UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07443
Name of Registrant: | Vanguard Whitehall Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2020—October 31, 2021
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/imgd940b6a21.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisors' Report | 2 |
About Your Fund’s Expenses | 6 |
Performance Summary | 8 |
Financial Statements | 10 |
• | For the 12 months ended October 31, 2021, Vanguard Selected Value Fund returned 56.30%, outpacing the 48.60% return of its benchmark, the Russell Midcap Value Index. |
• | During the fiscal year, the global economy continued to recover from the sharp pandemic-induced contraction of spring 2020. Countries that were more successful in containing the coronavirus, whether through vaccinations, lockdowns, or both, generally fared better economically. Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. Stock returns for the period were excellent, even amid concerns late in the fiscal year about inflation and the prospect of less accommodative monetary policy. |
• | The broad U.S. stock market, as measured by the Russell 3000 Index, climbed 43.90%. Value stocks outperformed growth stocks, and mid- and small-capitalization stocks outperformed large-caps. |
• | Returns were positive in all 11 industry sectors. Strong selection in industrial and consumer discretionary stocks and underweight positions in utilities and consumer staples drove outperformance relative to the benchmark. Real estate and materials detracted. |
• | For the decade ended October 31, 2021, the fund’s average annual return of 12.34% trailed the 13.18% return of its expense-free benchmark. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Pzena Investment Management, LLC | 39 | 2,691 | Uses a fundamental, bottom-up, deep-value-oriented investment strategy. Seeks to buy good businesses at low prices, focusing exclusively on companies that are underperforming their historically demonstrated earnings power. |
Cooke & Bieler, L.P. | 39 | 2,625 | Conducts fundamental research in seeking high-quality businesses that have a record of generating attractive and sustainable returns on capital, durable competitive advantages, and skilled and shareholder-friendly management teams. |
Donald Smith & Co., Inc. | 20 | 1,343 | Conducts fundamental research on the lowest price-to-tangible book value companies. Research focuses on underlying quality of book value and assets, and on long-term earnings potential. |
Cash Investments | 2 | 141 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2021 | |||
Selected Value Fund | Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,022.80 | $1.58 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.64 | 1.58 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/imgfbb464b32.gif)
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Selected Value Fund | 56.30% | 12.51% | 12.34% | $32,001 |
![]() | Russell Midcap Value Index | 48.60 | 12.30 | 13.18 | 34,491 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 44.07 | 18.87 | 16.04 | 44,284 |
Communication Services | 0.8% |
Consumer Discretionary | 15.5 |
Consumer Staples | 1.7 |
Energy | 4.8 |
Financials | 26.7 |
Health Care | 6.5 |
Industrials | 21.3 |
Information Technology | 9.0 |
Materials | 8.4 |
Real Estate | 1.5 |
Utilities | 3.8 |
Shares | Market Value• ($000) | ||
Common Stocks (95.6%) | |||
Communication Services (0.7%) | |||
Omnicom Group Inc. | 737,550 | 50,212 | |
Consumer Discretionary (14.8%) | |||
Gildan Activewear Inc. | 4,114,107 | 151,070 | |
* | Taylor Morrison Home Corp. Class A | 3,571,543 | 109,039 |
* | Helen of Troy Ltd. | 440,350 | 99,057 |
Lear Corp. | 474,212 | 81,493 | |
Gentex Corp. | 2,301,074 | 81,435 | |
Newell Brands Inc. | 2,976,072 | 68,122 | |
* | PVH Corp. | 586,275 | 64,098 |
American Eagle Outfitters Inc. | 2,224,060 | 52,799 | |
* | Mohawk Industries Inc. | 277,719 | 49,215 |
* | Skechers USA Inc. Class A | 981,430 | 45,352 |
Whirlpool Corp. | 214,400 | 45,202 | |
Hasbro Inc. | 424,426 | 40,643 | |
Hanesbrands Inc. | 2,318,600 | 39,509 | |
* | M/I Homes Inc. | 603,000 | 34,528 |
* | Ford Motor Co. | 1,581,504 | 27,012 |
Gap Inc. | 783,437 | 17,776 | |
1,006,350 | |||
Consumer Staples (1.6%) | |||
General Mills Inc. | 649,600 | 40,145 | |
Spectrum Brands Holdings Inc. | 422,849 | 39,642 | |
Ingredion Inc. | 296,500 | 28,236 | |
108,023 | |||
Energy (4.6%) | |||
Halliburton Co. | 3,240,456 | 80,979 | |
Baker Hughes Co. Class A | 2,190,681 | 54,942 | |
* | NOV Inc. | 3,759,533 | 52,709 |
* | Bonanza Creek Energy Inc. | 586,742 | 32,940 |
Cenovus Energy Inc. | 2,340,593 | 28,040 | |
1 | Euronav NV | 2,586,487 | 27,287 |
* | TechnipFMC plc | 2,854,756 | 21,040 |
Murphy Oil Corp. | 645,960 | 17,977 | |
315,914 | |||
Financials (25.5%) | |||
American International Group Inc. | 1,597,033 | 94,369 | |
Unum Group | 3,668,000 | 93,424 | |
Fifth Third Bancorp | 2,032,620 | 88,480 |
Shares | Market Value• ($000) | ||
Fidelity National Financial Inc. | 1,838,587 | 88,087 | |
* | Arch Capital Group Ltd. | 2,046,799 | 85,597 |
Jefferies Financial Group Inc. | 1,981,641 | 85,211 | |
Equitable Holdings Inc. | 2,539,734 | 85,081 | |
Globe Life Inc. | 930,302 | 82,815 | |
FirstCash Inc. | 901,999 | 79,800 | |
Voya Financial Inc. | 1,096,494 | 76,502 | |
Regions Financial Corp. | 3,117,046 | 73,812 | |
Axis Capital Holdings Ltd. | 1,343,287 | 69,945 | |
State Street Corp. | 683,070 | 67,317 | |
* | Alleghany Corp. | 97,440 | 63,470 |
CNO Financial Group Inc. | 2,612,012 | 63,054 | |
RenaissanceRe Holdings Ltd. | 390,700 | 55,401 | |
CNA Financial Corp. | 1,217,198 | 54,603 | |
Essent Group Ltd. | 1,131,950 | 54,334 | |
KeyCorp. | 2,321,558 | 54,023 | |
Progressive Corp. | 558,677 | 53,007 | |
Webster Financial Corp. | 779,926 | 43,645 | |
Invesco Ltd. | 1,529,420 | 38,863 | |
American National Group Inc. | 193,300 | 36,671 | |
Reinsurance Group of America Inc. | 285,446 | 33,705 | |
Loews Corp. | 550,000 | 30,838 | |
Allstate Corp. | 212,900 | 26,329 | |
Commerce Bancshares Inc. | 343,237 | 24,202 | |
Navient Corp. | 733,758 | 14,455 | |
Everest Re Group Ltd. | 51,771 | 13,538 | |
* | Enact Holdings Inc. | 115,070 | 2,644 |
1,733,222 | |||
Health Care (6.3%) | |||
* | Syneos Health Inc. | 831,499 | 77,612 |
* | Integra LifeSciences Holdings Corp. | 886,675 | 58,929 |
DENTSPLY SIRONA Inc. | 977,000 | 55,894 | |
Perrigo Co. plc | 1,118,104 | 50,482 | |
1 | Fresenius Medical Care AG & Co. KGaA ADR | 1,505,518 | 50,028 |
Cardinal Health Inc. | 956,318 | 45,722 | |
Baxter International Inc. | 419,900 | 33,155 | |
* | Laboratory Corp. of America Holdings | 94,600 | 27,152 |
McKesson Corp. | 124,152 | 25,809 | |
424,783 |
Shares | Market Value• ($000) | ||
Industrials (20.3%) | |||
* | AerCap Holdings NV | 3,715,879 | 219,385 |
* | IAA Inc. | 1,448,592 | 86,409 |
Leidos Holdings Inc. | 833,748 | 83,358 | |
Westinghouse Air Brake Technologies Corp. | 881,016 | 79,935 | |
* | JELD-WEN Holding Inc. | 2,476,521 | 67,881 |
* | Colfax Corp. | 1,266,919 | 65,398 |
* | JetBlue Airways Corp. | 4,440,529 | 62,301 |
Stanley Black & Decker Inc. | 342,182 | 61,500 | |
BWX Technologies Inc. | 1,063,725 | 60,356 | |
Woodward Inc. | 474,855 | 53,635 | |
Huntington Ingalls Industries Inc. | 242,090 | 49,079 | |
Terex Corp. | 1,083,477 | 48,540 | |
Armstrong World Industries Inc. | 422,330 | 44,619 | |
Ryder System Inc. | 495,757 | 42,115 | |
PACCAR Inc. | 428,000 | 38,357 | |
Triton International Ltd. | 601,700 | 37,420 | |
AMETEK Inc. | 277,200 | 36,701 | |
Enerpac Tool Group Corp. Class A | 1,539,856 | 32,168 | |
Textron Inc. | 366,713 | 27,082 | |
* | Gates Industrial Corp. plc | 1,633,350 | 26,852 |
Acuity Brands Inc. | 126,532 | 25,993 | |
* | Atlas Air Worldwide Holdings Inc. | 314,000 | 25,472 |
MSC Industrial Direct Co. Inc. Class A | 261,409 | 21,977 | |
* | MasTec Inc. | 239,262 | 21,325 |
Steelcase Inc. Class A | 1,658,088 | 19,731 | |
* | Air France KLM ADR | 4,102,756 | 19,556 |
KBR Inc. | 340,972 | 14,471 | |
Snap-on Inc. | 56,185 | 11,418 | |
1,383,034 | |||
Information Technology (8.7%) | |||
* | Arrow Electronics Inc. | 1,014,358 | 117,412 |
Amdocs Ltd. | 1,276,942 | 99,397 | |
Avnet Inc. | 1,921,012 | 73,210 | |
Cognizant Technology Solutions Corp. Class A | 676,602 | 52,836 | |
TE Connectivity Ltd. | 284,950 | 41,603 | |
Micron Technology Inc. | 563,100 | 38,910 | |
Hewlett Packard Enterprise Co. | 2,554,563 | 37,424 | |
MKS Instruments Inc. | 247,740 | 37,173 | |
* | Celestica Inc. | 3,181,993 | 31,247 |
Genpact Ltd. | 505,149 | 24,929 | |
Juniper Networks Inc. | 686,737 | 20,273 | |
SS&C Technologies Holdings Inc. | 183,291 | 14,566 | |
588,980 | |||
Materials (8.0%) | |||
Mosaic Co. | 2,268,800 | 94,314 | |
Olin Corp. | 1,310,406 | 74,667 |
Shares | Market Value• ($000) | ||
Dow Inc. | 1,126,419 | 63,046 | |
* | IAMGOLD Corp. | 19,855,730 | 55,000 |
Gold Fields Ltd. ADR | 5,428,027 | 50,372 | |
Alcoa Corp. | 1,057,700 | 48,601 | |
Reliance Steel & Aluminum Co. | 242,960 | 35,511 | |
Kinross Gold Corp. | 4,592,609 | 27,602 | |
* | Domtar Corp. | 497,170 | 27,141 |
Schweitzer-Mauduit International Inc. | 619,100 | 21,570 | |
* | Equinox Gold Corp. | 2,671,383 | 19,815 |
Teck Resources Ltd. | 600,000 | 16,740 | |
Centerra Gold Inc. | 1,398,300 | 10,487 | |
544,866 | |||
Real Estate (1.4%) | |||
* | Howard Hughes Corp. | 392,541 | 34,202 |
* | Park Hotels & Resorts Inc. | 1,024,815 | 18,990 |
* | CBRE Group Inc. Class A | 146,489 | 15,246 |
Vornado Realty Trust | 320,616 | 13,668 | |
* | DiamondRock Hospitality Co. | 1,502,950 | 13,587 |
95,693 | |||
Utilities (3.7%) | |||
Edison International | 1,439,312 | 90,576 | |
NRG Energy Inc. | 2,013,528 | 80,320 | |
Atmos Energy Corp. | 635,793 | 58,569 | |
Entergy Corp. | 190,579 | 19,633 | |
* | PG&E Corp. | 47,400 | 550 |
249,648 | |||
Total Common Stocks (Cost $4,905,293) | 6,500,725 | ||
Temporary Cash Investments (4.2%) | |||
Money Market Fund (4.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.070% (Cost $284,785) | 2,848,035 | 284,804 |
Total Investments (99.8%) (Cost $5,190,078) | 6,785,529 | ||
Other Assets and Liabilities—Net (0.2%) | 14,751 | ||
Net Assets (100%) | 6,800,280 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,666,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $2,799,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2021 | 619 | 142,277 | 4,286 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $4,905,293) | 6,500,725 |
Affiliated Issuers (Cost $284,785) | 284,804 |
Total Investments in Securities | 6,785,529 |
Investment in Vanguard | 221 |
Cash Collateral Pledged—Futures Contracts | 7,124 |
Receivables for Investment Securities Sold | 17,240 |
Receivables for Accrued Income | 3,904 |
Receivables for Capital Shares Issued | 2,561 |
Variation Margin Receivable—Futures Contracts | 294 |
Total Assets | 6,816,873 |
Liabilities | |
Foreign Currency Due to Custodian, at Value (Proceeds $3) | 3 |
Due to Custodian | 119 |
Payables for Investment Securities Purchased | 7,668 |
Collateral for Securities on Loan | 2,799 |
Payables to Investment Advisor | 2,610 |
Payables for Capital Shares Redeemed | 2,912 |
Payables to Vanguard | 482 |
Total Liabilities | 16,593 |
Net Assets | 6,800,280 |
At October 31, 2021, net assets consisted of: | |
Paid-in Capital | 4,734,704 |
Total Distributable Earnings (Loss) | 2,065,576 |
Net Assets | 6,800,280 |
Net Assets | |
Applicable to 210,777,212 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,800,280 |
Net Asset Value Per Share | $32.26 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 103,594 |
Interest2 | 227 |
Securities Lending—Net | 68 |
Total Income | 103,889 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 13,943 |
Performance Adjustment | (3,500) |
The Vanguard Group—Note C | |
Management and Administrative | 9,689 |
Marketing and Distribution | 351 |
Custodian Fees | 29 |
Auditing Fees | 34 |
Shareholders’ Reports | 86 |
Trustees’ Fees and Expenses | 5 |
Total Expenses | 20,637 |
Expenses Paid Indirectly | (196) |
Net Expenses | 20,441 |
Net Investment Income | 83,448 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 404,006 |
Futures Contracts | 34,015 |
Realized Net Gain (Loss) | 438,021 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 2,078,092 |
Futures Contracts | 6,841 |
Change in Unrealized Appreciation (Depreciation) | 2,084,933 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,606,402 |
1 | Dividends are net of foreign withholding taxes of $568,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $221,000, $10,000, and ($9,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 83,448 | 96,766 |
Realized Net Gain (Loss) | 438,021 | 742,145 |
Change in Unrealized Appreciation (Depreciation) | 2,084,933 | (1,782,293) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,606,402 | (943,382) |
Distributions | ||
Total Distributions | (550,483) | (563,718) |
Capital Share Transactions | ||
Issued | 1,117,513 | 671,477 |
Issued in Lieu of Cash Distributions | 506,643 | 520,183 |
Redeemed | (1,889,032) | (2,567,674) |
Net Increase (Decrease) from Capital Share Transactions | (264,876) | (1,376,014) |
Total Increase (Decrease) | 1,791,043 | (2,883,114) |
Net Assets | ||
Beginning of Period | 5,009,237 | 7,892,351 |
End of Period | 6,800,280 | 5,009,237 |
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $22.78 | $27.59 | $27.38 | $33.15 | $27.24 |
Investment Operations | |||||
Net Investment Income1 | .389 | .368 | .493 | .493 | .449 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.737 | (3.163) | 2.392 | (3.153) | 6.760 |
Total from Investment Operations | 12.126 | (2.795) | 2.885 | (2.660) | 7.209 |
Distributions | |||||
Dividends from Net Investment Income | (.360) | (.450) | (.506) | (.423) | (.501) |
Distributions from Realized Capital Gains | (2.286) | (1.565) | (2.169) | (2.687) | (.798) |
Total Distributions | (2.646) | (2.015) | (2.675) | (3.110) | (1.299) |
Net Asset Value, End of Period | $32.26 | $22.78 | $27.59 | $27.38 | $33.15 |
Total Return2 | 56.30% | -11.25% | 12.51% | -9.15% | 27.17% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,800 | $5,009 | $7,892 | $8,811 | $10,574 |
Ratio of Total Expenses to Average Net Assets3 | 0.32% | 0.31% | 0.33% | 0.36% | 0.39% |
Ratio of Net Investment Income to Average Net Assets | 1.30% | 1.58% | 1.89% | 1.61% | 1.47% |
Portfolio Turnover Rate | 30% | 85% | 31% | 31% | 22% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.05%), (0.06%), (0.06%), (0.02%), and 0.00%. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Cooke & Bieler, LP, Pzena Investment Management, LLC, and Donald Smith & Co., Inc., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Cooke & Bieler, LP, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index since January 31, 2020. The basic fee of Pzena Investment Management, LLC, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index for the preceding three years. The basic fee of Donald Smith & Co., Inc., is subject to quarterly adjustments based on performance relative to the MSCI Investable Market 2500 Index for the preceding five years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the year ended October 31, 2021, these arrangements reduced the fund’s expenses by $196,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 27,686 |
Total Distributable Earnings (Loss) | (27,686) |
Amount ($000) | |
Undistributed Ordinary Income | 147,176 |
Undistributed Long-Term Gains | 328,722 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,589,678 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 74,966 | 125,895 |
Long-Term Capital Gains | 475,517 | 437,823 |
Total | 550,483 | 563,718 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,195,852 |
Gross Unrealized Appreciation | 1,826,706 |
Gross Unrealized Depreciation | (237,028) |
Net Unrealized Appreciation (Depreciation) | 1,589,678 |
G. | During the year ended October 31, 2021, the fund purchased $1,816,125,000 of investment securities and sold $2,595,762,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Year Ended October 31, | ||
2021 Shares (000) | 2020 Shares (000) | |
Issued | 37,120 | 30,348 |
Issued in Lieu of Cash Distributions | 19,853 | 19,338 |
Redeemed | (66,137) | (115,758) |
Net Increase (Decrease) in Shares Outstanding | (9,164) | (66,072) |
I. | Management has determined that no events or transactions occurred subsequent to October 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 17, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. Mclsaac |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img28b03e756.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
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Your Fund’s Performance at a Glance | 1 |
Advisors’ Report | 2 |
About Your Fund’s Expenses | 7 |
Performance Summary | 9 |
Financial Statements | 11 |
• | For the 12 months ended October 31, 2021, Vanguard Mid-Cap Growth Fund returned 37.68%, trailing the 39.43% return of its benchmark, the Russell Midcap Growth Index. |
• | During the period, the global economy continued to recover from the sharp pandemic-induced contraction of spring 2020. Countries that were more successful in containing the coronavirus, whether through vaccinations, lockdowns, or both, generally fared better economically. Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. Even amid concerns late in the fiscal year about inflation and the prospect of less accommodative monetary policy, stock returns for the period were excellent. |
• | The broad U.S. stock market, as measured by the Russell 3000 Index, climbed 43.90%. Value stocks outperformed growth, and mid- and -small-capitalization stocks outperformed large-caps. |
• | Underperformance relative to the benchmark in part reflected negative selection in information technology and health care, two of the fund's largest sectors. Strong selection in communication services, financials, and consumer discretionary helped returns, as did an overweight to consumer staples. |
• | Over the decade ended October 31, the fund’s average annualized return was 15.12%, trailing the 16.86% return of its benchmark. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Frontier Capital Management Co., LLC | 45 | 2,388 | Frontier Capital employs a fundamental, bottom-up, research-intensive investment approach to select mid-cap growth stocks. It seeks companies with above-average mid-cap growth prospects and competitive advantages that will allow them to earn superior rates of return on capital over a business cycle. The approach attempts to balance growth prospects with reasonable valuation and is long-term in nature; investment time frames are typically three to five years. |
Wellington Management Company LLP | 33 | 1,734 | Wellington Management uses traditional methods of stock selection—fundamental research and analysis—to identify companies that it believes have above-average growth prospects. It believes that a short-term bias in equity markets rewards near-term cyclical growth and creates opportunity for long-term growth. The team focuses on sustainable earnings power and develops bottom-up valuations based on return on investment capital forecasts, price-to-sales, and quantitative risk factors. It seeks to control risk by emphasizing larger positions in established growth stocks and smaller positions in emerging names. |
RS Investments | 19 | 1,020 | RS Investments, a Victory Capital investment franchise, employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce sustainable earnings growth over a multiyear horizon. Investment candidates typically exhibit some or all of the following criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. |
Cash Investments | 3 | 148 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2021 | |||
Mid-Cap Growth Fund | Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,075.30 | $1.67 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.59 | 1.63 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img4beec4eb2.gif)
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mid-Cap Growth Fund | 37.68% | 20.00% | 15.12% | $40,877 |
![]() | Russell Midcap Growth Index | 39.43 | 21.90 | 16.86 | 47,478 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 44.07 | 18.87 | 16.04 | 44,284 |
Communication Services | 6.6% |
Consumer Discretionary | 19.9 |
Consumer Staples | 1.1 |
Energy | 0.2 |
Financials | 9.3 |
Health Care | 17.3 |
Industrials | 12.0 |
Information Technology | 32.6 |
Materials | 1.0 |
Shares | Market Value• ($000) | ||
Common Stocks (95.3%) | |||
Communication Services (6.3%) | |||
* | ZoomInfo Technologies Inc. Class A | 1,259,669 | 84,675 |
* | Match Group Inc. | 524,067 | 79,019 |
* | Live Nation Entertainment Inc. | 436,560 | 44,158 |
* | Roku Inc. | 134,865 | 41,120 |
* | IAC/InterActiveCorp. | 241,208 | 36,753 |
* | Twitter Inc. | 414,882 | 22,213 |
* | Vimeo Inc. | 454,496 | 15,330 |
* | Take-Two Interactive Software Inc. | 56,014 | 10,139 |
333,407 | |||
Consumer Discretionary (18.9%) | |||
* | Caesars Entertainment Inc. | 1,065,725 | 116,654 |
* | Lululemon Athletica Inc. | 249,438 | 116,241 |
* | Mattel Inc. | 4,119,917 | 89,855 |
* | Etsy Inc. | 344,580 | 86,383 |
* | Chipotle Mexican Grill Inc. Class A | 34,358 | 61,124 |
* | Hilton Worldwide Holdings Inc. | 410,501 | 59,092 |
* | Burlington Stores Inc. | 175,863 | 48,589 |
* | Floor & Decor Holdings Inc. Class A | 312,019 | 42,410 |
Wingstop Inc. | 228,448 | 39,400 | |
Advance Auto Parts Inc. | 166,120 | 37,463 | |
* | O'Reilly Automotive Inc. | 58,130 | 36,175 |
* | Planet Fitness Inc. Class A | 437,073 | 34,769 |
* | Chegg Inc. | 564,312 | 33,543 |
* | Bright Horizons Family Solutions Inc. | 192,732 | 31,993 |
Darden Restaurants Inc. | 193,499 | 27,891 | |
Ross Stores Inc. | 196,405 | 22,233 | |
* | Leslie's Inc. | 824,209 | 17,045 |
* | Chewy Inc. Class A | 204,604 | 15,509 |
* | Carvana Co. Class A | 46,112 | 13,980 |
Dollar General Corp. | 59,979 | 13,287 | |
Pool Corp. | 25,710 | 13,245 | |
BorgWarner Inc. (XNYS) | 225,813 | 10,177 | |
* | Meritage Homes Corp. | 76,411 | 8,307 |
* | Aptiv plc | 47,215 | 8,163 |
Tempur Sealy International Inc. | 157,927 | 7,023 | |
* | Farfetch Ltd. Class A | 152,657 | 5,986 |
* | Bed Bath & Beyond Inc. | 391,689 | 5,499 |
1,002,036 |
Shares | Market Value• ($000) | ||
Consumer Staples (1.1%) | |||
* | Freshpet Inc. | 366,780 | 57,185 |
Energy (0.2%) | |||
Diamondback Energy Inc. | 107,141 | 11,484 | |
Financials (8.8%) | |||
* | SVB Financial Group | 114,639 | 82,242 |
Hamilton Lane Inc. Class A | 706,693 | 73,857 | |
MSCI Inc. Class A | 93,855 | 62,402 | |
KKR & Co. Inc. | 764,952 | 60,944 | |
Aon plc Class A (XNYS) | 166,086 | 53,134 | |
LPL Financial Holdings Inc. | 284,066 | 46,593 | |
MarketAxess Holdings Inc. | 112,123 | 45,821 | |
Moody's Corp. | 42,661 | 17,241 | |
Western Alliance Bancorp | 146,467 | 17,003 | |
Tradeweb Markets Inc. Class A | 81,006 | 7,218 | |
466,455 | |||
Health Care (16.5%) | |||
* | ICON plc | 308,723 | 88,533 |
* | Seagen Inc. | 446,306 | 78,697 |
* | Omnicell Inc. | 430,841 | 76,754 |
* | DexCom Inc. | 96,420 | 60,090 |
* | Align Technology Inc. | 63,719 | 39,784 |
* | Insulet Corp. | 127,301 | 39,466 |
* | Veeva Systems Inc. Class A | 114,679 | 36,354 |
* | ABIOMED Inc. | 99,515 | 33,043 |
* | Horizon Therapeutics plc | 260,052 | 31,183 |
* | IDEXX Laboratories Inc. | 45,648 | 30,408 |
Agilent Technologies Inc. | 182,269 | 28,706 | |
West Pharmaceutical Services Inc. | 57,182 | 24,581 | |
* | Avantor Inc. | 532,637 | 21,508 |
Humana Inc. | 42,459 | 19,665 | |
ResMed Inc. | 72,310 | 19,011 | |
* | Molina Healthcare Inc. | 62,066 | 18,354 |
* | Natera Inc. | 145,556 | 16,676 |
* | Exact Sciences Corp. | 174,386 | 16,605 |
* | Sarepta Therapeutics Inc. | 201,942 | 15,980 |
Alcon Inc. | 179,545 | 14,967 | |
* | Charles River Laboratories International Inc. | 33,011 | 14,811 |
Teleflex Inc. | 40,621 | 14,499 | |
* | Edwards Lifesciences Corp. | 103,305 | 12,378 |
* | Jazz Pharmaceuticals plc | 92,187 | 12,265 |
* | Hologic Inc. | 166,945 | 12,239 |
AmerisourceBergen Corp. Class A | 99,012 | 12,081 |
Shares | Market Value• ($000) | ||
* | Guardant Health Inc. | 99,397 | 11,609 |
*,1 | Signify Health Inc. Class A | 709,501 | 11,402 |
* | Illumina Inc. | 26,892 | 11,162 |
* | Moderna Inc. | 29,787 | 10,283 |
* | Amedisys Inc. | 58,847 | 9,965 |
Cooper Cos. Inc. | 19,148 | 7,983 | |
* | BioMarin Pharmaceutical Inc. | 98,310 | 7,789 |
* | Novocure Ltd. | 63,161 | 6,478 |
* | Intellia Therapeutics Inc. | 35,899 | 4,774 |
* | Apellis Pharmaceuticals Inc. | 131,162 | 4,032 |
874,115 | |||
Industrials (11.5%) | |||
TransUnion | 781,866 | 90,141 | |
Fortune Brands Home & Security Inc. | 717,788 | 72,784 | |
BWX Technologies Inc. | 969,265 | 54,996 | |
Cintas Corp. | 120,284 | 52,095 | |
* | Hexcel Corp. | 726,193 | 41,204 |
Quanta Services Inc. | 299,174 | 36,284 | |
* | Builders FirstSource Inc. | 478,743 | 27,896 |
Waste Connections Inc. (XTSE) | 170,285 | 23,161 | |
Knight-Swift Transportation Holdings Inc. | 348,061 | 19,732 | |
* | MasTec Inc. | 206,113 | 18,371 |
* | Middleby Corp. | 100,656 | 18,364 |
* | Generac Holdings Inc. | 35,893 | 17,895 |
* | GXO Logistics Inc. | 162,113 | 14,396 |
* | XPO Logistics Inc. | 151,403 | 12,990 |
KBR Inc. | 304,906 | 12,940 | |
Carrier Global Corp. | 244,674 | 12,779 | |
IDEX Corp. | 54,113 | 12,044 | |
* | CoStar Group Inc. | 132,117 | 11,369 |
* | Stericycle Inc. | 147,645 | 9,880 |
* | WillScot Mobile Mini Holdings Corp. | 264,890 | 9,205 |
* | Azul SA ADR | 675,228 | 8,933 |
* | Axon Enterprise Inc. | 46,423 | 8,354 |
Advanced Drainage Systems Inc. | 60,889 | 6,868 | |
* | Chart Industries Inc. | 37,046 | 6,577 |
* | Trex Co. Inc. | 56,494 | 6,011 |
605,269 | |||
Information Technology (31.1%) | |||
* | Palo Alto Networks Inc. | 180,971 | 92,131 |
KLA Corp. | 244,920 | 91,296 | |
* | Square Inc. Class A | 337,916 | 86,000 |
* | Paycom Software Inc. | 139,886 | 76,637 |
* | Gartner Inc. | 207,536 | 68,883 |
* | Avalara Inc. | 383,436 | 68,880 |
* | Varonis Systems Inc. Class B | 1,007,928 | 65,253 |
CDW Corp. | 316,533 | 59,081 | |
* | Ceridian HCM Holding Inc. | 435,884 | 54,594 |
* | Digital Turbine Inc. | 574,950 | 49,480 |
Skyworks Solutions Inc. | 294,007 | 49,137 | |
Marvell Technology Inc. | 634,682 | 43,476 | |
Microchip Technology Inc. | 564,191 | 41,801 | |
* | Guidewire Software Inc. | 331,830 | 41,721 |
* | Shift4 Payments Inc. Class A | 649,814 | 41,023 |
* | Advanced Micro Devices Inc. | 339,711 | 40,843 |
* | HubSpot Inc. | 44,779 | 36,281 |
* | MongoDB Inc. Class A | 68,902 | 35,918 |
Shares | Market Value• ($000) | ||
* | Wolfspeed Inc. | 257,668 | 30,949 |
* | Synopsys Inc. | 82,302 | 27,421 |
* | Coupa Software Inc. | 119,969 | 27,317 |
* | Okta Inc. | 109,402 | 27,042 |
* | Atlassian Corp. plc Class A | 58,458 | 26,781 |
* | RingCentral Inc. Class A | 104,367 | 25,443 |
* | Workday Inc. Class A | 77,920 | 22,595 |
Genpact Ltd. | 441,993 | 21,812 | |
* | Dynatrace Inc. | 285,920 | 21,444 |
Lam Research Corp. | 37,205 | 20,968 | |
* | Crowdstrike Holdings Inc. Class A | 68,147 | 19,204 |
* | Autodesk Inc. | 59,085 | 18,766 |
* | Zscaler Inc. | 58,769 | 18,739 |
Amphenol Corp. Class A | 237,806 | 18,256 | |
* | DocuSign Inc. Class A | 65,205 | 18,146 |
* | Dlocal Ltd. | 368,026 | 17,853 |
Entegris Inc. | 123,407 | 17,373 | |
Monolithic Power Systems Inc. | 32,415 | 17,033 | |
Global Payments Inc. | 118,407 | 16,931 | |
* | Freshworks Inc. Class A | 331,730 | 16,669 |
* | AppLovin Corp. Class A | 162,930 | 16,008 |
* | Wix.com Ltd. | 85,408 | 15,883 |
* | Teledyne Technologies Inc. | 29,234 | 13,133 |
* | Keysight Technologies Inc. | 70,537 | 12,698 |
* | Trimble Inc. | 145,167 | 12,683 |
* | Enphase Energy Inc. | 52,192 | 12,089 |
* | Lattice Semiconductor Corp. | 167,961 | 11,663 |
* | II-VI Inc. | 184,755 | 11,180 |
* | Dropbox Inc. Class A | 343,774 | 10,482 |
* | Bill.Com Holdings Inc. | 33,055 | 9,728 |
* | BigCommerce Holdings Inc. Series 1 | 206,872 | 9,560 |
* | Fair Isaac Corp. | 23,560 | 9,382 |
* | Arista Networks Inc. | 22,639 | 9,275 |
* | Repay Holdings Corp. Class A | 383,827 | 8,064 |
* | Lightspeed Commerce Inc. | 45,337 | 4,429 |
* | Twilio Inc. Class A | 11,769 | 3,429 |
1,642,863 | |||
Materials (0.9%) | |||
Ball Corp. | 346,967 | 31,740 | |
Sherwin-Williams Co. | 54,593 | 17,285 | |
49,025 | |||
Total Common Stocks (Cost $3,662,179) | 5,041,839 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (4.5%) | |||
Money Market Fund (4.5%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.070% (Cost $240,027) | 2,400,516 | 240,052 |
Total Investments (99.8%) (Cost $3,902,206) | 5,281,891 | ||
Other Assets and Liabilities—Net (0.2%) | 8,486 | ||
Net Assets (100%) | 5,290,377 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,920,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $2,032,000 was received for securities on loan, of which $5,000 is held in Vanguard Market Liquidity Fund and $2,027,000 is held in cash. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2021 | 643 | 147,794 | 7,669 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,662,179) | 5,041,839 |
Affiliated Issuers (Cost $240,027) | 240,052 |
Total Investments in Securities | 5,281,891 |
Investment in Vanguard | 171 |
Cash | 2,027 |
Cash Collateral Pledged—Futures Contracts | 7,398 |
Receivables for Investment Securities Sold | 39,221 |
Receivables for Accrued Income | 350 |
Receivables for Capital Shares Issued | 2,179 |
Variation Margin Receivable—Futures Contracts | 305 |
Total Assets | 5,333,542 |
Liabilities | |
Due to Custodian | 10 |
Payables for Investment Securities Purchased | 37,268 |
Collateral for Securities on Loan | 2,032 |
Payables to Investment Advisor | 1,489 |
Payables for Capital Shares Redeemed | 1,908 |
Payables to Vanguard | 458 |
Total Liabilities | 43,165 |
Net Assets | 5,290,377 |
At October 31, 2021, net assets consisted of: | |
Paid-in Capital | 2,707,559 |
Total Distributable Earnings (Loss) | 2,582,818 |
Net Assets | 5,290,377 |
Net Assets | |
Applicable to 136,616,189 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,290,377 |
Net Asset Value Per Share | $38.72 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 14,427 |
Interest1 | 140 |
Securities Lending—Net | 26 |
Total Income | 14,593 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 9,440 |
Performance Adjustment | (2,832) |
The Vanguard Group—Note C | |
Management and Administrative | 9,706 |
Marketing and Distribution | 286 |
Custodian Fees | 44 |
Auditing Fees | 35 |
Shareholders’ Reports | 40 |
Trustees’ Fees and Expenses | 4 |
Total Expenses | 16,723 |
Expenses Paid Indirectly | (215) |
Net Expenses | 16,508 |
Net Investment Income (Loss) | (1,915) |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 1,256,107 |
Futures Contracts | 35,496 |
Realized Net Gain (Loss) | 1,291,603 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 273,491 |
Futures Contracts | 10,430 |
Change in Unrealized Appreciation (Depreciation) | 283,921 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,573,609 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $137,000, ($11,000), and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | (1,915) | 11,011 |
Realized Net Gain (Loss) | 1,291,603 | 329,134 |
Change in Unrealized Appreciation (Depreciation) | 283,921 | 373,276 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,573,609 | 713,421 |
Distributions | ||
Total Distributions | (305,267) | (446,385) |
Capital Share Transactions | ||
Issued | 663,839 | 747,451 |
Issued in Lieu of Cash Distributions | 290,788 | 427,134 |
Redeemed | (1,346,909) | (1,563,492) |
Net Increase (Decrease) from Capital Share Transactions | (392,282) | (388,907) |
Total Increase (Decrease) | 876,060 | (121,871) |
Net Assets | ||
Beginning of Period | 4,414,317 | 4,536,188 |
End of Period | 5,290,377 | 4,414,317 |
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $29.89 | $27.93 | $28.08 | $26.51 | $21.75 |
Investment Operations | |||||
Net Investment Income (Loss)1 | (.013) | .068 | .074 | .114 | .093 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.957 | 4.680 | 3.027 | 2.379 | 4.817 |
Total from Investment Operations | 10.944 | 4.748 | 3.101 | 2.493 | 4.910 |
Distributions | |||||
Dividends from Net Investment Income | (.051) | (.067) | (.099) | (.095) | (.150) |
Distributions from Realized Capital Gains | (2.063) | (2.721) | (3.152) | (.828) | — |
Total Distributions | (2.114) | (2.788) | (3.251) | (.923) | (.150) |
Net Asset Value, End of Period | $38.72 | $29.89 | $27.93 | $28.08 | $26.51 |
Total Return2 | 37.68% | 18.33% | 13.56% | 9.61% | 22.69% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,290 | $4,414 | $4,536 | $4,161 | $4,240 |
Ratio of Total Expenses to Average Net Assets3 | 0.33% | 0.34% | 0.36% | 0.36% | 0.36% |
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.04)% | 0.25% | 0.27% | 0.40% | 0.39% |
Portfolio Turnover Rate | 98% | 74% | 111% | 75% | 118% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.06%), (0.05%), (0.02%), (0.04%), and (0.05%). |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Victory Capital Management Inc., through its RS Investments franchise, Frontier Capital Management Co., LLC, and Wellington Management Company llp, each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Victory Capital Management Inc. is subject to quarterly adjustments based on performance relative to the Russell Midcap Growth Index for the preceding three years. The basic fees of Frontier Capital Management Co., LLC, and Wellington Management Company llp are subject to quarterly adjustments based on performance relative to the Russell Midcap Growth Index since January 31, 2019. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the year ended October 31, 2021, these arrangements reduced the fund’s expenses by $215,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for passive foreign investment companies, and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 84,270 |
Total Distributable Earnings (Loss) | (84,270) |
Amount ($000) | |
Undistributed Ordinary Income | 318,659 |
Undistributed Long-Term Gains | 932,128 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,332,031 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 7,351 | 10,665 |
Long-Term Capital Gains | 297,916 | 435,720 |
Total | 305,267 | 446,385 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,949,860 |
Gross Unrealized Appreciation | 1,486,011 |
Gross Unrealized Depreciation | (153,980) |
Net Unrealized Appreciation (Depreciation) | 1,332,031 |
G. | During the year ended October 31, 2021, the fund purchased $4,756,370,000 of investment securities and sold $5,482,292,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Year Ended October 31, | ||
2021 Shares (000) | 2020 Shares (000) | |
Issued | 19,010 | 27,947 |
Issued in Lieu of Cash Distributions | 8,647 | 16,191 |
Redeemed | (38,747) | (58,817) |
Net Increase (Decrease) in Shares Outstanding | (11,090) | (14,679) |
I. | Management has determined that no events or transactions occurred subsequent to October 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 17, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. Mclsaac |
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All rights reserved.
Vanguard Marketing Corporation, Distributor.
