Semiannual Report   |   April 30, 2021
Vanguard FTSE International Index Funds
Vanguard FTSE All-World ex-US Index Fund
Vanguard FTSE All-World ex-US Small-Cap Index Fund

Contents
About Your Fund’s Expenses

1
FTSE All-World ex-US Index Fund

3
FTSE All-World ex-US Small-Cap Index Fund

28
Trustees Approve Advisory Arrangements

50
Liquidity Risk Management

52

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.
1

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      
FTSE All-World ex-US Index Fund      
ETF Shares $1,000.00 $1,273.00 $0.45
Admiral™ Shares 1,000.00 1,272.70 0.62
Institutional Shares 1,000.00 1,273.00 0.45
Institutional Plus Shares 1,000.00 1,273.10 0.34
FTSE All-World ex-US Small-Cap Index Fund      
ETF Shares $1,000.00 $1,323.50 $0.63
Admiral Shares 1,000.00 1,322.70 0.92
Institutional Shares 1,000.00 1,323.30 0.63
Based on Hypothetical 5% Yearly Return      
FTSE All-World ex-US Index Fund      
ETF Shares $1,000.00 $1,024.40 $0.40
Admiral Shares 1,000.00 1,024.25 0.55
Institutional Shares 1,000.00 1,024.40 0.40
Institutional Plus Shares 1,000.00 1,024.50 0.30
FTSE All-World ex-US Small-Cap Index Fund      
ETF Shares $1,000.00 $1,024.25 $0.55
Admiral Shares 1,000.00 1,024.00 0.80
Institutional Shares 1,000.00 1,024.25 0.55
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the FTSE All-World ex-US Index Fund, 0.08% for ETF Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares and 0.06% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.11% for ETF Shares, 0.16% for Admiral Shares, and 0.11% for Institutional 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).
2

FTSE All-World ex-US Index Fund
Fund Allocation
As of April 30, 2021
Basic Materials 7.2%
Consumer Discretionary 14.9
Consumer Staples 7.5
Energy 4.7
Financials 18.9
Health Care 9.0
Industrials 13.6
Real Estate 3.0
Technology 14.6
Telecommunications 3.5
Utilities 3.1
Other 0.0
The table reflects the fund’s investments, except 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.
3

FTSE All-World ex-US 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
Australia                  
  Commonwealth Bank of Australia          3,289,752    225,205   0.4%
  BHP Group Ltd.          5,476,783    199,332   0.4%
  CSL Ltd.            841,686    175,824   0.4%
  Westpac Banking Corp.          6,813,392    131,299   0.3%
Australia—Other*,1,2                     1,755,248   3.3%
                  2,486,908 4.8%
†Austria*           66,083       0.1%
†Belgium*,1           332,254       0.6%
Brazil                  
  CPFL Energia SA            369,600      1,997   0.0%
Brazil—Other*,1,3                       756,122   1.5%
                  758,119 1.5%
Canada                  
  Royal Bank of Canada          2,643,537    252,299   0.5%
  Shopify Inc. Class A*            201,449    237,792   0.5%
  Toronto-Dominion Bank          3,355,013    230,646   0.4%
  Enbridge Inc.          3,719,615    143,471   0.3%
  Bank of Nova Scotia          2,244,631    142,934   0.3%
  Canadian National Railway Co.          1,319,404    142,047   0.3%
  Canada—Other*,1,3                     1,845,796   3.5%
                  2,994,985 5.8%
†Chile*,1           88,832       0.2%
4

FTSE All-World ex-US Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
China                  
  Tencent Holdings Ltd.         10,983,904    876,208   1.7%
  Alibaba Group Holding Ltd.*         26,180,540    756,820   1.5%
  Meituan Class B*,3          7,073,918    270,749   0.5%
  China Construction Bank Corp. Class H        166,760,517    131,631   0.3%
  Industrial & Commercial Bank of China Ltd. Class H        148,179,655     96,153   0.2%
  Bank of China Ltd. Class H        145,401,284     57,688   0.1%
  China Life Insurance Co. Ltd. Class H         14,169,183     28,723   0.1%
  Alibaba Health Information Technology Ltd.*          8,806,719     26,806   0.1%
  China Petroleum and Chemical Corp. (Sinopec) Class H         48,892,731     24,114   0.1%
  China Resources Beer Holdings Co. Ltd.          2,983,630     24,035   0.1%
  China Resources Land Ltd.          5,125,316     23,997   0.1%
  Agricultural Bank of China Class H         59,872,835     23,196   0.1%
  China Overseas Land & Investment Ltd.          7,214,629     18,259   0.1%
  China Shenhua Energy Co. Ltd. Class H          6,899,360     14,371   0.1%
  PetroChina Co. Ltd. Class H         37,988,969     13,743   0.1%
  PICC Property & Casualty Co. Ltd. Class H         12,608,470     12,344   0.0%
  China Tourism Group Duty Free Corp. Ltd. Class A*            250,262     12,010   0.0%
  Postal Savings Bank of China Co. Ltd. Class H3         17,351,637     11,254   0.0%
  Citic Pacific Ltd.          9,005,697      9,458   0.0%
  China CITIC Bank Corp. Ltd. Class H         18,043,749      9,420   0.0%
  China Longyuan Power Group Corp. Ltd. Class H          6,304,086      9,270   0.0%
  China Resources Gas Group Ltd.          1,620,189      8,766   0.0%
  Agricultural Bank of China Ltd. Class A*         15,450,000      7,634   0.0%
  Sinopharm Group Co. Ltd. Class H          2,438,106      7,520   0.0%
  China Construction Bank Corp. Class A*          6,760,900      7,025   0.0%
  Industrial & Commercial Bank of China Ltd. Class A*          8,191,400      6,489   0.0%
  Kunlun Energy Co. Ltd.          5,461,356      5,839   0.0%
  China Yangtze Power Co. Ltd. Class A*          1,856,179      5,721   0.0%
  People's Insurance Co. Group of China Ltd. Class H         15,044,882      5,143   0.0%
  China Insurance International Holdings Co. Ltd.          2,768,872      5,125   0.0%
  China Resources Power Holdings Co. Ltd.          3,857,843      5,068   0.0%
  CGN Power Co. Ltd. Class H3         21,074,536      4,848   0.0%
  Dongfeng Motor Group Co. Ltd. Class H          5,198,643      4,518   0.0%
  China Resources Cement Holdings Ltd.          3,971,958      4,327   0.0%
  China Galaxy Securities Co. Ltd. Class H*          6,990,117      4,154   0.0%
  China State Construction Engineering Corp. Ltd. Class A*          5,392,929      4,112   0.0%
  China Literature Ltd.*,3            392,388      4,087   0.0%
  China Merchants Port Holdings Co. Ltd.          2,464,229      3,942   0.0%
  Zhuzhou CRRC Times Electric Co. Ltd. Class H*            949,225      3,769   0.0%
  Alibaba Pictures Group Ltd.*         23,752,294      3,451   0.0%
  Baoshan Iron & Steel Co. Ltd. Class A*          2,389,600      3,176   0.0%
  China Cinda Asset Management Co. Ltd. Class H*         15,961,916      3,138   0.0%
  China Oilfield Services Ltd. Class H          3,398,706      3,105   0.0%
  Bank of China Ltd. Class A*          6,171,723      3,098   0.0%
  AviChina Industry & Technology Co. Ltd. Class H          4,437,567      2,848   0.0%
  Air China Ltd. Class H*          3,476,019      2,748   0.0%
  Shanghai Baosight Software Co. Ltd. Class B*            692,745      2,606   0.0%
  China Life Insurance Co. Ltd. Class A*            507,500      2,584   0.0%
  Citic Pacific Special Steel Group Co. Ltd. Class A            644,353      2,571   0.0%
  China Huarong Asset Management Co. Ltd. Class H2,3         19,420,157      2,550   0.0%
  Beijing Capital International Airport Co. Ltd. Class H*          3,385,292      2,457   0.0%
  China Coal Energy Co. Ltd. Class H          4,530,041      2,450   0.0%
  China Southern Airlines Co. Ltd. Class H*          3,501,237      2,371   0.0%
  China State Construction International Holdings Ltd.          3,209,767      2,248   0.0%
5

