Vanguard® Global ex-U.S. Real Estate Index Fund
Schedule of Investments (unaudited)
As of July 31, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (99.3%) | |||
Australia (10.3%) | |||
Goodman Group | 8,301,116 | 121,487 | |
Scentre Group | 25,338,399 | 51,925 | |
Dexus (XASX) | 5,251,671 | 35,291 | |
Stockland | 11,659,708 | 31,594 | |
GPT Group | 9,354,345 | 30,095 | |
Mirvac Group | 19,237,111 | 29,144 | |
Vicinity Centres | 18,887,485 | 27,636 | |
Lendlease Corp. Ltd. | 3,364,234 | 24,373 | |
Charter Hall Group | 2,310,207 | 20,878 | |
Shopping Centres Australasia Property Group | 5,439,855 | 11,353 | |
Charter Hall Long Wale REIT | 2,993,363 | 9,601 | |
National Storage REIT | 5,314,013 | 9,292 | |
Charter Hall Retail REIT | 2,558,572 | 7,573 | |
BWP Trust | 2,348,883 | 7,078 | |
HomeCo Daily Needs REIT | 7,133,934 | 6,925 | |
Waypoint REIT Ltd. | 3,468,493 | 6,389 | |
Centuria Industrial REIT | 2,653,095 | 5,919 | |
Ingenia Communities Group | 1,795,201 | 5,886 | |
Arena REIT | 1,694,757 | 5,753 | |
Lifestyle Communities Ltd. | 463,707 | 5,524 | |
Centuria Capital Group | 3,104,285 | 4,567 | |
Charter Hall Social Infrastructure REIT | 1,618,978 | 4,301 | |
Abacus Property Group | 2,005,960 | 4,144 | |
Cromwell Property Group | 6,890,329 | 4,073 | |
Growthpoint Properties Australia Ltd. | 1,435,498 | 3,815 | |
Rural Funds Group | 1,875,336 | 3,613 | |
Home Consortium Ltd. | 924,484 | 3,481 | |
Centuria Office REIT | 2,144,234 | 2,810 | |
Dexus Industria REIT | 1,106,772 | 2,339 | |
Hotel Property Investments | 951,184 | 2,255 | |
GDI Property Group | 2,490,084 | 1,712 | |
1 | HealthCo REIT | 1,272,173 | 1,540 |
Ram Essential Services Prope | 1,772,256 | 1,036 | |
Cedar Woods Properties Ltd. | 311,198 | 911 | |
494,313 | |||
Austria (0.3%) | |||
CA Immobilien Anlagen AG | 228,366 | 7,454 | |
S IMMO AG | 203,918 | 4,756 | |
1 | IMMOFINANZ AG | 155,997 | 2,383 |
14,593 | |||
Belgium (2.0%) | |||
Warehouses De Pauw CVA | 689,449 | 23,437 |
Shares | Market Value ($000) | ||
Aedifica SA | 191,400 | 19,872 | |
Cofinimmo SA | 143,981 | 16,204 | |
VGP NV | 43,718 | 7,679 | |
Shurgard Self Storage SA | 122,085 | 6,297 | |
Montea NV | 50,194 | 5,076 | |
Xior Student Housing NV | 102,075 | 4,465 | |
Retail Estates NV | 55,842 | 3,943 | |
Intervest Offices & Warehouses NV | 116,344 | 3,291 | |
1 | Care Property Invest NV | 129,738 | 3,212 |
Befimmo SA | 24,622 | 1,193 | |
Immobel SA | 19,520 | 1,173 | |
95,842 | |||
Brazil (0.5%) | |||
BR Malls Participacoes SA | 4,062,153 | 6,226 | |
Multiplan Empreendimentos Imobiliarios SA | 1,322,510 | 6,083 | |
Iguatemi SA (BVMF) | 782,421 | 2,988 | |
Aliansce Sonae Shopping Centers SA | 671,737 | 2,190 | |
JHSF Participacoes SA | 1,511,796 | 1,666 | |
BR Properties SA | 920,671 | 1,498 | |
LOG Commercial Properties e Participacoes SA | 213,214 | 862 | |
Terra Santa Propriedades Agricolas SA | 154,100 | 842 | |
Lavvi Empreendimentos Imobiliarios Ltda | 450,386 | 423 | |
2 | Mitre Realty Empreendimentos E Participacoes LTDA | 238,933 | 227 |
* | Moura Dubeux Engenharia SA | 218,122 | 223 |
SYN prop e tech SA | 229,298 | 183 | |
* | HBR Realty Empreendimentos Imobiliarios SA | 168,978 | 143 |
Iguatemi SA | 60 | — | |
23,554 | |||
Canada (3.1%) | |||
1 | Canadian Apartment Properties REIT | 416,246 | 15,768 |
Tricon Capital Group Inc. | 1,333,044 | 14,491 | |
1 | RioCan REIT | 740,240 | 11,879 |
Granite REIT | 158,122 | 9,975 | |
1 | Choice Properties REIT | 783,684 | 8,733 |
Allied Properties REIT | 306,961 | 8,191 | |
SmartCentres REIT | 344,542 | 7,862 | |
H&R REIT | 658,133 | 6,933 | |
1 | Summit Industrial Income REIT | 452,404 | 6,582 |
First Capital REIT | 524,950 | 6,395 | |
Dream Industrial REIT | 607,001 | 5,982 | |
1 | NorthWest Healthcare Properties REIT | 564,592 | 5,798 |
1 | Boardwalk REIT | 110,623 | 4,219 |
1 | Killam Apartment REIT | 278,290 | 3,910 |
1 | InterRent REIT | 336,946 | 3,526 |
1 | CT REIT | 255,738 | 3,395 |
1 | Crombie REIT | 251,323 | 3,256 |
DREAM Unlimited Corp. Class A | 109,893 | 2,832 | |
1 | Artis REIT | 291,536 | 2,655 |
Primaris REIT | 240,988 | 2,493 | |
1 | Dream Office REIT | 115,461 | 1,842 |
Morguard Corp. | 21,235 | 1,833 | |
1 | Slate Grocery REIT | 142,036 | 1,644 |
1 | Morguard North American Residential REIT | 95,897 | 1,269 |
1,2 | Minto Apartment REIT | 97,609 | 1,174 |
1 | True North Commercial REIT | 216,552 | 1,145 |
1 | Nexus Industrial REIT | 139,301 | 1,115 |
1 | Automotive Properties REIT | 91,510 | 933 |
Shares | Market Value ($000) | ||
1 | Plaza Retail REIT | 237,062 | 777 |
1 | Slate Office REIT | 190,135 | 696 |
1 | European Residential REIT | 205,838 | 609 |
1 | BTB REIT | 199,768 | 580 |
1 | Inovalis REIT | 76,239 | 428 |
148,920 | |||
Chile (0.1%) | |||
Parque Arauco SA | 3,294,888 | 2,782 | |
Cencosud Shopping SA | 2,348,756 | 2,534 | |
Plaza SA | 1,405,858 | 1,200 | |
6,516 | |||
China (7.6%) | |||
China Resources Land Ltd. | 13,932,446 | 58,186 | |
China Overseas Land & Investment Ltd. | 18,174,710 | 50,224 | |
2 | Longfor Group Holdings Ltd. | 7,713,508 | 25,774 |
Wharf Holdings Ltd. | 6,715,652 | 24,558 | |
China Vanke Co. Ltd. Class H | 8,000,583 | 15,218 | |