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32 |
• | For the 12 months ended October 31, 2021, Vanguard International Explorer Fund returned 35.79%. Its benchmark, the S&P EPAC SmallCap Index, returned 34.78%. |
• | The global economy continued to recover from the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus, whether through vaccinations, lockdowns, or both, generally fared better economically. Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. |
• | The fund’s four advisors invest in smaller companies––mostly from developed European and Pacific markets––that they believe have strong long-term growth prospects. |
• | By region, Europe and emerging markets stocks boosted the fund’s performance relative to the benchmark. Results were hampered by stocks from North America and the Pacific region. |
• | Five of the fund’s 11 industry sectors boosted relative performance; consumer discretionary and information technology stocks helped the most. Communication services and industrial stocks were the largest relative detractors. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Schroder Investment Management North America Inc. | 39 | 1,101 | The advisor employs a fundamental investment approach that considers macroeconomic factors while focusing primarily on company-specific factors, including a company’s potential for long-term growth, financial condition, quality of management, and sensitivity to cyclical factors. The advisor also considers the relative value of a company’s securities compared with those of other companies and the market as a whole. |
Wellington Management Company llp | 30 | 837 | The advisor allocates the assets in its portion of the fund to a team of global analysts who seek to add value through in-depth fundamental research and understanding of their industries. By covering the same companies over a period of many years, these investment professionals gain comprehensive insight to guide decisions for their subportfolios. |
TimesSquare Capital Management, LLC | 19 | 538 | The advisor employs a quality growth philosophy that is based on the premise that a skilled research team—emphasizing management quality, superior business models, and valuation—contributes to a diversified portfolio that seeks to deliver superior risk-adjusted returns over the long term. |
Baillie Gifford Overseas Ltd. | 10 | 275 | The advisor employs rigorous, fundamental, bottom-up analysis. It believes that a few companies will drive most of the market’s return over the long run and considers sustainable earnings growth and free cash flow growth to be the most important determinants of a company’s prospects. |
Cash Investments | 2 | 64 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor also may maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2021 | |||
International Explorer Fund | Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,031.30 | $2.05 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.19 | 2.04 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img0321ebf42.jpg)
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | International Explorer Fund | 35.79% | 10.55% | 9.44% | $24,640 |
![]() | S&P EPAC SmallCap Index | 34.78 | 10.91 | 9.77 | 25,398 |
![]() | MSCI All Country World Index ex USA | 29.66 | 9.77 | 6.66 | 19,057 |
Japan | 23.2% |
United Kingdom | 17.2 |
Sweden | 6.7 |
Germany | 5.9 |
Italy | 5.1 |
France | 4.2 |
Netherlands | 4.1 |
Taiwan | 4.0 |
Switzerland | 3.8 |
Australia | 3.7 |
Denmark | 2.2 |
Hong Kong | 2.2 |
Spain | 1.7 |
Belgium | 1.7 |
South Korea | 1.6 |
India | 1.4 |
China | 1.4 |
Canada | 1.4 |
Norway | 1.3 |
Finland | 1.2 |
Ireland | 1.0 |
Other | 5.0 |
Shares | Market Value• ($000) | |||||
Common Stocks (95.9%) | ||||||
Australia (3.5%) | ||||||
James Hardie Industries plc | 349,401 | 13,727 | ||||
Steadfast Group Ltd. | 3,162,900 | 11,128 | ||||
Iluka Resources Ltd. | 1,183,573 | 8,444 | ||||
Charter Hall Group | 633,109 | 8,306 | ||||
IPH Ltd. | 1,205,400 | 7,829 | ||||
Ingenia Communities Group | 952,943 | 4,712 | ||||
* | Tyro Payments Ltd. | 1,476,158 | 4,509 | |||
Deterra Royalties Ltd. | 1,467,420 | 4,316 | ||||
Ansell Ltd. | 179,983 | 4,309 | ||||
Orora Ltd. | 1,282,615 | 3,209 | ||||
Pendal Group Ltd. | 540,214 | 2,732 | ||||
Netwealth Group Ltd. | 202,407 | 2,660 | ||||
*,1 | Siteminder Ltd. | 645,100 | 2,455 | |||
Seven Group Holdings Ltd. | 136,942 | 2,237 | ||||
Reliance Worldwide Corp. Ltd. | 488,199 | 2,147 | ||||
Mineral Resources Ltd. | 63,950 | 1,880 | ||||
* | Pilbara Minerals Ltd. | 970,313 | 1,627 | |||
Northern Star Resources Ltd. | 214,491 | 1,485 | ||||
Domino's Pizza Enterprises Ltd. | 13,932 | 1,429 | ||||
* | Nufarm Ltd. | 419,333 | 1,381 | |||
OZ Minerals Ltd. | 71,961 | 1,369 | ||||
IGO Ltd. | 164,654 | 1,206 | ||||
* | Lynas Rare Earths Ltd. | 199,153 | 1,111 | |||
* | Cleanspace Holdings Ltd. | 863,931 | 994 | |||
Alumina Ltd. | 650,210 | 983 | ||||
* | Whitehaven Coal Ltd. | 442,399 | 876 | |||
* | Bellevue Gold Ltd. | 1,005,341 | 647 | |||
Worley Ltd. | 66,092 | 543 | ||||
Beach Energy Ltd. | 381,625 | 401 | ||||
98,652 | ||||||
Austria (0.6%) | ||||||
2 | S&T AG | 326,318 | 7,841 | |||
*,3 | BAWAG Group AG | 77,075 | 4,848 |
Shares | Market Value• ($000) | |||||
AT&S Austria Technologie & Systemtechnik AG | 72,800 | 2,793 | ||||
Wienerberger AG | 38,493 | 1,363 | ||||
16,845 | ||||||
Belgium (1.6%) | ||||||
D'ieteren Group | 67,191 | 11,585 | ||||
* | Azelis Group NV | 287,575 | 9,308 | |||
Recticel SA | 431,213 | 7,964 | ||||
Barco NV | 330,618 | 7,452 | ||||
KBC Ancora | 85,751 | 4,471 | ||||
* | bpost SA | 316,281 | 2,710 | |||
Melexis NV | 19,252 | 2,220 | ||||
*,3 | Biocartis Group NV | 113,425 | 518 | |||
46,228 | ||||||
Brazil (0.7%) | ||||||
TOTVS SA | 1,645,832 | 9,553 | ||||
*,3 | Locaweb Servicos de Internet SA | 1,463,400 | 4,745 | |||
* | Afya Ltd. Class A | 158,700 | 2,769 | |||
* | TIM SA | 1,167,400 | 2,321 | |||
* | Cia de Saneamento Basico do Estado de Sao Paulo | 95,600 | 596 | |||
* | Magazine Luiza SA | 256 | 1 | |||
19,985 | ||||||
Canada (1.4%) | ||||||
* | Nuvei Corp. | 78,762 | 9,876 | |||
* | Kinaxis Inc. | 47,062 | 7,304 | |||
* | Lightspeed Commerce Inc. (XTSE) | 59,795 | 5,828 | |||
* | Docebo Inc. | 53,222 | 3,984 | |||
* | Boat Rocker Media Inc. | 630,719 | 3,598 | |||
* | Lightspeed Commerce Inc. | 34,943 | 3,414 | |||
* | EcoSynthetix Inc. | 642,114 | 2,755 | |||
2 | Canacol Energy Ltd. | 395,998 | 1,241 | |||
Cargojet Inc. | 2,800 | 446 | ||||
38,446 | ||||||
China (1.4%) | ||||||
Li Ning Co. Ltd. | 608,500 | 6,715 |
Shares | Market Value• ($000) | |||||
China Longyuan Power Group Corp. Ltd. Class H | 2,733,000 | 6,392 | ||||
3 | IMAX China Holding Inc. | 2,892,200 | 4,229 | |||
* | Tongcheng-Elong Holdings Ltd. | 1,433,600 | 3,195 | |||
* | Yeahka Ltd. | 902,200 | 2,725 | |||
* | Yihai International Holding Ltd. | 452,000 | 2,648 | |||
Minth Group Ltd. | 590,000 | 2,345 | ||||
* | Niu Technologies ADR | 82,329 | 2,155 | |||
* | Chinasoft International Ltd. | 1,243,400 | 2,076 | |||
Precision Tsugami China Corp. Ltd. | 1,314,820 | 1,939 | ||||
* | Gracell Biotechnologies Inc. ADR | 80,616 | 863 | |||
Estun Automation Co. Ltd. Class A | 200,751 | 831 | ||||
Venustech Group Inc. Class A | 201,000 | 801 | ||||
China Datang Corp. Renewable Power Co. Ltd. Class H | 1,501,000 | 635 | ||||
Beijing Enterprises Holdings Ltd. | 162,500 | 625 | ||||
*,3 | Weimob Inc. | 293,000 | 447 | |||
38,621 | ||||||
Czech Republic (0.0%) | ||||||
* | Komercni Banka A/S | 32,550 | 1,263 | |||
Denmark (2.1%) | ||||||
Royal Unibrew A/S | 184,622 | 22,935 | ||||
Topdanmark A/S | 224,983 | 11,940 | ||||
* | ALK-Abello A/S Class B | 24,700 | 10,705 | |||
* | Ascendis Pharma A/S ADR | 33,963 | 5,149 | |||
3 | Netcompany Group A/S | 38,829 | 4,422 | |||
* | Dfds A/S | 46,210 | 2,395 | |||
* | Zealand Pharma A/S | 54,694 | 1,755 | |||
*,1 | OW Bunker A/S | 1,000,000 | — | |||
59,301 | ||||||
Finland (1.1%) | ||||||
Valmet OYJ | 310,000 | 12,585 | ||||
Huhtamaki OYJ | 148,200 | 6,462 | ||||
Kojamo OYJ | 237,338 | 5,317 | ||||
Cargotec OYJ Class B | 72,326 | 3,745 | ||||
2 | Kemira OYJ | 147,986 | 2,273 | |||
Wartsila OYJ Abp | 121,472 | 1,685 | ||||
32,067 | ||||||
France (4.0%) | ||||||
Nexans SA | 171,577 | 17,215 | ||||
Trigano SA | 91,431 | 17,163 | ||||
Kaufman & Broad SA | 277,301 | 11,125 | ||||
Orpea SA | 87,900 | 9,182 |
Shares | Market Value• ($000) | |||||
* | JCDecaux SA | 302,535 | 7,893 | |||
Sopra Steria Group SACA | 31,500 | 6,193 | ||||
3 | Maisons du Monde SA | 262,944 | 5,965 | |||
*,3 | Elior Group SA | 743,830 | 5,885 | |||
3 | Verallia SA | 134,800 | 4,991 | |||
Nexity SA | 103,155 | 4,716 | ||||
* | SOITEC | 14,648 | 3,900 | |||
IPSOS | 79,700 | 3,735 | ||||
Rubis SCA | 94,958 | 3,043 | ||||
Rothschild & Co. | 66,206 | 2,920 | ||||
* | ESI Group | 17,997 | 1,444 | |||
Valeo | 48,219 | 1,417 | ||||
Vicat SA | 29,281 | 1,250 | ||||
Mercialys SA | 76,918 | 836 | ||||
3 | ALD SA | 54,334 | 810 | |||
* | Criteo SA ADR | 23,051 | 762 | |||
* | Cellectis SA | 69,272 | 752 | |||
Imerys SA | 16,289 | 706 | ||||
L'Occitane International SA | 158,250 | 566 | ||||
* | Cellectis SA ADR | 25,800 | 278 | |||
112,747 | ||||||
Germany (5.7%) | ||||||
3 | Befesa SA | 301,596 | 22,439 | |||
Dermapharm Holding SE | 175,803 | 17,683 | ||||
2 | Gerresheimer AG | 181,105 | 16,617 | |||
Stabilus SA | 198,845 | 14,932 | ||||
Aroundtown SA | 1,884,202 | 13,094 | ||||
* | HelloFresh SE | 135,432 | 10,975 | |||
New Work SE | 41,330 | 10,090 | ||||
* | Hypoport SE | 14,527 | 8,943 | |||
* | CTS Eventim AG & Co. KGaA | 104,885 | 7,628 | |||
* | Cherry AG | 172,281 | 5,838 | |||
*,3 | Montana Aerospace AG | 159,110 | 5,686 | |||
Knorr-Bremse AG | 49,020 | 5,174 | ||||
Stemmer Imaging AG | 121,118 | 5,038 | ||||
Bertrandt AG | ��50,742 | 3,310 | ||||
Rheinmetall AG | 24,602 | 2,387 | ||||
* | Friedrich Vorwerk Group SE | 50,000 | 2,232 | |||
Aurubis AG | 23,710 | 2,043 | ||||
* | Evotec SE | 41,098 | 1,992 | |||
*,2 | Jumia Technologies AG ADR | 83,077 | 1,451 | |||
Wacker Chemie AG | 6,574 | 1,188 | ||||
*,3 | Aumann AG | 42,580 | 798 | |||
* | thyssenkrupp AG | 68,481 | 713 | |||
Hamburger Hafen und Logistik AG | 7,681 | 172 | ||||
160,423 |
Shares | Market Value• ($000) | |||||
Greece (0.2%) | ||||||
Hellenic Telecommunications Organization SA | 312,111 | 5,541 | ||||
Hong Kong (2.1%) | ||||||
Kerry Properties Ltd. | 3,890,500 | 10,997 | ||||
Techtronic Industries Co. Ltd. | 448,500 | 9,215 | ||||
Johnson Electric Holdings Ltd. | 3,771,125 | 8,347 | ||||
Hang Lung Properties Ltd. | 2,860,000 | 6,638 | ||||
ASM Pacific Technology Ltd. | 528,900 | 5,723 | ||||
Dah Sing Financial Holdings Ltd. | 1,713,200 | 5,310 | ||||
SUNeVision Holdings Ltd. | 3,227,000 | 2,963 | ||||
* | Mandarin Oriental International Ltd. | 1,121,100 | 2,601 | |||
HKBN Ltd. | 2,146,000 | 2,571 | ||||
3 | Crystal International Group Ltd. | 6,289,500 | 2,004 | |||
* | Hutchmed China Ltd. ADR | 41,676 | 1,226 | |||
* | Hypebeast Ltd. | 6,015,000 | 886 | |||
58,481 | ||||||
Iceland (0.3%) | ||||||
3 | Marel HF | 1,314,007 | 8,818 | |||
India (1.4%) | ||||||
Apollo Hospitals Enterprise Ltd. | 207,707 | 11,848 | ||||
Gujarat Pipavav Port Ltd. | 7,013,903 | 10,498 | ||||
* | Oberoi Realty Ltd. | 561,932 | 6,800 | |||
3 | Endurance Technologies Ltd. | 200,645 | 4,883 | |||
Alembic Pharmaceuticals Ltd. | 326,812 | 3,398 | ||||
* | CreditAccess Grameen Ltd. | 155,642 | 1,308 | |||
38,735 | ||||||
Ireland (1.0%) | ||||||
* | Dalata Hotel Group plc | 2,698,231 | 11,542 | |||
Smurfit Kappa Group plc | 137,583 | 7,211 | ||||
Kingspan Group plc | 47,028 | 5,414 | ||||
* | AIB Group plc | 855,240 | 2,315 | |||
* | Bank of Ireland Group plc | 206,275 | 1,229 | |||
27,711 | ||||||
Israel (0.5%) | ||||||
Maytronics Ltd. | 266,904 | 6,309 | ||||
* | Melisron Ltd. | 62,147 | 5,260 | |||
2 | Caesarstone Ltd. | 133,452 | 1,665 | |||
13,234 |
Shares | Market Value• ($000) | |||||
Italy (4.9%) | ||||||
Reply SpA | 104,461 | 20,276 | ||||
* | Banca Generali SpA | 353,066 | 16,610 | |||
Interpump Group SpA | 172,087 | 12,676 | ||||
Recordati Industria Chimica e Farmaceutica SpA | 190,964 | 11,965 | ||||
* | Brunello Cucinelli SpA | 168,477 | 10,222 | |||
3 | doValue SpA | 1,004,433 | 9,632 | |||
* | FinecoBank Banca Fineco SpA | 450,600 | 8,605 | |||
Moncler SpA | 107,199 | 7,715 | ||||
*,3 | OVS SpA | 2,552,060 | 7,331 | |||
Amplifon SpA | 111,300 | 5,664 | ||||
PRADA SpA | 687,300 | 4,332 | ||||
Tamburi Investment Partners SpA | 349,334 | 3,944 | ||||
Italgas SpA | 612,688 | 3,893 | ||||
* | Stevanato Group SpA | 144,524 | 3,710 | |||
* | Salvatore Ferragamo SpA | 170,970 | 3,638 | |||
3 | Technogym SpA | 259,867 | 2,731 | |||
Buzzi Unicem SpA | 91,814 | 2,141 | ||||
*,3 | Enav SpA | ��281,381 | 1,235 | |||
*,2 | Saipem SpA | 272,181 | 596 | |||
136,916 | ||||||
Japan (22.2%) | ||||||
Nippon Shinyaku Co. Ltd. | 250,300 | 20,053 | ||||
GMO internet Inc. | 482,900 | 13,335 | ||||
Fuji Corp. | 519,300 | 12,113 | ||||
2 | Kobe Bussan Co. Ltd. | 320,700 | 11,047 | |||
Katitas Co. Ltd. | 292,100 | 10,666 | ||||
Trusco Nakayama Corp. | 429,300 | 10,380 | ||||
Musashi Seimitsu Industry Co. Ltd. | 545,600 | 10,269 | ||||
Digital Garage Inc. | 211,800 | 9,894 | ||||
SBI Holdings Inc. | 381,100 | 9,878 | ||||
Kadokawa Corp. | 182,300 | 9,626 | ||||
Aica Kogyo Co. Ltd. | 290,100 | 8,892 | ||||
* | Oisix ra daichi Inc. | 211,900 | 8,875 | |||
FP Corp. | 256,800 | 8,720 | ||||
Horiba Ltd. | 129,500 | 8,490 | ||||
Ai Holdings Corp. | 449,800 | 8,490 | ||||
Tsuruha Holdings Inc. | 68,700 | 8,474 | ||||
* | Raksul Inc. | 153,500 | 8,445 | |||
KOMEDA Holdings Co. Ltd. | 463,100 | 8,399 | ||||
Disco Corp. | 30,400 | 8,196 | ||||
Daifuku Co. Ltd. | 87,700 | 8,074 | ||||
Kureha Corp. | 122,800 | 7,981 | ||||
Sumitomo Forestry Co. Ltd. | 416,300 | 7,952 | ||||
Daibiru Corp. | 568,100 | 7,906 |
Shares | Market Value• ($000) | |||||
NEC Networks & System Integration Corp. | 489,700 | 7,880 | ||||
Nifco Inc. | 245,900 | 7,844 | ||||
OBIC Business Consultants Co. Ltd. | 156,200 | 7,711 | ||||
Outsourcing Inc. | 397,400 | 7,623 | ||||
Sugi Holdings Co. Ltd. | 104,600 | 7,489 | ||||
Nabtesco Corp. | 227,800 | 7,393 | ||||
Zenkoku Hosho Co. Ltd. | 149,600 | 7,229 | ||||
Koito Manufacturing Co. Ltd. | 127,100 | 7,211 | ||||
Menicon Co. Ltd. | 188,000 | 7,058 | ||||
Asahi Holdings Inc. | 394,100 | 7,034 | ||||
Daiseki Co. Ltd. | 145,200 | 6,777 | ||||
Asics Corp. | 266,800 | 6,649 | ||||
Dip Corp. | 184,500 | 6,620 | ||||
Hakuhodo DY Holdings Inc. | 405,800 | 6,616 | ||||
Pola Orbis Holdings Inc. | 301,100 | 6,429 | ||||
Elecom Co. Ltd. | 419,400 | 6,415 | ||||
Fukushima Galilei Co. Ltd. | 159,200 | 6,329 | ||||
Tri Chemical Laboratories Inc. | 209,900 | 6,278 | ||||
Open House Co. Ltd. | 90,700 | 5,784 | ||||
As One Corp. | 42,100 | 5,771 | ||||
* | Sansan Inc. | 47,536 | 5,523 | |||
Rorze Corp. | 57,500 | 5,511 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 342,400 | 5,278 | ||||
Toyo Gosei Co. Ltd. | 37,400 | 5,204 | ||||
Megachips Corp. | 161,500 | 5,106 | ||||
Systena Corp. | 270,000 | 4,990 | ||||
2 | Nittoku Co. Ltd. | 143,000 | 4,971 | |||
Asahi Intecc Co. Ltd. | 186,606 | 4,919 | ||||
* | SRE Holdings Corp. | 70,800 | 4,919 | |||
Bank of Kyoto Ltd. | 108,800 | 4,893 | ||||
Fukuoka Financial Group Inc. | 261,300 | 4,694 | ||||
Food & Life Cos. Ltd. | 103,100 | 4,469 | ||||
* | Bengo4.com Inc. | 73,600 | 4,426 | |||
Comforia Residential REIT Inc. | 1,474 | 4,296 | ||||
Tsugami Corp. | 311,600 | 4,284 | ||||
2 | Obara Group Inc. | 133,400 | 4,278 | |||
Kakaku.com Inc. | 121,400 | 4,029 | ||||
Hino Motors Ltd. | 424,000 | 4,011 | ||||
MatsukiyoCocokara & Co. | 85,900 | 3,809 | ||||
Nomura Real Estate Holdings Inc. | 155,800 | 3,798 | ||||
Glory Ltd. | 173,000 | 3,724 | ||||
Tokyo Tatemono Co. Ltd. | 253,200 | 3,722 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 56,980 | 3,622 |
Shares | Market Value• ($000) | |||||
* | JMDC Inc. | 48,100 | 3,616 | |||
Amada Co. Ltd. | 358,400 | 3,541 | ||||
Sundrug Co. Ltd. | 117,000 | 3,424 | ||||
Heiwa Real Estate Co. Ltd. | 106,500 | 3,362 | ||||
*,2 | Lifenet Insurance Co. | 337,100 | 3,358 | |||
* | giftee Inc. | 97,300 | 3,289 | |||
Link & Motivation Inc. | 308,000 | 3,254 | ||||
*,2 | Freee KK | 44,800 | 3,216 | |||
Shinko Electric Industries Co. Ltd. | 77,148 | 3,108 | ||||
* | WealthNavi Inc. | 111,300 | 3,052 | |||
eGuarantee Inc. | 136,500 | 3,040 | ||||
Infomart Corp. | 309,200 | 3,017 | ||||
Fuso Chemical Co. Ltd. | 65,400 | 3,011 | ||||
Taiyo Yuden Co. Ltd. | 57,900 | 2,935 | ||||
*,2 | Demae-Can Co. Ltd. | 244,200 | 2,905 | |||
Kissei Pharmaceutical Co. Ltd. | 142,700 | 2,854 | ||||
Ushio Inc. | 152,100 | 2,721 | ||||
Mani Inc. | 156,300 | 2,664 | ||||
Kintetsu World Express Inc. | 110,100 | 2,644 | ||||
Frontier Real Estate Investment Corp. | 573 | 2,535 | ||||
Nichirei Corp. | 100,400 | 2,445 | ||||
Ibiden Co. Ltd. | 38,700 | 2,325 | ||||
* | Japan Airport Terminal Co. Ltd. | 45,900 | 2,277 | |||
Ito En Ltd. | 33,700 | 2,245 | ||||
* | MedPeer Inc. | 73,300 | 2,203 | |||
Ebara Corp. | 39,800 | 2,172 | ||||
Fancl Corp. | 71,000 | 2,153 | ||||
Jeol Ltd. | 28,000 | 2,122 | ||||
Yamaha Motor Co. Ltd. | 73,160 | 2,039 | ||||
*,2 | HEALIOS KK | 132,700 | 2,005 | |||
DMG Mori Co. Ltd. | 114,400 | 1,970 | ||||
COLOPL Inc. | 256,800 | 1,855 | ||||
Sojitz Corp. | 111,780 | 1,844 | ||||
Iriso Electronics Co. Ltd. | 39,800 | 1,828 | ||||
Kitanotatsujin Corp. | 500,600 | 1,824 | ||||
* | Money Forward Inc. | 26,597 | 1,807 | |||
KH Neochem Co. Ltd. | 70,100 | 1,802 | ||||
Nippon Thompson Co. Ltd. | 336,400 | 1,731 | ||||
Itoham Yonekyu Holdings Inc. | 276,800 | 1,688 | ||||
NOF Corp. | 31,800 | 1,596 | ||||
Showa Denko KK | 63,000 | 1,580 | ||||
Sumitomo Heavy Industries Ltd. | 60,500 | 1,558 | ||||
Air Water Inc. | 101,600 | 1,554 | ||||
Kawasaki Heavy Industries Ltd. | 76,600 | 1,554 | ||||
COMSYS Holdings Corp. | 61,800 | 1,530 |
Shares | Market Value• ($000) | |||||
Sato Holdings Corp. | 66,100 | 1,524 | ||||
EXEO Group Inc. | 65,500 | 1,514 | ||||
Sumitomo Warehouse Co. Ltd. | 93,200 | 1,498 | ||||
Mitsubishi Materials Corp. | 75,100 | 1,458 | ||||
JSR Corp. | 39,561 | 1,435 | ||||
NET One Systems Co. Ltd. | 42,800 | 1,404 | ||||
Ichiyoshi Securities Co. Ltd. | 233,600 | 1,333 | ||||
IHI Corp. | 56,500 | 1,320 | ||||
THK Co. Ltd. | 60,200 | 1,295 | ||||
* | Istyle Inc. | 368,500 | 1,282 | |||
Optex Group Co. Ltd. | 96,800 | 1,233 | ||||
Square Enix Holdings Co. Ltd. | 22,200 | 1,216 | ||||
Inaba Denki Sangyo Co. Ltd. | 49,600 | 1,190 | ||||
Anicom Holdings Inc. | 152,600 | 1,190 | ||||
Fukuyama Transporting Co. Ltd. | 29,300 | 1,167 | ||||
Inter Action Corp. | 54,200 | 1,167 | ||||
Locondo Inc. | 100,000 | 1,163 | ||||
Mirait Holdings Corp. | 60,300 | 1,160 | ||||
Kyudenko Corp. | 34,500 | 1,094 | ||||
Comture Corp. | 39,339 | 1,067 | ||||
*,2 | Chatwork Co. Ltd. | 114,000 | 1,060 | |||
* | GA Technologies Co. Ltd. | 93,900 | 975 | |||
* | Uzabase Inc. | 53,600 | 960 | |||
Kamakura Shinsho Ltd. | 108,300 | 875 | ||||
Daikyonishikawa Corp. | 145,600 | 875 | ||||
BayCurrent Consulting Inc. | 2,100 | 872 | ||||
Iwatani Corp. | 14,400 | 851 | ||||
Nikkon Holdings Co. Ltd. | 42,700 | 834 | ||||
Tokyo Steel Manufacturing Co. Ltd. | 74,400 | 828 | ||||
Kumagai Gumi Co. Ltd. | 33,300 | 824 | ||||
Yodogawa Steel Works Ltd. | 37,400 | 817 | ||||
Nippon Shokubai Co. Ltd. | 15,500 | 810 | ||||
Shin-Etsu Polymer Co. Ltd. | 86,800 | 784 | ||||
Lintec Corp. | 34,700 | 775 | ||||
Sekisui Jushi Corp. | 41,400 | 771 | ||||
Shibaura Machine Co. Ltd. | 33,000 | 769 | ||||
Yamazen Corp. | 82,300 | 763 | ||||
Yokogawa Bridge Holdings Corp. | 37,700 | 760 | ||||
Maruichi Steel Tube Ltd. | 33,100 | 752 | ||||
Max Co. Ltd. | 46,900 | 747 | ||||
Giken Ltd. | 19,100 | 729 |
Shares | Market Value• ($000) | |||||
Japan Petroleum Exploration Co. Ltd. | 36,100 | 657 | ||||
Sinko Industries Ltd. | 34,100 | 619 | ||||
*,2 | Hennge KK | 10,900 | 539 | |||
Kagome Co. Ltd. | 17,600 | 447 | ||||
Toyo Construction Co. Ltd. | 81,300 | 407 | ||||
Totetsu Kogyo Co. Ltd. | 18,500 | 403 | ||||
Nichireki Co. Ltd. | 34,000 | 403 | ||||
Hibiya Engineering Ltd. | 23,500 | 395 | ||||
TOKAI Holdings Corp. | 50,500 | 383 | ||||
Ichikoh Industries Ltd. | 52,800 | 262 | ||||
625,680 | ||||||
Luxembourg (0.2%) | ||||||
*,2 | Arrival SA | 201,037 | 3,323 | |||
2 | Addiko Bank AG | 184,637 | 3,130 | |||
6,453 | ||||||
Malaysia (0.0%) | ||||||
Inari Amertron Bhd. | 1,588,900 | 1,488 | ||||
Mexico (0.3%) | ||||||
* | Grupo Aeroportuario del Pacifico SAB de CV Class B | 395,537 | 4,986 | |||
Corp. Inmobiliaria Vesta SAB de CV | 1,252,200 | 2,180 | ||||
7,166 | ||||||
Netherlands (3.9%) | ||||||
BE Semiconductor Industries NV | 274,335 | 25,065 | ||||
ASM International NV | 40,955 | 18,535 | ||||
TKH Group NV | 219,089 | 12,481 | ||||
IMCD NV | 53,943 | 11,978 | ||||
* | AerCap Holdings NV | 166,053 | 9,804 | |||
*,3 | Basic-Fit NV | 191,840 | 9,315 | |||
Arcadis NV | 137,400 | 6,697 | ||||
* | Merus NV | 169,520 | 4,755 | |||
SIF Holding NV | 202,178 | 3,296 | ||||
*,3 | DP Eurasia NV | 2,417,368 | 3,007 | |||
Corbion NV | 49,867 | 2,368 | ||||
Boskalis Westminster | 68,473 | 2,042 | ||||
SBM Offshore NV | 33,966 | 536 | ||||
109,879 | ||||||
New Zealand (0.6%) | ||||||
* | Xero Ltd. | 97,383 | 11,104 | |||
* | Pushpay Holdings Ltd. | 3,011,000 | 4,106 | |||
Fletcher Building Ltd. | 368,330 | 1,894 | ||||
17,104 | ||||||
Norway (1.3%) | ||||||
Borregaard ASA | 655,622 | 15,921 | ||||
TOMRA Systems ASA | 94,620 | 6,115 | ||||
Salmar ASA | 41,322 | 3,153 | ||||
* | LINK Mobility Group Holding ASA | 595,200 | 1,920 | |||
* | Aker Solutions ASA | 665,102 | 1,887 |
Shares | Market Value• ($000) | |||||
Bakkafrost P/F | 18,786 | 1,738 | ||||
Kongsberg Gruppen ASA | 52,111 | 1,710 | ||||
* | Pexip Holding ASA | 348,783 | 1,649 | |||
Sparebanken More | 23,320 | 1,195 | ||||
35,288 | ||||||
Other (0.3%) | ||||||
iShares MSCI EAFE Small-Cap ETF | 103,621 | 7,901 | ||||
Philippines (0.3%) | ||||||
Wilcon Depot Inc. | 10,307,300 | 6,378 | ||||
* | Bloomberry Resorts Corp. | 20,404,500 | 2,754 | |||
9,132 | ||||||
Russia (0.0%) | ||||||
* | Ozon Holdings plc ADR | 17,379 | 782 | |||
Singapore (0.4%) | ||||||
Venture Corp. Ltd. | 540,200 | 7,546 | ||||
* | SATS Ltd. | 1,249,200 | 3,885 | |||
11,431 | ||||||
South Korea (1.5%) | ||||||
Douzone Bizon Co. Ltd. | 97,366 | 6,797 | ||||
* | NHN KCP Corp. | 130,758 | 6,416 | |||
* | K Car Co. Ltd. | 257,400 | 5,397 | |||
PI Advanced Materials Co. Ltd. | 115,244 | 4,464 | ||||
Koh Young Technology Inc. | 249,031 | 3,935 | ||||
Park Systems Corp. | 34,890 | 3,544 | ||||
Hanon Systems | 276,528 | 3,426 | ||||
Eugene Technology Co. Ltd. | 38,418 | 1,465 | ||||
* | Cafe24 Corp. | 57,092 | 1,411 | |||
* | Medytox Inc. | 10,249 | 1,316 | |||
*,2,3 | SK IE Technology Co. Ltd. | 9,000 | 1,281 | |||
SNT Motiv Co. Ltd. | 29,493 | 1,273 | ||||
* | Genexine Inc. | 14,229 | 800 | |||
*,1 | Kakao Pay Corp. | 5,562 | 428 | |||
41,953 | ||||||
Spain (1.7%) | ||||||
Fluidra SA | 283,127 | 10,814 | ||||
Prosegur Cia de Seguridad SA | 3,020,755 | 8,572 | ||||
CIE Automotive SA | 309,757 | 8,432 | ||||
Acciona SA | 37,326 | 7,168 | ||||
Bankinter SA | 601,052 | 3,309 | ||||
Viscofan SA | 41,574 | 2,843 | ||||
Almirall SA | 162,229 | 2,412 | ||||
Ebro Foods SA | 111,630 | 2,215 | ||||
* | Arima Real Estate SOCIMI SA | 117,519 | 1,225 | |||
46,990 |
Shares | Market Value• ($000) | |||||
Sweden (6.4%) | ||||||
Arjo AB Class B | 1,382,221 | 18,850 | ||||
* | Nordic Entertainment Group AB Class B | 267,700 | 15,523 | |||
Avanza Bank Holding AB | 376,479 | 14,967 | ||||
Nordnet AB publ | 731,200 | 14,016 | ||||
AddTech AB Class B | 480,643 | 10,753 | ||||
Loomis AB Class B | 380,567 | 10,271 | ||||
Trelleborg AB Class B | 446,833 | 10,227 | ||||
* | Cint Group AB | 623,362 | 9,429 | |||
3 | Thule Group AB | 160,144 | 9,253 | |||
* | Embracer Group AB Class B | 823,496 | 7,681 | |||
Catena AB | 121,346 | 7,393 | ||||
Sweco AB Class B | 443,837 | 7,067 | ||||
Fortnox AB | 92,300 | 6,535 | ||||
HMS Networks AB | 90,495 | 5,167 | ||||
BillerudKorsnas AB | 228,176 | 4,779 | ||||
Cellavision AB | 84,333 | 3,842 | ||||
* | Surgical Science Sweden AB | 127,336 | 3,797 | |||
* | VNV Global AB | 196,693 | 2,886 | |||
Indutrade AB | 82,670 | 2,410 | ||||
* | SkiStar AB | 111,861 | 2,333 | |||
INVISIO AB | 95,268 | 1,724 | ||||
* | Xvivo Perfusion AB | 40,451 | 1,604 | |||
Beijer Ref AB Class B | 75,287 | 1,545 | ||||
Paradox Interactive AB | 101,077 | 1,485 | ||||
Saab AB Class B | 51,445 | 1,434 | ||||
* | SSAB AB Class A | 236,691 | 1,349 | |||
Nolato AB Class B | 85,602 | 1,132 | ||||
* | Storytel AB | 52,822 | 1,042 | |||
* | Bactiguard Holding AB Class B | 50,068 | 973 | |||
Peab AB Class B | 74,029 | 931 | ||||
180,398 | ||||||
Switzerland (3.6%) | ||||||
Julius Baer Group Ltd. | 266,305 | 19,262 | ||||
Comet Holding AG (Registered) | 40,229 | 14,969 | ||||
* | Siegfried Holding AG (Registered) | 14,203 | 13,661 | |||
* | SIG Combibloc Group AG | 407,514 | 10,658 | |||
Tecan Group AG (Registered) | 12,122 | 7,427 | ||||
Straumann Holding AG (Registered) | 3,321 | 6,913 | ||||
*,3 | Sensirion Holding AG | 44,123 | 6,359 | |||
3 | VAT Group AG | 13,060 | 6,243 | |||
*,3 | PolyPeptide Group AG | 46,823 | 5,993 | |||
* | Dufry AG (Registered) | 83,837 | 4,439 | |||
Bossard Holding AG (Registered) Class A | 11,567 | 4,248 |
Shares | Market Value• ($000) | |||||
* | u-blox Holding AG | 13,496 | 988 | |||
* | Implenia AG (Registered) | 23,196 | 473 | |||
101,633 | ||||||
Taiwan (3.8%) | ||||||
ASPEED Technology Inc. | 158,000 | 15,850 | ||||
Voltronic Power Technology Corp. | 197,252 | 11,552 | ||||
Chroma ATE Inc. | 1,633,694 | 10,668 | ||||
Airtac International Group | 347,983 | 10,412 | ||||
Giant Manufacturing Co. Ltd. | 728,000 | 8,455 | ||||
Nien Made Enterprise Co. Ltd. | 578,000 | 7,943 | ||||
Vanguard International Semiconductor Corp. | 1,509,000 | 7,863 | ||||
Accton Technology Corp. | 729,503 | 6,378 | ||||
Global Unichip Corp. | 266,000 | 5,741 | ||||
Delta Electronics Inc. | 509,000 | 4,493 | ||||
Realtek Semiconductor Corp. | 220,248 | 3,962 | ||||
momo.com Inc. | 42,410 | 2,733 | ||||
Chang Wah Technology Co. Ltd. | 711,000 | 2,668 | ||||
Parade Technologies Ltd. | 40,000 | 2,577 | ||||
Advanced Wireless Semiconductor Co. | 277,000 | 1,597 | ||||
TCI Co. Ltd. | 158,000 | 1,284 | ||||
Hiwin Technologies Corp. | 113,140 | 1,260 | ||||
ASMedia Technology Inc. | 18,000 | 1,055 | ||||
Formosa Sumco Technology Corp. | 163,015 | 927 | ||||
107,418 | ||||||
Turkey (0.1%) | ||||||
* | D-MARKET Elektronik Hizmetler ve Ticaret A/S ADR | 495,311 | 2,254 | |||
United Kingdom (16.5%) | ||||||
Rotork plc | 4,247,057 | 20,531 | ||||
Spectris plc | 342,299 | 17,612 | ||||
Electrocomponents plc | 848,300 | 13,052 | ||||
Safestore Holdings plc | 764,563 | 12,568 | ||||
St. James's Place plc | 579,800 | 12,525 | ||||
Future plc | 256,700 | 12,384 | ||||
Bodycote plc | 1,052,700 | 11,531 | ||||
Intermediate Capital Group plc | 366,439 | 10,991 | ||||
HomeServe plc | 885,200 | 10,340 | ||||
Keywords Studios plc | 261,285 | 10,102 | ||||
Grafton Group plc | 518,377 | 9,521 | ||||
3 | Auto Trader Group plc | 1,087,200 | 9,013 | |||
Savills plc | 450,804 | 8,768 |
Shares | Market Value• ($000) | |||||
Dechra Pharmaceuticals plc | 125,000 | 8,739 | ||||
Spirent Communications plc | 2,187,500 | 8,589 | ||||
Genuit Group plc | 923,878 | 8,383 | ||||
Workspace Group plc | 738,373 | 8,301 | ||||
RWS Holdings plc | 966,000 | 8,205 | ||||
Dunelm Group plc | 450,000 | 7,890 | ||||
IMI plc | 348,608 | 7,785 | ||||
Segro plc | 435,000 | 7,688 | ||||
Cranswick plc | 161,560 | 7,636 | ||||
Lancashire Holdings Ltd. | 1,104,883 | 7,626 | ||||
* | Abcam plc | 297,404 | 6,767 | |||
UNITE Group plc | 447,971 | 6,689 | ||||
Pets at Home Group plc | 1,000,000 | 6,599 | ||||
Halma plc | 160,000 | 6,488 | ||||
Softcat plc | 232,340 | 6,175 | ||||
QinetiQ Group plc | 1,634,235 | 6,030 | ||||
*,3 | Network International Holdings plc | 1,329,702 | 5,865 | |||
3 | Avast plc | 757,000 | 5,793 | |||
* | SSP Group plc | 1,564,504 | 5,512 | |||
Howden Joinery Group plc | 437,400 | 5,506 | ||||
LondonMetric Property plc | 1,510,000 | 5,401 | ||||
* | Beazley plc | 982,208 | 5,224 | |||
* | Restaurant Group plc | 4,327,227 | 5,219 | |||
Vistry Group plc | 300,000 | 5,024 | ||||
AJ Bell plc | 875,432 | 4,907 | ||||
Telecom Plus plc | 285,000 | 4,867 | ||||
* | Victoria plc | 326,318 | 4,829 | |||
3 | ConvaTec Group plc | 1,633,818 | 4,781 | |||
*,3 | Petershill Partners plc | 1,142,857 | 4,694 | |||
* | easyJet plc | 542,174 | 4,622 | |||
Melrose Industries plc | 2,113,160 | 4,559 | ||||
Keller Group plc | 350,520 | 4,414 | ||||
IG Group Holdings plc | 400,000 | 4,340 | ||||
Redrow plc | 489,990 | 4,314 | ||||
Weir Group plc | 180,000 | 4,270 | ||||
Games Workshop Group plc | 30,951 | 4,088 | ||||
* | Allfunds Group plc | 199,637 | 4,030 | |||
B&M European Value Retail SA | 441,572 | 3,826 | ||||
Renishaw plc | 54,000 | 3,716 | ||||
Ninety One plc | 1,031,042 | 3,661 | ||||
* | IWG plc | 835,000 | 3,542 | |||
* | Naked Wines plc | 338,630 | 3,445 | |||
Pennon Group plc | 211,287 | 3,370 | ||||
Smart Metering Systems plc | 297,668 | 3,319 | ||||
*,3 | Trainline plc | 742,771 | 3,227 | |||
* | Hyve Group plc | 2,163,772 | 3,219 | |||
*,3 | Bridgepoint Group plc | 456,087 | 3,100 |
Shares | Market Value• ($000) | |||||
Synthomer plc | 434,656 | 3,012 | ||||
Grainger plc | 700,000 | 2,944 | ||||
* | FD Technologies plc | 96,821 | 2,765 | |||
NCC Group plc | 780,000 | 2,652 | ||||
Tate & Lyle plc | 299,080 | 2,650 | ||||
* | Draper Esprit plc | 199,886 | 2,638 | |||
Alpha FX Group plc | 91,306 | 2,619 | ||||
Greggs plc | 59,862 | 2,502 | ||||
FDM Group Holdings plc | 152,222 | 2,501 | ||||
* | Team17 Group plc | 246,699 | 2,393 | |||
Conduit Holdings Ltd. | 387,200 | 2,322 | ||||
* | Meggitt plc | 222,633 | 2,286 | |||
* | National Express Group plc | 557,171 | 1,743 | |||
* | Hotel Chocolat Group plc | 234,940 | 1,700 | |||
* | Wise plc Class A | 150,000 | 1,678 | |||
Travis Perkins plc | 76,114 | 1,609 | ||||
Ultra Electronics Holdings plc | 29,350 | 1,301 | ||||
Burford Capital Ltd. | 120,439 | 1,235 | ||||
dotdigital group plc | 354,587 | 1,167 | ||||
Balfour Beatty plc | 325,579 | 1,133 | ||||
Centamin plc | 872,547 | 1,115 | ||||
* | Immunocore Holdings plc ADR | 28,572 | 1,101 | |||
Subsea 7 SA | 99,540 | 893 | ||||
Marshalls plc | 88,937 | 861 | ||||
Britvic plc | 67,717 | 822 | ||||
Domino's Pizza Group plc | 155,161 | 822 | ||||
Ferrexpo plc | 156,330 | 667 | ||||
Cairn Energy plc | 190,170 | 475 | ||||
* | Oxford Nanopore Technologies plc | 43,500 | 332 | |||
465,150 | ||||||
United States (0.3%) | ||||||
Patria Investments Ltd. Class A | 337,823 | 5,797 | ||||
* | GQG Partners Inc. | 1,555,510 | 2,340 | |||
8,137 | ||||||
Total Common Stocks (Cost $2,033,517) | 2,700,251 | |||||
Temporary Cash Investments (4.6%) | ||||||
Money Market Fund (4.5%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 0.070% | 1,255,623 | 125,562 |
Face Amount ($000) | Market Value• | |||||
Repurchase Agreements (0.1%) | ||||||
Goldman Sachs & Co. 0.050%, 11/1/21 (Dated 10/29/21, Repurchase Value $3,900,000, collateralized by Ginnie Mae 4.000%, 1/15/41–7/15/47, with a value of $3,978,000) | 3,900 | 3,900 | ||||
Total Temporary Cash Investments (Cost $129,456) | 129,462 | |||||
Total Investments (100.5%) (Cost $2,162,973) | 2,829,713 | |||||
Other Assets and Liabilities—Net (-0.5%) | (14,734) | |||||
Net Assets (100%) | 2,814,979 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $26,094,000. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the aggregate value was $180,341,000, representing 6.4% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $29,057,000 was received for securities on loan, of which $28,409,000 is held in Vanguard Market Liquidity Fund and $648,000 is held in cash. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | December 2021 | 379 | 44,336 | (254) |
MSCI Emerging Market Index | December 2021 | 282 | 17,794 | (245) |
(499) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,037,417) | 2,704,151 |
Affiliated Issuers (Cost $125,556) | 125,562 |
Total Investments in Securities | 2,829,713 |
Investment in Vanguard | 94 |
Cash | 8,136 |
Foreign Currency, at Value (Cost $8,694) | 8,694 |
Cash Collateral Pledged—Futures Contracts | 3,550 |
Receivables for Investment Securities Sold | 7,056 |
Receivables for Accrued Income | 7,171 |
Receivables for Capital Shares Issued | 750 |
Total Assets | 2,865,164 |
Liabilities | |
Payables for Investment Securities Purchased | 16,470 |
Collateral for Securities on Loan | 29,057 |
Payables for Capital Shares Redeemed | 2,250 |
Payables to Investment Advisor | 1,625 |
Payables to Vanguard | 223 |
Variation Margin Payable—Futures Contracts | 560 |
Total Liabilities | 50,185 |
Net Assets | 2,814,979 |
At October 31, 2021, net assets consisted of: | |
Paid-in Capital | 2,051,479 |
Total Distributable Earnings (Loss) | 763,500 |
Net Assets | 2,814,979 |
Net Assets | |
Applicable to 123,984,836 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,814,979 |
Net Asset Value Per Share | $22.70 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 46,075 |
Interest2 | 74 |
Securities Lending—Net | 1,186 |
Total Income | 47,335 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 7,396 |
Performance Adjustment | (1,331) |
The Vanguard Group—Note C | |
Management and Administrative | 4,265 |
Marketing and Distribution | 161 |
Custodian Fees | 259 |
Auditing Fees | 40 |
Shareholders’ Reports | 290 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 11,082 |
Net Investment Income | 36,253 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 349,800 |
Futures Contracts | 11,367 |
Foreign Currencies | (1,219) |
Realized Net Gain (Loss) | 359,948 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 409,265 |
Futures Contracts | 1,765 |
Foreign Currencies | 344 |
Change in Unrealized Appreciation (Depreciation) | 411,374 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 807,575 |
1 | Dividends are net of foreign withholding taxes of $3,769,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $70,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 36,253 | 34,127 |
Realized Net Gain (Loss) | 359,948 | (78,073) |
Change in Unrealized Appreciation (Depreciation) | 411,374 | 2,216 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 807,575 | (41,730) |
Distributions | ||
Total Distributions | (29,013) | (80,592) |
Capital Share Transactions | ||
Issued | 270,839 | 364,525 |
Issued in Lieu of Cash Distributions | 25,535 | 72,030 |
Redeemed | (588,908) | (1,147,784) |
Net Increase (Decrease) from Capital Share Transactions | (292,534) | (711,229) |
Total Increase (Decrease) | 486,028 | (833,551) |
Net Assets | ||
Beginning of Period | 2,328,951 | 3,162,502 |
End of Period | 2,814,979 | 2,328,951 |
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $16.90 | $17.22 | $17.86 | $21.87 | $16.82 |
Investment Operations | |||||
Net Investment Income1 | .280 | .211 | .379 | .369 | .333 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.736 | (.081) | .300 | (3.032) | 5.035 |
Total from Investment Operations | 6.016 | .130 | .679 | (2.663) | 5.368 |
Distributions | |||||
Dividends from Net Investment Income | (.216) | (.450) | (.289) | (.447) | (.318) |
Distributions from Realized Capital Gains | — | — | (1.030) | (.900) | — |
Total Distributions | (.216) | (.450) | (1.319) | (1.347) | (.318) |
Net Asset Value, End of Period | $22.70 | $16.90 | $17.22 | $17.86 | $21.87 |
Total Return2 | 35.79% | 0.62% | 4.85% | -13.08% | 32.58% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,815 | $2,329 | $3,163 | $3,649 | $3,980 |
Ratio of Total Expenses to Average Net Assets3 | 0.40% | 0.39% | 0.39% | 0.39% | 0.38% |
Ratio of Net Investment Income to Average Net Assets | 1.30% | 1.29% | 2.28% | 1.75% | 1.68% |
Portfolio Turnover Rate | 51% | 71% | 35% | 40% | 43% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.05%), (0.04%), (0.03%), (0.01%), and (0.01%). |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 117,833 | 2,579,535 | 2,883 | 2,700,251 |
Temporary Cash Investments | 125,562 | 3,900 | — | 129,462 |
Total | 243,395 | 2,583,435 | 2,883 | 2,829,713 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 499 | — | — | 499 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 1,488 |
Total Distributable Earnings (Loss) | (1,488) |
Amount ($000) | |
Undistributed Ordinary Income | 83,669 |
Undistributed Long-Term Gains | 33,045 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 646,786 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 29,013 | 80,592 |
Long-Term Capital Gains | — | — |
Total | 29,013 | 80,592 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,183,308 |
Gross Unrealized Appreciation | 781,866 |
Gross Unrealized Depreciation | (135,461) |
Net Unrealized Appreciation (Depreciation) | 646,405 |
Year Ended October 31, | ||||
2021 Shares (000) | 2020 Shares (000) | |||
Issued | 12,684 | 23,379 | ||
Issued in Lieu of Cash Distributions | 1,290 | 4,035 | ||
Redeemed | (27,817) | (73,281) | ||
Net Increase (Decrease) in Shares Outstanding | (13,843) | (45,867) |
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December 17, 2021
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• | For the 12 months ended October 31, 2021, Vanguard High Dividend Yield Index Fund returned 40.50% for Admiral Shares and 40.55% for ETF shares (ETF returns are based on net asset value). The fund’s benchmark, the FTSE High Dividend Yield Index, returned 40.61%. |
• | During the period, the global economy continued to recover from the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus, whether through vaccinations, lockdowns, or both, generally fared better economically. Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. Even amid concerns toward the end of the fiscal year about inflation and the prospect of less accommodative monetary policy, stock returns were excellent. |
• | Financial and energy stocks contributed most to the fund’s performance. |
