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intnatleqidx:C000092026Member 2024-01-01 2024-12-31 0000857489 intnatleqidx:InstitutionalProspectusMember intnatleqidx:S000030007Member intnatleqidx:C000092026Member 2025-01-01 2025-12-31 pure iso4217:USD 2025-10-31 0000857489 false 485BPOS -0.1471 0.2013 0.1505 0.0073 -0.1790 0.0904 0.1077 0.2457 -0.1458 0.2031 0.1524 0.0086 -0.1778 0.0921 0.1095 0.2475 -0.1454 0.2037 0.1526 0.0092 -0.1774 0.0923 0.1100 0.2479 -0.1457 0.2040 0.1532 0.0096 -0.1772 0.0927 0.1101 0.2483 -0.1398 0.1742 0.1637 0.0136 -0.1533 0.1541 0.0115 0.3292 -0.1389 0.1758 0.1657 0.0149 -0.1523 0.1557 0.0124 0.3314 -0.1383 0.1762 0.1655 0.0150 -0.1519 0.1559 0.0129 0.3311 -0.1385 0.1761 0.1658 0.0151 -0.1521 0.1558 0.0127 0.3316 -0.1486 0.2406 0.0630 0.1619 -0.1615 0.1984 0.0190 0.3520 -0.1479 0.2425 0.0644 0.1633 -0.1604 0.1998 0.0203 0.3542 -0.1476 0.2428 0.0646 0.1636 -0.1603 0.2001 0.0204 0.3544 -0.1479 0.2426 0.0650 0.1635 -0.1604 0.2003 0.0204 0.3544 -0.1843 0.2173 0.1195 0.1281 -0.2122 0.1525 0.0267 0.2999 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seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0019 0 0.0004 0.0023 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 24 74 130 293 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">5</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Europe All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in European countries. Under normal circumstances,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">invests</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holds the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">growth or performance as smaller companies, and they</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index.The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="font-family:Arial;font-size:9.5pt;">our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard European Stock Index Fund Investor Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2104 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2569 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3520 0.0997 0.0855 0.3436 0.0922 0.0782 0.2148 0.0778 0.0680 0.3579 0.1014 0.0870 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Pacific Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Pacific Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of the Pacific region.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0018 0 0.0005 0.0023 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 24 74 130 293 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">7</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Asia Pacific All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in Asia/Pacific region. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally holds the same stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of changing economic conditions.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index.The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="font-family:Arial;font-size:9.5pt;">our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Pacific Stock Index Fund Investor Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1809 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2089 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3292 0.0589 0.0777 0.3134 0.0504 0.0702 0.1997 0.0439 0.0610 0.3186 0.0614 0.0786 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Emerging Markets Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Emerging Markets Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0026 0 0.0003 0.0029 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 30 93 163 368 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">6</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index (the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of the common stocks of companies located in emerging markets around the world. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics. </span><span style="font-family:Arial;font-size:9.5pt;">The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">market volatility, and fluctuations in the value of the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">(H-shares), which may cause the Fund to miss out on </span><span style="font-family:Arial;font-size:9.5pt;">investment </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government</span><span style="font-family:Arial;font-size:9.5pt;">, which could </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> The </span><span style="font-family:Arial;font-size:9.5pt;">Spliced Emerging Markets Index reflects the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of the FTSE Emerging Markets All Cap China A Transition Index through September 18, 2016, and the FTSE Emerging Markets All Cap China A Inclusion Index thereafter. Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="font-family:Arial;font-size:9.5pt;">our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Emerging Markets Stock Index Fund Investor Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1984 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2459 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2457 0.0447 0.0793 0.2365 0.0355 0.0709 0.1492 0.0317 0.0616 0.2450 0.0495 0.0812 0.2450 0.0495 0.0826 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard European Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard European Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0006 0 0.0002 0.0008 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 8 26 45 103 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">5</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Europe All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in European countries. Under normal circumstances,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">invests</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holds the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">growth or performance as smaller companies, and they</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="font-family:Arial;font-size:9.5pt;">website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard European Stock Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2109 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2569 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3542 0.1012 0.0870 0.3452 0.0934 0.0793 0.2164 0.0790 0.0692 0.3579 0.1014 0.0870 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Pacific Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Pacific Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of the Pacific region.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">7</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Asia Pacific All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in Asia/Pacific region. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally holds the same stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of changing economic conditions.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="font-family:Arial;font-size:9.5pt;">website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Pacific Stock Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1814 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2087 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3314 0.0603 0.0792 0.3151 0.0514 0.0712 0.2012 0.0449 0.0621 0.3186 0.0614 0.0786 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Emerging Markets Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Emerging Markets Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0011 0 0.0002 0.0013 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 13 42 73 166 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">6</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index (the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of the common stocks of companies located in emerging markets around the world. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics. </span><span style="font-family:Arial;font-size:9.5pt;">The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">market volatility, and fluctuations in the value of the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">(H-shares), which may cause the Fund to miss out on </span><span style="font-family:Arial;font-size:9.5pt;">investment </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government</span><span style="font-family:Arial;font-size:9.5pt;">, which could </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index.The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> The </span><span style="font-family:Arial;font-size:9.5pt;">Spliced Emerging Markets Index reflects the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of the FTSE Emerging Markets All Cap China A Transition Index through September 18, 2016, and the FTSE Emerging Markets All Cap China A Inclusion Index thereafter. Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="font-family:Arial;font-size:9.5pt;">website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Emerging Markets Stock Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1990 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2455 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2475 0.0462 0.0810 0.2377 0.0365 0.0721 0.1505 0.0327 0.0628 0.2450 0.0495 0.0812 0.2450 0.0495 0.0826 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard European Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard European Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares or Institutional Plus Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0004 0 0 0.0001 0.0001 0.0006 0.0005 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 6 19 34 77 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">5</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Europe All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in European countries. Under normal circumstances,</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">invests</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holds the</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;">. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">deficits,</span><span style="font-family:Arial;font-size:9.5pt;"> and monetary policy or currency controls imposed by local </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">governments or supranational entities such as the International Monetary Fund</span><span style="font-family:Arial;font-size:9.5pt;">.</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">growth or performance as smaller companies, and they</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied </span><span style="font-family:Arial;font-size:9.5pt;">from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied </span><span style="font-family:Arial;font-size:9.5pt;">from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:9.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard European Stock Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2112 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2567 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3544 0.1014 0.0872 0.3454 0.0935 0.0795 0.2166 0.0791 0.0693 0.3546 0.1015 0.0874 0.3579 0.1014 0.0870 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Institutional Shares and may differ for each share class. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Institutional Shares and may differ for each share class. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Pacific Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Pacific Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of the Pacific region.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0 0.0002 0.0007 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 7 23 40 90 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">7</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Asia Pacific All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in Asia/Pacific region. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally holds the same stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of changing economic conditions.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Pacific Stock Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1809 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2088 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3311 0.0605 0.0793 0.3148 0.0516 0.0713 0.2011 0.0450 0.0622 0.3186 0.0614 0.0786 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Emerging Markets Stock Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Emerging Markets Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares or Institutional Plus Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0003 0.0002 0 0 0.0003 0.0003 0.0006 0.0005 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 6 19 34 77 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">6</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index (the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of the common stocks of companies located in emerging markets around the world. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics. </span><span style="font-family:Arial;font-size:9.5pt;">The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on </span><span style="font-family:Arial;font-size:9.5pt;">investment </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government</span><span style="font-family:Arial;font-size:9.5pt;">, which could </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index.The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Provider</span><span style="font-family:Arial;font-size:9.5pt;">. Any gains, losses, or costs associated with or resulting from an error </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">made by the </span><span style="font-family:Arial;font-size:9.5pt;">Index Provider will generally be borne by the Fund and, as a </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> The </span><span style="font-family:Arial;font-size:9.5pt;">Spliced Emerging Markets Index reflects the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of the FTSE Emerging Markets All Cap China A Transition Index through September 18, 2016, and the FTSE Emerging Markets All Cap China A Inclusion Index thereafter. Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Emerging Markets Stock Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1989 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2456 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2479 0.0467 0.0814 0.2380 0.0368 0.0724 0.1508 0.0330 0.0631 0.2482 0.0469 0.0816 0.2450 0.0495 0.0812 0.2450 0.0495 0.0826 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Institutional Shares and may differ for each share class. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Institutional Shares and may differ for each share class. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard FTSE Europe ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE Europe ETF, an exchange-traded share class of Vanguard European Stock Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0004 0 0.0002 0.0006 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 6 19 34 77 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">5</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Europe All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in European countries. Under normal circumstances,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">invests</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holds the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">growth or performance as smaller companies, and they</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index.The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">a discount to NAV and possibly face trading halts and/or</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard European Stock Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2111 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2566 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3544 0.1014 0.0873 0.3454 0.0935 0.0795 0.2166 0.0791 0.0693 0.3585 0.1030 0.0876 0.3579 0.1014 0.0870 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard FTSE Pacific ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE Pacific ETF, an exchange-traded share class of Vanguard Pacific Stock Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of the Pacific region.