1 | Country Garden Holdings Co. | 36,165,163 | 13,986 |
Poly Developments and Holdings Group Co. Ltd. Class A | 4,682,817 | 11,582 | |
China Vanke Co. Ltd. Class A | 3,991,408 | 10,189 | |
3 | Sunac China Holdings Ltd. | 15,857,136 | 8,327 |
Yuexiu Property Co. Ltd. | 6,040,218 | 7,546 | |
Greentown China Holdings Ltd. | 3,806,314 | 7,524 | |
C&D International Investment Group Ltd. | 2,620,000 | 6,374 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 3,110,515 | 6,329 | |
China Jinmao Holdings Group Ltd. | 26,071,054 | 6,050 | |
CIFI Holdings Group Co. Ltd. | 21,515,776 | 5,844 | |
1 | Hopson Development Holdings Ltd. | 3,697,979 | 4,888 |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 5,407,240 | 4,755 | |
Yuexiu REIT | 11,250,576 | 4,371 | |
China Overseas Grand Oceans Group Ltd. | 8,387,079 | 4,041 | |
* | Seazen Group Ltd. | 10,176,666 | 3,488 |
1,3 | Shimao Group Holdings Ltd. | 6,178,164 | 3,131 |
Gemdale Corp. Class A | 1,747,432 | 3,040 | |
* | Seazen Holdings Co. Ltd. Class A | 886,302 | 2,754 |
Gemdale Properties & Investment Corp. Ltd. | 30,390,000 | 2,514 | |
Sino-Ocean Group Holding Ltd. | 15,474,329 | 2,504 | |
Shoucheng Holdings Ltd. | 13,856,000 | 2,385 | |
Shui On Land Ltd. | 17,812,038 | 2,361 | |
Agile Group Holdings Ltd. | 7,161,409 | 2,347 | |
Shenzhen Investment Ltd. | 12,244,201 | 2,308 | |
1 | Poly Property Group Co. Ltd. | 9,691,048 | 2,077 |
1 | Guangzhou R&F Properties Co. Ltd. Class H | 8,033,813 | 1,897 |
1,3 | China Evergrande Group | 8,834,921 | 1,857 |
1 | Radiance Holdings Group Co. Ltd. | 3,172,000 | 1,718 |
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 1,200,647 | 1,700 | |
*,1 | SOHO China Ltd. | 9,242,545 | 1,613 |
Zhuguang Holdings Group Co. Ltd. | 11,402,000 | 1,567 | |
China South City Holdings Ltd. | 21,064,111 | 1,424 | |
2 | Red Star Macalline Group Corp. Ltd. Class H | 3,706,036 | 1,411 |
2 | Midea Real Estate Holding Ltd. | 1,147,416 | 1,364 |
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 1,354,599 | 1,329 | |
Shanghai Lingang Holdings Corp. Ltd. Class A | 731,261 | 1,324 | |
Shanghai Wanye Enterprises Co. Ltd. Class A | 365,542 | 1,307 | |
3 | Kaisa Group Holdings Ltd. | 12,019,944 | 1,286 |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 869,064 | 1,277 | |
* | Kwg Group Holdings Ltd. | 5,780,658 | 1,171 |
Shares | Market Value ($000) | ||
1,3 | Logan Group Co. Ltd. | 4,100,984 | 1,139 |
1,2 | Redco Properties Group Ltd. | 4,592,000 | 1,135 |
1 | Dexin China Holdings Co. Ltd. | 3,886,000 | 1,078 |
*,1 | Ganglong China Property Group Ltd. | 2,013,000 | 1,076 |
Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 599,672 | 1,036 | |
1 | Yincheng International Holding Co. Ltd. | 2,722,000 | 1,035 |
Tianjin Guangyu Development Co. Ltd. Class A | 530,450 | 1,024 | |
Financial Street Holdings Co. Ltd. Class A | 1,163,218 | 991 | |
Shanghai Lingang Holdings Corp. Ltd. Class B | 1,004,789 | 985 | |
* | Datang Group Holdings Ltd. | 2,571,000 | 958 |
1 | China Merchants Commercial REIT | 2,859,000 | 944 |
Huafa Industrial Co. Ltd. Zhuhai Class A | 808,624 | 933 | |
1 | Powerlong Real Estate Holdings Ltd. | 6,911,139 | 925 |
1,3 | China Aoyuan Group Ltd. | 6,084,000 | 915 |
*,1 | Redsun Properties Group Ltd. | 4,591,000 | 842 |
Times China Holdings Ltd. | 4,099,000 | 815 | |
* | Jinke Properties Group Co. Ltd. Class A | 2,028,945 | 790 |
* | RiseSun Real Estate Development Co. Ltd. Class A | 1,676,879 | 698 |
China SCE Group Holdings Ltd. | 7,856,766 | 690 | |
* | Grandjoy Holdings Group Co. Ltd. Class A | 1,279,602 | 682 |
Shanghai Industrial Urban Development Group Ltd. | 8,458,799 | 678 | |
Beijing Capital Development Co. Ltd. Class A | 992,876 | 657 | |
* | GR Properties Ltd. | 4,476,000 | 638 |
Suning Universal Co. Ltd. Class A | 1,184,575 | 637 | |
* | Gree Real Estate Co. Ltd. Class A | 716,889 | 636 |
Road King Infrastructure Ltd. | 1,088,000 | 633 | |
* | Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 1,477,888 | 625 |
* | Joy City Property Ltd. | 17,485,500 | 622 |
Shanghai Shibei Hi-Tech Co. Ltd. Class B | 2,202,109 | 613 | |
Lushang Health Industry Development Co. Ltd. Class A | 406,298 | 573 | |
*,1,3 | Nam Tai Property Inc. | 134,535 | 567 |
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 319,196 | 564 | |
* | Yango Group Co. Ltd. Class A | 1,605,275 | 547 |
* | Zhenro Properties Group Ltd. | 9,356,000 | 543 |
Beijing North Star Co. Ltd. Class H | 4,378,000 | 535 | |
China World Trade Center Co. Ltd. Class A | 249,964 | 535 | |
*,1 | LVGEM China Real Estate Investment Co. Ltd. | 4,122,000 | 526 |
* | Shanghai Shimao Co. Ltd. Class A | 1,308,304 | 525 |
China-Singapore Suzhou Industrial Park Development Group Co. Ltd. Class A | 391,936 | 502 | |
*,1 | Sunkwan Properties Group Ltd. | 3,428,000 | 479 |
1 | Yuzhou Group Holdings Co. Ltd. | 9,471,383 | 451 |
Greenland Hong Kong Holdings Ltd. | 3,883,000 | 450 | |
* | Greattown Holdings Ltd. Class A | 895,512 | 436 |
1 | Central China Real Estate Ltd. | 4,544,000 | 400 |
1 | JY Grandmark Holdings Ltd. | 2,050,000 | 377 |
* | Zhong An Group Ltd. | 10,925,000 | 363 |
Hefei Urban Construction Development Co. Ltd. Class A | 317,300 | 363 | |