• | For the past decade, the fund’s ETF Shares posted an average annual return of 13.00%, slightly behind the 13.06% average of their benchmark. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2021 | |||
Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,061.70 | $0.31 |
Admiral™ Shares | 1,000.00 | 1,061.60 | 0.42 |
Based on Hypothetical 5% Yearly Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.90 | $0.31 |
Admiral Shares | 1,000.00 | 1,024.80 | 0.41 |
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Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | High Dividend Yield Index Fund ETF Shares Net Asset Value | 40.55% | 12.30% | 13.00% | $33,944 |
High Dividend Yield Index Fund ETF Shares Market Price | 40.49 | 12.29 | 12.99 | 33,916 | |
![]() | FTSE High Dividend Yield Index | 40.61 | 12.34 | 13.06 | 34,135 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 44.07 | 18.87 | 16.04 | 44,284 |
One Year | Since Inception (2/7/2019) | Final Value of a $10,000 Investment | ||
High Dividend Yield Index Fund Admiral Shares | 40.50% | 13.92% | $14,272 | |
FTSE High Dividend Yield Index | 40.61 | 13.98 | 14,292 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 44.07 | 23.64 | 17,844 |
Cumulative Returns of ETF Shares: October 31, 2011, Through October 31, 2021 | |||
One Year | Five Years | Ten Years | |
High Dividend Yield Index Fund ETF Shares Market Price | 40.49% | 78.50% | 239.16% |
High Dividend Yield Index Fund ETF Shares Net Asset Value | 40.55 | 78.57 | 239.44 |
FTSE High Dividend Yield Index | 40.61 | 78.91 | 241.35 |
Basic Materials | 4.3% |
Consumer Discretionary | 8.7 |
Consumer Staples | 12.5 |
Energy | 7.4 |
Financials | 23.0 |
Health Care | 12.3 |
Industrials | 10.0 |
Real Estate | 0.0 |
Technology | 7.3 |
Telecommunications | 6.6 |
Utilities | 7.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.6%) | ||||||
Basic Materials (4.3%) | ||||||
Linde plc | 1,931,471 | 616,526 | ||||
Air Products and Chemicals Inc. | 826,665 | 247,842 | ||||
Newmont Corp. | 2,994,332 | 161,694 | ||||
Dow Inc. | 2,794,478 | 156,407 | ||||
International Flavors & Fragrances Inc. | 930,165 | 137,153 | ||||
Nucor Corp. | 1,098,582 | 122,657 | ||||
Fastenal Co. | 2,145,923 | 122,489 | ||||
LyondellBasell Industries NV Class A | 984,938 | 91,422 | ||||
International Paper Co. | 1,468,092 | 72,920 | ||||
Celanese Corp. | 413,338 | 66,758 | ||||
Eastman Chemical Co. | 511,476 | 53,209 | ||||
Steel Dynamics Inc. | 721,787 | 47,696 | ||||
CF Industries Holdings Inc. | 796,372 | 45,234 | ||||
Reliance Steel & Aluminum Co. | 238,226 | 34,819 | ||||
Olin Corp. | 534,544 | 30,458 | ||||
Huntsman Corp. | 780,239 | 25,420 | ||||
Scotts Miracle-Gro Co. | 152,246 | 22,602 | ||||
Southern Copper Corp. | 314,020 | 18,838 | ||||
Avient Corp. | 334,822 | 18,040 | ||||
Chemours Co. | 614,177 | 17,209 | ||||
Timken Co. | 237,494 | 16,850 | ||||
Sensient Technologies Corp. | 157,352 | 15,043 | ||||
Commercial Metals Co. | 441,727 | 14,215 | ||||
Cabot Corp. | 216,921 | 11,573 | ||||
Tronox Holdings plc Class A | 423,485 | 9,876 | ||||
Compass Minerals International Inc. | 124,861 | 8,191 | ||||
Worthington Industries Inc. | 123,031 | 6,683 | ||||
Kaiser Aluminum Corp. | 59,452 | 5,775 | ||||
Carpenter Technology Corp. | 176,636 | 5,455 |
Shares | Market Value• ($000) | |||||
Schweitzer-Mauduit International Inc. | 113,339 | 3,949 | ||||
* | Sylvamo Corp. | 132,475 | 3,730 | |||
2,210,733 | ||||||
Consumer Discretionary (8.6%) | ||||||
Home Depot Inc. | 3,977,896 | 1,478,743 | ||||
Walmart Inc. | 5,364,412 | 801,550 | ||||
McDonald's Corp. | 2,794,116 | 686,095 | ||||
Target Corp. | 1,858,533 | 482,512 | ||||
Best Buy Co. Inc. | 934,868 | 114,278 | ||||
VF Corp. | 1,212,760 | 88,386 | ||||
Garmin Ltd. | 566,152 | 81,299 | ||||
ViacomCBS Inc. Class B | 2,182,003 | 79,032 | ||||
Genuine Parts Co. | 525,901 | 68,951 | ||||
Omnicom Group Inc. | 793,251 | 54,005 | ||||
Interpublic Group of Cos. Inc. | 1,471,191 | 53,801 | ||||
Williams-Sonoma Inc. | 278,500 | 51,726 | ||||
Whirlpool Corp. | 230,346 | 48,564 | ||||
Hasbro Inc. | 476,350 | 45,615 | ||||
Newell Brands Inc. | 1,416,870 | 32,432 | ||||
Nielsen Holdings plc | 1,326,133 | 26,854 | ||||
Polaris Inc. | 215,059 | 24,721 | ||||
Leggett & Platt Inc. | 507,983 | 23,799 | ||||
Hanesbrands Inc. | 1,286,003 | 21,914 | ||||
Travel + Leisure Co. | 313,521 | 17,037 | ||||
TEGNA Inc. | 813,799 | 15,999 | ||||
Foot Locker Inc. | 334,240 | 15,933 | ||||
H&R Block Inc. | 663,709 | 15,312 | ||||
Rent-A-Center Inc. | 242,058 | 12,892 | ||||
LCI Industries | 91,895 | 12,832 | ||||
Penske Automotive Group Inc. | 117,324 | 12,442 | ||||
MDC Holdings Inc. | 210,406 | 10,306 | ||||
Kontoor Brands Inc. | 191,540 | 10,152 | ||||
John Wiley & Sons Inc. Class A | 158,500 | 8,586 | ||||
HNI Corp. | 161,019 | 6,022 | ||||
Big Lots Inc. | 128,011 | 5,665 |
Shares | Market Value• ($000) | |||||
Sinclair Broadcast Group Inc. Class A | 169,068 | 4,418 | ||||
Steelcase Inc. Class A | 331,653 | 3,947 | ||||
4,415,820 | ||||||
Consumer Staples (12.5%) | ||||||
Procter & Gamble Co. | 9,101,704 | 1,301,453 | ||||
PepsiCo Inc. | 5,167,226 | 835,024 | ||||
Coca-Cola Co. | 14,522,913 | 818,657 | ||||
Philip Morris International Inc. | 5,821,835 | 550,396 | ||||
CVS Health Corp. | 4,919,884 | 439,247 | ||||
Mondelez International Inc. Class A | 5,210,830 | 316,506 | ||||
Altria Group Inc. | 6,936,835 | 305,984 | ||||
Colgate-Palmolive Co. | 3,124,491 | 238,055 | ||||
Kimberly-Clark Corp. | 1,261,077 | 163,297 | ||||
General Mills Inc. | 2,284,555 | 141,186 | ||||
Sysco Corp. | 1,823,089 | 140,196 | ||||
Archer-Daniels-Midland Co. | 2,080,369 | 133,643 | ||||
Walgreens Boots Alliance Inc. | 2,683,752 | 126,190 | ||||
Kroger Co. | 2,796,162 | 111,902 | ||||
Hershey Co. | 547,106 | 95,935 | ||||
Kraft Heinz Co. | 2,482,588 | 89,100 | ||||
Tyson Foods Inc. Class A | 1,074,482 | 85,926 | ||||
Clorox Co. | 464,672 | 75,746 | ||||
Kellogg Co. | 937,831 | 57,489 | ||||
Conagra Brands Inc. | 1,744,163 | 56,162 | ||||
J M Smucker Co. | 390,139 | 47,932 | ||||
Bunge Ltd. | 511,614 | 47,396 | ||||
Hormel Foods Corp. | 1,054,226 | 44,615 | ||||
Coca-Cola Europacific Partners plc | 749,452 | 39,459 | ||||
Campbell Soup Co. | 726,887 | 29,039 | ||||
Ingredion Inc. | 253,372 | 24,129 | ||||
Flowers Foods Inc. | 693,747 | 17,170 | ||||
Spectrum Brands Holdings Inc. | 156,546 | 14,676 | ||||
Energizer Holdings Inc. | 248,592 | 9,066 | ||||
Medifast Inc. | 42,768 | 8,394 | ||||
Nu Skin Enterprises Inc. Class A | 186,325 | 7,481 | ||||
Vector Group Ltd. | 528,059 | 7,002 | ||||
1 | B&G Foods Inc. | 233,230 | 6,866 | |||
Reynolds Consumer Products Inc. | 201,346 | 5,432 | ||||
Universal Corp. | 88,905 | 4,179 | ||||
Weis Markets Inc. | 60,702 | 3,418 | ||||
6,398,348 | ||||||
Energy (7.4%) | ||||||
Exxon Mobil Corp. | 15,841,662 | 1,021,312 | ||||
Chevron Corp. | 7,236,757 | 828,536 |
Shares | Market Value• ($000) | |||||
ConocoPhillips | 5,053,576 | 376,441 | ||||
EOG Resources Inc. | 2,178,698 | 201,442 | ||||
Schlumberger NV | 5,226,539 | 168,608 | ||||
Marathon Petroleum Corp. | 2,382,394 | 157,071 | ||||
Williams Cos. Inc. | 4,540,716 | 127,549 | ||||
Phillips 66 | 1,637,473 | 122,450 | ||||
Kinder Morgan Inc. | 7,268,815 | 121,753 | ||||
Valero Energy Corp. | 1,526,878 | 118,073 | ||||
ONEOK Inc. | 1,659,266 | 105,563 | ||||
Devon Energy Corp. | 2,521,594 | 101,066 | ||||
Diamondback Energy Inc. | 676,381 | 72,501 | ||||
Baker Hughes Co. | 2,758,843 | 69,192 | ||||
Coterra Energy Inc. | 2,964,888 | 63,211 | ||||
Ovintiv Inc. | 971,642 | 36,456 | ||||
DT Midstream Inc. | 355,059 | 17,029 | ||||
Equitrans Midstream Corp. | 1,498,395 | 15,448 | ||||
Murphy Oil Corp. | 545,829 | 15,190 | ||||
Antero Midstream Corp. | 1,236,532 | 13,157 | ||||
Helmerich & Payne Inc. | 392,773 | 12,192 | ||||
Archrock Inc. | 500,678 | 4,101 | ||||
3,768,341 | ||||||
Financials (22.9%) | ||||||
JPMorgan Chase & Co. | 11,103,731 | 1,886,413 | ||||
Bank of America Corp. | 27,700,479 | 1,323,529 | ||||
Wells Fargo & Co. | 15,474,084 | 791,654 | ||||
Citigroup Inc. | 7,583,378 | 524,466 | ||||
Morgan Stanley | 5,089,414 | 523,090 | ||||
BlackRock Inc. | 434,290 | 409,735 | ||||
PNC Financial Services Group Inc. | 1,586,863 | 334,876 | ||||
Truist Financial Corp. | 5,027,029 | 319,066 | ||||
Chubb Ltd. | 1,632,204 | 318,900 | ||||
US Bancorp | 5,020,813 | 303,106 | ||||
CME Group Inc. | 1,339,803 | 295,494 | ||||
Progressive Corp. | 2,185,012 | 207,314 | ||||
American International Group Inc. | 3,208,051 | 189,564 | ||||
T. Rowe Price Group Inc. | 844,105 | 183,069 | ||||
Bank of New York Mellon Corp. | 2,965,552 | 175,561 | ||||
MetLife Inc. | 2,709,963 | 170,186 | ||||
Prudential Financial Inc. | 1,442,130 | 158,706 | ||||
Travelers Cos. Inc. | 938,624 | 151,006 | ||||
State Street Corp. | 1,363,154 | 134,339 | ||||
Aflac Inc. | 2,474,556 | 132,809 | ||||
Ameriprise Financial Inc. | 424,972 | 128,397 | ||||
Arthur J Gallagher & Co. | 765,312 | 128,320 | ||||
Discover Financial Services | 1,117,262 | 126,608 |
Shares | Market Value• ($000) | |||||
Fifth Third Bancorp | 2,576,874 | 112,171 | ||||
Northern Trust Corp. | 769,358 | 94,662 | ||||
Hartford Financial Services Group Inc. | 1,296,602 | 94,561 | ||||
Huntington Bancshares Inc. | 5,490,769 | 86,425 | ||||
Regions Financial Corp. | 3,578,698 | 84,744 | ||||
KeyCorp | 3,578,930 | 83,282 | ||||
Citizens Financial Group Inc. | 1,597,322 | 75,681 | ||||
M&T Bank Corp. | 484,878 | 71,335 | ||||
Cincinnati Financial Corp. | 560,547 | 68,073 | ||||
Principal Financial Group Inc. | 993,742 | 66,670 | ||||
Ally Financial Inc. | 1,359,398 | 64,898 | ||||
Apollo Global Management Inc. | 673,975 | 51,862 | ||||
Lincoln National Corp. | 702,244 | 50,667 | ||||
Fidelity National Financial Inc. | 1,024,931 | 49,104 | ||||
Equitable Holdings Inc. | 1,372,629 | 45,983 | ||||
Ares Management Corp. Class A | 511,317 | 43,329 | ||||
Comerica Inc. | 497,649 | 42,345 | ||||
East West Bancorp Inc. | 524,732 | 41,706 | ||||
Everest Re Group Ltd. | 147,672 | 38,616 | ||||
Zions Bancorp NA | 593,568 | 37,389 | ||||
Assurant Inc. | 218,148 | 35,189 | ||||
Jefferies Financial Group Inc. | 813,380 | 34,975 | ||||
American Financial Group Inc. | 254,910 | 34,678 | ||||
First Horizon Corp. | 2,034,843 | 34,531 | ||||
Carlyle Group Inc. | 604,746 | 33,956 | ||||
Franklin Resources Inc. | 1,077,669 | 33,936 | ||||
Credicorp Ltd. | 252,843 | 32,784 | ||||
Invesco Ltd. | 1,239,998 | 31,508 | ||||
Reinsurance Group of America Inc. | 252,372 | 29,800 | ||||
Janus Henderson Group plc | 637,801 | 29,658 | ||||
First American Financial Corp. | 397,490 | 29,072 | ||||
Cullen/Frost Bankers Inc. | 213,188 | 27,608 | ||||
People's United Financial Inc. | 1,588,338 | 27,224 | ||||
Old Republic International Corp. | 1,039,538 | 26,851 | ||||
Synovus Financial Corp. | 542,811 | 25,290 | ||||
Prosperity Bancshares Inc. | 331,412 | 24,959 | ||||
Popular Inc. | 294,420 | 23,978 | ||||
Glacier Bancorp Inc. | 407,957 | 22,556 | ||||
Evercore Inc. Class A | 143,972 | 21,861 |
Shares | Market Value• ($000) | |||||
Houlihan Lokey Inc. Class A | 188,040 | 21,076 | ||||
Bank OZK | 467,696 | 20,892 | ||||
New York Community Bancorp Inc. | 1,672,523 | 20,789 | ||||
MGIC Investment Corp. | 1,283,385 | 20,740 | ||||
OneMain Holdings Inc. | 390,022 | 20,597 | ||||
PacWest Bancorp | 431,028 | 20,461 | ||||
Cadence Bank | 697,827 | 20,251 | ||||
SouthState Corp. | 257,976 | 20,145 | ||||
Valley National Bancorp | 1,472,718 | 19,528 | ||||
Unum Group | 757,629 | 19,297 | ||||
Webster Financial Corp. | 333,326 | 18,653 | ||||
Lazard Ltd. Class A | 371,638 | 18,207 | ||||
CIT Group Inc. | 366,790 | 18,167 | ||||
United Bankshares Inc. | 459,492 | 16,997 | ||||
Umpqua Holdings Corp. | 818,704 | 16,742 | ||||
Hanover Insurance Group Inc. | 132,728 | 16,724 | ||||
RLI Corp. | 151,879 | 16,450 | ||||
Moelis & Co. Class A | 224,765 | 16,349 | ||||
Hancock Whitney Corp. | 319,643 | 15,816 | ||||
Axis Capital Holdings Ltd. | 286,546 | 14,920 | ||||
Assured Guaranty Ltd. | 261,836 | 14,553 | ||||
Pacific Premier Bancorp Inc. | 344,305 | 14,457 | ||||
Community Bank System Inc. | 197,119 | 14,128 | ||||
Walker & Dunlop Inc. | 107,604 | 13,996 | ||||
BankUnited Inc. | 344,062 | 13,955 | ||||
FNB Corp. | 1,184,038 | 13,794 | ||||
Home BancShares Inc. | 569,900 | 13,541 | ||||
First Hawaiian Inc. | 484,753 | 13,374 | ||||
Investors Bancorp Inc. | 842,200 | 12,886 | ||||
Bank of Hawaii Corp. | 147,716 | 12,482 | ||||
Associated Banc-Corp | 556,622 | 12,402 | ||||
Navient Corp. | 610,098 | 12,019 | ||||
Simmons First National Corp. Class A | 394,944 | 11,805 | ||||
Cathay General Bancorp | 277,274 | 11,698 | ||||
BOK Financial Corp. | 115,104 | 11,645 | ||||
Federated Hermes Inc. Class B | 347,360 | 11,571 | ||||
CNO Financial Group Inc. | 472,747 | 11,412 | ||||
United Community Banks Inc. | 320,052 | 11,151 | ||||
Artisan Partners Asset Management Inc. Class A | 214,409 | 10,622 | ||||
Old National Bancorp | 611,920 | 10,452 | ||||
First Bancorp | 758,873 | 10,359 | ||||
Atlantic Union Bankshares Corp. | 283,590 | 10,172 |
Shares | Market Value• ($000) | |||||
Independent Bank Group Inc. | 138,006 | 9,976 | ||||
Columbia Banking System Inc. | 289,798 | 9,891 | ||||
CVB Financial Corp. | 484,717 | 9,704 | ||||
Fulton Financial Corp. | 595,487 | 9,587 | ||||
Washington Federal Inc. | 251,775 | 8,903 | ||||
Cohen & Steers Inc. | 92,501 | 8,777 | ||||
Virtu Financial Inc. Class A | 344,166 | 8,563 | ||||
First Merchants Corp. | 203,524 | 8,463 | ||||
First Financial Bancorp | 353,993 | 8,418 | ||||
WesBanco Inc. | 238,041 | 8,277 | ||||
Sandy Spring Bancorp Inc. | 173,871 | 8,252 | ||||
First Midwest Bancorp Inc. | 416,196 | 8,012 | ||||
Towne Bank | 252,772 | 7,967 | ||||
Renasant Corp. | 204,824 | 7,662 | ||||
Banner Corp. | 126,988 | 7,335 | ||||
Trustmark Corp. | 229,779 | 7,309 | ||||
Provident Financial Services Inc. | 279,215 | 6,913 | ||||
Bank of NT Butterfield & Son Ltd. | 183,133 | 6,574 | ||||
Argo Group International Holdings Ltd. | 118,184 | 6,512 | ||||
Hope Bancorp Inc. | 442,100 | 6,450 | ||||
Northwest Bancshares Inc. | 450,825 | 6,221 | ||||
Horace Mann Educators Corp. | 157,239 | 6,161 | ||||
Capitol Federal Financial Inc. | 475,900 | 5,773 | ||||
NBT Bancorp Inc. | 155,118 | 5,691 | ||||
Stock Yards Bancorp Inc. | 89,292 | 5,469 | ||||
Mercury General Corp. | 99,899 | 5,443 | ||||
Westamerica Bancorp | 96,039 | 5,355 | ||||
First Commonwealth Financial Corp. | 349,249 | 5,344 | ||||
American National Group Inc. | 27,518 | 5,220 | ||||
Berkshire Hills Bancorp Inc. | 177,366 | 4,815 | ||||
CNA Financial Corp. | 102,797 | 4,611 | ||||
City Holding Co. | 57,109 | 4,545 | ||||
Brookline Bancorp Inc. | 283,105 | 4,544 | ||||
S&T Bancorp Inc. | 141,477 | 4,324 | ||||
BancFirst Corp. | 63,130 | 4,104 | ||||
Safety Insurance Group Inc. | 52,322 | 4,103 | ||||
Employers Holdings Inc. | 104,929 | 4,050 | ||||
Kearny Financial Corp. | 274,358 | 3,682 |
Shares | Market Value• ($000) | |||||
TFS Financial Corp. | 179,619 | 3,495 | ||||
Washington Trust Bancorp Inc. | 62,341 | 3,408 | ||||
State Auto Financial Corp. | 63,612 | 3,264 | ||||
WisdomTree Investments Inc. | 508,115 | 3,247 | ||||
1st Source Corp. | 64,509 | 3,114 | ||||
Community Trust Bancorp Inc. | 57,392 | 2,507 | ||||
Republic Bancorp Inc. Class A | 35,735 | 1,930 | ||||
11,699,365 | ||||||
Health Care (12.3%) | ||||||
Johnson & Johnson | 9,853,392 | 1,604,920 | ||||
Pfizer Inc. | 20,885,096 | 913,514 | ||||
Merck & Co. Inc. | 9,478,121 | 834,549 | ||||
Eli Lilly & Co. | 3,170,770 | 807,785 | ||||
AbbVie Inc. | 6,609,688 | 757,933 | ||||
Bristol-Myers Squibb Co. | 8,350,863 | 487,690 | ||||
Amgen Inc. | 2,123,231 | 439,445 | ||||
Gilead Sciences Inc. | 4,692,687 | 304,462 | ||||
Cardinal Health Inc. | 1,090,519 | 52,138 | ||||
Organon & Co. | 954,836 | 35,090 | ||||
Perrigo Co. plc | 495,028 | 22,351 | ||||
Patterson Cos. Inc. | 316,767 | 9,902 | ||||
Healthcare Services Group Inc. | 272,860 | 5,236 | ||||
6,275,015 | ||||||
Industrials (9.9%) | ||||||
United Parcel Service Inc. Class B | 2,708,390 | 578,160 | ||||
Raytheon Technologies Corp. | 5,669,733 | 503,812 | ||||
Caterpillar Inc. | 2,048,771 | 417,970 | ||||
3M Co. | 2,163,959 | 386,656 | ||||
Automatic Data Processing Inc. | 1,589,682 | 356,868 | ||||
Lockheed Martin Corp. | 926,005 | 307,730 | ||||
Illinois Tool Works Inc. | 1,175,628 | 267,890 | ||||
Eaton Corp. plc | 1,488,454 | 245,238 | ||||
Emerson Electric Co. | 2,236,446 | 216,958 | ||||
Johnson Controls International plc | 2,676,134 | 196,348 | ||||
General Dynamics Corp. | 931,968 | 188,957 | ||||
L3Harris Technologies Inc. | 747,999 | 172,444 | ||||
Paychex Inc. | 1,202,879 | 148,291 | ||||
DuPont de Nemours Inc. | 1,955,555 | 136,107 | ||||
Cummins Inc. | 536,199 | 128,602 | ||||
PACCAR Inc. | 1,273,344 | 114,117 | ||||
Synchrony Financial | 2,123,717 | 98,647 |
Shares | Market Value• ($000) | |||||
Packaging Corp. of America | 348,846 | 47,921 | ||||
CH Robinson Worldwide Inc. | 491,372 | 47,658 | ||||
Westrock Co. | 989,972 | 47,618 | ||||
RPM International Inc. | 474,099 | 41,341 | ||||
Snap-on Inc. | 198,720 | 40,386 | ||||
Hubbell Inc. Class B | 201,986 | 40,270 | ||||
Watsco Inc. | 121,816 | 35,275 | ||||
Huntington Ingalls Industries Inc. | 146,932 | 29,788 | ||||
Western Union Co. | 1,521,344 | 27,719 | ||||
MDU Resources Group Inc. | 754,687 | 23,192 | ||||
nVent Electric plc | 622,682 | 22,074 | ||||
Sonoco Products Co. | 364,425 | 21,118 | ||||
ManpowerGroup Inc. | 201,473 | 19,472 | ||||
Crane Co. | 182,340 | 18,832 | ||||
Ryder System Inc. | 195,243 | 16,586 | ||||
Flowserve Corp. | 483,694 | 16,262 | ||||
Triton International Ltd. | 245,414 | 15,262 | ||||
MSC Industrial Direct Co. Inc. Class A | 165,935 | 13,950 | ||||
GATX Corp. | 129,932 | 12,324 | ||||
Kennametal Inc. | 309,545 | 12,304 | ||||
ABM Industries Inc. | 249,684 | 10,989 | ||||
Otter Tail Corp. | 152,926 | 9,483 | ||||
Granite Construction Inc. | 180,966 | 6,717 | ||||
McGrath RentCorp | 88,274 | 6,368 | ||||
Greif Inc. Class A | 93,756 | 6,064 | ||||
H&E Equipment Services Inc. | 118,887 | 5,359 | ||||
ADT Inc. | 586,456 | 4,897 | ||||
Greenbrier Cos. Inc. | 116,658 | 4,785 | ||||
Apogee Enterprises Inc. | 92,320 | 3,871 | ||||
Atlas Corp. | 220,192 | 3,083 | ||||
SFL Corp. Ltd. | 385,779 | 3,051 | ||||
Scorpio Tankers Inc. | 182,648 | 2,926 | ||||
5,081,740 | ||||||
Real Estate (0.0%) | ||||||
Kennedy-Wilson Holdings Inc. | 440,964 | 9,864 | ||||
Technology (7.2%) | ||||||
Broadcom Inc. | 1,493,475 | 794,036 | ||||
Intel Corp. | 15,118,783 | 740,820 | ||||
Texas Instruments Inc. | 3,455,664 | 647,868 | ||||
QUALCOMM Inc. | 4,216,803 | 561,004 | ||||
International Business Machines Corp. | 3,343,932 | 418,326 | ||||
HP Inc. | 4,498,448 | 136,438 | ||||
Corning Inc. | 2,847,946 | 101,301 | ||||
NetApp Inc. | 833,132 | 74,399 | ||||
Hewlett Packard Enterprise Co. | 4,874,632 | 71,413 |
Shares | Market Value• ($000) | |||||
Seagate Technology Holdings plc | 727,713 | 64,817 | ||||
NortonLifeLock Inc. | 2,043,809 | 52,015 | ||||
National Instruments Corp. | 492,793 | 20,929 | ||||
Avnet Inc. | 367,082 | 13,990 | ||||
Xerox Holdings Corp. | 527,998 | 9,398 | ||||
3,706,754 | ||||||
Telecommunications (6.6%) | ||||||
Cisco Systems Inc. | 15,808,911 | 884,825 | ||||
Comcast Corp. Class A | 17,061,655 | 877,481 | ||||
Verizon Communications Inc. | 15,494,954 | 821,078 | ||||
AT&T Inc. | 26,726,127 | 675,102 | ||||
Lumen Technologies Inc. | 4,094,228 | 48,558 | ||||
Juniper Networks Inc. | 1,202,852 | 35,508 | ||||
Cogent Communications Holdings Inc. | 157,989 | 12,100 | ||||
Telephone & Data Systems Inc. | 369,390 | 6,922 | ||||
3,361,574 | ||||||
Utilities (7.9%) | ||||||
NextEra Energy Inc. | 7,334,229 | 625,830 | ||||
Duke Energy Corp. | 2,874,147 | 293,192 | ||||
Waste Management Inc. | 1,578,697 | 252,955 | ||||
Southern Co. | 3,954,325 | 246,434 | ||||
Dominion Energy Inc. | 3,006,709 | 228,299 | ||||
Exelon Corp. | 3,655,918 | 194,458 | ||||
American Electric Power Co. Inc. | 1,869,417 | 158,358 | ||||
Sempra Energy | 1,193,724 | 152,355 | ||||
Xcel Energy Inc. | 2,012,816 | 130,008 | ||||
Public Service Enterprise Group Inc. | 1,884,792 | 120,250 | ||||
Eversource Energy | 1,284,519 | 109,056 | ||||
WEC Energy Group Inc. | 1,180,210 | 106,290 | ||||
Consolidated Edison Inc. | 1,325,377 | 99,933 | ||||
Edison International | 1,398,164 | 87,986 | ||||
PPL Corp. | 2,884,232 | 83,066 | ||||
DTE Energy Co. | 722,419 | 81,886 | ||||
Ameren Corp. | 953,052 | 80,333 | ||||
FirstEnergy Corp. | 2,041,635 | 78,664 | ||||
Entergy Corp. | 751,230 | 77,392 | ||||
CMS Energy Corp. | 1,075,217 | 64,889 | ||||
AES Corp. | 2,460,169 | 61,824 | ||||
CenterPoint Energy Inc. | 2,226,928 | 57,989 | ||||
Evergy Inc. | 850,542 | 54,222 | ||||
Alliant Energy Corp. | 930,560 | 52,642 | ||||
Atmos Energy Corp. | 481,691 | 44,373 | ||||
Essential Utilities Inc. | 842,305 | 39,647 | ||||
NRG Energy Inc. | 905,722 | 36,129 | ||||
NiSource Inc. | 1,458,729 | 35,987 |
Shares | Market Value• ($000) | |||||
Vistra Corp. | 1,785,453 | 34,977 | ||||
UGI Corp. | 774,690 | 33,629 | ||||
Pinnacle West Capital Corp. | 420,022 | 27,087 | ||||
OGE Energy Corp. | 740,648 | 25,234 | ||||
IDACORP Inc. | 187,270 | 19,536 | ||||
National Fuel Gas Co. | 331,717 | 19,051 | ||||
Portland General Electric Co. | 331,051 | 16,324 | ||||
Hawaiian Electric Industries Inc. | 401,802 | 16,297 | ||||
PNM Resources Inc. | 317,590 | 15,800 | ||||
Black Hills Corp. | 232,919 | 15,461 | ||||
Southwest Gas Holdings Inc. | 218,995 | 15,165 | ||||
New Jersey Resources Corp. | 355,458 | 13,440 | ||||
ONE Gas Inc. | 194,001 | 13,056 | ||||
ALLETE Inc. | 193,557 | 11,912 | ||||
Spire Inc. | 186,621 | 11,712 | ||||
Avangrid Inc. | 220,454 | 11,618 | ||||
NorthWestern Corp. | 191,504 | 10,889 | ||||
Clearway Energy Inc. Class C | 302,522 | 10,734 | ||||
Avista Corp. | 256,812 | 10,224 | ||||
MGE Energy Inc. | 133,828 | 10,156 | ||||
Covanta Holding Corp. | 447,001 | 9,020 | ||||
Atlantica Sustainable Infrastructure plc | 228,774 | 9,002 | ||||
South Jersey Industries Inc. | 378,956 | 8,625 |
Shares | Market Value• ($000) | |||||
SJW Group | 101,420 | 6,686 | ||||
Northwest Natural Holding Co. | 111,233 | 5,016 | ||||
Clearway Energy Inc. Class A | 132,601 | 4,375 | ||||
4,039,473 | ||||||
Total Common Stocks (Cost $38,990,546) | 50,967,027 | |||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 0.070% (Cost $117,837) | 1,178,367 | 117,837 | |||
Total Investments (99.8%) (Cost $39,108,383) | 51,084,864 | |||||
Other Assets and Liabilities—Net (0.2%) | 99,750 | |||||
Net Assets (100%) | 51,184,614 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,518,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $6,863,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2021 | 525 | 120,671 | 3,706 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
BlackRock Inc. | 1/31/22 | GSI | 90,726 | (0.080) | 3,618 | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $38,990,546) | 50,967,027 |
Affiliated Issuers (Cost $117,837) | 117,837 |
Total Investments in Securities | 51,084,864 |
Investment in Vanguard | 1,649 |
Cash | 12,200 |
Cash Collateral Pledged—Futures Contracts | 6,042 |
Receivables for Accrued Income | 83,318 |
Receivables for Capital Shares Issued | 4,819 |
Variation Margin Receivable—Futures Contracts | 249 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 3,618 |
Total Assets | 51,196,759 |
Liabilities | |
Payables for Investment Securities Purchased | 353 |
Collateral for Securities on Loan | 6,863 |
Payables for Capital Shares Redeemed | 3,488 |
Payables to Vanguard | 1,441 |
Total Liabilities | 12,145 |
Net Assets | 51,184,614 |
Statement of Assets and Liabilities (continued) | |
At October 31, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 41,469,920 |
Total Distributable Earnings (Loss) | 9,714,694 |
Net Assets | 51,184,614 |
ETF Shares—Net Assets | |
Applicable to 366,767,987 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 39,766,294 |
Net Asset Value Per Share—ETF Shares | $108.42 |
Admiral Shares—Net Assets | |
Applicable to 349,252,720 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,418,320 |
Net Asset Value Per Share—Admiral Shares | $32.69 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 1,385,683 |
Interest 1 | 76 |
Securities Lending—Net | 687 |
Total Income | 1,386,446 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,782 |
Management and Administrative—ETF Shares | 16,999 |
Management and Administrative—Admiral Shares | 6,985 |
Marketing and Distribution—ETF Shares | 1,114 |
Marketing and Distribution—Admiral Shares | 303 |
Custodian Fees | 330 |
Auditing Fees | 34 |
Shareholders’ Reports—ETF Shares | 679 |
Shareholders’ Reports—Admiral Shares | 95 |
Trustees’ Fees and Expenses | 13 |
Total Expenses | 29,334 |
Net Investment Income | 1,357,112 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 1,159,682 |
Futures Contracts | 18,535 |
Swap Contracts | 27,617 |
Realized Net Gain (Loss) | 1,205,834 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 11,482,309 |
Futures Contracts | 5,710 |
Swap Contracts | 8,324 |
Change in Unrealized Appreciation (Depreciation) | 11,496,343 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,059,289 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $75,000, $2,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,396,682,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,357,112 | 1,242,802 |
Realized Net Gain (Loss) | 1,205,834 | (23,588) |
Change in Unrealized Appreciation (Depreciation) | 11,496,343 | (4,440,201) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,059,289 | (3,220,987) |
Distributions | ||
ETF Shares | (1,045,675) | (938,468) |
Admiral Shares | (295,106) | (282,080) |
Total Distributions | (1,340,781) | (1,220,548) |
Capital Share Transactions | ||
Investor Shares | — | (5,748) |
ETF Shares | 3,606,248 | 2,846,525 |
Admiral Shares | 916,264 | (91,604) |
Net Increase (Decrease) from Capital Share Transactions | 4,522,512 | 2,749,173 |
Total Increase (Decrease) | 17,241,020 | (1,692,362) |
Net Assets | ||
Beginning of Period | 33,943,594 | 35,635,956 |
End of Period | 51,184,614 | 33,943,594 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $79.49 | $89.60 | $83.26 | $82.46 | $71.19 |
Investment Operations | |||||
Net Investment Income1 | 3.010 | 2.950 | 2.891 | 2.623 | 2.394 |
Net Realized and Unrealized Gain (Loss) on Investments | 28.887 | (10.184) | 6.251 | .731 | 11.301 |
Total from Investment Operations | 31.897 | (7.234) | 9.142 | 3.354 | 13.695 |
Distributions | |||||
Dividends from Net Investment Income | (2.967) | (2.876) | (2.802) | (2.554) | (2.425) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.967) | (2.876) | (2.802) | (2.554) | (2.425) |
Net Asset Value, End of Period | $108.42 | $79.49 | $89.60 | $83.26 | $82.46 |
Total Return | 40.55% | -8.17% | 11.31% | 4.05% | 19.46% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $39,766 | $26,279 | $26,816 | $21,328 | $20,010 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.99% | 3.53% | 3.38% | 3.08% | 3.07% |
Portfolio Turnover Rate2 | 8% | 11% | 7% | 13% | 9% |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | February 7, 20191 to October 31, 2019 | |
2021 | 2020 | ||
Net Asset Value, Beginning of Period | $23.97 | $27.02 | $25.00 |
Investment Operations | |||
Net Investment Income2 | .902 | .887 | .624 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.707 | (3.075) | 2.010 |
Total from Investment Operations | 9.609 | (2.188) | 2.634 |
Distributions | |||
Dividends from Net Investment Income | (.889) | (.862) | (.614) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.889) | (.862) | (.614) |
Net Asset Value, End of Period | $32.69 | $23.97 | $27.02 |
Total Return3 | 40.50% | -8.19% | 10.64% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $11,418 | $7,665 | $8,814 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% 4 |
Ratio of Net Investment Income to Average Net Assets | 2.97% | 3.52% | 3.24% 4 |
Portfolio Turnover Rate5 | 8% | 11% | 7% 6 |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Annualized. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
6 | Reflects the fund’s portfolio turnover for the fiscal year ended October 31, 2019. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 50,967,027 | — | — | 50,967,027 |
Temporary Cash Investments | 117,837 | — | — | 117,837 |
Total | 51,084,864 | — | — | 51,084,864 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 3,706 | — | — | 3,706 |
Swap Contracts | — | 3,618 | — | 3,618 |
Total | 3,706 | 3,618 | — | 7,324 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 1,396,506 |
Total Distributable Earnings (Loss) | (1,396,506) |
Amount ($000) | |
Undistributed Ordinary Income | 176,793 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (2,366,038) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 11,903,939 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 1,340,781 | 1,220,548 |
Long-Term Capital Gains | — | — |
Total | 1,340,781 | 1,220,548 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 39,180,925 |
Gross Unrealized Appreciation | 13,271,192 |
Gross Unrealized Depreciation | (1,367,253) |
Net Unrealized Appreciation (Depreciation) | 11,903,939 |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | — | — | 61 | 2 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed 1 | — | — | (5,809) | (161) | |
Net Increase (Decrease)—Investor Shares | — | — | (5,748) | (159) |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 7,291,624 | 73,333 | 6,760,136 | 79,262 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (3,685,376) | (37,150) | (3,913,611) | (47,950) | |
Net Increase (Decrease)—ETF Shares | 3,606,248 | 36,183 | 2,846,525 | 31,312 | |
Admiral Shares | |||||
Issued 1 | 2,290,496 | 75,589 | 1,888,385 | 75,452 | |
Issued in Lieu of Cash Distributions | 229,798 | 7,717 | 220,883 | 8,834 | |
Redeemed | (1,604,030) | (53,826) | (2,200,872) | (90,743) | |
Net Increase (Decrease)—Admiral Shares | 916,264 | 29,480 | (91,604) | (6,457) |
1 | In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019. Investor Shares—Redeemed and Admiral Shares—Issued include 4,000 and 5,000 shares, respectively, in the amount of $91,000 from the conversion during the year ended October 31, 2020. |
Philadelphia, Pennsylvania
December 17, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. McIsaac |
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Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Performance Summary | 4 |
Financial Statements | 7 |
• | For the 12 months ended October 31, 2021, Vanguard Emerging Markets Government Bond Index Fund returned 3.26% for Admiral Shares, 3.31% for Institutional Shares, and 4.06% for ETF Shares. Its benchmark index returned 4.20%. |
• | The global economy continued to recover from the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing COVID-19—whether through vaccinations, lockdowns, or both—generally fared better economically. Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. Bond yields moved higher across much of the developed world during the fiscal year amid concerns about inflation and the prospect that some developed-market central banks might scale back their bond-buying programs or raise interest rates. |
• | Amid these conditions, U.S. dollar-denominated emerging-market debt performance was mostly positive over the period. Bonds of some of the largest issuers, including Mexico and Turkey, posted double-digit 12-month gains, while those of others such as Saudi Arabia, Indonesia, and the United Arab Emirates lagged. |
• | At period-end, the fund’s 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—ranged from 4.10% for Admiral Shares to 4.12% for Institutional Shares. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2021 | |||
Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,013.10 | $0.86 |
Admiral™ Shares | 1,000.00 | 1,013.00 | 0.81 |
Institutional Shares | 1,000.00 | 1,013.20 | 0.76 |
Based on Hypothetical 5% Yearly Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,024.35 | $0.87 |
Admiral Shares | 1,000.00 | 1,024.40 | 0.82 |
Institutional Shares | 1,000.00 | 1,024.45 | 0.77 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/imgec70d4752.gif)
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Since Inception (5/31/2013) | Final Value of a $10,000 Investment | ||
![]() | Emerging Markets Government Bond Index Fund ETF Shares Net Asset Value | 4.06% | 4.03% | 4.27% | $14,219 |
Emerging Markets Government Bond Index Fund ETF Shares Market Price | 3.70 | 4.00 | 4.30 | 14,250 | |
![]() | Bloomberg USD Emerging Markets Government RIC Capped Index | 4.20 | 4.11 | 4.36 | 14,323 |
![]() | Bloomberg Global Aggregate Index ex USD | -1.99 | 1.92 | 1.29 | 11,136 |
One Year | Five Years | Since Inception (5/31/2013) | Final Value of a $10,000 Investment | ||
Emerging Markets Government Bond Index Fund Admiral Shares | 3.26% | 3.88% | 4.19% | $14,126 | |
Bloomberg USD Emerging Markets Government RIC Capped Index | 4.20 | 4.11 | 4.36 | 14,323 | |
Bloomberg Global Aggregate Index ex USD | -1.99 | 1.92 | 1.29 | 11,136 |
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Since Inception (2/11/2015) 1 | Final Value of a $5,000,000 Investment | ||
Emerging Markets Government Bond Index Fund Institutional Shares | 3.31% | 3.89% | 4.91% | $6,900,820 | |
Bloomberg USD Emerging Markets Government RIC Capped Index | 4.20 | 4.11 | 5.10 | 6,982,620 | |
Bloomberg Global Aggregate Index ex USD | -1.99 | 1.92 | 2.15 | 5,767,808 |
“Since Inception” performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standard(s). |
1Institutional Shares were first issued on November 25, 2014, and were redeemed shortly thereafter. Institutional Shares were next issued on February 11, 2015. The total returns shown are based on the period beginning February 11, 2015. |
One Year | Five Years | Since Inception (5/31/2013) | |
Emerging Markets Government Bond Index Fund ETF Shares Market Price | 3.70% | 21.64% | 42.50% |
Emerging Markets Government Bond Index Fund ETF Shares Net Asset Value | 4.06 | 21.83 | 42.19 |
Bloomberg USD Emerging Markets Government RIC Capped Index | 4.20 | 22.33 | 43.23 |
Mexico | 9.7% |
Saudi Arabia | 8.5 |
Indonesia | 6.9 |
United Arab Emirates | 6.2 |
Turkey | 5.6 |
Qatar | 5.6 |
China | 4.1 |
Brazil | 3.8 |
Russia | 3.7 |
Colombia | 3.5 |
Philippines | 2.9 |
Peru | 2.4 |
Oman | 2.4 |
Egypt | 2.3 |
Panama | 2.2 |
Argentina | 2.0 |
Dominican Republic | 2.0 |
Chile | 1.8 |
Bahrain | 1.6 |
South Africa | 1.6 |
Malaysia | 1.6 |
Uruguay | 1.5 |
Ukraine | 1.5 |
Nigeria | 1.2 |
Hungary | 1.0 |
Ghana | 1.0 |
Other | 13.4 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Corporate Bonds (14.5%) | |||||
Azerbaijan (0.2%) | |||||
1 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | 5,350 | 6,266 |
Brazil (0.5%) | |||||
Petrobras Global Finance BV | 5.999% | 1/27/28 | 1,178 | 1,285 | |
Petrobras Global Finance BV | 5.093% | 1/15/30 | 4,250 | 4,338 | |
Petrobras Global Finance BV | 5.600% | 1/3/31 | 4,890 | 5,123 | |
Petrobras Global Finance BV | 6.875% | 1/20/40 | 1 | 1 | |
Petrobras Global Finance BV | 6.850% | 6/5/15 | 6,000 | 5,850 | |
16,597 | |||||
Chile (0.2%) | |||||
Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 7,300 | 7,426 | |
China (2.4%) | |||||
Bank of China Ltd. | 5.000% | 11/13/24 | 8,425 | 9,246 | |
China Cinda Finance 2015 I Ltd. | 4.250% | 4/23/25 | 4,700 | 4,952 | |
China Construction Bank Corp. | 4.250% | 2/27/29 | 5,300 | 5,622 | |
China Construction Bank Corp. | 2.450% | 6/24/30 | 5,950 | 5,985 | |
CNAC HK Finbridge Co. Ltd. | 5.125% | 3/14/28 | 4,955 | 5,631 | |
CNOOC Finance 2013 Ltd. | 3.000% | 5/9/23 | 5,500 | 5,656 | |
CNOOC Finance 2014 ULC | 4.250% | 4/30/24 | 6,681 | 7,162 | |
CNOOC Finance 2015 USA LLC | 3.500% | 5/5/25 | 800 | 847 | |
Industrial & Commercial Bank of China Ltd. | 4.875% | 9/21/25 | 5,900 | 6,477 | |
Sinopec Group Overseas Development 2013 Ltd. | 4.375% | 10/17/23 | 4,393 | 4,679 | |
Sinopec Group Overseas Development 2015 Ltd. | 3.250% | 4/28/25 | 5,500 | 5,803 | |
Sinopec Group Overseas Development 2018 Ltd. | 2.700% | 5/13/30 | 4,300 | 4,396 | |
State Grid Overseas Investment 2014 Ltd. | 4.125% | 5/7/24 | 4,420 | 4,759 | |
State Grid Overseas Investment BVI Ltd. | 3.500% | 5/4/27 | 6,744 | 7,317 | |
78,532 | |||||
Colombia (0.7%) | |||||
Ecopetrol SA | 5.875% | 9/18/23 | 4,940 | 5,306 | |
Ecopetrol SA | 5.375% | 6/26/26 | 4,000 | 4,335 | |
Ecopetrol SA | 6.875% | 4/29/30 | 5,675 | 6,551 | |
Ecopetrol SA | 5.875% | 5/28/45 | 5,467 | 5,503 | |
Ecopetrol SA | 5.875% | 11/2/51 | 1,612 | 1,597 | |
23,292 | |||||
Indonesia (0.4%) | |||||
Pertamina Persero PT | 4.300% | 5/20/23 | 4,615 | 4,839 | |
Pertamina Persero PT | 6.450% | 5/30/44 | 3,600 | 4,780 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Pertamina Persero PT | 6.500% | 11/7/48 | 400 | 539 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | 5/15/27 | 4,357 | 4,701 | |
14,859 | |||||
Kazakhstan (0.2%) | |||||
KazMunayGas National Co. JSC | 6.375% | 10/24/48 | 4,160 | 5,355 | |
Malaysia (0.9%) | |||||
Petronas Capital Ltd. | 3.500% | 3/18/25 | 4,100 | 4,369 | |
Petronas Capital Ltd. | 3.500% | 4/21/30 | 6,300 | 6,818 | |
Petronas Capital Ltd. | 4.500% | 3/18/45 | 4,110 | 4,989 | |
2 | Petronas Capital Ltd. | 4.550% | 4/21/50 | 775 | 975 |
Petronas Capital Ltd. | 4.550% | 4/21/50 | 7,000 | 8,771 | |
2 | Petronas Capital Ltd. | 3.404% | 4/28/61 | 4,600 | 4,761 |
30,683 | |||||
Mexico (4.3%) | |||||
Mexico City Airport Trust | 5.500% | 7/31/47 | 5,654 | 5,742 | |
2 | Petroleos Mexicanos | 6.875% | 10/16/25 | 3,930 | 4,298 |
Petroleos Mexicanos | 6.875% | 8/4/26 | 8,500 | 9,283 | |
Petroleos Mexicanos | 6.490% | 1/23/27 | 6,556 | 6,976 | |
Petroleos Mexicanos | 6.500% | 3/13/27 | 14,850 | 15,830 | |
Petroleos Mexicanos | 5.350% | 2/12/28 | 6,725 | 6,712 | |
Petroleos Mexicanos | 6.500% | 1/23/29 | 5,680 | 5,914 | |
Petroleos Mexicanos | 6.840% | 1/23/30 | 11,800 | 12,329 | |
Petroleos Mexicanos | 5.950% | 1/28/31 | 8,225 | 8,094 | |
Petroleos Mexicanos | 6.625% | 6/15/35 | 7,700 | 7,447 | |
Petroleos Mexicanos | 6.500% | 6/2/41 | 4,250 | 3,842 | |
Petroleos Mexicanos | 6.375% | 1/23/45 | 4,220 | 3,643 | |
Petroleos Mexicanos | 6.750% | 9/21/47 | 16,549 | 14,568 | |
Petroleos Mexicanos | 6.350% | 2/12/48 | 7,790 | 6,636 | |
Petroleos Mexicanos | 7.690% | 1/23/50 | 23,749 | 22,691 | |
Petroleos Mexicanos | 6.950% | 1/28/60 | 10,340 | 9,155 | |
143,160 | |||||
Peru (0.2%) | |||||
Petroleos del Peru SA | 5.625% | 6/19/47 | 5,400 | 5,481 | |
Qatar (1.0%) | |||||
2 | Qatar Petroleum | 1.375% | 9/12/26 | 4,100 | 4,048 |
2 | Qatar Petroleum | 2.250% | 7/12/31 | 9,300 | 9,158 |
Qatar Petroleum | 2.250% | 7/12/31 | 600 | 592 | |
2 | Qatar Petroleum | 3.125% | 7/12/41 | 9,200 | 9,338 |
Qatar Petroleum | 3.125% | 7/12/41 | 600 | 607 | |
2 | Qatar Petroleum | 3.300% | 7/12/51 | 10,800 | 11,074 |
34,817 | |||||
Russia (0.5%) | ��� | ||||
Gazprom Neft OAO Via GPN Capital SA | 6.000% | 11/27/23 | 4,100 | 4,468 | |
2 | Gazprom PJSC via Gaz Finance plc | 2.950% | 1/27/29 | 5,000 | 4,895 |
Gazprom PJSC via Gaz Finance plc | 2.950% | 1/27/29 | 600 | 587 | |
2 | Gazprom PJSC via Gaz Finance plc | 3.250% | 2/25/30 | 3,200 | 3,158 |
Gazprom PJSC via Gaz Finance plc | 3.250% | 2/25/30 | 2,225 | 2,195 | |
15,303 | |||||
Saudi Arabia (2.1%) | |||||
2 | SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 4,000 | 3,949 |
SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 1,150 | 1,134 | |
2 | SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 6,900 | 6,917 |
Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 5,475 | 5,691 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 975 | 1,041 |
Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 7,791 | 8,323 | |
2 | Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 2,575 | 2,499 |
Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 3,650 | 3,539 | |
2 | Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 4,100 | 4,612 |
Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 4,500 | 5,048 | |
Saudi Arabian Oil Co. | 4.375% | 4/16/49 | 8,880 | 10,208 | |
2 | Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 2,350 | 2,263 |
Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 3,075 | 2,953 | |
2 | Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 5,600 | 5,342 |
Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 600 | 574 | |
Saudi Electricity Global Sukuk Co. 3 | 4.000% | 4/8/24 | 3,850 | 4,108 | |
68,201 | |||||
United Arab Emirates (0.9%) | |||||
3 | Abu Dhabi Crude Oil Pipeline LLC | 4.600% | 11/2/47 | 6,075 | 7,065 |
2 | DP World Ltd. | 6.850% | 7/2/37 | 3,840 | 5,077 |
DP World Ltd. | 5.625% | 9/25/48 | 675 | 824 | |
DP World Salaam | 6.000% | 12/31/99 | 4,100 | 4,487 | |
2 | MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 2,000 | 2,189 |
MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 1,353 | 1,475 | |
MDGH GMTN RSC Ltd. | 3.950% | 5/21/50 | 6,400 | 7,280 | |
28,397 | |||||
Total Corporate Bonds (Cost $478,566) | 478,369 | ||||
Sovereign Bonds (84.4%) | |||||
Angola (0.7%) | |||||
Republic of Angola | 9.500% | 11/12/25 | 3,850 | 4,161 | |
Republic of Angola | 8.250% | 5/9/28 | 6,100 | 6,141 | |
Republic of Angola | 8.000% | 11/26/29 | 3,623 | 3,603 | |
Republic of Angola | 9.375% | 5/8/48 | 4,750 | 4,737 | |
Republic of Angola | 9.125% | 11/26/49 | 2,450 | 2,398 | |
2 | Republic of Angola | 9.125% | 11/26/49 | 1,200 | 1,174 |
22,214 | |||||
Argentina (2.0%) | |||||
4 | Provincia de Buenos Aires, 5.2500% coupon rate effective 9/1/22 | 3.900% | 9/1/37 | 17,200 | 7,591 |
Republic of Argentina | 1.000% | 7/9/29 | 7,401 | 2,692 | |
4 | Republic of Argentina, 0.7500% coupon rate effective 7/9/23 | 0.500% | 7/9/30 | 44,027 | 15,093 |
4 | Republic of Argentina, 1.500% coupon rate effective 7/9/22 | 1.125% | 7/9/35 | 55,979 | 17,292 |
4 | Republic of Argentina, 1.500% coupon rate effective 7/9/22 | 1.125% | 7/9/46 | 6,099 | 1,924 |
4 | Republic of Argentina, 3.500% coupon rate effective 7/9/22 | 2.500% | 7/9/41 | 28,814 | 9,957 |
4 | Republic of Argentina, 3.875% coupon rate effective 7/9/22 | 2.000% | 1/9/38 | 31,051 | 11,342 |
65,891 | |||||
Armenia (0.1%) | |||||
Republic of Armenia | 7.150% | 3/26/25 | 1,300 | 1,480 | |
Republic of Armenia | 3.950% | 9/26/29 | 1,400 | 1,367 | |
2 | Republic of Armenia | 3.600% | 2/2/31 | 1,150 | 1,077 |
Republic of Armenia | 3.600% | 2/2/31 | 850 | 798 | |
4,722 | |||||
Azerbaijan (0.2%) | |||||
Republic of Azerbaijan | 4.750% | 3/18/24 | 3,600 | 3,864 | |
3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 2,600 | 2,661 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 300 | 307 |
6,832 | |||||
Bahamas (0.1%) | |||||
2,3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 850 | 772 |
3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 500 | 454 |
2,3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,750 | 1,692 |
3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 800 | 770 |
3,688 | |||||
Bahrain (1.6%) | |||||
CBB International Sukuk Co. 5 Spc | 5.624% | 2/12/24 | 3,700 | 3,921 | |
CBB International Sukuk Co. 6 Spc | 5.250% | 3/20/25 | 2,000 | 2,120 | |
CBB International Sukuk Co. 6 Spc | 6.875% | 10/5/25 | 2,650 | 3,019 | |
CBB International Sukuk Programme Co. WLL | 6.250% | 11/14/24 | 2,858 | 3,093 | |
CBB International Sukuk Programme Co. WLL | 4.500% | 3/30/27 | 2,120 | 2,231 | |
CBB International Sukuk Programme Co. WLL | 3.950% | 9/16/27 | 2,400 | 2,463 | |
Kingdom of Bahrain | 6.125% | 8/1/23 | 3,902 | 4,134 | |
Kingdom of Bahrain | 7.000% | 1/26/26 | 4,150 | 4,598 | |
Kingdom of Bahrain | 4.250% | 1/25/28 | 500 | 492 | |
Kingdom of Bahrain | 7.000% | 10/12/28 | 4,700 | 5,155 | |
Kingdom of Bahrain | 6.750% | 9/20/29 | 3,900 | 4,213 | |
Kingdom of Bahrain | 7.375% | 5/14/30 | 2,700 | 3,009 | |
Kingdom of Bahrain | 5.625% | 9/30/31 | 2,670 | 2,661 | |
Kingdom of Bahrain | 5.450% | 9/16/32 | 2,700 | 2,643 | |
2 | Kingdom of Bahrain | 5.250% | 1/25/33 | 2,500 | 2,393 |
Kingdom of Bahrain | 5.250% | 1/25/33 | 300 | 287 | |
Kingdom of Bahrain | 6.000% | 9/19/44 | 3,400 | 3,153 | |
Kingdom of Bahrain | 7.500% | 9/20/47 | 2,500 | 2,585 | |
Kingdom of Bahrain | 6.250% | 1/25/51 | 1,400 | 1,306 | |
53,476 | |||||
Belarus (0.2%) | |||||
Republic of Belarus | 6.875% | 2/28/23 | 2,325 | 2,345 | |
Republic of Belarus | 5.875% | 2/24/26 | 1,000 | 922 | |
Republic of Belarus | 7.625% | 6/29/27 | 1,800 | 1,751 | |
Republic of Belarus | 6.200% | 2/28/30 | 1,600 | 1,386 | |
2 | Republic of Belarus | 6.378% | 2/24/31 | 750 | 649 |
Republic of Belarus | 6.378% | 2/24/31 | 1,400 | 1,210 | |
8,263 | |||||
Belize (0.0%) | |||||
Republic of Belize | 4.938% | 2/20/34 | 1,473 | 754 | |
Bermuda (0.2%) | |||||
Government of Bermuda | 3.717% | 1/25/27 | 1,550 | 1,676 | |
2 | Government of Bermuda | 4.750% | 2/15/29 | 600 | 695 |
Government of Bermuda | 2.375% | 8/20/30 | 1,000 | 995 | |
2 | Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 1,002 |
Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 1,003 | |
5,371 | |||||
Bolivia (0.1%) | |||||
Bolivian Government | 5.950% | 8/22/23 | 1,000 | 1,046 | |
2,3 | Bolivian Government | 4.500% | 3/20/28 | 900 | 803 |
3 | Bolivian Government | 4.500% | 3/20/28 | 2,000 | 1,799 |
3,648 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Brazil (3.2%) | |||||
Federative Republic of Brazil | 2.625% | 1/5/23 | 5,700 | 5,823 | |
Federative Republic of Brazil | 8.875% | 4/15/24 | 2,826 | 3,442 | |
Federative Republic of Brazil | 4.250% | 1/7/25 | 11,953 | 12,664 | |
Federative Republic of Brazil | 8.750% | 2/4/25 | 1,677 | 2,046 | |
Federative Republic of Brazil | 2.875% | 6/6/25 | 5,150 | 5,151 | |
Federative Republic of Brazil | 6.000% | 4/7/26 | 5,900 | 6,616 | |
Federative Republic of Brazil | 10.125% | 5/15/27 | 2,056 | 2,869 | |
Federative Republic of Brazil | 4.625% | 1/13/28 | 8,302 | 8,517 | |
Federative Republic of Brazil | 4.500% | 5/30/29 | 5,800 | 5,803 | |
Federative Republic of Brazil | 3.875% | 6/12/30 | 10,550 | 9,855 | |
Federative Republic of Brazil | 3.750% | 9/12/31 | 2,750 | 2,511 | |
Federative Republic of Brazil | 8.250% | 1/20/34 | 3,739 | 4,826 | |
Federative Republic of Brazil | 7.125% | 1/20/37 | 4,646 | 5,439 | |
Federative Republic of Brazil | 5.625% | 1/7/41 | 6,002 | 5,876 | |
Federative Republic of Brazil | 5.000% | 1/27/45 | 8,986 | 8,082 | |
Federative Republic of Brazil | 5.625% | 2/21/47 | 7,633 | 7,380 | |
Federative Republic of Brazil | 4.750% | 1/14/50 | 11,085 | 9,489 | |
106,389 | |||||
Chile (1.6%) | |||||
Republic of Chile | 3.125% | 1/21/26 | 1,800 | 1,909 | |
Republic of Chile | 3.240% | 2/6/28 | 5,450 | 5,745 | |
Republic of Chile | 2.450% | 1/31/31 | 7,850 | 7,725 | |
Republic of Chile | 2.550% | 1/27/32 | 1,100 | 1,086 | |
Republic of Chile | 2.550% | 7/27/33 | 6,500 | 6,281 | |
Republic of Chile | 3.100% | 5/7/41 | 7,400 | 7,189 | |
Republic of Chile | 3.860% | 6/21/47 | 3,525 | 3,825 | |
Republic of Chile | 3.500% | 1/25/50 | 6,400 | 6,508 | |
Republic of Chile | 3.500% | 4/15/53 | 4,150 | 4,215 | |
Republic of Chile | 3.100% | 1/22/61 | 5,650 | 5,203 | |
Republic of Chile | 3.250% | 9/21/71 | 2,700 | 2,490 | |
52,176 | |||||
China (1.6%) | |||||
China Government Bond | 2.125% | 11/2/22 | 2,523 | 2,563 | |
China Government Bond | 1.875% | 12/3/22 | 3,207 | 3,254 | |
China Government Bond | 3.250% | 10/19/23 | 4,100 | 4,314 | |
China Government Bond | 0.400% | 10/21/23 | 3,300 | 3,289 | |
China Government Bond | 1.950% | 12/3/24 | 5,450 | 5,638 | |
China Government Bond | 0.550% | 10/21/25 | 6,850 | 6,678 | |
China Government Bond | 2.625% | 11/2/27 | 3,251 | 3,456 | |
China Government Bond | 3.500% | 10/19/28 | 1,700 | 1,913 | |
China Government Bond | 2.125% | 12/3/29 | 8,750 | 9,082 | |
China Government Bond | 1.200% | 10/21/30 | 2,700 | 2,607 | |
China Government Bond | 2.750% | 12/3/39 | 1,525 | 1,613 | |
China Government Bond | 4.000% | 10/19/48 | 1,400 | 1,854 | |
2 | China Government Bond | 2.250% | 10/21/50 | 800 | 778 |
China Government Bond | 2.250% | 10/21/50 | 400 | 390 | |
2 | China Government Bond | 2.500% | 10/26/51 | 3,125 | 3,201 |
Export-Import Bank of China | 3.625% | 7/31/24 | 3,772 | 4,050 | |
54,680 | |||||
Colombia (2.8%) | |||||
Republic of Colombia | 2.625% | 3/15/23 | 2,760 | 2,802 | |
Republic of Colombia | 4.000% | 2/26/24 | 4,245 | 4,432 | |
Republic of Colombia | 8.125% | 5/21/24 | 2,705 | 3,117 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Colombia | 4.500% | 1/28/26 | 4,067 | 4,352 | |
Republic of Colombia | 3.875% | 4/25/27 | 5,275 | 5,469 | |
Republic of Colombia | 4.500% | 3/15/29 | 5,400 | 5,709 | |
Republic of Colombia | 3.000% | 1/30/30 | 4,475 | 4,231 | |
Republic of Colombia | 3.125% | 4/15/31 | 6,980 | 6,539 | |
Republic of Colombia | 3.250% | 4/22/32 | 5,500 | 5,143 | |
Republic of Colombia | 7.375% | 9/18/37 | 4,912 | 6,071 | |
Republic of Colombia | 6.125% | 1/18/41 | 6,750 | 7,480 | |
Republic of Colombia | 4.125% | 2/22/42 | 2,750 | 2,489 | |
Republic of Colombia | 5.625% | 2/26/44 | 6,800 | 7,166 | |
Republic of Colombia | 5.000% | 6/15/45 | 12,675 | 12,477 | |
Republic of Colombia | 5.200% | 5/15/49 | 7,420 | 7,465 | |
Republic of Colombia | 4.125% | 5/15/51 | 4,000 | 3,493 | |
Republic of Colombia | 3.875% | 2/15/61 | 3,650 | 2,993 | |
91,428 | |||||
Costa Rica (0.5%) | |||||
Republic of Costa Rica | 4.250% | 1/26/23 | 2,582 | 2,638 | |
Republic of Costa Rica | 4.375% | 4/30/25 | 1,400 | 1,437 | |
Republic of Costa Rica | 6.125% | 2/19/31 | 3,225 | 3,307 | |
Republic of Costa Rica | 5.625% | 4/30/43 | 1,700 | 1,520 | |
Republic of Costa Rica | 7.000% | 4/4/44 | 2,930 | 2,924 | |
Republic of Costa Rica | 7.158% | 3/12/45 | 3,451 | 3,489 | |
15,315 | |||||
Croatia (0.3%) | |||||
Republic of Croatia | 5.500% | 4/4/23 | 4,000 | 4,262 | |
Republic of Croatia | 6.000% | 1/26/24 | 4,800 | 5,321 | |
9,583 | |||||
Dominican Republic (2.0%) | |||||
3 | Dominican Republic | 5.875% | 4/18/24 | 1,500 | 1,580 |
Dominican Republic | 5.500% | 1/27/25 | 3,700 | 4,017 | |
Dominican Republic | 6.875% | 1/29/26 | 4,345 | 4,987 | |
Dominican Republic | 5.950% | 1/25/27 | 4,850 | 5,422 | |
Dominican Republic | 6.000% | 7/19/28 | 3,619 | 4,067 | |
Dominican Republic | 4.500% | 1/30/30 | 5,856 | 5,929 | |
2 | Dominican Republic | 4.875% | 9/23/32 | 2,250 | 2,283 |
Dominican Republic | 4.875% | 9/23/32 | 5,300 | 5,405 | |
2 | Dominican Republic | 5.300% | 1/21/41 | 1,900 | 1,894 |
Dominican Republic | 5.300% | 1/21/41 | 2,550 | 2,540 | |
Dominican Republic | 7.450% | 4/30/44 | 4,000 | 4,773 | |
Dominican Republic | 6.850% | 1/27/45 | 5,644 | 6,306 | |
Dominican Republic | 6.500% | 2/15/48 | 2,900 | 3,118 | |
Dominican Republic | 6.400% | 6/5/49 | 3,950 | 4,202 | |
2 | Dominican Republic | 5.875% | 1/30/60 | 850 | 830 |
Dominican Republic | 5.875% | 1/30/60 | 8,227 | 8,070 | |
65,423 | |||||
Ecuador (0.9%) | |||||
2,3 | Republic of Ecuador | 0.000% | 7/31/30 | 1,075 | 576 |
3 | Republic of Ecuador | 0.000% | 7/31/30 | 1,700 | 911 |
2,4 | Republic of Ecuador, 1.500% coupon rate effective 7/31/2022 | 0.500% | 7/31/40 | 5,658 | 3,381 |
4 | Republic of Ecuador, 1.500% coupon rate effective 7/31/2022 | 0.500% | 7/31/40 | 3,650 | 2,181 |
2,4 | Republic of Ecuador, 2.500% coupon rate effective 7/31/2022 | 1.000% | 7/31/35 | 11,776 | 7,805 |
4 | Republic of Ecuador, 2.500% coupon rate effective 7/31/2022 | 1.000% | 7/31/35 | 11,230 | 7,443 |
2,4 | Republic of Ecuador, 5.500% coupon rate effective 7/31/22 | 5.000% | 7/31/30 | 2,635 | 2,192 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
4 | Republic of Ecuador, 5.500% coupon rate effective 7/31/22 | 5.000% | 7/31/30 | 7,725 | 6,427 |
30,916 | |||||
Egypt (2.3%) | |||||
Arab Republic of Egypt | 5.577% | 2/21/23 | 3,420 | 3,510 | |
Arab Republic of Egypt | 4.550% | 11/20/23 | 1,278 | 1,297 | |
Arab Republic of Egypt | 6.200% | 3/1/24 | 2,200 | 2,298 | |
Arab Republic of Egypt | 5.750% | 5/29/24 | 3,520 | 3,628 | |
Arab Republic of Egypt | 5.875% | 6/11/25 | 4,075 | 4,178 | |
Arab Republic of Egypt | 5.250% | 10/6/25 | 2,350 | 2,363 | |
2 | Arab Republic of Egypt | 3.875% | 2/16/26 | 1,500 | 1,399 |
Arab Republic of Egypt | 7.500% | 1/31/27 | 5,304 | 5,508 | |
2 | Arab Republic of Egypt | 5.800% | 9/30/27 | 2,300 | 2,233 |
Arab Republic of Egypt | 6.588% | 2/21/28 | 3,625 | 3,557 | |
Arab Republic of Egypt | 7.600% | 3/1/29 | 5,744 | 5,773 | |
2 | Arab Republic of Egypt | 5.875% | 2/16/31 | 1,100 | 994 |
Arab Republic of Egypt | 5.875% | 2/16/31 | 3,450 | 3,120 | |
Arab Republic of Egypt | 7.053% | 1/15/32 | 5,100 | 4,784 | |
Arab Republic of Egypt | 7.625% | 5/29/32 | 2,049 | 1,981 | |
2 | Arab Republic of Egypt | 7.300% | 9/30/33 | 2,900 | 2,729 |
Arab Republic of Egypt | 6.875% | 4/30/40 | 900 | 799 | |
Arab Republic of Egypt | 8.500% | 1/31/47 | 7,080 | 6,542 | |
Arab Republic of Egypt | 7.903% | 2/21/48 | 4,500 | 3,959 | |
Arab Republic of Egypt | 8.700% | 3/1/49 | 4,700 | 4,383 | |
Arab Republic of Egypt | 8.875% | 5/29/50 | 5,440 | 5,137 | |
2 | Arab Republic of Egypt | 8.750% | 9/30/51 | 1,200 | 1,132 |
2 | Arab Republic of Egypt | 8.150% | 11/20/59 | 400 | 357 |
Arab Republic of Egypt | 8.150% | 11/20/59 | 1,250 | 1,116 | |
2 | Arab Republic of Egypt | 7.500% | 2/16/61 | 3,600 | 3,057 |
Arab Republic of Egypt | 7.500% | 2/16/61 | 400 | 340 | |
76,174 | |||||
El Salvador (0.5%) | |||||
Republic of El Salvador | 7.750% | 1/24/23 | 2,099 | 1,854 | |
Republic of El Salvador | 5.875% | 1/30/25 | 2,418 | 1,921 | |
Republic of El Salvador | 6.375% | 1/18/27 | 2,262 | 1,736 | |
Republic of El Salvador | 8.625% | 2/28/29 | 1,625 | 1,301 | |
Republic of El Salvador | 8.250% | 4/10/32 | 1,332 | 1,048 | |
Republic of El Salvador | 7.650% | 6/15/35 | 2,800 | 2,106 | |
Republic of El Salvador | 7.625% | 2/1/41 | 1,718 | 1,258 | |
2 | Republic of El Salvador | 7.125% | 1/20/50 | 650 | 465 |
Republic of El Salvador | 7.125% | 1/20/50 | 2,350 | 1,684 | |
2 | Republic of El Salvador | 9.500% | 7/15/52 | 750 | 617 |
Republic of El Salvador | 9.500% | 7/15/52 | 1,950 | 1,609 | |
15,599 | |||||
Ethiopia (0.1%) | |||||
Federal Republic of Ethiopia | 6.625% | 12/11/24 | 2,850 | 2,324 | |
Gabon (0.2%) | |||||
3 | Republic of Gabon | 6.375% | 12/12/24 | 2,536 | 2,695 |
Republic of Gabon | 6.950% | 6/16/25 | 1,250 | 1,345 | |
3 | Republic of Gabon | 6.625% | 2/6/31 | 1,600 | 1,596 |
2,3 | Republic of Gabon | 6.625% | 2/6/31 | 1,300 | 1,297 |
6,933 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Georgia (0.0%) | |||||
2 | Republic of Georgia | 2.750% | 4/22/26 | 1,100 | 1,106 |
Republic Of Georgia | 2.750% | 4/22/26 | 200 | 201 | |
1,307 | |||||
Ghana (1.0%) | |||||
3 | Republic of Ghana | 8.125% | 1/18/26 | 3,545 | 3,422 |
2,3 | Republic of Ghana | 6.375% | 2/11/27 | 200 | 180 |
3 | Republic of Ghana | 6.375% | 2/11/27 | 3,506 | 3,141 |
3 | Republic of Ghana | 7.875% | 3/26/27 | 1,930 | 1,792 |
3 | Republic of Ghana | 7.750% | 4/7/29 | 600 | 536 |
3 | Republic of Ghana | 7.625% | 5/16/29 | 4,900 | 4,332 |
3 | Republic of Ghana | 10.750% | 10/14/30 | 2,900 | 3,361 |
3 | Republic of Ghana | 8.125% | 3/26/32 | 3,900 | 3,445 |
2 | Republic of Ghana | 8.625% | 4/7/34 | 1,750 | 1,549 |
Republic of Ghana | 8.625% | 4/7/34 | 950 | 840 | |
3 | Republic of Ghana | 7.875% | 2/11/35 | 2,700 | 2,301 |
2 | Republic of Ghana | 8.875% | 5/7/42 | 800 | 703 |
3 | Republic of Ghana | 8.627% | 6/16/49 | 2,750 | 2,315 |
3 | Republic of Ghana | 8.950% | 3/26/51 | 2,725 | 2,321 |
2,3 | Republic of Ghana | 8.750% | 3/11/61 | 600 | 507 |
3 | Republic of Ghana | 8.750% | 3/11/61 | 1,550 | 1,310 |
32,055 | |||||
Guatemala (0.5%) | |||||
Republic of Guatemala | 4.500% | 5/3/26 | 1,850 | 1,982 | |
Republic of Guatemala | 4.375% | 6/5/27 | 1,600 | 1,706 | |
Republic of Guatemala | 4.875% | 2/13/28 | 1,600 | 1,740 | |
3 | Republic of Guatemala | 4.900% | 6/1/30 | 1,600 | 1,740 |
2 | Republic of Guatemala | 5.375% | 4/24/32 | 200 | 224 |
Republic of Guatemala | 5.375% | 4/24/32 | 1,400 | 1,568 | |
2 | Republic of Guatemala | 3.700% | 10/7/33 | 1,300 | 1,289 |
2 | Republic of Guatemala | 4.650% | 10/7/41 | 1,300 | 1,325 |
3 | Republic of Guatemala | 6.125% | 6/1/50 | 3,700 | 4,364 |
15,938 | |||||
Honduras (0.1%) | |||||
3 | Republic of Honduras | 7.500% | 3/15/24 | 1,400 | 1,468 |
Republic of Honduras | 6.250% | 1/19/27 | 2,020 | 2,121 | |
2 | Republic of Honduras | 5.625% | 6/24/30 | 650 | 648 |
Republic of Honduras | 5.625% | 6/24/30 | 800 | 799 | |
5,036 | |||||
Hungary (1.0%) | |||||
Republic of Hungary | 5.375% | 2/21/23 | 4,490 | 4,762 | |
Republic of Hungary | 5.750% | 11/22/23 | 4,740 | 5,201 | |
Republic of Hungary | 5.375% | 3/25/24 | 5,043 | 5,552 | |
2 | Republic of Hungary | 2.125% | 9/22/31 | 5,900 | 5,761 |
Republic of Hungary | 7.625% | 3/29/41 | 3,570 | 5,895 | |
2 | Republic of Hungary | 3.125% | 9/21/51 | 5,400 | 5,280 |
32,451 | |||||
Indonesia (6.4%) | |||||
Perusahaan Penerbit SBSN Indonesia III | 3.300% | 11/21/22 | 2,700 | 2,775 | |
Perusahaan Penerbit SBSN Indonesia III | 3.750% | 3/1/23 | 3,750 | 3,898 | |
Perusahaan Penerbit SBSN Indonesia III | 3.900% | 8/20/24 | 2,050 | 2,210 | |
Perusahaan Penerbit SBSN Indonesia III | 4.350% | 9/10/24 | 4,500 | 4,910 | |
Perusahaan Penerbit SBSN Indonesia III | 4.325% | 5/28/25 | 5,569 | 6,149 | |
Perusahaan Penerbit SBSN Indonesia III | 2.300% | 6/23/25 | 1,000 | 1,033 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Perusahaan Penerbit SBSN Indonesia III | 4.550% | 3/29/26 | 5,120 | 5,753 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 3,150 | 3,148 |
Perusahaan Penerbit SBSN Indonesia III | 4.150% | 3/29/27 | 4,964 | 5,529 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 800 | 907 |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 4,090 | 4,639 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 600 | 686 |
Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 2,885 | 3,298 | |
Perusahaan Penerbit SBSN Indonesia III | 2.800% | 6/23/30 | 3,050 | 3,129 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 2,500 | 2,517 |
Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 200 | 201 | |
Perusahaan Penerbit SBSN Indonesia III | 3.800% | 6/23/50 | 2,100 | 2,194 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 2,050 | 2,081 |
Republic of Indonesia | 2.950% | 1/11/23 | 2,605 | 2,675 | |
Republic of Indonesia | 3.375% | 4/15/23 | 3,430 | 3,557 | |
Republic of Indonesia | 5.375% | 10/17/23 | 2,159 | 2,349 | |
Republic of Indonesia | 5.875% | 1/15/24 | 5,250 | 5,811 | |
Republic of Indonesia | 4.450% | 2/11/24 | 1,250 | 1,348 | |
Republic of Indonesia | 4.125% | 1/15/25 | 5,600 | 6,077 | |
Republic of Indonesia | 4.750% | 1/8/26 | 6,400 | 7,205 | |
Republic of Indonesia | 4.350% | 1/8/27 | 3,400 | 3,804 | |
Republic of Indonesia | 3.850% | 7/18/27 | 2,950 | 3,244 | |
Republic of Indonesia | 3.500% | 1/11/28 | 3,436 | 3,719 | |
Republic of Indonesia | 4.100% | 4/24/28 | 2,833 | 3,167 | |
Republic of Indonesia | 4.750% | 2/11/29 | 3,350 | 3,897 | |
Republic of Indonesia | 3.400% | 9/18/29 | 2,250 | 2,422 | |
Republic of Indonesia | 2.850% | 2/14/30 | 3,600 | 3,724 | |
Republic of Indonesia | 3.850% | 10/15/30 | 4,650 | 5,185 | |
Republic of Indonesia | 1.850% | 3/12/31 | 3,250 | 3,115 | |
Republic of Indonesia | 2.150% | 7/28/31 | 2,125 | 2,069 | |
Republic of Indonesia | 8.500% | 10/12/35 | 4,500 | 7,070 | |
Republic of Indonesia | 6.625% | 2/17/37 | 4,287 | 5,878 | |
Republic of Indonesia | 7.750% | 1/17/38 | 5,500 | 8,237 | |
Republic of Indonesia | 5.250% | 1/17/42 | 6,200 | 7,622 | |
Republic of Indonesia | 4.625% | 4/15/43 | 4,160 | 4,757 | |
Republic of Indonesia | 6.750% | 1/15/44 | 5,530 | 8,012 | |
Republic of Indonesia | 5.125% | 1/15/45 | 5,501 | 6,706 | |
Republic of Indonesia | 5.950% | 1/8/46 | 3,641 | 4,944 | |
Republic of Indonesia | 5.250% | 1/8/47 | 4,450 | 5,608 | |
Republic of Indonesia | 4.750% | 7/18/47 | 2,800 | 3,329 | |
Republic of Indonesia | 4.350% | 1/11/48 | 4,900 | 5,574 | |
Republic of Indonesia | 5.350% | 2/11/49 | 2,873 | 3,728 | |
Republic of Indonesia | 3.700% | 10/30/49 | 2,700 | 2,804 | |
Republic of Indonesia | 3.500% | 2/14/50 | 2,200 | 2,236 | |
Republic of Indonesia | 4.200% | 10/15/50 | 4,750 | 5,368 | |
Republic of Indonesia | 3.050% | 3/12/51 | 5,000 | 4,916 | |
Republic of Indonesia | 3.200% | 9/23/61 | 1,000 | 953 | |
Republic of Indonesia | 4.450% | 4/15/70 | 2,600 | 2,954 | |
Republic of Indonesia | 3.350% | 3/12/71 | 2,400 | 2,287 | |
211,408 | |||||
Iraq (0.3%) | |||||
Republic of Iraq | 6.752% | 3/9/23 | 3,050 | 3,120 | |
3 | Republic of Iraq | 5.800% | 1/15/28 | 5,643 | 5,504 |
8,624 | |||||
Ivory Coast (0.2%) | |||||
3 | Ivory Coast | 6.375% | 3/3/28 | 2,300 | 2,513 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Ivory Coast | 5.750% | 12/31/32 | 1,585 | 1,590 | |
3 | Ivory Coast | 6.125% | 6/15/33 | 3,300 | 3,461 |
7,564 | |||||
Jamaica (0.5%) | |||||
3 | Jamaica | 6.750% | 4/28/28 | 3,800 | 4,443 |
3 | Jamaica | 8.000% | 3/15/39 | 3,398 | 4,802 |
Jamaica | 7.875% | 7/28/45 | 4,800 | 6,794 | |
16,039 | |||||
Jordan (0.4%) | |||||
2 | Kingdom of Jordan | 4.950% | 7/7/25 | 300 | 313 |
Kingdom of Jordan | 4.950% | 7/7/25 | 200 | 209 | |
Kingdom of Jordan | 6.125% | 1/29/26 | 3,500 | 3,778 | |
Kingdom of Jordan | 5.750% | 1/31/27 | 2,750 | 2,941 | |
2 | Kingdom of Jordan | 5.850% | 7/7/30 | 1,000 | 1,030 |
Kingdom of Jordan | 5.850% | 7/7/30 | 2,211 | 2,284 | |
Kingdom of Jordan | 7.375% | 10/10/47 | 2,850 | 2,948 | |
13,503 | |||||
Kazakhstan (0.6%) | |||||
Republic of Kazakhstan | 3.875% | 10/14/24 | 3,970 | 4,274 | |
Republic of Kazakhstan | 5.125% | 7/21/25 | 6,850 | 7,785 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,900 | 3,549 | |
Republic of Kazakhstan | 6.500% | 7/21/45 | 4,030 | 5,820 | |
21,428 | |||||
Kenya (0.6%) | |||||
Republic of Kenya | 6.875% | 6/24/24 | 5,400 | 5,825 | |
Republic of Kenya | 7.000% | 5/22/27 | 2,475 | 2,626 | |
Republic of Kenya | 7.250% | 2/28/28 | 2,800 | 3,012 | |
Republic of Kenya | 8.000% | 5/22/32 | 3,200 | 3,481 | |
2 | Republic of Kenya | 6.300% | 1/23/34 | 2,600 | 2,532 |
Republic of Kenya | 8.250% | 2/28/48 | 2,825 | 2,941 | |
20,417 | |||||
Kuwait (0.4%) | |||||
Kuwait | 3.500% | 3/20/27 | 12,200 | 13,365 | |
Lebanon (0.2%) | |||||
5 | Lebanon Republic | 6.100% | 10/4/22 | 2,690 | 413 |
5 | Lebanon Republic | 6.000% | 1/27/23 | 3,385 | 519 |
5 | Lebanon Republic | 6.650% | 4/22/24 | 2,800 | 434 |
5 | Lebanon Republic | 6.200% | 2/26/25 | 2,768 | 419 |
5 | Lebanon Republic | 6.600% | 11/27/26 | 5,090 | 783 |
5 | Lebanon Republic | 6.850% | 3/23/27 | 4,135 | 641 |
5 | Lebanon Republic | 6.750% | 11/29/27 | 3,539 | 540 |
5 | Lebanon Republic | 6.650% | 11/3/28 | 2,590 | 394 |
5 | Lebanon Republic | 6.850% | 5/25/29 | 3,252 | 487 |
5 | Lebanon Republic | 6.650% | 2/26/30 | 4,470 | 683 |
5 | Lebanon Republic | 7.000% | 3/23/32 | 3,555 | 560 |
5 | Lebanon Republic | 7.250% | 3/23/37 | 2,405 | 391 |
6,264 | |||||
Malaysia (0.6%) | |||||
1MDB Global Investments Ltd. | 4.400% | 3/9/23 | 7,700 | 7,734 | |
Malaysia Sovereign Sukuk Bhd. | 3.043% | 4/22/25 | 2,850 | 3,011 | |
2 | Malaysia Sovereign Sukuk Bhd. | 2.070% | 4/28/31 | 2,000 | 1,982 |
Malaysia Sovereign Sukuk Bhd. | 4.236% | 4/22/45 | 1,425 | 1,787 | |
2 | Malaysia Sovereign Sukuk Bhd. | 3.075% | 4/28/51 | 1,300 | 1,353 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Malaysia Sukuk Global Bhd. | 3.179% | 4/27/26 | 2,750 | 2,953 | |
Malaysia Sukuk Global Bhd. | 4.080% | 4/27/46 | 1,300 | 1,596 | |
Malaysia Wakala Sukuk Bhd | 2.070% | 4/28/31 | 250 | 249 | |
20,665 | |||||
Maldives (0.0%) | |||||
2 | Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 1,365 | 1,392 |
Mexico (5.3%) | |||||
United Mexican States | 4.000% | 10/2/23 | 1,456 | 1,546 | |
United Mexican States | 3.600% | 1/30/25 | 4,950 | 5,332 | |
United Mexican States | 3.900% | 4/27/25 | 2,300 | 2,498 | |
United Mexican States | 4.125% | 1/21/26 | 5,762 | 6,354 | |
United Mexican States | 4.150% | 3/28/27 | 6,470 | 7,210 | |
United Mexican States | 3.750% | 1/11/28 | 5,300 | 5,738 | |
United Mexican States | 4.500% | 4/22/29 | 9,236 | 10,335 | |
United Mexican States | 3.250% | 4/16/30 | 6,325 | 6,461 | |
United Mexican States | 2.659% | 5/24/31 | 7,607 | 7,335 | |
United Mexican States | 8.300% | 8/15/31 | 3,350 | 4,898 | |
United Mexican States | 4.750% | 4/27/32 | 8,565 | 9,615 | |
United Mexican States | 7.500% | 4/8/33 | 2,110 | 2,958 | |
United Mexican States | 6.750% | 9/27/34 | 4,576 | 6,086 | |
United Mexican States | 6.050% | 1/11/40 | 8,199 | 10,235 | |
United Mexican States | 4.280% | 8/14/41 | 8,820 | 9,204 | |
United Mexican States | 4.750% | 3/8/44 | 11,106 | 12,151 | |
United Mexican States | 5.550% | 1/21/45 | 7,659 | 9,160 | |
United Mexican States | 4.600% | 1/23/46 | 6,926 | 7,379 | |
United Mexican States | 4.350% | 1/15/47 | 4,176 | 4,322 | |
United Mexican States | 4.600% | 2/10/48 | 6,323 | 6,712 | |
United Mexican States | 4.500% | 1/31/50 | 6,900 | 7,258 | |
United Mexican States | 5.000% | 4/27/51 | 6,875 | 7,731 | |
United Mexican States | 3.771% | 5/24/61 | 8,703 | 8,022 | |
United Mexican States | 3.750% | 4/19/71 | 8,100 | 7,275 | |
United Mexican States | 5.750% | 10/12/10 | 7,300 | 8,455 | |
174,270 | |||||
Mongolia (0.2%) | |||||
Mongolia | 5.625% | 5/1/23 | 1,200 | 1,253 | |
Mongolia | 8.750% | 3/9/24 | 2,100 | 2,362 | |
2 | Mongolia | 5.125% | 4/7/26 | 848 | 881 |
Mongolia | 5.125% | 4/7/26 | 600 | 624 | |
2 | Mongolia | 3.500% | 7/7/27 | 1,100 | 1,064 |
Mongolia | 3.500% | 7/7/27 | 200 | 193 | |
2 | Mongolia | 4.450% | 7/7/31 | 1,300 | 1,259 |
7,636 | |||||
Morocco (0.4%) | |||||
Kingdom of Morocco | 4.250% | 12/11/22 | 4,200 | 4,340 | |
2 | Kingdom of Morocco | 2.375% | 12/15/27 | 300 | 294 |
Kingdom of Morocco | 2.375% | 12/15/27 | 1,400 | 1,368 | |
2 | Kingdom of Morocco | 3.000% | 12/15/32 | 900 | 854 |
Kingdom of Morocco | 3.000% | 12/15/32 | 2,100 | 1,993 | |
Kingdom of Morocco | 5.500% | 12/11/42 | 1,940 | 2,153 | |
2 | Kingdom of Morocco | 4.000% | 12/15/50 | 2,450 | 2,209 |
Kingdom of Morocco | 4.000% | 12/15/50 | 1,250 | 1,125 | |
14,336 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Mozambique (0.1%) | |||||
4 | Republic of Mozambique, 9.000% coupon rate effective 9/15/23 | 5.000% | 9/15/31 | 2,400 | 2,049 |
Namibia (0.1%) | |||||
Repubilc of Namibia | 5.250% | 10/29/25 | 2,100 | 2,237 | |
Nigeria (1.2%) | |||||
Republic of Nigeria | 6.375% | 7/12/23 | 1,200 | 1,248 | |
Republic of Nigeria | 7.625% | 11/21/25 | 3,150 | 3,433 | |
Republic of Nigeria | 6.500% | 11/28/27 | 3,950 | 4,032 | |
2 | Republic of Nigeria | 6.125% | 9/28/28 | 3,200 | 3,176 |
Republic of Nigeria | 7.143% | 2/23/30 | 3,400 | 3,430 | |
Republic of Nigeria | 8.747% | 1/21/31 | 2,900 | 3,127 | |
Republic of Nigeria | 7.875% | 2/16/32 | 4,350 | 4,440 | |
2 | Republic of Nigeria | 7.375% | 9/28/33 | 4,000 | 3,959 |
Republic of Nigeria | 7.696% | 2/23/38 | 3,692 | 3,555 | |
Republic of Nigeria | 7.625% | 11/28/47 | 4,100 | 3,831 | |
Republic of Nigeria | 9.248% | 1/21/49 | 2,100 | 2,234 | |
2 | Republic of Nigeria | 8.250% | 9/28/51 | 3,150 | 3,104 |
39,569 | |||||
Oman (2.3%) | |||||
Oman Sovereign Sukuk Co. | 4.397% | 6/1/24 | 5,025 | 5,216 | |
2 | Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 400 | 442 |
Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 4,200 | 4,646 | |
2 | Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 4,700 | 5,007 |
Sultanate of Oman | 4.125% | 1/17/23 | 3,300 | 3,376 | |
Sultanate of Oman | 4.875% | 2/1/25 | 3,000 | 3,137 | |
Sultanate of Oman | 4.750% | 6/15/26 | 6,775 | 6,979 | |
Sultanate of Oman | 5.375% | 3/8/27 | 5,925 | 6,243 | |
Sultanate of Oman | 6.750% | 10/28/27 | 2,540 | 2,851 | |
Sultanate of Oman | 5.625% | 1/17/28 | 9,150 | 9,661 | |
Sultanate of Oman | 6.000% | 8/1/29 | 5,447 | 5,848 | |
2 | Sultanate of Oman | 6.250% | 1/25/31 | 3,300 | 3,572 |
Sultanate of Oman | 6.250% | 1/25/31 | 1,900 | 2,059 | |
2 | Sultanate of Oman | 7.375% | 10/28/32 | 400 | 462 |
Sultanate of Oman | 7.375% | 10/28/32 | 2,137 | 2,476 | |
Sultanate of Oman | 6.500% | 3/8/47 | 5,315 | 5,262 | |
Sultanate of Oman | 6.750% | 1/17/48 | 7,400 | 7,501 | |
2 | Sultanate of Oman | 7.000% | 1/25/51 | 2,300 | 2,409 |
Sultanate of Oman | 7.000% | 1/25/51 | 600 | 626 | |
77,773 | |||||
Pakistan (0.6%) | |||||
Islamic Republic of Pakistan | 8.250% | 4/15/24 | 3,025 | 3,228 | |
Islamic Republic of Pakistan | 8.250% | 9/30/25 | 1,450 | 1,575 | |
2 | Islamic Republic of Pakistan | 6.000% | 4/8/26 | 2,400 | 2,411 |
Islamic Republic of Pakistan | 6.000% | 4/8/26 | 1,050 | 1,056 | |
Islamic Republic of Pakistan | 6.875% | 12/5/27 | 4,100 | 4,196 | |
2 | Islamic Republic of Pakistan | 7.375% | 4/8/31 | 2,400 | 2,439 |
Islamic Republic of Pakistan | 7.375% | 4/8/31 | 1,600 | 1,621 | |
2 | Islamic Republic of Pakistan | 8.875% | 4/8/51 | 1,170 | 1,176 |
Islamic Republic of Pakistan | 8.875% | 4/8/51 | 1,000 | 1,005 | |
Third Pakistan International Sukuk Co. Ltd. | 5.625% | 12/5/22 | 2,000 | 2,051 | |
20,758 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Panama (2.1%) | |||||
Republic of Panama | 4.000% | 9/22/24 | 2,250 | 2,406 | |
Republic of Panama | 3.750% | 3/16/25 | 3,659 | 3,910 | |
Republic of Panama | 7.125% | 1/29/26 | 2,625 | 3,193 | |
Republic of Panama | 8.875% | 9/30/27 | 2,795 | 3,799 | |
Republic of Panama | 3.875% | 3/17/28 | 3,533 | 3,831 | |
Republic of Panama | 9.375% | 4/1/29 | 2,450 | 3,553 | |
Republic of Panama | 3.160% | 1/23/30 | 4,200 | 4,339 | |
Republic of Panama | 2.252% | 9/29/32 | 6,800 | 6,406 | |
3 | Republic of Panama | 6.700% | 1/26/36 | 5,650 | 7,537 |
3 | Republic of Panama | 4.500% | 5/15/47 | 3,100 | 3,429 |
3 | Republic of Panama | 4.500% | 4/16/50 | 6,775 | 7,450 |
3 | Republic of Panama | 4.300% | 4/29/53 | 5,100 | 5,468 |
Republic of Panama | 4.500% | 4/1/56 | 6,775 | 7,434 | |
3 | Republic of Panama | 3.870% | 7/23/60 | 8,050 | 8,025 |
70,780 | |||||
Papua New Guinea (0.0%) | |||||
2 | Papua New Guinea | 8.375% | 10/4/28 | 300 | 304 |
Papua New Guinea | 8.375% | 10/4/28 | 1,100 | 1,115 | |
1,419 | |||||
Paraguay (0.5%) | |||||
Republic of Paraguay | 5.000% | 4/15/26 | 1,835 | 2,031 | |
Republic of Paraguay | 4.700% | 3/27/27 | 1,600 | 1,764 | |
3 | Republic of Paraguay | 4.950% | 4/28/31 | 2,800 | 3,143 |
2 | Republic of Paraguay | 2.739% | 1/29/33 | 933 | 897 |
Republic of Paraguay | 6.100% | 8/11/44 | 2,800 | 3,375 | |
Republic of Paraguay | 5.600% | 3/13/48 | 1,650 | 1,883 | |
3 | Republic of Paraguay | 5.400% | 3/30/50 | 3,200 | 3,632 |
16,725 | |||||
Peru (2.2%) | |||||
Republic of Peru | 7.350% | 7/21/25 | 4,409 | 5,292 | |
Republic of Peru | 2.392% | 1/23/26 | 2,800 | 2,854 | |
Republic of Peru | 4.125% | 8/25/27 | 2,347 | 2,570 | |
Republic of Peru | 2.844% | 6/20/30 | 2,054 | 2,080 | |
Republic of Peru | 2.783% | 1/23/31 | 10,675 | 10,643 | |
Republic of Peru | 1.862% | 12/1/32 | 2,800 | 2,545 | |
Republic of Peru | 8.750% | 11/21/33 | 5,916 | 9,165 | |
Republic of Peru | 0.000% | 1/15/34 | 6,100 | 6,033 | |
3 | Republic of Peru | 6.550% | 3/14/37 | 3,146 | 4,281 |
Republic of Peru | 3.300% | 3/11/41 | 3,400 | 3,344 | |
Republic of Peru | 5.625% | 11/18/50 | 6,858 | 9,379 | |
Republic of Peru | 3.550% | 3/10/51 | 4,800 | 4,835 | |
Republic of Peru | 2.780% | 12/1/60 | 5,450 | 4,702 | |
Republic of Peru | 3.600% | 1/15/72 | 2,500 | 2,401 | |
Republic of Peru | 3.230% | 7/28/21 | 3,065 | 2,603 | |
72,727 | |||||
Philippines (2.9%) | |||||
Republic of Philippines | 4.200% | 1/21/24 | 4,114 | 4,398 | |
3 | Republic of Philippines | 7.500% | 9/25/24 | 1,150 | 1,289 |
Republic of Philippines | 10.625% | 3/16/25 | 4,375 | 5,711 | |
Republic of Philippines | 5.500% | 3/30/26 | 2,900 | 3,380 | |
Republic of Philippines | 3.000% | 2/1/28 | 5,550 | 5,920 | |
Republic of Philippines | 3.750% | 1/14/29 | 4,700 | 5,269 | |
Republic of Philippines | 9.500% | 2/2/30 | 5,300 | 8,211 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Philippines | 2.457% | 5/5/30 | 2,975 | 3,063 | |
Republic of Philippines | 7.750% | 1/14/31 | 5,354 | 7,710 | |
Republic of Philippines | 1.648% | 6/10/31 | 1,200 | 1,152 | |
Republic of Philippines | 1.950% | 1/6/32 | 2,000 | 1,943 | |
Republic of Philippines | 6.375% | 1/15/32 | 3,300 | 4,432 | |
Republic of Philippines | 6.375% | 10/23/34 | 5,235 | 7,231 | |
Republic of Philippines | 5.000% | 1/13/37 | 3,605 | 4,495 | |
Republic of Philippines | 3.950% | 1/20/40 | 5,600 | 6,258 | |
Republic of Philippines | 3.700% | 3/1/41 | 5,500 | 5,974 | |
Republic of Philippines | 3.700% | 2/2/42 | 5,320 | 5,783 | |
Republic of Philippines | 2.950% | 5/5/45 | 3,850 | 3,816 | |
Republic of Philippines | 2.650% | 12/10/45 | 4,200 | 4,009 | |
Republic of Philippines | 3.200% | 7/6/46 | 5,975 | 6,085 | |
96,129 | |||||
Poland (0.5%) | |||||
Republic of Poland | 3.000% | 3/17/23 | 4,991 | 5,143 | |
6 | Republic of Poland | 4.000% | 1/22/24 | 5,598 | 5,965 |
Republic of Poland | 3.250% | 4/6/26 | 4,875 | 5,240 | |
16,348 | |||||
Qatar (4.5%) | |||||
7 | SoQ Sukuk A QSC | 3.241% | 1/18/23 | 5,350 | 5,528 |
State of Qatar | 3.875% | 4/23/23 | 8,436 | 8,841 | |
State of Qatar | 3.375% | 3/14/24 | 5,700 | 6,012 | |
State of Qatar | 3.400% | 4/16/25 | 5,317 | 5,692 | |
State of Qatar | 3.250% | 6/2/26 | 9,850 | 10,564 | |
State of Qatar | 4.500% | 4/23/28 | 8,350 | 9,639 | |
State of Qatar | 4.000% | 3/14/29 | 11,300 | 12,759 | |
State of Qatar | 3.750% | 4/16/30 | 9,415 | 10,511 | |
2 | State of Qatar | 9.750% | 6/15/30 | 2,928 | 4,611 |
2 | State of Qatar | 6.400% | 1/20/40 | 2,595 | 3,792 |
2 | State of Qatar | 5.750% | 1/20/42 | 2,300 | 3,205 |
State of Qatar | 4.625% | 6/2/46 | 5,700 | 7,135 | |
State of Qatar | 5.103% | 4/23/48 | 16,500 | 21,999 | |
State of Qatar | 4.817% | 3/14/49 | 16,375 | 21,118 | |
State of Qatar | 4.400% | 4/16/50 | 13,800 | 16,860 | |
148,266 | |||||
Romania (0.7%) | |||||
Romania | 4.375% | 8/22/23 | 4,470 | 4,731 | |
Romania | 4.875% | 1/22/24 | 2,670 | 2,873 | |
2 | Romania | 3.000% | 2/14/31 | 1,300 | 1,307 |
Romania | 3.000% | 2/14/31 | 2,200 | 2,216 | |
Romania | 6.125% | 1/22/44 | 2,760 | 3,603 | |
Romania | 5.125% | 6/15/48 | 3,250 | 3,830 | |
2 | Romania | 4.000% | 2/14/51 | 2,520 | 2,552 |
Romania | 4.000% | 2/14/51 | 2,944 | 2,975 | |
24,087 | |||||
Russia (3.2%) | |||||
Russian Federation | 4.875% | 9/16/23 | 8,600 | 9,234 | |
Russian Federation | 4.750% | 5/27/26 | 8,200 | 9,203 | |
Russian Federation | 4.250% | 6/23/27 | 6,800 | 7,543 | |
Russian Federation | 12.750% | 6/24/28 | 6,690 | 11,004 | |
Russian Federation | 4.375% | 3/21/29 | 8,200 | 9,247 | |
Russian Federation | 7.500% | 3/31/30 | 4,722 | 5,473 | |
Russian Federation | 5.100% | 3/28/35 | 10,800 | 12,925 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Russian Federation | 5.625% | 4/4/42 | 8,200 | 10,645 | |
Russian Federation | 5.875% | 9/16/43 | 4,200 | 5,709 | |
Russian Federation | 5.250% | 6/23/47 | 19,200 | 24,463 | |
105,446 | |||||
Rwanda (0.1%) | |||||
2 | Republic of Rwanda | 5.500% | 8/9/31 | 1,700 | 1,743 |
Saudi Arabia (6.4%) | |||||
Kingdom of Saudi Arabia | 2.875% | 3/4/23 | 8,160 | 8,405 | |
Kingdom of Saudi Arabia | 4.000% | 4/17/25 | 12,365 | 13,455 | |
Kingdom of Saudi Arabia | 2.900% | 10/22/25 | 6,775 | 7,163 | |
Kingdom of Saudi Arabia | 3.250% | 10/26/26 | 15,300 | 16,406 | |
Kingdom of Saudi Arabia | 2.500% | 2/3/27 | 3,325 | 3,425 | |
Kingdom of Saudi Arabia | 3.625% | 3/4/28 | 13,732 | 14,933 | |
Kingdom of Saudi Arabia | 4.375% | 4/16/29 | 10,370 | 11,871 | |
Kingdom of Saudi Arabia | 4.500% | 4/17/30 | 9,050 | 10,512 | |
Kingdom of Saudi Arabia | 3.250% | 10/22/30 | 4,194 | 4,464 | |
2 | Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 400 | 408 |
Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 2,100 | 2,142 | |
2 | Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 2,900 | 2,796 |
Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 4,600 | 4,437 | |
Kingdom of Saudi Arabia | 4.500% | 10/26/46 | 17,950 | 20,734 | |
Kingdom of Saudi Arabia | 4.625% | 10/4/47 | 12,405 | 14,608 | |
Kingdom of Saudi Arabia | 5.000% | 4/17/49 | 9,925 | 12,421 | |
Kingdom of Saudi Arabia | 5.250% | 1/16/50 | 9,192 | 11,893 | |
Kingdom of Saudi Arabia | 3.750% | 1/21/55 | 7,748 | 8,102 | |
Kingdom of Saudi Arabia | 4.500% | 4/22/60 | 8,100 | 9,693 | |
2 | Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 1,300 | 1,285 |
Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 4,700 | 4,634 | |
KSA Sukuk Ltd. | 3.628% | 4/20/27 | 12,236 | 13,301 | |
KSA Sukuk Ltd. | 4.303% | 1/19/29 | 5,850 | 6,667 | |
KSA Sukuk Ltd. | 2.969% | 10/29/29 | 6,340 | 6,646 | |
210,401 | |||||
Senegal (0.2%) | |||||
3 | Republic of Senegal | 6.250% | 5/23/33 | 2,900 | 2,982 |
3 | Republic of Senegal | 6.750% | 3/13/48 | 2,809 | 2,789 |
5,771 | |||||
Serbia (0.1%) | |||||
2 | Republic of Serbia | 2.125% | 12/1/30 | 1,450 | 1,352 |
Republic of Serbia | 2.125% | 12/1/30 | 2,050 | 1,912 | |
3,264 | |||||
South Africa (1.6%) | |||||
Republic of South Africa | 4.665% | 1/17/24 | 4,000 | 4,256 | |
Republic of South Africa | 5.875% | 9/16/25 | 5,600 | 6,258 | |
Republic of South Africa | 4.875% | 4/14/26 | 3,450 | 3,683 | |
Republic of South Africa | 4.850% | 9/27/27 | 2,800 | 2,943 | |
Republic of South Africa | 4.300% | 10/12/28 | 5,450 | 5,501 | |
Republic of South Africa | 4.850% | 9/30/29 | 5,260 | 5,396 | |
Republic of South Africa | 5.875% | 6/22/30 | 4,100 | 4,503 | |
Republic of South Africa | 6.250% | 3/8/41 | 2,015 | 2,111 | |
Republic of South Africa | 5.375% | 7/24/44 | 3,100 | 2,932 | |
Republic of South Africa | 5.000% | 10/12/46 | 2,750 | 2,456 | |
Republic of South Africa | 5.650% | 9/27/47 | 4,050 | 3,849 | |
Republic of South Africa | 6.300% | 6/22/48 | 1,700 | 1,750 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of South Africa | 5.750% | 9/30/49 | 8,150 | 7,804 | |
53,442 | |||||
Sri Lanka (0.6%) | |||||
Republic of Sri Lanka | 5.750% | 4/18/23 | 3,450 | 2,380 | |
Republic of Sri Lanka | 6.850% | 3/14/24 | 2,650 | 1,745 | |
Republic of Sri Lanka | 6.350% | 6/28/24 | 1,300 | 856 | |
Republic of Sri Lanka | 6.125% | 6/3/25 | 1,750 | 1,134 | |
Republic of Sri Lanka | 6.850% | 11/3/25 | 4,000 | 2,590 | |
Republic of Sri Lanka | 6.825% | 7/18/26 | 3,075 | 1,963 | |
Republic of Sri Lanka | 6.200% | 5/11/27 | 4,150 | 2,620 | |
Republic of Sri Lanka | 6.750% | 4/18/28 | 3,450 | 2,177 | |
Republic of Sri Lanka | 7.850% | 3/14/29 | 3,730 | 2,366 | |
Republic of Sri Lanka | 7.550% | 3/28/30 | 4,100 | 2,585 | |
20,416 | |||||
Suriname (0.0%) | |||||
5 | Republic of Suriname | 9.250% | 10/26/26 | 1,500 | 1,071 |
Tajikistan (0.0%) | |||||
3 | Republic of Tajikistan | 7.125% | 9/14/27 | 1,375 | 1,217 |
Trinidad & Tobago (0.2%) | |||||
Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 1,300 | 1,349 | |
2 | Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 200 | 208 |
Republic of Trinidad & Tobago | 4.500% | 8/4/26 | 2,600 | 2,703 | |
2 | Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 850 | 881 |
Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 600 | 622 | |
5,763 | |||||
Tunisia (0.1%) | |||||
Banque Centrale de Tunisie International Bond | 5.750% | 1/30/25 | 2,450 | 1,969 | |
Turkey (5.6%) | |||||
Hazine Mustesarligi Varlik Kiralama A/S | 5.004% | 4/6/23 | 3,773 | 3,840 | |
Hazine Mustesarligi Varlik Kiralama A/S | 4.489% | 11/25/24 | 2,478 | 2,469 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 3,900 | 3,832 |
Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 3,000 | 2,950 | |
Republic of Turkey | 3.250% | 3/23/23 | 4,100 | 4,070 | |
Republic of Turkey | 7.250% | 12/23/23 | 5,850 | 6,194 | |
Republic of Turkey | 5.750% | 3/22/24 | 6,000 | 6,113 | |
Republic of Turkey | 6.350% | 8/10/24 | 6,550 | 6,746 | |
Republic of Turkey | 5.600% | 11/14/24 | 6,900 | 6,951 | |
Republic of Turkey | 7.375% | 2/5/25 | 9,100 | 9,612 | |
Republic of Turkey | 4.250% | 3/13/25 | 5,650 | 5,446 | |
Republic of Turkey | 6.375% | 10/14/25 | 6,800 | 6,912 | |
Republic of Turkey | 4.750% | 1/26/26 | 4,950 | 4,749 | |
Republic of Turkey | 4.250% | 4/14/26 | 4,175 | 3,908 | |
Republic of Turkey | 4.875% | 10/9/26 | 8,249 | 7,834 | |
Republic of Turkey | 6.000% | 3/25/27 | 9,062 | 8,961 | |
Republic of Turkey | 5.125% | 2/17/28 | 5,725 | 5,382 | |
Republic of Turkey | 6.125% | 10/24/28 | 6,208 | 6,085 | |
Republic of Turkey | 7.625% | 4/26/29 | 8,725 | 9,184 | |
Republic of Turkey | 11.875% | 1/15/30 | 3,930 | 5,195 | |
Republic of Turkey | 5.250% | 3/13/30 | 5,698 | 5,180 | |
Republic of Turkey | 5.950% | 1/15/31 | 6,250 | 5,849 | |
Republic of Turkey | 5.875% | 6/26/31 | 4,750 | 4,406 | |
Republic of Turkey | 6.500% | 9/20/33 | 4,000 | 3,805 | |
Republic of Turkey | 8.000% | 2/14/34 | 4,171 | 4,476 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Turkey | 6.875% | 3/17/36 | 7,500 | 7,264 | |
Republic of Turkey | 7.250% | 3/5/38 | 2,725 | 2,724 | |
Republic of Turkey | 6.750% | 5/30/40 | 5,400 | 5,069 | |
Republic of Turkey | 6.000% | 1/14/41 | 8,265 | 7,140 | |
Republic of Turkey | 4.875% | 4/16/43 | 8,200 | 6,391 | |
Republic of Turkey | 6.625% | 2/17/45 | 8,200 | 7,462 | |
Republic of Turkey | 5.750% | 5/11/47 | 9,700 | 8,012 | |
184,211 | |||||
Ukraine (1.4%) | |||||
Ukraine | 7.750% | 9/1/23 | 3,850 | 4,105 | |
Ukraine | 8.994% | 2/1/24 | 2,150 | 2,352 | |
Ukraine | 7.750% | 9/1/24 | 3,910 | 4,223 | |
Ukraine | 7.750% | 9/1/25 | 3,800 | 4,104 | |
Ukraine | 7.750% | 9/1/26 | 3,650 | 3,935 | |
Ukraine | 7.750% | 9/1/27 | 3,600 | 3,881 | |
Ukraine | 9.750% | 11/1/28 | 4,350 | 5,049 | |
2 | Ukraine | 6.876% | 5/21/29 | 2,700 | 2,749 |
Ukraine | 6.876% | 5/21/29 | 1,850 | 1,887 | |
2,3 | Ukraine | 7.375% | 9/25/32 | 400 | 411 |
3 | Ukraine | 7.375% | 9/25/32 | 7,800 | 8,030 |
2 | Ukraine | 7.253% | 3/15/33 | 2,300 | 2,343 |
Ukraine | 7.253% | 3/15/33 | 4,850 | 4,941 | |
48,010 | |||||
United Arab Emirates (5.3%) | |||||
Dubai DOF Sukuk Ltd. | 3.875% | 1/30/23 | 2,000 | 2,067 | |
Dubai DOF Sukuk Ltd. | 5.000% | 4/30/29 | 4,630 | 5,393 | |
8 | Dubai DOF Sukuk Ltd. | 2.763% | 9/9/30 | 4,150 | 4,240 |
Emirate of Abu Dhabi | 2.500% | 10/11/22 | 7,550 | 7,700 | |
Emirate of Abu Dhabi | 0.750% | 9/2/23 | 5,475 | 5,485 | |
Emirate of Abu Dhabi | 2.125% | 9/30/24 | 8,350 | 8,623 | |
Emirate of Abu Dhabi | 2.500% | 4/16/25 | 8,400 | 8,792 | |
Emirate of Abu Dhabi | 3.125% | 5/3/26 | 6,672 | 7,164 | |
Emirate of Abu Dhabi | 3.125% | 10/11/27 | 11,600 | 12,497 | |
2 | Emirate of Abu Dhabi | 1.625% | 6/2/28 | 3,300 | 3,253 |
Emirate of Abu Dhabi | 1.625% | 6/2/28 | 1,700 | 1,679 | |
Emirate of Abu Dhabi | 2.500% | 9/30/29 | 8,350 | 8,676 | |
Emirate of Abu Dhabi | 3.125% | 4/16/30 | 8,300 | 8,960 | |
Emirate of Abu Dhabi | 1.700% | 3/2/31 | 4,050 | 3,894 | |
2 | Emirate of Abu Dhabi | 1.875% | 9/15/31 | 5,000 | 4,864 |
2 | Emirate of Abu Dhabi | 2.000% | 10/19/31 | 2,700 | 2,653 |
2 | Emirate of Abu Dhabi | 2.875% | 10/19/41 | 2,700 | 2,676 |
Emirate of Abu Dhabi | 4.125% | 10/11/47 | 8,250 | 9,755 | |
Emirate of Abu Dhabi | 3.125% | 9/30/49 | 11,100 | 11,220 | |
Emirate of Abu Dhabi | 3.875% | 4/16/50 | 10,950 | 12,643 | |
2 | Emirate of Abu Dhabi | 3.000% | 9/15/51 | 3,000 | 2,972 |
2 | Emirate of Abu Dhabi | 3.250% | 10/19/61 | 5,500 | 5,585 |
Emirate of Abu Dhabi | 2.700% | 9/2/70 | 4,200 | 3,797 | |
Emirate of Dubai | 5.250% | 1/30/43 | 2,700 | 3,090 | |
Emirate of Dubai | 3.900% | 9/9/50 | 3,417 | 3,227 | |
Finance Department Government of Sharjah | 3.625% | 3/10/33 | 2,200 | 2,164 | |
Finance Department Government of Sharjah | 4.000% | 7/28/50 | 3,798 | 3,427 | |
Finance Department Government of Sharjah | 4.375% | 3/10/51 | 200 | 189 | |
RAK Capital | 3.094% | 3/31/25 | 2,633 | 2,774 | |
Sharjah Sukuk Ltd. | 3.764% | 9/17/24 | 800 | 849 | |
Sharjah Sukuk Program Ltd. | 3.854% | 4/3/26 | 4,002 | 4,260 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Sharjah Sukuk Program Ltd. | 2.942% | 6/10/27 | 3,240 | 3,277 | |
Sharjah Sukuk Program Ltd. | 4.226% | 3/14/28 | 3,300 | 3,554 | |
Sharjah Sukuk Program Ltd. | 3.234% | 10/23/29 | 2,639 | 2,675 | |
Sharjah Sukuk Program Ltd. | 3.200% | 7/13/31 | 1,750 | 1,754 | |
175,828 | |||||
Uruguay (1.5%) | |||||
3 | Oriental Republic of Uruguay | 4.500% | 8/14/24 | 2,789 | 2,974 |
3 | Oriental Republic of Uruguay | 4.375% | 10/27/27 | 4,066 | 4,634 |
3 | Oriental Republic of Uruguay | 4.375% | 1/23/31 | 6,900 | 7,966 |
Oriental Republic of Uruguay | 7.875% | 1/15/33 | 2,300 | 3,396 | |
3 | Oriental Republic of Uruguay | 7.625% | 3/21/36 | 2,915 | 4,382 |
3 | Oriental Republic of Uruguay | 4.125% | 11/20/45 | 1,870 | 2,203 |
3 | Oriental Republic of Uruguay | 5.100% | 6/18/50 | 10,592 | 13,815 |
3 | Oriental Republic of Uruguay | 4.975% | 4/20/55 | 7,159 | 9,191 |
48,561 | |||||
Uzbekistan (0.2%) | |||||
Republic of Uzbekistan | 4.750% | 2/20/24 | 1,345 | 1,410 | |
Republic of Uzbekistan | 5.375% | 2/20/29 | 1,825 | 1,982 | |
Republic of Uzbekistan | 3.700% | 11/25/30 | 1,950 | 1,889 | |
2 | Republic of Uzbekistan | 3.900% | 10/19/31 | 950 | 931 |
6,212 | |||||
Vietnam (0.1%) | |||||
Socialist Republic of Vietnam | 4.800% | 11/19/24 | 2,800 | 3,079 | |
Zambia (0.2%) | |||||
5 | Republic of Zambia | 8.500% | 4/14/24 | 2,730 | 2,179 |
5 | Republic of Zambia | 8.970% | 7/30/27 | 3,625 | 2,859 |
5,038 | |||||
Total Sovereign Bonds (Cost $2,845,837) | 2,795,806 | ||||
Shares | |||||
Temporary Cash Investments (0.3%) | |||||
Money Market Fund (0.3%) | |||||
9 | Vanguard Market Liquidity Fund (Cost $10,206) | 0.070% | 102,058 | 10,206 | |
Total Investments (99.2%) (Cost $3,334,609) | 3,284,381 | ||||
Other Assets and Liabilities—Net (0.8%) | 26,391 | ||||
Net Assets (100.0%) | 3,310,772 | ||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Guaranteed by the Republic of Azerbaijan. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the aggregate value was $262,219,000, representing 7.9% of net assets. |
3 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
4 | Step bond. |
5 | Non-income-producing security—security in default. |
6 | Securities with a value of $206,000 have been segregated as initial margin for open futures contracts. |
7 | Guaranteed by the State of Qatar. |
8 | Guaranteed by the Kingdom of United Arab Emirates. |
9 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
2-Year U.S. Treasury Note | December 2021 | 18 | 3,947 | (4) |
5-Year U.S. Treasury Note | December 2021 | 30 | 3,653 | 1 |
Ultra 10-Year U.S. Treasury Note | December 2021 | 52 | 7,542 | (54) |
(57) | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | December 2021 | (31) | (4,052) | 59 |
Ultra Long U.S. Treasury Bond | December 2021 | (4) | (786) | (21) |
38 | ||||
(19) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,324,403) | 3,274,175 |
Affiliated Issuers (Cost $10,206) | 10,206 |
Total Investments in Securities | 3,284,381 |
Investment in Vanguard | 112 |
Cash | 885 |
Receivables for Investment Securities Sold | 23,230 |
Receivables for Accrued Income | 35,033 |
Receivables for Capital Shares Issued | 125 |
Total Assets | 3,343,766 |
Liabilities | |
Payables for Investment Securities Purchased | 32,448 |
Payables for Capital Shares Redeemed | 116 |
Payables for Distributions | 145 |
Payables to Vanguard | 231 |
Variation Margin Payable—Futures Contracts | 54 |
Total Liabilities | 32,994 |
Net Assets | 3,310,772 |
Statement of Assets and Liabilities (continued) | |
At October 31, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 3,427,221 |
Total Distributable Earnings (Loss) | (116,449) |
Net Assets | 3,310,772 |
ETF Shares—Net Assets | |
Applicable to 38,761,839 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,024,139 |
Net Asset Value Per Share—ETF Shares | $78.02 |
Admiral Shares—Net Assets | |
Applicable to 12,348,651 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 241,810 |
Net Asset Value Per Share—Admiral Shares | $19.58 |
Institutional Shares—Net Assets | |
Applicable to 1,427,072 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 44,823 |
Net Asset Value Per Share—Institutional Shares | $31.41 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 128,838 |
Total Income | 128,838 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 71 |
Management and Administrative—ETF Shares | 5,054 |
Management and Administrative—Admiral Shares | 465 |
Management and Administrative—Institutional Shares | 42 |
Marketing and Distribution—ETF Shares | 103 |
Marketing and Distribution—Admiral Shares | 9 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 201 |
Auditing Fees | 49 |
Shareholders’ Reports—ETF Shares | 85 |
Shareholders’ Reports—Admiral Shares | 6 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 6,087 |
Net Investment Income | 122,751 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 28,075 |
Futures Contracts | (666) |
Realized Net Gain (Loss) | 27,409 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (70,823) |
Futures Contracts | (27) |
Change in Unrealized Appreciation (Depreciation) | (70,850) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 79,310 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $9,000, $0, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $31,481,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 122,751 | 90,790 |
Realized Net Gain (Loss) | 27,409 | (68,417) |
Change in Unrealized Appreciation (Depreciation) | (70,850) | (23,609) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 79,310 | (1,236) |
Distributions | ||
ETF Shares | (106,958) | (75,818) |
Admiral Shares | (9,798) | (12,469) |
Institutional Shares | (1,721) | (2,266) |
Total Distributions | (118,477) | (90,553) |
Capital Share Transactions | ||
ETF Shares | 1,209,882 | 394,929 |
Admiral Shares | (1,061) | (18,654) |
Institutional Shares | 2,461 | (7,227) |
Net Increase (Decrease) from Capital Share Transactions | 1,211,282 | 369,048 |
Total Increase (Decrease) | 1,172,115 | 277,259 |
Net Assets | ||
Beginning of Period | 2,138,657 | 1,861,398 |
End of Period | 3,310,772 | 2,138,657 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $78.01 | $80.38 | $74.27 | $80.73 | $80.11 |
Investment Operations | |||||
Net Investment Income1 | 3.190 | 3.551 | 3.738 | 3.411 | 3.713 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (.036) | (2.322) | 6.044 | (6.445) | .589 |
Total from Investment Operations | 3.154 | 1.229 | 9.782 | (3.034) | 4.302 |
Distributions | |||||
Dividends from Net Investment Income | (3.144) | (3.599) | (3.672) | (3.426) | (3.682) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.144) | (3.599) | (3.672) | (3.426) | (3.682) |
Net Asset Value, End of Period | $78.02 | $78.01 | $80.38 | $74.27 | $80.73 |
Total Return | 4.06% | 1.65% | 13.47% | -3.84% | 5.56% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,024 | $1,853 | $1,538 | $1,033 | $1,002 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.25% | 0.25% | 0.30% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.02% | 4.55% | 4.79% | 4.42% | 4.67% |
Portfolio Turnover Rate3 | 16% | 21% | 48% | 25% | 19% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.00, $0.04, and $0.07. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $19.58 | $20.16 | $18.63 | $20.24 | $20.09 |
Investment Operations | |||||
Net Investment Income1 | .806 | .897 | .939 | .858 | .934 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (.015) | (.586) | 1.521 | (1.613) | .150 |
Total from Investment Operations | .791 | .311 | 2.460 | (.755) | 1.084 |
Distributions | |||||
Dividends from Net Investment Income | (.791) | (.891) | (.930) | (.855) | (.934) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.791) | (.891) | (.930) | (.855) | (.934) |
Net Asset Value, End of Period | $19.58 | $19.58 | $20.16 | $18.63 | $20.24 |
Total Return3 | 4.04% | 1.66% | 13.46% | -3.80% | 5.57% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $242 | $243 | $273 | $256 | $288 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.25% | 0.25% | 0.30% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.03% | 4.57% | 4.79% | 4.42% | 4.67% |
Portfolio Turnover Rate4 | 16% | 21% | 48% | 25% | 19% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase of $.00, $.00, $.00, $0.01, and $0.02. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $31.40 | $32.33 | $29.88 | $32.47 | $32.24 |
Investment Operations | |||||
Net Investment Income1 | 1.298 | 1.443 | 1.522 | 1.380 | 1.508 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (.014) | (.938) | 2.425 | (2.596) | .238 |
Total from Investment Operations | 1.284 | .505 | 3.947 | (1.216) | 1.746 |
Distributions | |||||
Dividends from Net Investment Income | (1.274) | (1.435) | (1.497) | (1.374) | (1.516) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.274) | (1.435) | (1.497) | (1.374) | (1.516) |
Net Asset Value, End of Period | $31.41 | $31.40 | $32.33 | $29.88 | $32.47 |
Total Return3 | 4.10% | 1.68% | 13.46% | -3.82% | 5.59% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $45 | $42 | $51 | $19 | $20 |
Ratio of Total Expenses to Average Net Assets | 0.18% | 0.23% | 0.23% | 0.29% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 4.05% | 4.59% | 4.81% | 4.43% | 4.70% |
Portfolio Turnover Rate4 | 16% | 21% | 48% | 25% | 19% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.00, $0.02, and $0.03. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Corporate Bonds | — | 478,369 | — | 478,369 |
Sovereign Bonds | — | 2,795,806 | — | 2,795,806 |
Temporary Cash Investments | 10,206 | — | — | 10,206 |
Total | 10,206 | 3,274,175 | — | 3,284,381 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 60 | — | — | 60 |
Liabilities | ||||
Futures Contracts1 | 79 | — | — | 79 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 31,272 |
Total Distributable Earnings (Loss) | (31,272) |
Amount ($000) | |
Undistributed Ordinary Income | 10,617 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (76,612) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (50,309) |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 118,477 | 90,553 |
Long-Term Capital Gains | — | — |
Total | 118,477 | 90,553 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,334,690 |
Gross Unrealized Appreciation | 75,922 |
Gross Unrealized Depreciation | (126,231) |
Net Unrealized Appreciation (Depreciation) | (50,309) |
E. | During the year ended October 31, 2021, the fund purchased $2,157,692,000 of investment securities and sold $962,951,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $56,369,000 and $56,358,000, respectively. Purchases and sales include $1,683,452,000 and $535,154,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,758,897 | 22,006 | 699,150 | 8,720 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (549,015) | (7,000) | (304,221) | (4,100) | |
Net Increase (Decrease)—ETF Shares | 1,209,882 | 15,006 | 394,929 | 4,620 | |
Admiral Shares | |||||
Issued1 | 37,672 | 1,880 | 72,508 | 3,636 | |
Issued in Lieu of Cash Distributions | 8,085 | 406 | 10,430 | 535 | |
Redeemed | (46,818) | (2,342) | (101,592) | (5,297) | |
Net Increase (Decrease)—Admiral Shares | (1,061) | (56) | (18,654) | (1,126) | |
Institutional Shares | |||||
Issued1 | 5,306 | 165 | 12,179 | 432 | |
Issued in Lieu of Cash Distributions | 1,721 | 54 | 2,233 | 71 | |
Redeemed | (4,566) | (144) | (21,639) | (714) | |
Net Increase (Decrease)—Institutional Shares | 2,461 | 75 | (7,227) | (211) |
1 | Includes purchase fees for fiscal 2021 and 2020 of $335,000 and $662,000, respectively (fund totals). |
G. | Management has determined that no events or transactions occurred subsequent to October 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 16, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. Mclsaac |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img8ab226c66.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img59865d7e1.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisor’s Report | 2 |
About Your Fund’s Expenses | 5 |
Performance Summary | 7 |
Financial Statements | 9 |
• | Vanguard Global Minimum Volatility Fund returned 18.51% for Investor Shares and 18.60% for Admiral Shares for the 12 months ended October 31, 2021, underperforming its benchmark, which returned 38.27%. |
• | The global economy continued to recover from the sharp pandemic-induced contraction in the spring of 2020. Swift and extensive fiscal and monetary support from policymakers was a key to the rebound. Even amid concerns toward the end of the fiscal year about inflation and the prospect of less accommodative monetary policy, stock returns for the period were excellent. |
• | Our positions in low-volatility stocks trailed significantly during the fiscal year. Although all 11 of the fund’s industry sectors detracted on a relative basis, real estate, utilities, and materials held up the best. By region, our positions in North America detracted the most. |
• | The fund’s average volatility for the 12 months was nearly a third less than that of its benchmark. |
• | The fund regularly uses derivatives to hedge portfolio risks. Its holdings in forward foreign currencies and futures detracted from performance. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2021 | |||
Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,035.60 | $1.08 |
Admiral™ Shares | 1,000.00 | 1,036.30 | 0.72 |
Based on Hypothetical 5% Yearly Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,024.15 | $1.07 |
Admiral Shares | 1,000.00 | 1,024.50 | 0.71 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img6221f9c62.gif)
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Since Inception (12/12/2013) | Final Value of a $10,000 Investment | ||
![]() | Global Minimum Volatility Fund Investor Shares | 18.51% | 8.38% | 8.90% | $19,593 |
![]() | FTSE Global All Cap Index (USD Hedged) | 38.27 | 15.36 | 12.12 | 24,644 |
One Year | Five Years | Since Inception (12/12/2013) | Final Value of a $50,000 Investment | ||
Global Minimum Volatility Fund Admiral Shares | 18.60% | 8.45% | 8.99% | $98,555 | |
FTSE Global All Cap Index (USD Hedged) | 38.27 | 15.36 | 12.12 | 123,218 |
United States | 55.3% |
Japan | 10.7 |
Canada | 5.6 |
Switzerland | 4.4 |
Australia | 4.0 |
United Kingdom | 3.2 |
China | 3.1 |
South Korea | 2.4 |
India | 1.9 |
Taiwan | 1.8 |
Hong Kong | 1.6 |
Other | 6.0 |
Shares | Market Value• ($000) | ||
Common Stocks (99.2%) | |||
Australia (3.9%) | |||
Wesfarmers Ltd. | 988,756 | 42,779 | |
Sonic Healthcare Ltd. | 476,597 | 14,462 | |
Coles Group Ltd. | 940,197 | 12,184 | |
ASX Ltd. | 153,195 | 9,634 | |
Westpac Banking Corp. | 354,265 | 6,892 | |
Woolworths Group Ltd. | 232,057 | 6,684 | |
Commonwealth Bank of Australia | 58,797 | 4,661 | |
Medibank Pvt Ltd. | 1,672,849 | 4,204 | |
CSL Ltd. | 17,748 | 4,039 | |
APA Group | 314,610 | 1,952 | |
BWP Trust | 222,026 | 711 | |
108,202 | |||
Belgium (0.3%) | |||
Etablissements Franz Colruyt NV | 137,878 | 6,770 | |
Elia Group SA | 11,876 | 1,385 | |
Sofina SA | 3,011 | 1,332 | |
9,487 | |||
Canada (5.6%) | |||
1 | Royal Bank of Canada | 435,936 | 45,376 |
1 | Emera Inc. | 448,746 | 20,878 |
Franco-Nevada Corp. | 93,007 | 13,271 | |
BCE Inc. | 226,127 | 11,641 | |
Fortis Inc. (XTSE) | 212,031 | 9,438 | |
TELUS Corp. | 382,749 | 8,780 | |
Metro Inc. | 159,857 | 8,043 | |
2 | Hydro One Ltd. | 299,979 | 7,167 |
Intact Financial Corp. | 46,530 | 6,238 | |
Constellation Software Inc. | 2,727 | 4,793 | |
George Weston Ltd. | 40,068 | 4,329 | |
Quebecor Inc. Class B | 123,484 | 3,147 | |
Loblaw Cos. Ltd. | 33,958 | 2,554 | |
Dollarama Inc. | 56,109 | 2,536 | |
TMX Group Ltd. | 19,420 | 2,103 | |
Rogers Communications Inc. Class B | 28,901 | 1,344 | |
Cogeco Communications Inc. | 13,065 | 1,122 | |
152,760 | |||
China (3.1%) | |||
* | JD.com Inc. Class A | 322,862 | 12,639 |
* | Alibaba Group Holding Ltd. | 608,188 | 12,506 |
ZTO Express Cayman Inc. ADR | 408,155 | 11,971 |
Shares | Market Value• ($000) | ||
Ping An Insurance Group Co. of China Ltd. Class H | 1,353,500 | 9,695 | |
NetEase Inc. | 475,905 | 9,232 | |
Tencent Holdings Ltd. | 124,300 | 7,561 | |
China Merchants Bank Co. Ltd. Class H | 686,000 | 5,749 | |
China Shenhua Energy Co. Ltd. Class H | 1,440,500 | 3,098 | |
2 | Longfor Group Holdings Ltd. | 616,000 | 2,980 |
China Overseas Land & Investment Ltd. | 1,212,500 | 2,674 | |
ENN Energy Holdings Ltd. | 80,000 | 1,378 | |
Anhui Conch Cement Co. Ltd. Class H | 240,000 | 1,187 | |
*,2 | China Literature Ltd. | 169,200 | 1,174 |
China Resources Land Ltd. | 258,000 | 1,002 | |
New China Life Insurance Co. Ltd. Class H | 298,200 | 860 | |
China Gas Holdings Ltd. | 303,000 | 756 | |
84,462 | |||
Denmark (0.8%) | |||
Coloplast A/S Class B | 111,474 | 18,206 | |
Chr Hansen Holding A/S | 18,965 | 1,510 | |
Tryg A/S | 50,160 | 1,190 | |
20,906 | |||
Finland (0.5%) | |||
Kone OYJ Class B | 191,352 | 13,050 | |
Elisa OYJ | 28,749 | 1,735 | |
14,785 | |||
France (0.1%) | |||
Vivendi SE | 256,281 | 3,302 | |
Germany (0.4%) | |||
Symrise AG Class A | 38,459 | 5,320 | |
Knorr-Bremse AG | 32,823 | 3,464 | |
Fielmann AG | 33,003 | 2,176 | |
10,960 | |||
Hong Kong (1.6%) | |||
CLP Holdings Ltd. | 1,926,850 | 18,866 | |
Power Assets Holdings Ltd. | 2,036,500 | 12,446 | |
Hang Seng Bank Ltd. | 344,500 | 6,546 | |
Want Want China Holdings Ltd. | 2,935,000 | 2,276 | |
Chow Tai Fook Jewellery Group Ltd. | 922,800 | 1,882 |
Shares | Market Value• ($000) | ||
Tingyi Cayman Islands Holding Corp. | 638,000 | 1,191 | |
CK Infrastructure Holdings Ltd. | 98,000 | 591 | |
43,798 | |||
India (1.9%) | |||
3 | Infosys Ltd. ADR | 1,331,992 | 29,677 |
Dr Reddy's Laboratories Ltd. ADR | 215,432 | 13,236 | |
ICICI Bank Ltd. ADR | 275,553 | 5,828 | |
Wipro Ltd. ADR | 257,275 | 2,305 | |
2 | Reliance Industries Ltd. GDR | 28,000 | 1,906 |
52,952 | |||
Indonesia (0.2%) | |||
Telkom Indonesia Persero Tbk PT ADR | 229,012 | 6,021 | |
Israel (0.1%) | |||
Bank Hapoalim BM | 210,697 | 2,075 | |
Bank Leumi Le-Israel BM | 140,420 | 1,342 | |
3,417 | |||
Italy (0.5%) | |||
DiaSorin SpA | 17,085 | 3,862 | |
Terna - Rete Elettrica Nazionale | 486,458 | 3,625 | |
Snam SpA (MTAA) | 351,100 | 1,989 | |
UnipolSai Assicurazioni SpA | 656,555 | 1,901 | |
Hera SpA | 270,095 | 1,105 | |
12,482 | |||
Japan (10.6%) | |||
Softbank Corp. | 3,078,400 | 42,019 | |
FUJIFILM Holdings Corp. | 453,000 | 35,007 | |
Chugai Pharmaceutical Co. Ltd. | 621,600 | 23,241 | |
Japan Tobacco Inc. | 930,100 | 18,259 | |
Yamada Denki Co. Ltd. | 4,174,500 | 15,952 | |
SG Holdings Co. Ltd. | 490,900 | 12,327 | |
Shimano Inc. | 38,800 | 10,826 | |
Secom Co. Ltd. | 117,900 | 8,037 | |
Toyo Suisan Kaisha Ltd. | 178,300 | 7,683 | |
Pan Pacific International Holdings Corp. | 342,000 | 7,181 | |
Sawai Group Holdings Co. Ltd. | 162,600 | 7,173 | |
Japan Post Bank Co. Ltd. | 804,500 | 6,277 | |
Tokyo Gas Co. Ltd. | 323,600 | 5,615 | |
Kagome Co. Ltd. | 221,000 | 5,608 | |
KDDI Corp. | 167,800 | 5,131 | |
Chubu Electric Power Co. Inc. | 481,200 | 4,981 | |
Chugoku Electric Power Co. Inc. | 530,500 | 4,400 | |
ITOCHU Corp. | 148,800 | 4,244 | |
Odakyu Electric Railway Co. Ltd. | 193,100 | 4,186 | |
Toho Co. Ltd. (XTKS) | 85,400 | 4,012 | |
* | Kintetsu Group Holdings Co. Ltd. | 121,500 | 3,825 |
Oracle Corp. Japan | 38,200 | 3,615 | |
ABC-Mart Inc. | 72,300 | 3,475 | |
Japan Exchange Group Inc. | 146,719 | 3,474 | |
Keio Corp. | ��� 67,200 | 3,392 | |
Lion Corp. | 190,900 | 3,179 | |
Osaka Gas Co. Ltd. | 183,900 | 2,964 |
Shares | Market Value• ($000) | ||
Square Enix Holdings Co. Ltd. | 50,300 | 2,755 | |
Nitori Holdings Co. Ltd. | 12,900 | 2,370 | |
Calbee Inc. | 81,300 | 2,095 | |
Ezaki Glico Co. Ltd. | 55,400 | 2,011 | |
* | Skylark Holdings Co. Ltd. | 144,800 | 1,962 |
Nagoya Railroad Co. Ltd. | 114,200 | 1,887 | |
Hoshizaki Corp. | 22,300 | 1,875 | |
Toho Gas Co. Ltd. | 62,100 | 1,840 | |
* | Hitachi Metals Ltd. | 93,700 | 1,774 |
MOS Food Services Inc. | 60,500 | 1,687 | |
Asahi Intecc Co. Ltd. | 63,300 | 1,669 | |
Mitsubishi Materials Corp. | 78,000 | 1,514 | |
Capcom Co. Ltd. | 49,600 | 1,335 | |
Idemitsu Kosan Co. Ltd. | 45,400 | 1,240 | |
* | PeptiDream Inc. | 48,800 | 1,180 |
Obic Co. Ltd. | 6,000 | 1,110 | |
KYORIN Holdings Inc. | 68,600 | 1,054 | |
Koei Tecmo Holdings Co. Ltd. | 21,320 | 992 | |
Shizuoka Bank Ltd. | 97,400 | 784 | |
Seven Bank Ltd. | 361,800 | 765 | |
Nissin Foods Holdings Co. Ltd. | 9,500 | 726 | |
Kewpie Corp. | 32,500 | 713 | |
Hamamatsu Photonics KK | 11,400 | 677 | |
Tobu Railway Co. Ltd. | 25,400 | 632 | |
Medipal Holdings Corp. | 34,900 | 631 | |
Lawson Inc. | 12,400 | 600 | |
291,961 | |||
Mexico (0.3%) | |||
America Movil SAB de CV Class L ADR | 435,551 | 7,744 | |
Netherlands (0.2%) | |||
Universal Music Group NV | 92,179 | 2,676 | |
Koninklijke Vopak NV | 52,061 | 2,072 | |
4,748 | |||
New Zealand (0.2%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 247,537 | 5,546 | |
Norway (0.4%) | |||
Orkla ASA | 1,235,937 | 12,021 | |
Russia (0.8%) | |||
Sberbank of Russia PJSC ADR | 862,847 | 17,304 | |
Mobile TeleSystems PJSC ADR | 240,224 | 2,208 | |
Polyus PJSC (Registered) GDR | 12,378 | 1,224 | |
20,736 | |||
Singapore (0.6%) | |||
Oversea-Chinese Banking Corp. Ltd. | 1,071,748 | 9,369 | |
Singapore Exchange Ltd. | 921,100 | 6,611 | |
United Overseas Bank Ltd. | 30,800 | 612 | |
16,592 | |||
South Korea (2.4%) | |||
Samsung Electronics Co. Ltd. Preference Shares | 317,530 | 17,444 | |
Korea Zinc Co. Ltd. | 33,479 | 15,414 | |
KT&G Corp. | 221,331 | 15,373 | |
NAVER Corp. | 24,924 | 8,666 | |
2 | Netmarble Corp. | 28,263 | 2,993 |
* | Studio Dragon Corp. | 25,228 | 1,864 |
Shares | Market Value• ($000) | ||
Maeil Dairies Co. Ltd. | 30,457 | 1,838 | |
* | CJ Logistics Corp. | 10,592 | 1,288 |
LEENO Industrial Inc. | 7,402 | 1,085 | |
SSANGYONG C&E Co. Ltd. | 108,382 | 731 | |
66,696 | |||
Spain (0.4%) | |||
Ferrovial SA | 210,582 | 6,648 | |
1 | Naturgy Energy Group SA | 78,909 | 2,074 |
Red Electrica Corp. SA | 57,686 | 1,201 | |
9,923 | |||
Sweden (0.2%) | |||
ICA Gruppen AB | 128,612 | 6,655 | |
Switzerland (4.4%) | |||
Swisscom AG (Registered) | 68,772 | 37,448 | |
Givaudan SA (Registered) | 5,403 | 25,459 | |
Schindler Holding AG Ptg. Ctf. | 53,265 | 13,870 | |
Roche Holding AG | 31,270 | 12,114 | |
Roche Holding AG (Bearer) | 17,135 | 7,370 | |
Kuehne + Nagel International AG (Registered) | 22,805 | 7,182 | |
EMS-Chemie Holding AG (Registered) | 4,461 | 4,425 | |
2 | Galenica AG | 29,325 | 2,148 |
SGS SA (Registered) | 681 | 2,016 | |
Allreal Holding AG (Registered) | 9,242 | 1,955 | |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 158 | 1,863 | |
1 | Stadler Rail AG | 32,435 | 1,424 |
Geberit AG (Registered) | 1,776 | 1,387 | |
Banque Cantonale Vaudoise (Registered) | 13,949 | 1,123 | |
119,784 | |||
Taiwan (1.7%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 374,437 | 42,573 | |
Chunghwa Telecom Co. Ltd. ADR | 142,247 | 5,619 | |
48,192 | |||
United Kingdom (3.2%) | |||
GlaxoSmithKline plc | 836,626 | 17,369 | |
Halma plc | 422,747 | 17,144 | |
National Grid plc | 1,027,379 | 13,154 | |
Admiral Group plc | 286,496 | 11,254 | |
Rightmove plc | 833,125 | 7,875 | |
Tate & Lyle plc | 601,850 | 5,333 | |
B&M European Value Retail SA | 475,983 | 4,124 | |
Sage Group plc | 308,425 | 3,000 | |
Croda International plc | 21,919 | 2,837 | |
Spirax-Sarco Engineering plc | 9,281 | 1,981 | |
Severn Trent plc | 50,239 | 1,881 | |
Polymetal International plc | 42,099 | 778 | |
Smiths Group plc | 422 | 8 | |
86,738 | |||
United States (54.8%) | |||
Microsoft Corp. | 152,425 | 50,547 | |
3 | Merck & Co. Inc. | 567,312 | 49,952 |
3 | Republic Services Inc. Class A | 364,076 | 49,005 |
* | Tyler Technologies Inc. | 88,075 | 47,844 |
Shares | Market Value• ($000) | ||
3 | Cisco Systems Inc. | 805,222 | 45,068 |
3 | Johnson & Johnson | 275,603 | 44,890 |
CH Robinson Worldwide Inc. | 457,377 | 44,361 | |
3 | Walmart Inc. | 290,948 | 43,473 |
Amdocs Ltd. | 549,526 | 42,775 | |
3 | Gilead Sciences Inc. | 641,520 | 41,622 |
Amgen Inc. | 198,278 | 41,038 | |
AptarGroup Inc. | 338,186 | 40,846 | |
Verizon Communications Inc. | 750,637 | 39,776 | |
3 | Church & Dwight Co. Inc. | 424,387 | 37,074 |
Dollar General Corp. | 164,519 | 36,444 | |
Chemed Corp. | 75,519 | 36,419 | |
*,4 | Equity Commonwealth | 1,169,914 | 30,336 |
Oracle Corp. | 306,177 | 29,375 | |
Electronic Arts Inc. | 206,223 | 28,923 | |
Waste Management Inc. | 176,528 | 28,285 | |
Brown & Brown Inc. | 427,449 | 26,976 | |
3 | Colgate-Palmolive Co. | 340,669 | 25,956 |
Intercontinental Exchange Inc. | 187,138 | 25,911 | |
Broadridge Financial Solutions Inc. | 141,044 | 25,164 | |
* | Black Knight Inc. | 336,990 | 23,626 |
3 | Hormel Foods Corp. | 479,971 | 20,312 |
Citrix Systems Inc. | 211,063 | 19,994 | |
Becton Dickinson and Co. | 81,291 | 19,477 | |
Hawaiian Electric Industries Inc. | 476,990 | 19,347 | |
* | Vertex Pharmaceuticals Inc. | 104,477 | 19,321 |
3 | Clorox Co. | 112,867 | 18,398 |
Service Corp. International | 239,307 | 16,390 | |
Comcast Corp. Class A | 292,110 | 15,023 | |
Maximus Inc. | 177,601 | 15,020 | |
Procter & Gamble Co. | 102,542 | 14,663 | |
IDACORP Inc. | 139,874 | 14,592 | |
Expeditors International of Washington Inc. | 115,801 | 14,274 | |
* | Amazon.com Inc. | 4,223 | 14,242 |
Baxter International Inc. | 174,844 | 13,806 | |
White Mountains Insurance Group Ltd. | 12,359 | 13,039 | |
Yum China Holdings Inc. | 227,579 | 12,990 | |
Houlihan Lokey Inc. Class A | 114,011 | 12,778 | |
Sonoco Products Co. | 217,116 | 12,582 | |
Flowers Foods Inc. | 493,553 | 12,215 | |
Washington Federal Inc. | 345,197 | 12,206 | |
* | Alphabet Inc. Class C | 3,645 | 10,809 |
United Parcel Service Inc. Class B | 49,567 | 10,581 | |
Silgan Holdings Inc. | 262,040 | 10,534 | |
Graco Inc. | 138,033 | 10,377 | |
* | Incyte Corp. | 153,081 | 10,253 |
Roper Technologies Inc. | 20,106 | 9,809 | |
Kaiser Aluminum Corp. | 94,422 | 9,172 | |
Premier Inc. Class A | 233,733 | 9,104 | |
* | Check Point Software Technologies Ltd. | 68,357 | 8,176 |
Consolidated Edison Inc. | 99,603 | 7,510 | |
* | Charter Communications Inc. Class A | 10,574 | 7,136 |
Landstar System Inc. | 39,853 | 7,007 | |
Rollins Inc. | 193,485 | 6,817 | |
Texas Instruments Inc. | 35,968 | 6,743 |
Shares | Market Value• ($000) | ||
Commerce Bancshares Inc. | 94,644 | 6,673 | |
Bristol-Myers Squibb Co. | 113,492 | 6,628 | |
Murphy USA Inc. | 40,333 | 6,572 | |
American States Water Co. | 68,140 | 6,190 | |
Royal Gold Inc. | 62,244 | 6,163 | |
3M Co. | 33,130 | 5,920 | |
Jack Henry & Associates Inc. | 33,464 | 5,571 | |
Capitol Federal Financial Inc. | 425,158 | 5,157 | |
NewMarket Corp. | 15,088 | 5,130 | |
Target Corp. | 18,091 | 4,697 | |
* | United Therapeutics Corp. | 23,529 | 4,488 |
WEC Energy Group Inc. | 48,179 | 4,339 | |
California Water Service Group | 70,926 | 4,318 | |
Lancaster Colony Corp. | 22,161 | 3,767 | |
Motorola Solutions Inc. | 14,726 | 3,661 | |
Toro Co. | 38,294 | 3,656 | |
* | FTI Consulting Inc. | 24,611 | 3,542 |
TFS Financial Corp. | 159,770 | 3,109 | |
* | Adobe Inc. | 4,771 | 3,103 |
Dolby Laboratories Inc. Class A | 33,935 | 2,998 | |
* | Netflix Inc. | 4,208 | 2,905 |
Progressive Corp. | 30,603 | 2,904 | |
Ameren Corp. | 33,145 | 2,794 | |
Cerner Corp. | 36,375 | 2,702 | |
* | Regeneron Pharmaceuticals Inc. | 4,050 | 2,592 |
Balchem Corp. | 16,786 | 2,570 | |
WD-40 Co. | 9,565 | 2,171 | |
* | Vir Biotechnology Inc. | 55,003 | 2,075 |
Pfizer Inc. | ��43,863 | 1,919 | |
Atmos Energy Corp. | 20,078 | 1,850 | |
NorthWestern Corp. | 31,310 | 1,780 | |
PS Business Parks Inc. | 8,148 | 1,448 | |
ALLETE Inc. | 23,383 | 1,439 | |
* | Terminix Global Holdings Inc. | 34,788 | 1,408 |
Werner Enterprises Inc. | 28,950 | 1,312 | |
Hanover Insurance Group Inc. | 10,025 | 1,263 | |
Marsh & McLennan Cos. Inc. | 7,371 | 1,230 | |
* | Corcept Therapeutics Inc. | 60,919 | 1,097 |
Genpact Ltd. | 21,670 | 1,069 |
Shares | Market Value• ($000) | ||
Activision Blizzard Inc. | 11,255 | 880 | |
* | Qualys Inc. | 6,018 | 749 |
Avangrid Inc. | 14,027 | 739 | |
BWX Technologies Inc. | 12,668 | 719 | |
Avista Corp. | 17,090 | 680 | |
National Fuel Gas Co. | 11,322 | 650 | |
* | Liberty Broadband Corp. Class C | 3,699 | 601 |
Vector Group Ltd. | 44,521 | 590 | |
1,508,201 | |||
Total Common Stocks (Cost $2,243,806) | 2,729,071 | ||
Temporary Cash Investments (2.7%) | |||
Money Market Fund (2.7%) | |||
5,6 | Vanguard Market Liquidity Fund, 0.070% (Cost $72,759) | 727,588 | 72,759 |
Total Investments (101.9%) (Cost $2,316,565) | 2,801,830 | ||
Other Assets and Liabilities—Net (-1.9%) | (51,987) | ||
Net Assets (100%) | 2,749,843 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $65,330,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the aggregate value was $18,368,000, representing 0.7% of net assets. |
3 | Securities with a value of $15,553,000 have been segregated as collateral for open forward currency contracts. |
4 | Securities with a value of $1,134,000 have been segregated as initial margin for open futures contracts. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $70,254,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
Ptg. Ctf.—Participating Certificates. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2021 | 37 | 8,505 | 31 |
Euro Stoxx 50 Index | December 2021 | 6 | 294 | 6 |
FTSE 100 Index | December 2021 | 12 | 1,186 | 36 |
S&P ASX 200 Index | December 2021 | 6 | 822 | (14) |
Topix Index | December 2021 | 9 | 1,573 | (41) |
18 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Toronto-Dominion Bank | 11/15/21 | USD | 101,277 | AUD | 138,908 | — | (3,224) |
Deutsche Bank AG | 11/15/21 | USD | 148,423 | CAD | 186,330 | — | (2,133) |
Royal Bank of Canada | 11/15/21 | USD | 1,038 | CAD | 1,304 | — | (16) |
Deutsche Bank AG | 11/15/21 | USD | 120,599 | CHF | 111,867 | — | (1,627) |
Goldman Sachs International | 11/15/21 | USD | 5,983 | CNH | 38,691 | — | (48) |
State Street Bank & Trust Co. | 11/15/21 | USD | 20,115 | DKK | 128,956 | 69 | — |
State Street Bank & Trust Co. | 11/15/21 | USD | 63,574 | EUR | 54,796 | 211 | — |
Goldman Sachs International | 11/15/21 | USD | 1,463 | EUR | 1,261 | 5 | — |
Goldman Sachs International | 11/15/21 | USD | 84,678 | GBP | 62,110 | — | (324) |
Royal Bank of Canada | 11/15/21 | USD | 1,365 | GBP | 1,001 | — | (6) |
Citibank, N.A. | 11/15/21 | USD | 87,657 | HKD | 682,280 | — | (37) |
BNP Paribas | 11/15/21 | USD | 5,583 | IDR | 79,677,364 | — | (33) |
Goldman Sachs International | 11/15/21 | USD | 298 | IDR | 4,253,751 | — | (2) |
Barclays Bank plc | 11/15/21 | USD | 2,804 | ILS | 9,064 | — | (60) |
Deutsche Bank AG | 11/15/21 | USD | 653 | ILS | 2,111 | — | (14) |
Deutsche Bank AG | 11/15/21 | USD | 49,271 | INR | 3,683,536 | 164 | — |
