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—October 31, 2022
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img81a5db401.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisors' Report | 2 |
About Your Fund’s Expenses | 6 |
Performance Summary | 8 |
Financial Statements | 10 |
• | The 12 months ended October 31, 2022, were a volatile, challenging period for financial markets. Vanguard Selected Value Fund returned –7.29%, ahead of the –10.18% return of its benchmark, the Russell Midcap Value Index. |
• | The global economic backdrop deteriorated as inflation reached multidecade highs, notably in energy and food prices after Russia invaded Ukraine in February. Price increases then broadened to other goods and services, adding to concerns that inflation would remain stubbornly high. Many central banks tightened aggressively to try to rein in inflation, which increased fears of a recession. |
• | The broad U.S. stock market, as measured by the Russell 3000 Index, returned –16.52%. Value stocks outperformed growth, and large-capitalization stocks lost less ground than mid- and small-caps. |
• | Returns were positive in four industry sectors. Strong selection in financial stocks, the fund’s largest sector, drove outperformance relative to the benchmark. Consumer discretionary and consumer staples detracted most. |
• | For the decade ended October 31, 2022, the fund’s average annual return of 10.07% fell just short of the 10.42% return of its expense-free benchmark. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Pzena Investment Management, LLC | 40 | 2,302 | Uses a fundamental, bottom-up, deep-value-oriented investment strategy. Seeks to buy good businesses at low prices, focusing exclusively on companies that are underperforming their historically demonstrated earnings power. |
Cooke & Bieler, L.P. | 38 | 2,207 | Conducts fundamental research in seeking high-quality businesses that have a record of generating attractive and sustainable returns on capital, durable competitive advantages, and skilled and shareholder-friendly management teams. |
Donald Smith & Co., Inc. | 21 | 1,196 | Conducts fundamental research on the lowest price-to-tangible book value companies. Research focuses on underlying quality of book value and assets, and on long-term earnings potential. |
Cash Investments | 1 | 82 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Selected Value Fund | Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $956.40 | $1.87 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.29 | 1.94 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img16f9b8312.gif)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Selected Value Fund | -7.29% | 5.62% | 10.07% | $26,107 |
![]() | Russell Midcap Value Index | -10.18 | 6.49 | 10.42 | 26,943 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -16.94 | 9.72 | 12.36 | 32,058 |
Communication Services | 1.7% |
Consumer Discretionary | 14.9 |
Consumer Staples | 1.2 |
Energy | 4.8 |
Financials | 27.8 |
Health Care | 7.9 |
Industrials | 19.3 |
Information Technology | 10.0 |
Materials | 6.0 |
Real Estate | 2.4 |
Utilities | 4.0 |
Shares | Market Value• ($000) | ||
Common Stocks (94.9%) | |||
Communication Services (1.6%) | |||
Omnicom Group Inc. | 789,400 | 57,429 | |
Activision Blizzard Inc. | 512,200 | 37,288 | |
94,717 | |||
Consumer Discretionary (14.2%) | |||
Gildan Activewear Inc. | 3,456,308 | 109,046 | |
* | Taylor Morrison Home Corp. Class A | 3,571,543 | 94,074 |
Lear Corp. | 545,377 | 75,649 | |
Gentex Corp. | 2,217,574 | 58,743 | |
Newell Brands Inc. | 4,134,510 | 57,098 | |
Gap Inc. | 4,927,103 | 55,528 | |
* | Skechers USA Inc. Class A | 1,495,952 | 51,506 |
* | Helen of Troy Ltd. | 469,550 | 44,429 |
* | CarMax Inc. | 701,040 | 44,172 |
* | M/I Homes Inc. | 893,000 | 37,051 |
* | Mohawk Industries Inc. | 368,505 | 34,916 |
Hasbro Inc. | 529,746 | 34,566 | |
Whirlpool Corp. | 238,100 | 32,915 | |
American Eagle Outfitters Inc. | 2,764,660 | 31,407 | |
PVH Corp. | 586,275 | 30,088 | |
Hanesbrands Inc. | 3,982,200 | 27,159 | |
818,347 | |||
Consumer Staples (1.1%) | |||
Ingredion Inc. | 271,800 | 24,223 | |
General Mills Inc. | 243,130 | 19,834 | |
Spectrum Brands Holdings Inc. | 422,849 | 19,510 | |
63,567 | |||
Energy (4.5%) | |||
NOV Inc. | 3,022,292 | 67,699 | |
Civitas Resources Inc. | 894,142 | 62,510 | |
Williams Cos. Inc. | 1,616,200 | 52,898 | |
Halliburton Co. | 1,340,100 | 48,806 | |
* | TechnipFMC plc | 2,854,756 | 30,232 |
262,145 | |||
Financials (26.4%) | |||
Unum Group | 2,587,048 | 117,944 | |
Globe Life Inc. | 748,402 | 86,455 | |
Jefferies Financial Group Inc. | 2,426,641 | 83,501 | |
Fidelity National Financial Inc. | 2,090,375 | 82,319 | |
Equitable Holdings Inc. | 2,539,734 | 77,767 |
Shares | Market Value• ($000) | ||
Voya Financial Inc. | 991,837 | 67,802 | |
CNO Financial Group Inc. | 2,627,895 | 57,971 | |
State Street Corp. | 751,470 | 55,609 | |
Progressive Corp. | 432,477 | 55,530 | |
KeyCorp. | 2,888,324 | 51,614 | |
Essent Group Ltd. | 1,248,450 | 49,414 | |
Fifth Third Bancorp | 1,352,424 | 48,268 | |
American International Group Inc. | 839,128 | 47,830 | |
Regions Financial Corp. | 2,149,320 | 47,178 | |
Axis Capital Holdings Ltd. | 834,770 | 45,637 | |
Radian Group Inc. | 2,170,000 | 45,288 | |
* | Arch Capital Group Ltd. | 770,029 | 44,277 |
RenaissanceRe Holdings Ltd. | 280,530 | 43,392 | |
Reinsurance Group of America Inc. | 285,446 | 42,009 | |
CNA Financial Corp. | 970,889 | 40,486 | |
FirstCash Holdings Inc. | 403,669 | 39,741 | |
Webster Financial Corp. | 703,913 | 38,194 | |
Allstate Corp. | 301,815 | 38,104 | |
* | Genworth Financial Inc. Class A | 7,557,900 | 35,295 |
Loews Corp. | 521,400 | 29,730 | |
Synchrony Financial | 775,850 | 27,589 | |
Cboe Global Markets Inc. | 214,000 | 26,643 | |
Invesco Ltd. | 1,529,420 | 23,431 | |
MGIC Investment Corp. | 1,612,799 | 22,015 | |
Everest Re Group Ltd. | 51,771 | 16,705 | |
* | M&T Bank Corp. | 70,980 | 11,951 |
1 | Enact Holdings Inc. | 463,439 | 11,883 |
Commerce Bancshares Inc. | 107,458 | 7,612 | |
Navient Corp. | 479,339 | 7,257 | |
1,526,441 | |||
Health Care (7.5%) | |||
Cardinal Health Inc. | 883,028 | 67,022 | |
* | Integra LifeSciences Holdings Corp. | 965,775 | 48,530 |
Perrigo Co. plc | 1,191,391 | 47,989 | |
1 | Fresenius Medical Care AG & Co. KGaA ADR | 3,162,591 | 43,865 |
Baxter International Inc. | 782,820 | 42,546 | |
DENTSPLY SIRONA Inc. | 1,354,800 | 41,755 | |
* | Syneos Health Inc. | 634,849 | 31,984 |
Laboratory Corp. of America Holdings | 142,400 | 31,593 | |
* | Henry Schein Inc. | 429,802 | 29,424 |
* | Enovis Corp. | 546,409 | 27,020 |
Shares | Market Value• ($000) | ||
McKesson Corp. | 60,148 | 23,420 | |
435,148 | |||
Industrials (18.3%) | |||
* | AerCap Holdings NV | 3,677,179 | 196,398 |
Terex Corp. | 1,868,137 | 75,734 | |
* | IAA Inc. | 1,590,692 | 60,335 |
BWX Technologies Inc. | 833,545 | 47,495 | |
Westinghouse Air Brake Technologies Corp. | 505,211 | 47,126 | |
Woodward Inc. | 461,755 | 42,343 | |
AMETEK Inc. | 323,710 | 41,972 | |
Esab Corp. | 1,101,330 | 41,080 | |
Stanley Black & Decker Inc. | 505,350 | 39,665 | |
Acuity Brands Inc. | 213,154 | 39,129 | |
Enerpac Tool Group Corp. Class A | 1,539,856 | 39,128 | |
* | JetBlue Airways Corp. | 4,790,529 | 38,516 |
MSC Industrial Direct Co. Inc. Class A | 457,552 | 37,968 | |
* | MasTec Inc. | 487,571 | 37,582 |
Triton International Ltd. | 601,700 | 36,517 | |
Armstrong World Industries Inc. | 472,630 | 35,717 | |
* | Atlas Air Worldwide Holdings Inc. | 325,459 | 32,917 |
PACCAR Inc. | 292,400 | 28,313 | |
* | JELD-WEN Holding Inc. | 2,664,409 | 28,269 |
* | Gates Industrial Corp. plc | 2,455,530 | 27,379 |
* | Fortune Brands Home & Security Inc. | 403,620 | 24,346 |
Textainer Group Holdings Ltd. | 746,360 | 22,331 | |
MDU Resources Group Inc. | 781,863 | 22,267 | |
Snap-on Inc. | 56,185 | 12,476 | |
*,1 | Air France KLM ADR | 4,102,756 | 5,621 |
1,060,624 | |||
Information Technology (9.5%) | |||
* | Arrow Electronics Inc. | 957,548 | 96,961 |
Avnet Inc. | 1,564,918 | 62,894 | |
TE Connectivity Ltd. | 463,970 | 56,711 | |
Cognizant Technology Solutions Corp. Class A | 839,956 | 52,287 | |
MKS Instruments Inc. | 570,220 | 46,844 | |
Amdocs Ltd. | 528,363 | 45,603 | |
SS&C Technologies Holdings Inc. | 790,883 | 40,667 | |
Open Text Corp. | 1,204,100 | 34,859 | |
* | Celestica Inc. | 3,126,093 | 34,262 |
Micron Technology Inc. | 524,649 | 28,383 | |
Genpact Ltd. | 505,149 | 24,500 | |
Juniper Networks Inc. | 392,407 | 12,008 | |
Hewlett Packard Enterprise Co. | 840,287 | 11,991 | |
547,970 |
Shares | Market Value• ($000) | ||
Materials (5.7%) | |||
Olin Corp. | 1,151,133 | 60,953 | |
Dow Inc. | 1,247,196 | 58,294 | |
* | Axalta Coating Systems Ltd. | 1,982,429 | 46,230 |
US Steel Corp. | 2,268,700 | 46,191 | |
Kinross Gold Corp. | 8,320,709 | 30,204 | |
* | IAMGOLD Corp. | 19,855,730 | 28,989 |
* | Eldorado Gold Corp. | 3,834,000 | 21,432 |
Centerra Gold Inc. | 3,735,276 | 17,444 | |
Mosaic Co. | 239,370 | 12,866 | |
* | Equinox Gold Corp. | 2,671,383 | 8,804 |
331,407 | |||
Real Estate (2.3%) | |||
* | CBRE Group Inc. Class A | 699,524 | 49,624 |
* | Howard Hughes Corp. | 474,941 | 29,138 |
DiamondRock Hospitality Co. | 2,318,654 | 21,656 | |
Vornado Realty Trust | 716,742 | 16,908 | |
Park Hotels & Resorts Inc. | 1,024,815 | 13,405 | |
130,731 | |||
Utilities (3.8%) | |||
NRG Energy Inc. | 1,577,110 | 70,024 | |
Edison International | 1,047,544 | 62,894 | |
Constellation Energy Corp. | 440,000 | 41,598 | |
Atmos Energy Corp. | 303,473 | 32,335 | |
Entergy Corp. | 110,564 | 11,846 | |
218,697 | |||
Total Common Stocks (Cost $5,102,287) | 5,489,794 | ||
Temporary Cash Investments (4.7%) | |||
Money Market Fund (4.7%) | |||
2,3 | Vanguard Market Liquidity Fund, 3.117% (Cost $273,795) | 2,738,867 | 273,832 |
Total Investments (99.6%) (Cost $5,376,082) | 5,763,626 | ||
Other Assets and Liabilities—Net (0.4%) | 23,314 | ||
Net Assets (100%) | 5,786,940 | ||
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 $10,489,000. |
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 $10,682,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2022 | 444 | 86,203 | (588) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,102,287) | 5,489,794 |
Affiliated Issuers (Cost $273,795) | 273,832 |
Total Investments in Securities | 5,763,626 |
Investment in Vanguard | 207 |
Cash Collateral Pledged—Futures Contracts | 4,554 |
Foreign Currency, at Value (Cost $26) | 24 |
Receivables for Investment Securities Sold | 57,825 |
Receivables for Accrued Income | 3,210 |
Receivables for Capital Shares Issued | 1,338 |
Total Assets | 5,830,784 |
Liabilities | |
Due to Custodian | 594 |
Payables for Investment Securities Purchased | 21,756 |
Collateral for Securities on Loan | 10,682 |
Payables to Investment Advisor | 3,302 |
Payables for Capital Shares Redeemed | 6,478 |
Payables to Vanguard | 389 |
Variation Margin Payable—Futures Contracts | 643 |
Total Liabilities | 43,844 |
Net Assets | 5,786,940 |
1 Includes $10,489 of securities on loan. | |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 4,748,666 |
Total Distributable Earnings (Loss) | 1,038,274 |
Net Assets | 5,786,940 |
Net Assets | |
Applicable to 209,547,639 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,786,940 |
Net Asset Value Per Share | $27.62 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 111,603 |
Interest2 | 2,296 |
Securities Lending—Net | 109 |
Total Income | 114,008 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 13,756 |
Performance Adjustment | 73 |
The Vanguard Group—Note C | |
Management and Administrative | 9,442 |
Marketing and Distribution | 429 |
Custodian Fees | 23 |
Auditing Fees | 30 |
Shareholders’ Reports | 127 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 16 |
Total Expenses | 23,898 |
Expenses Paid Indirectly | (149) |
Net Expenses | 23,749 |
Net Investment Income | 90,259 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 664,269 |
Futures Contracts | (22,049) |
Foreign Currencies | (40) |
Realized Net Gain (Loss) | 642,180 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,207,907) |
Futures Contracts | (4,874) |
Foreign Currencies | (2) |
Change in Unrealized Appreciation (Depreciation) | (1,212,783) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (480,344) |
1 | Dividends are net of foreign withholding taxes of $749,000. |
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 $2,253,000, ($86,000), $6,000, and $18,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 90,259 | 83,448 |
Realized Net Gain (Loss) | 642,180 | 438,021 |
Change in Unrealized Appreciation (Depreciation) | (1,212,783) | 2,084,933 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (480,344) | 2,606,402 |
Distributions | ||
Total Distributions | (497,527) | (550,483) |
Capital Share Transactions | ||
Issued | 573,444 | 1,117,513 |
Issued in Lieu of Cash Distributions | 454,963 | 506,643 |
Redeemed | (1,063,876) | (1,889,032) |
Net Increase (Decrease) from Capital Share Transactions | (35,469) | (264,876) |
Total Increase (Decrease) | (1,013,340) | 1,791,043 |
Net Assets | ||
Beginning of Period | 6,800,280 | 5,009,237 |
End of Period | 5,786,940 | 6,800,280 |
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $32.26 | $22.78 | $27.59 | $27.38 | $33.15 |
Investment Operations | |||||
Net Investment Income1 | .417 | .389 | .368 | .493 | .493 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.674) | 11.737 | (3.163) | 2.392 | (3.153) |
Total from Investment Operations | (2.257) | 12.126 | (2.795) | 2.885 | (2.660) |
Distributions | |||||
Dividends from Net Investment Income | (.393) | (.360) | (.450) | (.506) | (.423) |
Distributions from Realized Capital Gains | (1.990) | (2.286) | (1.565) | (2.169) | (2.687) |
Total Distributions | (2.383) | (2.646) | (2.015) | (2.675) | (3.110) |
Net Asset Value, End of Period | $27.62 | $32.26 | $22.78 | $27.59 | $27.38 |
Total Return2 | -7.29% | 56.30% | -11.25% | 12.51% | -9.15% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,787 | $6,800 | $5,009 | $7,892 | $8,811 |
Ratio of Total Expenses to Average Net Assets3 | 0.38%4 | 0.32% | 0.31% | 0.33% | 0.36% |
Ratio of Net Investment Income to Average Net Assets | 1.43% | 1.30% | 1.58% | 1.89% | 1.61% |
Portfolio Turnover Rate | 26% | 30% | 85% | 31% | 31% |
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%), and (0.02%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.38%. |
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 year ended October 31, 2022, these arrangements reduced the fund’s expenses by $149,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 49,431 |
Total Distributable Earnings (Loss) | (49,431) |
Amount ($000) | |
Undistributed Ordinary Income | 81,178 |
Undistributed Long-Term Gains | 573,995 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 383,101 |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 168,799 | 74,966 |
Long-Term Capital Gains | 328,728 | 475,517 |
Total | 497,527 | 550,483 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,380,523 |
Gross Unrealized Appreciation | 1,159,533 |
Gross Unrealized Depreciation | (776,432) |
Net Unrealized Appreciation (Depreciation) | 383,101 |
G. | During the year ended October 31, 2022, the fund purchased $1,554,206,000 of investment securities and sold $2,015,032,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Year Ended October 31, | ||
2022 Shares (000) | 2021 Shares (000) | |
Issued | 19,356 | 37,120 |
Issued in Lieu of Cash Distributions | 15,825 | 19,853 |
Redeemed | (36,410) | (66,137) |
Net Increase (Decrease) in Shares Outstanding | (1,229) | (9,164) |
I. | Management has determined that no events or transactions occurred subsequent to October 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img327e376c6.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img4d9f5a3e1.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisors’ Report | 2 |
About Your Fund’s Expenses | 7 |
Performance Summary | 9 |
Financial Statements | 11 |
• | The 12 months ended October 31, 2022, were a volatile, challenging period for financial markets. Vanguard Mid-Cap Growth Fund returned –32.22%, short of the –28.94% return of its benchmark, the Russell Midcap Growth Index. |
• | The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia's invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check and increased fears of a recession. |
• | The broad U.S. stock market, as measured by the Russell 3000 Index, returned –16.52%. Value stocks outperformed growth, and large-capitalization stocks lost less ground than mid- and small-caps. |
• | Negative selection in information technology and health care, the fund’s two largest sectors, weighed most on performance relative to the benchmark. An underweight allocation to the high-performing energy sector also hurt. Consumer discretionary was a net contributor despite double-digit declines. |
• | For the decade ended October 31, the fund’s average annual return was 9.65%, trailing the 11.95% return of its benchmark. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Frontier Capital Management Co., LLC | 41 | 1,211 | Frontier Capital employs a fundamental, bottom-up, research-intensive investment approach to select mid-cap growth stocks. It seeks companies with above-average mid-cap growth prospects and competitive advantages that will allow them to earn superior rates of return on capital over a business cycle. The approach attempts to balance growth prospects with reasonable valuation and is long-term in nature; investment time frames are typically three to five years. |
Wellington Management Company LLP | 38 | 1,129 | Wellington Management uses traditional methods of stock selection—fundamental research and analysis—to identify companies that it believes have above-average growth prospects. It believes that a short-term bias in equity markets rewards near-term cyclical growth and creates opportunity for long-term growth. The team focuses on sustainable earnings power and develops bottom-up valuations based on return on investment capital forecasts, price-to-sales, and quantitative risk factors. It seeks to control risk by emphasizing larger positions in established growth stocks and smaller positions in emerging names. |
RS Investments | 19 | 552 | RS Investments, a Victory Capital investment franchise, employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce sustainable earnings growth over a multiyear horizon. Investment candidates typically exhibit some or all of the following criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. |
Cash Investments | 2 | 64 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Mid-Cap Growth Fund | Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $923.70 | $1.65 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.49 | 1.73 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img3892b52f2.gif)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mid-Cap Growth Fund | -32.22% | 6.57% | 9.65% | $25,134 |
![]() | Russell Midcap Growth Index | -28.94 | 8.66 | 11.95 | 30,927 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -16.94 | 9.72 | 12.36 | 32,058 |
Communication Services | 5.6% |
Consumer Discretionary | 15.3 |
Consumer Staples | 1.9 |
Energy | 3.9 |
Financials | 9.0 |
Health Care | 20.8 |
Industrials | 12.4 |
Information Technology | 29.6 |
Materials | 1.1 |
Real Estate | 0.4 |
Shares | Market Value• ($000) | ||
Common Stocks (95.3%) | |||
Communication Services (5.3%) | |||
* | ZoomInfo Technologies Inc. Class A | 1,214,284 | 54,072 |
Electronic Arts Inc. | 389,513 | 49,063 | |
* | Live Nation Entertainment Inc. | 269,291 | 21,438 |
* | Match Group Inc. | 396,833 | 17,143 |
* | Take-Two Interactive Software Inc. | 55,474 | 6,573 |
* | Pinterest Inc. Class A | 254,170 | 6,253 |
* | Roku Inc. | 41,403 | 2,299 |
156,841 | |||
Consumer Discretionary (14.6%) | |||
Hilton Worldwide Holdings Inc. | 351,085 | 47,488 | |
* | Mattel Inc. | 2,441,284 | 46,287 |
Wingstop Inc. | 253,784 | 40,197 | |
* | Lululemon Athletica Inc. | 109,585 | 36,058 |
* | O'Reilly Automotive Inc. | 29,616 | 24,794 |
* | Etsy Inc. | 251,743 | 23,641 |
* | Chipotle Mexican Grill Inc. Class A | 15,669 | 23,477 |
* | Caesars Entertainment Inc. | 533,775 | 23,342 |
Dollar General Corp. | 81,756 | 20,852 | |
* | Planet Fitness Inc. Class A | 298,441 | 19,542 |
Advance Auto Parts Inc. | 74,984 | 14,241 | |
* | Ulta Beauty Inc. | 29,380 | 12,321 |
Ross Stores Inc. | 123,644 | 11,832 | |
Darden Restaurants Inc. | 74,558 | 10,672 | |
* | Bright Horizons Family Solutions Inc. | 158,163 | 10,331 |
*,1 | Leslie's Inc. | 723,538 | 10,159 |
Churchill Downs Inc. | 43,120 | 8,965 | |
* | Dollar Tree Inc. | 54,890 | 8,700 |
Tractor Supply Co. | 39,460 | 8,672 | |
* | Burlington Stores Inc. | 56,387 | 8,061 |
* | Five Below Inc. | 47,840 | 7,001 |
*,1 | Chewy Inc. Class A | 163,471 | 6,331 |
* | Floor & Decor Holdings Inc. Class A | 71,157 | 5,221 |
Lithia Motors Inc. Class A | 14,601 | 2,893 | |
431,078 | |||
Consumer Staples (1.8%) | |||
* | Freshpet Inc. | 595,963 | 35,132 |
Hershey Co. | 40,100 | 9,574 |
Shares | Market Value• ($000) | ||
Constellation Brands Inc. Class A | 36,890 | 9,115 | |
53,821 | |||
Energy (3.8%) | |||
Coterra Energy Inc. | 1,516,069 | 47,195 | |
Cheniere Energy Inc. | 167,450 | 29,540 | |
SM Energy Co. | 275,126 | 12,375 | |
Diamondback Energy Inc. | 61,171 | 9,611 | |
Matador Resources Co. | 101,080 | 6,717 | |
Range Resources Corp. | 163,430 | 4,654 | |
110,092 | |||
Financials (8.6%) | |||
Ares Management Corp. Class A | 645,365 | 48,938 | |
Hamilton Lane Inc. Class A | 710,149 | 42,481 | |
Aon plc Class A (XNYS) | 145,456 | 40,944 | |
LPL Financial Holdings Inc. | 119,757 | 30,616 | |
MSCI Inc. Class A | 56,182 | 26,342 | |
KKR & Co. Inc. | 509,826 | 24,793 | |
* | SVB Financial Group | 57,690 | 13,324 |
Apollo Global Management Inc. | 185,124 | 10,248 | |
Moody's Corp. | 27,384 | 7,253 | |
FactSet Research Systems Inc. | 15,920 | 6,774 | |
Kinsale Capital Group Inc. | 9,200 | 2,900 | |
254,613 | |||
Health Care (19.8%) | |||
Agilent Technologies Inc. | 794,733 | 109,951 | |
* | ICON plc | 282,658 | 55,921 |
* | Seagen Inc. | 292,450 | 37,188 |
* | DexCom Inc. | 293,875 | 35,494 |
* | Omnicell Inc. | 432,708 | 33,457 |
* | Veeva Systems Inc. Class A | 155,031 | 26,036 |
Humana Inc. | 44,249 | 24,695 | |
* | Align Technology Inc. | 120,704 | 23,453 |
* | Signify Health Inc. Class A | 770,650 | 22,526 |
* | Insulet Corp. | 86,391 | 22,359 |
* | Sarepta Therapeutics Inc. | 156,683 | 17,865 |
* | Molina Healthcare Inc. | 49,289 | 17,688 |
ResMed Inc. | 68,580 | 15,341 | |
* | Hologic Inc. | 185,488 | 12,576 |
Teleflex Inc. | 57,629 | 12,365 | |
AmerisourceBergen Corp. Class A | 76,652 | 12,051 | |
* | IDEXX Laboratories Inc. | 31,783 | 11,432 |
* | Jazz Pharmaceuticals plc | 76,857 | 11,051 |
Alcon Inc. | 172,477 | 10,466 |
Shares | Market Value• ($000) | ||
* | Amedisys Inc. | 103,135 | 10,065 |
* | Horizon Therapeutics plc | 133,350 | 8,310 |
* | Repligen Corp. | 42,090 | 7,681 |
* | BioMarin Pharmaceutical Inc. | 78,751 | 6,822 |
* | Inspire Medical Systems Inc. | 32,462 | 6,329 |
* | Incyte Corp. | 84,640 | 6,292 |
* | Moderna Inc. | 38,710 | 5,819 |
* | Illumina Inc. | 23,813 | 5,449 |
* | Tenet Healthcare Corp. | 104,690 | 4,644 |
* | Novocure Ltd. | 65,729 | 4,644 |
* | Edwards Lifesciences Corp. | 59,190 | 4,287 |
* | Exact Sciences Corp. | 99,456 | 3,459 |
585,716 | |||
Industrials (11.8%) | |||
BWX Technologies Inc. | 883,382 | 50,335 | |
Hexcel Corp. | 729,854 | 40,653 | |
TransUnion | 665,447 | 39,441 | |
Cintas Corp. | 68,717 | 29,380 | |
KBR Inc. | 431,957 | 21,498 | |
Waste Connections Inc. (XTSE) | 152,630 | 20,133 | |
Quanta Services Inc. | 131,328 | 18,654 | |
* | Chart Industries Inc. | 75,686 | 16,869 |
* | Builders FirstSource Inc. | 217,680 | 13,422 |
* | MasTec Inc. | 156,455 | 12,060 |
Knight-Swift Transportation Holdings Inc. | 214,855 | 10,319 | |
* | Evoqua Water Technologies Corp. | 236,060 | 9,249 |
Ritchie Bros Auctioneers Inc. | 138,490 | 9,048 | |
HEICO Corp. Class A | 68,840 | 8,763 | |
* | Clean Harbors Inc. | 64,540 | 7,904 |
Equifax Inc. | 40,284 | 6,830 | |
* | Axon Enterprise Inc. | 39,003 | 5,673 |
* | XPO Logistics Inc. | 105,460 | 5,456 |
Verisk Analytics Inc. Class A | 29,720 | 5,434 | |
* | Lyft Inc. Class A | 306,849 | 4,492 |
Advanced Drainage Systems Inc. | 37,019 | 4,290 | |
* | WillScot Mobile Mini Holdings Corp. | 82,190 | 3,495 |
* | CoStar Group Inc. | 40,570 | 3,356 |
Regal Rexnord Corp. | 20,760 | 2,627 | |
349,381 | |||
Information Technology (28.2%) | |||
* | Gartner Inc. | 313,891 | 94,770 |
* | Palo Alto Networks Inc. | 402,296 | 69,030 |
CDW Corp. | 337,785 | 58,373 | |
* | Ceridian HCM Holding Inc. | 811,781 | 53,732 |
* | Paycom Software Inc. | 109,635 | 37,934 |
* | Shift4 Payments Inc. Class A | 774,810 | 35,618 |
* | EPAM Systems Inc. | 78,618 | 27,516 |
* | Varonis Systems Inc. Class B | 922,244 | 24,688 |
* | MongoDB Inc. Class A | 128,430 | 23,507 |
* | Fair Isaac Corp. | 47,332 | 22,664 |
* | Synopsys Inc. | 75,712 | 22,150 |
* | Arista Networks Inc. | 178,852 | 21,616 |
* | ON Semiconductor Corp. | 350,514 | 21,532 |
* | Enphase Energy Inc. | 61,110 | 18,761 |
Genpact Ltd. | 382,691 | 18,561 |
Shares | Market Value• ($000) | ||
Microchip Technology Inc. | 299,890 | 18,515 | |
* | Synaptics Inc. | 201,657 | 17,867 |
* | Wolfspeed Inc. | 226,882 | 17,867 |
Global Payments Inc. | 149,852 | 17,122 | |
KLA Corp. | 49,994 | 15,821 | |
Monolithic Power Systems Inc. | 36,775 | 12,483 | |
* | Lattice Semiconductor Corp. | 239,491 | 11,618 |
Marvell Technology Inc. | 291,356 | 11,561 | |
* | Bill.com Holdings Inc. | 83,927 | 11,192 |
Jack Henry & Associates Inc. | 55,870 | 11,121 | |
* | Trade Desk Inc. Class A | 203,553 | 10,837 |
* | Block Inc. (XNYS) | 170,204 | 10,224 |
* | Dropbox Inc. Class A | 443,954 | 9,656 |
* | Keysight Technologies Inc. | 55,007 | 9,579 |
* | Dlocal Ltd. Class A | 418,993 | 9,344 |
* | HubSpot Inc. | 30,579 | 9,068 |
* | Atlassian Corp. | 44,368 | 8,995 |
Amphenol Corp. Class A | 117,744 | 8,929 | |
* | Dynatrace Inc. | 208,620 | 7,352 |
* | Autodesk Inc. | 33,697 | 7,221 |
Entegris Inc. | 89,417 | 7,094 | |
* | Okta Inc. | 117,947 | 6,619 |
* | Datadog Inc. Class A | 74,890 | 6,029 |
Lam Research Corp. | 13,080 | 5,295 | |
* | Zscaler Inc. | 27,170 | 4,187 |
* | Sitime Corp. | 42,048 | 3,776 |
* | Splunk Inc. | 42,230 | 3,510 |
* | Workday Inc. Class A | 21,993 | 3,427 |
* | Coherent Corp. | 96,478 | 3,243 |
* | Toast Inc. Class A | 120,780 | 2,668 |
* | Five9 Inc. | 19,980 | 1,204 |
833,876 | |||
Materials (1.0%) | |||
Graphic Packaging Holding Co. | 540,840 | 12,418 | |
Sherwin-Williams Co. | 48,346 | 10,879 | |
CF Industries Holdings Inc. | 59,740 | 6,348 | |
29,645 | |||
Real Estate (0.4%) | |||
Extra Space Storage Inc. | 32,770 | 5,815 | |
SBA Communications Corp. Class A | 21,150 | 5,708 | |
11,523 | |||
Total Common Stocks (Cost $2,790,973) | 2,816,586 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (4.9%) | |||
Money Market Fund (4.9%) | |||
2,3 | Vanguard Market Liquidity Fund, 3.117% (Cost $145,416) | 1,454,572 | 145,428 |
Total Investments (100.2%) (Cost $2,936,389) | 2,962,014 | ||
Other Assets and Liabilities—Net (-0.2%) | (6,062) | ||
Net Assets (100%) | 2,955,952 | ||
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 $5,204,000. |
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 $5,522,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2022 | 329 | 63,875 | (165) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $2,790,973) | 2,816,586 |
Affiliated Issuers (Cost $145,416) | 145,428 |
Total Investments in Securities | 2,962,014 |
Investment in Vanguard | 111 |
Cash | 1 |
Cash Collateral Pledged—Futures Contracts | 3,418 |
Receivables for Investment Securities Sold | 18,260 |
Receivables for Accrued Income | 501 |
Receivables for Capital Shares Issued | 875 |
Total Assets | 2,985,180 |
Liabilities | |
Payables for Investment Securities Purchased | 20,006 |
Collateral for Securities on Loan | 5,522 |
Payables to Investment Advisor | 1,012 |
Payables for Capital Shares Redeemed | 1,946 |
Payables to Vanguard | 250 |
Variation Margin Payable—Futures Contracts | 483 |
Other Liabilities | 9 |
Total Liabilities | 29,228 |
Net Assets | 2,955,952 |
1 Includes $5,204 of securities on loan. | |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 3,215,171 |
Total Distributable Earnings (Loss) | (259,219) |
Net Assets | 2,955,952 |
Net Assets | |
Applicable to 153,597,985 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,955,952 |
Net Asset Value Per Share | $19.24 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 16,614 |
Interest2 | 1,265 |
Securities Lending—Net | 13 |
Total Income | 17,892 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 7,443 |
Performance Adjustment | (1,892) |
The Vanguard Group—Note C | |
Management and Administrative | 6,972 |
Marketing and Distribution | 281 |
Custodian Fees | 43 |
Auditing Fees | 32 |
Shareholders’ Reports | 88 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 16 |
Total Expenses | 12,984 |
Expenses Paid Indirectly | (140) |
Net Expenses | 12,844 |
Net Investment Income | 5,048 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (229,996) |
Futures Contracts | (3,511) |
Foreign Currencies | 1 |
Realized Net Gain (Loss) | (233,506) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,354,060) |
Futures Contracts | (7,834) |
Change in Unrealized Appreciation (Depreciation) | (1,361,894) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,590,352) |
1 | Dividends are net of foreign withholding taxes of $27,000. |
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 $1,239,000, ($17,000), $2,000, and ($13,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 5,048 | (1,915) |
Realized Net Gain (Loss) | (233,506) | 1,291,603 |
Change in Unrealized Appreciation (Depreciation) | (1,361,894) | 283,921 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,590,352) | 1,573,609 |
Distributions | ||
Total Distributions | (1,251,685) | (305,267) |
Capital Share Transactions | ||
Issued | 449,924 | 663,839 |
Issued in Lieu of Cash Distributions | 1,179,383 | 290,788 |
Redeemed | (1,121,695) | (1,346,909) |
Net Increase (Decrease) from Capital Share Transactions | 507,612 | (392,282) |
Total Increase (Decrease) | (2,334,425) | 876,060 |
Net Assets | ||
Beginning of Period | 5,290,377 | 4,414,317 |
End of Period | 2,955,952 | 5,290,377 |
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $38.72 | $29.89 | $27.93 | $28.08 | $26.51 |
Investment Operations | |||||
Net Investment Income (Loss)1 | .031 | (.013) | .068 | .074 | .114 |
Net Realized and Unrealized Gain (Loss) on Investments | (10.190) | 10.957 | 4.680 | 3.027 | 2.379 |
Total from Investment Operations | (10.159) | 10.944 | 4.748 | 3.101 | 2.493 |
Distributions | |||||
Dividends from Net Investment Income | (.005) | (.051) | (.067) | (.099) | (.095) |
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) |
Net Asset Value, End of Period | $19.24 | $38.72 | $29.89 | $27.93 | $28.08 |
Total Return2 | -32.22% | 37.68% | 18.33% | 13.56% | 9.61% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,956 | $5,290 | $4,414 | $4,536 | $4,161 |
Ratio of Total Expenses to Average Net Assets3 | 0.35%4 | 0.33% | 0.34% | 0.36% | 0.36% |
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.14% | (0.04)% | 0.25% | 0.27% | 0.40% |
Portfolio Turnover Rate | 71% | 98% | 74% | 111% | 75% |
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%), and (0.04%). |
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 fees of Victory Capital Management Inc., 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 for the preceding 3 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 |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions were reclassified between the individual components of total distributable earnings (loss). |
Amount ($000) | |
Undistributed Ordinary Income | 4,152 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (227,754) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (35,617) |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 319,558 | 7,351 |
Long-Term Capital Gains | 932,127 | 297,916 |
Total | 1,251,685 | 305,267 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,997,631 |
Gross Unrealized Appreciation | 444,778 |
Gross Unrealized Depreciation | (480,395) |
Net Unrealized Appreciation (Depreciation) | (35,617) |
G. | During the year ended October 31, 2022, the fund purchased $2,550,326,000 of investment securities and sold $3,191,547,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Year Ended October 31, | ||
2022 Shares (000) | 2021 Shares (000) | |
Issued | 18,174 | 19,010 |
Issued in Lieu of Cash Distributions | 46,070 | 8,647 |
Redeemed | (47,262) | (38,747) |
Net Increase (Decrease) in Shares Outstanding | 16,982 | (11,090) |
I. | In December 2022, the Board of Trustees approved the termination of the fund’s investment advisory agreement with RS Investments and the reallocation of the portion of the fund's assets RS Investments managed (approximately 20%) to Frontier Capital Management Co., LLC, an existing manager on the fund; these changes will take effect in December 2022 as well. Following the transition, Frontier will manage approximately 60% and Wellington Management Company LLP will continue to manage approximately 40% of the fund. |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imge21cd8166.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imgd97c19241.jpg)
1 | |
2 | |
7 | |
9 | |
11 | |
31 |
• | For the 12 months ended October 31, 2022, Vanguard International Explorer Fund returned –35.83%. Its benchmark, the Spliced International Explorer Index, returned –32.39%. |
• | The year was a volatile, challenging period for financial markets. The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by many central banks to bring inflation back in check and increased fears of a recession. |
• | The fund’s three advisors invest in smaller companies––mostly from developed European and Pacific markets––that they believe have strong long-term growth prospects. |
• | For the 12 months, each region posted negative absolute returns for both the fund and the benchmark. On a relative basis, emerging markets helped fund performance. The Pacific region and Europe were the largest regional detractors relative to the benchmark. |
• | 3 of the fund’s 11 industry sectors—consumer discretionary, materials, and utilities—helped relative performance. The largest relative detractors were information technology and industrials. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
North America Inc.
Head of Investment Research
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Schroder Investment Management North America Inc. | 38 | 549 | The advisor employs a fundamental investment approach that considers macroeconomic factors while focusing primarily on company-specific factors, including a company’s potential for long-term growth, financial condition, quality of management, and sensitivity to cyclical factors. The advisor also considers the relative value of a company’s securities compared with those of other companies and the market as a whole. |
Wellington Management Company llp | 40 | 585 | The advisor allocates the assets in its portion of the fund to a team of global analysts who seek to add value through in-depth fundamental research and understanding of their industries. By covering the same companies over a period of many years, these investment professionals gain comprehensive insight to guide decisions for their subportfolios. |
Baillie Gifford Overseas Ltd. | 19 | 277 | The advisor employs rigorous, fundamental, bottom-up analysis. It believes that a few companies will drive most of the market’s return over the long run and considers sustainable earnings growth and free cash flow growth to be the most important determinants of a company’s prospects. |
Cash Investments | 3 | 36 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor also may maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
International Explorer Fund | Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $835.50 | $1.99 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.04 | 2.19 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imgd9880e9b2.jpg)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | International Explorer Fund | -35.83% | -4.39% | 4.18% | $15,056 |
![]() | Spliced International Explorer Index | -32.39 | -2.26 | 4.99 | 16,281 |
![]() | MSCI All Country World Index ex USA | -24.73 | -0.60 | 3.27 | 13,796 |
Japan | 28.7% |
United Kingdom | 16.5 |
Sweden | 5.6 |
Australia | 5.0 |
Germany | 4.7 |
Taiwan | 4.3 |
Italy | 4.2 |
Switzerland | 3.9 |
Belgium | 3.5 |
Canada | 2.8 |
France | 2.5 |
Netherlands | 2.0 |
Hong Kong | 1.9 |
Brazil | 1.8 |
India | 1.8 |
Ireland | 1.3 |
Singapore | 1.1 |
South Korea | 1.1 |
Israel | 1.1 |
Denmark | 1.1 |
Other | 5.1 |
Shares | Market Value• ($000) | |||||
Common Stocks (96.3%) | ||||||
Australia (4.8%) | ||||||
James Hardie Industries plc | 306,699 | 6,696 | ||||
* | Xero Ltd. | 83,879 | 4,165 | |||
Vicinity Ltd. | 3,126,431 | 3,898 | ||||
Iluka Resources Ltd. | 700,039 | 3,879 | ||||
Netwealth Group Ltd. | 447,742 | 3,477 | ||||
Charter Hall Group | 382,235 | 3,173 | ||||
Whitehaven Coal Ltd. | 511,503 | 2,971 | ||||
* | Pilbara Minerals Ltd. | 899,289 | 2,923 | |||
IGO Ltd. | 271,071 | 2,651 | ||||
Orora Ltd. | 1,339,414 | 2,599 | ||||
* | Omni Bridgeway Ltd. | 891,719 | 2,567 | |||
Deterra Royalties Ltd. | 975,228 | 2,559 | ||||
*,1 | Tyro Payments Ltd. | 2,595,293 | 2,534 | |||
Mineral Resources Ltd. | 49,760 | 2,333 | ||||
Credit Corp. Group Ltd. | 174,063 | 2,069 | ||||
Ansell Ltd. | 111,045 | 2,005 | ||||
Liberty Financial Group Ltd. | 791,237 | 1,821 | ||||
*,1 | Temple & Webster Group Ltd. | 476,812 | 1,697 | |||
Nufarm Ltd. | 454,353 | 1,619 | ||||
Metcash Ltd. | 571,060 | 1,499 | ||||
Elders Ltd. | 168,536 | 1,405 | ||||
* | Bellevue Gold Ltd. | 2,687,730 | 1,269 | |||
Lovisa Holdings Ltd. | 77,206 | 1,202 | ||||
Seven Group Holdings Ltd. | 99,021 | 1,161 | ||||
OZ Minerals Ltd. | 74,766 | 1,158 | ||||
Reliance Worldwide Corp. Ltd. | 528,787 | 1,086 | ||||
Bapcor Ltd. | 234,962 | 994 | ||||
Nick Scali Ltd. | 127,420 | 821 | ||||
*,1 | Vulcan Energy Resources Ltd. | 159,894 | 777 | |||
*,1 | Flight Centre Travel Group Ltd. | 58,792 | 626 | |||
* | Cleanspace Holdings Ltd. | 1,717,529 | 582 | |||
CSR Ltd. | 165,237 | 489 |
Shares | Market Value• ($000) | |||||
GrainCorp Ltd. Class A | 85,472 | 459 | ||||
* | SiteMinder Ltd. | 227,960 | 452 | |||
Atlas Arteria Ltd. | 56,130 | 236 | ||||
69,852 | ||||||
Austria (0.9%) | ||||||
*,2 | BAWAG Group AG | 116,356 | 5,617 | |||
ANDRITZ AG | 84,680 | 3,935 | ||||
Addiko Bank AG | 202,137 | 2,137 | ||||
Wienerberger AG | 41,680 | 953 | ||||
AT&S Austria Technologie & Systemtechnik AG | 8,743 | 270 | ||||
12,912 | ||||||
Belgium (3.4%) | ||||||
D'ieteren Group | 62,567 | 10,413 | ||||
Azelis Group NV | 356,334 | 8,155 | ||||
Barco NV | 371,683 | 8,025 | ||||
Lotus Bakeries NV | 967 | 5,378 | ||||
Warehouses De Pauw CVA | 183,216 | 4,702 | ||||
Recticel SA | 274,689 | 3,796 | ||||
Aedifica SA | 44,961 | 3,429 | ||||
Melexis NV | 36,949 | 2,541 | ||||
KBC Ancora | 61,848 | 2,199 | ||||
*,1,2 | Biocartis Group NV | 196,013 | 236 | |||
48,874 | ||||||
Brazil (1.8%) | ||||||
* | TOTVS SA | 1,102,100 | 7,075 | |||
* | TIM SA | 2,143,600 | 5,478 | |||
Rumo SA | 1,219,800 | 5,228 | ||||
*,2 | Locaweb Servicos de Internet SA | 2,190,800 | 4,636 | |||
* | Cia de Saneamento Basico do Estado de Sao Paulo | 269,200 | 3,132 | |||
* | Magazine Luiza SA | 256 | — | |||
25,549 | ||||||
Canada (2.7%) | ||||||
* | Kinaxis Inc. | 87,633 | 9,353 | |||
* | Nuvei Corp. | 119,983 | 3,608 |
Shares | Market Value• ($000) | |||||
Colliers International Group Inc. | 32,293 | 3,031 | ||||
* | Docebo Inc. | 100,112 | 2,911 | |||
* | Lightspeed Commerce Inc. | 144,623 | 2,771 | |||
* | MEG Energy Corp. | 168,197 | 2,515 | |||
Parex Resources Inc. | 157,262 | 2,399 | ||||
Endeavour Mining plc | 134,205 | 2,387 | ||||
Boardwalk REIT | 61,515 | 2,189 | ||||
*,1 | Lightspeed Commerce Inc. (XTSE) | 108,851 | 2,086 | |||
*,1 | EcoSynthetix Inc. | 644,246 | 2,028 | |||
Stelco Holdings Inc. | 64,095 | 1,614 | ||||
*,1 | Boat Rocker Media Inc. | 741,886 | 1,514 | |||
38,406 | ||||||
China (0.6%) | ||||||
* | Tongcheng Travel Holdings Ltd. | 1,667,200 | 2,603 | |||
Beijing Enterprises Holdings Ltd. | 915,000 | 2,321 | ||||
China Datang Corp. Renewable Power Co. Ltd. Class H | 5,981,000 | 1,615 | ||||
Minth Group Ltd. | 430,145 | 848 | ||||
* | Kingdee International Software Group Co. Ltd. | 312,300 | 512 | |||
Pou Sheng International Holdings Ltd. | 9,530,464 | 480 | ||||
2 | IMAX China Holding Inc. | 775,400 | 446 | |||
* | Niu Technologies ADR | 64,247 | 168 | |||
8,993 | ||||||
Denmark (1.0%) | ||||||
Royal Unibrew A/S | 109,305 | 6,244 | ||||
* | ALK-Abello A/S Class B | 250,429 | 4,141 | |||
* | Ascendis Pharma A/S ADR | 20,228 | 2,326 | |||
* | Zealand Pharma A/S | 82,866 | 2,134 | |||
*,3 | OW Bunker A/S | 1,000,000 | — | |||
14,845 | ||||||
Finland (0.3%) | ||||||
Kemira OYJ | 182,867 | 2,414 | ||||
* | Nanoform Finland plc | 420,063 | 1,100 | |||
Wartsila OYJ Abp | 145,050 | 989 | ||||
4,503 | ||||||
France (2.5%) | ||||||
Nexans SA | 66,987 | 6,255 | ||||
Trigano SA | 57,333 | 5,868 | ||||
* | JCDecaux SE | 362,657 | 4,579 | |||
Kaufman & Broad SA | 181,241 | 4,404 | ||||
* | ESI Group | 32,330 | 2,326 | |||
Rubis SCA | 101,858 | 2,313 | ||||
2 | ALD SA | 197,436 | 2,107 | |||
Rothschild & Co. | 58,365 | 2,070 |
Shares | Market Value• ($000) | |||||
L'Occitane International SA | 493,750 | 1,212 | ||||
Gaztransport Et Technigaz SA | 10,309 | 1,199 | ||||
* | Vallourec SA Class A | 101,929 | 1,085 | |||
Vicat SA | 33,260 | 762 | ||||
Imerys SA | 17,537 | 718 | ||||
* | Cellectis SA ADR | 146,217 | 363 | |||
*,1 | Cellectis SA | 60,983 | 154 | |||
35,415 | ||||||
Germany (4.5%) | ||||||
Gerresheimer AG | 116,262 | 6,660 | ||||
New Work SE | 52,663 | 6,598 | ||||
Hensoldt AG | 244,609 | 5,747 | ||||
Dermapharm Holding SE | 149,618 | 5,689 | ||||
2 | Befesa SA | 161,485 | 5,609 | |||
Stabilus SE | 80,643 | 4,424 | ||||
* | Hypoport SE | 43,887 | 4,287 | |||
Jenoptik AG | 192,751 | 4,226 | ||||
* | HelloFresh SE | 190,616 | 3,810 | |||
* | CTS Eventim AG & Co. KGaA | 76,552 | 3,654 | |||
Stemmer Imaging AG | 96,893 | 2,676 | ||||
AIXTRON SE | 98,539 | 2,421 | ||||
* | Tonies SE | 406,400 | 2,039 | |||
*,2 | Auto1 Group SE | 238,458 | 1,604 | |||
* | Evotec SE | 76,428 | 1,458 | |||
Bertrandt AG | 39,920 | 1,189 | ||||
1,2 | Aumann AG | 84,638 | 1,023 | |||
* | Immatics NV | 81,466 | 921 | |||
* | Cherry AG | 149,681 | 774 | |||
* | Jumia Technologies AG ADR | 63,864 | 317 | |||
* | Veganz Group AG | 15,898 | 271 | |||
65,397 | ||||||
Hong Kong (1.8%) | ||||||
Kerry Properties Ltd. | 2,681,500 | 4,242 | ||||
* | Melco Resorts & Entertainment Ltd. ADR | 687,682 | 3,762 | |||
Hang Lung Properties Ltd. | 2,758,000 | 3,469 | ||||
Dah Sing Financial Holdings Ltd. | 1,659,600 | 3,284 | ||||
Techtronic Industries Co. Ltd. | 346,500 | 3,281 | ||||
Johnson Electric Holdings Ltd. | 2,212,625 | 2,279 | ||||
* | Mandarin Oriental International Ltd. | 1,354,400 | 2,231 | |||
2 | Crystal International Group Ltd. | 6,289,500 | 1,604 | |||
Vitasoy International Holdings Ltd. | 590,000 | 1,007 | ||||
* | Hypebeast Ltd. | 12,315,700 | 762 |
Shares | Market Value• ($000) | |||||
Chow Sang Sang Holdings International Ltd. | 404,000 | 373 | ||||
Luk Fook Holdings International Ltd. | 81,000 | 176 | ||||
26,470 | ||||||
Hungary (0.1%) | ||||||
*,2 | Wizz Air Holdings plc | 22,620 | 444 | |||
MOL Hungarian Oil & Gas plc | 51,646 | 310 | ||||
754 | ||||||
India (1.7%) | ||||||
Apollo Hospitals Enterprise Ltd. | 170,829 | 9,328 | ||||
Oberoi Realty Ltd. | 590,288 | 6,607 | ||||
Gujarat Pipavav Port Ltd. | 3,634,089 | 3,769 | ||||
* | CreditAccess Grameen Ltd. | 300,194 | 3,541 | |||
Alembic Pharmaceuticals Ltd. | 199,431 | 1,326 | ||||
* | Zomato Ltd. | 689,599 | 526 | |||
25,097 | ||||||
Ireland (1.2%) | ||||||
Bank of Ireland Group plc | 1,013,074 | 7,295 | ||||
AIB Group plc | 1,784,719 | 5,163 | ||||
Smurfit Kappa Group plc | 105,765 | 3,501 | ||||
* | Dalata Hotel Group plc | 642,332 | 2,061 | |||
18,020 | ||||||
Israel (1.0%) | ||||||
Maytronics Ltd. | 510,604 | 5,506 | ||||
Melisron Ltd. | 66,622 | 4,943 | ||||
* | Nayax Ltd. | 105,443 | 2,622 | |||
* | Wix.com Ltd. | 21,919 | 1,843 | |||
14,914 | ||||||
Italy (4.0%) | ||||||
Brunello Cucinelli SpA | 239,142 | 13,862 | ||||
Reply SpA | 104,204 | 11,335 | ||||
PRADA SpA | 968,200 | 4,411 | ||||
Recordati Industria Chimica e Farmaceutica SpA | 110,413 | 4,148 | ||||
2 | BFF Bank SpA | 573,845 | 4,048 | |||
Moncler SpA | 90,111 | 3,888 | ||||
Stevanato Group SpA | 224,377 | 3,779 | ||||
2 | Technogym SpA | 547,154 | 3,762 | |||
Italgas SpA | 654,734 | 3,373 | ||||
2 | OVS SpA | 1,556,147 | 2,905 | |||
Salvatore Ferragamo SpA | 109,723 | 1,613 | ||||
Buzzi Unicem SpA | 62,131 | 1,031 | ||||
58,155 | ||||||
Japan (27.6%) | ||||||
Food & Life Cos. Ltd. | 944,100 | 15,881 |
Shares | Market Value• ($000) | |||||
Aica Kogyo Co. Ltd. | 404,600 | 8,696 | ||||
FP Corp. | 348,900 | 8,301 | ||||
Nifco Inc. | 355,200 | 8,249 | ||||
Nippon Shinyaku Co. Ltd. | 147,800 | 8,183 | ||||
KOMEDA Holdings Co. Ltd. | 479,000 | 8,000 | ||||
Kissei Pharmaceutical Co. Ltd. | 443,100 | 7,827 | ||||
Miura Co. Ltd. | 379,800 | 7,735 | ||||
SBI Holdings Inc. | 426,600 | 7,706 | ||||
Calbee Inc. | 382,000 | 7,673 | ||||
Musashi Seimitsu Industry Co. Ltd. | 652,700 | 7,533 | ||||
Trusco Nakayama Corp. | 558,400 | 7,480 | ||||
Sumitomo Forestry Co. Ltd. | 456,300 | 7,138 | ||||
Kureha Corp. | 109,600 | 7,037 | ||||
Ai Holdings Corp. | 465,000 | 6,883 | ||||
GMO Internet Group Inc. | 383,300 | 6,608 | ||||
* | Raksul Inc. | 328,700 | 6,465 | |||
Katitas Co. Ltd. | 287,900 | 6,443 | ||||
Japan Material Co. Ltd. | 445,700 | 5,868 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 513,700 | 5,747 | ||||
Harmonic Drive Systems Inc. | 167,500 | 5,591 | ||||
Daifuku Co. Ltd. | 121,300 | 5,552 | ||||
Megachips Corp. | 309,900 | 5,305 | ||||
Fukushima Galilei Co. Ltd. | 190,100 | 5,228 | ||||
NEC Networks & System Integration Corp. | 481,800 | 5,163 | ||||
Kyoritsu Maintenance Co. Ltd. | 124,200 | 5,117 | ||||
Hakuhodo DY Holdings Inc. | 599,400 | 5,050 | ||||
Heiwa Real Estate Co. Ltd. | 166,900 | 4,628 | ||||
Tsugami Corp. | 605,200 | 4,532 | ||||
Glory Ltd. | 278,800 | 4,299 | ||||
eGuarantee Inc. | 265,700 | 4,291 | ||||
Koito Manufacturing Co. Ltd. | 298,800 | 4,242 | ||||
*,1 | Oisix ra daichi Inc. | 370,000 | 4,174 | |||
Obara Group Inc. | 178,700 | 4,144 | ||||
OBIC Business Consultants Co. Ltd. | 141,700 | 4,073 | ||||
Tokyo Tatemono Co. Ltd. | 283,400 | 3,897 | ||||
1 | Nittoku Co. Ltd. | 228,400 | 3,888 | |||
Kyushu Electric Power Co. Inc. | 774,000 | 3,832 | ||||
Fukuoka Financial Group Inc. | 223,600 | 3,805 | ||||
Tokyo Century Corp. | 111,300 | 3,796 |
Shares | Market Value• ($000) | |||||
Iriso Electronics Co. Ltd. | 129,300 | 3,746 | ||||
DMG Mori Co. Ltd. | 307,100 | 3,554 | ||||
Frontier Real Estate Investment Corp. | 997 | 3,520 | ||||
Seino Holdings Co. Ltd. | 456,500 | 3,508 | ||||
Digital Garage Inc. | 141,000 | 3,376 | ||||
* | Sansan Inc. | 339,844 | 3,370 | |||
JMDC Inc. | 94,600 | 3,350 | ||||
Asahi Intecc Co. Ltd. | 192,606 | 3,281 | ||||
Bank of Kyoto Ltd. | 88,700 | 3,196 | ||||
Fukuyama Transporting Co. Ltd. | 143,100 | 3,122 | ||||
Nikon Corp. | 320,985 | 3,104 | ||||
*,1 | Bengo4.com Inc. | 143,400 | 3,056 | |||
Comforia Residential REIT Inc. | 1,403 | 2,978 | ||||
Outsourcing Inc. | 375,800 | 2,928 | ||||
*,1 | Universal Entertainment Corp. | 216,900 | 2,927 | |||
Kamakura Shinsho Ltd. | 539,900 | 2,906 | ||||
Ulvac Inc. | 73,300 | 2,890 | ||||
* | Japan Airport Terminal Co. Ltd. | 64,200 | 2,748 | |||
*,1 | GA Technologies Co. Ltd. | 282,500 | 2,720 | |||
Optex Group Co. Ltd. | 190,300 | 2,620 | ||||
*,1 | WealthNavi Inc. | 276,300 | 2,572 | |||
Mani Inc. | 166,100 | 2,420 | ||||
dip Corp. | 86,400 | 2,419 | ||||
COLOPL Inc. | 512,900 | 2,416 | ||||
Asics Corp. | 149,300 | 2,288 | ||||
Yamaha Motor Co. Ltd. | 110,760 | 2,286 | ||||
Ibiden Co. Ltd. | 66,700 | 2,248 | ||||
Shima Seiki Manufacturing Ltd. | 161,100 | 2,248 | ||||
*,1 | Istyle Inc. | 674,100 | 2,219 | |||
KH Neochem Co. Ltd. | 128,500 | 2,193 | ||||
Infomart Corp. | 628,500 | 2,033 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 46,600 | 2,009 | ||||
JSR Corp. | 102,861 | 1,954 | ||||
1 | Kitanotatsujin Corp. | 983,400 | 1,906 | |||
Ichiyoshi Securities Co. Ltd. | 464,834 | 1,883 | ||||
Amada Co. Ltd. | 255,700 | 1,798 | ||||
1 | Snow Peak Inc. | 136,000 | 1,789 | |||
*,1 | JTOWER Inc. | 43,000 | 1,744 | |||
Sojitz Corp. | 114,980 | 1,695 | ||||
* | Locondo Inc. | 195,500 | 1,635 | |||
IHI Corp. | 65,400 | 1,459 | ||||
Nabtesco Corp. | 68,500 | 1,455 | ||||
Kawasaki Heavy Industries Ltd. | 80,700 | 1,372 | ||||
Ebara Corp. | 42,200 | 1,371 | ||||
* | Park24 Co. Ltd. | 102,100 | 1,361 | |||
Sumitomo Heavy Industries Ltd. | 64,100 | 1,215 |
Shares | Market Value• ($000) | |||||
Air Water Inc. | 107,200 | 1,197 | ||||
Tsuruha Holdings Inc. | 20,000 | 1,162 | ||||
THK Co. Ltd. | 66,300 | 1,156 | ||||
NET One Systems Co. Ltd. | 55,130 | 1,132 | ||||
JGC Holdings Corp. | 93,100 | 1,120 | ||||
Anicom Holdings Inc. | 279,200 | 1,116 | ||||
NOF Corp. | 32,300 | 1,111 | ||||
Fuji Corp. | 80,200 | 1,059 | ||||
Inaba Denki Sangyo Co. Ltd. | 56,200 | 1,049 | ||||
COMSYS Holdings Corp. | 62,600 | 1,026 | ||||
JINS Holdings Inc. | 33,900 | 1,019 | ||||
EXEO Group Inc. | 69,300 | 1,015 | ||||
Nihon M&A Center Holdings Inc. | 89,700 | 1,012 | ||||
Kansai Paint Co. Ltd. | 77,200 | 1,007 | ||||
Square Enix Holdings Co. Ltd. | 21,997 | 982 | ||||
Showa Denko KK | 66,800 | 975 | ||||
Inter Action Corp. | 101,000 | 966 | ||||
Ushio Inc. | 91,500 | 950 | ||||
Yamato Holdings Co. Ltd. | 62,300 | 923 | ||||
TechnoPro Holdings Inc. | 36,200 | 868 | ||||
SHO-BOND Holdings Co. Ltd. | 19,000 | 822 | ||||
BayCurrent Consulting Inc. | 29,070 | 816 | ||||
Mitsubishi Gas Chemical Co. Inc. | 61,600 | 783 | ||||
Kyudenko Corp. | 36,000 | 764 | ||||
Shin-Etsu Polymer Co. Ltd. | 91,100 | 759 | ||||
Marui Group Co. Ltd. | 46,200 | 756 | ||||
Kadokawa Corp. | 42,035 | 753 | ||||
Disco Corp. | 3,100 | 741 | ||||
Max Co. Ltd. | 49,500 | 705 | ||||
Simplex Holdings Inc. | 43,750 | 697 | ||||
Hino Motors Ltd. | 161,000 | 669 | ||||
NSK Ltd. | 125,000 | 661 | ||||
* | Demae-Can Co. Ltd. | 201,200 | 654 | |||
Comture Corp. | 39,239 | 638 | ||||
Seria Co. Ltd. | 37,200 | 608 | ||||
MIRAIT ONE Corp. | 63,200 | 607 | ||||
Denka Co. Ltd. | 25,800 | 598 | ||||
Teijin Ltd. | 65,000 | 590 | ||||
Kumagai Gumi Co. Ltd. | 34,700 | 587 | ||||
Nippon Shokubai Co. Ltd. | 16,300 | 585 | ||||
Lintec Corp. | 36,300 | 545 | ||||
Yamazen Corp. | 86,400 | 537 | ||||
MEC Co. Ltd. | 33,600 | 537 | ||||
Rorze Corp. | 10,500 | 528 | ||||
Yokogawa Bridge Holdings Corp. | 39,600 | 526 |
Shares | Market Value• ($000) | |||||
Japan Steel Works Ltd. | 24,800 | 512 | ||||
* | Uzabase Inc. | 104,300 | 499 | |||
Sekisui Jushi Corp. | 43,500 | 498 | ||||
1 | GMO Financial Gate Inc. | 5,025 | 469 | |||
Giken Ltd. | 19,700 | 424 | ||||
Toyo Construction Co. Ltd. | 67,000 | 405 | ||||
Shibaura Machine Co. Ltd. | 19,600 | 380 | ||||
Ichikoh Industries Ltd. | 34,300 | 98 | ||||
399,544 | ||||||
Mexico (0.4%) | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 1,595,800 | 3,468 | ||||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 153,558 | 2,379 | ||||
5,847 | ||||||
Netherlands (1.9%) | ||||||
BE Semiconductor Industries NV | 161,816 | 8,247 | ||||
TKH Group NV | 189,462 | 6,700 | ||||
ASM International NV | 23,357 | 5,167 | ||||
*,2 | Alfen Beheer BV | 31,439 | 3,335 | |||
Allfunds Group plc | 305,805 | 1,923 | ||||
Corbion NV | 34,414 | 916 | ||||
2 | CTP NV | 82,976 | 861 | |||
27,149 | ||||||
New Zealand (0.2%) | ||||||
* | Volpara Health Technologies Ltd. | 2,748,429 | 1,184 | |||
Fletcher Building Ltd. | 389,173 | 1,162 | ||||
2,346 | ||||||
Norway (0.4%) | ||||||
Borregaard ASA | 284,031 | 3,819 | ||||
Aker ASA Class A | 21,736 | 1,534 | ||||
Subsea 7 SA | 70,991 | 708 | ||||
6,061 | ||||||
Other (0.6%) | ||||||
1 | iShares MSCI EAFE Small-Cap ETF | 164,542 | 8,382 | |||
Philippines (0.3%) | ||||||
Wilcon Depot Inc. | 8,101,000 | 4,117 | ||||
Poland (0.1%) | ||||||
1 | Grupa Pracuj SA | 175,848 | 1,670 | |||
Singapore (1.1%) | ||||||
Venture Corp. Ltd. | 443,700 | 4,993 | ||||
* | SATS Ltd. | 1,998,700 | 3,858 | |||
CapitaLand Ascott Trust | 4,804,500 | 3,239 | ||||
Suntec REIT | 2,812,900 | 2,565 | ||||
ComfortDelGro Corp. Ltd. | 931,700 | 837 | ||||
15,492 |
Shares | Market Value• ($000) | |||||
South Africa (0.4%) | ||||||
1 | Thungela Resources Ltd. | 253,090 | 3,863 | |||
* | Discovery Ltd. | 193,720 | 1,267 | |||
5,130 | ||||||
South Korea (1.0%) | ||||||
Koh Young Technology Inc. | 540,695 | 4,523 | ||||
Douzone Bizon Co. Ltd. | 162,887 | 3,481 | ||||
PI Advanced Materials Co. Ltd. | 109,379 | 2,271 | ||||
Park Systems Corp. | 19,921 | 1,530 | ||||
Hanon Systems | 169,206 | 925 | ||||
* | Cafe24 Corp. | 108,131 | 765 | |||
SNT Motiv Co. Ltd. | 24,501 | 758 | ||||
NCSoft Corp. | 2,694 | 736 | ||||
14,989 | ||||||
Spain (0.7%) | ||||||
Bankinter SA | 590,185 | 3,570 | ||||
Fluidra SA | 231,305 | 3,142 | ||||
Almirall SA | 318,346 | 2,966 | ||||
* | Arima Real Estate SOCIMI SA | 81,451 | 608 | |||
10,286 | ||||||
Sweden (5.4%) | ||||||
Avanza Bank Holding AB | 649,603 | 12,958 | ||||
Trelleborg AB Class B | 392,437 | 8,641 | ||||
AddTech AB Class B | 595,491 | 7,195 | ||||
Hemnet Group AB | 522,368 | 6,490 | ||||
* | Cint Group AB | 1,129,018 | 5,946 | |||
HMS Networks AB | 147,675 | 3,799 | ||||
Billerud AB | 287,834 | 3,716 | ||||
INVISIO AB | 228,642 | 3,393 | ||||
Paradox Interactive AB | 185,744 | 3,208 | ||||
Hufvudstaden AB Class A | 237,625 | 2,832 | ||||
Catena AB | 72,372 | 2,458 | ||||
Arjo AB Class B | 601,988 | 2,401 | ||||
Sweco AB Class B | 291,112 | 2,187 | ||||
SSAB AB Class A | 436,676 | 2,100 | ||||
Cellavision AB | 108,819 | 2,041 | ||||
* | Surgical Science Sweden AB | 131,025 | 1,889 | |||
2 | Thule Group AB | 94,501 | 1,862 | |||
* | Xvivo Perfusion AB | 81,959 | 1,179 | |||
* | VNV Global AB | 512,570 | 1,100 | |||
*,1 | Embracer Group AB Class B | 221,056 | 1,063 | |||
* | Bactiguard Holding AB Class B | 93,579 | 951 | |||
*,1 | Storytel AB | 125,017 | 442 | |||
Nyfosa AB | 68,261 | 408 | ||||
78,259 | ||||||
Switzerland (3.8%) | ||||||
*,2 | Sensirion Holding AG | 83,931 | 7,636 |
Shares | Market Value• ($000) | |||||
Julius Baer Group Ltd. | 155,137 | 7,443 | ||||
Tecan Group AG (Registered) | 17,260 | 6,332 | ||||
* | SIG Group AG | 300,051 | 5,768 | |||
Bossard Holding AG (Registered) Class A | 22,128 | 4,393 | ||||
* | Siegfried Holding AG (Registered) | 7,013 | 4,175 | |||
*,2 | PolyPeptide Group AG | 134,085 | 3,899 | |||
Comet Holding AG (Registered) | 23,746 | 3,780 | ||||
*,2 | Montana Aerospace AG | 317,260 | 3,638 | |||
* | u-blox Holding AG | 24,655 | 2,524 | |||
* | Dufry AG (Registered) | 76,058 | 2,509 | |||
Cembra Money Bank AG | 24,223 | 1,757 | ||||
Emmi AG (Registered) | 1,198 | 956 | ||||
54,810 | ||||||
Taiwan (4.1%) | ||||||
Airtac International Group | 568,593 | 13,011 | ||||
Chroma ATE Inc. | 1,807,694 | 9,869 | ||||
Global Unichip Corp. | 501,000 | 7,536 | ||||
Voltronic Power Technology Corp. | 142,252 | 5,768 | ||||
ASPEED Technology Inc. | 88,200 | 4,572 | ||||
Giant Manufacturing Co. Ltd. | 662,000 | 4,213 | ||||
Nien Made Enterprise Co. Ltd. | 475,000 | 3,662 | ||||
Advantech Co. Ltd. | 344,000 | 3,117 | ||||
Sinbon Electronics Co. Ltd. | 358,000 | 2,780 | ||||
Vanguard International Semiconductor Corp. | 1,267,000 | 2,601 | ||||
TCI Co. Ltd. | 303,000 | 1,009 | ||||
Realtek Semiconductor Corp. | 94,248 | 743 | ||||
Nanya Technology Corp. | 304,000 | 513 | ||||
Parade Technologies Ltd. | 3,000 | 57 | ||||
59,451 | ||||||
United Kingdom (15.9%) | ||||||
Beazley plc | 1,715,117 | 12,301 | ||||
Spectris plc | 324,283 | 11,239 | ||||
IMI plc | 636,601 | 8,968 | ||||
Safestore Holdings plc | 812,926 | 8,422 | ||||
Rotork plc | 2,743,829 | 8,042 | ||||
*,2 | Network International Holdings plc | 2,038,798 | 7,635 | |||
RS Group plc | 667,567 | 7,346 | ||||
Games Workshop Group plc | 89,460 | 6,567 | ||||
Cranswick plc | 172,575 | 5,892 | ||||
* | Abcam plc | 332,759 | 5,151 | |||
*,2 | Trainline plc | 1,233,494 | 4,694 |
Shares | Market Value• ($000) | |||||
*,1 | Victoria plc | 804,284 | 4,655 | |||
Softcat plc | 342,846 | 4,405 | ||||
Pennon Group plc | 456,921 | 4,391 | ||||
Alpha FX Group plc | 191,995 | 4,180 | ||||
2 | ConvaTec Group plc | 1,670,256 | 4,179 | |||
Keywords Studios plc | 150,955 | 4,174 | ||||
QinetiQ Group plc | 980,000 | 4,039 | ||||
Smart Metering Systems plc | 477,701 | 4,008 | ||||
Telecom Plus plc | 160,000 | 3,890 | ||||
Dunelm Group plc | 380,000 | 3,772 | ||||
Weir Group plc | 215,000 | 3,746 | ||||
Pets at Home Group plc | 1,090,000 | 3,604 | ||||
LondonMetric Property plc | 1,630,559 | 3,497 | ||||
IG Group Holdings plc | 360,000 | 3,284 | ||||
Halma plc | 135,000 | 3,274 | ||||
* | Verona Pharma plc ADR | 250,919 | 3,212 | |||
* | National Express Group plc | 1,624,995 | 3,150 | |||
Burford Capital Ltd. | 389,030 | 3,145 | ||||
Dechra Pharmaceuticals plc | 101,000 | 3,036 | ||||
2 | Auto Trader Group plc | 500,000 | 2,993 | |||
NCC Group plc | 1,280,000 | 2,927 | ||||
Berkeley Group Holdings plc | 73,550 | 2,926 | ||||
* | FD Technologies plc | 187,787 | 2,888 | |||
* | SSP Group plc | 1,162,185 | 2,702 | |||
* | Team17 Group plc | 560,741 | 2,651 | |||
Diploma plc | 90,000 | 2,560 | ||||
Bodycote plc | 450,000 | 2,559 | ||||
Redrow plc | 530,000 | 2,550 | ||||
* | Immunocore Holdings plc ADR | 43,562 | 2,489 | |||
Vistry Group plc | 330,000 | 2,283 | ||||
* | WH Smith plc | 163,832 | 2,215 | |||
Harbour Energy plc | 495,264 | 2,149 | ||||
Energean plc | 127,754 | 2,100 | ||||
Derwent London plc | 82,915 | 2,052 | ||||
B&M European Value Retail SA | 544,444 | 2,012 | ||||
Renishaw plc | 50,000 | 2,006 | ||||
Greggs plc | 83,818 | 1,943 | ||||
Serica Energy plc | 525,688 | 1,816 | ||||
* | Wise plc Class A | 235,000 | 1,790 | |||
Smiths Group plc | 96,513 | 1,729 | ||||
* | Hyve Group plc | 2,741,451 | 1,682 | |||
2 | Sabre Insurance Group plc | 1,575,767 | 1,624 | |||
dotdigital group plc | 1,794,282 | 1,559 | ||||
UNITE Group plc | 150,518 | 1,538 | ||||
* | Molten Ventures plc | 407,163 | 1,493 | |||
2 | Petershill Partners plc | 650,000 | 1,475 | |||
Segro plc | 160,000 | 1,440 | ||||
Keller Group plc | 194,578 | 1,400 |
Shares | Market Value• ($000) | |||||
Intermediate Capital Group plc | 112,657 | 1,372 | ||||
2 | Bridgepoint Group plc | 550,000 | 1,257 | |||
* | Restaurant Group plc | 3,400,911 | 1,240 | |||
*,2 | DP Eurasia NV | 2,357,397 | 1,048 | |||
* | Angle plc | 1,598,871 | 1,028 | |||
Impax Asset Management Group plc | 125,777 | 965 | ||||
*,1 | Naked Wines plc | 699,191 | 874 | |||
* | Hotel Chocolat Group plc | 497,672 | 838 | |||
Synthomer plc | 470,619 | 609 | ||||
Marshalls plc | 87,426 | 253 | ||||
* | easyJet plc | 60,795 | 242 | |||
*,1 | Arrival SA | 228,747 | 177 | |||
229,352 | ||||||
United States (0.1%) | ||||||
* | Merus NV | 87,382 | 1,791 | |||
Total Common Stocks (Cost $1,563,015) | 1,392,832 | |||||
Temporary Cash Investments (5.8%) | ||||||
Money Market Fund (5.3%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 3.117% | 771,601 | 77,144 |
Face Amount ($000) | Market Value• ($000) | |||||
Repurchase Agreements (0.5%) | ||||||
Goldman Sachs & Co. 2.980%, 11/1/2022 (Dated 10/31/22, Repurchase Value $6,901,000, collateralized by Fannie Mae 2.500%–6.000%, 10/1/31–12/1/51, and Freddie Mac 2.500%–5.500%, 7/1/43–4/1/52, with a value of $7,038,000) | 6,900 | 6,900 | ||||
Total Temporary Cash Investments (Cost $84,028) | 84,044 | |||||
Total Investments (102.1%) (Cost $1,647,043) | 1,476,876 | |||||
Other Assets and Liabilities—Net (-2.1%) | (30,002) | |||||
Net Assets (100%) | 1,446,874 |
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 $30,278,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the aggregate value was $80,177,000, representing 5.5% 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 $33,985,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | December 2022 | 224 | 19,666 | 1,115 |
MSCI Emerging Market Index | December 2022 | 210 | 8,963 | (144) |
971 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,569,915) | 1,399,732 |
Affiliated Issuers (Cost $77,128) | 77,144 |
Total Investments in Securities | 1,476,876 |
Investment in Vanguard | 62 |
Cash | 5,264 |
Foreign Currency, at Value (Cost $941) | 942 |
Cash Collateral Pledged—Futures Contracts | 1,730 |
Receivables for Investment Securities Sold | 12,703 |
Receivables for Accrued Income | 8,563 |
Receivables for Capital Shares Issued | 303 |
Total Assets | 1,506,443 |
Liabilities | |
Payables for Investment Securities Purchased | 18,666 |
Collateral for Securities on Loan | 33,985 |
Payables for Capital Shares Redeemed | 5,358 |
Payables to Investment Advisor | 940 |
Payables to Vanguard | 375 |
Variation Margin Payable—Futures Contracts | 245 |
Total Liabilities | 59,569 |
Net Assets | 1,446,874 |
1 Includes $30,278 of securities on loan. | |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 1,741,756 |
Total Distributable Earnings (Loss) | (294,882) |
Net Assets | 1,446,874 |
Net Assets | |
Applicable to 104,343,224 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,446,874 |
Net Asset Value Per Share | $13.87 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 46,520 |
Interest2 | 770 |
Securities Lending—Net | 939 |
Total Income | 48,229 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 5,646 |
Performance Adjustment | (1,133) |
The Vanguard Group—Note C | |
Management and Administrative | 3,184 |
Marketing and Distribution | 147 |
Custodian Fees | 208 |
Auditing Fees | 35 |
Shareholders’ Reports | 97 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 288 |
Total Expenses | 8,473 |
Expenses Paid Indirectly | (2) |
Net Expenses | 8,471 |
Net Investment Income | 39,758 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (120,780) |
Futures Contracts | (18,360) |
Foreign Currencies | (1,493) |
Realized Net Gain (Loss) | (140,633) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (836,907) |
Futures Contracts | 1,470 |
Foreign Currencies | (388) |
Change in Unrealized Appreciation (Depreciation) | (835,825) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (936,700) |
1 | Dividends include foreign tax reclaims of $4,302,000 and are net of foreign withholding taxes of $5,343,000. |
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 $682,000, ($29,000), $2,000, and $10,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 39,758 | 36,253 |
Realized Net Gain (Loss) | (140,633) | 359,948 |
Change in Unrealized Appreciation (Depreciation) | (835,825) | 411,374 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (936,700) | 807,575 |
Distributions | ||
Total Distributions | (121,682) | (29,013) |
Capital Share Transactions | ||
Issued | 212,144 | 270,839 |
Issued in Lieu of Cash Distributions | 102,893 | 25,535 |
Redeemed | (624,760) | (588,908) |
Net Increase (Decrease) from Capital Share Transactions | (309,723) | (292,534) |
Total Increase (Decrease) | (1,368,105) | 486,028 |
Net Assets | ||
Beginning of Period | 2,814,979 | 2,328,951 |
End of Period | 1,446,874 | 2,814,979 |
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $22.70 | $16.90 | $17.22 | $17.86 | $21.87 |
Investment Operations | |||||
Net Investment Income1 | .337 | .280 | .211 | .379 | .369 |
Net Realized and Unrealized Gain (Loss) on Investments | (8.145) | 5.736 | (.081) | .300 | (3.032) |
Total from Investment Operations | (7.808) | 6.016 | .130 | .679 | (2.663) |
Distributions | |||||
Dividends from Net Investment Income | (.487) | (.216) | (.450) | (.289) | (.447) |
Distributions from Realized Capital Gains | (.535) | — | — | (1.030) | (.900) |
Total Distributions | (1.022) | (.216) | (.450) | (1.319) | (1.347) |
Net Asset Value, End of Period | $13.87 | $22.70 | $16.90 | $17.22 | $17.86 |
Total Return2 | -35.83% | 35.79% | 0.62% | 4.85% | -13.08% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,447 | $2,815 | $2,329 | $3,163 | $3,649 |
Ratio of Total Expenses to Average Net Assets3 | 0.41%4 | 0.40% | 0.39% | 0.39% | 0.39% |
Ratio of Net Investment Income to Average Net Assets | 1.94% | 1.30% | 1.29% | 2.28% | 1.75% |
Portfolio Turnover Rate | 60% | 51% | 71% | 35% | 40% |
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%), and (0.01%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.41%. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 99,332 | 1,293,500 | — | 1,392,832 |
Temporary Cash Investments | 77,144 | 6,900 | — | 84,044 |
Total | 176,476 | 1,300,400 | — | 1,476,876 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,115 | — | — | 1,115 |
Liabilities | ||||
Futures Contracts1 | 144 | — | — | 144 |
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) | |
Undistributed Ordinary Income | 24,429 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (122,835) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (198,857) |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 88,637 | 29,013 |
Long-Term Capital Gains | 33,045 | — |
Total | 121,682 | 29,013 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 1,675,725 |
Gross Unrealized Appreciation | 147,753 |
Gross Unrealized Depreciation | (346,602) |
Net Unrealized Appreciation (Depreciation) | (198,849) |
Year Ended October 31, | ||||
2022 Shares (000) | 2021 Shares (000) | |||
Issued | 12,320 | 12,684 | ||
Issued in Lieu of Cash Distributions | 5,056 | 1,290 | ||
Redeemed | (37,018) | (27,817) | ||
Net Increase (Decrease) in Shares Outstanding | (19,642) | (13,843) |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img86438ab76.jpg)
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/g401262img349f05041.jpg)
1 | |
2 | |
4 | |
7 |
• | For the 12 months ended October 31, 2022, Vanguard High Dividend Yield Index Fund returned 1.19% for Admiral Shares and 1.18% for ETF shares. (ETF returns are based on net asset value.) The fund’s benchmark, the FTSE High Dividend Yield Index, returned 1.28%. |
• | The year was a volatile, challenging period for financial markets. The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by many central banks to bring inflation back in check and increased fears of a recession. |
• | Energy and health care stocks contributed most to the fund’s performance. Financials and telecommunications detracted most. |
• | For the past decade, the fund’s ETF Shares posted an average annual return of 11.29%, slightly behind the 11.36% benchmark average. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,005.40 | $0.30 |
Admiral™ Shares | 1,000.00 | 1,005.40 | 0.40 |
Based on Hypothetical 5% Yearly Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.90 | $0.31 |
Admiral Shares | 1,000.00 | 1,024.80 | 0.41 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/g401262img1d78e5692.jpg)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | High Dividend Yield Index Fund ETF Shares Net Asset Value | 1.18% | 8.63% | 11.29% | $29,154 |
High Dividend Yield Index Fund ETF Shares Market Price | 1.23 | 8.63 | 11.29 | 29,152 | |
![]() | FTSE High Dividend Yield Index | 1.28 | 8.68 | 11.36 | 29,321 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -16.94 | 9.72 | 12.36 | 32,058 |
One Year | Since Inception (2/7/2019) | Final Value of a $10,000 Investment | ||
High Dividend Yield Index Fund Admiral Shares | 1.19% | 10.36% | $14,442 | |
FTSE High Dividend Yield Index | 1.28 | 10.43 | 14,475 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -16.94 | 11.13 | 14,820 |
Cumulative Returns of ETF Shares: October 31, 2012, Through October 31, 2022 | |||
One Year | Five Years | Ten Years | |
High Dividend Yield Index Fund ETF Shares Market Price | 1.23% | 51.25% | 191.52% |
High Dividend Yield Index Fund ETF Shares Net Asset Value | 1.18 | 51.24 | 191.54 |
FTSE High Dividend Yield Index | 1.28 | 51.59 | 193.21 |
Basic Materials | 3.6% |
Consumer Discretionary | 8.6 |
Consumer Staples | 12.7 |
Energy | 11.2 |
Financials | 20.2 |
Health Care | 15.2 |
Industrials | 10.4 |
Real Estate | 0.0 |
Technology | 5.9 |
Telecommunications | 4.6 |
Utilities | 7.6 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (3.6%) | ||||||
Linde plc | 2,191,364 | 651,602 | ||||
Air Products and Chemicals Inc. | 966,245 | 241,948 | ||||
Nucor Corp. | 1,140,523 | 149,842 | ||||
Newmont Corp. | 3,462,558 | 146,535 | ||||
Dow Inc. | 3,133,046 | 146,439 | ||||
Fastenal Co. | 2,510,119 | 121,314 | ||||
International Flavors & Fragrances Inc. | 1,109,127 | 108,262 | ||||
CF Industries Holdings Inc. | 865,760 | 91,996 | ||||
LyondellBasell Industries NV Class A | 1,117,926 | 85,465 | ||||
Steel Dynamics Inc. | 753,482 | 70,865 | ||||
International Paper Co. | 1,572,991 | 52,868 | ||||
Reliance Steel & Aluminum Co. | 260,876 | 52,561 | ||||
Celanese Corp. Class A | 470,967 | 45,269 | ||||
Eastman Chemical Co. | 531,612 | 40,833 | ||||
Olin Corp. | 581,185 | 30,774 | ||||
Commercial Metals Co. | 523,198 | 23,806 | ||||
Huntsman Corp. | 829,741 | 22,204 | ||||
Timken Co. | 271,117 | 19,328 | ||||
Chemours Co. | 670,632 | 19,200 | ||||
Cabot Corp. | 239,887 | 17,627 | ||||
Southern Copper Corp. | 370,745 | 17,414 | ||||
Avient Corp. | 392,264 | 13,529 | ||||
Sensient Technologies Corp. | 180,856 | 12,924 | ||||
Scotts Miracle-Gro Co. | 174,850 | 8,027 | ||||
Carpenter Technology Corp. | 205,903 | 7,701 | ||||
Worthington Industries Inc. | 135,444 | 6,442 | ||||
Tronox Holdings plc | 504,413 | 6,053 | ||||
Mativ Holdings Inc. | 234,401 | 5,565 | ||||
Kaiser Aluminum Corp. | 68,241 | 5,513 | ||||
2,221,906 | ||||||
Consumer Discretionary (8.6%) | ||||||
Home Depot Inc. | 4,506,660 | 1,334,557 |
Shares | Market Value• ($000) | |||||
Walmart Inc. | 6,286,274 | 894,725 | ||||
McDonald's Corp. | 3,222,793 | 878,727 | ||||
Starbucks Corp. | 5,003,528 | 433,256 | ||||
Target Corp. | 2,022,651 | 332,220 | ||||
Ford Motor Co. | 17,172,883 | 229,601 | ||||
Genuine Parts Co. | 604,098 | 107,445 | ||||
Darden Restaurants Inc. | 539,887 | 77,279 | ||||
Omnicom Group Inc. | 885,609 | 64,428 | ||||
Best Buy Co. Inc. | 875,055 | 59,863 | ||||
Garmin Ltd. | 670,932 | 59,069 | ||||
Interpublic Group of Cos. Inc. | 1,710,819 | 50,965 | ||||
Advance Auto Parts Inc. | 265,852 | 50,491 | ||||
VF Corp. | 1,522,245 | 43,003 | ||||
Hasbro Inc. | 572,093 | 37,329 | ||||
Williams-Sonoma Inc. | 297,213 | 36,804 | ||||
Paramount Global Class B | 1,913,712 | 35,059 | ||||
Tapestry Inc. | 1,096,066 | 34,723 | ||||
Whirlpool Corp. | 232,173 | 32,096 | ||||
Autoliv Inc. | 380,007 | 30,534 | ||||
H&R Block Inc. | 694,033 | 28,560 | ||||
Polaris Inc. | 246,052 | 24,999 | ||||
Macy's Inc. | 1,172,728 | 24,451 | ||||
Newell Brands Inc. | 1,644,140 | 22,706 | ||||
TEGNA Inc. | 965,449 | 20,159 | ||||
Leggett & Platt Inc. | 579,555 | 19,560 | ||||
1 | Sirius XM Holdings Inc. | 3,052,287 | 18,436 | |||
Ralph Lauren Corp. Class A | 184,047 | 17,059 | ||||
Kohl's Corp. | 556,584 | 16,670 | ||||
Wendy's Co. | 739,182 | 15,360 | ||||
Travel + Leisure Co. | 356,696 | 13,547 | ||||
Penske Automotive Group Inc. | 116,866 | 13,045 | ||||
LCI Industries | 107,510 | 11,408 | ||||
Foot Locker Inc. | 353,057 | 11,192 | ||||
Cracker Barrel Old Country Store Inc. | 97,975 | 11,191 | ||||
Hanesbrands Inc. | 1,515,137 | 10,333 | ||||
Gap Inc. | 860,194 | 9,694 | ||||
Dana Inc. | 557,024 | 8,890 |
Shares | Market Value• ($000) | |||||
Kontoor Brands Inc. | 240,439 | 8,584 | ||||
International Game Technology plc | 423,424 | 8,490 | ||||
Jack in the Box Inc. | 91,384 | 8,063 | ||||
John Wiley & Sons Inc. Class A | 185,571 | 7,829 | ||||
American Eagle Outfitters Inc. | 667,117 | 7,578 | ||||
MDC Holdings Inc. | 247,599 | 7,542 | ||||
Strategic Education Inc. | 98,124 | 6,771 | ||||
Oxford Industries Inc. | 65,488 | 6,662 | ||||
Wolverine World Wide Inc. | 335,440 | 5,746 | ||||
HNI Corp. | 178,490 | 5,174 | ||||
Rent-A-Center Inc. | 229,469 | 4,784 | ||||
La-Z-Boy Inc. | 186,368 | 4,616 | ||||
Dine Brands Global Inc. | 63,788 | 4,599 | ||||
Sinclair Broadcast Group Inc. Class A | 174,279 | 3,104 | ||||
Steelcase Inc. Class A | 374,921 | 2,913 | ||||
Guess? Inc. | 147,356 | 2,502 | ||||
Big Lots Inc. | 122,120 | 2,304 | ||||
5,216,695 | ||||||
Consumer Staples (12.7%) | ||||||
Procter & Gamble Co. | 10,430,388 | 1,404,660 | ||||
PepsiCo Inc. | 6,028,231 | 1,094,606 | ||||
Coca-Cola Co. | 17,026,700 | 1,019,048 | ||||
Philip Morris International Inc. | 6,760,498 | 620,952 | ||||
CVS Health Corp. | 5,719,508 | 541,637 | ||||
Mondelez International Inc. Class A | 6,029,563 | 370,698 | ||||
Altria Group Inc. | 7,906,975 | 365,856 | ||||
Colgate-Palmolive Co. | 3,607,206 | 266,356 | ||||
Archer-Daniels-Midland Co. | 2,439,678 | 236,600 | ||||
General Mills Inc. | 2,594,941 | 211,695 | ||||
Sysco Corp. | 2,220,205 | 192,181 | ||||
Kimberly-Clark Corp. | 1,466,606 | 182,534 | ||||
Hershey Co. | 636,326 | 151,936 | ||||
Kroger Co. | 2,858,650 | 135,186 | ||||
Kraft Heinz Co. | 3,049,868 | 117,328 | ||||
Walgreens Boots Alliance Inc. | 3,120,961 | 113,915 | ||||
Tyson Foods Inc. Class A | 1,244,717 | 85,076 | ||||
Kellogg Co. | 1,098,364 | 84,376 | ||||
Conagra Brands Inc. | 2,048,508 | 75,180 | ||||
J M Smucker Co. | 448,766 | 67,611 | ||||
Clorox Co. | 433,235 | 63,270 | ||||
Bunge Ltd. | 609,842 | 60,191 | ||||
Hormel Foods Corp. | 1,247,483 | 57,946 | ||||
Campbell Soup Co. | 843,652 | 44,638 | ||||
Coca-Cola Europacific Partners plc | 878,587 | 41,337 |
Shares | Market Value• ($000) | |||||
Molson Coors Beverage Co. Class B | 761,808 | 38,418 | ||||
Ingredion Inc. | 284,874 | 25,388 | ||||
Flowers Foods Inc. | 815,013 | 23,399 | ||||
Energizer Holdings Inc. | 289,586 | 8,366 | ||||
Nu Skin Enterprises Inc. Class A | 215,859 | 8,244 | ||||
Spectrum Brands Holdings Inc. | 172,950 | 7,980 | ||||
Reynolds Consumer Products Inc. | 238,956 | 7,298 | ||||
Weis Markets Inc. | 71,191 | 6,668 | ||||
Vector Group Ltd. | 622,127 | 6,607 | ||||
Medifast Inc. | 47,094 | 5,510 | ||||
Universal Corp. | 104,920 | 5,310 | ||||
1 | B&G Foods Inc. | 304,809 | 4,993 | |||
Calavo Growers Inc. | 74,688 | 2,583 | ||||
7,755,577 | ||||||
Energy (11.2%) | ||||||
Exxon Mobil Corp. | 18,189,558 | 2,015,585 | ||||
Chevron Corp. | 8,571,626 | 1,550,607 | ||||
ConocoPhillips | 5,567,968 | 702,065 | ||||
EOG Resources Inc. | 2,548,588 | 347,933 | ||||
Schlumberger Ltd. | 6,155,402 | 320,266 | ||||
Marathon Petroleum Corp. | 2,169,062 | 246,449 | ||||
Devon Energy Corp. | 2,864,439 | 221,564 | ||||
Phillips 66 | 2,095,584 | 218,548 | ||||
Valero Energy Corp. | 1,712,574 | 215,014 | ||||
Williams Cos. Inc. | 5,310,037 | 173,798 | ||||
Kinder Morgan Inc. | 8,668,378 | 157,071 | ||||
Diamondback Energy Inc. | 753,327 | 118,355 | ||||
ONEOK Inc. | 1,934,850 | 114,775 | ||||
Baker Hughes Co. Class A | 4,143,045 | 114,597 | ||||
Coterra Energy Inc. | 3,416,852 | 106,367 | ||||
Chesapeake Energy Corp. | 527,247 | 53,922 | ||||
Murphy Oil Corp. | 637,505 | 30,925 | ||||
DT Midstream Inc. | 421,464 | 25,161 | ||||
Helmerich & Payne Inc. | 444,604 | 22,012 | ||||
Antero Midstream Corp. | 1,461,491 | 15,565 | ||||
Equitrans Midstream Corp. | 1,776,097 | 14,955 | ||||
Archrock Inc. | 587,461 | 4,412 | ||||
6,789,946 | ||||||
Financials (20.1%) | ||||||
JPMorgan Chase & Co. | 12,720,895 | 1,601,306 | ||||
Bank of America Corp. | 30,633,862 | 1,104,044 | ||||
Wells Fargo & Co. | 16,543,485 | 760,835 | ||||
Goldman Sachs Group Inc. | 1,451,316 | 499,993 | ||||
Morgan Stanley | 5,457,486 | 448,442 | ||||
BlackRock Inc. | 653,894 | 422,357 | ||||
Chubb Ltd. | 1,813,366 | 389,674 | ||||
Citigroup Inc. | 8,435,248 | 386,840 |
Shares | Market Value• ($000) | |||||
Progressive Corp. | 2,543,865 | 326,632 | ||||
PNC Financial Services Group Inc. | 1,798,407 | 291,036 | ||||
Blackstone Inc. | 3,049,795 | 277,958 | ||||
CME Group Inc. | 1,562,789 | 270,831 | ||||
Truist Financial Corp. | 5,790,893 | 259,374 | ||||
US Bancorp | 5,846,183 | 248,170 | ||||
MetLife Inc. | 2,935,187 | 214,885 | ||||
Travelers Cos. Inc. | 1,032,900 | 190,529 | ||||
American International Group Inc. | 3,339,127 | 190,330 | ||||
Aflac Inc. | 2,729,272 | 177,703 | ||||
Prudential Financial Inc. | 1,636,899 | 172,185 | ||||
Arthur J Gallagher & Co. | 906,465 | 169,581 | ||||
Allstate Corp. | 1,173,515 | 148,156 | ||||
Ameriprise Financial Inc. | 471,369 | 145,710 | ||||
Bank of New York Mellon Corp. | 3,202,120 | 134,841 | ||||
M&T Bank Corp. | 762,120 | 128,318 | ||||
Discover Financial Services | 1,190,368 | 124,346 | ||||
State Street Corp. | 1,597,012 | 118,179 | ||||
Apollo Global Management Inc. | 1,998,828 | 110,655 | ||||
Fifth Third Bancorp | 2,999,074 | 107,037 | ||||
T. Rowe Price Group Inc. | 974,011 | 103,401 | ||||
Hartford Financial Services Group Inc. | 1,402,491 | 101,554 | ||||
Huntington Bancshares Inc. | 6,324,282 | 96,003 | ||||
Principal Financial Group Inc. | 1,072,961 | 94,560 | ||||
Regions Financial Corp. | 4,083,221 | 89,627 | ||||
Citizens Financial Group Inc. | 2,122,776 | 86,822 | ||||
Northern Trust Corp. | 894,649 | 75,464 | ||||
KeyCorp | 4,149,006 | 74,143 | ||||
Cincinnati Financial Corp. | 680,627 | 70,322 | ||||
First Horizon Corp. | 2,304,240 | 56,477 | ||||
Everest Re Group Ltd. | 169,280 | 54,620 | ||||
Ares Management Corp. Class A | 660,010 | 50,049 | ||||
Equitable Holdings Inc. | 1,627,793 | 49,843 | ||||
Fidelity National Financial Inc. | 1,147,667 | 45,195 | ||||
East West Bancorp Inc. | 614,800 | 44,001 | ||||
Credicorp Ltd. | 296,544 | 43,402 | ||||
Reinsurance Group of America Inc. | 290,900 | 42,812 | ||||
American Financial Group Inc. | 292,606 | 42,460 | ||||
Webster Financial Corp. | 759,665 | 41,219 | ||||
Comerica Inc. | 567,978 | 40,042 | ||||
Lincoln National Corp. | 737,975 | 39,755 | ||||
Unum Group | 871,863 | 39,748 | ||||
Cullen/Frost Bankers Inc. | 253,681 | 39,333 | ||||
Ally Financial Inc. | 1,340,673 | 36,949 |
Shares | Market Value• ($000) | |||||
Zions Bancorp NA | 647,320 | 33,622 | ||||
Assurant Inc. | 231,481 | 31,449 | ||||
Jefferies Financial Group Inc. | 884,431 | 30,433 | ||||
SouthState Corp. | 324,251 | 29,322 | ||||
Franklin Resources Inc. | 1,241,127 | 29,104 | ||||
Old Republic International Corp. | 1,230,116 | 28,551 | ||||
Glacier Bancorp Inc. | 480,747 | 27,537 | ||||
Prosperity Bancshares Inc. | 380,850 | 27,257 | ||||
Carlyle Group Inc. | 900,214 | 25,458 | ||||
Synovus Financial Corp. | 625,199 | 24,914 | ||||
Invesco Ltd. | 1,622,524 | 24,857 | ||||
Old National Bancorp | 1,268,261 | 24,807 | ||||
United Bankshares Inc. | 564,512 | 23,907 | ||||
Popular Inc. | 319,896 | 22,623 | ||||
Hanover Insurance Group Inc. | 154,002 | 22,560 | ||||
Valley National Bancorp | 1,862,029 | 22,102 | ||||
First American Financial Corp. | 438,400 | 22,095 | ||||
RLI Corp. | 168,802 | 21,956 | ||||
FNB Corp. | 1,513,075 | 21,864 | ||||
Cadence Bank | 783,759 | 21,671 | ||||
Home BancShares Inc. | 821,586 | 20,942 | ||||
Bank OZK | 485,680 | 20,875 | ||||
Hancock Whitney Corp. | 372,318 | 20,801 | ||||
OneMain Holdings Inc. | 504,562 | 19,456 | ||||
Houlihan Lokey Inc. Class A | 216,453 | 19,334 | ||||
Umpqua Holdings Corp. | 938,708 | 18,662 | ||||
New York Community Bancorp Inc. | 2,002,809 | 18,646 | ||||
Axis Capital Holdings Ltd. | 338,391 | 18,500 | ||||
SLM Corp. | 1,086,938 | 18,032 | ||||
MGIC Investment Corp. | 1,312,873 | 17,921 | ||||
United Community Banks Inc. | 459,465 | 17,689 | ||||
Independent Bank Corp. (Massachusetts) | 197,864 | 17,216 | ||||
Evercore Inc. Class A | 158,380 | 16,646 | ||||
CVB Financial Corp. | 577,078 | 16,574 | ||||
FirstCash Holdings Inc. | 166,774 | 16,419 | ||||
Associated Banc-Corp | 644,840 | 15,702 | ||||
Assured Guaranty Ltd. | 257,743 | 15,256 | ||||
Pacific Premier Bancorp Inc. | 404,971 | 14,745 | ||||
Lazard Ltd. Class A | 388,329 | 14,644 | ||||
Radian Group Inc. | 700,174 | 14,613 | ||||
Community Bank System Inc. | 230,516 | 14,391 | ||||
First Hawaiian Inc. | 554,799 | 14,192 | ||||
Cathay General Bancorp | 310,423 | 14,155 | ||||
BOK Financial Corp. | 127,882 | 14,091 | ||||
Janus Henderson Group plc | 590,915 | 13,455 |
Shares | Market Value• ($000) | |||||
Kemper Corp. | 275,912 | 13,153 | ||||
Bank of Hawaii Corp. | 171,612 | 13,034 | ||||
Fulton Financial Corp. | 699,239 | 12,747 | ||||
Jackson Financial Inc. Class A | 330,464 | 12,677 | ||||
First Bancorp | 800,783 | 12,644 | ||||
Simmons First National Corp. Class A | 529,657 | 12,643 | ||||
PacWest Bancorp | 504,481 | 12,541 | ||||
BankUnited Inc. | 335,648 | 12,067 | ||||
Walker & Dunlop Inc. | 132,547 | 11,924 | ||||
Moelis & Co. Class A | 275,386 | 11,693 | ||||
Columbia Banking System Inc. | 339,527 | 11,364 | ||||
Atlantic Union Bankshares Corp. | 323,539 | 11,175 | ||||
First Merchants Corp. | 247,409 | 11,109 | ||||
Banner Corp. | 147,533 | 11,028 | ||||
Washington Federal Inc. | 279,299 | 10,809 | ||||
CNO Financial Group Inc. | 489,228 | 10,792 | ||||
First Financial Bancorp | 401,894 | 10,477 | ||||
WesBanco Inc. | 252,388 | 10,207 | ||||
Independent Bank Group Inc. | 154,509 | 9,748 | ||||
Stock Yards Bancorp Inc. | 124,107 | 9,704 | ||||
Trustmark Corp. | 264,165 | 9,661 | ||||
Towne Bank | 291,391 | 9,598 | ||||
Renasant Corp. | 235,821 | 9,520 | ||||
Virtu Financial Inc. Class A | 423,726 | 9,483 | ||||
Heartland Financial USA Inc. | 177,768 | 8,768 | ||||
NBT Bancorp Inc. | 181,022 | 8,579 | ||||
BancFirst Corp. | 85,073 | 8,152 | ||||
Northwest Bancshares Inc. | 525,541 | 7,915 | ||||
Bank of NT Butterfield & Son Ltd. | 214,967 | 7,425 | ||||
Artisan Partners Asset Management Inc. Class A | 259,669 | 7,403 | ||||
Navient Corp. | 481,969 | 7,297 | ||||
Provident Financial Services Inc. | 316,464 | 7,095 | ||||
Westamerica Bancorp | 112,834 | 7,078 | ||||
Horace Mann Educators Corp. | 177,843 | 7,018 | ||||
Hope Bancorp Inc. | 499,612 | 6,780 | ||||
Sandy Spring Bancorp Inc. | 188,742 | 6,689 | ||||
Cohen & Steers Inc. | 110,216 | 6,631 | ||||
City Holding Co. | 63,698 | 6,424 | ||||
S&T Bancorp Inc. | 169,067 | 6,392 | ||||
Eagle Bancorp Inc. | 136,676 | 6,189 | ||||
First Commonwealth Financial Corp. | 402,550 | 5,773 |
Shares | Market Value• ($000) | |||||
Berkshire Hills Bancorp Inc. | 189,703 | 5,549 | ||||
Employers Holdings Inc. | 117,511 | 5,125 | ||||
Virtus Investment Partners Inc. | 29,821 | 5,114 | ||||
CNA Financial Corp. | 118,234 | 4,930 | ||||
Capitol Federal Financial Inc. | 563,793 | 4,612 | ||||
Brookline Bancorp Inc. | 326,035 | 4,483 | ||||
1st Source Corp. | 70,170 | 4,081 | ||||
Washington Trust Bancorp Inc. | 73,830 | 3,581 | ||||
Argo Group International Holdings Ltd. | 137,262 | 3,414 | ||||
Mercury General Corp. | 115,314 | 3,344 | ||||
Community Trust Bancorp Inc. | 68,399 | 3,235 | ||||
WisdomTree Investments Inc. | 586,980 | 3,187 | ||||
TFS Financial Corp. | 218,248 | 3,066 | ||||
Kearny Financial Corp. | 263,023 | 2,667 | ||||
Republic Bancorp Inc. Class A | 37,721 | 1,748 | ||||
Federated Hermes Inc. Class B | 516 | 18 | ||||
12,266,354 | ||||||
Health Care (15.2%) | ||||||
Johnson & Johnson | 11,483,558 | 1,997,795 | ||||
Eli Lilly & Co. | 3,674,466 | 1,330,487 | ||||
Pfizer Inc. | 24,647,428 | 1,147,338 | ||||
AbbVie Inc. | 7,707,027 | 1,128,309 | ||||
Merck & Co. Inc. | 11,032,080 | 1,116,446 | ||||
Bristol-Myers Squibb Co. | 9,290,522 | 719,737 | ||||
Amgen Inc. | 2,329,592 | 629,805 | ||||
Medtronic plc | 5,832,363 | 509,399 | ||||
Gilead Sciences Inc. | 5,471,046 | 429,258 | ||||
Cardinal Health Inc. | 1,186,342 | 90,043 | ||||
Viatris Inc. | 5,275,439 | 53,440 | ||||
Organon & Co. | 1,105,997 | 28,955 | ||||
Perrigo Co. plc | 585,025 | 23,565 | ||||
Premier Inc. Class A | 513,568 | 17,913 | ||||
Patterson Cos. Inc. | 377,659 | 9,808 | ||||
Healthcare Services Group Inc. | 319,709 | 4,463 | ||||
9,236,761 | ||||||
Industrials (10.3%) | ||||||
Raytheon Technologies Corp. | 6,487,829 | 615,176 | ||||
Honeywell International Inc. | 2,941,034 | 600,030 | ||||
United Parcel Service Inc. Class B | 3,207,146 | 538,063 | ||||
Lockheed Martin Corp. | 1,036,270 | 504,332 | ||||
Caterpillar Inc. | 2,304,568 | 498,847 | ||||
Automatic Data Processing Inc. | 1,819,737 | 439,830 |
Shares | Market Value• ($000) | |||||
3M Co. | 2,483,208 | 312,363 | ||||
Illinois Tool Works Inc. | 1,349,665 | 288,194 | ||||
General Dynamics Corp. | 1,059,770 | 264,730 | ||||
Eaton Corp. plc | 1,746,676 | 262,124 | ||||
Emerson Electric Co. | 2,572,108 | 222,745 | ||||
L3Harris Technologies Inc. | 838,356 | 206,630 | ||||
Johnson Controls International plc | 3,033,637 | 175,466 | ||||
Paychex Inc. | 1,404,684 | 166,188 | ||||
Cummins Inc. | 614,399 | 150,227 | ||||
PACCAR Inc. | 1,487,115 | 143,997 | ||||
DuPont de Nemours Inc. | 2,212,412 | 126,550 | ||||
Synchrony Financial | 2,089,105 | 74,289 | ||||
Hubbell Inc. Class B | 232,883 | 55,305 | ||||
RPM International Inc. | 554,978 | 52,484 | ||||
CH Robinson Worldwide Inc. | 531,970 | 51,984 | ||||
Snap-on Inc. | 228,717 | 50,787 | ||||
Packaging Corp. of America | 402,118 | 48,339 | ||||
Huntington Ingalls Industries Inc. | 171,332 | 44,044 | ||||
Watsco Inc. | 143,310 | 38,831 | ||||
Westrock Co. | 1,102,029 | 37,535 | ||||
Sonoco Products Co. | 423,212 | 26,273 | ||||
nVent Electric plc | 717,091 | 26,174 | ||||
MDU Resources Group Inc. | 878,425 | 25,017 | ||||
Western Union Co. | 1,675,082 | 22,630 | ||||
Crane Holdings Co. | 204,374 | 20,507 | ||||
ManpowerGroup Inc. | 223,670 | 17,522 | ||||
Ryder System Inc. | 214,817 | 17,295 | ||||
MSC Industrial Direct Co. Inc. Class A | 200,776 | 16,660 | ||||
Flowserve Corp. | 565,611 | 16,222 | ||||
Triton International Ltd. | 265,381 | 16,106 | ||||
GATX Corp. | 153,406 | 16,063 | ||||
ABM Industries Inc. | 290,003 | 12,908 | ||||
Otter Tail Corp. | 177,730 | 11,983 | ||||
Scorpio Tankers Inc. | 210,794 | 10,105 | ||||
McGrath RentCorp | 104,889 | 9,865 | ||||
Kennametal Inc. | 350,599 | 9,364 | ||||
1 | ZIM Integrated Shipping Services Ltd. | 357,056 | 8,387 | |||
1 | ADT Inc. | 908,496 | 7,686 | |||
Greif Inc. Class A | 111,371 | 7,374 | ||||
Granite Construction Inc. | 190,616 | 6,429 | ||||
H&E Equipment Services Inc. | 137,465 | 5,191 | ||||
SFL Corp. Ltd. | 497,951 | 5,079 | ||||
Greenbrier Cos. Inc. | 138,061 | 4,875 | ||||
Apogee Enterprises Inc. | 95,679 | 4,390 | ||||
1 | Atlas Corp. | 257,252 | 3,805 | |||
Trinseo plc | 150,872 | 2,839 | ||||
6,299,839 |
Shares | Market Value• ($000) | |||||
Real Estate (0.0%) | ||||||
Kennedy-Wilson Holdings Inc. | 510,497 | 8,479 | ||||
Technology (5.9%) | ||||||
Broadcom Inc. | 1,722,631 | 809,843 | ||||
Texas Instruments Inc. | 4,022,253 | 646,094 | ||||
QUALCOMM Inc. | 4,888,694 | 575,204 | ||||
International Business Machines Corp. | 3,926,696 | 543,023 | ||||
Intel Corp. | 17,856,782 | 507,668 | ||||
HP Inc. | 4,511,964 | 124,620 | ||||
Corning Inc. | 3,295,086 | 106,003 | ||||
Hewlett Packard Enterprise Co. | 5,651,778 | 80,651 | ||||
NetApp Inc. | 956,312 | 66,244 | ||||
NortonLifeLock Inc. | 2,486,805 | 56,028 | ||||
Seagate Technology Holdings plc | 803,421 | 39,898 | ||||
National Instruments Corp. | 568,535 | 21,707 | ||||
Avnet Inc. | 408,909 | 16,434 | ||||
Xerox Holdings Corp. | 494,566 | 7,236 | ||||
3,600,653 | ||||||
Telecommunications (4.6%) | ||||||
Cisco Systems Inc. | 18,134,193 | 823,836 | ||||
Verizon Communications Inc. | 18,335,775 | 685,208 | ||||
Comcast Corp. Class A | 19,104,993 | 606,392 | ||||
AT&T Inc. | 31,238,818 | 569,484 | ||||
Juniper Networks Inc. | 1,390,270 | 42,542 | ||||
Lumen Technologies Inc. | 4,472,526 | 32,918 | ||||
Cogent Communications Holdings Inc. | 186,193 | 9,777 | ||||
Telephone & Data Systems Inc. | 435,054 | 7,396 | ||||
2,777,553 | ||||||
Utilities (7.6%) | ||||||
NextEra Energy Inc. | 8,564,096 | 663,717 | ||||
Duke Energy Corp. | 3,360,462 | 313,128 | ||||
Southern Co. | 4,631,366 | 303,262 | ||||
Waste Management Inc. | 1,808,027 | 286,337 | ||||
Dominion Energy Inc. | 3,624,798 | 253,627 | ||||
Sempra Energy | 1,376,015 | 207,696 | ||||
American Electric Power Co. Inc. | 2,241,276 | 197,053 | ||||
Exelon Corp. | 4,332,535 | 167,193 | ||||
Xcel Energy Inc. | 2,377,711 | 154,813 | ||||
Consolidated Edison Inc. | 1,546,093 | 135,994 | ||||
WEC Energy Group Inc. | 1,375,766 | 125,649 | ||||
Public Service Enterprise Group Inc. | 2,174,817 | 121,942 | ||||
Eversource Energy | 1,506,399 | 114,908 | ||||
Edison International | 1,641,276 | 98,542 | ||||
Entergy Corp. | 883,060 | 94,611 | ||||
FirstEnergy Corp. | 2,496,713 | 94,151 |
Shares | Market Value• ($000) | |||||
DTE Energy Co. | 838,934 | 94,053 | ||||
Ameren Corp. | 1,118,578 | 91,186 | ||||
PPL Corp. | 3,204,751 | 84,894 | ||||
CenterPoint Energy Inc. | 2,740,909 | 78,417 | ||||
AES Corp. | 2,903,715 | 75,961 | ||||
CMS Energy Corp. | 1,258,614 | 71,804 | ||||
Atmos Energy Corp. | 600,604 | 63,994 | ||||
Evergy Inc. | 966,884 | 59,106 | ||||
Alliant Energy Corp. | 1,090,539 | 56,893 | ||||
NRG Energy Inc. | 1,027,028 | 45,600 | ||||
NiSource Inc. | 1,767,168 | 45,399 | ||||
Essential Utilities Inc. | 1,006,742 | 44,518 | ||||
Vistra Corp. | 1,788,095 | 41,073 | ||||
Pinnacle West Capital Corp. | 491,177 | 33,012 | ||||
UGI Corp. | 911,163 | 32,191 | ||||
OGE Energy Corp. | 868,176 | 31,801 | ||||
National Fuel Gas Co. | 381,626 | 25,756 | ||||
IDACORP Inc. | 218,992 | 22,928 | ||||
Southwest Gas Holdings Inc. | 290,074 | 21,196 | ||||
Black Hills Corp. | 292,655 | 19,131 | ||||
New Jersey Resources Corp. | 416,959 | 18,613 | ||||
South Jersey Industries Inc. | 531,289 | 18,420 | ||||
ONE Gas Inc. | 232,931 | 18,048 | ||||
Hawaiian Electric Industries Inc. | 473,185 | 18,000 | ||||
Portland General Electric Co. | 386,689 | 17,378 | ||||
PNM Resources Inc. | 369,465 | 17,169 | ||||
Spire Inc. | 220,426 | 15,388 | ||||
ALLETE Inc. | 247,643 | 13,935 | ||||
NorthWestern Corp. | 243,551 | 12,867 | ||||
Avista Corp. | 313,454 | 12,861 |
Shares | Market Value• ($000) | |||||
Avangrid Inc. | 307,990 | 12,529 | ||||
Clearway Energy Inc. Class C | 353,033 | 12,264 | ||||
MGE Energy Inc. | 157,369 | 10,715 | ||||
SJW Group | 117,008 | 8,270 | ||||
Atlantica Sustainable Infrastructure plc | 273,330 | 7,574 | ||||
Northwest Natural Holding Co. | 150,128 | 7,220 | ||||
Clearway Energy Inc. Class A | 152,542 | 4,932 | ||||
4,597,719 | ||||||
Total Common Stocks (Cost $50,450,670) | 60,771,482 | |||||
Temporary Cash Investments (0.1%) | ||||||
Money Market Fund (0.1%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 3.117% (Cost $76,794) | 768,163 | 76,801 | |||
Total Investments (99.9%) (Cost $50,527,464) | 60,848,283 | |||||
Other Assets and Liabilities—Net (0.1%) | 39,631 | |||||
Net Assets (100%) | 60,887,914 |
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 $40,215,000. |
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 $44,188,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2022 | 481 | 93,386 | 1,707 |
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) |
Clorox Co. | 8/31/23 | BANA | 13,224 | (3.074) | 1,908 | — |
Paramount Global Class B | 8/31/23 | BANA | 11,348 | (3.074) | — | (313) |
1,908 | (313) |
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 $50,450,670) | 60,771,482 |
Affiliated Issuers (Cost $76,794) | 76,801 |
Total Investments in Securities | 60,848,283 |
Investment in Vanguard | 2,155 |
Cash Collateral Pledged—Futures Contracts | 4,810 |
Receivables for Investment Securities Sold | 1,708 |
Receivables for Accrued Income | 86,773 |
Receivables for Capital Shares Issued | 10,542 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,908 |
Total Assets | 60,956,179 |
Liabilities | |
Due to Custodian | 1,641 |
Payables for Investment Securities Purchased | 11,989 |
Collateral for Securities on Loan | 44,188 |
Payables for Capital Shares Redeemed | 7,822 |
Payables to Vanguard | 1,633 |
Variation Margin Payable—Futures Contracts | 679 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 313 |
Total Liabilities | 68,265 |
Net Assets | 60,887,914 |
1 Includes $40,215 of securities on loan. | |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 53,353,885 |
Total Distributable Earnings (Loss) | 7,534,029 |
Net Assets | 60,887,914 |
ETF Shares—Net Assets | |
Applicable to 457,502,229 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 48,688,871 |
Net Asset Value Per Share—ETF Shares | $106.42 |
Admiral Shares—Net Assets | |
Applicable to 380,143,108 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,199,043 |
Net Asset Value Per Share—Admiral Shares | $32.09 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends 1 | 1,718,598 |
Interest 2 | 395 |
Securities Lending—Net | 1,597 |
Total Income | 1,720,590 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,499 |
Management and Administrative—ETF Shares | 22,404 |
Management and Administrative—Admiral Shares | 8,448 |
Marketing and Distribution—ETF Shares | 1,661 |
Marketing and Distribution—Admiral Shares | 508 |
Custodian Fees | 442 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 832 |
Shareholders’ Reports—Admiral Shares | 138 |
Trustees’ Fees and Expenses | 21 |
Other Expenses | 37 |
Total Expenses | 36,020 |
Expenses Paid Indirectly | (13) |
Net Expenses | 36,007 |
Net Investment Income | 1,684,583 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 671,793 |
Futures Contracts | (19,177) |
Swap Contracts | (13,055) |
Realized Net Gain (Loss) | 639,561 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,655,662) |
Futures Contracts | (1,999) |
Swap Contracts | (2,023) |
Change in Unrealized Appreciation (Depreciation) | (1,659,684) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 664,460 |
1 | Dividends are net of foreign withholding taxes of $835,000. |
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 $395,000, ($41,000), $1,000, and $7,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $1,174,269,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,684,583 | 1,357,112 |
Realized Net Gain (Loss) | 639,561 | 1,205,834 |
Change in Unrealized Appreciation (Depreciation) | (1,659,684) | 11,496,343 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 664,460 | 14,059,289 |
Distributions | ||
ETF Shares | (1,318,564) | (1,045,675) |
Admiral Shares | (352,553) | (295,106) |
Total Distributions | (1,671,117) | (1,340,781) |
Capital Share Transactions | ||
ETF Shares | 9,692,470 | 3,606,248 |
Admiral Shares | 1,017,487 | 916,264 |
Net Increase (Decrease) from Capital Share Transactions | 10,709,957 | 4,522,512 |
Total Increase (Decrease) | 9,703,300 | 17,241,020 |
Net Assets | ||
Beginning of Period | 51,184,614 | 33,943,594 |
End of Period | 60,887,914 | 51,184,614 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $108.42 | $79.49 | $89.60 | $83.26 | $82.46 |
Investment Operations | |||||
Net Investment Income1 | 3.232 | 3.010 | 2.950 | 2.891 | 2.623 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.016) | 28.887 | (10.184) | 6.251 | .731 |
Total from Investment Operations | 1.216 | 31.897 | (7.234) | 9.142 | 3.354 |
Distributions | |||||
Dividends from Net Investment Income | (3.216) | (2.967) | (2.876) | (2.802) | (2.554) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.216) | (2.967) | (2.876) | (2.802) | (2.554) |
Net Asset Value, End of Period | $106.42 | $108.42 | $79.49 | $89.60 | $83.26 |
Total Return | 1.18% | 40.55% | -8.17% | 11.31% | 4.05% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $48,689 | $39,766 | $26,279 | $26,816 | $21,328 |
Ratio of Total Expenses to Average Net Assets | 0.06% 2 | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 3.01% | 2.99% | 3.53% | 3.38% | 3.08% |
Portfolio Turnover Rate3 | 9% | 8% | 11% | 7% | 13% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | February 7, 20191 to October 31, 2019 | ||
2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $32.69 | $23.97 | $27.02 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .970 | .902 | .887 | .624 |
Net Realized and Unrealized Gain (Loss) on Investments | (.607) | 8.707 | (3.075) | 2.010 |
Total from Investment Operations | .363 | 9.609 | (2.188) | 2.634 |
Distributions | ||||
Dividends from Net Investment Income | (.963) | (.889) | (.862) | (.614) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.963) | (.889) | (.862) | (.614) |
Net Asset Value, End of Period | $32.09 | $32.69 | $23.97 | $27.02 |
Total Return3 | 1.19% | 40.50% | -8.19% | 10.64% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $12,199 | $11,418 | $7,665 | $8,814 |
Ratio of Total Expenses to Average Net Assets | 0.08% 4 | 0.08% | 0.08% | 0.08% 5 |
Ratio of Net Investment Income to Average Net Assets | 2.99% | 2.97% | 3.52% | 3.24% 5 |
Portfolio Turnover Rate6 | 9% | 8% | 11% | 7% 7 |
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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
5 | Annualized. |
6 | 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. |
7 | 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 | 60,771,482 | — | — | 60,771,482 |
Temporary Cash Investments | 76,801 | — | — | 76,801 |
Total | 60,848,283 | — | — | 60,848,283 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,707 | — | — | 1,707 |
Swap Contracts | — | 1,908 | — | 1,908 |
Total | 1,707 | 1,908 | — | 3,615 |
Liabilities | ||||
Swap Contracts | — | 313 | — | 313 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 1,174,008 |
Total Distributable Earnings (Loss) | (1,174,008) |
Amount ($000) | |
Undistributed Ordinary Income | 175,807 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (2,837,648) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 10,195,870 |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 1,671,117 | 1,340,781 |
Long-Term Capital Gains | — | — |
Total | 1,671,117 | 1,340,781 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 50,652,413 |
Gross Unrealized Appreciation | 13,209,458 |
Gross Unrealized Depreciation | (3,013,588) |
Net Unrealized Appreciation (Depreciation) | 10,195,870 |
Year Ended October 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 12,609,654 | 117,634 | 7,291,624 | 73,333 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,917,184) | (26,900) | (3,685,376) | (37,150) | |
Net Increase (Decrease)—ETF Shares | 9,692,470 | 90,734 | 3,606,248 | 36,183 |
Year Ended October 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 2,387,226 | 73,103 | 2,290,496 | 75,589 | |
Issued in Lieu of Cash Distributions | 273,445 | 8,660 | 229,798 | 7,717 | |
Redeemed | (1,643,184) | (50,873) | (1,604,030) | (53,826) | |
Net Increase (Decrease)—Admiral Shares | 1,017,487 | 30,890 | 916,264 | 29,480 |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/g401262img2b6e57016.jpg)
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-CSR/0001104659-22-131362/img083272321.jpg)
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Performance Summary | 4 |
Financial Statements | 7 |
• | The 12 months ended October 31, 2022, were a volatile, challenging period for financial markets. Vanguard Emerging Markets Government Bond Index Fund returned –23.25% for Admiral Shares, –23.24% for Institutional Shares, and –22.68% for ETF Shares (based on net asset value). The fund's benchmark index returned –23.08%. |
• | The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by many central banks to bring inflation back in check, which weighed on bond prices and increased fears of recession. |
• | Amid these conditions, U.S. dollar-denominated emerging-market debt posted negative returns across almost all countries, sectors, and credit ratings. The worst declines were in bonds from Eastern Europe, but they constituted only about 3% of the portfolio’s weighting. |
• | At period-end, the fund’s 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—ranged from 7.61% for ETF Shares to 7.68% for Institutional Shares. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $903.40 | $0.96 |
Admiral™ Shares | 1,000.00 | 903.60 | 0.96 |
Institutional Shares | 1,000.00 | 903.80 | 0.86 |
Based on Hypothetical 5% Yearly Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,024.20 | $1.02 |
Admiral Shares | 1,000.00 | 1,024.20 | 1.02 |
Institutional Shares | 1,000.00 | 1,024.30 | 0.92 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img7e9e30dc2.gif)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Since Inception (5/31/2013) | Final Value of a $10,000 Investment | ||
![]() | Emerging Markets Government Bond Index Fund ETF Shares Net Asset Value | -22.68% | -2.25% | 1.01% | $10,994 |
Emerging Markets Government Bond Index Fund ETF Shares Market Price | -23.19 | -2.43 | 0.96 | 10,946 | |
![]() | Bloomberg USD Emerging Markets Government RIC Capped Index | -23.08 | -2.31 | 1.03 | 11,017 |
![]() | Bloomberg Global Aggregate Index ex USD | -24.59 | -3.91 | -1.84 | 8,398 |
One Year | Five Years | Since Inception (5/31/2013) | Final Value of a $10,000 Investment | ||
Emerging Markets Government Bond Index Fund Admiral Shares | -23.25% | -2.39% | 0.94% | $10,924 | |
Bloomberg USD Emerging Markets Government RIC Capped Index | -23.08 | -2.31 | 1.03 | 11,017 | |
Bloomberg Global Aggregate Index ex USD | -24.59 | -3.91 | -1.84 | 8,398 |
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Since Inception (2/11/2015) 1 | Final Value of a $5,000,000 Investment | ||
Emerging Markets Government Bond Index Fund Institutional Shares | -23.24% | -2.38% | 0.85% | $5,337,269 | |
Bloomberg USD Emerging Markets Government RIC Capped Index | -23.08 | -2.31 | 0.93 | 5,370,737 | |
Bloomberg Global Aggregate Index ex USD | -24.59 | -3.91 | -1.79 | 4,349,707 |
“Since Inception” performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standard(s). |
1Institutional Shares were first issued on November 25, 2014, and were redeemed shortly thereafter. Institutional Shares were next issued on February 11, 2015. The total returns shown are based on the period beginning February 11, 2015. |
One Year | Five Years | Since Inception (5/31/2013) | |
Emerging Markets Government Bond Index Fund ETF Shares Market Price | -23.19% | -11.56% | 9.46% |
Emerging Markets Government Bond Index Fund ETF Shares Net Asset Value | -22.68 | -10.77 | 9.94 |
Bloomberg USD Emerging Markets Government RIC Capped Index | -23.08 | -11.02 | 10.17 |
Mexico | 9.8% |
Saudi Arabia | 9.6 |
Indonesia | 7.5 |
Turkey | 7.1 |
United Arab Emirates | 6.6 |
Qatar | 5.4 |
China | 5.0 |
Brazil | 3.8 |
Philippines | 3.4 |
Colombia | 3.1 |
Oman | 2.7 |
Peru | 2.4 |
Dominican Republic | 2.4 |
Chile | 2.3 |
Panama | 2.3 |
Egypt | 2.2 |
South Africa | 2.1 |
Bahrain | 2.0 |
Argentina | 1.8 |
Uruguay | 1.5 |
Malaysia | 1.3 |
Nigeria | 1.1 |
Hungary | 1.1 |
Romania | 1.0 |
Other | 12.5 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (0.2%) | |||||
United States Treasury Note/Bond (Cost $4,305) | 4.375% | 10/31/24 | 4,310 | 4,301 | |
Corporate Bonds (14.1%) | |||||
Azerbaijan (0.2%) | |||||
1 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | 6,200 | 6,084 |
Brazil (0.2%) | |||||
Petrobras Global Finance BV | 6.875% | 1/20/40 | 1 | 1 | |
Petrobras Global Finance BV | 6.850% | 6/5/15 | 5,450 | 4,254 | |
4,255 | |||||
Chile (0.2%) | |||||
Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 8,300 | 5,374 | |
China (3.3%) | |||||
Bank of China Ltd. | 5.000% | 11/13/24 | 9,400 | 9,289 | |
China Cinda Finance 2015 I Ltd. | 4.250% | 4/23/25 | 5,400 | 5,031 | |
China Construction Bank Corp. | 4.250% | 2/27/29 | 5,750 | 5,650 | |
China Construction Bank Corp. | 2.450% | 6/24/30 | 6,350 | 5,868 | |
China Construction Bank Corp. | 2.850% | 1/21/32 | 6,200 | 5,621 | |
CNAC HK Finbridge Co. Ltd. | 5.125% | 3/14/28 | 5,555 | 4,868 | |
CNOOC Finance 2014 ULC | 4.250% | 4/30/24 | 7,006 | 6,913 | |
CNOOC Finance 2015 USA LLC | 3.500% | 5/5/25 | 6,200 | 5,946 | |
Industrial & Commercial Bank of China Ltd. | 4.875% | 9/21/25 | 6,240 | 6,120 | |
Industrial & Commercial Bank of China Ltd. | 3.200% | 12/31/99 | 19,325 | 17,269 | |
Sinopec Group Overseas Development 2015 Ltd. | 3.250% | 4/28/25 | 4,850 | 4,636 | |
Sinopec Group Overseas Development 2018 Ltd. | 2.700% | 5/13/30 | 4,750 | 3,995 | |
State Grid Overseas Investment 2014 Ltd. | 4.125% | 5/7/24 | 5,020 | 4,959 | |
State Grid Overseas Investment BVI Ltd. | 3.500% | 5/4/27 | 7,394 | 6,968 | |
93,133 | |||||
Colombia (0.5%) | |||||
Ecopetrol SA | 5.375% | 6/26/26 | 4,675 | 4,247 | |
Ecopetrol SA | 6.875% | 4/29/30 | 6,325 | 5,194 | |
Ecopetrol SA | 5.875% | 5/28/45 | 6,267 | 3,827 | |
13,268 | |||||
Indonesia (0.4%) | |||||
2 | Freeport Indonesia PT | 5.315% | 4/14/32 | 4,500 | 3,781 |
Freeport Indonesia PT | 5.315% | 4/14/32 | 200 | 168 | |
Pertamina Persero PT | 6.450% | 5/30/44 | 4,400 | 3,967 | |
Pertamina Persero PT | 6.500% | 11/7/48 | 200 | 179 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | 5/15/27 | 4,557 | 4,180 | |
12,275 | |||||
Kazakhstan (0.1%) | |||||
KazMunayGas National Co. JSC | 6.375% | 10/24/48 | 4,700 | 3,343 | |
Malaysia (0.9%) | |||||
Petronas Capital Ltd. | 3.500% | 3/18/25 | 5,050 | 4,875 | |
Petronas Capital Ltd. | 3.500% | 4/21/30 | 7,050 | 6,273 | |
Petronas Capital Ltd. | 4.500% | 3/18/45 | 4,700 | 3,911 | |
Petronas Capital Ltd. | 4.550% | 4/21/50 | 8,600 | 7,051 | |
2 | Petronas Capital Ltd. | 3.404% | 4/28/61 | 4,000 | 2,497 |
Petronas Capital Ltd. | 3.404% | 4/28/61 | 1,400 | 870 | |
25,477 | |||||
Mexico (4.1%) | |||||
Mexico City Airport Trust | 5.500% | 7/31/47 | 6,579 | 4,211 | |
Petroleos Mexicanos | 6.875% | 8/4/26 | 7,650 | 7,079 | |
Petroleos Mexicanos | 6.490% | 1/23/27 | 4,906 | 4,294 | |
Petroleos Mexicanos | 6.500% | 3/13/27 | 12,625 | 11,060 | |
Petroleos Mexicanos | 5.350% | 2/12/28 | 6,070 | 4,847 | |
Petroleos Mexicanos | 8.750% | 6/2/29 | 6,300 | 5,637 | |
Petroleos Mexicanos | 6.840% | 1/23/30 | 7,600 | 6,019 | |
Petroleos Mexicanos | 5.950% | 1/28/31 | 11,925 | 8,597 | |
Petroleos Mexicanos | 6.625% | 6/15/35 | 8,700 | 6,015 | |
Petroleos Mexicanos | 6.500% | 6/2/41 | 5,000 | 3,088 | |
Petroleos Mexicanos | 6.750% | 9/21/47 | 17,200 | 10,359 | |
Petroleos Mexicanos | 6.350% | 2/12/48 | 5,100 | 2,931 | |
Petroleos Mexicanos | 7.690% | 1/23/50 | 25,034 | 16,227 | |
Petroleos Mexicanos | 6.950% | 1/28/60 | 12,015 | 7,200 | |
3 | Petroleos Mexicanos | 6.700% | 2/16/32 | 21,199 | 15,962 |
113,526 | |||||
Peru (0.1%) | |||||
Petroleos del Peru SA | 5.625% | 6/19/47 | 6,300 | 3,969 | |
Qatar (1.0%) | |||||
Qatar Energy | 1.375% | 9/12/26 | 1,175 | 1,033 | |
2 | Qatar Energy | 2.250% | 7/12/31 | 5,400 | 4,332 |
Qatar Energy | 3.300% | 7/12/51 | 12,625 | 8,551 | |
2 | Qatar Petroleum | 1.375% | 9/12/26 | 3,700 | 3,253 |
Qatar Petroleum | 2.250% | 7/12/31 | 5,500 | 4,392 | |
Qatar Petroleum | 3.125% | 7/12/41 | 10,984 | 7,760 | |
29,321 | |||||
Saudi Arabia (2.2%) | |||||
2 | SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 3,900 | 3,415 |
SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 2,338 | 2,049 | |
SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 9,450 | 7,717 | |
Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 6,175 | 5,955 | |
Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 9,316 | 8,282 | |
2 | Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 1,475 | 1,166 |
Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 5,100 | 4,025 | |
2 | Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 1,500 | 1,229 |
Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 7,500 | 6,150 | |
Saudi Arabian Oil Co. | 4.375% | 4/16/49 | 9,455 | 7,372 | |
Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 7,208 | 4,519 | |
Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 7,150 | 4,370 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Saudi Electricity Global Sukuk Co. 3 | 4.000% | 4/8/24 | 4,700 | 4,610 | |
60,859 | |||||
United Arab Emirates (0.9%) | |||||
3 | Abu Dhabi Crude Oil Pipeline LLC | 4.600% | 11/2/47 | 6,875 | 5,917 |
2 | DP World Ltd. | 6.850% | 7/2/37 | 5,070 | 4,866 |
DP World Ltd. | 5.625% | 9/25/48 | 475 | 394 | |
DP World Salaam | 6.000% | 12/31/99 | 4,650 | 4,515 | |
2 | MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 300 | 221 |
MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 3,803 | 2,801 | |
MDGH GMTN RSC Ltd. | 3.950% | 5/21/50 | 6,750 | 5,215 | |
23,929 | |||||
Total Corporate Bonds (Cost $502,657) | 394,813 | ||||
Sovereign Bonds (83.9%) | |||||
Angola (0.8%) | |||||
Republic of Angola | 9.500% | 11/12/25 | 500 | 489 | |
Republic of Angola | 8.250% | 5/9/28 | 8,150 | 6,893 | |
Republic of Angola | 8.000% | 11/26/29 | 5,623 | 4,575 | |
2 | Republic of Angola | 8.750% | 4/14/32 | 5,000 | 4,039 |
Republic of Angola | 8.750% | 4/14/32 | 400 | 324 | |
Republic of Angola | 9.375% | 5/8/48 | 5,400 | 4,109 | |
Republic of Angola | 9.125% | 11/26/49 | 4,000 | 3,029 | |
23,458 | |||||
Argentina (1.8%) | |||||
4 | Provincia de Buenos Aires, 6.375% coupon rate effective 9/1/23 | 5.250% | 9/1/37 | 19,450 | 5,857 |
Republic of Argentina | 1.000% | 7/9/29 | 8,276 | 1,699 | |
4 | Republic of Argentina, 0.750% coupon rate effective 7/9/23 | 0.500% | 7/9/30 | 50,477 | 10,650 |
4 | Republic of Argentina, 3.625% coupon rate effective 7/9/23 | 1.500% | 7/9/35 | 64,304 | 12,780 |
4 | Republic of Argentina, 3.625% coupon rate effective 7/9/23 | 1.500% | 7/9/46 | 6,574 | 1,338 |
4 | Republic of Argentina, 4.250% coupon rate effective 7/9/23 | 3.875% | 1/9/38 | 35,791 | 9,259 |
4 | Republic of Argentina, 4.875% coupon rate effective 7/9/29 | 3.500% | 7/9/41 | 32,889 | 7,834 |
49,417 | |||||
Armenia (0.2%) | |||||
Republic of Armenia | 7.150% | 3/26/25 | 1,700 | 1,670 | |
Republic of Armenia | 3.950% | 9/26/29 | 1,650 | 1,198 | |
2 | Republic of Armenia | 3.600% | 2/2/31 | 950 | 650 |
Republic of Armenia | 3.600% | 2/2/31 | 1,050 | 720 | |
4,238 | |||||
Azerbaijan (0.2%) | |||||
Republic of Azerbaijan | 4.750% | 3/18/24 | 3,950 | 3,872 | |
3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 3,350 | 2,697 |
6,569 | |||||
Bahamas (0.1%) | |||||
2,3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 850 | 542 |
3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 700 | 445 |
2,3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,750 | 1,133 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,400 | 907 |
3,027 | |||||
Bahrain (2.0%) | |||||
CBB International Sukuk Co. 5 Spc | 5.624% | 2/12/24 | 3,400 | 3,398 | |
CBB International Sukuk Co. 6 Spc | 5.250% | 3/20/25 | 2,400 | 2,370 | |
CBB International Sukuk Co. 6 Spc | 6.875% | 10/5/25 | 3,750 | 3,851 | |
CBB International Sukuk Programme Co. WLL | 6.250% | 11/14/24 | 3,458 | 3,482 | |
CBB International Sukuk Programme Co. WLL | 4.500% | 3/30/27 | 2,856 | 2,710 | |
CBB International Sukuk Programme Co. WLL | 3.950% | 9/16/27 | 2,600 | 2,412 | |
CBB International Sukuk Programme Co. WLL | 3.875% | 5/18/29 | 2,950 | 2,560 | |
Kingdom of Bahrain | 7.000% | 1/26/26 | 4,425 | 4,429 | |
Kingdom of Bahrain | 4.250% | 1/25/28 | 1,600 | 1,407 | |
Kingdom of Bahrain | 7.000% | 10/12/28 | 5,100 | 4,911 | |
Kingdom of Bahrain | 6.750% | 9/20/29 | 4,100 | 3,856 | |
Kingdom of Bahrain | 7.375% | 5/14/30 | 3,650 | 3,486 | |
Kingdom of Bahrain | 5.625% | 9/30/31 | 2,970 | 2,503 | |
Kingdom of Bahrain | 5.450% | 9/16/32 | 3,900 | 3,156 | |
Kingdom of Bahrain | 5.250% | 1/25/33 | 2,200 | 1,725 | |
2 | Kingdom of Bahrain | 5.625% | 5/18/34 | 1,800 | 1,418 |
Kingdom of Bahrain | 5.625% | 5/18/34 | 1,100 | 864 | |
Kingdom of Bahrain | 6.000% | 9/19/44 | 4,000 | 2,821 | |
Kingdom of Bahrain | 7.500% | 9/20/47 | 2,800 | 2,248 | |
Kingdom of Bahrain | 6.250% | 1/25/51 | 1,900 | 1,337 | |
54,944 | |||||
Belarus (0.1%) | |||||
Republic of Belarus | 5.875% | 2/24/26 | 1,650 | 342 | |
Republic of Belarus | 7.625% | 6/29/27 | 1,600 | 320 | |
Republic of Belarus | 6.200% | 2/28/30 | 1,800 | 368 | |
Republic of Belarus | 6.378% | 2/24/31 | 2,500 | 499 | |
1,529 | |||||
Bermuda (0.3%) | |||||
Government of Bermuda | 3.717% | 1/25/27 | 1,750 | 1,639 | |
2 | Government of Bermuda | 4.750% | 2/15/29 | 600 | 573 |
Government of Bermuda | 2.375% | 8/20/30 | 1,600 | 1,265 | |
2 | Government of Bermuda | 5.000% | 7/15/32 | 2,600 | 2,400 |
2 | Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 634 |
Government of Bermuda | 3.375% | 8/20/50 | 1,200 | 766 | |
7,277 | |||||
Bolivia (0.2%) | |||||
2,3 | Bolivian Government | 4.500% | 3/20/28 | 700 | 551 |
3 | Bolivian Government | 4.500% | 3/20/28 | 3,506 | 2,741 |
2 | Bolivian Government | 7.500% | 3/2/30 | 1,400 | 1,232 |
Bolivian Government | 7.500% | 3/2/30 | 200 | 178 | |
4,702 | |||||
Brazil (3.5%) | |||||
Federative Republic of Brazil | 8.875% | 4/15/24 | 3,226 | 3,416 | |
Federative Republic of Brazil | 4.250% | 1/7/25 | 13,353 | 13,008 | |
Federative Republic of Brazil | 8.750% | 2/4/25 | 2,125 | 2,271 | |
Federative Republic of Brazil | 2.875% | 6/6/25 | 8,250 | 7,742 | |
Federative Republic of Brazil | 6.000% | 4/7/26 | 3,600 | 3,688 | |
Federative Republic of Brazil | 10.125% | 5/15/27 | 2,200 | 2,560 | |
Federative Republic of Brazil | 4.625% | 1/13/28 | 10,500 | 9,870 | |
Federative Republic of Brazil | 4.500% | 5/30/29 | 6,300 | 5,663 | |
Federative Republic of Brazil | 3.875% | 6/12/30 | 11,100 | 9,378 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Federative Republic of Brazil | 3.750% | 9/12/31 | 4,700 | 3,871 | |
Federative Republic of Brazil | 8.250% | 1/20/34 | 4,200 | 4,552 | |
Federative Republic of Brazil | 7.125% | 1/20/37 | 5,050 | 5,053 | |
Federative Republic of Brazil | 5.625% | 1/7/41 | 6,500 | 5,238 | |
Federative Republic of Brazil | 5.000% | 1/27/45 | 10,986 | 7,952 | |
Federative Republic of Brazil | 5.625% | 2/21/47 | 5,233 | 3,986 | |
Federative Republic of Brazil | 4.750% | 1/14/50 | 16,160 | 10,849 | |
99,097 | |||||
Chile (2.0%) | |||||
Republic of Chile | 3.125% | 1/21/26 | 2,200 | 2,053 | |
Republic of Chile | 2.750% | 1/31/27 | 5,000 | 4,507 | |
Republic of Chile | 3.240% | 2/6/28 | 6,540 | 5,898 | |
Republic of Chile | 2.450% | 1/31/31 | 5,607 | 4,497 | |
Republic of Chile | 2.550% | 7/27/33 | 6,709 | 5,015 | |
Republic of Chile | 3.500% | 1/31/34 | 8,350 | 6,759 | |
Republic of Chile | 3.100% | 5/7/41 | 8,550 | 5,659 | |
Republic of Chile | 4.340% | 3/7/42 | 6,350 | 4,915 | |
Republic of Chile | 3.860% | 6/21/47 | 3,925 | 2,812 | |
Republic of Chile | 3.500% | 1/25/50 | 7,200 | 4,754 | |
Republic of Chile | 4.000% | 1/31/52 | 3,050 | 2,162 | |
Republic of Chile | 3.500% | 4/15/53 | 4,350 | 2,783 | |
Republic of Chile | 3.100% | 1/22/61 | 6,250 | 3,512 | |
Republic of Chile | 3.250% | 9/21/71 | 3,350 | 1,853 | |
57,179 | |||||
China (1.6%) | |||||
China Government Bond | 0.400% | 10/21/23 | 3,500 | 3,365 | |
China Government Bond | 1.950% | 12/3/24 | 6,000 | 5,691 | |
China Government Bond | 0.550% | 10/21/25 | 7,200 | 6,406 | |
China Government Bond | 2.625% | 11/2/27 | 3,824 | 3,526 | |
China Government Bond | 3.500% | 10/19/28 | 2,300 | 2,190 | |
China Government Bond | 2.125% | 12/3/29 | 8,200 | 7,176 | |
China Government Bond | 1.200% | 10/21/30 | 4,750 | 3,799 | |
China Government Bond | 1.750% | 10/26/31 | 1,800 | 1,474 | |
China Government Bond | 2.750% | 12/3/39 | 1,925 | 1,462 | |
China Government Bond | 4.000% | 10/19/48 | 1,800 | 1,574 | |
2 | China Government Bond | 2.250% | 10/21/50 | 300 | 181 |
China Government Bond | 2.250% | 10/21/50 | 1,200 | 728 | |
2 | China Government Bond | 2.500% | 10/26/51 | 2,525 | 1,611 |
China Government Bond | 2.500% | 10/26/51 | 600 | 382 | |
Export-Import Bank of China | 3.625% | 7/31/24 | 4,972 | 4,871 | |
44,436 | |||||
Colombia (2.6%) | |||||
Republic of Colombia | 4.000% | 2/26/24 | 4,745 | 4,553 | |
Republic of Colombia | 8.125% | 5/21/24 | 3,205 | 3,222 | |
Republic of Colombia | 4.500% | 1/28/26 | 5,117 | 4,605 | |
Republic of Colombia | 3.875% | 4/25/27 | 6,150 | 5,147 | |
Republic of Colombia | 4.500% | 3/15/29 | 6,300 | 5,094 | |
Republic of Colombia | 3.000% | 1/30/30 | 4,675 | 3,313 | |
Republic of Colombia | 3.125% | 4/15/31 | 8,080 | 5,553 | |
Republic of Colombia | 3.250% | 4/22/32 | 6,300 | 4,211 | |
Republic of Colombia | 7.375% | 9/18/37 | 5,662 | 4,782 | |
Republic of Colombia | 6.125% | 1/18/41 | 7,845 | 5,613 | |
Republic of Colombia | 4.125% | 2/22/42 | 3,150 | 1,777 | |
Republic of Colombia | 5.625% | 2/26/44 | 7,675 | 4,984 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Colombia | 5.000% | 6/15/45 | 14,100 | 8,527 | |
Republic of Colombia | 5.200% | 5/15/49 | 8,470 | 5,159 | |
Republic of Colombia | 4.125% | 5/15/51 | 5,750 | 3,070 | |
Republic of Colombia | 3.875% | 2/15/61 | 3,350 | 1,707 | |
71,317 | |||||
Costa Rica (0.4%) | |||||
Republic of Costa Rica | 4.375% | 4/30/25 | 1,600 | 1,546 | |
Republic of Costa Rica | 6.125% | 2/19/31 | 3,825 | 3,560 | |
Republic of Costa Rica | 5.625% | 4/30/43 | 1,500 | 1,095 | |
Republic of Costa Rica | 7.000% | 4/4/44 | 3,130 | 2,649 | |
Republic of Costa Rica | 7.158% | 3/12/45 | 4,201 | 3,636 | |
12,486 | |||||
Croatia (0.2%) | |||||
Republic of Croatia | 6.000% | 1/26/24 | 5,425 | 5,470 | |
Dominican Republic (2.3%) | |||||
Dominican Republic | 5.500% | 1/27/25 | 4,300 | 4,217 | |
Dominican Republic | 6.875% | 1/29/26 | 4,995 | 4,910 | |
Dominican Republic | 5.950% | 1/25/27 | 5,350 | 4,998 | |
Dominican Republic | 6.000% | 7/19/28 | 4,069 | 3,715 | |
2 | Dominican Republic | 5.500% | 2/22/29 | 4,950 | 4,346 |
Dominican Republic | 5.500% | 2/22/29 | 900 | 786 | |
Dominican Republic | 4.500% | 1/30/30 | 5,606 | 4,487 | |
2 | Dominican Republic | 4.875% | 9/23/32 | 950 | 735 |
Dominican Republic | 4.875% | 9/23/32 | 10,250 | 7,884 | |
2 | Dominican Republic | ��6.000% | 2/22/33 | 2,275 | 1,907 |
Dominican Republic | 6.000% | 2/22/33 | 3,250 | 2,720 | |
Dominican Republic | 5.300% | 1/21/41 | 4,350 | 2,989 | |
Dominican Republic | 7.450% | 4/30/44 | 4,650 | 3,882 | |
Dominican Republic | 6.850% | 1/27/45 | 6,294 | 4,873 | |
Dominican Republic | 6.500% | 2/15/48 | 3,250 | 2,378 | |
Dominican Republic | 6.400% | 6/5/49 | 4,700 | 3,396 | |
Dominican Republic | 5.875% | 1/30/60 | 9,777 | 6,447 | |
64,670 | |||||
Ecuador (0.7%) | |||||
3 | Republic of Ecuador | 0.000% | 7/31/30 | 3,205 | 1,009 |
4 | Republic of Ecuador, 2.500% coupon rate effective 7/31/23 | 1.500% | 7/31/40 | 10,633 | 3,521 |
4 | Republic of Ecuador, 3.500% coupon rate effective 7/31/23 | 2.500% | 7/31/35 | 26,431 | 9,623 |
4 | Republic of Ecuador, 6.000% coupon rate effective 7/31/23 | 5.500% | 7/31/30 | 11,620 | 6,170 |
20,323 | |||||
Egypt (2.1%) | |||||
Arab Republic of Egypt | 4.550% | 11/20/23 | 1,478 | 1,433 | |
Arab Republic of Egypt | 6.200% | 3/1/24 | 2,600 | 2,492 | |
Arab Republic of Egypt | 5.750% | 5/29/24 | 3,970 | 3,754 | |
Arab Republic of Egypt | 5.875% | 6/11/25 | 4,675 | 4,022 | |
Arab Republic of Egypt | 5.250% | 10/6/25 | 2,350 | 1,952 | |
2 | Arab Republic of Egypt | 3.875% | 2/16/26 | 500 | 376 |
Arab Republic of Egypt | 3.875% | 2/16/26 | 1,650 | 1,245 | |
Arab Republic of Egypt | 7.500% | 1/31/27 | 6,200 | 4,982 | |
2 | Arab Republic of Egypt | 5.800% | 9/30/27 | 400 | 291 |
Arab Republic of Egypt | 5.800% | 9/30/27 | 2,850 | 2,084 | |
Arab Republic of Egypt | 6.588% | 2/21/28 | 4,600 | 3,291 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Arab Republic of Egypt | 7.600% | 3/1/29 | 5,200 | 3,720 | |
Arab Republic of Egypt | 5.875% | 2/16/31 | 4,750 | 2,910 | |
Arab Republic of Egypt | 7.053% | 1/15/32 | 4,900 | 3,091 | |
Arab Republic of Egypt | 7.625% | 5/29/32 | 3,744 | 2,367 | |
2 | Arab Republic of Egypt | 7.300% | 9/30/33 | 2,700 | 1,678 |
Arab Republic of Egypt | 7.300% | 9/30/33 | 900 | 564 | |
Arab Republic of Egypt | 6.875% | 4/30/40 | 1,200 | 689 | |
Arab Republic of Egypt | 8.500% | 1/31/47 | 8,280 | 4,832 | |
Arab Republic of Egypt | 7.903% | 2/21/48 | 4,700 | 2,634 | |
Arab Republic of Egypt | 8.700% | 3/1/49 | 4,950 | 2,935 | |
Arab Republic of Egypt | 8.875% | 5/29/50 | 6,140 | 3,695 | |
2 | Arab Republic of Egypt | 8.750% | 9/30/51 | 1,300 | 769 |
Arab Republic of Egypt | 8.750% | 9/30/51 | 725 | 435 | |
Arab Republic of Egypt | 8.150% | 11/20/59 | 1,750 | 1,005 | |
2 | Arab Republic of Egypt | 7.500% | 2/16/61 | 3,100 | 1,713 |
Arab Republic of Egypt | 7.500% | 2/16/61 | 1,400 | 771 | |
59,730 | |||||
El Salvador (0.2%) | |||||
Republic of El Salvador | 6.375% | 1/18/27 | 2,662 | 1,054 | |
Republic of El Salvador | 8.625% | 2/28/29 | 1,985 | 794 | |
Republic of El Salvador | 8.250% | 4/10/32 | 1,532 | 609 | |
Republic of El Salvador | 7.650% | 6/15/35 | 3,000 | 1,082 | |
Republic of El Salvador | 7.625% | 2/1/41 | 1,918 | 667 | |
2 | Republic of El Salvador | 7.125% | 1/20/50 | 150 | 51 |
Republic of El Salvador | 7.125% | 1/20/50 | 3,350 | 1,131 | |
2 | Republic of El Salvador | 9.500% | 7/15/52 | 600 | 226 |
Republic of El Salvador | 9.500% | 7/15/52 | 2,450 | 933 | |
6,547 | |||||
Ethiopia (0.1%) | |||||
Federal Republic of Ethiopia | 6.625% | 12/11/24 | 3,150 | 1,624 | |
Gabon (0.2%) | |||||
Republic of Gabon | 6.950% | 6/16/25 | 2,200 | 1,993 | |
3 | Republic of Gabon | 6.625% | 2/6/31 | 2,600 | 1,826 |
2,3 | Republic of Gabon | 6.625% | 2/6/31 | 700 | 491 |
2 | Republic of Gabon | 7.000% | 11/24/31 | 2,125 | 1,486 |
Republic of Gabon | 7.000% | 11/24/31 | 400 | 281 | |
6,077 | |||||
Georgia (0.0%) | |||||
2 | Republic of Georgia | 2.750% | 4/22/26 | 750 | 638 |
Republic of Georgia | 2.750% | 4/22/26 | 800 | 681 | |
1,319 | |||||
Ghana (0.5%) | |||||
3 | Republic of Ghana | 8.125% | 1/18/26 | 4,295 | 1,564 |
3 | Republic of Ghana | 6.375% | 2/11/27 | 5,206 | 1,600 |
3 | Republic of Ghana | 7.875% | 3/26/27 | 1,130 | 355 |
3 | Republic of Ghana | 7.750% | 4/7/29 | 1,200 | 351 |
3 | Republic of Ghana | 7.625% | 5/16/29 | 4,900 | 1,396 |
3 | Republic of Ghana | 10.750% | 10/14/30 | 3,100 | 2,036 |
3 | Republic of Ghana | 8.125% | 3/26/32 | 3,900 | 1,140 |
Republic of Ghana | 8.625% | 4/7/34 | 3,150 | 918 | |
3 | Republic of Ghana | 7.875% | 2/11/35 | 2,942 | 842 |
2 | Republic of Ghana | 8.875% | 5/7/42 | 200 | 54 |
Republic of Ghana | 8.875% | 5/7/42 | 1,200 | 331 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Republic of Ghana | 8.627% | 6/16/49 | 3,250 | 905 |
3 | Republic of Ghana | 8.950% | 3/26/51 | 2,925 | 850 |
2,3 | Republic of Ghana | 8.750% | 3/11/61 | 200 | 56 |
3 | Republic of Ghana | 8.750% | 3/11/61 | 2,850 | 813 |
13,211 | |||||
Guatemala (0.6%) | |||||
Republic of Guatemala | 4.500% | 5/3/26 | 2,250 | 2,133 | |
Republic of Guatemala | 4.375% | 6/5/27 | 1,400 | 1,293 | |
Republic of Guatemala | 4.875% | 2/13/28 | 2,200 | 2,028 | |
2 | Republic of Guatemala | 5.250% | 8/10/29 | 1,700 | 1,568 |
3 | Republic of Guatemala | 4.900% | 6/1/30 | 1,600 | 1,457 |
Republic of Guatemala | 5.375% | 4/24/32 | 1,600 | 1,479 | |
2 | Republic of Guatemala | 3.700% | 10/7/33 | 900 | 688 |
Republic of Guatemala | 3.700% | 10/7/33 | 600 | 457 | |
2 | Republic of Guatemala | 4.650% | 10/7/41 | 900 | 666 |
Republic of Guatemala | 4.650% | 10/7/41 | 600 | 441 | |
3 | Republic of Guatemala | 6.125% | 6/1/50 | 4,400 | 3,779 |
15,989 | |||||
Honduras (0.1%) | |||||
Republic of Honduras | 6.250% | 1/19/27 | 2,220 | 1,760 | |
2 | Republic of Honduras | 5.625% | 6/24/30 | 650 | 444 |
Republic of Honduras | 5.625% | 6/24/30 | 1,150 | 789 | |
2,993 | |||||
Hungary (1.1%) | |||||
Republic of Hungary | 5.750% | 11/22/23 | 3,040 | 3,034 | |
Republic of Hungary | 5.375% | 3/25/24 | 5,743 | 5,688 | |
2 | Republic of Hungary | 5.250% | 6/16/29 | 5,300 | 4,885 |
Republic of Hungary | 5.250% | 6/16/29 | 200 | 184 | |
2 | Republic of Hungary | 2.125% | 9/22/31 | 5,200 | 3,726 |
Republic of Hungary | 2.125% | 9/22/31 | 1,750 | 1,261 | |
2 | Republic of Hungary | 5.500% | 6/16/34 | 4,025 | 3,480 |
Republic of Hungary | 7.625% | 3/29/41 | 3,870 | 3,858 | |
2 | Republic of Hungary | 3.125% | 9/21/51 | 4,600 | 2,524 |
Republic of Hungary | 3.125% | 9/21/51 | 1,600 | 881 | |
29,521 | |||||
Indonesia (7.0%) | |||||
Perusahaan Penerbit SBSN Indonesia III | 3.900% | 8/20/24 | 2,250 | 2,215 | |
Perusahaan Penerbit SBSN Indonesia III | 4.350% | 9/10/24 | 4,800 | 4,754 | |
Perusahaan Penerbit SBSN Indonesia III | 4.325% | 5/28/25 | 6,369 | 6,260 | |
Perusahaan Penerbit SBSN Indonesia III | 2.300% | 6/23/25 | 2,000 | 1,860 | |
Perusahaan Penerbit SBSN Indonesia III | 4.550% | 3/29/26 | 5,320 | 5,203 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 2,950 | 2,594 |
Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 1,275 | 1,121 | |
Perusahaan Penerbit SBSN Indonesia III | 4.150% | 3/29/27 | 7,377 | 7,018 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.400% | 6/6/27 | 4,275 | 4,083 |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 6/6/27 | 600 | 573 | |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 5,190 | 4,923 | |
Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 3,485 | 3,301 | |
Perusahaan Penerbit SBSN Indonesia III | 2.800% | 6/23/30 | 3,550 | 2,985 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 1,300 | 1,044 |
Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 1,800 | 1,446 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.700% | 6/6/32 | 4,400 | 4,130 |
Perusahaan Penerbit SBSN Indonesia III | 3.800% | 6/23/50 | 2,300 | 1,625 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 1,600 | 1,082 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 1,000 | 676 | |
Republic of Indonesia | 5.875% | 1/15/24 | 5,350 | 5,407 | |
Republic of Indonesia | 4.125% | 1/15/25 | 6,300 | 6,162 | |
Republic of Indonesia | 4.750% | 1/8/26 | 6,600 | 6,476 | |
Republic of Indonesia | 4.350% | 1/8/27 | 4,500 | 4,321 | |
Republic of Indonesia | 3.850% | 7/18/27 | 3,270 | 3,058 | |
Republic of Indonesia | 4.150% | 9/20/27 | 1,700 | 1,609 | |
Republic of Indonesia | 3.500% | 1/11/28 | 3,886 | 3,550 | |
Republic of Indonesia | 4.100% | 4/24/28 | 3,200 | 3,013 | |
Republic of Indonesia | 4.750% | 2/11/29 | 3,758 | 3,611 | |
Republic of Indonesia | 3.400% | 9/18/29 | 2,450 | 2,145 | |
Republic of Indonesia | 2.850% | 2/14/30 | 4,200 | 3,572 | |
Republic of Indonesia | 3.850% | 10/15/30 | 5,050 | 4,523 | |
Republic of Indonesia | 1.850% | 3/12/31 | 3,650 | 2,782 | |
Republic of Indonesia | 2.150% | 7/28/31 | 3,925 | 3,061 | |
Republic of Indonesia | 3.550% | 3/31/32 | 3,600 | 3,087 | |
Republic of Indonesia | 4.650% | 9/20/32 | 4,000 | 3,693 | |
Republic of Indonesia | 8.500% | 10/12/35 | 4,900 | 5,765 | |
Republic of Indonesia | 6.625% | 2/17/37 | 4,487 | 4,642 | |
Republic of Indonesia | 7.750% | 1/17/38 | 6,150 | 6,832 | |
Republic of Indonesia | 5.250% | 1/17/42 | 7,025 | 6,375 | |
Republic of Indonesia | 4.625% | 4/15/43 | 4,560 | 3,834 | |
Republic of Indonesia | 6.750% | 1/15/44 | 6,205 | 6,416 | |
Republic of Indonesia | 5.125% | 1/15/45 | 6,201 | 5,449 | |
Republic of Indonesia | 5.950% | 1/8/46 | 3,866 | 3,743 | |
Republic of Indonesia | 5.250% | 1/8/47 | 4,650 | 4,162 | |
Republic of Indonesia | 4.750% | 7/18/47 | 3,000 | 2,502 | |
Republic of Indonesia | 4.350% | 1/11/48 | 5,850 | 4,560 | |
Republic of Indonesia | 5.350% | 2/11/49 | 3,173 | 2,803 | |
Republic of Indonesia | 3.700% | 10/30/49 | 3,100 | 2,172 | |
Republic of Indonesia | 3.500% | 2/14/50 | 2,500 | 1,691 | |
Republic of Indonesia | 4.200% | 10/15/50 | 5,250 | 3,952 | |
Republic of Indonesia | 3.050% | 3/12/51 | 6,300 | 4,020 | |
Republic of Indonesia | 4.300% | 3/31/52 | 2,600 | 1,979 | |
Republic of Indonesia | 5.450% | 9/20/52 | 1,500 | 1,351 | |
Republic of Indonesia | 3.200% | 9/23/61 | 1,900 | 1,168 | |
Republic of Indonesia | 4.450% | 4/15/70 | 3,200 | 2,397 | |
Republic of Indonesia | 3.350% | 3/12/71 | 2,425 | 1,458 | |
194,234 | |||||
Iraq (0.2%) | |||||
3 | Republic of Iraq | 5.800% | 1/15/28 | 5,806 | 4,952 |
Ivory Coast (0.2%) | |||||
3 | Ivory Coast | 6.375% | 3/3/28 | 2,350 | 2,141 |
3 | Ivory Coast | 6.125% | 6/15/33 | 4,100 | 3,210 |
5,351 | |||||
Jamaica (0.5%) | |||||
3 | Jamaica | 6.750% | 4/28/28 | 4,600 | 4,837 |
3 | Jamaica | 8.000% | 3/15/39 | 3,850 | 4,270 |
Jamaica | 7.875% | 7/28/45 | 5,800 | 6,209 | |
15,316 | |||||
Jordan (0.5%) | |||||
Kingdom of Jordan | 4.950% | 7/7/25 | 1,600 | 1,497 | |
Kingdom of Jordan | 6.125% | 1/29/26 | 3,500 | 3,355 | |
Kingdom of Jordan | 5.750% | 1/31/27 | 3,200 | 2,948 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Kingdom of Jordan | 7.750% | 1/15/28 | 1,625 | 1,580 |
Kingdom of Jordan | 7.750% | 1/15/28 | 200 | 194 | |
2 | Kingdom of Jordan | 5.850% | 7/7/30 | 300 | 249 |
Kingdom of Jordan | 5.850% | 7/7/30 | 3,411 | 2,830 | |
Kingdom of Jordan | 7.375% | 10/10/47 | 3,250 | 2,441 | |
15,094 | |||||
Kazakhstan (0.7%) | |||||
Republic of Kazakhstan | 3.875% | 10/14/24 | 4,470 | 4,433 | |
Republic of Kazakhstan | 5.125% | 7/21/25 | 7,850 | 8,027 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,950 | 2,248 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 200 | 152 | |
Republic of Kazakhstan | 6.500% | 7/21/45 | 4,630 | 4,104 | |
18,964 | |||||
Kenya (0.6%) | |||||
Republic of Kenya | 6.875% | 6/24/24 | 6,025 | 5,277 | |
Republic of Kenya | 7.000% | 5/22/27 | 2,875 | 2,295 | |
Republic of Kenya | 7.250% | 2/28/28 | 3,300 | 2,508 | |
Republic of Kenya | 8.000% | 5/22/32 | 4,000 | 2,814 | |
2 | Republic of Kenya | 6.300% | 1/23/34 | 1,800 | 1,146 |
Republic of Kenya | 6.300% | 1/23/34 | 1,350 | 863 | |
Republic of Kenya | 8.250% | 2/28/48 | 3,025 | 1,944 | |
16,847 | |||||
Kuwait (0.5%) | |||||
Kuwait | 3.500% | 3/20/27 | 13,825 | 13,195 | |
Lebanon (0.1%) | |||||
5 | Lebanon Republic | 6.650% | 4/22/24 | 1,860 | 116 |
5 | Lebanon Republic | 6.200% | 2/26/25 | 3,498 | 215 |
5 | Lebanon Republic | 6.600% | 11/27/26 | 6,295 | 385 |
5 | Lebanon Republic | 6.850% | 3/23/27 | 5,380 | 332 |
5 | Lebanon Republic | 6.750% | 11/29/27 | 4,009 | 250 |
5 | Lebanon Republic | 6.650% | 11/3/28 | 3,000 | 184 |
5 | Lebanon Republic | 6.850% | 5/25/29 | 3,300 | 198 |
5 | Lebanon Republic | 6.650% | 2/26/30 | 4,520 | 279 |
5 | Lebanon Republic | 7.000% | 3/23/32 | 3,895 | 242 |
5 | Lebanon Republic | 7.250% | 3/23/37 | 2,905 | 184 |
2,385 | |||||
Malaysia (0.4%) | |||||
Malaysia Sovereign Sukuk Bhd. | 3.043% | 4/22/25 | 2,850 | 2,740 | |
2 | Malaysia Sovereign Sukuk Bhd. | 2.070% | 4/28/31 | 1,250 | 1,030 |
Malaysia Sovereign Sukuk Bhd. | 4.236% | 4/22/45 | 2,025 | 1,791 | |
2 | Malaysia Sovereign Sukuk Bhd. | 3.075% | 4/28/51 | 700 | 488 |
Malaysia Sukuk Global Bhd. | 3.179% | 4/27/26 | 3,000 | 2,872 | |
Malaysia Sukuk Global Bhd. | 4.080% | 4/27/46 | 1,800 | 1,547 | |
Malaysia Wakala Sukuk Bhd. | 2.070% | 4/28/31 | 925 | 762 | |
Malaysia Wakala Sukuk Bhd. | 3.075% | 4/28/51 | 500 | 350 | |
11,580 | |||||
Maldives (0.0%) | |||||
2 | Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 1,365 | 1,031 |
Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 200 | 151 | |
1,182 | |||||
Mexico (5.6%) | |||||
United Mexican States | 3.900% | 4/27/25 | 2,450 | 2,404 | |
United Mexican States | 4.125% | 1/21/26 | 6,162 | 5,944 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
United Mexican States | 4.150% | 3/28/27 | 7,270 | 6,947 | |
United Mexican States | 3.750% | 1/11/28 | 5,875 | 5,388 | |
United Mexican States | 4.500% | 4/22/29 | 9,636 | 8,971 | |
United Mexican States | 3.250% | 4/16/30 | 7,125 | 6,006 | |
United Mexican States | 2.659% | 5/24/31 | 10,707 | 8,320 | |
United Mexican States | 8.300% | 8/15/31 | 3,650 | 4,095 | |
United Mexican States | 4.750% | 4/27/32 | 7,290 | 6,614 | |
United Mexican States | 7.500% | 4/8/33 | 2,500 | 2,709 | |
United Mexican States | 4.875% | 5/19/33 | 7,075 | 6,251 | |
United Mexican States | 3.500% | 2/12/34 | 9,047 | 6,940 | |
United Mexican States | 6.750% | 9/27/34 | 5,479 | 5,509 | |
United Mexican States | 6.050% | 1/11/40 | 8,599 | 7,951 | |
United Mexican States | 4.280% | 8/14/41 | 10,720 | 7,805 | |
United Mexican States | 4.750% | 3/8/44 | 11,556 | 8,800 | |
United Mexican States | 5.550% | 1/21/45 | 8,559 | 7,278 | |
United Mexican States | 4.600% | 1/23/46 | 7,350 | 5,383 | |
United Mexican States | 4.350% | 1/15/47 | 4,576 | 3,210 | |
United Mexican States | 4.600% | 2/10/48 | 6,298 | 4,554 | |
United Mexican States | 4.500% | 1/31/50 | 6,999 | 4,990 | |
United Mexican States | 5.000% | 4/27/51 | 7,675 | 5,843 | |
United Mexican States | 4.400% | 2/12/52 | 12,775 | 8,764 | |
United Mexican States | 3.771% | 5/24/61 | 9,850 | 5,760 | |
United Mexican States | 3.750% | 4/19/71 | 5,850 | 3,358 | |
United Mexican States | 5.750% | 10/12/10 | 8,330 | 6,360 | |
156,154 | |||||
Mongolia (0.2%) | |||||
Mongolia | 8.750% | 3/9/24 | 1,900 | 1,785 | |
2 | Mongolia | 5.125% | 4/7/26 | 848 | 650 |
Mongolia | 5.125% | 4/7/26 | 1,000 | 773 | |
2 | Mongolia | 3.500% | 7/7/27 | 900 | 613 |
Mongolia | 3.500% | 7/7/27 | 600 | 412 | |
2 | Mongolia | 4.450% | 7/7/31 | 1,100 | 723 |
Mongolia | 4.450% | 7/7/31 | 400 | 263 | |
5,219 | |||||
Morocco (0.3%) | |||||
Kingdom of Morocco | 2.375% | 12/15/27 | 2,400 | 1,978 | |
Kingdom of Morocco | 3.000% | 12/15/32 | 3,100 | 2,246 | |
Kingdom of Morocco | 5.500% | 12/11/42 | 2,465 | 1,859 | |
2 | Kingdom of Morocco | 4.000% | 12/15/50 | 1,850 | 1,096 |
Kingdom of Morocco | 4.000% | 12/15/50 | 1,825 | 1,079 | |
8,258 | |||||
Mozambique (0.1%) | |||||
4 | Republic of Mozambique, 9.000% coupon rate effective 9/15/23 | 5.000% | 9/15/31 | 2,800 | 1,904 |
Namibia (0.1%) | |||||
Republic of Namibia | 5.250% | 10/29/25 | 2,300 | 2,064 | |
Nigeria (1.1%) | |||||
Republic of Nigeria | 7.625% | 11/21/25 | 3,500 | 3,014 | |
Republic of Nigeria | 6.500% | 11/28/27 | 4,800 | 3,407 | |
2 | Republic of Nigeria | 6.125% | 9/28/28 | 3,000 | 1,974 |
Republic of Nigeria | 6.125% | 9/28/28 | 800 | 527 | |
2 | Republic of Nigeria | 8.375% | 3/24/29 | 2,750 | 1,982 |
Republic of Nigeria | 8.375% | 3/24/29 | 1,452 | 1,052 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Nigeria | 7.143% | 2/23/30 | 4,200 | 2,749 | |
Republic of Nigeria | 8.747% | 1/21/31 | 3,150 | 2,221 | |
Republic of Nigeria | 7.875% | 2/16/32 | 4,550 | 2,939 | |
2 | Republic of Nigeria | 7.375% | 9/28/33 | 2,400 | 1,447 |
Republic of Nigeria | 7.375% | 9/28/33 | 2,300 | 1,392 | |
Republic of Nigeria | 7.696% | 2/23/38 | 3,767 | 2,213 | |
Republic of Nigeria | 7.625% | 11/28/47 | 4,600 | 2,613 | |
Republic of Nigeria | 9.248% | 1/21/49 | 2,300 | 1,479 | |
2 | Republic of Nigeria | 8.250% | 9/28/51 | 2,950 | 1,701 |
Republic of Nigeria | 8.250% | 9/28/51 | 1,000 | 580 | |
31,290 | |||||
Oman (2.7%) | |||||
Oman Sovereign Sukuk Co. | 4.397% | 6/1/24 | 6,375 | 6,248 | |
Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 4,656 | 4,708 | |
2 | Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 4,100 | 3,908 |
Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 1,351 | 1,291 | |
Sultanate of Oman | 4.875% | 2/1/25 | 3,644 | 3,545 | |
Sultanate of Oman | 4.750% | 6/15/26 | 7,500 | 7,108 | |
Sultanate of Oman | 5.375% | 3/8/27 | 5,900 | 5,638 | |
Sultanate of Oman | 6.750% | 10/28/27 | 4,340 | 4,360 | |
Sultanate of Oman | 5.625% | 1/17/28 | 7,650 | 7,310 | |
Sultanate of Oman | 6.000% | 8/1/29 | 6,972 | 6,633 | |
Sultanate of Oman | 6.250% | 1/25/31 | 5,300 | 5,073 | |
Sultanate of Oman | 7.375% | 10/28/32 | 3,137 | 3,211 | |
Sultanate of Oman | 6.500% | 3/8/47 | 6,115 | 5,047 | |
Sultanate of Oman | 6.750% | 1/17/48 | 8,750 | 7,326 | |
2 | Sultanate of Oman | 7.000% | 1/25/51 | 1,150 | 983 |
Sultanate of Oman | 7.000% | 1/25/51 | 2,100 | 1,795 | |
74,184 | |||||
Pakistan (0.3%) | |||||
Islamic Republic of Pakistan | 8.250% | 4/15/24 | 3,000 | 1,280 | |
Islamic Republic of Pakistan | 8.250% | 9/30/25 | 1,650 | 594 | |
Islamic Republic of Pakistan | 6.000% | 4/8/26 | 4,050 | 1,328 | |
Islamic Republic of Pakistan | 6.875% | 12/5/27 | 4,900 | 1,560 | |
Islamic Republic of Pakistan | 7.375% | 4/8/31 | 4,400 | 1,375 | |
Islamic Republic of Pakistan | 8.875% | 4/8/51 | 2,770 | 843 | |
Pakistan Global Sukuk Programme Co. Ltd. | 7.950% | 1/31/29 | 3,000 | 1,591 | |
8,571 | |||||
Panama (2.2%) | |||||
Republic of Panama | 4.000% | 9/22/24 | 2,800 | 2,717 | |
Republic of Panama | 3.750% | 3/16/25 | 3,859 | 3,697 | |
Republic of Panama | 7.125% | 1/29/26 | 2,925 | 3,064 | |
Republic of Panama | 8.875% | 9/30/27 | 3,150 | 3,582 | |
Republic of Panama | 3.875% | 3/17/28 | 1,433 | 1,303 | |
Republic of Panama | 9.375% | 4/1/29 | 3,050 | 3,525 | |
Republic of Panama | 3.160% | 1/23/30 | 6,600 | 5,385 | |
Republic of Panama | 2.252% | 9/29/32 | 7,900 | 5,504 | |
Republic of Panama | 3.298% | 1/19/33 | 3,050 | 2,341 | |
3 | Republic of Panama | 6.700% | 1/26/36 | 6,000 | 5,870 |
3 | Republic of Panama | 4.500% | 5/15/47 | 3,700 | 2,577 |
3 | Republic of Panama | 4.500% | 4/16/50 | 7,900 | 5,397 |
3 | Republic of Panama | 4.300% | 4/29/53 | 5,650 | 3,691 |
Republic of Panama | 4.500% | 4/1/56 | 7,875 | 5,185 | |
3 | Republic of Panama | 3.870% | 7/23/60 | 8,950 | 5,177 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Panama | 4.500% | 1/19/63 | 5,100 | 3,247 | |
62,262 | |||||
Papua New Guinea (0.0%) | |||||
Papua New Guinea | 8.375% | 10/4/28 | 1,600 | 1,264 | |
Paraguay (0.6%) | |||||
Republic of Paraguay | 5.000% | 4/15/26 | 1,700 | 1,662 | |
Republic of Paraguay | 4.700% | 3/27/27 | 1,600 | 1,530 | |
3 | Republic of Paraguay | 4.950% | 4/28/31 | 3,000 | 2,747 |
2 | Republic of Paraguay | 2.739% | 1/29/33 | 608 | 452 |
Republic of Paraguay | 2.739% | 1/29/33 | 1,400 | 1,020 | |
2 | Republic of Paraguay | 3.849% | 6/28/33 | 400 | 325 |
Republic of Paraguay | 3.849% | 6/28/33 | 1,100 | 894 | |
Republic of Paraguay | 6.100% | 8/11/44 | 3,400 | 2,935 | |
Republic of Paraguay | 5.600% | 3/13/48 | 1,650 | 1,280 | |
3 | Republic of Paraguay | 5.400% | 3/30/50 | 3,550 | 2,720 |
15,565 | |||||
Peru (2.2%) | |||||
Republic of Peru | 7.350% | 7/21/25 | 4,709 | 4,902 | |
Republic of Peru | 2.392% | 1/23/26 | 3,100 | 2,801 | |
Republic of Peru | 4.125% | 8/25/27 | 3,447 | 3,245 | |
Republic of Peru | 2.783% | 1/23/31 | 13,200 | 10,438 | |
Republic of Peru | 1.862% | 12/1/32 | 4,300 | 2,985 | |
Republic of Peru | 8.750% | 11/21/33 | 6,500 | 7,711 | |
Republic of Peru | 3.000% | 1/15/34 | 7,850 | 5,870 | |
3 | Republic of Peru | 6.550% | 3/14/37 | 3,646 | 3,651 |
Republic of Peru | 3.300% | 3/11/41 | 4,125 | 2,790 | |
Republic of Peru | 5.625% | 11/18/50 | 7,558 | 6,941 | |
Republic of Peru | 3.550% | 3/10/51 | 5,475 | 3,602 | |
Republic of Peru | 2.780% | 12/1/60 | 6,325 | 3,362 | |
Republic of Peru | 3.600% | 1/15/72 | 3,000 | 1,773 | |
Republic of Peru | 3.230% | 7/28/21 | 3,027 | 1,609 | |
61,680 | |||||
Philippines (3.4%) | |||||
Republic of Philippines | 4.200% | 1/21/24 | 4,314 | 4,240 | |
Republic of Philippines | 10.625% | 3/16/25 | 4,300 | 4,805 | |
Republic of Philippines | 5.500% | 3/30/26 | 3,500 | 3,528 | |
Republic of Philippines | 3.229% | 3/29/27 | 1,900 | 1,752 | |
Republic of Philippines | 5.170% | 10/13/27 | 1,100 | 1,096 | |
Republic of Philippines | 3.000% | 2/1/28 | 6,450 | 5,827 | |
Republic of Philippines | 3.750% | 1/14/29 | 5,150 | 4,744 | |
Republic of Philippines | 9.500% | 2/2/30 | 6,035 | 7,259 | |
Republic of Philippines | 2.457% | 5/5/30 | 3,525 | 2,909 | |
Republic of Philippines | 7.750% | 1/14/31 | 5,300 | 5,986 | |
Republic of Philippines | 1.648% | 6/10/31 | 4,075 | 3,049 | |
Republic of Philippines | 1.950% | 1/6/32 | 2,500 | 1,898 | |
Republic of Philippines | 6.375% | 1/15/32 | 3,300 | 3,415 | |
Republic of Philippines | 3.556% | 9/29/32 | 2,400 | 2,060 | |
Republic of Philippines | 5.609% | 4/13/33 | 2,400 | 2,396 | |
Republic of Philippines | 6.375% | 10/23/34 | 5,935 | 6,122 | |
Republic of Philippines | 5.000% | 1/13/37 | 4,205 | 3,840 | |
Republic of Philippines | 3.950% | 1/20/40 | 6,200 | 4,766 | |
Republic of Philippines | 3.700% | 3/1/41 | 6,000 | 4,476 | |
Republic of Philippines | 3.700% | 2/2/42 | 6,270 | 4,681 | |
Republic of Philippines | 2.950% | 5/5/45 | 4,100 | 2,656 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Philippines | 2.650% | 12/10/45 | 4,700 | 2,858 | |
Republic of Philippines | 3.200% | 7/6/46 | 7,275 | 4,770 | |
Republic of Philippines | 4.200% | 3/29/47 | 3,150 | 2,460 | |
Republic of Philippines | 5.950% | 10/13/47 | 2,300 | 2,249 | |
93,842 | |||||
Poland (0.4%) | |||||
6 | Republic of Poland | 4.000% | 1/22/24 | 6,100 | 6,011 |
Republic of Poland | 3.250% | 4/6/26 | 5,575 | 5,235 | |
11,246 | |||||
Qatar (4.2%) | |||||
State of Qatar | 3.375% | 3/14/24 | 6,189 | 6,074 | |
State of Qatar | 3.400% | 4/16/25 | 6,392 | 6,173 | |
State of Qatar | 3.250% | 6/2/26 | 10,750 | 10,161 | |
State of Qatar | 4.500% | 4/23/28 | 9,450 | 9,201 | |
State of Qatar | 4.000% | 3/14/29 | 12,725 | 12,063 | |
State of Qatar | 3.750% | 4/16/30 | 9,715 | 9,042 | |
2 | State of Qatar | 9.750% | 6/15/30 | 4,193 | 5,411 |
2 | State of Qatar | 6.400% | 1/20/40 | 2,670 | 2,914 |
2 | State of Qatar | 5.750% | 1/20/42 | 3,600 | 3,680 |
State of Qatar | 4.625% | 6/2/46 | 6,375 | 5,621 | |
State of Qatar | 5.103% | 4/23/48 | 18,600 | 17,233 | |
State of Qatar | 4.817% | 3/14/49 | 18,725 | 16,608 | |
State of Qatar | 4.400% | 4/16/50 | 15,900 | 13,398 | |
117,579 | |||||
Romania (0.9%) | |||||
Romania | 4.875% | 1/22/24 | 2,870 | 2,848 | |
2 | Romania | 3.000% | 2/27/27 | 3,450 | 2,960 |
Romania | 3.000% | 2/27/27 | 326 | 280 | |
2 | Romania | 5.250% | 11/25/27 | 3,340 | 3,062 |
Romania | 5.250% | 11/25/27 | 200 | 184 | |
2 | Romania | 3.000% | 2/14/31 | 1,000 | 740 |
Romania | 3.000% | 2/14/31 | 3,276 | 2,422 | |
2 | Romania | 3.625% | 3/27/32 | 3,350 | 2,469 |
2 | Romania | 6.000% | 5/25/34 | 1,550 | 1,312 |
Romania | 6.000% | 5/25/34 | 850 | 720 | |
Romania | 6.125% | 1/22/44 | 3,700 | 2,962 | |
Romania | 5.125% | 6/15/48 | 4,128 | 2,882 | |
2 | Romania | 4.000% | 2/14/51 | 1,576 | 923 |
Romania | 4.000% | 2/14/51 | 4,294 | 2,522 | |
26,286 | |||||
Rwanda (0.1%) | |||||
2 | Republic of Rwanda | 5.500% | 8/9/31 | 1,700 | 1,267 |
Republic of Rwanda | 5.500% | 8/9/31 | 200 | 149 | |
1,416 | |||||
Saudi Arabia (7.2%) | |||||
Kingdom of Saudi Arabia | 4.000% | 4/17/25 | 13,050 | 12,738 | |
Kingdom of Saudi Arabia | 2.900% | 10/22/25 | 7,900 | 7,450 | |
Kingdom of Saudi Arabia | 3.250% | 10/26/26 | 16,750 | 15,743 | |
Kingdom of Saudi Arabia | 2.500% | 2/3/27 | 4,000 | 3,622 | |
Kingdom of Saudi Arabia | 3.625% | 3/4/28 | 15,832 | 14,742 | |
Kingdom of Saudi Arabia | 4.375% | 4/16/29 | 12,500 | 11,949 | |
Kingdom of Saudi Arabia | 4.500% | 4/17/30 | 9,450 | 9,020 | |
Kingdom of Saudi Arabia | 3.250% | 10/22/30 | 4,719 | 4,123 | |
Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 3,300 | 2,726 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Kingdom of Saudi Arabia | 5.500% | 10/25/32 | 7,300 | 7,402 | |
Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 8,800 | 6,754 | |
Kingdom of Saudi Arabia | 4.500% | 10/26/46 | 20,225 | 16,135 | |
Kingdom of Saudi Arabia | 4.625% | 10/4/47 | 13,893 | 11,168 | |
Kingdom of Saudi Arabia | 5.000% | 4/17/49 | 11,700 | 9,978 | |
Kingdom of Saudi Arabia | 5.250% | 1/16/50 | 10,542 | 9,346 | |
Kingdom of Saudi Arabia | 3.250% | 11/17/51 | 3,625 | 2,337 | |
Kingdom of Saudi Arabia | 3.750% | 1/21/55 | 9,073 | 6,341 | |
Kingdom of Saudi Arabia | 4.500% | 4/22/60 | 9,400 | 7,385 | |
Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 7,150 | 4,592 | |
KSA Sukuk Ltd. | 3.628% | 4/20/27 | 13,675 | 12,917 | |
KSA Sukuk Ltd. | 5.268% | 10/25/28 | 7,400 | 7,448 | |
KSA Sukuk Ltd. | 4.303% | 1/19/29 | 6,500 | 6,229 | |
KSA Sukuk Ltd. | 2.969% | 10/29/29 | 7,745 | 6,775 | |
KSA Sukuk Ltd. | 2.250% | 5/17/31 | 6,225 | 5,034 | |
201,954 | |||||
Senegal (0.2%) | |||||
3 | Republic of Senegal | 6.250% | 5/23/33 | 3,300 | 2,478 |
3 | Republic of Senegal | 6.750% | 3/13/48 | 3,200 | 2,033 |
4,511 | |||||
Serbia (0.1%) | |||||
Republic of Serbia | 2.125% | 12/1/30 | 3,250 | 2,253 | |
South Africa (2.0%) | |||||
Republic of South Africa | 4.665% | 1/17/24 | 4,700 | 4,625 | |
Republic of South Africa | 5.875% | 9/16/25 | 6,100 | 6,047 | |
Republic of South Africa | 4.875% | 4/14/26 | 3,850 | 3,623 | |
Republic of South Africa | 4.850% | 9/27/27 | 3,000 | 2,723 | |
Republic of South Africa | 4.300% | 10/12/28 | 3,600 | 3,076 | |
Republic of South Africa | 4.850% | 9/30/29 | 9,860 | 8,371 | |
Republic of South Africa | 5.875% | 6/22/30 | 4,300 | 3,821 | |
Republic of South Africa | 5.875% | 4/20/32 | 4,300 | 3,683 | |
Republic of South Africa | 6.250% | 3/8/41 | 2,400 | 1,828 | |
Republic of South Africa | 5.375% | 7/24/44 | 3,150 | 2,106 | |
Republic of South Africa | 5.000% | 10/12/46 | 3,150 | 1,986 | |
Republic of South Africa | 5.650% | 9/27/47 | 4,875 | 3,257 | |
Republic of South Africa | 6.300% | 6/22/48 | 200 | 145 | |
Republic of South Africa | 5.750% | 9/30/49 | 11,050 | 7,354 | |
Republic of South Africa | 7.300% | 4/20/52 | 4,950 | 3,878 | |
56,523 | |||||
Sri Lanka (0.3%) | |||||
5 | Republic of Sri Lanka | 6.850% | 3/14/24 | 3,150 | 733 |
5 | Republic of Sri Lanka | 6.350% | 6/28/24 | 1,600 | 372 |
5 | Republic of Sri Lanka | 6.125% | 6/3/25 | 1,950 | 468 |
5 | Republic of Sri Lanka | 6.850% | 11/3/25 | 4,600 | 1,077 |
5 | Republic of Sri Lanka | 6.825% | 7/18/26 | 3,250 | 735 |
5 | Republic of Sri Lanka | 6.200% | 5/11/27 | 4,800 | 1,103 |
5 | Republic of Sri Lanka | 6.750% | 4/18/28 | 4,050 | 929 |
5 | Republic of Sri Lanka | 7.850% | 3/14/29 | 4,275 | 946 |
5 | Republic of Sri Lanka | 7.550% | 3/28/30 | 4,775 | 1,092 |
7,455 | |||||
Suriname (0.0%) | |||||
5 | Republic of Suriname | 9.250% | 10/26/26 | 1,700 | 1,371 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Tajikistan (0.0%) | |||||
3 | Republic of Tajikistan | 7.125% | 9/14/27 | 1,375 | 880 |
Trinidad & Tobago (0.2%) | |||||
Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 1,300 | 1,282 | |
2 | Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 200 | 196 |
Republic of Trinidad & Tobago | 4.500% | 8/4/26 | 3,200 | 3,094 | |
2 | Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 650 | 592 |
Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 1,000 | 910 | |
6,074 | |||||
Tunisia (0.1%) | |||||
Tunisian Republic | 5.750% | 1/30/25 | 3,125 | 1,950 | |
Turkey (7.0%) | |||||
Hazine Mustesarligi Varlik Kiralama A/S | 4.489% | 11/25/24 | 2,878 | 2,665 | |
Hazine Mustesarligi Varlik Kiralama A/S | 9.758% | 11/13/25 | 14,100 | 14,257 | |
Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 350 | 311 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | 2/24/27 | 8,600 | 7,969 |
Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | 2/24/27 | 900 | 836 | |
Republic of Turkey | 7.250% | 12/23/23 | 6,250 | 6,306 | |
Republic of Turkey | 5.750% | 3/22/24 | 7,700 | 7,578 | |
Republic of Turkey | 6.350% | 8/10/24 | 7,200 | 7,040 | |
Republic of Turkey | 5.600% | 11/14/24 | 8,100 | 7,740 | |
Republic of Turkey | 7.375% | 2/5/25 | 10,250 | 10,069 | |
Republic of Turkey | 4.250% | 3/13/25 | 6,300 | 5,707 | |
Republic of Turkey | 6.375% | 10/14/25 | 7,958 | 7,385 | |
Republic of Turkey | 4.750% | 1/26/26 | 7,200 | 6,305 | |
Republic of Turkey | 4.250% | 4/14/26 | 200 | 171 | |
Republic of Turkey | 4.875% | 10/9/26 | 11,774 | 10,029 | |
Republic of Turkey | 6.000% | 3/25/27 | 13,367 | 11,644 | |
Republic of Turkey | 8.600% | 9/24/27 | 3,750 | 3,612 | |
Republic of Turkey | 5.125% | 2/17/28 | 6,050 | 4,884 | |
Republic of Turkey | 6.125% | 10/24/28 | 8,808 | 7,336 | |
Republic of Turkey | 7.625% | 4/26/29 | 9,300 | 8,201 | |
Republic of Turkey | 11.875% | 1/15/30 | 4,680 | 5,151 | |
Republic of Turkey | 5.250% | 3/13/30 | 6,248 | 4,665 | |
Republic of Turkey | 5.950% | 1/15/31 | 7,050 | 5,409 | |
Republic of Turkey | 5.875% | 6/26/31 | 5,550 | 4,180 | |
Republic of Turkey | 6.500% | 9/20/33 | 4,700 | 3,543 | |
Republic of Turkey | 8.000% | 2/14/34 | 4,621 | 4,064 | |
Republic of Turkey | 6.875% | 3/17/36 | 8,750 | 6,573 | |
Republic of Turkey | 7.250% | 3/5/38 | 3,175 | 2,502 | |
Republic of Turkey | 6.750% | 5/30/40 | 6,400 | 4,594 | |
Republic of Turkey | 6.000% | 1/14/41 | 9,265 | 5,972 | |
Republic of Turkey | 4.875% | 4/16/43 | 9,200 | 5,396 | |
Republic of Turkey | 6.625% | 2/17/45 | 9,550 | 6,493 | |
Republic of Turkey | 5.750% | 5/11/47 | 11,275 | 6,954 | |
195,541 | |||||
Ukraine (0.3%) | |||||
5 | Ukraine | 7.750% | 9/1/25 | 7,700 | 1,562 |
5 | Ukraine | 8.994% | 2/1/26 | 2,350 | 398 |
5 | Ukraine | 7.750% | 9/1/26 | 4,200 | 715 |
5 | Ukraine | 7.750% | 9/1/27 | 4,130 | 696 |
5 | Ukraine | 7.750% | 9/1/28 | 4,275 | 759 |
5 | Ukraine | 7.750% | 9/1/29 | 4,200 | 741 |
5 | Ukraine | 9.750% | 11/1/30 | 5,075 | 936 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,5 | Ukraine | 6.876% | 5/21/31 | 650 | 99 |
5 | Ukraine | 6.876% | 5/21/31 | 4,590 | 680 |
3,5 | Ukraine | 7.375% | 9/25/34 | 9,450 | 1,484 |
2,5 | Ukraine | 7.253% | 3/15/35 | 1,800 | 287 |
5 | Ukraine | 7.253% | 3/15/35 | 6,300 | 991 |
9,348 | |||||
United Arab Emirates (5.6%) | |||||
Dubai DOF Sukuk Ltd. | 5.000% | 4/30/29 | 5,030 | 5,069 | |
7 | Dubai DOF Sukuk Ltd. | 2.763% | 9/9/30 | 4,500 | 3,871 |
Emirate of Abu Dhabi | 2.125% | 9/30/24 | 9,050 | 8,633 | |
Emirate of Abu Dhabi | 2.500% | 4/16/25 | 9,700 | 9,240 | |
Emirate of Abu Dhabi | 3.125% | 5/3/26 | 8,322 | 7,890 | |
Emirate of Abu Dhabi | 3.125% | 10/11/27 | 13,950 | 13,001 | |
Emirate of Abu Dhabi | 1.625% | 6/2/28 | 5,046 | 4,283 | |
Emirate of Abu Dhabi | 2.500% | 9/30/29 | 9,500 | 8,248 | |
Emirate of Abu Dhabi | 3.125% | 4/16/30 | 9,575 | 8,598 | |
Emirate of Abu Dhabi | 1.700% | 3/2/31 | 4,850 | 3,821 | |
Emirate of Abu Dhabi | 1.875% | 9/15/31 | 5,700 | 4,501 | |
2 | Emirate of Abu Dhabi | 2.000% | 10/19/31 | 2,700 | 2,146 |
Emirate of Abu Dhabi | 2.000% | 10/19/31 | 475 | 377 | |
Emirate of Abu Dhabi | 4.050% | 7/7/32 | 5,600 | 5,205 | |
2 | Emirate of Abu Dhabi | 2.875% | 10/19/41 | 1,850 | 1,306 |
Emirate of Abu Dhabi | 2.875% | 10/19/41 | 1,100 | 776 | |
Emirate of Abu Dhabi | 4.125% | 10/11/47 | 9,350 | 7,554 | |
Emirate of Abu Dhabi | 3.125% | 9/30/49 | 12,600 | 8,490 | |
Emirate of Abu Dhabi | 3.875% | 4/16/50 | 12,450 | 9,574 | |
Emirate of Abu Dhabi | 3.000% | 9/15/51 | 4,050 | 2,622 | |
8 | Emirate of Abu Dhabi | 4.951% | 7/7/52 | 3,850 | 3,503 |
Emirate of Abu Dhabi | 3.250% | 10/19/61 | 6,300 | 4,153 | |
Emirate of Abu Dhabi | 2.700% | 9/2/70 | 4,800 | 2,706 | |
Emirate of Dubai | 5.250% | 1/30/43 | 3,500 | 2,941 | |
Emirate of Dubai | 3.900% | 9/9/50 | 3,842 | 2,521 | |
Finance Department Government of Sharjah | 3.625% | 3/10/33 | 2,400 | 1,803 | |
Finance Department Government of Sharjah | 4.000% | 7/28/50 | 3,148 | 1,825 | |
Finance Department Government of Sharjah | 4.375% | 3/10/51 | 1,600 | 950 | |
RAK Capital | 3.094% | 3/31/25 | 3,133 | 2,990 | |
Sharjah Sukuk Ltd. | 3.764% | 9/17/24 | 1,910 | 1,828 | |
Sharjah Sukuk Program Ltd. | 3.854% | 4/3/26 | 3,470 | 3,150 | |
Sharjah Sukuk Program Ltd. | 2.942% | 6/10/27 | 3,190 | 2,732 | |
Sharjah Sukuk Program Ltd. | 4.226% | 3/14/28 | 4,100 | 3,620 | |
Sharjah Sukuk Program Ltd. | 3.234% | 10/23/29 | 3,039 | 2,483 | |
Sharjah Sukuk Program Ltd. | 3.886% | 4/4/30 | 2,300 | 1,936 | |
Sharjah Sukuk Program Ltd. | 3.200% | 7/13/31 | 2,250 | 1,767 | |
156,113 | |||||
Uruguay (1.5%) | |||||
3 | Oriental Republic of Uruguay | 4.375% | 10/27/27 | 4,566 | 4,521 |
3 | Oriental Republic of Uruguay | 4.375% | 1/23/31 | 7,774 | 7,422 |
3 | Oriental Republic of Uruguay | 7.875% | 1/15/33 | 2,600 | 3,073 |
Oriental Republic of Uruguay | 5.750% | 10/28/34 | 2,653 | 2,704 | |
3 | Oriental Republic of Uruguay | 7.625% | 3/21/36 | 3,165 | 3,746 |
3 | Oriental Republic of Uruguay | 4.125% | 11/20/45 | 2,120 | 1,794 |
3 | Oriental Republic of Uruguay | 5.100% | 6/18/50 | 12,517 | 11,274 |
3 | Oriental Republic of Uruguay | 4.975% | 4/20/55 | 8,209 | 7,163 |
41,697 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Uzbekistan (0.2%) | |||||
Republic of Uzbekistan | 4.750% | 2/20/24 | 1,645 | 1,570 | |
Republic of Uzbekistan | 5.375% | 2/20/29 | 1,675 | 1,411 | |
Republic of Uzbekistan | 3.700% | 11/25/30 | 2,300 | 1,663 | |
2 | Republic of Uzbekistan | 3.900% | 10/19/31 | 950 | 674 |
Republic of Uzbekistan | 3.900% | 10/19/31 | 400 | 286 | |
5,604 | |||||
Vietnam (0.1%) | |||||
Socialist Republic of Vietnam | 4.800% | 11/19/24 | 3,100 | 2,989 | |
Zambia (0.1%) | |||||
5 | Republic of Zambia | 8.500% | 4/14/24 | 3,130 | 1,264 |
5 | Republic of Zambia | 8.970% | 7/30/27 | 4,025 | 1,612 |
2,876 | |||||
Total Sovereign Bonds (Cost $3,083,643) | 2,342,173 | ||||
Shares | |||||
Temporary Cash Investments (0.6%) | |||||
Money Market Fund (0.6%) | |||||
9 | Vanguard Market Liquidity Fund (Cost $18,333) | 3.117% | 183,377 | 18,334 | |
Total Investments (98.8%) (Cost $3,608,938) | 2,759,621 | ||||
Other Assets and Liabilities—Net (1.2%) | 32,241 | ||||
Net Assets (100.0%) | 2,791,862 | ||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Guaranteed by the Republic of Azerbaijan. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the aggregate value was $144,840,000, representing 5.2% of net assets. |
3 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
4 | Step bond. |
5 | Non-income-producing security—security in default. |
6 | Securities with a value of $169,000 have been segregated as initial margin for open futures contracts. |
7 | Guaranteed by the Kingdom of United Arab Emirates. |
8 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of October 31, 2022. |
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. |
GMTN—Global Medium Term Note. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
5-Year U.S. Treasury Note | December 2022 | 29 | 3,091 | (3) |
Ultra 10-Year U.S. Treasury Note | December 2022 | 11 | 1,276 | (4) |
(7) | ||||
Short Futures Contracts | ||||
Ultra Long U.S. Treasury Bond | December 2022 | (16) | (2,043) | 163 |
156 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,590,605) | 2,741,287 |
Affiliated Issuers (Cost $18,333) | 18,334 |
Total Investments in Securities | 2,759,621 |
Investment in Vanguard | 112 |
Receivables for Investment Securities Sold | 31,090 |
Receivables for Accrued Income | 38,147 |
Receivables for Capital Shares Issued | 184 |
Variation Margin Receivable—Futures Contracts | 27 |
Total Assets | 2,829,181 |
Liabilities | |
Due to Custodian | 129 |
Payables for Investment Securities Purchased | 36,673 |
Payables for Capital Shares Redeemed | 130 |
Payables for Distributions | 147 |
Payables to Vanguard | 240 |
Total Liabilities | 37,319 |
Net Assets | 2,791,862 |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 3,851,192 |
Total Distributable Earnings (Loss) | (1,059,330) |
Net Assets | 2,791,862 |
ETF Shares—Net Assets | |
Applicable to 44,870,036 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,582,451 |
Net Asset Value Per Share—ETF Shares | $57.55 |
Admiral Shares—Net Assets | |
Applicable to 10,802,759 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 155,788 |
Net Asset Value Per Share—Admiral Shares | $14.42 |
Institutional Shares—Net Assets | |
Applicable to 2,318,215 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 53,623 |
Net Asset Value Per Share—Institutional Shares | $23.13 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 153,771 |
Total Income | 153,771 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 57 |
Management and Administrative—ETF Shares | 5,320 |
Management and Administrative—Admiral Shares | 353 |
Management and Administrative—Institutional Shares | 68 |
Marketing and Distribution—ETF Shares | 157 |
Marketing and Distribution—Admiral Shares | 9 |
Marketing and Distribution—Institutional Shares | 2 |
Custodian Fees | 55 |
Auditing Fees | 44 |
Shareholders’ Reports—ETF Shares | 133 |
Shareholders’ Reports—Admiral Shares | 10 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 36 |
Total Expenses | 6,245 |
Expenses Paid Indirectly | (1) |
Net Expenses | 6,244 |
Net Investment Income | 147,527 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | (163,124) |
Futures Contracts | (149) |
Realized Net Gain (Loss) | (163,273) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (799,089) |
Futures Contracts | 175 |
Change in Unrealized Appreciation (Depreciation) | (798,914) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (814,660) |
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 $116,000, $2,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes ($18,872,000) of net gain (loss) resulting from in-kind redemptions. |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 147,527 | 122,751 |
Realized Net Gain (Loss) | (163,273) | 27,409 |
Change in Unrealized Appreciation (Depreciation) | (798,914) | (70,850) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (814,660) | 79,310 |
Distributions | ||
ETF Shares | (135,745) | (106,958) |
Admiral Shares | (9,185) | (9,798) |
Institutional Shares | (2,162) | (1,721) |
Total Distributions | (147,092) | (118,477) |
Capital Share Transactions | ||
ETF Shares | 446,745 | 1,209,882 |
Admiral Shares | (26,860) | (1,061) |
Institutional Shares | 22,957 | 2,461 |
Net Increase (Decrease) from Capital Share Transactions | 442,842 | 1,211,282 |
Total Increase (Decrease) | (518,910) | 1,172,115 |
Net Assets | ||
Beginning of Period | 3,310,772 | 2,138,657 |
End of Period | 2,791,862 | 3,310,772 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $78.02 | $78.01 | $80.38 | $74.27 | $80.73 |
Investment Operations | |||||
Net Investment Income1 | 3.170 | 3.190 | 3.551 | 3.738 | 3.411 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (20.455) | (.036) | (2.322) | 6.044 | (6.445) |
Total from Investment Operations | (17.285) | 3.154 | 1.229 | 9.782 | (3.034) |
Distributions | |||||
Dividends from Net Investment Income | (3.185) | (3.144) | (3.599) | (3.672) | (3.426) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.185) | (3.144) | (3.599) | (3.672) | (3.426) |
Net Asset Value, End of Period | $57.55 | $78.02 | $78.01 | $80.38 | $74.27 |
Total Return | -22.68% | 4.06% | 1.65% | 13.47% | -3.84% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,582 | $3,024 | $1,853 | $1,538 | $1,033 |
Ratio of Total Expenses to Average Net Assets | 0.20%3 | 0.20% | 0.25% | 0.25% | 0.30% |
Ratio of Net Investment Income to Average Net Assets | 4.73% | 4.02% | 4.55% | 4.79% | 4.42% |
Portfolio Turnover Rate4 | 17% | 16% | 21% | 48% | 25% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $0.02, $.00, $.00, $.00, and $.04. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.20%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $19.58 | $19.58 | $20.16 | $18.63 | $20.24 |
Investment Operations | |||||
Net Investment Income1 | .798 | .806 | .897 | .939 | .858 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (5.149) | (.015) | (.586) | 1.521 | (1.613) |
Total from Investment Operations | (4.351) | .791 | .311 | 2.460 | (.755) |
Distributions | |||||
Dividends from Net Investment Income | (.809) | (.791) | (.891) | (.930) | (.855) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.809) | (.791) | (.891) | (.930) | (.855) |
Net Asset Value, End of Period | $14.42 | $19.58 | $19.58 | $20.16 | $18.63 |
Total Return3 | -22.67% | 4.04% | 1.66% | 13.46% | -3.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $156 | $242 | $243 | $273 | $256 |
Ratio of Total Expenses to Average Net Assets | 0.20%4 | 0.20% | 0.25% | 0.25% | 0.30% |
Ratio of Net Investment Income to Average Net Assets | 4.69% | 4.03% | 4.57% | 4.79% | 4.42% |
Portfolio Turnover Rate5 | 17% | 16% | 21% | 48% | 25% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.00, $.00, and $.01. |
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 0.20%. |
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. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $31.41 | $31.40 | $32.33 | $29.88 | $32.47 |
Investment Operations | |||||
Net Investment Income1 | 1.286 | 1.298 | 1.443 | 1.522 | 1.380 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (8.261) | (.014) | (.938) | 2.425 | (2.596) |
Total from Investment Operations | (6.975) | 1.284 | .505 | 3.947 | (1.216) |
Distributions | |||||
Dividends from Net Investment Income | (1.305) | (1.274) | (1.435) | (1.497) | (1.374) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.305) | (1.274) | (1.435) | (1.497) | (1.374) |
Net Asset Value, End of Period | $23.13 | $31.41 | $31.40 | $32.33 | $29.88 |
Total Return3 | -22.66% | 4.10% | 1.68% | 13.46% | -3.82% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $54 | $45 | $42 | $51 | $19 |
Ratio of Total Expenses to Average Net Assets | 0.18%4 | 0.18% | 0.23% | 0.23% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 4.79% | 4.05% | 4.59% | 4.81% | 4.43% |
Portfolio Turnover Rate5 | 17% | 16% | 21% | 48% | 25% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.00, $.00, 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.18%. |
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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $1,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 | — | 4,301 | — | 4,301 |
Corporate Bonds | — | 394,813 | — | 394,813 |
Sovereign Bonds | — | 2,342,173 | — | 2,342,173 |
Temporary Cash Investments | 18,334 | — | — | 18,334 |
Total | 18,334 | 2,741,287 | — | 2,759,621 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 163 | — | — | 163 |
Liabilities | ||||
Futures Contracts1 | 7 | — | — | 7 |
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. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and corporate actions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | (18,871) |
Total Distributable Earnings (Loss) | 18,871 |
Amount ($000) | |
Undistributed Ordinary Income | 13,138 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (258,847) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (813,474) |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 147,092 | 118,477 |
Long-Term Capital Gains | — | — |
Total | 147,092 | 118,477 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,573,096 |
Gross Unrealized Appreciation | 2,558 |
Gross Unrealized Depreciation | (816,032) |
Net Unrealized Appreciation (Depreciation) | (813,474) |
F. | During the year ended October 31, 2022, the fund purchased $1,133,188,000 of investment securities and sold $697,720,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $96,383,000 and $91,791,000, respectively. Purchases and sales include $709,356,000 and $271,686,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 722,837 | 10,308 | 1,758,897 | 22,006 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (276,092) | (4,200) | (549,015) | (7,000) | |
Net Increase (Decrease)—ETF Shares | 446,745 | 6,108 | 1,209,882 | 15,006 | |
Admiral Shares | |||||
Issued1 | 30,869 | 1,842 | 37,672 | 1,880 | |
Issued in Lieu of Cash Distributions | 7,464 | 449 | 8,085 | 406 | |
Redeemed | (65,193) | (3,837) | (46,818) | (2,342) | |
Net Increase (Decrease)—Admiral Shares | (26,860) | (1,546) | (1,061) | (56) | |
Institutional Shares | |||||
Issued1 | 39,706 | 1,508 | 5,306 | 165 | |
Issued in Lieu of Cash Distributions | 2,162 | 83 | 1,721 | 54 | |
Redeemed | (18,911) | (700) | (4,566) | (144) | |
Net Increase (Decrease)—Institutional Shares | 22,957 | 891 | 2,461 | 75 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $1,041,000 and $335,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to October 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 15, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imgf4d241726.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img2786a99b1.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisor's Report | 2 |
About Your Fund’s Expenses | 5 |
Performance Summary | 7 |
Financial Statements | 9 |
• | The 12 months ended October 31, 2022, was a volatile, challenging period for financial markets. Vanguard Global Minimum Volatility Fund returned –4.28% for Investor Shares and –4.24% for Admiral Shares, outperforming the –14.57% return of its benchmark. |
• | The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by many central banks to bring inflation back in check and increased fears of a recession. |
• | The fund outperformed the benchmark in 10 of the 11 industry sectors; stock selection was strong, primarily within health care, consumer discretionary, and communication services. An underweight to energy stocks detracted from relative performance. By region, positions in North America, which accounts for more than 60% of fund holdings, contributed most. |
• | The fund’s average volatility for the 12 months was 26.5% less than that of its benchmark. |
• | The fund regularly uses derivatives to hedge portfolio risks. Its holdings in forward foreign currencies and futures helped its performance. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
of the Quantitative Equity Group,
and Portfolio Manager
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $973.70 | $1.04 |
Admiral™ Shares | 1,000.00 | 974.10 | 0.70 |
Based on Hypothetical 5% Yearly Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,024.15 | $1.07 |
Admiral Shares | 1,000.00 | 1,024.50 | 0.71 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img8a32c9cd2.gif)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Since Inception (12/12/2013) | Final Value of a $10,000 Investment | ||
![]() | Global Minimum Volatility Fund Investor Shares | -4.28% | 4.13% | 7.33% | $18,755 |
![]() | FTSE Global All Cap Index (USD Hedged) | -14.57 | 7.25 | 8.74 | 21,052 |
One Year | Five Years | Since Inception (12/12/2013) | Final Value of a $50,000 Investment | ||
Global Minimum Volatility Fund Admiral Shares | -4.24% | 4.19% | 7.41% | $94,377 | |
FTSE Global All Cap Index (USD Hedged) | -14.57 | 7.25 | 8.74 | 105,260 |
United States | 57.7% |
Japan | 9.6 |
Canada | 6.3 |
Australia | 4.2 |
India | 3.8 |
Switzerland | 3.3 |
United Kingdom | 2.7 |
China | 2.6 |
South Korea | 2.6 |
Hong Kong | 1.4 |
Taiwan | 1.2 |
France | 1.0 |
Other | 3.6 |
Shares | Market Value• ($000) | ||
Common Stocks (98.3%) | |||
Australia (4.1%) | |||
Wesfarmers Ltd. | 938,238 | 27,227 | |
Westpac Banking Corp. | 637,076 | 9,837 | |
Coles Group Ltd. | 929,129 | 9,715 | |
Transurban Group (XASX) | 1,075,044 | ��� 9,120 | |
Medibank Pvt Ltd. | 2,530,369 | 4,556 | |
National Australia Bank Ltd. | 218,095 | 4,530 | |
* | Telstra Group Ltd. | 1,633,339 | 4,096 |
Commonwealth Bank of Australia | 52,780 | 3,539 | |
Australia & New Zealand Banking Group Ltd. | 165,175 | 2,706 | |
Sonic Healthcare Ltd. | 117,067 | 2,451 | |
Atlas Arteria Ltd. | 436,237 | 1,836 | |
Insurance Australia Group Ltd. | 351,338 | 1,103 | |
Aurizon Holdings Ltd. | 355,338 | 823 | |
APA Group | 111,946 | 754 | |
Ramsay Health Care Ltd. | 15,567 | 584 | |
ASX Ltd. | 12,788 | 554 | |
Washington H Soul Pattinson & Co. Ltd. | 30,785 | 551 | |
Steadfast Group Ltd. | 161,235 | 522 | |
BWP Trust | 199,306 | 521 | |
CSL Ltd. | 2,185 | 391 | |
85,416 | |||
Belgium (0.1%) | |||
Etablissements Franz Colruyt NV | 92,274 | 2,224 | |
Brazil (0.5%) | |||
1 | Banco Bradesco SA ADR | 2,693,302 | 10,208 |
Canada (6.1%) | |||
1 | Royal Bank of Canada | 335,491 | 31,041 |
1 | Enbridge Inc. | 554,802 | 21,616 |
1 | Emera Inc. | 440,654 | 16,331 |
BCE Inc. | 256,098 | 11,551 | |
Intact Financial Corp. | 64,876 | 9,858 | |
2 | Hydro One Ltd. | 365,187 | 9,157 |
Fortis Inc. (XTSE) | 233,756 | 9,120 | |
Metro Inc. | 121,139 | 6,346 | |
Dollarama Inc. | 83,125 | 4,939 | |
Capital Power Corp. | 60,188 | 2,014 | |
1 | Canadian Utilities Ltd. Class A | 60,201 | 1,602 |
Shares | Market Value• ($000) | ||
CCL Industries Inc. Class B | 24,867 | 1,168 | |
Quebecor Inc. Class B | 57,175 | 1,078 | |
Atco Ltd. Class I | 19,934 | 619 | |
Brookfield Infrastructure Corp. Class A | 13,272 | 573 | |
TMX Group Ltd. | 4,250 | 409 | |
127,422 | |||
China (2.6%) | |||
*,1,2 | Koolearn Technology Holding Ltd. | 1,728,000 | 8,420 |
China Shenhua Energy Co. Ltd. Class H | 2,273,500 | 5,972 | |
China Resources Land Ltd. | 1,704,000 | 5,331 | |
China Overseas Land & Investment Ltd. | 2,538,500 | 4,851 | |
Anhui Conch Cement Co. Ltd. Class H | 1,448,414 | 3,728 | |
Yum China Holdings Inc. | 73,000 | 2,955 | |
China Mengniu Dairy Co. Ltd. | 867,000 | 2,775 | |
Tsingtao Brewery Co. Ltd. Class H | 396,000 | 2,772 | |
Zhongsheng Group Holdings Ltd. | 645,500 | 2,450 | |
ENN Energy Holdings Ltd. | 184,500 | 1,834 | |
Tencent Holdings Ltd. | 59,400 | 1,561 | |
ZTO Express Cayman Inc. | 83,800 | 1,426 | |
China Pacific Insurance Group Co. Ltd. Class H | 863,600 | 1,392 | |
Haier Smart Home Co. Ltd. Class H | 446,200 | 1,117 | |
2 | Nongfu Spring Co. Ltd. Class H | 187,800 | 943 |
New China Life Insurance Co. Ltd. Class H | 585,900 | 931 | |
Ping An Insurance Group Co. of China Ltd. Class H | 224,000 | 897 | |
Tingyi Cayman Islands Holding Corp. | 572,000 | 894 | |
Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 186,000 | 805 | |
Flat Glass Group Co. Ltd. Class H | 224,000 | 525 | |
*,2 | Ping An Healthcare and Technology Co. Ltd. | 262,400 | 485 |
Shares | Market Value• ($000) | ||
China Merchants Bank Co. Ltd. Class H | 142,000 | 465 | |
China Conch Venture Holdings Ltd. | 305,000 | 450 | |
China Resources Gas Group Ltd. | 140,800 | 361 | |
53,340 | |||
Finland (0.4%) | |||
Nokia OYJ | 1,154,340 | 5,130 | |
Sampo OYJ Class A | 61,463 | 2,811 | |
Orion OYJ Class B | 11,593 | 533 | |
Elisa OYJ | 10,830 | 523 | |
8,997 | |||
France (1.0%) | |||
Orange SA | 967,506 | 9,218 | |
Vivendi SE | 915,610 | 7,494 | |
Bouygues SA | 40,229 | 1,148 | |
Edenred | 21,618 | 1,108 | |
Bollore SE | 109,320 | 547 | |
1 | Eutelsat Communications SA | 48,894 | 491 |
20,006 | |||
Germany (0.0%) | |||
Fielmann AG | 23,134 | 737 | |
Hong Kong (1.3%) | |||
CLP Holdings Ltd. | 1,676,605 | 11,253 | |
Power Assets Holdings Ltd. | 1,529,270 | 7,312 | |
Link REIT | 419,100 | 2,477 | |
Sun Hung Kai Properties Ltd. | 223,000 | 2,397 | |
Want Want China Holdings Ltd. | 2,180,000 | 1,432 | |
Chow Tai Fook Jewellery Group Ltd. | 828,200 | 1,418 | |
Hang Seng Bank Ltd. | 55,800 | 786 | |
MTR Corp. Ltd. | 123,500 | 543 | |
2 | ESR Cayman Ltd. | 173,200 | 295 |
27,913 | |||
India (3.7%) | |||
ICICI Bank Ltd. ADR | 1,557,015 | 34,317 | |
3 | Infosys Ltd. ADR | 1,501,995 | 28,132 |
Dr Reddy's Laboratories Ltd. ADR | 201,322 | 10,934 | |
2 | Reliance Industries Ltd. GDR | 43,800 | 2,676 |
Wipro Ltd. ADR | 251,308 | 1,181 | |
77,240 | |||
Indonesia (0.2%) | |||
Telkom Indonesia Persero Tbk PT ADR | 160,059 | 4,453 | |
Israel (0.1%) | |||
Bank Leumi Le-Israel BM | 77,775 | 742 | |
Bank Hapoalim BM | 48,124 | 464 | |
1,206 | |||
Italy (0.1%) | |||
UnipolSai Assicurazioni SpA | 589,372 | 1,329 | |
Japan (9.5%) | |||
Softbank Corp. | 2,886,600 | 28,475 | |
Mizuho Financial Group Inc. | 1,782,000 | 19,273 | |
Canon Inc. | 893,400 | 18,938 |
Shares | Market Value• ($000) | ||
Sumitomo Mitsui Financial Group Inc. | 540,900 | 15,189 | |
Yamada Denki Co. Ltd. | 3,239,000 | 10,438 | |
Japan Post Holdings Co. Ltd. | 1,533,100 | 10,309 | |
Japan Post Bank Co. Ltd. | 1,477,900 | 9,847 | |
FUJIFILM Holdings Corp. | 215,100 | 9,841 | |
East Japan Railway Co. | 128,900 | 6,868 | |
Takeda Pharmaceutical Co. Ltd. | 162,700 | 4,297 | |
Skylark Holdings Co. Ltd. | 387,700 | 4,136 | |
Secom Co. Ltd. | 67,800 | 3,863 | |
Sawai Group Holdings Co. Ltd. | 124,100 | 3,582 | |
ENEOS Holdings Inc. | 1,082,800 | 3,572 | |
Kagome Co. Ltd. | 174,100 | 3,480 | |
Japan Tobacco Inc. | 196,700 | 3,294 | |
Toho Co. Ltd. (XTKS) | 87,600 | 3,115 | |
SG Holdings Co. Ltd. | 227,500 | 3,015 | |
Trend Micro Inc. | 55,800 | 2,814 | |
Kyocera Corp. | 55,800 | 2,702 | |
Toyo Suisan Kaisha Ltd. | 69,700 | 2,615 | |
West Japan Railway Co. | 59,100 | 2,343 | |
Tobu Railway Co. Ltd. | 96,100 | 2,223 | |
Tokyo Gas Co. Ltd. | 104,200 | 1,862 | |
ABC-Mart Inc. | 39,100 | 1,743 | |
Kintetsu Group Holdings Co. Ltd. | 42,500 | 1,436 | |
Odakyu Electric Railway Co. Ltd. | 92,600 | 1,101 | |
MOS Food Services Inc. | 49,900 | 1,059 | |
Yamato Holdings Co. Ltd. | 62,100 | 920 | |
Hankyu Hanshin Holdings Inc. | 29,700 | 882 | |
* | Shizuoka Financial Group Inc. | 138,400 | 874 |
Central Japan Railway Co. | 7,300 | 845 | |
Kyushu Railway Co. | 36,100 | 755 | |
Hirose Electric Co. Ltd. | 5,800 | 752 | |
Obayashi Corp. | 109,400 | 702 | |
Tokyu Corp. | 59,100 | 681 | |
Keio Corp. | 19,300 | 677 | |
KYORIN Holdings Inc. | 54,700 | 677 | |
Seven Bank Ltd. | 324,600 | 586 | |
Aozora Bank Ltd. | 33,900 | 583 | |
Zensho Holdings Co. Ltd. | 22,800 | 569 | |
Brother Industries Ltd. | 32,300 | 550 | |
Lion Corp. | 50,700 | 512 | |
Chugoku Electric Power Co. Inc. | 108,100 | 507 | |
Nagoya Railroad Co. Ltd. | 33,000 | 506 | |
Ezaki Glico Co. Ltd. | 21,600 | 486 | |
Osaka Gas Co. Ltd. | 31,600 | 468 | |
Oracle Corp. Japan | 8,700 | 463 | |
Medipal Holdings Corp. | 30,200 | 374 | |
Chubu Electric Power Co. Inc. | 45,700 | 372 | |
Haseko Corp. | 36,100 | 372 | |
Kewpie Corp. | 23,200 | 366 | |
Toho Gas Co. Ltd. | 19,100 | 356 | |
Nishimatsu Construction Co. Ltd. | 14,000 | 341 | |
196,606 | |||
Mexico (0.6%) | |||
America Movil SAB de CV Class L ADR | 479,041 | 9,011 |
Shares | Market Value• ($000) | ||
Fomento Economico Mexicano SAB de CV ADR | 35,509 | 2,543 | |
Grupo Aeroportuario del Sureste SAB de CV ADR | 2,328 | 543 | |
12,097 | |||
Netherlands (0.1%) | |||
Koninklijke KPN NV | 524,531 | 1,467 | |
Koninklijke Vopak NV | 20,960 | 428 | |
1,895 | |||
New Zealand (0.1%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 134,335 | 1,526 | |
Infratil Ltd. | 81,484 | 414 | |
1,940 | |||
Norway (0.4%) | |||
Orkla ASA | 1,232,183 | 8,311 | |
DNB Bank ASA | 23,684 | 419 | |
8,730 | |||
Singapore (0.7%) | |||
Oversea-Chinese Banking Corp. Ltd. | 1,062,061 | 9,117 | |
Singapore Exchange Ltd. | 794,026 | 4,722 | |
Singapore Technologies Engineering Ltd. | 250,700 | 584 | |
United Overseas Bank Ltd. | 21,233 | 417 | |
14,840 | |||
South Korea (2.6%) | |||
KT&G Corp. | 263,069 | 17,668 | |
Samsung Electronics Co. Ltd. | 295,936 | 12,317 | |
Samsung Electronics Co. Ltd. Preference Shares | 271,644 | 10,152 | |
Korea Zinc Co. Ltd. | 17,595 | 7,890 | |
Shinhan Financial Group Co. Ltd. | 71,183 | 1,809 | |
Maeil Dairies Co. Ltd. | 28,395 | 938 | |
Samsung Life Insurance Co. Ltd. | 9,408 | 445 | |
LG Uplus Corp. | 55,319 | 444 | |
Samsung SDS Co. Ltd. | 4,865 | 426 | |
Samsung Fire & Marine Insurance Co. Ltd. | 2,909 | 408 | |
Shinsegae Inc. | 2,636 | 392 | |
SSANGYONG C&E Co. Ltd. | 95,535 | 381 | |
53,270 | |||
Spain (0.2%) | |||
Enagas SA | 173,007 | 2,809 | |
Endesa SA | 107,310 | 1,793 | |
4,602 | |||
Sweden (0.1%) | |||
1 | Telia Co. AB | 611,372 | 1,620 |
Switzerland (3.2%) | |||
Swisscom AG (Registered) | 61,055 | 30,148 | |
Novartis AG (Registered) | 238,415 | 19,286 | |
Roche Holding AG (Bearer) | 12,980 | 5,268 | |
Schindler Holding AG Ptg. Ctf. | 17,960 | 2,929 | |
2 | Galenica AG | 31,063 | 2,232 |
Shares | Market Value• ($000) | ||
Swiss Prime Site AG (Registered) | 22,430 | 1,810 | |
Banque Cantonale Vaudoise (Registered) | 17,241 | 1,534 | |
EMS-Chemie Holding AG (Registered) | 2,068 | 1,300 | |
Allreal Holding AG (Registered) | 8,295 | 1,188 | |
Baloise Holding AG (Registered) | 4,631 | 633 | |
PSP Swiss Property AG (Registered) | 4,329 | 463 | |
66,791 | |||
Taiwan (1.2%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 289,217 | 17,801 | |
Chunghwa Telecom Co. Ltd. ADR | 151,576 | 5,216 | |
ASE Technology Holding Co. Ltd. ADR | 231,794 | 1,180 | |
24,197 | |||
United Kingdom (2.7%) | |||
Halma plc | 322,336 | 7,816 | |
BAE Systems plc | 810,222 | 7,579 | |
National Grid plc | 605,608 | 6,598 | |
Reckitt Benckiser Group plc | 85,541 | 5,677 | |
Sage Group plc | 578,874 | 4,825 | |
GSK plc | 273,646 | 4,483 | |
Admiral Group plc | 159,235 | 3,682 | |
British American Tobacco plc | 88,740 | 3,505 | |
Tate & Lyle plc | 320,448 | 2,575 | |
Rightmove plc | 406,390 | 2,288 | |
Pearson plc | 156,450 | 1,729 | |
Imperial Brands plc | 54,052 | 1,317 | |
B&M European Value Retail SA | 303,271 | 1,121 | |
United Utilities Group plc | 75,092 | 809 | |
Phoenix Group Holdings plc | 92,424 | 575 | |
Severn Trent plc | 15,538 | 446 | |
55,025 | |||
United States (56.7%) | |||
3 | Gilead Sciences Inc. | 502,305 | 39,411 |
Merck & Co. Inc. | 362,288 | 36,664 | |
Amgen Inc. | 134,397 | 36,334 | |
Amdocs Ltd. | 406,455 | 35,081 | |
3 | Bristol-Myers Squibb Co. | 448,414 | 34,739 |
Lockheed Martin Corp. | 70,806 | 34,460 | |
Johnson & Johnson | 196,620 | 34,206 | |
International Business Machines Corp. | 245,361 | 33,931 | |
McDonald's Corp. | 118,132 | 32,210 | |
Republic Services Inc. Class A | 238,716 | 31,658 | |
AbbVie Inc. | 213,298 | 31,227 | |
Colgate-Palmolive Co. | 406,861 | 30,043 | |
Waste Management Inc. | 189,410 | 29,997 | |
3 | Cisco Systems Inc. | 643,376 | 29,229 |
4 | Equity Commonwealth | 1,091,502 | 28,554 |
AptarGroup Inc. | 274,408 | 27,208 | |
Church & Dwight Co. Inc. | 364,183 | 26,997 | |
3 | Hormel Foods Corp. | 563,484 | 26,174 |
Chemed Corp. | 48,609 | 22,694 |
Shares | Market Value• ($000) | ||
Service Corp. International | 335,967 | 20,363 | |
1 | Sirius XM Holdings Inc. | 3,131,870 | 18,916 |
Dollar General Corp. | 73,050 | 18,631 | |
CH Robinson Worldwide Inc. | 188,385 | 18,409 | |
White Mountains Insurance Group Ltd. | 12,722 | 18,016 | |
General Mills Inc. | 212,225 | 17,313 | |
Jack Henry & Associates Inc. | 85,636 | 17,047 | |
Quest Diagnostics Inc. | 114,137 | 16,396 | |
AT&T Inc. | 893,814 | 16,294 | |
AmerisourceBergen Corp. Class A | 102,922 | 16,181 | |
3 | Flowers Foods Inc. | 558,563 | 16,036 |
Progressive Corp. | 124,650 | 16,005 | |
Becton Dickinson and Co. | 67,788 | 15,996 | |
Kimberly-Clark Corp. | 126,975 | 15,803 | |
Hawaiian Electric Industries Inc. | 409,097 | 15,562 | |
Broadridge Financial Solutions Inc. | 96,068 | 14,416 | |
Sonoco Products Co. | 216,362 | 13,432 | |
Silgan Holdings Inc. | 268,919 | 12,736 | |
Washington Federal Inc. | 324,336 | 12,552 | |
Northrop Grumman Corp. | 22,437 | 12,318 | |
IDACORP Inc. | 111,641 | 11,689 | |
NortonLifeLock Inc. (XNGS) | 515,541 | 11,615 | |
Duke Energy Corp. | 117,285 | 10,929 | |
Commerce Bancshares Inc. | 154,059 | 10,914 | |
* | Check Point Software Technologies Ltd. | 75,655 | 9,777 |
Premier Inc. Class A | 278,965 | 9,730 | |
Oracle Corp. | 124,461 | 9,717 | |
Dolby Laboratories Inc. Class A | 145,329 | 9,714 | |
Williams Cos. Inc. | 282,462 | 9,245 | |
Consolidated Edison Inc. | 100,078 | 8,803 | |
* | Tyler Technologies Inc. | 23,609 | 7,633 |
Kellogg Co. | 97,054 | 7,456 | |
PepsiCo Inc. | 36,269 | 6,586 | |
Maximus Inc. | 100,681 | 6,209 | |
NewMarket Corp. | 18,783 | 5,716 | |
American States Water Co. | 61,089 | 5,526 | |
MDU Resources Group Inc. | 173,280 | 4,935 | |
Huntington Ingalls Industries Inc. | 18,057 | 4,642 | |
* | FTI Consulting Inc. | 29,675 | 4,618 |
Hershey Co. | 17,687 | 4,223 | |
WP Carey Inc. REIT | 53,681 | 4,096 | |
Atmos Energy Corp. | 37,873 | 4,035 | |
Landstar System Inc. | 23,102 | 3,609 | |
Prosperity Bancshares Inc. | 49,601 | 3,550 | |
Royal Gold Inc. | 35,819 | 3,401 | |
Motorola Solutions Inc. | 13,218 | 3,301 | |
Dominion Energy Inc. | 46,848 | 3,278 | |
Graco Inc. | 47,050 | 3,274 | |
California Water Service Group | 52,508 | 3,259 | |
Capitol Federal Financial Inc. | 358,205 | 2,930 | |
* | Henry Schein Inc. | 41,523 | 2,843 |
Shares | Market Value• ($000) | ||
Assurant Inc. | 18,753 | 2,548 | |
Ameren Corp. | 29,752 | 2,425 | |
* | Grand Canyon Education Inc. | 23,219 | 2,336 |
United Bankshares Inc. | 53,614 | 2,271 | |
Lancaster Colony Corp. | 12,571 | 2,266 | |
* | Vertex Pharmaceuticals Inc. | 6,611 | 2,063 |
Royalty Pharma plc Class A | 48,043 | 2,033 | |
TFS Financial Corp. | 143,421 | 2,015 | |
Werner Enterprises Inc. | 47,021 | 1,843 | |
Southwest Gas Holdings Inc. | 24,288 | 1,775 | |
Rollins Inc. | 41,274 | 1,737 | |
CVB Financial Corp. | 56,656 | 1,627 | |
Independent Bank Corp. (XNGS) | 18,415 | 1,602 | |
Verizon Communications Inc. | 40,525 | 1,514 | |
Evergy Inc. | 24,699 | 1,510 | |
First Interstate BancSystem Inc. Class A | 32,887 | 1,500 | |
Balchem Corp. | 10,641 | 1,488 | |
Lincoln Electric Holdings Inc. | 9,904 | 1,406 | |
Old National Bancorp | 68,036 | 1,331 | |
Genuine Parts Co. | 7,117 | 1,266 | |
First Financial Bankshares Inc. | 32,855 | 1,265 | |
Avista Corp. | 30,729 | 1,261 | |
* | Insight Enterprises Inc. | 12,109 | 1,144 |
Eastern Bankshares Inc. | 57,802 | 1,108 | |
Procter & Gamble Co. | 7,708 | 1,038 | |
New Jersey Resources Corp. | 22,104 | 987 | |
* | Enstar Group Ltd. | 4,732 | 949 |
Northwest Bancshares Inc. | 61,950 | 933 | |
ONE Gas Inc. | 11,488 | 890 | |
* | NetScout Systems Inc. | 23,315 | 837 |
NorthWestern Corp. | 15,583 | 823 | |
* | Prestige Consumer Healthcare Inc. | 14,289 | 778 |
Provident Financial Services Inc. | 32,557 | 730 | |
Madison Square Garden Sports Corp. | 4,200 | 658 | |
CSG Systems International Inc. | 8,832 | 571 | |
Spire Inc. | 8,085 | 564 | |
Community Bank System Inc. | 8,977 | 560 | |
Bank of Hawaii Corp. | 7,042 | 535 | |
Hanover Insurance Group Inc. | 3,586 | 525 | |
Independent Bank Group Inc. | 8,085 | 510 | |
Laureate Education Inc. Class A | 38,579 | 488 | |
Hope Bancorp Inc. | 32,859 | 446 | |
Roper Technologies Inc. | 1,066 | 442 | |
Reynolds Consumer Products Inc. | 14,421 | 440 | |
Chesapeake Utilities Corp. | 3,374 | 420 | |
* | PRA Group Inc. | 12,523 | 419 |
Shares | Market Value• ($000) | ||
Mercury General Corp. | 12,962 | 376 | |
ServisFirst Bancshares Inc. | 4,859 | 366 | |
1,177,111 | |||
Total Common Stocks (Cost $1,898,937) | 2,039,215 | ||
Temporary Cash Investments (5.7%) | |||
Money Market Fund (5.7%) | |||
5,6 | Vanguard Market Liquidity Fund, 3.117% (Cost $118,834) | 1,188,626 | 118,839 |
Total Investments (104.0%) (Cost $2,017,771) | 2,158,054 | ||
Other Assets and Liabilities—Net (-4.0%) | (82,355) | ||
Net Assets (100%) | 2,075,699 | ||
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 $100,392,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the aggregate value was $24,208,000, representing 1.2% of net assets. |
3 | Securities with a value of $3,673,000 have been segregated as collateral for open forward currency contracts. |
4 | Securities with a value of $1,022,000 have been segregated as initial margin for open futures contracts. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $109,416,000 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 | December 2022 | 110 | 21,356 | 541 |
Euro Stoxx 50 Index | December 2022 | 6 | 215 | 1 |
FTSE 100 Index | December 2022 | 12 | 978 | (44) |
S&P ASX 200 Index | December 2022 | 6 | 658 | (15) |
Topix Index | December 2022 | 9 | 1,166 | 11 |
494 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Deutsche Bank AG | 11/18/22 | CAD | 8,195 | USD | 5,963 | 53 | — |
BNP Paribas | 11/18/22 | GBP | 11,682 | USD | 13,101 | 303 | — |
BNP Paribas | 11/18/22 | HKD | 41,215 | USD | 5,254 | — | (1) |
Barclays Bank plc | 11/18/22 | HKD | 21,356 | USD | 2,723 | — | (1) |
BNP Paribas | 11/18/22 | JPY | 846,481 | USD | 5,766 | — | (62) |
Deutsche Bank AG | 11/18/22 | USD | 77,999 | AUD | 120,956 | 590 | — |
BNP Paribas | 11/18/22 | USD | 5,562 | AUD | 8,622 | 44 | — |
Deutsche Bank AG | 11/18/22 | USD | 9,700 | BRL | 51,114 | — | (154) |
State Street Bank & Trust Co. | 11/18/22 | USD | 115,946 | CAD | 158,750 | — | (590) |
BNP Paribas | 11/18/22 | USD | 17,884 | CAD | 24,467 | — | (76) |
Citibank, N.A. | 11/18/22 | USD | 62,014 | CHF | 60,843 | 1,136 | — |
State Street Bank & Trust Co. | 11/18/22 | USD | 5,066 | CHF | 5,024 | 39 | — |
Bank of Montreal | 11/18/22 | USD | — | CNH | 2 | — | — |
State Street Bank & Trust Co. | 11/18/22 | USD | 1,278 | DKK | 9,589 | 4 | — |
State Street Bank & Trust Co. | 11/18/22 | USD | 37,171 | EUR | 37,489 | 75 | — |
Toronto-Dominion Bank | 11/18/22 | USD | 59,565 | GBP | 52,676 | — | (872) |
BNP Paribas | 11/18/22 | USD | 4,826 | GBP | 4,279 | — | (84) |
Barclays Bank plc | 11/18/22 | USD | 97,146 | HKD | 761,890 | 51 | — |
BNP Paribas | 11/18/22 | USD | 4,211 | IDR | 64,142,370 | 100 | — |
BNP Paribas | 11/18/22 | USD | 2,883 | ILS | 10,126 | 14 | — |
State Street Bank & Trust Co. | 11/18/22 | USD | 58,858 | INR | 4,825,717 | 652 | — |
Goldman Sachs International | 11/18/22 | USD | 8,886 | INR | 736,987 | — | (3) |
Barclays Bank plc | 11/18/22 | USD | 5,512 | INR | 457,637 | — | (8) |
Royal Bank of Canada | 11/18/22 | USD | 4,335 | INR | 355,972 | 42 | — |
State Street Bank & Trust Co. | 11/18/22 | USD | 212,930 | JPY | 30,689,513 | 6,127 | — |
Bank of Montreal | 11/18/22 | USD | 3,436 | JPY | 495,102 | 100 | — |
State Street Bank & Trust Co. | 11/18/22 | USD | 47,768 | KRW | 67,908,888 | 93 | — |
Goldman Sachs International | 11/18/22 | USD | 2,310 | KRW | 3,284,843 | 4 | — |
Deutsche Bank AG | 11/18/22 | USD | 9,384 | MXN | 189,874 | — | (166) |
Toronto-Dominion Bank | 11/18/22 | USD | 9,743 | NOK | 103,269 | — | (196) |
State Street Bank & Trust Co. | 11/18/22 | USD | 2,722 | NZD | 4,773 | — | (54) |
Bank of Montreal | 11/18/22 | USD | 51 | SEK | 554 | — | — |
Royal Bank of Canada | 11/18/22 | USD | 14,011 | SGD | 19,974 | — | (101) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Deutsche Bank AG | 11/18/22 | USD | 26,660 | TWD | 840,476 | 543 | — |
BNP Paribas | 11/18/22 | USD | 2,162 | TWD | 68,237 | 41 | — |
10,011 | (2,368) |
AUD—Australian dollar. |
BRL—Brazilian real. |
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 $1,898,937) | 2,039,215 |
Affiliated Issuers (Cost $118,834) | 118,839 |
Total Investments in Securities | 2,158,054 |
Investment in Vanguard | 78 |
Foreign Currency, at Value (Cost $1,656) | 1,654 |
Receivables for Investment Securities Sold | 12,070 |
Receivables for Accrued Income | 6,942 |
Receivables for Capital Shares Issued | 475 |
Unrealized Appreciation—Forward Currency Contracts | 10,011 |
Total Assets | 2,189,284 |
Liabilities | |
Due to Custodian | 397 |
Payables for Investment Securities Purchased | 13 |
Collateral for Securities on Loan | 109,416 |
Payables for Capital Shares Redeemed | 1,222 |
Payables to Vanguard | 142 |
Variation Margin Payable—Futures Contracts | 27 |
Unrealized Depreciation—Forward Currency Contracts | 2,368 |
Total Liabilities | 113,585 |
Net Assets | 2,075,699 |
1 Includes $100,392 of securities on loan. | |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 1,847,891 |
Total Distributable Earnings (Loss) | 227,808 |
Net Assets | 2,075,699 |
Investor Shares—Net Assets | |
Applicable to 18,951,077 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 259,965 |
Net Asset Value Per Share—Investor Shares | $13.72 |
Admiral Shares—Net Assets | |
Applicable to 66,159,257 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,815,734 |
Net Asset Value Per Share—Admiral Shares | $27.44 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 62,688 |
Interest2 | 81 |
Securities Lending—Net | 672 |
Total Income | 63,441 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 546 |
Management and Administrative—Investor Shares | 452 |
Management and Administrative—Admiral Shares | 2,188 |
Marketing and Distribution—Investor Shares | 21 |
Marketing and Distribution—Admiral Shares | 104 |
Custodian Fees | 112 |
Auditing Fees | 38 |
Shareholders’ Reports—Investor Shares | 19 |
Shareholders’ Reports—Admiral Shares | 32 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 27 |
Total Expenses | 3,540 |
Expenses Paid Indirectly | (1) |
Net Expenses | 3,539 |
Net Investment Income | 59,902 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 16,986 |
Futures Contracts | (3,330) |
Forward Currency Contracts | 148,465 |
Foreign Currencies | (482) |
Realized Net Gain (Loss) | 161,639 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (344,982) |
Futures Contracts | 476 |
Forward Currency Contracts | 10,147 |
Foreign Currencies | (324) |
Change in Unrealized Appreciation (Depreciation) | (334,683) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (113,142) |
1 | Dividends are net of foreign withholding taxes of $3,383,000. |
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 $81,000, ($4,000), less than $1,000, and $5,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $31,951,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 59,902 | 54,760 |
Realized Net Gain (Loss) | 161,639 | 242,664 |
Change in Unrealized Appreciation (Depreciation) | (334,683) | 239,710 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (113,142) | 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 | (18,912) | (87,211) |
Admiral Shares | (448,415) | (793,086) |
Net Increase (Decrease) from Capital Share Transactions | (467,327) | (880,297) |
Total Increase (Decrease) | (674,144) | (412,464) |
Net Assets | ||
Beginning of Period | 2,749,843 | 3,162,307 |
End of Period | 2,075,699 | 2,749,843 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $14.83 | $12.77 | $14.71 | $13.78 | $13.57 |
Investment Operations | |||||
Net Investment Income1 | .347 | .252 | .293 | .428 | .374 |
Net Realized and Unrealized Gain (Loss) on Investments | (.952) | 2.085 | (1.571) | 1.403 | .148 |
Total from Investment Operations | (.605) | 2.337 | (1.278) | 1.831 | .522 |
Distributions | |||||
Dividends from Net Investment Income | (.505) | (.277) | (.397) | (.300) | (.312) |
Distributions from Realized Capital Gains | — | — | (.265) | (.601) | — |
Total Distributions | (.505) | (.277) | (.662) | (.901) | (.312) |
Net Asset Value, End of Period | $13.72 | $14.83 | $12.77 | $14.71 | $13.78 |
Total Return2 | -4.28% | 18.51% | -9.22% | 14.41% | 3.89% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $260 | $301 | $338 | $643 | $515 |
Ratio of Total Expenses to Average Net Assets | 0.21%3 | 0.21% | 0.21% | 0.21% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 2.46% | 1.77% | 2.16% | 3.09% | 2.66% |
Portfolio Turnover Rate | 51%4 | 24% | 58% | 46% | 24% |
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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.21%. |
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. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $29.67 | $25.56 | $29.45 | $27.58 | $27.15 |
Investment Operations | |||||
Net Investment Income1 | .712 | .520 | .608 | .878 | .758 |
Net Realized and Unrealized Gain (Loss) on Investments | (1.910) | 4.177 | (3.155) | 2.819 | .297 |
Total from Investment Operations | (1.198) | 4.697 | (2.547) | 3.697 | 1.055 |
Distributions | |||||
Dividends from Net Investment Income | (1.032) | (.587) | (.812) | (.624) | (.625) |
Distributions from Realized Capital Gains | — | — | (.531) | (1.203) | — |
Total Distributions | (1.032) | (.587) | (1.343) | (1.827) | (.625) |
Net Asset Value, End of Period | $27.44 | $29.67 | $25.56 | $29.45 | $27.58 |
Total Return2 | -4.24% | 18.60% | -9.18% | 14.54% | 3.93% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,816 | $2,449 | $2,824 | $3,483 | $2,542 |
Ratio of Total Expenses to Average Net Assets | 0.14%3 | 0.14% | 0.14% | 0.14% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 2.52% | 1.83% | 2.26% | 3.16% | 2.74% |
Portfolio Turnover Rate | 51%4 | 24% | 58% | 46% | 24% |
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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
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. |
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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $1,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 | 1,326,838 | — | — | 1,326,838 |
Common Stocks—Other | 103,214 | 609,163 | — | 712,377 |
Temporary Cash Investments | 118,839 | — | — | 118,839 |
Total | 1,548,891 | 609,163 | — | 2,158,054 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 553 | — | — | 553 |
Forward Currency Contracts | — | 10,011 | — | 10,011 |
Total | 553 | 10,011 | — | 10,564 |
Liabilities | ||||
Futures Contracts1 | 59 | — | — | 59 |
Forward Currency Contracts | — | 2,368 | — | 2,368 |
Total | 59 | 2,368 | — | 2,427 |
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 | 553 | — | 553 |
Unrealized Appreciation—Forward Currency Contracts | — | 10,011 | 10,011 |
Total Assets | 553 | 10,011 | 10,564 |
Unrealized Depreciation—Futures Contracts1 | 59 | — | 59 |
Unrealized Depreciation—Forward Currency Contracts | — | 2,368 | 2,368 |
Total Liabilities | 59 | 2,368 | 2,427 |
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 | (3,330) | — | (3,330) |
Forward Currency Contracts | — | 148,465 | 148,465 |
Realized Net Gain (Loss) on Derivatives | (3,330) | 148,465 | 145,135 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 476 | — | 476 |
Forward Currency Contracts | — | 10,147 | 10,147 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 476 | 10,147 | 10,623 |
F. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, foreign currency transactions, passive foreign investment companies, and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 48,584 |
Total Distributable Earnings (Loss) | (48,584) |
Amount ($000) | |
Undistributed Ordinary Income | 41,610 |
Undistributed Long-Term Gains | 48,646 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 137,552 |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 93,675 | 69,301 |
Long-Term Capital Gains | — | — |
Total | 93,675 | 69,301 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,020,854 |
Gross Unrealized Appreciation | 266,907 |
Gross Unrealized Depreciation | (129,076) |
Net Unrealized Appreciation (Depreciation) | 137,831 |
G. | During the year ended October 31, 2022, the fund purchased $1,212,413,000 of investment securities and sold $1,574,229,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $219,562,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 38,697 | 2,740 | 49,143 | 3,454 | |
Issued in Lieu of Cash Distributions | 9,216 | 633 | 6,352 | 470 | |
Redeemed | (66,825) | (4,728) | (142,706) | (10,122) | |
Net Increase (Decrease)—Investor Shares | (18,912) | (1,355) | (87,211) | (6,198) | |
Admiral Shares | |||||
Issued | 190,619 | 6,722 | 439,983 | 15,585 | |
Issued in Lieu of Cash Distributions | 73,352 | 2,518 | 55,463 | 2,050 | |
Redeemed | (712,386) | (25,628) | (1,288,532) | (45,588) | |
Net Increase (Decrease)—Admiral Shares | (448,415) | (16,388) | (793,086) | (27,953) |
I. | Management has determined that no events or transactions occurred subsequent to October 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img24a26f385.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img4642ee2c1.jpg)
Vanguard International Dividend Appreciation Index Fund |
Vanguard International High Dividend Yield Index Fund |
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
International Dividend Appreciation Index Fund | 4 |
International High Dividend Yield Index Fund | 27 |
• | The 12 months ended October 31, 2022, were a volatile, challenging period for financial markets. Returns for Vanguard International High Dividend Yield Index Fund were –15.52% for Admiral Shares and –15.16% for ETF Shares. Vanguard International Dividend Appreciation Index Fund returned –23.22% for Admiral Shares and –22.90% for ETF Shares. Returns for ETF Shares are based on net asset value. |
• | The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by many central banks to bring inflation back in check and increased fears of a recession. |
��� | For both funds, all the major regions detracted from the index return for the 12 months. Europe, by far the largest weighting in both indexes at more than 40%, hurt returns the most. |
• | Among sectors, financials detracted most from the index return for the International High Dividend Yield Index Fund, followed by consumer discretionary and industrials. Only energy made a positive contribution. For the International Dividend Appreciation Index Fund, technology and industrials hurt the index return the most. The only sector to make a slightly positive contribution was telecommunications, which had a small weighting in the index. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $867.40 | $0.75 |
Admiral™ Shares | 1,000.00 | 867.90 | 0.80 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $884.00 | $1.09 |
Admiral Shares | 1,000.00 | 884.40 | 1.09 |
Based on Hypothetical 5% Yearly Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,024.40 | $0.82 |
Admiral Shares | 1,000.00 | 1,024.35 | 0.87 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.05 | $1.17 |
Admiral Shares | 1,000.00 | 1,024.05 | 1.17 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imga8feab3e2.gif)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Since Inception (2/25/2016) | Final Value of a $10,000 Investment | ||
![]() | International Dividend Appreciation Index Fund ETF Shares Net Asset Value | -22.90% | 2.82% | 6.41% | $15,143 |
International Dividend Appreciation Index Fund ETF Shares Market Price | -22.95 | 2.80 | 6.45 | 15,183 | |
![]() | Spliced S&P Global Ex-U.S. Dividend Growers Index | -22.87 | 3.05 | 6.71 | 15,427 |
One Year | Five Years | Since Inception (3/2/2016) | Final Value of a $10,000 Investment | ||
International Dividend Appreciation Index Fund Admiral Shares | -23.22% | 2.74% | 5.91% | $14,660 | |
Spliced S&P Global Ex-U.S. Dividend Growers Index | -22.87 | 3.05 | 6.25 | 14,975 |
One Year | Five Years | Since Inception (2/25/2016) | |
International Dividend Appreciation Index Fund ETF Shares Market Price | -22.95% | 14.82% | 51.83% |
International Dividend Appreciation Index Fund ETF Shares Net Asset Value | -22.90 | 14.92 | 51.43 |
Spliced S&P Global Ex-U.S. Dividend Growers Index | -22.87 | 16.19 | 54.27 |
Canada | 17.9% |
Switzerland | 17.0 |
Japan | 15.2 |
United Kingdom | 7.8 |
India | 7.3 |
Denmark | 6.1 |
France | 5.2 |
Germany | 4.9 |
Australia | 4.0 |
Hong Kong | 3.6 |
China | 3.2 |
Sweden | 2.4 |
Indonesia | 1.0 |
Other | 4.4 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Australia (4.0%) | |||
CSL Ltd. | 546,756 | 97,878 | |
Sonic Healthcare Ltd. | 544,459 | 11,399 | |
Computershare Ltd. (XASX) | 650,386 | 10,528 | |
Northern Star Resources Ltd. | 1,322,652 | 7,382 | |
carsales.com Ltd. | 398,033 | 5,156 | |
Washington H Soul Pattinson & Co. Ltd. | 278,981 | 4,993 | |
Steadfast Group Ltd. | 1,110,439 | 3,598 | |
Altium Ltd. | 139,150 | 3,142 | |
Technology One Ltd. | 315,427 | 2,427 | |
Brickworks Ltd. | 98,835 | 1,399 | |
AUB Group Ltd. | 105,131 | 1,391 | |
Collins Foods Ltd. | 133,803 | 803 | |
Dicker Data Ltd. | 66,376 | 457 | |
150,553 | |||
Belgium (0.4%) | |||
UCB SA | 143,608 | 10,823 | |
Sofina SA | 18,199 | 3,549 | |
14,372 | |||
Brazil (0.2%) | |||
Raia Drogasil SA | 1,219,266 | 6,210 | |
Canada (17.8%) | |||
Toronto-Dominion Bank | 2,051,311 | 131,283 | |
Canadian National Railway Co. | 698,739 | 82,781 | |
Canadian Natural Resources Ltd. | 1,275,260 | 76,487 | |
Brookfield Asset Management Inc. Class A | 1,623,407 | 64,288 | |
Alimentation Couche-Tard Inc. | 892,795 | 39,975 | |
Intact Financial Corp. | 198,942 | 30,229 | |
Franco-Nevada Corp. | 217,168 | 26,833 | |
Agnico Eagle Mines Ltd. | 517,879 | 22,782 | |
Fortis Inc. (XTSE) | 543,515 | 21,204 | |
Dollarama Inc. | 326,457 | 19,398 | |
Magna International Inc. | 305,684 | 17,035 | |
Loblaw Cos. Ltd. | 175,161 | 14,351 | |
Metro Inc. | 270,224 | 14,156 | |
Imperial Oil Ltd. | 222,124 | 12,083 | |
Open Text Corp. | 306,319 | 8,873 | |
George Weston Ltd. | 76,205 | 8,388 | |
TFI International Inc. | 90,471 | 8,235 |
Shares | Market Value• ($000) | ||
Ritchie Bros Auctioneers Inc. | 125,616 | 8,206 | |
CCL Industries Inc. Class B | 165,007 | 7,752 | |
Toromont Industries Ltd. | 93,013 | 7,148 | |
1 | Canadian Tire Corp. Ltd. Class A | 63,347 | 7,100 |
Saputo Inc. | 274,672 | 6,686 | |
Stantec Inc. | 125,130 | 6,123 | |
Empire Co. Ltd. Class A | 186,655 | 4,795 | |
Finning International Inc. | 175,555 | 3,733 | |
Parkland Corp. | 178,384 | 3,606 | |
Boyd Group Services Inc. | 24,345 | 3,464 | |
Premium Brands Holdings Corp. Class A | 42,515 | 2,508 | |
Canadian Western Bank | 108,609 | 1,890 | |
Stella-Jones Inc. | 61,758 | 1,860 | |
Maple Leaf Foods Inc. | 86,105 | 1,276 | |
Cogeco Communications Inc. | 23,180 | 1,182 | |
goeasy Ltd. | 14,490 | 1,176 | |
Enghouse Systems Ltd. | 48,129 | 1,070 | |
Savaria Corp. | 53,166 | 507 | |
Cogeco Inc. | 10,831 | 461 | |
Hardwoods Distribution Inc. | 23,166 | 426 | |
669,350 | |||
China (3.1%) | |||
Tencent Holdings Ltd. | 3,605,824 | 94,750 | |
CSPC Pharmaceutical Group Ltd. | 9,504,000 | 9,762 | |
Shenzhou International Group Holdings Ltd. | 908,900 | 6,311 | |
China Tourism Group Duty Free Corp. Ltd. Class A | 176,355 | 3,875 | |
China Resources Gas Group Ltd. | 1,024,700 | 2,624 | |
Angel Yeast Co. Ltd. Class A | 79,000 | 393 | |
117,715 | |||
Colombia (0.1%) | |||
Grupo Nutresa SA | 125,365 | 1,346 | |
Grupo de Inversiones Suramericana SA | 120,084 | 968 | |
Grupo Argos SA | 387,449 | 804 | |
Grupo De Inversiones Suramericana SA Preference Shares | 63,046 | 174 | |
3,292 |
Shares | Market Value• ($000) | ||
Denmark (6.1%) | |||
Novo Nordisk A/S Class B | 1,685,491 | 183,266 | |
DSV A/S | 217,931 | 29,449 | |
Coloplast A/S Class B | 134,783 | 15,024 | |
227,739 | |||
Finland (0.1%) | |||
Huhtamaki OYJ | 108,928 | 3,915 | |
Revenio Group OYJ | 31,133 | 1,158 | |
5,073 | |||
France (5.2%) | |||
Sanofi | 1,309,661 | 112,707 | |
Schneider Electric SE | 648,431 | 81,998 | |
Pharmagest Interactive | 5,983 | 420 | |
195,125 | |||
Germany (4.9%) | |||
SAP SE | 1,241,035 | 119,453 | |
Symrise AG Class A | 150,927 | 15,406 | |
Fresenius SE & Co. KGaA | 465,954 | 10,723 | |
Brenntag SE | 176,270 | 10,696 | |
Fresenius Medical Care AG & Co. KGaA | 227,582 | 6,295 | |
LEG Immobilien SE (XETR) | 85,798 | 5,601 | |
Bechtle AG | 94,677 | 3,271 | |
Nemetschek SE | 63,617 | 3,033 | |
Encavis AG | 138,793 | 2,584 | |
Gerresheimer AG | 31,074 | 1,780 | |
FUCHS PETROLUB SE Preference Shares | 59,022 | 1,690 | |
FUCHS PETROLUB SE | 58,752 | 1,417 | |
STRATEC SE | 8,185 | 686 | |
TAG Immobilien AG | 96,012 | 601 | |
Atoss Software AG | 4,745 | 578 | |
Cewe Stiftung & Co. KGaA | 6,643 | 520 | |
MBB SE | 2,922 | 244 | |
184,578 | |||
Hong Kong (3.5%) | |||
AIA Group Ltd. | 13,552,760 | 102,659 | |
Techtronic Industries Co. Ltd. | 2,085,064 | 19,743 | |
Hong Kong & China Gas Co. Ltd. | 12,251,145 | 9,443 | |
SUNeVision Holdings Ltd. | 1,570,000 | 832 | |
132,677 | |||
India (7.2%) | |||
Reliance Industries Ltd. | 3,900,786 | 120,366 | |
Infosys Ltd. ADR | 3,210,231 | 60,128 | |
Hindustan Unilever Ltd. | 1,008,850 | 31,127 | |
Asian Paints Ltd. | 509,476 | 19,178 | |
Infosys Ltd. | 920,370 | 17,154 | |
Pidilite Industries Ltd. | 171,438 | 5,361 | |
Tata Elxsi Ltd. | 39,514 | 3,340 | |
Persistent Systems Ltd. | 56,888 | 2,538 | |
Astral Ltd. (XNSE) | 100,163 | 2,460 | |
Sundaram Finance Ltd. | 75,959 | 2,158 | |
Berger Paints India Ltd. | 273,472 | 1,939 | |
LIC Housing Finance Ltd. | 347,080 | 1,701 | |
KEI Industries Ltd. | 61,190 | 1,195 | |
CRISIL Ltd. | 27,224 | 987 | |
Relaxo Footwears Ltd. | 80,276 | 938 | |
KEC International Ltd. | 141,401 | 753 | |
Balaji Amines Ltd. | 11,750 | 429 | |
Caplin Point Laboratories Ltd. | 26,722 | 234 |
Shares | Market Value• ($000) | ||
* | Yes Bank Ltd. | 545,158 | 103 |
272,089 | |||
Indonesia (1.0%) | |||
Bank Central Asia Tbk PT | 62,874,000 | 35,541 | |
Ireland (0.4%) | |||
Kerry Group plc Class A | 177,065 | 15,379 | |
Israel (0.0%) | |||
Matrix IT Ltd. | 38,437 | 829 | |
Italy (0.4%) | |||
Recordati Industria Chimica e Farmaceutica SpA | 114,866 | 4,316 | |
DiaSorin SpA | 29,825 | 3,899 | |
Interpump Group SpA | 94,287 | 3,650 | |
Reply SpA | 25,761 | 2,802 | |
14,667 | |||
Japan (15.2%) | |||
Shin-Etsu Chemical Co. Ltd. | 472,700 | 49,128 | |
Tokio Marine Holdings Inc. | 2,314,300 | 41,901 | |
Nippon Telegraph & Telephone Corp. | 1,354,900 | 37,369 | |
Murata Manufacturing Co. Ltd. | 726,380 | 34,386 | |
Seven & i Holdings Co. Ltd. | 905,300 | 33,793 | |
Astellas Pharma Inc. | 2,078,000 | 28,673 | |
Terumo Corp. | 860,176 | 26,105 | |
Kao Corp. | 538,600 | 20,118 | |
Aeon Co. Ltd. | 987,600 | 18,419 | |
Asahi Group Holdings Ltd. | 575,743 | 16,110 | |
Unicharm Corp. | 500,400 | 15,208 | |
Shionogi & Co. Ltd. | 321,300 | 14,920 | |
M3 Inc. | 485,400 | 14,465 | |
Sekisui House Ltd. | 772,600 | 12,827 | |
Obic Co. Ltd. | 75,500 | 11,330 | |
Nomura Research Institute Ltd. | 506,300 | 11,205 | |
Yakult Honsha Co. Ltd. | 181,800 | 10,072 | |
Pan Pacific International Holdings Corp. | 605,564 | 9,938 | |
Nitto Denko Corp. | 171,000 | 9,009 | |
Nitori Holdings Co. Ltd. | 98,801 | 8,953 | |
Nissan Chemical Corp. | 159,732 | 7,190 | |
TIS Inc. | 258,300 | 6,964 | |
Hulic Co. Ltd. | 685,275 | 4,978 | |
Chiba Bank Ltd. | 836,700 | 4,584 | |
Kurita Water Industries Ltd. | 121,300 | 4,440 | |
MonotaRO Co. Ltd. | 277,467 | 4,212 | |
Azbil Corp. | 146,600 | 3,984 | |
Nippon Sanso Holdings Corp. | 242,200 | 3,856 | |
GMO Payment Gateway Inc. | 50,300 | 3,617 | |
Kobayashi Pharmaceutical Co. Ltd. | 66,900 | 3,550 | |
Tokyo Tatemono Co. Ltd. | 239,500 | 3,294 | |
Nisshin Seifun Group Inc. | 297,700 | 3,217 | |
Rinnai Corp. | 44,884 | 3,055 | |
Nomura Real Estate Holdings Inc. | 134,980 | 3,051 | |
Open House Co. Ltd. | 85,400 | 3,038 |
Shares | Market Value• ($000) | ||
Hitachi Transport System Ltd. | 47,100 | 2,819 | |
Hikari Tsushin Inc. | 23,000 | 2,778 | |
Alfresa Holdings Corp. | 235,400 | 2,710 | |
SCSK Corp. | 174,200 | 2,570 | |
Itochu Techno-Solutions Corp. | 108,203 | 2,509 | |
SHO-BOND Holdings Co. Ltd. | 56,784 | 2,456 | |
Welcia Holdings Co. Ltd. | 117,400 | 2,454 | |
COMSYS Holdings Corp. | 134,900 | 2,210 | |
Goldwin Inc. | 41,800 | 2,183 | |
Zenkoku Hosho Co. Ltd. | 61,000 | 2,013 | |
Oracle Corp. Japan | 36,800 | 1,960 | |
Tokyo Century Corp. | 54,500 | 1,859 | |
Sundrug Co. Ltd. | 78,724 | 1,831 | |
EXEO Group Inc. | 117,000 | 1,714 | |
Aica Kogyo Co. Ltd. | 79,700 | 1,713 | |
Takara Holdings Inc. | 230,600 | 1,604 | |
Fujitsu General Ltd. | 68,500 | 1,563 | |
Fuyo General Lease Co. Ltd. | 25,600 | 1,423 | |
Mani Inc. | 95,600 | 1,393 | |
NSD Co. Ltd. | 79,400 | 1,357 | |
TS Tech Co. Ltd. | 121,100 | 1,266 | |
Yaoko Co. Ltd. | 28,100 | 1,222 | |
Benefit One Inc. | 88,300 | 1,222 | |
Nichias Corp. | 71,200 | 1,098 | |
Maruwa Co. Ltd. | 9,200 | 1,081 | |
DTS Corp. | 45,100 | 1,072 | |
PALTAC Corp. | 36,254 | 1,030 | |
Shoei Co. Ltd. | 27,700 | 1,022 | |
Japan Material Co. Ltd. | 75,800 | 998 | |
Funai Soken Holdings Inc. | 51,500 | 918 | |
TKC Corp. | 35,800 | 914 | |
Workman Co. Ltd. | 26,626 | 908 | |
Kissei Pharmaceutical Co. Ltd. | 48,400 | 855 | |
Takeuchi Manufacturing Co. Ltd. | 42,400 | 855 | |
Mizuho Leasing Co. Ltd. | 39,000 | 850 | |
Seria Co. Ltd. | 52,012 | 850 | |
Information Services International-Dentsu Ltd. | 26,700 | 817 | |
Raito Kogyo Co. Ltd. | 58,700 | 801 | |
Tokyo Steel Manufacturing Co. Ltd. | 90,000 | 773 | |
Nojima Corp. | 85,000 | 708 | |
Noevir Holdings Co. Ltd. | 18,900 | 699 | |
Valor Holdings Co. Ltd. | 58,812 | 680 | |
Riken Keiki Co. Ltd. | 24,400 | 671 | |
Create SD Holdings Co. Ltd. | 31,500 | 671 | |
Takara Bio Inc. | 56,600 | 662 | |
Kohnan Shoji Co. Ltd. | 31,400 | 657 | |
Ai Holdings Corp. | 44,070 | 652 | |
eGuarantee Inc. | 38,900 | 628 | |
Hogy Medical Co. Ltd. | 27,400 | 608 | |
Future Corp. | 52,847 | 593 | |
Kameda Seika Co. Ltd. | 18,900 | 584 | |
Elecom Co. Ltd. | 61,432 | 569 | |
Eizo Corp. | 23,400 | 569 | |
JCU Corp. | 29,300 | 554 | |
Yellow Hat Ltd. | 46,000 | 552 | |
Sekisui Jushi Corp. | 48,100 | 551 | |
Okinawa Cellular Telephone Co. | 28,000 | 529 |
Shares | Market Value• ($000) | ||
Intage Holdings Inc. | 45,600 | 502 | |
MCJ Co. Ltd. | 76,700 | 484 | |
Keihanshin Building Co. Ltd. | 54,200 | 481 | |
Mitsubishi Research Institute Inc. | 13,600 | 475 | |
Sanyo Chemical Industries Ltd. | 16,600 | 470 | |
Tri Chemical Laboratories Inc. | 30,900 | 462 | |
Aeon Delight Co. Ltd. | 22,700 | 454 | |
Shizuoka Gas Co. Ltd. | 56,900 | 417 | |
FULLCAST Holdings Co. Ltd. | 20,500 | 410 | |
Nippon Parking Development Co. Ltd. | 222,200 | 386 | |
S Foods Inc. | 20,700 | 379 | |
Tsurumi Manufacturing Co. Ltd. | 25,500 | 379 | |
Ricoh Leasing Co. Ltd. | 15,500 | 378 | |
Retail Partners Co. Ltd. | 41,900 | 345 | |
Siix Corp. | 44,000 | 339 | |
Osaka Organic Chemical Industry Ltd. | 24,800 | 331 | |
Fujicco Co. Ltd. | 24,600 | 315 | |
Matsuda Sangyo Co. Ltd. | 19,600 | 292 | |
G-Tekt Corp. | 32,000 | 286 | |
Mimasu Semiconductor Industry Co. Ltd. | 17,900 | 277 | |
Elan Corp. | 36,100 | 277 | |
Fukui Computer Holdings Inc. | 11,100 | 259 | |
G-7 Holdings Inc. | 26,900 | 258 | |
Sinko Industries Ltd. | 24,000 | 250 | |
MarkLines Co. Ltd. | 14,100 | 243 | |
E-Guardian Inc. | 10,400 | 213 | |
Value HR Co. Ltd. | 17,800 | 184 | |
Cresco Ltd. | 15,200 | 177 | |
Digital Hearts Holdings Co. Ltd. | 12,800 | 175 | |
WDB Holdings Co. Ltd. | 10,000 | 172 | |
Creek & River Co. Ltd. | 12,200 | 168 | |
Members Co. Ltd. | 9,100 | 167 | |
CTS Co. Ltd. | 29,300 | 158 | |
Aoyama Zaisan Networks Co. Ltd. | 25,300 | 156 | |
Densan System Holdings Co. Ltd. | 9,100 | 144 | |
Furukawa Battery Co. Ltd. | 18,100 | 128 | |
Japan Best Rescue System Co. Ltd. | 18,300 | 98 | |
Aval Data Corp. | 5,600 | 92 | |
Ad-sol Nissin Corp. | 7,800 | 80 | |
ULS Group Inc. | 3,700 | 78 | |
569,106 | |||
Mexico (0.6%) | |||
America Movil SAB de CV Series L | 21,906,156 | 20,731 | |
Grupo Elektra SAB de CV | 67,060 | 3,365 | |
24,096 | |||
Netherlands (0.8%) | |||
Wolters Kluwer NV | 297,589 | 31,621 | |
New Zealand (0.2%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 655,968 | 7,455 |
Shares | Market Value• ($000) | ||
Norway (0.2%) | |||
TOMRA Systems ASA | 266,630 | 4,307 | |
Borregaard ASA | 114,190 | 1,535 | |
5,842 | |||
South Korea (0.6%) | |||
NAVER Corp. | 169,138 | 20,063 | |
LEENO Industrial Inc. | 10,042 | 962 | |
AfreecaTV Co. Ltd. | 10,061 | 560 | |
JW Pharmaceutical Corp. | 14,764 | 194 | |
Interojo Co. Ltd. | 11,291 | 192 | |
Hanyang Eng Co. Ltd. | 16,670 | 159 | |
22,130 | |||
Sweden (2.4%) | |||
Hexagon AB Class B | 2,421,460 | 23,938 | |
Assa Abloy AB Class B | 1,128,601 | 22,789 | |
Swedish Match AB | 1,730,494 | 17,798 | |
Nibe Industrier AB Class B | 1,746,841 | 13,934 | |
Castellum AB | 334,609 | 3,826 | |
AAK AB | 206,130 | 3,005 | |
Wihlborgs Fastigheter AB | 319,657 | 2,094 | |
Fabege AB | 198,883 | 1,444 | |
Atrium Ljungberg AB Class B | 65,726 | 879 | |
Svolder AB | 123,863 | 643 | |
90,350 | |||
Switzerland (16.9%) | |||
Novartis AG (Registered) | 2,140,599 | 173,155 | |
Nestle SA (Registered) | 1,391,208 | 151,445 | |
Roche Holding AG | 450,667 | 149,530 | |
Sika AG (Registered) | 174,638 | 39,377 | |
Givaudan SA (Registered) | 9,023 | 26,951 | |
Partners Group Holding AG | 25,809 | 23,166 | |
Geberit AG (Registered) | 40,654 | 18,072 | |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 1,209 | 11,603 | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | 118 | 11,468 | |
Logitech International SA (Registered) | 196,638 | 9,779 | |
Roche Holding AG (Bearer) | 12,965 | 5,262 | |
EMS-Chemie Holding AG (Registered) | 7,758 | 4,878 | |
Temenos AG (Registered) | 76,926 | 4,582 | |
DKSH Holding AG | 40,133 | 2,895 | |
Interroll Holding AG (Registered) | 841 | 1,772 | |
ALSO Holding AG (Registered) | 7,113 | 1,118 | |
Orior AG | 7,786 | 543 | |
635,596 | |||
Taiwan (0.4%) | |||
Chailease Holding Co. Ltd. | 1,708,582 | 7,881 | |
Advantech Co. Ltd. | 498,000 | 4,512 |
Shares | Market Value• ($000) | ||
Sinbon Electronics Co. Ltd. | 237,000 | 1,840 | |
ASPEED Technology Inc. | 34,104 | 1,768 | |
16,001 | |||
United Kingdom (7.8%) | |||
Diageo plc | 2,648,063 | 108,974 | |
RELX plc | 2,250,139 | 60,440 | |
Ashtead Group plc | 510,669 | 26,602 | |
Croda International plc | 162,506 | 12,589 | |
Bunzl plc | 383,282 | 12,489 | |
Halma plc | 431,835 | 10,472 | |
Sage Group plc | 1,250,848 | 10,426 | |
Spirax-Sarco Engineering plc | 83,830 | 10,331 | |
Smurfit Kappa Group plc (XDUB) | 296,077 | 9,801 | |
DCC plc | 116,124 | 6,445 | |
Spectris plc | 131,294 | 4,551 | |
Diploma plc | 142,836 | 4,063 | |
Dechra Pharmaceuticals plc | 131,166 | 3,943 | |
B&M European Value Retail SA | 980,354 | 3,623 | |
Genus plc | 75,431 | 2,205 | |
Cranswick plc | 62,108 | 2,120 | |
Sirius Real Estate Ltd. | 1,478,552 | 1,196 | |
Clarkson plc | 32,837 | 1,039 | |
Avon Protection plc | 36,346 | 433 | |
291,742 | |||
Total Common Stocks (Cost $4,187,407) | 3,739,128 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 3.117% (Cost $9,257) | 92,588 | 9,257 |
Total Investments (99.7%) (Cost $4,196,664) | 3,748,385 | ||
Other Assets and Liabilities—Net (0.3%) | 9,702 | ||
Net Assets (100%) | 3,758,087 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,949,000. |
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 $7,378,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
Ptg. Ctf.—Participating Certificates. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2022 | 16 | 3,106 | 33 |
Euro Stoxx 50 Index | December 2022 | 174 | 6,221 | 169 |
MSCI Emerging Markets Index | December 2022 | 110 | 4,695 | (389) |
Topix Index | December 2022 | 34 | 4,404 | 62 |
(125) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 12/21/22 | EUR | 4,694 | USD | 4,719 | — | (60) |
Bank of America, N.A. | 12/21/22 | INR | 242,527 | USD | 3,011 | — | (94) |
Standard Chartered Bank | 12/21/22 | JPY | 388,888 | USD | 2,757 | — | (124) |
Bank of America, N.A. | 12/21/22 | USD | 9,647 | CHF | 9,408 | 191 | — |
Bank of America, N.A. | 12/21/22 | USD | 2,134 | GBP | 1,846 | 13 | — |
State Street Bank & Trust Co. | 12/21/22 | USD | 2,137 | JPY | 306,329 | 63 | — |
267 | (278) |
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 Value1 | |
Unaffiliated Issuers (Cost $4,187,407) | 3,739,128 |
Affiliated Issuers (Cost $9,257) | 9,257 |
Total Investments in Securities | 3,748,385 |
Investment in Vanguard | 144 |
Cash Collateral Pledged—Futures Contracts | 1,265 |
Cash Collateral Pledged—Forward Currency Contracts | 10 |
Cash Collateral Received for ETF Capital Activity | 2,701 |
Foreign Currency, at Value (Cost $2,319) | 2,212 |
Receivables for Accrued Income | 14,812 |
Receivables for Capital Shares Issued | 1,620 |
Variation Margin Receivable—Futures Contracts | 514 |
Unrealized Appreciation—Forward Currency Contracts | 267 |
Total Assets | 3,771,930 |
Liabilities | |
Due to Custodian | 505 |
Payables for Investment Securities Purchased | 60 |
Collateral for Securities on Loan | 7,378 |
Collateral for ETF Capital Activity | 2,701 |
Payables for Capital Shares Redeemed | 72 |
Payables to Vanguard | 327 |
Unrealized Depreciation—Forward Currency Contracts | 278 |
Deferred Foreign Capital Gains Taxes | 2,522 |
Total Liabilities | 13,843 |
Net Assets | 3,758,087 |
1 Includes $6,949 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At October 31, 2022, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 4,221,762 |
Total Distributable Earnings (Loss) | (463,675) |
Net Assets | 3,758,087 |
ETF Shares—Net Assets | |
Applicable to 54,713,032 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,508,348 |
Net Asset Value Per Share—ETF Shares | $64.12 |
Admiral Shares—Net Assets | |
Applicable to 7,995,579 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 249,739 |
Net Asset Value Per Share—Admiral Shares | $31.23 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 78,128 |
Non-Cash Dividends | 5,109 |
Interest2 | 50 |
Securities Lending—Net | 154 |
Total Income | 83,441 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 418 |
Management and Administrative—ETF Shares | 4,690 |
Management and Administrative—Admiral Shares | 387 |
Marketing and Distribution—ETF Shares | 176 |
Marketing and Distribution—Admiral Shares | 13 |
Custodian Fees | 334 |
Auditing Fees | 40 |
Shareholders’ Reports—ETF Shares | 138 |
Shareholders’ Reports—Admiral Shares | 9 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 112 |
Total Expenses | 6,319 |
Expenses Paid Indirectly | (8) |
Net Expenses | 6,311 |
Net Investment Income | 77,130 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | (14,976) |
Futures Contracts | (4,573) |
Forward Currency Contracts | (188) |
Foreign Currencies | (1,432) |
Realized Net Gain (Loss) | (21,169) |
Statement of Operations (continued) | |
Year Ended October 31, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | (1,129,412) |
Futures Contracts | (167) |
Forward Currency Contracts | 315 |
Foreign Currencies | (1,189) |
Change in Unrealized Appreciation (Depreciation) | (1,130,453) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,074,492) |
1 | Dividends are net of foreign withholding taxes of $9,927,000. |
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 $43,000, ($16,000), 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 $1,863,000. |
4 | Includes $2,826,000 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 ($2,118,000). |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 77,130 | 48,504 |
Realized Net Gain (Loss) | (21,169) | 459,247 |
Change in Unrealized Appreciation (Depreciation) | (1,130,453) | 351,103 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,074,492) | 858,854 |
Distributions | ||
ETF Shares | (304,771) | (39,771) |
Admiral Shares | (23,591) | (3,300) |
Total Distributions | (328,362) | (43,071) |
Capital Share Transactions | ||
ETF Shares | 662,695 | 943,215 |
Admiral Shares | 25,028 | 38,209 |
Net Increase (Decrease) from Capital Share Transactions | 687,723 | 981,424 |
Total Increase (Decrease) | (715,131) | 1,797,207 |
Net Assets | ||
Beginning of Period | 4,473,218 | 2,676,011 |
End of Period | 3,758,087 | 4,473,218 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $89.86 | $69.97 | $68.72 | $58.65 | $64.25 |
Investment Operations | |||||
Net Investment Income1 | 1.401 | 1.094 | .958 | 1.4522 | 1.196 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (20.753) | 19.776 | 1.551 | 9.578 | (5.623) |
Total from Investment Operations | (19.352) | 20.870 | 2.509 | 11.030 | (4.427) |
Distributions | |||||
Dividends from Net Investment Income | (1.206) | (.980) | (1.259) | (.960) | (1.173) |
Distributions from Realized Capital Gains | (5.182) | — | — | — | — |
Total Distributions | (6.388) | (.980) | (1.259) | (.960) | (1.173) |
Net Asset Value, End of Period | $64.12 | $89.86 | $69.97 | $68.72 | $58.65 |
Total Return | -22.90% | 29.93% | 3.73% | 18.96% | -7.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,508 | $4,150 | $2,456 | $1,305 | $861 |
Ratio of Total Expenses to Average Net Assets | 0.15%4 | 0.15% | 0.20% | 0.20% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.87% | 1.28% | 1.40% | 2.24%2 | 1.83% |
Portfolio Turnover Rate5 | 22% | 65% | 17% | 42% | 36% |
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, and $.02. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.15%. |
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. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $43.72 | $34.03 | $33.42 | $28.52 | $31.24 |
Investment Operations | |||||
Net Investment Income1 | .675 | .518 | .453 | .6862 | .576 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (10.061) | 9.645 | .765 | 4.679 | (2.727) |
Total from Investment Operations | (9.386) | 10.163 | 1.218 | 5.365 | (2.151) |
Distributions | |||||
Dividends from Net Investment Income | (.583) | (.473) | (.608) | (.465) | (.569) |
Distributions from Realized Capital Gains | (2.521) | — | — | — | — |
Total Distributions | (3.104) | (.473) | (.608) | (.465) | (.569) |
Net Asset Value, End of Period | $31.23 | $43.72 | $34.03 | $33.42 | $28.52 |
Total Return4 | -22.85% | 29.96% | 3.72% | 18.96% | -7.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $250 | $323 | $220 | $218 | $175 |
Ratio of Total Expenses to Average Net Assets | 0.16%5 | 0.16% | 0.20% | 0.20% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.85% | 1.25% | 1.36% | 2.24%2 | 1.83% |
Portfolio Turnover Rate6 | 22% | 65% | 17% | 42% | 36% |
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, and $.01. |
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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.16%. |
6 | 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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $8,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 | 702,948 | — | — | 702,948 |
Common Stocks—Other | 60,128 | 2,976,052 | — | 3,036,180 |
Temporary Cash Investments | 9,257 | — | — | 9,257 |
Total | 772,333 | 2,976,052 | — | 3,748,385 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 264 | — | — | 264 |
Forward Currency Contracts | — | 267 | — | 267 |
Total | 264 | 267 | — | 531 |
Liabilities | ||||
Futures Contracts1 | 389 | — | — | 389 |
Forward Currency Contracts | — | 278 | — | 278 |
Total | 389 | 278 | — | 667 |
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. |
E. | At October 31, 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 | 264 | — | 264 |
Unrealized Appreciation—Forward Currency Contracts | — | 267 | 267 |
Total Assets | 264 | 267 | 531 |
Unrealized Depreciation—Futures Contracts1 | 389 | — | 389 |
Unrealized Depreciation—Forward Currency Contracts | — | 278 | 278 |
Total Liabilities | 389 | 278 | 667 |
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 | (4,573) | — | (4,573) |
Forward Currency Contracts | — | (188) | (188) |
Realized Net Gain (Loss) on Derivatives | (4,573) | (188) | (4,761) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (167) | — | (167) |
Forward Currency Contracts | — | 315 | 315 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (167) | 315 | 148 |
F. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, foreign currency transactions, passive foreign investment companies, and tax expense on capital gains were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 2,804 |
Total Distributable Earnings (Loss) | (2,804) |
Amount ($000) | |
Undistributed Ordinary Income | 22,886 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (27,589) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (459,731) |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 197,526 | 43,071 |
Long-Term Capital Gains | 130,836 | — |
Total | 328,362 | 43,071 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 4,204,800 |
Gross Unrealized Appreciation | 274,108 |
Gross Unrealized Depreciation | (730,462) |
Net Unrealized Appreciation (Depreciation) | (456,354) |
G. | During the year ended October 31, 2022, the fund purchased $1,461,909,000 of investment securities and sold $1,019,831,000 of investment securities, other than temporary cash investments. Purchases and sales include $564,139,000 and $12,559,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 676,377 | 8,730 | 1,155,426 | 13,632 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (13,682) | (200) | (212,211) | (2,550) | |
Net Increase (Decrease)—ETF Shares | 662,695 | 8,530 | 943,215 | 11,082 | |
Admiral Shares | |||||
Issued1 | 65,935 | 1,814 | 69,649 | 1,698 | |
Issued in Lieu of Cash Distributions | 20,104 | 513 | 2,725 | 66 | |
Redeemed2 | (61,011) | (1,723) | (34,165) | (833) | |
Net Increase (Decrease)—Admiral Shares | 25,028 | 604 | 38,209 | 931 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $200,000 and $175,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2022 and 2021 of $203,000 and $80,000, respectively (fund totals). |
I. | Management has determined that no events or transactions occurred subsequent to October 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img20ba19855.gif)
Average Annual Total Returns Periods Ended October 31, 2022 | |||||
One Year | Five Years | Since Inception (2/25/2016) | Final Value of a $10,000 Investment | ||
![]() | International High Dividend Yield Index Fund ETF Shares Net Asset Value | -15.16% | 0.48% | 5.35% | $14,166 |
International High Dividend Yield Index Fund ETF Shares Market Price | -15.13 | 0.47 | 5.40 | 14,205 | |
![]() | FTSE All-World ex US High Dividend Yield Index | -14.91 | 0.73 | 5.75 | 14,526 |
One Year | Five Years | Since Inception (3/2/2016) | Final Value of a $10,000 Investment | ||
International High Dividend Yield Index Fund Admiral Shares | -15.52% | 0.39% | 4.79% | $13,657 | |
FTSE All-World ex US High Dividend Yield Index | -14.91 | 0.73 | 5.22 | 14,040 |
One Year | Five Years | Since Inception (2/25/2016) | |
International High Dividend Yield Index Fund ETF Shares Market Price | -15.13% | 2.39% | 42.05% |
International High Dividend Yield Index Fund ETF Shares Net Asset Value | -15.16 | 2.40 | 41.66 |
FTSE All-World ex US High Dividend Yield Index | -14.91 | 3.69 | 45.26 |
United Kingdom | 13.4% |
Japan | 12.8 |
Canada | 8.8 |
Australia | 8.4 |
Switzerland | 7.2 |
France | 6.1 |
Germany | 6.0 |
China | 4.8 |
Taiwan | 4.3 |
Brazil | 3.2 |
Italy | 2.0 |
Hong Kong | 1.8 |
Spain | 1.7 |
Saudi Arabia | 1.6 |
Singapore | 1.5 |
Sweden | 1.5 |
Finland | 1.4 |
South Korea | 1.4 |
Netherlands | 1.3 |
South Africa | 1.2 |
Mexico | 1.1 |
Norway | 1.1 |
India | 1.0 |
Other | 6.4 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Australia (8.4%) | |||
BHP Group Ltd. | 2,412,467 | 57,948 | |
Commonwealth Bank of Australia | 820,786 | 55,031 | |
National Australia Bank Ltd. | 1,521,567 | 31,606 | |
Westpac Banking Corp. | 1,676,336 | 25,884 | |
Australia & New Zealand Banking Group Ltd. | 1,477,674 | 24,210 | |
Woodside Energy Group Ltd. | 909,411 | 21,024 | |
Macquarie Group Ltd. | 165,883 | 17,995 | |
Wesfarmers Ltd. | 541,940 | 15,727 | |
Transurban Group (XASX) | 1,468,218 | 12,455 | |
Rio Tinto Ltd. | 178,592 | 10,135 | |
Amcor plc GDR | 720,723 | 8,370 | |
Fortescue Metals Group Ltd. | 766,527 | 7,221 | |
Coles Group Ltd. | 608,444 | 6,362 | |
QBE Insurance Group Ltd. | 710,710 | 5,568 | |
South32 Ltd. | 2,223,402 | 5,101 | |
Brambles Ltd. | 662,919 | 4,963 | |
Sonic Healthcare Ltd. | 234,922 | 4,918 | |
* | Telstra Group Ltd. | 1,956,055 | 4,905 |
Suncorp Group Ltd. | 599,069 | 4,382 | |
Computershare Ltd. (XASX) | 255,140 | 4,130 | |
ASX Ltd. | 93,542 | 4,053 | |
APA Group | 561,388 | 3,780 | |
Insurance Australia Group Ltd. | 1,195,604 | 3,753 | |
Origin Energy Ltd. | 835,247 | 2,984 | |
* | Lottery Corp. Ltd. | 1,078,267 | 2,958 |
Atlas Arteria Ltd. | 697,572 | 2,937 | |
Endeavour Group Ltd. | 608,395 | 2,785 | |
Medibank Pvt Ltd. | 1,329,613 | 2,394 | |
Incitec Pivot Ltd. | 927,315 | 2,230 | |
Whitehaven Coal Ltd. | 381,361 | 2,215 | |
carsales.com Ltd. | 157,348 | 2,038 | |
Ampol Ltd. | 112,637 | 1,965 | |
Aurizon Holdings Ltd. | 839,758 | 1,946 | |
Orica Ltd. | 212,682 | 1,892 | |
Lendlease Corp. Ltd. | 328,793 | 1,828 | |
Worley Ltd. | 178,231 | 1,628 | |
Bendigo & Adelaide Bank Ltd. | 277,514 | 1,602 | |
Bank of Queensland Ltd. | 310,758 | 1,463 |
Shares | Market Value• ($000) | ||
JB Hi-Fi Ltd. | 51,453 | 1,410 | |
Challenger Ltd. | 309,838 | 1,392 | |
AGL Energy Ltd. | 317,673 | 1,384 | |
Metcash Ltd. | 477,258 | 1,253 | |
Ansell Ltd. | 61,985 | 1,119 | |
Iluka Resources Ltd. | 197,103 | 1,092 | |
Alumina Ltd. | 1,174,986 | 1,016 | |
Downer EDI Ltd. | 324,449 | 932 | |
Orora Ltd. | 396,112 | 769 | |
Harvey Norman Holdings Ltd. | 277,961 | 740 | |
CSR Ltd. | 237,174 | 703 | |
Tabcorp Holdings Ltd. | 1,113,555 | 688 | |
Insignia Financial Ltd. | 323,336 | 652 | |
Deterra Royalties Ltd. | 221,886 | 582 | |
1 | Perpetual Ltd. | 30,688 | 489 |
Magellan Financial Group Ltd. | 71,994 | 457 | |
Platinum Asset Management Ltd. | 208,150 | 238 | |
Adbri Ltd. | 197,521 | 199 | |
* | Sierra Rutile Holdings Ltd. | 6,055 | 1 |
387,502 | |||
Austria (0.2%) | |||
Erste Group Bank AG | 158,050 | 3,895 | |
OMV AG | 68,054 | 3,134 | |
ANDRITZ AG | 33,703 | 1,566 | |
voestalpine AG | 57,704 | 1,253 | |
Raiffeisen Bank International AG | 59,395 | 826 | |
Telekom Austria AG Class A | 66,597 | 387 | |
11,061 | |||
Belgium (0.4%) | |||
KBC Group NV | 132,105 | 6,620 | |
Groupe Bruxelles Lambert SA | 51,360 | 3,787 | |
Ageas SA | 88,339 | 3,058 | |
Solvay SA | 33,108 | 2,988 | |
Proximus SADP | 65,117 | 683 | |
Etablissements Franz Colruyt NV | 23,248 | 560 | |
17,696 | |||
Brazil (3.2%) | |||
Vale SA | 1,866,988 | 24,263 | |
Petroleo Brasileiro SA Preference Shares | 2,676,983 | 15,449 |
Shares | Market Value• ($000) | ||
Petroleo Brasileiro SA | 1,792,300 | 11,540 | |
Itau Unibanco Holding SA Preference Shares | 1,548,307 | 9,112 | |
B3 SA - Brasil Bolsa Balcao | 2,907,214 | 8,465 | |
Banco Bradesco SA Preference Shares | 2,199,817 | 8,458 | |
Ambev SA | 1,958,450 | 6,066 | |
Centrais Eletricas Brasileiras SA | 563,882 | 5,439 | |
Itausa SA Preference Shares | 2,255,925 | 4,690 | |
JBS SA | 644,400 | 3,114 | |
Itau Unibanco Holding SA | 606,200 | 2,983 | |
Banco Do Brasil SA | 405,418 | 2,906 | |
Equatorial Energia SA | 447,173 | 2,600 | |
Gerdau SA Preference Shares | 508,400 | 2,534 | |
Itau Unibanco Holding SA ADR | 426,251 | 2,481 | |
Banco Bradesco SA | 630,746 | 2,032 | |
Vibra Energia SA | 543,267 | 1,919 | |
Cosan SA | 582,900 | 1,903 | |
Hypera SA | 190,582 | 1,875 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 159,700 | 1,858 | |
BB Seguridade Participacoes SA | 322,057 | 1,851 | |
Centrais Eletricas Brasileiras SA Preference Shares | 166,400 | 1,718 | |
Klabin SA | 366,000 | 1,532 | |
Banco Bradesco SA ADR | 379,134 | 1,437 | |
CCR SA | 534,110 | 1,340 | |
Energisa SA | 121,800 | 1,143 | |
Ultrapar Participacoes SA | 412,200 | 1,070 | |
Banco Santander Brasil SA | 178,902 | 1,031 | |
TIM SA | 386,154 | 987 | |
Telefonica Brasil SA | 118,518 | 948 | |
Cia Paranaense de Energia Preference Shares | 659,700 | 945 | |
Sul America SA | 189,350 | 874 | |
Transmissora Alianca de Energia Eletrica SA | 112,119 | 872 | |
Metalurgica Gerdau SA Preference Shares | 344,400 | 750 | |
Cia Siderurgica Nacional SA | 310,700 | 739 | |
Cia Energetica de Minas Gerais ADR | 329,795 | 722 | |
1 | Telefonica Brasil SA ADR | 85,163 | 680 |
Cielo SA | 561,600 | 647 | |
Engie Brasil Energia SA | 81,616 | 635 | |
Braskem SA Preference Shares | 95,200 | 621 | |
CPFL Energia SA | 86,700 | 595 | |
Bradespar SA Preference Shares | 125,807 | 585 | |
Cia Energetica de Minas Gerais Preference Shares | 258,271 | 568 | |
EDP - Energias do Brasil SA | 118,176 | 528 |
Shares | Market Value• ($000) | ||
Raizen SA Preference Shares | 588,700 | 489 | |
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 96,408 | 457 | |
Auren Energia SA | 157,602 | 455 | |
Porto Seguro SA | 92,518 | 416 | |
Caixa Seguridade Participacoes SA | 238,000 | 406 | |
Sao Martinho SA | 77,200 | 403 | |
Ambev SA ADR | 131,742 | 401 | |
Neoenergia SA | 119,100 | 383 | |
Marfrig Global Foods SA | 179,200 | 371 | |
Usinas Siderurgicas De Minas Gerais SAUsiminas Preference Shares | 240,700 | 337 | |
Dexco SA | 162,100 | 304 | |
SIMPAR SA | 122,800 | 257 | |
Odontoprev SA | 154,540 | 248 | |
CSN Mineracao SA | 200,000 | 128 | |
147,560 | |||
Canada (8.8%) | |||
1 | Royal Bank of Canada | 672,714 | 62,242 |
Toronto-Dominion Bank | 874,303 | 55,955 | |
1 | Enbridge Inc. | 969,900 | 37,789 |
Canadian Natural Resources Ltd. | 529,439 | 31,754 | |
1 | Bank of Montreal | 323,284 | 29,779 |
Bank of Nova Scotia | 578,019 | 27,939 | |
Suncor Energy Inc. | 658,323 | 22,644 | |
TC Energy Corp. | 483,120 | 21,221 | |
Canadian Imperial Bank of Commerce | 423,681 | 19,241 | |
Manulife Financial Corp. | 918,937 | 15,231 | |
Sun Life Financial Inc. | 279,545 | 11,873 | |
National Bank of Canada | 159,989 | 10,893 | |
Fortis Inc. (XTSE) | 228,361 | 8,909 | |
Pembina Pipeline Corp. | 268,971 | 8,880 | |
Restaurant Brands International Inc. (XTSE) | 145,342 | 8,636 | |
BCE Inc. | 147,530 | 6,654 | |
Power Corp. of Canada | 254,577 | 6,322 | |
Shaw Communications Inc. Class B | 203,799 | 5,234 | |
TELUS Corp. | 227,372 | 4,748 | |
2 | Hydro One Ltd. | 151,187 | 3,791 |
Great-West Lifeco Inc. | 127,492 | 2,952 | |
1 | Canadian Utilities Ltd. Class A | 60,508 | 1,610 |
IGM Financial Inc. | 38,390 | 1,028 | |
405,325 | |||
Chile (0.2%) | |||
Banco De Chile | 20,503,398 | 1,877 | |
Empresas COPEC SA | 240,388 | 1,657 | |
Enel Americas SA | 9,073,755 | 899 | |
Banco de Credito e Inversiones SA | 26,486 | 738 | |
Banco Santander Chile ADR | 40,199 | 580 | |
Enel Chile SA | 12,774,794 | 450 | |
Banco Santander Chile SA | 12,155,519 | 436 | |
Cia Cervecerias Unidas SA | 56,236 | 309 |
Shares | Market Value• ($000) | ||
Embotelladora Andina SA Preference Shares | 173,947 | 304 | |
Colbun SA | 3,097,393 | 304 | |
Cencosud Shopping SA | 238,310 | 260 | |
CAP SA | 38,959 | 208 | |
8,022 | |||
China (4.8%) | |||
China Construction Bank Corp. Class H | 43,952,000 | 23,325 | |
Industrial & Commercial Bank of China Ltd. Class H | 37,653,000 | 16,348 | |
Ping An Insurance Group Co. of China Ltd. Class H | 2,997,000 | 11,998 | |
Bank of China Ltd. Class H | 33,978,000 | 10,944 | |
China Merchants Bank Co. Ltd. Class H | 1,709,438 | 5,597 | |
China Petroleum and Chemical Corp. (Sinopec) Class H | 11,366,000 | 4,505 | |
China Shenhua Energy Co. Ltd. Class H | 1,714,000 | 4,502 | |
China Resources Land Ltd. | 1,339,000 | 4,189 | |
Agricultural Bank of China Ltd. Class H | 13,834,000 | 3,949 | |
China Life Insurance Co. Ltd. Class H | 3,576,000 | 3,899 | |
PetroChina Co. Ltd. Class H | 9,892,000 | 3,784 | |
China Overseas Land & Investment Ltd. | 1,865,700 | 3,565 | |
China Merchants Bank Co. Ltd. Class A | 815,342 | 3,008 | |
PICC Property & Casualty Co. Ltd. Class H | 3,256,000 | 3,003 | |
Zijin Mining Group Co. Ltd. Class H | 2,800,000 | 2,671 | |
China Yangtze Power Co. Ltd. Class A | 763,200 | 2,124 | |
China Pacific Insurance Group Co. Ltd. Class H | 1,277,200 | 2,059 | |
Yanzhou Coal Mining Co. Ltd. Class H | 728,000 | 2,047 | |
Citic Pacific Ltd. | 2,285,000 | 2,045 | |
2 | Postal Savings Bank of China Co. Ltd. Class H | 4,357,000 | 2,021 |
2 | China Tower Corp. Ltd. Class H | 22,196,000 | 2,008 |
Bank of Communications Ltd. Class H | 3,606,000 | 1,759 | |
CITIC Securities Co. Ltd. Class H | 1,165,757 | 1,742 | |
China CITIC Bank Corp. Ltd. Class H | 4,364,620 | 1,645 | |
Great Wall Motor Co. Ltd. Class H | 1,456,000 | 1,591 | |
Industrial & Commercial Bank of China Ltd. Class A | 2,680,000 | 1,526 | |
Anhui Conch Cement Co. Ltd. Class H | 588,828 | 1,516 | |
Industrial Bank Co. Ltd. Class A | 722,200 | 1,490 |
Shares | Market Value• ($000) | ||
Tingyi Cayman Islands Holding Corp. | 949,000 | 1,483 | |
Bank of China Ltd. Class A | 3,584,100 | 1,479 | |
Agricultural Bank of China Ltd. Class A | 3,893,756 | 1,473 | |
China Resources Power Holdings Co. Ltd. | 945,000 | 1,373 | |
China Vanke Co. Ltd. Class H | 1,058,005 | 1,358 | |
Ping An Insurance Group Co. of China Ltd. Class A | 260,600 | 1,294 | |
Hengan International Group Co. Ltd. | 331,843 | 1,287 | |
China Gas Holdings Ltd. | 1,423,600 | 1,263 | |
China National Building Material Co. Ltd. Class H | 2,148,000 | 1,247 | |
Wanhua Chemical Group Co. Ltd. Class A | 110,700 | 1,222 | |
Sinopharm Group Co. Ltd. Class H | 603,600 | 1,145 | |
2 | Longfor Group Holdings Ltd. | 867,620 | 1,105 |
People's Insurance Co. Group of China Ltd. Class H | 3,961,000 | 1,095 | |
2 | China Feihe Ltd. | 1,885,000 | 1,086 |
China Resources Gas Group Ltd. | 420,000 | 1,076 | |
Yangzijiang Shipbuilding Holdings Ltd. | 1,262,200 | 1,070 | |
2 | Huatai Securities Co. Ltd. Class H | 1,086,400 | 1,064 |
2 | Fuyao Glass Industry Group Co. Ltd. Class H | 296,800 | 1,064 |
1 | China Minsheng Banking Corp. Ltd. Class H | 3,635,470 | 1,056 |
Kunlun Energy Co. Ltd. | 1,748,000 | 1,045 | |
2 | CGN Power Co. Ltd. Class H | 5,030,000 | 1,019 |
China Petroleum & Chemical Corp. Class A | 1,695,100 | 947 | |
China State Construction Engineering Corp. Ltd. Class A | 1,450,800 | 943 | |
China Coal Energy Co. Ltd. Class H | 1,265,000 | 930 | |
China Merchants Port Holdings Co. Ltd. | 790,000 | 926 | |
Guangzhou Automobile Group Co. Ltd. Class H | 1,518,000 | 925 | |
Weichai Power Co. Ltd. Class H | 929,000 | 890 | |
Shanghai Pudong Development Bank Co. Ltd. Class A | 948,300 | 864 | |
Kingboard Holdings Ltd. | 349,000 | 862 | |
Guangdong Investment Ltd. | 1,348,000 | 850 | |
Yanzhou Coal Mining Co. Ltd. Class A | 149,764 | 833 | |
Shaanxi Coal Industry Co. Ltd. Class A | 305,000 | 829 |
Shares | Market Value• ($000) | ||
China State Construction International Holdings Ltd. | 894,000 | 804 | |
Poly Developments and Holdings Group Co. Ltd. Class A | 414,300 | 787 | |
Haitong Securities Co. Ltd. Class H | 1,599,600 | 782 | |
* | Huaneng Power International Inc. Class H | 2,156,000 | 771 |
China Hongqiao Group Ltd. | 1,085,500 | 768 | |
China Power International Development Ltd. | 2,627,370 | 759 | |
China Construction Bank Corp. Class A | 1,022,300 | 748 | |
Bank of Communications Co. Ltd. Class A | 1,221,800 | 746 | |
China Railway Group Ltd. Class H | 1,646,000 | 716 | |
Beijing Enterprises Holdings Ltd. | 275,000 | 698 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | 468,100 | 662 | |
China Medical System Holdings Ltd. | 593,000 | 648 | |
New China Life Insurance Co. Ltd. Class H | 406,133 | 645 | |
China Galaxy Securities Co. Ltd. Class H | 1,717,500 | 643 | |
CRRC Corp. Ltd. Class H | 2,119,000 | 642 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 472,800 | 641 | |
Minth Group Ltd. | 324,000 | 639 | |
Fosun International Ltd. | 1,028,000 | 628 | |
China Shenhua Energy Co. Ltd. Class A | 162,600 | 624 | |
China Pacific Insurance Group Co. Ltd. Class A | 234,950 | 613 | |
Bosideng International Holdings Ltd. | 1,402,000 | 606 | |
BOE Technology Group Co. Ltd. Class A | 1,313,800 | 603 | |
Country Garden Holdings Co. | 4,642,200 | 598 | |
China Everbright Bank Co. Ltd. Class H | 2,292,000 | 593 | |
China Railway Group Ltd. Class A | 853,100 | 584 | |
China Everbright International Ltd. | 1,719,000 | 572 | |
2 | China Merchants Securities Co. Ltd. Class H | 615,160 | 570 |
SAIC Motor Corp. Ltd. Class A | 301,200 | 569 | |
Guotai Junan Securities Co. Ltd. Class A | 300,800 | 546 | |
2 | China Resources Pharmaceutical Group Ltd. | 807,000 | 544 |
JOYY Inc. ADR | 20,728 | 523 |
Shares | Market Value• ($000) | ||
China Insurance International Holdings Co. Ltd. | 752,800 | 521 | |
Far East Horizon Ltd. | 673,000 | 520 | |
Zhejiang Expressway Co. Ltd. Class H | 838,000 | 519 | |
2 | Guotai Junan Securities Co. Ltd. Class H | 507,600 | 513 |
GF Securities Co. Ltd. Class H | 503,000 | 512 | |
Yuexiu Property Co. Ltd. | 598,600 | 511 | |
Cosco Shipping Ports Ltd. | 988,000 | 487 | |
Sany Heavy Industry Co. Ltd. Class A | 260,300 | 483 | |
Shenzhen International Holdings Ltd. | 708,000 | 476 | |
Bank of Nanjing Co. Ltd. Class A | 334,100 | 473 | |
Haitong Securities Co. Ltd. Class A | 393,500 | 456 | |
Nine Dragons Paper Holdings Ltd. | 766,000 | 454 | |
China National Nuclear Power Co. Ltd. Class A | 547,300 | 453 | |
2 | Topsports International Holdings Ltd. | 896,000 | 452 |
Uni-President China Holdings Ltd. | 594,000 | 439 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 242,400 | 437 | |
Postal Savings Bank of China Co. Ltd. Class A | 808,900 | 430 | |
Bank of Shanghai Co. Ltd. Class A | 557,633 | 427 | |
* | COSCO SHIPPING Energy Transportation Co. Ltd. Class H | 584,000 | 425 |
Beijing Enterprises Water Group Ltd. | 2,008,000 | 422 | |
China United Network Communications Ltd. Class A | 896,300 | 413 | |
China Vanke Co. Ltd. Class A | 221,900 | 411 | |
GF Securities Co. Ltd. Class A | 219,700 | 411 | |
Jiangsu Expressway Co. Ltd. Class H | 580,000 | 409 | |
China Jinmao Holdings Group Ltd. | 3,040,800 | 403 | |
2 | Dali Foods Group Co. Ltd. | 976,000 | 402 |
China Everbright Bank Co. Ltd. Class A | 1,077,300 | 402 | |
Greentown China Holdings Ltd. | 419,500 | 400 | |
Baoshan Iron & Steel Co. Ltd. Class A | 596,800 | 394 | |
China Resources Cement Holdings Ltd. | 1,082,000 | 391 | |
Chongqing Rural Commercial Bank Co. Ltd. Class H | 1,281,000 | 388 | |
China Lesso Group Holdings Ltd. | 472,000 | 383 |
Shares | Market Value• ($000) | ||
Kingboard Laminates Holdings Ltd. | 477,500 | 381 | |
Daqin Railway Co. Ltd. Class A | 431,900 | 379 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 301,220 | 377 | |
China Communications Services Corp. Ltd. Class H | 1,336,000 | 373 | |
Huadian Power International Corp. Ltd. Class H | 1,234,000 | 371 | |
China Cinda Asset Management Co. Ltd. Class H | 3,955,200 | 367 | |
China Minsheng Banking Corp. Ltd. Class A | 809,700 | 366 | |
Citic Pacific Special Steel Group Co. Ltd. Class A | 161,702 | 357 | |
Bank of Hangzhou Co. Ltd. Class A | 206,450 | 343 | |
Anhui Conch Cement Co. Ltd. Class A | 101,100 | 337 | |
China Suntien Green Energy Corp. Ltd. Class H | 870,000 | 330 | |
Bank of Beijing Co. Ltd. Class A | 588,400 | 326 | |
New China Life Insurance Co. Ltd. Class A | 100,600 | 323 | |
SDIC Power Holdings Co. Ltd. Class A | 221,586 | 307 | |
2 | CSC Financial Co. Ltd. Class H | 415,500 | 301 |
Sinotrans Ltd. Class H | 1,214,000 | 296 | |
Henan Shuanghui Investment & Development Co. Ltd. Class A | 93,000 | 290 | |
Chongqing Changan Automobile Co. Ltd. Class B | 667,316 | 289 | |
Hopson Development Holdings Ltd. | 353,260 | 283 | |
Sichuan Chuantou Energy Co. Ltd. Class A | 183,500 | 278 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | 853,400 | 275 | |
Huaxia Bank Co. Ltd. Class A | 410,700 | 270 | |
2 | BAIC Motor Corp. Ltd. Class H | 1,206,000 | 267 |
TCL Technology Group Corp. Class A | 495,000 | 266 | |
2 | China Railway Signal & Communication Corp. Ltd. Class H | 914,000 | 260 |
* | Shanghai Electric Group Co. Ltd. Class H | 1,302,000 | 254 |
Metallurgical Corp. of China Ltd. Class H | 1,555,000 | 248 | |
Sinotruk Hong Kong Ltd. | 273,760 | 244 | |
* | Yangzijiang Financial Holding | 1,110,800 | 243 |
Shares | Market Value• ($000) | ||
2 | Legend Holdings Corp. Class H | 284,800 | 239 |
Lee & Man Paper Manufacturing Ltd. | 758,000 | 230 | |
Shougang Fushan Resources Group Ltd. | 844,164 | 229 | |
Sinopec Engineering Group Co. Ltd. Class H | 638,500 | 228 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 98,500 | 227 | |
China Everbright Ltd. | 420,000 | 221 | |
Livzon Pharmaceutical Group Inc. Class H | 82,400 | 216 | |
Lao Feng Xiang Co. Ltd. Class B | 76,200 | 214 | |
Jiangsu Expressway Co. Ltd. Class A | 207,500 | 212 | |
Yantai Changyu Pioneer Wine Co. Ltd. Class B | 141,000 | 202 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 270,462 | 201 | |
China Merchants Securities Co. Ltd. Class A | 117,200 | 201 | |
* | Huaneng Power International Inc. Class A | 217,600 | 200 |
LB Group Co. Ltd. Class A | 94,400 | 199 | |
Angang Steel Co. Ltd. Class H | 955,000 | 198 | |
Hunan Valin Steel Co. Ltd. Class A | 359,800 | 197 | |
Shanghai International Port Group Co. Ltd. Class A | 274,600 | 195 | |
China National Chemical Engineering Co. Ltd. Class A | 200,400 | 195 | |
Jinke Smart Services Group Co. Ltd. Class H | 133,200 | 195 | |
Yanlord Land Group Ltd. | 316,800 | 194 | |
Shenzhen Expressway Corp. Ltd. Class A | 170,400 | 192 | |
Dongfang Electric Corp. Ltd. Class H | 125,200 | 189 | |
* | Datang International Power Generation Co. Ltd. Class H | 1,452,000 | 185 |
Huayu Automotive Systems Co. Ltd. Class A | 80,200 | 184 | |
Gemdale Corp. Class A | 165,900 | 179 | |
Metallurgical Corp. of China Ltd. Class A | 452,100 | 179 | |
Xiamen C & D Inc. Class A | 106,800 | 176 | |
China International Marine Containers Group Co. Ltd. Class H | 274,200 | 175 | |
Hengli Petrochemical Co. Ltd. Class A | 82,600 | 174 |
Shares | Market Value• ($000) | ||
2 | A-Living Smart City Services Co. Ltd. | 304,500 | 173 |
Shenzhen Overseas Chinese Town Co. Ltd. Class A | 297,500 | 172 | |
China Reinsurance Group Corp. Class H | 3,234,000 | 171 | |
Shanghai Industrial Holdings Ltd. | 174,000 | 170 | |
Bank of Jiangsu Co. Ltd. Class A | 179,160 | 170 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 72,000 | 161 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 1,222,720 | 160 | |
Shui On Land Ltd. | 1,737,000 | 159 | |
China CITIC Bank Corp. Ltd. Class A | 266,000 | 158 | |
Bank of Guiyang Co. Ltd. Class A | 220,100 | 157 | |
2 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class H | 72,500 | 153 |
* | Seazen Group Ltd. | 931,549 | 150 |
Towngas Smart Energy Co. Ltd. | 416,185 | 146 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class A | 344,300 | 145 | |
Maanshan Iron & Steel Co. Ltd. Class A | 418,800 | 145 | |
Guosen Securities Co. Ltd. Class A | 119,900 | 142 | |
Huaibei Mining Holdings Co. Ltd. Class A | 79,800 | 142 | |
Weifu High-Technology Group Co. Ltd. Class A | 59,700 | 141 | |
Xiamen Tungsten Co. Ltd. Class A | 50,400 | 139 | |
Zhejiang Weixing New Building Materials Co. Ltd. Class A | 57,800 | 138 | |
China International Marine Containers Group Co. Ltd. Class A | 148,150 | 135 | |
Shenzhen Investment Ltd. | 986,000 | 134 | |
Jointown Pharmaceutical Group Co. Ltd. Class A | 75,600 | 130 | |
* | Seazen Holdings Co. Ltd. Class A | 71,000 | 128 |
Shengyi Technology Co. Ltd. Class A | 67,100 | 128 | |
Kingfa Sci & Tech Co. Ltd. Class A | 94,900 | 126 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 51,300 | 124 | |
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 98,802 | 121 | |
Beijing Jingneng Clean Energy Co. Ltd. Class H | 618,000 | 115 | |
Agile Group Holdings Ltd. | 602,000 | 114 |
Shares | Market Value• ($000) | ||
1,3 | CIFI Holdings Group Co. Ltd. | 1,706,480 | 110 |
Tangshan Jidong Cement Co. Ltd. Class A | 104,600 | 109 | |
2 | Orient Securities Co. Ltd. Class H | 290,800 | 108 |
Hubei Xingfa Chemicals Group Co. Ltd. Class A | 27,500 | 107 | |
2 | Everbright Securities Co. Ltd. Class H | 196,400 | 106 |
Huaxin Cement Co. Ltd. Class H | 122,200 | 105 | |
Anhui Expressway Co. Ltd. Class H | 162,000 | 104 | |
Livzon Pharmaceutical Group Inc. Class A | 21,500 | 104 | |
Hengyi Petrochemical Co. Ltd. Class A | 112,700 | 104 | |
Huafon Chemical Co. Ltd. Class A | 112,800 | 103 | |
3 | Shimao Group Holdings Ltd. | 534,000 | 102 |
Bank of Suzhou Co. Ltd. Class A | 107,200 | 101 | |
Ningxia Baofeng Energy Group Co. Ltd. Class A | 63,400 | 100 | |
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 53,500 | 98 | |
Universal Scientific Industrial Shanghai Co. Ltd. Class A | 40,900 | 98 | |
Joyoung Co. Ltd. Class A | 47,500 | 95 | |
China World Trade Center Co. Ltd. Class A | 48,600 | 91 | |
Sino-Ocean Group Holding Ltd. | 1,341,000 | 89 | |
2 | Shenwan Hongyuan Group Co. Ltd. Class H | 532,800 | 87 |
Tian Di Science & Technology Co. Ltd. Class A | 129,800 | 87 | |
Tangshan Sanyou Chemical Industries Co. Ltd. Class A | 111,200 | 87 | |
*,2,3 | Evergrande Property Services Group Ltd. | 1,370,500 | 87 |
* | Datang International Power Generation Co. Ltd. Class A | 222,100 | 86 |
Luolai Lifestyle Technology Co. Ltd. Class A | 65,600 | 85 | |
Huatai Securities Co. Ltd. Class A | 51,300 | 84 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 113,300 | 83 | |
Shenzhen Expressway Co. Ltd. Class H | 114,000 | 82 | |
Shanxi Taigang Stainless Steel Co. Ltd. Class A | 150,400 | 82 | |
Jizhong Energy Resources Co. Ltd. Class A | 95,600 | 80 |
Shares | Market Value• ($000) | ||
* | Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | 130,900 | 79 |
Xinjiang Tianshan Cement Co. Ltd. Class A | 73,600 | 78 | |
BBMG Corp. Class H | 734,000 | 76 | |
Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 50,200 | 76 | |
Beijing Shunxin Agriculture Co. Ltd. Class A | 26,200 | 74 | |
Huaxin Cement Co. Ltd. Class A | 39,900 | 73 | |
Shenzhen Gas Corp. Ltd. Class A | 79,800 | 71 | |
Weifu High-Technology Group Co. Ltd. Class B | 46,400 | 70 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 81,800 | 70 | |
Beijing Capital Development Co. Ltd. Class A | 97,700 | 68 | |
Tianshan Aluminum Group Co. Ltd. Class A | 78,600 | 67 | |
* | Shandong Chenming Paper Holdings Ltd. Class H | 234,000 | 66 |
Zhuzhou Kibing Group Co. Ltd. Class A | 60,300 | 65 | |
G-bits Network Technology Xiamen Co. Ltd. Class A | 1,800 | 63 | |
Chinese Universe Publishing and Media Group Co. Ltd. Class A | 48,800 | 57 | |
*,2 | Shimao Services Holdings Ltd. | 341,000 | 55 |
Huadian Power International Corp. Ltd. Class A | 74,000 | 55 | |
2 | China East Education Holdings Ltd. | 171,000 | 54 |
Kwg Group Holdings Ltd. | 552,500 | 53 | |
* | Jiangxi Zhengbang Technology Co. Ltd. Class A | 108,700 | 52 |
Bank of Qingdao Co. Ltd. Class A | 116,750 | 49 | |
Sinoma International Engineering Co. Class A | 41,200 | 48 | |
Bank of Changsha Co. Ltd. Class A | 53,300 | 47 | |
Bank of Chengdu Co. Ltd. Class A | 24,400 | 46 | |
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A | 26,100 | 44 | |
Guangxi Guiguan Electric Power Co. Ltd. Class A | 51,300 | 44 | |
China South Publishing & Media Group Co. Ltd. Class A | 33,100 | 43 |
Shares | Market Value• ($000) | ||
Shanghai Construction Group Co. Ltd. Class A | 121,100 | 43 | |
Huafa Industrial Co. Ltd. Zhuhai Class A | 35,200 | 41 | |
* | Yango Group Co. Ltd. Class A | 170,600 | 39 |
Shanghai Tunnel Engineering Co. Ltd. Class A | 55,300 | 39 | |
CSG Holding Co. Ltd. Class A | 37,000 | 35 | |
* | China Zheshang Bank Co. Ltd. Class A | 91,600 | 35 |
Financial Street Holdings Co. Ltd. Class A | 48,800 | 31 | |
North Huajin Chemical Industries Co. Ltd. Class A | 33,200 | 31 | |
Guizhou Panjiang Refined Coal Co. Ltd. Class A | 32,700 | 30 | |
Shenzhen Jinjia Group Co. Ltd. Class A | 29,400 | 29 | |
Zhejiang Runtu Co. Ltd. Class A | 27,500 | 28 | |
Chongqing Rural Commercial Bank Co. Ltd. Class A | 58,700 | 28 | |
* | RiseSun Real Estate Development Co. Ltd. Class A | 96,600 | 27 |
Chongqing Water Group Co. Ltd. Class A | 39,200 | 27 | |
Guangxi Liugong Machinery Co. Ltd. Class A | 30,900 | 25 | |
* | Jointo Energy Investment Co. Ltd. Hebei Class A | 35,400 | 25 |
Shanghai AJ Group Co. Ltd. Class A | 35,400 | 25 | |
Nanjing Iron & Steel Co. Ltd. Class A | 54,500 | 23 | |
Sansteel Minguang Co. Ltd. Fujian Class A | 36,500 | 21 | |
Liuzhou Iron & Steel Co. Ltd. Class A | 38,900 | 18 | |
Zhejiang Semir Garment Co. Ltd. Class A | 24,400 | 15 | |
China Railway Signal & Communication Corp. Ltd. Class A | 23,250 | 14 | |
Suofeiya Home Collection Co. Ltd. Class A | 4,000 | 8 | |
*,3 | Sunac China Holdings Ltd. | 1,231,391 | 8 |
222,678 | |||
Colombia (0.1%) | |||
Bancolombia SA ADR | 48,710 | 1,236 | |
Bancolombia SA | 150,789 | 1,084 | |
Ecopetrol SA ADR | 108,328 | 1,068 | |
Interconexion Electrica SA ESP | 212,120 | 828 | |
Grupo Aval Acciones y Valores SA Preference Shares | 1,841,569 | 201 | |
Cementos Argos SA | 201,171 | 136 |
Shares | Market Value• ($000) | ||
*,3 | Bac Holding International Co. | 2,512,537 | 100 |
Ecopetrol SA | 101,529 | 50 | |
4,703 | |||
Czech Republic (0.1%) | |||
CEZ A/S | 75,916 | 2,481 | |
2 | Moneta Money Bank A/S | 175,453 | 512 |
2,993 | |||
Denmark (0.3%) | |||
AP Moller - Maersk A/S Class B | 2,498 | 5,219 | |
Danske Bank A/S | 313,000 | 5,049 | |
Tryg A/S | 172,087 | 3,722 | |
13,990 | |||
Egypt (0.0%) | |||
Eastern Co. SAE | 455,657 | 225 | |
Telecom Egypt Co. | 171,834 | 130 | |
355 | |||
Finland (1.4%) | |||
Nordea Bank Abp (XHEL) | 1,721,744 | 16,454 | |
Sampo OYJ Class A | 233,295 | 10,668 | |
UPM-Kymmene OYJ | 255,754 | 8,598 | |
Kone OYJ Class B | 190,872 | 7,815 | |
Stora Enso OYJ Class R | 271,542 | 3,541 | |
Elisa OYJ | 68,400 | 3,305 | |
Fortum OYJ | 209,124 | 2,943 | |
Kesko OYJ Class B | 127,883 | 2,489 | |
Orion OYJ Class B | 49,742 | 2,289 | |
Metso Outotec OYJ | 288,394 | 2,189 | |
Valmet OYJ | 81,298 | 1,849 | |
Wartsila OYJ Abp | 234,642 | 1,600 | |
Huhtamaki OYJ | 43,115 | 1,549 | |
65,289 | |||
France (6.1%) | |||
TotalEnergies SE | 1,135,001 | 61,918 | |
Sanofi | 523,184 | 45,024 | |
BNP Paribas SA | 512,879 | 24,051 | |
AXA SA | 889,321 | 21,962 | |
Vinci SA | 237,043 | 21,817 | |
Danone SA | 291,958 | 14,510 | |
Cie de Saint-Gobain | 218,602 | 8,937 | |
Orange SA | 921,597 | 8,781 | |
Cie Generale des Etablissements Michelin SCA | 337,620 | 8,604 | |
Societe Generale SA | 362,173 | 8,307 | |
Veolia Environnement SA | 296,378 | 6,614 | |
Publicis Groupe SA | 107,835 | 6,039 | |
Engie SA (XPAR) | 462,777 | 6,013 | |
Credit Agricole SA | 576,561 | 5,231 | |
Carrefour SA | 285,337 | 4,593 | |
Eiffage SA | 34,579 | 3,127 | |
Bouygues SA | 102,097 | 2,913 | |
Engie SA | 201,086 | 2,613 | |
Electricite de France SA (XPAR) | 201,110 | 2,375 | |
* | Sodexo SA Loyalty Shares 2026 | 26,287 | 2,329 |
Rexel SA | 115,675 | 2,064 | |
Valeo | 113,308 | 1,866 | |
Engie SA Loyalty Shares | 132,130 | 1,717 | |
2 | La Francaise des Jeux SAEM | 40,699 | 1,326 |
Sodexo SA (XPAR) | 14,941 | 1,323 |
Shares | Market Value• ($000) | ||
2 | Amundi SA | 27,791 | 1,311 |
EDF Loyalty Shares 2024 | 103,154 | 1,218 | |
* | Faurecia SE (XPAR) | 75,619 | 1,129 |
Wendel SE | 13,621 | 1,067 | |
SCOR SE | 70,825 | 1,065 | |
2 | ALD SA | 36,984 | 395 |
* | Euroapi SA | 20,234 | 354 |
280,593 | |||
Germany (5.9%) | |||
Siemens AG (Registered) | 361,302 | 39,457 | |
Allianz SE (Registered) | 194,740 | 35,035 | |
Deutsche Telekom AG (Registered) | 1,620,505 | 30,588 | |
Bayer AG (Registered) | 470,684 | 24,749 | |
Mercedes-Benz Group AG | 404,537 | 23,415 | |
BASF SE | 438,739 | 19,687 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 67,499 | 17,818 | |
Deutsche Post AG (Registered) | 467,592 | 16,529 | |
Volkswagen AG Preference Shares | 95,438 | 12,216 | |
Bayerische Motoren Werke AG | 150,618 | 11,822 | |
E.ON SE | 1,058,860 | 8,867 | |
Vonovia SE | 386,409 | 8,544 | |
Hannover Rueck SE | 28,477 | 4,634 | |
HeidelbergCement AG | 68,273 | 3,140 | |
2 | Covestro AG | 85,149 | 2,890 |
Volkswagen AG | 15,434 | 2,638 | |
LEG Immobilien SE (XETR) | 35,207 | 2,298 | |
Bayerische Motoren Werke AG Preference Shares | 30,639 | 2,259 | |
Evonik Industries AG | 92,388 | 1,702 | |
Aroundtown SA | 506,849 | 1,005 | |
Talanx AG | 26,261 | 986 | |
Telefonica Deutschland Holding AG | 417,432 | 910 | |
Wacker Chemie AG | 7,209 | 839 | |
RTL Group SA | 18,869 | 641 | |
HOCHTIEF AG | 8,920 | 474 | |
2 | DWS Group GmbH & Co. KGaA | 16,480 | 446 |
Fielmann AG | 13,544 | 431 | |
Traton SE | 32,292 | 403 | |
1 | Uniper SE | 41,647 | 125 |
274,548 | |||
Greece (0.1%) | |||
Hellenic Telecommunications Organization SA | 102,688 | 1,613 | |
OPAP SA | 90,632 | 1,110 | |
Mytilineos SA | 50,177 | 841 | |
JUMBO SA | 52,846 | 751 | |
Motor Oil Hellas Corinth Refineries SA | 26,485 | 455 | |
Hellenic Petroleum SA | 30,253 | 207 | |
4,977 |
Shares | Market Value• ($000) | ||
Hong Kong (1.8%) | |||
Sun Hung Kai Properties Ltd. | 683,000 | 7,340 | |
CK Hutchison Holdings Ltd. | 1,279,500 | 6,369 | |
BOC Hong Kong Holdings Ltd. | 1,709,000 | 5,310 | |
CLP Holdings Ltd. | 780,000 | 5,235 | |
CK Asset Holdings Ltd. | 936,084 | 5,175 | |
Hang Seng Bank Ltd. | 347,000 | 4,885 | |
Jardine Matheson Holdings Ltd. | 94,904 | 4,372 | |
Hong Kong & China Gas Co. Ltd. | 5,409,400 | 4,169 | |
Power Assets Holdings Ltd. | 667,099 | 3,190 | |
MTR Corp. Ltd. | 689,500 | 3,034 | |
Lenovo Group Ltd. | 3,672,000 | 2,935 | |
Wharf Real Estate Investment Co. Ltd. | 739,000 | 2,912 | |
Swire Pacific Ltd. Class A | 319,288 | 2,118 | |
Hongkong Land Holdings Ltd. | 532,900 | 2,052 | |
2 | WH Group Ltd. | 3,825,599 | 1,932 |
Sino Land Co. Ltd. | 1,768,000 | 1,888 | |
Henderson Land Development Co. Ltd. | 632,587 | 1,549 | |
Chow Tai Fook Jewellery Group Ltd. | 903,600 | 1,547 | |
CK Infrastructure Holdings Ltd. | 296,972 | 1,411 | |
Want Want China Holdings Ltd. | 2,090,000 | 1,373 | |
New World Development Co. Ltd. | 669,750 | 1,370 | |
Xinyi Glass Holdings Ltd. | 968,000 | 1,244 | |
Hang Lung Properties Ltd. | 858,576 | 1,080 | |
SITC International Holdings Co. Ltd. | 591,000 | 968 | |
Swire Properties Ltd. | 477,898 | 918 | |
Orient Overseas International Ltd. | 61,500 | 899 | |
ASM Pacific Technology Ltd. | 140,400 | 772 | |
PCCW Ltd. | 2,017,793 | 771 | |
2 | BOC Aviation Ltd. | 107,700 | 721 |
Hysan Development Co. Ltd. | 265,000 | 578 | |
Bank of East Asia Ltd. | 524,580 | 503 | |
2 | Js Global Lifestyle Co. Ltd. | 589,000 | 474 |
NWS Holdings Ltd. | 653,000 | 463 | |
Kerry Properties Ltd. | 289,500 | 458 | |
Man Wah Holdings Ltd. | 706,800 | 394 | |
VTech Holdings Ltd. | 69,100 | 368 | |
Dairy Farm International Holdings Ltd. | 140,900 | 316 | |
First Pacific Co. Ltd. | 1,178,000 | 312 | |
United Energy Group Ltd. | 3,162,000 | 306 | |
Nexteer Automotive Group Ltd. | 415,000 | 225 | |
Cafe de Coral Holdings Ltd. | 127,170 | 148 | |
Johnson Electric Holdings Ltd. | 140,500 | 145 |
Shares | Market Value• ($000) | ||
* | Haitong International Securities Group Ltd. | 1,701,700 | 123 |
Guotai Junan International Holdings Ltd. | 1,517,000 | 108 | |
Dah Sing Financial Holdings Ltd. | 50,000 | 99 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 656,000 | 87 | |
Dah Sing Banking Group Ltd. | 111,600 | 66 | |
82,712 | |||
Hungary (0.1%) | |||
Richter Gedeon Nyrt | 67,396 | 1,333 | |
MOL Hungarian Oil & Gas plc | 179,619 | 1,079 | |
Magyar Telekom Telecommunications plc | 125,388 | 90 | |
2,502 | |||
India (1.0%) | |||
HCL Technologies Ltd. | 520,192 | 6,549 | |
ITC Ltd. | 1,410,765 | 5,948 | |
NTPC Ltd. | 2,121,781 | 4,442 | |
Power Grid Corp. of India Ltd. | 1,515,973 | 4,183 | |
Oil & Natural Gas Corp. Ltd. | 1,762,361 | 2,847 | |
Coal India Ltd. | 908,137 | 2,696 | |
Hero MotoCorp Ltd. | 62,145 | 2,012 | |
Vedanta Ltd. | 588,167 | 1,993 | |
Bharat Petroleum Corp. Ltd. | 479,481 | 1,760 | |
Indian Oil Corp. Ltd. | 2,000,786 | 1,650 | |
Bajaj Auto Ltd. | 33,303 | 1,479 | |
Gail India Ltd. | 1,256,721 | 1,385 | |
Hindustan Petroleum Corp. Ltd. | 335,770 | 868 | |
Petronet LNG Ltd. | 348,257 | 865 | |
Power Finance Corp. Ltd. | 554,229 | 772 | |
REC Ltd. | 575,700 | 713 | |
NMDC Ltd. (XNSE) | 568,174 | 684 | |
Steel Authority of India Ltd. | 645,655 | 614 | |
NHPC Ltd. | 1,172,375 | 604 | |
Oil India Ltd. | 175,044 | 408 | |
Hindustan Zinc Ltd. | 112,426 | 385 | |
Castrol India Ltd. | 247,236 | 371 | |
Oracle Financial Services Software Ltd. | 10,338 | 364 | |
Sun TV Network Ltd. | 44,479 | 281 | |
*,3 | NMDC Ltd. | 520,717 | 242 |
44,115 | |||
Indonesia (0.7%) | |||
Bank Rakyat Indonesia Persero Tbk PT | 31,267,359 | 9,328 | |
Telkom Indonesia Persero Tbk PT | 22,233,500 | 6,244 | |
Bank Mandiri Persero Tbk PT | 8,890,900 | 6,006 | |
Astra International Tbk PT | 9,603,800 | 4,104 | |
Adaro Energy Tbk PT | 6,007,500 | 1,533 | |
United Tractors Tbk PT | 710,804 | 1,470 |
Shares | Market Value• ($000) | ||
Indofood Sukses Makmur Tbk PT | 2,136,700 | 884 | |
Sarana Menara Nusantara Tbk PT | 11,907,300 | 881 | |
Unilever Indonesia Tbk PT | 2,758,400 | 821 | |
Indofood CBP Sukses Makmur Tbk PT | 1,156,200 | 722 | |
Bukit Asam Tbk PT | 2,034,500 | 510 | |
Indocement Tunggal Prakarsa Tbk PT | 831,300 | 495 | |
Gudang Garam Tbk PT | 213,200 | 329 | |
Hanjaya Mandala Sampoerna Tbk PT | 3,247,500 | 209 | |
Media Nusantara Citra Tbk PT | 2,425,800 | 128 | |
Bank Danamon Indonesia Tbk PT | 153,600 | 34 | |
33,698 | |||
Israel (0.5%) | |||
Bank Leumi Le-Israel BM | 740,352 | 7,063 | |
Bank Hapoalim BM | 642,189 | 6,190 | |
Israel Discount Bank Ltd. Class A | 584,845 | 3,325 | |
ICL Group Ltd. | 341,351 | 3,078 | |
Mizrahi Tefahot Bank Ltd. | 66,469 | 2,513 | |
Phoenix Holdings Ltd. | 56,126 | 608 | |
22,777 | |||
Italy (1.9%) | |||
Enel SpA | 3,731,595 | 16,670 | |
Eni SpA | 1,171,328 | 15,384 | |
Intesa Sanpaolo SpA | 7,938,405 | 15,135 | |
UniCredit SpA | 943,865 | 11,705 | |
Assicurazioni Generali SpA | 661,174 | 9,922 | |
Snam SpA (MTAA) | 1,064,188 | 4,732 | |
Terna - Rete Elettrica Nazionale | 670,653 | 4,448 | |
Mediobanca Banca di Credito Finanziario SpA | 324,877 | 2,943 | |
2 | Poste Italiane SpA | 219,517 | 1,913 |
2 | Infrastrutture Wireless Italiane SpA | 164,309 | 1,450 |
Italgas SpA | 229,516 | 1,182 | |
Banca Mediolanum SpA | 141,349 | 1,058 | |
Hera SpA | 376,814 | 898 | |
2 | Pirelli & C SpA | 229,888 | 867 |
A2A SpA | 739,614 | 820 | |
* | Telecom Italia SpA Savings Shares | 2,775,456 | 531 |
UnipolSai Assicurazioni SpA | 196,994 | 444 | |
90,102 | |||
Japan (12.7%) | |||
Toyota Motor Corp. | 5,821,865 | 80,776 | |
Mitsubishi UFJ Financial Group Inc. | 5,755,900 | 27,190 | |
KDDI Corp. | 784,200 | 23,179 | |
Takeda Pharmaceutical Co. Ltd. | 727,600 | 19,215 | |
Honda Motor Co. Ltd. | 811,100 | 18,495 | |
Sumitomo Mitsui Financial Group Inc. | 621,254 | 17,446 | |
ITOCHU Corp. | 641,684 | 16,584 | |
Mitsui & Co. Ltd. | 745,312 | 16,493 |
Shares | Market Value• ($000) | ||
Tokio Marine Holdings Inc. | 904,702 | 16,380 | |
Nippon Telegraph & Telephone Corp. | 566,900 | 15,636 | |
Mitsubishi Corp. | 566,900 | 15,357 | |
Mizuho Financial Group Inc. | 1,217,620 | 13,169 | |
Softbank Corp. | 1,308,282 | 12,905 | |
Canon Inc. | 472,600 | 10,018 | |
Bridgestone Corp. | 272,730 | 9,864 | |
Japan Tobacco Inc. | 563,800 | 9,442 | |
Komatsu Ltd. | 435,820 | 8,538 | |
ORIX Corp. | 573,300 | 8,420 | |
Dai-ichi Life Holdings Inc. | 469,900 | 7,463 | |
Japan Post Holdings Co. Ltd. | 1,030,561 | 6,930 | |
Sumitomo Corp. | 541,838 | 6,889 | |
Marubeni Corp. | 737,900 | 6,460 | |
Sompo Holdings Inc. | 151,500 | 6,316 | |
Daiwa House Industry Co. Ltd. | 311,200 | 6,270 | |
MS&AD Insurance Group Holdings Inc. | 220,100 | 5,829 | |
Nippon Steel Corp. | 395,400 | 5,424 | |
Kirin Holdings Co. Ltd. | 354,600 | 5,213 | |
Sumitomo Mitsui Trust Holdings Inc. | 171,600 | 4,937 | |
Inpex Corp. | 479,800 | 4,842 | |
Mitsubishi Heavy Industries Ltd. | 136,600 | 4,705 | |
Nomura Holdings Inc. | 1,421,400 | 4,600 | |
ENEOS Holdings Inc. | 1,381,605 | 4,557 | |
Sekisui House Ltd. | 274,202 | 4,553 | |
Subaru Corp. | 288,809 | 4,514 | |
Nippon Yusen KK | 229,800 | 4,163 | |
Resona Holdings Inc. | 1,025,100 | 3,864 | |
Asahi Kasei Corp. | 592,300 | 3,798 | |
Sumitomo Electric Industries Ltd. | 358,600 | 3,748 | |
Toyota Tsusho Corp. | 104,330 | 3,502 | |
Mitsui OSK Lines Ltd. | 157,810 | 3,124 | |
Yamaha Motor Co. Ltd. | 150,600 | 3,109 | |
Daito Trust Construction Co. Ltd. | 30,700 | 3,040 | |
Isuzu Motors Ltd. | 246,400 | 2,898 | |
Trend Micro Inc. | 57,000 | 2,874 | |
Mitsubishi Chemical Holdings Corp. | 605,200 | 2,734 | |
Chubu Electric Power Co. Inc. | 334,600 | 2,724 | |
AGC Inc. | 86,400 | 2,707 | |
Daiwa Securities Group Inc. | 688,114 | 2,685 | |
Kansai Electric Power Co. Inc. | 346,300 | 2,623 | |
T&D Holdings Inc. | 247,900 | 2,452 | |
Sumitomo Chemical Co. Ltd. | 714,500 | 2,406 | |
Taisei Corp. | 88,300 | 2,405 | |
Idemitsu Kosan Co. Ltd. | 109,783 | 2,402 | |
JFE Holdings Inc. | 247,800 | 2,270 | |
Aisin Corp. | 83,300 | 2,138 | |
Obayashi Corp. | 319,400 | 2,050 | |
SBI Holdings Inc. | 112,700 | 2,036 | |
Ricoh Co. Ltd. | 276,100 | 2,023 | |
Kajima Corp. | 212,200 | 1,997 | |
Lixil Corp. | 128,200 | 1,937 | |
Seiko Epson Corp. | 134,300 | 1,823 |
Shares | Market Value• ($000) | ||
NGK Spark Plug Co. Ltd. | 97,800 | 1,784 | |
Sojitz Corp. | 106,700 | 1,573 | |
Concordia Financial Group Ltd. | 514,900 | 1,571 | |
Chiba Bank Ltd. | 286,000 | 1,567 | |
Kyushu Railway Co. | 74,700 | 1,562 | |
Mitsui Chemicals Inc. | 84,000 | 1,555 | |
Shizuoka Financial Group Inc. | 240,400 | 1,518 | |
Hulic Co. Ltd. | 208,186 | 1,512 | |
Marui Group Co. Ltd. | 92,200 | 1,508 | |
Nikon Corp. | 153,500 | 1,485 | |
Tosoh Corp. | 134,600 | 1,464 | |
NGK Insulators Ltd. | 120,200 | 1,402 | |
Japan Post Insurance Co. Ltd. | 93,800 | 1,389 | |
Mitsubishi HC Capital Inc. (XTKS) | 311,820 | 1,338 | |
Japan Post Bank Co. Ltd. | 200,158 | 1,334 | |
Nomura Real Estate Holdings Inc. | 58,000 | 1,311 | |
Fukuoka Financial Group Inc. | 76,900 | 1,309 | |
Haseko Corp. | 124,086 | 1,278 | |
Tokyo Tatemono Co. Ltd. | 92,500 | 1,272 | |
Hikari Tsushin Inc. | 10,400 | 1,256 | |
Shimizu Corp. | 244,800 | 1,222 | |
Showa Denko KK | 83,200 | 1,215 | |
Kuraray Co. Ltd. | 169,300 | 1,164 | |
Yamada Denki Co. Ltd. | 355,900 | 1,147 | |
Kyushu Electric Power Co. Inc. | 226,700 | 1,122 | |
Mitsubishi Gas Chemical Co. Inc. | 87,500 | 1,112 | |
Aozora Bank Ltd. | 64,200 | 1,104 | |
Electric Power Development Co. Ltd. | 77,900 | 1,083 | |
Sumitomo Forestry Co. Ltd. | 68,900 | 1,078 | |
NSK Ltd. | 202,100 | 1,068 | |
Amada Co. Ltd. | 149,600 | 1,052 | |
Yokohama Rubber Co. Ltd. | 67,100 | 1,049 | |
Sumitomo Heavy Industries Ltd. | 54,800 | 1,039 | |
Denka Co. Ltd. | 44,000 | 1,019 | |
Iida Group Holdings Co. Ltd. | 71,400 | 991 | |
Tohoku Electric Power Co. Inc. | 225,000 | 945 | |
J Front Retailing Co. Ltd. | 116,800 | 944 | |
Tokyo Century Corp. | 27,500 | 938 | |
Mebuki Financial Group Inc. | 482,300 | 938 | |
COMSYS Holdings Corp. | 57,000 | 934 | |
Air Water Inc. | 83,500 | 932 | |
Cosmo Energy Holdings Co. Ltd. | 35,940 | 926 | |
Casio Computer Co. Ltd. | 102,500 | 891 | |
EXEO Group Inc. | 60,200 | 882 | |
Taiheiyo Cement Corp. | 61,600 | 837 | |
Kamigumi Co. Ltd. | 43,300 | 823 | |
Teijin Ltd. | 90,300 | 820 | |
Sanwa Holdings Corp. | 94,800 | 817 | |
JTEKT Corp. | 111,100 | 784 | |
Lawson Inc. | 24,200 | 773 | |
Credit Saison Co. Ltd. | 72,000 | 770 |
Shares | Market Value• ($000) | ||
INFRONEER Holdings Inc. | 105,500 | 731 | |
Sumitomo Rubber Industries Ltd. | 84,000 | 721 | |
Chugoku Electric Power Co. Inc. | 150,735 | 707 | |
Nippon Electric Glass Co. Ltd. | 40,800 | 706 | |
Pigeon Corp. | 53,900 | 706 | |
Hachijuni Bank Ltd. | 212,400 | 677 | |
Daicel Corp. | 118,500 | 676 | |
Kaneka Corp. | 27,200 | 675 | |
Ube Industries Ltd. | 52,200 | 673 | |
DMG Mori Co. Ltd. | 57,200 | 662 | |
Kobe Steel Ltd. | 160,000 | 656 | |
Konica Minolta Inc. | 212,600 | 648 | |
Toyo Tire Corp. | 53,900 | 632 | |
DIC Corp. | 37,500 | 630 | |
Penta-Ocean Construction Co. Ltd. | 126,400 | 629 | |
Nippon Kayaku Co. Ltd. | 79,100 | 628 | |
Hirogin Holdings Inc. | 152,100 | 628 | |
Sankyo Co. Ltd. | 18,900 | 624 | |
Toyoda Gosei Co. Ltd. | 38,100 | 609 | |
K's Holdings Corp | 77,300 | 606 | |
Coca-Cola Bottlers Japan Holdings Inc. | 65,900 | 595 | |
Amano Corp. | 33,200 | 568 | |
Seven Bank Ltd. | 312,900 | 564 | |
Kokuyo Co. Ltd. | 44,600 | 553 | |
Yamaguchi Financial Group Inc. | 104,100 | 548 | |
AEON Financial Service Co. Ltd. | 54,900 | 537 | |
Toda Corp. | 101,400 | 507 | |
ABC-Mart Inc. | 11,100 | 495 | |
Aica Kogyo Co. Ltd. | 23,000 | 494 | |
Heiwa Corp. | 28,800 | 465 | |
TS Tech Co. Ltd. | 44,400 | 464 | |
NOK Corp. | 55,600 | 455 | |
Fuyo General Lease Co. Ltd. | 7,800 | 434 | |
Kaken Pharmaceutical Co. Ltd. | 16,700 | 427 | |
Nipro Corp. | 55,400 | 418 | |
Canon Marketing Japan Inc. | 19,500 | 412 | |
Kyudenko Corp. | 19,400 | 412 | |
Yamato Kogyo Co. Ltd. | 14,100 | 409 | |
H.U. Group Holdings Inc. | 21,800 | 406 | |
Daido Steel Co. Ltd. | 15,600 | 404 | |
Shikoku Electric Power Co. Inc. | 74,000 | 356 | |
Toyota Boshoku Corp. | 25,400 | 323 | |
Lintec Corp. | 17,400 | 261 | |
Itoham Yonekyu Holdings Inc. | 52,600 | 235 | |
Fuji Media Holdings Inc. | 32,000 | 223 | |
Kandenko Co. Ltd. | 39,300 | 221 | |
Noevir Holdings Co. Ltd. | 5,800 | 214 | |
Matsui Securities Co. Ltd. | 33,600 | 179 | |
586,351 |
Shares | Market Value• ($000) | ||
Kuwait (0.3%) | |||
National Bank of Kuwait SAKP | 3,414,689 | 11,883 | |
Mobile Telecommunications Co. KSCP | 993,282 | 1,920 | |
Gulf Bank KSCP | 805,560 | 892 | |
Boubyan Petrochemicals Co. KSCP | 198,171 | 510 | |
Humansoft Holding Co. KSC | 41,891 | 455 | |
Burgan Bank SAK | 450,763 | 317 | |
15,977 | |||
Malaysia (0.8%) | |||
Public Bank Bhd. | 6,800,700 | 6,431 | |
Malayan Banking Bhd. | 3,397,997 | 6,173 | |
CIMB Group Holdings Bhd. | 3,142,800 | 3,671 | |
Tenaga Nasional Bhd. | 1,520,933 | 2,709 | |
Petronas Chemicals Group Bhd. | 1,369,700 | 2,525 | |
Hong Leong Bank Bhd. | 289,600 | 1,298 | |
Axiata Group Bhd. | 2,128,000 | 1,281 | |
MISC Bhd. | 834,844 | 1,278 | |
DiGi.Com Bhd. | 1,490,100 | 1,195 | |
Genting Bhd. | 1,117,300 | 1,050 | |
Petronas Gas | 270,732 | 979 | |
RHB Bank Bhd. | 735,100 | 890 | |
Maxis Bhd. | 987,100 | 804 | |
Sime Darby Bhd. | 1,619,700 | 771 | |
Genting Malaysia Bhd. | 1,274,600 | 739 | |
Telekom Malaysia Bhd. | 542,600 | 638 | |
Petronas Dagangan Bhd. | 131,800 | 605 | |
IJM Corp. Bhd. | 1,453,200 | 501 | |
Alliance Bank Malaysia Bhd. | 550,400 | 431 | |
Top Glove Corp. Bhd. | 2,312,820 | 389 | |
YTL Corp. Bhd. | 2,370,623 | 283 | |
Westports Holdings Bhd. | 363,700 | 258 | |
British American Tobacco Malaysia Bhd. | 87,600 | 195 | |
Astro Malaysia Holdings Bhd. | 736,400 | 105 | |
35,199 | |||
Mexico (1.1%) | |||
America Movil SAB de CV Series L | 13,699,700 | 12,965 | |
Grupo Financiero Banorte SAB de CV Class O | 1,386,400 | 11,269 | |
Wal-Mart de Mexico SAB de CV | 2,472,135 | 9,549 | |
Grupo Mexico SAB de CV Series B | 1,525,900 | 5,532 | |
Grupo Aeroportuario del Sureste SAB de CV Class B | 96,170 | 2,251 | |
Arca Continental SAB de CV | 213,200 | 1,746 | |
Coca-Cola Femsa SAB de CV | 263,860 | 1,662 | |
Alfa SAB de CV Class A | 1,703,000 | 1,130 | |
Grupo Aeroportuario del Centro Norte SAB de CV Class B | 125,700 | 1,001 | |
2 | Banco del Bajio SA | 348,100 | 982 |
Regional SAB de CV | 115,000 | 804 |
Shares | Market Value• ($000) | ||
Promotora y Operadora de Infraestructura SAB de CV | 105,140 | 791 | |
Orbia Advance Corp. SAB de CV | 445,300 | 752 | |
Industrias Penoles SAB de CV | 60,000 | 681 | |
Kimberly-Clark de Mexico SAB de CV Class A | 364,300 | 575 | |
Qualitas Controladora SAB de CV | 78,700 | 309 | |
Megacable Holdings SAB de CV | 131,200 | 275 | |
Alpek SAB de CV | 195,200 | 274 | |
* | Sitios Latinoamerica SAB de CV | 655,501 | 191 |
52,739 | |||
Netherlands (1.2%) | |||
ING Groep NV | 1,812,730 | 17,837 | |
Koninklijke Ahold Delhaize NV | 485,693 | 13,545 | |
NN Group NV | 143,253 | 6,066 | |
Koninklijke KPN NV | 1,550,053 | 4,336 | |
Aegon NV | 846,254 | 3,917 | |
ASR Nederland NV | 66,065 | 2,909 | |
Randstad NV | 53,364 | 2,660 | |
2 | ABN AMRO Bank NV GDR | 200,321 | 1,969 |
BE Semiconductor Industries NV | 37,226 | 1,897 | |
2 | Signify NV | 59,018 | 1,635 |
Koninklijke Vopak NV | 32,145 | 657 | |
2 | CTP NV | 33,599 | 348 |
57,776 | |||
New Zealand (0.2%) | |||
Spark New Zealand Ltd. | 906,298 | 2,698 | |
Meridian Energy Ltd. | 609,308 | 1,727 | |
Contact Energy Ltd. | 371,731 | 1,631 | |
Fletcher Building Ltd. | 372,252 | 1,111 | |
Mercury NZ Ltd. | 321,030 | 1,085 | |
8,252 | |||
Norway (1.1%) | |||
Equinor ASA | 450,527 | 16,414 | |
DNB Bank ASA | 488,900 | 8,647 | |
Aker BP ASA (XOSL) | 145,989 | 4,638 | |
Norsk Hydro ASA | 638,119 | 4,050 | |
Yara International ASA | 78,884 | 3,521 | |
Mowi ASA | 210,303 | 3,139 | |
Telenor ASA | 306,350 | 2,784 | |
Orkla ASA | 357,922 | 2,414 | |
Gjensidige Forsikring ASA | 80,401 | 1,470 | |
Salmar ASA | 26,680 | 904 | |
Aker ASA Class A | 11,375 | 803 | |
Leroy Seafood Group ASA | 122,371 | 563 | |
49,347 | |||
Pakistan (0.0%) | |||
Fauji Fertilizer Co. Ltd. | 602,134 | 282 | |
Oil & Gas Development Co. Ltd. | 286,603 | 91 | |
Habib Bank Ltd. | 260,768 | 82 | |
455 |
Shares | Market Value• ($000) | ||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 522,410 | 1,566 | |
PLDT Inc. | 44,810 | 1,264 | |
Globe Telecom Inc. | 16,729 | 674 | |
Manila Electric Co. | 124,700 | 650 | |
Aboitiz Power Corp. | 716,900 | 393 | |
Semirara Mining & Power Corp. Class A | 574,220 | 349 | |
DMCI Holdings Inc. | 1,879,400 | 310 | |
Metro Pacific Investments Corp. | 4,851,000 | 307 | |
LT Group Inc. | 1,353,700 | 189 | |
5,702 | |||
Poland (0.1%) | |||
Polski Koncern Naftowy ORLEN SA | 271,508 | 3,118 | |
Powszechny Zaklad Ubezpieczen SA | 268,201 | 1,502 | |
Bank Polska Kasa Opieki SA | 72,805 | 1,193 | |
LPP SA | 570 | 988 | |
6,801 | |||
Portugal (0.2%) | |||
EDP - Energias de Portugal SA | 1,350,925 | 5,903 | |
Galp Energia SGPS SA | 243,499 | 2,472 | |
8,375 | |||
Qatar (0.5%) | |||
Qatar Islamic Bank SAQ | 867,433 | 5,804 | |
Industries Qatar QSC | 749,677 | 3,245 | |
Masraf Al Rayan QSC | 2,962,810 | 3,122 | |
Commercial Bank PSQC | 1,639,300 | 2,834 | |
Qatar International Islamic Bank QSC | 562,108 | 1,785 | |
Qatar Fuel QSC | 278,470 | 1,459 | |
Qatar Electricity & Water Co. QSC | 225,319 | 1,144 | |
Ooredoo QPSC | 394,320 | 1,057 | |
Barwa Real Estate Co. | 1,039,484 | 970 | |
Doha Bank QPSC | 1,183,127 | 717 | |
Qatar Aluminum Manufacturing Co. | 1,320,846 | 588 | |
Vodafone Qatar QSC | 697,311 | 321 | |
23,046 | |||
Romania (0.0%) | |||
Banca Transilvania SA | 262,656 | 899 | |
OMV Petrom SA (XAMS) | 6,675,305 | 607 | |
Societatea Nationala Nuclearelectrica SA | 27,902 | 226 | |
* | OMV Petrom SA | 577,620 | 53 |
1,785 | |||
Russia (0.0%) | |||
*,3 | Inter Rao Ues PJSC | 11,522,470 | — |
3 | MMC Norilsk Nickel PJSC ADR | 53,701 | — |
*,3 | Sberbank of Russia PJSC | 3,446,575 | — |
*,3 | Mobile TeleSystems PJSC ADR | 132,889 | — |
*,3 | Moscow Exchange MICEX-RTS PJSC | 482,108 | — |
3 | Rosneft Oil Co. PJSC (Registered) GDR | 190,781 | — |
3 | Magnit PJSC GDR (Registered) | 22,311 | — |
Shares | Market Value• ($000) | ||
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 | 9,549 | — |
*,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 | 14,173 | — |
— | |||
Saudi Arabia (1.6%) | |||
Saudi National Bank | 1,042,771 | 16,481 | |
2 | Saudi Arabian Oil Co. | 1,341,043 | 12,446 |
Saudi Basic Industries Corp. | 431,737 | 10,137 | |
Saudi Telecom Co. | 861,519 | 9,256 | |
Riyad Bank | 705,309 | 6,741 | |
SABIC Agri-Nutrients Co. | 112,309 | 4,745 | |
Arab National Bank | 322,870 | 2,772 | |
Sahara International Petrochemical Co. | 171,847 | 1,850 | |
Yanbu National Petrochemical Co. | 134,322 | 1,597 | |
Jarir Marketing Co. | 28,845 | 1,258 | |
Bank Al-Jazira | 192,588 | 1,198 | |
Saudi Industrial Investment Group | 177,271 | 1,059 | |
Advanced Petrochemical Co. | 61,991 | 730 | |
Abdullah Al Othaim Markets Co. | 21,659 | 654 | |
Saudi Cement Co. | 35,304 | 501 | |
Southern Province Cement Co. | 34,297 | 500 |
Shares | Market Value• ($000) | ||
Qassim Cement Co. | 22,275 | 447 | |
Saudia Dairy & Foodstuff Co. | 6,782 | 424 | |
Yanbu Cement Co. | 36,591 | 406 | |
Arabian Centres Co. Ltd. | 74,767 | 389 | |
73,591 | |||
Singapore (1.5%) | |||
DBS Group Holdings Ltd. | 869,278 | 21,016 | |
Oversea-Chinese Banking Corp. Ltd. | 1,679,700 | 14,419 | |
United Overseas Bank Ltd. | 616,945 | 12,104 | |
Singapore Telecommunications Ltd. | 3,619,688 | 6,373 | |
Keppel Corp. Ltd. | 652,812 | 3,213 | |
Wilmar International Ltd. | 996,200 | 2,729 | |
Singapore Exchange Ltd. | 385,732 | 2,294 | |
Singapore Technologies Engineering Ltd. | 736,300 | 1,717 | |
Genting Singapore Ltd. | 2,768,600 | 1,574 | |
Venture Corp. Ltd. | 128,100 | 1,441 | |
Jardine Cycle & Carriage Ltd. | 52,100 | 1,094 | |
ComfortDelGro Corp. Ltd. | 1,026,700 | 922 | |
NetLink NBN Trust | 1,416,300 | 855 | |
Golden Agri-Resources Ltd. | 3,124,600 | 641 | |
Hutchison Port Holdings Trust Class U | 2,405,700 | 393 | |
Olam Group Ltd. | 333,400 | 316 | |
StarHub Ltd. | 273,500 | 207 | |
Singapore Telecommunications Ltd. (XSES) | 8,800 | 15 | |
71,323 | |||
South Africa (1.2%) | |||
FirstRand Ltd. | 2,409,921 | 8,425 | |
Standard Bank Group Ltd. | 649,943 | 6,067 | |
Absa Group Ltd. | 392,233 | 4,259 | |
Impala Platinum Holdings Ltd. | 385,622 | 3,948 | |
Sibanye Stillwater Ltd. | 1,340,603 | 3,140 | |
Shoprite Holdings Ltd. | 228,570 | 2,909 | |
Sanlam Ltd. | 840,078 | 2,449 | |
Nedbank Group Ltd. | 198,755 | 2,353 | |
Anglo American Platinum Ltd. | 26,483 | 2,109 | |
Vodacom Group Ltd. | 279,801 | 1,906 | |
Woolworths Holdings Ltd. | 450,207 | 1,544 | |
Exxaro Resources Ltd. | 115,164 | 1,283 | |
Old Mutual Ltd. (XZIM) | 2,137,978 | 1,214 | |
NEPI Rockcastle NV | 230,487 | 1,159 | |
Mr Price Group Ltd. | 119,010 | 1,145 | |
Multichoice Group | 164,669 | 1,076 | |
Foschini Group Ltd. | 150,705 | 942 | |
SPAR Group Ltd. | 94,676 | 803 | |
Tiger Brands Ltd. | 76,620 | 775 | |
Life Healthcare Group Holdings Ltd. | 676,116 | 727 | |
African Rainbow Minerals Ltd. | 49,401 | 696 | |
Investec Ltd. | 132,257 | 650 |
Shares | Market Value• ($000) | ||
Momentum Metropolitan Holdings | 682,092 | 637 | |
AVI Ltd. | 155,405 | 623 | |
Netcare Ltd. | 726,402 | 618 | |
Pick n Pay Stores Ltd. | 175,168 | 563 | |
Truworths International Ltd. | 179,155 | 510 | |
Kumba Iron Ore Ltd. | 23,927 | 450 | |
Royal Bafokeng Platinum Ltd. | 38,794 | 312 | |
Santam Ltd. | 15,764 | 218 | |
53,510 | |||
South Korea (1.4%) | |||
KB Financial Group Inc. | 186,039 | 6,260 | |
POSCO Holdings Inc. | 35,835 | 6,246 | |
Shinhan Financial Group Co. Ltd. | 238,696 | 6,067 | |
Kia Corp. | 123,378 | 5,733 | |
Hana Financial Group Inc. | 136,487 | 3,946 | |
KT&G Corp. | 50,855 | 3,415 | |
SK Inc. | 17,386 | 2,605 | |
Woori Financial Group Inc. | 301,349 | 2,487 | |
LG Corp. | 41,978 | 2,330 | |
Korea Zinc Co. Ltd. | 4,716 | 2,115 | |
Samsung Fire & Marine Insurance Co. Ltd. | 13,862 | 1,944 | |
Samsung Life Insurance Co. Ltd. | 34,951 | 1,652 | |
S-Oil Corp. | 19,981 | 1,212 | |
Hyundai Heavy Industries Holdings Co. Ltd. | 24,562 | 1,048 | |
Industrial Bank of Korea | 119,934 | 879 | |
DB Insurance Co. Ltd. | 22,186 | 876 | |
LG Uplus Corp. | 103,377 | 830 | |
Kumho Petrochemical Co. Ltd. | 8,545 | 783 | |
Hyundai Motor Co. Preference Shares (XKRS) | 13,902 | 778 | |
Lotte Chemical Corp. | 7,316 | 758 | |
GS Holdings Corp. | 23,301 | 752 | |
LG Chem Ltd. Preference Shares | 3,593 | 728 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 29,222 | 682 | |
Korea Investment Holdings Co. Ltd. | 18,687 | 649 | |
Samsung Securities Co. Ltd. | 28,616 | 637 | |
BNK Financial Group Inc. | 138,184 | 621 | |
Hyundai Motor Co. Preference Shares | 10,902 | 599 | |
Cheil Worldwide Inc. | 34,495 | 591 | |
Mirae Asset Securities Co. Ltd. | 126,466 | 563 | |
GS Engineering & Construction Corp. | 29,795 | 453 | |
S-1 Corp. | 9,692 | 424 | |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 3,632 | 408 | |
SK Telecom Co. Ltd. | 11,621 | 408 | |
LOTTE Fine Chemical Co. Ltd. | 9,437 | 371 |
Shares | Market Value• ($000) | ||
NH Investment & Securities Co. Ltd. | 59,018 | 371 | |
SK Chemicals Co. Ltd. | 5,655 | 350 | |
DGB Financial Group Inc. | 72,674 | 346 | |
Posco International Corp. | 22,710 | 329 | |
GS Retail Co. Ltd. | 18,469 | 329 | |
Lotte Shopping Co. Ltd. | 4,999 | 306 | |
Lotte Corp. | 13,296 | 304 | |
Mirae Asset Securities Co. Ltd. Preference Shares | 111,672 | 284 | |
Samsung Card Co. Ltd. | 12,997 | 282 | |
Korea Gas Corp. | 11,087 | 271 | |
DL Holdings Co. Ltd. | 6,123 | 264 | |
Doosan Bobcat Inc. | 9,567 | 224 | |
KEPCO Plant Service & Engineering Co. Ltd. | 9,912 | 222 | |
SSANGYONG C&E Co. Ltd. | 41,718 | 166 | |
SK Telecom Co. Ltd. ADR | 8,129 | 159 | |
Hyundai Motor Co. | 983 | 113 | |
Hanwha Corp. Preference Shares | 11,497 | 113 | |
64,283 | |||
Spain (1.7%) | |||
1 | Banco Santander SA | 7,957,987 | 20,639 |
Banco Bilbao Vizcaya Argentaria SA | 2,929,868 | 15,115 | |
1 | Industria de Diseno Textil SA | 504,008 | 11,440 |
Repsol SA | 600,494 | 8,169 | |
CaixaBank SA | 2,071,307 | 6,868 | |
Red Electrica Corp. SA | 205,054 | 3,317 | |
Endesa SA | 149,015 | 2,490 | |
Bankinter SA | 338,344 | 2,047 | |
Acciona SA | 11,072 | 1,994 | |
Enagas SA | 116,514 | 1,891 | |
1 | Naturgy Energy Group SA | 70,920 | 1,820 |
Mapfre SA | 479,844 | 823 | |
* | Grifols SA Preference Shares | 123,111 | 770 |
77,383 | |||
Sweden (1.5%) | |||
Volvo AB Class B | 736,229 | 12,050 | |
Telefonaktiebolaget LM Ericsson Class B | 1,405,437 | 7,813 | |
Swedbank AB Class A | 484,336 | 7,221 | |
Skandinaviska Enskilda Banken AB Class A | 681,016 | 7,180 | |
Svenska Handelsbanken AB Class A | 697,164 | 6,477 | |
1 | H & M Hennes & Mauritz AB Class B | 415,361 | 4,184 |
Boliden AB | 131,034 | 3,811 | |
1 | Telia Co. AB | 1,226,277 | 3,249 |
Skanska AB Class B | 171,367 | 2,665 | |
SKF AB Class B | 182,006 | 2,635 | |
Trelleborg AB Class B | 115,024 | 2,533 | |
Securitas AB Class B | 265,798 | 2,172 | |
Tele2 AB Class B | 264,386 | 2,167 | |
Castellum AB | 121,677 | 1,391 | |
1 | Electrolux AB Class B | 102,251 | 1,261 |
Svenska Handelsbanken AB Class B | 29,105 | 318 |
Shares | Market Value• ($000) | ||
Telefonaktiebolaget LM Ericsson Class A | 45,736 | 272 | |
Skandinaviska Enskilda Banken AB Class C | 5,390 | 61 | |
67,460 | |||
Switzerland (7.1%) | |||
Roche Holding AG | 303,772 | 100,791 | |
Novartis AG (Registered) | 983,094 | 79,523 | |
Zurich Insurance Group AG | 71,571 | 30,502 | |
UBS Group AG (Registered) | 1,468,492 | 23,282 | |
ABB Ltd. (Registered) | 725,407 | 20,145 | |
Holcim Ltd. | 263,010 | 11,949 | |
Swiss Re AG | 138,438 | 10,284 | |
Roche Holding AG (Bearer) | 24,109 | 9,786 | |
Swiss Life Holding AG (Registered) | 14,752 | 7,143 | |
SGS SA (Registered) | 2,811 | 6,197 | |
Swisscom AG (Registered) | 12,521 | 6,183 | |
Credit Suisse Group AG (Registered) | 1,244,263 | 5,154 | |
Julius Baer Group Ltd. | 101,927 | 4,890 | |
Baloise Holding AG (Registered) | 21,838 | 2,984 | |
Swiss Prime Site AG (Registered) | 36,243 | 2,924 | |
Adecco Group AG (Registered) | 74,629 | 2,336 | |
PSP Swiss Property AG (Registered) | 20,670 | 2,208 | |
Helvetia Holding AG (Registered) | 16,347 | 1,623 | |
Banque Cantonale Vaudoise (Registered) | 13,453 | 1,197 | |
* | Accelleron Industries AG | 35,617 | 604 |
329,705 | |||
Taiwan (4.3%) | |||
Hon Hai Precision Industry Co. Ltd. | 5,727,000 | 18,189 | |
MediaTek Inc. | 716,000 | 13,051 | |
Delta Electronics Inc. | 1,038,802 | 8,266 | |
United Microelectronics Corp. | 5,657,000 | 6,802 | |
Chunghwa Telecom Co. Ltd. | 1,823,000 | 6,286 | |
Nan Ya Plastics Corp. | 2,698,000 | 5,717 | |
Fubon Financial Holding Co. Ltd. | 3,535,770 | 5,585 | |
CTBC Financial Holding Co. Ltd. | 8,739,120 | 5,521 | |
Mega Financial Holding Co. Ltd. | 5,363,525 | 4,969 | |
China Steel Corp. | 5,926,000 | 4,933 | |
Uni-President Enterprises Corp. | 2,297,000 | 4,665 | |
Cathay Financial Holding Co. Ltd. | 3,953,388 | 4,627 | |
Formosa Plastics Corp. | 1,789,879 | 4,611 | |
First Financial Holding Co. Ltd. | 5,037,739 | 3,864 | |
Taiwan Cooperative Financial Holding Co. Ltd. | 4,880,200 | 3,781 | |
Formosa Chemicals & Fibre Corp. | 1,643,000 | 3,541 |
Shares | Market Value• ($000) | ||
Yuanta Financial Holding Co. Ltd. | 5,707,690 | 3,485 | |
Hua Nan Financial Holdings Co. Ltd. | 4,836,046 | 3,155 | |
Chailease Holding Co. Ltd. | 659,893 | 3,044 | |
ASE Technology Holding Co. Ltd. | 1,212,171 | 2,993 | |
Largan Precision Co. Ltd. | 49,000 | 2,803 | |
China Development Financial Holding Corp. | 7,573,000 | 2,756 | |
E Ink Holdings Inc. | 432,000 | 2,745 | |
Quanta Computer Inc. | 1,270,000 | 2,690 | |
Taiwan Cement Corp. (XTAI) | 2,847,639 | 2,670 | |
Sinopac Holdings Co. | 5,143,777 | 2,566 | |
Taiwan Mobile Co. Ltd. | 835,000 | 2,462 | |
Asustek Computer Inc. | 336,268 | 2,459 | |
Shanghai Commercial & Savings Bank Ltd. | 1,578,000 | 2,271 | |
Taishin Financial Holding Co. Ltd. | 5,482,788 | 2,250 | |
President Chain Store Corp. | 267,000 | 2,220 | |
Yageo Corp. | 192,613 | 2,184 | |
Evergreen Marine Corp. Taiwan Ltd. | 481,800 | 2,050 | |
Novatek Microelectronics Corp. | 272,000 | 2,027 | |
Lite-On Technology Corp. | 1,015,194 | 2,010 | |
Accton Technology Corp. | 254,000 | 1,910 | |
Far Eastern New Century Corp. | 1,877,000 | 1,871 | |
Realtek Semiconductor Corp. | 227,000 | 1,789 | |
Pegatron Corp. | 978,000 | 1,788 | |
Catcher Technology Co. Ltd. | 338,672 | 1,779 | |
AU Optronics Corp. | 3,378,000 | 1,763 | |
Formosa Petrochemical Corp. | 652,000 | 1,678 | |
Far EasTone Telecommunications Co. Ltd. | 762,000 | 1,671 | |
Shin Kong Financial Holdings Co. Ltd. | 6,484,000 | 1,607 | |
Innolux Corp. | 4,023,788 | 1,476 | |
Asia Cement Corp. | 1,192,000 | 1,378 | |
Compal Electronics Inc. | 1,967,000 | 1,287 | |
Eclat Textile Co. Ltd. | 96,200 | 1,262 | |
Globalwafers Co. Ltd. | 102,000 | 1,131 | |
Micro-Star International Co. Ltd. | 331,000 | 1,121 | |
Wistron Corp. | 1,374,656 | 1,110 | |
Synnex Technology International Corp. | 657,000 | 1,070 | |
ASE Technology Holding Co. Ltd. ADR | 210,204 | 1,070 | |
Pou Chen Corp. | 1,256,000 | 1,060 | |
Inventec Corp. | 1,397,994 | 1,057 | |
Feng TAY Enterprise Co. Ltd. | 206,280 | 1,024 | |
Zhen Ding Technology Holding Ltd. | 305,000 | 1,000 | |
Sino-American Silicon Products Inc. | 253,000 | 970 | |
Acer Inc. | 1,381,000 | 945 | |
Wiwynn Corp. | 41,000 | 918 |
Shares | Market Value• ($000) | ||
Cheng Shin Rubber Industry Co. Ltd. | 911,994 | 912 | |
Taiwan High Speed Rail Corp. | 1,038,000 | 904 | |
Vanguard International Semiconductor Corp. | 439,500 | 902 | |
Giant Manufacturing Co. Ltd. | 137,000 | 872 | |
Winbond Electronics Corp. | 1,340,000 | 808 | |
Powertech Technology Inc. | 346,000 | 799 | |
Teco Electric and Machinery Co. Ltd. | 886,000 | 783 | |
Foxconn Technology Co. Ltd. | 542,190 | 759 | |
Chicony Electronics Co. Ltd. | 280,370 | 696 | |
Nanya Technology Corp. | 385,000 | 649 | |
Taiwan Fertilizer Co. Ltd. | 362,000 | 587 | |
Nien Made Enterprise Co. Ltd. | 69,000 | 532 | |
Taiwan Glass Industry Corp. | 712,000 | 450 | |
Taiwan Secom Co. Ltd. | 141,000 | 404 | |
Formosa Taffeta Co. Ltd. | 502,000 | 399 | |
Transcend Information Inc. | 128,000 | 256 | |
2 | Taiwan Cement Corp. | 11,696 | 55 |
197,750 | |||
Thailand (0.8%) | |||
PTT PCL | 6,922,200 | 6,551 | |
PTT Exploration & Production PCL | 657,330 | 3,143 | |
Advanced Info Service PCL | 542,604 | 2,727 | |
Siam Cement PCL (Registered) | 280,750 | 2,391 | |
SCB X PCL Foreign | 825,900 | 2,308 | |
Kasikornbank PCL NVDR | 574,700 | 2,211 | |
Charoen Pokphand Foods PCL | 2,319,600 | 1,542 | |
Krung Thai Bank PCL | 3,010,400 | 1,387 | |
PTT Global Chemical PCL | 990,099 | 1,134 | |
Intouch Holdings PCL Class F | 595,441 | 1,127 | |
Bangkok Bank PCL (Registered) | 240,300 | 920 | |
Banpu PCL (Registered) | 2,716,950 | 893 | |
Thai Oil PCL | 606,440 | 872 | |
BTS Group Holdings PCL | 3,906,000 | 852 | |
Land & Houses PCL (Registered) | 3,329,900 | 805 | |
Thai Union Group PCL Class F | 1,526,600 | 723 | |
TMBThanachart Bank PCL | 19,433,700 | 695 | |
Siam Cement PCL NDVR | 79,400 | 676 | |
Ratch Group PCL | 597,050 | 643 | |
Kasikornbank PCL | 147,500 | 568 | |
Electricity Generating PCL | 120,800 | 542 | |
Osotspa PCL | 596,800 | 416 | |
IRPC PCL | 4,746,400 | 392 | |
Bangkok Bank PCL NVDR | 95,700 | 366 | |
Srisawad Corp. PCL | 282,400 | 305 |
Shares | Market Value• ($000) | ||
Intouch Holdings PCL NVDR | 153,800 | 291 | |
Total Access Communication PCL NDVR | 161,900 | 192 | |
Total Access Communication PCL | 160,500 | 190 | |
Siam Commercial Bank PCL | 65,000 | 181 | |
Siam City Cement PCL | 36,932 | 146 | |
Sri Trang Gloves Thailand PCL | 303,500 | 89 | |
Land & Houses PCL NVDR | 252,900 | 61 | |
*,3 | Thai Union Group PCL | 86,575 | 40 |
35,379 | |||
Turkey (0.2%) | |||
BIM Birlesik Magazalar A/S | 212,068 | 1,527 | |
Turkiye Sise ve Cam Fabrikalari A/S | 713,628 | 1,272 | |
Akbank TAS | 1,463,505 | 1,150 | |
Eregli Demir ve Celik Fabrikalari TAS | 683,348 | 1,089 | |
Enka Insaat ve Sanayi A/S | 857,527 | 864 | |
Haci Omer Sabanci Holding A/S | 458,494 | 826 | |
Turkcell Iletisim Hizmetleri A/S | 548,749 | 757 | |
Turkiye Is Bankasi A/S Class C | 1,443,414 | 723 | |
Yapi ve Kredi Bankasi A/S | 1,281,846 | 635 | |
Ford Otomotiv Sanayi A/S | 29,064 | 567 | |
Turkiye Garanti Bankasi A/S | 313,621 | 396 | |
Coca-Cola Icecek A/S | 39,385 | 364 | |
Tofas Turk Otomobil Fabrikasi A/S | 62,127 | 328 | |
Arcelik A/S | 63,198 | 267 | |
Anadolu Efes Biracilik Ve Malt Sanayii A/S | 94,680 | 244 | |
Turk Telekomunikasyon A/S | 183,798 | 123 | |
2 | Enerjisa Enerji A/S | 86,316 | 95 |
Iskenderun Demir ve Celik A/S | 34,312 | 47 | |
11,274 | |||
United Arab Emirates (0.5%) | |||
First Abu Dhabi Bank PJSC | 2,123,442 | 10,355 | |
Abu Dhabi Commercial Bank PJSC | 1,320,481 | 3,399 | |
Dubai Islamic Bank PJSC | 1,407,693 | 2,230 | |
Aldar Properties PJSC | 1,651,514 | 1,943 | |
Abu Dhabi Islamic Bank PJSC | 696,307 | 1,802 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 1,395,138 | 1,715 | |
Dubai Investments PJSC | 1,030,557 | 611 | |
Dana Gas PJSC | 1,601,727 | 410 | |
Aramex PJSC | 192,868 | 191 | |
22,656 |
Shares | Market Value• ($000) | ||
United Kingdom (13.4%) | |||
Shell plc (XLON) | 3,510,187 | 97,238 | |
HSBC Holdings plc | 9,678,178 | 49,669 | |
BP plc | 8,914,201 | 49,319 | |
Unilever plc (XLON) | 937,854 | 42,630 | |
British American Tobacco plc | 1,077,060 | 42,537 | |
Glencore plc | 6,283,215 | 36,022 | |
GSK plc | 1,919,587 | 31,445 | |
Rio Tinto plc | 521,795 | 27,270 | |
National Grid plc | 1,749,223 | 19,058 | |
Anglo American plc | 577,619 | 17,302 | |
Lloyds Banking Group plc | 32,804,417 | 15,755 | |
BAE Systems plc | 1,509,462 | 14,119 | |
Vodafone Group plc | 12,049,771 | 14,067 | |
Barclays plc | 7,740,026 | 13,152 | |
Unilever plc | 279,987 | 12,779 | |
Imperial Brands plc | 454,537 | 11,072 | |
SSE plc | 514,980 | 9,203 | |
Tesco plc | 3,530,536 | 8,720 | |
Legal & General Group plc | 2,839,869 | 7,597 | |
* | Haleon plc | 2,388,142 | 7,323 |
NatWest Group plc | 2,506,648 | 6,751 | |
Aviva plc | 1,343,698 | 6,445 | |
3i Group plc | 452,425 | 6,026 | |
BT Group plc | 3,310,345 | 4,933 | |
WPP plc | 505,760 | 4,451 | |
Smurfit Kappa Group plc | 123,039 | 4,058 | |
Pearson plc | 352,216 | 3,893 | |
Mondi plc (XLON) | 229,777 | 3,855 | |
United Utilities Group plc | 327,189 | 3,526 | |
Severn Trent plc | 120,096 | 3,447 | |
Admiral Group plc | 135,196 | 3,127 | |
St. James's Place plc | 251,030 | 3,065 | |
M&G plc | 1,217,237 | 2,446 | |
Kingfisher plc | 937,391 | 2,355 | |
Phoenix Group Holdings plc | 375,901 | 2,340 | |
Persimmon plc | 151,873 | 2,273 | |
Coca-Cola HBC AG | 95,654 | 2,089 | |
DS Smith plc | 625,541 | 2,086 | |
Barratt Developments plc | 480,368 | 2,072 | |
Johnson Matthey plc | 87,754 | 1,948 | |
Abrdn plc | 1,017,649 | 1,854 | |
J Sainsbury plc | 827,005 | 1,843 | |
Taylor Wimpey plc | 1,704,243 | 1,832 | |
HomeServe plc | 133,651 | 1,819 | |
B&M European Value Retail SA | 443,572 | 1,639 | |
Hargreaves Lansdown plc | 186,350 | 1,629 | |
Intermediate Capital Group plc | 133,516 | 1,626 | |
Direct Line Insurance Group plc | 623,528 | 1,441 | |
Schroders plc | 296,070 | 1,329 | |
Bellway plc | 61,394 | 1,306 | |
Pennon Group plc | 124,167 | 1,193 | |
Royal Mail plc | 419,687 | 971 | |
Fresnillo plc | 85,734 | 717 | |
3 | Evraz plc | 193,110 | — |
616,662 | |||
Total Common Stocks (Cost $5,236,895) | 4,595,979 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (4.1%) | |||
Money Market Fund (4.1%) | |||
4,5 | Vanguard Market Liquidity Fund, 3.117% (Cost $186,099) | 1,861,413 | 186,104 |
Total Investments (103.6%) (Cost $5,422,994) | 4,782,083 | ||
Other Assets and Liabilities—Net (-3.6%) | (164,411) | ||
Net Assets (100%) | 4,617,672 | ||
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 $163,968,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the aggregate value was $49,296,000, representing 1.1% 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 $184,607,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | December 2022 | 192 | 16,857 | 604 |
MSCI Emerging Markets Index | December 2022 | 118 | 5,036 | (155) |
449 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Royal Bank of Canada | 12/21/22 | AUD | 4,662 | USD | 3,017 | — | (29) |
State Street Bank & Trust Co. | 12/21/22 | AUD | 1,600 | USD | 1,041 | — | (16) |
Royal Bank of Canada | 12/21/22 | GBP | 2,849 | USD | 3,050 | 223 | — |
Bank of Montreal | 12/21/22 | USD | 5,877 | AUD | 8,665 | 325 | — |
Barclays Bank plc | 12/21/22 | USD | 3,057 | BRL | 16,335 | — | (70) |
Bank of America, N.A. | 12/21/22 | USD | 3,218 | CHF | 3,138 | 63 | — |
Royal Bank of Canada | 12/21/22 | USD | 2,127 | EUR | 2,200 | — | (56) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of Montreal | 12/21/22 | USD | 1,055 | EUR | 1,058 | 5 | — |
Bank of America, N.A. | 12/21/22 | USD | 4,693 | GBP | 4,061 | 28 | — |
Standard Chartered Bank | 12/21/22 | USD | 689 | HKD | 5,401 | 1 | — |
State Street Bank & Trust Co. | 12/21/22 | USD | 8,094 | JPY | 1,160,341 | 237 | — |
Bank of Montreal | 12/21/22 | USD | 671 | JPY | 94,581 | 30 | — |
Bank of America, N.A. | 12/21/22 | USD | 1,314 | TWD | 40,457 | 52 | — |
964 | (171) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
JPY—Japanese yen. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,236,895) | 4,595,979 |
Affiliated Issuers (Cost $186,099) | 186,104 |
Total Investments in Securities | 4,782,083 |
Investment in Vanguard | 169 |
Cash | 2,382 |
Cash Collateral Pledged—Futures Contracts | 1,139 |
Foreign Currency, at Value (Cost $3,091) | 2,829 |
Receivables for Investment Securities Sold | 8 |
Receivables for Accrued Income | 19,134 |
Receivables for Capital Shares Issued | 718 |
Unrealized Appreciation—Forward Currency Contracts | 964 |
Total Assets | 4,809,426 |
Liabilities | |
Payables for Investment Securities Purchased | 5,799 |
Collateral for Securities on Loan | 184,607 |
Payables for Capital Shares Redeemed | 121 |
Payables to Vanguard | 533 |
Variation Margin Payable—Futures Contracts | 129 |
Unrealized Depreciation—Forward Currency Contracts | 171 |
Deferred Foreign Capital Gains Taxes | 394 |
Total Liabilities | 191,754 |
Net Assets | 4,617,672 |
1 Includes $163,968 of securities on loan. | |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 5,328,633 |
Total Distributable Earnings (Loss) | (710,961) |
Net Assets | 4,617,672 |
ETF Shares—Net Assets | |
Applicable to 76,783,522 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,198,004 |
Net Asset Value Per Share—ETF Shares | $54.67 |
Admiral Shares—Net Assets | |
Applicable to 15,828,848 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 419,668 |
Net Asset Value Per Share—Admiral Shares | $26.51 |
Year Ended October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 224,136 |
Interest2 | 69 |
Securities Lending—Net | 938 |
Total Income | 225,143 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 417 |
Management and Administrative—ETF Shares | 6,717 |
Management and Administrative—Admiral Shares | 757 |
Marketing and Distribution—ETF Shares | 185 |
Marketing and Distribution—Admiral Shares | 18 |
Custodian Fees | 829 |
Auditing Fees | 40 |
Shareholders’ Reports—ETF Shares | 110 |
Shareholders’ Reports—Admiral Shares | 5 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 137 |
Total Expenses | 9,217 |
Expenses Paid Indirectly | (28) |
Net Expenses | 9,189 |
Net Investment Income | 215,954 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | (12,635) |
Futures Contracts | (8,832) |
Forward Currency Contracts | 2,415 |
Foreign Currencies | (3,716) |
Realized Net Gain (Loss) | (22,768) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | (920,206) |
Futures Contracts | 345 |
Forward Currency Contracts | 650 |
Foreign Currencies | (671) |
Change in Unrealized Appreciation (Depreciation) | (919,882) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (726,696) |
1 | Dividends are net of foreign withholding taxes of $20,072,000. |
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 $57,000, ($3,000), less than $1,000, and $5,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $1,189,000. |
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 ($993,000). |
Year Ended October 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 215,954 | 114,370 |
Realized Net Gain (Loss) | (22,768) | 57,611 |
Change in Unrealized Appreciation (Depreciation) | (919,882) | 515,631 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (726,696) | 687,612 |
Distributions | ||
ETF Shares | (187,355) | (90,829) |
Admiral Shares | (20,245) | (13,898) |
Total Distributions | (207,600) | (104,727) |
Capital Share Transactions | ||
ETF Shares | 1,981,919 | 1,245,225 |
Admiral Shares | 114,673 | 35,370 |
Net Increase (Decrease) from Capital Share Transactions | 2,096,592 | 1,280,595 |
Total Increase (Decrease) | 1,162,296 | 1,863,480 |
Net Assets | ||
Beginning of Period | 3,455,376 | 1,591,896 |
End of Period | 4,617,672 | 3,455,376 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $67.77 | $50.47 | $61.27 | $58.85 | $65.69 |
Investment Operations | |||||
Net Investment Income1 | 3.259 | 2.824 | 2.076 | 2.746 | 2.639 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (13.260) | 16.986 | (10.944) | 2.302 | (7.097) |
Total from Investment Operations | (10.001) | 19.810 | (8.868) | 5.048 | (4.458) |
Distributions | |||||
Dividends from Net Investment Income | (3.099) | (2.510) | (1.932) | (2.628) | (2.382) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.099) | (2.510) | (1.932) | (2.628) | (2.382) |
Net Asset Value, End of Period | $54.67 | $67.77 | $50.47 | $61.27 | $58.85 |
Total Return | -15.16% | 39.55% | -14.55% | 8.87% | -7.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,198 | $3,061 | $1,325 | $1,264 | $889 |
Ratio of Total Expenses to Average Net Assets | 0.22%3 | 0.22% | 0.28%3 | 0.27% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 5.24% | 4.29% | 3.81% | 4.59% | 4.06% |
Portfolio Turnover Rate4 | 16% | 18% | 20% | 15% | 10% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $0.01, $.00, $.03, $.01, and $.02. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements were 0.22% and 0.27%, respectively. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $32.85 | $24.45 | $29.69 | $28.52 | $31.83 |
Investment Operations | |||||
Net Investment Income1 | 1.559 | 1.329 | 1.034 | 1.322 | 1.264 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (6.398) | 8.286 | (5.336) | 1.120 | (3.423) |
Total from Investment Operations | (4.839) | 9.615 | (4.302) | 2.442 | (2.159) |
Distributions | |||||
Dividends from Net Investment Income | (1.501) | (1.215) | (.938) | (1.272) | (1.151) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.501) | (1.215) | (.938) | (1.272) | (1.151) |
Net Asset Value, End of Period | $26.51 | $32.85 | $24.45 | $29.69 | $28.52 |
Total Return3 | -15.11% | 39.59% | -14.59% | 8.83% | -7.00% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $420 | $395 | $267 | $199 | $181 |
Ratio of Total Expenses to Average Net Assets | 0.22%4 | 0.22% | 0.28%4 | 0.27% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 5.15% | 4.19% | 3.99% | 4.57% | 4.06% |
Portfolio Turnover Rate5 | 16% | 18% | 20% | 15% | 10% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.00, $0.01, $0.01, and $.01. |
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 were 0.22% and 0.27%, respectively. |
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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $28,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 | 610,807 | 7,442 | 100 | 618,349 |
Common Stocks—Other | 1,752 | 3,975,289 | 589 | 3,977,630 |
Temporary Cash Investments | 186,104 | — | — | 186,104 |
Total | 798,663 | 3,982,731 | 689 | 4,782,083 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 604 | — | — | 604 |
Forward Currency Contracts | — | 964 | — | 964 |
Total | 604 | 964 | — | 1,568 |
Liabilities | ||||
Futures Contracts1 | 155 | — | — | 155 |
Forward Currency Contracts | — | 171 | — | 171 |
Total | 155 | 171 | — | 326 |
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. |
E. | At October 31, 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 | 604 | — | 604 |
Unrealized Appreciation—Forward Currency Contracts | — | 964 | 964 |
Total Assets | 604 | 964 | 1,568 |
Unrealized Depreciation—Futures Contracts1 | 155 | — | 155 |
Unrealized Depreciation—Forward Currency Contracts | — | 171 | 171 |
Total Liabilities | 155 | 171 | 326 |
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 | (8,832) | — | (8,832) |
Forward Currency Contracts | — | 2,415 | 2,415 |
Realized Net Gain (Loss) on Derivatives | (8,832) | 2,415 | (6,417) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 345 | — | 345 |
Forward Currency Contracts | — | 650 | 650 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 345 | 650 | 995 |
F. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, foreign currency transactions, passive foreign investment companies, and tax expense on capital gains were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 14,159 |
Total Distributable Earnings (Loss) | (14,159) |
Amount ($000) | |
Undistributed Ordinary Income | 31,092 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (78,299) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (664,633) |
Year Ended October 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 207,600 | 104,727 |
Long-Term Capital Gains | — | — |
Total | 207,600 | 104,727 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,445,630 |
Gross Unrealized Appreciation | 234,647 |
Gross Unrealized Depreciation | (898,140) |
Net Unrealized Appreciation (Depreciation) | (663,493) |
G. | During the year ended October 31, 2022, the fund purchased $2,794,329,000 of investment securities and sold $696,443,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,555,883,000 and $37,331,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Year Ended October 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 2,022,275 | 32,224 | 1,245,225 | 18,913 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (40,356) | (600) | — | — | |
Net Increase (Decrease)—ETF Shares | 1,981,919 | 31,624 | 1,245,225 | 18,913 | |
Admiral Shares | |||||
Issued1 | 184,464 | 6,153 | 64,421 | 2,021 | |
Issued in Lieu of Cash Distributions | 11,257 | 386 | 6,979 | 221 | |
Redeemed2 | (81,048) | (2,728) | (36,030) | (1,151) | |
Net Increase (Decrease)—Admiral Shares | 114,673 | 3,811 | 35,370 | 1,091 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $643,000 and $162,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2022 and 2021 of $174,000 and $88,000, respectively (fund totals). |
I. | Management has determined that no events or transactions occurred subsequent to October 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img728342d36.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img3fcddea71.jpg)
1 | |
2 | |
4 | |
6 | |
8 |
• | The 12 months ended October 31, 2022, were a volatile, challenging period for financial markets. Vanguard Advice Select Global Value Fund, which launched November 9, 2021, returned –14.01% from its inception through October 31, lagging the –12.39% return of its benchmark, the MSCI All Country World Value Index. |
• | The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices after Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by many central banks to bring inflation back in check and increased fears of a recession. |
• | The fund posted stellar returns in energy (almost 40% on average), but they weren’t enough to offset steep declines in other sectors (most notably, communication services and information technology). Relative to the benchmark, the fund’s stock picks in consumer discretionary and financials held up better, but the fund lagged when it came to health care and communication services. |
• | When parsed by countries, the fund had solid gains in Canada and Ireland but not enough to offset declines in other markets. Relative to the benchmark, the fund’s story was also mixed, with pockets of solid outperformance but cumulative underperformance overall. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Advice Select Global Value Fund | Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $940.80 | $1.96 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.19 | 2.04 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img2c7acfce2.jpg)
Total Returns Period Ended October 31, 2022 | |||
Since Inception (11/9/2021) | Final Value of a $10,000 Investment | ||
![]() | Advice Select Global Value Fund | -14.01% | $8,599 |
![]() | MSCI ACWI Value Index | -12.39 | 8,761 |
United States | 56.6% |
Japan | 7.4 |
United Kingdom | 7.4 |
China | 3.6 |
France | 3.4 |
Spain | 3.2 |
Canada | 3.1 |
Ireland | 3.1 |
Hong Kong | 2.7 |
South Korea | 2.4 |
India | 1.9 |
Sweden | 1.1 |
Other | 4.1 |
Shares | Market Value• ($000) | |||||
Common Stocks (98.6%) | ||||||
Canada (3.1%) | ||||||
Canadian Natural Resources Ltd. | 94,263 | 5,650 | ||||
Royal Bank of Canada | 42,349 | 3,918 | ||||
9,568 | ||||||
China (3.6%) | ||||||
Yum China Holdings Inc. | 85,079 | 3,518 | ||||
* | Trip.com Group Ltd. | 142,101 | 3,192 | |||
Haier Smart Home Co. Ltd. Class H | 487,596 | 1,220 | ||||
Ping An Insurance Group Co. of China Ltd. Class H | 294,449 | 1,179 | ||||
1 | CSC Financial Co. Ltd. Class H | 1,603,124 | 1,162 | |||
*,1 | China Tourism Group Duty Free Corp. Ltd. Class H | 42,400 | 839 | |||
11,110 | ||||||
Denmark (0.7%) | ||||||
* | Genmab A/S | 5,979 | 2,303 | |||
France (3.3%) | ||||||
Airbus SE | 59,335 | 6,420 | ||||
Engie SA | 216,253 | 2,810 | ||||
Nexity SA | 58,227 | 1,167 | ||||
10,397 | ||||||
Germany (0.6%) | ||||||
United Internet AG (Registered) | 99,761 | 1,865 | ||||
Hong Kong (2.7%) | ||||||
Techtronic Industries Co. Ltd. | 351,000 | 3,324 | ||||
* | Sands China Ltd. | 1,631,575 | 2,852 | |||
CK Asset Holdings Ltd. | 397,810 | 2,199 | ||||
8,375 | ||||||
India (1.9%) | ||||||
Genpact Ltd. | 63,696 | 3,089 | ||||
1 | Reliance Industries Ltd. GDR | 45,808 | 2,799 | |||
5,888 |
Shares | Market Value• ($000) | |||||
Ireland (3.0%) | ||||||
Bank of Ireland Group plc | 467,123 | 3,377 | ||||
CRH plc | 93,097 | 3,344 | ||||
* | Ryanair Holdings plc ADR | 38,636 | 2,662 | |||
9,383 | ||||||
Italy (0.9%) | ||||||
Banca Generali SpA | 88,856 | 2,656 | ||||
Japan (7.3%) | ||||||
T&D Holdings Inc. | 325,276 | 3,217 | ||||
SoftBank Corp. | 306,599 | 3,024 | ||||
Nabtesco Corp. | 113,487 | 2,411 | ||||
Asahi Group Holdings Ltd. | 84,792 | 2,373 | ||||
Chugai Pharmaceutical Co. Ltd. | 99,260 | 2,300 | ||||
Makita Corp. | 98,459 | 1,799 | ||||
Astellas Pharma Inc. | 113,449 | 1,565 | ||||
Z Holdings Corp. | 566,170 | 1,461 | ||||
TOTO Ltd. | 49,800 | 1,421 | ||||
MatsukiyoCocokara & Co. | 37,752 | 1,375 | ||||
* | JTOWER Inc. | 24,998 | 1,014 | |||
SUMCO Corp. | 59,669 | 756 | ||||
22,716 | ||||||
Netherlands (0.6%) | ||||||
ING Groep NV | 197,079 | 1,939 | ||||
Russia (0.0%) | ||||||
*,2 | Sberbank of Russia PJSC | 37,200 | — | |||
South Korea (2.4%) | ||||||
Samsung Electronics Co. Ltd. GDR | 3,578 | 3,343 | ||||
LG Chem Ltd. | 5,721 | 2,511 | ||||
* | Kangwon Land Inc. | 93,291 | 1,504 | |||
7,358 | ||||||
Spain (3.2%) | ||||||
Iberdrola SA | 513,767 | 5,225 | ||||
Almirall SA | 255,362 | 2,379 | ||||
1 | Cellnex Telecom SA | 71,719 | 2,347 | |||
9,951 | ||||||
Sweden (1.1%) | ||||||
Sandvik AB | 213,666 | 3,339 |
Shares | Market Value• ($000) | |||||
Switzerland (0.9%) | ||||||
Novartis AG ADR | 34,754 | 2,820 | ||||
Taiwan (0.2%) | ||||||
Globalwafers Co. Ltd. | 71,120 | 788 | ||||
United Kingdom (7.3%) | ||||||
Unilever plc | 117,546 | 5,343 | ||||
* | Haleon plc | 1,210,730 | 3,713 | |||
Rio Tinto plc | 59,213 | 3,094 | ||||
Standard Chartered plc | 505,272 | 3,019 | ||||
AstraZeneca plc | 24,250 | 2,845 | ||||
Mondi plc | 155,512 | 2,609 | ||||
Rentokil Initial plc | 328,623 | 2,051 | ||||
22,674 | ||||||
United States (55.8%) | ||||||
Schlumberger Ltd. | 150,403 | 7,826 | ||||
Halliburton Co. | 181,991 | 6,628 | ||||
MetLife Inc. | 65,151 | 4,770 | ||||
Allstate Corp. | 37,109 | 4,685 | ||||
* | T-Mobile US Inc. | 30,539 | 4,629 | |||
Reliance Steel & Aluminum Co. | 22,281 | 4,489 | ||||
Micron Technology Inc. | 80,368 | 4,348 | ||||
Chubb Ltd. | 19,807 | 4,256 | ||||
* | Centene Corp. | 49,615 | 4,224 | |||
* | F5 Inc. | 29,312 | 4,189 | |||
Westinghouse Air Brake Technologies Corp. | 44,736 | 4,173 | ||||
* | Dollar Tree Inc. | 26,319 | 4,172 | |||
VICI Properties Inc. | 129,451 | 4,145 | ||||
Charles Schwab Corp. | 50,999 | 4,063 | ||||
Fidelity National Information Services Inc. | 48,898 | 4,058 | ||||
American International Group Inc. | 70,088 | 3,995 | ||||
* | GoDaddy Inc. Class A | 46,909 | 3,772 | |||
QUALCOMM Inc. | 31,513 | 3,708 | ||||
* | Seagen Inc. | 29,075 | 3,697 | |||
* | Salesforce Inc. | 22,664 | 3,685 | |||
* | Meta Platforms Inc. Class A | 38,821 | 3,617 | |||
Leidos Holdings Inc. | 35,437 | 3,600 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 73,161 | 3,514 | ||||
Globe Life Inc. | 29,894 | 3,453 | ||||
VMware Inc. Class A | 30,003 | 3,376 | ||||
Exelon Corp. | 86,886 | 3,353 | ||||
Electronic Arts Inc. | 26,478 | 3,335 | ||||
NXP Semiconductors NV | 22,440 | 3,278 | ||||
* | Boston Scientific Corp. | 73,885 | 3,185 | |||
Keurig Dr Pepper Inc. | 80,795 | 3,138 | ||||
Lennar Corp. Class A | 38,442 | 3,102 | ||||
AES Corp. | 118,128 | 3,090 | ||||
FMC Corp. | 24,826 | 2,952 |
Shares | Market Value• ($000) | |||||
PPG Industries Inc. | 25,490 | 2,910 | ||||
Equinix Inc. | 5,051 | 2,861 | ||||
TJX Cos. Inc. | 39,020 | 2,813 | ||||
Americold Realty Trust Inc. | 110,012 | 2,668 | ||||
* | FleetCor Technologies Inc. | 13,685 | 2,547 | |||
* | Avantor Inc. | 126,094 | 2,543 | |||
Raymond James Financial Inc. | 21,401 | 2,528 | ||||
Cognizant Technology Solutions Corp. Class A | 39,182 | 2,439 | ||||
Apollo Global Management Inc. | 44,048 | 2,439 | ||||
* | Match Group Inc. | 56,233 | 2,429 | |||
Cable One Inc. | 2,708 | 2,327 | ||||
Philip Morris International Inc. | 24,373 | 2,239 | ||||
* | Charter Communications Inc. Class A | 5,953 | 2,188 | |||
DENTSPLY SIRONA Inc. | 69,279 | 2,135 | ||||
Johnson Controls International plc | 35,487 | 2,053 | ||||
* | Airbnb Inc. Class A | 18,424 | 1,970 | |||
* | CarMax Inc. | 30,252 | 1,906 | |||
173,500 | ||||||
Total Common Stocks (Cost $322,976) | 306,630 | |||||
Temporary Cash Investments (1.9%) | ||||||
Money Market Fund (1.9%) | ||||||
3 | Vanguard Market Liquidity Fund, 3.117% (Cost $5,992) | 59,940 | 5,993 | |||
Total Investments (100.5%) (Cost $328,968) | 312,623 | |||||
Other Assets and Liabilities—Net (-0.5%) | (1,579) | |||||
Net Assets (100%) | 311,044 |
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 October 31, 2022, the aggregate value was $7,147,000, representing 2.3% 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 $322,976) | 306,630 |
Affiliated Issuers (Cost $5,992) | 5,993 |
Total Investments in Securities | 312,623 |
Investment in Vanguard | 11 |
Foreign Currency, at Value (Cost $51) | 51 |
Receivables for Investment Securities Sold | 487 |
Receivables for Accrued Income | 303 |
Receivables for Capital Shares Issued | 2,192 |
Total Assets | 315,667 |
Liabilities | |
Payables for Investment Securities Purchased | 4,400 |
Payables for Capital Shares Redeemed | 69 |
Payables to Investment Advisor | 128 |
Payables to Vanguard | 26 |
Total Liabilities | 4,623 |
Net Assets | 311,044 |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 327,032 |
Total Distributable Earnings (Loss) | (15,988) |
Net Assets | 311,044 |
Net Assets | |
Applicable to 14,487,209 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 311,044 |
Net Asset Value Per Share | $21.47 |
November 9, 20211 to October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends2 | 1,992 |
Interest3 | 68 |
Total Income | 2,060 |
Expenses | |
Investment Advisory Fees—Note B | 222 |
The Vanguard Group—Note C | |
Management and Administrative | 40 |
Marketing and Distribution | 6 |
Custodian Fees | 110 |
Auditing Fees | 42 |
Shareholders’ Reports | 22 |
Trustees’ Fees and Expenses | — |
Other Expenses | 20 |
Total Expenses | 462 |
Expense Reduction—Note D | (17) |
Net Expenses | 445 |
Net Investment Income | 1,615 |
Realized Net Gain (Loss) | |
Investment Securities Sold3 | (1,209) |
Foreign Currencies | (26) |
Realized Net Gain (Loss) | (1,235) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities3 | (16,345) |
Foreign Currencies | (5) |
Change in Unrealized Appreciation (Depreciation) | (16,350) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (15,970) |
1 | Inception. |
2 | Dividends are net of foreign withholding taxes of $136,000. |
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 $68,000, less than $1,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to October 31, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 1,615 |
Realized Net Gain (Loss) | (1,235) |
Change in Unrealized Appreciation (Depreciation) | (16,350) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (15,970) |
Distributions | |
Total Distributions | (12) |
Capital Share Transactions | |
Issued | 341,698 |
Issued in Lieu of Cash Distributions | 12 |
Redeemed | (14,684) |
Net Increase (Decrease) from Capital Share Transactions | 327,026 |
Total Increase (Decrease) | 311,044 |
Net Assets | |
Beginning of Period | — |
End of Period | 311,044 |
1 | Inception. |
November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .313 |
Net Realized and Unrealized Gain (Loss) on Investments | (3.812) |
Total from Investment Operations | (3.499) |
Distributions | |
Dividends from Net Investment Income | (.031) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.031) |
Net Asset Value, End of Period | $21.47 |
Total Return3 | -14.01% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $311 |
Ratio of Total Expenses to Average Net Assets | 0.40%4 |
Ratio of Net Investment Income to Average Net Assets | 1.45%4 |
Portfolio Turnover Rate | 56% |
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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 183,068 | — | — | 183,068 |
Common Stocks—Other | 12,089 | 111,473 | — | 123,562 |
Temporary Cash Investments | 5,993 | — | — | 5,993 |
Total | 201,150 | 111,473 | — | 312,623 |
Amount ($000) | |
Paid-in Capital | 6 |
Total Distributable Earnings (Loss) | (6) |
Amount ($000) | |
Undistributed Ordinary Income | 1,767 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (17,755) |
Period Ended October 31, 2022 | |
Amount ($000) | |
Ordinary Income* | 12 |
Long-Term Capital Gains | — |
Total | 12 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 330,373 |
Gross Unrealized Appreciation | 13,995 |
Gross Unrealized Depreciation | (31,745) |
Net Unrealized Appreciation (Depreciation) | (17,750) |
November 9, 20211 to October 31, 2022 | |
Shares (000) | |
Issued | 15,146 |
Issued in Lieu of Cash Distributions | 1 |
Redeemed | (660) |
Net Increase (Decrease) in Shares Outstanding | 14,487 |
1 | Inception. |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imgf4d9ba055.jpg)
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imgbfb80a481.jpg)
1 | |
2 | |
5 | |
7 | |
9 |
• | The 12 months ended October 31, 2022, were a challenging period for financial markets. Vanguard Advice Select International Growth Fund, which launched November 9, 2021, returned –49.40% since inception, lagging the –32.24% return of its benchmark. |
• | The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices after Russia’s invasion of Ukraine. Then, price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by many central banks to bring inflation back in check and increased fears of a recession. |
• | It was a punishing period for growth stocks in particular, with double-digit negative returns on average across all sectors for the fund and the benchmark. Relative to the index, the fund’s stocks had steeper declines in most sectors, notably in consumer discretionary, information technology, consumer staples, and communication services. |
• | Growth stocks in most countries posted negative returns. The fund’s stocks in China and Germany lagged those in the benchmark. The heavier weighting in the Netherlands and the U.S. also contributed to relative underperformance. (While the fund’s focus is on international markets, roughly a quarter of its assets are in U.S. stocks.) |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Advice Select International Growth Fund | Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $833.30 | $1.94 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.09 | 2.14 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img2d6b429b2.jpg)
Total Returns Period Ended October 31, 2022 | |||
Since Inception (11/9/2021) | Final Value of a $10,000 Investment | ||
![]() | Advice Select International Growth Fund | -49.40% | $5,060 |
![]() | MSCI ACWI ex USA Growth Index | -32.24 | 6,776 |
![]() | MSCI All Country World Index ex USA | -25.69 | 7,431 |
United States | 27.4% |
Netherlands | 19.7 |
China | 11.7 |
France | 11.0 |
Germany | 7.8 |
Sweden | 5.8 |
Denmark | 4.5 |
Italy | 4.5 |
Japan | 3.1 |
United Kingdom | 3.0 |
Canada | 1.5 |
Shares | Market Value• ($000) | |||||
Common Stocks (98.1%) | ||||||
Canada (1.5%) | ||||||
* | Shopify Inc. Class A | 82,387 | 2,820 | |||
China (11.5%) | ||||||
*,1 | Meituan Class B | 667,100 | 10,681 | |||
Tencent Holdings Ltd. | 222,600 | 5,849 | ||||
* | Alibaba Group Holding Ltd. | 478,900 | 3,723 | |||
* | NIO Inc. ADR | 235,698 | 2,279 | |||
22,532 | ||||||
Denmark (4.4%) | ||||||
* | Genmab A/S | 22,498 | 8,666 | |||
France (10.8%) | ||||||
Kering SA | 18,611 | 8,523 | ||||
Hermes International | 6,538 | 8,463 | ||||
L'Oreal SA | 13,366 | 4,197 | ||||
21,183 | ||||||
Germany (7.6%) | ||||||
*,1 | Delivery Hero SE | 280,601 | 9,234 | |||
*,1 | Zalando SE | 245,095 | 5,649 | |||
14,883 | ||||||
Italy (4.4%) | ||||||
Ferrari NV | 43,911 | 8,657 | ||||
Japan (3.0%) | ||||||
M3 Inc. | 197,500 | 5,885 | ||||
Netherlands (19.3%) | ||||||
ASML Holding NV | 53,283 | 24,995 | ||||
*,1 | Adyen NV | 8,995 | 12,841 | |||
37,836 | ||||||
Sweden (5.7%) | ||||||
* | Spotify Technology SA | 73,290 | 5,906 | |||
Atlas Copco AB Class B | 349,523 | 3,380 | ||||
* | Kinnevik AB Class B | 148,758 | 1,838 | |||
11,124 | ||||||
United Kingdom (3.0%) | ||||||
* | Ocado Group plc | 1,072,678 | 5,815 |
Shares | Market Value• ($000) | |||||
United States (26.9%) | ||||||
* | MercadoLibre Inc. | 25,772 | 23,237 | |||
* | Moderna Inc. | 75,889 | 11,408 | |||
* | Tesla Inc. | 33,644 | 7,655 | |||
* | Illumina Inc. | 30,875 | 7,065 | |||
NVIDIA Corp. | 14,007 | 1,891 | ||||
* | Ginkgo Bioworks Holdings Inc. | 493,092 | 1,346 | |||
52,602 | ||||||
Total Common Stocks (Cost $223,532) | 192,003 | |||||
Temporary Cash Investments (2.2%) | ||||||
Money Market Fund (2.2%) | ||||||
2 | Vanguard Market Liquidity Fund, 3.117% (Cost $4,384) | 43,855 | 4,385 | |||
Total Investments (100.3%) (Cost $227,916) | 196,388 | |||||
Other Assets and Liabilities—Net (-0.3%) | (677) | |||||
Net Assets (100%) | 195,711 |
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 October 31, 2022, the aggregate value was $38,405,000, representing 19.6% 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 $223,532) | 192,003 |
Affiliated Issuers (Cost $4,384) | 4,385 |
Total Investments in Securities | 196,388 |
Investment in Vanguard | 7 |
Receivables for Accrued Income | 21 |
Receivables for Capital Shares Issued | 1,546 |
Total Assets | 197,962 |
Liabilities | |
Payables for Investment Securities Purchased | 2,133 |
Payables for Capital Shares Redeemed | 8 |
Payables to Investment Advisor | 94 |
Payables to Vanguard | 16 |
Total Liabilities | 2,251 |
Net Assets | 195,711 |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 229,800 |
Total Distributable Earnings (Loss) | (34,089) |
Net Assets | 195,711 |
Net Assets | |
Applicable to 15,471,467 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 195,711 |
Net Asset Value Per Share | $12.65 |
November 9, 20211 to October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends2 | 215 |
Interest3 | 47 |
Total Income | 262 |
Expenses | |
Investment Advisory Fees—Note B | 161 |
The Vanguard Group—Note C | |
Management and Administrative | 33 |
Marketing and Distribution | 3 |
Custodian Fees | 50 |
Auditing Fees | 43 |
Shareholders’ Reports | 23 |
Trustees’ Fees and Expenses | — |
Other Expenses | 12 |
Total Expenses | 325 |
Expense Reduction—Note D | (17) |
Net Expenses | 308 |
Net Investment Loss | (46) |
Realized Net Gain (Loss) | |
Investment Securities Sold3 | (2,545) |
Foreign Currencies | 30 |
Realized Net Gain (Loss) | (2,515) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities3 | (31,528) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (34,089) |
1 | Inception. |
2 | Dividends are net of foreign withholding taxes of $31,000. |
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 $47,000, ($1,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to October 31, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Loss | (46) |
Realized Net Gain (Loss) | (2,515) |
Change in Unrealized Appreciation (Depreciation) | (31,528) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (34,089) |
Distributions | |
Total Distributions | — |
Capital Share Transactions | |
Issued | 239,368 |
Issued in Lieu of Cash Distributions | — |
Redeemed | (9,568) |
Net Increase (Decrease) from Capital Share Transactions | 229,800 |
Total Increase (Decrease) | 195,711 |
Net Assets | |
Beginning of Period | — |
End of Period | 195,711 |
1 | Inception. |
November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Loss2 | (.009) |
Net Realized and Unrealized Gain (Loss) on Investments | (12.341) |
Total from Investment Operations | (12.350) |
Distributions | |
Dividends from Net Investment Income | — |
Distributions from Realized Capital Gains | — |
Total Distributions | — |
Net Asset Value, End of Period | $12.65 |
Total Return3 | -49.40% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $196 |
Ratio of Total Expenses to Average Net Assets | 0.42%4 |
Ratio of Net Investment Income to Average Net Assets | (0.06%)4 |
Portfolio Turnover Rate | 11% |
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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 55,422 | — | — | 55,422 |
Common Stocks—Other | 8,185 | 128,396 | — | 136,581 |
Temporary Cash Investments | 4,385 | — | — | 4,385 |
Total | 67,992 | 128,396 | — | 196,388 |
Amount ($000) | |
Undistributed Ordinary Income | — |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (32) |
Qualified Late-Year Losses | (16) |
Net Unrealized Gains (Losses) | (34,041) |
Period Ended October 31, 2022 | |
Amount ($000) | |
Ordinary Income* | — |
Long-Term Capital Gains | — |
Total | — |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 230,429 |
Gross Unrealized Appreciation | 6,509 |
Gross Unrealized Depreciation | (40,550) |
Net Unrealized Appreciation (Depreciation) | (34,041) |
November 9, 20211 to October 31, 2022 | |
Shares (000) | |
Issued | 16,125 |
Issued in Lieu of Cash Distributions | — |
Redeemed | (654) |
Net Increase (Decrease) in Shares Outstanding | 15,471 |
1 | Inception. |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img87ab85bf6.jpg)
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/img99af5a7e1.jpg)
1 | |
2 | |
6 | |
8 | |
10 |
• | The 12 months ended October 31, 2022, were a volatile, challenging period for financial markets. From its November 9, 2021, inception through October 31, Vanguard Advice Select Dividend Growth Fund returned –3.56%, well above the –9.40% return of its benchmark, the S&P U.S. Dividend Growers Index. |
• | The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check and increased fears of a recession. |
• | Value and dividend-oriented stocks held up better than their growth counterparts. In absolute terms, the fund’s stellar results in the industrials sector largely offset the negative returns of most of the other sectors. |
• | Relative to the benchmark index, the fund’s health care stocks lagged. This was more than offset, though, by the superior performance of its industrial, financial and consumer discretionary stocks. Its underweighting in the poorly performing information technology sector also contributed to the fund’s outperformance. |
Average Annual Total Returns Periods Ended October 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -16.38% | 9.99% | 10.19% |
Russell 2000 Index (Small-caps) | -18.54 | 7.05 | 5.56 |
Russell 3000 Index (Broad U.S. market) | -16.52 | 9.79 | 9.87 |
FTSE All-World ex US Index (International) | -24.20 | -1.16 | -0.18 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -15.69% | -3.73% | -0.50% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.98 | -2.18 | 0.37 |
FTSE Three-Month U.S. Treasury Bill Index | 0.88 | 0.59 | 1.15 |
CPI | |||
Consumer Price Index | 7.75% | 5.01% | 3.85% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended October 31, 2022 | |||
Advice Select Dividend Growth Fund | Beginning Account Value 4/30/2022 | Ending Account Value 10/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $980.00 | $2.25 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.94 | 2.29 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imgdf0b2aef2.jpg)
Total Returns Period Ended October 31, 2022 | |||
Since Inception (11/9/2021) | Final Value of a $10,000 Investment | ||
![]() | Advice Select Dividend Growth Fund | -3.56% | $9,644 |
![]() | S&P U.S. Dividend Growers Index | -9.40 | 9,060 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -18.67 | 8,133 |
Consumer Discretionary | 14.7% |
Consumer Staples | 15.0 |
Financials | 12.4 |
Health Care | 22.5 |
Industrials | 13.2 |
Information Technology | 11.6 |
Materials | 8.5 |
Real Estate | 2.1 |
Shares | Market Value• ($000) | |||||
Common Stocks (96.9%) | ||||||
Consumer Discretionary (14.3%) | ||||||
TJX Cos. Inc. | 169,239 | 12,202 | ||||
NIKE Inc. Class B | 101,304 | 9,389 | ||||
McDonald's Corp. | 30,657 | 8,359 | ||||
29,950 | ||||||
Consumer Staples (14.5%) | ||||||
PepsiCo Inc. | 54,429 | 9,883 | ||||
Colgate-Palmolive Co. | 118,292 | 8,735 | ||||
Procter & Gamble Co. | 58,311 | 7,853 | ||||
Coca-Cola Co. | 66,984 | 4,009 | ||||
30,480 | ||||||
Financials (12.0%) | ||||||
Chubb Ltd. | 44,555 | 9,574 | ||||
Marsh & McLennan Cos. Inc. | 56,628 | 9,145 | ||||
American Express Co. | 43,426 | 6,447 | ||||
25,166 | ||||||
Health Care (21.8%) | ||||||
UnitedHealth Group Inc. | 20,433 | 11,344 | ||||
Danaher Corp. | 35,130 | 8,841 | ||||
Stryker Corp. | 36,469 | 8,360 | ||||
Johnson & Johnson | 40,372 | 7,024 | ||||
Medtronic plc | 67,934 | 5,933 | ||||
Baxter International Inc. | 80,315 | 4,365 | ||||
45,867 | ||||||
Industrials (12.8%) | ||||||
Honeywell International Inc. | 51,643 | 10,536 | ||||
Northrop Grumman Corp. | 15,572 | 8,549 | ||||
Union Pacific Corp. | 27,664 | 5,454 | ||||
Lockheed Martin Corp. | 4,907 | 2,388 | ||||
26,927 |
Shares | Market Value• ($000) | |||||
Information Technology (11.2%) | ||||||
Visa Inc. Class A | 47,372 | 9,813 | ||||
Accenture plc Class A | 25,564 | 7,258 | ||||
Microsoft Corp. | 27,646 | 6,417 | ||||
23,488 | ||||||
Materials (8.2%) | ||||||
Ecolab Inc. | 55,023 | 8,643 | ||||
Linde plc | 28,869 | 8,584 | ||||
17,227 | ||||||
Real Estate (2.1%) | ||||||
American Tower Corp. | 20,981 | 4,347 | ||||
Total Common Stocks (Cost $203,340) | 203,452 | |||||
Temporary Cash Investments (2.6%) | ||||||
Money Market Fund (2.6%) | ||||||
1 | Vanguard Market Liquidity Fund, 3.117% (Cost $5,515) | 55,174 | 5,516 | |||
Total Investments (99.5%) (Cost $208,855) | 208,968 | |||||
Other Assets and Liabilities—Net (0.5%) | 1,052 | |||||
Net Assets (100%) | 210,020 |
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 $203,340) | 203,452 |
Affiliated Issuers (Cost $5,515) | 5,516 |
Total Investments in Securities | 208,968 |
Investment in Vanguard | 7 |
Receivables for Investment Securities Sold | 1,184 |
Receivables for Accrued Income | 199 |
Receivables for Capital Shares Issued | 1,505 |
Total Assets | 211,863 |
Liabilities | |
Payables for Investment Securities Purchased | 1,644 |
Payables for Capital Shares Redeemed | 77 |
Payables to Investment Advisor | 105 |
Payables to Vanguard | 17 |
Total Liabilities | 1,843 |
Net Assets | 210,020 |
At October 31, 2022, net assets consisted of: | |
Paid-in Capital | 210,112 |
Total Distributable Earnings (Loss) | (92) |
Net Assets | 210,020 |
Net Assets | |
Applicable to 8,750,645 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 210,020 |
Net Asset Value Per Share | $24.00 |
November 9, 20211 to October 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 1,205 |
Interest2 | 55 |
Total Income | 1,260 |
Expenses | |
Investment Advisory Fees—Note B | 181 |
The Vanguard Group—Note C | |
Management and Administrative | 81 |
Marketing and Distribution | 3 |
Custodian Fees | 14 |
Auditing Fees | 30 |
Shareholders’ Reports | 22 |
Trustees’ Fees and Expenses | — |
Other Expenses | 12 |
Total Expenses | 343 |
Expense Reduction—Note D | (17) |
Net Expenses | 326 |
Net Investment Income | 934 |
Realized Net Gain (Loss) on Investment Securities Sold2 | (861) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities2 | 113 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 186 |
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 $55,000, ($1,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to October 31, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 934 |
Realized Net Gain (Loss) | (861) |
Change in Unrealized Appreciation (Depreciation) | 113 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 186 |
Distributions | |
Total Distributions | (274) |
Capital Share Transactions | |
Issued | 221,568 |
Issued in Lieu of Cash Distributions | 248 |
Redeemed | (11,708) |
Net Increase (Decrease) from Capital Share Transactions | 210,108 |
Total Increase (Decrease) | 210,020 |
Net Assets | |
Beginning of Period | — |
End of Period | 210,020 |
1 | Inception. |
November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .295 |
Net Realized and Unrealized Gain (Loss) on Investments | (1.187) |
Total from Investment Operations | (.892) |
Distributions | |
Dividends from Net Investment Income | (.108) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.108) |
Net Asset Value, End of Period | $24.00 |
Total Return3 | -3.56% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $210 |
Ratio of Total Expenses to Average Net Assets | 0.45%4 |
Ratio of Net Investment Income to Average Net Assets | 1.28%4 |
Portfolio Turnover Rate | 20% |
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. |
Amount ($000) | |
Paid-in Capital | 4 |
Total Distributable Earnings (Loss) | (4) |
Amount ($000) | |
Undistributed Ordinary Income | 753 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (845) |
Period Ended October 31, 2022 | |
Amount ($000) | |
Ordinary Income* | 274 |
Long-Term Capital Gains | — |
Total | 274 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 209,813 |
Gross Unrealized Appreciation | 9,646 |
Gross Unrealized Depreciation | (10,491) |
Net Unrealized Appreciation (Depreciation) | (845) |
November 9, 20211 to October 31, 2022 | |
Shares (000) | |
Issued | 9,238 |
Issued in Lieu of Cash Distributions | 11 |
Redeemed | (498) |
Net Increase (Decrease) in Shares Outstanding | 8,751 |
1 | Inception. |
Philadelphia, Pennsylvania
December 16, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-131362/imga8d0783b6.jpg)
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended October 31, 2022: $404,000
Fiscal Year Ended October 31, 2021: $326,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended October 31, 2022: $10,494,508
Fiscal Year Ended October 31, 2021: $11,244,694
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended October 31, 2022: $2,757,764
Fiscal Year Ended October 31, 2021: $2,955,181
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended October 31, 2022: $5,202,689
Fiscal Year Ended October 31, 2021: $2,047,574
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended October 31, 2022: $298,000
Fiscal Year Ended October 31, 2021: $280,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended October 31, 2022: $5,500,689
Fiscal Year Ended October 31, 2021: $2,327,574
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications 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: December 19, 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: December 19, 2022
VANGUARD whitehall FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: December 19, 2022
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.