Semiannual Report | April 30, 2021

Vanguard Emerging Markets Stock Index Fund

Contents

About Your Fund’s Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	32
Liquidity Risk Management	34

Table of Contents

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.

Table of Contents

Six Months Ended April 30, 2021
	Beginning Account Value 10/31/2020	Ending Account Value 4/30/2021	Expenses Paid During Period
Based on Actual Fund Return
Emerging Markets Stock Index Fund
Investor Shares	$1,000.00	$1,208.60	$1.59
FTSE Emerging Markets ETF Shares	1,000.00	1,209.70	0.55
Admiral^TM Shares	1,000.00	1,209.60	0.77
Institutional Shares	1,000.00	1,209.90	0.55
Institutional Plus Shares	1,000.00	1,209.80	0.44
Based on Hypothetical 5% Yearly Return
Emerging Markets Stock Index Fund
Investor Shares	$1,000.00	$1,023.36	$1.45
FTSE Emerging Markets ETF Shares	1,000.00	1,024.30	0.50
Admiral Shares	1,000.00	1,024.10	0.70
Institutional Shares	1,000.00	1,024.30	0.50
Institutional Plus Shares	1,000.00	1,024.40	0.40

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: 0.29% for Investor Shares, 0.10% for FTSE Emerging Markets ETF Shares, 0.14% for Admiral Shares, 0.10% for Institutional Shares, and 0.08% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).

Table of Contents

Emerging Markets Stock Index Fund

Fund Allocation

As of April 30, 2021

Basic Materials	7.7%
Consumer Discretionary	16.3
Consumer Staples	5.5
Energy	5.6
Financials	18.4
Health Care	4.7
Industrials	6.9
Other	0.0
Real Estate	3.4
Technology	25.9
Telecommunications	3.1
Utilities	2.5

The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

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Emerging Markets Stock Index Fund

Financial Statements (unaudited)

Schedule of Investments—Investments Summary

As of April 30, 2021

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 files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.

		Shares	Market Value• ($000)	Percentage of Net Assets
Common Stocks
Brazil
	Vale SA	38,513,571	772,959	0.69%
	B3 SA - Brasil Bolsa Balcao	28,104,955	266,457	0.24%
	Petroleo Brasileiro SA	62,437,867	265,519	0.24%
	Itau Unibanco Holding SA Preference Shares	47,431,233	240,385	0.21%
	Banco Bradesco SA Preference Shares ^*	49,131,940	215,719	0.19%
	Petroleo Brasileiro SA Preference Shares	40,335,534	175,390	0.16%
	Vale SA Class B ADR	7,267,850	146,229	0.13%
	Itau Unibanco Holding SA ADR¹	20,246,745	101,234	0.09%
	Banco Bradesco SA ^*	20,901,387	79,534	0.07%
	Banco Bradesco SA ADR^*	13,043,052	56,737	0.05%
	Petroleo Brasileiro SA ADR	5,639,547	48,782	0.04%
	Itau Unibanco Holding SA	3,800,912	17,115	0.02%
	CPFL Energia SA	2,630,847	14,215	0.01%
^†	Other^*,1,2,3		3,654,870	3.27%
			6,055,145	5.41%
^†Chile^*,1			705,347	0.63%
China
	Tencent Holdings Ltd.	81,520,844	6,503,084	5.81%
	Alibaba Group Holding Ltd. ^*	194,068,328	5,610,073	5.01%
	Meituan Class B ^*	52,560,782	2,011,728	1.80%
	China Construction Bank Corp. Class H	1,259,644,103	994,290	0.89%
	JD.com Inc. ADR^*	11,831,880	915,314	0.82%
	Ping An Insurance Group Co. of China Ltd. Class H	82,333,813	897,626	0.80%
	Baidu Inc. ADR^*	3,783,075	795,694	0.71%
	Industrial & Commercial Bank of China Ltd. Class H	1,082,774,614	702,604	0.63%
	NIO Inc. ADR^*	17,184,079	684,614	0.61%
	Wuxi Biologics Cayman Inc. ^*,2	43,832,566	615,313	0.55%

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Emerging Markets Stock Index Fund

	Shares	Market Value• ($000)	Percentage of Net Assets
NetEase Inc. ADR	5,165,252	578,818	0.52%
Pinduoduo Inc. ADR^*	4,007,580	536,735	0.48%
China Merchants Bank Co. Ltd. Class H	60,091,795	482,682	0.43%
Bank of China Ltd. Class H	1,057,594,735	419,599	0.38%
New Oriental Education & Technology Group Inc. ADR^*	19,968,709	304,722	0.27%
TAL Education Group ADR^*	5,350,509	304,711	0.27%
ANTA Sports Products Ltd.	15,575,805	277,848	0.25%
Trip.com Group Ltd. ADR^*	6,662,057	260,353	0.23%
Kweichow Moutai Co. Ltd. Class A (XSSC)	750,664	231,911	0.21%
China Life Insurance Co. Ltd. Class H	104,245,734	211,322	0.19%
Alibaba Health Information Technology Ltd. ^*	65,299,112	198,757	0.18%
China Petroleum & Chemical Corp. Class H	362,900,822	178,985	0.16%
China Resources Land Ltd.	38,123,325	178,496	0.16%
China Resources Beer Holdings Co. Ltd.	21,677,124	174,625	0.16%
Agricultural Bank of China Ltd. Class H	429,817,343	166,520	0.15%
China Overseas Land & Investment Ltd.	52,773,841	133,563	0.12%
Kweichow Moutai Co. Ltd. Class A (XSHG)	409,361	126,469	0.11%
Ping An Insurance Group Co. of China Ltd. Class A	9,891,000	110,530	0.10%
China Shenhua Energy Co. Ltd. Class H	48,966,860	101,993	0.09%
PetroChina Co. Ltd. Class H	270,243,227	97,765	0.09%
PICC Property & Casualty Co. Ltd. Class H	92,274,207	90,336	0.08%
China Tourism Group Duty Free Corp. Ltd. Class A (XSSC)	1,803,822	86,563	0.08%
Postal Savings Bank of China Co. Ltd. Class H ²	128,655,010	83,441	0.08%
Autohome Inc. ADR	822,296	76,252	0.07%
China Longyuan Power Group Corp. Ltd. Class H	48,203,493	70,885	0.07%
CITIC Ltd.	64,689,026	67,941	0.06%
China Resources Gas Group Ltd.	12,280,405	66,444	0.06%
China CITIC Bank Corp. Ltd. Class H	111,454,476	58,183	0.05%
Sinopharm Group Co. Ltd. Class H	18,024,025	55,592	0.05%
China Merchants Bank Co. Ltd. Class A (XSSC)	6,742,049	54,777	0.05%
Industrial & Commercial Bank of China Ltd. Class A (XSSC)	68,571,576	54,318	0.05%
Kunlun Energy Co. Ltd.	42,433,541	45,371	0.04%
Ping An Bank Co. Ltd. Class A (XSHE)	12,100,404	43,461	0.04%
People's Insurance Co. Group of China Ltd. Class H	113,845,422	38,918	0.04%
China Taiping Insurance Holdings Co. Ltd.	20,873,800	38,639	0.04%
CGN Power Co. Ltd. Class H ²	158,586,514	36,484	0.03%
China Resources Power Holdings Co. Ltd.	27,511,149	36,140	0.03%
Dongfeng Motor Group Co. Ltd. Class H	41,556,430	36,117	0.03%
China Resources Cement Holdings Ltd.	31,793,076	34,633	0.03%
Agricultural Bank of China Ltd. Class A (XSSC)	68,471,495	33,834	0.03%
China Galaxy Securities Co. Ltd. Class H	56,185,875	33,393	0.03%
China Literature Ltd. ^*,1,2	3,146,764	32,772	0.03%
China Merchants Port Holdings Co. Ltd.	18,788,671	30,059	0.03%
Bank of China Ltd. Class A (XSSC)	59,514,300	29,870	0.03%
China Yangtze Power Co. Ltd. Class A (XSHG)	9,425,291	29,052	0.03%
Zhuzhou CRRC Times Electric Co. Ltd. Class H	7,310,879	29,026	0.03%
China Construction Bank Corp. Class A (XSSC)	27,225,610	28,288	0.03%
Alibaba Pictures Group Ltd. ^*	187,629,250	27,260	0.03%
China Merchants Bank Co. Ltd. Class A (XSHG)	3,337,629	27,117	0.03%
China Oilfield Services Ltd. Class H	28,672,348	26,198	0.03%
Agricultural Bank of China Ltd. Class A (XSHG)	52,073,300	25,731	0.02%
JD.com Inc. Class A ^*	664,136	25,648	0.02%
China Cinda Asset Management Co. Ltd. Class H	125,971,276	24,762	0.02%
Ping An Bank Co. Ltd. Class A (XSEC)	6,479,400	23,272	0.02%
China State Construction Engineering Corp. Ltd. Class A (XSSC)	29,655,370	22,613	0.02%

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Emerging Markets Stock Index Fund

	Shares	Market Value• ($000)	Percentage of Net Assets
Shanghai Baosight Software Co. Ltd. Class B	6,003,041	22,585	0.02%
AviChina Industry & Technology Co. Ltd. Class H	35,136,476	22,547	0.02%
China Huarong Asset Management Co. Ltd. Class H ^2,3	156,726,113	20,580	0.02%
Air China Ltd. Class H	25,822,808	20,418	0.02%
China Overseas Property Holdings Ltd.	20,021,311	20,222	0.02%
China Life Insurance Co. Ltd. Class A	3,900,190	19,859	0.02%
China Southern Airlines Co. Ltd. Class H ^*	27,991,638	18,955	0.02%
Beijing Capital International Airport Co. Ltd. Class H	25,534,447	18,536	0.02%
China State Construction International Holdings Ltd.	25,889,728	18,129	0.02%
China Coal Energy Co. Ltd. Class H	31,651,653	17,119	0.02%
Baidu Inc. Class A ^*	618,785	16,394	0.02%
Citic Pacific Special Steel Group Co. Ltd. Class A (XSHE)	4,069,154	16,239	0.02%
China Resources Pharmaceutical Group Ltd. ²	23,910,126	16,101	0.02%
China Petroleum & Chemical Corp. Class A	24,099,501	15,890	0.02%
Angang Steel Co. Ltd. Class H ¹	22,522,652	15,483	0.02%
China Power International Development Ltd.	66,692,063	15,286	0.02%
China Communications Services Corp. Ltd. Class H	34,476,821	14,908	0.02%
Sinotrans Ltd. Class H	32,010,836	14,612	0.01%
China CITIC Bank Corp. Ltd. Class A (XSSC)	17,604,266	14,081	0.01%
China Railway Signal & Communication Corp. Ltd. Class H ²	35,037,798	13,908	0.01%
Baoshan Iron & Steel Co. Ltd. Class A (XSHG)	10,331,394	13,732	0.01%
Sinopec Engineering Group Co. Ltd. Class H	21,236,064	13,109	0.01%
Sinopec Shanghai Petrochemical Co. Ltd. Class H	52,198,131	12,904	0.01%
China Yangtze Power Co. Ltd. Class A (XSSC)	4,162,028	12,829	0.01%
China Shenhua Energy Co. Ltd. Class A (XSSC)	3,713,048	10,997	0.01%
OneConnect Financial Technology Co. Ltd. ADR^*	697,556	10,282	0.01%
Baoshan Iron & Steel Co. Ltd. Class A (XSSC)	7,651,784	10,171	0.01%
Daqin Railway Co. Ltd. Class A (XSSC)	9,556,460	10,152	0.01%
Maanshan Iron & Steel Co. Ltd. Class A (XSSC)	15,329,692	10,010	0.01%
China Resources Microelectronics Ltd. Class A	1,012,886	9,885	0.01%
China Reinsurance Group Corp. Class H	94,101,940	9,801	0.01%
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A (XSHE)	5,323,930	9,545	0.01%
AVIC Shenyang Aircraft Co. Ltd. Class A (XSHG)	877,190	7,819	0.01%
China BlueChemical Ltd. Class H	25,064,568	7,086	0.01%
China National Nuclear Power Co. Ltd. Class A (XSHG)	8,760,747	7,052	0.01%
China State Construction Engineering Corp. Ltd. Class A (XSHG)	9,119,060	6,953	0.01%
Trip.com Group Ltd. ^*	173,941	6,892	0.01%
PetroChina Co. Ltd. Class A	10,277,690	6,736	0.01%
New Oriental Education & Technology Group Inc. ^*	433,550	6,663	0.01%
Sinopec Kantons Holdings Ltd.	16,508,976	6,338	0.01%
AVIC Xi'an Aircraft Industry Group Co. Ltd. Class A (XSHE)	1,679,002	6,227	0.01%
China Machinery Engineering Corp. Class H	11,958,261	5,350	0.01%
NetEase Inc.	236,236	5,280	0.01%
Shanxi Taigang Stainless Steel Co. Ltd. Class A	5,254,700	5,163	0.01%
China National Accord Medicines Corp. Ltd. Class B	1,756,387	5,113	0.01%
Air China Ltd. Class A (XSHG)	3,962,314	5,001	0.01%
Autohome Inc. Class A ^*,1	204,468	4,791	0.01%
AVIC Shenyang Aircraft Co. Ltd. Class A (XSSC)	495,963	4,421	0.01%
CSSC Offshore & Marine Engineering Group Co. Ltd. Class H ^*,1	4,416,581	4,296	0.01%
Power Construction Corp. of China Ltd. Class A (XSSC)	7,234,508	4,263	0.01%
Daqin Railway Co. Ltd. Class A (XSHG)	3,964,820	4,212	0.01%
Zhongjin Gold Corp. Ltd. Class A (XSSC)	3,143,933	4,141	0.01%
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A	1,034,079	3,989	0.01%

Table of Contents

Emerging Markets Stock Index Fund

	Shares	Market Value• ($000)	Percentage of Net Assets
China Merchants Energy Shipping Co. Ltd. Class A (XSHG)	5,216,769	3,949	0.01%
China Shenhua Energy Co. Ltd. Class A (XSHG)	1,323,530	3,920	0.01%
Sinopec Oilfield Service Corp. Class A *	12,401,900	3,727	0.00%
China Foods Ltd.	8,761,153	3,648	0.01%
China Tourism Group Duty Free Corp. Ltd. Class A (XSHG)	73,000	3,503	0.00%
AVIC Xi'an Aircraft Industry Group Co. Ltd. Class A (XSEC)	940,900	3,489	0.00%
Dongxing Securities Co. Ltd. Class A (XSHG)	2,151,801	3,418	0.00%
China National Nuclear Power Co. Ltd. Class A (XSSC)	4,236,800	3,411	0.00%
Heilongjiang Agriculture Co. Ltd. Class A (XSHG)	1,400,571	3,272	0.00%
Industrial & Commercial Bank of China Ltd. Class A (XSHG)	4,078,600	3,231	0.00%
China Southern Airlines Co. Ltd. Class A ^*	3,271,455	3,204	0.00%
Citic Pacific Special Steel Group Co. Ltd. Class A (XSEC)	792,645	3,163	0.00%
AVICOPTER plc Class A (XSSC)	395,502	3,104	0.00%
Sinofert Holdings Ltd. ^*	23,790,032	3,092	0.00%
FAW Jiefang Group Co. Ltd. *	1,796,743	3,064	0.00%
China CSSC Holdings Ltd. Class A (XSHG) ^*	1,251,700	3,015	0.00%
Shanghai Jahwa United Co. Ltd. Class A (XSSC)	317,125	2,883	0.00%
Sinopec Shanghai Petrochemical Co. Ltd. Class A	4,902,940	2,776	0.00%
China National Medicines Corp. Ltd. Class A (XSSC)	488,252	2,774	0.00%
China First Heavy Industries Class A ^*	6,516,775	2,768	0.00%
CNOOC Energy Technology & Services Ltd. Class A	7,369,200	2,760	0.00%
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A (XSEC)	1,517,160	2,720	0.00%
Harbin Electric Co. Ltd. Class H ^*	9,081,875	2,660	0.00%
China Satellite Communications Co. Ltd. Class A (XSHG)	1,064,700	2,563	0.00%
China Coal Energy Co. Ltd. Class A (XSSC)	2,344,794	2,532	0.00%
Haohua Chemical Science & Technology Co. Ltd. Class A	757,270	2,426	0.00%
China Merchants Property Operation & Service Co. Ltd. Class A (XSHE)	744,416	2,423	0.00%
China National Chemical Engineering Co. Ltd. Class A	2,468,900	2,398	0.00%
CGN New Energy Holdings Co. Ltd. ^*	9,830,000	2,394	0.00%
China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A	1,918,830	2,300	0.00%
China Merchants Land Ltd.	15,681,888	2,296	0.00%
Offshore Oil Engineering Co. Ltd. Class A (XSSC)	3,342,570	2,240	0.00%
COFCO Sugar Holding Co. Ltd. Class A	1,487,749	2,162	0.00%
Shanghai Jahwa United Co. Ltd. Class A (XSHG)	232,700	2,115	0.00%
China XD Electric Co. Ltd. Class A (XSSC)	3,385,707	2,113	0.00%
Angang Steel Co. Ltd. Class A	2,812,912	2,112	0.00%
China CITIC Bank Corp. Ltd. Class A (XSHG)	2,539,850	2,032	0.00%
China Shipbuilding Industry Group Power Co. Ltd. Class A (XSSC) ^*	776,822	2,019	0.00%
Shennan Circuits Co. Ltd. Class A	155,817	1,906	0.00%
COFCO Capital Holdings Co. Ltd. Class A (XSHE)	1,446,657	1,905	0.00%
Bluestar Adisseo Co. Class A	1,009,941	1,884	0.00%
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A	1,168,509	1,861	0.00%
Grandjoy Holdings Group Co. Ltd. Class A (XSHE)	3,113,300	1,754	0.00%
Power Construction Corp. of China Ltd. Class A (XSHG)	2,885,702	1,701	0.00%
Guangxi Guiguan Electric Power Co. Ltd. Class A (XSSC)	2,050,466	1,639	0.00%
Sinochem International Corp. Class A (XSSC)	1,871,806	1,611	0.00%
Shanghai Electric Power Co. Ltd. Class A (XSSC)	1,459,223	1,585	0.00%
Sinopec Oilfield Service Corp. Class H ^*	17,594,608	1,558	0.00%
China Galaxy Securities Co. Ltd. Class A	995,320	1,531	0.00%
Maanshan Iron & Steel Co. Ltd. Class A (XSHG)	2,218,300	1,449	0.00%
Tian Di Science & Technology Co. Ltd. Class A (XSSC)	2,566,939	1,442	0.00%

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Emerging Markets Stock Index Fund

	Shares	Market Value• ($000)	Percentage of Net Assets
Minmetals Capital Co. Ltd. Class A	1,506,360	1,410	0.00%
CGN Power Co. Ltd. Class A	3,113,500	1,302	0.00%
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A (XSSC)	3,487,528	1,265	0.00%
CNSIG Inner Mongolia Chemical Industry Co. Ltd.	952,045	1,261	0.00%
ADAMA Ltd. Class A	915,100	1,251	0.00%
COSCO SHIPPING Specialized Carriers Co. Ltd. Class A (XSHG) ^*	1,991,001	1,249	0.00%
CITIC Press Corp. Class A	192,900	1,245	0.00%
Cinda Real Estate Co. Ltd. Class A (XSSC)	2,163,113	1,212	0.00%
CSSC Offshore & Marine Engineering Group Co. Ltd. Class A (XSSC) ^*	362,901	1,190	0.00%
China Publishing & Media Co. Ltd. Class A (XSHG)	1,075,300	1,190	0.00%
Shanghai Baosteel Packaging Co. Ltd. Class A	894,100	1,164	0.00%
China National Medicines Corp. Ltd. Class A (XSHG)	204,086	1,159	0.00%
Xinjiang Ba Yi Iron & Steel Co. Ltd. Class A ^*	1,433,500	1,150	0.00%
Baoding Tianwei Baobian Electric Co. Ltd. Class A ^*	1,751,501	1,086	0.00%
Glarun Technology Co. Ltd. Class A (XSSC)	507,941	1,077	0.00%
CITIC Heavy Industries Co. Ltd. Class A (XSHG)	2,056,652	1,075	0.00%
China Merchants Port Group Co. Ltd. Class A	466,300	1,053	0.00%
Shanghai Datun Energy Resources Co. Ltd. Class A	732,600	1,047	0.00%
Zhongjin Gold Corp. Ltd. Class A (XSHG)	781,160	1,029	0.00%
Sinotrans Ltd. Class A (XSSC)	1,367,100	1,028	0.00%
Minmetals Development Co. Ltd. Class A (XSHG) ^*	922,286	1,022	0.00%
China Shipbuilding Industry Group Power Co. Ltd. Class A (XSHG) ^*	391,700	1,018	0.00%
Sinotrans Ltd. Class A (XSHG)	1,337,295	1,006	0.00%
Sinopec Oilfield Equipment Corp. Class A ^*	1,489,942	982	0.00%
Dongxing Securities Co. Ltd. Class A (XSSC)	615,613	978	0.00%
China XD Electric Co. Ltd. Class A (XSHG)	1,531,400	956	0.00%
Grinm Advanced Materials Co. Ltd. Class A (XSSC)	528,800	948	0.00%
Besttone Holdings Co. Ltd. Class A	559,900	946	0.00%
SGIS Songshan Co. Ltd. Class A (XSEC)	1,225,100	942	0.00%
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A (XSHG)	2,555,201	927	0.00%
AVICOPTER plc Class A (XSHG)	115,800	909	0.00%
Shanghai Electric Power Co. Ltd. Class A (XSHG)	836,400	908	0.00%
Guangxi Guiguan Electric Power Co. Ltd. Class A (XSHG)	1,128,790	902	0.00%
China Aluminum International Engineering Corp. Ltd. Class A	1,830,300	889	0.00%
Zhonghang Electronic Measuring Instruments Co. Ltd. Class A	448,200	888	0.00%
China West Construction Group Co. Ltd. Class A	649,000	838	0.00%
Bank of China Ltd. Class A (XSHG)	1,564,597	785	0.00%
China CSSC Holdings Ltd. Class A (XSSC) ^*	325,900	785	0.00%
Offshore Oil Engineering Co. Ltd. Class A (XSHG)	1,162,500	779	0.00%
North Electro-Optic Co. Ltd. Class A	494,561	770	0.00%
Sinosteel Engineering & Technology Co. Ltd. Class A	475,400	766	0.00%
China Harzone Industry Corp. Ltd. Class A (XSEC) ^*	593,522	755	0.00%
China Merchants Energy Shipping Co. Ltd. Class A (XSSC)	936,400	709	0.00%
China Coal Energy Co. Ltd. Class A (XSHG)	656,600	709	0.00%
China CAMC Engineering Co. Ltd. Class A	673,800	708	0.00%
Guodian Nanjing Automation Co. Ltd. Class A	687,800	659	0.00%
Air China Ltd. Class A (XSSC)	503,438	635	0.00%
China Construction Bank Corp. Class A (XSHG)	604,100	628	0.00%
SGIS Songshan Co. Ltd. Class A (XSHE)	794,400	611	0.00%
KraussMaffei Co. Ltd. Class A ^*	864,834	603	0.00%
Hubei Jiuzhiyang Infrared System Co. Ltd. Class A	151,237	595	0.00%

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Emerging Markets Stock Index Fund

		Shares	Market Value• ($000)	Percentage of Net Assets
	China Satellite Communications Co. Ltd. Class A (XSSC)	242,300	583	0.00%
	China Merchants Property Operation & Service Co. Ltd. Class A (XSEC)	173,700	565	0.00%
	Heilongjiang Agriculture Co. Ltd. Class A (XSSC)	239,700	560	0.00%
	China Television Media Ltd. Class A (XSHG)	289,800	498	0.00%
	China Tungsten & Hightech Materials Co. Ltd. Class A ^*	363,860	486	0.00%
	CSSC Offshore & Marine Engineering Group Co. Ltd. Class A (XSHG) ^*	145,500	477	0.00%
	Beijing HualuBaina Film & TV Co. Ltd. Class A (XSHE) ^*	613,119	472	0.00%
	Cinda Real Estate Co. Ltd. Class A (XSHG)	837,122	469	0.00%
	Sinochem International Corp. Class A (XSHG)	539,110	464	0.00%
	Glarun Technology Co. Ltd. Class A (XSHG)	217,058	460	0.00%
	CITIC Heavy Industries Co. Ltd. Class A (XSSC)	831,227	435	0.00%
	Grinm Advanced Materials Co. Ltd. Class A (XSHG)	241,500	433	0.00%
	China National Accord Medicines Corp. Ltd. Class A	61,247	395	0.00%
	Huadian Heavy Industries Co. Ltd. Class A (XSSC)	604,909	349	0.00%
	China Television Media Ltd. Class A (XSSC)	155,437	267	0.00%
	Tian Di Science & Technology Co. Ltd. Class A (XSHG)	456,100	256	0.00%
	China Harzone Industry Corp. Ltd. Class A (XSHE) ^*	192,543	245	0.00%
	Huadian Heavy Industries Co. Ltd. Class A (XSHG)	414,676	239	0.00%
	COFCO Capital Holdings Co. Ltd. Class A (XSEC)	165,800	218	0.00%
	China Publishing & Media Co. Ltd. Class A (XSSC)	191,600	212	0.00%
	Grandjoy Holdings Group Co. Ltd. Class A (XSEC)	359,500	202	0.00%
	Norinco International Cooperation Ltd. Class A	168,845	201	0.00%
	Minmetals Development Co. Ltd. Class A (XSSC) ^*	104,800	116	0.00%
	Beijing HualuBaina Film & TV Co. Ltd. Class A (XSEC) ^*	124,000	95	0.00%
	COSCO SHIPPING Specialized Carriers Co. Ltd. Class A (XSSC) ^*	67,400	42	0.00%
^†	Other^*,1,2,3		18,024,269	15.99%
			45,144,698	40.31%
^†Colombia^*			228,825	0.21%
^†Czech Republic^*			104,765	0.09%
^†Egypt^*			128,747	0.12%
^†Greece^*,3			341,888	0.31%
^†Hong Kong^*,1,3			44,674	0.04%
^†Hungary^*			239,070	0.21%
India
	Reliance Industries Ltd.	43,424,386	1,166,649	1.04%
	Infosys Ltd.	49,879,502	906,495	0.81%
	Housing Development Finance Corp. Ltd.	23,779,297	774,380	0.69%
	Tata Consultancy Services Ltd.	13,695,585	560,472	0.50%
	Hindustan Unilever Ltd.	12,334,899	391,233	0.35%
	Axis Bank Ltd. ^*	31,413,275	301,973	0.27%
	Reliance Industries Ltd.	1,084,144	15,690	0.01%
	Alok Industries Ltd. ^*	15,821,397	4,114	0.00%
	TV18 Broadcast Ltd. ^*	5,500,453	2,512	0.00%
^†	Other^*,2,3		8,940,996	8.00%
			13,064,514	11.67%

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Emerging Markets Stock Index Fund

		Shares	Market Value• ($000)	Percentage of Net Assets
Indonesia
	Bank Central Asia Tbk. PT	131,513,350	291,139	0.26%
^†	Other^*,3		1,290,881	1.15%
			1,582,020	1.41%
^†Kuwait^*			704,379	0.63%
^†Malaysia^*,2			2,243,994	2.00%
Mexico
	America Movil SAB de CV Series L	421,721,135	294,582	0.26%
^†	Other^*,2,3		2,017,102	1.81%
			2,311,684	2.07%
^†Pakistan^*			91,786	0.08%
^†Philippines^*,2			910,047	0.81%
^†Poland^*,3			242	0.00%
Qatar
	Qatar National Bank QPSC	61,090,658	299,934	0.27%
^†	Other^*		579,238	0.52%
			879,172	0.79%
^†Romania			36,344	0.03%
Russia
	Sberbank of Russia PJSC	141,911,352	560,654	0.50%
	Gazprom PJSC	144,430,619	440,350	0.39%
	LUKOIL PJSC	4,958,709	382,389	0.34%
	Novatek PJSC	9,910,625	178,746	0.16%
	Novatek PJSC GDR	483,402	87,053	0.08%
	Rosneft Oil Co. PJSC GDR	9,320,161	64,291	0.06%
	Rosneft Oil Co. PJSC	7,149,915	49,884	0.05%
	VTB Bank PJSC	69,384,223,072	47,403	0.04%
	Transneft PJSC Preference Shares	21,768	41,008	0.04%
	Inter RAO UES PJSC	504,971,670	32,911	0.03%
	RusHydro PJSC	1,629,818,418	17,761	0.02%
	Federal Grid Co. Unified Energy System PJSC	3,800,704,717	10,750	0.01%
	Aeroflot PJSC ^*	12,439,909	10,606	0.01%
	ROSSETI PJSC	419,739,584	7,950	0.01%
	Mosenergo PJSC	145,621,234	4,317	0.00%
	Bashneft PJSC Preference Shares	227,820	3,569	0.00%
	OGK-2 PJSC	302,841,880	3,179	0.00%
	Rosseti Lenenergo PJSC Preference Shares	1,372,446	2,920	0.00%
	TGC-1 PJSC	10,414,590,345	1,648	0.00%
	Bashneft PJSC	72,116	1,496	0.00%
^†	Other^*,1		1,056,572	0.94%
			3,005,457	2.68%
Saudi Arabia
	Al Rajhi Bank	16,797,727	442,271	0.39%
	Saudi National Bank ^*	28,741,511	435,174	0.39%
	Saudi Basic Industries Corp.	12,417,930	409,258	0.37%

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Emerging Markets Stock Index Fund

			Shares	Market Value• ($000)	Percentage of Net Assets
	Saudi Arabian Oil Co. ²		34,959,574	329,643	0.29%
	Saudi Telecom Co.		8,258,047	279,224	0.25%
	Saudi Electricity Co.		10,972,178	75,969	0.07%
	Yanbu National Petrochemical Co.		3,270,922	63,508	0.06%
	Saudi Real Estate Co. ^*		1,168,835	5,986	0.01%
^†	Other^*			1,608,771	1.43%
				3,649,804	3.26%
South Africa
	Naspers Ltd.		5,825,830	1,325,842	1.18%
^†	Other^*,1,2			3,480,840	3.11%
				4,806,682	4.29%
Taiwan
	Taiwan Semiconductor Manufacturing Co. Ltd.		241,921,285	5,094,771	4.55%
	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		17,578,753	2,052,144	1.83%
	MediaTek Inc.		20,338,630	852,648	0.76%
	Hon Hai Precision Industry Co. Ltd.		163,647,761	672,764	0.60%
	Delta Electronics Inc.		29,908,356	320,406	0.29%
	Formosa Plastics Corp.		67,118,057	253,730	0.23%
	United Microelectronics Corp.		94,827,270	189,134	0.17%
	United Microelectronics Corp. ADR¹		13,168,758	130,634	0.12%
^†	Other^*,1,3			10,895,566	9.72%
				20,461,797	18.27%
Thailand
	PTT PCL (Foreign) ¹		198,615,215	254,224	0.23%
^†	Other^*,1,3			2,659,057	2.37%
				2,913,281	2.60%
^†Turkey^*,2,3				585,382	0.52%
^†United Arab Emirates^*,3				784,652	0.70%
Total Common Stocks (Cost $77,087,872)				111,024,396	99.14%
		Coupon
Temporary Cash Investments
Money Market Fund
	Vanguard Market Liquidity Fund^4,5	0.068%	17,108,795	1,710,879	1.53%

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Emerging Markets Stock Index Fund

	Market Value• ($000)	Percentage of Net Assets
^†U.S. Government and Agency Obligations⁶	48,000	0.04%
Total Temporary Cash Investments (Cost $1,758,589)	1,758,879	1.57%
Total Investments (Cost $78,846,461)	112,783,275	100.71%
Other Assets and Liabilities—Net	(792,962)	(0.71%)
Net Assets	111,990,313	100.00%

Cost is in $000.
•	See Note A in Notes to Financial Statements.
*	Includes 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	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $722,277,000.
2	Certain 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, 2021, the aggregate value of these securities was $3,887,659,000, representing 3.5% of net assets.
3	Certain securities value determined using significant unobservable inputs.
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	Collateral of $828,804,000 was received for securities on loan, of which $822,096,000 is held in Vanguard Market Liquidity Fund and $6,708,000 is held in cash.
6	Securities with a value of $44,577,000 have been segregated as initial margin for open futures contracts.

	ADR—American Depositary Receipt.
	GDR—Global Depositary Receipt.

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
MSCI Emerging Market Index	June 2021	8,776	586,500	(1,360)

Forward Currency Contracts
	Contract Settlement Date	Contract Amount (000)				Unrealized Appreciation ($000)	Unrealized (Depreciation) ($000)
Counterparty	Contract Settlement Date		Receive		Deliver	Unrealized Appreciation ($000)	Unrealized (Depreciation) ($000)
BNP Paribas	6/16/21	INR	25,000,000	USD	335,507	—	(350)

INR—Indian rupee.

USD—U.S. dollar.

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

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Emerging Markets Stock Index Fund

Over-the-Counter Total Return Swaps
Reference Entity	Termination Date	Counterparty	Notional Amount ($000)	Floating Interest Rate Received (Paid)¹ (%)	Value and Unrealized Appreciation ($000)	Value and Unrealized (Depreciation) ($000)
BYD Co. Ltd.	9/10/21	GSI	22,811	(0.115)	—	(708)
FTSE China A Stock Connect CNY All Cap Index	6/22/21	BOANA	276,662	(0.111)	11,283	—
					11,283	(708)

1	Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
	1M—1-month.
	BOANA—Bank of America, N.A.
	GSI—Goldman Sachs International.

At April 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $13,387,000 in connection with open over-the-counter swap contracts.

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

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Emerging Markets Stock Index Fund

Statement of Assets and Liabilities

As of April 30, 2021


($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $77,135,870)	111,072,396
Affiliated Issuers (Cost $1,710,591)	1,710,879
Total Investments in Securities	112,783,275
Investment in Vanguard	4,019
Cash	6,708
Foreign Currency, at Value (Cost $338,857)	342,297
Receivables for Investment Securities Sold	56,234
Receivables for Accrued Income	114,679
Receivables for Capital Shares Issued	115,094
Unrealized Appreciation—Over-the-Counter Swap Contracts	11,283
Total Assets	113,433,589
Liabilities
Due to Custodian	11,613
Payables for Investment Securities Purchased	71,878
Collateral for Securities on Loan	828,804
Payables for Capital Shares Redeemed	163,843
Payables to Vanguard	4,887
Variation Margin Payable—Futures Contracts	12,043
Unrealized Depreciation—Forward Currency Contracts	350
Unrealized Depreciation—Over-the-Counter Swap Contracts	708
Deferred Foreign Capital Gains Taxes	349,150
Total Liabilities	1,443,276
Net Assets	111,990,313

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Emerging Markets Stock Index Fund

Statement of Assets and Liabilities (continued)
At April 30, 2021, net assets consisted of:
($000s, except shares and per-share amounts)	Amount
Paid-in Capital	91,622,566
Total Distributable Earnings (Loss)	20,367,747
Net Assets	111,990,313

Investor Shares—Net Assets
Applicable to 5,570,632 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	186,381
Net Asset Value Per Share—Investor Shares	$33.46

ETF Shares—Net Assets
Applicable to 1,514,723,399 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	79,996,635
Net Asset Value Per Share—ETF Shares	$52.81

Admiral Shares—Net Assets
Applicable to 416,558,138 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	18,294,608
Net Asset Value Per Share—Admiral Shares	$43.92

Institutional Shares—Net Assets
Applicable to 244,576,014 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	8,167,629
Net Asset Value Per Share—Institutional Shares	$33.40

Institutional Plus Shares—Net Assets
Applicable to 48,115,365 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	5,345,060
Net Asset Value Per Share—Institutional Plus Shares	$111.09

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

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Emerging Markets Stock Index Fund

Statement of Operations


	Six Months Ended April 30, 2021
	($000)
Investment Income
Income
Dividends¹	637,903
Interest²	625
Securities Lending—Net	12,547
Total Income	651,075
Expenses
The Vanguard Group—Note B
Investment Advisory Services	1,719
Management and Administrative—Investor Shares	234
Management and Administrative—ETF Shares	29,046
Management and Administrative—Admiral Shares	10,062
Management and Administrative—Institutional Shares	3,013
Management and Administrative—Institutional Plus Shares	1,591
Marketing and Distribution—Investor Shares	8
Marketing and Distribution—ETF Shares	871
Marketing and Distribution—Admiral Shares	381
Marketing and Distribution—Institutional Shares	115
Marketing and Distribution—Institutional Plus Shares	38
Custodian Fees	8,104
Shareholders’ Reports—Investor Shares	—
Shareholders’ Reports—ETF Shares	148
Shareholders’ Reports—Admiral Shares	70
Shareholders’ Reports—Institutional Shares	24
Shareholders’ Reports—Institutional Plus Shares	7
Trustees’ Fees and Expenses	9
Total Expenses	55,440
Net Investment Income	595,635
Realized Net Gain (Loss)
Investment Securities Sold²	(420,182)
Futures Contracts	215,663
Swap Contracts	36,175
Forward Currency Contracts	31
Foreign Currencies	(177)
Realized Net Gain (Loss)	(168,490)

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Emerging Markets Stock Index Fund

Statement of Operations (continued)
	Six Months Ended April 30, 2021
	($000)
Change in Unrealized Appreciation (Depreciation)
Investment Securities^2,3	17,955,773
Futures Contracts	(2,840)
Swap Contracts	1,144
Forward Currency Contracts	(350)
Foreign Currencies	5,461
Change in Unrealized Appreciation (Depreciation)	17,959,188
Net Increase (Decrease) in Net Assets Resulting from Operations	18,386,333

1	Dividends are net of foreign withholding taxes of $69,730,000.
2	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $594,000, $6,000, and ($6,000), respectively. Purchases and sales are for temporary cash investment purposes.
3	The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $271,137,000.

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

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Emerging Markets Stock Index Fund

Statement of Changes in Net Assets


	Six Months Ended April 30, 2021	Year Ended October 31, 2020
	($000)	($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	595,635	1,944,587
Realized Net Gain (Loss)	(168,490)	(1,578,669)
Change in Unrealized Appreciation (Depreciation)	17,959,188	5,077,712
Net Increase (Decrease) in Net Assets Resulting from Operations	18,386,333	5,443,630
Distributions
Investor Shares	(1,111)	(5,308)
ETF Shares	(523,829)	(1,765,914)
Admiral Shares	(120,461)	(401,489)
Institutional Shares	(56,060)	(182,259)
Institutional Plus Shares	(39,261)	(109,778)
Total Distributions	(740,722)	(2,464,748)
Capital Share Transactions
Investor Shares	(6,935)	(82,198)
ETF Shares	6,165,126	(3,609,670)
Admiral Shares	811,010	(412,007)
Institutional Shares	243,229	(3,583)
Institutional Plus Shares	(241,485)	1,698,268
Net Increase (Decrease) from Capital Share Transactions	6,970,945	(2,409,190)
Total Increase (Decrease)	24,616,556	569,692
Net Assets
Beginning of Period	87,373,757	86,804,065
End of Period	111,990,313	87,373,757

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

Table of Contents

Emerging Markets Stock Index Fund

Financial Highlights

Investor Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$27.86	$26.59	$24.02	$28.16	$23.85	$22.16
Investment Operations
Net Investment Income	.153¹	.528¹	.643^1,2	.663¹	.601¹	.530
Net Realized and Unrealized Gain (Loss) on Investments	5.648	1.456	2.601	(4.187)	4.302	1.691
Total from Investment Operations	5.801	1.984	3.244	(3.524)	4.903	2.221
Distributions
Dividends from Net Investment Income	(.201)	(.714)	(.674)	(.616)	(.593)	(.531)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.201)	(.714)	(.674)	(.616)	(.593)	(.531)
Net Asset Value, End of Period	$33.46	$27.86	$26.59	$24.02	$28.16	$23.85
Total Return³	20.86%	7.55%	13.66%	-12.73%	20.76%	10.21%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$186	$162	$239	$1,283	$1,738	$1,570
Ratio of Total Expenses to Average Net Assets	0.29%	0.29%	0.29%	0.29%	0.32%	0.32%
Ratio of Net Investment Income to Average Net Assets	0.92%	2.02%	2.48%²	2.36%	2.38%	2.50%
Portfolio Turnover Rate⁴	4%	10%	9%	11%	6%	13%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Net investment income per share and the ratio of net investment income to average net assets include $.171 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019.
3	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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Emerging Markets Stock Index Fund

Financial Highlights

FTSE Emerging Markets ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$43.98	$41.99	$37.91	$44.47	$37.67	$34.98
Investment Operations
Net Investment Income	.293¹	.954¹	1.393^1,2	1.126¹	1.035¹	.900
Net Realized and Unrealized Gain (Loss) on Investments	8.906	2.249	3.826	(6.636)	6.781	2.679
Total from Investment Operations	9.199	3.203	5.219	(5.510)	7.816	3.579
Distributions
Dividends from Net Investment Income	(.369)	(1.213)	(1.139)	(1.050)	(1.016)	(.889)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.369)	(1.213)	(1.139)	(1.050)	(1.016)	(.889)
Net Asset Value, End of Period	$52.81	$43.98	$41.99	$37.91	$44.47	$37.67
Total Return	20.97%	7.77%	13.95%	-12.64%	20.98%	10.47%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$79,997	$61,434	$63,089	$53,765	$64,967	$44,636
Ratio of Total Expenses to Average Net Assets	0.10%	0.10%	0.10%	0.12%	0.14%	0.14%
Ratio of Net Investment Income to Average Net Assets	1.12%	2.31%	3.40%²	2.53%	2.56%	2.68%
Portfolio Turnover Rate³	4%	10%	9%	11%	6%	13%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Net investment income per share and the ratio of net investment income to average net assets include $.271 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019.
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.

Table of Contents

Emerging Markets Stock Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$36.57	$34.91	$31.53	$36.99	$31.33	$29.10
Investment Operations
Net Investment Income	.233¹	.784¹	1.154^1,2	.944¹	.860¹	.747
Net Realized and Unrealized Gain (Loss) on Investments	7.415	1.870	3.155	(5.531)	5.645	2.222
Total from Investment Operations	7.648	2.654	4.309	(4.587)	6.505	2.969
Distributions
Dividends from Net Investment Income	(.298)	(.994)	(.929)	(.873)	(.845)	(.739)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.298)	(.994)	(.929)	(.873)	(.845)	(.739)
Net Asset Value, End of Period	$43.92	$36.57	$34.91	$31.53	$36.99	$31.33
Total Return³	20.96%	7.72%	13.83%	-12.64%	21.00%	10.41%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$18,295	$14,541	$14,383	$11,632	$12,585	$9,166
Ratio of Total Expenses to Average Net Assets	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%
Ratio of Net Investment Income to Average Net Assets	1.07%	2.28%	3.38%²	2.51%	2.56%	2.68%
Portfolio Turnover Rate⁴	4%	10%	9%	11%	6%	13%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Net investment income per share and the ratio of net investment income to average net assets include $.225 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019.
3	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

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Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$27.81	$26.55	$23.98	$28.13	$23.82	$22.13
Investment Operations
Net Investment Income	.183¹	.611¹	.888^1,2	.721¹	.659¹	.577
Net Realized and Unrealized Gain (Loss) on Investments	5.641	1.415	2.401	(4.198)	4.301	1.683
Total from Investment Operations	5.824	2.026	3.289	(3.477)	4.960	2.260
Distributions
Dividends from Net Investment Income	(.234)	(.766)	(.719)	(.673)	(.650)	(.570)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.234)	(.766)	(.719)	(.673)	(.650)	(.570)
Net Asset Value, End of Period	$33.40	$27.81	$26.55	$23.98	$28.13	$23.82
Total Return	20.99%	7.76%	13.88%	-12.60%	21.06%	10.42%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$8,168	$6,592	$6,309	$5,142	$5,647	$4,191
Ratio of Total Expenses to Average Net Assets	0.10%	0.10%	0.10%	0.10%	0.11%	0.11%
Ratio of Net Investment Income to Average Net Assets	1.11%	2.34%	3.43%²	2.55%	2.59%	2.71%
Portfolio Turnover Rate³	4%	10%	9%	11%	6%	13%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Net investment income per share and the ratio of net investment income to average net assets include $.171 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019.
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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Financial Highlights

Institutional Plus Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$92.51	$88.32	$79.77	$93.57	$79.26	$73.61
Investment Operations
Net Investment Income	.614¹	2.123¹	3.102^1,2	2.182¹	2.221¹	1.928
Net Realized and Unrealized Gain (Loss) on Investments	18.753	4.635	7.869	(13.725)	14.266	5.630
Total from Investment Operations	19.367	6.758	10.971	(11.543)	16.487	7.558
Distributions
Dividends from Net Investment Income	(.787)	(2.568)	(2.421)	(2.257)	(2.177)	(1.908)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.787)	(2.568)	(2.421)	(2.257)	(2.177)	(1.908)
Net Asset Value, End of Period	$111.09	$92.51	$88.32	$79.77	$93.57	$79.26
Total Return	20.98%	7.78%	13.93%	-12.58%	21.04%	10.48%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$5,345	$4,645	$2,784	$1,973	$3,991	$3,026
Ratio of Total Expenses to Average Net Assets	0.08%	0.08%	0.08%	0.08%	0.09%	0.09%
Ratio of Net Investment Income to Average Net Assets	1.12%	2.45%	3.59%²	2.57%	2.61%	2.73%
Portfolio Turnover Rate³	4%	10%	9%	11%	6%	13%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Net investment income per share and the ratio of net investment income to average net assets include $.571 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019.
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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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 offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares, known as Vanguard FTSE Emerging Markets ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. Further, at April 30, 2021, the fund had a concentration of its investments in securities issued in China, and the performance of such investments may be impacted by the country’s social, political, and economic conditions. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

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

3. Futures 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

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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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended April 30, 2021, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

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During the six months ended April 30, 2021, the fund’s average investment in forward currency contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its 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. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the six months ended April 30, 2021, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is

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generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

8. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and

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borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.

10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Taxes on foreign dividends and capital gains have been provided for in accordance with the fund's understanding of the applicable countries’ tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) 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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2021, the fund had contributed to Vanguard capital in the amount of $4,019,000, representing less than 0.01% of the fund’s net assets and 1.61% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments 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.

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Emerging Markets Stock Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2021, 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	9,300,947	46	8	9,301,001
Common Stocks—Other	8,867,523	92,694,606	161,266	101,723,395
Temporary Cash Investments	1,710,879	48,000	—	1,758,879
Total	19,879,349	92,742,652	161,274	112,783,275

Derivative Financial Instruments
Assets
Swap Contracts	—	11,283	—	11,283
Liabilities
Futures Contracts¹	1,360	—	—	1,360
Forward Currency Contracts	—	350	—	350
Swap Contracts	—	708	—	708
Total	1,360	1,058	—	2,418

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

D. At April 30, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

Statement of Assets and Liabilities	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Unrealized Appreciation—Over-the-Counter Swap Contracts	11,283	—	11,283

Unrealized Depreciation—Futures Contracts¹	1,360	—	1,360
Unrealized Depreciation—Forward Currency Contracts	—	350	350
Unrealized Depreciation—Over-the-Counter Swap Contracts	708	—	708
Total Liabilities	2,068	350	2,418

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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Emerging Markets Stock Index Fund

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2021, were:

Realized Net Gain (Loss) on Derivatives	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Futures Contracts	215,663	—	215,663
Forward Currency Contracts	—	31	31
Swap Contracts	36,175	—	36,175
Realized Net Gain (Loss) on Derivatives	251,838	31	251,869

Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts	(2,840)	—	(2,840)
Forward Currency Contracts	—	(350)	(350)
Swap Contracts	1,144	—	1,144
Change in Unrealized Appreciation (Depreciation) on Derivatives	(1,696)	(350)	(2,046)

E. As of April 30, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	79,213,826
Gross Unrealized Appreciation	47,012,267
Gross Unrealized Depreciation	(13,433,953)
Net Unrealized Appreciation (Depreciation)	33,578,314

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, 2020, the fund had available capital losses totaling $13,071,705,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

F. During the six months ended April 30, 2021, the fund purchased $11,361,750,000 of investment securities and sold $4,118,001,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,986,878,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

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Emerging Markets Stock Index Fund

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

	Six Months Ended April 30, 2021		Year Ended October 31, 2020
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Investor Shares
Issued	22,456	679	16,736	651
Issued in Lieu of Cash Distributions	1,111	35	5,308	195
Redeemed¹	(30,502)	(965)	(104,242)	(4,022)
Net Increase (Decrease)—Investor Shares	(6,935)	(251)	(82,198)	(3,176)
ETF Shares
Issued	6,165,126	117,857	825,514	20,070
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	—	—	(4,435,184)	(125,800)
Net Increase (Decrease)—ETF Shares	6,165,126	117,857	(3,609,670)	(105,730)
Admiral Shares
Issued¹	2,397,133	55,911	3,245,146	97,262
Issued in Lieu of Cash Distributions	105,127	2,525	348,063	9,830
Redeemed	(1,691,250)	(39,471)	(4,005,216)	(121,465)
Net Increase (Decrease)—Admiral Shares	811,010	18,965	(412,007)	(14,373)
Institutional Shares
Issued	1,363,595	41,852	1,781,929	68,805
Issued in Lieu of Cash Distributions	52,234	1,650	171,042	6,363
Redeemed	(1,172,600)	(35,981)	(1,956,554)	(75,769)
Net Increase (Decrease)—Institutional Shares	243,229	7,521	(3,583)	(601)
Institutional Plus Shares
Issued	480,141	4,485	1,900,916	21,059
Issued in Lieu of Cash Distributions	37,055	352	103,316	1,160
Redeemed	(758,681)	(6,929)	(305,964)	(3,531)
Net Increase (Decrease)—Institutional Plus Shares	(241,485)	(2,092)	1,698,268	18,688

In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares—Redeemed and Admiral Shares—Issued include 135 and 103 shares, respectively, in the amount of $4,000 from the conversion during the year ended October 31, 2020.

H. Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements.

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Trustees Approve Advisory Arrangement

The board of trustees of Vanguard Emerging Markets Stock Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests 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. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also 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 reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index 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 short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

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 expenses were also well below the peer-group average.

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The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The board concluded that the fund’s 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 again after a one-year period.

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Liquidity Risk Management

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The board of trustees of Vanguard International Equity Index Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Emerging Markets Stock Index Fund’s Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.

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Connect with Vanguard^®>vanguard.com

Fund Information > 800-662-7447

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Who Are Deaf or Hard of Hearing > 800-749-7273

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.

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, www.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 www.sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].

Q5332 062021