Toronto-Dominion Bank | 11/15/21 | USD | 300,011 | JPY | 33,417,335 | 6,782 | — |
Deutsche Bank AG | 11/15/21 | USD | 69,577 | KRW | 82,602,633 | — | (1,081) |
Toronto-Dominion Bank | 11/16/21 | USD | 7,638 | MXN | 158,215 | — | (28) |
BNP Paribas | 11/15/21 | USD | 11,229 | NOK | 95,795 | — | (110) |
Goldman Sachs International | 11/15/21 | USD | 263 | NOK | 2,243 | — | (3) |
Citibank, N.A. | 11/15/21 | USD | 5,314 | NZD | 7,629 | — | (152) |
BNP Paribas | 11/15/21 | USD | 119 | PLN | 472 | — | — |
Deutsche Bank AG | 11/15/21 | USD | 17,312 | RUB | 1,263,279 | — | (454) |
Goldman Sachs International | 11/15/21 | USD | 2,332 | RUB | 170,140 | — | (61) |
Citibank, N.A. | 11/15/21 | USD | 5,961 | SEK | 52,068 | — | (103) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
State Street Bank & Trust Co. | 11/15/21 | USD | 15,873 | SGD | 21,545 | — | (102) |
Citibank, N.A. | 11/15/21 | USD | 47,694 | TWD | 1,329,572 | — | (117) |
7,231 | (9,735) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
CNH—Chinese yuan (offshore). |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
IDR—Indonesian rupiah. |
ILS—Israeli shekel. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
MXN—Mexican peso. |
NOK—Norwegian krone. |
NZD—New Zealand dollar. |
PLN—Polish zloty. |
RUB—Russian ruble. |
SEK—Swedish krona. |
SGD—Singapore dollar. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,243,806) | 2,729,071 |
Affiliated Issuers (Cost $72,759) | 72,759 |
Total Investments in Securities | 2,801,830 |
Investment in Vanguard | 92 |
Foreign Currency, at Value (Cost $1,690) | 1,713 |
Receivables for Investment Securities Sold | 12,955 |
Receivables for Accrued Income | 6,915 |
Receivables for Capital Shares Issued | 1,024 |
Unrealized Appreciation—Forward Currency Contracts | 7,231 |
Total Assets | 2,831,760 |
Liabilities | |
Due to Custodian | 410 |
Payables for Investment Securities Purchased | 30 |
Collateral for Securities on Loan | 70,254 |
Payables for Capital Shares Redeemed | 1,268 |
Payables to Vanguard | 179 |
Variation Margin Payable—Futures Contracts | 41 |
Unrealized Depreciation—Forward Currency Contracts | 9,735 |
Total Liabilities | 81,917 |
Net Assets | 2,749,843 |
At October 31, 2021, net assets consisted of: | |
Paid-in Capital | 2,266,634 |
Total Distributable Earnings (Loss) | 483,209 |
Net Assets | 2,749,843 |
Investor Shares—Net Assets | |
Applicable to 20,305,613 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 301,065 |
Net Asset Value Per Share—Investor Shares | $14.83 |
Admiral Shares—Net Assets | |
Applicable to 82,546,991 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,448,778 |
Net Asset Value Per Share—Admiral Shares | $29.67 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 52,854 |
Non-Cash Dividends | 5,931 |
Interest2 | 7 |
Securities Lending—Net | 398 |
Total Income | 59,190 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,245 |
Management and Administrative—Investor Shares | 489 |
Management and Administrative—Admiral Shares | 2,362 |
Marketing and Distribution—Investor Shares | 25 |
Marketing and Distribution—Admiral Shares | 102 |
Custodian Fees | 136 |
Auditing Fees | 44 |
Shareholders’ Reports—Investor Shares | 7 |
Shareholders’ Reports—Admiral Shares | 19 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 4,430 |
Net Investment Income | 54,760 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 234,709 |
Futures Contracts | 7,602 |
Forward Currency Contracts | (38,738) |
Foreign Currencies | 39,091 |
Realized Net Gain (Loss) | 242,664 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 241,739 |
Futures Contracts | 276 |
Forward Currency Contracts | (2,229) |
Foreign Currencies | (76) |
Change in Unrealized Appreciation (Depreciation) | 239,710 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 537,134 |
1 | Dividends are net of foreign withholding taxes of $4,728,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,000, $0, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 54,760 | 83,228 |
Realized Net Gain (Loss) | 242,664 | (321,050) |
Change in Unrealized Appreciation (Depreciation) | 239,710 | (178,594) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 537,134 | (416,416) |
Distributions | ||
Investor Shares | (6,959) | (29,323) |
Admiral Shares | (62,342) | (162,618) |
Total Distributions | (69,301) | (191,941) |
Capital Share Transactions | ||
Investor Shares | (87,211) | (211,512) |
Admiral Shares | (793,086) | (143,818) |
Net Increase (Decrease) from Capital Share Transactions | (880,297) | (355,330) |
Total Increase (Decrease) | (412,464) | (963,687) |
Net Assets | ||
Beginning of Period | 3,162,307 | 4,125,994 |
End of Period | 2,749,843 | 3,162,307 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $12.77 | $14.71 | $13.78 | $13.57 | $11.92 |
Investment Operations | |||||
Net Investment Income1 | .252 | .293 | .428 | .374 | .324 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.085 | (1.571) | 1.403 | .148 | 1.650 |
Total from Investment Operations | 2.337 | (1.278) | 1.831 | .522 | 1.974 |
Distributions | |||||
Dividends from Net Investment Income | (.277) | (.397) | (.300) | (.312) | (.324) |
Distributions from Realized Capital Gains | — | (.265) | (.601) | — | — |
Total Distributions | (.277) | (.662) | (.901) | (.312) | (.324) |
Net Asset Value, End of Period | $14.83 | $12.77 | $14.71 | $13.78 | $13.57 |
Total Return2 | 18.51% | -9.22% | 14.41% | 3.89% | 16.93% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $301 | $338 | $643 | $515 | $539 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.21% | 0.21% | 0.23% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.77% | 2.16% | 3.09% | 2.66% | 2.54% |
Portfolio Turnover Rate | 24% | 58% | 46% | 24% | 37% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $25.56 | $29.45 | $27.58 | $27.15 | $23.86 |
Investment Operations | |||||
Net Investment Income1 | .520 | .608 | .878 | .758 | .668 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.177 | (3.155) | 2.819 | .297 | 3.295 |
Total from Investment Operations | 4.697 | (2.547) | 3.697 | 1.055 | 3.963 |
Distributions | |||||
Dividends from Net Investment Income | (.587) | (.812) | (.624) | (.625) | (.673) |
Distributions from Realized Capital Gains | — | (.531) | (1.203) | — | — |
Total Distributions | (.587) | (1.343) | (1.827) | (.625) | (.673) |
Net Asset Value, End of Period | $29.67 | $25.56 | $29.45 | $27.58 | $27.15 |
Total Return2 | 18.60% | -9.18% | 14.54% | 3.93% | 16.99% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,449 | $2,824 | $3,483 | $2,542 | $1,699 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.14% | 0.15% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.83% | 2.26% | 3.16% | 2.74% | 2.62% |
Portfolio Turnover Rate | 24% | 58% | 46% | 24% | 37% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—International | 279,942 | 940,928 | — | 1,220,870 |
Common Stocks—United States | 1,508,201 | — | — | 1,508,201 |
Temporary Cash Investments | 72,759 | — | — | 72,759 |
Total | 1,860,902 | 940,928 | — | 2,801,830 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 73 | — | — | 73 |
Forward Currency Contracts | — | 7,231 | — | 7,231 |
Total | 73 | 7,231 | — | 7,304 |
Liabilities | ||||
Futures Contracts1 | 55 | — | — | 55 |
Forward Currency Contracts | — | 9,735 | — | 9,735 |
Total | 55 | 9,735 | — | 9,790 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 73 | — | 73 |
Unrealized Appreciation—Forward Currency Contracts | — | 7,231 | 7,231 |
Total Assets | 73 | 7,231 | 7,304 |
Unrealized Depreciation—Futures Contracts1 | 55 | — | 55 |
Unrealized Depreciation—Forward Currency Contracts | — | 9,735 | 9,735 |
Total Liabilities | 55 | 9,735 | 9,790 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 7,602 | — | 7,602 |
Forward Currency Contracts | — | (38,738) | (38,738) |
Realized Net Gain (Loss) on Derivatives | 7,602 | (38,738) | (31,136) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 276 | — | 276 |
Forward Currency Contracts | — | (2,229) | (2,229) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 276 | (2,229) | (1,953) |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for foreign currency transactions and passive foreign investment companies were reclassified between the individual components of total distributable earnings (loss). |
Amount ($000) | |
Undistributed Ordinary Income | 82,128 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (82,638) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 483,719 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 69,301 | 115,986 |
Long-Term Capital Gains | — | 75,955 |
Total | 69,301 | 191,941 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,317,877 |
Gross Unrealized Appreciation | 582,582 |
Gross Unrealized Depreciation | (98,908) |
Net Unrealized Appreciation (Depreciation) | 483,674 |
F. | During the year ended October 31, 2021, the fund purchased $706,983,000 of investment securities and sold $1,587,969,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 49,143 | 3,454 | 140,652 | 10,097 | |
Issued in Lieu of Cash Distributions | 6,352 | 470 | 27,070 | 1,872 | |
Redeemed | (142,706) | (10,122) | (379,234) | (29,187) | |
Net Increase (Decrease)—Investor Shares | (87,211) | (6,198) | (211,512) | (17,218) | |
Admiral Shares | |||||
Issued | 439,983 | 15,585 | 1,114,310 | 41,948 | |
Issued in Lieu of Cash Distributions | 55,463 | 2,050 | 143,670 | 4,966 | |
Redeemed | (1,288,532) | (45,588) | (1,401,798) | (54,668) | |
Net Increase (Decrease)—Admiral Shares | (793,086) | (27,953) | (143,818) | (7,754) |
H. | Management has determined that no events or transactions occurred subsequent to October 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 17, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. Mclsaac |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img5cdb14d35.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/imgf6ae0b4c1.jpg)
Vanguard International Dividend Appreciation Index Fund |
Vanguard International High Dividend Yield Index Fund |
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
International Dividend Appreciation Index Fund | 4 |
International High Dividend Yield Index Fund | 28 |
• | For the 12 months ended October 31, 2021, Vanguard International Dividend Appreciation Index returned 29.93% for ETF Shares (based on net asset value) and 29.31% for Admiral Shares. Vanguard International High Dividend Yield Index Fund returned 39.55% for ETF Shares and 38.91% for Admiral Shares. |
• | The funds returned less than their benchmarks in part because of differences in the prices of securities used by the funds to calculate their net asset value and the quoted or published prices for the same securities.1 Differences in the way the indexes and the funds treat certain capital gains also played a role. |
• | Of the major regional sectors, Europe was the biggest contributor to returns for both funds. |
• | All 10 industry sectors recorded positive returns for the fiscal year. Industrial stocks contributed most to returns for the International Dividend Appreciation Index Fund. In the International High Dividend Yield Index Fund, financial stocks had the largest sector weighting and made the largest contribution to performance. |
Average Annual Total Returns Periods Ended October 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 43.51% | 22.01% | 19.16% |
Russell 2000 Index (Small-caps) | 50.80 | 16.47 | 15.52 |
Russell 3000 Index (Broad U.S. market) | 43.90 | 21.62 | 18.91 |
FTSE All-World ex US Index (International) | 30.23 | 12.42 | 10.05 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.48% | 5.63% | 3.10% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.64 | 5.17 | 3.41 |
FTSE Three-Month U.S. Treasury Bill Index | 0.05 | 1.08 | 1.12 |
CPI | |||
Consumer Price Index | 6.22% | 3.03% | 2.73% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2021 | |||
Beginning Account Value 4/30/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,070.30 | $0.63 |
Admiral™ Shares | 1,000.00 | 1,070.30 | 0.73 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,038.20 | $1.03 |
Admiral Shares | 1,000.00 | 1,038.30 | 0.98 |
Based on Hypothetical 5% Yearly Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,024.60 | $0.61 |
Admiral Shares | 1,000.00 | 1,024.50 | 0.71 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.20 | $1.02 |
Admiral Shares | 1,000.00 | 1,024.25 | 0.97 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img21fe9e012.gif)
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Since Inception (2/25/2016) | Final Value of a $10,000 Investment | ||
![]() | International Dividend Appreciation Index Fund ETF Shares Net Asset Value | 29.93% | 12.37% | 12.62% | $19,640 |
International Dividend Appreciation Index Fund ETF Shares Market Price | 30.07 | 12.36 | 12.68 | 19,704 | |
![]() | Spliced S&P Global Ex-U.S. Dividend Growers Index | 30.70 | 12.61 | 12.98 | 20,003 |
One Year | Five Years | Since Inception (3/2/2016) | Final Value of a $10,000 Investment | ||
International Dividend Appreciation Index Fund Admiral Shares | 29.31% | 12.26% | 12.00% | $18,998 | |
Spliced S&P Global Ex-U.S. Dividend Growers Index | 30.70 | 12.61 | 12.43 | 19,417 |
One Year | Five Years | Since Inception (2/25/2016) | |
International Dividend Appreciation Index Fund ETF Shares Market Price | 30.07% | 79.08% | 97.04% |
International Dividend Appreciation Index Fund ETF Shares Net Asset Value | 29.93 | 79.14 | 96.40 |
Spliced S&P Global Ex-U.S. Dividend Growers Index | 30.70 | 81.07 | 100.03 |
Japan | 17.7% |
Switzerland | 16.9 |
Canada | 12.4 |
United Kingdom | 8.5 |
India | 7.1 |
Denmark | 6.2 |
Germany | 5.7 |
China | 5.1 |
Hong Kong | 4.2 |
Australia | 3.2 |
France | 2.9 |
Sweden | 2.2 |
South Korea | 1.2 |
Indonesia | 1.1 |
Other | 5.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.4%) | |||
Australia (3.2%) | |||
CSL Ltd. | 460,172 | 104,708 | |
Sonic Healthcare Ltd. | 476,686 | 14,465 | |
Domino's Pizza Enterprises Ltd. | 62,749 | 6,436 | |
carsales.com Ltd. | 281,370 | 5,265 | |
Altium Ltd. | 119,497 | 3,329 | |
Washington H Soul Pattinson & Co. Ltd. | 118,866 | 2,927 | |
Technology One Ltd. | 253,158 | 2,351 | |
Brickworks Ltd. | 79,007 | 1,418 | |
AUB Group Ltd. | 76,690 | 1,264 | |
Collins Foods Ltd. | 107,092 | 1,040 | |
143,203 | |||
Austria (0.0%) | |||
CA Immobilien Anlagen AG (XWBO) | 43,760 | 1,878 | |
Belgium (0.8%) | |||
UCB SA | 128,650 | 15,377 | |
Groupe Bruxelles Lambert SA | 99,303 | 11,522 | |
Sofina SA | 15,477 | 6,849 | |
Barco NV | 73,612 | 1,659 | |
35,407 | |||
Brazil (0.1%) | |||
Raia Drogasil SA | 1,030,341 | 4,245 | |
Canada (12.3%) | |||
Toronto-Dominion Bank | 1,671,758 | 121,356 | |
Brookfield Asset Management Inc. Class A | 1,345,912 | 81,259 | |
Canadian National Railway Co. | 566,318 | 75,265 | |
Alimentation Couche-Tard Inc. Class B | 746,120 | 27,986 | |
Franco-Nevada Corp. | 176,035 | 25,118 | |
Intact Financial Corp. | 156,603 | 20,994 | |
Magna International Inc. | 254,350 | 20,690 | |
Fortis Inc. (XTSE) | 428,332 | 19,067 | |
Open Text Corp. | 251,932 | 12,690 | |
Dollarama Inc. | 272,464 | 12,315 | |
Metro Inc. | 230,294 | 11,587 | |
Loblaw Cos. Ltd. | 152,619 | 11,478 | |
TFI International Inc. | 84,188 | 9,335 | |
CCL Industries Inc. Class B | 138,170 | 7,553 |
Shares | Market Value• ($000) | ||
1 | Canadian Tire Corp. Ltd. Class A | 52,441 | 7,448 |
Ritchie Bros Auctioneers Inc. | 106,295 | 7,265 | |
Toromont Industries Ltd. | 80,135 | 7,130 | |
George Weston Ltd. | 65,526 | 7,080 | |
Imperial Oil Ltd. | 189,856 | 6,428 | |
iA Financial Corp. Inc. | 100,433 | 5,941 | |
Stantec Inc. | 104,153 | 5,756 | |
Saputo Inc. | 217,774 | 5,202 | |
Onex Corp. | 67,219 | 5,009 | |
Finning International Inc. | 152,698 | 4,521 | |
Empire Co. Ltd. Class A | 150,150 | 4,489 | |
Parkland Corp. | 147,725 | 4,298 | |
Boyd Group Services Inc. | 19,312 | 3,748 | |
Premium Brands Holdings Corp. Class A | 30,425 | 3,288 | |
Canadian Western Bank | 84,684 | 2,709 | |
Innergex Renewable Energy Inc. | 145,110 | 2,415 | |
Stella-Jones Inc. | 59,301 | 2,129 | |
Cogeco Communications Inc. | 19,673 | 1,690 | |
Enghouse Systems Ltd. | 38,893 | 1,687 | |
Equitable Group Inc. | 25,171 | 1,572 | |
Savaria Corp. | 43,503 | 687 | |
* | Brookfield Asset Management Reinsurance Partners Ltd. Class A | 8,558 | 527 |
Cogeco Inc. | 7,428 | 494 | |
Hardwoods Distribution Inc. | 14,249 | 477 | |
548,683 | |||
China (5.0%) | |||
Tencent Holdings Ltd. | 2,013,024 | 122,452 | |
Ping An Insurance Group Co. of China Ltd. Class H | 6,304,000 | 45,154 | |
Shenzhou International Group Holdings Ltd. | 784,300 | 16,897 | |
China Tourism Group Duty Free Corp. Ltd. Class A | 159,655 | 6,687 | |
2 | Longfor Group Holdings Ltd. | 1,360,000 | 6,580 |
China Gas Holdings Ltd. | 2,455,530 | 6,129 | |
Jiangsu Hengrui Medicine Co. Ltd. Class A | 568,469 | 4,367 | |
China Resources Gas Group Ltd. | 765,000 | 4,106 |
Shares | Market Value• ($000) | ||
Guangdong Investment Ltd. | 2,556,000 | 3,214 | |
China State Construction Engineering Corp. Ltd. Class A | 4,188,200 | 3,047 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 772,700 | 1,414 | |
Ping An Insurance Group Co. of China Ltd. Class A | 146,700 | 1,133 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 362,600 | 1,056 | |
Angel Yeast Co. Ltd. Class A | 101,100 | 879 | |
China National Accord Medicines Corp. Ltd. Class A | 148,025 | 775 | |
Jiangzhong Pharmaceutical Co. Ltd. Class A | 152,300 | 274 | |
224,164 | |||
Colombia (0.3%) | |||
Bancolombia SA ADR | 83,040 | 2,984 | |
Bancolombia SA | 269,099 | 2,407 | |
Grupo de Inversiones Suramericana SA | 340,802 | 1,986 | |
Grupo Nutresa SA | 236,323 | 1,381 | |
Grupo Argos SA | 335,361 | 1,051 | |
Bancolombia SA Preference Shares | 116,671 | 1,047 | |
10,856 | |||
Denmark (6.2%) | |||
Novo Nordisk A/S Class B | 1,586,559 | 173,974 | |
DSV A/S | 205,331 | 47,722 | |
Coloplast A/S Class B | 121,463 | 19,837 | |
Novozymes A/S Class B | 199,762 | 14,694 | |
GN Store Nord A/S | 152,897 | 9,291 | |
SimCorp A/S | 38,846 | 4,704 | |
Ringkjoebing Landbobank A/S | 28,729 | 3,650 | |
ROCKWOOL International A/S Class B | 6,290 | 2,877 | |
276,749 | |||
Finland (0.1%) | |||
Huhtamaki OYJ | 90,681 | 3,954 | |
Revenio Group OYJ | 25,655 | 1,693 | |
5,647 | |||
France (2.9%) | |||
Sanofi | 1,062,735 | 106,746 | |
Teleperformance | 56,182 | 23,468 | |
Pharmagest Interactive | 3,883 | 426 | |
130,640 | |||
Germany (5.7%) | |||
SAP SE | 1,041,424 | 150,810 | |
Fresenius SE & Co. KGaA | 392,877 | 17,858 | |
Symrise AG Class A | 123,809 | 17,125 | |
Brenntag SE | 138,586 | 13,185 | |
Fresenius Medical Care AG & Co. KGaA | 192,071 | 12,759 | |
LEG Immobilien SE (XETR) | 73,386 | 10,916 | |
Nemetschek SE | 55,623 | 6,386 | |
Bechtle AG | 80,671 | 6,051 | |
TAG Immobilien AG | 141,248 | 4,291 |
Shares | Market Value• ($000) | ||
Deutsche Wohnen SE | 66,931 | 3,428 | |
FUCHS PETROLUB SE Preference Shares | 68,927 | 3,306 | |
Gerresheimer AG | 28,530 | 2,618 | |
Encavis AG | 99,201 | 2,079 | |
FUCHS PETROLUB SE | 36,883 | 1,359 | |
STRATEC SE | 7,531 | 1,203 | |
New Work SE | 3,287 | 802 | |
Cewe Stiftung & Co. KGaA | 5,136 | 718 | |
MBB SE | 1,874 | 299 | |
255,193 | |||
Hong Kong (4.2%) | |||
AIA Group Ltd. | 11,301,760 | 126,659 | |
Techtronic Industries Co. Ltd. | 1,641,484 | 33,725 | |
Hong Kong & China Gas Co. Ltd. | 10,365,145 | 16,102 | |
MTR Corp. Ltd. | 1,398,120 | 7,627 | |
Swire Properties Ltd. | 934,400 | 2,505 | |
SUNeVision Holdings Ltd. | 1,295,000 | 1,189 | |
187,807 | |||
India (7.1%) | |||
Reliance Industries Ltd. | 2,967,653 | 100,708 | |
Infosys Ltd. ADR | 3,108,369 | 69,255 | |
Tata Consultancy Services Ltd. | 951,451 | 43,248 | |
Hindustan Unilever Ltd. | 820,990 | 26,278 | |
Bajaj Finance Ltd. | 241,106 | 23,910 | |
Asian Paints Ltd. | 405,405 | 16,801 | |
ITC Ltd. | 2,788,164 | 8,325 | |
Pidilite Industries Ltd. | 143,445 | 4,439 | |
Infosys Ltd. | 131,928 | 2,952 | |
Tata Elxsi Ltd. | 32,011 | 2,515 | |
Balkrishna Industries Ltd. | 74,040 | 2,439 | |
Persistent Systems Ltd. | 44,459 | 2,335 | |
Berger Paints India Ltd. | 218,611 | 2,168 | |
Astral Ltd. (XNSE) | 71,235 | 2,083 | |
Sundaram Finance Ltd. | 64,778 | 2,073 | |
LIC Housing Finance Ltd. | 294,074 | 1,603 | |
Navin Fluorine International Ltd. | 31,418 | 1,403 | |
Relaxo Footwears Ltd. | 70,180 | 1,249 | |
CRISIL Ltd. | 23,393 | 876 | |
Schaeffler India Ltd. | 7,642 | 755 | |
KEC International Ltd. | 112,119 | 717 | |
Finolex Cables Ltd. | 72,098 | 451 | |
Caplin Point Laboratories Ltd. | 21,355 | 234 | |
NESCO Ltd. | 22,257 | 181 | |
* | Yes Bank Ltd. | 545,158 | 94 |
317,092 | |||
Indonesia (1.1%) | |||
Bank Central Asia Tbk PT | 54,794,400 | 28,974 | |
Bank Rakyat Indonesia Persero Tbk PT | 65,205,100 | 19,574 | |
48,548 | |||
Ireland (0.4%) | |||
Kerry Group plc Class A | 145,263 | 19,491 | |
Israel (0.0%) | |||
Matrix IT Ltd. | 28,951 | 786 |
Shares | Market Value• ($000) | ||
Italy (0.3%) | |||
Recordati Industria Chimica e Farmaceutica SpA | 92,557 | 5,799 | |
DiaSorin SpA | 20,377 | 4,607 | |
Reply SpA | 22,355 | 4,339 | |
14,745 | |||
Japan (17.6%) | |||
Keyence Corp. | 195,200 | 117,826 | |
Murata Manufacturing Co. Ltd. | 636,600 | 47,222 | |
KDDI Corp. | 1,542,700 | 47,176 | |
Nippon Telegraph & Telephone Corp. | 1,237,700 | 34,679 | |
Tokio Marine Holdings Inc. | 641,700 | 33,798 | |
Terumo Corp. | 706,476 | 31,167 | |
Seven & i Holdings Co. Ltd. | 724,300 | 30,410 | |
M3 Inc. | 487,800 | 28,746 | |
Astellas Pharma Inc. | 1,658,600 | 27,962 | |
Kao Corp. | 464,500 | 26,276 | |
Asahi Group Holdings Ltd. | 472,143 | 21,426 | |
Aeon Co. Ltd. | 879,400 | 20,230 | |
Nomura Research Institute Ltd. | 446,400 | 17,871 | |
Shionogi & Co. Ltd. | 255,800 | 16,678 | |
Unicharm Corp. | 410,500 | 16,602 | |
Nitori Holdings Co. Ltd. | 89,901 | 16,516 | |
Obic Co. Ltd. | 64,200 | 11,872 | |
Sekisui House Ltd. | 562,400 | 11,693 | |
Nitto Denko Corp. | 147,500 | 11,526 | |
Pan Pacific International Holdings Corp. | 503,764 | 10,577 | |
Yamaha Corp. | 156,700 | 9,900 | |
Nissan Chemical Corp. | 141,200 | 7,859 | |
Yakult Honsha Co. Ltd. | 147,900 | 7,473 | |
GMO Payment Gateway Inc. | 48,100 | 6,094 | |
Kansai Paint Co. Ltd. | 259,500 | 6,009 | |
MonotaRO Co. Ltd. | 258,867 | 5,900 | |
TIS Inc. | 214,600 | 5,846 | |
Otsuka Corp. | 116,600 | 5,743 | |
Hulic Co. Ltd. | 559,575 | 5,381 | |
Kurita Water Industries Ltd. | 101,100 | 4,993 | |
Kobayashi Pharmaceutical Co. Ltd. | 58,400 | 4,676 | |
Hakuhodo DY Holdings Inc. | 277,000 | 4,516 | |
Kakaku.com Inc. | 132,700 | 4,404 | |
Open House Co. Ltd. | 66,300 | 4,228 | |
Chiba Bank Ltd. | 680,600 | 4,219 | |
Benefit One Inc. | 75,300 | 3,800 | |
Rinnai Corp. | 36,384 | 3,736 | |
Nisshin Seifun Group Inc. | 233,500 | 3,687 | |
USS Co. Ltd. | 225,300 | 3,631 | |
Welcia Holdings Co. Ltd. | 97,100 | 3,625 | |
Medipal Holdings Corp. | 196,600 | 3,557 | |
Hikari Tsushin Inc. | 20,100 | 3,098 | |
Itochu Techno-Solutions Corp. | 96,203 | 3,039 | |
SCSK Corp. | 150,000 | 3,036 | |
COMSYS Holdings Corp. | 119,700 | 2,964 | |
Alfresa Holdings Corp. | 209,700 | 2,956 | |
Oracle Corp. Japan | 30,800 | 2,914 | |
Relo Group Inc. | 130,400 | 2,712 |
Shares | Market Value• ($000) | ||
Tokyo Tatemono Co. Ltd. | 184,300 | 2,709 | |
Tokyo Century Corp. | 47,000 | 2,691 | |
Nomura Real Estate Holdings Inc. | 105,280 | 2,567 | |
Zenkoku Hosho Co. Ltd. | 51,600 | 2,494 | |
Sanwa Holdings Corp. | 208,900 | 2,437 | |
EXEO Group Inc. | 105,100 | 2,429 | |
Goldwin Inc. | 38,300 | 2,318 | |
Nihon Unisys Ltd. | 77,600 | 2,180 | |
Infomart Corp. | 214,200 | 2,090 | |
SHO-BOND Holdings Co. Ltd. | 49,084 | 2,056 | |
Sundrug Co. Ltd. | 67,624 | 1,979 | |
Aica Kogyo Co. Ltd. | 63,400 | 1,943 | |
en japan Inc. | 39,700 | 1,577 | |
Seria Co. Ltd. | 47,100 | 1,555 | |
Yaoko Co. Ltd. | 25,100 | 1,494 | |
NEC Networks & System Integration Corp. | 88,900 | 1,430 | |
Mani Inc. | 83,400 | 1,422 | |
NSD Co. Ltd. | 74,500 | 1,420 | |
PALTAC Corp. | 31,054 | 1,375 | |
Nichias Corp. | 54,700 | 1,339 | |
Hitachi Transport System Ltd. | 33,200 | 1,308 | |
Fuyo General Lease Co. Ltd. | 19,800 | 1,287 | |
TS Tech Co. Ltd. | 93,200 | 1,247 | |
Funai Soken Holdings Inc. | 44,800 | 1,245 | |
Takara Bio Inc. | 47,500 | 1,240 | |
Workman Co. Ltd. | 22,900 | 1,218 | |
Japan Material Co. Ltd. | 73,100 | 1,017 | |
Mizuho Leasing Co. Ltd. | 31,600 | 976 | |
Valor Holdings Co. Ltd. | 45,912 | 972 | |
Takuma Co. Ltd. | 74,100 | 969 | |
JCU Corp. | 22,700 | 912 | |
Shoei Co. Ltd. | 20,400 | 908 | |
DTS Corp. | 39,200 | 870 | |
Takeuchi Manufacturing Co. Ltd. | 33,300 | 855 | |
Maruwa Co. Ltd. | 7,600 | 852 | |
Nomura Co. Ltd. | 85,500 | 843 | |
Information Services International-Dentsu Ltd. | 23,600 | 826 | |
Kissei Pharmaceutical Co. Ltd. | 39,800 | 796 | |
Noevir Holdings Co. Ltd. | 16,200 | 792 | |
Nojima Corp. | 35,700 | 783 | |
Elecom Co. Ltd. | 50,932 | 779 | |
eGuarantee Inc. | 33,800 | 753 | |
MCJ Co. Ltd. | 64,600 | 727 | |
Giken Ltd. | 18,900 | 721 | |
BeNext-Yumeshin Group Co. | 53,800 | 701 | |
Eizo Corp. | 18,200 | 696 | |
Nippon Densetsu Kogyo Co. Ltd. | 43,500 | 670 | |
San-A Co. Ltd. | 18,526 | 668 | |
Aeon Delight Co. Ltd. | 21,300 | 654 | |
Sekisui Jushi Corp. | 35,100 | 654 | |
Future Corp. | 21,800 | 638 | |
Ai Holdings Corp. | 32,670 | 617 | |
Mitsubishi Pencil Co. Ltd. | 51,300 | 615 | |
Riken Keiki Co. Ltd. | 22,100 | 613 | |
Kameda Seika Co. Ltd. | 15,600 | 610 | |
Hogy Medical Co. Ltd. | 22,000 | 603 | |
Intage Holdings Inc. | 33,000 | 557 |
Shares | Market Value• ($000) | ||
Yellow Hat Ltd. | 32,300 | 526 | |
Okinawa Cellular Telephone Co. | 11,300 | 509 | |
S Foods Inc. | 17,100 | 495 | |
FULLCAST Holdings Co. Ltd. | 20,000 | 467 | |
Mitsubishi Research Institute Inc. | 12,500 | 467 | |
Siix Corp. | 36,600 | 405 | |
Ricoh Leasing Co. Ltd. | 11,600 | 368 | |
G-7 Holdings Inc. | 20,000 | 366 | |
Fujicco Co. Ltd. | 20,600 | 346 | |
Sinko Industries Ltd. | 18,700 | 339 | |
WDB Holdings Co. Ltd. | 9,500 | 299 | |
E-Guardian Inc. | 10,100 | 277 | |
Fukui Computer Holdings Inc. | 7,600 | 274 | |
G-Tekt Corp. | 21,400 | 267 | |
Cresco Ltd. | 12,600 | 231 | |
Members Co. Ltd. | 7,300 | 222 | |
Nippon Parking Development Co. Ltd. | 165,100 | 209 | |
Aoyama Zaisan Networks Co. Ltd. | 20,000 | 207 | |
CTS Co. Ltd. | 27,000 | 189 | |
* | Densan System Holdings Co. Ltd. | 8,300 | 187 |
Creek & River Co. Ltd. | 10,000 | 173 | |
Ebase Co. Ltd. | 22,500 | 150 | |
Ad-sol Nissin Corp. | 8,000 | 147 | |
Aval Data Corp. | 4,900 | 120 | |
* | Value HR Co. Ltd. | 6,700 | 108 |
788,294 | |||
Kuwait (0.8%) | |||
National Bank of Kuwait SAKP | 6,764,746 | 22,243 | |
Kuwait Finance House KSCP | 4,560,442 | 12,604 | |
34,847 | |||
Mexico (0.5%) | |||
America Movil SAB de CV Series L | 21,803,956 | 19,434 | |
Grupo Elektra SAB de CV | 57,865 | 4,443 | |
23,877 | |||
Netherlands (0.7%) | |||
Wolters Kluwer NV | 250,289 | 26,210 | |
Aalberts NV | 87,538 | 4,845 | |
31,055 | |||
New Zealand (0.3%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 567,344 | 12,711 | |
Norway (0.2%) | |||
TOMRA Systems ASA | 110,534 | 7,144 | |
Borregaard ASA | 87,810 | 2,132 | |
9,276 | |||
South Korea (1.2%) | |||
NAVER Corp. | 146,668 | 50,994 | |
LEENO Industrial Inc. | 9,467 | 1,388 | |
AfreecaTV Co. Ltd. | 7,327 | 1,214 | |
JW Pharmaceutical Corp. | 8,810 | 176 | |
Hanyang Eng Co. Ltd. | 7,046 | 93 | |
53,865 | |||
Spain (0.1%) | |||
Viscofan SA | 39,949 | 2,732 |
Shares | Market Value• ($000) | ||
Sweden (2.2%) | |||
Hexagon AB Class B | 1,845,167 | 29,696 | |
Assa Abloy AB Class B | 860,698 | 25,255 | |
Nibe Industrier AB Class B | 1,375,661 | 20,461 | |
Castellum AB | 212,522 | 5,664 | |
AAK AB | 166,051 | 3,632 | |
Wihlborgs Fastigheter AB | 129,638 | 3,073 | |
Hexpol AB | 242,770 | 2,841 | |
Kungsleden AB | 153,350 | 2,109 | |
Hufvudstaden AB Class A | 112,472 | 1,800 | |
Atrium Ljungberg AB Class B | 45,635 | 1,048 | |
Svolder AB Class B | 22,171 | 899 | |
96,478 | |||
Switzerland (16.8%) | |||
Nestle SA (Registered) | 1,475,184 | 194,587 | |
Roche Holding AG | 485,954 | 188,256 | |
Novartis AG (Registered) | 1,910,577 | 158,029 | |
Sika AG (Registered) | 131,118 | 44,420 | |
Partners Group Holding AG | 22,151 | 38,697 | |
Givaudan SA (Registered) | 7,672 | 36,150 | |
Geberit AG (Registered) | 33,641 | 26,272 | |
Logitech International SA (Registered) | 186,519 | 15,603 | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | 99 | 11,893 | |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 997 | 11,756 | |
Temenos AG (Registered) | 62,063 | 9,502 | |
EMS-Chemie Holding AG (Registered) | 6,683 | 6,629 | |
Interroll Holding AG (Registered) | 709 | 3,440 | |
DKSH Holding AG | 34,087 | 2,732 | |
ALSO Holding AG (Registered) | 5,843 | 1,734 | |
Kardex Holding AG (Registered) | 5,501 | 1,697 | |
Orior AG | 6,256 | 643 | |
Roche Holding AG (Bearer) | 612 | 263 | |
752,303 | |||
Taiwan (0.8%) | |||
Chailease Holding Co. Ltd. | 1,309,650 | 12,543 | |
E.Sun Financial Holding Co. Ltd. | 12,792,441 | 12,224 | |
Advantech Co. Ltd. | 416,000 | 5,440 | |
ASPEED Technology Inc. | 25,000 | 2,508 | |
Sinbon Electronics Co. Ltd. | 190,000 | 1,572 | |
Poya International Co. Ltd. | 66,890 | 1,198 | |
TCI Co. Ltd. | 89,000 | 723 | |
36,208 | |||
Thailand (0.1%) | |||
Krungthai Card PCL | 795,000 | 1,386 | |
Siam Global House PCL | 1,594,900 | 983 | |
2,369 | |||
United Kingdom (8.4%) | |||
Diageo plc | 2,124,517 | 105,698 | |
RELX plc | 1,895,012 | 58,759 | |
Experian plc | 881,400 | 40,413 | |
Ashtead Group plc | 410,584 | 34,411 |
Shares | Market Value• ($000) | ||
Croda International plc | 135,920 | 17,592 | |
Halma plc | 367,114 | 14,888 | |
Spirax-Sarco Engineering plc | 67,212 | 14,348 | |
Smurfit Kappa Group plc (XDUB) | 249,951 | 13,102 | |
Bunzl plc | 327,706 | 12,112 | |
Intertek Group plc | 158,410 | 10,608 | |
Sage Group plc | 1,036,731 | 10,083 | |
DCC plc | 94,083 | 7,850 | |
Dechra Pharmaceuticals plc | 107,447 | 7,512 | |
Spectris plc | 111,616 | 5,743 | |
Diploma plc | 114,993 | 4,726 | |
Genus plc | 62,288 | 4,723 | |
Grainger plc | 707,770 | 2,977 | |
Ultra Electronics Holdings plc | 65,993 | 2,924 | |
Cranswick plc | 51,005 | 2,411 | |
Daily Mail & General Trust plc Class A | 149,277 | 2,119 | |
Clarkson plc | 27,760 | 1,521 | |
Moneysupermarket.com Group plc | 509,767 | 1,480 | |
Avon Protection plc | 28,445 | 756 | |
376,756 | |||
Total Common Stocks (Cost $3,762,654) | 4,445,905 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.070% (Cost $16,951) | 169,505 | 16,951 |
Total Investments (99.8%) (Cost $3,779,605) | 4,462,856 | ||
Other Assets and Liabilities—Net (0.2%) | 10,362 | ||
Net Assets (100%) | 4,473,218 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,960,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the aggregate value was $6,580,000, representing 0.1% of net assets. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $7,399,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
Ptg. Ctf.—Participating Certificates. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2021 | 28 | 6,436 | 190 |
Euro Stoxx 50 Index | December 2021 | 185 | 9,061 | 112 |
MSCI Emerging Markets Index | December 2021 | 109 | 6,878 | (118) |
Topix Index | December 2021 | 31 | 5,419 | (142) |
42 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of Montreal | 12/15/21 | EUR | 5,240 | USD | 6,213 | — | (149) |
Bank of America, N.A. | 12/15/21 | INR | 1,366,000 | USD | 18,390 | — | (243) |
Bank of America, N.A. | 12/15/21 | JPY | 320,474 | USD | 2,920 | — | (107) |
Bank of America, N.A. | 12/15/21 | USD | 6,259 | CHF | 5,748 | — | (28) |
Bank of Montreal | 12/15/21 | USD | 1,382 | GBP | 1,000 | 13 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 12/15/21 | USD | 12,757 | INR | 950,000 | 137 | — |
Goldman Sachs International | 12/15/21 | USD | 2,334 | JPY | 260,000 | 51 | — |
201 | (527) |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
INR—Indian rupee. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,762,654) | 4,445,905 |
Affiliated Issuers (Cost $16,951) | 16,951 |
Total Investments in Securities | 4,462,856 |
Investment in Vanguard | 146 |
Cash Collateral Pledged—Futures Contracts | 1,490 |
Cash Collateral Pledged—Forward Currency Contracts | 520 |
Cash Collateral Received for ETF Capital Activity | 34,215 |
Foreign Currency, at Value (Cost $17,078) | 17,005 |
Receivables for Investment Securities Sold | 6,396 |
Receivables for Accrued Income | 13,177 |
Receivables for Capital Shares Issued | 2,161 |
Unrealized Appreciation—Forward Currency Contracts | 201 |
Total Assets | 4,538,167 |
Liabilities | |
Due to Custodian | 1,157 |
Payables for Investment Securities Purchased | 16,551 |
Collateral for Securities on Loan | 7,399 |
Collateral for ETF Capital Activity | 34,215 |
Payables for Capital Shares Redeemed | 116 |
Payables to Vanguard | 256 |
Variation Margin Payable—Futures Contracts | 88 |
Unrealized Depreciation—Forward Currency Contracts | 527 |
Deferred Foreign Capital Gains Taxes | 4,640 |
Total Liabilities | 64,949 |
Net Assets | 4,473,218 |
Statement of Assets and Liabilities (continued) | |
At October 31, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 3,531,235 |
Total Distributable Earnings (Loss) | 941,983 |
Net Assets | 4,473,218 |
ETF Shares—Net Assets | |
Applicable to 46,183,341 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,150,044 |
Net Asset Value Per Share—ETF Shares | $89.86 |
Admiral Shares—Net Assets | |
Applicable to 7,392,475 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 323,174 |
Net Asset Value Per Share—Admiral Shares | $43.72 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 54,094 |
Interest2 | 13 |
Securities Lending—Net | 107 |
Total Income | 54,214 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 570 |
Management and Administrative—ETF Shares | 4,141 |
Management and Administrative—Admiral Shares | 382 |
Marketing and Distribution—ETF Shares | 126 |
Marketing and Distribution—Admiral Shares | 9 |
Custodian Fees | 295 |
Auditing Fees | 45 |
Shareholders’ Reports—ETF Shares | 135 |
Shareholders’ Reports—Admiral Shares | 6 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 5,710 |
Net Investment Income | 48,504 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | 458,013 |
Futures Contracts | 2,740 |
Swap Contracts | 576 |
Forward Currency Contracts | 277 |
Foreign Currencies | (2,359) |
Realized Net Gain (Loss) | 459,247 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | 350,719 |
Futures Contracts | 584 |
Forward Currency Contracts | (266) |
Foreign Currencies | 66 |
Change in Unrealized Appreciation (Depreciation) | 351,103 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 858,854 |
1 | Dividends are net of foreign withholding taxes of $6,853,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $12,000, $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $19,351,000. |
4 | Includes $99,855,000 of net gain (loss) resulting from in-kind redemptions. |
5 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($1,997,000). |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 48,504 | 29,753 |
Realized Net Gain (Loss) | 459,247 | (62,560) |
Change in Unrealized Appreciation (Depreciation) | 351,103 | 158,091 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 858,854 | 125,284 |
Distributions | ||
ETF Shares | (39,771) | (33,388) |
Admiral Shares | (3,300) | (3,991) |
Total Distributions | (43,071) | (37,379) |
Capital Share Transactions | ||
ETF Shares | 943,215 | 1,064,328 |
Admiral Shares | 38,209 | 386 |
Net Increase (Decrease) from Capital Share Transactions | 981,424 | 1,064,714 |
Total Increase (Decrease) | 1,797,207 | 1,152,619 |
Net Assets | ||
Beginning of Period | 2,676,011 | 1,523,392 |
End of Period | 4,473,218 | 2,676,011 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $69.97 | $68.72 | $58.65 | $64.25 | $54.43 |
Investment Operations | |||||
Net Investment Income1 | 1.094 | .958 | 1.4522 | 1.196 | 1.179 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 19.776 | 1.551 | 9.578 | (5.623) | 9.715 |
Total from Investment Operations | 20.870 | 2.509 | 11.030 | (4.427) | 10.894 |
Distributions | |||||
Dividends from Net Investment Income | (.980) | (1.259) | (.960) | (1.173) | (1.074) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.980) | (1.259) | (.960) | (1.173) | (1.074) |
Net Asset Value, End of Period | $89.86 | $69.97 | $68.72 | $58.65 | $64.25 |
Total Return | 29.93% | 3.73% | 18.96% | -7.04% | 20.19% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,150 | $2,456 | $1,305 | $861 | $634 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.20% | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.28% | 1.40% | 2.24%2 | 1.83% | 1.96% |
Portfolio Turnover Rate4 | 65% | 17% | 42% | 36% | 9% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.388 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $.00, $.01, $.02, $.02, and $.04. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $34.03 | $33.42 | $28.52 | $31.24 | $26.45 |
Investment Operations | |||||
Net Investment Income1 | .518 | .453 | .6862 | .576 | .573 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 9.645 | .765 | 4.679 | (2.727) | 4.720 |
Total from Investment Operations | 10.163 | 1.218 | 5.365 | (2.151) | 5.293 |
Distributions | |||||
Dividends from Net Investment Income | (.473) | (.608) | (.465) | (.569) | (.503) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.473) | (.608) | (.465) | (.569) | (.503) |
Net Asset Value, End of Period | $43.72 | $34.03 | $33.42 | $28.52 | $31.24 |
Total Return4 | 29.96% | 3.72% | 18.96% | -7.03% | 20.18% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $323 | $220 | $218 | $175 | $152 |
Ratio of Total Expenses to Average Net Assets | 0.16% | 0.20% | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.36% | 2.24%2 | 1.83% | 1.96% |
Portfolio Turnover Rate5 | 65% | 17% | 42% | 36% | 9% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.188 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.01, and $.02. |
4 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 587,661 | — | — | 587,661 |
Common Stocks—Other | 69,255 | 3,788,989 | — | 3,858,244 |
Temporary Cash Investments | 16,951 | — | — | 16,951 |
Total | 673,867 | 3,788,989 | — | 4,462,856 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 302 | — | — | 302 |
Forward Currency Contracts | — | 201 | — | 201 |
Total | 302 | 201 | — | 503 |
Liabilities | ||||
Futures Contracts1 | 260 | — | — | 260 |
Forward Currency Contracts | — | 527 | — | 527 |
Total | 260 | 527 | — | 787 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | At October 31, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 302 | — | 302 |
Unrealized Appreciation—Forward Currency Contracts | — | 201 | 201 |
Total Assets | 302 | 201 | 503 |
Unrealized Depreciation—Futures Contracts1 | 260 | — | 260 |
Unrealized Depreciation—Forward Currency Contracts | — | 527 | 527 |
Total Liabilities | 260 | 527 | 787 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,740 | — | 2,740 |
Swap Contracts | 576 | — | 576 |
Forward Currency Contracts | — | 277 | 277 |
Realized Net Gain (Loss) on Derivatives | 3,316 | 277 | 3,593 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 584 | — | 584 |
Forward Currency Contracts | — | (266) | (266) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 584 | (266) | 318 |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, passive foreign investment companies, distributions in connection with fund share redemptions, swap agreements, and tax expense on capital gains were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 100,610 |
Total Distributable Earnings (Loss) | (100,610) |
Amount ($000) | |
Undistributed Ordinary Income | 138,577 |
Undistributed Long-Term Gains | 130,836 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 672,570 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 43,071 | 37,379 |
Long-Term Capital Gains | — | — |
Total | 43,071 | 37,379 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,785,837 |
Gross Unrealized Appreciation | 794,125 |
Gross Unrealized Depreciation | (117,248) |
Net Unrealized Appreciation (Depreciation) | 676,877 |
F. | During the year ended October 31, 2021, the fund purchased $3,580,415,000 of investment securities and sold $2,609,184,000 of investment securities, other than temporary cash investments. Purchases and sales include $999,582,000 and $212,947,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,155,426 | 13,632 | 1,064,328 | 16,112 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (212,211) | (2,550) | — | — | |
Net Increase (Decrease)—ETF Shares | 943,215 | 11,082 | 1,064,328 | 16,112 | |
Admiral Shares | |||||
Issued1 | 69,649 | 1,698 | 55,811 | 1,680 | |
Issued in Lieu of Cash Distributions | 2,725 | 66 | 3,328 | 101 | |
Redeemed2 | (34,165) | (833) | (58,753) | (1,856) | |
Net Increase (Decrease)—Admiral Shares | 38,209 | 931 | 386 | (75) |
1 | Includes purchase fees for fiscal 2021 and 2020 of $175,000 and $140,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2021 and 2020 of $80,000 and $129,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to October 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/img5368f3715.gif)
Average Annual Total Returns Periods Ended October 31, 2021 | |||||
One Year | Five Years | Since Inception (2/25/2016) | Final Value of a $10,000 Investment | ||
![]() | International High Dividend Yield Index Fund ETF Shares Net Asset Value | 39.55% | 8.05% | 9.45% | $16,697 |
International High Dividend Yield Index Fund ETF Shares Market Price | 39.27 | 8.02 | 9.49 | 16,737 | |
![]() | FTSE All-World ex US High Dividend Yield Index | 40.19 | 8.28 | 9.87 | 17,072 |
One Year | Five Years | Since Inception (3/2/2016) | Final Value of a $10,000 Investment | ||
International High Dividend Yield Index Fund Admiral Shares | 38.91% | 7.95% | 8.76% | $16,086 | |
FTSE All-World ex US High Dividend Yield Index | 40.19 | 8.28 | 9.25 | 16,501 |
One Year | Five Years | Since Inception (2/25/2016) | |
International High Dividend Yield Index Fund ETF Shares Market Price | 39.27% | 47.09% | 67.37% |
International High Dividend Yield Index Fund ETF Shares Net Asset Value | 39.55 | 47.28 | 66.97 |
FTSE All-World ex US High Dividend Yield Index | 40.19 | 48.83 | 70.72 |
United Kingdom | 13.8% |
Japan | 11.2 |
Switzerland | 9.7 |
Canada | 8.6 |
Australia | 7.3 |
Germany | 7.0 |
China | 5.3 |
France | 4.7 |
Taiwan | 4.1 |
Spain | 2.6 |
Russia | 2.2 |
Hong Kong | 1.9 |
Brazil | 1.9 |
Italy | 1.9 |
Sweden | 1.7 |
Finland | 1.5 |
India | 1.3 |
Singapore | 1.3 |
Saudi Arabia | 1.3 |
South Korea | 1.3 |
Netherlands | 1.2 |
South Africa | 1.2 |
Other | 7.0 |
Shares | Market Value• ($000) | ||
Common Stocks (99.3%) | |||
Australia (7.3%) | |||
Commonwealth Bank of Australia | 483,207 | 38,300 | |
1 | BHP Group Ltd. | 834,877 | 22,932 |
National Australia Bank Ltd. | 933,881 | 20,304 | |
Westpac Banking Corp. | 1,035,797 | 20,152 | |
Australia & New Zealand Banking Group Ltd. | 803,953 | 17,109 | |
2 | Macquarie Group Ltd. | 93,939 | 13,868 |
Wesfarmers Ltd. | 319,584 | 13,827 | |
Woolworths Group Ltd. | 343,195 | 9,886 | |
Transurban Group (XASX) | 855,467 | 8,716 | |
Rio Tinto Ltd. | 106,065 | 7,267 | |
Amcor plc GDR | 432,259 | 5,232 | |
Woodside Petroleum Ltd. | 272,063 | 4,756 | |
Coles Group Ltd. | 361,390 | 4,683 | |
Fortescue Metals Group Ltd. | 447,994 | 4,668 | |
Sonic Healthcare Ltd. | 137,485 | 4,172 | |
ASX Ltd. | 55,188 | 3,471 | |
Telstra Corp. Ltd. | 1,179,808 | 3,410 | |
Suncorp Group Ltd. | 367,799 | 3,255 | |
Brambles Ltd. | 414,032 | 3,141 | |
Insurance Australia Group Ltd. | 701,516 | 2,542 | |
Tabcorp Holdings Ltd. | 607,562 | 2,288 | |
APA Group | 338,522 | 2,100 | |
Computershare Ltd. (XASX) | 147,307 | 2,096 | |
Medibank Pvt Ltd. | 802,261 | 2,016 | |
Origin Energy Ltd. | 484,946 | 1,857 | |
Endeavour Group Ltd. | 360,376 | 1,852 | |
Ampol Ltd. | 68,310 | 1,580 | |
Lendlease Corp. Ltd. | 191,938 | 1,521 | |
carsales.com Ltd. | 76,269 | 1,427 | |
Atlas Arteria Ltd. | 286,711 | 1,347 | |
JB Hi-Fi Ltd. | 34,421 | 1,314 | |
Orica Ltd. | 113,987 | 1,308 | |
Aurizon Holdings Ltd. | 510,112 | 1,301 | |
Evolution Mining Ltd. | 477,061 | 1,295 | |
Bank of Queensland Ltd. | 181,851 | �� 1,211 | |
Mineral Resources Ltd. | 40,170 | 1,181 | |
Alumina Ltd. | 740,755 | 1,120 | |
Bendigo & Adelaide Bank Ltd. | 157,721 | 1,105 |
Shares | Market Value• ($000) | ||
Magellan Financial Group Ltd. | 40,390 | 1,062 | |
Challenger Ltd. | 196,017 | 1,030 | |
AusNet Services Ltd. | 530,402 | 986 | |
Downer EDI Ltd. | 205,593 | 983 | |
Metcash Ltd. | 295,205 | 910 | |
Worley Ltd. | 105,664 | 868 | |
* | Crown Resorts Ltd. | 101,181 | 763 |
AGL Energy Ltd. | 169,544 | 731 | |
Orora Ltd. | 249,189 | 623 | |
Harvey Norman Holdings Ltd. | 151,594 | 569 | |
CSR Ltd. | 123,075 | 552 | |
IOOF Holdings Ltd. | 163,451 | 506 | |
CIMIC Group Ltd. | 30,187 | 455 | |
Deterra Royalties Ltd. | 143,484 | 422 | |
Perpetual Ltd. | 13,393 | 383 | |
Adbri Ltd. | 114,914 | 259 | |
Platinum Asset Management Ltd. | 73,836 | 170 | |
250,882 | |||
Austria (0.1%) | |||
OMV AG | 40,324 | 2,441 | |
Raiffeisen Bank International AG | 41,475 | 1,212 | |
ANDRITZ AG | 18,749 | 1,065 | |
Telekom Austria AG Class A | 32,995 | 285 | |
5,003 | |||
Belgium (0.5%) | |||
KBC Group NV | 77,688 | 7,234 | |
Groupe Bruxelles Lambert SA | 30,480 | 3,537 | |
Ageas SA | 50,911 | 2,477 | |
Solvay SA | 19,971 | 2,374 | |
Proximus SADP | 41,868 | 788 | |
Telenet Group Holding NV | 12,988 | 467 | |
16,877 | |||
Brazil (1.9%) | |||
Vale SA | 1,115,038 | 14,148 | |
Petroleo Brasileiro SA Preference Shares | 1,549,383 | 7,481 | |
Petroleo Brasileiro SA | 1,078,600 | 5,288 | |
B3 SA - Brasil Bolsa Balcao | 1,742,714 | 3,678 | |
Banco Bradesco SA Preference Shares | 914,149 | 3,223 |
Shares | Market Value• ($000) | ||
Ambev SA | 890,750 | 2,682 | |
Itau Unibanco Holding SA Preference Shares | 638,307 | 2,636 | |
Itausa SA Preference Shares | 1,291,262 | 2,345 | |
Itau Unibanco Holding SA | 487,000 | 1,815 | |
Itau Unibanco Holding SA ADR | 394,759 | 1,607 | |
Banco Bradesco SA | 494,042 | 1,488 | |
Vibra Energia SA | 339,667 | 1,263 | |
Banco Bradesco SA ADR | 344,668 | 1,206 | |
Banco Do Brasil SA | 234,618 | 1,185 | |
Equatorial Energia SA | 253,200 | 1,026 | |
Ambev SA ADR | 336,922 | 997 | |
Centrais Eletricas Brasileiras SA | 140,500 | 842 | |
BB Seguridade Participacoes SA | 194,157 | 760 | |
Centrais Eletricas Brasileiras SA Preference Shares | 116,500 | 699 | |
CCR SA | 306,910 | 622 | |
Banco Santander Brasil SA | 101,602 | 619 | |
Telefonica Brasil SA ADR | 76,413 | 614 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 97,800 | 610 | |
Bradespar SA Preference Shares | 68,147 | 588 | |
Hypera SA | 111,582 | 555 | |
Marfrig Global Foods SA | 102,600 | 482 | |
Energisa SA | 67,500 | 474 | |
Sul America SA | 102,850 | 473 | |
Cia Energetica de Minas Gerais ADR | 207,941 | 468 | |
Metalurgica Gerdau SA Preference Shares | 199,400 | 442 | |
TIM SA | 211,454 | 420 | |
Transmissora Alianca de Energia Eletrica SA | 59,919 | 389 | |
Cia Paranaense de Energia Preference Shares | 356,400 | 374 | |
Telefonica Brasil SA | 43,718 | 353 | |
* | Azul SA Preference Shares | 75,600 | 333 |
Sao Martinho SA | 48,500 | 329 | |
Engie Brasil Energia SA | 43,416 | 299 | |
Cia Energetica de Sao Paulo Preference Shares | 64,500 | 291 | |
CPFL Energia SA | 56,600 | 264 | |
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 56,708 | 244 | |
Neoenergia SA | 85,400 | 235 | |
Porto Seguro SA | 56,418 | 233 | |
Fleury SA | 69,263 | 231 | |
EDP - Energias do Brasil SA | 62,676 | 218 | |
Odontoprev SA | 90,400 | 215 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 81,900 | 204 | |
Cia Brasileira de Distribuicao | 42,700 | 193 |
Shares | Market Value• ($000) | ||
Cia Energetica de Minas Gerais Preference Shares | 74,424 | 170 | |
Qualicorp Consultoria e Corretora de Seguros SA | 50,600 | 153 | |
Cielo SA | 281,484 | 109 | |
* | Getnet Adquirencia e Servicos para Meios de Pagamento SA | 25,000 | 19 |
65,592 | |||
Canada (8.6%) | |||
1 | Royal Bank of Canada | �� 404,197 | 42,072 |
Toronto-Dominion Bank | 514,275 | 37,332 | |
Enbridge Inc. | 574,293 | 24,056 | |
Bank of Nova Scotia | 342,746 | 22,471 | |
1 | Bank of Montreal | 183,035 | 19,873 |
TC Energy Corp. | 276,653 | 14,966 | |
Canadian Imperial Bank of Commerce | 123,290 | 14,960 | |
Canadian Natural Resources Ltd. | 331,276 | 14,080 | |
Nutrien Ltd. | 160,590 | 11,224 | |
Suncor Energy Inc. | 421,347 | 11,082 | |
Manulife Financial Corp. | 550,356 | 10,722 | |
Sun Life Financial Inc. | 164,553 | 9,378 | |
National Bank of Canada | 94,880 | 7,855 | |
Fortis Inc. (XTSE) | 131,863 | 5,870 | |
Intact Financial Corp. | 40,326 | 5,406 | |
Power Corp. of Canada | 155,931 | 5,193 | |
Pembina Pipeline Corp. | 156,288 | 5,174 | |
Restaurant Brands International Inc. (XTSE) | 84,677 | 4,794 | |
Rogers Communications Inc. Class B | 99,909 | 4,647 | |
BCE Inc. | 85,860 | 4,420 | |
Shaw Communications Inc. Class B | 121,639 | 3,503 | |
Fairfax Financial Holdings Ltd. | 7,015 | 2,841 | |
TELUS Corp. | 122,654 | 2,814 | |
1 | Canadian Tire Corp. Ltd. Class A | 16,715 | 2,374 |
Great-West Lifeco Inc. | 75,236 | 2,213 | |
3 | Hydro One Ltd. | 91,302 | 2,181 |
Imperial Oil Ltd. | 61,253 | 2,074 | |
Canadian Utilities Ltd. Class A | 36,428 | 1,055 | |
IGM Financial Inc. | 22,922 | 910 | |
295,540 | |||
Chile (0.1%) | |||
Banco De Chile | 11,882,440 | 1,031 | |
Banco Santander Chile ADR | 36,034 | 638 | |
Enel Americas SA | 3,297,733 | 375 | |
Enel Americas SA ADR | 48,887 | 277 | |
Enel Chile SA | 5,662,034 | 232 | |
Embotelladora Andina SA Preference Shares | 101,961 | 211 | |
CAP SA | 18,370 | 182 | |
Banco Santander Chile SA | 3,067,368 | 134 | |
Colbun SA | 1,878,779 | 129 | |
AES Andes SA | 591,568 | 61 | |
Enel Chile SA ADR | 11,940 | 26 | |
3,296 |
Shares | Market Value• ($000) | ||
China (5.2%) | |||
China Construction Bank Corp. Class H | 26,297,000 | 17,897 | |
Industrial & Commercial Bank of China Ltd. Class H | 22,698,000 | 12,442 | |
Ping An Insurance Group Co. of China Ltd. Class H | 1,693,000 | 12,126 | |
China Merchants Bank Co. Ltd. Class H | 987,428 | 8,275 | |
Bank of China Ltd. Class H | 20,588,000 | 7,286 | |
China Merchants Bank Co. Ltd. Class A | 499,700 | 4,209 | |
Great Wall Motor Co. Ltd. Class H | 891,000 | 4,009 | |
China Life Insurance Co. Ltd. Class H | 2,100,000 | 3,648 | |
Agricultural Bank of China Class H | 9,443,000 | 3,209 | |
China Resources Land Ltd. | 814,000 | 3,163 | |
China Petroleum and Chemical Corp. (Sinopec) Class H | 6,056,000 | 2,951 | |
PetroChina Co. Ltd. Class H | 5,876,000 | 2,833 | |
3 | Longfor Group Holdings Ltd. | 521,100 | 2,521 |
China Overseas Land & Investment Ltd. | 1,091,500 | 2,407 | |
Zijin Mining Group Co. Ltd. Class H | 1,694,000 | 2,356 | |
China Pacific Insurance Group Co. Ltd. Class H | 687,000 | 2,101 | |
China Shenhua Energy Co. Ltd. Class H | 949,000 | 2,041 | |
3 | Postal Savings Bank of China Co. Ltd. Class H | 2,733,000 | 1,986 |
Country Garden Holdings Co. | 2,089,000 | 1,966 | |
PICC Property & Casualty Co. Ltd. Class H | 1,980,000 | 1,843 | |
3 | China Tower Corp. Ltd. Class H | 13,216,000 | 1,713 |
CITIC Securities Co. Ltd. Class H | 672,500 | 1,707 | |
Anhui Conch Cement Co. Ltd. Class H | 324,828 | 1,606 | |
China Vanke Co. Ltd. Class H | 616,205 | 1,440 | |
Sunac China Holdings Ltd. | 667,554 | 1,428 | |
China Resources Power Holdings Co. Ltd. | 550,000 | 1,424 | |
Bank of Communications Ltd. Class H | 2,385,000 | 1,419 | |
Citic Pacific Ltd. | 1,409,000 | 1,412 | |
China National Building Material Co. Ltd. Class H | 1,070,000 | 1,341 | |
China CITIC Bank Corp. Ltd. Class H | 2,930,320 | 1,285 | |
Industrial Bank Co. Ltd. Class A | 408,300 | 1,188 |
Shares | Market Value• ($000) | ||
Hengan International Group Co. Ltd. | 216,343 | 1,131 | |
Guangdong Investment Ltd. | 880,000 | 1,106 | |
Bank of China Ltd. Class A | 2,304,700 | 1,098 | |
East Money Information Co. Ltd. Class A | 195,520 | 1,005 | |
Weichai Power Co. Ltd. Class H | 552,000 | 988 | |
Agricultural Bank of China Ltd. Class A | 2,117,356 | 972 | |
China Petroleum & Chemical Corp. Class A | 1,455,500 | 967 | |
Kingboard Holdings Ltd. | 220,000 | 959 | |
Kunlun Energy Co. Ltd. | 1,042,000 | 949 | |
China Minsheng Banking Corp. Ltd. Class H | 2,305,100 | 914 | |
Haitong Securities Co. Ltd. Class H | 998,800 | 889 | |
Guangzhou Automobile Group Co. Ltd. Class H | 934,000 | 882 | |
Sinopharm Group Co. Ltd. Class H | 370,000 | 879 | |
China Yangtze Power Co. Ltd. Class A | 254,500 | 846 | |
Industrial & Commercial Bank of China Ltd. Class A | 1,141,200 | 833 | |
3 | CGN Power Co. Ltd. Class H | 3,047,000 | 820 |
Dongfeng Motor Group Co. Ltd. Class H | 876,000 | 816 | |
China Pacific Insurance Group Co. Ltd. Class A | 185,700 | 793 | |
Fosun International Ltd. | 670,000 | 785 | |
New China Life Insurance Co. Ltd. Class H | 268,133 | 774 | |
People's Insurance Co. Group of China Ltd. Class H | 2,456,000 | 766 | |
Shanghai Pudong Development Bank Co. Ltd. Class A | 544,400 | 760 | |
China Everbright International Ltd. | 1,087,000 | 747 | |
China Hongqiao Group Ltd. | 647,500 | 719 | |
China State Construction Engineering Corp. Ltd. Class A | 985,100 | 717 | |
Yanzhou Coal Mining Co. Ltd. Class H | 472,000 | 700 | |
Huaneng Power International Inc. Class H | 1,338,000 | 692 | |
3 | Huatai Securities Co. Ltd. Class H | 464,800 | 691 |
Shimao Group Holdings Ltd. | 435,000 | 682 | |
China Power International Development Ltd. | 1,343,370 | 675 | |
Guotai Junan Securities Co. Ltd. Class A | 241,000 | 660 | |
Bosideng International Holdings Ltd. | 818,000 | 634 |
Shares | Market Value• ($000) | ||
CIFI Holdings Group Co. Ltd. | 1,138,000 | 632 | |
China Medical System Holdings Ltd. | 372,000 | 630 | |
SAIC Motor Corp. Ltd. Class A | 196,800 | 625 | |
Beijing Enterprises Water Group Ltd. | 1,632,000 | 624 | |
GF Securities Co. Ltd. Class A | 192,700 | 606 | |
Yangzijiang Shipbuilding Holdings Ltd. | 570,100 | 602 | |
Far East Horizon Ltd. | 622,000 | 593 | |
China Galaxy Securities Co. Ltd. Class H | 1,043,500 | 581 | |
China Merchants Port Holdings Co. Ltd. | 346,000 | 577 | |
Nine Dragons Paper Holdings Ltd. | 454,000 | 571 | |
China Jinmao Holdings Group Ltd. | 1,946,000 | 569 | |
China Resources Cement Holdings Ltd. | 668,000 | 562 | |
Beijing Enterprises Holdings Ltd. | 142,000 | 546 | |
China State Construction International Holdings Ltd. | 526,000 | 539 | |
3 | China Merchants Securities Co. Ltd. Class H | 340,560 | 538 |
China Railway Group Ltd. Class A | 636,100 | 522 | |
Cosco Shipping Ports Ltd. | 614,000 | 511 | |
CRRC Corp. Ltd. Class H | 1,105,000 | 499 | |
Seazen Group Ltd. | 624,479 | 494 | |
GF Securities Co. Ltd. Class H | 287,000 | 487 | |
Poly Developments and Holdings Group Co. Ltd. Class A | 239,900 | 471 | |
China Lesso Group Holdings Ltd. | 298,000 | 461 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 251,600 | 460 | |
Anhui Conch Cement Co. Ltd. Class A | 77,300 | 459 | |
Kingboard Laminates Holdings Ltd. | 284,000 | 445 | |
China Railway Group Ltd. Class H | 907,000 | 443 | |
China Construction Bank Corp. Class A | 477,000 | 442 | |
China Communications Services Corp. Ltd. Class H | 760,000 | 420 | |
China Shenhua Energy Co. Ltd. Class A | 133,600 | 416 | |
China Cinda Asset Management Co. Ltd. Class H | 2,421,000 | 404 | |
Baoshan Iron & Steel Co. Ltd. Class A | 360,200 | 401 | |
China Coal Energy Co. Ltd. Class H | 620,000 | 378 |
Shares | Market Value• ($000) | ||
China Everbright Bank Co. Ltd. Class H | 1,034,000 | 364 | |
Shenzhen International Holdings Ltd. | 297,000 | 358 | |
Huaxia Bank Co. Ltd. Class A | 404,700 | 356 | |
3 | A-Living Smart City Services Co. Ltd. | 106,000 | 352 |
Zhejiang Expressway Co. Ltd. Class H | 394,000 | 350 | |
Guangzhou R&F Properties Co. Ltd. Class H | 557,600 | 349 | |
China Everbright Bank Co. Ltd. Class A | 610,500 | 328 | |
Agile Group Holdings Ltd. | 396,000 | 310 | |
China Vanke Co. Ltd. Class A | 108,800 | 309 | |
Bank of Communications Co. Ltd. Class A | 435,000 | 307 | |
Sinotruk Hong Kong Ltd. | 221,000 | 305 | |
Greentown China Holdings Ltd. | 220,500 | 304 | |
China National Nuclear Power Co. Ltd. Class A | 281,300 | 301 | |
3 | Dali Foods Group Co. Ltd. | 530,500 | 295 |
3 | CSC Financial Co. Ltd. Class H | 277,500 | 293 |
Chongqing Rural Commercial Bank Co. Ltd. Class H | 812,000 | 292 | |
Logan Group Co. Ltd. | 285,000 | 285 | |
Yuexiu Property Co. Ltd. | 324,600 | 285 | |
* | Brilliance China Automotive Holdings Ltd. | 516,000 | 282 |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | 388,600 | 280 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | 320,700 | 278 | |
Kwg Group Holdings Ltd. | 318,000 | 277 | |
Shaanxi Coal Industry Co. Ltd. Class A | 141,100 | 276 | |
Jiangsu Expressway Co. Ltd. Class H | 288,000 | 273 | |
Bank of Nanjing Co. Ltd. Class A | 177,200 | 269 | |
*,2,3 | China Huarong Asset Management Co. Ltd. Class H | 2,028,000 | 266 |
Bank of Shanghai Co. Ltd. Class A | 232,733 | 265 | |
3 | China Railway Signal & Communication Corp. Ltd. Class H | 746,000 | 262 |
China Everbright Ltd. | 226,000 | 254 | |
Huaxin Cement Co. Ltd. Class B | 143,040 | 254 | |
Metallurgical Corp. of China Ltd. Class H | 906,000 | 251 | |
Henan Shuanghui Investment & Development Co. Ltd. Class A | 53,700 | 247 |
Shares | Market Value• ($000) | ||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 270,462 | 241 | |
Bank of Beijing Co. Ltd. Class A | 348,800 | 241 | |
China Minsheng Banking Corp. Ltd. Class A | 390,600 | 237 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 1,000,000 | 233 | |
Huayu Automotive Systems Co. Ltd. Class A | 54,800 | 230 | |
3 | Guotai Junan Securities Co. Ltd. Class H | 167,000 | 228 |
Bank of Hangzhou Co. Ltd. Class A | 102,200 | 228 | |
3 | Legend Holdings Corp. Class H | 127,200 | 224 |
Shougang Fushan Resources Group Ltd. | 846,164 | 223 | |
Seazen Holdings Co. Ltd. Class A | 39,600 | 212 | |
Shenzhen Investment Ltd. | 844,000 | 207 | |
Huadian Power International Corp. Ltd. Class H | 552,000 | 204 | |
Chongqing Changan Automobile Co. Ltd. Class B | 314,120 | 203 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 120,900 | 197 | |
Sinopec Engineering Group Co. Ltd. Class H | 372,000 | 196 | |
SDIC Power Holdings Co. Ltd. Class A | 117,900 | 194 | |
BBMG Corp. Class A | 437,400 | 192 | |
Hengli Petrochemical Co. Ltd. Class A | 55,100 | 190 | |
3 | BAIC Motor Corp. Ltd. Class H | 566,500 | 188 |
Livzon Pharmaceutical Group Inc. Class H | 57,000 | 188 | |
Lao Feng Xiang Co. Ltd. Class B | 52,500 | 185 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 72,000 | 182 | |
Angang Steel Co. Ltd. Class H | 335,000 | 180 | |
Dongfang Electric Corp. Ltd. Class H | 109,200 | 174 | |
3 | Orient Securities Co. Ltd. Class H | 210,000 | 172 |
Satellite Chemical Co. Ltd. Class A | 28,040 | 171 | |
China Reinsurance Group Corp. Class H | 1,638,000 | 170 | |
LB Group Co. Ltd. Class A | 37,400 | 166 | |
Sino-Ocean Group Holding Ltd. | 739,500 | 161 | |
* | New Hope Liuhe Co. Ltd. Class A | 71,000 | 160 |
Shares | Market Value• ($000) | ||
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 140,300 | 159 | |
China National Chemical Engineering Co. Ltd. Class A | 95,500 | 157 | |
Sinotrans Ltd. Class H | 471,000 | 155 | |
COSCO SHIPPING Energy Transportation Co. Ltd. Class A | 156,800 | 145 | |
Yanzhou Coal Mining Co. Ltd. Class A | 40,500 | 144 | |
Shanghai International Port Group Co. Ltd. Class A | 158,200 | 140 | |
China Aoyuan Group Ltd. | 339,000 | 134 | |
China Evergrande Group | 449,000 | 133 | |
Metallurgical Corp. of China Ltd. Class A | 209,700 | 133 | |
Shenzhen Expressway Co. Ltd. Class A | 84,100 | 128 | |
Shanghai Industrial Holdings Ltd. | 85,000 | 127 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 81,800 | 126 | |
* | Hongfa Technology Co. Ltd. Class A | 10,500 | 121 |
Sichuan Chuantou Energy Co. Ltd. Class A | 59,400 | 121 | |
Datang International Power Generation Co. Ltd. Class H | 656,000 | 119 | |
Yanlord Land Group Ltd. | 129,800 | 108 | |
Shenzhen Overseas Chinese Town Co. Ltd. Class A | 109,600 | 107 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 52,100 | 106 | |
Yifeng Pharmacy Chain Co. Ltd. Class A (XSHG) | 14,130 | 105 | |
Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A | 199,000 | 105 | |
Hunan Valin Steel Co. Ltd. Class A | 124,800 | 104 | |
Times China Holdings Ltd. | 142,000 | 97 | |
Huaneng Power International Inc. Class A | 78,600 | 95 | |
Zhejiang Longsheng Group Co. Ltd. Class A | 47,200 | 92 | |
Maanshan Iron & Steel Co. Ltd. Class A | 139,300 | 92 | |
Gemdale Corp. Class A | 57,400 | 91 | |
Beijing Jingneng Clean Energy Co. Ltd. Class H | 302,000 | 91 | |
Weifu High-Technology Group Co. Ltd. Class B | 47,500 | 90 | |
Jiangsu Expressway Co. Ltd. Class A | 65,900 | 88 |
Shares | Market Value• ($000) | ||
Shandong Chenming Paper Holdings Ltd. Class H | 179,000 | 86 | |
3 | Shenwan Hongyuan Group Co. Ltd. Class H | 324,000 | 82 |
* | Zhuzhou Kibing Group Co. Ltd. Class A | 32,900 | 82 |
* | Guangshen Railway Co. Ltd. Class H | 462,000 | 81 |
Bank of Jiangsu Co. Ltd. Class A | 82,160 | 81 | |
* | Fujian Sunner Development Co. Ltd. Class A | 22,800 | 80 |
Jiayuan International Group Ltd. | 208,000 | 80 | |
Health & Happiness H&H International Holdings Ltd. | 34,000 | 80 | |
Yantai Changyu Pioneer Wine Co. Ltd. Class B | 41,400 | 74 | |
Yonghui Superstores Co. Ltd. Class A | 120,000 | 74 | |
Maanshan Iron & Steel Co. Ltd. Class H | 170,000 | 72 | |
China Merchants Energy Shipping Co. Ltd. Class A | 100,440 | 72 | |
Shenergy Co. Ltd. Class A | 74,100 | 72 | |
Zhejiang Weixing New Building Materials Co. Ltd. Class A | 24,900 | 70 | |
Wens Foodstuffs Group Co. Ltd. Class A | 26,100 | 67 | |
Fujian Funeng Co. Ltd. Class A | 23,900 | 67 | |
Bank of Changsha Co. Ltd. Class A | 53,300 | 67 | |
Sinoma International Engineering Co. Class A | 41,200 | 67 | |
Huaibei Mining Holdings Co. Ltd. Class A | 33,800 | 67 | |
Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 48,500 | 65 | |
Greenland Holdings Corp. Ltd. Class A | 99,645 | 64 | |
*,3 | Red Star Macalline Group Corp. Ltd. Class H | 111,672 | 63 |
Shanghai Construction Group Co. Ltd. Class A | 121,100 | 62 | |
Joyoung Co. Ltd. Class A | 16,600 | 61 | |
* | Shan Xi Hua Yang Group New Energy Co. Ltd. Class A | 36,700 | 61 |
China CITIC Bank Corp. Ltd. Class A | 82,800 | 59 | |
Shenzhen Expressway Co. Ltd. Class H | 60,000 | 57 | |
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 29,200 | 56 | |
Yutong Bus Co. Ltd. Class A | 31,800 | 56 | |
Anhui Expressway Co. Ltd. Class H | 92,000 | 55 |
Shares | Market Value• ($000) | ||
Intco Medical Technology Co. Ltd. Class A | 6,900 | 55 | |
Huadian Power International Corp. Ltd. Class A | 74,000 | 51 | |
Shenzhen Jinjia Group Co. Ltd. Class A | 29,400 | 50 | |
Jiangxi Zhengbang Technology Co. Ltd. Class A | 32,200 | 50 | |
* | Jinduicheng Molybdenum Co. Ltd. Class A | 44,000 | 50 |
* | Suning Universal Co. Ltd. Class A | 65,600 | 49 |
Bank of Chengdu Co. Ltd. Class A | 24,400 | 49 | |
* | China Zheshang Bank Co. Ltd. Class A | 91,600 | 49 |
Xiamen C & D Inc. Class A | 39,100 | 49 | |
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A | 85,400 | 48 | |
Jinke Properties Group Co. Ltd. Class A | 66,500 | 46 | |
Guangxi Guiguan Electric Power Co. Ltd. Class A | 51,300 | 46 | |
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A | 22,900 | 45 | |
Financial Street Holdings Co. Ltd. Class A | 48,800 | 45 | |
* | Shenzhen Gas Corp. Ltd. Class A | 31,300 | 44 |
Shanghai Tunnel Engineering Co. Ltd. Class A | 55,300 | 44 | |
China South Publishing & Media Group Co. Ltd. Class A | 33,100 | 42 | |
Guizhou Panjiang Refined Coal Co. Ltd. Class A | 33,200 | 40 | |
Sansteel Minguang Co. Ltd. Fujian Class A | 36,500 | 39 | |
RiseSun Real Estate Development Co. Ltd. Class A | 58,800 | 39 | |
Zhejiang Runtu Co. Ltd. Class A | 27,500 | 38 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class A | 61,800 | 38 | |
Guangxi Liugong Machinery Co. Ltd. Class A | 30,900 | 36 | |
Shanghai AJ Group Co. Ltd. Class A | 35,400 | 36 | |
Chongqing Rural Commercial Bank Co. Ltd. Class A | 58,700 | 35 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 11,900 | 35 |
Shares | Market Value• ($000) | ||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 20,800 | 35 | |
Chongqing Water Group Co. Ltd. Class A | 39,200 | 34 | |
Liuzhou Iron & Steel Co. Ltd. Class A | 38,900 | 33 | |
Chinese Universe Publishing and Media Group Co. Ltd. Class A | 19,500 | 32 | |
Tangshan Jidong Cement Co. Ltd. Class A | 17,300 | 31 | |
North Huajin Chemical Industries Co. Ltd. Class A | 33,200 | 31 | |
Zhejiang Medicine Co. Ltd. Class A | 12,600 | 31 | |
Nanjing Iron & Steel Co. Ltd. Class A | 54,500 | 30 | |
Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 49,400 | 30 | |
Beijing Capital Development Co. Ltd. Class A | 39,400 | 30 | |
Zhejiang Semir Garment Co. Ltd. Class A | 24,400 | 29 | |
3 | Everbright Securities Co. Ltd. Class H | 37,400 | 29 |
* | China Fortune Land Development Co. Ltd. Class A | 49,920 | 29 |
Huafa Industrial Co. Ltd. Zhuhai Class A | 35,200 | 29 | |
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 44,100 | 28 | |
Jointo Energy Investment Co. Ltd. Hebei Class A | 35,400 | 28 | |
Yango Group Co. Ltd. Class A | 54,400 | 27 | |
Shanghai Shimao Co. Ltd. Class A | 54,300 | 27 | |
China Railway Signal & Communication Corp. Ltd. Class A | 15,960 | 12 | |
* | Sichuan Languang Development Co. Ltd. Class A | 35,000 | 9 |
181,248 | |||
Colombia (0.1%) | |||
Ecopetrol SA ADR | 64,827 | 982 | |
Interconexion Electrica SA ESP | 123,013 | 739 | |
Cementos Argos SA | 157,203 | 265 | |
Grupo Argos SA | 69,681 | 218 | |
Grupo Aval Acciones y Valores SA Preference Shares | 613,904 | 188 | |
Grupo Aval Acciones y Valores SA ADR | 18,290 | 110 | |
Ecopetrol SA | 76,239 | 58 | |
2,560 | |||
Czech Republic (0.1%) | |||
CEZ A/S | 50,146 | 1,656 |
Shares | Market Value• ($000) | ||
*,3 | Moneta Money Bank A/S | 95,117 | 372 |
O2 Czech Republic A/S | 4,225 | 49 | |
2,077 | |||
Denmark (0.1%) | |||
Danske Bank A/S | 183,587 | 3,106 | |
Tryg A/S | 84,897 | 2,015 | |
5,121 | |||
Egypt (0.0%) | |||
* | Egypt Kuwait Holding Co. SAE | 218,283 | 297 |
* | Egypt Kuwait Holding Co. SAE (XCAI) | 175,008 | 242 |
Eastern Co. SAE | 309,033 | 228 | |
ElSewedy Electric Co. | 129,404 | 71 | |
Telecom Egypt Co. | 63,313 | 55 | |
893 | |||
Finland (1.5%) | |||
Nordea Bank Abp (XHEL) | 1,043,529 | 12,768 | |
Sampo OYJ Class A | 141,173 | 7,505 | |
Kone OYJ Class B | 109,563 | 7,472 | |
UPM-Kymmene OYJ | 152,007 | 5,365 | |
Fortum OYJ | 122,387 | 3,640 | |
Stora Enso OYJ Class R | 161,866 | 2,693 | |
Kesko OYJ Class B | 78,547 | 2,556 | |
Elisa OYJ | 41,346 | 2,495 | |
Wartsila OYJ Abp | 137,653 | 1,909 | |
Metso Outotec OYJ | 175,581 | 1,764 | |
Nokian Renkaat OYJ | 40,780 | 1,531 | |
Orion OYJ Class B | 31,178 | 1,350 | |
51,048 | |||
France (4.7%) | |||
TotalEnergies SE | 688,045 | 34,454 | |
Sanofi | 308,680 | 31,005 | |
AXA SA | 539,098 | 15,684 | |
Vinci SA | 140,952 | 15,069 | |
Danone SA | 169,733 | 11,064 | |
Societe Generale SA | 220,326 | 7,360 | |
Orange SA | 534,588 | 5,830 | |
Veolia Environnement SA | 172,362 | 5,629 | |
Credit Agricole SA | 347,964 | 5,250 | |
Engie SA (XPAR) | 333,686 | 4,747 | |
Publicis Groupe SA | 64,357 | 4,320 | |
Carrefour SA | 178,786 | 3,237 | |
Suez SA | 109,768 | 2,499 | |
Bouygues SA | 60,803 | 2,463 | |
Electricite de France SA (XPAR) | 144,166 | 2,125 | |
Engie SA Loyalty Shares | 132,130 | 1,880 | |
Rexel SA | 85,892 | 1,707 | |
SCOR SE | 45,607 | 1,535 | |
3 | Amundi SA | 16,194 | 1,443 |
CNP Assurances | 47,843 | 1,199 | |
Wendel SE | 7,675 | 1,022 | |
TechnipFMC plc (XNYS) | 132,497 | 986 | |
Rubis SCA | 28,054 | 899 | |
Imerys SA | 11,755 | 509 | |
3 | ALD SA | 26,538 | 396 |
162,312 | |||
Germany (7.0%) | |||
Siemens AG (Registered) | 212,728 | 34,586 | |
Allianz SE (Registered) | 116,268 | 26,999 | |
Daimler AG (Registered) | 237,957 | 23,620 |
Shares | Market Value• ($000) | ||
BASF SE | 258,537 | 18,608 | |
Deutsche Telekom AG (Registered) | 922,746 | 17,160 | |
Deutsche Post AG (Registered) | 276,693 | 17,129 | |
Bayer AG (Registered) | 278,404 | 15,690 | |
Volkswagen AG Preference Shares | 53,437 | 11,993 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 39,455 | 11,682 | |
Vonovia SE | 162,293 | 9,845 | |
Bayerische Motoren Werke AG | 90,438 | 9,137 | |
E.ON SE | 610,487 | 7,741 | |
RWE AG | 176,501 | 6,794 | |
Porsche Automobil Holding SE Preference Shares | 42,673 | 4,441 | |
HeidelbergCement AG | 43,295 | 3,260 | |
3 | Covestro AG | 50,793 | 3,253 |
Hannover Rueck SE | 17,195 | 3,140 | |
LEG Immobilien SE (XETR) | 20,502 | 3,049 | |
Volkswagen AG | 7,984 | 2,596 | |
Aroundtown SA | 333,697 | 2,319 | |
Evonik Industries AG | 56,117 | 1,818 | |
Bayerische Motoren Werke AG Preference Shares | 17,948 | 1,530 | |
Uniper SE | 28,452 | 1,258 | |
Rheinmetall AG | 12,326 | 1,196 | |
Talanx AG | 12,946 | 623 | |
Telefonica Deutschland Holding AG | 223,669 | 583 | |
3 | DWS Group GmbH & Co. KGaA | 10,759 | 465 |
HOCHTIEF AG | 5,558 | 429 | |
METRO AG | 33,094 | 418 | |
Traton SE | 14,018 | 362 | |
241,724 | |||
Greece (0.1%) | |||
Hellenic Telecommunications Organization SA | 68,906 | 1,224 | |
OPAP SA | 60,265 | 941 | |
Mytilineos SA | 27,105 | 495 | |
JUMBO SA | 27,428 | 408 | |
* | Motor Oil Hellas Corinth Refineries SA | 18,252 | 310 |
3,378 | |||
Hong Kong (1.9%) | |||
Sun Hung Kai Properties Ltd. | 408,500 | 5,416 | |
CK Hutchison Holdings Ltd. | 738,000 | 4,948 | |
Hong Kong & China Gas Co. Ltd. | 3,054,400 | 4,745 | |
CLP Holdings Ltd. | 470,000 | 4,602 | |
Hang Seng Bank Ltd. | 203,600 | 3,869 | |
CK Asset Holdings Ltd. | 558,564 | 3,450 | |
Jardine Matheson Holdings Ltd. | 57,000 | 3,311 | |
BOC Hong Kong Holdings Ltd. | 1,019,500 | 3,231 |
Shares | Market Value• ($000) | ||
Wharf Real Estate Investment Co. Ltd. | 476,000 | 2,689 | |
Power Assets Holdings Ltd. | 388,599 | 2,375 | |
Lenovo Group Ltd. | 2,096,000 | 2,276 | |
New World Development Co. Ltd. | 435,750 | 1,890 | |
Hongkong Land Holdings Ltd. | 337,300 | 1,863 | |
Henderson Land Development Co. Ltd. | 411,587 | 1,723 | |
Xinyi Glass Holdings Ltd. | 578,000 | 1,629 | |
Wharf Holdings Ltd. | 399,000 | 1,387 | |
Hang Lung Properties Ltd. | 558,576 | 1,296 | |
Want Want China Holdings Ltd. | 1,665,000 | 1,291 | |
Sino Land Co. Ltd. | 950,000 | 1,249 | |
3 | WH Group Ltd. | 1,759,599 | 1,234 |
SITC International Holdings Co. Ltd. | 354,000 | 1,196 | |
CK Infrastructure Holdings Ltd. | 185,972 | 1,121 | |
Swire Pacific Ltd. Class A | 173,288 | 1,089 | |
Tingyi Cayman Islands Holding Corp. | 574,000 | 1,071 | |
Chow Tai Fook Jewellery Group Ltd. | 505,200 | 1,030 | |
Swire Properties Ltd. | 302,698 | 812 | |
PCCW Ltd. | 1,248,793 | 643 | |
Bank of East Asia Ltd. | 381,980 | 627 | |
3 | BOC Aviation Ltd. | 61,600 | 539 |
Kerry Properties Ltd. | 184,500 | 522 | |
Hysan Development Co. Ltd. | 149,000 | 517 | |
NagaCorp Ltd. | 418,000 | 384 | |
NWS Holdings Ltd. | 361,000 | 359 | |
VTech Holdings Ltd. | 39,900 | 307 | |
Lee & Man Paper Manufacturing Ltd. | 372,000 | 280 | |
Dairy Farm International Holdings Ltd. | 76,100 | 272 | |
Uni-President China Holdings Ltd. | 319,000 | 272 | |
First Pacific Co. Ltd. | 622,000 | 248 | |
Towngas China Co. Ltd. | 309,185 | 212 | |
Haitong International Securities Group Ltd. | 678,000 | 156 | |
Swire Pacific Ltd. Class B | 137,500 | 144 | |
* | Shun Tak Holdings Ltd. | 478,000 | 131 |
Cafe de Coral Holdings Ltd. | 62,000 | 113 | |
Dah Sing Banking Group Ltd. | 106,000 | 101 | |
Shui On Land Ltd. | 672,500 | 100 | |
Guotai Junan International Holdings Ltd. | 427,000 | 62 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 152,000 | 24 | |
66,806 |
Shares | Market Value• ($000) | ||
Hungary (0.0%) | |||
Magyar Telekom Telecommunications plc | 74,516 | 103 | |
India (1.3%) | |||
Infosys Ltd. | 1,018,116 | 22,784 | |
ITC Ltd. | 835,816 | 2,495 | |
Power Grid Corp. of India Ltd. | 897,389 | 2,223 | |
NTPC Ltd. | 1,251,305 | 2,222 | |
Oil & Natural Gas Corp. Ltd. | 866,577 | 1,724 | |
Bharat Petroleum Corp. Ltd. | 283,266 | 1,584 | |
Vedanta Ltd. | 355,189 | 1,445 | |
Indian Oil Corp. Ltd. | 754,214 | 1,291 | |
Indus Towers Ltd. | 341,838 | 1,243 | |
Hero MotoCorp Ltd. | 34,753 | 1,235 | |
Coal India Ltd. | 518,566 | 1,141 | |
Mphasis Ltd. | 25,105 | 1,089 | |
Gail India Ltd. | 489,885 | 975 | |
Hindustan Petroleum Corp. Ltd. | 188,856 | 784 | |
Petronet LNG Ltd. | 213,838 | 656 | |
Power Finance Corp. Ltd. | 347,114 | 619 | |
REC Ltd. | 253,207 | 504 | |
NMDC Ltd. | 213,086 | 409 | |
Oracle Financial Services Software Ltd. | 5,872 | 348 | |
Oil India Ltd. | 98,748 | 297 | |
Hindustan Zinc Ltd. | 61,246 | 255 | |
NHPC Ltd. | 605,235 | 248 | |
Castrol India Ltd. | 130,757 | 242 | |
Sun TV Network Ltd. | 27,777 | 209 | |
46,022 | |||
Indonesia (0.5%) | |||
Bank Rakyat Indonesia Persero Tbk PT | 18,231,859 | 5,473 | |
Telkom Indonesia Persero Tbk PT | 13,180,200 | 3,523 | |
Bank Mandiri Persero Tbk PT | 5,315,900 | 2,687 | |
Astra International Tbk PT | 5,812,800 | 2,476 | |
United Tractors Tbk PT | 449,404 | 747 | |
Indofood Sukses Makmur Tbk PT | 1,354,500 | 608 | |
Indofood CBP Sukses Makmur Tbk PT | 587,400 | 365 | |
Indocement Tunggal Prakarsa Tbk PT | 383,400 | 320 | |
Hanjaya Mandala Sampoerna Tbk PT | 2,391,000 | 175 | |
Bukit Asam Tbk PT | 875,900 | 166 | |
Bank Danamon Indonesia Tbk PT | 153,600 | 29 | |
16,569 | |||
Israel (0.3%) | |||
Bank Leumi Le-Israel BM | 413,969 | 3,955 | |
Bank Hapoalim BM | 336,733 | 3,317 | |
ICL Group Ltd. | 196,593 | 1,685 | |
Gazit-Globe Ltd. | 11,649 | 94 | |
9,051 |
Shares | Market Value• ($000) | ||
Italy (1.8%) | |||
Enel SpA | 2,196,622 | 18,390 | |
Intesa Sanpaolo SpA | 4,670,143 | 13,273 | |
Eni SpA | 707,468 | 10,140 | |
Assicurazioni Generali SpA | 356,599 | 7,765 | |
Snam SpA (MTAA) | 625,283 | 3,541 | |
Terna - Rete Elettrica Nazionale | 399,051 | 2,973 | |
3 | Poste Italiane SpA | 132,019 | 1,886 |
3 | Infrastrutture Wireless Italiane SpA | 95,766 | 1,058 |
A2A SpA | 478,189 | 1,006 | |
Banca Mediolanum SpA | 83,609 | 843 | |
Italgas SpA | 132,146 | 840 | |
Hera SpA | 191,166 | 782 | |
Telecom Italia SpA Savings Shares | 1,791,084 | 681 | |
UnipolSai Assicurazioni SpA | 142,316 | 412 | |
63,590 | |||
Japan (11.1%) | |||
Toyota Motor Corp. | 3,486,165 | 61,510 | |
Mitsubishi UFJ Financial Group Inc. | 3,506,100 | 19,226 | |
KDDI Corp. | 474,000 | 14,495 | |
Honda Motor Co. Ltd. | 481,000 | 14,227 | |
Takeda Pharmaceutical Co. Ltd. | 433,700 | 12,172 | |
Sumitomo Mitsui Financial Group Inc. | 367,754 | 11,933 | |
ITOCHU Corp. | 379,884 | 10,835 | |
Mitsubishi Corp. | 339,600 | 10,799 | |
Softbank Corp. | 767,982 | 10,483 | |
Mitsui & Co. Ltd. | 452,312 | 10,351 | |
Tokio Marine Holdings Inc. | 181,634 | 9,567 | |
Nippon Telegraph & Telephone Corp. | 341,400 | 9,566 | |
Mizuho Financial Group Inc. | 714,320 | 9,428 | |
Bridgestone Corp. | 161,500 | 7,145 | |
ORIX Corp. | 339,500 | 6,748 | |
Japan Tobacco Inc. | 332,100 | 6,519 | |
Canon Inc. | 281,100 | 6,392 | |
Dai-ichi Life Holdings Inc. | 297,400 | 6,257 | |
Daiwa House Industry Co. Ltd. | 180,800 | 5,965 | |
Japan Post Holdings Co. Ltd. | 640,161 | 4,919 | |
Sumitomo Corp. | 318,538 | 4,539 | |
MS&AD Insurance Group Holdings Inc. | 131,000 | 4,232 | |
Sompo Holdings Inc. | 95,500 | 4,142 | |
Nomura Holdings Inc. | 851,500 | 4,055 | |
Marubeni Corp. | 450,900 | 3,826 | |
Asahi Kasei Corp. | 355,900 | 3,739 | |
Kirin Holdings Co. Ltd. | 214,000 | 3,725 | |
Sekisui House Ltd. | 165,202 | 3,435 | |
ENEOS Holdings Inc. | 851,005 | 3,431 | |
Sumitomo Mitsui Trust Holdings Inc. | 102,600 | 3,375 | |
Nippon Yusen KK | 45,200 | 3,257 | |
Subaru Corp. | 165,009 | 3,237 | |
Mitsubishi Chemical Holdings Corp. | 360,500 | 2,984 |
Shares | Market Value• ($000) | ||
Sumitomo Electric Industries Ltd. | 215,000 | 2,854 | |
Toyota Tsusho Corp. | 62,000 | 2,689 | |
AGC Inc. | 51,800 | 2,579 | |
Daiwa Securities Group Inc. | 435,914 | 2,449 | |
Yamaha Motor Co. Ltd. | 85,300 | 2,378 | |
Resona Holdings Inc. | 617,000 | 2,318 | |
Daito Trust Construction Co. Ltd. | 17,800 | 2,207 | |
Sumitomo Chemical Co. Ltd. | 438,700 | 2,161 | |
Inpex Corp. | 257,900 | 2,151 | |
Mitsubishi Heavy Industries Ltd. | 83,900 | 2,146 | |
Chubu Electric Power Co. Inc. | 203,400 | 2,105 | |
