. Trustee Since December 2004. Principal    
Occupation(s) During the Past Five Years: George Heidi Stam  
Gund Professor of Finance and Banking at the Harvard Born 1956. Secretary Since July 2005. Principal
Business School (retired 2011); Chief Investment Occupation(s) During the Past Five Years: Managing
Officer and Managing Partner of HighVista Strategies Director of The Vanguard Group, Inc.; General Counsel
LLC (private investment firm); Director of Rand of The Vanguard Group; Secretary of The Vanguard
Merchant Bank; Overseer of the Museum of Fine Group and of each of the investment companies
Arts Boston. served by The Vanguard Group; Director and Senior
  Vice President of Vanguard Marketing Corporation.
Alfred M. Rankin, Jr.    
Born 1941. Trustee Since January 1993. Principal Vanguard Senior ManagementTeam   
Occupation(s) During the Past Five Years: Chairman,    
President, and Chief Executive Officer of NACCO Mortimer J. Buckley Michael S. Miller
Industries, Inc. (forklift trucks/housewares/lignite); Kathleen C. Gubanich James M. Norris
Director of Goodrich Corporation (industrial products/ Paul A. Heller Glenn W. Reed
aircraft systems and services) and the National Martha G. King George U. Sauter
Association of Manufacturers; Chairman of the Board Chris D. McIsaac  
of the Federal Reserve Bank of Cleveland and of    
University Hospitals of Cleveland; Advisory Chairman Chairman Emeritus and Senior Advisor   
of the Board of The Cleveland Museum of Art.    
John J. Brennan   
Peter F. Volanakis  Chairman, 1996–2009  
Born 1955. Trustee Since July 2009. Principal Chief Executive Officer and President, 1996–2008   
Occupation(s) During the Past Five Years: President    
and Chief Operating Officer (retired 2010) of Corning    
Incorporated (communications equipment); Director Founder  
of SPX Corporation (multi-industry manufacturing); John C. Bogle   
Overseer of the Amos Tuck School of Business Chairman and Chief Executive Officer, 1974–1996   
Administration at Dartmouth College; Advisor to the    
Norris Cotton Cancer Center.    

 

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

 

 

 
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  Q6282 062012

 

 

Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Common Stocks (99.4%)    
Australia (3.2%)    
  BHP Billiton Ltd. 173,958 6,455
  Commonwealth Bank of Australia 91,231 4,921
  Westpac Banking Corp. 150,588 3,549
  Australia & New Zealand Banking Group Ltd. 130,651 3,237
  National Australia Bank Ltd. 111,342 2,910
  Woolworths Ltd. 66,752 1,800
  Rio Tinto Ltd. 26,051 1,783
  Wesfarmers Ltd. 43,894 1,378
  CSL Ltd. 30,146 1,148
  Westfield Group 119,512 1,143
  Woodside Petroleum Ltd. 30,702 1,110
  Newcrest Mining Ltd. 40,246 1,097
  Fortescue Metals Group Ltd. 188,217 1,093
  Brambles Ltd. 116,725 876
  Orica Ltd. 30,511 849
  QBE Insurance Group Ltd. 57,818 830
  Telstra Corp. Ltd. 203,753 751
  Origin Energy Ltd. 52,990 728
  Santos Ltd. 48,026 697
  WorleyParsons Ltd. 22,508 659
  AMP Ltd. 143,971 637
  Macquarie Group Ltd. 18,882 569
  Suncorp Group Ltd. 65,634 553
  Oil Search Ltd. 66,658 506
  Transurban Group 76,005 464
  Amcor Ltd. 58,725 458
  Iluka Resources Ltd. 25,121 439
  Wesfarmers Ltd. Price Protected Shares 12,768 415
  Westfield Retail Trust 142,329 402
  Coca-Cola Amatil Ltd. 29,948 388
  Campbell Brothers Ltd. 5,279 375
  AGL Energy Ltd. 23,005 358
  Stockland 110,628 355
  Incitec Pivot Ltd. 93,046 314
1 Spark Infrastructure Group 208,073 314
  GPT Group 91,676 312
  UGL Ltd. 22,674 307
  ASX Ltd. 9,005 299
  Insurance Australia Group Ltd. 81,350 298
  GUD Holdings Ltd. 33,588 295
  Crown Ltd. 29,640 280
  Reject Shop Ltd. 22,626 279
  Goodman Group 74,633 279
^ APA Group 48,174 261
  carsales.com Ltd. 43,736 261
  Sonic Healthcare Ltd. 19,759 258
  Sims Metal Management Ltd. 16,417 241
  Asciano Ltd. 49,290 241
  Seek Ltd. 32,152 238
  Computershare Ltd. 26,959 235
  Dexus Property Group 239,829 233
  Bradken Ltd. 29,923 230
  Mirvac Group 168,766 227
  Metcash Ltd. 54,938 226
  CFS Retail Property Trust 111,755 224
  GrainCorp Ltd. 23,273 223
  Leighton Holdings Ltd. 10,247 218
  Lend Lease Group 27,943 215
  Toll Holdings Ltd. 35,051 212
  Iress Market Technology Ltd. 29,801 208
  Primary Health Care Ltd. 69,027 203

 

1

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Cochlear Ltd. 2,817 192
  Investa Office Fund 66,681 189
* PanAust Ltd. 55,538 186
  Monadelphous Group Ltd. 7,575 182
  Tatts Group Ltd. 67,497 181
  Boart Longyear Ltd. 41,694 180
  James Hardie Industries SE 23,108 179
  Atlas Iron Ltd. 61,964 179
  Alumina Ltd. 145,931 174
  Echo Entertainment Group Ltd. 36,406 170
  Aristocrat Leisure Ltd. 50,631 163
  Myer Holdings Ltd. 66,718 163
  Flight Centre Ltd. 7,420 162
  OZ Minerals Ltd. 16,620 160
  Ramsay Health Care Ltd. 7,646 159
  Treasury Wine Estates Ltd. 34,620 155
  Mineral Resources Ltd. 12,467 154
^ Whitehaven Coal Ltd. 26,548 146
  Harvey Norman Holdings Ltd. 69,041 145
  Commonwealth Property Office Fund 133,616 145
* Regis Resources Ltd. 32,830 144
  Boral Ltd. 36,188 142
* Downer EDI Ltd. 37,545 140
  Bendigo and Adelaide Bank Ltd. 17,379 136
  Transfield Services Ltd. 57,532 136
  Charter Hall Retail REIT 39,421 136
  Adelaide Brighton Ltd. 42,509 134
* CGA Mining Ltd. 61,000 133
  David Jones Ltd. 51,454 132
  Beach Energy Ltd. 87,355 127
* Aurora Oil & Gas Ltd. 29,000 124
  Mount Gibson Iron Ltd. 105,993 121
  Bank of Queensland Ltd. 15,300 118
* Karoon Gas Australia Ltd. 17,598 117
  TABCORP Holdings Ltd. 37,548 112
  Perpetual Ltd. 4,177 110
  Challenger Ltd. 26,607 110
* Sundance Resources Ltd. 218,642 107
* Qantas Airways Ltd. 61,110 104
  Caltex Australia Ltd. 7,023 100
^ JB Hi-Fi Ltd. 9,939 100
  OneSteel Ltd. 73,716 99
^,* Mesoblast Ltd. 12,513 98
  Ansell Ltd. 6,337 98
* Perseus Mining Ltd. 36,239 97
  Customers Ltd. 73,616 94
* Resolute Mining Ltd. 53,798 94
^,* Lynas Corp. Ltd. 80,809 93
* BlueScope Steel Ltd. 206,594 84
* Aquila Resources Ltd. 16,696 84
  IOOF Holdings Ltd. 12,429 80
  SP AusNet 65,297 75
  New Hope Corp. Ltd. 13,939 71
* Centro Retail Australia 35,463 68
* Energy Resources of Australia Ltd. 38,157 63
* Paladin Energy Ltd. 36,863 60
  Goodman Fielder Ltd. 79,350 54
  CSR Ltd. 26,113 47
  DuluxGroup Ltd. 13,950 45
  Billabong International Ltd. 10,795 29
      57,444
Austria (0.1%)    
  Voestalpine AG 17,663 575
  Erste Group Bank AG 14,528 335

 

2

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  OMV AG 7,497 253
  Wienerberger AG 20,167 236
  Andritz AG 4,016 210
  Atrium European Real Estate Ltd. 41,152 201
  IMMOFINANZ AG 54,176 191
  Telekom Austria AG 17,373 191
  Raiffeisen Bank International AG 3,302 110
  Schoeller-Bleckmann Oilfield Equipment AG 1,209 108
  Verbund AG 3,189 89
  Vienna Insurance Group AG Wiener Versicherung Gruppe 1,997 81
  Strabag SE 1,787 48
      2,628
Belgium (0.4%)    
^ Anheuser-Busch InBev NV 39,627 2,856
^ Umicore SA 13,229 718
^ Sofina SA 3,883 312
^ UCB SA 6,617 309
^ Ageas 162,162 296
^ Groupe Bruxelles Lambert SA 3,986 277
  Solvay SA Class A 2,184 266
^ Belgacom SA 8,410 239
  Delhaize Group SA 4,867 237
  Ackermans & van Haaren NV 2,684 230
  Cofinimmo 1,856 224
  Recticel SA 25,902 204
  Telenet Group Holding NV 4,319 186
  Nyrstar (Voting Shares) 21,066 173
  KBC Groep NV 8,769 170
  Befimmo SCA Sicafi 2,451 149
  Colruyt SA 3,340 137
  D'ieteren SA/NV 1,939 86
  NV Bekaert SA 2,304 68
      7,137
Brazil (1.9%)    
  Cia de Bebidas das Americas ADR 74,461 3,126
  Petroleo Brasileiro SA ADR Type A 121,405 2,690
  Vale SA Class B Pfd. ADR 104,933 2,270
  Vale SA Class B ADR 97,504 2,165
  Itau Unibanco Holding SA ADR 127,013 1,993
  Banco Bradesco SA ADR 121,842 1,953
  Petroleo Brasileiro SA ADR 76,968 1,812
  Embraer SA ADR 28,000 970
  Petroleo Brasileiro SA Prior Pfd. 66,992 741
  BRF - Brasil Foods SA 39,524 717
  Oi SA Pfd. ADR 37,658 675
  Banco do Brasil SA 50,493 626
  Cia Siderurgica Nacional SA ADR 68,170 608
  Itausa - Investimentos Itau SA Prior Pfd. 117,073 556
  Cia Energetica de Minas Gerais Prior Pfd. 26,562 523
  BM&FBovespa SA 91,450 511
  CCR SA 61,100 474
  Ultrapar Participacoes SA 18,548 421
* OGX Petroleo e Gas Participacoes SA 56,600 395
  Petroleo Brasileiro SA 33,046 387
  Gerdau SA Prior Pfd. 39,500 369
  Redecard SA 21,888 365
  Souza Cruz SA 23,100 359
  Cia de Bebidas das Americas 9,817 350
  Cielo SA 9,746 293
  Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. 6,138 283
  BR Malls Participacoes SA 22,000 272
  Tim Participacoes SA 45,200 267
  Telefonica Brasil SA Prior Pfd. 9,280 264
  Banco Santander Brasil SA 31,000 252

 

3

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Natura Cosmeticos SA 10,600 239
  BR Properties SA 18,900 236
  Lojas Americanas SA Prior Pfd. 25,134 235
  Tractebel Energia SA 13,500 232
  Centrais Eletricas Brasileiras SA 26,900 230
  Bradespar SA Prior Pfd. 11,200 203
  Lojas Renner SA 6,300 200
  Vale SA Prior Pfd. 9,000 195
  CETIP SA - Mercados Organizados 12,600 194
  Cia Hering 7,800 194
* JBS SA 46,798 183
  Localiza Rent a Car SA 10,000 171
  Klabin SA Prior Pfd. 33,600 161
  Itau Unibanco Holding SA 11,300 158
  All America Latina Logistica SA 34,800 158
  Centrais Eletricas Brasileiras SA Prior Pfd. 13,100 156
  Totvs SA 7,800 151
  Usinas Siderurgicas de Minas Gerais SA Prior Pfd. 26,200 150
  Cia Paranaense de Energia Prior Pfd. 5,900 148
  Cia Energetica de Sao Paulo Prior Pfd. 7,285 139
  Cia de Saneamento de Minas Gerais-COPASA 5,900 138
  Weg SA 12,747 135
  Cia de Saneamento Basico do Estado de Sao Paulo 3,400 134
  Marcopolo SA Prior Pfd. 24,700 133
  PDG Realty SA Empreendimentos e Participacoes 55,900 131
  Cosan SA Industria e Comercio 7,500 131
  Diagnosticos da America SA 18,000 129
* TAM SA Prior Pfd. 5,069 122
  Cyrela Brazil Realty SA Empreendimentos e Participacoes 14,498 117
  Metalurgica Gerdau SA Prior Pfd. Class A 9,500 116
  Anhanguera Educacional Participacoes SA 7,900 105
  Usinas Siderurgicas de Minas Gerais SA 10,800 103
  Hypermarcas SA 15,412 100
  MRV Engenharia e Participacoes SA 16,600 97
  AES Tiete SA Prior Pfd. 6,800 95
  Odontoprev SA 17,400 92
  Rossi Residencial SA 21,900 92
  Vale SA 4,100 91
  Multiplan Empreendimentos Imobiliarios SA 3,800 89
  Embraer SA 10,400 89
  EDP - Energias do Brasil SA 12,600 88
  Banco do Estado do Rio Grande do Sul Prior Pfd. 9,200 79
  Cia Energetica de Minas Gerais ADR 3,100 76
  Gerdau SA 9,800 76
  CPFL Energia SA 5,400 75
  Gafisa SA 40,500 75
  Duratex SA 12,660 74
  Tim Participacoes SA ADR 2,400 72
  Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Prior Pfd. 4,608 70
  Amil Participacoes SA 7,100 69
* Oi SA 10,254 69
  Fibria Celulose SA 8,600 69
  Light SA 5,273 68
  Braskem SA Prior Pfd. 9,400 66
  Porto Seguro SA 6,472 64
  Lojas Americanas SA 7,100 61
  EcoRodovias Infraestrutura e Logistica SA 7,300 60
* HRT Participacoes em Petroleo SA 200 58
  Gerdau SA ADR 5,726 54
  Sul America SA 6,307 52
  Cia de Transmissao de Energia Electrica Paulista Prior Pfd. 1,573 50
* MPX Energia SA 1,800 48
  Suzano Papel e Celulose SA Prior Pfd. 12,234 46
* OSX Brasil SA 4,800 37

 

4

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Oi SA ADR 3,528 24
* Oi SA Prior Pfd. 3,202 19
* Itausa - Investimentos Itau SA Rights Exp. 05/31/2012 1,291 —
* Companhia de Bebidas das Americas Exp. 06/01/2012 23 —
* Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. Rights Exp. 05/31/2012 44 —
      34,258
Canada (4.4%)    
  Royal Bank of Canada 75,170 4,344
  Toronto-Dominion Bank 45,700 3,862
  Bank of Nova Scotia 55,709 3,090
  Suncor Energy Inc. 83,172 2,747
  Barrick Gold Corp. 51,488 2,083
  Canadian National Railway Co. 23,678 2,021
  Canadian Natural Resources Ltd. 57,760 2,007
  Potash Corp. of Saskatchewan Inc. 44,460 1,890
  Enbridge Inc. 43,880 1,839
^ Bank of Montreal NV 28,429 1,688
  Goldcorp Inc. 42,589 1,631
  TransCanada Corp. 35,450 1,560
  Cenovus Energy Inc. 40,474 1,469
  Canadian Imperial Bank of Commerce 19,392 1,463
  Manulife Financial Corp. 97,600 1,335
  Brookfield Asset Management Inc. Class A 39,528 1,304
  Teck Resources Ltd. Class B 30,810 1,150
  Tim Hortons Inc. 18,293 1,056
  Nexen Inc. 53,504 1,034
* Valeant Pharmaceuticals International Inc. 17,100 951
  Canadian Pacific Railway Ltd. 11,389 881
  Encana Corp. 41,480 869
  Agrium Inc. 9,651 850
  Sun Life Financial Inc. 33,192 814
  Talisman Energy Inc. 57,466 752
  Imperial Oil Ltd. 15,590 726
  Cameco Corp. 31,888 706
  Silver Wheaton Corp. 20,900 638
  First Quantum Minerals Ltd. 30,700 638
  Crescent Point Energy Corp. 13,900 607
  Power Corp. of Canada 21,190 587
  Thomson Reuters Corp. 19,301 577
  Eldorado Gold Corp. 40,505 574
  Yamana Gold Inc. 39,100 573
  Kinross Gold Corp. 63,949 573
* CGI Group Inc. Class A 25,470 572
  National Bank of Canada 7,230 564
  Canadian Utilities Ltd. Class A 7,990 563
  Magna International Inc. 12,160 533
  Shoppers Drug Mart Corp. 10,860 468
* Research In Motion Ltd. 29,972 429
  Pacific Rubiales Energy Corp. 14,765 424
  Shaw Communications Inc. Class B 20,520 423
  Intact Financial Corp. 6,500 420
  Fairfax Financial Holdings Ltd. 1,000 410
  Agnico-Eagle Mines Ltd. 10,259 410
  BCE Inc. 10,000 405
  Husky Energy Inc. 14,760 385
^ RioCan REIT 13,100 360
  Saputo Inc. 7,600 355
  Power Financial Corp. 11,760 352
  Bombardier Inc. Class B 79,800 338
  Fortis Inc. 9,700 336
  Brookfield Office Properties Inc. 18,500 335
  Viterra Inc. 20,600 332
  Astral Media Inc. Class A 6,500 321
  IGM Financial Inc. 6,600 310

 

5

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* MEG Energy Corp. 7,000 305
  Metro Inc. 5,200 287
  Alimentation Couche Tard Inc. Class B 6,600 286
  Great-West Lifeco Inc. 11,300 286
  SNC-Lavalin Group Inc. 7,500 282
  IAMGOLD Corp. 22,400 278
  Franco-Nevada Corp. 6,100 274
  Canadian Tire Corp. Ltd. Class A 3,900 273
  Methanex Corp. 7,700 271
  Teekay Corp. 7,500 271
  Atco Ltd. 3,600 266
* SXC Health Solutions Corp. 2,900 263
  Emera Inc. 7,400 262
  CI Financial Corp. 10,700 256
* New Gold Inc. 28,100 256
* Athabasca Oil Sands Corp. 21,800 256
  Canadian Oil Sands Ltd. 11,400 252
^,* InterOil Corp. 4,100 248
  Onex Corp. 6,100 242
  Finning International Inc. 8,600 240
  Jean Coutu Group PJC Inc. Class A 16,700 239
  Corus Entertainment Inc. Class B 9,700 239
  Vermilion Energy Inc. 4,900 238
  Artis REIT 13,900 237
  Russel Metals Inc. 8,600 236
  Dollarama Inc. 4,200 234
* Osisko Mining Corp. 21,600 222
  Empire Co. Ltd. Class A 3,700 218
* Ivanhoe Mines Ltd. 18,379 214
  Inmet Mining Corp. 3,800 209
  Pembina Pipeline Corp. 6,800 206
  Pan American Silver Corp. 10,224 199
  RONA Inc. 18,500 198
  Sherritt International Corp. 34,400 197
  Bank of Montreal 3,309 196
  CAE Inc. 17,900 196
  Gildan Activewear Inc. 6,600 190
  Primaris Retail REIT 8,000 188
  TransAlta Corp. 11,260 187
  Loblaw Cos. Ltd. 5,500 186
  Quebecor Inc. Class B 4,600 181
  TELUS Corp. 3,000 180
  Rogers Communications Inc. Class B 4,800 179
  Dundee Corp. Class A 7,200 178
^ Cominar REIT 7,300 178
  Groupe Aeroplan Inc. 13,800 177
  TransForce Inc. 9,800 177
  HudBay Minerals Inc. 16,500 174
  Stantec Inc. 5,300 173
  Niko Resources Ltd. 4,000 168
  George Weston Ltd. 2,600 166
  First Capital Realty Inc. 8,900 166
  Atlantic Power Corp. 11,600 166
* Open Text Corp. 2,900 163
  Morguard REIT 9,500 162
  AltaGas Ltd. 5,000 162
  Maple Leaf Foods Inc. 12,300 161
* FirstService Corp. 5,800 158
  Progress Energy Resources Corp. 14,200 156
  Industrial Alliance Insurance & Financial Services Inc. 4,900 156
  Allied Properties REIT 5,600 155
  AGF Management Ltd. Class B 11,100 153
  Toromont Industries Ltd. 6,700 150
  Progressive Waste Solutions Ltd. 6,900 150

 

6

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Lundin Mining Corp. 30,700 149
  TMX Group Inc. 3,200 146
  Mullen Group Ltd. 6,600 143
  Laurentian Bank of Canada 3,200 143
  Cogeco Cable Inc. 2,800 139
  H&R REIT 5,600 138
  Boardwalk REIT 2,300 137
* Detour Gold Corp. 5,500 136
  Penn West Petroleum Ltd. 7,900 135
  Reitmans Canada Ltd. Class A 8,700 134
* Celestica Inc. 14,500 130
  Canadian REIT 3,300 129
* Petrobank Energy & Resources Ltd. 8,900 128
  CCL Industries Inc. Class B 3,300 126
  Alamos Gold Inc. 6,900 126
  Ensign Energy Services Inc. 8,700 126
  CML HealthCare Inc. 11,600 125
* AuRico Gold Inc. 13,500 124
^ PetroBakken Energy Ltd. Class A 8,500 123
  Linamar Corp. 6,200 123
* Thompson Creek Metals Co. Inc. 20,500 122
  Canadian Western Bank 4,200 122
* Precision Drilling Corp. 13,200 122
  Bonterra Energy Corp. 2,400 121
  Calloway REIT 4,300 120
  Manitoba Telecom Services Inc. 3,400 118
  Chartwell Seniors Housing REIT 12,400 117
  Ritchie Bros Auctioneers Inc. 5,500 116
* Imperial Metals Corp. 7,400 115
* Alacer Gold Corp. 14,100 114
  Dundee REIT 3,000 112
  Centerra Gold Inc. 8,500 110
  ShawCor Ltd. Class A 3,400 110
* Great Canadian Gaming Corp. 13,100 109
  Genworth MI Canada Inc. 5,200 108
  Trican Well Service Ltd. 7,400 107
  Home Capital Group Inc. Class B 2,200 107
  Trilogy Energy Corp. 3,800 105
  MacDonald Dettwiler & Associates Ltd. 2,300 104
^,* Uranium One Inc. 35,900 104
* Canfor Corp. 9,400 103
  TELUS Corp. Class A 1,700 100
  Canadian Apartment Properties REIT 4,100 96
* Legacy Oil & Gas Inc. 10,800 94
* Silver Standard Resources Inc. 6,500 94
  West Fraser Timber Co. Ltd. 2,100 92
  Petrominerales Ltd. 6,200 91
  Major Drilling Group International 6,000 90
* BlackPearl Resources Inc. 20,000 90
* Imax Corp. 3,600 86
* Dundee Precious Metals Inc. 11,000 86
  Enerflex Ltd. 6,900 85
  Calfrac Well Services Ltd. 3,100 85
  SEMAFO Inc. 16,000 81
* Capstone Mining Corp. 26,300 79
* Westport Innovations Inc. 2,500 78
  ARC Resources Ltd. 3,800 78
* Golden Star Resources Ltd. 49,800 77
* Crew Energy Inc. 10,700 76
  Silvercorp Metals Inc. 10,900 75
* Celtic Exploration Ltd. 5,100 75
* Aurizon Mines Ltd. 13,800 75
* Paramount Resources Ltd. Class A 2,600 70
  Trinidad Drilling Ltd. 10,700 69

 

7

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  NovaGold Resources Inc. 9,000 65
* Kirkland Lake Gold Inc. 4,700 61
* Seabridge Gold Inc. 3,600 61
* First Majestic Silver Corp. 3,800 60
* Rubicon Minerals Corp. 19,300 59
* Bankers Petroleum Ltd. 15,900 55
  Nevsun Resources Ltd. 14,300 53
* Birchcliff Energy Ltd. 6,600 45
* QLT Inc. 6,200 41
* Gabriel Resources Ltd. 12,200 32
      78,986
Chile (0.3%)    
  Empresa Nacional de Electricidad SA ADR 10,950 598
  SACI Falabella 36,038 354
  Empresas COPEC SA 21,630 351
  Empresa Nacional de Electricidad SA 167,940 306
  Enersis SA 742,909 303
  Banco Santander Chile 3,784,612 299
  Lan Airlines SA 10,249 289
  Cencosud SA 45,072 287
  Sociedad Quimica y Minera de Chile SA ADR 4,611 269
  Banco de Chile 1,711,607 266
  CAP SA 5,685 238
  Empresas CMPC SA 54,350 223
  Vina Concha y Toro SA 102,740 218
  Sonda SA 52,948 158
  Salfacorp SA 57,321 147
  Banco de Credito e Inversiones 1,905 137
  Sociedad Matriz Banco de Chile Class B 276,858 107
  Sociedad Quimica y Minera de Chile SA Prior Pfd. Class B 1,748 102
  Colbun SA 354,353 101
  Cia Cervecerias Unidas SA 6,295 91
  Corpbanca 6,493,102 89
  ENTEL Chile SA 4,343 86
  AES Gener SA 134,372 85
* Sociedad Matriz SAAM SA 651,844 78
* Cia Sud Americana de Vapores SA 583,637 69
      5,251
China (2.3%)    
  China Mobile Ltd. 333,121 3,685
  China Construction Bank Corp. 4,251,060 3,299
  Industrial & Commercial Bank of China 3,804,245 2,528
  CNOOC Ltd. 980,000 2,071
  Bank of China Ltd. 4,880,800 2,032
  PetroChina Co. Ltd. 1,290,000 1,924
  Tencent Holdings Ltd. 50,800 1,589
  China Life Insurance Co. Ltd. 471,000 1,254
  China Petroleum & Chemical Corp. 1,121,319 1,191
  Ping An Insurance Group Co. 126,095 1,047
  China Shenhua Energy Co. Ltd. 226,500 1,000
  Hengan International Group Co. Ltd. 81,500 861
  China Unicom Hong Kong Ltd. 467,574 818
  Belle International Holdings Ltd. 337,000 658
  Agricultural Bank of China Ltd. 1,222,500 578
  Tsingtao Brewery Co. Ltd. 91,675 554
  China Overseas Land & Investment Ltd. 244,480 528
  China Telecom Corp. Ltd. 936,034 502
  China Merchants Bank Co. Ltd. 195,131 421
  Want Want China Holdings Ltd. 332,000 405
  China Citic Bank Corp. Ltd. 592,010 375
  Lenovo Group Ltd. 390,000 373
  Tingyi Cayman Islands Holding Corp. 130,000 345
  Hangzhou Steam Turbine Co. Class B 239,464 328
  China Minsheng Banking Corp. Ltd. 306,300 317

 

8

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Bank of Communications Co. Ltd. 407,058 313
  China Pacific Insurance Group Co. Ltd. 92,000 298
  Inner Mongolia Yitai Coal Co. Class B 50,700 289
  Digital China Holdings Ltd. 152,000 287
  China Communications Construction Co. Ltd. 279,375 278
  China National Building Material Co. Ltd. 206,000 276
  PICC Property & Casualty Co. Ltd. 218,600 272
  Dongfeng Motor Group Co. Ltd. 134,000 262
  China Resources Land Ltd. 134,000 256
* SINA Corp. 3,900 228
  Kunlun Energy Co. Ltd. 128,000 225
  Yanzhou Coal Mining Co. Ltd. 106,000 222
  China Coal Energy Co. Ltd. 193,000 221
  Anhui Conch Cement Co. Ltd. 66,000 220
  China Resources Enterprise Ltd. 60,000 217
  China Shanshui Cement Group Ltd. 267,000 215
  China Mengniu Dairy Co. Ltd. 68,000 209
* Sun Art Retail Group Ltd. 151,579 201
  China State Construction International Holdings Ltd. 218,000 200
  China Merchants Holdings International Co. Ltd. 62,000 200
* Alibaba.com Ltd. 114,500 196
  China Resources Power Holdings Co. Ltd. 99,400 181
  Beijing Enterprises Holdings Ltd. 32,000 179
  Yuexiu Property Co. Ltd. 799,200 178
  Dah Chong Hong Holdings Ltd. 166,000 176
  Jiangxi Copper Co. Ltd. 71,000 171
^ Evergrande Real Estate Group Ltd. 296,000 170
  China Shipping Development Co. Ltd. 256,000 165
  China COSCO Holdings Co. Ltd. 276,500 159
^ Guangzhou R&F Properties Co. Ltd. 117,400 156
  Citic Pacific Ltd. 91,000 149
  China Gas Holdings Ltd. 294,000 146
  ENN Energy Holdings Ltd. 40,000 140
  COSCO Pacific Ltd. 96,000 139
* Brilliance China Automotive Holdings Ltd. 126,000 136
  Parkson Retail Group Ltd. 117,500 130
  Guangzhou Automobile Group Co. Ltd. 117,857 130
  Zhejiang Southeast Electric Power Co. Class B 245,800 129
  China Oilfield Services Ltd. 80,000 129
* Foshan Huaxin Packaging Co. Ltd. Class B 266,600 128
  China BlueChemical Ltd. 176,000 125
  Shenzhen Chiwan Petroleum Class B 108,200 125
^ Zoomlion Heavy Industry Science and Technology Co. Ltd. 80,180 119
  Aluminum Corp. of China Ltd. 243,331 117
  Great Wall Motor Co. Ltd. 54,250 116
  Zhejiang Expressway Co. Ltd. 160,000 115
  China International Marine Containers Group Co. Ltd. Class B 77,000 113
  Country Garden Holdings Co. Ltd. 261,000 113
^ GOME Electrical Appliances Holding Ltd. 620,720 112
  Yantai Changyu Pioneer Wine Co. Ltd. Class B 9,718 103
  Zijin Mining Group Co. Ltd. 313,301 102
  China Agri-Industries Holdings Ltd. 136,000 99
* Sohu.com Inc. 1,900 98
  Sinopharm Group Co. Ltd. 37,600 98
^ GCL-Poly Energy Holdings Ltd. 382,000 98
  Sino-Ocean Land Holdings Ltd. 209,500 97
  Great Wall Technology Co. Ltd. 410,000 95
  Weiqiao Textile Co. 191,000 94
  Shimao Property Holdings Ltd. 71,500 94
^,* Byd Co. Ltd. 35,500 93
  Longfor Properties Co. Ltd. 58,500 92
  Shandong Weigao Group Medical Polymer Co. Ltd. 80,000 92
*,1 New China Life Insurance Co. Ltd. 20,100 91
  Kingboard Chemical Holdings Ltd. 32,500 91

 

9

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Huaneng Power International Inc. 152,000 90
  BBMG Corp. 103,500 89
  China Vanke Co. Ltd. Class B 66,500 89
  Agile Property Holdings Ltd. 68,000 88
  Shanghai Industrial Holdings Ltd. 26,000 87
^ China Yurun Food Group Ltd. 68,000 86
  Weichai Power Co. Ltd. 18,000 84
  Air China Ltd. 116,000 84
  China Resources Cement Holdings Ltd. 106,000 84
  Guangdong Investment Ltd. 112,000 82
  Soho China Ltd. 106,000 82
  Zhuzhou CSR Times Electric Co. Ltd. 29,000 82
  China Railway Construction Corp. Ltd. 102,626 81
* China Taiping Insurance Holdings Co. Ltd. 38,800 81
  CSR Corp. Ltd. 98,000 79
  Golden Eagle Retail Group Ltd. 30,000 78
  Shanghai Electric Group Co. Ltd. 152,000 76
  Geely Automobile Holdings Ltd. 205,000 76
  Nine Dragons Paper Holdings Ltd. 91,000 75
  China Railway Group Ltd. 184,000 73
  MGM China Holdings Ltd. 38,800 72
  KWG Property Holding Ltd. 108,500 71
  Poly Hong Kong Investments Ltd. 136,000 71
  ZTE Corp. 29,212 71
  Intime Department Store Group Co. Ltd. 54,000 68
* Chongqing Rural Commercial Bank 146,000 67
  Datang International Power Generation Co. Ltd. 188,000 67
  China Everbright Ltd. 42,000 66
  Vinda International Holdings Ltd. 37,000 66
  Shui On Land Ltd. 154,500 65
* China Shipping Container Lines Co. Ltd. 199,000 64
  Wumart Stores Inc. 28,000 64
  Zhaojin Mining Industry Co. Ltd. 45,500 63
  Fosun International Ltd. 106,500 63
  Jiangsu Expressway Co. Ltd. 64,000 63
  China Longyuan Power Group Corp. 80,000 63
  China Resources Gas Group Ltd. 32,000 62
^,*,1 CITIC Securities Co. Ltd. 28,000 59
  Dongyue Group 71,000 53
  Anta Sports Products Ltd. 52,000 51
  Skyworth Digital Holdings Ltd. 124,000 50
* China Southern Airlines Co. Ltd. 88,000 39
  Huabao International Holdings Ltd. 106,000 38
  Guangzhou Pharmaceutical Co. Ltd. 14,000 14
* Chaoda Modern Agriculture Holdings Ltd. 132,000 13
* Kingboard Chemical Holdings Ltd. Warrants Exp. 10/31/2012 2,200 —
      42,240
Colombia (0.1%)    
  Ecopetrol SA 232,253 751
  BanColombia SA ADR 7,498 509
  BanColombia SA 19,781 324
  Grupo de Inversiones Suramericana SA 11,712 212
  Almacenes Exito SA 11,369 184
  Inversiones Argos SA 17,157 166
  Cementos Argos SA 16,029 111
  Interconexion Electrica SA ESP 15,254 99
  Corp Financiera Colombiana SA 4,429 86
      2,442
Czech Republic (0.0%)    
  CEZ AS 12,643 510
  Komercni Banka AS 748 137
  Telefonica Czech Republic AS 3,549 72
      719

 

10

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Denmark (0.5%)    
  Novo Nordisk A/S Class B 26,050 3,840
* Danske Bank A/S 48,000 780
  Coloplast A/S Class B 3,750 694
  AP Moeller - Maersk A/S Class B 85 666
  Carlsberg A/S Class B 5,872 507
  Novozymes A/S 14,012 368
  AP Moeller - Maersk A/S Class A 34 254
  DSV A/S 10,501 239
  GN Store Nord A/S 18,498 208
* Sydbank A/S 11,263 196
  FLSmidth & Co. A/S 2,395 169
* Topdanmark A/S 979 168
* Jyske Bank A/S 5,146 161
  Auriga Industries Class B 9,594 127
* William Demant Holding A/S 1,178 111
^,* Vestas Wind Systems A/S 11,842 104
  H Lundbeck A/S 2,918 59
  Tryg A/S 1,023 57
      8,708
Egypt (0.1%)    
  Orascom Construction Industries GDR 13,802 609
  Sidi Kerir Petrochemicals Co. 79,618 162
  National Societe Generale Bank SAE 31,405 148
  Commercial International Bank Egypt SAE 28,753 121
  Telecom Egypt Co. 55,015 118
  Alexandria Mineral Oils Co. 7,392 106
  Orascom Telecom Holding SAE GDR 30,107 84
* Talaat Moustafa Group 84,619 59
  Egyptian Kuwaiti Holding Co. SAE 50,301 56
* Orascom Telecom Media And Technology Holding SAE GDR 30,107 34
      1,497
Finland (0.4%)    
^ Nokia Oyj 200,750 727
  Wartsila OYJ Abp 13,369 542
  Sampo Oyj 20,323 541
  Metso Oyj 10,329 444
  UPM-Kymmene Oyj 34,420 442
  Fortum Oyj 19,372 417
  Kone Oyj Class B 6,732 417
  Nokian Renkaat Oyj 8,436 400
  Outotec Oyj 4,872 262
  Orion Oyj Class B 12,656 258
^ Elisa Oyj 10,310 232
  Stora Enso Oyj 31,384 215
* Outokumpu Oyj 123,288 200
  YIT Oyj 8,516 183
  Huhtamaki Oyj 11,387 181
  Sponda Oyj 44,471 179
^ Konecranes Oyj 5,372 164
  Pohjola Bank plc Class A 14,770 159
  Amer Sports Oyj 10,003 142
^ Tieto Oyj 8,018 141
  Cargotec Oyj Class B 3,191 110
^ Kesko Oyj Class B 3,410 91
  Neste Oil Oyj 6,334 75
      6,522
France (3.3%)    
  Total SA 115,935 5,565
  Sanofi 67,650 5,167
^ LVMH Moet Hennessy Louis Vuitton SA 18,867 3,130
  Danone 33,559 2,363
  BNP Paribas SA 55,159 2,226
  GDF Suez 86,270 1,986

 

11

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Schneider Electric SA 29,825 1,837
^ L'Oreal SA 15,119 1,820
  Air Liquide SA 13,594 1,749
  AXA SA 120,744 1,716
  Vinci SA 31,900 1,480
  France Telecom SA 101,034 1,385
  Pernod-Ricard SA 13,117 1,361
  Cie de St-Gobain 28,715 1,206
  Vivendi SA 61,952 1,146
  ArcelorMittal 63,915 1,110
  European Aeronautic Defence and Space Co. NV 26,615 1,052
  Societe Generale SA 41,819 990
  Unibail-Rodamco SE 5,187 971
^ PPR 5,032 842
  Cie Generale d'Optique Essilor International SA 9,554 842
  Hermes International 2,330 824
  Carrefour SA 38,424 772
  Technip SA 6,303 716
  Alstom SA 19,264 689
  Societe BIC SA 5,319 586
  Christian Dior SA 3,761 567
  Legrand SA 15,790 533
  Cie Generale des Etablissements Michelin 6,862 513
  Lafarge SA 12,959 507
  Sodexo 6,160 491
  Renault SA 10,389 473
  Accor SA 12,551 434
  Vallourec SA 6,923 417
  Veolia Environnement SA 27,552 403
  Publicis Groupe SA 7,491 387
  Safran SA 10,403 386
  SES SA 15,260 366
  Edenred 11,340 362
  Havas SA 62,394 353
  Arkema SA 3,952 350
  Gemalto NV 4,531 338
^ Bouygues SA 12,180 332
  Cap Gemini SA 7,689 300
  SCOR SE 11,327 299
  Credit Agricole SA 57,923 298
  Suez Environnement Co. 21,109 298
  Dassault Systemes SA 2,997 291
  Eutelsat Communications SA 8,124 289
  Bureau Veritas SA 2,867 255
* Alcatel-Lucent 165,513 255
  Zodiac Aerospace 2,156 237
  Lagardere SCA 7,785 236
  Groupe Eurotunnel SA 27,185 229
* Casino Guichard Perrachon SA 2,266 223
  Electricite de France SA 10,371 220
* Cie Generale de Geophysique - Veritas 7,594 218
  AtoS 3,172 204
  STMicroelectronics NV 34,957 201
  Valeo SA 4,048 199
  Metropole Television SA 12,110 186
  Peugeot SA 15,267 183
  Nexans SA 3,624 182
  Saft Groupe SA 6,516 180
  Remy Cointreau SA 1,558 174
  Imerys SA 3,027 172
  Eurazeo 3,261 167
^ Klepierre 4,982 158
^ Bourbon SA 5,273 154
  Wendel SA 2,019 151

 

12

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Orpea 4,455 149
  Teleperformance SA 5,376 144
^ Eiffage SA 4,209 143
  Iliad SA 1,098 141
  Thales SA 4,011 139
  Natixis 45,078 137
  Aeroports de Paris 1,562 131
  Neopost SA 2,222 128
  Societe Immobiliere de Location pour l'Industrie et le Commerce 1,206 127
  Eramet 929 124
  Rubis 2,205 120
  CFAO SA 2,684 116
  CNP Assurances 8,083 113
^ Fonciere Des Regions 1,422 110
  Etablissements Maurel et Prom 6,590 110
  SEB SA 1,286 103
  Faurecia 4,590 99
  Societe de la Tour Eiffel 1,872 98
* ICADE 1,132 96
* JCDecaux SA 3,224 92
  Gecina SA 920 85
^ Societe Television Francaise 1 8,145 79
  Rexel SA 3,756 79
  BioMerieux 917 75
  Mercialys SA 2,574 51
      59,491
Germany (2.9%)    
  Siemens AG 48,382 4,491
^ BASF SE 49,241 4,054
  SAP AG 48,930 3,245
^ Bayer AG 44,500 3,136
  Daimler AG 54,709 3,027
  Allianz SE 23,254 2,594
^ E.ON AG 100,391 2,273
  Deutsche Bank AG 50,001 2,171
  Deutsche Telekom AG 171,661 1,935
  Volkswagen AG Prior Pfd. 8,964 1,699
  Bayerische Motoren Werke AG 16,024 1,524
^ Muenchener Rueckversicherungs AG 9,764 1,418
  RWE AG 28,992 1,246
^ Linde AG 6,775 1,160
  Deutsche Post AG 60,399 1,128
  Deutsche Boerse AG 14,511 911
  Adidas AG 10,569 882
  Fresenius Medical Care AG & Co. KGaA 11,958 849
  Porsche Automobil Holding SE Prior Pfd. 11,093 678
^ HeidelbergCement AG 12,129 667
  Henkel AG & Co. KGaA Prior Pfd. 8,758 652
  Fresenius SE & Co. KGaA 6,318 631
* K&S AG 11,112 555
  ThyssenKrupp AG 22,861 542
  Infineon Technologies AG 49,826 496
* Commerzbank AG 216,244 468
  Henkel AG & Co. KGaA 6,286 385
^ Continental AG 3,968 385
  Merck KGaA 3,177 349
  Lanxess AG 4,223 336
^ Beiersdorf AG 4,671 328
  Brenntag AG 2,610 325
  Metro AG 9,626 311
  GEA Group AG 9,374 310
  Deutsche Euroshop AG 8,453 308
* Kabel Deutschland Holding AG 4,633 292
^ MAN SE 2,228 282

 

13

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Aurubis AG 5,039 280
  Fuchs Petrolub AG Prior Pfd. 4,378 261
  MTU Aero Engines Holding AG 3,038 256
* QIAGEN NV 15,162 251
  Symrise AG 7,946 230
  Douglas Holding AG 4,962 228
  ProSiebenSat.1 Media AG Prior Pfd. 8,363 212
  Volkswagen AG 1,178 201
^ Hannover Rueckversicherung AG 3,238 196
  Rhoen Klinikum AG 6,770 190
  Gerry Weber International AG 4,199 178
  Hochtief AG 3,010 177
  Hugo Boss AG Prior Pfd. 1,484 166
  Bilfinger Berger SE 1,777 163
  Freenet AG 8,860 154
  Leoni AG 2,998 154
  Deutsche Lufthansa AG 11,416 149
  Deutsche Wohnen AG 10,045 148
  Wincor Nixdorf AG 3,793 147
  Stada Arzneimittel AG 4,389 146
  Aixtron SE NA 7,290 133
  Fraport AG Frankfurt Airport Services Worldwide 1,948 127
  United Internet AG 6,177 122
  Wirecard AG 6,518 121
^ Axel Springer AG 2,547 116
  Software AG 3,294 115
^,* SGL Carbon SE 2,453 112
  Salzgitter AG 2,138 112
* Sky Deutschland AG 40,581 104
* Dialog Semiconductor plc 4,524 100
  Suedzucker AG 3,115 95
* TUI AG 12,874 94
  Puma SE 265 93
  Celesio AG 3,981 69
^ Wacker Chemie AG 788 63
  Fielmann AG 648 63
      51,569
Greece (0.0%)    
* National Bank of Greece SA ADR 90,403 206
  Coca Cola Hellenic Bottling Co. SA 7,705 153
  Hellenic Telecommunications Organization SA ADR 68,852 115
  OPAP SA 12,689 114
  Hellenic Telecommunications Organization SA 32,375 106
      694
Hong Kong (1.3%)    
1 AIA Group Ltd. 609,158 2,156
  Hutchison Whampoa Ltd. 175,000 1,677
  Sun Hung Kai Properties Ltd. 123,075 1,474
  Cheung Kong Holdings Ltd. 90,400 1,196
  Hong Kong Exchanges and Clearing Ltd. 69,400 1,104
  Hang Lung Group Ltd. 171,897 1,072
  Hang Seng Bank Ltd. 59,066 809
  Hong Kong & China Gas Co. Ltd. 316,280 808
  CLP Holdings Ltd. 92,500 792
  Li & Fung Ltd. 350,000 746
  BOC Hong Kong Holdings Ltd. 224,500 694
  Jardine Matheson Holdings Ltd. 14,000 693
  Power Assets Holdings Ltd. 81,500 609
  Sands China Ltd. 140,800 551
  Swire Pacific Ltd. Class A 46,352 546
  Hongkong Land Holdings Ltd. 86,000 532
  Link REIT 118,500 493
  Wharf Holdings Ltd. 80,600 478
  Bank of East Asia Ltd. 121,672 453

 

14

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Hang Lung Properties Ltd. 100,000 368
  Jardine Strategic Holdings Ltd. 11,000 353
  Henderson Land Development Co. Ltd. 58,000 329
  New World Development Co. Ltd. 251,000 311
  Sino Land Co. Ltd. 176,280 302
  MTR Corp. Ltd. 85,000 302
  Wynn Macau Ltd. 76,800 246
  SJM Holdings Ltd. 108,000 236
  Shangri-La Asia Ltd. 101,519 215
*,1 Galaxy Entertainment Group Ltd. 67,000 209
  Kerry Properties Ltd. 46,000 209
  Prosperity REIT 930,000 207
  Hysan Development Co. Ltd. 39,000 176
  Giordano International Ltd. 198,000 172
  Esprit Holdings Ltd. 77,831 159
  AAC Technologies Holdings Inc. 50,000 147
  First Pacific Co. Ltd. 134,400 146
  Wheelock & Co. Ltd. 42,000 142
  Cathay Pacific Airways Ltd. 83,000 140
  Wing Hang Bank Ltd. 12,000 127
  Yue Yuen Industrial Holdings Ltd. 38,000 127
  Cheung Kong Infrastructure Holdings Ltd. 21,000 124
  ASM Pacific Technology Ltd. 9,200 124
* G-Resources Group Ltd. 1,914,000 123
  Luk Fook Holdings International Ltd. 42,000 119
  Television Broadcasts Ltd. 15,000 110
  PCCW Ltd. 292,000 108
  VTech Holdings Ltd. 9,600 107
  Swire Properties Ltd. 32,446 89
  Orient Overseas International Ltd. 13,000 89
  Xinyi Glass Holdings Ltd. 136,000 87
  Lifestyle International Holdings Ltd. 37,500 87
  NWS Holdings Ltd. 57,500 86
  Seaspan Corp. 5,000 84
  Hopewell Holdings Ltd. 30,000 80
  Techtronic Industries Co. 55,000 66
* Foxconn International Holdings Ltd. 79,000 37
* HKT Trust / HKT Ltd. 12,694 10
      23,036
Hungary (0.0%)    
* MOL Hungarian Oil and Gas plc 3,778 312
  OTP Bank plc 17,106 300
  Richter Gedeon Nyrt 763 132
^,* FHB Mortgage Bank plc 48,942 129
      873
India (1.1%)    
  Infosys Ltd. ADR 41,224 1,952
1 Reliance Industries Ltd. GDR 62,355 1,764
  HDFC Bank Ltd. ADR 51,113 1,755
  ITC Ltd. 308,281 1,435
  Housing Development Finance Corp. 57,403 732
  ICICI Bank Ltd. 39,465 661
  Larsen & Toubro Ltd. 23,231 539
  Bharti Airtel Ltd. 80,436 473
  Wipro Ltd. 51,353 394
  Tata Consultancy Services Ltd. 15,573 367
  Bajaj Auto Ltd. 11,495 353
  Hindustan Unilever Ltd. 43,616 345
  Axis Bank Ltd. 16,418 344
* Cairn India Ltd. 50,775 332
  Oil & Natural Gas Corp. Ltd. 63,536 325
* Tata Motors Ltd. 48,955 293
  Federal Bank Ltd. 36,038 286
  LIC Housing Finance Ltd. 57,441 283

 

15

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Yes Bank Ltd. 39,530 262
  NTPC Ltd. 81,834 252
* Genpact Ltd. 13,200 220
  Titan Industries Ltd. 48,049 212
  Coal India Ltd. 31,207 208
  State Bank of India GDR 2,330 189
  Sun Pharmaceutical Industries Ltd. 16,443 188
  Jindal Steel & Power Ltd. 19,145 183
  Lupin Ltd. 17,157 180
  Cipla Ltd. 30,059 178
  Apollo Hospitals Enterprise Ltd. 14,411 172
  Kotak Mahindra Bank Ltd. 15,566 172
  Hero Motocorp Ltd. 3,946 167
  Hindalco Industries Ltd. 72,576 166
  Petronet LNG Ltd. 61,098 160
  Power Grid Corp. of India Ltd. 75,181 158
  Bharat Heavy Electricals Ltd. 36,280 154
  Grasim Industries Ltd. 3,156 154
  Dr Reddy's Laboratories Ltd. 4,486 150
  Siemens Ltd. 10,185 150
  Mahindra & Mahindra Ltd. 10,637 143
  Ultratech Cement Ltd. 5,215 141
  Bharat Petroleum Corp. Ltd. 11,070 141
  Nestle India Ltd. 1,572 139
  Punjab National Bank 8,346 134
  Hindustan Petroleum Corp. Ltd. 21,982 126
  Canara Bank 15,022 124
  GAIL India Ltd. 19,685 123
  Infrastructure Development Finance Co. Ltd. 53,810 123
  Maruti Suzuki India Ltd. 4,727 123
  HCL Technologies Ltd. 10,847 105
  Asian Paints Ltd. 1,552 104
  Tata Steel Ltd. 11,558 101
  Infosys Ltd. 2,004 93
  DLF Ltd. 23,878 84
* Tata Power Co. Ltd. 41,810 83
  Sterlite Industries India Ltd. 40,256 81
  JSW Steel Ltd. 5,939 78
  Adani Enterprises Ltd. 13,726 73
  Colgate-Palmolive India Ltd. 3,469 73
  Sesa Goa Ltd. 20,167 72
  Rural Electrification Corp. Ltd. 17,514 69
  Reliance Infrastructure Ltd. 6,838 68
  Jaiprakash Associates Ltd. 48,036 68
  Bajaj Holdings and Investment Ltd. 4,212 67
  Cummins India Ltd. 7,352 67
  Ambuja Cements Ltd. 23,209 66
  State Bank of India 1,589 64
  Ranbaxy Laboratories Ltd. 6,690 64
  Bank of Baroda 4,248 62
  Tata Chemicals Ltd. 9,174 58
  Indian Oil Corp. Ltd. 11,142 56
* Idea Cellular Ltd. 37,340 56
  Zee Entertainment Enterprises Ltd. 22,944 55
  Adani Ports and Special Economic Zone 20,483 50
* Reliance Power Ltd. 11,690 24
      19,466
Indonesia (0.4%)    
  Astra International Tbk PT 194,503 1,498
  Bank Central Asia Tbk PT 936,728 814
  Telekomunikasi Indonesia Persero Tbk PT 529,088 488
  Bank Rakyat Indonesia Persero Tbk PT 618,878 446
  United Tractors Tbk PT 137,560 441
  Lippo Karawaci Tbk PT 3,791,500 342

 

16

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Bank Mandiri Persero Tbk PT 382,916 307
  Bumi Resources Tbk PT 1,110,500 244
  Semen Gresik Persero Tbk PT 158,000 208
  Gudang Garam Tbk PT 30,500 196
  Perusahaan Gas Negara Persero Tbk PT 499,000 181
  Kalbe Farma Tbk PT 380,000 166
  Unilever Indonesia Tbk PT 72,000 155
  Adaro Energy Tbk PT 670,500 135
  Charoen Pokphand Indonesia Tbk PT 451,000 134
  Bank Negara Indonesia Persero Tbk PT 298,130 130
  Indocement Tunggal Prakarsa Tbk PT 53,000 104
  Tambang Batubara Bukit Asam Persero Tbk PT 46,500 93
  Indofood Sukses Makmur Tbk PT 174,000 91
  Indo Tambangraya Megah Tbk PT 16,500 71
  Astra Agro Lestari Tbk PT 26,500 61
  Indosat Tbk PT 100,000 53
  Bakrie Sumatera Plantations Tbk PT 877,500 29
* Intiland Development Tbk PT 565,500 26
  AKR Corporindo Tbk PT 58,500 26
  Bisi International PT 253,500 23
  Ramayana Lestari Sentosa Tbk PT 227,500 21
* Berlian Laju Tanker Tbk PT 968,000 21
* Bakrie Telecom Tbk PT 578,500 16
  Gajah Tunggal Tbk PT 52,000 15
* Bakrie and Brothers Tbk PT 1,690,500 9
      6,544
Ireland (0.2%)    
  CRH plc 39,842 808
* Elan Corp. plc 32,798 452
  Kerry Group plc Class A 6,964 318
  DCC plc 9,739 246
* Governor & Co. of the Bank of Ireland 1,482,531 220
  C&C Group plc 41,891 210
* Ryanair Holdings plc 30,515 172
  Kingspan Group plc 13,719 144
* Kenmare Resources plc 152,754 126
  Paddy Power plc 1,847 121
* Irish Bank Resolution Corp. Ltd. 14,385 —
      2,817
Israel (0.3%)    
  Teva Pharmaceutical Industries Ltd. 49,255 2,252
* Check Point Software Technologies Ltd. 13,069 760
* Strauss Group Ltd. 27,900 337
* Mellanox Technologies Ltd. 5,372 309
  Israel Chemicals Ltd. 26,718 306
  Bank Leumi Le-Israel BM 74,996 235
  Bank Hapoalim BM 50,246 186
  Bezeq The Israeli Telecommunication Corp. Ltd. 106,087 177
* Delek Drilling - LP 42,099 153
* NICE Systems Ltd. 3,265 125
  Israel Corp. Ltd. 121 79
* Isramco Negev 2 LP 414,645 59
* Israel Discount Bank Ltd. Class A 44,295 57
  Shufersal Ltd. 1 —
      5,035
Italy (0.8%)    
  ENI SPA 145,214 3,227
  Enel SPA 353,414 1,159
  Assicurazioni Generali SPA 77,119 1,052
  Intesa Sanpaolo SPA (Registered) 630,755 956
* UniCredit SPA 230,745 920
* Telecom Italia SPA (Registered) 775,004 879
  Saipem SPA 17,122 846

 

17

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Fiat Industrial SPA 70,965 806
  Tenaris SA ADR 11,484 450
  Atlantia SPA 24,463 371
  Snam SPA 76,905 365
  Terna Rete Elettrica Nazionale SPA 90,509 336
* Telecom Italia SPA (Bearer) 297,734 279
  Luxottica Group SPA 6,782 243
* Fiat SPA 44,681 216
  Exor SPA 8,697 203
* Prada SPA 27,100 183
  ERG SPA 23,997 181
^ Banco Popolare SC 120,080 179
  Prysmian SPA 10,879 177
  Unione di Banche Italiane SCPA 46,856 174
  Tod's SPA 1,503 173
  Recordati SPA 23,910 167
  Enel Green Power SPA 102,952 166
  Mediaset SPA 67,848 162
  Autogrill SPA 13,384 133
  Pirelli & C SPA 9,768 119
  Societa Cattolica di Assicurazioni SCRL 6,209 117
* Banca Popolare dell'Emilia Romagna Scrl 18,381 113
  Banca Popolare di Sondrio SCARL 16,522 111
  Mediobanca SPA 21,979 107
  Mediolanum SPA 25,893 106
  Davide Campari-Milano SPA 14,902 105
  Banca Popolare di Milano Scarl 204,721 101
^ Banca Monte dei Paschi di Siena SPA 274,915 98
  Finmeccanica SPA 21,830 94
  A2A SPA 144,973 92
  Banca Carige SPA 45,308 47
  Tenaris SA 1,989 39
      15,252
Japan (7.1%)    
  Toyota Motor Corp. 134,230 5,500
  Mitsubishi UFJ Financial Group Inc. 772,151 3,707
  Canon Inc. 76,200 3,454
  Honda Motor Co. Ltd. 78,700 2,832
  Sumitomo Mitsui Financial Group Inc. 75,648 2,421
  Mizuho Financial Group Inc. 1,219,807 1,923
  FANUC Corp. 11,000 1,855
  Japan Tobacco Inc. 331 1,834
  NTT DoCoMo Inc. 1,073 1,832
  Komatsu Ltd. 57,300 1,649
  Mitsubishi Corp. 73,300 1,589
  Takeda Pharmaceutical Co. Ltd. 35,900 1,566
  Mitsui & Co. Ltd. 92,900 1,451
  KDDI Corp. 217 1,421
  Softbank Corp. 46,500 1,388
  Hitachi Ltd. 215,000 1,369
  Mitsubishi Estate Co. Ltd. 77,000 1,361
  Nippon Telegraph & Telephone Corp. 29,300 1,326
  Nissan Motor Co. Ltd. 120,201 1,250
  East Japan Railway Co. 19,800 1,232
  Shin-Etsu Chemical Co. Ltd. 21,088 1,217
  Inpex Corp. 178 1,175
  Denso Corp. 35,100 1,135
  Seven & I Holdings Co. Ltd. 35,300 1,069
  Panasonic Corp. 131,455 1,008
  Bridgestone Corp. 42,570 1,007
  Murata Manufacturing Co. Ltd. 17,000 972
  Kyocera Corp. 9,800 955
  ITOCHU Corp. 82,700 936
  Sony Corp. 57,700 933

 

18

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Nomura Holdings Inc. 211,900 869
  Mitsui Fudosan Co. Ltd. 47,000 861
  Tokio Marine Holdings Inc. 32,600 834
  Daito Trust Construction Co. Ltd. 9,000 809
  Mitsubishi Electric Corp. 92,000 808
  Mitsubishi Heavy Industries Ltd. 173,870 788
  Duskin Co. Ltd. 40,700 788
  Isuzu Motors Ltd. 135,000 771
  Toshiba Corp. 184,000 752
  Kao Corp. 27,900 748
  Astellas Pharma Inc. 18,400 746
  Sumitomo Realty & Development Co. Ltd. 29,846 712
  Central Japan Railway Co. 85 706
  Sumitomo Corp. 49,400 702
  Nifco Inc. 25,800 694
  Nintendo Co. Ltd. 5,100 688
  Otsuka Holdings Co. Ltd. 22,200 669
  Nippon Steel Corp. 260,000 648
  MS&AD Insurance Group Holdings 34,391 634
  Yamada Denki Co. Ltd. 9,600 623
  Dai-ichi Life Insurance Co. Ltd. 496 621
  ORIX Corp. 6,496 621
  Sumitomo Mitsui Trust Holdings Inc. 208,460 611
  Fast Retailing Co. Ltd. 2,600 581
  Kansai Electric Power Co. Inc. 39,500 573
  JX Holdings Inc. 99,407 561
  Hoya Corp. 23,100 530
* Mazda Motor Corp. 317,000 515
  Nidec Corp. 5,700 512
  JFE Holdings Inc. 27,300 511
  Toray Industries Inc. 65,000 500
  Tokyo Gas Co. Ltd. 103,000 497
^ Kintetsu Corp. 140,000 494
  Suzuki Motor Corp. 20,781 489
  Kirin Holdings Co. Ltd. 38,000 484
  Keyence Corp. 2,046 483
  Shochiku Co. Ltd. 50,000 482
  SMC Corp. 2,800 468
  Marubeni Corp. 65,628 456
  Chubu Electric Power Co. Inc. 27,600 452
  Daiichi Sankyo Co. Ltd. 26,100 448
  Taisho Pharmaceutical Holdings Co. Ltd. 5,600 448
  Nikon Corp. 15,100 448
  NKSJ Holdings Inc. 21,675 446
  Kiyo Holdings Inc. 308,000 442
  Secom Co. Ltd. 9,300 440
  Asahi Group Holdings Ltd. 19,200 432
  FUJIFILM Holdings Corp. 20,100 426
  Mochida Pharmaceutical Co. Ltd. 36,000 419
  Aeon Co. Ltd. 31,600 413
  Kissei Pharmaceutical Co. Ltd. 22,400 408
  Sumitomo Metal Mining Co. Ltd. 31,000 407
  KYORIN Holdings Inc. 21,000 403
  Tokyo Electron Ltd. 7,200 399
  Sumitomo Electric Industries Ltd. 29,400 397
  Fujitsu Ltd. 79,906 388
  Eisai Co. Ltd. 9,700 379
^ Yakult Honsha Co. Ltd. 10,100 372
  Asahi Glass Co. Ltd. 47,000 370
  Sega Sammy Holdings Inc. 17,300 363
  FP Corp. 5,500 355
  Resona Holdings Inc. 82,506 350
  Hitachi Zosen Corp. 260,000 350
  Aeon Mall Co. Ltd. 15,700 348

 

19

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Pronexus Inc. 55,800 340
  Daiwa Securities Group Inc. 87,000 329
  Asahi Kasei Corp. 52,000 321
  Kubota Corp. 33,000 319
  Daikin Industries Ltd. 11,879 314
  Terumo Corp. 6,800 312
  Daiwa House Industry Co. Ltd. 24,000 310
  West Japan Railway Co. 7,500 308
  Yaskawa Electric Corp. 34,843 303
  Sumitomo Metal Industries Ltd. 167,000 300
  Mitsubishi Chemical Holdings Corp. 55,484 292
  Hankyu Hanshin Holdings Inc. 62,000 289
  JGC Corp. 10,000 288
  Unicharm Corp. 5,100 285
  Ajinomoto Co. Inc. 22,000 284
  T&D Holdings Inc. 26,100 281
  Kuraray Co. Ltd. 19,500 278
  Sharp Corp. 43,000 275
  Fukuyama Transporting Co. Ltd. 50,000 273
  Yamato Holdings Co. Ltd. 17,700 273
  Shizuoka Bank Ltd. 26,000 272
  Electric Power Development Co. Ltd. 9,800 271
  Nitto Denko Corp. 6,600 271
  Tobu Railway Co. Ltd. 53,000 270
  Aisin Seiki Co. Ltd. 7,500 264
  Ono Pharmaceutical Co. Ltd. 4,600 260
  Odakyu Electric Railway Co. Ltd. 28,000 260
  Shiseido Co. Ltd. 14,800 259
  Yahoo Japan Corp. 861 258
  Omron Corp. 12,100 257
  Kyoritsu Maintenance Co. Ltd. 11,600 256
  Osaka Gas Co. Ltd. 63,000 255
  Bank of Yokohama Ltd. 52,000 252
  Ricoh Co. Ltd. 28,000 251
  TDK Corp. 4,800 251
  Japan Transcity Corp. 72,000 248
  Lawson Inc. 3,700 245
  Mitsubishi Kakoki Kaisha Ltd. 126,000 245
  Oriental Land Co. Ltd. 2,200 244
  Rohm Co. Ltd. 5,300 239
  Kyushu Electric Power Co. Inc. 18,000 239
  Chugoku Electric Power Co. Inc. 13,900 238
* NEC Corp. 129,000 233
  Asahi Organic Chemicals Industry Co. Ltd. 90,000 232
  Dai Nippon Printing Co. Ltd. 26,000 231
  Shimano Inc. 3,500 230
  Sumitomo Chemical Co. Ltd. 55,492 228
  JS Group Corp. 11,600 228
* Mitsubishi Motors Corp. 203,000 228
  Mitsui OSK Lines Ltd. 57,397 222
  Tokyu Corp. 47,000 220
  Shibusawa Warehouse Co. Ltd. 72,000 213
  NET One Systems Co. Ltd. 15,600 213
  Marui Group Co. Ltd. 26,800 213
  Chiba Bank Ltd. 35,000 213
  Dentsu Inc. 6,900 212
  Shikoku Electric Power Co. Inc. 8,200 212
  Fuji Heavy Industries Ltd. 28,000 211
  Fujikura Kasei Co. Ltd. 36,200 211
  Anritsu Corp. 16,000 209
* Pioneer Corp. 41,100 207
  Makita Corp. 5,400 207
  Yokohama Rubber Co. Ltd. 28,000 205
* Nippon Parking Development Co. Ltd. 3,744 202

 

20

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Credit Saison Co. Ltd. 9,400 202
  Nippon Valqua Industries Ltd. 72,000 201
  Benesse Holdings Inc. 4,000 199
* Tokyo Electric Power Co. Inc. 79,400 198
  Chugai Pharmaceutical Co. Ltd. 11,000 198
  Hakuto Co. Ltd. 20,200 196
  Nippon Yusen KK 66,000 195
  Tohoku Electric Power Co. Inc. 18,600 195
  Nomura Research Institute Ltd. 8,500 195
  NTT Data Corp. 56 194
  Kawasaki Heavy Industries Ltd. 64,000 192
  JTEKT Corp. 17,400 191
  JSR Corp. 9,600 189
  Keikyu Corp. 22,000 189
  Sekisui Chemical Co. Ltd. 21,000 189
  Olympus Corp. 11,900 187
  Toyo Wharf & Warehouse Co. Ltd. 108,000 186
  Stanley Electric Co. Ltd. 12,000 184
  Mitsubishi Materials Corp. 61,340 183
  Toppan Printing Co. Ltd. 27,000 183
  Japan Pure Chemical Co. Ltd. 72 181
  Keio Corp. 25,000 181
  Toyota Industries Corp. 6,400 181
  OJI Paper Co. Ltd. 39,000 179
  Fukuoka Financial Group Inc. 43,000 179
  Sekisui House Ltd. 19,000 176
  Shionogi & Co. Ltd. 13,500 176
  Brother Industries Ltd. 13,100 176
  Dena Co. Ltd. 5,600 176
  J Front Retailing Co. Ltd. 34,000 175
  Yamaha Motor Co. Ltd. 13,000 174
  FamilyMart Co. Ltd. 3,900 174
  Konami Corp. 6,000 174
  UNY Co. Ltd. 14,900 173
  Nissin Foods Holdings Co. Ltd. 4,600 173
  Kourakuen Corp. 11,200 172
  Taisei Lamick Co. Ltd. 5,400 170
  Isetan Mitsukoshi Holdings Ltd. 15,400 168
  Hirose Electric Co. Ltd. 1,600 168
  Fujikura Ltd. 53,000 165
  Kobe Steel Ltd. 115,000 164
  Konica Minolta Holdings Inc. 20,000 162
  NGK Insulators Ltd. 13,000 162
  Trend Micro Inc. 5,300 161
  Rinnai Corp. 2,200 160
  Nissan Chemical Industries Ltd. 17,500 159
  Nippon Express Co. Ltd. 41,000 155
  Koito Manufacturing Co. Ltd. 10,000 155
  Sumitomo Heavy Industries Ltd. 30,000 155
  Nippon Electric Glass Co. Ltd. 19,000 154
  Daihatsu Motor Co. Ltd. 8,000 151
^ Casio Computer Co. Ltd. 22,700 151
  Wacoal Holdings Corp. 13,000 151
  Joyo Bank Ltd. 34,000 148
  Zappallas Inc. 139 148
  Santen Pharmaceutical Co. Ltd. 3,500 146
  Hokuriku Electric Power Co. 8,500 145
  Sony Financial Holdings Inc. 8,800 144
  Shinsei Bank Ltd. 111,000 143
^ Kawasaki Kisen Kaisha Ltd. 68,000 143
  Toyobo Co. Ltd. 105,000 143
  IHI Corp. 59,000 143
  Nitori Holdings Co. Ltd. 1,550 143
  TonenGeneral Sekiyu KK 15,000 140

 

21

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Toho Co. Ltd. (Kobe) 36,000 140
  MEIJI Holdings Co. Ltd. 3,117 138
  NSK Ltd. 20,000 137
  THK Co. Ltd. 6,800 136
  All Nippon Airways Co. Ltd. 46,000 135
  Ibiden Co. Ltd. 6,600 135
  Advantest Corp. 8,000 133
  Yushiro Chemical Industry Co. Ltd. 12,600 133
  Gree Inc. 4,900 133
  Ezaki Glico Co. Ltd. 11,000 132
  Sankyo Co. Ltd. 2,700 130
  Sojitz Corp. 77,248 130
  Sotetsu Holdings Inc. 42,000 130
  Nisshin Steel Co. Ltd. 92,000 129
  Toyota Tsusho Corp. 6,500 129
  Nisshin Seifun Group Inc. 10,500 128
  Teijin Ltd. 38,000 128
  Japan Petroleum Exploration Co. 2,800 128
  USS Co. Ltd. 1,250 127
  Toho Gas Co. Ltd. 21,000 127
  Kyowa Hakko Kirin Co. Ltd. 12,000 126
  Kurita Water Industries Ltd. 5,100 125
  Mitsubishi Gas Chemical Co. Inc. 19,000 124
  NOK Corp. 6,000 123
  Namco Bandai Holdings Inc. 8,600 123
  DIC Corp. 59,000 123
  Dainippon Sumitomo Pharma Co. Ltd. 12,100 121
  Keihan Electric Railway Co. Ltd. 26,000 121
  Hokkaido Electric Power Co. Inc. 8,500 119
  Hamamatsu Photonics KK 3,000 119
  Toyo Seikan Kaisha Ltd. 8,900 118
  Kansai Paint Co. Ltd. 11,000 118
  Shimizu Corp. 31,000 118
  Toho Co. Ltd. (Tokyo) 6,500 116
  MediPal Holdings Corp. 9,200 116
  Keisei Electric Railway Co. Ltd. 15,000 116
  Mitsui Chemicals Inc. 40,000 116
  Obayashi Corp. 27,000 114
  Shimamura Co. Ltd. 1,000 113
  Taiheiyo Cement Corp. 47,000 112
  Showa Denko KK 50,000 111
  Hisamitsu Pharmaceutical Co. Inc. 2,500 111
  Mitsubishi Tanabe Pharma Corp. 8,000 111
  Bank of Kyoto Ltd. 13,000 110
  Amada Co. Ltd. 16,000 109
  Chiyoda Corp. 9,000 108
  Iyo Bank Ltd. 13,000 108
  Kajima Corp. 37,000 105
  Daido Steel Co. Ltd. 17,000 105
  Toyo Suisan Kaisha Ltd. 4,000 103
* Kenedix Inc. 569 102
  Nippon Meat Packers Inc. 8,000 102
  Taisei Corp. 40,000 102
  Tokyu Land Corp. 21,000 101
  Chugoku Bank Ltd. 8,000 101
  Air Water Inc. 8,000 101
  Sanrio Co. Ltd. 2,292 101
  Kagome Co. Ltd. 5,000 101
  Suruga Bank Ltd. 10,000 100
  Hitachi Metals Ltd. 8,000 100
  Kewpie Corp. 6,600 99
  Mitsubishi UFJ Lease & Finance Co. Ltd. 2,380 99
  Takashimaya Co. Ltd. 13,000 99
  Hachijuni Bank Ltd. 18,000 98

 

22

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Shimadzu Corp. 11,000 98
  Taiyo Nippon Sanso Corp. 14,000 97
  TOTO Ltd. 13,000 96
  Nippon Chemiphar Co. Ltd. 18,000 96
  Dowa Holdings Co. Ltd. 15,000 96
  Don Quijote Co. Ltd. 2,600 95
  Miraca Holdings Inc. 2,400 95
  Hakuhodo DY Holdings Inc. 1,510 94
  NHK Spring Co. Ltd. 9,000 94
  Kikkoman Corp. 8,000 94
  Hyakujushi Bank Ltd. 22,000 94
  Alfresa Holdings Corp. 2,000 92
  Nippon Paint Co. Ltd. 12,000 92
  Gunma Bank Ltd. 18,000 91
  Nagoya Railroad Co. Ltd. 34,000 91
  Hitachi Chemical Co. Ltd. 4,900 91
  Hitachi Construction Machinery Co. Ltd. 4,200 91
  Nippon Shokubai Co. Ltd. 8,000 90
  Ube Industries Ltd. 35,000 90
  Seiko Epson Corp. 6,700 89
  Hiroshima Bank Ltd. 22,000 89
  Citizen Holdings Co. Ltd. 14,200 89
  Denki Kagaku Kogyo KK 23,000 89
  Daicel Corp. 14,000 89
  Aoyama Trading Co. Ltd. 4,300 89
  Sumida Corp. 14,800 88
  Hokuhoku Financial Group Inc. 50,000 87
  Aozora Bank Ltd. 34,000 87
  Asics Corp. 8,000 86
  Minebea Co. Ltd. 19,000 86
  Nippon Paper Group Inc. 4,300 86
  Yamaguchi Financial Group Inc. 10,000 86
  SBI Holdings Inc. 1,064 86
  Park24 Co. Ltd. 6,200 85
  Japan Steel Works Ltd. 14,000 85
  Hino Motors Ltd. 12,000 85
  Maruichi Steel Tube Ltd. 3,800 84
  Yokogawa Electric Corp. 8,700 84
  Idemitsu Kosan Co. Ltd. 900 83
* Sumco Corp. 7,800 83
  Mitsumi Electric Co. Ltd. 9,900 82
  Aeon Credit Service Co. Ltd. 4,700 82
  Kamigumi Co. Ltd. 10,000 80
  Nishi-Nippon City Bank Ltd. 30,000 79
  Sumitomo Rubber Industries Ltd. 5,700 78
  Zeon Corp. 9,000 78
  Cosmo Oil Co. Ltd. 28,000 78
  Tsumura & Co. 2,900 77
  GS Yuasa Corp. 15,000 77
  Yamato Kogyo Co. Ltd. 2,700 77
  Mitsubishi Logistics Corp. 7,000 77
  Lion Corp. 13,000 75
  Yamazaki Baking Co. Ltd. 5,000 74
  Sumitomo Osaka Cement Co. Ltd. 24,000 73
  Mitsui Mining & Smelting Co. Ltd. 29,000 73
  Dainippon Screen Manufacturing Co. Ltd. 8,000 72
  Autobacs Seven Co. Ltd. 1,500 72
  NTN Corp. 19,000 72
  Yamaha Corp. 7,400 72
  Nanto Bank Ltd. 16,000 72
  NGK Spark Plug Co. Ltd. 5,000 71
  K's Holdings Corp. 2,342 70
  Nisshinbo Holdings Inc. 8,000 70
  Toda Corp. 22,000 70

 

