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, 2022—April 30, 2023
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSRS/0001104659-23-075871/tm2312905d8selvalfdq9342i001.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 16 |
Liquidity Risk Management | 18 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Selected Value Fund | Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,083.80 | $2.22 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.66 | 2.16 |
Communication Services | 1.7% |
Consumer Discretionary | 17.1 |
Consumer Staples | 0.9 |
Energy | 3.7 |
Financials | 26.2 |
Health Care | 8.3 |
Industrials | 20.0 |
Information Technology | 9.9 |
Materials | 7.3 |
Real Estate | 2.7 |
Utilities | 2.2 |
Shares | Market Value• ($000) | ||
Common Stocks (94.7%) | |||
Communication Services (1.5%) | |||
Omnicom Group Inc. | 684,200 | 61,968 | |
* | Activision Blizzard Inc. | 416,330 | 32,353 |
94,321 | |||
Consumer Discretionary (16.2%) | |||
Gildan Activewear Inc. | 3,479,628 | 113,366 | |
* | Taylor Morrison Home Corp. Class A | 2,232,743 | 96,209 |
Lear Corp. | 545,377 | 69,623 | |
* | Skechers USA Inc. Class A | 1,203,063 | 63,991 |
Gentex Corp. | 2,217,574 | 61,183 | |
* | M/I Homes Inc. | 893,000 | 60,403 |
* | Helen of Troy Ltd. | 573,740 | 57,569 |
Hasbro Inc. | 903,586 | 53,510 | |
PVH Corp. | 586,275 | 50,308 | |
Newell Brands Inc. | 4,134,510 | 50,234 | |
* | CarMax Inc. | 701,040 | 49,094 |
Magna International Inc. | 923,402 | 48,165 | |
Gap Inc. | 4,629,193 | 44,440 | |
* | Mohawk Industries Inc. | 368,505 | 39,025 |
American Eagle Outfitters Inc. | 2,764,660 | 37,019 | |
Whirlpool Corp. | 238,100 | 33,236 | |
LKQ Corp. | 423,150 | 24,428 | |
Hanesbrands Inc. | 3,982,200 | 20,867 | |
972,670 | |||
Consumer Staples (0.9%) | |||
Ingredion Inc. | 271,800 | 28,857 | |
Spectrum Brands Holdings Inc. | 381,651 | 25,380 | |
54,237 | |||
Energy (3.5%) | |||
Civitas Resources Inc. | 770,911 | 53,231 | |
Williams Cos. Inc. | 1,616,200 | 48,906 | |
NOV Inc. | 2,437,700 | 40,832 | |
Halliburton Co. | 1,164,105 | 38,124 | |
Chord Energy Corp. | 200,000 | 28,466 | |
209,559 | |||
Financials (24.8%) | |||
Globe Life Inc. | 929,116 | 100,828 | |
Unum Group | 2,337,048 | 98,623 | |
Fidelity National Financial Inc. | 2,372,466 | 84,199 | |
Voya Financial Inc. | 921,202 | 70,454 |
Shares | Market Value• ($000) | ||
Jefferies Financial Group Inc. | 2,152,878 | 68,957 | |
State Street Corp. | 921,970 | 66,622 | |
CNO Financial Group Inc. | 2,781,935 | 62,427 | |
Equitable Holdings Inc. | 2,353,647 | 61,171 | |
Essent Group Ltd. | 1,314,260 | 55,817 | |
Radian Group Inc. | 2,170,000 | 52,666 | |
Brookfield Asset Management Ltd. Class A | 1,525,030 | 51,165 | |
* | Genworth Financial Inc. Class A | 7,156,600 | 41,580 |
Cboe Global Markets Inc. | 297,000 | 41,491 | |
Regions Financial Corp. | 2,085,951 | 38,089 | |
CNA Financial Corp. | 970,889 | 37,777 | |
* | Markel Corp. | 27,490 | 37,621 |
M&T Bank Corp. | 293,100 | 36,872 | |
Allstate Corp. | 314,565 | 36,414 | |
Reinsurance Group of America Inc. | 252,418 | 35,924 | |
Axis Capital Holdings Ltd. | 627,621 | 35,486 | |
Discover Financial Services | 323,359 | 33,458 | |
Loews Corp. | 521,400 | 30,017 | |
Fifth Third Bancorp | 1,122,424 | 29,407 | |
* | Arch Capital Group Ltd. | 382,291 | 28,699 |
Ally Financial Inc. | 1,000,000 | 26,380 | |
Invesco Ltd. | 1,529,420 | 26,199 | |
FirstCash Holdings Inc. | 247,630 | 25,513 | |
Webster Financial Corp. | 679,063 | 25,329 | |
RenaissanceRe Holdings Ltd. | 114,990 | 24,770 | |
MGIC Investment Corp. | 1,612,799 | 23,982 | |
American International Group Inc. | 388,682 | 20,616 | |
Glacier Bancorp Inc. | 515,081 | 17,116 | |
KeyCorp. | 1,492,763 | 16,808 | |
Comerica Inc. | 370,173 | 16,054 | |
Jackson Financial Inc. Class A | 361,503 | 13,018 | |
Everest Re Group Ltd. | 31,771 | 12,009 | |
Navient Corp. | 479,339 | 7,928 | |
1,491,486 | |||
Health Care (7.9%) | |||
1 | Fresenius Medical Care AG & Co. KGaA ADR | 3,588,489 | 86,913 |
Baxter International Inc. | 1,216,320 | 57,994 | |
DENTSPLY SIRONA Inc. | 1,278,230 | 53,596 |
Shares | Market Value• ($000) | ||
* | Integra LifeSciences Holdings Corp. | 899,532 | 49,762 |
Perrigo Co. plc | 1,306,241 | 48,579 | |
Laboratory Corp. of America Holdings | 211,580 | 47,967 | |
Teleflex Inc. | 173,990 | 47,416 | |
Cardinal Health Inc. | 572,722 | 47,021 | |
* | Henry Schein Inc. | 429,802 | 34,732 |
473,980 | |||
Industrials (18.9%) | |||
* | AerCap Holdings NV | 3,504,801 | 197,531 |
Acuity Brands Inc. | 620,587 | 97,668 | |
Terex Corp. | 1,313,373 | 58,563 | |
Esab Corp. | 898,380 | 52,430 | |
BWX Technologies Inc. | 729,045 | 47,082 | |
SS&C Technologies Holdings Inc. | 790,883 | 46,298 | |
Westinghouse Air Brake Technologies Corp. | 470,769 | 45,980 | |
AMETEK Inc. | 323,710 | 44,649 | |
Woodward Inc. | 463,885 | 44,542 | |
Stanley Black & Decker Inc. | 505,350 | 43,632 | |
Ritchie Bros Auctioneers Inc. | 745,569 | 42,639 | |
MSC Industrial Direct Co. Inc. Class A | 457,552 | 41,514 | |
Fortune Brands Innovations Inc. | 572,191 | 37,015 | |
Enerpac Tool Group Corp. Class A | 1,539,856 | 36,587 | |
Triton International Ltd. | 426,700 | 35,275 | |
* | JetBlue Airways Corp. | 4,790,529 | 34,204 |
* | JELD-WEN Holding Inc. | 2,664,409 | 34,051 |
* | MasTec Inc. | 379,846 | 33,734 |
* | Gates Industrial Corp. plc | 2,455,530 | 33,076 |
Armstrong World Industries Inc. | 472,630 | 32,451 | |
Textainer Group Holdings Ltd. | 746,360 | 26,197 | |
MDU Resources Group Inc. | 781,863 | 22,846 | |
Genpact Ltd. | 505,149 | 22,505 | |
Snap-on Inc. | 56,185 | 14,575 | |
*,1 | Air France KLM ADR | 4,102,756 | 7,159 |
* | Masterbrand Inc. | 572,191 | 4,618 |
1,136,821 | |||
Information Technology (9.4%) | |||
TE Connectivity Ltd. | 908,655 | 111,192 | |
* | Arrow Electronics Inc. | 802,408 | 91,820 |
Avnet Inc. | 1,564,918 | 64,568 | |
Open Text Corp. | 1,679,524 | 63,637 | |
Cognizant Technology Solutions Corp. Class A | 839,956 | 50,154 | |
Amdocs Ltd. | 528,363 | 48,213 | |
MKS Instruments Inc. | 536,880 | 45,028 | |
Micron Technology Inc. | 521,049 | 33,535 | |
*,1 | Celestica Inc. | 3,057,329 | 33,203 |
Juniper Networks Inc. | 392,407 | 11,831 |
Shares | Market Value• ($000) | ||
Hewlett Packard Enterprise Co. | 712,568 | 10,204 | |
563,385 | |||
Materials (6.9%) | |||
Dow Inc. | 1,324,763 | 72,067 | |
* | Axalta Coating Systems Ltd. | 1,982,429 | 62,585 |
Olin Corp. | 1,093,779 | 60,595 | |
US Steel Corp. | 2,343,700 | 53,624 | |
* | Eldorado Gold Corp. | 3,834,000 | 42,366 |
* | IAMGOLD Corp. | 14,779,630 | 42,122 |
Kinross Gold Corp. | 7,062,729 | 35,667 | |
1 | Centerra Gold Inc. | 3,735,276 | 25,213 |
*,1 | Equinox Gold Corp. | 2,671,383 | 13,270 |
Mosaic Co. | 239,370 | 10,257 | |
417,766 | |||
Real Estate (2.6%) | |||
* | CBRE Group Inc. Class A | 936,474 | 71,790 |
* | Howard Hughes Corp. | 474,941 | 36,746 |
DiamondRock Hospitality Co. | 4,184,066 | 33,933 | |
Park Hotels & Resorts Inc. | 1,024,815 | 12,349 | |
154,818 | |||
Utilities (2.1%) | |||
Edison International | 943,328 | 69,429 | |
Atmos Energy Corp. | 303,473 | 34,638 | |
Entergy Corp. | 110,564 | 11,895 | |
Constellation Energy Corp. | 141,989 | 10,990 | |
126,952 | |||
Total Common Stocks (Cost $5,030,745) | 5,695,995 | ||
Temporary Cash Investments (5.7%) | |||
Money Market Fund (5.7%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.853% (Cost $341,238) | 3,413,201 | 341,286 |
Total Investments (100.4%) (Cost $5,371,983) | 6,037,281 | ||
Other Assets and Liabilities—Net (-0.4%) | (26,308) | ||
Net Assets (100%) | 6,010,973 | ||
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 $16,209,000. |
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 $16,885,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2023 | 421 | 88,168 | 6,089 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,030,745) | 5,695,995 |
Affiliated Issuers (Cost $341,238) | 341,286 |
Total Investments in Securities | 6,037,281 |
Investment in Vanguard | 214 |
Cash | 1,900 |
Cash Collateral Pledged—Futures Contracts | 4,864 |
Foreign Currency, at Value (Cost $26) | 24 |
Receivables for Investment Securities Sold | 2,694 |
Receivables for Accrued Income | 4,130 |
Receivables for Capital Shares Issued | 3,007 |
Variation Margin Receivable—Futures Contracts | 884 |
Total Assets | 6,054,998 |
Liabilities | |
Payables for Investment Securities Purchased | 19,704 |
Collateral for Securities on Loan | 16,885 |
Payables to Investment Advisor | 4,043 |
Payables for Capital Shares Redeemed | 3,000 |
Payables to Vanguard | 393 |
Total Liabilities | 44,025 |
Net Assets | 6,010,973 |
1 Includes $16,209,000 of securities on loan. | |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 5,181,226 |
Total Distributable Earnings (Loss) | 829,747 |
Net Assets | 6,010,973 |
Net Assets | |
Applicable to 228,000,169 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,010,973 |
Net Asset Value Per Share | $26.36 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 62,093 |
Interest2 | 6,731 |
Securities Lending—Net | 38 |
Total Income | 68,862 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 6,602 |
Performance Adjustment | 1,315 |
The Vanguard Group—Note C | |
Management and Administrative | 4,542 |
Marketing and Distribution | 143 |
Custodian Fees | 12 |
Shareholders’ Reports | 63 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 8 |
Total Expenses | 12,686 |
Expenses Paid Indirectly | (33) |
Net Expenses | 12,653 |
Net Investment Income | 56,209 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 131,130 |
Futures Contracts | 3,558 |
Foreign Currencies | (1) |
Realized Net Gain (Loss) | 134,687 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 277,754 |
Futures Contracts | 6,677 |
Change in Unrealized Appreciation (Depreciation) | 284,431 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 475,327 |
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 $6,600,000, $21,000, $1,000, and $11,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 56,209 | 90,259 | |
Realized Net Gain (Loss) | 134,687 | 642,180 | |
Change in Unrealized Appreciation (Depreciation) | 284,431 | (1,212,783) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 475,327 | (480,344) | |
Distributions | |||
Total Distributions | (683,854) | (497,527) | |
Capital Share Transactions | |||
Issued | 293,119 | 573,444 | |
Issued in Lieu of Cash Distributions | 618,158 | 454,963 | |
Redeemed | (478,717) | (1,063,876) | |
Net Increase (Decrease) from Capital Share Transactions | 432,560 | (35,469) | |
Total Increase (Decrease) | 224,033 | (1,013,340) | |
Net Assets | |||
Beginning of Period | 5,786,940 | 6,800,280 | |
End of Period | 6,010,973 | 5,786,940 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $27.62 | $32.26 | $22.78 | $27.59 | $27.38 | $33.15 |
Investment Operations | ||||||
Net Investment Income1 | .251 | .417 | .389 | .368 | .493 | .493 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.790 | (2.674) | 11.737 | (3.163) | 2.392 | (3.153) |
Total from Investment Operations | 2.041 | (2.257) | 12.126 | (2.795) | 2.885 | (2.660) |
Distributions | ||||||
Dividends from Net Investment Income | (.440) | (.393) | (.360) | (.450) | (.506) | (.423) |
Distributions from Realized Capital Gains | (2.861) | (1.990) | (2.286) | (1.565) | (2.169) | (2.687) |
Total Distributions | (3.301) | (2.383) | (2.646) | (2.015) | (2.675) | (3.110) |
Net Asset Value, End of Period | $26.36 | $27.62 | $32.26 | $22.78 | $27.59 | $27.38 |
Total Return2 | 8.38% | -7.29% | 56.30% | -11.25% | 12.51% | -9.15% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,011 | $5,787 | $6,800 | $5,009 | $7,892 | $8,811 |
Ratio of Total Expenses to Average Net Assets3 | 0.43%4 | 0.38%4 | 0.32% | 0.31% | 0.33% | 0.36% |
Ratio of Net Investment Income to Average Net Assets | 1.80% | 1.43% | 1.30% | 1.58% | 1.89% | 1.61% |
Portfolio Turnover Rate | 14% | 26% | 30% | 85% | 31% | 31% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.04%, 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 0.43% and 0.38%, respectively. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Cooke & Bieler, LP, Pzena Investment Management, LLC, and Donald Smith & Co., Inc., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Cooke & Bieler, LP, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index since January 31, 2020. The basic fee of Pzena Investment Management, LLC, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index for the preceding three years. The basic fee of Donald Smith & Co., Inc., is subject to quarterly adjustments based on performance relative to the MSCI Investable Market 2500 Index for the preceding five years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the six months ended April 30, 2023, these arrangements reduced the fund’s expenses by $33,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | As of April 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 5,376,076 |
Gross Unrealized Appreciation | 1,125,361 |
Gross Unrealized Depreciation | (458,067) |
Net Unrealized Appreciation (Depreciation) | 667,294 |
G. | During the six months ended April 30, 2023, the fund purchased $795,828,000 of investment securities and sold $998,155,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
Shares (000) | Shares (000) | ||
Issued | 11,020 | 19,356 | |
Issued in Lieu of Cash Distributions | 25,397 | 15,825 | |
Redeemed | (17,965) | (36,410) | |
Net Increase (Decrease) in Shares Outstanding | 18,452 | (1,229) |
I. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2023, that would require recognition or disclosure in these financial statements. |
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Vanguard Marketing Corporation, Distributor.
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About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 15 |
Liquidity Risk Management | 18 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Mid-Cap Growth Fund | Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,052.70 | $1.93 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.91 | 1.91 |
Communication Services | 4.9% |
Consumer Discretionary | 14.4 |
Consumer Staples | 2.7 |
Energy | 3.5 |
Financials | 8.9 |
Health Care | 22.7 |
Industrials | 17.4 |
Information Technology | 23.7 |
Materials | 1.8 |
Shares | Market Value• ($000) | ||
Common Stocks (95.4%) | |||
Communication Services (4.7%) | |||
Electronic Arts Inc. | 444,080 | 56,523 | |
* | ZoomInfo Technologies Inc. Class A | 1,419,641 | 31,104 |
* | Trade Desk Inc. Class A | 378,929 | 24,380 |
* | Warner Bros Discovery Inc. | 1,498,899 | 20,400 |
* | Live Nation Entertainment Inc. | 100,774 | 6,831 |
139,238 | |||
Consumer Discretionary (13.8%) | |||
Hilton Worldwide Holdings Inc. | 313,565 | 45,160 | |
* | Lululemon Athletica Inc. | 91,952 | 34,935 |
* | Planet Fitness Inc. Class A | 416,891 | 34,660 |
* | Etsy Inc. | 331,136 | 33,455 |
* | Mattel Inc. | 1,856,578 | 33,418 |
Wingstop Inc. | 157,962 | 31,610 | |
* | Chipotle Mexican Grill Inc. Class A | 14,424 | 29,823 |
Boyd Gaming Corp. | 303,012 | 21,029 | |
Tractor Supply Co. | 78,923 | 18,815 | |
* | Bright Horizons Family Solutions Inc. | 222,155 | 16,910 |
* | O'Reilly Automotive Inc. | 16,568 | 15,198 |
Lithia Motors Inc. Class A | 66,417 | 14,671 | |
Darden Restaurants Inc. | 88,955 | 13,515 | |
Ross Stores Inc. | 124,173 | 13,253 | |
Advance Auto Parts Inc. | 92,239 | 11,579 | |
* | Caesars Entertainment Inc. | 196,722 | 8,910 |
* | Victoria's Secret & Co. | 276,204 | 8,565 |
* | Leslie's Inc. | 705,522 | 7,655 |
*,1 | Chewy Inc. Class A | 244,721 | 7,589 |
* | Burlington Stores Inc. | 28,489 | 5,493 |
* | Floor & Decor Holdings Inc. Class A | 30,108 | 2,991 |
409,234 | |||
Consumer Staples (2.6%) | |||
* | Freshpet Inc. | 772,537 | 53,282 |
Dollar General Corp. | 109,216 | 24,187 | |
77,469 | |||
Energy (3.3%) | |||
Cheniere Energy Inc. | 239,580 | 36,656 | |
Coterra Energy Inc. | 1,023,242 | 26,195 | |
SM Energy Co. | 706,668 | 19,843 |
Shares | Market Value• ($000) | ||
Permian resources Corp. Class A | 1,501,949 | 15,695 | |
98,389 | |||
Financials (8.5%) | |||
Aon plc Class A (XNYS) | 200,992 | 65,358 | |
Hamilton Lane Inc. Class A | 596,992 | 43,986 | |
Ares Management Corp. Class A | 414,480 | 36,304 | |
MSCI Inc. Class A | 62,917 | 30,354 | |
Global Payments Inc. | 200,245 | 22,570 | |
KKR & Co. Inc. | 344,257 | 18,270 | |
Apollo Global Management Inc. | 219,432 | 13,910 | |
Moody's Corp. | 36,554 | 11,446 | |
* | Block Inc. (XNYS) | 170,029 | 10,336 |
252,534 | |||
Health Care (21.6%) | |||
Agilent Technologies Inc. | 590,921 | 80,028 | |
* | ICON plc ADR | 272,214 | 52,453 |
* | Align Technology Inc. | 160,816 | 52,313 |
* | Veeva Systems Inc. Class A | 253,047 | 45,316 |
* | Illumina Inc. | 214,062 | 44,003 |
* | Exact Sciences Corp. | 615,735 | 39,450 |
Humana Inc. | 58,780 | 31,182 | |
* | DexCom Inc. | 237,441 | 28,811 |
* | Hologic Inc. | 333,066 | 28,647 |
* | Omnicell Inc. | 462,859 | 28,128 |
* | IDEXX Laboratories Inc. | 56,465 | 27,790 |
Teleflex Inc. | 87,530 | 23,854 | |
* | Seagen Inc. | 106,923 | 21,385 |
* | Inspire Medical Systems Inc. | 79,784 | 21,353 |
* | Insulet Corp. | 60,628 | 19,282 |
1 | Alcon Inc. | 245,888 | 17,822 |
* | Repligen Corp. | 108,125 | 16,395 |
* | Natera Inc. | 244,696 | 12,411 |
* | IQVIA Holdings Inc. | 57,887 | 10,896 |
* | BioMarin Pharmaceutical Inc. | 105,183 | 10,102 |
* | Catalent Inc. | 181,873 | 9,115 |
* | Edwards Lifesciences Corp. | 79,087 | 6,958 |
ResMed Inc. | 24,835 | 5,984 | |
* | Novocure Ltd. | 78,897 | 5,199 |
* | Sarepta Therapeutics Inc. | 41,242 | 5,063 |
643,940 |
Shares | Market Value• ($000) | ||
Industrials (16.5%) | |||
TransUnion | 845,569 | 58,184 | |
BWX Technologies Inc. | 849,944 | 54,889 | |
* | Builders FirstSource Inc. | 412,859 | 39,127 |
* | Ceridian HCM Holding Inc. | 610,152 | 38,732 |
KBR Inc. | 659,020 | 37,386 | |
Quanta Services Inc. | 166,987 | 28,328 | |
Cintas Corp. | 61,467 | 28,015 | |
Waste Connections Inc. (XTSE) | 199,944 | 27,822 | |
Hexcel Corp. | 367,136 | 26,463 | |
* | XPO Inc. | 529,478 | 23,392 |
Knight-Swift Transportation Holdings Inc. | 399,206 | 22,483 | |
Genpact Ltd. | 450,428 | 20,067 | |
* | MasTec Inc. | 209,694 | 18,623 |
* | Array Technologies Inc. | 899,142 | 18,387 |
Equifax Inc. | 77,113 | 16,069 | |
* | Paycom Software Inc. | 48,961 | 14,217 |
Stanley Black & Decker Inc. | 148,371 | 12,810 | |
* | Shoals Technologies Group Inc. Class A | 348,323 | 7,277 |
492,271 | |||
Information Technology (22.6%) | |||
* | Palo Alto Networks Inc. | 328,525 | 59,943 |
KLA Corp. | 141,565 | 54,721 | |
* | Gartner Inc. | 172,769 | 52,256 |
CDW Corp. | 307,101 | 52,081 | |
* | Fair Isaac Corp. | 64,006 | 46,593 |
* | Cadence Design Systems Inc. | 167,009 | 34,980 |
* | ON Semiconductor Corp. | 481,497 | 34,649 |
* | MongoDB Inc. Class A | 141,522 | 33,960 |
* | Arista Networks Inc. | 186,586 | 29,884 |
* | HubSpot Inc. | 69,001 | 29,046 |
Lam Research Corp. | 48,302 | 25,314 | |
* | EPAM Systems Inc. | 83,328 | 23,535 |
Microchip Technology Inc. | 298,478 | 21,786 | |
Universal Display Corp. | 161,416 | 21,543 | |
Marvell Technology Inc. | 510,626 | 20,160 | |
Monolithic Power Systems Inc. | 37,514 | 17,330 | |
* | Okta Inc. | 248,199 | 17,009 |
Shares | Market Value• ($000) | ||
* | Workday Inc. Class A | 80,705 | 15,022 |
* | Wolfspeed Inc. | 299,810 | 13,956 |
* | SolarEdge Technologies Inc. | 45,998 | 13,138 |
Amphenol Corp. Class A | 157,299 | 11,871 | |
* | Guidewire Software Inc. | 133,353 | 10,160 |
* | Sitime Corp. | 88,363 | 9,585 |
* | Bill Holdings Inc. | 117,074 | 8,992 |
* | Autodesk Inc. | 45,034 | 8,772 |
* | Atlassian Corp. Ltd. Class A | 42,341 | 6,252 |
672,538 | |||
Materials (1.8%) | |||
* | ATI Inc. | 528,065 | 20,394 |
Sherwin-Williams Co. | 53,126 | 12,620 | |
Eagle Materials Inc. | 69,153 | 10,249 | |
Albemarle Corp. | 48,755 | 9,042 | |
52,305 | |||
Total Common Stocks (Cost $2,580,444) | 2,837,918 | ||
Temporary Cash Investments (4.3%) | |||
Money Market Fund (4.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.853% (Cost $127,126) | 1,271,424 | 127,130 |
Total Investments (99.7%) (Cost $2,707,570) | 2,965,048 | ||
Other Assets and Liabilities—Net (0.3%) | 8,271 | ||
Net Assets (100%) | 2,973,319 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $7,005,000. |
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 $7,237,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2023 | 356 | 74,555 | 5,051 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $2,580,444) | 2,837,918 |
Affiliated Issuers (Cost $127,126) | 127,130 |
Total Investments in Securities | 2,965,048 |
Investment in Vanguard | 109 |
Cash Collateral Pledged—Futures Contracts | 4,158 |
Receivables for Investment Securities Sold | 31,633 |
Receivables for Accrued Income | 871 |
Receivables for Capital Shares Issued | 682 |
Variation Margin Receivable—Futures Contracts | 645 |
Total Assets | 3,003,146 |
Liabilities | |
Due to Custodian | 495 |
Payables for Investment Securities Purchased | 17,582 |
Collateral for Securities on Loan | 7,237 |
Payables to Investment Advisor | 1,486 |
Payables for Capital Shares Redeemed | 2,772 |
Payables to Vanguard | 246 |
Other Liabilities | 9 |
Total Liabilities | 29,827 |
Net Assets | 2,973,319 |
1 Includes $7,005,000 of securities on loan. | |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 3,091,367 |
Total Distributable Earnings (Loss) | (118,048) |
Net Assets | 2,973,319 |
Net Assets | |
Applicable to 147,197,079 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,973,319 |
Net Asset Value Per Share | $20.20 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 8,698 |
Interest2 | 2,487 |
Securities Lending—Net | 5 |
Total Income | 11,190 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 2,901 |
Performance Adjustment | (283) |
The Vanguard Group—Note C | |
Management and Administrative | 2,812 |
Marketing and Distribution | 71 |
Custodian Fees | 13 |
Shareholders’ Reports | 44 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 7 |
Total Expenses | 5,566 |
Expenses Paid Indirectly | (68) |
Net Expenses | 5,498 |
Net Investment Income | 5,692 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (90,765) |
Futures Contracts | (3,404) |
Realized Net Gain (Loss) | (94,169) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 231,853 |
Futures Contracts | 5,216 |
Change in Unrealized Appreciation (Depreciation) | 237,069 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 148,592 |
1 | Dividends are net of foreign withholding taxes of $17,000. |
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 $2,395,000, $22,000, less than $1,000, and ($8,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 5,692 | 5,048 | |
Realized Net Gain (Loss) | (94,169) | (233,506) | |
Change in Unrealized Appreciation (Depreciation) | 237,069 | (1,361,894) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 148,592 | (1,590,352) | |
Distributions | |||
Total Distributions | (7,421) | (1,251,685) | |
Capital Share Transactions | |||
Issued | 155,391 | 449,924 | |
Issued in Lieu of Cash Distributions | 7,034 | 1,179,383 | |
Redeemed | (286,229) | (1,121,695) | |
Net Increase (Decrease) from Capital Share Transactions | (123,804) | 507,612 | |
Total Increase (Decrease) | 17,367 | (2,334,425) | |
Net Assets | |||
Beginning of Period | 2,955,952 | 5,290,377 | |
End of Period | 2,973,319 | 2,955,952 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $19.24 | $38.72 | $29.89 | $27.93 | $28.08 | $26.51 |
Investment Operations | ||||||
Net Investment Income (Loss)1 | .038 | .031 | (.013) | .068 | .074 | .114 |
Net Realized and Unrealized Gain (Loss) on Investments | .971 | (10.190) | 10.957 | 4.680 | 3.027 | 2.379 |
Total from Investment Operations | 1.009 | (10.159) | 10.944 | 4.748 | 3.101 | 2.493 |
Distributions | ||||||
Dividends from Net Investment Income | (.049) | (.005) | (.051) | (.067) | (.099) | (.095) |
Distributions from Realized Capital Gains | — | (9.316) | (2.063) | (2.721) | (3.152) | (.828) |
Total Distributions | (.049) | (9.321) | (2.114) | (2.788) | (3.251) | (.923) |
Net Asset Value, End of Period | $20.20 | $19.24 | $38.72 | $29.89 | $27.93 | $28.08 |
Total Return2 | 5.27% | -32.22% | 37.68% | 18.33% | 13.56% | 9.61% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,973 | $2,956 | $5,290 | $4,414 | $4,536 | $4,161 |
Ratio of Total Expenses to Average Net Assets3 | 0.38%4 | 0.35%4 | 0.33% | 0.34% | 0.36% | 0.36% |
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.36% | 0.14% | (0.04)% | 0.25% | 0.27% | 0.40% |
Portfolio Turnover Rate | 44% | 71% | 98% | 74% | 111% | 75% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), (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 0.38% and 0.35%, respectively. |
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 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 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 three years. Until December 2022, a portion of the fund was managed by Victory Capital Management Inc., through its RS Investments franchise. The basic fee paid to Victory Capital Management Inc. was subject to quarterly adjustments based on performance relative to the Russell Midcap Growth Index for the preceding three years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the six months ended April 30, 2023, these arrangements reduced the fund’s expenses by $68,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | As of April 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 2,766,399 |
Gross Unrealized Appreciation | 444,333 |
Gross Unrealized Depreciation | (240,633) |
Net Unrealized Appreciation (Depreciation) | 203,700 |
G. | During the six months ended April 30, 2023, the fund purchased $1,267,366,000 of investment securities and sold $1,387,079,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
Shares (000) | Shares (000) | ||
Issued | 7,721 | 18,174 | |
Issued in Lieu of Cash Distributions | 376 | 46,070 | |
Redeemed | (14,498) | (47,262) | |
Net Increase (Decrease) in Shares Outstanding | (6,401) | 16,982 |
I. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2023, that would require recognition or disclosure in these financial statements. |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
International Explorer Fund | Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,225.20 | $2.70 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.37 | 2.46 |
Japan | 27.8% |
United Kingdom | 16.8 |
Germany | 5.5 |
Sweden | 5.1 |
Taiwan | 4.9 |
Switzerland | 4.7 |
Australia | 4.4 |
Italy | 4.3 |
Belgium | 3.0 |
Canada | 2.9 |
France | 2.7 |
Hong Kong | 2.0 |
Netherlands | 1.9 |
India | 1.7 |
Brazil | 1.3 |
Singapore | 1.1 |
Austria | 1.0 |
South Korea | 1.0 |
Israel | 1.0 |
Ireland | 1.0 |
Denmark | 1.0 |
Other | 4.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (95.9%) | ||||||
Australia (4.2%) | ||||||
James Hardie Industries plc | 292,700 | 6,532 | ||||
Iluka Resources Ltd. | 670,346 | 4,926 | ||||
* | Xero Ltd. | 77,006 | 4,807 | |||
ASX Ltd. | 79,228 | 3,606 | ||||
Netwealth Group Ltd. | 388,888 | 3,534 | ||||
* | Bellevue Gold Ltd. | 3,309,443 | 3,107 | |||
National Storage REIT | 1,832,255 | 3,052 | ||||
Deterra Royalties Ltd. | 916,799 | 2,811 | ||||
Vicinity Ltd. | 2,001,363 | 2,798 | ||||
* | Tyro Payments Ltd. | 2,515,699 | 2,663 | |||
Orora Ltd. | 1,042,162 | 2,382 | ||||
IGO Ltd. | 257,941 | 2,375 | ||||
Whitehaven Coal Ltd. | 448,925 | 2,154 | ||||
Liberty Financial Group Ltd. | 776,236 | 1,971 | ||||
Credit Corp. Group Ltd. | 153,168 | 1,844 | ||||
Nufarm Ltd. | 398,748 | 1,483 | ||||
* | Omni Bridgeway Ltd. | 958,604 | 1,462 | |||
Seven Group Holdings Ltd. | 89,966 | 1,421 | ||||
Metcash Ltd. | 518,840 | 1,345 | ||||
Reliance Worldwide Corp. Ltd. | 477,941 | 1,303 | ||||
1 | OZ Minerals Ltd. | 67,929 | 1,183 | |||
* | Flight Centre Travel Group Ltd. | 88,416 | 1,161 | |||
Breville Group Ltd. | 66,858 | 918 | ||||
Bapcor Ltd. | 209,332 | 913 | ||||
Elders Ltd. | 156,526 | 843 | ||||
Lovisa Holdings Ltd. | 45,376 | 805 | ||||
Ansell Ltd. | 43,876 | 781 | ||||
Nick Scali Ltd. | 120,541 | 780 | ||||
* | SiteMinder Ltd. | 261,735 | 635 | |||
*,2 | Temple & Webster Group Ltd. | 215,277 | 577 | |||
*,2 | Vulcan Energy Resources Ltd. | 141,565 | 564 | |||
CSR Ltd. | 150,127 | 525 | ||||
GrainCorp Ltd. Class A | 85,472 | 387 |
Shares | Market Value• ($000) | |||||
* | Cleanspace Holdings Ltd. | 1,717,529 | 377 | |||
Atlas Arteria Ltd. | 56,130 | 244 | ||||
* | Genesis Minerals Ltd. | 208,465 | 187 | |||
66,456 | ||||||
Austria (1.0%) | ||||||
3 | BAWAG Group AG | 131,670 | 6,422 | |||
ANDRITZ AG | 69,201 | 4,494 | ||||
* | Addiko Bank AG | 177,106 | 2,716 | |||
Wienerberger AG | 37,672 | 1,135 | ||||
* | DO & CO AG | 7,863 | 921 | |||
15,688 | ||||||
Belgium (2.9%) | ||||||
Barco NV | 367,081 | 10,721 | ||||
D'ieteren Group | 46,969 | 8,844 | ||||
Lotus Bakeries NV | 817 | 5,641 | ||||
Azelis Group NV | 203,939 | 4,838 | ||||
KBC Ancora | 88,708 | 4,269 | ||||
Recticel SA | 274,689 | 3,916 | ||||
Warehouses De Pauw CVA | 128,445 | 3,841 | ||||
Melexis NV | 32,148 | 3,064 | ||||
*,2,3 | Biocartis Group NV | 192,941 | 128 | |||
45,262 | ||||||
Brazil (1.3%) | ||||||
TOTVS SA | 953,400 | 4,905 | ||||
TIM SA | 1,741,900 | 4,889 | ||||
*,3 | Locaweb Servicos de Internet SA | 2,847,300 | 3,003 | |||
Rumo SA | 743,300 | 2,936 | ||||
* | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 236,300 | 2,185 | |||
* | Pagseguro Digital Ltd. Class A | 198,027 | 1,949 | |||
* | Magazine Luiza SA | 256 | — | |||
19,867 | ||||||
Canada (2.7%) | ||||||
* | Kinaxis Inc. | 76,216 | 10,467 | |||
* | Nuvei Corp. | 108,605 | 4,415 |
Shares | Market Value• ($000) | |||||
Colliers International Group Inc. | 34,600 | 3,680 | ||||
* | Docebo Inc. | 93,272 | 3,621 | |||
* | MEG Energy Corp. | 179,290 | 2,985 | |||
Endeavour Mining plc | 111,281 | 2,865 | ||||
Parex Resources Inc. | 132,258 | 2,686 | ||||
* | Lightspeed Commerce Inc. | 204,208 | 2,681 | |||
Lundin Mining Corp. | 279,157 | 2,133 | ||||
2 | Boardwalk REIT | 36,937 | 1,581 | |||
* | Lightspeed Commerce Inc. (XTSE) | 108,851 | 1,431 | |||
*,2 | EcoSynthetix Inc. | 565,401 | 1,260 | |||
*,2 | Boat Rocker Media Inc. | 741,886 | 1,155 | |||
* | Faraday Copper Corp. | 1,387,056 | 1,044 | |||
Stelco Holdings Inc. | 29,280 | 1,023 | ||||
43,027 | ||||||
China (0.9%) | ||||||
Beijing Enterprises Holdings Ltd. | 803,000 | 3,332 | ||||
* | Tongcheng Travel Holdings Ltd. | 1,216,000 | 2,587 | |||
China Datang Corp. Renewable Power Co. Ltd. Class H | 5,261,000 | 2,043 | ||||
BTG Hotels Group Co. Ltd. Class A | 519,161 | 1,625 | ||||
Minth Group Ltd. | 483,885 | 1,401 | ||||
Pou Sheng International Holdings Ltd. | 15,182,314 | 1,260 | ||||
* | Kingdee International Software Group Co. Ltd. | 477,548 | 734 | |||
Longshine Technology Group Co. Ltd. Class A | 167,600 | 581 | ||||
13,563 | ||||||
Denmark (0.9%) | ||||||
Royal Unibrew A/S | 82,550 | 7,378 | ||||
* | ALK-Abello A/S Class B | 222,365 | 2,815 | |||
* | Zealand Pharma A/S | 72,879 | 2,465 | |||
* | Ascendis Pharma A/S ADR | 24,554 | 1,718 | |||
*,1 | OW Bunker A/S | 1,000,000 | — | |||
14,376 | ||||||
Finland (0.5%) | ||||||
Kemira OYJ | 141,310 | 2,479 | ||||
Wartsila OYJ Abp | 123,428 | 1,431 | ||||
* | QT Group OYJ | 16,268 | 1,403 | |||
* | Nanoform Finland plc | 375,358 | 926 | |||
Nokian Renkaat OYJ | 92,342 | 900 | ||||
7,139 | ||||||
France (2.6%) | ||||||
* | JCDecaux SE | 339,092 | 7,507 | |||
Trigano SA | 55,995 | 7,295 | ||||
Nexans SA | 62,077 | 5,341 |
Shares | Market Value• ($000) | |||||
Kaufman & Broad SA | 146,712 | 4,774 | ||||
ICADE | 79,840 | 3,750 | ||||
3 | ALD SA | 250,595 | 3,019 | |||
Rubis SCA | 89,600 | 2,648 | ||||
* | ESI Group | 27,597 | 2,366 | |||
Gaztransport Et Technigaz SA | 9,206 | 984 | ||||
Vicat SA | 30,869 | 900 | ||||
* | Vallourec SA | 77,970 | 891 | |||
Imerys SA | 16,276 | 669 | ||||
* | Cellectis SA ADR | 154,638 | 291 | |||
* | Cellectis SA | 60,983 | 118 | |||
40,553 | ||||||
Germany (5.3%) | ||||||
* | HelloFresh SE | 370,626 | 9,952 | |||
* | Hypoport SE | 61,617 | 9,881 | |||
Gerresheimer AG | 87,457 | 9,530 | ||||
New Work SE | 50,026 | 9,122 | ||||
Hensoldt AG | 164,559 | 6,172 | ||||
3 | Befesa SA | 105,810 | 4,764 | |||
Stemmer Imaging AG | 96,893 | 4,752 | ||||
Stabilus SE | 66,074 | 4,318 | ||||
Jenoptik AG | 117,907 | 3,764 | ||||
AIXTRON SE | 105,223 | 2,979 | ||||
* | CTS Eventim AG & Co. KGaA | 44,018 | 2,900 | |||
* | Tonies SE Class A | 476,123 | 2,868 | |||
Dermapharm Holding SE | 52,595 | 2,640 | ||||
Bertrandt AG | 35,034 | 1,952 | ||||
*,3 | Auto1 Group SE | 206,757 | 1,632 | |||
2,3 | Aumann AG | 70,535 | 1,295 | |||
KION Group AG | 31,064 | 1,288 | ||||
* | Evotec SE | 57,447 | 1,055 | |||
*,2 | Immatics NV | 112,788 | 807 | |||
* | Cherry SE | 149,681 | 752 | |||
Hamburger Hafen und Logistik AG | 25,011 | 345 | ||||
* | Veganz Group AG | 15,898 | 203 | |||
* | Jumia Technologies AG ADR | 63,864 | 180 | |||
83,151 | ||||||
Hong Kong (1.9%) | ||||||
Kerry Properties Ltd. | 2,507,000 | 6,468 | ||||
Hang Lung Properties Ltd. | 2,957,000 | 5,405 | ||||
Dah Sing Financial Holdings Ltd. | 1,948,804 | 4,993 | ||||
Techtronic Industries Co. Ltd. | 316,500 | 3,424 | ||||
* | Melco Resorts & Entertainment Ltd. ADR | 238,604 | 3,254 | |||
Johnson Electric Holdings Ltd. | 1,955,000 | 2,186 |
Shares | Market Value• ($000) | |||||
2,3 | Crystal International Group Ltd. | 4,241,500 | 1,637 | |||
Dah Sing Banking Group Ltd. | 1,469,600 | 1,179 | ||||
Vitasoy International Holdings Ltd. | 308,958 | 546 | ||||
Chow Sang Sang Holdings International Ltd. | 367,000 | 482 | ||||
* | Hypebeast Ltd. | 9,857,300 | 371 | |||
Luk Fook Holdings International Ltd. | 81,000 | 260 | ||||
30,205 | ||||||
Hungary (0.0%) | ||||||
MOL Hungarian Oil & Gas plc | 51,646 | 419 | ||||
India (1.6%) | ||||||
Apollo Hospitals Enterprise Ltd. | 161,862 | 8,960 | ||||
Oberoi Realty Ltd. | 613,870 | 6,890 | ||||
* | CreditAccess Grameen Ltd. | 269,652 | 3,186 | |||
Gujarat Pipavav Port Ltd. | 2,117,283 | 2,959 | ||||
* | PVR Ltd. | 81,313 | 1,459 | |||
* | Zomato Ltd. | 1,345,742 | 1,076 | |||
* | MakeMyTrip Ltd. | 44,537 | 1,044 | |||
25,574 | ||||||
Ireland (0.9%) | ||||||
Bank of Ireland Group plc | 1,026,528 | 10,617 | ||||
Smurfit Kappa Group plc | 105,765 | 3,919 | ||||
14,536 | ||||||
Israel (0.9%) | ||||||
* | Wix.com Ltd. | 63,271 | 5,519 | |||
Maytronics Ltd. | 448,285 | 4,717 | ||||
Melisron Ltd. | 41,728 | 2,790 | ||||
* | Nayax Ltd. | 90,422 | 1,554 | |||
14,580 | ||||||
Italy (4.1%) | ||||||
Reply SpA | 86,947 | 10,129 | ||||
Brunello Cucinelli SpA | 91,933 | 8,803 | ||||
Moncler SpA | 108,922 | 8,080 | ||||
Recordati Industria Chimica e Farmaceutica SpA | 116,546 | 5,365 | ||||
Stevanato Group SpA | 194,101 | 5,146 | ||||
PRADA SpA | 653,500 | 4,811 | ||||
3 | Technogym SpA | 472,176 | 4,309 | |||
3 | BFF Bank SpA | 431,947 | 4,157 | |||
3 | OVS SpA | 1,346,165 | 4,047 | |||
Italgas SpA | 567,702 | 3,707 | ||||
Banca Popolare di Sondrio SPA | 411,446 | 1,869 | ||||
Salvatore Ferragamo SpA | 96,294 | 1,693 |
Shares | Market Value• ($000) | |||||
Buzzi Unicem SpA | 56,157 | 1,396 | ||||
* | Eurogroup Laminations SpA | 87,821 | 513 | |||
64,025 | ||||||
Japan (26.7%) | ||||||
Miura Co. Ltd. | 370,500 | 9,869 | ||||
Trusco Nakayama Corp. | 555,900 | 9,657 | ||||
Calbee Inc. | 433,000 | 9,363 | ||||
Nifco Inc. | 324,232 | 9,325 | ||||
Kissei Pharmaceutical Co. Ltd. | 433,900 | 8,791 | ||||
SBI Holdings Inc. | 416,500 | 8,135 | ||||
Sumitomo Forestry Co. Ltd. | 373,100 | 8,060 | ||||
Aica Kogyo Co. Ltd. | 345,800 | 7,862 | ||||
Ai Holdings Corp. | 439,400 | 7,693 | ||||
GMO internet group Inc. | 378,400 | 7,612 | ||||
KOMEDA Holdings Co. Ltd. | 372,700 | 7,035 | ||||
FP Corp. | 282,700 | 7,032 | ||||
Fukushima Galilei Co. Ltd. | 186,100 | 7,018 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 535,700 | 6,947 | ||||
Daifuku Co. Ltd. | 372,900 | 6,871 | ||||
Nippon Shinyaku Co. Ltd. | 150,200 | 6,868 | ||||
* | Oisix ra daichi Inc. | 353,300 | 6,610 | |||
Japan Material Co. Ltd. | 439,400 | 6,588 | ||||
Harmonic Drive Systems Inc. | 215,400 | 6,586 | ||||
* | Megachips Corp. | 273,900 | 6,495 | |||
Kureha Corp. | 99,000 | 6,146 | ||||
Hakuhodo DY Holdings Inc. | 518,500 | 6,110 | ||||
* | Raksul Inc. | 598,300 | 6,092 | |||
Musashi Seimitsu Industry Co. Ltd. | 449,100 | 6,054 | ||||
NEC Networks & System Integration Corp. | 475,900 | 5,932 | ||||
*,2 | Istyle Inc. | 1,484,900 | 5,922 | |||
TechnoPro Holdings Inc. | 216,900 | 5,918 | ||||
Glory Ltd. | 275,400 | 5,855 | ||||
Tsugami Corp. | 537,200 | 5,580 | ||||
DMG Mori Co. Ltd. | 339,700 | 5,450 | ||||
Katitas Co. Ltd. | 249,600 | 4,874 | ||||
2 | Obara Group Inc. | 151,500 | 4,762 | |||
Bank of Kyoto Ltd. | 94,200 | 4,635 | ||||
Pola Orbis Holdings Inc. | 325,800 | 4,529 | ||||
Ulvac Inc. | 107,700 | 4,275 | ||||
2 | Nittoku Co. Ltd. | 212,200 | 4,084 | |||
LaSalle Logiport REIT | 3,385 | 4,021 | ||||
Comforia Residential REIT Inc. | 1,598 | 3,998 | ||||
OBIC Business Consultants Co. Ltd. | 104,500 | 3,968 |
Shares | Market Value• ($000) | |||||
Shiga Bank Ltd. | 190,100 | 3,963 | ||||
Seino Holdings Co. Ltd. | 355,500 | 3,947 | ||||
Koito Manufacturing Co. Ltd. | 203,050 | 3,928 | ||||
* | Kyushu Electric Power Co. Inc. | 671,100 | 3,908 | |||
* | Sansan Inc. | 290,744 | 3,900 | |||
Iriso Electronics Co. Ltd. | 112,100 | 3,837 | ||||
Rorze Corp. | 50,400 | 3,734 | ||||
Food & Life Cos. Ltd. | 153,900 | 3,707 | ||||
eGuarantee Inc. | 235,700 | 3,663 | ||||
Fukuyama Transporting Co. Ltd. | 125,800 | 3,362 | ||||
Optex Group Co. Ltd. | 219,500 | 3,304 | ||||
Outsourcing Inc. | 312,200 | 3,180 | ||||
Nikon Corp. | 305,085 | 3,154 | ||||
Kamakura Shinsho Ltd. | 454,800 | 3,122 | ||||
Descente Ltd. | 98,000 | 3,113 | ||||
Asahi Intecc Co. Ltd. | 169,106 | 3,060 | ||||
Asics Corp. | 104,300 | 2,915 | ||||
*,2 | Bengo4.com Inc. | 151,200 | 2,911 | |||
JMDC Inc. | 80,800 | 2,897 | ||||
* | Universal Entertainment Corp. | 137,400 | 2,892 | |||
Digital Garage Inc. | 80,500 | 2,840 | ||||
Mandom Corp. | 234,200 | 2,784 | ||||
Japan Airport Terminal Co. Ltd. | 56,600 | 2,774 | ||||
