| Shares | Market Value ($000) | ||
| Common Stocks (99.2%) | |||
| Brazil (2.1%) | |||
| * | NU Holdings Ltd. Class A | 374,329 | 5,379 |
| Canada (0.9%) | |||
| * | Shopify Inc. Class A (XTSE) | 18,367 | 2,179 |
| China (2.0%) | |||
| Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | 86,266 | 5,104 | |
| France (2.8%) | |||
| Schneider Electric SE | 25,357 | 6,907 | |
| India (2.8%) | |||
| HDFC Bank Ltd. | 880,738 | 6,899 | |
| Indonesia (2.0%) | |||
| Bank Rakyat Indonesia Persero Tbk PT | 25,326,917 | 5,061 | |
| Italy (2.2%) | |||
| Prysmian SpA | 46,036 | 5,436 | |
| Kazakhstan (1.6%) | |||
| * | Kaspi.KZ JSC ADR (Registered) | 53,627 | 3,972 |
| Netherlands (6.8%) | |||
| ASML Holding NV | 12,701 | 16,889 | |
| Singapore (4.2%) | |||
| * | Grab Holdings Ltd. Class A | 1,862,460 | 6,817 |
| * | Sea Ltd. ADR | 45,793 | 3,792 |
| 10,609 | |||
| Sweden (4.1%) | |||
| Epiroc AB Class B | 303,418 | 6,499 | |
| Beijer Ref AB Class B | 276,034 | 3,827 | |
| 10,326 | |||
| Switzerland (3.8%) | |||
| Sandoz Group AG | 120,588 | 9,448 | |
| Taiwan (9.3%) | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 404,000 | 23,365 | |
| United Kingdom (5.2%) | |||
| Prudential plc (XLON) | 481,541 | 6,695 | |
| Sunbelt Rentals Holdings Inc. | 99,380 | 6,340 | |
| 13,035 | |||
| United States (49.4%) | |||
| Deere & Co. | 24,101 | 13,576 | |
| Microsoft Corp. | 27,640 | 10,231 | |
| New York Times Co. Class A | 118,603 | 9,931 | |
| Ecolab Inc. | 33,426 | 8,892 | |
| * | Remitly Global Inc. | 561,788 | 8,803 |
| * | Alnylam Pharmaceuticals Inc. | 25,867 | 8,559 |
| * | MercadoLibre Inc. | 4,474 | 7,736 |
| * | Autodesk Inc. | 31,446 | 7,528 |
| * | Illumina Inc. | 57,883 | 7,135 |
| * | Dexcom Inc. | 102,349 | 6,428 |
| * | Veeva Systems Inc. Class A | 34,918 | 6,134 |
| * | Insulet Corp. | 21,344 | 4,479 |
| * | ARM Holdings plc ADR | 29,325 | 4,436 |
| * | Vertex Pharmaceuticals Inc. | 9,709 | 4,335 |
| Shares | Market Value ($000) | ||
| * | Coursera Inc. | 707,193 | 4,116 |
| * | Duolingo Inc. | 32,789 | 3,232 |
| * | Savers Value Village Inc. | 387,416 | 2,882 |
| * | Joby Aviation Inc. | 260,593 | 2,152 |
| * | Rivian Automotive Inc. Class A | 95,962 | 1,444 |
| * | Billiontoone Inc. Class A | 10,258 | 810 |
| * | PROCEPT BioRobotics Corp. | 22,453 | 562 |
| *,1 | ABIOMED Inc. CVR | 16,638 | 17 |
| 123,418 | |||
| Total Common Stocks (Cost $200,544) | 248,027 | ||
| Temporary Cash Investments (0.2%) | |||
| Money Market Fund (0.2%) | |||
| 2 | Vanguard Market Liquidity Fund, 3.687% (Cost $437) | 4,370 | 437 |
| Total Investments (99.4%) (Cost $200,981) | 248,464 | ||
| Other Assets and Liabilities—Net (0.6%) | 1,450 | ||
| Net Assets (100%) | 249,914 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 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. | |
| CVR—Contingent Value Rights. |
| 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. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks—North and South America | 130,959 | — | 17 | 130,976 |
| Common Stocks—Other | 14,581 | 102,470 | — | 117,051 |
| Temporary Cash Investments | 437 | — | — | 437 |
| Total | 145,977 | 102,470 | 17 | 248,464 |