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: | John E. Schadl, 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, 2023—April 30, 2024
Item 1: Reports to Shareholders
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, 2024 | |||
Selected Value Fund | Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,203.80 | $2.36 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.73 | 2.16 |
Communication Services | 2.6% |
Consumer Discretionary | 13.9 |
Consumer Staples | 3.8 |
Energy | 2.9 |
Financials | 26.6 |
Health Care | 9.8 |
Industrials | 16.7 |
Information Technology | 9.0 |
Materials | 7.9 |
Real Estate | 4.6 |
Utilities | 2.2 |
Shares | Market Value• ($000) | ||
Common Stocks (95.4%) | |||
Communication Services (2.5%) | |||
Omnicom Group Inc. | 784,400 | 72,824 | |
* | Charter Communications Inc. Class A | 194,493 | 49,778 |
1 | Warner Music Group Corp. Class A | 1,341,700 | 44,276 |
166,878 | |||
Consumer Discretionary (13.3%) | |||
Gildan Activewear Inc. | 3,179,486 | 110,201 | |
* | Taylor Morrison Home Corp. | 1,298,843 | 72,748 |
Lear Corp. | 545,377 | 68,647 | |
* | M/I Homes Inc. | 587,900 | 68,326 |
American Eagle Outfitters Inc. | 2,686,760 | 65,181 | |
* | Helen of Troy Ltd. | 642,850 | 59,599 |
Magna International Inc. | 1,210,425 | 57,858 | |
Gentex Corp. | 1,395,624 | 47,870 | |
PVH Corp. | 432,574 | 47,064 | |
LKQ Corp. | 1,030,590 | 44,449 | |
Gap Inc. | 2,097,786 | 43,046 | |
* | Mohawk Industries Inc. | 368,505 | 42,496 |
* | CarMax Inc. | 617,870 | 41,997 |
Advance Auto Parts Inc. | 513,964 | 37,509 | |
Hasbro Inc. | 597,766 | 36,643 | |
Newell Brands Inc. | 4,134,510 | 32,828 | |
* | Hanesbrands Inc. | 3,842,600 | 17,522 |
893,984 | |||
Consumer Staples (3.6%) | |||
Tyson Foods Inc. Class A | 870,421 | 52,791 | |
Dollar General Corp. | 340,568 | 47,404 | |
Kraft Heinz Co. | 1,188,590 | 45,891 | |
Flowers Foods Inc. | 1,571,300 | 39,188 | |
Ingredion Inc. | 268,200 | 30,733 | |
Spectrum Brands Holdings Inc. | 352,911 | 28,893 | |
244,900 | |||
Energy (2.7%) | |||
Civitas Resources Inc. | 796,311 | 57,302 | |
NOV Inc. | 2,754,742 | 50,935 | |
Williams Cos. Inc. | 994,024 | 38,131 | |
Golar LNG Ltd. | 1,499,500 | 36,768 | |
183,136 |
Shares | Market Value• ($000) | ||
Financials (25.4%) | |||
Fidelity National Financial Inc. | 2,304,788 | 114,087 | |
Unum Group | 1,874,748 | 95,050 | |
1 | Corebridge Financial Inc. | 2,764,676 | 73,430 |
CNO Financial Group Inc. | 2,567,315 | 67,597 | |
RenaissanceRe Holdings Ltd. | 303,600 | 66,564 | |
Equitable Holdings Inc. | 1,798,807 | 66,394 | |
State Street Corp. | 913,370 | 66,210 | |
Jefferies Financial Group Inc. | 1,485,478 | 63,965 | |
Glacier Bancorp Inc. | 1,749,351 | 63,292 | |
Voya Financial Inc. | 921,202 | 62,789 | |
Discover Financial Services | 471,159 | 59,710 | |
Brookfield Asset Management Ltd. Class A | 1,495,230 | 57,103 | |
* | Markel Group Inc. | 38,120 | 55,594 |
Jackson Financial Inc. Class A | 806,000 | 55,066 | |
Essent Group Ltd. | 1,021,960 | 54,133 | |
* | Genworth Financial Inc. Class A | 8,327,700 | 49,383 |
CNA Financial Corp. | 1,105,789 | 48,588 | |
Global Payments Inc. | 384,980 | 47,264 | |
Globe Life Inc. | 593,678 | 45,220 | |
M&T Bank Corp. | 289,900 | 41,859 | |
Ally Financial Inc. | 1,080,000 | 41,418 | |
Radian Group Inc. | 1,316,000 | 39,309 | |
Axis Capital Holdings Ltd. | 627,621 | 38,492 | |
Capital One Financial Corp. | 260,835 | 37,412 | |
Regions Financial Corp. | 1,899,145 | 36,597 | |
Fifth Third Bancorp | 945,751 | 34,482 | |
Loews Corp. | 457,800 | 34,404 | |
PNC Financial Services Group Inc. | 202,100 | 30,974 | |
MetLife Inc. | 385,173 | 27,378 | |
Navient Corp. | 1,814,281 | 27,250 | |
Webster Financial Corp. | 597,114 | 26,171 | |
KeyCorp. | 1,492,763 | 21,630 | |
MGIC Investment Corp. | 1,062,299 | 21,543 | |
Comerica Inc. | 370,173 | 18,572 | |
* | SiriusPoint Ltd. | 1,224,166 | 14,421 |
1,703,351 |
Shares | Market Value• ($000) | ||
Health Care (9.3%) | |||
Baxter International Inc. | 3,002,010 | 121,191 | |
1 | Fresenius Medical Care AG & Co. KGaA ADR | 3,285,843 | 69,134 |
Laboratory Corp. of America Holdings | 328,360 | 66,122 | |
Universal Health Services Inc. Class B | 378,123 | 64,444 | |
* | Henry Schein Inc. | 879,996 | 60,966 |
Teleflex Inc. | 286,320 | 59,769 | |
Dentsply Sirona Inc. | 1,811,240 | 54,355 | |
Humana Inc. | 157,922 | 47,707 | |
Perrigo Co. plc | 1,289,941 | 42,129 | |
* | Integra LifeSciences Holdings Corp. | 1,379,312 | 40,235 |
626,052 | |||
Industrials (16.0%) | |||
* | AerCap Holdings NV | 2,728,211 | 230,507 |
Woodward Inc. | 428,335 | 69,544 | |
RB Global Inc. (XTSE) | 847,539 | 60,667 | |
* | JELD-WEN Holding Inc. | 2,664,409 | 54,620 |
1 | Ashtead Group plc ADR | 180,500 | 53,554 |
CH Robinson Worldwide Inc. | 748,657 | 53,155 | |
Armstrong World Industries Inc. | 455,240 | 52,298 | |
Robert Half Inc. | 724,107 | 50,065 | |
Esab Corp. | 466,710 | 49,415 | |
SS&C Technologies Holdings Inc. | 790,883 | 48,948 | |
Stanley Black & Decker Inc. | 495,450 | 45,284 | |
MSC Industrial Direct Co. Inc. Class A | 457,552 | 41,747 | |
AMETEK Inc. | 193,540 | 33,804 | |
* | Gates Industrial Corp. plc | 1,892,000 | 33,337 |
Concentrix Corp. | 585,438 | 32,006 | |
* | API Group Corp. | 801,550 | 30,916 |
* | JetBlue Airways Corp. | 4,790,529 | 27,210 |
Fortune Brands Innovations Inc. | 335,714 | 24,541 | |
MDU Resources Group Inc. | 781,863 | 19,312 | |
* | MasTec Inc. | 201,768 | 17,895 |
Genpact Ltd. | 505,149 | 15,528 | |
Leidos Holdings Inc. | 101,990 | 14,301 | |
* | Masterbrand Inc. | 572,191 | 9,538 |
* | Air France KLM ADR | 4,102,756 | 4,431 |
1,072,623 | |||
Information Technology (8.6%) | |||
TE Connectivity Ltd. | 805,899 | 114,019 | |
* | Arrow Electronics Inc. | 714,486 | 91,218 |
Open Text Corp. | 2,203,364 | 77,801 | |
Avnet Inc. | 1,564,918 | 76,478 | |
Cognizant Technology Solutions Corp. Class A | 1,002,275 | 65,829 | |
Micron Technology Inc. | 471,049 | 53,210 | |
Skyworks Solutions Inc. | 343,476 | 36,611 | |
Amdocs Ltd. | 410,000 | 34,436 | |
MKS Instruments Inc. | 255,490 | 30,398 | |
580,000 |
Shares | Market Value• ($000) | ||
Materials (7.6%) | |||
United States Steel Corp. | 2,418,600 | 88,279 | |
Dow Inc. | 1,324,763 | 75,379 | |
Olin Corp. | 1,346,024 | 70,370 | |
* | Eldorado Gold Corp. | 4,467,564 | 63,707 |
* | Axalta Coating Systems Ltd. | 1,603,806 | 50,424 |
* | IAMGOLD Corp. | 13,779,630 | 49,055 |
Centerra Gold Inc. | 5,037,976 | 30,581 | |
Mosaic Co. | 927,470 | 29,113 | |
Ternium SA ADR | 527,700 | 22,216 | |
* | Equinox Gold Corp. | 2,671,383 | 14,457 |
Kinross Gold Corp. | 2,141,629 | 13,814 | |
* | Equinox Gold Corp. (XTSE) | 204,000 | 1,104 |
508,499 | |||
Real Estate (4.3%) | |||
* | CBRE Group Inc. Class A | 932,584 | 81,032 |
Crown Castle Inc. | 659,960 | 61,891 | |
DiamondRock Hospitality Co. | 5,985,182 | 53,268 | |
* | Howard Hughes Holdings Inc. | 754,441 | 49,160 |
Park Hotels & Resorts Inc. | 2,867,715 | 46,256 | |
291,607 | |||
Utilities (2.1%) | |||
Edison International | 905,934 | 64,375 | |
Atmos Energy Corp. | 537,853 | 63,413 | |
Entergy Corp. | 110,564 | 11,794 | |
139,582 | |||
Total Common Stocks (Cost $5,390,327) | 6,410,612 | ||
Temporary Cash Investments (4.9%) | |||
Money Market Fund (4.9%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.394% (Cost $330,463) | 3,305,428 | 330,510 |
Total Investments (100.3%) (Cost $5,720,790) | 6,741,122 | ||
Other Assets and Liabilities—Net (-0.3%) | (23,084) | ||
Net Assets (100%) | 6,718,038 | ||
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 $24,171,000. |
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 $25,428,000 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 2024 | 604 | 153,023 | (2,779) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,390,327) | 6,410,612 |
Affiliated Issuers (Cost $330,463) | 330,510 |
Total Investments in Securities | 6,741,122 |
Investment in Vanguard | 216 |
Cash Collateral Pledged—Futures Contracts | 7,184 |
Foreign Currency, at Value (Cost $26) | 23 |
Receivables for Investment Securities Sold | 9,291 |
Receivables for Accrued Income | 4,237 |
Receivables for Capital Shares Issued | 2,117 |
Total Assets | 6,764,190 |
Liabilities | |
Due to Custodian | 132 |
Payables for Investment Securities Purchased | 8,535 |
Collateral for Securities on Loan | 25,428 |
Payables to Investment Advisor | 4,520 |
Payables for Capital Shares Redeemed | 4,662 |
Payables to Vanguard | 443 |
Variation Margin Payable—Futures Contracts | 2,432 |
Total Liabilities | 46,152 |
Net Assets | 6,718,038 |
1 Includes $24,171,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 5,299,921 |
Total Distributable Earnings (Loss) | 1,418,117 |
Net Assets | 6,718,038 |
Net Assets | |
Applicable to 230,995,370 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,718,038 |
Net Asset Value Per Share | $29.08 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 63,534 |
Interest2 | 9,999 |
Securities Lending—Net | 143 |
Total Income | 73,676 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 7,279 |
Performance Adjustment | 1,829 |
The Vanguard Group—Note C | |
Management and Administrative | 5,129 |
Marketing and Distribution | 120 |
Custodian Fees | 14 |
Shareholders’ Reports | 74 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 7 |
Total Expenses | 14,454 |
Expenses Paid Indirectly | (43) |
Net Expenses | 14,411 |
Net Investment Income | 59,265 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 351,911 |
Futures Contracts | 20,022 |
Foreign Currencies | 1 |
Realized Net Gain (Loss) | 371,934 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 742,059 |
Futures Contracts | 4,762 |
Change in Unrealized Appreciation (Depreciation) | 746,821 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,178,020 |
1 | Dividends are net of foreign withholding taxes of $866,000. |
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 $9,819,000, $8,000, $2,000, and ($4,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 59,265 | 110,535 | |
Realized Net Gain (Loss) | 371,934 | 445,201 | |
Change in Unrealized Appreciation (Depreciation) | 746,821 | (116,225) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,178,020 | 439,511 | |
Distributions | |||
Total Distributions | (528,557) | (683,854) | |
Capital Share Transactions | |||
Issued | 391,199 | 567,689 | |
Issued in Lieu of Cash Distributions | 486,741 | 618,158 | |
Redeemed | (586,911) | (950,898) | |
Net Increase (Decrease) from Capital Share Transactions | 291,029 | 234,949 | |
Total Increase (Decrease) | 940,492 | (9,394) | |
Net Assets | |||
Beginning of Period | 5,777,546 | 5,786,940 | |
End of Period | 6,718,038 | 5,777,546 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $26.17 | $27.62 | $32.26 | $22.78 | $27.59 | $27.38 |
Investment Operations | ||||||
Net Investment Income1 | .256 | .493 | .417 | .389 | .368 | .493 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.051 | 1.358 | (2.674) | 11.737 | (3.163) | 2.392 |
Total from Investment Operations | 5.307 | 1.851 | (2.257) | 12.126 | (2.795) | 2.885 |
Distributions | ||||||
Dividends from Net Investment Income | (.494) | (.440) | (.393) | (.360) | (.450) | (.506) |
Distributions from Realized Capital Gains | (1.903) | (2.861) | (1.990) | (2.286) | (1.565) | (2.169) |
Total Distributions | (2.397) | (3.301) | (2.383) | (2.646) | (2.015) | (2.675) |
Net Asset Value, End of Period | $29.08 | $26.17 | $27.62 | $32.26 | $22.78 | $27.59 |
Total Return2 | 20.38% | 7.60% | -7.29% | 56.30% | -11.25% | 12.51% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,718 | $5,778 | $5,787 | $6,800 | $5,009 | $7,892 |
Ratio of Total Expenses to Average Net Assets3 | 0.43%4 | 0.43%4 | 0.38%4 | 0.32% | 0.31% | 0.33% |
Ratio of Net Investment Income to Average Net Assets | 1.73% | 1.82% | 1.43% | 1.30% | 1.58% | 1.89% |
Portfolio Turnover Rate | 17% | 27% | 26% | 30% | 85% | 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 0.05%, 0.05%, 0.00%, (0.05%), (0.06%), and (0.06%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.43%, 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, 2024, these arrangements reduced the fund’s expenses by $43,000 (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, 2024, 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 | 5,744,293 |
Gross Unrealized Appreciation | 1,456,241 |
Gross Unrealized Depreciation | (462,191) |
Net Unrealized Appreciation (Depreciation) | 994,050 |
G. | During the six months ended April 30, 2024, the fund purchased $1,056,734,000 of investment securities and sold $1,226,626,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 13,512 | 21,052 | |
Issued in Lieu of Cash Distributions | 16,924 | 25,397 | |
Redeemed | (20,179) | (35,259) | |
Net Increase (Decrease) in Shares Outstanding | 10,257 | 11,190 |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 15 |
Liquidity Risk Management | 17 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2024 | |||
Mid-Cap Growth Fund | Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,246.90 | $1.84 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.22 | 1.66 |
Communication Services | 5.2% |
Consumer Discretionary | 13.0 |
Consumer Staples | 2.6 |
Energy | 3.6 |
Financials | 8.9 |
Health Care | 21.4 |
Industrials | 16.1 |
Information Technology | 23.7 |
Materials | 2.2 |
Real Estate | 3.3 |
Shares | Market Value• ($000) | ||
Common Stocks (95.6%) | |||
Communication Services (5.0%) | |||
* | Pinterest Inc. Class A | 1,379,001 | 46,128 |
* | Spotify Technology SA | 146,575 | 41,105 |
* | Take-Two Interactive Software Inc. | 192,390 | 27,475 |
* | Trade Desk Inc. Class A | 313,116 | 25,942 |
* | Match Group Inc. | 274,315 | 8,454 |
149,104 | |||
Consumer Discretionary (12.5%) | |||
Ross Stores Inc. | 515,117 | 66,733 | |
* | DoorDash Inc. Class A | 263,805 | 34,100 |
* | AutoZone Inc. | 10,320 | 30,510 |
Domino's Pizza Inc. | 50,628 | 26,796 | |
* | Chipotle Mexican Grill Inc. | 8,430 | 26,636 |
* | DraftKings Inc. Class A | 634,939 | 26,388 |
* | Mattel Inc. | 1,319,599 | 24,175 |
*,1 | Mobileye Global Inc. Class A | 817,862 | 22,532 |
* | Burlington Stores Inc. | 123,223 | 22,173 |
*,1 | On Holding AG Class A | 676,325 | 21,473 |
* | Bright Horizons Family Solutions Inc. | 190,109 | 19,716 |
Boyd Gaming Corp. | 239,776 | 12,830 | |
BorgWarner Inc. (XNYS) | 355,701 | 11,656 | |
* | Caesars Entertainment Inc. | 272,610 | 9,765 |
Lithia Motors Inc. | 36,883 | 9,382 | |
* | Planet Fitness Inc. Class A | 100,547 | 6,017 |
Tractor Supply Co. | 10,915 | 2,981 | |
373,863 | |||
Consumer Staples (2.5%) | |||
* | Freshpet Inc. | 220,532 | 23,392 |
* | e.l.f. Beauty Inc. | 122,241 | 19,868 |
Dollar General Corp. | 129,762 | 18,061 | |
* | Celsius Holdings Inc. | 188,141 | 13,409 |
74,730 | |||
Energy (3.5%) | |||
Cheniere Energy Inc. | 243,156 | 38,375 | |
SM Energy Co. | 510,795 | 24,768 | |
Permian resources Corp. | 1,448,524 | 24,263 | |
Coterra Energy Inc. | 613,788 | 16,793 | |
104,199 | |||
Financials (8.5%) | |||
Apollo Global Management Inc. | 475,463 | 51,531 | |
Ares Management Corp. Class A | 315,679 | 42,014 |
Shares | Market Value• ($000) | ||
Tradeweb Markets Inc. Class A | 359,981 | 36,614 | |
KKR & Co. Inc. | 380,875 | 35,448 | |
Global Payments Inc. | 166,858 | 20,485 | |
Carlyle Group Inc. | 380,021 | 17,025 | |
MSCI Inc. | 36,082 | 16,806 | |
Aon plc Class A (XNYS) | 52,730 | 14,870 | |
* | Block Inc. (XNYS) | 181,258 | 13,232 |
Nasdaq Inc. | 121,599 | 7,278 | |
255,303 | |||
Health Care (20.4%) | |||
* | Inspire Medical Systems Inc. | 339,507 | 82,045 |
* | Veeva Systems Inc. Class A | 323,836 | 64,301 |
* | Align Technology Inc. | 153,563 | 43,363 |
* | DexCom Inc. | 307,403 | 39,160 |
* | Repligen Corp. | 217,574 | 35,726 |
* | Molina Healthcare Inc. | 98,866 | 33,822 |
* | Exact Sciences Corp. | 530,277 | 31,472 |
* | Natera Inc. | 336,962 | 31,297 |
* | IDEXX Laboratories Inc. | 63,067 | 31,077 |
Agilent Technologies Inc. | 208,942 | 28,633 | |
* | ICON plc | 91,555 | 27,272 |
* | Alnylam Pharmaceuticals Inc. | 176,864 | 25,460 |
* | Hologic Inc. | 282,352 | 21,394 |
STERIS plc | 101,714 | 20,807 | |
Alcon Inc. | 263,133 | 20,414 | |
* | Mettler-Toledo International Inc. | 15,242 | 18,743 |
Humana Inc. | 52,556 | 15,877 | |
ResMed Inc. | 53,745 | 11,501 | |
* | Avantor Inc. | 378,180 | 9,163 |
* | BioMarin Pharmaceutical Inc. | 107,818 | 8,707 |
Teleflex Inc. | 34,014 | 7,101 | |
GE Healthcare Inc. | 79,766 | 6,081 | |
613,416 | |||
Industrials (15.3%) | |||
* | Builders FirstSource Inc. | 337,559 | 61,713 |
BWX Technologies Inc. | 580,540 | 55,598 | |
* | XPO Inc. | 412,464 | 44,323 |
FTAI Aviation Ltd. | 511,765 | 35,931 | |
* | Clean Harbors Inc. | 180,698 | 34,233 |
* | Axon Enterprise Inc. | 106,787 | 33,495 |
* | Beacon Roofing Supply Inc. | 284,037 | 27,986 |
L3Harris Technologies Inc. | 128,837 | 27,578 | |
KBR Inc. | 390,270 | 25,344 | |
Quanta Services Inc. | 94,765 | 24,502 |
Shares | Market Value• ($000) | ||
Cintas Corp. | 21,949 | 14,450 | |
TransUnion | 191,039 | 13,946 | |
Equifax Inc. | 63,020 | 13,876 | |
Waste Connections Inc. (XTSE) | 59,853 | 9,702 | |
JB Hunt Transport Services Inc. | 58,420 | 9,497 | |
* | Array Technologies Inc. | 730,041 | 9,009 |
Knight-Swift Transportation Holdings Inc. | 160,217 | 7,407 | |
Stanley Black & Decker Inc. | 69,184 | 6,323 | |
* | MasTec Inc. | 65,312 | 5,793 |
460,706 | |||
Information Technology (22.6%) | |||
* | Gartner Inc. | 154,806 | 63,871 |
CDW Corp. | 233,564 | 56,490 | |
* | MongoDB Inc. | 146,392 | 53,460 |
* | HubSpot Inc. | 78,419 | 47,433 |
* | PTC Inc. | 235,646 | 41,813 |
* | Crowdstrike Holdings Inc. Class A | 142,652 | 41,731 |
Monolithic Power Systems Inc. | 47,431 | 31,747 | |
* | Aspen Technology Inc. | 157,257 | 30,959 |
* | Silicon Laboratories Inc. | 244,913 | 29,755 |
* | Fair Isaac Corp. | 25,661 | 29,082 |
* | EPAM Systems Inc. | 107,671 | 25,331 |
* | Guidewire Software Inc. | 221,891 | 24,497 |
* | Arista Networks Inc. | 93,984 | 24,113 |
Cognizant Technology Solutions Corp. Class A | 358,744 | 23,562 | |
Amphenol Corp. Class A | 161,657 | 19,523 | |
* | Fortinet Inc. | 254,799 | 16,098 |
* | Datadog Inc. Class A | 127,645 | 16,020 |
Marvell Technology Inc. | 222,925 | 14,693 | |
* | Palantir Technologies Inc. Class A | 652,946 | 14,345 |
KLA Corp. | 20,291 | 13,986 | |
Lam Research Corp. | 14,542 | 13,007 | |
Microchip Technology Inc. | 116,375 | 10,704 | |
* | Palo Alto Networks Inc. | 32,551 | 9,469 |
* | Bill Holdings Inc. | 140,137 | 8,739 |
Shares | Market Value• ($000) | ||
* | Twilio Inc. Class A | 117,954 | 7,063 |
* | Elastic NV | 68,852 | 7,038 |
Cognex Corp. | 111,333 | 4,625 | |
679,154 | |||
Materials (2.1%) | |||
Eagle Materials Inc. | 123,140 | 30,872 | |
* | ATI Inc. | 373,962 | 22,326 |
* | Summit Materials Inc. Class A | 223,771 | 8,705 |
61,903 | |||
Real Estate (3.2%) | |||
* | CoStar Group Inc. | 675,318 | 61,812 |
SBA Communications Corp. | 130,505 | 24,289 | |
First Industrial Realty Trust Inc. | 203,780 | 9,256 | |
95,357 | |||
Total Common Stocks (Cost $2,215,259) | 2,867,735 | ||
Temporary Cash Investments (4.9%) | |||
Money Market Fund (4.9%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.394% (Cost $148,133) | 1,481,574 | 148,142 |
Total Investments (100.5%) (Cost $2,363,392) | 3,015,877 | ||
Other Assets and Liabilities—Net (-0.5%) | (15,044) | ||
Net Assets (100%) | 3,000,833 | ||
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 $15,001,000. |
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 $15,834,000 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 2024 | 225 | 57,004 | (1,385) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $2,215,259) | 2,867,735 |
Affiliated Issuers (Cost $148,133) | 148,142 |
Total Investments in Securities | 3,015,877 |
Investment in Vanguard | 95 |
Cash Collateral Pledged—Futures Contracts | 2,658 |
Receivables for Investment Securities Sold | 1,602 |
Receivables for Accrued Income | 682 |
Receivables for Capital Shares Issued | 515 |
Total Assets | 3,021,429 |
Liabilities | |
Due to Custodian | 924 |
Payables for Investment Securities Purchased | 531 |
Collateral for Securities on Loan | 15,834 |
Payables to Investment Advisor | 920 |
Payables for Capital Shares Redeemed | 1,230 |
Payables to Vanguard | 248 |
Variation Margin Payable—Futures Contracts | 900 |
Other Liabilities | 9 |
Total Liabilities | 20,596 |
Net Assets | 3,000,833 |
1 Includes $15,001,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 2,595,725 |
Total Distributable Earnings (Loss) | 405,108 |
Net Assets | 3,000,833 |
Net Assets | |
Applicable to 124,685,091 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,000,833 |
Net Asset Value Per Share | $24.07 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 7,495 |
Interest2 | 2,965 |
Securities Lending—Net | 4 |
Total Income | 10,464 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 2,949 |
Performance Adjustment | (1,001) |
The Vanguard Group—Note C | |
Management and Administrative | 2,847 |
Marketing and Distribution | 55 |
Custodian Fees | 10 |
Shareholders’ Reports | 38 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 7 |
Total Expenses | 4,906 |
Expenses Paid Indirectly | (40) |
Net Expenses | 4,866 |
Net Investment Income | 5,598 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 129,186 |
Futures Contracts | 8,040 |
Realized Net Gain (Loss) | 137,226 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 474,410 |
Futures Contracts | 395 |
Change in Unrealized Appreciation (Depreciation) | 474,805 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 617,629 |
1 | Dividends are net of foreign withholding taxes of $19,000. |
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 $2,890,000, ($1,000), $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 5,598 | 10,932 | |
Realized Net Gain (Loss) | 137,226 | (95,960) | |
Change in Unrealized Appreciation (Depreciation) | 474,805 | 150,835 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 617,629 | 65,807 | |
Distributions | |||
Total Distributions | (11,688) | (7,421) | |
Capital Share Transactions | |||
Issued | 130,965 | 265,163 | |
Issued in Lieu of Cash Distributions | 11,042 | 7,034 | |
Redeemed | (276,744) | (756,906) | |
Net Increase (Decrease) from Capital Share Transactions | (134,737) | (484,709) | |
Total Increase (Decrease) | 471,204 | (426,323) | |
Net Assets | |||
Beginning of Period | 2,529,629 | 2,955,952 | |
End of Period | 3,000,833 | 2,529,629 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $19.38 | $19.24 | $38.72 | $29.89 | $27.93 | $28.08 |
Investment Operations | ||||||
Net Investment Income (Loss)1 | .044 | .076 | .031 | (.013) | .068 | .074 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.737 | .113 | (10.190) | 10.957 | 4.680 | 3.027 |
Total from Investment Operations | 4.781 | .189 | (10.159) | 10.944 | 4.748 | 3.101 |
Distributions | ||||||
Dividends from Net Investment Income | (.091) | (.049) | (.005) | (.051) | (.067) | (.099) |
Distributions from Realized Capital Gains | — | — | (9.316) | (2.063) | (2.721) | (3.152) |
Total Distributions | (.091) | (.049) | (9.321) | (2.114) | (2.788) | (3.251) |
Net Asset Value, End of Period | $24.07 | $19.38 | $19.24 | $38.72 | $29.89 | $27.93 |
Total Return2 | 24.69% | 0.99% | -32.22% | 37.68% | 18.33% | 13.56% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,001 | $2,530 | $2,956 | $5,290 | $4,414 | $4,536 |
Ratio of Total Expenses to Average Net Assets3 | 0.33%4 | 0.37%4 | 0.35%4 | 0.33% | 0.34% | 0.36% |
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.37% | 0.37% | 0.14% | (0.04)% | 0.25% | 0.27% |
Portfolio Turnover Rate | 37% | 87% | 71% | 98% | 74% | 111% |
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 (0.07%), (0.02%), (0.05%), (0.06%), (0.05%), and (0.02%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.33%, 0.37%, 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. |
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, 2024, these arrangements reduced the fund’s expenses by $40,000 (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, 2024, 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 | 2,382,738 |
Gross Unrealized Appreciation | 707,011 |
Gross Unrealized Depreciation | (75,257) |
Net Unrealized Appreciation (Depreciation) | 631,754 |
G. | During the six months ended April 30, 2024, the fund purchased $1,037,851,000 of investment securities and sold $1,198,259,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 5,549 | 12,850 | |
Issued in Lieu of Cash Distributions | 478 | 376 | |
Redeemed | (11,884) | (36,282) | |
Net Increase (Decrease) in Shares Outstanding | (5,857) | (23,056) |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
• | 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, 2024 | |||
International Explorer Fund | Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,169.20 | $2.59 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.48 | 2.41 |
Japan | 29.1% |
United Kingdom | 16.3 |
Germany | 5.1 |
Taiwan | 5.0 |
Sweden | 4.8 |
Italy | 4.6 |
Switzerland | 4.1 |
Australia | 4.1 |
France | 3.2 |
Canada | 3.2 |
Belgium | 2.9 |
India | 2.1 |
Netherlands | 1.9 |
Hong Kong | 1.4 |
Israel | 1.4 |
Austria | 1.4 |
Spain | 1.3 |
China | 1.2 |
South Korea | 1.1 |
Other | 5.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (95.8%) | ||||||
Australia (3.9%) | ||||||
* | James Hardie Industries plc | 147,836 | 5,082 | |||
ASX Ltd. | 118,264 | 4,831 | ||||
* | Xero Ltd. | 60,375 | 4,687 | |||
Netwealth Group Ltd. | 354,634 | 4,464 | ||||
Charter Hall Group | 559,416 | 4,248 | ||||
* | Metals Acquisition Ltd. | 316,884 | 4,229 | |||
* | Bellevue Gold Ltd. | 3,219,907 | 3,638 | |||
Iluka Resources Ltd. | 601,891 | 2,927 | ||||
Stockland | 884,438 | 2,506 | ||||
Deterra Royalties Ltd. | 715,170 | 2,264 | ||||
Whitehaven Coal Ltd. | 443,164 | 2,192 | ||||
National Storage REIT | 1,488,008 | 2,052 | ||||
Liberty Financial Group Ltd. | 722,155 | 1,837 | ||||
Orora Ltd. | 1,189,289 | 1,667 | ||||
* | Tyro Payments Ltd. | 2,568,844 | 1,576 | |||
* | SiteMinder Ltd. | 363,035 | 1,324 | |||
Nufarm Ltd. | 336,445 | 1,112 | ||||
Reliance Worldwide Corp. Ltd. | 338,533 | 1,111 | ||||
CSR Ltd. | 125,059 | 713 | ||||
*,1 | Vulcan Energy Resources Ltd. | 304,073 | 654 | |||
Brickworks Ltd. | 30,983 | 534 | ||||
53,648 | ||||||
Austria (1.4%) | ||||||
2 | BAWAG Group AG | 129,194 | 7,714 | |||
DO & CO AG | 47,250 | 7,238 | ||||
Addiko Bank AG | 132,506 | 2,610 | ||||
Wienerberger AG | 33,085 | 1,182 | ||||
18,744 | ||||||
Belgium (2.7%) | ||||||
D'ieteren Group | 42,974 | 9,270 | ||||
Warehouses De Pauw CVA | 306,312 | 8,100 | ||||
Azelis Group NV | 273,952 | 6,582 | ||||
Recticel SA | 366,779 | 4,831 | ||||
KBC Ancora | 94,250 | 4,542 |
Shares | Market Value• ($000) | |||||
Melexis NV | 29,301 | 2,449 | ||||
Lotus Bakeries NV | 175 | 1,759 | ||||
37,533 | ||||||
Brazil (0.2%) | ||||||
TOTVS SA | 357,200 | 1,895 | ||||
2 | LWSA SA | 1,526,600 | 1,352 | |||
3,247 | ||||||
Canada (3.0%) | ||||||
* | Kinaxis Inc. | 65,599 | 6,985 | |||
Nuvei Corp. | 195,666 | 6,289 | ||||
* | Docebo Inc. | 104,204 | 4,658 | |||
Lundin Mining Corp. | 370,968 | 4,236 | ||||
Colliers International Group Inc. | 29,612 | 3,084 | ||||
Stelco Holdings Inc. | 97,731 | 2,833 | ||||
Parex Resources Inc. | 103,344 | 1,802 | ||||
* | EcoSynthetix Inc. | 484,120 | 1,741 | |||
Enerplus Corp. | 81,602 | 1,596 | ||||
* | Lightspeed Commerce Inc. (XTSE) | 108,851 | 1,426 | |||
* | Advantage Energy Ltd. | 176,483 | 1,377 | |||
* | Lightspeed Commerce Inc. | 102,049 | 1,335 | |||
* | Faraday Copper Corp. | 2,307,793 | 1,257 | |||
First Quantum Minerals Ltd. | 95,279 | 1,210 | ||||
* | NuVista Energy Ltd. | 105,520 | 953 | |||
1 | Peyto Exploration & Development Corp. | 39,868 | 446 | |||
*,1 | Boat Rocker Media Inc. | 531,386 | 347 | |||
41,575 | ||||||
China (1.1%) | ||||||
2 | BOC Aviation Ltd. | 348,800 | 2,774 | |||
* | Tongcheng Travel Holdings Ltd. | 895,600 | 2,357 | |||
Beijing Enterprises Holdings Ltd. | 658,000 | 2,107 | ||||
Shanghai Jinjiang International Hotels Co. Ltd. Class A | 526,200 | 2,093 | ||||
Wharf Holdings Ltd. | 409,094 | 1,316 | ||||
Kanzhun Ltd. ADR | 62,520 | 1,237 |
Shares | Market Value• ($000) | |||||
Minth Group Ltd. | 709,885 | 1,210 | ||||
* | Zai Lab Ltd. ADR | 75,409 | 1,192 | |||
China Datang Corp. Renewable Power Co. Ltd. Class H | 4,553,000 | 969 | ||||
15,255 | ||||||
Denmark (0.8%) | ||||||
* | ALK-Abello A/S Class B | 196,597 | 3,645 | |||
* | Zealand Pharma A/S | 35,463 | 3,183 | |||
Dfds A/S | 58,637 | 1,791 | ||||
* | Ascendis Pharma A/S ADR | 12,099 | 1,675 | |||
*,3 | OW Bunker A/S | 1,000,000 | — | |||
10,294 | ||||||
Finland (0.5%) | ||||||
Kemira OYJ | 147,720 | 3,217 | ||||
* | Kojamo OYJ | 115,652 | 1,277 | |||
* | Nanoform Finland plc | 472,760 | 1,076 | |||
Nokian Renkaat OYJ | 79,680 | 695 | ||||
6,265 | ||||||
France (3.1%) | ||||||
Nexans SA | 94,484 | 10,062 | ||||
Trigano SA | 42,439 | 6,452 | ||||
* | JCDecaux SE | 298,208 | 6,224 | |||
*,1 | Air France-KLM | 352,618 | 3,596 | |||
Rubis SCA | 73,917 | 2,558 | ||||
Kaufman & Broad SA | 73,555 | 2,371 | ||||
Technip Energies NV | 96,049 | 2,262 | ||||
Wendel SE | 21,067 | 2,148 | ||||
Valeo SE | 115,836 | 1,468 | ||||
2 | ALD SA | 195,037 | 1,283 | |||
Gaztransport Et Technigaz SA | 7,880 | 1,098 | ||||
* | Vallourec SACA | 50,099 | 863 | |||
Vicat SACA | 19,003 | 702 | ||||
Imerys SA | 13,223 | 425 | ||||
* | Cellectis SA ADR | 122,028 | 312 | |||
*,1 | Cellectis SA | 60,983 | 158 | |||
41,982 | ||||||
Germany (4.9%) | ||||||
* | Hypoport SE | 51,925 | 13,706 | |||
CTS Eventim AG & Co. KGaA | 94,739 | 8,378 | ||||
Gerresheimer AG | 59,302 | 6,387 | ||||
2 | Befesa SA | 158,026 | 4,518 | |||
United Internet AG (Registered) | 174,028 | 4,210 | ||||
Stabilus SE | 62,248 | 3,862 | ||||
Hensoldt AG | 94,852 | 3,737 | ||||
Schott Pharma AG & Co. KGaA | 84,412 | 3,552 | ||||
Stemmer Imaging AG | 83,266 | 3,062 | ||||
Jenoptik AG | 106,103 | 2,845 | ||||
AIXTRON SE | 104,646 | 2,432 | ||||
* | Tonies SE Class A | 423,951 | 2,315 |
Shares | Market Value• ($000) | |||||
* | Immatics NV | 131,594 | 1,307 | |||
1,2 | Aumann AG | 65,518 | 1,234 | |||
KION Group AG | 26,652 | 1,228 | ||||
Bertrandt AG | 26,735 | 1,148 | ||||
New Work SE | 17,197 | 1,088 | ||||
*,2 | Auto1 Group SE | 171,521 | 873 | |||
* | Cherry SE | 167,370 | 406 | |||
* | Jumia Technologies AG ADR | 63,864 | 280 | |||
* | Veganz Group AG | 15,898 | 242 | |||
66,810 | ||||||
Greece (0.0%) | ||||||
* | Piraeus Financial Holdings SA | 69,570 | 279 | |||
Hong Kong (1.4%) | ||||||
Dah Sing Financial Holdings Ltd. | 2,321,331 | 6,502 | ||||
Kerry Properties Ltd. | 2,168,000 | 4,203 | ||||
Techtronic Industries Co. Ltd. | 219,500 | 3,033 | ||||
Johnson Electric Holdings Ltd. | 1,783,063 | 2,432 | ||||
2 | Crystal International Group Ltd. | 2,655,000 | 1,365 | |||
Dah Sing Banking Group Ltd. | 1,469,600 | 1,202 | ||||
* | Hypebeast Ltd. | 9,857,300 | 283 | |||
19,020 | ||||||
India (2.0%) | ||||||
Apollo Hospitals Enterprise Ltd. | 129,397 | 9,203 | ||||
Oberoi Realty Ltd. | 439,290 | 7,794 | ||||
* | CreditAccess Grameen Ltd. | 298,857 | 5,400 | |||
2 | IndiaMart InterMesh Ltd. | 56,859 | 1,796 | |||
* | PVR Inox Ltd. | 70,968 | 1,154 | |||
* | MakeMyTrip Ltd. | 15,098 | 1,000 | |||
Ashok Leyland Ltd. | 426,438 | 982 | ||||
* | PB Fintech Ltd. | 3,373 | 51 | |||
27,380 | ||||||
Ireland (0.9%) | ||||||
Bank of Ireland Group plc | 739,885 | 7,894 | ||||
Smurfit Kappa Group plc | 105,765 | 4,583 | ||||
12,477 | ||||||
Israel (1.4%) | ||||||
* | Wix.com Ltd. | 45,403 | 5,397 | |||
* | Nayax Ltd. | 181,824 | 4,831 | |||
Maytronics Ltd. | 470,728 | 4,024 | ||||
Melisron Ltd. | 43,260 | 2,968 | ||||
Sapiens International Corp. NV | 58,036 | 1,787 | ||||
19,007 |
Shares | Market Value• ($000) | |||||
Italy (4.4%) | ||||||
Reply SpA | 99,345 | 12,970 | ||||
Brunello Cucinelli SpA | 112,073 | 11,438 | ||||
2 | Technogym SpA | 507,140 | 4,783 | |||
PRADA SpA | 488,100 | 3,981 | ||||
2 | BFF Bank SpA | 292,520 | 3,754 | |||
De' Longhi SpA | 107,934 | 3,539 | ||||
* | Technoprobe SpA | 393,219 | 3,133 | |||
Italgas SpA | 459,946 | 2,550 | ||||
Moncler SpA | 32,176 | 2,191 | ||||
DiaSorin SpA | 19,223 | 1,941 | ||||
* | Banca Monte dei Paschi di Siena SpA | 388,674 | 1,875 | |||
Banca Mediolanum SpA | 160,715 | 1,739 | ||||
BPER Banca SpA | 276,073 | 1,434 | ||||
Buzzi SpA | 37,675 | 1,357 | ||||
Stevanato Group SpA | 44,549 | 1,249 | ||||
* | Saipem SpA | 483,728 | 1,110 | |||
*,1 | Eurogroup Laminations SpA | 207,764 | 904 | |||
59,948 | ||||||
Japan (27.9%) | ||||||
SBI Holdings Inc. | 480,900 | 11,709 | ||||
Sumitomo Forestry Co. Ltd. | 329,500 | 10,152 | ||||
Trusco Nakayama Corp. | 609,400 | 10,081 | ||||
Daifuku Co. Ltd. | 468,100 | 9,588 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 656,000 | 9,004 | ||||
Harmonic Drive Systems Inc. | 353,400 | 8,826 | ||||
Aica Kogyo Co. Ltd. | 375,900 | 8,713 | ||||
Nifco Inc. | 347,701 | 8,405 | ||||
NEC Networks & System Integration Corp. | 495,400 | 8,230 | ||||
Japan Material Co. Ltd. | 580,300 | 8,187 | ||||
Kissei Pharmaceutical Co. Ltd. | 327,300 | 7,500 | ||||
DMG Mori Co. Ltd. | 279,300 | 7,466 | ||||
Kyushu Electric Power Co. Inc. | 781,100 | 7,246 | ||||
Miura Co. Ltd. | 454,000 | 7,143 | ||||
Rorze Corp. | 39,800 | 6,900 | ||||
OBIC Business Consultants Co. Ltd. | 165,000 | 6,742 | ||||
GMO internet group Inc. | 410,200 | 6,735 | ||||
KOMEDA Holdings Co. Ltd. | 394,800 | 6,480 | ||||
TechnoPro Holdings Inc. | 380,286 | 6,478 | ||||
Hakuhodo DY Holdings Inc. | 685,600 | 6,377 | ||||
Glory Ltd. | 334,800 | 6,033 | ||||
Fukushima Galilei Co. Ltd. | 146,400 | 5,854 | ||||
FP Corp. | 336,000 | 5,406 | ||||
Ulvac Inc. | 87,600 | 5,238 |
Shares | Market Value• ($000) | |||||
Ai Holdings Corp. | 340,200 | 5,232 | ||||
Kyoto Financial Group Inc. | 282,900 | 5,035 | ||||
Kureha Corp. | 282,000 | 5,027 | ||||
Marui Group Co. Ltd. | 321,375 | 4,909 | ||||
Shimamura Co. Ltd. | 90,696 | 4,471 | ||||
Sega Sammy Holdings Inc. | 336,792 | 4,408 | ||||
Tokyu Fudosan Holdings Corp. | 599,200 | 4,390 | ||||
Tsugami Corp. | 475,900 | 4,109 | ||||
Hikari Tsushin Inc. | 25,172 | 4,091 | ||||
Obara Group Inc. | 154,400 | 4,033 | ||||
Digital Garage Inc. | 226,700 | 3,998 | ||||
* | Megachips Corp. | 170,600 | 3,955 | |||
* | Rakuten Bank Ltd. | 194,700 | 3,946 | |||
Shiga Bank Ltd. | 132,800 | 3,434 | ||||
KH Neochem Co. Ltd. | 221,600 | 3,403 | ||||
ABC-Mart Inc. | 170,153 | 3,389 | ||||
Daito Trust Construction Co. Ltd. | 31,415 | 3,368 | ||||
Musashi Seimitsu Industry Co. Ltd. | 296,899 | 3,146 | ||||
Invincible Investment Corp. | 6,859 | 3,073 | ||||
Nittoku Co. Ltd. | 242,200 | 2,990 | ||||
ASKUL Corp. | 197,625 | 2,985 | ||||
* | Raksul Inc. | 521,600 | 2,954 | |||
Infomart Corp. | 1,259,000 | 2,939 | ||||
* | Sansan Inc. | 313,439 | 2,879 | |||
LaSalle Logiport REIT | 2,794 | 2,802 | ||||
Katitas Co. Ltd. | 225,100 | 2,712 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 100,700 | 2,670 | ||||
Comforia Residential REIT Inc. | 1,196 | 2,589 | ||||
Nikon Corp. | 247,485 | 2,559 | ||||
en Japan Inc. | 153,500 | 2,552 | ||||
Asics Corp. | 57,500 | 2,465 | ||||
*,1 | Bengo4.com Inc. | 130,900 | 2,390 | |||
GMO Financial Gate Inc. | 51,810 | 2,305 | ||||
Optex Group Co. Ltd. | 194,000 | 2,277 | ||||
Ebara Corp. | 27,000 | 2,226 | ||||
eGuarantee Inc. | 202,900 | 2,218 | ||||
* | JSR Corp. | 74,161 | 2,034 | |||
Japan Airport Terminal Co. Ltd. | 57,000 | 2,014 | ||||
*,1 | WealthNavi Inc. | 217,400 | 1,971 | |||
Persol Holdings Co. Ltd. | 1,402,900 | 1,941 | ||||
Iriso Electronics Co. Ltd. | 99,000 | 1,936 | ||||
* | Appier Group Inc. | 233,700 | 1,926 | |||
PALTAC Corp. | 62,906 | 1,904 | ||||
Sojitz Corp. | 72,080 | 1,856 | ||||
* | GA Technologies Co. Ltd. | 210,100 | 1,765 | |||
* | SRE Holdings Corp. | 70,100 | 1,706 |
Shares | Market Value• ($000) | |||||
Casio Computer Co. Ltd. | 204,400 | 1,703 | ||||
Kawasaki Heavy Industries Ltd. | 53,400 | 1,653 | ||||
Yamaha Corp. | 75,823 | 1,598 | ||||
Shinko Electric Industries Co. Ltd. | 44,500 | 1,562 | ||||
Kamakura Shinsho Ltd. | 437,000 | 1,475 | ||||
* | JMDC Inc. | 72,800 | 1,473 | |||
Kokuyo Co. Ltd. | 84,500 | 1,444 | ||||
* | Jade Group Inc. | 145,100 | 1,408 | |||
Sumitomo Heavy Industries Ltd. | 47,600 | 1,326 | ||||
Air Water Inc. | 85,100 | 1,278 | ||||
Amada Co. Ltd. | 115,300 | 1,259 | ||||
1 | Kokusai Electric Corp. | 47,400 | 1,252 | |||
IHI Corp. | 49,500 | 1,185 | ||||
THK Co. Ltd. | 52,600 | 1,148 | ||||
Shima Seiki Manufacturing Ltd. | 128,300 | 1,143 | ||||
Canon Marketing Japan Inc. | 41,200 | 1,132 | ||||
COMSYS Holdings Corp. | 47,700 | 1,117 | ||||
Taiyo Yuden Co. Ltd. | 45,000 | 1,054 | ||||
Resonac Holdings Corp. | 46,700 | 1,013 | ||||
* | Istyle Inc. | 302,200 | 1,010 | |||
NOF Corp. | 73,800 | 990 | ||||
EXEO Group Inc. | 90,400 | 985 | ||||
Fukuyama Transporting Co. Ltd. | 40,500 | 979 | ||||
Lixil Corp. | 89,200 | 958 | ||||
* | Freee KK | 53,700 | 940 | |||
Kyudenko Corp. | 22,600 | 938 | ||||
Kurita Water Industries Ltd. | 23,500 | 931 | ||||
Sumitomo Bakelite Co. Ltd. | 31,800 | 906 | ||||
NGK Insulators Ltd. | 66,300 | 903 | ||||
Anicom Holdings Inc. | 233,900 | 881 | ||||
Simplex Holdings Inc. | 53,950 | 872 | ||||
Mitsubishi Gas Chemical Co. Inc. | 49,000 | 867 | ||||
Sanwa Holdings Corp. | 51,900 | 848 | ||||
Koito Manufacturing Co. Ltd. | 62,150 | 836 | ||||
Inter Action Corp. | 85,000 | 832 | ||||
Kadokawa Corp. | 43,932 | 803 | ||||
* | Visional Inc. | 17,563 | 801 | |||
Kansai Paint Co. Ltd. | 60,600 | 789 | ||||
Inaba Denki Sangyo Co. Ltd. | 32,900 | 768 | ||||
1 | CellSource Co. Ltd. | 76,300 | 752 | |||
Sumitomo Chemical Co. Ltd. | 347,500 | 742 | ||||
JGC Holdings Corp. | 73,800 | 711 |
Shares | Market Value• ($000) | |||||
Shin-Etsu Polymer Co. Ltd. | 72,300 | 706 | ||||
Kinden Corp. | 33,600 | 641 | ||||
ADEKA Corp. | 30,800 | 640 | ||||
GMO Payment Gateway Inc. | 13,480 | 617 | ||||
Daicel Corp. | 65,100 | 605 | ||||
1 | Kitanotatsujin Corp. | 528,100 | 602 | |||
Taiheiyo Cement Corp. | 26,100 | 597 | ||||
UBE Corp. | 32,600 | 596 | ||||
MIRAIT ONE Corp. | 47,900 | 585 | ||||
Yamazen Corp. | 65,300 | 574 | ||||
SHO-BOND Holdings Co. Ltd. | 14,400 | 556 | ||||
Lintec Corp. | 27,600 | 550 | ||||
Square Enix Holdings Co. Ltd. | 14,414 | 521 | ||||
NSK Ltd. | 94,600 | 520 | ||||
Sundrug Co. Ltd. | 17,500 | 508 | ||||
Teijin Ltd. | 49,200 | 480 | ||||
Nippon Shokubai Co. Ltd. | 49,200 | 468 | ||||
Penta-Ocean Construction Co. Ltd. | 90,300 | 453 | ||||
INFRONEER Holdings Inc. | 50,600 | 448 | ||||
Japan Steel Works Ltd. | 18,100 | 439 | ||||
Niterra Co. Ltd. | 11,438 | 375 | ||||
*,1 | Demae-Can Co. Ltd. | 173,600 | 299 | |||
Denka Co. Ltd. | 18,900 | 280 | ||||
Roland Corp. | 1,200 | 33 | ||||
382,833 | ||||||
Malaysia (0.1%) | ||||||
ViTrox Corp. Bhd. | 592,400 | 925 | ||||
Mexico (0.2%) | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 587,204 | 2,078 | ||||
*,2 | Grupo Traxion SAB de CV Class A | 553,000 | 930 | |||
3,008 | ||||||
Netherlands (1.9%) | ||||||
Koninklijke Vopak NV | 118,572 | 4,709 | ||||
*,1,2 | Alfen NV | 80,042 | 3,450 | |||
ASM International NV | 4,911 | 3,089 | ||||
1 | Fugro NV | 114,293 | 2,772 | |||
* | Merus NV | 52,235 | 2,346 | |||
BE Semiconductor Industries NV | 16,459 | 2,184 | ||||
Allfunds Group plc | 314,041 | 1,973 | ||||
Arcadis NV | 30,839 | 1,905 | ||||
* | TKH Group NV | 40,918 | 1,762 | |||
*,1 | Newamsterdam Pharma Co. NV | 40,308 | 879 | |||
Corbion NV | 26,046 | 566 | ||||
25,635 |
Shares | Market Value• ($000) | |||||
New Zealand (0.2%) | ||||||
*,1 | Volpara Health Technologies Ltd. | 2,774,110 | 2,053 | |||
Fletcher Building Ltd. | 308,917 | 691 | ||||
2,744 | ||||||
Norway (0.6%) | ||||||
Borregaard ASA | 325,327 | 5,572 | ||||
Aker ASA Class A | 25,662 | 1,425 | ||||
* | Subsea 7 SA | 51,881 | 835 | |||
* | Seadrill Ltd. | 15,796 | 767 | |||
8,599 | ||||||
Other (0.8%) | ||||||
iShares MSCI EAFE Small-Cap ETF | 183,279 | 11,211 | ||||
Philippines (0.1%) | ||||||
Wilcon Depot Inc. | 6,674,000 | 1,927 | ||||
Poland (0.2%) | ||||||
Grupa Pracuj SA | 162,101 | 2,465 | ||||
Singapore (0.5%) | ||||||
UOL Group Ltd. | 695,754 | 2,971 | ||||
* | SATS Ltd. | 1,525,277 | 2,801 | |||
Venture Corp. Ltd. | 86,300 | 914 | ||||
ComfortDelGro Corp. Ltd. | 741,300 | 806 | ||||
7,492 | ||||||
Slovenia (0.2%) | ||||||
Nova Ljubljanska Banka dd GDR | 113,034 | 2,429 | ||||
South Africa (0.0%) | ||||||
Thungela Resources Ltd. | 92,742 | 636 | ||||
South Korea (1.0%) | ||||||
Douzone Bizon Co. Ltd. | 97,409 | 4,180 | ||||
Park Systems Corp. | 31,495 | 3,350 | ||||
Koh Young Technology Inc. | 204,051 | 2,379 | ||||
Hana Tour Service Inc. | 48,961 | 2,190 | ||||
Hankook Tire & Technology Co. Ltd. | 39,027 | 1,656 | ||||
* | Wantedlab Inc. | 89,603 | 439 | |||
14,194 | ||||||
Spain (1.2%) | ||||||
Bankinter SA | 915,978 | 7,240 | ||||
Fluidra SA | 283,661 | 6,005 | ||||
Almirall SA | 317,301 | 2,896 | ||||
* | Arima Real Estate SOCIMI SA | 61,472 | 393 | |||
2 | Unicaja Banco SA | 23,961 | 31 | |||
16,565 | ||||||
Sweden (4.6%) | ||||||
AddTech AB Class B | 445,550 | 9,263 | ||||
Trelleborg AB Class B | 217,113 | 7,652 |
Shares | Market Value• ($000) | |||||
Hemnet Group AB | 227,697 | 5,917 | ||||
Avanza Bank Holding AB | 275,156 | 5,897 | ||||
2 | Thule Group AB | 177,040 | 4,998 | |||
HMS Networks AB | 116,796 | 4,328 | ||||
Nordnet AB publ | 240,744 | 4,280 | ||||
INVISIO AB | 168,175 | 3,679 | ||||
Paradox Interactive AB | 214,663 | 3,245 | ||||
Fortnox AB | 426,115 | 2,483 | ||||
Billerud Aktiebolag | 252,123 | 2,091 | ||||
* | Xvivo Perfusion AB | 59,309 | 2,018 | |||
* | Cint Group AB | 1,735,841 | 1,855 | |||
* | Surgical Science Sweden AB | 98,460 | 1,395 | |||
*,2 | BoneSupport Holding AB | 66,715 | 1,356 | |||
* | VNV Global AB | 454,482 | 1,082 | |||
Cellavision AB | 35,662 | 724 | ||||
*,1 | Storytel AB Class B | 97,407 | 441 | |||
SSAB AB Class A | 51,165 | 287 | ||||
Cibus Nordic Real Estate AB publ | 5,863 | 76 | ||||
63,067 | ||||||
Switzerland (3.9%) | ||||||
Accelleron Industries AG | 128,478 | 4,995 | ||||
SIG Group AG | 241,861 | 4,833 | ||||
Ypsomed Holding AG (Registered) | 13,479 | 4,804 | ||||
Tecan Group AG (Registered) | 13,596 | 4,796 | ||||
*,2 | Montana Aerospace AG | 246,451 | 4,763 | |||
Siegfried Holding AG (Registered) | 4,961 | 4,741 | ||||
*,2 | Sensirion Holding AG | 71,861 | 4,718 | |||
Bachem Holding AG | 52,921 | 4,592 | ||||
SKAN Group AG | 46,913 | 4,191 | ||||
Bossard Holding AG (Registered) Class A | 17,293 | 3,932 | ||||
Comet Holding AG (Registered) | 12,434 | 3,924 | ||||
u-blox Holding AG | 24,541 | 2,270 | ||||
Emmi AG (Registered) | 1,198 | 1,166 | ||||
53,725 | ||||||
Taiwan (4.8%) | ||||||
Chroma ATE Inc. | 1,489,694 | 12,099 | ||||
Airtac International Group | 290,983 | 10,302 | ||||
Global Unichip Corp. | 237,000 | 9,843 | ||||
ASPEED Technology Inc. | 88,500 | 8,287 | ||||
Voltronic Power Technology Corp. | 115,252 | 5,453 | ||||
Merida Industry Co. Ltd. | 526,000 | 3,780 | ||||
Sinbon Electronics Co. Ltd. | 431,000 | 3,712 | ||||
Nien Made Enterprise Co. Ltd. | 297,000 | 3,471 |
Shares | Market Value• ($000) | |||||
E Ink Holdings Inc. | 402,000 | 2,570 | ||||
Advantech Co. Ltd. | 213,059 | 2,478 | ||||
Nanya Technology Corp. | 1,174,000 | 2,370 | ||||
TCI Co. Ltd. | 234,000 | 1,035 | ||||
65,400 | ||||||
Thailand (0.3%) | ||||||
Bumrungrad Hospital PCL (Foreign) | 435,000 | 2,871 | ||||
AEON Thana Sinsap Thailand PCL (Foreign) | 334,400 | 1,451 | ||||
4,322 | ||||||
United Kingdom (15.6%) | ||||||
Cranswick plc | 194,720 | 10,457 | ||||
Beazley plc | 1,183,905 | 9,795 | ||||
Games Workshop Group plc | 75,208 | 9,295 | ||||
Weir Group plc | 326,625 | 8,335 | ||||
IMI plc | 354,166 | 7,715 | ||||
Alpha Group International plc | 282,567 | 7,576 | ||||
Rotork plc | 1,802,125 | 7,244 | ||||
Halma plc | 252,681 | 6,925 | ||||
* | Wise plc Class A | 698,813 | 6,716 | |||
Diploma plc | 136,752 | 6,181 | ||||
Softcat plc | 308,567 | 6,040 | ||||
Howden Joinery Group plc | 510,515 | 5,557 | ||||
Spectris plc | 132,886 | 5,497 | ||||
Shaftesbury Capital plc | 3,157,484 | 5,285 | ||||
*,2 | Trainline plc | 1,395,021 | 5,187 | |||
2 | ConvaTec Group plc | 1,607,285 | 5,001 | |||
Hammerson plc | 14,438,873 | 4,898 | ||||
Burford Capital Ltd. | 290,040 | 4,469 | ||||
Smiths Group plc | 217,878 | 4,392 | ||||
Telecom Plus plc | 197,000 | 4,272 | ||||
Marks & Spencer Group plc | 1,336,947 | 4,259 | ||||
2 | Auto Trader Group plc | 480,206 | 4,163 | |||
British Land Co. plc | 829,411 | 4,000 | ||||
B&M European Value Retail SA | 541,807 | 3,497 | ||||
Big Yellow Group plc | 259,729 | 3,494 | ||||
Tate & Lyle plc | 423,021 | 3,468 | ||||
* | Immunocore Holdings plc ADR | 58,047 | 3,429 | |||
2 | Sabre Insurance Group plc | 1,617,531 | 3,240 | |||
Britvic plc | 265,916 | 2,932 | ||||
*,2 | Trustpilot Group plc | 1,226,909 | 2,897 | |||
Greggs plc | 81,157 | 2,747 | ||||
LondonMetric Property plc | 1,122,944 | 2,741 | ||||
Rightmove plc | 422,264 | 2,705 | ||||
Pennon Group plc | 322,344 | 2,681 | ||||
* | Verona Pharma plc ADR | 169,794 | 2,623 | |||
RS Group plc | 271,229 | 2,485 |
Shares | Market Value• ($000) | |||||
4imprint Group plc | 26,994 | 2,086 | ||||
* | Elementis plc | 1,175,887 | 2,068 | |||
Intermediate Capital Group plc | 75,377 | 1,965 | ||||
Keywords Studios plc | 120,219 | 1,717 | ||||
Inchcape plc | 170,960 | 1,704 | ||||
* | Oxford Nanopore Technologies plc | 1,367,778 | 1,680 | |||
dotdigital group plc | 1,437,079 | 1,671 | ||||
Sirius Real Estate Ltd. | 1,343,261 | 1,634 | ||||
WH Smith plc | 116,243 | 1,590 | ||||
*,1 | Victoria plc | 642,272 | 1,552 | |||
Bellway plc | 46,706 | 1,468 | ||||
*,1 | WAG Payment Solutions plc | 1,814,830 | 1,465 | |||
* | Team17 Group plc | 425,118 | 1,380 | |||
*,2 | Deliveroo plc Class A | 759,940 | 1,268 | |||
* | Molten Ventures plc | 339,548 | 1,182 | |||
Impax Asset Management Group plc | 205,731 | 1,139 | ||||
Ithaca Energy plc | 741,757 | 1,092 | ||||
*,2 | Watches of Switzerland Group plc | 247,676 | 1,039 | |||
Energean plc | 67,297 | 923 | ||||
* | Synthomer plc | 272,376 | 881 | |||
Mobico Group plc | 1,188,864 | 820 | ||||
* | Ocado Group plc | 176,892 | 774 | |||
* | Autolus Therapeutics plc ADR | 171,934 | 633 | |||
* | Angle plc | 1,465,172 | 254 | |||
214,183 | ||||||
Total Common Stocks (Cost $1,195,505) | 1,314,824 | |||||
Temporary Cash Investments (5.0%) | ||||||
Money Market Fund (4.8%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 5.394% | 650,562 | 65,049 |
Face Amount ($000) | Market Value• ($000) | |||||
Repurchase Agreements (0.2%) | ||||||
Goldman Sachs & Co. 5.310%, 5/1/2024 (Dated 4/30/24, Repurchase Value $2,900,000, collateralized by Ginnie Mae 6.000%, 3/20/54, with a value of $2,958,000) | 2,900 | 2,900 | ||||
Total Temporary Cash Investments (Cost $67,934) | 67,949 | |||||
Total Investments (100.8%) (Cost $1,263,439) | 1,382,773 | |||||
Other Assets and Liabilities—Net (-0.8%) | (11,035) | |||||
Net Assets (100%) | 1,371,738 |
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 $15,835,000. |
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, 2024, the aggregate value was $74,487,000, representing 5.4% 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 $21,069,000 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 2024 | 195 | 22,108 | (347) |
MSCI Emerging Markets Index | June 2024 | 152 | 7,919 | 34 |
(313) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
UBS AG | 6/20/24 | INR | 13,455 | USD | 162 | — | (1) |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 2,948 | EUR | 2,686 | 76 | — |
Deutsche Bank AG | 6/20/24 | USD | 1,061 | SEK | 10,835 | 76 | — |
152 | (1) |
EUR—euro. |
INR—Indian rupee. |
SEK—Swedish krona. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,198,405) | 1,317,724 |
Affiliated Issuers (Cost $65,034) | 65,049 |
Total Investments in Securities | 1,382,773 |
Investment in Vanguard | 43 |
Cash | 3,534 |
Foreign Currency, at Value (Cost $1,084) | 1,084 |
Cash Collateral Pledged—Futures Contracts | 930 |
Receivables for Investment Securities Sold | 2,715 |
Receivables for Accrued Income | 11,401 |
Receivables for Capital Shares Issued | 257 |
Unrealized Appreciation—Forward Currency Contracts | 152 |
Total Assets | 1,402,889 |
Liabilities | |
Payables for Investment Securities Purchased | 6,946 |
Collateral for Securities on Loan | 21,069 |
Payables for Capital Shares Redeemed | 484 |
Payables to Investment Advisor | 1,038 |
Payables to Vanguard | 844 |
Variation Margin Payable—Futures Contracts | 413 |
Unrealized Depreciation—Forward Currency Contracts | 1 |
Deferred Foreign Capital Gains Taxes | 356 |
Total Liabilities | 31,151 |
Net Assets | 1,371,738 |
1 Includes $15,835,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 1,383,505 |
Total Distributable Earnings (Loss) | (11,767) |
Net Assets | 1,371,738 |
Net Assets | |
Applicable to 82,183,605 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,371,738 |
Net Asset Value Per Share | $16.69 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 12,437 |
Interest2 | 1,131 |
Securities Lending—Net | 829 |
Total Income | 14,397 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 2,030 |
Performance Adjustment | 64 |
The Vanguard Group—Note C | |
Management and Administrative | 1,126 |
Marketing and Distribution | 28 |
Custodian Fees | 86 |
Shareholders’ Reports | 13 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 48 |
Total Expenses | 3,396 |
Net Investment Income | 11,001 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 12,150 |
Futures Contracts | 2,623 |
Forward Currency Contracts | (59) |
Foreign Currencies | 289 |
Realized Net Gain (Loss) | 15,003 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,3 | 187,583 |
Futures Contracts | 888 |
Forward Currency Contracts | 151 |
Foreign Currencies | (430) |
Change in Unrealized Appreciation (Depreciation) | 188,192 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 214,196 |
1 | Dividends are net of foreign withholding taxes of $1,584,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,007,000, ($12,000), less than $1,000, and $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 $356,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 11,001 | 30,447 | |
Realized Net Gain (Loss) | 15,003 | 1,268 | |
Change in Unrealized Appreciation (Depreciation) | 188,192 | 99,805 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 214,196 | 131,520 | |
Distributions | |||
Total Distributions | (35,779) | (26,822) | |
Capital Share Transactions | |||
Issued | 46,372 | 122,021 | |
Issued in Lieu of Cash Distributions | 29,830 | 21,893 | |
Redeemed | (161,355) | (417,012) | |
Net Increase (Decrease) from Capital Share Transactions | (85,153) | (273,098) | |
Total Increase (Decrease) | 93,264 | (168,400) | |
Net Assets | |||
Beginning of Period | 1,278,474 | 1,446,874 | |
End of Period | 1,371,738 | 1,278,474 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $14.64 | $13.87 | $22.70 | $16.90 | $17.22 | $17.86 |
Investment Operations | ||||||
Net Investment Income1 | .130 | .322 | .337 | .280 | .211 | .379 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.341 | .712 | (8.145) | 5.736 | (.081) | .300 |
Total from Investment Operations | 2.471 | 1.034 | (7.808) | 6.016 | .130 | .679 |
Distributions | ||||||
Dividends from Net Investment Income | (.421) | (.264) | (.487) | (.216) | (.450) | (.289) |
Distributions from Realized Capital Gains | — | — | (.535) | — | — | (1.030) |
Total Distributions | (.421) | (.264) | (1.022) | (.216) | (.450) | (1.319) |
Net Asset Value, End of Period | $16.69 | $14.64 | $13.87 | $22.70 | $16.90 | $17.22 |
Total Return2 | 16.92% | 7.41% | -35.83% | 35.79% | 0.62% | 4.85% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,372 | $1,278 | $1,447 | $2,815 | $2,329 | $3,163 |
Ratio of Total Expenses to Average Net Assets3 | 0.48% | 0.52% | 0.41%4 | 0.40% | 0.39% | 0.39% |
Ratio of Net Investment Income to Average Net Assets | 1.53% | 2.00% | 1.94% | 1.30% | 1.29% | 2.28% |
Portfolio Turnover Rate | 22% | 46% | 60% | 51% | 71% | 35% |
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 0.01%, 0.01%, (0.06%), (0.05%), (0.04%), and (0.03%). |
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 | 89,987 | 1,224,837 | — | 1,314,824 |
Temporary Cash Investments | 65,049 | 2,900 | — | 67,949 |
Total | 155,036 | 1,227,737 | — | 1,382,773 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 34 | — | — | 34 |
Forward Currency Contracts | — | 152 | — | 152 |
Total | 34 | 152 | — | 186 |
Liabilities | ||||
Futures Contracts1 | 347 | — | — | 347 |
Forward Currency Contracts | — | 1 | — | 1 |
Total | 347 | 1 | — | 348 |
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 | 34 | — | 34 |
Unrealized Appreciation—Forward Currency Contracts | — | 152 | 152 |
Total Assets | 34 | 152 | 186 |
Unrealized Depreciation—Futures Contracts1 | 347 | — | 347 |
Unrealized Depreciation—Forward Currency Contracts | — | 1 | 1 |
Total Liabilities | 347 | 1 | 348 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,623 | — | 2,623 |
Forward Currency Contracts | — | (59) | (59) |
Realized Net Gain (Loss) on Derivatives | 2,623 | (59) | 2,564 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 888 | — | 888 |
Forward Currency Contracts | — | 151 | 151 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 888 | 151 | 1,039 |
Amount ($000) | |
Tax Cost | 1,280,564 |
Gross Unrealized Appreciation | 270,897 |
Gross Unrealized Depreciation | (168,850) |
Net Unrealized Appreciation (Depreciation) | 102,047 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 2,783 | 7,622 | |
Issued in Lieu of Cash Distributions | 1,811 | 1,457 | |
Redeemed | (9,726) | (26,106) | |
Net Increase (Decrease) in Shares Outstanding | (5,132) | (17,027) |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
• | 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, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,176.90 | $0.32 |
Admiral™ Shares | 1,000.00 | 1,176.70 | 0.43 |
Based on Hypothetical 5% Yearly Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.56 | $0.30 |
Admiral Shares | 1,000.00 | 1,024.47 | 0.40 |
Basic Materials | 2.2% |
Consumer Discretionary | 10.0 |
Consumer Staples | 11.4 |
Energy | 11.0 |
Financials | 20.4 |
Health Care | 12.0 |
Industrials | 12.7 |
Real Estate | 0.0 |
Technology | 9.6 |
Telecommunications | 4.0 |
Utilities | 6.7 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.6%) | ||||||
Basic Materials (2.2%) | ||||||
Air Products and Chemicals Inc. | 893,361 | 211,137 | ||||
Newmont Corp. | 4,645,497 | 188,793 | ||||
Dow Inc. | 2,847,220 | 162,007 | ||||
Fastenal Co. | 2,299,382 | 156,220 | ||||
LyondellBasell Industries NV Class A | 1,040,322 | 104,001 | ||||
International Flavors & Fragrances Inc. | 1,030,808 | 87,258 | ||||
Reliance Inc. | 230,525 | 65,635 | ||||
CF Industries Holdings Inc. | 776,996 | 61,359 | ||||
International Paper Co. | 1,397,883 | 48,842 | ||||
Celanese Corp. Class A | 305,585 | 46,941 | ||||
Eastman Chemical Co. | 478,560 | 45,195 | ||||
Mosaic Co. | 1,315,414 | 41,291 | ||||
Southern Copper Corp. | 344,168 | 40,154 | ||||
FMC Corp. | 504,321 | 29,760 | ||||
Cabot Corp. | 217,714 | 19,862 | ||||
Balchem Corp. | 128,118 | 18,113 | ||||
Carpenter Technology Corp. | 195,821 | 16,782 | ||||
Chemours Co. | 599,755 | 16,044 | ||||
Huntsman Corp. | 668,652 | 15,954 | ||||
Avient Corp. | 361,928 | 15,353 | ||||
Sensient Technologies Corp. | 168,500 | 12,338 | ||||
Scotts Miracle-Gro Co. | 168,709 | 11,563 | ||||
Sylvamo Corp. | 143,431 | 8,964 | ||||
Tronox Holdings plc | 468,390 | 7,958 | ||||
Kaiser Aluminum Corp. | 63,808 | 5,774 | ||||
Mativ Holdings Inc. | 214,740 | 3,921 | ||||
Compass Minerals International Inc. | 137,185 | 1,708 | ||||
1,442,927 | ||||||
Consumer Discretionary (9.9%) | ||||||
Home Depot Inc. | 4,032,214 | 1,347,647 | ||||
Walmart Inc. | 17,266,949 | 1,024,793 | ||||
McDonald's Corp. | 2,940,520 | 802,880 | ||||
Lowe's Cos. Inc. | 2,327,588 | 530,667 |
Shares | Market Value• ($000) | |||||
Starbucks Corp. | 4,480,070 | 396,441 | ||||
Target Corp. | 1,853,364 | 298,355 | ||||
Ford Motor Co. | 15,805,316 | 192,035 | ||||
Yum! Brands Inc. | 1,128,873 | 159,453 | ||||
Estee Lauder Cos. Inc. Class A | 925,569 | 135,790 | ||||
eBay Inc. | 2,087,931 | 107,612 | ||||
Garmin Ltd. | 618,423 | 89,344 | ||||
Genuine Parts Co. | 566,218 | 89,015 | ||||
Williams-Sonoma Inc. | 257,206 | 73,762 | ||||
Omnicom Group Inc. | 792,459 | 73,572 | ||||
Darden Restaurants Inc. | 479,103 | 73,499 | ||||
Southwest Airlines Co. | 2,401,074 | 62,284 | ||||
Best Buy Co. Inc. | 771,884 | 56,842 | ||||
Interpublic Group of Cos. Inc. | 1,556,034 | 47,366 | ||||
LKQ Corp. | 1,075,817 | 46,400 | ||||
Dick's Sporting Goods Inc. | 227,522 | 45,718 | ||||
Bath & Body Works Inc. | 912,980 | 41,468 | ||||
Tapestry Inc. | 924,335 | 36,899 | ||||
Autoliv Inc. | 297,241 | 35,607 | ||||
Hasbro Inc. | 527,275 | 32,322 | ||||
Fox Corp. Class A | 977,688 | 30,318 | ||||
Lear Corp. | 234,059 | 29,461 | ||||
Vail Resorts Inc. | 152,431 | 28,866 | ||||
H&R Block Inc. | 579,097 | 27,351 | ||||
Ralph Lauren Corp. Class A | 158,602 | 25,954 | ||||
Wyndham Hotels & Resorts Inc. | 327,961 | 24,108 | ||||
Nexstar Media Group Inc. Class A | 130,360 | 20,865 | ||||
Whirlpool Corp. | 215,899 | 20,480 | ||||
Macy's Inc. | 1,091,620 | 20,119 | ||||
Paramount Global Class B | 1,731,859 | 19,726 | ||||
Polaris Inc. | 217,502 | 18,522 | ||||
VF Corp. | 1,410,543 | 17,575 | ||||
Harley-Davidson Inc. | 510,543 | 17,558 | ||||
Advance Auto Parts Inc. | 239,547 | 17,482 | ||||
Gap Inc. | 784,058 | 16,089 |
Shares | Market Value• ($000) | |||||
Fox Corp. Class B | 549,325 | 15,755 | ||||
Kontoor Brands Inc. | 224,921 | 13,959 | ||||
Marriott Vacations Worldwide Corp. | 141,299 | 13,580 | ||||
Wendy's Co. | 679,020 | 13,574 | ||||
Travel + Leisure Co. | 284,210 | 12,375 | ||||
Newell Brands Inc. | 1,534,805 | 12,186 | ||||
Penske Automotive Group Inc. | 78,866 | 12,059 | ||||
Steven Madden Ltd. | 295,676 | 11,948 | ||||
TEGNA Inc. | 790,529 | 10,783 | ||||
Kohl's Corp. | 445,753 | 10,671 | ||||
Strategic Education Inc. | 90,570 | 10,401 | ||||
LCI Industries | 98,916 | 10,285 | ||||
Red Rock Resorts Inc. Class A | 190,594 | 10,124 | ||||
Carter's Inc. | 145,054 | 9,923 | ||||
Leggett & Platt Inc. | 534,637 | 9,661 | ||||
Bloomin' Brands Inc. | 350,759 | 9,046 | ||||
Nordstrom Inc. | 460,272 | 8,750 | ||||
International Game Technology plc | 434,537 | 8,578 | ||||
Papa John's International Inc. | 131,662 | 8,122 | ||||
HNI Corp. | 184,799 | 7,752 | ||||
MillerKnoll Inc. | 295,245 | 7,508 | ||||
Phinia Inc. | 188,413 | 7,348 | ||||
Worthington Enterprises Inc. | 123,256 | 7,045 | ||||
Winnebago Industries Inc. | 113,710 | 7,002 | ||||
Upbound Group Inc. | 213,957 | 6,635 | ||||
Cheesecake Factory Inc. | 191,119 | 6,597 | ||||
Dana Inc. | 521,730 | 6,485 | ||||
Oxford Industries Inc. | 59,917 | 6,458 | ||||
Dillard's Inc. Class A | 13,636 | 5,972 | ||||
La-Z-Boy Inc. | 173,785 | 5,707 | ||||
John Wiley & Sons Inc. Class A | 144,067 | 5,413 | ||||
1 | Cracker Barrel Old Country Store Inc. | 88,296 | 5,138 | |||
Buckle Inc. | 122,230 | 4,570 | ||||
Jack in the Box Inc. | 78,886 | 4,502 | ||||
Steelcase Inc. Class A | 370,689 | 4,459 | ||||
Scholastic Corp. | 102,994 | 3,669 | ||||
Allegiant Travel Co. | 63,263 | 3,452 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 141,132 | 3,396 | |||
Sturm Ruger & Co. Inc. | 70,123 | 3,242 | ||||
Monro Inc. | 118,760 | 3,236 | ||||
Matthews International Corp. Class A | 118,942 | 3,209 | ||||
1 | Guess? Inc. | 104,085 | 2,787 | |||
1 | Sirius XM Holdings Inc. | 875,580 | 2,574 |
Shares | Market Value• ($000) | |||||
Gray Television Inc. | 337,992 | 1,943 | ||||
* | Liberty Media Corp.-Liberty SiriusXM | 64,075 | 1,542 | |||
6,473,666 | ||||||
Consumer Staples (11.4%) | ||||||
Procter & Gamble Co. | 9,494,514 | 1,549,505 | ||||
PepsiCo Inc. | 5,555,062 | 977,191 | ||||
Coca-Cola Co. | 15,709,075 | 970,350 | ||||
Philip Morris International Inc. | 6,254,604 | 593,812 | ||||
Mondelez International Inc. Class A | 5,480,348 | 394,256 | ||||
CVS Health Corp. | 5,161,312 | 349,472 | ||||
Altria Group Inc. | 7,194,294 | 315,182 | ||||
Colgate-Palmolive Co. | 3,307,927 | 304,065 | ||||
Kimberly-Clark Corp. | 1,355,525 | 185,070 | ||||
General Mills Inc. | 2,285,888 | 161,064 | ||||
Sysco Corp. | 2,005,105 | 149,019 | ||||
Kroger Co. | 2,626,453 | 145,453 | ||||
Keurig Dr Pepper Inc. | 3,834,650 | 129,228 | ||||
Archer-Daniels-Midland Co. | 2,149,181 | 126,071 | ||||
Kraft Heinz Co. | 3,229,181 | 124,679 | ||||
Hershey Co. | 605,401 | 117,399 | ||||
McCormick & Co. Inc. (Non-Voting) | 1,014,309 | 77,148 | ||||
Tyson Foods Inc. Class A | 1,121,576 | 68,024 | ||||
Kellanova | 1,048,887 | 60,689 | ||||
Bunge Global SA | 584,032 | 59,431 | ||||
Conagra Brands Inc. | 1,920,254 | 59,105 | ||||
Coca-Cola Europacific Partners plc | 815,189 | 58,710 | ||||
Clorox Co. | 393,671 | 58,212 | ||||
Walgreens Boots Alliance Inc. | 2,892,024 | 51,276 | ||||
J M Smucker Co. | 414,475 | 47,602 | ||||
Hormel Foods Corp. | 1,168,279 | 41,544 | ||||
Molson Coors Beverage Co. Class B | 699,969 | 40,080 | ||||
Campbell Soup Co. | 771,987 | 35,287 | ||||
Albertsons Cos. Inc. Class A | 1,681,173 | 34,296 | ||||
Ingredion Inc. | 262,993 | 30,136 | ||||
Flowers Foods Inc. | 758,251 | 18,911 | ||||
Lancaster Colony Corp. | 78,243 | 14,929 | ||||
Nomad Foods Ltd. | 567,722 | 10,253 | ||||
Spectrum Brands Holdings Inc. | 121,823 | 9,974 | ||||
Cal-Maine Foods Inc. | 164,274 | 9,089 | ||||
J & J Snack Foods Corp. | 60,315 | 8,281 | ||||
Energizer Holdings Inc. | 286,758 | 8,236 | ||||
Reynolds Consumer Products Inc. | 219,177 | 6,275 | ||||
WK Kellogg Co. | 262,165 | 6,119 | ||||
Vector Group Ltd. | 581,730 | 6,021 |
Shares | Market Value• ($000) | |||||
Universal Corp. | 96,505 | 4,963 | ||||
Weis Markets Inc. | 65,943 | 4,163 | ||||
Fresh Del Monte Produce Inc. | 136,346 | 3,486 | ||||
Nu Skin Enterprises Inc. Class A | 199,548 | 2,347 | ||||
7,426,403 | ||||||
Energy (10.9%) | ||||||
Exxon Mobil Corp. | 16,127,187 | 1,907,362 | ||||
Chevron Corp. | 6,728,108 | 1,085,042 | ||||
ConocoPhillips | 4,830,479 | 606,805 | ||||
EOG Resources Inc. | 2,368,290 | 312,922 | ||||
Schlumberger NV | 5,741,319 | 272,598 | ||||
Marathon Petroleum Corp. | 1,482,031 | 269,315 | ||||
Phillips 66 | 1,772,261 | 253,805 | ||||
Pioneer Natural Resources Co. | 937,662 | 252,531 | ||||
Valero Energy Corp. | 1,367,663 | 218,648 | ||||
Williams Cos. Inc. | 4,904,862 | 188,151 | ||||
ONEOK Inc. | 2,342,648 | 185,350 | ||||
Kinder Morgan Inc. | 7,919,045 | 144,760 | ||||
Diamondback Energy Inc. | 717,787 | 144,368 | ||||
Halliburton Co. | 3,612,343 | 135,354 | ||||
Devon Energy Corp. | 2,578,035 | 131,944 | ||||
Baker Hughes Co. Class A | 4,031,321 | 131,502 | ||||
Targa Resources Corp. | 888,208 | 101,309 | ||||
Coterra Energy Inc. | 3,018,609 | 82,589 | ||||
Marathon Oil Corp. | 2,338,755 | 62,796 | ||||
EQT Corp. | 1,456,033 | 58,372 | ||||
Ovintiv Inc. | 1,029,006 | 52,809 | ||||
APA Corp. | 1,464,701 | 46,050 | ||||
Chesapeake Energy Corp. | 499,490 | 44,894 | ||||
HF Sinclair Corp. | 645,275 | 35,006 | ||||
Range Resources Corp. | 945,256 | 33,944 | ||||
Permian Resources Corp. | 1,826,618 | 30,596 | ||||
Chord Energy Corp. | 167,549 | 29,653 | ||||
Murphy Oil Corp. | 582,004 | 25,981 | ||||
DT Midstream Inc. | 391,606 | 24,358 | ||||
Equitrans Midstream Corp. | 1,748,347 | 23,655 | ||||
PBF Energy Inc. Class A | 441,911 | 23,541 | ||||
Civitas Resources Inc. | 323,647 | 23,290 | ||||
Noble Corp. plc | 451,064 | 20,018 | ||||
Antero Midstream Corp. | 1,368,139 | 18,935 | ||||
Magnolia Oil & Gas Corp. Class A | 708,520 | 17,763 | ||||
Helmerich & Payne Inc. | 389,759 | 15,329 | ||||
Patterson-UTI Energy Inc. | 1,416,176 | 15,323 | ||||
California Resources Corp. | 279,070 | 14,752 | ||||
Northern Oil & Gas Inc. | 352,348 | 14,372 | ||||
Arch Resources Inc. | 72,055 | 11,441 | ||||
Archrock Inc. | 556,390 | 10,677 |
Shares | Market Value• ($000) | |||||
Peabody Energy Corp. | 452,206 | 9,921 | ||||
Golar LNG Ltd. | 396,641 | 9,726 | ||||
Delek US Holdings Inc. | 254,018 | 6,942 | ||||
New Fortress Energy Inc. | 261,297 | 6,846 | ||||
World Kinect Corp. | 239,397 | 5,626 | ||||
CVR Energy Inc. | 116,186 | 3,530 | ||||
7,120,501 | ||||||
Financials (20.3%) | ||||||
JPMorgan Chase & Co. | 11,639,443 | 2,231,747 | ||||
Bank of America Corp. | 27,785,136 | 1,028,328 | ||||
Wells Fargo & Co. | 14,519,941 | 861,323 | ||||
Goldman Sachs Group Inc. | 1,271,407 | 542,522 | ||||
Progressive Corp. | 2,356,269 | 490,693 | ||||
Citigroup Inc. | 7,709,241 | 472,808 | ||||
BlackRock Inc. | 599,150 | 452,143 | ||||
Morgan Stanley | 4,714,662 | 428,280 | ||||
Chubb Ltd. | 1,637,268 | 407,090 | ||||
Blackstone Inc. | 2,871,623 | 334,860 | ||||
CME Group Inc. | 1,447,226 | 303,396 | ||||
PNC Financial Services Group Inc. | 1,604,318 | 245,878 | ||||
Apollo Global Management Inc. | 2,101,069 | 227,714 | ||||
US Bancorp | 5,459,379 | 221,815 | ||||
American International Group Inc. | 2,826,023 | 212,828 | ||||
Truist Financial Corp. | 5,340,962 | 200,553 | ||||
Aflac Inc. | 2,336,601 | 195,457 | ||||
Travelers Cos. Inc. | 918,224 | 194,810 | ||||
Allstate Corp. | 1,056,272 | 179,630 | ||||
MetLife Inc. | 2,510,349 | 178,436 | ||||
Bank of New York Mellon Corp. | 3,061,146 | 172,924 | ||||
Ameriprise Financial Inc. | 403,268 | 166,062 | ||||
Prudential Financial Inc. | 1,461,136 | 161,426 | ||||
Discover Financial Services | 1,004,280 | 127,272 | ||||
Hartford Financial Services Group Inc. | 1,186,736 | 114,983 | ||||
Fifth Third Bancorp | 2,725,415 | 99,369 | ||||
T. Rowe Price Group Inc. | 893,484 | 97,899 | ||||
M&T Bank Corp. | 664,451 | 95,940 | ||||
Ares Management Corp. Class A | 671,789 | 89,408 | ||||
State Street Corp. | 1,219,982 | 88,437 | ||||
Huntington Bancshares Inc. | 5,758,062 | 77,561 | ||||
Principal Financial Group Inc. | 960,529 | 76,016 | ||||
Regions Financial Corp. | 3,699,501 | 71,289 | ||||
Cincinnati Financial Corp. | 615,426 | 71,199 | ||||
Northern Trust Corp. | 817,911 | 67,388 | ||||
Citizens Financial Group Inc. | 1,861,657 | 63,501 | ||||
Everest Group Ltd. | 172,926 | 63,362 |
Shares | Market Value• ($000) | |||||
W R Berkley Corp. | 807,942 | 62,187 | ||||
KeyCorp | 3,760,232 | 54,486 | ||||
Fidelity National Financial Inc. | 1,046,922 | 51,823 | ||||
Equitable Holdings Inc. | 1,359,880 | 50,193 | ||||
Reinsurance Group of America Inc. | 268,312 | 50,172 | ||||
Credicorp Ltd. | 274,894 | 45,525 | ||||
East West Bancorp Inc. | 566,698 | 42,213 | ||||
Ally Financial Inc. | 1,091,823 | 41,871 | ||||
Unum Group | 776,245 | 39,356 | ||||
Carlyle Group Inc. | 851,251 | 38,136 | ||||
Assurant Inc. | 213,394 | 37,216 | ||||
American Financial Group Inc. | 288,775 | 36,891 | ||||
First Horizon Corp. | 2,243,210 | 33,469 | ||||
Stifel Financial Corp. | 394,769 | 31,550 | ||||
Jefferies Financial Group Inc. | 730,949 | 31,475 | ||||
Old Republic International Corp. | 1,038,044 | 30,996 | ||||
Webster Financial Corp. | 676,267 | 29,641 | ||||
Franklin Resources Inc. | 1,208,839 | 27,610 | ||||
XP Inc. Class A | 1,304,011 | 26,693 | ||||
Comerica Inc. | 530,907 | 26,636 | ||||
Commerce Bancshares Inc. | 487,080 | 26,634 | ||||
Voya Financial Inc. | 390,703 | 26,630 | ||||
Houlihan Lokey Inc. Class A | 204,165 | 26,029 | ||||
Evercore Inc. Class A | 141,916 | 25,758 | ||||
Cullen/Frost Bankers Inc. | 238,838 | 24,920 | ||||
Western Alliance Bancorp | 436,468 | 24,804 | ||||
1 | Corebridge Financial Inc. | 913,669 | 24,267 | |||
Popular Inc. | 283,917 | 24,130 | ||||
Zions Bancorp NA | 587,020 | 23,939 | ||||
OneMain Holdings Inc. | 452,567 | 23,583 | ||||
SouthState Corp. | 304,749 | 23,070 | ||||
RLI Corp. | 162,274 | 22,937 | ||||
MGIC Investment Corp. | 1,111,240 | 22,536 | ||||
Essent Group Ltd. | 419,733 | 22,233 | ||||
Jackson Financial Inc. Class A | 319,525 | 21,830 | ||||
Prosperity Bancshares Inc. | 351,471 | 21,781 | ||||
First American Financial Corp. | 404,301 | 21,658 | ||||
Synovus Financial Corp. | 583,388 | 20,879 | ||||
Old National Bancorp | 1,257,203 | 20,794 | ||||
Invesco Ltd. | 1,465,488 | 20,766 | ||||
Cadence Bank | 729,347 | 20,181 | ||||
FNB Corp. | 1,442,842 | 19,248 | ||||
Axis Capital Holdings Ltd. | 313,634 | 19,235 | ||||
Bank OZK | 429,760 | 19,189 | ||||
SLM Corp. | 884,250 | 18,737 | ||||
Hanover Insurance Group Inc. | 143,207 | 18,591 |
Shares | Market Value• ($000) | |||||
Lincoln National Corp. | 681,645 | 18,588 | ||||
Radian Group Inc. | 615,168 | 18,375 | ||||
Home BancShares Inc. | 755,930 | 17,900 | ||||
FirstCash Holdings Inc. | 150,823 | 17,040 | ||||
United Bankshares Inc. | 523,879 | 17,005 | ||||
Lazard Inc. Class A | 441,597 | 17,002 | ||||
Assured Guaranty Ltd. | 221,312 | 16,975 | ||||
Janus Henderson Group plc | 540,142 | 16,863 | ||||
Glacier Bancorp Inc. | 446,462 | 16,153 | ||||
Columbia Banking System Inc. | 838,814 | 15,778 | ||||
Hancock Whitney Corp. | 347,363 | 15,767 | ||||
First Financial Bankshares Inc. | 522,090 | 15,433 | ||||
Kemper Corp. | 242,837 | 14,160 | ||||
UMB Financial Corp. | 177,383 | 14,130 | ||||
Piper Sandler Cos. | 69,448 | 13,597 | ||||
Moelis & Co. Class A | 267,373 | 13,123 | ||||
Associated Banc-Corp | 606,065 | 12,770 | ||||
TPG Inc. Class A | 289,194 | 12,464 | ||||
Valley National Bancorp | 1,727,871 | 12,112 | ||||
ServisFirst Bancshares Inc. | 204,038 | 12,030 | ||||
International Bancshares Corp. | 215,234 | 11,978 | ||||
CNO Financial Group Inc. | 448,203 | 11,801 | ||||
United Community Banks Inc. | 462,687 | 11,674 | ||||
Walker & Dunlop Inc. | 127,285 | 11,663 | ||||
First Bancorp | 668,441 | 11,531 | ||||
Fulton Financial Corp. | 683,862 | 11,318 | ||||
Atlantic Union Bankshares Corp. | 355,066 | 11,280 | ||||
First Hawaiian Inc. | 513,290 | 10,825 | ||||
Artisan Partners Asset Management Inc. Class A | 245,886 | 10,064 | ||||
BOK Financial Corp. | 111,509 | 9,894 | ||||
Cathay General Bancorp | 278,331 | 9,586 | ||||
Community Bank System Inc. | 213,220 | 9,215 | ||||
Bank of Hawaii Corp. | 156,958 | 8,898 | ||||
Independent Bank Corp. | 176,909 | 8,888 | ||||
First Interstate BancSystem Inc. Class A | 330,669 | 8,829 | ||||
CVB Financial Corp. | 532,573 | 8,702 | ||||
Simmons First National Corp. Class A | 496,864 | 8,491 | ||||
First Financial Bancorp | 377,183 | 8,340 | ||||
Pacific Premier Bancorp Inc. | 379,710 | 8,164 | ||||
BankUnited Inc. | 297,706 | 7,958 | ||||
First Merchants Corp. | 236,703 | 7,911 | ||||
BancFirst Corp. | 88,211 | 7,866 | ||||
Eastern Bankshares Inc. | 620,278 | 7,791 |
Shares | Market Value• ($000) | |||||
Seacoast Banking Corp. of Florida | 337,383 | 7,783 | ||||
New York Community Bancorp Inc. | 2,873,595 | 7,615 | ||||
Park National Corp. | 57,367 | 7,556 | ||||
Virtu Financial Inc. Class A | 341,952 | 7,420 | ||||
WaFd Inc. | 271,828 | 7,364 | ||||
Towne Bank | 280,986 | 7,269 | ||||
Trustmark Corp. | 243,649 | 7,212 | ||||
Cohen & Steers Inc. | 104,055 | 7,157 | ||||
Heartland Financial USA Inc. | 169,230 | 7,126 | ||||
Bank of NT Butterfield & Son Ltd. | 194,313 | 6,607 | ||||
NBT Bancorp Inc. | 183,458 | 6,423 | ||||
Renasant Corp. | 220,955 | 6,421 | ||||
WesBanco Inc. | 230,950 | 6,236 | ||||
Horace Mann Educators Corp. | 164,498 | 6,063 | ||||
Virtus Investment Partners Inc. | 27,356 | 6,000 | ||||
Banner Corp. | 137,094 | 5,981 | ||||
City Holding Co. | 58,616 | 5,921 | ||||
Mercury General Corp. | 107,240 | 5,604 | ||||
Hilltop Holdings Inc. | 187,126 | 5,475 | ||||
Northwest Bancshares Inc. | 510,333 | 5,410 | ||||
Independent Bank Group Inc. | 144,819 | 5,393 | ||||
First Commonwealth Financial Corp. | 405,642 | 5,350 | ||||
Navient Corp. | 333,612 | 5,011 | ||||
WisdomTree Inc. | 544,822 | 4,849 | ||||
Stock Yards Bancorp Inc. | 108,656 | 4,841 | ||||
Westamerica Bancorp | 103,704 | 4,827 | ||||
Hope Bancorp Inc. | 461,990 | 4,629 | ||||
CNA Financial Corp. | 104,918 | 4,610 | ||||
S&T Bancorp Inc. | 152,690 | 4,604 | ||||
Safety Insurance Group Inc. | 57,520 | 4,577 | ||||
Provident Financial Services Inc. | 294,086 | 4,317 | ||||
Employers Holdings Inc. | 100,914 | 4,298 | ||||
Berkshire Hills Bancorp Inc. | 174,096 | 3,712 | ||||
Sandy Spring Bancorp Inc. | 175,519 | 3,589 | ||||
1st Source Corp. | 66,075 | 3,277 | ||||
F&G Annuities & Life Inc. | 79,157 | 2,994 | ||||
Brookline Bancorp Inc. | 349,446 | 2,900 | ||||
TFS Financial Corp. | 202,020 | 2,426 | ||||
Capitol Federal Financial Inc. | 502,581 | 2,397 | ||||
Republic Bancorp Inc. Class A | 32,768 | 1,662 | ||||
13,229,683 |
Shares | Market Value• ($000) | |||||
Health Care (11.9%) | ||||||
Johnson & Johnson | 9,717,161 | 1,405,004 | ||||
Merck & Co. Inc. | 10,241,031 | 1,323,346 | ||||
AbbVie Inc. | 7,114,921 | 1,157,171 | ||||
Abbott Laboratories | 6,979,092 | 739,574 | ||||
Amgen Inc. | 2,153,543 | 589,942 | ||||
Pfizer Inc. | 22,776,987 | 583,546 | ||||
Medtronic plc | 5,353,866 | 429,594 | ||||
Cigna Group | 1,159,379 | 413,945 | ||||
Bristol-Myers Squibb Co. | 8,206,069 | 360,575 | ||||
Gilead Sciences Inc. | 5,038,154 | 328,488 | ||||
Cardinal Health Inc. | 993,354 | 102,355 | ||||
Baxter International Inc. | 2,043,196 | 82,484 | ||||
Quest Diagnostics Inc. | 449,788 | 62,152 | ||||
Viatris Inc. | 4,828,582 | 55,867 | ||||
Royalty Pharma plc Class A | 1,498,798 | 41,517 | ||||
* | Solventum Corp. | 553,706 | 35,996 | |||
Organon & Co. | 1,030,776 | 19,183 | ||||
Perrigo Co. plc | 544,380 | 17,779 | ||||
Select Medical Holdings Corp. | 416,170 | 11,807 | ||||
Premier Inc. Class A | 478,515 | 9,991 | ||||
Patterson Cos. Inc. | 334,257 | 8,513 | ||||
Embecta Corp. | 231,285 | 2,343 | ||||
7,781,172 | ||||||
Industrials (12.6%) | ||||||
Caterpillar Inc. | 2,057,501 | 688,378 | ||||
RTX Corp. | 5,797,459 | 588,558 | ||||
Union Pacific Corp. | 2,458,811 | 583,132 | ||||
Honeywell International Inc. | 2,682,757 | 517,048 | ||||
Eaton Corp. plc | 1,605,337 | 510,915 | ||||
United Parcel Service Inc. Class B | 2,918,421 | 430,409 | ||||
Lockheed Martin Corp. | 870,714 | 404,821 | ||||
Automatic Data Processing Inc. | 1,667,478 | 403,346 | ||||
Illinois Tool Works Inc. | 1,206,712 | 294,570 | ||||
General Dynamics Corp. | 986,395 | 283,184 | ||||
Emerson Electric Co. | 2,300,004 | 247,894 | ||||
FedEx Corp. | 934,294 | 244,580 | ||||
PACCAR Inc. | 2,065,194 | 219,138 | ||||
3M Co. | 2,214,241 | 213,696 | ||||
Norfolk Southern Corp. | 914,900 | 210,720 | ||||
Johnson Controls International plc | 2,739,328 | 178,248 | ||||
L3Harris Technologies Inc. | 761,042 | 162,901 | ||||
Fidelity National Information Services Inc. | 2,382,422 | 161,814 | ||||
Cummins Inc. | 548,262 | 154,879 | ||||
Paychex Inc. | 1,297,199 | 154,120 | ||||
DuPont de Nemours Inc. | 1,730,442 | 125,457 | ||||
Rockwell Automation Inc. | 462,488 | 125,316 |
Shares | Market Value• ($000) | |||||
PPG Industries Inc. | 944,095 | 121,788 | ||||
Hubbell Inc. Class B | 215,343 | 79,789 | ||||
Synchrony Financial | 1,623,074 | 71,383 | ||||
Packaging Corp. of America | 357,124 | 61,775 | ||||
Watsco Inc. | 134,845 | 60,373 | ||||
Stanley Black & Decker Inc. | 612,820 | 56,012 | ||||
Snap-on Inc. | 208,563 | 55,887 | ||||
RPM International Inc. | 513,261 | 54,873 | ||||
Westrock Co. | 1,025,172 | 49,167 | ||||
nVent Electric plc | 663,794 | 47,840 | ||||
* | CNH Industrial NV | 3,930,830 | 44,811 | |||
Huntington Ingalls Industries Inc. | 158,157 | 43,798 | ||||
CH Robinson Worldwide Inc. | 464,004 | 32,944 | ||||
Oshkosh Corp. | 263,013 | 29,528 | ||||
AGCO Corp. | 252,690 | 28,855 | ||||
Robert Half Inc. | 416,939 | 28,827 | ||||
FTAI Aviation Ltd. | 398,652 | 27,989 | ||||
Berry Global Group Inc. | 468,275 | 26,523 | ||||
Flowserve Corp. | 527,770 | 24,890 | ||||
Brunswick Corp. | 276,429 | 22,291 | ||||
Sonoco Products Co. | 394,570 | 22,116 | ||||
Ryder System Inc. | 176,494 | 21,506 | ||||
Air Lease Corp. Class A | 417,739 | 20,987 | ||||
MDU Resources Group Inc. | 815,590 | 20,145 | ||||
Western Union Co. | 1,469,387 | 19,749 | ||||
Sealed Air Corp. | 580,499 | 18,274 | ||||
GATX Corp. | 142,166 | 17,395 | ||||
MSC Industrial Direct Co. Inc. Class A | 186,652 | 17,030 | ||||
ManpowerGroup Inc. | 195,263 | 14,733 | ||||
Insperity Inc. | 142,400 | 14,657 | ||||
Otter Tail Corp. | 165,251 | 14,106 | ||||
Scorpio Tankers Inc. | 191,282 | 13,459 | ||||
Hillenbrand Inc. | 280,705 | 13,395 | ||||
Korn Ferry | 208,864 | 12,682 | ||||
Crane NXT Co. | 194,086 | 11,802 | ||||
ABM Industries Inc. | 252,102 | 11,017 | ||||
McGrath RentCorp | 98,869 | 10,545 | ||||
Tennant Co. | 74,114 | 8,633 | ||||
Trinity Industries Inc. | 325,137 | 8,460 | ||||
Kennametal Inc. | 319,151 | 7,510 | ||||
Bread Financial Holdings Inc. | 198,962 | 7,344 | ||||
Star Bulk Carriers Corp. | 295,336 | 7,183 | ||||
Barnes Group Inc. | 196,140 | 6,810 | ||||
ADT Inc. | 1,031,801 | 6,707 | ||||
H&E Equipment Services Inc. | 128,663 | 6,213 | ||||
SFL Corp. Ltd. | 460,950 | 6,144 | ||||
Greenbrier Cos. Inc. | 122,160 | 6,033 | ||||
Greif Inc. Class A | 97,409 | 5,969 |
Shares | Market Value• ($000) | |||||
Apogee Enterprises Inc. | 87,252 | 5,390 | ||||
Deluxe Corp. | 174,109 | 3,439 | ||||
Ardagh Metal Packaging SA | 578,179 | 2,284 | ||||
Forward Air Corp. | 103,101 | 2,270 | ||||
TTEC Holdings Inc. | 89,026 | 648 | ||||
8,237,102 | ||||||
Real Estate (0.0%) | ||||||
Newmark Group Inc. Class A | 542,952 | 5,196 | ||||
Kennedy-Wilson Holdings Inc. | 478,844 | 4,113 | ||||
9,309 | ||||||
Technology (9.6%) | ||||||
Broadcom Inc. | 1,738,211 | 2,260,144 | ||||
QUALCOMM Inc. | 4,498,160 | 746,020 | ||||
Texas Instruments Inc. | 3,660,426 | 645,772 | ||||
International Business Machines Corp. | 3,343,593 | 555,705 | ||||
Intel Corp. | 17,012,400 | 518,368 | ||||
Analog Devices Inc. | 2,007,796 | 402,784 | ||||
NXP Semiconductors NV | 1,043,524 | 267,340 | ||||
Microchip Technology Inc. | 2,139,637 | 196,804 | ||||
Corning Inc. | 3,057,365 | 102,055 | ||||
HP Inc. | 3,477,126 | 97,673 | ||||
Hewlett Packard Enterprise Co. | 5,238,278 | 89,051 | ||||
NetApp Inc. | 831,503 | 84,988 | ||||
Seagate Technology Holdings plc | 842,549 | 72,383 | ||||
Skyworks Solutions Inc. | 638,581 | 68,066 | ||||
Gen Digital Inc. | 2,235,771 | 45,028 | ||||
Amdocs Ltd. | 461,238 | 38,739 | ||||
Avnet Inc. | 366,712 | 17,921 | ||||
Vishay Intertechnology Inc. | 509,485 | 11,790 | ||||
Dun & Bradstreet Holdings Inc. | 1,099,264 | 10,003 | ||||
Xerox Holdings Corp. | 468,134 | 6,222 | ||||
Clear Secure Inc. Class A | 332,672 | 5,812 | ||||
CSG Systems International Inc. | 118,541 | 5,600 | ||||
Benchmark Electronics Inc. | 141,647 | 4,279 | ||||
Shutterstock Inc. | 98,765 | 4,218 | ||||
Methode Electronics Inc. | 134,983 | 1,645 | ||||
6,258,410 | ||||||
Telecommunications (4.0%) | ||||||
Cisco Systems Inc. | 16,350,174 | 768,131 | ||||
Verizon Communications Inc. | 16,963,699 | 669,896 | ||||
Comcast Corp. Class A | 15,880,417 | 605,203 | ||||
AT&T Inc. | 28,857,302 | 487,400 | ||||
Juniper Networks Inc. | 1,284,554 | 44,728 | ||||
Iridium Communications Inc. | 495,215 | 15,248 |
Shares | Market Value• ($000) | |||||
Cogent Communications Holdings Inc. | 175,198 | 11,244 | ||||
Cable One Inc. | 22,483 | 8,855 | ||||
Telephone & Data Systems Inc. | 395,890 | 6,196 | ||||
Ubiquiti Inc. | 16,738 | 1,801 | ||||
2,618,702 | ||||||
Utilities (6.8%) | ||||||
NextEra Energy Inc. | 8,275,198 | 554,190 | ||||
Waste Management Inc. | 1,639,824 | 341,116 | ||||
Southern Co. | 4,393,957 | 322,956 | ||||
Duke Energy Corp. | 3,113,725 | 305,955 | ||||
American Electric Power Co. Inc. | 2,120,568 | 182,432 | ||||
Sempra | 2,535,847 | 181,643 | ||||
Dominion Energy Inc. | 3,365,504 | 171,573 | ||||
Exelon Corp. | 4,002,651 | 150,420 | ||||
Public Service Enterprise Group Inc. | 2,000,395 | 138,187 | ||||
Consolidated Edison Inc. | 1,406,550 | 132,778 | ||||
Xcel Energy Inc. | 2,224,861 | 119,542 | ||||
Vistra Corp. | 1,426,271 | 108,168 | ||||
Edison International | 1,518,550 | 107,908 | ||||
WEC Energy Group Inc. | 1,265,932 | 104,617 | ||||
American Water Works Co. Inc. | 781,645 | 95,611 | ||||
DTE Energy Co. | 826,185 | 91,145 | ||||
Entergy Corp. | 850,360 | 90,708 | ||||
Eversource Energy | 1,407,322 | 85,312 | ||||
FirstEnergy Corp. | 2,187,056 | 83,852 | ||||
PPL Corp. | 2,959,072 | 81,256 | ||||
Ameren Corp. | 1,061,145 | 78,387 | ||||
CenterPoint Energy Inc. | 2,547,944 | 74,247 | ||||
Atmos Energy Corp. | 604,569 | 71,279 | ||||
CMS Energy Corp. | 1,174,170 | 71,166 | ||||
NRG Energy Inc. | 905,307 | 65,789 | ||||
Alliant Energy Corp. | 1,029,628 | 51,275 | ||||
AES Corp. | 2,695,885 | 48,256 | ||||
Evergy Inc. | 898,923 | 47,149 | ||||
NiSource Inc. | 1,668,543 | 46,486 | ||||
Essential Utilities Inc. | 1,012,307 | 37,030 | ||||
Pinnacle West Capital Corp. | 456,983 | 33,657 | ||||
OGE Energy Corp. | 806,799 | 27,956 | ||||
UGI Corp. | 842,918 | 21,545 | ||||
IDACORP Inc. | 203,774 | 19,314 | ||||
National Fuel Gas Co. | 358,425 | 19,032 | ||||
Southwest Gas Holdings Inc. | 249,840 | 18,643 | ||||
Portland General Electric Co. | 406,994 | 17,594 |
Shares | Market Value• ($000) | |||||
New Jersey Resources Corp. | 389,137 | 17,001 | ||||
Black Hills Corp. | 273,620 | 15,022 | ||||
ONE Gas Inc. | 220,969 | 14,257 | ||||
ALLETE Inc. | 231,382 | 13,702 | ||||
Spire Inc. | 209,039 | 12,917 | ||||
PNM Resources Inc. | 343,264 | 12,721 | ||||
Northwestern Energy Group Inc. | 246,749 | 12,446 | ||||
1 | MGE Energy Inc. | 146,080 | 11,441 | |||
California Water Service Group | 231,505 | 11,372 | ||||
Avista Corp. | 310,347 | 11,166 | ||||
American States Water Co. | 148,463 | 10,517 | ||||
Avangrid Inc. | 286,427 | 10,463 | ||||
Chesapeake Utilities Corp. | 87,578 | 9,272 | ||||
Clearway Energy Inc. Class C | 334,708 | 7,825 | ||||
SJW Group | 127,787 | 6,958 | ||||
Northwest Natural Holding Co. | 147,016 | 5,609 | ||||