FTSE All-World ex-US Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
  China Petroleum & Chemical Corp. Class A*          3,191,100      2,104   0.0%
  Daqin Railway Co. Ltd. Class A*          1,894,066      2,012   0.0%
  China Resources Pharmaceutical Group Ltd.3          2,881,732      1,941   0.0%
  China Communications Services Corp. Ltd. Class H          4,417,205      1,910   0.0%
  Angang Steel Co. Ltd. Class H1          2,650,568      1,822   0.0%
  Sinopec Shanghai Petrochemical Co. Ltd. Class H          7,260,940      1,795   0.0%
  China Power International Development Ltd.          7,750,326      1,776   0.0%
  Sinotrans Ltd. Class H*          3,824,064      1,746   0.0%
  China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A*            933,396      1,673   0.0%
  AVIC Shenyang Aircraft Co. Ltd. Class A*            180,200      1,606   0.0%
  Sinopec Engineering Group Co. Ltd. Class H          2,545,188      1,571   0.0%
  China Shenhua Energy Co. Ltd. Class A*            523,056      1,549   0.0%
  China National Nuclear Power Co. Ltd. Class A*          1,886,600      1,519   0.0%
  AVIC Xi'an Aircraft Industry Group Co. Ltd. Class A*            358,700      1,330   0.0%
  Maanshan Iron & Steel Co. Ltd. Class A*          1,869,100      1,221   0.0%
  China Reinsurance Group Corp. Class H*         11,496,206      1,197   0.0%
  China Railway Signal & Communication Corp. Ltd. Class H*,3          2,781,353      1,104   0.0%
  China CITIC Bank Corp. Ltd. Class A*          1,129,935        904   0.0%
  China Southern Airlines Co. Ltd. Class A*            906,697        888   0.0%
  China Railway Signal & Communication Corp. Ltd. Class A*          1,025,723        888   0.0%
  Zhongjin Gold Corp. Ltd. Class A*            619,850        816   0.0%
  Power Construction Corp. of China Ltd. Class A*          1,375,200        810   0.0%
  China National Accord Medicines Corp. Ltd. Class B*            246,585        718   0.0%
  China Merchants Energy Shipping Co. Ltd. Class A*            873,064        661   0.0%
  Air China Ltd. Class A*            479,226        605   0.0%
  AVICOPTER plc Class A*             76,800        603   0.0%
  China CSSC Holdings Ltd. Class A*            236,500        570   0.0%
  China National Medicines Corp. Ltd. Class A*            100,300        570   0.0%
  Dongxing Securities Co. Ltd. Class A*            356,192        566   0.0%
  Angang Steel Co. Ltd. Class A*            719,300        540   0.0%
  Heilongjiang Agriculture Co. Ltd. Class A*            231,300        540   0.0%
  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A*            132,100        510   0.0%
  FAW Jiefang Group Co. Ltd. Class A*            292,500        499   0.0%
  China Oilfield Services Ltd. Class A*            236,889        481   0.0%
  Sinopec Oilfield Service Corp. Class H*          5,410,803        479   0.0%
  China Merchants Property Operation & Service Co. Ltd. Class A*            141,100        459   0.0%
  China Satellite Communications Co. Ltd. Class A*            183,900        443   0.0%
  China Coal Energy Co. Ltd. Class A*            378,138        408   0.0%
  CSSC Offshore and Marine Engineering Group Co. Ltd. Class H*            408,399        397   0.0%
  Offshore Oil Engineering Co. Ltd. Class A*            576,900        387   0.0%
  Sinotrans Ltd. Class A*            502,200        378   0.0%
  Shanghai Electric Power Co. Ltd. Class A*            323,400        351   0.0%
  CSSC Offshore and Marine Engineering Group Co. Ltd. Class A*            105,100        345   0.0%
  Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A*            211,700        337   0.0%
  Glarun Technology Co. Ltd. Class A*            158,900        337   0.0%
  China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A*            275,373        330   0.0%
  CNOOC Energy Technology & Services Ltd. Class A*            872,200        327   0.0%
6

FTSE All-World ex-US Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
  Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A*            851,600        309   0.0%
  Guangxi Guiguan Electric Power Co. Ltd. Class A*            376,900        301   0.0%
  Tian Di Science & Technology Co. Ltd. Class A*            529,200        297   0.0%
  China Galaxy Securities Co. Ltd. Class A*            184,700        284   0.0%
  COFCO Sugar Holding Co. Ltd. Class A*            185,600        270   0.0%
  Shennan Circuits Co. Ltd. Class A*             21,938        268   0.0%
  Grandjoy Holdings Group Co. Ltd. Class A*            456,788        257   0.0%
  Bluestar Adisseo Co. Class A*            133,700        249   0.0%
  Cinda Real Estate Co. Ltd. Class A*            377,000        211   0.0%
  Sinopec Shanghai Petrochemical Co. Ltd. Class A*            338,000        191   0.0%
  ADAMA Ltd. Class A*            134,900        184   0.0%
  Sinopec Oilfield Service Corp. Class A*            543,200        163   0.0%
  Maanshan Iron & Steel Co. Ltd. Class H*            296,000        141   0.0%
  CGN Power Co. Ltd. Class A*            294,300        123   0.0%
  China West Construction Group Co. Ltd. Class A*             50,600         65   0.0%
China—Other*,1,2,3                     2,995,371   5.6%
                  5,632,444 10.8%
†Colombia*           29,918       0.1%
†Czech Republic*,3           17,244       0.0%
Denmark                  
  Novo Nordisk A/S Class B          2,996,442    221,040   0.4%
Denmark—Other*,3                       539,567   1.1%
                  760,607 1.5%
†Egypt*           13,781       0.0%
†Finland*           432,431       0.8%
France                  
  LVMH Moet Hennessy Louis Vuitton SE            462,554    348,465   0.7%
  Sanofi          2,022,880    212,084   0.4%
  TOTAL SE          4,497,682    198,788   0.4%
  Schneider Electric SE            976,355    155,783   0.3%
France—Other*,1,3                     2,552,451   4.9%
                  3,467,571 6.7%
Germany                  
  SAP SE          2,083,931    291,793   0.6%
  Siemens AG (Registered)          1,396,196    232,934   0.5%
  Allianz SE (Registered)            761,993    197,826   0.4%
  BASF SE          1,699,335    136,952   0.3%
  Daimler AG (Registered)          1,524,501    135,679   0.3%
Germany—Other*,1,3                     2,024,331   3.7%
                  3,019,515 5.8%
†Greece*,2           37,950       0.1%
Hong Kong                  
  AIA Group Ltd.         22,467,611    285,172   0.6%
  Hong Kong Exchanges & Clearing Ltd.          2,359,455    142,301   0.3%
  BOC Hong Kong Holdings Ltd.          6,671,530     23,459   0.1%
  BOC Aviation Ltd.3            380,126      3,422   0.0%
  Sun Art Retail Group Ltd.*          2,977,000      2,740   0.0%
7

FTSE All-World ex-US Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
  MMG Ltd.*          4,207,627      2,718   0.0%
  Nexteer Automotive Group Ltd.          1,494,541      1,676   0.0%
  China Travel International Investment Hong Kong Ltd.*          4,636,794        804   0.0%
Hong Kong—Other*,1,2,3                       725,853   1.3%
                  1,188,145 2.3%
†Hungary*           32,475       0.1%
India                  
  Nestle India Ltd.             60,024     13,201   0.1%
India—Other*,3                     1,533,114   2.9%
                  1,546,315 3.0%
†Indonesia*           182,855       0.4%
†Ireland*,2           97,128       0.2%
†Israel*           179,157       0.3%
Italy                  
  Enel SPA         14,415,605    143,137   0.3%
Italy—Other*,3                       616,336   1.2%
                  759,473 1.5%
Japan                  
  Toyota Motor Corp.          4,566,207    341,663   0.7%
  SoftBank Group Corp.          2,583,207    232,774   0.5%
  Sony Group Corp.          2,288,684    228,820   0.5%
  Keyence Corp.            333,974    160,325   0.3%
Japan—Other*,1                     7,195,092  13.7%
                  8,158,674 15.7%
†Kuwait*           87,997       0.2%
Malaysia                  
  Nestle Malaysia Bhd.            111,300      3,686   0.0%
Malaysia—Other*                       247,241   0.5%
                  250,927 0.5%
†Mexico*           286,411       0.5%
Netherlands                  
  ASML Holding NV            741,422    481,288   0.9%
Netherlands—Other*,3                       920,340   1.8%
                  1,401,628 2.7%
†New Zealand*           107,154       0.2%
†Norway*,3           230,433       0.4%
†Pakistan           3,223       0.0%
†Philippines*           110,017       0.2%
†Poland*,1,3           92,244       0.2%
†Portugal*           58,293       0.1%
8