1,2 | China Vast Industrial Urban Development Co. Ltd. | 1,179,000 | 351 |
*,1 | Ronshine China Holdings Ltd. | 2,644,000 | 347 |
Zhongliang Holdings Group Co. Ltd. | 2,924,500 | 343 | |
*,3 | Yida China Holdings Ltd. | 4,082,000 | 233 |
1 | Shinsun Holdings Group Co. Ltd. | 3,372,000 | 213 |
Beijing North Star Co. Ltd. Class A | 639,373 | 208 | |
*,1 | Jiayuan International Group Ltd. | 5,880,000 | 202 |
*,3 | Sinic Holdings Group Co. Ltd. Class H | 2,979,000 | 190 |
*,1,3 | Jingrui Holdings Ltd. | 2,333,000 | 175 |
*,1,3 | Fantasia Holdings Group Co. Ltd. | 6,671,943 | 170 |
Shares | Market Value ($000) | ||
Red Star Macalline Group Corp. Ltd. Class A | 203,941 | 156 | |
1 | Huijing Holdings Co. Ltd. | 4,058,000 | 129 |
Skyfame Realty Holdings Ltd. | 12,771,012 | 116 | |
*,1 | Leading Holdings Group Ltd. | 1,319,000 | 77 |
DaFa Properties Group Ltd. | 1,147,970 | 45 | |
* | Sanxun Holdings Group Ltd. | 849,000 | 37 |
*,3 | Zhongan Group Rights | 50,803 | — |
363,078 | |||
Egypt (0.1%) | |||
Talaat Moustafa Group | 4,772,670 | 1,800 | |
* | Medinet Nasr Housing | 5,218,337 | 788 |
Heliopolis Housing | 1,848,100 | 525 | |
Palm Hills Developments SAE | 6,502,877 | 424 | |
* | Emaar Misr for Development SAE | 2,958,705 | 373 |
3,910 | |||
Finland (0.3%) | |||
Kojamo OYJ | 736,577 | 13,140 | |
1 | Citycon OYJ | 394,681 | 2,808 |
15,948 | |||
France (2.5%) | |||
* | Unibail-Rodamco-Westfield | 569,454 | 32,336 |
Gecina SA | 265,703 | 27,243 | |
Klepierre SA | 951,233 | 21,136 | |
Covivio | 231,068 | 14,614 | |
1 | ICADE | 156,336 | 7,827 |
Nexity SA | 242,288 | 5,954 | |
Carmila SA | 219,009 | 3,466 | |
Altarea SCA | 20,673 | 3,066 | |
Mercialys SA | 242,643 | 2,151 | |
117,793 | |||
Germany (4.4%) | |||
Vonovia SE | 3,791,700 | 126,339 | |
LEG Immobilien SE (XETR) | 355,881 | 32,330 | |
Aroundtown SA | 4,730,191 | 15,170 | |
TAG Immobilien AG | 859,057 | 9,514 | |
Grand City Properties SA | 507,113 | 6,916 | |
Deutsche Wohnen SE | 234,489 | 5,798 | |
Hamborner REIT AG | 342,118 | 3,010 | |
1 | Deutsche EuroShop AG (XETR) | 116,669 | 2,555 |
2 | Instone Real Estate Group SE | 227,343 | 2,491 |
DIC Asset AG | 184,279 | 2,096 | |
*,1,2 | ADLER Group SA | 402,418 | 1,427 |
1 | alstria office REIT AG | 68,025 | 841 |
3 | Deutsche EuroShop AG | 6,227 | 143 |
208,630 | |||
Greece (0.1%) | |||
* | LAMDA Development SA | 335,921 | 1,996 |
Hong Kong (9.6%) | |||
Sun Hung Kai Properties Ltd. | 7,498,941 | 89,516 | |
Link REIT | 10,302,289 | 86,275 | |
CK Asset Holdings Ltd. | 9,606,113 | 68,009 | |
Wharf Real Estate Investment Co. Ltd. | 7,565,652 | 33,676 | |
*,2 | ESR Cayman Ltd. | 12,882,400 | 33,500 |
Hongkong Land Holdings Ltd. | 5,515,212 | 28,668 | |
Sino Land Co. Ltd. | 15,834,022 | 23,527 | |
Henderson Land Development Co. Ltd. | 6,386,936 | 22,234 |
Shares | Market Value ($000) | ||
Hang Lung Properties Ltd. | 8,999,932 | 16,420 | |
Swire Properties Ltd. | 5,151,200 | 12,274 | |
Hysan Development Co. Ltd. | 2,936,655 | 9,003 | |
Hang Lung Group Ltd. | 4,074,103 | 7,348 | |
Kerry Properties Ltd. | 2,842,832 | 6,837 | |
Fortune REIT | 7,093,861 | 6,058 | |
Champion REIT | 9,242,512 | 4,076 | |
K Wah International Holdings Ltd. | 6,728,338 | 2,502 | |
Sunlight REIT | 4,950,400 | 2,364 | |
* | Shun Tak Holdings Ltd. | 11,186,000 | 2,097 |
Prosperity REIT | 5,993,649 | 1,832 | |
Far East Consortium International Ltd. | 5,559,000 | 1,793 | |
SF REIT | 2,472,000 | 1,014 | |
1 | Zensun Enterprises Ltd. | 2,566,000 | 785 |
* | Jinmao Property Services Co. Ltd. | 679,103 | 349 |
460,157 | |||
India (1.7%) | |||
DLF Ltd. | 3,022,924 | 14,793 | |
Embassy Office Parks REIT | 2,601,204 | 11,959 | |
* | Godrej Properties Ltd. | 570,032 | 10,890 |
Phoenix Mills Ltd. | 471,127 | 7,479 | |
Oberoi Realty Ltd. | 569,784 | 6,573 | |
* | Macrotech Developers Ltd. | 425,179 | 6,166 |
2 | Mindspace Business Parks REIT | 1,053,431 | 4,780 |
Brigade Enterprises Ltd. | 632,834 | 3,960 | |
Prestige Estates Projects Ltd. | 684,340 | 3,588 | |
2 | Brookfield India Real Estate Trust | 750,241 | 3,063 |
* | Indiabulls Real Estate Ltd. | 2,335,719 | 2,152 |
Mahindra Lifespace Developers Ltd. | 367,210 | 1,859 | |
Sunteck Realty Ltd. | 237,677 | 1,562 | |
Sobha Ltd. | 175,154 | 1,554 | |
NESCO Ltd. | 103,890 | 779 | |
* | Hemisphere Properties India Ltd. | 360,320 | 482 |
81,639 | |||
Indonesia (0.3%) | |||
* | Bumi Serpong Damai Tbk PT | 44,881,527 | 2,787 |
Ciputra Development Tbk PT | 43,154,991 | 2,693 | |
Pakuwon Jati Tbk PT | 73,677,028 | 2,266 | |
Summarecon Agung Tbk PT | 43,747,781 | 1,788 | |
*,3 | Hanson International Tbk PT | 444,252,900 | 1,498 |
* | Lippo Karawaci Tbk PT | 155,383,249 | 1,100 |
* | Mega Manunggal Property Tbk PT | 21,330,500 | 734 |
* | Kawasan Industri Jababeka Tbk PT | 64,778,100 | 712 |
* | Alam Sutera Realty Tbk PT | 56,551,197 | 634 |
Puradelta Lestari Tbk PT | 43,794,500 | 481 | |
* | Pollux Properti Indonesia Tbk PT | 8,432,200 | 230 |
*,3 | Armidian Karyatama Tbk PT | 34,315,100 | 116 |
15,039 | |||
Ireland (0.1%) | |||
Irish Residential Properties REIT plc | 2,107,096 | 2,923 | |
Israel (2.1%) | |||
Azrieli Group Ltd. | 177,410 | 14,221 | |
Alony Hetz Properties & Investments Ltd. | 733,711 | 10,707 | |
Mivne Real Estate KD Ltd. | 2,909,308 | 9,881 | |
* | Melisron Ltd. | 111,495 | 8,436 |
Big Shopping Centers Ltd. | 53,982 | 7,190 |
Shares | Market Value ($000) | ||
Amot Investments Ltd. | 958,398 | 6,571 | |
* | Airport City Ltd. | 321,979 | 6,225 |
REIT 1 Ltd. | 903,633 | 5,236 | |
Mega Or Holdings Ltd. | 110,511 | 3,703 | |
Summit Real Estate Holdings Ltd. | 174,235 | 3,175 | |
Sella Capital Real Estate Ltd. | 1,056,297 | 3,133 | |
YH Dimri Construction & Development Ltd. | 33,684 | 2,810 | |
AFI Properties Ltd. | 49,545 | 2,592 | |
Israel Canada T.R Ltd. | 595,869 | 2,301 | |
Gazit-Globe Ltd. | 366,466 | 2,262 | |
Blue Square Real Estate Ltd. | 24,846 | 1,938 | |
Gav-Yam Lands Corp. Ltd. | 191,992 | 1,848 | |
Electra Real Estate Ltd. | 100,887 | 1,666 | |
Isras Investment Co. Ltd. | 7,730 | 1,530 | |
* | Property & Building Corp. Ltd. | 13,599 | 1,305 |
Israel Land Development - Urban Renewal Ltd. | 78,602 | 1,256 | |
Norstar Holdings Inc. | 121,809 | 1,140 | |
Prashkovsky Investments and Construction Ltd. | 33,541 | 1,086 | |
* | Brack Capital Properties NV | 2,377 | 268 |
100,480 | |||
Italy (0.0%) | |||
Immobiliare Grande Distribuzione SIIQ SpA | 256,679 | 954 | |
Japan (22.7%) | |||
Mitsui Fudosan Co. Ltd. | 4,684,257 | 104,690 | |
Mitsubishi Estate Co. Ltd. | 6,793,345 | 100,892 | |
Daiwa House Industry Co. Ltd. | 3,252,174 | 80,355 | |
Sumitomo Realty & Development Co. Ltd. | 2,324,867 | 64,197 | |
Nippon Building Fund Inc. | 8,301 | 44,035 | |
Nippon Prologis REIT Inc. | 13,040 | 33,911 | |
Japan Real Estate Investment Corp. | 6,764 | 32,663 | |
Daito Trust Construction Co. Ltd. | 336,525 | 31,903 | |
GLP J-REIT | 21,914 | 28,820 | |
Nomura Real Estate Master Fund Inc. | 23,000 | 28,814 | |
Japan Metropolitan Fund Investment | 34,117 | 27,802 | |
Daiwa House REIT Investment Corp. | 10,312 | 24,819 | |
Hulic Co. Ltd. | 2,886,037 | 23,146 | |
Orix JREIT Inc. | 13,461 | 19,312 | |
Advance Residence Investment Corp. | 6,755 | 18,613 | |
United Urban Investment Corp. | 15,245 | 16,619 | |
Tokyu Fudosan Holdings Corp. | 2,950,244 | 15,987 | |
Tokyo Tatemono Co. Ltd. | 1,021,283 | 15,041 | |
Japan Prime Realty Investment Corp. | 4,864 | 14,853 | |
Industrial & Infrastructure Fund Investment Corp. | 10,108 | 14,054 | |
Nomura Real Estate Holdings Inc. | 570,629 | 13,843 | |
Sekisui House REIT Inc. | 21,671 | 13,574 | |
Nippon Accommodations Fund Inc. | 2,457 | 12,839 | |
LaSalle Logiport REIT | 8,733 | 11,509 | |
Activia Properties Inc. | 3,610 | 11,319 | |
Japan Hotel REIT Investment Corp. | 21,807 | 11,317 | |
Kenedix Office Investment Corp. | 2,092 | 11,245 | |
Japan Logistics Fund Inc. | 4,568 | 10,977 | |
Mitsui Fudosan Logistics Park Inc. | 2,670 | 10,487 | |
Daiwa Securities Living Investments Corp. | 10,778 | 10,180 | |
Frontier Real Estate Investment Corp. | 2,476 | 10,092 | |
1 | AEON REIT Investment Corp. | 8,296 | 9,730 |
Invincible Investment Corp. | 29,687 | 9,339 | |
1 | Mori Hills REIT Investment Corp. | 7,946 | 9,132 |
Shares | Market Value ($000) | ||
1 | Kenedix Residential Next Investment Corp. | 5,104 | 8,580 |
Comforia Residential REIT Inc. | 3,172 | 8,012 | |
Mitsubishi Estate Logistics REIT Investment Corp. | 2,201 | 7,891 | |
NTT UD REIT Investment Corp. | 6,855 | 7,854 | |
Hulic REIT Inc. | 6,269 | 7,849 | |
Daiwa Office Investment Corp. | 1,430 | 7,255 | |
1 | Tokyu REIT Inc. | 4,553 | 6,656 |
Katitas Co. Ltd. | 246,692 | 6,211 | |
NIPPON REIT Investment Corp. | 2,204 | 6,211 | |
Kenedix Retail REIT Corp. | 2,854 | 6,118 | |
Aeon Mall Co. Ltd. | 466,483 | 5,952 | |
Japan Excellent Inc. | 6,240 | 5,936 | |
Hoshino Resorts REIT Inc. | 1,192 | 5,838 | |
Mori Trust Sogo REIT Inc. | 4,692 | 5,187 | |
Heiwa Real Estate REIT Inc. | 4,553 | 5,097 | |
Heiwa Real Estate Co. Ltd. | 160,432 | 4,830 | |
Ichigo Office REIT Investment Corp. | 7,429 | 4,777 | |
Fukuoka REIT Corp. | 3,549 | 4,605 | |
CRE Logistics REIT Inc. | 2,772 | 4,242 | |
Hankyu Hanshin REIT Inc. | 3,386 | 3,903 | |
Star Asia Investment Corp. | 8,717 | 3,894 | |
Global One Real Estate Investment Corp. | 4,663 | 3,849 | |
SOSiLA Logistics REIT Inc. | 3,317 | 3,831 | |
Starts Corp. Inc. | 160,900 | 3,492 | |
Samty Residential Investment Corp. | 3,461 | 3,301 | |
Mirai Corp. | 8,604 | 3,272 | |
Itochu Advance Logistics Investment Corp. | 2,738 | 3,157 | |
Ichigo Inc. | 1,202,800 | 2,717 | |
One REIT Inc. | 1,304 | 2,711 | |
Takara Leben Real Estate Investment Corp. | 2,808 | 2,444 | |
1 | Health Care & Medical Investment Corp. | 1,752 | 2,281 |
Keihanshin Building Co. Ltd. | 215,800 | 2,123 | |
Starts Proceed Investment Corp. | 1,081 | 2,093 | |
SAMTY Co. Ltd. | 130,600 | 2,024 | |
* | Leopalace21 Corp. | 895,950 | 1,879 |
Sankei Real Estate Inc. | 2,276 | 1,717 | |
1 | ESCON Japan REIT Investment Corp. | 1,746 | 1,571 |
Tosei REIT Investment Corp. | 1,470 | 1,531 | |
Mori Trust Hotel REIT Inc. | 1,514 | 1,456 | |
*,1 | TKP Corp. | 77,200 | 1,402 |
TOC Co. Ltd. | 232,529 | 1,388 | |
Tosei Corp. | 139,300 | 1,338 | |
Sun Frontier Fudousan Co. Ltd. | 136,900 | 1,148 | |
Xymax REIT Investment Corp. | 1,161 | 1,121 | |
Takara Leben Co. Ltd. | 398,152 | 1,106 | |