23

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Nippon Kayaku Co. Ltd. 7,000 70
  Kinden Corp. 10,000 69
  Seino Holdings Corp. 10,000 69
  Ebara Corp. 17,000 69
  Itochu Techno-Solutions Corp. 1,500 68
  Takara Holdings Inc. 10,000 68
  Furukawa Electric Co. Ltd. 25,000 68
  Ushio Inc. 5,200 68
  Mabuchi Motor Co. Ltd. 1,600 67
  Hoshizaki Electric Co. Ltd. 2,782 67
  Rengo Co. Ltd. 9,000 66
  Nishi-Nippon Railroad Co. Ltd. 14,000 66
  Senshu Ikeda Holdings Inc. 49,000 65
  Ryohin Keikaku Co. Ltd. 1,200 65
  Nomura Real Estate Holdings Inc. 3,700 65
  Fuji Electric Co. Ltd. 24,000 64
  Rohto Pharmaceutical Co. Ltd. 5,000 64
  Nabtesco Corp. 3,000 64
  Sawai Pharmaceutical Co. Ltd. 600 63
  Shimachu Co. Ltd. 2,800 63
  Kobayashi Pharmaceutical Co. Ltd. 1,200 60
* Haseko Corp. 83,500 60
  Sumitomo Forestry Co. Ltd. 6,900 60
  Ito En Ltd. 3,300 60
  Sapporo Holdings Ltd. 17,000 59
  Nichirei Corp. 13,000 59
  Capcom Co. Ltd. 2,500 57
  Komeri Co. Ltd. 2,000 56
^ Nippon Sheet Glass Co. Ltd. 42,742 55
  Tosoh Corp. 20,000 55
  Suzuken Co. Ltd. 1,800 54
  Taiyo Yuden Co. Ltd. 5,000 53
  Awa Bank Ltd. 9,000 53
  Sapporo Hokuyo Holdings Inc. 14,900 52
  Sumitomo Bakelite Co. Ltd. 10,000 52
  Shiga Bank Ltd. 9,000 51
  Azbil Corp. 2,400 51
  Glory Ltd. 2,300 49
  Kaneka Corp. 8,000 49
  77 Bank Ltd. 12,000 48
  Kokuyo Co. Ltd. 6,300 47
^ Kakaku.com Inc. 1,492 46
  COMSYS Holdings Corp. 4,500 45
  MISUMI Group Inc. 1,700 40
  Higo Bank Ltd. 7,000 39
  Tokyo Steel Manufacturing Co. Ltd. 4,800 36
  Showa Shell Sekiyu KK 5,600 35
* SFCG Co. Ltd. 120 —
      129,239
Malaysia (0.6%)    
  Malayan Banking Bhd. 303,915 865
  Public Bank Bhd. (Foreign) 185,711 838
  Sime Darby Bhd. 238,600 767
  CIMB Group Holdings Bhd. 295,742 723
  Axiata Group Bhd. 328,566 576
  Genting Bhd. 143,700 490
  DiGi.Com Bhd. 361,800 481
  IOI Corp. Bhd. 252,940 436
  Petronas Chemicals Group Bhd. 170,689 367
  Multi-Purpose Holdings Bhd. 361,700 319
  Berjaya Corp. Bhd. 1,062,000 280
  AMMB Holdings Bhd. 118,900 245
  Maxis Bhd. 119,000 240
  Kuala Lumpur Kepong Bhd. 28,800 225

 

24

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Dialog Group Bhd. 294,600 219
  Petronas Gas Bhd. 39,100 217
  Genting Malaysia Bhd. 160,700 203
  AirAsia Bhd. 182,000 200
  PPB Group Bhd. 32,700 181
  Tenaga Nasional Bhd. 65,050 138
  YTL Corp. Bhd. 257,500 138
  British American Tobacco Malaysia Bhd. 7,500 138
  Gamuda Bhd. 103,800 122
  IJM Corp. Bhd. 66,860 121
  UMW Holdings Bhd. 46,400 120
  Hong Leong Bank Bhd. 29,400 119
  Petronas Dagangan Bhd. 16,200 104
  Telekom Malaysia Bhd. 49,500 88
  Alliance Financial Group Bhd. 63,600 83
  YTL Power International Bhd. 144,037 82
  Berjaya Sports Toto Bhd. 52,700 75
  Genting Plantations Bhd. 20,100 62
* Bumi Armada Bhd. 46,600 61
  MMC Corp. Bhd. 68,800 60
* Kencana Petroleum Bhd. 52,700 57
  SapuraCrest Petroleum Bhd. 33,900 57
  RHB Capital Bhd. 23,300 57
  IGB Corp. Bhd. 59,300 54
  Lafarge Malayan Cement Bhd. 22,500 53
  Parkson Holdings Bhd. 29,000 50
  Media Prima Bhd. 56,300 47
  Kulim Malaysia Bhd. 33,800 47
  Bursa Malaysia Bhd. 21,100 47
* UEM Land Holdings Bhd. 68,800 46
  DRB-Hicom Bhd. 51,300 43
  Malaysia Marine and Heavy Engineering Holdings Bhd. 25,400 42
  Public Bank Bhd. (Local) 1,614 7
* Dialog Group Bhd. Warrants Exp. 02/12/2017 24,550 5
      9,995
Mexico (0.7%)    
  America Movil SAB de CV 2,476,714 3,303
  Grupo Mexico SAB de CV Class B 479,027 1,478
  Wal-Mart de Mexico SAB de CV 419,200 1,199
  Fomento Economico Mexicano SAB de CV 133,971 1,089
  Grupo Televisa SAB 158,200 693
  Grupo Financiero Banorte SAB de CV 140,114 679
* Cemex SAB de CV 683,800 493
  Industrias Penoles SAB de CV 7,835 366
* Coca-Cola Femsa SAB de CV 29,900 318
  Grupo Bimbo SAB de CV Class A 119,200 284
  Grupo Elektra SA de CV 3,860 239
  Grupo Modelo SAB de CV 32,400 229
  Grupo Financiero Inbursa SA 101,800 223
  Alfa SAB de CV Class A 15,360 219
  Grupo Aeroportuario del Sureste SAB de CV Class B 22,800 186
* Minera Frisco SAB de CV 36,063 156
  Compartamos SAB de CV 113,500 138
  Mexichem SAB de CV 36,815 137
  Kimberly-Clark de Mexico SAB de CV Class A 58,200 119
* Genomma Lab Internacional SAB de CV Class B 65,200 115
  Grupo Carso SAB de CV 31,700 106
  Grupo Aeroportuario del Pacifico SAB de CV Class B 24,600 96
* Cemex SAB de CV ADR 4,338 31
      11,896

 

25

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Mongolia (0.0%)    
* Mongolian Mining Corp. 68,000 55
 
Morocco (0.0%)    
  Maroc Telecom SA 10,163 155
  Douja Promotion Groupe Addoha SA 6,322 47
      202
Netherlands (0.8%)    
  Unilever NV 83,819 2,871
* ING Groep NV 208,912 1,474
  ASML Holding NV 21,728 1,106
  Koninklijke Philips Electronics NV 53,280 1,060
  Koninklijke Ahold NV 57,319 728
* Aegon NV 155,504 723
  Akzo Nobel NV 13,276 712
  Koninklijke KPN NV 78,897 708
  Heineken NV 12,836 703
  Koninklijke DSM NV 7,772 446
  Reed Elsevier NV 33,491 395
  Fugro NV 4,050 296
  Heineken Holding NV 5,692 264
  Wolters Kluwer NV 14,756 255
  Nutreco NV 3,430 249
  Randstad Holding NV 7,165 248
  TNT Express NV 19,925 242
* AerCap Holdings NV 20,800 241
  Eurocommercial Properties NV 6,705 235
  Wereldhave NV 3,024 213
  Aalberts Industries NV 11,049 212
  Corio NV 4,496 201
  Imtech NV 6,822 193
  ASM International NV 4,505 160
  SBM Offshore NV 8,679 158
  Delta Lloyd NV 9,104 154
  Koninklijke Vopak NV 2,347 151
  Koninklijke Boskalis Westminster NV 4,074 149
* NXP Semiconductor NV 5,100 132
  CSM 8,640 122
  PostNL NV 21,098 92
* Yandex NV Class A 3,000 71
      14,964
New Zealand (0.1%)    
  Telecom Corp. of New Zealand Ltd. 127,699 274
  SKYCITY Entertainment Group Ltd. 62,137 195
  Fletcher Building Ltd. 33,929 173
  Fisher & Paykel Healthcare Corp. Ltd. 60,548 110
  Auckland International Airport Ltd. 49,663 103
  Contact Energy Ltd. 20,633 82
* Chorus Ltd. 19,522 54
      991
Norway (0.4%)    
  Statoil ASA 66,638 1,788
  Telenor ASA 39,781 731
  Seadrill Ltd. 18,602 721
^ DNB ASA 66,881 721
  Yara International ASA 12,481 612
* Subsea 7 SA 21,847 566
  Orkla ASA 46,126 339
  Schibsted ASA 8,485 324
  ProSafe SE 29,784 233
* Petroleum Geo-Services ASA 15,290 231
  TGS Nopec Geophysical Co. ASA 7,210 209
  Storebrand ASA 43,997 198
^ Statoil Fuel & Retail ASA 21,830 196

 

26

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Norsk Hydro ASA 39,531 193
  Aker Solutions ASA 10,413 177
^ Tomra Systems ASA 17,994 140
  Marine Harvest ASA 235,229 121
  Gjensidige Forsikring ASA 10,295 116
  Kongsberg Gruppen AS 5,233 101
* DNO International ASA 62,230 99
* Algeta ASA 3,980 94
      7,910
Panama (0.0%)    
  Copa Holdings SA Class A 2,600 211
 
Peru (0.1%)    
  Cia de Minas Buenaventura SA ADR 15,693 648
  Southern Copper Corp. 13,069 430
  Credicorp Ltd. 2,800 366
  Volcan Cia Minera SAA Class B 97,133 117
      1,561
Philippines (0.1%)    
  DMCI Holdings Inc. 163,800 231
  Alliance Global Group Inc. 742,000 216
  Metro Pacific Investments Corp. 1,962,000 208
  Energy Development Corp. 1,362,900 190
  SM Investments Corp. 10,589 175
  Semirara Mining Corp. Class A 29,190 174
  Aboitiz Equity Ventures Inc. 120,640 145
  Ayala Land Inc. 273,700 138
  Universal Robina Corp. 87,240 134
  International Container Terminal Services Inc. 77,100 124
  Philippine Long Distance Telephone Co. 1,950 119
  Bank of the Philippine Islands 65,738 114
  Aboitiz Power Corp. 127,720 103
  Philex Mining Corp. 157,700 93
  SM Prime Holdings Inc. 225,000 89
  Ayala Corp. 7,200 73
  Metropolitan Bank & Trust 30,377 65
  Vista Land & Lifescapes Inc. 351,000 36
  First Philippine Holdings Corp. 22,360 34
  Filinvest Land Inc. 780,000 25
* First Gen Corp. 54,600 18
  Manila Water Co. Inc. 29,900 18
      2,522
Poland (0.1%)    
  KGHM Polska Miedz SA 10,455 462
  Powszechny Zaklad Ubezpieczen SA 3,814 386
  Powszechna Kasa Oszczednosci Bank Polski SA 30,146 323
  Bank Pekao SA 4,719 223
  Synthos SA 108,677 210
* Polski Koncern Naftowy Orlen SA 15,849 185
  Telekomunikacja Polska SA 32,995 173
  PGE SA 28,757 172
* Kernel Holding SA 7,186 159
  Asseco Poland SA 9,655 144
  Tauron Polska Energia SA 71,228 106
  Polskie Gornictwo Naftowe i Gazownictwo SA 62,724 81
  ING Bank Slaski SA 1,926 49
  Enea SA 6,122 32
      2,705
Portugal (0.1%)    
  EDP - Energias de Portugal SA 148,488 425
  Jeronimo Martins SGPS SA 12,845 240
  Portugal Telecom SGPS SA 38,810 209
  Galp Energia SGPS SA Class B 12,291 193
* Banco Espirito Santo SA 95,375 81

 

27

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Brisa Auto-Estradas de Portugal SA 22,477 79
* EDP Renovaveis SA 16,165 69
  Cimpor Cimentos de Portugal SGPS SA 9,189 67
* Banco Comercial Portugues SA 355,327 50
      1,413
Russia (0.7%)    
  Lukoil OAO ADR 40,022 2,462
  Gazprom OAO ADR 160,412 1,858
  Sberbank of Russia 440,369 1,414
  Gazprom OAO 164,357 947
  Rosneft Oil Co. GDR 127,224 911
  Surgutneftegas OJSC ADR 73,807 739
  Tatneft ADR 15,900 590
  NovaTek OAO 45,005 580
  Uralkali OJSC 62,019 468
  MMC Norilsk Nickel OJSC ADR 23,169 412
  Mobile Telesystems OJSC 49,242 391
  Rostelecom OJSC 76,503 356
  VTB Bank OJSC GDR 63,801 268
  AK Transneft OAO Prior Pfd. 112 210
  Federal Hydrogenerating Co. JSC 5,735,242 203
* IDGC Holding JSC 1,756,655 161
  Sberbank of Russia ADR 11,810 153
  Severstal OAO 9,297 127
  Federal Grid Co. Unified Energy System JSC 13,443,105 123
* E.ON Russia JSC 975,900 88
  Raspadskaya OAO 23,201 77
  Novolipetsk Steel OJSC 31,469 68
  Inter Rao Ues OAO 38,841,200 36
  Magnitogorsk Iron & Steel Works 71,731 30
  TMK OAO 8,946 28
  Mosenergo OAO 410,351 25
  Rosneft Oil Co. 3,288 24
      12,749
Singapore (0.7%)    
  Singapore Telecommunications Ltd. 394,000 991
  DBS Group Holdings Ltd. 80,000 899
  United Overseas Bank Ltd. 55,000 853
  Oversea-Chinese Banking Corp. Ltd. 118,000 852
  Fraser and Neave Ltd. 147,864 839
  Keppel Corp. Ltd. 75,313 670
  Suntec REIT 514,000 543
  Wilmar International Ltd. 131,173 514
  Mapletree Logistics Trust 540,000 427
* Genting Singapore plc 300,000 418
  CapitaLand Ltd. 160,500 379
  Noble Group Ltd. 345,272 328
  Singapore Exchange Ltd. 59,311 320
  City Developments Ltd. 35,000 286
  Singapore Airlines Ltd. 32,134 277
  Jardine Cycle & Carriage Ltd. 7,000 266
  Golden Agri-Resources Ltd. 430,831 255
  Singapore Press Holdings Ltd. 79,000 253
  SATS Ltd. 99,000 208
* Biosensors International Group Ltd. 176,000 189
  Frasers Commercial Trust 252,000 187
  SembCorp Industries Ltd. 44,231 180
  Venture Corp. Ltd. 25,500 177
  Singapore Technologies Engineering Ltd. 70,000 170
  SembCorp Marine Ltd. 41,389 169
  CapitaMall Trust 116,600 169
^,* LionGold Corp. Ltd. 198,000 165
  Sakari Resources Ltd. 99,000 157
  Ascendas REIT 93,000 156

 

28

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Cityspring Infrastructure Trust 486,000 155
  Ascott Residence Trust 162,000 146
  Olam International Ltd. 78,545 143
  Cambridge Industrial Trust 306,000 134
  ComfortDelGro Corp. Ltd. 105,000 130
  CapitaCommercial Trust 102,810 107
  Keppel Land Ltd. 35,600 91
  Yangzijiang Shipbuilding Holdings Ltd. 91,036 86
  UOL Group Ltd. 22,000 80
  CapitaMalls Asia Ltd. 64,000 79
  AIMS AMP Capital Industrial REIT 65,000 63
  Cache Logistics Trust 65,000 54
  StarHub Ltd. 21,000 54
  Singapore Post Ltd. 42,000 35
  Tat Hong Holdings Ltd. 39,000 33
  Keppel Telecommunications & Transportation Ltd. 26,000 24
* Synear Food Holdings Ltd. 143,000 14
  First Ship Lease Trust 78,000 12
* Golden Agri-Resources Ltd. Warrants Exp. 07/23/2012 18,588 3
      12,740
South Africa (1.0%)    
  MTN Group Ltd. 93,319 1,632
  Sasol Ltd. 34,148 1,624
  Naspers Ltd. 19,985 1,206
  Standard Bank Group Ltd. 72,956 1,078
  Impala Platinum Holdings Ltd. 36,069 704
  AngloGold Ashanti Ltd. 19,490 668
  Gold Fields Ltd. 48,336 619
  FirstRand Ltd. 184,564 600
  Shoprite Holdings Ltd. 31,182 539
  Sanlam Ltd. 104,150 449
  Barloworld Ltd. 34,201 431
  Remgro Ltd. 22,238 377
* Brait SE 118,246 371
  Mondi Ltd. 40,113 370
  Bidvest Group Ltd. 15,516 367
  Steinhoff International Holdings Ltd. 94,984 347
  ABSA Group Ltd. 14,723 303
  Kumba Iron Ore Ltd. 4,249 301
  Nedbank Group Ltd. 12,778 279
  Woolworths Holdings Ltd. 42,011 263
  Aspen Pharmacare Holdings Ltd. 15,988 258
  Tiger Brands Ltd. 7,036 258
  Anglo American Platinum Ltd. 3,894 253
  Vodacom Group Ltd. 17,759 247
  Truworths International Ltd. 22,705 243
  RMB Holdings Ltd. 52,311 226
  Imperial Holdings Ltd. 10,390 226
  Growthpoint Properties Ltd. 82,596 223
  Harmony Gold Mining Co. Ltd. 22,866 222
  Foschini Group Ltd. 12,603 209
  African Bank Investments Ltd. 39,732 199
  MMI Holdings Ltd. 87,944 198
  Clicks Group Ltd. 31,738 191
  Mr Price Group Ltd. 12,558 170
  Lewis Group Ltd. 17,093 166
  Life Healthcare Group Holdings Ltd. 43,856 152
  Exxaro Resources Ltd. 5,423 145
  City Lodge Hotels Ltd. 13,176 144
  Spar Group Ltd. 8,795 138
  Netcare Ltd. 71,041 128
  Mpact Ltd. 55,494 122
  Aveng Ltd. 23,619 121
  Massmart Holdings Ltd. 5,422 117

 

29

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Vukile Property Fund Ltd. 57,708 116
  Pretoria Portland Cement Co. Ltd. 28,961 116
  Aquarius Platinum Ltd. 51,167 108
  Nampak Ltd. 37,138 107
  AVI Ltd. 17,248 107
  African Rainbow Minerals Ltd. 4,170 97
* Sappi Ltd. 26,807 97
  Discovery Holdings Ltd. 12,990 86
  Mediclinic International Ltd. 16,738 85
  Capital Property Fund 70,278 84
  Liberty Holdings Ltd. 7,250 82
  Reunert Ltd. 8,701 81
  Investec Ltd. 13,480 77
  Pick n Pay Stores Ltd. 13,309 77
  Northam Platinum Ltd. 16,296 70
  Telkom SA Ltd. 22,107 68
  Aeci Ltd. 5,872 67
  Pick'n Pay Holdings Ltd. 26,672 67
  Tongaat Hulett Ltd. 4,835 65
  Adcock Ingram Holdings Ltd. 7,708 60
  ArcelorMittal South Africa Ltd. 6,579 50
  Astral Foods Ltd. 3,140 50
  Sun International Ltd. 4,518 48
  JD Group Ltd. 6,633 41
* Royal Bafokeng Platinum Ltd. 3,464 27
  Emira Property Fund 9,139 15
  SA Corporate Real Estate Fund Nominees Pty Ltd. 31,889 14
      18,846
South Korea (2.2%)    
1 Samsung Electronics Co. Ltd. GDR 17,186 10,488
  POSCO ADR 27,000 2,248
  Hyundai Motor Co. 8,130 1,919
  Shinhan Financial Group Co. Ltd. ADR 25,009 1,739
  KB Financial Group Inc. ADR 31,604 1,072
  Kia Motors Corp. 14,241 1,045
  Hyundai Mobis 3,493 944
  Hyundai Heavy Industries Co. Ltd. 2,875 714
  SK Hynix Inc. 26,210 646
  Samsung C&T Corp. 8,769 593
  LG Chem Ltd. 2,304 576
  NHN Corp. 2,285 517
  SK Innovation Co. Ltd. 3,035 420
  Samsung Heavy Industries Co. Ltd. 11,300 413
  Hana Financial Group Inc. 12,090 412
  Samsung Fire & Marine Insurance Co. Ltd. 2,066 394
^ LG Electronics Inc. 5,865 362
  S-Oil Corp. 4,064 348
  SK Telecom Co. Ltd. ADR 24,893 337
  Samsung Engineering Co. Ltd. 1,692 320
  LG Household & Health Care Ltd. 607 318
  LG Display Co. Ltd. 13,260 293
  Samsung Electro-Mechanics Co. Ltd. 2,915 280
  KT Corp. 10,809 280
  Samsung Techwin Co. Ltd. 4,554 277
1 Samsung Life Insurance Co. Ltd. 3,123 276
  Hyundai Engineering & Construction Co. Ltd. 4,199 264
  Samsung SDI Co. Ltd. 1,754 251
* Korea Electric Power Corp. 12,940 248
  E-Mart Co. Ltd. 1,033 245
  Macquarie Korea Infrastructure Fund 50,030 245
  KT&G Corp. 3,566 245
  Orion Corp. 308 244
  Hankook Tire Co. Ltd. 5,640 238
  Korea Zinc Co. Ltd. 719 232

 

30

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  NCSoft Corp. 860 222
  Cheil Industries Inc. 2,571 219
  LG Corp. 4,303 218
^ OCI Co. Ltd. 1,142 215
  Woori Finance Holdings Co. Ltd. 20,480 214
  SK Telecom Co. Ltd. 1,752 210
  Amorepacific Corp. 217 208
  Hotel Shilla Co. Ltd. 4,390 205
  Honam Petrochemical Corp. 811 194
  SK Holdings Co. Ltd. 1,769 188
  Taekwang Industrial Co. Ltd. 199 181
  Hyundai Steel Co. 2,044 177
  Kangwon Land Inc. 8,250 177
  Mando Corp. 1,061 169
  LG International Corp. 3,990 163
  Samsung Securities Co. Ltd. 3,698 163
  Daelim Industrial Co. Ltd. 1,733 160
  CJ CheilJedang Corp. 481 159
  Daewoo Securities Co. Ltd. 15,611 157
  Hyundai Department Store Co. Ltd. 1,104 155
  Doosan Corp. 1,259 153
  Hyundai Hysco Co. Ltd. 4,320 152
  SK Chemicals Co. Ltd. 2,877 143
  Dongbu Insurance Co. Ltd. 3,520 140
  GS Engineering & Construction Corp. 1,852 137
  Lotte Shopping Co. Ltd. 432 134
  Seah Besteel Corp. 3,350 133
  Hyundai Marine & Fire Insurance Co. Ltd. 5,200 133
  Woongjin Coway Co. Ltd. 4,010 128
* Taihan Electric Wire Co. Ltd. 44,560 122
^ Celltrion Inc. 4,298 121
  GS Holdings 2,210 115
  Samsung Electronics Co. Ltd. 93 114
  Korean Reinsurance Co. 8,965 108
  LS Corp. 1,593 106
  Doosan Heavy Industries & Construction Co. Ltd. 2,251 106
  Korea Exchange Bank 13,940 105
  Poongsan Corp. 3,950 104
  AMOREPACIFIC Group 409 103
  Daewoo Shipbuilding & Marine Engineering Co. Ltd. 3,630 101
  Dongkuk Steel Mill Co. Ltd. 6,470 100
  Kumho Petro chemical Co. Ltd. 1,046 98
  Korea Investment Holdings Co. Ltd. 2,800 96
  LG Fashion Corp. 2,820 94
  Hanwha Corp. 3,610 92
  BS Financial Group Inc. 8,980 92
  Industrial Bank of Korea 8,280 91
  Hyosung Corp. 1,749 89
  Hyundai Merchant Marine Co. Ltd. 3,431 87
  Korea Life Insurance Co. Ltd. 14,380 87
  SK C&C Co. Ltd. 1,040 86
  Cheil Worldwide Inc. 4,925 85
* Doosan Infracore Co. Ltd. 4,540 84
  SFA Engineering Corp. 1,773 84
  Shinsegae Co. Ltd. 381 83
  Kolon Industries Inc. 1,501 83
  Hanjin Shipping Co. Ltd. 6,025 82
  DGB Financial Group Inc. 7,040 82
  STX Pan Ocean Co. Ltd. 15,030 78
  Mirae Asset Securities Co. Ltd. 2,540 77
  S1 Corp. 1,520 76
  Lotte Confectionery Co. Ltd. 49 74
  Woori Investment & Securities Co. Ltd. 7,482 73
  Hyundai Securities Co. Ltd. 8,830 72

 

31

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Hyundai Mipo Dockyard 669 72
  Hyundai Development Co. 3,350 70
  Korean Air Lines Co. Ltd. 1,778 70
  Hyundai Glovis Co. Ltd. 355 69
  Daewoo International Corp. 2,399 69
  KCC Corp. 267 68
  Hanwha Chem Corp. 3,460 68
  LG Uplus Corp. 13,460 66
  Hanjin Shipping Holdings Co. Ltd. 10,320 65
  LG Innotek Co. Ltd. 895 64
* Dongbu HiTek Co. Ltd. 9,040 64
  Hyundai Elevator Co. Ltd. 708 63
  Daum Communications Corp. 630 59
* Ssangyong Motor Co. 10,890 58
  Yuhan Corp. 622 58
  Samsung Card Co. Ltd. 1,892 58
  Samsung Fine Chemicals Co. Ltd. 1,100 53
  NongShim Co. Ltd. 261 52
  CJ O Shopping Co. Ltd. 311 49
  Lotte Chilsung Beverage Co. Ltd. 42 47
* Daewoo Engineering & Construction Co. Ltd. 5,350 44
  CJ Corp. 601 41
* Hyundai Securities Co. Ltd. Prior Pfd. 3,554 27
      39,054
Spain (0.9%)    
  Telefonica SA 232,108 3,389
  Banco Santander SA 463,762 2,912
  Banco Bilbao Vizcaya Argentaria SA 291,950 1,976
  Inditex SA 12,914 1,164
  Repsol YPF SA 56,500 1,086
  Iberdrola SA 232,181 1,082
  Amadeus IT Holding SA 18,282 374
  Ferrovial SA 27,950 312
  Abertis Infraestructuras SA 19,525 302
  Gas Natural SDG SA 20,394 284
* Grifols SA 11,187 282
^ Banco de Sabadell SA 114,347 271
  Acerinox SA 18,830 230
^ ACS Actividades de Construccion y Servicios SA 12,264 225
  Viscofan SA 4,624 209
^ Banco Popular Espanol SA 65,397 209
^ CaixaBank 57,171 197
  Obrascon Huarte Lain SA 7,021 178
  Ebro Foods SA 9,535 169
  Construcciones y Auxiliar de Ferrocarriles SA 305 163
  Enagas SA 9,208 162
* Distribuidora Internacional de Alimentacion SA 33,564 161
^ Banco Espanol de Credito SA 41,090 154
  Prosegur Cia de Seguridad SA 2,619 150
  Mapfre SA 45,955 133
  Bolsas y Mercados Espanoles SA 5,285 124
  Red Electrica Corp. SA 2,458 107
  Zardoya Otis SA 8,308 102
  Abengoa SA 5,630 86
  Bankinter SA 19,240 86
  Acciona SA 1,341 83
  Endesa SA 4,566 82
^ Gamesa Corp. Tecnologica SA 29,281 80
  Indra Sistemas SA 7,342 76
  Corp Financiera Alba 1,675 65
  Fomento de Construcciones y Contratas SA 2,553 44
      16,709
Sweden (1.1%)    
  Nordea Bank AB 200,989 1,779

 

32

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Telefonaktiebolaget LM Ericsson Class B 155,440 1,541
  Volvo AB Class B 86,403 1,199
^ Sandvik AB 68,836 1,088
  Hennes & Mauritz AB Class B 26,763 918
  Svenska Handelsbanken AB Class A 27,765 899
  Swedbank AB Class A 48,366 798
  Scania AB Class B 35,231 720
  Skandinaviska Enskilda Banken AB Class A 104,798 706
  TeliaSonera AB 91,249 608
  Boliden AB 37,127 597
^ SKF AB 24,898 590
^ Atlas Copco AB Class A 24,207 576
^ Atlas Copco AB Class B 25,220 530
^ Assa Abloy AB Class B 17,424 507
  Svenska Cellulosa AB Class B 28,276 448
^ Swedish Match AB 10,346 421
  Electrolux AB Class B 18,735 418
^ Investor AB Class B 20,673 412
  Tele2 AB 20,144 383
^ Skanska AB Class B 19,565 319
^ Alfa Laval AB 15,972 319
  Getinge AB 11,221 301
  Volvo AB Class A 21,356 296
  Hufvudstaden AB Class A 26,208 282
^ Wallenstam AB 27,091 270
  Hexagon AB Class B 13,042 264
^ Trelleborg AB Class B 22,507 258
* Lundin Petroleum AB 12,224 243
  Castellum AB 19,036 241
  Investment AB Kinnevik 11,653 237
  Fabege AB 27,387 231
  NCC AB Class B 11,503 226
  SSAB AB Class A 20,338 207
^ Ratos AB 16,909 198
  Modern Times Group AB Class B 3,926 191
  Industrivarden AB 11,808 181
  Elekta AB Class B 3,475 176
  Husqvarna AB 30,089 173
  BE Group AB 46,170 163
  SSAB AB Class B 16,740 148
  Meda AB Class A 14,902 147
  Securitas AB Class B 16,049 147
  Industrivarden AB Class A 7,976 128
  Nibe Industrier AB Class B 5,534 87
  Holmen AB 3,229 86
      20,657
Switzerland (2.8%)    
  Nestle SA 178,555 10,943
  Novartis AG 126,729 6,997
  Roche Holding AG 35,814 6,545
* UBS AG 198,878 2,484
  ABB Ltd. 117,583 2,143
  Zurich Insurance Group AG 7,333 1,797
  Syngenta AG 4,948 1,735
  Cie Financiere Richemont SA 27,510 1,703
  Credit Suisse Group AG 64,590 1,545
  Swiss Re AG 23,979 1,506
  Swatch Group AG (Bearer) 2,195 1,014
  Holcim Ltd. 15,088 941
  SGS SA 259 501
  Givaudan SA 482 468
  Geberit AG 2,057 435
  Swisscom AG 1,078 401
  Julius Baer Group Ltd. 10,294 395

 

33

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Kuehne & Nagel International AG 2,974 362
  Adecco SA 6,903 337
^,* BB Biotech AG 3,625 300
  Allreal Holding AG 1,779 279
1 Synthes Inc. 1,604 277
  Lindt & Spruengli AG Regular 7 274
  Sonova Holding AG 2,435 269
  Mobimo Holding AG 1,069 260
  Sulzer AG 1,764 254
  Galenica AG 352 240
  Georg Fischer AG 527 234
  Helvetia Holding AG 641 230
  Forbo Holding AG 312 226
  Aryzta AG 4,378 220
* Dufry AG 1,598 217
* Swisscanto CH Real Estate Fund Ifca 1,659 215
  PSP Swiss Property AG 2,382 214
  Actelion Ltd. 5,024 213
  Swatch Group AG (Registered) 2,637 211
  OC Oerlikon Corp. AG 20,163 199
  Bucher Industries AG 989 196
* Clariant AG 15,224 194
  Baloise Holding AG 2,470 191
  Schroder ImmoPLUS 153 189
  Transocean Ltd. 3,614 181
  EMS-Chemie Holding AG 903 178
  Swiss Prime Site AG 2,099 175
  Swiss Life Holding AG 1,585 162
  Partners Group Holding AG 836 159
  Kaba Holding AG Class B 398 156
  Lindt & Spruengli AG 47 153
  Valiant Holding 1,213 147
^,* Logitech International SA 14,375 147
* Panalpina Welttransport Holding AG 1,420 139
  Flughafen Zuerich AG 364 136
  GAM Holding AG 10,209 131
  Pargesa Holding SA 1,930 129
  Sika AG 60 127
  Schindler Holding AG 949 123
  Lonza Group AG 2,682 121
  Straumann Holding AG 697 116
  Barry Callebaut AG 106 102
  Banque Cantonale Vaudoise 177 100
  Schindler Holding AG (Registered) 714 91
  Nobel Biocare Holding AG 6,490 80
* Bank Sarasin & Cie AG Class B 2,526 78
* Kudelski SA 6,259 46
* BKW SA 807 31
      50,362
Taiwan (1.6%)    
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR 323,312 5,037
  Hon Hai Precision Industry Co. Ltd. 517,671 1,628
  Chunghwa Telecom Co. Ltd. ADR 46,876 1,452
  Advanced Semiconductor Engineering Inc. ADR 202,017 1,024
  Formosa Chemicals & Fibre Corp. 302,130 872
  Formosa Plastics Corp. 292,840 828
  Nan Ya Plastics Corp. 369,330 758
  Cathay Financial Holding Co. Ltd. 685,804 721
  HTC Corp. 47,491 713
  Chinatrust Financial Holding Co. Ltd. 1,026,026 650
  Fubon Financial Holding Co. Ltd. 613,256 635
  United Microelectronics Corp. 1,180,180 617
  Highwealth Construction Corp. 329,000 549
  China Steel Corp. 550,366 546

 

34

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Delta Electronics Inc. 184,641 545
  MediaTek Inc. 62,118 535
  Siliconware Precision Industries Co. 359,030 423
  Asustek Computer Inc. 39,169 394
  Quanta Computer Inc. 143,450 375
  AU Optronics Corp. ADR 79,118 355
  Uni-President Enterprises Corp. 229,144 355
  Mega Financial Holding Co. Ltd. 423,300 333
  TSRC Corp. 135,000 325
  Clevo Co. 194,000 301
  WPG Holdings Ltd. 218,000 296
  Formosa Petrochemical Corp. 95,140 295
  Taiwan Mobile Co. Ltd. 82,800 267
  Simplo Technology Co. Ltd. 34,000 259
  Compal Electronics Inc. 224,323 257
* Yuanta Financial Holding Co. Ltd. 503,990 240
  Cheng Shin Rubber Industry Co. Ltd. 94,950 235
  AU Optronics Corp. 520,000 234
  Catcher Technology Co. Ltd. 36,310 231
  Taiwan Cement Corp. 188,210 223
  Far Eastern New Century Corp. 190,643 214
  Powertech Technology Inc. 126,000 214
  Tripod Technology Corp. 73,000 214
  President Chain Store Corp. 38,952 208
  Phison Electronics Corp. 29,000 205
  Foxconn Technology Co. Ltd. 56,922 199
  Ruentex Industries Ltd. 108,000 187
  Far Eastern Department Stores Co. Ltd. 174,000 186
  Synnex Technology International Corp. 79,189 185
  First Financial Holding Co. Ltd. 290,674 173
  China Life Insurance Co. Ltd. 195,000 173
  Far EasTone Telecommunications Co. Ltd. 79,000 171
  Nan Kang Rubber Tire Co. Ltd. 117,000 171
  Hua Nan Financial Holdings Co. Ltd. 299,582 165
  China Petrochemical Development Corp. 162,000 163
  MStar Semiconductor Inc. 27,522 163
  Radiant Opto-Electronics Corp. 38,000 159
  Acer Inc. 134,583 153
* Chimei Innolux Corp. 369,294 152
  Hiwin Technologies Corp. 16,000 150
  Asia Cement Corp. 122,580 147
  China Development Financial Holding Corp. 578,752 146
* Taiwan Cooperative Financial Holding 236,581 145
  Wistron Corp. 96,063 143
  Lite-On Technology Corp. 115,244 140
  Taishin Financial Holding Co. Ltd. 335,478 129
  SinoPac Financial Holdings Co. Ltd. 368,179 125
  Pegatron Corp. 84,954 122
* TPK Holding Co. Ltd. 10,000 122
  Pou Chen Corp. 140,524 120
  Inventec Corp. 305,850 117
  Wintek Corp. 175,000 113
  Chang Hwa Commercial Bank 196,200 108
  Epistar Corp. 43,000 104
  Yulon Motor Co. Ltd. 61,000 97
  Taiwan Fertilizer Co. Ltd. 39,000 93
  Unimicron Technology Corp. 80,000 90
  E Ink Holdings Inc. 79,000 86
  Waterland Financial Holdings Co. Ltd. 249,164 85
  E.Sun Financial Holding Co. Ltd. 159,130 84
* Shin Kong Financial Holding Co. Ltd. 283,339 84
  KGI Securities Co. Ltd. 181,524 83
  Advantech Co. Ltd. 24,216 82
  Teco Electric and Machinery Co. Ltd. 109,000 80

 

35

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Taiwan Glass Industry Corp. 79,765 79
  Largan Precision Co. Ltd. 5,020 79
* Inotera Memories Inc. 295,000 77
  Novatek Microelectronics Corp. 23,025 69
* Hotai Motor Co. Ltd. 10,000 63
  Chicony Electronics Co. Ltd. 32,145 62
  Giant Manufacturing Co. Ltd. 11,881 59
  Walsin Lihwa Corp. 204,000 59
  Macronix International 176,721 58
  Formosa Taffeta Co. Ltd. 60,000 57
  Advanced Semiconductor Engineering Inc. 54,097 54
  Genius Electronic Optical Co. Ltd. 8,000 54
  Eva Airways Corp. 83,323 50
* Taiwan Business Bank 128,242 39
* Tatung Co. Ltd. GDR 621 3
      29,620
Thailand (0.4%)    
  Electricity Generating PCL (Foreign) 194,600 620
  Siam Makro PCL (Foreign) 43,800 544
  Advanced Info Service PCL (Foreign) 59,100 352
  PTT PCL (Foreign) 30,300 346
  Central Pattana PCL 201,400 328
  Siam Commercial Bank PCL (Foreign) 64,700 325
  Kasikornbank PCL (Foreign) 57,600 304
  CP ALL PCL (Foreign) 116,500 289
  PTT Exploration & Production PCL (Foreign) 42,000 242
  BEC World PCL (Foreign) 125,200 209
  Airports of Thailand PCL (Foreign) 102,800 207
  Thai Union Frozen Products PCL (Foreign) 84,350 200
* Regional Container Lines PCL 669,600 193
  Bank of Ayudhya PCL (Foreign) 208,000 191
  Big C Supercenter PCL 27,900 172
  IRPC PCL (Foreign) 1,079,400 153
  PTT Global Chemical PCL 69,515 152
  Siam Cement PCL (Foreign) 10,600 144
  Bangkok Bank PCL (Foreign) 21,698 137
  Thoresen Thai Agencies PCL 215,000 134
  Thai Oil PCL (Foreign) 55,800 122
  TMB Bank PCL 2,050,600 113
* PTT Exploration and Production PCL (Local) 19,200 111
* CP ALL PCL (Local) 43,200 107
  Banpu PCL 5,600 101
  Thai Airways International PCL (Foreign) 104,374 91
* Siam Commercial Bank PCL (Local) 17,800 89
  Krung Thai Bank PCL (Foreign) 135,700 79
* Krung Thai Bank PCL 98,200 57
* Total Access Communication PCL (Local) 17,600 47
* TMB Bank PCL 851,700 47
* Samart Corp. PCL 131,300 41
  Siam City Cement PCL (Foreign) 3,800 41
  Total Access Communication PCL (Foreign) 13,700 37
* Thai Stanley Electric PCL 5,200 32
* Thaicom PCL 41,600 21
* Thai Oil PCL 9,300 20
* IRPC PCL 129,200 18
* CalComp Electronics Thailand PCL 193,700 18
* Thoresen Thai Agencies PCL 28,800 18
* Bangkok Expressway PCL 23,400 18
* Thai Vegetable Oil PCL 21,600 16
* Precious Shipping PCL 24,700 13
* Thai Union Frozen Products PCL (Foreign) Rights Exp. 05/18/2012 16,870 13
  Delta Electronics Thai PCL (Foreign) 14,200 11
      6,523

 

36

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Turkey (0.2%)    
  Haci Omer Sabanci Holding AS (Bearer) 140,690 585
* Turkcell Iletisim Hizmetleri AS 98,262 489
* Turkiye Garanti Bankasi AS 63,566 234
  Akbank TAS 61,198 227
  Anadolu Efes Biracilik Ve Malt Sanayii AS 14,928 210
  Ulker Biskuvi Sanayi AS 68,054 206
  KOC Holding AS 51,241 190
  Turkiye Is Bankasi 72,489 166
  Is Gayrimenkul Yatirim Ortakligi AS 244,800 163
  Coca-Cola Icecek AS 10,490 148
  BIM Birlesik Magazalar AS 3,484 145
* Vestel Elektronik Sanayi ve Ticaret AS 107,997 133
* Aksigorta AS 122,256 131
  Turkiye Halk Bankasi AS 18,528 130
  Eregli Demir ve Celik Fabrikalari TAS 86,767 120
  Turk Telekomunikasyon AS 26,366 116
  Tupras Turkiye Petrol Rafinerileri AS 4,598 96
* Yapi ve Kredi Bankasi AS 43,504 81
  Turkiye Vakiflar Bankasi Tao 38,230 69
* Turk Hava Yollari 42,344 65
  Enka Insaat ve Sanayi AS 18,081 57
  Aygaz AS 12,065 56
* Zorlu Enerji Elektrik Uretim AS 17,576 16
      3,833
United Kingdom (8.0%)    
  HSBC Holdings plc 961,987 8,684
  Royal Dutch Shell plc Class A 209,035 7,455
  Vodafone Group plc 2,644,922 7,321
  BP plc 1,011,623 7,308
  GlaxoSmithKline plc 268,494 6,203
  British American Tobacco plc 102,643 5,265
  Royal Dutch Shell plc Class B 143,461 5,250
  BG Group plc 187,557 4,425
  Rio Tinto plc 74,477 4,175
  BHP Billiton plc 111,903 3,602
  Standard Chartered plc 135,022 3,301
  Diageo plc 126,117 3,181
  AstraZeneca plc 68,072 2,983
  Anglo American plc 68,933 2,664
  SABMiller plc 59,069 2,483
  Unilever plc 68,021 2,324
  Barclays plc 636,011 2,252
  Xstrata plc 115,472 2,218
  Imperial Tobacco Group plc 53,304 2,132
  TESCO plc 407,802 2,101
  Reckitt Benckiser Group plc 35,531 2,068
  National Grid plc 189,217 2,043
  Prudential plc 132,080 1,619
  BT Group plc 427,348 1,462
  Tullow Oil plc 55,668 1,389
  Centrica plc 261,993 1,304
  Rolls-Royce Holdings plc 94,569 1,264
  IMI plc 69,480 1,116
* Lloyds Banking Group plc 2,195,475 1,102
  Reed Elsevier plc 104,594 866
  SSE plc 39,069 838
  Shire plc 25,319 825
  Aviva plc 161,926 810
  Compass Group plc 75,967 794
  WPP plc 56,744 768
  BAE Systems plc 156,567 750
  British Sky Broadcasting Group plc 64,426 709
  Experian plc 44,048 696

 

37

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Pearson plc 35,336 666
  Fresnillo plc 24,460 623
  Burberry Group plc 25,559 616
  Legal & General Group plc 308,875 590
* Old Mutual plc 243,159 584
  ARM Holdings plc 67,619 572
  Kingfisher plc 116,734 551
  WM Morrison Supermarkets plc 115,734 527
  Glencore International plc 73,798 511
  Land Securities Group plc 42,782 505
  Wolseley plc 13,026 496
  Next plc 10,130 482
  Marks & Spencer Group plc 79,010 458
  Aggreko plc 12,277 449
  J Sainsbury plc 89,447 447
  Smith & Nephew plc 43,272 426
  Johnson Matthey plc 10,804 406
  InterContinental Hotels Group plc 17,005 405
  Randgold Resources Ltd. 4,559 405
  Weir Group plc 14,374 398
  Aberdeen Asset Management plc 85,032 391
  Standard Life plc 105,576 383
  Antofagasta plc 19,828 382
* Royal Bank of Scotland Group plc 950,157 375
  International Power plc 54,545 369
  British Land Co. plc 46,198 367
  Petrofac Ltd. 12,790 361
  Carnival plc 10,675 347
  Severn Trent plc 12,225 335
  Smiths Group plc 19,300 335
  Intertek Group plc 8,170 334
  Capita plc 30,381 327
  AMEC plc 17,155 317
  RSA Insurance Group plc 185,170 316
  G4S plc 69,575 316
  Associated British Foods plc 15,455 306
  Rexam plc 43,664 305
  Travis Perkins plc 17,796 304
  Sage Group plc 64,654 300
  Informa plc 43,540 293
  Bunzl plc 17,400 289
  Mondi plc 31,077 289
  United Utilities Group plc 28,733 288
  Whitbread plc 9,006 282
  ITV plc 205,383 279
  Greene King plc 33,392 277
  Tate & Lyle plc 23,926 268
  UBM plc 27,705 265
  Meggitt plc 39,948 265
  GKN plc 79,775 264
  Resolution Ltd. 71,913 261
  Cairn Energy plc 46,026 258
  Hammerson plc 37,123 252
  Croda International plc 6,845 248
  John Wood Group plc 19,067 242
  Capital & Counties Properties plc 71,380 231
  Britvic plc 37,092 230
  Spirax-Sarco Engineering plc 6,007 225
  Cookson Group plc 18,956 223
  Lonmin plc 12,989 220
  Close Brothers Group plc 18,314 219
  Victrex plc 9,047 213
  Cobham plc 57,977 213
  Millennium & Copthorne Hotels plc 26,820 211

 

38

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Spirent Communications plc 76,600 211
  Ultra Electronics Holdings plc 7,724 211
  Spectris plc 6,777 207
  Electrocomponents plc 55,859 207
  Provident Financial plc 10,986 206
  Serco Group plc 23,325 206
  Halma plc 31,221 205
  Taylor Wimpey plc 247,826 202
  Schroders plc (Voting Shares) 8,649 199
  Balfour Beatty plc 46,565 197
  ICAP plc 31,861 196
  Admiral Group plc 9,941 195
  Man Group plc 115,949 195
  Genus plc 8,465 194
  Persimmon plc 18,990 194
  Intermediate Capital Group plc 45,723 191
  London Stock Exchange Group plc 10,517 186
  Pennon Group plc 15,471 185
* Barratt Developments plc 85,075 185
  Debenhams plc 136,878 184
* Premier Oil plc 29,921 182
  DS Smith plc 66,266 180
  National Express Group plc 51,147 180
  Melrose plc 24,924 177
  Henderson Group plc 89,882 177
  Derwent London plc 6,246 177
  Hunting plc 11,420 176
* Aegis Group plc 61,110 176
  Eurasian Natural Resources Corp. plc 19,087 174
* Telecity Group plc 13,119 172
  Kazakhmys plc 12,075 169
* BTG plc 27,393 169
  BBA Aviation plc 52,368 168
  Carillion plc 35,427 168
  Hochschild Mining plc 20,486 167
  Babcock International Group plc 12,313 166
  Restaurant Group plc 36,332 166
  Hikma Pharmaceuticals plc 16,204 165
  Capital Shopping Centres Group plc 30,918 163
  Inmarsat plc 22,380 160
  Investec plc 27,651 159
* Imagination Technologies Group plc 14,250 159
  easyJet plc 19,723 159
* Mitchells & Butlers plc 36,759 157
  Rotork plc 4,371 157
  AZ Electronic Materials SA 29,913 155
  TalkTalk Telecom Group plc 73,698 153
  Drax Group plc 17,202 152
  3i Group plc 48,176 149
  TUI Travel plc 47,149 146
  Invensys plc 40,400 146
  Great Portland Estates plc 24,825 145
* Soco International plc 29,740 145
  William Hill plc 31,472 144
  IG Group Holdings plc 19,010 143
  Amlin plc 26,552 142
  Hiscox Ltd. 21,979 142
* Afren plc 64,439 141
  Catlin Group Ltd. 20,578 141
  Berendsen plc 16,828 141
  Jupiter Fund Management plc 37,389 139
  Premier Farnell plc 39,658 138
  WH Smith plc 16,168 138
  QinetiQ Group plc 55,532 138

 

39

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Inchcape plc 23,201 138
  Shaftesbury plc 16,494 137
  Michael Page International plc 20,153 136
  Rentokil Initial plc 96,794 136
* Berkeley Group Holdings plc 6,501 135
  Senior plc 38,907 135
  Ladbrokes plc 45,533 133
  Segro plc 36,409 131
  Bellway plc 10,170 130
  Stagecoach Group plc 32,138 129
  Beazley plc 55,859 129
  Vedanta Resources plc 6,468 128
* Misys plc 22,568 128
  Booker Group plc 99,562 128
  Mitie Group plc 26,792 127
* International Consolidated Airlines Group SA (London Shares) 44,159 126
  Aveva Group plc 4,651 126
  Firstgroup plc 39,819 126
  Home Retail Group plc 72,708 126
  Fenner plc 16,563 121
  Ashtead Group plc 29,541 119
  Rightmove plc 4,764 119
  PZ Cussons plc 21,737 117
  Cable & Wireless Communications plc 218,670 117
  Morgan Crucible Co. plc 21,868 115
  Hays plc 78,816 114
  Ashmore Group plc 18,246 113
  Petropavlovsk plc 14,310 111
  Hargreaves Lansdown plc 12,208 104
  Filtrona plc 13,647 103
  Logica plc 80,366 102
  Daily Mail & General Trust plc 14,656 99
  Phoenix Group Holdings 11,188 96
  De La Rue plc 5,982 95
  Lancashire Holdings Ltd. 7,012 92
  Jardine Lloyd Thompson Group plc 8,003 91
  Bwin.Party Digital Entertainment plc 36,430 91
  Betfair Group plc 6,895 88
* Micro Focus International plc 11,432 86
  Chemring Group plc 16,079 85
  St. James's Place plc 14,884 80
* Centamin plc 70,824 79
  Homeserve plc 16,928 69
* Bumi plc 5,875 50
* Essar Energy plc 20,122 48
  WSP Group plc 5,317 22
* Wincanton plc 13,455 11
      144,580
United States (45.7%)    
* Apple Inc. 49,363 28,840
  Exxon Mobil Corp. 250,340 21,614
  Microsoft Corp. 445,736 14,272
  International Business Machines Corp. 62,213 12,883
  Chevron Corp. 104,283 11,112
  General Electric Co. 553,199 10,832
  AT&T Inc. 303,788 9,998
  Wells Fargo & Co. 282,698 9,451
  Pfizer Inc. 403,650 9,256
  Johnson & Johnson 139,300 9,067
  Procter & Gamble Co. 139,429 8,873
  Coca-Cola Co. 114,863 8,766
  JPMorgan Chase & Co. 199,571 8,578
  Philip Morris International Inc. 89,915 8,048
  Wal-Mart Stores Inc. 136,514 8,042

 

40

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Oracle Corp. 267,351 7,857
* Google Inc. Class A 12,900 7,807
  Intel Corp. 258,417 7,339
  Merck & Co. Inc. 157,254 6,171
  Verizon Communications Inc. 146,864 5,930
  Cisco Systems Inc. 284,548 5,734
  PepsiCo Inc. 82,474 5,443
  Schlumberger Ltd. 72,017 5,339
  QUALCOMM Inc. 82,062 5,239
  McDonald's Corp. 52,794 5,145
  Citigroup Inc. 151,645 5,010
* Berkshire Hathaway Inc. Class B 61,660 4,961
  Abbott Laboratories 77,990 4,840
  Bank of America Corp. 595,574 4,830
  ConocoPhillips 67,394 4,827
  Walt Disney Co. 99,770 4,301
* Amazon.com Inc. 18,172 4,214
  Home Depot Inc. 80,430 4,165
  Occidental Petroleum Corp. 45,656 4,165
  American Express Co. 64,413 3,878
  United Technologies Corp. 46,818 3,822
* Berkshire Hathaway Inc. Class A 30 3,624
  Kraft Foods Inc. 88,858 3,543
  Altria Group Inc. 108,141 3,483
  US Bancorp 104,827 3,372
  Comcast Corp. Class A 108,231 3,283
  Caterpillar Inc. 31,741 3,262
* EMC Corp. 114,574 3,232
  Mastercard Inc. Class A 7,059 3,193
  Visa Inc. Class A 25,941 3,190
  3M Co. 34,940 3,122
  UnitedHealth Group Inc. 55,234 3,101
  Goldman Sachs Group Inc. 26,648 3,069
  Bristol-Myers Squibb Co. 89,326 2,981
  CVS Caremark Corp. 66,158 2,952
  Amgen Inc. 40,830 2,903
* eBay Inc. 68,430 2,809
  Boeing Co. 35,437 2,722
  Union Pacific Corp. 23,949 2,693
  United Parcel Service Inc. Class B 34,362 2,685
  Hewlett-Packard Co. 103,862 2,572
  Colgate-Palmolive Co. 25,584 2,531
  EI du Pont de Nemours & Co. 45,482 2,431
* Express Scripts Holding Co. 43,464 2,425
  Honeywell International Inc. 39,864 2,418
  Simon Property Group Inc. 14,795 2,302
  Eli Lilly & Co. 55,527 2,298
  Medtronic Inc. 58,390 2,230
  Starbucks Corp. 38,424 2,205
* Gilead Sciences Inc. 41,628 2,165
  Danaher Corp. 39,060 2,118
  Ford Motor Co. 185,308 2,090
  Target Corp. 35,997 2,086
  Emerson Electric Co. 39,221 2,061
  Dow Chemical Co. 60,675 2,056
  Monsanto Co. 26,937 2,052
  Costco Wholesale Corp. 23,032 2,031
  Accenture plc Class A 30,859 2,004
* DIRECTV Class A 40,263 1,984
  Apache Corp. 20,450 1,962
  Lowe's Cos. Inc. 61,587 1,938
  Anadarko Petroleum Corp. 26,180 1,917
  Time Warner Inc. 50,821 1,904
* priceline.com Inc. 2,475 1,883

 

41

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Capital One Financial Corp. 32,919 1,826
* Celgene Corp. 24,634 1,796
* Biogen Idec Inc. 13,285 1,780
  Freeport-McMoRan Copper & Gold Inc. 46,153 1,768
  Yum! Brands Inc. 24,280 1,766
  Praxair Inc. 15,108 1,748
  Allergan Inc. 18,168 1,744
  Deere & Co. 21,119 1,739
  Southern Co. 37,787 1,736
  Exelon Corp. 43,613 1,701
  PNC Financial Services Group Inc. 25,286 1,677
  Walgreen Co. 47,652 1,671
  Baxter International Inc. 29,934 1,659
  Texas Instruments Inc. 51,816 1,655
  Halliburton Co. 47,934 1,640
  News Corp. Class A 83,683 1,640
  National Oilwell Varco Inc. 21,252 1,610
  Kimberly-Clark Corp. 20,324 1,595
  EOG Resources Inc. 14,460 1,588
  Devon Energy Corp. 22,497 1,571
  Precision Castparts Corp. 8,853 1,561
* Dell Inc. 93,284 1,527
* Intuitive Surgical Inc. 2,556 1,478
  Bank of New York Mellon Corp. 62,211 1,471
  Duke Energy Corp. 67,823 1,453
  Prudential Financial Inc. 23,903 1,447
  Automatic Data Processing Inc. 25,486 1,418
  NIKE Inc. Class B 12,666 1,417
  Cummins Inc. 12,162 1,409
  Norfolk Southern Corp. 19,253 1,404
  MetLife Inc. 38,227 1,377
  Illinois Tool Works Inc. 23,870 1,370
  TJX Cos. Inc. 32,456 1,354
  FedEx Corp. 15,211 1,342
  Time Warner Cable Inc. 16,667 1,341
  Covidien plc 24,260 1,340
  American Tower Corporation 20,222 1,326
* AutoZone Inc. 3,299 1,307
  Morgan Stanley 75,116 1,298
  Viacom Inc. Class B 27,965 1,297
  Coach Inc. 17,710 1,296
  Lockheed Martin Corp. 14,209 1,286
  Tyco International Ltd. 22,642 1,271
  General Dynamics Corp. 18,762 1,266
  Travelers Cos. Inc. 19,661 1,265
  CSX Corp. 56,183 1,253
* Cognizant Technology Solutions Corp. Class A 17,036 1,249
  VF Corp. 8,115 1,234
* Citrix Systems Inc. 14,342 1,228
  Noble Energy Inc. 12,285 1,220
  Dominion Resources Inc. 23,325 1,217
* AES Corp. 97,079 1,215
  Thermo Fisher Scientific Inc. 21,309 1,186
  Corning Inc. 82,132 1,179
  ACE Ltd. 15,405 1,170
  CBS Corp. Class B 34,999 1,167
  Newmont Mining Corp. 24,177 1,152
  El Paso Corp. 38,717 1,149
  NextEra Energy Inc. 17,635 1,135
  CenturyLink Inc. 29,375 1,133
  General Mills Inc. 29,113 1,132
  State Street Corp. 24,487 1,132
  Johnson Controls Inc. 35,383 1,131
  Williams Cos. Inc. 32,928 1,121

 

42

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  CF Industries Holdings Inc. 5,782 1,116
  WellPoint Inc. 16,405 1,113
  Marathon Oil Corp. 37,130 1,089
  Aflac Inc. 23,936 1,078
  McKesson Corp. 11,776 1,076
  PACCAR Inc. 24,720 1,062
* Cerner Corp. 13,053 1,058
  Las Vegas Sands Corp. 18,900 1,049
  Archer-Daniels-Midland Co. 33,259 1,025
  Mead Johnson Nutrition Co. 11,852 1,014
  Northrop Grumman Corp. 16,014 1,013
  BlackRock Inc. 5,254 1,007
  BB&T Corp. 31,084 996
* Yahoo! Inc. 62,866 977
* Salesforce.com Inc. 6,232 971
  Franklin Resources Inc. 7,731 970
  Broadcom Corp. Class A 26,033 953
* Forest Laboratories Inc. 27,163 946
  Ecolab Inc. 14,805 943
  Wynn Resorts Ltd. 7,067 943
* Concho Resources Inc. 8,794 943
  Macy's Inc. 22,838 937
  Discover Financial Services 27,584 935
  Intuit Inc. 16,080 932
  Loews Corp. 22,587 929
* NetApp Inc. 23,828 925
  Sara Lee Corp. 41,565 916
* Adobe Systems Inc. 27,293 916
  Baker Hughes Inc. 20,709 913
  Northeast Utilities 24,804 912
  Comcast Corp. 30,054 897
  Xcel Energy Inc. 33,042 894
  Charles Schwab Corp. 62,286 891
  Raytheon Co. 16,353 885
  Spectra Energy Corp. 28,630 880
  T. Rowe Price Group Inc. 13,708 865
  News Corp. Class B 43,131 856
  Lorillard Inc. 6,281 850
  St. Jude Medical Inc. 21,932 849
  Air Products & Chemicals Inc. 9,839 841
* FMC Technologies Inc. 17,863 840
  FirstEnergy Corp. 17,890 838
  Chubb Corp. 11,431 835
  Reynolds American Inc. 20,457 835
  Hess Corp. 15,949 832
  CME Group Inc. 3,086 820
  Equity Residential 13,349 820
  American Electric Power Co. Inc. 21,091 819
  Cigna Corp. 17,353 802
  Motorola Solutions Inc. 15,610 797
  Estee Lauder Cos. Inc. Class A 12,140 793
* Alexion Pharmaceuticals Inc. 8,766 792
  TECO Energy Inc. 43,897 791
  Becton Dickinson and Co. 10,047 788
  Kohl's Corp. 15,712 788
  Prologis Inc. 21,909 784
  Marathon Petroleum Corp. 18,769 781
  HJ Heinz Co. 14,637 780
  Beam Inc. 13,700 778
* Juniper Networks Inc. 36,154 775
  Agilent Technologies Inc. 18,245 770
  International Paper Co. 23,090 769
  PG&E Corp. 17,365 767
  Mosaic Co. 14,494 766

 

43

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* American International Group Inc. 22,424 763
  Waste Management Inc. 22,298 763
  Public Storage 5,315 761
  Stryker Corp. 13,921 760
  Valero Energy Corp. 30,711 759
  Sysco Corp. 26,092 754
  Ingersoll-Rand plc 17,643 750
  Noble Corp. 19,660 748
  Transocean Ltd. 14,827 747
  Annaly Capital Management Inc. 45,640 745
* BorgWarner Inc. 9,356 739
  SunTrust Banks Inc. 30,426 739
  Limited Brands Inc. 14,854 738
  MGE Energy Inc. 16,100 736
  Seagate Technology plc 23,883 735
  Allstate Corp. 22,025 734
  Applied Materials Inc. 60,820 729
  Marsh & McLennan Cos. Inc. 21,696 726
  TE Connectivity Ltd. 19,880 725
* Bed Bath & Beyond Inc. 10,242 721
  Stanley Black & Decker Inc. 9,842 720
  McGraw-Hill Cos. Inc. 14,627 719
  HCP Inc. 17,343 719
* Crown Castle International Corp. 12,678 718
  Aon plc 13,846 717
  PPG Industries Inc. 6,810 717
  Nordstrom Inc. 12,700 709
  LyondellBasell Industries NV Class A 16,900 706
* General Motors Co. 30,630 704
  Pioneer Natural Resources Co. 6,037 699
* CarMax Inc. 22,330 689
  Carnival Corp. 20,978 682
  Eaton Corp. 14,144 681
* F5 Networks Inc. 5,076 680
  Public Service Enterprise Group Inc. 21,637 674
  CenterPoint Energy Inc. 33,071 668
  Progress Energy Inc. 12,476 664
  Ross Stores Inc. 10,772 663
  Aetna Inc. 15,021 662
  Fifth Third Bancorp 46,414 660
  Edison International 15,000 660
  Goodrich Corp. 5,249 659
  Omnicom Group Inc. 12,796 657
  Boston Properties Inc. 6,027 652
  Sempra Energy 10,052 651
  Chesapeake Energy Corp. 35,064 647
* O'Reilly Automotive Inc. 6,126 646
* Symantec Corp. 39,012 644
  SLM Corp. 43,293 642
  Kroger Co. 27,546 641
  Whole Foods Market Inc. 7,714 641
  Cardinal Health Inc. 15,149 640
  Rockwell Automation Inc. 8,270 640
  NiSource Inc. 25,866 638
  AvalonBay Communities Inc. 4,378 637
* Regeneron Pharmaceuticals Inc. 4,700 636
  PPL Corp. 23,232 635
  Harley-Davidson Inc. 12,008 628
* Cameron International Corp. 12,229 627
* VMware Inc. Class A 5,604 626
  Vornado Realty Trust 7,269 624
  Staples Inc. 40,501 624
  Kellogg Co. 12,294 622
  Parker Hannifin Corp. 7,086 621

 

44

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  WW Grainger Inc. 2,982 620
  Liberty Media Corp. - Liberty Capital Class A 7,087 620
* Kindred Healthcare Inc. 64,200 619
* Edwards Lifesciences Corp. 7,450 618
* Autodesk Inc. 15,579 613
  Ameriprise Financial Inc. 11,136 604
  Nucor Corp. 15,392 604
  Consolidated Edison Inc. 10,127 602
  Starwood Hotels & Resorts Worldwide Inc. 10,090 597
* Liberty Interactive Corp. Class A 31,577 595
  Marriott International Inc. Class A 15,138 592
* Western Digital Corp. 15,046 584
  Humana Inc. 7,177 579
* Jacobs Engineering Group Inc. 13,185 578
* Delta Air Lines Inc. 52,565 576
* Weatherford International Ltd. 39,903 569
  Zimmer Holdings Inc. 8,988 566
  Acadia Realty Trust 24,400 566
  Brown & Brown Inc. 20,829 562
  Tiffany & Co. 8,061 552
  Northern Trust Corp. 11,505 548
  Hartford Financial Services Group Inc. 26,574 546
  Altera Corp. 15,323 545
  Mattel Inc. 16,215 545
* SanDisk Corp. 14,715 545
  Fastenal Co. 11,597 543
* Teradata Corp. 7,736 540
  Murphy Oil Corp. 9,795 538
  Range Resources Corp. 8,046 536
* Southwestern Energy Co. 16,952 535
  Progressive Corp. 25,065 534
  Cliffs Natural Resources Inc. 8,573 534
  Entergy Corp. 8,131 533
  Western Union Co. 28,941 532
  Invesco Ltd. 21,349 530
  Paychex Inc. 17,100 530
  Sherwin-Williams Co. 4,403 530
  Host Hotels & Resorts Inc. 31,666 527
* Motorola Mobility Holdings Inc. 13,385 520
  Lincoln National Corp. 20,888 517
* Dollar Tree Inc. 5,084 517
  Principal Financial Group Inc. 18,625 515
  Avon Products Inc. 23,825 515
* Chipotle Mexican Grill Inc. Class A 1,237 512
  Dover Corp. 8,102 508
  Fidelity National Information Services Inc. 15,029 506
  Analog Devices Inc. 12,941 504
* Fiserv Inc. 7,098 499
  Health Care REIT Inc. 8,775 497
  CA Inc. 18,799 497
  Fluor Corp. 8,584 496
  Cooper Industries plc 7,904 495
  Weyerhaeuser Co. 24,229 493
  CH Robinson Worldwide Inc. 8,236 492
  Legg Mason Inc. 18,870 492
  Alcoa Inc. 50,504 491
  Joy Global Inc. 6,935 491
  Bunge Ltd. 7,602 490
  Perrigo Co. 4,639 487
  Xerox Corp. 62,396 485
  Best Buy Co. Inc. 21,872 483
* Sirius XM Radio Inc. 213,568 483
  Hershey Co. 7,194 482
* Vertex Pharmaceuticals Inc. 12,499 481

 

45

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  KeyCorp 59,577 479
  Coca-Cola Enterprises Inc. 15,814 476
* Cobalt International Energy Inc. 17,700 474
* Mylan Inc. 21,737 472
  M&T Bank Corp. 5,420 468
  Robert Half International Inc. 15,656 467
  Gap Inc. 16,309 465
  ConAgra Foods Inc. 17,914 463
  Celanese Corp. Class A 9,541 462
  Clorox Co. 6,594 462
  Alliant Techsystems Inc. 8,545 455
* Boston Scientific Corp. 72,615 455
  Peabody Energy Corp. 14,572 453
  Roper Industries Inc. 4,432 452
  Quest Diagnostics Inc. 7,774 448
  Ralph Lauren Corp. Class A 2,596 447
* Fossil Inc. 3,400 444
  Safeway Inc. 21,788 443
  Comerica Inc. 13,815 442
* Rackspace Hosting Inc. 7,600 441
  Maxim Integrated Products Inc. 14,836 439
* BMC Software Inc. 10,625 438
  Republic Services Inc. Class A 15,703 430
* IntercontinentalExchange Inc. 3,227 429
  Herbalife Ltd. 6,100 429
  Darden Restaurants Inc. 8,541 428
  Sigma-Aldrich Corp. 6,032 428
* Red Hat Inc. 7,150 426
  Wisconsin Energy Corp. 11,559 426
* Green Mountain Coffee Roasters Inc. 8,700 424
  Moody's Corp. 10,340 423
  CONSOL Energy Inc. 12,721 423
* Lululemon Athletica Inc. 5,700 423
  Cabot Oil & Gas Corp. 12,000 422
* DaVita Inc. 4,737 420
  DTE Energy Co. 7,325 413
* NVIDIA Corp. 31,748 413
* Life Technologies Corp. 8,893 412
  Hubbell Inc. Class B 5,100 409
  AmerisourceBergen Corp. Class A 10,817 403
  JC Penney Co. Inc. 11,134 401
  Campbell Soup Co. 11,863 401
  Church & Dwight Co. Inc. 7,900 401
  AMETEK Inc. 7,971 401
  Kansas City Southern 5,200 401
  FMC Corp. 3,600 398
  Amphenol Corp. Class A 6,832 397
  Macerich Co. 6,426 396
* Watson Pharmaceuticals Inc. 5,244 395
  Genuine Parts Co. 6,093 395
* Equinix Inc. 2,400 394
* Liberty Global Inc. Class A 7,833 390
  Kimco Realty Corp. 20,051 389
* Sprint Nextel Corp. 156,418 388
* Verisk Analytics Inc. Class A 7,900 387
  Brown-Forman Corp. Class B 4,469 386
* Dollar General Corp. 8,100 384
  PetSmart Inc. 6,578 383
  EastGroup Properties Inc. 7,600 382
  DISH Network Corp. Class A 11,910 381
* Waters Corp. 4,512 380
  Eastman Chemical Co. 7,028 379
* Marvell Technology Group Ltd. 25,079 376
  JM Smucker Co. 4,722 376

 

46

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Denbury Resources Inc. 19,726 376
  Kinder Morgan Management LLC 4,932 375
  KLA-Tencor Corp. 7,192 375
* CIT Group Inc. 9,900 375
  Linn Energy LLC 9,300 374
* Varian Medical Systems Inc. 5,890 374
* Discovery Communications Inc. Class A 6,839 372
  Linear Technology Corp. 11,287 369
  EQT Corp. 7,408 369
  XL Group plc Class A 17,044 367
* Stericycle Inc. 4,227 366
  Eaton Vance Corp. 13,900 366
  Avago Technologies Ltd. 10,600 365
  VeriSign Inc. 8,866 364
  Activision Blizzard Inc. 28,265 364
  West Pharmaceutical Services Inc. 8,100 364
  Regions Financial Corp. 53,854 363
  Vulcan Materials Co. 8,460 362
  Digital Realty Trust Inc. 4,821 362
  Dr Pepper Snapple Group Inc. 8,893 361
  ONEOK Inc. 4,200 361
  Autoliv Inc. 5,698 357
  CR Bard Inc. 3,599 356
* Illumina Inc. 7,941 354
* Micron Technology Inc. 53,522 353
  Molson Coors Brewing Co. Class B 8,478 353
* Affiliated Managers Group Inc. 3,100 352
* Monster Beverage Corp. 5,400 351
* Henry Schein Inc. 4,559 350
  Rockwell Collins Inc. 6,258 350
  Pall Corp. 5,860 349
  Textron Inc. 13,075 348
  Expeditors International of Washington Inc. 8,695 348
  Integrys Energy Group Inc. 6,300 344
  Expedia Inc. 8,068 344
  Virgin Media Inc. 13,970 343
  Xilinx Inc. 9,407 342
  Amerco Inc. 3,400 341
  Plum Creek Timber Co. Inc. 8,103 341
* Hertz Global Holdings Inc. 22,100 341
  Advance Auto Parts Inc. 3,700 340
  HollyFrontier Corp. 11,000 339
* TIBCO Software Inc. 10,300 339
  Teleflex Inc. 5,400 338
  McCormick & Co. Inc. 6,042 338
* United Continental Holdings Inc. 15,300 335
  Raymond James Financial Inc. 9,100 333
* Akamai Technologies Inc. 10,202 333
  Snap-on Inc. 5,300 331
* Hyatt Hotels Corp. Class A 7,700 331
* Apollo Group Inc. Class A 9,375 330
  Ameren Corp. 10,019 329
* TransDigm Group Inc. 2,600 328
  Garmin Ltd. 6,936 327
  Microchip Technology Inc. 9,230 326
* Whiting Petroleum Corp. 5,700 326
* Alliance Data Systems Corp. 2,526 325
  Southwest Airlines Co. 39,115 324
* Discovery Communications Inc. 6,503 323
  Jarden Corp. 7,700 323
* ANSYS Inc. 4,800 322
  Family Dollar Stores Inc. 4,743 320
* Liberty Global Inc. 6,657 319
  Flowserve Corp. 2,768 318

 

47

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* tw telecom inc Class A 14,600 318
  Portland General Electric Co. 12,300 318
  Wyndham Worldwide Corp. 6,298 317
  Timken Co. 5,600 316
  Sensient Technologies Corp. 8,500 316
  CMS Energy Corp. 13,700 315
  Reinsurance Group of America Inc. Class A 5,400 314
  Albemarle Corp. 4,800 313
* Informatica Corp. 6,800 313
* Laboratory Corp. of America Holdings 3,551 312
* Energizer Holdings Inc. 4,360 311
* TRW Automotive Holdings Corp. 6,800 311
  Federal Realty Investment Trust 3,075 310
* Trimble Navigation Ltd. 5,700 309
  Willis Group Holdings plc 8,461 308
  Abercrombie & Fitch Co. 6,140 308
* Calpine Corp. 16,384 307
  Medical Properties Trust Inc. 32,700 307
* SBA Communications Corp. Class A 5,700 306
  IDACORP Inc. 7,500 306
* Amdocs Ltd. 9,538 305
  SL Green Realty Corp. 3,700 305
  OGE Energy Corp. 5,600 302
  Minerals Technologies Inc. 4,500 302
  Polaris Industries Inc. 3,800 302
  Leucadia National Corp. 12,123 301
  NYSE Euronext 11,702 301
* Nuance Communications Inc. 12,300 301
  Cincinnati Financial Corp. 8,423 300
* CBRE Group Inc. Class A 15,898 299
  L-3 Communications Holdings Inc. 4,043 297
* MSCI Inc. Class A 8,100 296
  Washington REIT 10,000 295
  FactSet Research Systems Inc. 2,800 294
  Alleghany Corp. 855 293
  Cimarex Energy Co. 4,241 293
  PVH Corp. 3,300 293
  Toro Co. 4,100 293
  Valspar Corp. 5,700 292
* Hospira Inc. 8,289 291
* Warner Chilcott plc Class A 13,376 291
  Reliance Steel & Aluminum Co. 5,200 291
* Hologic Inc. 15,200 291
  New York Community Bancorp Inc. 21,514 290
  Harris Corp. 6,338 289
  SCANA Corp. 6,256 289
* Amylin Pharmaceuticals Inc. 11,100 288
  Hormel Foods Corp. 9,875 287
  DENTSPLY International Inc. 6,955 286
  Huntington Bancshares Inc. 42,651 285
* Plains Exploration & Production Co. 6,966 285
  Mack-Cali Realty Corp. 9,900 284
* MICROS Systems Inc. 5,000 284
  Regal-Beloit Corp. 4,200 284
* CareFusion Corp. 10,938 283
  Windstream Corp. 25,196 283
* Electronic Arts Inc. 18,364 282
* BE Aerospace Inc. 6,000 282
  DR Horton Inc. 17,190 281
  NorthWestern Corp. 7,900 281
  Patterson Cos. Inc. 8,226 280
  ALLETE Inc. 6,800 280
  Westamerica Bancorporation 6,100 280
  Equifax Inc. 6,097 279

 

48

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Global Payments Inc. 6,000 279
  Unum Group 11,700 278
  Great Plains Energy Inc. 13,600 278
  Energen Corp. 5,300 278
  Cleco Corp. 6,800 277
  Tyson Foods Inc. Class A 15,198 277
  Tractor Supply Co. 2,800 276
  Compass Minerals International Inc. 3,600 275
  Manpower Inc. 6,454 275
* Ascena Retail Group Inc. 13,400 274
  Core Laboratories NV 2,000 274
  IDEX Corp. 6,300 273
* IDEXX Laboratories Inc. 3,100 273
* Avnet Inc. 7,543 272
  Everest Re Group Ltd. 2,739 271
* Tempur-Pedic International Inc. 4,600 271
  WR Berkley Corp. 7,176 270
  URS Corp. 6,500 269
  Jack Henry & Associates Inc. 7,900 268
  CBL & Associates Properties Inc. 14,400 268
  QEP Resources Inc. 8,699 268
  TD Ameritrade Holding Corp. 14,231 267
  Newell Rubbermaid Inc. 14,655 267
* Crown Holdings Inc. 7,200 266
  Xylem Inc. 9,535 266
  Ashland Inc. 4,029 265
  MeadWestvaco Corp. 8,313 265
  Sunoco Inc. 5,364 264
  KBR Inc. 7,800 264
  Solutia Inc. 9,300 264
* Lam Research Corp. 6,318 263
  Corn Products International Inc. 4,600 262
  JB Hunt Transport Services Inc. 4,729 262
* Skyworks Solutions Inc. 9,600 261
* Myriad Genetics Inc. 10,000 260
* Advanced Micro Devices Inc. 35,306 260
  Arrow Financial Corp. 10,800 259
  UniSource Energy Corp. 7,100 258
  MSC Industrial Direct Co. Inc. Class A 3,500 258
* Owens Corning 7,500 258
  Ball Corp. 6,160 257
* Corrections Corp. of America 8,900 257
  Torchmark Corp. 5,277 257
  NV Energy Inc. 15,400 256
  UDR Inc. 9,700 255
  Interpublic Group of Cos. Inc. 21,538 254
  Hanover Insurance Group Inc. 6,300 254
  DDR Corp. 17,100 253
* Endo Pharmaceuticals Holdings Inc. 7,200 253
  Plantronics Inc. 6,600 253
  Kilroy Realty Corp. 5,300 251
  Jabil Circuit Inc. 10,719 251
* Mettler-Toledo International Inc. 1,400 251
  Airgas Inc. 2,737 251
  Kaydon Corp. 10,200 250
* TripAdvisor Inc. 6,668 250
  HB Fuller Co. 7,600 250
  American Capital Agency Corp. 8,000 250
  Cintas Corp. 6,379 250
* LSI Corp. 30,866 248
  Jones Lang LaSalle Inc. 3,100 248
  Alliant Energy Corp. 5,477 248
  Black Hills Corp. 7,500 248
  Hasbro Inc. 6,729 247

 

49

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* United Natural Foods Inc. 5,000 246
  Pinnacle West Capital Corp. 5,092 246
* Kirby Corp. 3,700 246
  Domtar Corp. 2,800 245
* Gen-Probe Inc. 3,000 245
  Westar Energy Inc. 8,500 244
  Washington Federal Inc. 13,900 244
* AMC Networks Inc. Class A 5,734 244
* QLogic Corp. 14,100 243
* MGM Resorts International 18,102 243
  Dick's Sporting Goods Inc. 4,800 243
* Arrow Electronics Inc. 5,750 242
  RPM International Inc. 9,100 242
* Continental Resources Inc. 2,706 242
  Whirlpool Corp. 3,755 240
* Sally Beauty Holdings Inc. 9,000 239
  International Flavors & Fragrances Inc. 3,972 239
  Duke Realty Corp. 16,132 239
  Vectren Corp. 8,100 239
* VeriFone Systems Inc. 5,000 238
  Solera Holdings Inc. 5,300 238
  SM Energy Co. 3,600 238
* Rockwood Holdings Inc. 4,300 238
* Copart Inc. 9,000 238
* Thomas & Betts Corp. 3,300 237
* Newfield Exploration Co. 6,601 237
  Packaging Corp. of America 8,100 236
  Sun Communities Inc. 5,400 236
* Geo Group Inc. 11,400 236
  Applied Industrial Technologies Inc. 6,000 236
  Donaldson Co. Inc. 6,800 236
  Corporate Office Properties Trust 10,000 235
* Synopsys Inc. 7,838 235
  Masco Corp. 17,787 234
  Aptargroup Inc. 4,300 234
  Diamond Offshore Drilling Inc. 3,418 234
* Nabors Industries Ltd. 14,060 234
* Penn National Gaming Inc. 5,200 234
  Total System Services Inc. 9,935 234
* NASDAQ OMX Group Inc. 9,500 233
  Associated Banc-Corp 17,500 233
* IHS Inc. Class A 2,300 232
  Piedmont Office Realty Trust Inc. Class A 13,100 232
* Gartner Inc. 5,300 232
  International Game Technology 14,817 231
  Lincoln Electric Holdings Inc. 4,700 230
  Fidelity National Financial Inc. Class A 11,900 229
  Scripps Networks Interactive Inc. Class A 4,565 229
* BioMarin Pharmaceutical Inc. 6,600 229
  PartnerRe Ltd. 3,279 228
* ResMed Inc. 6,700 228
* Arch Capital Group Ltd. 5,800 228
  Iron Mountain Inc. 7,498 228
* AECOM Technology Corp. 10,300 227
  Lennar Corp. Class A 8,187 227
  Delphi Financial Group Inc. 5,000 227
  HCC Insurance Holdings Inc. 7,100 227
  Aspen Insurance Holdings Ltd. 8,000 227
* Mohawk Industries Inc. 3,380 227
  People's United Financial Inc. 18,324 226
  Helmerich & Payne Inc. 4,400 226
  American Water Works Co. Inc. 6,600 226
  Lazard Ltd. Class A 8,200 226
  White Mountains Insurance Group Ltd. 431 225

 

50

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Clean Harbors Inc. 3,300 225
  Allegheny Technologies Inc. 5,243 225
* NRG Energy Inc. 13,235 225
  American National Insurance Co. 3,200 225
  ITC Holdings Corp. 2,900 225
  Cabot Corp. 5,200 224
* Rowan Cos. Inc. 6,488 224
  Weingarten Realty Investors 8,400 223
  Allied World Assurance Co. Holdings AG 3,100 223
  Valmont Industries Inc. 1,800 223
* SEACOR Holdings Inc. 2,400 223
  STERIS Corp. 7,100 223
  Oceaneering International Inc. 4,300 222
  Empire District Electric Co. 10,800 222
  H&R Block Inc. 15,075 222
* Panera Bread Co. Class A 1,400 221
* Riverbed Technology Inc. 11,200 221
  American Equity Investment Life Holding Co. 18,000 221
* WR Grace & Co. 3,700 221
  Coventry Health Care Inc. 7,323 220
  Signet Jewelers Ltd. 4,500 219
  Royal Caribbean Cruises Ltd. 8,007 219
* Tetra Tech Inc. 8,200 219
* Flextronics International Ltd. 32,825 219
* Arris Group Inc. 16,900 219
  Foot Locker Inc. 7,133 218
  American Financial Group Inc. 5,600 218
* MEDNAX Inc. 3,100 218
  Axis Capital Holdings Ltd. 6,394 218
* LKQ Corp. 6,500 217
  SAIC Inc. 17,876 217
* Hanesbrands Inc. 7,700 217
* Netflix Inc. 2,707 217
* Quanta Services Inc. 9,800 217
* Markel Corp. 492 217
  Realty Income Corp. 5,500 216
* Catalyst Health Solutions Inc. 2,500 216
  Pentair Inc. 4,977 216
  Safety Insurance Group Inc. 5,400 215
  Silgan Holdings Inc. 4,900 215
  Carlisle Cos. Inc. 3,900 215
  Apartment Investment & Management Co. 7,900 214
  Northwest Bancshares Inc. 17,400 214
  Arthur J Gallagher & Co. 5,707 214
  Service Corp. International 18,500 214
* Life Time Fitness Inc. 4,600 214
  Commerce Bancshares Inc. 5,327 214
* Teledyne Technologies Inc. 3,300 213
  Graco Inc. 4,000 213
  Nu Skin Enterprises Inc. Class A 4,000 213
  Computer Sciences Corp. 7,590 213
  MDU Resources Group Inc. 9,276 213
  Hospitality Properties Trust 7,693 212
  Rock-Tenn Co. Class A 3,400 212
  Lear Corp. 5,100 212
  Ulta Salon Cosmetics & Fragrance Inc. 2,400 212
  PS Business Parks Inc. 3,100 212
  EMCOR Group Inc. 7,200 211
  Choice Hotels International Inc. 5,600 211
* Progress Software Corp. 9,100 211
  Liberty Property Trust 5,777 211
  Pepco Holdings Inc. 11,123 210
  Bob Evans Farms Inc. 5,500 210
  Diebold Inc. 5,326 210

 

51

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Alexandria Real Estate Equities Inc. 2,800 210
  DST Systems Inc. 3,747 210
* Alpha Natural Resources Inc. 12,990 210
  Regency Centers Corp. 4,656 209
  SY Bancorp Inc. 9,000 209
  Brandywine Realty Trust 17,600 209
* WABCO Holdings Inc. 3,300 208
* Haemonetics Corp. 2,900 208
  Steel Dynamics Inc. 16,200 207
  Avista Corp. 7,800 206
  Northwest Natural Gas Co. 4,500 206
  Acuity Brands Inc. 3,700 206
  Walter Energy Inc. 3,100 206
* AGCO Corp. 4,400 205
  United States Steel Corp. 7,231 205
  Nordson Corp. 3,800 205
  Snyders-Lance Inc. 7,900 204
  Tompkins Financial Corp. 5,400 204
  Hawaiian Electric Industries Inc. 7,700 204
  PerkinElmer Inc. 7,400 204
* Wright Express Corp. 3,200 204
* Constellation Brands Inc. Class A 9,447 204
* Fortune Brands Home & Security Inc. 8,950 204
  Cytec Industries Inc. 3,200 203
  UIL Holdings Corp. 5,900 203
  CommonWealth REIT 10,800 202
  Omnicare Inc. 5,778 201
* Euronet Worldwide Inc. 9,300 201
  Curtiss-Wright Corp. 5,700 201
  Cullen/Frost Bankers Inc. 3,400 200
* E*TRADE Financial Corp. 18,800 200
* Hilltop Holdings Inc. 25,200 200
  Post Properties Inc. 4,100 200
* AutoNation Inc. 5,766 199
* Par Pharmaceutical Cos. Inc. 4,700 199
* Oil States International Inc. 2,500 199
  Martin Marietta Materials Inc. 2,400 199
* PulteGroup Inc. 20,196 199
* Esterline Technologies Corp. 2,900 199
  Brady Corp. Class A 6,400 199
  Belden Inc. 5,700 198
  Landstar System Inc. 3,700 198
  Capstead Mortgage Corp. 14,400 198
  Frontier Communications Corp. 48,902 198
  AGL Resources Inc. 5,000 197
  RenaissanceRe Holdings Ltd. 2,524 197
  UMB Financial Corp. 4,100 197
  Dun & Bradstreet Corp. 2,530 197
* NCR Corp. 8,367 197
* Ralcorp Holdings Inc. 2,700 197
  Alterra Capital Holdings Ltd. 8,200 196
* Atmel Corp. 22,100 196
* Carter's Inc. 3,600 195
  Sonoco Products Co. 5,900 195
  Assurant Inc. 4,838 195
* LifePoint Hospitals Inc. 5,000 195
  Waddell & Reed Financial Inc. Class A 6,100 195
  Wabtec Corp. 2,500 194
  Inland Real Estate Corp. 22,600 194
  Cooper Cos. Inc. 2,200 194
  GameStop Corp. Class A 8,516 194
  Williams-Sonoma Inc. 5,000 193
  MFA Financial Inc. 26,200 193
  Flowers Foods Inc. 9,000 193

 

52

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Aqua America Inc. 8,500 193
* WPX Energy Inc. 10,979 193
* Ultimate Software Group Inc. 2,500 193
* Incyte Corp. Ltd. 8,500 193
* WESCO International Inc. 2,900 193
* Spirit Aerosystems Holdings Inc. Class A 7,700 192
* Superior Energy Services Inc. 7,135 192
  Gentex Corp. 8,739 192
  SPX Corp. 2,499 192
  Casey's General Stores Inc. 3,400 192
  John Wiley & Sons Inc. Class A 4,200 190
* Owens-Illinois Inc. 8,150 189
  Alexander & Baldwin Inc. 3,700 189
  Universal Health Services Inc. Class B 4,428 189
* Cabela's Inc. 5,000 189
  Gardner Denver Inc. 2,900 189
  Wolverine World Wide Inc. 4,500 189
  GATX Corp. 4,400 189
* Jack in the Box Inc. 8,300 189
  Fresh Del Monte Produce Inc. 8,100 188
  Protective Life Corp. 6,400 187
* VCA Antech Inc. 7,900 187
  Tupperware Brands Corp. 3,000 187
* Concur Technologies Inc. 3,300 187
  FLIR Systems Inc. 8,300 186
* CNO Financial Group Inc. 25,600 186
* Teradyne Inc. 10,800 186
  Copano Energy LLC 5,200 186
  Bank of Hawaii Corp. 3,800 186
  Hudson City Bancorp Inc. 26,291 186
  DCT Industrial Trust Inc. 31,300 186
  Capitol Federal Financial Inc. 15,700 185
  Zions Bancorporation 9,082 185
  Jefferies Group Inc. 11,600 185
  IAC/InterActiveCorp 3,819 184
* Bio-Rad Laboratories Inc. Class A 1,700 184
  Towers Watson & Co. Class A 2,800 183
  Ventas Inc. 3,113 183
* Old Dominion Freight Line Inc. 4,100 182
* Vishay Intertechnology Inc. 16,200 182
* Moog Inc. Class A 4,300 182
* Enbridge Energy Management LLC 5,585 182
  Crane Co. 4,100 181
* Urban Outfitters Inc. 6,247 181
* ON Semiconductor Corp. 21,900 181
  Actuant Corp. Class A 6,600 180
  Loral Space & Communications Inc. 2,900 180
* ACI Worldwide Inc. 4,500 179
  Questar Corp. 9,080 179
  Harman International Industries Inc. 3,612 179
  Douglas Emmett Inc. 7,700 179
* Portfolio Recovery Associates Inc. 2,600 179
* ViaSat Inc. 3,700 179
  NewMarket Corp. 800 179
  Cracker Barrel Old Country Store Inc. 3,100 178
  HSN Inc. 4,600 178
* Genesee & Wyoming Inc. Class A 3,300 178
  Hatteras Financial Corp. 6,100 178
  Entertainment Properties Trust 3,700 178
  Kennametal Inc. 4,200 177
* Energy XXI Bermuda Ltd. 4,700 177
  Avery Dennison Corp. 5,530 177
  Endurance Specialty Holdings Ltd. 4,400 177
  Colonial Properties Trust 7,900 177

 

53

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Gaylord Entertainment Co. 5,600 176
* Smithfield Foods Inc. 8,403 176
  Camden Property Trust 2,600 176
  Triumph Group Inc. 2,800 176
* Alaska Air Group Inc. 5,200 176
* Ariba Inc. 4,600 176
  East West Bancorp Inc. 7,700 175
* Dresser-Rand Group Inc. 3,600 175
  Washington Post Co. Class B 461 174
  Regis Corp. 9,500 174
  Essex Property Trust Inc. 1,100 174
  Highwoods Properties Inc. 5,000 174
* Cree Inc. 5,615 174
  Chimera Investment Corp. 60,000 173
  Ramco-Gershenson Properties Trust 14,400 173
  First Citizens BancShares Inc. Class A 1,000 173
  Urstadt Biddle Properties Inc. Class A 9,000 173
  Watsco Inc. 2,400 173
* Parametric Technology Corp. 8,000 173
  Community Trust Bancorp Inc. 5,400 173
* Quest Software Inc. 7,400 172
* Microsemi Corp. 8,000 172
  Pitney Bowes Inc. 10,047 172
  World Fuel Services Corp. 3,900 172
* Sears Holdings Corp. 3,194 172
* JDS Uniphase Corp. 14,100 171
  Cablevision Systems Corp. Class A 11,540 171
* Navigators Group Inc. 3,600 171
  Kemper Corp. 5,700 171
* Health Net Inc. 4,800 171
* Questcor Pharmaceuticals Inc. 3,800 171
  Tidewater Inc. 3,100 171
  National Fuel Gas Co. 3,600 170
  Mid-America Apartment Communities Inc. 2,500 170
* HealthSouth Corp. 7,600 170
  Healthcare Realty Trust Inc. 7,900 170
* Warnaco Group Inc. 3,200 169
  Intersil Corp. Class A 16,500 169
  Telephone & Data Systems Inc. 6,973 169
* Cadence Design Systems Inc. 14,500 169
  DiamondRock Hospitality Co. 15,900 169
* SandRidge Energy Inc. 21,100 169
* Atwood Oceanics Inc. 3,800 168
* Sensata Technologies Holding NV 5,300 168
* International Rectifier Corp. 7,700 168
* Terex Corp. 7,402 168
* PMC - Sierra Inc. 23,700 168
  Harsco Corp. 7,500 167
  Carpenter Technology Corp. 3,000 167
  Gannett Co. Inc. 12,077 167
* SVB Financial Group 2,600 167
* AboveNet Inc. 2,000 166
  Chico's FAS Inc. 10,800 166
  Hillenbrand Inc. 7,900 165
  Trustmark Corp. 6,500 165
  Universal Corp. 3,600 165
  PolyOne Corp. 11,900 165
* Unit Corp. 3,900 165
  American Eagle Outfitters Inc. 9,143 165
  Rent-A-Center Inc. 4,800 164
  Bemis Co. Inc. 5,060 164
  Southwest Gas Corp. 3,900 164
* Level 3 Communications Inc. 7,100 164
* II-VI Inc. 8,000 163

 

54

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Harris Teeter Supermarkets Inc. 4,300 163
  Lancaster Colony Corp. 2,500 163
* Rovi Corp. 5,699 163
  Wintrust Financial Corp. 4,500 163
  Taubman Centers Inc. 2,100 162
  First Financial Corp. 5,400 162
* United Therapeutics Corp. 3,700 162
  Old Republic International Corp. 16,267 162
  Brookline Bancorp Inc. 18,000 162
* Sirona Dental Systems Inc. 3,200 162
  Morningstar Inc. 2,800 162
  Cinemark Holdings Inc. 7,000 161
  Omega Healthcare Investors Inc. 7,500 161
* Polycom Inc. 12,100 161
* Convergys Corp. 12,000 160
* Stifel Financial Corp. 4,400 160
* World Acceptance Corp. 2,400 160
* Ingram Micro Inc. 8,200 160
* eHealth Inc. 9,000 159
  Covanta Holding Corp. 9,900 159
* United Rentals Inc. 3,400 159
  ProAssurance Corp. 1,800 159
* Salix Pharmaceuticals Ltd. 3,200 158
* Saks Inc. 14,400 158
* Brookdale Senior Living Inc. Class A 8,300 158
* Anixter International Inc. 2,300 158
* Novellus Systems Inc. 3,372 158
  South Jersey Industries Inc. 3,200 158
  Scotts Miracle-Gro Co. Class A 3,000 157
  Huntsman Corp. 11,100 157
  Littelfuse Inc. 2,500 157
* Hain Celestial Group Inc. 3,300 156
* Hexcel Corp. 5,700 156
  Montpelier Re Holdings Ltd. 7,600 156
* Tesoro Corp. 6,700 156
  Lexington Realty Trust 17,500 156
* Darling International Inc. 9,500 156
* Hittite Microwave Corp. 2,900 155
* Zebra Technologies Corp. 4,000 155
  Rollins Inc. 7,300 155
  National Instruments Corp. 5,700 155
* Tenet Healthcare Corp. 29,800 155
  Community Bank System Inc. 5,500 155
  Woodward Inc. 3,700 154
  Laclede Group Inc. 3,900 154
  Erie Indemnity Co. Class A 1,995 153
* GenOn Energy Inc. 71,900 153
  Validus Holdings Ltd. 4,700 153
  ADTRAN Inc. 5,000 153
  Hill-Rom Holdings Inc. 4,700 153
  First American Financial Corp. 9,100 152
  Deluxe Corp. 6,400 152
  Guess? Inc. 5,200 152
  BRE Properties Inc. 2,900 152
  Lennox International Inc. 3,500 152
* ITT Educational Services Inc. 2,300 152
  Extra Space Storage Inc. 5,000 152
  Worthington Industries Inc. 8,500 152
  Power Integrations Inc. 4,000 152
  Bristow Group Inc. 3,100 151
  Sealed Air Corp. 7,889 151
* Genworth Financial Inc. Class A 25,167 151
  Domino's Pizza Inc. 4,000 151
* Steven Madden Ltd. 3,500 151

 

55

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Oshkosh Corp. 6,600 151
* Tech Data Corp. 2,800 151
  BGC Partners Inc. Class A 21,600 151
* Onyx Pharmaceuticals Inc. 3,300 150
  Medicis Pharmaceutical Corp. Class A 3,900 150
* Semtech Corp. 5,500 150
* NVR Inc. 191 150
  FirstMerit Corp. 8,900 150
  Sotheby's 3,800 149
  Royal Gold Inc. 2,400 149
* Dean Foods Co. 12,100 149
  WGL Holdings Inc. 3,700 148
  Waste Connections Inc. 4,600 148
* Alere Inc. 6,200 148
  Iberiabank Corp. 2,900 148
  Fulton Financial Corp. 14,100 148
  SEI Investments Co. 7,317 148
  Sovran Self Storage Inc. 2,800 148
  Lexmark International Inc. Class A 4,900 147
  LaSalle Hotel Properties 5,000 147
* Hub Group Inc. Class A 4,200 147
  Equity Lifestyle Properties Inc. 2,100 147
  City National Corp. 2,757 147
  TCF Financial Corp. 12,800 147
  Aaron's Inc. 5,400 147
* CACI International Inc. Class A 2,400 147
  First Niagara Financial Group Inc. 16,400 147
* Toll Brothers Inc. 5,772 147
* Gran Tierra Energy Inc. 22,700 146
  Starwood Property Trust Inc. 7,000 146
  Assured Guaranty Ltd. 10,300 146
  MAXIMUS Inc. 3,300 146
* Navistar International Corp. 4,300 146
  StanCorp Financial Group Inc. 3,800 146
* Iconix Brand Group Inc. 9,500 146
* Bally Technologies Inc. 3,000 146
  Universal Health Realty Income Trust 3,600 146
* NeuStar Inc. Class A 4,000 145
  RR Donnelley & Sons Co. 11,613 145
  MercadoLibre Inc. 1,500 145
  UTi Worldwide Inc. 8,700 145
* Human Genome Sciences Inc. 9,832 145
  Brunswick Corp. 5,500 145
  CLARCOR Inc. 3,000 144
  Saul Centers Inc. 3,600 144
* ValueClick Inc. 6,800 144
  National Health Investors Inc. 2,900 143
* Ultra Petroleum Corp. 7,255 143
  Owens & Minor Inc. 4,900 143
  UGI Corp. 4,900 143
  Penske Automotive Group Inc. 5,400 143
* Atlas Air Worldwide Holdings Inc. 3,100 143
  HCA Holdings Inc. 5,300 143
* Shaw Group Inc. 4,700 142
  Quality Systems Inc. 3,800 142
* Cepheid Inc. 3,700 142
  Susquehanna Bancshares Inc. 13,700 142
* Middleby Corp. 1,400 142
* Foster Wheeler AG 6,175 142
* Magellan Health Services Inc. 3,200 142
  Brinker International Inc. 4,500 142
  Broadridge Financial Solutions Inc. 6,095 141
* Babcock & Wilcox Co. 5,750 141
  CubeSmart 11,200 141

 

56

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Live Nation Entertainment Inc. 15,500 140
* Impax Laboratories Inc. 5,700 140
* NII Holdings Inc. 9,987 140
* Brocade Communications Systems Inc. 25,200 140
  Schnitzer Steel Industries Inc. 3,500 140
* Cubist Pharmaceuticals Inc. 3,300 140
  Blackbaud Inc. 4,500 139
  Trinity Industries Inc. 4,700 139
  Senior Housing Properties Trust 6,300 139
* Itron Inc. 3,400 139
  Webster Financial Corp. 6,100 139
* Alkermes plc 8,000 138
  Hancock Holding Co. 4,300 138
  Arkansas Best Corp. 9,000 138
* athenahealth Inc. 1,900 138
* Medivation Inc. 1,700 137
* AOL Inc. 5,491 137
  ABM Industries Inc. 5,900 137
  Synovus Financial Corp. 65,400 137
  Werner Enterprises Inc. 5,800 137
* Madison Square Garden Co. Class A 3,800 137
  Leggett & Platt Inc. 6,269 136
* Align Technology Inc. 4,300 136
  United Stationers Inc. 4,800 136
  Mine Safety Appliances Co. 3,200 136
  Platinum Underwriters Holdings Ltd. 3,700 135
  Prosperity Bancshares Inc. 2,900 135
* Allscripts Healthcare Solutions Inc. 12,200 135
  Home Properties Inc. 2,200 134
  Greif Inc. Class A 2,500 134
* OSI Systems Inc. 2,000 134
* Dolby Laboratories Inc. Class A 3,400 133
  Dana Holding Corp. 9,100 133
  MKS Instruments Inc. 4,800 133
  Brink's Co. 5,200 132
  Monro Muffler Brake Inc. 3,200 132
  First Horizon National Corp. 14,376 132
* Intrepid Potash Inc. 5,300 132
* Charles River Laboratories International Inc. 3,700 131
* Hibbett Sports Inc. 2,200 131
* Signature Bank 2,000 131
* Rosetta Resources Inc. 2,600 131
  Vail Resorts Inc. 3,200 130
  Con-way Inc. 4,000 130
  Weight Watchers International Inc. 1,711 130
  Olin Corp. 6,200 130
* AMERIGROUP Corp. 2,100 130
* Cymer Inc. 2,500 130
* Allied Nevada Gold Corp. 4,400 129
  El Paso Electric Co. 4,200 129
* McDermott International Inc. 11,377 129
* ScanSource Inc. 3,900 129
  AO Smith Corp. 2,700 129
* Fortinet Inc. 4,900 128
  Berry Petroleum Co. Class A 2,800 128
* CVR Energy Inc. 4,200 128
* Under Armour Inc. Class A 1,300 127
  Techne Corp. 1,900 127
* TreeHouse Foods Inc. 2,200 127
* Cirrus Logic Inc. 4,600 126
  Cathay General Bancorp 7,300 126
  Arbitron Inc. 3,300 126
  New Jersey Resources Corp. 2,900 125
* Volcano Corp. 4,600 125

 

57

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* GrafTech International Ltd. 10,600 124
* CoStar Group Inc. 1,700 124
  Patterson-UTI Energy Inc. 7,659 124
* Avis Budget Group Inc. 9,400 124
* Tenneco Inc. 4,000 123
* Cheesecake Factory Inc. 3,900 123
  Dillard's Inc. Class A 1,900 123
* Community Health Systems Inc. 5,026 122
  Lincare Holdings Inc. 5,010 122
* Acxiom Corp. 8,900 122
  Arch Coal Inc. 12,500 122
  Piedmont Natural Gas Co. Inc. 4,000 122
  CapitalSource Inc. 18,900 122
  First Financial Bankshares Inc. 3,600 122
* Health Management Associates Inc. Class A 16,900 122
* Covance Inc. 2,600 122
  Group 1 Automotive Inc. 2,100 122
* Dril-Quip Inc. 1,800 121
  Meredith Corp. 4,200 121
  Macquarie Infrastructure Co. LLC 3,500 121
* Knight Capital Group Inc. Class A 9,200 121
  Tellabs Inc. 32,000 121
* Helix Energy Solutions Group Inc. 5,900 120
  Lender Processing Services Inc. 4,533 120
* Ciena Corp. 8,100 120
  LTC Properties Inc. 3,600 120
  Commercial Metals Co. 8,100 120
  CVB Financial Corp. 10,300 119
* EnerSys 3,400 119
* Advent Software Inc. 4,400 119
* Colfax Corp. 3,501 119
  Atmos Energy Corp. 3,600 117
* Big Lots Inc. 3,200 117
* Theravance Inc. 5,400 117
* Seattle Genetics Inc. 5,900 117
* Goodyear Tire & Rubber Co. 10,600 116
  Ryder System Inc. 2,387 116
  Barnes Group Inc. 4,400 116
  Sapient Corp. 9,700 116
* NETGEAR Inc. 3,000 115
  Mercury General Corp. 2,555 115
* Lamar Advertising Co. Class A 3,627 115
* DreamWorks Animation SKG Inc. Class A 6,400 115
  First Financial Bancorp 6,800 114
* Contango Oil & Gas Co. 2,100 114
* MetroPCS Communications Inc. 15,605 114
  Pier 1 Imports Inc. 6,600 113
  Rayonier Inc. 2,500 113
* Fairchild Semiconductor International Inc. Class A 8,000 113
* Dollar Thrifty Automotive Group Inc. 1,400 113
* Louisiana-Pacific Corp. 12,500 113
  Tanger Factory Outlet Centers 3,600 113
  Eagle Materials Inc. 3,200 113
  DeVry Inc. 3,500 113
* Oasis Petroleum Inc. 3,400 112
  Titanium Metals Corp. 7,600 112
* Aruba Networks Inc. 5,300 112
* General Cable Corp. 3,800 112
* Tyler Technologies Inc. 2,800 112
* Thoratec Corp. 3,200 111
* Aeropostale Inc. 5,000 111
  Watts Water Technologies Inc. Class A 3,000 110
  Regal Entertainment Group Class A 8,100 110
  Exelis Inc. 9,535 110

 

58

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Coeur d'Alene Mines Corp. 5,100 110
  Potlatch Corp. 3,500 110
* JetBlue Airways Corp. 23,000 109
  FNB Corp. 9,600 109
  Cognex Corp. 2,700 109
  Chemed Corp. 1,800 109
* Mentor Graphics Corp. 7,500 108
  Healthcare Services Group Inc. 5,100 108
  Manitowoc Co. Inc. 7,800 108
* SolarWinds Inc. 2,300 108
  Lufkin Industries Inc. 1,400 108
  Cash America International Inc. 2,300 108
* Gulfport Energy Corp. 4,100 107
  Men's Wearhouse Inc. 2,900 107
  PriceSmart Inc. 1,300 107
* Forest City Enterprises Inc. Class A 6,727 107
  ITT Corp. 4,767 107
  Buckeye Technologies Inc. 3,300 107
  PNM Resources Inc. 5,700 107
  DSW Inc. Class A 1,900 107
  Glimcher Realty Trust 10,800 107
* Coinstar Inc. 1,700 107
  Old National Bancorp 8,300 106
* Monster Worldwide Inc. 12,300 106
  Granite Construction Inc. 3,800 106
  Cypress Semiconductor Corp. 6,800 105
* FTI Consulting Inc. 2,900 105
* PSS World Medical Inc. 4,400 105
  Mueller Industries Inc. 2,300 105
  SUPERVALU Inc. 17,697 105
  Redwood Trust Inc. 9,000 105
* PAREXEL International Corp. 3,900 105
  Thor Industries Inc. 3,100 105
* JDA Software Group Inc. 3,600 104
* Enstar Group Ltd. 1,100 104
* Vitamin Shoppe Inc. 2,200 104
  BOK Financial Corp. 1,800 103
  Robbins & Myers Inc. 2,100 102
  Valley National Bancorp 8,080 102
  Wendy's Co. 20,828 101
  Federated Investors Inc. Class B 4,579 101
  National Penn Bancshares Inc. 10,900 100
* FEI Co. 2,000 100
* Advisory Board Co. 1,100 100
* ViroPharma Inc. 4,600 100
* Key Energy Services Inc. 7,900 100
* Swift Energy Co. 3,300 100
* Popular Inc. 55,983 100
* Masimo Corp. 4,500 100
* Vivus Inc. 4,100 99
  Umpqua Holdings Corp. 7,500 99
  Corporate Executive Board Co. 2,400 99
* Ezcorp Inc. Class A 3,700 99
* Crocs Inc. 4,900 99
* CommVault Systems Inc. 1,900 99
* Acme Packet Inc. 3,500 98
* Carrizo Oil & Gas Inc. 3,500 98
* Texas Capital Bancshares Inc. 2,600 98
  Molex Inc. 3,541 98
* Genesco Inc. 1,300 98
* Elizabeth Arden Inc. 2,500 97
* Plexus Corp. 3,000 97
* ANN Inc. 3,500 97
* IPG Photonics Corp. 2,000 97

 

59

 
Vanguard® Total World Stock Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Gulfmark Offshore Inc. 2,000 96
  Finish Line Inc. Class A 4,300 96
* Centene Corp. 2,400 95
* Coherent Inc. 1,800 95
  Fair Isaac Corp. 2,200 94
* Compuware Corp. 10,822 94
* VistaPrint NV 2,500 93
  BioMed Realty Trust Inc. 4,700 93
* WMS Industries Inc. 3,800 93
  Simpson Manufacturing Co. Inc. 3,000 93
  Armstrong World Industries Inc. 2,100 92
* Ocwen Financial Corp. 6,200 92
  Pool Corp. 2,500 92
* New York Times Co. Class A 14,600 92
* Forest Oil Corp. 6,900 92
* Deckers Outdoor Corp. 1,800 92
* Chart Industries Inc. 1,200 92
* Hornbeck Offshore Services Inc. 2,200 92
* Manhattan Associates Inc. 1,800 90
* First Cash Financial Services Inc. 2,200 90
* Universal Display Corp. 2,000 90
* Stone Energy Corp. 3,200 90
^ Kinder Morgan Inc. 2,500 90
* Altisource Portfolio Solutions SA 1,500 90
* Polypore International Inc. 2,400 90
* Entegris Inc. 10,100 89
  Globe Specialty Metals Inc. 6,700 89
* Molycorp Inc. 3,300 89
  Strayer Education Inc. 900 89
  Molex Inc. Class A 3,861 88
  Herman Miller Inc. 4,500 88
  Buckle Inc. 1,900 88
  Sanderson Farms Inc. 1,700 88
* Finisar Corp. 5,300 88
* TFS Financial Corp. 8,900 87
* Take-Two Interactive Software Inc. 6,200 87
* MasTec Inc. 5,000 87
  HNI Corp. 3,600 87
* HMS Holdings Corp. 3,600 87
* CoreLogic Inc. 5,145 86
* WellCare Health Plans Inc. 1,400 86
* Jos A Bank Clothiers Inc. 1,800 86
* TiVo Inc. 7,900 85
  American Campus Communities Inc. 1,900 84
  Raven Industries Inc. 1,400 84
  DuPont Fabros Technology Inc. 3,100 84
* Huntington Ingalls Industries Inc. 2,129 84
* Dendreon Corp. 7,205 84
* MicroStrategy Inc. Class A 600 84
  EXCO Resources Inc. 11,300 83
  RLI Corp. 1,200 83
  National Retail Properties Inc. 3,000 82
* St. Joe Co. 4,579 82
* Bill Barrett Corp. 3,400 82
  Schweitzer-Mauduit International Inc. 1,200 81
  Hecla Mining Co. 18,800 80
* Synaptics Inc. 2,600 80
* Stillwater Mining Co. 7,400 79
  Investors Real Estate Trust 10,800 78
* Pharmacyclics Inc. 2,800 77
  United Bankshares Inc. 2,900 77
* Jazz Pharmaceuticals plc 1,500 77
* Cavium Inc. 2,600 76
* LogMeIn Inc. 2,100 76

 

60

 
Vanguard® Total World Stock Index Fund      
Schedule of Investments      
April 30, 2012      
 
        Market
        Value
      Shares ($000)
  HEICO Corp.   1,875 76
* MBIA Inc.   7,500 76
* RF Micro Devices Inc.   17,400 75
* Children's Place Retail Stores Inc.   1,600 74
  Balchem Corp.   2,500 72
* ION Geophysical Corp.   11,500 72
* NetSuite Inc.   1,600 71
* Silicon Laboratories Inc.   2,000 71
* Nielsen Holdings NV   2,400 70
* BJ's Restaurants Inc.   1,600 69
* Shutterfly Inc.   2,200 68
  Janus Capital Group Inc.   8,842 67
* Charter Communications Inc. Class A   1,100 67
* Halozyme Therapeutics Inc.   8,200 66
* K12 Inc.   2,600 66
* Express Inc.   2,800 66
  Cabot Microelectronics Corp.   1,900 65
  RPC Inc.   6,300 65
  InterDigital Inc.   2,300 64
  Invesco Mortgage Capital Inc.   3,600 64
* Northern Oil and Gas Inc.   3,200 62
* Kodiak Oil & Gas Corp.   6,900 61
* McMoRan Exploration Co.   6,900 61
* Unisys Corp.   3,200 60
  CARBO Ceramics Inc.   700 59
* First Solar Inc.   3,170 58
* InterMune Inc.   5,200 54
* Marriott Vacations Worldwide Corp.   1,763 52
* WebMD Health Corp.   2,157 49
* Post Holdings Inc.   1,350 40
  RadioShack Corp.   4,386 23
  CYS Investments Inc.   1,300 18
  Two Harbors Investment Corp.   1,300 14
 
        827,305
Total Common Stocks (Cost $1,579,687)     1,799,251
 
    Coupon    
Temporary Cash Investment (2.4%)      
Money Market Fund (2.4%)      
2,3 Vanguard Market Liquidity Fund (Cost $42,785) 0.137% 42,784,833 42,785
Total Investments (101.8%) (Cost $1,622,472)     1,842,036
Other Assets and Liabilities—Net (-1.8%)3     (32,836)
Net Assets (100%)     1,809,200

 

^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $33,416,000.
* Non-income-producing security.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $15,631,000, representing 0.9% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $35,671,000 of collateral received for securities on loan.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.

61

 

© 2012 The Vanguard Group. Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SNA 6282 062012

 


Semiannual Report | April 30, 2012

Vanguard FTSE International Index Funds

FTSE All-World ex-US Index Fund

FTSE All-World ex-US Small-Cap Index Fund

 

> For the six months ended April 30, 2012, Vanguard FTSE All-World ex-US Index Fund’s five share classes returned between 3.70% and 3.87%. The three share classes of Vanguard FTSE All-World ex-US Small-Cap Index Fund returned slightly more than 4%.

> International stocks bounced back from a steep decline in the previous six months, but still trailed their U.S. counterparts.

> Because of temporary price differences arising from fair-value pricing policies, the funds’ returns diverged from the returns of their benchmark indexes.

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 2
FTSE All-World ex-US Index Fund. 9
FTSE All-World ex-US Small-Cap Index Fund. 29
About Your Fund’s Expenses. 46
Trustees Approve Advisory Arrangements. 48
Glossary. 49

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.

 

Your Fund’s Total Returns

Six Months Ended April 30, 2012  
  Total
  Returns
Vanguard FTSE All-World ex-US Index Fund  
Investor Shares 3.70%
Admiral™ Shares 3.81
Institutional Shares 3.84
Institutional Plus Shares 3.87
ETF Shares  
Market Price 4.22
Net Asset Value 3.82
FTSE All-World ex US Index 2.83
International Funds Average 4.49
International Funds Average: Derived from data provided by Lipper Inc.
Vanguard FTSE All-World ex-US Small-Cap Index Fund  
Investor Shares 4.13%
Institutional Shares 4.27
ETF Shares  
Market Price 5.65
Net Asset Value 4.26
FTSE Global Small Cap ex US Index 3.61
International Small-Cap Funds Average 7.75
International Small-Cap Funds Average: Derived from data provided by Lipper Inc.

 

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. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573; 8,090,646.

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.

Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.

1

 

 

Chairman’s Letter

Dear Shareholder,

During the six months ended April 30, international stock markets moved along with the ebb and flow of worries surrounding Europe’s ongoing debt drama.

Vanguard’s two FTSE International Index Funds posted modestly positive returns for the period. Vanguard FTSE All-World ex-US Small-Cap Index Fund provided slightly higher gains, with its three share classes returning a bit more than 4%.

The five share classes offered by Vanguard FTSE All-World ex-US Index Fund returned slightly less than 4%. Each fund’s return diverged from that of its benchmark index largely because of temporary price differences arising from fair-value pricing policies (See the box on fair value on page 5).

Please note that shortly after the close of the period, Vanguard announced that it had eliminated the redemption fee for Vanguard FTSE All-World ex-US Index Fund, effective May 23. The fund’s trustees determined that the fee, which was one of several measures in place to protect the interests of long-term investors and discourage frequent trading, was no longer needed.

On the same date, Vanguard FTSE All-World ex-US Small-Cap Index Fund reduced both its purchase and redemption fees from 0.75% to 0.50%. These fees help cover the higher trading costs associated with buying and selling stocks in global small-cap markets.

2

 

In addition, earlier in the year we announced that we were changing the dividend distribution frequency for the two Vanguard FTSE international funds from annual to quarterly. Spreading the dividend over four payments is intended to reduce the impact on the fund of generating cash to pay dividends to shareholders whose dividends are not reinvested. We’re phasing in the change, so dividends will be paid twice in 2012, in September and December.

Stocks followed a familiar pattern, reflecting investors’ shifting moods
International stock markets trailed the broad U.S. stock market for the six months ended April 30. European companies were generally the weakest performers, trailing the returns of emerging markets and the developed markets of the Pacific region.

U.S. stock prices delivered strong returns for the fiscal six months. Signs of economic acceleration in the United States, strength in corporate earnings, and apparent progress in Europe’s debt negotiations created a sense of optimism through much of the period. In the first quarter of 2012, the broad U.S. stock market produced its best first-quarter gain since 1998.

By the end of the six months, however, apprehension about these same sources of good news began to weigh on stock prices. Rapid changes in investor sentiment have

Market Barometer      
 
      Total Returns
    Periods Ended April 30, 2012
  Six One Five Years
  Months Year (Annualized)
Stocks      
Russell 1000 Index (Large-caps) 12.89% 4.11% 1.23%
Russell 2000 Index (Small-caps) 11.02 -4.25 1.45
Dow Jones U.S. Total Stock Market Index 12.66 3.43 1.56
MSCI All Country World Index ex USA (International) 2.73 -12.90 -2.75
 
Bonds      
Barclays Capital U.S. Aggregate Bond Index (Broad      
taxable market) 2.44% 7.54% 6.37%
Barclays Capital Municipal Bond Index (Broad      
tax-exempt market) 5.50 11.36 5.60
Citigroup Three-Month U.S. Treasury Bill Index 0.01 0.04 1.03
 
CPI      
Consumer Price Index 1.62% 2.30% 2.17%

 

3

 

been a prominent feature of the financial markets since the 2008–2009 financial crisis, a reflection of broader economic uncertainties.

Municipal securities remained a bond market bright spot
The taxable bond market produced solid, if unremarkable, six-month total returns. The yields of U.S. Treasury bonds bobbed higher during the period, but closed lower at the end as investors put a premium on the safest securities. This “flight-to-quality” boosted bond prices modestly. (Bond yields and prices move in opposite directions.)

The six-month return of the broad municipal bond market was impressive. Investors have bid up muni prices, as the yields of these securities have continued to hover above those available from fully taxable U.S. Treasury bonds.

As it has since December 2008, the Federal Reserve Board kept its target for the shortest-term interest rates between 0% and 0.25%. That policy has kept a tight lid on the returns available from money market funds and savings accounts.

Returns were modest
as turnaround took shape
All geographic regions participated in the international markets’ recent modest rebound. The average return from the stocks held by the FTSE All-World ex-US Index Fund hovered between 2% and 4% across the globe’s regions. Returns were a bit higher from many of the smaller stocks

Expense Ratios
Your Fund Compared With Its Peer Group

            Peer
  Investor Admiral Institutional Institutional ETF Group
  Shares Shares Shares Plus Shares Shares Average
FTSE All-World ex-US Index Fund 0.35% 0.18% 0.13% 0.10% 0.18% 1.37%
FTSE All-World ex-US Small-Cap Index            
Fund 0.50 — 0.25 — 0.28 1.58

 

The fund expense ratios shown are from the prospectus dated February 28, 2012, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the funds’ annualized expense ratios were: for the FTSE All-World ex-US Index Fund, 0.34% for Investor Shares, 0.18% for Admiral Shares, 0.13% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.17% for ETF Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.49% for Investor Shares, 0.25% for Institutional Shares, and 0.27% for ETF Shares. The peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2011.

Peer groups: For the FTSE All-World ex-US Index Fund, International Funds; and for the FTSE All-World ex-US Small-Cap Index Fund, International Small-Cap Funds.

4

 

held by the FTSE All-World ex-US Small-Cap Index Fund, with Pacific area small-caps rising nearly 5% and European small-caps returning more than 6%.

European stocks, which made up the largest regional component in both of our FTSE funds, were weighed down a bit as officials struggled with the continent’s sovereign-debt crisis and recession worries reignited. European stocks in the larger-cap FTSE fund rose less than 2%. United Kingdom holdings, which made up about 15% of the FTSE All-World ex-US Index Fund’s assets on average, returned about 6%, providing the biggest contribution to returns. The U.K.’s financial, consumer staples, industrial, and consumer discretionary sectors were the strongest performers. U.K. small-cap stocks also did well, rising 14% and providing the small-cap fund with its biggest boost.

Not surprisingly, the European countries at the center of the debt crisis—Spain, Italy, Portugal, and Greece—suffered losses in both funds.

Japan’s rebound helped
both funds’ performance
Developed markets in the Pacific region, which represented nearly one-quarter of assets in both funds, returned an average of between 4% and 5%. Stocks in Japan represented one of the largest markets in both funds, and provided the second- biggest contribution to returns. Japan’s

A note on fair-value pricing
The reported return of a fund that
tracks an index sometimes may
diverge from the index’s return a
bit more than would be expected.
This may be the result of a fair-value
pricing adjustment.
 
These adjustments, which are
required by the Securities and
Exchange Commission, address
pricing discrepancies that may arise
because of time-zone differences
among global stock markets. Foreign
stocks may trade on exchanges that
close many hours before a fund’s
closing share price is calculated
in the United States, generally at
4 p.m., Eastern time. In the hours
between the foreign close and the
U.S. close, the value of these foreign
securities may change––because
of company-specific announcements
or market-wide developments, for
example. Such price changes are not
immediately reflected in international
index values.
 
Fair-value pricing takes such changes
into account in calculating the fund’s
daily net asset value, thus ensuring
that the NAV doesn’t include “stale”
prices. The result can be a temporary
divergence between the return of the
fund and that of its benchmark index––
a difference that usually corrects itself
when the foreign markets reopen.

 

5

 

automakers approached production levels not seen since before the natural disasters last year, and sales improved as higher gas prices attracted consumers to fuel-efficient Japanese cars. Consumer discretionary firms, which include auto-makers, as well as financial, industrial, and consumer staples companies, were the best performers. Financial services companies, including banks from Hong Kong, Singapore, and Australia, also boosted Pacific region stocks in the larger-cap fund, while Pacific area industrials led the way for the small-cap fund.

Meanwhile, the relative strength of the U.S. dollar compared with the euro (which was down 6% versus the dollar) and the yen (down 3%) detracted from results in Europe and Japan for U.S.-based investors, because foreign holdings lose value when converted into appreciating U.S. dollars.

Stocks in emerging market countries, which represented about one-quarter of both funds’ assets at the reporting period’s close, rose modestly—4% in the larger-cap fund and 2% in the small-cap fund. Chinese stocks, which represented the largest allocation within emerging markets in the larger-cap fund, returned about 7%. Although inflation is a concern in the world’s most populous nation, central bankers discussed easing monetary policy to boost the economy, lessening investors’ worries. China’s leading contributors in the larger-cap fund included financial and information technology stocks. In the small-cap fund, Brazilian stocks did well, rising 6%. But even more sizable contributions came from smaller markets, notably Thailand (+29%), Indonesia (+19%), and Russia (+99%).

Canada, the sole North American representative in both funds and the third-largest market in the larger-cap fund, returned a modest 3%. Canadian small-cap stocks make up the largest market in the smaller-cap fund, but they returned less than one-quarter of a percentage point. For both funds, Canadian financial companies were the most influential gainers, while materials companies were the biggest drags, retreating by more than 10%.

Looking at the two funds’ returns from a global industry sector perspective, consumer staples was the best performer. Stocks of companies providing foodstuffs and basic household goods rose about 9% in the larger-cap fund and 12% in the small-cap fund. Materials was the weakest sector, returning –3% and –5% respectively, as certain commodity prices fell and concern rose that Chinese demand was weakening.

Consider international stocks
for a diversified investment program
Diversification is a hallmark of any sensible investing plan, and exposure to international equities can be an important part of the equation. International stocks can behave differently than their U.S. counterparts, thus providing important diversification to a portfolio. Considerations for Investing in Non-U.S. Equities, a recent Vanguard

6

 

research paper available at vanguard.com/ research, explains that international equities can provide significant opportunities for U.S. investors and can also serve as a way to dampen volatility.

That’s one of the reasons why Vanguard counsels investors to maintain a broadly diversified investment program that considers their time horizon, risk tolerance, and long-term goals. Such a program may include U.S. stock funds and international funds as well as bond and money market funds. Vanguard FTSE All-World ex-US Index Fund and its small-cap counterpart offer broad exposure to international developed and emerging markets, and can serve an important role as part of a well-diversified, cost-effective portfolio.

Thank you for entrusting your assets to Vanguard.

Sincerely,


F. William McNabb III
Chairman and Chief Executive Officer
May 18, 2012

7

 

Your Fund’s Performance at a Glance
October 31, 2011, Through April 30, 2012

      Distributions Per Share
  Starting Ending Income Capital
  Share Price Share Price Dividends Gains
Vanguard FTSE All-World ex-US Index Fund        
Investor Shares $16.95 $17.07 $0.457 $0.000
Admiral Shares 26.86 26.92 0.868 0.000
Institutional Shares 85.10 85.33 2.740 0.000
Institutional Plus Shares 90.15 90.38 2.935 0.000
ETF Shares 43.17 43.30 1.369 0.000
Vanguard FTSE All-World ex-US Small-Cap        
Index Fund        
Investor Shares $32.89 $33.27 $0.861 $0.000
Institutional Shares 165.23 166.64 4.961 0.000
ETF Shares 86.38 87.25 2.474 0.000

 

8

 

FTSE All-World ex-US Index Fund

Fund Profile
As of April 30, 2012

Share-Class Characteristics          
  Investor Admiral Institutional Institutional  
  Shares Shares Shares Plus Shares ETF Shares
Ticker Symbol VFWIX VFWAX VFWSX VFWPX VEU
Expense Ratio1 0.35% 0.18% 0.13% 0.10% 0.18%

 

Portfolio Characteristics    
    FTSE
    All-World
  Fund ex US Index
Number of Stocks 2,337 2,258
Median Market Cap $26.6B $26.6B
Price/Earnings Ratio 13.7x 13.5x
Price/Book Ratio 1.4x 1.4x
Return on Equity 17.2% 17.1%
Earnings Growth Rate 4.2% 4.3%
Dividend Yield 3.2% 3.3%
Turnover Rate    
(Annualized) 8% —
Short-Term Reserves 0.0% —
 
 
Volatility Measures    
    FTSE
    All-World
    ex US Index
R-Squared   0.99
Beta   1.04

 

Ten Largest Holdings (% of total net assets)

Royal Dutch Shell plc Integrated Oil &  
  Gas 1.4%
Nestle SA Packaged Foods &  
  Meats 1.3
BHP Billiton Diversified Metals  
  & Mining 1.2
Samsung Electronics Co.    
Ltd. Semiconductors 1.1
HSBC Holdings plc Diversified Banks 1.0
Vodafone Group plc Wireless  
  Telecommunication  
  Services 0.8
Novartis AG Pharmaceuticals 0.8
BP plc Integrated Oil &  
  Gas 0.8
Roche Holding AG Pharmaceuticals 0.8
GlaxoSmithKline plc Pharmaceuticals 0.7
Top Ten   9.9%

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

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

1 The expense ratios shown are from the prospectus dated February 28, 2012, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the annualized expense ratios were 0.34% for Investor Shares, 0.18% for Admiral Shares, 0.13% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.17% for ETF Shares.

9

 

FTSE All-World ex-US Index Fund

Sector Diversification (% of equity exposure)

    FTSE
    All-World
  Fund ex US Index
Consumer Discretionary 9.6% 9.6%
Consumer Staples 10.2 10.2
Energy 11.0 11.0
Financials 23.9 23.9
Health Care 6.7 6.7
Industrials 11.0 11.0
Information Technology 6.7 6.7
Materials 11.4 11.4
Telecommunication    
Services 5.7 5.7
Utilities 3.8 3.8

 

Allocation by Region (% of portfolio)


Market Diversification (% of equity exposure)

    FTSE
    All-World
    ex US
  Fund Index
Europe    
United Kingdom 15.0% 15.0%
France 6.6 6.6
Switzerland 5.6 5.6
Germany 5.5 5.5
Sweden 2.1 2.1
Spain 1.8 1.8
Italy 1.6 1.6
Netherlands 1.5 1.5
Other 3.5 3.4
Subtotal 43.2% 43.1%
Pacific    
Japan 13.4% 13.5%
Australia 6.0 6.0
Hong Kong 2.5 2.5
Singapore 1.3 1.3
Other 0.1 0.1
Subtotal 23.3% 23.4%
Emerging Markets    
China 4.4% 4.4%
South Korea 4.1 4.1
Brazil 3.7 3.7
Taiwan 2.7 2.6
South Africa 2.2 2.2
India 2.0 1.9
Russia 1.4 1.4
Mexico 1.2 1.2
Malaysia 1.0 1.0
Other 3.2 3.3
Subtotal 25.9% 25.8%
North America    
Canada 7.1% 7.1%
Middle East 0.5% 0.6%

 

10

 

FTSE All-World ex-US Index Fund

Performance Summary

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

Fiscal-Year Total Returns (%): March 8, 2007, Through April 30, 2012

Note: For 2012, performance data reflect the six months ended April 30, 2012.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.

Average Annual Total Returns: Periods Ended March 31, 2012
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
  Inception One Five Since
  Date Year Years Inception
Investor Shares 3/8/2007 -7.22% -1.39% -0.76%
Admiral Shares 9/27/2011 — — 13.69
Institutional Shares 4/30/2007 -6.97 — -1.95
Institutional Plus Shares 12/16/2010 -6.96 — -1.50
ETF Shares 3/2/2007      
Market Price   -7.22 -1.31 -0.19
Net Asset Value   -7.02 -1.24 -0.21

 

Vanguard fund returns do not reflect the 2% fee on redemptions of shares held for less than two months. The fee does not apply to ETF Shares.

See Financial Highlights for dividend and capital gains information.

11

 

FTSE All-World ex-US Index Fund

Financial Statements (unaudited)

Statement of Net Assets—Investments Summary
As of April 30, 2012

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

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
    Market Percentage
    Value of Net
  Shares ($000) Assets
Common Stocks      
Australia      
BHP Billiton Ltd. 2,620,610 97,245 0.7%
Commonwealth Bank of Australia 1,287,161 69,434 0.5%
Westpac Banking Corp. 2,474,705 58,320 0.5%
Australia & New Zealand Banking Group Ltd. 2,188,053 54,206 0.4%
National Australia Bank Ltd. 1,829,016 47,810 0.4%
Australia—Other †   467,280 3.5%
    794,295 6.0%
 
Austria †   29,073 0.2%
 
Belgium      
^ Anheuser-Busch InBev NV 652,124 47,003 0.4%
Belgium—Other †   40,965 0.3%
    87,968 0.7%
 
Brazil †   487,932 3.7%
 
Canada      
Royal Bank of Canada 1,175,038 67,908 0.5%
Toronto-Dominion Bank 735,124 62,130 0.5%
Bank of Nova Scotia 926,027 51,370 0.4%
Suncor Energy Inc. 1,285,293 42,455 0.3%
Canada—Other †   725,575 5.5%
    949,438 7.2%
 
Chile †   68,433 0.5%
 
China      
China Mobile Ltd. 4,910,308 54,325 0.4%
China Construction Bank Corp. 58,847,463 45,668 0.4%

 

12

 

FTSE All-World ex-US Index Fund      
 
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
Industrial & Commercial Bank of China 53,164,976 35,325 0.3%
CNOOC Ltd. 14,619,000 30,892 0.3%
Bank of China Ltd. 68,170,000 28,387 0.2%
PetroChina Co. Ltd. 17,242,000 25,720 0.2%
China Life Insurance Co. Ltd. 6,075,000 16,175 0.1%
China Petroleum & Chemical Corp. 13,732,000 14,585 0.1%
China Shenhua Energy Co. Ltd. 2,774,000 12,250 0.1%
China Unicom Hong Kong Ltd. 5,834,182 10,204 0.1%
Agricultural Bank of China Ltd. 18,944,715 8,960 0.1%
China Overseas Land & Investment Ltd. 3,377,760 7,299 0.1%
China Telecom Corp. Ltd. 13,260,000 7,107 0.1%
China Citic Bank Corp. Ltd. 9,074,840 5,750 0.1%
Dongfeng Motor Group Co. Ltd. 2,094,000 4,096 0.0%
Kunlun Energy Co. Ltd. 2,322,000 4,075 0.0%
China Coal Energy Co. Ltd. 3,356,000 3,834 0.0%
China Communications Construction Co. Ltd. 3,726,000 3,713 0.0%
China Resources Land Ltd. 1,933,003 3,699 0.0%
China Resources Enterprise Ltd. 1,000,000 3,620 0.0%
Yanzhou Coal Mining Co. Ltd. 1,587,760 3,325 0.0%
China Merchants Holdings International Co. Ltd. 1,016,893 3,274 0.0%
China Resources Power Holdings Co. Ltd. 1,524,400 2,771 0.0%
China Oilfield Services Ltd. 1,240,000 1,998 0.0%
Huaneng Power International Inc. 3,024,000 1,790 0.0%
Citic Pacific Ltd. 919,000 1,508 0.0%
Sinopharm Group Co. Ltd. 570,000 1,485 0.0%
China Railway Group Ltd. 3,650,000 1,439 0.0%
* China Taiping Insurance Holdings Co. Ltd. 675,200 1,406 0.0%
Air China Ltd. 1,854,000 1,339 0.0%
China Railway Construction Corp. Ltd. 1,686,074 1,337 0.0%
CSR Corp. Ltd. 1,596,000 1,281 0.0%
China Resources Cement Holdings Ltd. 1,600,000 1,264 0.0%
Zhuzhou CSR Times Electric Co. Ltd. 439,000 1,238 0.0%
^ China COSCO Holdings Co. Ltd. 2,031,800 1,169 0.0%
Guangdong Investment Ltd. 1,552,000 1,139 0.0%
China State Construction International Holdings Ltd. 1,140,000 1,047 0.0%
China Agri-Industries Holdings Ltd. 1,304,000 954 0.0%
China Resources Gas Group Ltd. 488,000 945 0.0%
China Longyuan Power Group Corp. 1,178,000 923 0.0%
^ Poly Hong Kong Investments Ltd. 1,499,000 778 0.0%
* China Southern Airlines Co. Ltd. 1,689,000 757 0.0%
1 China—Other †   231,495 1.8%
    590,346 4.4%
 
Colombia †   36,754 0.3%
 
Czech Republic †   11,385 0.1%
 
Denmark      
Novo Nordisk A/S Class B 402,412 59,325 0.5%
Denmark—Other †   58,408 0.4%
    117,733 0.9%
 
Egypt †   13,790 0.1%

 

13

 

FTSE All-World ex-US Index Fund      
 
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
Finland †   70,534 0.5%
 
France      
Total SA 1,823,804 87,550 0.7%
Sanofi 1,062,825 81,181 0.6%
^ LVMH Moet Hennessy Louis Vuitton SA 303,531 50,355 0.4%
France—Other †   656,897 4.9%
    875,983 6.6%
Germany      
Siemens AG 746,539 69,295 0.5%
^ BASF SE 753,866 62,069 0.5%
SAP AG 751,076 49,807 0.4%
Daimler AG 867,207 47,984 0.4%
^ Bayer AG 675,738 47,616 0.3%
Germany—Other †   458,511 3.4%
    735,282 5.5%
 
Greece †   9,585 0.1%
 
Hong Kong      
BOC Hong Kong Holdings Ltd. 3,467,237 10,717 0.1%
Hang Seng Bank Ltd. 624,700 8,555 0.1%
Orient Overseas International Ltd. 206,500 1,407 0.0%
1 Hong Kong—Other †   313,086 2.3%
    333,765 2.5%
 
Hungary †   12,279 0.1%
 
India      
Nestle India Ltd. 23,723 2,104 0.0%
1 India—Other †   257,531 2.0%
    259,635 2.0%
 
Indonesia †   91,437 0.7%
 
Ireland †   27,370 0.2%
 
Israel †   63,044 0.5%
 
Italy      
ENI SPA 2,219,399 49,315 0.4%
Italy—Other †   165,627 1.2%
    214,942 1.6%
Japan      
Toyota Motor Corp. 1,932,261 79,180 0.6%
Mitsubishi UFJ Financial Group Inc. 11,555,937 55,486 0.4%
Canon Inc. 1,087,717 49,304 0.4%
Japan—Other †   1,600,130 12.0%
    1,784,100 13.4%
 
Luxembourg †   1,002 0.0%
 
Malaysia †   133,940 1.0%

 

14

 

FTSE All-World ex-US Index Fund      
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
Mexico      
America Movil SAB de CV 35,690,106 47,593 0.4%
Mexico—Other †   112,771 0.8%
    160,364 1.2%
 
Mongolia †   710 0.0%
 
Morocco †   2,945 0.0%
 
Netherlands      
Unilever NV 1,265,253 43,341 0.3%
Netherlands—Other †   158,798 1.2%
    202,139 1.5%
 
New Zealand †   14,622 0.1%
 
Norway †   95,610 0.7%
 
Peru †   15,361 0.1%
 
Philippines †   25,481 0.2%
 
Poland †   37,786 0.3%
 
Portugal †   21,538 0.2%
 
Russia      
Gazprom OAO ADR 3,868,200 44,802 0.4%
1 Russia—Other †   137,632 1.0%
    182,434 1.4%
 
Singapore †   172,217 1.3%
 
South Africa †   286,077 2.2%
 
South Korea      
1 Samsung Electronics Co. Ltd. GDR 147,522 90,024 0.7%
Samsung Electronics Co. Ltd. 45,988 56,287 0.4%
1 South Korea—Other †   393,928 3.0%
    540,239 4.1%
Spain      
Telefonica SA 3,691,812 53,911 0.4%
Banco Santander SA 7,230,418 45,398 0.4%
Spain—Other †   135,773 1.0%
    235,082 1.8%
 
Sweden †   281,151 2.1%
 
Switzerland      
Nestle SA 2,829,571 173,422 1.3%
Novartis AG 2,028,375 111,999 0.8%
Roche Holding AG 573,721 104,854 0.8%
1 Switzerland—Other †   356,731 2.7%
    747,006 5.6%

 

15

 

FTSE All-World ex-US Index Fund        
 
 
 
      Market Percentage
      Value of Net
    Shares ($000) Assets
Taiwan        
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   3,246,568 50,582 0.4%
Taiwan—Other †     302,131 2.3%
      352,713 2.7%
 
Thailand †     70,683 0.5%
 
Turkey †     44,352 0.3%
 
United Kingdom        
HSBC Holdings plc   14,799,187 133,595 1.0%
Vodafone Group plc   40,704,672 112,669 0.9%
BP plc   15,385,633 111,148 0.8%
Royal Dutch Shell plc Class A   2,973,389 106,049 0.8%
GlaxoSmithKline plc   4,149,409 95,858 0.7%
British American Tobacco plc   1,608,391 82,494 0.6%
Royal Dutch Shell plc Class B   2,193,861 80,283 0.6%
BG Group plc   2,750,995 64,910 0.5%
Rio Tinto plc   1,157,734 64,897 0.5%
BHP Billiton plc   1,724,874 55,527 0.4%
Diageo plc   2,057,242 51,890 0.4%
Standard Chartered plc   1,942,743 47,492 0.4%
AstraZeneca plc   1,043,397 45,723 0.3%
Anglo American plc   1,083,413 41,868 0.3%
United Kingdom—Other †     898,503 6.8%
      1,992,906 15.0%
Total Common Stocks (Cost $13,239,761)     13,281,461 100.1%
 
  Coupon      
Temporary Cash Investment        
Money Market Fund        
2,3 Vanguard Market Liquidity Fund (Cost $603,599) 0.137% 603,598,830 603,599 4.5%
Total Investments (Cost $13,843,360)     13,885,060 104.6%
Other Assets and Liabilities        
Other Assets     82,640 0.6%
Liabilities3     (693,568) (5.2%)
      (610,928) (4.6%)
Net Assets     13,274,132 100.0%

 

16

 

FTSE All-World ex-US Index Fund  
 
 
At April 30, 2012, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 13,487,551
Undistributed Net Investment Income 127,396
Accumulated Net Realized Losses (383,492)
Unrealized Appreciation (Depreciation)  
Investment Securities 41,700
Foreign Currencies 977
Net Assets 13,274,132
 
Investor Shares—Net Assets  
Applicable to 35,785,377 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 610,949
Net Asset Value Per Share—Investor Shares $17.07
 
Admiral Shares—Net Assets  
Applicable to 40,592,443 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 1,092,787
Net Asset Value Per Share—Admiral Shares $26.92
 
Institutional Shares—Net Assets  
Applicable to 44,927,508 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 3,833,885
Net Asset Value Per Share—Institutional Shares $85.33
 
Institutional Plus Shares—Net Assets  
Applicable to 10,058,663 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 909,073
Net Asset Value Per Share—Institutional Plus Shares $90.38
 
ETF Shares—Net Assets  
Applicable to 157,661,045 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 6,827,438
Net Asset Value Per Share—ETF Shares $43.30

 

See Note A in Notes to Financial Statements.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $564,375,000.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $156,353,000, representing 1.2% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $603,599,000 of collateral received for securities on loan.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.

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FTSE All-World ex-US Index Fund

Statement of Operations

  Six Months Ended
  April 30, 2012
  ($000)
Investment Income  
Income  
Dividends1 198,277
Interest2 11
Security Lending 2,747
Total Income 201,035
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 401
Management and Administrative—Investor Shares 904
Management and Administrative—Admiral Shares 614
Management and Administrative—Institutional Shares 1,239
Management and Administrative—Institutional Plus Shares 185
Management and Administrative—ETF Shares 3,489
Marketing and Distribution—Investor Shares 156
Marketing and Distribution—Admiral Shares 40
Marketing and Distribution—Institutional Shares 586
Marketing and Distribution—Institutional Plus Shares 77
Marketing and Distribution—ETF Shares 898
Custodian Fees 1,471
Shareholders’ Reports—Investor Shares 4
Shareholders’ Reports—Admiral Shares 3
Shareholders’ Reports—Institutional Shares 7
Shareholders’ Reports—Institutional Plus Shares 1
Shareholders’ Reports—ETF Shares 69
Trustees’ Fees and Expenses 5
Total Expenses 10,149
Net Investment Income 190,886
Realized Net Gain (Loss)  
Investment Securities Sold (46,424)
Foreign Currencies (1,684)
Realized Net Gain (Loss) (48,108)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 318,741
Foreign Currencies 868
Change in Unrealized Appreciation (Depreciation) 319,609
Net Increase (Decrease) in Net Assets Resulting from Operations 462,387

1 Dividends are net of foreign withholding taxes of $17,495,000.
2 Interest income from an affiliated company of the fund was $11,000.

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

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FTSE All-World ex-US Index Fund

Statement of Changes in Net Assets

  Six Months Ended Year Ended
  April 30, October 31,
  2012 2011
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 190,886 398,678
Realized Net Gain (Loss) (48,108) 35,501
Change in Unrealized Appreciation (Depreciation) 319,609 (1,310,815)
Net Increase (Decrease) in Net Assets Resulting from Operations 462,387 (876,636)
Distributions    
Net Investment Income    
Investor Shares (16,811) (31,143)
Admiral Shares (28,849) —
Institutional Shares (123,981) (91,968)
Institutional Plus Shares (22,934) (3,069)
ETF Shares (199,804) (143,060)
Realized Capital Gain    
Investor Shares — —
Admiral Shares — —
Institutional Shares — —
Institutional Plus Shares — —
ETF Shares — —
Total Distributions (392,379) (269,240)
Capital Share Transactions    
Investor Shares (698,612) 13,749
Admiral Shares 902,778 144,429
Institutional Shares (160,889) 162,384
Institutional Plus Shares 335,285 630,408
ETF Shares 499,866 644,081
Net Increase (Decrease) from Capital Share Transactions 878,428 1,595,051
Total Increase (Decrease) 948,436 449,175
Net Assets    
Beginning of Period 12,325,696 11,876,521
End of Period1 13,274,132 12,325,696

1 Net Assets—End of Period includes undistributed net investment income of $127,396,000 and $329,573,000.

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

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FTSE All-World ex-US Index Fund

Financial Highlights

Investor Shares            
Six Months         March 8,
  Ended         20071 to
For a Share Outstanding April 30,        Year Ended October 31, Oct. 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $16.95 $18.43 $16.48 $12.77 $24.91 $20.00
Investment Operations            
Net Investment Income .189 .512 .4182 .3782 .6372 .4102
Net Realized and Unrealized Gain (Loss)            
on Investments .388 (1.608) 1.853 3.622 (12.592) 4.500
Total from Investment Operations .577 (1.096) 2.271 4.000 (11.955) 4.910
Distributions            
Dividends from Net Investment Income (.457) (.384) (.321) (.290) (.185) —
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.457) (.384) (.321) (.290) (.185) —
Net Asset Value, End of Period $17.07 $16.95 $18.43 $16.48 $12.77 $24.91
 
Total Return3 3.70% -6.11% 13.94% 32.19% -48.32% 24.55%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $611 $1,330 $1,458 $748 $296 $213
Ratio of Total Expenses to            
Average Net Assets 0.34% 0.35% 0.35% 0.40% 0.35% 0.40%4
Ratio of Net Investment Income to            
Average Net Assets 2.90% 2.87% 2.45% 2.75% 3.24% 2.61%4
Portfolio Turnover Rate5 8% 6% 6% 9% 7% 10%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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FTSE All-World ex-US Index Fund

Financial Highlights

Admiral Shares    
  Six Months Sept. 27,
  Ended 20111 to
  April 30, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011
Net Asset Value, Beginning of Period $26.86 $25.00
Investment Operations    
Net Investment Income .386 .082
Net Realized and Unrealized Gain (Loss) on Investments .542 1.778
Total from Investment Operations .928 1.860
Distributions    
Dividends from Net Investment Income (.868) —
Distributions from Realized Capital Gains — —
Total Distributions (.868) —
Net Asset Value, End of Period $26.92 $26.86
 
Total Return2 3.81% 7.44%
 
Ratios/Supplemental Data    
Net Assets, End of Period (Millions) $1,093 $152
Ratio of Total Expenses to Average Net Assets 0.18% 0.18%3
Ratio of Net Investment Income to Average Net Assets 3.06% 3.04%3
Portfolio Turnover Rate4 8% 6%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
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 Annualized.
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.

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FTSE All-World ex-US Index Fund

Financial Highlights

Institutional Shares            
Six Months         April 30,
  Ended         20071 to
For a Share Outstanding April 30,        Year Ended October 31, Oct. 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $85.10 $92.50 $82.71 $64.06 $124.76 $107.33
Investment Operations            
Net Investment Income 1.259 2.785 2.2262 2.1012 3.3232 1.1502
Net Realized and Unrealized Gain (Loss)            
on Investments 1.711 (8.113) 9.322 18.142 (62.979) 16.280
Total from Investment Operations 2.970 (5.328) 11.548 20.243 (59.656) 17.430
Distributions            
Dividends from Net Investment Income (2.740) (2.072) (1.758) (1.593) (1.044) —
Distributions from Realized Capital Gains — — — — — —
Total Distributions (2.740) (2.072) (1.758) (1.593) (1.044) —
Net Asset Value, End of Period $85.33 $85.10 $92.50 $82.71 $64.06 $124.76
 
Total Return3 3.84% -5.94% 14.15% 32.56% -48.18% 16.24%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $3,834 $3,975 $4,146 $1,608 $448 $157
Ratio of Total Expenses to            
Average Net Assets 0.13% 0.13% 0.15% 0.15% 0.10% 0.15%4
Ratio of Net Investment Income to            
Average Net Assets 3.11% 3.09% 2.65% 3.00% 3.49% 2.86%4
Portfolio Turnover Rate5 8% 6% 6% 9% 7% 10%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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FTSE All-World ex-US Index Fund

Financial Highlights

Institutional Plus Shares    
  Six Months Dec. 16,
  Ended 20101 to
  April 30, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011
Net Asset Value, Beginning of Period $90.15 $99.48
Investment Operations    
Net Investment Income 1.349 2.794
Net Realized and Unrealized Gain (Loss) on Investments 1.816 (9.947)
Total from Investment Operations 3.165 (7.153)
Distributions    
Dividends from Net Investment Income (2.935) (2.177)
Distributions from Realized Capital Gains — —
Total Distributions (2.935) (2.177)
Net Asset Value, End of Period $90.38 $90.15
 
Total Return2 3.87% -7.36%
 
Ratios/Supplemental Data    
Net Assets, End of Period (Millions) $909 $566
Ratio of Total Expenses to Average Net Assets 0.10% 0.10%3
Ratio of Net Investment Income to Average Net Assets 3.14% 3.12%3
Portfolio Turnover Rate4 8% 6%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
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 Annualized.
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.

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FTSE All-World ex-US Index Fund

Financial Highlights

ETF Shares            
Six Months         March 2,
  Ended         20071 to
For a Share Outstanding April 30,        Year Ended October 31, Oct. 31,
Throughout Each Period 2012 2011 2010 2009 2008 2007
Net Asset Value, Beginning of Period $43.17 $46.92 $41.95 $32.50 $63.32 $49.80
Investment Operations            
Net Investment Income .631 1.390 1.1182 1.0112 1.7052 1.0302
Net Realized and Unrealized Gain (Loss)            
on Investments .868 (4.121) 4.715 9.224 (32.015) 12.490
Total from Investment Operations 1.499 (2.731) 5.833 10.235 (30.310) 13.520
Distributions            
Dividends from Net Investment Income (1.369) (1.019) (.863) (.785) (.510) —
Distributions from Realized Capital Gains — — — — — —
Total Distributions (1.369) (1.019) (.863) (.785) (.510) —
Net Asset Value, End of Period $43.30 $43.17 $46.92 $41.95 $32.50 $63.32
 
Total Return 3.82% -5.99% 14.07% 32.41% -48.23% 27.15%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $6,827 $6,301 $6,272 $4,366 $1,701 $1,068
Ratio of Total Expenses to            
Average Net Assets 0.17% 0.18% 0.22% 0.25% 0.20% 0.25%3
Ratio of Net Investment Income to            
Average Net Assets 3.07% 3.04% 2.58% 2.90% 3.39% 2.76%3
Portfolio Turnover Rate4 8% 6% 6% 9% 7% 10%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
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.

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FTSE All-World ex-US Index Fund

Notes to Financial Statements

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

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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.

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. 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, 2008–2011), and for the period ended April 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

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

5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.

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FTSE All-World ex-US Index Fund

6. 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. 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 redemptions of capital shares are credited to paid-in capital.

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

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2012, the fund had contributed capital of $1,971,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.79% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following table summarizes the market value of the fund’s investments as of April 30, 2012, based on the inputs used to value them:
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks—North and South America 1,718,268 14 —
Common Stocks—Other 181,526 11,381,510 143
Temporary Cash Investments 603,599 — —
Total 2,503,393 11,381,524 143

 

26

 

FTSE All-World ex-US Index Fund

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

During the six months ended April 30, 2012, the fund realized net foreign currency losses of $1,684,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.

Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the six months ended April 30, 2012, the fund realized gains on the sale of passive foreign investment companies of $1,000,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at April 30, 2012, had unrealized appreciation of $11,938,000 as of October 31, 2011, the most recent mark-to-market date for tax purposes. This amount has been distributed and is reflected in the balance of undistributed net investment income.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2011, the fund had available capital loss carryforwards totaling $281,206,000 to offset future net capital gains of $1,431,000 through October 31, 2015, $29,919,000 through October 31, 2016, $138,066,000 through October 31, 2017, $32,560,000 through October 31, 2018, and $79,230,000 through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2012, the cost of investment securities for tax purposes was $13,855,298,000. Net unrealized appreciation of investment securities for tax purposes was $29,762,000, consisting of unrealized gains of $1,826,612,000 on securities that had risen in value since their purchase and $1,796,850,000 in unrealized losses on securities that had fallen in value since their purchase.

E. During the six months ended April 30, 2012, the fund purchased $1,154,541,000 of investment securities and sold $480,193,000 of investment securities, other than temporary cash investments.

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FTSE All-World ex-US Index Fund

F. Capital share transactions for each class of shares were:

  Six Months Ended   Year Ended
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued 106,411 6,374 500,591 26,968
Issued in Lieu of Cash Distributions 15,939 1,036 26,921 1,462
Redeemed1 (820,962) (50,119) (513,763) (29,048)
Net Increase (Decrease)—Investor Shares (698,612) (42,709) 13,749 (618)
Admiral Shares2        
Issued 959,549 37,054 146,186 5,743
Issued in Lieu of Cash Distributions 22,746 938 — —
Redeemed1 (79,517) (3,074) (1,757) (68)
Net Increase (Decrease)—Admiral Shares 902,778 34,918 144,429 5,675
Institutional Shares        
Issued 525,265 6,337 1,337,606 14,530
Issued in Lieu of Cash Distributions 109,687 1,427 81,713 885
Redeemed1 (795,841) (9,551) (1,256,935) (13,521)
Net Increase (Decrease)—Institutional Shares (160,889) (1,787) 162,384 1,894
Institutional Plus Shares2        
Issued 341,889 3,829 652,769 6,516
Issued in Lieu of Cash Distributions 18,624 229 — —
Redeemed1 (25,228) (283) (22,361) (232)
Net Increase (Decrease)—Institutional Plus Shares 335,285 3,775 630,408 6,284
ETF Shares        
Issued 499,866 11,712 1,098,970 22,458
Issued in Lieu of Cash Distributions — — — —
Redeemed1 — — (454,889) (10,200)
Net Increase (Decrease)—ETF Shares 499,866 11,712 644,081 12,258

1 Net of redemption fees for fiscal 2012 and 2011 of $52,000 and $112,000, respectively (fund totals).
2 Inception was September 27, 2011, for the Admiral Shares and December 16, 2010, for the Institutional Plus Shares.

G. In preparing the financial statements as of April 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

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FTSE All-World ex-US Small-Cap Index Fund

Fund Profile
As of April 30, 2012

Share-Class Characteristics  
 
  Investor  Institutional ETF
  Shares Shares Shares
Ticker Symbol VFSVX VFSNX VSS
Expense Ratio1 0.50% 0.25% 0.28%
Portfolio Characteristics    
      FTSE Global
      Small Cap
    Fund ex US Index
Number of Stocks   2,978 3,124
Median Market Cap   $1.4B $1.4B
Price/Earnings Ratio   18.0x 17.2x
Price/Book Ratio   1.3x 1.3x
Return on Equity   11.7% 11.7%
Earnings Growth Rate 6.8% 6.8%
Dividend Yield   2.9% 2.9%
Turnover Rate      
(Annualized)   23% —
Short-Term Reserves   0.7% —

 

Sector Diversification (% of equity exposure)

    FTSE Global
    Small Cap
  Fund ex US Index
Consumer Discretionary 15.6% 15.5%
Consumer Staples 6.5 6.5
Energy 8.2 8.3
Financials 18.1 17.8
Health Care 4.7 4.8
Industrials 20.1 20.1
Information Technology 9.9 9.8
Materials 13.5 13.6
Telecommunication    
Services 1.0 1.1
Utilities 2.4 2.5

 

Volatility Measures  
  FTSE Global
  Small Cap
  ex US Index
R-Squared 0.99
Beta 1.02

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)

Pembina Pipeline Corp. Oil & Gas Storage &  
  Transportation 0.4%
Viterra Inc. Agricultural  
  Products 0.3
Baytex Energy Corp. Oil & Gas  
  Exploration &  
  Production 0.3
Franco-Nevada Corp. Gold 0.3
Metro Inc. Food Retail 0.3
SXC Health Solutions Health Care  
Corp. Technology 0.3
Aberdeen Asset Asset Management  
Management plc & Custody Banks 0.3
Athabasca Oil Sands Oil & Gas  
Corp. Exploration &  
  Production 0.3
Babcock International Diversified Support  
Group plc Services 0.2
Croda International plc Specialty Chemicals 0.2
Top Ten   2.9%

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

Allocation by Region (% of portfolio)


1 The expense ratios shown are from the prospectus dated February 28, 2012, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the annualized expense ratios were 0.49% for Investor Shares, 0.25% for Institutional Shares, and 0.27% for ETF Shares.

29

 

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 14.4% 14.5%
Germany 3.5 3.5
Switzerland 2.9 2.8
France 2.3 2.3
Sweden 2.0 1.9
Italy 1.7 1.6
Finland 1.6 1.6
Norway 1.6 1.6
Netherlands 1.5 1.5
Spain 1.1 1.1
Ireland 1.0 0.9
Other 2.7 2.7
Subtotal 36.3% 36.0%
Pacific    
Japan 12.6% 12.6%
Australia 5.9 6.0
Singapore 1.6 1.7
Hong Kong 1.1 1.0
Other 0.2 0.2
Subtotal 21.4% 21.5%
Emerging Markets    
Taiwan 6.2% 6.3%
China 3.5 3.6
South Korea 3.3 3.4
Brazil 2.3 2.3
India 2.1 2.1
Malaysia 1.3 1.3
Indonesia 1.1 1.2
Mexico 1.0 0.9
Other 4.5 4.4
Subtotal 25.3% 25.5%
North America    
Canada 16.6% 16.5%
Middle East 0.4% 0.5%

 

30

 

FTSE All-World ex-US Small-Cap Index Fund

Performance Summary

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

Fiscal-Year Total Returns (%): April 2, 2009, Through April 30, 2012

 
Note: For 2012, performance data reflect the six months ended April 30, 2012.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.

Average Annual Total Returns: Periods Ended March 31, 2012
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
  Inception One Since
  Date Year Inception
Investor Shares 4/2/2009 -9.92% 22.09%
Fee-Adjusted Returns   -11.25 21.50
Institutional Shares 4/2/2009 -9.69 22.39
Fee-Adjusted Returns   -11.02 21.80
ETF Shares 4/2/2009    
Market Price   -9.94 22.53
Net Asset Value   -9.72 22.35

 

Vanguard fund returns are adjusted to reflect the 0.75% transaction fee on purchases and redemptions. The fee does not apply to the ETF Shares. The Fiscal-Year Total Returns chart is not adjusted for fees.
See Financial Highlights for dividend and capital gains information.

31

 

FTSE All-World ex-US Small-Cap Index Fund

Financial Statements (unaudited)

Statement of Net Assets—Investments Summary
As of April 30, 2012

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

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
    Market Percentage
    Value of Net
  Shares ($000) Assets
Common Stocks      
1Australia †   71,224 5.9%
 
Austria †   6,901 0.6%
 
Belgium †   11,311 0.9%
 
Brazil      
Cia Hering 102,643 2,549 0.2%
BR Properties SA 199,700 2,493 0.2%
Brazil—Other †   22,643 1.9%
    27,685 2.3%
Canada      
Pembina Pipeline Corp. 178,305 5,393 0.4%
Baytex Energy Corp. 72,900 3,853 0.3%
Franco-Nevada Corp. 84,091 3,772 0.3%
Metro Inc. 66,694 3,680 0.3%
Viterra Inc. 220,967 3,559 0.3%
* SXC Health Solutions Corp. 39,200 3,555 0.3%
* Athabasca Oil Sands Corp. 258,859 3,040 0.2%
Onex Corp. 75,597 3,002 0.2%
Vermilion Energy Inc. 59,419 2,881 0.2%
Emera Inc. 80,697 2,856 0.2%
Dollarama Inc. 48,331 2,690 0.2%
* New Gold Inc. 287,096 2,616 0.2%
H&R REIT 105,045 2,595 0.2%
Atco Ltd. 33,975 2,514 0.2%
Inmet Mining Corp. 44,887 2,469 0.2%
* Tourmaline Oil Corp. 99,228 2,392 0.2%
Gildan Activewear Inc. 78,125 2,250 0.2%
Methanex Corp. 62,677 2,207 0.2%
TMX Group Inc. 47,093 2,150 0.2%

 

32

 

FTSE All-World ex-US Small-Cap Index Fund      
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
Enerplus Corp. 113,500 2,100 0.2%
* Open Text Corp. 36,677 2,056 0.2%
Pan American Silver Corp. 100,404 1,952 0.2%
Calloway REIT 68,808 1,914 0.2%
Industrial Alliance Insurance & Financial Services Inc. 59,564 1,899 0.2%
AltaGas Ltd. 58,602 1,897 0.2%
CAE Inc. 171,971 1,880 0.2%
Canada—Other †   128,517 10.6%
    199,689 16.5%
 
Chile †   7,599 0.6%
 
China †   42,232 3.5%
 
Denmark †   8,624 0.7%
 
Egypt †   1,975 0.2%
 
Finland      
Elisa Oyj 106,778 2,408 0.2%
Finland—Other †   17,159 1.4%
    19,567 1.6%
 
France †   28,141 2.3%
 
Germany      
Symrise AG 73,716 2,137 0.2%
MTU Aero Engines Holding AG 24,276 2,045 0.1%
Germany—Other †   37,406 3.1%
    41,588 3.4%
 
Greece †   3,845 0.3%
 
Hong Kong †   12,843 1.1%
 
Hungary †   211 0.0%
 
India †   25,463 2.1%
 
Indonesia †   13,161 1.1%
 
Ireland      
Governor & Co. of the Bank of Ireland 16,304,205 2,422 0.2%
Ireland—Other †   10,030 0.8%
    12,452 1.0%
 
Israel †   4,971 0.4%
 
Italy †   19,965 1.7%
 
Japan †   151,872 12.5%
 
Luxembourg †   482 0.0%

 

33

 

FTSE All-World ex-US Small-Cap Index Fund      
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
Malaysia †   15,748 1.3%
Mexico      
* Coca-Cola Femsa SAB de CV 254,598 2,705 0.2%
Mexico—Other †   8,643 0.7%
    11,348 0.9%
Morocco †   341 0.0%
Netherlands †   17,606 1.5%
New Zealand †   2,910 0.2%
Norway      
* Petroleum Geo-Services ASA 137,805 2,085 0.2%
Schibsted ASA 52,740 2,013 0.2%
TGS Nopec Geophysical Co. ASA 64,930 1,885 0.1%
Norway—Other †   12,884 1.1%
    18,867 1.6%
Philippines †   7,755 0.6%
Poland †   5,824 0.5%
Portugal †   2,256 0.2%
Russia †   3,501 0.3%
1Singapore †   18,999 1.6%
South Africa †   7,609 0.6%
South Korea †   40,069 3.3%
Spain †   13,417 1.1%
Sweden †   23,515 2.0%
Switzerland      
Galenica AG 3,138 2,142 0.2%
Switzerland—Other †   32,236 2.6%
    34,378 2.8%
Taiwan †   74,643 6.2%
Thailand †   9,398 0.8%
Turkey †   8,798 0.7%
United Kingdom      
Aberdeen Asset Management plc 741,889 3,415 0.3%
Babcock International Group plc 223,895 3,022 0.2%
Croda International plc 83,351 3,019 0.2%

 

34

 

FTSE All-World ex-US Small-Cap Index Fund        
 
 
 
      Market Percentage
      Value of Net
    Shares ($000) Assets
Pennon Group plc   223,682 2,671 0.2%
Travis Perkins plc   153,773 2,624 0.2%
Informa plc   379,930 2,557 0.2%
Mondi plc   241,311 2,244 0.2%
Spectris plc   73,082 2,238 0.2%
Cookson Group plc   178,135 2,098 0.2%
* Premier Oil plc   325,840 1,983 0.2%
Rotork plc   54,654 1,958 0.2%
Persimmon plc   190,444 1,942 0.2%
Balfour Beatty plc   446,402 1,892 0.1%
United Kingdom—Other †     141,959 11.7%
      173,622 14.3%
Total Common Stocks (Cost $1,150,777)     1,202,405 99.2%
 
  Coupon      
Temporary Cash Investment        
Money Market Fund        
2,3 Vanguard Market Liquidity Fund (Cost $75,898) 0.137% 75,898,225 75,898 6.3%
4Total Investments (Cost $1,226,675)     1,278,303 105.5%
Other Assets and Liabilities        
Other Assets     11,265 0.9%
Liabilities3     (77,841) (6.4%)
      (66,576) (5.5%)
Net Assets     1,211,727 100.0%

 

35

 

FTSE All-World ex-US Small-Cap Index Fund  
 
 
At April 30, 2012, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 1,193,440
Undistributed Net Investment Income 1,677
Accumulated Net Realized Losses (34,977)
Unrealized Appreciation (Depreciation)  
Investment Securities 51,628
Foreign Currencies (41)
Net Assets 1,211,727
 
Investor Shares—Net Assets  
Applicable to 6,611,943 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 219,980
Net Asset Value Per Share—Investor Shares $33.27
 
Institutional Shares—Net Assets  
Applicable to 142,201 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 23,697
Net Asset Value Per Share—Institutional Shares $166.64
 
ETF Shares—Net Assets  
Applicable to 11,095,195 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 968,050
Net Asset Value Per Share—ETF Shares $87.25

 

See Note A in Notes to Financial Statements.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $1,649,000, representing 0.1% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $67,516,000 of collateral received for securities on loan.
4 The total value of securities on loan is $63,103,000.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.

36

 

FTSE All-World ex-US Small-Cap Index Fund  
 
 
Statement of Operations  
 
 
  Six Months Ended
  April 30, 2012
  ($000)
Investment Income  
Income  
Dividends1 13,960
Interest2 3
Security Lending 794
Total Income 14,757
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 72
Management and Administrative—Investor Shares 390
Management and Administrative—Institutional Shares 18
Management and Administrative—ETF Shares 725
Marketing and Distribution—Investor Shares 28
Marketing and Distribution—Institutional Shares 4
Marketing and Distribution—ETF Shares 136
Custodian Fees 353
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—Institutional Shares —
Shareholders’ Reports—ETF Shares 23
Trustees’ Fees and Expenses 1
Total Expenses 1,751
Net Investment Income 13,006
Realized Net Gain (Loss)  
Investment Securities Sold (25,378)
Foreign Currencies (392)
Realized Net Gain (Loss) (25,770)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 54,625
Foreign Currencies (56)
Change in Unrealized Appreciation (Depreciation) 54,569
Net Increase (Decrease) in Net Assets Resulting from Operations 41,805

1 Dividends are net of foreign withholding taxes of $1,379,000.
2 Interest income from an affiliated company of the fund was $3,000.

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

37

 

FTSE All-World ex-US Small-Cap Index Fund    
 
 
Statement of Changes in Net Assets    
 
  Six Months Ended Year Ended
  April 30, October 31,
  2012 2011
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 13,006 28,936
Realized Net Gain (Loss) (25,770) 1,521
Change in Unrealized Appreciation (Depreciation) 54,569 (142,925)
Net Increase (Decrease) in Net Assets Resulting from Operations 41,805 (112,468)
Distributions    
Net Investment Income    
Investor Shares (5,346) (4,104)
Institutional Shares (1,040) (553)
ETF Shares (25,948) (15,842)
Realized Capital Gain1    
Investor Shares — (1,527)
Institutional Shares — (195)
ETF Shares — (5,540)
Total Distributions (32,334) (27,761)
Capital Share Transactions    
Investor Shares 13,510 60,555
Institutional Shares (9,926) 27,516
ETF Shares 54,417 391,489
Net Increase (Decrease) from Capital Share Transactions 58,001 479,560
Total Increase (Decrease) 67,472 339,331
Net Assets    
Beginning of Period 1,144,255 804,924
End of Period2 1,211,727 1,144,255

1 Includes fiscal 2011 short-term gain distributions totaling $3,294,000. Short-term gain distributions are treated as ordinary income dividends for tax purposes.

2 Net Assets—End of Period includes undistributed net investment income of $1,677,000 and $20,942,000.

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

38

 

FTSE All-World ex-US Small-Cap Index Fund        
 
 
Financial Highlights        
 
 
Investor Shares        
  Six Months     March 19,
   Ended Year Ended  20091 to
  April 30,    October 31, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011 2010 2009
Net Asset Value, Beginning of Period $32.89 $36.34 $29.83 $20.00
Investment Operations        
Net Investment Income .345 .854 .6032 .2572
Net Realized and Unrealized Gain (Loss) on Investments3 .896 (3.231) 6.430 9.573
Total from Investment Operations 1.241 (2.377) 7.033 9.830
Distributions        
Dividends from Net Investment Income (.861) (.782) (.314) —
Distributions from Realized Capital Gains — (.291) (.209) —
Total Distributions (.861) (1.073) (.523) —
Net Asset Value, End of Period $33.27 $32.89 $36.34 $29.83
 
Total Return4 4.13% -6.85% 23.90% 49.15%
 
Ratios/Supplemental Data        
Net Assets, End of Period (Millions) $220 $204 $170 $62
Ratio of Total Expenses to Average Net Assets 0.49% 0.50% 0.55% 0.78%5
Ratio of Net Investment Income to Average Net Assets 2.12% 2.35% 1.89% 1.49%5
Portfolio Turnover Rate6 23% 37% 19% 19%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Subscription period for the fund was March 19, 2009, to April 2, 2009, during which time all assets were held in money market instruments. Performance measurement began April 2, 2009, at a net asset value of $20.00.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.02, $.06, $.05, and $.04.
4 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

39

 

FTSE All-World ex-US Small-Cap Index Fund        
 
 
Financial Highlights        
 
 
Institutional Shares        
  Six Months     April 2,
  Ended Year Ended 20091 to
  April 30, October 31, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011 2010 2009
Net Asset Value, Beginning of Period $165.23 $182.36 $149.40 $100.00
Investment Operations        
Net Investment Income 1.905 4.892 3.2842 1.6252
Net Realized and Unrealized Gain (Loss) on Investments3 4.466 (16.420) 32.377 47.775
Total from Investment Operations 6.371 (11.528) 35.661 49.400
Distributions        
Dividends from Net Investment Income (4.961) (4.143) (1.655) —
Distributions from Realized Capital Gains — (1.459) (1.046) —
Total Distributions (4.961) (5.602) (2.701) —
Net Asset Value, End of Period $166.64 $165.23 $182.36 $149.40
 
Total Return4 4.27% -6.64% 24.21% 49.40%
 
Ratios/Supplemental Data        
Net Assets, End of Period (Millions) $24 $35 $9 $7
Ratio of Total Expenses to Average Net Assets 0.25% 0.25% 0.30% 0.52%5
Ratio of Net Investment Income to Average Net Assets 2.36% 2.60% 2.14% 1.75%5
Portfolio Turnover Rate6 23% 37% 19% 19%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.09, $.18, $.32, and $.27.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

40

 

FTSE All-World ex-US Small-Cap Index Fund        
 
 
Financial Highlights        
 
 
ETF Shares        
  Six Months     April 2,
  Ended    Year Ended 20091 to
  April 30,    October 31, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011 2010 2009
Net Asset Value, Beginning of Period $86.38 $95.38 $78.21 $52.36
Investment Operations        
Net Investment Income .990 2.450 1.7502 .7142
Net Realized and Unrealized Gain (Loss) on Investments3 2.354 (8.505) 16.884 25.136
Total from Investment Operations 3.344 (6.055) 18.634 25.850
Distributions        
Dividends from Net Investment Income (2.474) (2.182) (.917) —
Distributions from Realized Capital Gains — (.763) (.547) —
Total Distributions (2.474) (2.945) (1.464) —
Net Asset Value, End of Period $87.25 $86.38 $95.38 $78.21
 
Total Return 4.26% -6.67% 24.17% 49.37%
 
Ratios/Supplemental Data        
Net Assets, End of Period (Millions) $968 $906 $626 $283
Ratio of Total Expenses to Average Net Assets 0.27% 0.28% 0.33% 0.55%4
Ratio of Net Investment Income to Average Net Assets 2.34% 2.57% 2.11% 1.72%4
Portfolio Turnover Rate5 23% 37% 19% 19%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.04, $.13, $.14, and $.07.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

41

 

FTSE All-World ex-US Small-Cap Index Fund

Notes to Financial Statements

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

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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.

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. 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, 2009–2011), and for the period ended April 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements. 4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.

42

 

FTSE All-World ex-US Small-Cap Index Fund

6. 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. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.

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

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2012, the fund had contributed capital of $180,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.07% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following table summarizes the market value of the fund’s investments as of April 30, 2012, based on the inputs used to value them:
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks—North and South America 245,964 357 —
Common Stocks—Other 460 955,200 424
Temporary Cash Investments 75,898 — —
Total 322,322 955,557 424

 

43

 

FTSE All-World ex-US Small-Cap Index Fund

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

During the six months ended April 30, 2012, the fund realized net foreign currency losses of $392,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.

Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the six months ended April 30, 2012, the fund realized gains on the sale of passive foreign investment companies of $455,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at April 30, 2012, had unrealized appreciation of $6,685,000 as of October 31, 2011, the most recent mark-to-market date for tax purposes. This amount has been distributed and is reflected in the balance of undistributed net investment income.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2011, the fund had available capital loss carryforwards totaling $8,715,000 to offset future net capital gains through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2012, the cost of investment securities for tax purposes was $1,233,360,000. Net unrealized appreciation of investment securities for tax purposes was $44,943,000, consisting of unrealized gains of $170,237,000 on securities that had risen in value since their purchase and $125,294,000 in unrealized losses on securities that had fallen in value since their purchase.

E. During the six months ended April 30, 2012, the fund purchased $176,324,000 of investment securities and sold $140,034,000 of investment securities, other than temporary cash investments.

44

 

FTSE All-World ex-US Small-Cap Index Fund

F. Capital share transactions for each class of shares were:

  Six Months Ended   Year Ended
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued1 34,738 1,077 123,794 3,346
Issued in Lieu of Cash Distributions 4,693 160 5,080 138
Redeemed2 (25,921) (822) (68,319) (1,968)
Net Increase (Decrease)—Investor Shares 13,510 415 60,555 1,516
Institutional Shares        
Issued1 — — 26,768 155
Issued in Lieu of Cash Distributions 913 6 748 4
Redeemed2 (10,839) (73) — —
Net Increase (Decrease)—Institutional Shares (9,926) (67) 27,516 159
ETF Shares        
Issued1 54,417 609 417,380 4,228
Issued in Lieu of Cash Distributions — — — —
Redeemed2 — — (25,891) (300)
Net Increase (Decrease)—ETF Shares 54,417 609 391,489 3,928

1 Includes purchase fees for fiscal 2012 and 2011 of $326,000 and $1,346,000, respectively (fund totals).
2 Net of redemption fees for fiscal 2012 and 2011 of $250,000 and $419,000, respectively (fund totals).

G. In preparing the financial statements as of April 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

45

 

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.

46

 

Six Months Ended April 30, 2012      
  Beginning Ending Expenses
  Account Value Account Value Paid During
  10/31/2011 4/30/2012 Period
Based on Actual Fund Return      
FTSE All-World ex-US Index Fund      
Investor Shares $1,000.00 $1,036.98 $1.72
Admiral Shares 1,000.00 1,038.09 0.91
Institutional Shares 1,000.00 1,038.44 0.66
Institutional Plus Shares 1,000.00 1,038.69 0.51
ETF Shares 1,000.00 1,038.24 0.86
FTSE All-World ex-US Small-Cap Index Fund      
Investor Shares $1,000.00 $1,041.32 $2.49
Institutional Shares 1,000.00 1,042.70 1.27
ETF Shares 1,000.00 1,042.61 1.37
Based on Hypothetical 5% Yearly Return      
FTSE All-World ex-US Index Fund      
Investor Shares $1,000.00 $1,023.17 $1.71
Admiral Shares 1,000.00 1,023.97 0.91
Institutional Shares 1,000.00 1,024.22 0.65
Institutional Plus Shares 1,000.00 1,024.37 0.50
ETF Shares 1,000.00 1,024.02 0.86
FTSE All-World ex-US Small-Cap Index Fund      
Investor Shares $1,000.00 $1,022.43 $2.46
Institutional Shares 1,000.00 1,023.62 1.26
ETF Shares 1,000.00 1,023.52 1.36

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, 0.34% for Investor Shares, 0.18% for Admiral Shares; 0.13% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.17% for ETF Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.49% for Investor Shares, 0.25% for Institutional Shares, and 0.27% for ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.

47

 

Trustees Approve Advisory Arrangements

The board of trustees of Vanguard FTSE All-World ex-US and FTSE All-World ex-US Small-Cap Index Funds has renewed the funds’ investment advisory arrangements with The Vanguard Group, Inc. Vanguard—through its Equity Investment Group—serves as the investment advisor for each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.

The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services
The board considered the quality of the investment management services provided to the FTSE All-World ex-US Index Fund since its inception in 2007 and to the FTSE All-World ex-US Small-Cap Index Fund since its inception in 2009, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

Investment performance
The board considered each fund’s performance since its inception, including any periods of outperformance or underperformance of its target index and peer group. The board concluded that the funds have performed in line with expectations, and that their results have been consistent with their investment strategies. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.

Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.

The benefit of economies of scale
The board concluded that the funds’ low-cost arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangements after a one-year period.

48

 

Glossary

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

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

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

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

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

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

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

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

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

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

49

 

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.

50

 

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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 179 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 and Delphi Automotive LLP (automotive components);
  Senior Advisor at New Mountain Capital; Trustee of
F. William McNabb III The Conference Board.
Born 1957. Trustee Since July 2009. Chairman of the  
Board. Principal Occupation(s) During the Past Five Amy Gutmann
Years: Chairman of the Board of The Vanguard Group, Born 1949. Trustee Since June 2006. Principal
Inc., and of each of the investment companies served Occupation(s) During the Past Five Years: President
by The Vanguard Group, since January 2010; Director of the University of Pennsylvania; Christopher H.
of The Vanguard Group since 2008; Chief Executive Browne Distinguished Professor of Political Science
Officer and President of The Vanguard Group and of in the School of Arts and Sciences with secondary
each of the investment companies served by The appointments at the Annenberg School for
Vanguard Group since 2008; Director of Vanguard Communication and the Graduate School of Education
Marketing Corporation; Managing Director of The of the University of Pennsylvania; Member of the
Vanguard Group (1995–2008). National Commission on the Humanities and Social
  Sciences; Trustee of Carnegie Corporation of New
  York and of the National Constitution Center; Chair
IndependentTrustees of the U. S. Presidential Commission for the Study 
  of Bioethical Issues.
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal JoAnn Heffernan Heisen 
Occupation(s) During the Past Five Years: Executive Born 1950. Trustee Since July 1998. Principal 
Chief Staff and Marketing Officer for North America Occupation(s) During the Past Five Years: Corporate 
and Corporate Vice President (retired 2008) of Xerox Vice President and Chief Global Diversity Officer 
Corporation (document management products and (retired 2008) and Member of the Executive 
services); Executive in Residence and 2010 Committee (1997–2008) of Johnson & Johnson 
Distinguished Minett Professor at the Rochester (pharmaceuticals/medical devices/consumer 
Institute of Technology; Director of SPX Corporation products); Director of Skytop Lodge Corporation 
(multi-industry manufacturing), the United Way of (hotels), the University Medical Center at Princeton, 
Rochester, Amerigroup Corporation (managed health the Robert Wood Johnson Foundation, and the Center 
care), the University of Rochester Medical Center, for Talent Innovation; Member of the Advisory Board 
Monroe Community College Foundation, and North of the Maxwell School of Citizenship and Public Affairs 
Carolina A&T University. at Syracuse University. 
 
 
Rajiv L. Gupta  F. Joseph Loughrey
Born 1945. Trustee Since December 2001.2 Born 1949. Trustee Since October 2009. Principal 
Principal Occupation(s) During the Past Five Years: Occupation(s) During the Past Five Years: President 
Chairman and Chief Executive Officer (retired 2009) and Chief Operating Officer (retired 2009) of Cummins 
and President (2006–2008) of Rohm Haas Co. Inc. (industrial machinery); Director of SKF AB 
(chemicals); Director of Tyco International, Ltd. (industrial machinery), Hillenbrand, Inc. (specialized 
(diversified manufacturing and services), Hewlett- consumer services), the Lumina Foundation for 
Packard Co. (electronic computer manufacturing),  

 

 

Education, and Oxfam America; Chairman of the Executive Officers  
Advisory Council for the College of Arts and Letters    
and Member of the Advisory Board to the Kellogg Glenn Booraem  
Institute for International Studies at the University Born 1967. Controller Since July 2010. Principal
of Notre Dame. Occupation(s) During the Past Five Years: Principal
  of The Vanguard Group, Inc.; Controller of each of
Mark Loughridge the investment companies served by The Vanguard
Born 1953. Trustee Since March 2012. Principal Group; Assistant Controller of each of the investment
Occupation(s) During the Past Five Years: Senior Vice companies served by The Vanguard Group (2001–2010).
President and Chief Financial Officer at IBM (information    
technology services); Fiduciary Member of IBM’s Thomas J. Higgins  
Retirement Plan Committee. Born 1957. Chief Financial Officer Since September
  2008. Principal Occupation(s) During the Past Five
Scott C. Malpass Years: Principal of The Vanguard Group, Inc.; Chief
Born 1962. Trustee Since March 2012. Principal Financial Officer of each of the investment companies
Occupation(s) During the Past Five Years: Chief served by The Vanguard Group; Treasurer of each of
Investment Officer and Vice President at the University the investment companies served by The Vanguard
of Notre Dame; Assistant Professor of Finance at the Group (1998–2008).  
Mendoza College of Business at Notre Dame; Member    
of the Notre Dame 403(b) Investment Committee; Kathryn J. Hyatt  
Director of TIFF Advisory Services, Inc. (investment Born 1955. Treasurer Since November 2008. Principal
advisor); Member of the Investment Advisory Occupation(s) During the Past Five Years: Principal of
Committees of the Financial Industry Regulatory The Vanguard Group, Inc.; Treasurer of each of the
Authority (FINRA) and of Major League Baseball. investment companies served by The Vanguard
  Group; Assistant Treasurer of each of the investment
André F. Perold companies served by The Vanguard Group (1988–2008).
Born 1952. Trustee Since December 2004. Principal    
Occupation(s) During the Past Five Years: George Heidi Stam  
Gund Professor of Finance and Banking at the Harvard Born 1956. Secretary Since July 2005. Principal
Business School (retired 2011); Chief Investment Occupation(s) During the Past Five Years: Managing
Officer and Managing Partner of HighVista Strategies Director of The Vanguard Group, Inc.; General Counsel
LLC (private investment firm); Director of Rand of The Vanguard Group; Secretary of The Vanguard
Merchant Bank; Overseer of the Museum of Fine Group and of each of the investment companies
Arts Boston. served by The Vanguard Group; Director and Senior
  Vice President of Vanguard Marketing Corporation.
Alfred M. Rankin, Jr.    
Born 1941. Trustee Since January 1993. Principal Vanguard Senior ManagementTeam    
Occupation(s) During the Past Five Years: Chairman,  
President, and Chief Executive Officer of NACCO Mortimer J. Buckley Michael S. Miller
Industries, Inc. (forklift trucks/housewares/lignite); Kathleen C. Gubanich James M. Norris
Director of Goodrich Corporation (industrial products/ Paul A. Heller Glenn W. Reed
aircraft systems and services) and the National Martha G. King George U. Sauter
Association of Manufacturers; Chairman of the Board Chris D. McIsaac  
of the Federal Reserve Bank of Cleveland and of    
University Hospitals of Cleveland; Advisory Chairman    
of the Board of The Cleveland Museum of Art.  Chairman Emeritus and Senior Advisor
  John J. Brennan  
Peter F. Volanakis  Chairman, 1996–2009  
Born 1955. Trustee Since July 2009. Principal Chief Executive Officer and President, 1996–2008   
Occupation(s) During the Past Five Years: President    
and Chief Operating Officer (retired 2010) of Corning    
Incorporated (communications equipment); Director Founder  
of SPX Corporation (multi-industry manufacturing); John C. Bogle   
Overseer of the Amos Tuck School of Business Chairman and Chief Executive Officer, 1974–1996   
Administration at Dartmouth College; Advisor to the    
Norris Cotton Cancer Center.    

 

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

 

 

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

 

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This material may be used in conjunction not sponsor, endorse, or promote the funds; is not in
with the offering of shares of any Vanguard any way connected to them; and does not accept any
fund only if preceded or accompanied by liability in relation to their issue, operation, and
the fund’s current prospectus. trading.
 
All comparative mutual fund data are from Lipper Inc. or  
Morningstar, Inc., unless otherwise noted.  
 
You can obtain a free copy of Vanguard’s proxy voting  
guidelines by visiting vanguard.com/proxyreporting or by  
calling Vanguard at 800-662-2739. The guidelines are  
also available from the SEC’s website, sec.gov. In  
addition, you may obtain a free report on how your fund  
voted the proxies for securities it owned during the 12  
months ended June 30. To get the report, visit either  
vanguard.com/proxyreporting or sec.gov.  
 
You can review and copy information about your fund at  
the SEC’s Public Reference Room in Washington, D.C. To  
find out more about this public service, call the SEC at  
202-551-8090. Information about your fund is also  
available on the SEC’s website, and you can receive  
copies of this information, for a fee, by sending a  
request in either of two ways: via e-mail addressed to  
publicinfo@sec.gov or via regular mail addressed to the  
Public Reference Section, Securities and Exchange  
Commission, Washington, DC 20549-1520.  
 
 
  © 2012 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
 
  Q7702 062012

 

 

Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Common Stocks (100.1%)    
Australia (6.0%)    
  BHP Billiton Ltd. 2,620,610 97,245
  Commonwealth Bank of Australia 1,287,161 69,434
  Westpac Banking Corp. 2,474,705 58,320
  Australia & New Zealand Banking Group Ltd. 2,188,053 54,206
  National Australia Bank Ltd. 1,829,016 47,810
  Woolworths Ltd. 1,001,339 27,000
  Wesfarmers Ltd. 815,919 25,622
  Rio Tinto Ltd. 355,404 24,319
  Westfield Group 1,884,702 18,020
  Woodside Petroleum Ltd. 492,728 17,819
  Newcrest Mining Ltd. 623,601 16,993
  CSL Ltd. 425,027 16,185
  Telstra Corp. Ltd. 3,581,311 13,204
  QBE Insurance Group Ltd. 912,227 13,089
  Origin Energy Ltd. 884,853 12,157
  Santos Ltd. 770,559 11,179
  Fortescue Metals Group Ltd. 1,898,858 11,031
  AMP Ltd. 2,338,414 10,340
  Brambles Ltd. 1,213,212 9,103
  Suncorp Group Ltd. 1,044,282 8,806
  Macquarie Group Ltd. 281,643 8,489
  Orica Ltd. 295,958 8,236
  Oil Search Ltd. 1,074,970 8,161
  Amcor Ltd. 989,332 7,722
  Transurban Group 1,179,628 7,203
  Westfield Retail Trust 2,493,587 7,037
  Insurance Australia Group Ltd. 1,701,451 6,241
  Stockland 1,911,993 6,142
  Coca-Cola Amatil Ltd. 462,579 5,987
  Iluka Resources Ltd. 339,849 5,937
  AGL Energy Ltd. 376,578 5,860
  WorleyParsons Ltd. 197,704 5,789
  QR National Ltd. 1,481,121 5,589
  GPT Group 1,484,423 5,054
  Goodman Group 1,252,178 4,682
  ASX Ltd. 140,277 4,664
  Incitec Pivot Ltd. 1,325,693 4,481
  Crown Ltd. 443,718 4,190
  Sonic Healthcare Ltd. 317,289 4,151
  Computershare Ltd. 458,531 3,999
  Wesfarmers Ltd. Price Protected Shares 122,768 3,992
  Asciano Ltd. 796,336 3,897
  Campbell Brothers Ltd. 54,698 3,881
  Dexus Property Group 3,951,909 3,834
  Mirvac Group 2,750,672 3,696
  Lend Lease Group 464,839 3,580
  Toll Holdings Ltd. 589,718 3,574
  CFS Retail Property Trust 1,744,852 3,490
  Cochlear Ltd. 46,452 3,164
  Tatts Group Ltd. 1,104,900 2,967
  Leighton Holdings Ltd. 138,900 2,961
^ Whitehaven Coal Ltd. 537,363 2,958
  James Hardie Industries SE 356,936 2,759
^ APA Group 504,436 2,732
  OZ Minerals Ltd. 269,313 2,593
  Metcash Ltd. 625,370 2,573
  Echo Entertainment Group Ltd. 551,042 2,567
  Ramsay Health Care Ltd. 120,242 2,506
  Sims Metal Management Ltd. 167,108 2,457
  Bendigo and Adelaide Bank Ltd. 312,219 2,442
  Boral Ltd. 618,811 2,420

 

1

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Alumina Ltd. 2,017,601 2,410
  Treasury Wine Estates Ltd. 524,687 2,344
  Bank of Queensland Ltd. 300,103 2,318
  Commonwealth Property Office Fund 1,908,462 2,066
  Atlas Iron Ltd. 707,223 2,037
* Sydney Airport 614,061 1,856
  Challenger Ltd. 433,349 1,787
  TABCORP Holdings Ltd. 590,855 1,762
  Ansell Ltd. 105,952 1,631
  Caltex Australia Ltd. 111,411 1,587
^,* Lynas Corp. Ltd. 1,357,474 1,567
* Qantas Airways Ltd. 918,503 1,557
  Aristocrat Leisure Ltd. 469,810 1,512
  OneSteel Ltd. 1,082,046 1,450
  Harvey Norman Holdings Ltd. 648,192 1,359
  SP AusNet 1,169,072 1,343
  Flight Centre Ltd. 59,508 1,302
* Downer EDI Ltd. 333,982 1,247
  Adelaide Brighton Ltd. 393,956 1,245
  IOOF Holdings Ltd. 184,056 1,188
  Goodman Fielder Ltd. 1,710,979 1,170
^,* Paladin Energy Ltd. 678,960 1,113
* BlueScope Steel Ltd. 2,619,185 1,068
  New Hope Corp. Ltd. 199,489 1,012
  DuluxGroup Ltd. 304,148 977
  Perpetual Ltd. 33,058 872
  Nufarm Ltd. 161,974 824
^ Platinum Asset Management Ltd. 171,189 780
  CSR Ltd. 407,976 738
  Envestra Ltd. 890,670 728
  Consolidated Media Holdings Ltd. 194,512 667
^,* Aquila Resources Ltd. 132,264 663
* Macquarie Atlas Roads Group 380,603 653
  Australand Property Group 220,947 619
  GWA Group Ltd. 256,376 523
  Seven West Media Ltd. 167,182 514
  Ten Network Holdings Ltd. 598,967 503
^ Fairfax Media Ltd. 576,354 411
* Energy Resources of Australia Ltd. 146,975 245
* Gunns Ltd. 649,105 108
* BGP Holdings PLC 3,738,510 —
      794,295
Austria (0.2%)    
  Erste Group Bank AG 232,882 5,370
  OMV AG 135,748 4,592
  Voestalpine AG 139,687 4,551
  Andritz AG 60,758 3,183
  IMMOFINANZ AG 894,281 3,148
  Telekom Austria AG 279,904 3,071
^ Raiffeisen Bank International AG 47,976 1,596
  Verbund AG 55,017 1,542
  Vienna Insurance Group AG Wiener Versicherung Gruppe 32,331 1,317
  Strabag SE 26,268 703
      29,073
Belgium (0.7%)    
^ Anheuser-Busch InBev NV 652,124 47,003
^ Umicore SA 98,934 5,372
^ UCB SA 111,978 5,236
^ Groupe Bruxelles Lambert SA 64,837 4,500
  Solvay SA Class A 34,740 4,232
  Delhaize Group SA 83,522 4,065
^ Ageas 2,172,346 3,959
^ Belgacom SA 137,330 3,902
  Telenet Group Holding NV 68,014 2,920

 

2

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  KBC Groep NV 144,735 2,806
  Colruyt SA 55,581 2,277
^ NV Bekaert SA 34,871 1,036
  Mobistar SA 14,098 534
^,* Dexia SA 498,348 126
      87,968
Brazil (3.7%)    
  Petroleo Brasileiro SA ADR Type A 1,490,650 33,033
  Cia de Bebidas das Americas ADR 684,535 28,737
  Itau Unibanco Holding SA ADR 1,747,077 27,412
  Petroleo Brasileiro SA ADR 1,119,715 26,358
  Banco Bradesco SA ADR 1,545,374 24,772
  Vale SA Class B ADR 935,720 20,240
  Petroleo Brasileiro SA Prior Pfd. 1,602,611 17,723
  Vale SA Prior Pfd. 793,875 17,180
  Vale SA Class B ADR 686,166 15,233
  Vale SA 646,329 14,350
  BRF - Brasil Foods SA 674,552 12,244
  Banco do Brasil SA 925,986 11,489
  Itausa - Investimentos Itau SA Prior Pfd. 2,407,124 11,441
  Petroleo Brasileiro SA 811,871 9,502
  BM&FBovespa SA 1,608,036 8,984
  CCR SA 1,076,304 8,346
  Ultrapar Participacoes SA 332,472 7,539
* OGX Petroleo e Gas Participacoes SA 1,053,092 7,353
  Redecard SA 411,337 6,854
  Cia de Bebidas das Americas Prior Pfd. 156,890 6,571
  Cielo SA 210,541 6,325
  Cia Energetica de Minas Gerais ADR 251,269 6,199
  Cia Siderurgica Nacional SA ADR 678,088 6,049
  Souza Cruz SA 368,500 5,726
  Cia de Bebidas das Americas 153,572 5,478
  Banco Santander Brasil SA 610,806 4,957
  Embraer SA ADR 135,579 4,696
  BR Malls Participacoes SA 361,200 4,464
  Gerdau SA ADR 425,653 3,997
  Natura Cosmeticos SA 173,273 3,915
  Oi SA ADR 212,120 3,803
  Centrais Eletricas Brasileiras SA 438,034 3,748
  Lojas Americanas SA Prior Pfd. 393,368 3,673
  Tractebel Energia SA 209,970 3,608
  Bradespar SA Prior Pfd. 183,240 3,318
  CETIP SA - Mercados Organizados 205,300 3,156
  Lojas Renner SA 98,800 3,140
  Telefonica Brasil SA Prior Pfd. 108,300 3,084
* JBS SA 744,574 2,918
  Gerdau SA Prior Pfd. 282,486 2,638
  Cia Paranaense de Energia ADR 103,300 2,588
  Itau Unibanco Holding SA 184,700 2,577
  Centrais Eletricas Brasileiras SA Prior Pfd. 215,076 2,567
  All America Latina Logistica SA 561,116 2,540
  Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. 54,557 2,520
  Cia Energetica de Sao Paulo Prior Pfd. 128,334 2,441
  Tim Participacoes SA ADR 81,069 2,426
  Usinas Siderurgicas de Minas Gerais SA Prior Pfd. 411,654 2,360
  Cosan SA Industria e Comercio 131,134 2,282
  Klabin SA Prior Pfd. 476,200 2,278
  Cia de Saneamento Basico do Estado de Sao Paulo 56,292 2,216
  Telefonica Brasil SA ADR 76,538 2,179
  Weg SA 204,056 2,156
  PDG Realty SA Empreendimentos e Participacoes 912,800 2,145
  Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 45,402 2,135
  Cyrela Brazil Realty SA Empreendimentos e Participacoes 254,071 2,047
  Metalurgica Gerdau SA Prior Pfd. Class A 167,018 2,032

 

3

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Oi SA Prior Pfd. 330,494 1,985
  Itau Unibanco Holding SA Prior Pfd. 123,200 1,933
* TAM SA Prior Pfd. 80,081 1,926
  Cia Siderurgica Nacional SA 217,400 1,847
  MRV Engenharia e Participacoes SA 292,300 1,708
  Cia Energetica de Minas Gerais Prior Pfd. 83,625 1,647
  Hypermarcas SA 250,226 1,627
  Multiplan Empreendimentos Imobiliarios SA 68,400 1,611
  Anhanguera Educacional Participacoes SA 120,900 1,600
  AES Tiete SA Prior Pfd. 112,916 1,570
  Usinas Siderurgicas de Minas Gerais SA 161,520 1,535
* Oi SA 225,021 1,511
  Banco do Estado do Rio Grande do Sul Prior Pfd. 165,800 1,431
  Duratex SA 228,980 1,345
  EDP - Energias do Brasil SA 189,900 1,324
  Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Prior Pfd. 81,904 1,253
  Amil Participacoes SA 119,900 1,173
  Fibria Celulose SA 146,600 1,170
  EcoRodovias Infraestrutura e Logistica SA 140,900 1,167
  CPFL Energia SA 83,000 1,160
  Cia Energetica de Minas Gerais 61,202 1,049
  Light SA 81,164 1,048
  Gerdau SA 134,384 1,045
  Porto Seguro SA 103,512 1,016
* HRT Participacoes em Petroleo SA 3,400 986
  Lojas Americanas SA 111,700 966
  Cia de Transmissao de Energia Electrica Paulista Prior Pfd. 29,200 935
  Braskem SA ADR 63,136 928
  Sul America SA 110,688 909
* MMX Mineracao e Metalicos SA 193,500 897
  Embraer SA 101,400 871
* MPX Energia SA 31,700 851
  Suzano Papel e Celulose SA Prior Pfd. 205,674 774
  Marfrig Alimentos SA 133,700 740
  AES Tiete SA 50,500 638
  BRF - Brasil Foods SA ADR 32,158 593
  Tim Participacoes SA 95,310 563
* OSX Brasil SA 65,000 504
  Banco Bradesco SA Prior Pfd. 31,366 500
  Cia de Gas de Sao Paulo Prior Pfd. 20,500 496
* LLX Logistica SA 257,800 430
* Oi SA ADR 46,556 311
* B2W Cia Global Do Varejo 62,314 267
  Braskem SA Prior Pfd. 33,000 231
  Cia Paranaense de Energia Prior Pfd. 4,200 105
* Itausa - Investimentos Itau SA Rights Exp. 05/31/2012 26,554 7
* Companhia de Bebidas das Americas Exp. 06/01/2012 374 3
* Companhia de Bebidas das Americas Pfd. Rights Exp. 05/28/2012 382 3
* Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. Rights Exp. 05/31/2012 393 1
      487,932
Canada (7.2%)    
  Royal Bank of Canada 1,175,038 67,908
  Toronto-Dominion Bank 735,124 62,130
  Bank of Nova Scotia 926,027 51,370
  Suncor Energy Inc. 1,285,293 42,455
  Barrick Gold Corp. 816,829 33,042
  Canadian Natural Resources Ltd. 895,296 31,104
  Canadian National Railway Co. 362,867 30,966
^ Bank of Montreal 519,520 30,855
  Potash Corp. of Saskatchewan Inc. 697,336 29,648
^ Enbridge Inc. 632,596 26,505
  TransCanada Corp. 574,609 25,280
  Goldcorp Inc. 659,683 25,263
  Canadian Imperial Bank of Commerce 327,243 24,689

 

4

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Cenovus Energy Inc. 612,763 22,238
  Manulife Financial Corp. 1,464,344 20,027
  Teck Resources Ltd. Class B 474,464 17,704
  Brookfield Asset Management Inc. Class A 510,446 16,845
* Valeant Pharmaceuticals International Inc. 242,900 13,511
  Imperial Oil Ltd. 277,985 12,942
  Encana Corp. 604,580 12,663
  Sun Life Financial Inc. 480,532 11,782
  Agrium Inc. 129,444 11,403
  Talisman Energy Inc. 839,411 10,979
  Canadian Pacific Railway Ltd. 139,092 10,764
^ Crescent Point Energy Corp. 236,864 10,349
  National Bank of Canada 132,375 10,332
  Thomson Reuters Corp. 341,311 10,199
  Power Corp. of Canada 334,674 9,266
  Silver Wheaton Corp. 290,381 8,866
  Yamana Gold Inc. 603,609 8,854
  Canadian Oil Sands Ltd. 390,416 8,628
  BCE Inc. 208,605 8,451
  Magna International Inc. 190,908 8,366
  Nexen Inc. 430,095 8,311
  Kinross Gold Corp. 920,803 8,249
  Eldorado Gold Corp. 578,748 8,202
  First Quantum Minerals Ltd. 390,605 8,114
  Shoppers Drug Mart Corp. 174,700 7,527
  Tim Hortons Inc. 128,300 7,406
  Cameco Corp. 322,110 7,128
  Shaw Communications Inc. Class B 341,700 7,043
  Power Financial Corp. 229,050 6,863
  Intact Financial Corp. 105,100 6,786
  Pacific Rubiales Energy Corp. 235,900 6,768
  Fairfax Financial Holdings Ltd. 16,364 6,709
  Penn West Petroleum Ltd. 379,742 6,508
^,* Research In Motion Ltd. 430,937 6,164
  Husky Energy Inc. 234,799 6,125
^ RioCan REIT 221,700 6,091
  Great-West Lifeco Inc. 230,837 5,842
  Saputo Inc. 121,490 5,678
  Brookfield Office Properties Inc. 311,106 5,634
  Agnico-Eagle Mines Ltd. 138,712 5,541
  Fortis Inc. 151,700 5,261
* MEG Energy Corp. 117,200 5,103
  Bombardier Inc. Class B 1,174,615 4,970
  Canadian Utilities Ltd. Class A 69,921 4,926
  IGM Financial Inc. 104,566 4,906
  ARC Resources Ltd. 234,260 4,823
  SNC-Lavalin Group Inc. 121,833 4,581
  Canadian Tire Corp. Ltd. Class A 63,402 4,434
  Alimentation Couche Tard Inc. Class B 101,833 4,417
  Rogers Communications Inc. Class B 115,985 4,329
  CI Financial Corp. 173,600 4,156
* CGI Group Inc. Class A 184,478 4,140
  Finning International Inc. 137,360 3,838
  IAMGOLD Corp. 306,021 3,795
* Osisko Mining Corp. 310,296 3,194
  Loblaw Cos. Ltd. 90,642 3,060
  TransAlta Corp. 179,743 2,980
^,* Ivanhoe Mines Ltd. 244,495 2,854
  TELUS Corp. 46,937 2,818
  George Weston Ltd. 42,921 2,743
^ TELUS Corp. Class A 40,683 2,387
  Niko Resources Ltd. 42,200 1,778
  Bell Aliant Inc. 63,073 1,670

 

5

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
    Market
    Value
  Shares ($000)
Bombardier Inc. Class A 47,233 202
    949,438
Chile (0.5%)    
Empresas COPEC SA 421,152 6,837
Lan Airlines SA 207,649 5,851
SACI Falabella 576,850 5,660
Sociedad Quimica y Minera de Chile SA ADR 93,509 5,451
Empresa Nacional de Electricidad SA ADR 85,996 4,697
Cencosud SA 727,738 4,636
Banco de Chile 28,080,662 4,369
CAP SA 90,563 3,799
Enersis SA ADR 179,868 3,646
Empresas CMPC SA 886,485 3,644
Banco Santander Chile ADR 32,427 2,653
Banco de Credito e Inversiones 33,562 2,414
Banco Santander Chile 30,533,352 2,414
Sociedad Matriz Banco de Chile Class B 4,346,691 1,680
Colbun SA 5,815,731 1,654
ENTEL Chile SA 79,345 1,575
Cia Cervecerias Unidas SA 104,655 1,506
Empresa Nacional de Electricidad SA 766,330 1,396
Corpbanca 98,513,170 1,344
AES Gener SA 2,041,405 1,292
Embotelladora Andina SA Prior Pfd. 147,574 782
Enersis SA 1,731,976 708
Sociedad Quimica y Minera de Chile SA Prior Pfd. Class B 7,263 425
    68,433
China (4.4%)    
China Mobile Ltd. 4,910,308 54,325
China Construction Bank Corp. 58,847,463 45,668
Industrial & Commercial Bank of China 53,164,976 35,325
CNOOC Ltd. 14,619,000 30,892
Bank of China Ltd. 68,170,000 28,387
PetroChina Co. Ltd. 17,242,000 25,720
Tencent Holdings Ltd. 749,858 23,458
China Life Insurance Co. Ltd. 6,075,000 16,175
Ping An Insurance Group Co. 1,917,248 15,925
China Petroleum & Chemical Corp. 13,732,000 14,585
China Shenhua Energy Co. Ltd. 2,774,000 12,250
China Unicom Hong Kong Ltd. 5,834,182 10,204
Belle International Holdings Ltd. 5,165,328 10,079
Agricultural Bank of China Ltd. 18,944,715 8,960
Hengan International Group Co. Ltd. 747,290 7,896
China Overseas Land & Investment Ltd. 3,377,760 7,299
China Telecom Corp. Ltd. 13,260,000 7,107
China Merchants Bank Co. Ltd. 3,197,446 6,904
Want Want China Holdings Ltd. 5,421,583 6,618
Lenovo Group Ltd. 6,369,500 6,091
China Citic Bank Corp. Ltd. 9,074,840 5,750
Bank of Communications Co. Ltd. 7,182,720 5,527
Tingyi Cayman Islands Holding Corp. 1,850,467 4,917
China Minsheng Banking Corp. Ltd. 4,729,300 4,894
China Pacific Insurance Group Co. Ltd. 1,434,000 4,644
Dongfeng Motor Group Co. Ltd. 2,094,000 4,096
Kunlun Energy Co. Ltd. 2,322,000 4,075
China Coal Energy Co. Ltd. 3,356,000 3,834
PICC Property & Casualty Co. Ltd. 3,004,040 3,737
China Communications Construction Co. Ltd. 3,726,000 3,713
China Resources Land Ltd. 1,933,003 3,699
China Resources Enterprise Ltd. 1,000,000 3,620
^ Anhui Conch Cement Co. Ltd. 1,038,000 3,453
Inner Mongolia Yitai Coal Co. Class B 589,805 3,362
China Mengniu Dairy Co. Ltd. 1,091,000 3,359
Yanzhou Coal Mining Co. Ltd. 1,587,760 3,325

 

6

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  China Merchants Holdings International Co. Ltd. 1,016,893 3,274
^,* Sun Art Retail Group Ltd. 2,351,555 3,114
^ China National Building Material Co. Ltd. 2,214,400 2,968
^ Evergrande Real Estate Group Ltd. 4,999,336 2,870
  China Resources Power Holdings Co. Ltd. 1,524,400 2,771
  Jiangxi Copper Co. Ltd. 1,136,000 2,732
  Beijing Enterprises Holdings Ltd. 478,500 2,670
^ Tsingtao Brewery Co. Ltd. 390,000 2,357
  ENN Energy Holdings Ltd. 646,000 2,257
  Guangzhou Automobile Group Co. Ltd. 1,953,558 2,157
* Brilliance China Automotive Holdings Ltd. 1,998,000 2,155
* Alibaba.com Ltd. 1,186,000 2,033
  China Oilfield Services Ltd. 1,240,000 1,998
^ GOME Electrical Appliances Holding Ltd. 10,548,357 1,903
^ Great Wall Motor Co. Ltd. 837,250 1,797
  Huaneng Power International Inc. 3,024,000 1,790
  China International Marine Containers Group Co. Ltd. Class B 1,182,237 1,736
  COSCO Pacific Ltd. 1,188,578 1,718
^ Zoomlion Heavy Industry Science and Technology Co. Ltd. 1,146,405 1,701
  Shandong Weigao Group Medical Polymer Co. Ltd. 1,472,000 1,688
  Sino-Ocean Land Holdings Ltd. 3,560,185 1,651
  Zijin Mining Group Co. Ltd. 4,992,000 1,618
^ GCL-Poly Energy Holdings Ltd. 6,119,000 1,569
^ Aluminum Corp. of China Ltd. 3,234,000 1,557
^ Weichai Power Co. Ltd. 323,000 1,512
^ Shimao Property Holdings Ltd. 1,150,594 1,511
  Kingboard Chemical Holdings Ltd. 540,500 1,510
  Citic Pacific Ltd. 919,000 1,508
  Sinopharm Group Co. Ltd. 570,000 1,485
  Yantai Changyu Pioneer Wine Co. Ltd. Class B 140,303 1,482
^ China Yurun Food Group Ltd. 1,167,000 1,482
^,*,1 New China Life Insurance Co. Ltd. 322,500 1,457
  Shanghai Industrial Holdings Ltd. 436,000 1,452
  China Railway Group Ltd. 3,650,000 1,439
  Agile Property Holdings Ltd. 1,090,000 1,418
* China Taiping Insurance Holdings Co. Ltd. 675,200 1,406
  China Vanke Co. Ltd. Class B 1,035,339 1,380
^,* Byd Co. Ltd. 519,600 1,358
  Shanghai Electric Group Co. Ltd. 2,708,000 1,356
  Air China Ltd. 1,854,000 1,339
  China Railway Construction Corp. Ltd. 1,686,074 1,337
^ Longfor Properties Co. Ltd. 842,500 1,331
  Parkson Retail Group Ltd. 1,178,500 1,309
  Soho China Ltd. 1,676,500 1,300
^,*,1 Chow Tai Fook Jewellery Group Ltd. 860,200 1,295
^ Golden Eagle Retail Group Ltd. 491,000 1,282
  CSR Corp. Ltd. 1,596,000 1,281
  China Resources Cement Holdings Ltd. 1,600,000 1,264
  Zhuzhou CSR Times Electric Co. Ltd. 439,000 1,238
^ ZTE Corp. 505,226 1,220
  Yuexiu Property Co. Ltd. 5,430,000 1,210
^ Country Garden Holdings Co. Ltd. 2,714,960 1,171
^ China COSCO Holdings Co. Ltd. 2,031,800 1,169
  Guangdong Investment Ltd. 1,552,000 1,139
^ Geely Automobile Holdings Ltd. 3,035,000 1,123
  MGM China Holdings Ltd. 604,576 1,116
  China BlueChemical Ltd. 1,536,000 1,095
^ Guangzhou R&F Properties Co. Ltd. 813,200 1,080
^,* Chongqing Rural Commercial Bank 2,338,000 1,075
  China Everbright Ltd. 674,000 1,064
  China State Construction International Holdings Ltd. 1,140,000 1,047
  Datang International Power Generation Co. Ltd. 2,948,000 1,045
^,*,1 CITIC Securities Co. Ltd. 483,500 1,011
  China Foods Ltd. 934,000 1,006

 

7

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Shui On Land Ltd. 2,355,900 984
  Wumart Stores Inc. 427,000 983
^,* China Shipping Container Lines Co. Ltd. 3,027,700 981
  Zhejiang Expressway Co. Ltd. 1,356,000 972
  Jiangsu Expressway Co. Ltd. 986,000 969
  Zhaojin Mining Industry Co. Ltd. 694,000 966
  Beijing Capital International Airport Co. Ltd. 1,466,000 955
  China Agri-Industries Holdings Ltd. 1,304,000 954
  Nine Dragons Paper Holdings Ltd. 1,155,331 947
  China Resources Gas Group Ltd. 488,000 945
  Fosun International Ltd. 1,577,000 935
  China Longyuan Power Group Corp. 1,178,000 923
^ Zhongsheng Group Holdings Ltd. 455,500 900
  China Communications Services Corp. Ltd. 1,612,800 827
* Far East Horizon Ltd. 1,064,445 817
* Semiconductor Manufacturing International Corp. 16,349,000 810
  BBMG Corp. 927,500 795
^ Poly Hong Kong Investments Ltd. 1,499,000 778
  Franshion Properties China Ltd. 2,828,000 777
* China Southern Airlines Co. Ltd. 1,689,000 757
^ Anta Sports Products Ltd. 763,000 753
  Dongfang Electric Corp. Ltd. 274,000 743
^ Shougang Fushan Resources Group Ltd. 2,106,000 734
* Shanghai Pharmaceuticals Holding Co. Ltd. 472,300 709
^ China Rongsheng Heavy Industries Group Holdings Ltd. 2,784,229 691
^ Huabao International Holdings Ltd. 1,876,000 675
  Lee & Man Paper Manufacturing Ltd. 1,435,200 670
  China Shipping Development Co. Ltd. 1,028,000 664
  Shenzhen International Holdings Ltd. 9,397,500 640
  Sinopec Shanghai Petrochemical Co. Ltd. 1,764,000 612
  New World China Land Ltd. 1,979,400 608
^ Angang Steel Co. Ltd. 876,000 595
^ Li Ning Co. Ltd. 631,500 579
  KWG Property Holding Ltd. 866,500 567
  Shenzhen Investment Ltd. 2,414,808 560
  Sany Heavy Equipment International Holdings Co. Ltd. 711,000 546
  Bosideng International Holdings Ltd. 1,778,000 511
^ China Zhongwang Holdings Ltd. 1,220,800 501
^ China High Speed Transmission Equipment Group Co. Ltd. 1,039,000 499
  China National Materials Co. Ltd. 1,291,000 496
  Travelsky Technology Ltd. 894,000 494
  Metallurgical Corp. of China Ltd. 2,208,000 490
^ Renhe Commercial Holdings Co. Ltd. 8,412,000 484
  China Travel International Inv HK 2,418,000 484
^,* China Eastern Airlines Corp. Ltd. 1,440,000 479
^ Guangshen Railway Co. Ltd. 1,274,000 472
* Shanghai Zhenhua Heavy Industries Co. Ltd. Class B 996,370 456
  Harbin Electric Co. Ltd. 432,000 449
  CSG Holding Co. Ltd. Class B 563,712 434
  Anhui Gujing Distillery Co. Ltd. Class B 47,700 413
^ Maanshan Iron & Steel 1,428,000 400
  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B 382,790 398
  Chongqing Changan Automobile Co. Ltd. Class B 929,261 394
  Sinotruk Hong Kong Ltd. 631,500 384
  Inner Mongolia Eerduosi Resourses Co. Ltd. Class B 335,200 377
  Lianhua Supermarket Holdings Co. Ltd. 340,200 356
  China Merchants Property Development Co. Ltd. Class B 187,950 354
  Sinofert Holdings Ltd. 1,623,153 353
^ Hopewell Highway Infrastructure Ltd. 649,100 338
^ Greentown China Holdings Ltd. 486,500 337
  Zhejiang Southeast Electric Power Co. Class B 632,700 333
  Kingboard Laminates Holdings Ltd. 686,500 319
^ Hopson Development Holdings Ltd. 524,000 314
* Citic Resources Holdings Ltd. 1,886,690 309

 

8

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  China Dongxiang Group Co. 2,186,000 294
* China Molybdenum Co. Ltd. 740,000 286
  Hidili Industry International Development Ltd. 838,000 286
  Weifu High-Technology Group Co. Ltd. Class B 98,200 285
  Sichuan Expressway Co. Ltd. 674,000 270
* Chaoda Modern Agriculture Holdings Ltd. 2,603,884 260
  Sinopec Yizheng Chemical Fibre Co. Ltd. 1,056,000 241
^,* Huadian Power International Co. 1,046,000 240
  Shandong Chenming Paper Holdings Ltd. Class B 476,500 232
  Shenzhen Expressway Co. Ltd. 552,000 230
  Weiqiao Textile Co. 450,000 221
* Shanghai Haixin Group Co. Class B 462,434 215
* Shanghai Chlor-Alkali Chemical Co. Ltd. Class B 402,235 213
  Shanghai Mechanical and Electrical Industry Co. Ltd. Class B 200,391 213
  Sinotrans Ltd. 1,258,000 213
  Anhui Expressway Co. 376,000 213
  Guangdong Electric Power Development Co. Ltd. Class B 458,560 209
* Shanghai Friendship Group Inc. Ltd. Class B 139,590 209
  Shanghai Jinjiang International Hotels Development Co. Ltd. Class B 137,100 192
  Shenzhen Chiwan Wharf Holdings Ltd. Class B 143,700 190
^ Xinjiang Goldwind Science & Technology Co. Ltd. 378,400 186
  Dazhong Transportation Group Co. Ltd. Class B 345,500 180
  Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B 242,110 175
  Jiangling Motors Corp. Ltd. Class B 69,000 164
  Foshan Electrical and Lighting Co. Ltd. Class B 198,820 160
  Guangzhou Shipyard International Co. Ltd. 176,800 151
  Guangzhou Pharmaceutical Co. Ltd. 148,000 143
  Shandong Chenming Paper Holdings Ltd. 311,500 143
  Bengang Steel Plates Co. Class B 372,700 136
* BOE Technology Group Co. Ltd. Class B 858,720 131
  China Huiyuan Juice Group Ltd. 383,000 128
  Beijing North Star Co. Ltd. 620,000 114
  Jinzhou Port Co. Ltd. Class B 211,860 102
  Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B 108,700 91
* Huadian Energy Co. Ltd. Class B 299,100 88
  Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B 124,100 85
  Double Coin Holdings Ltd. Class B 132,000 79
  Guangdong Provincial Expressway Development Co. Ltd. Class B 212,800 72
^ Tianjin Capital Environmental Protection Group Co. Ltd. 286,000 71
  Hainan Airlines Co. Ltd. Class B 35,200 26
      590,346
Colombia (0.3%)    
  Ecopetrol SA 3,609,308 11,673
  BanColombia SA ADR 75,067 5,092
  BanColombia SA 307,185 5,037
  Grupo de Inversiones Suramericana SA 188,450 3,418
  Almacenes Exito SA 181,393 2,944
  Inversiones Argos SA 259,310 2,501
  Cementos Argos SA 284,328 1,968
  Interconexion Electrica SA ESP 261,622 1,692
  Corp Financiera Colombiana SA 75,402 1,468
  Isagen SA ESP 687,241 961
      36,754
Czech Republic (0.1%)    
  CEZ AS 170,020 6,854
  Komercni Banka AS 12,790 2,350
  Telefonica Czech Republic AS 108,059 2,181
      11,385
Denmark (0.9%)    
  Novo Nordisk A/S Class B 402,412 59,325
* Danske Bank A/S 761,182 12,370
  AP Moeller - Maersk A/S Class B 1,349 10,563
  Carlsberg A/S Class B 96,561 8,335

 

9

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Novozymes A/S 222,055 5,827
  Coloplast A/S Class B 25,139 4,654
  AP Moeller - Maersk A/S Class A 554 4,132
  DSV A/S 155,702 3,551
^ FLSmidth & Co. A/S 42,919 3,021
^,* William Demant Holding A/S 19,296 1,823
^,* Vestas Wind Systems A/S 169,905 1,498
  Tryg A/S 20,095 1,122
  H Lundbeck A/S 45,810 918
  Rockwool International A/S Class B 6,226 594
      117,733
Egypt (0.1%)    
  Orascom Construction Industries GDR 85,298 3,762
  Commercial International Bank Egypt SAE 477,054 2,015
  Orascom Telecom Holding SAE GDR 446,610 1,250
  Egyptian Co. for Mobile Services 33,769 1,098
* Talaat Moustafa Group 1,274,836 891
* Egyptian Financial Group-Hermes Holding 393,747 881
  Egyptian Kuwaiti Holding Co. SAE 713,388 791
  Telecom Egypt Co. 261,840 564
* Orascom Telecom Media And Technology Holding SAE 2,116,323 497
  National Societe Generale Bank SAE 95,052 448
* Orascom Telecom Media And Technology Holding SAE GDR 394,184 446
  Ezz Steel 305,708 369
  ElSwedy Electric Co. 90,127 323
  Sidi Kerir Petrochemicals Co. 114,979 233
* Maridive & Oil Services SAE 95,702 122
* Egyptian Iron & Steel Co. 147,028 100
      13,790
Finland (0.5%)    
  Sampo Oyj 458,630 12,211
  Nokia Oyj 3,052,088 11,054
  Kone Oyj Class B 135,275 8,371
  Fortum Oyj 367,143 7,897
  Wartsila OYJ Abp 161,066 6,527
  UPM-Kymmene Oyj 426,179 5,469
  Metso Oyj 122,168 5,248
  Nokian Renkaat Oyj 103,561 4,916
  Stora Enso Oyj 498,328 3,411
  Kesko Oyj Class B 55,840 1,494
^,* Outokumpu Oyj 907,742 1,477
  Neste Oil Oyj 109,419 1,295
^ Rautaruukki Oyj 81,312 767
^ Sanoma Oyj 38,003 397
      70,534
France (6.6%)    
  Total SA 1,823,804 87,550
  Sanofi 1,062,825 81,181
^ LVMH Moet Hennessy Louis Vuitton SA 303,531 50,355
  Danone 529,229 37,258
  BNP Paribas SA 850,326 34,319
  GDF Suez 1,378,057 31,729
  Air Liquide SA 231,509 29,779
^ L'Oreal SA 240,514 28,953
  Schneider Electric SA 447,434 27,560
  AXA SA 1,896,957 26,956
  Pernod-Ricard SA 214,327 22,240
  France Telecom SA 1,621,716 22,231
  Vinci SA 461,103 21,386
  Vivendi SA 1,011,928 18,717
  Cie de St-Gobain 432,582 18,162
  ArcelorMittal 958,843 16,657
  Cie Generale d'Optique Essilor International SA 173,715 15,307

 

10

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Societe Generale SA 634,021 15,010
  Unibail-Rodamco SE 74,836 14,003
  European Aeronautic Defence and Space Co. NV 334,681 13,226
^ PPR 77,397 12,953
  Carrefour SA 554,256 11,133
  Cie Generale des Etablissements Michelin 146,301 10,934
  Technip SA 90,297 10,254
  Christian Dior SA 59,275 8,938
  Renault SA 180,651 8,218
  Sodexo 95,480 7,607
  Legrand SA 211,824 7,151
  Lafarge SA 174,770 6,831
  SES SA 272,350 6,526
  Alstom SA 181,964 6,508
  Accor SA 186,250 6,441
  Veolia Environnement SA 423,958 6,208
  Publicis Groupe SA 119,566 6,174
  Safran SA 166,311 6,164
  Edenred 185,336 5,921
  Vallourec SA 96,683 5,822
  Gemalto NV 71,791 5,348
^ Bouygues SA 194,725 5,313
  Cap Gemini SA 127,261 4,972
  Dassault Systemes SA 50,024 4,854
  Eutelsat Communications SA 135,011 4,807
  Electricite de France SA 214,028 4,534
  Arkema SA 50,170 4,450
  Suez Environnement Co. 313,096 4,417
  Credit Agricole SA 818,946 4,216
  SCOR SE 152,121 4,022
  Bureau Veritas SA 44,954 4,005
  Zodiac Aerospace 33,707 3,709
  Groupe Eurotunnel SA 437,921 3,685
* Cie Generale de Geophysique - Veritas 124,950 3,583
* Casino Guichard Perrachon SA 35,796 3,517
  Societe BIC SA 30,318 3,340
  Lagardere SCA 108,892 3,302
  STMicroelectronics NV 559,895 3,224
  AtoS 49,939 3,218
  Valeo SA 63,202 3,108
* Alcatel-Lucent 1,836,845 2,825
  Thales SA 80,637 2,796
  Aeroports de Paris 31,489 2,650
  Peugeot SA 218,387 2,623
  Hermes International 6,943 2,454
^ Klepierre 77,280 2,450
  Iliad SA 18,038 2,323
  Natixis 743,572 2,267
  Wendel SA 29,591 2,217
  CNP Assurances 144,351 2,027
  Eiffage SA 58,183 1,981
  Rexel SA 85,524 1,789
  Imerys SA 30,021 1,711
^ Fonciere Des Regions 21,864 1,694
  SEB SA 19,455 1,552
* JCDecaux SA 53,751 1,526
* ICADE 17,155 1,447
  Gecina SA 14,762 1,369
  Eurazeo 25,692 1,317
  BioMerieux 15,805 1,295
^ Societe Television Francaise 1 132,720 1,286
^ Eramet 8,976 1,197
  Faurecia 42,985 924
  Bollore 3,894 844

 

11

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  APERAM 46,025 780
  Euler Hermes SA 10,905 773
  Ipsen SA 26,428 704
^,* Air France-KLM 122,066 587
^ PagesJaunes Groupe 108,203 311
^ Ciments Francais SA 4,339 278
      875,983
Germany (5.5%)    
  Siemens AG 746,539 69,295
^ BASF SE 753,866 62,069
  SAP AG 751,076 49,807
  Daimler AG 867,207 47,984
^ Bayer AG 675,738 47,616
  Allianz SE 371,480 41,436
^ E.ON AG 1,556,064 35,232
  Deutsche Bank AG 760,279 33,006
  Deutsche Telekom AG 2,675,514 30,166
  Volkswagen AG Prior Pfd. 138,788 26,309
  Bayerische Motoren Werke AG 246,110 23,408
^ Muenchener Rueckversicherungs AG 146,736 21,314
^ RWE AG 469,492 20,182
^ Linde AG 104,477 17,883
  Adidas AG 170,971 14,261
  Deutsche Post AG 737,986 13,781
  Fresenius Medical Care AG & Co. KGaA 183,804 13,052
  Henkel AG & Co. KGaA Prior Pfd. 145,055 10,794
  Fresenius SE & Co. KGaA 104,495 10,433
  Deutsche Boerse AG 160,345 10,068
  Infineon Technologies AG 876,289 8,733
^ HeidelbergCement AG 153,194 8,430
* K&S AG 156,154 7,805
  Porsche Automobil Holding SE Prior Pfd. 125,212 7,650
  ThyssenKrupp AG 314,733 7,464
* Commerzbank AG 3,115,383 6,745
  Henkel AG & Co. KGaA 105,740 6,475
^ Continental AG 64,993 6,304
  Merck KGaA 52,654 5,788
  Lanxess AG 67,122 5,344
^ Beiersdorf AG 74,504 5,229
  Brenntag AG 41,433 5,162
  GEA Group AG 151,309 4,997
* Kabel Deutschland Holding AG 73,508 4,634
  Metro AG 134,175 4,332
^ MAN SE 34,181 4,321
  Volkswagen AG 24,193 4,133
* QIAGEN NV 188,963 3,124
^ Hannover Rueckversicherung AG 48,738 2,950
  Hochtief AG 46,186 2,709
  Bilfinger Berger SE 27,945 2,557
  Deutsche Lufthansa AG 186,772 2,432
  Fraport AG Frankfurt Airport Services Worldwide 30,942 2,012
  Salzgitter AG 36,562 1,916
^ Axel Springer AG 40,474 1,847
^ Software AG 52,616 1,839
  United Internet AG 86,383 1,710
^ Puma SE 4,826 1,694
  Hugo Boss AG Prior Pfd. 14,347 1,602
* TUI AG 203,799 1,490
  Suedzucker AG 44,913 1,368
  Celesio AG 73,107 1,261
^ Wacker Chemie AG 12,964 1,045
  Fielmann AG 9,810 951
  Hamburger Hafen und Logistik AG 22,745 754

 

12

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
^ SMA Solar Technology AG 9,049 379
      735,282
Greece (0.1%)    
  Coca Cola Hellenic Bottling Co. SA 114,166 2,268
  OPAP SA 191,250 1,709
* National Bank of Greece SA 670,093 1,495
* National Bank of Greece SA ADR 506,761 1,155
  Hellenic Telecommunications Organization SA ADR 681,458 1,141
  Hellenic Petroleum SA 92,718 682
* Alpha Bank AE 406,598 571
  Public Power Corp. SA 89,608 301
* EFG Eurobank Ergasias SA 329,973 263
      9,585
Hong Kong (2.5%)    
1 AIA Group Ltd. 9,847,456 34,849
  Hutchison Whampoa Ltd. 2,610,000 25,004
  Sun Hung Kai Properties Ltd. 1,603,409 19,205
  Cheung Kong Holdings Ltd. 1,426,000 18,859
  Hong Kong Exchanges and Clearing Ltd. 881,700 14,022
  CLP Holdings Ltd. 1,489,000 12,747
  Hong Kong & China Gas Co. Ltd. 4,853,868 12,399
  BOC Hong Kong Holdings Ltd. 3,467,237 10,717
  Li & Fung Ltd. 4,952,000 10,560
  Jardine Matheson Holdings Ltd. 211,674 10,470
  Power Assets Holdings Ltd. 1,310,000 9,780
  Hongkong Land Holdings Ltd. 1,437,130 8,897
  Swire Pacific Ltd. Class A 742,000 8,747
  Hang Seng Bank Ltd. 624,700 8,555
  Sands China Ltd. 1,953,200 7,647
  Link REIT 1,832,843 7,625
  Wharf Holdings Ltd. 1,257,275 7,456
  Hang Lung Properties Ltd. 1,856,000 6,824
^ Bank of East Asia Ltd. 1,684,600 6,268
  Jardine Strategic Holdings Ltd. 180,000 5,778
  Henderson Land Development Co. Ltd. 986,466 5,597
  Hang Lung Group Ltd. 842,000 5,251
  MTR Corp. Ltd. 1,381,000 4,898
  New World Development Co. Ltd. 3,720,705 4,612
  Sino Land Co. Ltd. 2,365,600 4,058
^ Wynn Macau Ltd. 1,250,400 3,997
  SJM Holdings Ltd. 1,760,000 3,846
^,*,1 Galaxy Entertainment Group Ltd. 1,018,000 3,174
  Hysan Development Co. Ltd. 628,000 2,839
  Shangri-La Asia Ltd. 1,296,390 2,744
  Kerry Properties Ltd. 571,000 2,591
  First Pacific Co. Ltd. 2,331,200 2,525
  Yue Yuen Industrial Holdings Ltd. 668,830 2,231
  Cheung Kong Infrastructure Holdings Ltd. 372,000 2,205
  Wheelock & Co. Ltd. 649,000 2,187
  AAC Technologies Holdings Inc. 742,000 2,179
^ ASM Pacific Technology Ltd. 161,200 2,178
  Esprit Holdings Ltd. 1,044,396 2,135
  Cathay Pacific Airways Ltd. 1,244,015 2,105
  Wing Hang Bank Ltd. 194,500 2,062
  Television Broadcasts Ltd. 268,000 1,963
  PCCW Ltd. 4,542,000 1,687
^ VTech Holdings Ltd. 150,200 1,680
  Hopewell Holdings Ltd. 525,500 1,408
  Orient Overseas International Ltd. 206,500 1,407
  Swire Properties Ltd. 511,900 1,402
  Xinyi Glass Holdings Ltd. 2,178,000 1,400
  NWS Holdings Ltd. 849,500 1,276
  Lifestyle International Holdings Ltd. 531,000 1,238
^ Techtronic Industries Co. 1,010,000 1,212

 

13

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Cafe de Coral Holdings Ltd. 348,000 953
  Johnson Electric Holdings Ltd. 1,503,500 941
^ Champion REIT 2,102,000 916
* Foxconn International Holdings Ltd. 1,784,000 844
* Melco International Development Ltd. 781,000 818
  Great Eagle Holdings Ltd. 253,000 743
  Shun Tak Holdings Ltd. 1,791,625 739
  Texwinca Holdings Ltd. 548,000 670
  Hutchison Telecommunications Hong Kong Holdings Ltd. 1,269,000 564
  Dah Sing Financial Holdings Ltd. 108,900 389
^ Brightoil Petroleum Holdings Ltd. 1,650,000 363
  Kowloon Development Co. Ltd. 311,000 326
* Mongolia Energy Corp. Ltd. 3,891,000 324
  Dah Sing Banking Group Ltd. 260,920 270
  Hutchison Harbour Ring Ltd. 2,988,000 265
* HKT Trust / HKT Ltd. 185,694 144
* Kingboard Chemical Holdings Ltd. Warrants Exp. 10/31/2012 39,600 —
      333,765
Hungary (0.1%)    
* MOL Hungarian Oil and Gas plc 64,253 5,312
  OTP Bank plc 231,688 4,061
  Richter Gedeon Nyrt 11,530 1,993
  Magyar Telekom Telecommunications plc 363,069 913
      12,279
India (2.0%)    
  ITC Ltd. 4,713,732 21,935
^ Infosys Ltd. ADR 362,152 17,148
  Housing Development Finance Corp. 877,273 11,183
1 Reliance Industries Ltd. GDR 381,049 10,778
  Larsen & Toubro Ltd. 373,083 8,663
  HDFC Bank Ltd. ADR 230,095 7,899
  Reliance Industries Ltd. 554,607 7,824
  Bharti Airtel Ltd. 1,221,725 7,179
  ICICI Bank Ltd. ADR 203,706 6,904
  Hindustan Unilever Ltd. 706,424 5,590
  Tata Consultancy Services Ltd. 235,912 5,564
  Bajaj Auto Ltd. 177,442 5,454
  Axis Bank Ltd. 253,143 5,300
  Oil & Natural Gas Corp. Ltd. 971,969 4,973
  Infosys Ltd. 105,601 4,903
  State Bank of India GDR 57,717 4,691
* Tata Motors Ltd. 768,085 4,591
  NTPC Ltd. 1,341,632 4,130
  Wipro Ltd. ADR 382,466 3,695
  Coal India Ltd. 510,709 3,410
* HDFC Bank Ltd. 289,461 2,981
  Cipla Ltd. 492,005 2,908
  Jindal Steel & Power Ltd. 301,459 2,879
  Sun Pharmaceutical Industries Ltd. 249,646 2,851
  Lupin Ltd. 268,534 2,812
  Hero Motocorp Ltd. 64,760 2,746
  Hindalco Industries Ltd. 1,172,669 2,678
  Kotak Mahindra Bank Ltd. 235,821 2,600
  Bharat Heavy Electricals Ltd. 596,625 2,537
  Grasim Industries Ltd. 50,083 2,436
  Titan Industries Ltd. 548,995 2,423
  Ultratech Cement Ltd. 89,717 2,422
  Power Grid Corp. of India Ltd. 1,116,082 2,352
  Mahindra & Mahindra Ltd. 173,007 2,325
  Nestle India Ltd. 23,723 2,104
  Infrastructure Development Finance Co. Ltd. 875,846 2,002
  Punjab National Bank 119,977 1,931
  GAIL India Ltd. 305,790 1,913
  Maruti Suzuki India Ltd. 69,647 1,811

 

14

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Tata Steel Ltd. 189,949 1,666
  HCL Technologies Ltd. 166,814 1,619
  Asian Paints Ltd. 23,123 1,547
  Dr Reddy's Laboratories Ltd. ADR 44,332 1,500
  DLF Ltd. 417,763 1,478
* Tata Power Co. Ltd. 697,999 1,394
  Ambuja Cements Ltd. 488,485 1,393
  Sterlite Industries India Ltd. 667,993 1,346
* Cairn India Ltd. 202,924 1,325
  Sesa Goa Ltd. 349,726 1,247
  Rural Electrification Corp. Ltd. 291,964 1,155
  Colgate-Palmolive India Ltd. 54,385 1,142
  JSW Steel Ltd. 85,391 1,121
  Adani Enterprises Ltd. 210,272 1,117
  ICICI Bank Ltd. 65,060 1,089
  Dr Reddy's Laboratories Ltd. 32,329 1,082
  Bharat Petroleum Corp. Ltd. 85,112 1,081
  Cummins India Ltd. 116,736 1,067
  Jaiprakash Associates Ltd. 747,372 1,057
  Bajaj Holdings and Investment Ltd. 64,808 1,038
  Reliance Infrastructure Ltd. 101,739 1,016
  Tata Chemicals Ltd. 152,444 971
  Steel Authority of India Ltd. 529,166 948
* Idea Cellular Ltd. 634,843 946
  Ranbaxy Laboratories Ltd. 98,497 937
  Siemens Ltd. 62,590 919
* Reliance Power Ltd. 443,994 900
  Bank of Baroda 60,801 887
  Zee Entertainment Enterprises Ltd. 369,440 883
  Exide Industries Ltd. 359,584 881
  Divi's Laboratories Ltd. 54,035 877
  Indiabulls Financial Services Ltd. 190,150 874
  Indian Oil Corp. Ltd. 173,257 871
  Dabur India Ltd. 406,340 861
  ACC Ltd. 36,537 856
  Bharat Forge Ltd. 140,328 851
  Power Finance Corp. Ltd. 252,357 812
* Satyam Computer Services Ltd. 552,042 807
  Adani Ports and Special Economic Zone 318,646 772
* Unitech Ltd. 1,523,516 765
  Hindustan Petroleum Corp. Ltd. 133,397 763
  United Spirits Ltd. 49,346 731
  Union Bank of India 162,841 691
  Reliance Communications Ltd. 472,822 672
* Oracle Financial Services Software Ltd. 13,331 662
  Glenmark Pharmaceuticals Ltd. 106,346 654
  GlaxoSmithKline Pharmaceuticals Ltd. 15,508 631
  Crompton Greaves Ltd. 245,489 612
  Bank of India 86,945 582
  Canara Bank 70,482 582
  Reliance Capital Ltd. 92,778 578
  Mphasis Ltd. 82,000 573
  Oil India Ltd. 63,202 547
  Bharat Electronics Ltd. 19,420 542
  Piramal Healthcare Ltd. 63,995 531
  Cadila Healthcare Ltd. 37,487 519
  Wipro Ltd. 67,218 516
  NHPC Ltd. 1,427,030 511
  Container Corp. Of India 29,845 506
  Ashok Leyland Ltd. 808,985 493
  Hindustan Zinc Ltd. 189,510 459
  Shriram Transport Finance Co. Ltd. 41,408 450
  Great Eastern Shipping Co. Ltd. 93,331 450
* Adani Power Ltd. 350,359 425

 

15

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Castrol India Ltd. 41,330 392
  Torrent Power Ltd. 100,414 388
  Tata Communications Ltd. ADR 41,966 378
* GMR Infrastructure Ltd. 745,467 375
  Godrej Industries Ltd. 73,817 372
  Aditya Birla Nuvo Ltd. 21,073 370
  IDBI Bank Ltd. 164,815 317
* Suzlon Energy Ltd. 693,659 299
  JSW Energy Ltd. 250,611 233
  Sun TV Network Ltd. 37,959 206
  Oriental Bank of Commerce 45,577 199
  ABB Ltd.(Foreign) 11,814 182
  Mangalore Refinery & Petrochemicals Ltd. 149,186 175
  Corp Bank 22,522 174
* Essar Oil Ltd. 117,332 121
  Tata Communications Ltd. 25,747 116
* Mahanagar Telephone Nigam ADR 38,500 35
      259,635
Indonesia (0.7%)    
  Astra International Tbk PT 2,461,500 18,955
  Bank Central Asia Tbk PT 10,061,000 8,737
  Telekomunikasi Indonesia Persero Tbk PT 8,243,500 7,601
  United Tractors Tbk PT 2,280,772 7,317
  Bank Rakyat Indonesia Persero Tbk PT 10,035,500 7,225
  Bank Mandiri Persero Tbk PT 7,495,478 6,011
  Bumi Resources Tbk PT 16,850,500 3,700
  Semen Gresik Persero Tbk PT 2,433,500 3,207
  Gudang Garam Tbk PT 461,000 2,961
  Perusahaan Gas Negara Persero Tbk PT 7,866,500 2,857
  Kalbe Farma Tbk PT 6,320,000 2,759
  Unilever Indonesia Tbk PT 1,257,000 2,712
  Adaro Energy Tbk PT 10,329,446 2,081
  Charoen Pokphand Indonesia Tbk PT 6,607,500 1,966
  Bank Negara Indonesia Persero Tbk PT 4,464,144 1,948
  Indocement Tunggal Prakarsa Tbk PT 906,000 1,774
  Indofood Sukses Makmur Tbk PT 2,949,000 1,550
  Tambang Batubara Bukit Asam Persero Tbk PT 742,500 1,486
  Indo Tambangraya Megah Tbk PT 281,000 1,213
  Jasa Marga Persero Tbk PT 1,623,000 942
  Bank Danamon Indonesia Tbk PT 1,526,894 928
  Astra Agro Lestari Tbk PT 400,000 927
  Indosat Tbk PT 1,700,500 893
  Aneka Tambang Persero Tbk PT 3,116,500 582
* Indofood CBP Sukses Makmur Tbk PT 927,500 568
  Vale Indonesia Tbk PT 1,600,000 537
      91,437
Ireland (0.2%)    
  CRH plc (Foreign) 585,017 11,858
* Elan Corp. plc 477,120 6,578
  Kerry Group plc Class A 109,295 4,991
* Ryanair Holdings plc ADR 105,626 3,557
* Ryanair Holdings plc 58,749 332
  CRH plc 2,650 54
* Irish Bank Resolution Corp. Ltd. 236,607 —
      27,370
Israel (0.5%)    
  Teva Pharmaceutical Industries Ltd. 725,433 33,172
  Israel Chemicals Ltd. 423,684 4,846
  Bank Leumi Le-Israel BM 1,193,135 3,732
  Bank Hapoalim BM 810,043 3,006
  Bezeq The Israeli Telecommunication Corp. Ltd. 1,634,219 2,724
* NICE Systems Ltd. 51,554 1,976
  Israel Corp. Ltd. 1,805 1,176

 

16

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Isramco Negev 2 LP 8,046,295 1,144
* Mizrahi Tefahot Bank Ltd. 94,778 854
* Israel Discount Bank Ltd. Class A 616,136 799
  Azrieli Group 30,850 757
  Delek Group Ltd. 3,581 697
  Gazit-Globe Ltd. 64,174 686
* Avner Oil Exploration LLP 1,044,053 683
* Delek Drilling - LP 167,604 610
  Elbit Systems Ltd. 16,328 596
  Osem Investments Ltd. 33,048 504
  Cellcom Israel Ltd. (Registered) 37,303 470
  Partner Communications Co. Ltd. 58,240 435
* Oil Refineries Ltd. 682,924 397
* Ratio Oil Exploration 1992 LP 4,469,171 390
* Strauss Group Ltd. 29,498 357
  Paz Oil Co. Ltd. 2,521 344
* Clal Insurance Enterprises Holdings Ltd. 16,465 258
* Migdal Insurance & Financial Holding Ltd. 171,429 252
  Shufersal Ltd. 56,514 199
  Hot Telecommunication System Ltd. 18,619 188
* First International Bank Of Israel Ltd. 15,980 181
  Ormat Industries 35,364 176
  Shikun & Binui Ltd. 93,071 166
  Harel Insurance Investments & Financial Services Ltd. 4,300 164
* Koor Industries Ltd. 11,063 161
  Clal Industries and Investments Ltd. 38,102 140
* Jerusalem Economy Ltd. 18,922 139
  Delek Automotive Systems Ltd. 16,396 137
* Menorah Mivtachim Holdings Ltd. 16,132 128
* Africa Israel Investments Ltd. 28,394 108
* Discount Investment Corp. 19,579 99
* IDB Holding Corp. Ltd. 11,488 81
* B Communications Ltd. 6,936 67
  Property & Building Corp. 1,142 45
      63,044
Italy (1.6%)    
  ENI SPA 2,219,399 49,315
  Enel SPA 5,738,205 18,818
  Assicurazioni Generali SPA 1,262,005 17,218
  Intesa Sanpaolo SPA (Registered) 9,507,240 14,412
* UniCredit SPA 3,565,790 14,223
  Saipem SPA 267,015 13,198
* Telecom Italia SPA (Registered) 10,900,389 12,366
  Fiat Industrial SPA 667,247 7,575
  Snam SPA 1,370,254 6,510
  Atlantia SPA 377,745 5,728
  Tenaris SA ADR 137,850 5,402
* Telecom Italia SPA (Bearer) 4,967,679 4,653
  Terna Rete Elettrica Nazionale SPA 1,232,959 4,580
  Luxottica Group SPA 111,180 3,976
* Fiat SPA 652,538 3,152
  Prysmian SPA 169,954 2,768
  Unione di Banche Italiane SCPA 743,307 2,763
^,* Prada SPA 407,106 2,754
  Enel Green Power SPA 1,609,072 2,598
  Pirelli & C SPA 194,036 2,364
  Tenaris SA 110,715 2,155
^ Banco Popolare SC 1,417,643 2,108
  Mediobanca SPA 352,301 1,722
  Mediaset SPA 699,903 1,666
  Davide Campari-Milano SPA 225,501 1,594
^ Banca Monte dei Paschi di Siena SPA 4,459,332 1,586
^ Finmeccanica SPA 367,636 1,581
  Exor SPA 61,249 1,426

 

17

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Autogrill SPA 105,511 1,051
^ A2A SPA 1,246,813 791
  Exor SPA Prior Pfd. 38,234 777
* Lottomatica SPA 41,713 772
  Mediolanum SPA 185,033 759
^ Banca Carige SPA 701,180 733
  Parmalat SPA 314,865 712
* Buzzi Unicem SPA 64,063 652
^,* Edison SPA 424,615 484
      214,942
Japan (13.4%)    
  Toyota Motor Corp. 1,932,261 79,180
  Mitsubishi UFJ Financial Group Inc. 11,555,937 55,486
  Canon Inc. 1,087,717 49,304
  Honda Motor Co. Ltd. 1,108,474 39,893
  Sumitomo Mitsui Financial Group Inc. 1,154,514 36,943
  Mizuho Financial Group Inc. 19,573,839 30,858
  FANUC Corp. 146,651 24,733
  NTT DoCoMo Inc. 14,403 24,593
  Japan Tobacco Inc. 4,084 22,624
  Komatsu Ltd. 777,100 22,365
  Mitsubishi Corp. 1,011,800 21,928
  Takeda Pharmaceutical Co. Ltd. 484,600 21,146
  Softbank Corp. 680,400 20,308
  Nissan Motor Co. Ltd. 1,855,600 19,293
  KDDI Corp. 2,764 18,094
  Hitachi Ltd. 2,772,798 17,661
  Mitsui & Co. Ltd. 1,116,500 17,435
  Seven & I Holdings Co. Ltd. 541,936 16,405
  East Japan Railway Co. 245,900 15,299
  Shin-Etsu Chemical Co. Ltd. 263,600 15,215
  Kyocera Corp. 155,700 15,179
  Nippon Telegraph & Telephone Corp. 334,574 15,138
  Mitsubishi Estate Co. Ltd. 855,500 15,124
  Inpex Corp. 2,217 14,638
  Panasonic Corp. 1,893,920 14,520
  Mitsui Fudosan Co. Ltd. 719,500 13,179
  Sony Corp. 812,900 13,148
  Tokio Marine Holdings Inc. 491,700 12,579
  Mitsubishi Heavy Industries Ltd. 2,751,000 12,476
  Nomura Holdings Inc. 3,013,500 12,353
  Bridgestone Corp. 497,400 11,769
  Denso Corp. 363,000 11,738
  Astellas Pharma Inc. 288,300 11,692
  Nintendo Co. Ltd. 86,600 11,690
  Mitsubishi Electric Corp. 1,319,300 11,590
  Kao Corp. 428,600 11,484
  Central Japan Railway Co. 1,325 11,000
  ITOCHU Corp. 967,700 10,949
  Sumitomo Corp. 763,900 10,856
  Toshiba Corp. 2,589,200 10,584
  Murata Manufacturing Co. Ltd. 184,900 10,567
  Nippon Steel Corp. 4,162,700 10,373
  Otsuka Holdings Co. Ltd. 341,200 10,283
  Dai-ichi Life Insurance Co. Ltd. 8,172 10,233
  Sumitomo Mitsui Trust Holdings Inc. 3,379,880 9,902
  MS&AD Insurance Group Holdings 525,615 9,690
  Fast Retailing Co. Ltd. 42,900 9,587
  Sumitomo Realty & Development Co. Ltd. 392,700 9,365
  Keyence Corp. 36,821 8,691
  JX Holdings Inc. 1,530,700 8,635
  ORIX Corp. 89,830 8,589
  Kansai Electric Power Co. Inc. 579,400 8,402
  Hoya Corp. 355,600 8,156

 

18

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Suzuki Motor Corp. 341,600 8,040
  Nidec Corp. 88,400 7,944
  Tokyo Gas Co. Ltd. 1,595,000 7,697
  Toray Industries Inc. 1,000,965 7,696
  Chubu Electric Power Co. Inc. 469,000 7,681
  Kirin Holdings Co. Ltd. 597,200 7,604
  Daiichi Sankyo Co. Ltd. 431,900 7,417
  Marubeni Corp. 1,067,356 7,411
  Nikon Corp. 245,400 7,273
  SMC Corp. 43,506 7,266
  Eisai Co. Ltd. 182,900 7,148
  JFE Holdings Inc. 377,800 7,065
  NKSJ Holdings Inc. 335,600 6,908
  Secom Co. Ltd. 142,300 6,733
  FUJIFILM Holdings Corp. 317,000 6,724
  Asahi Group Holdings Ltd. 294,800 6,638
  Sumitomo Electric Industries Ltd. 486,700 6,565
  Resona Holdings Inc. 1,539,573 6,539
  Aeon Co. Ltd. 490,000 6,397
  Tokyo Electron Ltd. 112,100 6,212
  Fujitsu Ltd. 1,274,700 6,195
  Sumitomo Metal Mining Co. Ltd. 469,700 6,161
  Isuzu Motors Ltd. 1,054,200 6,019
  Daito Trust Construction Co. Ltd. 66,000 5,935
  Asahi Glass Co. Ltd. 716,300 5,632
  Daiwa Securities Group Inc. 1,444,500 5,459
^ Yakult Honsha Co. Ltd. 145,600 5,363
  Asahi Kasei Corp. 865,000 5,346
  Ajinomoto Co. Inc. 414,000 5,343
  Terumo Corp. 116,100 5,320
  Sumitomo Metal Industries Ltd. 2,917,000 5,240
  Osaka Gas Co. Ltd. 1,281,500 5,183
  Yamada Denki Co. Ltd. 79,290 5,145
  West Japan Railway Co. 124,800 5,127
  Kubota Corp. 515,700 4,978
^ Kintetsu Corp. 1,390,500 4,905
  Daiwa House Industry Co. Ltd. 379,700 4,900
  Mitsubishi Chemical Holdings Corp. 928,900 4,895
  Hankyu Hanshin Holdings Inc. 1,046,700 4,884
  Daikin Industries Ltd. 180,800 4,777
  Unicharm Corp. 84,400 4,721
  Kuraray Co. Ltd. 318,500 4,545
  JGC Corp. 157,000 4,521
  T&D Holdings Inc. 417,300 4,498
  Nitto Denko Corp. 109,300 4,486
  Tobu Railway Co. Ltd. 876,125 4,459
  Taisho Pharmaceutical Holdings Co. Ltd. 54,600 4,370
  Yamato Holdings Co. Ltd. 282,700 4,359
  Sharp Corp. 680,500 4,353
  Shizuoka Bank Ltd. 413,200 4,324
  Aisin Seiki Co. Ltd. 122,200 4,303
  Shiseido Co. Ltd. 245,600 4,300
  Yahoo Japan Corp. 14,119 4,237
  Sumitomo Chemical Co. Ltd. 1,029,500 4,233
  Bank of Yokohama Ltd. 865,428 4,191
  Rohm Co. Ltd. 92,100 4,154
  Omron Corp. 195,100 4,145
  Odakyu Electric Railway Co. Ltd. 445,500 4,129
  TDK Corp. 78,800 4,115
  Ono Pharmaceutical Co. Ltd. 72,400 4,099
  Ricoh Co. Ltd. 457,000 4,094
  Oriental Land Co. Ltd. 36,900 4,091
  Lawson Inc. 60,700 4,019
  Chugoku Electric Power Co. Inc. 227,800 3,909

 

19

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* NEC Corp. 2,158,000 3,896
  Sekisui House Ltd. 414,000 3,838
  Kyushu Electric Power Co. Inc. 288,700 3,830
  JS Group Corp. 194,400 3,817
  Electric Power Development Co. Ltd. 137,400 3,802
* Mazda Motor Corp. 2,329,000 3,785
* Mitsubishi Motors Corp. 3,365,200 3,776
  Dai Nippon Printing Co. Ltd. 422,200 3,747
  Shimano Inc. 56,500 3,715
  Fuji Heavy Industries Ltd. 492,200 3,712
  Tokyu Corp. 781,705 3,661
  Shikoku Electric Power Co. Inc. 137,200 3,544
  Dentsu Inc. 113,900 3,497
  Sega Sammy Holdings Inc. 163,100 3,422
  Credit Saison Co. Ltd. 156,069 3,349
  Makita Corp. 87,500 3,349
  Chiba Bank Ltd. 548,500 3,332
  Tohoku Electric Power Co. Inc. 311,600 3,267
  Chugai Pharmaceutical Co. Ltd. 181,400 3,265
  NTT Data Corp. 938 3,246
  Benesse Holdings Inc. 65,100 3,232
  Nomura Research Institute Ltd. 137,600 3,157
  JSR Corp. 157,600 3,110
  Kawasaki Heavy Industries Ltd. 1,033,800 3,103
  JTEKT Corp. 282,900 3,101
  Nippon Yusen KK 1,048,700 3,100
  Toyota Industries Corp. 109,400 3,090
  Brother Industries Ltd. 228,300 3,068
  Sekisui Chemical Co. Ltd. 335,000 3,012
  OJI Paper Co. Ltd. 654,200 3,004
  Yamaha Motor Co. Ltd. 218,900 2,924
  Dena Co. Ltd. 92,700 2,909
  Fukuoka Financial Group Inc. 698,700 2,907
  Keikyu Corp. 336,500 2,889
  Mitsui OSK Lines Ltd. 735,500 2,851
  Toppan Printing Co. Ltd. 419,000 2,838
  Nissin Foods Holdings Co. Ltd. 74,900 2,818
  Keio Corp. 389,000 2,814
  Shionogi & Co. Ltd. 215,100 2,806
  Kobe Steel Ltd. 1,923,000 2,743
  Isetan Mitsukoshi Holdings Ltd. 240,940 2,624
  FamilyMart Co. Ltd. 58,800 2,617
  Konica Minolta Holdings Inc. 322,500 2,617
  Trend Micro Inc. 85,700 2,600
  Olympus Corp. 165,000 2,591
  Daihatsu Motor Co. Ltd. 137,200 2,590
  Nippon Express Co. Ltd. 684,500 2,584
  Hirose Electric Co. Ltd. 24,300 2,545
  Konami Corp. 87,900 2,542
  NGK Insulators Ltd. 201,000 2,507
  Mitsubishi Materials Corp. 840,000 2,505
  Nippon Electric Glass Co. Ltd. 303,500 2,452
* Tokyo Electric Power Co. Inc. 979,663 2,446
  Rinnai Corp. 32,700 2,382
  Toyota Tsusho Corp. 116,000 2,300
  NSK Ltd. 332,000 2,278
  Sony Financial Holdings Inc. 138,300 2,260
  Hokuriku Electric Power Co. 132,000 2,259
  Shinsei Bank Ltd. 1,739,000 2,244
  Joyo Bank Ltd. 514,000 2,244
  IHI Corp. 921,000 2,228
  THK Co. Ltd. 109,200 2,184
  Nitori Holdings Co. Ltd. 23,600 2,172
  Santen Pharmaceutical Co. Ltd. 51,700 2,164

 

20

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  NOK Corp. 103,100 2,121
  TonenGeneral Sekiyu KK 225,000 2,105
  Keihan Electric Railway Co. Ltd. 450,000 2,089
  MEIJI Holdings Co. Ltd. 47,145 2,088
  Toho Co. Ltd. 116,300 2,085
  Namco Bandai Holdings Inc. 144,100 2,060
  Showa Denko KK 925,200 2,059
  Toho Gas Co. Ltd. 337,000 2,033
  Advantest Corp. 122,000 2,027
^ Gree Inc. 74,700 2,020
  Hamamatsu Photonics KK 50,700 2,015
  Kurita Water Industries Ltd. 81,100 1,987
  Kyowa Hakko Kirin Co. Ltd. 189,000 1,987
  Teijin Ltd. 589,000 1,981
  Sankyo Co. Ltd. 40,500 1,953
  Mitsubishi Gas Chemical Co. Inc. 298,000 1,952
^ All Nippon Airways Co. Ltd. 665,000 1,952
  Ibiden Co. Ltd. 94,600 1,931
  Chiyoda Corp. 160,000 1,927
  Sumitomo Heavy Industries Ltd. 372,200 1,920
  Mitsubishi Tanabe Pharma Corp. 138,000 1,916
  Hokkaido Electric Power Co. Inc. 136,000 1,911
  Bank of Kyoto Ltd. 225,000 1,906
  USS Co. Ltd. 18,790 1,906
  MediPal Holdings Corp. 150,000 1,897
  Nisshin Seifun Group Inc. 152,000 1,855
  Taiheiyo Cement Corp. 774,000 1,847
  Taisei Corp. 726,700 1,846
  Obayashi Corp. 431,700 1,827
  Kajima Corp. 631,200 1,799
  Kansai Paint Co. Ltd. 167,000 1,797
  Toyo Seikan Kaisha Ltd. 134,300 1,787
  Shimizu Corp. 470,000 1,787
  Nippon Meat Packers Inc. 139,000 1,776
  Chugoku Bank Ltd. 140,500 1,775
  Toyo Suisan Kaisha Ltd. 69,000 1,771
  Mitsui Chemicals Inc. 607,000 1,754
  Taiyo Nippon Sanso Corp. 252,000 1,741
  Hisamitsu Pharmaceutical Co. Inc. 39,100 1,740
  Don Quijote Co. Ltd. 47,200 1,731
  Hachijuni Bank Ltd. 316,000 1,720
  TOTO Ltd. 232,000 1,717
  Sojitz Corp. 1,015,100 1,710
  J Front Retailing Co. Ltd. 324,400 1,667
  Shimamura Co. Ltd. 14,700 1,665
^ Seiko Epson Corp. 124,300 1,658
  Kagome Co. Ltd. 81,500 1,640
  Amada Co. Ltd. 241,000 1,636
  Stanley Electric Co. Ltd. 106,600 1,633
^ Sanrio Co. Ltd. 37,088 1,630
  Iyo Bank Ltd. 196,200 1,628
  Aeon Mall Co. Ltd. 73,300 1,626
  Daido Steel Co. Ltd. 261,700 1,623
  Dowa Holdings Co. Ltd. 251,000 1,600
  Keisei Electric Railway Co. Ltd. 206,000 1,590
  Marui Group Co. Ltd. 199,600 1,584
  Yokogawa Electric Corp. 164,600 1,580
  Hiroshima Bank Ltd. 388,200 1,577
  Shimadzu Corp. 175,000 1,558
  Denki Kagaku Kogyo KK 402,000 1,556
  Hitachi Chemical Co. Ltd. 83,900 1,555
  Suruga Bank Ltd. 155,000 1,546
  Tokyu Land Corp. 320,200 1,543
  Hokuhoku Financial Group Inc. 879,000 1,538

 

21

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Yokohama Rubber Co. Ltd. 210,000 1,535
  NHK Spring Co. Ltd. 147,000 1,534
  SBI Holdings Inc. 19,022 1,531
  Ube Industries Ltd. 598,000 1,529
  Air Water Inc. 121,000 1,525
  Takashimaya Co. Ltd. 201,000 1,524
  Idemitsu Kosan Co. Ltd. 16,400 1,510
  Hitachi Construction Machinery Co. Ltd. 69,700 1,507
^ Nippon Paper Group Inc. 74,500 1,492
  Mitsubishi UFJ Lease & Finance Co. Ltd. 35,820 1,488
  Sumitomo Rubber Industries Ltd. 107,200 1,475
  Hakuhodo DY Holdings Inc. 23,520 1,469
  Gunma Bank Ltd. 289,000 1,466
  Kikkoman Corp. 125,000 1,466
  Minebea Co. Ltd. 321,000 1,454
  Hitachi Metals Ltd. 115,000 1,432
  UNY Co. Ltd. 122,200 1,420
  Yamaguchi Financial Group Inc. 165,000 1,417
  Alfresa Holdings Corp. 30,600 1,413
  Kewpie Corp. 93,300 1,400
  Nagoya Railroad Co. Ltd. 521,000 1,396
  Dainippon Screen Manufacturing Co. Ltd. 154,000 1,390
  Cosmo Oil Co. Ltd. 501,000 1,389
  Daicel Corp. 218,000 1,382
  Nippon Shokubai Co. Ltd. 123,000 1,378
  Yaskawa Electric Corp. 158,000 1,376
  Miraca Holdings Inc. 34,700 1,367
  Kamigumi Co. Ltd. 170,000 1,366
  Japan Steel Works Ltd. 223,500 1,359
  Hino Motors Ltd. 188,000 1,330
  Citizen Holdings Co. Ltd. 211,700 1,330
  Aozora Bank Ltd. 517,000 1,326
  NGK Spark Plug Co. Ltd. 92,000 1,313
  Dainippon Sumitomo Pharma Co. Ltd. 130,800 1,310
  Yamazaki Baking Co. Ltd. 87,000 1,287
  Asics Corp. 119,000 1,281
  Nishi-Nippon City Bank Ltd. 481,700 1,274
  Zeon Corp. 146,000 1,272
^ GS Yuasa Corp. 246,000 1,266
  Maruichi Steel Tube Ltd. 57,500 1,265
  Nippon Paint Co. Ltd. 163,000 1,243
  Yamato Kogyo Co. Ltd. 42,600 1,212
  Nissan Chemical Industries Ltd. 133,000 1,205
  Park24 Co. Ltd. 86,900 1,196
  NTN Corp. 316,000 1,195
  Yamaha Corp. 123,200 1,194
  Fuji Electric Co. Ltd. 444,000 1,189
  Ryohin Keikaku Co. Ltd. 21,900 1,189
  Rengo Co. Ltd. 161,000 1,177
  Nishi-Nippon Railroad Co. Ltd. 250,000 1,172
  DIC Corp. 556,700 1,157
  Mitsubishi Logistics Corp. 105,000 1,152
  Suzuken Co. Ltd. 37,800 1,143
  Nippon Kayaku Co. Ltd. 114,000 1,142
  Tsumura & Co. 42,600 1,138
  Furukawa Electric Co. Ltd. 419,000 1,137
  Mitsui Mining & Smelting Co. Ltd. 446,000 1,118
^ Casio Computer Co. Ltd. 168,036 1,116
^ Aeon Credit Service Co. Ltd. 63,400 1,105
  Sumitomo Osaka Cement Co. Ltd. 362,000 1,097
  Kinden Corp. 157,000 1,090
  Ezaki Glico Co. Ltd. 91,000 1,089
  Nomura Real Estate Holdings Inc. 61,500 1,075
  K's Holdings Corp. 35,444 1,066

 

22

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Ushio Inc. 81,200 1,059
  Wacoal Holdings Corp. 89,000 1,032
  Toyobo Co. Ltd. 756,000 1,029
  Taiyo Yuden Co. Ltd. 96,000 1,027
  Lion Corp. 176,000 1,017
  Nanto Bank Ltd. 226,000 1,010
  Hoshizaki Electric Co. Ltd. 42,093 1,009
  Japan Petroleum Exploration Co. 22,100 1,008
  Alps Electric Co. Ltd. 110,400 1,004
  Ebara Corp. 248,000 1,003
  Autobacs Seven Co. Ltd. 20,900 1,003
  Sysmex Corp. 24,900 1,001
  Ito En Ltd. 54,500 986
  Mabuchi Motor Co. Ltd. 23,500 983
  Azbil Corp. 45,800 981
  Sawai Pharmaceutical Co. Ltd. 9,300 980
  Itochu Techno-Solutions Corp. 21,400 976
^ Nippon Sheet Glass Co. Ltd. 752,344 974
* Tokyo Tatemono Co. Ltd. 262,000 967
  Tosoh Corp. 348,000 962
* Sumco Corp. 90,500 961
  Koito Manufacturing Co. Ltd. 62,000 959
  77 Bank Ltd. 240,000 957
^ Kawasaki Kisen Kaisha Ltd. 449,000 946
  Shimachu Co. Ltd. 41,400 933
  Sumitomo Forestry Co. Ltd. 106,800 929
  Sotetsu Holdings Inc. 300,000 928
  Capcom Co. Ltd. 40,300 920
  Senshu Ikeda Holdings Inc. 688,400 916
  Nisshin Steel Co. Ltd. 651,000 914
  NTT Urban Development Corp. 1,188 911
  Nisshinbo Holdings Inc. 103,000 906
  Seino Holdings Corp. 130,000 901
  COMSYS Holdings Corp. 89,100 898
  Rohto Pharmaceutical Co. Ltd. 70,000 897
* Acom Co. Ltd. 41,680 896
  Glory Ltd. 41,600 895
  Sapporo Hokuyo Holdings Inc. 256,100 895
  Shiga Bank Ltd. 155,000 886
  Komeri Co. Ltd. 31,300 877
  Fujikura Ltd. 282,000 877
  Aoyama Trading Co. Ltd. 41,900 864
  Sapporo Holdings Ltd. 247,200 864
  Otsuka Corp. 10,700 861
  Kaneka Corp. 139,000 859
  Toyoda Gosei Co. Ltd. 42,000 856
  Nabtesco Corp. 40,000 854
  Takara Holdings Inc. 125,000 849
  Coca-Cola West Co. Ltd. 46,900 847
  Kobayashi Pharmaceutical Co. Ltd. 16,800 844
  Disco Corp. 14,100 843
  Izumi Co. Ltd. 40,400 842
* Haseko Corp. 1,167,000 841
  MISUMI Group Inc. 35,800 838
  Sumitomo Bakelite Co. Ltd. 161,200 837
  Nichirei Corp. 184,000 834
  Higo Bank Ltd. 149,200 832
  Obic Co. Ltd. 3,930 828
  Mochida Pharmaceutical Co. Ltd. 71,000 826
  Takata Corp. 33,500 821
  Hitachi High-Technologies Corp. 32,600 819
  Hyakujushi Bank Ltd. 192,500 818
  Canon Marketing Japan Inc. 62,500 806
  Sugi Holdings Co. Ltd. 24,665 799

 

23

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Ogaki Kyoritsu Bank Ltd. 229,000 784
  Awa Bank Ltd. 132,500 782
  Onward Holdings Co. Ltd. 100,000 782
  Kagoshima Bank Ltd. 129,500 780
  Juroku Bank Ltd. 245,000 771
  San-In Godo Bank Ltd. 107,000 769
  Oracle Corp. Japan 19,900 769
  H2O Retailing Corp. 87,000 766
  OKUMA Corp. 97,000 763
  House Foods Corp. 45,200 761
  Square Enix Holdings Co. Ltd. 38,800 759
  Mitsui Engineering & Shipbuilding Co. Ltd. 515,700 758
  Asatsu-DK Inc. 26,200 758
  Matsumotokiyoshi Holdings Co. Ltd. 33,100 734
  Heiwa Corp. 34,700 723
  Mori Seiki Co. Ltd. 72,000 718
  Toyota Boshoku Corp. 57,900 713
^ Kakaku.com Inc. 22,572 702
  Hokkoku Bank Ltd. 197,000 699
  Tokai Carbon Co. Ltd. 139,000 696
  ABC-Mart Inc. 18,700 681
  Daishi Bank Ltd. 216,000 673
  Tokyo Steel Manufacturing Co. Ltd. 88,700 673
  Century Tokyo Leasing Corp. 33,244 665
  Hyakugo Bank Ltd. 157,000 652
  Jafco Co. Ltd. 27,300 645
  Musashino Bank Ltd. 19,500 635
  Nagase & Co. Ltd. 52,000 630
  Kokuyo Co. Ltd. 83,700 628
  Toda Corp. 195,000 623
^ Tokuyama Corp. 199,000 622
  Kissei Pharmaceutical Co. Ltd. 34,000 619
  Fuji Media Holdings Inc. 366 617
  Hulic Co. Ltd. 53,481 612
  Nippon Television Network Corp. 3,950 612
  Pacific Metals Co. Ltd. 122,779 594
  Matsui Securities Co. Ltd. 93,900 574
  M3 Inc. 122 567
  Lintec Corp. 28,900 558
  Mitsumi Electric Co. Ltd. 67,100 557
  Tokai Rika Co. Ltd. 29,400 548
  Fukuyama Transporting Co. Ltd. 99,000 541
  Showa Shell Sekiyu KK 85,700 539
  Hitachi Transport System Ltd. 29,100 533
  Exedy Corp. 18,926 532
  Keiyo Bank Ltd. 112,000 521
  Sundrug Co. Ltd. 16,900 518
  Hikari Tsushin Inc. 15,600 508
  Sohgo Security Services Co. Ltd. 43,400 499
^ Shinko Electric Industries Co. Ltd. 51,400 480
  TSI Holdings Co. Ltd. 91,100 467
  Hitachi Capital Corp. 28,000 463
  Kansai Urban Banking Corp. 299,000 437
  Nipro Corp. 62,900 431
  Kose Corp. 18,600 430
  Tokyo Broadcasting System Holdings Inc. 30,400 412
  Shima Seiki Manufacturing Ltd. 22,200 412
^ KYB Co. Ltd. 69,476 394
  Hitachi Koki Co. Ltd. 43,300 386
  Toshiba TEC Corp. 95,000 385
  Sumitomo Real Estate Sales Co. Ltd. 7,810 375
  PanaHome Corp. 55,000 362
  Calsonic Kansei Corp. 63,700 358
^ Toho Titanium Co. Ltd. 25,100 352

 

24

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Tokai Rubber Industries Ltd. 29,300 347
^ OSAKA Titanium Technologies Co. 11,000 346
  Nissha Printing Co. Ltd. 28,700 324
* Hitachi Cable Ltd. 126,000 295
  Toppan Forms Co. Ltd. 32,600 293
  Nidec Sankyo Corp. 47,000 285
  Kandenko Co. Ltd. 62,000 273
  NS Solutions Corp. 12,100 235
^,* Ulvac Inc. 28,600 229
  TV Asahi Corp. 148 221
  SKY Perfect JSAT Holdings Inc. 483 210
  Point Inc. 5,050 187
  Funai Electric Co. Ltd. 9,100 168
* SFCG Co. Ltd. 140 —
      1,784,100
Luxembourg (0.0%)    
  L'Occitane International SA 376,500 1,002
 
Malaysia (1.0%)    
  Malayan Banking Bhd. 4,638,796 13,210
  Public Bank Bhd. (Foreign) 2,836,908 12,809
  Sime Darby Bhd. 3,654,894 11,745
  CIMB Group Holdings Bhd. 4,532,300 11,076
  Axiata Group Bhd. 5,117,437 8,979
  Genting Bhd. 2,240,500 7,637
  IOI Corp. Bhd. 3,898,265 6,713
  DiGi.Com Bhd. 4,734,940 6,301
  Petronas Chemicals Group Bhd. 2,601,068 5,600
  AMMB Holdings Bhd. 1,823,700 3,762
  Maxis Bhd. 1,853,900 3,746
  Petronas Gas Bhd. 639,600 3,544
  Kuala Lumpur Kepong Bhd. 441,100 3,440
  Genting Malaysia Bhd. 2,427,100 3,073
  PPB Group Bhd. 480,200 2,654
  Tenaga Nasional Bhd. 1,123,600 2,386
  YTL Corp. Bhd. 4,037,300 2,159
  British American Tobacco Malaysia Bhd. 115,600 2,120
  IJM Corp. Bhd. 1,109,220 2,002
  Gamuda Bhd. 1,672,200 1,961
  UMW Holdings Bhd. 736,100 1,907
  AirAsia Bhd. 1,735,800 1,904
  Hong Leong Bank Bhd. 460,960 1,861
  Petronas Dagangan Bhd. 248,300 1,590
  Telekom Malaysia Bhd. 890,700 1,581
  YTL Power International Bhd. 2,427,702 1,377
  Alliance Financial Group Bhd. 982,900 1,279
  Berjaya Sports Toto Bhd. 824,957 1,176
* Bumi Armada Bhd. 768,400 1,011
  MMC Corp. Bhd. 1,011,300 878
  RHB Capital Bhd. 356,000 865
  Lafarge Malayan Cement Bhd. 349,610 829
  Parkson Holdings Bhd. 444,556 765
* UEM Land Holdings Bhd. 1,067,000 707
  Malaysia Marine and Heavy Engineering Holdings Bhd. 381,800 634
  SP Setia Bhd. 445,200 531
  Public Bank Bhd. (Local) 28,231 128
      133,940
Mexico (1.2%)    
  America Movil SAB de CV 35,690,106 47,593
  Grupo Mexico SAB de CV Class B 6,368,291 19,649
  Wal-Mart de Mexico SAB de CV 5,800,100 16,586
  Fomento Economico Mexicano SAB de CV 1,771,200 14,397
  Grupo Televisa SAB 2,302,800 10,089
  Grupo Financiero Banorte SAB de CV 1,910,100 9,254

 

25

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Industrias Penoles SAB de CV 129,064 6,034
  Grupo Bimbo SAB de CV Class A 1,896,028 4,518
* Cemex SAB de CV ADR 576,085 4,165
  Grupo Modelo SAB de CV 528,800 3,734
  Grupo Elektra SA de CV 58,305 3,607
  Grupo Financiero Inbursa SA 1,614,700 3,544
  Alfa SAB de CV Class A 211,370 3,017
* Minera Frisco SAB de CV 613,612 2,654
* Cemex SAB de CV 3,131,695 2,260
  Mexichem SAB de CV 597,229 2,221
  Kimberly-Clark de Mexico SAB de CV Class A 979,140 1,997
  Grupo Carso SAB de CV 565,700 1,889
  Grupo Aeroportuario del Pacifico SAB de CV Class B 378,095 1,467
* Organizacion Soriana SAB de CV Class B 289,100 825
* Inmuebles Carso SAB de CV 502,700 444
* Urbi Desarrollos Urbanos SAB de CV 396,000 417
  Grupo Aeroportuario del Pacifico SAB de CV ADR 64 3
      160,364
Mongolia (0.0%)    
^,* Mongolian Mining Corp. 884,200 710
 
Morocco (0.0%)    
  Maroc Telecom SA 142,515 2,182
  Douja Promotion Groupe Addoha SA 103,011 763
      2,945
Netherlands (1.5%)    
  Unilever NV 1,265,253 43,341
* ING Groep NV 3,150,725 22,228
  ASML Holding NV 353,369 17,981
  Koninklijke Philips Electronics NV 825,157 16,421
  Heineken NV 235,569 12,894
  Koninklijke Ahold NV 935,860 11,878
  Koninklijke KPN NV 1,250,805 11,230
  Akzo Nobel NV 188,326 10,100
  Koninklijke DSM NV 147,939 8,490
* Aegon NV 1,565,656 7,283
  Reed Elsevier NV 591,977 6,986
  Fugro NV 66,441 4,857
  Heineken Holding NV 93,174 4,315
  Wolters Kluwer NV 249,335 4,310
  TNT Express NV 324,622 3,943
  Randstad Holding NV 104,223 3,611
  Corio NV 74,391 3,332
  Koninklijke Vopak NV 41,700 2,689
  SBM Offshore NV 137,763 2,508
  Koninklijke Boskalis Westminster NV 63,669 2,326
  PostNL NV 325,465 1,416
      202,139
New Zealand (0.1%)    
  Telecom Corp. of New Zealand Ltd. 1,569,481 3,374
  Fletcher Building Ltd. 584,248 2,981
  Auckland International Airport Ltd. 842,861 1,741
  SKYCITY Entertainment Group Ltd. 479,634 1,505
  Contact Energy Ltd. 298,108 1,181
* Chorus Ltd. 300,581 839
  Fisher & Paykel Healthcare Corp. Ltd. 414,347 752
  Kiwi Income Property Trust 817,166 715
  Sky Network Television Ltd. 146,427 653
  Vector Ltd. 226,009 487
  Warehouse Group Ltd. 112,293 245
  Air New Zealand Ltd. 205,295 149
      14,622
Norway (0.7%)    
  Statoil ASA 1,042,381 27,970

 

26

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Telenor ASA 677,862 12,460
  Seadrill Ltd. 288,221 11,175
^ DNB ASA 994,527 10,719
  Yara International ASA 178,826 8,766
* Subsea 7 SA 285,516 7,394
  Orkla ASA 838,556 6,159
  Norsk Hydro ASA 842,381 4,108
  Aker Solutions ASA 168,068 2,862
  Gjensidige Forsikring ASA 164,341 1,852
  Storebrand ASA 370,439 1,665
  Kvaerner ASA 162,173 480
      95,610
Peru (0.1%)    
  Credicorp Ltd. 48,745 6,344
  Cia de Minas Buenaventura SA ADR 145,098 5,988
  Volcan Cia Minera SAA Class B 1,675,075 2,018
  Cia de Minas Buenaventura SA 23,920 1,011
      15,361
Philippines (0.2%)    
  SM Investments Corp. 150,420 2,480
  Ayala Land Inc. 4,421,364 2,237
  Aboitiz Equity Ventures Inc. 1,824,660 2,198
  Bank of the Philippine Islands 1,250,067 2,175
  Philippine Long Distance Telephone Co. 34,190 2,092
  San Miguel Corp. 753,310 2,002
  SM Prime Holdings Inc. 4,744,302 1,874
  Aboitiz Power Corp. 1,815,080 1,459
  Ayala Corp. 137,028 1,393
* BDO Unibank Inc. 868,200 1,358
  Energy Development Corp. 8,949,000 1,247
  DMCI Holdings Inc. 845,000 1,190
  Metropolitan Bank & Trust 525,831 1,134
  Alliance Global Group Inc. 3,268,000 952
  Jollibee Foods Corp. 322,220 854
  Globe Telecom Inc. 31,510 836
      25,481
Poland (0.3%)    
  Powszechna Kasa Oszczednosci Bank Polski SA 517,151 5,547
^ KGHM Polska Miedz SA 124,056 5,485
  Powszechny Zaklad Ubezpieczen SA 52,887 5,351
  Bank Pekao SA 84,743 3,999
  PGE SA 597,291 3,575
* Polski Koncern Naftowy Orlen SA 273,782 3,194
^ Telekomunikacja Polska SA 536,830 2,807
^ Polskie Gornictwo Naftowe i Gazownictwo SA 1,408,025 1,824
  Tauron Polska Energia SA 1,077,223 1,598
^,* BRE Bank SA 10,729 984
  Bank Handlowy w Warszawie SA 33,724 811
  ING Bank Slaski SA 30,240 776
  Enea SA 102,435 541
* Get Bank SA 835,670 504
  TVN SA 132,739 404
* Getin Holding SA 285,515 207
^,* Globe Trade Centre SA 78,081 179
      37,786
Portugal (0.2%)    
  EDP - Energias de Portugal SA 1,810,255 5,177
  Portugal Telecom SGPS SA 746,547 4,017
  Jeronimo Martins SGPS SA 206,478 3,864
  Galp Energia SGPS SA Class B 209,890 3,304
^,* Banco Espirito Santo SA 1,624,672 1,376
  Brisa Auto-Estradas de Portugal SA 357,842 1,254
  Cimpor Cimentos de Portugal SGPS SA 139,383 1,020

 

27

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* EDP Renovaveis SA 211,329 901
^,* Banco Comercial Portugues SA 4,454,882 625
      21,538
Russia (1.4%)    
  Gazprom OAO ADR 3,868,200 44,802
  Lukoil OAO ADR 520,362 32,013
  Sberbank of Russia 6,934,743 22,264
  Rosneft Oil Co. GDR 1,579,178 11,308
  NovaTek OAO 739,672 9,528
  Tatneft ADR 225,154 8,358
  Uralkali OJSC 994,692 7,514
  MMC Norilsk Nickel OJSC ADR 387,358 6,891
  Surgutneftegas OJSC ADR 585,478 5,864
  Mobile Telesystems OJSC 648,720 5,155
  VTB Bank OJSC GDR 905,073 3,796
* Rostelecom OJSC ADR 116,805 3,290
  Federal Hydrogenerating Co. JSC 92,557,236 3,276
  Rostelecom OJSC 496,700 2,310
  Federal Grid Co. Unified Energy System JSC 204,406,667 1,866
  Mobile Telesystems OJSC ADR 92,735 1,814
  Severstal OAO GDR 129,237 1,758
* E.ON Russia JSC 15,291,100 1,382
* IDGC Holding JSC 14,347,627 1,315
  Novolipetsk Steel OJSC 603,543 1,306
  Sberbank of Russia ADR 79,650 1,032
  Inter Rao Ues OAO 1,094,890,600 1,018
  VTB Bank OJSC 330,166,217 710
^,* United Co. RUSAL plc 966,876 681
  TMK OAO 215,169 673
  Mosenergo OAO 10,206,820 617
  Raspadskaya OAO 180,826 601
  Aeroflot - Russian Airlines OJSC 291,388 484
  Magnitogorsk Iron & Steel Works 1,095,748 463
  TGK-1 OAO 778,059,000 226
* PIK Group 47,161 114
*,1 Yenisei Territorial Generating Co. GDR 5,021 5
  Uralkali OJSC GDR 2 —
      182,434
Singapore (1.3%)    
  Singapore Telecommunications Ltd. 6,511,000 16,378
  DBS Group Holdings Ltd. 1,435,200 16,124
  Oversea-Chinese Banking Corp. Ltd. 2,108,600 15,227
  United Overseas Bank Ltd. 955,460 14,824
  Keppel Corp. Ltd. 1,078,700 9,595
  Wilmar International Ltd. 2,087,734 8,174
* Genting Singapore plc 4,955,192 6,904
  Fraser and Neave Ltd. 1,155,306 6,557
  CapitaLand Ltd. 2,650,998 6,266
  Singapore Exchange Ltd. 898,000 4,842
  City Developments Ltd. 561,498 4,587
  Jardine Cycle & Carriage Ltd. 116,000 4,406
  Golden Agri-Resources Ltd. 7,329,251 4,339
  Singapore Airlines Ltd. 491,670 4,241
  Singapore Press Holdings Ltd. 1,295,839 4,152
  Noble Group Ltd. 3,891,072 3,693
* Global Logistic Properties Ltd. 1,889,000 3,135
  Singapore Technologies Engineering Ltd. 1,227,151 2,980
  CapitaMall Trust 2,031,800 2,950
  SembCorp Industries Ltd. 716,000 2,908
  Ascendas REIT 1,686,000 2,828
  SembCorp Marine Ltd. 661,600 2,707
  Olam International Ltd. 1,454,726 2,654
  Hutchison Port Holdings Trust 3,464,000 2,609
  ComfortDelGro Corp. Ltd. 1,787,424 2,207

 

28

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  CapitaCommercial Trust 1,696,235 1,764
  UOL Group Ltd. 462,000 1,684
  CapitaMalls Asia Ltd. 1,261,000 1,563
  Keppel Land Ltd. 601,724 1,532
  Venture Corp. Ltd. 220,000 1,524
  Yangzijiang Shipbuilding Holdings Ltd. 1,566,964 1,486
  StarHub Ltd. 535,840 1,380
  Singapore Post Ltd. 1,138,000 933
  SMRT Corp. Ltd. 615,000 834
^ Neptune Orient Lines Ltd. 817,750 812
  SIA Engineering Co. Ltd. 187,000 594
  M1 Ltd. 294,900 581
^ Cosco Corp. Singapore Ltd. 692,000 575
  Wing Tai Holdings Ltd. 524,000 500
^ Yanlord Land Group Ltd. 508,000 474
* Indofood Agri Resources Ltd. 331,000 379
  GuocoLand Ltd. 203,999 287
* Golden Agri-Resources Ltd. Warrants Exp. 07/23/2012 190,356 28
      172,217
South Africa (2.2%)    
  MTN Group Ltd. 1,538,676 26,908
  Sasol Ltd. 525,701 24,994
  Naspers Ltd. 335,736 20,257
  Standard Bank Group Ltd. 1,295,006 19,130
  FirstRand Ltd. 3,437,680 11,180
  AngloGold Ashanti Ltd. 310,065 10,632
  Impala Platinum Holdings Ltd. 515,979 10,073
  Shoprite Holdings Ltd. 444,054 7,681
  Gold Fields Ltd. 589,036 7,546
  Sanlam Ltd. 1,709,044 7,374
  Remgro Ltd. 394,224 6,680
  Bidvest Group Ltd. 272,749 6,455
  ABSA Group Ltd. 291,968 6,017
  Kumba Iron Ore Ltd. 78,342 5,548
  Steinhoff International Holdings Ltd. 1,464,136 5,343
  Vodacom Group Ltd. 359,176 4,994
  Nedbank Group Ltd. 208,842 4,557
  Aspen Pharmacare Holdings Ltd. 276,375 4,467
  Anglo American Platinum Ltd. 66,519 4,326
  Woolworths Holdings Ltd. 678,324 4,246
  Tiger Brands Ltd. 113,834 4,175
  Truworths International Ltd. 373,394 3,990
  Growthpoint Properties Ltd. 1,396,314 3,772
  Imperial Holdings Ltd. 170,294 3,703
  RMB Holdings Ltd. 855,695 3,699
  Harmony Gold Mining Co. Ltd. 362,732 3,527
  African Bank Investments Ltd. 657,038 3,285
  Foschini Group Ltd. 193,884 3,214
  Mr Price Group Ltd. 198,323 2,686
  Barloworld Ltd. 184,172 2,323
  Exxaro Resources Ltd. 84,995 2,266
  Life Healthcare Group Holdings Ltd. 636,527 2,202
  Spar Group Ltd. 138,500 2,167
  Netcare Ltd. 1,130,505 2,045
  MMI Holdings Ltd. 897,040 2,020
  Massmart Holdings Ltd. 90,333 1,944
  Pretoria Portland Cement Co. Ltd. 459,978 1,835
  Aveng Ltd. 338,734 1,731
  AVI Ltd. 275,750 1,711
  Reunert Ltd. 181,702 1,683
  Nampak Ltd. 567,447 1,638
* Murray & Roberts Holdings Ltd. 443,829 1,636
* Sappi Ltd. 440,228 1,595
  Capital Property Fund 1,328,485 1,586

 

29

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  African Rainbow Minerals Ltd. 67,154 1,565
  Discovery Holdings Ltd. 235,514 1,559
  Clicks Group Ltd. 228,638 1,375
  ArcelorMittal South Africa Ltd. 174,083 1,321
  Mediclinic International Ltd. 255,953 1,294
  Investec Ltd. 224,469 1,291
  Liberty Holdings Ltd. 111,689 1,267
  Aeci Ltd. 103,892 1,190
  Tongaat Hulett Ltd. 86,038 1,162
  Pick n Pay Stores Ltd. 192,821 1,118
  Adcock Ingram Holdings Ltd. 139,552 1,094
  JD Group Ltd. 172,588 1,080
  Telkom SA Ltd. 330,835 1,013
  Northam Platinum Ltd. 219,653 950
  Sun International Ltd. 89,466 946
  Capitec Bank Holdings Ltd. 33,095 945
  Fountainhead Property Trust 953,924 914
  Mondi Ltd. 92,433 853
  Santam Ltd. 36,953 819
  Lewis Group Ltd. 80,519 782
  JSE Ltd. 71,646 759
  Grindrod Ltd. 369,993 741
  Wilson Bayly Holmes-Ovcon Ltd. 40,864 715
  Illovo Sugar Ltd. 172,233 557
  Pick'n Pay Holdings Ltd. 204,912 515
* Royal Bafokeng Platinum Ltd. 62,127 484
  African Oxygen Ltd. 142,542 351
  Allied Technologies Ltd. 41,309 291
  Mpact Ltd. 130,027 285
      286,077
South Korea (4.1%)    
1 Samsung Electronics Co. Ltd. GDR 147,522 90,024
  Samsung Electronics Co. Ltd. 45,988 56,287
  Hyundai Motor Co. 132,984 31,394
  POSCO ADR 286,794 23,876
  Kia Motors Corp. 245,058 17,982
  Hyundai Mobis 58,925 15,931
  Shinhan Financial Group Co. Ltd. ADR 166,913 11,607
  Hyundai Heavy Industries Co. Ltd. 46,144 11,467
  SK Hynix Inc. 423,600 10,441
  LG Chem Ltd. 40,254 10,062
  KB Financial Group Inc. ADR 287,288 9,748
  NHN Corp. 38,882 8,790
  Samsung C&T Corp. 126,577 8,563
  SK Innovation Co. Ltd. 56,515 7,812
  Samsung Fire & Marine Insurance Co. Ltd. 38,614 7,369
1 Samsung Life Insurance Co. Ltd. 80,678 7,122
  Samsung Heavy Industries Co. Ltd. 188,370 6,887
  Hana Financial Group Inc. 197,860 6,745
  Samsung Engineering Co. Ltd. 32,649 6,181
^ LG Electronics Inc. 98,877 6,101
  S-Oil Corp. 68,951 5,911
  LG Household & Health Care Ltd. 9,413 4,930
  LG Display Co. Ltd. 215,650 4,761
  Samsung Electro-Mechanics Co. Ltd. 45,336 4,361
  Hyundai Engineering & Construction Co. Ltd. 66,663 4,185
  E-Mart Co. Ltd. 16,800 3,987
  SK Telecom Co. Ltd. ADR 294,056 3,976
  Samsung SDI Co. Ltd. 27,663 3,964
  Hankook Tire Co. Ltd. 93,020 3,924
  KT&G Corp. 55,922 3,838
  Korea Zinc Co. Ltd. 11,372 3,663
^ OCI Co. Ltd. 19,486 3,663
  Cheil Industries Inc. 42,137 3,593

 

30

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  LG Corp. 69,411 3,513
  Korea Electric Power Corp. ADR 364,613 3,464
  Amorepacific Corp. 3,581 3,437
  NCSoft Corp. 13,278 3,425
  Woori Finance Holdings Co. Ltd. 323,840 3,388
  Honam Petrochemical Corp. 12,872 3,076
  SK Holdings Co. Ltd. 28,537 3,038
  Hyundai Steel Co. 34,395 2,976
  Kangwon Land Inc. 132,190 2,830
  Orion Corp. 3,544 2,807
  Samsung Securities Co. Ltd. 61,420 2,701
  KT Corp. ADR 205,938 2,646
  Hyundai Department Store Co. Ltd. 18,805 2,645
  CJ CheilJedang Corp. 7,996 2,642
^ Samsung Techwin Co. Ltd. 43,370 2,638
  Daelim Industrial Co. Ltd. 28,220 2,598
  Doosan Corp. 19,759 2,401
  Shinhan Financial Group Co. Ltd. 69,081 2,398
  GS Engineering & Construction Corp. 31,285 2,319
  Dongbu Insurance Co. Ltd. 56,580 2,253
  Lotte Shopping Co. Ltd. 7,173 2,223
  Daewoo Securities Co. Ltd. 199,599 2,008
  GS Holdings 38,370 2,003
  Woongjin Coway Co. Ltd. 62,420 1,995
^ Celltrion Inc. 69,301 1,944
  Daewoo Shipbuilding & Marine Engineering Co. Ltd. 62,560 1,740
  Mando Corp. 10,867 1,731
  LS Corp. 25,495 1,699
  BS Financial Group Inc. 159,280 1,631
  Doosan Heavy Industries & Construction Co. Ltd. 34,285 1,607
  AMOREPACIFIC Group 6,379 1,603
  Hanwha Corp. 62,430 1,591
  Korea Investment Holdings Co. Ltd. 46,250 1,587
  Korea Exchange Bank 202,860 1,534
  Hyundai Merchant Marine Co. Ltd. 56,363 1,428
  Kumho Petro chemical Co. Ltd. 15,170 1,416
  Industrial Bank of Korea 128,450 1,410
  Hyosung Corp. 27,394 1,394
  Hyundai Marine & Fire Insurance Co. Ltd. 53,340 1,363
  KB Financial Group Inc. 39,174 1,325
  SK C&C Co. Ltd. 16,037 1,322
  DGB Financial Group Inc. 112,560 1,310
^,* Doosan Infracore Co. Ltd. 69,820 1,295
  Shinsegae Co. Ltd. 5,897 1,292
  Korea Life Insurance Co. Ltd. 213,270 1,285
  Hyundai Mipo Dockyard 11,835 1,276
  Lotte Confectionery Co. Ltd. 844 1,275
  Hyundai Development Co. 60,050 1,257
  Woori Investment & Securities Co. Ltd. 125,536 1,230
  Hyundai Wia Corp. 8,187 1,215
  Cheil Worldwide Inc. 68,520 1,189
  Hyundai Glovis Co. Ltd. 5,935 1,159
  S1 Corp. 22,710 1,134
  Korean Air Lines Co. Ltd. 28,159 1,103
  Hanwha Chem Corp. 55,690 1,090
  KCC Corp. 4,116 1,053
  LG Uplus Corp. 206,010 1,017
^ Hanjin Shipping Co. Ltd. 74,420 1,016
  Daum Communications Corp. 10,720 1,003
^ Daewoo International Corp. 32,163 928
* Korea Electric Power Corp. 46,900 900
* Daewoo Engineering & Construction Co. Ltd. 106,779 887
  Samsung Card Co. Ltd. 28,427 870
  Yuhan Corp. 8,836 827

 

31

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Lotte Chilsung Beverage Co. Ltd. 715 806
  Samsung Fine Chemicals Co. Ltd. 16,750 800
  CJ Corp. 11,566 797
  Hyundai Hysco Co. Ltd. 20,100 706
  NongShim Co. Ltd. 3,516 703
  Korea Gas Corp. 17,760 691
  Halla Climate Control Corp. 32,630 660
  Hyundai Securities Co. Ltd. 80,010 655
  SK Telecom Co. Ltd. 5,043 604
* CJ Korea Express Co. Ltd. 8,632 595
^ Dongkuk Steel Mill Co. Ltd. 37,240 576
  STX Corp. Co. Ltd. 51,698 563
  KT Corp. 21,131 548
  STX Offshore & Shipbuilding Co. Ltd. 44,810 502
  Hite Jinro Co. Ltd. 23,079 499
  SK Networks Co. Ltd. 55,870 459
* Hanjin Heavy Industries & Construction Co. Ltd. 28,772 423
  Mirae Asset Securities Co. Ltd. 13,524 411
^ STX Pan Ocean Co. Ltd. 76,430 396
* Hyundai Securities Co. Ltd. Prior Pfd. 52,467 395
  SKC Co. Ltd. 11,170 384
  KEPCO Engineering & Construction Co. Inc. 5,831 353
  Daishin Securities Co. Ltd. 38,520 332
  LG Hausys Ltd. 5,600 320
  POSCO 699 232
  Lotte Midopa Co. Ltd. 15,540 196
  Daishin Securities Co. Ltd. Prior Pfd. 21,130 128
      540,239
Spain (1.8%)    
  Telefonica SA 3,691,812 53,911
  Banco Santander SA 7,230,418 45,398
  Banco Bilbao Vizcaya Argentaria SA 4,000,056 27,069
  Inditex SA 204,334 18,418
  Iberdrola SA 3,634,126 16,934
  Repsol YPF SA 710,882 13,667
  Amadeus IT Holding SA 273,585 5,601
  Ferrovial SA 448,629 5,003
  Abertis Infraestructuras SA 304,675 4,719
  Gas Natural SDG SA 326,348 4,549
^ Banco de Sabadell SA 1,853,048 4,387
^,* Grifols SA 171,211 4,311
^ ACS Actividades de Construccion y Servicios SA 190,883 3,511
^ Banco Popular Espanol SA 1,068,892 3,418
^ CaixaBank 932,864 3,216
  Enagas SA 149,931 2,634
* Distribuidora Internacional de Alimentacion SA 535,516 2,571
^ Acerinox SA 208,277 2,543
^ Mapfre SA 748,229 2,166
  Red Electrica Corp. SA 46,268 2,015
^ Bankinter SA 327,557 1,461
  Zardoya Otis SA 117,196 1,437
^ Indra Sistemas SA 133,971 1,391
  Endesa SA 67,423 1,209
  Acciona SA 18,864 1,162
  Corp Financiera Alba 22,995 890
^ Fomento de Construcciones y Contratas SA 40,290 689
^ Mediaset Espana Comunicacion SA 124,398 566
^ Banco Espanol de Credito SA 62,761 236
      235,082
Sweden (2.1%)    
* Telefonaktiebolaget LM Ericsson Class B 2,461,285 24,400
  Nordea Bank AB 2,465,285 21,819
  Hennes & Mauritz AB Class B 478,122 16,394
  Svenska Handelsbanken AB Class A 506,399 16,391

 

32

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
^ Sandvik AB 1,023,130 16,176
  Volvo AB Class B 1,132,229 15,713
  Swedbank AB Class A 786,135 12,977
^ Atlas Copco AB Class A 516,802 12,298
^ Skandinaviska Enskilda Banken AB Class A 1,778,426 11,982
  TeliaSonera AB 1,774,614 11,819
^ Assa Abloy AB Class B 284,616 8,284
^ SKF AB 338,467 8,019
  Svenska Cellulosa AB Class B 487,247 7,724
^ Investor AB Class B 373,931 7,456
^ Swedish Match AB 173,664 7,074
^ Atlas Copco AB Class B 322,564 6,774
  Scania AB Class B 326,437 6,671
  Tele2 AB 342,311 6,512
  Electrolux AB Class B 249,298 5,559
  Volvo AB Class A 395,409 5,478
^ Skanska AB Class B 318,211 5,182
^ Alfa Laval AB 254,351 5,074
  Getinge AB 178,699 4,789
  Hexagon AB Class B 203,593 4,125
* Lundin Petroleum AB 191,596 3,814
  Investment AB Kinnevik 185,021 3,763
  Boliden AB 220,863 3,552
  Industrivarden AB Class A 217,782 3,500
  Elekta AB Class B 54,625 2,763
  Securitas AB Class B 284,464 2,605
  Modern Times Group AB Class B 48,107 2,342
^ Ratos AB 197,164 2,308
  SSAB AB Class A 200,739 2,046
  Husqvarna AB 352,365 2,029
  Industrivarden AB 92,179 1,409
  Holmen AB 50,884 1,352
  SSAB AB Class B 61,682 545
^ Scania AB Class A 21,986 433
      281,151
Switzerland (5.6%)    
  Nestle SA 2,829,571 173,422
  Novartis AG 2,028,375 111,999
  Roche Holding AG 573,721 104,854
* UBS AG 3,130,566 39,095
  ABB Ltd. 1,873,372 34,138
  Zurich Insurance Group AG 120,370 29,491
  Syngenta AG 77,201 27,073
  Cie Financiere Richemont SA 425,898 26,362
  Credit Suisse Group AG 980,229 23,446
  Swiss Re AG 302,419 18,990
  Transocean Ltd. 285,545 14,312
  Holcim Ltd. 199,044 12,415
  Swatch Group AG (Bearer) 25,292 11,685
  SGS SA 4,802 9,284
  Givaudan SA 7,562 7,341
  Geberit AG 33,195 7,019
1 Synthes Inc. 38,486 6,638
  Julius Baer Group Ltd. 169,469 6,496
  Swisscom AG 17,135 6,381
  Kuehne & Nagel International AG 48,214 5,863
  Adecco SA 115,260 5,623
  Sonova Holding AG 41,068 4,539
  Lindt & Spruengli AG (Registered) 112 4,386
  Sulzer AG 28,227 4,065
  Swiss Prime Site AG 43,950 3,665
  Aryzta AG 71,583 3,606
  PSP Swiss Property AG 37,860 3,402
  Actelion Ltd. 79,798 3,379

 

33

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Swatch Group AG (Registered) 42,063 3,362
  Baloise Holding AG 40,178 3,112
* Clariant AG 237,655 3,026
  Schindler Holding AG (Registered) 23,651 3,020
  EMS-Chemie Holding AG 14,200 2,795
  Swiss Life Holding AG 26,684 2,729
  Lindt & Spruengli AG 749 2,442
  GAM Holding AG 160,734 2,066
  Pargesa Holding SA 30,496 2,044
  Schindler Holding AG 15,700 2,032
  Lonza Group AG 43,040 1,942
  Sika AG 890 1,888
  Partners Group Holding AG 8,841 1,683
  Barry Callebaut AG 1,603 1,543
  Banque Cantonale Vaudoise 2,676 1,515
  Nobel Biocare Holding AG 104,855 1,293
  Straumann Holding AG 6,438 1,070
* BKW SA 12,314 475
      747,006
Taiwan (2.7%)    
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR 3,246,568 50,582
  Hon Hai Precision Industry Co. Ltd. 8,624,525 27,117
  Taiwan Semiconductor Manufacturing Co. Ltd. 4,774,107 14,111
  Formosa Plastics Corp. 4,953,220 14,010
  Nan Ya Plastics Corp. 6,353,370 13,036
  HTC Corp. 697,570 10,471
  Formosa Chemicals & Fibre Corp. 3,464,210 9,999
  China Steel Corp. 9,169,453 9,103
  Chunghwa Telecom Co. Ltd. ADR 266,598 8,259
  MediaTek Inc. 924,227 7,963
  Cathay Financial Holding Co. Ltd. 6,382,763 6,710
  Asustek Computer Inc. 605,023 6,078
  Quanta Computer Inc. 2,309,480 6,043
  Chinatrust Financial Holding Co. Ltd. 9,030,944 5,725
  Uni-President Enterprises Corp. 3,652,062 5,659
  Delta Electronics Inc. 1,914,818 5,656
  Fubon Financial Holding Co. Ltd. 5,398,781 5,585
  Mega Financial Holding Co. Ltd. 6,866,620 5,399
  Formosa Petrochemical Corp. 1,524,580 4,721
  Taiwan Mobile Co. Ltd. 1,356,648 4,372
  United Microelectronics Corp. ADR 1,624,916 4,355
  Compal Electronics Inc. 3,555,510 4,070
* Yuanta Financial Holding Co. Ltd. 8,051,708 3,835
  Cheng Shin Rubber Industry Co. Ltd. 1,513,800 3,753
  Catcher Technology Co. Ltd. 583,153 3,703
  Taiwan Cement Corp. 2,985,768 3,539
  President Chain Store Corp. 632,904 3,383
  Far Eastern New Century Corp. 2,965,516 3,329
  Advanced Semiconductor Engineering Inc. ADR 650,857 3,300
  Foxconn Technology Co. Ltd. 942,566 3,299
  AU Optronics Corp. ADR 671,184 3,014
  Advanced Semiconductor Engineering Inc. 2,952,137 2,969
  Synnex Technology International Corp. 1,240,990 2,898
  Siliconware Precision Industries Co. ADR 477,468 2,784
  Far EasTone Telecommunications Co. Ltd. 1,282,643 2,775
  First Financial Holding Co. Ltd. 4,575,112 2,726
  Hua Nan Financial Holdings Co. Ltd. 4,900,892 2,705
  MStar Semiconductor Inc. 435,539 2,571
  Wistron Corp. 1,687,977 2,518
  Acer Inc. 2,149,822 2,450
* Taiwan Cooperative Financial Holding 3,975,944 2,443
  Asia Cement Corp. 1,941,096 2,325
  Lite-On Technology Corp. 1,900,761 2,310
  China Development Financial Holding Corp. 9,115,347 2,293

 

34

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Chimei Innolux Corp. 5,469,575 2,252
* Hotai Motor Co. Ltd. 326,000 2,063
  Pou Chen Corp. 2,325,725 1,987
  Chunghwa Telecom Co. Ltd. 630,854 1,973
  Pegatron Corp. 1,360,038 1,956
  SinoPac Financial Holdings Co. Ltd. 5,757,897 1,951
  Taishin Financial Holding Co. Ltd. 5,055,431 1,941
  United Microelectronics Corp. 3,643,000 1,906
  Chang Hwa Commercial Bank 3,106,840 1,713
* TPK Holding Co. Ltd. 140,000 1,708
  Epistar Corp. 681,000 1,643
  Yulon Motor Co. Ltd. 928,898 1,480
  E.Sun Financial Holding Co. Ltd. 2,771,405 1,463
  Taiwan Fertilizer Co. Ltd. 589,000 1,401
  Unimicron Technology Corp. 1,229,975 1,390
  Taiwan Glass Industry Corp. 1,349,954 1,339
* Shin Kong Financial Holding Co. Ltd. 4,539,005 1,337
  Largan Precision Co. Ltd. 80,068 1,261
  KGI Securities Co. Ltd. 2,634,143 1,209
  Giant Manufacturing Co. Ltd. 235,625 1,178
  Advantech Co. Ltd. 342,105 1,157
  Novatek Microelectronics Corp. 377,916 1,137
  Teco Electric and Machinery Co. Ltd. 1,427,000 1,041
  Inventec Corp. 2,694,400 1,032
  Chicony Electronics Co. Ltd. 511,218 992
  Formosa Taffeta Co. Ltd. 1,026,000 966
  Macronix International 2,864,937 941
  Realtek Semiconductor Corp. 411,498 888
* Taiwan Business Bank 2,916,674 882
  Siliconware Precision Industries Co. 697,000 822
  Walsin Lihwa Corp. 2,789,000 806
  Feng Hsin Iron & Steel Co. 474,790 796
  Evergreen Marine Corp. Taiwan Ltd. 1,319,993 774
  Eva Airways Corp. 1,265,221 756
  China Airlines Ltd. 1,822,913 706
  Capital Securities Corp. 1,826,231 649
  Yuen Foong Yu Paper Manufacturing Co. Ltd. 1,389,451 625
  Cheng Uei Precision Industry Co. Ltd. 277,815 567
  Taiwan Secom Co. Ltd. 271,000 556
  Far Eastern International Bank 1,402,157 553
  Oriental Union Chemical Corp. 451,083 549
  U-Ming Marine Transport Corp. 322,000 545
  Ton Yi Industrial Corp. 978,600 502
  Yageo Corp. 1,713,000 490
  Waterland Financial Holdings Co. Ltd. 1,410,026 479
* Tatung Co. Ltd. 1,750,794 477
  China Motor Corp. 570,105 469
  Coretronic Corp. 555,386 465
* Inotera Memories Inc. 1,711,025 444
  Yang Ming Marine Transport Corp. 1,022,305 432
  Transcend Information Inc. 161,455 430
  Wan Hai Lines Ltd. 832,702 420
  AU Optronics Corp. 929,000 418
  Cathay Real Estate Development Co. Ltd. 897,000 417
  Eternal Chemical Co. Ltd. 534,056 415
  President Securities Corp. 728,495 377
  LITE-ON IT Corp. 355,421 357
  Nan Ya Printed Circuit Board Corp. 191,395 356
* Winbond Electronics Corp. 1,979,000 328
  Compal Communications Inc. 222,520 312
  Vanguard International Semiconductor Corp. 476,466 227
* Tatung Co. Ltd. GDR 11,142 61
      352,713

