vanguard global ex-u.s. real estate index fund4 six months ended october 31, 2019 global ex-u.s....

See the inside front cover for important information about accessto your fund’s annual and semiannual shareholder reports.

Annual Report | October 31, 2020

Vanguard Global ex-U.S. Real EstateIndex Fund

Contents

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promisesor advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of thisreport. Of course, the risks of investing in your fund are spelled out in the prospectus.

Important information about access to shareholder reports

Beginning on January 1, 2021, as permitted by regulations adopted by theSecurities and Exchange Commission, paper copies of your fund’s annual andsemiannual shareholder reports will no longer be sent to you by mail, unless youspecifically request them. Instead, you will be notified by mail each time a reportis posted on the website and will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will notbe affected by this change and do not need to take any action. You may elect toreceive shareholder reports and other communications from the fund electronicallyby contacting your financial intermediary (such as a broker-dealer or bank) or, if youinvest directly with the fund, by calling Vanguard at one of the phone numbers onthe back cover of this report or by logging on to vanguard.com.

You may elect to receive paper copies of all future shareholder reports freeof charge. If you invest through a financial intermediary, you can contact theintermediary to request that you continue to receive paper copies. If you investdirectly with the fund, you can call Vanguard at one of the phone numbers on theback cover of this report or log on to vanguard.com. Your election to receive papercopies will apply to all the funds you hold through an intermediary or directly withVanguard.

Your Fund’s Performance at a Glance. . . . . . . . . . . . . . . . . . 1

About Your Fund’s Expenses. . . . . . . . . . . . . . . . . . . . . . . . . 2

Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

• Vanguard Global ex-U.S. Real Estate Index Fund returned –17.71% for ETF Shares,

–18.11% for Admiral Shares, and –18.10% for Institutional Shares for the 12 months ended

October 31, 2020. Those returns were higher than the return of the fund’s benchmark

(–18.34%), in part because of differences in the prices of securities used by the fund to

calculate its net asset value and the quoted or published prices for the same securities.1

• The period was marked by the global spread of COVID-19 and efforts to contain it.

However, responses from policymakers, the start of trials for vaccines and treatments,

and the easing of some pandemic-related restrictions eventually lifted investor sentiment.

• Real estate investment trusts (REITs) and real estate management and development

companies outside the United States significantly underperformed the broad ex-U.S.

stock market. Shopping centers were hurt by lockdowns that affected all brick-and-

mortar stores as consumers turned to online purchases.

• Commercial real estate took a hit as well, with many companies reassessing their

office space needs after their employees began working from home.

• By region, the Pacific saw the sharpest decline owing to the underperformance of its

two largest constituents—Japan and Hong Kong. Europe held up better in part because

of positive performances from Germany and Sweden.

Your Fund’s Performance at a Glance

Market Barometer Average Annual Total Returns

Periods Ended October 31, 2020

One Year Three Years Five Years

Stocks

Russell 1000 Index (Large-caps) 10.87% 10.63% 11.79%

Russell 2000 Index (Small-caps) -0.14 2.19 7.27

Russell 3000 Index (Broad U.S. market) 10.15 10.04 11.48

FTSE All-World ex US Index (International) -2.17 0.13 4.52

Bonds

Bloomberg Barclays U.S. Aggregate Bond Index

(Broad taxable market) 6.19% 5.06% 4.08%

Bloomberg Barclays Municipal Bond Index

(Broad tax-exempt market) 3.59 4.09 3.70

FTSE Three-Month U.S. Treasury Bill Index 0.86 1.62 1.15

CPI

Consumer Price Index 1.18% 1.82% 1.83%

Fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions of fund shares. The fee does not apply to the ETF Shares.

1 See Note 1 in the Notes to Financial Statements.

1

About Your Fund’s Expenses

2

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

• 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.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During 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.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and sellingsecurities. Further, the expenses do not include any purchase, redemption, or account servicefees described in the fund prospectus. If such fees were applied to your account, your costswould be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs mayhave been higher or lower, depending on the amount of your investment and the timing of anypurchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in theFinancial Statements section of this report. For additional information on operating expenses andother shareholder costs, please refer to your fund’s current prospectus.

3

Six Months Ended October 31, 2020

Global ex-U.S. Real Estate Index Fund

BeginningAccount Value

4/30/2020

EndingAccount Value

10/31/2020

ExpensesPaid During

PeriodBased on Actual Fund Return

ETF Shares $1,000.00 $1,041.17 $0.62

Admiral™ Shares 1,000.00 1,041.27 0.62

Institutional Shares 1,000.00 1,041.22 0.56

Based on Hypothetical 5% Yearly Return

ETF Shares $1,000.00 $1,024.53 $0.61

Admiral Shares 1,000.00 1,024.53 0.61

Institutional Shares 1,000.00 1,024.58 0.56

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios forthat period are 0.12% for ETF Shares, 0.12% for Admiral Shares, and 0.11% for Institutional Shares. The dollar amounts shown as“Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by thenumber of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher thanthe performance data cited. For performance data current to the most recent month-end, visitour website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Performance Summary

Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares.

See Financial Highlights for dividend and capital gains information.


4

Cumulative Performance: November 1, 2010, Through October 31, 2020Initial Investment of $10,000

2020201920182017201620152014201320122011

$20,000

6,000

14,161

Average Annual Total ReturnsPeriods Ended October 31, 2020

OneYear

FiveYears

SinceInception

(11/1/2010)

Final Valueof a $10,000Investment

Global ex-U.S. Real Estate Index Fund ETF Shares Net Asset Value -17.71% 1.92% 3.54% $14,161

Global ex-U.S. Real Estate Index Fund ETF Shares Market Price -17.93 1.89 3.47 14,071

• • • • • • • • S&P Global ex-U.S. Property Index -18.34 1.42 3.18 13,672

________ MSCI All Country World Index exUSA -2.19 4.76 3.72 14,404

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).

OneYear

FiveYears

SinceInception

(2/10/2011)

Final Valueof a $10,000Investment

Global ex-U.S. Real Estate Index Fund Admiral Shares -18.11% 1.82% 3.65% $14,170

S&P Global ex-U.S. Property Index -18.34 1.42 3.34 13,765

"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standard(s).

Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares.


5

Average Annual Total ReturnsPeriods Ended October 31, 2020

OneYear

FiveYears

SinceInception

(4/19/2011)

Final Valueof a $5,000,000

Investment

Global ex-U.S. Real Estate Index FundInstitutional Shares -18.10% 1.83% 3.48% $6,930,834

S&P Global ex-U.S. Property Index -18.34 1.42 3.18 6,741,368

"Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standard(s).

Cumulative Returns of ETF Shares: November 1, 2010, Through October 31, 2020

OneYear

FiveYears

SinceInception

(11/1/2010)

Global ex-U.S. Real Estate Index Fund ETF SharesMarket Price -17.93% 9.82% 40.71%

Global ex-U.S. Real Estate Index Fund ETF SharesNet Asset Value -17.71 9.96 41.61

S&P Global ex-U.S. Property Index -18.34 7.32 36.72

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).

For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.

Fund AllocationAs of October 31, 2020


6

Diversified Real Estate Activites 17.4%

Diversified REITs 10.9

Health Care REITs 1.3

Hotel & Resort REITs 0.9

Industrial REITs 10.4

Office REITs 7.2

Real Estate Development 17.7

Real Estate Operating Companies 20.7

Residential REITs 2.9

Retail REITs 9.4

Specialized REITs 1.2

The table reflects the fund’s investments, except for short-terminvestments and derivatives. Sector categories are based on theGlobal Industry Classification Standard ("GICS"), except for the"Other" category (if applicable), which includes securities that havenot been provided a GICS classification as of the effective report-ing period.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking its target index as closely as possible.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Common Stocks (99.2%)

Australia (8.8%)

Goodman Group 8,325,214 107,755

Scentre Group 25,937,506 38,277

Dexus 5,460,695 33,038

Stockland 11,929,916 32,260

Mirvac Group 19,693,415 29,205

Lendlease Corp. Ltd. 3,426,627 28,825

GPT Group 9,742,148 27,592

Charter Hall Group 2,336,520 20,259

Vicinity Centres 19,314,163 16,413

Shopping Centres

Australasia Property

Group 5,423,514 8,849

Charter Hall Long Wale

REIT 2,225,274 7,461

BWP Trust 2,497,880 7,042

Waypoint REIT 3,669,131 6,914

Charter Hall Retail REIT 2,539,741 6,146

National Storage REIT 4,799,355 6,091

Ingenia Communities

Group 1,495,132 4,851

Cromwell Property

Group 7,141,946 4,395

Centuria Industrial

REIT 2,020,551 4,364

Growthpoint Properties

Australia Ltd. 1,523,636 3,643

Centuria Capital Group

(XASX) 2,094,915 3,421

Abacus Property Group 1,672,736 3,258

Charter Hall Social

Infrastructure REIT 1,568,967 3,195

Lifestyle Communities

Ltd. 433,985 3,104

Arena REIT 1,625,388 3,013

Rural Funds Group 1,741,449 2,939

Aventus Group 1,674,767 2,896

Centuria Office REIT 1,986,135 2,876

Investec Australia

Property Fund 2,464,981 2,149

GDI Property Group 2,646,728 1,979

Hotel Property

Investments 815,620 1,772^ Home Consortium Ltd. 662,420 1,725

Cedar Woods Properties

Ltd. 306,025 1,234^ APN Industria REIT 650,202 1,202* Centuria Capital Group 140,106 229

428,372

Austria (0.4%)

CA Immobilien Anlagen

AG 361,791 9,938* Immofinanz AG 487,254 6,534

S Immo AG 215,925 3,191

19,663

Belgium (1.9%)

Warehouses De Pauw

CVA 663,491 22,229

Cofinimmo SA 130,773 17,773

Aedifica SA 167,512 16,882

Montea C.V.A. 52,305 5,744

Shurgard Self Storage

SA 120,072 5,120

VGP NV 36,230 4,721

Befimmo SA 119,158 4,639

Xior Student Housing NV 68,318 3,885*,^ Care Property Invest NV 110,351 3,345

Retail Estates NV 56,406 3,334

Intervest Offices &

Warehouses NV 113,085 2,796^ Immobel SA 9,793 678

91,146

Brazil (0.5%) * BR Malls Participacoes

SA 3,947,913 5,614

Multiplan

Empreendimentos

Imobiliarios SA 1,415,244 4,679* Aliansce Sonae

Shopping Centers sa 684,367 2,744

Financial Statements

Schedule of InvestmentsAs of October 31, 2020

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.


7


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Iguatemi Empresa de

Shopping Centers SA 444,486 2,323

JHSF Participacoes SA 1,461,300 1,638

BR Properties SA 1,082,675 1,636

LOG Commercial

Properties e

Participacoes SA 229,378 1,253

Jereissati Participacoes

SA 160,500 587

Cyrela Commercial

Properties SA

Empreendimentos e

Participacoes 230,100 525*,1 Mitre Realty

Empreendimentos E

Participacoes LTDA 211,500 479* Moura Dubeux

Engenharia S/A 241,900 403

21,881

Canada (2.2%) ^ Canadian Apartment

Properties REIT 417,793 13,431^ RioCan REIT 781,478 8,435

Granite REIT 143,910 8,069^ Tricon Residential Inc. 923,011 7,579

Allied Properties REIT 303,825 7,368^ Choice Properties REIT 787,313 7,109^ SmartCentres REIT 366,362 5,791

H&R REIT 698,957 5,372^ First Capital REIT 540,496 4,795^ NorthWest Healthcare

Properties REIT 442,755 3,792^ Summit Industrial

Income REIT 342,748 3,465^ Dream Industrial REIT 382,275 3,394^ Killam Apartment REIT 252,211 3,031

InterRent REIT 338,435 2,886

WPT Industrial REIT 211,139 2,734^ CT REIT 258,859 2,679^ Cominar REIT 450,048 2,398^ Boardwalk REIT 116,004 2,332^ Crombie REIT 233,744 2,281

Artis REIT 347,850 2,178^ Dream Office REIT 141,087 1,854^ Minto Apartment REIT 89,742 1,100^ Morguard North

American Residential

REIT 97,717 1,013^ True North Commercial

REIT 199,226 819^ Slate Grocery REIT 103,421 813^ Slate Office REIT 167,586 438

Automotive Properties

REIT 53,382 390

^ Plaza Retail REIT 124,999 300

DREAM Unlimited

Corp. Class A 1 —

105,846

Chile (0.2%)

Parque Arauco SA 3,480,584 4,465

Cencosud Shopping SA 2,414,984 3,192

Plaza SA 1,476,592 1,883

9,540

China (13.2%)

China Resources Land

Ltd. 14,270,446 58,361

China Overseas Land

& Investment Ltd. 18,598,710 46,716

Sunac China Holdings

Ltd. 12,574,278 46,602

Country Garden

Holdings Co. Ltd. 36,372,163 44,9511 Longfor Group

Holdings Ltd. 7,997,708 43,820

China Vanke Co. Ltd.

Class H 8,908,483 27,652

Shimao Group

Holdings Ltd. 6,194,664 21,943^ China Evergrande

Group 9,161,921 18,271

China Vanke Co. Ltd.

Class A 4,213,742 17,376

Wharf Holdings Ltd. 7,676,652 15,891*,1 ESR Cayman Ltd. 5,057,000 15,274

China Jinmao Holdings

Group Ltd. 27,375,054 13,870

CIFI Holdings Group

Co. Ltd. 19,026,000 13,181

Poly Developments

and Holdings Group

Co. Ltd. Class A 4,776,593 10,981

Agile Group Holdings

Ltd. 7,293,409 10,008

Hopson Development

Holdings Ltd. 3,336,710 8,536

Guangzhou R&F

Properties Co. Ltd.

Class H 6,438,613 8,188

KWG Group Holdings

Ltd. 5,894,658 7,817

Seazen Group Ltd. 9,122,000 6,839

China Merchants

Shekou Industrial

Zone Holdings Co.

Ltd. Class A 3,153,807 6,639

Logan Group Co. Ltd. 4,170,984 6,544

Greentown China

Holdings Ltd. 3,882,814 6,310

8


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Yuexiu Property Co.

Ltd. 31,257,094 6,069

Zhenro Properties

Group Ltd. 9,908,000 5,718

China Aoyuan Group

Ltd. 6,074,000 5,712

Kaisa Group Holdings

Ltd. 11,096,000 5,175

Shanghai Lujiazui

Finance & Trade Zone

Development Co. Ltd.

Class B 6,034,714 4,970

China Overseas Grand

Oceans Group Ltd. 8,453,079 4,934

Times China Holdings

Ltd. 3,683,000 4,920

Powerlong Real Estate

Holdings Ltd. 7,229,139 4,867

Seazen Holdings Co.

Ltd. 923,082 4,492

Gemdale Properties &

Investment Corp. Ltd. 27,322,000 4,243

Shenzhen Investment

Ltd. 13,530,201 4,133*,1 China Logistics

Property Holdings Co.

Ltd. 7,885,000 4,122

Shoucheng Holdings

Ltd. 11,468,000 4,118

Gemdale Corp. Class A 1,833,940 3,664

Yuzhou Group Holdings

Co. Ltd. 9,265,470 3,586

China SCE Group

Holdings Ltd. 8,229,766 3,537

Yuexiu REIT 7,589,516 3,504

China Fortune Land


Class A 1,561,432 3,291

Sino-Ocean Group

Holding Ltd. 15,715,329 3,006

Poly Property Group

Co. Ltd. 9,805,048 2,8321 Midea Real Estate

Holding Ltd. 1,219,416 2,758

Jiayuan International

Group Ltd. 6,252,000 2,670* SOHO China Ltd. 9,595,545 2,571

Jinke Properties Group

Co. Ltd. Class A 2,173,605 2,522* KWG Living Group

Holdings Ltd. 2,996,829 2,3501 Red Star Macalline

Group Corp. Ltd.

Class H 3,845,636 2,318

Shui On Land Ltd. 17,386,038 2,293

China South City

Holdings Ltd. 21,918,111 2,212

Zhongliang Holdings

Group Co. Ltd. 3,193,500 2,156

Jiangsu Zhongnan

Construction Group

Co. Ltd. Class A 1,532,464 2,0711 Redco Properties

Group Ltd. 4,660,000 2,063

C&D International

Investment Group Ltd. 1,237,000 2,013

Ronshine China

Holdings Ltd. 2,924,500 1,994

Skyfame Realty

Holdings Ltd. 14,847,012 1,956

Central China Real

Estate Ltd. 3,584,000 1,928

LVGEM China Real

Estate Investment

Co. Ltd. 5,944,000 1,903

Shanghai Zhangjiang

High-Tech Park


Class A 649,590 1,840

RiseSun Real Estate


Class A 1,733,875 1,824

Shanghai Lingang

Holdings Corp. Ltd.

Class A 517,466 1,753

Redsun Properties

Group Ltd. 4,717,000 1,712* Sinic Holdings Group

Co. Ltd. 3,151,000 1,696

Yango Group Co. Ltd.

Class A 1,636,911 1,681

Xinhu Zhongbao Co.

Ltd. Class A 3,465,681 1,662* Zhuguang Holdings

Group Co. Ltd. 10,202,000 1,581

Dexin China Holdings

Co. Ltd. 3,845,000 1,518

Shanghai Jinqiao

Export Processing

Zone Development

Co. Ltd. Class B 1,415,021 1,380

Greenland Hong Kong

Holdings Ltd. 4,107,000 1,335

Road King Infrastructure

Ltd. 1,115,000 1,326* Gree Real Estate Co.

Ltd. Class A 861,111 1,248

9


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Fantasia Holdings

Group Co. Ltd. 6,520,443 1,233

Shanghai Shimao Co.

Ltd. Class A 1,412,468 1,223§,* Yida China Holdings

Ltd. 4,361,350 1,195

Beijing Capital Land

Ltd. Class H 6,840,551 1,177

China Enterprise Co.

Ltd. Class A 1,956,568 1,147* Huijing Holdings Co.

Ltd. 4,082,000 1,133

Financial Street

Holdings Co. Ltd.

Class A 1,128,560 1,126*,^ Xinji Shaxi Group Co.

Ltd. 3,663,000 1,114

Joy City Property Ltd. 18,011,500 1,108

Shanghai Lujiazui

Finance & Trade Zone


Class A 632,790 1,088* Shanghai Wanye

Enterprises Co. Ltd.

Class A 412,200 1,040

China Merchants

Commercial REIT 3,332,000 1,034§,* Mingfa Group

International Co. Ltd. 4,231,908 1,032

DaFa Properties Group

Ltd. 1,149,970 1,029

China Merchants Land

Ltd. 6,742,000 978

Hangzhou Binjiang Real

Estate Group Co. Ltd.

Class A 1,326,811 961

Sichuan Languang


Class A 1,299,216 959

Beijing Capital


Class A 1,014,012 936

Grandjoy Holdings

Group Co. Ltd.

Class A 1,369,420 934

Shanghai Shibei Hi-Tech

Co. Ltd. Class B 2,465,450 892

Shanghai Industrial

Urban Development

Group Ltd. 9,260,799 863

JY Grandmark Holdings

Ltd. 2,129,000 853

Shanghai Lingang

Holdings Corp. Ltd.

Class B 625,222 849

Zensun Enterprises Ltd. 14,750,000 829

Beijing North Star Co.

Ltd. Class H 4,074,000 817

Huafa Industrial Co.

Ltd. Zhuhai Class A 794,300 770

Greattown Holdings

Ltd. Class A 970,100 763* Silver Grant

International Holdings

Group Ltd. 6,122,000 752

Jingrui Holdings Ltd. 2,529,000 691

China Electronics

Optics Valley Union

Holding Co. Ltd. 12,276,000 690

Cinda Real Estate Co.

Ltd. Class A 1,065,283 663

Shanghai Industrial


Class A 785,300 596

Suning Universal Co.

Ltd. Class A 1,295,589 593

Shenzhen SEG Co. Ltd.

Class A 553,900 586* Tahoe Group Co. Ltd.

Class A 1,040,879 585* Myhome Real Estate

Development Group

Co. Ltd. Class A 1,042,073 574

Shanghai Jinqiao

Export Processing

Zone Development

Co. Ltd. Class A 298,552 567^,1 China Vast Industrial

Urban Development

Co. Ltd. 1,403,000 561* Lushang Health

Industry Development

Co. Ltd. Class A 321,500 5001 Sunshine 100 China

Holdings Ltd. 3,145,000 500

China World Trade

Center Co. Ltd.

Class A 271,172 499

Shenzhen Zhenye

Group Co. Ltd.

Class A 580,000 497* Yincheng International

Holding Co. Ltd. 1,632,000 495

Shenzhen Heungkong

Holding Co. Ltd.

Class A 1,452,200 443

10


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Chongqing Dima

Industry Co. Ltd.