1 | Shinoken Group Co. Ltd. | 118,900 | 985 |
Goldcrest Co. Ltd. | 71,040 | 966 | |
Marimo Regional Revitalization REIT Inc. | 866 | 879 | |
Nippon Commercial Development Co. Ltd. | 56,800 | 864 | |
1 | Ichigo Hotel REIT Investment Corp. | 1,211 | 855 |
Tokaido REIT Inc. | 800 | 751 | |
1 | CRE Inc. | 57,000 | 709 |
Star Mica Holdings Co. Ltd. | 58,300 | 697 | |
*,1 | SRE Holdings Corp. | 29,900 | 620 |
Ooedo Onsen REIT Investment Corp. | 1,110 | 570 | |
Airport Facilities Co. Ltd. | 128,400 | 527 | |
Dear Life Co. Ltd. | 111,600 | 527 | |
Japan Property Management Center Co. Ltd. | 65,200 | 520 |
Shares | Market Value ($000) | ||
1 | Arealink Co. Ltd. | 42,600 | 509 |
1 | Tokyo Rakutenchi Co. Ltd. | 14,400 | 432 |
1 | Good Com Asset Co. Ltd. | 39,100 | 375 |
1 | Ardepro Co. Ltd. | 83,939 | 301 |
1 | Mirainovate Co. Ltd. | 184,129 | 240 |
1,087,286 | |||
Kuwait (0.2%) | |||
* | National Real Estate Co. KPSC | 5,370,229 | 3,033 |
Commercial Real Estate Co. KSC | 7,148,621 | 2,442 | |
Kuwait Real Estate Co. KSC | 2,813,796 | 1,253 | |
* | Al Mazaya Holding Co. KSCP | 2,507,286 | 452 |
7,180 | |||
Malaysia (0.5%) | |||
KLCCP Stapled Group | 2,418,470 | 3,819 | |
Sunway REIT | 9,065,834 | 3,077 | |
IGB REIT | 7,544,800 | 2,747 | |
Axis REIT | 5,969,300 | 2,616 | |
IOI Properties Group Bhd. | 9,292,300 | 2,079 | |
Matrix Concepts Holdings Bhd. | 2,908,828 | 1,485 | |
Sime Darby Property Bhd. | 13,110,200 | 1,386 | |
UOA Development Bhd. | 3,293,000 | 1,236 | |
SP Setia Bhd. Group | 6,702,000 | 1,139 | |
Pavilion REIT | 3,552,500 | 1,086 | |
Mah Sing Group Bhd. | 7,446,125 | 996 | |
OSK Holdings Bhd | 4,489,900 | 913 | |
Eco World Development Group Bhd. (XKLS) | 6,073,000 | 868 | |
YTL Hospitality REIT | 3,736,200 | 789 | |
* | UEM Sunrise Bhd. | 5,575,165 | 389 |
* | Eco World International Bhd. | 4,131,600 | 312 |
* | Eastern & Oriental Bhd. | 2,523,200 | 278 |
* | YNH Property Bhd. | 127,400 | 97 |
* | Sunway Bhd. Warrants Exp. 10/3/24 | 1,339,862 | 95 |
* | Eco World Development Group Bhd. Warrants Exp. 4/12/29 | 1,186,080 | 28 |
25,435 | |||
Mexico (0.9%) | |||
Fibra Uno Administracion SA de CV | 13,928,685 | 14,219 | |
Corp. Inmobiliaria Vesta SAB de CV | 3,210,850 | 6,324 | |
Prologis Property Mexico SA de CV | 2,210,619 | 6,154 | |
PLA Administradora Industrial S de RL de CV | 3,842,508 | 5,466 | |
Concentradora Fibra Danhos SA de CV | 4,053,598 | 4,633 | |
2 | Macquarie Mexico Real Estate Management SA de CV | 3,535,990 | 4,609 |
41,405 | |||
Netherlands (0.4%) | |||
Eurocommercial Properties NV | 195,238 | 4,420 | |
2 | CTP NV | 318,350 | 4,094 |
Wereldhave NV | 197,888 | 2,998 | |
NSI NV | 87,306 | 2,833 | |
Vastned Retail NV | 86,911 | 2,106 | |
16,451 | |||
New Zealand (0.5%) | |||
Goodman Property Trust | 5,145,027 | 7,066 | |
Precinct Properties New Zealand Ltd. | 6,333,706 | 5,669 | |
Kiwi Property Group Ltd. | 7,691,887 | 4,938 | |
Vital Healthcare Property Trust | 2,325,318 | 4,153 | |
Argosy Property Ltd. | 4,071,285 | 3,351 | |
25,177 |
Shares | Market Value ($000) | ||
Norway (0.3%) | |||
2 | Entra ASA | 887,711 | 12,501 |
Selvaag Bolig ASA | 210,321 | 893 | |
13,394 | |||
Other (0.1%)4 | |||
5 | Vanguard Real Estate ETF | 39,614 | 3,920 |
Philippines (1.3%) | |||
SM Prime Holdings Inc. | 55,020,007 | 36,565 | |
Ayala Land Inc. | 28,891,660 | 13,260 | |
Robinson's Land Corp. | 9,658,172 | 2,982 | |
Megaworld Corp. | 58,775,100 | 2,412 | |
RL Commercial REIT Inc. | 17,500,200 | 2,031 | |
AREIT Inc. | 2,905,820 | 1,904 | |
MREIT Inc. | 4,668,000 | 1,351 | |
Filinvest REIT Corp. | 8,980,600 | 1,108 | |
DDMP REIT Inc. | 30,968,000 | 860 | |
Filinvest Land Inc. | 39,909,000 | 637 | |
Vista Land & Lifescapes Inc. | 14,802,178 | 530 | |
DoubleDragon Properties Corp. | 3,505,460 | 490 | |
64,130 | |||
Poland (0.0%) | |||
Develia SA | 2,207,609 | 1,150 | |
Qatar (0.2%) | |||
Barwa Real Estate Co. | 9,329,607 | 9,248 | |
* | Ezdan Holding Group QSC | 7,712,478 | 2,264 |
11,512 | |||
Romania (0.1%) | |||
MAS Real Estate Inc. | 2,046,977 | 2,527 | |
Russia (0.0%) | |||
3 | Etalon Group plc GDR (Registered) | 993,429 | — |
3 | INGRAD PJSC | 43,530 | — |
— | |||
Saudi Arabia (0.7%) | |||
* | Dar Al Arkan Real Estate Development Co. | 2,582,885 | 8,724 |
* | Emaar Economic City | 2,709,221 | 7,344 |
Arabian Centres Co. Ltd. | 507,817 | 2,706 | |
Arriyadh Development Co. | 424,244 | 2,613 | |
* | Saudi Real Estate Co. | 646,946 | 2,348 |
Jadwa REIT Saudi Fund | 599,636 | 1,949 | |
Riyad REIT Fund | 598,997 | 1,714 | |
Al Rajhi REIT | 586,995 | 1,526 | |
Derayah REIT | 490,149 | 1,443 | |
Sedco Capital REIT Fund | 396,034 | 1,074 | |
Alandalus Property Co. | 217,018 | 941 | |
Musharaka Real Estate Income Fund | 312,265 | 782 | |
Alahli REIT Fund 1 | 208,941 | 579 | |
Alkhabeer REIT | 267,231 | 545 | |
Al Maather REIT Fund | 197,064 | 467 | |
Swicorp Wabel REIT | 203,729 | 287 | |
35,042 | |||
Singapore (6.7%) | |||
CapitaLand Integrated Commercial Trust | 24,912,468 | 39,355 | |
Ascendas REIT | 16,397,684 | 35,295 | |
Capitaland Investment Ltd. | 12,029,738 | 34,229 | |
Mapletree Logistics Trust | 15,631,123 | 19,950 |
Shares | Market Value ($000) | ||
Mapletree Industrial Trust | 9,554,391 | 18,767 | |
Frasers Logistics & Commercial Trust | 14,238,652 | 14,864 | |
Mapletree Commercial Trust | 10,708,941 | 14,751 | |
City Developments Ltd. | 2,304,790 | 12,949 | |
UOL Group Ltd. | 2,311,178 | 12,487 | |
Suntec REIT | 10,653,827 | 12,444 | |
Keppel DC REIT | 6,459,724 | 9,685 | |
Frasers Centrepoint Trust | 5,241,940 | 8,858 | |
Ascott Residence Trust | 9,445,522 | 8,021 | |
Keppel REIT | 9,656,615 | 7,764 | |
ESR-REIT | 25,343,161 | 7,712 | |
Parkway Life REIT | 1,886,397 | 6,544 | |
Lendlease Global Commercial REIT | 9,020,789 | 5,461 | |
Manulife US REIT | 8,666,610 | 5,030 | |
CapitaLand China Trust | 5,619,408 | 4,807 | |
CDL Hospitality Trusts | 4,097,299 | 3,922 | |
OUE Commercial REIT | 11,756,067 | 3,276 | |
SPH REIT | 4,682,000 | 3,205 | |
Cromwell European REIT | 1,498,466 | 3,061 | |
Ascendas India Trust | 3,587,400 | 3,018 | |
Starhill Global REIT | 6,912,168 | 2,982 | |
Wing Tai Holdings Ltd. | 2,354,100 | 2,881 | |
Keppel Pacific Oak US REIT | 3,794,500 | 2,658 | |
Far East Hospitality Trust | 5,092,592 | 2,362 | |
AIMS APAC REIT | 2,256,576 | 2,273 | |
Yanlord Land Group Ltd. | 2,729,304 | 2,040 | |
Prime US REIT | 2,740,000 | 1,919 | |
Sasseur REIT | 2,587,400 | 1,481 | |
* | Digital Core REIT Management Private Ltd. | 1,642,100 | 1,431 |
OUE Ltd. | 1,468,500 | 1,393 | |
First REIT | 5,760,426 | 1,170 | |
IREIT Global | 2,413,453 | 1,048 | |
* | Daiwa House Logistics Trust | 1,704,800 | 882 |
Tuan Sing Holdings Ltd. | 2,410,300 | 665 | |
EC World REIT | 1,235,600 | 479 | |
*,3 | Eagle Hospitality Trust | 2,602,300 | 357 |
321,476 | |||
South Africa (1.4%) | |||
Growthpoint Properties Ltd. | 16,762,983 | 13,663 | |
NEPI Rockcastle plc | 2,320,083 | 12,798 | |
Redefine Properties Ltd. | 33,139,131 | 8,141 | |
Resilient REIT Ltd. | 1,560,223 | 5,411 | |
Equites Property Fund Ltd. | 3,819,900 | 4,392 | |
Fortress REIT Ltd. Class A | 5,841,032 | 4,217 | |
Vukile Property Fund Ltd. | 4,415,145 | 3,774 | |
Hyprop Investments Ltd. | 1,681,846 | 3,739 | |
Stor-Age Property REIT Ltd. | 2,278,983 | 1,922 | |
Investec Property Fund Ltd. | 2,820,642 | 1,848 | |
SA Corporate Real Estate Ltd. | 11,988,513 | 1,561 | |
* | Attacq Ltd. | 3,732,828 | 1,413 |
Fairvest Ltd. | 6,314,596 | 1,257 | |
* | Fortress REIT Ltd. Class B | 4,255,838 | 1,021 |
Emira Property Fund Ltd. | 1,477,642 | 907 | |
66,064 | |||
South Korea (0.4%) | |||
ESR Kendall Square REIT Co. Ltd. | 720,835 | 2,878 | |
LOTTE REIT Co. Ltd. | 591,691 | 2,314 |
Shares | Market Value ($000) | ||
JR Global REIT | 634,860 | 2,298 | |
Shinhan Alpha REIT Co. Ltd. | 292,913 | 1,762 | |
Mirae Asset Maps Asia Pacific Real Estate 1 Investment | 439,708 | 1,503 | |
SK REIT Co. Ltd. | 295,264 | 1,212 | |
Koramco Energy Plus REIT | 212,071 | 922 | |
D&D Platform REIT Co. Ltd. | 262,826 | 916 | |
Korea Real Estate Investment & Trust Co. Ltd. | 693,294 | 896 | |
1 | SK D&D Co. Ltd. | 37,059 | 736 |
IGIS Value Plus REIT Co. Ltd. | 148,808 | 588 | |
NH All One REIT Co. Ltd | 139,224 | 490 | |
Shinhan Seobu T&D REIT Co. Ltd. | 130,090 | 474 | |
* | SK REITS Co. Ltd. Rights Exp. 8/5/22 | 75,776 | — |
16,989 | |||
Spain (0.6%) | |||
Merlin Properties Socimi SA | 1,629,883 | 17,482 | |
Inmobiliaria Colonial Socimi SA | 1,320,086 | 8,746 | |
2 | Aedas Homes SA | 87,028 | 1,491 |
Lar Espana Real Estate Socimi SA | 280,477 | 1,373 | |
2 | Metrovacesa SA | 139,143 | 968 |
30,060 | |||
Sweden (3.4%) | |||
Castellum AB | 1,350,155 | 21,646 | |
Sagax AB Class B | 812,418 | 20,938 | |
* | Fastighets AB Balder Class B | 3,080,409 | 19,678 |
Fabege AB | 1,325,695 | 13,608 | |
Wihlborgs Fastigheter AB | 1,307,100 | 11,146 | |
Wallenstam AB Class B | 2,051,572 | 10,458 | |
1 | Samhallsbyggnadsbolaget i Norden AB | 5,544,623 | 10,288 |
Hufvudstaden AB Class A | 576,672 | 7,960 | |
Nyfosa AB | 818,832 | 7,645 | |
Catena AB | 156,795 | 7,185 | |
* | Pandox AB Class B | 435,542 | 6,387 |
Cibus Nordic Real Estate AB | 222,342 | 3,985 | |
Dios Fastigheter AB | 444,601 | 3,514 | |
Atrium Ljungberg AB Class B | 234,350 | 3,485 | |
NP3 Fastigheter AB | 139,199 | 3,479 | |
Platzer Fastigheter Holding AB Class B | 299,015 | 2,563 | |
1 | Akelius Residential Property AB Class D | 1,062,224 | 1,982 |
Sagax AB Class D | 559,385 | 1,620 | |
1 | Samhallsbyggnadsbolaget i Norden AB Class D | 766,523 | 1,470 |
* | K-fast Holding AB Class B | 298,112 | 856 |
* | Klarabo Sverige AB Class B | 371,350 | 698 |
* | Annehem Fastigheter AB Class B | 192,007 | 569 |
*,1 | Logistea AB Class B | 269,708 | 412 |
161,572 | |||
Switzerland (1.8%) | |||
Swiss Prime Site AG (Registered) | 374,430 | 34,097 | |
PSP Swiss Property AG (Registered) | 224,092 | 26,800 | |
Allreal Holding AG (Registered) | 73,741 | 12,200 | |
Mobimo Holding AG (Registered) | 35,396 | 9,114 | |
Intershop Holding AG | 6,048 | 4,066 | |
86,277 | |||
Taiwan (1.0%) | |||
Ruentex Development Co. Ltd. | 6,682,580 | 12,278 | |
Highwealth Construction Corp. | 5,803,598 | 8,805 | |
Huaku Development Co. Ltd. | 1,151,854 | 3,451 | |
Chong Hong Construction Co. Ltd. | 1,063,297 | 2,577 |
Shares | Market Value ($000) | ||
Farglory Land Development Co. Ltd. | 1,000,631 | 2,108 | |
