| Shares | Market Value ($000) | ||
| Common Stocks (90.9%) | |||
| Argentina (0.0%) | |||
| * | Banco Macro SA ADR | 2,430 | 248 |
| Brazil (6.8%) | |||
| B3 SA - Brasil Bolsa Balcao | 5,101,300 | 15,655 | |
| Ambev SA | 4,710,011 | 13,290 | |
| Vale SA | 563,100 | 9,022 | |
| Banco Do Brasil SA | 1,653,000 | 7,921 | |
| * | Natura Cosmeticos SA | 4,352,000 | 7,252 |
| Axia Energia | 600,200 | 6,201 | |
| Petroleo Brasileiro SA - Petrobras ADR (XNYS) | 281,262 | 4,315 | |
| Banco Bradesco SA ADR | 891,822 | 3,612 | |
| Cia de Saneamento Basico do Estado de Sao Paulo | 98,742 | 2,650 | |
| Petroleo Brasileiro SA - Petrobras | 247,910 | 1,903 | |
| Telefonica Brasil SA | 225,400 | 1,601 | |
| Petroleo Brasileiro SA - Petrobras ADR | 96,034 | 1,379 | |
| BB Seguridade Participacoes SA | 171,429 | 1,215 | |
| Rumo SA | 420,344 | 1,179 | |
| 1 | Rede D'Or Sao Luiz SA | 101,236 | 815 |
| Banco Santander Brasil SA | 111,707 | 771 | |
| WEG SA | 68,016 | 668 | |
| Raia Drogasil SA | 129,044 | 601 | |
| Banco BTG Pactual SA | 44,800 | 510 | |
| Embraer SA | 15,780 | 291 | |
| 80,851 | |||
| Canada (1.5%) | |||
| * | First Quantum Minerals Ltd. | 282,229 | 7,978 |
| Lundin Mining Corp. | 237,033 | 5,979 | |
| * | Valeura Energy Inc. | 476,985 | 3,538 |
| 17,495 | |||
| Chile (0.6%) | |||
| * | Sociedad Quimica y Minera de Chile SA ADR | 68,110 | 5,234 |
| Plaza SA | 218,427 | 950 | |
| Banco Santander Chile | 8,525,145 | 750 | |
| 6,934 | |||
| China (24.3%) | |||
| Tencent Holdings Ltd. | 691,984 | 53,187 | |
| Alibaba Group Holding Ltd. | 1,790,023 | 38,080 | |
| China Overseas Land & Investment Ltd. | 7,662,885 | 13,733 | |
| * | Baidu Inc. Class A | 611,963 | 11,730 |
| Ping An Insurance Group Co. of China Ltd. Class H | 1,193,500 | 11,070 | |
| Haier Smart Home Co. Ltd. Class H | 3,069,400 | 10,119 | |
| Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | 173,470 | 8,753 | |
| Weichai Power Co. Ltd. Class H | 2,502,265 | 8,482 | |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 3,212,100 | 7,978 | |
| China Merchants Bank Co. Ltd. Class A | 1,364,000 | 7,587 | |
| Zhongsheng Group Holdings Ltd. | 4,281,633 | 6,379 | |
| ZTO Express Cayman Inc. ADR | 265,929 | 5,832 | |
| China Merchants Bank Co. Ltd. Class H | 918,743 | 5,613 | |
| Midea Group Co. Ltd. Class A | 456,186 | 5,095 | |
| China Construction Bank Corp. Class H | 4,583,242 | 4,628 | |
| Montage Technology Co. Ltd. Class A | 167,413 | 4,370 | |
| Kweichow Moutai Co. Ltd. Class A | 21,585 | 4,351 | |
| People's Insurance Co. Group of China Ltd. Class H | 4,905,439 | 4,265 | |
| Zhejiang Longsheng Group Co. Ltd. Class A | 1,933,100 | 4,235 | |
| Zijin Mining Group Co. Ltd. Class H | 756,000 | 3,942 | |
| * | Didi Global Inc. ADR | 810,559 | 3,818 |
| Kanzhun Ltd. ADR | 193,263 | 3,579 | |
| *,1 | Meituan Class B | 275,400 | 3,405 |
| * | Luckin Coffee Inc. ADR | 92,816 | 3,097 |
| Shares | Market Value ($000) | ||
| NAURA Technology Group Co. Ltd. Class A | 45,000 | 3,073 | |
| ENN Energy Holdings Ltd. | 355,491 | 3,060 | |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. Class H | 616,500 | 2,765 | |
| ZTO Express Cayman Inc. | 117,350 | 2,591 | |
| 1 | Haidilao International Holding Ltd. | 1,156,000 | 2,357 |
| *,2 | Pony AI Inc. ADR | 164,330 | 2,281 |
| Anker Innovations Technology Co. Ltd. Class A | 154,630 | 2,216 | |
| Goneo Group Co. Ltd. Class A | 318,274 | 1,914 | |
| 1 | Kuaishou Technology | 186,900 | 1,910 |
| Yum China Holdings Inc. | 38,133 | 1,896 | |
| * | BeOne Medicines Ltd. Class H | 69,550 | 1,834 |
| JD.com Inc. Class A | 125,501 | 1,790 | |
| Trip.com Group Ltd. | 28,738 | 1,764 | |
| PetroChina Co. Ltd. Class H | 1,438,482 | 1,709 | |
| Alibaba Group Holding Ltd. ADR | 9,860 | 1,672 | |
| Midea Group Co. Ltd. Class A (XSEC) | 142,700 | 1,594 | |
| ANTA Sports Products Ltd. | 158,602 | 1,584 | |
| Tencent Music Entertainment Group Class A | 169,726 | 1,425 | |
| KE Holdings Inc. ADR | 72,119 | 1,350 | |
| Anhui Conch Cement Co. Ltd. Class H | 381,658 | 1,210 | |
| Brilliance China Automotive Holdings Ltd. | 2,290,000 | 1,184 | |
| Ping An Insurance Group Co. of China Ltd. Class A | 117,700 | 1,130 | |
| Shenzhen Inovance Technology Co. Ltd. Class A | 101,677 | 1,093 | |
| Minth Group Ltd. | 206,846 | 974 | |
| NetEase Inc. | 35,483 | 920 | |
| 1 | Fuyao Glass Industry Group Co. Ltd. Class H | 101,605 | 871 |
| China Merchants Bank Co. Ltd. Class A | 152,300 | 847 | |
| 1 | Yadea Group Holdings Ltd. | 584,492 | 826 |
| * | Sany Heavy Industry Co. Ltd. Class H | 269,800 | 822 |
| *,1 | Xiaomi Corp. Class B | 181,350 | 821 |
| Tencent Music Entertainment Group ADR | 46,912 | 787 | |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 130,009 | 777 | |
| Hangzhou Tigermed Consulting Co. Ltd. Class A | 80,940 | 734 | |
| * | Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class H | 80,087 | 702 |
| China Railway Group Ltd. Class H | 1,209,454 | 698 | |
| * | GenFleet Therapeutics Shanghai Inc. Class H | 166,676 | 656 |
| 1 | WuXi AppTec Co. Ltd. Class H | 42,223 | 601 |
| Yum China Holdings Inc. (XNYS) | 6,829 | 337 | |
| Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 484,801 | 310 | |
| * | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. Class H | 2,900 | 154 |
| Trip.com Group Ltd. ADR | 1,558 | 96 | |
| * | Minimax Group Inc. | 40 | 2 |
| 288,665 | |||
| Greece (0.2%) | |||
| Bank of Cyprus Holdings plc | 125,218 | 1,382 | |
| Alpha Bank SA | 247,028 | 1,182 | |
| Bank of Cyprus Holdings plc (XCYS) | 5,634 | 62 | |
| 2,626 | |||
| Hong Kong (3.7%) | |||
| Galaxy Entertainment Group Ltd. | 2,030,000 | 10,314 | |
| 1 | WH Group Ltd. | 8,401,500 | 9,914 |
| Shenzhou International Group Holdings Ltd. | 806,600 | 6,415 | |
| Pacific Basin Shipping Ltd. | 15,422,139 | 6,057 | |
| Man Wah Holdings Ltd. | 5,979,204 | 3,709 | |
| AIA Group Ltd. | 250,801 | 2,894 | |
| Yue Yuen Industrial Holdings Ltd. | 1,224,500 | 2,731 | |
| * | Zijin Gold International Co. Ltd. | 62,092 | 1,720 |
| * | Duality Biotherapeutics Inc. | 16,186 | 683 |
| 44,437 | |||
| Hungary (2.0%) | |||
| OTP Bank Nyrt | 107,419 | 13,517 | |
| MOL Hungarian Oil & Gas plc | 449,745 | 5,493 | |
| Richter Gedeon Nyrt | 158,009 | 5,286 | |
| 24,296 | |||
| India (8.0%) | |||
| Reliance Industries Ltd. | 836,902 | 12,717 | |
| HDFC Bank Ltd. | 1,036,670 | 10,482 | |
| Axis Bank Ltd. | 485,921 | 7,250 | |
| Shares | Market Value ($000) | ||
| UPL Ltd. | 911,524 | 6,984 | |
| Kotak Mahindra Bank Ltd. | 1,041,240 | 4,621 | |
| UltraTech Cement Ltd. | 29,158 | 4,030 | |
| 1 | InterGlobe Aviation Ltd. | 78,762 | 3,936 |
| Tata Consultancy Services Ltd. | 101,442 | 3,450 | |
| * | Delhivery Ltd. | 663,478 | 3,052 |
| HDFC Bank Ltd. ADR | 82,269 | 2,664 | |
| 1 | HDFC Life Insurance Co. Ltd. | 321,286 | 2,555 |
| IDFC First Bank Ltd. | 2,332,248 | 2,122 | |
| Mahindra & Mahindra Ltd. | 48,773 | 1,821 | |
| REC Ltd. | 437,983 | 1,736 | |
| Larsen & Toubro Ltd. | 39,968 | 1,710 | |
| ICICI Bank Ltd. | 115,918 | 1,709 | |
| Bharti Airtel Ltd. (XNSE) | 79,273 | 1,700 | |
| Adani Ports & Special Economic Zone Ltd. | 105,573 | 1,632 | |
| Hindustan Unilever Ltd. | 61,619 | 1,591 | |
| * | PB Fintech Ltd. | 86,641 | 1,561 |
| Godrej Consumer Products Ltd. | 117,118 | 1,471 | |
| * | Amber Enterprises India Ltd. | 21,630 | 1,346 |
| Varun Beverages Ltd. | 253,733 | 1,300 | |
| ICICI Bank Ltd. ADR | 41,972 | 1,229 | |
| Hyundai Motor India Ltd. | 49,070 | 1,172 | |
| 1 | SBI Life Insurance Co. Ltd. | 52,946 | 1,152 |
| Bajaj Holdings & Investment Ltd. | 9,594 | 1,127 | |
| Eicher Motors Ltd. | 14,199 | 1,100 | |
| Ashok Leyland Ltd. | 494,433 | 1,059 | |
| Bajaj Auto Ltd. | 9,345 | 976 | |
| 2 | Infosys Ltd. ADR | 55,400 | 974 |
| Ambuja Cements Ltd. | 172,879 | 961 | |
| Fortis Healthcare Ltd. | 80,843 | 749 | |
| Apollo Hospitals Enterprise Ltd. | 8,576 | 649 | |
| Oil & Natural Gas Corp. Ltd. | 212,039 | 622 | |
| Bajaj Finserv Ltd. | 27,296 | 580 | |
| Infosys Ltd. | 27,000 | 483 | |
| Bharat Electronics Ltd. | 88,786 | 434 | |
| * | Dr. Agarwal's Health Care Ltd. | 87,300 | 411 |
| Phoenix Mills Ltd. | 14,116 | 257 | |
| *,3 | Kwality Wall's India Ltd. | 58,746 | 26 |
| 95,401 | |||
| Indonesia (1.4%) | |||
| Bank Rakyat Indonesia Persero Tbk PT | 55,049,893 | 12,496 | |
| Bank Central Asia Tbk PT | 6,281,842 | 2,776 | |
| Bank Mandiri Persero Tbk PT | 2,488,020 | 716 | |
| 15,988 | |||
| Mexico (1.4%) | |||
| Grupo Financiero Banorte SAB de CV Class O | 470,563 | 5,320 | |
| Wal-Mart de Mexico SAB de CV | 1,075,036 | 3,412 | |
| Fomento Economico Mexicano SAB de CV ADR | 27,794 | 2,901 | |
| * | Vista Energy SAB de CV ADR | 41,585 | 2,515 |
| Grupo Mexico SAB de CV Series B | 209,599 | 2,327 | |
| 16,475 | |||
| Other (0.6%) | |||
| 4 | Vanguard FTSE Emerging Markets ETF | 119,363 | 6,740 |
| Poland (0.8%) | |||
| * | KGHM Polska Miedz SA | 72,357 | 6,714 |
| *,1 | Allegro.eu SA | 274,957 | 2,259 |
| Alior Bank SA | 29,942 | 977 | |
| 9,950 | |||
| Romania (0.0%) | |||
| Banca Transilvania SA | 67,158 | 507 | |
| Russia (0.0%) | |||
| *,3 | MMC Norilsk Nickel PJSC ADR | 200,203 | — |
| *,3 | Sberbank of Russia PJSC | 1,473,153 | — |
| *,3 | Mobile TeleSystems PJSC ADR | 93,946 | — |
| *,3 | Moscow Exchange MICEX-RTS PJSC | 536,630 | — |
| *,3 | GMK Norilskiy Nickel PAO | 124,700 | — |
| Shares | Market Value ($000) | ||
| *,3 | Sberbank of Russia PJSC ADR | 476,234 | — |
| *,3 | LUKOIL PJSC ADR | 35,630 | — |
| *,3 | Novatek PJSC GDR (Registered) | 422 | — |
| *,2,3 | Ozon Holdings plc ADR | 35,000 | — |
| *,3 | Gazprom PJSC | 926,846 | — |
| — | |||
| Saudi Arabia (1.0%) | |||
| 1 | Saudi Arabian Oil Co. | 994,690 | 6,838 |
| Saudi National Bank | 217,851 | 2,604 | |
| Saudi Tadawul Group Holding Co. | 31,478 | 1,348 | |
| Saudi Basic Industries Corp. | 37,077 | 562 | |
| Dr Sulaiman Al Habib Medical Services Group Co. | 5,060 | 353 | |
| 11,705 | |||
| Singapore (0.8%) | |||
| Wilmar International Ltd. | 3,747,000 | 10,005 | |
| South Africa (1.7%) | |||
| Impala Platinum Holdings Ltd. | 352,591 | 6,572 | |
| FirstRand Ltd. | 533,127 | 3,041 | |
| Anglogold Ashanti plc (XNYS) | 31,119 | 2,890 | |
| Harmony Gold Mining Co. Ltd. | 114,261 | 2,428 | |
| Capitec Bank Holdings Ltd. | 8,077 | 2,168 | |
| Discovery Ltd. | 103,406 | 1,508 | |
| Naspers Ltd. Class N | 15,141 | 927 | |
| * | Sibanye Stillwater Ltd. ADR | 28,237 | 477 |
| PSG Financial Services Ltd. | 41,096 | 69 | |
| 20,080 | |||
| South Korea (9.5%) | |||
| Samsung Electronics Co. Ltd. (XKRX) | 375,610 | 41,495 | |
| SK Hynix Inc. | 35,290 | 22,034 | |
| Hyundai Motor Co. | 26,502 | 9,225 | |
| Hyundai Mobis Co. Ltd. | 23,799 | 7,436 | |
| Hankook Tire & Technology Co. Ltd. | 159,893 | 7,072 | |
| KB Financial Group Inc. | 54,210 | 5,074 | |
| Shinhan Financial Group Co. Ltd. | 85,140 | 4,976 | |
| Hyundai Glovis Co. Ltd. | 25,853 | 4,359 | |
| Orion Corp. | 50,394 | 4,102 | |
| Doosan Bobcat Inc. | 83,846 | 3,414 | |
| DB Insurance Co. Ltd. | 31,502 | 3,110 | |
| KT Corp. ADR | 1,800 | 38 | |
| 112,335 | |||
| Taiwan (14.5%) | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 2,185,218 | 120,834 | |
| MediaTek Inc. | 220,337 | 12,222 | |
| Compal Electronics Inc. | 6,366,000 | 6,570 | |
| ASPEED Technology Inc. | 20,296 | 5,676 | |
| Chroma ATE Inc. | 175,278 | 5,382 | |
| Hon Hai Precision Industry Co. Ltd. | 713,685 | 4,933 | |
| Accton Technology Corp. | 129,000 | 4,510 | |
| Nien Made Enterprise Co. Ltd. | 186,000 | 2,510 | |
| CTBC Financial Holding Co. Ltd. | 1,385,143 | 2,232 | |
| Airtac International Group | 55,521 | 2,009 | |
| Silergy Corp. | 197,000 | 1,739 | |
| E Ink Holdings Inc. | 215,000 | 1,195 | |
| Uni-President Enterprises Corp. | 507,886 | 1,155 | |
| Nan Ya Plastics Corp. | 350,000 | 837 | |
| 171,804 | |||
| Thailand (2.0%) | |||
| SCB X PCL | 2,007,800 | 8,643 | |
| Bangkok Bank PCL NVDR | 802,000 | 4,023 | |
| Indorama Ventures PCL NVDR | 5,776,500 | 3,741 | |
| Bangkok Bank PCL (Registered) | 708,200 | 3,553 | |
| True Corp. PCL NVDR | 6,029,111 | 2,220 | |
| PTT Exploration & Production PCL | 229,136 | 896 | |
| Bangkok Dusit Medical Services PCL NVDR | 454,682 | 290 | |
| 23,366 | |||
| Shares | Market Value ($000) | ||
| Turkiye (0.7%) | |||
| Akbank TAS | 3,890,789 | 8,323 | |
| United Arab Emirates (0.9%) | |||
| Emaar Properties PJSC | 1,487,085 | 6,083 | |
| Emirates NBD Bank PJSC | 231,395 | 1,960 | |
| Abu Dhabi Commercial Bank PJSC | 286,807 | 1,190 | |
| Abu Dhabi Islamic Bank PJSC | 163,793 | 1,086 | |
| Aldar Properties PJSC | 304,833 | 797 | |
| 11,116 | |||
| United Kingdom (1.1%) | |||
| *,1,2 | Wizz Air Holdings plc | 388,429 | 7,534 |
| Antofagasta plc | 35,863 | 1,777 | |
| 1 | Airtel Africa plc | 357,771 | 1,560 |
| Anglo American plc | 29,117 | 1,350 | |
| Standard Chartered plc | 33,700 | 862 | |
| 13,083 | |||
| United States (6.6%) | |||
| Credicorp Ltd. | 50,623 | 18,064 | |
| * | MercadoLibre Inc. | 7,337 | 15,758 |
| * | Kaspi.KZ JSC ADR (Registered) | 70,906 | 5,401 |
| Cognizant Technology Solutions Corp. Class A | 65,080 | 5,341 | |
| * | Sea Ltd. ADR | 41,007 | 4,777 |
| Arcos Dorados Holdings Inc. Class A | 532,271 | 4,354 | |
| * | NU Holdings Ltd. Class A | 233,891 | 4,152 |
| * | Globant SA | 56,876 | 3,804 |
| * | Fabrinet | 7,354 | 3,599 |
| * | VEON Ltd. ADR | 53,492 | 2,923 |
| Copa Holdings SA Class A | 21,020 | 2,867 | |
| * | Coupang Inc. | 139,196 | 2,806 |
| * | Grab Holdings Ltd. Class A | 390,258 | 1,678 |
| Freeport-McMoRan Inc. | 23,076 | 1,390 | |
| * | MakeMyTrip Ltd. | 14,866 | 927 |
| * | PicS NV | 7,500 | 135 |
| 77,976 | |||
| Vietnam (0.8%) | |||
| Vietnam Dairy Products JSC | 1,915,970 | 5,233 | |
| Mobile World Investment Corp. | 792,000 | 2,845 | |
| FPT Corp. | 396,700 | 1,597 | |
| 9,675 | |||
| Total Common Stocks (Cost $745,000) | 1,080,081 | ||
| Preferred Stocks (3.2%) | |||
| Petroleo Brasileiro SA - Petrobras Preference Shares | 1,384,700 | 9,935 | |
| Samsung Electronics Co. Ltd. Preference Shares | 112,627 | 9,123 | |
| Cia Energetica de Minas Gerais Preference Shares | 4,040,584 | 8,814 | |
| Itau Unibanco Holding SA Preference Shares | 1,011,424 | 8,744 | |
| * | Axia Energia Preference Shares Class C | 130,714 | 1,311 |
| * | Raizen SA Preference Shares | 2,547,300 | 499 |
| Total Preferred Stocks (Cost $27,111) | 38,426 | ||
| Shares | Market Value ($000) | ||
| Temporary Cash Investments (6.3%) | |||
| Money Market Fund (6.3%) | |||
| 5,6 | Vanguard Market Liquidity Fund, 3.704% (Cost $74,340) | 743,451 | 74,345 |
| Total Investments (100.4%) (Cost $846,451) | 1,192,852 | ||
| Other Assets and Liabilities—Net (-0.4%) | (4,673) | ||
| Net Assets (100%) | 1,188,179 | ||
| 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 January 31, 2026, the aggregate value was $47,354, representing 4.0% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $5,969. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $7,091 was received for securities on loan. |
| ADR—American Depositary Receipt. | |
| GDR—Global Depositary Receipt. | |
| NVDR—Non-Voting Depository Receipt. |
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| MSCI Emerging Markets Index | March 2026 | 737 | 56,041 | 2,394 |
| 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. |
| 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 objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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. |
| D. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks—North and South America | 198,279 | 1,700 | — | 199,979 |
| Common Stocks—Other | 37,863 | 842,213 | 26 | 880,102 |
| Preferred Stocks | 29,303 | 9,123 | — | 38,426 |
| Temporary Cash Investments | 74,345 | — | — | 74,345 |
| Total | 339,790 | 853,036 | 26 | 1,192,852 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 2,394 | — | — | 2,394 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
| E. | Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows: |
| Current Period Transactions | ||||||||
| Oct. 31, 2025 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jan. 31, 2026 Market Value ($000) | |
| Vanguard FTSE Emerging Markets ETF | 2,285 | 11,119 | 6,848 | 50 | 134 | 37 | — | 6,740 |
| Vanguard Market Liquidity Fund | 64,782 | NA1 | NA1 | 1 | (2) | 608 | — | 74,345 |
| Total | 67,067 | 11,119 | 6,848 | 51 | 132 | 645 | — | 81,085 |
| 1 | Not applicable—purchases and sales are for temporary cash investment purposes. |