Atlantica Sustainable Infrastructure plc | 271,081 | 5,305 | ||||
Clearway Energy Inc. Class A | 135,192 | 2,935 | ||||
4,389,103 | ||||||
Total Common Stocks (Cost $52,735,190) | 64,986,978 | |||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 5.394% (Cost $193,114) | 1,931,471 | 193,127 | |||
Total Investments (99.9%) (Cost $52,928,304) | 65,180,105 | |||||
Other Assets and Liabilities—Net (0.1%) | 75,372 | |||||
Net Assets (100%) | 65,255,477 |
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 $12,472,000. |
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 $13,840,000 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 2024 | 415 | 105,140 | (2,757) |
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) |
Celanese Corp. Class A | 1/31/25 | CITNA | 14,020 | (5.325) | — | (161) |
Chevron Corp. | 1/31/25 | CITNA | 33,125 | (5.331) | 599 | — |
Clorox Co. | 8/30/24 | BANA | 15,770 | (5.331) | — | (484) |
International Business Machines Corp. | 1/31/25 | CITNA | 61,107 | (5.331) | — | (8,186) |
Paramount Global Class B | 8/30/24 | BANA | 7,015 | (5.331) | — | (227) |
US Bancorp | 1/31/25 | CITNA | 33,774 | (5.325) | — | (730) |
599 | (9,788) |
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. | |
CITNA—Citibank, N.A. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $52,735,190) | 64,986,978 |
Affiliated Issuers (Cost $193,114) | 193,127 |
Total Investments in Securities | 65,180,105 |
Investment in Vanguard | 2,005 |
Cash | 45 |
Cash Collateral Pledged—Futures Contracts | 4,900 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 6,050 |
Receivables for Accrued Income | 89,620 |
Receivables for Capital Shares Issued | 5,200 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 599 |
Total Assets | 65,288,524 |
Liabilities | |
Payables for Investment Securities Purchased | 1,383 |
Collateral for Securities on Loan | 13,840 |
Payables for Capital Shares Redeemed | 4,667 |
Payables to Vanguard | 1,709 |
Variation Margin Payable—Futures Contracts | 1,660 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 9,788 |
Total Liabilities | 33,047 |
Net Assets | 65,255,477 |
1 Includes $12,472,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 55,079,152 |
Total Distributable Earnings (Loss) | 10,176,325 |
Net Assets | 65,255,477 |
ETF Shares—Net Assets | |
Applicable to 452,673,714 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 52,711,545 |
Net Asset Value Per Share—ETF Shares | $116.44 |
Admiral Shares—Net Assets | |
Applicable to 357,243,890 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,543,932 |
Net Asset Value Per Share—Admiral Shares | $35.11 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,012,087 |
Interest2 | 3,319 |
Securities Lending—Net | 2,095 |
Total Income | 1,017,501 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 672 |
Management and Administrative—ETF Shares | 12,690 |
Management and Administrative—Admiral Shares | 4,368 |
Marketing and Distribution—ETF Shares | 1,183 |
Marketing and Distribution—Admiral Shares | 265 |
Custodian Fees | 235 |
Shareholders’ Reports—ETF Shares | 626 |
Shareholders’ Reports—Admiral Shares | 67 |
Trustees’ Fees and Expenses | 23 |
Other Expenses | 7 |
Total Expenses | 20,136 |
Net Investment Income | 997,365 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 1,169,453 |
Futures Contracts | 13,231 |
Swap Contracts | 18,864 |
Realized Net Gain (Loss) | 1,201,548 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 7,799,483 |
Futures Contracts | (2,334) |
Swap Contracts | (2,617) |
Change in Unrealized Appreciation (Depreciation) | 7,794,532 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,993,445 |
1 | Dividends are net of foreign withholding taxes of $272,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,210,000, ($14,000), $1,000, and $5,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $2,127,158,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 997,365 | 1,971,941 | |
Realized Net Gain (Loss) | 1,201,548 | 2,411,481 | |
Change in Unrealized Appreciation (Depreciation) | 7,794,532 | (5,878,798) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,993,445 | (1,495,376) | |
Distributions | |||
ETF Shares | (816,695) | (1,545,745) | |
Admiral Shares | (189,310) | (378,325) | |
Total Distributions | (1,006,005) | (1,924,070) | |
Capital Share Transactions | |||
ETF Shares | (526,292) | 62,206 | |
Admiral Shares | (305,561) | (430,784) | |
Net Increase (Decrease) from Capital Share Transactions | (831,853) | (368,578) | |
Total Increase (Decrease) | 8,155,587 | (3,788,024) | |
Net Assets | |||
Beginning of Period | 57,099,890 | 60,887,914 | |
End of Period | 65,255,477 | 57,099,890 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $100.48 | $106.42 | $108.42 | $79.49 | $89.60 | $83.26 |
Investment Operations | ||||||
Net Investment Income1 | 1.771 | 3.435 | 3.232 | 3.010 | 2.950 | 2.891 |
Net Realized and Unrealized Gain (Loss) on Investments | 15.944 | (6.022) | (2.016) | 28.887 | (10.184) | 6.251 |
Total from Investment Operations | 17.715 | (2.587) | 1.216 | 31.897 | (7.234) | 9.142 |
Distributions | ||||||
Dividends from Net Investment Income | (1.755) | (3.353) | (3.216) | (2.967) | (2.876) | (2.802) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.755) | (3.353) | (3.216) | (2.967) | (2.876) | (2.802) |
Net Asset Value, End of Period | $116.44 | $100.48 | $106.42 | $108.42 | $79.49 | $89.60 |
Total Return | 17.69% | -2.54% | 1.18% | 40.55% | -8.17% | 11.31% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $52,712 | $45,997 | $48,689 | $39,766 | $26,279 | $26,816 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06%2 | 0.06%2 | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 3.12% | 3.22% | 3.01% | 2.99% | 3.53% | 3.38% |
Portfolio Turnover Rate3 | 11% | 6% | 9% | 8% | 11% | 7% |
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, 2024 | Year Ended October 31, | February 7, 20191 to October 31, 2019 | |||
2023 | 2022 | 2021 | 2020 | |||
Net Asset Value, Beginning of Period | $30.30 | $32.09 | $32.69 | $23.97 | $27.02 | $25.00 |
Investment Operations | ||||||
Net Investment Income2 | .530 | 1.030 | .970 | .902 | .887 | .624 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.806 | (1.815) | (.607) | 8.707 | (3.075) | 2.010 |
Total from Investment Operations | 5.336 | (.785) | .363 | 9.609 | (2.188) | 2.634 |
Distributions | ||||||
Dividends from Net Investment Income | (.526) | (1.005) | (.963) | (.889) | (.862) | (.614) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.526) | (1.005) | (.963) | (.889) | (.862) | (.614) |
Net Asset Value, End of Period | $35.11 | $30.30 | $32.09 | $32.69 | $23.97 | $27.02 |
Total Return3 | 17.67% | -2.56% | 1.19% | 40.50% | -8.19% | 10.64% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $12,544 | $11,103 | $12,199 | $11,418 | $7,665 | $8,814 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08%4 | 0.08%4 | 0.08% | 0.08% | 0.08%5 |
Ratio of Net Investment Income to Average Net Assets | 3.10% | 3.20% | 2.99% | 2.97% | 3.52% | 3.24%5 |
Portfolio Turnover Rate6 | 11% | 6% | 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 | 64,986,978 | — | — | 64,986,978 |
Temporary Cash Investments | 193,127 | — | — | 193,127 |
Total | 65,180,105 | — | — | 65,180,105 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 599 | — | 599 |
Liabilities | ||||
Futures Contracts1 | 2,757 | — | — | 2,757 |
Swap Contracts | — | 9,788 | — | 9,788 |
Total | 2,757 | 9,788 | — | 12,545 |
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 | 52,990,216 |
Gross Unrealized Appreciation | 14,869,305 |
Gross Unrealized Depreciation | (2,691,362) |
Net Unrealized Appreciation (Depreciation) | 12,177,943 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 4,052,667 | 34,566 | 7,563,122 | 71,656 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (4,578,959) | (39,675) | (7,500,916) | (71,375) | |
Net Increase (Decrease)—ETF Shares | (526,292) | (5,109) | 62,206 | 281 | |
Admiral Shares | |||||
Issued | 581,765 | 17,044 | 1,338,825 | 41,393 | |
Issued in Lieu of Cash Distributions | 148,868 | 4,384 | 294,347 | 9,262 | |
Redeemed | (1,036,194) | (30,656) | (2,063,956) | (64,326) | |
Net Increase (Decrease)—Admiral Shares | (305,561) | (9,228) | (430,784) | (13,671) |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 33 |
Liquidity Risk Management | 35 |
• | 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, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,104.30 | $1.05 |
Admiral™ Shares | 1,000.00 | 1,104.20 | 1.05 |
Institutional Shares | 1,000.00 | 1,104.30 | 0.94 |
Based on Hypothetical 5% Yearly Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,023.87 | $1.01 |
Admiral Shares | 1,000.00 | 1,023.87 | 1.01 |
Institutional Shares | 1,000.00 | 1,023.97 | 0.91 |
Saudi Arabia | 11.4% |
Mexico | 10.0 |
Turkey | 7.0 |
Indonesia | 6.6 |
United Arab Emirates | 5.9 |
Qatar | 4.2 |
Colombia | 3.8 |
Brazil | 3.3 |
Argentina | 3.3 |
China | 3.2 |
Philippines | 3.0 |
Panama | 2.6 |
Chile | 2.5 |
Dominican Republic | 2.2 |
Egypt | 2.2 |
Oman | 2.1 |
Bahrain | 2.0 |
Peru | 1.9 |
Poland | 1.8 |
South Africa | 1.6 |
Romania | 1.6 |
Hungary | 1.5 |
Uruguay | 1.4 |
Nigeria | 1.3 |
Other | 13.6 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (0.1%) | |||||
United States Treasury Note/Bond | 4.875% | 4/30/26 | 4,105 | 4,093 | |
United States Treasury Note/Bond | 4.500% | 4/15/27 | 525 | 520 | |
Total U.S. Government and Agency Obligations (Cost $4,614) | 4,613 | ||||
Corporate Bonds (13.2%) | |||||
Azerbaijan (0.2%) | |||||
1 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | 9,300 | 9,335 |
Chile (0.3%) | |||||
Corp. Nacional del Cobre de Chile | 6.440% | 1/26/36 | 6,900 | 6,859 | |
Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 13,295 | 8,617 | |
15,476 | |||||
China (2.0%) | |||||
China Construction Bank Corp. | 2.450% | 6/24/30 | 10,250 | 9,872 | |
China Construction Bank Corp. | 2.850% | 1/21/32 | 9,650 | 9,017 | |
China Taiping Insurance Holdings Co. Ltd. | 6.400% | Perpetual | 9,550 | 9,891 | |
CNAC HK Finbridge Co. Ltd. | 5.125% | 3/14/28 | 8,880 | 8,765 | |
CNOOC Finance 2015 USA LLC | 3.500% | 5/5/25 | 7,850 | 7,683 | |
Industrial & Commercial Bank of China Ltd. | 4.875% | 9/21/25 | 8,865 | 8,756 | |
Industrial & Commercial Bank of China Ltd. | 3.200% | Perpetual | 29,285 | 27,644 | |
Sinopec Group Overseas Development 2018 Ltd. | 2.700% | 5/13/30 | 6,800 | 5,967 | |
State Grid Overseas Investment BVI Ltd. | 3.500% | 5/4/27 | 11,669 | 11,124 | |
98,719 | |||||
Colombia (0.8%) | |||||
Ecopetrol SA | 5.375% | 6/26/26 | 7,499 | 7,318 | |
Ecopetrol SA | 6.875% | 4/29/30 | 9,500 | 9,065 | |
Ecopetrol SA | 8.875% | 1/13/33 | 10,975 | 11,228 | |
Ecopetrol SA | 8.375% | 1/19/36 | 8,905 | 8,656 | |
Ecopetrol SA | 5.875% | 5/28/45 | 9,544 | 6,757 | |
43,024 | |||||
Indonesia (0.4%) | |||||
2 | Freeport Indonesia PT | 5.315% | 4/14/32 | 1,300 | 1,228 |
Freeport Indonesia PT | 5.315% | 4/14/32 | 5,800 | 5,475 | |
Pertamina Persero PT | 6.450% | 5/30/44 | 7,100 | 7,154 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | 5/15/27 | 7,092 | 6,754 | |
20,611 | |||||
Kazakhstan (0.1%) | |||||
KazMunayGas National Co. JSC | 6.375% | 10/24/48 | 7,100 | 6,332 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Malaysia (0.6%) | |||||
Petronas Capital Ltd. | 3.500% | 4/21/30 | 10,575 | 9,499 | |
Petronas Capital Ltd. | 4.500% | 3/18/45 | 7,375 | 6,172 | |
Petronas Capital Ltd. | 4.550% | 4/21/50 | 13,100 | 10,871 | |
Petronas Capital Ltd. | 3.404% | 4/28/61 | 8,100 | 5,153 | |
31,695 | |||||
Mexico (3.9%) | |||||
Mexico City Airport Trust | 5.500% | 7/31/47 | 9,129 | 7,498 | |
Petroleos Mexicanos | 6.875% | 8/4/26 | 12,250 | 11,861 | |
Petroleos Mexicanos | 6.490% | 1/23/27 | 7,306 | 6,851 | |
Petroleos Mexicanos | 6.500% | 3/13/27 | 19,044 | 17,824 | |
Petroleos Mexicanos | 5.350% | 2/12/28 | 10,250 | 8,963 | |
3 | Petroleos Mexicanos | 8.750% | 6/2/29 | 8,078 | 7,798 |
Petroleos Mexicanos | 6.840% | 1/23/30 | 11,460 | 9,937 | |
Petroleos Mexicanos | 5.950% | 1/28/31 | 17,972 | 14,205 | |
3 | Petroleos Mexicanos | 6.700% | 2/16/32 | 32,092 | 26,252 |
Petroleos Mexicanos | 10.000% | 2/7/33 | 9,413 | 9,224 | |
Petroleos Mexicanos | 6.625% | 6/15/35 | 13,426 | 9,908 | |
Petroleos Mexicanos | 6.500% | 6/2/41 | 7,446 | 4,919 | |
Petroleos Mexicanos | 6.750% | 9/21/47 | 26,475 | 16,896 | |
Petroleos Mexicanos | 6.350% | 2/12/48 | 7,511 | 4,646 | |
Petroleos Mexicanos | 7.690% | 1/23/50 | 38,402 | 26,784 | |
Petroleos Mexicanos | 6.950% | 1/28/60 | 18,222 | 11,592 | |
195,158 | |||||
Peru (0.1%) | |||||
Petroleos del Peru SA | 5.625% | 6/19/47 | 10,087 | 6,148 | |
Qatar (0.9%) | |||||
Qatar Energy | 1.375% | 9/12/26 | 7,600 | 6,919 | |
Qatar Energy | 2.250% | 7/12/31 | 16,800 | 13,680 | |
Qatar Energy | 3.125% | 7/12/41 | 17,961 | 12,897 | |
Qatar Energy | 3.300% | 7/12/51 | 17,925 | 11,929 | |
45,425 | |||||
Saudi Arabia (3.0%) | |||||
Gaci First Investment Co. | 5.000% | 1/29/29 | 8,100 | 7,874 | |
Gaci First Investment Co. | 4.750% | 2/14/30 | 8,880 | 8,496 | |
Gaci First Investment Co. | 5.250% | 1/29/34 | 6,730 | 6,431 | |
Gaci First Investment Co. | 4.875% | 2/14/35 | 10,150 | 9,360 | |
Gaci First Investment Co. | 5.125% | 2/14/53 | 9,875 | 8,138 | |
Gaci First Investment Co. | 5.375% | 1/29/54 | 6,190 | 5,241 | |
SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 9,349 | 8,639 | |
SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 13,250 | 11,108 | |
Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 14,991 | 13,782 | |
Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 9,825 | 8,085 | |
Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 14,975 | 12,636 | |
Saudi Arabian Oil Co. | 4.375% | 4/16/49 | 14,010 | 11,093 | |
Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 10,733 | 6,894 | |
Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 10,630 | 6,581 | |
Saudi Electricity Sukuk Programme Co. | 5.684% | 4/11/53 | 7,170 | 6,820 | |
Suci Second Investment Co. | 6.000% | 10/25/28 | 11,250 | 11,437 | |
Suci Second Investment Co. | 5.171% | 3/5/31 | 9,400 | 9,166 | |
151,781 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
United Arab Emirates (0.9%) | |||||
3 | Abu Dhabi Crude Oil Pipeline LLC | 4.600% | 11/2/47 | 10,500 | 9,033 |
DP World Crescent Ltd. | 5.500% | 9/13/33 | 7,850 | 7,674 | |
2 | DP World Ltd. | 6.850% | 7/2/37 | 7,470 | 7,855 |
DP World Salaam | 6.000% | Perpetual | 7,175 | 7,122 | |
MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 7,628 | 5,439 | |
MDGH GMTN RSC Ltd. | 3.950% | 5/21/50 | 9,550 | 7,099 | |
44,222 | |||||
Total Corporate Bonds (Cost $749,073) | 667,926 | ||||
Sovereign Bonds (84.8%) | |||||
Angola (0.8%) | |||||
Republic of Angola | 9.500% | 11/12/25 | 3,800 | 3,866 | |
Republic of Angola | 8.250% | 5/9/28 | 8,567 | 8,074 | |
Republic of Angola | 8.000% | 11/26/29 | 8,523 | 7,758 | |
Republic of Angola | 8.750% | 4/14/32 | 7,925 | 7,151 | |
Republic of Angola | 9.375% | 5/8/48 | 8,050 | 6,854 | |
Republic of Angola | 9.125% | 11/26/49 | 6,600 | 5,494 | |
39,197 | |||||
Argentina (3.2%) | |||||
4 | Provincia de Buenos Aires, 6.625% coupon rate effective 9/1/24 | 6.375% | 9/1/37 | 29,054 | 12,860 |
Republic of Argentina | 1.000% | 7/9/29 | 12,646 | 7,452 | |
4 | Republic of Argentina, 1.750% coupon rate effective 7/9/27 | 0.750% | 7/9/30 | 76,713 | 44,410 |
4 | Republic of Argentina, 4.125% coupon rate effective 7/9/24 | 3.625% | 7/9/35 | 97,830 | 44,865 |
4 | Republic of Argentina, 4.125% coupon rate effective 7/9/24 | 3.625% | 7/9/46 | 10,153 | 4,850 |
4 | Republic of Argentina, 4.875% coupon rate effective 7/9/29 | 3.500% | 7/9/41 | 50,022 | 21,902 |
4 | Republic of Argentina, 5.000% coupon rate effective 7/9/24 | 4.250% | 1/9/38 | 54,655 | 27,774 |
164,113 | |||||
Armenia (0.1%) | |||||
Republic of Armenia | 3.950% | 9/26/29 | 2,550 | 2,168 | |
Republic of Armenia | 3.600% | 2/2/31 | 3,450 | 2,737 | |
4,905 | |||||
Azerbaijan (0.1%) | |||||
3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 5,460 | 4,514 |
Bahamas (0.1%) | |||||
3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 3,334 | 2,967 |
3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 4,150 | 3,992 |
6,959 | |||||
Bahrain (1.9%) | |||||
CBB International Sukuk Co. 7 SPC | 6.875% | 10/5/25 | 4,270 | 4,306 | |
CBB International Sukuk Programme Co. WLL | 4.500% | 3/30/27 | 4,706 | 4,507 | |
CBB International Sukuk Programme Co. WLL | 3.950% | 9/16/27 | 4,825 | 4,520 | |
CBB International Sukuk Programme Co. WLL | 3.875% | 5/18/29 | 4,743 | 4,248 | |
CBB International Sukuk Programme Co. WLL | 6.250% | 10/18/30 | 4,250 | 4,252 | |
2 | CBB International Sukuk Programme Co. WLL | 6.000% | 2/12/31 | 3,600 | 3,560 |
CBB International Sukuk Programme Co. WLL | 6.000% | 2/12/31 | 1,100 | 1,089 | |
Kingdom of Bahrain | 7.000% | 1/26/26 | 7,670 | 7,720 | |
Kingdom of Bahrain | 4.250% | 1/25/28 | 2,475 | 2,291 | |
Kingdom of Bahrain | 7.000% | 10/12/28 | 7,350 | 7,489 | |
Kingdom of Bahrain | 6.750% | 9/20/29 | 6,100 | 6,079 | |
Kingdom of Bahrain | 7.375% | 5/14/30 | 5,050 | 5,179 | |
Kingdom of Bahrain | 5.625% | 9/30/31 | 5,245 | 4,842 | |
Kingdom of Bahrain | 5.450% | 9/16/32 | 5,350 | 4,809 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Kingdom of Bahrain | 5.250% | 1/25/33 | 6,630 | 5,779 | |
Kingdom of Bahrain | 5.625% | 5/18/34 | 6,250 | 5,486 | |
Kingdom of Bahrain | 7.750% | 4/18/35 | 6,275 | 6,394 | |
Kingdom of Bahrain | 7.500% | 2/12/36 | 5,500 | 5,471 | |
Kingdom of Bahrain | 6.000% | 9/19/44 | 5,625 | 4,479 | |
Kingdom of Bahrain | 7.500% | 9/20/47 | 4,025 | 3,726 | |
Kingdom of Bahrain | 6.250% | 1/25/51 | 1,930 | 1,548 | |
97,774 | |||||
Belarus (0.1%) | |||||
5 | Republic of Belarus | 5.875% | 2/24/26 | 1,975 | 799 |
5 | Republic of Belarus | 7.625% | 6/29/27 | 2,035 | 831 |
5 | Republic of Belarus | 6.200% | 2/28/30 | 2,100 | 818 |
5 | Republic of Belarus | 6.378% | 2/24/31 | 2,700 | 1,055 |
3,503 | |||||
Benin (0.1%) | |||||
3 | Benin Intl Gov Bond | 7.960% | 2/13/38 | 3,650 | 3,455 |
Bermuda (0.2%) | |||||
Government of Bermuda | 3.717% | 1/25/27 | 2,850 | 2,696 | |
Government of Bermuda | 2.375% | 8/20/30 | 2,900 | 2,394 | |
Government of Bermuda | 5.000% | 7/15/32 | 4,100 | 3,876 | |
Government of Bermuda | 3.375% | 8/20/50 | 3,250 | 2,122 | |
11,088 | |||||
Bolivia (0.1%) | |||||
3 | Bolivian Government | 4.500% | 3/20/28 | 4,806 | 2,681 |
Bolivian Government | 7.500% | 3/2/30 | 4,060 | 2,388 | |
5,069 | |||||
Brazil (3.3%) | |||||
Federative Republic of Brazil | 2.875% | 6/6/25 | 6,979 | 6,746 | |
Federative Republic of Brazil | 6.000% | 4/7/26 | 10,600 | 10,628 | |
Federative Republic of Brazil | 10.125% | 5/15/27 | 3,715 | 4,168 | |
Federative Republic of Brazil | 4.625% | 1/13/28 | 14,607 | 13,995 | |
Federative Republic of Brazil | 4.500% | 5/30/29 | 9,880 | 9,194 | |
Federative Republic of Brazil | 3.875% | 6/12/30 | 16,700 | 14,671 | |
Federative Republic of Brazil | 6.250% | 3/18/31 | 9,800 | 9,726 | |
Federative Republic of Brazil | 3.750% | 9/12/31 | 7,080 | 6,003 | |
Federative Republic of Brazil | 6.000% | 10/20/33 | 10,870 | 10,387 | |
Federative Republic of Brazil | 8.250% | 1/20/34 | 5,768 | 6,432 | |
Federative Republic of Brazil | 6.125% | 3/15/34 | 11,200 | 10,700 | |
Federative Republic of Brazil | 7.125% | 1/20/37 | 8,060 | 8,309 | |
Federative Republic of Brazil | 5.625% | 1/7/41 | 10,690 | 9,213 | |
Federative Republic of Brazil | 5.000% | 1/27/45 | 16,173 | 12,187 | |
Federative Republic of Brazil | 5.625% | 2/21/47 | 12,257 | 9,973 | |
Federative Republic of Brazil | 4.750% | 1/14/50 | 19,429 | 13,680 | |
Federative Republic of Brazil | 7.125% | 5/13/54 | 10,850 | 10,356 | |
166,368 | |||||
Chile (2.2%) | |||||
Republic of Chile | 3.125% | 1/21/26 | 3,098 | 2,970 | |
Republic of Chile | 2.750% | 1/31/27 | 7,144 | 6,619 | |
Republic of Chile | 3.240% | 2/6/28 | 8,559 | 7,899 | |
Republic of Chile | 4.850% | 1/22/29 | 8,482 | 8,256 | |
Republic of Chile | 2.450% | 1/31/31 | 6,872 | 5,719 | |
Republic of Chile | 2.550% | 1/27/32 | 7,475 | 6,107 | |
Republic of Chile | 2.550% | 7/27/33 | 10,272 | 8,063 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Chile | 3.500% | 1/31/34 | 6,900 | 5,827 | |
Republic of Chile | 4.950% | 1/5/36 | 7,920 | 7,368 | |
Republic of Chile | 3.100% | 5/7/41 | 12,885 | 9,025 | |
Republic of Chile | 4.340% | 3/7/42 | 9,545 | 7,921 | |
Republic of Chile | 3.860% | 6/21/47 | 5,305 | 3,925 | |
Republic of Chile | 3.500% | 1/25/50 | 11,050 | 7,578 | |
Republic of Chile | 4.000% | 1/31/52 | 4,550 | 3,368 | |
Republic of Chile | 3.500% | 4/15/53 | 7,400 | 5,049 | |
Republic of Chile | 5.330% | 1/5/54 | 7,075 | 6,429 | |
Republic of Chile | 3.100% | 1/22/61 | 9,950 | 5,812 | |
Republic of Chile | 3.250% | 9/21/71 | 4,380 | 2,561 | |
110,496 | |||||
China (1.2%) | |||||
China Government Bond | 0.550% | 10/21/25 | 10,220 | 9,553 | |
China Government Bond | 1.250% | 10/26/26 | 5,300 | 4,840 | |
China Government Bond | 2.625% | 11/2/27 | 5,189 | 4,835 | |
China Government Bond | 3.500% | 10/19/28 | 4,800 | 4,578 | |
China Government Bond | 2.125% | 12/3/29 | 9,325 | 8,206 | |
China Government Bond | 1.200% | 10/21/30 | 11,186 | 9,050 | |
China Government Bond | 1.750% | 10/26/31 | 3,850 | 3,151 | |
China Government Bond | 2.750% | 12/3/39 | 2,475 | 1,879 | |
China Government Bond | 4.000% | 10/19/48 | 2,550 | 2,194 | |
China Government Bond | 2.250% | 10/21/50 | 2,299 | 1,378 | |
China Government Bond | 2.500% | 10/26/51 | 2,550 | 1,600 | |
Export-Import Bank of China | 3.875% | 5/16/26 | 8,050 | 7,855 | |
59,119 | |||||
Colombia (2.8%) | |||||
Republic of Colombia | 4.500% | 1/28/26 | 7,165 | 6,927 | |
Republic of Colombia | 3.875% | 4/25/27 | 9,079 | 8,417 | |
Republic of Colombia | 4.500% | 3/15/29 | 9,555 | 8,553 | |
Republic of Colombia | 3.000% | 1/30/30 | 7,085 | 5,679 | |
Republic of Colombia | 3.125% | 4/15/31 | 12,147 | 9,375 | |
Republic of Colombia | 3.250% | 4/22/32 | 9,834 | 7,379 | |
Republic of Colombia | 8.000% | 4/20/33 | 7,272 | 7,397 | |
Republic of Colombia | 7.500% | 2/2/34 | 10,498 | 10,288 | |
Republic of Colombia | 8.000% | 11/14/35 | 9,111 | 9,172 | |
Republic of Colombia | 7.375% | 9/18/37 | 8,651 | 8,248 | |
Republic of Colombia | 6.125% | 1/18/41 | 11,929 | 9,773 | |
Republic of Colombia | 4.125% | 2/22/42 | 4,725 | 3,007 | |
Republic of Colombia | 5.625% | 2/26/44 | 11,920 | 8,916 | |
Republic of Colombia | 5.000% | 6/15/45 | 21,470 | 14,818 | |
Republic of Colombia | 5.200% | 5/15/49 | 13,360 | 9,206 | |
Republic of Colombia | 4.125% | 5/15/51 | 7,160 | 4,156 | |
Republic of Colombia | 8.750% | 11/14/53 | 9,060 | 9,332 | |
Republic of Colombia | 3.875% | 2/15/61 | 6,421 | 3,450 | |
144,093 | |||||
Costa Rica (0.7%) | |||||
Republic of Costa Rica | 6.125% | 2/19/31 | 5,813 | 5,786 | |
3 | Republic of Costa Rica | 6.550% | 4/3/34 | 7,250 | 7,354 |
Republic of Costa Rica | 5.625% | 4/30/43 | 2,561 | 2,256 | |
Republic of Costa Rica | 7.000% | 4/4/44 | 4,630 | 4,702 | |
Republic of Costa Rica | 7.158% | 3/12/45 | 5,906 | 6,099 | |
3 | Republic of Costa Rica | 7.300% | 11/13/54 | 7,130 | 7,430 |
33,627 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Dominican Republic (2.2%) | |||||
Dominican Republic | 6.875% | 1/29/26 | 8,520 | 8,554 | |
Dominican Republic | 5.950% | 1/25/27 | 8,563 | 8,414 | |
Dominican Republic | 6.000% | 7/19/28 | 6,321 | 6,197 | |
Dominican Republic | 5.500% | 2/22/29 | 8,320 | 7,926 | |
Dominican Republic | 4.500% | 1/30/30 | 9,337 | 8,350 | |
Dominican Republic | 7.050% | 2/3/31 | 3,430 | 3,471 | |
Dominican Republic | 4.875% | 9/23/32 | 14,350 | 12,594 | |
Dominican Republic | 6.000% | 2/22/33 | 9,100 | 8,605 | |
Dominican Republic | 5.300% | 1/21/41 | 7,130 | 5,847 | |
Dominican Republic | 7.450% | 4/30/44 | 7,400 | 7,530 | |
Dominican Republic | 6.850% | 1/27/45 | 9,455 | 9,006 | |
Dominican Republic | 6.500% | 2/15/48 | 4,550 | 4,168 | |
Dominican Republic | 6.400% | 6/5/49 | 7,050 | 6,379 | |
Dominican Republic | 5.875% | 1/30/60 | 15,027 | 12,312 | |
109,353 | |||||
Ecuador (0.8%) | |||||
3 | Republic of Ecuador | 0.000% | 7/31/30 | 5,545 | 3,023 |
4 | Republic of Ecuador, 5.000% coupon rate effective 7/31/24 | 2.500% | 7/31/40 | 14,198 | 7,096 |
4 | Republic of Ecuador, 5.500% coupon rate effective 7/31/24 | 3.500% | 7/31/35 | 35,546 | 19,356 |
4 | Republic of Ecuador, 6.900% coupon rate effective 7/31/24 | 6.000% | 7/31/30 | 16,440 | 11,555 |
41,030 | |||||
Egypt (2.1%) | |||||
Arab Republic of Egypt | 5.875% | 6/11/25 | 5,850 | 5,708 | |
Arab Republic of Egypt | 5.250% | 10/6/25 | 4,300 | 4,073 | |
Arab Republic of Egypt | 3.875% | 2/16/26 | 3,650 | 3,321 | |
Arab Republic of Egypt | 7.500% | 1/31/27 | 9,200 | 8,731 | |
Arab Republic of Egypt | 5.800% | 9/30/27 | 5,600 | 4,981 | |
Arab Republic of Egypt | 6.588% | 2/21/28 | 6,525 | 5,876 | |
Arab Republic of Egypt | 7.600% | 3/1/29 | 8,445 | 7,586 | |
Arab Republic of Egypt | 5.875% | 2/16/31 | 7,400 | 5,772 | |
Arab Republic of Egypt | 7.053% | 1/15/32 | 4,675 | 3,806 | |
Arab Republic of Egypt | 7.625% | 5/29/32 | 8,069 | 6,695 | |
Arab Republic of Egypt | 7.300% | 9/30/33 | 5,475 | 4,387 | |
Arab Republic of Egypt | 6.875% | 4/30/40 | 2,675 | 1,875 | |
Arab Republic of Egypt | 8.500% | 1/31/47 | 11,221 | 8,562 | |
Arab Republic of Egypt | 7.903% | 2/21/48 | 6,800 | 4,933 | |
Arab Republic of Egypt | 8.700% | 3/1/49 | 8,155 | 6,308 | |
Arab Republic of Egypt | 8.875% | 5/29/50 | 9,390 | 7,381 | |
Arab Republic of Egypt | 8.750% | 9/30/51 | 3,625 | 2,801 | |
Arab Republic of Egypt | 8.150% | 11/20/59 | 2,950 | 2,138 | |
2 | Arab Republic of Egypt | 7.500% | 2/16/61 | 400 | 272 |
Arab Republic of Egypt | 7.500% | 2/16/61 | 6,375 | 4,334 | |
Egyptian Financial Co. for Sovereign Taskeek | 10.875% | 2/28/26 | 7,175 | 7,422 | |
106,962 | |||||
El Salvador (0.5%) | |||||
Republic of El Salvador | 6.375% | 1/18/27 | 3,025 | 2,681 | |
Republic of El Salvador | 8.625% | 2/28/29 | 2,550 | 2,237 | |
2 | Republic of El Salvador | 0.250% | 4/17/30 | 2,100 | 61 |
2,3 | Republic of El Salvador | 9.250% | 4/17/30 | 4,870 | 4,329 |
Republic of El Salvador | 8.250% | 4/10/32 | 2,559 | 2,040 | |
Republic of El Salvador | 7.650% | 6/15/35 | 4,563 | 3,301 | |
Republic of El Salvador | 7.625% | 2/1/41 | 3,357 | 2,305 | |
Republic of El Salvador | 7.125% | 1/20/50 | 5,190 | 3,363 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of El Salvador | 9.500% | 7/15/52 | 4,580 | 3,621 | |
23,938 | |||||
Gabon (0.2%) | |||||
Republic of Gabon | 6.950% | 6/16/25 | 2,400 | 2,316 | |
3 | Republic of Gabon | 6.625% | 2/6/31 | 4,550 | 3,571 |
Republic of Gabon | 7.000% | 11/24/31 | 2,725 | 2,146 | |
8,033 | |||||
Georgia (0.0%) | |||||
Republic of Georgia | 2.750% | 4/22/26 | 2,350 | 2,176 | |
Ghana (0.6%) | |||||
3,5 | Republic of Ghana | 8.125% | 1/18/26 | 4,195 | 2,090 |
3,5 | Republic of Ghana | 6.375% | 2/11/27 | 6,176 | 2,976 |
3,5 | Republic of Ghana | 7.875% | 3/26/27 | 3,155 | 1,527 |
3,5 | Republic of Ghana | 7.750% | 4/7/29 | 4,450 | 2,163 |
3,5 | Republic of Ghana | 7.625% | 5/16/29 | 6,100 | 2,958 |
3 | Republic of Ghana | 10.750% | 10/14/30 | 4,400 | 2,867 |
3,5 | Republic of Ghana | 8.125% | 3/26/32 | 5,600 | 2,717 |
5 | Republic of Ghana | 8.625% | 4/7/34 | 4,550 | 2,211 |
3,5 | Republic of Ghana | 7.875% | 2/11/35 | 5,754 | 2,785 |
5 | Republic of Ghana | 8.875% | 5/7/42 | 2,300 | 1,109 |
3,5 | Republic of Ghana | 8.627% | 6/16/49 | 4,150 | 1,962 |
3,5 | Republic of Ghana | 8.950% | 3/26/51 | 5,425 | 2,629 |
3,5 | Republic of Ghana | 8.750% | 3/11/61 | 3,700 | 1,792 |
29,786 | |||||
Guatemala (0.6%) | |||||
Republic of Guatemala | 4.500% | 5/3/26 | 3,300 | 3,177 | |
Republic of Guatemala | 4.375% | 6/5/27 | 2,400 | 2,257 | |
Republic of Guatemala | 4.875% | 2/13/28 | 3,050 | 2,878 | |
Republic of Guatemala | 5.250% | 8/10/29 | 2,400 | 2,267 | |
3 | Republic of Guatemala | 4.900% | 6/1/30 | 2,300 | 2,142 |
Republic of Guatemala | 5.375% | 4/24/32 | 2,550 | 2,375 | |
Republic of Guatemala | 7.050% | 10/4/32 | 2,400 | 2,460 | |
Republic of Guatemala | 3.700% | 10/7/33 | 2,175 | 1,717 | |
Republic of Guatemala | 6.600% | 6/13/36 | 5,700 | 5,605 | |
Republic of Guatemala | 4.650% | 10/7/41 | 2,300 | 1,749 | |
3 | Republic of Guatemala | 6.125% | 6/1/50 | 6,681 | 5,857 |
32,484 | |||||
Honduras (0.1%) | |||||
Republic of Honduras | 6.250% | 1/19/27 | 3,000 | 2,845 | |
Republic of Honduras | 5.625% | 6/24/30 | 3,300 | 2,833 | |
5,678 | |||||
Hungary (1.4%) | |||||
Republic of Hungary | 6.125% | 5/22/28 | 10,150 | 10,267 | |
Republic of Hungary | 5.250% | 6/16/29 | 8,450 | 8,194 | |
Republic of Hungary | 2.125% | 9/22/31 | 10,800 | 8,328 | |
Republic of Hungary | 6.250% | 9/22/32 | 8,600 | 8,682 | |
Republic of Hungary | 5.500% | 6/16/34 | 4,795 | 4,570 | |
Republic of Hungary | 5.500% | 3/26/36 | 12,500 | 11,679 | |
Republic of Hungary | 7.625% | 3/29/41 | 8,430 | 9,369 | |
Republic of Hungary | 3.125% | 9/21/51 | 9,200 | 5,486 | |
Republic of Hungary | 6.750% | 9/25/52 | 6,050 | 6,233 | |
72,808 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Indonesia (6.1%) | |||||
Perusahaan Penerbit SBSN Indonesia III | 4.325% | 5/28/25 | 7,369 | 7,285 | |
Perusahaan Penerbit SBSN Indonesia III | 2.300% | 6/23/25 | 3,255 | 3,131 | |
Perusahaan Penerbit SBSN Indonesia III | 4.550% | 3/29/26 | 8,845 | 8,693 | |
Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 5,245 | 4,833 | |
Perusahaan Penerbit SBSN Indonesia III | 4.150% | 3/29/27 | 10,035 | 9,711 | |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 6/6/27 | 8,625 | 8,382 | |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 8,690 | 8,399 | |
Perusahaan Penerbit SBSN Indonesia III | 5.400% | 11/15/28 | 4,450 | 4,444 | |
Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 6,410 | 6,166 | |
Perusahaan Penerbit SBSN Indonesia III | 2.800% | 6/23/30 | 4,835 | 4,191 | |
Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 3,850 | 3,192 | |
Perusahaan Penerbit SBSN Indonesia III | 4.700% | 6/6/32 | 7,700 | 7,305 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 5.600% | 11/15/33 | 2,900 | 2,927 |
Perusahaan Penerbit SBSN Indonesia III | 5.600% | 11/15/33 | 3,200 | 3,230 | |
Perusahaan Penerbit SBSN Indonesia III | 3.800% | 6/23/50 | 3,700 | 2,708 | |
Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 3,000 | 2,104 | |
Republic of Indonesia | 4.750% | 1/8/26 | 9,675 | 9,573 | |
Republic of Indonesia | 4.350% | 1/8/27 | 5,975 | 5,799 | |
Republic of Indonesia | 3.850% | 7/18/27 | 4,570 | 4,360 | |
Republic of Indonesia | 4.150% | 9/20/27 | 3,725 | 3,582 | |
Republic of Indonesia | 3.500% | 1/11/28 | 6,236 | 5,822 | |
Republic of Indonesia | 4.550% | 1/11/28 | 5,050 | 4,894 | |
Republic of Indonesia | 4.100% | 4/24/28 | 5,100 | 4,853 | |
Republic of Indonesia | 4.750% | 2/11/29 | 5,858 | 5,699 | |
Republic of Indonesia | 4.400% | 3/10/29 | 2,750 | 2,640 | |
Republic of Indonesia | 3.400% | 9/18/29 | 3,650 | 3,323 | |
Republic of Indonesia | 2.850% | 2/14/30 | 6,050 | 5,281 | |
Republic of Indonesia | 3.850% | 10/15/30 | 8,050 | 7,359 | |
Republic of Indonesia | 1.850% | 3/12/31 | 5,875 | 4,664 | |
Republic of Indonesia | 2.150% | 7/28/31 | 5,650 | 4,530 | |
Republic of Indonesia | 3.550% | 3/31/32 | 4,800 | 4,194 | |
Republic of Indonesia | 4.650% | 9/20/32 | 6,825 | 6,418 | |
Republic of Indonesia | 4.850% | 1/11/33 | 6,180 | 5,909 | |
Republic of Indonesia | 4.700% | 2/10/34 | 3,300 | 3,115 | |
Republic of Indonesia | 8.500% | 10/12/35 | 7,200 | 8,903 | |
Republic of Indonesia | 6.625% | 2/17/37 | 6,812 | 7,390 | |
Republic of Indonesia | 7.750% | 1/17/38 | 9,100 | 10,869 | |
Republic of Indonesia | 5.250% | 1/17/42 | 10,375 | 10,037 | |
Republic of Indonesia | 4.625% | 4/15/43 | 7,560 | 6,657 | |
Republic of Indonesia | 6.750% | 1/15/44 | 9,360 | 10,426 | |
Republic of Indonesia | 5.125% | 1/15/45 | 9,201 | 8,615 | |
Republic of Indonesia | 5.950% | 1/8/46 | 6,316 | 6,525 | |
Republic of Indonesia | 5.250% | 1/8/47 | 6,900 | 6,471 | |
Republic of Indonesia | 4.750% | 7/18/47 | 5,400 | 4,777 | |
Republic of Indonesia | 4.350% | 1/11/48 | 8,250 | 6,767 | |
Republic of Indonesia | 5.350% | 2/11/49 | 4,523 | 4,303 | |
Republic of Indonesia | 3.700% | 10/30/49 | 4,680 | 3,405 | |
Republic of Indonesia | 3.500% | 2/14/50 | 3,827 | 2,658 | |
Republic of Indonesia | 4.200% | 10/15/50 | 7,750 | 6,127 | |
Republic of Indonesia | 3.050% | 3/12/51 | 8,700 | 5,662 | |
Republic of Indonesia | 4.300% | 3/31/52 | 3,725 | 2,985 | |
Republic of Indonesia | 5.450% | 9/20/52 | 3,050 | 2,906 | |
Republic of Indonesia | 5.650% | 1/11/53 | 3,780 | 3,705 | |
Republic of Indonesia | 5.100% | 2/10/54 | 3,950 | 3,590 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Indonesia | 3.200% | 9/23/61 | 2,950 | 1,808 | |
Republic of Indonesia | 4.450% | 4/15/70 | 4,700 | 3,700 | |
Republic of Indonesia | 3.350% | 3/12/71 | 4,050 | 2,493 | |
309,495 | |||||
Iraq (0.1%) | |||||
3 | Republic of Iraq | 5.800% | 1/15/28 | 6,423 | 6,000 |
Ivory Coast (0.4%) | |||||
3 | Ivory Coast | 6.375% | 3/3/28 | 3,550 | 3,448 |
3 | Ivory Coast | 7.625% | 1/30/33 | 5,950 | 5,685 |
3 | Ivory Coast | 6.125% | 6/15/33 | 4,800 | 4,171 |
2,3 | Ivory Coast | 8.250% | 1/30/37 | 5,750 | 5,503 |
3 | Ivory Coast | 8.250% | 1/30/37 | 1,950 | 1,864 |
20,671 | |||||
Jamaica (0.5%) | |||||
3 | Jamaica | 6.750% | 4/28/28 | 6,015 | 6,126 |
3 | Jamaica | 8.000% | 3/15/39 | 5,955 | 6,888 |
Jamaica | 7.875% | 7/28/45 | 8,555 | 9,801 | |
22,815 | |||||
Jordan (0.6%) | |||||
Kingdom of Jordan | 4.950% | 7/7/25 | 2,000 | 1,920 | |
Kingdom of Jordan | 6.125% | 1/29/26 | 4,800 | 4,659 | |
Kingdom of Jordan | 5.750% | 1/31/27 | 4,200 | 3,987 | |
Kingdom of Jordan | 7.750% | 1/15/28 | 3,360 | 3,351 | |
Kingdom of Jordan | 7.500% | 1/13/29 | 6,850 | 6,755 | |
Kingdom of Jordan | 5.850% | 7/7/30 | 5,661 | 5,093 | |
Kingdom of Jordan | 7.375% | 10/10/47 | 4,825 | 4,119 | |
29,884 | |||||
Kazakhstan (0.4%) | |||||
Republic of Kazakhstan | 5.125% | 7/21/25 | 9,825 | 9,826 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,950 | 2,730 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,100 | 1,944 | |
Republic of Kazakhstan | 6.500% | 7/21/45 | 7,080 | 7,759 | |
22,259 | |||||
Kenya (0.6%) | |||||
Republic of Kenya | 7.000% | 5/22/27 | 4,125 | 3,980 | |
Republic of Kenya | 7.250% | 2/28/28 | 4,375 | 4,122 | |
Republic of Kenya | 9.750% | 2/16/31 | 8,950 | 8,973 | |
Republic of Kenya | 8.000% | 5/22/32 | 4,700 | 4,290 | |
Republic of Kenya | 6.300% | 1/23/34 | 4,650 | 3,679 | |
Republic of Kenya | 8.250% | 2/28/48 | 4,575 | 3,856 | |
28,900 | |||||
Kuwait (0.4%) | |||||
Kuwait | 3.500% | 3/20/27 | 21,050 | 20,078 | |
Lebanon (0.1%) | |||||
5 | Lebanon Republic | 6.250% | 6/12/25 | 275 | 18 |
5 | Lebanon Republic | 6.600% | 11/27/26 | 8,815 | 568 |
5 | Lebanon Republic | 6.850% | 3/23/27 | 6,980 | 452 |
5 | Lebanon Republic | 6.750% | 11/29/27 | 5,814 | 374 |
5 | Lebanon Republic | 6.650% | 11/3/28 | 4,230 | 273 |
5 | Lebanon Republic | 6.850% | 5/25/29 | 3,650 | 237 |
5 | Lebanon Republic | 6.650% | 2/26/30 | 8,045 | 520 |
5 | Lebanon Republic | 7.000% | 3/23/32 | 6,145 | 397 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
5 | Lebanon Republic | 7.050% | 11/2/35 | 2,200 | 142 |
5 | Lebanon Republic | 7.250% | 3/23/37 | 3,350 | 218 |
3,199 | |||||
Malaysia (0.3%) | |||||
Malaysia Sovereign Sukuk Bhd. | 4.236% | 4/22/45 | 2,325 | 2,051 | |
Malaysia Sukuk Global Bhd. | 3.179% | 4/27/26 | 4,450 | 4,283 | |
Malaysia Sukuk Global Bhd. | 4.080% | 4/27/46 | 2,350 | 1,992 | |
Malaysia Wakala Sukuk Bhd. | 2.070% | 4/28/31 | 3,925 | 3,257 | |
Malaysia Wakala Sukuk Bhd. | 3.075% | 4/28/51 | 2,650 | 1,827 | |
13,410 | |||||
Maldives (0.0%) | |||||
Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 2,165 | 1,995 | |
Mexico (6.0%) | |||||
United Mexican States | 4.125% | 1/21/26 | 9,572 | 9,308 | |
United Mexican States | 4.150% | 3/28/27 | 10,970 | 10,539 | |
United Mexican States | 3.750% | 1/11/28 | 9,195 | 8,589 | |
United Mexican States | 5.400% | 2/9/28 | 6,000 | 5,930 | |
United Mexican States | 4.500% | 4/22/29 | 15,120 | 14,298 | |
United Mexican States | 5.000% | 5/7/29 | 5,150 | 4,968 | |
United Mexican States | 3.250% | 4/16/30 | 11,125 | 9,650 | |
United Mexican States | 2.659% | 5/24/31 | 17,092 | 13,861 | |
United Mexican States | 8.300% | 8/15/31 | 5,315 | 6,188 | |
United Mexican States | 4.750% | 4/27/32 | 11,765 | 10,768 | |
United Mexican States | 7.500% | 4/8/33 | 3,700 | 4,068 | |
United Mexican States | 4.875% | 5/19/33 | 10,705 | 9,779 | |
United Mexican States | 3.500% | 2/12/34 | 13,403 | 10,758 | |
United Mexican States | 6.750% | 9/27/34 | 8,285 | 8,568 | |
United Mexican States | 6.350% | 2/9/35 | 13,190 | 13,135 | |
United Mexican States | 6.000% | 5/7/36 | 19,270 | 18,592 | |
United Mexican States | 6.050% | 1/11/40 | 13,173 | 12,529 | |
United Mexican States | 4.280% | 8/14/41 | 11,712 | 8,972 | |
United Mexican States | 4.750% | 3/8/44 | 17,656 | 13,985 | |
United Mexican States | 5.550% | 1/21/45 | 13,329 | 11,798 | |
United Mexican States | 4.600% | 1/23/46 | 11,505 | 8,783 | |
United Mexican States | 4.350% | 1/15/47 | 5,806 | 4,288 | |
United Mexican States | 4.600% | 2/10/48 | 9,198 | 6,965 | |
United Mexican States | 4.500% | 1/31/50 | 9,271 | 6,911 | |
United Mexican States | 5.000% | 4/27/51 | 11,705 | 9,313 | |
United Mexican States | 4.400% | 2/12/52 | 10,510 | 7,566 | |
United Mexican States | 6.338% | 5/4/53 | 13,920 | 12,984 | |
United Mexican States | 6.400% | 5/7/54 | 11,700 | 11,030 | |
United Mexican States | 3.771% | 5/24/61 | 14,715 | 8,926 | |
United Mexican States | 3.750% | 4/19/71 | 14,030 | 8,319 | |
United Mexican States | 5.750% | 10/12/10 | 12,542 | 10,387 | |
301,755 | |||||
Mongolia (0.3%) | |||||
Mongolia | 5.125% | 4/7/26 | 2,843 | 2,751 | |
Mongolia | 3.500% | 7/7/27 | 2,300 | 2,052 | |
Mongolia | 8.650% | 1/19/28 | 2,900 | 2,979 | |
2 | Mongolia | 7.250% | 3/12/31 | 3,550 | 3,548 |
Mongolia | 4.450% | 7/7/31 | 2,600 | 2,160 | |
13,490 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Morocco (0.5%) | |||||
Kingdom of Morocco | 2.375% | 12/15/27 | 3,950 | 3,473 | |
Kingdom of Morocco | 5.950% | 3/8/28 | 5,925 | 5,889 | |
Kingdom of Morocco | 3.000% | 12/15/32 | 4,825 | 3,763 | |
Kingdom of Morocco | 6.500% | 9/8/33 | 5,825 | 5,819 | |
Kingdom of Morocco | 5.500% | 12/11/42 | 3,385 | 2,883 | |
Kingdom of Morocco | 4.000% | 12/15/50 | 6,000 | 3,942 | |
25,769 | |||||
Mozambique (0.1%) | |||||
Republic of Mozambique | 9.000% | 9/15/31 | 4,150 | 3,474 | |
Namibia (0.1%) | |||||
Repubilc of Namibia | 5.250% | 10/29/25 | 200 | 197 | |
Republic of Namibia | 5.250% | 10/29/25 | 3,450 | 3,404 | |
3,601 | |||||
Nigeria (1.3%) | |||||
Republic of Nigeria | 7.625% | 11/21/25 | 5,500 | 5,454 | |
Republic of Nigeria | 6.500% | 11/28/27 | 7,100 | 6,585 | |
Republic of Nigeria | 6.125% | 9/28/28 | 6,410 | 5,662 | |
Republic of Nigeria | 8.375% | 3/24/29 | 5,927 | 5,597 | |
Republic of Nigeria | 7.143% | 2/23/30 | 6,400 | 5,629 | |
Republic of Nigeria | 8.747% | 1/21/31 | 4,572 | 4,305 | |
Republic of Nigeria | 7.875% | 2/16/32 | 7,000 | 6,129 | |
Republic of Nigeria | 7.375% | 9/28/33 | 7,478 | 6,207 | |
Republic of Nigeria | 7.696% | 2/23/38 | 6,117 | 4,829 | |
Republic of Nigeria | 7.625% | 11/28/47 | 6,786 | 5,059 | |
Republic of Nigeria | 9.248% | 1/21/49 | 3,050 | 2,719 | |
Republic of Nigeria | 8.250% | 9/28/51 | 6,400 | 5,019 | |
63,194 | |||||
Oman (2.0%) | |||||
Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 6,131 | 6,137 | |
Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 8,058 | 7,805 | |
Sultanate of Oman | 4.750% | 6/15/26 | 11,175 | 10,905 | |
Sultanate of Oman | 5.375% | 3/8/27 | 8,528 | 8,377 | |
Sultanate of Oman | 6.750% | 10/28/27 | 7,165 | 7,310 | |
Sultanate of Oman | 5.625% | 1/17/28 | 11,375 | 11,196 | |
Sultanate of Oman | 6.000% | 8/1/29 | 10,272 | 10,290 | |
Sultanate of Oman | 6.250% | 1/25/31 | 8,550 | 8,641 | |
Sultanate of Oman | 7.375% | 10/28/32 | 4,887 | 5,280 | |
Sultanate of Oman | 6.500% | 3/8/47 | 9,415 | 9,138 | |
Sultanate of Oman | 6.750% | 1/17/48 | 12,600 | 12,455 | |
Sultanate of Oman | 7.000% | 1/25/51 | 5,000 | 5,107 | |
102,641 | |||||
Pakistan (0.5%) | |||||
Islamic Republic of Pakistan | 8.250% | 9/30/25 | 2,225 | 2,126 | |
Islamic Republic of Pakistan | 6.000% | 4/8/26 | 6,475 | 5,842 | |
Islamic Republic of Pakistan | 6.875% | 12/5/27 | 7,150 | 6,151 | |
Islamic Republic of Pakistan | 7.375% | 4/8/31 | 6,500 | 5,171 | |
Islamic Republic of Pakistan | 8.875% | 4/8/51 | 4,345 | 3,326 | |
Pakistan Global Sukuk Programme Co. Ltd. | 7.950% | 1/31/29 | 4,350 | 3,796 | |
26,412 | |||||
Panama (2.5%) | |||||
Republic of Panama | 7.125% | 1/29/26 | 4,676 | 4,717 | |
Republic of Panama | 3.750% | 4/17/26 | 5,840 | 5,521 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Panama | 8.875% | 9/30/27 | 4,929 | 5,214 | |
Republic of Panama | 3.875% | 3/17/28 | 5,950 | 5,356 | |
Republic of Panama | 9.375% | 4/1/29 | 4,730 | 5,163 | |
Republic of Panama | 3.160% | 1/23/30 | 7,600 | 6,195 | |
Republic of Panama | 7.500% | 3/1/31 | 5,140 | 5,213 | |
Republic of Panama | 3.362% | 6/30/31 | 4,660 | 3,623 | |
Republic of Panama | 2.252% | 9/29/32 | 11,830 | 8,187 | |
Republic of Panama | 3.298% | 1/19/33 | 5,080 | 3,792 | |
Republic of Panama | 6.400% | 2/14/35 | 10,975 | 10,075 | |
3 | Republic of Panama | 6.700% | 1/26/36 | 9,705 | 9,114 |
Republic of Panama | 6.875% | 1/31/36 | 4,900 | 4,624 | |
Republic of Panama | 8.000% | 3/1/38 | 5,809 | 5,933 | |
3 | Republic of Panama | 4.500% | 5/15/47 | 5,930 | 3,907 |
3 | Republic of Panama | 4.500% | 4/16/50 | 12,220 | 7,849 |
3 | Republic of Panama | 4.300% | 4/29/53 | 8,195 | 5,044 |
Republic of Panama | 6.853% | 3/28/54 | 6,680 | 5,814 | |
Republic of Panama | 4.500% | 4/1/56 | 11,929 | 7,387 | |
Republic of Panama | 7.875% | 3/1/57 | 3,291 | 3,225 | |
3 | Republic of Panama | 3.870% | 7/23/60 | 14,077 | 7,739 |
Republic of Panama | 4.500% | 1/19/63 | 7,158 | 4,372 | |
128,064 | |||||
Papua New Guinea (0.0%) | |||||
Papua New Guinea | 8.375% | 10/4/28 | 2,400 | 2,263 | |
Paraguay (0.5%) | |||||
Republic of Paraguay | 4.700% | 3/27/27 | 2,430 | 2,342 | |
3 | Republic of Paraguay | 4.950% | 4/28/31 | 4,930 | 4,629 |
Republic of Paraguay | 2.739% | 1/29/33 | 2,900 | 2,291 | |
Republic of Paraguay | 3.849% | 6/28/33 | 2,500 | 2,117 | |
Republic of Paraguay | 5.850% | 8/21/33 | 2,264 | 2,191 | |
2,3 | Republic of Paraguay | 6.000% | 2/9/36 | 2,080 | 2,026 |
3 | Republic of Paraguay | 6.000% | 2/9/36 | 300 | 293 |
Republic of Paraguay | 6.100% | 8/11/44 | 4,830 | 4,473 | |
Republic of Paraguay | 5.600% | 3/13/48 | 2,610 | 2,252 | |
3 | Republic of Paraguay | 5.400% | 3/30/50 | 5,375 | 4,487 |
27,101 | |||||
Peru (1.7%) | |||||
Republic of Peru | 7.350% | 7/21/25 | 3,259 | 3,315 | |
Republic of Peru | 2.392% | 1/23/26 | 4,040 | 3,813 | |
Republic of Peru | 4.125% | 8/25/27 | 3,342 | 3,193 | |
Republic of Peru | 2.844% | 6/20/30 | 3,400 | 2,894 | |
Republic of Peru | 2.783% | 1/23/31 | 16,046 | 13,348 | |
Republic of Peru | 1.862% | 12/1/32 | 4,815 | 3,530 | |
Republic of Peru | 8.750% | 11/21/33 | 10,270 | 12,225 | |
Republic of Peru | 3.000% | 1/15/34 | 11,267 | 8,838 | |
3 | Republic of Peru | 6.550% | 3/14/37 | 5,361 | 5,550 |
Republic of Peru | 3.300% | 3/11/41 | 5,935 | 4,204 | |
Republic of Peru | 5.625% | 11/18/50 | 11,906 | 11,041 | |
Republic of Peru | 3.550% | 3/10/51 | 7,944 | 5,343 | |
Republic of Peru | 2.780% | 12/1/60 | 9,936 | 5,241 | |
Republic of Peru | 3.600% | 1/15/72 | 5,055 | 3,077 | |
Republic of Peru | 3.230% | 7/28/21 | 4,772 | 2,510 | |
88,122 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Philippines (3.0%) | |||||
Republic of Philippines | 5.500% | 3/30/26 | 4,700 | 4,713 | |
Republic of Philippines | 3.229% | 3/29/27 | 2,400 | 2,263 | |
Republic of Philippines | 5.170% | 10/13/27 | 2,300 | 2,282 | |
Republic of Philippines | 3.000% | 2/1/28 | 9,175 | 8,433 | |
Republic of Philippines | 4.625% | 7/17/28 | 2,350 | 2,286 | |
Republic of Philippines | 3.750% | 1/14/29 | 7,050 | 6,560 | |
Republic of Philippines | 9.500% | 2/2/30 | 10,015 | 12,044 | |
Republic of Philippines | 2.457% | 5/5/30 | 4,825 | 4,085 | |
Republic of Philippines | 7.750% | 1/14/31 | 8,575 | 9,639 | |
Republic of Philippines | 1.648% | 6/10/31 | 6,025 | 4,683 | |
Republic of Philippines | 1.950% | 1/6/32 | 3,650 | 2,847 | |
Republic of Philippines | 6.375% | 1/15/32 | 4,755 | 5,003 | |
Republic of Philippines | 3.556% | 9/29/32 | 3,775 | 3,282 | |
Republic of Philippines | 5.609% | 4/13/33 | 3,950 | 3,969 | |
Republic of Philippines | 5.000% | 7/17/33 | 5,925 | 5,714 | |
Republic of Philippines | 6.375% | 10/23/34 | 9,045 | 9,650 | |
Republic of Philippines | 5.000% | 1/13/37 | 6,205 | 5,900 | |
Republic of Philippines | 3.950% | 1/20/40 | 9,425 | 7,687 | |
Republic of Philippines | 3.700% | 3/1/41 | 9,375 | 7,325 | |
Republic of Philippines | 3.700% | 2/2/42 | 9,345 | 7,254 | |
Republic of Philippines | 2.950% | 5/5/45 | 6,750 | 4,446 | |
Republic of Philippines | 2.650% | 12/10/45 | 7,300 | 4,526 | |
Republic of Philippines | 3.200% | 7/6/46 | 10,625 | 7,206 | |
Republic of Philippines | 4.200% | 3/29/47 | 4,650 | 3,696 | |
Republic of Philippines | 5.950% | 10/13/47 | 3,350 | 3,408 | |
Republic of Philippines | 5.500% | 1/17/48 | 6,050 | 5,816 | |
2 | ROP Sukuk Trust | 5.045% | 6/6/29 | 600 | 590 |
ROP Sukuk Trust | 5.045% | 6/6/29 | 4,690 | 4,606 | |
149,913 | |||||
Poland (1.8%) | |||||
Bank Gospodarstwa Krajowego | 5.375% | 5/22/33 | 8,825 | 8,541 | |
6 | Republic of Poland | 3.250% | 4/6/26 | 8,410 | 8,108 |
Republic of Poland | 5.500% | 11/16/27 | 7,480 | 7,516 | |
Republic of Poland | 4.625% | 3/18/29 | 6,500 | 6,316 | |
Republic of Poland | 5.750% | 11/16/32 | 7,970 | 8,116 | |
Republic of Poland | 4.875% | 10/4/33 | 12,725 | 12,126 | |
Republic of Poland | 5.125% | 9/18/34 | 13,230 | 12,719 | |
Republic of Poland | 5.500% | 4/4/53 | 13,590 | 12,898 | |
Republic of Poland | 5.500% | 3/18/54 | 14,780 | 13,894 | |
90,234 | |||||
Qatar (3.2%) | |||||
State of Qatar | 3.250% | 6/2/26 | 17,650 | 16,950 | |
State of Qatar | 4.500% | 4/23/28 | 14,335 | 14,054 | |
State of Qatar | 4.000% | 3/14/29 | 19,175 | 18,378 | |
State of Qatar | 3.750% | 4/16/30 | 16,159 | 15,105 | |
2 | State of Qatar | 9.750% | 6/15/30 | 5,293 | 6,598 |
2 | State of Qatar | 6.400% | 1/20/40 | 4,855 | 5,273 |
2 | State of Qatar | 5.750% | 1/20/42 | 4,300 | 4,388 |
State of Qatar | 4.625% | 6/2/46 | 9,450 | 8,276 | |
State of Qatar | 5.103% | 4/23/48 | 28,120 | 25,981 | |
State of Qatar | 4.817% | 3/14/49 | 28,705 | 25,337 | |
State of Qatar | 4.400% | 4/16/50 | 24,665 | 20,494 | |
160,834 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Romania (1.6%) | |||||
Romania | 3.000% | 2/27/27 | 6,234 | 5,751 | |
Romania | 5.250% | 11/25/27 | 4,440 | 4,310 | |
Romania | 6.625% | 2/17/28 | 7,900 | 8,007 | |
2 | Romania | 5.875% | 1/30/29 | 7,940 | 7,768 |
Romania | 5.875% | 1/30/29 | 1,490 | 1,460 | |
Romania | 3.000% | 2/14/31 | 6,142 | 5,016 | |
Romania | 3.625% | 3/27/32 | 5,020 | 4,162 | |
Romania | 7.125% | 1/17/33 | 7,682 | 7,934 | |
2 | Romania | 6.375% | 1/30/34 | 8,664 | 8,460 |
Romania | 6.375% | 1/30/34 | 730 | 714 | |
Romania | 6.000% | 5/25/34 | 4,880 | 4,672 | |
Romania | 6.125% | 1/22/44 | 4,720 | 4,412 | |
Romania | 5.125% | 6/15/48 | 6,418 | 5,253 | |
Romania | 4.000% | 2/14/51 | 9,154 | 6,151 | |
Romania | 7.625% | 1/17/53 | 5,952 | 6,348 | |
80,418 | |||||
Rwanda (0.0%) | |||||
Republic of Rwanda | 5.500% | 8/9/31 | 2,900 | 2,341 | |
Saudi Arabia (8.2%) | |||||
Kingdom of Saudi Arabia | 2.900% | 10/22/25 | 11,500 | 11,081 | |
Kingdom of Saudi Arabia | 3.250% | 10/26/26 | 24,639 | 23,464 | |
Kingdom of Saudi Arabia | 2.500% | 2/3/27 | 6,800 | 6,299 | |
Kingdom of Saudi Arabia | 4.750% | 1/18/28 | 15,875 | 15,573 | |
Kingdom of Saudi Arabia | 3.625% | 3/4/28 | 23,872 | 22,487 | |
Kingdom of Saudi Arabia | 4.375% | 4/16/29 | 19,075 | 18,303 | |
2 | Kingdom of Saudi Arabia | 4.750% | 1/16/30 | 9,600 | 9,261 |
Kingdom of Saudi Arabia | 4.750% | 1/16/30 | 3,691 | 3,562 | |
Kingdom of Saudi Arabia | 4.500% | 4/17/30 | 16,692 | 15,919 | |
Kingdom of Saudi Arabia | 3.250% | 10/22/30 | 7,679 | 6,796 | |
Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 5,745 | 4,799 | |
Kingdom of Saudi Arabia | 5.500% | 10/25/32 | 12,700 | 12,722 | |
Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 13,745 | 10,702 | |
Kingdom of Saudi Arabia | 4.875% | 7/18/33 | 18,755 | 18,019 | |
2 | Kingdom of Saudi Arabia | 5.000% | 1/16/34 | 16,200 | 15,596 |
Kingdom of Saudi Arabia | 5.000% | 1/16/34 | 1,000 | 963 | |
Kingdom of Saudi Arabia | 4.500% | 10/26/46 | 31,175 | 25,344 | |
Kingdom of Saudi Arabia | 4.625% | 10/4/47 | 21,368 | 17,514 | |
Kingdom of Saudi Arabia | 5.000% | 4/17/49 | 16,650 | 14,406 | |
Kingdom of Saudi Arabia | 5.250% | 1/16/50 | 16,867 | 15,088 | |
Kingdom of Saudi Arabia | 3.250% | 11/17/51 | 5,795 | 3,645 | |
Kingdom of Saudi Arabia | 5.000% | 1/18/53 | 15,875 | 13,428 | |
2 | Kingdom of Saudi Arabia | 5.750% | 1/16/54 | 17,650 | 16,464 |
Kingdom of Saudi Arabia | 5.750% | 1/16/54 | 4,907 | 4,584 | |
Kingdom of Saudi Arabia | 3.750% | 1/21/55 | 13,123 | 8,888 | |
Kingdom of Saudi Arabia | 4.500% | 4/22/60 | 14,050 | 10,823 | |
Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 10,430 | 6,455 | |
KSA Sukuk Ltd. | 3.628% | 4/20/27 | 20,225 | 19,293 | |
KSA Sukuk Ltd. | 5.268% | 10/25/28 | 11,398 | 11,413 | |
KSA Sukuk Ltd. | 4.303% | 1/19/29 | 9,300 | 8,930 | |
KSA Sukuk Ltd. | 4.274% | 5/22/29 | 13,300 | 12,701 | |
KSA Sukuk Ltd. | 2.969% | 10/29/29 | 13,815 | 12,292 | |
KSA Sukuk Ltd. | 2.250% | 5/17/31 | 7,652 | 6,308 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
KSA Sukuk Ltd. | 4.511% | 5/22/33 | 13,925 | 13,139 | |
416,261 | |||||
Senegal (0.2%) | |||||
3 | Republic of Senegal | 6.250% | 5/23/33 | 5,225 | 4,416 |
3 | Republic of Senegal | 6.750% | 3/13/48 | 4,800 | 3,531 |
7,947 | |||||
Serbia (0.3%) | |||||
Republic of Serbia | 6.250% | 5/26/28 | 3,600 | 3,604 | |
Republic of Serbia | 2.125% | 12/1/30 | 5,695 | 4,441 | |
Republic of Serbia | 6.500% | 9/26/33 | 4,750 | 4,748 | |
12,793 | |||||
South Africa (1.6%) | |||||
Republic of South Africa | 5.875% | 9/16/25 | 8,450 | 8,381 | |
Republic of South Africa | 4.875% | 4/14/26 | 6,488 | 6,283 | |
Republic of South Africa | 4.850% | 9/27/27 | 4,875 | 4,585 | |
Republic of South Africa | 4.300% | 10/12/28 | 10,000 | 8,906 | |
Republic of South Africa | 4.850% | 9/30/29 | 9,875 | 8,792 | |
Republic of South Africa | 5.875% | 6/22/30 | 6,489 | 5,972 | |
Republic of South Africa | 5.875% | 4/20/32 | 7,400 | 6,576 | |
Republic of South Africa | 6.250% | 3/8/41 | 3,991 | 3,213 | |
Republic of South Africa | 5.375% | 7/24/44 | 4,400 | 3,105 | |
Republic of South Africa | 5.000% | 10/12/46 | 4,525 | 2,970 | |
Republic of South Africa | 5.650% | 9/27/47 | 7,185 | 5,088 | |
Republic of South Africa | 6.300% | 6/22/48 | 2,740 | 2,102 | |
Republic of South Africa | 5.750% | 9/30/49 | 14,050 | 9,927 | |
Republic of South Africa | 7.300% | 4/20/52 | 7,275 | 6,153 | |
82,053 | |||||
Sri Lanka (0.5%) | |||||
5 | Republic of Sri Lanka | 6.125% | 6/3/25 | 2,550 | 1,464 |
5 | Republic of Sri Lanka | 6.850% | 11/3/25 | 6,925 | 3,967 |
5 | Republic of Sri Lanka | 6.825% | 7/18/26 | 5,700 | 3,265 |
5 | Republic of Sri Lanka | 6.200% | 5/11/27 | 6,900 | 3,931 |
5 | Republic of Sri Lanka | 6.750% | 4/18/28 | 6,200 | 3,518 |
5 | Republic of Sri Lanka | 7.850% | 3/14/29 | 6,675 | 3,785 |
5 | Republic of Sri Lanka | 7.550% | 3/28/30 | 7,100 | 4,012 |
23,942 | |||||
Suriname (0.1%) | |||||
2 | Republic of Suriname | 7.950% | 7/15/33 | 1,560 | 1,439 |
Republic of Suriname | 7.950% | 7/15/33 | 2,010 | 1,857 | |
3,296 | |||||
Tajikistan (0.0%) | |||||
3 | Republic of Tajikistan | 7.125% | 9/14/27 | 2,350 | 2,154 |
Trinidad & Tobago (0.2%) | |||||
Republic of Trinidad & Tobago | 4.500% | 8/4/26 | 4,560 | 4,395 | |
Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 2,650 | 2,427 | |
2 | Republic of Trinidad & Tobago | 5.950% | 1/14/31 | 1,400 | 1,378 |
Republic of Trinidad & Tobago | 5.950% | 1/14/31 | 1,300 | 1,281 | |
9,481 | |||||
Turkey (6.8%) | |||||
Hazine Mustesarligi Varlik Kiralama A/S | 9.758% | 11/13/25 | 11,900 | 12,542 | |
Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 11,875 | 11,566 | |
Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | 2/24/27 | 14,000 | 14,223 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Hazine Mustesarligi Varlik Kiralama A/S | 8.509% | 1/14/29 | 7,240 | 7,623 |
Hazine Mustesarligi Varlik Kiralama A/S | 8.509% | 1/14/29 | 5,125 | 5,393 | |
Republic of Turkey | 6.375% | 10/14/25 | 10,958 | 11,003 | |
Republic of Turkey | 4.750% | 1/26/26 | 8,630 | 8,439 | |
Republic of Turkey | 4.250% | 4/14/26 | 7,362 | 7,102 | |
Republic of Turkey | 4.875% | 10/9/26 | 14,474 | 14,014 | |
Republic of Turkey | 6.000% | 3/25/27 | 15,542 | 15,309 | |
Republic of Turkey | 8.600% | 9/24/27 | 10,250 | 10,833 | |
Republic of Turkey | 9.875% | 1/15/28 | 15,605 | 17,133 | |
Republic of Turkey | 5.125% | 2/17/28 | 9,950 | 9,406 | |
Republic of Turkey | 6.125% | 10/24/28 | 13,553 | 13,185 | |
Republic of Turkey | 9.375% | 3/14/29 | 11,100 | 12,020 | |
Republic of Turkey | 7.625% | 4/26/29 | 15,025 | 15,252 | |
Republic of Turkey | 11.875% | 1/15/30 | 6,472 | 7,990 | |
Republic of Turkey | 5.250% | 3/13/30 | 9,149 | 8,216 | |
Republic of Turkey | 9.125% | 7/13/30 | 12,125 | 13,037 | |
Republic of Turkey | 5.950% | 1/15/31 | 11,060 | 10,113 | |
Republic of Turkey | 5.875% | 6/26/31 | 9,450 | 8,567 | |
Republic of Turkey | 9.375% | 1/19/33 | 12,775 | 14,098 | |
Republic of Turkey | 6.500% | 9/20/33 | 7,875 | 7,279 | |
Republic of Turkey | 8.000% | 2/14/34 | 6,446 | 6,625 | |
Republic of Turkey | 7.625% | 5/15/34 | 14,900 | 14,725 | |
Republic of Turkey | 6.875% | 3/17/36 | 13,365 | 12,376 | |
Republic of Turkey | 7.250% | 3/5/38 | 3,625 | 3,435 | |
Republic of Turkey | 6.750% | 5/30/40 | 8,600 | 7,577 | |
Republic of Turkey | 6.000% | 1/14/41 | 14,515 | 11,682 | |
Republic of Turkey | 4.875% | 4/16/43 | 14,600 | 9,989 | |
Republic of Turkey | 6.625% | 2/17/45 | 14,200 | 11,857 | |
Republic of Turkey | 5.750% | 5/11/47 | 17,070 | 12,639 | |
345,248 | |||||
Ukraine (0.4%) | |||||
5 | Ukraine | 7.750% | 9/1/25 | 5,850 | 1,871 |
5 | Ukraine | 8.994% | 2/1/26 | 3,020 | 969 |
5 | Ukraine | 7.750% | 9/1/26 | 7,330 | 2,151 |
5 | Ukraine | 7.750% | 9/1/27 | 6,255 | 1,784 |
5 | Ukraine | 7.750% | 9/1/28 | 6,705 | 1,899 |
5 | Ukraine | 7.750% | 9/1/29 | 6,755 | 1,882 |
5 | Ukraine | 9.750% | 11/1/30 | 7,100 | 2,161 |
5 | Ukraine | 6.876% | 5/21/31 | 8,350 | 2,100 |
5 | Ukraine | 7.375% | 9/25/34 | 14,380 | 3,584 |
5 | Ukraine | 7.253% | 3/15/35 | 11,975 | 2,982 |
21,383 | |||||
United Arab Emirates (4.9%) | |||||
Dubai DOF Sukuk Ltd. | 5.000% | 4/30/29 | 5,630 | 5,686 | |
Dubai DOF Sukuk Ltd. | 4.800% | 5/21/29 | 1,000 | 1,000 | |
Dubai DOF Sukuk Ltd. | 2.763% | 9/9/30 | 6,225 | 5,543 | |
Emirate of Abu Dhabi | 3.125% | 5/3/26 | 13,447 | 12,882 | |
Emirate of Abu Dhabi | 3.125% | 10/11/27 | 19,600 | 18,327 | |
Emirate of Abu Dhabi | 1.625% | 6/2/28 | 9,917 | 8,642 | |
2 | Emirate of Abu Dhabi | 4.875% | 4/30/29 | 7,200 | 7,134 |
Emirate of Abu Dhabi | 2.500% | 9/30/29 | 15,025 | 13,226 | |
Emirate of Abu Dhabi | 3.125% | 4/16/30 | 14,875 | 13,346 | |
Emirate of Abu Dhabi | 1.700% | 3/2/31 | 7,450 | 6,006 | |
Emirate of Abu Dhabi | 1.875% | 9/15/31 | 8,950 | 7,195 | |
Emirate of Abu Dhabi | 2.000% | 10/19/31 | 4,875 | 3,959 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Emirate of Abu Dhabi | 4.050% | 7/7/32 | 8,250 | 7,699 | |
Emirate of Abu Dhabi | 4.917% | 9/25/33 | 7,155 | 7,080 | |
2 | Emirate of Abu Dhabi | 5.000% | 4/30/34 | 7,200 | 7,125 |
Emirate of Abu Dhabi | 2.875% | 10/19/41 | 4,865 | 3,385 | |
Emirate of Abu Dhabi | 4.125% | 10/11/47 | 13,645 | 10,924 | |
Emirate of Abu Dhabi | 3.125% | 9/30/49 | 18,575 | 12,241 | |
Emirate of Abu Dhabi | 3.875% | 4/16/50 | 19,850 | 14,867 | |
Emirate of Abu Dhabi | 3.000% | 9/15/51 | 5,625 | 3,561 | |
Emirate of Abu Dhabi | 4.951% | 7/7/52 | 5,975 | 5,359 | |
2 | Emirate of Abu Dhabi | 5.500% | 4/30/54 | 8,600 | 8,340 |
Emirate of Abu Dhabi | 3.250% | 10/19/61 | 9,550 | 6,133 | |
Emirate of Abu Dhabi | 2.700% | 9/2/70 | 6,800 | 3,664 | |
Emirate of Dubai | 5.250% | 1/30/43 | 4,425 | 4,065 | |
Emirate of Dubai | 3.900% | 9/9/50 | 7,392 | 5,187 | |
Finance Department Government of Sharjah | 6.500% | 11/23/32 | 5,474 | 5,529 | |
Finance Department Government of Sharjah | 3.625% | 3/10/33 | 4,325 | 3,558 | |
2 | Finance Department Government of Sharjah | 6.125% | 3/6/36 | 3,800 | 3,695 |
Finance Department Government of Sharjah | 4.000% | 7/28/50 | 4,673 | 2,904 | |
Finance Department Government of Sharjah | 4.375% | 3/10/51 | 2,506 | 1,673 | |
Sharjah Sukuk Program Ltd. | 3.854% | 4/3/26 | 4,470 | 4,299 | |
Sharjah Sukuk Program Ltd. | 2.942% | 6/10/27 | 4,340 | 3,990 | |
Sharjah Sukuk Program Ltd. | 4.226% | 3/14/28 | 6,475 | 6,134 | |
Sharjah Sukuk Program Ltd. | 3.234% | 10/23/29 | 5,114 | 4,511 | |
Sharjah Sukuk Program Ltd. | 3.886% | 4/4/30 | 3,175 | 2,865 | |
Sharjah Sukuk Program Ltd. | 3.200% | 7/13/31 | 3,400 | 2,867 | |
Sharjah Sukuk Program Ltd. | 6.092% | 3/19/34 | 4,100 | 4,157 | |
248,758 | |||||
Uruguay (1.3%) | |||||
3 | Oriental Republic of Uruguay | 4.375% | 10/27/27 | 6,586 | 6,489 |
3 | Oriental Republic of Uruguay | 4.375% | 1/23/31 | 9,882 | 9,478 |
Oriental Republic of Uruguay | 7.875% | 1/15/33 | 3,990 | 4,649 | |
Oriental Republic of Uruguay | 5.750% | 10/28/34 | 10,502 | 10,691 | |
3 | Oriental Republic of Uruguay | 7.625% | 3/21/36 | 5,146 | 6,006 |
3 | Oriental Republic of Uruguay | 4.125% | 11/20/45 | 3,310 | 2,780 |
3 | Oriental Republic of Uruguay | 5.100% | 6/18/50 | 18,746 | 17,098 |
3 | Oriental Republic of Uruguay | 4.975% | 4/20/55 | 12,364 | 10,903 |
68,094 | |||||
Uzbekistan (0.2%) | |||||
2 | Republic of Uzbekistan | 7.850% | 10/12/28 | 2,400 | 2,456 |
Republic of Uzbekistan | 7.850% | 10/12/28 | 1,500 | 1,537 | |
Republic of Uzbekistan | 5.375% | 2/20/29 | 2,225 | 2,036 | |
Republic of Uzbekistan | 3.700% | 11/25/30 | 2,475 | 2,003 | |
Republic of Uzbekistan | 3.900% | 10/19/31 | 2,825 | 2,256 | |
10,288 | |||||
Zambia (0.1%) | |||||
5 | Republic of Zambia | 8.970% | 7/30/27 | 5,950 | 4,348 |
Total Sovereign Bonds (Cost $4,716,661) | 4,290,906 |
Coupon | Shares | Market Value• ($000) | |||
Temporary Cash Investments (0.5%) | |||||
Money Market Fund (0.5%) | |||||
7 | Vanguard Market Liquidity Fund (Cost $24,032) | 5.394% | 240,346 | 24,032 | |
Total Investments (98.6%) (Cost $5,494,380) | 4,987,477 | ||||
Other Assets and Liabilities—Net (1.4%) | 69,408 | ||||
Net Assets (100.0%) | 5,056,885 | ||||
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, 2024, the aggregate value was $144,897,000, representing 2.9% of net assets. |
3 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
4 | Step bond. |
5 | Non-income-producing security—security in default. |
6 | Securities with a value of $556,000 have been segregated as initial margin for open futures contracts. |
7 | 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 | ||||
Ultra Long U.S. Treasury Bond | June 2024 | 13 | 1,554 | (3) |
Short Futures Contracts | ||||
5-Year U.S. Treasury Note | June 2024 | (20) | (2,095) | 6 |
10-Year U.S. Treasury Note | June 2024 | (15) | (1,611) | 16 |
22 | ||||
19 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $5,470,348) | 4,963,445 |
Affiliated Issuers (Cost $24,032) | 24,032 |
Total Investments in Securities | 4,987,477 |
Investment in Vanguard | 132 |
Cash Collateral Received for ETF Capital Activity | 14,812 |
Receivables for Investment Securities Sold | 89,711 |
Receivables for Accrued Income | 66,244 |
Receivables for Capital Shares Issued | 638 |
Variation Margin Receivable—Futures Contracts | 66 |
Total Assets | 5,159,080 |
Liabilities | |
Due to Custodian | 110 |
Payables for Investment Securities Purchased | 86,615 |
Collateral for ETF Capital Activity | 14,812 |
Payables for Capital Shares Redeemed | 83 |
Payables for Distributions | 165 |
Payables to Vanguard | 410 |
Total Liabilities | 102,195 |
Net Assets | 5,056,885 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 5,891,837 |
Total Distributable Earnings (Loss) | (834,952) |
Net Assets | 5,056,885 |
ETF Shares—Net Assets | |
Applicable to 76,887,426 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,782,724 |
Net Asset Value Per Share—ETF Shares | $62.20 |
Admiral Shares—Net Assets | |
Applicable to 9,620,780 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 149,981 |
Net Asset Value Per Share—Admiral Shares | $15.59 |
Institutional Shares—Net Assets | |
Applicable to 4,966,723 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 124,180 |
Net Asset Value Per Share—Institutional Shares | $25.00 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 129,195 |
Total Income | 129,195 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 42 |
Management and Administrative—ETF Shares | 3,598 |
Management and Administrative—Admiral Shares | 144 |
Management and Administrative—Institutional Shares | 101 |
Marketing and Distribution—ETF Shares | 95 |
Marketing and Distribution—Admiral Shares | 4 |
Marketing and Distribution—Institutional Shares | 2 |
Custodian Fees | 46 |
Shareholders’ Reports—ETF Shares | 101 |
Shareholders’ Reports—Admiral Shares | 1 |
Shareholders’ Reports—Institutional Shares | 1 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 7 |
Total Expenses | 4,143 |
Expenses Paid Indirectly | (5) |
Net Expenses | 4,138 |
Net Investment Income | 125,057 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | (52,321) |
Futures Contracts | (50) |
Realized Net Gain (Loss) | (52,371) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 285,266 |
Futures Contracts | (60) |
Change in Unrealized Appreciation (Depreciation) | 285,206 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 357,892 |
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 $388,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $8,024,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 125,057 | 197,395 | |
Realized Net Gain (Loss) | (52,371) | (65,358) | |
Change in Unrealized Appreciation (Depreciation) | 285,206 | 57,071 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 357,892 | 189,108 | |
Distributions | |||
ETF Shares | (109,209) | (183,338) | |
Admiral Shares | (4,450) | (8,955) | |
Institutional Shares | (3,478) | (6,836) | |
Total Distributions | (117,137) | (199,129) | |
Capital Share Transactions | |||
ETF Shares | 1,338,010 | 649,377 | |
Admiral Shares | (8,857) | (9,562) | |
Institutional Shares | 4,518 | 60,803 | |
Net Increase (Decrease) from Capital Share Transactions | 1,333,671 | 700,618 | |
Total Increase (Decrease) | 1,574,426 | 690,597 | |
Net Assets | |||
Beginning of Period | 3,482,459 | 2,791,862 | |
End of Period | 5,056,885 | 3,482,459 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $57.98 | $57.55 | $78.02 | $78.01 | $80.38 | $74.27 |
Investment Operations | ||||||
Net Investment Income1 | 1.867 | 3.407 | 3.170 | 3.190 | 3.551 | 3.738 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 4.147 | .484 | (20.455) | (.036) | (2.322) | 6.044 |
Total from Investment Operations | 6.014 | 3.891 | (17.285) | 3.154 | 1.229 | 9.782 |
Distributions | ||||||
Dividends from Net Investment Income | (1.794) | (3.461) | (3.185) | (3.144) | (3.599) | (3.672) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.794) | (3.461) | (3.185) | (3.144) | (3.599) | (3.672) |
Net Asset Value, End of Period | $62.20 | $57.98 | $57.55 | $78.02 | $78.01 | $80.38 |
Total Return | 10.43% | 6.62% | -22.68% | 4.06% | 1.65% | 13.47% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,783 | $3,223 | $2,582 | $3,024 | $1,853 | $1,538 |
Ratio of Total Expenses to Average Net Assets | 0.20%3 | 0.20%3 | 0.20%3 | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 6.03% | 5.58% | 4.73% | 4.02% | 4.55% | 4.79% |
Portfolio Turnover Rate4 | 15% | 17% | 17% | 16% | 21% | 48% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $0.02, $.02, $.00, $.00, and $.00. |
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, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $14.53 | $14.42 | $19.58 | $19.58 | $20.16 | $18.63 |
Investment Operations | ||||||
Net Investment Income1 | .468 | .856 | .798 | .806 | .897 | .939 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.045 | .127 | (5.149) | (.015) | (.586) | 1.521 |
Total from Investment Operations | 1.513 | .983 | (4.351) | .791 | .311 | 2.460 |
Distributions | ||||||
Dividends from Net Investment Income | (.453) | (.873) | (.809) | (.791) | (.891) | (.930) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.453) | (.873) | (.809) | (.791) | (.891) | (.930) |
Net Asset Value, End of Period | $15.59 | $14.53 | $14.42 | $19.58 | $19.58 | $20.16 |
Total Return2 | 10.42% | 6.65% | -22.67% | 4.04% | 1.66% | 13.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $150 | $148 | $156 | $242 | $243 | $273 |
Ratio of Total Expenses to Average Net Assets | 0.20%3 | 0.20%3 | 0.20%3 | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 6.01% | 5.57% | 4.69% | 4.03% | 4.57% | 4.79% |
Portfolio Turnover Rate4 | 15% | 17% | 17% | 16% | 21% | 48% |
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 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. |
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. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $23.30 | $23.13 | $31.41 | $31.40 | $32.33 | $29.88 |
Investment Operations | ||||||
Net Investment Income1 | .754 | 1.381 | 1.286 | 1.298 | 1.443 | 1.522 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.675 | .196 | (8.261) | (.014) | (.938) | 2.425 |
Total from Investment Operations | 2.429 | 1.577 | (6.975) | 1.284 | .505 | 3.947 |
Distributions | ||||||
Dividends from Net Investment Income | (.729) | (1.407) | (1.305) | (1.274) | (1.435) | (1.497) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.729) | (1.407) | (1.305) | (1.274) | (1.435) | (1.497) |
Net Asset Value, End of Period | $25.00 | $23.30 | $23.13 | $31.41 | $31.40 | $32.33 |
Total Return2 | 10.43% | 6.64% | -22.66% | 4.10% | 1.68% | 13.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $124 | $112 | $54 | $45 | $42 | $51 |
Ratio of Total Expenses to Average Net Assets | 0.18%3 | 0.18%3 | 0.18%3 | 0.18% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 6.03% | 5.60% | 4.79% | 4.05% | 4.59% | 4.81% |
Portfolio Turnover Rate4 | 15% | 17% | 17% | 16% | 21% | 48% |
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 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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.18%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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, 2024, custodian fee offset arrangements reduced the fund’s expenses by $5,000 (an annual rate of less than 0.01% of average net assets). |
D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
U.S. Government and Agency Obligations | — | 4,613 | — | 4,613 |
Corporate Bonds | — | 667,926 | — | 667,926 |
Sovereign Bonds | — | 4,290,906 | — | 4,290,906 |
Temporary Cash Investments | 24,032 | — | — | 24,032 |
Total | 24,032 | 4,963,445 | — | 4,987,477 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 22 | — | — | 22 |
Liabilities | ||||
Futures Contracts1 | 3 | — | — | 3 |
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, 2024, 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 | 5,502,425 |
Gross Unrealized Appreciation | 23,123 |
Gross Unrealized Depreciation | (538,052) |
Net Unrealized Appreciation (Depreciation) | (514,929) |
F. | During the six months ended April 30, 2024, the fund purchased $447,928,000 of investment securities and sold $423,394,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $200,481,000 and $197,989,000, respectively. In addition, the fund purchased and sold investment securities of $1,533,104,000 and $255,864,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,598,412 | 25,501 | 779,938 | 12,816 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (260,402) | (4,200) | (130,561) | (2,100) | |
Net Increase (Decrease)—ETF Shares | 1,338,010 | 21,301 | 649,377 | 10,716 | |
Admiral Shares | |||||
Issued1 | 8,398 | 535 | 22,784 | 1,474 | |
Issued in Lieu of Cash Distributions | 3,378 | 215 | 6,930 | 451 | |
Redeemed | (20,633) | (1,316) | (39,276) | (2,541) | |
Net Increase (Decrease)—Admiral Shares | (8,857) | (566) | (9,562) | (616) | |
Institutional Shares | |||||
Issued1 | 10,205 | 405 | 78,060 | 3,196 | |
Issued in Lieu of Cash Distributions | 3,478 | 138 | 6,786 | 276 | |
Redeemed | (9,165) | (374) | (24,043) | (992) | |
Net Increase (Decrease)—Institutional Shares | 4,518 | 169 | 60,803 | 2,480 |
1 | Includes purchase fees for fiscal 2024 and 2023 of $147,000 and $1,183,000, respectively (fund totals). |
H. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
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, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,127.90 | $1.11 |
Admiral™ Shares | 1,000.00 | 1,128.40 | 0.74 |
Based on Hypothetical 5% Yearly Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,023.82 | $1.06 |
Admiral Shares | 1,000.00 | 1,024.17 | 0.70 |
United States | 57.8% |
Japan | 9.3 |
India | 4.3 |
Taiwan | 3.8 |
United Kingdom | 3.7 |
Australia | 3.6 |
Canada | 2.8 |
China | 2.6 |
Switzerland | 2.6 |
South Korea | 2.5 |
Brazil | 1.2 |
France | 1.2 |
Other | 4.6 |
Shares | Market Value• ($000) | ||
Common Stocks (98.0%) | |||
Australia (3.5%) | |||
Wesfarmers Ltd. | 545,144 | 23,354 | |
Brambles Ltd. | 960,207 | 9,033 | |
Medibank Pvt Ltd. | 3,618,625 | 8,293 | |
Telstra Group Ltd. | 3,225,707 | 7,621 | |
Insurance Australia Group Ltd. | 1,170,507 | 4,849 | |
Coles Group Ltd. | 422,572 | 4,407 | |
Transurban Group | 495,006 | 3,974 | |
Santos Ltd. | 539,750 | 2,649 | |
Aurizon Holdings Ltd. | 653,675 | 1,606 | |
REA Group Ltd. | 8,828 | 1,012 | |
Steadfast Group Ltd. | 258,832 | 942 | |
CAR Group Ltd. | 31,641 | 686 | |
Washington H Soul Pattinson & Co. Ltd. | 30,785 | 644 | |
Ampol Ltd. | 16,935 | 400 | |
69,470 | |||
Belgium (0.1%) | |||
Colruyt Group NV | 42,922 | 1,986 | |
Brazil (1.2%) | |||
Itau Unibanco Holding SA ADR | 2,747,501 | 16,622 | |
Petroleo Brasileiro SA ADR | 261,585 | 4,217 | |
Banco Bradesco SA ADR | 637,270 | 1,721 | |
Petroleo Brasileiro SA ADR (XNYS) | 35,139 | 596 | |
Ultrapar Participacoes SA ADR | 43,687 | 219 | |
23,375 | |||
Canada (2.8%) | |||
Dollarama Inc. | 240,125 | 20,031 | |
Intact Financial Corp. | 103,014 | 16,932 | |
1 | Hydro One Ltd. | 398,110 | 11,151 |
Pembina Pipeline Corp. | 100,407 | 3,533 | |
TMX Group Ltd. | 56,030 | 1,484 | |
BCE Inc. | 22,225 | 730 | |
Definity Financial Corp. | 16,587 | 553 | |
Thomson Reuters Corp. | 2,570 | 388 | |
54,802 | |||
China (2.6%) | |||
Tencent Holdings Ltd. | 245,700 | 10,782 | |
China Shenhua Energy Co. Ltd. Class H | 2,368,000 | 9,828 |
Shares | Market Value• ($000) | ||
1 | Nongfu Spring Co. Ltd. Class H | 1,119,800 | 6,579 |
*,1,2 | East Buy Holding Ltd. | 2,344,521 | 4,957 |
Sinopharm Group Co. Ltd. Class H | 1,432,400 | 3,617 | |
Tsingtao Brewery Co. Ltd. Class H | 414,000 | 2,983 | |
China Resources Power Holdings Co. Ltd. | 680,000 | 1,691 | |
Anhui Conch Cement Co. Ltd. Class H | 649,414 | 1,507 | |
Yum China Holdings Inc. | 34,500 | 1,292 | |
BYD Electronic International Co. Ltd. | 355,000 | 1,196 | |
1 | Fuyao Glass Industry Group Co. Ltd. Class H | 199,200 | 1,193 |
China Pacific Insurance Group Co. Ltd. Class H | 495,800 | 1,086 | |
1,2 | Meitu Inc. | 2,507,000 | 1,029 |
*,1 | Kuaishou Technology | 144,900 | 1,016 |
* | Trip.com Group Ltd. | 19,650 | 957 |
Want Want China Holdings Ltd. | 1,567,000 | 894 | |
New China Life Insurance Co. Ltd. Class H | 318,300 | 610 | |
51,217 | |||
Denmark (0.1%) | |||
Pandora A/S | 10,111 | 1,539 | |
Finland (0.2%) | |||
Sampo OYJ Class A | 96,026 | 3,897 | |
France (1.1%) | |||
Orange SA | 1,735,805 | 19,320 | |
Edenred SE | 31,915 | 1,514 | |
Vivendi SE | 133,458 | 1,358 | |
Bollore SE | 68,388 | 444 | |
22,636 | |||
Germany (0.3%) | |||
Beiersdorf AG | 9,805 | 1,474 | |
Deutsche Post AG | 28,826 | 1,207 | |
SAP SE | 6,501 | 1,174 | |
1 | Scout24 SE | 8,416 | 618 |
Nemetschek SE | 6,696 | 591 | |
Fielmann Group AG | 9,924 | 463 | |
5,527 | |||
Hong Kong (0.9%) | |||
CLP Holdings Ltd. | 1,286,105 | 10,116 |
Shares | Market Value• ($000) | ||
Power Assets Holdings Ltd. | 1,094,770 | 6,280 | |
Chow Tai Fook Jewellery Group Ltd. | 828,200 | 1,127 | |
17,523 | |||
India (4.2%) | |||
ICICI Bank Ltd. ADR | 1,216,932 | 33,502 | |
Infosys Ltd. ADR | 1,196,722 | 19,997 | |
Dr Reddy's Laboratories Ltd. ADR | 264,109 | 19,404 | |
HDFC Bank Ltd. ADR | 147,373 | 8,489 | |
Wipro Ltd. ADR | 261,182 | 1,408 | |
1 | Reliance Industries Ltd. GDR | 14,942 | 1,054 |
83,854 | |||
Indonesia (0.1%) | |||
Telkom Indonesia Persero Tbk PT ADR | 157,981 | 3,073 | |
Israel (0.0%) | |||
Elbit Systems Ltd. | 102 | 21 | |
Italy (0.3%) | |||
Assicurazioni Generali SpA | 121,765 | 2,969 | |
UnipolSai Assicurazioni SpA | 589,372 | 1,687 | |
1 | Infrastrutture Wireless Italiane SpA | 33,655 | 361 |
Azimut Holding SpA | 13,695 | 361 | |
5,378 | |||
Japan (9.2%) | |||
Softbank Corp. | 2,452,700 | 29,584 | |
East Japan Railway Co. | 1,063,200 | 19,487 | |
Canon Inc. | 630,500 | 17,065 | |
Central Japan Railway Co. | 626,300 | 14,322 | |
Yamada Holdings Co. Ltd. | 3,252,100 | 9,309 | |
Skylark Holdings Co. Ltd. | 616,900 | 8,791 | |
Kyushu Railway Co. | 360,100 | 7,748 | |
Japan Tobacco Inc. | 277,400 | 7,463 | |
McDonald's Holdings Co. Japan Ltd. | 164,100 | 7,219 | |
Osaka Gas Co. Ltd. | 273,600 | 6,084 | |
West Japan Railway Co. | 302,200 | 5,736 | |
Japan Post Holdings Co. Ltd. | 484,100 | 4,649 | |
KDDI Corp. | 162,800 | 4,517 | |
Kagome Co. Ltd. | 166,200 | 4,249 | |
Tokyu Corp. | 324,200 | 3,838 | |
Nintendo Co. Ltd. | 73,200 | 3,570 | |
Tobu Railway Co. Ltd. | 157,300 | 3,121 | |
Hankyu Hanshin Holdings Inc. | 117,400 | 3,078 | |
Toho Co. Ltd. | 59,200 | 1,983 | |
ENEOS Holdings Inc. | 386,200 | 1,784 | |
Shimamura Co. Ltd. | 29,200 | 1,439 | |
Disco Corp. | 4,800 | 1,367 | |
ABC-Mart Inc. | 61,100 | 1,217 | |
Tokyo Seimitsu Co. Ltd. | 17,500 | 1,139 | |
MOS Food Services Inc. | 49,900 | 1,104 | |
Kintetsu Group Holdings Co. Ltd. | 40,500 | 1,041 | |
Sawai Group Holdings Co. Ltd. | 26,700 | 995 | |
Takashimaya Co. Ltd. | 61,500 | 872 | |
Alfresa Holdings Corp. | 58,800 | 871 | |
Yamato Holdings Co. Ltd. | 62,100 | 820 |
Shares | Market Value• ($000) | ||
Oracle Corp. Japan | 10,200 | 765 | |
Yamazaki Baking Co. Ltd. | 26,600 | 644 | |
Iwatani Corp. | 10,300 | 585 | |
Citizen Watch Co. Ltd. | 83,700 | 556 | |
Haseko Corp. | 44,100 | 533 | |
COMSYS Holdings Corp. | 22,500 | 527 | |
USS Co. Ltd. | 66,400 | 507 | |
Kyorin Pharmaceutical Co. Ltd. | 43,300 | 505 | |
Seven Bank Ltd. | 275,300 | 492 | |
Seino Holdings Co. Ltd. | 34,000 | 455 | |
Nagoya Railroad Co. Ltd. | 31,700 | 413 | |
Tokyo Gas Co. Ltd. | 18,400 | 413 | |
Yoshinoya Holdings Co. Ltd. | 21,000 | 385 | |
181,242 | |||
Mexico (0.6%) | |||
Fomento Economico Mexicano SAB de CV ADR | 50,514 | 5,943 | |
America Movil SAB de CV ADR | 214,641 | 4,091 | |
Coca-Cola Femsa SAB de CV ADR | 11,657 | 1,156 | |
11,190 | |||
Netherlands (0.5%) | |||
Koninklijke KPN NV | 1,294,769 | 4,705 | |
ASM International NV | 4,958 | 3,119 | |
BE Semiconductor Industries NV | 17,874 | 2,371 | |
10,195 | |||
New Zealand (0.1%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 52,654 | 882 | |
Infratil Ltd. | 81,484 | 523 | |
1,405 | |||
Norway (0.4%) | |||
Orkla ASA | 949,009 | 6,456 | |
Equinor ASA | 37,071 | 986 | |
7,442 | |||
Singapore (0.6%) | |||
Oversea-Chinese Banking Corp. Ltd. | 747,361 | 7,759 | |
Singapore Exchange Ltd. | 676,426 | 4,614 | |
12,373 | |||
South Korea (2.2%) | |||
KT&G Corp. | 239,739 | 15,448 | |
Samsung Electronics Co. Ltd. (XKRX) | 266,509 | 14,814 | |
SK Hynix Inc. | 56,279 | 6,945 | |
Samsung Fire & Marine Insurance Co. Ltd. | 10,897 | 2,439 | |
Samsung Life Insurance Co. Ltd. | 20,362 | 1,283 | |
Samsung C&T Corp. | 7,099 | 766 | |
Industrial Bank of Korea | 60,581 | 609 | |
Maeil Dairies Co. Ltd. | 17,748 | 521 | |
S-Oil Corp. | 8,116 | 424 | |
* | Wonik Holdings Co. Ltd. | 118,090 | 302 |
43,551 | |||
Spain (0.2%) | |||
Industria de Diseno Textil SA | 83,816 | 3,816 | |
Acerinox SA | 52,952 | 571 | |
Enagas SA | 30,371 | 445 |
Shares | Market Value• ($000) | ||
Amadeus IT Group SA | 5,731 | 364 | |
5,196 | |||
Switzerland (2.6%) | |||
Swisscom AG (Registered) | 49,414 | 27,109 | |
Novartis AG (Registered) | 119,063 | 11,556 | |
Kuehne & Nagel International AG (Registered) | 20,550 | 5,431 | |
1 | Galenica AG | 32,533 | 2,489 |
Banque Cantonale Vaudoise (Registered) | 17,241 | 1,803 | |
Zurich Insurance Group AG | 1,570 | 760 | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | 4 | 462 | |
Allreal Holding AG (Registered) | 2,370 | 383 | |
Partners Group Holding AG | 282 | 363 | |
Chocoladefabriken Lindt & Spruengli AG | 29 | 334 | |
50,690 | |||
Taiwan (3.7%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 222,354 | 30,538 | |
2 | United Microelectronics Corp. ADR | 2,621,367 | 20,185 |
ASE Technology Holding Co. Ltd. ADR | 1,658,567 | 16,652 | |
Chunghwa Telecom Co. Ltd. ADR | 145,028 | 5,469 | |
72,844 | |||
United Kingdom (3.7%) | |||
BAE Systems plc | 1,764,295 | 29,344 | |
Compass Group plc | 550,229 | 15,304 | |
Sage Group plc | 833,901 | 12,092 | |
Pearson plc | 631,202 | 7,659 | |
GSK plc | 188,498 | 3,911 | |
Mondi plc | 65,522 | 1,242 | |
Reckitt Benckiser Group plc | 21,049 | 1,177 | |
Smiths Group plc | 36,416 | 734 | |
1 | Auto Trader Group plc | 59,880 | 519 |
Shell plc (XETR) | 12,891 | 458 | |
Associated British Foods plc | 6,465 | 214 | |
72,654 | |||
United States (56.8%) | |||
AptarGroup Inc. | 233,232 | 33,674 | |
Church & Dwight Co. Inc. | 311,719 | 33,631 | |
Merck & Co. Inc. | 256,509 | 33,146 | |
Republic Services Inc. | 171,398 | 32,857 | |
Cencora Inc. | 136,722 | 32,683 | |
Waste Management Inc. | 156,160 | 32,484 | |
Colgate-Palmolive Co. | 346,440 | 31,845 | |
AbbVie Inc. | 184,389 | 29,989 | |
McDonald's Corp. | 108,486 | 29,621 | |
Roper Technologies Inc. | 56,548 | 28,922 | |
Amdocs Ltd. | 340,417 | 28,592 | |
Johnson & Johnson | 191,972 | 27,757 | |
Cisco Systems Inc. | 574,445 | 26,987 | |
Chemed Corp. | 46,681 | 26,515 |
Shares | Market Value• ($000) | ||
International Business Machines Corp. | 154,265 | 25,639 | |
Eli Lilly & Co. | 31,941 | 24,949 | |
General Mills Inc. | 345,574 | 24,349 | |
McKesson Corp. | 42,852 | 23,021 | |
Cboe Global Markets Inc. | 125,720 | 22,774 | |
Lockheed Martin Corp. | 47,747 | 22,199 | |
White Mountains Insurance Group Ltd. | 11,965 | 21,275 | |
Progressive Corp. | 95,234 | 19,833 | |
NewMarket Corp. | 33,950 | 17,889 | |
* | FTI Consulting Inc. | 83,011 | 17,750 |
Southern Co. | 239,827 | 17,627 | |
Amgen Inc. | 63,777 | 17,471 | |
Williams Cos. Inc. | 446,822 | 17,140 | |
Gilead Sciences Inc. | 262,261 | 17,099 | |
Dolby Laboratories Inc. Class A | 219,184 | 17,022 | |
Motorola Solutions Inc. | 49,286 | 16,715 | |
Kimberly-Clark Corp. | 121,761 | 16,624 | |
*,3 | Equity Commonwealth | 885,944 | 16,585 |
Walmart Inc. | 257,340 | 15,273 | |
* | Vertex Pharmaceuticals Inc. | 37,806 | 14,851 |
General Dynamics Corp. | 49,761 | 14,286 | |
Service Corp. International | 191,328 | 13,720 | |
* | Insight Enterprises Inc. | 61,062 | 11,148 |
* | ServiceNow Inc. | 15,598 | 10,815 |
* | O'Reilly Automotive Inc. | 9,956 | 10,088 |
* | Kirby Corp. | 91,987 | 10,039 |
IDACORP Inc. | 105,640 | 10,013 | |
Kraft Heinz Co. | 240,859 | 9,300 | |
Chevron Corp. | 57,014 | 9,195 | |
Salesforce Inc. | 32,738 | 8,805 | |
Flowers Foods Inc. | 334,410 | 8,340 | |
Electronic Arts Inc. | 63,575 | 8,063 | |
Globe Life Inc. | 104,417 | 7,953 | |
Northrop Grumman Corp. | 16,270 | 7,891 | |
Ryan Specialty Holdings Inc. | 154,260 | 7,611 | |
* | Check Point Software Technologies Ltd. | 46,464 | 6,943 |
Atmos Energy Corp. | 57,693 | 6,802 | |
UnitedHealth Group Inc. | 13,303 | 6,435 | |
Ecolab Inc. | 26,743 | 6,048 | |
Duke Energy Corp. | 61,212 | 6,015 | |
Silgan Holdings Inc. | 127,189 | 5,935 | |
* | CommVault Systems Inc. | 57,875 | 5,930 |
W R Berkley Corp. | 70,758 | 5,446 | |
Sonoco Products Co. | 94,660 | 5,306 | |
* | Akamai Technologies Inc. | 50,130 | 5,060 |
Cheniere Energy Inc. | 31,716 | 5,005 | |
Avery Dennison Corp. | 21,703 | 4,716 | |
TJX Cos. Inc. | 48,200 | 4,535 | |
* | Grand Canyon Education Inc. | 31,546 | 4,102 |
Maximus Inc. | 50,342 | 4,041 | |
InterDigital Inc. | 38,467 | 3,798 | |
PNM Resources Inc. | 102,310 | 3,792 | |
Coca-Cola Co. | 61,156 | 3,778 | |
Huntington Ingalls Industries Inc. | 13,018 | 3,605 | |
Intuit Inc. | 5,620 | 3,516 | |
* | MercadoLibre Inc. | 2,237 | 3,263 |
* | Berkshire Hathaway Inc. Class B | 7,993 | 3,171 |
Shares | Market Value• ($000) | ||
Progress Software Corp. | 63,549 | 3,166 | |
Murphy USA Inc. | 7,355 | 3,044 | |
Selective Insurance Group Inc. | 28,917 | 2,939 | |
Hormel Foods Corp. | 82,601 | 2,937 | |
* | MakeMyTrip Ltd. | 43,464 | 2,878 |
* | Zscaler Inc. | 16,011 | 2,769 |
* | CACI International Inc. Class A | 6,564 | 2,640 |
Matson Inc. | 21,164 | 2,281 | |
MDU Resources Group Inc. | 73,056 | 1,805 | |
Science Applications International Corp. | 13,513 | 1,739 | |
Kellanova | 28,015 | 1,621 | |
Laureate Education Inc. | 99,408 | 1,441 | |
* | Yelp Inc. | 34,326 | 1,381 |
Loews Corp. | 18,331 | 1,378 | |
WaFd Inc. | 49,591 | 1,343 | |
J M Smucker Co. | 11,688 | 1,342 | |
* | Huron Consulting Group Inc. | 14,332 | 1,336 |
* | CCC Intelligent Solutions Holdings Inc. | 116,643 | 1,309 |
RLI Corp. | 8,364 | 1,182 | |
Graham Holdings Co. Class B | 1,661 | 1,165 | |
* | Prestige Consumer Healthcare Inc. | 15,758 | 1,131 |
Procter & Gamble Co. | 6,658 | 1,087 | |
American States Water Co. | 15,287 | 1,083 | |
Meta Platforms Inc. Class A | 2,267 | 975 | |
* | Regeneron Pharmaceuticals Inc. | 980 | 873 |
Exxon Mobil Corp. | 7,214 | 853 | |
TFS Financial Corp. | 66,194 | 795 | |
PepsiCo Inc. | 4,465 | 785 | |
* | NetScout Systems Inc. | 35,482 | 683 |
Lam Research Corp. | 651 | 582 | |
* | Enstar Group Ltd. | 1,969 | 572 |
Alphabet Inc. Class C | 3,103 | 511 | |
CME Group Inc. | 2,371 | 497 | |
NVIDIA Corp. | 542 | 468 | |
J & J Snack Foods Corp. | 3,101 | 426 | |
* | Blackbaud Inc. | 4,734 | 369 |
Shares | Market Value• ($000) | ||
* | Crowdstrike Holdings Inc. Class A | 1,218 | 356 |
* | F5 Inc. | 2,102 | 348 |
Alphabet Inc. Class A | 1,277 | 208 | |
T-Mobile US Inc. | 1,024 | 168 | |
* | Monday.com Ltd. | 852 | 161 |
Costco Wholesale Corp. | 39 | 28 | |
1,121,952 | |||
Total Common Stocks (Cost $1,587,592) | 1,935,032 | ||
Preferred Stock (0.3%) | |||
Samsung Electronics Co. Ltd. Preference Shares (Cost $4,801) | 115,461 | 5,391 | |
Temporary Cash Investments (2.1%) | |||
Money Market Fund (2.1%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.394% (Cost $41,849) | 418,593 | 41,855 |
Total Investments (100.4%) (Cost $1,634,242) | 1,982,278 | ||
Other Assets and Liabilities— Net (-0.4%) | (8,411) | ||
Net Assets (100%) | 1,973,867 | ||
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, 2024, the aggregate value was $30,966,000, representing 1.6% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $25,417,000. |
3 | Securities with a value of $1,660,000 have been segregated as initial margin for open futures contracts. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $29,310,000 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 2024 | 71 | 17,988 | (493) |
Euro Stoxx 50 Index | June 2024 | 32 | 1,672 | (4) |
S&P ASX 200 Index | June 2024 | 4 | 498 | (3) |
Topix Index | June 2024 | 9 | 1,568 | 34 |
(466) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Deutsche Bank AG | 5/15/24 | AUD | 6,879 | USD | 4,456 | 3 | — |
Citibank, N.A. | 5/15/24 | CAD | 1,825 | USD | 1,350 | — | (24) |
State Street Bank & Trust Co. | 5/15/24 | GBP | 3,556 | USD | 4,437 | 6 | — |
State Street Bank & Trust Co. | 5/15/24 | INR | 135,184 | USD | 1,617 | 1 | — |
BNP Paribas | 5/15/24 | JPY | 815,201 | USD | 5,285 | — | (104) |
UBS AG | 5/15/24 | JPY | 382,267 | USD | 2,536 | — | (106) |
UBS AG | 5/16/24 | KRW | 6,284,970 | USD | 4,544 | — | (6) |
State Street Bank & Trust Co. | 5/15/24 | TWD | 160,132 | USD | 4,910 | — | (5) |
UBS AG | 5/15/24 | USD | 76,240 | AUD | 116,829 | 522 | — |
Royal Bank of Canada | 5/15/24 | USD | 24,785 | BRL | 126,352 | 487 | — |
State Street Bank & Trust Co. | 5/15/24 | USD | 54,037 | CAD | 73,281 | 793 | — |
Royal Bank of Canada | 5/15/24 | USD | 57,179 | CHF | 51,711 | 829 | — |
Toronto-Dominion Bank | 5/15/24 | USD | 1,819 | DKK | 12,553 | 21 | — |
State Street Bank & Trust Co. | 5/15/24 | USD | 56,189 | EUR | 52,001 | 660 | — |
Citibank, N.A. | 5/15/24 | USD | 1,310 | EUR | 1,207 | 21 | — |
State Street Bank & Trust Co. | 5/15/24 | USD | 75,312 | GBP | 59,881 | 482 | — |
Citibank, N.A. | 5/15/24 | USD | 1,409 | GBP | 1,113 | 17 | — |
Barclays Bank plc | 5/16/24 | USD | 66,345 | HKD | 518,754 | — | (5) |
State Street Bank & Trust Co. | 5/16/24 | USD | 1,160 | HKD | 9,070 | — | — |
State Street Bank & Trust Co. | 5/15/24 | USD | 4,015 | IDR | 64,142,370 | 72 | — |
State Street Bank & Trust Co. | 5/15/24 | USD | 82,033 | INR | 6,860,739 | — | (103) |
Toronto-Dominion Bank | 5/15/24 | USD | 190,651 | JPY | 28,779,405 | 7,744 | — |
UBS AG | 5/16/24 | USD | 53,158 | KRW | 71,723,373 | 1,371 | — |
State Street Bank & Trust Co. | 5/16/24 | USD | 3,653 | KRW | 4,907,791 | 109 | — |
BNP Paribas | 5/15/24 | USD | 11,953 | MXN | 199,423 | 341 | — |
JPMorgan Chase Bank, N.A. | 5/15/24 | USD | 7,273 | NOK | 78,503 | 203 | — |
Toronto-Dominion Bank | 5/15/24 | USD | 1,193 | NZD | 1,999 | 15 | — |
Toronto-Dominion Bank | 5/15/24 | USD | 12,283 | SGD | 16,573 | 133 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 5/15/24 | USD | 72,444 | TWD | 2,322,119 | 1,313 | — |
State Street Bank & Trust Co. | 5/15/24 | USD | 2,445 | TWD | 78,129 | 51 | — |
15,194 | (353) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
IDR—Indonesian rupiah. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
MXN—Mexican peso. |
NOK—Norwegian krone. |
NZD—New Zealand dollar. |
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 $1,592,393) | 1,940,423 |
Affiliated Issuers (Cost $41,849) | 41,855 |
Total Investments in Securities | 1,982,278 |
Investment in Vanguard | 60 |
Foreign Currency, at Value (Cost $1,068) | 1,054 |
Receivables for Accrued Income | 6,277 |
Receivables for Capital Shares Issued | 120 |
Unrealized Appreciation—Forward Currency Contracts | 15,194 |
Total Assets | 2,004,983 |
Liabilities | |
Due to Custodian | 16 |
Payables for Investment Securities Purchased | 47 |
Collateral for Securities on Loan | 29,310 |
Payables for Capital Shares Redeemed | 994 |
Payables to Vanguard | 136 |
Variation Margin Payable—Futures Contracts | 260 |
Unrealized Depreciation—Forward Currency Contracts | 353 |
Total Liabilities | 31,116 |
Net Assets | 1,973,867 |
1 Includes $25,417,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 1,585,727 |
Total Distributable Earnings (Loss) | 388,140 |
Net Assets | 1,973,867 |
Investor Shares—Net Assets | |
Applicable to 14,630,776 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 217,864 |
Net Asset Value Per Share—Investor Shares | $14.89 |
Admiral Shares—Net Assets | |
Applicable to 58,964,060 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,756,003 |
Net Asset Value Per Share—Admiral Shares | $29.78 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 20,211 |
Interest2 | 262 |
Securities Lending—Net | 677 |
Total Income | 21,150 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 295 |
Management and Administrative—Investor Shares | 171 |
Management and Administrative—Admiral Shares | 853 |
Marketing and Distribution—Investor Shares | 6 |
Marketing and Distribution—Admiral Shares | 31 |
Custodian Fees | 54 |
Shareholders’ Reports—Investor Shares | 10 |
Shareholders’ Reports—Admiral Shares | 11 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 9 |
Total Expenses | 1,441 |
Net Investment Income | 19,709 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 23,280 |
Futures Contracts | 2,459 |
Forward Currency Contracts | 5,905 |
Foreign Currencies | (621) |
Realized Net Gain (Loss) | 31,023 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 171,674 |
Futures Contracts | (188) |
Forward Currency Contracts | 10,478 |
Foreign Currencies | (112) |
Change in Unrealized Appreciation (Depreciation) | 181,852 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 232,584 |
1 | Dividends are net of foreign withholding taxes of $1,951,000. |
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 $238,000, ($1,000), less than $1,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 19,709 | 61,239 | |
Realized Net Gain (Loss) | 31,023 | (5,290) | |
Change in Unrealized Appreciation (Depreciation) | 181,852 | 32,295 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 232,584 | 88,244 | |
Distributions | |||
Investor Shares | (6,489) | (12,533) | |
Admiral Shares | (52,399) | (89,062) | |
Total Distributions | (58,888) | (101,595) | |
Capital Share Transactions | |||
Investor Shares | (9,419) | (50,306) | |
Admiral Shares | (40,785) | (161,667) | |
Net Increase (Decrease) from Capital Share Transactions | (50,204) | (211,973) | |
Total Increase (Decrease) | 123,492 | (225,324) | |
Net Assets | |||
Beginning of Period | 1,850,375 | 2,075,699 | |
End of Period | 1,973,867 | 1,850,375 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $13.61 | $13.72 | $14.83 | $12.77 | $14.71 | $13.78 |
Investment Operations | ||||||
Net Investment Income1 | .142 | .407 | .347 | .252 | .293 | .428 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.568 | .150 | (.952) | 2.085 | (1.571) | 1.403 |
Total from Investment Operations | 1.710 | .557 | (.605) | 2.337 | (1.278) | 1.831 |
Distributions | ||||||
Dividends from Net Investment Income | (.430) | (.344) | (.505) | (.277) | (.397) | (.300) |
Distributions from Realized Capital Gains | — | (.323) | — | — | (.265) | (.601) |
Total Distributions | (.430) | (.667) | (.505) | (.277) | (.662) | (.901) |
Net Asset Value, End of Period | $14.89 | $13.61 | $13.72 | $14.83 | $12.77 | $14.71 |
Total Return2 | 12.79% | 4.05% | -4.28% | 18.51% | -9.22% | 14.41% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $218 | $208 | $260 | $301 | $338 | $643 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.21%3 | 0.21%3 | 0.21% | 0.21% | 0.21% |
Ratio of Net Investment Income to Average Net Assets | 2.02% | 2.96% | 2.46% | 1.77% | 2.16% | 3.09% |
Portfolio Turnover Rate | 13% | 45% | 51%4 | 24% | 58% | 46% |
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, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $27.23 | $27.44 | $29.67 | $25.56 | $29.45 | $27.58 |
Investment Operations | ||||||
Net Investment Income1 | .294 | .832 | .712 | .520 | .608 | .878 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.137 | .310 | (1.910) | 4.177 | (3.155) | 2.819 |
Total from Investment Operations | 3.431 | 1.142 | (1.198) | 4.697 | (2.547) | 3.697 |
Distributions | ||||||
Dividends from Net Investment Income | (.881) | (.706) | (1.032) | (.587) | (.812) | (.624) |
Distributions from Realized Capital Gains | — | (.646) | — | — | (.531) | (1.203) |
Total Distributions | (.881) | (1.352) | (1.032) | (.587) | (1.343) | (1.827) |
Net Asset Value, End of Period | $29.78 | $27.23 | $27.44 | $29.67 | $25.56 | $29.45 |
Total Return2 | 12.84% | 4.15% | -4.24% | 18.60% | -9.18% | 14.54% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,756 | $1,642 | $1,816 | $2,449 | $2,824 | $3,483 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14%3 | 0.14%3 | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 2.09% | 3.03% | 2.52% | 1.83% | 2.26% | 3.16% |
Portfolio Turnover Rate | 13% | 45% | 51%4 | 24% | 58% | 46% |
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 0.14%. |
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. | 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 | 1,211,319 | — | — | 1,211,319 |
Common Stocks—Other | 158,717 | 564,996 | — | 723,713 |
Preferred Stock | — | 5,391 | — | 5,391 |
Temporary Cash Investments | 41,855 | — | — | 41,855 |
Total | 1,411,891 | 570,387 | — | 1,982,278 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 34 | — | — | 34 |
Forward Currency Contracts | — | 15,194 | — | 15,194 |
Total | 34 | 15,194 | — | 15,228 |
Liabilities | ||||
Futures Contracts1 | 500 | — | — | 500 |
Forward Currency Contracts | — | 353 | — | 353 |
Total | 500 | 353 | — | 853 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | At April 30, 2024, 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 | 34 | — | 34 |
Unrealized Appreciation—Forward Currency Contracts | — | 15,194 | 15,194 |
Total Assets | 34 | 15,194 | 15,228 |
Unrealized Depreciation—Futures Contracts1 | 500 | — | 500 |
Unrealized Depreciation—Forward Currency Contracts | — | 353 | 353 |
Total Liabilities | 500 | 353 | 853 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,459 | — | 2,459 |
Forward Currency Contracts | — | 5,905 | 5,905 |
Realized Net Gain (Loss) on Derivatives | 2,459 | 5,905 | 8,364 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (188) | — | (188) |
Forward Currency Contracts | — | 10,478 | 10,478 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (188) | 10,478 | 10,290 |
E. | As of April 30, 2024, 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 | 1,635,176 |
Gross Unrealized Appreciation | 417,775 |
Gross Unrealized Depreciation | (56,298) |
Net Unrealized Appreciation (Depreciation) | 361,477 |
F. | During the six months ended April 30, 2024, the fund purchased $246,266,000 of investment securities and sold $324,494,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 15,654 | 1,079 | 20,767 | 1,508 | |
Issued in Lieu of Cash Distributions | 5,970 | 430 | 11,654 | 854 | |
Redeemed | (31,043) | (2,144) | (82,727) | (6,047) | |
Net Increase (Decrease)—Investor Shares | (9,419) | (635) | (50,306) | (3,685) | |
Admiral Shares | |||||
Issued | 45,745 | 1,580 | 115,408 | 4,208 | |
Issued in Lieu of Cash Distributions | 46,733 | 1,685 | 79,820 | 2,926 | |
Redeemed | (133,263) | (4,612) | (356,895) | (12,982) | |
Net Increase (Decrease)—Admiral Shares | (40,785) | (1,347) | (161,667) | (5,848) |
H. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
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 | 57 |
Liquidity Risk Management | 59 |
• | 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, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,137.40 | $0.80 |
Admiral™ Shares | 1,000.00 | 1,137.20 | 0.85 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,158.40 | $1.18 |
Admiral Shares | 1,000.00 | 1,158.40 | 1.18 |
Based on Hypothetical 5% Yearly Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,024.12 | $0.75 |
Admiral Shares | 1,000.00 | 1,024.07 | 0.81 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,023.77 | $1.11 |
Admiral Shares | 1,000.00 | 1,023.77 | 1.11 |
Japan | 25.2% |
Switzerland | 16.4 |
Canada | 12.6 |
United Kingdom | 10.3 |
India | 6.3 |
Germany | 5.8 |
Denmark | 5.6 |
France | 5.5 |
Sweden | 2.2 |
Hong Kong | 2.0 |
Australia | 1.5 |
China | 1.1 |
Other | 5.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.3%) | |||
Australia (1.5%) | |||
Northern Star Resources Ltd. | 1,834,941 | 17,393 | |
Computershare Ltd. (XASX) | 907,919 | 15,951 | |
Sonic Healthcare Ltd. | 762,314 | 13,101 | |
CAR Group Ltd. | 601,159 | 13,035 | |
Altium Ltd. | 195,685 | 8,268 | |
Washington H Soul Pattinson & Co. Ltd. | 391,032 | 8,183 | |
Steadfast Group Ltd. | 1,758,970 | 6,402 | |
Pro Medicus Ltd. | 83,249 | 5,948 | |
Technology One Ltd. | 477,589 | 4,946 | |
AUB Group Ltd. | 159,422 | 2,891 | |
Brickworks Ltd. | 138,624 | 2,388 | |
1 | Bapcor Ltd. | 538,558 | 2,016 |
Collins Foods Ltd. | 177,698 | 1,139 | |
101,661 | |||
Belgium (0.6%) | |||
UCB SA | 192,486 | 25,526 | |
Lotus Bakeries NV | 653 | 6,565 | |
Sofina SA | 25,122 | 5,880 | |
Elia Group SA | 53,916 | 5,191 | |
43,162 | |||
Brazil (0.1%) | |||
Raia Drogasil SA | 1,779,844 | 8,768 | |
Canada (12.5%) | |||
Canadian Natural Resources Ltd. | 1,713,422 | 129,840 | |
Canadian National Railway Co. | 922,749 | 111,998 | |
Brookfield Corp. | 2,330,589 | 93,484 | |
Alimentation Couche-Tard Inc. | 1,166,470 | 64,651 | |
Intact Financial Corp. | 284,942 | 46,834 | |
Restaurant Brands International Inc. | 499,029 | 37,859 | |
Dollarama Inc. | 449,285 | 37,479 | |
Franco-Nevada Corp. | 306,868 | 36,940 | |
Fortis Inc. (XTSE) | 783,328 | 30,761 | |
Loblaw Cos. Ltd. | 233,075 | 25,558 | |
Brookfield Asset Management Ltd. Class A | 553,606 | 21,149 | |
Magna International Inc. | 425,560 | 20,341 | |
Metro Inc. | 363,039 | 18,571 | |
Imperial Oil Ltd. | 256,794 | 17,656 |
Shares | Market Value• ($000) | ||
TFI International Inc. | 126,754 | 16,507 | |
Open Text Corp. | 434,156 | 15,330 | |
Stantec Inc. | 182,255 | 14,511 | |
George Weston Ltd. | 94,466 | 12,432 | |
Toromont Industries Ltd. | 131,584 | 12,043 | |
CCL Industries Inc. Class B | 230,403 | 11,766 | |
TMX Group Ltd. | 442,508 | 11,716 | |
FirstService Corp. | 65,490 | 9,619 | |
Saputo Inc. | 392,238 | 7,542 | |
Finning International Inc. | 229,470 | 7,199 | |
Parkland Corp. | 221,641 | 6,828 | |
Boyd Group Services Inc. | 34,251 | 6,405 | |
Empire Co. Ltd. Class A | 235,996 | 5,498 | |
Stella-Jones Inc. | 78,805 | 4,578 | |
Premium Brands Holdings Corp. | 58,949 | 3,862 | |
goeasy Ltd. | 20,615 | 2,636 | |
Maple Leaf Foods Inc. | 115,750 | 2,049 | |
Badger Infrastructure Solutions Ltd. | 55,023 | 1,797 | |
Enghouse Systems Ltd. | 68,711 | 1,488 | |
StorageVault Canada Inc. | 378,550 | 1,301 | |
Savaria Corp. | 89,523 | 1,074 | |
Adentra Inc. | 27,887 | 863 | |
850,165 | |||
China (1.1%) | |||
Kweichow Moutai Co. Ltd. Class A | 160,510 | 37,632 | |
CSPC Pharmaceutical Group Ltd. | 13,296,000 | 10,918 | |
Wuliangye Yibin Co. Ltd. Class A | 495,100 | 10,239 | |
Luzhou Laojiao Co. Ltd. Class A | 188,100 | 4,814 | |
China National Nuclear Power Co. Ltd. Class A | 2,418,800 | 3,084 | |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | 76,700 | 2,511 | |
China Railway Group Ltd. Class A | 2,627,700 | 2,373 | |
Shanghai Baosight Software Co. Ltd. Class A | 228,800 | 1,292 | |
Jiangsu King's Luck Brewery JSC Ltd. Class A | 160,700 | 1,271 | |
2 | China Overseas Property Holdings Ltd. | 1,780,000 | 1,083 |
Shares | Market Value• ($000) | ||
Zhejiang Dingli Machinery Co. Ltd. Class A | 65,300 | 590 | |
Lao Feng Xiang Co. Ltd. Class A | 39,800 | 423 | |
Valiant Co. Ltd. Class A | 117,900 | 187 | |
76,417 | |||
Denmark (5.6%) | |||
Novo Nordisk A/S Class B | 2,293,526 | 294,127 | |
DSV A/S | 287,266 | 40,812 | |
Coloplast A/S Class B | 197,926 | 23,863 | |
Carlsberg A/S Class B | 144,384 | 19,421 | |
378,223 | |||
Finland (0.1%) | |||
Huhtamaki OYJ | 153,085 | 5,866 | |
Revenio Group OYJ | 43,759 | 1,220 | |
7,086 | |||
France (5.5%) | |||
Schneider Electric SE | 857,237 | 195,462 | |
Sanofi SA | 1,777,354 | 175,590 | |
371,052 | |||
Germany (5.7%) | |||
SAP SE | 1,491,181 | 269,258 | |
Deutsche Boerse AG | 303,411 | 58,495 | |
Symrise AG | 211,938 | 22,718 | |
Brenntag SE | 235,339 | 18,781 | |
Nemetschek SE | 90,146 | 7,966 | |
Bechtle AG | 130,279 | 6,287 | |
FUCHS SE | 55,499 | 2,029 | |
Atoss Software AG | 6,293 | 1,682 | |
Cewe Stiftung & Co. KGaA | 8,334 | 887 | |
Adesso SE | 5,202 | 605 | |
388,708 | |||
Hong Kong (2.0%) | |||
AIA Group Ltd. | 18,076,160 | 132,396 | |
India (6.2%) | |||
Reliance Industries Ltd. | 5,510,197 | 193,431 | |
Infosys Ltd. | 5,700,059 | 96,243 | |
Hindustan Unilever Ltd. | 1,426,332 | 38,093 | |
ITC Ltd. | 4,780,897 | 24,929 | |
Asian Paints Ltd. | 719,869 | 24,762 | |
Pidilite Industries Ltd. | 243,307 | 8,874 | |
Persistent Systems Ltd. | 161,911 | 6,513 | |
Sundaram Finance Ltd. | 108,125 | 6,140 | |
Astral Ltd. (XNSE) | 188,736 | 4,777 | |
Tata Elxsi Ltd. | 55,722 | 4,704 | |
KEI Industries Ltd. | 89,300 | 4,274 | |
Berger Paints India Ltd. | 466,218 | 2,840 | |
CRISIL Ltd. | 38,516 | 2,009 | |
Grindwell Norton Ltd. | 74,462 | 1,898 | |
ZF Commercial Vehicle Control Systems India Ltd. | 7,558 | 1,238 | |
Caplin Point Laboratories Ltd. | 35,666 | 579 | |
Balaji Amines Ltd. | 16,445 | 430 | |
421,734 | |||
Indonesia (0.8%) | |||
Bank Central Asia Tbk PT | 88,602,000 | 53,275 | |
Ireland (0.3%) | |||
Kerry Group plc Class A | 245,572 | 21,134 | |
Israel (0.0%) | |||
Elco Ltd. | 5,719 | 175 |
Shares | Market Value• ($000) | ||
Italy (0.4%) | |||
Recordati Industria Chimica e Farmaceutica SpA | 160,116 | 8,520 | |
Interpump Group SpA | 129,963 | 5,661 | |
Buzzi SpA | 150,690 | 5,430 | |
Reply SpA | 35,670 | 4,657 | |
DiaSorin SpA | 41,940 | 4,236 | |
28,504 | |||
Japan (25.1%) | |||
Sony Group Corp. | 2,014,000 | 166,460 | |
Mitsubishi Corp. | 6,673,700 | 152,625 | |
Hitachi Ltd. | 1,480,600 | 136,601 | |
Shin-Etsu Chemical Co. Ltd. | 3,196,320 | 123,726 | |
Sumitomo Mitsui Financial Group Inc. | 2,135,600 | 121,310 | |
Tokio Marine Holdings Inc. | 3,198,000 | 101,077 | |
Murata Manufacturing Co. Ltd. | 3,010,500 | 55,008 | |
Nippon Telegraph & Telephone Corp. | 47,727,743 | 51,530 | |
Seven & i Holdings Co. Ltd. | 3,821,702 | 49,381 | |
Fujitsu Ltd. | 2,776,900 | 42,898 | |
FUJIFILM Holdings Corp. | 1,985,000 | 42,226 | |
Terumo Corp. | 2,387,252 | 40,498 | |
Chugai Pharmaceutical Co. Ltd. | 1,018,800 | 32,402 | |
Sompo Holdings Inc. | 1,582,200 | 31,312 | |
Kao Corp. | 743,800 | 30,683 | |
Astellas Pharma Inc. | 2,888,700 | 27,725 | |
Asahi Group Holdings Ltd. | 809,243 | 27,683 | |
Sumitomo Realty & Development Co. Ltd. | 760,100 | 26,302 | |
Sekisui House Ltd. | 1,058,200 | 24,318 | |
Unicharm Corp. | 703,580 | 20,906 | |
Shionogi & Co. Ltd. | 447,200 | 20,885 | |
Pan Pacific International Holdings Corp. | 851,664 | 20,002 | |
Nitto Denko Corp. | 229,100 | 18,943 | |
Nitori Holdings Co. Ltd. | 139,201 | 18,630 | |
Nomura Research Institute Ltd. | 739,400 | 17,892 | |
NTT Data Group Corp. | 940,667 | 14,710 | |
Obic Co. Ltd. | 105,800 | 13,592 | |
Nippon Sanso Holdings Corp. | 338,500 | 10,054 | |
Chiba Bank Ltd. | 1,157,700 | 9,779 | |
Yakult Honsha Co. Ltd. | 485,700 | 9,500 | |
Hulic Co. Ltd. | 955,475 | 8,804 | |
Nissan Chemical Corp. | 222,532 | 7,586 | |
TIS Inc. | 342,860 | 7,322 | |
M3 Inc. | 683,260 | 7,228 | |
Kyowa Kirin Co. Ltd. | 405,200 | 6,805 | |
Kurita Water Industries Ltd. | 170,300 | 6,745 | |
Hikari Tsushin Inc. | 37,400 | 6,078 | |
Tokyo Tatemono Co. Ltd. | 333,200 | 5,544 | |
Air Water Inc. | 366,100 | 5,497 | |
Azbil Corp. | 195,740 | 5,467 | |
Nisshin Seifun Group Inc. | 416,000 | 5,427 | |
Nomura Real Estate Holdings Inc. | 180,680 | 5,059 | |
Kobe Bussan Co. Ltd. | 231,800 | 5,006 | |
Alfresa Holdings Corp. | 324,400 | 4,807 |
Shares | Market Value• ($000) | ||
MonotaRO Co. Ltd. | 390,667 | 4,682 | |
SCSK Corp. | 244,900 | 4,452 | |
Lion Corp. | 467,634 | 4,194 | |
Oracle Corp. Japan | 53,300 | 4,000 | |
Rinnai Corp. | 184,352 | 3,994 | |
Yamaguchi Financial Group Inc. | 374,567 | 3,784 | |
Goldwin Inc. | 62,000 | 3,761 | |
EXEO Group Inc. | 341,300 | 3,720 | |
Open House Group Co. Ltd. | 112,600 | 3,424 | |
Fuji Soft Inc. | 86,440 | 3,383 | |
GMO Payment Gateway Inc. | 73,400 | 3,357 | |
Fuyo General Lease Co. Ltd. | 37,800 | 3,242 | |
Kobayashi Pharmaceutical Co. Ltd. | 90,300 | 3,201 | |
Sundrug Co. Ltd. | 109,624 | 3,183 | |
Hisamitsu Pharmaceutical Co. Inc. | 124,300 | 3,016 | |
Nippon Gas Co. Ltd. | 183,567 | 2,994 | |
SHO-BOND Holdings Co. Ltd. | 77,184 | 2,981 | |
Zenkoku Hosho Co. Ltd. | 84,900 | 2,981 | |
Tokyo Century Corp. | 298,800 | 2,974 | |
Maruwa Co. Ltd. | 13,400 | 2,824 | |
Nichias Corp. | 97,300 | 2,667 | |
NEC Networks & System Integration Corp. | 147,800 | 2,455 | |
Welcia Holdings Co. Ltd. | 164,300 | 2,416 | |
Yaoko Co. Ltd. | 42,100 | 2,276 | |
Takeuchi Manufacturing Co. Ltd. | 58,500 | 2,219 | |
Morinaga & Co. Ltd. | 137,000 | 2,214 | |
Fujimi Inc. | 98,800 | 2,143 | |
Mizuho Leasing Co. Ltd. | 299,835 | 2,142 | |
Kandenko Co. Ltd. | 177,034 | 1,975 | |
Ship Healthcare Holdings Inc. | 130,867 | 1,947 | |
TS Tech Co. Ltd. | 154,300 | 1,900 | |
Riken Keiki Co. Ltd. | 71,800 | 1,757 | |
Pilot Corp. | 62,600 | 1,675 | |
DTS Corp. | 60,100 | 1,640 | |
SMS Co. Ltd. | 117,600 | 1,627 | |
2 | Nomura Micro Science Co. Ltd. | 50,500 | 1,615 |
Japan Material Co. Ltd. | 110,000 | 1,552 | |
Kissei Pharmaceutical Co. Ltd. | 67,500 | 1,547 | |
Mani Inc. | 130,300 | 1,510 | |
PALTAC Corp. | 49,554 | 1,500 | |
Nextage Co. Ltd. | 81,700 | 1,434 | |
Nojima Corp. | 116,000 | 1,386 | |
Kato Sangyo Co. Ltd. | 45,700 | 1,325 | |
Rakus Co. Ltd. | 130,500 | 1,319 | |
Dentsu Soken Inc. | 39,200 | 1,299 | |
TKC Corp. | 54,400 | 1,252 | |
Fujitsu General Ltd. | 93,900 | 1,211 | |
Komeri Co. Ltd. | 49,967 | 1,211 | |
Tri Chemical Laboratories Inc. | 43,000 | 1,196 | |
Kohnan Shoji Co. Ltd. | 41,900 | 1,183 | |
Tokyo Steel Manufacturing Co. Ltd. | 111,100 | 1,179 | |
Yokogawa Bridge Holdings Corp. | 64,800 | 1,175 | |
Valor Holdings Co. Ltd. | 76,212 | 1,168 |
Shares | Market Value• ($000) | ||
Funai Soken Holdings Inc. | 67,300 | 1,018 | |
Takara Standard Co. Ltd. | 81,867 | 999 | |
Raito Kogyo Co. Ltd. | 74,800 | 972 | |
JCU Corp. | 40,600 | 969 | |
Create SD Holdings Co. Ltd. | 44,700 | 966 | |
MCJ Co. Ltd. | 105,500 | 921 | |
Hogy Medical Co. Ltd. | 37,100 | 877 | |
Noevir Holdings Co. Ltd. | 26,400 | 874 | |
Sekisui Jushi Corp. | 52,300 | 855 | |
Ai Holdings Corp. | 55,470 | 853 | |
Maruzen Showa Unyu Co. Ltd. | 27,600 | 826 | |
Okinawa Cellular Telephone Co. | 38,067 | 818 | |
Ricoh Leasing Co. Ltd. | 23,200 | 789 | |
Yellow Hat Ltd. | 58,000 | 754 | |
Elecom Co. Ltd. | 78,832 | 746 | |
Tsurumi Manufacturing Co. Ltd. | 32,867 | 743 | |
Mitsubishi Research Institute Inc. | 23,300 | 724 | |
Kameda Seika Co. Ltd. | 27,300 | 719 | |
Future Corp. | 69,847 | 705 | |
AZ-COM Maruwa Holdings Inc. | 90,034 | 690 | |
Keihanshin Building Co. Ltd. | 67,800 | 680 | |
Osaka Organic Chemical Industry Ltd. | 31,600 | 655 | |
Mimasu Semiconductor Industry Co. Ltd. | 28,300 | 653 | |
eGuarantee Inc. | 54,367 | 594 | |
Shin-Etsu Polymer Co. Ltd. | 59,634 | 582 | |
Siix Corp. | 56,100 | 578 | |
S Foods Inc. | 29,500 | 569 | |
Retail Partners Co. Ltd. | 52,900 | 566 | |
G-Tekt Corp. | 40,900 | 558 | |
CTI Engineering Co. Ltd. | 17,800 | 541 | |
Matsuda Sangyo Co. Ltd. | 26,800 | 466 | |
Shizuoka Gas Co. Ltd. | 72,300 | 442 | |
RS Technologies Co. Ltd. | 21,300 | 423 | |
Nippon Parking Development Co. Ltd. | 317,200 | 389 | |
Insource Co. Ltd. | 80,100 | 389 | |
Strike Co. Ltd. | 13,200 | 369 | |
MarkLines Co. Ltd. | 19,251 | 363 | |
Gakken Holdings Co. Ltd. | 62,000 | 360 | |
FULLCAST Holdings Co. Ltd. | 35,800 | 343 | |
YAKUODO Holdings Co. Ltd. | 18,267 | 332 | |
Avant Group Corp. | 36,434 | 297 | |
Aoyama Zaisan Networks Co. Ltd. | 32,700 | 290 | |
Transaction Co. Ltd. | 25,034 | 284 | |
Elan Corp. | 47,900 | 275 | |
G-7 Holdings Inc. | 30,100 | 266 | |
Celsys Inc. | 49,634 | 261 | |
Densan System Holdings Co. Ltd. | 14,467 | 254 | |
Charm Care Corp. KK | 26,600 | 253 | |
GSI Creos Corp. | 17,200 | 245 | |
Value HR Co. Ltd. | 28,600 | 244 | |
Intage Holdings Inc. | 24,400 | 226 | |
Lacto Japan Co. Ltd. | 13,600 | 225 | |
Creek & River Co. Ltd. | 20,100 | 211 |
Shares | Market Value• ($000) | ||
S-Pool Inc. | 101,500 | 196 | |
Digital Information Technologies Corp. | 17,300 | 191 | |
Business Engineering Corp. | 8,200 | 183 | |
WDB Holdings Co. Ltd. | 12,600 | 180 | |
Digital Hearts Holdings Co. Ltd. | 18,600 | 113 | |
Japan Medical Dynamic Marketing Inc. | 24,500 | 105 | |
Double Standard Inc. | 8,200 | 92 | |
Members Co. Ltd. | 12,500 | 72 | |
E-Guardian Inc. | 7,500 | 66 | |
1,702,494 | |||
Mexico (0.5%) | |||
America Movil SAB de CV Series B | 32,815,356 | 31,243 | |
Grupo Comercial Chedraui SA de CV | 367,700 | 2,717 | |
33,960 | |||
Netherlands (0.9%) | |||
Wolters Kluwer NV | 396,895 | 59,418 | |
New Zealand (0.3%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 932,463 | 15,617 | |
EBOS Group Ltd. | 250,862 | 5,169 | |
Summerset Group Holdings Ltd. | 376,570 | 2,458 | |
23,244 | |||
Norway (0.1%) | |||
TOMRA Systems ASA | 372,690 | 4,566 | |
Borregaard ASA | 148,938 | 2,551 | |
7,117 | |||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 1,297,400 | 7,420 | |
Saudi Arabia (0.1%) | |||
Mouwasat Medical Services Co. | 150,083 | 5,367 | |
South Korea (0.5%) | |||
NAVER Corp. | 238,402 | 31,445 | |
JW Pharmaceutical Corp. | 18,941 | 421 | |
Kyung Dong Navien Co. Ltd. | 9,805 | 421 | |
DI Dong Il Corp. | 594 | 11 | |
32,298 | |||
Sweden (2.2%) | |||
Assa Abloy AB Class B | 1,583,667 | 41,843 | |
Hexagon AB Class B | 3,356,461 | 35,112 | |
3 | Evolution AB | 307,829 | 34,010 |
Nibe Industrier AB Class B | 2,442,795 | 11,272 | |
Lifco AB Class B | 337,252 | 8,171 | |
AAK AB | 289,299 | 7,441 | |
Fortnox AB | 766,969 | 4,469 | |
Wihlborgs Fastigheter AB | 425,218 | 3,561 | |
Catena AB | 51,609 | 2,259 | |
Svolder AB Class B | 151,159 | 841 | |
NP3 Fastigheter AB | 7,197 | 151 | |
149,130 | |||
Switzerland (16.3%) | |||
Nestle SA (Registered) | 2,658,287 | 266,892 | |
Novartis AG (Registered) | 2,718,989 | 263,898 |
Shares | Market Value• ($000) | ||
Roche Holding AG | 1,018,102 | 243,952 | |
Sika AG (Registered) | 256,195 | 72,878 | |
Givaudan SA (Registered) | 12,686 | 54,255 | |
Partners Group Holding AG | 34,951 | 44,967 | |
Geberit AG (Registered) | 53,345 | 28,475 | |
Sandoz Group AG | 687,979 | 23,382 | |
Chocoladefabriken Lindt & Spruengli AG | 1,802 | 20,757 | |
Logitech International SA (Registered) | 254,155 | 19,788 | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | 152 | 17,541 | |
Roche Holding AG (Bearer) | 38,630 | 10,162 | |
PSP Swiss Property AG (Registered) | 72,981 | 9,022 | |
Temenos AG (Registered) | 101,564 | 6,318 | |
Siegfried Holding AG (Registered) | 6,276 | 5,997 | |
Emmi AG (Registered) | 4,043 | 3,933 | |
DKSH Holding AG | 57,201 | 3,728 | |
Interroll Holding AG (Registered) | 1,126 | 3,624 | |
ALSO Holding AG (Registered) | 9,457 | 2,329 | |
* | Orior AG | 11,303 | 808 |
1,102,706 | |||
Taiwan (0.6%) | |||
2 | Wistron Corp. | 4,630,000 | 15,853 |
2 | Chailease Holding Co. Ltd. | 2,575,573 | 13,584 |
Advantech Co. Ltd. | 789,727 | 9,186 | |
Sinbon Electronics Co. Ltd. | 342,000 | 2,946 | |
Chief Telecom Inc. | 52,000 | 579 | |
42,148 | |||
United Kingdom (10.2%) | |||
RELX plc | 3,045,723 | 125,139 | |
Diageo plc | 3,550,566 | 122,706 | |
CRH plc (SGMX) | 1,169,026 | 90,530 | |
BAE Systems plc | 4,853,802 | 80,730 | |
London Stock Exchange Group plc | 624,207 | 68,813 | |
Ashtead Group plc | 720,755 | 52,335 | |
Sage Group plc | 1,608,570 | 23,326 | |
Bunzl plc | 539,832 | 20,701 | |
Smurfit Kappa Group plc (XDUB) | 415,564 | 18,006 | |
Halma plc | 605,991 | 16,608 | |
Croda International plc | 227,094 | 13,007 | |
Spirax-Sarco Engineering plc | 117,540 | 12,934 | |
DCC plc | 161,522 | 11,031 | |
Diploma plc | 213,729 | 9,661 | |
Spectris plc | 167,684 | 6,936 | |
Hikma Pharmaceuticals plc | 272,186 | 6,535 | |
Cranswick plc | 86,202 | 4,630 | |
Softcat plc | 193,533 | 3,788 | |
Clarkson plc | 49,671 | 2,408 | |
Hilton Food Group plc | 124,263 | 1,415 | |
GB Group plc | 374,512 | 1,345 |
Shares | Market Value• ($000) | ||
Treatt plc | 22,683 | 137 | |
692,721 | |||
Total Common Stocks (Cost $6,182,650) | 6,740,483 | ||
Preferred Stock (0.1%) | |||
FUCHS SE Preference Shares (Cost $4,518) | 107,528 | 5,021 | |
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.394% (Cost $20,383) | 203,866 | 20,385 |
Total Investments (99.7%) (Cost $6,207,551) | 6,765,889 | ||
Other Assets and Liabilities— Net (0.3%) | 22,749 | ||
Net Assets (100%) | 6,788,638 | ||
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 $8,647,000. |
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, 2024, the aggregate value was $34,010,000, representing 0.5% 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 $10,309,000 was received for securities on loan, of which $10,301,000 is held in Vanguard Market Liquidity Fund and $8,000 is held in cash. |
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 2024 | 11 | 2,787 | 19 |
MSCI EAFE Index | June 2024 | 263 | 29,818 | (701) |
MSCI Emerging Markets Index | June 2024 | 87 | 4,533 | (42) |
Topix Index | June 2024 | 22 | 3,832 | 67 |
(657) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 6/20/24 | CAD | 6,840 | USD | 5,012 | — | (39) |
Deutsche Bank AG | 6/20/24 | CHF | 5,242 | USD | 6,037 | — | (302) |
UBS AG | 6/20/24 | CHF | 4,911 | USD | 5,421 | — | (48) |
BNP Paribas | 6/20/24 | CHF | 3,318 | USD | 3,667 | — | (37) |
UBS AG | 6/20/24 | INR | 757,997 | USD | 9,130 | — | (68) |
State Street Bank & Trust Co. | 6/20/24 | JPY | 70,419 | USD | 483 | — | (33) |
Standard Chartered Bank | 6/20/24 | USD | 2,505 | AUD | 3,826 | 23 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 5,048 | CAD | 6,840 | 76 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 21,555 | CHF | 18,890 | 887 | — |
Deutsche Bank AG | 6/20/24 | USD | 3,668 | CHF | 3,318 | 38 | — |
Standard Chartered Bank | 6/20/24 | USD | 3,063 | CHF | 2,695 | 115 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 4,899 | EUR | 4,476 | 112 | — |
Barclays Bank plc | 6/20/24 | USD | 2,332 | GBP | 1,832 | 42 | — |
UBS AG | 6/20/24 | USD | 745 | GBP | 584 | 16 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 1,554 | HKD | 12,121 | 2 | — |
UBS AG | 6/20/24 | USD | 2,154 | INR | 179,358 | 10 | — |
Standard Chartered Bank | 6/20/24 | USD | 8,316 | JPY | 1,242,791 | 374 | — |
1,695 | (527) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
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 $6,187,168) | 6,745,504 |
Affiliated Issuers (Cost $20,383) | 20,385 |
Total Investments in Securities | 6,765,889 |
Investment in Vanguard | 205 |
Cash | 127 |
Cash Collateral Pledged—Futures Contracts | 1,425 |
Foreign Currency, at Value (Cost $5,577) | 4,941 |
Receivables for Investment Securities Sold | 323 |
Receivables for Accrued Income | 34,841 |
Receivables for Capital Shares Issued | 482 |
Unrealized Appreciation—Forward Currency Contracts | 1,695 |
Total Assets | 6,809,928 |
Liabilities | |
Payables for Investment Securities Purchased | 3,604 |
Collateral for Securities on Loan | 10,309 |
Payables for Capital Shares Redeemed | 220 |
Payables to Vanguard | 580 |
Variation Margin Payable—Futures Contracts | 436 |
Unrealized Depreciation—Forward Currency Contracts | 527 |
Deferred Foreign Capital Gains Taxes | 5,614 |
Total Liabilities | 21,290 |
Net Assets | 6,788,638 |
1 Includes $8,647,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 6,321,633 |
Total Distributable Earnings (Loss) | 467,005 |
Net Assets | 6,788,638 |
ETF Shares—Net Assets | |
Applicable to 82,025,860 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,425,529 |
Net Asset Value Per Share—ETF Shares | $78.34 |
Admiral Shares—Net Assets | |
Applicable to 9,520,776 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 363,109 |
Net Asset Value Per Share—Admiral Shares | $38.14 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 68,137 |
Interest2 | 469 |
Securities Lending—Net | 280 |
Total Income | 68,886 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 210 |
Management and Administrative—ETF Shares | 3,970 |
Management and Administrative—Admiral Shares | 250 |
Marketing and Distribution—ETF Shares | 119 |
Marketing and Distribution—Admiral Shares | 9 |
Custodian Fees | 135 |
Shareholders’ Reports—ETF Shares | 118 |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 11 |
Total Expenses | 4,827 |
Expenses Paid Indirectly | (37) |
Net Expenses | 4,790 |
Net Investment Income | 64,096 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | 27,702 |
Futures Contracts | 3,240 |
Forward Currency Contracts | 5 |
Foreign Currencies | 269 |
Realized Net Gain (Loss) | 31,216 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | 642,559 |
Futures Contracts | 948 |
Forward Currency Contracts | 680 |
Foreign Currencies | (1,313) |
Change in Unrealized Appreciation (Depreciation) | 642,874 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 738,186 |
1 | Dividends are net of foreign withholding taxes of $9,525,000. |
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 $399,000, ($29,000), less than $1,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $2,114,000. |
4 | Includes $11,178,000 of net gain (loss) resulting from in-kind redemptions. |
5 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $2,954,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 64,096 | 101,130 | |
Realized Net Gain (Loss) | 31,216 | (94,505) | |
Change in Unrealized Appreciation (Depreciation) | 642,874 | 360,860 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 738,186 | 367,485 | |
Distributions | |||
ETF Shares | (62,667) | (102,171) | |
Admiral Shares | (3,585) | (6,568) | |
Total Distributions | (66,252) | (108,739) | |
Capital Share Transactions | |||
ETF Shares | 725,421 | 1,318,690 | |
Admiral Shares | 31,979 | 23,781 | |
Net Increase (Decrease) from Capital Share Transactions | 757,400 | 1,342,471 | |
Total Increase (Decrease) | 1,429,334 | 1,601,217 | |
Net Assets | |||
Beginning of Period | 5,359,304 | 3,758,087 | |
End of Period | 6,788,638 | 5,359,304 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $69.58 | $64.12 | $89.86 | $69.97 | $68.72 | $58.65 |
Investment Operations | ||||||
Net Investment Income1 | .786 | 1.476 | 1.401 | 1.094 | .958 | 1.4522 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 8.782 | 5.579 | (20.753) | 19.776 | 1.551 | 9.578 |
Total from Investment Operations | 9.568 | 7.055 | (19.352) | 20.870 | 2.509 | 11.030 |
Distributions | ||||||
Dividends from Net Investment Income | (.808) | (1.595) | (1.206) | (.980) | (1.259) | (.960) |
Distributions from Realized Capital Gains | — | — | (5.182) | — | — | — |
Total Distributions | (.808) | (1.595) | (6.388) | (.980) | (1.259) | (.960) |
Net Asset Value, End of Period | $78.34 | $69.58 | $64.12 | $89.86 | $69.97 | $68.72 |
Total Return | 13.74% | 10.94% | -22.90% | 29.93% | 3.73% | 18.96% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,426 | $5,065 | $3,508 | $4,150 | $2,456 | $1,305 |
Ratio of Total Expenses to Average Net Assets | 0.15%4 | 0.15%4 | 0.15%4 | 0.15% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 2.02% | 2.02% | 1.87% | 1.28% | 1.40% | 2.24%2 |
Portfolio Turnover Rate5 | 16% | 14% | 22% | 65% | 17% | 42% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.388 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, $.01, and $.02. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.15%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $33.88 | $31.23 | $43.72 | $34.03 | $33.42 | $28.52 |
Investment Operations | ||||||
Net Investment Income1 | .377 | .714 | .675 | .518 | .453 | .6862 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 4.275 | 2.709 | (10.061) | 9.645 | .765 | 4.679 |
Total from Investment Operations | 4.652 | 3.423 | (9.386) | 10.163 | 1.218 | 5.365 |
Distributions | ||||||
Dividends from Net Investment Income | (.392) | (.773) | (.583) | (.473) | (.608) | (.465) |
Distributions from Realized Capital Gains | — | — | (2.521) | — | — | — |
Total Distributions | (.392) | (.773) | (3.104) | (.473) | (.608) | (.465) |
Net Asset Value, End of Period | $38.14 | $33.88 | $31.23 | $43.72 | $34.03 | $33.42 |
Total Return4 | 13.72% | 10.88% | -22.85% | 29.96% | 3.72% | 18.96% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $363 | $294 | $250 | $323 | $220 | $218 |
Ratio of Total Expenses to Average Net Assets | 0.16%5 | 0.16%5 | 0.16%5 | 0.16% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 1.99% | 2.01% | 1.85% | 1.25% | 1.36% | 2.24%2 |
Portfolio Turnover Rate6 | 16% | 14% | 22% | 65% | 17% | 42% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.188 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, $.00, and $.00. |
4 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.16%. |
6 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $37,000 (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 | 892,893 | — | — | 892,893 |
Common Stocks—Other | — | 5,845,574 | 2,016 | 5,847,590 |
Preferred Stock | — | 5,021 | — | 5,021 |
Temporary Cash Investments | 20,385 | — | — | 20,385 |
Total | 913,278 | 5,850,595 | 2,016 | 6,765,889 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 86 | — | — | 86 |
Forward Currency Contracts | — | 1,695 | — | 1,695 |
Total | 86 | 1,695 | — | 1,781 |
Liabilities | ||||
Futures Contracts1 | 743 | — | — | 743 |
Forward Currency Contracts | — | 527 | — | 527 |
Total | 743 | 527 | — | 1,270 |
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, 2024, 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 | 86 | — | 86 |
Unrealized Appreciation—Forward Currency Contracts | — | 1,695 | 1,695 |
Total Assets | 86 | 1,695 | 1,781 |
Unrealized Depreciation—Futures Contracts1 | 743 | — | 743 |
Unrealized Depreciation—Forward Currency Contracts | — | 527 | 527 |
Total Liabilities | 743 | 527 | 1,270 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 3,240 | — | 3,240 |
Forward Currency Contracts | — | 5 | 5 |
Realized Net Gain (Loss) on Derivatives | 3,240 | 5 | 3,245 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 948 | — | 948 |
Forward Currency Contracts | — | 680 | 680 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 948 | 680 | 1,628 |
F. | As of April 30, 2024, 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 | 6,222,597 |
Gross Unrealized Appreciation | 974,147 |
Gross Unrealized Depreciation | (430,344) |
Net Unrealized Appreciation (Depreciation) | 543,803 |
G. | During the six months ended April 30, 2024, the fund purchased $1,156,280,000 of investment securities and sold $1,024,368,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $652,123,000 and $34,810,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 763,379 | 9,729 | 1,318,690 | 18,084 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (37,958) | (500) | — | — | |
Net Increase (Decrease)—ETF Shares | 725,421 | 9,229 | 1,318,690 | 18,084 | |
Admiral Shares | |||||
Issued1 | 59,055 | 1,554 | 60,629 | 1,724 | |
Issued in Lieu of Cash Distributions | 2,998 | 78 | 5,467 | 155 | |
Redeemed2 | (30,074) | (794) | (42,315) | (1,192) | |
Net Increase (Decrease)—Admiral Shares | 31,979 | 838 | 23,781 | 687 |
1 | Includes purchase fees for fiscal 2024 and 2023 of $146,000 and $148,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2024 and 2023 of $68,000 and $93,000, respectively (fund totals). |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
Japan | 14.2% |
United Kingdom | 12.2 |
Canada | 7.5 |
Australia | 7.4 |