Class A 1,051,253 434

Guorui Properties Ltd. 3,907,000 429

Bright Real Estate Group

Co. Ltd. Class A 951,600 373* Macrolink

Culturaltainment


Class A 790,392 361

Everbright Jiabao Co.

Ltd. Class A 647,400 348

Tianjin Guangyu


Class A 349,004 329* Guangdong

Shirongzhaoye Co. Ltd.

Class A 302,434 294

Rongan Property Co.

Ltd. Class A 686,900 268* Sansheng Holdings

Group Co. Ltd. 352,000 259

Beijing North Star Co.

Ltd. Class A 680,319 244*,1 Shimao Services

Holdings Ltd. 102,314 219* Shanghai Shibei Hi-Tech

Co. Ltd. Class A 185,600 203

Red Star Macalline

Group Corp. Ltd.

Class A 123,729 172* China Dili Group 168,000 39* EverChina International

Holdings Co. Ltd. 1,199,331 28

639,872

Egypt (0.1%)

Talaat Moustafa Group 4,940,886 1,911

Six of October

Development &

Investment 1,401,986 1,065

Medinet Nasr Housing 4,383,588 1,025

Heliopolis Housing 1,983,712 799* Palm Hills

Developments SAE 7,466,845 630* Emaar Misr for

Development SAE 3,151,038 461

5,891

Finland (0.1%) ^ Citycon Oyj 335,959 2,586

France (2.2%)

Gecina SA 270,870 33,627

Unibail-Rodamco-

Westfield 687,140 27,816

Covivio 242,335 14,431^ Klepierre SA 1,022,089 12,950

Icade 144,922 7,329

Nexity SA 236,873 6,651

Altarea SCA 18,212 2,332

Carmila SA 215,708 1,668

Mercialys SA 146,522 702

107,506

Germany (8.5%)

Vonovia SE 2,833,841 180,980

Deutsche Wohnen SE 1,804,216 91,065

LEG Immobilien AG 355,296 48,020* Aroundtown SA 5,355,925 25,691

TAG Immobilien AG 735,308 21,669

Grand City Properties

SA 518,878 11,778

alstria office REIT-AG 823,983 10,490*,1 ADLER Group SA 323,086 8,122*,1 Instone Real Estate

Group AG 227,182 4,701^ Hamborner REIT AG 362,782 3,386* Deutsche EuroShop AG 256,579 3,241

DIC Asset AG 224,922 2,589

411,732

Greece (0.0%) * LAMDA Development

SA 324,609 1,919

Hong Kong (9.3%)

Sun Hung Kai

Properties Ltd. 7,661,941 98,623

Link REIT 10,345,389 78,955

CK Asset Holdings Ltd. 12,188,875 56,599

Wharf Real Estate

Investment Co. Ltd. 8,662,652 33,341* New World

Development Co. Ltd. 6,887,000 32,881

Henderson Land


Hang Lung Properties

Ltd. 9,263,932 22,553

Hongkong Land

Holdings Ltd. 5,870,212 21,550^ Sino Land Co. Ltd. 15,322,022 18,158

Swire Properties Ltd. 5,320,800 14,278

Hysan Development

Co. Ltd. 3,042,655 9,700

Hang Lung Group Ltd. 4,320,103 9,590

Kerry Properties Ltd. 3,027,832 7,429

Fortune REIT 7,153,861 5,975

Champion REIT 9,842,512 4,769

Great Eagle Holdings

Ltd. 1,505,000 3,638

11

12


Market Value• Shares ($000)


K Wah International Holdings Ltd. 7,538,338 3,577

Sunlight REIT 5,191,400 2,238 Prosperity REIT 6,365,649 1,806 Far East Consortium

International Ltd. 5,392,000 1,595 Chinese Estates

Holdings Ltd. 2,480,452 1,251* Jiayuan International

Group Ltd. Rights 76,463 —

452,708

India (0.7%)

Embassy Office Parks REIT 1,510,200 7,013

DLF Ltd. 3,141,267 6,702* Godrej Properties Ltd. 451,170 6,293* Oberoi Realty Ltd. 593,928 3,548* Phoenix Mills Ltd. 450,490 3,508 Prestige Estates

Projects Ltd. 643,854 2,174 Brigade Enterprises

Ltd. 493,453 1,192 Sunteck Realty Ltd. 259,448 937* Indiabulls Real Estate

Ltd. 1,351,885 869 NESCO Ltd. 120,904 823 Sobha Ltd. 199,034 782

33,841

Indonesia (0.4%) * Bumi Serpong Damai

Tbk PT 46,029,727 2,740* Pollux Properti

Indonesia Tbk PT 6,390,300 2,638 Ciputra Development

Tbk PT 45,548,891 2,505* Pakuwon Jati Tbk PT 77,429,628 2,165* Summarecon Agung

Tbk PT 39,902,300 1,760§,* Hanson International

Tbk PT 444,252,900 1,519* Lippo Karawaci Tbk

PT 146,654,749 1,330 Puradelta Lestari Tbk

PT 44,572,600 682* Alam Sutera Realty

Tbk PT 58,010,297 605* Sentul City Tbk PT 108,767,124 371* DMS Propertindo

Tbk PT 8,770,800 195

PP Properti Tbk PT 35,302,007 121§,* Armidian Karyatama

Tbk PT 34,315,100 117* Maha Properti

Indonesia Tbk PT 118,639 8§,* Modernland Realty

Tbk PT 67,400 —

16,756

Ireland (0.2%)

Hibernia REIT plc 3,457,653 4,183 Irish Residential

Properties REIT plc 2,227,664 3,542

7,725

Israel (1.2%)

Azrieli Group Ltd. 188,112 8,829 Alony Hetz Properties

& Investments Ltd. 724,892 7,266 Mivne Real Estate KD

Ltd. 2,880,033 5,508 Amot Investments Ltd. 867,636 3,976 Melisron Ltd. 108,756 3,933* Airport City Ltd. 342,403 3,711 REIT 1 Ltd. 926,974 3,513 Mega Or Holdings Ltd. 105,835 2,731* AFI Properties Ltd. 102,050 2,445* Big Shopping Centers

Ltd. 32,168 2,433 Bayside Land Corp. 294,079 2,048 Gazit-Globe Ltd. 375,738 1,556 Sella Capital Real

Estate Ltd. 982,762 1,550 Summit Real Estate

Holdings Ltd. 166,056 1,441* Isras Investment Co.

Ltd. 6,872 1,091 Blue Square Real

Estate Ltd. 21,885 893 Property & Building

Corp. Ltd. 10,327 845* YH Dimri Construction

& Development Ltd. 27,488 816* Israel Canada T.R Ltd. 431,401 729* Ashtrom Properties Ltd. 127,783 718* Brack Capital Properties

NV 9,178 694

56,726

Italy (0.0%)

Immobiliare Grande Distribuzione SIIQ SPA 260,609 758




Japan (22.5%)

Mitsubishi Estate Co. Ltd. 6,955,145 103,742

Daiwa House Industry Co. Ltd. 3,329,974 87,494

Mitsui Fudosan Co. Ltd. 4,893,857 83,330 Sumitomo Realty &

Development Co. Ltd. 2,379,667 63,678 Nippon Building Fund

Inc. 8,345 42,149 Nippon Prologis REIT

Inc. 12,337 40,606 Japan Real Estate

Investment Corp. 6,925 33,937 Daito Trust Construction

Co. Ltd. 344,825 31,367 GLP J-REIT 19,924 30,716 Nomura Real Estate

Master Fund Inc. 23,567 28,143 Hulic Co. Ltd. 2,497,548 23,135 Daiwa House REIT

Investment Corp. 9,983 23,093 Advance Residence

Investment Corp. 6,933 20,244 Orix JREIT Inc. 13,768 19,350 Japan Retail Fund

Investment Corp. 12,973 18,699 Industrial &

Infrastructure Fund Investment Corp. 10,294 17,523

United Urban Investment Corp. 15,622 16,679

Sekisui House REIT Inc. 21,068 14,733 Nippon Accommodations

Fund Inc. 2,434 13,944 Tokyu Fudosan Holdings

Corp. 3,025,344 13,220 Japan Prime Realty

Investment Corp. 4,792 12,951 Japan Logistics Fund Inc. 4,519 12,700 LaSalle Logiport REIT 8,123 12,646 Activia Properties Inc. 3,480 12,573^ Kenedix Office

Investment Corp. 2,148 12,424 Tokyo Tatemono Co.

Ltd. 1,053,083 12,112 Mitsui Fudosan

Logistics Park Inc. 2,484 11,868 Japan Hotel REIT

Investment Corp. 22,329 10,813 Nomura Real Estate

Holdings Inc. 599,329 10,468

Daiwa Securities Living Investments Corp. 10,328 10,089

Mori Hills REIT Investment Corp. 7,974 9,822

Invincible Investment Corp. 30,450 9,734

Comforia Residential REIT Inc. 3,079 8,805

AEON REIT Investment Corp. 7,597 8,592

Daiwa Office Investment Corp. 1,533 8,319

Frontier Real Estate Investment Corp. 2,407 8,058

Aeon Mall Co. Ltd. 503,783 7,859 Kenedix Residential Next

Investment Corp. 4,793 7,829 Hulic REIT Inc. 5,823 7,655^ Premier Investment Corp. 6,630 7,293 NIPPON REIT Investment

Corp. 2,250 7,224 Katitas Co. Ltd. 254,292 7,214 Japan Excellent Inc. 6,416 7,059 Mitsubishi Estate Logistics

REIT Investment Corp. 1,743 6,949 MCUBS MidCity

Investment Corp 8,902 6,385 Tokyu REIT Inc. 4,623 6,286 Mori Trust Sogo REIT Inc. 4,796 5,728 Invesco Office J-REIT Inc. 44,300 5,496^ Hoshino Resorts REIT Inc. 1,117 5,273 Kenedix Retail REIT Corp. 2,710 5,187 Heiwa Real Estate Co.

Ltd. 173,032 5,052^ Ichigo Office REIT

Investment Corp. 7,623 4,930 Heiwa Real Estate REIT

Inc. 4,389 4,745 Kenedix Inc. 893,200 4,629 Fukuoka REIT Corp. 3,594 4,357 Global One Real Estate

Investment Corp. 4,773 4,309 Starts Corp. Inc. 170,700 3,970 Keihanshin Building Co.