Prince Housing & Development Corp. | 5,250,478 | 2,029 | |
Kindom Development Co. Ltd. | 1,823,900 | 1,833 | |
Hung Sheng Construction Ltd. | 1,689,520 | 1,388 | |
Cathay Real Estate Development Co. Ltd. | 2,279,100 | 1,257 | |
Sakura Development Co. Ltd. | 1,103,931 | 1,214 | |
* | Delpha Construction Co. Ltd. | 2,283,000 | 1,107 |
Advancetek Enterprise Co. Ltd. | 1,225,000 | 928 | |
KEE TAI Properties Co. Ltd. | 2,005,869 | 887 | |
Chung Lien Co. Ltd. | 384,000 | 821 | |
Kuo Yang Construction Co. Ltd. | 1,249,802 | 811 | |
ZongTai Real Estate Development Co. Ltd. | 862,033 | 798 | |
Huang Hsiang Construction Corp. | 509,000 | 736 | |
Hong Pu Real Estate Development Co. Ltd. | 1,002,194 | 719 | |
* | King's Town Construction Co. Ltd. | 581,000 | 711 |
Yungshin Construction & Development Co. Ltd. | 331,000 | 669 | |
* | Shining Building Business Co. Ltd. | 2,114,869 | 651 |
Yea Shin International Development Co. Ltd. | 748,796 | 572 | |
Hung Ching Development & Construction Co. Ltd. | 632,000 | 528 | |
GTM Holdings Corp. | 619,000 | 505 | |
*,3 | Taiwan Land Development Corp. | 2,224,000 | 199 |
47,582 | |||
Thailand (1.0%) | |||
Central Pattana PCL | 6,580,600 | 11,463 | |
CPN Retail Growth Leasehold REIT | 9,551,635 | 4,920 | |
Land & Houses PCL (Registered) | 17,533,000 | 4,067 | |
Lotus's Retail Growth Freehold And Leasehold Property Fund | 8,429,930 | 3,125 | |
WHA Corp. PCL | 35,615,986 | 2,923 | |
1 | WHA Premium Growth Freehold & Leasehold REIT Class F | 7,312,496 | 2,054 |
Frasers Property THA | 6,989,800 | 2,032 | |
Supalai PCL | 3,727,381 | 1,972 | |
Amata Corp. PCL | 2,901,623 | 1,427 | |
* | MBK PCL | 3,248,992 | 1,396 |
1 | Origin Property PCL Class F | 4,740,198 | 1,300 |
1 | Quality Houses PCL | 21,296,400 | 1,241 |
AP Thailand PCL | 4,345,220 | 1,158 | |
Bangkok Land PCL | 41,354,795 | 1,155 | |
IMPACT Growth REIT | 2,915,000 | 1,149 | |
Pruksa Holding PCL | 3,054,200 | 1,035 | |
1 | Sansiri PCL | 28,924,825 | 792 |
Pruksa Real Estate PCL | 3,024,500 | 764 | |
SC Asset Corp. PCL | 8,256,040 | 764 | |
Hemaraj Leasehold REIT | 3,743,300 | 748 | |
*,1 | Singha Estate PCL | 13,544,300 | 693 |
Ally Leasehold REIT (XBKK) | 3,338,700 | 626 | |
* | U City PCL Class F | 15,158,624 | 481 |
Noble Development PCL | 3,624,228 | 445 | |
1 | LPN Development PCL | 2,251,000 | 270 |
* | MBK PCL Warrants Exp. 11/15/23 | 127,968 | 48 |
Sansiri PCL NDVR | 1,135,675 | 31 | |
SC Asset Corp. PCL NVDR | 251,197 | 23 | |
* | Noble Development PCL Warrants Exp. 1/12/24 | 783,375 | 9 |
*,3 | PACE Development Corp. PCL Warrants Exp. 8/29/22 | 11,308,800 | 6 |
S Prime Growth Leasehold REIT | 15,500 | 3 | |
48,120 | |||
Turkey (0.2%) | |||
* | Is Gayrimenkul Yatirim Ortakligi A/S | 2,296,765 | 2,547 |
Shares | Market Value ($000) | ||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 9,515,845 | 1,649 | |
Yeni Gimat Gayrimenkul Ortakligi A/S | 932,148 | 1,141 | |
* | Sinpas Gayrimenkul Yatirim Ortakligi A/S | 2,592,167 | 857 |
Ziraat Gayrimenkul Yatirim Ortakligi A/S | 4,226,013 | 737 | |
* | Vakif Gayrimenkul Yatirim Ortakligi A/S | 2,911,555 | 373 |
7,304 | |||
United Arab Emirates (1.3%) | |||
Emaar Properties PJSC | 19,569,180 | 29,367 | |
Aldar Properties PJSC | 18,823,948 | 25,147 | |
* | Emaar Development PJSC | 4,128,043 | 4,991 |
* | RAK Properties PJSC | 4,764,648 | 901 |
* | Deyaar Development PJSC | 5,336,707 | 729 |
* | Manazel PJSC | 6,209,481 | 657 |
* | Eshraq Investments PJSC | 5,457,141 | 495 |
62,287 | |||
United Kingdom (8.5%) | |||
Segro plc | 5,870,810 | 78,540 | |
Land Securities Group plc | 3,667,249 | 32,771 | |
UNITE Group plc | 1,948,177 | 27,776 | |
British Land Co. plc | 4,579,182 | 27,533 | |
Tritax Big Box REIT plc | 9,125,181 | 21,954 | |
Derwent London plc | 548,395 | 19,146 | |
1 | LXI REIT plc | 9,194,725 | 16,655 |
Big Yellow Group plc | 844,367 | 14,647 | |
LondonMetric Property plc | 4,787,454 | 14,630 | |
Safestore Holdings plc | 1,029,319 | 14,333 | |
Grainger plc | 3,621,633 | 13,089 | |
Assura plc | 14,449,197 | 12,109 | |
Primary Health Properties plc | 6,515,236 | 11,722 | |
1 | Supermarket Income REIT plc | 6,048,955 | 9,509 |
Great Portland Estates plc | 1,242,434 | 9,405 | |
Shaftesbury plc | 1,409,203 | 8,647 | |
Capital & Counties Properties plc | 4,169,412 | 7,554 | |
Sirius Real Estate Ltd. | 5,740,900 | 6,682 | |
BMO Commercial Property Trust Ltd. | 3,913,774 | 5,718 | |
Home REIT plc | 3,868,978 | 5,608 | |
1 | Hammerson plc | 17,141,724 | 5,233 |
Workspace Group plc | 680,129 | 4,888 | |
UK Commercial Property REIT Ltd. | 4,189,840 | 3,933 | |
PRS REIT plc | 2,690,650 | 3,606 | |
Empiric Student Property REIT plc | 2,957,402 | 3,243 | |
Civitas Social Housing REIT plc | 3,064,176 | 3,091 | |
Picton Property Income Ltd. | 2,653,841 | 2,989 | |
Custodian REIT plc | 2,142,205 | 2,838 | |
Impact Healthcare REIT plc (XLON) | 1,877,900 | 2,687 | |
Helical plc | 523,703 | 2,495 | |
CLS Holdings plc | 896,772 | 2,216 | |
2 | Triple Point Social Housing REIT plc | 1,806,916 | 2,050 |
Phoenix Spree Deutschland Ltd. | 488,517 | 2,014 | |
Standard Life Investment Property Income Trust REIT Ltd. | 1,994,397 | 1,923 | |