T&D Holdings Inc. | 153,300 | 1,966 | |
Dai Nippon Printing Co. Ltd. | 79,100 | 1,960 | |
* | Trend Micro Inc. | 34,500 | 1,950 |
Kansai Electric Power Co. Inc. | 208,800 | 1,922 | |
Lixil Corp. | 73,800 | 1,896 | |
Idemitsu Kosan Co. Ltd. | 65,353 | 1,785 | |
Aisin Corp. | 47,700 | 1,745 | |
SBI Holdings Inc. | 66,700 | 1,729 | |
Obayashi Corp. | 188,000 | 1,587 | |
Kajima Corp. | 126,900 | 1,562 | |
Taisei Corp. | 49,600 | 1,556 | |
Mitsui Chemicals Inc. | 49,300 | 1,466 | |
Seiko Epson Corp. | 79,900 | 1,423 | |
Tosoh Corp. | 80,900 | 1,362 | |
Concordia Financial Group Ltd. | 332,300 | 1,321 | |
Shimizu Corp. | 153,300 | 1,123 | |
Chiba Bank Ltd. | 181,000 | 1,122 | |
Marui Group Co. Ltd. | 57,200 | 1,122 | |
Hulic Co. Ltd. | 116,486 | 1,120 | |
Mitsubishi Gas Chemical Co. Inc. | 51,700 | 1,041 | |
Iida Group Holdings Co. Ltd. | 42,200 | 1,040 | |
Kyushu Electric Power Co. Inc. | 143,200 | 1,009 | |
Haseko Corp. | 76,386 | 995 | |
Japan Post Bank Co. Ltd. | 126,348 | 986 | |
Kuraray Co. Ltd. | 105,600 | 956 | |
Tohoku Electric Power Co. Inc. | 144,500 | 938 | |
Denka Co. Ltd. | 27,000 | 884 | |
Amada Co. Ltd. | 88,700 | 876 | |
Nomura Real Estate Holdings Inc. | 35,800 | 873 | |
NGK Spark Plug Co. Ltd. | 54,000 | 863 | |
Fukuoka Financial Group Inc. | 47,700 | 857 | |
Mitsubishi HC Capital Inc. (XTKS) | 166,620 | 835 | |
Tokyo Tatemono Co. Ltd. | 56,000 | 823 | |
Aozora Bank Ltd. | 35,000 | 801 | |
Chugoku Electric Power Co. Inc. | 95,835 | 795 | |
EXEO Group Inc. | 31,300 | 723 | |
DIC Corp. | 27,100 | 717 | |
Konica Minolta Inc. | 135,300 | 670 | |
J Front Retailing Co. Ltd. | 69,600 | 645 |
Shares | Market Value• ($000) | ||
Electric Power Development Co. Ltd. | 48,700 | 644 | |
Nippon Electric Glass Co. Ltd. | 24,700 | 631 | |
Sanwa Holdings Corp. | 54,100 | 631 | |
Mebuki Financial Group Inc. | 307,600 | 630 | |
Lawson Inc. | 12,600 | 609 | |
Teijin Ltd. | 44,500 | 597 | |
Sumitomo Rubber Industries Ltd. | 47,700 | 588 | |
Yokohama Rubber Co. Ltd. | 33,400 | 565 | |
Penta-Ocean Construction Co. Ltd. | 79,800 | 550 | |
Ube Industries Ltd. | 28,900 | 538 | |
Credit Saison Co. Ltd. | 43,400 | 532 | |
Daicel Corp. | 69,300 | 519 | |
Hachijuni Bank Ltd. | 154,500 | 516 | |
Kaneka Corp. | 13,300 | 510 | |
Hirogin Holdings Inc. | 84,900 | 468 | |
Seven Bank Ltd. | 219,700 | 464 | |
Aica Kogyo Co. Ltd. | 13,800 | 423 | |
Yamaguchi Financial Group Inc. | 73,700 | 411 | |
Kaken Pharmaceutical Co. Ltd. | 10,200 | 402 | |
AEON Financial Service Co. Ltd. | 31,600 | 401 | |
Cosmo Energy Holdings Co. Ltd. | 17,500 | 358 | |
Toda Corp. | 54,100 | 341 | |
H.U. Group Holdings Inc. | 12,800 | 316 | |
Kyudenko Corp. | 9,700 | 308 | |
Sankyo Co. Ltd. | 12,100 | 294 | |
Yamato Kogyo Co. Ltd. | 7,900 | 265 | |
Lintec Corp. | 11,800 | 263 | |
Toyota Boshoku Corp. | 13,600 | 261 | |
Heiwa Corp. | 14,300 | 255 | |
Tokuyama Corp. | 14,900 | 255 | |
Shikoku Electric Power Co. Inc. | 37,400 | 244 | |
Fuyo General Lease Co. Ltd. | 3,700 | 240 | |
Matsui Securities Co. Ltd. | 29,600 | 212 | |
Noevir Holdings Co. Ltd. | 2,900 | 142 | |
Kandenko Co. Ltd. | 17,500 | 136 | |
Tokai Rika Co. Ltd. | 9,100 | 127 | |
Fuji Media Holdings Inc. | 6,500 | 67 | |
Gunma Bank Ltd. | 600 | 2 | |
SKY Perfect JSAT Holdings Inc. | 300 | 1 | |
384,311 | |||
Kuwait (0.3%) | |||
National Bank of Kuwait SAKP | 1,927,146 | 6,336 | |
Mobile Telecommunications Co. KSCP | 607,430 | 1,203 | |
Humansoft Holding Co. KSC | 31,304 | 347 | |
Gulf Bank KSCP | 407,216 | 333 | |
Boubyan Petrochemicals Co. KSCP | 100,196 | 306 | |
Burgan Bank SAK | 156,808 | 124 | |
8,649 |
Shares | Market Value• ($000) | ||
Malaysia (0.7%) | |||
Public Bank Bhd. | 4,423,200 | 4,456 | |
Malayan Banking Bhd. | 1,735,397 | 3,376 | |
Tenaga Nasional Bhd. | 1,140,733 | 2,661 | |
CIMB Group Holdings Bhd. | 1,976,700 | 2,494 | |
Axiata Group Bhd. | 1,239,100 | 1,184 | |
DiGi.Com Bhd. | 1,011,300 | 1,035 | |
Top Glove Corp. Bhd. | 1,431,700 | 940 | |
Maxis Bhd. | 787,000 | 888 | |
Hong Leong Bank Bhd. | 175,900 | 800 | |
MISC Bhd. | 461,744 | 790 | |
Genting Bhd. | 630,400 | 789 | |
Petronas Gas | 163,532 | 662 | |
Sime Darby Bhd. | 1,029,600 | 565 | |
RHB Bank Bhd. | 415,000 | 560 | |
Genting Malaysia Bhd. | 724,100 | 555 | |
Hartalega Holdings Bhd. | 387,500 | 549 | |
Petronas Dagangan Bhd. | 96,500 | 474 | |
AMMB Holdings Bhd. | 511,000 | 415 | |
Westports Holdings Bhd. | 253,900 | 274 | |
British American Tobacco Malaysia Bhd. | 49,600 | 181 | |
Supermax Corporation Bhd. | 385,400 | 179 | |
Sime Darby Property Bhd. | 865,700 | 152 | |
Astro Malaysia Holdings Bhd. | 288,500 | 69 | |
24,048 | |||
Mexico (0.6%) | |||
America Movil SAB de CV Series L | 8,435,700 | 7,519 | |
Wal-Mart de Mexico SAB de CV | 1,467,535 | 5,119 | |
Grupo Mexico SAB de CV Series B | 894,900 | 3,926 | |
Grupo Aeroportuario del Pacifico SAB de CV Class B | 104,154 | 1,313 | |
Coca-Cola Femsa SAB de CV | 165,855 | 894 | |
Orbia Advance Corp. SAB de CV | 270,100 | 702 | |
Alfa SAB de CV Class A | 715,700 | 518 | |
Promotora y Operadora de Infraestructura SAB de CV | 64,015 | 471 | |
Kimberly-Clark de Mexico SAB de CV Class A | 204,600 | 323 | |
Megacable Holdings SAB de CV | 87,600 | 258 | |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 119,900 | 153 | |
Grupo Lala SAB de CV | 300 | — | |
21,196 | |||
Netherlands (1.2%) | |||
ING Groep NV | 1,102,699 | 16,727 | |
Koninklijke Ahold Delhaize NV | 280,024 | 9,110 | |
NN Group NV | 86,481 | 4,623 | |
Koninklijke KPN NV | 958,505 | 2,864 | |
Aegon NV | 506,898 | 2,571 |
Shares | Market Value• ($000) | ||
Randstad NV | 30,252 | 2,173 | |
ASR Nederland NV | 40,514 | 1,894 | |
3 | Signify NV | 35,346 | 1,713 |
Koninklijke Vopak NV | 18,819 | 749 | |
42,424 | |||
New Zealand (0.2%) | |||
Spark New Zealand Ltd. | 543,910 | 1,781 | |
Meridian Energy Ltd. | 357,037 | 1,279 | |
Contact Energy Ltd. | 210,263 | 1,234 | |
Fletcher Building Ltd. | 220,132 | 1,132 | |
Mercury NZ Ltd. | 203,032 | 893 | |
6,319 | |||
Norway (0.9%) | |||
Equinor ASA | 273,347 | 6,926 | |
DNB Bank ASA | 290,870 | 6,922 | |
Mowi ASA | 123,190 | 3,572 | |
Telenor ASA | 179,480 | 2,836 | |
Norsk Hydro ASA | 374,646 | 2,752 | |
Yara International ASA | 46,591 | 2,435 | |
Orkla ASA | 221,299 | 2,152 | |
Aker BP ASA | 32,171 | 1,234 | |
Salmar ASA | 15,704 | 1,198 | |
Gjensidige Forsikring ASA | 44,842 | 1,117 | |
Leroy Seafood Group ASA | 65,521 | 596 | |
Aker ASA Class A | 6,194 | 571 | |
32,311 | |||
Pakistan (0.0%) | |||
Oil & Gas Development Co. Ltd. | 255,915 | 127 | |
Habib Bank Ltd. | 125,375 | 92 | |
Fauji Fertilizer Co. Ltd. | 112,299 | 68 | |
Pakistan Petroleum Ltd. | 146,680 | 65 | |
352 | |||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 303,850 | 1,085 | |
PLDT Inc. | 26,640 | 870 | |
Globe Telecom Inc. | 8,430 | 501 | |
Manila Electric Co. | 86,600 | 493 | |
Metro Pacific Investments Corp. | 3,488,000 | 260 | |
Aboitiz Power Corp. | 397,600 | 254 | |
Semirara Mining & Power Corp. Class A | 487,720 | 251 | |
DMCI Holdings Inc. | 1,312,100 | 207 | |
LT Group Inc. | 740,400 | 148 | |
4,069 | |||
Poland (0.1%) | |||
Polski Koncern Naftowy ORLEN SA | 89,334 | 1,927 | |
Cyfrowy Polsat SA | 71,361 | 638 | |
2,565 | |||
Portugal (0.2%) | |||
EDP - Energias de Portugal SA | 781,264 | 4,408 | |
Galp Energia SGPS SA | 148,789 | 1,546 | |
5,954 | |||
Qatar (0.5%) | |||
Qatar National Bank QPSC | 1,273,270 | 7,174 | |
Industries Qatar QSC | 448,547 | 1,954 | |
Qatar Islamic Bank SAQ | 319,084 | 1,615 |
Shares | Market Value• ($000) | ||
Masraf Al Rayan QSC | 1,000,847 | 1,312 | |
Commercial Bank PSQC | 539,499 | 907 | |
Qatar Fuel QSC | 138,406 | 699 | |
Qatar Gas Transport Co. Ltd. | 696,355 | 623 | |
Qatar Electricity & Water Co. QSC | 122,608 | 567 | |
Qatar International Islamic Bank QSC | 189,583 | 510 | |
Barwa Real Estate Co. | 568,219 | 493 | |
Ooredoo QPSC | 210,646 | 401 | |
Doha Bank QPSC | 401,470 | 318 | |
Vodafone Qatar QSC | 465,414 | 207 | |
16,780 | |||
Romania (0.0%) | |||
Banca Transilvania SA | 1,375,322 | 807 | |
Russia (2.2%) | |||
Sberbank of Russia PJSC | 2,906,395 | 14,621 | |
Novatek PJSC | 303,085 | 7,696 | |
Gazprom PJSC ADR | 748,819 | 7,348 | |
Gazprom PJSC | 1,482,736 | 7,306 | |
Lukoil PJSC | 59,410 | 6,063 | |
LUKOIL PJSC ADR | 49,539 | 5,050 | |
MMC Norilsk Nickel PJSC | 8,869 | 2,769 | |
Tatneft PJSC ADR | 44,997 | 2,058 | |
Rosneft Oil Co. PJSC (Registered) GDR | 190,781 | 1,699 | |
MMC Norilsk Nickel PJSC ADR | 53,701 | 1,678 | |
Rosneft Oil Co. PJSC | 142,196 | 1,278 | |
Alrosa PJSC | 681,612 | 1,203 | |
Polyus PJSC | 5,994 | 1,188 | |
Surgutneftegas PJSC Preference Shares | 2,107,560 | 1,148 | |
Magnit PJSC | 11,992 | 1,094 | |
Tatneft PJSC | 139,641 | 1,067 | |
Mobile TeleSystems PJSC ADR | 112,115 | 1,030 | |
Novolipetskiy Metallurgicheskiy Kombinat PJSC | 323,494 | 1,021 | |
VTB Bank PJSC GDR (Registered) | 671,253 | 976 | |
Moscow Exchange MICEX-RTS PJSC | 385,108 | 945 | |
Transneft PJSC Preference Shares | 420 | 901 | |
Severstal PAO GDR (Registered) | 34,635 | 792 | |
Inter Rao Ues PJSC | 10,455,400 | 709 | |
* | United Co. Rusal International | 689,060 | 700 |
Magnit PJSC GDR (Registered) | 36,161 | 670 | |
Magnitogorsk Iron & Steel Works PJSC | 592,710 | 554 | |
Severstal PAO PJSC | 22,170 | 504 | |
PhosAgro PJSC | 5,813 | 459 | |
Polyus PJSC (Registered) GDR | 4,270 | 422 | |
Tatneft PJSC Preference Shares | 49,963 | 344 | |
RusHydro PJSC | 29,565,000 | 339 | |
Rostelecom PJSC | 226,460 | 298 | |
Sistema PJSFC | 720,900 | 274 |
Shares | Market Value• ($000) | ||
PhosAgro PJSC GDR (Registered) | 10,445 | 250 | |
Federal Grid Co. | 83,950,000 | 220 | |
Unipro PJSC | 1,744,000 | 67 | |
Mobile TeleSystems PJSC | 13,562 | 59 | |
Mosenergo PJSC | 1,739,000 | 55 | |
74,855 | |||
Saudi Arabia (1.3%) | |||
Saudi National Bank | 617,606 | 10,842 | |
3 | Saudi Arabian Oil Co. | 716,505 | 7,213 |
Saudi Basic Industries Corp. | 191,356 | 6,595 | |
Saudi Telecom Co. | 136,049 | 4,250 | |
Riyad Bank | 345,317 | 2,719 | |
SABIC Agri-Nutrients Co. | 52,716 | 2,313 | |
Saudi Electricity Co. | 226,193 | 1,721 | |
Yanbu National Petrochemical Co. | 63,208 | 1,284 | |
Sahara International Petrochemical Co. | 97,387 | 1,144 | |
Arab National Bank | 164,415 | 1,010 | |
Jarir Marketing Co. | 15,889 | 859 | |
Saudi Industrial Investment Group | 61,287 | 620 | |
Advanced Petrochemical Co. | 27,972 | 556 | |
Bank Al-Jazira | 103,541 | 531 | |
Southern Province Cement Co. | 22,809 | 435 | |
National Petrochemical Co. | 31,590 | 406 | |
Abdullah Al Othaim Markets Co. | 11,586 | 357 | |
Saudi Cement Co. | 20,230 | 320 | |
Arabian Centres Co. Ltd. | 46,632 | 317 | |
Qassim Cement Co. | 12,249 | 266 | |
* | Seera Group Holding | 36,945 | 228 |
Saudia Dairy & Foodstuff Co. | 3,627 | 159 | |
Yanbu Cement Co. | 15,587 | 159 | |
44,304 | |||
Singapore (1.3%) | |||
DBS Group Holdings Ltd. | 507,178 | 11,852 | |
Oversea-Chinese Banking Corp. Ltd. | 990,400 | 8,658 | |
United Overseas Bank Ltd. | 361,845 | 7,193 | |
Singapore Telecommunications Ltd. | 2,111,688 | 3,918 | |
* | Capitaland Investment Ltd. | 722,300 | 1,843 |
Singapore Exchange Ltd. | 244,732 | 1,756 | |
Keppel Corp. Ltd. | 414,612 | 1,655 | |
Singapore Technologies Engineering Ltd. | 474,500 | 1,347 | |
Venture Corp. Ltd. | 81,900 | 1,144 | |
Genting Singapore Ltd. | 1,789,700 | 1,035 | |
ComfortDelGro Corp. Ltd. | 642,000 | 744 | |
2 | Singapore Press Holdings Ltd. | 422,100 | 625 |
NetLink NBN Trust | 714,500 | 540 | |
Jardine Cycle & Carriage Ltd. | 27,300 | 456 |
Shares | Market Value• ($000) | ||
Sembcorp Industries Ltd. | 230,500 | 344 | |
Golden Agri-Resources Ltd. | 1,561,900 | 306 | |
Hutchison Port Holdings Trust Class U | 1,261,000 | 272 | |
Olam International Ltd. | 191,600 | 242 | |
Singapore Post Ltd. | 380,700 | 185 | |
StarHub Ltd. | 108,700 | 100 | |
* | SIA Engineering Co. Ltd. | 47,400 | 76 |
Singapore Telecommunications Ltd. (XSES) | 8,800 | 16 | |
44,307 | |||
South Africa (1.2%) | |||
FirstRand Ltd. | 1,403,897 | 5,333 | |
* | MTN Group Ltd. | 505,978 | 4,537 |
Standard Bank Group Ltd. | 359,811 | 3,188 | |
Impala Platinum Holdings Ltd. | 230,522 | 2,983 | |
Sibanye Stillwater Ltd. | 818,283 | 2,864 | |
Gold Fields Ltd. | 242,087 | 2,250 | |
Anglogold Ltd. | 116,693 | 2,153 | |
Sanlam Ltd. | 495,157 | 2,034 | |
Anglo American Platinum Ltd. | 16,539 | 1,676 | |
Shoprite Holdings Ltd. | 134,866 | 1,601 | |
Vodacom Group Ltd. | 171,311 | 1,517 | |
Old Mutual Ltd. (XZIM) | 1,332,763 | 1,361 | |
Remgro Ltd. | 142,513 | 1,257 | |
Nedbank Group Ltd. | 104,813 | 1,194 | |
Mr Price Group Ltd. | 75,296 | 983 | |
Exxaro Resources Ltd. | 74,222 | 814 | |
SPAR Group Ltd. | 60,660 | 774 | |
Tiger Brands Ltd. | 54,912 | 695 | |
Harmony Gold Mining Co. Ltd. | 150,760 | 541 | |
AVI Ltd. | 96,149 | 498 | |
Kumba Iron Ore Ltd. | 14,550 | 443 | |
Investec Ltd. | 84,623 | 390 | |
African Rainbow Minerals Ltd. | 28,805 | 385 | |
Truworths International Ltd. | 108,301 | 382 | |
Pick n Pay Stores Ltd. | 85,272 | 332 | |
Momentum Metropolitan Holdings | 243,985 | 313 | |
Coronation Fund Managers Ltd. | 64,935 | 216 | |
Santam Ltd. | 10,009 | 166 | |
* | Liberty Holdings Ltd. | 25,253 | 149 |
41,029 | |||
South Korea (1.3%) | |||
KB Financial Group Inc. | 109,084 | 5,280 | |
POSCO | 18,285 | 4,638 | |
Shinhan Financial Group Co. Ltd. | 140,430 | 4,585 | |
Hana Financial Group Inc. | 84,036 | 3,240 | |
KT&G Corp. | 30,128 | 2,093 | |
LG Corp. | 23,354 | 1,826 | |
Samsung Fire & Marine Insurance Co. Ltd. | 9,185 | 1,821 | |
SK Telecom Co. Ltd. ADR | 57,541 | 1,669 |
Shares | Market Value• ($000) | ||
Woori Financial Group Inc. | 141,929 | 1,613 | |
Korea Electric Power Corp. | 68,950 | 1,336 | |
Korea Zinc Co. Ltd. | 2,732 | 1,258 | |
Samsung Life Insurance Co. Ltd. | 17,273 | 999 | |
Korea Investment Holdings Co. Ltd. | 10,628 | 795 | |
Hyundai Motor Co. Preference Shares (XKRS) | 8,966 | 753 | |
Hyundai Heavy Industries Holdings Co. Ltd. | 13,283 | 720 | |
LG Uplus Corp. | 57,528 | 708 | |
Industrial Bank of Korea | 73,293 | 694 | |
Kangwon Land Inc. | 29,080 | 692 | |
Samsung Securities Co. Ltd. | 16,349 | 665 | |
Hyundai Motor Co. Preference Shares | 7,465 | 625 | |
Mirae Asset Securities Co. Ltd. | 82,908 | 618 | |
GS Engineering & Construction Corp. | 17,285 | 613 | |
DB Insurance Co. Ltd. | 11,846 | 602 | |
BNK Financial Group Inc. | 79,640 | 600 | |
GS Holdings Corp. | 13,122 | 475 | |
LOTTE Fine Chemical Co. Ltd. | 5,372 | 392 | |
* | S-1 Corp. | 5,304 | 378 |
DGB Financial Group Inc. | 42,020 | 372 | |
Cheil Worldwide Inc. | 17,618 | 360 | |
NH Investment & Securities Co. Ltd. | 31,673 | 358 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 15,421 | 347 | |
KCC Corp. | 1,129 | 323 | |
Mirae Asset Securities Co. Ltd. Preference Shares | 75,828 | 315 | |
Korea Gas Corp. | 8,025 | 305 | |
Lotte Shopping Co. Ltd. | 3,009 | 271 | |
Samsung Card Co. Ltd. | 9,105 | 267 | |
* | DL Holdings Co. Ltd. | 4,243 | 239 |
Posco International Corp. | 11,889 | 221 | |
KEPCO Plant Service & Engineering Co. Ltd. | 5,835 | 209 | |
Doosan Bobcat Inc. | 6,263 | 205 | |
Lotte Corp. | 6,271 | 176 | |
SSANGYONG C&E Co. Ltd. | 26,192 | 176 | |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 937 | 142 | |
* | LX Holdings Corp. | 8,737 | 66 |
Hyundai Motor Co. | 346 | 62 | |
Hanwha Corp. Preference Shares | 3,489 | 49 | |
44,151 | |||
Spain (2.6%) | |||
Iberdrola SA (XMAD) | 1,669,333 | 19,730 | |
Banco Santander SA | 4,827,481 | 18,311 | |
Banco Bilbao Vizcaya Argentaria SA | 1,881,635 | 13,168 | |
Industria de Diseno Textil SA | 299,104 | 10,835 |
Shares | Market Value• ($000) | ||
Telefonica SA | 1,402,203 | 6,091 | |
Repsol SA | 367,013 | 4,701 | |
CaixaBank SA | 1,216,105 | 3,496 | |
Red Electrica Corp. SA | 123,664 | 2,575 | |
1 | Naturgy Energy Group SA | 85,301 | 2,243 |
Endesa SA | 91,921 | 2,120 | |
ACS Actividades de Construccion y Servicios SA | 67,420 | 1,767 | |
Enagas SA | 73,644 | 1,653 | |
Acciona SA | 6,657 | 1,278 | |
Bankinter SA | 203,104 | 1,118 | |
Mapfre SA | 318,975 | 675 | |
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 205,439 | 412 | |
Zardoya Otis SA | 324 | 3 | |
90,176 | |||
Sweden (1.7%) | |||
Investor AB Class B | 511,894 | 11,811 | |
Volvo AB Class B | 428,207 | 9,985 | |
Skandinaviska Enskilda Banken AB Class A | 410,195 | 6,415 | |
1 | Swedbank AB Class A | 279,778 | 6,068 |
1 | Svenska Handelsbanken AB Class A | 428,252 | 4,909 |
1 | Telia Co. AB | 739,241 | 2,912 |
Boliden AB | 77,069 | 2,717 | |
Skanska AB Class B | 103,375 | 2,628 | |
SKF AB Class B | 109,991 | 2,555 | |
Lundin Energy AB | 53,848 | 2,127 | |
Tele2 AB Class B | 145,707 | 2,059 | |
Castellum AB | 62,312 | 1,661 | |
Electrolux AB Class B | 63,942 | 1,455 | |
Securitas AB Class B | 87,675 | 1,453 | |
ICA Gruppen AB | 21,396 | 1,107 | |
Skandinaviska Enskilda Banken AB Class C | 3,578 | 57 | |
59,919 | |||
Switzerland (9.6%) | |||
Nestle SA (Registered) | 797,802 | 105,236 | |
Roche Holding AG | 159,854 | 61,926 | |
Novartis AG (Registered) | 600,616 | 49,679 | |
Zurich Insurance Group AG | 41,773 | 18,515 | |
Roche Holding AG (Bearer) | 40,701 | 17,506 | |
UBS Group AG (Registered) | 921,910 | 16,781 | |
ABB Ltd. (Registered) | 479,971 | 15,879 | |
Swiss Re AG | 80,608 | 7,809 | |
Holcim Ltd. | 153,877 | 7,676 | |
Swiss Life Holding AG (Registered) | 9,106 | 4,995 | |
SGS SA (Registered) | 1,678 | 4,968 | |
Julius Baer Group Ltd. | 62,387 | 4,513 | |
Swisscom AG (Registered) | 7,075 | 3,852 | |
Adecco Group AG (Registered) | 44,475 | 2,241 | |
Swiss Prime Site AG (Registered) | 21,988 | 2,235 | |
Baloise Holding AG (Registered) | 13,237 | 2,109 |
Shares | Market Value• ($000) | ||
PSP Swiss Property AG (Registered) | 12,590 | 1,574 | |
Clariant AG (Registered) | 69,962 | 1,473 | |
Helvetia Holding AG (Registered) | 10,496 | 1,249 | |
DKSH Holding AG | 11,288 | 905 | |
Banque Cantonale Vaudoise (Registered) | 7,252 | 584 | |
OC Oerlikon Corp. AG (Registered) | 47,566 | 484 | |
Sulzer AG (Registered) | 4,425 | 435 | |
*,3 | Medmix AG | 4,405 | 211 |
332,835 | |||
Taiwan (4.0%) | |||
Hon Hai Precision Industry Co. Ltd. | 3,382,000 | 13,056 | |
United Microelectronics Corp. | 3,319,000 | 6,890 | |
Fubon Financial Holding Co. Ltd. | 2,380,639 | 6,293 | |
Delta Electronics Inc. | 617,802 | 5,454 | |
Formosa Plastics Corp. | 1,362,879 | 5,279 | |
Nan Ya Plastics Corp. | 1,579,000 | 4,846 | |
Cathay Financial Holding Co. Ltd. | 2,319,388 | 4,835 | |
CTBC Financial Holding Co. Ltd. | 5,253,120 | 4,387 | |
Chunghwa Telecom Co. Ltd. | 1,073,000 | 4,258 | |
China Steel Corp. | 3,454,000 | 4,164 | |
Mega Financial Holding Co. Ltd. | 3,118,000 | 3,747 | |
Chailease Holding Co. Ltd. | 388,518 | 3,721 | |
Uni-President Enterprises Corp. | 1,389,000 | 3,332 | |
Formosa Chemicals & Fibre Corp. | 1,008,000 | 2,925 | |
Yuanta Financial Holding Co. Ltd. | 3,284,360 | 2,919 | |
Evergreen Marine Corp. Taiwan Ltd. | 748,000 | 2,692 | |
Asustek Computer Inc. | 210,268 | 2,673 | |
Taiwan Cement Corp. | 1,533,365 | 2,661 | |
Realtek Semiconductor Corp. | 138,000 | 2,482 | |
First Financial Holding Co. Ltd. | 2,881,862 | 2,373 | |
Novatek Microelectronics Corp. | 158,000 | 2,370 | |
ASE Technology Holding Co. Ltd. | 607,171 | 2,172 | |
Yageo Corp. | 135,000 | 2,113 | |
Quanta Computer Inc. | 750,000 | 2,107 | |
Hua Nan Financial Holdings Co. Ltd. | 2,807,896 | 2,056 | |
Taishin Financial Holding Co. Ltd. | 2,997,812 | 1,968 | |
Taiwan Mobile Co. Ltd. | 454,000 | 1,601 | |
Globalwafers Co. Ltd. | 57,000 | 1,564 | |
President Chain Store Corp. | 152,000 | 1,536 | |
Sinopac Holdings Co. | 2,936,641 | 1,496 | |
Innolux Corp. | 2,471,000 | 1,486 | |
Shanghai Commercial & Savings Bank Ltd. | 901,000 | 1,427 | |
Formosa Petrochemical Corp. | 396,000 | 1,426 |
Shares | Market Value• ($000) | ||
Lite-On Technology Corp. | 625,194 | 1,380 | |
Pegatron Corp. | 561,000 | 1,373 | |
Vanguard International Semiconductor Corp. | 249,000 | 1,297 | |
Accton Technology Corp. | 145,000 | 1,268 | |
ASE Technology Holding Co. Ltd. ADR | 172,889 | 1,231 | |
Eclat Textile Co. Ltd. | 54,200 | 1,184 | |
Catcher Technology Co. Ltd. | 201,672 | 1,169 | |
Far Eastern New Century Corp. | 1,095,000 | 1,147 | |
Compal Electronics Inc. | 1,174,000 | 1,033 | |
Asia Cement Corp. | 647,000 | 1,030 | |
Sino-American Silicon Products Inc. | 146,000 | 1,000 | |
Far EasTone Telecommunications Co. Ltd. | 451,000 | 992 | |
Micro-Star International Co. Ltd. | 187,000 | 944 | |
Feng TAY Enterprise Co. Ltd. | 117,280 | 913 | |
Pou Chen Corp. | 720,000 | 883 | |
Wistron Corp. | 816,656 | 858 | |
Inventec Corp. | 857,994 | 821 | |
Foxconn Technology Co. Ltd. | 311,190 | 773 | |
Synnex Technology International Corp. | 386,000 | 748 | |
Acer Inc. | 767,000 | 718 | |
Wiwynn Corp. | 22,000 | 705 | |
Powertech Technology Inc. | 199,000 | 698 | |
Walsin Technology Corp. | 128,000 | 697 | |
Cheng Shin Rubber Industry Co. Ltd. | 474,994 | 583 | |
Teco Electric and Machinery Co. Ltd. | 504,000 | 547 | |
Zhen Ding Technology Holding Ltd. | 157,000 | 544 | |
Nanya Technology Corp. | 224,000 | 537 | |
Chicony Electronics Co. Ltd. | 175,370 | 501 | |
Nien Made Enterprise Co. Ltd. | 36,000 | 495 | |
Taiwan Fertilizer Co. Ltd. | 185,000 | 452 | |
Formosa Taffeta Co. Ltd. | 284,000 | 307 | |
Taiwan Secom Co. Ltd. | 81,000 | 293 | |
Transcend Information Inc. | 72,000 | 175 | |
139,605 | |||
Thailand (0.7%) | |||
PTT PCL | 3,966,800 | 4,542 | |
Siam Commercial Bank PCL | 695,900 | 2,646 | |
Siam Cement PCL (Registered) | 162,850 | 1,938 | |
Advanced Info Service PCL | 333,904 | 1,904 | |
PTT Exploration & Production PCL | 364,930 | 1,291 | |
PTT Global Chemical PCL | 680,499 | 1,288 | |
Kasikornbank PCL NVDR | 270,400 | 1,153 | |
Siam Cement PCL NDVR | 79,400 | 945 |
Shares | Market Value• ($000) | ||
Intouch Holdings PCL Class F | 404,941 | 919 | |
Charoen Pokphand Foods PCL | 1,003,000 | 763 | |
BTS Group Holdings PCL | 2,242,300 | 646 | |
Krung Thai Bank PCL | 1,834,100 | 637 | |
Kasikornbank PCL | 147,500 | 629 | |
Digital Telecommunications Infrastructure Fund Class F | 1,426,197 | 576 | |
Banpu PCL (Registered) | 1,654,650 | 568 | |
Bangkok Bank PCL (Registered) | 149,500 | 553 | |
Thai Union Group PCL Class F | 771,500 | 486 | |
Land & Houses PCL (Registered) | 1,757,100 | 448 | |
TMBThanachart Bank PCL | 10,617,600 | 372 | |
IRPC PCL | 2,786,700 | 361 | |
Electricity Generating PCL | 64,600 | 348 | |
Osotspa PCL | 328,800 | 325 | |
Ratch Group PCL | 206,300 | 283 | |
* | Bangkok Bank PCL NVDR | 69,500 | 257 |
Sri Trang Gloves Thailand PCL | 213,300 | 196 | |
Total Access Communication PCL | 160,500 | 185 | |
Intouch Holdings PCL NVDR | 64,800 | 147 | |
Siam City Cement PCL | 26,232 | 134 | |
Siam Commercial Bank PCL NVDR | 30,700 | 117 | |
Siam Makro PCL | 74,400 | 108 | |
Bangkok Life Assurance PCL NVDR | 98,900 | 89 | |
Land & Houses PCL NVDR | 252,900 | 64 | |
* | BTS Group Holdings PCL Warrants Exp. 9/5/22 | 85,310 | 4 |
* | BTS Group Holdings PCL Warrants Exp. 11/7/24 | 170,620 | — |
* | BTS Group Holdings PCL Warrants Exp. 11/20/26 | 341,240 | — |
24,922 | |||
Turkey (0.2%) | |||
BIM Birlesik Magazalar A/S | 121,482 | 786 | |
Eregli Demir ve Celik Fabrikalari TAS | 373,795 | 780 | |
Turkiye Garanti Bankasi A/S | 651,103 | 667 | |
Turkcell Iletisim Hizmetleri A/S | 364,434 | 581 | |
Akbank TAS | 826,433 | 500 | |
Haci Omer Sabanci Holding A/S | 321,015 | 374 | |
Ford Otomotiv Sanayi A/S | 16,546 | 319 | |
Turkiye Sise ve Cam Fabrikalari A/S | 348,511 | 314 | |
Turkiye Is Bankasi A/S Class C | 422,533 | 248 |
Shares | Market Value• ($000) | ||
Enka Insaat ve Sanayi A/S | 183,879 | 212 | |
Tofas Turk Otomobil Fabrikasi A/S | 27,062 | 165 | |
Coca-Cola Icecek A/S | 15,536 | 137 | |
Arcelik A/S | 36,074 | 127 | |
Turk Telekomunikasyon A/S | 159,957 | 125 | |
Anadolu Efes Biracilik Ve Malt Sanayii A/S | 41,113 | 95 | |
Iskenderun Demir ve Celik A/S | 34,120 | 48 | |
3 | Enerjisa Enerji A/S | 33,079 | 41 |
Tekfen Holding A/S | 54 | — | |
5,519 | |||
United Arab Emirates (0.5%) | |||
First Abu Dhabi Bank PJSC | 1,230,667 | 5,973 | |
Emirates Telecommunications Group Co. PJSC | 485,959 | 3,390 | |
Emirates NBD Bank PJSC | 710,503 | 2,704 | |
Abu Dhabi Commercial Bank PJSC | 794,447 | 1,797 | |
Dubai Islamic Bank PJSC | 837,319 | 1,167 | |
Aldar Properties PJSC | 1,056,542 | 1,163 | |
Abu Dhabi Islamic Bank PJSC | 385,215 | 613 | |
Dana Gas PJSC | 1,073,947 | 302 | |
Dubai Investments PJSC | 585,777 | 272 | |
* | Air Arabia PJSC | 698,856 | 265 |
17,646 | |||
United Kingdom (13.7%) | |||
AstraZeneca plc | 438,658 | 54,877 | |
HSBC Holdings plc | 5,789,668 | 34,884 | |
GlaxoSmithKline plc | 1,402,485 | 29,117 | |
Royal Dutch Shell plc Class A | 1,199,777 | 27,486 | |
BP plc | 5,620,684 | 26,928 | |
Unilever plc (XLON) | 452,455 | 24,225 | |
Royal Dutch Shell plc Class B | 1,012,762 | 23,242 | |
British American Tobacco plc | 648,290 | 22,550 | |
Rio Tinto plc | 307,695 | 19,185 | |
Glencore plc | 3,748,447 | 18,744 | |
BHP Group plc | 588,883 | 15,553 | |
Unilever plc | 279,987 | 14,989 | |
Anglo American plc | 349,152 | 13,283 | |
Barclays plc | 4,777,653 | 13,184 | |
National Grid plc | 1,000,228 | 12,807 | |
Vodafone Group plc | 7,867,428 | 11,595 | |
Tesco plc | 2,155,338 | 7,958 | |
BAE Systems plc | 915,085 | 6,900 | |
SSE plc | 293,886 | 6,618 | |
Legal & General Group plc | 1,677,063 | 6,614 | |
Aviva plc | 1,118,820 | 6,037 | |
Imperial Brands plc | 265,903 | 5,611 | |
3i Group plc | 271,783 | 5,076 | |
WPP plc | 339,826 | 4,912 | |
Natwest Group plc | 1,475,511 | 4,449 | |
Mondi plc (XLON) | 136,715 | 3,414 | |
St. James's Place plc | 153,390 | 3,314 | |
Persimmon plc | 87,137 | 3,247 | |
Sage Group plc | 310,317 | 3,018 |
Shares | Market Value• ($000) | ||
United Utilities Group plc | 191,751 | 2,725 | |
Severn Trent plc | 68,330 | 2,559 | |
Barratt Developments plc | 278,190 | 2,525 | |
Admiral Group plc | 62,034 | 2,437 | |
Intermediate Capital Group plc | 78,486 | 2,354 | |
Abrdn plc | 628,399 | 2,184 | |
B&M European Value Retail SA | 244,416 | 2,118 | |
M&G plc | 749,453 | 2,048 | |
J Sainsbury plc | 476,119 | 1,950 | |
Polymetal International plc | 103,903 | 1,921 | |
DS Smith plc | 354,827 | 1,861 | |
Berkeley Group Holdings plc | 30,411 | 1,814 | |
Pearson plc | 217,072 | 1,786 | |
Bellway plc | 36,565 | 1,659 | |
Schroders plc | 33,379 | 1,653 | |
Direct Line Insurance Group plc | 413,689 | 1,653 | |
Phoenix Group Holdings plc | 178,968 | 1,607 | |
Evraz plc | 163,778 | 1,391 | |
Pennon Group plc | 79,927 | 1,275 | |
Tate & Lyle plc | 136,788 | 1,212 | |
3 | Quilter plc | 496,405 | 1,057 |
NEPI Rockcastle plc | 120,947 | 809 | |
Fresnillo plc | 54,373 | 640 | |
Ashmore Group plc | 137,107 | 633 | |
471,688 | |||
Total Common Stocks (Cost $3,150,145) | 3,430,433 | ||
Temporary Cash Investments (3.2%) | |||
Money Market Fund (3.2%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.070% (Cost $109,865) | 1,098,647 | 109,865 |
Total Investments (102.5%) (Cost $3,260,010) | 3,540,298 | ||
Other Assets and Liabilities—Net (-2.5%) | (84,922) | ||
Net Assets (100%) | 3,455,376 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $94,784,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the aggregate value was $33,785,000, representing 1.0% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $103,668,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2021 | 2 | 460 | 6 |
MSCI EAFE Index | December 2021 | 157 | 18,366 | 177 |
MSCI Emerging Markets Index | December 2021 | 86 | 5,427 | (79) |
104 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Royal Bank of Canada | 12/15/21 | GBP | 1,202 | USD | 1,638 | 7 | — |
Bank of America, N.A. | 12/15/21 | USD | 2,408 | CHF | 2,211 | — | (11) |
Bank of America, N.A. | 12/15/21 | USD | 840 | EUR | 709 | 20 | — |
Barclays Bank plc | 12/15/21 | USD | 2,630 | GBP | 1,904 | 24 | — |
BNP Paribas | 12/15/21 | USD | 4,601 | JPY | 512,501 | 103 | — |
154 | (11) |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,150,145) | 3,430,433 |
Affiliated Issuers (Cost $109,865) | 109,865 |
Total Investments in Securities | 3,540,298 |
Investment in Vanguard | 110 |
Cash | 19,361 |
Cash Collateral Pledged—Futures Contracts | 1,289 |
Foreign Currency, at Value (Cost $3,860) | 3,812 |
Receivables for Investment Securities Sold | 2,683 |
Receivables for Accrued Income | 14,147 |
Receivables for Capital Shares Issued | 247 |
Unrealized Appreciation—Forward Currency Contracts | 154 |
Total Assets | 3,582,101 |
Liabilities | |
Payables for Investment Securities Purchased | 21,038 |
Collateral for Securities on Loan | 103,668 |
Payables for Capital Shares Redeemed | 149 |
Payables to Vanguard | 286 |
Variation Margin Payable—Futures Contracts | 186 |
Unrealized Depreciation—Forward Currency Contracts | 11 |
Deferred Foreign Capital Gains Taxes | 1,387 |
Total Liabilities | 126,725 |
Net Assets | 3,455,376 |
At October 31, 2021, net assets consisted of: | |
Paid-in Capital | 3,217,882 |
Total Distributable Earnings (Loss) | 237,494 |
Net Assets | 3,455,376 |
ETF Shares—Net Assets | |
Applicable to 45,159,529 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,060,541 |
Net Asset Value Per Share—ETF Shares | $67.77 |
Admiral Shares—Net Assets | |
Applicable to 12,018,462 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 394,835 |
Net Asset Value Per Share—Admiral Shares | $32.85 |
Year Ended October 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 119,884 |
Interest2 | 7 |
Securities Lending—Net | 336 |
Total Income | 120,227 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 402 |
Management and Administrative—ETF Shares | 4,107 |
Management and Administrative—Admiral Shares | 655 |
Marketing and Distribution—ETF Shares | 81 |
Marketing and Distribution—Admiral Shares | 10 |
Custodian Fees | 492 |
Auditing Fees | 45 |
Shareholders’ Reports—ETF Shares | 62 |
Shareholders’ Reports—Admiral Shares | 2 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 5,857 |
Net Investment Income | 114,370 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 55,699 |
Futures Contracts | 2,253 |
Forward Currency Contracts | 79 |
Foreign Currencies | (420) |
Realized Net Gain (Loss) | 57,611 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,4 | 515,195 |
Futures Contracts | 514 |
Forward Currency Contracts | 193 |
Foreign Currencies | (271) |
Change in Unrealized Appreciation (Depreciation) | 515,631 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 687,612 |
1 | Dividends are net of foreign withholding taxes of $11,288,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,000, $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $245,000. |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $1,387,000. |
Year Ended October 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 114,370 | 59,565 |
Realized Net Gain (Loss) | 57,611 | (110,009) |
Change in Unrealized Appreciation (Depreciation) | 515,631 | (210,218) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 687,612 | (260,662) |
Distributions | ||
ETF Shares | (90,829) | (46,653) |
Admiral Shares | (13,898) | (9,161) |
Total Distributions | (104,727) | (55,814) |
Capital Share Transactions | ||
ETF Shares | 1,245,225 | 328,155 |
Admiral Shares | 35,370 | 117,287 |
Net Increase (Decrease) from Capital Share Transactions | 1,280,595 | 445,442 |
Total Increase (Decrease) | 1,863,480 | 128,966 |
Net Assets | ||
Beginning of Period | 1,591,896 | 1,462,930 |
End of Period | 3,455,376 | 1,591,896 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $50.47 | $61.27 | $58.85 | $65.69 | $55.61 |
Investment Operations | |||||
Net Investment Income1 | 2.824 | 2.076 | 2.746 | 2.639 | 2.329 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 16.986 | (10.944) | 2.302 | (7.097) | 9.763 |
Total from Investment Operations | 19.810 | (8.868) | 5.048 | (4.458) | 12.092 |
Distributions | |||||
Dividends from Net Investment Income | (2.510) | (1.932) | (2.628) | (2.382) | (2.012) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.510) | (1.932) | (2.628) | (2.382) | (2.012) |
Net Asset Value, End of Period | $67.77 | $50.47 | $61.27 | $58.85 | $65.69 |
Total Return | 39.55% | -14.55% | 8.87% | -7.03% | 22.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,061 | $1,325 | $1,264 | $889 | $598 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.28%3 | 0.27% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.29% | 3.81% | 4.59% | 4.06% | 3.73% |
Portfolio Turnover Rate4 | 18% | 20% | 15% | 10% | 8% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.03, $.01, $.02, and $.04. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.27%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $24.45 | $29.69 | $28.52 | $31.83 | $26.92 |
Investment Operations | |||||
Net Investment Income1 | 1.329 | 1.034 | 1.322 | 1.264 | 1.114 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 8.286 | (5.336) | 1.120 | (3.423) | 4.743 |
Total from Investment Operations | 9.615 | (4.302) | 2.442 | (2.159) | 5.857 |
Distributions | |||||
Dividends from Net Investment Income | (1.215) | (.938) | (1.272) | (1.151) | (.947) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.215) | (.938) | (1.272) | (1.151) | (.947) |
Net Asset Value, End of Period | $32.85 | $24.45 | $29.69 | $28.52 | $31.83 |
Total Return3 | 39.59% | -14.59% | 8.83% | -7.00% | 22.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $395 | $267 | $199 | $181 | $168 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.28%4 | 0.27% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.19% | 3.99% | 4.57% | 4.06% | 3.73% |
Portfolio Turnover Rate5 | 18% | 20% | 15% | 10% | 8% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.01, $.01, $.01, and $.02. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.27%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 388,184 | — | — | 388,184 |
Common Stocks—Other | 4,722 | 3,022,768 | 14,759 | 3,042,249 |
Temporary Cash Investments | 109,865 | — | — | 109,865 |
Total | 502,771 | 3,022,768 | 14,759 | 3,540,298 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 183 | — | — | 183 |
Forward Currency Contracts | — | 154 | — | 154 |
Total | 183 | 154 | — | 337 |
Liabilities | ||||
Futures Contracts1 | 79 | — | — | 79 |
Forward Currency Contracts | — | 11 | — | 11 |
Total | 79 | 11 | — | 90 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | At October 31, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 183 | — | 183 |
Unrealized Appreciation—Forward Currency Contracts | — | 154 | 154 |
Total Assets | 183 | 154 | 337 |
Unrealized Depreciation—Futures Contracts1 | 79 | — | 79 |
Unrealized Depreciation—Forward Currency Contracts | — | 11 | 11 |
Total Liabilities | 79 | 11 | 90 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,253 | — | 2,253 |
Forward Currency Contracts | — | 79 | 79 |
Realized Net Gain (Loss) on Derivatives | 2,253 | 79 | 2,332 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 514 | — | 514 |
Forward Currency Contracts | — | 193 | 193 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 514 | 193 | 707 |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for foreign currency transactions, passive foreign investment companies, and tax expense on capital gains were reclassified between the individual components of total distributable earnings (loss). |
Amount ($000) | |
Undistributed Ordinary Income | 32,567 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (57,774) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 262,701 |
Year Ended October 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 104,727 | 55,814 |
Long-Term Capital Gains | — | — |
Total | 104,727 | 55,814 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,276,135 |
Gross Unrealized Appreciation | 447,910 |
Gross Unrealized Depreciation | (183,747) |
Net Unrealized Appreciation (Depreciation) | 264,163 |
F. | During the year ended October 31, 2021, the fund purchased $1,741,857,000 of investment securities and sold $462,132,000 of investment securities, other than temporary cash investments. Purchases and sales include $896,853,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,245,225 | 18,913 | 377,560 | 6,711 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | — | — | (49,405) | (1,100) | |
Net Increase (Decrease)—ETF Shares | 1,245,225 | 18,913 | 328,155 | 5,611 | |
Admiral Shares | |||||
Issued1 | 64,421 | 2,021 | 173,979 | 6,455 | |
Issued in Lieu of Cash Distributions | 6,979 | 221 | 5,196 | 203 | |
Redeemed2 | (36,030) | (1,151) | (61,888) | (2,421) | |
Net Increase (Decrease)—Admiral Shares | 35,370 | 1,091 | 117,287 | 4,237 |
1 | Includes purchase fees for fiscal 2021 and 2020 of $162,000 and $728,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2021 and 2020 of $88,000 and $151,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to October 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 16, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. Mclsaac |
![](https://capedge.com/proxy/N-CSR/0001104659-21-154156/imge02e3f766.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended October 31, 2021: $326,000
Fiscal Year Ended October 31, 2020: $309,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended October 31, 2021: $11,244,694
Fiscal Year Ended October 31, 2020: $10,761,407
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended October 31, 2021: $2,955,181
Fiscal Year Ended October 31, 2020: $2,915,863
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended October 31, 2021: $2,047,574
Fiscal Year Ended October 31, 2020: $247,168
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended October 31, 2021: $280,000
Fiscal Year Ended October 31, 2020: $115,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended October 31, 2021: $2,327,574
Fiscal Year Ended October 31, 2020: $362,168
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: December 20, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: December 20, 2021
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: December 20, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on November 29, 2021 (see File Number 33-64845), a Power of Attorney filed on October 12, 2021 (see File Number 33-23444), and a Power of Attorney filed on August 26, 2021 (see file Number 811-02652), Incorporated by Reference.