Ltd. 217,200 3,939 Hankyu Hanshin REIT

Inc. 3,468 3,832 Star Asia Investment

Corp. 8,415 3,570 Daibiru Corp. 297,557 3,369 SOSiLA Logistics REIT Inc. 2,529 3,270^ Itochu Advance Logistics

Investment Corp. 2,308 3,157

13


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Ichigo Inc. 1,103,300 3,127

Mirai Corp. 8,420 2,910

One REIT Inc. 1,234 2,852^ Samty Residential

Investment Corp. 2,793 2,683^ CRE Logistics REIT Inc. 1,674 2,452

SAMTY Co. Ltd. 141,200 2,237

Starts Proceed

Investment Corp. 1,161 2,216^ Health Care & Medical

Investment Corp. 1,577 1,889^ Takara Leben Real Estate

Investment Corp. 2,279 1,823^ Tosei REIT Investment

Corp. 1,714 1,704

Mori Trust Hotel REIT Inc. 1,616 1,672^ Sankei Real Estate Inc. 1,837 1,662

TOC Co. Ltd. 261,229 1,593^ ESCON Japan REIT

Investment Corp. 1,478 1,552

Tosei Corp. 143,800 1,441^ Shinoken Group Co. Ltd. 135,100 1,341*,^ Leopalace21 Corp. 839,650 1,315

Takara Leben Co. Ltd. 422,252 1,179

Goldcrest Co. Ltd. 84,740 1,083

Sun Frontier Fudousan

Co. Ltd. 132,300 1,063

Nippon Commercial

Development Co. Ltd. 56,600 916

XYMAX REIT Investment

Corp. 1,093 898^ Ichigo Hotel REIT

Investment Corp. 1,341 892

Japan Property

Management Center

Co. Ltd. 67,200 867^ Ooedo Onsen REIT

Investment Corp. 1,243 831^ Star Mica Holdings Co.

Ltd. 58,500 788

Marimo Regional

Revitalization REIT Inc. 677 693* SRE Holdings Corp. 22,200 672* Prospect Co. Ltd. 1,677,200 564^ Dear Life Co. Ltd. 125,800 455

1,089,692

Kuwait (0.0%) * National Real Estate Co.

KPSC 4,224,774 1,017

Malaysia (0.5%)

KLCCP Stapled Group 2,239,570 4,095

IGB REIT 7,953,500 3,196

Sunway REIT 7,948,934 2,735

Axis REIT 5,070,300 2,561

IOI Properties Group

Bhd. 9,669,000 2,003

Mah Sing Group Bhd. 7,686,025 1,686

Sime Darby Property

Bhd. 12,144,100 1,578* YNH Property Bhd. 2,014,000 1,362

Pavilion REIT 3,696,200 1,236

Matrix Concepts

Holdings Bhd. 3,150,128 1,206

UOA Development Bhd. 3,056,300 1,096

SP Setia Bhd. Group 5,459,700 908* UEM Sunrise Bhd. 6,492,365 579* Eco World Development

Group Bhd. 5,880,300 538

YTL Hospitality REIT 2,169,500 368

Eastern & Oriental Bhd. 3,902,997 339* Sunway Bhd. Warrants

Exp. 12/31/2024 1,260,691 68* Eco World Development

Group Bhd. Warrants

Exp. 03/26/2022 450,320 10

25,564

Mexico (0.7%)

Fibra Uno

Administracion SA

de CV 14,717,985 11,151

PLA Administradora

Industrial SA de RL

de CV 3,980,500 5,465

Prologis Property

Mexico SA de CV 2,303,823 4,616

Corp Inmobiliaria Vesta

SAB de CV 2,851,317 4,5811 Macquarie Mexico Real

Estate Management

SA de CV 3,820,180 4,389

Concentradora Fibra

Danhos SA de CV 4,118,992 3,7281 Concentradora Fibra

Hotelera Mexicana SA

de CV 825,077 176

34,106

Netherlands (0.2%)

Nsi NV 86,936 2,745

Vastned Retail NV 99,350 2,627

Eurocommercial

Properties NV 186,428 2,035^ Wereldhave NV 207,033 1,924

9,331

New Zealand (0.6%)

Goodman Property

Trust 5,522,537 9,058

Kiwi Property Group

Ltd. 7,795,207 6,337

14


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Precinct Properties

New Zealand Ltd. 5,407,070 6,325

Argosy Property Ltd. 4,232,418 3,884

Vital Healthcare

Property Trust 1,689,799 3,249

28,853

Norway (0.2%) 1 Entra ASA 816,017 10,668

Selvaag Bolig ASA 227,638 1,135

11,803

Other (0.2%)2 3 Vanguard Real Estate

ETF 96,814 7,415

Philippines (1.4%)

SM Prime Holdings Inc. 56,188,007 39,123

Ayala Land Inc. 29,452,060 20,050* Megaworld Corp. 60,753,100 3,801

Robinsons Land Corp. 10,018,872 3,103

Vista Land &

Lifescapes Inc. 15,723,178 1,093* DoubleDragon

Properties Corp. 3,610,860 1,048

Filinvest Land Inc. 42,515,000 851

DM Wenceslao and

Associates Inc. 3,626,900 403* Altus Property

Ventures Inc. 68,234 18

69,490

Poland (0.0%) ^ Develia SA 2,404,318 973* Epp NV 2,483,304 884

1,857

Qatar (0.3%)

Barwa Real Estate Co. 9,609,547 8,801* Ezdan Holding Group

QSC 8,022,013 3,724

United Development

Co. QSC 8,808,965 3,575* Mazaya Real Estate

Development QPSC 858,405 236

16,336

Russia (0.1%)

LSR Group PJSC GDR 1,098,070 2,421* Etalon Group plc GDR 956,902 1,546

3,967

Saudi Arabia (0.5%) * Dar Al Arkan Real

Estate Development

Co. 2,711,888 5,763* Emaar Economic City 2,151,721 5,102

Arabian Centres Co.

Ltd. 538,739 3,479

Jadwa REIT Saudi

Fund 564,542 1,953* Saudi Real Estate Co. 451,767 1,756

Arriyadh Development

Co. 387,195 1,733

Al Rajhi REIT 580,080 1,415

Derayah REIT 443,920 1,252

Riyad REIT Fund 543,759 1,172

Alandalus Property Co. 180,644 948

Musharaka Real Estate

Income Fund 235,951 559* Alahli REIT Fund 1 89,712 206

25,338

Singapore (5.7%)

Ascendas REIT 14,124,481 29,804

CapitaLand Mall Trust 22,629,976 28,685

CapitaLand Ltd. 12,573,738 23,661

Mapletree Logistics

Trust 13,378,985 19,112

Mapletree Industrial

Trust 8,172,539 18,214

Mapletree Commercial

Trust 10,988,241 13,855

Keppel DC REIT 6,350,564 13,484

Frasers Logistics &

Commercial Trust 12,766,152 11,512

UOL Group Ltd. 2,427,578 11,065

City Developments Ltd. 2,350,290 10,914

Suntec REIT 10,715,427 10,523

Frasers Centrepoint

Trust 4,956,247 7,672

Mapletree North Asia

Commercial Trust 10,302,466 6,573

Keppel REIT 8,654,915 6,312

Parkway Life REIT 1,998,055 5,923

Ascott Residence Trust 9,502,322 5,786

Manulife US REIT 7,085,910 5,072

Ascendas India Trust 3,625,900 3,454

Cromwell European

REIT 6,294,000 3,339

CapitaLand Retail

China Trust 3,572,958 3,063

OUE Commercial REIT 12,162,767 2,901

CDL Hospitality Trusts 3,938,906 2,860

Esr-REIT 11,033,790 2,833

Wing Tai Holdings Ltd. 1,963,200 2,573

Sph REIT 4,364,500 2,381

Yanlord Land Group Ltd. 2,981,304 2,293

Keppel Pacific Oak US

REIT 3,159,400 2,215

ARA LOGOS Logistics

Trust 5,017,142 2,187

Starhill Global REIT 7,144,868 2,172

Aims Apac REIT 2,270,976 1,964

15


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Far East Hospitality

Trust 4,346,392 1,783

Prime US REIT 2,340,600 1,732

Lendlease Global

Commercial REIT 3,762,500 1,681

Sasseur REIT 2,553,000 1,402

Soilbuild Business

Space REIT 4,192,748 1,382

OUE Ltd. 1,471,600 1,207

IREIT Global 2,550,753 1,102

Frasers Hospitality Trust 3,744,800 1,097

Sabana Shari’ah

Compliant Industrial

REIT 3,952,672 1,013

First REIT 2,910,354 853

Chip Eng Seng Corp.

Ltd. 2,414,875 761

Lippo Malls Indonesia

Retail Trust 9,515,206 614

Oxley Holdings Ltd. 3,734,700 575§ Eagle Hospitality Trust 2,602,300 357* Ying Li International

Real Estate Ltd. 3,210,900 176

EC World REIT 237,500 122* Mapletree Logistics

Trust Rights

Exp. 11/10/2020 254,930 —

278,259

South Africa (0.8%)

Growthpoint Properties

Ltd. 15,065,630 9,856

NEPI Rockcastle plc 2,064,182 7,320

Fortress REIT Ltd.

Class A 5,954,321 4,595

Redefine Properties

Ltd. 27,416,277 3,369^ Equites Property Fund

Ltd. 3,059,437 2,930

Resilient REIT Ltd. 1,471,025 2,784* Hyprop Investments Ltd. 1,303,058 1,613

Stor-Age Property REIT

Ltd. 2,167,082 1,586

Vukile Property Fund

Ltd. 4,247,961 1,263

Investec Property Fund

Ltd. 2,335,964 1,078

SA Corporate Real

Estate Ltd. 13,081,215 975

Emira Property Fund

Ltd. 2,191,900 843

Attacq Ltd. 3,793,273 727

Arrowhead Properties

Ltd. Class B 4,741,971 440* Fortress REIT Ltd.

Class B 3,710,047 394

39,773

South Korea (0.2%)

LOTTE REIT Co. Ltd. 462,242 2,208

Mirae Asset Maps Asia

Pacific Real Estate 1

Investment 474,501 1,693

SK D&D Co. Ltd. 38,717 1,395^ Shinhan Alpha REIT Co.

Ltd. 198,560 1,261

Korea Real Estate

Investment & Trust

Co. Ltd. 378,213 601

7,158

Spain (0.5%)

Merlin Properties

Socimi SA 1,677,392 11,291

Inmobiliaria Colonial

Socimi SA 1,261,064 8,977*,1 Aedas Homes SA 97,315 1,926*,1 Metrovacesa SA 235,488 1,327

Lar Espana Real Estate

Socimi SA 317,424 1,132* Quabit Inmobiliaria SA 125,800 48

24,701

Sweden (3.2%)

Castellum AB 1,214,634 25,290* Fastighets AB Balder

Class B 491,769 23,144

Fabege AB 1,370,571 17,306

Wallenstam AB 1,056,506 14,005

Wihlborgs Fastigheter

AB 680,373 12,263^ Samhallsbyggnadsbolaget

i Norden AB (Ordinary

Shares) 4,070,463 11,203

Hufvudstaden AB

Class A 602,401 7,864

Kungsleden AB 920,178 7,808* Nyfosa AB 891,802 7,374

Catena AB 122,668 4,993

Klovern AB 2,702,324 4,118

Atrium Ljungberg AB 244,410 3,948

Dios Fastigheter AB 448,821 3,142

Cibus Nordic Real

Estate AB 156,345 2,713

Platzer Fastigheter

Holding AB Class B 260,530 2,496^ Akelius Residential

Property AB 1,087,531 1,968

16


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Samhallsbyggnadsbolaget

i Norden AB 548,937 1,784

Sagax AB 485,641 1,692

NP3 Fastigheter AB 118,623 1,382* K-fast Holding AB

Class B 37,724 911

155,404

Switzerland (1.8%)

Swiss Prime Site AG 381,904 32,130

PSP Swiss Property AG 212,326 25,676

Allreal Holding AG 72,886 15,437

Mobimo Holding AG 33,775 9,760

Intershop Holding AG 6,517 3,996

86,999

Taiwan (0.9%)

Highwealth Construction

Corp. 5,181,598 7,526

Ruentex Development

Co. Ltd. 5,044,986 6,976

Huaku Development

Co. Ltd. 1,225,854 3,717

Chong Hong

Construction Co. Ltd. 1,165,297 3,246

Prince Housing &

Development Corp. 6,182,478 2,282

Kindom Development

Co. Ltd. 1,840,000 2,242

Farglory Land


Kuoyang Construction

Co. Ltd. 2,072,887 1,712

Cathay Real Estate


Hung Sheng

Construction Ltd. 2,334,400 1,397

Radium Life Tech Co.

Ltd. 3,274,125 1,210

ZongTai Real Estate

Development Co. Ltd. 873,516 1,180

Chung Lien

Transportation Co. Ltd. 434,000 1,058

Hong Pu Real Estate


Huang Hsiang

Construction Corp. 712,000 965* King’s Town

Construction Co. Ltd. 710,000 941* Taiwan Land

Development Corp. 3,639,450 936* Shining Building

Business Co. Ltd. 2,218,869 789

KEE TAI Properties Co.

Ltd. 2,222,869 750

* Sakura Development

Co. Ltd. 591,000 620

Hung Ching

Development &

Construction Co. Ltd. 726,000 467

Sweeten Real Estate

Development Co. Ltd. 528,896 396

Advancetek Enterprise

Co. Ltd. 435,000 291

43,354

Thailand (1.0%)

Central Pattana PCL 6,737,600 8,323

CPN Retail Growth

Leasehold REIT 8,954,935 5,227

Tesco Lotus Retail

Growth Freehold &

Leasehold Property

Fund 8,839,330 4,225

Land & Houses PCL 18,700,800 3,835

Frasers Property

Thailand Industrial

Freehold & Leasehold

REIT 7,532,100 3,068^ WHA Corp. PCL 37,089,186 2,828

WHA Premium Growth

Freehold & Leasehold

Real Estate

Investment Trust 6,578,296 2,678

IMPACT Growth REIT 3,211,100 1,802

Supalai PCL 3,384,781 1,704

Siam Future

Development PCL 11,757,560 1,606^ Quality Houses PCL 20,853,300 1,390§ Pruksa Real Estate PCL 3,024,500 1,302

Bangkok Land PCL 41,623,095 1,295

Mbk Pcl 3,189,300 1,104

Origin Property PCL 5,011,798 1,060

S Prime Growth

Leasehold REIT 4,456,100 1,000

Asian Property

Development PCL

(Foreign) 4,977,520 997

Amata Corp. PCL

(Foreign) 2,509,523 941

Pruksa Holding PCL 2,842,100 893

Noble Development

PCL 1,033,500 660^ Singha Estate PCL 14,174,500 504*,^ U City PCL 13,700,024 479

Hemaraj Leasehold

REIT 1,781,000 423^ LPN Development PCL 2,977,800 363

17


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

SC Asset Corp. PCL

(Foreign) 4,247,437 313^ SC Asset Corp. PCL

NVDR 4,237,400 312

Sansiri PCL (Foreign) 15,046,300 280

Sansiri PCL 13,342,700 248* Amata Corp. PCL 581,900 218

Frasers Property

Thailand PCL NVDR 354,499 110

Property Perfect PCL 3,306,790 35* MBK PCL Warrants

Exp. 12/31/2023 127,968 32§,* PACE Development

Corp. PCL Warrants

Exp. 08/29/2022 11,308,800 7

Platinum Group PCL 58,400 4

Frasers Property

Thailand PCL

(Foreign) 1,501 —* Property Perfect PCL

Rights 3,106,237 —* Hemaraj Leasehold

REIT Rights

Exp. 11/27/2020 348,363 —

49,266

Turkey (0.1%)

Emlak Konut

Gayrimenkul Yatirim

Ortakligi AS 9,982,667 2,043* Is Gayrimenkul Yatirim

Ortakligi AS 2,560,380 581* Vakif Gayrimenkul

Yatirim Ortakligi AS 886,021 357

2,981

United Arab Emirates (0.8%)

Aldar Properties PJSC 19,411,748 14,334* Emaar Properties PJSC 17,566,953 12,589* Emaar Malls PJSC 9,985,967 3,982* Emaar Development

PJSC 4,305,538 2,647* DAMAC Properties

Dubai Co. PJSC 8,622,014 2,537* Deyaar Development

PJSC 7,761,390 569

RAK Properties PJSC 5,356,151 560* Eshraq Investments

PJSC 6,041,280 495

37,713

United Kingdom (7.0%)

Segro plc 5,959,292 69,633

Land Securities Group

plc 3,764,176 24,836* UNITE Group plc 2,000,009 21,584

British Land Co. plc 4,720,458 21,317

Derwent London plc 550,175 18,946

Tritax Big Box REIT plc 8,584,204 17,417

Assura plc 13,420,844 13,249

LondonMetric Property

plc 4,573,532 12,787

Grainger plc 3,430,012 12,426

Primary Health

Properties plc 6,614,536 12,339

Big Yellow Group plc 836,720 11,924

Safestore Holdings plc 1,062,889 11,065

Great Portland Estates

plc 1,288,265 9,631

Shaftesbury plc 1,173,384 6,916

Capital & Counties

Properties plc 4,336,576 5,878

Workspace Group plc 641,119 5,125

Sirius Real Estate Ltd. 4,983,556 4,747

Supermarket Income

Reit plc 3,339,894 4,457

St. Modwen Properties

plc 1,023,180 4,395

Civitas Social Housing

plc 3,160,786 4,259

Hammerson plc 19,081,935 4,030

LXI REIT plc 2,652,455 3,761

UK Commercial

Property REIT Ltd. 3,754,118 3,317

BMO Commercial

Property Trust Ltd. 4,034,366 3,215

GCP Student Living plc 2,081,410 3,0201 Triple Point Social

Housing REIT plc 1,836,186 2,510

Helical plc 535,604 2,359

Picton Property Income

Ltd. 2,833,967 2,288

Empiric Student

Property plc 3,124,527 2,186

CLS Holdings plc 830,226 2,132

Urban & Civic plc 754,460 2,004* Custodian REIT plc 1,657,735 1,832

Impact Healthcare

REIT plc 1,420,853 1,822

Phoenix Spree

Deutschland Ltd. 445,298 1,8001 Regional REIT Ltd. 2,119,113 1,713

Redefine International

plc 1,371,212 1,577

MAS Real Estate Inc. 2,320,305 1,458

NewRiver REIT plc 1,522,304 1,252

Standard Life

Investment Property

Income Trust Ltd. 1,757,675 1,207

Schroder REIT Ltd. 2,939,415 1,173

18

19



Face Market Amount Value• ($000) ($000)

AEW UK REIT plc 806,771 794§,* Intu Properties plc 5,001,586 115* Shaftesbury plc Rights

Exp. 11/11/2020 142,047 101 U & I Group plc 80,089 58

338,655

United States (0.1%) ^ Brookfield Property

REIT Inc. Class A 280,716 4,141

Total Common Stocks

(Cost $5,643,580) 4,807,641

Temporary Cash Investments (3.3%)

Money Market Fund (3.2%)4,5 Vanguard Market

Liquidity Fund, 0.112% 1,542,745 154,274

Face Amount ($000)

U.S. Government and Agency Obligations (0.1%) 6 United States Cash Management

Bill, 0.145%, 12/15/2020 2,900 2,9006 United States Treasury

Bill, 0.109%, 12/31/2020 702 702

3,602

Total Temporary Cash Investments

(Cost $157,879) 157,876

Total Investments (102.5%)

(Cost $5,801,459) 4,965,517

Other Assets and Liabilities—

Net (-2.5%) (120,402)

Net Assets (100%) 4,845,115

Cost is in $000.

• See Note A in Notes to Financial Statements.

§ Security value determined using significant unobservable inputs.

* Non-income-producing security.

^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $142,661,000.

1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the aggregate value of these securities was $107,646,000, representing 2.2% of net assets.

2 “Other” represents securities that are not classified by the fund’s benchmark index.

3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.

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 Includes collateral received for securities on loan.

6 Securities with a value of $2,089,000 have been segregated as initial margin for open futures contracts.

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)

Value and Number of Unrealized Long (Short) Notional Appreciation Expiration Contracts Amount (Depreciation)

Long Futures Contracts

MSCI Emerging Market Index December 2020 335 18,457 (35)

Topix Index December 2020 52 7,813 (188)

E-mini S&P 500 Index December 2020 7 1,143 (45)

(268)

Forward Currency Contracts

Contract Unrealized Unrealized Settlement Contract Amount (000) Appreciation (Depreciation)Counterparty Date Receive Deliver ($000) ($000)

State Street Bank & Trust Co. 1/14/21 HKD 202,937 USD 26,175 — —

UBS AG 1/14/21 EUR 7,280 USD 8,599 — (104)

Goldman Sachs International 1/14/21 JPY 276,620 USD 2,644 1 —

Bank of America, N.A. 1/14/21 USD 26,164 HKD 202,937 — (12)

Standard Chartered Bank 1/14/21 USD 8,544 EUR 7,280 49 —

Bank of America, N.A. 1/14/21 USD 2,912 GBP 2,267 — (27)

Barclays Bank plc 1/14/21 USD 2,620 JPY 276,621 — (25)

50 (168)

EUR—euro.

GBP—British pound.

HKD—Hong Kong dollar.

JPY—Japanese yen.

USD—U.S. dollar.

20


See accompanying Notes, which are an integral part of the Financial Statements.

Over-the-Counter Total Return Swaps

Floating

Interest

Rate Value and Value and

Notional Received Unrealized Unrealized

Termination Amount (Paid)1 Appreciation (Depreciation)

Reference Entity Date Counterparty ($000) (%) ($000) ($000)

Northview Apartment REIT 9/2/21 BOANA 4,961 1.098 41 —

1 Based on 1-month USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.

BOANA—Bank of America, N.A.

21

22

($000s, except shares and per-share amounts) Amount

Assets

Investments in Securities, at Value

Unaffiliated Issuers (Cost $5,639,653) 4,803,828

Affiliated Issuers (Cost $161,806) 161,689

Total Investments in Securities 4,965,517

Investment in Vanguard 212

Cash 250

Foreign Currency, at Value (Cost $17,437) 17,503

Receivables for Investment Securities Sold 14,035

Receivables for Accrued Income 20,592

Receivables for Capital Shares Issued 488

Unrealized Appreciation—Forward Currency Contracts 50

Unrealized Appreciation—Over-the-Counter Swap Contracts 41

Total Assets 5,018,688

Liabilities

Payables for Investment Securities Purchased 17,415

Collateral for Securities on Loan 154,337

Payables for Capital Shares Redeemed 1,113

Payables to Vanguard 296

Variation Margin Payable—Futures Contracts 244

Unrealized Depreciation—Forward Currency Contracts 168

Total Liabilities 173,573

Net Assets 4,845,115

Statement of Assets and LiabilitiesAs of October 31, 2020



23

Statement of Assets and Liabilities (continued)

At October 31, 2020, net assets consisted of:

($000s, except shares and per-share amounts) Amount

Paid-in Capital 6,255,612

Total Distributable Earnings (Loss) (1,410,497)

Net Assets 4,845,115

ETF Shares—Net Assets

Applicable to 89,694,555 outstanding $.001 par value shares of

beneficial interest (unlimited authorization) 4,219,424

Net Asset Value Per Share—ETF Shares $47.04

Admiral Shares—Net Assets


beneficial interest (unlimited authorization) 420,583

Net Asset Value Per Share—Admiral Shares $28.51

Institutional Shares—Net Assets


beneficial interest (unlimited authorization) 205,108

Net Asset Value Per Share—Institutional Shares $94.98


24

Year Ended October 31, 2020

($000)

Investment Income

Income

Dividends—Unaffiliated Issuers1 198,821

Dividends—Affiliated Issuers 241

Interest—Unaffiliated Issuers 15

Interest—Affiliated Issuers 35

Securities Lending—Net 3,254

Total Income 202,366

Expenses

The Vanguard Group—Note B

Investment Advisory Services 849

Management and Administrative—ETF Shares 3,792

Management and Administrative—Admiral Shares 452

Management and Administrative—Institutional Shares 170

Marketing and Distribution—ETF Shares 206

Marketing and Distribution—Admiral Shares 30

Marketing and Distribution—Institutional Shares 8

Custodian Fees 790

Auditing Fees 37

Shareholders’ Reports—ETF Shares 570

Shareholders’ Reports—Admiral Shares 8

Shareholders’ Reports—Institutional Shares —

Trustees’ Fees and Expenses 4

Total Expenses 6,916

Expenses Paid Indirectly (126)

Net Expenses 6,790

Net Investment Income 195,576

Realized Net Gain (Loss)

Investment Securities Sold—Unaffiliated Issuers2 (112,152)

Investment Securities Sold—Affiliated Issuers (1,015)

Futures Contracts 1,983

Swap Contracts 539

Forward Currency Contracts (91)

Foreign Currencies 49

Realized Net Gain (Loss) (110,687)

Statement of Operations



25

Statement of Operations (continued)

Year Ended October 31, 2020

($000)

Change in Unrealized Appreciation (Depreciation)

Investment Securities—Unaffiliated Issuers (1,219,897)

Investment Securities—Affiliated Issuers (2,070)

Futures Contracts (690)

Swap Contracts 41

Forward Currency Contracts (237)

Foreign Currencies 587

Change in Unrealized Appreciation (Depreciation) (1,222,266)

Net Increase (Decrease) in Net Assets Resulting from Operations (1,137,377)

1 Dividends are net of foreign withholding taxes of $17,938,000.

2 Includes $88,187,000 of net gain (loss) resulting from in-kind redemptions.



26

Statement of Changes in Net Assets


Year Ended October 31,

2020 2019 ($000) ($000)

Increase (Decrease) in Net Assets

Operations

Net Investment Income 195,576 228,005

Realized Net Gain (Loss) (110,687) 4,956

Change in Unrealized Appreciation (Depreciation) (1,222,266) 890,079

Net Increase (Decrease) in Net Assets Resulting from Operations (1,137,377) 1,123,040

Distributions1

Investor Shares — (1,426)

ETF Shares (358,889) (218,936)

Admiral Shares (37,035) (19,819)

Institutional Shares (14,097) (7,705)

Total Distributions (410,021) (247,886)

Capital Share Transactions

Investor Shares — (56,179)

ETF Shares (372,426) (96,341)

Admiral Shares (56,772) 70,373

Institutional Shares 27,341 90,770

Net Increase (Decrease) from Capital Share Transactions (401,857) 8,623

Total Increase (Decrease) (1,949,255) 883,777

Net Assets

Beginning of Period 6,794,370 5,910,593

End of Period 4,845,115 6,794,370

1 Certain prior-period numbers have been reclassified to conform with the current-period presentation.


27

ETF Shares

For a Share Outstanding Year Ended October 31,

Throughout Each Period 2020 2019 2018 2017 2016

Net Asset Value, Beginning of Period $60.79 $52.99 $59.49 $53.35 $53.58

Investment Operations

Net Investment Income1 1.761 2.033 2.672 1.900 1.752

Net Realized and Unrealized Gain (Loss) on Investments (11.864) 7.969 (6.240) 6.325 (.241)

Total from Investment Operations (10.103) 10.002 (3.568) 8.225 1.511

Distributions

Dividends from Net Investment Income (3.647) 2.202 (2.932) (2.085) (1.741)

Distributions from Realized Capital Gains — — — — —

Total Distributions (3.647) 2.202 (2.932) (2.085) (1.741)

Net Asset Value, End of Period $47.04 $60.79 $52.99 $59.49 $53.35

Total Return -17.71% 19.47% -6.42% 16.13% 2.92%

Ratios/Supplemental Data

Net Assets, End of Period (Millions) $4,219 $5,945 $5,270 $5,122 $3,616

Ratio of Total Expenses to Average Net Assets 0.12% 0.12% 0.12% 0.14% 0.15%

Ratio of Net Investment Income to Average Net Assets 3.44% 3.54% 4.51% 3.44% 3.30%

Portfolio Turnover Rate2 11% 7% 7% 6% 7%

1 Calculated based on average shares outstanding.

2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

Financial Highlights



28

Admiral Shares







Total from Investment Operations (6.120) 6.064 (2.164) 4.985 .919

Distributions





Total Return2 -17.71% 19.46% -6.43% 16.15% 2.91%


Net Assets, End of Period (Millions) $421 $617 $475 $453 $373





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.





29

Institutional Shares







Total from Investment Operations (20.384) 20.207 (7.197) 16.630 3.076

Distributions





Total Return2 -17.71% 19.46% -6.42% 16.17% 2.93%


Net Assets, End of Period (Millions) $205 $232 $115 $156 $165





2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.




Notes to Financial Statements


Vanguard Global ex-U.S. Real Estate Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.

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.

1. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

2. 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).

3. 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

30


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. The notional amounts of the

contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of

the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in

the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed,

when they are recorded as realized gains (losses) on futures contracts.

During the year ended October 31, 2020, the fund’s average investments in long and short futures

contracts represented less than 1% and 0% of net assets, respectively, based on the average of

the notional amounts at each quarter-end during the period.

4. Forward Currency Contracts: The fund enters into forward currency contracts to provide the

appropriate currency exposure related to any open futures contracts. 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. The notional

amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations

in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset

(liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the

contracts are closed, when they are recorded as realized gains (losses) on forward currency

contracts.

31


During the year ended October 31, 2020, the fund’s average investment in forward currency

contracts represented less than 1% of net assets, based on the average of notional amounts at

each quarter-end during the period.

5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on

selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund

receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease

in value of the selected reference stock and receiving the equivalent of any dividends in respect

of the selected referenced stock) over a specified period of time, applied to a notional amount

that represents the value of a designated number of shares of the selected reference stock at

the beginning of the equity swap contract. The fund also pays a floating rate that is based on

short-term interest rates, applied to the notional amount. At the same time, the fund generally

invests an amount approximating the notional amount of the swap in high-quality temporary

cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its

obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty

risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by

entering into swaps 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.

In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap

contracts with that counterparty, 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 swap 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 swap 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities.

Swaps are valued daily based on market quotations received from independent pricing services or

recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities

as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation)

until periodic payments are made or the termination of the swap, at which time realized gain (loss)

is recorded.

During the year ended October 31, 2020, the fund’s average amounts of investments in total return

swaps represented less than 1% of net assets, based on the average of notional amounts at each

quarter-end during the period.

32


6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment

company and distribute all of its taxable income. The fund’s tax returns are open to examination by

the relevant tax authorities until expiration of the applicable statute of limitations, which is generally

three years after the filing of the tax return. Management has analyzed the fund’s tax positions

taken for all open federal and state income tax years, and has concluded that no provision for

income tax is required in the fund’s financial statements.

7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions

are determined on a tax basis at the fiscal year-end and may differ from net investment income

and realized capital gains for financial reporting purposes.

8. Securities Lending: To earn additional income, the fund lends its securities to qualified

institutional borrowers. Security loans are subject to termination by the fund at any time, and are

required to be secured at all times by collateral in an amount at least equal to the market value of

securities loaned. Daily market fluctuations could cause the value of loaned securities to be more

or less than the value of the collateral received. When this occurs, the collateral is adjusted and

settled before the opening of the market on the next business day. The fund further mitigates its

counterparty risk by entering into securities lending transactions only with a diverse group of

prequalified counterparties, monitoring their financial strength, and entering into master securities

lending agreements with its counterparties. The master securities lending agreements provide that,

in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans

with that borrower, determine the net amount owed, and sell or retain the collateral up to the net

amount owed to the fund; however, such actions may be subject to legal proceedings. While

collateral mitigates counterparty risk, in the event of a default, the fund may experience delays

and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard

Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return

of the collateral, during the period the securities are on loan. Collateral investments in Vanguard

Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending

income represents fees charged to borrowers plus income earned on invested cash collateral,

less expenses associated with the loan. During the term of the loan, the fund is entitled to all

distributions made on or in respect of the loaned securities.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed

by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided

by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility

provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable

for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or

emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions.

With respect to the committed credit facility, the participating funds are charged administrative

fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility;

these fees are allocated to the funds based on a method approved by the fund’s board of trustees

and included in Management and Administrative expenses on the fund’s Statement of Operations.

Any borrowings under either facility bear interest at a rate based upon the higher of the one-

month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds

effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings

under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by

the fund and Vanguard.

33


In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a

joint lending and borrowing program that allows registered open-end Vanguard funds to borrow

money from and lend money to each other for temporary or emergency purposes (the “Interfund

Lending Program”), subject to compliance with the terms and conditions of the Order, and to the

extent permitted by the fund’s investment objective and investment policies. Interfund loans and

borrowings normally extend overnight, but can have a maximum duration of seven days. Loans

may be called on one business day’s notice. The interest rate to be charged is governed by the

conditions of the Order and internal procedures adopted by the board of trustees. The board of

trustees is responsible for overseeing the Interfund Lending Program.

For the year ended October 31, 2020, the fund did not utilize the credit facilities or the Interfund

Lending Program.

10. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income

distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and

discounts on debt securities are amortized and accreted, respectively, to interest income over the

lives of the respective securities, except for premiums on certain callable debt securities that are

amortized to the earliest call date. Security transactions are accounted for on the date securities are

bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities

are those of the specific securities sold. Fees assessed on capital share transactions are credited to

paid-in capital.

Withholding taxes on foreign dividends and capital gains have been provided for in accordance with

the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax

reclaims for previously withheld taxes on dividends earned in certain European Union countries.

These filings are subject to various administrative and judicial proceedings within these countries.

Such tax reclaims received during the year, if any, are included in dividend income. No other

amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty

as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the

potential timing of payment.

Each class of shares has equal rights as to assets and earnings, except that each class separately

bears certain class-specific expenses related to maintenance of shareholder accounts (included in

Management and Administrative expenses) and shareholder reporting. Marketing and distribution

expenses are allocated to each class of shares based on a method approved by the board of

trustees. Income, other non-class-specific expenses, and gains and losses on investments are

allocated to each class of shares based on its relative net assets.

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.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in

Vanguard. At October 31, 2020, the fund had contributed to Vanguard capital in the amount of

$212,000, representing less than 0.01% of the fund’s net assets and 0.08% of Vanguard’s capital

received pursuant to the FSA. The fund’s trustees and officers are also directors and employees,

respectively, of Vanguard.

34

35


C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2020, custodian fee offset arrangements reduced the fund’s expenses by $126,000 (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—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 October 31, 2020, based on the inputs used to value them:

Level 1 Level 2 Level 3 Total ($000) ($000) ($000) ($000)

Investments

Assets

Common Stocks 182,927 4,619,070 5,644 4,807,641

Temporary Cash Investments 154,274 3,602 — 157,876

Total 337,201 4,622,672 5,644 4,965,517

Derivative Financial Instruments

Assets

Forward Currency Contracts — 50 — 50

Swap Contracts — 41 — 41

Total — 91 — 91

Liabilities

Futures Contracts1 244 — — 244

Forward Currency Contracts — 168 — 168

Total 244 168 — 412

1 Represents variation margin on the last day of the reporting period.

36


E. At October 31, 2020, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

Foreign Equity Exchange Contracts Contracts Total Statement of Assets and Liabilities Caption ($000) ($000) ($000)

Unrealized Appreciation—Forward Currency Contracts — 50 50

Unrealized Appreciation—Over-the-Counter Swap Contracts 41 — 41

Total Assets 41 50 91

Variation Margin Payable—Futures Contracts 244 — 244

Unrealized Depreciation—Forward Currency Contracts — 168 168

Total Liabilities 244 168 412

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2020, were:

Foreign Equity Exchange Contracts Contracts Total Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000)

Futures Contracts 1,983 — 1,983

Swap Contracts 539 — 539

Forward Currency Contracts — (91) (91)

Realized Net Gain (Loss) on Derivatives 2,522 (91) 2,431

Change in Unrealized Appreciation (Depreciation) on Derivatives

Futures Contracts (690) — (690)

Swap Contracts 41 — 41

Forward Currency Contracts — (237) (237)

Change in Unrealized Appreciation (Depreciation) on Derivatives (649) (237) (886)

F. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, passive foreign investment companies, corporate actions, swap agreements, and tax expense on capital gains were reclassified between the following accounts:

Amount ($000)

Paid-in Capital 44,517

Total Distributable Earnings (Loss) (44,517)

37


Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from passive foreign investment companies; the treatment of income from corporate actions; and the classification of securities for tax purposes. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

Amount ($000)

Undistributed Ordinary Income 27,220

Undistributed Long-Term Gains —

Capital Loss Carryforwards (477,984)

Qualified Late-Year Losses —

Net Unrealized Gains (Losses) (959,733)

The tax character of distributions paid was as follows:

October 31, 2020 October 31, 2019

Amount Amount ($000) ($000)

Ordinary Income* 410,021 247,886

Long-Term Capital Gains — —

Total 410,021 247,886

* Includes short-term capital gains, if any.

As of October 31, 2020, 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 5,925,268

Gross Unrealized Appreciation 516,916

Gross Unrealized Depreciation (1,476,867)

Net Unrealized Appreciation (Depreciation) (959,951)

38


G. During the year ended October 31, 2020, the fund purchased $898,945,000 of investment securities and sold $1,504,493,000 of investment securities, other than temporary cash investments. Purchases and sales include $272,486,000 and $624,923,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

H. Capital share transactions for each class of shares were:

Year Ended October 31,

2020 2019

Amount Shares Amount Shares ($000) (000) ($000) (000)

Investor Shares

Issued1 — — 6,420 274

Issued in Lieu of Cash Distributions — — 1,213 58

Redeemed2,3 — — (63,812) (2,743)

Net Increase (Decrease)—Investor Shares — — (56,179) (2,411)

ETF Shares

Issued1 299,697 5,699 482,975 8,342

Issued in Lieu of Cash Distributions — — — —

Redeemed2 (672,123) (13,800) (579,316) (10,000)

Net Increase (Decrease)—ETF Shares (372,426) (8,101) (96,341) (1,658)

Admiral Shares

Issued1,3 125,819 4,401 145,581 4,167

Issued in Lieu of Cash Distributions 28,790 825 16,080 490

Redeemed2 (211,381) (7,235) (91,288) (2,674)

Net Increase (Decrease)—Admiral Shares (56,772) (2,009) 70,373 1,983

Institutional Shares

Issued1 32,658 330 95,873 861

Issued in Lieu of Cash Distributions 5,630 48 3,296 30

Redeemed2 (10,947) (112) (8,399) (73)

Net Increase (Decrease)—Institutional Shares 27,341 266 90,770 818

1 Includes purchase fees for fiscal 2020 and 2019 of $396,000 and $462,000, respectively (fund totals).

2 Net of redemption fees for fiscal 2020 and 2019 of $473,000 and $230,000, respectively (fund totals).

3 In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019. Investor Shares—Redeemed and Admiral Shares—Issued include 2,294,000 and 1,514,000 shares, respectively, in the amount of $53,445,000 from the conversion during the year ended October 31, 2019.


I. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

Current Period Transactions

Oct. 31, Proceeds Realized Oct. 31, 2019 from Net Change in Capital Gain 2020 Market Purchases Securities Gain Unrealized Distributions Market Value at Cost Sold1 (Loss) App. (Dep.) Income Received Value ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

Vanguard Market Liquidity Fund 98,940 NA2 NA2 (55) (16) 35 — 154,274

Vanguard Real Estate ETF 11,053 5,221 5,739 (960) (2,054) 241 — 7,415

Total 109,993 (1,015) (2,070) 276 — 161,689

1 Does not include adjustments related to return of capital.

2 Not applicable—purchases and sales are for temporary cash investment purposes.

J. Management has determined that no events or transactions occurred subsequent to October 31, 2020, that would require recognition or disclosure in these financial statements.

39

To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of

Vanguard Global ex-U.S. Real Estate Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of

investments, of Vanguard Global ex-U.S. Real Estate Index Fund (one of the funds constituting

Vanguard International Equity Index Funds, referred to hereafter as the “Fund”) as of October 31,

2020, the related statement of operations for the year ended October 31, 2020, the statement of

changes in net assets for each of the two years in the period ended October 31, 2020, including the

related notes, and the financial highlights for each of the five years in the period ended October 31,

2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements

present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the

results of its operations for the year then ended, the changes in its net assets for each of the two

years in the period ended October 31, 2020 and the financial highlights for each of the five years in

the period ended October 31, 2020 in conformity with accounting principles generally accepted in

the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility

is to express an opinion on the Fund’s financial statements based on our audits. We are a public

accounting firm registered with the Public Company Accounting Oversight Board (United States)

(“PCAOB”) and are required to be independent with respect to the Fund in accordance with the

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of

the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement, whether

due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the

financial statements, whether due to error or fraud, and performing procedures that respond to

those risks. Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements. Our audits also included evaluating the accounting

principles used and significant estimates made by management, as well as evaluating the overall

presentation of the financial statements. Our procedures included confirmation of securities owned

as of October 31, 2020 by correspondence with the custodian and brokers and by agreement to the

underlying ownership records of the transfer agent; when replies were not received from brokers,

we performed other auditing procedures. We believe that our audits provide a reasonable basis for

our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 15, 2020

We have served as the auditor of one or more investment companies in The Vanguard Group of

Funds since 1975.

Report of Independent Registered Public Accounting Firm

40

Special 2020 tax information (unaudited) for Vanguard Global ex-U.S. Real Estate Index Fund

This information for the fiscal year ended October 31, 2020, is included pursuant to provisions of

the Internal Revenue Code.

The fund distributed $31,285,000 of qualified dividend income to shareholders during the

fiscal year.

The fund designates to shareholders foreign source income of $246,821,000 and foreign

taxes paid of $15,231,000. Shareholders will receive more detailed information with their

Form 1099-DIV in January 2021 to determine the calendar-year amounts to be included on

their 2020 tax returns.

41

The S&P Global ex-U.S. Property Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s®, and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Vanguard. Vanguard Global ex-U.S. Real Estate Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of the Vanguard Global ex-U.S. Real Estate Index Fund or any member of the public regarding the advisability of investing in securities generally or in Vanguard Global ex-U.S. Real Estate Index Fund particularly or the ability of the S&P Global ex-U.S. Property Index to track general market performance. S&P Dow Jones Indices’ only relationship to Vanguard with respect to the S&P Global ex-U.S. Property Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P Global ex-U.S. Property Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Vanguard or the Vanguard Global ex-U.S. Real Estate Index Fund. S&P Dow Jones Indices have no obligation to take the needs of Vanguard or the owners of Vanguard Global ex-U.S. Real Estate Index Fund into consideration in determining, composing or calculating the S&P Global ex-U.S. Property Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of Vanguard Global ex-U.S. Real Estate Index Fund or the timing of the issuance or sale of Vanguard Global ex-U.S. Real Estate Index Fund or in the determination or calculation of the equation by which Vanguard Global ex-U.S. Real Estate Index Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of Vanguard Global ex-U.S. Real Estate Index Fund. There is no assurance that investment products based on the S&P Global ex-U.S. Property Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P GLOBAL EX-U.S. PROPERTY INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P GLOBAL EX-U.S. PROPERTY INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

42

The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your

best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also

serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard

funds and provides services to them.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation

with Vanguard or the funds they oversee, apart from the sizable personal investments they have

made as private individuals. The independent board members have distinguished backgrounds

in business, academia, and public service. Each of the trustees and executive officers oversees

213 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information,

as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing

address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information

about the trustees is in the Statement of Additional Information, which can be obtained, without

charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustee1

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal

occupation(s) during the past five years and other

experience: chairman of the board (2019–present) of

Vanguard and of each of the investment companies

served by Vanguard; chief executive officer (2018–

present) of Vanguard; chief executive officer, president,

and trustee (2018–present) of each of the investment

companies served by Vanguard; president and

director (2017–present) of Vanguard; and president

(2018–present) of Vanguard Marketing Corporation.

Chief investment officer (2013–2017), managing

director (2002–2017), head of the Retail Investor

Group (2006–2012), and chief information officer

(2001–2006) of Vanguard. Chairman of the board

(2011–2017) and trustee (2009–2017) of the Children’s

Hospital of Philadelphia; and trustee (2018–present)

and vice chair (2019–present) of The Shipley School.

Independent Trustees

Emerson U. Fullwood



experience: executive chief staff and marketing officer

for North America and corporate vice president (retired

2008) of Xerox Corporation (document management

products and services). Former president of the

Worldwide Channels Group, Latin America, and

Worldwide Customer Service and executive chief

staff officer of Developing Markets of Xerox. Executive

in residence and 2009–2010 Distinguished Minett

Professor at the Rochester Institute of Technology.

Director of SPX FLOW, Inc. (multi-industry manufac-

turing). Director of the University of Rochester Medical

Center, the Monroe Community College Foundation,

the United Way of Rochester, North Carolina A&T

University, and Roberts Wesleyan College. Trustee

of the University of Rochester.

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal


experience: president (2004–present) of the University

of Pennsylvania. Christopher H. Browne Distinguished

Professor of Political Science, School of Arts and

Sciences, and professor of communication, Annenberg

School for Communication, with secondary faculty

appointments in the Department of Philosophy, School

of Arts and Sciences, and at the Graduate School of

Education, University of Pennsylvania.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal


experience: president and chief operating officer

(retired 2009) and vice chairman of the board

(2008–2009) of Cummins Inc. (industrial machinery).

Chairman of the board of Hillenbrand, Inc. (specialized

consumer services) and the Lumina Foundation.

Director of the V Foundation. Member of the advisory

1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

council for the College of Arts and Letters and

chair of the advisory board to the Kellogg Institute

for International Studies, both at the University of

Notre Dame.

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal


experience: senior vice president and chief financial

officer (retired 2013) of IBM (information technology

services). Fiduciary member of IBM’s Retirement

Plan Committee (2004–2013), senior vice president

and general manager (2002–2004) of IBM Global

Financing, vice president and controller (1998–2002)

of IBM, and a variety of other prior management roles

at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal


experience: chief investment officer (retired June

2020) and vice president (retired June 2020) of the

University of Notre Dame. Assistant professor of

finance at the Mendoza College of Business, University

of Notre Dame, and member of the Notre Dame 403(b)

Investment Committee (retired June 2020). Member

of the board of Catholic Investment Services, Inc.

(investment advisors) and the board of superintendence

of the Institute for the Works of Religion.

Deanna Mulligan



experience: board chair (2020–present), chief executive

officer (2011–2020), and president (2010–2019) of

The Guardian Life Insurance Company of America.

Chief operating officer (2010–2011) and executive

vice president (2008–2010) of the individual life and

disability division of Guardian Life. Member of the

board of the American Council of Life Insurers and the

board of the Economic Club of New York. Trustee of

the Partnership for New York City (business leadership),

Chief Executives for Corporate Purpose, NewYork-

Presbyterian Hospital, Catalyst, and the Bruce Museum

(arts and science). Member of the Advisory Council

for the Stanford Graduate School of Business.

André F. Perold

Born in 1952. Trustee since December 2004. Principal


experience: George Gund Professor of Finance and

Banking, Emeritus at the Harvard Business School

(retired 2011). Chief investment officer and co-

managing partner of HighVista Strategies (private

investment firm). Member of the board of advisors

and member of the investment committee of the

Museum of Fine Arts Boston. Member of the board

(2018–present) of RIT Capital Partners (investment

firm). Member of the investment committee of

Partners Health Care System.

Sarah Bloom Raskin



experience: deputy secretary (2014–2017) of

the United States Department of the Treasury.

Governor (2010–2014) of the Federal Reserve

Board. Commissioner (2007–2010) of financial

regulation for the State of Maryland. Member of

the board of directors (2012–2014) of Neighborhood

Reinvestment Corporation. Director (2017–present)

of i(x) Investments, LLC; director (2017–present) of

Reserve Trust. Rubenstein Fellow (2017–present)

of Duke University; trustee (2017–present) of Amherst

College, and trustee (2019–present) of the Folger

Shakespeare Library.

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal


experience: president and chief operating officer

(retired 2010) of Corning Incorporated (communications

equipment) and director of Corning Incorporated

(2000–2010) and Dow Corning (2001–2010).

Director (2012) of SPX Corporation (multi-industry

manufacturing). Overseer of the Amos Tuck School

of Business Administration, Dartmouth College

(2001–2013). Chairman of the board of trustees

of Colby-Sawyer College. Member of the board of

Hypertherm Inc. (industrial cutting systems, software,

and consumables).

Executive Officers

John Bendl

Born in 1970. Principal occupation(s) during the past

five years and other experience: principal of Vanguard.

Chief financial officer (2019–present) of each of the

investment companies served by Vanguard. Chief

accounting officer, treasurer, and controller of Vanguard

(2017–present). Partner (2003–2016) at KPMG (audit,

tax, and advisory services).

Christine M. Buchanan



Treasurer (2017–present) of each of the investment

companies served by Vanguard. Partner (2005–2017)

at KPMG (audit, tax, and advisory services).

David Cermak

Born in 1960. Principal occupation(s) during the

past five years and other experience: principal of

Vanguard. Finance director (2019–present) of each

of the investment companies served by Vanguard.

Managing director and head (2017–present) of

Vanguard Investments Singapore. Managing director

and head (2017–2019) of Vanguard Investments Hong

Kong. Representative director and head (2014–2017)

of Vanguard Investments Japan.

John Galloway


past five years and other experience: principal of

Vanguard. Investment stewardship officer (September

2020–present) of each of the investment companies

served by Vanguard. Head of Investor Advocacy

(February 2020–present) and head of Marketing

Strategy and Planning (2017–2020) at Vanguard.

Deputy assistant to the President of the United

States (2015).

Thomas J. Higgins



Finance director (2019–present), chief financial officer

(2008–2019), and treasurer (1998–2008) of each of

the investment companies served by Vanguard.

Peter Mahoney



Controller (2015–present) of each of the investment

companies served by Vanguard. Head of International

Fund Services (2008–2014) at Vanguard.

Anne E. Robinson


past five years and other experience: general

counsel (2016–present) of Vanguard. Secretary

(2016–present) of Vanguard and of each of the

investment companies served by Vanguard.

Managing director (2016–present) of Vanguard.

Managing director and general counsel of Global

Cards and Consumer Services (2014–2016) at

Citigroup. Counsel (2003–2014) at American Express.

Michael Rollings


past five years and other experience: finance

director (2017–present) and treasurer (2017) of each

of the investment companies served by Vanguard.

Managing director (2016–present) of Vanguard. Chief

financial officer (2016–present) of Vanguard. Director

(2016–present) of Vanguard Marketing Corporation.

Executive vice president and chief financial officer

(2006–2016) of MassMutual Financial Group.

John E. Schadl



Chief compliance officer (2019–present) of Vanguard

and of each of the investment companies served by

Vanguard. Assistant vice president (2019–present)

of Vanguard Marketing Corporation.

Vanguard Senior Management Team

Joseph Brennan James M. Norris

Mortimer J. Buckley Thomas M. Rampulla

Gregory Davis Karin A. Risi

John James Anne E. Robinson

John T. Marcante Michael Rollings

Chris D. McIsaac Lauren Valente

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for PeopleWho Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunctionwith the offering of shares of any Vanguardfund only if preceded or accompanied bythe fund’s current prospectus.

All comparative mutual fund data are from Morningstar,

Inc., unless otherwise noted.

You can obtain a free copy of Vanguard’s proxy voting

guidelines by visiting vanguard.com/proxyreporting or by

calling Vanguard at 800-662-2739. The guidelines are

also available from the SEC’s website, www.sec.gov. In

addition, you may obtain a free report on how your fund

voted the proxies for securities it owned during the 12

months ended June 30. To get the report, visit either

vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the

SEC’s website, and you can receive copies of this

information, for a fee, by sending a request via email

addressed to [email protected].

Source for Bloomberg Barclays indexes: Bloomberg

Index Services Limited. Copyright 2020, Bloomberg. All

rights reserved.

© 2020 The Vanguard Group, Inc.All rights reserved.U.S. Patent Nos. 6,879,964; 7,337,138;7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.Vanguard Marketing Corporation, Distributor.

Q7380 122020

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