2 | Regional REIT Ltd. | 2,124,246 | 1,911 |
Schroder REIT Ltd. | 2,798,252 | 1,847 | |
NewRiver REIT plc | 1,500,038 | 1,608 | |
AEW UK REIT plc | 760,562 | 1,105 | |
*,1,3 | Intu Properties plc | 5,001,586 | — |
407,705 | |||
Total Common Stocks (Cost $5,596,663) | 4,746,330 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (3.0%) | |||
Money Market Fund (3.0%) | |||
6,7 | Vanguard Market Liquidity Fund, 1.903% (Cost $146,592) | 1,466,417 | 146,583 |
Total Investments (102.3%) (Cost $5,743,255) | 4,892,913 | ||
Other Assets and Liabilities—Net (-2.3%) | (111,735) | ||
Net Assets (100%) | 4,781,178 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $127,163,000. |
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 July 31, 2022, the aggregate value was $104,321,000, representing 2.2% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | “Other” represents securities that are not classified by the fund’s benchmark index. |
5 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $143,405,000 was received for securities on loan. |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository Receipt. | |
REIT—Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | September 2022 | 200 | 19,521 | 484 |
MSCI Emerging Markets Index | September 2022 | 241 | 12,032 | (90) |
Topix Index | September 2022 | 31 | 4,504 | 76 |
470 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 9/21/22 | AUD | 6,390 | USD | 4,342 | 126 | — |
UBS AG | 9/21/22 | EUR | 4,387 | USD | 4,646 | — | (146) |
Royal Bank of Canada | 9/21/22 | EUR | 3,499 | USD | 3,530 | 59 | — |
Toronto-Dominion Bank | 9/21/22 | EUR | 3,120 | USD | 3,202 | — | (2) |
Standard Chartered Bank | 9/21/22 | EUR | 2,684 | USD | 2,814 | — | (60) |
Standard Chartered Bank | 9/21/22 | EUR | 2,512 | USD | 2,554 | 23 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | EUR | 1,893 | USD | 2,043 | — | (101) |
UBS AG | 9/21/22 | JPY | 669,280 | USD | 5,181 | — | (142) |
Bank of Montreal | 9/21/22 | JPY | 403,178 | USD | 3,021 | 15 | — |
Standard Chartered Bank | 9/21/22 | JPY | 360,970 | USD | 2,684 | 34 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 9/21/22 | SGD | 11,162 | USD | 8,120 | — | (40) |
Goldman Sachs International | 9/21/22 | SGD | 847 | USD | 611 | 2 | — |
Bank of America, N.A. | 9/21/22 | USD | 4,663 | AUD | 6,856 | — | (132) |
Barclays Bank plc | 9/21/22 | USD | 3,632 | AUD | 5,349 | — | (109) |
Royal Bank of Canada | 9/21/22 | USD | 1,149 | AUD | 1,588 | 38 | — |
Bank of America, N.A. | 9/21/22 | USD | 658 | CAD | 829 | 10 | — |
Bank of America, N.A. | 9/21/22 | USD | 2,063 | CHF | 2,000 | — | (47) |
Royal Bank of Canada | 9/21/22 | USD | 13,729 | EUR | 12,714 | 687 | — |
Barclays Bank plc | 9/21/22 | USD | 6,608 | EUR | 6,526 | — | (86) |
Deutsche Bank AG | 9/21/22 | USD | 2,233 | EUR | 2,100 | 79 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 2,203 | GBP | 1,749 | 71 | — |
State Street Bank & Trust Co. | 9/21/22 | USD | 5,706 | HKD | 44,706 | 3 | — |
Toronto-Dominion Bank | 9/21/22 | USD | 3,995 | HKD | 31,257 | 7 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 676 | HKD | 5,294 | 1 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 8,159 | JPY | 1,090,222 | — | (50) |
Bank of Montreal | 9/21/22 | USD | 3,005 | JPY | 406,420 | — | (55) |
Toronto-Dominion Bank | 9/21/22 | USD | 2,143 | JPY | 291,581 | — | (53) |
Toronto-Dominion Bank | 9/21/22 | USD | 7,293 | SGD | 10,035 | 29 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 2,570 | SGD | 3,551 | — | (1) |
UBS AG | 9/21/22 | USD | 140 | ZAR | 2,190 | 9 | — |
1,193 | (1,024) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
JPY—Japanese yen. |
SGD—Singapore dollar. |
USD—U.S. dollar. |
ZAR—South African rand. |
At July 31, 2022, the counterparties had deposited in segregated accounts cash of $710,000 in connection with open forward currency contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).
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.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of July 31, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 220,394 | — | — | 220,394 |
Common Stocks—Other | 3,920 | 4,501,707 | 20,309 | 4,525,936 |
Temporary Cash Investments | 146,583 | — | — | 146,583 |
Total | 370,897 | 4,501,707 | 20,309 | 4,892,913 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 560 | — | — | 560 |
Forward Currency Contracts | — | 1,193 | — | 1,193 |
Total | 560 | 1,193 | — | 1,753 |
Liabilities | ||||
Futures Contracts1 | 90 | — | — | 90 |
Forward Currency Contracts | — | 1,024 | — | 1,024 |
Total | 90 | 1,024 | — | 1,114 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
F. Transactions during the period in affiliated underlying Vanguard funds were as follows:
Current Period Transactions | ||||||||
Oct. 31, 2021 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jul. 31, 2022 Market Value ($000) | |
Vanguard Market Liquidity Fund | 191,399 | NA1 | NA1 | (34) | (16) | 35 | — | 146,583 |
Vanguard Real Estate ETF | 28,276 | 10,132 | 30,641 | 1,657 | (5,504) | 529 | — | 3,920 |
Total | 219,675 | 10,132 | 30,641 | 1,623 | (5,520) | 564 | — | 150,503 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |