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, 2021—April 30, 2022
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075769/imgd85638271.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 16 |
Liquidity Risk Management | 18 |
• | 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 April 30, 2022 | |||
Selected Value Fund | Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $969.40 | $1.86 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.91 | 1.91 |
Communication Services | 1.7% |
Consumer Discretionary | 15.3 |
Consumer Staples | 1.8 |
Energy | 4.7 |
Financials | 26.5 |
Health Care | 8.2 |
Industrials | 19.3 |
Information Technology | 9.9 |
Materials | 6.2 |
Real Estate | 1.9 |
Utilities | 4.5 |
Shares | Market Value• ($000) | ||
Common Stocks (96.6%) | |||
Communication Services (1.6%) | |||
Omnicom Group Inc. | 735,850 | 56,020 | |
Activision Blizzard Inc. | 599,100 | 45,292 | |
101,312 | |||
Consumer Discretionary (14.7%) | |||
Gildan Activewear Inc. | 3,169,324 | 107,377 | |
* | Helen of Troy Ltd. | 449,660 | 96,457 |
* | Taylor Morrison Home Corp. Class A | 3,571,543 | 93,539 |
Newell Brands Inc. | 3,256,102 | 75,379 | |
Lear Corp. | 545,377 | 69,775 | |
Gentex Corp. | 2,301,074 | 67,536 | |
* | Mohawk Industries Inc. | 399,118 | 56,300 |
* | Skechers USA Inc. Class A | 1,335,441 | 51,147 |
Hanesbrands Inc. | 3,612,900 | 47,907 | |
Whirlpool Corp. | 239,700 | 43,510 | |
PVH Corp. | 586,275 | 42,669 | |
1 | American Eagle Outfitters Inc. | 2,764,660 | 41,774 |
Hasbro Inc. | 451,996 | 39,803 | |
* | M/I Homes Inc. | 893,000 | 39,542 |
* | CarMax Inc. | 430,350 | 36,915 |
Gap Inc. | 1,521,307 | 18,895 | |
928,525 | |||
Consumer Staples (1.7%) | |||
General Mills Inc. | 649,600 | 45,946 | |
Spectrum Brands Holdings Inc. | 422,849 | 35,972 | |
Ingredion Inc. | 295,300 | 25,133 | |
107,051 | |||
Energy (4.6%) | |||
NOV Inc. | 3,759,533 | 68,160 | |
Halliburton Co. | 1,733,476 | 61,746 | |
Civitas Resources Inc. | 914,142 | 53,587 | |
Williams Cos. Inc. | 1,052,200 | 36,080 | |
1 | Euronav NV | 2,156,937 | 25,517 |
Baker Hughes Co. Class A | 711,378 | 22,067 | |
* | TechnipFMC plc | 2,854,756 | 19,755 |
286,912 | |||
Financials (25.6%) | |||
Unum Group | 3,168,000 | 96,687 | |
Globe Life Inc. | 927,802 | 90,999 | |
American International Group Inc. | 1,377,800 | 80,615 | |
* | Arch Capital Group Ltd. | 1,687,599 | 77,073 |
Shares | Market Value• ($000) | ||
Axis Capital Holdings Ltd. | 1,316,313 | 75,464 | |
Jefferies Financial Group Inc. | 2,426,641 | 74,643 | |
Equitable Holdings Inc. | 2,539,734 | 73,221 | |
FirstCash Holdings Inc. | 895,199 | 71,419 | |
Voya Financial Inc. | 1,039,099 | 65,609 | |
Regions Financial Corp. | 3,117,046 | 64,585 | |
CNO Financial Group Inc. | 2,612,012 | 63,054 | |
Fidelity National Financial Inc. | 1,519,937 | 60,524 | |
Progressive Corp. | 558,677 | 59,980 | |
Essent Group Ltd. | 1,269,250 | 51,443 | |
Alleghany Corp. | 61,240 | 51,227 | |
Fifth Third Bancorp | 1,352,424 | 50,756 | |
State Street Corp. | 751,470 | 50,326 | |
Radian Group Inc. | 2,170,000 | 46,416 | |
CNA Financial Corp. | 970,889 | 46,059 | |
KeyCorp. | 2,321,558 | 44,829 | |
RenaissanceRe Holdings Ltd. | 281,530 | 40,405 | |
Webster Financial Corp. | 703,913 | 35,189 | |
Loews Corp. | 550,000 | 34,562 | |
Reinsurance Group of America Inc. | 285,446 | 30,634 | |
Allstate Corp. | 232,200 | 29,383 | |
Invesco Ltd. | 1,529,420 | 28,111 | |
* | Genworth Financial Inc. Class A | 7,057,900 | 26,185 |
Commerce Bancshares Inc. | 358,598 | 24,517 | |
MGIC Investment Corp. | 1,500,000 | 19,590 | |
American National Group Inc. | 79,000 | 14,900 | |
Enact Holdings Inc. | 613,439 | 14,465 | |
Everest Re Group Ltd. | 51,771 | 14,222 | |
Navient Corp. | 479,339 | 7,617 | |
1,614,709 | |||
Health Care (7.9%) | |||
1 | Fresenius Medical Care AG & Co. KGaA ADR | 1,977,459 | 61,163 |
Cardinal Health Inc. | 956,318 | 55,514 | |
* | Integra LifeSciences Holdings Corp. | 883,975 | 54,064 |
Baxter International Inc. | 720,620 | 51,207 | |
* | Syneos Health Inc. | 648,449 | 47,395 |
Perrigo Co. plc | 1,379,534 | 47,318 | |
DENTSPLY SIRONA Inc. | 1,151,500 | 46,049 | |
McKesson Corp. | 124,152 | 38,439 | |
* | Enovis Corp. | 546,409 | 35,446 |
Shares | Market Value• ($000) | ||
* | Henry Schein Inc. | 429,802 | 34,857 |
* | Laboratory Corp. of America Holdings | 112,300 | 26,983 |
498,435 | |||
Industrials (18.6%) | |||
* | AerCap Holdings NV | 3,403,079 | 158,958 |
Westinghouse Air Brake Technologies Corp. | 881,016 | 79,212 | |
Stanley Black & Decker Inc. | 590,452 | 70,943 | |
* | IAA Inc. | 1,601,792 | 58,706 |
* | JetBlue Airways Corp. | 4,790,529 | 52,744 |
* | JELD-WEN Holding Inc. | 2,476,521 | 51,487 |
Terex Corp. | 1,475,644 | 50,172 | |
BWX Technologies Inc. | 949,685 | 49,308 | |
Woodward Inc. | 411,955 | 45,513 | |
Huntington Ingalls Industries Inc. | 201,540 | 42,876 | |
AMETEK Inc. | 326,610 | 41,238 | |
Armstrong World Industries Inc. | 487,030 | 41,232 | |
MSC Industrial Direct Co. Inc. Class A | 457,552 | 37,913 | |
Triton International Ltd. | 601,700 | 36,758 | |
* | MasTec Inc. | 487,571 | 35,110 |
Ryder System Inc. | 495,757 | 34,653 | |
Leidos Holdings Inc. | 326,158 | 33,760 | |
PACCAR Inc. | 394,250 | 32,742 | |
* | Gates Industrial Corp. plc | 2,468,530 | 31,474 |
* | Esab Corp. | 669,350 | 31,459 |
Enerpac Tool Group Corp. Class A | 1,539,856 | 30,920 | |
Acuity Brands Inc. | 149,694 | 25,819 | |
Textron Inc. | 366,713 | 25,395 | |
Textainer Group Holdings Ltd. | 671,360 | 22,517 | |
Atlas Air Worldwide Holdings Inc. | 314,000 | 21,647 | |
Air France KLM ADR | 4,102,756 | 16,821 | |
Snap-on Inc. | 56,185 | 11,939 | |
1,171,316 | |||
Information Technology (9.6%) | |||
Arrow Electronics Inc. | 981,908 | 115,728 | |
Amdocs Ltd. | 1,095,492 | 87,300 | |
Avnet Inc. | 1,921,012 | 83,871 | |
TE Connectivity Ltd. | 440,340 | 54,945 | |
MKS Instruments Inc. | 454,840 | 51,843 | |
Cognizant Technology Solutions Corp. Class A | 604,028 | 48,866 | |
Micron Technology Inc. | 524,649 | 35,776 | |
* | Celestica Inc. | 3,126,093 | 35,106 |
SS&C Technologies Holdings Inc. | 517,256 | 33,446 | |
Hewlett Packard Enterprise Co. | 1,580,438 | 24,354 | |
Genpact Ltd. | 505,149 | 20,342 | |
Juniper Networks Inc. | 392,407 | 12,369 | |
603,946 |
Shares | Market Value• ($000) | ||
Materials (6.0%) | |||
Olin Corp. | 1,310,406 | 75,217 | |
Dow Inc. | 1,126,419 | 74,907 | |
* | IAMGOLD Corp. | 19,855,730 | 55,993 |
Kinross Gold Corp. | 8,320,709 | 42,269 | |
Mosaic Co. | 553,370 | 34,542 | |
* | Axalta Coating Systems Ltd. | 1,093,401 | 27,740 |
* | Eldorado Gold Corp. | 2,684,800 | 26,096 |
Centerra Gold Inc. | 2,079,676 | 19,237 | |
* | Equinox Gold Corp. | 2,671,383 | 19,048 |
375,049 | |||
Real Estate (1.9%) | |||
* | Howard Hughes Corp. | 392,541 | 39,368 |
* | DiamondRock Hospitality Co. | 2,135,982 | 22,684 |
Park Hotels & Resorts Inc. | 1,024,815 | 20,199 | |
Vornado Realty Trust | 474,951 | 18,385 | |
* | CBRE Group Inc. Class A | 217,978 | 18,101 |
118,737 | |||
Utilities (4.4%) | |||
Edison International | 1,318,325 | 90,687 | |
NRG Energy Inc. | 2,013,528 | 72,286 | |
Atmos Energy Corp. | 531,593 | 60,283 | |
Constellation Energy Corp. | 500,000 | 29,605 | |
Entergy Corp. | 190,579 | 22,650 | |
275,511 | |||
Total Common Stocks (Cost $5,155,598) | 6,081,503 | ||
Temporary Cash Investments (3.6%) | |||
Money Market Fund (3.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.409% (Cost $225,453) | 2,254,955 | 225,473 |
Total Investments (100.2%) (Cost $5,381,051) | 6,306,976 | ||
Other Assets and Liabilities—Net (-0.2%) | (13,422) | ||
Net Assets (100%) | 6,293,554 | ||
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 $7,993,000. |
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 $8,505,000 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 | June 2022 | 600 | 123,825 | (12,154) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,155,598) | 6,081,503 |
Affiliated Issuers (Cost $225,453) | 225,473 |
Total Investments in Securities | 6,306,976 |
Investment in Vanguard | 228 |
Cash | 581 |
Cash Collateral Pledged—Futures Contracts | 6,724 |
Receivables for Investment Securities Sold | 3,604 |
Receivables for Accrued Income | 3,791 |
Receivables for Capital Shares Issued | 1,918 |
Total Assets | 6,323,822 |
Liabilities | |
Payables for Investment Securities Purchased | 9,180 |
Collateral for Securities on Loan | 8,505 |
Payables to Investment Advisor | 3,938 |
Payables for Capital Shares Redeemed | 3,535 |
Payables to Vanguard | 430 |
Variation Margin Payable—Futures Contracts | 4,680 |
Total Liabilities | 30,268 |
Net Assets | 6,293,554 |
1 Includes $7,993 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 4,925,779 |
Total Distributable Earnings (Loss) | 1,367,775 |
Net Assets | 6,293,554 |
Net Assets | |
Applicable to 217,931,586 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,293,554 |
Net Asset Value Per Share | $28.88 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 56,308 |
Interest2 | 233 |
Securities Lending—Net | 72 |
Total Income | 56,613 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 7,321 |
Performance Adjustment | 121 |
The Vanguard Group—Note C | |
Management and Administrative | 4,989 |
Marketing and Distribution | 291 |
Custodian Fees | 14 |
Shareholders’ Reports | 59 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 8 |
Total Expenses | 12,805 |
Expenses Paid Indirectly | (53) |
Net Expenses | 12,752 |
Net Investment Income | 43,861 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 448,099 |
Futures Contracts | (6,268) |
Realized Net Gain (Loss) | 441,831 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (669,526) |
Futures Contracts | (16,440) |
Change in Unrealized Appreciation (Depreciation) | (685,966) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (200,274) |
1 | Dividends are net of foreign withholding taxes of $253,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $229,000, ($27,000), $6,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 43,861 | 83,448 | |
Realized Net Gain (Loss) | 441,831 | 438,021 | |
Change in Unrealized Appreciation (Depreciation) | (685,966) | 2,084,933 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (200,274) | 2,606,402 | |
Distributions | |||
Total Distributions | (497,527) | (550,483) | |
Capital Share Transactions | |||
Issued | 389,775 | 1,117,513 | |
Issued in Lieu of Cash Distributions | 454,963 | 506,643 | |
Redeemed | (653,663) | (1,889,032) | |
Net Increase (Decrease) from Capital Share Transactions | 191,075 | (264,876) | |
Total Increase (Decrease) | (506,726) | 1,791,043 | |
Net Assets | |||
Beginning of Period | 6,800,280 | 5,009,237 | |
End of Period | 6,293,554 | 6,800,280 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $32.26 | $22.78 | $27.59 | $27.38 | $33.15 | $27.24 |
Investment Operations | ||||||
Net Investment Income1 | .200 | .389 | .368 | .493 | .493 | .449 |
Net Realized and Unrealized Gain (Loss) on Investments | (1.197) | 11.737 | (3.163) | 2.392 | (3.153) | 6.760 |
Total from Investment Operations | (.997) | 12.126 | (2.795) | 2.885 | (2.660) | 7.209 |
Distributions | ||||||
Dividends from Net Investment Income | (.393) | (.360) | (.450) | (.506) | (.423) | (.501) |
Distributions from Realized Capital Gains | (1.990) | (2.286) | (1.565) | (2.169) | (2.687) | (.798) |
Total Distributions | (2.383) | (2.646) | (2.015) | (2.675) | (3.110) | (1.299) |
Net Asset Value, End of Period | $28.88 | $32.26 | $22.78 | $27.59 | $27.38 | $33.15 |
Total Return2 | -3.06% | 56.30% | -11.25% | 12.51% | -9.15% | 27.17% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,294 | $6,800 | $5,009 | $7,892 | $8,811 | $10,574 |
Ratio of Total Expenses to Average Net Assets3 | 0.38% | 0.32% | 0.31% | 0.33% | 0.36% | 0.39% |
Ratio of Net Investment Income to Average Net Assets | 1.26% | 1.30% | 1.58% | 1.89% | 1.61% | 1.47% |
Portfolio Turnover Rate | 14% | 30% | 85% | 31% | 31% | 22% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.00%, (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, 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 six months ended April 30, 2022, these arrangements reduced the fund’s expenses by $53,000 (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. | As of April 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 5,385,669 |
Gross Unrealized Appreciation | 1,249,599 |
Gross Unrealized Depreciation | (340,446) |
Net Unrealized Appreciation (Depreciation) | 909,153 |
G. | During the six months ended April 30, 2022, the fund purchased $916,841,000 of investment securities and sold $1,114,543,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 12,652 | 37,120 | |
Issued in Lieu of Cash Distributions | 15,825 | 19,853 | |
Redeemed | (21,322) | (66,137) | |
Net Increase (Decrease) in Shares Outstanding | 7,155 | (9,164) |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075769/imga73aea672.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075769/img339767a01.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 15 |
Liquidity Risk Management | 17 |
• | 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 April 30, 2022 | |||
Mid-Cap Growth Fund | Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $733.80 | $1.50 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.06 | 1.76 |
Communication Services | 6.1% |
Consumer Discretionary | 18.0 |
Consumer Staples | 1.5 |
Energy | 1.4 |
Financials | 9.1 |
Health Care | 16.9 |
Industrials | 12.1 |
Information Technology | 33.1 |
Materials | 1.5 |
Real Estate | 0.3 |
Shares | Market Value• ($000) | ||
Common Stocks (96.2%) | |||
Communication Services (5.8%) | |||
* | ZoomInfo Technologies Inc. Class A | 1,055,476 | 50,029 |
* | Match Group Inc. | 621,881 | 49,222 |
Electronic Arts Inc. | 313,537 | 37,013 | |
* | Live Nation Entertainment Inc. | 345,467 | 36,233 |
* | Take-Two Interactive Software Inc. | 91,074 | 10,884 |
* | Roku Inc. | 108,028 | 10,036 |
* | Vimeo Inc. | 627,083 | 6,390 |
* | Twitter Inc. | 68,420 | 3,354 |
203,161 | |||
Consumer Discretionary (17.4%) | |||
* | Mattel Inc. | 3,643,392 | 88,571 |
* | Hilton Worldwide Holdings Inc. | 340,971 | 52,949 |
* | Caesars Entertainment Inc. | 643,644 | 42,661 |
* | Chipotle Mexican Grill Inc. Class A | 26,743 | 38,927 |
Wingstop Inc. | 402,403 | 36,924 | |
* | Planet Fitness Inc. Class A | 366,610 | 29,340 |
* | Chegg Inc. | 1,177,887 | 29,141 |
* | Lululemon Athletica Inc. | 79,164 | 28,074 |
Advance Auto Parts Inc. | 118,614 | 23,679 | |
Ross Stores Inc. | 208,001 | 20,752 | |
* | O'Reilly Automotive Inc. | 31,803 | 19,290 |
* | Bright Horizons Family Solutions Inc. | 162,711 | 18,588 |
* | Burlington Stores Inc. | 88,420 | 17,999 |
Darden Restaurants Inc. | 133,692 | 17,611 | |
* | Ulta Beauty Inc. | 38,420 | 15,245 |
Dollar General Corp. | 63,835 | 15,163 | |
* | Hyatt Hotels Corp. Class A | 158,670 | 15,067 |
* | Leslie's Inc. | 664,233 | 13,019 |
* | Expedia Group Inc. | 68,430 | 11,958 |
Tractor Supply Co. | 57,770 | 11,638 | |
* | Floor & Decor Holdings Inc. Class A | 139,303 | 11,105 |
* | Etsy Inc. | 116,052 | 10,815 |
* | YETI Holdings Inc. | 197,270 | 9,641 |
Churchill Downs Inc. | 30,290 | 6,147 | |
BorgWarner Inc. (XNYS) | 160,305 | 5,904 | |
* | Chewy Inc. Class A | 193,022 | 5,609 |
* | Five Below Inc. | 27,350 | 4,297 |
* | Carvana Co. Class A | 44,892 | 2,602 |
602,716 |
Shares | Market Value• ($000) | ||
Consumer Staples (1.4%) | |||
* | Freshpet Inc. | 440,948 | 41,162 |
Constellation Brands Inc. Class A | 19,720 | 4,853 | |
Church & Dwight Co. Inc. | 38,690 | 3,775 | |
49,790 | |||
Energy (1.3%) | |||
Coterra Energy Inc. | 845,415 | 24,340 | |
Diamondback Energy Inc. | 127,571 | 16,103 | |
Pioneer Natural Resources Co. | 25,740 | 5,984 | |
46,427 | |||
Financials (8.7%) | |||
Hamilton Lane Inc. Class A | 710,149 | 48,702 | |
Aon plc Class A (XNYS) | 161,968 | 46,645 | |
LPL Financial Holdings Inc. | 244,396 | 45,915 | |
* | SVB Financial Group | 90,520 | 44,141 |
MSCI Inc. Class A | 80,463 | 33,895 | |
Ares Management Corp. Class A | 476,187 | 31,533 | |
KKR & Co. Inc. | 593,461 | 30,249 | |
Moody's Corp. | 30,285 | 9,585 | |
Tradeweb Markets Inc. Class A | 98,846 | 7,037 | |
Western Alliance Bancorp | 76,067 | 5,789 | |
303,491 | |||
Health Care (16.3%) | |||
* | ICON plc | 349,413 | 79,041 |
* | Seagen Inc. | 431,456 | 56,525 |
* | Omnicell Inc. | 462,338 | 50,473 |
* | Align Technology Inc. | 137,406 | 39,835 |
* | DexCom Inc. | 76,542 | 31,274 |
* | Horizon Therapeutics plc | 275,389 | 27,142 |
* | IDEXX Laboratories Inc. | 49,063 | 21,121 |
* | Molina Healthcare Inc. | 59,387 | 18,615 |
Agilent Technologies Inc. | 153,440 | 18,301 | |
* | Jazz Pharmaceuticals plc | 110,947 | 17,776 |
* | Insulet Corp. | 67,787 | 16,200 |
* | Veeva Systems Inc. Class A | 86,950 | 15,821 |
Teleflex Inc. | 49,250 | 14,067 | |
* | Amedisys Inc. | 109,579 | 13,988 |
West Pharmaceutical Services Inc. | 42,442 | 13,372 | |
AmerisourceBergen Corp. Class A | 87,832 | 13,288 | |
Alcon Inc. | 177,072 | 12,609 | |
ResMed Inc. | 59,514 | 11,901 | |
* | Hologic Inc. | 118,514 | 8,532 |
Shares | Market Value• ($000) | ||
* | Edwards Lifesciences Corp. | 73,337 | 7,758 |
* | Signify Health Inc. Class A | 503,676 | 6,951 |
* | Exact Sciences Corp. | 123,797 | 6,815 |
* | Guardant Health Inc. | 109,091 | 6,731 |
* | Moderna Inc. | 48,183 | 6,476 |
* | Tenet Healthcare Corp. | 87,380 | 6,336 |
* | Novocure Ltd. | 81,815 | 6,265 |
* | Sarepta Therapeutics Inc. | 85,467 | 6,181 |
* | BioMarin Pharmaceutical Inc. | 69,791 | 5,677 |
* | Charles River Laboratories International Inc. | 23,491 | 5,673 |
* | Illumina Inc. | 19,090 | 5,663 |
* | Tandem Diabetes Care Inc. | 57,510 | 5,549 |
* | Apellis Pharmaceuticals Inc. | 121,962 | 5,309 |
* | Mirati Therapeutics Inc. | 63,010 | 3,893 |
565,158 | |||
Industrials (11.7%) | |||
TransUnion | 799,138 | 69,941 | |
Hexcel Corp. | 792,967 | 43,106 | |
BWX Technologies Inc. | 786,994 | 40,861 | |
Fortune Brands Home & Security Inc. | 523,371 | 37,290 | |
Cintas Corp. | 85,392 | 33,923 | |
KBR Inc. | 535,208 | 26,348 | |
Quanta Services Inc. | 212,384 | 24,632 | |
* | Builders FirstSource Inc. | 329,081 | 20,262 |
Waste Connections Inc. (XTSE) | 136,995 | 18,901 | |
* | Azul SA ADR | 1,158,603 | 15,502 |
Knight-Swift Transportation Holdings Inc. | 247,092 | 11,833 | |
* | MasTec Inc. | 146,319 | 10,536 |
* | Chart Industries Inc. | 46,206 | 7,800 |
Carrier Global Corp. | 197,464 | 7,557 | |
* | Middleby Corp. | 48,236 | 7,423 |
* | XPO Logistics Inc. | 131,270 | 7,061 |
Regal Rexnord Corp. | 47,300 | 6,018 | |
* | WillScot Mobile Mini Holdings Corp. | 168,710 | 5,922 |
Advanced Drainage Systems Inc. | 52,049 | 5,333 | |
* | Axon Enterprise Inc. | 41,093 | 4,611 |
404,860 | |||
Information Technology (31.9%) | |||
* | Palo Alto Networks Inc. | 249,099 | 139,814 |
* | Gartner Inc. | 341,017 | 99,083 |
CDW Corp. | 327,883 | 53,504 | |
* | Shift4 Payments Inc. Class A | 958,046 | 50,259 |
KLA Corp. | 151,076 | 48,233 | |
* | Varonis Systems Inc. Class B | 1,104,330 | 47,707 |
* | Avalara Inc. | 572,198 | 43,527 |
* | Ceridian HCM Holding Inc. | 739,852 | 41,528 |
* | Paycom Software Inc. | 118,241 | 33,281 |
Marvell Technology Inc. | 495,348 | 28,770 | |
* | Arista Networks Inc. | 243,086 | 28,093 |
* | Wolfspeed Inc. | 265,100 | 24,312 |
* | Synaptics Inc. | 151,980 | 22,560 |
Microchip Technology Inc. | 342,014 | 22,299 | |
* | Synopsys Inc. | 77,502 | 22,227 |
* | Fair Isaac Corp. | 58,917 | 22,006 |
Global Payments Inc. | 154,833 | 21,209 | |
* | Block Inc. (XNYS) | 211,857 | 21,088 |
Shares | Market Value• ($000) | ||
* | Advanced Micro Devices Inc. | 221,135 | 18,912 |
* | Zscaler Inc. | 82,899 | 16,807 |
* | EPAM Systems Inc. | 57,878 | 15,337 |
* | Datadog Inc. Class A | 126,270 | 15,251 |
* | MongoDB Inc. Class A | 41,969 | 14,896 |
* | Trade Desk Inc. Class A | 249,747 | 14,715 |
Genpact Ltd. | 354,879 | 14,291 | |
* | II-VI Inc. | 224,857 | 13,764 |
* | Teledyne Technologies Inc. | 31,194 | 13,462 |
* | Okta Inc. | 103,790 | 12,383 |
* | Atlassian Corp. plc Class A | 53,780 | 12,091 |
* | Workday Inc. Class A | 55,314 | 11,433 |
Entegris Inc. | 98,897 | 11,016 | |
Amphenol Corp. Class A | 146,561 | 10,479 | |
* | HubSpot Inc. | 26,950 | 10,226 |
Lam Research Corp. | 21,544 | 10,034 | |
* | Splunk Inc. | 79,810 | 9,738 |
* | Lattice Semiconductor Corp. | 200,631 | 9,638 |
* | Dynatrace Inc. | 233,780 | 8,968 |
* | Dropbox Inc. Class A | 412,044 | 8,962 |
Monolithic Power Systems Inc. | 20,545 | 8,059 | |
* | Dlocal Ltd. Class A | 354,766 | 8,043 |
* | Five9 Inc. | 72,120 | 7,940 |
* | Autodesk Inc. | 41,945 | 7,939 |
* | Coupa Software Inc. | 80,680 | 6,963 |
Teradyne Inc. | 61,330 | 6,468 | |
* | Keysight Technologies Inc. | 46,047 | 6,459 |
* | Enphase Energy Inc. | 39,770 | 6,419 |
*,1 | Freshworks Inc. Class A | 337,680 | 6,136 |
* | RingCentral Inc. Class A | 71,727 | 6,086 |
* | Bill.Com Holdings Inc. | 35,595 | 6,076 |
* | AppLovin Corp. Class A | 120,510 | 4,598 |
* | Zendesk Inc. | 28,510 | 3,479 |
1,106,568 | |||
Materials (1.4%) | |||
Ball Corp. | 335,864 | 27,259 | |
Sherwin-Williams Co. | 60,179 | 16,547 | |
Sealed Air Corp. | 89,620 | 5,754 | |
49,560 | |||
Real Estate (0.3%) | |||
Extra Space Storage Inc. | 46,490 | 8,833 | |
Total Common Stocks (Cost $3,339,446) | 3,340,564 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (3.9%) | |||
Money Market Fund (3.9%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.409% (Cost $135,107) | 1,351,435 | 135,130 |
Total Investments (100.1%) (Cost $3,474,553) | 3,475,694 | ||
Other Assets and Liabilities—Net (-0.1%) | (2,017) | ||
Net Assets (100%) | 3,473,677 | ||
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 $1,872,000. |
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 $2,060,000 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 | June 2022 | 392 | 80,899 | (2,422) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $3,339,446) | 3,340,564 |
Affiliated Issuers (Cost $135,107) | 135,130 |
Total Investments in Securities | 3,475,694 |
Investment in Vanguard | 133 |
Cash Collateral Pledged—Futures Contracts | 4,390 |
Receivables for Investment Securities Sold | 21,299 |
Receivables for Accrued Income | 353 |
Receivables for Capital Shares Issued | 1,892 |
Total Assets | 3,503,761 |
Liabilities | |
Due to Custodian | 798 |
Payables for Investment Securities Purchased | 18,902 |
Collateral for Securities on Loan | 2,060 |
Payables to Investment Advisor | 1,557 |
Payables for Capital Shares Redeemed | 3,525 |
Payables to Vanguard | 302 |
Variation Margin Payable—Futures Contracts | 2,931 |
Other Liabilities | 9 |
Total Liabilities | 30,084 |
Net Assets | 3,473,677 |
1 Includes $1,872 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 3,476,125 |
Total Distributable Earnings (Loss) | (2,448) |
Net Assets | 3,473,677 |
Net Assets | |
Applicable to 166,771,426 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,473,677 |
Net Asset Value Per Share | $20.83 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 7,567 |
Interest2 | 123 |
Securities Lending—Net | 4 |
Total Income | 7,694 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 4,266 |
Performance Adjustment | (994) |
The Vanguard Group—Note C | |
Management and Administrative | 4,026 |
Marketing and Distribution | 203 |
Custodian Fees | 33 |
Shareholders’ Reports | 36 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 8 |
Total Expenses | 7,579 |
Expenses Paid Indirectly | (41) |
Net Expenses | 7,538 |
Net Investment Income | 156 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 54,913 |
Futures Contracts | (15) |
Realized Net Gain (Loss) | 54,898 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,378,544) |
Futures Contracts | (10,091) |
Change in Unrealized Appreciation (Depreciation) | (1,388,635) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,333,581) |
1 | Dividends are net of foreign withholding taxes of $11,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $120,000, ($21,000), $2,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 156 | (1,915) | |
Realized Net Gain (Loss) | 54,898 | 1,291,603 | |
Change in Unrealized Appreciation (Depreciation) | (1,388,635) | 283,921 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,333,581) | 1,573,609 | |
Distributions | |||
Total Distributions | (1,251,685) | (305,267) | |
Capital Share Transactions | |||
Issued | 314,140 | 663,839 | |
Issued in Lieu of Cash Distributions | 1,179,383 | 290,788 | |
Redeemed | (724,957) | (1,346,909) | |
Net Increase (Decrease) from Capital Share Transactions | 768,566 | (392,282) | |
Total Increase (Decrease) | (1,816,700) | 876,060 | |
Net Assets | |||
Beginning of Period | 5,290,377 | 4,414,317 | |
End of Period | 3,473,677 | 5,290,377 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $38.72 | $29.89 | $27.93 | $28.08 | $26.51 | $21.75 |
Investment Operations | ||||||
Net Investment Income (Loss)1 | .001 | (.013) | .068 | .074 | .114 | .093 |
Net Realized and Unrealized Gain (Loss) on Investments | (8.570) | 10.957 | 4.680 | 3.027 | 2.379 | 4.817 |
Total from Investment Operations | (8.569) | 10.944 | 4.748 | 3.101 | 2.493 | 4.910 |
Distributions | ||||||
Dividends from Net Investment Income | (.005) | (.051) | (.067) | (.099) | (.095) | (.150) |
Distributions from Realized Capital Gains | (9.316) | (2.063) | (2.721) | (3.152) | (.828) | — |
Total Distributions | (9.321) | (2.114) | (2.788) | (3.251) | (.923) | (.150) |
Net Asset Value, End of Period | $20.83 | $38.72 | $29.89 | $27.93 | $28.08 | $26.51 |
Total Return2 | -26.62% | 37.68% | 18.33% | 13.56% | 9.61% | 22.69% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,474 | $5,290 | $4,414 | $4,536 | $4,161 | $4,240 |
Ratio of Total Expenses to Average Net Assets3 | 0.35%4 | 0.33% | 0.34% | 0.36% | 0.36% | 0.36% |
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.02)% | (0.04)% | 0.25% | 0.27% | 0.40% | 0.39% |
Portfolio Turnover Rate | 34% | 98% | 74% | 111% | 75% | 118% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.05%), (0.06%), (0.05%), (0.02%), (0.04%), and (0.05%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.35%. |
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 six months ended April 30, 2022, these arrangements reduced the fund’s expenses by $41,000 (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. | As of April 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 3,524,276 |
Gross Unrealized Appreciation | 528,108 |
Gross Unrealized Depreciation | (579,112) |
Net Unrealized Appreciation (Depreciation) | (51,004) |
G. | During the six months ended April 30, 2022, the fund purchased $1,445,761,000 of investment securities and sold $1,823,423,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 11,186 | 19,010 | |
Issued in Lieu of Cash Distributions | 46,070 | 8,647 | |
Redeemed | (27,101) | (38,747) | |
Net Increase (Decrease) in Shares Outstanding | 30,155 | (11,090) |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
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• | 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 April 30, 2022 | |||
International Explorer Fund | Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $768.00 | $1.75 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.81 | 2.01 |
Japan | 22.0% |
United Kingdom | 17.1 |
Sweden | 6.3 |
Germany | 5.9 |
Australia | 4.8 |
Italy | 4.2 |
Taiwan | 4.2 |
France | 4.0 |
Switzerland | 3.4 |
Belgium | 3.1 |
Netherlands | 2.9 |
Denmark | 2.2 |
Hong Kong | 2.1 |
Canada | 2.0 |
Spain | 1.9 |
Ireland | 1.7 |
South Korea | 1.7 |
India | 1.4 |
China | 1.3 |
Brazil | 1.3 |
Singapore | 1.0 |
Other | 5.5 |
Shares | Market Value• ($000) | |||||
Common Stocks (95.5%) | ||||||
Australia (4.6%) | ||||||
Steadfast Group Ltd. | 3,226,400 | 11,681 | ||||
James Hardie Industries plc | 321,078 | 9,256 | ||||
* | Xero Ltd. | 102,400 | 6,752 | |||
Iluka Resources Ltd. | 752,110 | 5,891 | ||||
IPH Ltd. | 1,085,300 | 5,754 | ||||
Charter Hall Group | 487,144 | 5,236 | ||||
Deterra Royalties Ltd. | 1,326,991 | 4,495 | ||||
* | APM Human Services International Ltd. | 1,544,200 | 3,490 | |||
Orora Ltd. | 1,142,815 | 3,203 | ||||
Vicinity Centres | 2,294,254 | 2,994 | ||||
Cleanaway Waste Management Ltd. | 1,252,700 | 2,808 | ||||
IGO Ltd. | 269,144 | 2,447 | ||||
* | Pilbara Minerals Ltd. | 1,119,788 | 2,172 | |||
Mineral Resources Ltd. | 52,462 | 2,132 | ||||
Ansell Ltd. | 111,045 | 2,127 | ||||
Netwealth Group Ltd. | 226,019 | 2,047 | ||||
Seven Group Holdings Ltd. | 125,592 | 1,752 | ||||
Nufarm Ltd. | 384,657 | 1,730 | ||||
Whitehaven Coal Ltd. | 474,674 | 1,630 | ||||
*,1 | Tyro Payments Ltd. | 1,803,369 | 1,541 | |||
Metcash Ltd. | 402,825 | 1,352 | ||||
Lifestyle Communities Ltd. | 116,686 | 1,230 | ||||
Reliance Worldwide Corp. Ltd. | 447,672 | 1,228 | ||||
Elders Ltd. | 116,845 | 1,175 | ||||
* | Bellevue Gold Ltd. | 1,237,488 | 833 | |||
*,1 | SiteMinder Ltd. | 238,955 | 790 | |||
Bapcor Ltd. | 162,115 | 768 | ||||
*,1 | Flight Centre Travel Group Ltd. | 43,435 | 678 | |||
* | Cleanspace Holdings Ltd. | 805,228 | 639 | |||
Nick Scali Ltd. | 87,930 | 627 | ||||
Lovisa Holdings Ltd. | 53,283 | 610 | ||||
GrainCorp Ltd. Class A | 63,198 | 457 |
Shares | Market Value• ($000) | |||||
Tassal Group Ltd. | 159,014 | 422 | ||||
*,1 | Temple & Webster Group Ltd. | 80,931 | 330 | |||
90,277 | ||||||
Austria (0.8%) | ||||||
*,2 | BAWAG Group AG | 119,173 | 5,659 | |||
ANDRITZ AG | 94,670 | 4,025 | ||||
AT&S Austria Technologie & Systemtechnik AG | 59,974 | 3,071 | ||||
1 | Addiko Bank AG | 173,024 | 1,969 | |||
Wienerberger AG | 34,517 | 974 | ||||
15,698 | ||||||
Belgium (2.9%) | ||||||
D'ieteren Group | 76,514 | 12,281 | ||||
Recticel SA | 431,213 | 9,422 | ||||
Warehouses De Pauw CVA | 238,335 | 9,169 | ||||
* | Azelis Group NV | 323,037 | 7,956 | |||
Barco NV | 302,709 | 6,817 | ||||
Lotus Bakeries NV | 991 | 5,638 | ||||
KBC Ancora | 95,696 | 3,872 | ||||
Melexis NV | 18,683 | 1,604 | ||||
*,1,2 | Biocartis Group NV | 113,425 | 247 | |||
* | bpost SA | 38,222 | 231 | |||
57,237 | ||||||
Brazil (1.2%) | ||||||
* | TOTVS SA | 1,526,532 | 9,871 | |||
* | Afya Ltd. Class A | 230,544 | 3,484 | |||
* | TIM SA | 1,242,900 | 3,389 | |||
Rumo SA | 991,000 | 3,281 | ||||
*,2 | Locaweb Servicos de Internet SA | 1,579,900 | 2,291 | |||
* | Cia de Saneamento Basico do Estado de Sao Paulo | 232,300 | 2,093 | |||
* | Magazine Luiza SA | 256 | — | |||
24,409 | ||||||
Canada (1.9%) | ||||||
1 | Boardwalk REIT | 132,087 | 5,796 | |||
* | Kinaxis Inc. | 45,789 | 5,067 | |||
* | Nuvei Corp. | 89,809 | 5,021 |
Shares | Market Value• ($000) | |||||
Colliers International Group Inc. | 28,896 | 3,191 | ||||
* | Lightspeed Commerce Inc. | 128,204 | 2,865 | |||
*,1 | EcoSynthetix Inc. | 555,768 | 2,691 | |||
Cargojet Inc. | 22,000 | 2,570 | ||||
* | Lightspeed Commerce Inc. (XTSE) | 108,851 | 2,433 | |||
* | Docebo Inc. | 52,604 | 2,252 | |||
*,1 | Boat Rocker Media Inc. | 619,097 | 1,836 | |||
Parex Resources Inc. | 84,282 | 1,643 | ||||
Stelco Holdings Inc. | 37,933 | 1,385 | ||||
Endeavour Mining plc | 44,400 | 1,087 | ||||
37,837 | ||||||
China (1.3%) | ||||||
Li Ning Co. Ltd. | 525,000 | 4,092 | ||||
* | Tongcheng Travel Holdings Ltd. | 1,936,400 | 3,415 | |||
2 | IMAX China Holding Inc. | 2,892,200 | 3,247 | |||
Beijing Enterprises Holdings Ltd. | 781,000 | 2,640 | ||||
* | Chinasoft International Ltd. | 2,497,400 | 2,021 | |||
CIFI Holdings Group Co. Ltd. | 3,366,000 | 1,619 | ||||
* | Yeahka Ltd. | 590,200 | 1,535 | |||
China Datang Corp. Renewable Power Co. Ltd. Class H | 3,804,000 | 1,438 | ||||
Minth Group Ltd. | 498,145 | 1,174 | ||||
* | Niu Technologies ADR | 73,100 | 698 | |||
* | Kingdee International Software Group Co. Ltd. | 306,000 | 624 | |||
* | Pou Sheng International Holdings Ltd. | 5,288,000 | 612 | |||
* | HUTCHMED China Ltd. ADR | 39,218 | 592 | |||
Estun Automation Co. Ltd. Class A | 161,251 | 358 | ||||
Precision Tsugami China Corp. Ltd. | 273,964 | 306 | ||||
*,1 | Gracell Biotechnologies Inc. ADR | 57,517 | 129 | |||
24,500 | ||||||
Denmark (2.1%) | ||||||
Royal Unibrew A/S | 177,502 | 15,299 | ||||
Topdanmark A/S | 190,083 | 10,667 | ||||
* | ALK-Abello A/S Class B | 354,800 | 7,739 | |||
* | Ascendis Pharma A/S ADR | 30,222 | 2,758 | |||
*,2 | Netcompany Group A/S | 44,929 | 2,499 | |||
SimCorp A/S | 34,200 | 2,394 | ||||
* | Zealand Pharma A/S | 54,694 | 617 | |||
41,973 |
Shares | Market Value• ($000) | |||||
Finland (0.9%) | ||||||
Huhtamaki OYJ | 169,500 | 6,407 | ||||
Valmet OYJ | 190,900 | 5,113 | ||||
1 | Cargotec OYJ Class B | 66,311 | 2,296 | |||
Kemira OYJ | 159,503 | 2,092 | ||||
Wartsila OYJ Abp | 108,963 | 875 | ||||
16,783 | ||||||
France (3.8%) | ||||||
Nexans SA | 166,677 | 15,182 | ||||
Trigano SA | 70,257 | 9,052 | ||||
Gaztransport Et Technigaz SA | 66,813 | 7,956 | ||||
Kaufman & Broad SA | 212,193 | 6,453 | ||||
* | JCDecaux SA | 246,118 | 5,159 | |||
Sopra Steria Group SACA | 27,600 | 4,892 | ||||
Metropole Television SA | 230,500 | 4,278 | ||||
IPSOS | 60,800 | 2,927 | ||||
Rothschild & Co. | 72,588 | 2,844 | ||||
2 | Verallia SA | 94,400 | 2,595 | |||
2 | Maisons du Monde SA | 140,310 | 2,393 | |||
2 | ALD SA | 166,283 | 2,261 | |||
* | SOITEC | 12,442 | 2,229 | |||
Rubis SCA | 66,244 | 1,762 | ||||
L'Occitane International SA | 418,000 | 1,310 | ||||
* | ESI Group | 16,417 | 1,128 | |||
Vicat SA | 27,544 | 828 | ||||
Imerys SA | 14,847 | 584 | ||||
* | Cellectis SA | 60,983 | 217 | |||
* | Cellectis SA ADR | 25,800 | 90 | |||
74,140 | ||||||
Germany (5.7%) | ||||||
2 | Befesa SA | 249,610 | 15,588 | |||
Dermapharm Holding SE | 181,317 | 10,252 | ||||
1 | Gerresheimer AG | 140,511 | 9,760 | |||
* | HelloFresh SE | 196,272 | 8,274 | |||
Aroundtown SA | 1,555,546 | 7,822 | ||||
* | CTS Eventim AG & Co. KGaA | 112,500 | 7,722 | |||
New Work SE | 42,542 | 7,246 | ||||
Stabilus SE | 117,374 | 5,528 | ||||
Hensoldt AG | 194,125 | 5,406 | ||||
1 | S&T AG | 304,297 | 5,145 | |||
Jenoptik AG | 177,131 | 4,979 | ||||
* | Hypoport SE | 14,173 | 3,918 | |||
Stemmer Imaging AG | 121,118 | 3,819 | ||||
Rheinmetall AG | 15,013 | 3,384 | ||||
Aurubis AG | 23,319 | 2,650 | ||||
Bertrandt AG | 46,470 | 2,159 | ||||
Wacker Chemie AG | 11,879 | 1,885 | ||||
*,1 | Cherry AG | 162,681 | 1,737 | |||
* | Friedrich Vorwerk Group SE | 43,300 | 1,283 | |||
* | Evotec SE | 37,275 | 908 | |||
*,1,2 | Aumann AG | 40,907 | 615 |
Shares | Market Value• ($000) | |||||
* | Jumia Technologies AG ADR | 83,077 | 587 | |||
* | Veganz Group AG | 8,981 | 467 | |||
111,134 | ||||||
Greece (0.3%) | ||||||
Hellenic Telecommunications Organization SA | 277,557 | 5,340 | ||||
Hong Kong (2.0%) | ||||||
Kerry Properties Ltd. | 2,998,000 | 8,107 | ||||
Hang Lung Properties Ltd. | 3,114,000 | 5,956 | ||||
Techtronic Industries Co. Ltd. | 376,500 | 5,026 | ||||
Dah Sing Financial Holdings Ltd. | 1,633,200 | 4,752 | ||||
Johnson Electric Holdings Ltd. | 3,508,125 | 3,983 | ||||
ASM Pacific Technology Ltd. | 280,200 | 2,824 | ||||
2 | Crystal International Group Ltd. | 6,289,500 | 2,453 | |||
* | Mandarin Oriental International Ltd. | 1,168,300 | 2,395 | |||
* | Melco Resorts & Entertainment Ltd. ADR | 217,085 | 1,242 | |||
* | Hypebeast Ltd. | 6,015,000 | 759 | |||
Vitasoy International Holdings Ltd. | 408,000 | 740 | ||||
Chow Sang Sang Holdings International Ltd. | 300,000 | 332 | ||||
* | Lifestyle International Holdings Ltd. | 397,500 | 191 | |||
Luk Fook Holdings International Ltd. | 81,000 | 185 | ||||
38,945 | ||||||
Hungary (0.2%) | ||||||
*,2 | Wizz Air Holdings plc | 89,776 | 3,512 | |||
Iceland (0.2%) | ||||||
2 | Marel HF | 795,932 | 4,187 | |||
India (1.3%) | ||||||
Apollo Hospitals Enterprise Ltd. | 163,662 | 9,477 | ||||
* | Oberoi Realty Ltd. | 493,852 | 6,152 | |||
Gujarat Pipavav Port Ltd. | 4,989,025 | 5,652 | ||||
Alembic Pharmaceuticals Ltd. | 280,171 | 2,846 | ||||
* | CreditAccess Grameen Ltd. | 148,669 | 2,001 | |||
26,128 | ||||||
Ireland (1.7%) | ||||||
* | Dalata Hotel Group plc | 2,519,789 | 11,509 | |||
* | Bank of Ireland Group plc | 1,843,811 | 11,175 |
Shares | Market Value• ($000) | |||||
Smurfit Kappa Group plc | 137,583 | 5,814 | ||||
AIB Group plc | 1,781,521 | 3,870 | ||||
32,368 | ||||||
Israel (0.6%) | ||||||
Maytronics Ltd. | 262,962 | 4,669 | ||||
* | Melisron Ltd. | 55,308 | 4,487 | |||
* | RADA Electronic Industries Ltd. | 171,800 | 2,532 | |||
1 | Caesarstone Ltd. | 81,349 | 800 | |||
12,488 | ||||||
Italy (4.0%) | ||||||
Reply SpA | 91,446 | 13,462 | ||||
1 | Banca Generali SpA | 236,788 | 7,829 | |||
* | Brunello Cucinelli SpA | 151,075 | 7,733 | |||
Recordati Industria Chimica e Farmaceutica SpA | 143,630 | 6,921 | ||||
PRADA SpA | 844,000 | 5,252 | ||||
FinecoBank Banca Fineco SpA | 316,100 | 4,394 | ||||
Moncler SpA | 79,023 | 4,117 | ||||
Amplifon SpA | 85,000 | 3,391 | ||||
2 | doValue SpA | 375,920 | 3,196 | |||
* | Stevanato Group SpA | 191,444 | 3,063 | |||
Tamburi Investment Partners SpA | 309,434 | 2,819 | ||||
*,2 | OVS SpA | 1,447,339 | 2,761 | |||
Italgas SpA | 419,571 | 2,717 | ||||
Interpump Group SpA | 55,400 | 2,240 | ||||
2 | Technogym SpA | 286,055 | 2,159 | |||
* | Salvatore Ferragamo SpA | 104,333 | 1,813 | |||
2 | BFF Bank SpA | 262,444 | 1,637 | |||
Buzzi Unicem SpA | 84,177 | 1,559 | ||||
2 | Anima Holding SpA | 217,214 | 1,058 | |||
78,121 | ||||||
Japan (21.0%) | ||||||
Nippon Shinyaku Co. Ltd. | 229,300 | 15,508 | ||||
Food & Life Cos. Ltd. | 438,000 | 10,394 | ||||
Kadokawa Corp. | 413,200 | 10,358 | ||||
GMO internet Inc. | 446,000 | 8,913 | ||||
Nabtesco Corp. | 379,100 | 8,646 | ||||
SBI Holdings Inc. | 381,100 | 8,524 | ||||
KOMEDA Holdings Co. Ltd. | 494,400 | 8,517 | ||||
Katitas Co. Ltd. | 357,500 | 8,339 | ||||
Fuji Corp. | 468,700 | 7,820 | ||||
Aica Kogyo Co. Ltd. | 313,300 | 7,252 | ||||
NEC Networks & System Integration Corp. | 502,900 | 7,141 | ||||
Kureha Corp. | 91,400 | 6,867 | ||||
Zenkoku Hosho Co. Ltd. | 195,600 | 6,865 | ||||
Trusco Nakayama Corp. | 437,800 | 6,827 | ||||
FP Corp. | 280,700 | 6,349 | ||||
Daifuku Co. Ltd. | 101,300 | 6,229 |
Shares | Market Value• ($000) | |||||
Kissei Pharmaceutical Co. Ltd. | 311,200 | 6,158 | ||||
THK Co. Ltd. | 309,800 | 6,139 | ||||
Sumitomo Forestry Co. Ltd. | 391,800 | 5,994 | ||||
* | Oisix ra daichi Inc. | 289,000 | 5,939 | |||
OBIC Business Consultants Co. Ltd. | 164,700 | 5,920 | ||||
Ai Holdings Corp. | 436,900 | 5,736 | ||||
Digital Garage Inc. | 173,300 | 5,735 | ||||
Musashi Seimitsu Industry Co. Ltd. | 530,100 | 5,387 | ||||
Nifco Inc. | 243,600 | 5,143 | ||||
Koito Manufacturing Co. Ltd. | 130,600 | 4,792 | ||||
Daiseki Co. Ltd. | 132,900 | 4,780 | ||||
Fukushima Galilei Co. Ltd. | 159,200 | 4,611 | ||||
Fukuoka Financial Group Inc. | 249,800 | 4,564 | ||||
Bank of Kyoto Ltd. | 104,600 | 4,557 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 343,300 | 4,268 | ||||
Disco Corp. | 17,300 | 4,234 | ||||
Asahi Holdings Inc. | 264,000 | 4,191 | ||||
Megachips Corp. | 158,000 | 4,048 | ||||
Hakuhodo DY Holdings Inc. | 342,300 | 4,040 | ||||
Heiwa Real Estate Co. Ltd. | 126,700 | 3,997 | ||||
Meitec Corp. | 72,500 | 3,848 | ||||
Miura Co. Ltd. | 182,500 | 3,812 | ||||
Sugi Holdings Co. Ltd. | 85,400 | 3,660 | ||||
* | Raksul Inc. | 167,400 | 3,459 | |||
Tsuruha Holdings Inc. | 64,400 | 3,291 | ||||
Asahi Intecc Co. Ltd. | 166,106 | 3,210 | ||||
Calbee Inc. | 179,200 | 3,210 | ||||
Tokyo Tatemono Co. Ltd. | 224,700 | 3,168 | ||||
Systena Corp. | 976,800 | 3,070 | ||||
Obara Group Inc. | 133,400 | 2,986 | ||||
Dip Corp. | 91,500 | 2,983 | ||||
Comforia Residential REIT Inc. | 1,197 | 2,983 | ||||
Tsugami Corp. | 307,800 | 2,866 | ||||
Organo Corp. | 41,500 | 2,848 | ||||
Kyoritsu Maintenance Co. Ltd. | 77,600 | 2,826 | ||||
Yamaha Motor Co. Ltd. | 136,760 | 2,824 | ||||
Nippon Gas Co. Ltd. | 195,200 | 2,770 | ||||
Horiba Ltd. | 56,600 | 2,754 | ||||
Shinko Electric Industries Co. Ltd. | 63,348 | 2,731 | ||||
Glory Ltd. | 168,700 | 2,714 | ||||
Asics Corp. | 168,300 | 2,655 | ||||
Fuso Chemical Co. Ltd. | 86,200 | 2,537 | ||||
* | JMDC Inc. | 48,000 | 2,315 | |||
Seino Holdings Co. Ltd. | 277,200 | 2,264 |
Shares | Market Value• ($000) | |||||
* | MedPeer Inc. | 97,800 | 2,239 | |||
eGuarantee Inc. | 134,500 | 2,233 | ||||
* | Sansan Inc. | 228,244 | 2,178 | |||
Nittoku Co. Ltd. | 143,000 | 2,135 | ||||
Frontier Real Estate Investment Corp. | 517 | 2,003 | ||||
DMG Mori Co. Ltd. | 154,000 | 1,933 | ||||
Outsourcing Inc. | 190,900 | 1,893 | ||||
Sega Sammy Holdings Inc. | 106,200 | 1,882 | ||||
Sumitomo Warehouse Co. Ltd. | 110,000 | 1,846 | ||||
*,1 | Bengo4.com Inc. | 71,600 | 1,843 | |||
Toyo Gosei Co. Ltd. | 25,000 | 1,839 | ||||
Mandom Corp. | 184,300 | 1,832 | ||||
Taiyo Yuden Co. Ltd. | 45,900 | 1,803 | ||||
Marui Group Co. Ltd. | 101,900 | 1,755 | ||||
* | Japan Airport Terminal Co. Ltd. | 42,100 | 1,745 | |||
Amada Co. Ltd. | 223,000 | 1,732 | ||||
Ushio Inc. | 129,200 | 1,675 | ||||
Mani Inc. | 144,900 | 1,655 | ||||
Japan Material Co. Ltd. | 109,000 | 1,647 | ||||
Ebara Corp. | 35,700 | 1,640 | ||||
Open House Group Co. Ltd. | 41,900 | 1,621 | ||||
Descente Ltd. | 82,900 | 1,592 | ||||
Sojitz Corp. | 100,280 | 1,529 | ||||
Infomart Corp. | 304,400 | 1,516 | ||||
*,1 | JTOWER Inc. | 31,800 | 1,494 | |||
* | Freee KK | 51,500 | 1,486 | |||
*,1 | WealthNavi Inc. | 109,800 | 1,428 | |||
ASKUL Corp. | 115,000 | 1,408 | ||||
Rorze Corp. | 16,100 | 1,407 | ||||
* | Lifenet Insurance Co. | 313,500 | 1,269 | |||
KH Neochem Co. Ltd. | 66,500 | 1,258 | ||||
COLOPL Inc. | 249,800 | 1,231 | ||||
IHI Corp. | 54,100 | 1,227 | ||||
Optex Group Co. Ltd. | 92,900 | 1,222 | ||||
Ibiden Co. Ltd. | 32,600 | 1,218 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 22,400 | 1,217 | ||||
Kawasaki Heavy Industries Ltd. | 68,300 | 1,215 | ||||
Air Water Inc. | 90,800 | 1,205 | ||||
Kamakura Shinsho Ltd. | 272,500 | 1,202 | ||||
Sumitomo Heavy Industries Ltd. | 54,200 | 1,147 | ||||
COMSYS Holdings Corp. | 55,200 | 1,146 | ||||
Shima Seiki Manufacturing Ltd. | 78,800 | 1,124 | ||||
Showa Denko KK | 56,600 | 1,101 | ||||
Hino Motors Ltd. | 211,700 | 1,093 | ||||
Jeol Ltd. | 24,100 | 1,082 | ||||
NOF Corp. | 28,400 | 1,066 | ||||
*,1 | GA Technologies Co. Ltd. | 139,200 | 1,060 |
Shares | Market Value• ($000) | |||||
* | Money Forward Inc. | 29,497 | 1,003 | |||
Ichiyoshi Securities Co. Ltd. | 227,100 | 1,000 | ||||
United Arrows Ltd. | 73,700 | 991 | ||||
EXEO Group Inc. | 58,600 | 976 | ||||
BayCurrent Consulting Inc. | 2,800 | 918 | ||||
Inaba Denki Sangyo Co. Ltd. | 46,700 | 916 | ||||
JSR Corp. | 33,561 | 911 | ||||
Iriso Electronics Co. Ltd. | 38,700 | 904 | ||||
NET One Systems Co. Ltd. | 35,900 | 857 | ||||
Adastria Co. Ltd. | 50,100 | 830 | ||||
JINS Holdings Inc. | 24,000 | 791 | ||||
MEC Co. Ltd. | 41,200 | 785 | ||||
Mirait Holdings Corp. | 55,600 | 779 | ||||
Inter Action Corp. | 51,900 | 773 | ||||
Kobe Bussan Co. Ltd. | 31,400 | 766 | ||||
Fukuyama Transporting Co. Ltd. | 27,000 | 756 | ||||
Square Enix Holdings Co. Ltd. | 18,600 | 743 | ||||
Nippon Thompson Co. Ltd. | 190,200 | 738 | ||||
* | Locondo Inc. | 94,100 | 730 | |||
*,1 | HEALIOS KK | 127,800 | 727 | |||
Kyudenko Corp. | 31,700 | 719 | ||||
Coca-Cola Bottlers Japan Holdings Inc. | 63,200 | 709 | ||||
Comture Corp. | 32,439 | 701 | ||||
Anicom Holdings Inc. | 141,500 | 668 | ||||
Kyushu Electric Power Co. Inc. | 103,700 | 651 | ||||
Kumagai Gumi Co. Ltd. | 30,400 | 634 | ||||
Kitanotatsujin Corp. | 481,100 | 633 | ||||
Shin-Etsu Polymer Co. Ltd. | 80,000 | 629 | ||||
* | Universal Entertainment Corp. | 33,800 | 605 | |||
Nikkon Holdings Co. Ltd. | 39,600 | 600 | ||||
Lintec Corp. | 31,900 | 594 | ||||
Nippon Shokubai Co. Ltd. | 14,300 | 575 | ||||
NSK Ltd. | 103,500 | 573 | ||||
Yamazen Corp. | 75,800 | 560 | ||||
Daikyonishikawa Corp. | 139,700 | 540 | ||||
Max Co. Ltd. | 41,900 | 511 | ||||
Sekisui Jushi Corp. | 36,800 | 503 | ||||
Yokogawa Bridge Holdings Corp. | 33,500 | 491 | ||||
Giken Ltd. | 17,400 | 477 | ||||
Kamigumi Co. Ltd. | 26,500 | 450 | ||||
* | Demae-Can Co. Ltd. | 109,100 | 449 | |||
* | Istyle Inc. | 340,700 | 410 | |||
* | Toyo Construction Co. Ltd. | 56,700 | 408 |
Shares | Market Value• ($000) | |||||
Shibaura Machine Co. Ltd. | 16,600 | 397 | ||||
* | Uzabase Inc. | 53,600 | 312 | |||
Sinko Industries Ltd. | 21,500 | 270 | ||||
Yodogawa Steel Works Ltd. | 12,800 | 242 | ||||
Mitsubishi Materials Corp. | 13,800 | 216 | ||||
Maruichi Steel Tube Ltd. | 9,800 | 209 | ||||
Totetsu Kogyo Co. Ltd. | 10,700 | 193 | ||||
Nichireki Co. Ltd. | 19,900 | 186 | ||||
*,1 | Chatwork Co. Ltd. | 41,000 | 155 | |||
Hibiya Engineering Ltd. | 10,500 | 154 | ||||
TOKAI Holdings Corp. | 22,000 | 148 | ||||
Ichikoh Industries Ltd. | 34,300 | 99 | ||||
411,203 | ||||||
Malaysia (0.0%) | ||||||
Inari Amertron Bhd. | 1,344,500 | 862 | ||||
Mexico (0.2%) | ||||||
* | Grupo Aeroportuario del Pacifico SAB de CV Class B | 153,558 | 2,363 | |||
Corp. Inmobiliaria Vesta SAB de CV | 1,136,600 | 2,106 | ||||
4,469 | ||||||
Netherlands (2.7%) | ||||||
BE Semiconductor Industries NV | 202,168 | 12,324 | ||||
TKH Group NV | 210,921 | 10,344 | ||||
ASM International NV | 33,257 | 9,993 | ||||
*,2 | Basic-Fit NV | 166,632 | 6,981 | |||
Arcadis NV | 119,800 | 4,999 | ||||
* | AerCap Holdings NV | 71,449 | 3,337 | |||
IMCD NV | 16,471 | 2,623 | ||||
Corbion NV | 45,714 | 1,585 | ||||
Allfunds Group plc | 129,729 | 1,112 | ||||
53,298 | ||||||
New Zealand (0.1%) | ||||||
Fletcher Building Ltd. | 329,474 | 1,312 | ||||
* | Volpara Health Technologies Ltd. | 941,353 | 560 | |||
1,872 | ||||||
Norway (0.8%) | ||||||
Borregaard ASA | 574,066 | 10,950 | ||||
Salmar ASA | 24,878 | 2,036 | ||||
Subsea 7 SA | 188,011 | 1,541 | ||||
TOMRA Systems ASA | 28,064 | 1,103 | ||||
Sparebanken More | 116,280 | 992 | ||||
16,622 | ||||||
Other (0.3%) | ||||||
iShares MSCI EAFE Small-Cap ETF | 81,230 | 5,012 |
Shares | Market Value• ($000) | |||||
Philippines (0.3%) | ||||||
Wilcon Depot Inc. | 9,361,900 | 5,014 | ||||
* | Bloomberry Resorts Corp. | 943,900 | 109 | |||
5,123 | ||||||
Poland (0.1%) | ||||||
*,1 | Grupa Pracuj SA | 146,454 | 1,990 | |||
Singapore (1.0%) | ||||||
Venture Corp. Ltd. | 520,100 | 6,385 | ||||
* | SATS Ltd. | 1,759,600 | 5,745 | |||
Suntec REIT | 2,633,800 | 3,479 | ||||
Ascott Residence Trust | 2,795,100 | 2,322 | ||||
* | Genting Singapore Ltd. | 1,303,300 | 757 | |||
18,688 | ||||||
South Africa (0.2%) | ||||||
* | Thungela Resources Ltd. | 194,836 | 3,329 | |||
South Korea (1.6%) | ||||||
Koh Young Technology Inc. | 479,350 | 7,260 | ||||
PI Advanced Materials Co. Ltd. | 135,104 | 5,091 | ||||
K Car Co. Ltd. | 205,900 | 4,423 | ||||
* | NHN KCP Corp. | 190,699 | 3,135 | |||
Douzone Bizon Co. Ltd. | 89,632 | 2,869 | ||||
Hanon Systems | 276,528 | 2,475 | ||||
Park Systems Corp. | 26,882 | 2,388 | ||||
Eugene Technology Co. Ltd. | 32,390 | 1,090 | ||||
SNT Motiv Co. Ltd. | 27,883 | 1,050 | ||||
* | Cafe24 Corp. | 53,486 | 794 | |||
* | Genexine Inc. | 12,608 | 399 | |||
30,974 | ||||||
Spain (1.8%) | ||||||
Fluidra SA | 268,592 | 7,269 | ||||
Acciona SA | 36,064 | 7,059 | ||||
Viscofan SA | 108,500 | 5,990 | ||||
Prosegur Cia de Seguridad SA | 1,972,255 | 4,082 | ||||
Bankinter SA | 660,533 | 3,887 | ||||
CIE Automotive SA | 118,835 | 2,591 | ||||
* | Melia Hotels International SA | 233,026 | 1,927 | |||
Almirall SA | 147,130 | 1,911 | ||||
* | Arima Real Estate SOCIMI SA | 68,957 | 685 | |||
35,401 | ||||||
Sweden (6.1%) | ||||||
Trelleborg AB Class B | 500,770 | 10,984 | ||||
Nordnet AB publ | 593,948 | 10,302 | ||||
Arjo AB Class B | 1,244,159 | 9,340 | ||||
Avanza Bank Holding AB | 343,287 | 8,693 | ||||
* | Cint Group AB | 933,111 | 7,631 | |||
AddTech AB Class B | 387,357 | 6,833 |
Shares | Market Value• ($000) | |||||
*,1 | Embracer Group AB Class B | 875,506 | 5,852 | |||
* | Nordic Entertainment Group AB Class B | 175,900 | 5,776 | |||
2 | Thule Group AB | 157,272 | 5,455 | |||
Catena AB | 96,526 | 5,039 | ||||
Saab AB Class B | 117,500 | 4,970 | ||||
Sweco AB Class B | 309,653 | 4,370 | ||||
HMS Networks AB | 87,440 | 3,579 | ||||
Nyfosa AB | 296,873 | 3,272 | ||||
Castellum AB | 160,962 | 3,188 | ||||
BillerudKorsnas AB | 204,655 | 3,158 | ||||
Fortnox AB | 489,200 | 2,597 | ||||
SSAB AB Class A | 395,799 | 2,514 | ||||
* | Cellavision AB | 78,221 | 2,456 | |||
* | Surgical Science Sweden AB | 113,030 | 2,151 | |||
Loomis AB Class B | 80,752 | 2,012 | ||||
Cibus Nordic Real Estate AB | 85,399 | 1,975 | ||||
* | INVISIO AB | 109,091 | 1,933 | |||
Paradox Interactive AB | 97,525 | 1,627 | ||||
* | Xvivo Perfusion AB | 40,451 | 872 | |||
* | VNV Global AB | 204,514 | 853 | |||
* | Bactiguard Holding AB Class B | 50,068 | 589 | |||
*,1 | Storytel AB | 58,820 | 426 | |||
*,3 | OW Bunker A/S | 1,000,000 | — | |||
118,447 | ||||||
Switzerland (3.2%) | ||||||
Julius Baer Group Ltd. | 266,305 | 12,726 | ||||
* | Siegfried Holding AG (Registered) | 13,427 | 9,734 | |||
Comet Holding AG (Registered) | 36,832 | 7,962 | ||||
* | SIG Group AG | 349,014 | 7,307 | |||
*,2 | Sensirion Holding AG | 43,459 | 5,212 | |||
*,2 | PolyPeptide Group AG | 55,780 | 4,881 | |||
Tecan Group AG (Registered) | 15,079 | 4,532 | ||||
*,2 | Montana Aerospace AG | 262,771 | 4,006 | |||
* | Dufry AG (Registered) | 70,847 | 2,820 | |||
Bossard Holding AG (Registered) Class A | 11,252 | 2,436 | ||||
* | u-blox Holding AG | 12,723 | 1,057 | |||
62,673 | ||||||
Taiwan (4.0%) | ||||||
Airtac International Group | 320,983 | 8,711 | ||||
ASPEED Technology Inc. | 97,000 | 8,520 | ||||
Voltronic Power Technology Corp. | 172,252 | 7,536 | ||||
Chroma ATE Inc. | 1,312,694 | 7,297 | ||||
Giant Manufacturing Co. Ltd. | 715,000 | 5,978 | ||||
Nien Made Enterprise Co. Ltd. | 551,000 | 5,803 |
Shares | Market Value• ($000) | |||||
Vanguard International Semiconductor Corp. | 1,411,000 | 4,965 | ||||
Accton Technology Corp. | 629,400 | 4,909 | ||||
Delta Electronics Inc. | 520,000 | 4,341 | ||||
Global Unichip Corp. | 263,000 | 3,602 | ||||
Advantech Co. Ltd. | 281,000 | 3,493 | ||||
momo.com Inc. | 102,910 | 2,716 | ||||
Sinbon Electronics Co. Ltd. | 270,000 | 2,372 | ||||
Realtek Semiconductor Corp. | 174,248 | 2,364 | ||||
Parade Technologies Ltd. | 35,000 | 1,664 | ||||
Chang Wah Technology Co. Ltd. | 466,000 | 1,408 | ||||
TCI Co. Ltd. | 153,000 | 877 | ||||
ASMedia Technology Inc. | 15,000 | 706 | ||||
Advanced Wireless Semiconductor Co. | 194,000 | 540 | ||||
77,802 | ||||||
United Kingdom (16.3%) | ||||||
Rotork plc | 4,721,244 | 17,226 | ||||
Electrocomponents plc | 1,206,718 | 15,751 | ||||
Spectris plc | 281,147 | 10,283 | ||||
Games Workshop Group plc | 103,866 | 9,599 | ||||
Safestore Holdings plc | 600,205 | 9,442 | ||||
HomeServe plc | 715,300 | 8,791 | ||||
IMI plc | 498,293 | 8,389 | ||||
Beazley plc | 1,540,332 | 8,297 | ||||
2 | Auto Trader Group plc | 1,010,300 | 7,973 | |||
St. James's Place plc | 486,900 | 7,824 | ||||
Bodycote plc | 950,900 | 7,375 | ||||
Grafton Group plc | 605,400 | 7,332 | ||||
Keywords Studios plc | 236,669 | 7,100 | ||||
LondonMetric Property plc | 2,015,997 | 6,814 | ||||
Cranswick plc | 165,387 | 6,576 | ||||
QinetiQ Group plc | 1,400,000 | 5,940 | ||||
*,2 | Network International Holdings plc | 1,781,129 | 5,819 | |||
Spirent Communications plc | 1,914,400 | 5,535 | ||||
* | Tate & Lyle plc | 547,300 | 5,320 | |||
UNITE Group plc | 349,590 | 4,950 | ||||
Segro plc | 290,000 | 4,855 | ||||
Telecom Plus plc | 235,000 | 4,848 | ||||
Softcat plc | 273,675 | 4,833 | ||||
Dunelm Group plc | 380,000 | 4,653 | ||||
Future plc | 169,100 | 4,631 | ||||
Howden Joinery Group plc | 482,000 | 4,563 | ||||
Dechra Pharmaceuticals plc | 100,000 | 4,532 | ||||
* | Abcam plc | 290,703 | 4,511 | |||
RWS Holdings plc | 788,700 | 4,319 | ||||
IG Group Holdings plc | 420,000 | 4,292 |
Shares | Market Value• ($000) | |||||
Halma plc | 135,000 | 4,144 | ||||
* | SSP Group plc | 1,369,368 | 4,042 | |||
Pets at Home Group plc | 1,000,000 | 3,882 | ||||
2 | ConvaTec Group plc | 1,430,150 | 3,783 | |||
Smiths Group plc | 204,006 | 3,733 | ||||
*,2 | Petershill Partners plc | 1,142,857 | 3,695 | |||
Weir Group plc | 180,000 | 3,460 | ||||
B&M European Value Retail SA | 562,576 | 3,447 | ||||
*,2 | Trainline plc | 963,245 | 3,401 | |||
Keller Group plc | 300,000 | 3,161 | ||||
Redrow plc | 470,000 | 3,081 | ||||
NCC Group plc | 1,305,000 | 2,962 | ||||
Renishaw plc | 54,000 | 2,854 | ||||
* | FD Technologies plc | 95,772 | 2,838 | |||
Diploma plc | 81,400 | 2,792 | ||||
* | National Express Group plc | 889,974 | 2,759 | |||
Smart Metering Systems plc | 259,156 | 2,681 | ||||
Pennon Group plc | 189,481 | 2,633 | ||||
Vistry Group plc | 250,000 | 2,608 | ||||
Alpha FX Group plc | 99,958 | 2,582 | ||||
* | Victoria plc | 321,046 | 2,574 | |||
* | IWG plc | 835,000 | 2,535 | |||
* | Restaurant Group plc | 3,198,958 | 2,449 | |||
Serica Energy plc | 508,100 | 2,232 | ||||
Greggs plc | 72,308 | 2,110 | ||||
2 | Bridgepoint Group plc | 550,000 | 2,104 | |||
Harbour Energy plc | 326,672 | 2,049 | ||||
* | Molten Ventures plc | 199,886 | 1,724 | |||
2 | Sabre Insurance Group plc | 617,120 | 1,617 | |||
Burford Capital Ltd. | 186,510 | 1,595 | ||||
* | Team17 Group plc | 290,619 | 1,583 | |||
* | Hyve Group plc | 1,672,303 | 1,582 | |||
Synthomer plc | 398,427 | 1,516 | ||||
* | Naked Wines plc | 333,054 | 1,507 | |||
* | Energean plc | 101,789 | 1,496 | |||
Grainger plc | 400,000 | 1,488 | ||||
*,2 | DP Eurasia NV | 2,357,397 | 1,468 | |||
Derwent London plc | 37,048 | 1,406 | ||||
Savills plc | 82,692 | 1,112 | ||||
* | Hotel Chocolat Group plc | 234,940 | 1,104 | |||
Impax Asset Management Group plc | 99,324 | 1,074 | ||||
Intermediate Capital Group plc | 55,767 | 1,067 | ||||
* | EnQuest plc | 2,556,431 | 1,035 | |||
* | Wise plc Class A | 200,000 | 980 | |||
dotdigital group plc | 870,046 | 949 | ||||
* | WH Smith plc | 50,062 | 901 | |||
* | Immunocore Holdings plc ADR | 25,768 | 840 |
Shares | Market Value• ($000) | |||||
Marshalls plc | 72,402 | 554 | ||||
*,1 | Arrival SA | 266,626 | 515 | |||
320,077 | ||||||
United States (0.3%) | ||||||
* | Merus NV | 150,523 | 3,070 | |||
Patria Investments Ltd. Class A | 177,300 | 2,892 | ||||
5,962 | ||||||
Total Common Stocks (Cost $1,851,968) | 1,868,881 | |||||
Temporary Cash Investments (5.7%) | ||||||
Money Market Fund (5.4%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 0.409% | 1,060,421 | 106,031 |
Face Amount ($000) | Market Value• ($000) | |||||
Repurchase Agreements (0.3%) | ||||||
Goldman Sachs & Co. 0.290%, 5/2/2022 (Dated 4/29/22, Repurchase Value $6,700,000, collateralized by Ginnie Mae 3.000%–6.000%, 7/15/24–5/20/49, with a value of $6,834,000) | 6,700 | 6,700 | ||||
Total Temporary Cash Investments (Cost $112,720) | 112,731 | |||||
Total Investments (101.2%) (Cost $1,964,688) | 1,981,612 | |||||
Other Assets and Liabilities—Net (-1.2%) | (24,000) | |||||
Net Assets (100%) | 1,957,612 |
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 $32,609,000. |
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 April 30, 2022, the aggregate value was $114,753,000, representing 5.9% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $41,147,000 was received for securities on loan, of which $40,972,000 is held in Vanguard Market Liquidity Fund and $175,000 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 | June 2022 | 286 | 28,552 | (1,908) |
MSCI Emerging Market Index | June 2022 | 236 | 12,477 | (734) |
(2,642) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,858,668) | 1,875,581 |
Affiliated Issuers (Cost $106,020) | 106,031 |
Total Investments in Securities | 1,981,612 |
Investment in Vanguard | 73 |
Cash | 6,022 |
Foreign Currency, at Value (Cost $4,371) | 4,351 |
Cash Collateral Pledged—Futures Contracts | 2,170 |
Receivables for Investment Securities Sold | 26,101 |
Receivables for Accrued Income | 10,575 |
Receivables for Capital Shares Issued | 1,137 |
Total Assets | 2,032,041 |
Liabilities | |
Payables for Investment Securities Purchased | 30,988 |
Collateral for Securities on Loan | 41,147 |
Payables for Capital Shares Redeemed | 702 |
Payables to Investment Advisor | 1,109 |
Payables to Vanguard | 150 |
Variation Margin Payable—Futures Contracts | 333 |
Total Liabilities | 74,429 |
Net Assets | 1,957,612 |
1 Includes $32,609 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 1,928,545 |
Total Distributable Earnings (Loss) | 29,067 |
Net Assets | 1,957,612 |
Net Assets | |
Applicable to 117,947,125 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,957,612 |
Net Asset Value Per Share | $16.60 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 21,542 |
Interest2 | 64 |
Securities Lending—Net | 374 |
Total Income | 21,980 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 3,250 |
Performance Adjustment | (680) |
The Vanguard Group—Note C | |
Management and Administrative | 1,883 |
Marketing and Distribution | 106 |
Custodian Fees | 114 |
Shareholders’ Reports | 29 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 12 |
Total Expenses | 4,715 |
Expenses Paid Indirectly | (2) |
Net Expenses | 4,713 |
Net Investment Income | 17,267 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 29,248 |
Futures Contracts | (6,451) |
Foreign Currencies | (428) |
Realized Net Gain (Loss) | 22,369 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (649,816) |
Futures Contracts | (2,143) |
Foreign Currencies | (428) |
Change in Unrealized Appreciation (Depreciation) | (652,387) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (612,751) |
1 | Dividends include foreign tax reclaims of $1,507,000 and are net of foreign withholding taxes of $2,579,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $61,000, ($17,000), $2,000, and $5,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 17,267 | 36,253 | |
Realized Net Gain (Loss) | 22,369 | 359,948 | |
Change in Unrealized Appreciation (Depreciation) | (652,387) | 411,374 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (612,751) | 807,575 | |
Distributions | |||
Total Distributions | (121,682) | (29,013) | |
Capital Share Transactions | |||
Issued | 115,531 | 270,839 | |
Issued in Lieu of Cash Distributions | 102,893 | 25,535 | |
Redeemed | (341,358) | (588,908) | |
Net Increase (Decrease) from Capital Share Transactions | (122,934) | (292,534) | |
Total Increase (Decrease) | (857,367) | 486,028 | |
Net Assets | |||
Beginning of Period | 2,814,979 | 2,328,951 | |
End of Period | 1,957,612 | 2,814,979 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $22.70 | $16.90 | $17.22 | $17.86 | $21.87 | $16.82 |
Investment Operations | ||||||
Net Investment Income1 | .142 | .280 | .211 | .379 | .369 | .333 |
Net Realized and Unrealized Gain (Loss) on Investments | (5.220) | 5.736 | (.081) | .300 | (3.032) | 5.035 |
Total from Investment Operations | (5.078) | 6.016 | .130 | .679 | (2.663) | 5.368 |
Distributions | ||||||
Dividends from Net Investment Income | (.487) | (.216) | (.450) | (.289) | (.447) | (.318) |
Distributions from Realized Capital Gains | (.535) | — | — | (1.030) | (.900) | — |
Total Distributions | (1.022) | (.216) | (.450) | (1.319) | (1.347) | (.318) |
Net Asset Value, End of Period | $16.60 | $22.70 | $16.90 | $17.22 | $17.86 | $21.87 |
Total Return2 | -23.20% | 35.79% | 0.62% | 4.85% | -13.08% | 32.58% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,958 | $2,815 | $2,329 | $3,163 | $3,649 | $3,980 |
Ratio of Total Expenses to Average Net Assets3 | 0.40%4 | 0.40% | 0.39% | 0.39% | 0.39% | 0.38% |
Ratio of Net Investment Income to Average Net Assets | 1.34% | 1.30% | 1.29% | 2.28% | 1.75% | 1.68% |
Portfolio Turnover Rate | 24% | 51% | 71% | 35% | 40% | 43% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.06%), (0.05%), (0.04%), (0.03%), (0.01%), and (0.01%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was less than 0.01%. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 97,267 | 1,771,614 | — | 1,868,881 |
Temporary Cash Investments | 106,031 | 6,700 | — | 112,731 |
Total | 203,298 | 1,778,314 | — | 1,981,612 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 2,642 | — | — | 2,642 |
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) | |
Tax Cost | 1,989,151 |
Gross Unrealized Appreciation | 296,179 |
Gross Unrealized Depreciation | (306,360) |
Net Unrealized Appreciation (Depreciation) | (10,181) |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 5,855 | 12,684 | |
Issued in Lieu of Cash Distributions | 5,056 | 1,290 | |
Redeemed | (16,949) | (27,817) | |
Net Increase (Decrease) in Shares Outstanding | (6,038) | (13,843) |
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• | 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 April 30, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,006.40 | $0.30 |
Admiral™ Shares | 1,000.00 | 1,006.40 | 0.40 |
Based on Hypothetical 5% Yearly Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.50 | $0.30 |
Admiral Shares | 1,000.00 | 1,024.40 | 0.40 |
Basic Materials | 4.3% |
Consumer Discretionary | 9.0 |
Consumer Staples | 13.4 |
Energy | 9.1 |
Financials | 19.6 |
Health Care | 14.4 |
Industrials | 10.1 |
Real Estate | 0.0 |
Technology | 6.9 |
Telecommunications | 5.2 |
Utilities | 8.0 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (4.3%) | ||||||
Linde plc | 2,026,709 | 632,252 | ||||
Newmont Corp. | 3,139,286 | 228,697 | ||||
Air Products and Chemicals Inc. | 866,841 | 202,901 | ||||
Dow Inc. | 2,893,372 | 192,409 | ||||
Nucor Corp. | 1,065,335 | 164,893 | ||||
Fastenal Co. | 2,257,157 | 124,843 | ||||
International Flavors & Fragrances Inc. | 998,458 | 121,113 | ||||
LyondellBasell Industries NV Class A | 1,017,888 | 107,927 | ||||
CF Industries Holdings Inc. | 838,186 | 81,162 | ||||
International Paper Co. | 1,519,920 | 70,342 | ||||
Steel Dynamics Inc. | 741,079 | 63,548 | ||||
Celanese Corp. | 428,322 | 62,938 | ||||
Eastman Chemical Co. | 527,035 | 54,111 | ||||
Reliance Steel & Aluminum Co. | 245,729 | 48,716 | ||||
Olin Corp. | 551,805 | 31,674 | ||||
Huntsman Corp. | 807,513 | 27,350 | ||||
Chemours Co. | 619,828 | 20,498 | ||||
Southern Copper Corp. | 327,853 | 20,415 | ||||
Commercial Metals Co. | 464,572 | 19,047 | ||||
Avient Corp. | 352,410 | 17,353 | ||||
Scotts Miracle-Gro Co. | 159,954 | 16,624 | ||||
Timken Co. | 250,073 | 14,414 | ||||
Cabot Corp. | 216,288 | 14,243 | ||||
Sensient Technologies Corp. | 163,760 | 13,854 | ||||
Tronox Holdings plc Class A | 443,749 | 7,632 | ||||
Trinseo plc | 150,038 | 7,119 | ||||
Carpenter Technology Corp. | 184,345 | 7,038 | ||||
Worthington Industries Inc. | 140,972 | 6,706 |
Shares | Market Value• ($000) | |||||
Kaiser Aluminum Corp. | 61,155 | 5,901 | ||||
Schweitzer-Mauduit International Inc. | 124,145 | 3,124 | ||||
2,388,844 | ||||||
Consumer Discretionary (9.0%) | ||||||
Home Depot Inc. | 4,099,372 | 1,231,451 | ||||
Walmart Inc. | 5,549,938 | 849,085 | ||||
McDonald's Corp. | 2,931,429 | 730,395 | ||||
Target Corp. | 1,877,075 | 429,193 | ||||
Starbucks Corp. | 4,517,787 | 337,208 | ||||
Ford Motor Co. | 15,373,097 | 217,683 | ||||
Best Buy Co. Inc. | 942,768 | 84,783 | ||||
Genuine Parts Co. | 554,861 | 72,160 | ||||
Paramount Global Class B | 2,288,015 | 66,627 | ||||
Darden Restaurants Inc. | 504,916 | 66,513 | ||||
VF Corp. | 1,272,192 | 66,154 | ||||
Garmin Ltd. | 595,034 | 65,299 | ||||
Omnicom Group Inc. | 814,291 | 61,992 | ||||
Interpublic Group of Cos. Inc. | 1,544,533 | 50,383 | ||||
Advance Auto Parts Inc. | 245,508 | 49,011 | ||||
Hasbro Inc. | 498,249 | 43,876 | ||||
Whirlpool Corp. | 226,847 | 41,177 | ||||
Nielsen Holdings plc | 1,392,677 | 37,338 | ||||
Williams-Sonoma Inc. | 282,881 | 36,910 | ||||
Tapestry Inc. | 1,043,600 | 34,355 | ||||
Newell Brands Inc. | 1,481,636 | 34,300 | ||||
Kohl's Corp. | 548,984 | 31,775 | ||||
Macy's Inc. | 1,163,013 | 28,110 | ||||
Autoliv Inc. | 347,453 | 25,600 | ||||
Polaris Inc. | 222,270 | 21,102 | ||||
1 | Sirius XM Holdings Inc. | 3,378,076 | 20,269 | |||
TEGNA Inc. | 854,745 | 18,847 | ||||
Leggett & Platt Inc. | 517,705 | 18,446 | ||||
Ralph Lauren Corp. | 176,406 | 18,406 | ||||
Travel + Leisure Co. | 330,204 | 18,320 | ||||
Hanesbrands Inc. | 1,351,645 | 17,923 | ||||
H&R Block Inc. | 641,708 | 16,729 | ||||
Wendy's Co. | 691,756 | 13,669 | ||||
Penske Automotive Group Inc. | 120,130 | 12,592 |
Shares | Market Value• ($000) | |||||
Cracker Barrel Old Country Store Inc. | 91,336 | 10,137 | ||||
Foot Locker Inc. | 339,590 | 9,953 | ||||
Gap Inc. | 781,392 | 9,705 | ||||
LCI Industries | 96,000 | �� 9,343 | ||||
1 | American Eagle Outfitters Inc. | 586,961 | 8,869 | |||
John Wiley & Sons Inc. Class A | 167,275 | 8,513 | ||||
International Game Technology plc | 385,746 | 8,421 | ||||
Dana Inc. | 560,418 | 8,300 | ||||
MDC Holdings Inc. | 221,217 | 8,165 | ||||
Kontoor Brands Inc. | 200,850 | 7,980 | ||||
Jack in the Box Inc. | 81,636 | 6,756 | ||||
Wolverine World Wide Inc. | 313,610 | 6,216 | ||||
Rent-A-Center Inc. | 255,037 | 6,152 | ||||
Strategic Education Inc. | 94,170 | 6,083 | ||||
HNI Corp. | 168,494 | 6,005 | ||||
Oxford Industries Inc. | 62,002 | 5,555 | ||||
Dine Brands Global Inc. | 62,902 | 4,509 | ||||
La-Z-Boy Inc. | 169,572 | 4,456 | ||||
Steelcase Inc. Class A | 332,029 | 3,895 | ||||
Sinclair Broadcast Group Inc. Class A | 174,277 | 3,876 | ||||
Big Lots Inc. | 117,004 | 3,615 | ||||
1 | Guess? Inc. | 155,572 | 3,496 | |||
5,017,681 | ||||||
Consumer Staples (13.4%) | ||||||
Procter & Gamble Co. | 9,442,122 | 1,515,933 | ||||
Coca-Cola Co. | 15,237,612 | 984,502 | ||||
PepsiCo Inc. | 5,421,844 | 930,985 | ||||
Philip Morris International Inc. | 6,112,687 | 611,269 | ||||
CVS Health Corp. | 5,164,905 | 496,502 | ||||
Altria Group Inc. | 7,160,273 | 397,896 | ||||
Mondelez International Inc. Class A | 5,406,525 | 348,613 | ||||
Colgate-Palmolive Co. | 3,272,457 | 252,143 | ||||
Archer-Daniels-Midland Co. | 2,182,091 | 195,428 | ||||
Kimberly-Clark Corp. | 1,325,138 | 183,969 | ||||
Sysco Corp. | 2,008,274 | 171,667 | ||||
General Mills Inc. | 2,370,046 | 167,633 | ||||
Kroger Co. | 2,870,735 | 154,905 | ||||
Hershey Co. | 572,890 | 129,341 | ||||
Walgreens Boots Alliance Inc. | 2,809,858 | 119,138 | ||||
Kraft Heinz Co. | 2,721,216 | 116,005 | ||||
Tyson Foods Inc. Class A | 1,125,342 | 104,837 | ||||
Clorox Co. | 483,802 | 69,411 | ||||
Kellogg Co. | 989,288 | 67,766 | ||||
Conagra Brands Inc. | 1,841,795 | 64,334 | ||||
Bunge Ltd. | 542,074 | 61,319 |
Shares | Market Value• ($000) | |||||
Hormel Foods Corp. | 1,112,763 | 58,298 | ||||
J M Smucker Co. | 412,926 | 56,542 | ||||
Coca-Cola Europacific Partners plc | 795,524 | 39,736 | ||||
Molson Coors Beverage Co. Class B | 703,956 | 38,112 | ||||
Campbell Soup Co. | 760,058 | 35,890 | ||||
Ingredion Inc. | 261,385 | 22,247 | ||||
Flowers Foods Inc. | 729,916 | 19,357 | ||||
Spectrum Brands Holdings Inc. | 156,154 | 13,284 | ||||
Nu Skin Enterprises Inc. Class A | 192,201 | 8,196 | ||||
Medifast Inc. | 44,470 | 7,932 | ||||
Energizer Holdings Inc. | 258,280 | 7,823 | ||||
Vector Group Ltd. | 555,853 | 7,071 | ||||
1 | B&G Foods Inc. | 247,909 | 6,676 | |||
Reynolds Consumer Products Inc. | 214,336 | 6,342 | ||||
Universal Corp. | 92,910 | 5,375 | ||||
Weis Markets Inc. | 65,605 | 5,241 | ||||
Calavo Growers Inc. | 66,002 | 2,392 | ||||
7,484,110 | ||||||
Energy (9.1%) | ||||||
Exxon Mobil Corp. | 16,627,062 | 1,417,457 | ||||
Chevron Corp. | 7,595,431 | 1,189,976 | ||||
ConocoPhillips | 5,180,251 | 494,817 | ||||
EOG Resources Inc. | 2,285,938 | 266,906 | ||||
Schlumberger NV | 5,486,512 | 214,029 | ||||
Marathon Petroleum Corp. | 2,420,837 | 211,242 | ||||
Valero Energy Corp. | 1,603,223 | 178,727 | ||||
Williams Cos. Inc. | 4,760,546 | 163,239 | ||||
Devon Energy Corp. | 2,640,371 | 153,590 | ||||
Kinder Morgan Inc. | 7,623,559 | 138,368 | ||||
Phillips 66 | 1,366,618 | 118,568 | ||||
ONEOK Inc. | 1,739,076 | 110,136 | ||||
Coterra Energy Inc. | 3,122,161 | 89,887 | ||||
Baker Hughes Co. | 2,888,208 | 89,592 | ||||
Diamondback Energy Inc. | 708,236 | 89,401 | ||||
Chesapeake Energy Corp. | 411,180 | 33,725 | ||||
Murphy Oil Corp. | 567,269 | 21,602 | ||||
DT Midstream Inc. | 373,448 | 20,073 | ||||
Helmerich & Payne Inc. | 398,626 | 18,349 | ||||
Antero Midstream Corp. | 1,302,715 | 13,379 | ||||
Equitrans Midstream Corp. | 1,583,726 | 12,448 | ||||
Archrock Inc. | 517,537 | 4,508 | ||||
5,050,019 | ||||||
Financials (19.6%) | ||||||
JPMorgan Chase & Co. | 11,523,463 | 1,375,441 | ||||
Bank of America Corp. | 27,913,765 | 995,963 | ||||
Wells Fargo & Co. | 15,267,880 | 666,138 | ||||
Morgan Stanley | 5,191,126 | 418,353 |
Shares | Market Value• ($000) | |||||
Goldman Sachs Group Inc. | 1,286,970 | 393,156 | ||||
Citigroup Inc. | 7,787,441 | 375,432 | ||||
BlackRock Inc. | 561,695 | 350,880 | ||||
Chubb Ltd. | 1,682,155 | 347,281 | ||||
CME Group Inc. | 1,406,573 | 308,518 | ||||
Blackstone Inc. | 2,754,097 | 279,734 | ||||
PNC Financial Services Group Inc. | 1,666,730 | 276,844 | ||||
US Bancorp | 5,272,112 | 256,014 | ||||
Truist Financial Corp. | 5,202,946 | 251,562 | ||||
Progressive Corp. | 2,293,383 | 246,218 | ||||
American International Group Inc. | 3,258,911 | 190,679 | ||||
MetLife Inc. | 2,749,134 | 180,563 | ||||
Travelers Cos. Inc. | 945,539 | 161,744 | ||||
Prudential Financial Inc. | 1,490,023 | 161,682 | ||||
Aflac Inc. | 2,532,163 | 145,042 | ||||
Allstate Corp. | 1,096,402 | 138,739 | ||||
Arthur J Gallagher & Co. | 802,885 | 135,278 | ||||
Discover Financial Services | 1,127,967 | 126,851 | ||||
Bank of New York Mellon Corp. | 2,887,278 | 121,439 | ||||
M&T Bank Corp. | 698,909 | 116,466 | ||||
Ameriprise Financial Inc. | 438,447 | 116,403 | ||||
T. Rowe Price Group Inc. | 892,382 | 109,799 | ||||
Fifth Third Bancorp | 2,671,289 | 100,253 | ||||
State Street Corp. | 1,431,027 | 95,836 | ||||
Hartford Financial Services Group Inc. | 1,312,380 | 91,775 | ||||
Northern Trust Corp. | 805,231 | 82,979 | ||||
Regions Financial Corp. | 3,775,351 | 78,225 | ||||
Citizens Financial Group Inc. | 1,940,818 | 76,468 | ||||
Huntington Bancshares Inc. | 5,656,719 | 74,386 | ||||
Cincinnati Financial Corp. | 588,079 | 72,134 | ||||
Apollo Global Management Inc. | 1,447,512 | 72,028 | ||||
KeyCorp | 3,643,519 | 70,356 | ||||
Principal Financial Group Inc. | 1,015,579 | 69,202 | ||||
Ally Financial Inc. | 1,315,431 | 52,565 | ||||
First Horizon Corp. | 2,097,953 | 46,952 | ||||
Fidelity National Financial Inc. | 1,076,116 | 42,851 | ||||
Lincoln National Corp. | 710,699 | 42,749 | ||||
Comerica Inc. | 519,128 | 42,517 | ||||
Everest Re Group Ltd. | 151,346 | 41,576 | ||||
Assurant Inc. | 221,455 | 40,278 | ||||
East West Bancorp Inc. | 558,326 | 39,809 | ||||
Equitable Holdings Inc. | 1,365,209 | 39,359 | ||||
Credicorp Ltd. | 263,938 | 36,658 | ||||
Ares Management Corp. Class A | 553,424 | 36,648 |
�� | Shares | Market Value• ($000) | ||||
American Financial Group Inc. | 264,200 | 36,586 | ||||
Webster Financial Corp. | 695,274 | 34,757 | ||||
Zions Bancorp NA | 581,884 | 32,882 | ||||
Cullen/Frost Bankers Inc. | 222,499 | 29,434 | ||||
Reinsurance Group of America Inc. | 261,394 | 28,053 | ||||
Franklin Resources Inc. | 1,126,473 | 27,700 | ||||
Jefferies Financial Group Inc. | 834,562 | 25,671 | ||||
Unum Group | 794,001 | 24,233 | ||||
First American Financial Corp. | 414,677 | 24,180 | ||||
Popular Inc. | 308,402 | 24,052 | ||||
Old Republic International Corp. | 1,090,156 | 23,994 | ||||
Invesco Ltd. | 1,299,470 | 23,884 | ||||
Synovus Financial Corp. | 565,372 | 23,486 | ||||
SouthState Corp. | 297,578 | 23,044 | ||||
Carlyle Group Inc. | 632,344 | 22,948 | ||||
Prosperity Bancshares Inc. | 347,796 | 22,739 | ||||
Hanover Insurance Group Inc. | 139,068 | 20,418 | ||||
Janus Henderson Group plc | 658,667 | 20,076 | ||||
OneMain Holdings Inc. | 425,504 | 19,543 | ||||
Glacier Bancorp Inc. | 426,745 | 19,528 | ||||
Valley National Bancorp | 1,557,970 | 18,664 | ||||
SLM Corp. | 1,079,377 | 18,058 | ||||
RLI Corp. | 154,962 | 17,787 | ||||
Bank OZK | 462,652 | 17,775 | ||||
Cadence Bank | 699,861 | 17,524 | ||||
Axis Capital Holdings Ltd. | 301,761 | 17,300 | ||||
Old National Bancorp | 1,138,903 | 17,266 | ||||
United Bankshares Inc. | 510,562 | 16,981 | ||||
Houlihan Lokey Inc. Class A | 197,850 | 16,479 | ||||
New York Community Bancorp Inc. | 1,755,643 | 16,222 | ||||
MGIC Investment Corp. | 1,240,713 | 16,204 | ||||
Radian Group Inc. | 734,056 | 15,701 | ||||
Evercore Inc. Class A | 148,346 | 15,688 | ||||
Hancock Whitney Corp. | 334,826 | 15,660 | ||||
FNB Corp. | 1,332,179 | 15,347 | ||||
PacWest Bancorp | 451,817 | 14,860 | ||||
Assured Guaranty Ltd. | 261,210 | 14,406 | ||||
Independent Bank Corp. (Massachusetts) | 185,406 | 14,306 | ||||
Umpqua Holdings Corp. | 841,166 | 13,913 | ||||
Walker & Dunlop Inc. | 112,976 | 13,530 | ||||
Community Bank System Inc. | 207,196 | 13,343 | ||||
Home BancShares Inc. | 590,496 | 12,766 | ||||
Lazard Ltd. Class A | 389,524 | 12,765 | ||||
BankUnited Inc. | 331,212 | 12,434 |
Shares | Market Value• ($000) | |||||
CVB Financial Corp. | 531,277 | 12,230 | ||||
United Community Banks Inc. | 405,325 | 12,216 | ||||
FirstCash Holdings Inc. | 152,838 | 12,193 | ||||
First Hawaiian Inc. | 495,911 | 11,708 | ||||
Bank of Hawaii Corp. | 154,999 | 11,523 | ||||
Associated Banc-Corp | 575,504 | 11,481 | ||||
Simmons First National Corp. Class A | 480,892 | 11,479 | ||||
Pacific Premier Bancorp Inc. | 363,055 | 11,385 | ||||
Cathay General Bancorp | 281,755 | 11,296 | ||||
CNO Financial Group Inc. | 465,399 | 11,235 | ||||
Kemper Corp. | 233,074 | 10,759 | ||||
Jackson Financial Inc. Class A | 254,008 | 10,747 | ||||
First Bancorp | 770,098 | 10,481 | ||||
Moelis & Co. Class A | 236,643 | 10,474 | ||||
Federated Hermes Inc. Class B | 360,131 | 10,257 | ||||
Virtu Financial Inc. Class A | 345,388 | 9,975 | ||||
Atlantic Union Bankshares Corp. | 292,071 | 9,866 | ||||
Independent Bank Group Inc. | 144,071 | 9,768 | ||||
BOK Financial Corp. | 117,510 | 9,745 | ||||
Navient Corp. | 593,303 | 9,428 | ||||
Fulton Financial Corp. | 615,183 | 9,332 | ||||
First Merchants Corp. | 221,527 | 8,682 | ||||
Columbia Banking System Inc. | 303,297 | 8,517 | ||||
Washington Federal Inc. | 254,755 | 7,752 | ||||
WesBanco Inc. | 233,906 | 7,541 | ||||
Cohen & Steers Inc. | 96,506 | 7,498 | ||||
First Financial Bancorp | 358,770 | 7,337 | ||||
Artisan Partners Asset Management Inc. Class A | 226,587 | 7,282 | ||||
Towne Bank | 260,085 | 7,171 | ||||
Banner Corp. | 132,061 | 7,092 | ||||
Heartland Financial USA Inc. | 155,572 | 6,809 | ||||
Sandy Spring Bancorp Inc. | 171,246 | 6,725 | ||||
Trustmark Corp. | 237,621 | 6,625 | ||||
Horace Mann Educators Corp. | 161,647 | 6,442 | ||||
Hope Bancorp Inc. | 448,048 | 6,407 | ||||
Provident Financial Services Inc. | 288,996 | 6,395 | ||||
Renasant Corp. | 211,701 | 6,307 | ||||
Bank of NT Butterfield & Son Ltd. | 194,009 | 6,214 | ||||
Eagle Bancorp Inc. | 122,004 | 6,143 | ||||
Northwest Bancshares Inc. | 472,915 | 5,997 |
Shares | Market Value• ($000) | |||||
Westamerica Bancorp | 100,824 | 5,941 | ||||
NBT Bancorp Inc. | 163,126 | 5,742 | ||||
BancFirst Corp. | 67,331 | 5,504 | ||||
Argo Group International Holdings Ltd. | 122,290 | 5,234 | ||||
Mercury General Corp. | 103,604 | 5,225 | ||||
CNA Financial Corp. | 107,724 | 5,110 | ||||
Virtus Investment Partners Inc. | 28,059 | 4,971 | ||||
First Commonwealth Financial Corp. | 364,634 | 4,915 | ||||
Stock Yards Bancorp Inc. | 93,197 | 4,872 | ||||
Capitol Federal Financial Inc. | 500,458 | 4,819 | ||||
Berkshire Hills Bancorp Inc. | 189,342 | 4,684 | ||||
Brookline Bancorp Inc. | 320,953 | 4,641 | ||||
City Holding Co. | 57,812 | 4,473 | ||||
Employers Holdings Inc. | 108,201 | 4,257 | ||||
S&T Bancorp Inc. | 149,933 | 4,237 | ||||
1st Source Corp. | 90,884 | 3,933 | ||||
Washington Trust Bancorp Inc. | 66,044 | 3,100 | ||||
Kearny Financial Corp. | 255,996 | 3,036 | ||||
TFS Financial Corp. | 197,295 | 2,957 | ||||
WisdomTree Investments Inc. | 503,474 | 2,935 | ||||
Community Trust Bancorp Inc. | 67,913 | 2,704 | ||||
Republic Bancorp Inc. Class A | 36,997 | 1,542 | ||||
10,929,356 | ||||||
Health Care (14.4%) | ||||||
Johnson & Johnson | 10,339,594 | 1,865,883 | ||||
Pfizer Inc. | 21,916,804 | 1,075,458 | ||||
AbbVie Inc. | 6,934,392 | 1,018,523 | ||||
Eli Lilly & Co. | 3,327,530 | 972,071 | ||||
Merck & Co. Inc. | 9,940,794 | 881,649 | ||||
Bristol-Myers Squibb Co. | 8,562,609 | 644,508 | ||||
Medtronic plc | 5,268,511 | 549,822 | ||||
Amgen Inc. | 2,190,081 | 510,705 | ||||
Gilead Sciences Inc. | 4,929,589 | 292,522 | ||||
Cardinal Health Inc. | 1,089,513 | 63,246 | ||||
Viatris Inc. | 4,746,016 | 49,026 | ||||
Organon & Co. | 988,221 | 31,949 | ||||
Perrigo Co. plc | 520,302 | 17,846 | ||||
Premier Inc. Class A | 476,248 | 17,245 | ||||
Patterson Cos. Inc. | 336,102 | 10,342 | ||||
Healthcare Services Group Inc. | 290,041 | 4,957 | ||||
8,005,752 | ||||||
Industrials (10.1%) | ||||||
Raytheon Technologies Corp. | 5,875,066 | 557,603 | ||||
Honeywell International Inc. | 2,689,895 | 520,522 |
Shares | Market Value• ($000) | |||||
United Parcel Service Inc. Class B | 2,841,588 | 511,429 | ||||
Caterpillar Inc. | 2,123,627 | 447,108 | ||||
Lockheed Martin Corp. | 952,974 | 411,799 | ||||
Automatic Data Processing Inc. | 1,648,125 | 359,588 | ||||
3M Co. | 2,244,210 | 323,660 | ||||
Illinois Tool Works Inc. | 1,232,501 | 242,938 | ||||
General Dynamics Corp. | 975,053 | 230,629 | ||||
Eaton Corp. plc | 1,560,927 | 226,366 | ||||
Emerson Electric Co. | 2,338,773 | 210,911 | ||||
L3Harris Technologies Inc. | 769,982 | 178,836 | ||||
Johnson Controls International plc | 2,759,568 | 165,215 | ||||
Paychex Inc. | 1,265,341 | 160,357 | ||||
DuPont de Nemours Inc. | 2,013,729 | 132,765 | ||||
PACCAR Inc. | 1,334,876 | 110,861 | ||||
Cummins Inc. | 562,425 | 106,405 | ||||
Synchrony Financial | 2,045,361 | 75,290 | ||||
Packaging Corp. of America | 368,831 | 59,444 | ||||
CH Robinson Worldwide Inc. | 508,205 | 53,946 | ||||
Westrock Co. | 1,024,847 | 50,761 | ||||
Snap-on Inc. | 208,197 | 44,240 | ||||
Hubbell Inc. Class B | 214,663 | 41,937 | ||||
RPM International Inc. | 504,890 | 41,855 | ||||
Watsco Inc. | 127,238 | 33,945 | ||||
Huntington Ingalls Industries Inc. | 153,285 | 32,610 | ||||
Western Union Co. | 1,530,007 | 25,643 | ||||
Sonoco Products Co. | 382,259 | 23,666 | ||||
nVent Electric plc | 648,547 | 21,908 | ||||
MDU Resources Group Inc. | 785,259 | 20,228 | ||||
ManpowerGroup Inc. | 211,550 | 19,082 | ||||
Crane Co. | 192,016 | 18,478 | ||||
Flowserve Corp. | 506,661 | 16,573 | ||||
Triton International Ltd. | 257,611 | 15,737 | ||||
MSC Industrial Direct Co. Inc. Class A | 174,810 | 14,485 | ||||
Ryder System Inc. | 203,453 | 14,221 | ||||
GATX Corp. | 136,372 | 14,099 | ||||
ABM Industries Inc. | 260,997 | 12,598 | ||||
Otter Tail Corp. | 159,434 | 9,241 | ||||
Kennametal Inc. | 323,724 | 8,329 | ||||
McGrath RentCorp | 93,779 | 7,827 | ||||
Greif Inc. Class A | 99,961 | 6,066 | ||||
Greenbrier Cos. Inc. | 125,289 | 5,351 | ||||
Granite Construction Inc. | 177,475 | 5,262 | ||||
ZIM Integrated Shipping Services Ltd. | 86,536 | 4,814 | ||||
SFL Corp. Ltd. | 479,981 | 4,761 | ||||
Scorpio Tankers Inc. | 185,936 | 4,598 |
Shares | Market Value• ($000) | |||||
H&E Equipment Services Inc. | 122,993 | 4,364 | ||||
Apogee Enterprises Inc. | 94,625 | 4,163 | ||||
ADT Inc. | 605,076 | 4,145 | ||||
1 | Atlas Corp. | 222,970 | 2,756 | |||
5,619,415 | ||||||
Real Estate (0.0%) | ||||||
Kennedy-Wilson Holdings Inc. | 459,633 | 10,365 | ||||
Technology (6.9%) | ||||||
Broadcom Inc. | 1,584,231 | 878,282 | ||||
Intel Corp. | 15,865,981 | 691,598 | ||||
QUALCOMM Inc. | 4,429,027 | 618,691 | ||||
Texas Instruments Inc. | 3,625,555 | 617,251 | ||||
International Business Machines Corp. | 3,506,393 | 463,580 | ||||
HP Inc. | 4,239,169 | 155,281 | ||||
Corning Inc. | 2,984,259 | 105,016 | ||||
Hewlett Packard Enterprise Co. | 5,103,304 | 78,642 | ||||
NetApp Inc. | 874,608 | 64,065 | ||||
Seagate Technology Holdings plc | 740,245 | 60,730 | ||||
NortonLifeLock Inc. | 2,164,018 | 54,187 | ||||
National Instruments Corp. | 516,585 | 18,669 | ||||
Avnet Inc. | 386,568 | 16,877 | ||||
Xerox Holdings Corp. | 494,490 | 8,604 | ||||
3,831,473 | ||||||
Telecommunications (5.2%) | ||||||
Cisco Systems Inc. | 16,591,484 | 812,651 | ||||
Verizon Communications Inc. | 16,492,186 | 763,588 | ||||
Comcast Corp. Class A | 17,663,936 | 702,318 | ||||
AT&T Inc. | 28,047,762 | 528,981 | ||||
Lumen Technologies Inc. | 3,973,411 | 39,972 | ||||
Juniper Networks Inc. | 1,244,670 | 39,232 | ||||
Cogent Communications Holdings Inc. | 165,197 | 9,664 | ||||
Telephone & Data Systems Inc. | 391,476 | 7,172 | ||||
2,903,578 | ||||||
Utilities (7.9%) | ||||||
NextEra Energy Inc. | 7,700,192 | 546,868 | ||||
Duke Energy Corp. | 3,020,650 | 332,755 | ||||
Southern Co. | 4,152,516 | 304,753 | ||||
Waste Management Inc. | 1,654,704 | 272,100 | ||||
Dominion Energy Inc. | 3,160,538 | 258,026 | ||||
Sempra Energy | 1,252,789 | 202,150 | ||||
American Electric Power Co. Inc. | 1,962,490 | 194,502 | ||||
Exelon Corp. | 3,824,264 | 178,899 | ||||
Xcel Energy Inc. | 2,117,028 | 155,093 | ||||
Public Service Enterprise Group Inc. | 1,973,781 | 137,494 |
Shares | Market Value• ($000) | |||||
Consolidated Edison Inc. | 1,385,808 | 128,520 | ||||
WEC Energy Group Inc. | 1,235,446 | 123,606 | ||||
Eversource Energy | 1,344,108 | 117,475 | ||||
Edison International | 1,462,359 | 100,596 | ||||
DTE Energy Co. | 756,240 | 99,098 | ||||
Entergy Corp. | 786,402 | 93,464 | ||||
Ameren Corp. | 999,346 | 92,839 | ||||
FirstEnergy Corp. | 2,132,174 | 92,344 | ||||
PPL Corp. | 2,950,287 | 83,523 | ||||
CMS Energy Corp. | 1,135,004 | 77,963 | ||||
CenterPoint Energy Inc. | 2,330,557 | 71,338 | ||||
Evergy Inc. | 899,072 | 61,002 | ||||
Atmos Energy Corp. | 529,898 | 60,090 | ||||
Alliant Energy Corp. | 986,358 | 58,008 | ||||
AES Corp. | 2,623,693 | 53,576 | ||||
Vistra Corp. | 1,865,964 | 46,686 | ||||
NiSource Inc. | 1,525,812 | 44,432 | ||||
Essential Utilities Inc. | 909,314 | 40,701 | ||||
NRG Energy Inc. | 947,832 | 34,027 | ||||
Pinnacle West Capital Corp. | 448,910 | 31,962 | ||||
OGE Energy Corp. | 777,520 | 30,075 | ||||
UGI Corp. | 810,163 | 27,789 | ||||
National Fuel Gas Co. | 339,815 | 23,831 | ||||
Southwest Gas Holdings Inc. | 254,739 | 22,445 | ||||
IDACORP Inc. | 196,072 | 20,623 | ||||
Black Hills Corp. | 247,811 | 18,150 | ||||
ONE Gas Inc. | 204,311 | 17,238 | ||||
Hawaiian Electric Industries Inc. | 410,689 | 16,883 | ||||
Portland General Electric Co. | 348,435 | 16,491 | ||||
New Jersey Resources Corp. | 374,243 | 16,152 | ||||
PNM Resources Inc. | 331,273 | 15,457 | ||||
Spire Inc. | 196,406 | 14,289 | ||||
South Jersey Industries Inc. | 413,087 | 14,123 |
Shares | Market Value• ($000) | |||||
ALLETE Inc. | 203,267 | 12,062 | ||||
NorthWestern Corp. | 209,914 | 11,900 | ||||
Avista Corp. | 273,892 | 11,112 | ||||
MGE Energy Inc. | 141,135 | 10,990 | ||||
Avangrid Inc. | 222,672 | 9,876 | ||||
Clearway Energy Inc. Class C | 316,604 | 9,666 | ||||
Atlantica Sustainable Infrastructure plc | 241,186 | 7,453 | ||||
SJW Group | 106,998 | 6,313 | ||||
Northwest Natural Holding Co. | 118,439 | 5,665 | ||||
Clearway Energy Inc. Class A | 136,008 | 3,865 | ||||
4,436,338 | ||||||
Total Common Stocks (Cost $44,630,695) | 55,676,931 | |||||
Temporary Cash Investments (0.1%) | ||||||
Money Market Fund (0.1%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 0.409% (Cost $69,749) | 697,557 | 69,749 | |||
Total Investments (100.0%) (Cost $44,700,444) | 55,746,680 | |||||
Other Assets and Liabilities—Net (0.0%) | 21,753 | |||||
Net Assets (100%) | 55,768,433 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $24,573,000. |
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 $27,723,000 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 | June 2022 | 235 | 48,498 | (2,740) |
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) |
Phillips 66 | 8/31/22 | BANA | 40,085 | (0.322) | 163 | — |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $44,630,695) | 55,676,931 |
Affiliated Issuers (Cost $69,749) | 69,749 |
Total Investments in Securities | 55,746,680 |
Investment in Vanguard | 1,930 |
Cash Collateral Pledged—Futures Contracts | 2,640 |
Receivables for Investment Securities Sold | 81 |
Receivables for Accrued Income | 80,548 |
Receivables for Capital Shares Issued | 10,182 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 163 |
Total Assets | 55,842,224 |
Liabilities | |
Due to Custodian | 3,634 |
Payables for Investment Securities Purchased | 32,781 |
Collateral for Securities on Loan | 27,723 |
Payables for Capital Shares Redeemed | 6,298 |
Payables to Vanguard | 1,522 |
Variation Margin Payable—Futures Contracts | 1,833 |
Total Liabilities | 73,791 |
Net Assets | 55,768,433 |
1 Includes $24,573 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 46,619,280 |
Total Distributable Earnings (Loss) | 9,149,153 |
Net Assets | 55,768,433 |
ETF Shares—Net Assets | |
Applicable to 407,013,405 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 43,769,408 |
Net Asset Value Per Share—ETF Shares | $107.54 |
Admiral Shares—Net Assets | |
Applicable to 370,037,127 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,999,025 |
Net Asset Value Per Share—Admiral Shares | $32.43 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 798,831 |
Interest 1 | 57 |
Securities Lending—Net | 240 |
Total Income | 799,128 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 763 |
Management and Administrative—ETF Shares | 11,158 |
Management and Administrative—Admiral Shares | 4,191 |
Marketing and Distribution—ETF Shares | 487 |
Marketing and Distribution—Admiral Shares | 281 |
Custodian Fees | 186 |
Shareholders’ Reports—ETF Shares | 359 |
Shareholders’ Reports—Admiral Shares | 77 |
Trustees’ Fees and Expenses | 14 |
Other Expenses | 8 |
Total Expenses | 17,524 |
Net Investment Income | 781,604 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 383,925 |
Futures Contracts | 5,048 |
Swap Contracts | (7,438) |
Realized Net Gain (Loss) | 381,535 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (930,245) |
Futures Contracts | (6,446) |
Swap Contracts | (3,455) |
Change in Unrealized Appreciation (Depreciation) | (940,146) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 222,993 |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $57,000, ($14,000), $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $750,178,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 781,604 | 1,357,112 | |
Realized Net Gain (Loss) | 381,535 | 1,205,834 | |
Change in Unrealized Appreciation (Depreciation) | (940,146) | 11,496,343 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 222,993 | 14,059,289 | |
Distributions | |||
ETF Shares | (617,533) | (1,045,675) | |
Admiral Shares | (171,001) | (295,106) | |
Total Distributions | (788,534) | (1,340,781) | |
Capital Share Transactions | |||
ETF Shares | 4,450,324 | 3,606,248 | |
Admiral Shares | 699,036 | 916,264 | |
Net Increase (Decrease) from Capital Share Transactions | 5,149,360 | 4,522,512 | |
Total Increase (Decrease) | 4,583,819 | 17,241,020 | |
Net Assets | |||
Beginning of Period | 51,184,614 | 33,943,594 | |
End of Period | 55,768,433 | 51,184,614 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $108.42 | $79.49 | $89.60 | $83.26 | $82.46 | $71.19 |
Investment Operations | ||||||
Net Investment Income1 | 1.583 | 3.010 | 2.950 | 2.891 | 2.623 | 2.394 |
Net Realized and Unrealized Gain (Loss) on Investments | (.862) | 28.887 | (10.184) | 6.251 | .731 | 11.301 |
Total from Investment Operations | .721 | 31.897 | (7.234) | 9.142 | 3.354 | 13.695 |
Distributions | ||||||
Dividends from Net Investment Income | (1.601) | (2.967) | (2.876) | (2.802) | (2.554) | (2.425) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.601) | (2.967) | (2.876) | (2.802) | (2.554) | (2.425) |
Net Asset Value, End of Period | $107.54 | $108.42 | $79.49 | $89.60 | $83.26 | $82.46 |
Total Return | 0.64% | 40.55% | -8.17% | 11.31% | 4.05% | 19.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $43,769 | $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% | 0.06% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.84% | 2.99% | 3.53% | 3.38% | 3.08% | 3.07% |
Portfolio Turnover Rate2 | 9% | 8% | 11% | 7% | 13% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | February 7, 20191 to October 31, 2019 | |
2021 | 2020 | |||
Net Asset Value, Beginning of Period | $32.69 | $23.97 | $27.02 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .475 | .902 | .887 | .624 |
Net Realized and Unrealized Gain (Loss) on Investments | (.256) | 8.707 | (3.075) | 2.010 |
Total from Investment Operations | .219 | 9.609 | (2.188) | 2.634 |
Distributions | ||||
Dividends from Net Investment Income | (.479) | (.889) | (.862) | (.614) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.479) | (.889) | (.862) | (.614) |
Net Asset Value, End of Period | $32.43 | $32.69 | $23.97 | $27.02 |
Total Return3 | 0.64% | 40.50% | -8.19% | 10.64% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $11,999 | $11,418 | $7,665 | $8,814 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% 4 |
Ratio of Net Investment Income to Average Net Assets | 2.82% | 2.97% | 3.52% | 3.24% 4 |
Portfolio Turnover Rate5 | 9% | 8% | 11% | 7% 6 |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | 55,676,931 | — | — | 55,676,931 |
Temporary Cash Investments | 69,749 | — | — | 69,749 |
Total | 55,746,680 | — | — | 55,746,680 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 163 | — | 163 |
Liabilities | ||||
Futures Contracts1 | 2,740 | — | — | 2,740 |
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) | |
Tax Cost | 44,790,654 |
Gross Unrealized Appreciation | 12,775,414 |
Gross Unrealized Depreciation | (1,821,965) |
Net Unrealized Appreciation (Depreciation) | 10,953,449 |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 6,183,270 | 55,720 | 7,291,624 | 73,333 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,732,946) | (15,475) | (3,685,376) | (37,150) | |
Net Increase (Decrease)—ETF Shares | 4,450,324 | 40,245 | 3,606,248 | 36,183 | |
Admiral Shares | |||||
Issued | 1,403,912 | 41,852 | 2,290,496 | 75,589 | |
Issued in Lieu of Cash Distributions | 132,066 | 3,980 | 229,798 | 7,717 | |
Redeemed | (836,942) | (25,048) | (1,604,030) | (53,826) | |
Net Increase (Decrease)—Admiral Shares | 699,036 | 20,784 | 916,264 | 29,480 |
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Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent No. 6,879,964.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075769/img4042f3781.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 35 |
Liquidity Risk Management | 37 |
• | 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 April 30, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $855.90 | $0.92 |
Admiral™ Shares | 1,000.00 | 855.80 | 0.92 |
Institutional Shares | 1,000.00 | 855.80 | 0.83 |
Based on Hypothetical 5% Yearly Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,023.80 | $1.00 |
Admiral Shares | 1,000.00 | 1,023.80 | 1.00 |
Institutional Shares | 1,000.00 | 1,023.90 | 0.90 |
Mexico | 9.7% |
Saudi Arabia | 9.1 |
Indonesia | 7.0 |
Turkey | 6.5 |
United Arab Emirates | 6.3 |
Qatar | 5.4 |
China | 5.3 |
Brazil | 3.8 |
Colombia | 3.4 |
Philippines | 3.2 |
Oman | 2.6 |
Peru | 2.4 |
Panama | 2.4 |
Chile | 2.3 |
Dominican Republic | 2.3 |
Argentina | 2.3 |
Egypt | 2.2 |
South Africa | 2.0 |
Bahrain | 2.0 |
Uruguay | 1.5 |
Malaysia | 1.4 |
Nigeria | 1.3 |
Ecuador | 1.1 |
Other | 14.5 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (0.1%) | |||||
United States Treasury Note/Bond (Cost $1,861) | 1.750% | 3/15/25 | 1,900 | 1,840 | |
Corporate Bonds (14.8%) | |||||
Azerbaijan (0.2%) | |||||
1 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | 5,800 | 6,141 |
Brazil (0.4%) | |||||
Petrobras Global Finance BV | 5.600% | 1/3/31 | 4,765 | 4,682 | |
Petrobras Global Finance BV | 6.875% | 1/20/40 | 1 | 1 | |
Petrobras Global Finance BV | 6.850% | 6/5/15 | 6,500 | 5,734 | |
10,417 | |||||
Chile (0.2%) | |||||
Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 7,900 | 6,275 | |
China (3.4%) | |||||
Bank of China Ltd. | 5.000% | 11/13/24 | 9,000 | 9,277 | |
China Cinda Finance 2015 I Ltd. | 4.250% | 4/23/25 | 5,000 | 5,012 | |
China Construction Bank Corp. | 4.250% | 2/27/29 | 5,500 | 5,546 | |
China Construction Bank Corp. | 2.450% | 6/24/30 | 5,950 | 5,667 | |
China Construction Bank Corp. | 2.850% | 1/21/32 | 6,000 | 5,579 | |
CNAC HK Finbridge Co. Ltd. | 5.125% | 3/14/28 | 5,155 | 5,233 | |
CNOOC Finance 2013 Ltd. | 3.000% | 5/9/23 | 5,500 | 5,492 | |
CNOOC Finance 2014 ULC | 4.250% | 4/30/24 | 7,031 | 7,142 | |
CNOOC Finance 2015 USA LLC | 3.500% | 5/5/25 | 6,000 | 5,974 | |
Industrial & Commercial Bank of China Ltd. | 4.875% | 9/21/25 | 6,000 | 6,165 | |
Industrial & Commercial Bank of China Ltd. | 3.200% | 12/31/99 | 18,350 | 17,500 | |
Sinopec Group Overseas Development 2013 Ltd. | 4.375% | 10/17/23 | 4,400 | 4,476 | |
Sinopec Group Overseas Development 2015 Ltd. | 3.250% | 4/28/25 | 4,450 | 4,412 | |
Sinopec Group Overseas Development 2018 Ltd. | 2.700% | 5/13/30 | 4,550 | 4,110 | |
State Grid Overseas Investment 2014 Ltd. | 4.125% | 5/7/24 | 4,845 | 4,938 | |
State Grid Overseas Investment BVI Ltd. | 3.500% | 5/4/27 | 6,994 | 6,889 | |
103,412 | |||||
Colombia (0.7%) | |||||
Ecopetrol SA | 5.875% | 9/18/23 | 5,440 | 5,520 | |
Ecopetrol SA | 5.375% | 6/26/26 | 4,300 | 4,232 | |
Ecopetrol SA | 6.875% | 4/29/30 | 5,975 | 5,903 | |
Ecopetrol SA | 5.875% | 5/28/45 | 5,917 | 4,619 | |
20,274 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Indonesia (0.6%) | |||||
2 | Freeport Indonesia PT | 5.315% | 4/14/32 | 4,500 | 4,331 |
Pertamina Persero PT | 4.300% | 5/20/23 | 4,665 | 4,701 | |
Pertamina Persero PT | 6.450% | 5/30/44 | 4,000 | 4,256 | |
Pertamina Persero PT | 6.500% | 11/7/48 | 400 | 427 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | 5/15/27 | 4,557 | 4,469 | |
18,184 | |||||
Kazakhstan (0.1%) | |||||
KazMunayGas National Co. JSC | 6.375% | 10/24/48 | 4,500 | 4,301 | |
Malaysia (0.9%) | |||||
Petronas Capital Ltd. | 3.500% | 3/18/25 | 4,450 | 4,450 | |
Petronas Capital Ltd. | 3.500% | 4/21/30 | 6,750 | 6,449 | |
Petronas Capital Ltd. | 4.500% | 3/18/45 | 4,660 | 4,668 | |
Petronas Capital Ltd. | 4.550% | 4/21/50 | 8,400 | 8,461 | |
2 | Petronas Capital Ltd. | 3.404% | 4/28/61 | 4,600 | 3,627 |
Petronas Capital Ltd. | 3.404% | 4/28/61 | 300 | 237 | |
�� | 27,892 | ||||
Mexico (4.0%) | |||||
Mexico City Airport Trust | 5.500% | 7/31/47 | 6,379 | 5,090 | |
Petroleos Mexicanos | 6.875% | 8/4/26 | 7,425 | 7,401 | |
Petroleos Mexicanos | 6.490% | 1/23/27 | 4,556 | 4,371 | |
Petroleos Mexicanos | 6.500% | 3/13/27 | 11,850 | 11,354 | |
Petroleos Mexicanos | 5.350% | 2/12/28 | 5,745 | 5,105 | |
Petroleos Mexicanos | 6.840% | 1/23/30 | 7,100 | 6,499 | |
Petroleos Mexicanos | 5.950% | 1/28/31 | 11,325 | 9,544 | |
Petroleos Mexicanos | 6.625% | 6/15/35 | 8,200 | 6,666 | |
Petroleos Mexicanos | 6.500% | 6/2/41 | 4,680 | 3,481 | |
Petroleos Mexicanos | 6.750% | 9/21/47 | 16,540 | 11,987 | |
Petroleos Mexicanos | 6.350% | 2/12/48 | 4,700 | 3,291 | |
Petroleos Mexicanos | 7.690% | 1/23/50 | 24,284 | 19,030 | |
Petroleos Mexicanos | 6.950% | 1/28/60 | 11,340 | 8,214 | |
3 | Petroleos Mexicanos | 6.700% | 2/16/32 | 20,199 | 17,456 |
119,489 | |||||
Peru (0.1%) | |||||
Petroleos del Peru SA | 5.625% | 6/19/47 | 6,000 | 4,359 | |
Qatar (1.1%) | |||||
Qatar Energy | 1.375% | 9/12/26 | 375 | 341 | |
2 | Qatar Energy | 2.250% | 7/12/31 | 6,500 | 5,689 |
Qatar Energy | 3.300% | 7/12/51 | 11,925 | 9,796 | |
2 | Qatar Petroleum | 1.375% | 9/12/26 | 4,100 | 3,717 |
Qatar Petroleum | 2.250% | 7/12/31 | 3,400 | 2,972 | |
4 | Qatar Petroleum | 3.125% | 7/12/41 | 11,034 | 9,192 |
31,707 | |||||
Saudi Arabia (2.2%) | |||||
2 | SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 4,380 | 4,023 |
SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 1,638 | 1,503 | |
2 | SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 6,400 | 5,757 |
SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 700 | 628 | |
Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 6,075 | 6,003 | |
2 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 500 | 485 |
Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 8,916 | 8,624 | |
2 | Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 1,675 | 1,459 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 4,900 | 4,247 | |
2 | Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 2,500 | 2,382 |
Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 6,200 | 5,917 | |
Saudi Arabian Oil Co. | 4.375% | 4/16/49 | 9,480 | 8,936 | |
Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 6,408 | 5,018 | |
2 | Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 5,000 | 3,801 |
Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 1,900 | 1,451 | |
Saudi Electricity Global Sukuk Co. 3 | 4.000% | 4/8/24 | 4,250 | 4,297 | |
64,531 | |||||
United Arab Emirates (0.9%) | |||||
3 | Abu Dhabi Crude Oil Pipeline LLC | 4.600% | 11/2/47 | 6,475 | 6,377 |
2 | DP World Ltd. | 6.850% | 7/2/37 | 4,340 | 4,923 |
DP World Ltd. | 5.625% | 9/25/48 | 675 | 677 | |
DP World Salaam | 6.000% | 12/31/99 | 4,500 | 4,557 | |
2 | MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 1,000 | 916 |
MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 3,403 | 3,113 | |
MDGH GMTN RSC Ltd. | 3.950% | 5/21/50 | 6,400 | 6,078 | |
26,641 | |||||
Total Corporate Bonds (Cost $505,777) | 443,623 | ||||
Sovereign Bonds (83.2%) | |||||
Angola (0.9%) | |||||
Republic of Angola | 8.250% | 5/9/28 | 7,750 | 7,462 | |
Republic of Angola | 8.000% | 11/26/29 | 5,223 | 4,886 | |
2 | Republic of Angola | 8.750% | 4/14/32 | 5,135 | 4,864 |
Republic of Angola | 9.375% | 5/8/48 | 5,800 | 5,236 | |
Republic of Angola | 9.125% | 11/26/49 | 2,850 | 2,529 | |
2 | Republic of Angola | 9.125% | 11/26/49 | 600 | 530 |
25,507 | |||||
Argentina (2.2%) | |||||
5 | Provincia de Buenos Aires, 5.2500% coupon rate effective 9/1/22 | 3.900% | 9/1/37 | 18,450 | 7,598 |
Republic of Argentina | 1.000% | 7/9/29 | 7,876 | 2,536 | |
5 | Republic of Argentina, 0.750% coupon rate effective 7/9/23 | 0.500% | 7/9/30 | 48,077 | 15,151 |
5 | Republic of Argentina, 1.500% coupon rate effective 7/9/22 | 1.125% | 7/9/35 | 61,304 | 17,464 |
5 | Republic of Argentina, 1.500% coupon rate effective 7/9/22 | 1.125% | 7/9/46 | 6,249 | 1,810 |
5 | Republic of Argentina, 3.500% coupon rate effective 7/9/22 | 2.500% | 7/9/41 | 31,214 | 10,451 |
5 | Republic of Argentina, 3.875% coupon rate effective 7/9/22 | 2.000% | 1/9/38 | 34,141 | 12,270 |
67,280 | |||||
Armenia (0.1%) | |||||
Republic of Armenia | 7.150% | 3/26/25 | 1,500 | 1,475 | |
Republic of Armenia | 3.950% | 9/26/29 | 1,650 | 1,326 | |
2 | Republic of Armenia | 3.600% | 2/2/31 | 1,150 | 859 |
Republic of Armenia | 3.600% | 2/2/31 | 850 | 631 | |
4,291 | |||||
Azerbaijan (0.2%) | |||||
Republic of Azerbaijan | 4.750% | 3/18/24 | 3,750 | 3,748 | |
3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 3,150 | 2,778 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 300 | 264 |
6,790 | |||||
Bahamas (0.1%) | |||||
2,3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 850 | 619 |
3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 700 | 509 |
2,3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,750 | 1,323 |
3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,200 | 908 |
3,359 | |||||
Bahrain (2.0%) | |||||
CBB International Sukuk Co. 5 Spc | 5.624% | 2/12/24 | 3,800 | 3,861 | |
CBB International Sukuk Co. 6 Spc | 5.250% | 3/20/25 | 2,400 | 2,442 | |
CBB International Sukuk Co. 6 Spc | 6.875% | 10/5/25 | 3,100 | 3,333 | |
CBB International Sukuk Programme Co. WLL | 6.250% | 11/14/24 | 2,858 | 2,970 | |
CBB International Sukuk Programme Co. WLL | 4.500% | 3/30/27 | 2,456 | 2,441 | |
CBB International Sukuk Programme Co. WLL | 3.950% | 9/16/27 | 2,600 | 2,508 | |
2 | CBB International Sukuk Programme Co. WLL | 3.875% | 5/18/29 | 1,500 | 1,400 |
CBB International Sukuk Programme Co. WLL | 3.875% | 5/18/29 | 200 | 186 | |
Kingdom of Bahrain | 6.125% | 8/1/23 | 4,202 | 4,299 | |
Kingdom of Bahrain | 7.000% | 1/26/26 | 4,150 | 4,416 | |
Kingdom of Bahrain | 4.250% | 1/25/28 | 900 | 839 | |
Kingdom of Bahrain | 7.000% | 10/12/28 | 4,900 | 5,133 | |
Kingdom of Bahrain | 6.750% | 9/20/29 | 4,100 | 4,143 | |
Kingdom of Bahrain | 7.375% | 5/14/30 | 3,650 | 3,788 | |
Kingdom of Bahrain | 5.625% | 9/30/31 | 2,970 | 2,733 | |
Kingdom of Bahrain | 5.450% | 9/16/32 | 3,900 | 3,503 | |
Kingdom of Bahrain | 5.250% | 1/25/33 | 1,800 | 1,576 | |
2 | Kingdom of Bahrain | 5.625% | 5/18/34 | 2,400 | 2,155 |
Kingdom of Bahrain | 5.625% | 5/18/34 | 400 | 358 | |
Kingdom of Bahrain | 6.000% | 9/19/44 | 4,000 | 3,291 | |
Kingdom of Bahrain | 7.500% | 9/20/47 | 2,800 | 2,594 | |
Kingdom of Bahrain | 6.250% | 1/25/51 | 1,600 | 1,317 | |
59,286 | |||||
Belarus (0.0%) | |||||
Republic of Belarus | 5.875% | 2/24/26 | 1,000 | 133 | |
Republic of Belarus | 7.625% | 6/29/27 | 1,600 | 208 | |
Republic of Belarus | 6.200% | 2/28/30 | 1,600 | 192 | |
2 | Republic of Belarus | 6.378% | 2/24/31 | 550 | 73 |
Republic of Belarus | 6.378% | 2/24/31 | 2,200 | 274 | |
880 | |||||
Bermuda (0.2%) | |||||
Government of Bermuda | 3.717% | 1/25/27 | 1,550 | 1,537 | |
2 | Government of Bermuda | 4.750% | 2/15/29 | 600 | 630 |
Government of Bermuda | 2.375% | 8/20/30 | 1,200 | 1,060 | |
2 | Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 818 |
Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 819 | |
4,864 | |||||
Bolivia (0.2%) | |||||
2,3 | Bolivian Government | 4.500% | 3/20/28 | 700 | 594 |
3 | Bolivian Government | 4.500% | 3/20/28 | 2,706 | 2,296 |
2 | Bolivian Government | 7.500% | 3/2/30 | 2,000 | 1,976 |
4,866 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Brazil (3.4%) | |||||
Federative Republic of Brazil | 8.875% | 4/15/24 | 3,226 | 3,605 | |
Federative Republic of Brazil | 4.250% | 1/7/25 | 13,753 | 13,884 | |
Federative Republic of Brazil | 8.750% | 2/4/25 | 1,400 | 1,592 | |
Federative Republic of Brazil | 2.875% | 6/6/25 | 5,350 | 5,128 | |
Federative Republic of Brazil | 6.000% | 4/7/26 | 5,400 | 5,708 | |
Federative Republic of Brazil | 10.125% | 5/15/27 | 2,000 | 2,545 | |
Federative Republic of Brazil | 4.625% | 1/13/28 | 10,000 | 9,765 | |
Federative Republic of Brazil | 4.500% | 5/30/29 | 5,800 | 5,468 | |
Federative Republic of Brazil | 3.875% | 6/12/30 | 10,400 | 9,182 | |
Federative Republic of Brazil | 3.750% | 9/12/31 | 4,450 | 3,836 | |
Federative Republic of Brazil | 8.250% | 1/20/34 | 4,100 | 4,781 | |
Federative Republic of Brazil | 7.125% | 1/20/37 | 4,900 | 5,277 | |
Federative Republic of Brazil | 5.625% | 1/7/41 | 6,200 | 5,533 | |
Federative Republic of Brazil | 5.000% | 1/27/45 | 10,186 | 8,209 | |
Federative Republic of Brazil | 5.625% | 2/21/47 | 4,033 | 3,455 | |
Federative Republic of Brazil | 4.750% | 1/14/50 | 16,685 | 12,661 | |
100,629 | |||||
Chile (2.1%) | |||||
Republic of Chile | 3.125% | 1/21/26 | 2,000 | 1,958 | |
Republic of Chile | 2.750% | 1/31/27 | 4,600 | 4,355 | |
Republic of Chile | 3.240% | 2/6/28 | 5,940 | 5,680 | |
Republic of Chile | 2.450% | 1/31/31 | 4,650 | 4,056 | |
Republic of Chile | 2.550% | 7/27/33 | 7,400 | 6,190 | |
Republic of Chile | 3.500% | 1/31/34 | 8,600 | 7,825 | |
Republic of Chile | 3.100% | 5/7/41 | 8,050 | 6,297 | |
Republic of Chile | 4.340% | 3/7/42 | 5,750 | 5,269 | |
Republic of Chile | 3.860% | 6/21/47 | 3,925 | 3,400 | |
Republic of Chile | 3.500% | 1/25/50 | 6,600 | 5,238 | |
Republic of Chile | 4.000% | 1/31/52 | 2,850 | 2,438 | |
Republic of Chile | 3.500% | 4/15/53 | 4,350 | 3,375 | |
Republic of Chile | 3.100% | 1/22/61 | 5,850 | 4,064 | |
Republic of Chile | 3.250% | 9/21/71 | 3,100 | 2,119 | |
62,264 | |||||
China (1.7%) | |||||
China Government Bond | 3.250% | 10/19/23 | 4,525 | 4,560 | |
China Government Bond | 0.400% | 10/21/23 | 3,900 | 3,772 | |
China Government Bond | 1.950% | 12/3/24 | 6,200 | 6,057 | |
China Government Bond | 0.550% | 10/21/25 | 7,000 | 6,465 | |
China Government Bond | 2.625% | 11/2/27 | 3,651 | 3,552 | |
China Government Bond | 3.500% | 10/19/28 | 2,300 | 2,345 | |
China Government Bond | 2.125% | 12/3/29 | 8,600 | 8,078 | |
China Government Bond | 1.200% | 10/21/30 | 4,550 | 3,920 | |
China Government Bond | 1.750% | 10/26/31 | 1,600 | 1,428 | |
China Government Bond | 2.750% | 12/3/39 | 1,725 | 1,504 | |
China Government Bond | 4.000% | 10/19/48 | 1,400 | 1,450 | |
2 | China Government Bond | 2.250% | 10/21/50 | 800 | 591 |
China Government Bond | 2.250% | 10/21/50 | 800 | 588 | |
2 | China Government Bond | 2.500% | 10/26/51 | 2,925 | 2,272 |
China Government Bond | 2.500% | 10/26/51 | 200 | 155 | |
Export-Import Bank of China | 3.625% | 7/31/24 | 4,572 | 4,630 | |
51,367 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Colombia (2.6%) | |||||
Republic of Colombia | 4.000% | 2/26/24 | 4,545 | 4,475 | |
Republic of Colombia | 8.125% | 5/21/24 | 3,005 | 3,178 | |
Republic of Colombia | 4.500% | 1/28/26 | 4,467 | 4,292 | |
Republic of Colombia | 3.875% | 4/25/27 | 5,800 | 5,290 | |
Republic of Colombia | 4.500% | 3/15/29 | 6,000 | 5,433 | |
Republic of Colombia | 3.000% | 1/30/30 | 4,575 | 3,660 | |
Republic of Colombia | 3.125% | 4/15/31 | 7,580 | 5,926 | |
Republic of Colombia | 3.250% | 4/22/32 | 5,900 | 4,546 | |
Republic of Colombia | 7.375% | 9/18/37 | 2,812 | 2,910 | |
Republic of Colombia | 6.125% | 1/18/41 | 10,200 | 9,002 | |
Republic of Colombia | 4.125% | 2/22/42 | 2,850 | 1,997 | |
Republic of Colombia | 5.625% | 2/26/44 | 7,475 | 6,061 | |
Republic of Colombia | 5.000% | 6/15/45 | 13,375 | 10,014 | |
Republic of Colombia | 5.200% | 5/15/49 | 8,220 | 6,205 | |
Republic of Colombia | 4.125% | 5/15/51 | 5,700 | 3,824 | |
Republic of Colombia | 3.875% | 2/15/61 | 2,550 | 1,636 | |
78,449 | |||||
Costa Rica (0.4%) | |||||
Republic of Costa Rica | 4.375% | 4/30/25 | 1,400 | 1,400 | |
Republic of Costa Rica | 6.125% | 2/19/31 | 3,625 | 3,594 | |
Republic of Costa Rica | 5.625% | 4/30/43 | 1,500 | 1,273 | |
Republic of Costa Rica | 7.000% | 4/4/44 | 3,130 | 2,991 | |
Republic of Costa Rica | 7.158% | 3/12/45 | 3,801 | 3,683 | |
12,941 | |||||
Croatia (0.2%) | |||||
Republic of Croatia | 6.000% | 1/26/24 | 5,225 | 5,429 | |
Dominican Republic (2.3%) | |||||
Dominican Republic | 5.500% | 1/27/25 | 4,300 | 4,411 | |
Dominican Republic | 6.875% | 1/29/26 | 4,795 | 5,041 | |
Dominican Republic | 5.950% | 1/25/27 | 5,350 | 5,365 | |
Dominican Republic | 6.000% | 7/19/28 | 4,069 | 4,019 | |
2 | Dominican Republic | 5.500% | 2/22/29 | 5,150 | 4,802 |
Dominican Republic | 4.500% | 1/30/30 | 5,606 | 4,831 | |
2 | Dominican Republic | 4.875% | 9/23/32 | 1,150 | 966 |
Dominican Republic | 4.875% | 9/23/32 | 9,100 | 7,643 | |
2 | Dominican Republic | 6.000% | 2/22/33 | 4,050 | 3,672 |
2 | Dominican Republic | 5.300% | 1/21/41 | 700 | 553 |
Dominican Republic | 5.300% | 1/21/41 | 3,850 | 3,046 | |
Dominican Republic | 7.450% | 4/30/44 | 4,900 | 4,747 | |
Dominican Republic | 6.850% | 1/27/45 | 5,894 | 5,314 | |
Dominican Republic | 6.500% | 2/15/48 | 3,100 | 2,672 | |
Dominican Republic | 6.400% | 6/5/49 | 4,550 | 3,865 | |
2 | Dominican Republic | 5.875% | 1/30/60 | 500 | 379 |
Dominican Republic | 5.875% | 1/30/60 | 8,827 | 6,690 | |
68,016 | |||||
Ecuador (1.1%) | |||||
2,3 | Republic of Ecuador | 0.000% | 7/31/30 | 300 | 164 |
3 | Republic of Ecuador | 0.000% | 7/31/30 | 2,730 | 1,490 |
2,5 | Republic of Ecuador, 1.500% coupon rate effective 7/31/2022 | 0.500% | 7/31/40 | 5,658 | 3,082 |
5 | Republic of Ecuador, 1.500% coupon rate effective 7/31/2022 | 0.500% | 7/31/40 | 4,475 | 2,438 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,5 | Republic of Ecuador, 2.500% coupon rate effective 7/31/2022 | 1.000% | 7/31/35 | 10,051 | 6,327 |
5 | Republic of Ecuador, 2.500% coupon rate effective 7/31/22 | 1.000% | 7/31/35 | 15,230 | 9,586 |
2,5 | Republic of Ecuador, 5.500% coupon rate effective 7/31/22 | 5.000% | 7/31/30 | 2,060 | 1,673 |
5 | Republic of Ecuador, 5.500% coupon rate effective 7/31/22 | 5.000% | 7/31/30 | 8,945 | 7,266 |
32,026 | |||||
Egypt (2.2%) | |||||
Arab Republic of Egypt | 4.550% | 11/20/23 | 1,478 | 1,407 | |
Arab Republic of Egypt | 6.200% | 3/1/24 | 2,200 | 2,101 | |
Arab Republic of Egypt | 5.750% | 5/29/24 | 3,720 | 3,470 | |
Arab Republic of Egypt | 5.875% | 6/11/25 | 4,475 | 4,041 | |
Arab Republic of Egypt | 5.250% | 10/6/25 | 2,350 | 2,082 | |
2 | Arab Republic of Egypt | 3.875% | 2/16/26 | 1,100 | 893 |
Arab Republic of Egypt | 3.875% | 2/16/26 | 800 | 650 | |
Arab Republic of Egypt | 7.500% | 1/31/27 | 6,200 | 5,475 | |
2 | Arab Republic of Egypt | 5.800% | 9/30/27 | 1,575 | 1,293 |
Arab Republic of Egypt | 5.800% | 9/30/27 | 400 | 327 | |
Arab Republic of Egypt | 6.588% | 2/21/28 | 5,325 | 4,428 | |
Arab Republic of Egypt | 7.600% | 3/1/29 | 5,200 | 4,425 | |
Arab Republic of Egypt | 5.875% | 2/16/31 | 4,350 | 3,181 | |
Arab Republic of Egypt | 7.053% | 1/15/32 | 5,100 | 3,935 | |
Arab Republic of Egypt | 7.625% | 5/29/32 | 2,644 | 2,061 | |
2 | Arab Republic of Egypt | 7.300% | 9/30/33 | 2,900 | 2,168 |
Arab Republic of Egypt | 7.300% | 9/30/33 | 300 | 225 | |
Arab Republic of Egypt | 6.875% | 4/30/40 | 900 | 633 | |
Arab Republic of Egypt | 8.500% | 1/31/47 | 8,080 | 5,874 | |
Arab Republic of Egypt | 7.903% | 2/21/48 | 4,700 | 3,208 | |
Arab Republic of Egypt | 8.700% | 3/1/49 | 5,150 | 3,734 | |
Arab Republic of Egypt | 8.875% | 5/29/50 | 5,640 | 4,140 | |
2 | Arab Republic of Egypt | 8.750% | 9/30/51 | 1,750 | 1,282 |
Arab Republic of Egypt | 8.150% | 11/20/59 | 1,550 | 1,073 | |
2 | Arab Republic of Egypt | 7.500% | 2/16/61 | 3,600 | 2,401 |
Arab Republic of Egypt | 7.500% | 2/16/61 | 1,000 | 665 | |
65,172 | |||||
El Salvador (0.3%) | |||||
Republic of El Salvador | 5.875% | 1/30/25 | 2,568 | 1,221 | |
Republic of El Salvador | 6.375% | 1/18/27 | 2,362 | 978 | |
Republic of El Salvador | 8.625% | 2/28/29 | 1,625 | 651 | |
Republic of El Salvador | 8.250% | 4/10/32 | 1,332 | 555 | |
Republic of El Salvador | 7.650% | 6/15/35 | 3,150 | 1,220 | |
Republic of El Salvador | 7.625% | 2/1/41 | 1,918 | 727 | |
2 | Republic of El Salvador | 7.125% | 1/20/50 | 350 | 129 |
Republic of El Salvador | 7.125% | 1/20/50 | 2,800 | 1,025 | |
2 | Republic of El Salvador | 9.500% | 7/15/52 | 750 | 302 |
Republic of El Salvador | 9.500% | 7/15/52 | 2,300 | 932 | |
7,740 | |||||
Ethiopia (0.1%) | |||||
Federal Republic of Ethiopia | 6.625% | 12/11/24 | 2,850 | 1,979 | |
Gabon (0.2%) | |||||
Republic of Gabon | 6.950% | 6/16/25 | 1,800 | 1,793 | |
3 | Republic of Gabon | 6.625% | 2/6/31 | 2,000 | 1,809 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,3 | Republic of Gabon | 6.625% | 2/6/31 | 900 | 812 |
2 | Republic of Gabon | 7.000% | 11/24/31 | 2,325 | 2,102 |
Republic of Gabon | 7.000% | 11/24/31 | 400 | 363 | |
6,879 | |||||
Georgia (0.0%) | |||||
2 | Republic of Georgia | 2.750% | 4/22/26 | 750 | 644 |
Republic of Georgia | 2.750% | 4/22/26 | 800 | 686 | |
1,330 | |||||
Ghana (0.8%) | |||||
3 | Republic of Ghana | 8.125% | 1/18/26 | 4,045 | 3,117 |
3 | Republic of Ghana | 6.375% | 2/11/27 | 4,106 | 2,793 |
3 | Republic of Ghana | 7.875% | 3/26/27 | 2,130 | 1,492 |
3 | Republic of Ghana | 7.750% | 4/7/29 | 800 | 509 |
3 | Republic of Ghana | 7.625% | 5/16/29 | 4,500 | 2,842 |
3 | Republic of Ghana | 10.750% | 10/14/30 | 3,100 | 3,069 |
3 | Republic of Ghana | 8.125% | 3/26/32 | 4,100 | 2,516 |
Republic of Ghana | 8.625% | 4/7/34 | 2,700 | 1,635 | |
3 | Republic of Ghana | 7.875% | 2/11/35 | 2,700 | 1,589 |
2 | Republic of Ghana | 8.875% | 5/7/42 | 800 | 472 |
Republic of Ghana | 8.875% | 5/7/42 | 200 | 118 | |
3 | Republic of Ghana | 8.627% | 6/16/49 | 3,250 | 1,883 |
3 | Republic of Ghana | 8.950% | 3/26/51 | 2,925 | 1,707 |
2,3 | Republic of Ghana | 8.750% | 3/11/61 | 600 | 345 |
3 | Republic of Ghana | 8.750% | 3/11/61 | 2,250 | 1,309 |
25,396 | |||||
Guatemala (0.5%) | |||||
Republic of Guatemala | 4.500% | 5/3/26 | 2,050 | 2,029 | |
Republic of Guatemala | 4.375% | 6/5/27 | 1,400 | 1,379 | |
Republic of Guatemala | 4.875% | 2/13/28 | 2,000 | 1,994 | |
3 | Republic of Guatemala | 4.900% | 6/1/30 | 1,600 | 1,570 |
Republic of Guatemala | 5.375% | 4/24/32 | 2,000 | 2,009 | |
2 | Republic of Guatemala | 3.700% | 10/7/33 | 1,100 | 948 |
2 | Republic of Guatemala | 4.650% | 10/7/41 | 1,300 | 1,115 |
Republic of Guatemala | 4.650% | 10/7/41 | 200 | 171 | |
3 | Republic of Guatemala | 6.125% | 6/1/50 | 4,200 | 4,016 |
15,231 | |||||
Honduras (0.1%) | |||||
Republic of Honduras | 6.250% | 1/19/27 | 2,020 | 1,767 | |
2 | Republic of Honduras | 5.625% | 6/24/30 | 650 | 510 |
Republic of Honduras | 5.625% | 6/24/30 | 1,150 | 902 | |
3,179 | |||||
Hungary (0.8%) | |||||
Republic of Hungary | 5.750% | 11/22/23 | 4,940 | 5,107 | |
Republic of Hungary | 5.375% | 3/25/24 | 5,493 | 5,669 | |
2 | Republic of Hungary | 2.125% | 9/22/31 | 5,900 | 4,732 |
Republic of Hungary | 2.125% | 9/22/31 | 1,150 | 922 | |
Republic of Hungary | 7.625% | 3/29/41 | 3,670 | 4,618 | |
2 | Republic of Hungary | 3.125% | 9/21/51 | 4,900 | 3,388 |
Republic of Hungary | 3.125% | 9/21/51 | 1,000 | 689 | |
25,125 | |||||
Indonesia (6.3%) | |||||
Perusahaan Penerbit SBSN Indonesia III | 3.900% | 8/20/24 | 2,050 | 2,091 | |
Perusahaan Penerbit SBSN Indonesia III | 4.350% | 9/10/24 | 4,800 | 4,908 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Perusahaan Penerbit SBSN Indonesia III | 4.325% | 5/28/25 | 6,369 | 6,535 | |
Perusahaan Penerbit SBSN Indonesia III | 2.300% | 6/23/25 | 1,550 | 1,505 | |
Perusahaan Penerbit SBSN Indonesia III | 4.550% | 3/29/26 | 5,520 | 5,666 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 3,150 | 2,899 |
Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 675 | 621 | |
Perusahaan Penerbit SBSN Indonesia III | 4.150% | 3/29/27 | 5,964 | 6,053 | |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 4,690 | 4,807 | |
Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 3,285 | 3,383 | |
Perusahaan Penerbit SBSN Indonesia III | 2.800% | 6/23/30 | 3,350 | 3,091 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 1,900 | 1,707 |
Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 1,200 | 1,078 | |
Perusahaan Penerbit SBSN Indonesia III | 3.800% | 6/23/50 | 2,300 | 1,995 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 1,800 | 1,503 |
Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 400 | 334 | |
Republic of Indonesia | 5.875% | 1/15/24 | 6,850 | 7,141 | |
Republic of Indonesia | 4.125% | 1/15/25 | 5,900 | 5,970 | |
Republic of Indonesia | 4.750% | 1/8/26 | 6,600 | 6,815 | |
Republic of Indonesia | 4.350% | 1/8/27 | 4,150 | 4,247 | |
Republic of Indonesia | 3.850% | 7/18/27 | 2,950 | 2,960 | |
Republic of Indonesia | 3.500% | 1/11/28 | 3,636 | 3,557 | |
Republic of Indonesia | 4.100% | 4/24/28 | 3,000 | 3,024 | |
Republic of Indonesia | 4.750% | 2/11/29 | 3,958 | 4,126 | |
Republic of Indonesia | 3.400% | 9/18/29 | 2,250 | 2,168 | |
Republic of Indonesia | 2.850% | 2/14/30 | 3,800 | 3,528 | |
Republic of Indonesia | 3.850% | 10/15/30 | 4,850 | 4,789 | |
Republic of Indonesia | 1.850% | 3/12/31 | 3,450 | 2,927 | |
Republic of Indonesia | 2.150% | 7/28/31 | 3,525 | 3,043 | |
Republic of Indonesia | 3.550% | 3/31/32 | 3,250 | 3,074 | |
Republic of Indonesia | 8.500% | 10/12/35 | 4,800 | 6,418 | |
Republic of Indonesia | 6.625% | 2/17/37 | 4,387 | 5,029 | |
Republic of Indonesia | 7.750% | 1/17/38 | 6,050 | 7,644 | |
Republic of Indonesia | 5.250% | 1/17/42 | 6,625 | 6,657 | |
Republic of Indonesia | 4.625% | 4/15/43 | 4,360 | 4,097 | |
Republic of Indonesia | 6.750% | 1/15/44 | 5,930 | 7,086 | |
Republic of Indonesia | 5.125% | 1/15/45 | 5,901 | 5,834 | |
Republic of Indonesia | 5.950% | 1/8/46 | 3,891 | 4,292 | |
Republic of Indonesia | 5.250% | 1/8/47 | 4,450 | 4,511 | |
Republic of Indonesia | 4.750% | 7/18/47 | 3,000 | 2,866 | |
Republic of Indonesia | 4.350% | 1/11/48 | 5,300 | 4,842 | |
Republic of Indonesia | 5.350% | 2/11/49 | 2,873 | 2,967 | |
Republic of Indonesia | 3.700% | 10/30/49 | 2,900 | 2,431 | |
Republic of Indonesia | 3.500% | 2/14/50 | 2,300 | 1,883 | |
Republic of Indonesia | 4.200% | 10/15/50 | 4,950 | 4,432 | |
Republic of Indonesia | 3.050% | 3/12/51 | 5,900 | 4,669 | |
Republic of Indonesia | 4.300% | 3/31/52 | 2,400 | 2,184 | |
Republic of Indonesia | 3.200% | 9/23/61 | 1,900 | 1,372 | |
Republic of Indonesia | 4.450% | 4/15/70 | 3,000 | 2,702 | |
Republic of Indonesia | 3.350% | 3/12/71 | 2,400 | 1,715 | |
189,176 | |||||
Iraq (0.2%) | |||||
3 | Republic of Iraq | 5.800% | 1/15/28 | 5,959 | 5,732 |
Ivory Coast (0.3%) | |||||
3 | Ivory Coast | 6.375% | 3/3/28 | 2,350 | 2,338 |
Ivory Coast | 5.750% | 12/31/32 | 1,790 | 1,705 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Ivory Coast | 6.125% | 6/15/33 | 3,900 | 3,554 |
7,597 | |||||
Jamaica (0.5%) | |||||
3 | Jamaica | 6.750% | 4/28/28 | 4,200 | 4,529 |
3 | Jamaica | 8.000% | 3/15/39 | 3,700 | 4,612 |
Jamaica | 7.875% | 7/28/45 | 5,400 | 6,636 | |
15,777 | |||||
Jordan (0.4%) | |||||
Kingdom of Jordan | 4.950% | 7/7/25 | 800 | 764 | |
Kingdom of Jordan | 6.125% | 1/29/26 | 3,500 | 3,378 | |
Kingdom of Jordan | 5.750% | 1/31/27 | 3,000 | 2,825 | |
2 | Kingdom of Jordan | 5.850% | 7/7/30 | 1,000 | 883 |
Kingdom of Jordan | 5.850% | 7/7/30 | 2,811 | 2,474 | |
Kingdom of Jordan | 7.375% | 10/10/47 | 3,050 | 2,631 | |
12,955 | |||||
Kazakhstan (0.7%) | |||||
Republic of Kazakhstan | 3.875% | 10/14/24 | 4,370 | 4,427 | |
Republic of Kazakhstan | 5.125% | 7/21/25 | 7,500 | 7,825 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,950 | 2,792 | |
Republic of Kazakhstan | 6.500% | 7/21/45 | 4,430 | 5,009 | |
20,053 | |||||
Kenya (0.6%) | |||||
Republic of Kenya | 6.875% | 6/24/24 | 6,000 | 5,790 | |
Republic of Kenya | 7.000% | 5/22/27 | 2,475 | 2,203 | |
Republic of Kenya | 7.250% | 2/28/28 | 3,200 | 2,815 | |
Republic of Kenya | 8.000% | 5/22/32 | 3,800 | 3,257 | |
2 | Republic of Kenya | 6.300% | 1/23/34 | 2,400 | 1,807 |
Republic of Kenya | 6.300% | 1/23/34 | 350 | 267 | |
Republic of Kenya | 8.250% | 2/28/48 | 3,025 | 2,315 | |
18,454 | |||||
Kuwait (0.5%) | |||||
Kuwait | 3.500% | 3/20/27 | 13,425 | 13,530 | |
Lebanon (0.1%) | |||||
6 | Lebanon Republic | 6.650% | 4/22/24 | 2,250 | 248 |
6 | Lebanon Republic | 6.200% | 2/26/25 | 3,548 | 393 |
6 | Lebanon Republic | 6.600% | 11/27/26 | 6,047 | 697 |
6 | Lebanon Republic | 6.850% | 3/23/27 | 4,335 | 505 |
6 | Lebanon Republic | 6.750% | 11/29/27 | 4,009 | 449 |
6 | Lebanon Republic | 6.650% | 11/3/28 | 3,217 | 361 |
6 | Lebanon Republic | 6.850% | 5/25/29 | 3,552 | 392 |
6 | Lebanon Republic | 6.650% | 2/26/30 | 4,520 | 507 |
6 | Lebanon Republic | 7.000% | 3/23/32 | 4,315 | 513 |
6 | Lebanon Republic | 7.250% | 3/23/37 | 2,405 | 271 |
4,336 | |||||
Malaysia (0.4%) | |||||
Malaysia Sovereign Sukuk Bhd. | 3.043% | 4/22/25 | 2,850 | 2,834 | |
2 | Malaysia Sovereign Sukuk Bhd. | 2.070% | 4/28/31 | 1,750 | 1,567 |
Malaysia Sovereign Sukuk Bhd. | 4.236% | 4/22/45 | 1,625 | 1,695 | |
2 | Malaysia Sovereign Sukuk Bhd. | 3.075% | 4/28/51 | 1,200 | 1,006 |
Malaysia Sukuk Global Bhd. | 3.179% | 4/27/26 | 3,000 | 2,991 | |
Malaysia Sukuk Global Bhd. | 4.080% | 4/27/46 | 1,550 | 1,576 | |
Malaysia Wakala Sukuk Bhd. | 2.070% | 4/28/31 | 500 | 446 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Malaysia Wakala Sukuk Bhd. | 3.075% | 4/28/51 | 250 | 211 | |
12,326 | |||||
Maldives (0.0%) | |||||
2 | Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 1,365 | 1,288 |
Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 200 | 188 | |
1,476 | |||||
Mexico (5.5%) | |||||
United Mexican States | 3.600% | 1/30/25 | 5,000 | 4,989 | |
United Mexican States | 3.900% | 4/27/25 | 2,700 | 2,707 | |
United Mexican States | 4.125% | 1/21/26 | 6,162 | 6,195 | |
United Mexican States | 4.150% | 3/28/27 | 6,870 | 6,886 | |
United Mexican States | 3.750% | 1/11/28 | 5,500 | 5,307 | |
United Mexican States | 4.500% | 4/22/29 | 9,136 | 9,042 | |
United Mexican States | 3.250% | 4/16/30 | 6,725 | 6,041 | |
United Mexican States | 2.659% | 5/24/31 | 9,807 | 8,219 | |
United Mexican States | 8.300% | 8/15/31 | 3,450 | 4,429 | |
United Mexican States | 4.750% | 4/27/32 | 7,265 | 7,113 | |
United Mexican States | 7.500% | 4/8/33 | 2,310 | 2,817 | |
United Mexican States | 3.500% | 2/12/34 | 12,347 | 10,443 | |
United Mexican States | 6.750% | 9/27/34 | 2,029 | 2,326 | |
United Mexican States | 6.050% | 1/11/40 | 8,799 | 9,099 | |
United Mexican States | 4.280% | 8/14/41 | 10,970 | 9,155 | |
United Mexican States | 4.750% | 3/8/44 | 10,956 | 9,668 | |
United Mexican States | 5.550% | 1/21/45 | 8,359 | 8,133 | |
United Mexican States | 4.600% | 1/23/46 | 7,000 | 5,934 | |
United Mexican States | 4.350% | 1/15/47 | 4,376 | 3,554 | |
United Mexican States | 4.600% | 2/10/48 | 6,023 | 5,074 | |
United Mexican States | 4.500% | 1/31/50 | 6,899 | 5,726 | |
United Mexican States | 5.000% | 4/27/51 | 7,475 | 6,679 | |
United Mexican States | 4.400% | 2/12/52 | 7,450 | 5,962 | |
United Mexican States | 3.771% | 5/24/61 | 9,503 | 6,590 | |
United Mexican States | 3.750% | 4/19/71 | 9,200 | 6,279 | |
United Mexican States | 5.750% | 10/12/10 | 8,130 | 7,334 | |
165,701 | |||||
Mongolia (0.3%) | |||||
Mongolia | 5.625% | 5/1/23 | 1,200 | 1,192 | |
Mongolia | 8.750% | 3/9/24 | 2,100 | 2,156 | |
2 | Mongolia | 5.125% | 4/7/26 | 848 | 795 |
Mongolia | 5.125% | 4/7/26 | 1,000 | 939 | |
2 | Mongolia | 3.500% | 7/7/27 | 1,100 | 952 |
Mongolia | 3.500% | 7/7/27 | 400 | 346 | |
2 | Mongolia | 4.450% | 7/7/31 | 1,300 | 1,119 |
Mongolia | 4.450% | 7/7/31 | 200 | 172 | |
7,671 | |||||
Morocco (0.3%) | |||||
Kingdom of Morocco | 2.375% | 12/15/27 | 2,200 | 1,899 | |
Kingdom of Morocco | 3.000% | 12/15/32 | 3,100 | 2,451 | |
Kingdom of Morocco | 5.500% | 12/11/42 | 2,240 | 1,955 | |
2 | Kingdom of Morocco | 4.000% | 12/15/50 | 2,250 | 1,544 |
Kingdom of Morocco | 4.000% | 12/15/50 | 1,250 | 866 | |
8,715 | |||||
Mozambique (0.1%) | |||||
5 | Republic of Mozambique, 9.000% coupon rate effective 9/15/23 | 5.000% | 9/15/31 | 2,600 | 2,258 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Namibia (0.1%) | |||||
Repubilc of Namibia | 5.250% | 10/29/25 | 2,300 | 2,215 | |
Nigeria (1.3%) | |||||
Republic of Nigeria | 6.375% | 7/12/23 | 1,200 | 1,200 | |
Republic of Nigeria | 7.625% | 11/21/25 | 3,500 | 3,488 | |
Republic of Nigeria | 6.500% | 11/28/27 | 4,750 | 4,228 | |
2 | Republic of Nigeria | 6.125% | 9/28/28 | 3,400 | 2,906 |
Republic of Nigeria | 6.125% | 9/28/28 | 350 | 301 | |
2 | Republic of Nigeria | 8.375% | 3/24/29 | 3,800 | 3,548 |
Republic of Nigeria | 7.143% | 2/23/30 | 3,800 | 3,257 | |
Republic of Nigeria | 8.747% | 1/21/31 | 2,900 | 2,612 | |
Republic of Nigeria | 7.875% | 2/16/32 | 4,550 | 3,791 | |
2 | Republic of Nigeria | 7.375% | 9/28/33 | 3,100 | 2,482 |
Republic of Nigeria | 7.375% | 9/28/33 | 1,200 | 955 | |
Republic of Nigeria | 7.696% | 2/23/38 | 3,767 | 2,841 | |
Republic of Nigeria | 7.625% | 11/28/47 | 4,400 | 3,137 | |
Republic of Nigeria | 9.248% | 1/21/49 | 2,300 | 1,933 | |
2 | Republic of Nigeria | 8.250% | 9/28/51 | 3,350 | 2,542 |
Republic of Nigeria | 8.250% | 9/28/51 | 400 | 304 | |
39,525 | |||||
Oman (2.6%) | |||||
Oman Sovereign Sukuk Co. | 4.397% | 6/1/24 | 6,075 | 6,087 | |
Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 4,656 | 4,881 | |
2 | Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 4,700 | 4,769 |
Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 200 | 203 | |
Sultanate of Oman | 4.875% | 2/1/25 | 3,744 | 3,753 | |
Sultanate of Oman | 4.750% | 6/15/26 | 7,575 | 7,432 | |
Sultanate of Oman | 5.375% | 3/8/27 | 5,900 | 5,891 | |
Sultanate of Oman | 6.750% | 10/28/27 | 4,240 | 4,467 | |
Sultanate of Oman | 5.625% | 1/17/28 | 7,900 | 7,906 | |
Sultanate of Oman | 6.000% | 8/1/29 | 6,472 | 6,539 | |
2 | Sultanate of Oman | 6.250% | 1/25/31 | 1,000 | 1,017 |
Sultanate of Oman | 6.250% | 1/25/31 | 4,300 | 4,373 | |
Sultanate of Oman | 7.375% | 10/28/32 | 2,937 | 3,219 | |
Sultanate of Oman | 6.500% | 3/8/47 | 5,915 | 5,402 | |
Sultanate of Oman | 6.750% | 1/17/48 | 8,150 | 7,626 | |
2 | Sultanate of Oman | 7.000% | 1/25/51 | 2,100 | 2,018 |
Sultanate of Oman | 7.000% | 1/25/51 | 1,000 | 959 | |
76,542 | |||||
Pakistan (0.6%) | |||||
Islamic Republic of Pakistan | 8.250% | 4/15/24 | 3,000 | 2,687 | |
Islamic Republic of Pakistan | 8.250% | 9/30/25 | 1,650 | 1,402 | |
2 | Islamic Republic of Pakistan | 6.000% | 4/8/26 | 400 | 327 |
Islamic Republic of Pakistan | 6.000% | 4/8/26 | 3,250 | 2,658 | |
Islamic Republic of Pakistan | 6.875% | 12/5/27 | 4,900 | 4,005 | |
2 | Islamic Republic of Pakistan | 7.375% | 4/8/31 | 2,000 | 1,543 |
Islamic Republic of Pakistan | 7.375% | 4/8/31 | 2,400 | 1,848 | |
4 | Islamic Republic of Pakistan | 8.875% | 4/8/51 | 2,370 | 1,703 |
2 | Pakistan Global Sukuk Programme Co. Ltd. | 7.950% | 1/31/29 | 2,500 | 2,377 |
18,550 | |||||
Panama (2.3%) | |||||
Republic of Panama | 4.000% | 9/22/24 | 2,600 | 2,619 | |
Republic of Panama | 3.750% | 3/16/25 | 3,659 | 3,649 | |
Republic of Panama | 7.125% | 1/29/26 | 2,875 | 3,178 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Panama | 8.875% | 9/30/27 | 2,900 | 3,531 | |
Republic of Panama | 3.875% | 3/17/28 | 3,733 | 3,618 | |
Republic of Panama | 9.375% | 4/1/29 | 2,850 | 3,627 | |
Republic of Panama | 3.160% | 1/23/30 | 4,500 | 4,092 | |
Republic of Panama | 2.252% | 9/29/32 | 7,500 | 6,020 | |
Republic of Panama | 3.298% | 1/19/33 | 3,050 | 2,672 | |
3 | Republic of Panama | 6.700% | 1/26/36 | 6,050 | 6,808 |
3 | Republic of Panama | 4.500% | 5/15/47 | 3,500 | 3,059 |
3 | Republic of Panama | 4.500% | 4/16/50 | 7,475 | 6,444 |
3 | Republic of Panama | 4.300% | 4/29/53 | 5,150 | 4,299 |
Republic of Panama | 4.500% | 4/1/56 | 7,475 | 6,353 | |
3 | Republic of Panama | 3.870% | 7/23/60 | 8,950 | 6,693 |
Republic of Panama | 4.500% | 1/19/63 | 4,450 | 3,687 | |
70,349 | |||||
Papua New Guinea (0.0%) | |||||
Papua New Guinea | 8.375% | 10/4/28 | 1,400 | 1,210 | |
Paraguay (0.5%) | |||||
Republic of Paraguay | 5.000% | 4/15/26 | 1,500 | 1,518 | |
Republic of Paraguay | 4.700% | 3/27/27 | 1,600 | 1,595 | |
3 | Republic of Paraguay | 4.950% | 4/28/31 | 3,197 | 3,132 |
2 | Republic of Paraguay | 2.739% | 1/29/33 | 608 | 495 |
Republic of Paraguay | 2.739% | 1/29/33 | 1,200 | 967 | |
2 | Republic of Paraguay | 3.849% | 6/28/33 | 1,095 | 969 |
Republic of Paraguay | 3.849% | 6/28/33 | 200 | 178 | |
Republic of Paraguay | 6.100% | 8/11/44 | 3,200 | 3,165 | |
Republic of Paraguay | 5.600% | 3/13/48 | 1,650 | 1,494 | |
3 | Republic of Paraguay | 5.400% | 3/30/50 | 3,350 | 2,969 |
16,482 | |||||
Peru (2.2%) | |||||
Republic of Peru | 7.350% | 7/21/25 | 4,509 | 4,932 | |
Republic of Peru | 2.392% | 1/23/26 | 4,500 | 4,212 | |
Republic of Peru | 4.125% | 8/25/27 | 2,997 | 2,978 | |
Republic of Peru | 2.783% | 1/23/31 | 13,200 | 11,431 | |
Republic of Peru | 1.862% | 12/1/32 | 2,900 | 2,252 | |
Republic of Peru | 8.750% | 11/21/33 | 6,466 | 8,577 | |
Republic of Peru | 3.000% | 1/15/34 | 7,900 | 6,587 | |
3 | Republic of Peru | 6.550% | 3/14/37 | 3,146 | 3,618 |
Republic of Peru | 3.300% | 3/11/41 | 4,100 | 3,218 | |
Republic of Peru | 5.625% | 11/18/50 | 6,758 | 7,385 | |
Republic of Peru | 3.550% | 3/10/51 | 5,350 | 4,168 | |
Republic of Peru | 2.780% | 12/1/60 | 5,775 | 3,751 | |
Republic of Peru | 3.600% | 1/15/72 | 3,100 | 2,199 | |
Republic of Peru | 3.230% | 7/28/21 | 3,027 | 1,924 | |
67,232 | |||||
Philippines (3.2%) | |||||
Republic of Philippines | 4.200% | 1/21/24 | 4,314 | 4,375 | |
3 | Republic of Philippines | 7.500% | 9/25/24 | 1,150 | 1,204 |
Republic of Philippines | 10.625% | 3/16/25 | 4,450 | 5,307 | |
Republic of Philippines | 5.500% | 3/30/26 | 3,100 | 3,283 | |
Republic of Philippines | 3.229% | 3/29/27 | 1,700 | 1,654 | |
Republic of Philippines | 3.000% | 2/1/28 | 6,050 | 5,798 | |
Republic of Philippines | 3.750% | 1/14/29 | 4,600 | 4,525 | |
Republic of Philippines | 9.500% | 2/2/30 | 6,035 | 8,076 | |
Republic of Philippines | 2.457% | 5/5/30 | 2,975 | 2,646 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Philippines | 7.750% | 1/14/31 | 5,554 | 6,909 | |
Republic of Philippines | 1.648% | 6/10/31 | 3,150 | 2,599 | |
Republic of Philippines | 1.950% | 1/6/32 | 2,300 | 1,927 | |
Republic of Philippines | 6.375% | 1/15/32 | 3,100 | 3,577 | |
Republic of Philippines | 3.556% | 9/29/32 | 2,300 | 2,184 | |
Republic of Philippines | 6.375% | 10/23/34 | 5,735 | 6,645 | |
Republic of Philippines | 5.000% | 1/13/37 | 4,005 | 4,118 | |
Republic of Philippines | 3.950% | 1/20/40 | 5,900 | 5,299 | |
Republic of Philippines | 3.700% | 3/1/41 | 6,100 | 5,298 | |
Republic of Philippines | 3.700% | 2/2/42 | 5,970 | 5,172 | |
Republic of Philippines | 2.950% | 5/5/45 | 3,900 | 2,937 | |
Republic of Philippines | 2.650% | 12/10/45 | 4,400 | 3,159 | |
Republic of Philippines | 3.200% | 7/6/46 | 6,675 | 5,214 | |
Republic of Philippines | 4.200% | 3/29/47 | 2,950 | 2,719 | |
94,625 | |||||
Poland (0.4%) | |||||
Republic of Poland | 3.000% | 3/17/23 | 830 | 830 | |
7 | Republic of Poland | 4.000% | 1/22/24 | 5,933 | 5,996 |
Republic of Poland | 3.250% | 4/6/26 | 5,175 | 5,131 | |
11,957 | |||||
Qatar (4.2%) | |||||
State of Qatar | 3.375% | 3/14/24 | 6,439 | 6,469 | |
State of Qatar | 3.400% | 4/16/25 | 6,017 | 6,032 | |
State of Qatar | 3.250% | 6/2/26 | 10,350 | 10,288 | |
State of Qatar | 4.500% | 4/23/28 | 8,950 | 9,419 | |
State of Qatar | 4.000% | 3/14/29 | 11,800 | 12,092 | |
State of Qatar | 3.750% | 4/16/30 | 9,815 | 9,902 | |
2 | State of Qatar | 9.750% | 6/15/30 | 3,328 | 4,734 |
2 | State of Qatar | 6.400% | 1/20/40 | 2,970 | 3,704 |
2 | State of Qatar | 5.750% | 1/20/42 | 3,000 | 3,539 |
State of Qatar | 4.625% | 6/2/46 | 6,100 | 6,371 | |
State of Qatar | 5.103% | 4/23/48 | 17,900 | 19,885 | |
State of Qatar | 4.817% | 3/14/49 | 17,925 | 19,229 | |
State of Qatar | 4.400% | 4/16/50 | 14,900 | 15,066 | |
126,730 | |||||
Romania (0.9%) | |||||
Romania | 4.375% | 8/22/23 | 3,800 | 3,848 | |
Romania | 4.875% | 1/22/24 | 2,870 | 2,936 | |
2 | Romania | 3.000% | 2/27/27 | 3,600 | 3,348 |
2 | Romania | 3.000% | 2/14/31 | 1,300 | 1,108 |
Romania | 3.000% | 2/14/31 | 2,600 | 2,220 | |
2 | Romania | 3.625% | 3/27/32 | 3,150 | 2,710 |
Romania | 6.125% | 1/22/44 | 3,300 | 3,403 | |
Romania | 5.125% | 6/15/48 | 3,628 | 3,304 | |
2 | Romania | 4.000% | 2/14/51 | 2,000 | 1,511 |
Romania | 4.000% | 2/14/51 | 3,694 | 2,811 | |
27,199 | |||||
Rwanda (0.1%) | |||||
2 | Republic of Rwanda | 5.500% | 8/9/31 | 1,700 | 1,507 |
Republic of Rwanda | 5.500% | 8/9/31 | 200 | 178 | |
1,685 | |||||
Saudi Arabia (6.7%) | |||||
Kingdom of Saudi Arabia | 4.000% | 4/17/25 | 13,300 | 13,518 | |
Kingdom of Saudi Arabia | 2.900% | 10/22/25 | 7,500 | 7,386 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Kingdom of Saudi Arabia | 3.250% | 10/26/26 | 15,900 | 15,818 | |
Kingdom of Saudi Arabia | 2.500% | 2/3/27 | 4,000 | 3,848 | |
Kingdom of Saudi Arabia | 3.625% | 3/4/28 | 14,932 | 14,919 | |
Kingdom of Saudi Arabia | 4.375% | 4/16/29 | 12,200 | 12,692 | |
Kingdom of Saudi Arabia | 4.500% | 4/17/30 | 9,250 | 9,673 | |
Kingdom of Saudi Arabia | 3.250% | 10/22/30 | 5,194 | 5,014 | |
Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 3,100 | 2,852 | |
Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 8,700 | 7,523 | |
Kingdom of Saudi Arabia | 4.500% | 10/26/46 | 19,200 | 18,350 | |
Kingdom of Saudi Arabia | 4.625% | 10/4/47 | 13,418 | 13,062 | |
Kingdom of Saudi Arabia | 5.000% | 4/17/49 | 11,925 | 12,327 | |
Kingdom of Saudi Arabia | 5.250% | 1/16/50 | 10,192 | 10,995 | |
2 | Kingdom of Saudi Arabia | 3.250% | 11/17/51 | 1,000 | 803 |
Kingdom of Saudi Arabia | 3.250% | 11/17/51 | 1,150 | 919 | |
Kingdom of Saudi Arabia | 3.750% | 1/21/55 | 8,748 | 7,610 | |
Kingdom of Saudi Arabia | 4.500% | 4/22/60 | 8,750 | 8,608 | |
Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 6,500 | 5,186 | |
KSA Sukuk Ltd. | 3.628% | 4/20/27 | 13,700 | 13,771 | |
KSA Sukuk Ltd. | 4.303% | 1/19/29 | 6,300 | 6,520 | |
KSA Sukuk Ltd. | 2.969% | 10/29/29 | 7,620 | ��� 7,291 | |
KSA Sukuk Ltd. | 2.250% | 5/17/31 | 4,300 | 3,836 | |
202,521 | |||||
Senegal (0.2%) | |||||
3 | Republic of Senegal | 6.250% | 5/23/33 | 3,100 | 2,770 |
3 | Republic of Senegal | 6.750% | 3/13/48 | 3,200 | 2,526 |
5,296 | |||||
Serbia (0.1%) | |||||
Republic of Serbia | 2.125% | 12/1/30 | 3,250 | 2,425 | |
South Africa (2.0%) | |||||
Republic of South Africa | 4.665% | 1/17/24 | 4,500 | 4,518 | |
Republic of South Africa | 5.875% | 9/16/25 | 6,000 | 6,189 | |
Republic of South Africa | 4.875% | 4/14/26 | 3,850 | 3,796 | |
Republic of South Africa | 4.850% | 9/27/27 | 3,000 | 2,867 | |
Republic of South Africa | 4.300% | 10/12/28 | 6,050 | 5,511 | |
Republic of South Africa | 4.850% | 9/30/29 | 5,860 | 5,385 | |
Republic of South Africa | 5.875% | 6/22/30 | 4,300 | 4,210 | |
Republic of South Africa | 5.875% | 4/20/32 | 4,200 | 3,984 | |
Republic of South Africa | 6.250% | 3/8/41 | 2,200 | 1,996 | |
Republic of South Africa | 5.375% | 7/24/44 | 2,950 | 2,351 | |
Republic of South Africa | 5.000% | 10/12/46 | 2,950 | 2,223 | |
Republic of South Africa | 5.650% | 9/27/47 | 4,475 | 3,530 | |
Republic of South Africa | 6.300% | 6/22/48 | 1,800 | 1,538 | |
Republic of South Africa | 5.750% | 9/30/49 | 8,950 | 7,072 | |
Republic of South Africa | 7.300% | 4/20/52 | 4,800 | 4,471 | |
59,641 | |||||
Sri Lanka (0.4%) | |||||
6 | Republic of Sri Lanka | 6.850% | 3/14/24 | 3,150 | 1,352 |
6 | Republic of Sri Lanka | 6.350% | 6/28/24 | 1,400 | 601 |
6 | Republic of Sri Lanka | 6.125% | 6/3/25 | 1,950 | 880 |
6 | Republic of Sri Lanka | 6.850% | 11/3/25 | 4,600 | 1,984 |
6 | Republic of Sri Lanka | 6.825% | 7/18/26 | 2,950 | 1,285 |
6 | Republic of Sri Lanka | 6.200% | 5/11/27 | 4,450 | 1,904 |
6 | Republic of Sri Lanka | 6.750% | 4/18/28 | 3,750 | 1,604 |
6 | Republic of Sri Lanka | 7.850% | 3/14/29 | 4,080 | 1,748 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
6 | Republic of Sri Lanka | 7.550% | 3/28/30 | 4,375 | 1,868 |
13,226 | |||||
Suriname (0.0%) | |||||
6 | Republic of Suriname | 9.250% | 10/26/26 | 1,500 | 1,239 |
Tajikistan (0.0%) | |||||
3 | Republic of Tajikistan | 7.125% | 9/14/27 | 1,375 | 1,020 |
Trinidad & Tobago (0.2%) | |||||
Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 1,300 | 1,304 | |
2 | Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 200 | 201 |
Republic of Trinidad & Tobago | 4.500% | 8/4/26 | 2,800 | 2,780 | |
2 | Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 850 | 808 |
Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 800 | 755 | |
5,848 | |||||
Tunisia (0.1%) | |||||
Tunisian Republic | 5.750% | 1/30/25 | 2,925 | 1,980 | |
Turkey (6.4%) | |||||
Hazine Mustesarligi Varlik Kiralama A/S | 4.489% | 11/25/24 | 3,078 | 2,969 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 3,300 | 3,099 |
Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 4,200 | 3,945 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | 2/24/27 | 9,000 | 9,026 |
Republic of Turkey | 7.250% | 12/23/23 | 5,850 | 5,929 | |
Republic of Turkey | 5.750% | 3/22/24 | 7,400 | 7,239 | |
Republic of Turkey | 6.350% | 8/10/24 | 6,750 | 6,599 | |
Republic of Turkey | 5.600% | 11/14/24 | 7,500 | 7,171 | |
Republic of Turkey | 7.375% | 2/5/25 | 9,650 | 9,603 | |
Republic of Turkey | 4.250% | 3/13/25 | 5,850 | 5,382 | |
Republic of Turkey | 6.375% | 10/14/25 | 7,600 | 7,279 | |
Republic of Turkey | 4.750% | 1/26/26 | 6,150 | 5,540 | |
Republic of Turkey | 4.875% | 10/9/26 | 13,324 | 11,742 | |
Republic of Turkey | 6.000% | 3/25/27 | 9,662 | 8,790 | |
Republic of Turkey | 8.600% | 9/24/27 | 5,900 | 5,965 | |
Republic of Turkey | 5.125% | 2/17/28 | 6,325 | 5,405 | |
Republic of Turkey | 6.125% | 10/24/28 | 7,808 | 6,957 | |
Republic of Turkey | 7.625% | 4/26/29 | 9,025 | 8,605 | |
Republic of Turkey | 11.875% | 1/15/30 | 4,530 | 5,364 | |
Republic of Turkey | 5.250% | 3/13/30 | 5,948 | 4,870 | |
Republic of Turkey | 5.950% | 1/15/31 | 6,650 | 5,577 | |
Republic of Turkey | 5.875% | 6/26/31 | 5,150 | 4,270 | |
Republic of Turkey | 6.500% | 9/20/33 | 4,500 | 3,815 | |
Republic of Turkey | 8.000% | 2/14/34 | 4,171 | 4,056 | |
Republic of Turkey | 6.875% | 3/17/36 | 8,300 | 7,121 | |
Republic of Turkey | 7.250% | 3/5/38 | 2,925 | 2,586 | |
Republic of Turkey | 6.750% | 5/30/40 | 5,600 | 4,645 | |
Republic of Turkey | 6.000% | 1/14/41 | 8,665 | 6,516 | |
Republic of Turkey | 4.875% | 4/16/43 | 9,400 | 6,345 | |
Republic of Turkey | 6.625% | 2/17/45 | 8,950 | 7,088 | |
Republic of Turkey | 5.750% | 5/11/47 | 10,400 | 7,379 | |
190,877 | |||||
Ukraine (0.5%) | |||||
Ukraine | 7.750% | 9/1/23 | 4,100 | 1,670 | |
Ukraine | 8.994% | 2/1/24 | 2,350 | 839 | |
Ukraine | 7.750% | 9/1/24 | 4,010 | 1,369 | |
Ukraine | 7.750% | 9/1/25 | 3,950 | 1,320 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Ukraine | 7.750% | 9/1/26 | 3,975 | 1,338 | |
Ukraine | 7.750% | 9/1/27 | 4,000 | 1,335 | |
Ukraine | 9.750% | 11/1/28 | 4,350 | 1,467 | |
2 | Ukraine | 6.876% | 5/21/29 | 2,250 | 707 |
Ukraine | 6.876% | 5/21/29 | 3,650 | 1,172 | |
3 | Ukraine | 7.375% | 9/25/32 | 8,400 | 2,646 |
2 | Ukraine | 7.253% | 3/15/33 | 2,050 | 650 |
Ukraine | 7.253% | 3/15/33 | 5,650 | 1,812 | |
16,325 | |||||
United Arab Emirates (5.3%) | |||||
Dubai DOF Sukuk Ltd. | 5.000% | 4/30/29 | 4,630 | 4,937 | |
8 | Dubai DOF Sukuk Ltd. | 2.763% | 9/9/30 | 4,500 | 4,204 |
Emirate of Abu Dhabi | 0.750% | 9/2/23 | 6,275 | 6,100 | |
Emirate of Abu Dhabi | 2.125% | 9/30/24 | 8,750 | 8,526 | |
Emirate of Abu Dhabi | 2.500% | 4/16/25 | 9,500 | 9,343 | |
Emirate of Abu Dhabi | 3.125% | 5/3/26 | 7,122 | 7,077 | |
Emirate of Abu Dhabi | 3.125% | 10/11/27 | 12,850 | 12,814 | |
2 | Emirate of Abu Dhabi | 1.625% | 6/2/28 | 600 | 541 |
Emirate of Abu Dhabi | 1.625% | 6/2/28 | 3,712 | 3,357 | |
Emirate of Abu Dhabi | 2.500% | 9/30/29 | 9,350 | 8,797 | |
Emirate of Abu Dhabi | 3.125% | 4/16/30 | 9,100 | 8,834 | |
Emirate of Abu Dhabi | 1.700% | 3/2/31 | 5,250 | 4,519 | |
2 | Emirate of Abu Dhabi | 1.875% | 9/15/31 | 1,600 | 1,388 |
Emirate of Abu Dhabi | 1.875% | 9/15/31 | 3,500 | 3,035 | |
2 | Emirate of Abu Dhabi | 2.000% | 10/19/31 | 2,700 | 2,392 |
2 | Emirate of Abu Dhabi | 2.875% | 10/19/41 | 2,700 | 2,253 |
Emirate of Abu Dhabi | 2.875% | 10/19/41 | 200 | 167 | |
Emirate of Abu Dhabi | 4.125% | 10/11/47 | 9,175 | 8,946 | |
Emirate of Abu Dhabi | 3.125% | 9/30/49 | 12,300 | 10,092 | |
Emirate of Abu Dhabi | 3.875% | 4/16/50 | 12,250 | 11,529 | |
Emirate of Abu Dhabi | 3.000% | 9/15/51 | 2,075 | 1,667 | |
2 | Emirate of Abu Dhabi | 3.250% | 10/19/61 | 5,300 | 4,340 |
Emirate of Abu Dhabi | 3.250% | 10/19/61 | 650 | 533 | |
Emirate of Abu Dhabi | 2.700% | 9/2/70 | 4,600 | 3,250 | |
Emirate of Dubai | 5.250% | 1/30/43 | 3,100 | 3,011 | |
Emirate of Dubai | 3.900% | 9/9/50 | 3,817 | 2,994 | |
Finance Department Government of Sharjah | 3.625% | 3/10/33 | 2,400 | 2,105 | |
Finance Department Government of Sharjah | 4.000% | 7/28/50 | 3,398 | 2,530 | |
Finance Department Government of Sharjah | 4.375% | 3/10/51 | 1,200 | 942 | |
RAK Capital | 3.094% | 3/31/25 | 2,833 | 2,780 | |
Sharjah Sukuk Ltd. | 3.764% | 9/17/24 | 1,910 | 1,925 | |
Sharjah Sukuk Program Ltd. | 3.854% | 4/3/26 | 3,300 | 3,291 | |
Sharjah Sukuk Program Ltd. | 2.942% | 6/10/27 | 3,640 | 3,443 | |
Sharjah Sukuk Program Ltd. | 4.226% | 3/14/28 | 3,700 | 3,663 | |
Sharjah Sukuk Program Ltd. | 3.234% | 10/23/29 | 2,839 | 2,629 | |
Sharjah Sukuk Program Ltd. | 3.200% | 7/13/31 | 1,950 | 1,780 | |
159,734 | |||||
Uruguay (1.5%) | |||||
3 | Oriental Republic of Uruguay | 4.500% | 8/14/24 | 2,864 | 2,918 |
3 | Oriental Republic of Uruguay | 4.375% | 10/27/27 | 4,166 | 4,254 |
3 | Oriental Republic of Uruguay | 4.375% | 1/23/31 | 7,100 | 7,288 |
3 | Oriental Republic of Uruguay | 7.875% | 1/15/33 | 2,400 | 3,099 |
3 | Oriental Republic of Uruguay | 7.625% | 3/21/36 | 3,115 | 4,079 |
3 | Oriental Republic of Uruguay | 4.125% | 11/20/45 | 2,170 | 2,097 |
3 | Oriental Republic of Uruguay | 5.100% | 6/18/50 | 12,067 | 12,664 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Oriental Republic of Uruguay | 4.975% | 4/20/55 | 7,609 | 7,781 |
44,180 | |||||
Uzbekistan (0.2%) | |||||
Republic of Uzbekistan | 4.750% | 2/20/24 | 1,445 | 1,422 | |
Republic of Uzbekistan | 5.375% | 2/20/29 | 1,475 | 1,411 | |
Republic of Uzbekistan | 3.700% | 11/25/30 | 2,550 | 2,086 | |
2 | Republic of Uzbekistan | 3.900% | 10/19/31 | 950 | 781 |
Republic of Uzbekistan | 3.900% | 10/19/31 | 200 | 163 | |
5,863 | |||||
Vietnam (0.1%) | |||||
Socialist Republic of Vietnam | 4.800% | 11/19/24 | 3,000 | 3,073 | |
Zambia (0.2%) | |||||
6 | Republic of Zambia | 8.500% | 4/14/24 | 2,930 | 2,213 |
6 | Republic of Zambia | 8.970% | 7/30/27 | 3,825 | 2,847 |
5,060 | |||||
Total Sovereign Bonds (Cost $2,942,419) | 2,498,641 | ||||
Shares | |||||
Temporary Cash Investments (0.6%) | |||||
Money Market Fund (0.6%) | |||||
9 | Vanguard Market Liquidity Fund (Cost $19,156) | 0.409% | 191,590 | 19,157 | |
Total Investments (98.7%) (Cost $3,469,213) | 2,963,261 | ||||
Other Assets and Liabilities—Net (1.3%) | 38,181 | ||||
Net Assets (100.0%) | 3,001,442 | ||||
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 April 30, 2022, the aggregate value was $196,445,000, representing 6.5% 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 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of April 30, 2022. |
5 | Step bond. |
6 | Non-income-producing security—security in default. |
7 | Securities with a value of $60,000 have been segregated as initial margin for open futures contracts. |
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 | June 2022 | 2 | 422 | (2) |
5-Year U.S. Treasury Note | June 2022 | 34 | 3,831 | 4 |
10-Year U.S. Treasury Note | June 2022 | 8 | 953 | 1 |
Ultra 10-Year U.S. Treasury Note | June 2022 | 18 | 2,322 | (124) |
(121) | ||||
Short Futures Contracts | ||||
Long U.S. Treasury Bond | June 2022 | (8) | (1,126) | 113 |
Ultra Long U.S. Treasury Bond | June 2022 | (5) | (802) | 1 |
114 | ||||
(7) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,450,057) | 2,944,104 |
Affiliated Issuers (Cost $19,156) | 19,157 |
Total Investments in Securities | 2,963,261 |
Investment in Vanguard | 109 |
Cash | 310 |
Receivables for Investment Securities Sold | 51,409 |
Receivables for Accrued Income | 36,757 |
Receivables for Capital Shares Issued | 360 |
Variation Margin Receivable—Futures Contracts | 15 |
Total Assets | 3,052,221 |
Liabilities | |
Payables for Investment Securities Purchased | 49,920 |
Payables for Capital Shares Redeemed | 468 |
Payables for Distributions | 139 |
Payables to Vanguard | 252 |
Total Liabilities | 50,779 |
Net Assets | 3,001,442 |
Statement of Assets and Liabilities (continued) | |
At April 30, 2022, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 3,701,580 |
Total Distributable Earnings (Loss) | (700,138) |
Net Assets | 3,001,442 |
ETF Shares—Net Assets | |
Applicable to 42,568,717 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,782,167 |
Net Asset Value Per Share—ETF Shares | $65.36 |
Admiral Shares—Net Assets | |
Applicable to 11,061,734 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 181,333 |
Net Asset Value Per Share—Admiral Shares | $16.39 |
Institutional Shares���Net Assets | |
Applicable to 1,443,001 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 37,942 |
Net Asset Value Per Share—Institutional Shares | $26.29 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 75,435 |
Total Income | 75,435 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 29 |
Management and Administrative—ETF Shares | 2,858 |
Management and Administrative—Admiral Shares | 200 |
Management and Administrative—Institutional Shares | 36 |
Marketing and Distribution—ETF Shares | 51 |
Marketing and Distribution—Admiral Shares | 5 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 30 |
Shareholders’ Reports—ETF Shares | 63 |
Shareholders’ Reports—Admiral Shares | 8 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 8 |
Total Expenses | 3,290 |
Net Investment Income | 72,145 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | (128,540) |
Futures Contracts | (205) |
Realized Net Gain (Loss) | (128,745) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (455,724) |
Futures Contracts | 12 |
Change in Unrealized Appreciation (Depreciation) | (455,712) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (512,312) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,000, less than $1,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes ($6,677,000) of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 72,145 | 122,751 | |
Realized Net Gain (Loss) | (128,745) | 27,409 | |
Change in Unrealized Appreciation (Depreciation) | (455,712) | (70,850) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (512,312) | 79,310 | |
Distributions | |||
ETF Shares | (65,730) | (106,958) | |
Admiral Shares | (4,714) | (9,798) | |
Institutional Shares | (933) | (1,721) | |
Total Distributions | (71,377) | (118,477) | |
Capital Share Transactions | |||
ETF Shares | 296,674 | 1,209,882 | |
Admiral Shares | (22,864) | (1,061) | |
Institutional Shares | 549 | 2,461 | |
Net Increase (Decrease) from Capital Share Transactions | 274,359 | 1,211,282 | |
Total Increase (Decrease) | (309,330) | 1,172,115 | |
Net Assets | |||
Beginning of Period | 3,310,772 | 2,138,657 | |
End of Period | 3,001,442 | 3,310,772 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $78.02 | $78.01 | $80.38 | $74.27 | $80.73 | $80.11 |
Investment Operations | ||||||
Net Investment Income1 | 1.591 | 3.190 | 3.551 | 3.738 | 3.411 | 3.713 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (12.661) | (.036) | (2.322) | 6.044 | (6.445) | .589 |
Total from Investment Operations | (11.070) | 3.154 | 1.229 | 9.782 | (3.034) | 4.302 |
Distributions | ||||||
Dividends from Net Investment Income | (1.590) | (3.144) | (3.599) | (3.672) | (3.426) | (3.682) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.590) | (3.144) | (3.599) | (3.672) | (3.426) | (3.682) |
Net Asset Value, End of Period | $65.36 | $78.02 | $78.01 | $80.38 | $74.27 | $80.73 |
Total Return | -14.41% | 4.06% | 1.65% | 13.47% | -3.84% | 5.56% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,782 | $3,024 | $1,853 | $1,538 | $1,033 | $1,002 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.20% | 0.25% | 0.25% | 0.30% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.39% | 4.02% | 4.55% | 4.79% | 4.42% | 4.67% |
Portfolio Turnover Rate3 | 9% | 16% | 21% | 48% | 25% | 19% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.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 | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $19.58 | $19.58 | $20.16 | $18.63 | $20.24 | $20.09 |
Investment Operations | ||||||
Net Investment Income1 | .400 | .806 | .897 | .939 | .858 | .934 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (3.189) | (.015) | (.586) | 1.521 | (1.613) | .150 |
Total from Investment Operations | (2.789) | .791 | .311 | 2.460 | (.755) | 1.084 |
Distributions | ||||||
Dividends from Net Investment Income | (.401) | (.791) | (.891) | (.930) | (.855) | (.934) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.401) | (.791) | (.891) | (.930) | (.855) | (.934) |
Net Asset Value, End of Period | $16.39 | $19.58 | $19.58 | $20.16 | $18.63 | $20.24 |
Total Return3 | -14.42% | 4.04% | 1.66% | 13.46% | -3.80% | 5.57% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $181 | $242 | $243 | $273 | $256 | $288 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.20% | 0.25% | 0.25% | 0.30% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.37% | 4.03% | 4.57% | 4.79% | 4.42% | 4.67% |
Portfolio Turnover Rate4 | 9% | 16% | 21% | 48% | 25% | 19% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.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 | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $31.41 | $31.40 | $32.33 | $29.88 | $32.47 | $32.24 |
Investment Operations | ||||||
Net Investment Income1 | .645 | 1.298 | 1.443 | 1.522 | 1.380 | 1.508 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (5.119) | (.014) | (.938) | 2.425 | (2.596) | .238 |
Total from Investment Operations | (4.474) | 1.284 | .505 | 3.947 | (1.216) | 1.746 |
Distributions | ||||||
Dividends from Net Investment Income | (.646) | (1.274) | (1.435) | (1.497) | (1.374) | (1.516) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.646) | (1.274) | (1.435) | (1.497) | (1.374) | (1.516) |
Net Asset Value, End of Period | $26.29 | $31.41 | $31.40 | $32.33 | $29.88 | $32.47 |
Total Return3 | -14.42% | 4.10% | 1.68% | 13.46% | -3.82% | 5.59% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $38 | $45 | $42 | $51 | $19 | $20 |
Ratio of Total Expenses to Average Net Assets | 0.18% | 0.18% | 0.23% | 0.23% | 0.29% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 4.40% | 4.05% | 4.59% | 4.81% | 4.43% | 4.70% |
Portfolio Turnover Rate4 | 9% | 16% | 21% | 48% | 25% | 19% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.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 | ||||
U.S. Government and Agency Obligations | — | 1,840 | — | 1,840 |
Corporate Bonds | — | 443,623 | — | 443,623 |
Sovereign Bonds | — | 2,498,641 | — | 2,498,641 |
Temporary Cash Investments | 19,157 | — | — | 19,157 |
Total | 19,157 | 2,944,104 | — | 2,963,261 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 119 | — | — | 119 |
Liabilities | ||||
Futures Contracts1 | 126 | — | — | 126 |
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. | As of April 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 3,469,671 |
Gross Unrealized Appreciation | 937 |
Gross Unrealized Depreciation | (507,354) |
Net Unrealized Appreciation (Depreciation) | (506,417) |
E. | During the six months ended April 30, 2022, the fund purchased $687,271,000 of investment securities and sold $423,658,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $47,366,000 and $45,350,000, respectively. Purchases and sales include $435,094,000 and $144,807,000, 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: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 443,393 | 5,907 | 1,758,897 | 22,006 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (146,719) | (2,100) | (549,015) | (7,000) | |
Net Increase (Decrease)—ETF Shares | 296,674 | 3,807 | 1,209,882 | 15,006 | |
Admiral Shares | |||||
Issued1 | 14,960 | 817 | 37,672 | 1,880 | |
Issued in Lieu of Cash Distributions | 3,846 | 212 | 8,085 | 406 | |
Redeemed | (41,670) | (2,316) | (46,818) | (2,342) | |
Net Increase (Decrease)—Admiral Shares | (22,864) | (1,287) | (1,061) | (56) | |
Institutional Shares | |||||
Issued1 | 10,003 | 340 | 5,306 | 165 | |
Issued in Lieu of Cash Distributions | 933 | 32 | 1,721 | 54 | |
Redeemed | (10,387) | (356) | (4,566) | (144) | |
Net Increase (Decrease)—Institutional Shares | 549 | 16 | 2,461 | 75 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $164,000 and $335,000, respectively (fund totals). |
G. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075769/img6fcfa06a2.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075769/img4b3145831.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 23 |
Liquidity Risk Management | 25 |
• | 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 April 30, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $983.10 | $1.03 |
Admiral™ Shares | 1,000.00 | 983.10 | 0.69 |
Based on Hypothetical 5% Yearly Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,023.75 | $1.05 |
Admiral Shares | 1,000.00 | 1,024.10 | 0.70 |
United States | 56.3% |
Japan | 9.6 |
Canada | 6.3 |
Australia | 4.4 |
Switzerland | 4.2 |
United Kingdom | 4.1 |
South Korea | 2.7 |
India | 2.6 |
China | 2.6 |
Taiwan | 1.6 |
Hong Kong | 1.6 |
Other | 4.0 |
Shares | Market Value• ($000) | ||
Common Stocks (98.1%) | |||
Australia (4.3%) | |||
Wesfarmers Ltd. | 1,015,947 | 35,155 | |
Coles Group Ltd. | 940,197 | 12,362 | |
Westpac Banking Corp. | 718,542 | 12,028 | |
ASX Ltd. | 153,195 | 9,262 | |
Sonic Healthcare Ltd. | 314,887 | 8,132 | |
National Australia Bank Ltd. | 275,471 | 6,289 | |
Australia & New Zealand Banking Group Ltd. | 304,572 | 5,796 | |
Medibank Pvt Ltd. | 1,983,442 | 4,457 | |
Commonwealth Bank of Australia | 58,797 | 4,274 | |
Transurban Group (XASX) | 307,436 | 3,087 | |
APA Group | 314,610 | 2,528 | |
Amcor plc GDR | 194,035 | 2,301 | |
BWP Trust | 222,026 | 645 | |
106,316 | |||
Belgium (0.3%) | |||
Etablissements Franz Colruyt NV | 137,878 | 5,063 | |
Elia Group SA | 3,957 | 630 | |
Sofina SA | 1,756 | 538 | |
6,231 | |||
Canada (6.2%) | |||
Royal Bank of Canada | 373,735 | 37,747 | |
1 | Emera Inc. | 476,894 | 23,027 |
Enbridge Inc. | 427,646 | 18,662 | |
BCE Inc. | 226,127 | 12,022 | |
Fortis Inc. (XTSE) | 212,031 | 10,317 | |
2 | Hydro One Ltd. | 339,242 | 9,171 |
TELUS Corp. | 334,381 | 8,366 | |
Intact Financial Corp. | 46,530 | 6,510 | |
Franco-Nevada Corp. | 41,135 | 6,221 | |
Metro Inc. | 106,796 | 5,870 | |
Dollarama Inc. | 87,197 | 4,848 | |
Quebecor Inc. Class B | 199,659 | 4,698 | |
CCL Industries Inc. Class B | 27,703 | 1,208 | |
Cogeco Communications Inc. | 13,065 | 1,073 | |
TMX Group Ltd. | 6,858 | 698 | |
150,438 | |||
China (2.6%) | |||
ZTO Express Cayman Inc. ADR | 423,283 | 11,644 | |
* | China Merchants Bank Co. Ltd. Class H | 1,594,500 | 9,610 |
Shares | Market Value• ($000) | ||
China Overseas Land & Investment Ltd. | 3,005,000 | 9,283 | |
Ping An Insurance Group Co. of China Ltd. Class H | 1,455,500 | 9,200 | |
China Shenhua Energy Co. Ltd. Class H | 2,283,500 | 7,295 | |
Tencent Holdings Ltd. | 124,300 | 5,858 | |
2 | Longfor Group Holdings Ltd. | 616,000 | 3,051 |
China Mengniu Dairy Co. Ltd. | 354,000 | 1,911 | |
Anhui Conch Cement Co. Ltd. Class H | 240,000 | 1,304 | |
*,2 | China Literature Ltd. | 307,200 | 1,291 |
ENN Energy Holdings Ltd. | 80,000 | 1,072 | |
* | New China Life Insurance Co. Ltd. Class H | 298,200 | 756 |
China Resources Land Ltd. | 148,000 | 661 | |
62,936 | |||
Denmark (0.3%) | |||
Coloplast A/S Class B | 64,044 | 8,628 | |
France (0.3%) | |||
Vivendi SE | 426,269 | 4,896 | |
1 | Bouygues SA | 66,665 | 2,292 |
Air Liquide SA (XPAR) | 7,370 | 1,275 | |
8,463 | |||
Germany (0.4%) | |||
Symrise AG Class A | 47,985 | 5,710 | |
Knorr-Bremse AG | 27,217 | 1,941 | |
Fielmann AG | 30,924 | 1,563 | |
9,214 | |||
Hong Kong (1.5%) | |||
CLP Holdings Ltd. | 2,053,605 | 20,040 | |
Power Assets Holdings Ltd. | 1,859,770 | 12,514 | |
Want Want China Holdings Ltd. | 2,935,000 | 2,649 | |
Chow Tai Fook Jewellery Group Ltd. | 922,800 | 1,547 | |
Tingyi Cayman Islands Holding Corp. | 638,000 | 1,165 | |
37,915 | |||
India (2.6%) | |||
Infosys Ltd. ADR | 1,331,992 | 26,467 | |
ICICI Bank Ltd. ADR | 1,138,700 | 21,681 | |
Dr Reddy's Laboratories Ltd. ADR | 212,374 | 11,400 |
Shares | Market Value• ($000) | ||
Wipro Ltd. ADR | 330,899 | 2,131 | |
2 | Reliance Industries Ltd. GDR | 28,000 | 2,002 |
63,681 | |||
Indonesia (0.2%) | |||
Telkom Indonesia Persero Tbk PT ADR | 178,305 | 5,674 | |
Israel (0.1%) | |||
Bank Hapoalim BM | 267,900 | 2,483 | |
Bank Leumi Le-Israel BM | 70,405 | 739 | |
3,222 | |||
Italy (0.2%) | |||
Snam SpA (MTAA) | 351,100 | 1,926 | |
UnipolSai Assicurazioni SpA | 656,555 | 1,847 | |
Hera SpA | 187,776 | 700 | |
4,473 | |||
Japan (9.4%) | |||
Softbank Corp. | 3,194,300 | 37,175 | |
FUJIFILM Holdings Corp. | 453,000 | 24,902 | |
* | Yamada Denki Co. Ltd. | 4,174,500 | 12,465 |
Chugai Pharmaceutical Co. Ltd. | 359,400 | 10,770 | |
Japan Post Bank Co. Ltd. | 1,319,400 | 9,954 | |
Canon Inc. | 381,100 | 8,769 | |
SG Holdings Co. Ltd. | 490,900 | 8,651 | |
Secom Co. Ltd. | 117,900 | 8,295 | |
Tokyo Gas Co. Ltd. | 362,000 | 6,934 | |
* | Hitachi Metals Ltd. | 398,600 | 6,220 |
ENEOS Holdings Inc. | 1,757,900 | 6,185 | |
Mizuho Financial Group Inc. | 456,700 | 5,546 | |
Kagome Co. Ltd. | 221,000 | 5,531 | |
Chubu Electric Power Co. Inc. | 546,000 | 5,512 | |
Sawai Group Holdings Co. Ltd. | 162,600 | 5,454 | |
Toyo Suisan Kaisha Ltd. | 162,500 | 5,018 | |
Osaka Gas Co. Ltd. | 217,000 | 3,911 | |
Skylark Holdings Co. Ltd. | 311,400 | 3,695 | |
Toho Co. Ltd. (XTKS) | 97,700 | 3,625 | |
Chugoku Electric Power Co. Inc. | 530,500 | 3,494 | |
Kintetsu Group Holdings Co. Ltd. | 121,500 | 3,484 | |
Trend Micro Inc. | 54,500 | 3,039 | |
ABC-Mart Inc. | 71,600 | 2,969 | |
Odakyu Electric Railway Co. Ltd. | 193,100 | 2,924 | |
Keio Corp. | 67,200 | 2,577 | |
Sumitomo Corp. | 131,700 | 2,084 | |
Ono Pharmaceutical Co. Ltd. | 80,800 | 2,076 | |
Idemitsu Kosan Co. Ltd. | 77,300 | 2,037 | |
Lion Corp. | 190,900 | 1,967 | |
Nagoya Railroad Co. Ltd. | 114,200 | 1,834 | |
Oracle Corp. Japan | 26,800 | 1,722 | |
KDDI Corp. | 49,700 | 1,646 | |
Pan Pacific International Holdings Corp. | 106,400 | 1,629 | |
Ezaki Glico Co. Ltd. | 55,400 | 1,588 | |
Takeda Pharmaceutical Co. Ltd. | 53,600 | 1,555 | |
Toho Gas Co. Ltd. | 62,100 | 1,457 | |
MOS Food Services Inc. | 60,500 | 1,386 | |
Nippon Building Fund Inc. | 240 | 1,246 |
Shares | Market Value• ($000) | ||
Calbee Inc. | 68,200 | 1,222 | |
Hoshizaki Corp. | 18,400 | 1,166 | |
Tobu Railway Co. Ltd. | 47,000 | 1,057 | |
KYORIN Holdings Inc. | 68,600 | 998 | |
Medipal Holdings Corp. | 54,000 | 889 | |
Mitsubishi Materials Corp. | 46,800 | 732 | |
Seven Bank Ltd. | 361,800 | 676 | |
Nissin Foods Holdings Co. Ltd. | 9,500 | 661 | |
Shizuoka Bank Ltd. | 97,400 | 630 | |
Japan Exchange Group Inc. | 37,619 | 560 | |
Kewpie Corp. | 32,500 | 547 | |
Hamamatsu Photonics KK | 11,400 | 510 | |
Japan Tobacco Inc. | 29,000 | 493 | |
229,467 | |||
Mexico (0.4%) | |||
America Movil SAB de CV Class L ADR | 485,710 | 9,437 | |
Netherlands (0.1%) | |||
Koninklijke Vopak NV | 70,804 | 1,904 | |
New Zealand (0.1%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 247,537 | 3,402 | |
Norway (0.5%) | |||
Orkla ASA | 1,210,582 | 9,824 | |
Telenor ASA | 83,752 | 1,181 | |
DNB Bank ASA | 30,099 | 583 | |
11,588 | |||
Singapore (0.7%) | |||
Oversea-Chinese Banking Corp. Ltd. | 1,071,748 | 9,516 | |
Singapore Exchange Ltd. | 774,100 | 5,447 | |
Ascendas REIT | 659,800 | 1,357 | |
16,320 | |||
South Korea (2.6%) | |||
Samsung Electronics Co. Ltd. Preference Shares | 372,255 | 17,453 | |
KT&G Corp. | 249,111 | 16,359 | |
Korea Zinc Co. Ltd. | 31,943 | 14,583 | |
NAVER Corp. | 14,745 | 3,284 | |
Shinhan Financial Group Co. Ltd. | 70,944 | 2,357 | |
* | Studio Dragon Corp. | 31,065 | 2,040 |
Maeil Dairies Co. Ltd. | 30,457 | 1,674 | |
Samsung Electronics Co. Ltd. | 25,086 | 1,337 | |
2 | Netmarble Corp. | 16,653 | 1,252 |
LEENO Industrial Inc. | 7,402 | 1,026 | |
* | CJ Logistics Corp. | 10,592 | 1,026 |
SSANGYONG C&E Co. Ltd. | 151,980 | 997 | |
Industrial Bank of Korea | 39,588 | 351 | |
63,739 | |||
Spain (0.2%) | |||
Ferrovial SA | 61,674 | 1,582 | |
Enagas SA | 65,880 | 1,424 | |
1 | Red Electrica Corp. SA | 57,686 | 1,161 |
Naturgy Energy Group SA | 28,149 | 847 | |
5,014 | |||
Sweden (0.1%) | |||
Swedbank AB Class A | 150,503 | 2,381 |
Shares | Market Value• ($000) | ||
Switzerland (4.1%) | |||
Swisscom AG (Registered) | 65,228 | 38,570 | |
Givaudan SA (Registered) | 4,229 | 16,808 | |
Roche Holding AG | 31,270 | 11,595 | |
Novartis AG (Registered) | 98,294 | 8,686 | |
Schindler Holding AG Ptg. Ctf. | 41,978 | 8,065 | |
Roche Holding AG (Bearer) | 17,135 | 6,884 | |
EMS-Chemie Holding AG (Registered) | 4,461 | 3,980 | |
2 | Galenica AG | 26,770 | 1,971 |
Allreal Holding AG (Registered) | 9,242 | 1,743 | |
1 | Stadler Rail AG | 32,435 | 1,179 |
1 | Banque Cantonale Vaudoise (Registered) | 13,949 | 1,179 |
100,660 | |||
Taiwan (1.6%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 319,652 | 29,705 | |
Chunghwa Telecom Co. Ltd. ADR | 142,247 | 6,233 | |
ASE Technology Holding Co. Ltd. ADR | 352,532 | 2,271 | |
38,209 | |||
United Kingdom (4.0%) | |||
GlaxoSmithKline plc | 1,097,393 | 24,738 | |
National Grid plc | 1,136,971 | 16,892 | |
Halma plc | 422,747 | 12,976 | |
Admiral Group plc | 300,127 | 9,447 | |
HSBC Holdings plc | 914,756 | 5,716 | |
Rightmove plc | 708,274 | 5,445 | |
Tate & Lyle plc | 542,225 | 5,270 | |
Sage Group plc | 525,457 | 4,822 | |
B&M European Value Retail SA | 571,570 | 3,502 | |
BAE Systems plc | 314,852 | 2,908 | |
Severn Trent plc | 69,047 | 2,714 | |
Croda International plc | 19,650 | 1,909 | |
Spirax-Sarco Engineering plc | 9,281 | 1,401 | |
97,740 | |||
United States (55.3%) | |||
Johnson & Johnson | 234,817 | 42,375 | |
Amdocs Ltd. | 511,148 | 40,733 | |
Amgen Inc. | 173,507 | 40,460 | |
Church & Dwight Co. Inc. | 414,244 | 40,414 | |
Merck & Co. Inc. | 442,284 | 39,226 | |
Dollar General Corp. | 164,519 | 39,078 | |
AptarGroup Inc. | 338,186 | 38,834 | |
Republic Services Inc. Class A | 289,027 | 38,808 | |
Gilead Sciences Inc. | 631,862 | 37,495 | |
Walmart Inc. | 240,945 | 36,862 | |
Cisco Systems Inc. | 724,214 | 35,472 | |
Colgate-Palmolive Co. | 453,240 | 34,922 | |
CH Robinson Worldwide Inc. | 326,979 | 34,709 | |
*,3 | Equity Commonwealth | 1,266,631 | 33,173 |
Verizon Communications Inc. | 674,719 | 31,239 | |
McDonald's Corp. | 123,756 | 30,835 | |
* | Tyler Technologies Inc. | 75,772 | 29,908 |
Waste Management Inc. | 176,528 | 29,028 | |
Becton Dickinson and Co. | 112,805 | 27,884 |
Shares | Market Value• ($000) | ||
Microsoft Corp. | 99,745 | 27,681 | |
* | Vertex Pharmaceuticals Inc. | 101,195 | 27,648 |
Chemed Corp. | 54,151 | 26,609 | |
Hormel Foods Corp. | 479,971 | 25,146 | |
Oracle Corp. | 328,700 | 24,127 | |
Progressive Corp. | 186,966 | 20,073 | |
Intercontinental Exchange Inc. | 172,762 | 20,008 | |
Broadridge Financial Solutions Inc. | 136,224 | 19,634 | |
Hawaiian Electric Industries Inc. | 451,001 | 18,541 | |
Service Corp. International | 281,221 | 18,451 | |
Williams Cos. Inc. | 522,074 | 17,902 | |
Sonoco Products Co. | 273,782 | 16,950 | |
3M Co. | 116,443 | 16,793 | |
General Mills Inc. | 236,418 | 16,722 | |
Flowers Foods Inc. | 622,234 | 16,502 | |
* | Black Knight Inc. | 210,593 | 13,855 |
Silgan Holdings Inc. | 302,282 | 13,412 | |
White Mountains Insurance Group Ltd. | 12,323 | 12,915 | |
Procter & Gamble Co. | 78,791 | 12,650 | |
Bristol-Myers Squibb Co. | 164,352 | 12,371 | |
Texas Instruments Inc. | 69,137 | 11,771 | |
IDACORP Inc. | 111,206 | 11,697 | |
Comcast Corp. Class A | 292,110 | 11,614 | |
Brown & Brown Inc. | 182,389 | 11,304 | |
Washington Federal Inc. | 345,197 | 10,504 | |
Yum China Holdings Inc. | 246,356 | 10,298 | |
Royal Gold Inc. | 77,657 | 10,133 | |
AbbVie Inc. | 67,422 | 9,903 | |
Roper Technologies Inc. | 20,106 | 9,448 | |
Consolidated Edison Inc. | 99,603 | 9,237 | |
Premier Inc. Class A | 233,733 | 8,463 | |
Commerce Bancshares Inc. | 114,712 | 7,843 | |
Baxter International Inc. | 106,879 | 7,595 | |
Clorox Co. | 50,513 | 7,247 | |
* | Check Point Software Technologies Ltd. | 56,768 | 7,169 |
Graco Inc. | 113,263 | 7,025 | |
Maximus Inc. | 89,805 | 6,545 | |
Dolby Laboratories Inc. Class A | 81,357 | 6,303 | |
Landstar System Inc. | 39,853 | 6,173 | |
American States Water Co. | 74,529 | 5,862 | |
NewMarket Corp. | 16,858 | 5,472 | |
Jack Henry & Associates Inc. | 28,095 | 5,326 | |
* | FTI Consulting Inc. | 33,059 | 5,214 |
Hershey Co. | 22,513 | 5,083 | |
Packaging Corp. of America | 31,245 | 5,036 | |
Kaiser Aluminum Corp. | 50,916 | 4,913 | |
* | Charter Communications Inc. Class A | 10,574 | 4,531 |
Murphy USA Inc. | 18,522 | 4,327 | |
NortonLifeLock Inc. | 172,466 | 4,319 | |
Target Corp. | 18,848 | 4,310 | |
Capitol Federal Financial Inc. | 425,158 | 4,094 | |
Rollins Inc. | 120,075 | 4,027 | |
Illinois Tool Works Inc. | 19,040 | 3,753 | |
WP Carey Inc. | 45,705 | 3,692 | |
Juniper Networks Inc. | 116,832 | 3,683 |
Shares | Market Value• ($000) | ||
California Water Service Group | 70,926 | 3,679 | |
Lancaster Colony Corp. | 22,161 | 3,439 | |
SS&C Technologies Holdings Inc. | 49,756 | 3,217 | |
Motorola Solutions Inc. | 14,726 | 3,147 | |
Ameren Corp. | 33,145 | 3,079 | |
Balchem Corp. | 21,374 | 2,633 | |
Air Products and Chemicals Inc. | 10,878 | 2,546 | |
TFS Financial Corp. | 159,770 | 2,395 | |
Expeditors International of Washington Inc. | 23,341 | 2,312 | |
First Industrial Realty Trust Inc. | 38,455 | 2,230 | |
International Paper Co. | 47,847 | 2,214 | |
Kellogg Co. | 31,209 | 2,138 | |
Atmos Energy Corp. | 16,648 | 1,888 | |
Toro Co. | 19,969 | 1,600 | |
Houlihan Lokey Inc. Class A | 17,847 | 1,486 | |
LXP Industrial Trust | 101,512 | 1,274 | |
AmerisourceBergen Corp. Class A | 8,036 | 1,216 | |
Marsh & McLennan Cos. Inc. | 7,371 | 1,192 | |
Werner Enterprises Inc. | 28,950 | 1,147 | |
* | Liberty Broadband Corp. Class C | 9,975 | 1,115 |
NorthWestern Corp. | 17,360 | 984 | |
National Fuel Gas Co. | 11,322 | 794 | |
* | Embecta Corp. | 22,561 | 687 |
Avangrid Inc. | 14,027 | 622 | |
Hanover Insurance Group Inc. | 3,996 | 587 | |
Avista Corp. | 12,474 | 506 | |
1,351,486 | |||
Total Common Stocks (Cost $2,128,874) | 2,398,538 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (1.3%) | |||
Money Market Fund (1.3%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.409% (Cost $31,287) | 312,908 | 31,288 |
Total Investments (99.4%) (Cost $2,160,161) | 2,429,826 | ||
Other Assets and Liabilities—Net (0.6%) | 14,754 | ||
Net Assets (100%) | 2,444,580 | ||
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 $27,315,000. |
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 April 30, 2022, the aggregate value was $18,738,000, representing 0.8% of net assets. |
3 | Securities with a value of $2,463,000 have been segregated as initial margin for open futures contracts. |
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 $29,838,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
Ptg. Ctf.—Participating Certificates. | |
REIT—Real Estate Investment Trust. |
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 | June 2022 | 159 | 32,814 | (1,512) |
Euro Stoxx 50 Index | June 2022 | 6 | 236 | (2) |
FTSE 100 Index | June 2022 | 12 | 1,134 | 34 |
S&P ASX 200 Index | June 2022 | 6 | 785 | 37 |
Topix Index | June 2022 | 9 | 1,320 | 102 |
(1,341) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Royal Bank of Canada | 5/16/22 | AUD | 4,959 | USD | 3,733 | — | (228) |
Royal Bank of Canada | 5/16/22 | CAD | 9,446 | USD | 7,380 | — | (28) |
Toronto-Dominion Bank | 5/16/22 | CAD | 2,784 | USD | 2,224 | — | (57) |
Royal Bank of Canada | 5/16/22 | CHF | 5,979 | USD | 6,176 | — | (25) |
Royal Bank of Canada | 5/16/22 | GBP | 4,793 | USD | 6,040 | — | (12) |
Deutsche Bank AG | 5/16/22 | JPY | 871,486 | USD | 6,934 | — | (215) |
Toronto-Dominion Bank | 5/16/22 | USD | 110,560 | AUD | 146,654 | 6,912 | — |
Royal Bank of Canada | 5/16/22 | USD | 164,700 | CAD | 205,956 | 4,385 | — |
State Street Bank & Trust Co. | 5/16/22 | USD | 107,318 | CHF | 100,101 | 4,335 | — |
Royal Bank of Canada | 5/16/22 | USD | 2,639 | CHF | 2,457 | 111 | — |
Royal Bank of Canada | 5/16/22 | USD | 11,958 | CNH | 76,292 | 489 | — |
BNP Paribas | 5/16/22 | USD | 12,224 | DKK | 83,228 | 413 | — |
Royal Bank of Canada | 5/16/22 | USD | 38,535 | EUR | 35,270 | 1,301 | — |
Toronto-Dominion Bank | 5/16/22 | USD | 99,018 | GBP | 75,705 | 3,824 | — |
Royal Bank of Canada | 5/16/22 | USD | 5,808 | GBP | 4,442 | 222 | — |
Deutsche Bank AG | 5/16/22 | USD | 91,193 | HKD | 714,503 | 107 | — |
BNP Paribas | 5/17/22 | USD | 6,669 | IDR | 95,952,241 | 57 | — |
Barclays Bank plc | 5/16/22 | USD | 5,524 | ILS | 17,891 | 161 | — |
Deutsche Bank AG | 5/17/22 | USD | 69,021 | INR | 5,265,233 | 278 | — |
Toronto-Dominion Bank | 5/16/22 | USD | 242,430 | JPY | 29,999,111 | 11,148 | — |
Deutsche Bank AG | 5/16/22 | USD | 69,125 | KRW | 84,273,906 | 2,030 | — |
BNP Paribas | 5/16/22 | USD | 8,961 | MXN | 180,794 | 130 | — |
BNP Paribas | 5/16/22 | USD | 11,792 | NOK | 103,269 | 782 | — |
Royal Bank of Canada | 5/16/22 | USD | 5,168 | NZD | 7,455 | 355 | — |
BNP Paribas | 5/16/22 | USD | 2,850 | SEK | 26,920 | 108 | — |
Deutsche Bank AG | 5/17/22 | USD | 17,712 | SGD | 24,076 | 303 | — |
Citibank, N.A. | 5/16/22 | USD | 37,378 | TWD | 1,073,375 | 959 | — |
BNP Paribas | 5/16/22 | USD | 4,157 | TWD | 119,326 | 108 | — |
38,518 | (565) |
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. |
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 Value1 | |
Unaffiliated Issuers (Cost $2,128,874) | 2,398,538 |
Affiliated Issuers (Cost $31,287) | 31,288 |
Total Investments in Securities | 2,429,826 |
Investment in Vanguard | 84 |
Cash | 24,001 |
Receivables for Accrued Income | 10,397 |
Receivables for Capital Shares Issued | 1,517 |
Unrealized Appreciation—Forward Currency Contracts | 38,518 |
Total Assets | 2,504,343 |
Liabilities | |
Foreign Currency Due to Custodian, at Value (Proceeds $1,150) | 1,150 |
Payables for Investment Securities Purchased | 24,009 |
Collateral for Securities on Loan | 29,838 |
Payables for Capital Shares Redeemed | 2,863 |
Payables to Vanguard | 152 |
Variation Margin Payable—Futures Contracts | 1,186 |
Unrealized Depreciation—Forward Currency Contracts | 565 |
Total Liabilities | 59,763 |
Net Assets | 2,444,580 |
1 Includes $27,315 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 2,097,406 |
Total Distributable Earnings (Loss) | 347,174 |
Net Assets | 2,444,580 |
Investor Shares—Net Assets | |
Applicable to 19,909,977 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 280,447 |
Net Asset Value Per Share—Investor Shares | $14.09 |
Admiral Shares—Net Assets | |
Applicable to 76,820,351 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,164,133 |
Net Asset Value Per Share—Admiral Shares | $28.17 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 31,609 |
Interest2 | 3 |
Securities Lending—Net | 120 |
Total Income | 31,732 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 275 |
Management and Administrative—Investor Shares | 240 |
Management and Administrative—Admiral Shares | 1,232 |
Marketing and Distribution—Investor Shares | 15 |
Marketing and Distribution—Admiral Shares | 66 |
Custodian Fees | 47 |
Shareholders’ Reports—Investor Shares | 8 |
Shareholders’ Reports—Admiral Shares | 18 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 9 |
Total Expenses | 1,911 |
Net Investment Income | 29,821 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 67,052 |
Futures Contracts | 403 |
Forward Currency Contracts | 37,295 |
Foreign Currencies | (16) |
Realized Net Gain (Loss) | 104,734 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (215,600) |
Futures Contracts | (1,359) |
Forward Currency Contracts | 40,457 |
Foreign Currencies | (413) |
Change in Unrealized Appreciation (Depreciation) | (176,915) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (42,360) |
1 | Dividends are net of foreign withholding taxes of $2,038,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,000, ($6,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 29,821 | 54,760 | |
Realized Net Gain (Loss) | 104,734 | 242,664 | |
Change in Unrealized Appreciation (Depreciation) | (176,915) | 239,710 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (42,360) | 537,134 | |
Distributions | |||
Investor Shares | (10,057) | (6,959) | |
Admiral Shares | (83,618) | (62,342) | |
Total Distributions | (93,675) | (69,301) | |
Capital Share Transactions | |||
Investor Shares | (5,801) | (87,211) | |
Admiral Shares | (163,427) | (793,086) | |
Net Increase (Decrease) from Capital Share Transactions | (169,228) | (880,297) | |
Total Increase (Decrease) | (305,263) | (412,464) | |
Net Assets | |||
Beginning of Period | 2,749,843 | 3,162,307 | |
End of Period | 2,444,580 | 2,749,843 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $14.83 | $12.77 | $14.71 | $13.78 | $13.57 | $11.92 |
Investment Operations | ||||||
Net Investment Income1 | .162 | .252 | .293 | .428 | .374 | .324 |
Net Realized and Unrealized Gain (Loss) on Investments | (.397) | 2.085 | (1.571) | 1.403 | .148 | 1.650 |
Total from Investment Operations | (.235) | 2.337 | (1.278) | 1.831 | .522 | 1.974 |
Distributions | ||||||
Dividends from Net Investment Income | (.505) | (.277) | (.397) | (.300) | (.312) | (.324) |
Distributions from Realized Capital Gains | — | — | (.265) | (.601) | — | — |
Total Distributions | (.505) | (.277) | (.662) | (.901) | (.312) | (.324) |
Net Asset Value, End of Period | $14.09 | $14.83 | $12.77 | $14.71 | $13.78 | $13.57 |
Total Return2 | -1.69% | 18.51% | -9.22% | 14.41% | 3.89% | 16.93% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $280 | $301 | $338 | $643 | $515 | $539 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.21% | 0.21% | 0.21% | 0.23% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 2.24% | 1.77% | 2.16% | 3.09% | 2.66% | 2.54% |
Portfolio Turnover Rate | 17% | 24% | 58% | 46% | 24% | 37% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $29.67 | $25.56 | $29.45 | $27.58 | $27.15 | $23.86 |
Investment Operations | ||||||
Net Investment Income1 | .332 | .520 | .608 | .878 | .758 | .668 |
Net Realized and Unrealized Gain (Loss) on Investments | (.800) | 4.177 | (3.155) | 2.819 | .297 | 3.295 |
Total from Investment Operations | (.468) | 4.697 | (2.547) | 3.697 | 1.055 | 3.963 |
Distributions | ||||||
Dividends from Net Investment Income | (1.032) | (.587) | (.812) | (.624) | (.625) | (.673) |
Distributions from Realized Capital Gains | — | — | (.531) | (1.203) | — | — |
Total Distributions | (1.032) | (.587) | (1.343) | (1.827) | (.625) | (.673) |
Net Asset Value, End of Period | $28.17 | $29.67 | $25.56 | $29.45 | $27.58 | $27.15 |
Total Return2 | -1.69% | 18.60% | -9.18% | 14.54% | 3.93% | 16.99% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,164 | $2,449 | $2,824 | $3,483 | $2,542 | $1,699 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.14% | 0.14% | 0.15% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 2.30% | 1.83% | 2.26% | 3.16% | 2.74% | 2.62% |
Portfolio Turnover Rate | 17% | 24% | 58% | 46% | 24% | 37% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
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. |
Assets Reflected in Statement of Assets and Liabilities1 ($000) | Liabilities Reflected in Statement of Assets and Liabilities1 ($000) | Net Amount Receivable (Payable) ($000) | Amounts Not Offset in the Statement of Assets and Liabilities | Net Exposure3 (Not Less Than $0) ($000) | ||
Collateral Pledged2 ($000) | Collateral Received2 ($000) | |||||
Derivatives Subject to Offsetting Arrangements, by Counterparty | ||||||
Barclays Bank plc | 161 | — | 161 | — | — | 161 |
BNP Paribas | 1,598 | — | 1,598 | — | 1,762 | — |
Citibank, N.A. | 959 | — | 959 | — | 990 | — |
Deutsche Bank AG | 2,718 | (215) | 2,503 | — | 3,140 | — |
Royal Bank of Canada | 6,863 | (293) | 6,570 | — | 6,470 | 100 |
State Street Bank & Trust Co. | 4,335 | — | 4,335 | — | 3,983 | 352 |
Toronto-Dominion Bank | 21,884 | (57) | 21,827 | — | 24,270 | — |
Exchange-Traded Futures Contracts | — | (1,186) | (1,186) | 2,463 | — | — |
Total | 38,518 | (1,751) | 36,767 | 2,463 | 40,615 | 613 |
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 | 277,081 | 769,971 | — | 1,047,052 |
Common Stocks—United States | 1,351,486 | — | — | 1,351,486 |
Temporary Cash Investments | 31,288 | — | — | 31,288 |
Total | 1,659,855 | 769,971 | — | 2,429,826 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 173 | — | — | 173 |
Forward Currency Contracts | — | 38,518 | — | 38,518 |
Total | 173 | 38,518 | — | 38,691 |
Liabilities | ||||
Futures Contracts1 | 1,514 | — | — | 1,514 |
Forward Currency Contracts | — | 565 | — | 565 |
Total | 1,514 | 565 | — | 2,079 |
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 | 173 | — | 173 |
Unrealized Appreciation—Forward Currency Contracts | — | 38,518 | 38,518 |
Total Assets | 173 | 38,518 | 38,691 |
Unrealized Depreciation—Futures Contracts1 | 1,514 | — | 1,514 |
Unrealized Depreciation—Forward Currency Contracts | — | 565 | 565 |
Total Liabilities | 1,514 | 565 | 2,079 |
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 | 403 | — | 403 |
Forward Currency Contracts | — | 37,295 | 37,295 |
Realized Net Gain (Loss) on Derivatives | 403 | 37,295 | 37,698 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (1,359) | — | (1,359) |
Forward Currency Contracts | — | 40,457 | 40,457 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (1,359) | 40,457 | 39,098 |
E. | As of April 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 2,161,521 |
Gross Unrealized Appreciation | 443,060 |
Gross Unrealized Depreciation | (138,143) |
Net Unrealized Appreciation (Depreciation) | 304,917 |
F. | During the six months ended April 30, 2022, the fund purchased $445,007,000 of investment securities and sold $626,995,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 22,790 | 1,580 | 49,143 | 3,454 | |
Issued in Lieu of Cash Distributions | 9,216 | 633 | 6,352 | 470 | |
Redeemed | (37,807) | (2,609) | (142,706) | (10,122) | |
Net Increase (Decrease)—Investor Shares | (5,801) | (396) | (87,211) | (6,198) | |
Admiral Shares | |||||
Issued | 106,721 | 3,659 | 439,983 | 15,585 | |
Issued in Lieu of Cash Distributions | 73,352 | 2,518 | 55,463 | 2,050 | |
Redeemed | (343,500) | (11,904) | (1,288,532) | (45,588) | |
Net Increase (Decrease)—Admiral Shares | (163,427) | (5,727) | (793,086) | (27,953) |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
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All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSRS/0001104659-22-075769/img59af7b251.jpg)
Vanguard International Dividend Appreciation Index Fund |
Vanguard International High Dividend Yield Index Fund |
About Your Fund’s Expenses | 1 |
International Dividend Appreciation Index Fund | 3 |
International High Dividend Yield Index Fund | 21 |
Trustees Approve Advisory Arrangements | 54 |
Liquidity Risk Management | 56 |
• | 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 April 30, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $888.90 | $0.70 |
Admiral™ Shares | 1,000.00 | 888.90 | 0.75 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $959.70 | $1.07 |
Admiral Shares | 1,000.00 | 959.90 | 1.07 |
Based on Hypothetical 5% Yearly Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,024.05 | $0.75 |
Admiral Shares | 1,000.00 | 1,024.00 | 0.80 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,023.70 | $1.10 |
Admiral Shares | 1,000.00 | 1,023.70 | 1.10 |
Switzerland | 17.1% |
Canada | 17.0 |
Japan | 14.4 |
United Kingdom | 8.0 |
India | 6.9 |
Denmark | 5.8 |
France | 5.3 |
Germany | 5.0 |
China | 4.7 |
Hong Kong | 4.0 |
Australia | 3.8 |
Sweden | 2.4 |
Other | 5.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Australia (3.8%) | |||
CSL Ltd. | 509,843 | 97,304 | |
Sonic Healthcare Ltd. | 510,791 | 13,192 | |
Computershare Ltd. (XASX) | 610,154 | 10,757 | |
Northern Star Resources Ltd. | 1,240,968 | 8,530 | |
Washington H Soul Pattinson & Co. Ltd. | 262,358 | 5,112 | |
carsales.com Ltd. | 300,854 | 4,442 | |
Steadfast Group Ltd. | 1,043,150 | 3,777 | |
Domino's Pizza Enterprises Ltd. | 67,118 | 3,518 | |
Altium Ltd. | 129,895 | 2,926 | |
Technology One Ltd. | 295,518 | 2,133 | |
Brickworks Ltd. | 88,713 | 1,473 | |
AUB Group Ltd. | 79,138 | 1,281 | |
Collins Foods Ltd. | 116,541 | 835 | |
Dicker Data Ltd. | 60,793 | 562 | |
155,842 | |||
Belgium (0.5%) | |||
UCB SA | 134,652 | 15,306 | |
Sofina SA | 16,713 | 5,122 | |
20,428 | |||
Brazil (0.1%) | |||
Raia Drogasil SA | 1,144,263 | 4,844 | |
Canada (16.9%) | |||
Toronto-Dominion Bank | 1,942,890 | 140,335 | |
Brookfield Asset Management Inc. Class A | 1,554,286 | 77,530 | |
Canadian Natural Resources Ltd. | 1,242,835 | 76,922 | |
Canadian National Railway Co. | 642,349 | 75,543 | |
Alimentation Couche Tard Inc. | 885,264 | 39,410 | |
Franco-Nevada Corp. | 203,911 | 30,838 | |
Agnico Eagle Mines Ltd. | 484,137 | 28,182 | |
Intact Financial Corp. | 187,471 | 26,227 | |
Fortis Inc. (XTSE) | 505,566 | 24,600 | |
Magna International Inc. | 294,984 | 17,777 | |
Dollarama Inc. | 296,287 | 16,472 | |
Loblaw Cos. Ltd. | 174,109 | 15,926 | |
Metro Inc. | 257,027 | 14,127 | |
Imperial Oil Ltd. | 231,788 | 11,670 | |
Open Text Corp. | 288,103 | 11,538 |
Shares | Market Value• ($000) | ||
George Weston Ltd. | 75,090 | 9,342 | |
Canadian Tire Corp. Ltd. Class A | 60,013 | 8,266 | |
Toromont Industries Ltd. | 87,867 | 7,735 | |
TFI International Inc. | 86,329 | 6,944 | |
CCL Industries Inc. Class B | 157,639 | 6,873 | |
Ritchie Bros Auctioneers Inc. | 117,788 | 6,488 | |
Empire Co. Ltd. Class A | 176,087 | 5,816 | |
Saputo Inc. | 256,521 | 5,483 | |
Stantec Inc. | 118,184 | 5,425 | |
Finning International Inc. | 167,963 | 4,725 | |
Parkland Corp. | 165,560 | 4,703 | |
Premium Brands Holdings Corp. Class A | 38,786 | 3,167 | |
Boyd Group Services Inc. | 22,795 | 2,821 | |
Canadian Western Bank | 94,603 | 2,387 | |
Stella-Jones Inc. | 68,140 | 1,883 | |
Cogeco Communications Inc. | 21,638 | 1,777 | |
Maple Leaf Foods Inc. | 79,538 | 1,752 | |
Enghouse Systems Ltd. | 44,789 | 1,260 | |
goeasy Ltd. | 13,413 | 1,204 | |
Savaria Corp. | 51,982 | 621 | |
Cogeco Inc. | 8,687 | 517 | |
Hardwoods Distribution Inc. | 19,546 | 494 | |
696,780 | |||
China (4.6%) | |||
Tencent Holdings Ltd. | 3,374,924 | 159,043 | |
Shenzhou International Group Holdings Ltd. | 851,700 | 11,557 | |
CSPC Pharmaceutical Group Ltd. | 9,090,000 | 9,293 | |
China Tourism Group Duty Free Corp. Ltd. Class A | 166,155 | 4,522 | |
China Resources Gas Group Ltd. | 977,000 | 3,671 | |
Jiangsu Hengrui Medicine Co. Ltd. Class A | 540,569 | 2,408 | |
Angel Yeast Co. Ltd. Class A | 68,000 | 395 | |
190,889 | |||
Colombia (0.1%) | |||
Grupo Nutresa SA | 117,291 | 1,441 | |
Grupo Argos SA | 356,186 | 1,296 | |
Grupo de Inversiones Suramericana SA | 116,147 | 1,177 |
Shares | Market Value• ($000) | ||
Grupo De Inversiones Suramericana SA Preference Shares | 110,332 | 611 | |
4,525 | |||
Denmark (5.7%) | |||
Novo Nordisk A/S Class B | 1,591,243 | 181,762 | |
DSV A/S | 227,406 | 37,283 | |
Coloplast A/S Class B | 126,343 | 17,022 | |
236,067 | |||
Finland (0.1%) | |||
Huhtamaki OYJ | 102,257 | 3,865 | |
Revenio Group OYJ | 28,531 | 1,358 | |
5,223 | |||
France (5.2%) | |||
Sanofi | 1,224,549 | 129,428 | |
Schneider Electric SE | 605,934 | 86,933 | |
Pharmagest Interactive | 5,126 | 412 | |
216,773 | |||
Germany (5.0%) | |||
SAP SE | 1,164,332 | 118,000 | |
Symrise AG Class A | 141,427 | 16,829 | |
Fresenius SE & Co. KGaA | 440,244 | 15,562 | |
Fresenius Medical Care AG & Co. KGaA | 212,214 | 13,197 | |
Brenntag SE | 164,533 | 12,696 | |
LEG Immobilien SE (XETR) | 77,654 | 7,962 | |
Nemetschek SE | 59,005 | 4,682 | |
Bechtle AG | 86,773 | 4,010 | |
TAG Immobilien AG | 156,538 | 3,128 | |
Encavis AG | 124,876 | 2,726 | |
FUCHS PETROLUB SE Preference Shares | 66,708 | 2,104 | |
Gerresheimer AG | 30,179 | 2,096 | |
FUCHS PETROLUB SE | 42,945 | 1,145 | |
STRATEC SE | 7,588 | 859 | |
Atoss Software AG | 4,122 | 599 | |
Cewe Stiftung & Co. KGaA | 5,673 | 518 | |
MBB SE | 2,275 | 304 | |
206,417 | |||
Hong Kong (4.0%) | |||
AIA Group Ltd. | 12,879,160 | 126,522 | |
Techtronic Industries Co. Ltd. | 1,835,484 | 24,500 | |
Hong Kong & China Gas Co. Ltd. | 11,538,145 | 12,725 | |
SUNeVision Holdings Ltd. | 1,491,000 | 1,239 | |
164,986 | |||
India (6.9%) | |||
Reliance Industries Ltd. | 3,673,130 | 133,086 | |
Infosys Ltd. ADR | 3,245,744 | 64,493 | |
Hindustan Unilever Ltd. | 948,263 | 27,551 | |
Asian Paints Ltd. | 478,997 | 20,191 | |
Infosys Ltd. | 675,548 | 13,691 | |
Pidilite Industries Ltd. | 161,152 | 5,094 | |
Tata Elxsi Ltd. | 36,311 | 3,637 | |
Persistent Systems Ltd. | 53,350 | 2,990 | |
Astral Ltd. (XNSE) | 93,430 | 2,612 | |
Berger Paints India Ltd. | 254,068 | 2,382 | |
Sundaram Finance Ltd. | 71,149 | 1,864 | |
LIC Housing Finance Ltd. | 317,669 | 1,557 | |
CRISIL Ltd. | 25,081 | 1,203 | |
Relaxo Footwears Ltd. | 75,300 | 1,058 | |
KEI Industries Ltd. | 56,806 | 889 | |
KEC International Ltd. | 128,840 | 667 | |
Balaji Amines Ltd. | 10,820 | 453 |
Shares | Market Value• ($000) | ||
Caplin Point Laboratories Ltd. | 23,870 | 219 | |
* | Yes Bank Ltd. | 545,158 | 96 |
283,733 | |||
Indonesia (0.8%) | |||
Bank Central Asia Tbk PT | 58,857,200 | 33,011 | |
Ireland (0.4%) | |||
Kerry Group plc Class A | 163,805 | 18,078 | |
Israel (0.0%) | |||
Matrix IT Ltd. | 34,088 | 859 | |
Italy (0.4%) | |||
Recordati Industria Chimica e Farmaceutica SpA | 107,084 | 5,160 | |
Interpump Group SpA | 87,913 | 3,554 | |
Reply SpA | 23,804 | 3,505 | |
DiaSorin SpA | 20,812 | 2,726 | |
14,945 | |||
Japan (14.4%) | |||
Shin-Etsu Chemical Co. Ltd. | 421,300 | 57,901 | |
Murata Manufacturing Co. Ltd. | 683,000 | 40,712 | |
Tokio Marine Holdings Inc. | 742,400 | 40,141 | |
Seven & i Holdings Co. Ltd. | 849,200 | 37,549 | |
Nippon Telegraph & Telephone Corp. | 1,271,900 | 37,482 | |
Astellas Pharma Inc. | 1,982,500 | 30,185 | |
Terumo Corp. | 807,976 | 24,049 | |
Asahi Group Holdings Ltd. | 539,843 | 20,348 | |
Kao Corp. | 506,600 | 20,304 | |
Aeon Co. Ltd. | 927,600 | 17,629 | |
Shionogi & Co. Ltd. | 301,900 | 16,793 | |
Unicharm Corp. | 476,300 | 16,571 | |
M3 Inc. | 455,400 | 14,543 | |
Nomura Research Institute Ltd. | 460,500 | 13,021 | |
Sekisui House Ltd. | 692,100 | 12,020 | |
Nitto Denko Corp. | 159,500 | 10,706 | |
Obic Co. Ltd. | 70,900 | 10,475 | |
Nitori Holdings Co. Ltd. | 92,601 | 9,527 | |
Yakult Honsha Co. Ltd. | 171,000 | 8,854 | |
Pan Pacific International Holdings Corp. | 566,764 | 8,679 | |
Nissan Chemical Corp. | 151,900 | 8,024 | |
Hulic Co. Ltd. | 630,775 | 5,326 | |
TIS Inc. | 231,800 | 5,206 | |
Chiba Bank Ltd. | 788,800 | 4,546 | |
MonotaRO Co. Ltd. | 260,867 | 4,481 | |
Kobayashi Pharmaceutical Co. Ltd. | 62,200 | 4,242 | |
Azbil Corp. | 138,700 | 4,211 | |
Nippon Sanso Holdings Corp. | 226,400 | 4,074 | |
GMO Payment Gateway Inc. | 47,000 | 3,943 | |
Kurita Water Industries Ltd. | 114,000 | 3,889 | |
Nisshin Seifun Group Inc. | 278,500 | 3,713 | |
Tokyo Tatemono Co. Ltd. | 223,200 | 3,147 | |
Alfresa Holdings Corp. | 226,700 | 3,083 | |
Open House Co. Ltd. | 79,300 | 3,068 | |
Nomura Real Estate Holdings Inc. | 124,680 | 3,038 |
Shares | Market Value• ($000) | ||
COMSYS Holdings Corp. | 133,100 | 2,763 | |
Hitachi Transport System Ltd. | 40,200 | 2,639 | |
Rinnai Corp. | 40,984 | 2,620 | |
SCSK Corp. | 161,900 | 2,574 | |
Hikari Tsushin Inc. | 21,200 | 2,482 | |
Itochu Techno-Solutions Corp. | 101,603 | 2,379 | |
Oracle Corp. Japan | 35,400 | 2,275 | |
Welcia Holdings Co. Ltd. | 109,400 | 2,243 | |
SHO-BOND Holdings Co. Ltd. | 51,384 | 2,160 | |
Goldwin Inc. | 39,800 | 1,996 | |
Zenkoku Hosho Co. Ltd. | 55,800 | 1,958 | |
EXEO Group Inc. | 116,400 | 1,938 | |
Takara Holdings Inc. | 211,400 | 1,781 | |
Sundrug Co. Ltd. | 72,424 | 1,686 | |
Aica Kogyo Co. Ltd. | 72,100 | 1,669 | |
Tokyo Century Corp. | 51,500 | 1,586 | |
Yaoko Co. Ltd. | 27,000 | 1,428 | |
NSD Co. Ltd. | 78,000 | 1,385 | |
Fuyo General Lease Co. Ltd. | 24,900 | 1,347 | |
Benefit One Inc. | 81,500 | 1,236 | |
PALTAC Corp. | 33,554 | 1,223 | |
Nichias Corp. | 65,400 | 1,175 | |
TS Tech Co. Ltd. | 111,600 | 1,165 | |
Fujitsu General Ltd. | 63,200 | 1,123 | |
Japan Material Co. Ltd. | 70,300 | 1,062 | |
Maruwa Co. Ltd. | 8,800 | 1,026 | |
Shoei Co. Ltd. | 27,200 | 1,009 | |
Mani Inc. | 87,400 | 998 | |
Seria Co. Ltd. | 48,700 | 952 | |
DTS Corp. | 42,000 | 921 | |
TKC Corp. | 34,800 | 914 | |
Tokyo Steel Manufacturing Co. Ltd. | 85,900 | 889 | |
Kissei Pharmaceutical Co. Ltd. | 44,400 | 879 | |
Mizuho Leasing Co. Ltd. | 37,700 | 874 | |
Workman Co. Ltd. | 25,100 | 857 | |
Raito Kogyo Co. Ltd. | 55,200 | 824 | |
Kohnan Shoji Co. Ltd. | 28,300 | 820 | |
Takara Bio Inc. | 49,900 | 803 | |
Valor Holdings Co. Ltd. | 49,812 | 785 | |
Nojima Corp. | 39,000 | 784 | |
Funai Soken Holdings Inc. | 45,700 | 766 | |
Information Services International-Dentsu Ltd. | 26,100 | 750 | |
Riken Keiki Co. Ltd. | 23,800 | 749 | |
Noevir Holdings Co. Ltd. | 18,900 | 741 | |
JCU Corp. | 28,200 | 718 | |
Takeuchi Manufacturing Co. Ltd. | 39,000 | 715 | |
Future Corp. | 48,647 | 713 | |
Hogy Medical Co. Ltd. | 26,900 | 672 | |
Create SD Holdings Co. Ltd. | 28,400 | 650 | |
Elecom Co. Ltd. | 53,932 | 647 | |
eGuarantee Inc. | 36,300 | 603 | |
Kameda Seika Co. Ltd. | 18,500 | 602 | |
Sanyo Chemical Industries Ltd. | 15,200 | 581 | |
Sekisui Jushi Corp. | 42,200 | 577 | |
Eizo Corp. | 21,200 | 553 | |
Tri Chemical Laboratories Inc. | 28,800 | 541 |
Shares | Market Value• ($000) | ||
Okinawa Cellular Telephone Co. | 13,400 | 516 | |
Aeon Delight Co. Ltd. | 23,600 | 504 | |
Ai Holdings Corp. | 38,170 | 501 | |
Keihanshin Building Co. Ltd. | 47,700 | 496 | |
Intage Holdings Inc. | 40,600 | 494 | |
Osaka Organic Chemical Industry Ltd. | 22,500 | 485 | |
Yellow Hat Ltd. | 38,200 | 477 | |
S Foods Inc. | 19,900 | 463 | |
MCJ Co. Ltd. | 69,000 | 451 | |
Shizuoka Gas Co. Ltd. | 60,400 | 433 | |
Ricoh Leasing Co. Ltd. | 15,500 | 406 | |
Mitsubishi Research Institute Inc. | 13,200 | 397 | |
FULLCAST Holdings Co. Ltd. | 19,800 | 379 | |
Fujicco Co. Ltd. | 24,000 | 375 | |
Tsurumi Manufacturing Co. Ltd. | 24,000 | 343 | |
Retail Partners Co. Ltd. | 36,000 | 314 | |
Mimasu Semiconductor Industry Co. Ltd. | 17,000 | 305 | |
Matsuda Sangyo Co. Ltd. | 16,800 | 295 | |
Siix Corp. | 38,200 | 292 | |
Sinko Industries Ltd. | 23,000 | 289 | |
G-7 Holdings Inc. | 22,600 | 284 | |
Elan Corp. | 35,700 | 279 | |
G-Tekt Corp. | 27,000 | 260 | |
Nippon Parking Development Co. Ltd. | 211,500 | 250 | |
MarkLines Co. Ltd. | 11,500 | 237 | |
Fukui Computer Holdings Inc. | 9,200 | 230 | |
E-Guardian Inc. | 10,200 | 230 | |
Cresco Ltd. | 14,900 | 216 | |
Aoyama Zaisan Networks Co. Ltd. | 22,000 | 207 | |
WDB Holdings Co. Ltd. | 9,500 | 200 | |
Members Co. Ltd. | 8,100 | 193 | |
Value HR Co. Ltd. | 17,800 | 191 | |
Creek & River Co. Ltd. | 11,400 | 184 | |
CTS Co. Ltd. | 27,500 | 183 | |
Densan System Holdings Co. Ltd. | 8,500 | 172 | |
Digital Hearts Holdings Co. Ltd. | 12,500 | 163 | |
Japan Best Rescue System Co. Ltd. | 18,500 | 145 | |
Furukawa Battery Co. Ltd. | 14,900 | 138 | |
Aval Data Corp. | 5,200 | 112 | |
Ad-sol Nissin Corp. | 7,700 | 93 | |
ULS Group Inc. | 2,800 | 85 | |
593,553 | |||
Mexico (0.7%) | |||
America Movil SAB de CV Series L | 24,043,356 | 23,400 | |
Grupo Elektra SAB de CV | 61,875 | 3,710 | |
27,110 | |||
Netherlands (0.7%) | |||
Wolters Kluwer NV | 279,540 | 28,229 | |
New Zealand (0.2%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 614,142 | 8,440 |
Shares | Market Value• ($000) | ||
Norway (0.2%) | |||
TOMRA Systems ASA | 124,673 | 4,903 | |
Borregaard ASA | 108,877 | 2,077 | |
6,980 | |||
South Korea (0.9%) | |||
NAVER Corp. | 157,134 | 35,003 | |
LEENO Industrial Inc. | 9,550 | 1,324 | |
AfreecaTV Co. Ltd. | 8,409 | 721 | |
JW Pharmaceutical Corp. | 13,889 | 336 | |
Interojo Co. Ltd. | 10,728 | 274 | |
DI Dong Il Corp. | 14,020 | 266 | |
Hanyang Eng Co. Ltd. | 11,473 | 143 | |
38,067 | |||
Sweden (2.4%) | |||
Hexagon AB Class B | 2,211,035 | 28,529 | |
Assa Abloy AB Class B | 1,056,256 | 26,694 | |
Nibe Industrier AB Class B | 1,500,174 | 14,708 | |
Swedish Match AB | 1,683,798 | 13,411 | |
Castellum AB | 303,826 | 6,017 | |
Fabege AB | 289,108 | 3,509 | |
AAK AB | 190,430 | 3,304 | |
Wihlborgs Fastigheter AB | 142,147 | 2,465 | |
Atrium Ljungberg AB Class B | 50,842 | 831 | |
Svolder AB | 102,903 | 603 | |
100,071 | |||
Switzerland (17.1%) | |||
Novartis AG (Registered) | 2,035,288 | 179,857 | |
Nestle SA (Registered) | 1,336,182 | 172,493 | |
Roche Holding AG | 429,312 | 159,195 | |
Sika AG (Registered) | 163,083 | 49,815 | |
Givaudan SA (Registered) | 8,458 | 33,616 | |
Partners Group Holding AG | 24,168 | 25,606 | |
Geberit AG (Registered) | 38,216 | 21,794 | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | 116 | 13,753 | |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 1,136 | 12,740 | |
Logitech International SA (Registered) | 184,344 | 11,997 | |
Temenos AG (Registered) | 71,577 | 7,225 | |
EMS-Chemie Holding AG (Registered) | 7,229 | 6,449 | |
DKSH Holding AG | 38,270 | 3,286 | |
Interroll Holding AG (Registered) | 767 | 2,325 | |
Roche Holding AG (Bearer) | 4,890 | 1,964 | |
ALSO Holding AG (Registered) | 6,729 | 1,522 | |
Orior AG | 6,978 | 645 | |
704,282 | |||
Taiwan (0.5%) | |||
Chailease Holding Co. Ltd. | 1,464,650 | 11,639 | |
Advantech Co. Ltd. | 461,000 | 5,731 | |
ASPEED Technology Inc. | 26,459 | 2,324 | |
Sinbon Electronics Co. Ltd. | 208,000 | 1,827 | |
21,521 |
Shares | Market Value• ($000) | ||
Thailand (0.0%) | |||
Siam Global House PCL | 109,956 | 70 | |
United Kingdom (7.9%) | |||
Diageo plc | 2,480,463 | 123,747 | |
RELX plc | 2,111,225 | 62,894 | |
Ashtead Group plc | 478,196 | 24,726 | |
Croda International plc | 151,824 | 14,746 | |
Bunzl plc | 359,190 | 13,858 | |
Halma plc | 404,260 | 12,409 | |
Spirax-Sarco Engineering plc | 78,332 | 11,820 | |
Smurfit Kappa Group plc (XDUB) | 276,022 | 11,664 | |
Sage Group plc | 1,193,314 | 10,951 | |
DCC plc | 107,904 | 8,176 | |
B&M European Value Retail SA | 905,558 | 5,548 | |
Dechra Pharmaceuticals plc | 115,434 | 5,231 | |
Diploma plc | 133,136 | 4,566 | |
Spectris plc | 123,250 | 4,508 | |
Ultra Electronics Holdings plc | 75,799 | 3,087 | |
Cranswick plc | 56,394 | 2,242 | |
Genus plc | 70,126 | 2,203 | |
Sirius Real Estate Ltd. | 1,250,955 | 1,902 | |
Clarkson plc | 29,750 | 1,370 | |
Hilton Food Group plc | 77,809 | 1,181 | |
Clipper Logistics plc | 91,576 | 991 | |
Avon Protection plc | 32,852 | 436 | |
* | Cazoo Group Ltd. | 93,622 | 158 |
328,414 | |||
Total Common Stocks (Cost $3,982,409) | 4,110,137 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
1 | Vanguard Market Liquidity Fund, 0.409% (Cost $3,922) | 39,225 | 3,922 |
Total Investments (99.6%) (Cost $3,986,331) | 4,114,059 | ||
Other Assets and Liabilities—Net (0.4%) | 15,621 | ||
Net Assets (100%) | 4,129,680 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
ADR—American Depositary Receipt. | |
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 | June 2022 | 23 | 4,747 | (288) |
Euro Stoxx 50 Index | June 2022 | 146 | 5,754 | (48) |
MSCI Emerging Markets Index | June 2022 | 115 | 6,080 | (214) |
Topix Index | June 2022 | 27 | 3,959 | 33 |
(517) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 6/15/22 | EUR | 5,240 | USD | 5,719 | — | (179) |
Royal Bank of Canada | 6/15/22 | EUR | 1,145 | USD | 1,273 | — | (63) |
BNP Paribas | 6/15/22 | INR | 416,000 | USD | 5,370 | 46 | — |
State Street Bank & Trust Co. | 6/15/22 | JPY | 98,050 | USD | 799 | — | (43) |
Bank of America, N.A. | 6/15/22 | JPY | 60,474 | USD | 524 | — | (57) |
State Street Bank & Trust Co. | 6/15/22 | USD | 6,283 | CHF | 5,748 | 359 | — |
Barclays Bank plc | 6/15/22 | USD | 3,929 | CHF | 3,659 | 158 | — |
Bank of America, N.A. | 6/15/22 | USD | 2,364 | EUR | 2,169 | 72 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 1,324 | GBP | 1,000 | 66 | — |
BNP Paribas | 6/15/22 | USD | 3,860 | INR | 300,000 | — | (46) |
State Street Bank & Trust Co. | 6/15/22 | USD | 3,819 | JPY | 465,083 | 229 | — |
930 | (388) |
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 $3,982,409) | 4,110,137 |
Affiliated Issuers (Cost $3,922) | 3,922 |
Total Investments in Securities | 4,114,059 |
Investment in Vanguard | 146 |
Cash Collateral Pledged—Futures Contracts | 1,415 |
Cash Collateral Pledged—Forward Currency Contracts | 10 |
Foreign Currency, at Value (Cost $2,405) | 2,293 |
Receivables for Investment Securities Sold | 2,043 |
Receivables for Accrued Income | 17,378 |
Receivables for Capital Shares Issued | 287 |
Variation Margin Receivable—Futures Contracts | 22 |
Unrealized Appreciation—Forward Currency Contracts | 930 |
Total Assets | 4,138,583 |
Liabilities | |
Due to Custodian | 8 |
Payables for Investment Securities Purchased | 3,633 |
Payables for Capital Shares Redeemed | 220 |
Payables to Vanguard | 261 |
Unrealized Depreciation—Forward Currency Contracts | 388 |
Deferred Foreign Capital Gains Taxes | 4,393 |
Total Liabilities | 8,903 |
Net Assets | 4,129,680 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 3,983,267 |
Total Distributable Earnings (Loss) | 146,413 |
Net Assets | 4,129,680 |
ETF Shares—Net Assets | |
Applicable to 51,350,532 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,838,858 |
Net Asset Value Per Share—ETF Shares | $74.76 |
Admiral Shares—Net Assets | |
Applicable to 7,991,034 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 290,822 |
Net Asset Value Per Share—Admiral Shares | $36.39 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 37,630 |
Non-Cash Dividends | 3,522 |
Interest2 | 5 |
Securities Lending—Net | 34 |
Total Income | 41,191 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 210 |
Management and Administrative—ETF Shares | 2,494 |
Management and Administrative—Admiral Shares | 206 |
Marketing and Distribution—ETF Shares | 61 |
Marketing and Distribution—Admiral Shares | 7 |
Custodian Fees | 194 |
Shareholders’ Reports—ETF Shares | 67 |
Shareholders’ Reports—Admiral Shares | 7 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 14 |
Total Expenses | 3,261 |
Net Investment Income | 37,930 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 11,107 |
Futures Contracts | (2,160) |
Forward Currency Contracts | (660) |
Foreign Currencies | (264) |
Realized Net Gain (Loss) | 8,023 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,4 | (555,276) |
Futures Contracts | (559) |
Forward Currency Contracts | 868 |
Foreign Currencies | (1,190) |
Change in Unrealized Appreciation (Depreciation) | (556,157) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (510,204) |
1 | Dividends are net of foreign withholding taxes of $5,484,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, ($2,000), less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $2,006,000 . |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($247,000). |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 37,930 | 48,504 | |
Realized Net Gain (Loss) | 8,023 | 459,247 | |
Change in Unrealized Appreciation (Depreciation) | (556,157) | 351,103 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (510,204) | 858,854 | |
Distributions | |||
ETF Shares | (264,741) | (39,771) | |
Admiral Shares | (20,625) | (3,300) | |
Total Distributions | (285,366) | (43,071) | |
Capital Share Transactions | |||
ETF Shares | 427,199 | 943,215 | |
Admiral Shares | 24,833 | 38,209 | |
Net Increase (Decrease) from Capital Share Transactions | 452,032 | 981,424 | |
Total Increase (Decrease) | (343,538) | 1,797,207 | |
Net Assets | |||
Beginning of Period | 4,473,218 | 2,676,011 | |
End of Period | 4,129,680 | 4,473,218 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $89.86 | $69.97 | $68.72 | $58.65 | $64.25 | $54.43 |
Investment Operations | ||||||
Net Investment Income1 | .716 | 1.094 | .958 | 1.4522 | 1.196 | 1.179 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (10.185) | 19.776 | 1.551 | 9.578 | (5.623) | 9.715 |
Total from Investment Operations | (9.469) | 20.870 | 2.509 | 11.030 | (4.427) | 10.894 |
Distributions | ||||||
Dividends from Net Investment Income | (.449) | (.980) | (1.259) | (.960) | (1.173) | (1.074) |
Distributions from Realized Capital Gains | (5.182) | — | — | — | — | — |
Total Distributions | (5.631) | (.980) | (1.259) | (.960) | (1.173) | (1.074) |
Net Asset Value, End of Period | $74.76 | $89.86 | $69.97 | $68.72 | $58.65 | $64.25 |
Total Return | -11.11% | 29.93% | 3.73% | 18.96% | -7.04% | 20.19% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,839 | $4,150 | $2,456 | $1,305 | $861 | $634 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.20% | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.76% | 1.28% | 1.40% | 2.24%2 | 1.83% | 1.96% |
Portfolio Turnover Rate4 | 18% | 65% | 17% | 42% | 36% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.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, $.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 | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $43.72 | $34.03 | $33.42 | $28.52 | $31.24 | $26.45 |
Investment Operations | ||||||
Net Investment Income1 | .343 | .518 | .453 | .6862 | .576 | .573 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (4.936) | 9.645 | .765 | 4.679 | (2.727) | 4.720 |
Total from Investment Operations | (4.593) | 10.163 | 1.218 | 5.365 | (2.151) | 5.293 |
Distributions | ||||||
Dividends from Net Investment Income | (.216) | (.473) | (.608) | (.465) | (.569) | (.503) |
Distributions from Realized Capital Gains | (2.521) | — | — | — | — | — |
Total Distributions | (2.737) | (.473) | (.608) | (.465) | (.569) | (.503) |
Net Asset Value, End of Period | $36.39 | $43.72 | $34.03 | $33.42 | $28.52 | $31.24 |
Total Return4 | -11.11% | 29.96% | 3.72% | 18.96% | -7.03% | 20.18% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $291 | $323 | $220 | $218 | $175 | $152 |
Ratio of Total Expenses to Average Net Assets | 0.16% | 0.16% | 0.20% | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.73% | 1.25% | 1.36% | 2.24%2 | 1.83% | 1.96% |
Portfolio Turnover Rate5 | 18% | 65% | 17% | 42% | 36% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.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, $.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 | 733,259 | — | — | 733,259 |
Common Stocks—Other | 64,651 | 3,312,227 | — | 3,376,878 |
Temporary Cash Investments | 3,922 | — | — | 3,922 |
Total | 801,832 | 3,312,227 | — | 4,114,059 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 33 | — | — | 33 |
Forward Currency Contracts | — | 930 | — | 930 |
Total | 33 | 930 | — | 963 |
Liabilities | ||||
Futures Contracts1 | 550 | — | — | 550 |
Forward Currency Contracts | — | 388 | — | 388 |
Total | 550 | 388 | — | 938 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | At April 30, 2022, 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 | 33 | — | 33 |
Unrealized Appreciation—Forward Currency Contracts | — | 930 | 930 |
Total Assets | 33 | 930 | 963 |
Unrealized Depreciation—Futures Contracts1 | 550 | — | 550 |
Unrealized Depreciation—Forward Currency Contracts | — | 388 | 388 |
Total Liabilities | 550 | 388 | 938 |
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 | (2,160) | — | (2,160) |
Forward Currency Contracts | — | (660) | (660) |
Realized Net Gain (Loss) on Derivatives | (2,160) | (660) | (2,820) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (559) | — | (559) |
Forward Currency Contracts | — | 868 | 868 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (559) | 868 | 309 |
E. | As of April 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 3,996,264 |
Gross Unrealized Appreciation | 391,732 |
Gross Unrealized Depreciation | (273,912) |
Net Unrealized Appreciation (Depreciation) | 117,820 |
F. | During the six months ended April 30, 2022, the fund purchased $1,148,054,000 of investment securities and sold $941,514,000 of investment securities, other than temporary cash investments. Purchases and sales include $365,035,000 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: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 427,199 | 5,168 | 1,155,426 | 13,632 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | — | — | (212,211) | (2,550) | |
Net Increase (Decrease)—ETF Shares | 427,199 | 5,168 | 943,215 | 11,082 | |
Admiral Shares | |||||
Issued1 | 31,128 | 770 | 69,649 | 1,698 | |
Issued in Lieu of Cash Distributions | 17,638 | 437 | 2,725 | 66 | |
Redeemed2 | (23,933) | (608) | (34,165) | (833) | |
Net Increase (Decrease)—Admiral Shares | 24,833 | 599 | 38,209 | 931 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $78,000 and $175,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2022 and 2021 of $60,000 and $80,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
United Kingdom | 13.3% |
Japan | 12.4 |
Canada | 8.8 |
Australia | 8.4 |
Switzerland | 6.9 |
Germany | 6.1 |
France | 5.8 |
China | 5.8 |
Taiwan | 4.9 |
Brazil | 2.9 |
Hong Kong | 2.1 |
Italy | 1.9 |
Saudi Arabia | 1.7 |
Sweden | 1.6 |
Spain | 1.6 |
South Korea | 1.5 |
Singapore | 1.4 |
Finland | 1.4 |
South Africa | 1.3 |
Netherlands | 1.2 |
Norway | 1.0 |
Other | 8.0 |
Shares | Market Value• ($000) | ||
Common Stocks (99.3%) | |||
Australia (8.3%) | |||
BHP Group Ltd. | 1,864,842 | 62,315 | |
Commonwealth Bank of Australia | 633,550 | 46,049 | |
National Australia Bank Ltd. | 1,201,252 | 27,423 | |
Westpac Banking Corp. | 1,298,559 | 21,738 | |
Australia & New Zealand Banking Group Ltd. | 1,042,755 | 19,843 | |
Macquarie Group Ltd. | 128,744 | 18,534 | |
Wesfarmers Ltd. | 419,687 | 14,522 | |
Transurban Group (XASX) | 1,135,417 | 11,401 | |
Rio Tinto Ltd. | 137,127 | 10,847 | |
Fortescue Metals Group Ltd. | 588,702 | 8,897 | |
Woodside Petroleum Ltd. | 358,388 | 7,797 | |
Amcor plc GDR | 576,739 | 6,838 | |
Coles Group Ltd. | 471,219 | 6,196 | |
South32 Ltd. | 1,746,274 | 5,816 | |
QBE Insurance Group Ltd. | 553,146 | 4,772 | |
Sonic Healthcare Ltd. | 180,162 | 4,653 | |
ASX Ltd. | 73,224 | 4,427 | |
Telstra Corp. Ltd. | 1,551,919 | 4,405 | |
Brambles Ltd. | 521,992 | 3,855 | |
Suncorp Group Ltd. | 473,066 | 3,798 | |
APA Group | 426,689 | 3,429 | |
Computershare Ltd. (XASX) | 194,182 | 3,423 | |
Origin Energy Ltd. | 631,849 | 3,022 | |
Insurance Australia Group Ltd. | 918,612 | 2,933 | |
Tabcorp Holdings Ltd. | 766,425 | 2,931 | |
Endeavour Group Ltd. | 456,563 | 2,499 | |
Lendlease Corp. Ltd. | 265,236 | 2,272 | |
Medibank Pvt Ltd. | 1,011,052 | 2,272 | |
Ampol Ltd. | 86,221 | 2,027 | |
Incitec Pivot Ltd. | 751,060 | 2,026 | |
Aurizon Holdings Ltd. | 645,652 | 1,823 | |
Atlas Arteria Ltd. | 360,180 | 1,750 | |
Orica Ltd. | 144,692 | 1,663 | |
JB Hi-Fi Ltd. | 44,903 | 1,663 | |
AGL Energy Ltd. | 238,774 | 1,452 | |
Bendigo & Adelaide Bank Ltd. | 194,649 | 1,451 | |
carsales.com Ltd. | 97,328 | 1,437 |
Shares | Market Value• ($000) | ||
Bank of Queensland Ltd. | 231,296 | 1,312 | |
Worley Ltd. | 133,856 | 1,302 | |
Metcash Ltd. | 387,524 | 1,301 | |
Challenger Ltd. | 248,065 | 1,255 | |
Iluka Resources Ltd. | 157,134 | 1,231 | |
Alumina Ltd. | 932,704 | 1,174 | |
Whitehaven Coal Ltd. | 335,664 | 1,153 | |
Downer EDI Ltd. | 259,614 | 1,004 | |
Orora Ltd. | 316,237 | 886 | |
Ansell Ltd. | 44,648 | 855 | |
Harvey Norman Holdings Ltd. | 223,920 | 798 | |
CSR Ltd. | 185,119 | 793 | |
Deterra Royalties Ltd. | 177,264 | 601 | |
Magellan Financial Group Ltd. | 49,422 | 559 | |
Insignia Financial Ltd. | 215,925 | 519 | |
Perpetual Ltd. | 19,823 | 456 | |
Adbri Ltd. | 168,235 | 343 | |
Platinum Asset Management Ltd. | 207,843 | 272 | |
Woolworths Group Ltd. | 2,660 | 72 | |
James Hardie Industries plc GDR | 992 | 29 | |
Sims Ltd. | 376 | 5 | |
348,119 | |||
Austria (0.2%) | |||
Erste Group Bank AG | 117,402 | 3,655 | |
OMV AG | 50,989 | 2,606 | |
ANDRITZ AG | 27,300 | 1,161 | |
voestalpine AG | 40,593 | 1,056 | |
Raiffeisen Bank International AG | 48,865 | 556 | |
Telekom Austria AG Class A | 44,111 | 315 | |
9,349 | |||
Belgium (0.4%) | |||
KBC Group NV | 102,098 | 6,946 | |
Groupe Bruxelles Lambert SA | 36,641 | 3,458 | |
Ageas SA | 66,774 | 3,195 | |
Solvay SA | 25,168 | 2,367 | |
Proximus SADP | 53,054 | 927 | |
Etablissements Franz Colruyt NV | 21,345 | 784 | |
Telenet Group Holding NV | 16,756 | 499 | |
18,176 |
Shares | Market Value• ($000) | ||
Brazil (2.9%) | |||
Vale SA | 1,521,588 | 25,634 | |
Petroleo Brasileiro SA Preference Shares | 2,049,083 | 12,550 | |
Petroleo Brasileiro SA | 1,389,900 | 9,401 | |
B3 SA - Brasil Bolsa Balcao | 2,280,514 | 6,135 | |
Banco Bradesco SA Preference Shares | 1,536,517 | 5,588 | |
Itau Unibanco Holding SA Preference Shares | 1,021,507 | 4,932 | |
JBS SA | 528,200 | 4,044 | |
Ambev SA | 1,334,150 | 3,918 | |
Itausa SA Preference Shares | 1,782,625 | 3,321 | |
Gerdau SA Preference Shares | 399,000 | 2,257 | |
Itau Unibanco Holding SA | 548,100 | 2,226 | |
Banco Do Brasil SA | 315,718 | 2,121 | |
Itau Unibanco Holding SA ADR | 426,251 | 2,042 | |
Cosan SA | 446,600 | 1,897 | |
Equatorial Energia SA | 358,473 | 1,859 | |
Vibra Energia SA | 405,167 | 1,731 | |
Banco Bradesco SA | 562,146 | 1,695 | |
Centrais Eletricas Brasileiras SA | 204,600 | 1,675 | |
Banco Bradesco SA ADR | 379,135 | 1,365 | |
BB Seguridade Participacoes SA | 245,057 | 1,261 | |
Klabin SA | 296,200 | 1,243 | |
Centrais Eletricas Brasileiras SA Preference Shares | 141,400 | 1,148 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 125,400 | 1,129 | |
Hypera SA | 139,482 | 1,056 | |
Cia Siderurgica Nacional SA | 241,100 | 1,028 | |
CCR SA | 398,810 | 1,001 | |
Ultrapar Participacoes SA | 358,500 | 948 | |
1 | Telefonica Brasil SA ADR | 85,163 | 903 |
Energisa SA | 90,900 | 876 | |
Banco Santander Brasil SA | 133,902 | 860 | |
Telefonica Brasil SA | 75,918 | 817 | |
Sul America SA | 146,850 | 789 | |
TIM SA | 286,054 | 780 | |
Ambev SA ADR | 263,122 | 766 | |
Cia Paranaense de Energia Preference Shares | 501,300 | 754 | |
Transmissora Alianca de Energia Eletrica SA | 73,919 | 658 | |
Cia Energetica de Minas Gerais ADR | 207,941 | 630 | |
Raizen SA Preference Shares | 441,000 | 615 | |
Braskem SA Preference Shares | 74,700 | 608 | |
Bradespar SA Preference Shares | 100,007 | 593 | |
Sao Martinho SA | 61,900 | 581 | |
Metalurgica Gerdau SA Preference Shares | 250,000 | 574 | |
CPFL Energia SA | 71,000 | 519 |
Shares | Market Value• ($000) | ||
Cia Energetica de Minas Gerais Preference Shares | 165,824 | 492 | |
Engie Brasil Energia SA | 57,816 | 490 | |
Marfrig Global Foods SA | 127,900 | 485 | |
EDP - Energias do Brasil SA | 92,776 | 397 | |
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 74,808 | 381 | |
Usinas Siderurgicas De Minas Gerais SAUsiminas Preference Shares | 151,000 | 345 | |
Cielo SA | 495,200 | 341 | |
Dexco SA | 130,400 | 339 | |
Neoenergia SA | 85,400 | 324 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 111,600 | 319 | |
Auren Energia SA | 101,602 | 301 | |
Caixa Seguridade Participacoes SA | 182,900 | 290 | |
Banco Pan SA Preference Shares | 144,000 | 273 | |
Porto Seguro SA | 57,418 | 236 | |
Cia Brasileira de Distribuicao | 55,100 | 227 | |
Odontoprev SA | 99,440 | 204 | |
SIMPAR SA | 78,900 | 186 | |
CSN Mineracao SA | 163,200 | 172 | |
120,330 | |||
Canada (8.7%) | |||
Royal Bank of Canada | 528,102 | 53,338 | |
Toronto-Dominion Bank | 675,402 | 48,784 | |
Enbridge Inc. | 751,706 | 32,803 | |
Bank of Nova Scotia | 448,387 | 28,394 | |
Canadian Natural Resources Ltd. | 430,460 | 26,642 | |
1 | Bank of Montreal | 245,663 | 26,047 |
TC Energy Corp. | 362,756 | 19,188 | |
Suncor Energy Inc. | 532,883 | 19,156 | |
Canadian Imperial Bank of Commerce | 161,408 | 17,844 | |
Manulife Financial Corp. | 718,029 | 14,040 | |
Sun Life Financial Inc. | 215,454 | 10,719 | |
National Bank of Canada | 125,210 | 8,745 | |
Fortis Inc. (XTSE) | 173,276 | 8,431 | |
Pembina Pipeline Corp. | 206,737 | 7,823 | |
Rogers Communications Inc. Class B | 131,473 | 7,162 | |
Restaurant Brands International Inc. (XTSE) | 114,651 | 6,550 | |
BCE Inc. | 113,155 | 6,016 | |
Power Corp. of Canada | 202,067 | 5,946 | |
Shaw Communications Inc. Class B | 160,817 | 4,789 | |
TELUS Corp. | 169,349 | 4,237 | |
2 | Hydro One Ltd. | 114,920 | 3,107 |
Great-West Lifeco Inc. | 98,648 | 2,721 | |
1 | Canadian Utilities Ltd. Class A | 45,781 | 1,376 |
IGM Financial Inc. | 29,241 | 927 | |
364,785 |
Shares | Market Value• ($000) | ||
Chile (0.2%) | |||
Banco De Chile | 15,957,237 | 1,593 | |
Empresas COPEC SA | 174,710 | 1,285 | |
Banco Santander Chile ADR | 40,199 | 781 | |
Banco de Credito e Inversiones SA | 18,369 | 568 | |
Enel Americas SA | 4,146,802 | 434 | |
Banco Santander Chile SA | 7,353,909 | 354 | |
Enel Americas SA ADR | 66,135 | 352 | |
CAP SA | 27,655 | 343 | |
Cia Cervecerias Unidas SA | 40,957 | 274 | |
Enel Chile SA | 10,274,475 | 271 | |
Colbun SA | 3,097,393 | 221 | |
Embotelladora Andina SA Preference Shares | 119,766 | 218 | |
Cencosud Shopping SA | 135,840 | 139 | |
6,833 | |||
China (5.8%) | |||
China Construction Bank Corp. Class H | 34,168,000 | 24,341 | |
Industrial & Commercial Bank of China Ltd. Class H | 29,265,000 | 17,641 | |
Ping An Insurance Group Co. of China Ltd. Class H | 2,284,500 | 14,440 | |
Bank of China Ltd. Class H | 25,610,000 | 10,049 | |
China Merchants Bank Co. Ltd. Class H | 1,320,928 | 7,962 | |
China Resources Land Ltd. | 1,061,000 | 4,739 | |
China Overseas Land & Investment Ltd. | 1,462,500 | 4,518 | |
China Petroleum and Chemical Corp. (Sinopec) Class H | 8,814,000 | 4,314 | |
China Shenhua Energy Co. Ltd. Class H | 1,296,500 | 4,142 | |
Agricultural Bank of China Ltd. Class H | 10,511,000 | 3,942 | |
China Life Insurance Co. Ltd. Class H | 2,695,000 | 3,916 | |
China Merchants Bank Co. Ltd. Class A | 622,100 | 3,750 | |
PetroChina Co. Ltd. Class H | 7,748,000 | 3,678 | |
2 | Longfor Group Holdings Ltd. | 665,600 | 3,296 |
Zijin Mining Group Co. Ltd. Class H | 2,250,000 | 3,276 | |
2 | Postal Savings Bank of China Co. Ltd. Class H | 3,611,000 | 2,738 |
PICC Property & Casualty Co. Ltd. Class H | 2,520,000 | 2,577 | |
CITIC Securities Co. Ltd. Class H | 1,104,757 | 2,427 | |
China Pacific Insurance Group Co. Ltd. Class H | 1,078,800 | 2,392 | |
Anhui Conch Cement Co. Ltd. Class H | 425,828 | 2,314 | |
China Yangtze Power Co. Ltd. Class A | 644,600 | 2,216 |
Shares | Market Value• ($000) | ||
Country Garden Holdings Co. | 2,951,000 | 2,041 | |
Bank of Communications Ltd. Class H | 2,880,000 | 2,004 | |
2 | China Tower Corp. Ltd. Class H | 16,942,000 | 1,977 |
China Vanke Co. Ltd. Class H | 807,505 | 1,904 | |
Citic Pacific Ltd. | 1,814,000 | 1,877 | |
China National Building Material Co. Ltd. Class H | 1,382,000 | 1,839 | |
China CITIC Bank Corp. Ltd. Class H | 3,580,320 | 1,820 | |
Industrial Bank Co. Ltd. Class A | 579,700 | 1,788 | |
Yanzhou Coal Mining Co. Ltd. Class H | 596,000 | 1,681 | |
Great Wall Motor Co. Ltd. Class H | 1,135,000 | 1,589 | |
Bank of China Ltd. Class A | 3,221,200 | 1,576 | |
Agricultural Bank of China Ltd. Class A | 3,201,256 | 1,484 | |
Ping An Insurance Group Co. of China Ltd. Class A | 213,200 | 1,432 | |
Kingboard Holdings Ltd. | 304,500 | 1,371 | |
China Resources Gas Group Ltd. | 354,000 | 1,330 | |
Guangdong Investment Ltd. | 1,034,000 | 1,324 | |
China Resources Power Holdings Co. Ltd. | 695,000 | 1,307 | |
2 | Huatai Securities Co. Ltd. Class H | 939,000 | 1,291 |
Industrial & Commercial Bank of China Ltd. Class A | 1,768,500 | 1,280 | |
China Gas Holdings Ltd. | 1,043,200 | 1,272 | |
Hengan International Group Co. Ltd. | 253,343 | 1,197 | |
Sinopharm Group Co. Ltd. Class H | 478,000 | 1,100 | |
Kunlun Energy Co. Ltd. | 1,312,000 | 1,089 | |
China Hongqiao Group Ltd. | 850,000 | 1,058 | |
2 | CGN Power Co. Ltd. Class H | 3,641,000 | 1,023 |
Guangzhou Automobile Group Co. Ltd. Class H | 1,204,000 | 1,021 | |
People's Insurance Co. Group of China Ltd. Class H | 3,159,000 | 1,006 | |
China Petroleum & Chemical Corp. Class A | 1,473,500 | 965 | |
Weichai Power Co. Ltd. Class H | 687,000 | 960 | |
China State Construction Engineering Corp. Ltd. Class A | 1,003,100 | 952 | |
Huaneng Power International Inc. Class H | 1,888,000 | 948 | |
China Power International Development Ltd. | 1,949,370 | 943 |
Shares | Market Value• ($000) | ||
China Merchants Port Holdings Co. Ltd. | 534,000 | 932 | |
Fosun International Ltd. | 872,500 | 920 | |
China Railway Group Ltd. Class A | 853,100 | 915 | |
Haitong Securities Co. Ltd. Class H | 1,308,400 | 914 | |
China Minsheng Banking Corp. Ltd. Class H | 2,366,970 | 898 | |
China Coal Energy Co. Ltd. Class H | 1,050,000 | 884 | |
2 | China Feihe Ltd. | 924,000 | 878 |
Wanhua Chemical Group Co. Ltd. Class A | 74,500 | 874 | |
2 | Fuyao Glass Industry Group Co. Ltd. Class H | 213,600 | 873 |
China State Construction International Holdings Ltd. | 664,000 | 857 | |
Shanghai Pudong Development Bank Co. Ltd. Class A | 700,800 | 852 | |
New China Life Insurance Co. Ltd. Class H | 332,133 | 842 | |
China Jinmao Holdings Group Ltd. | 2,486,000 | 817 | |
China Everbright International Ltd. | 1,357,000 | 797 | |
Poly Developments and Holdings Group Co. Ltd. Class A | 285,700 | 787 | |
China Resources Cement Holdings Ltd. | 938,000 | 778 | |
Beijing Enterprises Holdings Ltd. | 224,500 | 759 | |
China Shenhua Energy Co. Ltd. Class A | 162,600 | 756 | |
BOE Technology Group Co. Ltd. Class A | 1,313,800 | 753 | |
JOYY Inc. ADR | 18,723 | 741 | |
China Medical System Holdings Ltd. | 507,000 | 726 | |
China Galaxy Securities Co. Ltd. Class H | 1,325,000 | 721 | |
3 | Sunac China Holdings Ltd. | 1,231,391 | 719 |
CIFI Holdings Group Co. Ltd. | 1,466,000 | 705 | |
China Railway Group Ltd. Class H | 997,000 | 698 | |
Bank of Nanjing Co. Ltd. Class A | 393,600 | 689 | |
Beijing Enterprises Water Group Ltd. | 2,124,000 | 687 | |
China Insurance International Holdings Co. Ltd. | 594,000 | 679 | |
Guotai Junan Securities Co. Ltd. Class A | 300,800 | 661 | |
2 | China Merchants Securities Co. Ltd. Class H | 636,360 | 658 |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 396,500 | 641 | |
Far East Horizon Ltd. | 785,000 | 640 |
Shares | Market Value• ($000) | ||
SAIC Motor Corp. Ltd. Class A | 256,500 | 616 | |
Anhui Conch Cement Co. Ltd. Class A | 101,100 | 611 | |
Yanzhou Coal Mining Co. Ltd. Class A | 114,000 | 598 | |
China Pacific Insurance Group Co. Ltd. Class A | 189,700 | 595 | |
China Construction Bank Corp. Class A | 645,400 | 592 | |
Bank of Communications Co. Ltd. Class A | 769,100 | 591 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | 959,000 | 561 | |
Kingboard Laminates Holdings Ltd. | 365,500 | 561 | |
Bosideng International Holdings Ltd. | 1,088,000 | 543 | |
Shaanxi Coal Industry Co. Ltd. Class A | 207,500 | 540 | |
GF Securities Co. Ltd. Class H | 432,400 | 540 | |
Yuexiu Property Co. Ltd. | 514,600 | 535 | |
GF Securities Co. Ltd. Class A | 221,300 | 533 | |
Nine Dragons Paper Holdings Ltd. | 598,000 | 528 | |
China Everbright Bank Co. Ltd. Class H | 1,454,000 | 527 | |
China Cinda Asset Management Co. Ltd. Class H | 3,124,000 | 527 | |
Zhejiang Expressway Co. Ltd. Class H | 636,000 | 524 | |
CRRC Corp. Ltd. Class H | 1,410,000 | 523 | |
Greentown China Holdings Ltd. | 288,000 | 506 | |
Sany Heavy Industry Co. Ltd. Class A | 202,900 | 505 | |
China Vanke Co. Ltd. Class A | 171,700 | 504 | |
China Lesso Group Holdings Ltd. | 390,000 | 488 | |
Cosco Shipping Ports Ltd. | 674,000 | 481 | |
Yangzijiang Shipbuilding Holdings Ltd. | 734,900 | 479 | |
2 | Topsports International Holdings Ltd. | 619,000 | 473 |
China Communications Services Corp. Ltd. Class H | 1,022,000 | 465 | |
China Minsheng Banking Corp. Ltd. Class A | 809,700 | 454 | |
Baoshan Iron & Steel Co. Ltd. Class A | 455,800 | 444 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | 326,400 | 438 | |
Hopson Development Holdings Ltd. | 222,400 | 429 | |
Henan Shuanghui Investment & Development Co. Ltd. Class A | ��� 93,000 | 418 | |
Shougang Fushan Resources Group Ltd. | 1,116,164 | 417 |
Shares | Market Value• ($000) | ||
Haitong Securities Co. Ltd. Class A | 304,000 | 414 | |
Bank of Beijing Co. Ltd. Class A | 588,400 | 407 | |
*,2,3 | Evergrande Property Services Group Ltd. | 1,370,500 | 402 |
Chongqing Rural Commercial Bank Co. Ltd. Class H | 1,029,000 | 400 | |
* | Brilliance China Automotive Holdings Ltd. | 516,000 | 385 |
Seazen Group Ltd. | 911,549 | 385 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 158,800 | 377 | |
Shenzhen International Holdings Ltd. | 348,000 | 373 | |
2 | Dali Foods Group Co. Ltd. | 716,500 | 365 |
China National Nuclear Power Co. Ltd. Class A | 334,500 | 359 | |
Jinke Smart Services Group Co. Ltd. Class H | 108,000 | 352 | |
Bank of Hangzhou Co. Ltd. Class A | 150,350 | 346 | |
Huaxia Bank Co. Ltd. Class A | 410,700 | 339 | |
Metallurgical Corp. of China Ltd. Class H | 1,315,000 | 337 | |
Postal Savings Bank of China Co. Ltd. Class A | 409,000 | 333 | |
Citic Pacific Special Steel Group Co. Ltd. Class A | 122,302 | 332 | |
China United Network Communications Ltd. Class A | 621,000 | 331 | |
Bank of Shanghai Co. Ltd. Class A | 327,933 | 322 | |
China Suntien Green Energy Corp. Ltd. Class H | 565,000 | 319 | |
Bank of Guiyang Co. Ltd. Class A | 341,900 | 318 | |
Sinotrans Ltd. Class H | 1,044,000 | 315 | |
2 | CSC Financial Co. Ltd. Class H | 339,500 | 313 |
Sinotruk Hong Kong Ltd. | 256,760 | 311 | |
China Everbright Bank Co. Ltd. Class A | 641,500 | 309 | |
Daqin Railway Co. Ltd. Class A | 302,900 | 305 | |
3 | Shimao Group Holdings Ltd. | 534,000 | 301 |
China Everbright Ltd. | 310,000 | 297 | |
China International Marine Containers Group Co. Ltd. Class A | 156,700 | 295 | |
Jiangsu Expressway Co. Ltd. Class H | 298,000 | 294 | |
Yangzijiang Financial Holding | 728,400 | 287 | |
2 | China Resources Pharmaceutical Group Ltd. | 536,000 | 282 |
Shares | Market Value• ($000) | ||
Huadian Power International Corp. Ltd. Class H | 810,000 | 281 | |
2 | China Railway Signal & Communication Corp. Ltd. Class H | 818,000 | 274 |
Angang Steel Co. Ltd. Class H | 623,000 | 273 | |
2 | A-Living Smart City Services Co. Ltd. | 170,000 | 269 |
Livzon Pharmaceutical Group Inc. Class H | 79,600 | 268 | |
Hengli Petrochemical Co. Ltd. Class A | 82,600 | 260 | |
Shanghai Industrial Holdings Ltd. | 174,000 | 256 | |
Sinopec Engineering Group Co. Ltd. Class H | 490,000 | 256 | |
Jiangsu Expressway Co. Ltd. Class A | 207,500 | 256 | |
Shenzhen Investment Ltd. | 1,144,000 | 247 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 270,462 | 247 | |
Shanghai International Port Group Co. Ltd. Class A | 274,600 | 246 | |
Huayu Automotive Systems Co. Ltd. Class A | 80,200 | 237 | |
Agile Group Holdings Ltd. | 488,000 | 234 | |
Gemdale Corp. Class A | 106,500 | 231 | |
COSCO SHIPPING Energy Transportation Co. Ltd. Class H | 438,000 | 230 | |
China Merchants Securities Co. Ltd. Class A | 117,200 | 226 | |
2 | Legend Holdings Corp. Class H | 191,100 | 226 |
2 | BAIC Motor Corp. Ltd. Class H | 720,500 | 225 |
SDIC Power Holdings Co. Ltd. Class A | 150,900 | 221 | |
Seazen Holdings Co. Ltd. Class A | 51,600 | 216 | |
TCL Technology Group Corp. Class A | 342,400 | 215 | |
Kwg Group Holdings Ltd. | 597,530 | 214 | |
2 | Guotai Junan Securities Co. Ltd. Class H | 161,600 | 209 |
Guangzhou R&F Properties Co. Ltd. Class H | 559,600 | 208 | |
New China Life Insurance Co. Ltd. Class A | 44,400 | 200 | |
* | Huaxin Cement Co. Ltd. Class H | 103,400 | 192 |
Shanghai Electric Group Co. Ltd. Class H | 786,000 | 191 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 72,000 | 186 | |
BBMG Corp. Class A | 437,400 | 185 |
Shares | Market Value• ($000) | ||
2 | Orient Securities Co. Ltd. Class H | 306,000 | 184 |
Sino-Ocean Group Holding Ltd. | 967,000 | 183 | |
China Reinsurance Group Corp. Class H | 2,045,000 | 178 | |
Guosen Securities Co. Ltd. Class A | 119,900 | 175 | |
Lao Feng Xiang Co. Ltd. Class B | 53,900 | 173 | |
China National Chemical Engineering Co. Ltd. Class A | 125,300 | 172 | |
Yanlord Land Group Ltd. | 194,900 | 171 | |
Tangshan Jidong Cement Co. Ltd. Class A | 104,600 | 170 | |
Shengyi Technology Co. Ltd. Class A | 67,100 | 169 | |
Jinke Properties Group Co. Ltd. Class A | 245,400 | 167 | |
Datang International Power Generation Co. Ltd. Class H | 1,028,000 | 165 | |
Shenzhen Overseas Chinese Town Co. Ltd. Class A | 176,000 | 161 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class A | 344,300 | 161 | |
Maanshan Iron & Steel Co. Ltd. Class H | 400,000 | 156 | |
2 | Shimao Services Holdings Ltd. | 283,000 | 149 |
Jointown Pharmaceutical Group Co. Ltd. Class A | 75,600 | 147 | |
Chongqing Changan Automobile Co. Ltd. Class B | 314,120 | 146 | |
Sichuan Chuantou Energy Co. Ltd. Class A | 86,100 | 144 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 89,920 | 144 | |
Anhui Expressway Co. Ltd. Class H | 162,000 | 143 | |
Beijing Jingneng Clean Energy Co. Ltd. Class H | 534,000 | 136 | |
Shanxi Taigang Stainless Steel Co. Ltd. Class A | 150,400 | 135 | |
Dongfang Electric Corp. Ltd. Class H | 125,200 | 135 | |
LB Group Co. Ltd. Class A | 49,200 | 135 | |
Xinjiang Tianshan Cement Co. Ltd. Class A | 73,600 | 135 | |
Ningxia Baofeng Energy Group Co. Ltd. Class A | 63,400 | 135 | |
Huaxin Cement Co. Ltd. Class A | 39,900 | 132 | |
Huafon Chemical Co. Ltd. Class A | 112,800 | 132 | |
Hubei Xingfa Chemicals Group Co. Ltd. Class A | 27,500 | 132 |
Shares | Market Value• ($000) | ||
Hengyi Petrochemical Co. Ltd. Class A | 112,700 | 130 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 690,720 | 129 | |
Logan Group Co. Ltd. | 403,000 | 125 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 52,100 | 122 | |
Kingfa Sci & Tech Co. Ltd. Class A | 94,900 | 119 | |
Xiamen Tungsten Co. Ltd. Class A | 50,400 | 119 | |
Shenzhen Expressway Corp. Ltd. Class A | 84,100 | 118 | |
Shenzhen Expressway Co. Ltd. Class H | 114,000 | 117 | |
2 | Shenwan Hongyuan Group Co. Ltd. Class H | 532,800 | 111 |
Metallurgical Corp. of China Ltd. Class A | 209,700 | 111 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 81,800 | 111 | |
Hunan Valin Steel Co. Ltd. Class A | 124,800 | 109 | |
Jizhong Energy Resources Co. Ltd. Class A | 95,600 | 109 | |
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 53,500 | 106 | |
Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 48,500 | 106 | |
Weifu High-Technology Group Co. Ltd. Class B | 47,500 | 97 | |
2 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class H | 72,500 | 94 |
2 | China East Education Holdings Ltd. | 180,500 | 92 |
Shandong Chenming Paper Holdings Ltd. Class H | 234,000 | 92 | |
G-bits Network Technology Xiamen Co. Ltd. Class A | 1,800 | 92 | |
Bank of Jiangsu Co. Ltd. Class A | 82,160 | 91 | |
China CITIC Bank Corp. Ltd. Class A | 117,800 | 90 | |
Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 145,900 | 87 | |
Huaneng Power International Inc. Class A | 78,600 | 86 | |
Xiamen C & D Inc. Class A | 39,100 | 85 | |
Beijing Capital Development Co. Ltd. Class A | 97,700 | 84 | |
Maanshan Iron & Steel Co. Ltd. Class A | 139,300 | 83 | |
Beijing Shunxin Agriculture Co. Ltd. Class A | 26,200 | 81 |
Shares | Market Value• ($000) | ||
RiseSun Real Estate Development Co. Ltd. Class A | 131,500 | 75 | |
Chinese Universe Publishing and Media Group Co. Ltd. Class A | 48,800 | 75 | |
Greenland Holdings Corp. Ltd. Class A | 99,645 | 72 | |
Zhejiang Longsheng Group Co. Ltd. Class A | 47,200 | 72 | |
Huaibei Mining Holdings Co. Ltd. Class A | 33,800 | 72 | |
Zhejiang Weixing New Building Materials Co. Ltd. Class A | 24,900 | 71 | |
Yango Group Co. Ltd. Class A | 170,600 | 67 | |
Bank of Qingdao Co. Ltd. Class A | 116,750 | 64 | |
Bank of Chengdu Co. Ltd. Class A | 24,400 | 62 | |
Bank of Changsha Co. Ltd. Class A | 53,300 | 60 | |
Yantai Changyu Pioneer Wine Co. Ltd. Class B | 41,400 | 59 | |
Jiangxi Zhengbang Technology Co. Ltd. Class A | 67,200 | 59 | |
Shanghai Construction Group Co. Ltd. Class A | 121,100 | 59 | |
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 44,100 | 55 | |
Zhuzhou Kibing Group Co. Ltd. Class A | 32,900 | 55 | |
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A | 22,900 | 50 | |
Shanghai Tunnel Engineering Co. Ltd. Class A | 55,300 | 49 | |
Financial Street Holdings Co. Ltd. Class A | 48,800 | 48 | |
China South Publishing & Media Group Co. Ltd. Class A | 33,100 | 48 | |
Sinoma International Engineering Co. Class A | 41,200 | 48 | |
Weifu High-Technology Group Co. Ltd. Class A | 15,000 | 46 | |
China Zheshang Bank Co. Ltd. Class A | 91,600 | 46 | |
Guangxi Guiguan Electric Power Co. Ltd. Class A | 51,300 | 44 | |
Huadian Power International Corp. Ltd. Class A | 74,000 | 42 | |
Guizhou Panjiang Refined Coal Co. Ltd. Class A | 33,200 | 41 | |
Huafa Industrial Co. Ltd. Zhuhai Class A | 35,200 | 41 | |
Shenzhen Jinjia Group Co. Ltd. Class A | 29,400 | 39 | |
Sansteel Minguang Co. Ltd. Fujian Class A | 36,500 | 38 | |
Joyoung Co. Ltd. Class A | 16,600 | 38 |
Shares | Market Value• ($000) | ||
Chongqing Rural Commercial Bank Co. Ltd. Class A | 58,700 | 34 | |
Zhejiang Runtu Co. Ltd. Class A | 27,500 | 32 | |
Chongqing Water Group Co. Ltd. Class A | 39,200 | 32 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 11,900 | 32 | |
Shanghai AJ Group Co. Ltd. Class A | 35,400 | 32 | |
Jiayuan International Group Ltd. | 208,000 | 31 | |
Shenzhen Gas Corp. Ltd. Class A | 31,300 | 30 | |
Nanjing Iron & Steel Co. Ltd. Class A | 54,500 | 29 | |
Guangxi Liugong Machinery Co. Ltd. Class A | 30,900 | 29 | |
North Huajin Chemical Industries Co. Ltd. Class A | 33,200 | 29 | |
Liuzhou Iron & Steel Co. Ltd. Class A | 38,900 | 26 | |
Shanghai Shimao Co. Ltd. Class A | 54,300 | 25 | |
Zhejiang Semir Garment Co. Ltd. Class A | 24,400 | 24 | |
2 | Everbright Securities Co. Ltd. Class H | 37,400 | 23 |
Jointo Energy Investment Co. Ltd. Hebei Class A | 35,400 | 22 | |
China Railway Signal & Communication Corp. Ltd. Class A | 23,250 | 15 | |
241,599 | |||
Colombia (0.1%) | |||
Bancolombia SA | 148,145 | 1,453 | |
Ecopetrol SA ADR | 78,052 | 1,267 | |
Bancolombia SA ADR | 27,720 | 1,075 | |
Interconexion Electrica SA ESP | 166,619 | 916 | |
Grupo Aval Acciones y Valores SA Preference Shares | 1,190,549 | 256 | |
Cementos Argos SA | 159,873 | 243 | |
* | Bac Holding International Co. | 2,512,537 | 182 |
Ecopetrol SA | 101,529 | 82 | |
Grupo Aval Acciones y Valores SA ADR | 18,290 | 76 | |
5,550 | |||
Czech Republic (0.1%) | |||
CEZ A/S | 56,860 | 2,437 | |
2 | Moneta Money Bank A/S | 123,353 | 462 |
2,899 | |||
Denmark (0.3%) | |||
AP Moller - Maersk A/S Class B | 2,011 | 5,820 | |
Danske Bank A/S | 246,817 | 3,786 | |
Tryg A/S | 112,014 | 2,664 | |
12,270 |
Shares | Market Value• ($000) | ||
Egypt (0.0%) | |||
Eastern Co. SAE | 317,063 | 185 | |
Telecom Egypt Co. | 171,834 | 152 | |
ElSewedy Electric Co. | 218,457 | 92 | |
429 | |||
Finland (1.4%) | |||
Nordea Bank Abp (XHEL) | 1,348,709 | 13,456 | |
Sampo OYJ Class A | 185,291 | 8,997 | |
Kone OYJ Class B | 146,619 | 7,049 | |
UPM-Kymmene OYJ | 198,005 | 6,850 | |
Stora Enso OYJ Class R | 213,659 | 4,205 | |
Elisa OYJ | 52,133 | 3,056 | |
Fortum OYJ | 161,415 | 2,684 | |
Kesko OYJ Class B | 98,949 | 2,491 | |
Metso Outotec OYJ | 221,623 | 1,887 | |
Valmet OYJ | 60,246 | 1,613 | |
Orion OYJ Class B | 40,604 | 1,593 | |
Huhtamaki OYJ | 37,990 | 1,436 | |
Wartsila OYJ Abp | 175,006 | 1,405 | |
Nokian Renkaat OYJ | 51,631 | 693 | |
57,415 | |||
France (5.8%) | |||
TotalEnergies SE | 879,616 | 43,192 | |
Sanofi | 402,408 | 42,532 | |
BNP Paribas SA | 398,228 | 20,649 | |
AXA SA | 715,392 | 18,926 | |
Vinci SA | 185,520 | 18,002 | |
Danone SA | 222,131 | 13,433 | |
Cie de Saint-Gobain | 175,072 | 10,213 | |
Orange SA | 709,587 | 8,448 | |
Cie Generale des Etablissements Michelin SCA | 65,214 | 8,077 | |
Societe Generale SA | 286,904 | 6,895 | |
Veolia Environnement SA | 232,434 | 6,782 | |
Publicis Groupe SA | 83,112 | 4,990 | |
Carrefour SA | 233,473 | 4,951 | |
Credit Agricole SA | 451,112 | 4,871 | |
Engie SA (XPAR) | 280,918 | 3,315 | |
Eiffage SA | 28,989 | 2,863 | |
Bouygues SA | 76,699 | 2,637 | |
* | Engie SA | 201,086 | 2,373 |
Sodexo SA (XPAR) | 31,531 | 2,372 | |
* | Rexel SA | 115,055 | 2,357 |
Valeo | 90,666 | 1,648 | |
SCOR SE | 57,520 | 1,626 | |
Engie SA Loyalty Shares | 132,130 | 1,559 | |
2 | La Francaise des Jeux SAEM | 35,129 | 1,312 |
CNP Assurances | 57,849 | 1,271 | |
2 | Amundi SA | 20,448 | 1,229 |
Electricite de France SA (XPAR) | 121,228 | 1,102 | |
Faurecia SE (XPAR) | 46,930 | 1,020 | |
Wendel SE | 9,823 | 979 | |
* | EDF Loyalty Shares 2024 | 103,154 | 938 |
Orpea SA | 17,328 | 620 | |
2 | ALD SA | 32,578 | 443 |
Cie Plastic Omnium SA | 17,843 | 289 | |
241,914 | |||
Germany (6.1%) | |||
Allianz SE (Registered) | 152,368 | 34,379 | |
Siemens AG (Registered) | 279,359 | 34,349 |
Shares | Market Value• ($000) | ||
Bayer AG (Registered) | 364,594 | 24,016 | |
Deutsche Telekom AG (Registered) | 1,248,969 | 23,008 | |
Mercedes-Benz Group AG | 313,147 | 21,858 | |
BASF SE | 339,215 | 17,864 | |
Deutsche Post AG (Registered) | 363,936 | 15,548 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 51,815 | 12,339 | |
Vonovia SE | 287,618 | 11,459 | |
Volkswagen AG Preference Shares | 68,047 | 10,538 | |
Bayerische Motoren Werke AG | 119,110 | 9,727 | |
E.ON SE | 801,067 | 8,337 | |
Porsche Automobil Holding SE Preference Shares | 57,626 | 4,753 | |
Hannover Rueck SE | 22,406 | 3,483 | |
HeidelbergCement AG | 52,025 | 2,997 | |
2 | Covestro AG | 65,158 | 2,805 |
LEG Immobilien SE (XETR) | 26,381 | 2,705 | |
Volkswagen AG | 12,005 | 2,603 | |
Aroundtown SA | 435,100 | 2,188 | |
Evonik Industries AG | 70,173 | 1,836 | |
Bayerische Motoren Werke AG Preference Shares | 20,766 | 1,530 | |
Wacker Chemie AG | 5,796 | 920 | |
Uniper SE | 32,629 | 839 | |
Talanx AG | 19,124 | 795 | |
Telefonica Deutschland Holding AG | 223,458 | 672 | |
* | RTL Group SA | 12,624 | 656 |
Fielmann AG | 10,733 | 543 | |
2 | DWS Group GmbH & Co. KGaA | 13,408 | 441 |
HOCHTIEF AG | 6,807 | 412 | |
Traton SE | 17,114 | 285 | |
253,885 | |||
Greece (0.1%) | |||
Hellenic Telecommunications Organization SA | 82,864 | 1,594 | |
OPAP SA | 76,218 | 1,130 | |
JUMBO SA | 42,567 | 690 | |
Mytilineos SA | 35,094 | 650 | |
Motor Oil Hellas Corinth Refineries SA | 21,700 | 343 | |
Hellenic Petroleum SA | 17,833 | 135 | |
4,542 | |||
Hong Kong (2.1%) | |||
CK Hutchison Holdings Ltd. | 999,000 | 7,011 | |
Sun Hung Kai Properties Ltd. | 536,500 | 6,179 | |
CLP Holdings Ltd. | 611,500 | 5,967 | |
CK Asset Holdings Ltd. | 739,064 | 5,010 | |
BOC Hong Kong Holdings Ltd. | 1,347,000 | 4,876 | |
Hang Seng Bank Ltd. | 269,900 | 4,779 | |
Hong Kong & China Gas Co. Ltd. | 4,050,400 | 4,467 |
Shares | Market Value• ($000) | ||
Jardine Matheson Holdings Ltd. | 76,600 | 4,057 | |
Power Assets Holdings Ltd. | 525,599 | 3,537 | |
MTR Corp. Ltd. | 532,500 | 2,829 | |
Wharf Real Estate Investment Co. Ltd. | 598,000 | 2,818 | |
Lenovo Group Ltd. | 2,730,000 | 2,651 | |
Hongkong Land Holdings Ltd. | 427,800 | 1,996 | |
New World Development Co. Ltd. | 512,750 | 1,961 | |
Henderson Land Development Co. Ltd. | 475,587 | 1,923 | |
Sino Land Co. Ltd. | 1,454,000 | 1,922 | |
2 | WH Group Ltd. | 2,764,099 | 1,909 |
Want Want China Holdings Ltd. | 1,878,000 | 1,695 | |
Xinyi Glass Holdings Ltd. | 760,000 | 1,682 | |
Hang Lung Properties Ltd. | 826,576 | 1,581 | |
CK Infrastructure Holdings Ltd. | 218,472 | 1,469 | |
SITC International Holdings Co. Ltd. | 434,000 | 1,443 | |
Swire Pacific Ltd. Class A | 240,788 | 1,372 | |
Orient Overseas International Ltd. | 49,500 | 1,366 | |
Tingyi Cayman Islands Holding Corp. | 699,000 | 1,276 | |
ASM Pacific Technology Ltd. | 109,000 | 1,098 | |
Chow Tai Fook Jewellery Group Ltd. | 640,200 | 1,073 | |
Swire Properties Ltd. | 383,698 | 920 | |
PCCW Ltd. | 1,546,793 | 876 | |
Bank of East Asia Ltd. | 490,980 | 727 | |
Kerry Properties Ltd. | 252,000 | 681 | |
Hysan Development Co. Ltd. | 207,000 | 609 | |
2 | BOC Aviation Ltd. | 75,100 | 589 |
Minth Group Ltd. | 234,000 | 551 | |
Man Wah Holdings Ltd. | 535,200 | 501 | |
NWS Holdings Ltd. | 496,000 | 449 | |
Uni-President China Holdings Ltd. | 443,000 | 388 | |
VTech Holdings Ltd. | 53,400 | 378 | |
First Pacific Co. Ltd. | 870,000 | 351 | |
United Energy Group Ltd. | 2,534,000 | 298 | |
Dairy Farm International Holdings Ltd. | 98,300 | 265 | |
Lee & Man Paper Manufacturing Ltd. | 549,000 | 263 | |
2 | Js Global Lifestyle Co. Ltd. | 207,500 | 246 |
Towngas Smart Energy Co. Ltd. | 416,185 | 206 | |
Cafe de Coral Holdings Ltd. | 127,170 | 200 | |
Shui On Land Ltd. | 1,065,000 | 151 | |
Nexteer Automotive Group Ltd. | 259,000 | 146 | |
Dah Sing Financial Holdings Ltd. | 50,000 | 145 | |
Johnson Electric Holdings Ltd. | 109,000 | 124 |
Shares | Market Value• ($000) | ||
Haitong International Securities Group Ltd. | 738,000 | 117 | |
Dah Sing Banking Group Ltd. | 111,600 | 94 | |
Guotai Junan International Holdings Ltd. | 441,000 | 48 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 152,000 | 25 | |
* | DFZQ Rights Exp. 5/20/22 | 85,680 | — |
87,295 | |||
Hungary (0.0%) | |||
MOL Hungarian Oil & Gas plc | 133,384 | 1,131 | |
Richter Gedeon Nyrt | 53,753 | 1,072 | |
Magyar Telekom Telecommunications plc | 151,297 | 164 | |
2,367 | |||
India (0.9%) | |||
HCL Technologies Ltd. | 394,287 | 5,523 | |
ITC Ltd. | 1,086,689 | 3,663 | |
Power Grid Corp. of India Ltd. | 1,152,961 | 3,417 | |
NTPC Ltd. | 1,624,618 | 3,298 | |
Oil & Natural Gas Corp. Ltd. | 1,389,423 | 2,879 | |
Vedanta Ltd. | 448,145 | 2,357 | |
Indian Oil Corp. Ltd. | 1,053,718 | 1,719 | |
Bharat Petroleum Corp. Ltd. | 354,530 | 1,668 | |
Coal India Ltd. | 675,497 | 1,602 | |
Hero MotoCorp Ltd. | 46,102 | 1,498 | |
Gail India Ltd. | 682,691 | 1,411 | |
Bajaj Auto Ltd. | 25,229 | 1,225 | |
Hindustan Petroleum Corp. Ltd. | 243,641 | 856 | |
Petronet LNG Ltd. | 253,063 | 671 | |
Power Finance Corp. Ltd. | 413,404 | 632 | |
REC Ltd. | 355,551 | 587 | |
NMDC Ltd. | 265,947 | 552 | |
Steel Authority of India Ltd. | 383,937 | 479 | |
NHPC Ltd. | 955,150 | 412 | |
Oil India Ltd. | 131,554 | 388 | |
Oracle Financial Services Software Ltd. | 8,063 | 373 | |
Hindustan Zinc Ltd. | 84,939 | 355 | |
Indiabulls Housing Finance Ltd. | 156,223 | 310 | |
Sun TV Network Ltd. | 44,479 | 279 | |
Castrol India Ltd. | 197,577 | 278 | |
36,432 | |||
Indonesia (0.7%) | |||
Bank Rakyat Indonesia Persero Tbk PT | 24,130,659 | 8,040 | |
Telkom Indonesia Persero Tbk PT | 17,397,200 | 5,539 | |
Bank Mandiri Persero Tbk PT | 6,896,500 | 4,235 | |
Astra International Tbk PT | 7,573,700 | 3,955 | |
United Tractors Tbk PT | 569,504 | 1,188 |
Shares | Market Value• ($000) | ||
Adaro Energy Tbk PT | 4,420,900 | 1,010 | |
Indofood Sukses Makmur Tbk PT | 1,719,300 | 748 | |
Sarana Menara Nusantara Tbk PT | 9,494,700 | 661 | |
Unilever Indonesia Tbk PT | 1,921,800 | 514 | |
Indocement Tunggal Prakarsa Tbk PT | 636,700 | 459 | |
Bukit Asam Tbk PT | 1,633,400 | 427 | |
Indofood CBP Sukses Makmur Tbk PT | 759,200 | 399 | |
Gudang Garam Tbk PT | 160,200 | 339 | |
Hanjaya Mandala Sampoerna Tbk PT | 2,611,000 | 175 | |
Media Nusantara Citra Tbk PT | 2,425,800 | 168 | |
Bank Danamon Indonesia Tbk PT | 153,600 | 26 | |
27,883 | |||
Israel (0.4%) | |||
Bank Leumi Le-Israel BM | 542,588 | 5,694 | |
Bank Hapoalim BM | 501,549 | 4,650 | |
ICL Group Ltd. | 257,403 | 2,791 | |
Israel Discount Bank Ltd. Class A | 419,558 | 2,478 | |
Mizrahi Tefahot Bank Ltd. | 48,931 | 1,810 | |
Phoenix Holdings Ltd. | 44,589 | 561 | |
Gazit-Globe Ltd. | 24,371 | 229 | |
18,213 | |||
Italy (1.9%) | |||
Enel SpA | 2,868,414 | 18,653 | |
Eni SpA | 911,910 | 12,747 | |
Intesa Sanpaolo SpA | 6,212,814 | 12,660 | |
Assicurazioni Generali SpA | 478,579 | 9,061 | |
UniCredit SpA | 793,446 | 7,343 | |
Snam SpA (MTAA) | 826,868 | 4,535 | |
Terna - Rete Elettrica Nazionale | 529,992 | 4,323 | |
Mediobanca Banca di Credito Finanziario SpA | 256,978 | 2,576 | |
2 | Poste Italiane SpA | 165,506 | 1,622 |
2 | Infrastrutture Wireless Italiane SpA | 132,280 | 1,411 |
Italgas SpA | 170,601 | 1,105 | |
Hera SpA | 274,997 | 1,026 | |
A2A SpA | 596,003 | 1,018 | |
2 | Pirelli & C SpA | 170,354 | 844 |
Banca Mediolanum SpA | 97,942 | 711 | |
Telecom Italia SpA Savings Shares | 2,257,445 | 628 | |
UnipolSai Assicurazioni SpA | 143,099 | 403 | |
80,666 | |||
Japan (12.4%) | |||
Toyota Motor Corp. | 4,501,465 | 77,127 | |
Mitsubishi UFJ Financial Group Inc. | 4,541,200 | 26,400 | |
KDDI Corp. | 610,900 | 20,230 | |
Honda Motor Co. Ltd. | 629,900 | 16,569 | |
Takeda Pharmaceutical Co. Ltd. | 567,000 | 16,452 | |
ITOCHU Corp. | 499,484 | 15,075 | |
Mitsubishi Corp. | 443,100 | 14,877 |
Shares | Market Value• ($000) | ||
Sumitomo Mitsui Financial Group Inc. | 477,654 | 14,432 | |
Mitsui & Co. Ltd. | 582,512 | 14,106 | |
Nippon Telegraph & Telephone Corp. | 439,400 | 12,949 | |
Tokio Marine Holdings Inc. | 236,034 | 12,762 | |
Softbank Corp. | 1,006,282 | 11,711 | |
Mizuho Financial Group Inc. | 941,620 | 11,434 | |
Canon Inc. | 369,300 | 8,497 | |
ORIX Corp. | 448,700 | 8,184 | |
Bridgestone Corp. | 214,200 | 7,851 | |
Komatsu Ltd. | 341,800 | 7,693 | |
Japan Tobacco Inc. | 441,000 | 7,502 | |
Dai-ichi Life Holdings Inc. | 369,600 | 7,401 | |
Sumitomo Corp. | 418,938 | 6,629 | |
Marubeni Corp. | 585,500 | 6,391 | |
Daiwa House Industry Co. Ltd. | 241,000 | 5,794 | |
Japan Post Holdings Co. Ltd. | 822,061 | 5,764 | |
MS&AD Insurance Group Holdings Inc. | 174,000 | 5,180 | |
Sompo Holdings Inc. | 120,800 | 4,918 | |
Nippon Steel Corp. | 302,800 | 4,808 | |
Nomura Holdings Inc. | 1,122,000 | 4,320 | |
Nippon Yusen KK | 59,600 | 4,300 | |
Sumitomo Mitsui Trust Holdings Inc. | 137,100 | 4,255 | |
Kirin Holdings Co. Ltd. | 290,200 | 4,230 | |
ENEOS Holdings Inc. | 1,132,505 | 3,985 | |
Inpex Corp. | 326,800 | 3,888 | |
Sekisui House Ltd. | 218,502 | 3,795 | |
Asahi Kasei Corp. | 451,500 | 3,704 | |
Mitsubishi Heavy Industries Ltd. | 108,100 | 3,696 | |
Subaru Corp. | 230,609 | 3,499 | |
Resona Holdings Inc. | 804,500 | 3,498 | |
Sumitomo Electric Industries Ltd. | 289,800 | 3,116 | |
Mitsubishi Chemical Holdings Corp. | 489,600 | 2,985 | |
Mitsui OSK Lines Ltd. | 126,610 | 2,964 | |
Toyota Tsusho Corp. | 80,100 | 2,878 | |
Daiwa Securities Group Inc. | 558,314 | 2,736 | |
AGC Inc. | 70,700 | 2,650 | |
T&D Holdings Inc. | 199,300 | 2,561 | |
Chubu Electric Power Co. Inc. | 252,500 | 2,549 | |
Trend Micro Inc. | 43,000 | 2,398 | |
Daito Trust Construction Co. Ltd. | 24,600 | 2,369 | |
Yamaha Motor Co. Ltd. | 114,200 | 2,358 | |
Sumitomo Chemical Co. Ltd. | 548,400 | 2,332 | |
JFE Holdings Inc. | 190,500 | 2,330 | |
Isuzu Motors Ltd. | 199,400 | 2,326 | |
Kansai Electric Power Co. Inc. | 262,800 | 2,304 | |
Idemitsu Kosan Co. Ltd. | 86,253 | 2,273 | |
Aisin Corp. | 67,600 | 1,964 | |
SBI Holdings Inc. | 84,900 | 1,899 | |
Kajima Corp. | 159,600 | 1,779 | |
Lixil Corp. | 96,800 | 1,703 | |
Obayashi Corp. | 242,000 | 1,664 |
Shares | Market Value• ($000) | ||
Ricoh Co. Ltd. | 223,100 | 1,629 | |
Taisei Corp. | 58,100 | 1,574 | |
Tosoh Corp. | 113,000 | 1,560 | |
Concordia Financial Group Ltd. | 415,000 | 1,510 | |
Mitsui Chemicals Inc. | 62,800 | 1,435 | |
Nikon Corp. | 122,100 | 1,372 | |
Seiko Epson Corp. | 96,700 | 1,362 | |
Sojitz Corp. | 86,800 | 1,324 | |
Chiba Bank Ltd. | 223,200 | 1,286 | |
NGK Insulators Ltd. | 95,500 | 1,285 | |
Kyushu Railway Co. | 64,000 | 1,254 | |
Hulic Co. Ltd. | 145,186 | 1,226 | |
Marui Group Co. Ltd. | 70,700 | 1,217 | |
Showa Denko KK | 62,400 | 1,214 | |
Shizuoka Bank Ltd. | 181,300 | 1,173 | |
Japan Post Insurance Co. Ltd. | 71,700 | 1,159 | |
Japan Post Bank Co. Ltd. | 153,348 | 1,157 | |
Fukuoka Financial Group Inc. | 61,200 | 1,118 | |
Kuraray Co. Ltd. | 134,300 | 1,074 | |
Mitsubishi HC Capital Inc. (XTKS) | 233,820 | 1,052 | |
NGK Spark Plug Co. Ltd. | 68,000 | 1,043 | |
Nomura Real Estate Holdings Inc. | 42,300 | 1,031 | |
Kyushu Electric Power Co. Inc. | 163,200 | 1,024 | |
Haseko Corp. | 92,686 | 1,016 | |
Shimizu Corp. | 193,800 | 1,016 | |
Air Water Inc. | 76,100 | 1,010 | |
Tohoku Electric Power Co. Inc. | 177,000 | 985 | |
Tokyo Tatemono Co. Ltd. | 69,500 | 980 | |
Aozora Bank Ltd. | 48,500 | 971 | |
Mitsubishi Gas Chemical Co. Inc. | 65,200 | 952 | |
Hikari Tsushin Inc. | 8,000 | 937 | |
Amada Co. Ltd. | 115,700 | 898 | |
Iida Group Holdings Co. Ltd. | 55,700 | 886 | |
Denka Co. Ltd. | 32,900 | 882 | |
Yamada Denki Co. Ltd. | 287,600 | 859 | |
NSK Ltd. | 155,000 | 858 | |
COMSYS Holdings Corp. | 41,300 | 857 | |
Electric Power Development Co. Ltd. | 62,200 | 852 | |
Sumitomo Heavy Industries Ltd. | 39,100 | 827 | |
Casio Computer Co. Ltd. | 74,800 | 776 | |
Cosmo Energy Holdings Co. Ltd. | 31,240 | 776 | |
Mebuki Financial Group Inc. | 383,600 | 772 | |
Teijin Ltd. | 70,400 | 752 | |
EXEO Group Inc. | 44,800 | 746 | |
Sumitomo Forestry Co. Ltd. | 47,400 | 725 | |
Chugoku Electric Power Co. Inc. | 103,035 | 679 | |
Pigeon Corp. | 38,700 | 660 | |
Lawson Inc. | 17,600 | 647 | |
J Front Retailing Co. Ltd. | 85,400 | 640 | |
Taiheiyo Cement Corp. | 39,300 | 636 | |
Credit Saison Co. Ltd. | 56,300 | 634 | |
Ube Industries Ltd. | 40,700 | 631 | |
Sanwa Holdings Corp. | 68,300 | 622 |
Shares | Market Value• ($000) | ||
Tokyo Century Corp. | 20,100 | 619 | |
Konica Minolta Inc. | 175,800 | 612 | |
INFRONEER Holdings Inc. | 83,900 | 611 | |
Yokohama Rubber Co. Ltd. | 45,200 | 605 | |
Nippon Electric Glass Co. Ltd. | 29,400 | 592 | |
DIC Corp. | 30,600 | 583 | |
Daicel Corp. | 94,100 | 575 | |
Kamigumi Co. Ltd. | 32,500 | 552 | |
K's Holdings Corp | 54,000 | 535 | |
Hirogin Holdings Inc. | 107,100 | 528 | |
JTEKT Corp. | 75,500 | 526 | |
Coca-Cola Bottlers Japan Holdings Inc. | 46,200 | 518 | |
Sumitomo Rubber Industries Ltd. | 59,500 | 516 | |
Penta-Ocean Construction Co. Ltd. | 103,400 | 506 | |
Seven Bank Ltd. | 266,900 | 499 | |
Hachijuni Bank Ltd. | 148,800 | 491 | |
Kobe Steel Ltd. | 112,400 | 487 | |
Toda Corp. | 83,200 | 478 | |
Kaneka Corp. | 17,600 | 471 | |
Yamaguchi Financial Group Inc. | 85,900 | 471 | |
Sankyo Co. Ltd. | 15,700 | 452 | |
Nippon Kayaku Co. Ltd. | 50,500 | 440 | |
DMG Mori Co. Ltd. | 34,000 | 427 | |
Amano Corp. | 21,900 | 422 | |
Aica Kogyo Co. Ltd. | 17,500 | 405 | |
AEON Financial Service Co. Ltd. | 43,400 | 399 | |
H.U. Group Holdings Inc. | 17,500 | 390 | |
Toyo Tire Corp. | 34,000 | 390 | |
Yamato Kogyo Co. Ltd. | 11,000 | 355 | |
Toyoda Gosei Co. Ltd. | 24,300 | 354 | |
ABC-Mart Inc. | 8,400 | 348 | |
TS Tech Co. Ltd. | 32,900 | 343 | |
Daido Steel Co. Ltd. | 11,700 | 334 | |
Kokuyo Co. Ltd. | 25,300 | 330 | |
Lintec Corp. | 17,400 | 324 | |
Heiwa Corp. | 20,600 | 310 | |
Kaken Pharmaceutical Co. Ltd. | 10,200 | 309 | |
Toyota Boshoku Corp. | 19,300 | 308 | |
Fuyo General Lease Co. Ltd. | 5,700 | 308 | |
Kyudenko Corp. | 13,500 | 306 | |
Canon Marketing Japan Inc. | 14,000 | 305 | |
Nipro Corp. | 37,200 | 293 | |
NOK Corp. | 33,000 | 281 | |
Shikoku Electric Power Co. Inc. | 48,100 | 277 | |
Itoham Yonekyu Holdings Inc. | 52,600 | 265 | |
Kandenko Co. Ltd. | 39,300 | 249 | |
Noevir Holdings Co. Ltd. | 5,800 | 227 | |
Matsui Securities Co. Ltd. | 33,600 | 208 | |
Fuji Media Holdings Inc. | 16,400 | 142 | |
Mazda Motor Corp. | 1,200 | 9 | |
Brother Industries Ltd. | 400 | 7 | |
USS Co. Ltd. | 400 | 7 |
Shares | Market Value• ($000) | ||
Aeon Mall Co. Ltd. | 400 | 5 | |
517,909 | |||
Kuwait (0.3%) | |||
National Bank of Kuwait SAKP | 2,616,406 | 8,967 | |
Mobile Telecommunications Co. KSCP | 773,451 | 1,720 | |
Gulf Bank KSCP | 714,601 | 794 | |
Boubyan Petrochemicals Co. KSCP | 135,272 | 448 | |
Humansoft Holding Co. KSC | 31,914 | 350 | |
Burgan Bank SAK | 316,855 | 306 | |
12,585 | |||
Malaysia (0.7%) | |||
Public Bank Bhd. | 5,219,900 | 5,611 | |
Malayan Banking Bhd. | 2,598,797 | 5,405 | |
CIMB Group Holdings Bhd. | 2,402,900 | 2,864 | |
Tenaga Nasional Bhd. | 1,196,833 | 2,484 | |
Petronas Chemicals Group Bhd. | 1,020,800 | 2,391 | |
Axiata Group Bhd. | 1,585,200 | 1,274 | |
Hong Leong Bank Bhd. | 225,200 | 1,081 | |
MISC Bhd. | 592,844 | 1,061 | |
DiGi.Com Bhd. | 1,068,000 | 934 | |
Genting Bhd. | 806,900 | 854 | |
Petronas Gas | 215,632 | 840 | |
RHB Bank Bhd. | 574,900 | 824 | |
Top Glove Corp. Bhd. | 1,997,120 | 771 | |
Genting Malaysia Bhd. | 979,000 | 680 | |
Sime Darby Bhd. | 1,239,500 | 662 | |
Maxis Bhd. | 750,100 | 652 | |
Telekom Malaysia Bhd. | 462,100 | 528 | |
IJM Corp. Bhd. | 1,204,100 | 507 | |
Petronas Dagangan Bhd. | 88,100 | 438 | |
Alliance Bank Malaysia Bhd. | 454,100 | 393 | |
Westports Holdings Bhd. | 363,700 | 329 | |
YTL Corp. Bhd. | 1,629,923 | 237 | |
Supermax Corporation Bhd. | 724,100 | 185 | |
British American Tobacco Malaysia Bhd. | 53,600 | 158 | |
Astro Malaysia Holdings Bhd. | 524,900 | 120 | |
31,283 | |||
Mexico (0.9%) | |||
America Movil SAB de CV Series L | 10,777,100 | 10,489 | |
Grupo Financiero Banorte SAB de CV Class O | 1,072,300 | 7,079 | |
Wal-Mart de Mexico SAB de CV | 1,923,035 | 6,800 | |
Grupo Mexico SAB de CV Series B | 1,184,600 | 5,545 | |
Grupo Aeroportuario del Sureste SAB de CV Class B | 82,925 | 1,810 | |
Coca-Cola Femsa SAB de CV | 210,775 | 1,149 | |
Arca Continental SAB de CV | 151,900 | 964 |
Shares | Market Value• ($000) | ||
Orbia Advance Corp. SAB de CV | 351,100 | 845 | |
Alfa SAB de CV Class A | 1,204,700 | 807 | |
Grupo Aeroportuario del Centro Norte SAB de CV Class B | 94,300 | 662 | |
2 | Banco del Bajio SA | 247,200 | 610 |
Promotora y Operadora de Infraestructura SAB de CV | 82,575 | 602 | |
Regional SAB de CV | 83,600 | 504 | |
Industrias Penoles SAB de CV | 44,300 | 488 | |
Kimberly-Clark de Mexico SAB de CV Class A | 273,000 | 381 | |
Megacable Holdings SAB de CV | 112,400 | 320 | |
Qualitas Controladora SAB de CV | 50,800 | 274 | |
Alpek SAB de CV | 116,500 | 157 | |
39,486 | |||
Netherlands (1.1%) | |||
ING Groep NV | 1,410,342 | 13,362 | |
Koninklijke Ahold Delhaize NV | 358,612 | 10,578 | |
NN Group NV | 116,676 | 5,715 | |
Koninklijke KPN NV | 1,222,949 | 4,220 | |
Aegon NV | 666,105 | 3,453 | |
ASR Nederland NV | 47,499 | 2,159 | |
Randstad NV | 40,017 | 2,116 | |
2 | ABN AMRO Bank NV GDR | 161,539 | 2,008 |
2 | Signify NV | 47,413 | 2,006 |
BE Semiconductor Industries NV | 28,333 | 1,727 | |
Koninklijke Vopak NV | 23,900 | 643 | |
2 | CTP NV | 21,345 | 302 |
48,289 | |||
New Zealand (0.2%) | |||
Spark New Zealand Ltd. | 687,577 | 2,175 | |
Contact Energy Ltd. | 298,541 | 1,568 | |
Meridian Energy Ltd. | 452,586 | 1,374 | |
Fletcher Building Ltd. | 282,016 | 1,123 | |
Mercury NZ Ltd. | 256,263 | 994 | |
7,234 | |||
Norway (1.0%) | |||
Equinor ASA | 357,394 | 12,080 | |
DNB Bank ASA | 377,104 | 7,307 | |
Mowi ASA | 166,169 | 4,694 | |
Norsk Hydro ASA | 503,616 | 4,229 | |
Telenor ASA | 241,152 | 3,401 | |
Yara International ASA | 58,846 | 2,992 | |
Orkla ASA | 278,578 | 2,260 | |
Salmar ASA | 19,897 | 1,628 | |
Aker BP ASA | 45,323 | 1,624 | |
Gjensidige Forsikring ASA | 65,433 | 1,399 | |
Leroy Seafood Group ASA | 98,359 | 923 | |
Aker ASA Class A | 9,135 | 745 | |
43,282 | |||
Pakistan (0.0%) | |||
Fauji Fertilizer Co. Ltd. | 440,623 | 285 | |
Oil & Gas Development Co. Ltd. | 194,783 | 89 |
Shares | Market Value• ($000) | ||
Habib Bank Ltd. | 140,730 | 82 | |
Pakistan Petroleum Ltd. | 195,721 | 78 | |
534 | |||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 398,710 | 1,637 | |
PLDT Inc. | 32,995 | 1,174 | |
Manila Electric Co. | 98,880 | 666 | |
Globe Telecom Inc. | 10,250 | 446 | |
Metro Pacific Investments Corp. | 4,468,000 | 323 | |
Aboitiz Power Corp. | 506,600 | 311 | |
LT Group Inc. | 1,353,700 | 220 | |
DMCI Holdings Inc. | 1,338,100 | 212 | |
Semirara Mining & Power Corp. Class A | 381,020 | 200 | |
5,189 | |||
Poland (0.1%) | |||
Polski Koncern Naftowy ORLEN SA | 119,822 | 2,024 | |
Powszechny Zaklad Ubezpieczen SA | 208,830 | 1,444 | |
Bank Polska Kasa Opieki SA | 59,186 | 1,301 | |
LPP SA | 405 | 856 | |
Cyfrowy Polsat SA | 91,911 | 500 | |
6,125 | |||
Portugal (0.2%) | |||
EDP - Energias de Portugal SA | 1,070,631 | 4,990 | |
Galp Energia SGPS SA | 187,458 | 2,282 | |
7,272 | |||
Qatar (0.4%) | |||
Industries Qatar QSC | 584,619 | 3,015 | |
Qatar Islamic Bank SAQ | 426,055 | 2,864 | |
Masraf Al Rayan QSC | 1,659,071 | 2,458 | |
Commercial Bank PSQC | 734,326 | 1,544 | |
Qatar International Islamic Bank QSC | 291,361 | 922 | |
Qatar Fuel QSC | 179,259 | 903 | |
Qatar Electricity & Water Co. QSC | 167,222 | 782 | |
Ooredoo QPSC | 318,705 | 656 | |
Barwa Real Estate Co. | 683,427 | ��� 635 | |
Qatar Aluminum Manufacturing Co. | 941,811 | 619 | |
Doha Bank QPSC | 531,093 | 379 | |
Vodafone Qatar QSC | 697,311 | 316 | |
15,093 | |||
Romania (0.0%) | |||
Banca Transilvania SA | 1,921,827 | 971 | |
OMV Petrom SA | 4,586,345 | 467 | |
Societatea Nationala Nuclearelectrica SA | 17,976 | 171 | |
1,609 | |||
Russia (0.0%) | |||
3 | Inter Rao Ues PJSC | 11,522,470 | — |
3 | Polyus PJSC (Registered) GDR | 4,270 | — |
3 | MMC Norilsk Nickel PJSC ADR | 53,701 | — |
3 | Sberbank of Russia PJSC | 3,446,575 | — |
3 | Mobile TeleSystems PJSC ADR | 132,889 | — |
Shares | Market Value• ($000) | ||
3 | Moscow Exchange MICEX-RTS PJSC | 482,108 | — |
3 | Rosneft Oil Co. PJSC (Registered) GDR | 190,781 | — |
3 | Magnit PJSC GDR (Registered) | 22,311 | — |
3 | MMC Norilsk Nickel PJSC | 11,458 | — |
3 | LUKOIL PJSC ADR | 51,350 | — |
3 | Gazprom PJSC ADR | 748,819 | — |
3 | Severstal PAO GDR (Registered) | 34,635 | — |
3 | Tatneft PJSC ADR | 44,997 | — |
3 | VTB Bank PJSC GDR (Registered) | 802,016 | — |
3 | Alrosa PJSC | 840,362 | — |
3 | PhosAgro PJSC | 7,446 | — |
*,3 | United Co. Rusal International | 796,030 | — |
3 | Unipro PJSC | 4,903,000 | — |
3 | Polyus PJSC | 7,414 | — |
3 | RusHydro PJSC | 41,940,310 | — |
3 | Rostelecom PJSC | 343,830 | — |
3 | Tatneft PJSC | 243,415 | — |
3 | Novolipetskiy Metallurgicheskiy Kombinat PJSC | 373,254 | — |
3 | Mobile TeleSystems PJSC | 18,732 | — |
3 | Magnit PJSC | 20,521 | — |
3 | Novatek PJSC | 356,672 | — |
3 | Gazprom PJSC | 2,023,010 | — |
3 | Mosenergo PJSC | 1,739,000 | — |
3 | Transneft PJSC Preference Shares | 527 | — |
3 | Federal Grid Co. | 83,950,000 | — |
3 | Lukoil PJSC | 76,646 | — |
3 | Rosneft Oil Co. PJSC | 211,479 | — |
3 | Magnitogorsk Iron & Steel Works PJSC | 732,540 | — |
3 | Tatneft PJSC Preference Shares | 51,803 | — |
3 | Sistema PJSFC | 903,430 | — |
3 | Severstal PAO PJSC | 28,686 | — |
3 | Surgutneftegas PJSC Preference Shares | 2,513,070 | — |
*,3 | PhosAgro PJSC GDR | 91 | — |
*,3 | PhosAgro PJSC (Registered) GDR | 14,174 | — |
— | |||
Saudi Arabia (1.7%) | |||
Saudi National Bank | 807,972 | 16,935 | |
Saudi Basic Industries Corp. | 330,585 | 11,452 | |
2 | Saudi Arabian Oil Co. | 934,142 | 11,163 |
Saudi Telecom Co. | 262,949 | 8,086 | |
Riyad Bank | 538,477 | 5,835 | |
SABIC Agri-Nutrients Co. | 84,913 | 3,658 | |
Arab National Bank | 240,754 | 2,252 | |
Sahara International Petrochemical Co. | 132,313 | 1,982 | |
Yanbu National Petrochemical Co. | 104,796 | 1,694 | |
Saudi Industrial Investment Group | 151,381 | 1,312 | |
Bank Al-Jazira | 144,599 | 1,209 | |
Jarir Marketing Co. | 21,815 | 1,114 |
Shares | Market Value• ($000) | ||
Advanced Petrochemical Co. | 48,504 | 863 | |
Abdullah Al Othaim Markets Co. | 15,293 | 454 | |
Saudi Cement Co. | 27,087 | 415 | |
Southern Province Cement Co. | 23,189 | 411 | |
Qassim Cement Co. | 17,231 | 369 | |
Arabian Centres Co. Ltd. | 56,087 | 329 | |
Yanbu Cement Co. | 26,474 | 296 | |
Saudia Dairy & Foodstuff Co. | 4,938 | 231 | |
70,060 | |||
Singapore (1.4%) | |||
DBS Group Holdings Ltd. | 671,678 | 16,295 | |
Oversea-Chinese Banking Corp. Ltd. | 1,286,800 | 11,425 | |
United Overseas Bank Ltd. | 476,145 | 10,193 | |
Singapore Telecommunications Ltd. | 2,846,288 | 5,681 | |
Keppel Corp. Ltd. | 527,212 | 2,600 | |
Wilmar International Ltd. | 752,900 | 2,400 | |
Singapore Exchange Ltd. | 290,432 | 2,044 | |
Singapore Technologies Engineering Ltd. | 539,900 | 1,590 | |
Genting Singapore Ltd. | 2,251,800 | 1,307 | |
Venture Corp. Ltd. | 96,700 | 1,187 | |
ComfortDelGro Corp. Ltd. | 817,200 | 863 | |
Jardine Cycle & Carriage Ltd. | 40,800 | 850 | |
NetLink NBN Trust | 1,117,500 | 806 | |
Golden Agri-Resources Ltd. | 2,495,900 | 583 | |
Hutchison Port Holdings Trust Class U | 1,892,000 | 451 | |
Olam Group Ltd. | 329,400 | 403 | |
3 | SPH REIT | 456,531 | 322 |
StarHub Ltd. | 163,300 | 148 | |
Wing Tai Holdings Ltd. | 88,500 | 111 | |
Singapore Telecommunications Ltd. (XSES) | 8,800 | 18 | |
59,277 | |||
South Africa (1.2%) | |||
FirstRand Ltd. | 1,819,140 | 7,834 | |
Standard Bank Group Ltd. | 499,951 | 5,298 | |
Impala Platinum Holdings Ltd. | 302,608 | 3,914 | |
Sibanye Stillwater Ltd. | 1,045,085 | 3,616 | |
Absa Group Ltd. | 283,416 | 3,062 | |
Shoprite Holdings Ltd. | 185,229 | 2,675 | |
Sanlam Ltd. | 626,497 | 2,595 | |
Anglo American Platinum Ltd. | 22,158 | 2,449 | |
Nedbank Group Ltd. | 153,871 | 2,149 | |
Vodacom Group Ltd. | 216,238 | 2,077 | |
Woolworths Holdings Ltd. | 359,353 | 1,345 | |
Old Mutual Ltd. (XZIM) | 1,672,262 | 1,342 | |
Exxaro Resources Ltd. | 92,920 | 1,328 | |
Mr Price Group Ltd. | 95,092 | 1,289 | |
Multichoice Group | 144,518 | 1,179 |
Shares | Market Value• ($000) | ||
Foschini Group Ltd. | 132,310 | 1,159 | |
NEPI Rockcastle plc | 170,575 | 1,044 | |
SPAR Group Ltd. | 75,918 | 796 | |
Kumba Iron Ore Ltd. | 21,989 | 730 | |
Tiger Brands Ltd. | 68,536 | 674 | |
Investec Ltd. | 106,046 | 643 | |
Life Healthcare Group Holdings Ltd. | 463,708 | 630 | |
African Rainbow Minerals Ltd. | 37,227 | 616 | |
AVI Ltd. | 122,640 | 532 | |
Truworths International Ltd. | 140,661 | 502 | |
Barloworld Ltd. | 66,871 | 483 | |
Momentum Metropolitan Holdings | 449,111 | 477 | |
Netcare Ltd. | 478,446 | 460 | |
Pick n Pay Stores Ltd. | 112,647 | 410 | |
Santam Ltd. | 15,764 | 289 | |
Royal Bafokeng Platinum Ltd. | 26,993 | 270 | |
Coronation Fund Managers Ltd. | 81,266 | 214 | |
52,081 | |||
South Korea (1.5%) | |||
KB Financial Group Inc. | 144,052 | 6,702 | |
Kia Corp. | 94,350 | 6,188 | |
Shinhan Financial Group Co. Ltd. | 184,159 | 6,119 | |
POSCO Holdings Inc. | 23,752 | 5,423 | |
Hana Financial Group Inc. | 107,846 | 4,004 | |
SK Inc. | 13,660 | 2,868 | |
Woori Financial Group Inc. | 233,335 | 2,703 | |
KT&G Corp. | 39,391 | 2,587 | |
LG Corp. | 33,402 | 1,929 | |
Samsung Fire & Marine Insurance Co. Ltd. | 11,170 | 1,852 | |
Korea Zinc Co. Ltd. | 3,676 | 1,678 | |
S-Oil Corp. | 14,928 | 1,221 | |
Samsung Life Insurance Co. Ltd. | 21,772 | 1,119 | |
Hyundai Motor Co. Preference Shares (XKRS) | 12,128 | 908 | |
DB Insurance Co. Ltd. | 16,809 | 898 | |
Lotte Chemical Corp. | 5,798 | 895 | |
LG Uplus Corp. | 79,056 | 873 | |
Industrial Bank of Korea | 96,617 | 857 | |
Hyundai Heavy Industries Holdings Co. Ltd. | 18,403 | 845 | |
GS Engineering & Construction Corp. | 25,058 | 825 | |
Kumho Petrochemical Co. Ltd. | 6,750 | 816 | |
SK Telecom Co. Ltd. ADR | 31,754 | 794 | |
Samsung Securities Co. Ltd. | 24,899 | 778 | |
Korea Investment Holdings Co. Ltd. | 13,828 | 767 | |
Hyundai Motor Co. Preference Shares | 9,425 | 699 | |
BNK Financial Group Inc. | 111,355 | 691 | |
Mirae Asset Securities Co. Ltd. | 98,908 | 626 |
Shares | Market Value• ($000) | ||
LG Chem Ltd. Preference Shares | 3,127 | 617 | |
GS Holdings Corp. | 17,390 | 601 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 20,300 | 523 | |
SK Chemicals Co. Ltd. | 4,548 | 454 | |
Cheil Worldwide Inc. | 22,571 | 451 | |
DGB Financial Group Inc. | 55,433 | 391 | |
S-1 Corp. | 7,161 | 390 | |
NH Investment & Securities Co. Ltd. | 45,221 | 386 | |
LOTTE Fine Chemical Co. Ltd. | 5,482 | 352 | |
Samsung Card Co. Ltd. | 12,997 | 344 | |
Posco International Corp. | 17,477 | 339 | |
Doosan Bobcat Inc. | 9,567 | 311 | |
GS Retail Co. Ltd. | 13,197 | 299 | |
KEPCO Plant Service & Engineering Co. Ltd. | 9,912 | 296 | |
Lotte Corp. | 10,266 | 277 | |
Lotte Shopping Co. Ltd. | 3,745 | 277 | |
SSANGYONG C&E Co. Ltd. | 41,718 | 274 | |
Korea Gas Corp. | 8,185 | 268 | |
Mirae Asset Securities Co. Ltd. Preference Shares | 75,918 | 266 | |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 1,782 | 229 | |
DL Holdings Co. Ltd. | 4,243 | 207 | |
SK Telecom Co. Ltd. | 4,327 | 195 | |
HDC Hyundai Development Co-Engineering & Construction Class E | 15,498 | 183 | |
Hanwha Corp. Preference Shares | 11,497 | 145 | |
Hyundai Motor Co. | 346 | 50 | |
63,790 | |||
Spain (1.6%) | |||
1 | Banco Santander SA | 6,279,233 | 18,350 |
Banco Bilbao Vizcaya Argentaria SA | 2,454,858 | 12,881 | |
Industria de Diseno Textil SA | 392,009 | 8,219 | |
Repsol SA | 484,160 | 7,223 | |
CaixaBank SA | 1,629,297 | 5,259 | |
1 | Red Electrica Corp. SA | 156,072 | 3,143 |
Endesa SA | 115,791 | 2,427 | |
Enagas SA | 89,690 | 1,939 | |
Acciona SA | 8,412 | 1,647 | |
1 | Naturgy Energy Group SA | 54,128 | 1,628 |
Bankinter SA | 255,711 | 1,505 | |
Grifols SA Preference Shares | 99,431 | 1,079 | |
Mapfre SA | 391,357 | 714 | |
66,014 | |||
Sweden (1.6%) | |||
Volvo AB Class B | 562,822 | 8,979 | |
Telefonaktiebolaget LM Ericsson Class B | 1,094,513 | 8,731 | |
Skandinaviska Enskilda Banken AB Class A | 538,904 | 6,043 | |
Swedbank AB Class A | 371,346 | 5,874 |
Shares | Market Value• ($000) | ||
Svenska Handelsbanken AB Class A | 550,433 | 5,552 | |
1 | Boliden AB | 102,940 | 4,464 |
H & M Hennes & Mauritz AB Class B | 326,506 | 4,110 | |
Telia Co. AB | 972,123 | 4,035 | |
Lundin Energy AB | 70,526 | 2,916 | |
Skanska AB Class B | 130,182 | 2,487 | |
1 | Tele2 AB Class B | 183,751 | 2,435 |
SKF AB Class B | 139,531 | 2,279 | |
Castellum AB | 102,400 | 2,028 | |
Trelleborg AB Class B | 88,535 | 1,942 | |
Securitas AB Class B | 111,425 | 1,316 | |
1 | Samhallsbyggnadsbolaget i Norden AB | 417,105 | 1,310 |
2 | Thule Group AB | 36,968 | 1,282 |
Electrolux AB Class B | 82,289 | 1,255 | |
Telefonaktiebolaget LM Ericsson Class A | 31,150 | 264 | |
Svenska Handelsbanken AB Class B | 17,204 | 194 | |
67,496 | |||
Switzerland (6.9%) | |||
Roche Holding AG | 230,337 | 85,412 | |
Novartis AG (Registered) | 776,318 | 68,603 | |
Zurich Insurance Group AG | 54,781 | 24,940 | |
UBS Group AG (Registered) | 1,182,099 | 20,068 | |
ABB Ltd. (Registered) | 610,907 | 18,328 | |
Roche Holding AG (Bearer) | 28,544 | 11,467 | |
Holcim Ltd. | 204,119 | 9,981 | |
Swiss Re AG | 106,216 | 8,711 | |
Swiss Life Holding AG (Registered) | 11,429 | 6,683 | |
Credit Suisse Group AG (Registered) | 940,445 | 6,383 | |
SGS SA (Registered) | 2,182 | 5,607 | |
Swisscom AG (Registered) | 9,461 | 5,594 | |
Julius Baer Group Ltd. | 80,523 | 3,848 | |
Baloise Holding AG (Registered) | 16,978 | 2,953 | |
Swiss Prime Site AG (Registered) | 28,260 | 2,762 | |
Adecco Group AG (Registered) | 57,275 | 2,210 | |
PSP Swiss Property AG (Registered) | 15,905 | 2,005 | |
Helvetia Holding AG (Registered) | 13,100 | 1,683 | |
1 | Banque Cantonale Vaudoise (Registered) | 10,788 | 912 |
288,150 | |||
Taiwan (4.9%) | |||
MediaTek Inc. | 547,000 | 15,080 | |
Hon Hai Precision Industry Co. Ltd. | 4,361,000 | 14,941 | |
United Microelectronics Corp. | 4,386,000 | 6,968 | |
Delta Electronics Inc. | 789,802 | 6,593 | |
CTBC Financial Holding Co. Ltd. | 6,702,120 | 6,592 | |
Fubon Financial Holding Co. Ltd. | 2,563,639 | 6,437 | |
Formosa Plastics Corp. | 1,789,879 | 6,363 |
Shares | Market Value• ($000) | ||
Cathay Financial Holding Co. Ltd. | 3,020,388 | 6,351 | |
Chunghwa Telecom Co. Ltd. | 1,393,000 | 6,175 | |
Nan Ya Plastics Corp. | 2,055,000 | 6,004 | |
Mega Financial Holding Co. Ltd. | 4,013,000 | 5,641 | |
China Steel Corp. | 4,488,000 | 5,437 | |
Evergreen Marine Corp. Taiwan Ltd. | 968,000 | 4,653 | |
Uni-President Enterprises Corp. | 1,770,000 | 4,095 | |
Chailease Holding Co. Ltd. | 499,518 | 3,970 | |
Yuanta Financial Holding Co. Ltd. | 4,341,360 | 3,821 | |
China Development Financial Holding Corp. | 5,922,000 | 3,571 | |
First Financial Holding Co. Ltd. | 3,777,862 | 3,548 | |
Taiwan Cooperative Financial Holding Co. Ltd. | 3,590,000 | 3,452 | |
Formosa Chemicals & Fibre Corp. | 1,234,000 | 3,323 | |
Taiwan Cement Corp. | 2,004,365 | 3,112 | |
Asustek Computer Inc. | 252,268 | 3,034 | |
Hua Nan Financial Holdings Co. Ltd. | 3,642,896 | 2,913 | |
Quanta Computer Inc. | 1,024,000 | 2,884 | |
ASE Technology Holding Co. Ltd. | 876,171 | 2,795 | |
Novatek Microelectronics Corp. | 210,000 | 2,778 | |
Taishin Financial Holding Co. Ltd. | 3,941,812 | 2,578 | |
Sinopac Holdings Co. | 3,909,641 | 2,408 | |
Realtek Semiconductor Corp. | 174,000 | 2,361 | |
Yageo Corp. | 168,000 | 2,268 | |
Taiwan Mobile Co. Ltd. | 596,000 | 2,190 | |
Largan Precision Co. Ltd. | 37,000 | 2,100 | |
Shanghai Commercial & Savings Bank Ltd. | 1,201,000 | 1,981 | |
AU Optronics Corp. | 3,391,000 | 1,937 | |
E Ink Holdings Inc. | 327,000 | 1,870 | |
President Chain Store Corp. | 202,000 | 1,869 | |
Pegatron Corp. | 730,000 | 1,729 | |
Far EasTone Telecommunications Co. Ltd. | 603,000 | 1,694 | |
Lite-On Technology Corp. | 763,194 | 1,672 | |
Accton Technology Corp. | 204,000 | 1,591 | |
Formosa Petrochemical Corp. | 516,000 | 1,591 | |
Shin Kong Financial Holdings Co. Ltd. | 4,706,000 | 1,556 | |
Innolux Corp. | 3,416,000 | 1,556 | |
Far Eastern New Century Corp. | 1,516,000 | 1,537 | |
Asia Cement Corp. | 909,000 | 1,477 | |
Globalwafers Co. Ltd. | 83,000 | 1,446 | |
Catcher Technology Co. Ltd. | 273,672 | 1,339 | |
Eclat Textile Co. Ltd. | 77,200 | 1,267 | |
Synnex Technology International Corp. | 486,000 | 1,265 |
Shares | Market Value• ($000) | ||
Vanguard International Semiconductor Corp. | 351,000 | 1,235 | |
ASE Technology Holding Co. Ltd. ADR | 185,939 | 1,197 | |
Wiwynn Corp. | 34,000 | 1,163 | |
Compal Electronics Inc. | 1,534,000 | 1,151 | |
Pou Chen Corp. | 999,000 | 1,042 | |
Sino-American Silicon Products Inc. | 209,000 | 1,040 | |
Wistron Corp. | 1,065,656 | 1,027 | |
Feng TAY Enterprise Co. Ltd. | 155,280 | 1,000 | |
Winbond Electronics Corp. | 1,101,000 | 994 | |
Inventec Corp. | 1,133,994 | 969 | |
Micro-Star International Co. Ltd. | 233,000 | 941 | |
Giant Manufacturing Co. Ltd. | 111,000 | 928 | |
Acer Inc. | 964,000 | 894 | |
Powertech Technology Inc. | 279,000 | 877 | |
Foxconn Technology Co. Ltd. | 410,190 | 813 | |
Teco Electric and Machinery Co. Ltd. | 772,000 | 811 | |
Zhen Ding Technology Holding Ltd. | 222,000 | 786 | |
Cheng Shin Rubber Industry Co. Ltd. | 694,994 | 783 | |
Taiwan High Speed Rail Corp. | 823,000 | 780 | |
Taiwan Fertilizer Co. Ltd. | 302,000 | 760 | |
Nanya Technology Corp. | 324,000 | 709 | |
Chicony Electronics Co. Ltd. | 207,370 | 577 | |
Taiwan Glass Industry Corp. | 712,000 | 535 | |
Nien Made Enterprise Co. Ltd. | 47,000 | 495 | |
Taiwan Secom Co. Ltd. | 109,000 | 403 | |
Formosa Taffeta Co. Ltd. | 395,000 | 362 | |
Transcend Information Inc. | 128,000 | 307 | |
204,392 | |||
Thailand (0.8%) | |||
PTT PCL | 5,394,900 | 5,863 | |
Siam Cement PCL (Registered) | 244,650 | 2,629 | |
Advanced Info Service PCL | 405,804 | 2,537 | |
PTT Exploration & Production PCL | 534,430 | 2,338 | |
Kasikornbank PCL NVDR | 433,400 | 1,918 | |
* | SCB X PCL Foreign | 529,100 | 1,776 |
Charoen Pokphand Foods PCL | 1,928,700 | 1,355 | |
PTT Global Chemical PCL | 799,199 | 1,159 | |
Krung Thai Bank PCL | 2,373,500 | 1,046 | |
Intouch Holdings PCL Class F | 459,941 | 936 | |
Siam Cement PCL NDVR | 79,400 | 853 | |
Digital Telecommunications Infrastructure Fund Class F | 1,878,397 | 772 |
Shares | Market Value• ($000) | ||
Banpu PCL (Registered) | 2,138,050 | 762 | |
BTS Group Holdings PCL | 2,714,900 | 710 | |
Land & Houses PCL (Registered) | 2,529,300 | 703 | |
Bangkok Bank PCL (Registered) | 177,500 | 669 | |
Kasikornbank PCL | 147,500 | 653 | |
Thai Oil PCL | 396,400 | 649 | |
TMBThanachart Bank PCL | 15,205,400 | 573 | |
Thai Union Group PCL Class F | 1,023,200 | 503 | |
Osotspa PCL | 461,100 | 468 | |
Srisawad Corp. PCL | 282,400 | 439 | |
Electricity Generating PCL | 89,400 | 433 | |
Ratch Group PCL | 317,100 | 407 | |
IRPC PCL | 3,879,000 | 391 | |
Bangkok Bank PCL NVDR | 95,700 | 361 | |
Sri Trang Gloves Thailand PCL | 402,300 | 285 | |
Siam Commercial Bank PCL | 65,000 | 218 | |
Total Access Communication PCL | 160,500 | 215 | |
Siam City Cement PCL | 36,932 | 164 | |
* | SCB X PCL NVDR | 30,700 | 103 |
Total Access Communication PCL NDVR | 72,100 | 97 | |
Land & Houses PCL NVDR | 252,900 | 70 | |
Intouch Holdings PCL NVDR | 27,400 | 56 | |
* | TTB W1 Warrants Exp. 4/21/23 | 150,799 | 2 |
32,113 | |||
Turkey (0.2%) | |||
Eregli Demir ve Celik Fabrikalari TAS | 482,742 | 1,087 | |
BIM Birlesik Magazalar A/S | 162,784 | 915 | |
Turkiye Garanti Bankasi A/S | 700,950 | 707 | |
Turkiye Sise ve Cam Fabrikalari A/S | 550,150 | 671 | |
Turkcell Iletisim Hizmetleri A/S | 429,285 | 623 | |
Akbank TAS | 1,015,782 | 609 | |
Haci Omer Sabanci Holding A/S | 345,615 | 465 | |
Coca-Cola Icecek A/S | 55,505 | 460 | |
Ford Otomotiv Sanayi A/S | 21,857 | 439 | |
Turkiye Is Bankasi A/S Class C | 557,375 | 395 | |
Yapi ve Kredi Bankasi A/S | 981,277 | 321 | |
Arcelik A/S | 63,198 | 286 | |
Enka Insaat ve Sanayi A/S | 229,036 | 244 | |
Tofas Turk Otomobil Fabrikasi A/S | 41,111 | 218 | |
Anadolu Efes Biracilik Ve Malt Sanayii A/S | 65,627 | 131 | |
Turk Telekomunikasyon A/S | 162,935 | 110 |
Shares | Market Value• ($000) | ||
2 | Enerjisa Enerji A/S | 86,316 | 82 |
Iskenderun Demir ve Celik A/S | 34,312 | 63 | |
7,826 | |||
United Arab Emirates (0.5%) | |||
First Abu Dhabi Bank PJSC | 1,624,327 | 9,902 | |
Abu Dhabi Commercial Bank PJSC | 1,022,496 | 2,826 | |
Aldar Properties PJSC | 1,358,216 | 2,081 | |
Dubai Islamic Bank PJSC | 1,111,265 | 1,944 | |
Abu Dhabi Islamic Bank PJSC | 535,095 | 1,274 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 940,271 | 1,055 | |
Dubai Investments PJSC | 758,866 | 517 | |
Dana Gas PJSC | 1,093,907 | 351 | |
Aramex PJSC | 91,349 | 101 | |
20,051 | |||
United Kingdom (13.2%) | |||
Shell plc (XLON) | 2,833,715 | 76,074 | |
HSBC Holdings plc | 7,581,443 | 47,377 | |
GlaxoSmithKline plc | 1,831,909 | 41,296 | |
British American Tobacco plc | 846,382 | 35,474 | |
BP plc | 7,125,116 | 34,399 | |
Unilever plc (XLON) | 666,028 | 30,964 | |
Glencore plc | 4,867,580 | 29,992 | |
Rio Tinto plc | 402,144 | 28,414 | |
Anglo American plc | 452,239 | 20,030 | |
National Grid plc | 1,333,984 | 19,819 | |
Vodafone Group plc | 10,017,434 | 15,166 | |
Lloyds Banking Group plc | 26,366,794 | 14,975 | |
Unilever plc | 279,987 | 12,995 | |
Barclays plc | 6,252,583 | 11,493 | |
BAE Systems plc | 1,175,568 | 10,858 | |
Tesco plc | 2,774,545 | 9,426 | |
SSE plc | 393,429 | 9,138 | |
Aviva plc | 1,371,646 | 7,359 | |
Imperial Brands plc | 351,135 | 7,309 | |
Legal & General Group plc | 2,205,599 | 6,875 | |
3i Group plc | 354,651 | 5,804 | |
BT Group plc | 2,585,036 | 5,733 | |
WPP plc | 415,026 | 5,173 | |
Natwest Group plc | 1,918,498 | 5,147 | |
Smurfit Kappa Group plc | 96,602 | 4,082 | |
Severn Trent plc | 94,912 | 3,730 | |
United Utilities Group plc | 251,603 | 3,616 | |
Mondi plc (XLON) | 180,661 | 3,394 | |
Persimmon plc | 122,137 | 3,181 | |
St. James's Place plc | 193,411 | 3,108 | |
Pearson plc | 274,316 | 2,664 | |
Admiral Group plc | 81,006 | 2,550 | |
M&G plc | 946,297 | 2,512 | |
Kingfisher plc | 749,353 | 2,363 | |
Barratt Developments plc | 365,244 | 2,235 | |
Phoenix Group Holdings plc | 276,381 | 2,093 | |
B&M European Value Retail SA | 337,012 | 2,065 | |
Intermediate Capital Group plc | 107,790 | 2,063 | |
Taylor Wimpey plc | 1,306,654 | 2,055 |
Shares | Market Value• ($000) | ||
Johnson Matthey plc | 73,502 | 2,022 | |
DS Smith plc | 452,216 | 1,858 | |
Abrdn plc | 791,088 | 1,858 | |
J Sainsbury plc | 632,704 | 1,846 | |
Hargreaves Lansdown plc | 141,889 | 1,624 | |
Direct Line Insurance Group plc | 503,464 | 1,598 | |
Coca-Cola HBC AG | 73,268 | 1,485 | |
Schroders plc | 41,657 | 1,471 | |
Royal Mail plc | 337,692 | 1,448 | |
Bellway plc | 46,127 | 1,401 | |
Pennon Group plc | 100,330 | 1,394 | |
HomeServe plc | 103,183 | 1,268 | |
Fresnillo plc | 68,649 | 664 | |
* | TechnipFMC plc | 3,906 | 27 |
3 | Evraz plc | 193,110 | — |
552,965 | |||
Total Common Stocks (Cost $4,182,993) | 4,161,056 | ||
Temporary Cash Investments (1.9%) | |||
Money Market Fund (1.9%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.409% (Cost $80,633) | 806,418 | 80,634 |
Total Investments (101.2%) (Cost $4,263,626) | 4,241,690 | ||
Other Assets and Liabilities—Net (-1.2%) | (52,334) | ||
Net Assets (100%) | 4,189,356 | ||
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 $52,655,000. |
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 April 30, 2022, the aggregate value was $50,298,000, representing 1.2% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $74,747,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository 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 | June 2022 | 272 | 27,154 | (1,794) |
MSCI Emerging Markets Index | June 2022 | 67 | 3,542 | (151) |
(1,945) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 6/15/22 | AUD | 2,000 | USD | 1,504 | — | (90) |
Barclays Bank plc | 6/6/22 | GBP | 2,400 | USD | 3,017 | 1 | — |
Standard Chartered Bank | 6/15/22 | GBP | 1,000 | USD | 1,274 | — | (17) |
State Street Bank & Trust Co. | 6/15/22 | USD | 3,956 | AUD | 5,389 | 145 | — |
State Street Bank & Trust Co. | 6/2/22 | USD | 1,687 | BRL | 8,016 | 82 | — |
Goldman Sachs International | 6/2/22 | USD | 562 | BRL | 2,672 | 27 | — |
State Street Bank & Trust Co. | 5/2/22 | USD | 390 | CAD | 500 | 1 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 2,417 | CHF | 2,211 | 138 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 776 | EUR | 709 | 27 | — |
Barclays Bank plc | 6/15/22 | USD | 5,931 | GBP | 4,500 | 272 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 929 | GBP | 702 | 46 | — |
Bank of America, N.A. | 6/15/22 | USD | 7,717 | JPY | 939,835 | 463 | — |
BNP Paribas | 6/15/22 | USD | 977 | JPY | 112,501 | 109 | — |
1,311 | (107) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
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 Value1 | |
Unaffiliated Issuers (Cost $4,182,993) | 4,161,056 |
Affiliated Issuers (Cost $80,633) | 80,634 |
Total Investments in Securities | 4,241,690 |
Investment in Vanguard | 144 |
Cash | 7,597 |
Cash Collateral Pledged—Futures Contracts | 1,609 |
Cash Collateral Received for ETF Capital Activity | 28,834 |
Foreign Currency, at Value (Cost $2,448) | 2,655 |
Receivables for Investment Securities Sold | 1,907 |
Receivables for Accrued Income | 24,296 |
Receivables for Capital Shares Issued | 151 |
Unrealized Appreciation—Forward Currency Contracts | 1,311 |
Total Assets | 4,310,194 |
Liabilities | |
Payables for Investment Securities Purchased | 15,707 |
Collateral for Securities on Loan | 74,747 |
Collateral for ETF Capital Activity | 28,834 |
Payables for Capital Shares Redeemed | 177 |
Payables to Vanguard | 385 |
Variation Margin Payable—Futures Contracts | 350 |
Unrealized Depreciation—Forward Currency Contracts | 107 |
Deferred Foreign Capital Gains Taxes | 531 |
Total Liabilities | 120,838 |
Net Assets | 4,189,356 |
1 Includes $52,655 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2022, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 4,213,186 |
Total Distributable Earnings (Loss) | (23,830) |
Net Assets | 4,189,356 |
ETF Shares—Net Assets | |
Applicable to 59,267,306 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,780,844 |
Net Asset Value Per Share—ETF Shares | $63.79 |
Admiral Shares—Net Assets | |
Applicable to 13,206,355 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 408,512 |
Net Asset Value Per Share—Admiral Shares | $30.93 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 86,089 |
Interest2 | 6 |
Securities Lending—Net | 199 |
Total Income | 86,294 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 183 |
Management and Administrative—ETF Shares | 3,205 |
Management and Administrative—Admiral Shares | 385 |
Marketing and Distribution—ETF Shares | 51 |
Marketing and Distribution—Admiral Shares | 9 |
Custodian Fees | 323 |
Shareholders’ Reports—ETF Shares | 38 |
Shareholders’ Reports—Admiral Shares | 2 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 19 |
Total Expenses | 4,216 |
Net Investment Income | 82,078 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | 32,259 |
Futures Contracts | (889) |
Forward Currency Contracts | 226 |
Foreign Currencies | (927) |
Realized Net Gain (Loss) | 30,669 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | (301,368) |
Futures Contracts | (2,049) |
Forward Currency Contracts | 1,061 |
Foreign Currencies | (928) |
Change in Unrealized Appreciation (Depreciation) | (303,284) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (190,537) |
1 | Dividends are net of foreign withholding taxes of $8,162,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, ($1,000), less than $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 $1,287,000 . |
4 | Includes $14,160,000 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 ($856,000). |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 82,078 | 114,370 | |
Realized Net Gain (Loss) | 30,669 | 57,611 | |
Change in Unrealized Appreciation (Depreciation) | (303,284) | 515,631 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (190,537) | 687,612 | |
Distributions | |||
ETF Shares | (63,113) | (90,829) | |
Admiral Shares | (7,674) | (13,898) | |
Total Distributions | (70,787) | (104,727) | |
Capital Share Transactions | |||
ETF Shares | 955,645 | 1,245,225 | |
Admiral Shares | 39,659 | 35,370 | |
Net Increase (Decrease) from Capital Share Transactions | 995,304 | 1,280,595 | |
Total Increase (Decrease) | 733,980 | 1,863,480 | |
Net Assets | |||
Beginning of Period | 3,455,376 | 1,591,896 | |
End of Period | 4,189,356 | 3,455,376 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $67.77 | $50.47 | $61.27 | $58.85 | $65.69 | $55.61 |
Investment Operations | ||||||
Net Investment Income1 | 1.434 | 2.824 | 2.076 | 2.746 | 2.639 | 2.329 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (4.137) | 16.986 | (10.944) | 2.302 | (7.097) | 9.763 |
Total from Investment Operations | (2.703) | 19.810 | (8.868) | 5.048 | (4.458) | 12.092 |
Distributions | ||||||
Dividends from Net Investment Income | (1.277) | (2.510) | (1.932) | (2.628) | (2.382) | (2.012) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.277) | (2.510) | (1.932) | (2.628) | (2.382) | (2.012) |
Net Asset Value, End of Period | $63.79 | $67.77 | $50.47 | $61.27 | $58.85 | $65.69 |
Total Return | -4.03% | 39.55% | -14.55% | 8.87% | -7.03% | 22.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,781 | $3,061 | $1,325 | $1,264 | $889 | $598 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.22% | 0.28%3 | 0.27% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.27% | 4.29% | 3.81% | 4.59% | 4.06% | 3.73% |
Portfolio Turnover Rate4 | 15% | 18% | 20% | 15% | 10% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.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 | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $32.85 | $24.45 | $29.69 | $28.52 | $31.83 | $26.92 |
Investment Operations | ||||||
Net Investment Income1 | .676 | 1.329 | 1.034 | 1.322 | 1.264 | 1.114 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (1.978) | 8.286 | (5.336) | 1.120 | (3.423) | 4.743 |
Total from Investment Operations | (1.302) | 9.615 | (4.302) | 2.442 | (2.159) | 5.857 |
Distributions | ||||||
Dividends from Net Investment Income | (.618) | (1.215) | (.938) | (1.272) | (1.151) | (.947) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.618) | (1.215) | (.938) | (1.272) | (1.151) | (.947) |
Net Asset Value, End of Period | $30.93 | $32.85 | $24.45 | $29.69 | $28.52 | $31.83 |
Total Return3 | -4.01% | 39.59% | -14.59% | 8.83% | -7.00% | 22.04% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $409 | $395 | $267 | $199 | $181 | $168 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.22% | 0.28%4 | 0.27% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.15% | 4.19% | 3.99% | 4.57% | 4.06% | 3.73% |
Portfolio Turnover Rate5 | 15% | 18% | 20% | 15% | 10% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.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 | 536,984 | — | — | 536,984 |
Common Stocks—Other | 2,759 | 3,619,569 | 1,744 | 3,624,072 |
Temporary Cash Investments | 80,634 | — | — | 80,634 |
Total | 620,377 | 3,619,569 | 1,744 | 4,241,690 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 1,311 | — | 1,311 |
Liabilities | ||||
Futures Contracts1 | 1,945 | — | — | 1,945 |
Forward Currency Contracts | — | 107 | — | 107 |
Total | 1,945 | 107 | — | 2,052 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | At April 30, 2022, 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—Forward Currency Contracts | — | 1,311 | 1,311 |
Total Assets | — | 1,311 | 1,311 |
Unrealized Depreciation—Futures Contracts1 | 1,945 | — | 1,945 |
Unrealized Depreciation—Forward Currency Contracts | — | 107 | 107 |
Total Liabilities | 1,945 | 107 | 2,052 |
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 | (889) | — | (889) |
Forward Currency Contracts | — | 226 | 226 |
Realized Net Gain (Loss) on Derivatives | (889) | 226 | (663) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (2,049) | — | (2,049) |
Forward Currency Contracts | — | 1,061 | 1,061 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (2,049) | 1,061 | (988) |
E. | As of April 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 4,292,774 |
Gross Unrealized Appreciation | 310,650 |
Gross Unrealized Depreciation | (362,475) |
Net Unrealized Appreciation (Depreciation) | (51,825) |
F. | During the six months ended April 30, 2022, the fund purchased $1,595,790,000 of investment securities and sold $597,073,000 of investment securities, other than temporary cash investments. Purchases and sales include $775,323,000 and $37,331,000, 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: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 996,001 | 14,707 | 1,245,225 | 18,913 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (40,356) | (600) | — | — | |
Net Increase (Decrease)—ETF Shares | 955,645 | 14,107 | 1,245,225 | 18,913 | |
Admiral Shares | |||||
Issued1 | 75,535 | 2,296 | 64,421 | 2,021 | |
Issued in Lieu of Cash Distributions | 4,002 | 125 | 6,979 | 221 | |
Redeemed2 | (39,878) | (1,233) | (36,030) | (1,151) | |
Net Increase (Decrease)—Admiral Shares | 39,659 | 1,188 | 35,370 | 1,091 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $189,000 and $162,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2022 and 2021 of $68,000 and $88,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
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• | 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. |
Period Ended April 30, 2022 | |||
Advice Select Global Value Fund | Beginning Account Value 11/9/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $914.00 | $1.80 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,021.68 | 1.91 |
United States | 53.5% |
Japan | 9.6 |
United Kingdom | 7.7 |
France | 4.2 |
China | 4.1 |
Spain | 3.8 |
Canada | 3.1 |
South Korea | 3.1 |
Ireland | 2.3 |
India | 2.1 |
Hong Kong | 1.7 |
Denmark | 1.2 |
Germany | 1.0 |
Other | 2.6 |
Shares | Market Value• ($000) | |||||
Common Stocks (93.6%) | ||||||
Canada (2.9%) | ||||||
Canadian Natural Resources Ltd. | 21,985 | 1,360 | ||||
Royal Bank of Canada | 9,699 | 980 | ||||
2,340 | ||||||
China (3.8%) | ||||||
* | Trip.com Group Ltd. | 35,218 | 832 | |||
Haier Smart Home Co. Ltd. Class H | 211,017 | 746 | ||||
Ping An Insurance Group Co. of China Ltd. Class H | 65,872 | 416 | ||||
Guangzhou Automobile Group Co. Ltd. Class H | 449,135 | 381 | ||||
* | Alibaba Group Holding Ltd. ADR | 3,504 | 340 | |||
1 | CSC Financial Co. Ltd. Class H | 345,491 | 318 | |||
3,033 | ||||||
Denmark (1.2%) | ||||||
* | Genmab A/S | 1,629 | 573 | |||
* | Ascendis Pharma A/S ADR | 3,869 | 353 | |||
926 | ||||||
France (4.0%) | ||||||
Airbus SE | 13,228 | 1,448 | ||||
Sanofi | 6,809 | 720 | ||||
Engie SA | 49,527 | 584 | ||||
Nexity SA | 13,472 | 409 | ||||
3,161 | ||||||
Germany (0.9%) | ||||||
United Internet AG (Registered) | 22,848 | 735 | ||||
Hong Kong (1.6%) | ||||||
* | Sands China Ltd. | 363,263 | 801 | |||
CK Asset Holdings Ltd. | 64,705 | 438 | ||||
1,239 | ||||||
India (2.0%) | ||||||
1 | Reliance Industries Ltd. GDR | 14,303 | 1,023 | |||
Genpact Ltd. | 14,413 | 580 | ||||
1,603 |
Shares | Market Value• ($000) | |||||
Ireland (2.1%) | ||||||
CRH plc | 21,321 | 849 | ||||
* | Bank of Ireland Group plc | 135,264 | 834 | |||
1,683 | ||||||
Italy (0.8%) | ||||||
Banca Generali SpA | 20,350 | 673 | ||||
Japan (9.0%) | ||||||
T&D Holdings Inc. | 70,010 | 900 | ||||
Daiichi Sankyo Co. Ltd. | 31,930 | 804 | ||||
SoftBank Corp. | 65,990 | 768 | ||||
Asahi Group Holdings Ltd. | 18,230 | 687 | ||||
Ono Pharmaceutical Co. Ltd. | 25,330 | 651 | ||||
MatsukiyoCocokara & Co. | 17,300 | 572 | ||||
Nabtesco Corp. | 24,420 | 557 | ||||
Makita Corp. | 16,790 | 496 | ||||
Z Holdings Corp. | 121,880 | 478 | ||||
Astellas Pharma Inc. | 27,280 | 415 | ||||
PALTAC Corp. | 8,080 | 294 | ||||
* | JTOWER Inc. | 6,060 | 285 | |||
SUMCO Corp. | 11,910 | 172 | ||||
Yokogawa Bridge Holdings Corp. | 6,750 | 99 | ||||
7,178 | ||||||
Netherlands (0.5%) | ||||||
ING Groep NV | 45,136 | 428 | ||||
Russia (0.0%) | ||||||
2 | Sberbank of Russia PJSC ADR | 9,300 | — | |||
South Korea (2.9%) | ||||||
Samsung Electronics Co. Ltd. GDR | 806 | 945 | ||||
LG Chem Ltd. | 1,273 | 521 | ||||
* | Kangwon Land Inc. | 20,767 | 436 | |||
* | Coupang Inc. Class A | 29,043 | 374 | |||
2,276 | ||||||
Spain (3.5%) | ||||||
Iberdrola SA | 114,485 | 1,315 | ||||
1 | Cellnex Telecom SA | 16,425 | 766 | |||
Almirall SA | 57,598 | 748 | ||||
2,829 |
Shares | Market Value• ($000) | |||||
Sweden (0.7%) | ||||||
Sandvik AB | 28,650 | 542 | ||||
Taiwan (0.4%) | ||||||
Globalwafers Co. Ltd. | 16,276 | 284 | ||||
United Kingdom (7.2%) | ||||||
Unilever plc | 25,264 | 1,175 | ||||
Compass Group plc | 48,785 | 1,030 | ||||
Standard Chartered plc | 115,719 | 791 | ||||
AstraZeneca plc | 5,554 | 741 | ||||
Mondi plc | 35,616 | 669 | ||||
Rentokil Initial plc | 75,263 | 517 | ||||
Rio Tinto plc | 5,835 | 412 | ||||
Direct Line Insurance Group plc | 126,966 | 403 | ||||
5,738 | ||||||
United States (50.1%) | ||||||
* | T-Mobile US Inc. | 13,284 | 1,636 | |||
VICI Properties Inc. | 48,493 | 1,446 | ||||
* | Centene Corp. | 16,174 | 1,303 | |||
VMware Inc. Class A | 11,160 | 1,206 | ||||
Fidelity National Information Services Inc. | 12,066 | 1,196 | ||||
Cognizant Technology Solutions Corp. Class A | 14,696 | 1,189 | ||||
Electronic Arts Inc. | 10,057 | 1,187 | ||||
Reliance Steel & Aluminum Co. | 5,884 | 1,167 | ||||
MetLife Inc. | 16,995 | 1,116 | ||||
* | F5 Inc. | 6,569 | 1,100 | |||
Keurig Dr Pepper Inc. | 27,671 | 1,035 | ||||
Micron Technology Inc. | 14,760 | 1,006 | ||||
Westinghouse Air Brake Technologies Corp. | 10,998 | 989 | ||||
Leidos Holdings Inc. | 9,492 | 983 | ||||
Chubb Ltd. | 4,713 | 973 | ||||
* | Seagen Inc. | 7,060 | 925 | |||
Exelon Corp. | 19,140 | 895 | ||||
CVS Health Corp. | 9,122 | 877 | ||||
* | Meta Platforms Inc. Class A | 4,313 | 865 | |||
Charles Schwab Corp. | 12,881 | 854 | ||||
Equinix Inc. | 1,178 | 847 | ||||
FMC Corp. | 6,377 | 845 | ||||
* | GoDaddy Inc. Class A | 10,413 | 841 | |||
* | Avantor Inc. | 25,062 | 799 | |||
* | FleetCor Technologies Inc. | 3,152 | 786 | |||
Americold Realty Trust | 28,571 | 754 | ||||
PPG Industries Inc. | 5,871 | 751 | ||||
Cable One Inc. | 627 | 731 | ||||
* | Boston Scientific Corp. | 17,018 | 717 | |||
Raymond James Financial Inc. | 7,092 | 691 | ||||
Schlumberger NV | 17,415 | 679 |
Shares | Market Value• ($000) | |||||
Globe Life Inc. | 6,528 | 640 | ||||
DENTSPLY SIRONA Inc. | 15,957 | 638 | ||||
* | Dollar Tree Inc. | 3,839 | 624 | |||
* | Salesforce Inc. | 3,438 | 605 | |||
* | Charter Communications Inc. Class A | 1,377 | 590 | |||
Philip Morris International Inc. | 5,727 | 573 | ||||
* | Airbnb Inc. Class A | 3,664 | 561 | |||
Becton Dickinson & Co. | 2,228 | 551 | ||||
* | Alphabet Inc. Class A | 232 | 529 | |||
Apollo Global Management Inc. | 10,145 | 505 | ||||
Raytheon Technologies Corp. | 5,281 | 501 | ||||
* | Qorvo Inc. | 4,309 | 490 | |||
iShares MSCI ACWI ETF | 5,145 | 472 | ||||
* | Biogen Inc. | 2,191 | 455 | |||
Baker Hughes Co. | 12,575 | 390 | ||||
KLA Corp. | 1,073 | 343 | ||||
Broadcom Inc. | 606 | 336 | ||||
NXP Semiconductors NV | 1,950 | 333 | ||||
* | General Motors Co. | 7,059 | 268 | |||
Lennar Corp. Class A | 1,600 | 122 | ||||
39,915 | ||||||
Total Common Stocks (Cost $78,654) | 74,583 | |||||
Temporary Cash Investments (10.2%) | ||||||
Money Market Fund (10.2%) | ||||||
3 | Vanguard Market Liquidity Fund, 0.409% (Cost $8,129) | 81,303 | 8,129 | |||
Total Investments (103.8%) (Cost $86,783) | 82,712 | |||||
Other Assets and Liabilities—Net (-3.8%) | (3,056) | |||||
Net Assets (100%) | 79,656 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | 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 April 30, 2022, the aggregate value was $2,107,000, representing 2.6% of net assets. |
2 | Security value determined using significant unobservable inputs. |
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. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $78,654) | 74,583 |
Affiliated Issuers (Cost $8,129) | 8,129 |
Total Investments in Securities | 82,712 |
Investment in Vanguard | 1 |
Cash | 62 |
Foreign Currency, at Value (Cost $97) | 97 |
Receivables for Investment Securities Sold | 290 |
Receivables for Accrued Income | 116 |
Receivables for Capital Shares Issued | 1,961 |
Total Assets | 85,239 |
Liabilities | |
Payables for Investment Securities Purchased | 5,557 |
Payables for Capital Shares Redeemed | 1 |
Payables to Investment Advisor | 20 |
Payables to Vanguard | 5 |
Total Liabilities | 5,583 |
Net Assets | 79,656 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 83,690 |
Total Distributable Earnings (Loss) | (4,034) |
Net Assets | 79,656 |
Net Assets | |
Applicable to 3,489,937 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 79,656 |
Net Asset Value Per Share | $22.82 |
November 9, 20211 to April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends2 | 268 |
Interest3 | 2 |
Total Income | 270 |
Expenses | |
Investment Advisory Fees—Note B | 25 |
The Vanguard Group—Note C | |
Management and Administrative | — |
Marketing and Distribution | — |
Custodian Fees | 21 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | — |
Professional Fees | 3 |
Total Expenses | 57 |
Expense Reduction—Note D | (8) |
Net Expenses | 49 |
Net Investment Income | 221 |
Realized Net Gain (Loss) | |
Investment Securities Sold3 | (158) |
Foreign Currencies | (7) |
Realized Net Gain (Loss) | (165) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities3 | (4,071) |
Foreign Currencies | (7) |
Change in Unrealized Appreciation (Depreciation) | (4,078) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,022) |
1 | Inception. |
2 | Dividends are net of foreign withholding taxes of $23,000. |
3 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to April 30, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 221 |
Realized Net Gain (Loss) | (165) |
Change in Unrealized Appreciation (Depreciation) | (4,078) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,022) |
Distributions | |
Total Distributions | (12) |
Capital Share Transactions | |
Issued | 85,509 |
Issued in Lieu of Cash Distributions | 12 |
Redeemed | (1,831) |
Net Increase (Decrease) from Capital Share Transactions | 83,690 |
Total Increase (Decrease) | 79,656 |
Net Assets | |
Beginning of Period | — |
End of Period | 79,656 |
1 | Inception. |
November 9, 20211 to April 30, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .202 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.351) |
Total from Investment Operations | (2.149) |
Distributions | |
Dividends from Net Investment Income | (.031) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.031) |
Net Asset Value, End of Period | $22.82 |
Total Return3 | -8.60% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $80 |
Ratio of Total Expenses to Average Net Assets | 0.40% |
Ratio of Net Investment Income to Average Net Assets | 1.78% |
Portfolio Turnover Rate | 42% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 42,255 | — | — | 42,255 |
Common Stocks—Other | 1,647 | 30,681 | — | 32,328 |
Temporary Cash Investments | 8,129 | — | — | 8,129 |
Total | 52,031 | 30,681 | — | 82,712 |
Amount ($000) | |
Tax Cost | 86,929 |
Gross Unrealized Appreciation | 1,475 |
Gross Unrealized Depreciation | (5,692) |
Net Unrealized Appreciation (Depreciation) | (4,217) |
November 9, 20211 to April 30, 2022 | |
Shares (000) | |
Issued | 3,564 |
Issued in Lieu of Cash Distributions | 1 |
Redeemed | (75) |
Net Increase (Decrease) in Shares Outstanding | 3,490 |
1 | Inception. |
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• | 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. |
Period Ended April 30, 2022 | |||
Advice Select International Growth Fund | Beginning Account Value 11/9/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $607.20 | $1.59 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,021.58 | 2.00 |
United States | 24.3% |
Netherlands | 19.8 |
China | 17.5 |
France | 10.8 |
Germany | 7.2 |
Sweden | 5.4 |
Italy | 4.8 |
Denmark | 3.4 |
United Kingdom | 3.1 |
Japan | 2.4 |
Canada | 1.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (94.6%) | ||||||
Canada (1.2%) | ||||||
* | Shopify Inc. Class A | 1,411 | 602 | |||
China (16.5%) | ||||||
*,1 | Meituan Class B | 145,000 | 3,107 | |||
Tencent Holdings Ltd. | 59,400 | 2,799 | ||||
* | Alibaba Group Holding Ltd. | 121,200 | 1,478 | |||
* | NIO Inc. ADR | 43,980 | 735 | |||
8,119 | ||||||
Denmark (3.2%) | ||||||
* | Genmab A/S | 4,422 | 1,555 | |||
France (10.2%) | ||||||
Hermes International | 1,710 | 2,109 | ||||
Kering SA | 3,795 | 2,019 | ||||
L'Oreal SA | 2,445 | 889 | ||||
5,017 | ||||||
Germany (6.8%) | ||||||
*,1 | Zalando SE | 45,078 | 1,774 | |||
*,1 | Delivery Hero SE | 44,376 | 1,560 | |||
3,334 | ||||||
Italy (4.6%) | ||||||
Ferrari NV | 10,683 | 2,249 | ||||
Japan (2.3%) | ||||||
M3 Inc. | 34,900 | 1,114 | ||||
Netherlands (18.8%) | ||||||
ASML Holding NV | 11,502 | 6,528 | ||||
*,1 | Adyen NV | 1,595 | 2,675 | |||
9,203 | ||||||
Sweden (5.1%) | ||||||
* | Spotify Technology SA | 13,434 | 1,366 | |||
Atlas Copco AB Class B | 14,992 | 593 | ||||
* | Kinnevik AB Class B | 27,800 | 544 | |||
2,503 | ||||||
United Kingdom (3.0%) | ||||||
* | Ocado Group plc | 127,548 | 1,459 |
Shares | Market Value• ($000) | |||||
United States (22.9%) | ||||||
* | MercadoLibre Inc. | 4,677 | 4,554 | |||
* | Tesla Inc. | 2,480 | 2,160 | |||
* | Illumina Inc. | 6,473 | 1,920 | |||
* | Moderna Inc. | 13,262 | 1,783 | |||
NVIDIA Corp. | 2,919 | 541 | ||||
* | Ginkgo Bioworks Holdings Inc. | 102,496 | 297 | |||
11,255 | ||||||
Total Common Stocks (Cost $55,355) | 46,410 | |||||
Temporary Cash Investments (9.1%) | ||||||
Money Market Fund (9.1%) | ||||||
2 | Vanguard Market Liquidity Fund, 0.409% (Cost $4,466) | 44,663 | 4,466 | |||
Total Investments (103.7%) (Cost $59,821) | 50,876 | |||||
Other Assets and Liabilities—Net (-3.7%) | (1,819) | |||||
Net Assets (100%) | 49,057 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | 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 April 30, 2022, the aggregate value was $9,116,000, representing 18.6% of net assets. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
ADR—American Depositary Receipt. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $55,355) | 46,410 |
Affiliated Issuers (Cost $4,466) | 4,466 |
Total Investments in Securities | 50,876 |
Investment in Vanguard | 1 |
Receivables for Investment Securities Sold | 1 |
Receivables for Accrued Income | 19 |
Receivables for Capital Shares Issued | 1,298 |
Total Assets | 52,195 |
Liabilities | |
Payables for Investment Securities Purchased | 3,120 |
Payables for Capital Shares Redeemed | 1 |
Payables to Investment Advisor | 14 |
Payables to Vanguard | 3 |
Total Liabilities | 3,138 |
Net Assets | 49,057 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 58,569 |
Total Distributable Earnings (Loss) | (9,512) |
Net Assets | 49,057 |
Net Assets | |
Applicable to 3,230,749 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 49,057 |
Net Asset Value Per Share | $15.18 |
November 9, 20211 to April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends2 | 50 |
Interest3 | 2 |
Total Income | 52 |
Expenses | |
Investment Advisory Fees—Note B | 18 |
The Vanguard Group—Note C | |
Management and Administrative | — |
Marketing and Distribution | — |
Custodian Fees | 13 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | — |
Professional Fees | 3 |
Total Expenses | 42 |
Expense Reduction—Note D | (8) |
Net Expenses | 34 |
Net Investment Income | 18 |
Realized Net Gain (Loss) | |
Investment Securities Sold3 | (574) |
Foreign Currencies | (9) |
Realized Net Gain (Loss) | (583) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities3 | (8,945) |
Foreign Currencies | (2) |
Change in Unrealized Appreciation (Depreciation) | (8,947) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (9,512) |
1 | Inception. |
2 | Dividends are net of foreign withholding taxes of $6,000. |
3 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to April 30, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 18 |
Realized Net Gain (Loss) | (583) |
Change in Unrealized Appreciation (Depreciation) | (8,947) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (9,512) |
Distributions | |
Total Distributions | — |
Capital Share Transactions | |
Issued | 60,806 |
Issued in Lieu of Cash Distributions | — |
Redeemed | (2,237) |
Net Increase (Decrease) from Capital Share Transactions | 58,569 |
Total Increase (Decrease) | 49,057 |
Net Assets | |
Beginning of Period | — |
End of Period | 49,057 |
1 | Inception. |
November 9, 20211 to April 30, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .018 |
Net Realized and Unrealized Gain (Loss) on Investments | (9.838) |
Total from Investment Operations | (9.820) |
Distributions | |
Dividends from Net Investment Income | — |
Distributions from Realized Capital Gains | — |
Total Distributions | — |
Net Asset Value, End of Period | $15.18 |
Total Return3 | -39.28% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $49 |
Ratio of Total Expenses to Average Net Assets | 0.42% |
Ratio of Net Investment Income to Average Net Assets | 0.21% |
Portfolio Turnover Rate | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 11,857 | — | — | 11,857 |
Common Stocks—Other | 2,101 | 32,452 | — | 34,553 |
Temporary Cash Investments | 4,466 | — | — | 4,466 |
Total | 18,424 | 32,452 | — | 50,876 |
Amount ($000) | |
Tax Cost | 60,362 |
Gross Unrealized Appreciation | 455 |
Gross Unrealized Depreciation | (9,941) |
Net Unrealized Appreciation (Depreciation) | (9,486) |
November 9, 20211 to April 30, 2022 | |
Shares (000) | |
Issued | 3,353 |
Issued in Lieu of Cash Distributions | — |
Redeemed | (122) |
Net Increase (Decrease) in Shares Outstanding | 3,231 |
1 | Inception. |
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• | 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. |
Period Ended April 30, 2022 | |||
Advice Select Dividend Growth Fund | Beginning Account Value 11/9/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $984.10 | $2.10 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,021.44 | 2.14 |
Consumer Discretionary | 13.7% |
Consumer Staples | 17.4 |
Financials | 13.0 |
Health Care | 22.2 |
Industrials | 13.9 |
Information Technology | 10.5 |
Materials | 7.5 |
Real Estate | 1.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (94.0%) | ||||||
Consumer Discretionary (12.9%) | ||||||
TJX Cos. Inc. | 42,970 | 2,633 | ||||
NIKE Inc. Class B | 17,320 | 2,160 | ||||
McDonald's Corp. | 7,904 | 1,969 | ||||
6,762 | ||||||
Consumer Staples (16.3%) | ||||||
PepsiCo Inc. | 14,301 | 2,456 | ||||
Colgate-Palmolive Co. | 30,958 | 2,385 | ||||
Procter & Gamble Co. | 14,362 | 2,306 | ||||
Coca-Cola Co. | 21,530 | 1,391 | ||||
8,538 | ||||||
Financials (12.2%) | ||||||
Marsh & McLennan Cos. Inc. | 14,503 | 2,345 | ||||
Chubb Ltd. | 10,979 | 2,267 | ||||
American Express Co. | 10,255 | 1,791 | ||||
6,403 | ||||||
Health Care (20.8%) | ||||||
UnitedHealth Group Inc. | 5,105 | 2,596 | ||||
Johnson & Johnson | 13,275 | 2,396 | ||||
Medtronic plc | 17,546 | 1,831 | ||||
Stryker Corp. | 6,749 | 1,628 | ||||
Baxter International Inc. | 19,837 | 1,410 | ||||
Danaher Corp. | 4,108 | 1,032 | ||||
10,893 | ||||||
Industrials (13.1%) | ||||||
Honeywell International Inc. | 12,668 | 2,451 | ||||
Northrop Grumman Corp. | 5,291 | 2,325 | ||||
Union Pacific Corp. | 6,725 | 1,576 | ||||
Lockheed Martin Corp. | 1,109 | 479 | ||||
6,831 |
Shares | Market Value• ($000) | |||||
Information Technology (9.9%) | ||||||
Visa Inc. Class A | 11,471 | 2,445 | ||||
Microsoft Corp. | 5,409 | 1,501 | ||||
Accenture plc Class A | 4,029 | 1,210 | ||||
5,156 | ||||||
Materials (7.1%) | ||||||
Ecolab Inc. | 12,162 | 2,059 | ||||
Linde plc | 5,243 | 1,636 | ||||
3,695 | ||||||
Real Estate (1.7%) | ||||||
American Tower Corp. | 3,665 | 883 | ||||
Total Common Stocks (Cost $50,348) | 49,161 | |||||
Temporary Cash Investments (9.9%) | ||||||
Money Market Fund (9.9%) | ||||||
1 | Vanguard Market Liquidity Fund, 0.409% (Cost $5,213) | 52,130 | 5,213 | |||
Total Investments (103.9%) (Cost $55,561) | 54,374 | |||||
Other Assets and Liabilities—Net (-3.9%) | (2,059) | |||||
Net Assets (100%) | 52,315 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $50,348) | 49,161 |
Affiliated Issuers (Cost $5,213) | 5,213 |
Total Investments in Securities | 54,374 |
Investment in Vanguard | 1 |
Receivables for Accrued Income | 34 |
Receivables for Capital Shares Issued | 935 |
Total Assets | 55,344 |
Liabilities | |
Due to Custodian | 1 |
Payables for Investment Securities Purchased | 3,007 |
Payables for Capital Shares Redeemed | 1 |
Payables to Investment Advisor | 17 |
Payables to Vanguard | 3 |
Total Liabilities | 3,029 |
Net Assets | 52,315 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 53,381 |
Total Distributable Earnings (Loss) | (1,066) |
Net Assets | 52,315 |
Net Assets | |
Applicable to 2,130,493 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 52,315 |
Net Asset Value Per Share | $24.56 |
November 9, 20211 to April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 129 |
Interest2 | 1 |
Total Income | 130 |
Expenses | |
Investment Advisory Fees—Note B | 21 |
The Vanguard Group—Note C | |
Management and Administrative | 9 |
Marketing and Distribution | — |
Custodian Fees | 5 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | — |
Professional Fees | 3 |
Total Expenses | 46 |
Expense Reduction—Note D | (8) |
Net Expenses | 38 |
Net Investment Income | 92 |
Realized Net Gain (Loss) on Investment Securities Sold2 | 42 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities2 | (1,187) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,053) |
1 | Inception. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to April 30, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 92 |
Realized Net Gain (Loss) | 42 |
Change in Unrealized Appreciation (Depreciation) | (1,187) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,053) |
Distributions | |
Total Distributions | (13) |
Capital Share Transactions | |
Issued | 53,966 |
Issued in Lieu of Cash Distributions | 13 |
Redeemed | (598) |
Net Increase (Decrease) from Capital Share Transactions | 53,381 |
Total Increase (Decrease) | 52,315 |
Net Assets | |
Beginning of Period | — |
End of Period | 52,315 |
1 | Inception. |
November 9, 20211 to April 30, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .129 |
Net Realized and Unrealized Gain (Loss) on Investments | (.526) |
Total from Investment Operations | (.397) |
Distributions | |
Dividends from Net Investment Income | (.043) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.043) |
Net Asset Value, End of Period | $24.56 |
Total Return3 | -1.59% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $52 |
Ratio of Total Expenses to Average Net Assets | 0.45% |
Ratio of Net Investment Income to Average Net Assets | 1.09% |
Portfolio Turnover Rate | 13% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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. |
Amount ($000) | |
Tax Cost | 55,585 |
Gross Unrealized Appreciation | 815 |
Gross Unrealized Depreciation | (2,026) |
Net Unrealized Appreciation (Depreciation) | (1,211) |
November 9, 20211 to April 30, 2022 | |
Shares (000) | |
Issued | 2,153 |
Issued in Lieu of Cash Distributions | 1 |
Redeemed | (24) |
Net Increase (Decrease) in Shares Outstanding | 2,130 |
1 | Inception. |
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Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
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) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications filed 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: June 17, 2022
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: June 17, 2022
VANGUARD whitehall FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 17, 2022
* 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.