Switzerland | 7.2 |
Germany | 6.8 |
France | 6.1 |
China | 5.5 |
Taiwan | 4.0 |
Spain | 3.0 |
Italy | 2.9 |
Brazil | 2.4 |
Hong Kong | 1.6 |
India | 1.5 |
South Korea | 1.4 |
Sweden | 1.4 |
Singapore | 1.4 |
Saudi Arabia | 1.4 |
Finland | 1.3 |
Mexico | 1.2 |
Netherlands | 1.2 |
Other | 8.4 |
Shares | Market Value• ($000) | ||
Common Stocks (98.1%) | |||
Australia (7.3%) | |||
BHP Group Ltd. | 3,039,946 | 83,374 | |
Commonwealth Bank of Australia | 1,020,631 | 74,781 | |
National Australia Bank Ltd. | 1,898,742 | 41,160 | |
Westpac Banking Corp. | 2,112,566 | 35,082 | |
ANZ Group Holdings Ltd. | 1,810,850 | 32,675 | |
Wesfarmers Ltd. | 682,820 | 29,251 | |
Macquarie Group Ltd. | 219,023 | 26,225 | |
Woodside Energy Group Ltd. | 1,140,838 | 20,440 | |
Rio Tinto Ltd. | 223,934 | 18,637 | |
Fortescue Ltd. | 960,872 | 15,926 | |
Woolworths Group Ltd. | 739,246 | 15,167 | |
Transurban Group | 1,867,766 | 14,995 | |
QBE Insurance Group Ltd. | 901,789 | 10,316 | |
Santos Ltd. | 1,966,686 | 9,651 | |
Suncorp Group Ltd. | 781,457 | 8,346 | |
Coles Group Ltd. | 780,146 | 8,136 | |
Brambles Ltd. | 853,238 | 8,027 | |
Amcor plc GDR | 866,313 | 7,703 | |
Origin Energy Ltd. | 1,051,049 | 6,634 | |
Computershare Ltd. (XASX) | 357,933 | 6,288 | |
South32 Ltd. | 2,737,094 | 6,245 | |
Insurance Australia Group Ltd. | 1,438,158 | 5,958 | |
Telstra Group Ltd. | 2,427,623 | 5,736 | |
Sonic Healthcare Ltd. | 293,255 | 5,040 | |
ASX Ltd. | 115,985 | 4,738 | |
Lottery Corp. Ltd. | 1,332,197 | 4,156 | |
APA Group | 770,985 | 4,114 | |
Medibank Pvt Ltd. | 1,694,093 | 3,883 | |
Treasury Wine Estates Ltd. | 499,803 | 3,876 | |
Ampol Ltd. | 146,913 | 3,469 | |
Evolution Mining Ltd. | 1,113,315 | 2,871 | |
Endeavour Group Ltd. | 821,132 | 2,824 | |
Worley Ltd. | 283,931 | 2,741 | |
ALS Ltd. | 312,166 | 2,610 | |
Aurizon Holdings Ltd. | 1,057,754 | 2,598 | |
JB Hi-Fi Ltd. | 65,433 | 2,553 | |
Atlas Arteria Ltd. | 682,819 | 2,274 | |
AGL Energy Ltd. | 358,687 | 2,185 | |
Bendigo & Adelaide Bank Ltd. | 342,901 | 2,149 | |
Incitec Pivot Ltd. | 1,173,957 | 2,108 |
Shares | Market Value• ($000) | ||
Whitehaven Coal Ltd. | 419,699 | 2,076 | |
Lendlease Corp. Ltd. | 437,569 | 1,805 | |
CSR Ltd. | 286,503 | 1,634 | |
Bank of Queensland Ltd. | 401,660 | 1,587 | |
Metcash Ltd. | 591,798 | 1,501 | |
Downer EDI Ltd. | 401,987 | 1,207 | |
AMP Ltd. | 1,648,101 | 1,160 | |
Challenger Ltd. | 268,078 | 1,155 | |
Orora Ltd. | 802,694 | 1,125 | |
Beach Energy Ltd. | 1,056,723 | 1,082 | |
Harvey Norman Holdings Ltd. | 350,837 | 1,030 | |
Perpetual Ltd. | 67,306 | 1,023 | |
New Hope Corp. Ltd. | 307,301 | 894 | |
Deterra Royalties Ltd. | 250,738 | 794 | |
1 | Yancoal Australia Ltd. | 195,042 | 696 |
Tabcorp Holdings Ltd. | 1,362,512 | 639 | |
TPG Telecom Ltd. | 214,039 | 619 | |
Insignia Financial Ltd. | 393,440 | 616 | |
Magellan Financial Group Ltd. | 78,376 | 445 | |
566,030 | |||
Austria (0.3%) | |||
Erste Group Bank AG | 188,527 | 8,792 | |
OMV AG | 85,232 | 4,044 | |
1 | Verbund AG | 39,649 | 3,029 |
ANDRITZ AG | 41,530 | 2,267 | |
voestalpine AG | 66,881 | 1,786 | |
Raiffeisen Bank International AG | 77,776 | 1,437 | |
Telekom Austria AG | 67,290 | 578 | |
21,933 | |||
Belgium (0.3%) | |||
KBC Group NV | 148,967 | 11,066 | |
Ageas SA | 99,195 | 4,553 | |
Groupe Bruxelles Lambert NV | 51,322 | 3,810 | |
Umicore SA | 122,644 | 2,716 | |
Solvay SA | 41,848 | 1,352 | |
23,497 | |||
Brazil (1.5%) | |||
Vale SA | 2,290,788 | 27,921 | |
Petroleo Brasileiro SA | 2,239,800 | 19,091 | |
B3 SA - Brasil Bolsa Balcao | 3,453,514 | 7,176 | |
Ambev SA | 2,616,050 | 6,121 | |
Centrais Eletricas Brasileiras SA | 789,382 | 5,755 |
Shares | Market Value• ($000) | ||
Banco Do Brasil SA | 1,026,436 | 5,420 | |
Banco BTG Pactual SA | 785,600 | 5,053 | |
Vibra Energia SA | 667,467 | 3,016 | |
BB Seguridade Participacoes SA | 403,557 | 2,503 | |
Ultrapar Participacoes SA | 495,700 | 2,468 | |
Klabin SA | 489,800 | 2,173 | |
Banco Bradesco SA | 902,646 | 2,149 | |
Itau Unibanco Holding SA ADR | 342,588 | 2,073 | |
Cosan SA | 715,600 | 1,998 | |
Telefonica Brasil SA | 188,718 | 1,721 | |
Lojas Renner SA | 568,100 | 1,677 | |
TIM SA | 484,554 | 1,643 | |
CCR SA | 663,610 | 1,576 | |
Itau Unibanco Holding SA | 284,800 | 1,498 | |
Hypera SA | 239,982 | 1,364 | |
Banco Santander Brasil SA | 220,302 | 1,226 | |
Allos SA | 276,700 | 1,113 | |
Cia Siderurgica Nacional SA | 372,500 | 999 | |
Transmissora Alianca de Energia Eletrica SA | 127,619 | 866 | |
Engie Brasil Energia SA | 104,616 | 824 | |
Caixa Seguridade Participacoes SA | 268,600 | 810 | |
Cia Energetica de Minas Gerais ADR | 329,795 | 791 | |
Cielo SA | 681,100 | 731 | |
Telefonica Brasil SA ADR | 75,372 | 696 | |
Multiplan Empreendimentos Imobiliarios SA | 156,700 | 691 | |
CPFL Energia SA | 110,800 | 681 | |
Cia Paranaense de Energia | 422,892 | 668 | |
Porto Seguro SA | 113,418 | 654 | |
Sao Martinho SA | 96,600 | 532 | |
Auren Energia SA | 222,500 | 497 | |
Neoenergia SA | 134,000 | 495 | |
SLC Agricola SA | 127,520 | 469 | |
Banco Bradesco SA ADR | 147,327 | 398 | |
Alupar Investimento SA | 67,184 | 360 | |
CSN Mineracao SA | 327,300 | 311 | |
Usinas Siderurgicas de Minas Gerais SA Usiminas | 113,900 | 164 | |
Cia Energetica de Minas Gerais | 33,280 | 73 | |
Bradespar SA | 17,800 | 66 | |
Ambev SA ADR | 348 | 1 | |
116,512 | |||
Canada (7.4%) | |||
Royal Bank of Canada | 846,689 | 81,917 | |
Toronto-Dominion Bank | 1,071,849 | 63,588 | |
Canadian Natural Resources Ltd. | 646,416 | 48,984 | |
Enbridge Inc. | 1,276,735 | 45,397 | |
Bank of Montreal | 438,687 | 39,186 | |
Bank of Nova Scotia | 728,884 | 33,441 | |
Suncor Energy Inc. | 784,523 | 29,936 | |
Manulife Financial Corp. | 1,107,851 | 25,840 | |
Canadian Imperial Bank of Commerce | 544,675 | 25,425 | |
TC Energy Corp. | 620,514 | 22,230 | |
Sun Life Financial Inc. | 353,339 | 18,041 |
Shares | Market Value• ($000) | ||
Agnico Eagle Mines Ltd. | 277,354 | 17,564 | |
National Bank of Canada | 204,986 | 16,460 | |
Nutrien Ltd. | 299,219 | 15,778 | |
Restaurant Brands International Inc. | 186,001 | 14,111 | |
Pembina Pipeline Corp. | 329,127 | 11,581 | |
Fortis Inc. (XTSE) | 290,600 | 11,412 | |
Tourmaline Oil Corp. | 194,380 | 9,500 | |
Power Corp. of Canada | 312,472 | 8,326 | |
Magna International Inc. | 162,882 | 7,785 | |
Brookfield Asset Management Ltd. Class A | 167,769 | 6,409 | |
BCE Inc. | 182,694 | 6,002 | |
2 | Hydro One Ltd. | 198,982 | 5,573 |
Great-West Lifeco Inc. | 162,645 | 4,810 | |
TELUS Corp. | 292,168 | 4,692 | |
573,988 | |||
Chile (0.2%) | |||
Banco De Chile | 26,283,134 | 2,916 | |
Empresas COPEC SA | 293,054 | 2,091 | |
Banco de Credito e Inversiones SA | 57,035 | 1,663 | |
Empresas CMPC SA | 722,840 | 1,428 | |
Cencosud SA | 799,269 | 1,370 | |
Banco Santander Chile | 21,369,516 | 968 | |
Enel Chile SA | 14,909,587 | 885 | |
Cia Sud Americana de Vapores SA | 10,570,182 | 825 | |
Banco Santander Chile ADR | 37,888 | 681 | |
Quinenco SA | 162,254 | 565 | |
Colbun SA | 4,211,875 | 541 | |
Aguas Andinas SA Class A | 1,648,900 | 471 | |
Cencosud Shopping SA | 297,617 | 461 | |
Cia Cervecerias Unidas SA | 74,642 | 458 | |
Banco Itau Chile SA | 43,162 | 454 | |
Sociedad de Inversiones Oro Blanco SA | 30,815,707 | 219 | |
15,996 | |||
China (5.4%) | |||
China Construction Bank Corp. Class H | 56,468,000 | 36,534 | |
Industrial & Commercial Bank of China Ltd. Class H | 47,707,000 | 25,582 | |
Bank of China Ltd. Class H | 50,687,000 | 22,733 | |
Ping An Insurance Group Co. of China Ltd. Class H | 3,793,000 | 17,190 | |
PetroChina Co. Ltd. Class H | 12,606,000 | 11,746 | |
China Merchants Bank Co. Ltd. Class H | 2,301,438 | 9,967 | |
China Petroleum & Chemical Corp. Class H | 14,888,000 | 8,887 | |
China Shenhua Energy Co. Ltd. Class H | 2,062,000 | 8,558 | |
Agricultural Bank of China Ltd. Class H | 18,377,000 | 8,195 | |
China Resources Land Ltd. | 1,650,500 | 5,935 | |
China Life Insurance Co. Ltd. Class H | 4,458,000 | 5,871 |
Shares | Market Value• ($000) | ||
Haier Smart Home Co. Ltd. Class H | 1,376,400 | 5,098 | |
PICC Property & Casualty Co. Ltd. Class H | 4,032,000 | 5,009 | |
Shenzhou International Group Holdings Ltd. | 453,000 | 4,453 | |
China Overseas Land & Investment Ltd. | 2,296,200 | 4,222 | |
China Merchants Bank Co. Ltd. Class A | 869,442 | 4,102 | |
Geely Automobile Holdings Ltd. | 3,235,000 | 3,894 | |
ENN Energy Holdings Ltd. | 456,300 | 3,888 | |
China Mengniu Dairy Co. Ltd. | 1,845,000 | 3,822 | |
China Yangtze Power Co. Ltd. Class A | 1,027,300 | 3,655 | |
CITIC Ltd. | 3,820,000 | 3,615 | |
China Pacific Insurance Group Co. Ltd. Class H | 1,544,000 | 3,383 | |
Wuliangye Yibin Co. Ltd. Class A | 162,900 | 3,369 | |
2 | Postal Savings Bank of China Co. Ltd. Class H | 6,483,000 | 3,359 |
2 | China Tower Corp. Ltd. Class H | 27,954,000 | 3,272 |
China CITIC Bank Corp. Ltd. Class H | 5,557,620 | 3,251 | |
Bank of Communications Co. Ltd. Class H | 4,360,000 | 3,139 | |
Yankuang Energy Group Co. Ltd. Class H | 1,307,000 | 2,835 | |
China Resources Power Holdings Co. Ltd. | 1,125,000 | 2,798 | |
Tsingtao Brewery Co. Ltd. Class H | 364,000 | 2,623 | |
Ping An Insurance Group Co. of China Ltd. Class A | 456,200 | 2,593 | |
Industrial & Commercial Bank of China Ltd. Class A | 3,254,700 | 2,438 | |
Agricultural Bank of China Ltd. Class A | 4,002,656 | 2,429 | |
Weichai Power Co. Ltd. Class H | 1,162,000 | 2,374 | |
2 | Fuyao Glass Industry Group Co. Ltd. Class H | 388,400 | 2,325 |
COSCO SHIPPING Holdings Co. Ltd. Class H | 1,796,500 | 2,324 | |
2 | CGN Power Co. Ltd. Class H | 6,652,000 | 2,230 |
CMOC Group Ltd. Class H | 2,349,000 | 2,204 | |
Kunlun Energy Co. Ltd. | 2,196,000 | 2,129 | |
Great Wall Motor Co. Ltd. Class H | 1,385,000 | 2,093 | |
Industrial Bank Co. Ltd. Class A | 874,000 | 2,030 | |
Yangzijiang Shipbuilding Holdings Ltd. | 1,518,700 | 1,949 | |
Sinopharm Group Co. Ltd. Class H | 749,600 | 1,893 | |
China Hongqiao Group Ltd. | 1,341,500 | 1,851 | |
People's Insurance Co. Group of China Ltd. Class H | 5,549,000 | 1,821 |
Shares | Market Value• ($000) | ||
Anhui Conch Cement Co. Ltd. Class H | 776,828 | 1,802 | |
2 | Longfor Group Holdings Ltd. | 1,201,000 | 1,779 |
Xinyi Solar Holdings Ltd. | 2,550,000 | 1,755 | |
Foxconn Industrial Internet Co. Ltd. Class A | 524,700 | 1,734 | |
China Resources Gas Group Ltd. | 533,200 | 1,676 | |
China Gas Holdings Ltd. | 1,752,600 | 1,641 | |
China Shenhua Energy Co. Ltd. Class A | 295,000 | 1,620 | |
Luzhou Laojiao Co. Ltd. Class A | 61,800 | 1,582 | |
Bank of Communications Co. Ltd. Class A | 1,651,600 | 1,567 | |
CITIC Securities Co. Ltd. Class H | 974,257 | 1,551 | |
PetroChina Co. Ltd. Class A | 1,059,500 | 1,495 | |
Want Want China Holdings Ltd. | 2,568,000 | 1,465 | |
Jiangxi Copper Co. Ltd. Class H | 709,000 | 1,444 | |
CRRC Corp. Ltd. Class H | 2,609,000 | 1,440 | |
China Longyuan Power Group Corp. Ltd. Class H | 1,998,000 | 1,400 | |
China Minsheng Banking Corp. Ltd. Class H | 3,815,970 | 1,396 | |
Hengan International Group Co. Ltd. | 414,843 | 1,393 | |
Shaanxi Coal Industry Co. Ltd. Class A | 407,600 | 1,380 | |
China Coal Energy Co. Ltd. Class H | 1,354,000 | 1,364 | |
2 | Yadea Group Holdings Ltd. | 688,000 | 1,323 |
2 | China Feihe Ltd. | 2,408,000 | 1,317 |
China State Construction Engineering Corp. Ltd. Class A | 1,759,300 | 1,299 | |
Shanghai Pudong Development Bank Co. Ltd. Class A | 1,217,500 | 1,291 | |
China Petroleum & Chemical Corp. Class A | 1,444,300 | 1,263 | |
Qifu Technology Inc. ADR | 67,869 | 1,241 | |
Tingyi Cayman Islands Holding Corp. | 1,117,000 | 1,233 | |
Bosideng International Holdings Ltd. | 2,108,000 | 1,220 | |
2 | China Resources Mixc Lifestyle Services Ltd. | 346,000 | 1,218 |
Ping An Bank Co. Ltd. Class A | 812,000 | 1,207 | |
Bank of China Ltd. Class A | 1,908,100 | 1,207 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | 618,600 | 1,202 | |
China Railway Group Ltd. Class H | 2,430,000 | 1,199 | |
China Power International Development Ltd. | 2,952,370 | 1,191 | |
China Galaxy Securities Co. Ltd. Class H | 2,187,500 | 1,185 | |
China Oilfield Services Ltd. Class H | 1,082,000 | 1,157 |
Shares | Market Value• ($000) | ||
2 | Topsports International Holdings Ltd. | 1,666,000 | 1,157 |
Haier Smart Home Co. Ltd. Class A | 270,600 | 1,126 | |
China State Construction International Holdings Ltd. | 1,060,000 | 1,118 | |
Haitian International Holdings Ltd. | 343,000 | 1,117 | |
China National Building Material Co. Ltd. Class H | 2,764,000 | 1,070 | |
Beijing Enterprises Holdings Ltd. | 334,000 | 1,069 | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 267,700 | 1,055 | |
China Pacific Insurance Group Co. Ltd. Class A | 289,250 | 1,025 | |
2 | Huatai Securities Co. Ltd. Class H | 860,200 | 1,017 |
Hisense Home Appliances Group Co. Ltd. Class H | 243,000 | 1,016 | |
China Merchants Port Holdings Co. Ltd. | 748,000 | 988 | |
Sinotruk Hong Kong Ltd. | 395,260 | 984 | |
C&D International Investment Group Ltd. | 494,000 | 979 | |
Gree Electric Appliances Inc. of Zhuhai Class A | 168,600 | 978 | |
China Vanke Co. Ltd. Class A | 959,000 | 976 | |
* | ZTE Corp. Class H | 450,600 | 971 |
Haitong Securities Co. Ltd. Class H | 2,010,000 | 960 | |
1 | Kingboard Holdings Ltd. | 435,500 | 957 |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 1,385,200 | 939 | |
Autohome Inc. ADR | 35,871 | 922 | |
Guangdong Investment Ltd. | 1,760,000 | 919 | |
CRRC Corp. Ltd. Class A | 938,500 | 904 | |
COSCO SHIPPING Energy Transportation Co. Ltd. Class H | 770,000 | 903 | |
COSCO SHIPPING Holdings Co. Ltd. Class A | 547,900 | 890 | |
China Everbright Environment Group Ltd. | 2,147,000 | 871 | |
New China Life Insurance Co. Ltd. Class H | 450,933 | 865 | |
Bank of Jiangsu Co. Ltd. Class A | 765,660 | 854 | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | 63,400 | 830 | |
1 | Country Garden Services Holdings Co. Ltd. | 1,238,000 | 826 |
Far East Horizon Ltd. | 1,110,000 | 824 | |
China Minsheng Banking Corp. Ltd. Class A | 1,495,840 | 816 | |
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,456,000 | 793 | |
China Taiping Insurance Holdings Co. Ltd. | 864,600 | 791 |
Shares | Market Value• ($000) | ||
China Everbright Bank Co. Ltd. Class A | 1,793,900 | 780 | |
Shanghai Baosight Software Co. Ltd. Class B | 364,700 | 779 | |
China Railway Group Ltd. Class A | 853,100 | 771 | |
Fosun International Ltd. | 1,282,000 | 756 | |
GF Securities Co. Ltd. Class H | 754,400 | 752 | |
Guangzhou Automobile Group Co. Ltd. Class H | 1,804,000 | 745 | |
China United Network Communications Ltd. Class A | 1,147,000 | 740 | |
Baoshan Iron & Steel Co. Ltd. Class A | 767,800 | 735 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 509,100 | 723 | |
Minth Group Ltd. | 420,000 | 716 | |
Zhongsheng Group Holdings Ltd. | 392,500 | 716 | |
Jiangsu Expressway Co. Ltd. Class H | 726,000 | 712 | |
SAIC Motor Corp. Ltd. Class A | 338,700 | 694 | |
SDIC Power Holdings Co. Ltd. Class A | 312,600 | 692 | |
Bank of Beijing Co. Ltd. Class A | 892,600 | 687 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | 904,000 | 686 | |
Sinotrans Ltd. Class H | 1,428,000 | 685 | |
China Communications Services Corp. Ltd. Class H | 1,432,000 | 685 | |
1 | Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 422,000 | 662 |
Shenzhen International Holdings Ltd. | 826,000 | 661 | |
China Medical System Holdings Ltd. | 730,000 | 652 | |
Daqin Railway Co. Ltd. Class A | 677,000 | 647 | |
Postal Savings Bank of China Co. Ltd. Class A | 976,200 | 646 | |
Greentown China Holdings Ltd. | 728,000 | 638 | |
2 | China Resources Pharmaceutical Group Ltd. | 985,000 | 637 |
Zhejiang Expressway Co. Ltd. Class H | 971,520 | 635 | |
Poly Developments and Holdings Group Co. Ltd. Class A | 516,100 | 633 | |
AviChina Industry & Technology Co. Ltd. Class H | 1,467,000 | 631 | |
China Everbright Bank Co. Ltd. Class H | 2,080,000 | 630 | |
China Conch Venture Holdings Ltd. | 855,000 | 624 | |
Huaxia Bank Co. Ltd. Class A | 672,400 | 622 | |
1 | Beijing Enterprises Water Group Ltd. | 2,458,000 | 620 |
Shares | Market Value• ($000) | ||
Huatai Securities Co. Ltd. Class A | 322,800 | 610 | |
Chongqing Rural Commercial Bank Co. Ltd. Class H | 1,411,000 | 604 | |
Bank of Nanjing Co. Ltd. Class A | 454,600 | 585 | |
Yuexiu Property Co. Ltd. | 971,680 | 580 | |
Huadian Power International Corp. Ltd. Class H | 1,058,000 | 578 | |
Bank of Shanghai Co. Ltd. Class A | 573,633 | 578 | |
Tongwei Co. Ltd. Class A | 189,700 | 567 | |
JOYY Inc. ADR | 16,688 | 544 | |
Sinopec Engineering Group Co. Ltd. Class H | 840,500 | 541 | |
Focus Media Information Technology Co. Ltd. Class A | 604,500 | 541 | |
Yunnan Baiyao Group Co. Ltd. Class A | 67,600 | 533 | |
GD Power Development Co. Ltd. Class A | 747,400 | 528 | |
2 | Guotai Junan Securities Co. Ltd. Class H | 495,800 | 527 |
1 | Kingboard Laminates Holdings Ltd. | 607,500 | 520 |
Henan Shuanghui Investment & Development Co. Ltd. Class A | 139,100 | 517 | |
Guotai Junan Securities Co. Ltd. Class A | 270,200 | 511 | |
Yankuang Energy Group Co. Ltd. Class A | 160,496 | 511 | |
Uni-President China Holdings Ltd. | 664,000 | 509 | |
China Everbright Ltd. | 948,000 | 506 | |
China Construction Bank Corp. Class A | 501,100 | 492 | |
1 | Dongfeng Motor Group Co. Ltd. Class H | 1,350,000 | 490 |
Lao Feng Xiang Co. Ltd. Class B | 120,800 | 481 | |
XCMG Construction Machinery Co. Ltd. Class A | 494,200 | 478 | |
Fuyao Glass Industry Group Co. Ltd. Class A | 69,500 | 478 | |
China Cinda Asset Management Co. Ltd. Class H | 5,210,200 | 470 | |
Bank of Hangzhou Co. Ltd. Class A | 256,950 | 457 | |
Lufax Holding Ltd. ADR | 103,508 | 454 | |
GF Securities Co. Ltd. Class A | 247,900 | 451 | |
* | Citic Pacific Special Steel Group Co. Ltd. Class A | 203,902 | 438 |
2 | China Railway Signal & Communication Corp. Ltd. Class H | 1,120,000 | 434 |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 370,600 | 432 | |
Chongqing Changan Automobile Co. Ltd. Class B | 869,916 | 430 |
Shares | Market Value• ($000) | ||
Xtep International Holdings Ltd. | 679,000 | 429 | |
1 | Cosco Shipping Ports Ltd. | 698,000 | 428 |
TBEA Co. Ltd. Class A | 219,440 | 427 | |
Sichuan Chuantou Energy Co. Ltd. Class A | 183,500 | 424 | |
Anhui Conch Cement Co. Ltd. Class A | 129,800 | 411 | |
Shanghai Industrial Holdings Ltd. | 294,000 | 410 | |
China Suntien Green Energy Corp. Ltd. Class H | 989,000 | 405 | |
Shougang Fushan Resources Group Ltd. | 1,054,164 | 402 | |
2 | CSC Financial Co. Ltd. Class H | 526,000 | 401 |
China Merchants Energy Shipping Co. Ltd. Class A | 341,100 | 401 | |
2 | BAIC Motor Corp. Ltd. Class H | 1,411,500 | 400 |
China CITIC Bank Corp. Ltd. Class A | 419,300 | 398 | |
1 | China Vanke Co. Ltd. Class H | 676,300 | 397 |
Shenzhen Expressway Corp. Ltd. Class H | 412,000 | 375 | |
1 | Sany Heavy Equipment International Holdings Co. Ltd. | 523,000 | 368 |
New China Life Insurance Co. Ltd. Class A | 83,900 | 363 | |
Zhongjin Gold Corp. Ltd. Class A | 201,400 | 363 | |
Shanxi Coking Coal Energy Group Co. Ltd. Class A | 247,000 | 357 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 122,100 | 356 | |
China Jinmao Holdings Group Ltd. | 4,084,800 | 346 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 130,000 | 346 | |
People's Insurance Co. Group of China Ltd. Class A | 478,300 | 345 | |
Shanghai International Port Group Co. Ltd. Class A | 442,800 | 343 | |
Anhui Expressway Co. Ltd. Class H | 306,000 | 337 | |
Yutong Bus Co. Ltd. Class A | 93,800 | 331 | |
China International Marine Containers Group Co. Ltd. Class H | 389,700 | 330 | |
Metallurgical Corp. of China Ltd. Class H | 1,692,000 | 329 | |
COSCO SHIPPING Energy Transportation Co. Ltd. Class A | 149,300 | 329 | |
BBMG Corp. Class H | 3,975,000 | 328 | |
Beijing New Building Materials plc Class A | 70,400 | 318 |
Shares | Market Value• ($000) | ||
Livzon Pharmaceutical Group Inc. Class H | 91,700 | 314 | |
Yangzijiang Financial Holding Ltd. | 1,364,500 | 314 | |
China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A | 204,948 | 313 | |
Sichuan Road & Bridge Co. Ltd. Class A | 306,180 | 306 | |
ENN Natural Gas Co. Ltd. Class A | 121,500 | 303 | |
Western Mining Co. Ltd. Class A | 109,300 | 301 | |
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. Class A | 520,300 | 298 | |
Guanghui Energy Co. Ltd. Class A | 289,700 | 295 | |
Inner Mangolia ERDOS Resources Co. Ltd. Class B | 288,200 | 293 | |
Metallurgical Corp. of China Ltd. Class A | 638,300 | 287 | |
Huayu Automotive Systems Co. Ltd. Class A | 124,500 | 283 | |
Dongfang Electric Corp. Ltd. Class H | 205,000 | 278 | |
LB Group Co. Ltd. Class A | 94,400 | 273 | |
Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. Class A | 91,600 | 273 | |
Huaibei Mining Holdings Co. Ltd. Class A | 102,200 | 272 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 109,600 | 271 | |
Inner Mongolia Dian Tou Energy Corp. Ltd. Class A | 92,800 | 270 | |
China Reinsurance Group Corp. Class H | 3,794,000 | 270 | |
Towngas Smart Energy Co. Ltd. | 688,185 | 265 | |
Trina Solar Co. Ltd. Class A | 90,705 | 265 | |
China Coal Energy Co. Ltd. Class A | 158,700 | 258 | |
China National Chemical Engineering Co. Ltd. Class A | 267,800 | 254 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 684,862 | 249 | |
Shenergy Co. Ltd. Class A | 205,400 | 241 | |
China Lesso Group Holdings Ltd. | 560,000 | 235 | |
Lee & Man Paper Manufacturing Ltd. | 777,000 | 234 | |
COSCO SHIPPING Development Co. Ltd. Class H | 2,239,000 | 234 | |
HLA Group Corp. Ltd. Class A | 183,600 | 231 | |
2 | Legend Holdings Corp. Class H | 320,700 | 227 |
Hubei Energy Group Co. Ltd. Class A | 284,700 | 226 |
Shares | Market Value• ($000) | ||
China Resources Building Materials Technology Holdings Ltd. | 1,322,000 | 223 | |
Beijing Jingneng Clean Energy Co. Ltd. Class H | 892,000 | 217 | |
Xinhua Winshare Publishing and Media Co. Ltd. Class H | 199,000 | 214 | |
2 | Orient Securities Co. Ltd. Class H | 515,200 | 213 |
Hisense Home Appliances Group Co. Ltd. Class A | 40,000 | 213 | |
CSG Holding Co. Ltd. Class B | 688,100 | 210 | |
Yunnan Yuntianhua Co. Ltd. Class A | 75,300 | 210 | |
Youngor Group Co. Ltd. Class A | 193,300 | 208 | |
2 | China Merchants Securities Co. Ltd. Class H | 249,360 | 207 |
Zangge Mining Co. Ltd. Class A | 51,000 | 202 | |
Huaxin Cement Co. Ltd. Class H | 224,900 | 200 | |
Chongqing Brewery Co. Ltd. Class A | 20,400 | 198 | |
Hebei Yangyuan Zhihui Beverage Co. Ltd. Class A | 54,800 | 198 | |
Huadian Power International Corp. Ltd. Class A | 209,600 | 195 | |
Xiamen C & D Inc. Class A | 142,400 | 195 | |
Hunan Valin Steel Co. Ltd. Class A | 266,900 | 192 | |
Anhui Expressway Co. Ltd. Class A | 106,300 | 192 | |
Shenzhen Investment Ltd. | 1,468,000 | 187 | |
China Railway Signal & Communication Corp. Ltd. Class A | 245,296 | 183 | |
Bank of Changsha Co. Ltd. Class A | 161,300 | 181 | |
2 | Shenwan Hongyuan Group Co. Ltd. Class H | 949,600 | 180 |
Zhengzhou Coal Mining Machinery Group Co. Ltd. Class A | 74,800 | 180 | |
Jointown Pharmaceutical Group Co. Ltd. Class A | 157,701 | 178 | |
Nanjing Iron & Steel Co. Ltd. Class A | 234,000 | 176 | |
Shan Xi Hua Yang Group New Energy Co. Ltd. Class A | 133,850 | 174 | |
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A | 300,100 | 174 | |
Goldwind Science & Technology Co. Ltd. | 428,200 | 171 | |
Sinoma International Engineering Co. Class A | 97,000 | 170 | |
China Zheshang Bank Co. Ltd. Class A | 397,700 | 164 | |
Yantai Changyu Pioneer Wine Co. Ltd. Class B | 141,000 | 163 |
Shares | Market Value• ($000) | ||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A | 267,800 | 161 | |
CNOOC Energy Technology & Services Ltd. Class A | 284,700 | 160 | |
Jason Furniture Hangzhou Co. Ltd. Class A | 34,500 | 159 | |
Luxi Chemical Group Co. Ltd. Class A | 98,200 | 157 | |
Zhejiang Weixing New Building Materials Co. Ltd. Class A | 64,900 | 157 | |
Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 84,500 | 154 | |
Xiamen Tungsten Co. Ltd. Class A | 57,900 | 153 | |
Sinoma Science & Technology Co. Ltd. Class A | 70,500 | 151 | |
TangShan Port Group Co. Ltd. Class A | 247,668 | 151 | |
2 | Blue Moon Group Holdings Ltd. | 536,000 | 150 |
Lao Feng Xiang Co. Ltd. Class A | 13,800 | 147 | |
Sinomine Resource Group Co. Ltd. Class A | 30,000 | 147 | |
Jizhong Energy Resources Co. Ltd. Class A | 140,700 | 146 | |
Zhejiang Supor Co. Ltd. Class A | 17,700 | 144 | |
Shandong Hi-speed Co. Ltd. Class A | 119,200 | 144 | |
Jiangsu Pacific Quartz Co. Ltd.Class A | 13,300 | 144 | |
Shanghai Electric Power Co. Ltd. Class A | 113,100 | 143 | |
China South Publishing & Media Group Co. Ltd. Class A | 84,300 | 141 | |
37 Interactive Entertainment Network Technology Group Co. Ltd. Class A | 60,400 | 139 | |
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 89,400 | 139 | |
Jiangsu Phoenix Publishing & Media Corp. Ltd. Class A | 99,000 | 139 | |
Shanghai Rural Commercial Bank Co. Ltd. Class A | 147,200 | 137 | |
COSCO SHIPPING Development Co. Ltd. Class A | 398,500 | 135 | |
Tian Di Science & Technology Co. Ltd. Class A | 129,800 | 133 | |
Inner Mongolia Eerduosi Resources Co. Ltd. Class A | 78,300 | 133 | |
Angang Steel Co. Ltd. Class H | 800,000 | 132 | |
Livzon Pharmaceutical Group Inc. Class A | 23,800 | 132 |
Shares | Market Value• ($000) | ||
Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 66,800 | 132 | |
China International Marine Containers Group Co. Ltd. Class A | 105,400 | 132 | |
Keda Industrial Group Co. Ltd. Class A | 93,000 | 130 | |
Wuchan Zhongda Group Co. Ltd. Class A | 197,700 | 129 | |
Hubei Xingfa Chemicals Group Co. Ltd. Class A | 43,600 | 129 | |
Hangzhou Robam Appliances Co. Ltd. Class A | 39,400 | 128 | |
Huaxin Cement Co. Ltd. Class A | 66,100 | 127 | |
COFCO Sugar Holding Co. Ltd. Class A | 90,200 | 125 | |
Ming Yang Smart Energy Group Ltd. Class A | 92,100 | 124 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 151,600 | 124 | |
Shanghai Tunnel Engineering Co. Ltd. Class A | 129,200 | 120 | |
Jiangsu Financial Leasing Co. Ltd. Class A | 169,700 | 120 | |
Jafron Biomedical Co. Ltd. Class A | 30,700 | 117 | |
Chongqing Rural Commercial Bank Co. Ltd. Class A | 182,400 | 117 | |
Avary Holding Shenzhen Co. Ltd. Class A | 35,100 | 116 | |
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 123,100 | 114 | |
Kingfa Sci & Tech Co. Ltd. Class A | 109,800 | 113 | |
Fujian Sunner Development Co. Ltd. Class A | 51,700 | 112 | |
Bank of Guiyang Co. Ltd. Class A | 143,700 | 112 | |
Heilongjiang Agriculture Co. Ltd. Class A | 61,500 | 111 | |
Jiangsu Expressway Co. Ltd. Class A | 71,100 | 109 | |
YongXing Special Materials Technology Co. Ltd. Class A | 16,510 | 108 | |
Shanghai Aiko Solar Energy Co. Ltd. Class A | 65,600 | 108 | |
Bank of Chengdu Co. Ltd. Class A | 51,000 | 104 | |
3 | Wanxiang Qianchao Co. Ltd. Class A | 144,700 | 103 |
Gemdale Corp. Class A | 184,300 | 101 | |
Canmax Technologies Co. Ltd. Class A | 34,400 | 100 | |
Chinese Universe Publishing and Media Group Co. Ltd. Class A | 48,800 | 99 | |
Shenzhen YUTO Packaging Technology Co. Ltd. Class A | 26,600 | 98 |
Shares | Market Value• ($000) | ||
China Railway Hi-tech Industry Co. Ltd. Class A | 91,000 | 98 | |
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | 148,900 | 97 | |
Xinhu Zhongbao Co. Ltd. Class A | 328,900 | 97 | |
Guangzhou Development Group Inc. Class A | 109,700 | 96 | |
Xiamen ITG Group Corp. Ltd. Class A | 93,400 | 95 | |
China World Trade Center Co. Ltd. Class A | 29,700 | 95 | |
2 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class H | 90,000 | 95 |
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 99,417 | 94 | |
Fujian Funeng Co. Ltd. Class A | 67,400 | 93 | |
Bank of Qingdao Co. Ltd. Class A | 194,850 | 93 | |
Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A | 233,700 | 93 | |
China Meidong Auto Holdings Ltd. | 284,000 | 92 | |
2 | Everbright Securities Co. Ltd. Class H | 130,200 | 91 |
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 120,200 | 90 | |
Xi'An Shaangu Power Co. Ltd. Class A | 73,500 | 89 | |
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 95,402 | 88 | |
* | Huafa Industrial Co. Ltd. Zhuhai Class A | 101,800 | 88 |
Xinxing Ductile Iron Pipes Co. Ltd. Class A | 167,900 | 87 | |
Sinochem International Corp. Class A | 154,200 | 87 | |
Suofeiya Home Collection Co. Ltd. Class A | 36,500 | 86 | |
Bank of Xi'an Co. Ltd. Class A | 175,300 | 86 | |
Tangshan Sanyou Chemical Industries Co. Ltd. Class A | 111,200 | 85 | |
Guizhou Panjiang Refined Coal Co. Ltd. Class A | 104,800 | 84 | |
Hefei Meiya Optoelectronic Technology Inc. Class A | 33,700 | 83 | |
Shenzhen Gas Corp. Ltd. Class A | 79,800 | 82 | |
* | Tianshan Aluminum Group Co. Ltd. Class A | 78,600 | 82 |
Chongqing Department Store Co. Ltd. Class A | 22,000 | 79 | |
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. Class A | 34,000 | 78 | |
Shenzhen Expressway Corp. Ltd. Class A | 55,400 | 77 |
Shares | Market Value• ($000) | ||
Beijing Jingneng Power Co. Ltd. Class A | 164,800 | 77 | |
Hainan Mining Co. Ltd. Class A | 77,100 | 77 | |
Qingdao Port International Co. Ltd. Class A | 67,200 | 75 | |
Weifu High-Technology Group Co. Ltd. Class A | 28,800 | 74 | |
Jiangsu Linyang Energy Co. Ltd. Class A | 81,400 | 74 | |
G-bits Network Technology Xiamen Co. Ltd. Class A | 2,700 | 73 | |
Chongqing Water Group Co. Ltd. Class A | 103,000 | 72 | |
Daan Gene Co. Ltd. Class A | 71,100 | 68 | |
Shenzhen Jinjia Group Co. Ltd. Class A | 104,400 | 67 | |
Perfect World Co. Ltd. Class A | 48,900 | 67 | |
China National Accord Medicines Corp. Ltd. Class B | 34,860 | 65 | |
Zhuzhou Kibing Group Co. Ltd. Class A | 60,300 | 65 | |
Hainan Drinda New Energy Technology Co. Ltd. Class A | 9,200 | 65 | |
Maanshan Iron & Steel Co. Ltd. Class H | 432,000 | 63 | |
Shenzhen Aisidi Co. Ltd. Class A | 37,700 | 63 | |
Yangling Metron New Material Inc. Class A | 19,000 | 63 | |
KingClean Electric Co. Ltd. Class A | 16,507 | 60 | |
ORG Technology Co. Ltd. Class A | 91,000 | 59 | |
Shandong Publishing & Media Co. Ltd. Class A | 40,400 | 57 | |
Jiangsu Guoxin Corp. Ltd. Class A | 49,800 | 57 | |
Anhui Kouzi Distillery Co. Ltd. Class A | 9,500 | 55 | |
Opple Lighting Co. Ltd. Class A | 21,800 | 55 | |
Zhongshan Broad Ocean Motor Co. Ltd. Class A | 73,400 | 54 | |
Bank of Suzhou Co. Ltd. Class A | 52,300 | 54 | |
Hubei Biocause Pharmaceutical Co. Ltd. Class A | 160,600 | 53 | |
Camel Group Co. Ltd. Class A | 47,100 | 53 | |
Huapont Life Sciences Co. Ltd. Class A | 80,100 | 51 | |
Blue Sail Medical Co. Ltd. Class A | 65,545 | 51 | |
Jiangsu Zijin Rural Commercial Bank Co. Ltd. Class A | 137,400 | 51 | |
Sinotrans Ltd. Class A | 61,700 | 50 | |
Shanghai Mechanical and Electrical Industry Co. Ltd. Class A | 28,100 | 50 | |
Luenmei Quantum Co. Ltd. Class A | 61,900 | 50 |
Shares | Market Value• ($000) | ||
Easyhome New Retail Group Co. Ltd.Class A | 118,800 | 50 | |
Rongan Property Co. Ltd. Class A | 146,400 | 49 | |
Huabao Flavours & Fragrances Co. Ltd. Class A | 18,700 | 48 | |
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class A | 37,100 | 48 | |
Luolai Lifestyle Technology Co. Ltd. Class A | 38,900 | 48 | |
Guangdong South New Media Co. Ltd. Class A | 9,100 | 47 | |
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 29,500 | 47 | |
Shandong Buchang Pharmaceuticals Co. Ltd. Class A | 20,200 | 46 | |
Suning Universal Co. Ltd. Class A | 155,300 | 44 | |
Hunan Changyuan Lico Co. Ltd. Class A | 58,426 | 44 | |
Toly Bread Co. Ltd. Class A | 50,700 | 43 | |
Xiamen Intretech Inc. Class A | 21,600 | 43 | |
CSG Holding Co. Ltd. Class A | 46,600 | 36 | |
Joyoung Co. Ltd. Class A | 16,600 | 27 | |
Zhejiang Runtu Co. Ltd. Class A | 27,500 | 25 | |
Zhejiang Semir Garment Co. Ltd. Class A | 24,400 | 22 | |
Shanghai Huayi Group Co. Ltd. Class B | 48,700 | 21 | |
Weifu High-Technology Group Co. Ltd. Class B | 6,500 | 9 | |
Angang Steel Co. Ltd. Class A | 16,300 | 5 | |
Maanshan Iron & Steel Co. Ltd. Class A | 15,400 | 5 | |
Haitong Securities Co. Ltd. Class A | 3,200 | 4 | |
China Merchants Securities Co. Ltd. Class A | 500 | 1 | |
420,430 | |||
Colombia (0.1%) | |||
Bancolombia SA ADR | 66,821 | 2,186 | |
1 | Ecopetrol SA ADR | 133,096 | 1,545 |
Interconexion Electrica SA ESP | 265,761 | 1,226 | |
Ecopetrol SA | 137,413 | 80 | |
Bancolombia SA | 1,214 | 11 | |
5,048 | |||
Czech Republic (0.1%) | |||
CEZ A/S | 95,390 | 3,523 | |
* | Komercni banka A/S | 48,280 | 1,779 |
2 | Moneta Money Bank A/S | 200,996 | 810 |
Colt CZ Group SE | 4,129 | 114 | |
6,226 | |||
Denmark (0.3%) | |||
Danske Bank A/S | 400,745 | 11,536 | |
*,2 | Orsted A/S | 113,046 | 6,213 |
Shares | Market Value• ($000) | ||
Tryg A/S | 203,375 | 4,025 | |
21,774 | |||
Egypt (0.0%) | |||
Telecom Egypt Co. | 171,834 | 111 | |
Finland (1.3%) | |||
Nordea Bank Abp (XHEL) | 2,019,041 | 23,660 | |
Nokia OYJ | 3,164,511 | 11,504 | |
UPM-Kymmene OYJ | 327,447 | 11,475 | |
Sampo OYJ Class A | 269,642 | 10,943 | |
Kone OYJ Class B | 200,309 | 9,764 | |
Neste OYJ | 253,121 | 5,738 | |
Wartsila OYJ Abp | 290,860 | 5,366 | |
Stora Enso OYJ Class R | 344,894 | 4,594 | |
Metso OYJ | 383,514 | 4,348 | |
Elisa OYJ | 85,764 | 3,867 | |
Fortum OYJ | 261,713 | 3,449 | |
Kesko OYJ Class B | 162,710 | 2,778 | |
Valmet OYJ | 99,030 | 2,471 | |
Orion OYJ Class B | 62,658 | 2,392 | |
102,349 | |||
France (6.1%) | |||
TotalEnergies SE | 1,245,838 | 90,446 | |
Sanofi SA | 656,906 | 64,898 | |
BNP Paribas SA | 621,314 | 44,711 | |
AXA SA | 1,073,828 | 37,102 | |
Vinci SA | 295,123 | 34,581 | |
Danone SA | 375,416 | 23,496 | |
Cie de Saint-Gobain SA | 276,777 | 21,888 | |
Cie Generale des Etablissements Michelin SCA | 422,360 | 16,227 | |
Publicis Groupe SA | 137,993 | 15,227 | |
Orange SA | 1,150,072 | 12,801 | |
Societe Generale SA | 440,560 | 11,871 | |
Veolia Environnement SA | 376,167 | 11,694 | |
Credit Agricole SA | 604,809 | 9,358 | |
* | Engie SA Loyalty Shares | 333,216 | 5,785 |
* | Engie SA (XPAR) | 333,162 | 5,784 |
Renault SA | 114,472 | 5,670 | |
Carrefour SA | 322,079 | 5,418 | |
Eiffage SA | 47,589 | 5,078 | |
* | Engie SA PF 2025 | 249,131 | 4,325 |
Bouygues SA | 108,699 | 4,006 | |
Vivendi SE | 371,263 | 3,777 | |
Rexel SA | 142,760 | 3,700 | |
Getlink SE | 216,798 | 3,691 | |
Arkema SA | 34,460 | 3,556 | |
* | Teleperformance SE | 36,088 | 3,269 |
SCOR SE | 90,431 | 2,951 | |
* | Eurazeo SE (XPAR) | 28,582 | 2,575 |
* | Engie SA | 141,167 | 2,451 |
2 | Amundi SA | 34,382 | 2,399 |
Sodexo Inc. (Prime Fidelite 2026) | 26,287 | 2,289 | |
2 | La Francaise des Jeux SAEM | 59,815 | 2,254 |
Valeo SE | 133,208 | 1,688 | |
Wendel SE | 16,209 | 1,653 | |
Sodexo SA (XPAR) | 14,974 | 1,304 | |
* | Sodexo Prime De Fidelite 2027 | 10,878 | 947 |
2 | ALD SA | 118,944 | 782 |
469,652 |
Shares | Market Value• ($000) | ||
Germany (6.5%) | |||
Siemens AG (Registered) | 450,515 | 84,397 | |
Allianz SE (Registered) | 235,804 | 66,918 | |
Deutsche Telekom AG (Registered) | 1,949,146 | 44,646 | |
Mercedes-Benz Group AG | 519,024 | 39,259 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 82,218 | 36,160 | |
BASF SE | 536,649 | 28,119 | |
Deutsche Post AG | 598,441 | 25,057 | |
1 | Bayerische Motoren Werke AG (XETR) | 186,535 | 20,323 |
Deutsche Bank AG (Registered) | 1,226,286 | 19,587 | |
E.ON SE | 1,335,698 | 17,687 | |
Bayer AG (Registered) | 593,258 | 17,306 | |
RWE AG | 430,288 | 14,989 | |
Daimler Truck Holding AG | 323,032 | 14,568 | |
Vonovia SE | 421,161 | 12,170 | |
Commerzbank AG | 630,684 | 9,373 | |
Hannover Rueck SE | 36,370 | 9,021 | |
Heidelberg Materials AG | 83,633 | 8,416 | |
Fresenius SE & Co. KGaA | 250,373 | 7,471 | |
Fresenius Medical Care AG | 122,025 | 5,138 | |
Continental AG | 64,763 | 4,197 | |
Evonik Industries AG | 123,638 | 2,577 | |
Volkswagen AG | 17,446 | 2,463 | |
Talanx AG | 32,482 | 2,443 | |
thyssenkrupp AG | 296,151 | 1,486 | |
HOCHTIEF AG | 12,752 | 1,343 | |
Traton SE | 30,027 | 1,066 | |
2 | DWS Group GmbH & Co. KGaA | 24,778 | 1,046 |
Wacker Chemie AG | 9,070 | 971 | |
RTL Group SA | 26,437 | 815 | |
Sixt SE (XETR) | 7,816 | 748 | |
FUCHS SE | 19,663 | 719 | |
500,479 | |||
Greece (0.1%) | |||
Mytilineos SA | 61,193 | 2,483 | |
JUMBO SA | 65,605 | 2,042 | |
OPAP SA | 114,315 | 1,902 | |
Hellenic Telecommunications Organization SA | 100,800 | 1,531 | |
Motor Oil Hellas Corinth Refineries SA | 34,175 | 991 | |
HELLENiQ ENERGY Holdings SA | 52,862 | 474 | |
Autohellas Tourist and Trading SA | 12,031 | 164 | |
Holding Co. ADMIE IPTO SA | 67,177 | 159 | |
Piraeus Port Authority SA | 4,072 | 108 | |
Quest Holdings SA | 15,810 | 98 | |
9,952 | |||
Hong Kong (1.6%) | |||
Hong Kong Exchanges & Clearing Ltd. | 775,400 | 24,638 | |
Sun Hung Kai Properties Ltd. | 851,000 | 7,850 | |
CK Hutchison Holdings Ltd. | 1,594,500 | 7,744 | |
CLP Holdings Ltd. | 983,500 | 7,736 |
Shares | Market Value• ($000) | ||
BOC Hong Kong Holdings Ltd. | 2,152,500 | 6,598 | |
Hang Seng Bank Ltd. | 435,000 | 5,736 | |
Lenovo Group Ltd. | 4,608,000 | 5,183 | |
Hong Kong & China Gas Co. Ltd. | 6,517,400 | 4,956 | |
CK Asset Holdings Ltd. | 1,151,084 | 4,910 | |
Power Assets Holdings Ltd. | 818,599 | 4,696 | |
Jardine Matheson Holdings Ltd. | 117,804 | 4,508 | |
2 | WH Group Ltd. | 4,675,599 | 3,398 |
Wharf Real Estate Investment Co. Ltd. | 929,000 | 2,882 | |
MTR Corp. Ltd. | 864,500 | 2,841 | |
Swire Pacific Ltd. Class A | 334,288 | 2,831 | |
Henderson Land Development Co. Ltd. | 782,587 | 2,359 | |
Sino Land Co. Ltd. | 2,136,000 | 2,284 | |
Hongkong Land Holdings Ltd. | 656,500 | 2,098 | |
CK Infrastructure Holdings Ltd. | 353,472 | 1,997 | |
1 | SITC International Holdings Co. Ltd. | 769,000 | 1,668 |
Chow Tai Fook Jewellery Group Ltd. | 1,045,600 | 1,423 | |
Xinyi Glass Holdings Ltd. | 1,267,000 | 1,354 | |
Swire Properties Ltd. | 633,898 | 1,311 | |
PCCW Ltd. | 2,520,793 | 1,260 | |
1 | Hang Lung Properties Ltd. | 1,093,576 | 1,207 |
Orient Overseas International Ltd. | 79,000 | 1,152 | |
Bank of East Asia Ltd. | 850,180 | 1,070 | |
2 | BOC Aviation Ltd. | 124,500 | 990 |
Hang Lung Group Ltd. | 826,000 | 980 | |
New World Development Co. Ltd. | 846,750 | 899 | |
Yue Yuen Industrial Holdings Ltd. | 442,000 | 783 | |
Kerry Properties Ltd. | 363,500 | 705 | |
Man Wah Holdings Ltd. | 912,000 | 666 | |
First Pacific Co. Ltd. | 1,328,000 | 621 | |
Hysan Development Co. Ltd. | 369,000 | 575 | |
VTech Holdings Ltd. | 98,000 | 567 | |
NWS Holdings Ltd. | 521,000 | 440 | |
DFI Retail Group Holdings Ltd. | 176,100 | 342 | |
Johnson Electric Holdings Ltd. | 220,000 | 300 | |
Nexteer Automotive Group Ltd. | 482,000 | 254 | |
Dah Sing Banking Group Ltd. | 308,800 | 253 | |
124,065 | |||
Hungary (0.2%) | |||
OTP Bank Nyrt | 138,025 | 6,841 | |
Richter Gedeon Nyrt | 92,533 | 2,356 | |
MOL Hungarian Oil & Gas plc | 260,124 | 2,132 | |
Magyar Telekom Telecommunications plc | 215,130 | 543 | |
11,872 | |||
Iceland (0.0%) | |||
2 | Arion Banki HF | 865,464 | 879 |
Islandsbanki HF | 714,702 | 526 |
Shares | Market Value• ($000) | ||
Eimskipafelag Islands hf | 67,212 | 155 | |
1,560 | |||
India (1.5%) | |||
NTPC Ltd. | 2,891,907 | 12,568 | |
HCL Technologies Ltd. | 645,233 | 10,527 | |
ITC Ltd. | 1,810,494 | 9,440 | |
Power Grid Corp. of India Ltd. | 2,543,336 | 9,173 | |
Oil & Natural Gas Corp. Ltd. | 2,322,567 | 7,840 | |
Coal India Ltd. | 1,358,092 | 7,384 | |
Tech Mahindra Ltd. | 363,231 | 5,472 | |
Indian Oil Corp. Ltd. | 2,457,093 | 4,962 | |
Power Finance Corp. Ltd. | 869,776 | 4,585 | |
Bajaj Auto Ltd. | 42,830 | 4,572 | |
REC Ltd. | 746,858 | 4,524 | |
Bharat Petroleum Corp. Ltd. | 598,134 | 4,352 | |
Hero MotoCorp Ltd. | 77,980 | 4,232 | |
Gail India Ltd. | 1,575,592 | 3,936 | |
Vedanta Ltd. | 807,563 | 3,854 | |
Hindustan Petroleum Corp. Ltd. | 363,535 | 2,156 | |
NMDC Ltd. | 686,350 | 2,083 | |
Petronet LNG Ltd. | 447,165 | 1,660 | |
Union Bank of India Ltd. | 886,887 | 1,635 | |
Canara Bank | 216,127 | 1,607 | |
Oil India Ltd. | 198,175 | 1,465 | |
Oracle Financial Services Software Ltd. | 13,689 | 1,243 | |
Bank of India | 544,173 | 1,008 | |
Hindustan Zinc Ltd. | 155,992 | 796 | |
Piramal Enterprises Ltd. | 70,190 | 775 | |
Castrol India Ltd. | 291,664 | 735 | |
2 | Nippon Life India Asset Management Ltd. | 80,486 | 567 |
Sun TV Network Ltd. | 51,739 | 406 | |
113,557 | |||
Indonesia (0.6%) | |||
Bank Rakyat Indonesia Persero Tbk PT | 42,512,659 | 12,869 | |
Bank Mandiri Persero Tbk PT | 26,789,400 | 11,323 | |
Telkom Indonesia Persero Tbk PT | 27,766,300 | 5,383 | |
Astra International Tbk PT | 12,142,700 | 3,831 | |
Bank Negara Indonesia Persero Tbk PT | 8,923,700 | 2,871 | |
United Tractors Tbk PT | 881,804 | 1,344 | |
Adaro Energy Indonesia Tbk PT | 6,312,500 | 1,049 | |
Indofood Sukses Makmur Tbk PT | 2,599,200 | 998 | |
Indofood CBP Sukses Makmur Tbk PT | 1,350,800 | 903 | |
Perusahaan Gas Negara Persero Tbk PT | 6,586,900 | 595 | |
Unilever Indonesia Tbk PT | 3,577,500 | 576 | |
Semen Indonesia Persero Tbk PT | 1,976,800 | 567 | |
Sarana Menara Nusantara Tbk PT | 11,353,600 | 561 | |
Bukit Asam Tbk PT | 2,410,700 | 449 | |
Indocement Tunggal Prakarsa Tbk PT | 862,500 | 410 | |
Hanjaya Mandala Sampoerna Tbk PT | 5,639,700 | 296 |
Shares | Market Value• ($000) | ||
Gudang Garam Tbk PT | 263,300 | 295 | |
Bank Danamon Indonesia Tbk PT | 432,400 | 73 | |
44,393 | |||
Ireland (0.1%) | |||
Bank of Ireland Group plc | 634,927 | 6,774 | |
AIB Group plc | 949,731 | 4,916 | |
11,690 | |||
Israel (0.4%) | |||
Bank Hapoalim BM | 802,227 | 7,227 | |
Bank Leumi Le-Israel BM | 909,184 | 7,084 | |
Israel Discount Bank Ltd. Class A | 742,815 | 3,810 | |
Mizrahi Tefahot Bank Ltd. | 82,309 | 2,997 | |
ICL Group Ltd. | 433,765 | 2,036 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 1,223,224 | 1,516 | |
First International Bank of Israel Ltd. | 31,256 | 1,241 | |
Melisron Ltd. | 15,025 | 1,031 | |
Phoenix Holdings Ltd. | 95,960 | 917 | |
Mivne Real Estate KD Ltd. | 372,195 | 895 | |
Amot Investments Ltd. | 190,361 | 798 | |
Energix-Renewable Energies Ltd. | 157,647 | 587 | |
Gav-Yam Lands Corp. Ltd. | 17,596 | 125 | |
30,264 | |||
Italy (2.9%) | |||
UniCredit SpA | 1,005,316 | 36,899 | |
Intesa Sanpaolo SpA | 9,759,955 | 36,532 | |
Enel SpA | 4,690,279 | 30,827 | |
Stellantis NV | 1,299,822 | 28,760 | |
Eni SpA | 1,278,838 | 20,540 | |
Assicurazioni Generali SpA | 753,023 | 18,361 | |
Terna - Rete Elettrica Nazionale | 843,388 | 6,757 | |
Snam SpA | 1,365,146 | 6,246 | |
FinecoBank Banca Fineco SpA | 366,310 | 5,612 | |
Mediobanca Banca di Credito Finanziario SpA | 393,116 | 5,585 | |
1 | Banco BPM SpA | 820,298 | 5,386 |
Tenaris SA | 276,075 | 4,585 | |
2 | Poste Italiane SpA | 271,751 | 3,452 |
2 | Infrastrutture Wireless Italiane SpA | 212,790 | 2,280 |
2 | Pirelli & C SpA | 292,790 | 1,851 |
A2A SpA | 919,191 | 1,813 | |
Hera SpA | 462,892 | 1,671 | |
Italgas SpA | 294,387 | 1,632 | |
Banca Mediolanum SpA | 144,277 | 1,561 | |
UnipolSai Assicurazioni SpA | 251,656 | 721 | |
221,071 | |||
Japan (14.1%) | |||
Toyota Motor Corp. | 7,218,261 | 164,638 | |
Mitsubishi UFJ Financial Group Inc. | 6,737,200 | 67,112 | |
Sumitomo Mitsui Financial Group Inc. | 757,754 | 43,043 | |
Mitsui & Co. Ltd. | 879,612 | 42,464 | |
ITOCHU Corp. | 806,484 | 36,384 |
Shares | Market Value• ($000) | ||
Tokio Marine Holdings Inc. | 1,118,502 | 35,352 | |
Honda Motor Co. Ltd. | 2,893,800 | 32,924 | |
Mizuho Financial Group Inc. | 1,533,863 | 29,648 | |
KDDI Corp. | 932,624 | 25,879 | |
Takeda Pharmaceutical Co. Ltd. | 916,400 | 24,085 | |
Softbank Corp. | 1,659,282 | 20,014 | |
Japan Tobacco Inc. | 715,100 | 19,237 | |
Nippon Telegraph & Telephone Corp. | 17,018,200 | 18,374 | |
Marubeni Corp. | 983,700 | 17,526 | |
Sumitomo Corp. | 661,038 | 17,383 | |
Komatsu Ltd. | 553,720 | 16,532 | |
Canon Inc. | 569,500 | 15,414 | |
Bridgestone Corp. | 340,030 | 15,004 | |
MS&AD Insurance Group Holdings Inc. | 806,800 | 14,505 | |
ORIX Corp. | 701,800 | 14,363 | |
Dai-ichi Life Holdings Inc. | 558,100 | 12,926 | |
Nippon Steel Corp. | 495,700 | 11,113 | |
Sompo Holdings Inc. | 554,100 | 10,966 | |
Astellas Pharma Inc. | 1,094,400 | 10,504 | |
Nomura Holdings Inc. | 1,814,914 | 10,327 | |
Daiwa House Industry Co. Ltd. | 366,900 | 10,324 | |
Japan Post Holdings Co. Ltd. | 1,070,241 | 10,278 | |
Sumitomo Mitsui Trust Holdings Inc. | 430,978 | 9,061 | |
Japan Post Bank Co. Ltd. | 877,611 | 8,908 | |
Toyota Tsusho Corp. | 135,330 | 8,604 | |
Resona Holdings Inc. | 1,335,996 | 8,448 | |
Subaru Corp. | 367,709 | 8,211 | |
ENEOS Holdings Inc. | 1,729,051 | 7,989 | |
Inpex Corp. | 524,900 | 7,863 | |
Nippon Yusen KK | 268,700 | 7,628 | |
Sekisui House Ltd. | 328,302 | 7,544 | |
Sumitomo Electric Industries Ltd. | 470,400 | 7,271 | |
Kansai Electric Power Co. Inc. | 435,200 | 6,519 | |
Kirin Holdings Co. Ltd. | 444,900 | 6,494 | |
Mitsui OSK Lines Ltd. | 199,710 | 6,339 | |
Daiwa Securities Group Inc. | 840,614 | 6,178 | |
JFE Holdings Inc. | 361,900 | 5,402 | |
Chubu Electric Power Co. Inc. | 418,800 | 5,376 | |
Asahi Kasei Corp. | 740,700 | 5,164 | |
Yamaha Motor Co. Ltd. | 532,951 | 4,971 | |
Kajima Corp. | 254,200 | 4,870 | |
T&D Holdings Inc. | 297,700 | 4,858 | |
Idemitsu Kosan Co. Ltd. | 665,674 | 4,510 | |
Obayashi Corp. | 403,100 | 4,499 | |
Mitsubishi Chemical Group Corp. | 764,100 | 4,458 | |
Isuzu Motors Ltd. | 343,300 | 4,351 | |
Nissan Motor Co. Ltd. | 1,155,600 | 4,229 | |
Aisin Corp. | 103,600 | 3,940 | |
AGC Inc. | 105,500 | 3,901 | |
Mazda Motor Corp. | 341,500 | 3,866 | |
Taisei Corp. | 102,400 | 3,749 | |
Daito Trust Construction Co. Ltd. | 34,400 | 3,687 | |
Ono Pharmaceutical Co. Ltd. | 253,800 | 3,656 |
Shares | Market Value• ($000) | ||
SBI Holdings Inc. | 146,200 | 3,560 | |
Kawasaki Kisen Kaisha Ltd. | 251,100 | 3,538 | |
Concordia Financial Group Ltd. | 649,600 | 3,500 | |
Niterra Co. Ltd. | 104,700 | 3,434 | |
Sekisui Chemical Co. Ltd. | 234,800 | 3,416 | |
Sojitz Corp. | 132,500 | 3,411 | |
Chiba Bank Ltd. | 399,600 | 3,375 | |
Dentsu Group Inc. | 123,500 | 3,341 | |
Mitsubishi HC Capital Inc. (XTKS) | 482,620 | 3,125 | |
Ricoh Co. Ltd. | 342,500 | 2,955 | |
Mitsui Chemicals Inc. | 101,400 | 2,886 | |
Sumitomo Forestry Co. Ltd. | 83,700 | 2,579 | |
Seiko Epson Corp. | 155,300 | 2,555 | |
Fukuoka Financial Group Inc. | 96,000 | 2,550 | |
Amada Co. Ltd. | 227,200 | 2,481 | |
Brother Industries Ltd. | 139,000 | 2,459 | |
Kobe Steel Ltd. | 196,900 | 2,403 | |
Cosmo Energy Holdings Co. Ltd. | 48,740 | 2,330 | |
Tosoh Corp. | 166,700 | 2,298 | |
Hulic Co. Ltd. | 246,986 | 2,276 | |
Kuraray Co. Ltd. | 200,500 | 2,221 | |
NIPPON EXPRESS HOLDINGS Inc. | 42,100 | 2,154 | |
Japan Post Insurance Co. Ltd. | 113,200 | 2,125 | |
Shimizu Corp. | 342,300 | 2,120 | |
Mebuki Financial Group Inc. | 572,100 | 2,024 | |
NGK Insulators Ltd. | 146,600 | 1,997 | |
Tokyo Tatemono Co. Ltd. | 118,300 | 1,968 | |
Sumitomo Chemical Co. Ltd. | 903,300 | 1,930 | |
Mitsubishi Gas Chemical Co. Inc. | 108,400 | 1,918 | |
Sanwa Holdings Corp. | 116,700 | 1,906 | |
Nikon Corp. | 182,300 | 1,885 | |
Sumitomo Heavy Industries Ltd. | 67,500 | 1,881 | |
Haseko Corp. | 153,386 | 1,853 | |
Kyushu Railway Co. | 85,500 | 1,840 | |
IHI Corp. | 76,200 | 1,824 | |
Hitachi Construction Machinery Co. Ltd. | 63,500 | 1,814 | |
Nomura Real Estate Holdings Inc. | 64,500 | 1,806 | |
Credit Saison Co. Ltd. | 96,700 | 1,785 | |
Electric Power Development Co. Ltd. | 99,000 | 1,682 | |
Lixil Corp. | 155,300 | 1,668 | |
Marui Group Co. Ltd. | 108,400 | 1,656 | |
DMG Mori Co. Ltd. | 61,900 | 1,655 | |
Air Water Inc. | 106,200 | 1,595 | |
Taiheiyo Cement Corp. | 67,900 | 1,553 | |
COMSYS Holdings Corp. | 64,300 | 1,505 | |
Tokyo Century Corp. | 149,291 | 1,486 | |
Mitsubishi Materials Corp. | 74,600 | 1,458 | |
Persol Holdings Co. Ltd. | 1,047,400 | 1,449 | |
Toyo Seikan Group Holdings Ltd. | 91,600 | 1,416 | |
NSK Ltd. | 253,700 | 1,395 | |
Daicel Corp. | 143,500 | 1,333 |
Shares | Market Value• ($000) | ||
Sumitomo Rubber Industries Ltd. | 108,000 | 1,311 | |
Open House Group Co. Ltd. | 42,500 | 1,292 | |
EXEO Group Inc. | 116,800 | 1,273 | |
Sega Sammy Holdings Inc. | 93,100 | 1,219 | |
Yamato Kogyo Co. Ltd. | 22,200 | 1,193 | |
Hirogin Holdings Inc. | 165,400 | 1,190 | |
Yamaguchi Financial Group Inc. | 117,400 | 1,186 | |
Kamigumi Co. Ltd. | 54,400 | 1,175 | |
Sankyo Co. Ltd. | 106,700 | 1,159 | |
Daido Steel Co. Ltd. | 104,120 | 1,148 | |
Nippon Electric Glass Co. Ltd. | 46,400 | 1,148 | |
Toyo Tire Corp. | 60,500 | 1,145 | |
1 | Aozora Bank Ltd. | 69,900 | 1,086 |
Iida Group Holdings Co. Ltd. | 83,800 | 1,070 | |
UBE Corp. | 58,000 | 1,060 | |
JTEKT Corp. | 135,500 | 1,049 | |
Zenkoku Hosho Co. Ltd. | 29,700 | 1,043 | |
Nagase & Co. Ltd. | 60,100 | 1,040 | |
Sankyu Inc. | 30,000 | 1,040 | |
INFRONEER Holdings Inc. | 115,500 | 1,023 | |
Mitsui Mining & Smelting Co. Ltd. | 32,600 | 1,022 | |
Seino Holdings Co. Ltd. | 76,100 | 1,019 | |
Casio Computer Co. Ltd. | 121,500 | 1,012 | |
Yamada Holdings Co. Ltd. | 339,200 | 971 | |
Fuyo General Lease Co. Ltd. | 11,300 | 969 | |
Kokuyo Co. Ltd. | 56,300 | 962 | |
NHK Spring Co. Ltd. | 94,300 | 956 | |
Kaneka Corp. | 35,700 | 925 | |
Toda Corp. | 140,500 | 918 | |
Amano Corp. | 38,000 | 914 | |
DIC Corp. | 48,900 | 914 | |
Penta-Ocean Construction Co. Ltd. | 174,200 | 874 | |
NOK Corp. | 59,500 | 861 | |
Zeon Corp. | 83,800 | 835 | |
K's Holdings Corp. | 84,000 | 806 | |
Nippon Kayaku Co. Ltd. | 97,600 | 795 | |
Shikoku Electric Power Co. Inc. | 94,200 | 781 | |
Tokai Carbon Co. Ltd. | 116,100 | 770 | |
Denka Co. Ltd. | 51,300 | 760 | |
Toyoda Gosei Co. Ltd. | 38,800 | 751 | |
Canon Marketing Japan Inc. | 27,200 | 747 | |
Aica Kogyo Co. Ltd. | 30,600 | 709 | |
Nippon Shokubai Co. Ltd. | 74,000 | 703 | |
TS Tech Co. Ltd. | 56,900 | 701 | |
Seven Bank Ltd. | 388,900 | 695 | |
OSG Corp. | 51,000 | 658 | |
Anritsu Corp. | 78,800 | 601 | |
Acom Co. Ltd. | 228,800 | 590 | |
Pigeon Corp. | 64,600 | 589 | |
AEON Financial Service Co. Ltd. | 69,100 | 575 | |
Nipro Corp. | 68,300 | 553 | |
Relo Group Inc. | 63,300 | 550 | |
Toyota Boshoku Corp. | 37,200 | 550 | |
Itoham Yonekyu Holdings Inc. | 18,160 | 474 | |
Pola Orbis Holdings Inc. | 45,000 | 413 |
Shares | Market Value• ($000) | ||
Heiwa Corp. | 31,700 | 397 | |
Noevir Holdings Co. Ltd. | 9,600 | 318 | |
Fuji Media Holdings Inc. | 26,300 | 313 | |
Matsui Securities Co. Ltd. | 58,500 | 299 | |
Orient Corp. | 34,200 | 223 | |
1,093,560 | |||
Kuwait (0.2%) | |||
National Bank of Kuwait SAKP | 4,717,253 | 13,220 | |
Mobile Telecommunications Co. KSCP | 1,347,893 | 2,130 | |
Gulf Bank KSCP | 1,272,038 | 1,063 | |
Burgan Bank SAK | 592,758 | 347 | |
16,760 | |||
Malaysia (0.7%) | |||
Malayan Banking Bhd. | 4,424,997 | 9,017 | |
Public Bank Bhd. | 8,503,900 | 7,335 | |
CIMB Group Holdings Bhd. | 4,747,500 | 6,561 | |
Tenaga Nasional Bhd. | 2,201,133 | 5,512 | |
Petronas Chemicals Group Bhd. | 1,693,000 | 2,402 | |
Petronas Gas Bhd. | 619,432 | 2,334 | |
CELCOMDIGI Bhd. | 2,360,600 | 2,049 | |
MISC Bhd. | 1,214,744 | 2,024 | |
YTL Corp. Bhd. | 2,810,623 | 1,817 | |
Axiata Group Bhd. | 2,707,400 | 1,603 | |
Kuala Lumpur Kepong Bhd. | 326,300 | 1,576 | |
Hong Leong Bank Bhd. | 368,200 | 1,487 | |
AMMB Holdings Bhd. | 1,655,000 | 1,455 | |
Sime Darby Bhd. | 2,323,600 | 1,360 | |
Maxis Bhd. | 1,764,900 | 1,356 | |
RHB Bank Bhd. | 1,160,700 | 1,336 | |
Genting Bhd. | 1,285,800 | 1,215 | |
IJM Corp. Bhd. | 2,047,200 | 1,034 | |
Telekom Malaysia Bhd. | 760,600 | 986 | |
Genting Malaysia Bhd. | 1,683,600 | 929 | |
Petronas Dagangan Bhd. | 203,200 | 923 | |
Alliance Bank Malaysia Bhd. | 686,100 | 549 | |
Hong Leong Financial Group Bhd. | 137,100 | 480 | |
FGV Holdings Bhd. | 301,300 | 87 | |
55,427 | |||
Mexico (1.2%) | |||
Grupo Financiero Banorte SAB de CV Class O | 1,746,800 | 17,289 | |
America Movil SAB de CV Series B | 13,828,700 | 13,166 | |
Fomento Economico Mexicano SAB de CV | 1,101,200 | 12,883 | |
Grupo Mexico SAB de CV Series B | 1,911,100 | 11,809 | |
Wal-Mart de Mexico SAB de CV | 3,115,135 | 11,623 | |
Grupo Aeroportuario del Pacifico SAB de CV Class B | 235,555 | 4,290 | |
Grupo Aeroportuario del Sureste SAB de CV Class B | 119,695 | 4,111 | |
Coca-Cola Femsa SAB de CV | 314,725 | 3,122 | |
Arca Continental SAB de CV | 264,400 | 2,579 |
Shares | Market Value• ($000) | ||
Grupo Aeroportuario del Centro Norte SAB de CV | 165,200 | 1,829 | |
Alfa SAB de CV Class A | 2,175,000 | 1,600 | |
2 | Banco del Bajio SA | 425,900 | 1,570 |
Promotora y Operadora de Infraestructura SAB de CV | 131,090 | 1,317 | |
Qualitas Controladora SAB de CV | 99,100 | 1,296 | |
Regional SAB de CV | 141,800 | 1,281 | |
Kimberly-Clark de Mexico SAB de CV Class A | 498,500 | 1,038 | |
Orbia Advance Corp. SAB de CV | 583,000 | 958 | |
Grupo Televisa SAB Series CPO | 1,444,800 | 854 | |
Megacable Holdings SAB de CV | 179,900 | 524 | |
* | Alpek SAB de CV | 202,900 | 151 |
93,290 | |||
Netherlands (1.2%) | |||
ING Groep NV | 2,041,028 | 32,269 | |
Koninklijke Ahold Delhaize NV | 570,867 | 17,328 | |
NN Group NV | 166,821 | 7,696 | |
Koninklijke KPN NV | 2,041,270 | 7,418 | |
Aegon Ltd. | 1,015,221 | 6,323 | |
ASR Nederland NV | 87,323 | 4,370 | |
1,2 | ABN AMRO Bank NV | 269,955 | 4,324 |
Randstad NV | 63,859 | 3,203 | |
2 | Signify NV | 75,163 | 2,050 |
JDE Peet's NV | 77,479 | 1,721 | |
OCI NV | 58,199 | 1,565 | |
Koninklijke Vopak NV | 39,001 | 1,549 | |
1,2 | CTP NV | 61,293 | 1,040 |
90,856 | |||
New Zealand (0.1%) | |||
Spark New Zealand Ltd. | 1,093,149 | 3,072 | |
Meridian Energy Ltd. | 746,695 | 2,634 | |
Contact Energy Ltd. | 473,233 | 2,416 | |
Mercury NZ Ltd. | 414,097 | 1,554 | |
Fletcher Building Ltd. | 464,798 | 1,040 | |
SKYCITY Entertainment Group Ltd. | 463,916 | 486 | |
11,202 | |||
Norway (0.7%) | |||
Equinor ASA | 525,470 | 13,982 | |
DNB Bank ASA | 609,918 | 10,630 | |
Norsk Hydro ASA | 798,000 | 4,904 | |
Mowi ASA | 264,891 | 4,651 | |
Aker BP ASA | 183,806 | 4,458 | |
Telenor ASA | 377,184 | 4,336 | |
Orkla ASA | 456,242 | 3,104 | |
Yara International ASA | 97,884 | 2,790 | |
Salmar ASA | 37,942 | 2,387 | |
Gjensidige Forsikring ASA | 101,275 | 1,624 | |
Var Energi ASA | 498,173 | 1,617 | |
54,483 | |||
Pakistan (0.0%) | |||
Oil & Gas Development Co. Ltd. | 366,393 | 176 |
Shares | Market Value• ($000) | ||
Philippines (0.2%) | |||
International Container Terminal Services Inc. | 654,940 | 3,746 | |
Bank of the Philippine Islands | 1,260,850 | 2,783 | |
Metropolitan Bank & Trust Co. | 1,078,090 | 1,305 | |
PLDT Inc. | 54,725 | 1,274 | |
Manila Electric Co. | 155,930 | 996 | |
Universal Robina Corp. | 520,940 | 930 | |
Globe Telecom Inc. | 19,551 | 600 | |
DMCI Holdings Inc. | 2,448,900 | 469 | |
Semirara Mining & Power Corp. | 688,820 | 393 | |
LT Group Inc. | 1,703,200 | 299 | |
Megaworld Corp. | 6,377,000 | 202 | |
12,997 | |||
Poland (0.3%) | |||
Powszechna Kasa Oszczednosci Bank Polski SA | 521,780 | 7,747 | |
ORLEN SA | 345,734 | 5,637 | |
Powszechny Zaklad Ubezpieczen SA | 334,897 | 4,215 | |
Bank Polska Kasa Opieki SA | 93,806 | 3,884 | |
Santander Bank Polska SA | 19,990 | 2,739 | |
LPP SA | 664 | 2,558 | |
26,780 | |||
Portugal (0.2%) | |||
* | EDP - Energias de Portugal SA | 1,809,467 | 6,795 |
Galp Energia SGPS SA | 260,636 | 5,599 | |
Jeronimo Martins SGPS SA | 170,387 | 3,505 | |
15,899 | |||
Qatar (0.5%) | |||
Qatar National Bank QPSC | 2,664,378 | 10,144 | |
Qatar Islamic Bank SAQ | 1,078,979 | 5,419 | |
Industries Qatar QSC | 946,878 | 3,177 | |
Masraf Al Rayan QSC | 3,718,948 | 2,563 | |
Commercial Bank PSQC | 2,023,787 | 2,307 | |
Mesaieed Petrochemical Holding Co. | 3,856,152 | 2,033 | |
Qatar International Islamic Bank QSC | 702,155 | 1,938 | |
Qatar Navigation QSC | 622,134 | 1,805 | |
Qatar Gas Transport Co. Ltd. | 1,638,070 | 1,796 | |
Qatar Fuel QSC | 350,144 | 1,389 | |
Ooredoo QPSC | 494,411 | 1,356 | |
Qatar Electricity & Water Co. QSC | 273,205 | 1,146 | |
Dukhan Bank | 1,040,746 | 1,101 | |
Barwa Real Estate Co. | 1,255,409 | 967 | |
Vodafone Qatar QSC | 1,270,629 | 618 | |
Qatar Aluminum Manufacturing Co. | 1,441,054 | 558 | |
38,317 | |||
Romania (0.1%) | |||
Banca Transilvania SA | 423,201 | 2,573 | |
OMV Petrom SA | 10,511,380 | 1,555 | |
Societatea Nationala Nuclearelectrica SA | 42,394 | 447 |
Shares | Market Value• ($000) | ||
Societatea Energetica Electrica SA | 97,088 | 277 | |
4,852 | |||
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 | MMC Norilsk Nickel PJSC | 1,145,800 | — |
*,3 | LUKOIL PJSC ADR | 51,350 | — |
*,3 | Gazprom PJSC ADR | 748,819 | — |
*,3 | Severstal PAO GDR (Registered) | 34,635 | — |
*,3 | Tatneft PJSC ADR | 26,094 | — |
*,3 | VTB Bank PJSC GDR (Registered) | 802,016 | — |
*,3 | Alrosa PJSC | 840,362 | — |
*,3 | PhosAgro PJSC (MISX) | 7,446 | — |
*,3 | United Co. Rusal International PJSC | 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 | Novolipetsk Steel 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 | Federal Grid Co. - Rosseti PJSC | 83,950,000 | — |
*,3 | Lukoil PJSC | 76,646 | — |
*,3 | Rosneft Oil Co. PJSC | 211,479 | — |
*,3 | Magnitogorsk Iron & Steel Works PJSC | 732,540 | — |
*,3 | Sistema AFK PAO | 903,430 | — |
*,3 | Severstal PAO PJSC | 28,686 | — |
*,3 | PhosAgro PJSC | 91 | — |
*,3 | PhosAgro PJSC GDR (Registered) | 14,173 | — |
— | |||
Saudi Arabia (1.4%) | |||
Saudi National Bank | 1,764,831 | 17,667 | |
2 | Saudi Arabian Oil Co. | 1,867,614 | 14,965 |
Saudi Basic Industries Corp. | 546,842 | 12,321 | |
Saudi Telecom Co. | 1,093,534 | 10,973 | |
Alinma Bank | 764,191 | 6,779 | |
Riyad Bank | 882,857 | 6,510 | |
Saudi Awwal Bank | 578,406 | 6,277 | |
SABIC Agri-Nutrients Co. | 140,306 | 4,324 | |
Banque Saudi Fransi | 353,398 | 3,448 | |
Arab National Bank | 400,331 | 3,290 | |
Etihad Etisalat Co. | 226,212 | 3,131 | |
Saudi Electricity Co. | 490,078 | 2,428 | |
Sahara International Petrochemical Co. | 212,921 | 1,946 | |
Yanbu National Petrochemical Co. | 164,964 | 1,705 |
Shares | Market Value• ($000) | ||
Saudi Industrial Investment Group | 219,006 | 1,352 | |
Saudi Investment Bank | 295,723 | 1,328 | |
Jarir Marketing Co. | 351,293 | 1,266 | |
Saudi Aramco Base Oil Co. | 30,187 | 1,216 | |
Nahdi Medical Co. | 31,165 | 1,147 | |
Abdullah Al Othaim Markets Co. | 270,061 | 895 | |
Advanced Petrochemical Co. | 73,545 | 838 | |
Power & Water Utility Co. for Jubail & Yanbu | 44,923 | 775 | |
Arabian Centres Co. Ltd. | 106,678 | 712 | |
Arabian Drilling Co. | 16,022 | 653 | |
United Electronics Co. | 24,008 | 634 | |
Saudi Cement Co. | 47,066 | 576 | |
Southern Province Cement Co. | 42,597 | 453 | |
Qassim Cement Co. | 26,747 | 421 | |
108,030 | |||
Singapore (1.4%) | |||
DBS Group Holdings Ltd. | 1,209,185 | 30,783 | |
Oversea-Chinese Banking Corp. Ltd. | 2,130,500 | 22,118 | |
United Overseas Bank Ltd. | 736,545 | 16,345 | |
Singapore Telecommunications Ltd. | 4,498,288 | 7,801 | |
Keppel Ltd. | 831,312 | 4,158 | |
Singapore Airlines Ltd. | 845,500 | 4,034 | |
Singapore Exchange Ltd. | 487,232 | 3,324 | |
Wilmar International Ltd. | 1,252,800 | 2,945 | |
Capitaland Investment Ltd. | 1,503,300 | 2,907 | |
Singapore Technologies Engineering Ltd. | 907,800 | 2,667 | |
Genting Singapore Ltd. | 3,471,100 | 2,317 | |
Thai Beverage PCL | 4,891,500 | 1,771 | |
Venture Corp. Ltd. | 156,700 | 1,660 | |
ComfortDelGro Corp. Ltd. | 1,218,900 | 1,326 | |
Jardine Cycle & Carriage Ltd. | 59,400 | 1,146 | |
NetLink NBN Trust | 1,766,500 | 1,106 | |
Olam Group Ltd. | 728,300 | 627 | |
Hutchison Port Holdings Trust | 3,349,100 | 428 | |
SIA Engineering Co. Ltd. | 192,400 | 318 | |
StarHub Ltd. | 345,500 | 295 | |
Singapore Telecommunications Ltd. (XSES) | 8,800 | 15 | |
108,091 | |||
South Africa (0.9%) | |||
FirstRand Ltd. | 3,073,634 | 10,611 | |
Gold Fields Ltd. | 533,958 | 8,638 | |
Standard Bank Group Ltd. | 803,618 | 7,547 | |
MTN Group Ltd. | 1,109,412 | 5,317 | |
Shoprite Holdings Ltd. | 286,650 | 3,825 | |
Absa Group Ltd. | 487,695 | 3,761 | |
Sanlam Ltd. | 1,039,177 | 3,759 | |
Nedbank Group Ltd. | 276,219 | 3,359 | |
Bidvest Group Ltd. | 203,669 | 2,656 | |
Sasol Ltd. | 346,924 | 2,437 | |
Impala Platinum Holdings Ltd. | 483,984 | 2,154 |
Shares | Market Value• ($000) | ||
Sibanye Stillwater Ltd. | 1,682,835 | 1,921 | |
Woolworths Holdings Ltd. | 540,757 | 1,732 | |
Vodacom Group Ltd. | 359,305 | 1,719 | |
Old Mutual Ltd. | 2,599,435 | 1,527 | |
Northam Platinum Holdings Ltd. | 215,739 | 1,429 | |
Exxaro Resources Ltd. | 145,422 | 1,393 | |
Mr Price Group Ltd. | 148,902 | 1,380 | |
1 | Anglo American Platinum Ltd. | 33,958 | 1,183 |
Outsurance Group Ltd. | 515,427 | 1,108 | |
Investec Ltd. | 161,936 | 1,033 | |
Tiger Brands Ltd. | 93,901 | 1,021 | |
Foschini Group Ltd. | 192,114 | 1,014 | |
1 | Kumba Iron Ore Ltd. | 32,755 | 803 |
African Rainbow Minerals Ltd. | 71,332 | 737 | |
Santam Ltd. | 23,566 | 376 | |
72,440 | |||
South Korea (1.4%) | |||
Hyundai Motor Co. | 82,624 | 14,862 | |
KB Financial Group Inc. | 230,822 | 12,519 | |
Kia Corp. | 147,143 | 12,466 | |
Shinhan Financial Group Co. Ltd. | 299,344 | 10,057 | |
Hana Financial Group Inc. | 157,119 | 6,627 | |
Samsung Fire & Marine Insurance Co. Ltd. | 19,596 | 4,386 | |
Woori Financial Group Inc. | 395,171 | 4,050 | |
KT&G Corp. | 59,666 | 3,845 | |
LG Corp. | 53,090 | 3,029 | |
Samsung Life Insurance Co. Ltd. | 44,352 | 2,795 | |
SK Inc. | 21,184 | 2,524 | |
Korea Zinc Co. Ltd. | 6,429 | 2,142 | |
HMM Co. Ltd. | 174,438 | 1,992 | |
DB Insurance Co. Ltd. | 26,567 | 1,864 | |
Industrial Bank of Korea | 172,276 | 1,732 | |
Hyundai Glovis Co. Ltd. | 10,976 | 1,437 | |
S-Oil Corp. | 24,389 | 1,273 | |
HD Hyundai Co. Ltd. | 25,169 | 1,219 | |
Korea Investment Holdings Co. Ltd. | 22,619 | 1,093 | |
Doosan Bobcat Inc. | 28,813 | 1,077 | |
Samsung Securities Co. Ltd. | 37,724 | 1,032 | |
BNK Financial Group Inc. | 166,364 | 1,004 | |
Kumho Petrochemical Co. Ltd. | 9,747 | 969 | |
Fila Holdings Corp. | 30,672 | 903 | |
LG Uplus Corp. | 127,039 | 902 | |
GS Holdings Corp. | 27,243 | 881 | |
Mirae Asset Securities Co. Ltd. | 155,302 | 846 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 33,978 | 767 | |
NH Investment & Securities Co. Ltd. | 80,022 | 719 | |
Kangwon Land Inc. | 63,819 | 705 | |
OCI Holdings Co. Ltd. | 9,224 | 628 | |
Cheil Worldwide Inc. | 42,886 | 585 | |
DGB Financial Group Inc. | 90,697 | 554 | |
Samsung Card Co. Ltd. | 17,454 | 492 | |
Hyundai Doosan Infracore Co. Ltd. | 82,203 | 489 | |
S-1 Corp. | 11,094 | 478 |
Shares | Market Value• ($000) | ||
Hanwha Life Insurance Co. Ltd. | 213,994 | 454 | |
BGF retail Co. Ltd. | 4,806 | 453 | |
GS Engineering & Construction Corp. | 36,399 | 432 | |
Hanon Systems | 96,050 | 385 | |
Lotte Shopping Co. Ltd. | 6,705 | 336 | |
GS Retail Co. Ltd. | 23,008 | 330 | |
KEPCO Plant Service & Engineering Co. Ltd. | 12,771 | 324 | |
Lotte Corp. | 15,823 | 315 | |
Hite Jinro Co. Ltd. | 18,461 | 280 | |
LOTTE Fine Chemical Co. Ltd. | 8,162 | 265 | |
Dongsuh Cos. Inc. | 19,201 | 264 | |
106,781 | |||
Spain (2.9%) | |||
Banco Santander SA | 9,697,221 | 47,183 | |
Iberdrola SA (XMAD) | 3,543,828 | 43,453 | |
Banco Bilbao Vizcaya Argentaria SA | 3,528,222 | 38,154 | |
Industria de Diseno Textil SA | 634,971 | 28,911 | |
Telefonica SA | 3,077,721 | 13,787 | |
CaixaBank SA | 2,293,419 | 12,094 | |
Repsol SA | 735,559 | 11,545 | |
2 | Aena SME SA | 43,293 | 7,890 |
Banco de Sabadell SA | 3,149,391 | 6,016 | |
Redeia Corp. SA | 258,415 | 4,314 | |
Endesa SA | 191,305 | 3,489 | |
Bankinter SA | 399,071 | 3,154 | |
Enagas SA | 149,984 | 2,200 | |
Naturgy Energy Group SA | 82,387 | 2,084 | |
Acciona SA | 14,570 | 1,684 | |
Mapfre SA | 592,612 | 1,430 | |
227,388 | |||
Sweden (1.4%) | |||
Volvo AB Class B | 991,546 | 25,238 | |
Swedbank AB Class A | 608,595 | 11,638 | |
Skandinaviska Enskilda Banken AB Class A | 748,662 | 9,805 | |
Essity AB Class B | 369,595 | 9,221 | |
Telefonaktiebolaget LM Ericsson Class B | 1,729,198 | 8,776 | |
Svenska Handelsbanken AB Class A | 920,083 | 7,890 | |
H & M Hennes & Mauritz AB Class B | 360,917 | 5,737 | |
Boliden AB | 164,216 | 5,397 | |
SKF AB Class B | 230,990 | 4,749 | |
Skanska AB Class B | 214,328 | 3,682 | |
Telia Co. AB | 1,483,015 | 3,392 | |
Tele2 AB Class B | 329,765 | 3,076 | |
Securitas AB Class B | 290,303 | 2,909 | |
SSAB AB Class B | 472,172 | 2,642 | |
Volvo AB Class A | 77,363 | 2,037 | |
Husqvarna AB Class B | 206,037 | 1,671 | |
SSAB AB Class A | 69,446 | 390 | |
Skandinaviska Enskilda Banken AB Class C | 22,110 | 293 | |
Sagax AB Class D | 61,566 | 171 | |
Telefonaktiebolaget LM Ericsson Class A | 26,806 | 137 | |
1 | Svenska Handelsbanken AB Class B | 305 | 3 |
108,854 |
Shares | Market Value• ($000) | ||
Switzerland (7.2%) | |||
Nestle SA (Registered) | 1,615,409 | 162,187 | |
Novartis AG (Registered) | 1,250,854 | 121,405 | |
Roche Holding AG | 432,726 | 103,687 | |
Zurich Insurance Group AG | 86,848 | 42,038 | |
Holcim AG | 313,479 | 26,240 | |
Swiss Re AG | 174,588 | 18,979 | |
Partners Group Holding AG | 13,292 | 17,101 | |
Swiss Life Holding AG (Registered) | 17,932 | 12,100 | |
Swisscom AG (Registered) | 15,238 | 8,360 | |
SGS SA (Registered) | 86,801 | 7,643 | |
Julius Baer Group Ltd. | 122,698 | 6,584 | |
Swatch Group AG (Bearer) | 23,241 | 4,883 | |
Swiss Prime Site AG (Registered) | 45,237 | 4,177 | |
Baloise Holding AG (Registered) | 26,979 | 4,077 | |
Adecco Group AG (Registered) | 95,454 | 3,339 | |
PSP Swiss Property AG (Registered) | 26,918 | 3,328 | |
Helvetia Holding AG (Registered) | 20,871 | 2,730 | |
Clariant AG (Registered) | 144,434 | 2,161 | |
Roche Holding AG (Bearer) | 7,333 | 1,929 | |
Banque Cantonale Vaudoise (Registered) | 16,913 | 1,769 | |
DKSH Holding AG | 21,378 | 1,393 | |
Swatch Group AG (Registered) | 2,934 | 122 | |
556,232 | |||
Taiwan (4.0%) | |||
Hon Hai Precision Industry Co. Ltd. | 7,212,000 | 34,332 | |
MediaTek Inc. | 902,000 | 27,196 | |
Quanta Computer Inc. | 1,608,000 | 12,620 | |
CTBC Financial Holding Co. Ltd. | 11,128,120 | 11,615 | |
1 | United Microelectronics Corp. | 7,149,000 | 10,984 |
Fubon Financial Holding Co. Ltd. | 4,756,208 | 10,062 | |
Chunghwa Telecom Co. Ltd. | 2,280,000 | 8,666 | |
Cathay Financial Holding Co. Ltd. | 5,510,973 | 8,522 | |
Mega Financial Holding Co. Ltd. | 6,886,409 | 8,439 | |
ASE Technology Holding Co. Ltd. | 1,771,171 | 7,968 | |
Yuanta Financial Holding Co. Ltd. | 7,682,340 | 7,206 | |
Uni-President Enterprises Corp. | 2,875,000 | 6,744 | |
Novatek Microelectronics Corp. | 349,000 | 6,594 | |
Wistron Corp. | 1,710,656 | 5,857 | |
Asustek Computer Inc. | 422,268 | 5,537 | |
Nan Ya Plastics Corp. | 3,118,000 | 5,414 | |
First Financial Holding Co. Ltd. | 6,434,491 | 5,394 | |
SinoPac Financial Holdings Co. Ltd. | 7,180,775 | 4,831 |
Shares | Market Value• ($000) | ||
Formosa Plastics Corp. | 2,237,879 | 4,702 | |
Realtek Semiconductor Corp. | 285,000 | 4,496 | |
1 | Chailease Holding Co. Ltd. | 843,610 | 4,449 |
Hua Nan Financial Holdings Co. Ltd. Class C | 6,094,046 | 4,415 | |
Largan Precision Co. Ltd. | 61,000 | 4,066 | |
Taishin Financial Holding Co. Ltd. | 7,094,059 | 3,906 | |
Taiwan Cement Corp. | 3,952,119 | 3,885 | |
Lite-On Technology Corp. | 1,281,194 | 3,878 | |
Pegatron Corp. | 1,261,000 | 3,761 | |
1 | Wiwynn Corp. | 52,000 | 3,699 |
1 | Evergreen Marine Corp. Taiwan Ltd. | 604,800 | 3,514 |
Formosa Chemicals & Fibre Corp. | 2,049,000 | 3,483 | |
Taiwan Mobile Co. Ltd. | 1,086,000 | 3,466 | |
Shanghai Commercial & Savings Bank Ltd. | 2,246,677 | 3,200 | |
President Chain Store Corp. | 336,000 | 2,826 | |
Compal Electronics Inc. | 2,463,000 | 2,687 | |
Far EasTone Telecommunications Co. Ltd. | 1,058,000 | 2,624 | |
1 | Inventec Corp. | 1,538,994 | 2,469 |
Catcher Technology Co. Ltd. | 363,672 | 2,429 | |
WPG Holdings Ltd. | 887,000 | 2,396 | |
AUO Corp. | 4,223,000 | 2,361 | |
Acer Inc. | 1,702,000 | 2,342 | |
Chicony Electronics Co. Ltd. | 369,370 | 2,287 | |
Powertech Technology Inc. | 411,000 | 2,189 | |
1 | Globalwafers Co. Ltd. | 126,000 | 2,002 |
Micro-Star International Co. Ltd. | 410,000 | 1,995 | |
Synnex Technology International Corp. | 809,000 | 1,977 | |
Asia Cement Corp. | 1,470,000 | 1,972 | |
Sino-American Silicon Products Inc. | 318,000 | 1,893 | |
Eclat Textile Co. Ltd. | 119,200 | 1,875 | |
1 | Walsin Lihwa Corp. | 1,621,000 | 1,831 |
Yang Ming Marine Transport Corp. | 1,133,000 | 1,811 | |
Formosa Petrochemical Corp. | 817,000 | 1,805 | |
Far Eastern New Century Corp. | 1,754,000 | 1,750 | |
Eva Airways Corp. | 1,604,000 | 1,744 | |
Cheng Shin Rubber Industry Co. Ltd. | 1,094,994 | 1,581 | |
ASE Technology Holding Co. Ltd. ADR | 148,725 | 1,493 | |
Feng TAY Enterprise Co. Ltd. | 297,273 | 1,478 | |
Pou Chen Corp. | 1,332,000 | 1,474 | |
1 | Vanguard International Semiconductor Corp. | 540,500 | 1,416 |
Zhen Ding Technology Holding Ltd. | 379,000 | 1,341 | |
Giant Manufacturing Co. Ltd. | 186,967 | 1,251 | |
Foxconn Technology Co. Ltd. | 658,190 | 1,241 |
Shares | Market Value• ($000) | ||
Teco Electric and Machinery Co. Ltd. | 716,000 | 1,216 | |
Nien Made Enterprise Co. Ltd. | 81,000 | 947 | |
Taiwan Fertilizer Co. Ltd. | 439,000 | 880 | |
Wan Hai Lines Ltd. | 556,000 | 864 | |
1 | Nan Ya Printed Circuit Board Corp. | 130,000 | 740 |
Yulon Motor Co. Ltd. | 338,288 | 710 | |
Eternal Materials Co. Ltd. | 727,000 | 705 | |
China Motor Corp. | 153,000 | 670 | |
Taiwan Secom Co. Ltd. | 167,000 | 658 | |
Far Eastern International Bank | 1,342,000 | 631 | |
Transcend Information Inc. | 172,000 | 494 | |
Formosa Taffeta Co. Ltd. | 654,000 | 459 | |
U-Ming Marine Transport Corp. | 254,000 | 422 | |
1 | Formosa Sumco Technology Corp. | 38,000 | 205 |
Yulon Nissan Motor Co. Ltd. | 13,000 | 52 | |
309,094 | |||
Thailand (0.5%) | |||
PTT PCL | 8,567,700 | 7,765 | |
Advanced Info Service PCL | 669,304 | 3,556 | |
PTT Exploration & Production PCL | 826,730 | 3,458 | |
SCB X PCL | 1,011,400 | 2,896 | |
Kasikornbank PCL NVDR | 737,400 | 2,588 | |
Siam Cement PCL (Registered) | 355,450 | 2,381 | |
Krung Thai Bank PCL | 3,694,800 | 1,671 | |
TMBThanachart Bank PCL | 25,879,100 | 1,261 | |
PTT Global Chemical PCL | 1,215,899 | 1,199 | |
Kasikornbank PCL | 312,300 | 1,096 | |
Bangkok Bank PCL (Registered) | 281,500 | 1,039 | |
Land & Houses PCL (Registered) | 4,910,700 | 986 | |
Thai Oil PCL | 669,240 | 975 | |
Home Product Center PCL | 3,361,700 | 938 | |
1 | BTS Group Holdings PCL | 5,045,500 | 861 |
1 | Banpu PCL (Registered) | 5,363,150 | 800 |
Intouch Holdings PCL Class F | 423,641 | 763 | |
Indorama Ventures PCL | 1,072,800 | 689 | |
Thai Union Group PCL Class F | 1,569,000 | 629 | |
Ratch Group PCL | 709,250 | 549 | |
Siam Cement PCL NVDR | 79,400 | 532 | |
Electricity Generating PCL | 168,600 | 510 | |
Osotspa PCL | 783,700 | 452 | |
Bangkok Bank PCL NVDR | 117,300 | 433 | |
Berli Jucker PCL | 615,500 | 406 | |
Srisawad Corp. PCL | 361,100 | 396 | |
Thai Life Insurance PCL | 1,502,600 | 371 | |
IRPC PCL | 5,728,600 | 303 | |
Intouch Holdings PCL NVDR | 153,800 | 277 | |
Siam City Cement PCL | 69,132 | 259 | |
Bangkok Life Assurance PCL NVDR | 313,500 | 152 | |
SCB X PCL (XBKK) | 34,700 | 99 |
Shares | Market Value• ($000) | ||
Advanced Info Service PCL (XBKK) | 18,400 | 98 | |
PTT PCL (XBKK) | 105,900 | 96 | |
40,484 | |||
Turkey (0.4%) | |||
KOC Holding A/S | 510,016 | 3,559 | |
Akbank TAS | 1,849,238 | 3,404 | |
Turkiye Petrol Rafinerileri A/S | 528,015 | 3,188 | |
BIM Birlesik Magazalar A/S | 263,717 | 3,151 | |
* | Haci Omer Sabanci Holding A/S | 793,460 | 2,265 |
Turkiye Is Bankasi A/S Class C | 4,674,668 | 1,978 | |
Yapi ve Kredi Bankasi A/S | 1,967,611 | 1,970 | |
Turkcell Iletisim Hizmetleri A/S | 709,788 | 1,767 | |
Ford Otomotiv Sanayi A/S | 37,725 | 1,299 | |
Turkiye Garanti Bankasi A/S | 354,095 | 904 | |
Tofas Turk Otomobil Fabrikasi A/S | 70,045 | 595 | |
Anadolu Efes Biracilik Ve Malt Sanayii A/S | 97,386 | 549 | |
2 | Mavi Giyim Sanayi Ve Ticaret A/S Class B | 173,484 | 494 |
Turk Traktor ve Ziraat Makineleri A/S | 14,428 | 410 | |
Dogus Otomotiv Servis ve Ticaret A/S | 44,710 | 392 | |
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D | 460,062 | 369 | |
Sok Marketler Ticaret A/S | 184,657 | 331 | |
*,2 | Enerjisa Enerji A/S | 155,756 | 326 |
Turkiye Sigorta A/S | 131,480 | 269 | |
Aksa Akrilik Kimya Sanayii A/S | 62,527 | 225 | |
Aygaz A/S | 34,802 | 211 | |
Tekfen Holding A/S | 110,168 | 176 | |
Akcansa Cimento A/S | 26,388 | 123 | |
Vestel Beyaz Esya Sanayi ve Ticaret A/S | 155,588 | 107 | |
Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S | 23,932 | 93 | |
Galata Wind Enerji A/S | 99,926 | 88 | |
Enka Insaat ve Sanayi A/S | 1 | — | |
28,243 | |||
United Arab Emirates (0.8%) | |||
3 | Emirates Telecommunications Group Co. PJSC | 2,113,636 | 9,775 |
First Abu Dhabi Bank PJSC | 2,690,096 | 9,146 | |
* | Emaar Properties PJSC | 4,081,362 | 9,126 |
Emirates NBD Bank PJSC | 1,085,611 | 5,027 | |
Abu Dhabi Commercial Bank PJSC | 1,746,677 | 3,966 | |
Dubai Electricity & Water Authority PJSC | 5,198,683 | 3,324 | |
Aldar Properties PJSC | 2,188,702 | 3,252 | |
Abu Dhabi Islamic Bank PJSC | 873,563 | 2,656 | |
Dubai Islamic Bank PJSC | 1,738,823 | 2,633 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 1,726,162 | 1,639 |
Shares | Market Value• ($000) | ||
Borouge plc | 1,805,657 | 1,203 | |
Emaar Development PJSC | 504,113 | 1,145 | |
Salik Co. PJSC | 1,118,602 | 1,053 | |
ADNOC Drilling Co. PJSC | 963,646 | 1,012 | |
Air Arabia PJSC | 1,368,959 | 997 | |
ADNOC Logistics & Services | 836,142 | 910 | |
Dubai Investments PJSC | 1,244,434 | 740 | |
Fertiglobe plc | 824,326 | 625 | |
Dana Gas PJSC | 3,300,949 | 620 | |
Emirates Central Cooling Systems Corp. | 1,208,018 | 523 | |
59,372 | |||
United Kingdom (12.1%) | |||
Shell plc (XLON) | 3,935,208 | 139,891 | |
HSBC Holdings plc | 11,561,062 | 100,211 | |
Unilever plc (XLON) | 1,500,377 | 77,616 | |
BP plc | 10,075,023 | 64,940 | |
GSK plc | 2,427,384 | 50,361 | |
Rio Tinto plc | 657,848 | 44,510 | |
Glencore plc | 7,331,321 | 42,658 | |
British American Tobacco plc | 1,216,763 | 35,720 | |
BAE Systems plc | 1,843,171 | 30,656 | |
National Grid plc | 2,245,628 | 29,456 | |
Lloyds Banking Group plc | 38,268,206 | 24,698 | |
Reckitt Benckiser Group plc | 434,755 | 24,306 | |
Anglo American plc | 727,770 | 23,782 | |
Barclays plc | 9,066,926 | 22,860 | |
3i Group plc | 576,311 | 20,590 | |
Tesco plc | 4,201,790 | 15,513 | |
SSE plc | 658,720 | 13,692 | |
NatWest Group plc | 3,265,232 | 12,324 | |
Imperial Brands plc | 529,761 | 12,105 | |
Standard Chartered plc | 1,329,580 | 11,423 | |
Vodafone Group plc | 13,233,289 | 11,160 | |
Legal & General Group plc | 3,594,742 | 10,552 | |
Aviva plc | 1,638,109 | 9,511 | |
Smurfit Kappa Group plc | 156,025 | 6,780 | |
WPP plc | 624,340 | 6,258 | |
Admiral Group plc | 183,504 | 6,246 | |
United Utilities Group plc | 409,048 | 5,332 | |
Centrica plc | 3,284,278 | 5,243 | |
Mondi plc | 264,102 | 5,005 | |
Severn Trent plc | 158,156 | 4,875 | |
BT Group plc | 3,780,489 | 4,835 | |
Intermediate Capital Group plc | 166,740 | 4,346 | |
DCC plc | 59,220 | 4,044 | |
B&M European Value Retail SA | 617,659 | 3,986 | |
Coca-Cola HBC AG | 120,824 | 3,900 | |
Berkeley Group Holdings plc | 65,464 | 3,844 | |
Kingfisher plc | 1,125,323 | 3,466 | |
Taylor Wimpey plc | 2,105,465 | 3,450 | |
J Sainsbury plc | 1,041,184 | 3,415 | |
M&G plc | 1,352,975 | 3,387 | |
DS Smith plc | 766,760 | 3,340 | |
Barratt Developments plc | 586,863 | 3,316 | |
Burberry Group plc | 222,796 | 3,188 | |
Persimmon plc | 190,836 | 3,090 | |
Phoenix Group Holdings plc | 444,733 | 2,709 | |
Johnson Matthey plc | 107,901 | 2,363 |
Shares | Market Value• ($000) | ||
Endeavour Mining plc | 108,651 | 2,301 | |
Hargreaves Lansdown plc | 226,991 | 2,294 | |
Schroders plc | 507,155 | 2,223 | |
Abrdn plc | 1,093,688 | 1,994 | |
St. James's Place plc | 325,543 | 1,762 | |
2 | Airtel Africa plc | 649,989 | 898 |
*,3 | Evraz plc | 193,110 | — |
936,425 | |||
Total Common Stocks (Cost $6,870,708) | 7,588,482 | ||
Preferred Stocks (1.2%) | |||
Petroleo Brasileiro SA Preference Shares | 3,379,383 | 27,347 | |
Itau Unibanco Holding SA Preference Shares | 2,579,707 | 15,580 | |
Volkswagen AG Preference Shares | 121,468 | 14,881 | |
Banco Bradesco SA Preference Shares | 3,005,717 | 8,104 | |
Itausa SA Preference Shares | 3,258,677 | 6,000 | |
Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 81,707 | 3,732 | |
Bayerische Motoren Werke AG Preference Shares | 35,205 | 3,617 | |
Gerdau SA Preference Shares | 777,570 | 2,734 | |
Hyundai Motor Co. Preference Shares (XKRX) | 17,864 | 2,041 | |
Hyundai Motor Co. Preference Shares | 17,041 | 1,939 | |
Companhia Paranaense de Energia Preference Shares Class B | 920,800 | 1,612 | |
Centrais Eletricas Brasileiras SA Preference Shares Class B | 191,100 | 1,530 | |
Cia Energetica de Minas Gerais Preference Shares | 580,802 | 1,093 | |
Metalurgica Gerdau SA Preference Shares | 394,800 | 804 | |
Bradespar SA Preference Shares | 199,307 | 765 | |
Sixt SE Preference Shares | 10,122 | 700 | |
Embotelladora Andina SA Preference Shares Class B | 226,114 | 639 | |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista. Preference Shares | 107,708 | 518 | |
Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A | 285,100 | 434 | |
CJ CheilJedang Corp. Preference Shares | 2,926 | 312 | |
Unipar Carbocloro SA Preference Shares Class B | 30,690 | 312 |
Shares | Market Value• ($000) | ||
Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares | 1,592 | 281 | |
Amorepacific Corp. (XKRX) Preference Shares | 6,427 | 216 | |
Hanwha Corp. Preference Shares | 11,497 | 123 | |
Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares | 5,041 | 13 | |
*,3 | Transneft PJSC Preference Shares | 52,700 | — |
*,3 | Tatneft PJSC Preference Shares | 51,803 | — |
*,3 | Surgutneftegas PJSC Preference Shares | 2,513,070 | — |
Total Preferred Stocks (Cost $93,145) | 95,327 | ||
Temporary Cash Investments (0.8%) | |||
Money Market Fund (0.8%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.394% (Cost $61,413) | 614,235 | 61,417 |
Total Investments (100.1%) (Cost $7,025,266) | 7,745,226 | ||
Other Assets and Liabilities— Net (-0.1%) | (4,650) | ||
Net Assets (100%) | 7,740,576 | ||
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 $43,152,000. |
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, 2024, the aggregate value was $88,610,000, 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 $56,199,000 was received for securities on loan, of which $55,344,000 is held in Vanguard Market Liquidity Fund and $855,000 is held in cash. |
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 | ||||
FTSE 100 Index | June 2024 | 105 | 10,704 | 460 |
MSCI EAFE Index | June 2024 | 198 | 22,448 | (719) |
MSCI Emerging Markets Index | June 2024 | 214 | 11,149 | (132) |
S&P TSX 60 Index | June 2024 | 35 | 6,638 | (126) |
(517) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
UBS AG | 6/20/24 | AUD | 8,686 | USD | 5,679 | — | (44) |
Standard Chartered Bank | 6/20/24 | AUD | 3,671 | USD | 2,405 | — | (23) |
JPMorgan Chase Bank, N.A. | 6/20/24 | BRL | 11,795 | USD | 2,347 | — | (87) |
State Street Bank & Trust Co. | 6/20/24 | CAD | 3,543 | USD | 2,632 | — | (56) |
BNP Paribas | 6/20/24 | CHF | 7,891 | USD | 8,755 | — | (121) |
BNP Paribas | 6/20/24 | GBP | 3,703 | USD | 4,606 | 23 | — |
UBS AG | 6/20/24 | GBP | 1,922 | USD | 2,456 | — | (53) |
State Street Bank & Trust Co. | 6/20/24 | HKD | 31,116 | USD | 3,982 | 1 | — |
UBS AG | 6/20/24 | INR | 468,352 | USD | 5,641 | — | (42) |
State Street Bank & Trust Co. | 6/20/24 | JPY | 372,488 | USD | 2,395 | — | (15) |
UBS AG | 6/20/24 | KRW | 4,512,320 | USD | 3,295 | — | (31) |
State Street Bank & Trust Co. | 6/20/24 | USD | 7,876 | AUD | 11,874 | 173 | — |
Deutsche Bank AG | 6/20/24 | USD | 3,249 | BRL | 16,335 | 119 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 15,579 | CHF | 13,779 | 503 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 7,717 | EUR | 7,029 | 199 | — |
BNP Paribas | 6/20/24 | USD | 4,031 | EUR | 3,754 | 16 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 3,803 | HKD | 29,667 | 4 | — |
UBS AG | 6/20/24 | USD | 10,781 | JPY | 1,611,561 | 483 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 4,286 | JPY | 624,380 | 296 | — |
UBS AG | 6/20/24 | USD | 2,873 | KRW | 3,861,897 | 80 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
State Street Bank & Trust Co. | 6/20/24 | USD | 1,276 | KRW | 1,667,046 | 70 | — |
Bank of Montreal | 6/20/24 | USD | 2,618 | SEK | 27,845 | 86 | — |
2,053 | (472) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
SEK—Swedish krona. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $6,963,853) | 7,683,809 |
Affiliated Issuers (Cost $61,413) | 61,417 |
Total Investments in Securities | 7,745,226 |
Investment in Vanguard | 232 |
Cash | 855 |
Cash Collateral Pledged—Futures Contracts | 1,850 |
Foreign Currency, at Value (Cost $7,903) | 7,767 |
Receivables for Investment Securities Sold | 41,925 |
Receivables for Accrued Income | 54,225 |
Receivables for Capital Shares Issued | 92 |
Unrealized Appreciation—Forward Currency Contracts | 2,053 |
Total Assets | 7,854,225 |
Liabilities | |
Due to Custodian | 41,940 |
Payables for Investment Securities Purchased | 7,378 |
Collateral for Securities on Loan | 56,199 |
Payables for Capital Shares Redeemed | 181 |
Payables to Vanguard | 790 |
Variation Margin Payable—Futures Contracts | 547 |
Unrealized Depreciation—Forward Currency Contracts | 472 |
Deferred Foreign Capital Gains Taxes | 6,142 |
Total Liabilities | 113,649 |
Net Assets | 7,740,576 |
1 Includes $43,152,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 7,191,387 |
Total Distributable Earnings (Loss) | 549,189 |
Net Assets | 7,740,576 |
ETF Shares—Net Assets | |
Applicable to 107,272,125 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,266,317 |
Net Asset Value Per Share—ETF Shares | $67.74 |
Admiral Shares—Net Assets | |
Applicable to 14,440,481 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 474,259 |
Net Asset Value Per Share—Admiral Shares | $32.84 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 170,375 |
Interest2 | 307 |
Securities Lending—Net | 626 |
Total Income | 171,308 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 242 |
Management and Administrative—ETF Shares | 6,609 |
Management and Administrative—Admiral Shares | 455 |
Marketing and Distribution—ETF Shares | 179 |
Marketing and Distribution—Admiral Shares | 12 |
Custodian Fees | 483 |
Shareholders’ Reports—ETF Shares | 145 |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 18 |
Total Expenses | 8,149 |
Expenses Paid Indirectly | (11) |
Net Expenses | 8,138 |
Net Investment Income | 163,170 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (34,290) |
Futures Contracts | 2,876 |
Forward Currency Contracts | 242 |
Foreign Currencies | (890) |
Realized Net Gain (Loss) | (32,062) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,4 | 917,643 |
Futures Contracts | 1,218 |
Forward Currency Contracts | 1,056 |
Foreign Currencies | (94) |
Change in Unrealized Appreciation (Depreciation) | 919,823 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,050,931 |
1 | Dividends are net of foreign withholding taxes of $12,296,000. |
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 $176,000, ($7,000), less than $1,000, and $3,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $705,000. |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $3,779,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 163,170 | 290,488 | |
Realized Net Gain (Loss) | (32,062) | (60,034) | |
Change in Unrealized Appreciation (Depreciation) | 919,823 | 434,847 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,050,931 | 665,301 | |
Distributions | |||
ETF Shares | (156,587) | (268,252) | |
Admiral Shares | (10,547) | (20,696) | |
Total Distributions | (167,134) | (288,948) | |
Capital Share Transactions | |||
ETF Shares | 272,135 | 1,631,404 | |
Admiral Shares | (11,029) | (29,756) | |
Net Increase (Decrease) from Capital Share Transactions | 261,106 | 1,601,648 | |
Total Increase (Decrease) | 1,144,903 | 1,978,001 | |
Net Assets | |||
Beginning of Period | 6,595,673 | 4,617,672 | |
End of Period | 7,740,576 | 6,595,673 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $59.80 | $54.67 | $67.77 | $50.47 | $61.27 | $58.85 |
Investment Operations | ||||||
Net Investment Income1 | 1.447 | 2.908 | 3.259 | 2.824 | 2.076 | 2.746 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 7.973 | 5.072 | (13.260) | 16.986 | (10.944) | 2.302 |
Total from Investment Operations | 9.420 | 7.980 | (10.001) | 19.810 | (8.868) | 5.048 |
Distributions | ||||||
Dividends from Net Investment Income | (1.480) | (2.850) | (3.099) | (2.510) | (1.932) | (2.628) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.480) | (2.850) | (3.099) | (2.510) | (1.932) | (2.628) |
Net Asset Value, End of Period | $67.74 | $59.80 | $54.67 | $67.77 | $50.47 | $61.27 |
Total Return | 15.84% | 14.53% | -15.16% | 39.55% | -14.55% | 8.87% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $7,266 | $6,167 | $4,198 | $3,061 | $1,325 | $1,264 |
Ratio of Total Expenses to Average Net Assets | 0.22%3 | 0.22%3 | 0.22%3 | 0.22% | 0.28%3 | 0.27% |
Ratio of Net Investment Income to Average Net Assets | 4.41% | 4.68% | 5.24% | 4.29% | 3.81% | 4.59% |
Portfolio Turnover Rate4 | 10% | 8% | 16% | 18% | 20% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.00, $.01, $.00, $.03, and $.01. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.22%, 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, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $28.99 | $26.51 | $32.85 | $24.45 | $29.69 | $28.52 |
Investment Operations | ||||||
Net Investment Income1 | .694 | 1.390 | 1.559 | 1.329 | 1.034 | 1.322 |
Net Realized and Unrealized Gain (Loss) on Investments2 | 3.874 | 2.470 | (6.398) | 8.286 | (5.336) | 1.120 |
Total from Investment Operations | 4.568 | 3.860 | (4.839) | 9.615 | (4.302) | 2.442 |
Distributions | ||||||
Dividends from Net Investment Income | (.718) | (1.380) | (1.501) | (1.215) | (.938) | (1.272) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.718) | (1.380) | (1.501) | (1.215) | (.938) | (1.272) |
Net Asset Value, End of Period | $32.84 | $28.99 | $26.51 | $32.85 | $24.45 | $29.69 |
Total Return3 | 15.84% | 14.47% | -15.11% | 39.59% | -14.59% | 8.83% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $474 | $429 | $420 | $395 | $267 | $199 |
Ratio of Total Expenses to Average Net Assets | 0.22%4 | 0.22%4 | 0.22%4 | 0.22% | 0.28%4 | 0.27% |
Ratio of Net Investment Income to Average Net Assets | 4.36% | 4.62% | 5.15% | 4.19% | 3.99% | 4.57% |
Portfolio Turnover Rate5 | 10% | 8% | 16% | 18% | 20% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, $.01, and $.01. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.22%, 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, 2024, custodian fee offset arrangements reduced the fund’s expenses by $11,000 (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 | 804,834 | — | — | 804,834 |
Common Stocks—Other | 4,654 | 6,769,116 | 9,878 | 6,783,648 |
Preferred Stocks | 71,204 | 24,123 | — | 95,327 |
Temporary Cash Investments | 61,417 | — | — | 61,417 |
Total | 942,109 | 6,793,239 | 9,878 | 7,745,226 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 460 | — | — | 460 |
Forward Currency Contracts | — | 2,053 | — | 2,053 |
Total | 460 | 2,053 | — | 2,513 |
Liabilities | ||||
Futures Contracts1 | 977 | — | — | 977 |
Forward Currency Contracts | — | 472 | — | 472 |
Total | 977 | 472 | — | 1,449 |
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, 2024, 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 | 460 | — | 460 |
Unrealized Appreciation—Forward Currency Contracts | — | 2,053 | 2,053 |
Total Assets | 460 | 2,053 | 2,513 |
Unrealized Depreciation—Futures Contracts1 | 977 | — | 977 |
Unrealized Depreciation—Forward Currency Contracts | — | 472 | 472 |
Total Liabilities | 977 | 472 | 1,449 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,876 | — | 2,876 |
Forward Currency Contracts | — | 242 | 242 |
Realized Net Gain (Loss) on Derivatives | 2,876 | 242 | 3,118 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 1,218 | — | 1,218 |
Forward Currency Contracts | — | 1,056 | 1,056 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 1,218 | 1,056 | 2,274 |
F. | As of April 30, 2024, 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 | 7,063,890 |
Gross Unrealized Appreciation | 1,168,507 |
Gross Unrealized Depreciation | (486,107) |
Net Unrealized Appreciation (Depreciation) | 682,400 |
G. | During the six months ended April 30, 2024, the fund purchased $904,590,000 of investment securities and sold $761,221,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $99,436,000 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, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 272,135 | 4,141 | 1,631,404 | 26,347 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | — | — | — | — | |
Net Increase (Decrease)—ETF Shares | 272,135 | 4,141 | 1,631,404 | 26,347 | |
Admiral Shares | |||||
Issued1 | 31,982 | 1,000 | 75,920 | 2,522 | |
Issued in Lieu of Cash Distributions | 6,063 | 190 | 12,227 | 409 | |
Redeemed2 | (49,074) | (1,544) | (117,903) | (3,966) | |
Net Increase (Decrease)—Admiral Shares | (11,029) | (354) | (29,756) | (1,035) |
1 | Includes purchase fees for fiscal 2024 and 2023 of $84,000 and $189,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2024 and 2023 of $82,000 and $137,000, respectively (fund totals). |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
• | 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, 2024 | |||
Advice Select Global Value Fund | Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,139.60 | $2.18 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.82 | 2.06 |
United States | 56.1% |
United Kingdom | 7.9 |
Japan | 7.5 |
France | 4.4 |
Hong Kong | 4.3 |
China | 3.4 |
Canada | 2.5 |
Spain | 2.3 |
Ireland | 2.1 |
Netherlands | 2.1 |
Switzerland | 1.8 |
Sweden | 1.3 |
Taiwan | 1.3 |
South Korea | 1.2 |
Other | 1.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (98.0%) | ||||||
Brazil (0.4%) | ||||||
Banco Bradesco SA ADR | 1,714,995 | 4,630 | ||||
Canada (2.4%) | ||||||
Canadian Natural Resources Ltd. | 203,743 | 15,448 | ||||
Enbridge Inc. | 314,809 | 11,194 | ||||
26,642 | ||||||
China (3.4%) | ||||||
Tencent Holdings Ltd. | 412,046 | 18,082 | ||||
ANTA Sports Products Ltd. | 951,200 | 10,769 | ||||
* | Trip.com Group Ltd. | 102,949 | 5,014 | |||
1 | CSC Financial Co. Ltd. Class H | 3,426,835 | 2,615 | |||
36,480 | ||||||
France (4.4%) | ||||||
Sanofi SA | 150,482 | 14,867 | ||||
Capgemini SE | 66,080 | 13,889 | ||||
* | Engie SA | 594,574 | 10,322 | |||
Airbus SE | 49,736 | 8,184 | ||||
47,262 | ||||||
Hong Kong (4.2%) | ||||||
Techtronic Industries Co. Ltd. | 1,133,439 | 15,663 | ||||
AIA Group Ltd. | 1,697,600 | 12,434 | ||||
* | Sands China Ltd. | 3,011,562 | 7,103 | |||
1 | WH Group Ltd. | 7,178,537 | 5,218 | |||
CK Asset Holdings Ltd. | 1,115,119 | 4,757 | ||||
45,175 | ||||||
Ireland (2.1%) | ||||||
Bank of Ireland Group plc | 998,345 | 10,781 | ||||
CRH plc | 107,717 | 8,342 | ||||
Ryanair Holdings plc ADR | 24,218 | 3,298 | ||||
22,421 | ||||||
Japan (7.4%) | ||||||
T&D Holdings Inc. | 924,886 | 15,092 | ||||
Chugai Pharmaceutical Co. Ltd. | 327,013 | 10,400 | ||||
Nippon Telegraph & Telephone Corp. | 8,811,000 | 9,513 |
Shares | Market Value• ($000) | |||||
MatsukiyoCocokara & Co. | 486,100 | 6,893 | ||||
SUMCO Corp. | 436,500 | 6,510 | ||||
Dai-ichi Life Holdings Inc. | 275,940 | 6,391 | ||||
MINEBEA MITSUMI Inc. | 339,150 | 6,353 | ||||
THK Co. Ltd. | 279,720 | 6,103 | ||||
Persol Holdings Co. Ltd. | 3,873,600 | 5,358 | ||||
Daikin Industries Ltd. | 29,100 | 3,972 | ||||
Daiichi Sankyo Co. Ltd. | 106,969 | 3,600 | ||||
80,185 | ||||||
Netherlands (2.0%) | ||||||
* | AerCap Holdings NV | 136,293 | 11,515 | |||
Aegon Ltd. | 1,704,233 | 10,614 | ||||
22,129 | ||||||
Norway (0.7%) | ||||||
Equinor ASA ADR | 293,722 | 7,810 | ||||
Russia (0.0%) | ||||||
*,2 | Sberbank of Russia PJSC | 37,200 | — | |||
Singapore (0.7%) | ||||||
United Overseas Bank Ltd. | 324,400 | 7,199 | ||||
South Korea (1.2%) | ||||||
Samsung Electronics Co. Ltd. GDR | 10,860 | 12,677 | ||||
Spain (2.2%) | ||||||
Iberdrola SA | 1,506,961 | 18,478 | ||||
Almirall SA | 651,046 | 5,942 | ||||
24,420 | ||||||
Sweden (1.3%) | ||||||
Sandvik AB | 689,164 | 13,737 | ||||
Switzerland (1.7%) | ||||||
Novartis AG ADR | 130,060 | 12,633 | ||||
* | Sandoz Group AG | 176,838 | 6,010 | |||
18,643 | ||||||
Taiwan (1.3%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 99,746 | 13,699 | ||||
United Kingdom (7.7%) | ||||||
AstraZeneca plc | 118,662 | 17,947 |
Shares | Market Value• ($000) | |||||
Unilever plc | 324,608 | 16,792 | ||||
Rio Tinto plc | 225,952 | 15,288 | ||||
Haleon plc | 2,420,953 | 10,225 | ||||
B&M European Value Retail SA | 1,102,017 | 7,112 | ||||
Admiral Group plc | 168,457 | 5,734 | ||||
HSBC Holdings plc | 634,840 | 5,503 | ||||
Rentokil Initial plc | 951,966 | 4,805 | ||||
83,406 | ||||||
United States (54.9%) | ||||||
NXP Semiconductors NV | 86,766 | 22,229 | ||||
Schlumberger NV | 393,720 | 18,694 | ||||
Tyson Foods Inc. Class A | 285,889 | 17,339 | ||||
QUALCOMM Inc. | 101,072 | 16,763 | ||||
Delta Air Lines Inc. | 306,011 | 15,322 | ||||
* | Adobe Inc. | 32,514 | 15,048 | |||
Allstate Corp. | 85,912 | 14,610 | ||||
T-Mobile US Inc. | 83,733 | 13,746 | ||||
Keurig Dr Pepper Inc. | 396,826 | 13,373 | ||||
Agilent Technologies Inc. | 95,190 | 13,045 | ||||
Morgan Stanley | 141,977 | 12,897 | ||||
Everest Group Ltd. | 34,085 | 12,489 | ||||
United Parcel Service Inc. Class B | 83,818 | 12,361 | ||||
Raymond James Financial Inc. | 101,112 | 12,336 | ||||
American Tower Corp. | 71,462 | 12,260 | ||||
Kenvue Inc. | 646,789 | 12,173 | ||||
Exelon Corp. | 321,735 | 12,091 | ||||
Pfizer Inc. | 470,782 | 12,061 | ||||
Walt Disney Co. | 106,212 | 11,800 | ||||
* | Centene Corp. | 156,943 | 11,466 | |||
Reliance Inc. | 39,621 | 11,281 | ||||
Quest Diagnostics Inc. | 81,195 | 11,220 | ||||
Westinghouse Air Brake Technologies Corp. | 68,501 | 11,034 | ||||
* | Alphabet Inc. Class A | 67,681 | 11,017 | |||
Constellation Brands Inc. Class A | 42,211 | 10,699 | ||||
* | Enphase Energy Inc. | 97,168 | 10,568 | |||
Voya Financial Inc. | 154,551 | 10,534 | ||||
* | First Solar Inc. | 59,409 | 10,474 | |||
Gentex Corp. | 304,573 | 10,447 | ||||
Equinix Inc. | 14,112 | 10,035 | ||||
Wyndham Hotels & Resorts Inc. | 136,418 | 10,028 | ||||
PPG Industries Inc. | 77,235 | 9,963 | ||||
Micron Technology Inc. | 86,646 | 9,788 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 203,255 | 9,397 | ||||
UDR Inc. | 246,014 | 9,368 | ||||
Halliburton Co. | 247,255 | 9,265 | ||||
* | Corpay Inc. | 27,109 | 8,191 |
Shares | Market Value• ($000) | |||||
FMC Corp. | 134,867 | 7,959 | ||||
Charles Schwab Corp. | 106,697 | 7,890 | ||||
* | United Therapeutics Corp. | 32,379 | 7,587 | |||
Toro Co. | 86,392 | 7,567 | ||||
M&T Bank Corp. | 50,597 | 7,306 | ||||
Electronic Arts Inc. | 56,869 | 7,212 | ||||
Williams Cos. Inc. | 184,452 | 7,076 | ||||
RTX Corp. | 69,588 | 7,065 | ||||
Dover Corp. | 39,087 | 7,008 | ||||
* | Amazon.com Inc. | 39,632 | 6,936 | |||
Teleflex Inc. | 32,892 | 6,866 | ||||
* | Live Nation Entertainment Inc. | 76,228 | 6,777 | |||
Humana Inc. | 22,299 | 6,736 | ||||
MetLife Inc. | 89,424 | 6,356 | ||||
TPG Inc. Class A | 144,066 | 6,209 | ||||
Freeport-McMoRan Inc. | 123,027 | 6,144 | ||||
Zoetis Inc. Class A | 36,464 | 5,807 | ||||
* | ON Semiconductor Corp. | 79,642 | 5,588 | |||
Globe Life Inc. | 66,954 | 5,100 | ||||
Leidos Holdings Inc. | 32,001 | 4,487 | ||||
Extra Space Storage Inc. | 26,774 | 3,595 | ||||
* | Dollar Tree Inc. | 27,606 | 3,264 | |||
595,947 | ||||||
Total Common Stocks (Cost $988,824) | 1,062,462 | |||||
Temporary Cash Investments (2.3%) | ||||||
Money Market Fund (2.3%) | ||||||
3 | Vanguard Market Liquidity Fund, 5.394% (Cost $25,127) | 251,306 | 25,128 | |||
Total Investments (100.3%) (Cost $1,013,951) | 1,087,590 | |||||
Other Assets and Liabilities—Net (-0.3%) | (3,094) | |||||
Net Assets (100%) | 1,084,496 |
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, 2024, the aggregate value was $7,833,000, representing 0.7% 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 $988,824) | 1,062,462 |
Affiliated Issuers (Cost $25,127) | 25,128 |
Total Investments in Securities | 1,087,590 |
Investment in Vanguard | 32 |
Cash | 54 |
Foreign Currency, at Value (Cost $13) | 12 |
Receivables for Investment Securities Sold | 5,136 |
Receivables for Accrued Income | 2,180 |
Receivables for Capital Shares Issued | 2,729 |
Total Assets | 1,097,733 |
Liabilities | |
Payables for Investment Securities Purchased | 11,902 |
Payables for Capital Shares Redeemed | 702 |
Payables to Investment Advisor | 544 |
Payables to Vanguard | 89 |
Total Liabilities | 13,237 |
Net Assets | 1,084,496 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 992,947 |
Total Distributable Earnings (Loss) | 91,549 |
Net Assets | 1,084,496 |
Net Assets | |
Applicable to 41,617,626 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,084,496 |
Net Asset Value Per Share | $26.06 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 11,540 |
Interest2 | 429 |
Securities Lending—Net | 2 |
Total Income | 11,971 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 973 |
Performance Adjustment | 45 |
The Vanguard Group—Note C | |
Management and Administrative | 877 |
Marketing and Distribution | 26 |
Custodian Fees | 36 |
Shareholders’ Reports | 20 |
Trustees’ Fees and Expenses | — |
Other Expenses | 10 |
Total Expenses | 1,987 |
Expenses Paid Indirectly | (1) |
Net Expenses | 1,986 |
Net Investment Income | 9,985 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 12,830 |
Foreign Currencies | (81) |
Realized Net Gain (Loss) | 12,749 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 93,741 |
Foreign Currencies | (23) |
Change in Unrealized Appreciation (Depreciation) | 93,718 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 116,452 |
1 | Dividends are net of foreign withholding taxes of $621,000. |
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 $429,000, ($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, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 9,985 | 11,142 | |
Realized Net Gain (Loss) | 12,749 | 10,779 | |
Change in Unrealized Appreciation (Depreciation) | 93,718 | (3,770) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 116,452 | 18,151 | |
Distributions | |||
Total Distributions | (23,338) | (2,521) | |
Capital Share Transactions | |||
Issued | 282,129 | 548,945 | |
Issued in Lieu of Cash Distributions | 16,205 | 2,112 | |
Redeemed | (102,587) | (82,096) | |
Net Increase (Decrease) from Capital Share Transactions | 195,747 | 468,961 | |
Total Increase (Decrease) | 288,861 | 484,591 | |
Net Assets | |||
Beginning of Period | 795,635 | 311,044 | |
End of Period | 1,084,496 | 795,635 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout Each Period | |||
Net Asset Value, Beginning of Period | $23.45 | $21.47 | $25.00 |
Investment Operations | |||
Net Investment Income2 | .262 | .446 | .313 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.996 | 1.684 | (3.812) |
Total from Investment Operations | 3.258 | 2.130 | (3.499) |
Distributions | |||
Dividends from Net Investment Income | (.362) | (.138) | (.031) |
Distributions from Realized Capital Gains | (.286) | (.012) | — |
Total Distributions | (.648) | (.150) | (.031) |
Net Asset Value, End of Period | $26.06 | $23.45 | $21.47 |
Total Return3 | 13.96% | 9.94% | -14.01% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $1,084 | $796 | $311 |
Ratio of Total Expenses to Average Net Assets | 0.41%4,5 | 0.42%5 | 0.40%6 |
Ratio of Net Investment Income to Average Net Assets | 2.01% | 1.84% | 1.45%6 |
Portfolio Turnover Rate | 26% | 50% | 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 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.41%. |
5 | Includes performance-based investment advisory fee increases (decreases) of 0.01% and 0.02%. |
6 | Annualized. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 627,219 | — | — | 627,219 |
Common Stocks—Other | 48,955 | 386,288 | — | 435,243 |
Temporary Cash Investments | 25,128 | — | — | 25,128 |
Total | 701,302 | 386,288 | — | 1,087,590 |
Amount ($000) | |
Tax Cost | 1,014,966 |
Gross Unrealized Appreciation | 120,161 |
Gross Unrealized Depreciation | (47,537) |
Net Unrealized Appreciation (Depreciation) | 72,624 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 11,054 | 22,724 | |
Issued in Lieu of Cash Distributions | 636 | 93 | |
Redeemed | (4,002) | (3,374) | |
Net Increase (Decrease) in Shares Outstanding | 7,688 | 19,443 |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
• | 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, 2024 | |||
Advice Select International Growth Fund | Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,280.30 | $2.27 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.87 | 2.01 |
United States | 27.2% |
Netherlands | 15.5 |
Sweden | 12.0 |
France | 9.6 |
China | 9.5 |
Germany | 6.8 |
Italy | 4.6 |
United Kingdom | 3.8 |
South Korea | 3.7 |
Denmark | 2.7 |
Canada | 2.2 |
Taiwan | 1.6 |
Other | 0.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (98.0%) | ||||||
Canada (2.2%) | ||||||
* | Shopify Inc. Class A | 243,923 | 17,123 | |||
China (9.3%) | ||||||
*,1 | Meituan Class B | 2,472,650 | 33,763 | |||
Tencent Holdings Ltd. | 530,000 | 23,258 | ||||
* | PDD Holdings Inc. ADR | 119,243 | 14,927 | |||
71,948 | ||||||
Denmark (2.6%) | ||||||
* | Genmab A/S | 73,715 | 20,466 | |||
France (9.5%) | ||||||
Hermes International SCA | 13,988 | 33,487 | ||||
Kering SA | 60,747 | 21,290 | ||||
L'Oreal SA | 39,537 | 18,537 | ||||
73,314 | ||||||
Germany (6.6%) | ||||||
*,1 | Delivery Hero SE Class A | 802,069 | 22,440 | |||
*,1 | Zalando SE | 732,285 | 19,160 | |||
* | BioNTech SE ADR | 110,522 | 9,817 | |||
51,417 | ||||||
Italy (4.5%) | ||||||
Ferrari NV | 85,288 | 35,077 | ||||
Japan (0.8%) | ||||||
M3 Inc. | 573,700 | 6,069 | ||||
Netherlands (15.2%) | ||||||
ASML Holding NV | 93,986 | 81,863 | ||||
*,1 | Adyen NV | 30,299 | 36,298 | |||
118,161 | ||||||
South Korea (3.6%) | ||||||
* | Coupang Inc. | 1,239,870 | 27,897 | |||
Sweden (11.8%) | ||||||
* | Spotify Technology SA | 233,615 | 65,515 | |||
Atlas Copco AB Class B | 1,037,835 | 15,562 | ||||
* | Kinnevik AB Class B | 996,070 | 10,367 | |||
91,444 |
Shares | Market Value• ($000) | |||||
Taiwan (1.5%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 501,000 | 11,996 | ||||
United Kingdom (3.7%) | ||||||
* | Wise plc Class A | 1,561,005 | 15,002 | |||
* | Ocado Group plc | 3,202,540 | 14,021 | |||
29,023 | ||||||
United States (26.7%) | ||||||
* | MercadoLibre Inc. | 62,258 | 90,816 | |||
NVIDIA Corp. | 81,232 | 70,186 | ||||
* | Moderna Inc. | 250,161 | 27,595 | |||
* | Tesla Inc. | 67,567 | 12,383 | |||
* | SolarEdge Technologies Inc. | 73,554 | 4,314 | |||
* | Ginkgo Bioworks Holdings Inc. Class A | 1,656,094 | 1,476 | |||
206,770 | ||||||
Total Common Stocks (Cost $673,057) | 760,705 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (1.8%) | ||||||
Money Market Fund (1.8%) | ||||||
2 | Vanguard Market Liquidity Fund, 5.394% (Cost $13,626) | 136,295 | 13,628 | |||
Total Investments (99.8%) (Cost $686,683) | 774,333 | |||||
Other Assets and Liabilities—Net (0.2%) | 1,526 | |||||
Net Assets (100%) | 775,859 |
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, 2024, the aggregate value was $111,661,000, representing 14.4% 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 $673,057) | 760,705 |
Affiliated Issuers (Cost $13,626) | 13,628 |
Total Investments in Securities | 774,333 |
Investment in Vanguard | 23 |
Foreign Currency, at Value (Cost $237) | 237 |
Receivables for Accrued Income | 704 |
Receivables for Capital Shares Issued | 1,583 |
Total Assets | 776,880 |
Liabilities | |
Payables for Investment Securities Purchased | 61 |
Payables for Capital Shares Redeemed | 523 |
Payables to Investment Advisor | 373 |
Payables to Vanguard | 64 |
Total Liabilities | 1,021 |
Net Assets | 775,859 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 698,797 |
Total Distributable Earnings (Loss) | 77,062 |
Net Assets | 775,859 |
Net Assets | |
Applicable to 45,218,615 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 775,859 |
Net Asset Value Per Share | $17.16 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,370 |
Interest2 | 377 |
Total Income | 1,747 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 759 |
Performance Adjustment | (84) |
The Vanguard Group—Note C | |
Management and Administrative | 590 |
Marketing and Distribution | 19 |
Custodian Fees | 46 |
Shareholders’ Reports | 20 |
Trustees’ Fees and Expenses | — |
Other Expenses | 10 |
Total Expenses | 1,360 |
Net Investment Income | 387 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (989) |
Foreign Currencies | (80) |
Realized Net Gain (Loss) | (1,069) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 145,174 |
Foreign Currencies | (3) |
Change in Unrealized Appreciation (Depreciation) | 145,171 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 144,489 |
1 | Dividends are net of foreign withholding taxes of $239,000. |
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 $377,000, $2,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 387 | 841 | |
Realized Net Gain (Loss) | (1,069) | (7,342) | |
Change in Unrealized Appreciation (Depreciation) | 145,171 | (26,000) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 144,489 | (32,501) | |
Distributions | |||
Total Distributions | (837) | — | |
Capital Share Transactions | |||
Issued | 195,284 | 379,426 | |
Issued in Lieu of Cash Distributions | 562 | — | |
Redeemed | (57,172) | (49,103) | |
Net Increase (Decrease) from Capital Share Transactions | 138,674 | 330,323 | |
Total Increase (Decrease) | 282,326 | 297,822 | |
Net Assets | |||
Beginning of Period | 493,533 | 195,711 | |
End of Period | 775,859 | 493,533 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout Each Period | |||
Net Asset Value, Beginning of Period | $13.42 | $12.65 | $25.00 |
Investment Operations | |||
Net Investment Income (Loss)2 | .009 | .032 | (.009) |
Net Realized and Unrealized Gain (Loss) on Investments | 3.752 | .738 | (12.341) |
Total from Investment Operations | 3.761 | .770 | (12.350) |
Distributions | |||
Dividends from Net Investment Income | (.021) | — | — |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.021) | — | — |
Net Asset Value, End of Period | $17.16 | $13.42 | $12.65 |
Total Return3 | 28.03% | 6.09% | -49.40% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $776 | $494 | $196 |
Ratio of Total Expenses to Average Net Assets | 0.40%4 | 0.41%4 | 0.42%5 |
Ratio of Net Investment Income to Average Net Assets | 0.11% | 0.20% | (0.06%)5 |
Portfolio Turnover Rate | 11% | 8% | 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 (0.02%) and (0.02%). |
5 | Annualized. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 223,893 | — | — | 223,893 |
Common Stocks—Other | 118,156 | 418,656 | — | 536,812 |
Temporary Cash Investments | 13,628 | — | — | 13,628 |
Total | 355,677 | 418,656 | — | 774,333 |
Amount ($000) | |
Tax Cost | 688,195 |
Gross Unrealized Appreciation | 183,874 |
Gross Unrealized Depreciation | (97,736) |
Net Unrealized Appreciation (Depreciation) | 86,138 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 11,811 | 24,448 | |
Issued in Lieu of Cash Distributions | 34 | — | |
Redeemed | (3,399) | (3,146) | |
Net Increase (Decrease) in Shares Outstanding | 8,446 | 21,302 |
to sector and country allocation. Baillie Gifford has advised the fund since its inception in 2021.
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
• | 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, 2024 | |||
Advice Select Dividend Growth Fund | Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,106.70 | $2.25 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.72 | 2.16 |
Consumer Discretionary | 13.4% |
Consumer Staples | 14.3 |
Financials | 20.4 |
Health Care | 16.8 |
Industrials | 11.5 |
Information Technology | 16.9 |
Materials | 4.8 |
Real Estate | 1.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (97.9%) | ||||||
Consumer Discretionary (13.1%) | ||||||
TJX Cos. Inc. | 387,413 | 36,452 | ||||
McDonald's Corp. | 121,794 | 33,254 | ||||
NIKE Inc. Class B | 235,845 | 21,759 | ||||
91,465 | ||||||
Consumer Staples (14.0%) | ||||||
Procter & Gamble Co. | 177,751 | 29,009 | ||||
PepsiCo Inc. | 164,436 | 28,926 | ||||
Colgate-Palmolive Co. | 295,732 | 27,184 | ||||
Coca-Cola Co. | 198,014 | 12,231 | ||||
97,350 | ||||||
Financials (19.9%) | ||||||
American Express Co. | 155,229 | 36,328 | ||||
Visa Inc. Class A | 118,216 | 31,754 | ||||
Marsh & McLennan Cos. Inc. | 142,730 | 28,465 | ||||
Chubb Ltd. | 112,389 | 27,944 | ||||
Mastercard Inc. Class A | 31,458 | 14,194 | ||||
138,685 | ||||||
Health Care (16.4%) | ||||||
Danaher Corp. | 145,271 | 35,827 | ||||
UnitedHealth Group Inc. | 73,225 | 35,419 | ||||
Stryker Corp. | 81,449 | 27,407 | ||||
Medtronic plc | 196,327 | 15,753 | ||||
114,406 | ||||||
Industrials (11.3%) | ||||||
Honeywell International Inc. | 142,341 | 27,434 | ||||
Union Pacific Corp. | 56,807 | 13,472 | ||||
Northrop Grumman Corp. | 26,524 | 12,865 | ||||
General Dynamics Corp. | 43,250 | 12,417 | ||||
Lockheed Martin Corp. | 25,944 | 12,062 | ||||
78,250 |
Shares | Market Value• ($000) | |||||
Information Technology (16.6%) | ||||||
Texas Instruments Inc. | 183,814 | 32,428 | ||||
Microsoft Corp. | 81,798 | 31,846 | ||||
Accenture plc Class A | 99,079 | 29,814 | ||||
Apple Inc. | 123,546 | 21,044 | ||||
115,132 | ||||||
Materials (4.7%) | ||||||
Linde plc | 73,707 | 32,502 | ||||
Real Estate (1.9%) | ||||||
American Tower Corp. | 77,133 | 13,233 | ||||
Total Common Stocks (Cost $615,363) | 681,023 | |||||
Temporary Cash Investments (3.3%) | ||||||
Money Market Fund (3.3%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.394% (Cost $23,161) | 231,665 | 23,164 | |||
Total Investments (101.2%) (Cost $638,524) | 704,187 | |||||
Other Assets and Liabilities—Net (-1.2%) | (8,398) | |||||
Net Assets (100%) | 695,789 |
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 $615,363) | 681,023 |
Affiliated Issuers (Cost $23,161) | 23,164 |
Total Investments in Securities | 704,187 |
Investment in Vanguard | 21 |
Receivables for Accrued Income | 849 |
Receivables for Capital Shares Issued | 1,573 |
Total Assets | 706,630 |
Liabilities | |
Payables for Investment Securities Purchased | 10,064 |
Payables for Capital Shares Redeemed | 340 |
Payables to Investment Advisor | 381 |
Payables to Vanguard | 56 |
Total Liabilities | 10,841 |
Net Assets | 695,789 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 635,292 |
Total Distributable Earnings (Loss) | 60,497 |
Net Assets | 695,789 |
Net Assets | |
Applicable to 25,484,980 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 695,789 |
Net Asset Value Per Share | $27.30 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends | 5,367 |
Interest1 | 594 |
Total Income | 5,961 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 745 |
Performance Adjustment | (4) |
The Vanguard Group—Note C | |
Management and Administrative | 578 |
Marketing and Distribution | 17 |
Custodian Fees | 5 |
Shareholders’ Reports | 19 |
Trustees’ Fees and Expenses | — |
Other Expenses | 10 |
Total Expenses | 1,370 |
Net Investment Income | 4,591 |
Realized Net Gain (Loss) on Investment Securities Sold1 | (6,288) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | 59,207 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 57,510 |
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 $594,000, 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, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 4,591 | 5,665 | |
Realized Net Gain (Loss) | (6,288) | (533) | |
Change in Unrealized Appreciation (Depreciation) | 59,207 | 6,343 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 57,510 | 11,475 | |
Distributions | |||
Total Distributions | (4,432) | (3,953) | |
Capital Share Transactions | |||
Issued | 180,709 | 354,287 | |
Issued in Lieu of Cash Distributions | 3,072 | 3,139 | |
Redeemed | (65,641) | (50,397) | |
Net Increase (Decrease) from Capital Share Transactions | 118,140 | 307,029 | |
Total Increase (Decrease) | 171,218 | 314,551 | |
Net Assets | |||
Beginning of Period | 524,571 | 210,020 | |
End of Period | 695,789 | 524,571 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | November 9, 20211 to October 31, 2022 | |
For a Share Outstanding Throughout Each Period | |||
Net Asset Value, Beginning of Period | $24.85 | $24.00 | $25.00 |
Investment Operations | |||
Net Investment Income2 | .196 | .369 | .295 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.450 | .763 | (1.187) |
Total from Investment Operations | 2.646 | 1.132 | (.892) |
Distributions | |||
Dividends from Net Investment Income | (.184) | (.273) | (.108) |
Distributions from Realized Capital Gains | (.012) | (.009) | — |
Total Distributions | (.196) | (.282) | (.108) |
Net Asset Value, End of Period | $27.30 | $24.85 | $24.00 |
Total Return3 | 10.67% | 4.73% | -3.56% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $696 | $525 | $210 |
Ratio of Total Expenses to Average Net Assets | 0.43%4 | 0.46%4 | 0.45%5 |
Ratio of Net Investment Income to Average Net Assets | 1.46% | 1.47% | 1.28%5 |
Portfolio Turnover Rate | 15% | 15% | 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 (0.00%) and 0.02%. |
5 | Annualized. |
Amount ($000) | |
Tax Cost | 641,144 |
Gross Unrealized Appreciation | 75,342 |
Gross Unrealized Depreciation | (12,299) |
Net Unrealized Appreciation (Depreciation) | 63,043 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 6,675 | 14,241 | |
Issued in Lieu of Cash Distributions | 115 | 126 | |
Redeemed | (2,412) | (2,011) | |
Net Increase (Decrease) in Shares Outstanding | 4,378 | 12,356 |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 13 |
Liquidity Risk Management | 14 |
• | 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, 2024 | |||
International Dividend Growth Fund | Beginning Account Value 11/15/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,037.90 | $2.67 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,020.33 | 2.64 |
United Kingdom | 25.7% |
Japan | 14.6 |
France | 12.6 |
Switzerland | 11.6 |
Canada | 8.3 |
Germany | 6.7 |
Spain | 4.9 |
Ireland | 3.8 |
Netherlands | 3.6 |
Finland | 3.0 |
Hong Kong | 2.7 |
Sweden | 2.5 |
Shares | Market Value• ($000) | ||
Common Stocks (95.6%) | |||
Canada (8.0%) | |||
Canadian National Railway Co. | 23,749 | 2,883 | |
Intact Financial Corp. | 17,342 | 2,850 | |
Bank of Nova Scotia | 17,261 | 792 | |
6,525 | |||
Finland (2.9%) | |||
Kone OYJ Class B | 48,651 | 2,372 | |
France (12.0%) | |||
Capgemini SE | 12,312 | 2,588 | |
Schneider Electric SE | 9,446 | 2,154 | |
Vinci SA | 17,540 | 2,055 | |
AXA SA | 57,516 | 1,987 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,320 | 1,084 | |
9,868 | |||
Germany (6.4%) | |||
Merck KGaA | 18,086 | 2,874 | |
Symrise AG | 21,993 | 2,357 | |
5,231 | |||
Hong Kong (2.5%) | |||
AIA Group Ltd. | 286,385 | 2,098 | |
Ireland (3.6%) | |||
Linde plc | 6,695 | 2,952 | |
Japan (14.0%) | |||
Chugai Pharmaceutical Co. Ltd. | 73,300 | 2,331 | |
Kao Corp. | 52,945 | 2,184 | |
KDDI Corp. | 69,085 | 1,917 | |
Keyence Corp. | 3,900 | 1,715 | |
Kirin Holdings Co. Ltd. | 83,934 | 1,225 | |
Astellas Pharma Inc. | 118,308 | 1,136 | |
Shiseido Co. Ltd. | 34,540 | 925 | |
11,433 | |||
Netherlands (3.5%) | |||
Heineken NV | 29,128 | 2,835 | |
Spain (4.7%) | |||
Iberdrola SA (XMAD) | 167,213 | 2,050 | |
Industria de Diseno Textil SA | 39,242 | 1,787 | |
3,837 |
Shares | Market Value• ($000) | ||
Sweden (2.4%) | |||
Assa Abloy AB Class B | 73,861 | 1,951 | |
Switzerland (11.0%) | |||
Nestle SA (Registered) | 25,608 | 2,571 | |
Novartis AG (Registered) | 24,084 | 2,337 | |
Sika AG (Registered) | 8,195 | 2,331 | |
Roche Holding AG | 7,519 | 1,802 | |
9,041 | |||
United Kingdom (24.6%) | |||
Experian plc | 65,884 | 2,657 | |
Diageo plc | 74,644 | 2,580 | |
BAE Systems plc | 152,088 | 2,529 | |
AstraZeneca plc | 15,846 | 2,397 | |
Unilever plc | 43,934 | 2,273 | |
Reckitt Benckiser Group plc | 39,251 | 2,194 | |
Compass Group plc | 72,636 | 2,020 | |
Smith & Nephew plc | 128,228 | 1,554 | |
Shell plc (XLON) | 32,357 | 1,150 | |
Prudential plc (XLON) | 91,940 | 800 | |
20,154 | |||
Total Common Stocks (Cost $77,622) | 78,297 | ||
Temporary Cash Investments (4.0%) | |||
Money Market Fund (4.0%) | |||
1 | Vanguard Market Liquidity Fund, 5.394% (Cost $3,249) | 32,500 | 3,250 |
Total Investments (99.6%) (Cost $80,871) | 81,547 | ||
Other Assets and Liabilities— Net (0.4%) | 330 | ||
Net Assets (100%) | 81,877 | ||
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 $77,622) | 78,297 |
Affiliated Issuers (Cost $3,249) | 3,250 |
Total Investments in Securities | 81,547 |
Investment in Vanguard | 2 |
Foreign Currency, at Value (Cost $13) | 13 |
Receivables for Accrued Income | 489 |
Receivables for Capital Shares Issued | 43 |
Total Assets | 82,094 |
Liabilities | |
Payables for Investment Securities Purchased | 15 |
Payables to Investment Advisor | 49 |
Payables for Capital Shares Redeemed | 143 |
Payables to Vanguard | 10 |
Total Liabilities | 217 |
Net Assets | 81,877 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 80,382 |
Total Distributable Earnings (Loss) | 1,495 |
Net Assets | 81,877 |
Net Assets | |
Applicable to 7,906,789 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 81,877 |
Net Asset Value Per Share | $10.36 |
November 1, 20231 to April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends2 | 1,091 |
Interest3 | 97 |
Total Income | 1,188 |
Expenses | |
Investment Advisory Fees—Note B | 81 |
The Vanguard Group—Note C | |
Management and Administrative | 69 |
Custodian Fees | 23 |
Shareholders’ Reports | 10 |
Trustees’ Fees and Expenses | — |
Other Expenses | 7 |
Total Expenses | 190 |
Expenses Paid Indirectly | (9) |
Net Expenses | 181 |
Net Investment Income | 1,007 |
Realized Net Gain (Loss) | |
Investment Securities Sold3 | (56) |
Foreign Currencies | (18) |
Realized Net Gain (Loss) | (74) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities3 | 676 |
Foreign Currencies | (6) |
Change in Unrealized Appreciation (Depreciation) | 670 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,603 |
1 | Commencement of subscription period for the fund. |
2 | Dividends are net of foreign withholding taxes of $134,000. |
3 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $97,000, less than $1,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 1, 20231to April 30, 2024 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 1,007 |
Realized Net Gain (Loss) | (74) |
Change in Unrealized Appreciation (Depreciation) | 670 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,603 |
Distributions | |
Total Distributions | (108) |
Capital Share Transactions | |
Issued | 91,890 |
Issued in Lieu of Cash Distributions | 83 |
Redeemed | (11,591) |
Net Increase (Decrease) from Capital Share Transactions | 80,382 |
Total Increase (Decrease) | 81,877 |
Net Assets | |
Beginning of Period | — |
End of Period | 81,877 |
1 | Commencement of subscription period for the fund. |
For a Share Outstanding Throughout Each Period | November 1, 20231to April 30, 2024 |
Net Asset Value, Beginning of Period | $10.00 |
Investment Operations | |
Net Investment Income2 | .145 |
Net Realized and Unrealized Gain (Loss) on Investments | .234 |
Total from Investment Operations | .379 |
Distributions | |
Dividends from Net Investment Income | (.019) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.019) |
Net Asset Value, End of Period | $10.36 |
Total Return3 | 3.79% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $82 |
Ratio of Total Expenses to Average Net Assets | 0.57%4 |
Ratio of Net Investment Income to Average Net Assets | 2.99% |
Portfolio Turnover Rate | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | The subscription period for the fund was November 1, 2023, to November 14, 2023, during which time all assets were held in cash. Performance measurement began November 15, 2023, the first business day after the subscription period, at a net asset value of $10.00. |
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 0.54%. |
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. | Wellington Management Company llp provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. In accordance with the advisory contract entered into with Wellington Management Company llp, beginning February 1, 2025, the investment advisory fee will be subject to quarterly adjustments based on performance relative to the S&P International Developed Dividend Growers Index since January 31, 2024. For the period ended April 30, 2024, the investment advisory fee represented an effective annual basic rate of 0.24% of the fund’s average net assets. |
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, 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. |
D. | 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 period ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $9,000 (an annual rate of 0.03% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments. 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 | 6,525 | 71,772 | — | 78,297 |
Temporary Cash Investments | 3,250 | — | — | 3,250 |
Total | 9,775 | 71,772 | — | 81,547 |
F. | As of April 30, 2024, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 81,038 |
Gross Unrealized Appreciation | 3,440 |
Gross Unrealized Depreciation | (2,931) |
Net Unrealized Appreciation (Depreciation) | 509 |
G. | During the six months ended April 30, 2024, the fund purchased $84,367,000 of investment securities and sold $6,690,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
November 1, 20231to April 30, 2024 | |
Shares (000) | |
Issued | 9,011 |
Issued in Lieu of Cash Distributions | 8 |
Redeemed | (1,112) |
Net Increase (Decrease) in Shares Outstanding | 7,907 |
1 | Commencement of subscription period for the fund. |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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, 2024, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
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. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(a)(2) | 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 20, 2024
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 20, 2024 | ||
VANGUARD WHITeHALL FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 20, 2024
* By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on January 11, 2024 (see File Number 33-34494); a Power of Attorney filed on July 21, 2023 (see File Number 33-53683), Incorporated by Reference; and a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.