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0 0.0002 0.0007 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 7 23 40 90 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">7</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the performance of the FTSE Developed Asia Pacific All Cap Index</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">(the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of common stocks of companies located in Asia/Pacific region. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">that the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">generally holds the same stocks as those in its Target Index and in approximately the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proportions.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">move rapidly, and change as a result</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">changes in interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Changes in currency exchange</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">rates can</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">(Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Companies are generally classified into three types of</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of changing economic conditions.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index.The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">a discount to NAV and possibly face trading halts and/or</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;">Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.7pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Pacific Stock Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1814 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2086 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3316 0.0605 0.0794 0.3152 0.0516 0.0714 0.2013 0.0450 0.0623 0.3264 0.0598 0.0791 0.3186 0.0614 0.0786 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard FTSE Emerging Markets ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE Emerging Markets ETF, an exchange-traded share class of Vanguard Emerging Markets Stock Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0002 0 0.0004 0.0006 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 6 19 34 77 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">6</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index (the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">“Target Index”), a market-capitalization weighted index that is made up of the common stocks of companies located in emerging markets around the world. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics. </span><span style="font-family:Arial;font-size:9.5pt;">The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">represent an interest in the portfolio of securities held by the issuing fund.</span><span style="font-family:Arial;font-size:9.5pt;"> The </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund’s ETF Shares are listed for trading on NYSE Arca and </span><span style="font-family:Arial;font-size:9.5pt;">individual </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">investors may only buy and sell them</span><span style="font-family:Arial;font-size:9.5pt;"> on the secondary market at market </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">prices. Although it is expected that the market price of an ETF </span><span style="font-family:Arial;font-size:9.5pt;">Fund typically </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">will approximate its net asset value (NAV), there may be times when the market price </span><span style="font-family:Arial;font-size:9.5pt;">of an ETF Fund and its NAV differ significantly. Disruptions to </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings.</span><span style="font-family:Arial;font-size:9.5pt;"> Thus, you may pay </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">a discount to NAV and possibly face trading halts and/or</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> The </span><span style="font-family:Arial;font-size:9.5pt;">Spliced Emerging Markets Index reflects the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of the FTSE Emerging Markets All Cap China A Transition Index through September 18, 2016, and the FTSE Emerging Markets All Cap China A Inclusion Index thereafter. Returns for the FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.3pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Emerging Markets Stock Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1990 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2455 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2483 0.0469 0.0816 0.2383 0.0370 0.0725 0.1510 0.0332 0.0632 0.2558 0.0472 0.0823 0.2450 0.0495 0.0812 0.2450 0.0495 0.0826 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE All-World ex-US Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets outside of the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0006 0 0.0002 0.0008 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 8 26 45 103 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">6</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE All-World ex US Index (the “Target Index”), a float-adjusted, market-capitalization weighted index designed to measure equity market performance of large- and mid-cap stocks in international developed and emerging markets, excluding the United States. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">up the Target Index. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests </span><span style="font-family:Arial;font-size:9.5pt;">a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in </span><span style="font-family:Arial;font-size:9.5pt;">such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> Returns for the FTSE Indexes </span><span style="font-family:Arial;font-size:9.5pt;">shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="font-family:Arial;font-size:9.5pt;">website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE All-World ex US Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1746 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2369 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3232 0.0805 0.0862 0.3123 0.0721 0.0783 0.1968 0.0614 0.0682 0.3217 0.0820 0.0868 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE All-World ex-US ETF, an exchange-traded share class of Vanguard FTSE All-World ex-US Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets outside of the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0002 0 0.0002 0.0004 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 4 13 23 51 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">6</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE All-World ex US Index (the “Target Index”), a float-adjusted, market-capitalization weighted index designed to measure equity market performance of large- and mid-cap stocks in international developed and emerging markets, excluding the United States. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">(H-shares), which may cause the Fund to miss out on </span><span style="font-family:Arial;font-size:9.5pt;">investment </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government</span><span style="font-family:Arial;font-size:9.5pt;">, which could </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the Fund needs to concentrate in the same industry or group of industries,</span><span style="font-family:Arial;font-size:9.5pt;"> its performance could be negatively impacted by the industry or industries in </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">a discount to NAV and possibly face trading halts and/or</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> Returns for the </span><span style="font-family:Arial;font-size:9.5pt;">FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE All-World ex-US Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1747 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2367 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3239 0.0810 0.0866 0.3129 0.0724 0.0786 0.1973 0.0617 0.0684 0.3234 0.0815 0.0867 0.3217 0.0820 0.0868 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE All-World ex-US Index (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets outside of the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares or Institutional Plus Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0003 0.0001 0 0 0.0002 0.0002 0.0005 0.0003 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The These examples assume that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 5 16 28 64 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">6</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE All-World ex US Index (the “Target Index”), a float-adjusted, market-capitalization weighted index designed to measure equity market performance of large- and mid-cap stocks in international developed and emerging markets, excluding the United States. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, </span><span style="font-family:Arial;font-size:9.5pt;">investor sentiment and expectations regarding these factors can also impact </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on </span><span style="font-family:Arial;font-size:9.5pt;">investment </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government</span><span style="font-family:Arial;font-size:9.5pt;">, which could </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index.The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">by the Index Provider or by</span><span style="font-family:Arial;font-size:9.5pt;"> errors made by the Index Provider. Any gains, </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">losses, or costs associated with or resulting from an error made by the </span><span style="font-family:Arial;font-size:9.5pt;">Index </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Provider</span><span style="font-family:Arial;font-size:9.5pt;"> will generally be borne by the Fund and, as a result, the </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> Returns for the </span><span style="font-family:Arial;font-size:9.5pt;">FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE All-World ex-US Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1749 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2368 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.3238 0.0809 0.0865 0.3128 0.0724 0.0785 0.1972 0.0617 0.0684 0.3240 0.0811 0.0868 0.3217 0.0820 0.0868 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Institutional Shares and may differ for each share class. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Institutional Shares and may differ for each share class. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE All-World ex-US Small-Cap Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks of international small-cap companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0013 0 0.0003 0.0016 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 16 52 90 205 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">27</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Global Small Cap ex US Index (the “Target Index”), a float-adjusted, market-capitalization-weighted index designed to measure equity market performance of international small-capitalization stocks. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">approximates the full Target Index in terms of key risk factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and remedies associated with investments in a fund that invests in foreign </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests </span><span style="font-family:Arial;font-size:9.5pt;">a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in </span><span style="font-family:Arial;font-size:9.5pt;">such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">needs to concentrate in the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">industry or group of industries, its performance could be negatively impacted by the industry or industries</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> Returns for the FTSE Indexes </span><span style="font-family:Arial;font-size:9.5pt;">shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="font-family:Arial;font-size:9.5pt;">website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2409 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2969 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 2019-02-07 0.2987 0.0635 0.0825 0.2871 0.0557 0.0746 0.1824 0.0481 0.0640 0.2945 0.0648 0.0827 0.3195 0.0804 0.0947 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE All-World ex-US Small-Cap ETF, an exchange-traded share class of Vanguard FTSE All-World ex-US Small-Cap Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of stocks of international small-cap companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0002 0 0.0004 0.0006 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 6 19 34 77 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">27</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Global Small Cap ex US Index (the “Target Index”), a float-adjusted, market-capitalization-weighted index designed to measure equity market performance of international small-capitalization stocks. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">approximates the full Target Index in terms of key risk factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests </span><span style="font-family:Arial;font-size:9.5pt;">a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in </span><span style="font-family:Arial;font-size:9.5pt;">such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">needs to concentrate in the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">industry or group of industries, its performance could be negatively impacted by the industry or industries</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">a discount to NAV and possibly face trading halts and/or</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> Returns for the </span><span style="font-family:Arial;font-size:9.5pt;">FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE All-World ex-US Small-Cap Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2410 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2968 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2999 0.0645 0.0752 0.2879 0.0564 0.0670 0.1832 0.0488 0.0585 0.2959 0.0648 0.0751 0.2945 0.0648 0.0740 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard FTSE All-World ex-US Small-Cap Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks of international small-cap companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0 0.0003 0.0008 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 8 26 45 103 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">27</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Global Small Cap ex US Index (the “Target Index”), a float-adjusted, market-capitalization-weighted index designed to measure equity market performance of international small-capitalization stocks. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">approximates the full Target Index in terms of key risk factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and remedies associated with investments in a fund that invests in foreign </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests </span><span style="font-family:Arial;font-size:9.5pt;">a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in </span><span style="font-family:Arial;font-size:9.5pt;">such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="font-family:Arial;font-size:9.5pt;">,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="font-family:Arial;font-size:9.5pt;">, and </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">apply to, and may be heightened with respect to,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s investments in companies or issuers economically tied to China.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">associated with investments in companies or issuers economically tied to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the </span><span style="font-family:Arial;font-size:9.5pt;">United States, and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">needs to concentrate in the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">industry or group of industries, its performance could be negatively impacted by the industry or industries</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> Returns for the </span><span style="font-family:Arial;font-size:9.5pt;">FTSE Indexes shown are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2410 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2968 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2995 0.0641 0.0750 0.2877 0.0562 0.0669 0.1830 0.0485 0.0583 0.2945 0.0648 0.0740 0.3195 0.0804 0.0856 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Global ex-U.S. Real Estate Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0.0025 0 -0.0025 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0 0.0002 0.0012 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The first example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span><span style="font-family:Arial;font-size:9.5pt;">You would pay the following expenses if you did </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">not</span><span style="font-family:Arial;font-size:9.5pt;"> redeem your shares (the difference being that the Fund’s 0.25% redemption fee would not apply to any of the following periods, as it would to those in the preceding example):</span> 63 92 124 219 <span style="font-family:Arial;font-size:9.5pt;">You would pay the following expenses if you did </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">not</span><span style="font-family:Arial;font-size:9.5pt;"> redeem your shares (the difference being that the Fund’s 0.25% redemption fee would not apply to any of the following periods, as it would to those in the preceding example):</span> 37 64 93 178 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">10</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the S&amp;P Global ex-U.S. Property Index (the “Target Index”), a float-adjusted, market capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets. The Target Index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs) and certain real estate management and development companies. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning that the Fund generally holds the same stocks as those in its Target Index and in approximately the same proportions.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;">As a matter of fundamental policy, the Fund concentrates its investments (i.e., invests more than 25% of its assets) in the securities of issuers whose principal business activities are in the real estate industry.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Real Estate Sector.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Due to the Fund’s heavy investment in the real estate sector,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">its performance will be impacted by the general health of the sector. Companies in the real estate sector can be negatively affected by various factors, including,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">but not limited to, supply and demand for properties, changes in interest rates, general or local economic conditions, the strength of specific industries that rent properties, and/or regulatory changes. Real estate companies might be heavily focused on one geographic market, which could affect those companies more than companies with greater geographic diversification. Real estate companies may rely on leverage, which, while used to help magnify returns, also has the negative effect of magnifying losses.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">In addition, the real estate industry</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">historically has been sensitive to economic downturns and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">events that limit demand for real estate, which would</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">adversely impact</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the value of real estate</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">investments.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in REITs.</span><span style="font-family:Arial;font-size:9.5pt;"> In addition to the risks associated with the real estate sector, the Fund’s investments in equity REITs are subject to certain additional risks. Equity REITs may be affected by changes in the value of the underlying properties they own. An individual REIT’s performance depends on the types and locations of the properties it owns and on how well the REIT manages its properties. Interest rate increases can make it more difficult and costly to acquire financing, which could restrict cash flows and negatively affect their operations and values.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">During periods</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of rising interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">REIT stock prices overall may decline, which could result in a decline in the Fund’s value. In addition, unlike corporations,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">REITs do not have to pay income taxes if they meet certain Internal Revenue Code requirements. Loss of IRS status as a qualified REIT would negatively impact the REIT’s overall investment</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">returns.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Different parts of the market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities </span><span style="font-family:Arial;font-size:9.5pt;">of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">differ from impacts to U.S. companies </span><span style="font-family:Arial;font-size:9.5pt;">or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests </span><span style="font-family:Arial;font-size:9.5pt;">a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in </span><span style="font-family:Arial;font-size:9.5pt;">such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares (including annual fund operating expenses but excluding shareholder fees) has varied from one calendar year to another over the periods shown. If applicable shareholder fees were reflected, returns would be less than those shown in the bar chart. The table shows how the average annual total returns of the Admiral Shares (including annual fund operating expenses and any applicable shareholder fees) compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> MSCI ACWI ex USA Index returns are adjusted for withholding taxes. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance </span><span style="font-family:Arial;font-size:9.5pt;">information is available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares (including annual fund operating expenses but excluding shareholder fees) has varied from one calendar year to another over the periods shown. If applicable shareholder fees were reflected, returns would be less than those shown in the bar chart. The table shows how the average annual total returns of the Admiral Shares (including annual fund operating expenses and any applicable shareholder fees) compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1629 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2778 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2140 0.0064 0.0311 0.1951 -0.0072 0.0163 0.1301 0.0004 0.0190 0.2130 0.0037 0.0277 0.3239 0.0791 0.0841 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Global ex-U.S. Real Estate ETF, an exchange-traded share class of Vanguard Global ex-U.S. Real Estate Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0004 0.0012 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 12 39 68 154 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">10</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the S&amp;P Global ex-U.S. Property Index (the “Target Index”), a float-adjusted, market capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets. The Target Index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs) and certain real estate management and development companies. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning that the Fund generally holds the same stocks as those in its Target Index and in approximately the same proportions.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;">As a matter of fundamental policy, the Fund concentrates its investments (i.e., invests more than 25% of its assets) in the securities of issuers whose principal business activities are in the real estate industry.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Real Estate Sector.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Due to the Fund’s heavy investment in the real estate sector,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">its performance will be impacted by the general health of the sector. Companies in the real estate sector can be negatively affected by various factors, including,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">but not limited to, supply and demand for properties, changes in interest rates, general or local economic conditions, the strength of specific industries that rent properties, and/or regulatory changes. Real estate companies might be heavily focused on one geographic market, which could affect those companies more than companies with greater geographic diversification. Real estate companies may rely on leverage, which, while </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">used to help magnify returns,</span><span style="font-family:Arial;font-size:9.5pt;"> also has the negative effect of magnifying </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">losses.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">In addition, the real estate industry</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">historically has been sensitive to </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">economic downturns and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">events that limit demand for real estate, which </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">would</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">adversely impact</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the value of real estate</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">investments.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in REITs.</span><span style="font-family:Arial;font-size:9.5pt;"> In addition to the risks associated with the real estate sector, the Fund’s investments in equity REITs are subject to certain additional risks. Equity REITs may be affected by changes in the value of the underlying properties they own. An individual REIT’s performance depends on the types and locations of the properties it owns and on how well the REIT manages its properties. Interest rate increases can make it more difficult and costly to acquire financing, which could restrict cash flows and negatively affect their operations and values.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">During</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods of rising interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">REIT stock prices overall may decline, which could result in a decline in the Fund’s value. In addition, unlike corporations,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">REITs do not have to pay income taxes if they meet certain Internal Revenue Code requirements. Loss of IRS status as a qualified REIT would negatively impact the REIT’s overall investment</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">returns.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Different parts of the market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed</span><span style="font-family:Arial;font-size:9.5pt;"> markets. In addition, </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Provider will generally be borne by the Fund and</span><span style="font-family:Arial;font-size:9.5pt;">, as a result,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund’</span><span style="font-family:Arial;font-size:9.5pt;">s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on Nasdaq and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">a discount to NAV and possibly face trading halts and/or</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> MSCI ACWI ex </span><span style="font-family:Arial;font-size:9.5pt;">USA Index returns are adjusted for withholding taxes. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="font-family:Arial;font-size:9.5pt;">our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Global ex-U.S. Real Estate Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1630 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2777 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2198 0.0072 0.0315 0.2009 -0.0064 0.0167 0.1336 0.0010 0.0194 0.2138 0.0070 0.0320 0.2130 0.0037 0.0277 0.3239 0.0791 0.0841 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Global ex-U.S. Real Estate Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0.0025 0 -0.0025 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0003 0.0011 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The first example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span><span style="font-family:Arial;font-size:9.5pt;">You would pay the following expenses if you did </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">not</span><span style="font-family:Arial;font-size:9.5pt;"> redeem your shares (the difference being that the Fund’s 0.25% redemption fee would not apply to any of the following periods, as it would to those in the preceding example):</span> 62 89 119 206 <span style="font-family:Arial;font-size:9.5pt;">You would pay the following expenses if you did </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">not</span><span style="font-family:Arial;font-size:9.5pt;"> redeem your shares (the difference being that the Fund’s 0.25% redemption fee would not apply to any of the following periods, as it would to those in the preceding example):</span> 36 60 87 166 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">10</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the S&amp;P Global ex-U.S. Property Index (the “Target Index”), a float-adjusted, market capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets. The Target Index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs) and certain real estate management and development companies. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund uses the replication method of indexing, meaning that the Fund generally holds the same stocks as those in its Target Index and in approximately the same proportions.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;">As a matter of fundamental policy, the Fund concentrates its investments (i.e., invests more than 25% of its assets) in the securities of issuers whose principal business activities are in the real estate industry.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Real Estate Sector.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Due to the Fund’s heavy investment in the real estate sector,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">its performance will be impacted by the general health of the sector. Companies in the real estate sector can be negatively affected by various factors, including,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">but not limited to, supply and demand for properties, changes in interest rates, general or local economic conditions, the strength of specific industries that rent properties, and/or regulatory changes. Real estate companies might be heavily focused on one geographic market, which could affect those companies more than companies with greater geographic diversification. Real estate companies may rely on leverage, which, while used to help magnify returns, also has the negative effect of magnifying losses.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">In addition, the real estate industry</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">historically has been sensitive to economic downturns and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">events that limit demand for real estate, which would</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">adversely impact</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the value of real estate</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">investments.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in REITs.</span><span style="font-family:Arial;font-size:9.5pt;"> In addition to the risks associated with the real estate sector, the Fund’s investments in equity REITs are subject to certain additional risks. Equity REITs may be affected by changes in the value of the underlying properties they own. An individual REIT’s performance depends on the types and locations of the properties it owns and on how well the REIT manages its properties. Interest rate increases can make it more difficult and costly to acquire financing, which could restrict cash flows and negatively affect their operations and values.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">During periods</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of rising interest rates,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">REIT stock prices overall may decline, which could result in a decline in the Fund’s value. In addition, unlike corporations,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">REITs do not have to pay income taxes if they meet certain Internal Revenue Code requirements. Loss of IRS status as a qualified REIT would negatively impact the REIT’s overall investment</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">returns.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Different parts of the market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities </span><span style="font-family:Arial;font-size:9.5pt;">of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">differ from impacts to U.S. companies </span><span style="font-family:Arial;font-size:9.5pt;">or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests </span><span style="font-family:Arial;font-size:9.5pt;">a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in </span><span style="font-family:Arial;font-size:9.5pt;">such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares (including annual fund operating expenses but excluding shareholder fees) has varied from one calendar year to another over the periods shown. If applicable shareholder fees were reflected, returns would be less than those shown in the bar chart. The table shows how the average annual total returns of the Institutional Shares (including annual fund operating expenses and any applicable shareholder fees) compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span><span style="font-family:Arial;font-size:9.5pt;"> MSCI ACWI ex USA Index returns are adjusted for </span><span style="font-family:Arial;font-size:9.5pt;">withholding taxes. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and </span><span style="font-family:Arial;font-size:9.5pt;">after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated </span><span style="font-family:Arial;font-size:9.5pt;">performance information is available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares (including annual fund operating expenses but excluding shareholder fees) has varied from one calendar year to another over the periods shown. If applicable shareholder fees were reflected, returns would be less than those shown in the bar chart. The table shows how the average annual total returns of the Institutional Shares (including annual fund operating expenses and any applicable shareholder fees) compare with those of a broad-based securities market index and one or more</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">additional indexes with similar investment characteristics as the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and </span><span style="font-family:Arial;font-size:9.5pt;">after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1631 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2776 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2142 0.0064 0.0312 0.1952 -0.0072 0.0163 0.1302 0.0004 0.0191 0.2130 0.0037 0.0277 0.3239 0.0791 0.0841 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Total World Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets around the world.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">3</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap Index (the “Target Index”), a float-adjusted, market-capitalization weighted index designed to measure the market performance of large-, mid-, and small-capitalization stocks of companies located around the world. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make up the Target Index. The Fund invests by sampling the Target Index, meaning that it</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holds a range of securities that, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">approximates the full Target Index in terms of key risk factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">needs to concentrate in the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">industry or group of industries, its performance could be negatively impacted by the industry or industries</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">index.</span><span style="font-family:Arial;font-size:9.5pt;"> FTSE Global All Cap Index returns are </span><span style="font-family:Arial;font-size:9.5pt;">adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance </span><span style="font-family:Arial;font-size:9.5pt;">(before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">index.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance </span><span style="font-family:Arial;font-size:9.5pt;">(before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Total World Stock Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2030 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2229 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 2019-02-07 0.2243 0.1098 0.1290 0.2177 0.1038 0.1227 0.1353 0.0855 0.1031 0.2241 0.1110 0.1298 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Total World Stock ETF, an exchanged-traded share class of Vanguard Total World Stock Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets around the world.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0 0.0001 0.0006 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 6 19 34 77 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">3</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap Index (the “Target Index”), a float-adjusted, market-capitalization weighted index designed to measure the market performance of large-, mid-, and small-capitalization stocks of companies located around the world. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make up the Target Index. The Fund invests by sampling the Target Index, meaning that it</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holds a range of securities that, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">approximates the full Target Index in terms of key risk factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics. </span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that differ from impacts to U.S. companies or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">governments or supranational entities such as the International Monetary Fund. Changes in currency </span><span style="font-family:Arial;font-size:9.5pt;">exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the Index Provider or by errors made by the Index Provider. Any gains, losses, or costs associated with or resulting from an error made by the Index Provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">needs to concentrate in the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">industry or group of industries, its performance could be negatively impacted by the industry or industries</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund’s NAV or the intraday value of the Fund’s holdings.</span><span style="font-family:Arial;font-size:9.5pt;"> Thus, you may pay </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund.</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">a discount to NAV and possibly face trading halts and/or</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">index.</span><span style="font-family:Arial;font-size:9.5pt;"> FTSE Global All Cap Index </span><span style="font-family:Arial;font-size:9.5pt;">returns are adjusted for withholding taxes applicable to U.S.-based funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="font-family:Arial;font-size:9.5pt;">website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market</span><span style="font-family:Arial;font-size:9.5pt;line-height:10.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">index.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Total World Stock Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2030 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2227 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2244 0.1101 0.1178 0.2178 0.1040 0.1115 0.1354 0.0857 0.0957 0.2243 0.1102 0.1177 0.2241 0.1110 0.1182 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.5pt;">Vanguard Total World Stock Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets around the world.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0007 0 0.0000 0.0007 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">return each year</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and that the Fund’s operating expenses remain the</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">same.</span> 7 23 40 90 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.5pt;">3</span><span style="font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap Index (the “Target Index”), a float-adjusted, market-capitalization weighted index designed to measure the market performance of large-, mid-, and small-capitalization stocks of companies located around the world. Under normal circumstances, the Fund invests at least 80%</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of its</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">net assets, plus the amount of any borrowings for investment purposes, in</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the stocks that</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">make up the Target Index. The Fund invests by sampling the Target Index, meaning that it</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holds a range of securities that, in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">approximates the full Target Index in terms of key risk factors and other</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">characteristics.</span> <span style="font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">period.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The markets in which</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may include</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">economic,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">market,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">political,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and regulatory conditions and developments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">well as local,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">regional,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or global events such as wars, military conflicts,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">natural disasters,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in potential losses to the Fund over short or long</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">periods.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in</span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Foreign Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Foreign markets can perform differently than U.S.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">World events</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">potentially in ways that </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">differ from impacts to U.S. companies </span><span style="font-family:Arial;font-size:9.5pt;">or issuers. Further,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">global economies </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">and financial markets are becoming increasingly interconnected,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">which </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">the rights and </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests </span><span style="font-family:Arial;font-size:9.5pt;">a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">may be hurt disproportionately by the poor performance of its investments in </span><span style="font-family:Arial;font-size:9.5pt;">such country</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">or region.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Investments</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in emerging markets are subject to higher degrees</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">of risk and volatility than investments in developed markets.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Compared</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">performance.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">The Fund is subject to the risk that foreign currency</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and change as a result of changes in interest rates, inflation rates, government surpluses or deficits,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">can affect the value of the Fund’s</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">holdings.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the </span><span style="font-family:Arial;font-size:9.5pt;">Fund’s investments,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in the aggregate,</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">may not match the investment performance of </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the Target Index</span><span style="font-family:Arial;font-size:9.5pt;">. This risk, known as tracking error risk, may be heightened </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">during times of increased market volatility or under other unusual market conditions. </span><span style="font-family:Arial;font-size:9.5pt;">The Fund also could be negatively impacted by changes to the </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Target Index made by the Index Provider or by</span><span style="font-family:Arial;font-size:9.5pt;"> errors made by the Index </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Provider</span><span style="font-family:Arial;font-size:9.5pt;">. Any gains, losses, or costs associated with or resulting from an error </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">made by the </span><span style="font-family:Arial;font-size:9.5pt;">Index Provider will generally be borne by the Fund and, as a </span><span style="font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">result, the Fund’s shareholders.</span> <span style="font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">Except</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">needs to concentrate in the same</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">industry or group of industries, its performance could be negatively impacted by the industry or industries</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">in which it is</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">index.</span><span style="font-family:Arial;font-size:9.5pt;"> FTSE Global All Cap Index </span><span style="font-family:Arial;font-size:9.5pt;">returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="font-family:Arial;font-size:9.5pt;">website at </span><span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="font-family:Arial;font-size:9.5pt;">.</span> <span style="font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market</span><span style="font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> </span><span style="font-family:Arial;font-size:9.5pt;">index.</span> <span style="font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Total World Stock Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2030 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2227 2020-03-31 <span style="font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2025</span> 0.2243 0.1100 0.1177 0.2177 0.1039 0.1115 0.1353 0.0857 0.0956 0.2241 0.1110 0.1182 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</span> The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary)