NPORT-EX 2 vg_dvlpdmktsxusvalue.htm
Vanguard® Developed Markets ex-US Value Index ETF
Schedule of Investments (unaudited)
As of May 31, 2026
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value
($000)
Common Stocks (98.4%)
Australia (6.7%)
  BHP Group Ltd.  8,724    388
  ANZ Group Holdings Ltd.  5,189    131
  Westpac Banking Corp.  4,175    108
  National Australia Bank Ltd.  4,016    108
  Rio Tinto Ltd.    630     84
  Woodside Energy Group Ltd.  3,289     72
  Fortescue Ltd.  2,818     45
  Woolworths Group Ltd.  1,617     41
  Macquarie Group Ltd.    210     36
  Coles Group Ltd.  2,276     36
  Northern Star Resources Ltd.  2,424     33
  Santos Ltd.  5,505     31
  Wesfarmers Ltd.    518     30
  South32 Ltd.  7,606     26
  Telstra Group Ltd.  6,678     25
  Goodman Group  1,039     24
  Scentre Group  8,843     24
  Suncorp Group Ltd.  1,836     23
  Transurban Group  1,852     20
  Washington H Soul Pattinson & Co. Ltd.    605     19
  BlueScope Steel Ltd.    743     17
  APA Group  2,229     16
* Mineral Resources Ltd.    298     16
  Sonic Healthcare Ltd.    837     12
  Stockland  4,107     12
  Vicinity Ltd.  6,627     12
  GPT Group  3,246     11
  Ampol Ltd.    404     10
  Ramsay Health Care Ltd.    322      9
  Aurizon Holdings Ltd.  2,906      9
  Mirvac Group  6,689      8
  Worley Ltd.    807      8
  Bendigo & Adelaide Bank Ltd.    963      7
  Computershare Ltd. (XASX)    265      7
  Sigma Healthcare Ltd.  3,468      7
  Orica Ltd.    446      7
  Dexus  1,822      7
  Cleanaway Waste Management Ltd.  3,797      6
  Atlas Arteria Ltd.  1,647      6
  Medibank Pvt Ltd.  1,873      6
  AGL Energy Ltd.  1,015      6
* Lynas Rare Earths Ltd.    385      5
  Charter Hall Group    325      5
  Endeavour Group Ltd.  2,587      5
  ASX Ltd.    124      4
  JB Hi-Fi Ltd.     72      4
  Qube Holdings Ltd.  1,150      4
* NEXTDC Ltd.    341      4
  Treasury Wine Estates Ltd.  1,370      4
  ALS Ltd.    244      4
  a2 Milk Co. Ltd.    771      3
  Yancoal Australia Ltd.    671      3
  SGH Ltd.     87      3
  SEEK Ltd.    178      2
  Steadfast Group Ltd.    663      2
  TPG Telecom Ltd.    765      2
  Reece Ltd.    198      2
             1,559
    Shares Market
Value
($000)
Austria (0.2%)
  OMV AG    244     18
  Raiffeisen Bank International AG    217     13
  voestalpine AG    178     10
  Vienna Insurance Group AG Wiener Versicherung Gruppe     60      4
  Strabag SE Class BR     27      3
  EVN AG     60      2
  Telekom Austria AG    124      1
                51
Belgium (1.0%)
  Anheuser-Busch InBev SA NV  1,700    136
* Argenx SE     30     25
  UCB SA     75     22
  Ageas SA    243     19
  Groupe Bruxelles Lambert NV    171     16
  Ackermans & van Haaren NV     21      7
  Elia Group SA     34      5
  Financiere de Tubize SA     18      5
               235
Canada (10.5%)
  Enbridge Inc.  3,762    206
  Brookfield Corp.  3,794    173
  Bank of Nova Scotia  2,116    170
  Suncor Energy Inc.  2,067    129
  Barrick Mining Corp. (XTSE)  2,897    124
  Bank of Montreal    753    122
  TC Energy Corp.  1,794    119
  Manulife Financial Corp.  2,893    111
  Canadian Natural Resources Ltd.  2,238    102
  Sun Life Financial Inc.    966     69
  Cenovus Energy Inc.  2,295     63
  Agnico Eagle Mines Ltd.    319     59
  Nutrien Ltd.    816     56
  Power Corp. of Canada    904     55
  Cameco Corp.    479     54
  Canadian Pacific Kansas City Ltd.    605     54
  Fortis Inc. (XTSE)    861     48
  Pembina Pipeline Corp.    985     46
  Restaurant Brands International Inc.    587     44
  Canadian National Railway Co.    346     41
  Pan American Silver Corp.    714     41
  Wheaton Precious Metals Corp.    279     37
* First Quantum Minerals Ltd.  1,145     35
  Teck Resources Ltd. Class B    490     32
  Franco-Nevada Corp.    134     31
  Brookfield Asset Management Ltd. Class A (XTSE)    638     31
  Magna International Inc.    445     29
  Emera Inc.    512     27
  Kinross Gold Corp.    883     27
  Great-West Lifeco Inc.    445     26
  Rogers Communications Inc. Class B    654     25
1 Hydro One Ltd.    539     22
  AltaGas Ltd.    527     20
  iA Financial Corp. Inc.    154     19
  George Weston Ltd.    265     19
  Intact Financial Corp.     91     18
  Lundin Mining Corp.    594     18
  Tourmaline Oil Corp.    398     18
  Loblaw Cos. Ltd.    316     14
  BCE Inc.    521     13
  Saputo Inc.    412     13
  TELUS Corp.    867     11
  Open Text Corp.    425     10
  Metro Inc.    142      9
  Toromont Industries Ltd.     52      9
  WSP Global Inc.     66      9
  Empire Co. Ltd. Class A    219      8
  CCL Industries Inc. Class B    103      7
* CAE Inc.    244      6
    Shares Market
Value
($000)
  GFL Environmental Inc.    138      5
  AtkinsRealis Group Inc.     85      5
  Thomson Reuters Corp.     60      5
  Brookfield Wealth Solutions Ltd.     66      3
             2,447
Denmark (0.9%)
  Danske Bank A/S  1,117     59
  Vestas Wind Systems A/S  1,711     48
  Carlsberg A/S Class B    153     20
*,1 Orsted A/S    783     20
  AP Moller - Maersk A/S Class B      6     15
  AP Moller - Maersk A/S Class A      6     15
  Novonesis (Novozymes) B Class B    250     14
  Tryg A/S    539     13
  Coloplast A/S Class B     87      5
               209
Finland (1.7%)
  Nokia OYJ  9,301    137
  Nordea Bank Abp  3,009     58
  Sampo OYJ Class A (XHEL)  4,459     47
  UPM-Kymmene OYJ    894     26
  Neste OYJ    729     24
  Kone OYJ Class B    301     18
  Fortum OYJ    744     17
  Stora Enso OYJ Class R  1,039     12
  Elisa OYJ    244     12
  Kesko OYJ Class B    463     11
  Wartsila OYJ Abp    286     11
  Metso OYJ    563     11
               384
France (6.6%)
  TotalEnergies SE (TQEX)  3,467    304
  BNP Paribas SA  1,699    183
  Sanofi SA  1,842    161
  AXA SA  2,842    131
  Societe Generale SA  1,183     98
  Safran SA    247     88
  Air Liquide SA (XPAR)    332     69
  Orange SA  3,206     67
  Engie SA (XPAR)  2,156     66
  Vinci SA    393     57
  Veolia Environnement SA  1,132     46
  Cie Generale des Etablissements Michelin SCA  1,165     43
  Danone SA    530     38
  Credit Agricole SA  1,897     37
  Cie de Saint-Gobain SA    310     28
  Pernod Ricard SA    337     25
  Bouygues SA    319     19
  Publicis Groupe SA    198     19
  Legrand SA    105     18
  Kering SA     51     15
  Thales SA     46     13
* Capgemini SE     85     10
  Bollore SE  1,192      8
  Dassault Aviation SA     12      4
             1,547
Germany (5.6%)
  Allianz SE (Registered)    652    289
  Siemens AG (Registered)    479    150
  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)    223    117
  Siemens Energy AG    618    117
  Deutsche Telekom AG (Registered)  2,948     99
  Deutsche Post AG  1,599     95
  BASF SE  1,544     91
  Mercedes-Benz Group AG  1,260     77
  Bayer AG (Registered)  1,691     72
  Bayerische Motoren Werke AG (XETR)    446     39
  Vonovia SE  1,425     36
    Shares Market
Value
($000)
  Fresenius SE & Co. KGaA    696     29
  Hannover Rueck SE    102     28
  adidas AG    120     23
  Continental AG    183     15
  Henkel AG & Co. KGaA (XTER)    163     12
  Talanx AG    100     12
* Volkswagen AG     51      6
1 Siemens Healthineers AG    156      6
* Traton SE    102      4
             1,317
Hong Kong (1.4%)
  AIA Group Ltd.  8,824     93
  Sun Hung Kai Properties Ltd.  2,604     44
  CK Hutchison Holdings Ltd.  4,610     41
  Jardine Matheson Holdings Ltd.    349     23
  CK Asset Holdings Ltd.  3,322     20
  BOC Hong Kong Holdings Ltd.  2,433     15
  Hongkong Land Holdings Ltd.  1,800     14
  CLP Holdings Ltd.  1,090     11
  Sino Land Co. Ltd.  6,432     10
  Henderson Land Development Co. Ltd.  2,298      9
  Power Assets Holdings Ltd.  1,023      8
  Swire Pacific Ltd. Class A    570      6
  Wharf Holdings Ltd.  1,605      5
  Galaxy Entertainment Group Ltd.  1,150      5
  Swire Properties Ltd.  1,659      5
  MTR Corp. Ltd.  1,020      4
  Sands China Ltd.  2,261      4
  CK Infrastructure Holdings Ltd.    461      4
1 BOC Aviation Ltd.    352      3
  HKT Trust & HKT Ltd.  2,009      3
* Zijin Gold International Co. Ltd.    190      3
  DFI Retail Group Holdings Ltd. (Registered)    600      2
  Swire Pacific Ltd. Class B  1,199      2
  Cathay Pacific Airways Ltd.    816      1
1 Budweiser Brewing Co. APAC Ltd.  1,178      1
  HK Electric Investments & HK Electric Investments Ltd.  1,650      1
               337
Ireland (0.2%)
  Bank of Ireland Group plc  1,614     33
  Kerry Group plc Class A     94      8
                41
Israel (1.6%)
* Teva Pharmaceutical Industries Ltd. ADR  2,019     71
* Tower Semiconductor Ltd.    190     54
  Bank Hapoalim BM  1,165     30
  Bank Leumi Le-Israel BM  1,186     30
* Nova Ltd.     51     26
  Phoenix Financial Ltd.    386     25
  Israel Discount Bank Ltd. Class A  2,074     23
  Mizrahi Tefahot Bank Ltd.    259     20
  Harel Insurance Investments & Financial Services Ltd.    189     12
  Clal Insurance Enterprises Holdings Ltd.    109     11
  ICL Group Ltd.  1,225      8
  Shufersal Ltd.    340      6
  Delek Group Ltd.     15      5
* Migdal Insurance & Financial Holdings Ltd.    807      5
  Menora Mivtachim Holdings Ltd.     26      5
  Azrieli Group Ltd.     30      5
  Mivne Real Estate KD Ltd.    969      5
* Camtek Ltd.     28      5
  Alony Hetz Properties & Investments Ltd.    283      4
  Strauss Group Ltd.     97      4
* Shikun & Binui Ltd.    350      3
  Melisron Ltd.     21      3
  Amot Investments Ltd.    410      3
  FIBI Holdings Ltd.     30      3
  Israel Corp. Ltd.      6      2
* Airport City Ltd.     93      2
    Shares Market
Value
($000)
* Shapir Engineering & Industry Ltd.    109      2
* Fattal Holdings 1998 Ltd.      6      2
  Gav-Yam Lands Corp. Ltd.     42      1
  Electra Ltd.     36      1
  Matrix IT Ltd.     42      1
  Ashtrom Group Ltd.     48      1
               378
Italy (2.8%)
  Intesa Sanpaolo SpA 17,002    115
  Enel SpA  8,213     92
  Eni SpA  3,520     92
  Generali  1,831     82
  Banco BPM SpA  2,568     40
  Banca Monte dei Paschi di Siena SpA  3,656     39
  STMicroelectronics NV    488     34
* Stellantis NV  3,436     27
  Prysmian SpA    144     25
  Poste Italiane SpA    774     23
  BPER Banca SpA  1,620     22
  Unipol Assicurazioni SpA    765     19
  Snam SpA  1,885     14
  Leonardo SpA    223     14
  Terna - Rete Elettrica Nazionale  1,011     12
  Banca Mediolanum SpA    191      4
1 Infrastrutture Wireless Italiane SpA    259      2
  Davide Campari-Milano NV    280      2
               658
Japan (22.9%)
  Toyota Motor Corp. 12,268    232
  Mitsubishi Corp.  6,927    219
  Murata Manufacturing Co. Ltd.  3,208    202
  SoftBank Group Corp.  3,364    158
  Mitsubishi Electric Corp.  3,666    149
* Kioxia Holdings Corp.    317    131
  Sumitomo Mitsui Financial Group Inc.  3,151    115
  Sumitomo Electric Industries Ltd.  1,360    105
  Hitachi Ltd.  3,156    102
  Panasonic Holdings Corp.  4,261     98
  Sumitomo Corp.  2,112     93
  Takeda Pharmaceutical Co. Ltd.  2,758     88
  KDDI Corp.  4,881     84
  ORIX Corp.  2,036     79
  Japan Tobacco Inc.  1,864     72
  ITOCHU Corp.  5,583     68
  Softbank Corp. 50,185     68
  Honda Motor Co. Ltd.  7,132     64
  Sompo Holdings Inc.  1,584     59
  Japan Post Bank Co. Ltd.  3,032     58
  Marubeni Corp.  1,708     56
  Toyota Tsusho Corp.  1,207     53
  Kyocera Corp.  2,382     52
  Resona Holdings Inc.  3,911     50
  Mitsubishi Heavy Industries Ltd.  2,078     49
  NTT Inc. 52,730     49
  Seven & i Holdings Co. Ltd.  4,062     47
  Bridgestone Corp.  2,088     45
  Mitsui Fudosan Co. Ltd.  4,716     45
  FUJIFILM Holdings Corp.  2,108     44
  Astellas Pharma Inc.  3,068     44
  Canon Inc.  1,538     41
  Sumitomo Mitsui Trust Group Inc.  1,196     41
  Nintendo Co. Ltd.    912     41
  Furukawa Electric Co. Ltd.    120     39
  Denso Corp.  3,306     39
  ENEOS Holdings Inc.  4,589     38
  Japan Post Holdings Co. Ltd.  2,923     38
  Resonac Holdings Corp.    313     37
  Sumitomo Realty & Development Co. Ltd.  1,587     37
  TDK Corp.  1,440     37
    Shares Market
Value
($000)
  Central Japan Railway Co.  1,641     36
  FANUC Corp.    741     36
  Ibiden Co. Ltd.    247     36
  Komatsu Ltd.    885     36
  Nippon Steel Corp.  9,109     32
  Kao Corp.    822     31
  Otsuka Holdings Co. Ltd.    422     31
  Kubota Corp.  1,698     30
  Daiwa House Industry Co. Ltd.  1,029     28
  Fujitsu Ltd.  1,315     28
  Mitsubishi Estate Co. Ltd.  1,105     28
  NEC Corp.  1,066     28
  Secom Co. Ltd.    696     28
  Asahi Kasei Corp.  2,315     26
  Sekisui House Ltd.  1,215     26
  Sumitomo Metal Mining Co. Ltd.    464     26
  Asahi Group Holdings Ltd.  2,578     25
  Kansai Electric Power Co. Inc.  1,738     25
  Suzuki Motor Corp.  1,997     25
  Chubu Electric Power Co. Inc.  1,285     24
  Kirin Holdings Co. Ltd.  1,379     23
  Osaka Gas Co. Ltd.    674     23
  East Japan Railway Co.  1,033     22
  Obayashi Corp.  1,090     22
  Tokyo Gas Co. Ltd.    542     22
  Nomura Holdings Inc.  2,647     21
  Inpex Corp.    945     21
  Rohm Co. Ltd.    581     20
  Yokohama Financial Group Inc.  1,940     20
  Toray Industries Inc.  2,550     19
  Ajinomoto Co. Inc.    542     18
  Chiba Bank Ltd.  1,201     18
  SMC Corp.     42     18
  Kajima Corp.    461     17
  Mitsubishi Chemical Group Corp.  2,321     17
  AGC Inc.    368     16
  Makita Corp.    475     16
  NGK Corp.    416     16
  Shimizu Corp.    924     16
  Daiwa Securities Group Inc.  1,586     15
  Fuji Electric Co. Ltd.    150     15
  Subaru Corp.    961     15
  NIDEC Corp.    868     15
  Shizuoka Financial Group Inc.    816     15
  Aisin Corp.    952     14
  Nippon Yusen KK    409     14
  Taisei Corp.    160     14
  Yamaha Motor Co. Ltd.  1,726     14
  Kyoto Financial Group Inc.    512     14
  Dai Nippon Printing Co. Ltd.    738     13
  Mitsubishi HC Capital Inc. (XTKS)  1,641     13
  Isuzu Motors Ltd.    910     13
  Minebea Mitsumi Inc.    442     13
  Terumo Corp.    852     13
  TOPPAN Holdings Inc.    455     13
  West Japan Railway Co.    771     13
  Idemitsu Kosan Co. Ltd.  1,463     13
  Fukuoka Financial Group Inc.    325     13
  Mebuki Financial Group Inc.  1,605     13
* Rakuten Group Inc.  2,575     12
  Eisai Co. Ltd.    494     12
  Hankyu Hanshin Holdings Inc.    404     12
  JFE Holdings Inc.  1,084     12
  Sojitz Corp.    356     12
  Mitsubishi Gas Chemical Co. Inc.    331     12
  Mitsui OSK Lines Ltd.    349     12
  Omron Corp.    328     12
  Shiseido Co. Ltd.    678     12
  Hulic Co. Ltd.  1,145     12
  TOTO Ltd.    253     12
    Shares Market
Value
($000)
  Nippon Building Fund Inc.     15     12
  Nippon Express Holdings Inc.    370     12
  Amada Co. Ltd.    557     11
  LY Corp.  4,200     11
  Hachijuni Nagano Bank Ltd.    771     11
  Japan Exchange Group Inc.    891     11
  Sumitomo Chemical Co. Ltd.  2,810     11
  Yokohama Rubber Co. Ltd.    247     11
  MEIJI Holdings Co. Ltd.    449     11
  Brother Industries Ltd.    437     10
  Daito Trust Construction Co. Ltd.    521     10
  IHI Corp.    564     10
  Seiko Epson Corp.    533     10
  Niterra Co. Ltd.    162     10
* Nissan Motor Co. Ltd.  4,029     10
  T&D Holdings Inc.    385     10
  Sekisui Chemical Co. Ltd.    671     10
  Shionogi & Co. Ltd.    518     10
  Tosoh Corp.    551     10
  Kandenko Co. Ltd.    208      9
  Kinden Corp.    196      9
  Mitsui Chemicals Inc.    633      9
  Nitto Denko Corp.    491      9
  Ricoh Co. Ltd.    966      9
  Sumitomo Forestry Co. Ltd.  1,048      9
  Japan Real Estate Investment Corp.     12      9
  SBI Holdings Inc.    461      8
  Hitachi Construction Machinery Co. Ltd.    232      8
  Kobe Steel Ltd.    672      8
  Kyushu Electric Power Co. Inc.    804      8
  Ono Pharmaceutical Co. Ltd.    518      8
  Yakult Honsha Co. Ltd.    494      8
  Yaskawa Electric Corp.    187      8
  Tokyu Fudosan Holdings Corp.  1,000      8
  Japan Post Insurance Co. Ltd.    907      8
  Daiwa House REIT Investment Corp.     10      8
  Japan Metropolitan Fund Investment     12      8
  United Urban Investment Corp.      8      8
  Nomura Real Estate Master Fund Inc.      8      8
  KDX Realty Investment Corp.      8      8
  GLP J-Reit      9      8
  Kokusai Electric Corp.    153      8
  Otsuka Corp.    386      7
  Haseko Corp.    415      7
  Dentsu Group Inc.    374      7
  Koito Manufacturing Co. Ltd.    370      7
  Oji Holdings Corp.  1,512      7
  Shimano Inc.     63      7
  Tokyo Tatemono Co. Ltd.    352      7
  Mazda Motor Corp.  1,018      7
  Electric Power Development Co. Ltd.    286      7
  Isetan Mitsukoshi Holdings Ltd.    325      7
  SG Holdings Co. Ltd.    792      7
  Air Water Inc.    389      6
  Credit Saison Co. Ltd.    250      6
  MISUMI Group Inc.    259      6
  NH Foods Ltd.    168      6
  Nissan Chemical Corp.    133      6
  Nikon Corp.    527      6
  Yamaha Corp.    768      6
  Nitori Holdings Co. Ltd.    352      6
  Medipal Holdings Corp.    344      6
  Tobu Railway Co. Ltd.    334      6
  Toyo Suisan Kaisha Ltd.     81      6
  Yamato Holdings Co. Ltd.    488      6
  Suntory Beverage & Food Ltd.    214      6
  Kyushu Railway Co.    262      6
  Nippon Prologis REIT Inc.     12      6
  Advance Residence Investment Corp.      6      6
  Iyogin Holdings Inc.    298      6
    Shares Market
Value
($000)
  ANA Holdings Inc.    271      5
  Hirose Electric Co. Ltd.     27      5
  Kikkoman Corp.    533      5
  Kuraray Co. Ltd.    521      5
  Kurita Water Industries Ltd.     97      5
  Marui Group Co. Ltd.    310      5
  Nippon Paint Holdings Co. Ltd.    717      5
  Nichirei Corp.    436      5
  Nisshin Seifun Group Inc.    424      5
  Tokyo Century Corp.    308      5
  Kewpie Corp.    196      5
  Shimadzu Corp.    202      5
  Tohoku Electric Power Co. Inc.    852      5
* Tokyo Electric Power Co. Holdings Inc.  1,307      5
  Tokyu Corp.    518      5
  Lixil Corp.    488      5
  Toyo Seikan Group Holdings Ltd.    199      5
  Unicharm Corp.    918      5
  Yamato Kogyo Co. Ltd.     72      5
  Yamazaki Baking Co. Ltd.    262      5
  Cosmo Energy Holdings Co. Ltd.    217      5
  Tsuruha Holdings Inc.    400      5
  Nomura Real Estate Holdings Inc.    903      5
  Orix JREIT Inc.      9      5
  Invincible Investment Corp.     12      5
  Canon Marketing Japan Inc.    163      4
  Hamamatsu Photonics KK    214      4
  Kintetsu Group Holdings Co. Ltd.    189      4
  ALSOK Co. Ltd.    614      4
  Odakyu Electric Railway Co. Ltd.    346      4
  Rinnai Corp.    187      4
  Santen Pharmaceutical Co. Ltd.    298      4
  Stanley Electric Co. Ltd.    175      4
  Yokogawa Electric Corp.    136      4
  Iida Group Holdings Co. Ltd.    286      4
  J Front Retailing Co. Ltd.    268      4
  MatsukiyoCocokara & Co.    293      4
  Japan Airlines Co. Ltd.    244      4
  Trend Micro Inc.     81      3
  USS Co. Ltd.    283      3
  Square Enix Holdings Co. Ltd.    217      3
  Japan Steel Works Ltd.     57      3
  Kyowa Kirin Co. Ltd.    217      3
  Mitsubishi Motors Corp.  1,163      3
  Nissin Foods Holdings Co. Ltd.    189      3
  Shimamura Co. Ltd.    133      3
  Sundrug Co. Ltd.    115      3
  Toho Co. Ltd.    419      3
  Azbil Corp.    329      3
  Hakuhodo DY Holdings Inc.    488      3
  Persol Holdings Co. Ltd.  1,869      3
  Hoshizaki Corp.     78      3
  McDonald's Holdings Co. Japan Ltd.     51      3
  Fuji Media Holdings Inc.     79      2
  Acom Co. Ltd.    822      2
  Keio Corp.    518      2
  NOF Corp.    141      2
  BIPROGY Inc.     57      2
  Nippon Television Holdings Inc.     88      2
  Sapporo Holdings Ltd.    241      2
* Sharp Corp.    473      2
  Sysmex Corp.    253      2
  TBS Holdings Inc.     57      2
  Kadokawa Corp.    111      2
  TIS Inc.    112      2
  Skylark Holdings Co. Ltd.    139      2
  Tokyo Metro Co. Ltd.    256      2
  OBIC Business Consultants Co. Ltd.     18      1
  Sugi Holdings Co. Ltd.     85      1
  ABC-Mart Inc.     81      1
    Shares Market
Value
($000)
  NS Solutions Corp.     48      1
  Sega Sammy Holdings Inc.     82      1
  Cosmos Pharmaceutical Corp.     27      1
* Metaplanet Inc.    719      1
             5,351
Netherlands (2.3%)
  ING Groep NV  4,723    146
  Koninklijke Ahold Delhaize NV  1,554     65
  ArcelorMittal SA    723     50
  ABN AMRO Bank NV    963     38
  Heineken NV    469     37
  NN Group NV    446     37
  DSM-Firmenich AG    424     36
  Koninklijke Philips NV  1,327     35
  Koninklijke KPN NV  6,489     34
*,1 Adyen NV     18     20
  Heineken Holding NV    190     14
  EXOR NV    159     12
  Universal Music Group NV    476     11
  Wolters Kluwer NV    129      9
               544
New Zealand (0.1%)
  Meridian Energy Ltd.  2,192      8
  Auckland International Airport Ltd.  1,163      6
  Fisher & Paykel Healthcare Corp. Ltd.    247      5
  Mercury NZ Ltd.  1,177      5
  Contact Energy Ltd.    729      4
  Spark New Zealand Ltd.  3,204      4
  EBOS Group Ltd.    145      1
                33
Norway (0.9%)
  Equinor ASA  1,430     52
  Norsk Hydro ASA  2,213     27
  Aker BP ASA    515     19
  Telenor ASA  1,066     17
  Yara International ASA    277     15
  Storebrand ASA    738     14
  Orkla ASA  1,283     14
  Mowi ASA    388      9
  Gjensidige Forsikring ASA    322      9
  Frontline plc    241      8
  SpareBank 1 Sor-Norge ASA    352      7
  Aker ASA Class A     40      5
  Salmar ASA     48      3
  Leroy Seafood Group ASA    475      2
  Vend Marketplaces ASA Class B     87      2
* Nordic Semiconductor ASA    111      2
  Wallenius Wilhelmsen ASA    172      2
  TOMRA Systems ASA    139      2
  Hafnia Ltd.    286      2
               211
Portugal (0.2%)
  EDP SA  5,107     26
  EDP Renovaveis SA (CHIX)    518      9
  Banco Comercial Portugues SA Class R  5,898      7
  Jeronimo Martins SGPS SA    166      3
                45
Singapore (1.1%)
  Oversea-Chinese Banking Corp. Ltd.  6,600    121
  Singapore Telecommunications Ltd.  5,700     19
  CapitaLand Integrated Commercial Trust  9,900     18
  CapitaLand Ascendas REIT  7,200     14
  Singapore Airlines Ltd.  2,400     13
  Wilmar International Ltd.  4,500     13
  Keppel Ltd.  1,118      9
  Capitaland Investment Ltd.  3,900      8
  UOL Group Ltd.    900      7
  Mapletree Industrial Trust  3,600      6
    Shares Market
Value
($000)
  Seatrium Ltd.  3,600      6
  Singapore Technologies Engineering Ltd.    600      5
  Genting Singapore Ltd.  9,600      5
  Mapletree Logistics Trust  5,700      5
  Mapletree Pan Asia Commercial Trust  3,900      4
  Jardine Cycle & Carriage Ltd.    100      2
               255
South Korea (7.9%)
  Samsung Electronics Co. Ltd. (XKRX)  3,941    827
  SK Square Co. Ltd.    153    127
  Hyundai Motor Co.    229    110
  Samsung Electro-Mechanics Co. Ltd.     39     55
  Hyundai Mobis Co. Ltd.    100     51
  Shinhan Financial Group Co. Ltd.    783     49
  Kia Corp.    410     46
  Samsung Life Insurance Co. Ltd.    180     46
  POSCO Holdings Inc.    127     36
  LG Electronics Inc. (XKRX)    177     34
* Doosan Enerbility Co. Ltd.    446     31
  KB Financial Group Inc.    286     29
  SK Inc.     61     27
  Hana Financial Group Inc.    328     25
* Samsung Heavy Industries Co. Ltd.  1,223     23
  Woori Financial Group Inc.  1,144     23
  Samsung Fire & Marine Insurance Co. Ltd.     57     22
  KT&G Corp.    166     20
  Samsung C&T Corp.     69     20
  Doosan Co. Ltd.     12     16
  LG Corp.    151     15
  LG Innotek Co. Ltd.     15     15
  SK Telecom Co. Ltd.    178     12
* Hanwha Ocean Co. Ltd.    136     11
  Korea Electric Power Corp.    436     11
  LG Chem Ltd. (XKRX)     42     10
* SK Innovation Co. Ltd.    120      9
  Korea Zinc Co. Ltd.      9      8
  DB Insurance Co. Ltd.     72      7
  HMM Co. Ltd.    527      7
  Industrial Bank of Korea    446      6
  Korean Air Lines Co. Ltd.    313      6
* LG Display Co. Ltd.    534      6
  Hyundai Glovis Co. Ltd.     40      6
  NC Corp.     24      5
* Hanwha Solutions Corp.    181      5
  Samsung Securities Co. Ltd.     57      5
  Hyundai Engineering & Construction Co. Ltd.     52      5
  NH Investment & Securities Co. Ltd.    253      5
  Hankook Tire & Technology Co. Ltd.    124      5
  Samsung SDS Co. Ltd.     27      5
  Kakao Corp.    133      4
  LG Uplus Corp.    358      4
  Hyundai Steel Co.    142      4
  Hanwha Corp. (XKRX)     48      4
  Korea Aerospace Industries Ltd.     33      4
  GS Holdings Corp.     75      4
  Amorepacific Corp.     51      4
* Peptron Inc.     21      4
  Posco International Corp.     78      3
  POSCO Future M Co. Ltd.     18      3
* HLB Inc.     99      3
* SKC Co. Ltd.     24      2
  CJ Corp.     21      2
  LG H&H Co. Ltd. (XKRX)     15      2
  S-Oil Corp.     30      2
  Sam Chun Dang Pharm Co. Ltd.      9      2
  Yuhan Corp.     33      2
  CJ CheilJedang Corp. (XKRX)     13      2
* LigaChem Biosciences Inc.     18      2
* Rainbow Robotics      5      2
    Shares Market
Value
($000)
  Korea Gas Corp.     48      1
  Samsung Card Co. Ltd.     39      1
1 Netmarble Corp.     43      1
* SK Biopharmaceuticals Co. Ltd.     19      1
* Ecopro Materials Co. Ltd.     21      1
* Doosan Robotics Inc.     15      1
* SK Bioscience Co. Ltd.     10     —
             1,846
Spain (2.3%)
  Banco Santander SA 15,773    197
  Iberdrola SA (XMAD)  3,905     89
  ACS Actividades de Construccion y Servicios SA    356     52
  Repsol SA  1,873     48
  Industria de Diseno Textil SA    629     39
  Telefonica SA  6,727     31
  Banco de Sabadell SA  8,515     29
  Naturgy Energy Group SA    832     27
  Endesa SA    539     22
1 Aena SME SA    277      8
* EDP Renovaveis SA      4     —
               542
Sweden (2.7%)
  Volvo AB Class B  2,753     97
  Telefonaktiebolaget LM Ericsson Class B  4,956     65
  Swedbank AB Class A  1,592     59
  Investor AB Class B  1,213     50
  Sandvik AB    850     35
  Essity AB Class B  1,003     28
  Svenska Handelsbanken AB Class A  1,494     22
  Telia Co. AB  3,932     21
  Assa Abloy AB Class B    497     18
  Tele2 AB Class B    940     18
  Boliden AB    292     18
  Skanska AB Class B    605     16
  SKF AB Class B    572     15
  Securitas AB Class B    852     14
  H & M Hennes & Mauritz AB Class B    813     14
  Hexagon AB Class B  1,358     12
  SSAB AB Class B  1,033     11
  Svenska Cellulosa AB SCA Class B    999     11
  Volvo AB Class A    324     11
  Alfa Laval AB    153      9
  Getinge AB Class B    370      8
  Castellum AB    626      8
  L E Lundbergforetagen AB Class B    124      7
* Fastighets AB Balder Class B  1,180      7
  Trelleborg AB Class B    129      6
  Industrivarden AB Class C    109      6
  Axfood AB    187      5
  Holmen AB Class B    154      5
* Verisure plc    385      5
  SSAB AB Class A    361      4
  Industrivarden AB Class A     75      4
  Nibe Industrier AB Class B    834      3
* Volvo Car AB Class B  1,060      3
  Sweco AB Class B    136      2
  Sagax AB Class B    111      2
  Sagax AB Class D    191      1
* Octave Intelligence plc SDR     18     —
               620
Switzerland (6.1%)
  Nestle SA (Registered)  4,416    448
  Novartis AG (Registered)  1,501    226
  Roche Holding AG    526    221
  Zurich Insurance Group AG    262    186
  Holcim AG    877     86
  Swiss Life Holding AG (Registered)     48     52
  Cie Financiere Richemont SA Class A (Registered)    204     44
  Swiss Re AG    268     40
    Shares Market
Value
($000)
  Swisscom AG (Registered)     44     38
  Sandoz Group AG    382     32
  Chocoladefabriken Lindt & Spruengli AG      2     24
  Schindler Holding AG (XSWX)     27      9
  Roche Holding AG     18      8
  Schindler Holding AG (Registered)     12      4
  EMS-Chemie Holding AG (Registered)      3      3
             1,421
United Kingdom (12.1%)
  Shell plc (XLON)  9,807    414
  HSBC Holdings plc 17,248    324
  British American Tobacco plc  3,391    210
  Rio Tinto plc  1,847    196
  BP plc 27,015    191
  AstraZeneca plc    905    168
  National Grid plc  8,599    138
* Glencore plc 16,376    125
  Anglo American plc  2,038    109
  Lloyds Banking Group plc 60,297     83
  Diageo plc  3,873     79
  Barclays plc 12,824     78
  GSK plc  2,916     74
  Tesco plc 10,982     64
  Prudential plc (XLON)  4,303     61
  Vodafone Group plc 33,155     50
  Standard Chartered plc  1,840     49
  Imperial Brands plc  1,288     47
  Aviva plc  5,182     43
  Legal & General Group plc  9,659     35
  SSE plc  1,057     33
  Antofagasta plc    584     32
  BT Group plc  9,632     27
  Segro plc  2,294     22
  Haleon plc  4,640     21
  Fresnillo plc    313     14
  Standard Life plc  1,364     14
  International Consolidated Airlines Group SA Class DI  2,246     13
  Associated British Foods plc    482     12
  Schroders plc  1,497     12
  J Sainsbury plc  2,839     11
  United Utilities Group plc    577     11
  Smith & Nephew plc    660     10
  Diploma plc     96      9
  Bunzl plc    262      8
  Marks & Spencer Group plc  1,442      7
  Severn Trent plc    181      7
  Melrose Industries plc (XLON)  1,144      7
  Pearson plc    413      6
1 Airtel Africa plc    469      2
             2,816
United States (0.6%)
* Spotify Technology SA    118     59
  AerCap Holdings NV    277     38
* Sea Ltd. ADR    220     20
  Golar LNG Ltd.    174      9
* Ascendis Pharma A/S     33      7
  ZIM Integrated Shipping Services Ltd.    205      5
* Grab Holdings Ltd. Class A  1,099      4
* Wix.com Ltd.     43      2
* Pagaya Technologies Ltd. Class A     54      1
               145
Total Common Stocks (Cost $22,357) 22,992
Preferred Stocks (1.3%)
  Samsung Electronics Co. Ltd. Preference Shares  1,399    187
* Volkswagen AG Preference Shares    349     37
  Henkel AG & Co. KGaA Preference Shares    274     21
  Hyundai Motor Co. Preference Shares (XKRX)     60     11
    Shares Market
Value
($000)
* Dr. Ing hc F Porsche AG Preference Shares    184     10
  Bayerische Motoren Werke AG Preference Shares     93      8
  Hyundai Motor Co. Preference Shares (XKRX)     36      7
  Samsung Electro-Mechanics Co. Ltd. Preference Shares     14      7
  Hyundai Motor Co. Preference Shares     23      4
  Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares     11      3
  Doosan Co. Ltd. Preference Shares      6      3
  NH Investment & Securities Co. Ltd. Preference Shares    162      3
  LG Chem Ltd. Preference Shares     12      2
  LG Electronics Inc. Preference Shares     30      2
  Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares    124      1
  Hanwha Corp. Preference Shares     28      1
  Korea Investment Holdings Co. Ltd. Preference Shares      9      1
  LG H&H Co. Ltd. Preference Shares      2     —
  CJ Corp. Preference Shares      2     —
  Amorepacific Corp. (XKRX) Preference Shares     10     —
  CJ CheilJedang Corp. Preference Shares      2     —
  CJ Corp. Preference Shares (XKRX)      2     —
  S-Oil Corp. Preference Shares      4     —
  LG Corp. Preference Shares      4     —
  Samsung C&T Corp. Preference Shares      2     —
Total Preferred Stocks (Cost $251) 308
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
2 Vanguard Market Liquidity Fund, 3.667% (Cost $13)    128     13
Total Investments (99.8%) (Cost $22,621) 23,313
Other Assets and Liabilities—Net (0.2%) 50
Net Assets (100%) 23,363
Cost is in $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 May 31, 2026, the aggregate value was $85, representing 0.4% 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.
  ADR—American Depositary Receipt.
  REIT—Real Estate Investment Trust.
  SDR—Special Drawing Rights
  
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
Micro E-mini S&P 500 Index June 2026 1 38 —
    
Forward Currency Contracts
Counterparty Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
Depreciation
($000)
  Receive   Deliver
State Street Bank & Trust Co. 6/17/2026 EUR 16 USD 18 — —
State Street Bank & Trust Co. 6/17/2026 JPY 2,242 USD 14 — —
State Street Bank & Trust Co. 6/17/2026 USD 20 EUR 17 — —
            — —
EUR—euro.
JPY—Japanese yen.
USD—U.S. dollar.
A. 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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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.
B. 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).
C. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
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. Fluctuations in the value of the contracts are recorded as an asset (liability).
E. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2026, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Common Stocks—North and South America 2,592 — — 2,592
Common Stocks—Other 71 20,329 — 20,400
Preferred Stocks — 308 — 308
Temporary Cash Investments 13 — — 13
Total 2,676 20,637 — 23,313
Derivative Financial Instruments         
Assets        
Futures Contracts1 — — — —
Liabilities        
Forward Currency Contracts — — — —
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.