 

35

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Thailand (0.5%)    
  PTT PCL (Foreign) 539,900 6,157
  PTT Exploration & Production PCL (Foreign) 1,067,472 6,151
  Advanced Info Service PCL (Foreign) 983,650 5,849
  Kasikornbank PCL (Foreign) 979,400 5,176
  Siam Commercial Bank PCL (Foreign) 995,486 4,998
  CP ALL PCL (Foreign) 1,502,100 3,731
  Siam Cement PCL (Foreign) 252,612 3,431
  PTT Global Chemical PCL (Foreign) 1,264,212 2,764
* Charoen Pokphand Foods PCL (Foreign) 1,947,300 2,574
  Bangkok Bank PCL (Foreign) 397,797 2,503
* PTT PCL 159,472 1,819
  Bank of Ayudhya PCL (Foreign) 1,981,253 1,818
* Banpu PCL (Local) 87,900 1,587
  Big C Supercenter PCL 254,900 1,571
  Thai Oil PCL (Foreign) 662,400 1,453
* Siam Commercial Bank PCL (Local) 253,200 1,271
* Indorama Ventures PCL 1,121,700 1,253
* Glow Energy PCL 465,500 1,016
  Krung Thai Bank PCL (Foreign) 1,740,000 1,016
  Thai Union Frozen Products PCL (Foreign) 409,080 968
  BEC World PCL (Foreign) 573,400 958
  TMB Bank PCL 17,026,600 940
  Siam Makro PCL (Foreign) 74,500 926
* Total Access Communication PCL (Local) 341,200 915
  IRPC PCL (Foreign) 5,950,900 841
  Bangkok Dusit Medical Services PCL 245,900 736
  Central Pattana PCL (Foreign) 451,600 735
* CP ALL PCL (Local) 278,800 692
  Total Access Communication PCL (Foreign) 246,500 661
  Airports of Thailand PCL (Foreign) 324,200 652
* Land and Houses PCL 2,392,600 617
* Charoen Pokphand Foods PCL 466,000 616
  Electricity Generating PCL (Foreign) 130,500 416
* Bank of Ayudhya PCL (Local) 375,600 338
* IRPC PCL 2,304,400 326
  Thai Airways International PCL (Foreign) 364,302 317
* BEC World PCL 186,400 312
  Siam City Cement PCL (Foreign) 29,100 311
* Siam City Cement PCL (Local) 28,100 300
  Delta Electronics Thai PCL (Foreign) 339,900 273
  Ratchaburi Electricity Generating Holding PCL (Foreign) 187,700 255
* Krung Thai Bank PCL 432,900 253
* Electricity Generating PCL 68,900 221
* Ratchaburi Electricity Generating Holding PCL (Local) 153,200 208
* PTT Global Chemical PCL (Local) 75,600 169
  Central Pattana PCL 95,900 156
* Thai Airways International PCL 173,100 151
* PTT Exploration and Production PCL (Local) 21,000 121
* Delta Electronics Thailand PCL 139,800 112
* Thai Union Frozen Products PCL (Foreign) Rights Exp. 05/18/2012 66,556 49
      70,683
Turkey (0.3%)    
* Turkiye Garanti Bankasi AS 1,716,668 6,320
  Akbank TAS 984,898 3,661
* Turkcell Iletisim Hizmetleri AS 720,175 3,583
  Haci Omer Sabanci Holding AS (Bearer) 649,249 2,700
  Anadolu Efes Biracilik Ve Malt Sanayii AS 190,201 2,681
  Turkiye Is Bankasi 1,117,456 2,560
  BIM Birlesik Magazalar AS 61,117 2,549
  KOC Holding AS 607,050 2,255
  Turkiye Halk Bankasi AS 304,628 2,136
  Turk Telekomunikasyon AS 438,257 1,920
  Turkiye Vakiflar Bankasi Tao 1,007,480 1,808

 

36

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Eregli Demir ve Celik Fabrikalari TAS 1,237,730 1,715
  Tupras Turkiye Petrol Rafinerileri AS 79,413 1,663
* Yapi ve Kredi Bankasi AS 705,703 1,307
  Enka Insaat ve Sanayi AS 414,580 1,299
* Turk Hava Yollari 767,604 1,176
  Coca-Cola Icecek AS 59,266 834
  Emlak Konut Gayrimenkul Yatirim Ortakligi AS 580,116 763
  Arcelik AS 173,146 760
* Asya Katilim Bankasi AS 720,940 735
  Ford Otomotiv Sanayi AS 61,912 570
  Turkiye Sise ve Cam Fabrikalari AS 301,660 516
  Tofas Turk Otomobil Fabrikasi AS 116,023 514
* Dogan Sirketler Grubu Holding AS 692,262 327
      44,352
United Kingdom (15.0%)    
  HSBC Holdings plc 14,799,187 133,595
  Vodafone Group plc 40,704,672 112,669
  BP plc 15,385,633 111,148
  Royal Dutch Shell plc Class A 2,973,389 106,049
  GlaxoSmithKline plc 4,149,409 95,858
  British American Tobacco plc 1,608,391 82,494
  Royal Dutch Shell plc Class B 2,193,861 80,283
  BG Group plc 2,750,995 64,910
  Rio Tinto plc 1,157,734 64,897
  BHP Billiton plc 1,724,874 55,527
  Diageo plc 2,057,242 51,890
  Standard Chartered plc 1,942,743 47,492
  AstraZeneca plc 1,043,397 45,723
  Anglo American plc 1,083,413 41,868
  SABMiller plc 970,962 40,808
  Unilever plc 1,049,282 35,846
  Barclays plc 9,946,404 35,214
  Xstrata plc 1,816,363 34,884
  Reckitt Benckiser Group plc 591,917 34,458
  TESCO plc 6,494,521 33,464
  Imperial Tobacco Group plc 818,240 32,722
  National Grid plc 2,901,593 31,333
  Prudential plc 2,058,000 25,223
  BT Group plc 6,317,662 21,609
  Centrica plc 4,212,052 20,957
  Rolls-Royce Holdings plc 1,531,968 20,483
  Tullow Oil plc 737,667 18,404
* Lloyds Banking Group plc 32,804,461 16,466
  SSE plc 762,168 16,343
  Compass Group plc 1,537,388 16,072
  Shire plc 457,308 14,905
  WPP plc 1,025,286 13,883
  Experian plc 816,587 12,897
  BAE Systems plc 2,647,048 12,685
  Pearson plc 662,949 12,487
  Aviva plc 2,377,920 11,901
  British Sky Broadcasting Group plc 1,051,038 11,567
* Old Mutual plc 3,952,119 9,489
  WM Morrison Supermarkets plc 2,046,349 9,321
  ARM Holdings plc 1,099,733 9,305
  Legal & General Group plc 4,808,953 9,182
  Kingfisher plc 1,926,006 9,083
  Wolseley plc 229,312 8,730
  Burberry Group plc 359,840 8,674
  International Power plc 1,239,591 8,385
  Reed Elsevier plc 988,795 8,182
  Aggreko plc 215,900 7,891
  Glencore International plc 1,126,567 7,807
  J Sainsbury plc 1,524,785 7,622

 

37

 
Vanguard® FTSE All-World ex-US Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Land Securities Group plc 634,661 7,495
  Marks & Spencer Group plc 1,287,912 7,464
  Smith & Nephew plc 724,052 7,127
  Standard Life plc 1,917,828 6,960
  Johnson Matthey plc 175,488 6,590
  Randgold Resources Ltd. 74,027 6,571
  Next plc 138,150 6,570
  Associated British Foods plc 323,902 6,410
  Antofagasta plc 320,932 6,180
  Petrofac Ltd. 210,428 5,942
  British Land Co. plc 723,390 5,747
  Carnival plc 175,946 5,715
* Royal Bank of Scotland Group plc 14,400,771 5,681
  InterContinental Hotels Group plc 236,524 5,640
  United Utilities Group plc 559,081 5,610
  Smiths Group plc 317,714 5,519
  Capita plc 502,311 5,410
  Intertek Group plc 130,821 5,341
  Severn Trent plc 192,682 5,284
  G4S plc 1,146,686 5,203
  AMEC plc 273,343 5,048
  Rexam plc 712,564 4,974
  Sage Group plc 1,062,949 4,939
  RSA Insurance Group plc 2,860,018 4,877
  Weir Group plc 173,136 4,793
  Whitbread plc 145,274 4,545
  Bunzl plc 267,941 4,452
  Fresnillo plc 174,619 4,449
  ITV plc 3,154,788 4,287
  Tate & Lyle plc 380,726 4,268
  GKN plc 1,277,944 4,227
  Meggitt plc 630,799 4,183
  IMI plc 258,846 4,158
  Resolution Ltd. 1,131,376 4,110
  Hammerson plc 580,756 3,937
  John Wood Group plc 296,798 3,769
  Serco Group plc 402,226 3,544
  Cobham plc 896,457 3,296
  ICAP plc 531,650 3,277
  Admiral Group plc 165,516 3,254
  Schroders plc (Voting Shares) 138,451 3,187
  London Stock Exchange Group plc 165,370 2,920
  Lonmin plc 167,514 2,843
  Eurasian Natural Resources Corp. plc 310,499 2,830
  Investec plc 487,500 2,812
* Aegis Group plc 959,878 2,769
  Capital Shopping Centres Group plc 520,475 2,746
  William Hill plc 574,111 2,622
  Drax Group plc 294,604 2,596
  Inmarsat plc 359,272 2,564
  Man Group plc 1,521,407 2,556
  Cairn Energy plc 450,453 2,524
  3i Group plc 794,953 2,465
  Kazakhmys plc 172,884 2,427
  Invensys plc 668,667 2,412
  Ladbrokes plc 747,621 2,177
  Vedanta Resources plc 108,014 2,141
* International Consolidated Airlines Group SA (London Shares) 737,786 2,113
  Segro plc 586,900 2,106
  Rentokil Initial plc 1,463,622 2,059
  Ashmore Group plc 292,821 1,819
  Hargreaves Lansdown plc 198,415 1,695
  Hays plc 1,118,527 1,623
  Logica plc 1,280,127 1,620

 

38

 

 


Vanguard® FTSE All-World ex-US Index Fund      
Schedule of Investments      
April 30, 2012      
 
      Market
      Value
    Shares ($000)
Daily Mail & General Trust plc   229,403 1,550
TUI Travel plc   467,518 1,450
Schroders plc   44,442 812
^,* Essar Energy plc   304,495 726
Ferrexpo plc   137,551 654
African Barrick Gold plc   95,470 557
 
      1,992,906
Total Common Stocks (Cost $13,239,761)     13,281,461
 
  Coupon    
 
Temporary Cash Investment (4.5%)      
Money Market Fund (4.5%)      
2,3 Vanguard Market Liquidity Fund (Cost $603,599) 0.137% 603,598,830 603,599
 
 
Total Investments (104.6%) (Cost $13,843,360)     13,885,060
Other Assets and Liabilities—Net (-4.6%)3     (610,928)
Net Assets (100%)     13,274,132

 

^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $564,375,000.
* Non-income-producing security.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $156,353,000, representing 1.2% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $603,599,000 of collateral received for securities on loan.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.

39

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
Common Stocks (99.2%)    
Australia (5.9%)    
^,* Centro Retail Australia 847,029 1,633
  Seek Ltd. 211,610 1,565
  UGL Ltd. 105,324 1,428
  Monadelphous Group Ltd. 57,505 1,383
* PanAust Ltd. 388,372 1,302
1 Spark Infrastructure Group 848,889 1,280
  DUET Group 654,223 1,256
  Boart Longyear Ltd. 291,195 1,255
  Investa Office Fund 435,072 1,235
  GrainCorp Ltd. 127,631 1,222
* Regis Resources Ltd. 269,463 1,179
* Aurora Oil & Gas Ltd. 264,805 1,134
  Mineral Resources Ltd. 91,140 1,126
  Beach Energy Ltd. 762,582 1,105
^,* Mesoblast Ltd. 128,826 1,006
* Karoon Gas Australia Ltd. 143,659 955
  Primary Health Care Ltd. 322,874 948
^ carsales.com Ltd. 152,798 911
  Myer Holdings Ltd. 366,213 893
  Ausdrill Ltd. 210,504 892
  Seven Group Holdings Ltd. 83,490 875
* Sundance Resources Ltd. 1,788,808 872
  Bradken Ltd. 111,866 859
  David Jones Ltd. 323,812 834
  Invocare Ltd. 86,970 759
  SAI Global Ltd. 138,656 756
  Navitas Ltd. 182,295 746
  Transfield Services Ltd. 316,080 745
* Perseus Mining Ltd. 276,739 743
  NRW Holdings Ltd. 167,891 709
  Charter Hall Retail REIT 199,677 686
  Super Retail Group Ltd. 84,958 683
  Hastings Diversified Utilities Fund 315,989 678
* Senex Energy Ltd. 576,048 678
  Australian Infrastructure Fund 289,357 669
  Cabcharge Australia Ltd. 100,554 668
* Resolute Mining Ltd. 377,932 658
* Sandfire Resources NL 78,906 632
  Mount Gibson Iron Ltd. 549,976 628
* Evolution Mining Ltd. 345,048 628
  Kingsgate Consolidated Ltd. 97,856 628
^ JB Hi-Fi Ltd. 62,331 625
  AWE Ltd. 341,378 616
* Transpacific Industries Group Ltd. 688,782 603
  Independence Group NL 133,221 599
  Cardno Ltd. 82,194 598
  BWP Trust 307,425 597
  Iress Market Technology Ltd. 84,862 593
  Qube Logistics Holdings Ltd. 352,441 579
  Medusa Mining Ltd. 93,731 557
* Virgin Australia Holdings Ltd. 1,276,415 529
* Energy World Corp. Ltd. 847,511 508
  Emeco Holdings Ltd. 470,575 507
  Fleetwood Corp. Ltd. 37,249 506
* St. Barbara Ltd. 208,957 495
  Mermaid Marine Australia Ltd. 145,699 485
* Coalspur Mines Ltd. 276,406 478
  Sigma Pharmaceuticals Ltd. 675,451 465
  Abacus Property Group 213,993 464
  ARB Corp. Ltd. 46,531 462
  GUD Holdings Ltd. 52,431 461

 

40

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* CGA Mining Ltd. 211,272 460
* Discovery Metals Ltd. 252,646 454
  REA Group Ltd. 30,981 450
  Macmahon Holdings Ltd. 618,765 448
^ Western Areas NL 85,369 445
* Silver Lake Resources Ltd. 132,406 442
  Premier Investments Ltd. 78,088 435
  Billabong International Ltd. 149,736 409
  Charter Hall Group 155,943 407
  Spotless Group Ltd. 151,024 403
* Integra Mining Ltd. 739,050 397
^ Wotif.com Holdings Ltd. 85,438 391
* Mineral Deposits Ltd. 62,718 390
  Whitehaven Coal Ltd. 70,599 389
* Silex Systems Ltd. 101,267 388
  Southern Cross Media Group Ltd. 278,763 387
* Gloucester Coal Ltd. 47,113 384
* Cudeco Ltd. 108,145 383
* Acrux Ltd. 88,845 369
  Imdex Ltd. 139,048 362
  TPG Telecom Ltd. 191,254 360
* Coal of Africa Ltd. 365,596 321
  Automotive Holdings Group 120,977 316
* Miclyn Express Offshore Ltd. 143,841 310
  McMillan Shakespeare Ltd. 27,082 309
  Ardent Leisure Group 235,431 306
  Pacific Brands Ltd. 473,400 302
  Ausenco Ltd. 64,831 300
* Beadell Resources Ltd. 414,437 298
* Horizon Oil Ltd. 861,761 293
* Saracen Mineral Holdings Ltd. 487,742 292
^,* Bathurst Resources Ltd. 434,735 287
  Reject Shop Ltd. 21,920 271
  iiNET Ltd. 81,942 268
* Linc Energy Ltd. 231,472 267
* Intrepid Mines Ltd. 297,788 264
  Austin Engineering Ltd. 49,804 259
  Challenger Diversified Property Group 469,353 259
  FKP Property Group 477,931 251
* Flinders Mines Ltd. 1,165,279 247
  FlexiGroup Ltd. 101,507 239
* Australian Agricultural Co. Ltd. 179,136 239
* Pharmaxis Ltd. 171,181 236
  Skilled Group Ltd. 91,889 233
^,* Gindalbie Metals Ltd. 370,797 224
  STW Communications Group Ltd. 229,734 220
* Gryphon Minerals Ltd. 219,135 215
  Industrea Ltd. 210,868 214
* Roc Oil Co. Ltd. 504,473 209
* Tap Oil Ltd. 251,680 208
* Nexus Energy Ltd. 964,664 208
  Troy Resources Ltd. 44,176 204
* Equatorial Resources Ltd. 71,238 201
  Programmed Maintenance Services Ltd. 73,476 196
* Indophil Resources NL 461,380 192
  Australian Pharmaceutical Industries Ltd. 456,303 187
  SMS Management & Technology Ltd. 29,492 186
* Endeavour Mining Corp. 87,912 185
  M2 Telecommunications Group Ltd. 56,272 183
^,* Biota Holdings Ltd. 201,890 178
* Mirabela Nickel Ltd. 351,549 178
  Clough Ltd. 203,161 171
* Kingsrose Mining Ltd. 137,982 169
  Astro Japan Property Group 58,290 161

 

41

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Ivanhoe Australia Ltd. 123,111 160
  Aspen Group 312,809 156
* Tiger Resources Ltd. 419,327 147
* Infigen Energy 573,584 146
  Watpac Ltd. 150,993 144
* Ramelius Resources Ltd. 180,600 144
  WHK Group Ltd. 152,276 141
  Customers Ltd. 101,865 130
* Coffey International Ltd. 279,023 130
* Cockatoo Coal Ltd. 458,230 128
  Oakton Ltd. 82,740 112
* Murchison Metals Ltd. 229,495 111
* Dart Energy Ltd. 359,795 106
* Sunland Group Ltd. 131,850 105
* Ampella Mining Ltd. 90,130 99
  Alesco Corp. Ltd. 68,246 99
  OM Holdings Ltd. 180,982 91
* Carnarvon Petroleum Ltd. 763,850 91
  Mincor Resources NL 114,012 82
* Rex Minerals Ltd. 67,504 75
* Galaxy Resources Ltd. 100,035 70
  Hills Holdings Ltd. 55,081 63
* Geodynamics Ltd. 336,315 50
  Panoramic Resources Ltd. 44,300 50
* Arafura Resources Ltd. 165,728 46
* Carbon Energy Ltd. 480,974 40
* White Energy Co. Ltd. 80,089 35
* Kagara Ltd. 274,560 34
* Elders Ltd. 102,772 26
* Deep Yellow Ltd. 217,865 20
* PaperlinX Ltd. 85,572 9
* M2 Telecommunications Group Ltd. Rights Exp. 08/29/2012 14,068 6
* Hastie Group Ltd. 88 —
      71,224
Austria (0.6%)    
  Atrium European Real Estate Ltd. 171,329 835
  Oesterreichische Post AG 20,256 718
  Schoeller-Bleckmann Oilfield Equipment AG 7,995 714
  Conwert Immobilien Invest SE 57,038 680
  Wienerberger AG 58,157 680
* CA Immobilien Anlagen AG 59,315 672
^ Mayr Melnhof Karton AG 5,825 594
  Semperit AG Holding 11,418 492
  Flughafen Wien AG 7,580 338
  RHI AG 12,143 320
* S IMMO AG 48,753 278
  Kapsch TrafficCom AG 3,047 272
  BWT AG 7,598 133
  Zumtobel AG 8,459 117
  Palfinger AG 2,367 58
      6,901
Belgium (0.9%)    
  Ackermans & van Haaren NV 16,791 1,440
  Cofinimmo 8,644 1,044
^ Sofina SA 11,817 949
  D'ieteren SA/NV 17,276 763
  Nyrstar (Voting Shares) 89,480 735
  Befimmo SCA Sicafi 11,303 688
^,* ThromboGenics NV 17,490 550
  Gimv NV 10,797 529
  Barco NV 7,256 482
  Cie d'Entreprises CFE 8,275 477
  Sipef SA 4,933 455
  Tessenderlo Chemie NV (Voting Shares) 12,964 411

 

42

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Melexis NV 22,610 398
  Warehouses De Pauw SCA 7,172 372
  Cie Maritime Belge SA 15,027 350
  EVS Broadcast Equipment SA 6,884 345
* RHJ International 46,275 242
* AGFA-Gevaert NV 109,821 240
  Van de Velde NV 4,250 207
  Recticel SA 22,964 181
* Euronav NV 15,563 145
  Ion Beam Applications 13,429 88
* KBC Ancora 10,860 86
^ Intervest Offices & Warehouses 2,702 69
  Wereldhave Belgium NV 673 65
      11,311
Brazil (2.3%)    
  Cia Hering 102,643 2,549
  BR Properties SA 199,700 2,493
  Raia Drogasil SA 163,200 1,745
  Localiza Rent a Car SA 94,115 1,610
  Totvs SA 75,675 1,469
  Diagnosticos da America SA 193,789 1,388
  Marcopolo SA Prior Pfd. 183,508 988
  Odontoprev SA 166,650 880
  Cia de Saneamento de Minas Gerais-COPASA 37,298 874
  Alpargatas SA Prior Pfd. 98,940 797
  Obrascon Huarte Lain Brasil SA 87,500 756
  Iochpe-Maxion SA 43,500 753
  Mills Estruturas e Servicos de Engenharia SA 57,700 750
  Multiplus SA 30,900 672
  Fleury SA 48,100 624
  Aliansce Shopping Centers SA 61,800 583
  Iguatemi Empresa de Shopping Centers SA 25,100 547
  Randon Participacoes SA Prior Pfd. 103,476 547
  Santos Brasil Participacoes SA 30,960 541
  Even Construtora e Incorporadora SA 137,100 512
  LPS Brasil Consultoria de Imoveis SA 28,303 489
  Rossi Residencial SA 116,262 487
  Brasil Insurance Participacoes e Administracao SA 44,300 477
  Gafisa SA 256,400 472
  Marisa Lojas SA 37,900 448
  Magnesita Refratarios SA 125,600 441
  Brasil Brokers Participacoes SA 123,300 422
  Brookfield Incorporacoes SA 154,520 408
  Tecnisa SA 90,200 406
  Contax Participacoes SA Prior Pfd. 28,853 375
  Sao Martinho SA 30,200 362
  Gol Linhas Aereas Inteligentes SA Prior Pfd. 67,000 356
  Cia Energetica do Ceara Prior Pfd. 19,800 353
  SLC Agricola SA 34,600 342
  Guararapes Confeccoes SA 5,548 288
  Grendene SA 48,300 249
* Paranapanema SA 104,200 159
  Banco Industrial e Comercial SA Prior Pfd. 23,500 73
      27,685
Canada (16.5%)    
  Pembina Pipeline Corp. 178,305 5,393
  Baytex Energy Corp. 72,900 3,853
  Franco-Nevada Corp. 84,091 3,772
  Metro Inc. 66,694 3,680
  Viterra Inc. 220,967 3,559
* SXC Health Solutions Corp. 39,200 3,555
* Athabasca Oil Sands Corp. 258,859 3,040
  Onex Corp. 75,597 3,002
  Vermilion Energy Inc. 59,419 2,881

 

43

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Emera Inc. 80,697 2,856
  Dollarama Inc. 48,331 2,690
* New Gold Inc. 287,096 2,616
^ H&R REIT 105,045 2,595
  Atco Ltd. 33,975 2,514
  Inmet Mining Corp. 44,887 2,469
* Tourmaline Oil Corp. 99,228 2,392
  Gildan Activewear Inc. 78,125 2,250
  Methanex Corp. 62,677 2,207
  TMX Group Inc. 47,093 2,150
  Enerplus Corp. 113,500 2,100
* Open Text Corp. 36,677 2,056
  Pan American Silver Corp. 100,404 1,952
  Calloway REIT 68,808 1,914
  Industrial Alliance Insurance & Financial Services Inc. 59,564 1,899
  AltaGas Ltd. 58,602 1,897
  CAE Inc. 171,971 1,880
  Boardwalk REIT 30,978 1,844
  Keyera Corp. 44,900 1,836
  Pengrowth Energy Corp. 204,000 1,834
^ Dundee REIT 47,398 1,770
  Astral Media Inc. Class A 35,336 1,746
  Progressive Waste Solutions Ltd. 80,480 1,746
^ Canadian REIT 43,703 1,712
  Veresen Inc. 111,200 1,699
  Progress Energy Resources Corp. 153,201 1,686
* AuRico Gold Inc. 178,333 1,639
* Detour Gold Corp. 65,422 1,615
* Precision Drilling Corp. 175,137 1,613
* Alacer Gold Corp. 189,759 1,537
  Groupe Aeroplan Inc. 117,186 1,507
^ Ritchie Bros Auctioneers Inc. 70,404 1,490
  Centerra Gold Inc. 113,166 1,465
  Bonavista Energy Corp. 81,200 1,465
  Ensign Energy Services Inc. 100,472 1,452
  Canadian Western Bank 49,295 1,432
* Lundin Mining Corp. 288,757 1,403
  Peyto Exploration & Development Corp. 81,000 1,382
  Trican Well Service Ltd. 94,206 1,363
  Alamos Gold Inc. 74,387 1,361
^ Cominar REIT 55,472 1,353
  Empire Co. Ltd. Class A 22,595 1,330
  Gibson Energy Inc. 57,616 1,320
  Canadian Apartment Properties REIT 56,074 1,319
  Corus Entertainment Inc. Class B 52,114 1,285
  HudBay Minerals Inc. 121,083 1,275
  ShawCor Ltd. Class A 38,897 1,258
  Primaris Retail REIT 52,717 1,236
  Mullen Group Ltd. 56,439 1,223
  Russel Metals Inc. 44,271 1,215
* Tahoe Resources Inc. 63,900 1,202
  NovaGold Resources Inc. 166,137 1,197
* Celestica Inc. 132,731 1,189
  TransForce Inc. 64,376 1,165
  Quebecor Inc. Class B 29,593 1,163
  Sherritt International Corp. 201,195 1,151
  Trilogy Energy Corp. 40,979 1,133
  Stantec Inc. 34,250 1,119
  Toromont Industries Ltd. 49,269 1,104
  Cogeco Cable Inc. 22,133 1,098
  Home Capital Group Inc. Class B 22,279 1,084
  Jean Coutu Group PJC Inc. Class A 75,333 1,079
^,* Westport Innovations Inc. 33,928 1,065
  RONA Inc. 97,709 1,048

 

44

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Petrobank Energy & Resources Ltd. 70,306 1,008
  Maple Leaf Foods Inc. 75,045 981
* First Majestic Silver Corp. 62,246 979
  MacDonald Dettwiler & Associates Ltd. 21,553 979
  Artis REIT 57,386 978
  AGF Management Ltd. Class B 69,645 962
  Just Energy Group Inc. 73,000 960
  Petrominerales Ltd. 65,600 960
* Celtic Exploration Ltd. 65,060 954
  Enerflex Ltd. 75,940 939
  Cineplex Inc. 30,708 935
* Imax Corp. 38,646 925
  Allied Properties REIT 33,188 921
^,* Uranium One Inc. 312,225 907
^ Atlantic Power Corp. 62,789 896
  Chartwell Seniors Housing REIT 93,979 887
  SEMAFO Inc. 173,889 884
* B2Gold Corp. 233,600 882
  West Fraser Timber Co. Ltd. 19,635 863
  First Capital Realty Inc. 46,363 863
  Linamar Corp. 43,135 853
* BlackPearl Resources Inc. 189,148 850
  CCL Industries Inc. Class B 22,026 844
  Northland Power Inc. 47,000 840
  Laurentian Bank of Canada 18,678 832
* Canfor Corp. 75,288 825
  Manitoba Telecom Services Inc. 22,716 789
* Silver Standard Resources Inc. 54,596 789
  Major Drilling Group International 51,860 779
^ Silvercorp Metals Inc. 112,593 776
* Legacy Oil & Gas Inc. 87,000 759
  Genworth MI Canada Inc. 36,129 751
* Neo Material Technologies Inc. 67,200 741
^ PetroBakken Energy Ltd. Class A 50,910 737
* Paramount Resources Ltd. Class A 26,693 721
* Imperial Metals Corp. 46,302 717
* Capstone Mining Corp. 231,177 690
  Dorel Industries Inc. Class B 22,232 673
  CML HealthCare Inc. 61,805 669
* Pretium Resources Inc. 39,500 667
  NAL Energy Corp. 83,600 641
* Harry Winston Diamond Corp. 44,633 637
* Dundee Precious Metals Inc. 81,776 637
* Martinrea International Inc. 66,776 628
  Bonterra Energy Corp. 12,470 627
  Capital Power Corp. 26,300 624
  Calfrac Well Services Ltd. 22,158 608
* Kirkland Lake Gold Inc. 45,972 600
  Pason Systems Inc. 45,091 587
  Canaccord Financial Inc. 74,077 585
  Aecon Group Inc. 43,205 584
* Aurizon Mines Ltd. 106,998 578
* ATS Automation Tooling Systems Inc. 59,589 568
  Trinidad Drilling Ltd. 87,066 564
^,* Birchcliff Energy Ltd. 81,384 558
* Bankers Petroleum Ltd. 160,155 554
  Morguard REIT 32,252 551
  Transcontinental Inc. Class A 46,507 544
* Thompson Creek Metals Co. Inc. 90,585 540
* FirstService Corp. 19,547 534
  North West Co. Inc. 23,600 531
  First National Financial Corp. 31,700 518
  Reitmans Canada Ltd. Class A 33,203 511
  Dundee Corp. Class A 20,204 500

 

45

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Rubicon Minerals Corp. 164,012 500
* China Gold International Resources Corp. Ltd. 109,900 500
* Flint Energy Services Ltd. 19,684 496
* Banro Corp. 116,700 496
* Taseko Mines Ltd. 143,270 496
* Denison Mines Corp. 267,067 489
* Endeavour Silver Corp. 52,302 486
  Savanna Energy Services Corp. 61,736 477
* Crew Energy Inc. 66,915 474
  Davis & Henderson Corp. 24,400 468
  Nevsun Resources Ltd. 126,731 467
  Nordion Inc. 50,580 462
^ Extendicare REIT 55,775 457
  Innergex Renewable Energy Inc. 43,200 452
* Great Canadian Gaming Corp. 54,030 448
  Superior Plus Corp. 59,424 447
  Torstar Corp. Class B 41,835 434
* Seabridge Gold Inc. 24,895 422
* Cott Corp. 61,544 401
* Advantage Oil & Gas Ltd. 119,590 375
  Wi-Lan Inc. 62,400 358
  Viterra Inc. 22,132 357
* OceanaGold Corp. 150,309 347
^ InnVest REIT 66,543 343
* SouthGobi Resources Ltd. 47,800 331
* Gabriel Resources Ltd. 124,210 328
* Northern Dynasty Minerals Ltd. 53,517 298
* Paladin Labs Inc. 7,200 293
* Katanga Mining Ltd. 322,700 268
* Avion Gold Corp. 246,600 250
* Lake Shore Gold Corp. 253,290 246
* Eastern Platinum Ltd. 638,500 246
* Great Basin Gold Ltd. 343,009 240
^,* Golden Star Resources Ltd. 142,600 219
  GMP Capital Inc. 33,800 210
* Atrium Innovations Inc. 17,235 196
* Chinook Energy Inc. 140,594 189
* NuVista Energy Ltd. 54,838 174
* Fairborne Energy Ltd. 91,400 169
  Sprott Inc. 36,800 167
* Jaguar Mining Inc. 59,876 167
* Guyana Goldfields Inc. 57,051 158
^,* Mercator Minerals Ltd. 119,200 144
* Sierra Wireless Inc. 19,150 130
* Transat AT Inc. Class A 23,100 129
  Melcor Developments Ltd. 6,600 102
  Cascades Inc. 20,900 90
* Aura Minerals Inc. 85,800 65
* Norbord Inc. 3,800 44
* Cardiome Pharma Corp. 42,600 24
* Kinross Gold Corp. Warrants Exp. 09/18/2014 9,734 6
^,* Sino-Forest Corp. 148,706 —
      199,689
Chile (0.6%)    
  Sonda SA 367,891 1,096
* Sociedad Matriz SAAM SA 7,605,735 909
  Vina Concha y Toro SA 376,453 799
  Salfacorp SA 288,280 737
  Parque Arauco SA 372,087 723
* Ripley Corp. SA 643,335 718
  Administradora de Fondos de Pensiones Provida SA 108,681 580
* Cia Sud Americana de Vapores SA 4,722,374 555
  Besalco SA 276,616 542
  Inversiones Aguas Metropolitanas SA 292,226 515

 

46

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Norte Grande SA 30,237,463 377
  Masisa SA 427,149 48
      7,599
China (3.5%)    
  China Shanshui Cement Group Ltd. 1,327,363 1,070
  Digital China Holdings Ltd. 549,671 1,038
  China Gas Holdings Ltd. 2,042,600 1,012
  Vinda International Holdings Ltd. 468,000 831
  Daphne International Holdings Ltd. 555,996 790
* Hunan Nonferrous Metal Corp. Ltd. 2,485,223 724
^ Uni-President China Holdings Ltd. 775,836 703
  Intime Department Store Group Co. Ltd. 544,967 685
  Yingde Gases 568,500 660
  AviChina Industry & Technology Co. Ltd. 1,367,841 629
  Dah Chong Hong Holdings Ltd. 570,032 604
  Minth Group Ltd. 460,219 581
* Minmetals Resources Ltd. 1,124,127 571
^ CP Pokphand Co. 4,542,000 560
  Skyworth Digital Holdings Ltd. 1,360,497 554
^ Dongyue Group 718,000 534
^,* Beijing Enterprises Water Group Ltd. 2,269,448 515
^,* China ZhengTong Auto Services Holdings Ltd. 514,000 505
* Haier Electronics Group Co. Ltd. 484,221 504
* United Energy Group Ltd. 2,313,259 502
  China Everbright International Ltd. 1,064,810 502
^ Ports Design Ltd. 310,355 456
  Sino Biopharmaceutical 1,633,796 441
  Shenzhou International Group Holdings Ltd. 234,000 439
^ West China Cement Ltd. 1,732,000 416
  China Power International Development Ltd. 1,783,100 403
  Haitian International Holdings Ltd. 348,221 401
* TCL Multimedia Technology Holdings Ltd. 676,000 382
  Huaxin Cement Co. Ltd. Class B 200,000 382
^ Hengdeli Holdings Ltd. 957,969 382
^ China Metal Recycling Holdings Ltd. 332,400 379
  REXLot Holdings Ltd. 4,129,448 372
  New World Department Store China Ltd. 543,000 370
^ Ajisen China Holdings Ltd. 328,408 365
^ Phoenix Satellite Television Holdings Ltd. 1,065,783 364
  Sinopec Kantons Holdings Ltd. 500,000 353
  Shenguan Holdings Group Ltd. 640,000 345
  China Medical System Holdings Ltd. 724,800 334
^,* China Precious Metal Resources Holdings Co. Ltd. 1,870,000 332
  Global Bio-Chem Technology Group Co. Ltd. 1,678,000 329
  Shougang Concord International Enterprises Co. Ltd. 6,059,116 322
^ China SCE Property Holdings Ltd. 1,368,000 317
  Cosco International Holdings Ltd. 726,000 315
  NVC Lighting Holdings Ltd. 857,000 310
  Towngas China Co. Ltd. 413,000 292
  First Tractor Co. Ltd. 312,832 291
  Qingling Motors Co. Ltd. 900,000 286
  Jiangsu Future Land Co. Ltd. Class B 462,450 285
^ China Liansu Group Holdings Ltd. 451,000 282
  Chiho-Tiande Group Ltd. 514,000 277
  Tianneng Power International Ltd. 560,000 276
  China South City Holdings Ltd. 2,002,000 275
^ Kingdee International Software Group Co. Ltd. 1,235,200 274
^ Sihuan Pharmaceutical Holdings Group Ltd. 723,000 274
^ China Water Affairs Group Ltd. 876,000 273
  Hangzhou Steam Turbine Co. Class B 198,177 271
^ VODone Ltd. 1,905,060 270
* Anxin-China Holdings Ltd. 1,336,000 267
  Biostime International Holdings Ltd. 89,500 257
  TCC International Holdings Ltd. 739,000 254

 

47

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  China Lilang Ltd. 269,000 248
  China Shineway Pharmaceutical Group Ltd. 157,000 244
  Yuexiu Transport Infrastructure Ltd. 494,000 238
  Kingsoft Corp. Ltd. 515,000 236
* Lao Feng Xiang Co. Ltd. Class B 105,600 231
* China Oil and Gas Group Ltd. 2,280,000 228
^ Silver base Group Holdings Ltd. 419,000 224
* Winsway Coking Coal Holding Ltd. 953,000 221
  PCD Stores Group Ltd. 1,782,000 219
^,* Sino Oil And Gas Holdings Ltd. 8,770,000 219
  Luthai Textile Co. Ltd. Class B 249,700 218
^ China Lumena New Materials Corp. 1,202,000 218
  Yip's Chemical Holdings Ltd. 272,000 214
* Chongqing Iron & Steel Co. Ltd. 1,172,000 208
^ Lonking Holdings Ltd. 569,313 206
^ Comba Telecom Systems Holdings Ltd. 370,675 204
  Xiamen International Port Co. Ltd. 1,602,000 204
* China Daye Non-Ferrous Metals Mining Ltd. 3,800,000 203
* Shanghai Industrial Urban Development Group Ltd. 946,000 201
* Tianjin Development Hldgs Ltd. 450,000 200
  AMVIG Holdings Ltd. 358,000 200
  China Wireless Technologies Ltd. 1,302,378 197
* Kaisa Group Holdings Ltd. 936,000 197
  Lingbao Gold Co. Ltd. 392,558 195
  Welling Holding Ltd. 1,203,600 188
* BYD Electronic International Co. Ltd. 616,500 185
  XTEP International Holdings 396,879 180
* Tech Pro Technology Development Ltd. 434,000 174
  China Singyes Solar Technologies Holdings Ltd. 348,000 171
^ Silver Grant International 785,998 167
  Inspur International Ltd. 5,180,000 166
  Billion Industrial Holdings Ltd. 306,500 164
  Beijing Capital Land Ltd. 598,000 164
* Chinasoft International Ltd. 580,000 162
* China Fangda Group Co. Ltd. Class B 436,800 161
^,* Hi Sun Technology China Ltd. 1,050,724 161
  Yuexiu REIT 312,000 160
* North Mining Shares Co. Ltd. 5,070,000 160
* Sino Union Energy Investment Group Ltd. 1,870,000 159
* Yuanda China Holdings Ltd. 1,162,000 158
^ China Automation Group Ltd. 566,670 156
* Pou Sheng International Holdings Ltd. 1,626,000 150
  Minmetals Land Ltd. 1,184,000 149
  Hefei Meiling Co. Ltd. Class B 286,800 149
  Hainan Meilan International Airport Co. Ltd. 231,000 147
* Citic 21CN Co. Ltd. 2,548,000 144
  TCL Communication Technology Holdings Ltd. 349,000 139
^ China High Precision Automation Group Ltd. 401,000 139
  Xingda International Holdings Ltd. 306,000 132
  China Green Holdings Ltd. 453,928 132
  Fufeng Group Ltd. 325,505 131
  Livzon Pharmaceutical Inc. Class B 51,500 130
* Interchina Holdings Co. 2,165,000 129
  Shanghai Diesel Engine Co. Ltd. Class B 127,500 129
  Powerlong Real Estate Holdings Ltd. 752,000 128
  Microport Scientific Corp. 270,000 127
* Goodtop Tin International Holdings Ltd. 1,390,000 124
^ Peak Sport Products Co. Ltd. 523,756 122
  Shandong Airlines Co. Ltd. 90,400 119
  Eastern Communications Co. Ltd. Class B 269,950 118
  China National Accord Medicines Corp. Ltd. Class B 52,900 118
  Wafangdian Bearing Co. Ltd. Class B 150,200 117
  Truly International Holdings 773,000 115
* Sinolink Worldwide Holdings Ltd. 1,446,000 115

 

48

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* SVA Electron Co. Ltd. Class B 268,933 115
  C C Land Holdings Ltd. 542,000 114
  Maoye International Holdings Ltd. 473,459 112
* Golden Meditech Holdings Ltd. 904,000 112
* China Rare Earth Holdings Ltd. 426,000 111
  Ju Teng International Holdings Ltd. 534,000 111
  China Tontine Wines Group Ltd. 952,000 109
  China Pharmaceutical Group Ltd. 528,000 108
  Shanghai Baosight Software Co. Ltd. Class B 90,870 107
* China Datang Corp. Renewable Power Co. Ltd. 657,000 104
* Huangshan Tourism Development Co. Ltd. Class B 77,300 102
^ Boshiwa International Holding Ltd. 469,000 102
* Shanghai Erfangji Co. Ltd. Class B 254,429 100
* O-Net Communications Group Ltd. 397,000 100
  TPV Technology Ltd. 436,000 100
  SRE Group Ltd. 1,992,000 98
  Tianjin Port Development Holdings Ltd. 721,976 97
* Hisense Kelon Electrical Holdings Co. Ltd. Class A 446,000 97
* Heng Tai Consumables Group Ltd. 3,480,750 94
* Shanghai Material Trading Co. Ltd. Class B 154,300 93
  Lijun International Pharmaceutical Holding Ltd. 420,000 92
  China Vanadium Titano - Magnetite Mining Co. Ltd. 400,000 91
* China ITS Holdings Co. Ltd. 531,000 85
* Changchai Co. Ltd. Class B 179,100 83
* Kai Yuan Holdings Ltd. 3,160,000 82
* Shanghai Highly Group Co. Ltd. Class B 147,000 82
* SGSB Group Co. Ltd. Class B 153,400 81
* Fiyta Holdings Ltd. Class B 73,309 80
* Shenzhen SEG Co. Ltd. Class B 407,600 80
* PetroAsian Energy Holdings Ltd. 3,380,000 79
  SYP Glass Group Co. Ltd. 139,400 75
* BaWang International Group Holding Ltd. 788,000 74
  Wasion Group Holdings Ltd. 174,000 73
  Sparkle Roll Group Ltd. 752,000 68
* China Power New Energy Development Co. Ltd. 1,600,000 68
^ 361 Degrees International Ltd. 199,000 63
  China Aerospace International Holdings Ltd. 708,000 63
  Fantasia Holdings Group Co. Ltd. 543,000 62
* Hubei Sanonda Co. Ltd. Class B 178,600 62
* Shanghai Dajiang Group Class B 158,400 60
* Chengde Dalu Co. Ltd. Class B 271,700 60
  HKC Holdings Ltd. 1,161,460 57
* Tsann Kuen China Enterprise Co. Ltd. Class B 334,700 56
  Besunyen Holdings Co. Ltd. 609,000 55
* Mingyuan Medicare Development Co. Ltd. 2,050,000 52
* China Mining Resources Group Ltd. 3,384,000 49
* Shenzhen International Enterprise Class B 38,200 46
* China Hongxing Sports Ltd. 831,000 39
  Sinotrans Shipping Ltd. 156,986 37
  Real Nutriceutical Group Ltd. 144,000 37
* Jinshan Development & Construction Co. Ltd. Class B 67,500 34
  Chongqing Machinery & Electric Co. Ltd. 158,000 29
^ Real Gold Mining Ltd. 239,476 26
  Shanghai Jin Jiang International Hotels Group Co. Ltd. 168,000 25
* China Nickel Resources Holdings Co. Ltd. 270,000 21
  Dalian Port PDA Co. Ltd. 80,278 18
  Great Wall Technology Co. Ltd. 12,000 3
* China Milk Products Group Ltd. 140,000 —
      42,232
Denmark (0.7%)    
  GN Store Nord A/S 133,809 1,501
* Topdanmark A/S 8,626 1,480
* Jyske Bank A/S 39,274 1,231
* Sydbank A/S 48,546 844

 

49

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  SimCorp A/S 2,962 528
^ Pandora A/S 41,404 437
^ NKT Holding A/S 8,942 436
  ALK-Abello A/S 5,744 414
  East Asiatic Co. Ltd. A/S 11,950 329
  Schouw & Co. 10,765 244
  Solar A/S Class B 4,444 240
  D/S Norden 8,002 227
* Bang & Olufsen A/S 17,280 211
* Genmab A/S 20,097 161
* Alm Brand A/S 69,027 139
* Bavarian Nordic A/S 11,876 106
  Auriga Industries Class B 7,220 96
      8,624
Egypt (0.2%)    
  Alexandria Mineral Oils Co. 21,398 305
* Palm Hills Developments SAE 711,899 225
* Amer Group Holding 1,869,586 210
  South Valley Cement 374,902 198
  Six of October Development & Investment 66,991 178
  Delta Sugar Co. 51,500 134
  Canal Shipping Agencies Co. 128,632 133
* National Development Bank 162,587 93
  Ghabbour Auto 28,772 91
* Medinet Nasr Housing 32,673 91
  Arab Cotton Ginning 184,483 82
  Oriental Weavers 23,058 73
  Heliopolis Housing 26,698 70
* Nile Cotton Ginning 31,192 34
* Egyptian Resorts Co. 160,361 29
* Egyptian Financial & Industrial Co. 16,680 29
      1,975
Finland (1.6%)    
  Elisa Oyj 106,778 2,408
  YIT Oyj 82,025 1,763
  Outotec Oyj 28,840 1,553
  Pohjola Bank plc Class A 123,234 1,326
  Orion Oyj Class B 61,735 1,259
^ Konecranes Oyj 37,878 1,154
  Amer Sports Oyj 80,014 1,138
  Huhtamaki Oyj 65,407 1,038
  Cargotec Oyj Class B 27,356 942
  Tieto Oyj 47,660 839
  Sponda Oyj 184,386 741
  Kemira Oyj 55,136 700
  Tikkurila Oyj 28,366 576
  Uponor Oyj 40,675 532
  Ramirent Oyj 53,420 504
  Citycon Oyj 147,840 490
^,* Metsa Board Oyj 156,062 429
  Lassila & Tikanoja Oyj 23,490 331
  Stockmann OYJ Abp Class B 14,773 331
  Cramo Oyj 19,606 301
  Raisio plc 88,982 286
  Ahlstrom Oyj 14,822 268
  Oriola-KD Oyj 67,644 163
  Poyry Oyj 19,414 155
  Lemminkainen Oyj 5,719 145
^ HKScan Oyj 22,851 133
  F-Secure Oyj 22,782 51
* Finnair Oyj 3,660 11
      19,567

 

50

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
France (2.3%)    
^ Havas SA 273,516 1,548
  CFAO SA 30,513 1,315
  Remy Cointreau SA 11,475 1,280
  Neopost SA 20,719 1,192
  Metropole Television SA 69,769 1,072
  Rubis 18,738 1,019
^ Bourbon SA 34,437 1,009
  Nexans SA 19,725 989
  Etablissements Maurel et Prom 59,119 985
  Societe Immobiliere de Location pour l'Industrie et le Commerce 8,127 857
  Orpea 24,687 828
  Ingenico 15,638 823
  Teleperformance SA 29,180 782
  IPSOS 22,648 735
  Virbac SA 3,909 657
  Mercialys SA 27,053 541
  SA des Ciments Vicat 9,309 535
  Nexity SA 16,881 481
* UBISOFT Entertainment 69,628 480
  Mersen 14,208 471
  Alten Ltd. 16,142 470
  Eurofins Scientific 3,928 465
* Altran Technologies SA 75,880 447
  Medica SA 28,052 434
  Saft Groupe SA 15,701 434
^ Plastic Omnium SA 15,003 392
  Rallye SA 11,463 383
^,* SOITEC 81,922 347
  Vilmorin & Cie 2,751 297
  Sechilienne-Sidec 18,948 289
  Societe d'Edition de Canal & 50,932 289
  Derichebourg SA 97,074 288
* Technicolor SA 133,888 283
  FFP 7,081 276
* GameLoft SA 41,744 259
* Club Mediterranee 12,894 247
  Beneteau SA 22,793 246
* Jacquet Metal Service 17,677 244
* Parrot SA 7,881 238
  Bonduelle S.C.A. 2,406 232
  Sopra Group SA 3,992 230
^ April 11,785 221
  Laurent-Perrier 2,165 219
  Boiron SA 6,982 215
  Esso SA Francaise 2,527 209
  Societe de la Tour Eiffel 3,899 203
* Manitou BF SA 9,233 203
  Faiveley Transport 3,184 176
  Stallergenes SA 2,818 175
* Bull 46,952 175
  Assystem 7,796 165
  Groupe Steria SCA 7,613 151
  NRJ Group 18,671 146
  Trigano SA 8,932 132
* Boursorama 18,049 129
* Theolia SA 110,109 125
* GFI Informatique SA 29,918 121
* Maurel & Prom Nigeria SA 42,584 118
* Euro Disney SCA 19,591 105
  GL Events 4,598 103
* Haulotte Group SA 9,244 98
* Guerbet 1,046 95
  Union Financiere de France BQE SA 3,200 92

 

51

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Meetic SA 5,350 87
  Sequana SA 13,516 63
  Maisons France Confort 2,157 59
  Pierre & Vacances SA 1,843 55
* Etam Developpement SA 3,174 54
  Seche Environnement SA 720 26
* Spir Communication 715 18
* Etablissements Maurel et Prom Warrants Exp. 06/30/2014 38,916 12
* UBISOFT Entertainment Warrants Exp. 10/10/2013 69,628 2
      28,141
Germany (3.4%)    
  Symrise AG 73,716 2,137
  MTU Aero Engines Holding AG 24,276 2,045
  ProSiebenSat.1 Media AG Prior Pfd. 69,586 1,768
  Aurubis AG 29,581 1,646
^,* SGL Carbon SE 31,741 1,451
  Freenet AG 82,726 1,439
  Fuchs Petrolub AG 23,123 1,290
  Stada Arzneimittel AG 38,661 1,284
  Rhoen Klinikum AG 45,392 1,277
  Deutsche Euroshop AG 34,201 1,245
  Aixtron SE NA 67,214 1,228
  Douglas Holding AG 25,658 1,179
  Leoni AG 21,257 1,092
  Fuchs Petrolub AG Prior Pfd. 16,617 990
* Dialog Semiconductor plc 41,367 912
* Gildemeister AG 44,338 909
  Gerry Weber International AG 21,352 907
  Wirecard AG 48,704 904
^,* Sky Deutschland AG 351,547 900
  Wincor Nixdorf AG 22,888 888
  Deutsche Wohnen AG 57,872 851
  Pfeiffer Vacuum Technology AG 5,949 722
  Rational AG 2,521 645
  ElringKlinger AG 22,180 643
* Deutz AG 86,329 613
  Vossloh AG 5,866 572
* Aareal Bank AG 29,439 569
* KUKA AG 23,542 561
  Krones AG 9,880 548
  GAGFAH SA 55,017 493
  CTS Eventim AG 12,206 477
  Rheinmetall AG 8,442 474
  Alstria Office REIT-AG 43,808 467
  KWS Saat AG 1,729 461
  Bechtle AG 10,128 456
* Morphosys AG 15,665 428
  Draegerwerk AG & Co. KGaA Prior Pfd. 3,447 388
^ Delticom AG 3,695 359
  GFK SE 6,712 357
  Kloeckner & Co. SE 25,959 353
^ BayWa AG 9,608 351
  Carl Zeiss Meditec AG 11,257 313
  Grenkeleasing AG 4,596 307
  KSB AG Prior Pfd. 517 301
^ H&R AG 14,406 290
  Jungheinrich AG Prior Pfd. 8,350 288
  Duerr AG 4,176 264
* Jenoptik AG 32,012 264
^,* IVG Immobilien AG 107,671 249
  Sixt AG Prior Pfd. 12,376 232
^,* Heidelberger Druckmaschinen AG 127,243 222
  Deutsche Beteiligungs AG 9,994 222
  Bauer AG 8,841 218

 

52

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Comdirect Bank AG 17,837 204
  Demag Cranes AG 2,774 188
  Sixt AG 8,734 181
  DIC Asset AG 16,162 151
* QSC AG 56,381 147
  CAT Oil AG 17,146 143
* Patrizia Immobilien AG 21,202 137
  Biotest AG Prior Pfd. 2,209 129
^ Solarworld AG 59,495 125
^,* Nordex SE 27,769 124
^,* Air Berlin plc 41,632 112
^ Asian Bamboo AG 7,394 109
^ Praktiker AG 39,454 88
  Indus Holding AG 2,596 81
  CropEnergies AG 10,226 66
  Kontron AG 8,593 62
* Constantin Medien AG 23,248 52
  DAB Bank AG 5,604 26
^,* Q-Cells SE 79,787 14
      41,588
Greece (0.3%)    
  Titan Cement Co. SA 36,823 714
  Bank of Cyprus plc 871,433 519
* Viohalco Hellenic Copper and Aluminum Industry SA 79,461 324
* Cyprus Popular Bank PCL 914,534 245
* Piraeus Bank SA 693,366 238
  JUMBO SA 47,454 231
  Motor Oil Hellas Corinth Refineries SA 27,379 225
* Mytilineos Holdings SA 64,159 219
  Metka SA 18,564 204
* Marfin Investment Group Holdings SA 382,407 150
  Hellenic Exchanges SA 42,204 146
  Ellaktor SA 85,590 139
  Frigoglass SA 21,251 135
  Athens Water Supply & Sewage Co. SA 20,697 107
  Intralot SA-Integrated Lottery Systems & Services 78,724 80
  Eurobank Properties Real Estate Investment Co. 11,421 59
* Sidenor Steel Products Manufacturing Co. SA 37,024 45
* Fourlis Holdings SA 25,845 41
* TT Hellenic Postbank SA 44,448 24
      3,845
Hong Kong (1.1%)    
  Giordano International Ltd. 1,033,841 899
^ Luk Fook Holdings International Ltd. 269,000 764
  Trinity Ltd. 914,000 761
* G-Resources Group Ltd. 11,516,279 740
  SmarTone Telecommunications Holdings Ltd. 325,500 608
  Pacific Basin Shipping Ltd. 1,062,766 556
  Stella International Holdings Ltd. 179,591 475
  Chow Sang Sang Holdings International Ltd. 166,519 421
* SOCAM Development Ltd. 375,169 404
  Singamas Container Holdings Ltd. 1,307,960 390
  SA SA International Holdings Ltd. 613,747 380
  Vitasoy International Holdings Ltd. 512,698 376
* China Overseas Grand Oceans Group Ltd. 268,000 358
  Value Partners Group Ltd. 577,000 350
^,* Glorious Property Holdings Ltd. 1,730,000 263
  Emperor Watch & Jewellery Ltd. 1,770,000 249
* China Resources and Transportation Group Ltd. 5,600,000 234
^ IT Ltd. 412,000 216
  Pacific Textile Holdings Ltd. 324,000 215
  Varitronix International Ltd. 386,000 193
  HKR International Ltd. 510,400 193
^ Mingfa Group International Co. Ltd. 601,000 179

 

53

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Pacific Andes Resources Development Ltd. 1,357,500 175
  Regal Hotels International Holdings Ltd. 414,000 172
  Polytec Asset Holdings Ltd. 1,585,000 169
  Sunlight REIT 504,000 162
  YGM Trading Ltd. 60,000 159
  Henderson Investment Ltd. 1,955,000 148
  Citic Telecom International Holdings Ltd. 706,000 147
* CST Mining Group Ltd. 9,384,000 146
* Apollo Solar Energy Technology Holdings Ltd. 4,758,000 132
  United Laboratories International Holdings Ltd. 322,500 130
* China WindPower Group Ltd. 2,950,000 123
* Sinopoly Battery Ltd. 2,220,000 118
  Prosperity REIT 531,000 118
  EVA Precision Industrial Holdings Ltd. 696,000 118
* Asia Standard International Group 700,000 114
* eSun Holdings Ltd. 786,000 108
  Chen Hsong Holdings 322,000 108
  Neo-Neon Holdings Ltd. 591,500 103
  Far East Consortium International Ltd. 563,000 103
* Jinchuan Group International Resources Co. Ltd. 520,000 102
  Regent Pacific Group Ltd. 3,190,000 101
  K Wah International Holdings Ltd. 236,000 99
  Man Wah Holdings Ltd. 190,000 98
  Midland Holdings Ltd. 178,000 89
* Lai Sun Development 5,400,000 84
* Apac Resources Ltd. 1,820,000 77
  City Telecom HK Ltd. 129,000 76
* Hongkong Chinese Ltd. 426,000 68
* Titan Petrochemicals Group Ltd. 1,860,000 67
* King Stone Energy Group Ltd. 702,000 54
* Shenglong PV-Tech Investment Co. Ltd. 44,660 47
  Oriental Press Group 262,000 29
  Chigo Holding Ltd. 1,038,000 27
  Dickson Concepts International Ltd. 45,000 25
* Dejin Resources Group Co. Ltd. 5,488,000 23
      12,843
Hungary (0.0%)    
  EGIS Pharmaceuticals plc 1,743 116
^,* FHB Mortgage Bank plc 35,940 95
      211
India (2.1%)    
  LIC Housing Finance Ltd. 232,511 1,145
  Yes Bank Ltd. 152,840 1,012
  Federal Bank Ltd. 107,095 851
  Apollo Hospitals Enterprise Ltd. 60,452 723
  Tata Global Beverages Ltd. 320,286 711
  Godrej Consumer Products Ltd. 64,306 656
  Petronet LNG Ltd. 241,135 632
  IndusInd Bank Ltd. 81,831 514
  Jindal Saw Ltd. 166,808 494
  United Phosphorus Ltd. 206,619 456
  Apollo Tyres Ltd. 265,184 454
  Indian Hotels Co. Ltd. 342,433 401
  Allahabad Bank 126,337 396
  IFCI Ltd. 412,179 322
  Gujarat State Fertilisers & Chemicals Ltd. 37,426 312
  Karnataka Bank Ltd. 177,817 305
  Indian Bank 72,586 304
  Aurobindo Pharma Ltd. 120,210 297
  South Indian Bank Ltd. 655,816 297
  Amtek Auto Ltd. 121,519 293
  Marico Ltd. 87,316 293
  Andhra Bank 130,856 289
* Wockhardt Ltd. 20,670 286

 

54

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Shree Cement Ltd. 5,250 282
* Housing Development & Infrastructure Ltd. 175,466 267
  Bajaj Finserv Ltd. 19,145 266
  Mahindra & Mahindra Financial Services Ltd. 19,761 259
  Bombay Dyeing & Manufacturing Co. Ltd. 24,951 247
  CESC Ltd. 50,595 245
  Jammu & Kashmir Bank Ltd. 13,467 239
  Videocon Industries Ltd. 73,040 238
  Torrent Pharmaceuticals Ltd. 18,709 237
  Indian Overseas Bank 142,349 236
  Indiabulls Real Estate Ltd. 196,449 234
  UCO Bank 155,897 228
  Opto Circuits India Ltd. 64,365 227
  Engineers India Ltd. 47,425 227
  CMC Ltd. 13,244 225
  Biocon Ltd. 48,449 219
  Patel Engineering Ltd. 106,788 216
  IVRCL Ltd. 176,773 207
  Monnet Ispat & Energy Ltd. 22,411 205
  Gujarat State Petronet Ltd. 163,117 204
  Coromandel International Ltd. 40,906 199
  Gujarat Mineral Development Corp. Ltd. 56,059 197
  Motherson Sumi Systems Ltd. 58,113 197
  Century Textiles & Industries Ltd. 31,565 196
* Jindal Stainless Ltd. 128,147 195
  Chambal Fertilizers & Chemicals Ltd. 133,715 192
  McLeod Russel India Ltd. 35,988 191
  India Cements Ltd. 118,705 190
  Bajaj Hindusthan Ltd. 325,470 187
  Indraprastha Gas Ltd. 43,954 182
* Patni Computer Systems Ltd. 18,495 178
  Emami Ltd. 20,285 176
  Alstom Projects India Ltd. 23,227 173
  Jain Irrigation Systems Ltd. 101,917 170
  Gateway Distriparks Ltd. 59,349 170
* Dish TV India Ltd. 150,340 170
  Shree Renuka Sugars Ltd. 273,710 165
* Pipavav Defence & Offshore Engineering Co. Ltd. 102,858 163
  Financial Technologies India Ltd. 12,340 160
* GVK Power & Infrastructure Ltd. 520,176 158
  Raymond Ltd. 20,579 157
  Bhushan Steel Ltd. 19,051 156
  Praj Industries Ltd. 115,383 153
* Hindustan Oil Exploration Co. Ltd. 63,403 146
* Arvind Ltd. 86,337 142
  Syndicate Bank 70,711 139
  SREI Infrastructure Finance Ltd. 283,540 138
  Ruchi Soya Industries Ltd. 81,978 138
* Essar Ports Ltd. 78,032 135
* Religare Enterprises Ltd. 19,656 132
  Aban Offshore Ltd. 16,575 130
  BEML Ltd. 12,338 125
  SRF Ltd. 27,443 124
  NCC Ltd. 128,432 122
  Welspun Corp. Ltd. 50,609 121
  Chennai Petroleum Corp. Ltd. 41,815 119
  IRB Infrastructure Developers Ltd. 36,232 118
  Gujarat Narmada Valley Fertilizers Co. Ltd. 75,373 117
  Gujarat Gas Co. Ltd. 18,581 114
  S Kumars Nationwide Ltd. 191,697 113
  Hotel Leela Venture Ltd. 185,110 113
  Gujarat Alkalies & Chemicals Ltd. 44,626 107
* Parsvnath Developers Ltd. 98,992 106
  HCL Infosystems Ltd. 123,214 104

 

55

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Sun Pharma Advanced Research Co. Ltd. 70,273 100
  Kesoram Industries Ltd. 38,297 98
  Ballarpur Industries Ltd. 207,599 97
  Gujarat NRE Coke Ltd. 249,119 96
  Shiv-Vani Oil & Gas Exploration Services Ltd. 30,867 96
  TVS Motor Co. Ltd. 121,091 94
  PTC India Ltd. 79,941 91
  Sintex Industries Ltd. 62,878 88
  Rolta India Ltd. 52,229 86
* Indiabulls Infrastructure and Power Ltd. 579,524 85
  Thermax Ltd. 10,044 85
  Voltas Ltd. 40,871 84
  Educomp Solutions Ltd. 22,440 82
  Usha Martin Ltd. 147,654 82
  Balrampur Chini Mills Ltd. 77,565 81
  Hindustan Construction Co. 199,564 80
  Punj Lloyd Ltd. 77,500 79
  Manappuram Finance Ltd. 136,432 78
  Finolex Industries Ltd. 66,957 75
  Radico Khaitan Ltd. 30,378 74
* Mercator Ltd. 183,014 74
  Alstom T&D India Ltd. 24,278 74
* Lanco Infratech Ltd. 273,505 72
  Maharashtra Seamless Ltd. 9,680 70
  Pantaloon Retail India Ltd. 19,527 69
* Firstsource Solutions Ltd. 393,254 67
* Tata Teleservices Maharashtra Ltd. 243,494 64
* India Infoline Ltd. 56,704 59
  Triveni Turbine Ltd. 67,622 55
* Nagarjuna Fertilizers & Chemicals Ltd. 233,445 54
  Era Infra Engineering Ltd. 19,537 52
* Hexa Tradex Ltd. 33,361 47
  Central Bank Of India 22,315 41
* Jet Airways India Ltd. 5,658 36
* JSW ISPAT Steel Ltd. 89,991 20
* Mahanagar Telephone Nigam 39,766 19
  Polaris Financial Technology Ltd. 7,349 18
  Sterling Biotech Ltd. 64,872 12
  GTL Ltd. 43 —
      25,463
Indonesia (1.1%)    
  Lippo Karawaci Tbk PT 11,391,176 1,027
  Bhakti Investama Tbk PT 14,527,000 724
  Alam Sutera Realty Tbk PT 10,759,000 701
  Bumi Serpong Damai PT 4,269,000 661
  Media Nusantara Citra Tbk PT 2,532,500 618
  Ciputra Development Tbk PT 7,038,500 580
  Summarecon Agung Tbk PT 2,902,584 545
  AKR Corporindo Tbk PT 1,138,000 509
* Pakuwon Jati Tbk PT 22,443,860 499
  Global Mediacom Tbk PT 2,514,000 453
  Holcim Indonesia Tbk PT 1,525,477 427
* Bakrieland Development Tbk PT 31,473,274 399
* Surya Semesta Internusa Tbk PT 2,923,000 380
  Timah Persero Tbk PT 1,860,907 367
* Mitra Adiperkasa Tbk PT 483,500 365
* Bakrie Telecom Tbk PT 12,967,073 359
* Energi Mega Persada Tbk PT 16,600,500 347
  Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 1,042,025 331
  Indika Energy Tbk PT 1,327,939 317
  Medco Energi Internasional Tbk PT 1,388,671 316
  Bakrie Sumatera Plantations Tbk PT 9,354,000 304
  Gajah Tunggal Tbk PT 1,083,500 303
  Citra Marga Nusaphala Persada Tbk PT 1,121,500 267

 

56

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Bakrie and Brothers Tbk PT 48,177,488 261
* Trada Maritime Tbk PT 2,550,000 260
* Garuda Indonesia Persero Tbk PT 3,567,000 259
  Ramayana Lestari Sentosa Tbk PT 2,687,000 250
  Bank Tabungan Negara Persero Tbk PT 1,626,500 243
* Intiland Development Tbk PT 4,902,000 228
  Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 1,828,000 204
* Delta Dunia Makmur Tbk PT 3,162,000 175
* Indah Kiat Pulp & Paper Corp. Tbk PT 1,322,352 152
* Agung Podomoro Land Tbk PT 2,872,000 117
  Sampoerna Agro PT 320,500 114
  Krakatau Steel Persero Tbk PT 975,000 91
  Bisi International PT 75,000 7
* Bakrie Sumatera Plantations Tbk PT Warrants Exp. 02/18/2013 94,500 1
      13,161
Ireland (1.0%)    
* Governor & Co. of the Bank of Ireland 16,304,205 2,422
  Paddy Power plc 22,616 1,478
  DCC plc 54,703 1,383
* Kenmare Resources plc 1,542,512 1,269
  Kingspan Group plc 107,328 1,124
  C&C Group plc 201,778 1,013
  Smurfit Kappa Group plc 96,011 809
  Grafton Group plc 165,809 725
  Glanbia plc 93,771 712
  United Drug plc 155,053 476
  FBD Holdings plc 21,601 249
* Greencore Group plc 197,682 227
* Aer Lingus Group plc 136,095 175
  Total Produce plc 167,022 100
* Independent News & Media plc 265,209 93
  Fyffes plc 147,806 90
  C&C Group plc 11,196 56
  Smurfit Kappa Group plc 6,094 51
      12,452
Israel (0.4%)    
* Mellanox Technologies Ltd. 20,726 1,191
* EZchip Semiconductor Ltd. 17,622 722
* Allot Communications Ltd. 11,173 273
  Alony Hetz Properties & Investments Ltd. 50,153 241
* Nitsba Holdings 1995 Ltd. 24,755 218
  FMS Enterprises Migun Ltd. 12,047 208
  Frutarom Industries Ltd. 19,606 187
* Ceragon Networks Ltd. 20,084 184
  Phoenix Holdings Ltd. 68,324 169
  Ituran Location and Control Ltd. 11,980 164
* Retalix Ltd. 7,204 152
* Modiin - LP 1,383,267 130
* Given Imaging Ltd. 6,682 130
  Amot Investments Ltd. 43,583 113
* Elco Holdings Ltd. 16,380 112
* Gilat Satellite Networks Ltd. 25,869 106
  Granite Hacarmel Investments Ltd. 75,413 104
* AudioCodes Ltd. 35,741 84
* Nova Measuring Instruments Ltd. 9,701 83
* Internet Gold-Golden Lines Ltd. 12,384 76
* Tower Semiconductor Ltd. 78,036 76
  Alon Holdings Blue Square Israel Ltd. 20,115 73
* Hadera Paper Ltd. 1,541 63
  Electra Ltd. 630 55
* Alvarion Ltd. 65,649 50
* Modiin - LP Warrants Exp. 11/17/2013 280,383 7

 

57

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Delek Real Estate Ltd. 1 —
      4,971
Italy (1.7%)    
  Banca Popolare di Sondrio SCARL 191,974 1,293
* Banca Popolare dell'Emilia Romagna Scrl 193,096 1,186
  Banca Popolare di Milano Scarl 2,068,856 1,019
  Tod's SPA 7,509 865
  Impregilo SPA 216,491 855
  Societa Cattolica di Assicurazioni SCRL 35,056 658
  Azimut Holding SPA 66,317 651
  Danieli & C Officine Meccaniche SPA 41,844 620
  Ansaldo STS SPA 68,998 610
^ DiaSorin SPA 20,212 533
  Hera SPA 334,116 502
* Yoox SPA 33,310 477
* Sorin SPA 233,181 438
  Recordati SPA 61,030 425
  Banca Generali SPA 34,115 417
  Piaggio & C SPA 136,475 413
  Italcementi SPA 55,958 352
  Interpump Group SPA 39,229 350
  De'Longhi SPA 23,853 336
* Saras SPA 252,099 318
  CIR-Compagnie Industriali Riunite SPA 226,922 310
  Societa Iniziative Autostradali e Servizi SPA 46,708 293
  Italcementi SPA RSP 95,771 291
^,* Banca Piccolo Credito Valtellinese Scarl 181,319 272
  MARR SPA 24,994 271
  Astaldi SPA 34,068 264
  ERG SPA 34,302 258
  Cofide SPA 365,178 245
  Beni Stabili SPA 429,483 239
  Amplifon SPA 42,529 233
  Iren SPA 352,006 233
* Ei Towers 8,757 216
  Brembo SPA 17,546 199
* Safilo Group SPA 30,305 199
* Cam Finanziaria SPA 413,025 194
^,* Fondiaria-Sai SPA 157,281 194
^,* Unipol Gruppo Finanziario SPA 6,235 188
  SAES Getters SPA 25,686 171
* Milano Assicurazioni SPA 504,238 168
  Credito Emiliano SPA 40,920 168
  Italmobiliare SPA 13,664 161
  Banco di Desio e della Brianza SPA 40,177 145
  Autostrada Torino-Milano SPA 25,631 139
  Trevi Finanziaria Industriale SPA 23,660 133
  Danieli & C Officine Meccaniche SPA 4,697 133
  Zignago Vetro SPA 18,747 131
* Unipol Gruppo Finanziario SPA Prior Pfd. 8,771 131
  Gruppo Editoriale L'Espresso SPA 95,893 130
  Industria Macchine Automatiche SPA 6,571 121
* Gemina SPA 140,069 120
  Falck Renewables SPA 97,198 112
  Esprinet SPA 24,928 111
^,* RCS MediaGroup SPA 119,535 105
  Landi Renzo SPA 47,712 101
* DeA Capital SPA 54,287 101
* Juventus Football Club SPA 290,159 93
  ACEA SPA 16,063 93
* Snai SPA 51,555 90
* Prelios SPA 426,762 90
* Telecom Italia Media SPA 446,009 89
  Ascopiave SPA 55,913 89

 

58

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Geox SPA 27,289 88
  Maire Tecnimont SPA 94,580 83
  IMMSI SPA 102,006 76
  Italmobiliare SPA 3,975 75
  Immobiliare Grande Distribuzione 56,854 61
  Cementir Holding SPA 27,624 54
  Sabaf SPA 3,612 54
  KME Group SPA 127,058 52
  Sogefi SPA 18,986 52
  Indesit Co. SPA 2,849 17
  Arnoldo Mondadori Editore SPA 5,628 8
* Interpump Group SPA Warrants Exp. 10/31/2012 2,440 3
      19,965
Japan (12.5%)    
  Duskin Co. Ltd. 48,578 941
  Anritsu Corp. 63,829 833
* Pioneer Corp. 155,613 785
  Horiba Ltd. 22,014 772
  OSG Corp. 47,294 746
  Hitachi Zosen Corp. 520,790 701
  Shochiku Co. Ltd. 71,723 691
  FP Corp. 10,695 691
  Sankyu Inc. 171,014 679
  Maeda Road Construction Co. Ltd. 55,139 666
  NET One Systems Co. Ltd. 48,800 666
^ Calbee Inc. 11,000 666
  Toho Holdings Co. Ltd. 34,118 663
  Aica Kogyo Co. Ltd. 43,960 644
  Nihon Kohden Corp. 22,081 644
  Kiyo Holdings Inc. 447,965 642
  Nifco Inc. 23,408 630
  Kyowa Exeo Corp. 69,023 628
  Fuji Oil Co. Ltd. 44,898 610
  Tsubakimoto Chain Co. 100,250 609
  Okumura Corp. 166,213 608
  Nachi-Fujikoshi Corp. 120,742 603
  Hitachi Kokusai Electric Inc. 64,038 602
  Megmilk Snow Brand Co. Ltd. 33,152 601
  IBJ Leasing Co. Ltd. 22,063 599
  Fuyo General Lease Co. Ltd. 18,223 593
  Meitec Corp. 28,367 583
  Sangetsu Co. Ltd. 22,132 578
  Kaken Pharmaceutical Co. Ltd. 46,067 570
  Tokai Tokyo Financial Holdings Inc. 159,432 568
  Japan Airport Terminal Co. Ltd. 41,327 567
  KYORIN Holdings Inc. 29,320 563
  Miura Co. Ltd. 21,518 557
  Inaba Denki Sangyo Co. Ltd. 18,615 550
  Hanwa Co. Ltd. 130,415 547
  Iwatani Corp. 153,696 540
  Sumitomo Warehouse Co. Ltd. 110,208 527
  IT Holdings Corp. 41,100 526
  Hogy Medical Co. Ltd. 11,251 519
  Tokyo Seimitsu Co. Ltd. 25,223 518
  TS Tech Co. Ltd. 26,385 518
  Toagosei Co. Ltd. 119,584 518
  Fuji Soft Inc. 29,364 517
  Nichicon Corp. 42,787 513
* Oki Electric Industry Co. Ltd. 300,311 511
  Wacom Co. Ltd. 212 509
  Tsuruha Holdings Inc. 8,500 509
  Nikkiso Co. Ltd. 48,264 507
  Accordia Golf Co. Ltd. 653 507
  NOF Corp. 100,202 504

 

59

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Tadano Ltd. 67,807 503
^ Zensho Holdings Co. Ltd. 40,161 500
  Nissin Kogyo Co. Ltd. 30,501 496
  Nippon Flour Mills Co. Ltd. 109,404 495
  SCSK Corp. 31,780 495
  Makino Milling Machine Co. Ltd. 67,901 491
  Resorttrust Inc. 29,428 486
  Mitsui-Soko Co. Ltd. 111,000 483
  Xebio Co. Ltd. 17,508 482
  Ain Pharmaciez Inc. 9,000 481
  Cocokara fine Inc. 15,389 480
  Arcs Co. Ltd. 22,200 477
  Tokyo Ohka Kogyo Co. Ltd. 22,073 475
  Toei Co. Ltd. 90,648 472
  Hokuto Corp. 21,895 472
  Sanken Electric Co. Ltd. 97,469 468
  Nisshin Oillio Group Ltd. 109,416 460
  MOS Food Services Inc. 23,710 459
  Central Glass Co. Ltd. 110,015 451
  Musashi Seimitsu Industry Co. Ltd. 19,215 450
  Topy Industries Ltd. 144,795 446
  Nichi-iko Pharmaceutical Co. Ltd. 21,500 446
  Kureha Corp. 93,338 446
  Fancl Corp. 33,904 444
  Toyo Ink SC Holdings Co. Ltd. 110,151 441
  AOKI Holdings Inc. 22,400 439
  Okinawa Electric Power Co. Inc. 10,940 436
  Sanyo Special Steel Co. Ltd. 93,472 434
^ Penta-Ocean Construction Co. Ltd. 147,000 432
  Sanki Engineering Co. Ltd. 82,000 429
  Maeda Corp. 102,306 428
  Tamron Co. Ltd. 14,200 428
  Pola Orbis Holdings Inc. 14,000 426
  Yamanashi Chuo Bank Ltd. 101,311 422
  Daiseki Co. Ltd. 24,387 421
  Nitto Boseki Co. Ltd. 110,738 421
  Bank of Iwate Ltd. 9,624 420
  Mizuno Corp. 76,782 419
  Sanwa Holdings Corp. 110,637 418
  Ryosan Co. Ltd. 22,079 418
  Hokuetsu Kishu Paper Co. Ltd. 65,221 417
  Morinaga Milk Industry Co. Ltd. 112,678 412
  Nippo Corp. 40,000 412
  Takasago Thermal Engineering Co. Ltd. 52,316 411
  Kappa Create Co. Ltd. 19,200 410
  Nippon Suisan Kaisha Ltd. 125,862 410
  Meidensha Corp. 114,919 409
  Bank of Okinawa Ltd. 9,804 409
  Nippon Light Metal Co. Ltd. 277,023 407
  Ship Healthcare Holdings Inc. 17,200 407
  ADEKA Corp. 44,255 407
  Ricoh Leasing Co. Ltd. 17,900 405
  Megachips Corp. 18,300 404
  Yamagata Bank Ltd. 87,426 402
  Toyo Tanso Co. Ltd. 11,010 402
  Shikoku Bank Ltd. 110,003 400
  Bank of the Ryukyus Ltd. 31,019 400
  Earth Chemical Co. Ltd. 11,015 399
  Mirait Holdings Corp. 54,900 395
  Taikisha Ltd. 19,663 392
  Jaccs Co. Ltd. 109,000 392
  Noritz Corp. 22,135 392
  Toho Zinc Co. Ltd. 90,758 389
  GMO internet Inc. 72,000 385

 

60

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
^ Kadokawa Group Holdings Inc. 13,350 384
  Unipres Corp. 12,200 383
  Ariake Japan Co. Ltd. 19,000 383
  Maruha Nichiro Holdings Inc. 220,348 383
  Nippon Soda Co. Ltd. 88,587 382
  Joshin Denki Co. Ltd. 39,000 382
  Mandom Corp. 15,079 382
  Geo Holdings Corp. 315 381
  Valor Co. Ltd. 21,700 381
  Seikagaku Corp. 35,464 380
  Keihin Corp. 22,349 380
  Akebono Brake Industry Co. Ltd. 75,357 379
  Yodogawa Steel Works Ltd. 95,113 379
  San-A Co. Ltd. 9,300 378
  Marudai Food Co. Ltd. 97,000 375
* Tokyo Dome Corp. 112,000 372
  Oiles Corp. 18,190 369
  Akita Bank Ltd. 111,000 364
  HIS Co. Ltd. 11,200 363
* Aderans Co. Ltd. 32,309 360
  Toyo Tire & Rubber Co. Ltd. 132,000 360
  Alpine Electronics Inc. 27,274 358
  Daio Paper Corp. 64,454 358
  Sintokogio Ltd. 34,000 357
  Saizeriya Co. Ltd. 22,921 356
  Dr Ci:Labo Co. Ltd. 76 353
  Toho Bank Ltd. 109,664 353
  Fukui Bank Ltd. 112,769 352
  Colowide Co. Ltd. 47,500 350
  Toyo Engineering Corp. 77,000 349
  Itoham Foods Inc. 92,000 349
  Daibiru Corp. 43,887 345
  Tomy Co. Ltd. 45,817 345
  Futaba Corp. 22,080 344
  Fujitec Co. Ltd. 55,000 343
  Nishimatsu Construction Co. Ltd. 159,000 342
  eAccess Ltd. 1,699 341
  So-net Entertainment Corp. 81 340
  TOC Co. Ltd. 60,500 339
  Tachi-S Co. Ltd. 17,600 336
  Aeon Delight Co. Ltd. 14,400 335
  Nihon Unisys Ltd. 44,600 335
  Takara Standard Co. Ltd. 45,098 334
  Aichi Steel Corp. 70,029 334
  Aomori Bank Ltd. 111,000 333
  Asahi Diamond Industrial Co. Ltd. 30,022 332
  Parco Co. Ltd. 33,700 331
  Nitta Corp. 17,400 330
  Sumitomo Light Metal Industries Ltd. 321,000 328
* Orient Corp. 254,500 328
  TPR Co. Ltd. 20,100 328
  Sanyo Chemical Industries Ltd. 50,274 327
  SHO-BOND Holdings Co. Ltd. 12,900 326
  Japan Securities Finance Co. Ltd. 62,641 324
  FCC Co. Ltd. 15,843 324
  Transcosmos Inc. 22,700 323
  Doutor Nichires Holdings Co. Ltd. 23,737 323
  Kyoei Steel Ltd. 17,200 323
  Nihon Parkerizing Co. Ltd. 21,596 323
  JVC Kenwood Corp. 75,540 322
  NSD Co. Ltd. 38,900 322
  Saibu Gas Co. Ltd. 114,734 322
  Japan Wool Textile Co. Ltd. 42,189 317
  TOMONY Holdings Inc. 69,400 317

 

61

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Heiwado Co. Ltd. 22,200 316
  Pigeon Corp. 7,900 315
  Daihen Corp. 93,759 314
  Eighteenth Bank Ltd. 111,000 313
  Amano Corp. 34,956 313
  Izumiya Co. Ltd. 61,000 311
  Nippon Denko Co. Ltd. 73,990 310
  Sakata Seed Corp. 22,056 309
  Kato Works Co. Ltd. 60,000 308
  Nagaileben Co. Ltd. 19,900 307
  Nichias Corp. 58,855 305
  Ryoyo Electro Corp. 27,600 305
  Okamura Corp. 41,000 303
  Yamazen Corp. 33,500 302
  Kyudenko Corp. 53,000 301
  Daiwabo Holdings Co. Ltd. 140,761 299
  Mitsubishi Shokuhin Co. Ltd. 11,500 297
  Daifuku Co. Ltd. 55,461 296
  Kitz Corp. 75,100 294
  Japan Aviation Electronics Industry Ltd. 32,000 294
  Nippon Carbon Co. Ltd. 108,000 294
  Monex Group Inc. 1,466 291
  Yoshinoya Holdings Co. Ltd. 223 290
  Ryobi Ltd. 80,435 289
  Nippon Chemi-Con Corp. 76,696 289
* Misawa Homes Co. Ltd. 22,200 289
  CKD Corp. 39,000 289
  EDION Corp. 45,933 288
  Fuji Co. Ltd. 12,500 287
  Bank of Nagoya Ltd. 89,121 287
  Asahi Organic Chemicals Industry Co. Ltd. 111,000 286
  Heiwa Real Estate Co. Ltd. 113,000 285
  Press Kogyo Co. Ltd. 48,000 285
  Toyo Corp. 25,500 285
  Nippon Signal Co. Ltd. 44,600 284
  Seiren Co. Ltd. 39,100 284
  Topcon Corp. 36,800 283
  Bank of Saga Ltd. 111,000 283
  Fujimi Inc. 22,300 283
  Mikuni Coca-Cola Bottling Co. Ltd. 31,600 280
  Canon Electronics Inc. 11,294 279
  TKC Corp. 12,800 277
  Nichii Gakkan Co. 20,200 277
  Daisan Bank Ltd. 137,000 277
  Morinaga & Co. Ltd. 120,518 277
  Mitsuboshi Belting Co. Ltd. 51,000 275
  Okamoto Industries Inc. 67,000 273
* Kanematsu Corp. 228,000 272
  Nakamuraya Co. Ltd. 55,000 272
  Sanyo Shokai Ltd. 96,000 272
  Shinmaywa Industries Ltd. 56,000 271
  Chofu Seisakusho Co. Ltd. 11,300 269
^ Tsugami Corp. 27,000 269
* Furukawa Co. Ltd. 283,000 268
  Ehime Bank Ltd. 95,000 267
  Iseki & Co. Ltd. 112,000 266
  Pilot Corp. 138 266
  Kato Sangyo Co. Ltd. 12,900 265
  DCM Holdings Co. Ltd. 34,800 264
  Japan Vilene Co. Ltd. 58,000 264
  Chiyoda Co. Ltd. 11,300 263
^,* Leopalace21 Corp. 84,400 262
  Star Micronics Co. Ltd. 24,700 262
* Unitika Ltd. 433,000 260

 

62

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Kurabo Industries Ltd. 139,000 259
  Megane TOP Co. Ltd. 20,100 258
  WATAMI Co. Ltd. 12,100 258
  Mie Bank Ltd. 110,000 255
  Itochu Enex Co. Ltd. 44,400 255
  Tokyo Tomin Bank Ltd. 22,300 255
  Nitto Kohki Co. Ltd. 11,400 254
  Yachiyo Bank Ltd. 11,200 254
  TOKAI Holdings Corp. 54,500 253
  Daikyo Inc. 97,000 253
  Nichiden Corp. 9,600 253
  Kintetsu World Express Inc. 7,000 251
^ Bic Camera Inc. 507 250
  Showa Sangyo Co. Ltd. 80,000 249
  Prima Meat Packers Ltd. 127,000 249
  Toa Corp. (Local) 137,000 248
  Okasan Securities Group Inc. 62,000 245
  Asahi Holdings Inc. 12,300 242
  Yorozu Corp. 12,000 242
  Mitsui Sugar Co. Ltd. 74,000 242
  Nippon Densetsu Kogyo Co. Ltd. 26,403 241
  Iino Kaiun Kaisha Ltd. 47,900 240
  Noritake Co. Ltd. 82,000 239
  Nippon Beet Sugar Manufacturing Co. Ltd. 112,000 238
  Godo Steel Ltd. 104,000 238
  Higashi-Nippon Bank Ltd. 111,000 238
  ZERIA Pharmaceutical Co. Ltd. 13,000 237
  Nihon Dempa Kogyo Co. Ltd. 17,200 237
  Avex Group Holdings Inc. 20,800 236
  Nippon Konpo Unyu Soko Co. Ltd. 18,000 234
  Denki Kogyo Co. Ltd. 51,400 233
  Aiphone Co. Ltd. 11,500 231
  Mitsuba Corp. 23,000 230
* Sankyo-Tateyama Holdings Inc. 112,000 230
  Sakai Chemical Industry Co. Ltd. 66,000 230
  ASKUL Corp. 11,500 230
  Aida Engineering Ltd. 40,600 228
  Alpen Co. Ltd. 11,200 228
  Osaka Steel Co. Ltd. 12,200 228
^,* Clarion Co. Ltd. 82,000 228
  Shibusawa Warehouse Co. Ltd. 77,000 228
  Toshiba Plant Systems & Services Corp. 21,524 228
  Senshukai Co. Ltd. 31,200 227
  Oyo Corp. 20,400 227
* Showa Corp. 25,800 225
  Chudenko Corp. 22,100 225
* JFE Shoji Trade Corp. 45,000 223
  Moshi Moshi Hotline Inc. 22,500 222
  Minato Bank Ltd. 121,000 222
  Kinugawa Rubber Industrial Co. Ltd. 30,000 221
  Hokuetsu Bank Ltd. 112,000 221
  Kisoji Co. Ltd. 11,200 220
  Tsutsumi Jewelry Co. Ltd. 7,500 219
  Oita Bank Ltd. 76,435 217
^,* Aiful Corp. 100,000 217
  Koa Corp. 21,300 217
  Trusco Nakayama Corp. 10,200 216
  Sekisui Jushi Corp. 22,000 216
  Shimizu Bank Ltd. 5,900 215
  Fuji Seal International Inc. 11,200 215
  Tokyo Rope Manufacturing Co. Ltd. 104,000 214
  Okabe Co. Ltd. 33,900 214
  Michinoku Bank Ltd. 111,000 214
  Kamei Corp. 15,000 212

 

63

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Max Co. Ltd. 17,000 212
  Toyo Construction Co. Ltd. 217,000 211
* Mitsubishi Paper Mills Ltd. 223,000 209
  Ines Corp. 26,500 208
  Sanden Corp. 63,000 208
  Kohnan Shoji Co. Ltd. 14,200 206
  Toli Corp. 99,000 206
  Shinko Plantech Co. Ltd. 24,200 204
  Riken Corp. 48,000 203
  NEC Networks & System Integration Corp. 13,600 202
  Cosmos Pharmaceutical Corp. 3,600 202
  T-Gaia Corp. 115 201
  Nippon Thompson Co. Ltd. 36,000 199
  Wood One Co. Ltd. 48,000 198
  Nippon Shinyaku Co. Ltd. 15,571 197
  Nippon Gas Co. Ltd. 12,400 197
  Roland Corp. 20,100 197
  DTS Corp. 14,400 195
  Bando Chemical Industries Ltd. 53,000 195
  Nissan Shatai Co. Ltd. 18,000 190
  AOC Holdings Inc. 33,900 189
  Gunze Ltd. 69,079 189
  Idec Corp. 19,100 188
  Kumiai Chemical Industry Co. Ltd. 47,000 187
  FIDEA Holdings Co. Ltd. 75,300 186
^ Japan Drilling Co. Ltd. 6,100 186
  Round One Corp. 28,400 186
  Ministop Co. Ltd. 10,500 185
  Sato Holdings Corp. 13,000 185
  T RAD Co. Ltd. 47,000 184
* Kenedix Inc. 1,018 183
  Seiko Holdings Corp. 72,291 183
  Enplas Corp. 6,700 182
  Milbon Co. Ltd. 6,050 181
  Toyo Kanetsu KK 80,000 181
  Daido Metal Co. Ltd. 15,000 179
  Takuma Co. Ltd. 38,000 179
  Kyokuto Kaihatsu Kogyo Co. Ltd. 18,600 179
  Atsugi Co. Ltd. 150,000 178
  Mimasu Semiconductor Industry Co. Ltd. 19,400 178
  Yuasa Trading Co. Ltd. 102,000 177
^,* Daiei Inc. 53,500 177
  Sanyo Denki Co. Ltd. 28,000 176
  Sodick Co. Ltd. 34,900 176
  Vital KSK Holdings Inc. 19,200 176
  Paramount Bed Holdings Co. Ltd. 5,700 175
  Morita Holdings Corp. 26,154 174
  United Arrows Ltd. 7,600 174
  Hosiden Corp. 26,000 172
* Chiba Kogyo Bank Ltd. 33,200 172
  SWCC Showa Holdings Co. Ltd. 188,000 171
  Shin-Etsu Polymer Co. Ltd. 36,000 171
* Ishihara Sangyo Kaisha Ltd. 177,000 170
  Coca-Cola Central Japan Co. Ltd. 12,900 169
  Sasebo Heavy Industries Co. Ltd. 112,000 168
  Foster Electric Co. Ltd. 11,285 168
  Eizo Nanao Corp. 8,700 168
* Janome Sewing Machine Co. Ltd. 194,000 167
  Melco Holdings Inc. 7,100 166
  Kitagawa Iron Works Co. Ltd. 87,000 165
  Mitsubishi Steel Manufacturing Co. Ltd. 52,000 164
  Nippon Seiki Co. Ltd. 13,000 164
  Fujitsu General Ltd. 19,000 162
  Mitsui Matsushima Co. Ltd. 81,000 158

 

64

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Hibiya Engineering Ltd. 14,300 158
  Toshiba Machine Co. Ltd. 29,000 158
  Kentucky Fried Chicken Japan Ltd. 6,000 157
  Nippon Steel Trading Co. Ltd. 54,000 156
  Nippon Koei Co. Ltd. 44,000 155
  SMK Corp. 47,000 153
  Kurimoto Ltd. 66,000 153
  NEC Mobiling Ltd. 4,200 153
  PGM Holdings K K 197 153
  Tokyu Livable Inc. 13,700 151
  Dai-Dan Co. Ltd. 24,000 151
  Krosaki Harima Corp. 51,000 151
  Uniden Corp. 41,000 151
  Taihei Dengyo Kaisha Ltd. 18,000 150
  Gurunavi Inc. 13,400 150
^,* Matsuya Co. Ltd. 16,700 150
  Totetsu Kogyo Co. Ltd. 14,000 150
  Daikokutenbussan Co. Ltd. 5,400 150
  Chugoku Marine Paints Ltd. 25,000 149
  Descente Ltd. 26,000 149
  Toa Corp. (Foreign) 17,000 148
  Sankyo Seiko Co. Ltd. 45,097 148
  Paris Miki Holdings Inc. 23,200 148
  Toridoll.corp 11,600 148
  Token Corp. 4,050 147
  Taiyo Holdings Co. Ltd. 5,500 146
  Denyo Co. Ltd. 11,200 145
  Paltac Corp. 9,900 145
  Nagano Bank Ltd. 75,000 144
  Towa Pharmaceutical Co. Ltd. 3,100 142
  Taiko Pharmaceutical Co. Ltd. 14,300 141
  Asahi Co. Ltd. 7,100 140
  Aisan Industry Co. Ltd. 13,200 140
  Towa Bank Ltd. 128,000 139
  Tatsuta Electric Wire and Cable Co. Ltd. 23,000 139
  Nippon Chemiphar Co. Ltd. 26,000 139
  Honeys Co. Ltd. 7,390 139
  Fuji Kyuko Co. Ltd. 22,000 138
  Nissin Electric Co. Ltd. 24,000 137
  Okuwa Co. Ltd. 10,000 137
  Tsukishima Kikai Co. Ltd. 16,000 136
* CMK Corp. 25,700 132
  France Bed Holdings Co. Ltd. 68,000 132
  Mars Engineering Corp. 5,800 132
  GROWELL HOLDINGS Co. Ltd. 4,100 132
  UKC Holdings Corp. 9,500 131
  Ichiyoshi Securities Co. Ltd. 22,600 131
  Seika Corp. 45,000 130
  Nippon Synthetic Chemical Industry Co. Ltd. 22,000 130
  Yellow Hat Ltd. 7,500 130
  Japan Radio Co. Ltd. 53,000 130
* Asahi Intecc Co. Ltd. 4,800 130
  Toda Kogyo Corp. 20,000 129
  Kyokuto Securities Co. Ltd. 14,500 129
  Plenus Co. Ltd. 6,600 128
  Nihon M&A Center Inc. 4,400 126
  Futaba Industrial Co. Ltd. 23,600 126
  OBIC Business Consultants Ltd. 2,650 126
  Maruwa Co. Ltd. 3,100 125
  Kuroda Electric Co. Ltd. 12,200 125
^ Ringer Hut Co. Ltd. 9,300 125
  Siix Corp. 8,100 125
  Hamakyorex Co. Ltd. 3,500 125
  Riso Kagaku Corp. 8,500 124

 

65

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Konishi Co. Ltd. 9,000 124
  Arc Land Sakamoto Co. Ltd. 7,900 124
  Organo Corp. 19,000 124
  Yokohama Reito Co. Ltd. 15,800 123
  kabu.com Securities Co. Ltd. 38,200 123
  Tenma Corp. 11,000 123
  Shizuoka Gas Co. Ltd. 17,000 123
  Cawachi Ltd. 5,100 123
  Nitto Kogyo Corp. 8,400 122
  Inabata & Co. Ltd. 18,500 122
  Hisaka Works Ltd. 11,000 120
  Nippon Ceramic Co. Ltd. 7,000 120
  Raito Kogyo Co. Ltd. 22,500 119
  Furukawa-Sky Aluminum Corp. 40,000 119
  Belluna Co. Ltd. 14,900 118
  Atom Corp. 28,400 118
  Nohmi Bosai Ltd. 17,000 118
  Rhythm Watch Co. Ltd. 70,000 117
  Yushin Precision Equipment Co. Ltd. 5,100 116
  Takasago International Corp. 23,000 116
  Kyodo Printing Co. Ltd. 42,000 115
  Modec Inc. 5,500 115
  Osaki Electric Co. Ltd. 11,000 115
  Cosel Co. Ltd. 8,100 115
  Nichiha Corp. 9,400 115
  Eagle Industry Co. Ltd. 12,000 115
  Macromill Inc. 11,500 115
  Tsukuba Bank Ltd. 35,700 115
  Senko Co. Ltd. 26,000 114
  Zappallas Inc. 107 114
  Nippon Road Co. Ltd. 29,000 114
  Maezawa Kasei Industries Co. Ltd. 9,600 113
  Gakken Holdings Co. Ltd. 47,000 113
  Daiichi Jitsugyo Co. Ltd. 22,000 113
  Neturen Co. Ltd. 12,700 113
^ Dai-ichi Seiko Co. Ltd. 4,600 112
* Best Denki Co. Ltd. 46,000 112
* Tobishima Corp. 98,300 111
  Obara Group Inc. 8,300 111
  Achilles Corp. 82,000 111
  Tsurumi Manufacturing Co. Ltd. 13,000 111
  Shinwa Co. Ltd. 9,300 110
  Kanamoto Co. Ltd. 10,000 110
  Arnest One Corp. 9,700 110
  Sumikin Bussan Corp. 43,000 110
  Piolax Inc. 4,500 110
  Yaoko Co. Ltd. 3,100 109
  St. Marc Holdings Co. Ltd. 2,800 108
  Nihon Nohyaku Co. Ltd. 24,000 108
  Nissen Holdings Co. Ltd. 20,700 108
  Sakata INX Corp. 21,000 108
  Sanoh Industrial Co. Ltd. 13,800 107
  Mitsubishi Pencil Co. Ltd. 6,100 107
  Torii Pharmaceutical Co. Ltd. 5,700 107
  Daiwa Industries Ltd. 21,000 107
  Tecmo Koei Holdings Co. Ltd. 12,600 106
  Goldcrest Co. Ltd. 6,180 106
  As One Corp. 4,800 106
  Mitsuuroko Holdings Co. Ltd. 15,700 106
  Aichi Bank Ltd. 1,900 105
* Toko Inc. 32,000 105
  Union Tool Co. 5,800 105
* Fujiya Co. Ltd. 41,000 105
  Taihei Kogyo Co. Ltd. 20,000 105

 

66

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Takihyo Co. Ltd. 18,000 105
^,* Fudo Tetra Corp. 57,900 105
  Toenec Corp. 18,000 105
  Toyo Securities Co. Ltd. 43,000 104
  Royal Holdings Co. Ltd. 8,800 104
  Kanto Denka Kogyo Co. Ltd. 32,000 104
  Shindengen Electric Manufacturing Co. Ltd. 25,000 103
  Nidec Copal Corp. 8,500 103
  Tokyotokeiba Co. Ltd. 70,000 103
* Daiichi Chuo KK 75,000 103
  Axell Corp. 4,700 102
  Doshisha Co. Ltd. 3,500 102
  T Hasegawa Co. Ltd. 7,200 102
  Nishimatsuya Chain Co. Ltd. 12,200 102
  Chugai Ro Co. Ltd. 31,000 102
  Tomoku Co. Ltd. 35,000 102
  Kyokuyo Co. Ltd. 43,000 102
  Kita-Nippon Bank Ltd. 4,000 102
  Shikoku Chemicals Corp. 18,000 101
  Takamatsu Construction Group Co. Ltd. 5,900 101
  Fuji Electronics Co. Ltd. 6,700 101
  Nagatanien Co. Ltd. 9,000 101
  Kasumi Co. Ltd. 13,700 99
  Koatsu Gas Kogyo Co. Ltd. 16,000 99
  Takiron Co. Ltd. 28,000 99
  Daiso Co. Ltd. 33,000 98
  Eiken Chemical Co. Ltd. 7,100 98
  Matsuda Sangyo Co. Ltd. 6,200 97
  Panasonic Electric Works SUNX Co. Ltd. 19,100 97
  Japan Cash Machine Co. Ltd. 10,700 97
  Kanaden Corp. 15,000 97
^ Takaoka Electric Manufacturing Co. Ltd. 39,000 96
  Chukyo Bank Ltd. 39,000 96
  Tochigi Bank Ltd. 28,000 96
  Miyazaki Bank Ltd. 37,000 95
  U-Shin Ltd. 12,600 95
  Internet Initiative Japan Inc. 24 94
  JSP Corp. 6,900 94
  Nippon Coke & Engineering Co. Ltd. 65,500 94
  Pacific Industrial Co. Ltd. 15,000 93
  BML Inc. 3,700 93
  ST Corp. 7,500 93
  J-Oil Mills Inc. 33,000 93
  ASKA Pharmaceutical Co. Ltd. 16,000 93
  Arakawa Chemical Industries Ltd. 10,700 92
  Hokkaido Gas Co. Ltd. 28,000 92
  NEC Fielding Ltd. 7,300 92
  Riken Technos Corp. 30,000 91
  Nippon Yakin Kogyo Co. Ltd. 57,000 90
  Yokogawa Bridge Holdings Corp. 13,000 89
  Nidec-Tosok Corp. 8,500 89
  Topre Corp. 9,400 88
  Tokyu Construction Co. Ltd. 37,000 88
  Nice Holdings Inc. 30,000 88
  Ryoden Trading Co. Ltd. 15,000 88
  Yonekyu Corp. 9,100 87
  Nidec Copal Electronics Corp. 15,200 87
  Fujimori Kogyo Co. Ltd. 5,100 87
  Kaga Electronics Co. Ltd. 8,200 87
  Yusen Logistics Co. Ltd. 5,700 87
  Tokyo Rakutenchi Co. Ltd. 23,000 87
^ V Technology Co. Ltd. 28 87
  Nippon Valqua Industries Ltd. 31,000 86
  Toyo Kohan Co. Ltd. 24,000 86

 

67

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Gulliver International Co. Ltd. 2,390 85
  Nittetsu Mining Co. Ltd. 20,000 85
  Japan Pulp & Paper Co. Ltd. 24,000 85
  Komori Corp. 9,700 85
  Sekisui Plastics Co. Ltd. 24,000 83
  Maezawa Kyuso Industries Co. Ltd. 5,900 82
  Olympic Corp. 7,800 82
  Japan Digital Laboratory Co. Ltd. 7,500 82
  Yushiro Chemical Industry Co. Ltd. 7,700 81
  Sanshin Electronics Co. Ltd. 10,400 79
* Sumitomo Mitsui Construction Co. Ltd. 93,400 78
  Nomura Co. Ltd. 21,000 78
  Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd. 21,000 78
  EPS Corp. 31 77
  Dwango Co. Ltd. 51 76
  Shimojima Co. Ltd. 5,600 75
  Juki Corp. 38,000 75
  Shinko Shoji Co. Ltd. 8,800 74
  Bunka Shutter Co. Ltd. 19,000 72
  Kojima Co. Ltd. 15,100 72
  Tekken Corp. 48,000 70
  Corona Corp. 5,000 70
  Macnica Inc. 3,000 70
  Kyosan Electric Manufacturing Co. Ltd. 16,000 70
  Dydo Drinco Inc. 1,700 69
  Tocalo Co. Ltd. 3,800 68
  Nihon Yamamura Glass Co. Ltd. 27,000 68
  NS United Kaiun Kaisha Ltd. 41,000 66
* Kumagai Gumi Co. Ltd. 63,000 65
  Torishima Pump Manufacturing Co. Ltd. 5,000 63
  Tamura Corp. 23,000 63
  Zuken Inc. 7,600 60
  Nippon Sharyo Ltd. 16,000 60
  Sumitomo Precision Products Co. Ltd. 11,000 60
* Iwasaki Electric Co. Ltd. 29,000 60
  Hosokawa Micron Corp. 10,000 59
  Okura Industrial Co. Ltd. 19,000 58
  Hitachi Medical Corp. 4,000 58
  Kura Corp. 3,700 55
  Aichi Corp. 12,200 54
  Daiken Corp. 16,000 53
  Yurtec Corp. 11,000 52
  Arisawa Manufacturing Co. Ltd. 13,900 51
  Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 11,000 51
  Ohara Inc. 4,400 50
  Hodogaya Chemical Co. Ltd. 16,000 49
  Kanto Natural Gas Development Ltd. 9,000 47
  Gun-Ei Chemical Industry Co. Ltd. 18,000 47
  Namura Shipbuilding Co. Ltd. 11,700 46
  Hokuriku Electric Industry Co. Ltd. 32,000 46
  Teikoku Electric Manufacturing Co. Ltd. 2,300 45
  Jeol Ltd. 15,000 45
  Meisei Industrial Co. Ltd. 15,000 45
  Shoei Co. Ltd. 11,600 43
  Mitsubishi Kakoki Kaisha Ltd. 22,000 43
  Elematec Corp. 2,800 41
  Sumitomo Seika Chemicals Co. Ltd. 9,000 39
  Nippon Chemical Industrial Co. Ltd. 24,000 39
* FDK Corp. 33,000 39
* Nippon Metal Industry Co. Ltd. 46,000 36
  Shibaura Mechatronics Corp. 13,000 34
* Nakayama Steel Works Ltd. 37,000 33
  Yahagi Construction Co. Ltd. 5,200 27
  Stella Chemifa Corp. 500 11

 

68

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Tv Tokyo Holdings Corp. 600 8
      151,872
Luxembourg (0.0%)    
* Samsonite International SA 250,000 482
 
Malaysia (1.3%)    
  Dialog Group Bhd. 1,096,743 817
  Genting Plantations Bhd. 253,273 785
  SapuraCrest Petroleum Bhd. 407,115 681
* Kencana Petroleum Bhd. 623,400 678
  IGB Corp. Bhd. 744,673 674
  Multi-Purpose Holdings Bhd. 667,144 589
  Media Prima Bhd. 671,940 566
  Berjaya Corp. Bhd. 2,115,371 558
  Bursa Malaysia Bhd. 249,336 556
  Kulim Malaysia Bhd. 396,236 553
  Affin Holdings Bhd. 509,200 516
  Malaysian Resources Corp. Bhd. 896,547 493
  DRB-Hicom Bhd. 572,727 481
  Carlsberg Brewery Malaysia Bhd. 121,000 462
  Top Glove Corp. Bhd. 287,679 444
  Malaysia Airports Holdings Bhd. 211,977 405
  Boustead Holdings Bhd. 232,842 402
  TAN Chong Motor Holdings Bhd. 225,898 338
  WCT Bhd. 410,043 317
  KLCC Property Holdings Bhd. 272,799 306
* Malaysian Airline System Bhd. 757,500 305
  Mah Sing Group Bhd. 468,500 303
  Eastern & Oriental Bhd. 648,400 298
  Hartalega Holdings Bhd. 112,800 290
  QL Resources Bhd. 259,200 270
  OSK Holdings Bhd. 470,881 265
  Wah Seong Corp. Bhd. 391,736 262
* Tradewinds Malaysia Bhd. 79,700 257
  IJM Land Bhd. 343,100 250
  MSM Malaysia Holdings Bhd. 142,100 240
  HAP Seng Consolidated Bhd. 413,500 225
* Mulpha International Bhd. 1,519,700 220
  Lion Industries Corp. Bhd. 425,900 196
  Supermax Corp. Bhd. 289,950 181
  KPJ Healthcare Bhd. 97,100 178
  Samling Global Ltd. 1,776,000 168
* POS Malaysia Bhd. 186,300 168
  TA Enterprise Bhd. 849,900 158
* Puncak Niaga Holding Bhd. 252,500 107
  Unisem M Bhd. 213,580 101
* KNM Group Bhd. 356,646 98
  Mudajaya Group Bhd. 114,100 97
  Maybank Kim Eng Securities Thailand PCL 197,500 96
  Muhibbah Engineering M Bhd. 235,900 95
* Scomi Group Bhd. 1,072,000 92
* Perdana Petroleum Bhd. 413,500 84
  Malaysian Bulk Carriers Bhd. 123,200 65
* Dialog Group Bhd. Warrants Exp. 02/12/2017 91,395 17
* Kulim Malaysia Bhd. Warrants Exp.02/27/2016 46,729 14
* WCT Bhd. Warrants Exp. 02/24/2016 73,268 11
* Sunway Bhd. Warrants Exp. 08/17/2016 38,197 6
  Pharmaniaga Bhd. 4,049 6
* Perdana Petroleum Bhd. Warrants Exp. Exp. 10/26/2015 25,612 2
* Media Prima Bhd. Warrants Exp. 12/31/2014 9,277 2
      15,748
Mexico (0.9%)    
* Coca-Cola Femsa SAB de CV 254,598 2,705
  Grupo Aeroportuario del Sureste SAB de CV Class B 189,019 1,541

 

69

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Compartamos SAB de CV 787,040 960
* Genomma Lab Internacional SAB de CV Class B 396,042 699
  TV Azteca SAB de CV 1,045,954 679
* Empresas ICA SAB de CV 344,900 624
* Industrias CH SAB de CV Class B 135,572 615
* OHL Mexico SAB de CV 309,400 489
* Controladora Comercial Mexicana SAB de CV 226,800 481
  Bolsa Mexicana de Valores SAB de CV 240,100 480
* Desarrolladora Homex SAB de CV 140,100 392
* Gruma SAB de CV Class B 122,400 339
  Grupo Comercial Chedraui SA de CV 122,200 317
  Grupo Aeroportuario del Centro Norte Sab de CV 150,574 308
* Corp GEO SAB de CV 203,300 271
* Grupo Simec SAB de CV Class B 69,115 214
* Axtel SAB de CV 467,344 128
  Consorcio ARA SAB de CV 259,400 82
* Grupo Famsa SAB de CV Class A 32,457 24
      11,348
Morocco (0.0%)    
  Managem 1,779 341
 
Netherlands (1.5%)    
  Imtech NV 59,525 1,683
  Nutreco NV 22,637 1,645
  Aalberts Industries NV 71,685 1,376
  Delta Lloyd NV 80,802 1,363
  ASM International NV 36,633 1,297
  Wereldhave NV 14,258 1,003
  Eurocommercial Properties NV 26,847 942
  Arcadis NV 30,659 711
  TKH Group NV 25,640 677
  Vastned Retail NV 11,551 568
  Mediq NV 42,137 559
  CSM 38,855 548
  Koninklijke Ten Cate NV 16,759 512
  BinckBank NV 52,936 502
  USG People NV 51,837 490
  Unit 4 NV 16,031 468
* Wavin NV 32,290 449
  Nieuwe Steen Investments NV 40,111 441
  Sligro Food Group NV 13,568 412
  Brunel International NV 6,455 303
  Beter Bed Holding NV 12,085 246
  Koninklijke BAM Groep NV 68,216 243
  Accell Group 11,313 228
^,* TomTom NV 41,202 205
  Heijmans NV 14,687 144
  Koninklijke Wessanen NV 47,793 143
* AMG Advanced Metallurgical Group NV 14,017 143
  Grontmij NV 17,968 124
  KAS Bank NV 5,839 64
  Kardan NV 39,139 60
* SNS REAAL NV 28,961 57
* Nieuwe Steen Investments NV Warrants Exp. 04/1/2013 8,156 —
      17,606
New Zealand (0.2%)    
  Infratil Ltd. 324,093 502
  Freightways Ltd. 127,166 431
  Goodman Property Trust 411,230 350
  Nuplex Industries Ltd. 141,729 310
  AMP NZ Office Ltd. 386,275 306
* Fisher & Paykel Appliances Holdings Ltd. 581,657 256
  Tower Ltd. 175,020 236
  New Zealand Oil & Gas Ltd. 306,155 192

 

70

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Mainfreight Ltd. 22,501 181
  Vital Healthcare Property Trust 143,015 146
      2,910
Norway (1.6%)    
* Petroleum Geo-Services ASA 137,805 2,085
  Schibsted ASA 52,740 2,013
  TGS Nopec Geophysical Co. ASA 64,930 1,885
  ProSafe SE 139,780 1,092
* DNO International ASA 624,298 991
^ Statoil Fuel & Retail ASA 89,706 804
  Marine Harvest ASA 1,527,109 784
^ Tomra Systems ASA 94,615 738
  Fred Olsen Energy ASA 17,185 714
  Kongsberg Gruppen AS 36,422 703
  Cermaq ASA 47,480 649
^,* Algeta ASA 26,921 637
^ Atea ASA 58,534 624
  SpareBank 1 SMN 80,380 497
  BW Offshore Ltd. 336,367 467
  Norwegian Property ASA 312,201 464
^ Opera Software ASA 59,233 383
  Nordic Semiconductor ASA 105,761 366
^,* Dockwise Ltd. 18,299 364
* Songa Offshore SE 97,423 336
  Stolt-Nielsen Ltd. 17,994 322
* Siem Offshore Inc. 143,097 270
^ Frontline Ltd. 38,697 257
^,* Archer Ltd. 114,026 238
^,* Renewable Energy Corp. ASA 339,991 194
* Norwegian Energy Co. AS 151,618 191
^,* Norwegian Air Shuttle AS 11,032 186
  Leroey Seafood Group ASA 11,238 176
* Pronova BioPharma AS 108,875 136
^,* Norske Skogindustrier ASA 121,538 122
  Golden Ocean Group Ltd. 110,143 100
  Austevoll Seafood ASA 21,611 79
      18,867
Philippines (0.6%)    
  Metro Pacific Investments Corp. 7,796,650 826
  Universal Robina Corp. 512,019 787
  Philex Mining Corp. 1,321,981 780
  International Container Terminal Services Inc. 475,481 763
* Philippine National Bank 405,060 720
  Semirara Mining Corp. Class A 120,240 715
  Robinsons Land Corp. 1,101,275 450
* First Gen Corp. 1,345,168 450
  Security Bank Corp. 116,490 393
  Manila Water Co. Inc. 608,161 356
* Belle Corp. 2,440,000 279
  Megaworld Corp. 5,357,906 274
  Filinvest Land Inc. 6,932,600 221
* Cebu Air Inc. 119,730 198
  First Philippine Holdings Corp. 126,580 191
  Vista Land & Lifescapes Inc. 1,825,000 188
* Atlas Consolidated Mining & Development 357,800 164
      7,755
Poland (0.5%)    
  Synthos SA 802,489 1,551
* Kernel Holding SA 34,990 772
  Asseco Poland SA 50,556 753
  Eurocash SA 44,973 549
* Netia SA 249,470 478
* Grupa Lotos SA 47,290 425

 

71

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Bank Millennium SA 239,366 315
  Budimex SA 8,493 213
^,* Boryszew SA 939,998 209
* Rovese SA 89,774 120
* Ciech SA 18,873 103
  Polimex-Mostostal SA 301,121 97
  Agora SA 24,003 91
^ PBG SA 9,164 74
^,* Bioton SA 2,913,438 74
      5,824
Portugal (0.2%)    
^ Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA 185,859 627
^ Sonae 705,011 383
  Portucel Empresa Produtora de Pasta e Papel SA 146,232 371
* Semapa-Sociedade de Investimento e Gestao 38,534 277
^,* Banco BPI SA 299,365 160
  Mota-Engil SGPS SA 85,203 140
  REN - Redes Energeticas Nacionais SA 44,064 117
  Altri SGPS SA 56,620 82
  Sonaecom - SGPS SA 33,082 53
* BANIF SGPS SA 206,642 46
      2,256
Russia (0.3%)    
  AK Transneft OAO Prior Pfd. 955 1,792
  VSMPO-AVISMA Corp. 3,401 570
* AvtoVAZ OAO 455,202 346
  Acron JSC 7,565 344
* OGK-1 OAO 14,148,000 304
  OGK-2 OAO 6,986,492 145
      3,501
Singapore (1.6%)    
  Suntec REIT 1,350,510 1,425
  SATS Ltd. 538,878 1,135
  Mapletree Logistics Trust 1,354,280 1,070
* Biosensors International Group Ltd. 790,004 850
  CDL Hospitality Trusts 517,250 789
  Mapletree Industrial Trust 687,000 627
^ Sakari Resources Ltd. 396,116 627
^ Hyflux Ltd. 517,169 598
  Mapletree Commercial Trust 776,000 570
  Fortune REIT 943,836 507
  STX OSV Holdings Ltd. 330,000 424
  GMG Global Ltd. 3,654,000 409
  Ascott Residence Trust 434,882 393
  Ascendas India Trust 576,000 378
  Cambridge Industrial Trust 856,260 373
  K-REIT Asia 460,650 371
1 ARA Asset Management Ltd. 301,100 369
  Parkway Life REIT 232,485 347
  Ho Bee Investment Ltd. 312,000 347
  First Resources Ltd. 227,629 345
  Super Group Ltd. 220,000 337
  Raffles Medical Group Ltd. 164,000 306
  Goodpack Ltd. 227,495 296
  Lippo Malls Indonesia Retail Trust 884,000 293
  CapitaRetail China Trust 277,000 290
^,* LionGold Corp. Ltd. 346,000 288
  OSIM International Ltd. 286,000 278
  Sabana Shari'ah Compliant Industrial REIT 340,000 263
  Frasers Commercial Trust 347,200 258
  Cityspring Infrastructure Trust 785,000 250
^ Frasers Centrepoint Trust 194,000 249
  Tat Hong Holdings Ltd. 289,000 246

 

72

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  United Engineers Ltd. 121,000 245
  CSE Global Ltd. 398,759 239
* Tiger Airways Holdings Ltd. 389,000 219
  Hi-P International Ltd. 297,000 214
  Cache Logistics Trust 255,000 213
  AIMS AMP Capital Industrial REIT 210,400 205
  Ezion Holdings Ltd. 291,000 204
  GuocoLeisure Ltd. 415,000 199
* Ezra Holdings Ltd. 243,902 198
* Gallant Venture Ltd. 837,000 192
^ Raffles Education Corp. Ltd. 500,366 169
  First REIT 233,000 168
  UOB-Kay Hian Holdings Ltd. 117,000 162
  Midas Holdings Ltd. 506,847 149
* Synear Food Holdings Ltd. 1,392,000 136
  Perennial China Retail Trust 311,000 129
  Sound Global Ltd. 294,000 125
  Starhill Global REIT 234,000 124
* Ying Li International Real Estate Ltd. 477,000 117
* Oceanus Group Ltd. 1,242,000 79
  China XLX Fertiliser Ltd. 264,000 68
  First Ship Lease Trust 329,000 52
  China Fishery Group Ltd. 59,330 50
* Swiber Holdings Ltd. 75,000 35
      18,999
South Africa (0.6%)    
* Brait SE 329,643 1,033
  DataTec Ltd. 110,477 649
  Aquarius Platinum Ltd. 272,906 579
  SA Corporate Real Estate Fund Nominees Pty Ltd. 1,268,844 546
  Coronation Fund Managers Ltd. 134,598 505
  Omnia Holdings Ltd. 36,329 458
* Super Group Ltd. 227,636 431
  Astral Foods Ltd. 26,380 418
  Emira Property Fund 254,788 410
  Vukile Property Fund Ltd. 157,863 316
  Blue Label Telecoms Ltd. 360,830 316
  City Lodge Hotels Ltd. 25,315 277
  Eqstra Holdings Ltd. 294,379 272
  EOH Holdings Ltd. 53,035 224
  Clover Industries Ltd. 101,732 199
  Cipla Medpro South Africa Ltd. 191,433 180
  DRDGOLD Ltd. 257,096 175
  Palabora Mining Co. Ltd. 8,242 165
  Raubex Group Ltd. 87,594 162
* Sentula Mining Ltd. 447,672 131
* Hulamin Ltd. 124,325 113
  Group Five Ltd. 8,706 33
* Merafe Resources Ltd. 151,049 17
      7,609
South Korea (3.3%)    
  Hotel Shilla Co. Ltd. 25,851 1,206
  LG International Corp. 23,661 965
  Korean Reinsurance Co. 72,868 880
  Seah Besteel Corp. 21,813 867
  Macquarie Korea Infrastructure Fund 152,465 747
  Hyundai Home Shopping Network Corp. 5,549 674
  Taekwang Industrial Co. Ltd. 732 664
^ Hyundai Greenfood Co. Ltd. 47,295 664
  SK Chemicals Co. Ltd. 12,874 639
  Kolon Industries Inc. 11,437 631
  LG Fashion Corp. 18,054 599
  LIG Insurance Co. Ltd. 27,790 575
  Poongsan Corp. 19,558 514

 

73

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
^ SFA Engineering Corp. 10,783 512
  Young Poong Corp. 551 501
  LG Innotek Co. Ltd. 6,869 491
^ Seoul Semiconductor Co. Ltd. 25,865 484
  KIWOOM Securities Co. Ltd. 8,150 483
  Dong-A Pharmaceutical Co. Ltd. 7,340 480
* GemVax & Kael Co. Ltd. 13,822 479
  Meritz Fire & Marine Insurance Co. Ltd. 45,620 470
  Youngone Corp. 21,254 460
  Handsome Co. Ltd. 13,660 460
* 3S Korea Co. Ltd. 25,271 455
  Fila Korea Ltd. 6,325 450
  Hyundai Elevator Co. Ltd. 4,897 434
* Medipost Co. Ltd. 4,511 431
* Ssangyong Motor Co. 74,200 398
^ Nexen Tire Corp. 22,200 371
* Asiana Airlines Inc. 64,272 363
  Doosan Engineering & Construction Co. Ltd. 127,480 357
  CJ CGV Co. Ltd. 14,453 339
  Hana Tour Service Inc. 8,261 338
* TK Corp. 12,494 337
^ Capro Corp. 18,960 327
^ Sung Kwang Bend Co. Ltd. 15,656 319
  Daeduck Electronics Co. 31,010 316
  TONGYANG Securities Inc. 81,430 314
* SM Entertainment Co. 8,754 313
^,* CJ E&M Corp. 12,496 311
^,* LG Life Sciences Ltd. 11,392 308
  Youngone Holdings Co. Ltd. 6,140 307
  Huchems Fine Chemical Corp. 15,338 306
^ Lock & Lock Co. Ltd. 10,789 292
  Grand Korea Leisure Co. Ltd. 13,910 291
  CJ O Shopping Co. Ltd. 1,846 289
* SK Broadband Co. Ltd. 99,559 284
  Daesang Corp. 17,480 281
  Ahnlab Inc. 2,528 269
  Green Cross Corp. 2,259 267
  Sungwoo Hitech Co. Ltd. 23,748 266
  Sam Young Electronics Co. Ltd. 30,560 252
  KP Chemical Corp. 19,640 248
  Hansol Paper Co. 35,760 242
* Chabio & Diostech Co. Ltd. 30,945 240
  Green Cross Holdings Corp. 21,060 239
* Neowiz Games Corp. 10,531 236
  MegaStudy Co. Ltd. 2,522 234
  Lotte Samkang Co. Ltd. 549 234
  Binggrae Co. Ltd. 4,040 232
  S&T Dynamics Co. Ltd. 18,893 227
  Kolon Global Corp. 45,230 225
  E1 Corp. 5,167 225
  Tong Yang Life Insurance 25,380 224
^,* Woongjin Chemical Co. Ltd. 322,800 222
* Komipharm International Co. Ltd. 26,575 222
  LS Industrial Systems Co. Ltd. 4,359 222
  Ottogi Corp. 1,507 221
^ Hansol Technics Co. Ltd. 12,161 219
  Dongsuh Co. Inc. 7,489 218
  Samchully Co. Ltd. 2,706 218
^,* Taihan Electric Wire Co. Ltd. 78,911 216
* Seegene Inc. 4,190 206
  Daeduck GDS Co. Ltd. 18,520 206
  Jeonbuk Bank 49,128 205
* KT Skylife Co. Ltd. 10,640 205
  Daou Technology Inc. 20,630 205

 

74

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
* Foosung Co. Ltd. 37,170 202
  Hanmi Pharm Co. Ltd. 3,799 202
  Silicon Works Co. Ltd. 8,072 200
* RNL BIO Co. Ltd. 53,590 199
  Sindoh Co. Ltd. 4,070 198
  GS Home Shopping Inc. 2,025 198
* Dongbu HiTek Co. Ltd. 27,650 195
  S&T Motiv Co. Ltd. 8,240 195
  Partron Co. Ltd. 16,013 186
  Paradise Co. Ltd. 20,841 184
* Wonik IPS Co. Ltd. 28,984 183
^ EG Corp. 3,452 182
  KEPCO Plant Service & Engineering Co. Ltd. 4,925 181
  OCI Materials Co. Ltd. 4,382 179
  Namyang Dairy Products Co. Ltd. 308 177
* Hanwha General Insurance Co. Ltd. 30,870 176
  Ilyang Pharmaceutical Co. Ltd. 8,098 174
  Samyang Holdings Corp. 3,173 168
  Woongjin Thinkbig Co. Ltd. 16,870 166
  POSCO Chemtech Co. Ltd. 1,441 161
* Gamevil Inc. 2,753 159
  Taeyoung Engineering & Construction Co. Ltd. 35,470 156
  Daekyo Co. Ltd. 29,480 156
^ Posco ICT Co. Ltd. 21,877 155
  Korea Electric Terminal Co. Ltd. 7,850 154
  Dongyang Mechatronics Corp. 12,510 150
  SL Corp. 8,720 150
^ Melfas Inc. 8,456 149
  SK Gas Co. Ltd. 2,653 146
* Meritz Finance Group Inc. 60,744 145
  Agabang&Company 12,729 145
  Hanil Cement Co. Ltd. 3,551 141
  NEPES Corp. 8,345 140
  Bukwang Pharmaceutical Co. Ltd. 13,524 139
* Insun ENT Co. Ltd. 45,650 138
  STX Engine Co. Ltd. 10,777 136
  Chong Kun Dang Pharm Corp. 9,290 130
  Hanjin Transportation Co. Ltd. 7,554 127
^,* Korea Line Corp. 7,680 126
^,* Interpark Corp. 32,025 125
* ICD Co. Ltd. 6,147 124
* DuzonBIzon Co. Ltd. 20,360 124
  Hanssem Co. Ltd. 6,120 120
  KISCO Holdings Co. Ltd. 3,660 119
* Doosan Engine Co. Ltd. 10,650 117
  Shinsung Solar Energy Co. Ltd. 43,270 116
^,* Woongjin Energy Co. Ltd. 18,200 109
* Samyang Corp. 2,595 109
  Humax Co. Ltd. 13,919 109
  Daewoong Pharmaceutical Co. Ltd. 4,945 109
  Kwang Dong Pharmaceutical Co. Ltd. 30,680 109
  Kyeryong Construction Industrial Co. Ltd. 9,250 107
^,* Jusung Engineering Co. Ltd. 13,115 104
  STS Semiconductor & Telecommunications 17,647 104
  Soulbrain Co. Ltd. 3,772 103
  Maeil Dairy Industry Co. Ltd. 7,391 99
  INTOPS Co. Ltd. 6,332 95
  Kumho Electric Co. Ltd. 5,290 95
* Ssangyong Cement Industrial Co. Ltd. 22,260 94
  SK Securities Co. Ltd. 90,370 94
* Pharmicell Co. Ltd. 18,960 94
* Eugene Investment & Securities Co. Ltd. 31,930 91
* Daewoo Motor Sales Corp. 81,560 86
  Youlchon Chemical Co. Ltd. 12,100 86

 

75

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Hitejinro Holdings Co. Ltd. 9,000 84
  NH Investment & Securities Co. Ltd. 17,209 81
  Sewon Cellontech Co. Ltd. 23,930 75
  Hanjin Shipping Holdings Co. Ltd. 11,610 74
  Kolon Corp. 3,490 72
  Namhae Chemical Corp. 8,740 72
* DMS Co. Ltd. 21,433 68
* Hanmi Holdings Co. Ltd. 4,021 67
  Dae Han Flour Mills Co. Ltd. 577 67
^,* Unison Co. Ltd. 11,795 66
* SK Communications Co. Ltd. 9,340 65
^ SSCP Co. Ltd. 20,873 65
  China Ocean Resources Co. Ltd. 16,290 61
* Osstem Implant Co. Ltd. 5,519 59
* Taewoong Co. Ltd. 2,640 55
^,* CNK International Co. Ltd. 35,374 52
  Hanjin Heavy Industries & Construction Holdings Co. Ltd. 6,567 45
  KISCO Corp. 2,056 44
  Hanwha Securities Co. 10,355 41
* Korea Digital Communications Corp. 85,310 38
* Tongyang Inc. 40,100 35
  GIIR Inc. 3,150 23
  Dongbu Steel Co. Ltd. 4,308 21
* Hyunjin Materials Co. Ltd. 2,300 19
* Pharmicell Co., Ltd. Rights Exp. 06/19/2012 4,180 5
* 3S Korea Co. Ltd. Rights Exp. 05/20/2012 776 4
      40,069
Spain (1.1%)    
  Ebro Foods SA 76,759 1,358
  Viscofan SA 29,443 1,333
^ Bolsas y Mercados Espanoles SA 52,250 1,232
  Obrascon Huarte Lain SA 47,914 1,213
  Construcciones y Auxiliar de Ferrocarriles SA 2,160 1,155
  Prosegur Cia de Seguridad SA 19,514 1,116
  Tecnicas Reunidas SA 18,780 733
  Grupo Catalana Occidente SA 40,228 566
^,* NH Hoteles SA 163,061 537
^ Gamesa Corp. Tecnologica SA 177,364 483
^ Abengoa SA 28,770 440
  Grupo Empresarial Ence SA 143,396 337
  Melia Hotels International SA 48,587 291
* Zeltia SA 147,860 290
* Tubacex SA 107,345 271
  Duro Felguera SA 40,027 247
  Faes Farma SA 137,535 236
* Deoleo SA 498,002 228
  Tubos Reunidos SA 96,966 225
^ Sacyr Vallehermoso SA 117,035 212
  Pescanova SA 5,767 174
  Antena 3 de Television SA 24,156 128
* Realia Business SA 92,502 103
  Almirall SA 10,655 92
  Laboratorios Farmaceuticos Rovi SA 11,644 77
^,* Promotora de Informaciones SA 147,400 71
* Cementos Portland Valderrivas SA 8,525 60
  Papeles y Cartones de Europa SA 15,999 51
* Codere SA 5,989 48
* Banco de Valencia SA 160,398 42
  Solaria Energia y Medio Ambiente SA 42,420 39
^,* Quabit Inmobiliaria SA 418,801 29
^,* Caja de Ahorros del Mediterraneo 42,306 —
      13,417
Sweden (2.0%)    
^ Trelleborg AB Class B 156,705 1,797

 

76

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Meda AB Class A 143,344 1,418
  Castellum AB 108,429 1,373
  NCC AB Class B 53,156 1,045
  Hufvudstaden AB Class A 93,995 1,010
  Fabege AB 111,899 945
^ Hoganas AB Class B 24,188 938
^ Axis Communications AB 34,638 871
^ Wallenstam AB 77,841 776
^ JM AB 41,491 769
^ Wihlborgs Fastigheter AB 52,930 735
  Peab AB 133,722 698
  Nibe Industrier AB Class B 43,459 686
^ Lundbergforetagen AB Class B 20,653 670
  AarhusKarlshamn AB 17,860 602
  Axfood AB 16,024 583
  Billerud AB 60,124 582
  Betsson AB 17,735 582
^ Kungsleden AB 93,407 575
  Loomis AB Class B 41,861 566
^ Hakon Invest AB 36,625 535
^ Avanza Bank Holding AB 19,406 464
^ Saab AB Class B 27,233 453
  AF AB 21,751 440
^ Intrum Justitia AB 24,828 376
* Mekonomen AB 9,379 300
* Rezidor Hotel Group AB 75,403 298
^ Klovern AB 85,109 297
  Investment AB Oresund 20,099 294
  Lindab International AB 34,336 280
* CDON Group AB 37,713 277
  Clas Ohlson AB 16,379 242
  SkiStar AB 19,149 228
^,* Active Biotech AB 33,689 225
^ Haldex AB 33,534 209
^ Concentric AB 22,216 200
  BE Group AB 49,067 173
^ Gunnebo AB 38,927 169
* Nobia AB 38,884 156
^ Nordnet AB 46,846 152
* TradeDoubler AB 30,147 115
^,* Eniro AB 64,527 106
* PA Resources AB 397,685 93
  Bure Equity AB 25,998 72
* KappAhl AB 64,953 63
  Klovern AB Prior Pfd. 2,031 42
* SAS AB 28,378 35
      23,515
Switzerland (2.8%)    
  Galenica AG 3,138 2,142
* Dufry AG 13,472 1,830
  OC Oerlikon Corp. AG 163,947 1,621
  Helvetia Holding AG 4,007 1,437
  Bucher Industries AG 6,983 1,383
  Forbo Holding AG 1,825 1,320
  Georg Fischer AG 2,835 1,258
  Valiant Holding 10,208 1,241
^,* Logitech International SA 118,708 1,211
* Panalpina Welttransport Holding AG 12,064 1,178
  Kaba Holding AG Class B 2,419 948
  Mobimo Holding AG 3,267 796
  Schroder ImmoPLUS 631 778
* Swisscanto CH Real Estate Fund Ifca 5,989 777
* Bank Sarasin & Cie AG Class B 24,410 753
  Flughafen Zuerich AG 1,988 740

 

77

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Kuoni Reisen Holding AG 1,900 686
  Belimo Holding AG 323 639
  Burckhardt Compression Holding AG 2,265 627
  Allreal Holding AG 3,926 616
  St. Galler Kantonalbank AG 1,505 609
* Temenos Group AG 32,164 603
^,* BB Biotech AG 7,035 582
  Tecan Group AG 7,392 563
  Vontobel Holding AG 22,026 559
  Rieter Holding AG 3,101 540
  Gategroup Holding AG 15,910 539
^,* Basler Kantonalbank 4,314 539
  Zehnder Group AG 6,838 503
  Schweiter Technologies AG 823 486
  Huber & Suhner AG 10,509 458
^,* Meyer Burger Technology AG 27,554 455
  Valora Holding AG 2,025 425
  Schmolz & Bickenbach AG 61,156 418
  Vetropack Holding AG 186 351
  EFG International AG 35,981 350
  Daetwyler Holding AG 4,017 345
  Liechtensteinische Landesbank AG 7,448 301
  Phoenix Mecano AG 496 300
  Swissquote Group Holding SA 7,833 288
  Ascom Holding AG 30,150 284
  AFG Arbonia-Forster Hldg 13,408 281
  Emmi AG 1,245 266
  Verwaltungs- und Privat-Bank AG 3,040 259
* Autoneum Holding AG 4,137 228
* Zueblin Immobilien Holding AG 62,232 226
* Kudelski SA 30,189 224
  Ypsomed Holding AG 3,515 213
  Gurit Holding AG 332 192
  Acino Holding AG 1,265 166
* Basilea Pharmaceutica 3,162 161
  Siegfried Holding AG 1,250 143
  Orascom Development Holding AG 7,199 122
* Bobst Group AG 3,895 112
  Cie Financiere Tradition SA 1,060 80
* Von Roll Holding AG 25,048 62
  Coltene Holding AG 1,633 54
  Bellevue Group AG 3,791 48
  Bachem Holding AG 1,133 45
  Charles Voegele Holding AG 700 14
* Petroplus Holdings AG 35,782 3
      34,378
Taiwan (6.2%)    
  Hiwin Technologies Corp. 146,140 1,374
  WPG Holdings Ltd. 1,001,889 1,360
  Simplo Technology Co. Ltd. 171,776 1,308
  China Petrochemical Development Corp. 1,201,066 1,206
  Radiant Opto-Electronics Corp. 268,412 1,120
  China Life Insurance Co. Ltd. 1,218,939 1,081
  TSRC Corp. 444,283 1,069
  Tripod Technology Corp. 324,327 949
  Powertech Technology Inc. 522,662 886
  Far Eastern Department Stores Co. Ltd. 785,330 841
  Phison Electronics Corp. 113,962 807
  CTCI Corp. 404,667 779
  Highwealth Construction Corp. 438,021 730
  Clevo Co. 433,983 674
  Ruentex Industries Ltd. 382,629 662
  Nan Kang Rubber Tire Co. Ltd. 434,872 635
  Wintek Corp. 949,962 615

 

78

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Ruentex Development Co. Ltd. 427,889 611
  LCY Chemical Corp. 395,557 608
  Jih Sun Financial Holdings Co. Ltd. 1,764,416 527
  E Ink Holdings Inc. 486,708 527
  China Steel Chemical Corp. 108,853 506
  Richtek Technology Corp. 81,155 490
  Senao International Co. Ltd. 116,000 471
  Tung Ho Steel Enterprise Corp. 493,150 467
  Everlight Electronics Co. Ltd. 228,725 467
  Standard Foods Corp. 149,731 464
  Kinsus Interconnect Technology Corp. 148,282 463
  Sino-American Silicon Products Inc. 268,945 463
* Taichung Commercial Bank 1,464,336 457
  USI Corp. 484,799 451
  Chipbond Technology Corp. 332,852 447
  Holtek Semiconductor Inc. 372,000 441
  Huaku Development Co. Ltd. 183,823 439
  Yungtay Engineering Co. Ltd. 254,993 421
  King Yuan Electronics Co. Ltd. 1,017,195 419
  G Tech Optoelectronics Corp. 138,000 405
  Dynapack International Technology Corp. 79,299 403
  Merida Industry Co. Ltd. 107,150 402
  Hey Song Corp. 319,000 399
  Chroma ATE Inc. 174,040 394
  Prince Housing & Development Corp. 545,790 390
  Sanyang Industry Co. Ltd. 680,037 390
  Farglory Land Development Co. Ltd. 210,067 386
  Gigabyte Technology Co. Ltd. 446,271 385
  Taiwan Hon Chuan Enterprise Co. Ltd. 169,258 378
  Tainan Spinning Co. Ltd. 887,763 376
* Ta Chong Bank Ltd. 977,933 375
  Elan Microelectronics Corp. 271,350 372
  TXC Corp. 251,877 372
  Lung Yen Life Service Corp. 122,000 367
  Wei Chuan Food Corp. 333,835 363
  Goldsun Development & Construction Co. Ltd. 944,591 362
  Formosa International Hotels Corp. 25,347 342
  FLEXium Interconnect Inc. 107,000 341
* King's Town Bank 586,193 340
  St. Shine Optical Co. Ltd. 29,419 339
* Gloria Material Technology Corp. 307,349 339
  AmTRAN Technology Co. Ltd. 449,692 338
  Taiwan Surface Mounting Technology Co. Ltd. 162,767 338
  Kenda Rubber Industrial Co. Ltd. 299,347 336
  Shinkong Synthetic Fibers Corp. 1,109,416 334
  Ambassador Hotel 276,519 332
  Chin-Poon Industrial Co. 366,072 329
  Lien Hwa Industrial Corp. 521,356 329
  Huang Hsiang Construction Co. 165,051 328
  China Synthetic Rubber Corp. 327,562 319
  Solar Applied Materials Technology Co. 224,738 317
  Visual Photonics Epitaxy Co. Ltd. 189,947 313
  Shihlin Electric & Engineering Corp. 261,239 310
* Compeq Manufacturing Co. 790,471 310
  Great Wall Enterprise Co. Ltd. 316,178 308
  Taiwan Navigation Co. Ltd. 298,000 296
  Ardentec Corp. 424,206 295
  Grand Pacific Petrochemical 672,928 294
  Kerry TJ Logistics Co. Ltd. 261,092 294
  Genius Electronic Optical Co. Ltd. 44,000 294
  WT Microelectronics Co. Ltd. 207,384 292
  MIN AIK Technology Co. Ltd. 122,987 291
  Taiwan Sogo Shin Kong SEC 295,000 290
* HannStar Display Corp. 2,968,000 290

 

79

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  TTY Biopharm Co. Ltd. 83,083 286
* Airtac International Group 50,000 285
  Wistron NeWeb Corp. 152,359 284
  Tong Yang Industry Co. Ltd. 282,266 279
  Great China Metal Industry 204,000 277
  Masterlink Securities Corp. 862,176 276
  Taiwan PCB Techvest Co. Ltd. 210,120 272
  Career Technology MFG. Co. Ltd. 190,126 272
  Depo Auto Parts Ind Co. Ltd. 125,313 269
  Chong Hong Construction Co. 128,872 263
  China Bills Finance Corp. 613,800 263
  Cheng Loong Corp. 666,920 258
* Shining Building Business Co. Ltd. 294,098 257
* CMC Magnetics Corp. 1,478,000 255
  CSBC Corp. Taiwan 313,406 253
  Makalot Industrial Co. Ltd. 87,000 253
  Hsin Kuang Steel Co. Ltd. 367,249 252
  King Slide Works Co. Ltd. 50,675 250
  First Steamship Co. Ltd. 168,137 249
  Taiwan Cogeneration Corp. 315,136 248
  Wah Lee Industrial Corp. 181,883 247
  Radium Life Tech Co. Ltd. 336,976 246
  Sinyi Realty Co. 162,785 246
  National Petroleum Co. Ltd. 211,000 245
* China Manmade Fibers Corp. 730,778 245
* Via Technologies Inc. 434,962 245
  Global Unichip Corp. 74,649 239
  Asia Polymer Corp. 203,750 238
  Formosan Rubber Group Inc. 371,888 237
  Pixart Imaging Inc. 92,000 237
  Pan-International Industrial 295,533 235
  Getac Technology Corp. 340,000 235
  Phihong Technology Co. Ltd. 197,618 234
  Motech Industries Inc. 161,311 234
  ITEQ Corp. 203,874 231
  Shinkong Textile Co. Ltd. 170,338 231
  Yieh Phui Enterprise Co. Ltd. 669,026 229
  Greatek Electronics Inc. 290,000 227
  Tong Hsing Electronic Industries Ltd. 62,056 226
  Federal Corp. 438,273 222
  Unity Opto Technology Co. Ltd. 209,000 221
* Shihlin Paper Corp. 157,428 219
  ALI Corp. 164,358 219
  Tsann Kuen Enterprise Co. Ltd. 91,295 217
  Universal Cement Corp. 463,000 216
  Kinpo Electronics 966,196 216
  Gintech Energy Corp. 220,800 216
  Faraday Technology Corp. 155,000 215
  Mercuries & Associates Ltd. 259,514 215
  Ho Tung Chemical Corp. 369,645 214
* HannsTouch Solution Inc. 616,392 214
  BES Engineering Corp. 819,468 214
  Springsoft Inc. 150,000 213
  Test-Rite International Co. Ltd. 314,067 213
  Formosa Epitaxy Inc. 260,000 211
  Shin Zu Shing Co. Ltd. 80,000 211
  Alpha Networks Inc. 245,919 210
  Topco Scientific Co. Ltd. 118,107 209
  YungShin Global Holding Corp. 148,617 207
  Kinik Co. 134,000 206
  Yung Chi Paint & Varnish Manufacturing Co. Ltd. 121,000 204
  Chung Hsin Electric & Machinery Manufacturing Corp. 358,000 204
  Kindom Construction Co. 329,000 204
  King's Town Construction Co. Ltd. 234,964 200

 

80

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Eclat Textile Co. Ltd. 85,000 199
  Neo Solar Power Corp. 300,000 199
  Sitronix Technology Corp. 156,282 198
  Microbio Co. Ltd. 158,575 196
  Globe Union Industrial Corp. 289,000 195
  Sincere Navigation Corp. 194,000 192
  Infortrend Technology Inc. 243,885 192
  Hung Sheng Construction Co. Ltd. 387,100 192
  Holy Stone Enterprise Co. Ltd. 206,672 191
  Taiwan Life Insurance Co. Ltd. 334,348 190
  AV Tech Corp. 57,053 190
  Taiwan TEA Corp. 377,293 190
* Ritek Corp. 1,282,000 189
  China Electric Manufacturing Corp. 252,000 186
* TA Chen Stainless Pipe 342,482 186
  Opto Technology Corp. 400,000 185
  Jentech Precision Industrial Co. Ltd. 68,268 185
  CyberTAN Technology Inc. 235,571 185
  Continental Holdings Corp. 493,000 185
  Young Optics Inc. 58,000 184
  Mitac International Corp. 544,000 184
  L&K Engineering Co. Ltd. 159,000 180
  Lite-On Semiconductor Corp. 351,000 179
  Long Bon International Co. Ltd. 438,000 178
  Lotes Co. Ltd. 69,000 177
  Li Peng Enterprise Co. Ltd. 601,500 175
  Micro-Star International Co. Ltd. 400,000 175
  Solartech Energy Corp. 166,000 174
  Gigastorage Corp. 228,800 174
  Ta Ya Electric Wire & Cable 650,440 173
  Shih Wei Navigation Co. Ltd. 181,335 170
  Elite Material Co. Ltd. 187,519 169
  Cyberlink Corp. 57,619 169
  Test Research Inc. 131,610 169
  ICP Electronics Inc. 121,214 167
  Silitech Technology Corp. 70,993 166
  PChome Online Inc. 29,000 164
  Lealea Enterprise Co. Ltd. 458,822 164
* Firich Enterprises Co. Ltd. 129,000 162
  Accton Technology Corp. 274,467 160
  Zinwell Corp. 146,099 160
* Kuoyang Construction Co. Ltd. 434,000 159
  Taiwan Semiconductor Co. Ltd. 304,000 154
  HUA ENG Wire & Cable 539,000 154
  UPC Technology Corp. 275,068 154
  Long Chen Paper Co. Ltd. 537,245 154
  Avermedia Technologies 192,290 153
  D-Link Corp. 215,000 152
* WUS Printed Circuit Co. Ltd. 320,000 152
  Green Energy Technology Inc. 161,746 151
  Aten International Co. Ltd. 79,260 151
  International Games System Co. Ltd. 32,213 151
  ENG Electric Co. Ltd. 61,000 150
  Qisda Corp. 610,000 148
  Unizyx Holding Corp. 260,000 146
  Taiwan Mask Corp. 377,650 144
  LES Enphants Co. Ltd. 139,480 144
  San Fang Chemical Industry Co. Ltd. 170,500 142
  San Shing Fastech Corp. 92,000 142
  Rechi Precision Co. Ltd. 156,000 142
* Pihsiang Machinery Manufacturing Co. Ltd. 118,000 142
  Taiwan Fire & Marine Insurance Co. 198,840 141
* A-DATA Technology Co. Ltd. 119,000 140
* China General Plastics Corp. 353,000 139

 

81

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Entire Technology Co. Ltd. 85,000 138
  Wellypower Optronics Corp. 249,000 137
  Global Brands Manufacture Ltd. 277,899 136
  Dynamic Electronics Co. Ltd. 357,530 136
  Systex Corp. 132,000 135
  United Integrated Services Co. Ltd. 139,000 134
  Hung Poo Real Estate Development Corp. 147,195 133
  KEE TAI Properties Co. Ltd. 241,740 132
  Nien Hsing Textile Co. Ltd. 200,245 132
  Gold Circuit Electronics Ltd. 586,280 131
  China Chemical & Pharmaceutical Co. Ltd. 213,000 130
  Hsing TA Cement Co. 351,000 128
  Pan Jit International Inc. 293,000 128
  Unitech Printed Circuit Board Corp. 322,738 128
  Quanta Storage Inc. 190,000 127
  Chung Hwa Pulp Corp. 373,890 127
  Champion Building Materials Co. Ltd. 292,000 126
  Great Taipei Gas Co. Ltd. 198,000 126
  Global Mixed Mode Technology Inc. 34,199 120
  Yeun Chyang Industrial Co. Ltd. 206,159 120
  First Hotel 180,360 119
  Johnson Health Tech Co. Ltd. 44,075 118
  Darfon Electronics Corp. 181,000 118
  Asia Vital Components Co. Ltd. 197,510 118
  GeoVision Inc. 27,490 117
* Jess-Link Products Co. Ltd. 131,800 117
  Ability Enterprise Co. Ltd. 126,257 115
  Chia Hsin Cement Corp. 249,857 114
  Everlight Chemical Industrial Corp. 177,100 114
  Taiwan Paiho Ltd. 159,050 114
* TYC Brother Industrial Co. Ltd. 270,000 113
  Young Fast Optoelectronics Co. Ltd. 52,000 111
  Tyntek Corp. 276,000 110
  Sanyo Electric Taiwan Co. Ltd. 112,000 109
  Powercom Co. Ltd. 213,450 108
  Altek Corp. 147,786 108
  China Metal Products 161,266 106
* Genesis Photonics Inc. 87,088 106
  Gemtek Technology Corp. 113,115 105
  Namchow Chemical Industrial Ltd. 103,000 103
  Chung Hung Steel Corp. 335,047 102
* Asia Optical Co. Inc. 123,000 102
  Sunrex Technology Corp. 184,000 102
* Nanya Technology Corp. 1,195,000 100
  Chinese Gamer International Corp. 32,000 99
  Taiwan Acceptance Corp. 48,000 98
* Microelectronics Technology Inc. 288,000 95
  Weltrend Semiconductor 208,000 94
* E-Ton Solar Tech Co. Ltd. 181,000 92
* Powerchip Technology Corp. 2,848,000 92
  Soft-World International Corp. 42,520 91
  Chun Yuan Steel 215,369 91
  Sampo Corp. 318,311 91
* Mosel Vitelic Inc. 652,000 89
* O-TA Precision Industry Co. Ltd. 106,000 89
* Taiwan Land Development Corp. 216,000 88
  Sonix Technology Co. Ltd. 51,000 87
  KYE Systems Corp. 234,000 87
  Wafer Works Corp. 120,403 86
  Taiflex Scientific Co. Ltd. 60,034 84
* Chunghwa Picture Tubes 1,491,000 81
* Basso Industry Corp. 113,000 81
  Silicon Integrated Systems Corp. 221,592 81
  Newmax Technology Co. Ltd. 54,000 80

 

82

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  AcBel Polytech Inc. 146,000 80
* Concord Securities Corp. 363,324 76
  Sheng Yu Steel Co. Ltd. 111,000 75
  ACES Electronic Co. Ltd. 49,000 75
  Lingsen Precision Industries Ltd. 123,000 71
  Forhouse Corp. 121,000 68
  Bank of Kaohsiung 211,470 63
  Merry Electronics Co. Ltd. 34,000 62
  Taiyen Biotech Co. Ltd. 80,000 56
  J Touch Corp. 50,999 55
  Elite Semiconductor Memory Technology Inc. 57,000 48
  Evergreen International Storage & Transport Corp. 95,502 47
  Tong-Tai Machine & Tool Co. Ltd. 49,480 44
  Advanced International Multitech Co. Ltd. 32,000 42
  Syncmold Enterprise Corp. 28,000 40
* Jenn Feng New Energy Co. Ltd. 106,000 38
  Bright Led Electronics Corp. 51,000 38
  Microlife Corp. 15,000 25
  ITE Technology Inc. 26,000 22
* Taiwan Styrene Monomer 84,000 20
  Walsin Technology Corp. 47,408 12
  Harvatek Corp. 3,000 2
  Etron Technology Inc. 4,947 2
  FSP Technology Inc. 254 —
      74,643
Thailand (0.8%)    
* Robinson Department Store PCL 347,600 600
* True Corp. PCL 3,880,000 464
* Home Product Center PCL 1,018,214 463
  Minor International PCL (Foreign) 975,243 446
  Bumrungrad Hospital PCL (Foreign) 217,313 430
  Hana Microelectronics PCL (Foreign) 551,710 402
  Thanachart Capital PCL 368,600 379
  LPN Development PCL 663,200 372
  CPN Retail Growth Leasehold Property Fund 766,535 351
* Thoresen Thai Agencies PCL 524,400 327
  Pruksa Real Estate PCL 560,500 280
* Hemaraj Land and Development PCL 2,862,400 277
  Bangkok Life Assurance PCL 164,100 249
  LPN Development PCL 416,900 234
* Sahaviriya Steel Industries PCL 9,411,500 233
* Esso Thailand PCL 565,900 215
  BTS Group Holdings PCL 7,801,800 213
  Bangkok Expressway PCL (Foreign) 278,700 212
* Sri Trang Agro-Industry PCL 304,600 199
* Tisco Financial Group PCL 141,946 193
  Tisco Financial Group PCL (Foreign) 139,500 190
  Major Cineplex Group PCL 290,000 183
* Amata Corp. PCL 296,200 172
  Samart Corp. PCL 538,400 167
* Quality Houses PCL 2,682,400 163
  Sino Thai Engineering & Construction PCL 352,800 154
  Supalai PCL 285,300 152
* Asian Property Development PCL 671,200 149
  Precious Shipping PCL 269,200 142
* Thanachart Capital PCL 130,500 134
  Dynasty Ceramic PCL 64,800 134
  Khon Kaen Sugar Industry PCL (Foreign) 291,200 131
  Kiatnakin Bank PCL 104,000 125
* Thaicom PCL 231,700 119
  TPI Polene PCL 241,700 111
* Tata Steel Thailand PCL 3,910,400 107
* Italian-Thai Development PCL 869,800 103
  CalComp Electronics Thailand PCL (Foreign) 863,700 81

 

83

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Asian Property Development PCL (Foreign) 311,760 69
* Thai Vegetable Oil PCL 78,800 59
* Regional Container Lines PCL 204,800 59
* CalComp Electronics Thailand PCL 534,900 50
* G J Steel PCL (Local) 8,631,900 48
* Bangkokland PCL 1,096,000 26
* G J Steel PCL 2,215,000 12
* Khon Kaen Sugar Industry PCL 25,000 11
* Minor International PCL Warrants Exp. 05/18/2013 71,880 7
* Bangkokland PCL Warrants Exp. 12/30/2015 97,606 1
      9,398
Turkey (0.7%)    
  Turk Traktor ve Ziraat Makineleri AS 36,667 642
* TAV Havalimanlari Holding AS 121,347 639
  Konya Cimento Sanayii AS 3,116 588
* Akfen Holding AS 100,382 565
  Ulker Biskuvi Sanayi AS 170,812 518
* Petkim Petrokimya Holding AS 405,445 482
  Turkiye Sinai Kalkinma Bankasi AS 356,357 463
* Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS 729,919 399
  Koza Altin Isletmeleri AS 16,864 366
  Dogus Otomotiv Servis ve Ticaret AS 126,174 322
  Trakya Cam Sanayi AS 213,052 307
  Tekfen Holding AS 78,748 287
  Torunlar Gayrimenkul Yatirim Ortakligi AS 94,333 278
  Akmerkez Gayrimenkul Yatirim Ortakligi AS 18,078 257
  Yapi Kredi Sigorta AS 27,297 248
* Ihlas Holding AS 374,727 243
  Yazicilar Holding AS Class A 34,613 238
* Koza Anadolu Metal Madencilik Isletmeleri AS 115,545 227
  Aygaz AS 46,947 217
* Dogan Yayin Holding AS 527,028 210
* Koza Anadolu Metal Madencilik Isletmeleri AS 96,186 188
  Sekerbank TAS 303,343 162
  Anadolu Cam Sanayii AS 79,575 130
* Hurriyet Gazetecilik AS 189,447 108
  Aselsan Elektronik Sanayi Ve Ticaret AS 17,202 104
* Vestel Elektronik Sanayi ve Ticaret AS 72,776 90
  Akcansa Cimento AS 20,129 89
  Cimsa Cimento Sanayi VE Tica 18,545 83
* Albaraka Turk Katilim Bankasi AS 77,513 82
  Aksa Akrilik Kimya Sanayii 33,380 82
* Akenerji Elektrik Uretim AS 60,102 73
  EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS 57,261 70
* Zorlu Enerji Elektrik Uretim AS 24,330 22
* Aksigorta AS 18,000 19
      8,798
United Kingdom (14.3%)    
  Aberdeen Asset Management plc 741,889 3,415
  Babcock International Group plc 223,895 3,022
  Croda International plc 83,351 3,019
  Pennon Group plc 223,682 2,671
  Travis Perkins plc 153,773 2,624
  Informa plc 379,930 2,557
  Mondi plc 241,311 2,244
  Spectris plc 73,082 2,238
  Cookson Group plc 178,135 2,098
* Premier Oil plc 325,840 1,983
  Rotork plc 54,654 1,958
  Persimmon plc 190,444 1,942
  Balfour Beatty plc 446,402 1,892
  Derwent London plc 65,967 1,865
* Imagination Technologies Group plc 163,353 1,823
  Spirax-Sarco Engineering plc 46,314 1,734

 

84

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Melrose plc 244,121 1,732
  IG Group Holdings plc 230,449 1,732
  Inchcape plc 289,584 1,720
* Berkeley Group Holdings plc 81,670 1,698
  Rightmove plc 67,715 1,694
  Amlin plc 315,543 1,690
  Taylor Wimpey plc 2,028,134 1,654
* Telecity Group plc 125,637 1,647
  Halma plc 244,944 1,611
  Provident Financial plc 85,508 1,604
  DS Smith plc 574,285 1,564
  easyJet plc 190,016 1,530
  Hiscox Ltd. 235,827 1,525
  UBM plc 158,061 1,513
* Afren plc 676,003 1,480
  Stagecoach Group plc 367,514 1,480
  Hunting plc 95,463 1,474
  Catlin Group Ltd. 214,817 1,472
  Henderson Group plc 730,680 1,438
  Capital & Counties Properties plc 434,812 1,405
  Carillion plc 288,496 1,367
* Barratt Developments plc 622,002 1,350
  Lancashire Holdings Ltd. 100,469 1,313
  Michael Page International plc 192,949 1,304
  Ashtead Group plc 315,052 1,272
* BTG plc 204,343 1,261
  Booker Group plc 966,884 1,240
  AZ Electronic Materials SA 236,999 1,225
  Shaftesbury plc 146,245 1,214
  Spirent Communications plc 437,970 1,209
  National Express Group plc 342,119 1,203
  Ultra Electronics Holdings plc 43,640 1,193
  Victrex plc 50,214 1,183
* Misys plc 207,447 1,175
  Greene King plc 140,604 1,165
  Great Portland Estates plc 198,006 1,157
  Aveva Group plc 42,730 1,157
  Intermediate Capital Group plc 275,767 1,150
  Close Brothers Group plc 93,939 1,125
  Electrocomponents plc 303,639 1,124
  Mitie Group plc 232,073 1,099
  Debenhams plc 810,778 1,087
  QinetiQ Group plc 431,897 1,073
* Soco International plc 215,419 1,050
  Cable & Wireless Worldwide plc 1,774,551 1,022
  Jardine Lloyd Thompson Group plc 89,146 1,017
  Hochschild Mining plc 121,938 996
  Britvic plc 160,349 995
  Firstgroup plc 312,457 988
  Bellway plc 77,290 988
  BBA Aviation plc 306,939 984
  Bwin.Party Digital Entertainment plc 392,370 981
  Hikma Pharmaceuticals plc 94,771 966
  Berendsen plc 115,453 965
  De La Rue plc 60,837 964
  Elementis plc 284,789 962
  Filtrona plc 126,644 955
  Home Retail Group plc 546,305 945
  Petropavlovsk plc 121,390 942
  TalkTalk Telecom Group plc 444,297 922
  Phoenix Group Holdings 107,568 922
  Fenner plc 125,191 916
  Morgan Crucible Co. plc 173,263 914
  Bodycote plc 130,053 898

 

85

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Genus plc 39,056 895
  Cable & Wireless Communications plc 1,669,693 894
  Millennium & Copthorne Hotels plc 112,676 889
* Mitchells & Butlers plc 206,724 885
* EnQuest plc 418,558 861
  Homeserve plc 209,785 860
^ Betfair Group plc 65,729 843
  Regus plc 482,267 836
  Senior plc 241,580 835
  Tullett Prebon plc 149,579 834
  SIG plc 474,901 812
  WS Atkins plc 67,799 801
  Beazley plc 341,547 786
* Howden Joinery Group plc 396,089 786
  Domino Printing Sciences plc 79,062 769
* Centamin plc 682,828 762
^,* Dixons Retail plc 2,604,032 753
  International Personal Finance plc 172,947 751
* Micro Focus International plc 98,230 742
  WH Smith plc 86,569 740
  Jupiter Fund Management plc 199,324 739
  PZ Cussons plc 135,365 730
  Premier Farnell plc 206,959 722
  Lamprell plc 127,004 718
  St. James's Place plc 121,518 652
  Oxford Instruments plc 32,389 644
  Bovis Homes Group plc 84,569 635
  London & Stamford Property plc 350,928 632
  Chemring Group plc 119,105 631
  SDL plc 53,343 617
  Restaurant Group plc 134,850 615
  Laird plc 172,845 607
  RPS Group plc 157,444 606
  Halfords Group plc 132,859 593
  ITE Group plc 160,942 590
  Rathbone Brothers plc 27,110 582
  Fidessa Group plc 23,022 579
  Yule Catto & Co. plc 152,987 578
  Paragon Group of Cos. plc 194,282 568
  JD Wetherspoon plc 85,939 566
  Renishaw plc 23,938 563
  RPC Group plc 93,286 559
  Marston's plc 349,297 553
  Galliford Try plc 51,206 543
  Savills plc 92,380 536
* Sports Direct International plc 109,279 536
  Domino's Pizza UK & IRL plc 74,289 530
  Go-Ahead Group plc 28,291 524
^,* Ocado Group plc 244,140 515
  Kier Group plc 27,106 513
  Brewin Dolphin Holdings plc 189,578 503
* Bumi plc 59,612 503
  Computacenter plc 73,725 497
  Greggs plc 60,930 496
  Hansteen Holdings plc 404,654 482
  CSR plc 127,855 478
  Devro plc 95,555 478
  Cape plc 77,178 473
  New World Resources plc 71,523 473
  Synergy Health plc 34,918 471
  Dignity plc 34,274 467
  N Brown Group plc 124,635 464
* Salamander Energy plc 110,465 446
* Redrow plc 213,828 427

 

86

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund    
Schedule of Investments    
April 30, 2012    
 
      Market
      Value
    Shares ($000)
  Stobart Group Ltd. 200,363 416
  Dunelm Group plc 49,683 413
  Cranswick plc 31,425 411
  Big Yellow Group plc 84,623 407
  Shanks Group plc 266,027 400
  F&C Asset Management plc 356,128 389
  Anglo Pacific Group plc 74,188 385
* Colt Group SA 220,980 382
* Spirit Pub Co. plc 415,224 374
  Dairy Crest Group plc 76,517 374
  Keller Group plc 50,100 366
  Interserve plc 78,452 364
  Cineworld Group plc 110,205 363
* Gem Diamonds Ltd. 84,777 357
* Premier Foods plc 1,346,969 355
  Grainger plc 218,078 351
  Kcom Group plc 302,988 349
  F&C Commercial Property Trust Ltd. 204,077 344
* Enterprise Inns plc 343,743 343
  Workspace Group plc 93,634 343
  Dechra Pharmaceuticals plc 45,026 337
  ST Modwen Properties plc 120,030 327
  Moneysupermarket.com Group plc 150,746 326
  Sthree plc 56,726 319
* Heritage Oil plc 131,654 318
  Unite Group plc 99,460 315
^,* Talvivaara Mining Co. plc 104,977 312
  Euromoney Institutional Investor plc 24,451 312
  UK Commercial Property Trust Ltd. 231,045 276
  Kesa Electricals plc 310,350 275
^,* Carpetright plc 26,738 260
* Xchanging plc 158,486 260
  Development Securities plc 94,404 253
  Pace plc 213,944 253
  Robert Walters plc 59,282 246
  Morgan Sindall Group plc 22,026 238
  Chesnara plc 78,991 226
  Marshalls plc 147,857 224
  Mcbride plc 107,286 221
  Speedy Hire plc 479,479 214
  Thomas Cook Group plc 580,640 212
  Schroder REIT Ltd. 347,419 193
^,* CLS Holdings plc 18,242 186
  Helical Bar plc 57,488 177
  Sportingbet plc 320,059 174
  Severfield-Rowen plc 56,550 170
  WSP Group plc 37,075 151
  Rank Group plc 74,940 142
* Wolfson Microelectronics plc 46,413 134
  Carphone Warehouse Group plc 62,153 132
  Smiths News plc 80,777 130
  JKX Oil & Gas plc 57,875 129
  Mothercare plc 46,021 128
* 888 Holdings plc 91,598 123
  Melrose Resources plc 60,578 119
  Picton Property Income Ltd. 174,587 117
^,* Yell Group plc 1,752,882 111
  Daejan Holdings plc 2,070 109
  Mucklow A & J Group plc 19,658 107
* SuperGroup plc 17,378 98
* Wincanton plc 113,515 94
* Dechra Pharmaceuticals plc Rights Exp. 09/06/2012 13,507 34

 

87

 
Vanguard® FTSE All-World ex-US Small-Cap Index Fund      
Schedule of Investments      
April 30, 2012      
 
      Market
      Value
    Shares ($000)
* Connaught plc   50,771 —
      173,622
Total Common Stocks (Cost $1,150,777)     1,202,405
 
  Coupon    
Temporary Cash Investment (6.3%)      
Money Market Fund (6.3%)      
2,3 Vanguard Market Liquidity Fund (Cost $75,898) 0.137% 75,898,225 75,898
Total Investments (105.5%) (Cost $1,226,675)     1,278,303
Other Assets and Liabilities—Net (-5.5%)3     (66,576)
Net Assets (100%)     1,211,727

 

^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $63,103,000.
* Non-income-producing security.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2012, the aggregate value of these securities was $1,649,000, representing 0.1% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $67,516,000 of collateral received for securities on loan.
REIT—Real Estate Investment Trust.

88

 

© 2012 The Vanguard Group. Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.

SNA 7702 062012

 


Semiannual Report | April 30, 2012

Vanguard Global ex-U.S. Real Estate

Index Fund

 

> For the six months ended April 30, 2012, Investor Shares of Vanguard Global ex-U.S. Real Estate Index Fund returned 8.31%, a step behind the average return of peer funds.

> Because of temporary price differences arising from fair-value pricing policies, the fund’s return diverged from that of its benchmark index.

> Investments in the Pacific region and emerging markets bolstered results.

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 2
Fund Profile. 7
Performance Summary. 9
Financial Statements. 10
About Your Fund’s Expenses. 28
Trustees Approve Advisory Arrangement. 30
Glossary. 31

 

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

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

About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.

 

Your Fund’s Total Returns

Six Months Ended April 30, 2012  
  Total
  Returns
Vanguard Global ex-U.S. Real Estate Index Fund  
Investor Shares 8.31%
Signal® Shares 8.37
Institutional Shares 8.40
ETF Shares  
Market Price 9.20
Net Asset Value 8.39
S&P Global ex-U.S. Property Index 7.29
International Real Estate Funds Average 8.49
International Real Estate Funds Average: Derived from data provided by Lipper Inc.

Signal Shares and 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. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573; 8,090,646.

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

Your Fund’s Performance at a Glance
October 31, 2011, Through April 30, 2012

      Distributions Per Share
  Starting Ending Income Capital
  Share Price Share Price Dividends Gains
Vanguard Global ex-U.S. Real Estate Index        
Fund        
Investor Shares $18.14 $19.05 $0.508 $0.000
Signal Shares 27.51 28.85 0.816 0.000
Institutional Shares 91.68 96.12 2.769 0.000
ETF Shares 45.39 47.62 1.334 0.000

 

1

 

Chairman’s Letter

Dear Shareholder,

Investor Shares of Vanguard Global ex-U.S. Real Estate Index Fund returned 8.31% for the fiscal half-year ended April 30, 2012, slightly behind the 8.49% average return of competitive funds.

The fund seeks to track the return of its benchmark, the Standard & Poor’s Global ex-U.S. Property Index. However, because of temporary price differences arising from fair-value pricing policies (please see the text box on page 6), the fund’s return diverged from that of its benchmark, which is not adjusted for fair value.

The six months covered by this report began in November, with Europe’s fiscal crisis weighing on stocks worldwide, including real estate holdings. International stocks surged in December and January as the European Central Bank set in motion a policy aimed at relieving a potential credit crunch. The momentum from the mid-period spurt continued for global property stocks generally, and they produced solid results for the period. It tapered off for international stocks broadly, and they generated a modestly positive return.

Please note that earlier this year we announced a change in the frequency of the fund’s dividend distributions. In the future, distributions will be made each quarter, rather than once a year. Spreading them out in this way will reduce the impact to the fund of generating cash for payments to shareholders whose dividends are not

2

 

reinvested. We’re phasing in the change, so dividends will be paid twice in 2012, in September and December.

Stocks followed a familiar pattern, reflecting investors’ shifting moods
European companies were the weakest international performers for the six months ended April 30, trailing the returns of emerging markets and the developed markets of the Pacific region. By contrast, U.S. stocks delivered strong returns.

Signs of economic acceleration in the United States, strength in corporate earnings, and apparent progress in Europe’s debt negotiations created a sense of optimism through much of the period. In fact, the broad U.S. stock market turned in its best first-quarter gain since 1998.

By the end of the fiscal half-year, however, apprehension about the same sources of the earlier good news began to weigh on stock prices. Rapid changes in investor sentiment have been a prominent feature of the financial markets since the 2008–2009 crisis, a reflection of broader economic uncertainties.

Municipal securities remained a bond market bright spot
The taxable bond market produced solid, if unremarkable, six-month total returns. The yields of U.S. Treasury bonds bobbed higher during the period but dropped at the end as investors put a premium on the safest securities. This “flight to quality” boosted bond prices modestly. (Bond yields and prices move in opposite directions.)

Market Barometer      
 
      Total Returns
    Periods Ended April 30, 2012
  Six One Five Years
  Months Year (Annualized)
Stocks      
Russell 1000 Index (Large-caps) 12.89% 4.11% 1.23%
Russell 2000 Index (Small-caps) 11.02 -4.25 1.45
Dow Jones U.S. Total Stock Market Index 12.66 3.43 1.56
MSCI All Country World Index ex USA (International) 2.73 -12.90 -2.75
 
Bonds      
Barclays Capital U.S. Aggregate Bond Index (Broad      
taxable market) 2.44% 7.54% 6.37%
Barclays Capital Municipal Bond Index (Broad      
tax-exempt market) 5.50 11.36 5.60
Citigroup Three-Month U.S. Treasury Bill Index 0.01 0.04 1.03
 
CPI      
Consumer Price Index 1.62% 2.30% 2.17%

 

3

 

The six-month return of the broad municipal bond market was impressive. Investors have bid up prices as muni yields have continued to hover above those available from fully taxable U.S. Treasury bonds.

As it has since December 2008, the Federal Reserve Board kept its target for the shortest-term interest rates between 0% and 0.25%. That policy has kept a tight lid on the returns available from money market funds and savings accounts.

Stocks had differing experiences inside and outside of Europe
Overall, real estate stocks outside of the United States produced about an 8% return for the six months ended April 30. In the Pacific region and emerging markets, the prospect of economic growth lifted results. In Europe, however, most real estate stocks detracted from returns as investors worried about the exposure of banks to troubled sovereign debt.

The primary detractors were holdings in France and the Netherlands. Overhanging French stocks were expectations of a change in political leadership, which occurred shortly after the reporting period. Spain’s property stocks plummeted the most as its citizens protested austerity measures put in place to counter the country’s shaky fiscal condition. (Although Spain’s real estate stocks dropped more than 50%, they represented only a sliver of the global market.) The biggest contribution to return came from the United Kingdom, even as that country slid into a second recession.

Expense Ratios
Your Fund Compared With Its Peer Group

  Investor Signal Institutional ETF Peer Group
  Shares Shares Shares Shares Average
Global ex-U.S. Real Estate Index Fund 0.50% 0.35% 0.30% 0.35% 1.35%

The fund expense ratios shown are from the prospectus dated February 28, 2012, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the fund’s annualized expense ratios were 0.48% for Investor Shares, 0.34% for Signal Shares, 0.30% for Institutional Shares, and 0.34% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2011.

Peer group: International Real Estate Funds.

4

 

The Pacific region, which accounted for more than half of the fund’s assets on average, also contributed more than half of its return. Australia’s stocks rose as investors anticipated another cut in the target interest rate by the country’s central bank, which had already lowered it twice late in 2011. Hong Kong, Japan, and Singapore were other top performers.

Emerging markets, representing close to one-fifth of assets, also produced a strong result. China was the leader of this group as the country continued to grow, albeit at a slower pace. Other major contributors included Brazil, South Africa, Indonesia, and the Philippines. In North America, Canada added solidly to results.

Simple savings strategies can mean a greater chance for success
A decade ago, Jack Brennan, my friend and predecessor as Vanguard’s chairman and chief executive officer, published an insightful book, Straight Talk on Investing.

The largest markets for real estate stocks around the world
(as of April 30, 2012)

United States 40%
Japan 11
Hong Kong 10
Australia 8
Singapore 5
United Kingdom 4
China 4
France 3
Canada 3
Other 12
Source: S&P Global Property Index.

 

My favorite chapter is devoted to the importance of savings. As Jack wrote: “If you really want to accumulate wealth, live by this aphorism: ‘When in doubt, save it.’”

More recently, Vanguard researchers reaffirmed the importance of saving in Penny Saved, Penny Earned, a paper available at vanguard.com/research. They found that retirement investors have a greater likelihood of reaching their goals when they boost their savings rate, time horizon, or both. Such a strategy offers a higher chance of success than simply relying on the possibility of higher portfolio returns.

Of course, in emphasizing the value of savings, I’m in no way diminishing the importance of having a sound investment plan with balanced and diversified holdings in line with your goals and tolerance for risk. Vanguard Global ex-U.S. Real Estate Index Fund, with its exposure to real estate stocks outside the United States, can serve as one element of such a portfolio.

Thank you for entrusting your assets to Vanguard.

Sincerely,


F. William McNabb ÌII
Chairman and Chief Executive Officer
May 21, 2012

5

 

A note on fair-value pricing
The reported return of a fund that tracks an index sometimes may diverge from
the index’s return a bit more than would be expected. This may be the result of
a fair-value pricing adjustment.
 
These adjustments, which are required by the Securities and Exchange Commission,
address pricing discrepancies that may arise because of time-zone differences among
global stock markets. Foreign stocks may trade on exchanges that close many hours
before a fund’s closing share price is calculated in the United States, generally at
4 p.m., Eastern time. In the hours between the foreign close and the U.S. close,
the value of these foreign securities may change––because of company-specific
announcements or market-wide developments, for example. Such price changes
are not immediately reflected in international index values.
 
Fair-value pricing takes such changes into account in calculating the fund’s daily net
asset value, thus ensuring that the NAV doesn’t include “stale” prices. The result can
be a temporary divergence between the return of the fund and that of its benchmark
index––a difference that usually corrects itself when the foreign markets open.

 

6

 

Global ex-U.S. Real Estate Index Fund

Fund Profile
As of April 30, 2012

Share-Class Characteristics        
  Investor Signal Institutional  
  Shares Shares Shares ETF Shares
Ticker Symbol VGXRX VGRLX VGRNX VNQI
Expense Ratio1 0.50% 0.35% 0.30% 0.35%

 

Portfolio Characteristics    
    S&P
    Global
    ex-U.S.
    Property
  Fund Index
Number of Stocks 445 437
Median Market Cap $4.8B $4.8B
Price/Earnings Ratio 9.9x 10.0x
Price/Book Ratio 1.0x 1.0x
Return on Equity 8.4% 8.4%
Earnings Growth Rate 4.5% 4.5%
Dividend Yield 3.8% 3.8%
Turnover Rate    
(Annualized) 5% —
Short-Term Reserves 0.0% —

 

Ten Largest Holdings (% of total net assets)

Mitsubishi Estate Co. Diversified Real  
Ltd. Estate Activities 3.7%
Westfield Group Retail REITs 3.4
Cheung Kong Holdings Real Estate  
Ltd. Development 3.1
Sun Hung Kai Properties Diversified Real  
Ltd. Estate Activities 3.1
Unibail-Rodamco SE Retail REITs 2.8
Mitsui Fudosan Co. Ltd. Diversified Real  
  Estate Activities 2.5
Sumitomo Realty & Diversified Real  
Development Co. Ltd. Estate Activities 1.7
Link REIT Retail REITs 1.6
Land Securities Group    
plc Diversified REITs 1.5
China Overseas Land & Real Estate  
Investment Ltd. Development 1.4
Top Ten   24.8%

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

Allocation by Region (% of portfolio)

1 The expense ratios shown are from the prospectus dated February 28, 2012, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2012, the annualized expense ratios were 0.48% for Investor Shares, 0.34% for Signal Shares, 0.30% for Institutional Shares, and 0.34% for ETF Shares.

7

 

Global ex-U.S. Real Estate Index Fund

Market Diversification (% of equity exposure)

    S&P
    Global
    ex-U.S.
    Property
  Fund Index
Europe    
United Kingdom 7.0% 7.0%
France 5.1 5.1
Switzerland 1.8 1.8
Sweden 1.4 1.4
Netherlands 1.4 1.4
Germany 1.3 1.2
Austria 1.2 1.2
Other 1.3 1.3
Subtotal 20.5% 20.4%
Pacific    
Japan 18.8% 18.8%
Hong Kong 15.6 16.4
Australia 13.0 13.0
Singapore 7.8 7.7
Other 0.5 0.5
Subtotal 55.7% 56.4%
Emerging Markets    
China 7.0% 6.4%
South Africa 2.4 2.4
Brazil 2.3 2.3
Philippines 1.2 1.2
Indonesia 1.2 1.2
Taiwan 1.2 1.2
Malaysia 1.0 1.0
Other 2.3 2.4
Subtotal 18.6% 18.1%
North America    
Canada 4.6% 4.5%
Middle East 0.6% 0.6%

 

8

 

Global ex-U.S. Real Estate Index Fund

Performance Summary

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

Fiscal-Year Total Returns (%): November 1, 2010, Through April 30, 2012


Note: For 2012, performance data reflect the six months ended April 30, 2012.

Average Annual Total Returns: Periods Ended March 31, 2012
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

  Inception One Since
  Date Year Inception
Investor Shares 11/1/2010 -3.49% -1.59%
Fee-Adjusted Returns   -3.96 -1.93
Signal Shares 2/10/2011 -3.33 -1.42
Fee-Adjusted Returns   -3.80 -1.85
Institutional Shares 4/19/2011 — -3.90
Fee-Adjusted Returns   — -4.38
ETF Shares 11/1/2010    
Market Price   -3.96 -1.69
Net Asset Value   -3.33 -1.43

 

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-Period Total Returns chart is not adjusted for fees.
See Financial Highlights for dividend and capital gains information.

9

 

Global ex-U.S. Real Estate Index Fund

Financial Statements (unaudited)

Statement of Net Assets
As of April 30, 2012

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

      Market
      Value
    Shares ($000)
Common Stocks (99.7%)    
Australia (13.0%)    
  Westfield Group 1,337,108 12,785
  Westfield Retail Trust 1,779,677 5,022
  Stockland 1,469,818 4,722
  GPT Group 1,058,781 3,605
  Goodman Group 861,457 3,221
  Dexus Property Group 3,090,333 2,998
  CFS Retail Property Trust 1,473,394 2,947
  Mirvac Group 2,150,987 2,890
  Lend Lease Group 331,776 2,556
  Commonwealth Property    
  Office Fund 1,565,989 1,695
* Centro Retail Australia 859,680 1,657
  Investa Office Fund 424,842 1,206
  Charter Hall Retail REIT 155,375 534
  BWP Trust 252,290 490
  Cromwell Property Group 588,342 442
  Charter Hall Group 159,763 417
  Abacus Property Group 191,272 414
  Australand Property Group 147,389 413
  FKP Property Group 472,211 248
  ALE Property Group 91,459 198
  Aspen Group 372,107 186
  Challenger Diversified    
  Property Group 307,803 170
  Peet Ltd. 137,205 121
  Astro Japan Property Group 36,763 102
* Sunland Group Ltd. 113,063 90
      49,129
Austria (1.2%)    
  IMMOFINANZ AG 729,757 2,569
* CA Immobilien Anlagen AG 51,347 582
  Atrium European Real    
  Estate Ltd. 117,689 574
  Conwert Immobilien    
  Invest SE 43,298 516
* S IMMO AG 33,468 191
      4,432

 

      Market
      Value
    Shares ($000)
Belgium (0.7%)    
  Cofinimmo 9,798 1,183
  Befimmo SCA Sicafi 9,297 565
  Warehouses De Pauw SCA 5,734 298
  Aedifica 4,526 287
^ Intervest Offices &    
  Warehouses 4,101 105
      2,438
Brazil (2.3%)    
  BR Malls Participacoes SA 270,500 3,343
  BR Properties SA 125,466 1,567
  Multiplan Empreendimentos    
  Imobiliarios SA 53,300 1,255
  Jereissati Participacoes SA    
  Prior Pfd. 431,676 491
  Aliansce Shopping Centers    
  SA 46,487 439
  Iguatemi Empresa de    
  Shopping Centers SA 18,393 401
* Sao Carlos    
  Empreendimentos e    
  Participacoes SA 18,150 302
  Sonae Sierra Brasil SA 16,883 273
  Cyrela Commercial    
  Properties SA    
  Empreendimentos e    
  Participacoes 19,600 216
* BHG SA - Brazil Hospitality    
  Group 12,570 153
  JHSF Participacoes SA 45,827 144
* General Shopping Brasil SA 13,302 81
      8,665
Canada (4.5%)    
  Brookfield Office    
  Properties Inc. 137,915 2,498
^ RioCan REIT 85,355 2,345
^ H&R REIT 53,816 1,329
^ Dundee REIT 26,131 976
^ Boardwalk REIT 16,232 966

 

10

 

Global ex-U.S. Real Estate Index Fund  
 
 
 
      Market
      Value
    Shares ($000)
^ Calloway REIT 32,306 899
  First Capital Realty Inc. 44,321 825
^ Canadian REIT 20,478 802
^ Cominar REIT 31,829 777
  Canadian Apartment    
  Properties REIT 26,940 633
  Primaris Retail REIT 24,518 575
  Artis REIT 31,042 529
  Allied Properties REIT 16,710 464
  Killam Properties Inc. 32,514 443
  Chartwell Seniors Housing    
  REIT 44,919 424
  Morguard Corp. 3,990 372
  Northern Property REIT 10,245 340
  Morguard REIT 18,717 320
  Transglobe Apartment REIT  19,319 278
  Brookfield Canada Office    
  Properties 8,597 234
^ Dundee International REIT 22,543 228
^ Extendicare REIT 27,447 225
  Crombie REIT 14,833 213
^ InnVest REIT 28,238 145
  NorthWest Healthcare    
  Properties REIT 10,167 132
  Melcor Developments Ltd. 7,660 119
* Mainstreet Equity Corp. 3,661 92
      17,183
Chile (0.2%)    
  Parque Arauco SA 321,532 625
 
China (6.9%)    
  China Overseas Land &    
  Investment Ltd. 2,420,550 5,231
  China Resources Land    
  Ltd. 1,287,127 2,463
^ Evergrande Real Estate    
  Group Ltd. 3,016,921 1,732
  Country Garden Holdings    
  Co. Ltd. 3,665,388 1,581
  Longfor Properties    
  Co. Ltd. 784,617 1,239
^ Shimao Property    
  Holdings Ltd. 851,164 1,118
  China Vanke Co. Ltd.    
  Class B 817,206 1,089
^ Sino-Ocean Land    
  Holdings Ltd. 2,282,891 1,059
  Agile Property Holdings    
  Ltd. 788,586 1,026
  Soho China Ltd. 1,174,045 910
^ Guangzhou R&F    
  Properties Co. Ltd. 627,409 833
  Shui On Land Ltd. 1,754,529 733

 

      Market
      Value
    Shares ($000)
  Yuexiu Property Co. Ltd. 3,184,241 710
  Franshion Properties    
  China Ltd. 2,098,054 576
  New World China Land    
  Ltd. 1,781,102 547
  KWG Property Holding    
  Ltd. 811,658 532
  Shanghai Lujiazui Finance &    
  Trade Zone Development    
  Co. Ltd. Class B 308,000 320
  Shenzhen Investment    
  Ltd. 1,326,077 308
^ Renhe Commercial    
  Holdings Co. Ltd. 5,198,323 299
* Sunac China Holdings    
  Ltd. 904,318 278
  Tian An China Investment 550,761 261
^ Greentown China    
  Holdings Ltd. 369,237 256
  Jiangsu Future Land Co.    
  Ltd. Class B 394,150 243
^ Hopson Development    
  Holdings Ltd. 403,710 242
* Kaisa Group Holdings Ltd. 1,112,671 234
  Yuexiu REIT 424,516 218
  Silver Grant International 880,216 187
* Shanghai Industrial Urban    
  Development Group Ltd. 858,799 182
  Beijing Capital Land Ltd. 619,034 170
  China SCE Property    
  Holdings Ltd. 717,805 166
  China Merchants Property    
  Development Co. Ltd.    
  Class B 87,100 164
  China South City    
  Holdings Ltd. 1,181,111 162
  Powerlong Real Estate    
  Holdings Ltd. 855,139 146
  Fantasia Holdings Group    
  Co. Ltd. 1,123,443 128
  Shanghai Jinqiao Export    
  Processing Zone    
  Development Co. Ltd.    
  Class B 170,300 123
  China Aoyuan Property    
  Group Ltd. 705,707 99
  Tomson Group Ltd. 425,388 99
* Sinolink Worldwide    
  Holdings Ltd. 1,136,643 90
  SRE Group Ltd. 1,807,863 89
  Beijing North Star Co. Ltd. 462,130 85
  Yuzhou Properties Co. 355,988 78
  Lai Fung Holdings Ltd. 2,909,646 53
      26,059

 

11

 

Global ex-U.S. Real Estate Index Fund  
 
 
 
      Market
      Value
    Shares ($000)
Denmark (0.0%)    
  Jeudan A/S 1,252 97
* TK Development 23,107 62
      159
Egypt (0.3%)    
* Talaat Moustafa Group 617,265 432
* Amer Group Holding 1,886,774 212
  Six of October    
  Development &    
  Investment 36,771 98
* Medinet Nasr Housing 34,401 96
* Palm Hills Developments    
  SAE 295,523 93
      931
Finland (0.3%)    
  Sponda Oyj 155,738 626
  Citycon Oyj 90,199 299
  Technopolis plc 43,082 230
      1,155
France (5.1%)    
  Unibail-Rodamco SE 57,615 10,781
^ Fonciere Des Regions 24,843 1,925
^ Klepierre 59,423 1,884
  Gecina SA 16,731 1,552
* ICADE 14,635 1,235
  Societe Immobiliere de    
  Location pour l’Industrie    
  et le Commerce 5,540 584
  Mercialys SA 28,321 566
* ANF Immobilier 7,645 349
  Societe de la Tour Eiffel 3,614 188
* Altarea 1,032 156
      19,220
Germany (1.3%)    
  Deutsche Euroshop AG 27,538 1,002
  Deutsche Wohnen AG 63,598 936
* GSW Immobilien AG 19,817 660
* TAG Immobilien AG 58,447 580
  GAGFAH SA 57,274 514
  Alstria Office REIT-AG 40,093 427
* IVG Immobilien AG 89,999 208
* Hamborner REIT AG 20,464 206
  DIC Asset AG 17,250 161
* Prime Office REIT-AG 24,789 134
* Patrizia Immobilien AG 19,310 125
* Colonia Real Estate AG 14,413 61
      5,014
Greece (0.0%)    
  Eurobank Properties Real    
  Estate Investment Co. 9,799 50

 

      Market
      Value
    Shares ($000)
Hong Kong (15.6%)    
  Cheung Kong Holdings Ltd. 890,375 11,775
  Sun Hung Kai Properties    
  Ltd. 971,441 11,636
  Link REIT 1,428,089 5,941
  Hang Lung Properties    
  Ltd. 1,268,691 4,664
  Hongkong Land Holdings    
  Ltd. 734,212 4,546
  Sino Land Co. Ltd. 2,208,605 3,789
  Henderson Land    
  Development Co. Ltd. 588,375 3,339
  Hang Lung Group Ltd. 465,413 2,903
  Kerry Properties Ltd. 483,154 2,192
  Wheelock & Co. Ltd. 526,652 1,774
  Hysan Development Co.    
  Ltd. 388,422 1,756
  Champion REIT 1,690,969 737
  Great Eagle Holdings Ltd. 177,697 522
^ Chinese Estates Holdings    
  Ltd. 306,952 423
* China Overseas Grand    
  Oceans Group Ltd. 289,590 387
^ K Wah International    
  Holdings Ltd. 647,338 272
*,^ Glorious Property    
  Holdings Ltd. 1,709,036 260
  Sunlight REIT 714,400 230
  Kowloon Development    
  Co. Ltd. 203,414 213
^ Mingfa Group    
  International Co. Ltd. 645,363 192
  HKR International Ltd. 433,282 164
  TAI Cheung Holdings 210,131 149
  Prosperity REIT 624,649 139
  Regal REIT 499,815 127
  Far East Consortium    
  International Ltd. 696,343 127
* Pacific Century Premium    
  Developments Ltd. 511,526 121
  Emperor International    
  Holdings 647,832 116
* Lai Sun Development 7,078,302 110
  Liu Chong Hing    
  Investment 104,485 109
  CSI Properties Ltd. 2,598,348 106
* Soundwill Holdings Ltd. 64,000 100
* China Properties Group    
  Ltd. 267,524 79
* Zhuguang Holdings Group    
  Co. Ltd. 530,405 52
      59,050
India (0.6%)    
  DLF Ltd. 263,778 933
* Unitech Ltd. 788,682 396

 

12

 

Global ex-U.S. Real Estate Index Fund  
 
 
 
      Market
      Value
    Shares ($000)
* Oberoi Realty Ltd. 49,456 257
  Indiabulls Real Estate Ltd. 136,814 163
  Godrej Properties Ltd. 10,945 123
  Prestige Estates Projects    
  Ltd. 50,283 105
* Parsvnath Developers Ltd.  87,240 94
  Sobha Developers Ltd. 9,692 61
* DB Realty Ltd. 41,859 58
  Sunteck Realty Ltd. 7,652 55
* Indiabulls Infrastructure    
  and Power Ltd. 275,288 40
      2,285
Indonesia (1.2%)    
  Lippo Karawaci Tbk PT 12,616,500 1,137
  Bumi Serpong Damai PT 4,327,527 670
  Summarecon Agung    
  Tbk PT 2,953,500 555
  Ciputra Development    
  Tbk PT 5,687,000 469
  Alam Sutera Realty Tbk    
  PT 5,476,797 357
* Sentul City Tbk PT 10,408,500 356
* Kawasan Industri    
  Jababeka Tbk PT 11,770,680 294
* Bakrieland Development    
  Tbk PT 20,749,500 263
* Agung Podomoro Land    
  Tbk PT 3,967,000 161
* Intiland Development    
  Tbk PT 3,210,051 149
  Ciputra Property Tbk PT 1,732,596 149
      4,560
Israel (0.6%)    
  Azrieli Group 19,914 489
  Gazit-Globe Ltd. 41,835 447
  Alony Hetz Properties &    
  Investments Ltd. 39,472 189
  Norstar Holdings Inc. 8,597 179
  Melisron Ltd. 8,352 155
* Nitsba Holdings 1995 Ltd. 16,822 149
  Amot Investments Ltd. 56,508 147
* Jerusalem Economy Ltd. 11,792 86
  Reit 1 Ltd. 45,103 85
* Airport City Ltd. 17,599 85
* Africa Israel Properties Ltd.  7,639 76
* AL-ROV Israel Ltd. 2,706 67
* Industrial Buildings Corp. 43,630 64
* Elbit Imaging Ltd. 6,518 19
      2,237
Italy (0.1%)    
^ Beni Stabili SPA 528,687 294
  Immobiliare Grande    
  Distribuzione 83,766 90
* Prelios SPA 410,414 86
      470

 

    Market
    Value
  Shares ($000)
Japan (18.7%)    
Mitsubishi Estate Co. Ltd. 783,353 13,848
Mitsui Fudosan Co. Ltd. 526,057 9,636
Sumitomo Realty &    
Development Co. Ltd. 276,576 6,595
Daito Trust Construction    
Co. Ltd. 51,100 4,595
Daiwa House Industry    
Co. Ltd. 338,674 4,370
Nippon Building Fund Inc. 369 3,506
Japan Real Estate    
Investment Corp. 342 3,030
Japan Retail Fund    
Investment Corp. 1,073 1,711
United Urban Investment    
Corp. Class A 1,340 1,579
Advance Residence    
Investment Corp. 696 1,346
Tokyu Land Corp. 266,056 1,282
Japan Prime Realty    
Investment Corp. 402 1,154
Aeon Mall Co. Ltd. 49,112 1,089
Nomura Real Estate    
Holdings Inc. 58,229 1,018
Nomura Real Estate Office    
Fund Inc. Class A 175 1,016
Mori Trust Sogo Reit Inc. 108 955
* Tokyo Tatemono Co. Ltd. 256,166 946
Frontier Real Estate    
Investment Corp. 108 914
Japan Logistics Fund Inc. 95 834
Orix JREIT Inc. 173 769
Nippon Accommodations    
Fund Inc. Class A 107 707
Daiwahouse Residential    
Investment Corp. 85 582
Japan Excellent Inc. 106 557
Kenedix Realty Investment    
Corp. Class A 158 551
Hulic Co. Ltd. 45,782 524
NTT Urban Development    
Corp. 676 519
Tokyu REIT Inc. 98 505
Top REIT Inc. 89 501
Fukuoka REIT Co. Class A 63 454
Industrial & Infrastructure    
Fund Investment Corp. 73 443
Nomura Real Estate    
Residential Fund Inc. 81 437
Mori Hills REIT Investment    
Corp. 102 425
Daiwa Office Investment    
Corp. Class A 149 413
Premier Investment Corp. 101 382
Global One Real Estate    
Investment Corp. 55 379

 

13

 

Global ex-U.S. Real Estate Index Fund  
 
 
 
      Market
      Value
    Shares ($000)
* Leopalace21 Corp. 93,250 290
  Heiwa Real Estate Co. Ltd. 107,661 272
  Japan Hotel REIT    
  Investment Corp. 1,114 272
  MID REIT, Inc. 97 269
  Daibiru Corp. 31,057 244
  Hankyu REIT, Inc. Class A 49 240
  TOC Co. Ltd. 42,329 237
  Sekisui House SI    
  Investment Co. Class A 57 228
  Japan Rental Housing    
  Investments Inc. Class A 481 223
  Able & Partners Inc. 24,566 178
  Heiwa Real Estate REIT Inc.  
  Class A 285 172
  Takara Leben Co. Ltd. 16,453 143
  Iida Home Max 11,944 99
  Starts Proceed Investment    
  Corp. Class A 65 91
^ Shoei Co. Ltd. 21,686 81
  Tokyo Theatres Co. Inc. 41,017 59
      70,670
Malaysia (1.0%)    
  IGB Corp. Bhd. 692,187 626
* UEM Land Holdings Bhd. 742,565 492
  Sunway REIT 1,040,134 433
* UOA Development Bhd. 719,700 366
  SP Setia Bhd. 250,000 298
* Sunway Bhd. 367,020 291
  KLCC Property Holdings    
  Bhd. 204,600 229
  CapitaMalls Malaysia Trust 475,700 226
  IJM Land Bhd. 267,141 194
* Bandar Raya    
  Developments Bhd. 260,700 193
  Mah Sing Group Bhd. 211,943 137
  Paramount Corp. Bhd. 170,000 88
* YTL Land & Development    
  Bhd. 229,900 78
  TA Global Bhd. 765,635 72
* Sunway Bhd. Warrants    
  Exp. 08/17/2016 27,544 5
      3,728
Netherlands (1.4%)    
  Corio NV 58,526 2,622
^ Wereldhave NV 13,889 978
  Eurocommercial Properties    
  NV 22,378 785
  Vastned Retail NV 11,888 584
^ Nieuwe Steen Investments    
  NV 34,895 384
      5,353

 

      Market
      Value
    Shares ($000)
New Zealand (0.5%)    
  Kiwi Income Property Trust 631,582 553
  Goodman Property Trust 524,633 446
  AMP NZ Office Ltd. 529,956 420
  Argosy Property Ltd. 320,941 220
  Vital Healthcare Property    
  Trust 183,660 188
  DNZ Property Fund Ltd. 163,737 187
      2,014
Norway (0.2%)    
  Norwegian Property ASA 313,532 466
* Olav Thon Eindom A/S 1,889 292
      758
Philippines (1.2%)    
  Ayala Land Inc. 3,321,600 1,680
  SM Prime Holdings Inc. 3,472,400 1,372
  Robinsons Land Corp. 1,097,150 449
  Megaworld Corp. 6,307,000 322
* Belle Corp. 2,606,000 298
  Filinvest Land Inc. 5,935,000 190
  SM Development Corp. 1,128,933 187
  Vista Land & Lifescapes    
  Inc. 1,734,000 178
      4,676
Poland (0.1%)    
*,^ Globe Trade Centre SA 104,650 239
* Echo Investment SA 153,210 189
      428
Russia (0.3%)    
  LSR Group GDR 127,059 680
* Etalon Group Ltd. GDR 77,739 515
      1,195
Singapore (7.7%)    
  CapitaLand Ltd. 1,636,299 3,868
  CapitaMall Trust 1,748,034 2,538
  City Developments Ltd. 298,090 2,435
* Global Logistic    
  Properties Ltd. 1,457,131 2,418
  Ascendas REIT 1,070,521 1,796
  Suntec REIT 1,382,127 1,459
  CapitaCommercial Trust 1,258,082 1,308
  UOL Group Ltd. 346,878 1,264
  Keppel Land Ltd. 451,335 1,149
  CapitaMalls Asia Ltd. 692,942 859
  Mapletree Logistics Trust 890,129 703
  CDL Hospitality Trusts 397,402 606
  Mapletree Industrial Trust 638,934 583
  United Industrial Corp. Ltd. 221,188 495
  Mapletree Commercial    
  Trust 652,405 479
  Starhill Global REIT 848,968 449
^ Yanlord Land Group Ltd. 429,204 400
  Frasers Centrepoint Trust 296,341 381
  Fortune REIT 699,761 376

 

14

 

Global ex-U.S. Real Estate Index Fund  
 
 
 
      Market
      Value
    Shares ($000)
  Bukit Sembawang Estates    
  Ltd. 98,650 374
  Ascott Residence Trust 372,463 337
  Cache Logistics Trust 401,405 336
  K-REIT Asia 412,015 332
  Parkway Life REIT 217,255 324
  Cambridge Industrial Trust 725,409 316
  Wing Tai Holdings Ltd. 315,874 301
  Lippo Malls Indonesia    
  Retail Trust 884,706 293
  GuocoLand Ltd. 207,477 292
  Singapore Land Ltd. 59,227 284
  CapitaRetail China Trust 246,855 258
  Wheelock Properties    
  Singapore Ltd. 176,969 247
  AIMS AMP Capital    
  Industrial REIT 235,428 230
  First REIT 304,754 220
  Frasers Commercial Trust 295,867 220
  Ascendas India Trust 317,666 209
  Perennial China Retail    
  Trust 452,636 188
* Sinarmas Land Ltd. 719,000 182
  Ho Bee Investment Ltd. 152,903 170
* Orchard Parade Holdings    
  Ltd. 100,035 141
* Treasury China Trust 123,192 140
  Roxy-Pacific Holdings Ltd. 358,681 124
  Fragrance Group Ltd. 317,775 102
  Saizen REIT 849,356 98
      29,284
South Africa (2.4%)    
  Growthpoint Properties    
  Ltd. 778,717 2,104
  Redefine Properties Ltd. 1,721,013 1,826
  Capital Property Fund 1,028,146 1,227
  Resilient Property Income    
  Fund Ltd. 180,194 913
  Fountainhead Property    
  Trust 721,922 692
  Hyprop Investments Ltd. 85,322 631
  Acucap Properties Ltd. 90,504 470
  SA Corporate Real Estate    
  Fund Nominees Pty Ltd. 873,869 376
  Emira Property Fund 219,984 354
  Vukile Property Fund Ltd. 111,176 223
  Sycom Property Fund 68,220 216
  Premium Properties Ltd. 41,103 79
      9,111
Spain (0.0%)    
* Inmobiliaria Colonial SA 48,579 79
* Realia Business SA 70,281 79
      158

 

      Market
      Value
    Shares ($000)
Sweden (1.4%)    
  Castellum AB 109,070 1,381
  Hufvudstaden AB Class A 74,983 806
^ Wallenstam AB 71,637 714
  Fabege AB 84,469 713
^ Wihlborgs Fastigheter AB 43,368 603
  Kungsleden AB 87,877 541
^ Klovern AB 60,028 210
* Fastighets AB Balder 38,655 188
  Heba Fastighets AB Class B 17,687 166
^ Sagax AB 4,892 131
      5,453
Switzerland (1.8%)    
  Swiss Prime Site AG 34,451 2,873
  PSP Swiss Property AG 22,026 1,979
  Mobimo Holding AG 3,904 951
  Allreal Holding AG 4,628 726
  Intershop Holdings 685 246
      6,775
Taiwan (1.2%)    
  Highwealth Construction    
  Corp. 374,000 624
  Ruentex Development    
  Co. Ltd. 419,959 600
  Cathay No 1 REIT 714,310 441
  Cathay Real Estate    
  Development Co. Ltd. 847,000 393
  Huaku Development    
  Co. Ltd. 150,544 360
  Prince Housing &    
  Development Corp. 494,820 354
  Farglory Land Development    
  Co. Ltd. 182,000 335
  Radium Life Tech Co. Ltd. 354,050 258
* Shining Building Business    
  Co. Ltd. 181,650 159
* Taiwan Land Development    
  Corp. 367,024 149
  Hung Sheng Construction    
  Co. Ltd. 294,000 146
  KEE TAI Properties Co. Ltd. 223,869 123
  Hung Poo Real Estate    
  Development Corp. 131,194 119
  King’s Town Construction    
  Co. Ltd. 122,240 104
  Howarm Construction    
  Co. Ltd. 78,390 104
* Kuoyang Construction    
  Co. Ltd. 253,000 92
      4,361
Thailand (0.7%)    
  Central Pattana PCL 403,800 657
* Land and Houses PCL  1,839,900 475

 

15

 

Global ex-U.S. Real Estate Index Fund  
 
 
 
      Market
      Value
    Shares ($000)
* Hemaraj Land and    
  Development PCL 2,909,278 281
  Supalai PCL 367,905 196
* Amata Corp. PCL 319,300 185
* MBK PCL 48,612 151
* Bangkokland PCL 5,331,700 125
  Ticon Industrial    
  Connection PCL 240,788 102
* SC Asset Corp. PCL 204,552 98
  Siam Future    
  Development PCL 339,750 95
  Sansiri PCL (Foreign) 901,132 62
* Rojana Industrial Park PCL 175,900 46
* Sansiri PCL (Local) 678,100 46
  Rojana Industrial Park PCL    
  (Foreign) 168,270 44
* Rojana Industrial Park PCL    
  Warrants Exp. 07/18/2016 57,123 7
      2,570
Turkey (0.2%)    
  Akmerkez Gayrimenkul    
  Yatirim Ortakligi AS 18,474 263
  Is Gayrimenkul Yatirim    
  Ortakligi AS 212,058 141
  Sinpas Gayrimenkul    
  Yatirim Ortakligi AS 138,749 99
  Torunlar Gayrimenkul    
  Yatirim Ortakligi AS 33,151 97
      600
United Kingdom (7.0%)    
  Land Securities Group plc 494,721 5,842
  British Land Co. plc 560,367 4,452
  Hammerson plc 449,625 3,048
  Capital Shopping Centres    
  Group plc 378,402 1,996
  Segro plc 471,817 1,693
  Derwent London plc 51,596 1,459
  Shaftesbury plc 158,580 1,317

 

    Market
    Value
  Shares ($000)
Capital & Counties    
Properties plc 368,339 1,190
Great Portland Estates plc 200,234 1,170
London & Stamford    
Property plc 352,437 635
Hansteen Holdings plc 416,574 496
Grainger plc 261,460 421
Raven Russia Ltd. 390,740 395
Big Yellow Group plc 70,949 341
Unite Group plc 102,071 324
Workspace Group plc 71,833 263
ST Modwen Properties plc 93,715 255
Primary Health Properties    
plc 41,440 225
Helical Bar plc 72,029 222
Development Securities plc 74,764 200
Metric Property    
Investments plc 120,211 175
Safestore Holdings plc 93,910 171
Schroder REIT Ltd. 212,682 118
* CLS Holdings plc 10,528 107
    26,515
Total Common Stocks    
(Cost $382,913)   377,311
Temporary Cash Investment (4.1%)  
Money Market Fund (4.1%)    
1,2 Vanguard Market    
Liquidity Fund,    
0.137%    
(Cost $15,465) 15,464,530 15,465
Total Investments (103.8%)    
(Cost $398,378)   392,776
Other Assets and Liabilities (-3.8%)  
Other Assets   4,882
Liabilities2   (19,235)
    (14,353)
Net Assets (100%)   378,423

 

16

 

Global ex-U.S. Real Estate Index Fund

At April 30, 2012, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 383,936
Undistributed Net Investment Income 3,708
Accumulated Net Realized Losses (3,653)
Unrealized Appreciation (Depreciation)  
Investment Securities (5,602)
Foreign Currencies 34
Net Assets 378,423
 
 
Investor Shares—Net Assets  
Applicable to 2,960,636 outstanding  
$.001 par value shares of beneficial  
interest (unlimited authorization) 56,407
Net Asset Value Per Share—  
Investor Shares $19.05
 
 
Signal Shares—Net Assets  
Applicable to 800,208 outstanding  
$.001 par value shares of beneficial  
interest (unlimited authorization) 23,086
Net Asset Value Per Share—  
Signal Shares $28.85
 
 
Institutional Shares—Net Assets  
Applicable to 528,816 outstanding  
$.001 par value shares of beneficial  
interest (unlimited authorization) 50,829
Net Asset Value Per Share—  
Institutional Shares $96.12
 
 
ETF Shares—Net Assets  
Applicable to 5,210,385 outstanding  
$.001 par value shares of beneficial  
interest (unlimited authorization) 248,101
Net Asset Value Per Share—  
ETF Shares $47.62

 

See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $14,400,000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
2 Includes $15,465,000 of collateral received for securities on loan.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.

17

 

Global ex-U.S. Real Estate Index Fund

Statement of Operations

  Six Months Ended
  April 30, 2012
  ($000)
Investment Income  
Income  
Dividends1 6,759
Interest2 1
Security Lending 200
Total Income 6,960
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 22
Management and Administrative—Investor Shares 89
Management and Administrative—Signal Shares 20
Management and Administrative—Institutional Shares 44
Management and Administrative—ETF Shares 233
Marketing and Distribution—Investor Shares 4
Marketing and Distribution—Signal Shares 2
Marketing and Distribution—Institutional Shares 6
Marketing and Distribution—ETF Shares 27
Custodian Fees 98
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—Signal Shares —
Shareholders’ Reports—Institutional Shares —
Shareholders’ Reports—ETF Shares 6
Total Expenses 552
Net Investment Income 6,408
Realized Net Gain (Loss)  
Investment Securities Sold (1,461)
Foreign Currencies 5
Realized Net Gain (Loss) (1,456)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 22,302
Foreign Currencies 34
Change in Unrealized Appreciation (Depreciation) 22,336
Net Increase (Decrease) in Net Assets Resulting from Operations 27,288

 

1 Dividends are net of foreign withholding taxes of $477,000.
2 Interest income from affiliated company of the fund was $1,000.

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

18

 

Global ex-U.S. Real Estate Index Fund

Statement of Changes in Net Assets

    November 1,
  Six Months Ended 20101 to
  April 30, October 31,
  2012 2011
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 6,408 6,364
Realized Net Gain (Loss) (1,456) (1,963)
Change in Unrealized Appreciation (Depreciation) 22,336 (27,904)
Net Increase (Decrease) in Net Assets Resulting from Operations 27,288 (23,503)
Distributions    
Net Investment Income    
Investor Shares (1,173) (143)
Signal Shares (377) —
Institutional Shares (1,546) —
ETF Shares (5,477) (582)
Realized Capital Gain    
Investor Shares — —
Signal Shares — —
Institutional Shares — —
ETF Shares — —
Total Distributions (8,573) (725)
Capital Share Transactions    
Investor Shares 12,246 45,899
Signal Shares 10,083 13,116
Institutional Shares (3,110) 51,059
ETF Shares 62,735 191,908
Net Increase (Decrease) from Capital Share Transactions 81,954 301,982
Total Increase (Decrease) 100,669 277,754
Net Assets    
Beginning of Period 277,754 —
End of Period2 378,423 277,754

1 Inception.
2 Net Assets—End of Period includes undistributed net investment income of $3,708,000 and $5,624,000.

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

19

 

Global ex-U.S. Real Estate Index Fund

Financial Highlights

Investor Shares    
  Six Months Nov. 1,
  Ended 20101 to
  April 30, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011
Net Asset Value, Beginning of Period $18.14 $20.00
Investment Operations    
Net Investment Income .329 .7442
Net Realized and Unrealized Gain (Loss) on Investments3 1.089 (2.430)
Total from Investment Operations 1.418 (1.686)
Distributions    
Dividends from Net Investment Income (.508) (.174)
Distributions from Realized Capital Gains — —
Total Distributions (.508) (.174)
Net Asset Value, End of Period $19.05 $18.14
 
Total Return 4 8.31% -8.49%
 
Ratios/Supplemental Data    
Net Assets, End of Period (Millions) $56 $41
Ratio of Total Expenses to Average Net Assets 0.48% 0.50%5
Ratio of Net Investment Income to Average Net Assets 3.99% 3.61%5
Portfolio Turnover Rate 5% 7%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.01 and $.02.
4 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
5 Annualized.

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

20

 

Global ex-U.S. Real Estate Index Fund

Financial Highlights

Signal Shares    
  Six Months Feb. 10,
  Ended 20111 to
  April 30, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011
Net Asset Value, Beginning of Period $27.51 $29.89
Investment Operations    
Net Investment Income .517 .7842
Net Realized and Unrealized Gain (Loss) on Investments3 1.639 (3.164)
Total from Investment Operations 2.156 (2.380)
Distributions    
Dividends from Net Investment Income (.816) —
Distributions from Realized Capital Gains — —
Total Distributions (. 816) —
Net Asset Value, End of Period $28.85 $27.51
 
Total Return 4 8.37% -7.96%
 
Ratios/Supplemental Data    
Net Assets, End of Period (Millions) $23 $12
Ratio of Total Expenses to Average Net Assets 0.34% 0.35%5
Ratio of Net Investment Income to Average Net Assets 4.13% 3.76%5
Portfolio Turnover Rate 5% 7%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.01 and $.02.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.

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

21

 

Global ex-U.S. Real Estate Index Fund

Financial Highlights

Institutional Shares    
  Six Months April 19,
  Ended 20111 to
  April 30, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011
Net Asset Value, Beginning of Period $91.68 $102.01
Investment Operations    
Net Investment Income 1.728 1.5222
Net Realized and Unrealized Gain (Loss) on Investments3 5.481 (11.852)
Total from Investment Operations 7.209 (10.330)
Distributions    
Dividends from Net Investment Income (2.769) —
Distributions from Realized Capital Gains — —
Total Distributions (2.769) —
Net Asset Value, End of Period $96.12 $91.68
 
Total Return 4 8.40% -10.13%
 
Ratios/Supplemental Data    
Net Assets, End of Period (Millions) $51 $52
Ratio of Total Expenses to Average Net Assets 0.30% 0.30%5
Ratio of Net Investment Income to Average Net Assets 4.17% 3.81%5
Portfolio Turnover Rate 5% 7%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.03 and $.01.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.

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

22

 

Global ex-U.S. Real Estate Index Fund

Financial Highlights

ETF Shares    
  Six Months Nov. 1,
  Ended 20101 to
  April 30, Oct. 31,
For a Share Outstanding Throughout Each Period 2012 2011
Net Asset Value, Beginning of Period $45.39 $49.97
Investment Operations    
Net Investment Income .853 1.8482
Net Realized and Unrealized Gain (Loss) on Investments3 2.711 (5.981)
Total from Investment Operations 3.564 (4.133)
Distributions    
Dividends from Net Investment Income (1.334) (.447)
Distributions from Realized Capital Gains — —
Total Distributions (1.334) (. 447)
Net Asset Value, End of Period $47.62 $45.39
 
Total Return 8.39% -8.34%
 
Ratios/Supplemental Data    
Net Assets, End of Period (Millions) $248 $173
Ratio of Total Expenses to Average Net Assets 0.34% 0.35%4
Ratio of Net Investment Income to Average Net Assets 4.13% 3.76%4
Portfolio Turnover Rate 5% 7%

 

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.01 and $.04.
4 Annualized.

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

23

 

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, Signal Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Signal Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria. ETF Shares are listed for trading on the Nasdaq; they can be purchased and sold through a broker.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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.

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. 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 its open federal income tax period ended October 31, 2011, and for the period ended April 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

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

24

 

Global ex-U.S. Real Estate Index Fund

5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.

6. 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. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.

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

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2012, the fund had contributed capital of $54,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.02% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following table summarizes the market value of the fund’s investments as of April 30, 2012, based on the inputs used to value them:
  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 26,472 350,839 —
Temporary Cash Investments 15,465 — —
Total 41,937 350,839 —

 

25

 

Global ex-U.S. Real Estate Index Fund

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

During the six months ended April 30, 2012, the fund realized net foreign currency gains of $5,000, which increased distributable net income for tax purposes; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the six months ended April 30, 2012, the fund realized gains on the sale of passive foreign investment companies of $244,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at April 30, 2012, had unrealized appreciation of $1,314,000 as of October 31, 2011, the most recent mark-to-market date for tax purposes. This amount has been distributed and is reflected in the balance of undistributed net investment income.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2011, the fund had available capital loss carryforwards totaling $1,948,000 to offset future net capital gains through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2012, the cost of investment securities for tax purposes was $399,692,000. Net unrealized depreciation of investment securities for tax purposes was $6,916,000, consisting of unrealized gains of $15,948,000 on securities that had risen in value since their purchase and $22,864,000 in unrealized losses on securities that had fallen in value since their purchase.

E. During the six months ended April 30, 2012, the fund purchased $89,311,000 of investment securities and sold $9,955,000 of investment securities, other than temporary cash investments.

26

 

Global ex-U.S. Real Estate Index Fund

F. Capital share transactions for each class of shares were:      
  Six Months Ended   Inception1 to
    April 30, 2012 October 31, 2011
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued2 15,684 867 53,734 2,689
Issued in Lieu of Cash Distributions 1,024 63 129 7
Redeemed3 (4,462) (252) (7,964) (413)
Net Increase (Decrease)—Investor Shares 12,246 678 45,899 2,283
Signal Shares        
Issued2 9,857 361 13,262 434
Issued in Lieu of Cash Distributions 369 15 — —
Redeemed3 (143) (5) (146) (5)
Net Increase (Decrease)—Signal Shares 10,083 371 13,116 429
Institutional Shares        
Issued2 2,694 28 51,059 565
Issued in Lieu of Cash Distributions 1,143 14 — —
Redeemed3 (6,947) (78) — —
Net Increase (Decrease)—Institutional Shares (3,110) (36) 51,059 565
ETF Shares        
Issued2 62,735 1,405 191,908 3,805
Issued in Lieu of Cash Distributions — — — —
Redeemed3 — — — —
Net Increase (Decrease)—ETF Shares 62,735 1,405 191,908 3,805

 

1 Inception was November 1, 2010, for the Investor Shares, November 1, 2010, for the ETF Shares, February 10, 2011, for the Signal Shares, and April 19, 2011, for the Institutional Shares.
2 Includes purchase fees for fiscal 2012 and 2011of $70,000 and $202,000, respectively (fund totals).
3 Net of redemption fees for fiscal 2012 and 2011 of $34,000 and $19,000, respectively (fund totals).

G. In preparing the financial statements as of April 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

27

 

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.

28

 

Six Months Ended April 30, 2012      
  Beginning Ending Expenses
  Account Value Account Value Paid During
Global ex-U.S. Real Estate Index Fund 10/31/2011 4/30/2012 Period
Based on Actual Fund Return      
Investor Shares $1,000.00 $1,083.14 $2.49
Signal Shares 1,000.00 1,083.65 1.76
Institutional Shares 1,000.00 1,084.02 1.55
ETF Shares 1,000.00 1,083.88 1.76
Based on Hypothetical 5% Yearly Return      
Investor Shares $1,000.00 $1,022.48 $2.41
Signal Shares 1,000.00 1,023.17 1.71
Institutional Shares 1,000.00 1,023.37 1.51
ETF Shares 1,000.00 1,023.17 1.71

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.48% for Investor Shares, 0.34% for Signal Shares, 0.30% for Institutional Shares, and 0.34% for ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.

29

 

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard Global ex-U.S. Real Estate Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Equity Investment Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interest of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services
The board considered the quality of the investment management services provided to the fund since its inception in 2010, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance
The board considered the fund’s performance since its inception, including any periods of outperformance or underperformance of its target index and peer group. The board concluded that the fund has performed in line with expectations, and that the results have been consistent with the fund’s investment strategy. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.

Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.

The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement after a one-year period.

30

 

Glossary

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

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

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

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

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

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

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

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

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

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

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

31

 

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 179 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 and Delphi Automotive LLP (automotive components);
  Senior Advisor at New Mountain Capital; Trustee of
F. William McNabb III The Conference Board.
Born 1957. Trustee Since July 2009. Chairman of the  
Board. Principal Occupation(s) During the Past Five Amy Gutmann
Years: Chairman of the Board of The Vanguard Group, Born 1949. Trustee Since June 2006. Principal
Inc., and of each of the investment companies served Occupation(s) During the Past Five Years: President
by The Vanguard Group, since January 2010; Director of the University of Pennsylvania; Christopher H.
of The Vanguard Group since 2008; Chief Executive Browne Distinguished Professor of Political Science
Officer and President of The Vanguard Group and of in the School of Arts and Sciences with secondary
each of the investment companies served by The appointments at the Annenberg School for
Vanguard Group since 2008; Director of Vanguard Communication and the Graduate School of Education
Marketing Corporation; Managing Director of The of the University of Pennsylvania; Member of the
Vanguard Group (1995–2008). National Commission on the Humanities and Social
  Sciences; Trustee of Carnegie Corporation of New
  York and of the National Constitution Center; Chair
IndependentTrustees of the U. S. Presidential Commission for the Study 
  of Bioethical Issues.
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal JoAnn Heffernan Heisen 
Occupation(s) During the Past Five Years: Executive Born 1950. Trustee Since July 1998. Principal 
Chief Staff and Marketing Officer for North America Occupation(s) During the Past Five Years: Corporate 
and Corporate Vice President (retired 2008) of Xerox Vice President and Chief Global Diversity Officer
Corporation (document management products and (retired 2008) and Member of the Executive 
services); Executive in Residence and 2010 Committee (1997–2008) of Johnson & Johnson 
Distinguished Minett Professor at the Rochester (pharmaceuticals/medical devices/consumer 
Institute of Technology; Director of SPX Corporation products); Director of Skytop Lodge Corporation 
(multi-industry manufacturing), the United Way of (hotels), the University Medical Center at Princeton, 
Rochester, Amerigroup Corporation (managed health the Robert Wood Johnson Foundation, and the Center 
care), the University of Rochester Medical Center, for Talent Innovation; Member of the Advisory Board 
Monroe Community College Foundation, and North of the Maxwell School of Citizenship and Public Affairs 
Carolina A&T University. at Syracuse University. 
 
Rajiv L. Gupta  
  F. Joseph Loughrey
Born 1945. Trustee Since December 2001.2 Born 1949. Trustee Since October 2009. Principal 
Principal Occupation(s) During the Past Five Years: Occupation(s) During the Past Five Years: President 
Chairman and Chief Executive Officer (retired 2009) and Chief Operating Officer (retired 2009) of Cummins 
and President (2006–2008) of Rohm Haas Co. Inc. (industrial machinery); Director of SKF AB 
(chemicals); Director of Tyco International, Ltd. (industrial machinery), Hillenbrand, Inc. (specialized 
(diversified manufacturing and services), Hewlett- consumer services), the Lumina Foundation for 
Packard Co. (electronic computer manufacturing),  

 

 

Education, and Oxfam America; Chairman of the Executive Officers  
Advisory Council for the College of Arts and Letters    
and Member of the Advisory Board to the Kellogg Glenn Booraem  
Institute for International Studies at the University Born 1967. Controller Since July 2010. Principal
of Notre Dame. Occupation(s) During the Past Five Years: Principal
  of The Vanguard Group, Inc.; Controller of each of
Mark Loughridge the investment companies served by The Vanguard
Born 1953. Trustee Since March 2012. Principal Group; Assistant Controller of each of the investment
Occupation(s) During the Past Five Years: Senior Vice companies served by The Vanguard Group (2001–2010).
President and Chief Financial Officer at IBM (information    
technology services); Fiduciary Member of IBM’s Thomas J. Higgins  
Retirement Plan Committee. Born 1957. Chief Financial Officer Since September
  2008. Principal Occupation(s) During the Past Five
Scott C. Malpass Years: Principal of The Vanguard Group, Inc.; Chief
Born 1962. Trustee Since March 2012. Principal Financial Officer of each of the investment companies
Occupation(s) During the Past Five Years: Chief served by The Vanguard Group; Treasurer of each of
Investment Officer and Vice President at the University the investment companies served by The Vanguard
of Notre Dame; Assistant Professor of Finance at the Group (1998–2008).  
Mendoza College of Business at Notre Dame; Member    
of the Notre Dame 403(b) Investment Committee; Kathryn J. Hyatt  
Director of TIFF Advisory Services, Inc. (investment Born 1955. Treasurer Since November 2008. Principal
advisor); Member of the Investment Advisory Occupation(s) During the Past Five Years: Principal of
Committees of the Financial Industry Regulatory The Vanguard Group, Inc.; Treasurer of each of the
Authority (FINRA) and of Major League Baseball. investment companies served by The Vanguard
  Group; Assistant Treasurer of each of the investment
André F. Perold companies served by The Vanguard Group (1988–2008).
Born 1952. Trustee Since December 2004. Principal    
Occupation(s) During the Past Five Years: George Heidi Stam  
Gund Professor of Finance and Banking at the Harvard Born 1956. Secretary Since July 2005. Principal
Business School (retired 2011); Chief Investment Occupation(s) During the Past Five Years: Managing
Officer and Managing Partner of HighVista Strategies Director of The Vanguard Group, Inc.; General Counsel
LLC (private investment firm); Director of Rand of The Vanguard Group; Secretary of The Vanguard
Merchant Bank; Overseer of the Museum of Fine Group and of each of the investment companies
Arts Boston. served by The Vanguard Group; Director and Senior
  Vice President of Vanguard Marketing Corporation.
Alfred M. Rankin, Jr.    
Born 1941. Trustee Since January 1993. Principal Vanguard Senior ManagementTeam   
Occupation(s) During the Past Five Years: Chairman,    
President, and Chief Executive Officer of NACCO Mortimer J. Buckley Michael S. Miller
Industries, Inc. (forklift trucks/housewares/lignite); Kathleen C. Gubanich James M. Norris
Director of Goodrich Corporation (industrial products/ Paul A. Heller Glenn W. Reed
aircraft systems and services) and the National Martha G. King George U. Sauter
Association of Manufacturers; Chairman of the Board Chris D. McIsaac  
of the Federal Reserve Bank of Cleveland and of    
University Hospitals of Cleveland; Advisory Chairman  
of the Board of The Cleveland Museum of Art. Chairman Emeritus and Senior Advisor    
  John J. Brennan  
Peter F. Volanakis Chairman, 1996–2009   
Born 1955. Trustee Since July 2009. Principal  Chief Executive Officer and President, 1996–2008  
Occupation(s) During the Past Five Years: President    
and Chief Operating Officer (retired 2010) of Corning    
Incorporated (communications equipment); Director Founder  
of SPX Corporation (multi-industry manufacturing); John C. Bogle   
Overseer of the Amos Tuck School of Business Chairman and Chief Executive Officer, 1974–1996   
Administration at Dartmouth College; Advisor to the    
Norris Cotton Cancer Center.    

 

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

 

 

 
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This material may be used in conjunction advisability of buying, selling, or holding units/shares in
with the offering of shares of any Vanguard the funds.
fund only if preceded or accompanied by  
the fund’s current prospectus.  
 
All comparative mutual fund data are from Lipper Inc. or  
Morningstar, Inc., unless otherwise noted.  
 
You can obtain a free copy of Vanguard’s proxy voting  
guidelines by visiting vanguard.com/proxyreporting or by  
calling Vanguard at 800-662-2739. The guidelines are  
also available from the SEC’s website, sec.gov. In  
addition, you may obtain a free report on how your fund  
voted the proxies for securities it owned during the 12  
months ended June 30. To get the report, visit either  
vanguard.com/proxyreporting or sec.gov.  
 
You can review and copy information about your fund at  
the SEC’s Public Reference Room in Washington, D.C. To  
find out more about this public service, call the SEC at  
202-551-8090. Information about your fund is also  
available on the SEC’s website, and you can receive  
copies of this information, for a fee, by sending a  
request in either of two ways: via e-mail addressed to  
publicinfo@sec.gov or via regular mail addressed to the  
Public Reference Section, Securities and Exchange  
Commission, Washington, DC 20549-1520.  
 
 
  © 2012 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
 
  Q7382 062012

 

 

Item 2:

Not Applicable.

Item 3:

Not Applicable.

Item 4: Principal Accountant Fees and Services.

Not Applicable.

Item 5: Audit Committee of Listed Registrants.

Not Applicable.

Item 6: Investments.

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

Item 11: Controls and Procedures.

     (a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

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

 

Item 12: Exhibits.

(a) Certifications.

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

  VANGUARD INTERNATIONAL EQUITY INDEX FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: June 15, 2012

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  VANGUARD INTERNATIONAL EQUITY INDEX FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: June 15, 2012

 

  VANGUARD INTERNATIONAL EQUITY INDEX FUNDS
 
By: /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
 
Date: June 15, 2012

 

* By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012 see file Number 2-11444, Incorporated by Reference.