FTSE All-World ex-US Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
†Qatar*           115,451       0.2%
†Romania           5,069       0.0%
†Russia*           395,809       0.8%
†Saudi Arabia*,3           463,014       0.9%
†Singapore*           407,445       0.8%
South Africa                  
  Naspers Ltd. Class N            784,568    178,552   0.4%
South Africa—Other*,1,3                       439,240   0.8%
                  617,792 1.2%
South Korea                  
  Samsung Electronics Co. Ltd.          4,398,690    320,601   0.6%
  Samsung Electronics Co. Ltd. GDR (Registered)            173,495    316,120   0.6%
  Samsung Electronics Co. Ltd. Preference Shares          1,423,189     93,439   0.2%
South Korea—Other*,1,2,3                     1,342,641   2.6%
                  2,072,801 4.0%
Spain                  
  Iberdrola SA (XMAD)*         10,924,545    147,634   0.3%
Spain—Other*,1,3                       647,350   1.2%
                  794,984 1.5%
†Sweden*,1,3           1,204,296       2.3%
Switzerland                  
  Nestle SA (Registered)          5,176,381    617,701   1.2%
  Roche Holding AG          1,285,996    419,435   0.8%
  Novartis AG (Registered)          3,935,957    335,880   0.7%
Switzerland—Other*,1,2,3                     1,518,786   2.9%
                  2,891,802 5.6%
Taiwan                  
  Taiwan Semiconductor Manufacturing Co. Ltd.         23,580,873    496,604   1.0%
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR          4,128,037    481,907   0.9%
Taiwan—Other*,1                     1,331,258   2.5%
                  2,309,769 4.4%
†Thailand*,1,3           313,794       0.6%
†Turkey*,3           55,968       0.1%
†United Arab Emirates*           103,517       0.2%
United Kingdom                  
  AstraZeneca plc          2,438,880    259,604   0.5%
  HSBC Holdings plc*         37,846,715    236,304   0.5%
  Diageo plc          4,253,844    190,961   0.4%
  GlaxoSmithKline plc          9,155,268    169,187   0.3%
  Rio Tinto plc          2,017,040    168,942   0.3%
  British American Tobacco plc          4,230,089    156,950   0.3%
  BP plc         36,819,353    154,139   0.3%
  Unilever plc          2,597,169    151,652   0.3%
  Royal Dutch Shell plc Class A          7,486,349    140,865   0.3%
9

FTSE All-World ex-US Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
United Kingdom—Other*,1,2,3                     3,215,172   6.1%
                  4,843,776 9.3%
Total Common Stocks (Cost $37,573,538) 51,506,478 99.2%
    Coupon      
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund (Cost $639,345)4,5 0.068%   6,393,586           639,358      1.3%
Total Investments (Cost $38,212,883) 52,145,836 100.5%
Other Assets and Liabilities—Net (237,486) (0.5%)
Net Assets 51,908,350 100.0%
Cost is in $000.  
See Note A in Notes to Financial Statements.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $517,727,000.
2 Certain securities are valued using significant unobservable inputs.
3 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 was $1,608,364,000, representing 3.1% of net assets.
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 $563,301,000 was received for securities on loan, of which $556,457,000 is held in Vanguard Market Liquidity Fund and $6,844,000 is held in cash.
  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        
Euro Stoxx 50 Index June 2021 1,413 66,932 2,633
FTSE 100 Index June 2021 311 29,797 1,061
MSCI EAFE Index June 2021 1,030 116,251 1,655
MSCI Emerging Markets Index June 2021 1,783 119,158 290
S&P ASX 200 Index June 2021 146 19,688 790
Topix Index June 2021 235 40,887 385
        6,814
    
10

FTSE All-World ex-US Index Fund
Forward Currency Contracts
  Contract
Settlement
Date
Contract Amount (000) Unrealized
Appreciation
($000)
Unrealized
Depreciation
($000)
Counterparty Receive Deliver
Bank of America, N.A. 6/16/21 AUD 22,081 USD 16,881 133
BNP Paribas 6/16/21 CAD 4,560 USD 3,609 101
Royal Bank of Canada 6/16/21 EUR 49,619 USD 58,776 937
Bank of America, N.A. 6/16/21 GBP 20,779 USD 28,745 (44)
BNP Paribas 6/16/21 JPY 3,610,756 USD 32,749 302
BNP Paribas 6/16/21 USD 51,174 CHF 47,881 (1,322)
HSBC Bank plc 6/16/21 USD 23,658 CHF 21,618 (44)
Goldman Sachs International 6/16/21 USD 24,083 GBP 17,217 303
UBS AG 6/16/21 USD 3,468 HKD 26,935
Citibank, N.A. 6/16/21 USD 47,716 JPY 5,159,220 491
Toronto-Dominion Bank 6/16/21 USD 8,039 KRW 9,136,189 (174)
UBS AG 6/17/21 USD 4,029 ZAR 60,955 (146)
            2,267 (1,730)
AUD—Australian dollar.
CAD—Canadian dollar.
CHF—Swiss franc.
EUR—euro.
GBP—British pound.
HKD—Hong Kong dollar.
JPY—Japanese yen.
KRW—Korean won.
USD—U.S. dollar.
ZAR—South African rand.
At April 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $598,000 and cash of $1,530,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
11

FTSE All-World ex-US 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 $37,573,538) 51,506,478
Affiliated Issuers (Cost $639,345) 639,358
Total Investments in Securities 52,145,836
Investment in Vanguard 1,837
Cash 6,844
Cash Collateral Pledged—Futures Contracts 26,067
Cash Collateral Pledged—Forward Currency Contracts 940
Foreign Currency, at Value (Cost $60,131) 60,360
Receivables for Investment Securities Sold 74,837
Receivables for Accrued Income 263,653
Receivables for Capital Shares Issued 6,864
Unrealized Appreciation—Forward Currency Contracts 2,267
Total Assets 52,589,505
Liabilities  
Due to Custodian 52,633
Payables for Investment Securities Purchased 18,310
Collateral for Securities on Loan 563,301
Payables for Capital Shares Redeemed 6,122
Payables to Vanguard 1,793
Variation Margin Payable—Futures Contracts 6,772
Unrealized Depreciation—Forward Currency Contracts 1,730
Deferred Foreign Capital Gains Taxes 30,494
Total Liabilities 681,155
Net Assets 51,908,350
12

FTSE All-World ex-US 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 40,566,003
Total Distributable Earnings (Loss) 11,342,347
Net Assets 51,908,350
 
ETF Shares—Net Assets  
Applicable to 539,203,540 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
33,503,626
Net Asset Value Per Share—ETF Shares $62.14
 
Admiral Shares—Net Assets  
Applicable to 221,963,195 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
8,572,903
Net Asset Value Per Share—Admiral Shares $38.62
 
Institutional Shares—Net Assets  
Applicable to 47,762,898 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
5,848,149
Net Asset Value Per Share—Institutional Shares $122.44
 
Institutional Plus Shares—Net Assets  
Applicable to 30,723,365 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
3,983,672
Net Asset Value Per Share—Institutional Plus Shares $129.66
  
See accompanying Notes, which are an integral part of the Financial Statements.
13

FTSE All-World ex-US Index Fund
Statement of Operations
  Six Months Ended
April 30, 2021
  ($000)
Investment Income  
Income  
Dividends1 557,132
Interest2 344
Securities Lending—Net 3,510
Total Income 560,986
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,328
Management and Administrative—ETF Shares 9,356
Management and Administrative—Admiral Shares 3,622
Management and Administrative—Institutional Shares 1,737
Management and Administrative—Institutional Plus Shares 822
Marketing and Distribution—ETF Shares 397
Marketing and Distribution—Admiral Shares 173
Marketing and Distribution—Institutional Shares 77
Marketing and Distribution—Institutional Plus Shares 24
Custodian Fees 2,417
Shareholders’ Reports—ETF Shares 50
Shareholders’ Reports—Admiral Shares 17
Shareholders’ Reports—Institutional Shares 5
Shareholders’ Reports—Institutional Plus Shares
Trustees’ Fees and Expenses 4
Total Expenses 20,029
Net Investment Income 540,957
Realized Net Gain (Loss)  
Investment Securities Sold2,3 45,499
Futures Contracts 75,945
Forward Currency Contracts 2,296
Foreign Currencies 5,496
Realized Net Gain (Loss) 129,236
14

FTSE All-World ex-US Index Fund
Statement of Operations (continued)
  Six Months Ended
April 30, 2021
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2,4 10,063,340
Futures Contracts 21,537
Forward Currency Contracts 3,407
Foreign Currencies 904
Change in Unrealized Appreciation (Depreciation) 10,089,188
Net Increase (Decrease) in Net Assets Resulting from Operations 10,759,381
1 Dividends are net of foreign withholding taxes of $58,427,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $84,000, ($43,000), and $42,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $165,661,000 of net gain (loss) resulting from in-kind redemptions.
4 The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $29,467,000.
  
See accompanying Notes, which are an integral part of the Financial Statements.
15

FTSE All-World ex-US 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 540,957   950,291
Realized Net Gain (Loss) 129,236   (501,488)
Change in Unrealized Appreciation (Depreciation) 10,089,188   (1,048,715)
Net Increase (Decrease) in Net Assets Resulting from Operations 10,759,381   (599,912)
Distributions      
Investor Shares  
ETF Shares (315,066)   (632,805)
Admiral Shares (82,828)   (174,884)
Institutional Shares (58,660)   (124,922)
Institutional Plus Shares (41,903)   (75,483)
Total Distributions (498,457)   (1,008,094)
Capital Share Transactions      
Investor Shares   (1,784)
ETF Shares 2,779,242   824,768
Admiral Shares (121,348)   343,960
Institutional Shares (30,102)   (135,008)
Institutional Plus Shares (175,908)   618,168
Net Increase (Decrease) from Capital Share Transactions 2,451,884   1,650,104
Total Increase (Decrease) 12,712,808   42,098
Net Assets      
Beginning of Period 39,195,542   39,153,444
End of Period 51,908,350   39,195,542
  
See accompanying Notes, which are an integral part of the Financial Statements.
16

FTSE All-World ex-US Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $49.33 $51.58 $47.79 $53.65 $44.60 $45.41
Investment Operations            
Net Investment Income .6681 1.2111 1.6291 1.5571 1.3791 1.304
Net Realized and Unrealized Gain (Loss) on Investments 12.758 (2.166) 3.692 (5.911) 9.038 (.846)
Total from Investment Operations 13.426 (.955) 5.321 (4.354) 10.417 .458
Distributions            
Dividends from Net Investment Income (.616) (1.295) (1.531) (1.506) (1.367) (1.268)
Distributions from Realized Capital Gains
Total Distributions (.616) (1.295) (1.531) (1.506) (1.367) (1.268)
Net Asset Value, End of Period $62.14 $49.33 $51.58 $47.79 $53.65 $44.60
Total Return 27.30% -1.83% 11.42% -8.37% 23.73% 1.17%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $33,504 $24,308 $24,652 $21,348 $21,640 $13,983
Ratio of Total Expenses to Average Net Assets 0.08% 0.08% 0.08% 0.09% 0.11% 0.11%
Ratio of Net Investment Income to Average Net Assets 2.22% 2.46% 3.30% 2.91% 2.82% 3.01%
Portfolio Turnover Rate2 2% 4% 4% 6% 4% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
  
See accompanying Notes, which are an integral part of the Financial Statements.
17

FTSE All-World ex-US Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $30.66 $32.06 $29.70 $33.35 $27.72 $28.23
Investment Operations            
Net Investment Income .4041 .7501 1.0101 .9691 .8551 .811
Net Realized and Unrealized Gain (Loss) on Investments 7.933 (1.355) 2.289 (3.682) 5.625 (.532)
Total from Investment Operations 8.337 (.605) 3.299 (2.713) 6.480 .279
Distributions            
Dividends from Net Investment Income (.377) (.795) (.939) (.937) (.850) (.789)
Distributions from Realized Capital Gains
Total Distributions (.377) (.795) (.939) (.937) (.850) (.789)
Net Asset Value, End of Period $38.62 $30.66 $32.06 $29.70 $33.35 $27.72
Total Return2 27.27% -1.89% 11.38% -8.37% 23.75% 1.13%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $8,573 $6,919 $6,717 $5,458 $5,304 $3,635
Ratio of Total Expenses to Average Net Assets 0.11% 0.11% 0.11% 0.11% 0.11% 0.11%
Ratio of Net Investment Income to Average Net Assets 2.16% 2.46% 3.29% 2.89% 2.82% 3.01%
Portfolio Turnover Rate3 2% 4% 4% 6% 4% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 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.
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.
18

FTSE All-World ex-US Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $97.19 $101.64 $94.16 $105.72 $87.88 $89.48
Investment Operations            
Net Investment Income 1.2981 2.3801 3.2241 3.0461 2.7031 2.577
Net Realized and Unrealized Gain (Loss) on Investments 25.165 (4.281) 7.271 (11.621) 17.838 (1.669)
Total from Investment Operations 26.463 (1.901) 10.495 (8.575) 20.541 .908
Distributions            
Dividends from Net Investment Income (1.213) (2.549) (3.015) (2.985) (2.701) (2.508)
Distributions from Realized Capital Gains
Total Distributions (1.213) (2.549) (3.015) (2.985) (2.701) (2.508)
Net Asset Value, End of Period $122.44 $97.19 $101.64 $94.16 $105.72 $87.88
Total Return 27.30% -1.87% 11.42% -8.35% 23.74% 1.15%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $5,848 $4,658 $4,991 $4,719 $5,532 $4,424
Ratio of Total Expenses to Average Net Assets 0.08% 0.08% 0.08% 0.08% 0.10% 0.10%
Ratio of Net Investment Income to Average Net Assets 2.19% 2.45% 3.31% 2.92% 2.83% 3.02%
Portfolio Turnover Rate2 2% 4% 4% 6% 4% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
  
See accompanying Notes, which are an integral part of the Financial Statements.
19

FTSE All-World ex-US Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $102.93 $107.63 $99.71 $111.96 $93.06 $94.75
Investment Operations            
Net Investment Income 1.3731 2.5481 3.4031 3.3361 2.8631 2.754
Net Realized and Unrealized Gain (Loss) on Investments 26.654 (4.528) 7.725 (12.397) 18.928 (1.767)
Total from Investment Operations 28.027 (1.980) 11.128 (9.061) 21.791 .987
Distributions            
Dividends from Net Investment Income (1.297) (2.720) (3.208) (3.189) (2.891) (2.677)
Distributions from Realized Capital Gains
Total Distributions (1.297) (2.720) (3.208) (3.189) (2.891) (2.677)
Net Asset Value, End of Period $129.66 $102.93 $107.63 $99.71 $111.96 $93.06
Total Return 27.31% -1.83% 11.43% -8.33% 23.79% 1.18%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $3,984 $3,311 $2,793 $2,588 $2,731 $2,222
Ratio of Total Expenses to Average Net Assets 0.06% 0.06% 0.06% 0.06% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 2.19% 2.48% 3.30% 2.94% 2.86% 3.05%
Portfolio Turnover Rate2 2% 4% 4% 6% 4% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2