* | Park24 Co. Ltd. | 172,200 | 2,662 | |||
Frontier Real Estate Investment Corp. | 721 | 2,605 | ||||
Pigeon Corp. | 163,400 | 2,544 | ||||
Kyoritsu Maintenance Co. Ltd. | 62,500 | 2,523 | ||||
JINS Holdings Inc. | 115,800 | 2,494 | ||||
2 | Snow Peak Inc. | 157,700 | 2,389 | |||
* | Locondo Inc. | 167,700 | 2,217 | |||
Tokyo Ohka Kogyo Co. Ltd. | 41,000 | 2,140 | ||||
Sojitz Corp. | 100,980 | 2,127 | ||||
JSR Corp. | 90,361 | 2,097 | ||||
*,2 | WealthNavi Inc. | 236,200 | 2,078 | |||
COLOPL Inc. | 433,700 | 2,039 | ||||
Kitanotatsujin Corp. | 861,400 | 1,984 | ||||
Infomart Corp. | 904,200 | 1,944 | ||||
KH Neochem Co. Ltd. | 112,300 | 1,936 | ||||
* | GA Technologies Co. Ltd. | 240,300 | 1,930 | |||
Mani Inc. | 145,700 | 1,907 | ||||
Shima Seiki Manufacturing Ltd. | 137,800 | 1,885 | ||||
Tokyo Tatemono Co. Ltd. | 138,500 | 1,754 | ||||
* | Freee KK | 57,300 | 1,640 | |||
Taiyo Yuden Co. Ltd. | 53,400 | 1,635 | ||||
Ebara Corp. | 37,000 | 1,619 | ||||
dip Corp. | 65,300 | 1,611 |
Shares | Market Value• ($000) | |||||
Kawasaki Heavy Industries Ltd. | 73,300 | 1,595 | ||||
Heiwa Real Estate Co. Ltd. | 52,600 | 1,505 | ||||
Amada Co. Ltd. | 157,800 | 1,473 | ||||
IHI Corp. | 57,300 | 1,444 | ||||
Sumitomo Heavy Industries Ltd. | 57,900 | 1,399 | ||||
THK Co. Ltd. | 60,300 | 1,353 | ||||
* | SRE Holdings Corp. | 60,300 | 1,352 | |||
NOF Corp. | 29,200 | 1,334 | ||||
Square Enix Holdings Co. Ltd. | 25,397 | 1,250 | ||||
Air Water Inc. | 96,900 | 1,224 | ||||
Fuji Corp. | 72,500 | 1,216 | ||||
EXEO Group Inc. | 62,600 | 1,162 | ||||
Inaba Denki Sangyo Co. Ltd. | 50,800 | 1,135 | ||||
COMSYS Holdings Corp. | 55,800 | 1,068 | ||||
JGC Holdings Corp. | 84,100 | 1,052 | ||||
Anicom Holdings Inc. | 258,500 | 1,006 | ||||
Kansai Paint Co. Ltd. | 69,000 | 973 | ||||
Simplex Holdings Inc. | 55,850 | 972 | ||||
Kyudenko Corp. | 33,400 | 891 | ||||
Seria Co. Ltd. | 48,600 | 864 | ||||
Mitsubishi Gas Chemical Co. Inc. | 57,300 | 834 | ||||
Shin-Etsu Polymer Co. Ltd. | 84,600 | 832 | ||||
Inter Action Corp. | 85,000 | 825 | ||||
SHO-BOND Holdings Co. Ltd. | 17,700 | 756 | ||||
GMO Financial Gate Inc. | 9,350 | 755 | ||||
Max Co. Ltd. | 46,000 | 735 | ||||
MIRAIT ONE Corp. | 58,700 | 729 | ||||
Kumagai Gumi Co. Ltd. | 32,200 | 685 | ||||
Teijin Ltd. | 59,100 | 660 | ||||
Koei Tecmo Holdings Co. Ltd. | 35,900 | 660 | ||||
Resonac Holdings Corp. | 41,500 | 657 | ||||
NSK Ltd. | 113,600 | 641 | ||||
Sekisui Jushi Corp. | 39,500 | 634 | ||||
Daicel Corp. | 77,800 | 613 | ||||
Yamazen Corp. | 78,500 | 609 | ||||
Nippon Shokubai Co. Ltd. | 14,800 | 593 | ||||
Yokogawa Bridge Holdings Corp. | 36,000 | 589 | ||||
* | Hino Motors Ltd. | 146,600 | 578 | |||
Taiheiyo Cement Corp. | 31,300 | 561 | ||||
Lintec Corp. | 33,000 | 552 | ||||
* | Demae-Can Co. Ltd. | 173,600 | 484 | |||
Denka Co. Ltd. | 23,400 | 469 | ||||
Toyo Construction Co. Ltd. | 59,700 | 428 | ||||
Japan Steel Works Ltd. | 22,400 | 407 |
Shares | Market Value• ($000) | |||||
Shibaura Machine Co. Ltd. | 17,400 | 405 | ||||
Giken Ltd. | 19,700 | 309 | ||||
* | Visional Inc. | 5,843 | 306 | |||
Ichiyoshi Securities Co. Ltd. | 62,414 | 271 | ||||
Ichikoh Industries Ltd. | 47,900 | 194 | ||||
418,316 | ||||||
Mexico (0.3%) | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 874,700 | 2,763 | ||||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 101,792 | 1,811 | ||||
4,574 | ||||||
Netherlands (1.8%) | ||||||
TKH Group NV | 202,092 | 9,784 | ||||
BE Semiconductor Industries NV | 74,190 | 6,678 | ||||
ASM International NV | 11,210 | 4,070 | ||||
* | Allfunds Group plc | 339,909 | 2,255 | |||
Flow Traders Ltd. | 72,580 | 1,798 | ||||
*,3 | Alfen NV | 19,929 | 1,612 | |||
Corbion NV | 31,105 | 979 | ||||
Koninklijke Vopak NV | 21,886 | 836 | ||||
28,012 | ||||||
New Zealand (0.2%) | ||||||
*,2 | Volpara Health Technologies Ltd. | 3,144,538 | 1,646 | |||
Fletcher Building Ltd. | 351,752 | 981 | ||||
2,627 | ||||||
Norway (0.5%) | ||||||
Borregaard ASA | 207,788 | 3,477 | ||||
Sparebanken Vest | 233,314 | 2,191 | ||||
Aker ASA Class A | 33,348 | 2,038 | ||||
7,706 | ||||||
Other (0.9%) | ||||||
iShares MSCI EAFE Small-Cap ETF | 219,883 | 13,378 | ||||
Philippines (0.2%) | ||||||
Wilcon Depot Inc. | 6,118,100 | 3,201 | ||||
Poland (0.1%) | ||||||
2 | Grupa Pracuj SA | 178,398 | 2,304 | |||
Portugal (0.1%) | ||||||
Banco Comercial Portugues SA | 7,864,275 | 2,021 | ||||
Singapore (1.1%) | ||||||
Venture Corp. Ltd. | 379,800 | 4,852 | ||||
* | SATS Ltd. | 1,959,277 | 3,743 | |||
Keppel DC REIT | 1,855,900 | 3,001 | ||||
UOL Group Ltd. | 568,600 | 2,966 |
Shares | Market Value• ($000) | |||||
Frasers Centrepoint Trust | 888,200 | 1,476 | ||||
ComfortDelGro Corp. Ltd. | 866,700 | 776 | ||||
16,814 | ||||||
Slovenia (0.1%) | ||||||
Nova Ljubljanska Banka dd GDR | 138,621 | 2,101 | ||||
South Africa (0.2%) | ||||||
2 | Thungela Resources Ltd. | 222,358 | 2,063 | |||
* | Discovery Ltd. | 46,360 | 365 | |||
2,428 | ||||||
South Korea (1.0%) | ||||||
Koh Young Technology Inc. | 477,632 | 4,747 | ||||
Park Systems Corp. | 32,557 | 3,568 | ||||
Douzone Bizon Co. Ltd. | 108,115 | 2,469 | ||||
2 | PI Advanced Materials Co. Ltd. | 87,168 | 2,136 | |||
* | Wantedlab Inc. | 89,603 | 914 | |||
SNT Motiv Co. Ltd. | 23,520 | 841 | ||||
* | Cafe24 Corp. | 34,863 | 232 | |||
Hankook Tire & Technology Co. Ltd. | 5,010 | 129 | ||||
15,036 | ||||||
Spain (0.7%) | ||||||
Fluidra SA | 260,677 | 4,465 | ||||
Bankinter SA | 539,541 | 3,191 | ||||
Almirall SA | 269,423 | 2,758 | ||||
* | Arima Real Estate SOCIMI SA | 74,003 | 605 | |||
11,019 | ||||||
Sweden (4.9%) | ||||||
Avanza Bank Holding AB | 543,925 | 11,573 | ||||
AddTech AB Class B | 516,764 | 10,357 | ||||
Hemnet Group AB | 522,368 | 8,565 | ||||
Trelleborg AB Class B | 270,364 | 6,794 | ||||
HMS Networks AB | 129,643 | 6,031 | ||||
INVISIO AB | 209,009 | 4,294 | ||||
Paradox Interactive AB | 154,641 | 3,804 | ||||
Hufvudstaden AB Class A | 209,028 | 2,981 | ||||
3 | Thule Group AB | 94,501 | 2,733 | |||
SSAB AB Class A | 383,228 | 2,722 | ||||
* | Cint Group AB | 1,553,378 | 2,443 | |||
Catena AB | 62,264 | 2,388 | ||||
Billerud AB | 232,337 | 2,231 | ||||
* | Surgical Science Sweden AB | 114,989 | 2,099 | |||
* | Xvivo Perfusion AB | 68,143 | 2,034 | |||
Cellavision AB | 93,633 | 1,597 | ||||
Fortnox AB | 212,441 | 1,464 | ||||
*,2 | Embracer Group AB Class B | 221,056 | 1,154 |
Shares | Market Value• ($000) | |||||
*,2 | VNV Global AB | 452,146 | 922 | |||
*,2 | Storytel AB Class B | 125,017 | 479 | |||
* | VNV Global AB Rights Exp. 5/4/23 | 452,146 | 2 | |||
76,667 | ||||||
Switzerland (4.5%) | ||||||
Julius Baer Group Ltd. | 146,932 | 10,529 | ||||
SIG Group AG | 299,384 | 8,013 | ||||
*,3 | Sensirion Holding AG | 73,293 | 7,952 | |||
Tecan Group AG (Registered) | 14,932 | 6,507 | ||||
Bachem Holding AG | 49,776 | 5,437 | ||||
*,3 | Montana Aerospace AG | 297,494 | 5,392 | |||
Ypsomed Holding AG (Registered) | 21,503 | 4,999 | ||||
Bossard Holding AG (Registered) Class A | 19,744 | 4,842 | ||||
* | Siegfried Holding AG (Registered) | 6,067 | 4,676 | |||
* | Dufry AG (Registered) | 66,750 | 3,086 | |||
Comet Holding AG (Registered) | 10,641 | 2,572 | ||||
* | u-blox Holding AG | 20,897 | 2,519 | |||
PSP Swiss Property AG (Registered) | 11,456 | 1,349 | ||||
Emmi AG (Registered) | 1,198 | 1,247 | ||||
SKAN Group AG | 12,789 | 1,236 | ||||
��� | 70,356 | |||||
Taiwan (4.7%) | ||||||
Airtac International Group | 424,593 | 15,410 | ||||
Global Unichip Corp. | 369,000 | 12,038 | ||||
Chroma ATE Inc. | 1,615,694 | 10,030 | ||||
ASPEED Technology Inc. | 77,200 | 6,611 | ||||
Voltronic Power Technology Corp. | 102,252 | 5,879 | ||||
Sinbon Electronics Co. Ltd. | 423,000 | 4,690 | ||||
Advantech Co. Ltd. | 331,000 | 4,008 | ||||
Merida Industry Co. Ltd. | 703,000 | 3,937 | ||||
Nanya Technology Corp. | 1,761,000 | 3,903 | ||||
Nien Made Enterprise Co. Ltd. | 336,000 | 3,699 | ||||
Vanguard International Semiconductor Corp. | 738,000 | 2,092 | ||||
TCI Co. Ltd. | 269,000 | 1,818 | ||||
74,115 | ||||||
United Kingdom (16.1%) | ||||||
Spectris plc | 235,536 | 11,154 | ||||
Games Workshop Group plc | 84,084 | 10,495 | ||||
Beazley plc | 1,357,963 | 10,188 | ||||
Rotork plc | 2,243,556 | 9,246 | ||||
IMI plc | 455,956 | 9,148 | ||||
Cranswick plc | 164,762 | 6,663 |
Shares | Market Value• ($000) | |||||
*,3 | Network International Holdings plc | 1,305,650 | 6,359 | |||
RS Group plc | 535,195 | 6,209 | ||||
Safestore Holdings plc | 496,366 | 6,187 | ||||
Pets at Home Group plc | 1,080,000 | 5,239 | ||||
Dunelm Group plc | 349,500 | 5,032 | ||||
Softcat plc | 288,530 | 4,861 | ||||
Weir Group plc | 205,500 | 4,756 | ||||
* | Abcam plc ADR | 287,857 | 4,689 | |||
*,2 | Victoria plc | 712,593 | 4,674 | |||
Alpha Group International plc | 168,398 | 4,592 | ||||
Keywords Studios plc | 133,598 | 4,545 | ||||
Shaftesbury Capital plc | 3,025,402 | 4,475 | ||||
QinetiQ Group plc | 940,000 | 4,392 | ||||
Pennon Group plc | 396,184 | 4,285 | ||||
Burford Capital Ltd. | 318,847 | 4,194 | ||||
Dechra Pharmaceuticals plc | 88,500 | 4,154 | ||||
Smart Metering Systems plc | 414,201 | 4,133 | ||||
3 | ConvaTec Group plc | 1,446,507 | 3,999 | |||
Bodycote plc | 448,000 | 3,891 | ||||
* | FD Technologies plc | 160,618 | 3,807 | |||
3 | Sabre Insurance Group plc | 2,270,605 | 3,610 | |||
*,3 | Watches of Switzerland Group plc | 343,941 | 3,600 | |||
Halma plc | 122,500 | 3,563 | ||||
Telecom Plus plc | 150,000 | 3,402 | ||||
3 | Auto Trader Group plc | 425,000 | 3,399 | |||
*,3 | Trainline plc | 1,082,532 | 3,387 | |||
* | SSP Group plc | 1,019,951 | 3,304 | |||
*,2 | Verona Pharma plc ADR | 154,515 | 3,237 | |||
Redrow plc | 480,000 | 3,129 | ||||
* | easyJet plc | 477,670 | 2,997 | |||
Vistry Group plc | 302,000 | 2,977 | ||||
B&M European Value Retail SA | 477,813 | 2,885 | ||||
*,2 | Immunocore Holdings plc ADR | 47,800 | 2,775 | |||
IG Group Holdings plc | 290,000 | 2,677 | ||||
WH Smith plc | 134,480 | 2,668 | ||||
LondonMetric Property plc | 1,100,000 | 2,668 | ||||
* | Oxford Nanopore Technologies plc | 924,275 | 2,667 | |||
Greggs plc | 73,561 | 2,613 | ||||
Taylor Wimpey plc | 1,606,640 | 2,593 | ||||
Segro plc | 230,000 | 2,421 | ||||
Diploma plc | 70,500 | 2,389 | ||||
Energean plc | 149,925 | 2,329 | ||||
Renishaw plc | 50,000 | 2,268 | ||||
Berkeley Group Holdings plc | 39,827 | 2,229 | ||||
* | Team17 Group plc | 486,695 | 2,213 | |||
* | Restaurant Group plc | 4,305,661 | 2,191 |
Shares | Market Value• ($000) | |||||
National Express Group plc | 1,429,433 | 2,185 | ||||
* | Wise plc Class A | 300,000 | 2,077 | |||
Ithaca Energy plc | 995,395 | 1,999 | ||||
Keller Group plc | 235,000 | 1,971 | ||||
Tate & Lyle plc | 187,029 | 1,918 | ||||
Derwent London plc | 58,962 | 1,780 | ||||
dotdigital group plc | 1,573,557 | 1,765 | ||||
3 | Bridgepoint Group plc | 550,000 | 1,671 | |||
Impax Asset Management Group plc | 163,348 | 1,615 | ||||
*,3 | Trustpilot Group plc | 1,377,243 | 1,529 | |||
Harbour Energy plc | 400,251 | 1,245 | ||||
*,3 | DP Eurasia NV | 2,352,397 | 1,239 | |||
* | Elementis plc | 769,472 | 1,215 | |||
* | Molten Ventures plc | 328,732 | 1,158 | |||
TP ICAP Group plc | 449,940 | 963 | ||||
*,2 | Naked Wines plc | 628,822 | 891 | |||
Synthomer plc | 436,779 | 658 | ||||
* | Angle plc | 1,465,172 | 419 | |||
UNITE Group plc | 31,632 | 382 | ||||
Marshalls plc | 87,426 | 330 | ||||
252,568 | ||||||
United States (0.1%) | ||||||
* | Merus NV | 118,164 | 2,266 | |||
Total Common Stocks (Cost $1,362,401) | 1,503,930 | |||||
Temporary Cash Investments (4.9%) | ||||||
Money Market Fund (4.5%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 4.853% | 709,159 | 70,908 |
Face Amount ($000) | Market Value• ($000) | |||||
Repurchase Agreements (0.4%) | ||||||
Goldman Sachs & Co. 4.750%, 5/1/2023 (Dated 4/28/23, Repurchase Value $5,402,000, collateralized by Fannie Mae 3.500%–5.000%, 6/1/45–12/1/49, and Freddie Mac 3.500%–5.500%, 8/1/42–3/1/53, with a value of $5,508,000) | 5,400 | 5,400 | ||||
Total Temporary Cash Investments (Cost $76,297) | 76,308 | |||||
Total Investments (100.8%) (Cost $1,438,698) | 1,580,238 | |||||
Other Assets and Liabilities—Net (-0.8%) | (12,754) | |||||
Net Assets (100%) | 1,567,484 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $23,862,000. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $80,895,000, representing 5.2% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $26,678,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | June 2023 | 223 | 23,968 | 453 |
MSCI Emerging Market Index | June 2023 | 180 | 8,858 | (89) |
364 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,367,801) | 1,509,330 |
Affiliated Issuers (Cost $70,897) | 70,908 |
Total Investments in Securities | 1,580,238 |
Investment in Vanguard | 56 |
Foreign Currency, at Value (Cost $1,435) | 1,435 |
Cash Collateral Pledged—Futures Contracts | 990 |
Receivables for Investment Securities Sold | 10,598 |
Receivables for Accrued Income | 13,442 |
Receivables for Capital Shares Issued | 254 |
Variation Margin Receivable—Futures Contracts | 22 |
Total Assets | 1,607,035 |
Liabilities | |
Due to Custodian | 4,623 |
Payables for Investment Securities Purchased | 5,932 |
Collateral for Securities on Loan | 26,678 |
Payables for Capital Shares Redeemed | 732 |
Payables to Investment Advisor | 1,133 |
Payables to Vanguard | 453 |
Total Liabilities | 39,551 |
Net Assets | 1,567,484 |
1 Includes $23,862,000 of securities on loan. | |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 1,574,660 |
Total Distributable Earnings (Loss) | (7,176) |
Net Assets | 1,567,484 |
Net Assets | |
Applicable to 93,839,888 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,567,484 |
Net Asset Value Per Share | $16.70 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 15,204 |
Interest2 | 1,046 |
Securities Lending—Net | 1,102 |
Total Income | 17,352 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 2,215 |
Performance Adjustment | 30 |
The Vanguard Group—Note C | |
Management and Administrative | 1,213 |
Marketing and Distribution | 39 |
Custodian Fees | 105 |
Shareholders’ Reports | 40 |
Trustees’ Fees and Expenses | — |
Other Expenses | 190 |
Total Expenses | 3,832 |
Net Investment Income | 13,520 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (13,886) |
Futures Contracts | 2,980 |
Foreign Currencies | 156 |
Realized Net Gain (Loss) | (10,750) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 311,707 |
Futures Contracts | (607) |
Foreign Currencies | 658 |
Change in Unrealized Appreciation (Depreciation) | 311,758 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 314,528 |
1 | Dividends include foreign tax reclaims of $1,329,000 and are net of foreign withholding taxes of $2,062,000. |
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 $859,000, $8,000, less than $1,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 13,520 | 39,758 | |
Realized Net Gain (Loss) | (10,750) | (140,633) | |
Change in Unrealized Appreciation (Depreciation) | 311,758 | (835,825) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 314,528 | (936,700) | |
Distributions | |||
Total Distributions | (26,822) | (121,682) | |
Capital Share Transactions | |||
Issued | 83,357 | 212,144 | |
Issued in Lieu of Cash Distributions | 21,893 | 102,893 | |
Redeemed | (272,346) | (624,760) | |
Net Increase (Decrease) from Capital Share Transactions | (167,096) | (309,723) | |
Total Increase (Decrease) | 120,610 | (1,368,105) | |
Net Assets | |||
Beginning of Period | 1,446,874 | 2,814,979 | |
End of Period | 1,567,484 | 1,446,874 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $13.87 | $22.70 | $16.90 | $17.22 | $17.86 | $21.87 |
Investment Operations | ||||||
Net Investment Income1 | .137 | .337 | .280 | .211 | .379 | .369 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.957 | (8.145) | 5.736 | (.081) | .300 | (3.032) |
Total from Investment Operations | 3.094 | (7.808) | 6.016 | .130 | .679 | (2.663) |
Distributions | ||||||
Dividends from Net Investment Income | (.264) | (.487) | (.216) | (.450) | (.289) | (.447) |
Distributions from Realized Capital Gains | — | (.535) | — | — | (1.030) | (.900) |
Total Distributions | (.264) | (1.022) | (.216) | (.450) | (1.319) | (1.347) |
Net Asset Value, End of Period | $16.70 | $13.87 | $22.70 | $16.90 | $17.22 | $17.86 |
Total Return2 | 22.52% | -35.83% | 35.79% | 0.62% | 4.85% | -13.08% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,567 | $1,447 | $2,815 | $2,329 | $3,163 | $3,649 |
Ratio of Total Expenses to Average Net Assets3 | 0.49% | 0.41%4 | 0.40% | 0.39% | 0.39% | 0.39% |
Ratio of Net Investment Income to Average Net Assets | 1.73% | 1.94% | 1.30% | 1.29% | 2.28% | 1.75% |
Portfolio Turnover Rate | 22% | 60% | 51% | 71% | 35% | 40% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.00%, (0.06%), (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 | 111,772 | 1,390,975 | 1,183 | 1,503,930 |
Temporary Cash Investments | 70,908 | 5,400 | — | 76,308 |
Total | 182,680 | 1,396,375 | 1,183 | 1,580,238 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 453 | — | — | 453 |
Liabilities | ||||
Futures Contracts1 | 89 | — | — | 89 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Tax Cost | 1,456,854 |
Gross Unrealized Appreciation | 306,332 |
Gross Unrealized Depreciation | (182,584) |
Net Unrealized Appreciation (Depreciation) | 123,748 |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
Shares (000) | Shares (000) | ||
Issued | 5,253 | 12,320 | |
Issued in Lieu of Cash Distributions | 1,457 | 5,056 | |
Redeemed | (17,213) | (37,018) | |
Net Increase (Decrease) in Shares Outstanding | (10,503) | (19,642) |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,020.30 | $0.30 |
Admiral™ Shares | 1,000.00 | 1,020.30 | 0.40 |
Based on Hypothetical 5% Yearly Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.50 | $0.30 |
Admiral Shares | 1,000.00 | 1,024.40 | 0.40 |
Basic Materials | 2.4% |
Consumer Discretionary | 9.3 |
Consumer Staples | 13.8 |
Energy | 10.9 |
Financials | 19.1 |
Health Care | 13.2 |
Industrials | 11.7 |
Real Estate | 0.0 |
Technology | 6.7 |
Telecommunications | 4.9 |
Utilities | 8.0 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (2.4%) | ||||||
Air Products and Chemicals Inc. | 1,009,167 | 297,059 | ||||
Dow Inc. | 3,207,827 | 174,506 | ||||
Newmont Corp. | 3,620,315 | 171,603 | ||||
Fastenal Co. | 2,621,289 | 141,130 | ||||
International Flavors & Fragrances Inc. | 1,160,609 | 112,533 | ||||
LyondellBasell Industries NV Class A | 1,170,208 | 110,713 | ||||
Reliance Steel & Aluminum Co. | 265,917 | 65,894 | ||||
CF Industries Holdings Inc. | 891,182 | 63,791 | ||||
International Paper Co. | 1,617,308 | 53,549 | ||||
Celanese Corp. Class A | 493,018 | 52,378 | ||||
Eastman Chemical Co. | 544,425 | 45,879 | ||||
Southern Copper Corp. | 388,404 | 29,841 | ||||
Huntsman Corp. | 829,011 | 22,209 | ||||
Chemours Co. | 669,772 | 19,470 | ||||
Cabot Corp. | 251,528 | 18,050 | ||||
Avient Corp. | 411,654 | 15,853 | ||||
Sensient Technologies Corp. | 190,304 | 14,170 | ||||
Scotts Miracle-Gro Co. | 183,598 | 12,266 | ||||
Carpenter Technology Corp. | 215,782 | 11,380 | ||||
Worthington Industries Inc. | 141,830 | 8,423 | ||||
Tronox Holdings plc | 527,558 | 7,222 | ||||
Mativ Holdings Inc. | 247,174 | 4,788 | ||||
Kaiser Aluminum Corp. | 71,934 | 4,728 | ||||
Linde plc | 570 | 211 | ||||
Steel Dynamics Inc. | 12 | 1 | ||||
1,457,647 | ||||||
Consumer Discretionary (9.3%) | ||||||
Home Depot Inc. | 4,649,871 | 1,397,472 | ||||
McDonald's Corp. | 3,371,298 | 997,061 | ||||
Walmart Inc. | 6,484,243 | 978,926 | ||||
Starbucks Corp. | 5,227,464 | 597,447 | ||||
Target Corp. | 2,111,112 | 333,028 |
Shares | Market Value• ($000) | |||||
Ford Motor Co. | 17,966,488 | 213,442 | ||||
Genuine Parts Co. | 632,221 | 106,409 | ||||
Darden Restaurants Inc. | 557,528 | 84,705 | ||||
Omnicom Group Inc. | 912,418 | 82,638 | ||||
Garmin Ltd. | 701,900 | 68,906 | ||||
Best Buy Co. Inc. | 900,552 | 67,109 | ||||
Interpublic Group of Cos. Inc. | 1,766,184 | 63,106 | ||||
1 | Paramount Global Class B | 2,075,540 | 48,422 | |||
Vail Resorts Inc. | 183,104 | 44,040 | ||||
Tapestry Inc. | 1,075,917 | 43,908 | ||||
VF Corp. | 1,592,272 | 37,434 | ||||
Williams-Sonoma Inc. | 301,716 | 36,520 | ||||
Hasbro Inc. | 598,531 | 35,445 | ||||
Whirlpool Corp. | 242,883 | 33,904 | ||||
Advance Auto Parts Inc. | 269,814 | 33,870 | ||||
Autoliv Inc. | 392,834 | 33,709 | ||||
Polaris Inc. | 250,393 | 27,205 | ||||
H&R Block Inc. | 692,068 | 23,468 | ||||
Ralph Lauren Corp. Class A | 184,495 | 21,178 | ||||
Newell Brands Inc. | 1,720,653 | 20,906 | ||||
Macy's Inc. | 1,228,324 | 20,071 | ||||
Leggett & Platt Inc. | 605,002 | 19,548 | ||||
TEGNA Inc. | 1,007,096 | 17,221 | ||||
Wendy's Co. | 775,605 | 17,141 | ||||
Penske Automotive Group Inc. | 117,321 | 16,258 | ||||
Foot Locker Inc. | 364,754 | 15,316 | ||||
Travel + Leisure Co. | 362,807 | 13,885 | ||||
LCI Industries | 112,365 | 12,693 | ||||
International Game Technology plc | 444,113 | 12,497 | ||||
Steven Madden Ltd. | 347,845 | 12,188 | ||||
1 | Sirius XM Holdings Inc. | 3,191,327 | 12,127 | |||
Carter's Inc. | 169,541 | 11,829 | ||||
Kontoor Brands Inc. | 251,280 | 11,350 | ||||
Kohl's Corp. | 500,145 | 11,018 | ||||
MDC Holdings Inc. | 264,939 | 10,855 | ||||
Cracker Barrel Old Country Store Inc. | 99,999 | 10,616 |
Shares | Market Value• ($000) | |||||
Bloomin' Brands Inc. | 394,471 | 9,771 | ||||
Strategic Education Inc. | 102,448 | 9,015 | ||||
Jack in the Box Inc. | 94,108 | 8,723 | ||||
Dana Inc. | 582,775 | 8,619 | ||||
Gap Inc. | 883,687 | 8,483 | ||||
1 | Nordstrom Inc. | 510,886 | 7,898 | |||
John Wiley & Sons Inc. Class A | 193,619 | 7,468 | ||||
Cheesecake Factory Inc. | 219,967 | 7,411 | ||||
Oxford Industries Inc. | 67,581 | 6,974 | ||||
Upbound Group Inc. | 227,043 | 6,053 | ||||
Wolverine World Wide Inc. | 351,505 | 5,884 | ||||
MillerKnoll Inc. | 344,945 | 5,868 | ||||
La-Z-Boy Inc. | 195,116 | 5,606 | ||||
HNI Corp. | 187,038 | 4,859 | ||||
Dine Brands Global Inc. | 67,081 | 4,356 | ||||
Sinclair Broadcast Group Inc. Class A | 181,527 | 3,611 | ||||
Steelcase Inc. Class A | 396,472 | 3,172 | ||||
Guess? Inc. | 140,342 | 2,645 | ||||
5,771,287 | ||||||
Consumer Staples (13.8%) | ||||||
Procter & Gamble Co. | 10,767,308 | 1,683,792 | ||||
PepsiCo Inc. | 6,305,841 | 1,203,722 | ||||
Coca-Cola Co. | 17,810,853 | 1,142,566 | ||||
Philip Morris International Inc. | 7,065,755 | 706,364 | ||||
Mondelez International Inc. Class A | 6,214,054 | 476,742 | ||||
CVS Health Corp. | 5,851,657 | 428,985 | ||||
Altria Group Inc. | 8,198,833 | 389,527 | ||||
Colgate-Palmolive Co. | 3,773,755 | 301,146 | ||||
General Mills Inc. | 2,686,860 | 238,136 | ||||
Kimberly-Clark Corp. | 1,533,472 | 222,185 | ||||
Archer-Daniels-Midland Co. | 2,491,055 | 194,502 | ||||
Hershey Co. | 664,757 | 181,519 | ||||
Sysco Corp. | 2,314,225 | 177,594 | ||||
Kroger Co. | 2,986,711 | 145,244 | ||||
Kraft Heinz Co. | 3,182,366 | 124,971 | ||||
Walgreens Boots Alliance Inc. | 3,267,887 | 115,193 | ||||
Conagra Brands Inc. | 2,142,268 | 81,320 | ||||
Kellogg Co. | 1,160,763 | 80,986 | ||||
Tyson Foods Inc. Class A | 1,266,763 | 79,160 | ||||
Clorox Co. | 458,179 | 75,884 | ||||
J M Smucker Co. | 469,086 | 72,432 | ||||
Coca-Cola Europacific Partners plc | 919,859 | 59,303 | ||||
Bunge Ltd. | 629,623 | 58,933 | ||||
Hormel Foods Corp. | 1,305,151 | 52,780 | ||||
Campbell Soup Co. | 882,562 | 47,923 | ||||
Molson Coors Beverage Co. Class B | 796,995 | 47,405 |
Shares | Market Value• ($000) | |||||
Ingredion Inc. | 298,101 | 31,649 | ||||
Flowers Foods Inc. | 854,592 | 23,510 | ||||
Albertsons Cos. Inc. Class A | 1,061,798 | 22,192 | ||||
Spectrum Brands Holdings Inc. | 181,298 | 12,056 | ||||
Energizer Holdings Inc. | 324,452 | 10,846 | ||||
Nu Skin Enterprises Inc. Class A | 222,021 | 8,761 | ||||
Vector Group Ltd. | 648,733 | 8,265 | ||||
Cal-Maine Foods Inc. | 171,841 | 8,162 | ||||
Reynolds Consumer Products Inc. | 248,729 | 6,972 | ||||
Weis Markets Inc. | 74,584 | 6,152 | ||||
Universal Corp. | 108,875 | 5,976 | ||||
B&G Foods Inc. | 321,446 | 5,156 | ||||
Medifast Inc. | 49,356 | 4,523 | ||||
8,542,534 | ||||||
Energy (10.9%) | ||||||
Exxon Mobil Corp. | 18,797,341 | 2,224,477 | ||||
Chevron Corp. | 8,823,168 | 1,487,410 | ||||
ConocoPhillips | 5,592,743 | 575,437 | ||||
EOG Resources Inc. | 2,665,311 | 318,425 | ||||
Schlumberger NV | 6,438,138 | 317,722 | ||||
Marathon Petroleum Corp. | 2,065,647 | 252,009 | ||||
Phillips 66 | 2,122,967 | 210,174 | ||||
Valero Energy Corp. | 1,752,714 | 200,984 | ||||
Williams Cos. Inc. | 5,546,939 | 167,850 | ||||
Kinder Morgan Inc. | 9,049,777 | 155,204 | ||||
ONEOK Inc. | 2,023,957 | 132,387 | ||||
Baker Hughes Co. Class A | 4,289,187 | 125,416 | ||||
Diamondback Energy Inc. | 815,161 | 115,916 | ||||
Coterra Energy Inc. | 3,573,647 | 91,485 | ||||
Targa Resources Corp. | 1,028,372 | 77,673 | ||||
APA Corp. | 1,458,469 | 53,745 | ||||
Chesapeake Energy Corp. | 551,523 | 45,600 | ||||
HF Sinclair Corp. | 614,339 | 27,098 | ||||
Chord Energy Corp. | 187,804 | 26,730 | ||||
Murphy Oil Corp. | 666,436 | 24,465 | ||||
Civitas Resources Inc. | 333,282 | 23,013 | ||||
DT Midstream Inc. | 440,729 | 21,715 | ||||
Antero Midstream Corp. | 1,528,986 | 16,452 | ||||
Helmerich & Payne Inc. | 464,882 | 15,415 | ||||
Northern Oil & Gas Inc. | 299,419 | 9,932 | ||||
Equitrans Midstream Corp. | 1,858,103 | 9,569 | ||||
Arch Resources Inc. | 67,389 | 8,238 | ||||
New Fortress Energy Inc. | 251,493 | 7,618 | ||||
Delek US Holdings Inc. | 315,082 | 6,853 | ||||
Archrock Inc. | 614,767 | 6,326 | ||||
CVR Energy Inc. | 134,178 | 3,534 | ||||
Enviva Inc. | 139,678 | 3,003 | ||||
6,761,875 |
Shares | Market Value• ($000) | |||||
Financials (19.0%) | ||||||
JPMorgan Chase & Co. | 13,305,482 | 1,839,350 | ||||
Bank of America Corp. | 32,059,776 | 938,710 | ||||
Wells Fargo & Co. | 17,515,587 | 696,245 | ||||
Goldman Sachs Group Inc. | 1,498,609 | 514,682 | ||||
Morgan Stanley | 5,620,984 | 505,720 | ||||
BlackRock Inc. | 676,493 | 454,062 | ||||
Citigroup Inc. | 8,827,168 | 415,495 | ||||
Chubb Ltd. | 1,902,825 | 383,533 | ||||
Progressive Corp. | 2,660,943 | 362,953 | ||||
CME Group Inc. | 1,634,579 | 303,656 | ||||
Blackstone Inc. | 3,233,627 | 288,860 | ||||
PNC Financial Services Group Inc. | 1,834,932 | 239,000 | ||||
US Bancorp | 6,302,896 | 216,063 | ||||
Truist Financial Corp. | 6,059,152 | 197,407 | ||||
Aflac Inc. | 2,777,823 | 194,031 | ||||
Travelers Cos. Inc. | 1,065,558 | 193,015 | ||||
MetLife Inc. | 3,009,738 | 184,587 | ||||
American International Group Inc. | 3,385,800 | 179,583 | ||||
Ameriprise Financial Inc. | 479,035 | 146,163 | ||||
Prudential Financial Inc. | 1,676,542 | 145,859 | ||||
Bank of New York Mellon Corp. | 3,345,168 | 142,471 | ||||
Apollo Global Management Inc. | 2,202,378 | 139,609 | ||||
Allstate Corp. | 1,203,730 | 139,344 | ||||
Discover Financial Services | 1,214,597 | 125,674 | ||||
State Street Corp. | 1,588,464 | 114,782 | ||||
T. Rowe Price Group Inc. | 1,001,959 | 112,550 | ||||
Hartford Financial Services Group Inc. | 1,444,815 | 102,567 | ||||
M&T Bank Corp. | 782,967 | 98,497 | ||||
Principal Financial Group Inc. | 1,102,206 | 82,324 | ||||
Fifth Third Bancorp | 3,102,930 | 81,297 | ||||
Regions Financial Corp. | 4,256,700 | 77,727 | ||||
Cincinnati Financial Corp. | 697,789 | 74,273 | ||||
Huntington Bancshares Inc. | 6,535,957 | 73,203 | ||||
Northern Trust Corp. | 935,783 | 73,141 | ||||
Citizens Financial Group Inc. | 2,223,651 | 68,800 | ||||
Everest Re Group Ltd. | 177,165 | 66,968 | ||||
Ares Management Corp. Class A | 698,189 | 61,154 | ||||
KeyCorp | 4,231,014 | 47,641 | ||||
Equitable Holdings Inc. | 1,678,450 | 43,623 | ||||
Reinsurance Group of America Inc. | 304,303 | 43,308 | ||||
First Horizon Corp. | 2,409,753 | 42,291 | ||||
Credicorp Ltd. | 310,047 | 42,005 | ||||
Fidelity National Financial Inc. | 1,182,778 | 41,977 |
Shares | Market Value• ($000) | |||||
Unum Group | 902,404 | 38,081 | ||||
American Financial Group Inc. | 305,909 | 37,544 | ||||
Ally Financial Inc. | 1,358,978 | 35,850 | ||||
Franklin Resources Inc. | 1,297,732 | 34,883 | ||||
East West Bancorp Inc. | 644,200 | 33,299 | ||||
New York Community Bancorp Inc. | 3,049,328 | 32,597 | ||||
Old Republic International Corp. | 1,269,577 | 32,082 | ||||
Assurant Inc. | 241,891 | 29,784 | ||||
Webster Financial Corp. | 787,351 | 29,368 | ||||
Cullen/Frost Bankers Inc. | 265,722 | 29,296 | ||||
Invesco Ltd. | 1,698,028 | 29,087 | ||||
Jefferies Financial Group Inc. | 899,814 | 28,821 | ||||
Carlyle Group Inc. | 941,675 | 28,561 | ||||
First American Financial Corp. | 458,752 | 26,429 | ||||
Comerica Inc. | 595,316 | 25,819 | ||||
Prosperity Bancshares Inc. | 398,177 | 24,934 | ||||
RLI Corp. | 176,982 | 24,609 | ||||
SouthState Corp. | 339,048 | 23,388 | ||||
Houlihan Lokey Inc. Class A | 229,772 | 20,997 | ||||
Synovus Financial Corp. | 654,808 | 20,168 | ||||
Columbia Banking System Inc. | 941,827 | 20,117 | ||||
OneMain Holdings Inc. | 521,953 | 20,027 | ||||
Axis Capital Holdings Ltd. | 353,756 | 20,001 | ||||
MGIC Investment Corp. | 1,343,179 | 19,973 | ||||
United Bankshares Inc. | 590,287 | 19,556 | ||||
Hanover Insurance Group Inc. | 161,319 | 19,287 | ||||
Popular Inc. | 320,230 | 19,217 | ||||
Evercore Inc. Class A | 165,797 | 18,912 | ||||
FNB Corp. | 1,627,841 | 18,688 | ||||
Zions Bancorp NA | 669,575 | 18,654 | ||||
Home BancShares Inc. | 850,265 | 18,510 | ||||
Valley National Bancorp | 1,947,997 | 18,272 | ||||
Bank OZK | 508,640 | 18,169 | ||||
Old National Bancorp | 1,326,060 | 17,783 | ||||
FirstCash Holdings Inc. | 170,191 | 17,535 | ||||
Radian Group Inc. | 711,950 | 17,279 | ||||
Lincoln National Corp. | 771,559 | 16,766 | ||||
Glacier Bancorp Inc. | 502,661 | 16,703 | ||||
Cadence Bank | 820,085 | 16,582 | ||||
SLM Corp. | 1,088,963 | 16,356 | ||||
Janus Henderson Group plc | 618,584 | 16,052 | ||||
Hancock Whitney Corp. | 389,777 | 14,235 | ||||
Assured Guaranty Ltd. | 261,784 | 14,102 | ||||
Kemper Corp. | 288,784 | 14,049 | ||||
Jackson Financial Inc. Class A | 338,330 | 12,183 |
Shares | Market Value• ($000) | |||||
Community Bank System Inc. | 241,326 | 12,057 | ||||
Associated Banc-Corp | 674,733 | 12,031 | ||||
United Community Banks Inc. | 480,848 | 11,973 | ||||
Lazard Ltd. Class A | 376,408 | 11,782 | ||||
Independent Bank Corp. | 207,243 | 11,606 | ||||
CNO Financial Group Inc. | 515,510 | 11,568 | ||||
First Hawaiian Inc. | 580,991 | 11,103 | ||||
BOK Financial Corp. | 132,068 | 11,077 | ||||
Moelis & Co. Class A | 288,057 | 10,912 | ||||
Piper Sandler Cos. | 78,789 | 10,671 | ||||
First Interstate BancSystem Inc. Class A | 403,871 | 10,335 | ||||
Cathay General Bancorp | 315,629 | 10,059 | ||||
Atlantic Union Bankshares Corp. | 338,736 | 9,695 | ||||
First Bancorp | 814,768 | 9,574 | ||||
Pacific Premier Bancorp Inc. | 423,929 | 9,428 | ||||
Artisan Partners Asset Management Inc. Class A | 271,273 | 9,405 | ||||
Walker & Dunlop Inc. | 138,833 | 9,345 | ||||
Simmons First National Corp. Class A | 549,833 | 9,188 | ||||
CVB Financial Corp. | 602,933 | 9,026 | ||||
Fulton Financial Corp. | 733,563 | 8,751 | ||||
First Financial Bancorp | 421,152 | 8,718 | ||||
Bank of Hawaii Corp. | 177,760 | 8,609 | ||||
Virtu Financial Inc. Class A | 428,216 | 8,586 | ||||
Washington Federal Inc. | 292,834 | 8,211 | ||||
Eastern Bankshares Inc. | 695,290 | 8,100 | ||||
Banner Corp. | 154,457 | 7,711 | ||||
BankUnited Inc. | 341,213 | 7,694 | ||||
Navient Corp. | 460,472 | 7,616 | ||||
First Merchants Corp. | 258,550 | 7,545 | ||||
Towne Bank | 311,994 | 7,391 | ||||
BancFirst Corp. | 88,697 | 7,086 | ||||
Park National Corp. | 64,789 | 7,018 | ||||
Renasant Corp. | 247,194 | 6,951 | ||||
WesBanco Inc. | 258,729 | 6,887 | ||||
Cohen & Steers Inc. | 114,571 | 6,881 | ||||
Trustmark Corp. | 276,337 | 6,602 | ||||
Northwest Bancshares Inc. | 552,417 | 6,458 | ||||
Stock Yards Bancorp Inc. | 130,125 | 6,324 | ||||
Corebridge Financial Inc. | 363,008 | 6,120 | ||||
City Holding Co. | 66,991 | 6,109 | ||||
NBT Bancorp Inc. | 188,570 | 6,080 | ||||
Heartland Financial USA Inc. | 185,316 | 6,034 | ||||
Independent Bank Group Inc. | 161,497 | 5,875 |
Shares | Market Value• ($000) | |||||
Horace Mann Educators Corp. | 186,791 | 5,843 | ||||
First Commonwealth Financial Corp. | 467,034 | 5,829 | ||||
Bank of NT Butterfield & Son Ltd. | 226,052 | 5,816 | ||||
Provident Financial Services Inc. | 329,698 | 5,763 | ||||
Virtus Investment Partners Inc. | 31,452 | 5,731 | ||||
PacWest Bancorp | 526,626 | 5,345 | ||||
S&T Bancorp Inc. | 177,447 | 4,885 | ||||
Employers Holdings Inc. | 123,366 | 4,884 | ||||
CNA Financial Corp. | 124,589 | 4,848 | ||||
Westamerica Bancorp | 118,389 | 4,796 | ||||
Hope Bancorp Inc. | 524,757 | 4,775 | ||||
Sandy Spring Bancorp Inc. | 197,853 | 4,448 | ||||
Argo Group International Holdings Ltd. | 144,248 | 4,242 | ||||
Berkshire Hills Bancorp Inc. | 194,251 | 4,132 | ||||
WisdomTree Inc. | 618,849 | 3,862 | ||||
Mercury General Corp. | 121,469 | 3,694 | ||||
Brookline Bancorp Inc. | 386,638 | 3,689 | ||||
Capitol Federal Financial Inc. | 579,268 | 3,591 | ||||
Eagle Bancorp Inc. | 140,562 | 3,528 | ||||
1st Source Corp. | 73,063 | 3,045 | ||||
TFS Financial Corp. | 227,658 | 2,741 | ||||
Community Trust Bancorp Inc. | 71,192 | 2,564 | ||||
Washington Trust Bancorp Inc. | 77,623 | 2,182 | ||||
Kearny Financial Corp. | 270,253 | 2,105 | ||||
Republic Bancorp Inc. Class A | 39,183 | 1,540 | ||||
F&G Annuities & Life Inc. | 82,380 | 1,510 | ||||
Arthur J Gallagher & Co. | 40 | 8 | ||||
11,798,393 | ||||||
Health Care (13.2%) | ||||||
Johnson & Johnson | 12,003,127 | 1,964,912 | ||||
Merck & Co. Inc. | 11,538,195 | 1,332,315 | ||||
AbbVie Inc. | 8,061,133 | 1,218,198 | ||||
Pfizer Inc. | 25,785,364 | 1,002,793 | ||||
Bristol-Myers Squibb Co. | 9,708,509 | 648,237 | ||||
Amgen Inc. | 2,434,336 | 583,608 | ||||
Medtronic plc | 6,093,040 | 554,162 | ||||
Gilead Sciences Inc. | 5,722,642 | 470,458 | ||||
Baxter International Inc. | 2,292,737 | 109,318 | ||||
Cardinal Health Inc. | 1,173,648 | 96,357 | ||||
Royalty Pharma plc Class A | 1,693,599 | 59,530 | ||||
Viatris Inc. | 5,517,260 | 51,476 | ||||
Organon & Co. | 1,157,881 | 28,519 | ||||
Perrigo Co. plc | 610,631 | 22,709 | ||||
Premier Inc. Class A | 535,327 | 17,843 |
Shares | Market Value• ($000) | |||||
Patterson Cos. Inc. | 393,996 | 10,681 | ||||
Healthcare Services Group Inc. | 336,343 | 5,250 | ||||
Eli Lilly & Co. | 972 | 385 | ||||
8,176,751 | ||||||
Industrials (11.7%) | ||||||
Raytheon Technologies Corp. | 6,703,491 | 669,679 | ||||
Honeywell International Inc. | 3,084,593 | 616,425 | ||||
United Parcel Service Inc. Class B | 3,356,274 | 603,492 | ||||
Union Pacific Corp. | 2,803,457 | 548,637 | ||||
Caterpillar Inc. | 2,372,814 | 519,172 | ||||
Lockheed Martin Corp. | 1,037,826 | 482,018 | ||||
Automatic Data Processing Inc. | 1,903,343 | 418,736 | ||||
Illinois Tool Works Inc. | 1,392,507 | 336,903 | ||||
Eaton Corp. plc | 1,819,100 | 304,008 | ||||
3M Co. | 2,511,013 | 266,720 | ||||
General Dynamics Corp. | 1,108,236 | 241,972 | ||||
Emerson Electric Co. | 2,588,655 | 215,531 | ||||
Johnson Controls International plc | 3,137,347 | 187,739 | ||||
PACCAR Inc. | 2,330,137 | 174,038 | ||||
L3Harris Technologies Inc. | 865,280 | 168,859 | ||||
Paychex Inc. | 1,468,969 | 161,381 | ||||
Fidelity National Information Services Inc. | 2,700,908 | 158,597 | ||||
Cummins Inc. | 641,699 | 150,825 | ||||
DuPont de Nemours Inc. | 2,088,827 | 145,633 | ||||
Hubbell Inc. Class B | 243,804 | 65,661 | ||||
Snap-on Inc. | 239,127 | 62,032 | ||||
Synchrony Financial | 1,983,159 | 58,523 | ||||
Stanley Black & Decker Inc. | 672,127 | 58,031 | ||||
Packaging Corp. of America | 415,584 | 56,212 | ||||
CH Robinson Worldwide Inc. | 528,298 | 53,289 | ||||
Watsco Inc. | 149,896 | 51,921 | ||||
RPM International Inc. | 581,048 | 47,663 | ||||
Huntington Ingalls Industries Inc. | 179,080 | 36,113 | ||||
Westrock Co. | 1,152,548 | 34,496 | ||||
nVent Electric plc | 751,194 | 31,498 | ||||
MDU Resources Group Inc. | 918,607 | 26,842 | ||||
Sonoco Products Co. | 442,501 | 26,824 | ||||
Oshkosh Corp. | 298,519 | 22,843 | ||||
Triton International Ltd. | 264,205 | 21,842 | ||||
Flowserve Corp. | 592,183 | 19,773 | ||||
MSC Industrial Direct Co. Inc. Class A | 210,655 | 19,113 | ||||
Western Union Co. | 1,697,254 | 18,551 |
Shares | Market Value• ($000) | |||||
GATX Corp. | 158,723 | 18,080 | ||||
Ryder System Inc. | 220,959 | 17,491 | ||||
ManpowerGroup Inc. | 228,480 | 17,298 | ||||
* | Crane Co. | 213,853 | 15,412 | |||
Otter Tail Corp. | 186,678 | 13,432 | ||||
ABM Industries Inc. | 299,978 | 12,773 | ||||
Crane NXT Co. | 213,853 | 10,128 | ||||
McGrath RentCorp | 110,044 | 9,781 | ||||
Kennametal Inc. | 367,750 | 9,547 | ||||
Greif Inc. Class A | 112,826 | 7,084 | ||||
Tennant Co. | 84,152 | 6,431 | ||||
1 | ZIM Integrated Shipping Services Ltd. | 372,352 | 6,356 | |||
ADT Inc. | 947,699 | 6,350 | ||||
H&E Equipment Services Inc. | 144,851 | 5,287 | ||||
1 | Golden Ocean Group Ltd. | 557,012 | 5,097 | |||
1 | Star Bulk Carriers Corp. | 225,330 | 4,757 | |||
SFL Corp. Ltd. | 521,633 | 4,742 | ||||
Apogee Enterprises Inc. | 100,903 | 4,294 | ||||
Greenbrier Cos. Inc. | 144,347 | 3,818 | ||||
TTEC Holdings Inc. | 85,552 | 2,915 | ||||
Trinseo plc | 157,789 | 2,859 | ||||
Kaman Corp. | 127,115 | 2,805 | ||||
1 | Ardagh Metal Packaging SA | 680,727 | 2,777 | |||
7,271,106 | ||||||
Real Estate (0.0%) | ||||||
Kennedy-Wilson Holdings Inc. | 533,551 | 8,953 | ||||
Technology (6.6%) | ||||||
Broadcom Inc. | 1,802,404 | 1,129,206 | ||||
Texas Instruments Inc. | 4,136,980 | 691,703 | ||||
QUALCOMM Inc. | 5,108,171 | 596,634 | ||||
Intel Corp. | 18,874,661 | 586,247 | ||||
International Business Machines Corp. | 4,102,406 | 518,585 | ||||
HP Inc. | 4,475,577 | 132,969 | ||||
Corning Inc. | 3,350,859 | 111,316 | ||||
Hewlett Packard Enterprise Co. | 5,853,751 | 83,826 | ||||
NetApp Inc. | 989,626 | 62,238 | ||||
Seagate Technology Holdings plc | 879,265 | 51,674 | ||||
Dell Technologies Inc. Class C | 1,075,397 | 46,769 | ||||
Gen Digital Inc. | 2,499,147 | 44,160 | ||||
National Instruments Corp. | 595,773 | 34,692 | ||||
Avnet Inc. | 413,588 | 17,065 | ||||
Xerox Holdings Corp. | 515,948 | 8,085 | ||||
4,115,169 | ||||||
Telecommunications (4.9%) | ||||||
Cisco Systems Inc. | 18,751,312 | 886,000 | ||||
Comcast Corp. Class A | 19,089,115 | 789,717 |
Shares | Market Value• ($000) | |||||
Verizon Communications Inc. | 19,160,300 | 743,994 | ||||
AT&T Inc. | 32,639,332 | 576,737 | ||||
Juniper Networks Inc. | 1,455,293 | 43,877 | ||||
Cogent Communications Holdings Inc. | 194,441 | 13,424 | ||||
Telephone & Data Systems Inc. | 458,006 | 4,580 | ||||
3,058,329 | ||||||
Utilities (8.0%) | ||||||
NextEra Energy Inc. | 9,054,101 | 693,816 | ||||
Southern Co. | 4,954,595 | 364,410 | ||||
Duke Energy Corp. | 3,526,780 | 348,728 | ||||
Waste Management Inc. | 1,869,856 | 310,490 | ||||
Sempra Energy | 1,433,463 | 222,889 | ||||
Dominion Energy Inc. | 3,792,862 | 216,724 | ||||
American Electric Power Co. Inc. | 2,341,210 | 216,375 | ||||
Exelon Corp. | 4,523,080 | 191,959 | ||||
Xcel Energy Inc. | 2,481,853 | 173,506 | ||||
Consolidated Edison Inc. | 1,616,125 | 159,140 | ||||
Public Service Enterprise Group Inc. | 2,267,844 | 143,328 | ||||
WEC Energy Group Inc. | 1,437,061 | 138,202 | ||||
Edison International | 1,711,834 | 125,991 | ||||
Eversource Energy | 1,567,710 | 121,670 | ||||
Ameren Corp. | 1,171,917 | 104,265 | ||||
FirstEnergy Corp. | 2,603,288 | 103,611 | ||||
Entergy Corp. | 924,032 | 99,407 | ||||
DTE Energy Co. | 878,444 | 98,746 | ||||
PPL Corp. | 3,354,383 | 96,338 | ||||
CenterPoint Energy Inc. | 2,869,740 | 87,441 | ||||
CMS Energy Corp. | 1,317,754 | 82,043 | ||||
Atmos Energy Corp. | 646,982 | 73,847 | ||||
AES Corp. | 3,038,042 | 71,880 | ||||
Alliant Energy Corp. | 1,140,090 | 62,865 | ||||
Evergy Inc. | 1,011,193 | 62,805 | ||||
NiSource Inc. | 1,849,412 | 52,634 | ||||
Essential Utilities Inc. | 1,053,614 | 44,989 | ||||
Vistra Corp. | 1,788,886 | 42,683 | ||||
Pinnacle West Capital Corp. | 513,359 | 40,278 | ||||
OGE Energy Corp. | 952,417 | 35,754 | ||||
NRG Energy Inc. | 966,749 | 33,034 | ||||
UGI Corp. | 953,666 | 32,310 | ||||
IDACORP Inc. | 228,902 | 25,436 | ||||
New Jersey Resources Corp. | 435,280 | 22,478 | ||||
National Fuel Gas Co. | 399,453 | 22,329 |
Shares | Market Value• ($000) | |||||
Portland General Electric Co. | 404,416 | 20,472 | ||||
Hawaiian Electric Industries Inc. | 494,636 | 19,395 | ||||
Black Hills Corp. | 294,790 | 19,247 | ||||
ONE Gas Inc. | 243,641 | 18,748 | ||||
PNM Resources Inc. | 387,324 | 18,642 | ||||
Southwest Gas Holdings Inc. | 302,877 | 16,961 | ||||
ALLETE Inc. | 259,184 | 16,168 | ||||
Spire Inc. | 230,536 | 15,614 | ||||
NorthWestern Corp. | 263,292 | 15,434 | ||||
Avista Corp. | 334,987 | 14,763 | ||||
Avangrid Inc. | 322,296 | 12,976 | ||||
MGE Energy Inc. | 164,586 | 12,609 | ||||
Clearway Energy Inc. Class C | 375,401 | 11,401 | ||||
SJW Group | 122,863 | 9,328 | ||||
Atlantica Sustainable Infrastructure plc | 285,202 | 7,592 | ||||
Northwest Natural Holding Co. | 157,645 | 7,403 | ||||
Clearway Energy Inc. Class A | 154,359 | 4,473 | ||||
4,963,627 | ||||||
Total Common Stocks (Cost $53,100,331) | 61,925,671 | |||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 4.853% (Cost $96,534) | 965,497 | 96,540 | |||
Total Investments (100.0%) (Cost $53,196,865) | 62,022,211 | |||||
Other Assets and Liabilities—Net (0.0%) | 18,653 | |||||
Net Assets (100%) | 62,040,864 |
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 $67,132,000. |
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 $69,818,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2023 | 437 | 91,519 | 4,870 |
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 | 16,299 | (4.827) | 827 | — |
Paramount Global Class B | 8/31/23 | BANA | 13,297 | (4.827) | 706 | — |
1,533 | — |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $53,100,331) | 61,925,671 |
Affiliated Issuers (Cost $96,534) | 96,540 |
Total Investments in Securities | 62,022,211 |
Investment in Vanguard | 2,171 |
Cash | 16,207 |
Cash Collateral Pledged—Futures Contracts | 4,900 |
Receivables for Accrued Income | 96,036 |
Receivables for Capital Shares Issued | 4,616 |
Variation Margin Receivable—Futures Contracts | 759 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,533 |
Total Assets | 62,148,433 |
Liabilities | |
Payables for Investment Securities Purchased | 25,640 |
Collateral for Securities on Loan | 69,818 |
Payables for Capital Shares Redeemed | 10,484 |
Payables to Vanguard | 1,627 |
Total Liabilities | 107,569 |
Net Assets | 62,040,864 |
1 Includes $67,132,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 54,251,546 |
Total Distributable Earnings (Loss) | 7,789,318 |
Net Assets | 62,040,864 |
ETF Shares—Net Assets | |
Applicable to 465,925,492 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 49,782,790 |
Net Asset Value Per Share—ETF Shares | $106.85 |
Admiral Shares—Net Assets | |
Applicable to 380,463,890 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,258,074 |
Net Asset Value Per Share—Admiral Shares | $32.22 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,014,828 |
Interest2 | 501 |
Securities Lending—Net | 1,379 |
Total Income | 1,016,708 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 729 |
Management and Administrative—ETF Shares | 12,089 |
Management and Administrative—Admiral Shares | 4,317 |
Marketing and Distribution—ETF Shares | 1,131 |
Marketing and Distribution—Admiral Shares | 277 |
Custodian Fees | 471 |
Shareholders’ Reports—ETF Shares | 638 |
Shareholders’ Reports—Admiral Shares | 114 |
Trustees’ Fees and Expenses | 13 |
Other Expenses | 7 |
Total Expenses | 19,786 |
Expenses Paid Indirectly | (2) |
Net Expenses | 19,784 |
Net Investment Income | 996,924 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 1,717,392 |
Futures Contracts | 760 |
Swap Contracts | 5,002 |
Realized Net Gain (Loss) | 1,723,154 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,495,473) |
Futures Contracts | 3,163 |
Swap Contracts | (62) |
Change in Unrealized Appreciation (Depreciation) | (1,492,372) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,227,706 |
1 | Dividends are net of foreign withholding taxes of $871,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $403,000, $3,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $2,124,750,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 996,924 | 1,684,583 | |
Realized Net Gain (Loss) | 1,723,154 | 639,561 | |
Change in Unrealized Appreciation (Depreciation) | (1,492,372) | (1,659,684) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,227,706 | 664,460 | |
Distributions | |||
ETF Shares | (779,132) | (1,318,564) | |
Admiral Shares | (193,285) | (352,553) | |
Total Distributions | (972,417) | (1,671,117) | |
Capital Share Transactions | |||
ETF Shares | 887,862 | 9,692,470 | |
Admiral Shares | 9,799 | 1,017,487 | |
Net Increase (Decrease) from Capital Share Transactions | 897,661 | 10,709,957 | |
Total Increase (Decrease) | 1,152,950 | 9,703,300 | |
Net Assets | |||
Beginning of Period | 60,887,914 | 51,184,614 | |
End of Period | 62,040,864 | 60,887,914 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $106.42 | $108.42 | $79.49 | $89.60 | $83.26 | $82.46 |
Investment Operations | ||||||
Net Investment Income1 | 1.730 | 3.232 | 3.010 | 2.950 | 2.891 | 2.623 |
Net Realized and Unrealized Gain (Loss) on Investments | .392 | (2.016) | 28.887 | (10.184) | 6.251 | .731 |
Total from Investment Operations | 2.122 | 1.216 | 31.897 | (7.234) | 9.142 | 3.354 |
Distributions | ||||||
Dividends from Net Investment Income | (1.692) | (3.216) | (2.967) | (2.876) | (2.802) | (2.554) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.692) | (3.216) | (2.967) | (2.876) | (2.802) | (2.554) |
Net Asset Value, End of Period | $106.85 | $106.42 | $108.42 | $79.49 | $89.60 | $83.26 |
Total Return | 2.03% | 1.18% | 40.55% | -8.17% | 11.31% | 4.05% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $49,783 | $48,689 | $39,766 | $26,279 | $26,816 | $21,328 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06%2 | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 3.18% | 3.01% | 2.99% | 3.53% | 3.38% | 3.08% |
Portfolio Turnover Rate3 | 4% | 9% | 8% | 11% | 7% | 13% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended April 30, 2023 | Year Ended October 31, | February 7, 20191 to October 31, 2019 | ||
2022 | 2021 | 2020 | |||
Net Asset Value, Beginning of Period | $32.09 | $32.69 | $23.97 | $27.02 | $25.00 |
Investment Operations | |||||
Net Investment Income2 | .519 | .970 | .902 | .887 | .624 |
Net Realized and Unrealized Gain (Loss) on Investments | .118 | (.607) | 8.707 | (3.075) | 2.010 |
Total from Investment Operations | .637 | .363 | 9.609 | (2.188) | 2.634 |
Distributions | |||||
Dividends from Net Investment Income | (.507) | (.963) | (.889) | (.862) | (.614) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.507) | (.963) | (.889) | (.862) | (.614) |
Net Asset Value, End of Period | $32.22 | $32.09 | $32.69 | $23.97 | $27.02 |
Total Return3 | 2.03% | 1.19% | 40.50% | -8.19% | 10.64% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,258 | $12,199 | $11,418 | $7,665 | $8,814 |
Ratio of Total Expenses to Average Net Assets | 0.08%4 | 0.08%4 | 0.08% | 0.08% | 0.08%5 |
Ratio of Net Investment Income to Average Net Assets | 3.16% | 2.99% | 2.97% | 3.52% | 3.24%5 |
Portfolio Turnover Rate6 | 4% | 9% | 8% | 11% | 7%7 |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | 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 | 61,925,671 | — | — | 61,925,671 |
Temporary Cash Investments | 96,540 | — | — | 96,540 |
Total | 62,022,211 | — | — | 62,022,211 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 4,870 | — | — | 4,870 |
Swap Contracts | — | 1,533 | — | 1,533 |
Total | 4,870 | 1,533 | — | 6,403 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Tax Cost | 53,278,390 |
Gross Unrealized Appreciation | 11,963,932 |
Gross Unrealized Depreciation | (3,213,708) |
Net Unrealized Appreciation (Depreciation) | 8,750,224 |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 5,964,123 | 56,573 | 12,609,654 | 117,634 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (5,076,261) | (48,150) | (2,917,184) | (26,900) | |
Net Increase (Decrease)—ETF Shares | 887,862 | 8,423 | 9,692,470 | 90,734 | |
Admiral Shares | |||||
Issued | 857,840 | 26,252 | 2,387,226 | 73,103 | |
Issued in Lieu of Cash Distributions | 150,171 | 4,775 | 273,445 | 8,660 | |
Redeemed | (998,212) | (30,706) | (1,643,184) | (50,873) | |
Net Increase (Decrease)—Admiral Shares | 9,799 | 321 | 1,017,487 | 30,890 |
![](https://capedge.com/proxy/N-CSRS/0001104659-23-075871/tm2312905d8hidivyldinq62i002.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-CSRS/0001104659-23-075871/tm2312905d8ememktbdq1120i001.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 34 |
Liquidity Risk Management | 36 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,103.90 | $1.04 |
Admiral™ Shares | 1,000.00 | 1,103.90 | 1.04 |
Institutional Shares | 1,000.00 | 1,103.70 | 0.94 |
Based on Hypothetical 5% Yearly Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,023.80 | $1.00 |
Admiral Shares | 1,000.00 | 1,023.80 | 1.00 |
Institutional Shares | 1,000.00 | 1,023.90 | 0.90 |
Saudi Arabia | 10.3% |
Mexico | 10.1 |
Turkey | 7.4 |
Indonesia | 7.4 |
United Arab Emirates | 6.3 |
Qatar | 4.9 |
China | 4.2 |
Brazil | 3.6 |
Philippines | 3.5 |
Colombia | 3.3 |
Oman | 2.5 |
Panama | 2.5 |
Dominican Republic | 2.4 |
Chile | 2.3 |
Peru | 2.3 |
Bahrain | 2.0 |
South Africa | 1.8 |
Argentina | 1.8 |
Egypt | 1.7 |
Uruguay | 1.5 |
Romania | 1.3 |
Malaysia | 1.3 |
Hungary | 1.3 |
Nigeria | 1.1 |
Poland | 1.0 |
Other | 12.2 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (0.3%) | |||||
United States Treasury Note/Bond | 4.250% | 12/31/24 | 2,325 | 2,324 | |
United States Treasury Note/Bond | 4.625% | 2/28/25 | 4,945 | 4,986 | |
United States Treasury Note/Bond | 3.875% | 3/31/25 | 3,875 | 3,859 | |
United States Treasury Note/Bond | 4.000% | 2/29/28 | 465 | 475 | |
Total U.S. Government and Agency Obligations (Cost $11,632) | 11,644 | ||||
Corporate Bonds (13.6%) | |||||
Azerbaijan (0.2%) | |||||
1 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | 7,425 | 7,638 |
Brazil (0.2%) | |||||
Petrobras Global Finance BV | 6.875% | 1/20/40 | 1 | 1 | |
Petrobras Global Finance BV | 6.850% | 6/5/15 | 6,126 | 5,344 | |
5,345 | |||||
Chile (0.2%) | |||||
Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 9,800 | 7,370 | |
China (2.8%) | |||||
Bank of China Ltd. | 5.000% | 11/13/24 | 11,175 | 11,150 | |
China Cinda Finance 2015 I Ltd. | 4.250% | 4/23/25 | 6,250 | 6,078 | |
China Construction Bank Corp. | 2.450% | 6/24/30 | 7,375 | 6,972 | |
China Construction Bank Corp. | 2.850% | 1/21/32 | 7,400 | 6,987 | |
China Taiping Insurance Holdings Co. Ltd. | 6.400% | Perpetual | 3,700 | 3,798 | |
CNAC HK Finbridge Co. Ltd. | 5.125% | 3/14/28 | 6,480 | 6,398 | |
CNOOC Finance 2015 USA LLC | 3.500% | 5/5/25 | 7,750 | 7,562 | |
Industrial & Commercial Bank of China Ltd. | 4.875% | 9/21/25 | 7,290 | 7,235 | |
Industrial & Commercial Bank of China Ltd. | 3.200% | Perpetual | 22,485 | 21,081 | |
Sinopec Group Overseas Development 2015 Ltd. | 3.250% | 4/28/25 | 5,450 | 5,298 | |
Sinopec Group Overseas Development 2018 Ltd. | 2.700% | 5/13/30 | 5,550 | 5,031 | |
State Grid Overseas Investment 2014 Ltd. | 4.125% | 5/7/24 | 5,320 | 5,283 | |
State Grid Overseas Investment BVI Ltd. | 3.500% | 5/4/27 | 9,094 | 8,865 | |
101,738 | |||||
Colombia (0.6%) | |||||
Ecopetrol SA | 5.375% | 6/26/26 | 5,515 | 5,222 | |
Ecopetrol SA | 6.875% | 4/29/30 | 7,675 | 6,875 | |
Ecopetrol SA | 8.875% | 1/13/33 | 7,090 | 6,872 | |
Ecopetrol SA | 5.875% | 5/28/45 | 7,247 | 4,771 | |
23,740 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Indonesia (0.5%) | |||||
2 | Freeport Indonesia PT | 5.315% | 4/14/32 | 4,300 | 4,147 |
Freeport Indonesia PT | 5.315% | 4/14/32 | 1,175 | 1,134 | |
Pertamina Persero PT | 6.450% | 5/30/44 | 5,200 | 5,416 | |
Pertamina Persero PT | 6.500% | 11/7/48 | 200 | 208 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | 5/15/27 | 5,657 | 5,505 | |
16,410 | |||||
Kazakhstan (0.1%) | |||||
KazMunayGas National Co. JSC | 6.375% | 10/24/48 | 5,550 | 4,701 | |
Malaysia (0.9%) | |||||
Petronas Capital Ltd. | 3.500% | 3/18/25 | 5,600 | 5,485 | |
Petronas Capital Ltd. | 3.500% | 4/21/30 | 8,150 | 7,703 | |
Petronas Capital Ltd. | 4.500% | 3/18/45 | 5,500 | 5,209 | |
Petronas Capital Ltd. | 4.550% | 4/21/50 | 10,150 | 9,507 | |
2 | Petronas Capital Ltd. | 3.404% | 4/28/61 | 3,670 | 2,688 |
Petronas Capital Ltd. | 3.404% | 4/28/61 | 2,750 | 2,034 | |
32,626 | |||||
Mexico (3.9%) | |||||
Mexico City Airport Trust | 5.500% | 7/31/47 | 7,779 | 6,023 | |
Petroleos Mexicanos | 6.875% | 8/4/26 | 9,140 | 8,638 | |
Petroleos Mexicanos | 6.490% | 1/23/27 | 5,656 | 5,071 | |
Petroleos Mexicanos | 6.500% | 3/13/27 | 14,705 | 13,205 | |
Petroleos Mexicanos | 5.350% | 2/12/28 | 7,370 | 6,122 | |
3 | Petroleos Mexicanos | 8.750% | 6/2/29 | 7,000 | 6,434 |
Petroleos Mexicanos | 6.840% | 1/23/30 | 8,600 | 6,947 | |
Petroleos Mexicanos | 5.950% | 1/28/31 | 13,865 | 10,260 | |
3 | Petroleos Mexicanos | 6.700% | 2/16/32 | 24,869 | 19,164 |
Petroleos Mexicanos | 10.000% | 2/7/33 | 7,275 | 6,762 | |
Petroleos Mexicanos | 6.625% | 6/15/35 | 10,085 | 7,045 | |
Petroleos Mexicanos | 6.500% | 6/2/41 | 5,725 | 3,652 | |
Petroleos Mexicanos | 6.750% | 9/21/47 | 20,355 | 12,542 | |
Petroleos Mexicanos | 6.350% | 2/12/48 | 5,775 | 3,408 | |
Petroleos Mexicanos | 7.690% | 1/23/50 | 29,529 | 19,774 | |
Petroleos Mexicanos | 6.950% | 1/28/60 | 13,930 | 8,520 | |
143,567 | |||||
Peru (0.1%) | |||||
Petroleos del Peru SA | 5.625% | 6/19/47 | 7,400 | 4,692 | |
Qatar (1.0%) | |||||
2 | QatarEnergy | 1.375% | 9/12/26 | 3,700 | 3,360 |
QatarEnergy | 1.375% | 9/12/26 | 2,175 | 1,978 | |
2 | QatarEnergy | 2.250% | 7/12/31 | 4,050 | 3,495 |
QatarEnergy | 2.250% | 7/12/31 | 8,650 | 7,477 | |
QatarEnergy | 3.125% | 7/12/41 | 12,809 | 10,097 | |
QatarEnergy | 3.300% | 7/12/51 | 14,700 | 11,113 | |
37,520 | |||||
Saudi Arabia (2.3%) | |||||
Gaci First Investment Co. | 4.750% | 2/14/30 | 6,300 | 6,371 | |
Gaci First Investment Co. | 4.875% | 2/14/35 | 7,500 | 7,432 | |
Gaci First Investment Co. | 5.125% | 2/14/53 | 6,300 | 5,878 | |
2 | SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 3,900 | 3,587 |
SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 4,138 | 3,805 | |
SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 10,050 | 8,972 | |
Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 11,566 | 10,950 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 7,425 | 6,340 | |
Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 11,075 | 10,178 | |
Saudi Arabian Oil Co. | 4.375% | 4/16/49 | 10,780 | 9,535 | |
Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 8,683 | 6,235 | |
Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 8,200 | 5,565 | |
84,848 | |||||
United Arab Emirates (0.8%) | |||||
3 | Abu Dhabi Crude Oil Pipeline LLC | 4.600% | 11/2/47 | 8,075 | 7,623 |
2 | DP World Ltd. | 6.850% | 7/2/37 | 6,070 | 6,791 |
DP World Ltd. | 5.625% | 9/25/48 | 275 | 268 | |
DP World Salaam | 6.000% | Perpetual | 5,450 | 5,444 | |
MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 5,203 | 4,281 | |
MDGH GMTN RSC Ltd. | 3.950% | 5/21/50 | 7,700 | 6,587 | |
30,994 | |||||
Total Corporate Bonds (Cost $578,907) | 501,189 | ||||
Sovereign Bonds (84.3%) | |||||
Angola (0.8%) | |||||
Republic of Angola | 9.500% | 11/12/25 | 2,325 | 2,301 | |
Republic of Angola | 8.250% | 5/9/28 | 7,550 | 6,638 | |
Republic of Angola | 8.000% | 11/26/29 | 6,423 | 5,432 | |
2 | Republic of Angola | 8.750% | 4/14/32 | 5,000 | 4,137 |
Republic of Angola | 8.750% | 4/14/32 | 1,650 | 1,369 | |
Republic of Angola | 9.375% | 5/8/48 | 6,150 | 4,727 | |
Republic of Angola | 9.125% | 11/26/49 | 4,200 | 3,147 | |
27,751 | |||||
Argentina (1.7%) | |||||
4 | Provincia de Buenos Aires, 6.375% coupon rate effective 9/1/23 | 5.250% | 9/1/37 | 22,685 | 7,017 |
Republic of Argentina | 1.000% | 7/9/29 | 9,626 | 2,299 | |
4 | Republic of Argentina, 0.750% coupon rate effective 7/9/23 | 0.500% | 7/9/30 | 58,797 | 14,408 |
4 | Republic of Argentina, 3.625% coupon rate effective 7/9/23 | 1.500% | 7/9/35 | 75,693 | 16,864 |
4 | Republic of Argentina, 3.625% coupon rate effective 7/9/23 | 1.500% | 7/9/46 | 7,649 | 1,767 |
4 | Republic of Argentina, 4.250% coupon rate effective 7/9/23 | 3.875% | 1/9/38 | 41,871 | 11,576 |
4 | Republic of Argentina, 4.875% coupon rate effective 7/9/29 | 3.500% | 7/9/41 | 38,299 | 9,623 |
63,554 | |||||
Armenia (0.2%) | |||||
Republic of Armenia | 7.150% | 3/26/25 | 1,800 | 1,829 | |
Republic of Armenia | 3.950% | 9/26/29 | 1,850 | 1,536 | |
2 | Republic of Armenia | 3.600% | 2/2/31 | 750 | 590 |
Republic of Armenia | 3.600% | 2/2/31 | 1,850 | 1,457 | |
5,412 | |||||
Azerbaijan (0.1%) | |||||
3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 3,860 | 3,368 |
Bahamas (0.1%) | |||||
2,3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 850 | 651 |
3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 1,850 | 1,422 |
2,3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,750 | 1,421 |
3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,400 | 1,142 |
4,636 | |||||
Bahrain (1.9%) | |||||
CBB International Sukuk Co. 6 Spc | 5.250% | 3/20/25 | 2,900 | 2,877 | |
CBB International Sukuk Co. 6 Spc | 6.875% | 10/5/25 | 3,900 | 4,025 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
CBB International Sukuk Programme Co. WLL | 6.250% | 11/14/24 | 3,562 | 3,587 | |
CBB International Sukuk Programme Co. WLL | 4.500% | 3/30/27 | 3,456 | 3,366 | |
CBB International Sukuk Programme Co. WLL | 3.950% | 9/16/27 | 3,725 | 3,579 | |
CBB International Sukuk Programme Co. WLL | 3.875% | 5/18/29 | 3,750 | 3,392 | |
2 | CBB International Sukuk Programme Co. WLL | 6.250% | 10/18/30 | 3,900 | 3,954 |
Kingdom of Bahrain | 7.000% | 1/26/26 | 5,625 | 5,786 | |
Kingdom of Bahrain | 4.250% | 1/25/28 | 2,375 | 2,195 | |
Kingdom of Bahrain | 7.000% | 10/12/28 | 5,700 | 5,846 | |
Kingdom of Bahrain | 6.750% | 9/20/29 | 4,550 | 4,537 | |
Kingdom of Bahrain | 7.375% | 5/14/30 | 3,650 | 3,760 | |
Kingdom of Bahrain | 5.625% | 9/30/31 | 3,570 | 3,308 | |
Kingdom of Bahrain | 5.450% | 9/16/32 | 3,700 | 3,309 | |
Kingdom of Bahrain | 5.250% | 1/25/33 | 3,680 | 3,188 | |
2 | Kingdom of Bahrain | 5.625% | 5/18/34 | 1,500 | 1,314 |
Kingdom of Bahrain | 5.625% | 5/18/34 | 2,200 | 1,930 | |
2 | Kingdom of Bahrain | 7.750% | 4/18/35 | 3,700 | 3,727 |
Kingdom of Bahrain | 6.000% | 9/19/44 | 4,525 | 3,570 | |
Kingdom of Bahrain | 7.500% | 9/20/47 | 3,225 | 2,931 | |
Kingdom of Bahrain | 6.250% | 1/25/51 | 1,900 | 1,494 | |
71,675 | |||||
Belarus (0.1%) | |||||
Republic of Belarus | 5.875% | 2/24/26 | 2,175 | 1,023 | |
Republic of Belarus | 7.625% | 6/29/27 | 2,035 | 921 | |
Republic of Belarus | 6.200% | 2/28/30 | 2,100 | 779 | |
Republic of Belarus | 6.378% | 2/24/31 | 2,500 | 920 | |
3,643 | |||||
Bermuda (0.3%) | |||||
Government of Bermuda | 3.717% | 1/25/27 | 2,150 | 2,083 | |
Government of Bermuda | 2.375% | 8/20/30 | 2,000 | 1,716 | |
2 | Government of Bermuda | 5.000% | 7/15/32 | 2,000 | 2,015 |
Government of Bermuda | 5.000% | 7/15/32 | 1,600 | 1,609 | |
2 | Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 715 |
Government of Bermuda | 3.375% | 8/20/50 | 1,600 | 1,146 | |
9,284 | |||||
Bolivia (0.1%) | |||||
2,3 | Bolivian Government | 4.500% | 3/20/28 | 700 | 396 |
3 | Bolivian Government | 4.500% | 3/20/28 | 3,506 | 1,967 |
2 | Bolivian Government | 7.500% | 3/2/30 | 1,400 | 953 |
Bolivian Government | 7.500% | 3/2/30 | 1,200 | 815 | |
4,131 | |||||
Brazil (3.4%) | |||||
Federative Republic of Brazil | 4.250% | 1/7/25 | 16,328 | 16,145 | |
Federative Republic of Brazil | 8.750% | 2/4/25 | 3,248 | 3,448 | |
Federative Republic of Brazil | 2.875% | 6/6/25 | 7,350 | 7,033 | |
Federative Republic of Brazil | 6.000% | 4/7/26 | 6,400 | 6,636 | |
Federative Republic of Brazil | 10.125% | 5/15/27 | 2,900 | 3,406 | |
Federative Republic of Brazil | 4.625% | 1/13/28 | 11,175 | 10,950 | |
Federative Republic of Brazil | 4.500% | 5/30/29 | 7,250 | 6,890 | |
Federative Republic of Brazil | 3.875% | 6/12/30 | 12,700 | 11,348 | |
Federative Republic of Brazil | 3.750% | 9/12/31 | 5,475 | 4,742 | |
Federative Republic of Brazil | 6.000% | 10/20/33 | 11,600 | 11,410 | |
Federative Republic of Brazil | 8.250% | 1/20/34 | 1,600 | 1,843 | |
Federative Republic of Brazil | 7.125% | 1/20/37 | 6,100 | 6,524 | |
Federative Republic of Brazil | 5.625% | 1/7/41 | 8,025 | 7,118 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Federative Republic of Brazil | 5.000% | 1/27/45 | 12,586 | 9,920 | |
Federative Republic of Brazil | 5.625% | 2/21/47 | 8,273 | 7,002 | |
Federative Republic of Brazil | 4.750% | 1/14/50 | 16,485 | 12,152 | |
126,567 | |||||
Chile (2.1%) | |||||
Republic of Chile | 3.125% | 1/21/26 | 2,600 | 2,527 | |
Republic of Chile | 2.750% | 1/31/27 | 5,800 | 5,481 | |
Republic of Chile | 3.240% | 2/6/28 | 7,690 | 7,369 | |
Republic of Chile | 2.450% | 1/31/31 | 8,332 | 7,323 | |
Republic of Chile | 2.550% | 1/27/32 | 600 | 523 | |
Republic of Chile | 2.550% | 7/27/33 | 8,522 | 7,146 | |
Republic of Chile | 3.500% | 1/31/34 | 7,650 | 6,929 | |
Republic of Chile | 3.100% | 5/7/41 | 10,050 | 7,760 | |
Republic of Chile | 4.340% | 3/7/42 | 7,225 | 6,561 | |
Republic of Chile | 3.860% | 6/21/47 | 4,625 | 3,848 | |
Republic of Chile | 3.500% | 1/25/50 | 8,400 | 6,474 | |
Republic of Chile | 4.000% | 1/31/52 | 3,750 | 3,113 | |
Republic of Chile | 3.500% | 4/15/53 | 5,450 | 4,171 | |
Republic of Chile | 3.100% | 1/22/61 | 7,300 | 4,892 | |
Republic of Chile | 3.250% | 9/21/71 | 3,750 | 2,498 | |
76,615 | |||||
China (1.4%) | |||||
China Government Bond | 1.950% | 12/3/24 | 7,900 | 7,616 | |
China Government Bond | 0.550% | 10/21/25 | 8,220 | 7,542 | |
China Government Bond | 2.625% | 11/2/27 | 4,324 | 4,161 | |
China Government Bond | 3.500% | 10/19/28 | 3,600 | 3,597 | |
China Government Bond | 2.125% | 12/3/29 | 8,200 | 7,557 | |
China Government Bond | 1.200% | 10/21/30 | 4,950 | 4,226 | |
China Government Bond | 1.750% | 10/26/31 | 3,200 | 2,808 | |
China Government Bond | 2.750% | 12/3/39 | 2,775 | 2,310 | |
China Government Bond | 4.000% | 10/19/48 | 2,000 | 1,948 | |
China Government Bond | 2.250% | 10/21/50 | 1,200 | 830 | |
2 | China Government Bond | 2.500% | 10/26/51 | 2,325 | 1,662 |
China Government Bond | 2.500% | 10/26/51 | 1,400 | 1,015 | |
Export-Import Bank of China | 3.625% | 7/31/24 | 5,275 | 5,198 | |
50,470 | |||||
Colombia (2.6%) | |||||
Republic of Colombia | 8.125% | 5/21/24 | 2,380 | 2,428 | |
Republic of Colombia | 4.500% | 1/28/26 | 6,317 | 5,991 | |
Republic of Colombia | 3.875% | 4/25/27 | 6,150 | 5,537 | |
Republic of Colombia | 4.500% | 3/15/29 | 7,225 | 6,295 | |
Republic of Colombia | 3.000% | 1/30/30 | 5,725 | 4,387 | |
Republic of Colombia | 3.125% | 4/15/31 | 9,415 | 6,975 | |
Republic of Colombia | 3.250% | 4/22/32 | 7,675 | 5,550 | |
Republic of Colombia | 8.000% | 4/20/33 | 5,142 | 5,131 | |
Republic of Colombia | 7.500% | 2/2/34 | 8,846 | 8,466 | |
Republic of Colombia | 7.375% | 9/18/37 | 6,562 | 6,099 | |
Republic of Colombia | 6.125% | 1/18/41 | 8,845 | 6,961 | |
Republic of Colombia | 4.125% | 2/22/42 | 4,200 | 2,601 | |
Republic of Colombia | 5.625% | 2/26/44 | 8,875 | 6,459 | |
Republic of Colombia | 5.000% | 6/15/45 | 16,500 | 11,044 | |
Republic of Colombia | 5.200% | 5/15/49 | 9,770 | 6,569 | |
Republic of Colombia | 4.125% | 5/15/51 | 6,050 | 3,551 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Colombia | 3.875% | 2/15/61 | 4,900 | 2,680 | |
96,724 | |||||
Costa Rica (0.6%) | |||||
Republic of Costa Rica | 4.375% | 4/30/25 | 1,800 | 1,770 | |
Republic of Costa Rica | 6.125% | 2/19/31 | 4,650 | 4,703 | |
2,3 | Republic of Costa Rica | 6.550% | 4/3/34 | 5,350 | 5,467 |
Republic of Costa Rica | 5.625% | 4/30/43 | 1,900 | 1,661 | |
Republic of Costa Rica | 7.000% | 4/4/44 | 3,530 | 3,487 | |
Republic of Costa Rica | 7.158% | 3/12/45 | 4,701 | 4,690 | |
21,778 | |||||
Dominican Republic (2.3%) | |||||
Dominican Republic | 5.500% | 1/27/25 | 4,850 | 4,808 | |
Dominican Republic | 6.875% | 1/29/26 | 6,495 | 6,627 | |
Dominican Republic | 5.950% | 1/25/27 | 6,150 | 6,106 | |
Dominican Republic | 6.000% | 7/19/28 | 4,919 | 4,857 | |
2 | Dominican Republic | 5.500% | 2/22/29 | 2,550 | 2,433 |
Dominican Republic | 5.500% | 2/22/29 | 3,950 | 3,765 | |
Dominican Republic | 4.500% | 1/30/30 | 7,406 | 6,556 | |
2 | Dominican Republic | 7.050% | 2/3/31 | 2,000 | 2,035 |
2 | Dominican Republic | 4.875% | 9/23/32 | 700 | 603 |
Dominican Republic | 4.875% | 9/23/32 | 10,650 | 9,200 | |
2 | Dominican Republic | 6.000% | 2/22/33 | 1,300 | 1,216 |
Dominican Republic | 6.000% | 2/22/33 | 6,100 | 5,689 | |
Dominican Republic | 5.300% | 1/21/41 | 5,450 | 4,330 | |
Dominican Republic | 7.450% | 4/30/44 | 5,250 | 5,105 | |
Dominican Republic | 6.850% | 1/27/45 | 7,194 | 6,492 | |
Dominican Republic | 6.500% | 2/15/48 | 3,600 | 3,079 | |
Dominican Republic | 6.400% | 6/5/49 | 5,600 | 4,712 | |
Dominican Republic | 5.875% | 1/30/60 | 11,677 | 8,943 | |
86,556 | |||||
Ecuador (0.6%) | |||||
3 | Republic of Ecuador | 0.000% | 7/31/30 | 3,655 | 1,127 |
4 | Republic of Ecuador, 2.500% coupon rate effective 7/31/23 | 1.500% | 7/31/40 | 12,558 | 4,101 |
4 | Republic of Ecuador, 3.500% coupon rate effective 7/31/23 | 2.500% | 7/31/35 | 30,976 | 11,303 |
4 | Republic of Ecuador, 6.000% coupon rate effective 7/31/23 | 5.500% | 7/31/30 | 13,585 | 7,167 |
23,698 | |||||
Egypt (1.7%) | |||||
Arab Republic of Egypt | 5.750% | 5/29/24 | 4,345 | 3,632 | |
Arab Republic of Egypt | 5.875% | 6/11/25 | 5,600 | 4,049 | |
Arab Republic of Egypt | 5.250% | 10/6/25 | 3,150 | 2,171 | |
Arab Republic of Egypt | 3.875% | 2/16/26 | 2,900 | 1,871 | |
Arab Republic of Egypt | 7.500% | 1/31/27 | 7,100 | 4,783 | |
Arab Republic of Egypt | 5.800% | 9/30/27 | 4,725 | 2,904 | |
Arab Republic of Egypt | 6.588% | 2/21/28 | 4,600 | 2,837 | |
Arab Republic of Egypt | 7.600% | 3/1/29 | 6,175 | 3,793 | |
Arab Republic of Egypt | 5.875% | 2/16/31 | 5,375 | 2,884 | |
Arab Republic of Egypt | 7.053% | 1/15/32 | 3,400 | 1,885 | |
Arab Republic of Egypt | 7.625% | 5/29/32 | 5,969 | 3,354 | |
2 | Arab Republic of Egypt | 7.300% | 9/30/33 | 925 | 499 |
Arab Republic of Egypt | 7.300% | 9/30/33 | 3,900 | 2,109 | |
Arab Republic of Egypt | 6.875% | 4/30/40 | 1,575 | 807 | |
Arab Republic of Egypt | 8.500% | 1/31/47 | 8,980 | 4,742 | |
Arab Republic of Egypt | 7.903% | 2/21/48 | 5,800 | 2,936 | |
Arab Republic of Egypt | 8.700% | 3/1/49 | 5,400 | 2,875 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Arab Republic of Egypt | 8.875% | 5/29/50 | 7,340 | 3,913 | |
2 | Arab Republic of Egypt | 8.750% | 9/30/51 | 950 | 502 |
Arab Republic of Egypt | 8.750% | 9/30/51 | 1,875 | 995 | |
Arab Republic of Egypt | 8.150% | 11/20/59 | 1,750 | 895 | |
2 | Arab Republic of Egypt | 7.500% | 2/16/61 | 3,000 | 1,500 |
Arab Republic of Egypt | 7.500% | 2/16/61 | 2,500 | 1,246 | |
2 | Egyptian Financial Co. for Sovereign Taskeek | 10.875% | 2/28/26 | 5,425 | 4,475 |
61,657 | |||||
El Salvador (0.3%) | |||||
Republic of El Salvador | 6.375% | 1/18/27 | 2,762 | 1,743 | |
Republic of El Salvador | 8.625% | 2/28/29 | 2,385 | 1,395 | |
Republic of El Salvador | 8.250% | 4/10/32 | 1,732 | 974 | |
Republic of El Salvador | 7.650% | 6/15/35 | 3,650 | 1,837 | |
Republic of El Salvador | 7.625% | 2/1/41 | 2,518 | 1,257 | |
Republic of El Salvador | 7.125% | 1/20/50 | 4,275 | 2,084 | |
2 | Republic of El Salvador | 9.500% | 7/15/52 | 150 | 83 |
Republic of El Salvador | 9.500% | 7/15/52 | 3,350 | 1,845 | |
11,218 | |||||
Ethiopia (0.1%) | |||||
Federal Republic of Ethiopia | 6.625% | 12/11/24 | 3,750 | 2,621 | |
Gabon (0.2%) | |||||
Republic of Gabon | 6.950% | 6/16/25 | 2,800 | 2,591 | |
3 | Republic of Gabon | 6.625% | 2/6/31 | 3,000 | 2,217 |
2,3 | Republic of Gabon | 6.625% | 2/6/31 | 700 | 517 |
2 | Republic of Gabon | 7.000% | 11/24/31 | 2,125 | 1,569 |
Republic of Gabon | 7.000% | 11/24/31 | 600 | 443 | |
7,337 | |||||
Georgia (0.0%) | |||||
2 | Republic of Georgia | 2.750% | 4/22/26 | 750 | 674 |
Republic of Georgia | 2.750% | 4/22/26 | 1,000 | 898 | |
1,572 | |||||
Ghana (0.5%) | |||||
3,5 | Republic of Ghana | 8.125% | 1/18/26 | 4,645 | 1,887 |
3,5 | Republic of Ghana | 6.375% | 2/11/27 | 6,051 | 2,290 |
3,5 | Republic of Ghana | 7.875% | 3/26/27 | 1,980 | 772 |
3,5 | Republic of Ghana | 7.750% | 4/7/29 | 3,400 | 1,267 |
3,5 | Republic of Ghana | 7.625% | 5/16/29 | 3,700 | 1,375 |
3,5 | Republic of Ghana | 10.750% | 10/14/30 | 3,650 | 2,502 |
3,5 | Republic of Ghana | 8.125% | 3/26/32 | 4,500 | 1,670 |
5 | Republic of Ghana | 8.625% | 4/7/34 | 3,350 | 1,245 |
3,5 | Republic of Ghana | 7.875% | 2/11/35 | 3,854 | 1,436 |
2,5 | Republic of Ghana | 8.875% | 5/7/42 | 200 | 70 |
5 | Republic of Ghana | 8.875% | 5/7/42 | 1,900 | 670 |
3,5 | Republic of Ghana | 8.627% | 6/16/49 | 3,250 | 1,147 |
3,5 | Republic of Ghana | 8.950% | 3/26/51 | 3,725 | 1,319 |
2,3,5 | Republic of Ghana | 8.750% | 3/11/61 | 200 | 69 |
3,5 | Republic of Ghana | 8.750% | 3/11/61 | 3,050 | 1,070 |
18,789 | |||||
Guatemala (0.5%) | |||||
Republic of Guatemala | 4.500% | 5/3/26 | 2,250 | 2,199 | |
Republic of Guatemala | 4.375% | 6/5/27 | 2,000 | 1,930 | |
Republic of Guatemala | 4.875% | 2/13/28 | 2,400 | 2,339 | |
2 | Republic of Guatemala | 5.250% | 8/10/29 | 1,700 | 1,660 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Republic of Guatemala | 4.900% | 6/1/30 | 2,000 | 1,919 |
Republic of Guatemala | 5.375% | 4/24/32 | 2,000 | 1,952 | |
2 | Republic of Guatemala | 3.700% | 10/7/33 | 900 | 754 |
Republic of Guatemala | 3.700% | 10/7/33 | 1,075 | 899 | |
Republic of Guatemala | 4.650% | 10/7/41 | 2,100 | 1,721 | |
3 | Republic of Guatemala | 6.125% | 6/1/50 | 5,000 | 4,695 |
20,068 | |||||
Honduras (0.1%) | |||||
Republic of Honduras | 6.250% | 1/19/27 | 2,570 | 2,311 | |
Republic of Honduras | 5.625% | 6/24/30 | 2,100 | 1,664 | |
3,975 | |||||
Hungary (1.3%) | |||||
2 | Republic of Hungary | 6.125% | 5/22/28 | 5,300 | 5,507 |
Republic of Hungary | 6.125% | 5/22/28 | 200 | 207 | |
2 | Republic of Hungary | 5.250% | 6/16/29 | 4,675 | 4,642 |
Republic of Hungary | 5.250% | 6/16/29 | 3,150 | 3,123 | |
2 | Republic of Hungary | 2.125% | 9/22/31 | 5,200 | 4,059 |
Republic of Hungary | 2.125% | 9/22/31 | 2,950 | 2,308 | |
Republic of Hungary | 6.250% | 9/22/32 | 5,025 | 5,212 | |
2 | Republic of Hungary | 5.500% | 6/16/34 | 3,825 | 3,754 |
Republic of Hungary | 5.500% | 6/16/34 | 1,800 | 1,768 | |
Republic of Hungary | 7.625% | 3/29/41 | 5,970 | 6,796 | |
2 | Republic of Hungary | 3.125% | 9/21/51 | 4,600 | 2,849 |
Republic of Hungary | 3.125% | 9/21/51 | 2,700 | 1,677 | |
2 | Republic of Hungary | 6.750% | 9/25/52 | 4,600 | 4,780 |
46,682 | |||||
Indonesia (6.8%) | |||||
Perusahaan Penerbit SBSN Indonesia III | 3.900% | 8/20/24 | 2,450 | 2,442 | |
Perusahaan Penerbit SBSN Indonesia III | 4.350% | 9/10/24 | 5,200 | 5,209 | |
Perusahaan Penerbit SBSN Indonesia III | 4.325% | 5/28/25 | 7,619 | 7,637 | |
Perusahaan Penerbit SBSN Indonesia III | 2.300% | 6/23/25 | 3,005 | 2,884 | |
Perusahaan Penerbit SBSN Indonesia III | 4.550% | 3/29/26 | 6,320 | 6,364 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 2,950 | 2,689 |
Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 2,495 | 2,274 | |
Perusahaan Penerbit SBSN Indonesia III | 4.150% | 3/29/27 | 7,377 | 7,357 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.400% | 6/6/27 | 3,575 | 3,590 |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 6/6/27 | 3,300 | 3,314 | |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 5,790 | 5,829 | |
Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 3,835 | 3,872 | |
Perusahaan Penerbit SBSN Indonesia III | 2.800% | 6/23/30 | 3,950 | 3,563 | |
Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 3,500 | 3,068 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.700% | 6/6/32 | 4,400 | 4,493 |
Perusahaan Penerbit SBSN Indonesia III | 4.700% | 6/6/32 | 1,050 | 1,072 | |
Perusahaan Penerbit SBSN Indonesia III | 3.800% | 6/23/50 | 2,900 | 2,360 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 1,300 | 1,022 |
Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 1,450 | 1,140 | |
Republic of Indonesia | 4.125% | 1/15/25 | 7,300 | 7,281 | |
Republic of Indonesia | 4.750% | 1/8/26 | 7,325 | 7,375 | |
Republic of Indonesia | 4.350% | 1/8/27 | 4,700 | 4,706 | |
Republic of Indonesia | 3.850% | 7/18/27 | 3,570 | 3,514 | |
Republic of Indonesia | 4.150% | 9/20/27 | 2,725 | 2,705 | |
Republic of Indonesia | 3.500% | 1/11/28 | 4,886 | 4,717 | |
Republic of Indonesia | 4.550% | 1/11/28 | 3,400 | 3,430 | |
Republic of Indonesia | 4.100% | 4/24/28 | 4,000 | 3,959 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Indonesia | 4.750% | 2/11/29 | 4,558 | 4,637 | |
Republic of Indonesia | 3.400% | 9/18/29 | 2,450 | 2,316 | |
Republic of Indonesia | 2.850% | 2/14/30 | 4,600 | 4,193 | |
Republic of Indonesia | 3.850% | 10/15/30 | 5,800 | 5,581 | |
Republic of Indonesia | 1.850% | 3/12/31 | 4,650 | 3,840 | |
Republic of Indonesia | 2.150% | 7/28/31 | 5,050 | 4,245 | |
Republic of Indonesia | 3.550% | 3/31/32 | 3,800 | 3,541 | |
Republic of Indonesia | 4.650% | 9/20/32 | 6,500 | 6,519 | |
Republic of Indonesia | 4.850% | 1/11/33 | 3,280 | 3,329 | |
Republic of Indonesia | 8.500% | 10/12/35 | 5,600 | 7,402 | |
Republic of Indonesia | 6.625% | 2/17/37 | 5,112 | 5,966 | |
Republic of Indonesia | 7.750% | 1/17/38 | 7,150 | 9,118 | |
Republic of Indonesia | 5.250% | 1/17/42 | 8,250 | 8,357 | |
Republic of Indonesia | 4.625% | 4/15/43 | 5,210 | 4,940 | |
Republic of Indonesia | 6.750% | 1/15/44 | 7,255 | 8,581 | |
Republic of Indonesia | 5.125% | 1/15/45 | 7,401 | 7,395 | |
Republic of Indonesia | 5.950% | 1/8/46 | 4,616 | 4,997 | |
Republic of Indonesia | 5.250% | 1/8/47 | 5,350 | 5,373 | |
Republic of Indonesia | 4.750% | 7/18/47 | 3,700 | 3,538 | |
Republic of Indonesia | 4.350% | 1/11/48 | 6,350 | 5,717 | |
Republic of Indonesia | 5.350% | 2/11/49 | 3,173 | 3,240 | |
Republic of Indonesia | 3.700% | 10/30/49 | 3,550 | 2,856 | |
Republic of Indonesia | 3.500% | 2/14/50 | 2,900 | 2,250 | |
Republic of Indonesia | 4.200% | 10/15/50 | 6,650 | 5,788 | |
Republic of Indonesia | 3.050% | 3/12/51 | 7,300 | 5,428 | |
Republic of Indonesia | 4.300% | 3/31/52 | 3,200 | 2,810 | |
Republic of Indonesia | 5.450% | 9/20/52 | 2,000 | 2,048 | |
Republic of Indonesia | 5.650% | 1/11/53 | 2,480 | 2,619 | |
Republic of Indonesia | 3.200% | 9/23/61 | 2,400 | 1,657 | |
Republic of Indonesia | 4.450% | 4/15/70 | 3,700 | 3,191 | |
Republic of Indonesia | 3.350% | 3/12/71 | 3,075 | 2,112 | |
251,450 | |||||
Iraq (0.2%) | |||||
3 | Republic of Iraq | 5.800% | 1/15/28 | 6,216 | 5,809 |
Ivory Coast (0.2%) | |||||
3 | Ivory Coast | 6.375% | 3/3/28 | 2,950 | 2,833 |
3 | Ivory Coast | 6.125% | 6/15/33 | 4,600 | 3,896 |
6,729 | |||||
Jamaica (0.5%) | |||||
3 | Jamaica | 6.750% | 4/28/28 | 5,650 | 5,953 |
3 | Jamaica | 8.000% | 3/15/39 | 4,350 | 5,271 |
Jamaica | 7.875% | 7/28/45 | 6,500 | 7,592 | |
18,816 | |||||
Jordan (0.6%) | |||||
Kingdom of Jordan | 4.950% | 7/7/25 | 1,800 | 1,734 | |
Kingdom of Jordan | 6.125% | 1/29/26 | 3,500 | 3,440 | |
Kingdom of Jordan | 5.750% | 1/31/27 | 3,600 | 3,449 | |
Kingdom of Jordan | 7.750% | 1/15/28 | 1,800 | 1,828 | |
2 | Kingdom of Jordan | 7.500% | 1/13/29 | 5,750 | 5,761 |
Kingdom of Jordan | 5.850% | 7/7/30 | 4,261 | 3,835 | |
Kingdom of Jordan | 7.375% | 10/10/47 | 3,650 | 3,086 | |
23,133 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Kazakhstan (0.7%) | |||||
Republic of Kazakhstan | 3.875% | 10/14/24 | 5,720 | 5,732 | |
Republic of Kazakhstan | 5.125% | 7/21/25 | 9,000 | 9,286 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,950 | 2,711 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 850 | 781 | |
Republic of Kazakhstan | 6.500% | 7/21/45 | 5,280 | 5,640 | |
24,150 | |||||
Kenya (0.5%) | |||||
Republic of Kenya | 6.875% | 6/24/24 | 7,025 | 6,081 | |
Republic of Kenya | 7.000% | 5/22/27 | 3,600 | 2,902 | |
Republic of Kenya | 7.250% | 2/28/28 | 3,600 | 2,784 | |
Republic of Kenya | 8.000% | 5/22/32 | 4,550 | 3,426 | |
2 | Republic of Kenya | 6.300% | 1/23/34 | 1,100 | 717 |
Republic of Kenya | 6.300% | 1/23/34 | 2,500 | 1,644 | |
Republic of Kenya | 8.250% | 2/28/48 | 3,550 | 2,384 | |
19,938 | |||||
Kuwait (0.4%) | |||||
Kuwait | 3.500% | 3/20/27 | 16,350 | 16,111 | |
Lebanon (0.1%) | |||||
5 | Lebanon Republic | 6.200% | 2/26/25 | 6,678 | 406 |
5 | Lebanon Republic | 6.600% | 11/27/26 | 6,775 | 409 |
5 | Lebanon Republic | 6.850% | 3/23/27 | 5,600 | 341 |
5 | Lebanon Republic | 6.750% | 11/29/27 | 4,059 | 247 |
5 | Lebanon Republic | 6.650% | 11/3/28 | 3,230 | 196 |
5 | Lebanon Republic | 6.850% | 5/25/29 | 3,300 | 202 |
5 | Lebanon Republic | 6.650% | 2/26/30 | 5,630 | 341 |
5 | Lebanon Republic | 7.000% | 3/23/32 | 4,470 | 270 |
5 | Lebanon Republic | 7.250% | 3/23/37 | 3,675 | 223 |
2,635 | |||||
Malaysia (0.4%) | |||||
Malaysia Sovereign Sukuk Bhd. | 3.043% | 4/22/25 | 3,850 | 3,767 | |
2 | Malaysia Sovereign Sukuk Bhd. | 2.070% | 4/28/31 | 1,250 | 1,105 |
Malaysia Sovereign Sukuk Bhd. | 4.236% | 4/22/45 | 2,025 | 1,970 | |
2 | Malaysia Sovereign Sukuk Bhd. | 3.075% | 4/28/51 | 700 | 550 |
Malaysia Sukuk Global Bhd. | 3.179% | 4/27/26 | 3,750 | 3,668 | |
Malaysia Sukuk Global Bhd. | 4.080% | 4/27/46 | 2,300 | 2,183 | |
Malaysia Wakala Sukuk Bhd. | 2.070% | 4/28/31 | 925 | 818 | |
Malaysia Wakala Sukuk Bhd. | 3.075% | 4/28/51 | 750 | 589 | |
14,650 | |||||
Maldives (0.0%) | |||||
2 | Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 1,365 | 1,117 |
Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 400 | 327 | |
1,444 | |||||
Mexico (6.1%) | |||||
United Mexican States | 3.900% | 4/27/25 | 2,850 | 2,818 | |
United Mexican States | 4.125% | 1/21/26 | 7,912 | 7,804 | |
United Mexican States | 4.150% | 3/28/27 | 8,770 | 8,683 | |
United Mexican States | 3.750% | 1/11/28 | 6,975 | 6,742 | |
United Mexican States | 5.400% | 2/9/28 | 4,600 | 4,752 | |
United Mexican States | 4.500% | 4/22/29 | 11,536 | 11,408 | |
United Mexican States | 3.250% | 4/16/30 | 8,325 | 7,535 | |
United Mexican States | 2.659% | 5/24/31 | 12,807 | 10,836 | |
United Mexican States | 8.300% | 8/15/31 | 4,050 | 4,792 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
United Mexican States | 4.750% | 4/27/32 | 7,965 | 7,753 | |
United Mexican States | 7.500% | 4/8/33 | 3,100 | 3,593 | |
United Mexican States | 4.875% | 5/19/33 | 8,375 | 8,126 | |
United Mexican States | 3.500% | 2/12/34 | 10,897 | 9,362 | |
United Mexican States | 6.750% | 9/27/34 | 6,479 | 7,205 | |
United Mexican States | 6.350% | 2/9/35 | 9,525 | 10,211 | |
United Mexican States | 6.050% | 1/11/40 | 10,199 | 10,520 | |
United Mexican States | 4.280% | 8/14/41 | 11,520 | 9,650 | |
United Mexican States | 4.750% | 3/8/44 | 13,206 | 11,473 | |
United Mexican States | 5.550% | 1/21/45 | 10,309 | 9,929 | |
United Mexican States | 4.600% | 1/23/46 | 8,500 | 7,152 | |
United Mexican States | 4.350% | 1/15/47 | 4,031 | 3,259 | |
United Mexican States | 4.600% | 2/10/48 | 5,548 | 4,621 | |
United Mexican States | 4.500% | 1/31/50 | 8,199 | 6,773 | |
United Mexican States | 5.000% | 4/27/51 | 9,175 | 8,032 | |
United Mexican States | 4.400% | 2/12/52 | 7,780 | 6,211 | |
United Mexican States | 6.338% | 5/4/53 | 9,870 | 10,161 | |
United Mexican States | 3.771% | 5/24/61 | 11,350 | 7,857 | |
United Mexican States | 3.750% | 4/19/71 | 11,160 | 7,600 | |
United Mexican States | 5.750% | 10/12/10 | 9,790 | 8,710 | |
223,568 | |||||
Mongolia (0.2%) | |||||
2 | Mongolia | 5.125% | 4/7/26 | 848 | 780 |
Mongolia | 5.125% | 4/7/26 | 1,725 | 1,586 | |
Mongolia | 3.500% | 7/7/27 | 1,700 | 1,411 | |
2 | Mongolia | 8.650% | 1/19/28 | 1,900 | 1,917 |
2 | Mongolia | 4.450% | 7/7/31 | 1,100 | 848 |
Mongolia | 4.450% | 7/7/31 | 1,000 | 771 | |
7,313 | |||||
Morocco (0.6%) | |||||
Kingdom of Morocco | 2.375% | 12/15/27 | 2,600 | 2,306 | |
2 | Kingdom of Morocco | 5.950% | 3/8/28 | 4,500 | 4,628 |
Kingdom of Morocco | 3.000% | 12/15/32 | 3,850 | 3,114 | |
2 | Kingdom of Morocco | 6.500% | �� 9/8/33 | 4,525 | 4,696 |
Kingdom of Morocco | 5.500% | 12/11/42 | 2,665 | 2,326 | |
2 | Kingdom of Morocco | 4.000% | 12/15/50 | 1,550 | 1,060 |
Kingdom of Morocco | 4.000% | 12/15/50 | 3,225 | 2,216 | |
20,346 | |||||
Mozambique (0.1%) | |||||
4 | Republic of Mozambique, 9.000% coupon rate effective 9/15/23 | 5.000% | 9/15/31 | 3,425 | 2,408 |
Namibia (0.1%) | |||||
Republic of Namibia | 5.250% | 10/29/25 | 2,700 | 2,579 | |
Nigeria (1.1%) | |||||
Republic of Nigeria | 7.625% | 11/21/25 | 3,900 | 3,544 | |
Republic of Nigeria | 6.500% | 11/28/27 | 5,200 | 4,183 | |
2 | Republic of Nigeria | 6.125% | 9/28/28 | 3,000 | 2,291 |
Republic of Nigeria | 6.125% | 9/28/28 | 1,800 | 1,375 | |
2 | Republic of Nigeria | 8.375% | 3/24/29 | 2,350 | 1,915 |
Republic of Nigeria | 8.375% | 3/24/29 | 2,352 | 1,925 | |
Republic of Nigeria | 7.143% | 2/23/30 | 4,900 | 3,683 | |
Republic of Nigeria | 8.747% | 1/21/31 | 3,885 | 3,092 | |
Republic of Nigeria | 7.875% | 2/16/32 | 5,400 | 4,038 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Republic of Nigeria | 7.375% | 9/28/33 | 575 | 399 |
Republic of Nigeria | 7.375% | 9/28/33 | 4,950 | 3,446 | |
Republic of Nigeria | 7.696% | 2/23/38 | 4,542 | 3,018 | |
Republic of Nigeria | 7.625% | 11/28/47 | 5,450 | 3,430 | |
Republic of Nigeria | 9.248% | 1/21/49 | 2,600 | 1,903 | |
2 | Republic of Nigeria | 8.250% | 9/28/51 | 3,050 | 1,985 |
Republic of Nigeria | 8.250% | 9/28/51 | 1,550 | 1,013 | |
41,240 | |||||
Oman (2.5%) | |||||
Oman Sovereign Sukuk Co. | 4.397% | 6/1/24 | 6,625 | 6,549 | |
Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 5,631 | 5,766 | |
2 | Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 4,100 | 4,137 |
Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 2,433 | 2,456 | |
Sultanate of Oman | 4.875% | 2/1/25 | 4,244 | 4,204 | |
Sultanate of Oman | 4.750% | 6/15/26 | 8,900 | 8,743 | |
Sultanate of Oman | 5.375% | 3/8/27 | 7,025 | 7,009 | |
Sultanate of Oman | 6.750% | 10/28/27 | 5,315 | 5,620 | |
Sultanate of Oman | 5.625% | 1/17/28 | 8,750 | 8,837 | |
Sultanate of Oman | 6.000% | 8/1/29 | 7,972 | 8,160 | |
Sultanate of Oman | 6.250% | 1/25/31 | 6,150 | 6,387 | |
Sultanate of Oman | 7.375% | 10/28/32 | 3,737 | 4,165 | |
Sultanate of Oman | 6.500% | 3/8/47 | 7,215 | 6,781 | |
Sultanate of Oman | 6.750% | 1/17/48 | 10,150 | 9,829 | |
Sultanate of Oman | 7.000% | 1/25/51 | 3,650 | 3,632 | |
92,275 | |||||
Pakistan (0.2%) | |||||
Islamic Republic of Pakistan | 8.250% | 9/30/25 | 1,625 | 675 | |
Islamic Republic of Pakistan | 6.000% | 4/8/26 | 5,075 | 1,853 | |
Islamic Republic of Pakistan | 6.875% | 12/5/27 | 5,650 | 2,007 | |
Islamic Republic of Pakistan | 7.375% | 4/8/31 | 5,450 | 1,867 | |
Islamic Republic of Pakistan | 8.875% | 4/8/51 | 2,770 | 914 | |
Pakistan Global Sukuk Programme Co. Ltd. | 7.950% | 1/31/29 | 3,350 | 1,479 | |
8,795 | |||||
Panama (2.5%) | |||||
Republic of Panama | 3.750% | 3/16/25 | 4,459 | 4,373 | |
Republic of Panama | 7.125% | 1/29/26 | 3,925 | 4,168 | |
Republic of Panama | 8.875% | 9/30/27 | 3,750 | 4,380 | |
Republic of Panama | 3.875% | 3/17/28 | 3,963 | 3,825 | |
Republic of Panama | 9.375% | 4/1/29 | 3,350 | 4,104 | |
Republic of Panama | 3.160% | 1/23/30 | 6,400 | 5,670 | |
Republic of Panama | 2.252% | 9/29/32 | 9,000 | 6,967 | |
Republic of Panama | 3.298% | 1/19/33 | 3,450 | 2,923 | |
Republic of Panama | 6.400% | 2/14/35 | 8,795 | 9,316 | |
3 | Republic of Panama | 6.700% | 1/26/36 | 7,200 | 7,761 |
3 | Republic of Panama | 4.500% | 5/15/47 | 3,520 | 2,821 |
3 | Republic of Panama | 4.500% | 4/16/50 | 10,100 | 7,891 |
3 | Republic of Panama | 4.300% | 4/29/53 | 6,425 | 4,814 |
Republic of Panama | 6.853% | 3/28/54 | 3,650 | 3,818 | |
Republic of Panama | 4.500% | 4/1/56 | 9,200 | 6,984 | |
3 | Republic of Panama | 3.870% | 7/23/60 | 10,850 | 7,264 |
Republic of Panama | 4.500% | 1/19/63 | 5,300 | 3,908 | |
90,987 | |||||
Papua New Guinea (0.0%) | |||||
Papua New Guinea | 8.375% | 10/4/28 | 1,800 | 1,627 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Paraguay (0.5%) | |||||
Republic of Paraguay | 5.000% | 4/15/26 | 1,900 | 1,887 | |
Republic of Paraguay | 4.700% | 3/27/27 | 2,000 | 1,966 | |
3 | Republic of Paraguay | 4.950% | 4/28/31 | 3,600 | 3,487 |
2 | Republic of Paraguay | 2.739% | 1/29/33 | 400 | 322 |
Republic of Paraguay | 2.739% | 1/29/33 | 1,400 | 1,132 | |
2 | Republic of Paraguay | 3.849% | 6/28/33 | 400 | 349 |
Republic of Paraguay | 3.849% | 6/28/33 | 1,700 | 1,488 | |
Republic of Paraguay | 6.100% | 8/11/44 | 3,800 | 3,623 | |
Republic of Paraguay | 5.600% | 3/13/48 | 2,050 | 1,798 | |
3 | Republic of Paraguay | 5.400% | 3/30/50 | 4,150 | 3,532 |
19,584 | |||||
Peru (2.1%) | |||||
Republic of Peru | 7.350% | 7/21/25 | 5,509 | 5,810 | |
Republic of Peru | 2.392% | 1/23/26 | 3,900 | 3,684 | |
Republic of Peru | 4.125% | 8/25/27 | 3,922 | 3,860 | |
Republic of Peru | 2.844% | 6/20/30 | 50 | 44 | |
Republic of Peru | 2.783% | 1/23/31 | 16,080 | 13,938 | |
Republic of Peru | 1.862% | 12/1/32 | 3,700 | 2,863 | |
Republic of Peru | 8.750% | 11/21/33 | 7,600 | 9,713 | |
Republic of Peru | 3.000% | 1/15/34 | 8,475 | 7,097 | |
3 | Republic of Peru | 6.550% | 3/14/37 | 4,216 | 4,696 |
Republic of Peru | 3.300% | 3/11/41 | 4,570 | 3,518 | |
Republic of Peru | 5.625% | 11/18/50 | 9,548 | 9,874 | |
Republic of Peru | 3.550% | 3/10/51 | 6,325 | 4,775 | |
Republic of Peru | 2.780% | 12/1/60 | 7,310 | 4,474 | |
Republic of Peru | 3.600% | 1/15/72 | 3,655 | 2,516 | |
Republic of Peru | 3.230% | 7/28/21 | 3,652 | 2,231 | |
79,093 | |||||
Philippines (3.4%) | |||||
Republic of Philippines | 10.625% | 3/16/25 | 5,575 | 6,218 | |
Republic of Philippines | 5.500% | 3/30/26 | 3,700 | 3,822 | |
Republic of Philippines | 3.229% | 3/29/27 | 2,300 | 2,213 | |
Republic of Philippines | 5.170% | 10/13/27 | 1,800 | 1,870 | |
Republic of Philippines | 3.000% | 2/1/28 | 7,350 | 6,958 | |
Republic of Philippines | 4.625% | 7/17/28 | 1,650 | 1,676 | |
Republic of Philippines | 3.750% | 1/14/29 | 5,550 | 5,375 | |
Republic of Philippines | 9.500% | 2/2/30 | 6,685 | 8,548 | |
Republic of Philippines | 2.457% | 5/5/30 | 4,775 | 4,187 | |
Republic of Philippines | 7.750% | 1/14/31 | 5,500 | 6,597 | |
Republic of Philippines | 1.648% | 6/10/31 | 5,175 | 4,218 | |
Republic of Philippines | 1.950% | 1/6/32 | 2,900 | 2,387 | |
Republic of Philippines | 6.375% | 1/15/32 | 3,550 | 4,018 | |
Republic of Philippines | 3.556% | 9/29/32 | 3,000 | 2,807 | |
Republic of Philippines | 5.609% | 4/13/33 | 3,725 | 4,026 | |
Republic of Philippines | 5.000% | 7/17/33 | 3,350 | 3,474 | |
Republic of Philippines | 6.375% | 10/23/34 | 7,135 | 8,097 | |
Republic of Philippines | 5.000% | 1/13/37 | 4,955 | 5,030 | |
Republic of Philippines | 3.950% | 1/20/40 | 7,400 | 6,496 | |
Republic of Philippines | 3.700% | 3/1/41 | 7,275 | 6,170 | |
Republic of Philippines | 3.700% | 2/2/42 | 7,395 | 6,206 | |
Republic of Philippines | 2.950% | 5/5/45 | 4,800 | 3,525 | |
Republic of Philippines | 2.650% | 12/10/45 | 5,550 | 3,853 | |
Republic of Philippines | 3.200% | 7/6/46 | 8,175 | 6,178 | |
Republic of Philippines | 4.200% | 3/29/47 | 3,800 | 3,373 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Philippines | 5.950% | 10/13/47 | 3,150 | 3,484 | |
Republic of Philippines | 5.500% | 1/17/48 | 4,100 | 4,300 | |
125,106 | |||||
Poland (1.0%) | |||||
6 | Republic of Poland | 3.250% | 4/6/26 | 6,390 | 6,238 |
Republic of Poland | 5.500% | 11/16/27 | 5,450 | 5,722 | |
Republic of Poland | 5.750% | 11/16/32 | 5,450 | 5,915 | |
Republic of Poland | 4.875% | 10/4/33 | 9,275 | 9,451 | |
Republic of Poland | 5.500% | 4/4/53 | 9,210 | 9,564 | |
36,890 | |||||
Qatar (3.8%) | |||||
State of Qatar | 3.400% | 4/16/25 | 7,242 | 7,097 | |
State of Qatar | 3.250% | 6/2/26 | 12,850 | 12,556 | |
State of Qatar | 4.500% | 4/23/28 | 10,960 | 11,257 | |
State of Qatar | 4.000% | 3/14/29 | 14,825 | 14,844 | |
State of Qatar | 3.750% | 4/16/30 | 12,215 | 12,116 | |
2 | State of Qatar | 9.750% | 6/15/30 | 4,093 | 5,516 |
2 | State of Qatar | 6.400% | 1/20/40 | 2,970 | 3,526 |
2 | State of Qatar | 5.750% | 1/20/42 | 3,800 | 4,247 |
State of Qatar | 4.625% | 6/2/46 | 7,850 | 7,696 | |
State of Qatar | 5.103% | 4/23/48 | 21,790 | 22,348 | |
State of Qatar | 4.817% | 3/14/49 | 21,975 | 21,739 | |
State of Qatar | 4.400% | 4/16/50 | 18,575 | 17,400 | |
140,342 | |||||
Romania (1.3%) | |||||
2 | Romania | 3.000% | 2/27/27 | 3,450 | 3,152 |
Romania | 3.000% | 2/27/27 | 1,024 | 936 | |
2 | Romania | 5.250% | 11/25/27 | 3,340 | 3,307 |
Romania | 5.250% | 11/25/27 | 1,700 | 1,684 | |
2 | Romania | 6.625% | 2/17/28 | 4,370 | 4,555 |
2 | Romania | 3.000% | 2/14/31 | 1,000 | 835 |
Romania | 3.000% | 2/14/31 | 3,276 | 2,737 | |
2 | Romania | 3.625% | 3/27/32 | 3,350 | 2,865 |
Romania | 3.625% | 3/27/32 | 1,000 | 857 | |
2 | Romania | 7.125% | 1/17/33 | 4,600 | 4,929 |
Romania | 7.125% | 1/17/33 | 612 | 656 | |
2 | Romania | 6.000% | 5/25/34 | 1,550 | 1,537 |
Romania | 6.000% | 5/25/34 | 2,770 | 2,752 | |
Romania | 6.125% | 1/22/44 | 3,800 | 3,660 | |
Romania | 5.125% | 6/15/48 | 4,328 | 3,652 | |
2 | Romania | 4.000% | 2/14/51 | 1,576 | 1,096 |
Romania | 4.000% | 2/14/51 | 5,444 | 3,788 | |
2 | Romania | 7.625% | 1/17/53 | 4,600 | 4,958 |
Romania | 7.625% | 1/17/53 | 200 | 216 | |
48,172 | |||||
Rwanda (0.0%) | |||||
2 | Republic of Rwanda | 5.500% | 8/9/31 | 1,700 | 1,229 |
Republic of Rwanda | 5.500% | 8/9/31 | 600 | 434 | |
1,663 | |||||
Saudi Arabia (7.9%) | |||||
Kingdom of Saudi Arabia | 4.000% | 4/17/25 | 15,750 | 15,635 | |
Kingdom of Saudi Arabia | 2.900% | 10/22/25 | 8,700 | 8,424 | |
Kingdom of Saudi Arabia | 3.250% | 10/26/26 | 19,389 | 18,855 | |
Kingdom of Saudi Arabia | 2.500% | 2/3/27 | 4,900 | 4,631 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Kingdom of Saudi Arabia | 4.750% | 1/18/28 | 7,825 | 7,974 |
Kingdom of Saudi Arabia | 4.750% | 1/18/28 | 2,675 | 2,731 | |
Kingdom of Saudi Arabia | 3.625% | 3/4/28 | 18,832 | 18,307 | |
Kingdom of Saudi Arabia | 4.375% | 4/16/29 | 14,975 | 15,100 | |
Kingdom of Saudi Arabia | 4.500% | 4/17/30 | 11,150 | 11,257 | |
Kingdom of Saudi Arabia | 3.250% | 10/22/30 | 6,119 | 5,713 | |
Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 3,750 | 3,345 | |
Kingdom of Saudi Arabia | 5.500% | 10/25/32 | 8,950 | 9,710 | |
Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 10,595 | 8,861 | |
2 | Kingdom of Saudi Arabia | 4.875% | 7/18/33 | 11,550 | 11,892 |
Kingdom of Saudi Arabia | 4.875% | 7/18/33 | 980 | 1,010 | |
Kingdom of Saudi Arabia | 4.500% | 10/26/46 | 24,000 | 21,587 | |
Kingdom of Saudi Arabia | 4.625% | 10/4/47 | 16,493 | 15,001 | |
Kingdom of Saudi Arabia | 5.000% | 4/17/49 | 12,900 | 12,253 | |
Kingdom of Saudi Arabia | 5.250% | 1/16/50 | 12,942 | 12,797 | |
Kingdom of Saudi Arabia | 3.250% | 11/17/51 | 5,895 | 4,261 | |
2 | Kingdom of Saudi Arabia | 5.000% | 1/18/53 | 9,950 | 9,426 |
Kingdom of Saudi Arabia | 5.000% | 1/18/53 | 700 | 666 | |
Kingdom of Saudi Arabia | 3.750% | 1/21/55 | 10,023 | 7,767 | |
Kingdom of Saudi Arabia | 4.500% | 4/22/60 | 11,050 | 9,842 | |
Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 8,200 | 5,916 | |
KSA Sukuk Ltd. | 3.628% | 4/20/27 | 16,075 | 15,809 | |
KSA Sukuk Ltd. | 5.268% | 10/25/28 | 9,150 | 9,619 | |
KSA Sukuk Ltd. | 4.303% | 1/19/29 | 6,800 | 6,850 | |
KSA Sukuk Ltd. | 2.969% | 10/29/29 | 9,145 | 8,527 | |
KSA Sukuk Ltd. | 2.250% | 5/17/31 | 7,225 | 6,316 | |
290,082 | |||||
Senegal (0.2%) | |||||
3 | Republic of Senegal | 6.250% | 5/23/33 | 4,050 | 3,198 |
3 | Republic of Senegal | 6.750% | 3/13/48 | 3,600 | 2,417 |
5,615 | |||||
Serbia (0.3%) | |||||
2 | Republic of Serbia | 6.250% | 5/26/28 | 2,600 | 2,658 |
Republic of Serbia | 2.125% | 12/1/30 | 4,845 | 3,789 | |
2 | Republic of Serbia | 6.500% | 9/26/33 | 3,500 | 3,554 |
10,001 | |||||
South Africa (1.7%) | |||||
Republic of South Africa | 5.875% | 9/16/25 | 7,300 | 7,290 | |
Republic of South Africa | 4.875% | 4/14/26 | 4,450 | 4,312 | |
Republic of South Africa | 4.850% | 9/27/27 | 4,000 | 3,805 | |
Republic of South Africa | 4.300% | 10/12/28 | 6,800 | 6,113 | |
Republic of South Africa | 4.850% | 9/30/29 | 7,625 | 6,853 | |
Republic of South Africa | 5.875% | 6/22/30 | 5,064 | 4,751 | |
Republic of South Africa | 5.875% | 4/20/32 | 5,050 | 4,591 | |
Republic of South Africa | 6.250% | 3/8/41 | 3,091 | 2,585 | |
Republic of South Africa | 5.375% | 7/24/44 | 3,750 | 2,728 | |
Republic of South Africa | 5.000% | 10/12/46 | 3,900 | 2,658 | |
Republic of South Africa | 5.650% | 9/27/47 | 5,475 | 3,957 | |
Republic of South Africa | 6.300% | 6/22/48 | 2,140 | 1,676 | |
Republic of South Africa | 5.750% | 9/30/49 | 11,050 | 7,939 | |
Republic of South Africa | 7.300% | 4/20/52 | 5,750 | 4,906 | |
64,164 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Sri Lanka (0.3%) | |||||
5 | Republic of Sri Lanka | 6.350% | 6/28/24 | 1,800 | 601 |
5 | Republic of Sri Lanka | 6.125% | 6/3/25 | 2,350 | 841 |
5 | Republic of Sri Lanka | 6.850% | 11/3/25 | 5,600 | 1,975 |
5 | Republic of Sri Lanka | 6.825% | 7/18/26 | 3,700 | 1,305 |
5 | Republic of Sri Lanka | 6.200% | 5/11/27 | 5,350 | 1,773 |
5 | Republic of Sri Lanka | 6.750% | 4/18/28 | 4,625 | 1,537 |
5 | Republic of Sri Lanka | 7.850% | 3/14/29 | 5,200 | 1,720 |
5 | Republic of Sri Lanka | 7.550% | 3/28/30 | 5,475 | 1,813 |
11,565 | |||||
Suriname (0.0%) | |||||
5 | Republic of Suriname | 9.250% | 10/26/26 | 1,900 | 1,361 |
Tajikistan (0.0%) | |||||
3 | Republic of Tajikistan | 7.125% | 9/14/27 | 1,800 | 1,402 |
Trinidad & Tobago (0.1%) | |||||
Republic of Trinidad & Tobago | 4.500% | 8/4/26 | 3,550 | 3,480 | |
2 | Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 450 | 435 |
Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 1,400 | 1,349 | |
5,264 | |||||
Tunisia (0.1%) | |||||
Tunisian Republic | 5.750% | 1/30/25 | 3,525 | 1,824 | |
Turkey (7.3%) | |||||
Hazine Mustesarligi Varlik Kiralama A/S | 4.489% | 11/25/24 | 3,478 | 3,330 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 9.758% | 11/13/25 | 12,550 | 12,893 |
Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 4,400 | 4,006 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | 2/24/27 | 8,600 | 8,267 |
Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | 2/24/27 | 3,500 | 3,365 | |
Republic of Turkey | 6.350% | 8/10/24 | 7,400 | 7,253 | |
Republic of Turkey | 5.600% | 11/14/24 | 9,925 | 9,544 | |
Republic of Turkey | 7.375% | 2/5/25 | 12,100 | 11,925 | |
Republic of Turkey | 4.250% | 3/13/25 | 7,350 | 6,819 | |
Republic of Turkey | 6.375% | 10/14/25 | 9,158 | 8,703 | |
Republic of Turkey | 4.750% | 1/26/26 | 7,300 | 6,652 | |
Republic of Turkey | 4.250% | 4/14/26 | 2,812 | 2,511 | |
Republic of Turkey | 4.875% | 10/9/26 | 11,874 | 10,640 | |
Republic of Turkey | 6.000% | 3/25/27 | 13,367 | 12,315 | |
Republic of Turkey | 8.600% | 9/24/27 | 6,550 | 6,552 | |
Republic of Turkey | 9.875% | 1/15/28 | 12,875 | 13,324 | |
Republic of Turkey | 5.125% | 2/17/28 | 7,350 | 6,411 | |
Republic of Turkey | 6.125% | 10/24/28 | 10,103 | 9,067 | |
Republic of Turkey | 9.375% | 3/14/29 | 12,000 | 12,145 | |
Republic of Turkey | 7.625% | 4/26/29 | 7,175 | 6,825 | |
Republic of Turkey | 11.875% | 1/15/30 | 5,579 | 6,535 | |
Republic of Turkey | 5.250% | 3/13/30 | 7,300 | 6,018 | |
Republic of Turkey | 9.125% | 7/13/30 | 9,000 | 9,008 | |
Republic of Turkey | 5.950% | 1/15/31 | 8,400 | 7,080 | |
Republic of Turkey | 5.875% | 6/26/31 | 6,950 | 5,799 | |
Republic of Turkey | 9.375% | 1/19/33 | 9,250 | 9,343 | |
Republic of Turkey | 6.500% | 9/20/33 | 6,275 | 5,325 | |
Republic of Turkey | 8.000% | 2/14/34 | 5,321 | 5,289 | |
Republic of Turkey | 6.875% | 3/17/36 | 10,150 | 8,677 | |
Republic of Turkey | 7.250% | 3/5/38 | 3,625 | 3,236 | |
Republic of Turkey | 6.750% | 5/30/40 | 7,200 | 5,811 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Turkey | 6.000% | 1/14/41 | 10,815 | 8,124 | |
Republic of Turkey | 4.875% | 4/16/43 | 11,200 | 7,474 | |
Republic of Turkey | 6.625% | 2/17/45 | 10,800 | 8,550 | |
Republic of Turkey | 5.750% | 5/11/47 | 13,070 | 9,275 | |
268,091 | |||||
Ukraine (0.3%) | |||||
5 | Ukraine | 7.750% | 9/1/25 | 8,675 | 1,715 |
5 | Ukraine | 8.994% | 2/1/26 | 2,920 | 513 |
5 | Ukraine | 7.750% | 9/1/26 | 4,630 | 816 |
5 | Ukraine | 7.750% | 9/1/27 | 5,075 | 888 |
5 | Ukraine | 7.750% | 9/1/28 | 5,005 | 883 |
5 | Ukraine | 7.750% | 9/1/29 | 5,080 | 903 |
5 | Ukraine | 9.750% | 11/1/30 | 5,965 | 1,070 |
2,5 | Ukraine | 6.876% | 5/21/31 | 650 | 105 |
5 | Ukraine | 6.876% | 5/21/31 | 5,750 | 941 |
5 | Ukraine | 7.375% | 9/25/34 | 10,730 | 1,774 |
2,5 | Ukraine | 7.253% | 3/15/35 | 1,800 | 292 |
5 | Ukraine | 7.253% | 3/15/35 | 7,400 | 1,206 |
11,106 | |||||
United Arab Emirates (5.4%) | |||||
Dubai DOF Sukuk Ltd. | 5.000% | 4/30/29 | 6,230 | 6,447 | |
7 | Dubai DOF Sukuk Ltd. | 2.763% | 9/9/30 | 4,700 | 4,242 |
Emirate of Abu Dhabi | 2.125% | 9/30/24 | 10,950 | 10,548 | |
Emirate of Abu Dhabi | 2.500% | 4/16/25 | 11,000 | 10,617 | |
Emirate of Abu Dhabi | 3.125% | 5/3/26 | 9,747 | 9,465 | |
Emirate of Abu Dhabi | 3.125% | 10/11/27 | 15,000 | 14,530 | |
Emirate of Abu Dhabi | 1.625% | 6/2/28 | 7,446 | 6,687 | |
Emirate of Abu Dhabi | 2.500% | 9/30/29 | 10,825 | 9,982 | |
Emirate of Abu Dhabi | 3.125% | 4/16/30 | 11,025 | 10,512 | |
Emirate of Abu Dhabi | 1.700% | 3/2/31 | 5,450 | 4,654 | |
Emirate of Abu Dhabi | 1.875% | 9/15/31 | 6,300 | 5,395 | |
2 | Emirate of Abu Dhabi | 2.000% | 10/19/31 | 2,200 | 1,903 |
Emirate of Abu Dhabi | 2.000% | 10/19/31 | 1,475 | 1,276 | |
Emirate of Abu Dhabi | 4.050% | 7/7/32 | 6,400 | 6,429 | |
2 | Emirate of Abu Dhabi | 2.875% | 10/19/41 | 1,850 | 1,460 |
Emirate of Abu Dhabi | 2.875% | 10/19/41 | 2,100 | 1,662 | |
Emirate of Abu Dhabi | 4.125% | 10/11/47 | 11,225 | 10,137 | |
Emirate of Abu Dhabi | 3.125% | 9/30/49 | 14,700 | 11,112 | |
Emirate of Abu Dhabi | 3.875% | 4/16/50 | 14,600 | 12,573 | |
Emirate of Abu Dhabi | 3.000% | 9/15/51 | 4,650 | 3,411 | |
Emirate of Abu Dhabi | 4.951% | 7/7/52 | 4,575 | 4,630 | |
Emirate of Abu Dhabi | 3.250% | 10/19/61 | 7,100 | 5,321 | |
Emirate of Abu Dhabi | 2.700% | 9/2/70 | 5,500 | 3,447 | |
Emirate of Dubai | 5.250% | 1/30/43 | 3,825 | 3,655 | |
Emirate of Dubai | 3.900% | 9/9/50 | 4,642 | 3,442 | |
2 | Finance Department Government of Sharjah | 6.500% | 11/23/32 | 3,450 | 3,578 |
Finance Department Government of Sharjah | 6.500% | 11/23/32 | 200 | 208 | |
Finance Department Government of Sharjah | 3.625% | 3/10/33 | 2,800 | 2,331 | |
Finance Department Government of Sharjah | 4.000% | 7/28/50 | 3,748 | 2,449 | |
Finance Department Government of Sharjah | 4.375% | 3/10/51 | 1,800 | 1,255 | |
RAK Capital | 3.094% | 3/31/25 | 3,733 | 3,612 | |
Sharjah Sukuk Ltd. | 3.764% | 9/17/24 | 1,910 | 1,874 | |
Sharjah Sukuk Program Ltd. | 3.854% | 4/3/26 | 4,820 | 4,649 | |
Sharjah Sukuk Program Ltd. | 2.942% | ���6/10/27 | 3,490 | 3,197 | |
Sharjah Sukuk Program Ltd. | 4.226% | 3/14/28 | 4,475 | 4,296 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Sharjah Sukuk Program Ltd. | 3.234% | 10/23/29 | 3,614 | 3,244 | |
Sharjah Sukuk Program Ltd. | 3.886% | 4/4/30 | 2,700 | 2,463 | |
Sharjah Sukuk Program Ltd. | 3.200% | 7/13/31 | 2,700 | 2,334 | |
199,027 | |||||
Uruguay (1.5%) | |||||
3 | Oriental Republic of Uruguay | 4.375% | 10/27/27 | 5,266 | 5,321 |
3 | Oriental Republic of Uruguay | 4.375% | 1/23/31 | 7,600 | 7,665 |
Oriental Republic of Uruguay | 7.875% | 1/15/33 | 3,300 | 4,143 | |
Oriental Republic of Uruguay | 5.750% | 10/28/34 | 5,562 | 6,175 | |
3 | Oriental Republic of Uruguay | 7.625% | 3/21/36 | 4,015 | 5,091 |
3 | Oriental Republic of Uruguay | 4.125% | 11/20/45 | 2,600 | 2,421 |
3 | Oriental Republic of Uruguay | 5.100% | 6/18/50 | 14,367 | 14,714 |
3 | Oriental Republic of Uruguay | 4.975% | 4/20/55 | 9,509 | 9,543 |
55,073 | |||||
Uzbekistan (0.1%) | |||||
Republic of Uzbekistan | 5.375% | 2/20/29 | 1,625 | 1,505 | |
Republic of Uzbekistan | 3.700% | 11/25/30 | 2,300 | 1,884 | |
2 | Republic of Uzbekistan | 3.900% | 10/19/31 | 950 | 776 |
Republic of Uzbekistan | 3.900% | 10/19/31 | 1,450 | 1,183 | |
5,348 | |||||
Vietnam (0.1%) | |||||
Socialist Republic of Vietnam | 4.800% | 11/19/24 | 3,900 | 3,816 | |
Zambia (0.1%) | |||||
5 | Republic of Zambia | 8.970% | 7/30/27 | 4,825 | 2,245 |
Total Sovereign Bonds (Cost $3,624,632) | 3,112,618 | ||||
Shares | |||||
Temporary Cash Investments (0.6%) | |||||
Money Market Fund (0.6%) | |||||
8 | Vanguard Market Liquidity Fund (Cost $20,185) | 4.853% | 201,858 | 20,184 | |
Total Investments (98.8%) (Cost $4,235,356) | 3,645,635 | ||||
Other Assets and Liabilities—Net (1.2%) | 45,578 | ||||
Net Assets (100.0%) | 3,691,213 | ||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Guaranteed by the Republic of Azerbaijan. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $248,656,000, representing 6.7% 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 $155,000 have been segregated as initial margin for open futures contracts. |
7 | Guaranteed by the Kingdom of United Arab Emirates. |
8 | 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 | June 2023 | 41 | 4,499 | (9) |
10-Year U.S. Treasury Note | June 2023 | 47 | 5,415 | 111 |
Ultra 10-Year U.S. Treasury Note | June 2023 | 7 | 850 | 2 |
104 | ||||
Short Futures Contracts | ||||
2-Year U.S. Treasury Note | June 2023 | (33) | (6,803) | (68) |
Long U.S. Treasury Bond | June 2023 | (12) | (1,580) | (34) |
Ultra Long U.S. Treasury Bond | June 2023 | (10) | (1,414) | (20) |
(122) | ||||
(18) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $4,215,171) | 3,625,451 |
Affiliated Issuers (Cost $20,185) | 20,184 |
Total Investments in Securities | 3,645,635 |
Investment in Vanguard | 129 |
Foreign Currency, at Value (Cost $4) | 4 |
Receivables for Investment Securities Sold | 28,810 |
Receivables for Accrued Income | 49,127 |
Receivables for Capital Shares Issued | 13,399 |
Total Assets | 3,737,104 |
Liabilities | |
Due to Custodian | 483 |
Payables for Investment Securities Purchased | 44,816 |
Payables for Capital Shares Redeemed | 90 |
Payables for Distributions | 171 |
Payables to Vanguard | 300 |
Variation Margin Payable—Futures Contracts | 31 |
Total Liabilities | 45,891 |
Net Assets | 3,691,213 |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 4,534,453 |
Total Distributable Earnings (Loss) | (843,240) |
Net Assets | 3,691,213 |
ETF Shares—Net Assets | |
Applicable to 55,182,986 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,410,210 |
Net Asset Value Per Share—ETF Shares | $61.80 |
Admiral Shares—Net Assets | |
Applicable to 10,266,598 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 159,038 |
Net Asset Value Per Share—Admiral Shares | $15.49 |
Institutional Shares—Net Assets | |
Applicable to 4,909,118 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 121,965 |
Net Asset Value Per Share—Institutional Shares | $24.84 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 97,117 |
Total Income | 97,117 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 41 |
Management and Administrative—ETF Shares | 2,901 |
Management and Administrative—Admiral Shares | 151 |
Management and Administrative—Institutional Shares | 95 |
Marketing and Distribution—ETF Shares | 87 |
Marketing and Distribution—Admiral Shares | 4 |
Marketing and Distribution—Institutional Shares | 2 |
Custodian Fees | 36 |
Shareholders’ Reports—ETF Shares | 92 |
Shareholders’ Reports—Admiral Shares | 1 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 6 |
Total Expenses | 3,417 |
Expenses Paid Indirectly | (3) |
Net Expenses | 3,414 |
Net Investment Income | 93,703 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | (43,216) |
Futures Contracts | (491) |
Realized Net Gain (Loss) | (43,707) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 259,596 |
Futures Contracts | (174) |
Change in Unrealized Appreciation (Depreciation) | 259,422 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 309,418 |
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 $227,000, ($1,000), less than $1,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 93,703 | 147,527 | |
Realized Net Gain (Loss) | (43,707) | (163,273) | |
Change in Unrealized Appreciation (Depreciation) | 259,422 | (798,914) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 309,418 | (814,660) | |
Distributions | |||
ETF Shares | (85,718) | (135,745) | |
Admiral Shares | (4,386) | (9,185) | |
Institutional Shares | (3,224) | (2,162) | |
Total Distributions | (93,328) | (147,092) | |
Capital Share Transactions | |||
ETF Shares | 628,374 | 446,745 | |
Admiral Shares | (8,379) | (26,860) | |
Institutional Shares | 63,266 | 22,957 | |
Net Increase (Decrease) from Capital Share Transactions | 683,261 | 442,842 | |
Total Increase (Decrease) | 899,351 | (518,910) | |
Net Assets | |||
Beginning of Period | 2,791,862 | 3,310,772 | |
End of Period | 3,691,213 | 2,791,862 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $57.55 | $78.02 | $78.01 | $80.38 | $74.27 | $80.73 |
Investment Operations | ||||||
Net Investment Income1 | 1.668 | 3.170 | 3.190 | 3.551 | 3.738 | 3.411 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 4.271 | (20.455) | (.036) | (2.322) | 6.044 | (6.445) |
Total from Investment Operations | 5.939 | (17.285) | 3.154 | 1.229 | 9.782 | (3.034) |
Distributions | ||||||
Dividends from Net Investment Income | (1.689) | (3.185) | (3.144) | (3.599) | (3.672) | (3.426) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.689) | (3.185) | (3.144) | (3.599) | (3.672) | (3.426) |
Net Asset Value, End of Period | $61.80 | $57.55 | $78.02 | $78.01 | $80.38 | $74.27 |
Total Return | 10.39% | -22.68% | 4.06% | 1.65% | 13.47% | -3.84% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,410 | $2,582 | $3,024 | $1,853 | $1,538 | $1,033 |
Ratio of Total Expenses to Average Net Assets | 0.20%3 | 0.20%3 | 0.20% | 0.25% | 0.25% | 0.30% |
Ratio of Net Investment Income to Average Net Assets | 5.47% | 4.73% | 4.02% | 4.55% | 4.79% | 4.42% |
Portfolio Turnover Rate4 | 10% | 17% | 16% | 21% | 48% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $0.02, $0.02, $0.00, $0.00, $0.00, and $0.04. |
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 | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $14.42 | $19.58 | $19.58 | $20.16 | $18.63 | $20.24 |
Investment Operations | ||||||
Net Investment Income1 | .419 | .798 | .806 | .897 | .939 | .858 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 1.075 | (5.149) | (.015) | (.586) | 1.521 | (1.613) |
Total from Investment Operations | 1.494 | (4.351) | .791 | .311 | 2.460 | (.755) |
Distributions | ||||||
Dividends from Net Investment Income | (.424) | (.809) | (.791) | (.891) | (.930) | (.855) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.424) | (.809) | (.791) | (.891) | (.930) | (.855) |
Net Asset Value, End of Period | $15.49 | $14.42 | $19.58 | $19.58 | $20.16 | $18.63 |
Total Return3 | 10.39% | -22.67% | 4.04% | 1.66% | 13.46% | -3.80% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $159 | $156 | $242 | $243 | $273 | $256 |
Ratio of Total Expenses to Average Net Assets | 0.20%4 | 0.20%4 | 0.20% | 0.25% | 0.25% | 0.30% |
Ratio of Net Investment Income to Average Net Assets | 5.46% | 4.69% | 4.03% | 4.57% | 4.79% | 4.42% |
Portfolio Turnover Rate5 | 10% | 17% | 16% | 21% | 48% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $0.00, $0.00, $0.00, $0.00, $0.00, and $0.01. |
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 | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $23.13 | $31.41 | $31.40 | $32.33 | $29.88 | $32.47 |
Investment Operations | ||||||
Net Investment Income1 | .675 | 1.286 | 1.298 | 1.443 | 1.522 | 1.380 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 1.718 | (8.261) | (.014) | (.938) | 2.425 | (2.596) |
Total from Investment Operations | 2.393 | (6.975) | 1.284 | .505 | 3.947 | (1.216) |
Distributions | ||||||
Dividends from Net Investment Income | (.683) | (1.305) | (1.274) | (1.435) | (1.497) | (1.374) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.683) | (1.305) | (1.274) | (1.435) | (1.497) | (1.374) |
Net Asset Value, End of Period | $24.84 | $23.13 | $31.41 | $31.40 | $32.33 | $29.88 |
Total Return3 | 10.37% | -22.66% | 4.10% | 1.68% | 13.46% | -3.82% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $122 | $54 | $45 | $42 | $51 | $19 |
Ratio of Total Expenses to Average Net Assets | 0.18%4 | 0.18%4 | 0.18% | 0.23% | 0.23% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 5.48% | 4.79% | 4.05% | 4.59% | 4.81% | 4.43% |
Portfolio Turnover Rate5 | 10% | 17% | 16% | 21% | 48% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $0.00, $0.00, $0.00, $0.00, $0.00, 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 six months ended April 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $3,000 (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 | — | 11,644 | — | 11,644 |
Corporate Bonds | — | 501,189 | — | 501,189 |
Sovereign Bonds | — | 3,112,618 | — | 3,112,618 |
Temporary Cash Investments | 20,184 | — | — | 20,184 |
Total | 20,184 | 3,625,451 | — | 3,645,635 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 113 | — | — | 113 |
Liabilities | ||||
Futures Contracts1 | 131 | — | — | 131 |
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. | As of April 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 4,238,297 |
Gross Unrealized Appreciation | 8,280 |
Gross Unrealized Depreciation | (600,960) |
Net Unrealized Appreciation (Depreciation) | (592,680) |
F. | During the six months ended April 30, 2023, the fund purchased $933,024,000 of investment securities and sold $278,419,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $77,173,000 and $69,929,000, respectively. Purchases and sales include $571,606,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 628,374 | 10,313 | 722,837 | 10,308 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | — | — | (276,092) | (4,200) | |
Net Increase (Decrease)—ETF Shares | 628,374 | 10,313 | 446,745 | 6,108 | |
Admiral Shares | |||||
Issued1 | 15,103 | 974 | 30,869 | 1,842 | |
Issued in Lieu of Cash Distributions | 3,419 | 220 | 7,464 | 449 | |
Redeemed | (26,901) | (1,730) | (65,193) | (3,837) | |
Net Increase (Decrease)—Admiral Shares | (8,379) | (536) | (26,860) | (1,546) | |
Institutional Shares | |||||
Issued1 | 67,757 | 2,772 | 39,706 | 1,508 | |
Issued in Lieu of Cash Distributions | 3,224 | 130 | 2,162 | 83 | |
Redeemed | (7,715) | (311) | (18,911) | (700) | |
Net Increase (Decrease)—Institutional Shares | 63,266 | 2,591 | 22,957 | 891 |
1 | Includes purchase fees for fiscal 2023 and 2022 of $1,045,000 and $1,041,000, respectively (fund totals). |
H. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2023, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSRS/0001104659-23-075871/tm2312905d8ememktbdq1120i002.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSRS/0001104659-23-075871/tm2312905d8glominvolq119i001.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 22 |
Liquidity Risk Management | 24 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,063.40 | $1.07 |
Admiral™ Shares | 1,000.00 | 1,064.10 | 0.72 |
Based on Hypothetical 5% Yearly Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,023.75 | $1.05 |
Admiral Shares | 1,000.00 | 1,024.10 | 0.70 |
United States | 53.7% |
Japan | 10.8 |
Canada | 4.5 |
Australia | 4.2 |
United Kingdom | 4.1 |
India | 3.3 |
Switzerland | 3.3 |
China | 3.2 |
South Korea | 2.7 |
Taiwan | 2.1 |
France | 1.7 |
Hong Kong | 1.5 |
Brazil | 1.4 |
Other | 3.5 |
Shares | Market Value• ($000) | ||
Common Stocks (98.8%) | |||
Australia (4.1%) | |||
Wesfarmers Ltd. | 577,556 | 19,980 | |
Transurban Group | 1,375,860 | 13,722 | |
Telstra Group Ltd. | 4,623,712 | 13,414 | |
Westpac Banking Corp. | 503,375 | 7,535 | |
Coles Group Ltd. | 602,789 | 7,282 | |
Medibank Pvt Ltd. | 2,530,369 | 5,988 | |
Brambles Ltd. | 535,267 | 5,071 | |
Computershare Ltd. (XASX) | 186,096 | 2,770 | |
Insurance Australia Group Ltd. | 739,314 | 2,449 | |
Atlas Arteria Ltd. | 436,237 | 1,897 | |
Aurizon Holdings Ltd. | 665,049 | 1,512 | |
National Australia Bank Ltd. | 46,993 | 905 | |
APA Group | 111,946 | 764 | |
Washington H Soul Pattinson & Co. Ltd. | 30,785 | 644 | |
Steadfast Group Ltd. | 161,235 | 636 | |
carsales.com Ltd. | 31,641 | 502 | |
85,071 | |||
Belgium (0.1%) | |||
Etablissements Franz Colruyt NV | 63,027 | 1,751 | |
Brazil (1.4%) | |||
Itau Unibanco Holding SA ADR | 3,178,587 | 16,370 | |
Banco Bradesco SA ADR | 3,893,703 | 10,902 | |
1 | Centrais Eletricas Brasileiras SA ADR | 91,503 | 615 |
Ambev SA ADR | 198,186 | 555 | |
Vale SA Class B ADR | 28,979 | 417 | |
28,859 | |||
Canada (4.5%) | |||
Enbridge Inc. | 424,100 | 16,863 | |
1 | Royal Bank of Canada | 122,710 | 12,183 |
2 | Hydro One Ltd. | 365,187 | 10,695 |
Intact Financial Corp. | 64,876 | 9,813 | |
BCE Inc. | 190,829 | 9,172 | |
1 | Emera Inc. | 212,474 | 9,041 |
Fortis Inc. (XTSE) | 117,802 | 5,173 | |
Dollarama Inc. | 83,125 | 5,149 | |
Metro Inc. | 84,491 | 4,816 | |
CCL Industries Inc. Class B | 52,682 | 2,477 | |
Thomson Reuters Corp. | 17,732 | 2,332 |
Shares | Market Value• ($000) | ||
Canadian Utilities Ltd. Class A | 60,201 | 1,740 | |
Capital Power Corp. | 26,491 | 863 | |
Atco Ltd. Class I | 19,934 | 659 | |
Quebecor Inc. Class B | 21,945 | 566 | |
Brookfield Infrastructure Corp. Class A | 13,272 | 566 | |
Definity Financial Corp. | 16,587 | 450 | |
TMX Group Ltd. | 4,250 | 430 | |
92,988 | |||
China (3.2%) | |||
China Shenhua Energy Co. Ltd. Class H | 3,033,500 | 10,076 | |
*,1,2 | East Buy Holding Ltd. | 2,394,021 | 8,299 |
Tsingtao Brewery Co. Ltd. Class H | 516,000 | 5,524 | |
China Pacific Insurance Group Co. Ltd. Class H | 1,740,800 | 5,200 | |
ENN Energy Holdings Ltd. | 377,700 | 5,179 | |
2 | Nongfu Spring Co. Ltd. Class H | 745,400 | 4,044 |
Anhui Conch Cement Co. Ltd. Class H | 1,103,414 | 3,484 | |
China Resources Land Ltd. | 662,000 | 3,083 | |
ZTE Corp. Class H | 869,800 | 2,801 | |
ZTO Express Cayman Inc. | 83,800 | 2,307 | |
Sinopharm Group Co. Ltd. Class H | 639,600 | 2,266 | |
China Overseas Land & Investment Ltd. | 856,000 | 2,171 | |
Yum China Holdings Inc. | 34,500 | 2,111 | |
New China Life Insurance Co. Ltd. Class H | 611,300 | 1,751 | |
Yanzhou Coal Mining Co. Ltd. Class H | 438,000 | 1,503 | |
Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 468,000 | 1,417 | |
China Resources Gas Group Ltd. | 356,400 | 1,125 | |
Haier Smart Home Co. Ltd. Class H | 332,800 | 1,085 | |
Tingyi Cayman Islands Holding Corp. | 572,000 | 1,000 | |
CITIC Securities Co. Ltd. Class H | 258,500 | 544 | |
*,2 | Keymed Biosciences Inc. | 55,000 | 439 |
Shares | Market Value• ($000) | ||
2 | Yadea Group Holdings Ltd. | 178,000 | 416 |
65,825 | |||
Finland (0.5%) | |||
Sampo OYJ Class A | 133,014 | 6,746 | |
Elisa OYJ | 37,010 | 2,298 | |
Orion OYJ Class B | 19,507 | 916 | |
9,960 | |||
France (1.7%) | |||
Orange SA | 1,689,318 | 21,988 | |
Vivendi SE | 793,566 | 8,717 | |
Edenred | 63,665 | 4,137 | |
1 | Bollore SE | 109,320 | 738 |
35,580 | |||
Germany (0.1%) | |||
SAP SE | 6,501 | 880 | |
Fielmann AG | 15,551 | 805 | |
1,685 | |||
Hong Kong (1.5%) | |||
CLP Holdings Ltd. | 1,575,105 | 11,728 | |
Power Assets Holdings Ltd. | 1,750,270 | 10,002 | |
MTR Corp. Ltd. | 642,000 | 3,208 | |
BOC Hong Kong Holdings Ltd. | 869,000 | 2,743 | |
Chow Tai Fook Jewellery Group Ltd. | 828,200 | 1,663 | |
Want Want China Holdings Ltd. | 2,180,000 | 1,390 | |
30,734 | |||
India (3.3%) | |||
ICICI Bank Ltd. ADR | 1,375,612 | 31,295 | |
Infosys Ltd. ADR | 1,390,509 | 21,609 | |
Dr Reddy's Laboratories Ltd. ADR | 202,941 | 12,270 | |
2 | Reliance Industries Ltd. GDR | 33,558 | 2,000 |
Wipro Ltd. ADR | 195,588 | 919 | |
68,093 | |||
Indonesia (0.2%) | |||
Telkom Indonesia Persero Tbk PT ADR | 160,059 | 4,610 | |
Israel (0.0%) | |||
First International Bank of Israel Ltd. | 18,373 | 668 | |
Italy (0.1%) | |||
UnipolSai Assicurazioni SpA | 589,372 | 1,586 | |
Japan (10.6%) | |||
Softbank Corp. | 2,696,400 | 30,358 | |
Canon Inc. | 893,400 | 21,278 | |
Japan Post Holdings Co. Ltd. | 2,152,500 | 17,719 | |
East Japan Railway Co. | 294,700 | 16,863 | |
Yamada Holdings Co. Ltd. | 3,812,900 | 13,287 | |
Central Japan Railway Co. | 98,500 | 12,194 | |
West Japan Railway Co. | 218,000 | 9,449 | |
Japan Tobacco Inc. | 345,400 | 7,432 | |
* | Skylark Holdings Co. Ltd. | 475,600 | 6,381 |
ENEOS Holdings Inc. | 1,572,200 | 5,593 | |
Takeda Pharmaceutical Co. Ltd. | 162,700 | 5,395 | |
Tokyu Corp. | 339,600 | 4,794 |
Shares | Market Value• ($000) | ||
Secom Co. Ltd. | 67,800 | 4,342 | |
Kagome Co. Ltd. | 166,200 | 4,037 | |
Kyushu Railway Co. | 175,000 | 3,974 | |
Kintetsu Group Holdings Co. Ltd. | 106,200 | 3,585 | |
Japan Post Bank Co. Ltd. | 430,800 | 3,440 | |
Sawai Group Holdings Co. Ltd. | 114,100 | 3,302 | |
Hankyu Hanshin Holdings Inc. | 104,600 | 3,266 | |
Tokyo Gas Co. Ltd. | 158,600 | 3,249 | |
Tobu Railway Co. Ltd. | 125,400 | 3,201 | |
Osaka Gas Co. Ltd. | 183,100 | 3,029 | |
Toho Co. Ltd. | 74,500 | 2,960 | |
Kyocera Corp. | 55,800 | 2,929 | |
ABC-Mart Inc. | 39,100 | 2,222 | |
Odakyu Electric Railway Co. Ltd. | 150,900 | 2,108 | |
Zensho Holdings Co. Ltd. | 58,600 | 1,862 | |
Takashimaya Co. Ltd. | 119,700 | 1,768 | |
Mizuho Financial Group Inc. | 117,100 | 1,697 | |
Oracle Corp. Japan | 18,900 | 1,356 | |
Trend Micro Inc. | 27,500 | 1,344 | |
Keio Corp. | 35,800 | 1,330 | |
Keisei Electric Railway Co. Ltd. | 35,300 | 1,246 | |
Seven Bank Ltd. | 599,900 | 1,228 | |
McDonald's Holdings Co. Japan Ltd. | 27,800 | 1,158 | |
MOS Food Services Inc. | 49,900 | 1,146 | |
Yamato Holdings Co. Ltd. | 62,100 | 1,067 | |
Nagoya Railroad Co. Ltd. | 64,700 | 1,044 | |
Shimamura Co. Ltd. | 11,100 | 1,019 | |
Citizen Watch Co. Ltd. | 169,600 | 938 | |
Obayashi Corp. | 109,400 | 912 | |
Kyorin Pharmaceutical Co. Ltd. | 54,700 | 704 | |
Nippon Electric Glass Co. Ltd. | 33,900 | 647 | |
Haseko Corp. | 44,100 | 538 | |
Brother Industries Ltd. | 32,300 | 507 | |
Chubu Electric Power Co. Inc. | 45,000 | 502 | |
Shimizu Corp. | 70,900 | 433 | |
COMSYS Holdings Corp. | 22,500 | 431 | |
Shizuoka Financial Group Inc. | 56,700 | 427 | |
Hirose Electric Co. Ltd. | 3,100 | 418 | |
220,109 | |||
Mexico (0.2%) | |||
Fomento Economico Mexicano SAB de CV ADR | 28,207 | 2,737 | |
* | America Movil SAB de CV ADR | 35,531 | 763 |
Coca-Cola Femsa SAB de CV ADR | 9,013 | 761 | |
Grupo Aeroportuario del Sureste SAB de CV ADR | 2,095 | 600 | |
4,861 | |||
New Zealand (0.1%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 104,975 | 1,800 | |
Infratil Ltd. | 81,484 | 482 |
Shares | Market Value• ($000) | ||
* | Auckland International Airport Ltd. | 85,786 | 470 |
2,752 | |||
Norway (0.5%) | |||
Orkla ASA | 1,068,055 | 7,677 | |
DNB Bank ASA | 89,396 | 1,572 | |
9,249 | |||
Singapore (0.8%) | |||
Oversea-Chinese Banking Corp. Ltd. | 971,261 | 9,189 | |
Singapore Exchange Ltd. | 704,026 | 5,067 | |
DBS Group Holdings Ltd. | 33,800 | 835 | |
Wilmar International Ltd. | 135,700 | 401 | |
15,492 | |||
South Korea (2.7%) | |||
KT&G Corp. | 290,599 | 18,622 | |
Samsung Electronics Co. Ltd. (XKRX) | 275,893 | 13,575 | |
Samsung Electronics Co. Ltd. Preference Shares | 315,850 | 13,204 | |
SK Telecom Co. Ltd. | 107,075 | 3,815 | |
Korea Zinc Co. Ltd. | 6,534 | 2,511 | |
Samsung Fire & Marine Insurance Co. Ltd. | 9,985 | 1,680 | |
Samsung Life Insurance Co. Ltd. | 20,362 | 1,010 | |
Maeil Dairies Co. Ltd. | 22,085 | 785 | |
Kangwon Land Inc. | 32,185 | 456 | |
SSANGYONG C&E Co. Ltd. | 95,535 | 418 | |
56,076 | |||
Spain (0.8%) | |||
Iberdrola SA (XMAD) | 988,814 | 12,813 | |
Enagas SA | 173,007 | 3,464 | |
16,277 | |||
Sweden (0.1%) | |||
Saab AB Class B | 23,400 | 1,314 | |
Switzerland (3.2%) | |||
Swisscom AG (Registered) | 48,561 | 33,340 | |
Novartis AG (Registered) | 238,415 | 24,388 | |
2 | Galenica AG | 36,633 | 3,283 |
Banque Cantonale Vaudoise (Registered) | 17,241 | 1,814 | |
Baloise Holding AG (Registered) | 7,834 | 1,311 | |
Roche Holding AG (Bearer) | 3,106 | 1,051 | |
Allreal Holding AG (Registered) | 5,243 | 931 | |
Swiss Prime Site AG (Registered) | 7,094 | 642 | |
EMS-Chemie Holding AG (Registered) | 503 | 413 | |
67,173 | |||
Taiwan (2.0%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 219,143 | 18,474 | |
1 | United Microelectronics Corp. ADR | 1,265,173 | 10,159 |
1 | ASE Technology Holding Co. Ltd. ADR | 1,019,260 | 6,992 |
Shares | Market Value• ($000) | ||
Chunghwa Telecom Co. Ltd. ADR | 151,576 | 6,248 | |
41,873 | |||
United Kingdom (4.1%) | |||
BAE Systems plc | 1,586,260 | 20,209 | |
Compass Group plc | 330,496 | 8,719 | |
National Grid plc | 605,608 | 8,683 | |
Reckitt Benckiser Group plc | 83,964 | 6,785 | |
Sage Group plc | 640,085 | 6,601 | |
Halma plc | 223,088 | 6,488 | |
Unilever plc (XLON) | 106,907 | 5,953 | |
GSK plc | 246,303 | 4,442 | |
Pearson plc | 387,526 | 4,311 | |
Imperial Brands plc | 140,921 | 3,488 | |
Admiral Group plc | 83,835 | 2,437 | |
Tate & Lyle plc | 211,352 | 2,167 | |
Rightmove plc | 258,459 | 1,871 | |
Smiths Group plc | 36,416 | 770 | |
AstraZeneca plc | 5,079 | 747 | |
Phoenix Group Holdings plc | 92,424 | 689 | |
84,360 | |||
United States (53.0%) | |||
McDonald's Corp. | 118,132 | 34,938 | |
3 | Merck & Co. Inc. | 300,263 | 34,671 |
Republic Services Inc. Class A | 238,716 | 34,523 | |
3 | Gilead Sciences Inc. | 401,715 | 33,025 |
Lockheed Martin Corp. | 70,806 | 32,886 | |
Amdocs Ltd. | 356,956 | 32,572 | |
3 | Colgate-Palmolive Co. | 406,861 | 32,467 |
Waste Management Inc. | 195,400 | 32,446 | |
3 | Johnson & Johnson | 196,860 | 32,226 |
AbbVie Inc. | 210,801 | 31,856 | |
Church & Dwight Co. Inc. | 320,404 | 31,118 | |
3 | Cisco Systems Inc. | 643,376 | 30,400 |
3 | International Business Machines Corp. | 239,627 | 30,291 |
3 | Bristol-Myers Squibb Co. | 448,414 | 29,941 |
Amgen Inc. | 122,408 | 29,346 | |
AptarGroup Inc. | 246,916 | 29,262 | |
Chemed Corp. | 48,609 | 26,796 | |
Service Corp. International | 335,967 | 23,582 | |
3 | Hormel Foods Corp. | 563,484 | 22,787 |
4 | Equity Commonwealth | 1,091,502 | 22,616 |
White Mountains Insurance Group Ltd. | 13,675 | 19,585 | |
General Mills Inc. | 212,225 | 18,809 | |
Kimberly-Clark Corp. | 126,975 | 18,397 | |
J M Smucker Co. | 117,025 | 18,070 | |
AmerisourceBergen Corp. | 102,922 | 17,173 | |
Dolby Laboratories Inc. Class A | 203,660 | 17,044 | |
Progressive Corp. | 124,650 | 17,002 | |
General Dynamics Corp. | 75,087 | 16,394 | |
Hawaiian Electric Industries Inc. | 409,097 | 16,041 | |
Quest Diagnostics Inc. | 108,055 | 14,999 | |
Silgan Holdings Inc. | 268,919 | 13,247 | |
Flowers Foods Inc. | 468,676 | 12,893 | |
IDACORP Inc. | 111,641 | 12,406 | |
Jack Henry & Associates Inc. | 74,479 | 12,165 | |
Duke Energy Corp. | 117,285 | 11,597 | |
Premier Inc. Class A | 342,565 | 11,418 |
Shares | Market Value• ($000) | ||
Commerce Bancshares Inc. | 191,876 | 10,716 | |
Consolidated Edison Inc. | 106,879 | 10,524 | |
Northrop Grumman Corp. | 22,437 | 10,350 | |
NewMarket Corp. | 25,708 | 10,273 | |
Sonoco Products Co. | 166,388 | 10,086 | |
Cigna Group | 37,156 | 9,411 | |
Cboe Global Markets Inc. | 61,103 | 8,536 | |
1 | Sirius XM Holdings Inc. | 2,239,239 | 8,509 |
Huntington Ingalls Industries Inc. | 39,910 | 8,048 | |
Washington Federal Inc. | 279,007 | 7,823 | |
Motorola Solutions Inc. | 26,603 | 7,752 | |
Gen Digital Inc. (XNGS) | 427,268 | 7,550 | |
* | FTI Consulting Inc. | 41,255 | 7,447 |
* | Check Point Software Technologies Ltd. | 57,796 | 7,361 |
Maximus Inc. | 81,632 | 6,829 | |
Kellogg Co. | 97,054 | 6,771 | |
Oracle Corp. | 66,875 | 6,334 | |
MDU Resources Group Inc. | 173,280 | 5,063 | |
Atmos Energy Corp. | 37,873 | 4,323 | |
3 | Coca-Cola Co. | 65,991 | 4,233 |
* | Insight Enterprises Inc. | 32,621 | 3,946 |
W R Berkley Corp. | 64,043 | 3,773 | |
Microsoft Corp. | 11,391 | 3,500 | |
American States Water Co. | 39,217 | 3,481 | |
McKesson Corp. | 8,945 | 3,258 | |
Prosperity Bancshares Inc. | 49,601 | 3,106 | |
Progress Software Corp. | 56,268 | 3,088 | |
Electronic Arts Inc. | 22,432 | 2,855 | |
* | Grand Canyon Education Inc. | 23,219 | 2,756 |
CVB Financial Corp. | 150,939 | 2,260 | |
Capitol Federal Financial Inc. | 358,205 | 2,221 | |
* | Aspen Technology Inc. | 12,235 | 2,166 |
Werner Enterprises Inc. | 47,021 | 2,124 | |
* | Vertex Pharmaceuticals Inc. | 5,943 | 2,025 |
Independent Bank Corp. (XNGS) | 35,302 | 1,977 | |
Globe Life Inc. | 18,130 | 1,967 | |
United Bankshares Inc. | 53,614 | 1,776 | |
Rollins Inc. | 41,274 | 1,744 | |
NorthWestern Corp. | 29,482 | 1,728 | |
TFS Financial Corp. | 143,421 | 1,727 | |
Royalty Pharma plc Class A | 48,043 | 1,689 | |
Genpact Ltd. | 36,658 | 1,633 | |
* | NetScout Systems Inc. | 59,235 | 1,612 |
* | Akero Therapeutics Inc. | 34,687 | 1,552 |
Southwest Gas Holdings Inc. | 24,288 | 1,360 | |
3 | Campbell Soup Co. | 24,550 | 1,333 |
H&R Block Inc. | 38,797 | 1,316 | |
Science Applications International Corp. | 11,974 | 1,222 | |
* | Huron Consulting Group Inc. | 14,332 | 1,215 |
Genuine Parts Co. | 7,117 | 1,198 | |
RLI Corp. | 8,364 | 1,163 | |
New Jersey Resources Corp. | 22,104 | 1,141 | |
* | Enstar Group Ltd. | 4,732 | 1,139 |
Shares | Market Value• ($000) | ||
Northwest Bancshares Inc. | 94,950 | 1,110 | |
Selective Insurance Group Inc. | 11,374 | 1,096 | |
Graham Holdings Co. Class B | 1,738 | 1,000 | |
* | United Therapeutics Corp. | 4,196 | 966 |
Avista Corp. | 20,918 | 922 | |
Old National Bancorp | 68,036 | 912 | |
* | Prestige Consumer Healthcare Inc. | 14,289 | 879 |
* | Rambus Inc. | 19,688 | 873 |
International Bancshares Corp. | 19,967 | 852 | |
Madison Square Garden Sports Corp. | 4,200 | 842 | |
* | Plexus Corp. | 8,401 | 735 |
* | CommVault Systems Inc. | 12,407 | 723 |
Cardinal Health Inc. | 7,915 | 650 | |
Chesapeake Utilities Corp. | 5,128 | 633 | |
Spire Inc. | 8,085 | 548 | |
Roper Technologies Inc. | 1,066 | 485 | |
Hershey Co. | 1,709 | 467 | |
CSG Systems International Inc. | 8,832 | 465 | |
Horace Mann Educators Corp. | 14,682 | 459 | |
Trustmark Corp. | 19,136 | 457 | |
PepsiCo Inc. | 2,327 | 444 | |
CME Group Inc. | 2,371 | 440 | |
Hanover Insurance Group Inc. | 3,586 | 429 | |
3 | Procter & Gamble Co. | 2,729 | 427 |
Community Bank System Inc. | 7,542 | 377 | |
1,099,170 | |||
Total Common Stocks (Cost $1,820,207) | 2,046,116 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (2.8%) | |||
Money Market Fund (2.8%) | |||
5,6 | Vanguard Market Liquidity Fund, 4.853% (Cost $58,334) | 583,440 | 58,338 |
Total Investments (101.6%) (Cost $1,878,541) | 2,104,454 | ||
Other Assets and Liabilities—Net (-1.6%) | (32,269) | ||
Net Assets (100%) | 2,072,185 | ||
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 $47,150,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $29,176,000, representing 1.4% of net assets. |
3 | Securities with a value of $547,000 have been segregated as collateral for open forward currency contracts. |
4 | Securities with a value of $1,330,000 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 $50,821,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2023 | 80 | 16,754 | 127 |
Euro Stoxx 50 Index | June 2023 | 1 | 48 | 3 |
S&P ASX 200 Index | June 2023 | 4 | 484 | 19 |
Topix Index | June 2023 | 9 | 1,359 | 27 |
176 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Toronto-Dominion Bank | 5/17/23 | AUD | 3,727 | USD | 2,503 | — | (35) |
Bank of Montreal | 5/17/23 | CHF | 1,696 | USD | 1,903 | — | (1) |
State Street Bank & Trust Co. | 5/17/23 | GBP | 946 | USD | 1,182 | 8 | — |
BNP Paribas | 5/17/23 | HKD | 8,566 | USD | 1,094 | — | (1) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 5/17/23 | JPY | 689,689 | USD | 5,211 | — | (136) |
State Street Bank & Trust Co. | 5/17/23 | USD | 88,211 | AUD | 131,284 | 1,277 | — |
Deutsche Bank AG | 5/17/23 | USD | 28,151 | BRL | 140,864 | 14 | — |
Goldman Sachs International | 5/17/23 | USD | 1,829 | BRL | 9,055 | 20 | — |
Royal Bank of Canada | 5/17/23 | USD | 87,662 | CAD | 118,066 | 491 | — |
Toronto-Dominion Bank | 5/17/23 | USD | 2,829 | CAD | 3,800 | 24 | — |
Toronto-Dominion Bank | 5/17/23 | USD | 72,406 | CHF | 64,673 | — | (98) |
Citibank, N.A. | 5/17/23 | USD | 65,736 | EUR | 59,825 | — | (255) |
Toronto-Dominion Bank | 5/17/23 | USD | 78,335 | GBP | 62,732 | — | (536) |
Bank of Montreal | 5/17/23 | USD | 7,080 | GBP | 5,674 | — | (54) |
Toronto-Dominion Bank | 5/17/23 | USD | 101,109 | HKD | 792,004 | 131 | — |
Barclays Bank plc | 5/17/23 | USD | 4,322 | IDR | 64,142,370 | — | (48) |
BNP Paribas | 5/17/23 | USD | 703 | ILS | 2,576 | — | (7) |
State Street Bank & Trust Co. | 5/17/23 | USD | 66,007 | INR | 5,419,941 | — | (165) |
Goldman Sachs International | 5/17/23 | USD | 2,346 | INR | 192,605 | — | (5) |
Royal Bank of Canada | 5/17/23 | USD | 229,029 | JPY | 30,299,556 | 6,056 | — |
Toronto-Dominion Bank | 5/17/23 | USD | 56,144 | KRW | 74,024,551 | 780 | — |
Royal Bank of Canada | 5/17/23 | USD | 2,200 | MXN | 39,930 | — | (13) |
Citibank, N.A. | 5/17/23 | USD | 1,879 | MXN | 34,202 | — | (16) |
State Street Bank & Trust Co. | 5/16/23 | USD | 10,157 | NOK | 105,986 | 204 | — |
Citibank, N.A. | 5/17/23 | USD | 2,972 | NZD | 4,773 | 21 | — |
Toronto-Dominion Bank | 5/17/23 | USD | 1,523 | SEK | 15,715 | — | (11) |
State Street Bank & Trust Co. | 5/17/23 | USD | 15,640 | SGD | 20,742 | 86 | — |
Barclays Bank plc | 5/17/23 | USD | 41,623 | TWD | 1,263,458 | 440 | — |
BNP Paribas | 5/17/23 | USD | 1,524 | TWD | 46,262 | 16 | — |
9,568 | (1,381) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
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, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,820,207) | 2,046,116 |
Affiliated Issuers (Cost $58,334) | 58,338 |
Total Investments in Securities | 2,104,454 |
Investment in Vanguard | 73 |
Cash | 4,172 |
Cash Collateral Pledged—Forward Currency Contracts | 70 |
Foreign Currency, at Value (Cost $1,361) | 1,347 |
Receivables for Accrued Income | 9,380 |
Receivables for Capital Shares Issued | 854 |
Variation Margin Receivable—Futures Contracts | 166 |
Unrealized Appreciation—Forward Currency Contracts | 9,568 |
Total Assets | 2,130,084 |
Liabilities | |
Payables for Investment Securities Purchased | 4,217 |
Collateral for Securities on Loan | 50,821 |
Payables for Capital Shares Redeemed | 1,342 |
Payables to Vanguard | 138 |
Unrealized Depreciation—Forward Currency Contracts | 1,381 |
Total Liabilities | 57,899 |
Net Assets | 2,072,185 |
1 Includes $47,150,000 of securities on loan. | |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 1,816,702 |
Total Distributable Earnings (Loss) | 255,483 |
Net Assets | 2,072,185 |
Investor Shares—Net Assets | |
Applicable to 16,620,295 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 231,136 |
Net Asset Value Per Share—Investor Shares | $13.91 |
Admiral Shares—Net Assets | |
Applicable to 66,189,016 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,841,049 |
Net Asset Value Per Share—Admiral Shares | $27.82 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 33,305 |
Interest2 | 323 |
Securities Lending—Net | 1,565 |
Total Income | 35,193 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 246 |
Management and Administrative—Investor Shares | 209 |
Management and Administrative—Admiral Shares | 974 |
Marketing and Distribution—Investor Shares | 6 |
Marketing and Distribution—Admiral Shares | 39 |
Custodian Fees | 43 |
Shareholders’ Reports—Investor Shares | 12 |
Shareholders’ Reports—Admiral Shares | 11 |
Trustees’ Fees and Expenses | — |
Other Expenses | 15 |
Total Expenses | 1,555 |
Expenses Paid Indirectly | (8) |
Net Expenses | 1,547 |
Net Investment Income | 33,646 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 51,460 |
Futures Contracts | 780 |
Forward Currency Contracts | (42,752) |
Foreign Currencies | 34 |
Realized Net Gain (Loss) | 9,522 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 85,630 |
Futures Contracts | (318) |
Forward Currency Contracts | 544 |
Foreign Currencies | 246 |
Change in Unrealized Appreciation (Depreciation) | 86,102 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 129,270 |
1 | Dividends are net of foreign withholding taxes of $1,907,000. |
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 $323,000, $10,000, less than $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 33,646 | 59,902 | |
Realized Net Gain (Loss) | 9,522 | 161,639 | |
Change in Unrealized Appreciation (Depreciation) | 86,102 | (334,683) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 129,270 | (113,142) | |
Distributions | |||
Investor Shares | (12,533) | (10,057) | |
Admiral Shares | (89,062) | (83,618) | |
Total Distributions | (101,595) | (93,675) | |
Capital Share Transactions | |||
Investor Shares | (31,646) | (18,912) | |
Admiral Shares | 457 | (448,415) | |
Net Increase (Decrease) from Capital Share Transactions | (31,189) | (467,327) | |
Total Increase (Decrease) | (3,514) | (674,144) | |
Net Assets | |||
Beginning of Period | 2,075,699 | 2,749,843 | |
End of Period | 2,072,185 | 2,075,699 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $13.72 | $14.83 | $12.77 | $14.71 | $13.78 | $13.57 |
Investment Operations | ||||||
Net Investment Income1 | .216 | .347 | .252 | .293 | .428 | .374 |
Net Realized and Unrealized Gain (Loss) on Investments | .641 | (.952) | 2.085 | (1.571) | 1.403 | .148 |
Total from Investment Operations | .857 | (.605) | 2.337 | (1.278) | 1.831 | .522 |
Distributions | ||||||
Dividends from Net Investment Income | (.344) | (.505) | (.277) | (.397) | (.300) | (.312) |
Distributions from Realized Capital Gains | (.323) | — | — | (.265) | (.601) | — |
Total Distributions | (.667) | (.505) | (.277) | (.662) | (.901) | (.312) |
Net Asset Value, End of Period | $13.91 | $13.72 | $14.83 | $12.77 | $14.71 | $13.78 |
Total Return2 | 6.34% | -4.28% | 18.51% | -9.22% | 14.41% | 3.89% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $231 | $260 | $301 | $338 | $643 | $515 |
Ratio of Total Expenses to Average Net Assets | 0.21%3 | 0.21%3 | 0.21% | 0.21% | 0.21% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 2.92% | 2.46% | 1.77% | 2.16% | 3.09% | 2.66% |
Portfolio Turnover Rate | 20% | 51%4 | 24% | 58% | 46% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $27.44 | $29.67 | $25.56 | $29.45 | $27.58 | $27.15 |
Investment Operations | ||||||
Net Investment Income1 | .443 | .712 | .520 | .608 | .878 | .758 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.290 | (1.910) | 4.177 | (3.155) | 2.819 | .297 |
Total from Investment Operations | 1.733 | (1.198) | 4.697 | (2.547) | 3.697 | 1.055 |
Distributions | ||||||
Dividends from Net Investment Income | (.706) | (1.032) | (.587) | (.812) | (.624) | (.625) |
Distributions from Realized Capital Gains | (.647) | — | — | (.531) | (1.203) | — |
Total Distributions | (1.353) | (1.032) | (.587) | (1.343) | (1.827) | (.625) |
Net Asset Value, End of Period | $27.82 | $27.44 | $29.67 | $25.56 | $29.45 | $27.58 |
Total Return2 | 6.41% | -4.24% | 18.60% | -9.18% | 14.54% | 3.93% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,841 | $1,816 | $2,449 | $2,824 | $3,483 | $2,542 |
Ratio of Total Expenses to Average Net Assets | 0.14%3 | 0.14%3 | 0.14% | 0.14% | 0.14% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 3.00% | 2.52% | 1.83% | 2.26% | 3.16% | 2.74% |
Portfolio Turnover Rate | 20% | 51%4 | 24% | 58% | 46% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements were 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 six months ended April 30, 2023, 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 | 1,225,878 | — | — | 1,225,878 |
Common Stocks—Other | 112,576 | 707,662 | — | 820,238 |
Temporary Cash Investments | 58,338 | — | — | 58,338 |
Total | 1,396,792 | 707,662 | — | 2,104,454 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 176 | — | — | 176 |
Forward Currency Contracts | — | 9,568 | — | 9,568 |
Total | 176 | 9,568 | — | 9,744 |
Liabilities | ||||
Forward Currency Contracts | — | 1,381 | — | 1,381 |
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 | 176 | — | 176 |
Unrealized Appreciation—Forward Currency Contracts | — | 9,568 | 9,568 |
Total Assets | 176 | 9,568 | 9,744 |
Unrealized Depreciation—Forward Currency Contracts | — | 1,381 | 1,381 |
Total Liabilities | — | 1,381 | 1,381 |
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 | 780 | — | 780 |
Forward Currency Contracts | — | (42,752) | (42,752) |
Realized Net Gain (Loss) on Derivatives | 780 | (42,752) | (41,972) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (318) | — | (318) |
Forward Currency Contracts | — | 544 | 544 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (318) | 544 | 226 |
F. | As of April 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 1,878,850 |
Gross Unrealized Appreciation | 317,578 |
Gross Unrealized Depreciation | (83,611) |
Net Unrealized Appreciation (Depreciation) | 233,967 |
G. | During the six months ended April 30, 2023, the fund purchased $418,698,000 of investment securities and sold $548,849,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 13,482 | 980 | 38,697 | 2,740 | |
Issued in Lieu of Cash Distributions | 11,655 | 854 | 9,216 | 633 | |
Redeemed | (56,783) | (4,165) | (66,825) | (4,728) | |
Net Increase (Decrease)—Investor Shares | (31,646) | (2,331) | (18,912) | (1,355) | |
Admiral Shares | |||||
Issued | 70,857 | 2,590 | 190,619 | 6,722 | |
Issued in Lieu of Cash Distributions | 79,820 | 2,926 | 73,352 | 2,518 | |
Redeemed | (150,220) | (5,486) | (712,386) | (25,628) | |
Net Increase (Decrease)—Admiral Shares | 457 | 30 | (448,415) | (16,388) |
I. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2023, that would require recognition or disclosure in these financial statements. |
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All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSRS/0001104659-23-075871/tm2312905d8intdivindq201i001.jpg)
Vanguard International Dividend Appreciation Index Fund |
Vanguard International High Dividend Yield Index Fund |
About Your Fund’s Expenses | 1 |
International Dividend Appreciation Index Fund | 3 |
International High Dividend Yield Index Fund | 22 |
Trustees Approve Advisory Arrangements | 55 |
Liquidity Risk Management | 57 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,194.40 | $0.82 |
Admiral™ Shares | 1,000.00 | 1,193.80 | 0.87 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,188.60 | $1.19 |
Admiral Shares | 1,000.00 | 1,188.20 | 1.19 |
Based on Hypothetical 5% Yearly Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,024.05 | $0.75 |
Admiral Shares | 1,000.00 | 1,024.00 | 0.80 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,023.70 | $1.10 |
Admiral Shares | 1,000.00 | 1,023.70 | 1.10 |
Switzerland | 17.5% |
Japan | 17.2 |
Canada | 15.6 |
United Kingdom | 10.2 |
India | 6.4 |
Germany | 6.0 |
Denmark | 5.8 |
France | 5.6 |
Australia | 4.0 |
Hong Kong | 3.7 |
Sweden | 2.0 |
Netherlands | 1.1 |
Other | 4.9 |
Shares | Market Value• ($000) | ||
Common Stocks (99.3%) | |||
Australia (3.9%) | |||
CSL Ltd. | 618,874 | 123,550 | |
Sonic Healthcare Ltd. | 617,853 | 14,564 | |
Northern Star Resources Ltd. | 1,474,680 | 13,154 | |
Computershare Ltd. (XASX) | 736,338 | 10,961 | |
carsales.com Ltd. | 483,256 | 7,664 | |
Washington H Soul Pattinson & Co. Ltd. | 314,601 | 6,586 | |
Steadfast Group Ltd. | 1,331,633 | 5,250 | |
Cleanaway Waste Management Ltd. | 2,861,928 | 4,609 | |
Altium Ltd. | 157,443 | 4,013 | |
Technology One Ltd. | 359,551 | 3,625 | |
Pro Medicus Ltd. | 64,579 | 2,651 | |
AUB Group Ltd. | 117,819 | 2,159 | |
Bapcor Ltd. | 433,120 | 1,890 | |
Brickworks Ltd. | 110,411 | 1,837 | |
Collins Foods Ltd. | 140,810 | 812 | |
203,325 | |||
Belgium (0.4%) | |||
UCB SA | 162,213 | 15,079 | |
Sofina SA | 20,188 | 4,635 | |
19,714 | |||
Canada (15.5%) | |||
Toronto-Dominion Bank | 2,337,900 | 141,618 | |
Canadian National Railway Co. | 779,352 | 92,900 | |
Canadian Natural Resources Ltd. | 1,420,942 | 86,587 | |
Brookfield Corp. Class A | 1,833,404 | 59,487 | |
Alimentation Couche-Tard Inc. | 985,488 | 49,185 | |
Franco-Nevada Corp. | 245,860 | 37,306 | |
Agnico Eagle Mines Ltd. | 631,370 | 35,817 | |
Intact Financial Corp. | 224,868 | 34,014 | |
Fortis Inc. (XTSE) | 616,657 | 27,077 | |
Dollarama Inc. | 365,151 | 22,618 | |
Loblaw Cos. Ltd. | 195,493 | 18,387 | |
Magna International Inc. | 340,995 | 17,779 | |
Metro Inc. | 301,747 | 17,198 | |
Brookfield Asset Management Ltd. Class A | 460,384 | 15,434 | |
Open Text Corp. | 347,480 | 13,160 | |
Imperial Oil Ltd. | 224,699 | 11,453 |
Shares | Market Value• ($000) | ||
George Weston Ltd. | 83,087 | 11,156 | |
TFI International Inc. | 99,877 | 10,764 | |
1 | Canadian Tire Corp. Ltd. Class A | 69,176 | 9,068 |
CCL Industries Inc. Class B | 186,484 | 8,769 | |
Stantec Inc. | 141,971 | 8,534 | |
Toromont Industries Ltd. | 105,237 | 8,504 | |
Ritchie Bros Auctioneers Inc. (XNYS) | 142,624 | 8,161 | |
Saputo Inc. | 312,425 | 8,089 | |
TMX Group Ltd. | 71,401 | 7,232 | |
Empire Co. Ltd. Class A | 204,549 | 5,493 | |
Parkland Corp. | 224,655 | 5,298 | |
Quebecor Inc. Class B | 197,192 | 5,090 | |
Finning International Inc. | 192,424 | 4,987 | |
Boyd Group Services Inc. | 27,538 | 4,593 | |
Premium Brands Holdings Corp. Class A | 47,324 | 3,553 | |
Stella-Jones Inc. | 65,796 | 2,575 | |
Maple Leaf Foods Inc. | 94,279 | 1,932 | |
Enghouse Systems Ltd. | 54,544 | 1,501 | |
Cogeco Communications Inc. | 23,673 | 1,147 | |
1 | goeasy Ltd. | 16,205 | 1,110 |
Badger Infrastructure Solutions Ltd. | 44,126 | 967 | |
Savaria Corp. | 63,276 | 776 | |
Adentra Inc. | 21,628 | 415 | |
799,734 | |||
China (0.4%) | |||
CSPC Pharmaceutical Group Ltd. | 10,718,000 | 10,914 | |
Wuliangye Yibin Co. Ltd. Class A | 396,400 | 9,685 | |
Jiangsu King's Luck Brewery JSC Ltd. Class A | 129,100 | 1,117 | |
Angel Yeast Co. Ltd. Class A | 85,900 | 497 | |
Inner Mongolia Dian Tou Energy Corp. Ltd. Class A | 197,600 | 385 | |
Suofeiya Home Collection Co. Ltd. Class A | 92,300 | 252 | |
Valiant Co. Ltd. Class A | 94,400 | 250 | |
* | Shandong Shanda WIT Science & Tech Co. Ltd. Class A | 24,100 | 128 |
Shares | Market Value• ($000) | ||
China Resources Gas Group Ltd. | 3,600 | 11 | |
23,239 | |||
Denmark (5.8%) | |||
Novo Nordisk A/S Class B | 1,370,069 | 227,917 | |
DSV A/S | 230,484 | 43,378 | |
Coloplast A/S Class B | 152,515 | 21,975 | |
Royal Unibrew A/S | 54,678 | 4,887 | |
298,157 | |||
Finland (0.1%) | |||
Huhtamaki OYJ | 122,686 | 4,422 | |
Revenio Group OYJ Class B | 33,922 | 1,276 | |
5,698 | |||
France (5.5%) | |||
Sanofi | 1,472,489 | 158,688 | |
Schneider Electric SE | 732,778 | 127,790 | |
286,478 | |||
Germany (6.0%) | |||
SAP SE | 1,403,346 | 189,896 | |
Deutsche Boerse AG | 243,774 | 46,490 | |
Symrise AG Class A | 170,260 | 20,571 | |
Brenntag SE | 197,750 | 16,118 | |
Fresenius SE & Co. KGaA | 527,488 | 15,283 | |
Nemetschek SE | 71,264 | 5,570 | |
Bechtle AG | 105,148 | 4,890 | |
LANXESS AG Class B | 110,549 | 4,505 | |
FUCHS PETROLUB SE Preference Shares | 78,421 | 3,098 | |
FUCHS PETROLUB SE | 59,494 | 1,932 | |
Atoss Software AG | 4,960 | 995 | |
Cewe Stiftung & Co. KGaA | 6,867 | 707 | |
STRATEC SE | 9,151 | 630 | |
MBB SE | 2,995 | 273 | |
Encavis AG | 472 | 8 | |
310,966 | |||
Hong Kong (3.7%) | |||
AIA Group Ltd. | 15,000,560 | 163,312 | |
Techtronic Industries Co. Ltd. | 2,355,564 | 25,484 | |
188,796 | |||
India (6.3%) | |||
Reliance Industries Ltd. | 4,415,917 | 131,140 | |
Infosys Ltd. ADR | 2,961,325 | 46,019 | |
Hindustan Unilever Ltd. | 1,141,276 | 34,352 | |
Infosys Ltd. | 1,632,064 | 25,181 | |
Asian Paints Ltd. | 576,347 | 20,511 | |
ITC Ltd. | 3,807,851 | 19,857 | |
UltraTech Cement Ltd. | 147,903 | 13,692 | |
Nestle India Ltd. | 45,672 | 12,167 | |
Pidilite Industries Ltd. | 195,701 | 5,802 | |
Persistent Systems Ltd. | 64,964 | 3,785 | |
Tata Elxsi Ltd. | 44,668 | 3,645 | |
Astral Ltd. (XNSE) | 151,852 | 2,697 | |
Sundaram Finance Ltd. | 87,270 | 2,517 | |
Berger Paints India Ltd. | 313,761 | 2,348 | |
KEI Industries Ltd. | 70,128 | 1,631 | |
CRISIL Ltd. | 30,839 | 1,360 | |
Balaji Amines Ltd. | 14,164 | 365 | |
Caplin Point Laboratories Ltd. | 29,932 | 249 | |
327,318 |
Shares | Market Value• ($000) | ||
Indonesia (0.9%) | |||
Bank Central Asia Tbk PT | 71,204,300 | 44,065 | |
Ireland (0.4%) | |||
Kerry Group plc Class A | 199,768 | 21,040 | |
Israel (0.0%) | |||
Elco Ltd. | 11,752 | 408 | |
Italy (0.4%) | |||
Recordati Industria Chimica e Farmaceutica SpA | 128,459 | 5,913 | |
Interpump Group SpA | 105,829 | 5,906 | |
DiaSorin SpA | 33,680 | 3,658 | |
Reply SpA | 28,939 | 3,372 | |
Buzzi Unicem SpA | 120,574 | 2,998 | |
21,847 | |||
Japan (17.1%) | |||
Sony Group Corp. | 1,618,500 | 146,432 | |
Shin-Etsu Chemical Co. Ltd. | 2,597,420 | 74,119 | |
Tokio Marine Holdings Inc. | 2,617,900 | 52,638 | |
Nippon Telegraph & Telephone Corp. | 1,533,600 | 46,796 | |
Murata Manufacturing Co. Ltd. | 823,900 | 46,745 | |
Seven & i Holdings Co. Ltd. | 1,024,100 | 46,410 | |
Astellas Pharma Inc. | 2,355,700 | 35,488 | |
Terumo Corp. | 959,776 | 28,741 | |
Asahi Group Holdings Ltd. | 650,543 | 25,133 | |
Kao Corp. | 597,500 | 24,144 | |
Unicharm Corp. | 565,580 | 22,832 | |
Sekisui House Ltd. | 877,900 | 18,048 | |
Shionogi & Co. Ltd. | 359,100 | 16,075 | |
Yakult Honsha Co. Ltd. | 204,300 | 15,366 | |
Nomura Research Institute Ltd. | 572,500 | 14,404 | |
Nitori Holdings Co. Ltd. | 111,701 | 14,224 | |
M3 Inc. | 549,160 | 13,480 | |
Obic Co. Ltd. | 85,000 | 13,096 | |
Pan Pacific International Holdings Corp. | 683,864 | 12,779 | |
Nitto Denko Corp. | 192,100 | 12,419 | |
NTT Data Corp. | 829,167 | 11,263 | |
TIS Inc. | 293,660 | 8,064 | |
Nissan Chemical Corp. | 180,732 | 8,032 | |
Hulic Co. Ltd. | 769,975 | 6,630 | |
Chiba Bank Ltd. | 940,900 | 6,144 | |
Kurita Water Industries Ltd. | 137,000 | 5,742 | |
Nippon Sanso Holdings Corp. | 272,300 | 4,913 | |
MonotaRO Co. Ltd. | 313,567 | 4,744 | |
Azbil Corp. | 164,140 | 4,590 | |
Kobayashi Pharmaceutical Co. Ltd. | 71,800 | 4,480 | |
GMO Payment Gateway Inc. | 56,700 | 4,435 | |
Goldwin Inc. | 47,800 | 4,343 | |
Lion Corp. | 374,334 | 4,081 | |
Nisshin Seifun Group Inc. | 334,300 | 4,052 | |
Alfresa Holdings Corp. | 260,300 | 3,769 | |
Rinnai Corp. | 153,752 | 3,716 | |
Nomura Real Estate Holdings Inc. | 148,180 | 3,692 |
Shares | Market Value• ($000) | ||
Open House Group Co. Ltd. | 91,600 | 3,661 | |
Hikari Tsushin Inc. | 25,900 | 3,534 | |
Tokyo Tatemono Co. Ltd. | 269,200 | 3,409 | |
Itochu Techno-Solutions Corp. | 120,503 | 3,120 | |
Oracle Corp. Japan | 42,900 | 3,079 | |
SCSK Corp. | 198,100 | 2,991 | |
COMSYS Holdings Corp. | 155,200 | 2,970 | |
Welcia Holdings Co. Ltd. | 131,200 | 2,747 | |
SHO-BOND Holdings Co. Ltd. | 62,184 | 2,657 | |
EXEO Group Inc. | 141,200 | 2,620 | |
Zenkoku Hosho Co. Ltd. | 67,600 | 2,485 | |
Sundrug Co. Ltd. | 87,324 | 2,407 | |
Fuyo General Lease Co. Ltd. | 29,500 | 2,159 | |
Nippon Gas Co. Ltd. | 148,467 | 2,088 | |
Tokyo Century Corp. | 60,100 | 2,068 | |
Fuji Soft Inc. | 34,300 | 2,049 | |
Fujitsu General Ltd. | 76,300 | 1,963 | |
Yamaguchi Financial Group Inc. | 303,367 | 1,865 | |
Ship Healthcare Holdings Inc. | 104,367 | 1,841 | |
TS Tech Co. Ltd. | 130,200 | 1,756 | |
Morinaga & Co. Ltd. | 59,200 | 1,754 | |
NSD Co. Ltd. | 90,000 | 1,656 | |
Aeon Mall Co. Ltd. | 121,534 | 1,639 | |
Nichias Corp. | 79,000 | 1,598 | |
PALTAC Corp. | 39,654 | 1,521 | |
Mani Inc. | 105,200 | 1,377 | |
Mizuho Leasing Co. Ltd. | 48,667 | 1,364 | |
Benefit One Inc. | 98,600 | 1,357 | |
Maruwa Co. Ltd. | 10,600 | 1,352 | |
Takeuchi Manufacturing Co. Ltd. | 47,600 | 1,306 | |
Japan Material Co. Ltd. | 86,900 | 1,303 | |
Workman Co. Ltd. | 30,426 | 1,239 | |
Shoei Co. Ltd. | 66,300 | 1,230 | |
Kissei Pharmaceutical Co. Ltd. | 58,000 | 1,175 | |
DTS Corp. | 49,400 | 1,174 | |
Information Services International-Dentsu Ltd. | 32,100 | 1,132 | |
TKC Corp. | 41,900 | 1,132 | |
Riken Keiki Co. Ltd. | 28,400 | 1,091 | |
Kandenko Co. Ltd. | 140,734 | 1,060 | |
Nojima Corp. | 98,200 | 1,053 | |
Funai Soken Holdings Inc. | 54,100 | 1,037 | |
AZ-COM Maruwa Holdings Inc. | 66,934 | 987 | |
Tokyo Steel Manufacturing Co. Ltd. | 97,900 | 985 | |
Raito Kogyo Co. Ltd. | 66,300 | 978 | |
Komeri Co. Ltd. | 40,267 | 937 | |
Valor Holdings Co. Ltd. | 61,012 | 934 | |
Noevir Holdings Co. Ltd. | 22,300 | 910 | |
Kohnan Shoji Co. Ltd. | 33,500 | 904 | |
Create SD Holdings Co. Ltd. | 35,400 | 859 | |
Takara Standard Co. Ltd. | 68,967 | 834 | |
Ai Holdings Corp. | 45,770 | 801 | |
JCU Corp. | 33,600 | 793 | |
Hogy Medical Co. Ltd. | 31,000 | 777 | |
Takara Bio Inc. | 60,900 | 768 | |
Future Corp. | 59,747 | 764 |
Shares | Market Value• ($000) | ||
Okinawa Cellular Telephone Co. | 33,567 | 750 | |
Kameda Seika Co. Ltd. | 22,500 | 749 | |
eGuarantee Inc. | 46,267 | 719 | |
Yellow Hat Ltd. | 47,600 | 677 | |
Sekisui Jushi Corp. | 40,700 | 654 | |
Elecom Co. Ltd. | 67,232 | 638 | |
Mitsubishi Research Institute Inc. | 17,400 | 631 | |
Sanyo Chemical Industries Ltd. | 19,600 | 615 | |
Tri Chemical Laboratories Inc. | 36,100 | 584 | |
MCJ Co. Ltd. | 82,400 | 570 | |
Tsurumi Manufacturing Co. Ltd. | 31,867 | 545 | |
Ricoh Leasing Co. Ltd. | 18,800 | 544 | |
Intage Holdings Inc. | 45,600 | 531 | |
Shizuoka Gas Co. Ltd. | 59,600 | 507 | |
S Foods Inc. | 22,800 | 507 | |
Keihanshin Building Co. Ltd. | 53,200 | 502 | |
Retail Partners Co. Ltd. | 44,300 | 498 | |
Shin-Etsu Polymer Co. Ltd. | 48,134 | 474 | |
Fujicco Co. Ltd. | 31,634 | 448 | |
Siix Corp. | 44,000 | 442 | |
FULLCAST Holdings Co. Ltd. | 24,000 | 436 | |
Altech Corp. | 23,000 | 434 | |
Nippon Parking Development Co. Ltd. | 245,300 | 423 | |
Osaka Organic Chemical Industry Ltd. | 25,500 | 387 | |
Mimasu Semiconductor Industry Co. Ltd. | 19,900 | 385 | |
G-Tekt Corp. | 32,000 | 351 | |
Matsuda Sangyo Co. Ltd. | 19,600 | 326 | |
Avant Group Corp. | 31,334 | 324 | |
Elan Corp. | 42,000 | 315 | |
G-7 Holdings Inc. | 26,900 | 284 | |
Fukui Computer Holdings Inc. | 13,700 | 272 | |
YAKUODO Holdings Co. Ltd. | 14,767 | 270 | |
Value HR Co. Ltd. | 23,600 | 263 | |
Transaction Co. Ltd. | 19,634 | 248 | |
MarkLines Co. Ltd. | 14,100 | 244 | |
Creek & River Co. Ltd. | 13,300 | 208 | |
Densan System Holdings Co. Ltd. | 10,567 | 208 | |
Aoyama Zaisan Networks Co. Ltd. | 26,600 | 197 | |
Celsys Inc. | 39,734 | 190 | |
E-Guardian Inc. | 11,500 | 186 | |
Digital Information Technologies Corp. | 12,600 | 150 | |
WDB Holdings Co. Ltd. | 10,000 | 149 | |
Digital Hearts Holdings Co. Ltd. | 13,600 | 147 | |
Japan Medical Dynamic Marketing Inc. | 18,900 | 142 | |
Members Co. Ltd. | 9,900 | 91 | |
ULS Group Inc. | 3,700 | 86 | |
881,610 |
Shares | Market Value• ($000) | ||
Mexico (0.6%) | |||
America Movil SAB de CV Series B | 24,311,456 | 26,219 | |
Grupo Elektra SAB de CV | 70,970 | 4,549 | |
Grupo Comercial Chedraui SA de CV | 183,800 | 1,086 | |
* | Sitios Latinoamerica SAB de CV | 593,232 | 240 |
32,094 | |||
Netherlands (1.1%) | |||
Wolters Kluwer NV | 330,507 | 43,790 | |
IMCD NV | 72,908 | 10,976 | |
54,766 | |||
New Zealand (0.4%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 743,109 | 12,746 | |
EBOS Group Ltd. | 205,481 | 5,639 | |
Summerset Group Holdings Ltd. | 296,391 | 1,494 | |
19,879 | |||
Norway (0.1%) | |||
TOMRA Systems ASA | 299,598 | 4,594 | |
Borregaard ASA | 128,147 | 2,144 | |
6,738 | |||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 1,033,430 | 4,053 | |
South Korea (0.6%) | |||
NAVER Corp. | 190,674 | 27,624 | |
LEENO Industrial Inc. | 11,224 | 1,127 | |
Interojo Co. Ltd. | 14,165 | 378 | |
DI Dong Il Corp. | 18,361 | 287 | |
JW Pharmaceutical Corp. | 14,429 | 246 | |
Kyung Dong Navien Co. Ltd. | 7,450 | 223 | |
Hanyang Eng Co. Ltd. | 16,670 | 185 | |
��� 30,070 | |||
Sweden (2.0%) | |||
Hexagon AB Class B | 2,731,583 | 31,276 | |
Assa Abloy AB Class B | 1,272,413 | 30,316 | |
Nibe Industrier AB Class B | 1,967,644 | 22,031 | |
Lifco AB Class B | 272,180 | 6,207 | |
AAK AB | 229,798 | 4,631 | |
Fortnox AB | 617,165 | 4,254 | |
Wihlborgs Fastigheter AB | 343,630 | 2,778 | |
Atrium Ljungberg AB Class B | 65,832 | 1,224 | |
Svolder AB | 123,459 | 746 | |
NP3 Fastigheter AB | 36,243 | 698 | |
104,161 | |||
Switzerland (17.4%) | |||
Novartis AG (Registered) | 2,311,709 | 236,474 | |
Nestle SA (Registered) | 1,725,298 | 221,338 | |
Roche Holding AG | 657,301 | 205,827 | |
Sika AG (Registered) Class A | 197,294 | 54,497 | |
Givaudan SA (Registered) | 10,192 | 35,651 | |
Partners Group Holding AG | 29,142 | 28,289 | |
1 | Geberit AG (Registered) | 46,014 | 26,208 |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 1,453 | 17,940 |
Shares | Market Value• ($000) | ||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 124 | 15,284 | |
Logitech International SA (Registered) | 222,218 | 13,150 | |
Roche Holding AG (Bearer) | 24,875 | 8,418 | |
Temenos AG (Registered) | 86,628 | 7,297 | |
EMS-Chemie Holding AG (Registered) | 8,685 | 7,133 | |
PSP Swiss Property AG (Registered) | 58,903 | 6,937 | |
* | Siegfried Holding AG (Registered) | 5,339 | 4,115 |
DKSH Holding AG | 45,807 | 3,649 | |
Interroll Holding AG (Registered) | 942 | 3,438 | |
Emmi AG (Registered) | 2,674 | 2,783 | |
ALSO Holding AG (Registered) | 8,021 | 1,719 | |
Orior AG | 8,247 | 770 | |
900,917 | |||
Taiwan (0.5%) | |||
Chailease Holding Co. Ltd. | 1,917,582 | 13,966 | |
Advantech Co. Ltd. | 566,000 | 6,853 | |
ASPEED Technology Inc. | 38,104 | 3,263 | |
Sinbon Electronics Co. Ltd. | 271,000 | 3,005 | |
27,087 | |||
United Kingdom (10.1%) | |||
Diageo plc | 2,991,547 | 136,463 | |
RELX plc | 2,543,539 | 84,747 | |
London Stock Exchange Group plc | 487,019 | 51,134 | |
BAE Systems plc | 3,918,309 | 49,919 | |
CRH plc | 954,712 | 46,069 | |
Ashtead Group plc | 576,024 | 33,211 | |
Bunzl plc | 431,745 | 17,186 | |
Croda International plc | 182,720 | 16,054 | |
Sage Group plc | 1,412,374 | 14,566 | |
Halma plc | 486,327 | 14,144 | |
Spirax-Sarco Engineering plc | 94,208 | 13,165 | |
Smurfit Kappa Group plc (XDUB) | 332,172 | 12,307 | |
DCC plc | 129,489 | 8,056 | |
Dechra Pharmaceuticals plc | 146,076 | 6,857 | |
Spectris plc | 139,972 | 6,629 | |
Diploma plc | 176,946 | 5,996 | |
Cranswick plc | 68,496 | 2,770 | |
Clarkson plc Class A | 35,976 | 1,404 | |
Hilton Food Group plc | 95,882 | 818 | |
Treatt plc | 78,069 | 654 | |
Avon Protection plc | 38,319 | 478 | |
522,627 | |||
Total Common Stocks (Cost $4,776,424) | 5,134,787 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.6%) | |||
Money Market Fund (0.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.853% (Cost $30,102) | 301,053 | 30,102 |
Total Investments (99.9%) (Cost $4,806,526) | 5,164,889 | ||
Other Assets and Liabilities—Net (0.1%) | 4,073 | ||
Net Assets (100%) | 5,168,962 | ||
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 $19,542,000. |
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 $20,489,000 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 | June 2023 | 1 | 209 | 9 |
Euro Stoxx 50 Index | June 2023 | 332 | 15,804 | 812 |
MSCI EAFE Index | June 2023 | 4 | 430 | (1) |
MSCI Emerging Markets Index | June 2023 | 127 | 6,250 | 121 |
Topix Index | June 2023 | 70 | 10,574 | 512 |
1,453 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 6/21/23 | CHF | 1,411 | USD | 1,581 | 7 | — |
Bank of America, N.A. | 6/21/23 | EUR | 13,087 | USD | 14,148 | 315 | — |
Bank of America, N.A. | 6/21/23 | GBP | 138 | USD | 166 | 7 | — |
Barclays Bank plc | 6/21/23 | INR | 20,992 | USD | 254 | 2 | — |
Bank of America, N.A. | 6/21/23 | JPY | 1,025,641 | USD | 7,643 | — | (55) |
State Street Bank & Trust Co. | 6/21/23 | USD | 14,611 | CHF | 13,540 | — | (629) |
State Street Bank & Trust Co. | 6/21/23 | USD | 5,239 | JPY | 687,461 | 153 | — |
484 | (684) |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
INR—Indian rupee. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $4,776,424) | 5,134,787 |
Affiliated Issuers (Cost $30,102) | 30,102 |
Total Investments in Securities | 5,164,889 |
Investment in Vanguard | 176 |
Cash Collateral Pledged—Futures Contracts | 1,915 |
Cash Collateral Pledged—Forward Currency Contracts | 520 |
Foreign Currency, at Value (Cost $6,235) | 5,916 |
Receivables for Investment Securities Sold | 6,663 |
Receivables for Accrued Income | 27,636 |
Receivables for Capital Shares Issued | 2,210 |
Variation Margin Receivable—Futures Contracts | 273 |
Unrealized Appreciation—Forward Currency Contracts | 484 |
Total Assets | 5,210,682 |
Liabilities | |
Due to Custodian | 5,053 |
Payables for Investment Securities Purchased | 13,882 |
Collateral for Securities on Loan | 20,489 |
Payables for Capital Shares Redeemed | 137 |
Payables to Vanguard | 401 |
Unrealized Depreciation—Forward Currency Contracts | 684 |
Deferred Foreign Capital Gains Taxes | 1,074 |
Total Liabilities | 41,720 |
Net Assets | 5,168,962 |
1 Includes $19,542,000 of securities on loan. | |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 4,912,906 |
Total Distributable Earnings (Loss) | 256,056 |
Net Assets | 5,168,962 |
ETF Shares—Net Assets | |
Applicable to 64,078,917 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,854,083 |
Net Asset Value Per Share—ETF Shares | $75.75 |
Admiral Shares—Net Assets | |
Applicable to 8,538,656 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 314,879 |
Net Asset Value Per Share—Admiral Shares | $36.88 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 47,037 |
Non-Cash Dividends | 9,282 |
Interest2 | 220 |
Securities Lending—Net | 143 |
Total Income | 56,682 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 166 |
Management and Administrative—ETF Shares | 2,825 |
Management and Administrative—Admiral Shares | 210 |
Marketing and Distribution—ETF Shares | 98 |
Marketing and Distribution—Admiral Shares | 7 |
Custodian Fees | 85 |
Shareholders’ Reports—ETF Shares | 87 |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 7 |
Total Expenses | 3,489 |
Expenses Paid Indirectly | (48) |
Net Expenses | 3,441 |
Net Investment Income | 53,241 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (97,160) |
Futures Contracts | 723 |
Forward Currency Contracts | (414) |
Foreign Currencies | 1,598 |
Realized Net Gain (Loss) | (95,253) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,3 | 808,090 |
Futures Contracts | 1,578 |
Forward Currency Contracts | (189) |
Foreign Currencies | 1,010 |
Change in Unrealized Appreciation (Depreciation) | 810,489 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 768,477 |
1 | Dividends are net of foreign withholding taxes of $6,523,000. |
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 $191,000, $4,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($1,448,000). |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 53,241 | 77,130 | |
Realized Net Gain (Loss) | (95,253) | (21,169) | |
Change in Unrealized Appreciation (Depreciation) | 810,489 | (1,130,453) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 768,477 | (1,074,492) | |
Distributions | |||
ETF Shares | (45,676) | (304,771) | |
Admiral Shares | (3,070) | (23,591) | |
Total Distributions | (48,746) | (328,362) | |
Capital Share Transactions | |||
ETF Shares | 673,001 | 662,695 | |
Admiral Shares | 18,143 | 25,028 | |
Net Increase (Decrease) from Capital Share Transactions | 691,144 | 687,723 | |
Total Increase (Decrease) | 1,410,875 | (715,131) | |
Net Assets | |||
Beginning of Period | 3,758,087 | 4,473,218 | |
End of Period | 5,168,962 | 3,758,087 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $64.12 | $89.86 | $69.97 | $68.72 | $58.65 | $64.25 |
Investment Operations | ||||||
Net Investment Income1 | .831 | 1.401 | 1.094 | .958 | 1.4522 | 1.196 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 11.561 | (20.753) | 19.776 | 1.551 | 9.578 | (5.623) |
Total from Investment Operations | 12.392 | (19.352) | 20.870 | 2.509 | 11.030 | (4.427) |
Distributions | ||||||
Dividends from Net Investment Income | (.762) | (1.206) | (.980) | (1.259) | (.960) | (1.173) |
Distributions from Realized Capital Gains | — | (5.182) | — | — | — | — |
Total Distributions | (.762) | (6.388) | (.980) | (1.259) | (.960) | (1.173) |
Net Asset Value, End of Period | $75.75 | $64.12 | $89.86 | $69.97 | $68.72 | $58.65 |
Total Return | 19.44% | -22.90% | 29.93% | 3.73% | 18.96% | -7.04% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,854 | $3,508 | $4,150 | $2,456 | $1,305 | $861 |
Ratio of Total Expenses to Average Net Assets | 0.15%4 | 0.15%4 | 0.15% | 0.20% | 0.20% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 2.33% | 1.87% | 1.28% | 1.40% | 2.24%2 | 1.83% |
Portfolio Turnover Rate5 | 13% | 22% | 65% | 17% | 42% | 36% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $0.388 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $0.00, $0.00, $0.00, $0.01, $0.02, and $0.02. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements were 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 | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $31.23 | $43.72 | $34.03 | $33.42 | $28.52 | $31.24 |
Investment Operations | ||||||
Net Investment Income1 | .396 | .675 | .518 | .453 | .6862 | .576 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 5.623 | (10.061) | 9.645 | .765 | 4.679 | (2.727) |
Total from Investment Operations | 6.019 | (9.386) | 10.163 | 1.218 | 5.365 | (2.151) |
Distributions | ||||||
Dividends from Net Investment Income | (.369) | (.583) | (.473) | (.608) | (.465) | (.569) |
Distributions from Realized Capital Gains | — | (2.521) | — | — | — | — |
Total Distributions | (.369) | (3.104) | (.473) | (.608) | (.465) | (.569) |
Net Asset Value, End of Period | $36.88 | $31.23 | $43.72 | $34.03 | $33.42 | $28.52 |
Total Return4 | 19.38% | -22.85% | 29.96% | 3.72% | 18.96% | -7.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $315 | $250 | $323 | $220 | $218 | $175 |
Ratio of Total Expenses to Average Net Assets | 0.16%5 | 0.16%5 | 0.16% | 0.20% | 0.20% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 2.28% | 1.85% | 1.25% | 1.36% | 2.24%2 | 1.83% |
Portfolio Turnover Rate6 | 13% | 22% | 65% | 17% | 42% | 36% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $0.188 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $0.00, $0.00, $0.00, $0.00, $0.00, and $0.01. |
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 were 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 six months ended April 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $48,000 (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 | 831,828 | — | — | 831,828 |
Common Stocks—Other | 46,019 | 4,256,940 | — | 4,302,959 |
Temporary Cash Investments | 30,102 | — | — | 30,102 |
Total | 907,949 | 4,256,940 | — | 5,164,889 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,454 | — | — | 1,454 |
Forward Currency Contracts | — | 484 | — | 484 |
Total | 1,454 | 484 | — | 1,938 |
Liabilities | ||||
Futures Contracts1 | 1 | — | — | 1 |
Forward Currency Contracts | — | 684 | — | 684 |
Total | 1 | 684 | — | 685 |
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 April 30, 2023, 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 | 1,454 | — | 1,454 |
Unrealized Appreciation—Forward Currency Contracts | — | 484 | 484 |
Total Assets | 1,454 | 484 | 1,938 |
Unrealized Depreciation—Futures Contracts1 | 1 | — | 1 |
Unrealized Depreciation—Forward Currency Contracts | — | 684 | 684 |
Total Liabilities | 1 | 684 | 685 |
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 | 723 | — | 723 |
Forward Currency Contracts | — | (414) | (414) |
Realized Net Gain (Loss) on Derivatives | 723 | (414) | 309 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 1,578 | — | 1,578 |
Forward Currency Contracts | — | (189) | (189) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 1,578 | (189) | 1,389 |
F. | As of April 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 4,814,642 |
Gross Unrealized Appreciation | 545,373 |
Gross Unrealized Depreciation | (193,873) |
Net Unrealized Appreciation (Depreciation) | 351,500 |
G. | During the six months ended April 30, 2023, the fund purchased $1,279,876,000 of investment securities and sold $593,709,000 of investment securities, other than temporary cash investments. Purchases and sales include $582,054,000 and $0, 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: |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 673,001 | 9,366 | 676,377 | 8,730 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | — | — | (13,682) | (200) | |
Net Increase (Decrease)—ETF Shares | 673,001 | 9,366 | 662,695 | 8,530 | |
Admiral Shares | |||||
Issued1 | 33,779 | 988 | 65,935 | 1,814 | |
Issued in Lieu of Cash Distributions | 2,565 | 76 | 20,104 | 513 | |
Redeemed2 | (18,201) | (521) | (61,011) | (1,723) | |
Net Increase (Decrease)—Admiral Shares | 18,143 | 543 | 25,028 | 604 |
1 | Includes purchase fees for fiscal 2023 and 2022 of $83,000 and $200,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2023 and 2022 of $38,000 and $203,000, respectively (fund totals). |
I. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2023, that would require recognition or disclosure in these financial statements. |
United Kingdom | 13.1% |
Japan | 12.8 |
Australia | 7.8 |
Canada | 7.7 |
Germany | 6.8 |
France | 6.6 |
Switzerland | 6.0 |
China | 5.6 |
Taiwan | 4.3 |
Spain | 2.7 |
Italy | 2.6 |
Brazil | 2.5 |
Hong Kong | 1.8 |
South Korea | 1.6 |
Saudi Arabia | 1.5 |
Singapore | 1.5 |
Netherlands | 1.4 |
Sweden | 1.4 |
Finland | 1.4 |
South Africa | 1.2 |
Mexico | 1.2 |
India | 1.0 |
Other | 7.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.3%) | |||
Australia (7.8%) | |||
BHP Group Ltd. | 2,871,004 | 85,204 | |
Commonwealth Bank of Australia | 965,130 | 63,869 | |
National Australia Bank Ltd. | 1,793,526 | 34,527 | |
Westpac Banking Corp. | 1,987,577 | 29,752 | |
ANZ Group Holdings Ltd. | 1,706,178 | 27,705 | |
Woodside Energy Group Ltd. | 1,079,796 | 24,501 | |
Macquarie Group Ltd. | 197,213 | 24,058 | |
Wesfarmers Ltd. | 643,333 | 22,255 | |
Transurban Group | 1,754,569 | 17,499 | |
Rio Tinto Ltd. | 212,865 | 15,966 | |
Fortescue Metals Group Ltd. | 909,168 | 12,721 | |
Amcor plc GDR | 850,284 | 9,296 | |
Coles Group Ltd. | 727,094 | 8,783 | |
QBE Insurance Group Ltd. | 845,770 | 8,649 | |
Santos Ltd. | 1,724,410 | 8,169 | |
Brambles Ltd. | 784,504 | 7,432 | |
South32 Ltd. | 2,629,089 | 7,432 | |
Telstra Group Ltd. | 2,367,921 | 6,870 | |
Sonic Healthcare Ltd. | 261,494 | 6,164 | |
Suncorp Group Ltd. | 713,296 | 5,939 | |
Origin Energy Ltd. | 983,721 | 5,454 | |
ASX Ltd. | 110,555 | 5,031 | |
Mineral Resources Ltd. | 96,066 | 4,739 | |
Insurance Australia Group Ltd. | 1,407,097 | 4,662 | |
APA Group | 678,922 | 4,635 | |
Computershare Ltd. (XASX) | 309,344 | 4,605 | |
Lottery Corp. Ltd. | 1,276,877 | 4,281 | |
Medibank Pvt Ltd. | 1,596,070 | 3,777 | |
Endeavour Group Ltd. | 803,127 | 3,620 | |
Atlas Arteria Ltd. | 820,359 | 3,567 | |
Ampol Ltd. | 133,708 | 2,668 | |
Incitec Pivot Ltd. | 1,101,072 | 2,346 | |
Aurizon Holdings Ltd. | 997,276 | 2,267 | |
Worley Ltd. | 210,363 | 2,114 | |
Whitehaven Coal Ltd. | 421,328 | 2,022 | |
JB Hi-Fi Ltd. | 64,937 | 1,922 | |
Bendigo & Adelaide Bank Ltd. | 328,509 | 1,891 | |
AGL Energy Ltd. | 338,143 | 1,862 |
Shares | Market Value• ($000) | ||
Challenger Ltd. | 391,952 | 1,577 | |
Metcash Ltd. | 571,363 | 1,481 | |
Alumina Ltd. | 1,416,562 | 1,438 | |
Bank of Queensland Ltd. | 370,042 | 1,429 | |
AMP Ltd. | 1,776,902 | 1,343 | |
Orora Ltd. | 504,863 | 1,154 | |
Beach Energy Ltd. | 1,072,266 | 1,055 | |
Perpetual Ltd. | 62,991 | 1,029 | |
CSR Ltd. | 287,787 | 1,008 | |
Downer EDI Ltd. | 386,870 | 915 | |
Deterra Royalties Ltd. | 266,588 | 817 | |
Harvey Norman Holdings Ltd. | 334,335 | 803 | |
Insignia Financial Ltd. | 385,916 | 766 | |
TPG Telecom Ltd. | 211,771 | 756 | |
New Hope Corp. Ltd. | 129,242 | 457 | |
Magellan Financial Group Ltd. | 82,464 | 447 | |
Platinum Asset Management Ltd. | 297,496 | 348 | |
Yancoal Australia Ltd. | 87,888 | 325 | |
Adbri Ltd. | 280,104 | 296 | |
505,698 | |||
Austria (0.3%) | |||
Erste Group Bank AG | 188,229 | 6,844 | |
OMV AG | 80,727 | 3,820 | |
Verbund AG | 37,712 | 3,359 | |
ANDRITZ AG | 39,903 | 2,592 | |
voestalpine AG | 65,509 | 2,271 | |
Telekom Austria AG Class A | 76,981 | 601 | |
19,487 | |||
Belgium (0.4%) | |||
KBC Group NV | 156,676 | 11,201 | |
Groupe Bruxelles Lambert NV | 56,783 | 5,096 | |
Solvay SA | 39,495 | 4,740 | |
Ageas SA | 104,776 | 4,668 | |
Proximus SADP | 79,289 | 676 | |
26,381 | |||
Brazil (2.5%) | |||
Vale SA | 2,216,588 | 32,175 | |
Petroleo Brasileiro SA Preference Shares | 3,191,283 | 15,164 | |
Petroleo Brasileiro SA | 2,120,400 | 11,338 |
Shares | Market Value• ($000) | ||
Itau Unibanco Holding SA Preference Shares | 1,990,307 | 10,343 | |
B3 SA - Brasil Bolsa Balcao | 3,457,814 | 8,097 | |
Banco Bradesco SA Preference Shares | 2,838,217 | 7,881 | |
Ambev SA | 2,487,850 | 7,063 | |
Itausa SA Preference Shares | 3,050,897 | 5,309 | |
Centrais Eletricas Brasileiras SA | 723,582 | 4,911 | |
Banco Do Brasil SA | 490,718 | 4,217 | |
Banco BTG Pactual SA. | 662,300 | 3,110 | |
Gerdau SA Preference Shares | 611,775 | 3,088 | |
JBS SA | 775,400 | 2,783 | |
Itau Unibanco Holding SA | 609,400 | 2,699 | |
BB Seguridade Participacoes SA | 385,257 | 2,650 | |
Itau Unibanco Holding SA ADR | 452,906 | 2,332 | |
Cosan SA | 690,300 | 2,073 | |
CCR SA | 643,610 | 1,751 | |
Lojas Renner SA | 538,500 | 1,710 | |
Hypera SA | 224,282 | 1,675 | |
Vibra Energia SA | 626,267 | 1,657 | |
Klabin SA | 421,600 | 1,617 | |
Banco Bradesco SA | 586,746 | 1,461 | |
Cia Energetica de Minas Gerais Preference Shares | 571,471 | 1,415 | |
Energisa SA | 168,100 | 1,409 | |
Ultrapar Participacoes SA | 476,100 | 1,378 | |
Telefonica Brasil SA | 164,318 | 1,355 | |
Centrais Eletricas Brasileiras SA Preference Shares | 183,100 | 1,337 | |
TIM SA | 468,454 | 1,315 | |
Cia Paranaense de Energia Preference Shares | 732,500 | 1,178 | |
Banco Santander Brasil SA | 212,002 | 1,142 | |
Banco Bradesco SA ADR | 379,134 | 1,062 | |
Cia Siderurgica Nacional SA | 340,000 | 969 | |
Transmissora Alianca de Energia Eletrica SA | 128,019 | 936 | |
Metalurgica Gerdau SA Preference Shares | 379,000 | 886 | |
Cia Energetica de Minas Gerais ADR | 329,795 | 798 | |
Engie Brasil Energia SA | 92,616 | 766 | |
Cielo SA | 667,900 | 731 | |
1 | Telefonica Brasil SA ADR | 87,513 | 715 |
Bradespar SA Preference Shares | 145,607 | 692 | |
CPFL Energia SA | 103,900 | 690 | |
EDP - Energias do Brasil SA | 138,976 | 627 | |
Sao Martinho SA | 96,200 | 606 | |
Porto Seguro SA | 113,018 | 569 | |
SLC Agricola SA | 57,600 | 502 |
Shares | Market Value• ($000) | ||
Petroreconcavo SA | 120,400 | 475 | |
Neoenergia SA | 145,600 | 451 | |
Caixa Seguridade Participacoes SA | 238,000 | 451 | |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista. Preference Shares | 96,008 | 444 | |
Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A | 285,100 | 411 | |
CSN Mineracao SA | 327,300 | 304 | |
Cia Energetica de Minas Gerais | 72,000 | 292 | |
Marfrig Global Foods SA | 148,900 | 194 | |
Dexco SA | 154,810 | 183 | |
Usinas Siderurgicas de Minas Gerais SA Usiminas | 70,900 | 100 | |
Ambev SA ADR | 348 | 1 | |
159,488 | |||
Canada (7.6%) | |||
1 | Royal Bank of Canada | 802,090 | 79,632 |
Toronto-Dominion Bank | 1,039,881 | 62,991 | |
Enbridge Inc. | 1,153,547 | 45,866 | |
Canadian Natural Resources Ltd. | 620,679 | 37,822 | |
1 | Bank of Montreal | 378,191 | 34,091 |
Bank of Nova Scotia | 680,963 | 33,992 | |
Suncor Energy Inc. | 769,154 | 24,082 | |
TC Energy Corp. | 575,604 | 23,923 | |
Canadian Imperial Bank of Commerce | 502,596 | 21,071 | |
Manulife Financial Corp. | 1,060,812 | 20,944 | |
Sun Life Financial Inc. | 334,496 | 16,408 | |
National Bank of Canada | 192,585 | 14,361 | |
Restaurant Brands International Inc. | 172,325 | 12,081 | |
Fortis Inc. (XTSE) | 272,439 | 11,962 | |
Pembina Pipeline Corp. | 318,557 | 10,486 | |
BCE Inc. | 174,390 | 8,382 | |
Power Corp. of Canada | 308,389 | 8,260 | |
TELUS Corp. | 273,754 | 5,803 | |
2 | Hydro One Ltd. | 179,124 | 5,246 |
Brookfield Asset Management Ltd. Class A | 153,966 | 5,162 | |
Great-West Lifeco Inc. | 156,508 | 4,450 | |
1 | Canadian Tire Corp. Ltd. Class A | 30,558 | 4,006 |
Canadian Utilities Ltd. Class A | 71,543 | 2,068 | |
IGM Financial Inc. | 46,103 | 1,415 | |
494,504 | |||
Chile (0.3%) | |||
Sociedad Quimica y Minera de Chile SA Class B | 77,439 | 5,243 | |
Banco De Chile | 25,386,561 | 2,703 | |
Empresas COPEC SA | 272,766 | 1,898 | |
* | Cencosud SA | 761,080 | 1,551 |
Enel Americas SA | 10,658,283 | 1,452 | |
Empresas CMPC SA | 693,706 | 1,087 |
Shares | Market Value• ($000) | ||
Banco de Credito e Inversiones SA | 30,213 | 911 | |
Banco Santander Chile SA | 17,636,070 | 843 | |
Enel Chile SA | 14,688,410 | 837 | |
1 | Banco Santander Chile ADR | 40,730 | 780 |
Cia Cervecerias Unidas SA | 73,005 | 596 | |
Colbun SA | 4,218,743 | 591 | |
Embotelladora Andina SA Preference Shares | 217,161 | 544 | |
Banco Itau Chile SA | 193,578,002 | 436 | |
Cencosud Shopping SA | 238,654 | 380 | |
CAP SA | 38,959 | 273 | |
20,125 | |||
China (5.5%) | |||
China Construction Bank Corp. Class H | 52,634,000 | 35,187 | |
Ping An Insurance Group Co. of China Ltd. Class H | 3,606,000 | 26,308 | |
Industrial & Commercial Bank of China Ltd. Class H | 43,994,000 | 23,669 | |
Bank of China Ltd. Class H | 40,424,000 | 16,144 | |
China Merchants Bank Co. Ltd. Class H | 2,141,938 | 10,339 | |
China Petroleum and Chemical Corp. (Sinopec) Class H | 13,132,000 | 8,607 | |
PetroChina Co. Ltd. Class H | 12,196,000 | 8,472 | |
China Life Insurance Co. Ltd. Class H | 4,248,000 | 8,161 | |
China Resources Land Ltd. | 1,577,000 | 7,344 | |
China Shenhua Energy Co. Ltd. Class H | 2,031,000 | 6,746 | |
Agricultural Bank of China Ltd. Class H | 16,104,000 | 6,226 | |
China Overseas Land & Investment Ltd. | 2,175,700 | 5,518 | |
PICC Property & Casualty Co. Ltd. Class H | 3,876,000 | 4,688 | |
China Pacific Insurance Group Co. Ltd. Class H | 1,527,600 | 4,563 | |
China Merchants Bank Co. Ltd. Class A | 852,642 | 4,150 | |
Citic Pacific Ltd. | 2,849,000 | 3,576 | |
2 | Postal Savings Bank of China Co. Ltd. Class H | 5,365,000 | 3,498 |
2 | China Tower Corp. Ltd. Class H | 26,536,000 | 3,387 |
Ping An Insurance Group Co. of China Ltd. Class A | 405,600 | 3,041 | |
2 | Longfor Group Holdings Ltd. | 1,085,120 | 2,969 |
Yanzhou Coal Mining Co. Ltd. Class H | 846,000 | 2,902 | |
China Yangtze Power Co. Ltd. Class A | 913,400 | 2,888 |
Shares | Market Value• ($000) | ||
Anhui Conch Cement Co. Ltd. Class H | 885,328 | 2,795 | |
CITIC Securities Co. Ltd. Class H | 1,306,257 | 2,750 | |
Bank of Communications Ltd. Class H | 4,225,000 | 2,729 | |
China CITIC Bank Corp. Ltd. Class H | 4,940,620 | 2,673 | |
Industrial & Commercial Bank of China Ltd. Class A | 3,818,800 | 2,604 | |
Sinopharm Group Co. Ltd. Class H | 727,600 | 2,577 | |
China Vanke Co. Ltd. Class H | 1,563,205 | 2,444 | |
Agricultural Bank of China Ltd. Class A | 4,902,956 | 2,422 | |
China Resources Power Holdings Co. Ltd. | 1,103,000 | 2,401 | |
China Gas Holdings Ltd. | 1,702,600 | 2,190 | |
China Petroleum & Chemical Corp. Class A | 2,084,100 | 2,023 | |
Industrial Bank Co. Ltd. Class A | 811,200 | 2,021 | |
People's Insurance Co. Group of China Ltd. Class H | 5,060,000 | 1,990 | |
China National Building Material Co. Ltd. Class H | 2,594,000 | 1,946 | |
Tingyi Cayman Islands Holding Corp. | 1,111,000 | 1,942 | |
Bank of China Ltd. Class A | 3,608,200 | 1,913 | |
Kunlun Energy Co. Ltd. | 2,058,000 | 1,908 | |
Hengan International Group Co. Ltd. | 409,343 | 1,828 | |
Great Wall Motor Co. Ltd. Class H | 1,448,500 | 1,758 | |
China Railway Group Ltd. Class H | 2,266,000 | 1,742 | |
2 | Huatai Securities Co. Ltd. Class H | 1,341,800 | 1,733 |
2 | CGN Power Co. Ltd. Class H | 6,494,000 | 1,715 |
China Minsheng Banking Corp. Ltd. Class H | 4,402,470 | 1,617 | |
China Resources Gas Group Ltd. | 509,300 | 1,608 | |
Guangdong Investment Ltd. | 1,656,000 | 1,583 | |
2 | China Feihe Ltd. | 2,340,000 | 1,580 |
China State Construction Engineering Corp. Ltd. Class A | 1,633,700 | 1,552 | |
CRRC Corp. Ltd. Class H | 2,381,000 | 1,541 | |
* | COSCO SHIPPING Holdings Co. Ltd. Class H | 1,283,500 | 1,491 |
COSCO SHIPPING Holdings Co. Ltd. Class A | 915,400 | 1,472 |
Shares | Market Value• ($000) | ||
2 | Fuyao Glass Industry Group Co. Ltd. Class H | 354,800 | 1,443 |
Haitong Securities Co. Ltd. Class H | 2,110,400 | 1,402 | |
Yangzijiang Shipbuilding Holdings Ltd. | 1,494,700 | 1,394 | |
China Coal Energy Co. Ltd. Class H | 1,575,000 | 1,353 | |
Beijing Enterprises Holdings Ltd. | 321,000 | 1,332 | |
Kingboard Holdings Ltd. | 426,500 | 1,306 | |
Shanghai Pudong Development Bank Co. Ltd. Class A | 1,184,100 | 1,300 | |
China Hongqiao Group Ltd. | 1,318,000 | 1,298 | |
China State Construction International Holdings Ltd. | 1,028,000 | 1,278 | |
C&D International Investment Group Ltd. | 414,000 | 1,275 | |
Jiangxi Copper Co. Ltd. Class H | 716,000 | 1,274 | |
New China Life Insurance Co. Ltd. Class H | 441,533 | 1,264 | |
Bank of Communications Co. Ltd. Class A | 1,564,600 | 1,259 | |
China Medical System Holdings Ltd. | 748,000 | 1,242 | |
Yanzhou Coal Mining Co. Ltd. Class A | 244,764 | 1,218 | |
China Merchants Port Holdings Co. Ltd. | 804,000 | 1,193 | |
China Railway Group Ltd. Class A | 853,100 | 1,146 | |
China Galaxy Securities Co. Ltd. Class H | 2,105,000 | 1,143 | |
Guangzhou Automobile Group Co. Ltd. Class H | 1,828,000 | 1,141 | |
Foxconn Industrial Internet Co. Ltd. Class A | 485,600 | 1,131 | |
Minth Group Ltd. | 390,000 | 1,129 | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 259,800 | 1,109 | |
Qifu Technology Inc. | 62,799 | 1,108 | |
1 | Yuexiu Property Co. Ltd. | 753,600 | 1,090 |
China Power International Development Ltd. | 2,821,370 | 1,071 | |
China Pacific Insurance Group Co. Ltd. Class A | 234,950 | 1,061 | |
Shaanxi Coal Industry Co. Ltd. Class A | 370,500 | 1,049 | |
Bosideng International Holdings Ltd. | 2,052,000 | 1,012 | |
China Everbright Bank Co. Ltd. Class H | 3,104,000 | 994 |
Shares | Market Value• ($000) | ||
2 | China Merchants Securities Co. Ltd. Class H | 973,760 | 988 |
China Insurance International Holdings Co. Ltd. | 852,800 | 980 | |
PetroChina Co. Ltd. Class A | 822,500 | 940 | |
2 | Topsports International Holdings Ltd. | 1,051,000 | 937 |
GF Securities Co. Ltd. Class H | 644,600 | 926 | |
China Shenhua Energy Co. Ltd. Class A | 215,700 | 907 | |
Poly Developments and Holdings Group Co. Ltd. Class A | 450,500 | 906 | |
Jiangsu Expressway Co. Ltd. Class H | 890,000 | 902 | |
Fosun International Ltd. | 1,260,500 | 884 | |
China Everbright International Ltd. | 2,080,000 | 883 | |
China United Network Communications Ltd. Class A | 1,079,500 | 849 | |
2 | Guotai Junan Securities Co. Ltd. Class H | 649,200 | 837 |
JOYY Inc. ADR | 27,327 | 832 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | 545,400 | 809 | |
China Construction Bank Corp. Class A | 884,900 | 806 | |
2 | China Railway Signal & Communication Corp. Ltd. Class H | 1,671,000 | 785 |
Shenzhen International Holdings Ltd. | 863,000 | 777 | |
China Communications Services Corp. Ltd. Class H | 1,408,000 | 772 | |
Huadian Power International Corp. Ltd. Class H | 1,544,000 | 749 | |
Far East Horizon Ltd. | 828,000 | 745 | |
Dongfeng Motor Group Co. Ltd. Class H | 1,552,000 | 743 | |
SAIC Motor Corp. Ltd. Class A | 360,800 | 737 | |
Zhejiang Expressway Co. Ltd. Class H | 868,000 | 720 | |
Baoshan Iron & Steel Co. Ltd. Class A | 756,700 | 705 | |
China Jinmao Holdings Group Ltd. | 3,660,800 | 684 | |
New China Life Insurance Co. Ltd. Class A | 121,500 | 683 | |
China National Nuclear Power Co. Ltd. Class A | 671,600 | 670 | |
Lufax Holding Ltd. ADR | 385,629 | 656 | |
Postal Savings Bank of China Co. Ltd. Class A | 821,700 | 655 | |
Uni-President China Holdings Ltd. | 648,000 | 647 | |
China Resources Cement Holdings Ltd. | 1,392,000 | 630 |
Shares | Market Value• ($000) | ||
Chongqing Rural Commercial Bank Co. Ltd. Class H | 1,628,000 | 629 | |
Daqin Railway Co. Ltd. Class A | 548,700 | 610 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 298,100 | 606 | |
China Cinda Asset Management Co. Ltd. Class H | 5,040,200 | 600 | |
Greentown China Holdings Ltd. | 497,000 | 597 | |
Beijing Enterprises Water Group Ltd. | 2,318,000 | 589 | |
China CITIC Bank Corp. Ltd. Class A | 619,200 | 582 | |
Cosco Shipping Ports Ltd. | 874,000 | 575 | |
Kingboard Laminates Holdings Ltd. | 555,000 | 572 | |
Sinotruk Hong Kong Ltd. | 373,260 | 570 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 280,500 | 553 | |
TBEA Co. Ltd. Class A | 167,600 | 548 | |
Bank of Nanjing Co. Ltd. Class A | 402,300 | 547 | |
2 | Dali Foods Group Co. Ltd. | 1,267,500 | 527 |
Sinotrans Ltd. Class H | 1,524,000 | 527 | |
Bank of Beijing Co. Ltd. Class A | 767,700 | 526 | |
Bank of Shanghai Co. Ltd. Class A | 564,033 | 512 | |
Metallurgical Corp. of China Ltd. Class H | 1,667,000 | 509 | |
2 | CSC Financial Co. Ltd. Class H | 493,000 | 502 |
China Everbright Bank Co. Ltd. Class A | 1,077,300 | 498 | |
Haitong Securities Co. Ltd. Class A | 368,100 | 493 | |
GF Securities Co. Ltd. Class A | 219,700 | 488 | |
Guotai Junan Securities Co. Ltd. Class A | 222,600 | 487 | |
China Vanke Co. Ltd. Class A | 221,900 | 485 | |
Huaxia Bank Co. Ltd. Class A | 569,200 | 474 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | 866,000 | 473 | |
Citic Pacific Special Steel Group Co. Ltd. Class A | 200,202 | 467 | |
Henan Shuanghui Investment & Development Co. Ltd. Class A | 124,200 | 448 | |
Sinopec Engineering Group Co. Ltd. Class H | 819,500 | 425 |
Shares | Market Value• ($000) | ||
China Minsheng Banking Corp. Ltd. Class A | 809,700 | 425 | |
Shanghai International Port Group Co. Ltd. Class A | 511,000 | 423 | |
China Lesso Group Holdings Ltd. | 484,000 | 418 | |
China Suntien Green Energy Corp. Ltd. Class H | 944,000 | 414 | |
Hopson Development Holdings Ltd. | 448,136 | 398 | |
Sichuan Road & Bridge Co. Ltd. Class A | 173,300 | 397 | |
Chongqing Changan Automobile Co. Ltd. Class B | 869,416 | 395 | |
Lao Feng Xiang Co. Ltd. Class B | 110,300 | 392 | |
China Meidong Auto Holdings Ltd. | 250,000 | 388 | |
Sichuan Chuantou Energy Co. Ltd. Class A | 183,500 | 381 | |
Bank of Hangzhou Co. Ltd. Class A | 208,850 | 379 | |
Shanghai Industrial Holdings Ltd. | 256,000 | 375 | |
2 | Orient Securities Co. Ltd. Class H | 616,800 | 368 |
China International Marine Containers Group Co. Ltd. Class H | 563,000 | 364 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 108,000 | 358 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 122,100 | 356 | |
2 | A-Living Smart City Services Co. Ltd. | 426,250 | 342 |
2 | BAIC Motor Corp. Ltd. Class H | 1,206,000 | 339 |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 231,120 | 337 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 1,842,720 | 322 | |
Lee & Man Paper Manufacturing Ltd. | 758,000 | 322 | |
Guanghui Energy Co. Ltd. Class A | 236,900 | 319 | |
China National Chemical Engineering Co. Ltd. Class A | 200,400 | 307 | |
China Everbright Ltd. | 420,000 | 302 | |
Livzon Pharmaceutical Group Inc. Class H | 82,400 | 299 | |
2 | Legend Holdings Corp. Class H | 284,800 | 298 |
3 | CIFI Holdings Group Co. Ltd. | 2,990,480 | 290 |
Shares | Market Value• ($000) | ||
Shougang Fushan Resources Group Ltd. | 844,164 | 287 | |
Shanxi Coking Coal Energy Group Co. Ltd. Class A | 188,400 | 280 | |
Dongfang Electric Corp. Ltd. Class H | 196,400 | 278 | |
Hunan Valin Steel Co. Ltd. Class A | 359,800 | 275 | |
Huayu Automotive Systems Co. Ltd. Class A | 116,200 | 275 | |
Shenzhen Investment Ltd. | 1,398,000 | 270 | |
Towngas Smart Energy Co. Ltd. | 583,185 | 269 | |
Gree Electric Appliances Inc. of Zhuhai Class A | 46,400 | 264 | |
2 | China Bohai Bank Co. Ltd. Class H | 1,579,500 | 262 |
China Reinsurance Group Corp. Class H | 3,234,000 | 248 | |
Shenzhen Expressway Co. Ltd. Class H | 262,000 | 244 | |
Angang Steel Co. Ltd. Class A | 567,100 | 242 | |
LB Group Co. Ltd. Class A | 94,400 | 236 | |
People's Insurance Co. Group of China Ltd. Class A | 259,700 | 234 | |
Hengli Petrochemical Co. Ltd. Class A | 100,800 | 230 | |
Shenzhen Expressway Corp. Ltd. Class A | 170,400 | 227 | |
Huaxin Cement Co. Ltd. Class H | 220,400 | 220 | |
Beijing Jingneng Clean Energy Co. Ltd. Class H | 892,000 | 219 | |
Xinjiang Goldwind Science & Technology Co. Ltd. Class H | 262,800 | 216 | |
Ningxia Baofeng Energy Group Co. Ltd. Class A | 112,100 | 214 | |
Yantai Changyu Pioneer Wine Co. Ltd. Class B | 141,000 | 212 | |
Shui On Land Ltd. | 1,737,000 | 211 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 279,262 | 211 | |
G-bits Network Technology Xiamen Co. Ltd. Class A | 2,700 | 204 | |
Yanlord Land Group Ltd. | 316,800 | 202 | |
BBMG Corp. Class H | 1,562,000 | 202 | |
Sinoma International Engineering Co. Class A | 97,000 | 202 | |
Bank of Jiangsu Co. Ltd. Class A | 179,160 | 200 | |
Gemdale Corp. Class A | 165,900 | 196 |
Shares | Market Value• ($000) | ||
Bank of Changsha Co. Ltd. Class A | 161,300 | 191 | |
Xiamen C & D Inc. Class A | 107,600 | 189 | |
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 89,400 | 184 | |
Henan Shenhuo Coal & Power Co. Ltd. Class A | 77,800 | 183 | |
Jointown Pharmaceutical Group Co. Ltd. Class A | 75,600 | 181 | |
Bank of Guiyang Co. Ltd. Class A | 220,100 | 180 | |
Shan Xi Hua Yang Group New Energy Co. Ltd. Class A | 85,500 | 173 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class A | 344,300 | 172 | |
Jinke Smart Services Group Co. Ltd. Class H | 111,800 | 171 | |
China South Publishing & Media Group Co. Ltd. Class A | 84,300 | 169 | |
Anhui Expressway Co. Ltd. Class H | 162,000 | 165 | |
Maanshan Iron & Steel Co. Ltd. Class A | 418,800 | 165 | |
Guosen Securities Co. Ltd. Class A | 119,900 | 163 | |
Tangshan Jidong Cement Co. Ltd. Class A | 133,800 | 158 | |
Huaibei Mining Holdings Co. Ltd. Class A | 79,800 | 157 | |
Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 112,200 | 156 | |
Huafa Industrial Co. Ltd. Zhuhai Class A | 101,800 | 156 | |
Hubei Xingfa Chemicals Group Co. Ltd. Class A | 43,600 | 156 | |
YongXing Special Materials Technology Co. Ltd. Class A | 16,510 | 153 | |
2 | Everbright Securities Co. Ltd. Class H | 196,400 | 146 |
Weifu High-Technology Group Co. Ltd. Class A | 59,700 | 144 | |
China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A | 108,848 | 144 | |
Anhui Expressway Co. Ltd. Class A | 105,300 | 144 | |
2 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class H | 72,500 | 142 |
China Merchants Securities Co. Ltd. Class A | 67,200 | 136 |
Shares | Market Value• ($000) | ||
Lao Feng Xiang Co. Ltd. Class A | 13,800 | 134 | |
Chengxin Lithium Group Co. Ltd. Class A | 29,200 | 134 | |
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 98,802 | 132 | |
China World Trade Center Co. Ltd. Class A | 48,600 | 130 | |
Chinese Universe Publishing and Media Group Co. Ltd. Class A | 48,800 | 126 | |
Western Mining Co. Ltd. Class A | 66,300 | 126 | |
Inner Mongolia Dian Tou Energy Corp. Ltd. Class A | 64,200 | 125 | |
Hengyi Petrochemical Co. Ltd. Class A | 112,700 | 125 | |
Nanjing Iron & Steel Co. Ltd. Class A | 234,000 | 124 | |
Shandong Hi-speed Co. Ltd. Class A | 119,200 | 124 | |
Huafon Chemical Co. Ltd. Class A | 112,800 | 117 | |
Bank of Suzhou Co. Ltd. Class A | 107,200 | 116 | |
Livzon Pharmaceutical Group Inc. Class A | 22,300 | 115 | |
Keda Industrial Group Co. Ltd. Class A | 62,600 | 114 | |
Joyoung Co. Ltd. Class A | 47,500 | 112 | |
Xinxing Ductile Iron Pipes Co. Ltd. Class A | 167,900 | 110 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 94,100 | 109 | |
2 | Shenwan Hongyuan Group Co. Ltd. Class H | 532,800 | 107 |
Huatai Securities Co. Ltd. Class A | 51,300 | 104 | |
Beijing Shougang Co. Ltd. Class A | 195,400 | 104 | |
Zhengzhou Coal Mining Machinery Group Co. Ltd. Class A | 50,500 | 104 | |
Oriental Energy Co. Ltd. Class A | 81,500 | 104 | |
CSG Holding Co. Ltd. Class A | 108,600 | 103 | |
Tian Di Science & Technology Co. Ltd. Class A | 129,800 | 103 | |
Guizhou Panjiang Refined Coal Co. Ltd. Class A | 104,800 | 103 | |
*,3 | Shimao Group Holdings Ltd. | 534,000 | 102 |
Jizhong Energy Resources Co. Ltd. Class A | 95,600 | 102 |
Shares | Market Value• ($000) | ||
Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A | 233,700 | 101 | |
FAW Jiefang Group Co. Ltd. | 82,700 | 97 | |
Hubei Energy Group Co. Ltd. Class A | 157,200 | 97 | |
Heilongjiang Agriculture Co. Ltd. Class A | 49,400 | 97 | |
Tangshan Sanyou Chemical Industries Co. Ltd. Class A | 111,200 | 93 | |
Zhejiang Supor Co. Ltd. Class A | 12,400 | 92 | |
Xinjiang Tianshan Cement Co. Ltd. Class A | 75,500 | 91 | |
Zhuzhou Kibing Group Co. Ltd. Class A | 60,300 | 90 | |
Luxi Chemical Group Co. Ltd. Class A | 50,800 | 88 | |
Shanxi Taigang Stainless Steel Co. Ltd. Class A | 149,800 | 87 | |
*,2,3 | Evergrande Property Services Group Ltd. | 1,370,500 | 87 |
2 | China East Education Holdings Ltd. | 171,000 | 86 |
Huaxin Cement Co. Ltd. Class A | 39,900 | 85 | |
Universal Scientific Industrial Shanghai Co. Ltd. Class A | 40,900 | 83 | |
Sichuan Yahua Industrial Group Co. Ltd. Class A | 30,100 | 82 | |
Tianshan Aluminum Group Co. Ltd. Class A | 78,600 | 82 | |
Shenzhen Gas Corp. Ltd. Class A | 79,800 | 80 | |
Bluestar Adisseo Co. Class A | 57,900 | 68 | |
Weifu High-Technology Group Co. Ltd. Class B | 46,400 | 63 | |
Shanghai Tunnel Engineering Co. Ltd. Class A | 55,300 | 52 | |
Shanghai Construction Group Co. Ltd. Class A | 121,100 | 50 | |
Bank of Chengdu Co. Ltd. Class A | 24,400 | 49 | |
Bank of Qingdao Co. Ltd. Class A | 84,450 | 41 | |
North Huajin Chemical Industries Co. Ltd. Class A | 33,200 | 34 | |
Chongqing Rural Commercial Bank Co. Ltd. Class A | 58,700 | 33 | |
Shenzhen Jinjia Group Co. Ltd. Class A | 29,400 | 31 | |
Chongqing Water Group Co. Ltd. Class A | 39,200 | 31 | |
Zhejiang Runtu Co. Ltd. Class A | 27,500 | 29 |
Shares | Market Value• ($000) | ||
Shanghai AJ Group Co. Ltd. Class A | 35,400 | 28 | |
Sansteel Minguang Co. Ltd. Fujian Class A | 36,500 | 25 | |
Zhejiang Semir Garment Co. Ltd. Class A | 24,400 | 24 | |
China Railway Signal & Communication Corp. Ltd. Class A | 23,250 | 22 | |
Jiangsu Expressway Co. Ltd. Class A | 13,500 | 17 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 12,200 | 11 | |
Metallurgical Corp. of China Ltd. Class A | 15,100 | 10 | |
359,970 | |||
Colombia (0.1%) | |||
Bancolombia SA ADR | 59,281 | 1,452 | |
Bancolombia SA | 177,452 | 1,360 | |
1 | Ecopetrol SA ADR | 122,516 | 1,191 |
Interconexion Electrica SA ESP | 250,311 | 970 | |
Grupo Aval Acciones y Valores SA Preference Shares | 2,492,466 | 312 | |
Ecopetrol SA | 125,881 | 61 | |
Bac Holding International Co. | 412,660 | 20 | |
5,366 | |||
Czech Republic (0.1%) | |||
CEZ A/S | 90,102 | 4,838 | |
Komercni banka A/S | 42,032 | 1,357 | |
2 | Moneta Money Bank A/S | 211,427 | 775 |
6,970 | |||
Denmark (0.1%) | |||
Tryg A/S | 196,659 | 4,648 | |
Egypt (0.0%) | |||
Telecom Egypt Co. | 171,834 | 137 | |
Finland (1.3%) | |||
Nordea Bank Abp (XHEL) | 1,972,670 | 21,869 | |
Sampo OYJ Class A | 266,010 | 13,491 | |
Kone OYJ Class B | 187,316 | 10,687 | |
UPM-Kymmene OYJ | 305,566 | 9,745 | |
Elisa OYJ | 84,499 | 5,247 | |
Stora Enso OYJ Class R | 329,524 | 4,181 | |
Metso Outotec OYJ | 341,050 | 3,765 | |
Fortum OYJ | 247,382 | 3,695 | |
Valmet OYJ | 96,296 | 3,258 | |
Wartsila OYJ Abp | 278,389 | 3,229 | |
Kesko OYJ Class B | 152,216 | 3,173 | |
Orion OYJ Class B | 59,042 | 2,773 | |
Huhtamaki OYJ | 54,099 | 1,950 | |
87,063 | |||
France (6.5%) | |||
TotalEnergies SE | 1,298,918 | 83,001 | |
Sanofi | 621,726 | 67,002 | |
BNP Paribas SA | 629,287 | 40,660 | |
Vinci SA | 283,047 | 35,010 | |
AXA SA | 1,066,798 | 34,821 | |
Danone SA | 348,384 | 23,057 |
Shares | Market Value• ($000) | ||
Cie de Saint-Gobain | 261,934 | 15,165 | |
Orange SA | 1,094,449 | 14,245 | |
Cie Generale des Etablissements Michelin SCA | 402,341 | 12,814 | |
Veolia Environnement SA | 361,231 | 11,438 | |
Publicis Groupe SA | 128,511 | 10,507 | |
Societe Generale SA | 420,129 | 10,204 | |
Credit Agricole SA | 701,278 | 8,572 | |
Carrefour SA | 336,823 | 7,006 | |
Engie SA (XPAR) | 362,991 | 5,809 | |
Eiffage SA | 42,123 | 5,014 | |
Vivendi SE | 393,319 | 4,320 | |
Bouygues SA | 117,603 | 4,307 | |
Engie S/A | 249,131 | 3,987 | |
Engie SA | 201,086 | 3,218 | |
Rexel SA | 138,319 | 3,204 | |
Sodexo SA Loyalty Shares 2026 | 26,287 | 2,817 | |
Valeo | 137,187 | 2,679 | |
Sodexo SA (XPAR) | 23,701 | 2,540 | |
SCOR SE | 86,413 | 2,235 | |
2 | Amundi SA | 32,906 | 2,156 |
Engie SA Loyalty Shares | 132,130 | 2,115 | |
2 | La Francaise des Jeux SAEM | 48,879 | 2,089 |
Wendel SE | 15,331 | 1,720 | |
Electricite de France SA Class A | 103,154 | 1,357 | |
2 | ALD SA | 77,463 | 933 |
424,002 | |||
Germany (6.8%) | |||
Siemens AG (Registered) | 425,886 | 70,200 | |
Allianz SE (Registered) | 229,389 | 57,601 | |
Deutsche Telekom AG (Registered) | 1,932,706 | 46,601 | |
Mercedes-Benz Group AG | 492,007 | 38,370 | |
Bayer AG (Registered) | 561,013 | 37,025 | |
* | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 79,963 | 30,052 |
BASF SE | 521,639 | 26,981 | |
Deutsche Post AG (Registered) | 551,162 | 26,511 | |
Bayerische Motoren Werke AG (XETR) | 178,532 | 20,011 | |
E.ON SE | 1,267,078 | 16,761 | |
Volkswagen AG Preference Shares | 114,264 | 15,603 | |
Deutsche Bank AG (Registered) | 1,156,474 | 12,713 | |
Vonovia SE | 405,440 | 8,793 | |
Hannover Rueck SE Class A | 34,213 | 7,310 | |
HeidelbergCement AG | 83,382 | 6,315 | |
Bayerische Motoren Werke AG Preference Shares | 36,749 | 3,906 | |
Volkswagen AG | 17,047 | 2,862 | |
LEG Immobilien SE (XETR) | 41,523 | 2,584 | |
Evonik Industries AG | 109,977 | 2,400 |
Shares | Market Value• ($000) | ||
Telefonica Deutschland Holding AG | 499,973 | 1,689 | |
Talanx AG | 30,772 | 1,548 | |
Wacker Chemie AG | 8,604 | 1,331 | |
HOCHTIEF AG | 12,696 | 1,063 | |
Fielmann AG | 13,624 | 706 | |
2 | DWS Group GmbH & Co. KGaA | 18,840 | 626 |
Traton SE | 26,791 | 620 | |
440,182 | |||
Greece (0.1%) | |||
OPAP SA | 107,490 | 1,833 | |
Hellenic Telecommunications Organization SA | 121,827 | 1,780 | |
Mytilineos SA | 59,595 | 1,729 | |
JUMBO SA | 62,884 | 1,449 | |
Motor Oil Hellas Corinth Refineries SA | 31,519 | 751 | |
Hellenic Petroleum SA | 31,005 | 246 | |
Autohellas Tourist and Trading SA | 6,822 | 97 | |
7,885 | |||
Hong Kong (1.8%) | |||
Sun Hung Kai Properties Ltd. | 811,500 | 11,299 | |
CK Hutchison Holdings Ltd. | 1,512,000 | 10,108 | |
CLP Holdings Ltd. | 932,000 | 6,939 | |
CK Asset Holdings Ltd. | 1,110,084 | 6,564 | |
BOC Hong Kong Holdings Ltd. | 2,053,000 | 6,481 | |
Hang Seng Bank Ltd. | 409,800 | 6,074 | |
Hong Kong & China Gas Co. Ltd. | 6,140,400 | 5,452 | |
Jardine Matheson Holdings Ltd. | 112,004 | 5,414 | |
Wharf Real Estate Investment Co. Ltd. | 898,000 | 5,179 | |
Power Assets Holdings Ltd. | 783,599 | 4,478 | |
Lenovo Group Ltd. | 4,292,000 | 4,391 | |
MTR Corp. Ltd. | 825,000 | 4,122 | |
Sino Land Co. Ltd. | 2,166,000 | 2,919 | |
Hongkong Land Holdings Ltd. | 625,900 | 2,786 | |
Swire Pacific Ltd. Class A | 341,788 | 2,713 | |
Henderson Land Development Co. Ltd. | 745,587 | 2,655 | |
2 | WH Group Ltd. | 4,523,099 | 2,518 |
New World Development Co. Ltd. | 824,750 | 2,200 | |
Xinyi Glass Holdings Ltd. | 1,174,000 | 2,148 | |
Chow Tai Fook Jewellery Group Ltd. | 1,006,400 | 2,021 | |
CK Infrastructure Holdings Ltd. | 340,472 | 1,938 | |
Hang Lung Properties Ltd. | 1,013,576 | 1,853 | |
Swire Properties Ltd. | 615,698 | 1,655 | |
Want Want China Holdings Ltd. | 2,451,000 | 1,563 | |
Orient Overseas International Ltd. | 74,000 | 1,503 |
Shares | Market Value• ($000) | ||
ASMPT Ltd. | 171,400 | 1,348 | |
SITC International Holdings Co. Ltd. | 701,000 | 1,297 | |
PCCW Ltd. | 2,482,793 | 1,295 | |
2 | BOC Aviation Ltd. | 123,200 | 976 |
Hysan Development Co. Ltd. | 342,000 | 967 | |
Kerry Properties Ltd. | 367,000 | 947 | |
Bank of East Asia Ltd. | 542,180 | 715 | |
NWS Holdings Ltd. | 808,000 | 700 | |
Man Wah Holdings Ltd. | 830,800 | 699 | |
2 | Js Global Lifestyle Co. Ltd. | 725,500 | 643 |
Yue Yuen Industrial Holdings Ltd. | 369,000 | 555 | |
DFI Retail Group Holdings Ltd. | 172,300 | 519 | |
VTech Holdings Ltd. | 84,600 | 508 | |
First Pacific Co. Ltd. | 1,414,000 | 473 | |
Cafe de Coral Holdings Ltd. | 185,170 | 259 | |
Johnson Electric Holdings Ltd. | 220,000 | 246 | |
Dah Sing Financial Holdings Ltd. | 84,400 | 216 | |
Dah Sing Banking Group Ltd. | 205,600 | 165 | |
Guotai Junan International Holdings Ltd. | 1,517,000 | 128 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 656,000 | 114 | |
117,743 | |||
Hungary (0.1%) | |||
Richter Gedeon Nyrt | 80,453 | 1,943 | |
MOL Hungarian Oil & Gas plc | 209,456 | 1,699 | |
* | Magyar Telekom Telecommunications plc | 232,384 | 292 |
3,934 | |||
Iceland (0.0%) | |||
2 | Arion Banki HF | 799,142 | 839 |
Islandsbanki HF | 647,615 | 592 | |
1,431 | |||
India (1.0%) | |||
ITC Ltd. | 1,682,491 | 8,774 | |
HCL Technologies Ltd. | 620,049 | 8,107 | |
NTPC Ltd. | 2,688,736 | 5,671 | |
Power Grid Corp. of India Ltd. | 1,783,737 | 5,187 | |
Tech Mahindra Ltd. | 346,179 | 4,356 | |
Oil & Natural Gas Corp. Ltd. | 2,098,990 | 4,094 | |
Coal India Ltd. | 1,182,530 | 3,380 | |
Bharat Petroleum Corp. Ltd. | 570,171 | 2,496 | |
Vedanta Ltd. | 722,226 | 2,477 | |
Hero MotoCorp Ltd. | 75,355 | 2,363 | |
Indian Oil Corp. Ltd. | 2,337,702 | 2,330 | |
Bajaj Auto Ltd. | 38,525 | 2,091 | |
Gail India Ltd. | 1,475,901 | 1,940 | |
Power Finance Corp. Ltd. | 670,354 | 1,396 | |
Petronet LNG Ltd. | 422,098 | 1,226 |
Shares | Market Value• ($000) | ||
REC Ltd. | 722,398 | 1,170 | |
Hindustan Petroleum Corp. Ltd. | 339,234 | 1,043 | |
Indus Towers Ltd. | 518,094 | 984 | |
Steel Authority of India Ltd. | 868,738 | 883 | |
NMDC Ltd. (XNSE) | 626,135 | 834 | |
Canara Bank | 190,182 | 742 | |
NHPC Ltd. | 1,183,807 | 643 | |
Piramal Enterprises Ltd. | 66,144 | 598 | |
Oracle Financial Services Software Ltd. | 13,380 | 584 | |
Oil India Ltd. | 176,196 | 551 | |
Castrol India Ltd. | 364,736 | 535 | |
Hindustan Zinc Ltd. | 137,438 | 529 | |
Bank of India | 402,335 | 415 | |
Indian Bank | 102,992 | 408 | |
Sun TV Network Ltd. | 44,479 | 235 | |
2 | Nippon Life India Asset Management Ltd. | 66,659 | 194 |
2 | General Insurance Corp. of India | 57,497 | 108 |
66,344 | |||
Indonesia (0.8%) | |||
Bank Rakyat Indonesia Persero Tbk PT | 41,012,659 | 14,292 | |
Bank Mandiri Persero Tbk PT | 25,872,800 | 9,146 | |
Telkom Indonesia Persero Tbk PT | 27,158,700 | 7,866 | |
Astra International Tbk PT | 11,943,700 | 5,509 | |
Bank Negara Indonesia Persero Tbk PT | 4,389,100 | 2,829 | |
United Tractors Tbk PT | 840,204 | 1,659 | |
Adaro Energy Tbk PT | 7,153,800 | 1,531 | |
Indofood Sukses Makmur Tbk PT | 2,566,300 | 1,130 | |
Indofood CBP Sukses Makmur Tbk PT | 1,380,600 | 997 | |
Unilever Indonesia Tbk PT | 3,289,100 | 988 | |
Sarana Menara Nusantara Tbk PT | 11,738,300 | 822 | |
Bukit Asam Tbk PT | 2,344,800 | 663 | |
Perusahaan Gas Negara Persero Tbk PT | 6,351,000 | 621 | |
Indocement Tunggal Prakarsa Tbk PT | 816,400 | 605 | |
Gudang Garam Tbk PT | 248,300 | 482 | |
Hanjaya Mandala Sampoerna Tbk PT | 4,644,600 | 322 | |
Bank Danamon Indonesia Tbk PT | 714,300 | 137 | |
Surya Citra Media Tbk PT | 8,010,100 | 90 | |
Astra Agro Lestari Tbk PT | 144,400 | 76 | |
49,765 | |||
Ireland (0.1%) | |||
Bank of Ireland Group plc | 614,511 | 6,356 | |
AIB Group plc | 665,164 | 2,860 | |
9,216 |
Shares | Market Value• ($000) | ||
Israel (0.4%) | |||
Bank Leumi Le-Israel BM | 884,924 | 7,014 | |
Bank Hapoalim BM | 757,377 | 6,524 | |
Israel Discount Bank Ltd. Class A | 698,529 | 3,471 | |
ICL Group Ltd. | 417,132 | 2,591 | |
Mizrahi Tefahot Bank Ltd. | 78,485 | 2,574 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 1,176,415 | 1,602 | |
Phoenix Holdings Ltd. | 67,175 | 721 | |
24,497 | |||
Italy (2.6%) | |||
Enel SpA | 4,433,838 | 30,293 | |
Intesa Sanpaolo SpA | 9,264,050 | 24,359 | |
UniCredit SpA | 1,072,209 | 21,246 | |
Stellantis NV | 1,183,450 | 19,630 | |
Eni SpA | 1,263,081 | 19,082 | |
Assicurazioni Generali SpA Class A | 775,986 | 16,162 | |
Snam SpA | 1,270,780 | 7,063 | |
Terna - Rete Elettrica Nazionale | 806,444 | 6,980 | |
FinecoBank Banca Fineco SpA | 347,211 | 5,263 | |
Mediobanca Banca di Credito Finanziario SpA | 367,517 | 3,947 | |
Banco BPM SpA | 783,632 | 3,186 | |
2 | Infrastrutture Wireless Italiane SpA | 199,592 | 2,770 |
2 | Poste Italiane SpA | 259,273 | 2,698 |
Italgas SpA | 272,178 | 1,777 | |
A2A SpA | 884,861 | 1,561 | |
2 | Pirelli & C SpA | 279,301 | 1,463 |
Hera SpA | 449,731 | 1,400 | |
Banca Mediolanum SpA | 143,337 | 1,296 | |
UnipolSai Assicurazioni SpA | 234,742 | 632 | |
170,808 | |||
Japan (12.7%) | |||
Toyota Motor Corp. | 6,842,161 | 93,943 | |
Mitsubishi UFJ Financial Group Inc. | 6,621,700 | 41,449 | |
Sumitomo Mitsui Financial Group Inc. | 732,754 | 29,950 | |
Takeda Pharmaceutical Co. Ltd. | 862,200 | 28,590 | |
KDDI Corp. | 910,424 | 28,422 | |
Mitsui & Co. Ltd. | 855,312 | 26,702 | |
ITOCHU Corp. | 763,584 | 25,332 | |
Honda Motor Co. Ltd. | 947,100 | 25,120 | |
Mitsubishi Corp. | 670,800 | 24,870 | |
Tokio Marine Holdings Inc. | 1,062,402 | 21,362 | |
Mizuho Financial Group Inc. | 1,448,663 | 21,000 | |
Nippon Telegraph & Telephone Corp. | 656,100 | 20,020 | |
Softbank Corp. | 1,563,282 | 17,601 | |
Japan Tobacco Inc. | 675,700 | 14,539 | |
Canon Inc. | 549,500 | 13,088 | |
Komatsu Ltd. | 522,720 | 13,000 | |
Bridgestone Corp. | 320,130 | 12,856 |
Shares | Market Value• ($000) | ||
Marubeni Corp. | 873,000 | 12,391 | |
ORIX Corp. | 675,100 | 11,485 | |
Sumitomo Corp. | 639,538 | 11,462 | |
Dai-ichi Life Holdings Inc. | 549,700 | 10,225 | |
Nippon Steel Corp. | 466,900 | 9,972 | |
Japan Post Holdings Co. Ltd. | 1,209,941 | 9,960 | |
Daiwa House Industry Co. Ltd. | 369,400 | 9,415 | |
MS&AD Insurance Group Holdings Inc. | 258,000 | 8,468 | |
Toshiba Corp. | 239,600 | 7,720 | |
Sompo Holdings Inc. | 178,200 | 7,436 | |
Sumitomo Mitsui Trust Holdings Inc. | 206,100 | 7,429 | |
Kirin Holdings Co. Ltd. | 423,000 | 6,872 | |
Japan Post Bank Co. Ltd. | 854,011 | 6,820 | |
Nippon Yusen KK | 275,500 | 6,513 | |
Sekisui House Ltd. | 314,002 | 6,455 | |
Nomura Holdings Inc. | 1,696,014 | 6,080 | |
Resona Holdings Inc. | 1,216,896 | 6,065 | |
ENEOS Holdings Inc. | 1,631,751 | 5,805 | |
Inpex Corp. | 528,300 | 5,781 | |
Subaru Corp. | 344,809 | 5,628 | |
Sumitomo Electric Industries Ltd. | 423,900 | 5,410 | |
Toyota Tsusho Corp. | 125,030 | 5,197 | |
Asahi Kasei Corp. | 700,800 | 4,950 | |
1 | Mitsui OSK Lines Ltd. | 191,310 | 4,743 |
Yamaha Motor Co. Ltd. | 173,500 | 4,499 | |
Kansai Electric Power Co. Inc. | 410,400 | 4,430 | |
Chubu Electric Power Co. Inc. | 396,600 | 4,423 | |
Mitsubishi Chemical Group Corp. | 720,700 | 4,228 | |
AGC Inc. | 104,900 | 3,911 | |
Daiwa Securities Group Inc. | 812,114 | 3,772 | |
JFE Holdings Inc. | 294,300 | 3,482 | |
T&D Holdings Inc. | 284,000 | 3,478 | |
Daito Trust Construction Co. Ltd. | 36,500 | 3,459 | |
Isuzu Motors Ltd. | 292,900 | 3,459 | |
Taisei Corp. | 99,300 | 3,377 | |
Kajima Corp. | 241,500 | 3,195 | |
Obayashi Corp. | 381,400 | 3,180 | |
1 | Kawasaki Kisen Kaisha Ltd. | 127,200 | 3,031 |
Mazda Motor Corp. | 325,800 | 2,948 | |
Aisin Corp. | 98,800 | 2,900 | |
Sumitomo Chemical Co. Ltd. | 854,000 | 2,886 | |
Idemitsu Kosan Co. Ltd. | 132,783 | 2,827 | |
Sojitz Corp. | 131,500 | 2,770 | |
SBI Holdings Inc. | 138,400 | 2,703 | |
Ricoh Co. Ltd. | 322,600 | 2,671 | |
SUMCO Corp. | 188,300 | 2,593 | |
Mitsui Chemicals Inc. | 95,500 | 2,416 | |
Concordia Financial Group Ltd. | 630,100 | 2,391 | |
Niterra Co. Ltd. | 113,300 | 2,375 | |
Lixil Corp. | 149,200 | 2,349 | |
Seiko Epson Corp. | 148,900 | 2,277 | |
Chiba Bank Ltd. | 344,300 | 2,248 |
Shares | Market Value• ($000) | ||
Tosoh Corp. | 158,200 | 2,114 | |
Brother Industries Ltd. | 133,400 | 2,095 | |
Kyushu Railway Co. | 90,200 | 2,048 | |
Hulic Co. Ltd. | 234,986 | 2,023 | |
Mitsubishi HC Capital Inc. (XTKS) | 370,120 | 1,921 | |
Shimizu Corp. | 309,300 | 1,889 | |
Nikon Corp. | 174,800 | 1,807 | |
Japan Post Insurance Co. Ltd. | 109,300 | 1,775 | |
Kuraray Co. Ltd. | 189,700 | 1,774 | |
NGK Insulators Ltd. | 140,200 | 1,760 | |
Haseko Corp. | 143,086 | 1,747 | |
Fukuoka Financial Group Inc. | 92,400 | 1,740 | |
Sumitomo Forestry Co. Ltd. | 79,000 | 1,707 | |
Amada Co. Ltd. | 180,600 | 1,686 | |
Yokohama Rubber Co. Ltd. | 75,400 | 1,639 | |
Marui Group Co. Ltd. | 101,400 | 1,616 | |
Kyushu Electric Power Co. Inc. | 273,200 | 1,591 | |
Sumitomo Heavy Industries Ltd. | 65,800 | 1,590 | |
Nomura Real Estate Holdings Inc. | 63,300 | 1,577 | |
Cosmo Energy Holdings Co. Ltd. | 48,440 | 1,549 | |
Mitsubishi Gas Chemical Co. Inc. | 103,000 | 1,500 | |
Electric Power Development Co. Ltd. | 93,400 | 1,493 | |
Mebuki Financial Group Inc. | 575,300 | 1,474 | |
Tokyo Tatemono Co. Ltd. | 116,200 | 1,472 | |
Iida Group Holdings Co. Ltd. | 80,400 | 1,429 | |
Kobe Steel Ltd. | 191,000 | 1,423 | |
NSK Ltd. | 248,600 | 1,404 | |
Yamada Holdings Co. Ltd. | 364,900 | 1,272 | |
Air Water Inc. | 99,000 | 1,251 | |
1 | Aozora Bank Ltd. | 68,900 | 1,236 |
COMSYS Holdings Corp. | 63,900 | 1,223 | |
EXEO Group Inc. | 65,400 | 1,213 | |
Credit Saison Co. Ltd. | 87,500 | 1,212 | |
Sanwa Holdings Corp. | 110,300 | 1,208 | |
Taiheiyo Cement Corp. | 66,800 | 1,198 | |
Kamigumi Co. Ltd. | 54,500 | 1,194 | |
Daicel Corp. | 149,500 | 1,179 | |
Tokyo Century Corp. | 34,000 | 1,170 | |
Hachijuni Bank Ltd. | 258,900 | 1,160 | |
Toyo Seikan Group Holdings Ltd. | 79,800 | 1,127 | |
Casio Computer Co. Ltd. | 118,000 | 1,123 | |
Konica Minolta Inc. | 259,100 | 1,081 | |
Denka Co. Ltd. | 52,400 | 1,049 | |
JTEKT Corp. | 125,900 | 1,040 | |
Pigeon Corp. | 62,800 | 978 | |
UBE Corp. | 61,300 | 972 | |
NOK Corp. | 71,100 | 958 | |
INFRONEER Holdings Inc. | 121,000 | 956 |
Shares | Market Value• ($000) | ||
DMG Mori Co. Ltd. | 59,000 | 946 | |
Nippon Electric Glass Co. Ltd. | 48,100 | 918 | |
Kaneka Corp. | 34,400 | 915 | |
Sumitomo Rubber Industries Ltd. | 99,500 | 913 | |
Coca-Cola Bottlers Japan Holdings Inc. | 81,400 | 877 | |
DIC Corp. | 46,700 | 863 | |
Nippon Kayaku Co. Ltd. | 94,600 | 858 | |
K's Holdings Corp. | 92,800 | 822 | |
Toda Corp. | 139,400 | 816 | |
Hirogin Holdings Inc. | 163,900 | 813 | |
TS Tech Co. Ltd. | 59,900 | 808 | |
Seven Bank Ltd. | 374,900 | 767 | |
Penta-Ocean Construction Co. Ltd. | 157,400 | 765 | |
Yamaguchi Financial Group Inc. | 123,100 | 757 | |
Daido Steel Co. Ltd. | 18,800 | 724 | |
Toyo Tire Corp. | 60,600 | 722 | |
Kokuyo Co. Ltd. | 50,400 | 720 | |
Yamato Kogyo Co. Ltd. | 18,300 | 719 | |
Toyoda Gosei Co. Ltd. | 41,800 | 717 | |
Mitsui Mining & Smelting Co. Ltd. | 29,800 | 710 | |
Amano Corp. | 33,200 | 676 | |
Fuyo General Lease Co. Ltd. | 9,200 | 673 | |
NHK Spring Co. Ltd. | 84,800 | 629 | |
AEON Financial Service Co. Ltd. | 70,400 | 627 | |
Nippon Shokubai Co. Ltd. | 15,600 | 625 | |
Aica Kogyo Co. Ltd. | 27,200 | 618 | |
Kyudenko Corp. | 22,300 | 595 | |
Canon Marketing Japan Inc. | 22,800 | 570 | |
Heiwa Corp. | 28,800 | 569 | |
H.U. Group Holdings Inc. | 26,700 | 540 | |
Nipro Corp. | 70,900 | 534 | |
Shikoku Electric Power Co. Inc. | 87,200 | 515 | |
Toyota Boshoku Corp. | 31,100 | 492 | |
Lintec Corp. | 28,100 | 470 | |
Kaken Pharmaceutical Co. Ltd. | 16,700 | 460 | |
Itoham Yonekyu Holdings Inc. | 75,400 | 413 | |
Kandenko Co. Ltd. | 49,700 | 374 | |
Noevir Holdings Co. Ltd. | 8,100 | 330 | |
Matsui Securities Co. Ltd. | 56,200 | 322 | |
Fuji Media Holdings Inc. | 32,000 | 300 | |
824,529 | |||
Kuwait (0.3%) | |||
National Bank of Kuwait SAKP | 4,288,683 | 14,080 | |
Mobile Telecommunications Co. KSCP | 1,046,878 | 1,951 | |
Agility Public Warehousing Co. KSC | 840,408 | 1,706 | |
Gulf Bank KSCP | 1,001,539 | 922 |
Shares | Market Value• ($000) | ||
* | Humansoft Holding Co. KSC | 51,635 | 658 |
Boubyan Petrochemicals Co. KSCP | 200,283 | 534 | |
Burgan Bank SAK | 473,301 | 334 | |
20,185 | |||
Malaysia (0.7%) | |||
Malayan Banking Bhd. | 4,059,197 | 7,888 | |
Public Bank Bhd. | 8,132,500 | 7,102 | |
CIMB Group Holdings Bhd. | 3,879,300 | 4,407 | |
Tenaga Nasional Bhd. | 1,849,333 | 3,694 | |
Petronas Chemicals Group Bhd. | 1,633,700 | 2,600 | |
CELCOMDIGI Bhd. | 2,278,700 | 2,251 | |
Axiata Group Bhd. | 2,516,400 | 1,691 | |
Hong Leong Bank Bhd. | 357,700 | 1,617 | |
MISC Bhd. | 965,644 | 1,582 | |
Genting Bhd. | 1,354,400 | 1,431 | |
Kuala Lumpur Kepong Bhd. | 260,600 | 1,259 | |
Gamuda Bhd. | 1,284,000 | 1,196 | |
Petronas Gas | 312,232 | 1,183 | |
RHB Bank Bhd. | 959,700 | 1,180 | |
Maxis Bhd. | 1,110,200 | 1,097 | |
Sime Darby Bhd. | 2,135,700 | 1,041 | |
AMMB Holdings Bhd. | 1,241,900 | 1,007 | |
Genting Malaysia Bhd. | 1,645,800 | 1,002 | |
Petronas Dagangan Bhd. | 148,200 | 753 | |
Telekom Malaysia Bhd. | 629,500 | 701 | |
IJM Corp. Bhd. | 1,728,100 | 606 | |
Alliance Bank Malaysia Bhd. | 556,800 | 416 | |
YTL Corp. Bhd. | 2,370,623 | 351 | |
Westports Holdings Bhd. | 363,700 | 288 | |
British American Tobacco Malaysia Bhd. | 87,600 | 208 | |
Astro Malaysia Holdings Bhd. | 704,000 | 110 | |
FGV Holdings Bhd. | 301,300 | 101 | |
46,762 | |||
Mexico (1.2%) | |||
America Movil SAB de CV Series B | 16,151,200 | 17,418 | |
Grupo Financiero Banorte SAB de CV Class O | 1,650,100 | 14,269 | |
Wal-Mart de Mexico SAB de CV | 2,940,235 | 11,854 | |
Grupo Mexico SAB de CV Series B | 1,804,900 | 8,875 | |
Grupo Aeroportuario del Pacifico SAB de CV Class B | 196,100 | 3,489 | |
Grupo Aeroportuario del Sureste SAB de CV Class B | 114,585 | 3,289 | |
Coca-Cola Femsa SAB de CV | 299,260 | 2,471 | |
Arca Continental SAB de CV | 248,100 | 2,361 | |
Grupo Aeroportuario del Centro Norte SAB de CV Class B | 156,700 | 1,723 |
Shares | Market Value• ($000) | ||
2 | Banco del Bajio SA | 410,100 | 1,349 |
Promotora y Operadora de Infraestructura SAB de CV | 126,470 | 1,315 | |
Alfa SAB de CV Class A | 2,044,000 | 1,297 | |
Orbia Advance Corp. SAB de CV | 538,300 | 1,240 | |
Kimberly-Clark de Mexico SAB de CV Class A | 463,000 | 1,050 | |
* | Regional SAB de CV | 130,200 | 954 |
Qualitas Controladora SAB de CV | 103,100 | 682 | |
Megacable Holdings SAB de CV | 172,500 | 467 | |
Alpek SAB de CV | 197,800 | 209 | |
74,312 | |||
Netherlands (1.4%) | |||
ING Groep NV | 2,066,651 | 25,631 | |
Koninklijke Ahold Delhaize NV Class B | 545,469 | 18,756 | |
Koninklijke Philips NV | 506,133 | 10,685 | |
Koninklijke KPN NV | 1,807,005 | 6,590 | |
NN Group NV | 159,525 | 5,949 | |
Aegon NV | 965,697 | 4,406 | |
1 | BE Semiconductor Industries NV | 44,282 | 3,986 |
2 | ABN AMRO Bank NV GDR | 227,060 | 3,639 |
ASR Nederland NV | 82,433 | 3,626 | |
Randstad NV | 63,179 | 3,433 | |
2 | Signify NV | 71,380 | 2,384 |
Koninklijke Vopak NV Class B | 38,153 | 1,458 | |
1,2 | CTP NV | 60,408 | 792 |
91,335 | |||
New Zealand (0.2%) | |||
Spark New Zealand Ltd. | 1,076,958 | 3,490 | |
Meridian Energy Ltd. | 720,508 | 2,440 | |
Contact Energy Ltd. | 442,927 | 2,148 | |
Mercury NZ Ltd. | 384,291 | 1,509 | |
Fletcher Building Ltd. | 445,657 | 1,243 | |
10,830 | |||
Norway (0.9%) | |||
Equinor ASA | 525,285 | 15,124 | |
DNB Bank ASA | 584,317 | 10,278 | |
Norsk Hydro ASA | 767,653 | 5,649 | |
Mowi ASA | 255,009 | 4,865 | |
Telenor ASA | 362,356 | 4,522 | |
Aker BP ASA | 172,912 | 4,134 | |
Yara International ASA | 93,225 | 3,754 | |
Orkla ASA | 438,413 | 3,151 | |
Salmar ASA | 39,759 | 1,766 | |
Gjensidige Forsikring ASA | 95,244 | 1,659 | |
Aker ASA Class A | 13,582 | 830 | |
Leroy Seafood Group ASA | 146,012 | 769 | |
Var Energi ASA | 236,660 | 621 | |
57,122 | |||
Pakistan (0.0%) | |||
Fauji Fertilizer Co. Ltd. | 361,175 | 131 | |
Oil & Gas Development Co. Ltd. | 286,603 | 87 |
Shares | Market Value• ($000) | ||
Pakistan Petroleum Ltd. | 300,307 | 70 | |
288 | |||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 613,310 | 2,405 | |
PLDT Inc. | 53,325 | 1,160 | |
Manila Electric Co. | 150,430 | 923 | |
Aboitiz Power Corp. | 921,800 | 634 | |
Globe Telecom Inc. | 17,801 | 548 | |
Metro Pacific Investments Corp. | 6,424,000 | 514 | |
DMCI Holdings Inc. | 2,344,500 | 416 | |
Semirara Mining & Power Corp. Class A | 604,320 | 295 | |
LT Group Inc. | 1,353,700 | 249 | |
7,144 | |||
Poland (0.3%) | |||
Polski Koncern Naftowy ORLEN SA | 329,315 | 5,024 | |
Powszechna Kasa Oszczednosci Bank Polski SA | 488,157 | 3,774 | |
Powszechny Zaklad Ubezpieczen SA | 316,790 | 2,919 | |
Bank Polska Kasa Opieki SA | 92,010 | 2,129 | |
LPP SA | 638 | 1,839 | |
Santander Bank Polska SA | 16,920 | 1,376 | |
17,061 | |||
Portugal (0.2%) | |||
EDP - Energias de Portugal SA | 1,616,829 | 8,909 | |
Galp Energia SGPS SA | 287,399 | 3,473 | |
12,382 | |||
Qatar (0.6%) | |||
Qatar National Bank QPSC | 2,535,998 | 10,738 | |
Qatar Islamic Bank SAQ | 1,027,807 | 5,080 | |
Industries Qatar QSC | 917,826 | 3,234 | |
Commercial Bank PSQC | 1,902,863 | 3,086 | |
Masraf Al Rayan QSC | 3,506,119 | 2,474 | |
Qatar International Islamic Bank QSC | 658,401 | 1,800 | |
Qatar Gas Transport Co. Ltd. | 1,563,427 | 1,705 | |
Qatar Fuel QSC | 341,182 | 1,557 | |
Mesaieed Petrochemical Holding Co. | 2,443,098 | 1,337 | |
Ooredoo QPSC | 478,044 | 1,301 | |
Qatar Electricity & Water Co. QSC | 248,150 | 1,141 | |
Barwa Real Estate Co. | 1,247,072 | 861 | |
Qatar Navigation QSC | 297,076 | 740 | |
Qatar Aluminum Manufacturing Co. | 1,549,915 | 660 | |
Doha Bank QPSC | 1,390,689 | 594 | |
Vodafone Qatar QSC | 869,692 | 411 | |
36,719 | |||
Romania (0.0%) | |||
Banca Transilvania SA | 315,114 | 1,350 |
Shares | Market Value• ($000) | ||
OMV Petrom SA (XBSE) | 9,262,511 | 1,005 | |
Societatea Nationala Nuclearelectrica SA | 27,902 | 286 | |
2,641 | |||
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 | — |
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 GDR (Registered) | 14,173 | — |
— | |||
Saudi Arabia (1.5%) | |||
Saudi National Bank | 1,243,256 | 16,317 | |
2 | Saudi Arabian Oil Co. | 1,595,946 | 15,383 |
Shares | Market Value• ($000) | ||
Saudi Basic Industries Corp. | 514,006 | 12,718 | |
Saudi Telecom Co. | 1,023,329 | 12,317 | |
Riyad Bank | 837,461 | 6,754 | |
Saudi British Bank | 570,682 | 5,541 | |
SABIC Agri-Nutrients Co. | 133,747 | 4,809 | |
Alinma Bank | 559,026 | 4,759 | |
Banque Saudi Fransi | 336,649 | 3,493 | |
Arab National Bank | 384,811 | 2,822 | |
Sahara International Petrochemical Co. | 201,309 | 2,099 | |
Yanbu National Petrochemical Co. | 160,044 | 1,922 | |
Jarir Marketing Co. | 33,902 | 1,479 | |
Saudi Industrial Investment Group | 210,174 | 1,433 | |
Bank Al-Jazira | 227,474 | 1,190 | |
Saudi Investment Bank | 270,809 | 1,189 | |
Abdullah Al Othaim Markets Co. | 25,387 | 973 | |
Advanced Petrochemical Co. | 69,643 | 889 | |
Saudi Cement Co. | 43,273 | 651 | |
Saudia Dairy & Foodstuff Co. | 8,216 | 611 | |
Southern Province Cement Co. | 42,377 | 596 | |
Arabian Centres Co. Ltd. | 89,087 | 517 | |
United Electronics Co. | 23,920 | 491 | |
Qassim Cement Co. | 26,648 | 490 | |
Yanbu Cement Co. | 44,557 | 427 | |
99,870 | |||
Singapore (1.5%) | |||
DBS Group Holdings Ltd. | 1,031,178 | 25,480 | |
Oversea-Chinese Banking Corp. Ltd. | 2,005,000 | 18,969 | |
United Overseas Bank Ltd. | 734,145 | 15,592 | |
Singapore Telecommunications Ltd. | 4,238,088 | 8,122 | |
Capitaland Investment Ltd. | 1,437,700 | 4,024 | |
Keppel Corp. Ltd. | 794,912 | 3,691 | |
Wilmar International Ltd. | 1,181,400 | 3,490 | |
Singapore Exchange Ltd. | 463,232 | 3,334 | |
Genting Singapore Ltd. | 3,337,200 | 2,839 | |
Singapore Technologies Engineering Ltd. | 881,800 | 2,401 | |
Venture Corp. Ltd. | 151,100 | 1,930 | |
Jardine Cycle & Carriage Ltd. | 57,800 | 1,472 | |
NetLink NBN Trust | 1,719,800 | 1,129 | |
ComfortDelGro Corp. Ltd. | 1,228,200 | 1,100 | |
Olam Group Ltd. | 670,600 | 809 | |
Hutchison Port Holdings Trust Class U | 2,795,100 | 530 | |
StarHub Ltd. | 273,500 | 205 | |
CapitaLand Ascott Trust | 81,967 | 67 |
Shares | Market Value• ($000) | ||
Singapore Telecommunications Ltd. (XSES) | 8,800 | 17 | |
95,201 | |||
South Africa (1.2%) | |||
FirstRand Ltd. | 2,836,096 | 9,995 | |
Gold Fields Ltd. | 500,003 | 7,792 | |
Standard Bank Group Ltd. | 761,168 | 7,137 | |
Absa Group Ltd. | 472,411 | 4,596 | |
Impala Platinum Holdings Ltd. | 465,849 | 4,535 | |
Sasol Ltd. | 322,644 | 4,202 | |
Sibanye Stillwater Ltd. | 1,623,375 | 3,589 | |
Shoprite Holdings Ltd. | 277,352 | 3,385 | |
Sanlam Ltd. | 996,397 | 3,076 | |
Nedbank Group Ltd. | 235,807 | 2,724 | |
Bidvest Group Ltd. | 193,565 | 2,652 | |
Vodacom Group Ltd. | 335,308 | 2,298 | |
Anglo American Platinum Ltd. | 32,433 | 1,923 | |
Woolworths Holdings Ltd. | 533,088 | 1,898 | |
Old Mutual Ltd. (XZIM) | 2,531,584 | 1,610 | |
NEPI Rockcastle NV | 257,100 | 1,552 | |
1 | Exxaro Resources Ltd. | 136,820 | 1,438 |
Mr Price Group Ltd. | 142,822 | 1,175 | |
Multichoice Group | 165,812 | 1,037 | |
Tiger Brands Ltd. | 91,153 | 988 | |
Foschini Group Ltd. | 180,777 | 937 | |
Life Healthcare Group Holdings Ltd. | 802,138 | 910 | |
Outsurance Group Ltd. | 472,964 | 901 | |
Investec Ltd. | 158,422 | 871 | |
Kumba Iron Ore Ltd. | 32,438 | 789 | |
Netcare Ltd. | 864,218 | 755 | |
African Rainbow Minerals Ltd. | 59,543 | 748 | |
Momentum Metropolitan Holdings | 709,640 | 719 | |
Sappi Ltd. | 307,197 | 699 | |
AVI Ltd. | 186,775 | 697 | |
Pick n Pay Stores Ltd. | 201,210 | 477 | |
Santam Ltd. | 22,595 | 351 | |
Royal Bafokeng Platinum Ltd. | 38,794 | 304 | |
76,760 | |||
South Korea (1.6%) | |||
POSCO Holdings Inc. | 42,463 | 12,017 | |
Hyundai Motor Co. | 71,444 | 10,583 | |
Kia Corp. | 145,803 | 9,234 | |
KB Financial Group Inc. | 219,721 | 8,155 | |
Shinhan Financial Group Co. Ltd. | 281,980 | 7,382 | |
Hana Financial Group Inc. | 163,142 | 5,127 | |
KT&G Corp. | 60,663 | 3,887 | |
LG Corp. | 49,131 | 3,216 | |
Woori Financial Group Inc. | 362,855 | 3,191 | |
Samsung Fire & Marine Insurance Co. Ltd. | 17,306 | 2,911 | |
HMM Co. Ltd. | 167,222 | 2,561 | |
SK Inc. | 20,597 | 2,512 | |
Hyundai Motor Co. Preference Shares | 28,877 | 2,292 |
Shares | Market Value• ($000) | ||
Samsung Life Insurance Co. Ltd. | 42,415 | 2,103 | |
Korea Zinc Co. Ltd. | 5,402 | 2,076 | |
DB Insurance Co. Ltd. | 25,910 | 1,629 | |
Hyundai Motor Co. Preference Shares (XKRX) | 18,099 | 1,501 | |
LG Display Co. Ltd. | 125,890 | 1,403 | |
S-Oil Corp. | 23,561 | 1,320 | |
LG Chem Ltd. Preference Shares | 4,459 | 1,305 | |
HD Hyundai Co. Ltd. | 29,032 | 1,287 | |
Industrial Bank of Korea | 142,017 | 1,070 | |
LG Uplus Corp. | 124,471 | 1,027 | |
Kumho Petrochemical Co. Ltd. | 9,257 | 947 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 33,688 | 946 | |
Samsung Securities Co. Ltd. | 36,197 | 919 | |
Korea Investment Holdings Co. Ltd. | 21,487 | 888 | |
GS Holdings Corp. | 28,665 | 852 | |
Fila Holdings Corp. | 30,567 | 840 | |
BNK Financial Group Inc. | 157,605 | 784 | |
Hanon Systems | 95,566 | 657 | |
Mirae Asset Securities Co. Ltd. | 122,423 | 636 | |
GS Engineering & Construction Corp. | 36,211 | 588 | |
NH Investment & Securities Co. Ltd. | 79,586 | 557 | |
Posco International Corp. | 27,005 | 543 | |
Cheil Worldwide Inc. | 39,145 | 542 | |
Doosan Bobcat Inc. | 12,756 | 489 | |
DL E&C Co. Ltd. | 18,163 | 480 | |
GS Retail Co. Ltd. | 23,008 | 458 | |
Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares | 3,632 | 454 | |
DGB Financial Group Inc. | 87,894 | 451 | |
LOTTE Fine Chemical Co. Ltd. | 9,541 | 438 | |
S-1 Corp. | 9,692 | 423 | |
Samsung Card Co. Ltd. | 16,454 | 367 | |
Lotte Shopping Co. Ltd. | 6,043 | 361 | |
KEPCO Plant Service & Engineering Co. Ltd. | 12,771 | 342 | |
Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares | 111,672 | 307 | |
Korea Gas Corp. | 14,613 | 293 | |
DL Holdings Co. Ltd. | 7,527 | 279 | |
Lotte Corp. | 13,296 | 279 | |
SSANGYONG C&E Co. Ltd. | 63,265 | 277 | |
LG H&H Co. Ltd. Preference Shares | 1,378 | 276 | |
SK Telecom Co. Ltd. | 7,667 | 273 | |
SK Chemicals Co. Ltd. | 5,065 | 271 | |
SD Biosensor Inc. | 16,839 | 263 | |
Hanwha Corp. Preference Shares | 11,497 | 124 |
Shares | Market Value• ($000) | ||
CJ CheilJedang Corp. Preference Shares | 652 | 71 | |
104,464 | |||
Spain (2.7%) | |||
Iberdrola SA (XMAD) | 3,404,302 | 44,113 | |
Banco Santander SA | 9,334,361 | 32,792 | |
Banco Bilbao Vizcaya Argentaria SA | 3,431,205 | 25,120 | |
Industria de Diseno Textil SA | 598,858 | 20,587 | |
Telefonica SA | 2,863,807 | 13,008 | |
Repsol SA | 725,842 | 10,662 | |
CaixaBank SA | 2,185,965 | 8,092 | |
Red Electrica Corp. SA | 255,019 | 4,637 | |
Endesa SA | 180,451 | 4,048 | |
ACS Actividades de Construccion y Servicios SA | 116,896 | 4,019 | |
Enagas SA | 145,125 | 2,906 | |
Naturgy Energy Group SA | 83,710 | 2,606 | |
Bankinter SA | 385,529 | 2,280 | |
Mapfre SA | 568,337 | 1,138 | |
176,008 | |||
Sweden (1.4%) | |||
Volvo AB Class B | 861,487 | 17,713 | |
Skandinaviska Enskilda Banken AB Class A | 934,663 | 10,628 | |
Swedbank AB Class A | 574,742 | 9,987 | |
Telefonaktiebolaget LM Ericsson Class B | 1,718,065 | 9,459 | |
Svenska Handelsbanken AB Class A | 841,111 | 7,435 | |
Boliden AB | 156,590 | 5,596 | |
H & M Hennes & Mauritz AB Class B | 374,118 | 5,485 | |
SKF AB Class B | 221,492 | 4,012 | |
Telia Co. AB | 1,401,481 | 3,902 | |
SSAB AB Class B | 506,883 | 3,426 | |
Skanska AB Class B | 204,091 | 3,338 | |
Tele2 AB Class B | 313,775 | 3,334 | |
Securitas AB Class B | 280,278 | 2,512 | |
Electrolux AB Class B | 122,607 | 1,849 | |
1 | Svenska Handelsbanken AB Class B | 28,995 | 319 |
Skandinaviska Enskilda Banken AB Class C | 13,248 | 169 | |
Telefonaktiebolaget LM Ericsson Class A | 20,757 | 127 | |
SSAB AB Class A | 13,756 | 98 | |
89,389 | |||
Switzerland (6.0%) | |||
Roche Holding AG | 386,926 | 121,162 | |
Novartis AG (Registered) | 1,136,819 | 116,290 | |
Zurich Insurance Group AG | 84,669 | 41,060 | |
Holcim AG | 310,723 | 20,530 | |
Swiss Re AG | 164,221 | 16,538 | |
Partners Group Holding AG | 12,838 | 12,462 | |
* | Swiss Life Holding AG (Registered) | 17,392 | 11,480 |
Swisscom AG (Registered) | 14,464 | 9,930 |
Shares | Market Value• ($000) | ||
Julius Baer Group Ltd. | 120,293 | 8,620 | |
SGS SA (Registered) | 83,165 | 7,526 | |
Baloise Holding AG (Registered) | 25,868 | 4,330 | |
Swiss Prime Site AG (Registered) | 43,063 | 3,898 | |
Roche Holding AG (Bearer) | 9,611 | 3,252 | |
Adecco Group AG (Registered) | 89,702 | 3,086 | |
PSP Swiss Property AG (Registered) | 26,066 | 3,070 | |
Helvetia Holding AG (Registered) | 19,565 | 2,927 | |
Banque Cantonale Vaudoise (Registered) | 16,084 | 1,692 | |
387,853 | |||
Taiwan (4.2%) | |||
Hon Hai Precision Industry Co. Ltd. | 6,813,000 | 23,216 | |
MediaTek Inc. | 849,000 | 18,460 | |
United Microelectronics Corp. | 6,666,000 | 10,721 | |
Chunghwa Telecom Co. Ltd. | 2,159,000 | 8,934 | |
Nan Ya Plastics Corp. | 3,205,000 | 8,146 | |
Fubon Financial Holding Co. Ltd. | 4,203,770 | 8,096 | |
CTBC Financial Holding Co. Ltd. | 10,344,120 | 7,625 | |
Cathay Financial Holding Co. Ltd. | 5,255,973 | 7,282 | |
Mega Financial Holding Co. Ltd. | 6,362,525 | 7,059 | |
China Steel Corp. | 6,989,000 | 6,629 | |
Uni-President Enterprises Corp. | 2,715,000 | 6,509 | |
Formosa Plastics Corp. | 2,116,879 | 6,476 | |
Chailease Holding Co. Ltd. | 784,893 | 5,716 | |
First Financial Holding Co. Ltd. | 5,931,739 | 5,239 | |
Yuanta Financial Holding Co. Ltd. | 6,810,690 | 5,013 | |
Taiwan Cooperative Financial Holding Co. Ltd. | 5,744,200 | 5,007 | |
ASE Technology Holding Co. Ltd. | 1,510,171 | 4,965 | |
Taiwan Cement Corp. (XTAI) | 3,596,119 | 4,537 | |
Novatek Microelectronics Corp. | 326,000 | 4,457 | |
Formosa Chemicals & Fibre Corp. | 1,943,000 | 4,360 | |
Quanta Computer Inc. | 1,510,000 | 4,228 | |
Hua Nan Financial Holdings Co. Ltd. | 5,784,046 | 4,130 | |
China Development Financial Holding Corp. | 9,040,000 | 3,866 | |
Largan Precision Co. Ltd. | 58,000 | 3,808 | |
Asustek Computer Inc. | 403,268 | 3,717 | |
Taishin Financial Holding Co. Ltd. | 6,487,788 | 3,660 |
Shares | Market Value• ($000) | ||
Yageo Corp. | 222,613 | 3,609 | |
Sinopac Holdings Co. | 6,499,192 | 3,537 | |
Unimicron Technology Corp. | 721,000 | 3,426 | |
Taiwan Mobile Co. Ltd. | 991,000 | 3,339 | |
Shanghai Commercial & Savings Bank Ltd. | 2,133,677 | 3,227 | |
Realtek Semiconductor Corp. | 272,000 | 3,190 | |
E Ink Holdings Inc. | 507,000 | 3,159 | |
Evergreen Marine Corp. Taiwan Ltd. | 575,800 | 3,041 | |
Accton Technology Corp. | 299,000 | 2,921 | |
Lite-On Technology Corp. ADR | 1,200,194 | 2,875 | |
President Chain Store Corp. | 321,000 | 2,828 | |
Pegatron Corp. | 1,167,000 | 2,663 | |
Wistron Corp. | 1,637,656 | 2,482 | |
Far EasTone Telecommunications Co. Ltd. | 917,000 | 2,356 | |
Far Eastern New Century Corp. | 2,252,000 | 2,341 | |
Catcher Technology Co. Ltd. | 390,672 | 2,305 | |
Formosa Petrochemical Corp. | 787,000 | 2,227 | |
AU Optronics Corp. | 3,934,000 | 2,185 | |
Shin Kong Financial Holdings Co. Ltd. | 7,760,000 | 2,121 | |
Asia Cement Corp. | 1,397,000 | 2,001 | |
Globalwafers Co. Ltd. | 124,000 | 1,949 | |
Wiwynn Corp. | 50,000 | 1,903 | |
Micro-Star International Co. Ltd. | 398,000 | 1,892 | |
Compal Electronics Inc. | 2,393,000 | 1,867 | |
Inventec Corp. | 1,686,994 | 1,820 | |
Eclat Textile Co. Ltd. | 113,200 | 1,803 | |
Acer Inc. | 1,632,000 | 1,610 | |
Pou Chen Corp. | 1,540,000 | 1,595 | |
Teco Electric and Machinery Co. Ltd. | 1,087,000 | 1,565 | |
Feng TAY Enterprise Co. Ltd. | 246,280 | 1,532 | |
Synnex Technology International Corp. | 752,000 | 1,517 | |
ASE Technology Holding Co. Ltd. ADR | 217,917 | 1,495 | |
Vanguard International Semiconductor Corp. | 519,500 | 1,472 | |
Sino-American Silicon Products Inc. | 298,000 | 1,436 | |
Zhen Ding Technology Holding Ltd. | 365,000 | 1,330 | |
Cheng Shin Rubber Industry Co. Ltd. | 1,069,994 | 1,319 | |
Taiwan High Speed Rail Corp. | 1,152,000 | 1,165 | |
Powertech Technology Inc. | 387,000 | 1,159 | |
Foxconn Technology Co. Ltd. | 628,190 | 1,105 | |
Chicony Electronics Co. Ltd. | 348,370 | 1,101 | |
Giant Manufacturing Co. Ltd. | 180,967 | 1,085 |
Shares | Market Value• ($000) | ||
Nan Ya Printed Circuit Board Corp. | 119,000 | 1,071 | |
Nien Made Enterprise Co. Ltd. | 78,000 | 859 | |
Taiwan Fertilizer Co. Ltd. | 437,000 | 841 | |
Yulon Motor Co. Ltd. | 320,000 | 841 | |
Taiwan Glass Industry Corp. | 983,000 | 651 | |
Taiwan Secom Co. Ltd. | 164,000 | 579 | |
Formosa Taffeta Co. Ltd. | 585,000 | 539 | |
Transcend Information Inc. | 174,000 | 402 | |
Formosa Sumco Technology Corp. | 38,000 | 185 | |
275,377 | |||
Thailand (0.7%) | |||
PTT PCL | 8,121,700 | 7,393 | |
Advanced Info Service PCL | 634,304 | 3,982 | |
PTT Exploration & Production PCL | 812,030 | 3,533 | |
Siam Cement PCL (Registered) | 330,750 | 3,048 | |
SCB X PCL Foreign | 971,800 | 2,956 | |
Kasikornbank PCL NVDR | 714,200 | 2,622 | |
Krung Thai Bank PCL | 3,568,400 | 1,886 | |
Charoen Pokphand Foods PCL | 2,730,000 | 1,625 | |
PTT Global Chemical PCL | 1,176,099 | 1,435 | |
Bangkok Bank PCL (Registered) | 280,100 | 1,292 | |
Land & Houses PCL (Registered) | 4,481,100 | 1,288 | |
Banpu PCL (Registered) | 4,317,850 | 1,155 | |
TMBThanachart Bank PCL | 25,442,500 | 1,084 | |
BTS Group Holdings PCL | 4,712,000 | 1,065 | |
Indorama Ventures PCL | 1,013,300 | 1,012 | |
Thai Oil PCL | 648,140 | 887 | |
Ratch Group PCL | 709,250 | 785 | |
Intouch Holdings PCL Class F | 349,541 | 770 | |
Siam Cement PCL NDVR | 79,400 | 732 | |
Electricity Generating PCL | 151,800 | 697 | |
Thai Union Group PCL Class F | 1,575,600 | 638 | |
Osotspa PCL | 736,300 | 637 | |
Srisawad Corp. PCL | 350,800 | 573 | |
Kasikornbank PCL | 147,500 | 542 | |
Bangkok Bank PCL NVDR | 95,700 | 441 | |
IRPC PCL | 5,548,800 | 385 | |
Intouch Holdings PCL NVDR | 153,800 | 339 | |
Siam City Cement PCL | 57,232 | 226 | |
Sri Trang Gloves Thailand PCL | 465,800 | 124 | |
Land & Houses PCL NVDR | 252,900 | 73 | |
43,225 |
Shares | Market Value• ($000) | ||
Turkey (0.2%) | |||
BIM Birlesik Magazalar A/S | 255,468 | 2,053 | |
KOC Holding A/S | 480,748 | 1,872 | |
Akbank TAS | 1,747,643 | 1,445 | |
* | Eregli Demir ve Celik Fabrikalari TAS | 769,618 | 1,313 |
Haci Omer Sabanci Holding A/S | 601,180 | 1,182 | |
Turkcell Iletisim Hizmetleri A/S | 672,187 | 1,145 | |
Ford Otomotiv Sanayi A/S | 36,275 | 1,003 | |
Turkiye Is Bankasi A/S Class C | 1,733,296 | 966 | |
Yapi ve Kredi Bankasi A/S | 1,553,323 | 758 | |
Tofas Turk Otomobil Fabrikasi A/S | 68,902 | 680 | |
Turkiye Garanti Bankasi A/S | 356,844 | 503 | |
Coca-Cola Icecek A/S | 40,142 | 486 | |
Anadolu Efes Biracilik Ve Malt Sanayii A/S | 100,724 | 326 | |
* | Turk Telekomunikasyon A/S | 290,512 | 243 |
2 | Mavi Giyim Sanayi Ve Ticaret A/S Class B | 37,825 | 204 |
Turk Traktor ve Ziraat Makineleri A/S | 7,059 | 203 | |
Dogus Otomotiv Servis ve Ticaret A/S | 29,533 | 186 | |
2 | Enerjisa Enerji A/S | 125,314 | 180 |
* | Otokar Otomotiv Ve Savunma Sanayi A/S | 4,010 | 173 |
* | Iskenderun Demir ve Celik A/S | 91,742 | 141 |
Vestel Beyaz Esya Sanayi ve Ticaret A/S | 155,588 | 85 | |
Aygaz A/S | 25,217 | 84 | |
15,231 | |||
United Arab Emirates (0.5%) | |||
First Abu Dhabi Bank PJSC | 2,514,775 | 9,724 | |
Abu Dhabi Commercial Bank PJSC | 1,667,363 | 4,006 | |
Aldar Properties PJSC | 2,011,147 | 2,966 | |
Dubai Islamic Bank PJSC | 1,681,069 | 2,550 | |
Abu Dhabi Islamic Bank PJSC | 812,040 | 2,516 | |
Dubai Electricity & Water Authority PJSC | 2,973,112 | 2,009 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 1,663,690 | 1,990 | |
ADNOC Drilling Co. PJSC | 943,457 | 1,103 | |
Dubai Investments PJSC | 1,240,500 | 830 | |
Borouge plc | 1,028,337 | 740 | |
Fertiglobe plc | 692,068 | 725 | |
Air Arabia PJSC | 1,206,251 | 721 | |
Dana Gas PJSC | 2,029,122 | 495 | |
Aramex PJSC | 445,798 | 397 | |
30,772 |
Shares | Market Value• ($000) | ||
United Kingdom (13.0%) | |||
Shell plc (XLON) | 3,977,088 | 122,209 | |
HSBC Holdings plc | 11,494,933 | 82,848 | |
BP plc | 10,106,200 | 67,802 | |
Unilever plc (XLON) | 1,153,574 | 64,233 | |
British American Tobacco plc | 1,279,408 | 47,269 | |
Glencore plc | 7,208,591 | 42,550 | |
GSK plc | 2,280,695 | 41,128 | |
Rio Tinto plc | 620,960 | 39,476 | |
National Grid plc | 2,082,900 | 29,864 | |
Lloyds Banking Group plc | 38,357,771 | 23,303 | |
BAE Systems plc | 1,749,255 | 22,285 | |
Anglo American plc | 689,613 | 21,250 | |
Barclays plc | 9,002,861 | 18,135 | |
Vodafone Group plc | 13,441,857 | 16,145 | |
Unilever plc | 279,987 | 15,595 | |
Tesco plc | 4,131,812 | 14,608 | |
SSE plc | 617,760 | 14,254 | |
Imperial Brands plc | 527,977 | 13,070 | |
3i Group plc | 544,110 | 12,106 | |
NatWest Group plc | 3,078,032 | 10,139 | |
Legal & General Group plc | 3,391,982 | 10,008 | |
Aviva plc Class B | 1,603,275 | 8,536 | |
BT Group plc | 3,985,575 | 7,960 | |
WPP plc | 593,679 | 6,919 | |
Smurfit Kappa Group plc | 149,033 | 5,522 | |
United Utilities Group plc | 393,531 | 5,346 | |
Severn Trent plc | 144,817 | 5,334 | |
Centrica plc | 3,306,137 | 4,751 | |
Admiral Group plc | 162,729 | 4,730 | |
St. James's Place plc | 307,132 | 4,671 | |
Mondi plc (XLON) | 283,013 | 4,510 | |
Kingfisher plc | 1,168,748 | 3,788 | |
Barratt Developments plc | 572,517 | 3,602 | |
DCC plc | 56,160 | 3,494 | |
Coca-Cola HBC AG | 113,449 | 3,463 | |
J Sainsbury plc | 981,097 | 3,409 | |
Berkeley Group Holdings plc | 60,389 | 3,380 | |
Taylor Wimpey plc | 2,027,463 | 3,272 | |
B&M European Value Retail SA | 529,327 | 3,196 | |
Phoenix Group Holdings plc | 427,997 | 3,189 | |
M&G plc | 1,226,793 | 3,171 | |
Schroders plc | 492,320 | 3,015 | |
Abrdn plc | 1,117,357 | 2,994 | |
Persimmon plc | 180,555 | 2,988 | |
DS Smith plc | 741,925 | 2,897 | |
Endeavour Mining plc | 103,694 | 2,682 | |
Intermediate Capital Group plc | 158,589 | 2,604 | |
Johnson Matthey plc | 103,917 | 2,567 | |
Hargreaves Lansdown plc | 220,116 | 2,229 | |
ITV plc | 2,146,699 | 2,185 | |
2 | Airtel Africa plc | 602,785 | 910 |
*,3 | Evraz plc | 193,110 | — |
845,591 | |||
Total Common Stocks (Cost $6,253,164) | 6,446,695 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (2.0%) | |||
Money Market Fund (2.0%) | |||
4,5 | Vanguard Market Liquidity Fund, 4.853% (Cost $132,699) | 1,327,041 | 132,691 |
Total Investments (101.3%) (Cost $6,385,863) | 6,579,386 | ||
Other Assets and Liabilities—Net (-1.3%) | (85,841) | ||
Net Assets (100%) | 6,493,545 | ||
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 $125,473,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $71,953,000, 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 $132,650,000 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 | June 2023 | 370 | 39,768 | 1,629 |
MSCI Emerging Markets Index | June 2023 | 217 | 10,679 | 140 |
1,769 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 6/21/23 | AUD | 4,706 | USD | 3,164 | — | (43) |
State Street Bank & Trust Co. | 6/21/23 | CAD | 9,000 | USD | 6,688 | — | (38) |
Bank of America, N.A. | 6/21/23 | JPY | 27,139 | USD | 201 | — | (1) |
State Street Bank & Trust Co. | 6/21/23 | USD | 5,308 | AUD | 8,000 | 2 | — |
Bank of America, N.A. | 6/21/23 | USD | 6 | AUD | 9 | — | — |
Goldman Sachs International | 6/21/23 | USD | 3,098 | BRL | 16,335 | — | (145) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 6/21/23 | USD | 8,664 | CAD | 11,720 | 4 | — |
State Street Bank & Trust Co. | 6/21/23 | USD | 6,039 | CHF | 5,600 | — | (264) |
Bank of America, N.A. | 6/21/23 | USD | 7,372 | EUR | 6,677 | — | (7) |
State Street Bank & Trust Co. | 6/21/23 | USD | 3,492 | EUR | 3,258 | — | (108) |
State Street Bank & Trust Co. | 6/21/23 | USD | 4,560 | GBP | 3,720 | — | (121) |
Bank of Montreal | 6/21/23 | USD | 1,454 | GBP | 1,212 | — | (71) |
Goldman Sachs International | 6/21/23 | USD | 691 | HKD | 5,401 | 1 | — |
Bank of America, N.A. | 6/21/23 | USD | 12,544 | JPY | 1,642,460 | 393 | — |
BNP Paribas | 6/21/23 | USD | 1,327 | TWD | 40,457 | 3 | — |
403 | (798) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
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, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $6,253,164) | 6,446,695 |
Affiliated Issuers (Cost $132,699) | 132,691 |
Total Investments in Securities | 6,579,386 |
Investment in Vanguard | 216 |
Cash | 4,243 |
Cash Collateral Pledged—Futures Contracts | 1,500 |
Cash Collateral Pledged—Forward Currency Contracts | 600 |
Foreign Currency, at Value (Cost $3,165) | 2,864 |
Receivables for Accrued Income | 43,946 |
Receivables for Capital Shares Issued | 97 |
Variation Margin Receivable—Futures Contracts | 15 |
Unrealized Appreciation—Forward Currency Contracts | 403 |
Total Assets | 6,633,270 |
Liabilities | |
Payables for Investment Securities Purchased | 4,645 |
Collateral for Securities on Loan | 132,650 |
Payables for Capital Shares Redeemed | 32 |
Payables to Vanguard | 681 |
Unrealized Depreciation—Forward Currency Contracts | 798 |
Deferred Foreign Capital Gains Taxes | 919 |
Total Liabilities | 139,725 |
Net Assets | 6,493,545 |
1 Includes $125,473,000 of securities on loan. | |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 6,377,068 |
Total Distributable Earnings (Loss) | 116,477 |
Net Assets | 6,493,545 |
ETF Shares—Net Assets | |
Applicable to 94,515,936 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,040,737 |
Net Asset Value Per Share—ETF Shares | $63.91 |
Admiral Shares—Net Assets | |
Applicable to 14,615,098 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 452,808 |
Net Asset Value Per Share—Admiral Shares | $30.98 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 128,468 |
Interest2 | 167 |
Securities Lending—Net | 542 |
Total Income | 129,177 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 206 |
Management and Administrative—ETF Shares | 4,889 |
Management and Administrative—Admiral Shares | 419 |
Marketing and Distribution—ETF Shares | 149 |
Marketing and Distribution—Admiral Shares | 12 |
Custodian Fees | 515 |
Shareholders’ Reports—ETF Shares | 127 |
Shareholders’ Reports—Admiral Shares | 5 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 19 |
Total Expenses | 6,342 |
Expenses Paid Indirectly | (73) |
Net Expenses | 6,269 |
Net Investment Income | 122,908 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (44,653) |
Futures Contracts | 4,323 |
Forward Currency Contracts | (557) |
Foreign Currencies | 1,651 |
Realized Net Gain (Loss) | (39,236) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,3 | 833,909 |
Futures Contracts | 1,320 |
Forward Currency Contracts | (1,188) |
Foreign Currencies | 464 |
Change in Unrealized Appreciation (Depreciation) | 834,505 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 918,177 |
1 | Dividends are net of foreign withholding taxes of $13,649,000. |
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 $139,000, $21,000, less than $1,000, and ($13,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $525,000. |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 122,908 | 215,954 | |
Realized Net Gain (Loss) | (39,236) | (22,768) | |
Change in Unrealized Appreciation (Depreciation) | 834,505 | (919,882) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 918,177 | (726,696) | |
Distributions | |||
ETF Shares | (83,414) | (187,355) | |
Admiral Shares | (7,325) | (20,245) | |
Total Distributions | (90,739) | (207,600) | |
Capital Share Transactions | |||
ETF Shares | 1,084,226 | 1,981,919 | |
Admiral Shares | (35,791) | 114,673 | |
Net Increase (Decrease) from Capital Share Transactions | 1,048,435 | 2,096,592 | |
Total Increase (Decrease) | 1,875,873 | 1,162,296 | |
Net Assets | |||
Beginning of Period | 4,617,672 | 3,455,376 | |
End of Period | 6,493,545 | 4,617,672 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $54.67 | $67.77 | $50.47 | $61.27 | $58.85 | $65.69 |
Investment Operations | ||||||
Net Investment Income1 | 1.318 | 3.259 | 2.824 | 2.076 | 2.746 | 2.639 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 8.903 | (13.260) | 16.986 | (10.944) | 2.302 | (7.097) |
Total from Investment Operations | 10.221 | (10.001) | 19.810 | (8.868) | 5.048 | (4.458) |
Distributions | ||||||
Dividends from Net Investment Income | (.981) | (3.099) | (2.510) | (1.932) | (2.628) | (2.382) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.981) | (3.099) | (2.510) | (1.932) | (2.628) | (2.382) |
Net Asset Value, End of Period | $63.91 | $54.67 | $67.77 | $50.47 | $61.27 | $58.85 |
Total Return | 18.86% | -15.16% | 39.55% | -14.55% | 8.87% | -7.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,041 | $4,198 | $3,061 | $1,325 | $1,264 | $889 |
Ratio of Total Expenses to Average Net Assets | 0.22%3 | 0.22%3 | 0.22% | 0.28%3 | 0.27% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.31% | 5.24% | 4.29% | 3.81% | 4.59% | 4.06% |
Portfolio Turnover Rate4 | 6% | 16% | 18% | 20% | 15% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $0.00, $0.01, $0.00, $0.03, $0.01, and $0.02. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements were 0.22%, 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 | Six Months Ended April 30, 2023 | Year Ended October 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $26.51 | $32.85 | $24.45 | $29.69 | $28.52 | $31.83 |
Investment Operations | ||||||
Net Investment Income1 | .619 | 1.559 | 1.329 | 1.034 | 1.322 | 1.264 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 4.325 | (6.398) | 8.286 | (5.336) | 1.120 | (3.423) |
Total from Investment Operations | 4.944 | (4.839) | 9.615 | (4.302) | 2.442 | (2.159) |
Distributions | ||||||
Dividends from Net Investment Income | (.474) | (1.501) | (1.215) | (.938) | (1.272) | (1.151) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.474) | (1.501) | (1.215) | (.938) | (1.272) | (1.151) |
Net Asset Value, End of Period | $30.98 | $26.51 | $32.85 | $24.45 | $29.69 | $28.52 |
Total Return3 | 18.82% | -15.11% | 39.59% | -14.59% | 8.83% | -7.00% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $453 | $420 | $395 | $267 | $199 | $181 |
Ratio of Total Expenses to Average Net Assets | 0.22%4 | 0.22%4 | 0.22% | 0.28%4 | 0.27% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.19% | 5.15% | 4.19% | 3.99% | 4.57% | 4.06% |
Portfolio Turnover Rate5 | 6% | 16% | 18% | 20% | 15% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $0.00, $0.00, $0.00, $0.01, $0.01, and $0.01. |
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%, 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 six months ended April 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $73,000 (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 | 735,266 | 18,529 | — | 753,795 |
Common Stocks—Other | 4,091 | 5,688,330 | 479 | 5,692,900 |
Temporary Cash Investments | 132,691 | — | — | 132,691 |
Total | 872,048 | 5,706,859 | 479 | 6,579,386 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,769 | — | — | 1,769 |
Forward Currency Contracts | — | 403 | — | 403 |
Total | 1,769 | 403 | — | 2,172 |
Liabilities | ||||
Forward Currency Contracts | — | 798 | — | 798 |
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 April 30, 2023, 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 | 1,769 | — | 1,769 |
Unrealized Appreciation—Forward Currency Contracts | — | 403 | 403 |
Total Assets | 1,769 | 403 | 2,172 |
Unrealized Depreciation—Forward Currency Contracts | — | 798 | 798 |
Total Liabilities | — | 798 | 798 |
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 | 4,323 | — | 4,323 |
Forward Currency Contracts | — | (557) | (557) |
Realized Net Gain (Loss) on Derivatives | 4,323 | (557) | 3,766 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 1,320 | — | 1,320 |
Forward Currency Contracts | — | (1,188) | (1,188) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 1,320 | (1,188) | 132 |
F. | As of April 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 6,407,814 |
Gross Unrealized Appreciation | 542,099 |
Gross Unrealized Depreciation | (369,153) |
Net Unrealized Appreciation (Depreciation) | 172,946 |
G. | During the six months ended April 30, 2023, the fund purchased $1,420,715,000 of investment securities and sold $358,366,000 of investment securities, other than temporary cash investments. Purchases and sales include $813,532,000 and $0, 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: |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,084,226 | 17,732 | 2,022,275 | 32,224 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | — | — | (40,356) | (600) | |
Net Increase (Decrease)—ETF Shares | 1,084,226 | 17,732 | 1,981,919 | 31,624 | |
Admiral Shares | |||||
Issued1 | 47,153 | 1,591 | 184,464 | 6,153 | |
Issued in Lieu of Cash Distributions | 4,493 | 158 | 11,257 | 386 | |
Redeemed2 | (87,437) | (2,963) | (81,048) | (2,728) | |
Net Increase (Decrease)—Admiral Shares | (35,791) | (1,214) | 114,673 | 3,811 |
1 | Includes purchase fees for fiscal 2023 and 2022 of $117,000 and $643,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2023 and 2022 of $69,000 and $174,000, respectively (fund totals). |
I. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2023, that would require recognition or disclosure in these financial statements. |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Advice Select Global Value Fund | Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,147.30 | $2.24 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.71 | 2.11 |
United States | 52.1% |
Japan | 9.0 |
United Kingdom | 8.5 |
France | 4.0 |
Spain | 3.6 |
Ireland | 3.4 |
Hong Kong | 3.3 |
China | 2.8 |
South Korea | 2.4 |
Netherlands | 2.0 |
Canada | 1.5 |
Switzerland | 1.4 |
Sweden | 1.2 |
Belgium | 1.0 |
Norway | 1.0 |
Other | 2.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (98.7%) | ||||||
Belgium (1.0%) | ||||||
UCB SA | 69,604 | 6,470 | ||||
Brazil (0.5%) | ||||||
Banco Bradesco SA ADR | 1,103,033 | 3,089 | ||||
Canada (1.4%) | ||||||
Canadian Natural Resources Ltd. | 150,324 | 9,165 | ||||
China (2.8%) | ||||||
*,1 | China Tourism Group Duty Free Corp. Ltd. Class H | 194,498 | 4,161 | |||
Ping An Insurance Group Co. of China Ltd. Class H | 527,127 | 3,846 | ||||
* | Trip.com Group Ltd. | 99,701 | 3,545 | |||
Haier Smart Home Co. Ltd. Class H | 1,057,624 | 3,447 | ||||
1 | CSC Financial Co. Ltd. Class H | 2,840,048 | 2,891 | |||
17,890 | ||||||
Denmark (0.7%) | ||||||
* | Genmab A/S | 9,976 | 4,100 | |||
France (3.9%) | ||||||
Airbus SE | 85,464 | 11,968 | ||||
Engie SA | 386,029 | 6,178 | ||||
Capgemini SE | 25,561 | 4,661 | ||||
Nexity SA | 82,727 | 2,171 | ||||
24,978 | ||||||
Hong Kong (3.3%) | ||||||
Techtronic Industries Co. Ltd. | 662,175 | 7,164 | ||||
* | Sands China Ltd. | 1,919,175 | 6,873 | |||
CK Asset Holdings Ltd. | 711,906 | 4,210 | ||||
1 | WH Group Ltd. | 4,716,846 | 2,626 | |||
20,873 | ||||||
India (0.8%) | ||||||
Genpact Ltd. | 114,349 | 5,094 | ||||
Ireland (3.4%) | ||||||
Bank of Ireland Group plc | 833,858 | 8,640 |
Shares | Market Value• ($000) | |||||
CRH plc | 135,425 | 6,572 | ||||
* | Ryanair Holdings plc ADR | 63,487 | 6,069 | |||
21,281 | ||||||
Italy (0.8%) | ||||||
Banca Generali SpA | 158,617 | 5,266 | ||||
Japan (8.9%) | ||||||
Chugai Pharmaceutical Co. Ltd. | 305,760 | 7,890 | ||||
T&D Holdings Inc. | 635,376 | 7,781 | ||||
Nippon Telegraph & Telephone Corp. | 227,100 | 6,930 | ||||
Asahi Group Holdings Ltd. | 151,762 | 5,863 | ||||
MatsukiyoCocokara & Co. | 97,142 | 5,202 | ||||
Dai-ichi Life Holdings Inc. | 260,410 | 4,844 | ||||
MINEBEA MITSUMI Inc. | 217,600 | 4,030 | ||||
Nabtesco Corp. | 152,307 | 3,671 | ||||
THK Co. Ltd. | 146,700 | 3,291 | ||||
TOTO Ltd. | 87,540 | 2,994 | ||||
Z Holdings Corp. | 1,000,560 | 2,741 | ||||
SUMCO Corp. | 80,989 | 1,115 | ||||
56,352 | ||||||
Netherlands (2.0%) | ||||||
* | AerCap Holdings NV | 116,199 | 6,549 | |||
Aegon NV | 1,288,115 | 5,877 | ||||
12,426 | ||||||
Norway (0.9%) | ||||||
Equinor ASA ADR | 208,281 | 5,986 | ||||
Russia (0.0%) | ||||||
*,2 | Sberbank of Russia PJSC | 37,200 | — | |||
South Korea (2.4%) | ||||||
Samsung Electronics Co. Ltd. GDR | 6,887 | 7,198 | ||||
LG Chem Ltd. | 10,238 | 5,687 | ||||
Kangwon Land Inc. | 165,995 | 2,351 | ||||
15,236 | ||||||
Spain (3.6%) | ||||||
Iberdrola SA (XMAD) | 932,407 | 12,082 |
Shares | Market Value• ($000) | |||||
1 | Cellnex Telecom SA | 142,423 | 5,997 | |||
Almirall SA | 455,844 | 4,666 | ||||
22,745 | ||||||
Sweden (1.2%) | ||||||
Sandvik AB | 381,414 | 7,769 | ||||
Switzerland (1.3%) | ||||||
Novartis AG ADR | 83,098 | 8,524 | ||||
United Kingdom (8.4%) | ||||||
Unilever plc | 209,832 | 11,684 | ||||
Rio Tinto plc | 124,472 | 7,913 | ||||
AstraZeneca plc | 51,944 | 7,644 | ||||
B&M European Value Retail SA | 1,143,100 | 6,901 | ||||
Haleon plc | 1,551,661 | 6,822 | ||||
Rentokil Initial plc | 586,623 | 4,670 | ||||
Mondi plc | 277,603 | 4,424 | ||||
Admiral Group plc | 113,634 | 3,303 | ||||
53,361 | ||||||
United States (51.4%) | ||||||
* | Alphabet Inc. Class A | 177,627 | 19,067 | |||
Microsoft Corp. | 34,810 | 10,696 | ||||
QUALCOMM Inc. | 87,530 | 10,224 | ||||
Pfizer Inc. | 253,031 | 9,840 | ||||
Allstate Corp. | 80,520 | 9,321 | ||||
Schlumberger NV | 188,132 | 9,284 | ||||
Halliburton Co. | 265,169 | 8,684 | ||||
Micron Technology Inc. | 126,750 | 8,158 | ||||
NXP Semiconductors NV | 49,453 | 8,097 | ||||
Extra Space Storage Inc. | 50,568 | 7,688 | ||||
Voya Financial Inc. | 99,303 | 7,595 | ||||
Westinghouse Air Brake Technologies Corp. | 76,508 | 7,473 | ||||
Tyson Foods Inc. Class A | 118,709 | 7,418 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 130,600 | 7,355 | ||||
American Tower Corp. | 35,493 | 7,254 | ||||
* | Centene Corp. | 100,844 | 6,951 | |||
American International Group Inc. | 125,114 | 6,636 | ||||
* | Dollar Tree Inc. | 43,035 | 6,615 | |||
MetLife Inc. | 107,443 | 6,590 | ||||
Exelon Corp. | 155,101 | 6,583 | ||||
Equinix Inc. | 9,068 | 6,566 | ||||
UDR Inc. | 158,071 | 6,533 | ||||
PPG Industries Inc. | 45,759 | 6,418 | ||||
* | GoDaddy Inc. Class A | 83,737 | 6,337 | |||
Reliance Steel & Aluminum Co. | 25,457 | 6,308 | ||||
Quest Diagnostics Inc. | 44,948 | 6,239 | ||||
Seagate Technology Holdings plc | 99,777 | 5,864 | ||||
Teleflex Inc. | 21,261 | 5,794 | ||||
Leidos Holdings Inc. | 61,276 | 5,715 | ||||
Charles Schwab Corp. | 107,857 | 5,634 |
Shares | Market Value• ($000) | |||||
FMC Corp. | 45,531 | 5,627 | ||||
M&T Bank Corp. | 43,314 | 5,449 | ||||
* | F5 Inc. | 39,328 | 5,284 | |||
* | FleetCor Technologies Inc. | 24,566 | 5,255 | |||
DENTSPLY SIRONA Inc. | 124,374 | 5,215 | ||||
AES Corp. | 212,071 | 5,018 | ||||
* | United Therapeutics Corp. | 20,929 | 4,816 | |||
Humana Inc. | 8,822 | 4,680 | ||||
Electronic Arts Inc. | 36,756 | 4,678 | ||||
Raymond James Financial Inc. | 50,385 | 4,561 | ||||
* | Avantor Inc. | 225,091 | 4,385 | |||
* | Salesforce Inc. | 21,250 | 4,215 | |||
Globe Life Inc. | 38,469 | 4,175 | ||||
* | CarMax Inc. | 57,321 | 4,014 | |||
* | Match Group Inc. | 107,859 | 3,980 | |||
* | Charter Communications Inc. Class A | 10,549 | 3,889 | |||
* | Airbnb Inc. Class A | 32,486 | 3,888 | |||
Keurig Dr Pepper Inc. | 117,110 | 3,830 | ||||
Philip Morris International Inc. | 36,770 | 3,676 | ||||
Cable One Inc. | 4,796 | 3,637 | ||||
* | Meta Platforms Inc. Class A | 13,917 | 3,345 | |||
326,554 | ||||||
Total Common Stocks (Cost $603,766) | 627,159 | |||||
Temporary Cash Investments (1.8%) | ||||||
Money Market Fund (1.8%) | ||||||
3 | Vanguard Market Liquidity Fund, 4.853% (Cost $11,836) | 118,383 | 11,837 | |||
Total Investments (100.5%) (Cost $615,602) | 638,996 | |||||
Other Assets and Liabilities—Net (-0.5%) | (3,423) | |||||
Net Assets (100%) | 635,573 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $15,675,000, representing 2.5% 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, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $603,766) | 627,159 |
Affiliated Issuers (Cost $11,836) | 11,837 |
Total Investments in Securities | 638,996 |
Investment in Vanguard | 21 |
Foreign Currency, at Value (Cost $328) | 328 |
Receivables for Accrued Income | 1,789 |
Receivables for Capital Shares Issued | 2,304 |
Total Assets | 643,438 |
Liabilities | |
Payables for Investment Securities Purchased | 7,116 |
Payables for Capital Shares Redeemed | 390 |
Payables to Investment Advisor | 307 |
Payables to Vanguard | 52 |
Total Liabilities | 7,865 |
Net Assets | 635,573 |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 601,857 |
Total Distributable Earnings (Loss) | 33,716 |
Net Assets | 635,573 |
Net Assets | |
Applicable to 25,970,106 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 635,573 |
Net Asset Value Per Share | $24.47 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 4,834 |
Interest2 | 217 |
Total Income | 5,051 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 473 |
Performance Adjustment | 31 |
The Vanguard Group—Note C | |
Management and Administrative | 396 |
Marketing and Distribution | 14 |
Custodian Fees | 46 |
Shareholders’ Reports | 4 |
Trustees’ Fees and Expenses | — |
Other Expenses | 8 |
Total Expenses | 972 |
Net Investment Income | 4,079 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 8,403 |
Foreign Currencies | 4 |
Realized Net Gain (Loss) | 8,407 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 39,739 |
Foreign Currencies | — |
Change in Unrealized Appreciation (Depreciation) | 39,739 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 52,225 |
1 | Dividends are net of foreign withholding taxes of $403,000. |
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 $217,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 4,079 | 1,615 | |
Realized Net Gain (Loss) | 8,407 | (1,235) | |
Change in Unrealized Appreciation (Depreciation) | 39,739 | (16,350) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 52,225 | (15,970) | |
Distributions | |||
Total Distributions | (2,521) | (12) | |
Capital Share Transactions | |||
Issued | 299,343 | 341,698 | |
Issued in Lieu of Cash Distributions | 2,112 | 12 | |
Redeemed | (26,630) | (14,684) | |
Net Increase (Decrease) from Capital Share Transactions | 274,825 | 327,026 | |
Total Increase (Decrease) | 324,529 | 311,044 | |
Net Assets | |||
Beginning of Period | 311,044 | — | |
End of Period | 635,573 | 311,044 |
1 | Inception. |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout Each Period | ||
Net Asset Value, Beginning of Period | $21.47 | $25.00 |
Investment Operations | ||
Net Investment Income2 | .207 | .313 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.943 | (3.812) |
Total from Investment Operations | 3.150 | (3.499) |
Distributions | ||
Dividends from Net Investment Income | (.138) | (.031) |
Distributions from Realized Capital Gains | (.012) | — |
Total Distributions | (.150) | (.031) |
Net Asset Value, End of Period | $24.47 | $21.47 |
Total Return3 | 14.73% | -14.01% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $636 | $311 |
Ratio of Total Expenses to Average Net Assets | 0.42%4 | 0.40%5 |
Ratio of Net Investment Income to Average Net Assets | 1.70% | 1.45%5 |
Portfolio Turnover Rate | 32% | 56% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of 0.01%. |
5 | Annualized. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 338,808 | — | — | 338,808 |
Common Stocks—Other | 32,222 | 256,129 | — | 288,351 |
Temporary Cash Investments | 11,837 | — | — | 11,837 |
Total | 382,867 | 256,129 | — | 638,996 |
Amount ($000) | |
Tax Cost | 617,068 |
Gross Unrealized Appreciation | 49,338 |
Gross Unrealized Depreciation | (27,410) |
Net Unrealized Appreciation (Depreciation) | 21,928 |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | ||
Shares (000) | Shares (000) | ||
Issued | 12,503 | 15,146 | |
Issued in Lieu of Cash Distributions | 93 | 1 | |
Redeemed | (1,113) | (660) | |
Net Increase (Decrease) in Shares Outstanding | 11,483 | 14,487 |
1 | Inception. |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Advice Select International Growth Fund | Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,266.40 | $2.30 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.76 | 2.06 |
United States | 28.0% |
Netherlands | 18.0 |
France | 11.8 |
China | 10.9 |
Germany | 8.6 |
Sweden | 7.5 |
Italy | 4.5 |
Denmark | 4.2 |
United Kingdom | 2.9 |
Japan | 2.0 |
Canada | 1.6 |
Shares | Market Value• ($000) | |||||
Common Stocks (97.9%) | ||||||
Canada (1.6%) | ||||||
* | Shopify Inc. Class A | 146,546 | 7,100 | |||
China (10.7%) | ||||||
*,1 | Meituan Class B | 1,182,050 | 20,202 | |||
Tencent Holdings Ltd. | 317,700 | 14,111 | ||||
* | Alibaba Group Holding Ltd. | 776,000 | 8,205 | |||
* | NIO Inc. ADR | 585,878 | 4,611 | |||
47,129 | ||||||
Denmark (4.2%) | ||||||
* | Genmab A/S | 44,442 | 18,264 | |||
France (11.5%) | ||||||
Hermes International | 9,071 | 19,694 | ||||
Kering SA | 30,576 | 19,580 | ||||
L'Oreal SA | 24,007 | 11,473 | ||||
50,747 | ||||||
Germany (8.4%) | ||||||
*,1 | Delivery Hero SE | 478,535 | 19,127 | |||
*,1 | Zalando SE | 435,980 | 17,932 | |||
37,059 | ||||||
Italy (4.4%) | ||||||
Ferrari NV | 69,836 | 19,460 | ||||
Japan (1.9%) | ||||||
M3 Inc. | 347,600 | 8,532 | ||||
Netherlands (17.7%) | ||||||
ASML Holding NV | 81,950 | 52,006 | ||||
*,1 | Adyen NV | 16,007 | 25,721 | |||
77,727 | ||||||
Sweden (7.3%) | ||||||
* | Spotify Technology SA | 132,565 | 17,710 | |||
Atlas Copco AB Class B | 606,596 | 7,781 | ||||
* | Kinnevik AB Class B | 412,958 | 6,784 | |||
32,275 | ||||||
United Kingdom (2.8%) | ||||||
* | Ocado Group plc | 1,936,508 | 12,325 |
Shares | Market Value• ($000) | |||||
United States (27.4%) | ||||||
* | MercadoLibre Inc. | 44,528 | 56,884 | |||
* | Moderna Inc. | 150,515 | 20,002 | |||
NVIDIA Corp. | 55,071 | 15,282 | ||||
* | Illumina Inc. | 54,495 | 11,202 | |||
* | Tesla Inc. | 59,101 | 9,711 | |||
* | SolarEdge Technologies Inc. | 22,816 | 6,517 | |||
* | Ginkgo Bioworks Holdings Inc. Class A | 897,944 | 1,095 | |||
120,693 | ||||||
Total Common Stocks (Cost $403,544) | 431,311 | |||||
Temporary Cash Investments (2.4%) | ||||||
Money Market Fund (2.4%) | ||||||
2 | Vanguard Market Liquidity Fund, 4.853% (Cost $10,586) | 105,878 | 10,587 | |||
Total Investments (100.3%) (Cost $414,130) | 441,898 | |||||
Other Assets and Liabilities—Net (-0.3%) | (1,368) | |||||
Net Assets (100%) | 440,530 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $82,982,000, representing 18.8% 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, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $403,544) | 431,311 |
Affiliated Issuers (Cost $10,586) | 10,587 |
Total Investments in Securities | 441,898 |
Investment in Vanguard | 15 |
Cash | 72 |
Foreign Currency, at Value (Cost $99) | 99 |
Receivables for Accrued Income | 435 |
Receivables for Capital Shares Issued | 1,641 |
Total Assets | 444,160 |
Liabilities | |
Payables for Investment Securities Purchased | 3,139 |
Payables for Capital Shares Redeemed | 259 |
Payables to Investment Advisor | 196 |
Payables to Vanguard | 36 |
Total Liabilities | 3,630 |
Net Assets | 440,530 |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 415,773 |
Total Distributable Earnings (Loss) | 24,757 |
Net Assets | 440,530 |
Net Assets | |
Applicable to 27,500,738 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 440,530 |
Net Asset Value Per Share | $16.02 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 829 |
Non-Cash Dividends | 666 |
Interest2 | 169 |
Total Income | 1,664 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 357 |
Performance Adjustment | (14) |
The Vanguard Group—Note C | |
Management and Administrative | 264 |
Marketing and Distribution | 10 |
Custodian Fees | 35 |
Shareholders’ Reports | 4 |
Trustees’ Fees and Expenses | — |
Other Expenses | 8 |
Total Expenses | 664 |
Net Investment Income | 1,000 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (1,405) |
Foreign Currencies | (44) |
Realized Net Gain (Loss) | (1,449) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 59,296 |
Foreign Currencies | (1) |
Change in Unrealized Appreciation (Depreciation) | 59,295 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 58,846 |
1 | Dividends are net of foreign withholding taxes of $143,000. |
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 $169,000, ($1,000), less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income (Loss) | 1,000 | (46) | |
Realized Net Gain (Loss) | (1,449) | (2,515) | |
Change in Unrealized Appreciation (Depreciation) | 59,295 | (31,528) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 58,846 | (34,089) | |
Distributions | |||
Total Distributions | — | — | |
Capital Share Transactions | |||
Issued | 205,820 | 239,368 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | (19,847) | (9,568) | |
Net Increase (Decrease) from Capital Share Transactions | 185,973 | 229,800 | |
Total Increase (Decrease) | 244,819 | 195,711 | |
Net Assets | |||
Beginning of Period | 195,711 | — | |
End of Period | 440,530 | 195,711 |
1 | Inception. |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout Each Period | ||
Net Asset Value, Beginning of Period | $12.65 | $25.00 |
Investment Operations | ||
Net Investment Income (Loss)2 | .048 | (.009) |
Net Realized and Unrealized Gain (Loss) on Investments | 3.322 | (12.341) |
Total from Investment Operations | 3.370 | (12.350) |
Distributions | ||
Dividends from Net Investment Income | — | — |
Distributions from Realized Capital Gains | — | — |
Total Distributions | — | — |
Net Asset Value, End of Period | $16.02 | $12.65 |
Total Return3 | 26.64% | -49.40% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $441 | $196 |
Ratio of Total Expenses to Average Net Assets | 0.41%4 | 0.42%5 |
Ratio of Net Investment Income to Average Net Assets | 0.62% | (0.06%)5 |
Portfolio Turnover Rate | 4% | 11% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of (0.01%). |
5 | Annualized. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 127,793 | — | — | 127,793 |
Common Stocks—Other | 22,321 | 281,197 | — | 303,518 |
Temporary Cash Investments | 10,587 | — | — | 10,587 |
Total | 160,701 | 281,197 | — | 441,898 |
Amount ($000) | |
Tax Cost | 418,135 |
Gross Unrealized Appreciation | 58,341 |
Gross Unrealized Depreciation | (34,578) |
Net Unrealized Appreciation (Depreciation) | 23,763 |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | ||
Shares (000) | Shares (000) | ||
Issued | 13,311 | 16,125 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | (1,281) | (654) | |
Net Increase (Decrease) in Shares Outstanding | 12,030 | 15,471 |
1 | Inception. |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2023 | |||
Advice Select Dividend Growth Fund | Beginning Account Value 10/31/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,070.50 | $2.41 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.46 | 2.36 |
Consumer Discretionary | 15.1% |
Consumer Staples | 15.5 |
Financials | 17.8 |
Health Care | 19.0 |
Industrials | 11.0 |
Information Technology | 10.3 |
Materials | 9.3 |
Real Estate | 2.0 |
Shares | Market Value• ($000) | |||||
Common Stocks (95.7%) | ||||||
Consumer Discretionary (14.5%) | ||||||
TJX Cos. Inc. | 275,207 | 21,692 | ||||
NIKE Inc. Class B | 164,562 | 20,853 | ||||
McDonald's Corp. | 55,738 | 16,485 | ||||
59,030 | ||||||
Consumer Staples (14.8%) | ||||||
PepsiCo Inc. | 98,954 | 18,890 | ||||
Colgate-Palmolive Co. | 215,065 | 17,162 | ||||
Procter & Gamble Co. | 106,012 | 16,578 | ||||
Coca-Cola Co. | 121,781 | 7,812 | ||||
60,442 | ||||||
Financials (17.0%) | ||||||
Visa Inc. Class A | 86,127 | 20,044 | ||||
Marsh & McLennan Cos. Inc. | 102,954 | 18,551 | ||||
Chubb Ltd. | 81,005 | 16,328 | ||||
American Express Co. | 89,768 | 14,482 | ||||
69,405 | ||||||
Health Care (18.2%) | ||||||
UnitedHealth Group Inc. | 37,148 | 18,280 | ||||
Stryker Corp. | 58,925 | 17,657 | ||||
Danaher Corp. | 63,869 | 15,131 | ||||
Johnson & Johnson | 73,400 | 12,016 | ||||
Medtronic plc | 123,508 | 11,233 | ||||
74,317 | ||||||
Industrials (10.6%) | ||||||
Honeywell International Inc. | 93,891 | 18,763 | ||||
Northrop Grumman Corp. | 28,312 | 13,060 | ||||
Union Pacific Corp. | 36,266 | 7,097 | ||||
Lockheed Martin Corp. | 8,922 | 4,144 | ||||
43,064 |
Shares | Market Value• ($000) | |||||
Information Technology (9.8%) | ||||||
Microsoft Corp. | 55,579 | 17,077 | ||||
Accenture plc Class A | 54,634 | 15,313 | ||||
Texas Instruments Inc. | 45,421 | 7,595 | ||||
39,985 | ||||||
Materials (8.9%) | ||||||
Linde plc | 52,486 | 19,391 | ||||
Ecolab Inc. | 100,039 | 16,791 | ||||
36,182 | ||||||
Real Estate (1.9%) | ||||||
American Tower Corp. | 38,145 | 7,796 | ||||
Total Common Stocks (Cost $368,014) | 390,221 | |||||
Temporary Cash Investments (4.7%) | ||||||
Money Market Fund (4.7%) | ||||||
1 | Vanguard Market Liquidity Fund, 4.853% (Cost $19,290) | 192,934 | 19,292 | |||
Total Investments (100.4%) (Cost $387,304) | 409,513 | |||||
Other Assets and Liabilities—Net (-0.4%) | (1,760) | |||||
Net Assets (100%) | 407,753 |
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, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $368,014) | 390,221 |
Affiliated Issuers (Cost $19,290) | 19,292 |
Total Investments in Securities | 409,513 |
Investment in Vanguard | 13 |
Receivables for Accrued Income | 427 |
Receivables for Capital Shares Issued | 1,541 |
Total Assets | 411,494 |
Liabilities | |
Payables for Investment Securities Purchased | 2,851 |
Payables for Capital Shares Redeemed | 624 |
Payables to Investment Advisor | 234 |
Payables to Vanguard | 32 |
Total Liabilities | 3,741 |
Net Assets | 407,753 |
At April 30, 2023, net assets consisted of: | |
Paid-in Capital | 387,589 |
Total Distributable Earnings (Loss) | 20,164 |
Net Assets | 407,753 |
Net Assets | |
Applicable to 15,965,386 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 407,753 |
Net Asset Value Per Share | $25.54 |
Six Months Ended April 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends | 2,489 |
Interest1 | 239 |
Total Income | 2,728 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 364 |
Performance Adjustment | 25 |
The Vanguard Group—Note C | |
Management and Administrative | 265 |
Marketing and Distribution | 9 |
Custodian Fees | 7 |
Shareholders’ Reports | 4 |
Trustees’ Fees and Expenses | — |
Other Expenses | 8 |
Total Expenses | 682 |
Net Investment Income | 2,046 |
Realized Net Gain (Loss) on Investment Securities Sold1 | (2,447) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | 22,096 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,695 |
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 $239,000, less than $1,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 2,046 | 934 | |
Realized Net Gain (Loss) | (2,447) | (861) | |
Change in Unrealized Appreciation (Depreciation) | 22,096 | 113 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,695 | 186 | |
Distributions | |||
Total Distributions | (1,439) | (274) | |
Capital Share Transactions | |||
Issued | 193,111 | 221,568 | |
Issued in Lieu of Cash Distributions | 1,210 | 248 | |
Redeemed | (16,844) | (11,708) | |
Net Increase (Decrease) from Capital Share Transactions | 177,477 | 210,108 | |
Total Increase (Decrease) | 197,733 | 210,020 | |
Net Assets | |||
Beginning of Period | 210,020 | — | |
End of Period | 407,753 | 210,020 |
1 | Inception. |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout Each Period | ||
Net Asset Value, Beginning of Period | $24.00 | $25.00 |
Investment Operations | ||
Net Investment Income2 | .171 | .295 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.512 | (1.187) |
Total from Investment Operations | 1.683 | (.892) |
Distributions | ||
Dividends from Net Investment Income | (.133) | (.108) |
Distributions from Realized Capital Gains | (.010) | — |
Total Distributions | (.143) | (.108) |
Net Asset Value, End of Period | $25.54 | $24.00 |
Total Return3 | 7.05% | -3.56% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $408 | $210 |
Ratio of Total Expenses to Average Net Assets | 0.47%4 | 0.45%5 |
Ratio of Net Investment Income to Average Net Assets | 1.40% | 1.28%5 |
Portfolio Turnover Rate | 5% | 20% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of 0.02%. |
5 | Annualized. |
Amount ($000) | |
Tax Cost | 388,794 |
Gross Unrealized Appreciation | 28,802 |
Gross Unrealized Depreciation | (8,083) |
Net Unrealized Appreciation (Depreciation) | 20,719 |
Six Months Ended April 30, 2023 | November 9, 20211 to October 31, 2022 | ||
Shares (000) | Shares (000) | ||
Issued | 7,848 | 9,238 | |
Issued in Lieu of Cash Distributions | 50 | 11 | |
Redeemed | (684) | (498) | |
Net Increase (Decrease) in Shares Outstanding | 7,214 | 8,751 |
1 | Inception. |
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Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 19, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 19, 2023
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 19, 2023
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.