UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07443
Name of Registrant: | Vanguard Whitehall Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2020—April 30, 2021
Item 1: Reports to Shareholders
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 16 |
Liquidity Risk Management | 18 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2021 | |||
Selected Value Fund | Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,528.10 | $2.07 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.16 | 1.66 |
Communication Services | 0.8% |
Consumer Discretionary | 15.6 |
Consumer Staples | 0.7 |
Energy | 3.9 |
Financials | 29.3 |
Health Care | 6.1 |
Industrials | 22.6 |
Information Technology | 8.2 |
Materials | 8.1 |
Real Estate | 1.4 |
Utilities | 3.3 |
Shares | Market Value• ($000) | ||
Common Stocks (94.2%) | |||
Communication Services (0.8%) | |||
Omnicom Group Inc. | 636,300 | 52,342 | |
Consumer Discretionary (14.7%) | |||
* | Gildan Activewear Inc. | 4,722,706 | 163,831 |
* | Taylor Morrison Home Corp. Class A | 3,571,543 | 111,468 |
* | Helen of Troy Ltd. | 384,180 | 81,143 |
Lear Corp. | 437,782 | 80,482 | |
Gentex Corp. | 1,795,374 | 63,161 | |
American Eagle Outfitters Inc. | 1,783,160 | 61,644 | |
* | Ford Motor Co. | 5,128,127 | 59,178 |
* | Skechers USA Inc. Class A | 1,205,325 | 58,446 |
* | Mohawk Industries Inc. | 277,719 | 57,071 |
* | PVH Corp. | 497,879 | 56,350 |
Whirlpool Corp. | 236,176 | 55,844 | |
Newell Brands Inc. | 2,011,365 | 54,226 | |
Hanesbrands Inc. | 1,784,600 | 37,584 | |
Extended Stay America Inc. | 1,553,760 | 30,904 | |
Gap Inc. | 783,437 | 25,932 | |
997,264 | |||
Consumer Staples (0.6%) | |||
Spectrum Brands Holdings Inc. | 422,849 | 37,270 | |
Ingredion Inc. | 54,680 | 5,108 | |
42,378 | |||
Energy (3.7%) | |||
Halliburton Co. | 3,240,456 | 63,383 | |
NOV Inc. | 3,759,533 | 56,205 | |
Baker Hughes Co. Class A | 2,190,681 | 43,989 | |
Cenovus Energy Inc. | 3,821,052 | 29,690 | |
Euronav NV | 2,532,587 | 21,578 | |
* | TechnipFMC plc | 2,854,756 | 21,125 |
Murphy Oil Corp. | 645,960 | 10,936 | |
Devon Energy Corp. | 131,582 | 3,076 | |
* | Technip Energies NV ADR | 124,475 | 1,769 |
251,751 | |||
Financials (27.6%) | |||
Unum Group | 3,668,000 | 103,658 | |
Fifth Third Bancorp | 2,506,161 | 101,600 | |
FirstCash Inc. | 1,262,187 | 90,915 |
Shares | Market Value• ($000) | ||
Equitable Holdings Inc. | 2,650,549 | 90,728 | |
Globe Life Inc. | 873,502 | 89,525 | |
Fidelity National Financial Inc. | 1,890,987 | 86,267 | |
American International Group Inc. | 1,747,857 | 84,684 | |
Voya Financial Inc. | 1,151,895 | 78,122 | |
Jefferies Financial Group Inc. | 2,346,121 | 76,272 | |
CNO Financial Group Inc. | 2,977,704 | 76,021 | |
* | Arch Capital Group Ltd. | 1,903,999 | 75,608 |
Axis Capital Holdings Ltd. | 1,343,287 | 74,955 | |
Essent Group Ltd. | 1,350,000 | 70,983 | |
Regions Financial Corp. | 3,236,935 | 70,565 | |
* | Alleghany Corp. | 100,240 | 68,060 |
KeyCorp. | 2,947,082 | 64,129 | |
CNA Financial Corp. | 1,259,754 | 59,120 | |
State Street Corp. | 690,600 | 57,976 | |
RenaissanceRe Holdings Ltd. | 313,200 | 52,871 | |
Progressive Corp. | 467,177 | 47,063 | |
Synchrony Financial | 1,025,700 | 44,864 | |
Invesco Ltd. | 1,529,420 | 41,294 | |
Webster Financial Corp. | 779,926 | 41,266 | |
Reinsurance Group of America Inc. | 285,446 | 37,259 | |
Hartford Financial Services Group Inc. | 498,808 | 32,901 | |
Loews Corp. | 514,233 | 28,668 | |
Allstate Corp. | 213,800 | 27,110 | |
Commerce Bancshares Inc. | 344,737 | 26,824 | |
Navient Corp. | 1,445,858 | 24,334 | |
American National Group Inc. | 193,300 | 21,911 | |
Everest Re Group Ltd. | 51,771 | 14,338 | |
Hanover Insurance Group Inc. | 97,763 | 13,522 | |
MFA Financial Inc. | 1,016,357 | 4,472 | |
1,877,885 | |||
Health Care (5.7%) | |||
* | Integra LifeSciences Holdings Corp. | 994,675 | 73,685 |
* | Syneos Health Inc. | 855,199 | 72,564 |
Hill-Rom Holdings Inc. | 603,000 | 66,463 | |
Cardinal Health Inc. | 956,318 | 57,704 | |
Perrigo Co. plc | 1,329,354 | 55,341 | |
* | Laboratory Corp. of America Holdings | 149,200 | 39,668 |
McKesson Corp. | 124,152 | 23,286 | |
388,711 | |||
Industrials (21.3%) | |||
* | AerCap Holdings NV | 3,754,579 | 218,704 |
* | JetBlue Airways Corp. | 4,440,529 | 90,409 |
Leidos Holdings Inc. | 821,998 | 83,252 | |
* | IAA Inc. | 1,278,392 | 80,296 |
* | Colfax Corp. | 1,739,879 | 78,625 |
Ryder System Inc. | 895,007 | 71,457 | |
Textron Inc. | 1,078,154 | 69,261 | |
Westinghouse Air Brake Technologies Corp. | 807,320 | 66,257 | |
BWX Technologies Inc. | 947,355 | 63,397 | |
Huntington Ingalls Industries Inc. | 290,790 | 61,741 | |
Woodward Inc. | 458,515 | 57,319 | |
* | JELD-WEN Holding Inc. | 1,752,190 | 51,111 |
Terex Corp. | 1,083,477 | 50,913 | |
Stanley Black & Decker Inc. | 228,182 | 47,181 |
Shares | Market Value• ($000) | ||
Acuity Brands Inc. | 229,000 | 42,484 | |
Enerpac Tool Group Corp. Class A | 1,539,856 | 40,960 | |
AMETEK Inc. | 278,400 | 37,564 | |
KBR Inc. | 755,545 | 29,889 | |
* | MasTec Inc. | 284,088 | 29,647 |
Armstrong World Industries Inc. | 276,720 | 28,682 | |
* | Gates Industrial Corp. plc | 1,460,840 | 25,199 |
* | Air France KLM ADR | 4,252,756 | 23,794 |
MSC Industrial Direct Co. Inc. Class A | 261,409 | 23,569 | |
Steelcase Inc. Class A | 1,665,188 | 22,980 | |
* | Atlas Air Worldwide Holdings Inc. | 314,000 | 21,324 |
Snap-on Inc. | 56,185 | 13,350 | |
* | AECOM | 194,184 | 12,900 |
Bank Bukopin Tbk PT | 111,500 | 5,594 | |
1,447,859 | |||
Information Technology (7.7%) | |||
* | Arrow Electronics Inc. | 1,036,558 | 118,240 |
Amdocs Ltd. | 1,294,501 | 99,340 | |
Avnet Inc. | 1,921,012 | 84,371 | |
* | Micron Technology Inc. | 563,100 | 48,466 |
TE Connectivity Ltd. | 343,800 | 46,231 | |
Hewlett Packard Enterprise Co. | 2,554,563 | 40,924 | |
Genpact Ltd. | 505,149 | 24,010 | |
Juniper Networks Inc. | 829,020 | 21,049 | |
*,1 | Celestica Inc. | 2,485,719 | 20,706 |
MKS Instruments Inc. | 106,000 | 18,985 | |
522,322 | |||
Materials (7.7%) | |||
Mosaic Co. | 2,455,300 | 86,378 | |
Olin Corp. | 1,598,409 | 68,780 | |
* | IAMGOLD Corp. | 19,855,730 | 62,148 |
Gold Fields Ltd. ADR | 5,428,027 | 50,915 | |
Reliance Steel & Aluminum Co. | 305,317 | 48,945 | |
Dow Inc. | 771,245 | 48,203 | |
* | Alcoa Corp. | 1,226,700 | 44,946 |
Domtar Corp. | 973,400 | 38,371 | |
Schweitzer-Mauduit International Inc. | 621,800 | 28,398 | |
Kinross Gold Corp. | 3,238,209 | 22,797 | |
*,1 | Equinox Gold Corp. | 2,671,383 | 21,603 |
521,484 | |||
Real Estate (1.3%) | |||
* | Howard Hughes Corp. | 392,541 | 42,371 |
* | CBRE Group Inc. Class A | 334,400 | 28,491 |
Park Hotels & Resorts Inc. | 838,758 | 18,712 | |
89,574 | |||
Utilities (3.1%) | |||
Edison International | 1,276,707 | 75,900 | |
Atmos Energy Corp. | 549,493 | 56,922 | |
NRG Energy Inc. | 1,559,325 | 55,855 | |
Entergy Corp. | 190,579 | 20,829 | |
209,506 | |||
Total Common Stocks (Cost $4,652,695) | 6,401,076 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (6.1%) | |||
Money Market Fund (6.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $416,173) | 4,162,014 | 416,201 |
Total Investments (100.3%) (Cost $5,068,868) | 6,817,277 | ||
Other Assets and Liabilities—Net (-0.3%) | (22,943) | ||
Net Assets (100%) | 6,794,334 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,741,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $1,932,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2021 | 868 | 181,169 | 6,963 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $4,652,695) | 6,401,076 |
Affiliated Issuers (Cost $416,173) | 416,201 |
Total Investments in Securities | 6,817,277 |
Investment in Vanguard | 235 |
Cash Collateral Pledged—Futures Contracts | 9,359 |
Receivables for Investment Securities Sold | 3,941 |
Receivables for Accrued Income | 1,990 |
Receivables for Capital Shares Issued | 7,453 |
Total Assets | 6,840,255 |
Liabilities | |
Due to Custodian | 20 |
Payables for Investment Securities Purchased | 35,425 |
Collateral for Securities on Loan | 1,932 |
Payables to Investment Advisor | 2,515 |
Payables for Capital Shares Redeemed | 4,350 |
Payables to Vanguard | 444 |
Variation Margin Payable—Futures Contracts | 1,235 |
Total Liabilities | 45,921 |
Net Assets | 6,794,334 |
At April 30, 2021, net assets consisted of: | |
Paid-in Capital | 4,847,832 |
Total Distributable Earnings (Loss) | 1,946,502 |
Net Assets | 6,794,334 |
Net Assets | |
Applicable to 215,429,747 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,794,334 |
Net Asset Value Per Share | $31.54 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 55,266 |
Interest2 | 134 |
Securities Lending—Net | 15 |
Total Income | 55,415 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 6,613 |
Performance Adjustment | (1,466) |
The Vanguard Group—Note C | |
Management and Administrative | 4,532 |
Marketing and Distribution | 219 |
Custodian Fees | 13 |
Shareholders’ Reports | 12 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 9,924 |
Expenses Paid Indirectly | (149) |
Net Expenses | 9,775 |
Net Investment Income | 45,640 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 154,220 |
Futures Contracts | 19,214 |
Realized Net Gain (Loss) | 173,434 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 2,231,050 |
Futures Contracts | 9,518 |
Change in Unrealized Appreciation (Depreciation) | 2,240,568 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,459,642 |
1 | Dividends are net of foreign withholding taxes of $157,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $132,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 45,640 | 96,766 | |
Realized Net Gain (Loss) | 173,434 | 742,145 | |
Change in Unrealized Appreciation (Depreciation) | 2,240,568 | (1,782,293) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,459,642 | (943,382) | |
Distributions | |||
Total Distributions | (550,483) | (563,718) | |
Capital Share Transactions | |||
Issued | 630,384 | 671,477 | |
Issued in Lieu of Cash Distributions | 506,643 | 520,183 | |
Redeemed | (1,261,089) | (2,567,674) | |
Net Increase (Decrease) from Capital Share Transactions | (124,062) | (1,376,014) | |
Total Increase (Decrease) | 1,785,097 | (2,883,114) | |
Net Assets | |||
Beginning of Period | 5,009,237 | 7,892,351 | |
End of Period | 6,794,334 | 5,009,237 |
For a Share Outstanding Throughout Each Period | Six Months, Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $22.78 | $27.59 | $27.38 | $33.15 | $27.24 | $28.15 |
Investment Operations | ||||||
Net Investment Income | .2121 | .3681 | .4931 | .4931 | .4491 | .5271 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.194 | (3.163) | 2.392 | (3.153) | 6.760 | .030 |
Total from Investment Operations | 11.406 | (2.795) | 2.885 | (2.660) | 7.209 | .557 |
Distributions | ||||||
Dividends from Net Investment Income | (.360) | (.450) | (.506) | (.423) | (.501) | (.443) |
Distributions from Realized Capital Gains | (2.286) | (1.565) | (2.169) | (2.687) | (.798) | (1.024) |
Total Distributions | (2.646) | (2.015) | (2.675) | (3.110) | (1.299) | (1.467) |
Net Asset Value, End of Period | $31.54 | $22.78 | $27.59 | $27.38 | $33.15 | $27.24 |
Total Return2 | 52.81% | -11.25% | 12.51% | -9.15% | 27.17% | 2.20% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,794 | $5,009 | $7,892 | $8,811 | $10,574 | $8,802 |
Ratio of Total Expenses to Average Net Assets3 | 0.33% | 0.31% | 0.33% | 0.36% | 0.39% | 0.35% |
Ratio of Net Investment Income to Average Net Assets | 1.54% | 1.58% | 1.89% | 1.61% | 1.47% | 2.00% |
Portfolio Turnover Rate | 16% | 85% | 31% | 31% | 22% | 27% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.05%), (0.06%), (0.06%), (0.02%), 0.00%, and (0.04%). |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Cooke & Bieler, LP, Pzena Investment Management, LLC, and Donald Smith & Co., Inc., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Cooke & Bieler, LP, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index since January 31, 2020. The basic fee of Pzena Investment Management, LLC, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index for the preceding three years. The basic fee of Donald Smith & Co., Inc., is subject to quarterly adjustments based on performance relative to the MSCI Investable Market 2500 Index for the preceding five years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | As of April 30, 2021, 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 | 5,075,903 |
Gross Unrealized Appreciation | 1,888,746 |
Gross Unrealized Depreciation | (140,409) |
Net Unrealized Appreciation (Depreciation) | 1,748,337 |
G. | During the six months ended April 30, 2021, the fund purchased $883,756,000 of investment securities and sold $1,666,214,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
Shares (000) | Shares (000) | ||
Issued | 21,769 | 30,348 | |
Issued in Lieu of Cash Distributions | 19,853 | 19,338 | |
Redeemed | (46,133) | (115,758) | |
Net Increase (Decrease) in Shares Outstanding | (4,511) | (66,072) |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 17 |
Liquidity Risk Management | 19 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2021 | |||
Mid-Cap Growth Fund | Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,280.50 | $1.92 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.11 | 1.71 |
Communication Services | 6.8% |
Consumer Discretionary | 18.8 |
Consumer Staples | 1.6 |
Financials | 7.9 |
Health Care | 19.9 |
Industrials | 11.4 |
Information Technology | 31.3 |
Materials | 2.3 |
Shares | Market Value• ($000) | ||
Common Stocks (96.4%) | |||
Communication Services (6.6%) | |||
* | IAC/Inter Active Corp. | 430,205 | 109,044 |
* | Roku Inc. | 178,602 | 61,255 |
* | Match Group Inc. | 346,952 | 53,996 |
* | Twitter Inc. | 819,913 | 45,275 |
* | Live Nation Entertainment Inc. | 402,145 | 32,928 |
* | Take-Two Interactive Software Inc. | 150,871 | 26,460 |
* | ZoomInfo Technologies Inc. Class A | 279,824 | 14,512 |
343,470 | |||
Consumer Discretionary (18.1%) | |||
* | Caesars Entertainment Inc. | 1,167,752 | 114,253 |
* | Lululemon Athletica Inc. | 267,319 | 89,624 |
* | Mattel Inc. | 4,078,075 | 87,515 |
* | Chipotle Mexican Grill Inc. Class A | 54,238 | 80,925 |
* | Burlington Stores Inc. | 222,861 | 72,726 |
Pool Corp. | 105,050 | 44,386 | |
* | O'Reilly Automotive Inc. | 77,982 | 43,115 |
Darden Restaurants Inc. | 271,486 | 39,832 | |
* | Planet Fitness Inc. Class A | 432,625 | 36,336 |
* | Floor & Decor Holdings Inc. Class A | 292,985 | 32,498 |
Ross Stores Inc. | 235,526 | 30,840 | |
Domino's Pizza Inc. | 66,120 | 27,925 | |
Advance Auto Parts Inc. | 136,730 | 27,368 | |
*,1 | Chewy Inc. Class A | 328,940 | 26,223 |
* | Bright Horizons Family Solutions Inc. | 136,363 | 19,749 |
* | Magnite Inc. | 436,508 | 17,482 |
* | Farfetch Ltd. Class A | 323,170 | 15,832 |
* | Carvana Co. Class A | 55,299 | 15,775 |
* | Marriott Vacations Worldwide Corp. | 88,340 | 15,692 |
* | Meritage Homes Corp. | 139,750 | 14,868 |
BorgWarner Inc. (XNYS) | 300,426 | 14,595 | |
* | CarMax Inc. | 99,720 | 13,287 |
* | Nordstrom Inc. | 355,180 | 13,028 |
Dollar General Corp. | 59,836 | 12,850 | |
Wingstop Inc. | 71,493 | 11,325 | |
* | Etsy Inc. | 53,903 | 10,715 |
* | DraftKings Inc. Class A | 158,447 | 8,978 |
* | Chegg Inc. | 96,825 | 8,746 |
946,488 |
Shares | Market Value• ($000) | ||
Consumer Staples (1.5%) | |||
* | Freshpet Inc. | 232,522 | 42,975 |
* | Boston Beer Co. Inc. Class A | 29,210 | 35,533 |
78,508 | |||
Financials (7.6%) | |||
MSCI Inc. Class A | 151,051 | 73,376 | |
* | SVB Financial Group | 122,171 | 69,861 |
LPL Financial Holdings Inc. | 420,538 | 65,898 | |
KKR & Co. Inc. | 728,590 | 41,223 | |
Aon plc Class A (XNYS) | 147,489 | 37,085 | |
MarketAxess Holdings Inc. | 70,472 | 34,423 | |
Western Alliance Bancorp | 296,240 | 31,126 | |
Hamilton Lane Inc. Class A | 185,935 | 16,818 | |
Moody's Corp. | 44,364 | 14,494 | |
Tradeweb Markets Inc. Class A | 129,305 | 10,510 | |
394,814 | |||
Health Care (19.2%) | |||
* | Align Technology Inc. | 104,645 | 62,319 |
* | Insulet Corp. | 199,310 | 58,840 |
* | Exact Sciences Corp. | 377,532 | 49,766 |
* | Veeva Systems Inc. Class A | 162,910 | 46,014 |
West Pharmaceutical Services Inc. | 123,220 | 40,480 | |
* | DexCom Inc. | 101,901 | 39,344 |
* | Horizon Therapeutics plc | 408,866 | 38,687 |
* | Novocure Ltd. | 184,300 | 37,616 |
* | Charles River Laboratories International Inc. | 108,840 | 36,184 |
* | Moderna Inc. | 191,451 | 34,235 |
Royalty Pharma plc Class A | 700,280 | 30,812 | |
ResMed Inc. | 162,673 | 30,578 | |
* | IDEXX Laboratories Inc. | 54,741 | 30,052 |
* | Seagen Inc. | 196,551 | 28,256 |
* | Incyte Corp. | 328,742 | 28,068 |
Agilent Technologies Inc. | 183,619 | 24,539 | |
AmerisourceBergen Corp. Class A | 193,020 | 23,317 | |
STERIS plc | 97,948 | 20,669 | |
Teleflex Inc. | 48,713 | 20,580 | |
Encompass Health Corp. | 239,450 | 20,320 | |
* | Guardant Health Inc. | 119,195 | 18,950 |
* | Amedisys Inc. | 69,469 | 18,746 |
*,1 | SmileDirectClub Inc. | 1,739,540 | 18,500 |
Alcon Inc. | 215,306 | 16,241 | |
* | 10X Genomics Inc. Class A | 80,800 | 15,982 |
* | Molina Healthcare Inc. | 61,020 | 15,566 |
* | Teladoc Health Inc. | 88,290 | 15,217 |
* | Centene Corp. | 241,193 | 14,891 |
* | Omnicell Inc. | 99,174 | 14,382 |
* | Hologic Inc. | 200,200 | 13,123 |
* | Apellis Pharmaceuticals Inc. | 250,910 | 12,714 |
* | Illumina Inc. | 32,249 | 12,669 |
* | Natera Inc. | 114,361 | 12,582 |
* | Fate Therapeutics Inc. | 143,190 | 12,513 |
* | ABIOMED Inc. | 38,153 | 12,237 |
* | Edwards Lifesciences Corp. | 123,882 | 11,833 |
* | Sage Therapeutics Inc. | 149,180 | 11,750 |
Humana Inc. | 26,301 | 11,710 |
Shares | Market Value• ($000) | ||
* | Iovance Biotherapeutics Inc. | 328,290 | 10,322 |
Cooper Cos. Inc. | 22,964 | 9,436 | |
* | BioMarin Pharmaceutical Inc. | 117,894 | 9,186 |
* | Signify Health Inc. Class A | 277,788 | 7,875 |
* | Abcam plc ADR | 278,681 | 5,975 |
1,003,076 | |||
Industrials (11.0%) | |||
Cintas Corp. | 128,030 | 44,188 | |
* | Builders FirstSource Inc. | 778,799 | 37,904 |
* | Middleby Corp. | 189,330 | 34,329 |
Quanta Services Inc. | 318,320 | 30,762 | |
* | CoStar Group Inc. | 33,820 | 28,897 |
* | Axon Enterprise Inc. | 179,770 | 27,255 |
* | Generac Holdings Inc. | 78,620 | 25,469 |
* | MasTec Inc. | 221,970 | 23,165 |
Waste Connections Inc. | 180,720 | 21,526 | |
TransUnion | 201,592 | 21,085 | |
Carrier Global Corp. | 478,700 | 20,862 | |
* | Trex Co. Inc. | 191,540 | 20,684 |
Knight-Swift Transportation Holdings Inc. | 417,388 | 19,667 | |
BWX Technologies Inc. | 277,991 | 18,603 | |
Pentair plc | 286,150 | 18,460 | |
Ritchie Bros Auctioneers Inc. | 286,240 | 18,205 | |
Fortune Brands Home & Security Inc. | 173,113 | 18,173 | |
IDEX Corp. | 80,950 | 18,149 | |
* | Stericycle Inc. | 233,216 | 17,790 |
Advanced Drainage Systems Inc. | 157,280 | 17,562 | |
JB Hunt Transport Services Inc. | 100,285 | 17,120 | |
Leidos Holdings Inc. | 143,051 | 14,488 | |
Booz Allen Hamilton Holding Corp. Class A | 153,060 | 12,696 | |
* | Chart Industries Inc. | 72,800 | 11,694 |
KBR Inc. | 293,557 | 11,613 | |
Verisk Analytics Inc. Class A | 61,040 | 11,488 | |
* | Hexcel Corp. | 202,057 | 11,398 |
573,232 | |||
Information Technology (30.2%) | |||
* | Twilio Inc. Class A | 310,689 | 114,271 |
* | Square Inc. Class A | 453,140 | 110,938 |
* | RingCentral Inc. Class A | 265,750 | 84,761 |
* | Paycom Software Inc. | 196,900 | 75,690 |
Microchip Technology Inc. | 503,398 | 75,656 | |
* | Wix.com Ltd. | 232,860 | 74,022 |
* | Palo Alto Networks Inc. | 206,296 | 72,903 |
KLA Corp. | 215,341 | 67,908 | |
* | Coupa Software Inc. | 194,353 | 52,289 |
* | Synopsys Inc. | 194,340 | 48,014 |
Global Payments Inc. | 198,485 | 42,601 | |
Lam Research Corp. | 66,759 | 41,421 | |
* | Okta Inc. | 136,169 | 36,725 |
Marvell Technology Inc. | 742,555 | 33,571 | |
Entegris Inc. | 291,380 | 32,804 | |
* | Zendesk Inc. | 217,210 | 31,745 |
* | DocuSign Inc. Class A | 130,140 | 29,013 |
* | GoDaddy Inc. Class A | 329,709 | 28,625 |
* | Trimble Inc. | 342,760 | 28,106 |
Shares | Market Value• ($000) | ||
* | MongoDB Inc. | 90,768 | 27,000 |
Monolithic Power Systems Inc. | 71,942 | 25,998 | |
Dolby Laboratories Inc. Class A | 246,820 | 25,045 | |
* | Five9 Inc. | 132,773 | 24,957 |
* | Keysight Technologies Inc. | 166,540 | 24,040 |
CDW Corp. | 130,509 | 23,274 | |
* | Cree Inc. | 229,522 | 22,819 |
* | Advanced Micro Devices Inc. | 265,554 | 21,674 |
* | Crowdstrike Holdings Inc. Class A | 102,060 | 21,281 |
* | Lightspeed POS Inc. (XTSE) | 295,760 | 20,647 |
* | Lattice Semiconductor Corp. | 396,580 | 19,952 |
Genpact Ltd. | 411,705 | 19,568 | |
Amphenol Corp. Class A | 285,174 | 19,204 | |
* | Nuance Communications Inc. | 353,501 | 18,796 |
* | Bill.Com Holdings Inc. | 101,220 | 15,652 |
* | Workday Inc. Class A | 59,503 | 14,697 |
* | WEX Inc. | 71,340 | 14,640 |
* | Autodesk Inc. | 49,746 | 14,521 |
* | Fair Isaac Corp. | 25,180 | 13,129 |
* | Dropbox Inc. Class A | 504,152 | 12,957 |
* | Varonis Systems Inc. | 244,117 | 12,926 |
* | Guidewire Software Inc. | 120,466 | 12,710 |
* | Gartner Inc. | 61,800 | 12,105 |
* | Atlassian Corp. plc Class A | 45,951 | 10,916 |
* | Shift4 Payments Inc. Class A | 98,075 | 9,699 |
* | Tyler Technologies Inc. | 22,585 | 9,595 |
* | Repay Holdings Corp. | 408,248 | 9,328 |
* | Avalara Inc. | 63,555 | 9,006 |
* | Medallia Inc. | 278,948 | 8,226 |
1,575,425 | |||
Materials (2.2%) | |||
Ball Corp. | 359,383 | 33,653 | |
FMC Corp. | 193,915 | 22,928 | |
Scotts Miracle-Gro Co. | 85,110 | 19,674 | |
Sherwin-Williams Co. | 70,390 | 19,278 | |
Vulcan Materials Co. | 105,306 | 18,770 | |
114,303 | |||
Total Common Stocks (Cost $3,298,003) | 5,029,316 | ||
Temporary Cash Investments (3.8%) | |||
Money Market Fund (3.8%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $199,038) | 1,990,631 | 199,063 |
Total Investments (100.2%) (Cost $3,497,041) | 5,228,379 | ||
Other Assets and Liabilities—Net (-0.2%) | (8,733) | ||
Net Assets (100%) | 5,219,646 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,242,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $2,431,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2021 | 681 | 142,138 | 5,147 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,298,003) | 5,029,316 |
Affiliated Issuers (Cost $199,038) | 199,063 |
Total Investments in Securities | 5,228,379 |
Investment in Vanguard | 181 |
Cash Collateral Pledged—Futures Contracts | 7,491 |
Receivables for Investment Securities Sold | 25,419 |
Receivables for Accrued Income | 499 |
Receivables for Capital Shares Issued | 2,628 |
Total Assets | 5,264,597 |
Liabilities | |
Due to Custodian | 14 |
Payables for Investment Securities Purchased | 36,104 |
Collateral for Securities on Loan | 2,431 |
Payables to Investment Advisor | 1,948 |
Payables for Capital Shares Redeemed | 3,037 |
Payables to Vanguard | 432 |
Variation Margin Payable—Futures Contracts | 985 |
Total Liabilities | 44,951 |
Net Assets | 5,219,646 |
At April 30, 2021, net assets consisted of: | |
Paid-in Capital | 2,920,787 |
Total Distributable Earnings (Loss) | 2,298,859 |
Net Assets | 5,219,646 |
Net Assets | |
Applicable to 144,958,210 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,219,646 |
Net Asset Value Per Share | $36.01 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 7,904 |
Interest1 | 82 |
Securities Lending—Net | 15 |
Total Income | 8,001 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 4,747 |
Performance Adjustment | (1,156) |
The Vanguard Group—Note C | |
Management and Administrative | 4,813 |
Marketing and Distribution | 186 |
Custodian Fees | 21 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 8,620 |
Expenses Paid Indirectly | (118) |
Net Expenses | 8,502 |
Net Investment Income (Loss) | (501) |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 552,384 |
Futures Contracts | 20,445 |
Realized Net Gain (Loss) | 572,829 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 625,144 |
Futures Contracts | 7,908 |
Change in Unrealized Appreciation (Depreciation) | 633,052 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,205,380 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $81,000, ($12,000), and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | (501) | 11,011 | |
Realized Net Gain (Loss) | 572,829 | 329,134 | |
Change in Unrealized Appreciation (Depreciation) | 633,052 | 373,276 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,205,380 | 713,421 | |
Distributions | |||
Total Distributions | (305,267) | (446,385) | |
Capital Share Transactions | |||
Issued | 455,141 | 747,451 | |
Issued in Lieu of Cash Distributions | 290,789 | 427,134 | |
Redeemed | (840,714) | (1,563,492) | |
Net Increase (Decrease) from Capital Share Transactions | (94,784) | (388,907) | |
Total Increase (Decrease) | 805,329 | (121,871) | |
Net Assets | |||
Beginning of Period | 4,414,317 | 4,536,188 | |
End of Period | 5,219,646 | 4,414,317 |
For a Share Outstanding Throughout Each Period | Six Months, Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $29.89 | $27.93 | $28.08 | $26.51 | $21.75 | $24.88 |
Investment Operations | ||||||
Net Investment Income (Loss) | (.003)1 | .0681 | .0741 | .1141 | .0931 | .1472 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.237 | 4.680 | 3.027 | 2.379 | 4.817 | (1.437) |
Total from Investment Operations | 8.234 | 4.748 | 3.101 | 2.493 | 4.910 | (1.290) |
Distributions | ||||||
Dividends from Net Investment Income | (.051) | (.067) | (.099) | (.095) | (.150) | (.070) |
Distributions from Realized Capital Gains | (2.063) | (2.721) | (3.152) | (.828) | — | (1.770) |
Total Distributions | (2.114) | (2.788) | (3.251) | (.923) | (.150) | (1.840) |
Net Asset Value, End of Period | $36.01 | $29.89 | $27.93 | $28.08 | $26.51 | $21.75 |
Total Return3 | 28.05% | 18.33% | 13.56% | 9.61% | 22.69% | -5.49% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,220 | $4,414 | $4,536 | $4,161 | $4,240 | $3,980 |
Ratio of Total Expenses to Average Net Assets4 | 0.34% | 0.34% | 0.36% | 0.36% | 0.36% | 0.36% |
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.02)% | 0.25% | 0.27% | 0.40% | 0.39% | 0.64%2 |
Portfolio Turnover Rate | 43% | 74% | 111% | 75% | 118% | 91% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $0.018 and 0.08%, respectively, resulting from a special dividend from Transdigm Group in October 2016. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of (0.05%), (0.05%), (0.02%), (0.04%), (0.05%), and (0.04%). |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Victory Capital Management Inc., through its RS Investments franchise, Frontier Capital Management Co., LLC, and Wellington Management Company llp, each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Victory Capital Management Inc. is subject to quarterly adjustments based on performance relative to the Russell Midcap Growth Index for the preceding three years. The basic fees of Frontier Capital Management Co., LLC, and Wellington Management Company llp are subject to quarterly adjustments based on performance relative to the Russell Midcap Growth Index since January 31, 2019. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the six months ended April 30, 2021, these arrangements reduced the fund’s expenses by $118,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
F. | As of April 30, 2021, gross unrealized appreciation and depreciation for investments, based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 3,508,506 |
Gross Unrealized Appreciation | 1,759,920 |
Gross Unrealized Depreciation | (34,900) |
Net Unrealized Appreciation (Depreciation) | 1,725,020 |
G. | During the six months ended April 30, 2021, the fund purchased $2,072,485,000 of investment securities and sold $2,458,906,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
Shares (000) | Shares (000) | ||
Issued | 13,272 | 27,947 | |
Issued in Lieu of Cash Distributions | 8,647 | 16,191 | |
Redeemed | (24,667) | (58,817) | |
Net Increase (Decrease) in Shares Outstanding | (2,748) | (14,679) |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2021 | |||
International Explorer Fund | Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,316.60 | $2.30 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.81 | 2.01 |
Communication Services | 6.7% |
Consumer Discretionary | 14.7 |
Consumer Staples | 3.9 |
Energy | 0.4 |
Financials | 10.9 |
Health Care | 8.7 |
Industrials | 21.2 |
Information Technology | 19.6 |
Materials | 5.4 |
Other | 0.3 |
Real Estate | 6.7 |
Utilities | 1.5 |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | June 2021 | 302 | 34,085 | 571 |
MSCI Emerging Market Index | June 2021 | 190 | 12,698 | (47) |
524 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,973,217) | 2,740,000 |
Affiliated Issuers (Cost $121,298) | 121,304 |
Total Investments in Securities | 2,861,304 |
Investment in Vanguard | 100 |
Foreign Currency, at Value (Cost $2,410) | 2,416 |
Cash Collateral Pledged—Futures Contracts | 2,970 |
Receivables for Investment Securities Sold | 11,998 |
Receivables for Accrued Income | 9,101 |
Receivables for Capital Shares Issued | 1,613 |
Total Assets | 2,889,502 |
Liabilities | |
Due to Custodian | 4,905 |
Payables for Investment Securities Purchased | 6,759 |
Collateral for Securities on Loan | 42,702 |
Payables for Capital Shares Redeemed | 2,340 |
Payables to Investment Advisor | 1,471 |
Payables to Vanguard | 212 |
Variation Margin Payable—Futures Contracts | 676 |
Total Liabilities | 59,065 |
Net Assets | 2,830,437 |
At April 30, 2021, net assets consisted of: | |
Paid-in Capital | 2,153,771 |
Total Distributable Earnings (Loss) | 676,666 |
Net Assets | 2,830,437 |
Net Assets | |
Applicable to 128,584,597 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,830,437 |
Net Asset Value Per Share | $22.01 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 17,484 |
Interest2 | 43 |
Securities Lending—Net | 769 |
Total Income | 18,296 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 3,646 |
Performance Adjustment | (699) |
The Vanguard Group—Note C | |
Management and Administrative | 2,155 |
Marketing and Distribution | 104 |
Custodian Fees | 124 |
Shareholders’ Reports | 48 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 5,379 |
Net Investment Income | 12,917 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 184,991 |
Futures Contracts | 9,689 |
Foreign Currencies | (558) |
Realized Net Gain (Loss) | 194,122 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 509,314 |
Futures Contracts | 2,788 |
Foreign Currencies | 112 |
Change in Unrealized Appreciation (Depreciation) | 512,214 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 719,253 |
1 | Dividends are net of foreign withholding taxes of $1,885,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $40,000, $0, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 12,917 | 34,127 | |
Realized Net Gain (Loss) | 194,122 | (78,073) | |
Change in Unrealized Appreciation (Depreciation) | 512,214 | 2,216 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 719,253 | (41,730) | |
Distributions | |||
Total Distributions | (29,013) | (80,592) | |
Capital Share Transactions | |||
Issued | 163,580 | 364,525 | |
Issued in Lieu of Cash Distributions | 25,535 | 72,030 | |
Redeemed | (377,869) | (1,147,784) | |
Net Increase (Decrease) from Capital Share Transactions | (188,754) | (711,229) | |
Total Increase (Decrease) | 501,486 | (833,551) | |
Net Assets | |||
Beginning of Period | 2,328,951 | 3,162,502 | |
End of Period | 2,830,437 | 2,328,951 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $16.90 | $17.22 | $17.86 | $21.87 | $16.82 | $17.76 |
Investment Operations | ||||||
Net Investment Income | .0971 | .2111 | .3791 | .3691 | .3331 | .318 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.229 | (.081) | .300 | (3.032) | 5.035 | (.334) |
Total from Investment Operations | 5.326 | .130 | .679 | (2.663) | 5.368 | (.016) |
Distributions | ||||||
Dividends from Net Investment Income | (.216) | (.450) | (.289) | (.447) | (.318) | (.263) |
Distributions from Realized Capital Gains | — | — | (1.030) | (.900) | — | (.661) |
Total Distributions | (.216) | (.450) | (1.319) | (1.347) | (.318) | (.924) |
Net Asset Value, End of Period | $22.01 | $16.90 | $17.22 | $17.86 | $21.87 | $16.82 |
Total Return2 | 31.66% | 0.62% | 4.85% | -13.08% | 32.58% | -0.06% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,830 | $2,329 | $3,163 | $3,649 | $3,980 | $2,829 |
Ratio of Total Expenses to Average Net Assets3 | 0.40% | 0.39% | 0.39% | 0.39% | 0.38% | 0.41% |
Ratio of Net Investment Income to Average Net Assets | 0.87% | 1.29% | 2.28% | 1.75% | 1.68% | 1.83% |
Portfolio Turnover Rate | 27% | 71% | 35% | 40% | 43% | 37% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.05%), (0.04%), (0.03%), (0.01%), (0.01%), and 0.00%. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 136,994 | 2,597,257 | 849 | 2,735,100 |
Temporary Cash Investments | 121,304 | 4,900 | — | 126,204 |
Total | 258,298 | 2,602,157 | 849 | 2,861,304 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 571 | — | — | 571 |
Liabilities | ||||
Futures Contracts1 | 47 | — | — | 47 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Tax Cost | 2,099,914 |
Gross Unrealized Appreciation | 849,778 |
Gross Unrealized Depreciation | (87,864) |
Net Unrealized Appreciation (Depreciation) | 761,914 |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
Shares (000) | Shares (000) | ||
Issued | 7,949 | 23,379 | |
Issued in Lieu of Cash Distributions | 1,290 | 4,035 | |
Redeemed | (18,482) | (73,281) | |
Net Increase (Decrease) in Shares Outstanding | (9,243) | (45,867) |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2021 | |||
Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,323.80 | $0.35 |
AdmiralTM Shares | 1,000.00 | 1,323.50 | 0.46 |
Based on Hypothetical 5% Yearly Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.50 | $0.30 |
Admiral Shares | 1,000.00 | 1,024.40 | 0.40 |
Basic Materials | 4.4% |
Consumer Discretionary | 8.4 |
Consumer Staples | 12.8 |
Energy | 6.6 |
Financials | 22.1 |
Health Care | 12.1 |
Industrials | 10.2 |
Real Estate | 0.0 |
Technology | 7.8 |
Telecommunications | 7.4 |
Utilities | 8.2 |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2021 | 441 | 92,046 | 1,803 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
BlackRock Inc. | 2/2/22 | GSI | 81,784 | (0.115) | 143 | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $36,279,285) | 46,302,230 |
Affiliated Issuers (Cost $102,328) | 102,328 |
Total Investments in Securities | 46,404,558 |
Investment in Vanguard | 1,660 |
Cash | 238 |
Cash Collateral Pledged—Futures Contracts | 4,852 |
Receivables for Accrued Income | 74,106 |
Receivables for Capital Shares Issued | 12,347 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 143 |
Total Assets | 46,497,904 |
Liabilities | |
Payables for Investment Securities Purchased | 13,109 |
Collateral for Securities on Loan | 6,541 |
Payables for Capital Shares Redeemed | 4,484 |
Payables to Vanguard | 1,235 |
Variation Margin Payable—Futures Contracts | 639 |
Total Liabilities | 26,008 |
Net Assets | 46,471,896 |
At April 30, 2021, net assets consisted of: | |
Paid-in Capital | 37,574,429 |
Total Distributable Earnings (Loss) | 8,897,467 |
Net Assets | 46,471,896 |
ETF Shares—Net Assets | |
Applicable to 348,308,762 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 36,089,540 |
Net Asset Value Per Share—ETF Shares | $103.61 |
Admiral Shares—Net Assets | |
Applicable to 332,306,650 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,382,356 |
Net Asset Value Per Share—Admiral Shares | $31.24 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 664,139 |
Interest1 | 41 |
Securities Lending—Net | 618 |
Total Income | 664,798 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,282 |
Management and Administrative—ETF Shares | 7,886 |
Management and Administrative—Admiral Shares | 3,138 |
Marketing and Distribution—ETF Shares | 605 |
Marketing and Distribution—Admiral Shares | 170 |
Custodian Fees | 185 |
Shareholders’ Reports—ETF Shares | 77 |
Shareholders’ Reports—Admiral Shares | 45 |
Trustees’ Fees and Expenses | 4 |
Total Expenses | 13,392 |
Net Investment Income | 651,406 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 926,021 |
Futures Contracts | 18,032 |
Swap Contracts | 17,890 |
Realized Net Gain (Loss) | 961,943 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 9,528,773 |
Futures Contracts | 3,807 |
Swap Contracts | 4,849 |
Change in Unrealized Appreciation (Depreciation) | 9,537,429 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,150,778 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $39,000, $2,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,130,060,000 of the net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 651,406 | 1,242,802 | |
Realized Net Gain (Loss) | 961,943 | (23,588) | |
Change in Unrealized Appreciation (Depreciation) | 9,537,429 | (4,440,201) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,150,778 | (3,220,987) | |
Distributions | |||
ETF Shares | (504,538) | (938,468) | |
Admiral Shares | (141,465) | (282,080) | |
Total Distributions | (646,003) | (1,220,548) | |
Capital Share Transactions | |||
Investor Shares | — | (5,748) | |
ETF Shares | 1,646,520 | 2,846,525 | |
Admiral Shares | 377,007 | (91,604) | |
Net Increase (Decrease) from Capital Share Transactions | 2,023,527 | 2,749,173 | |
Total Increase (Decrease) | 12,528,302 | (1,692,362) | |
Net Assets | |||
Beginning of Period | 33,943,594 | 35,635,956 | |
End of Period | 46,471,896 | 33,943,594 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $79.49 | $89.60 | $83.26 | $82.46 | $71.19 | $67.88 |
Investment Operations | ||||||
Net Investment Income | 1.4821 | 2.9501 | 2.8911 | 2.6231 | 2.3941 | 2.203 |
Net Realized and Unrealized Gain (Loss) on Investments | 24.104 | (10.184) | 6.251 | .731 | 11.301 | 3.245 |
Total from Investment Operations | 25.586 | (7.234) | 9.142 | 3.354 | 13.695 | 5.448 |
Distributions | ||||||
Dividends from Net Investment Income | (1.466) | (2.876) | (2.802) | (2.554) | (2.425) | (2.138) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.466) | (2.876) | (2.802) | (2.554) | (2.425) | (2.138) |
Net Asset Value, End of Period | $103.61 | $79.49 | $89.60 | $83.26 | $82.46 | $71.19 |
Total Return | 32.38% | -8.17% | 11.31% | 4.05% | 19.46% | 8.18% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $36,090 | $26,279 | $26,816 | $21,328 | $20,010 | $15,497 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 3.12% | 3.53% | 3.38% | 3.08% | 3.07% | 3.26% |
Portfolio Turnover Rate2 | 7% | 11% | 7% | 13% | 9% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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. |
Admiral Shares | |||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | February 7, 20191 to October 31, 2019 |
2020 | |||
Net Asset Value, Beginning of Period | $23.97 | $27.02 | $25.00 |
Investment Operations | |||
Net Investment Income2 | .444 | .887 | .624 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.265 | (3.075) | 2.010 |
Total from Investment Operations | 7.709 | (2.188) | 2.634 |
Distributions | |||
Dividends from Net Investment Income | (.439) | (.862) | (.614) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.439) | (.862) | (.614) |
Net Asset Value, End of Period | $31.24 | $23.97 | $27.02 |
Total Return3 | 32.35% | -8.19% | 10.64% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $10,382 | $7,665 | $8,814 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08%4 |
Ratio of Net Investment Income to Average Net Assets | 3.10% | 3.52% | 3.24%4 |
Portfolio Turnover Rate5 | 7% | 11% | 7%6 |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Annualized. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
6 | Reflects the fund’s portfolio turnover for the fiscal year ended October 31, 2019. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 46,302,230 | — | — | 46,302,230 |
Temporary Cash Investments | 102,328 | — | — | 102,328 |
Total | 46,404,558 | — | — | 46,404,558 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,803 | — | — | 1,803 |
Swap Contracts | — | 143 | — | 143 |
Total | 1,803 | 143 | — | 1,946 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Tax Cost | 36,450,463 |
Gross Unrealized Appreciation | 11,081,726 |
Gross Unrealized Depreciation | (1,125,685) |
Net Unrealized Appreciation (Depreciation) | 9,956,041 |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | — | — | 61 | 2 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed1 | — | — | (5,809) | (161) | |
Net Increase (Decrease)—Investor Shares | — | — | (5,748) | (159) | |
ETF Shares | |||||
Issued | 4,614,679 | 48,024 | 6,760,136 | 79,262 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,968,159) | (30,300) | (3,913,611) | (47,950) | |
Net Increase (Decrease)—ETF Shares | 1,646,520 | 17,724 | 2,846,525 | 31,312 | |
Admiral Shares | |||||
Issued1 | 1,149,564 | 39,841 | 1,888,385 | 75,452 | |
Issued in Lieu of Cash Distributions | 110,519 | 3,877 | 220,883 | 8,834 | |
Redeemed | (883,076) | (31,184) | (2,200,872) | (90,743) | |
Net Increase (Decrease)—Admiral Shares | 377,007 | 12,534 | (91,604) | (6,457) |
1 | 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, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares—Redeemed and Admiral Shares—Issued include 4,000 and 5,000 shares, respectively, in the amount of $91,000 from the conversion during the year ended October 31, 2020. |
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 34 |
Liquidity Risk Management | 36 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2021 | |||
Emerging Markets Government Bond Index Fund | Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
ETF Shares | $1,000.00 | $1,027.10 | $1.21 |
Admiral™ Shares | 1,000.00 | 1,027.10 | 1.21 |
Institutional Shares | 1,000.00 | 1,027.40 | 1.11 |
Based on Hypothetical 5% Yearly Return | |||
ETF Shares | $1,000.00 | $1,023.60 | $1.20 |
Admiral Shares | 1,000.00 | 1,023.60 | 1.20 |
Institutional Shares | 1,000.00 | 1,023.70 | 1.10 |
Mexico | 10.2% |
Saudi Arabia | 8.3 |
Indonesia | 6.7 |
Turkey | 5.7 |
United Arab Emirates | 5.6 |
Brazil | 4.9 |
Qatar | 4.7 |
Russia | 4.1 |
China | 4.1 |
Colombia | 3.7 |
Philippines | 2.8 |
Egypt | 2.3 |
Oman | 2.3 |
Panama | 2.2 |
Peru | 2.1 |
Dominican Republic | 2.1 |
Argentina | 1.9 |
Bahrain | 1.8 |
South Africa | 1.8 |
Ukraine | 1.5 |
Malaysia | 1.5 |
Uruguay | 1.5 |
Ghana | 1.1 |
Chile | 1.1 |
Ecuador | 1.0 |
Nigeria | 1.0 |
Other | 14.0 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (0.0%) | |||||
U.S. Treasury Note/Bond (Cost $114) | 1.375% | 8/15/50 | 130 | 104 | |
Corporate Bonds (14.1%) | |||||
Azerbaijan (0.2%) | |||||
1 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | 4,950 | 5,936 |
Brazil (1.5%) | |||||
Banco Do Brasil SA | 3.875% | 10/10/22 | 4,576 | 4,731 | |
Cemig Geracao e Transmissao SA | 9.250% | 12/5/24 | 3,900 | 4,499 | |
Petrobras Global Finance BV | 7.375% | 1/17/27 | 4,720 | 5,721 | |
Petrobras Global Finance BV | 5.999% | 1/27/28 | 4,578 | 5,172 | |
Petrobras Global Finance BV | 5.093% | 1/15/30 | 8,050 | 8,506 | |
Petrobras Global Finance BV | 5.600% | 1/3/31 | 6,290 | 6,795 | |
Petrobras Global Finance BV | 6.875% | 1/20/40 | 1 | 1 | |
Petrobras Global Finance BV | 6.900% | 3/19/49 | 4,535 | 5,108 | |
Petrobras Global Finance BV | 6.850% | 6/5/15 | 5,905 | 6,254 | |
46,787 | |||||
Chile (0.2%) | |||||
Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 5,000 | 5,058 | |
China (2.2%) | |||||
Bank of China Ltd. | 5.000% | 11/13/24 | 9,400 | 10,497 | |
China Cinda Finance 2015 I Ltd. | 4.250% | 4/23/25 | 4,500 | 4,808 | |
China Construction Bank Corp. | 4.250% | 2/27/29 | 5,800 | 6,235 | |
China Construction Bank Corp. | 2.450% | 6/24/30 | 5,900 | 5,968 | |
Industrial & Commercial Bank of China Ltd. | 4.875% | 9/21/25 | 6,300 | 7,021 | |
2 | Sinopec Group Overseas Development 2012 Ltd. | 3.900% | 5/17/22 | 1,369 | 1,411 |
Sinopec Group Overseas Development 2013 Ltd. | 4.375% | 10/17/23 | 4,893 | 5,302 | |
Sinopec Group Overseas Development 2015 Ltd. | 3.250% | 4/28/25 | 5,300 | 5,655 | |
Sinopec Group Overseas Development 2018 Ltd. | 2.700% | 5/13/30 | 3,700 | 3,714 | |
2 | Sinopec Group Overseas Development Ltd. | 2.700% | 5/13/30 | 1,800 | 1,805 |
State Grid Overseas Investment 2014 Ltd. | 4.125% | 5/7/24 | 6,920 | 7,561 | |
State Grid Overseas Investment 2016 Ltd. | 3.500% | 5/4/27 | 8,344 | 9,140 | |
69,117 | |||||
Colombia (0.7%) | |||||
Ecopetrol SA | 5.875% | 9/18/23 | 4,590 | 5,047 | |
Ecopetrol SA | 5.375% | 6/26/26 | 4,040 | 4,537 | |
Ecopetrol SA | 6.875% | 4/29/30 | 5,250 | 6,370 | |
Ecopetrol SA | 5.875% | 5/28/45 | 5,192 | 5,543 | |
21,497 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Indonesia (0.4%) | |||||
Pertamina Persero PT | 4.875% | 5/3/22 | 550 | 572 | |
Pertamina Persero PT | 4.300% | 5/20/23 | 3,815 | 4,061 | |
Pertamina Persero PT | 6.450% | 5/30/44 | 3,600 | 4,606 | |
Pertamina Persero PT | 6.500% | 11/7/48 | 400 | 522 | |
2 | Perusahaan Listrik Negara PT | 4.125% | 5/15/27 | 400 | 431 |
Perusahaan Listrik Negara PT | 4.125% | 5/15/27 | 3,517 | 3,789 | |
13,981 | |||||
Kazakhstan (0.2%) | |||||
KazMunayGas National Co. JSC | 6.375% | 10/24/48 | 3,960 | 5,095 | |
Malaysia (0.8%) | |||||
Petronas Capital Ltd. | 3.500% | 3/18/25 | 3,850 | 4,179 | |
Petronas Capital Ltd. | 3.500% | 4/21/30 | 5,900 | 6,375 | |
Petronas Capital Ltd. | 4.500% | 3/18/45 | 4,110 | 4,919 | |
2 | Petronas Capital Ltd. | 4.550% | 4/21/50 | 2,700 | 3,214 |
Petronas Capital Ltd. | 4.550% | 4/21/50 | 4,650 | 5,522 | |
24,209 | |||||
Mexico (4.4%) | |||||
Mexico City Airport Trust | 5.500% | 7/31/47 | 5,454 | 5,550 | |
2 | Petroleos Mexicanos | 6.875% | 10/16/25 | 3,850 | 4,217 |
Petroleos Mexicanos | 6.875% | 8/4/26 | 7,825 | 8,495 | |
Petroleos Mexicanos | 6.490% | 1/23/27 | 6,156 | 6,508 | |
Petroleos Mexicanos | 6.500% | 3/13/27 | 14,140 | 14,942 | |
Petroleos Mexicanos | 5.350% | 2/12/28 | 6,525 | 6,406 | |
Petroleos Mexicanos | 6.500% | 1/23/29 | 5,180 | 5,272 | |
Petroleos Mexicanos | 6.840% | 1/23/30 | 11,540 | 11,839 | |
Petroleos Mexicanos | 5.950% | 1/28/31 | 9,925 | 9,574 | |
Petroleos Mexicanos | 6.625% | 6/15/35 | 7,280 | 7,025 | |
Petroleos Mexicanos | 6.500% | 6/2/41 | 4,100 | 3,673 | |
Petroleos Mexicanos | 6.375% | 1/23/45 | 4,105 | 3,539 | |
Petroleos Mexicanos | 6.750% | 9/21/47 | 15,699 | 13,859 | |
Petroleos Mexicanos | 6.350% | 2/12/48 | 7,525 | 6,418 | |
Petroleos Mexicanos | 7.690% | 1/23/50 | 21,274 | 20,482 | |
Petroleos Mexicanos | 6.950% | 1/28/60 | 9,910 | 8,767 | |
136,566 | |||||
Peru (0.2%) | |||||
2 | Petroleos del Peru SA | 5.625% | 6/19/47 | 200 | 206 |
Petroleos del Peru SA | 5.625% | 6/19/47 | 5,000 | 5,146 | |
5,352 | |||||
Russia (0.8%) | |||||
Gazprom Neft OAO Via GPN Capital SA | 4.375% | 9/19/22 | 3,950 | 4,123 | |
Gazprom Neft OAO Via GPN Capital SA | 6.000% | 11/27/23 | 3,900 | 4,289 | |
2 | Gazprom PJSC via Gaz Finance plc | 2.950% | 1/27/29 | 5,000 | 4,854 |
2 | Gazprom PJSC via Gaz Finance plc | 3.250% | 2/25/30 | 3,400 | 3,362 |
Gazprom PJSC via Gaz Finance plc | 3.250% | 2/25/30 | 2,025 | 2,003 | |
Sberbank of Russia Via SB Capital SA | 5.125% | 10/29/22 | 5,224 | 5,470 | |
24,101 | |||||
Saudi Arabia (1.6%) | |||||
Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 5,900 | 6,237 | |
2 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 1,550 | 1,659 |
Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 6,391 | 6,847 | |
2 | Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 3,800 | 3,671 |
Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 1,600 | 1,546 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 4,700 | 5,138 |
Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 2,300 | 2,513 | |
Saudi Arabian Oil Co. | 4.375% | 4/16/49 | 8,880 | 9,793 | |
2 | Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 3,900 | 3,574 |
Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 1,800 | 1,644 | |
2 | Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 5,600 | 5,109 |
2 | Saudi Electricity Global Sukuk Co. 3 | 4.000% | 4/8/24 | 250 | 271 |
Saudi Electricity Global Sukuk Co. 3 | 4.000% | 4/8/24 | 2,850 | 3,099 | |
51,101 | |||||
United Arab Emirates (0.9%) | |||||
3 | Abu Dhabi Crude Oil Pipeline LLC | 4.600% | 11/2/47 | 5,875 | 6,750 |
2 | DP World plc | 6.850% | 7/2/37 | 3,840 | 5,112 |
DP World plc | 5.625% | 9/25/48 | 450 | 547 | |
DP World Salaam | 6.000% | 12/31/99 | 3,900 | 4,281 | |
2 | MDGH - GMTN BV | 3.700% | 11/7/49 | 2,300 | 2,392 |
MDGH - GMTN BV | 3.700% | 11/7/49 | 400 | 416 | |
MDGH - GMTN BV | 3.950% | 5/21/50 | 6,400 | 6,949 | |
26,447 | |||||
Total Corporate Bonds (Cost $433,777) | 435,247 | ||||
Sovereign Bonds (84.0%) | |||||
Angola (0.7%) | |||||
Republic of Angola | 9.500% | 11/12/25 | 3,650 | 4,012 | |
Republic of Angola | 8.250% | 5/9/28 | 5,900 | 6,071 | |
2 | Republic of Angola | 8.000% | 11/26/29 | 600 | 608 |
Republic of Angola | 8.000% | 11/26/29 | 2,823 | 2,855 | |
Republic of Angola | 9.375% | 5/8/48 | 4,500 | 4,644 | |
Republic of Angola | 9.125% | 11/26/49 | 2,050 | 2,078 | |
2 | Republic of Angola | 9.125% | 11/26/49 | 1,400 | 1,417 |
21,685 | |||||
Argentina (1.9%) | |||||
Republic of Argentina | 1.000% | 7/9/29 | 6,801 | 2,570 | |
4 | Republic of Argentina | 0.125% | 7/9/30 | 42,327 | 15,098 |
4 | Republic of Argentina | 0.125% | 7/9/35 | 53,954 | 17,063 |
4 | Republic of Argentina | 0.125% | 1/9/38 | 29,901 | 11,267 |
4 | Republic of Argentina | 0.125% | 7/9/41 | 27,564 | 9,788 |
4 | Republic of Argentina | 0.125% | 7/9/46 | 5,449 | 1,749 |
57,535 | |||||
Armenia (0.1%) | |||||
Republic of Armenia | 7.150% | 3/26/25 | 1,300 | 1,447 | |
Republic of Armenia | 3.950% | 9/26/29 | 1,200 | 1,150 | |
2 | Republic of Armenia | 3.600% | 2/2/31 | 1,800 | 1,653 |
Republic of Armenia | 3.600% | 2/2/31 | 250 | 229 | |
4,479 | |||||
Azerbaijan (0.2%) | |||||
Republic of Azerbaijan | 4.750% | 3/18/24 | 3,600 | 3,919 | |
3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 2,600 | 2,621 |
2,3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 300 | 303 |
6,843 | |||||
Bahamas (0.1%) | |||||
2,3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 850 | 846 |
3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 500 | 504 |
2,3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,750 | 1,944 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 800 | 892 |
4,186 | |||||
Bahrain (1.8%) | |||||
CBB International Sukuk Co. 5 Spc | 5.624% | 2/12/24 | 3,050 | 3,267 | |
CBB International Sukuk Co. 6 Spc | 5.250% | 3/20/25 | 2,000 | 2,143 | |
CBB International Sukuk Co. 6 Spc | 6.875% | 10/5/25 | 2,300 | 2,669 | |
CBB International Sukuk Programme Co. WLL | 6.250% | 11/14/24 | 2,458 | 2,708 | |
CBB International Sukuk Programme Co. WLL | 4.500% | 3/30/27 | 1,920 | 2,012 | |
CBB International Sukuk Programme Co. WLL | 3.950% | 9/16/27 | 2,400 | 2,443 | |
2 | Kingdom of Bahrain | 6.125% | 7/5/22 | 2,800 | 2,941 |
Kingdom of Bahrain | 6.125% | 8/1/23 | 4,975 | 5,377 | |
Kingdom of Bahrain | 7.000% | 1/26/26 | 3,550 | 4,091 | |
2 | Kingdom of Bahrain | 4.250% | 1/25/28 | 900 | 901 |
Kingdom of Bahrain | 7.000% | 10/12/28 | 4,500 | 5,055 | |
Kingdom of Bahrain | 6.750% | 9/20/29 | 3,900 | 4,290 | |
Kingdom of Bahrain | 7.375% | 5/14/30 | 2,700 | 3,065 | |
2 | Kingdom of Bahrain | 5.625% | 9/30/31 | 1,200 | 1,207 |
Kingdom of Bahrain | 5.625% | 9/30/31 | 1,270 | 1,282 | |
2 | Kingdom of Bahrain | 5.450% | 9/16/32 | 600 | 596 |
Kingdom of Bahrain | 5.450% | 9/16/32 | 2,250 | 2,230 | |
2 | Kingdom of Bahrain | 5.250% | 1/25/33 | 2,500 | 2,427 |
Kingdom of Bahrain | 6.000% | 9/19/44 | 3,200 | 2,987 | |
Kingdom of Bahrain | 7.500% | 9/20/47 | 2,500 | 2,643 | |
2 | Kingdom of Bahrain | 6.250% | 1/25/51 | 800 | 750 |
Kingdom of Bahrain | 6.250% | 1/25/51 | 400 | 375 | |
55,459 | |||||
Belarus (0.3%) | |||||
Republic of Belarus | 6.875% | 2/28/23 | 2,325 | 2,379 | |
Republic of Belarus | 7.625% | 6/29/27 | 1,600 | 1,663 | |
Republic of Belarus | 6.200% | 2/28/30 | 1,800 | 1,716 | |
Republic of Belarus Ministry of Finance | 5.875% | 2/24/26 | 800 | 776 | |
2 | Republic of Belarus Ministry of Finance | 6.378% | 2/24/31 | 950 | 906 |
Republic of Belarus Ministry of Finance | 6.378% | 2/24/31 | 1,000 | 955 | |
8,395 | |||||
Belize (0.0%) | |||||
Republic of Belize | 4.938% | 2/20/34 | 1,260 | 505 | |
Bermuda (0.2%) | |||||
Government of Bermuda | 3.717% | 1/25/27 | 1,550 | 1,701 | |
Government of Bermuda | 4.750% | 2/15/29 | 200 | 234 | |
2 | Government of Bermuda | 4.750% | 2/15/29 | 600 | 698 |
Government of Bermuda | 2.375% | 8/20/30 | 400 | 394 | |
2 | Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 983 |
Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 988 | |
4,998 | |||||
Bolivia (0.2%) | |||||
Bolivian Government | 4.875% | 10/29/22 | 1,500 | 1,536 | |
Bolivian Government | 5.950% | 8/22/23 | 1,000 | 1,050 | |
2,3 | Bolivian Government | 4.500% | 3/20/28 | 1,200 | 1,081 |
3 | Bolivian Government | 4.500% | 3/20/28 | 1,400 | 1,269 |
4,936 | |||||
Brazil (3.3%) | |||||
Federative Republic of Brazil | 2.625% | 1/5/23 | 5,861 | 6,058 | |
Federative Republic of Brazil | 8.875% | 4/15/24 | 2,801 | 3,453 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Federative Republic of Brazil | 4.250% | 1/7/25 | 11,353 | 12,237 | |
Federative Republic of Brazil | 8.750% | 2/4/25 | 1,477 | 1,836 | |
Federative Republic of Brazil | 2.875% | 6/6/25 | 4,750 | 4,859 | |
Federative Republic of Brazil | 6.000% | 4/7/26 | 5,700 | 6,632 | |
Federative Republic of Brazil | 10.125% | 5/15/27 | 2,056 | 2,901 | |
Federative Republic of Brazil | 4.625% | 1/13/28 | 7,902 | 8,482 | |
Federative Republic of Brazil | 4.500% | 5/30/29 | 5,400 | 5,686 | |
Federative Republic of Brazil | 3.875% | 6/12/30 | 9,300 | 9,232 | |
Federative Republic of Brazil | 8.250% | 1/20/34 | 3,489 | 4,750 | |
Federative Republic of Brazil | 7.125% | 1/20/37 | 4,226 | 5,337 | |
Federative Republic of Brazil | 5.625% | 1/7/41 | 5,977 | 6,388 | |
Federative Republic of Brazil | 5.000% | 1/27/45 | 8,786 | 8,604 | |
Federative Republic of Brazil | 5.625% | 2/21/47 | 7,283 | 7,664 | |
Federative Republic of Brazil | 4.750% | 1/14/50 | 8,585 | 8,054 | |
102,173 | |||||
Cameroon (0.1%) | |||||
3 | Republic of Cameroon | 9.500% | 11/19/25 | 1,975 | 2,215 |
Chile (0.9%) | |||||
Republic of Chile | 3.125% | 1/21/26 | 1,840 | 1,990 | |
Republic of Chile | 3.240% | 2/6/28 | 5,050 | 5,493 | |
Republic of Chile | 2.450% | 1/31/31 | 3,850 | 3,921 | |
Republic of Chile | 2.550% | 1/27/32 | 3,700 | 3,784 | |
Republic of Chile | 3.860% | 6/21/47 | 3,450 | 3,767 | |
Republic of Chile | 3.500% | 1/25/50 | 6,200 | 6,410 | |
Republic of Chile | 3.100% | 1/22/61 | 3,950 | 3,708 | |
29,073 | |||||
China (1.7%) | |||||
China Government Bond | 2.125% | 11/2/22 | 4,973 | 5,103 | |
China Government Bond | 1.875% | 12/3/22 | 3,207 | 3,283 | |
China Government Bond | 3.250% | 10/19/23 | 5,300 | 5,672 | |
China Government Bond | 0.400% | 10/21/23 | 3,050 | 3,053 | |
China Government Bond | 1.950% | 12/3/24 | 7,850 | 8,222 | |
China Government Bond | 0.550% | 10/21/25 | 3,700 | 3,629 | |
China Government Bond | 2.625% | 11/2/27 | 4,451 | 4,801 | |
China Government Bond | 3.500% | 10/19/28 | 1,500 | 1,676 | |
China Government Bond | 2.125% | 12/3/29 | 7,950 | 8,137 | |
China Government Bond | 1.200% | 10/21/30 | 2,500 | 2,364 | |
China Government Bond | 2.750% | 12/3/39 | 1,800 | 1,799 | |
China Government Bond | 4.000% | 10/19/48 | 1,620 | 1,999 | |
2 | China Government Bond | 2.250% | 10/21/50 | 800 | 713 |
Export-Import Bank of China | 3.625% | 7/31/24 | 3,377 | 3,689 | |
54,140 | |||||
Colombia (3.0%) | |||||
Republic of Colombia | 2.625% | 3/15/23 | 2,760 | 2,838 | |
Republic of Colombia | 4.000% | 2/26/24 | 4,045 | 4,312 | |
Republic of Colombia | 8.125% | 5/21/24 | 2,630 | 3,136 | |
Republic of Colombia | 4.500% | 1/28/26 | 3,867 | 4,242 | |
Republic of Colombia | 3.875% | 4/25/27 | 6,325 | 6,746 | |
Republic of Colombia | 4.500% | 3/15/29 | 5,300 | 5,776 | |
Republic of Colombia | 3.000% | 1/30/30 | 4,050 | 3,963 | |
Republic of Colombia | 3.125% | 4/15/31 | 6,930 | 6,784 | |
Republic of Colombia | 3.250% | 4/22/32 | 5,300 | 5,190 | |
Republic of Colombia | 7.375% | 9/18/37 | 4,512 | 5,980 | |
Republic of Colombia | 6.125% | 1/18/41 | 6,900 | 8,244 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Colombia | 4.125% | 2/22/42 | 2,700 | 2,597 | |
Republic of Colombia | 5.625% | 2/26/44 | 6,450 | 7,313 | |
Republic of Colombia | 5.000% | 6/15/45 | 11,700 | 12,446 | |
Republic of Colombia | 5.200% | 5/15/49 | 4,670 | 5,102 | |
Republic of Colombia | 4.125% | 5/15/51 | 4,000 | 3,778 | |
Republic of Colombia | 3.875% | 2/15/61 | 3,350 | 2,971 | |
91,418 | |||||
Costa Rica (0.5%) | |||||
Republic of Costa Rica | 4.250% | 1/26/23 | 2,582 | 2,626 | |
Republic of Costa Rica | 4.375% | 4/30/25 | 1,400 | 1,428 | |
Republic of Costa Rica | 6.125% | 2/19/31 | 3,225 | 3,397 | |
Republic of Costa Rica | 5.625% | 4/30/43 | 1,600 | 1,492 | |
Republic of Costa Rica | 7.000% | 4/4/44 | 2,530 | 2,606 | |
Republic of Costa Rica | 7.158% | 3/12/45 | 3,251 | 3,378 | |
14,927 | |||||
Croatia (0.3%) | |||||
Republic of Croatia | 5.500% | 4/4/23 | 3,900 | 4,270 | |
Republic of Croatia | 6.000% | 1/26/24 | 4,400 | 5,030 | |
9,300 | |||||
Dominican Republic (2.0%) | |||||
3 | Dominican Republic | 5.875% | 4/18/24 | 1,800 | 1,944 |
Dominican Republic | 5.500% | 1/27/25 | 3,460 | 3,823 | |
Dominican Republic | 6.875% | 1/29/26 | 3,945 | 4,622 | |
Dominican Republic | 5.950% | 1/25/27 | 4,650 | 5,278 | |
Dominican Republic | 6.000% | 7/19/28 | 3,419 | 3,919 | |
Dominican Republic | 4.500% | 1/30/30 | 5,150 | 5,366 | |
2 | Dominican Republic | 4.875% | 9/23/32 | 3,050 | 3,192 |
Dominican Republic | 4.875% | 9/23/32 | 3,400 | 3,552 | |
2 | Dominican Republic | 5.300% | 1/21/41 | 2,950 | 3,007 |
Dominican Republic | 5.300% | 1/21/41 | 1,150 | 1,174 | |
Dominican Republic | 7.450% | 4/30/44 | 4,465 | 5,413 | |
Dominican Republic | 6.850% | 1/27/45 | 5,544 | 6,311 | |
Dominican Republic | 6.500% | 2/15/48 | 2,850 | 3,139 | |
Dominican Republic | 6.400% | 6/5/49 | 3,200 | 3,485 | |
2 | Dominican Republic | 6.400% | 6/5/49 | 600 | 653 |
2 | Dominican Republic | 5.875% | 1/30/60 | 1,000 | 997 |
Dominican Republic | 5.875% | 1/30/60 | 7,427 | 7,407 | |
63,282 | |||||
Ecuador (1.0%) | |||||
2,3 | Republic of Ecuador | 0.000% | 7/31/30 | 1,425 | 787 |
3 | Republic of Ecuador | 0.000% | 7/31/30 | 1,200 | 662 |
2,4 | Republic of Ecuador | 0.500% | 7/31/30 | 4,035 | 3,386 |
4 | Republic of Ecuador | 0.500% | 7/31/30 | 5,675 | 4,763 |
2,4 | Republic of Ecuador | 0.500% | 7/31/35 | 12,891 | 8,826 |
4 | Republic of Ecuador | 0.500% | 7/31/35 | 9,295 | 6,364 |
2,4 | Republic of Ecuador | 0.500% | 7/31/40 | 6,298 | 3,747 |
4 | Republic of Ecuador | 0.500% | 7/31/40 | 2,600 | 1,538 |
30,073 | |||||
Egypt (2.3%) | |||||
Arab Republic of Egypt | 5.577% | 2/21/23 | 3,350 | 3,510 | |
Arab Republic of Egypt | 4.550% | 11/20/23 | 1,078 | 1,109 | |
Arab Republic of Egypt | 6.200% | 3/1/24 | 2,200 | 2,352 | |
Arab Republic of Egypt | 5.750% | 5/29/24 | 3,320 | 3,516 | |
Arab Republic of Egypt | 5.875% | 6/11/25 | 4,075 | 4,330 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Arab Republic of Egypt | 5.250% | 10/6/25 | 2,150 | 2,239 | |
2 | Arab Republic of Egypt | 3.875% | 2/16/26 | 1,500 | 1,464 |
Arab Republic of Egypt | 7.500% | 1/31/27 | 4,850 | 5,375 | |
Arab Republic of Egypt | 6.588% | 2/21/28 | 3,425 | 3,581 | |
Arab Republic of Egypt | 7.600% | 3/1/29 | 6,430 | 6,991 | |
2 | Arab Republic of Egypt | 5.875% | 2/16/31 | 2,400 | 2,317 |
Arab Republic of Egypt | 5.875% | 2/16/31 | 850 | 822 | |
Arab Republic of Egypt | 7.053% | 1/15/32 | 4,900 | 5,032 | |
Arab Republic of Egypt | 7.625% | 5/29/32 | 1,331 | 1,416 | |
Arab Republic of Egypt | 6.875% | 4/30/40 | 900 | 880 | |
Arab Republic of Egypt | 8.500% | 1/31/47 | 6,630 | 6,858 | |
Arab Republic of Egypt | 7.903% | 2/21/48 | 4,300 | 4,232 | |
Arab Republic of Egypt | 8.700% | 3/1/49 | 4,800 | 5,012 | |
2 | Arab Republic of Egypt | 8.875% | 5/29/50 | 800 | 842 |
Arab Republic of Egypt | 8.875% | 5/29/50 | 4,240 | 4,472 | |
2 | Arab Republic of Egypt | 8.150% | 11/20/59 | 400 | 396 |
Arab Republic of Egypt | 8.150% | 11/20/59 | 600 | 595 | |
2 | Arab Republic of Egypt | 7.500% | 2/16/61 | 3,600 | 3,345 |
Arab Republic of Egypt | 7.500% | 2/16/61 | 200 | 186 | |
70,872 | |||||
El Salvador (0.6%) | |||||
Republic of El Salvador | 7.750% | 1/24/23 | 2,099 | 2,209 | |
Republic of El Salvador | 5.875% | 1/30/25 | 2,168 | 2,247 | |
Republic of El Salvador | 6.375% | 1/18/27 | 2,112 | 2,190 | |
Republic of El Salvador | 8.625% | 2/28/29 | 1,550 | 1,739 | |
Republic of El Salvador | 8.250% | 4/10/32 | 1,132 | 1,247 | |
Republic of El Salvador | 7.650% | 6/15/35 | 2,750 | 2,886 | |
Republic of El Salvador | 7.625% | 2/1/41 | 1,718 | 1,770 | |
2 | Republic of El Salvador | 7.125% | 1/20/50 | 1,000 | 951 |
Republic of El Salvador | 7.125% | 1/20/50 | 1,850 | 1,765 | |
2 | Republic of El Salvador | 9.500% | 7/15/52 | 750 | 848 |
Republic of El Salvador | 9.500% | 7/15/52 | 1,800 | 2,042 | |
19,894 | |||||
Ethiopia (0.1%) | |||||
Federal Republic of Ethiopia | 6.625% | 12/11/24 | 2,650 | 2,549 | |
Gabon (0.2%) | |||||
3 | Republic of Gabon | 6.375% | 12/12/24 | 2,336 | 2,471 |
Republic of Gabon | 6.950% | 6/16/25 | 1,250 | 1,333 | |
3 | Republic of Gabon | 6.625% | 2/6/31 | 1,200 | 1,203 |
2,3 | Republic of Gabon | 6.625% | 2/6/31 | 1,500 | 1,508 |
6,515 | |||||
Georgia (0.0%) | |||||
2 | Republic of Georgia | 2.750% | 4/22/26 | 1,300 | 1,306 |
Ghana (1.1%) | |||||
3 | Republic of Ghana | 8.125% | 1/18/26 | 3,545 | 3,805 |
2,3 | Republic of Ghana | 6.375% | 2/11/27 | 1,000 | 996 |
3 | Republic of Ghana | 6.375% | 2/11/27 | 2,250 | 2,238 |
3 | Republic of Ghana | 7.875% | 3/26/27 | 1,730 | 1,806 |
3 | Republic of Ghana | 7.625% | 5/16/29 | 5,100 | 5,195 |
3 | Republic of Ghana | 10.750% | 10/14/30 | 2,900 | 3,672 |
3 | Republic of Ghana | 8.125% | 3/26/32 | 3,700 | 3,737 |
2 | Republic of Ghana | 8.625% | 4/7/34 | 2,450 | 2,529 |
3 | Republic of Ghana | 7.875% | 2/11/35 | 2,050 | 2,021 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Republic of Ghana | 8.875% | 5/7/42 | 800 | 804 |
3 | Republic of Ghana | 8.627% | 6/16/49 | 2,750 | 2,671 |
3 | Republic of Ghana | 8.950% | 3/26/51 | 3,200 | 3,175 |
2,3 | Republic of Ghana | 8.750% | 3/11/61 | 1,000 | 971 |
3 | Republic of Ghana | 8.750% | 3/11/61 | 1,100 | 1,068 |
34,688 | |||||
Guatemala (0.5%) | |||||
Republic of Guatemala | 5.750% | 6/6/22 | 1,703 | 1,793 | |
Republic of Guatemala | 4.500% | 5/3/26 | 2,050 | 2,255 | |
Republic of Guatemala | 4.375% | 6/5/27 | 1,400 | 1,531 | |
Republic of Guatemala | 4.875% | 2/13/28 | 1,600 | 1,800 | |
3 | Republic of Guatemala | 4.900% | 6/1/30 | 1,400 | 1,576 |
2 | Republic of Guatemala | 5.375% | 4/24/32 | 400 | 461 |
Republic of Guatemala | 5.375% | 4/24/32 | 800 | 928 | |
3 | Republic of Guatemala | 6.125% | 6/1/50 | 3,700 | 4,459 |
14,803 | |||||
Honduras (0.2%) | |||||
3 | Republic of Honduras | 7.500% | 3/15/24 | 1,200 | 1,305 |
Republic of Honduras | 6.250% | 1/19/27 | 2,020 | 2,225 | |
2 | Republic of Honduras | 5.625% | 6/24/30 | 850 | 895 |
Republic of Honduras | 5.625% | 6/24/30 | 600 | 634 | |
5,059 | |||||
Hungary (0.7%) | |||||
Republic of Hungary | 5.375% | 2/21/23 | 5,240 | 5,709 | |
Republic of Hungary | 5.750% | 11/22/23 | 4,400 | 4,974 | |
Republic of Hungary | 5.375% | 3/25/24 | 4,843 | 5,493 | |
Republic of Hungary | 7.625% | 3/29/41 | 3,220 | 5,202 | |
21,378 | |||||
Indonesia (6.2%) | |||||
Perusahaan Penerbit SBSN Indonesia III | 3.300% | 11/21/22 | 2,700 | 2,811 | |
Perusahaan Penerbit SBSN Indonesia III | 3.750% | 3/1/23 | 3,600 | 3,794 | |
Perusahaan Penerbit SBSN Indonesia III | 3.900% | 8/20/24 | 2,350 | 2,559 | |
Perusahaan Penerbit SBSN Indonesia III | 4.350% | 9/10/24 | 4,400 | 4,867 | |
Perusahaan Penerbit SBSN Indonesia III | 4.325% | 5/28/25 | 5,169 | 5,770 | |
Perusahaan Penerbit SBSN Indonesia III | 2.300% | 6/23/25 | 1,000 | 1,033 | |
Perusahaan Penerbit SBSN Indonesia III | 4.550% | 3/29/26 | 5,120 | 5,799 | |
Perusahaan Penerbit SBSN Indonesia III | 4.150% | 3/29/27 | 4,450 | 4,958 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 600 | 682 |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 3,400 | 3,862 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 800 | 913 |
Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 2,300 | 2,623 | |
Perusahaan Penerbit SBSN Indonesia III | 2.800% | 6/23/30 | 3,050 | 3,112 | |
Perusahaan Penerbit SBSN Indonesia III | 3.800% | 6/23/50 | 2,100 | 2,167 | |
Republic of Indonesia | 2.950% | 1/11/23 | 2,605 | 2,701 | |
Republic of Indonesia | 3.375% | 4/15/23 | 3,780 | 3,980 | |
Republic of Indonesia | 5.375% | 10/17/23 | 2,959 | 3,296 | |
Republic of Indonesia | 5.875% | 1/15/24 | 5,250 | 5,950 | |
Republic of Indonesia | 4.450% | 2/11/24 | 2,050 | 2,243 | |
Republic of Indonesia | 4.125% | 1/15/25 | 5,700 | 6,276 | |
Republic of Indonesia | 4.750% | 1/8/26 | 200 | 228 | |
Republic of Indonesia | 4.750% | 1/8/26 | 6,000 | 6,846 | |
Republic of Indonesia | 4.350% | 1/8/27 | 3,600 | 4,072 | |
Republic of Indonesia | 3.850% | 7/18/27 | 2,750 | 3,041 | |
Republic of Indonesia | 3.500% | 1/11/28 | 3,436 | 3,725 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Indonesia | 4.100% | 4/24/28 | 2,833 | 3,167 | |
Republic of Indonesia | 4.750% | 2/11/29 | 3,250 | 3,790 | |
Republic of Indonesia | 3.400% | 9/18/29 | 2,000 | 2,141 | |
Republic of Indonesia | 2.850% | 2/14/30 | 3,000 | 3,095 | |
Republic of Indonesia | 3.850% | 10/15/30 | 4,450 | 4,942 | |
Republic of Indonesia | 1.850% | 3/12/31 | 3,200 | 3,069 | |
Republic of Indonesia | 8.500% | 10/12/35 | 4,000 | 6,319 | |
Republic of Indonesia | 6.625% | 2/17/37 | 3,887 | 5,237 | |
Republic of Indonesia | 7.750% | 1/17/38 | 5,288 | 7,856 | |
Republic of Indonesia | 5.250% | 1/17/42 | 5,850 | 7,108 | |
Republic of Indonesia | 4.625% | 4/15/43 | 3,960 | 4,463 | |
Republic of Indonesia | 6.750% | 1/15/44 | 5,230 | 7,542 | |
Republic of Indonesia | 5.125% | 1/15/45 | 5,301 | 6,395 | |
Republic of Indonesia | 5.950% | 1/8/46 | 3,241 | 4,333 | |
Republic of Indonesia | 5.250% | 1/8/47 | 4,050 | 4,995 | |
Republic of Indonesia | 4.750% | 7/18/47 | 2,600 | 2,996 | |
Republic of Indonesia | 4.350% | 1/11/48 | 4,700 | 5,196 | |
Republic of Indonesia | 5.350% | 2/11/49 | 2,652 | 3,351 | |
Republic of Indonesia | 3.700% | 10/30/49 | 2,700 | 2,754 | |
Republic of Indonesia | 3.500% | 2/14/50 | 2,100 | 2,116 | |
Republic of Indonesia | 4.200% | 10/15/50 | 4,350 | 4,812 | |
Republic of Indonesia | 3.050% | 3/12/51 | 3,300 | 3,278 | |
Republic of Indonesia | 4.450% | 4/15/70 | 2,900 | 3,244 | |
Republic of Indonesia | 3.350% | 3/12/71 | 1,000 | 974 | |
190,481 | |||||
Iraq (0.3%) | |||||
Republic of Iraq | 6.752% | 3/9/23 | 2,950 | 3,012 | |
3 | Republic of Iraq | 5.800% | 1/15/28 | 5,858 | 5,664 |
8,676 | |||||
Ivory Coast (0.2%) | |||||
3 | Ivory Coast | 6.375% | 3/3/28 | 2,100 | 2,328 |
Ivory Coast | 5.750% | 12/31/32 | 1,643 | 1,665 | |
3 | Ivory Coast | 6.125% | 6/15/33 | 3,300 | 3,505 |
7,498 | |||||
Jamaica (0.5%) | |||||
3 | Jamaica | 6.750% | 4/28/28 | 3,600 | 4,283 |
3 | Jamaica | 8.000% | 3/15/39 | 3,298 | 4,645 |
Jamaica | 7.875% | 7/28/45 | 4,800 | 6,683 | |
15,611 | |||||
Jordan (0.4%) | |||||
2 | Kingdom of Jordan | 4.950% | 7/7/25 | 700 | 726 |
Kingdom of Jordan | 6.125% | 1/29/26 | 3,300 | 3,577 | |
Kingdom of Jordan | 5.750% | 1/31/27 | 2,900 | 3,085 | |
2 | Kingdom of Jordan | 5.850% | 7/7/30 | 1,200 | 1,245 |
Kingdom of Jordan | 5.850% | 7/7/30 | 1,711 | 1,784 | |
Kingdom of Jordan | 7.375% | 10/10/47 | 2,650 | 2,792 | |
13,209 | |||||
Kazakhstan (0.7%) | |||||
Republic of Kazakhstan | 3.875% | 10/14/24 | 3,970 | 4,357 | |
Republic of Kazakhstan | 5.125% | 7/21/25 | 6,550 | 7,642 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,500 | 3,066 | |
Republic of Kazakhstan | 6.500% | 7/21/45 | 4,030 | 5,827 | |
20,892 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Kenya (0.6%) | |||||
Republic of Kenya | 6.875% | 6/24/24 | 5,350 | 5,942 | |
Republic of Kenya | 7.000% | 5/22/27 | 2,225 | 2,425 | |
Republic of Kenya | 7.250% | 2/28/28 | 2,600 | 2,821 | |
Republic of Kenya | 8.000% | 5/22/32 | 3,200 | 3,515 | |
Republic of Kenya | 8.250% | 2/28/48 | 2,625 | 2,813 | |
17,516 | |||||
Kuwait (0.4%) | |||||
Kuwait | 3.500% | 3/20/27 | 11,800 | 13,081 | |
Lebanon (0.2%) | |||||
5 | Lebanon Republic | 6.100% | 10/4/22 | 4,690 | 563 |
5 | Lebanon Republic | 6.000% | 1/27/23 | 3,900 | 468 |
5 | Lebanon Republic | 6.650% | 4/22/24 | 2,800 | 361 |
5 | Lebanon Republic | 6.200% | 2/26/25 | 2,338 | 281 |
5 | Lebanon Republic | 6.200% | 2/26/25 | 100 | 12 |
5 | Lebanon Republic | 6.600% | 11/27/26 | 4,885 | 586 |
5 | Lebanon Republic | 6.850% | 3/23/27 | 4,335 | 520 |
5 | Lebanon Republic | 6.750% | 11/29/27 | 3,219 | 417 |
5 | Lebanon Republic | 6.650% | 11/3/28 | 2,240 | 269 |
5 | Lebanon Republic | 6.650% | 11/3/28 | 150 | 18 |
5 | Lebanon Republic | 6.850% | 5/25/29 | 3,252 | 390 |
5 | Lebanon Republic | 6.650% | 2/26/30 | 4,470 | 536 |
5 | Lebanon Republic | 7.000% | 3/23/32 | 3,500 | 420 |
5 | Lebanon Republic | 7.050% | 11/2/35 | 100 | 13 |
5 | Lebanon Republic | 7.250% | 3/23/37 | 1,905 | 233 |
5,087 | |||||
Malaysia (0.6%) | |||||
1mdb Global Investments Ltd. | 4.400% | 3/9/23 | 7,700 | 7,758 | |
Malaysia Sovereign Sukuk Bhd. | 3.043% | 4/22/25 | 2,650 | 2,845 | |
2 | Malaysia Sovereign Sukuk Bhd. | 2.070% | 4/28/31 | 2,200 | 2,202 |
Malaysia Sovereign Sukuk Bhd. | 4.236% | 4/22/45 | 1,225 | 1,520 | |
2 | Malaysia Sovereign Sukuk Bhd. | 3.075% | 4/28/51 | 1,300 | 1,327 |
Malaysia Sukuk Global Bhd. | 3.179% | 4/27/26 | 2,500 | 2,736 | |
Malaysia Sukuk Global Bhd. | 4.080% | 4/27/46 | 1,300 | 1,582 | |
19,970 | |||||
Mexico (5.6%) | |||||
United Mexican States | 8.000% | 9/24/22 | 1,473 | 1,625 | |
United Mexican States | 4.000% | 10/2/23 | 7,396 | 8,011 | |
United Mexican States | 3.600% | 1/30/25 | 4,750 | 5,220 | |
United Mexican States | 3.900% | 4/27/25 | 2,300 | 2,554 | |
United Mexican States | 4.125% | 1/21/26 | 5,362 | 6,015 | |
United Mexican States | 4.150% | 3/28/27 | 6,320 | 7,095 | |
United Mexican States | 3.750% | 1/11/28 | 5,705 | 6,177 | |
United Mexican States | 4.500% | 4/22/29 | 8,636 | 9,696 | |
United Mexican States | 3.250% | 4/16/30 | 5,925 | 6,057 | |
United Mexican States | 2.659% | 5/24/31 | 9,207 | 8,856 | |
United Mexican States | 8.300% | 8/15/31 | 3,050 | 4,506 | |
United Mexican States | 4.750% | 4/27/32 | 6,565 | 7,385 | |
United Mexican States | 7.500% | 4/8/33 | 1,910 | 2,631 | |
United Mexican States | 6.750% | 9/27/34 | 4,576 | 5,970 | |
United Mexican States | 6.050% | 1/11/40 | 7,749 | 9,456 | |
United Mexican States | 4.280% | 8/14/41 | 7,670 | 7,835 | |
United Mexican States | 4.750% | 3/8/44 | 10,906 | 11,611 | |
United Mexican States | 5.550% | 1/21/45 | 7,484 | 8,715 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
United Mexican States | 4.600% | 1/23/46 | 6,681 | 6,905 | |
United Mexican States | 4.350% | 1/15/47 | 3,926 | 3,930 | |
United Mexican States | 4.600% | 2/10/48 | 6,123 | 6,313 | |
United Mexican States | 4.500% | 1/31/50 | 6,700 | 6,832 | |
United Mexican States | 5.000% | 4/27/51 | 6,675 | 7,279 | |
United Mexican States | 3.771% | 5/24/61 | 8,503 | 7,581 | |
United Mexican States | 3.750% | 4/19/71 | 8,000 | 6,976 | |
United Mexican States | 5.750% | 10/12/10 | 6,980 | 7,936 | |
173,167 | |||||
Mongolia (0.3%) | |||||
Mongolia | 5.125% | 12/5/22 | 3,209 | 3,332 | |
Mongolia | 5.625% | 5/1/23 | 200 | 211 | |
Mongolia | 8.750% | 3/9/24 | 2,300 | 2,660 | |
2 | Mongolia | 5.125% | 4/7/26 | 1,248 | 1,338 |
Mongolia | 5.125% | 4/7/26 | 400 | 429 | |
7,970 | |||||
Morocco (0.4%) | |||||
Kingdom of Morocco | 4.250% | 12/11/22 | 4,000 | 4,199 | |
2 | Kingdom of Morocco | 2.375% | 12/15/27 | 500 | 487 |
Kingdom of Morocco | 2.375% | 12/15/27 | 1,200 | 1,169 | |
2 | Kingdom of Morocco | 3.000% | 12/15/32 | 1,300 | 1,237 |
Kingdom of Morocco | 3.000% | 12/15/32 | 1,650 | 1,570 | |
Kingdom of Morocco | 5.500% | 12/11/42 | 1,940 | 2,157 | |
2 | Kingdom of Morocco | 4.000% | 12/15/50 | 2,850 | 2,573 |
Kingdom of Morocco | 4.000% | 12/15/50 | 400 | 362 | |
13,754 | |||||
Mozambique (0.1%) | |||||
4 | Republic of Mozambique | 5.000% | 9/15/31 | 2,200 | 1,822 |
Namibia (0.1%) | |||||
Repubilc of Namibia | 5.250% | 10/29/25 | 1,900 | 2,008 | |
Nigeria (1.0%) | |||||
Republic of Nigeria | 6.375% | 7/12/23 | 1,200 | 1,291 | |
Republic of Nigeria | 7.625% | 11/21/25 | 2,950 | 3,360 | |
Republic of Nigeria | 6.500% | 11/28/27 | 3,950 | 4,180 | |
Republic of Nigeria | 7.143% | 2/23/30 | 3,400 | 3,610 | |
Republic of Nigeria | 8.747% | 1/21/31 | 3,000 | 3,426 | |
Republic of Nigeria | 7.875% | 2/16/32 | 3,450 | 3,724 | |
Republic of Nigeria | 7.696% | 2/23/38 | 3,400 | 3,501 | |
Republic of Nigeria | 7.625% | 11/28/47 | 3,900 | 3,932 | |
Republic of Nigeria | 9.248% | 1/21/49 | 2,100 | 2,416 | |
29,440 | |||||
Oman (2.3%) | |||||
Oman Sovereign Sukuk Co. | 4.397% | 6/1/24 | 4,825 | 5,015 | |
2 | Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 700 | 774 |
Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 3,400 | 3,762 | |
Sultanate of Oman | 4.125% | 1/17/23 | 3,300 | 3,404 | |
Sultanate of Oman | 4.875% | 2/1/25 | 2,800 | 2,941 | |
Sultanate of Oman | 4.750% | 6/15/26 | 7,075 | 7,365 | |
Sultanate of Oman | 5.375% | 3/8/27 | 6,425 | 6,725 | |
Sultanate of Oman | 6.750% | 10/28/27 | 1,440 | 1,618 | |
Sultanate of Oman | 5.625% | 1/17/28 | 9,150 | 9,643 | |
2 | Sultanate of Oman | 6.000% | 8/1/29 | 3,200 | 3,399 |
Sultanate of Oman | 6.000% | 8/1/29 | 3,347 | 3,562 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2 | Sultanate of Oman | 6.250% | 1/25/31 | 3,500 | 3,766 |
Sultanate of Oman | 6.250% | 1/25/31 | 400 | 431 | |
2 | Sultanate of Oman | 7.375% | 10/28/32 | 1,000 | 1,143 |
Sultanate of Oman | 7.375% | 10/28/32 | 917 | 1,048 | |
Sultanate of Oman | 6.500% | 3/8/47 | 5,315 | 5,220 | |
Sultanate of Oman | 6.750% | 1/17/48 | 7,200 | 7,204 | |
2 | Sultanate of Oman | 7.000% | 1/25/51 | 2,500 | 2,558 |
Sultanate of Oman | 7.000% | 1/25/51 | 200 | 204 | |
69,782 | |||||
Pakistan (0.6%) | |||||
Islamic Republic of Pakistan | 8.250% | 4/15/24 | 3,050 | 3,360 | |
Islamic Republic of Pakistan | 8.250% | 9/30/25 | 1,450 | 1,617 | |
2 | Islamic Republic of Pakistan | 6.000% | 4/8/26 | 2,600 | 2,675 |
Islamic Republic of Pakistan | 6.875% | 12/5/27 | 4,100 | 4,299 | |
2 | Islamic Republic of Pakistan | 7.375% | 4/8/31 | 2,600 | 2,730 |
2 | Islamic Republic of Pakistan | 8.875% | 4/8/51 | 1,170 | 1,254 |
Third Pakistan International Sukuk Co. Ltd. | 5.625% | 12/5/22 | 2,000 | 2,061 | |
17,996 | |||||
Panama (2.2%) | |||||
Republic of Panama | 4.000% | 9/22/24 | 3,300 | 3,599 | |
Republic of Panama | 3.750% | 3/16/25 | 3,409 | 3,718 | |
Republic of Panama | 7.125% | 1/29/26 | 2,625 | 3,265 | |
Republic of Panama | 8.875% | 9/30/27 | 2,595 | 3,593 | |
Republic of Panama | 3.875% | 3/17/28 | 3,233 | 3,563 | |
Republic of Panama | 9.375% | 4/1/29 | 2,450 | 3,607 | |
Republic of Panama | 3.160% | 1/23/30 | 4,000 | 4,192 | |
Republic of Panama | 2.252% | 9/29/32 | 6,600 | 6,327 | |
3 | Republic of Panama | 6.700% | 1/26/36 | 5,450 | 7,319 |
3 | Republic of Panama | 4.500% | 5/15/47 | 3,100 | 3,443 |
3 | Republic of Panama | 4.500% | 4/16/50 | 4,650 | 5,154 |
3 | Republic of Panama | 4.300% | 4/29/53 | 4,550 | 4,880 |
Republic of Panama | 4.500% | 4/1/56 | 6,625 | 7,293 | |
3 | Republic of Panama | 3.870% | 7/23/60 | 7,650 | 7,637 |
67,590 | |||||
Papua New Guinea (0.0%) | |||||
2 | Papua New Guinea | 8.375% | 10/4/28 | 300 | 310 |
Papua New Guinea | 8.375% | 10/4/28 | 1,100 | 1,133 | |
1,443 | |||||
Paraguay (0.5%) | |||||
Republic of Paraguay | 5.000% | 4/15/26 | 1,835 | 2,064 | |
Republic of Paraguay | 4.700% | 3/27/27 | 1,400 | 1,560 | |
3 | Republic of Paraguay | 4.950% | 4/28/31 | 2,700 | 3,043 |
2 | Republic of Paraguay | 2.739% | 1/29/33 | 1,133 | 1,080 |
Republic of Paraguay | 6.100% | 8/11/44 | 2,600 | 3,127 | |
Republic of Paraguay | 5.600% | 3/13/48 | 1,650 | 1,880 | |
2,3 | Republic of Paraguay | 5.400% | 3/30/50 | 994 | 1,120 |
3 | Republic of Paraguay | 5.400% | 3/30/50 | 2,200 | 2,484 |
16,358 | |||||
Peru (1.9%) | |||||
Republic of Peru | 7.350% | 7/21/25 | 4,159 | 5,115 | |
Republic of Peru | 2.392% | 1/23/26 | 2,575 | 2,649 | |
Republic of Peru | 4.125% | 8/25/27 | 2,647 | 2,932 | |
Republic of Peru | 2.844% | 6/20/30 | 2,204 | 2,231 | |
Republic of Peru | 2.783% | 1/23/31 | 9,925 | 9,940 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Peru | 1.862% | 12/1/32 | 2,725 | 2,488 | |
Republic of Peru | 8.750% | 11/21/33 | 5,336 | 8,257 | |
3 | Republic of Peru | 6.550% | 3/14/37 | 3,046 | 4,098 |
Republic of Peru | 3.300% | 3/11/41 | 3,350 | 3,272 | |
Republic of Peru | 5.625% | 11/18/50 | 6,723 | 8,938 | |
Republic of Peru | 3.550% | 3/10/51 | 2,650 | 2,619 | |
Republic of Peru | 2.780% | 12/1/60 | 5,275 | 4,490 | |
Republic of Peru | 3.230% | 7/28/21 | 2,540 | 2,138 | |
59,167 | |||||
Philippines (2.7%) | |||||
Republic of Philippines | 4.200% | 1/21/24 | 4,014 | 4,406 | |
3 | Republic of Philippines | 7.500% | 9/25/24 | 1,150 | 1,332 |
Republic of Philippines | 10.625% | 3/16/25 | 3,850 | 5,275 | |
Republic of Philippines | 5.500% | 3/30/26 | 3,100 | 3,754 | |
Republic of Philippines | 3.000% | 2/1/28 | 5,350 | 5,733 | |
Republic of Philippines | 3.750% | 1/14/29 | 3,800 | 4,269 | |
Republic of Philippines | 9.500% | 2/2/30 | 5,600 | 8,797 | |
Republic of Philippines | 2.457% | 5/5/30 | 2,775 | 2,855 | |
Republic of Philippines | 7.750% | 1/14/31 | 5,354 | 7,848 | |
Republic of Philippines | 1.648% | 6/10/31 | 1,200 | 1,147 | |
Republic of Philippines | 6.375% | 1/15/32 | 2,500 | 3,408 | |
Republic of Philippines | 6.375% | 10/23/34 | 5,035 | 7,030 | |
Republic of Philippines | 5.000% | 1/13/37 | 3,780 | 4,744 | |
Republic of Philippines | 3.950% | 1/20/40 | 5,200 | 5,692 | |
Republic of Philippines | 3.700% | 3/1/41 | 5,300 | 5,629 | |
Republic of Philippines | 3.700% | 2/2/42 | 5,320 | 5,647 | |
Republic of Philippines | 2.950% | 5/5/45 | 3,600 | 3,448 | |
Republic of Philippines | 2.650% | 12/10/45 | 4,000 | 3,666 | |
84,680 | |||||
Poland (0.5%) | |||||
Republic of Poland | 3.000% | 3/17/23 | 5,191 | 5,442 | |
Republic of Poland | 4.000% | 1/22/24 | 5,548 | 6,070 | |
Republic of Poland | 3.250% | 4/6/26 | 4,175 | 4,617 | |
16,129 | |||||
Qatar (4.6%) | |||||
6 | SoQ Sukuk A QSC | 3.241% | 1/18/23 | 5,585 | 5,850 |
State of Qatar | 3.875% | 4/23/23 | 8,400 | 8,960 | |
State of Qatar | 3.375% | 3/14/24 | 5,500 | 5,916 | |
State of Qatar | 3.400% | 4/16/25 | 5,467 | 5,957 | |
State of Qatar | 3.250% | 6/2/26 | 9,250 | 10,100 | |
2 | State of Qatar | 4.500% | 4/23/28 | 2,100 | 2,452 |
State of Qatar | 4.500% | 4/23/28 | 5,650 | 6,600 | |
State of Qatar | 4.000% | 3/14/29 | 10,600 | 12,069 | |
State of Qatar | 3.750% | 4/16/30 | 9,215 | 10,326 | |
2 | State of Qatar | 9.750% | 6/15/30 | 2,928 | 4,672 |
2 | State of Qatar | 6.400% | 1/20/40 | 2,595 | 3,738 |
2 | State of Qatar | 5.750% | 1/20/42 | 2,300 | 3,139 |
State of Qatar | 4.625% | 6/2/46 | 5,700 | 6,818 | |
State of Qatar | 5.103% | 4/23/48 | 15,600 | 19,820 | |
State of Qatar | 4.817% | 3/14/49 | 15,750 | 19,365 | |
State of Qatar | 4.400% | 4/16/50 | 13,000 | 15,140 | |
140,922 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Romania (0.7%) | |||||
Romania | 4.375% | 8/22/23 | 3,920 | 4,253 | |
Romania | 4.875% | 1/22/24 | 2,770 | 3,075 | |
2 | Romania | 3.000% | 2/14/31 | 1,650 | 1,679 |
Romania | 3.000% | 2/14/31 | 1,450 | 1,477 | |
Romania | 6.125% | 1/22/44 | 2,760 | 3,601 | |
Romania | 5.125% | 6/15/48 | 3,110 | 3,621 | |
2 | Romania | 4.000% | 2/14/51 | 2,890 | 2,882 |
Romania | 4.000% | 2/14/51 | 2,344 | 2,345 | |
22,933 | |||||
Russia (3.3%) | |||||
Russian Federation | 4.875% | 9/16/23 | 8,400 | 9,165 | |
Russian Federation | 4.750% | 5/27/26 | 7,800 | 8,811 | |
Russian Federation | 4.250% | 6/23/27 | 6,200 | 6,887 | |
Russian Federation | 12.750% | 6/24/28 | 6,485 | 10,806 | |
Russian Federation | 4.375% | 3/21/29 | 7,800 | 8,747 | |
Russian Federation | 7.500% | 3/31/30 | 5,223 | 6,038 | |
Russian Federation | 5.100% | 3/28/35 | 10,400 | 12,243 | |
Russian Federation | 5.625% | 4/4/42 | 8,000 | 10,091 | |
Russian Federation | 5.875% | 9/16/43 | 4,000 | 5,212 | |
Russian Federation | 5.250% | 6/23/47 | 18,400 | 22,666 | |
100,666 | |||||
Saudi Arabia (6.5%) | |||||
Kingdom of Saudi Arabia | 2.875% | 3/4/23 | 7,960 | 8,294 | |
Kingdom of Saudi Arabia | 4.000% | 4/17/25 | 12,665 | 13,953 | |
Kingdom of Saudi Arabia | 2.900% | 10/22/25 | 5,900 | 6,273 | |
Kingdom of Saudi Arabia | 3.250% | 10/26/26 | 14,400 | 15,507 | |
Kingdom of Saudi Arabia | 2.500% | 2/3/27 | 3,750 | 3,887 | |
Kingdom of Saudi Arabia | 3.625% | 3/4/28 | 12,832 | 14,071 | |
Kingdom of Saudi Arabia | 4.375% | 4/16/29 | 10,470 | 11,987 | |
Kingdom of Saudi Arabia | 4.500% | 4/17/30 | 9,150 | 10,578 | |
Kingdom of Saudi Arabia | 3.250% | 10/22/30 | 4,194 | 4,439 | |
2 | Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 1,800 | 1,804 |
Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 1,500 | 1,498 | |
2 | Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 4,000 | 3,778 |
Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 2,150 | 2,030 | |
Kingdom of Saudi Arabia | 4.500% | 10/26/46 | 17,100 | 19,105 | |
Kingdom of Saudi Arabia | 4.625% | 10/4/47 | 11,830 | 13,490 | |
Kingdom of Saudi Arabia | 5.000% | 4/17/49 | 9,125 | 11,033 | |
Kingdom of Saudi Arabia | 5.250% | 1/16/50 | 9,092 | 11,368 | |
Kingdom of Saudi Arabia | 3.750% | 1/21/55 | 7,348 | 7,282 | |
Kingdom of Saudi Arabia | 4.500% | 4/22/60 | 7,600 | 8,714 | |
2 | Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 3,700 | 3,484 |
Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 2,550 | 2,398 | |
KSA Sukuk Ltd. | 3.628% | 4/20/27 | 11,600 | 12,740 | |
KSA Sukuk Ltd. | 4.303% | 1/19/29 | 5,650 | 6,445 | |
2 | KSA Sukuk Ltd. | 2.969% | 10/29/29 | 800 | 837 |
KSA Sukuk Ltd. | 2.969% | 10/29/29 | 4,540 | 4,752 | |
199,747 | |||||
Senegal (0.2%) | |||||
Republic of Senegal | 6.250% | 7/30/24 | 1,400 | 1,535 | |
3 | Republic of Senegal | 6.250% | 5/23/33 | 2,900 | 3,044 |
3 | Republic of Senegal | 6.750% | 3/13/48 | 2,609 | 2,632 |
7,211 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Serbia (0.1%) | |||||
2 | Republic of Serbia | 2.125% | 12/1/30 | 2,100 | 1,935 |
Republic of Serbia | 2.125% | 12/1/30 | 1,450 | 1,336 | |
3,271 | |||||
South Africa (1.7%) | |||||
Republic of South Africa | 5.875% | 5/30/22 | 2,021 | 2,128 | |
Republic of South Africa | 4.665% | 1/17/24 | 3,900 | 4,168 | |
Republic of South Africa | 5.875% | 9/16/25 | 5,750 | 6,410 | |
Republic of South Africa | 4.875% | 4/14/26 | 3,250 | 3,468 | |
Republic of South Africa | 4.850% | 9/27/27 | 2,600 | 2,743 | |
Republic of South Africa | 4.300% | 10/12/28 | 5,450 | 5,479 | |
Republic of South Africa | 4.850% | 9/30/29 | 5,260 | 5,438 | |
Republic of South Africa | 5.875% | 6/22/30 | 3,700 | 4,085 | |
Republic of South Africa | 6.250% | 3/8/41 | 1,915 | 2,013 | |
Republic of South Africa | 5.375% | 7/24/44 | 2,700 | 2,570 | |
Republic of South Africa | 5.000% | 10/12/46 | 2,750 | 2,479 | |
Republic of South Africa | 5.650% | 9/27/47 | 3,900 | 3,758 | |
Republic of South Africa | 6.300% | 6/22/48 | 1,700 | 1,741 | |
Republic of South Africa | 5.750% | 9/30/49 | 7,550 | 7,283 | |
53,763 | |||||
Sri Lanka (0.7%) | |||||
Republic of Sri Lanka | 5.875% | 7/25/22 | 2,470 | 2,014 | |
Republic of Sri Lanka | 5.750% | 4/18/23 | 3,350 | 2,435 | |
Republic of Sri Lanka | 6.850% | 3/14/24 | 2,900 | 2,016 | |
Republic of Sri Lanka | 6.350% | 6/28/24 | 1,500 | 1,049 | |
Republic of Sri Lanka | 6.125% | 6/3/25 | 1,550 | 1,044 | |
Republic of Sri Lanka | 6.850% | 11/3/25 | 4,000 | 2,677 | |
Republic of Sri Lanka | 6.825% | 7/18/26 | 2,450 | 1,629 | |
Republic of Sri Lanka | 6.200% | 5/11/27 | 3,950 | 2,579 | |
Republic of Sri Lanka | 6.750% | 4/18/28 | 3,450 | 2,271 | |
Republic of Sri Lanka | 7.850% | 3/14/29 | 3,530 | 2,327 | |
Republic of Sri Lanka | 7.550% | 3/28/30 | 3,700 | 2,431 | |
Republic of Sri Lanka | 7.550% | 3/28/30 | 200 | 131 | |
22,603 | |||||
Suriname (0.0%) | |||||
Republic of Suriname | 9.250% | 10/26/26 | 1,300 | 906 | |
Tajikistan (0.0%) | |||||
3 | Republic of Tajikistan | 7.125% | 9/14/27 | 1,175 | 1,005 |
Trinidad And Tobago (0.2%) | |||||
Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 1,000 | 1,064 | |
2 | Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 200 | 212 |
Republic of Trinidad & Tobago | 4.500% | 8/4/26 | 2,600 | 2,782 | |
2 | Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 850 | 894 |
Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 600 | 631 | |
5,583 | |||||
Tunisia (0.1%) | |||||
Banque Centrale de Tunisie International Bond | 5.750% | 1/30/25 | 2,450 | 2,301 | |
Turkey (5.6%) | |||||
Hazine Mustesarligi Varlik Kiralama AS | 5.004% | 4/6/23 | 3,573 | 3,618 | |
Hazine Mustesarligi Varlik Kiralama AS | 4.489% | 11/25/24 | 2,253 | 2,271 | |
Republic of Turkey | 6.250% | 9/26/22 | 6,361 | 6,561 | |
Republic of Turkey | 3.250% | 3/23/23 | 3,900 | 3,827 | |
Republic of Turkey | 7.250% | 12/23/23 | 5,400 | 5,719 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Turkey | 5.750% | 3/22/24 | 6,500 | 6,613 | |
Republic of Turkey | 6.350% | 8/10/24 | 5,950 | 6,126 | |
Republic of Turkey | 5.600% | 11/14/24 | 6,600 | 6,643 | |
Republic of Turkey | 7.375% | 2/5/25 | 8,500 | 9,024 | |
Republic of Turkey | 4.250% | 3/13/25 | 5,400 | 5,178 | |
Republic of Turkey | 6.375% | 10/14/25 | 6,500 | 6,665 | |
Republic of Turkey | 4.750% | 1/26/26 | 4,650 | 4,478 | |
Republic of Turkey | 4.250% | 4/14/26 | 3,975 | 3,719 | |
Republic of Turkey | 4.875% | 10/9/26 | 7,849 | 7,504 | |
Republic of Turkey | 6.000% | 3/25/27 | 8,662 | 8,626 | |
Republic of Turkey | 5.125% | 2/17/28 | 5,250 | 4,939 | |
Republic of Turkey | 6.125% | 10/24/28 | 5,358 | 5,279 | |
Republic of Turkey | 7.625% | 4/26/29 | 7,825 | 8,327 | |
Republic of Turkey | 11.875% | 1/15/30 | 3,930 | 5,288 | |
Republic of Turkey | 5.250% | 3/13/30 | 5,298 | 4,854 | |
Republic of Turkey | 5.950% | 1/15/31 | 5,850 | 5,523 | |
Republic of Turkey | 5.875% | 6/26/31 | 4,550 | 4,267 | |
Republic of Turkey | 8.000% | 2/14/34 | 3,971 | 4,326 | |
Republic of Turkey | 6.875% | 3/17/36 | 7,300 | 7,149 | |
Republic of Turkey | 7.250% | 3/5/38 | 2,575 | 2,616 | |
Republic of Turkey | 6.750% | 5/30/40 | 5,200 | 4,963 | |
Republic of Turkey | 6.000% | 1/14/41 | 7,965 | 6,992 | |
Republic of Turkey | 4.875% | 4/16/43 | 7,800 | 6,024 | |
Republic of Turkey | 6.625% | 2/17/45 | 7,900 | 7,265 | |
Republic of Turkey | 5.750% | 5/11/47 | 9,250 | 7,637 | |
172,021 | |||||
Ukraine (1.5%) | |||||
Ukraine | 7.750% | 9/1/22 | 2,550 | 2,670 | |
Ukraine | 7.750% | 9/1/23 | 3,700 | 3,938 | |
Ukraine | 8.994% | 2/1/24 | 1,950 | 2,149 | |
Ukraine | 7.750% | 9/1/24 | 3,660 | 3,936 | |
Ukraine | 7.750% | 9/1/25 | 3,500 | 3,781 | |
Ukraine | 7.750% | 9/1/26 | 3,450 | 3,726 | |
Ukraine | 7.750% | 9/1/27 | 3,400 | 3,656 | |
Ukraine | 9.750% | 11/1/28 | 4,150 | 4,813 | |
2 | Ukraine | 6.876% | 5/21/29 | 3,300 | 3,306 |
2,3 | Ukraine | 7.375% | 9/25/32 | 600 | 607 |
3 | Ukraine | 7.375% | 9/25/32 | 7,150 | 7,244 |
2 | Ukraine | 7.253% | 3/15/33 | 2,700 | 2,706 |
Ukraine | 7.253% | 3/15/33 | 4,150 | 4,168 | |
46,700 | |||||
United Arab Emirates (4.7%) | |||||
Dubai DOF Sukuk Ltd. | 6.450% | 5/2/22 | 1,000 | 1,057 | |
Dubai DOF Sukuk Ltd. | 3.875% | 1/30/23 | 2,000 | 2,089 | |
Dubai DOF Sukuk Ltd. | 5.000% | 4/30/29 | 4,030 | 4,676 | |
Dubai DOF Sukuk Ltd. | 2.763% | 9/9/30 | 4,150 | 4,144 | |
Emirate of Abu Dhabi | 2.500% | 10/11/22 | 8,550 | 8,822 | |
Emirate of Abu Dhabi | 0.750% | 9/2/23 | 5,600 | 5,635 | |
Emirate of Abu Dhabi | 2.125% | 9/30/24 | 7,050 | 7,375 | |
2 | Emirate of Abu Dhabi | 2.125% | 9/30/24 | 750 | 785 |
Emirate of Abu Dhabi | 2.500% | 4/16/25 | 8,500 | 8,997 | |
Emirate of Abu Dhabi | 3.125% | 5/3/26 | 6,672 | 7,262 | |
Emirate of Abu Dhabi | 3.125% | 10/11/27 | 10,650 | 11,583 | |
Emirate of Abu Dhabi | 2.500% | 9/30/29 | 7,750 | 8,009 | |
2 | Emirate of Abu Dhabi | 2.500% | 9/30/29 | 200 | 207 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Emirate of Abu Dhabi | 3.125% | 4/16/30 | 7,700 | 8,320 | |
Emirate of Abu Dhabi | 1.700% | 3/2/31 | 3,950 | 3,775 | |
Emirate of Abu Dhabi | 4.125% | 10/11/47 | 7,500 | 8,638 | |
Emirate of Abu Dhabi | 3.125% | 9/30/49 | 10,400 | 10,128 | |
Emirate of Abu Dhabi | 3.875% | 4/16/50 | 10,850 | 12,058 | |
2 | Emirate of Abu Dhabi | 2.700% | 9/2/70 | 500 | 433 |
Emirate of Abu Dhabi | 2.700% | 9/2/70 | 3,500 | 3,032 | |
Emirate of Dubai | 5.250% | 1/30/43 | 2,500 | 2,757 | |
Emirate of Dubai | 3.900% | 9/9/50 | 3,450 | 3,189 | |
2 | Finance Department Government of Sharjah | 4.000% | 7/28/50 | 1,750 | 1,533 |
Finance Department Government of Sharjah | 4.000% | 7/28/50 | 3,600 | 3,156 | |
RAK Capital | 3.094% | 3/31/25 | 2,433 | 2,587 | |
Sharjah Sukuk Ltd. | 3.764% | 9/17/24 | 800 | 859 | |
Sharjah Sukuk Program Ltd. | 3.854% | 4/3/26 | 4,102 | 4,407 | |
Sharjah Sukuk Program Ltd. | 2.942% | 6/10/27 | 2,700 | 2,772 | |
Sharjah Sukuk Program Ltd. | 4.226% | 3/14/28 | 3,100 | 3,404 | |
Sharjah Sukuk Program Ltd. | 3.234% | 10/23/29 | 2,039 | 2,095 | |
143,784 | |||||
Uruguay (1.4%) | |||||
3 | Oriental Republic of Uruguay | 4.375% | 10/27/27 | 4,066 | 4,648 |
3 | Oriental Republic of Uruguay | 4.125% | 11/20/45 | 1,870 | 2,131 |
3 | Republic of Uruguay | 4.500% | 8/14/24 | 2,589 | 2,809 |
3 | Republic of Uruguay | 4.375% | 1/23/31 | 4,873 | 5,660 |
Republic of Uruguay | 7.875% | 1/15/33 | 2,046 | 3,081 | |
3 | Republic of Uruguay | 7.625% | 3/21/36 | 2,915 | 4,430 |
3 | Republic of Uruguay | 5.100% | 6/18/50 | 10,192 | 12,749 |
3 | Republic of Uruguay | 4.975% | 4/20/55 | 6,909 | 8,532 |
44,040 | |||||
Uzbekistan (0.1%) | |||||
Republic of Uzbekistan | 4.750% | 2/20/24 | 1,345 | 1,434 | |
Republic of Uzbekistan | 5.375% | 2/20/29 | 1,625 | 1,820 | |
2 | Republic of Uzbekistan | 3.700% | 11/25/30 | 200 | 200 |
Republic of Uzbekistan | 3.700% | 11/25/30 | 1,200 | 1,198 | |
4,652 | |||||
Vietnam (0.1%) | |||||
Socialist Republic of Vietnam | 4.800% | 11/19/24 | 2,600 | 2,910 | |
Zambia (0.2%) | |||||
5 | Republic of Zambia | 5.375% | 9/20/22 | 1,950 | 1,178 |
5 | Republic of Zambia | 8.500% | 4/14/24 | 2,400 | 1,474 |
Republic of Zambia | 8.500% | 4/14/24 | 250 | 154 | |
5 | Republic of Zambia | 8.970% | 7/30/27 | 3,225 | 1,964 |
4,770 | |||||
Total Sovereign Bonds (Cost $2,618,698) | 2,595,801 |
Coupon | Shares | Market Value• ($000) | |||
Temporary Cash Investments (1.2%) | |||||
Money Market Fund (1.2%) | |||||
7 | Vanguard Market Liquidity Fund (Cost $36,186) | 0.068% | 361,861 | 36,186 | |
Total Investments (99.3%) (Cost $3,088,775) | 3,067,338 | ||||
Other Assets and Liabilities—Net (0.7%) | 22,378 | ||||
Net Assets (100.0%) | 3,089,716 | ||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Guaranteed by the Republic of Azerbaijan. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $185,450,000, representing 6.0% of net assets. |
3 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
4 | Step bond. |
5 | Non-income-producing security—security in default. |
6 | Guaranteed by the State of Qatar. |
7 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
2-Year U.S. Treasury Note | June 2021 | 35 | 7,727 | 1 |
Long U.S. Treasury Bond | June 2021 | 8 | 1,258 | 17 |
Ultra 10-Year U.S. Treasury Note | June 2021 | 28 | 4,075 | 36 |
54 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,052,589) | 3,031,152 |
Affiliated Issuers (Cost $36,186) | 36,186 |
Total Investments in Securities | 3,067,338 |
Investment in Vanguard | 107 |
Cash Collateral Pledged—Futures Contracts | 112 |
Cash Collateral Received for ETF Capital Activity | 18,319 |
Receivables for Investment Securities Sold | 20,956 |
Receivables for Accrued Income | 31,725 |
Receivables for Capital Shares Issued | 238 |
Total Assets | 3,138,795 |
Liabilities | |
Due to Custodian | 506 |
Payables for Investment Securities Purchased | 29,714 |
Collateral for ETF Capital Activity | 18,319 |
Payables for Capital Shares Redeemed | 127 |
Payables for Distributions | 146 |
Payables to Vanguard | 223 |
Variation Margin Payable—Futures Contracts | 44 |
Total Liabilities | 49,079 |
Net Assets | 3,089,716 |
Statement of Assets and Liabilities (continued) | |
At April 30, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 3,149,466 |
Total Distributable Earnings (Loss) | (59,750) |
Net Assets | 3,089,716 |
ETF Shares—Net Assets | |
Applicable to 35,660,223 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,801,989 |
Net Asset Value Per Share—ETF Shares | $78.57 |
Admiral Shares—Net Assets | |
Applicable to 12,388,886 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 244,316 |
Net Asset Value Per Share—Admiral Shares | $19.72 |
Institutional Shares—Net Assets | |
Applicable to 1,372,380 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 43,411 |
Net Asset Value Per Share—Institutional Shares | $31.63 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 59,982 |
Total Income | 59,982 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 32 |
Management and Administrative—ETF Shares | 2,858 |
Management and Administrative—Admiral Shares | 279 |
Management and Administrative—Institutional Shares | 43 |
Marketing and Distribution—ETF Shares | 54 |
Marketing and Distribution—Admiral Shares | 5 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 29 |
Shareholders’ Reports—ETF Shares | 11 |
Shareholders’ Reports—Admiral Shares | 2 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 3,314 |
Net Investment Income | 56,668 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 25,328 |
Futures Contracts | (513) |
Realized Net Gain (Loss) | 24,815 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (42,032) |
Futures Contracts | 46 |
Change in Unrealized Appreciation (Depreciation) | (41,986) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 39,497 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $24,627,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 56,668 | 90,790 | |
Realized Net Gain (Loss) | 24,815 | (68,417) | |
Change in Unrealized Appreciation (Depreciation) | (41,986) | (23,609) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 39,497 | (1,236) | |
Distributions | |||
ETF Shares | (47,543) | (75,818) | |
Admiral Shares | (4,874) | (12,469) | |
Institutional Shares | (820) | (2,266) | |
Total Distributions | (53,237) | (90,553) | |
Capital Share Transactions | |||
ETF Shares | 964,340 | 394,929 | |
Admiral Shares | (259) | (18,654) | |
Institutional Shares | 718 | (7,227) | |
Net Increase (Decrease) from Capital Share Transactions | 964,799 | 369,048 | |
Total Increase (Decrease) | 951,059 | 277,259 | |
Net Assets | |||
Beginning of Period | 2,138,657 | 1,861,398 | |
End of Period | 3,089,716 | 2,138,657 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $78.01 | $80.38 | $74.27 | $80.73 | $80.11 | $75.81 |
Investment Operations | ||||||
Net Investment Income | 1.6051 | 3.5511 | 3.7381 | 3.4111 | 3.7131 | 3.753 |
Net Realized and Unrealized Gain (Loss) on Investments2 | .513 | (2.322) | 6.044 | (6.445) | .589 | 4.228 |
Total from Investment Operations | 2.118 | 1.229 | 9.782 | (3.034) | 4.302 | 7.981 |
Distributions | ||||||
Dividends from Net Investment Income | (1.558) | (3.599) | (3.672) | (3.426) | (3.682) | (3.681) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.558) | (3.599) | (3.672) | (3.426) | (3.682) | (3.681) |
Net Asset Value, End of Period | $78.57 | $78.01 | $80.38 | $74.27 | $80.73 | $80.11 |
Total Return | 2.71% | 1.65% | 13.47% | -3.84% | 5.56% | 10.84% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,802 | $1,853 | $1,538 | $1,033 | $1,002 | $874 |
Ratio of Total Expenses to Average Net Assets | 0.24% | 0.25% | 0.25% | 0.30% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.05% | 4.55% | 4.79% | 4.42% | 4.67% | 4.89% |
Portfolio Turnover Rate3 | 9% | 21% | 48% | 25% | 19% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.00, $0.04, $0.07, and $0.04. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $19.58 | $20.16 | $18.63 | $20.24 | $20.09 | $19.00 |
Investment Operations | ||||||
Net Investment Income | .4041 | .8971 | .9391 | .8581 | .9341 | .941 |
Net Realized and Unrealized Gain (Loss) on Investments2 | .128 | (.586) | 1.521 | (1.613) | .150 | 1.076 |
Total from Investment Operations | .532 | .311 | 2.460 | (.755) | 1.084 | 2.017 |
Distributions | ||||||
Dividends from Net Investment Income | (.392) | (.891) | (.930) | (.855) | (.934) | (.927) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.392) | (.891) | (.930) | (.855) | (.934) | (.927) |
Net Asset Value, End of Period | $19.72 | $19.58 | $20.16 | $18.63 | $20.24 | $20.09 |
Total Return3 | 2.71% | 1.66% | 13.46% | -3.80% | 5.57% | 10.89% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $244 | $243 | $273 | $256 | $288 | $191 |
Ratio of Total Expenses to Average Net Assets | 0.24% | 0.25% | 0.25% | 0.30% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.06% | 4.57% | 4.79% | 4.42% | 4.67% | 4.89% |
Portfolio Turnover Rate4 | 9% | 21% | 48% | 25% | 19% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.00, $0.01, $0.02, and $0.01. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction or account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $31.40 | $32.33 | $29.88 | $32.47 | $32.24 | $30.50 |
Investment Operations | ||||||
Net Investment Income | .6511 | 1.4431 | 1.5221 | 1.3801 | 1.5081 | 1.521 |
Net Realized and Unrealized Gain (Loss) on Investments2 | .211 | (.938) | 2.425 | (2.596) | .238 | 1.715 |
Total from Investment Operations | .862 | .505 | 3.947 | (1.216) | 1.746 | 3.236 |
Distributions | ||||||
Dividends from Net Investment Income | (.632) | (1.435) | (1.497) | (1.374) | (1.516) | (1.496) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.632) | (1.435) | (1.497) | (1.374) | (1.516) | (1.496) |
Net Asset Value, End of Period | $31.63 | $31.40 | $32.33 | $29.88 | $32.47 | $32.24 |
Total Return3 | 2.74% | 1.68% | 13.46% | -3.82% | 5.59% | 10.89% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $43 | $42 | $51 | $19 | $20 | $21 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.23% | 0.23% | 0.29% | 0.29% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 4.08% | 4.59% | 4.81% | 4.43% | 4.70% | 4.92% |
Portfolio Turnover Rate4 | 9% | 21% | 48% | 25% | 19% | 24% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.00, $.00, $0.02, $0.03, and $0.02. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction or account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
U.S. Government and Agency Obligations | — | 104 | — | 104 |
Corporate Bonds | — | 435,247 | — | 435,247 |
Sovereign Bonds | — | 2,595,801 | — | 2,595,801 |
Temporary Cash Investments | 36,186 | — | — | 36,186 |
Total | 36,186 | 3,031,152 | — | 3,067,338 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 54 | — | — | 54 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | As of April 30, 2021, 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 | 3,089,087 |
Gross Unrealized Appreciation | 60,377 |
Gross Unrealized Depreciation | (82,072) |
Net Unrealized Appreciation (Depreciation) | (21,695) |
E. | During the six months ended April 30, 2021, the fund purchased $1,534,231,000 of investment securities and sold $614,949,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $43,555,000 and $43,437,000, respectively. Purchases and sales include $1,317,073,000 and $411,006,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,387,019 | 17,304 | 699,150 | 8,720 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (422,679) | (5,400) | (304,221) | (4,100) | |
Net Increase (Decrease)—ETF Shares | 964,340 | 11,904 | 394,929 | 4,620 | |
Admiral Shares | |||||
Issued1 | 23,690 | 1,178 | 72,508 | 3,636 | |
Issued in Lieu of Cash Distributions | 4,040 | 202 | 10,430 | 535 | |
Redeemed | (27,989) | (1,396) | (101,592) | (5,297) | |
Net Increase (Decrease)—Admiral Shares | (259) | (16) | (18,654) | (1,126) | |
Institutional Shares | |||||
Issued1 | 3,936 | 122 | 12,179 | 432 | |
Issued in Lieu of Cash Distributions | 820 | 26 | 2,233 | 71 | |
Redeemed | (4,038) | (128) | (21,639) | (714) | |
Net Increase (Decrease)—Institutional Shares | 718 | 20 | (7,227) | (211) |
1 | Includes purchase fees for fiscal 2021 and 2020 of $204,000 and $662,000, respectively (fund totals). |
G. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2021 | |||
Global Minimum Volatility Fund | Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,144.30 | $1.12 |
Admiral™ Shares | 1,000.00 | 1,144.40 | 0.74 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.75 | $1.05 |
Admiral Shares | 1,000.00 | 1,024.10 | 0.70 |
Communication Services | 12.1% |
Consumer Discretionary | 8.7 |
Consumer Staples | 11.3 |
Energy | 0.1 |
Financials | 10.3 |
Health Care | 15.8 |
Industrials | 10.7 |
Information Technology | 16.9 |
Materials | 6.1 |
Real Estate | 1.3 |
Utilities | 6.7 |
Shares | Market Value• ($000) | ||
Common Stocks (99.1%) | |||
Australia (4.1%) | |||
Wesfarmers Ltd. | 1,020,253 | 42,530 | |
Woolworths Group Ltd. | 676,792 | 20,526 | |
Sonic Healthcare Ltd. | 623,471 | 17,233 | |
Coles Group Ltd. | 1,142,216 | 14,344 | |
ASX Ltd. | 128,810 | 7,238 | |
Commonwealth Bank of Australia | 101,259 | 6,932 | |
CSL Ltd. | 25,430 | 5,312 | |
Medibank Pvt Ltd. | 606,705 | 1,439 | |
Fortescue Metals Group Ltd. | 82,053 | 1,420 | |
APA Group | 126,081 | 974 | |
AGL Energy Ltd. | 138,895 | 957 | |
BWP Trust | 222,026 | 707 | |
119,612 | |||
Belgium (0.4%) | |||
Etablissements Franz Colruyt NV | 137,878 | 8,173 | |
Sofina SA | 4,201 | 1,596 | |
Elia Group SA | 11,876 | 1,286 | |
11,055 | |||
Canada (5.6%) | |||
Royal Bank of Canada | 486,803 | 46,461 | |
1 | Emera Inc. | 426,915 | 19,405 |
Franco-Nevada Corp. | 120,346 | 16,765 | |
BCE Inc. | 293,135 | 13,856 | |
TELUS Corp. | 622,765 | 12,920 | |
Fortis Inc. | 212,031 | 9,458 | |
Metro Inc. | 159,857 | 7,325 | |
Intact Financial Corp. | 47,255 | 6,281 | |
George Weston Ltd. | 69,311 | 6,120 | |
Loblaw Cos. Ltd. | 106,750 | 5,927 | |
Dollarama Inc. | 121,740 | 5,673 | |
2 | Hydro One Ltd. | 205,884 | 4,936 |
Rogers Communications Inc. Class B | 95,100 | 4,684 | |
TMX Group Ltd. | 19,420 | 2,140 | |
Quebecor Inc. Class B | 48,071 | 1,293 | |
Canadian National Railway Co. | 11,092 | 1,194 | |
Cogeco Communications Inc. | 7,045 | 669 |
Shares | Market Value• ($000) | ||
WSP Global Inc. | 6,180 | 642 | |
165,749 | |||
Chile (0.1%) | |||
Enel Americas SA ADR | 473,755 | 3,401 | |
Banco Santander Chile ADR | 37,076 | 825 | |
4,226 | |||
China (3.7%) | |||
ZTO Express Cayman Inc. ADR | 1,141,986 | 36,726 | |
* | Alibaba Group Holding Ltd. | 997,688 | 28,841 |
NetEase Inc. ADR | 143,201 | 16,047 | |
* | JD.com Inc. ADR | 151,853 | 11,747 |
* | Tencent Music Entertainment Group ADR | 384,833 | 6,704 |
*,2 | Kuaishou Technology | 98,000 | 3,318 |
* | Vipshop Holdings Ltd. ADR | 98,066 | 3,018 |
* | Zai Lab Ltd. ADR | 4,482 | 745 |
* | 51job Inc. ADR | 9,724 | 599 |
* | Alibaba Group Holding Ltd. ADR | 100 | 23 |
107,768 | |||
Denmark (0.8%) | |||
Coloplast A/S Class B | 111,474 | 18,465 | |
Tryg A/S | 101,509 | 2,321 | |
* | Chr Hansen Holding A/S | 18,965 | 1,741 |
Novo Nordisk A/S Class B | 16,969 | 1,252 | |
23,779 | |||
Finland (0.6%) | |||
Kone Oyj Class B | 191,755 | 15,061 | |
Elisa Oyj | 43,270 | 2,453 | |
17,514 | |||
Germany (0.4%) | |||
Knorr-Bremse AG | 32,823 | 4,023 | |
Symrise AG Class A | 22,629 | 2,922 | |
* | QIAGEN NV | 53,496 | 2,608 |
Fielmann AG | 33,003 | 2,513 | |
12,066 | |||
Hong Kong (2.0%) | |||
CLP Holdings Ltd. | 2,400,350 | 23,693 | |
Power Assets Holdings Ltd. | 2,500,500 | 15,368 | |
Hang Seng Bank Ltd. | 559,000 | 10,944 | |
Want Want China Holdings Ltd. | 2,935,000 | 2,121 | |
Chow Tai Fook Jewellery Group Ltd. | 1,131,200 | 1,822 | |
Microport Scientific Corp. | 196,000 | 1,413 | |
Tingyi Cayman Islands Holding Corp. | 638,000 | 1,146 | |
*,2 | ESR Cayman Ltd. | 245,200 | 838 |
CK Infrastructure Holdings Ltd. | 99,500 | 608 | |
57,953 | |||
India (1.3%) | |||
Infosys Ltd. ADR | 1,047,585 | 18,940 | |
Dr Reddy's Laboratories Ltd. ADR | 245,179 | 16,922 | |
* | ICICI Bank Ltd. ADR | 140,432 | 2,289 |
Wipro Ltd. ADR | 98,728 | 707 | |
2 | Reliance Industries Ltd. GDR | 12,150 | 658 |
39,516 |
Shares | Market Value• ($000) | ||
Indonesia (0.2%) | |||
Telkom Indonesia Persero Tbk PT ADR | 235,851 | 5,203 | |
Ireland (0.0%) | |||
Kerry Group plc Class A | 4,640 | 602 | |
Israel (0.1%) | |||
* | Bank Leumi Le-Israel BM | 184,931 | 1,298 |
* | Bank Hapoalim BM | 144,678 | 1,150 |
2,448 | |||
Italy (0.3%) | |||
Terna Rete Elettrica Nazionale SPA | 486,458 | 3,586 | |
DiaSorin SPA | 17,085 | 2,902 | |
UnipolSai Assicurazioni SPA | 656,555 | 2,039 | |
Hera SPA | 270,095 | 1,087 | |
9,614 | |||
Japan (11.1%) | |||
Softbank Corp. | 2,840,500 | 36,615 | |
FUJIFILM Holdings Corp. | 468,900 | 30,373 | |
Chugai Pharmaceutical Co. Ltd. | 621,600 | 23,332 | |
Japan Tobacco Inc. | 1,200,400 | 22,518 | |
Yamada Denki Co. Ltd. | 4,046,300 | 20,143 | |
Pan Pacific International Holdings Corp. | 566,700 | 12,215 | |
SG Holdings Co. Ltd. | 490,900 | 11,148 | |
Secom Co. Ltd. | 131,500 | 10,958 | |
Shimano Inc. | 38,800 | 8,872 | |
ITOCHU Corp. | 268,000 | 8,367 | |
Sysmex Corp. | 79,500 | 7,941 | |
Sawai Group Holdings Co. Ltd. | 162,600 | 7,826 | |
Japan Post Bank Co. Ltd. | 804,500 | 7,357 | |
Toyo Suisan Kaisha Ltd. | 178,300 | 7,270 | |
Kagome Co. Ltd. | 221,000 | 6,342 | |
Japan Exchange Group Inc. | 269,900 | 6,330 | |
Odakyu Electric Railway Co. Ltd. | 227,900 | 6,172 | |
Chugoku Electric Power Co. Inc. | 530,500 | 5,937 | |
Chubu Electric Power Co. Inc. | 481,200 | 5,831 | |
Tokyo Gas Co. Ltd. | 268,000 | 5,439 | |
KDDI Corp. | 167,800 | 5,073 | |
Keio Corp. | 67,200 | 4,375 | |
* | Kintetsu Group Holdings Co. Ltd. | 121,500 | 4,359 |
ABC-Mart Inc. | 72,300 | 3,874 | |
Square Enix Holdings Co. Ltd. | 67,700 | 3,754 | |
* | Oracle Corp. Japan | 38,200 | 3,581 |
Capcom Co. Ltd. | 109,800 | 3,562 | |
Osaka Gas Co. Ltd. | 183,900 | 3,560 | |
Toho Gas Co. Ltd. | 62,100 | 3,461 | |
Toho Co. Ltd. (XTKS) | 85,400 | 3,403 | |
Mitsubishi Materials Corp. | 125,400 | 2,817 | |
Lion Corp. | 142,700 | 2,678 | |
* | Nagoya Railroad Co. Ltd. | 114,200 | 2,623 |
Nitori Holdings Co. Ltd. | 12,900 | 2,310 | |
Asahi Intecc Co. Ltd. | 83,600 | 2,250 | |
* | Skylark Holdings Co. Ltd. | 144,800 | 2,151 |
* | PeptiDream Inc. | 48,800 | 2,089 |
Ezaki Glico Co. Ltd. | 55,400 | 2,073 | |
Hoshizaki Corp. | 22,300 | 1,981 |
Shares | Market Value• ($000) | ||
Calbee Inc. | 81,300 | 1,950 | |
MOS Food Services Inc. | 60,500 | 1,657 | |
Obic Co. Ltd. | 8,000 | 1,542 | |
Unicharm Corp. | 33,100 | 1,287 | |
KYORIN Holdings Inc. | 68,600 | 1,202 | |
Idemitsu Kosan Co. Ltd. | 45,400 | 1,086 | |
Koei Tecmo Holdings Co. Ltd. | 21,320 | 951 | |
Seven Bank Ltd. | 361,800 | 779 | |
Kewpie Corp. | 32,500 | 769 | |
Shizuoka Bank Ltd. | 97,400 | 747 | |
Keihan Holdings Co. Ltd. | 19,900 | 727 | |
Nissin Foods Holdings Co. Ltd. | 9,500 | 673 | |
Hamamatsu Photonics KK | 11,400 | 661 | |
Medipal Holdings Corp. | 34,900 | 642 | |
K's Holdings Corp | 45,700 | 623 | |
Kyushu Electric Power Co. Inc. | 65,000 | 596 | |
Suzuken Co. Ltd. | 15,700 | 566 | |
Ajinomoto Co. Inc. | 28,100 | 562 | |
Lawson Inc. | 12,400 | 557 | |
328,537 | |||
Netherlands (0.1%) | |||
Koninklijke Vopak NV | 42,452 | 1,944 | |
New Zealand (0.2%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 279,915 | 7,214 | |
Norway (0.5%) | |||
Orkla ASA | 1,356,340 | 13,825 | |
Poland (0.0%) | |||
* | Powszechny Zaklad Ubezpieczen SA | 83,422 | 718 |
* | Bank Polska Kasa Opieki SA | 31,403 | 662 |
1,380 | |||
Russia (0.5%) | |||
Sberbank of Russia PJSC ADR | 791,635 | 12,463 | |
Polyus PJSC (Registered) GDR | 12,378 | 1,147 | |
Mobile TeleSystems PJSC ADR | 87,906 | 744 | |
14,354 | |||
Singapore (0.7%) | |||
Oversea-Chinese Banking Corp. Ltd. | 1,488,348 | 13,606 | |
Singapore Exchange Ltd. | 866,300 | 6,786 | |
20,392 | |||
South Korea (2.7%) | |||
Korea Zinc Co. Ltd. | 50,052 | 20,022 | |
KT&G Corp. | 235,748 | 17,445 | |
Samsung Electronics Co. Ltd. Preference Shares | 143,444 | 9,418 | |
NAVER Corp. | 26,098 | 8,404 | |
SK Telecom Co. Ltd. | 27,516 | 7,495 | |
2 | Netmarble Corp. | 52,502 | 6,084 |
* | Studio Dragon Corp. | 25,228 | 2,337 |
Maeil Dairies Co. Ltd. | 32,805 | 2,199 | |
Kakao Corp. | 21,470 | 2,186 | |
* | CJ Logistics Corp. | 10,592 | 1,629 |
SSANGYONG C&E Co. Ltd. | 108,382 | 755 | |
LEENO Industrial Inc. | 5,070 | 739 |
Shares | Market Value• ($000) | ||
NCSoft Corp. | 717 | 533 | |
79,246 | |||
Spain (0.6%) | |||
* | Ferrovial SA | 284,981 | 8,091 |
* | Iberdrola SA (XMAD) | 556,224 | 7,517 |
Red Electrica Corp. SA | 57,686 | 1,059 | |
16,667 | |||
Sweden (0.2%) | |||
ICA Gruppen AB | 128,612 | 5,928 | |
Switzerland (4.6%) | |||
Swisscom AG (Registered) | 84,445 | 45,849 | |
Givaudan SA (Registered) | 4,488 | 18,805 | |
Kuehne + Nagel International AG (Registered) | 50,260 | 15,027 | |
Schindler Holding AG Ptg. Ctf. | 48,805 | 13,888 | |
Roche Holding AG | 31,270 | 10,199 | |
Geberit AG (Registered) | 11,407 | 7,506 | |
Roche Holding AG (Bearer) | 19,487 | 6,776 | |
* | EMS-Chemie Holding AG (Registered) | 3,414 | 3,188 |
* | Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 223 | 2,070 |
SGS SA (Registered) | 692 | 2,047 | |
2 | Galenica AG | 29,325 | 1,985 |
Allreal Holding AG (Registered) | 9,242 | 1,871 | |
Baloise Holding AG (Registered) | 9,935 | 1,680 | |
Stadler Rail AG | 32,435 | 1,624 | |
Banque Cantonale Vaudoise (Registered) | 13,949 | 1,422 | |
Nestle SA (Registered) | 5,674 | 677 | |
* | SIG Combibloc Group AG | 25,853 | 634 |
135,248 | |||
Taiwan (1.7%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 386,100 | 45,073 | |
Chunghwa Telecom Co. Ltd. ADR | 142,247 | 5,811 | |
United Microelectronics Corp. ADR | 73,276 | 727 | |
51,611 | |||
United Kingdom (3.0%) | |||
Halma plc | 422,747 | 15,106 | |
Admiral Group plc | 286,496 | 12,379 | |
GlaxoSmithKline plc | 580,821 | 10,733 | |
National Grid plc | 820,503 | 10,343 | |
Wm Morrison Supermarkets plc | 4,002,069 | 9,612 | |
Rightmove plc | 910,871 | 7,722 | |
Tate & Lyle plc | 654,520 | 7,241 | |
B&M European Value Retail SA | 565,321 | 4,419 | |
Polymetal International plc | 168,173 | 3,472 | |
Smith & Nephew plc | 98,495 | 2,132 | |
Sage Group plc | 177,944 | 1,568 | |
Smiths Group plc | 66,932 | 1,503 | |
Croda International plc | 12,032 | 1,124 | |
Spirax-Sarco Engineering plc | 5,816 | 949 | |
Severn Trent plc | 22,299 | 763 | |
89,066 | |||
United States (53.6%) | |||
AptarGroup Inc. | 337,973 | 50,970 | |
3 | Oracle Corp. | 669,861 | 50,769 |
Shares | Market Value• ($000) | ||
3 | Johnson & Johnson | 302,976 | 49,303 |
3 | Verizon Communications Inc. | 845,578 | 48,866 |
3 | Merck & Co. Inc. | 644,826 | 48,040 |
3 | Microsoft Corp. | 190,114 | 47,943 |
Activision Blizzard Inc. | 524,295 | 47,811 | |
3 | Amgen Inc. | 198,278 | 47,515 |
Amdocs Ltd. | 617,642 | 47,398 | |
* | Tyler Technologies Inc. | 110,410 | 46,909 |
3 | Walmart Inc. | 328,575 | 45,971 |
3 | Gilead Sciences Inc. | 707,583 | 44,910 |
Chemed Corp. | 89,898 | 42,846 | |
Dollar General Corp. | 199,385 | 42,818 | |
CH Robinson Worldwide Inc. | 426,039 | 41,360 | |
Republic Services Inc. Class A | 386,502 | 41,085 | |
3 | Cisco Systems Inc. | 805,222 | 40,994 |
3 | Citrix Systems Inc. | 281,849 | 34,907 |
Brown & Brown Inc. | 606,213 | 32,238 | |
4 | Equity Commonwealth | 1,117,988 | 32,198 |
Electronic Arts Inc. | 206,223 | 29,300 | |
* | Black Knight Inc. | 387,433 | 28,058 |
Church & Dwight Co. Inc. | 324,201 | 27,797 | |
3 | Yum China Holdings Inc. | 410,587 | 25,834 |
* | Vertex Pharmaceuticals Inc. | 104,477 | 22,797 |
Broadridge Financial Solutions Inc. | 141,044 | 22,374 | |
Intercontinental Exchange Inc. | 187,138 | 22,028 | |
3 | Colgate-Palmolive Co. | 268,203 | 21,644 |
3 | Clorox Co. | 112,867 | 20,598 |
Hawaiian Electric Industries Inc. | 476,990 | 20,539 | |
MAXIMUS Inc. | 223,508 | 20,482 | |
3 | Hormel Foods Corp. | 411,921 | 19,031 |
Becton Dickinson and Co. | 72,799 | 18,113 | |
White Mountains Insurance Group Ltd. | 14,568 | 16,978 | |
Arthur J Gallagher & Co. | 108,771 | 15,766 | |
IDACORP Inc. | 150,541 | 15,428 | |
Service Corp. International | 287,807 | 15,380 | |
Washington Federal Inc. | 467,356 | 15,212 | |
Waste Management Inc. | 107,750 | 14,866 | |
3 | Kaiser Aluminum Corp. | 102,954 | 12,403 |
United Parcel Service Inc. Class B | 59,064 | 12,041 | |
Sonoco Products Co. | 172,413 | 11,286 | |
Expeditors International of Washington Inc. | 102,433 | 11,253 | |
Baxter International Inc. | 129,897 | 11,131 | |
Genpact Ltd. | 233,837 | 11,114 | |
*,3 | Amazon.com Inc. | 3,083 | 10,690 |
Flowers Foods Inc. | 435,356 | 10,431 | |
Silgan Holdings Inc. | 245,315 | 10,345 | |
Royal Gold Inc. | 89,595 | 10,022 | |
Graco Inc. | 122,432 | 9,403 | |
*,3 | Alphabet Inc. Class C | 3,645 | 8,785 |
* | Vir Biotechnology Inc. | 176,687 | 8,435 |
Jack Henry & Associates Inc. | 47,504 | 7,735 | |
Consolidated Edison Inc. | 99,603 | 7,710 | |
* | United Therapeutics Corp. | 37,767 | 7,612 |
Houlihan Lokey Inc. Class A | 114,011 | 7,556 | |
Commerce Bancshares Inc. | 94,644 | 7,364 |
Shares | Market Value• ($000) | ||
Rollins Inc. | 193,485 | 7,213 | |
Landstar System Inc. | 39,853 | 6,866 | |
America Movil SAB de CV Class L ADR | 434,886 | 6,062 | |
Premier Inc. Class A | 170,794 | 6,038 | |
Murphy USA Inc. | 40,333 | 5,622 | |
Capitol Federal Financial Inc. | 425,158 | 5,495 | |
NorthWestern Corp. | 72,357 | 4,923 | |
WEC Energy Group Inc. | 48,179 | 4,682 | |
American States Water Co. | 58,523 | 4,634 | |
Toro Co. | 38,294 | 4,389 | |
Lancaster Colony Corp. | 22,161 | 4,093 | |
NewMarket Corp. | 11,249 | 3,899 | |
California Water Service Group | 59,766 | 3,511 | |
Dolby Laboratories Inc. Class A | 33,935 | 3,443 | |
* | Yandex NV Class A | 50,827 | 3,332 |
TFS Financial Corp. | 168,697 | 3,300 | |
3 | Progressive Corp. | 30,603 | 3,083 |
3 | Costco Wholesale Corp. | 8,267 | 3,076 |
Hanover Insurance Group Inc. | 21,520 | 2,976 | |
MarketAxess Holdings Inc. | 6,064 | 2,962 | |
Ameren Corp. | 33,145 | 2,812 | |
3 | Motorola Solutions Inc. | 14,726 | 2,773 |
Reliance Steel & Aluminum Co. | 16,329 | 2,618 | |
PS Business Parks Inc. | 16,033 | 2,603 | |
ALLETE Inc. | 35,542 | 2,501 | |
3 | Procter & Gamble Co. | 18,238 | 2,433 |
WD-40 Co. | 9,565 | 2,379 | |
Bank of Hawaii Corp. | 22,824 | 2,075 | |
RenaissanceRe Holdings Ltd. | 11,605 | 1,959 | |
* | Regeneron Pharmaceuticals Inc. | 4,050 | 1,949 |
* | Qualys Inc. | 18,903 | 1,916 |
National Presto Industries Inc. | 15,000 | 1,543 | |
Target Corp. | 7,289 | 1,511 | |
Morningstar Inc. | 5,049 | 1,338 | |
Marsh & McLennan Cos. Inc. | 7,371 | 1,000 | |
Balchem Corp. | 7,715 | 981 | |
BWX Technologies Inc. | 12,668 | 848 | |
* | Corcept Therapeutics Inc. | 35,159 | 801 |
Avista Corp. | 17,090 | 787 | |
InterDigital Inc. | 11,218 | 779 | |
CMS Energy Corp. | 11,892 | 766 | |
Fomento Economico Mexicano SAB de CV ADR | 8,557 | 663 | |
Rayonier Inc. | 17,788 | 645 | |
Graham Holdings Co. Class B | 994 | 632 | |
* | Liberty Broadband Corp. Class C | 3,699 | 602 |
First Financial Bankshares Inc. | 12,216 | 600 | |
John Wiley & Sons Inc. Class A | 10,495 | 598 | |
Vector Group Ltd. | 42,615 | 556 | |
Northwest Bancshares Inc. | 38,233 | 537 | |
1,583,196 | |||
Total Common Stocks (Cost $2,385,616) | 2,925,713 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (1.3%) | |||
Money Market Fund (1.3%) | |||
5,6 | Vanguard Market Liquidity Fund, 0.068% (Cost $37,356) | 373,558 | 37,356 |
Total Investments (100.4%) (Cost $2,422,972) | 2,963,069 | ||
Other Assets and Liabilities—Net (-0.4%) | (10,442) | ||
Net Assets (100%) | 2,952,627 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $18,409,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $17,819,000, representing 0.6% of net assets. |
3 | Securities with a value of $30,916,000 have been segregated as collateral for open forward currency contracts. |
4 | Securities with a value of $1,539,000 have been segregated as initial margin for open futures contracts. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $19,845,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
Ptg. Ctf.—Participating Certificates. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2021 | 59 | 12,314 | (49) |
Euro Stoxx 50 Index | June 2021 | 6 | 284 | 11 |
FTSE 100 Index | June 2021 | 12 | 1,150 | 34 |
S&P ASX 200 Index | June 2021 | 6 | 809 | 32 |
Topix Index | June 2021 | 9 | 1,566 | 15 |
43 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Citibank, N.A. | 5/17/21 | CNY | 144,005 | USD | 22,199 | 19 | — |
Royal Bank of Canada | 5/17/21 | JPY | 982,805 | USD | 9,098 | — | (104) |
BNP Paribas | 5/17/21 | KRW | 8,418,140 | USD | 7,516 | 52 | — |
Deutsche Bank AG | 5/17/21 | USD | 122,591 | AUD | 160,438 | — | (1,012) |
Citibank, N.A. | 5/17/21 | USD | 156,750 | CAD | 197,291 | — | (3,764) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Goldman Sachs International | 5/17/21 | USD | 3,809 | CAD | 4,794 | — | (92) |
Goldman Sachs International | 5/17/21 | USD | 136,601 | CHF | 126,454 | — | (1,927) |
BNP Paribas | 5/17/21 | USD | 4,763 | CLP | 3,377,413 | 11 | — |
BNP Paribas | 5/17/21 | USD | 177 | CLP | 125,834 | — | — |
State Street Bank & Trust Co. | 5/17/21 | USD | 33,080 | CNY | 217,354 | — | (467) |
Toronto-Dominion Bank | 5/17/21 | USD | 22,377 | DKK | 139,886 | — | (244) |
State Street Bank & Trust Co. | 5/17/21 | USD | 70,313 | EUR | 59,083 | — | (744) |
Toronto-Dominion Bank | 5/17/21 | USD | 88,457 | GBP | 64,278 | — | (317) |
State Street Bank & Trust Co. | 5/17/21 | USD | 120,825 | HKD | 939,591 | — | (142) |
Barclays Bank plc | 5/17/21 | USD | 7,903 | HKD | 61,338 | 6 | — |
Toronto-Dominion Bank | 5/17/21 | USD | 256 | HKD | 1,990 | — | — |
Royal Bank of Canada | 5/20/21 | USD | 5,464 | IDR | 80,099,587 | — | (71) |
Citibank, N.A. | 5/18/21 | USD | 2,490 | ILS | 8,179 | — | (28) |
Citibank, N.A. | 5/17/21 | USD | 33,795 | INR | 2,532,347 | — | (291) |
Royal Bank of Canada | 5/17/21 | USD | 1,333 | INR | 99,869 | — | (12) |
Toronto-Dominion Bank | 5/17/21 | USD | 341,848 | JPY | 37,277,815 | 714 | — |
Royal Bank of Canada | 5/17/21 | USD | 77,070 | KRW | 86,001,259 | — | (246) |
Citibank, N.A. | 5/17/21 | USD | 9,184 | KRW | 10,330,339 | — | (103) |
BNP Paribas | 5/17/21 | USD | 504 | KRW | 562,638 | — | (2) |
Toronto-Dominion Bank | 5/17/21 | USD | 6,714 | MXN | 135,652 | 30 | — |
Citibank, N.A. | 5/18/21 | USD | 12,856 | NOK | 108,996 | — | (239) |
State Street Bank & Trust Co. | 5/18/21 | USD | 847 | NOK | 7,181 | — | (16) |
Deutsche Bank AG | 5/17/21 | USD | 4,783 | NZD | 6,787 | — | (73) |
Barclays Bank plc | 5/17/21 | USD | 1,859 | NZD | 2,637 | — | (29) |
State Street Bank & Trust Co. | 5/17/21 | USD | 1,359 | PLN | 5,198 | — | (12) |
BNP Paribas | 5/17/21 | USD | 13,374 | RUB | 1,034,018 | — | (344) |
Barclays Bank plc | 5/17/21 | USD | 63 | RUB | 4,892 | — | (2) |
State Street Bank & Trust Co. | 5/17/21 | USD | 5,186 | SEK | 44,496 | — | (71) |
Barclays Bank plc | 5/17/21 | USD | 1,178 | SEK | 10,107 | — | (16) |
Toronto-Dominion Bank | 5/17/21 | USD | 19,445 | SGD | 26,052 | — | (131) |
State Street Bank & Trust Co. | 5/17/21 | USD | 134 | SGD | 180 | — | (1) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Citibank, N.A. | 5/17/21 | USD | 52,508 | TWD | 1,490,079 | — | (837) |
BNP Paribas | 5/17/21 | USD | 118 | TWD | 3,338 | — | (2) |
832 | (11,339) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
CLP—Chilean peso. |
CNY—Chinese renminbi. |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
IDR—Indonesian rupiah. |
ILS—Israeli shekel. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
MXN—Mexican peso. |
NOK—Norwegian krone. |
NZD—New Zealand dollar |
PLN—Polish zloty |
RUB—Russian ruble |
SEK—Swedish krona |
SGD—Singapore dollar |
TWD—Taiwanese dollar |
USD—U.S. dollar |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,385,616) | 2,925,713 |
Affiliated Issuers (Cost $37,356) | 37,356 |
Total Investments in Securities | 2,963,069 |
Investment in Vanguard | 109 |
Foreign Currency, at Value (Cost $10,838) | 10,864 |
Receivables for Investment Securities Sold | 2,344 |
Receivables for Accrued Income | 9,157 |
Receivables for Capital Shares Issued | 1,069 |
Unrealized Appreciation—Forward Currency Contracts | 832 |
Total Assets | 2,987,444 |
Liabilities | |
Due to Custodian | 163 |
Payables for Investment Securities Purchased | 1 |
Collateral for Securities on Loan | 19,845 |
Payables for Capital Shares Redeemed | 3,171 |
Payables to Vanguard | 184 |
Variation Margin Payable—Futures Contracts | 114 |
Unrealized Depreciation—Forward Currency Contracts | 11,339 |
Total Liabilities | 34,817 |
Net Assets | 2,952,627 |
At April 30, 2021, net assets consisted of: | |
Paid-in Capital | 2,572,559 |
Total Distributable Earnings (Loss) | 380,068 |
Net Assets | 2,952,627 |
Investor Shares—Net Assets | |
Applicable to 22,160,753 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 317,232 |
Net Asset Value Per Share—Investor Shares | $14.32 |
Admiral Shares—Net Assets | |
Applicable to 92,045,864 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,635,395 |
Net Asset Value Per Share—Admiral Shares | $28.63 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 25,171 |
Interest2 | 5 |
Securities Lending—Net | 90 |
Total Income | 25,266 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 583 |
Management and Administrative—Investor Shares | 257 |
Management and Administrative—Admiral Shares | 1,296 |
Marketing and Distribution—Investor Shares | 16 |
Marketing and Distribution—Admiral Shares | 65 |
Custodian Fees | 85 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | — |
Total Expenses | 2,305 |
Net Investment Income | 22,961 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 137,203 |
Futures Contracts | 5,357 |
Forward Currency Contracts | (57,252) |
Foreign Currencies | 39,023 |
Realized Net Gain (Loss) | 124,331 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 296,571 |
Futures Contracts | 301 |
Forward Currency Contracts | (10,232) |
Foreign Currencies | 61 |
Change in Unrealized Appreciation (Depreciation) | 286,701 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 433,993 |
1 | Dividends are net of foreign withholding taxes of $2,423,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 22,961 | 83,228 | |
Realized Net Gain (Loss) | 124,331 | (321,050) | |
Change in Unrealized Appreciation (Depreciation) | 286,701 | (178,594) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 433,993 | (416,416) | |
Distributions | |||
Investor Shares | (6,959) | (29,323) | |
Admiral Shares | (62,342) | (162,618) | |
Total Distributions | (69,301) | (191,941) | |
Capital Share Transactions | |||
Investor Shares | (59,928) | (211,512) | |
Admiral Shares | (514,444) | (143,818) | |
Net Increase (Decrease) from Capital Share Transactions | (574,372) | (355,330) | |
Total Increase (Decrease) | (209,680) | (963,687) | |
Net Assets | |||
Beginning of Period | 3,162,307 | 4,125,994 | |
End of Period | 2,952,627 | 3,162,307 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $12.77 | $14.71 | $13.78 | $13.57 | $11.92 | $11.81 |
Investment Operations | ||||||
Net Investment Income | .0961 | .2931 | .4281 | .3741 | .3241 | .293 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.731 | (1.571) | 1.403 | .148 | 1.650 | .181 |
Total from Investment Operations | 1.827 | (1.278) | 1.831 | .522 | 1.974 | .474 |
Distributions | ||||||
Dividends from Net Investment Income | (.277) | (.397) | (.300) | (.312) | (.324) | (.205) |
Distributions from Realized Capital Gains | — | (.265) | (.601) | — | — | (.159) |
Total Distributions | (.277) | (.662) | (.901) | (.312) | (.324) | (.364) |
Net Asset Value, End of Period | $14.32 | $12.77 | $14.71 | $13.78 | $13.57 | $11.92 |
Total Return2 | 14.43% | -9.22% | 14.41% | 3.89% | 16.93% | 4.23% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $317 | $338 | $643 | $515 | $539 | $419 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.21% | 0.21% | 0.23% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.54% | 2.16% | 3.09% | 2.66% | 2.54% | 2.63% |
Portfolio Turnover Rate | 12% | 58% | 46% | 24% | 37% | 58% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $25.56 | $29.45 | $27.58 | $27.15 | $23.86 | $23.62 |
Investment Operations | ||||||
Net Investment Income | .2021 | .6081 | .8781 | .7581 | .6681 | .608 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.455 | (3.155) | 2.819 | .297 | 3.295 | .377 |
Total from Investment Operations | 3.657 | (2.547) | 3.697 | 1.055 | 3.963 | .985 |
Distributions | ||||||
Dividends from Net Investment Income | (.587) | (.812) | (.624) | (.625) | (.673) | (.427) |
Distributions from Realized Capital Gains | — | (.531) | (1.203) | — | — | (.318) |
Total Distributions | (.587) | (1.343) | (1.827) | (.625) | (.673) | (.745) |
Net Asset Value, End of Period | $28.63 | $25.56 | $29.45 | $27.58 | $27.15 | $23.86 |
Total Return2 | 14.44% | -9.18% | 14.54% | 3.93% | 16.99% | 4.39% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,635 | $2,824 | $3,483 | $2,542 | $1,699 | $1,152 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.14% | 0.15% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.61% | 2.26% | 3.16% | 2.74% | 2.62% | 2.71% |
Portfolio Turnover Rate | 12% | 58% | 46% | 24% | 37% | 58% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—International | 342,000 | 1,000,517 | — | 1,342,517 |
Common Stocks—United States | 1,583,196 | — | — | 1,583,196 |
Temporary Cash Investments | 37,356 | — | — | 37,356 |
Total | 1,962,552 | 1,000,517 | — | 2,963,069 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 92 | — | — | 92 |
Forward Currency Contracts | — | 832 | — | 832 |
Total | 92 | 832 | — | 924 |
Liabilities | ||||
Futures Contracts1 | 49 | — | — | 49 |
Forward Currency Contracts | — | 11,339 | — | 11,339 |
Total | 49 | 11,339 | — | 11,388 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 92 | — | 92 |
Unrealized Appreciation—Forward Currency Contracts | — | 832 | 832 |
Total Assets | 92 | 832 | 924 |
Unrealized Depreciation—Futures Contracts1 | 49 | — | 49 |
Unrealized Depreciation—Forward Currency Contracts | — | 11,339 | 11,339 |
Total Liabilities | 49 | 11,339 | 11,388 |
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 5,357 | — | 5,357 |
Forward Currency Contracts | — | (57,252) | (57,252) |
Realized Net Gain (Loss) on Derivatives | 5,357 | (57,252) | (51,895) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 301 | — | 301 |
Forward Currency Contracts | — | (10,232) | (10,232) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 301 | (10,232) | (9,931) |
E. | As of April 30, 2021, gross unrealized appreciation and depreciation for investments, based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 2,424,376 |
Gross Unrealized Appreciation | 593,783 |
Gross Unrealized Depreciation | (65,554) |
Net Unrealized Appreciation (Depreciation) | 528,229 |
F. | During the six months ended April 30, 2021, the fund purchased $358,580,000 of investment securities and sold $1,000,255,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 25,871 | 1,868 | 140,652 | 10,097 | |
Issued in Lieu of Cash Distributions | 6,352 | 470 | 27,070 | 1,872 | |
Redeemed | (92,151) | (6,681) | (379,234) | (29,187) | |
Net Increase (Decrease)—Investor Shares | (59,928) | (4,343) | (211,512) | (17,218) | |
Admiral Shares | |||||
Issued | 274,956 | 9,979 | 1,114,310 | 41,948 | |
Issued in Lieu of Cash Distributions | 55,463 | 2,050 | 143,670 | 4,966 | |
Redeemed | (844,863) | (30,483) | (1,401,798) | (54,668) | |
Net Increase (Decrease)—Admiral Shares | (514,444) | (18,454) | (143,818) | (7,754) |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |
Vanguard International Dividend Appreciation Index Fund |
Vanguard International High Dividend Yield Index Fund |
About Your Fund’s Expenses | 1 |
International Dividend Appreciation Index Fund | 3 |
International High Dividend Yield Index Fund | 27 |
Trustees Approve Advisory Arrangements | 67 |
Liquidity Risk Management | 69 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2021 | |||
Beginning Account Value 10/31/2020 | Ending Account Value 4/30/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,214.00 | $1.04 |
Admiral™ Shares | 1,000.00 | 1,214.30 | 1.04 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,344.10 | $1.45 |
Admiral Shares | 1,000.00 | 1,344.50 | 1.51 |
Based on Hypothetical 5% Yearly Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,023.85 | $0.95 |
Admiral Shares | 1,000.00 | 1,023.85 | 0.95 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,023.56 | $1.25 |
Admiral Shares | 1,000.00 | 1,023.51 | 1.30 |
Basic Materials | 3.5% |
Consumer Discretionary | 7.1 |
Consumer Staples | 12.9 |
Energy | 4.1 |
Financials | 12.5 |
Health Care | 16.3 |
Industrials | 17.1 |
Real Estate | 2.3 |
Technology | 21.6 |
Telecommunications | 1.0 |
Utilities | 1.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Australia (2.3%) | |||
CSL Ltd. | 348,526 | 72,805 | |
Domino's Pizza Enterprises Ltd. | 66,205 | 5,437 | |
Washington H Soul Pattinson & Co. Ltd. | 183,056 | 4,264 | |
carsales.com Ltd. | 188,290 | 2,876 | |
Technology One Ltd. | 245,504 | 1,791 | |
Collins Foods Ltd. | 89,334 | 782 | |
87,955 | |||
Belgium (0.7%) | |||
UCB SA | 148,719 | 13,771 | |
Sofina SA | 26,171 | 9,944 | |
Barco NV | 69,890 | 1,778 | |
25,493 | |||
Brazil (0.2%) | |||
Raia Drogasil SA | 1,262,464 | 6,112 | |
Canada (9.1%) | |||
Canadian National Railway Co. | 545,626 | 58,742 | |
Brookfield Asset Management Inc. Class A | 1,205,159 | 54,936 | |
Alimentation Couche-Tard Inc. Class B | 646,489 | 21,906 | |
Magna International Inc. | 230,066 | 21,727 | |
Franco-Nevada Corp. | 146,086 | 20,351 | |
Imperial Oil Ltd. | 565,911 | 16,344 | |
Loblaw Cos. Ltd. | 265,652 | 14,751 | |
Intact Financial Corp. | 109,399 | 14,541 | |
Dollarama Inc. | 237,282 | 11,058 | |
George Weston Ltd. | 116,565 | 10,292 | |
Saputo Inc. | 314,398 | 9,991 | |
Open Text Corp. | 208,462 | 9,816 | |
Metro Inc. | 189,800 | 8,697 | |
CCL Industries Inc. Class B | 128,071 | 7,270 | |
1 | Canadian Tire Corp. Ltd. Class A | 43,878 | 6,994 |
TFI International Inc. | 71,456 | 6,261 | |
Ritchie Bros Auctioneers Inc. | 84,060 | 5,347 | |
Toromont Industries Ltd. | 63,158 | 5,036 | |
Onex Corp. | 68,949 | 4,616 | |
iA Financial Corp. Inc. | 81,785 | 4,606 | |
Empire Co. Ltd. Class A | 129,406 | 4,070 | |
Stantec Inc. | 84,868 | 3,974 |
Shares | Market Value• ($000) | ||
Parkland Corp. | 114,943 | 3,692 | |
Premium Brands Holdings Corp. Class A | 33,402 | 3,249 | |
Finning International Inc. | 124,087 | 3,230 | |
Boyd Group Services Inc. | 16,452 | 3,056 | |
1 | Cogeco Communications Inc. | 24,644 | 2,341 |
Innergex Renewable Energy Inc. | 133,451 | 2,280 | |
Stella-Jones Inc. | 50,406 | 2,108 | |
Enghouse Systems Ltd. | 42,314 | 2,004 | |
Equitable Group Inc. | 12,919 | 1,402 | |
Cogeco Inc. | 11,032 | 867 | |
345,555 | |||
China (8.1%) | |||
Tencent Holdings Ltd. | 1,695,724 | 135,271 | |
Ping An Insurance Group Co. of China Ltd. Class H | 5,699,000 | 62,132 | |
2 | Longfor Group Holdings Ltd. | 4,630,500 | 28,762 |
China Merchants Bank Co. Ltd. Class H | 3,513,000 | 28,218 | |
Shenzhou International Group Holdings Ltd. | 1,149,400 | 25,286 | |
China Gas Holdings Ltd. | 4,132,530 | 14,896 | |
China Resources Gas Group Ltd. | 1,771,000 | 9,582 | |
Sinopharm Group Co. Ltd. Class H | 1,027,100 | 3,168 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 697,000 | 1,585 | |
308,900 | |||
Colombia (0.3%) | |||
Interconexion Electrica SA ESP | 844,881 | 4,813 | |
Grupo Nutresa SA | 369,905 | 2,119 | |
Bancolombia SA ADR | 64,708 | 1,937 | |
Grupo de Inversiones Suramericana SA | 376,369 | 1,921 | |
Grupo Argos SA | 495,969 | 1,399 | |
Bancolombia SA Preference Shares | 84,884 | 633 | |
12,822 | |||
Denmark (2.6%) | |||
DSV PANALPINA A/S | 175,925 | 39,194 | |
Coloplast A/S Class B | 151,388 | 25,076 | |
Novozymes A/S Class B | 176,916 | 12,547 | |
GN Store Nord AS | 108,795 | 9,812 | |
SimCorp A/S | 30,985 | 4,097 | |
ROCKWOOL International A/S Class B | 8,215 | 3,675 | |
Ringkjoebing Landbobank A/S | 22,282 | 2,265 | |
96,666 | |||
France (1.7%) | |||
Dassault Systemes SE | 202,734 | 47,029 | |
Teleperformance | 44,910 | 17,342 | |
64,371 | |||
Germany (9.3%) | |||
SAP SE | 940,449 | 131,682 | |
Siemens AG (Registered) | 651,286 | 108,657 | |
Fresenius SE & Co. KGaA | 426,351 | 20,955 | |
Fresenius Medical Care AG & Co. KGaA | 223,981 | 17,835 | |
Deutsche Wohnen SE | 275,028 | 14,879 | |
Symrise AG Class A | 104,737 | 13,525 | |
Brenntag SE | 118,217 | 10,613 | |
LEG Immobilien SE (XETR) | 55,109 | 7,668 | |
Nemetschek SE | 88,285 | 6,581 | |
Bechtle AG | 32,124 | 6,541 |
Shares | Market Value• ($000) | ||
* | TAG Immobilien AG | 112,078 | 3,466 |
FUCHS PETROLUB SE Preference Shares | 53,239 | 2,835 | |
Gerresheimer AG | 24,042 | 2,586 | |
* | Encavis AG | 105,777 | 2,031 |
New Work SE | 4,298 | 1,305 | |
Cewe Stiftung & Co. KGaA | 5,686 | 921 | |
352,080 | |||
Hong Kong (5.1%) | |||
AIA Group Ltd. | 9,265,760 | 117,606 | |
MTR Corp. Ltd. | 4,732,620 | 26,358 | |
Techtronic Industries Co. Ltd. | 1,399,984 | 25,402 | |
Hong Kong & China Gas Co. Ltd. | 13,585,260 | 21,792 | |
SUNeVision Holdings Ltd. | 1,784,000 | 1,841 | |
192,999 | |||
India (12.0%) | |||
Reliance Industries Ltd. | 4,850,387 | 130,312 | |
* | Tata Consultancy Services Ltd. | 2,826,307 | 115,663 |
Infosys Ltd. ADR | 3,197,102 | 57,804 | |
Hindustan Unilever Ltd. | 1,794,917 | 56,930 | |
Bajaj Finance Ltd. | 460,280 | 33,785 | |
Asian Paints Ltd. | 732,485 | 25,045 | |
* | Pidilite Industries Ltd. | 387,156 | 9,479 |
Britannia Industries Ltd. | 183,474 | 8,530 | |
Berger Paints India Ltd. | 739,557 | 7,018 | |
Sundaram Finance Ltd. | 84,667 | 2,832 | |
Infosys Ltd. | 131,928 | 2,398 | |
* | Tata Elxsi Ltd. | 47,478 | 2,228 |
LIC Housing Finance Ltd. | 383,789 | 2,096 | |
Persistent Systems Ltd. | 57,978 | 1,592 | |
KEC International Ltd. | 193,085 | 1,044 | |
* | Yes Bank Ltd. | 545,158 | 107 |
456,863 | |||
Indonesia (1.1%) | |||
Bank Central Asia Tbk PT | 18,663,600 | 41,317 | |
Ireland (0.5%) | |||
Kerry Group plc Class A | 135,121 | 17,515 | |
Total Produce plc | 297,116 | 754 | |
18,269 | |||
Israel (0.0%) | |||
Matrix IT Ltd. | 47,969 | 1,262 | |
Italy (0.5%) | |||
Recordati Industria Chimica e Farmaceutica SPA | 159,819 | 8,806 | |
DiaSorin SPA | 42,772 | 7,264 | |
Reply SPA | 28,566 | 3,884 | |
19,954 | |||
Japan (15.9%) | |||
Keyence Corp. | 186,300 | 89,434 | |
Murata Manufacturing Co. Ltd. | 517,500 | 41,145 | |
M3 Inc. | 519,700 | 35,901 | |
Seven & i Holdings Co. Ltd. | 679,000 | 29,317 | |
Kao Corp. | 370,800 | 23,840 | |
Terumo Corp. | 582,276 | 22,017 | |
Astellas Pharma Inc. | 1,443,200 | 21,722 |
Shares | Market Value• ($000) | ||
Aeon Co. Ltd. | 667,900 | 18,226 | |
Nitori Holdings Co. Ltd. | 87,601 | 15,690 | |
Asahi Group Holdings Ltd. | 369,543 | 15,452 | |
Nomura Research Institute Ltd. | 490,500 | 15,053 | |
Obic Co. Ltd. | 76,600 | 14,763 | |
Shionogi & Co. Ltd. | 243,100 | 12,816 | |
Pan Pacific International Holdings Corp. | 485,364 | 10,462 | |
Nitto Denko Corp. | 120,400 | 9,964 | |
MonotaRO Co. Ltd. | 382,667 | 9,717 | |
Oracle Corp. Japan | 97,800 | 9,169 | |
Yamaha Corp. | 147,500 | 8,050 | |
Otsuka Corp. | 146,200 | 7,354 | |
GMO Payment Gateway Inc. | 57,700 | 7,336 | |
Hikari Tsushin Inc. | 35,400 | 7,121 | |
Yakult Honsha Co. Ltd. | 132,200 | 6,435 | |
Itochu Techno-Solutions Corp. | 183,403 | 6,346 | |
Hulic Co. Ltd. | 515,600 | 5,882 | |
Tokyo Century Corp. | 94,000 | 5,811 | |
Nissan Chemical Corp. | 111,800 | 5,748 | |
Kansai Paint Co. Ltd. | 210,400 | 5,298 | |
Hakuhodo DY Holdings Inc. | 296,800 | 5,023 | |
Welcia Holdings Co. Ltd. | 160,900 | 5,020 | |
TIS Inc. | 200,500 | 4,974 | |
SCSK Corp. | 80,000 | 4,643 | |
USS Co. Ltd. | 240,500 | 4,364 | |
Kurita Water Industries Ltd. | 88,900 | 4,106 | |
Chiba Bank Ltd. | 644,800 | 4,032 | |
Open House Co. Ltd. | 96,000 | 3,987 | |
Rinnai Corp. | 39,484 | 3,965 | |
Nisshin Seifun Group Inc. | 233,700 | 3,775 | |
Nomura Real Estate Holdings Inc. | 148,480 | 3,660 | |
Medipal Holdings Corp. | 186,900 | 3,439 | |
COMSYS Holdings Corp. | 107,200 | 3,328 | |
Alfresa Holdings Corp. | 179,800 | 3,223 | |
Sundrug Co. Ltd. | 91,324 | 3,112 | |
Benefit One Inc. | 122,500 | 3,074 | |
Nihon Unisys Ltd. | 84,000 | 2,661 | |
Hitachi Transport System Ltd. | 85,500 | 2,656 | |
PALTAC Corp. | 49,754 | 2,592 | |
Zenkoku Hosho Co. Ltd. | 53,700 | 2,410 | |
Kyowa Exeo Corp. | 90,100 | 2,397 | |
Relo Group Inc. | 116,400 | 2,392 | |
Tokyo Tatemono Co. Ltd. | 160,400 | 2,375 | |
Takara Bio Inc. | 92,100 | 2,353 | |
Sanwa Holdings Corp. | 179,800 | 2,323 | |
Goldwin Inc. | 35,400 | 2,115 | |
NEC Networks & System Integration Corp. | 114,800 | 1,975 | |
Mani Inc. | 82,000 | 1,933 | |
Yaoko Co. Ltd. | 29,700 | 1,894 | |
Infomart Corp. | 199,000 | 1,876 | |
Aica Kogyo Co. Ltd. | 52,800 | 1,874 | |
SHO-BOND Holdings Co. Ltd. | 44,784 | 1,870 | |
Information Services International-Dentsu Ltd. | 49,300 | 1,817 | |
Kusuri no Aoki Holdings Co. Ltd. | 23,400 | 1,641 | |
Fuyo General Lease Co. Ltd. | 22,400 | 1,492 |
Shares | Market Value• ($000) | ||
TS Tech Co. Ltd. | 104,000 | 1,450 | |
Elecom Co. Ltd. | 67,032 | 1,408 | |
Nichias Corp. | 52,900 | 1,382 | |
Dip Corp. | 48,600 | 1,342 | |
Takuma Co. Ltd. | 64,200 | 1,318 | |
Aeon Delight Co. Ltd. | 42,800 | 1,306 | |
en-japan Inc. | 36,900 | 1,119 | |
Mizuho Leasing Co. Ltd. | 36,300 | 1,086 | |
Nojima Corp. | 40,600 | 1,013 | |
Takeuchi Manufacturing Co. Ltd. | 36,400 | 981 | |
Maruwa Co. Ltd. | 9,200 | 948 | |
DTS Corp. | 39,900 | 938 | |
Japan Material Co. Ltd. | 80,600 | 937 | |
San-A Co. Ltd. | 23,726 | 911 | |
Valor Holdings Co. Ltd. | 42,612 | 910 | |
Giken Ltd. | 20,800 | 890 | |
Ai Holdings Corp. | 44,570 | 851 | |
Kissei Pharmaceutical Co. Ltd. | 41,000 | 833 | |
Modec Inc. | 42,100 | 802 | |
Nippon Densetsu Kogyo Co. Ltd. | 48,100 | 780 | |
Shoei Co. Ltd. | 20,400 | 774 | |
Funai Soken Holdings Inc. | 42,000 | 745 | |
Hogy Medical Co. Ltd. | 24,200 | 731 | |
Ricoh Leasing Co. Ltd. | 23,000 | 730 | |
JCU Corp. | 20,700 | 728 | |
S Foods Inc. | 24,000 | 714 | |
MCJ Co. Ltd. | 78,200 | 711 | |
Kameda Seika Co. Ltd. | 16,600 | 698 | |
Nomura Co. Ltd. | 93,700 | 682 | |
Sekisui Jushi Corp. | 35,100 | 681 | |
Mitsubishi Pencil Co. Ltd. | 50,200 | 667 | |
Yellow Hat Ltd. | 39,600 | 666 | |
Future Corp. | 35,300 | 654 | |
eGuarantee Inc. | 33,800 | 650 | |
Eizo Corp. | 16,800 | 624 | |
Fukui Computer Holdings Inc. | 15,400 | 598 | |
Siix Corp. | 40,000 | 534 | |
FULLCAST Holdings Co. Ltd. | 28,600 | 498 | |
Fujicco Co. Ltd. | 26,200 | 460 | |
Mitsubishi Research Institute Inc. | 12,100 | 456 | |
Hiday Hidaka Corp. | 28,362 | 435 | |
G-Tekt Corp. | 32,600 | 416 | |
Sinko Industries Ltd. | 20,200 | 416 | |
BeNext-Yumeshin Group Co. | 31,900 | 416 | |
Nippon Parking Development Co. Ltd. | 258,200 | 369 | |
Intage Holdings Inc. | 30,000 | 366 | |
Altech Corp. | 18,400 | 338 | |
WDB Holdings Co. Ltd. | 14,900 | 318 | |
Koshidaka Holdings Co. Ltd. | 60,900 | 308 | |
Ebase Co. Ltd. | 35,000 | 305 | |
602,333 | |||
Malaysia (0.0%) | |||
* | My EG Services Bhd. | 2,778,200 | 1,319 |
Mexico (1.0%) | |||
America Movil SAB de CV Series L | 34,319,756 | 23,973 |
Shares | Market Value• ($000) | ||
Grupo Elektra SAB de CV | 179,770 | 13,506 | |
Grupo Cementos de Chihuahua SAB de CV | 251,400 | 1,786 | |
39,265 | |||
Netherlands (0.1%) | |||
Aalberts NV | 84,600 | 4,571 | |
New Zealand (0.6%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 440,455 | 11,352 | |
Mercury NZ Ltd. | 1,041,185 | 5,158 | |
Mainfreight Ltd. | 77,024 | 3,991 | |
EBOS Group Ltd. | 125,496 | 2,672 | |
23,173 | |||
Norway (0.2%) | |||
TOMRA Systems ASA | 112,889 | 5,639 | |
Borregaard ASA | 76,242 | 1,678 | |
7,317 | |||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 1,555,610 | 4,197 | |
South Africa (2.0%) | |||
Naspers Ltd. Class N | 333,521 | 75,903 | |
PSG Group Ltd. | 171,750 | 886 | |
76,789 | |||
South Korea (1.2%) | |||
NAVER Corp. | 125,551 | 40,430 | |
LEENO Industrial Inc. | 11,655 | 1,699 | |
AfreecaTV Co. Ltd. | 8,717 | 697 | |
JW Pharmaceutical Corp. | 16,053 | 420 | |
43,246 | |||
Spain (0.1%) | |||
Vidrala SA | 22,773 | 2,563 | |
Sweden (0.9%) | |||
1 | Assa Abloy AB Class B | 806,754 | 23,000 |
Castellum AB | 211,960 | 5,162 | |
1 | Hufvudstaden AB Class A | 155,107 | 2,472 |
1 | Wihlborgs Fastigheter AB | 117,534 | 2,403 |
Atrium Ljungberg AB Class B | 98,712 | 2,068 | |
Hexpol AB | 3 | — | |
35,105 | |||
Switzerland (16.3%) | |||
Nestle SA (Registered) | 1,380,602 | 164,748 | |
Roche Holding AG | 440,297 | 143,605 | |
Novartis AG (Registered) | 1,677,679 | 143,167 | |
Sika AG (Registered) | 108,460 | 32,393 | |
Givaudan SA (Registered) | 7,054 | 29,558 | |
Partners Group Holding AG | 20,268 | 28,871 | |
Geberit AG (Registered) | 27,569 | 18,141 | |
EMS-Chemie Holding AG (Registered) | 17,896 | 16,710 | |
Logitech International SA (Registered) | 127,320 | 14,171 | |
Temenos AG (Registered) | 56,695 | 8,335 | |
* | Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 788 | 7,314 |
DKSH Holding AG | 49,732 | 4,002 | |
* | ALSO Holding AG (Registered) | 9,828 | 2,972 |
Interroll Holding AG (Registered) | 660 | 2,256 |
Shares | Market Value• ($000) | ||
Orior AG | 4,870 | 446 | |
616,689 | |||
Taiwan (0.7%) | |||
* | E.Sun Financial Holding Co. Ltd. | 9,566,230 | 9,219 |
Advantech Co. Ltd. | 599,000 | 7,579 | |
Chailease Holding Co. Ltd. | 1,051,000 | 7,573 | |
Sinbon Electronics Co. Ltd. | 173,000 | 1,603 | |
25,974 | |||
Thailand (0.1%) | |||
Krungthai Card PCL | 1,969,400 | 4,817 | |
United Kingdom (6.8%) | |||
Diageo plc | 1,793,475 | 80,512 | |
RELX plc | 1,515,943 | 39,332 | |
Experian plc | 701,500 | 27,044 | |
Ashtead Group plc | 343,666 | 22,081 | |
Intertek Group plc | 123,412 | 10,461 | |
Halma plc | 290,366 | 10,375 | |
Croda International plc | 106,725 | 9,970 | |
Spirax-Sarco Engineering plc | 56,008 | 9,142 | |
Sage Group plc | 837,916 | 7,383 | |
Intermediate Capital Group plc | 221,744 | 6,694 | |
DCC plc | 75,397 | 6,542 | |
Hikma Pharmaceuticals plc | 176,273 | 5,940 | |
Dechra Pharmaceuticals plc | 82,818 | 4,613 | |
Genus plc | 49,957 | 3,509 | |
RWS Holdings plc | 297,581 | 2,823 | |
Cranswick plc | 40,263 | 2,077 | |
Grainger plc | 514,785 | 2,032 | |
Daily Mail & General Trust plc Class A | 161,065 | 2,000 | |
Clinigen Group plc | 101,685 | 1,199 | |
Hilton Food Group plc | 66,682 | 1,135 | |
Avon Rubber plc | 23,708 | 1,086 | |
Liontrust Asset Management plc | 46,558 | 1,040 | |
Smart Metering Systems plc | 86,300 | 967 | |
EMIS Group plc | 48,448 | 820 | |
Advanced Medical Solutions Group plc | 164,748 | 645 | |
259,422 | |||
Total Common Stocks (Cost $3,246,276) | 3,777,398 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (1.2%) | |||
Money Market Fund (1.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $46,297) | 462,976 | 46,298 |
Total Investments (100.7%) (Cost $3,292,573) | 3,823,696 | ||
Other Assets and Liabilities—Net (-0.7%) | (26,184) | ||
Net Assets (100%) | 3,797,512 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $32,159,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $28,762,000, representing 0.8% of net assets. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $34,817,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
Ptg. Ctf.—Participating Certificates. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2021 | 9 | 1,878 | 51 |
Euro Stoxx 50 Index | June 2021 | 156 | 7,390 | 218 |
MSCI Emerging Markets Index | June 2021 | 98 | 6,549 | 86 |
Topix Index | June 2021 | 27 | 4,698 | (119) |
236 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
State Street Bank & Trust Co. | 6/16/21 | EUR | 3,000 | USD | 3,634 | — | (23) |
BNP Paribas | 6/16/21 | EUR | 2,359 | USD | 2,795 | 43 | — |
Standard Chartered Bank | 6/16/21 | INR | 916,000 | USD | 12,321 | — | (47) |
BNP Paribas | 6/16/21 | JPY | 100,600 | USD | 913 | 8 | — |
Goldman Sachs International | 6/16/21 | USD | 5,389 | CHF | 4,949 | — | (37) |
BNP Paribas | 6/16/21 | USD | 2,905 | CHF | 2,718 | — | (75) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
State Street Bank & Trust Co. | 6/16/21 | USD | 2,193 | CHF | 2,000 | — | — |
State Street Bank & Trust Co. | 6/16/21 | USD | 1,389 | GBP | 1,000 | 8 | — |
59 | (182) |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
INR—Indian rupee. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,246,276) | 3,777,398 |
Affiliated Issuers (Cost $46,297) | 46,298 |
Total Investments in Securities | 3,823,696 |
Investment in Vanguard | 133 |
Cash Collateral Pledged—Futures Contracts | 1,294 |
Cash Collateral Received for ETF Capital Activity | 3,361 |
Foreign Currency, at Value (Cost $9,089) | 9,060 |
Receivables for Investment Securities Sold | 1,263 |
Receivables for Accrued Income | 12,217 |
Receivables for Capital Shares Issued | 162 |
Unrealized Appreciation—Forward Currency Contracts | 59 |
Total Assets | 3,851,245 |
Liabilities | |
Due to Custodian | 833 |
Payables for Investment Securities Purchased | 2,745 |
Collateral for Securities on Loan | 34,817 |
Collateral for ETF Capital Activity | 3,361 |
Payables for Capital Shares Redeemed | 73 |
Payables to Vanguard | 192 |
Variation Margin Payable—Futures Contracts | 179 |
Unrealized Depreciation—Forward Currency Contracts | 182 |
Deferred Foreign Capital Gains Taxes | 11,351 |
Total Liabilities | 53,733 |
Net Assets | 3,797,512 |
Statement of Assets and Liabilities (continued) | |
At April 30, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 3,000,361 |
Total Distributable Earnings (Loss) | 797,151 |
Net Assets | 3,797,512 |
ETF Shares—Net Assets | |
Applicable to 41,474,801 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,504,806 |
Net Asset Value Per Share—ETF Shares | $84.50 |
Admiral Shares—Net Assets | |
Applicable to 7,120,682 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 292,706 |
Net Asset Value Per Share—Admiral Shares | $41.11 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 23,465 |
Interest2 | 7 |
Securities Lending—Net | 69 |
Total Income | 23,541 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 256 |
Management and Administrative—ETF Shares | 2,420 |
Management and Administrative—Admiral Shares | 215 |
Marketing and Distribution—ETF Shares | 64 |
Marketing and Distribution—Admiral Shares | 5 |
Custodian Fees | 136 |
Shareholders’ Reports—ETF Shares | 28 |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | — |
Total Expenses | 3,127 |
Net Investment Income | 20,414 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 371,805 |
Futures Contracts | 2,688 |
Forward Currency Contracts | 26 |
Foreign Currencies | (420) |
Realized Net Gain (Loss) | 374,099 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,4 | 191,880 |
Futures Contracts | 778 |
Forward Currency Contracts | (63) |
Foreign Currencies | (22) |
Change in Unrealized Appreciation (Depreciation) | 192,573 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 587,086 |
1 | Dividends are net of foreign withholding taxes of $3,376,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $99,698,000 of net gain (loss) resulting from in-kind redemptions. |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $4,714,000. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 20,414 | 29,753 | |
Realized Net Gain (Loss) | 374,099 | (62,560) | |
Change in Unrealized Appreciation (Depreciation) | 192,573 | 158,091 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 587,086 | 125,284 | |
Distributions | |||
ETF Shares | (15,418) | (33,388) | |
Admiral Shares | (1,327) | (3,991) | |
Total Distributions | (16,745) | (37,379) | |
Capital Share Transactions | |||
ETF Shares | 524,655 | 1,064,328 | |
Admiral Shares | 26,505 | 386 | |
Net Increase (Decrease) from Capital Share Transactions | 551,160 | 1,064,714 | |
Total Increase (Decrease) | 1,121,501 | 1,152,619 | |
Net Assets | |||
Beginning of Period | 2,676,011 | 1,523,392 | |
End of Period | 3,797,512 | 2,676,011 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | February 25, 20161 to October 31, 2016 | |||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $69.97 | $68.72 | $58.65 | $64.25 | $54.43 | $50.00 |
Investment Operations | ||||||
Net Investment Income2 | .492 | .958 | 1.4523 | 1.196 | 1.179 | .662 |
Net Realized and Unrealized Gain (Loss) on Investments4 | 14.454 | 1.551 | 9.578 | (5.623) | 9.715 | 4.154 |
Total from Investment Operations | 14.946 | 2.509 | 11.030 | (4.427) | 10.894 | 4.816 |
Distributions | ||||||
Dividends from Net Investment Income | (.416) | (1.259) | (.960) | (1.173) | (1.074) | (.386) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.416) | (1.259) | (.960) | (1.173) | (1.074) | (.386) |
Net Asset Value, End of Period | $84.50 | $69.97 | $68.72 | $58.65 | $64.25 | $54.43 |
Total Return | 21.40% | 3.73% | 18.96% | -7.04% | 20.19% | 9.64% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,505 | $2,456 | $1,305 | $861 | $634 | $147 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.20% | 0.20% | 0.25% | 0.25% | 0.25%5 |
Ratio of Net Investment Income to Average Net Assets | 1.21% | 1.40% | 2.24%3 | 1.83% | 1.96% | 1.60%5 |
Portfolio Turnover Rate6 | 41% | 17% | 42% | 36% | 9% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Net investment income per share and the ratio of net investment income to average net assets include $.388 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
4 | Includes increases from purchase and redemption fees of $.00 for 2021, $.01 for 2020, $.02 for 2019, $.02 for 2018, and $.04 for 2017. |
5 | Annualized. |
6 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | March 2, 20161 to October 31, 2016 | |||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $34.03 | $33.42 | $28.52 | $31.24 | $26.45 | $25.00 |
Investment Operations | ||||||
Net Investment Income2 | .234 | .453 | .6863 | .576 | .573 | .285 |
Net Realized and Unrealized Gain (Loss) on Investments4 | 7.048 | .765 | 4.679 | (2.727) | 4.720 | 1.352 |
Total from Investment Operations | 7.282 | 1.218 | 5.365 | (2.151) | 5.293 | 1.637 |
Distributions | ||||||
Dividends from Net Investment Income | (.202) | (.608) | (.465) | (.569) | (.503) | (.187) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.202) | (.608) | (.465) | (.569) | (.503) | (.187) |
Net Asset Value, End of Period | $41.11 | $34.03 | $33.42 | $28.52 | $31.24 | $26.45 |
Total Return5 | 21.43%6 | 3.72%6 | 18.96%6 | -7.03%6 | 20.18%6 | 6.54% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $293 | $220 | $218 | $175 | $152 | $77 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.20% | 0.20% | 0.25% | 0.25% | 0.25%7 |
Ratio of Net Investment Income to Average Net Assets | 1.18% | 1.36% | 2.24%3 | 1.83% | 1.96% | 1.60%7 |
Portfolio Turnover Rate8 | 41% | 17% | 42% | 36% | 9% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Net investment income per share and the ratio of net investment income to average net assets include $.188 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
4 | Includes increases from purchase and redemption fees of $.00 for 2021, $.00 for 2020, $.01 for 2019, $.01 for 2018, and $.02 for 2017. |
5 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
6 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
7 | Annualized. |
8 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 403,754 | — | — | 403,754 |
Common Stocks—Other | 57,804 | 3,315,840 | — | 3,373,644 |
Temporary Cash Investments | 46,298 | — | — | 46,298 |
Total | 507,856 | 3,315,840 | — | 3,823,696 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 355 | — | — | 355 |
Forward Currency Contracts | — | 59 | — | 59 |
Total | 355 | 59 | — | 414 |
Liabilities | ||||
Futures Contracts1 | 119 | — | — | 119 |
Forward Currency Contracts | — | 182 | — | 182 |
Total | 119 | 182 | — | 301 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | At April 30, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts | 355 | — | 355 |
Unrealized Appreciation—Forward Currency Contracts | — | 59 | 59 |
Total Assets | 355 | 59 | 414 |
Unrealized Depreciation—Futures Contracts | 119 | — | 119 |
Unrealized Depreciation—Forward Currency Contracts | — | 182 | 182 |
Total Liabilities | 119 | 182 | 301 |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,688 | — | 2,688 |
Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) | |
Forward Currency Contracts | — | 26 | 26 |
Realized Net Gain (Loss) on Derivatives | 2,688 | 26 | 2,714 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 778 | — | 778 |
Forward Currency Contracts | — | (63) | (63) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 778 | (63) | 715 |
E. | As of April 30, 2021, 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 | 3,301,923 |
Gross Unrealized Appreciation | 550,259 |
Gross Unrealized Depreciation | (28,373) |
Net Unrealized Appreciation (Depreciation) | 521,886 |
F. | During the six months ended April 30, 2021, the fund purchased $2,122,929,000 of investment securities and sold $1,577,620,000 of investment securities, other than temporary cash investments. Purchases and sales include $644,694,000 and $212,947,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 736,866 | 8,924 | 1,064,328 | 16,112 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (212,211) | (2,550) | — | — | |
Net Increase (Decrease)—ETF Shares | 524,655 | 6,374 | 1,064,328 | 16,112 |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued1 | 44,262 | 1,107 | 55,811 | 1,680 | |
Issued in Lieu of Cash Distributions | 1,101 | 28 | 3,328 | 101 | |
Redeemed2 | (18,858) | (475) | (58,753) | (1,856) | |
Net Increase (Decrease)—Admiral Shares | 26,505 | 660 | 386 | (75) |
1 | Includes purchase fees for fiscal 2021 and 2020 of $112,000 and $140,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2021 and 2020 of $41,000 and $129,000, respectively (fund totals). |
H. | In May, the board of trustees approved the adoption of a new target index for the fund. Nasdaq International Dividend Achievers Select Index will be replaced by S&P Global Ex-U.S. Dividend Growers Index in the third quarter of 2021. |
Basic Materials | 9.4% |
Consumer Discretionary | 7.5 |
Consumer Staples | 8.1 |
Energy | 8.4 |
Financials | 32.6 |
Health Care | 7.7 |
Industrials | 9.7 |
Real Estate | 2.6 |
Technology | 3.0 |
Telecommunications | 5.3 |
Utilities | 5.7 |
Shares | Market Value• ($000) | ||
Common Stocks (99.1%) | |||
Australia (7.5%) | |||
Commonwealth Bank of Australia | 408,024 | 27,932 | |
BHP Group Ltd. | 671,517 | 24,440 | |
Westpac Banking Corp. | 812,474 | 15,657 | |
National Australia Bank Ltd. | 728,590 | 14,910 | |
Australia & New Zealand Banking Group Ltd. | 652,005 | 14,386 | |
Wesfarmers Ltd. | 255,092 | 10,634 | |
Macquarie Group Ltd. | 74,663 | 9,203 | |
Woolworths Group Ltd. | 289,639 | 8,785 | |
Rio Tinto Ltd. | 86,109 | 8,003 | |
Transurban Group | 634,348 | 6,917 | |
Fortescue Metals Group Ltd. | 363,797 | 6,294 | |
Amcor plc GDR | 351,504 | 4,103 | |
Woodside Petroleum Ltd. | 227,261 | 3,964 | |
Coles Group Ltd. | 300,809 | 3,778 | |
Sonic Healthcare Ltd. | 114,797 | 3,173 | |
Brambles Ltd. | 332,300 | 2,662 | |
ASX Ltd. | 45,933 | 2,581 | |
Telstra Corp. Ltd. | 985,082 | 2,573 | |
APA Group | 284,271 | 2,196 | |
Suncorp Group Ltd. | 250,064 | 2,022 | |
Tabcorp Holdings Ltd. | 507,289 | 1,934 | |
Insurance Australia Group Ltd. | 458,731 | 1,728 | |
Medibank Pvt Ltd. | 670,963 | 1,592 | |
Lendlease Corp. Ltd. | 159,638 | 1,560 | |
Computershare Ltd. (XASX) | 117,945 | 1,282 | |
Magellan Financial Group Ltd. | 33,564 | 1,250 | |
Evolution Mining Ltd. | 352,388 | 1,248 | |
Aurizon Holdings Ltd. | 428,175 | 1,232 | |
Ampol Ltd. | 60,612 | 1,195 | |
Atlas Arteria Ltd. | 239,451 | 1,110 | |
Mineral Resources Ltd. | 29,107 | 1,063 | |
Bendigo & Adelaide Bank Ltd. | 131,650 | 1,045 | |
Bank of Queensland Ltd. | 150,508 | 1,043 | |
JB Hi-Fi Ltd. | 28,729 | 1,022 | |
Orica Ltd. | 94,225 | 981 | |
Origin Energy Ltd. | 296,710 | 949 | |
* | Crown Resorts Ltd. | 94,287 | 885 |
Alumina Ltd. | 619,635 | 821 |
Shares | Market Value• ($000) | ||
Downer EDI Ltd. | 171,637 | 741 | |
Metcash Ltd. | 245,225 | 672 | |
Worley Ltd. | 77,360 | 642 | |
Challenger Ltd. | 163,244 | 641 | |
carsales.com Ltd. | 39,123 | 598 | |
AGL Energy Ltd. | 84,859 | 585 | |
AusNet Services | 380,079 | 556 | |
Harvey Norman Holdings Ltd. | 122,539 | 497 | |
Orora Ltd. | 203,206 | 497 | |
CSR Ltd. | 99,615 | 458 | |
Deterra Royalties Ltd. | 121,979 | 409 | |
IOOF Holdings Ltd. | 131,590 | 370 | |
CIMIC Group Ltd. | 20,253 | 302 | |
Perpetual Ltd. | 10,510 | 280 | |
Adbri Ltd. | 93,629 | 231 | |
Platinum Asset Management Ltd. | 58,535 | 213 | |
203,845 | |||
Austria (0.1%) | |||
OMV AG | 36,485 | 1,794 | |
Raiffeisen Bank International AG | 36,069 | 788 | |
ANDRITZ AG | 13,707 | 745 | |
Telekom Austria AG Class A | 24,495 | 200 | |
3,527 | |||
Belgium (0.5%) | |||
KBC Group NV | 63,408 | 4,920 | |
Groupe Bruxelles Lambert SA | 25,380 | 2,776 | |
Ageas SA | 42,496 | 2,570 | |
Solvay SA | 16,690 | 2,122 | |
Proximus SADP | 34,844 | 742 | |
Telenet Group Holding NV | 10,537 | 451 | |
13,581 | |||
Brazil (2.2%) | |||
Vale SA | 741,038 | 14,872 | |
Petroleo Brasileiro SA Preference Shares | 1,088,483 | 4,733 | |
B3 SA - Brasil Bolsa Balcao | 467,338 | 4,431 | |
Petroleo Brasileiro SA | 802,000 | 3,411 | |
Banco Bradesco SA Preference Shares | 660,649 | 2,901 | |
Itau Unibanco Holding SA Preference Shares | 504,707 | 2,558 | |
Itau Unibanco Holding SA ADR | 394,759 | 1,974 | |
Ambev SA | 663,050 | 1,824 | |
Banco Bradesco SA | 417,242 | 1,588 | |
Banco Bradesco SA ADR | 344,669 | 1,499 | |
Itausa SA Preference Shares | 772,562 | 1,431 | |
Itau Unibanco Holding SA | 310,900 | 1,400 | |
Equatorial Energia SA | 209,900 | 969 | |
Ambev SA ADR | 336,922 | 937 | |
Banco Santander Brasil SA | 110,402 | 783 | |
Petrobras Distribuidora SA | 174,267 | 722 | |
Telefonica Brasil SA ADR | 86,633 | 687 | |
Hypera SA | 106,382 | 679 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 81,700 | 643 | |
CCR SA | 279,110 | 619 | |
Bradespar SA Preference Shares | 47,215 | 617 | |
Banco Do Brasil SA | 107,418 | 586 |
Shares | Market Value• ($000) | ||
Centrais Eletricas Brasileiras SA | 86,400 | 585 | |
Transmissora Alianca de Energia Eletrica SA | 70,819 | 545 | |
Energisa SA | 65,900 | 534 | |
Centrais Eletricas Brasileiras SA Preference Shares | 76,600 | 521 | |
Metalurgica Gerdau SA Preference Shares | 174,400 | 477 | |
TIM SA | 207,454 | 466 | |
Cia Energetica de Minas Gerais ADR | 186,500 | 464 | |
Sul America SA | 71,050 | 428 | |
* | Azul SA Preference Shares | 55,500 | 393 |
Cia Paranaense de Energia Preference Shares | 314,300 | 362 | |
Marfrig Global Foods SA | 101,000 | 360 | |
Telefonica Brasil SA | 42,118 | 335 | |
Cia de Saneamento do Parana | 85,400 | 332 | |
Qualicorp Consultoria e Corretora de Seguros SA | 66,500 | 331 | |
Porto Seguro SA | 36,009 | 327 | |
Fleury SA | 68,463 | 322 | |
Cia Energetica de Sao Paulo Preference Shares | 63,700 | 297 | |
Engie Brasil Energia SA | 35,616 | 267 | |
Neoenergia SA | 85,400 | 252 | |
Cia Brasileira de Distribuicao | 33,300 | 250 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 53,300 | 231 | |
BB Seguridade Participacoes SA | 51,257 | 211 | |
EDP - Energias do Brasil SA | 61,076 | 211 | |
CPFL Energia SA | 37,400 | 202 | |
Sao Martinho SA | 31,800 | 182 | |
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 35,408 | 176 | |
Cia Energetica de Minas Gerais Preference Shares | 62,445 | 159 | |
Cielo SA | 201,884 | 128 | |
Odontoprev SA | 53,900 | 127 | |
59,339 | |||
Canada (8.0%) | |||
Royal Bank of Canada | 324,487 | 30,969 | |
Toronto-Dominion Bank | 411,462 | 28,287 | |
Bank of Nova Scotia | 274,636 | 17,488 | |
Enbridge Inc. | 449,187 | 17,326 | |
1 | Bank of Montreal | 144,625 | 13,650 |
TC Energy Corp. | 227,988 | 11,279 | |
Canadian Imperial Bank of Commerce | 100,293 | 10,426 | |
Manulife Financial Corp. | 439,005 | 9,586 | |
Canadian Natural Resources Ltd. | 264,850 | 8,039 | |
Suncor Energy Inc. | 353,238 | 7,555 | |
Nutrien Ltd. | 128,546 | 7,096 | |
Sun Life Financial Inc. | 131,143 | 7,075 | |
National Bank of Canada | 74,863 | 5,443 | |
Restaurant Brands International Inc. | 66,504 | 4,567 | |
Fortis Inc. | 100,832 | 4,498 | |
Intact Financial Corp. | 31,639 | 4,206 | |
Pembina Pipeline Corp. | 127,250 | 3,928 | |
Rogers Communications Inc. Class B | 79,270 | 3,904 | |
Power Corp. of Canada | 130,159 | 3,791 | |
BCE Inc. | 71,410 | 3,375 | |
Shaw Communications Inc. Class B | 116,158 | 3,364 | |
Fairfax Financial Holdings Ltd. | 6,482 | 2,962 | |
1 | Canadian Tire Corp. Ltd. Class A | 13,910 | 2,217 |
TELUS Corp. | 101,659 | 2,109 |
Shares | Market Value• ($000) | ||
2 | Hydro One Ltd. | 76,897 | 1,844 |
Great-West Lifeco Inc. | 63,126 | 1,830 | |
Imperial Oil Ltd. | 54,875 | 1,585 | |
1 | Canadian Utilities Ltd. Class A | 30,478 | 871 |
IGM Financial Inc. | 19,012 | 679 | |
219,949 | |||
Chile (0.1%) | |||
Banco De Chile | 9,346,483 | 1,001 | |
Banco Santander Chile ADR | 28,639 | 637 | |
CAP SA | 23,465 | 419 | |
Enel Americas SA ADR | 48,887 | 351 | |
Enel Chile SA | 4,632,679 | 316 | |
Enel Americas SA | 1,994,695 | 284 | |
Embotelladora Andina SA Preference Shares | 101,961 | 243 | |
Colbun SA | 1,294,706 | 222 | |
Aguas Andinas SA Class A | 456,848 | 130 | |
Banco Santander Chile SA | 1,990,446 | 109 | |
AES Gener SA | 591,568 | 97 | |
Engie Energia Chile SA | 91,249 | 96 | |
Enel Chile SA ADR | 11,940 | 42 | |
3,947 | |||
China (6.1%) | |||
China Construction Bank Corp. Class H | 20,949,000 | 16,536 | |
Ping An Insurance Group Co. of China Ltd. Class H | 1,363,000 | 14,860 | |
Industrial & Commercial Bank of China Ltd. Class H | 18,298,000 | 11,873 | |
Bank of China Ltd. Class H | 16,628,000 | 6,597 | |
China Merchants Bank Co. Ltd. Class H | 736,928 | 5,919 | |
China Merchants Bank Co. Ltd. Class A | 469,100 | 3,811 | |
China Life Insurance Co. Ltd. Class H | 1,682,000 | 3,410 | |
Agricultural Bank of China Class H | 7,721,000 | 2,991 | |
China Resources Land Ltd. | 606,000 | 2,837 | |
2 | Longfor Group Holdings Ltd. | 410,600 | 2,550 |
China Petroleum and Chemical Corp. (Sinopec) Class H | 4,936,000 | 2,434 | |
China Overseas Land & Investment Ltd. | 879,500 | 2,226 | |
Sunac China Holdings Ltd. | 562,554 | 2,182 | |
China Pacific Insurance Group Co. Ltd. Class H | 568,000 | 2,044 | |
Zijin Mining Group Co. Ltd. Class H | 1,416,000 | 1,978 | |
Great Wall Motor Co. Ltd. Class H | 755,000 | 1,874 | |
Country Garden Holdings Co. | 1,549,000 | 1,841 | |
PetroChina Co. Ltd. Class H | 4,856,000 | 1,757 | |
PICC Property & Casualty Co. Ltd. Class H | 1,736,000 | 1,700 | |
China Vanke Co. Ltd. Class H | 479,205 | 1,676 | |
China Shenhua Energy Co. Ltd. Class H | 737,500 | 1,536 | |
Anhui Conch Cement Co. Ltd. Class H | 256,828 | 1,533 | |
2 | Postal Savings Bank of China Co. Ltd. Class H | 2,308,000 | 1,497 |
2 | China Tower Corp. Ltd. Class H | 10,346,000 | 1,488 |
CITIC Securities Co. Ltd. Class H | 586,000 | 1,409 | |
Bank of Communications Ltd. Class H | 2,045,000 | 1,306 | |
Citic Pacific Ltd. | 1,241,000 | 1,303 | |
China CITIC Bank Corp. Ltd. Class H | 2,487,320 | 1,299 | |
China National Building Material Co. Ltd. Class H | 856,000 | 1,236 | |
Kingboard Holdings Ltd. | 209,000 | 1,234 | |
Weichai Power Co. Ltd. Class H | 508,000 | 1,176 | |
Hengan International Group Co. Ltd. | 173,843 | 1,123 | |
Industrial Bank Co. Ltd. Class A | 326,500 | 1,095 |
Shares | Market Value• ($000) | ||
Guangdong Investment Ltd. | 710,000 | 1,093 | |
China Hongqiao Group Ltd. | 653,000 | 1,031 | |
Sinopharm Group Co. Ltd. Class H | 329,200 | 1,015 | |
Shimao Group Holdings Ltd. | 350,000 | 1,011 | |
China Evergrande Group | 592,000 | 999 | |
China Minsheng Banking Corp. Ltd. Class H | 1,860,600 | 953 | |
Agricultural Bank of China Ltd. Class A | 1,807,356 | 893 | |
Fosun International Ltd. | 615,500 | 884 | |
CIFI Holdings Group Co. Ltd. | 968,000 | 865 | |
China Petroleum & Chemical Corp. Class A | 1,298,100 | 856 | |
New China Life Insurance Co. Ltd. Class H | 220,300 | 846 | |
Bank of China Ltd. Class A | 1,684,900 | 846 | |
Shanghai Pudong Development Bank Co. Ltd. Class A | 544,400 | 845 | |
Haitong Securities Co. Ltd. Class H | 932,000 | 833 | |
Kunlun Energy Co. Ltd. | 708,000 | 757 | |
China Pacific Insurance Group Co. Ltd. Class A | 148,600 | 753 | |
China Medical System Holdings Ltd. | 319,000 | 737 | |
Industrial & Commercial Bank of China Ltd. Class A | 926,500 | 734 | |
Far East Horizon Ltd. | 623,000 | 714 | |
China Resources Power Holdings Co. Ltd. | 530,000 | 696 | |
People's Insurance Co. Group of China Ltd. Class H | 2,031,000 | 694 | |
China Everbright International Ltd. | 1,071,000 | 673 | |
China Yangtze Power Co. Ltd. Class A | 215,400 | 664 | |
Guangzhou Automobile Group Co. Ltd. Class H | 764,000 | 652 | |
China Resources Cement Holdings Ltd. | 586,000 | 638 | |
East Money Information Co. Ltd. Class A | 126,600 | 628 | |
2 | Huatai Securities Co. Ltd. Class H | 439,200 | 627 |
Guangzhou R&F Properties Co. Ltd. Class H | 489,600 | 625 | |
Beijing Enterprises Water Group Ltd. | 1,620,000 | 619 | |
Dongfeng Motor Group Co. Ltd. Class H | 706,000 | 614 | |
Franshion Properties of China Ltd. | 1,606,000 | 608 | |
Kingboard Laminates Holdings Ltd. | 241,500 | 602 | |
Anhui Conch Cement Co. Ltd. Class A | 77,300 | 584 | |
2 | CGN Power Co. Ltd. Class H | 2,473,000 | 569 |
China Merchants Port Holdings Co. Ltd. | 346,000 | 554 | |
Poly Developments and Holdings Group Co. Ltd. Class A | 239,900 | 518 | |
Yanzhou Coal Mining Co. Ltd. Class H | 428,000 | 510 | |
Nine Dragons Paper Holdings Ltd. | 369,000 | 506 | |
China State Construction Engineering Corp. Ltd. Class A | 638,100 | 487 | |
3 | Brilliance China Automotive Holdings Ltd. | 516,000 | 485 |
China Lesso Group Holdings Ltd. | 191,000 | 480 | |
2 | A-Living Smart City Services Co. Ltd. | 104,250 | 479 |
China Vanke Co. Ltd. Class A | 108,800 | 473 | |
China Galaxy Securities Co. Ltd. Class H | 782,000 | 465 | |
Agile Group Holdings Ltd. | 296,000 | 462 | |
SAIC Motor Corp. Ltd. Class A | 142,800 | 442 | |
Kwg Group Holdings Ltd. | 275,500 | 441 | |
Sinotruk Hong Kong Ltd. | 178,500 | 439 | |
Seazen Group Ltd. | 398,479 | 425 | |
Yangzijiang Shipbuilding Holdings Ltd. | 394,000 | 423 | |
Shenzhen International Holdings Ltd. | 254,500 | 423 | |
GF Securities Co. Ltd. Class H | 287,000 | 415 | |
2 | China Merchants Securities Co. Ltd. Class H | 289,560 | 405 |
China Everbright Bank Co. Ltd. Class H | 949,000 | 396 | |
China Shenhua Energy Co. Ltd. Class A | 133,600 | 396 |
Shares | Market Value• ($000) | ||
China Cinda Asset Management Co. Ltd. Class H | 1,996,000 | 392 | |
Guotai Junan Securities Co. Ltd. Class A | 153,200 | 391 | |
China Construction Bank Corp. Class A | 373,200 | 388 | |
China Railway Group Ltd. Class H | 737,000 | 381 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | 270,800 | 374 | |
Cosco Shipping Ports Ltd. | 444,000 | 373 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 159,000 | 362 | |
GF Securities Co. Ltd. Class A | 157,800 | 361 | |
2 | CSC Financial Co. Ltd. Class H | 309,500 | 360 |
Huaneng Power International Inc. Class H | 996,000 | 359 | |
Gree Electric Appliances Inc. of Zhuhai Class A | 38,600 | 356 | |
China Everbright Bank Co. Ltd. Class A | 610,500 | 356 | |
China Railway Group Ltd. Class A | 421,700 | 351 | |
Baoshan Iron & Steel Co. Ltd. Class A | 254,100 | 338 | |
Bosideng International Holdings Ltd. | 648,000 | 329 | |
Beijing Enterprises Holdings Ltd. | 99,500 | 325 | |
Bank of Communications Co. Ltd. Class A | 435,000 | 323 | |
Logan Group Co. Ltd. | 200,000 | 318 | |
Bank of Shanghai Co. Ltd. Class A | 232,733 | 294 | |
New Hope Liuhe Co. Ltd. Class A | 112,800 | 289 | |
China Minsheng Banking Corp. Ltd. Class A | 390,600 | 284 | |
Yuexiu Property Co. Ltd. | 1,216,000 | 281 | |
2,3 | China Huarong Asset Management Co. Ltd. Class H | 2,028,000 | 266 |
China Aoyuan Group Ltd. | 254,000 | 264 | |
China Communications Services Corp. Ltd. Class H | 590,000 | 255 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 140,300 | 255 | |
China State Construction International Holdings Ltd. | 356,000 | 249 | |
Shenzhen Investment Ltd. | 674,000 | 247 | |
2 | Dali Foods Group Co. Ltd. | 403,000 | 239 |
Henan Shuanghui Investment & Development Co. Ltd. Class A | 41,500 | 234 | |
Jiangsu Expressway Co. Ltd. Class H | 198,000 | 233 | |
Zhejiang Expressway Co. Ltd. Class H | 262,000 | 228 | |
China National Nuclear Power Co. Ltd. Class A | 281,300 | 226 | |
Livzon Pharmaceutical Group Inc. Class H | 48,500 | 226 | |
Seazen Holdings Co. Ltd. Class A | 30,800 | 214 | |
Greentown China Holdings Ltd. | 178,000 | 214 | |
Daqin Railway Co. Ltd. Class A | 197,400 | 210 | |
China Coal Energy Co. Ltd. Class H | 389,000 | 210 | |
Times China Holdings Ltd. | 142,000 | 202 | |
Bank of Beijing Co. Ltd. Class A | 273,200 | 201 | |
China Power International Development Ltd. | 873,370 | 200 | |
Huaxin Cement Co. Ltd. Class B | 93,040 | 198 | |
Chongqing Rural Commercial Bank Co. Ltd. Class H | 462,000 | 196 | |
Hengli Petrochemical Co. Ltd. Class A | 42,900 | 196 | |
Bank of Hangzhou Co. Ltd. Class A | 76,800 | 196 | |
Huaxia Bank Co. Ltd. Class A | 197,500 | 190 | |
2 | Guotai Junan Securities Co. Ltd. Class H | 133,000 | 189 |
BBMG Corp. Class A | 437,400 | 188 | |
Bank of Nanjing Co. Ltd. Class A | 131,700 | 187 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 206,362 | 186 | |
Angang Steel Co. Ltd. Class H | 267,000 | 184 | |
China Everbright Ltd. | 154,000 | 184 | |
Shougang Fushan Resources Group Ltd. | 676,164 | 177 | |
Sinopec Engineering Group Co. Ltd. Class H | 287,000 | 177 | |
Shaanxi Coal Industry Co. Ltd. Class A | 102,100 | 177 |
Shares | Market Value• ($000) | ||
Sinotrans Ltd. Class H | 386,000 | 176 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 94,600 | 170 | |
2 | Legend Holdings Corp. Class H | 101,700 | 166 |
Huayu Automotive Systems Co. Ltd. Class A | 40,700 | 165 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 650,000 | 161 | |
2 | BAIC Motor Corp. Ltd. Class H | 439,000 | 159 |
Shenzhen Overseas Chinese Town Co. Ltd. Class A | 109,600 | 157 | |
COSCO SHIPPING Energy Transportation Co. Ltd. Class A | 156,800 | 147 | |
Lomon Billions Group Co. Ltd. Class A | 27,100 | 141 | |
* | Chongqing Changan Automobile Co. Ltd. Class B | 172,300 | 139 |
SDIC Power Holdings Co. Ltd. Class A | 89,100 | 136 | |
China Reinsurance Group Corp. Class H | 1,298,000 | 135 | |
Shanghai Industrial Holdings Ltd. | 85,000 | 131 | |
Shenzhen Expressway Co. Ltd. Class A | 84,100 | 129 | |
Shandong Chenming Paper Holdings Ltd. Class H | 148,500 | 128 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | 191,900 | 127 | |
Sino-Ocean Group Holding Ltd. | 569,500 | 127 | |
Yanlord Land Group Ltd. | 123,800 | 124 | |
Metallurgical Corp. of China Ltd. Class H | 528,000 | 124 | |
Intco Medical Technology Co. Ltd. Class A | 4,600 | 121 | |
Lao Feng Xiang Co. Ltd. Class B | 38,200 | 115 | |
Shanghai International Port Group Co. Ltd. Class A | 158,200 | 113 | |
Gemdale Corp. Class A | 57,400 | 104 | |
Weifu High-Technology Group Co. Ltd. Class B | 47,500 | 104 | |
Jiangsu Expressway Co. Ltd. Class A | 65,900 | 104 | |
Sichuan Chuantou Energy Co. Ltd. Class A | 59,400 | 103 | |
Metallurgical Corp. of China Ltd. Class A | 209,700 | 100 | |
Zhejiang Longsheng Group Co. Ltd. Class A | 47,200 | 99 | |
Hunan Valin Steel Co. Ltd. Class A | 80,500 | 97 | |
Huadian Power International Corp. Ltd. Class H | 312,000 | 96 | |
Jiayuan International Group Ltd. | 208,000 | 96 | |
2 | China Railway Signal & Communication Corp. Ltd. Class H | 235,000 | 93 |
Maanshan Iron & Steel Co. Ltd. Class A | 139,300 | 91 | |
Zhejiang Weixing New Building Materials Co. Ltd. Class A | 24,900 | 90 | |
Bank of Jiangsu Co. Ltd. Class A | 82,160 | 90 | |
2 | Orient Securities Co. Ltd. Class H | 134,400 | 85 |
2 | Shenwan Hongyuan Group Co. Ltd. Class H | 309,600 | 84 |
Yantai Changyu Pioneer Wine Co. Ltd. Class B | 41,400 | 83 | |
Greenland Holdings Corp. Ltd. Class A | 94,900 | 83 | |
Datang International Power Generation Co. Ltd. Class H | 556,000 | 82 | |
Yanzhou Coal Mining Co. Ltd. Class A | 40,500 | 81 | |
Bank of Changsha Co. Ltd. Class A | 53,300 | 74 | |
Jiangxi Zhengbang Technology Co. Ltd. Class A | 32,200 | 73 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 52,100 | 72 | |
China Gezhouba Group Co. Ltd. Class A | 62,600 | 69 | |
Jinke Properties Group Co. Ltd. Class A | 66,500 | 68 | |
Zhengzhou Yutong Bus Co. Ltd. Class A | 31,800 | 67 | |
Beijing Jingneng Clean Energy Co. Ltd. Class H | 302,000 | 66 | |
China CITIC Bank Corp. Ltd. Class A | 82,800 | 66 | |
Anhui Expressway Co. Ltd. Class H | 92,000 | 65 | |
Shenergy Co. Ltd. Class A | 74,100 | 65 | |
China Merchants Energy Shipping Co. Ltd. Class A | 83,700 | 63 | |
Shenzhen Expressway Co. Ltd. Class H | 60,000 | 62 | |
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 29,200 | 62 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 34,000 | 62 |
Shares | Market Value• ($000) | ||
Huaibei Mining Holdings Co. Ltd. Class A | 33,800 | 61 | |
2 | Red Star Macalline Group Corp. Ltd. Class H | 106,872 | 60 |
Guangshen Railway Co. Ltd. Class H | 292,000 | 59 | |
Wens Foodstuffs Group Co. Ltd. Class A | 26,100 | 58 | |
RiseSun Real Estate Development Co. Ltd. Class A | 58,800 | 56 | |
Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 49,400 | 54 | |
Shanghai Construction Group Co. Ltd. Class A | 121,100 | 54 | |
Sinoma International Engineering Co. Class A | 41,200 | 54 | |
China South Publishing & Media Group Co. Ltd. Class A | 33,100 | 52 | |
Huaneng Power International Inc. Class A | 78,600 | 51 | |
Xiamen C & D Inc. Class A | 39,100 | 49 | |
Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 48,500 | 49 | |
Yango Group Co. Ltd. Class A | 54,400 | 48 | |
Shenzhen Jinjia Group Co. Ltd. Class A | 29,400 | 47 | |
Financial Street Holdings Co. Ltd. Class A | 48,800 | 47 | |
Sansteel Minguang Co. Ltd. Fujian Class A | 36,500 | 46 | |
Guangxi Liugong Machinery Co. Ltd. Class A | 30,900 | 46 | |
Bank of Chengdu Co. Ltd. Class A | 24,400 | 45 | |
Shanghai Tunnel Engineering Co. Ltd. Class A | 55,300 | 45 | |
Zhejiang Semir Garment Co. Ltd. Class A | 24,400 | 44 | |
Yifeng Pharmacy Chain Co. Ltd. Class A (XSHG) | 3,100 | 43 | |
Liuzhou Iron & Steel Co. Ltd. Class A | 38,900 | 43 | |
China Fortune Land Development Co. Ltd. Class A | 49,920 | 43 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 11,900 | 41 | |
Guangxi Guiguan Electric Power Co. Ltd. Class A | 51,300 | 41 | |
Sichuan Expressway Co. Ltd. Class H | 168,000 | 40 | |
Dongfang Electric Corp. Ltd. Class H | 47,200 | 40 | |
Zhejiang Runtu Co. Ltd. Class A | 27,500 | 40 | |
Fujian Funeng Co. Ltd. Class A | 23,900 | 39 | |
Huadian Power International Corp. Ltd. Class A | 74,000 | 39 | |
Shanghai AJ Group Co. Ltd. Class A | 35,400 | 39 | |
Chongqing Rural Commercial Bank Co. Ltd. Class A | 58,700 | 38 | |
Tangshan Jidong Cement Co. Ltd. Class A | 17,300 | 37 | |
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A | 22,900 | 36 | |
Nanjing Iron & Steel Co. Ltd. Class A | 54,500 | 35 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 20,800 | 35 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class A | 61,800 | 35 | |
Shanghai Shimao Co. Ltd. Class A | 54,300 | 35 | |
Beijing Capital Development Co. Ltd. Class A | 39,400 | 34 | |
Huafa Industrial Co. Ltd. Zhuhai Class A | 35,200 | 34 | |
Chinese Universe Publishing and Media Group Co. Ltd. Class A | 19,500 | 33 | |
Guizhou Panjiang Refined Coal Co. Ltd. Class A | 33,200 | 33 | |
North Huajin Chemical Industries Co. Ltd. Class A | 33,200 | 32 | |
Chongqing Water Group Co. Ltd. Class A | 39,200 | 32 | |
Zhejiang Medicine Co. Ltd. Class A | 12,600 | 32 | |
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A | 85,400 | 31 | |
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 44,100 | 30 | |
Maanshan Iron & Steel Co. Ltd. Class H | 60,000 | 29 | |
2 | Everbright Securities Co. Ltd. Class H | 37,400 | 29 |
Jointo Energy Investment Co. Ltd. Hebei Class A | 35,400 | 28 | |
Zhejiang Satellite Petrochemical Co. Ltd. Class A | 4,500 | 28 | |
Sichuan Languang Development Co. Ltd. Class A | 35,000 | 21 | |
Rainbow Digital Commercial Co. Ltd. Class A | 18,800 | 20 | |
China Railway Signal & Communication Corp. Ltd. Class A | 15,960 | 14 | |
Yonghui Superstores Co. Ltd. Class A | 10,700 | 9 |
Shares | Market Value• ($000) | ||
* | KWG Living Group Holdings Ltd. | 302 | — |
166,679 | |||
Colombia (0.1%) | |||
Ecopetrol SA ADR | 59,950 | 709 | |
Interconexion Electrica SA ESP | 104,253 | 594 | |
Grupo Argos SA | 68,225 | 193 | |
Grupo Aval Acciones y Valores SA Preference Shares | 592,640 | 174 | |
Cementos Argos SA | 97,491 | 133 | |
Grupo Aval Acciones y Valores SA ADR | 7,552 | 45 | |
Ecopetrol SA | 54,855 | 32 | |
1,880 | |||
Czech Republic (0.1%) | |||
CEZ AS | 42,581 | 1,186 | |
*,2 | Moneta Money Bank AS | 95,117 | 353 |
1,539 | |||
Denmark (0.2%) | |||
Danske Bank A/S | 151,415 | 2,878 | |
Tryg A/S | 70,011 | 1,601 | |
4,479 | |||
Egypt (0.0%) | |||
Eastern Co. SAE | 309,033 | 230 | |
Egypt Kuwait Holding Co. SAE | 167,126 | 167 | |
ElSewedy Electric Co. | 129,404 | 67 | |
Talaat Moustafa Group | 181,115 | 65 | |
Telecom Egypt Co. | 63,313 | 44 | |
573 | |||
Finland (1.5%) | |||
Nordea Bank Abp (XHEL) | 765,662 | 7,921 | |
Kone Oyj Class B | 87,309 | 6,858 | |
Sampo Oyj Class A | 111,605 | 5,294 | |
UPM-Kymmene Oyj | 126,794 | 4,959 | |
Fortum Oyj | 102,031 | 2,681 | |
Stora Enso Oyj Class R | 139,369 | 2,666 | |
Kesko Oyj Class B | 65,462 | 1,993 | |
Elisa Oyj | 34,495 | 1,955 | |
Metso Outotec Oyj | 146,940 | 1,651 | |
Wartsila Oyj Abp | 120,595 | 1,556 | |
Nokian Renkaat Oyj | 34,167 | 1,272 | |
Orion Oyj Class B | 25,600 | 1,133 | |
39,939 | |||
France (4.6%) | |||
Sanofi | 252,597 | 26,483 | |
TOTAL SE | 537,713 | 23,766 | |
AXA SA | 440,437 | 12,440 | |
1 | Vinci SA | 103,841 | 11,395 |
Danone SA | 137,880 | 9,733 | |
Orange SA | 389,605 | 4,852 | |
Societe Generale SA | 161,314 | 4,589 | |
Credit Agricole SA | 273,694 | 4,234 | |
Veolia Environnement SA | 119,615 | 3,815 | |
Engie SA (XPAR) | 242,632 | 3,614 | |
Publicis Groupe SA | 53,647 | 3,472 | |
Carrefour SA | 137,661 | 2,666 |
Shares | Market Value• ($000) | ||
Bouygues SA | 50,773 | 2,176 | |
Suez SA | 88,910 | 2,125 | |
* | Engie SA Loyalty Shares | 132,130 | 1,968 |
Electricite de France SA (XPAR) | 113,886 | 1,662 | |
Rexel SA | 75,708 | 1,488 | |
* | SCOR SE | 37,888 | 1,224 |
2 | Amundi SA | 13,481 | 1,201 |
Rubis SCA | 23,353 | 1,096 | |
TechnipFMC plc (XNYS) | 110,405 | 822 | |
CNP Assurances | 35,912 | 628 | |
Wendel SE | 4,489 | 598 | |
Imerys SA | 9,800 | 509 | |
2 | ALD SA | 17,425 | 274 |
126,830 | |||
Germany (7.3%) | |||
Siemens AG (Registered) | 171,795 | 28,661 | |
Allianz SE (Registered) | 94,036 | 24,413 | |
Daimler AG (Registered) | 186,355 | 16,585 | |
BASF SE | 202,885 | 16,351 | |
Deutsche Telekom AG (Registered) | 737,982 | 14,203 | |
Bayer AG (Registered) | 214,836 | 13,902 | |
Deutsche Post AG (Registered) | 222,254 | 13,090 | |
Volkswagen AG Preference Shares | 43,245 | 11,259 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 32,099 | 9,275 | |
Vonovia SE | 128,058 | 8,414 | |
Bayerische Motoren Werke AG | 74,278 | 7,443 | |
E.ON SE | 483,587 | 5,831 | |
RWE AG | 142,524 | 5,412 | |
Porsche Automobil Holding SE Preference Shares | 35,312 | 3,723 | |
HeidelbergCement AG | 36,317 | 3,328 | |
2 | Covestro AG | 43,560 | 2,849 |
Hannover Rueck SE | 14,361 | 2,652 | |
LEG Immobilien SE (XETR) | 15,850 | 2,205 | |
Aroundtown SA | 276,662 | 2,130 | |
Volkswagen AG | 6,172 | 1,959 | |
Evonik Industries AG | 47,460 | 1,662 | |
Uniper SE | 27,900 | 1,018 | |
Rheinmetall AG | 9,159 | 956 | |
Bayerische Motoren Werke AG Preference Shares | 11,041 | 904 | |
Telefonica Deutschland Holding AG | 187,119 | 544 | |
Talanx AG | 10,800 | 455 | |
HOCHTIEF AG | 4,512 | 423 | |
2 | DWS Group GmbH & Co. KGaA | 8,823 | 386 |
METRO AG | 25,960 | 284 | |
Traton SE | 8,658 | 247 | |
200,564 | |||
Greece (0.1%) | |||
Hellenic Telecommunications Organization SA | 57,939 | 982 | |
OPAP SA | 56,006 | 859 | |
Mytilineos SA | 22,258 | 414 | |
JUMBO SA | 21,938 | 410 | |
Motor Oil Hellas Corinth Refineries SA | 15,659 | 241 | |
2,906 |
Shares | Market Value• ($000) | ||
Hong Kong (2.2%) | |||
Sun Hung Kai Properties Ltd. | 323,500 | 4,866 | |
CK Hutchison Holdings Ltd. | 545,500 | 4,458 | |
Hong Kong & China Gas Co. Ltd. | 2,324,000 | 3,728 | |
CK Asset Holdings Ltd. | 564,500 | 3,534 | |
CLP Holdings Ltd. | 351,000 | 3,465 | |
Hang Seng Bank Ltd. | 169,600 | 3,320 | |
Jardine Matheson Holdings Ltd. | 47,600 | 3,196 | |
BOC Hong Kong Holdings Ltd. | 849,500 | 2,987 | |
Wharf Real Estate Investment Co. Ltd. | 391,000 | 2,247 | |
Lenovo Group Ltd. | 1,626,000 | 2,222 | |
New World Development Co. Ltd. | 350,750 | 1,856 | |
2 | WH Group Ltd. | 2,039,639 | 1,777 |
Power Assets Holdings Ltd. | 269,599 | 1,657 | |
Xinyi Glass Holdings Ltd. | 460,000 | 1,630 | |
Henderson Land Development Co. Ltd. | 326,587 | 1,452 | |
Hongkong Land Holdings Ltd. | 286,300 | 1,416 | |
Hang Lung Properties Ltd. | 473,576 | 1,292 | |
Sino Land Co. Ltd. | 780,000 | 1,158 | |
Swire Pacific Ltd. Class A | 142,788 | 1,150 | |
SITC International Holdings Co. Ltd. | 293,000 | 1,116 | |
Wharf Holdings Ltd. | 343,000 | 1,040 | |
Want Want China Holdings Ltd. | 1,410,000 | 1,019 | |
CK Infrastructure Holdings Ltd. | 160,472 | 981 | |
Tingyi Cayman Islands Holding Corp. | 506,000 | 909 | |
Swire Properties Ltd. | 251,698 | 751 | |
Chow Tai Fook Jewellery Group Ltd. | 465,800 | 750 | |
Bank of East Asia Ltd. | 313,980 | 658 | |
PCCW Ltd. | 1,078,793 | 624 | |
Hysan Development Co. Ltd. | 127,000 | 478 | |
2 | BOC Aviation Ltd. | 53,100 | 478 |
Kerry Properties Ltd. | 118,000 | 398 | |
NagaCorp Ltd. | 308,000 | 329 | |
NWS Holdings Ltd. | 276,000 | 305 | |
VTech Holdings Ltd. | 31,400 | 287 | |
Uni-President China Holdings Ltd. | 234,000 | 284 | |
Dairy Farm International Holdings Ltd. | 59,100 | 258 | |
Lee & Man Paper Manufacturing Ltd. | 287,000 | 250 | |
Swire Pacific Ltd. Class B | 137,500 | 174 | |
Haitong International Securities Group Ltd. | 508,000 | 160 | |
First Pacific Co. Ltd. | 452,000 | 155 | |
Shun Tak Holdings Ltd. | 478,000 | 153 | |
Cafe de Coral Holdings Ltd. | 62,000 | 135 | |
Towngas China Co. Ltd. | 224,185 | 110 | |
Shui On Land Ltd. | 642,500 | 106 | |
Dah Sing Banking Group Ltd. | 72,000 | 79 | |
Guotai Junan International Holdings Ltd. | 409,000 | 74 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 152,000 | 30 | |
59,502 | |||
Hungary (0.0%) | |||
Magyar Telekom Telecommunications plc | 73,542 | 102 | |
India (1.1%) | |||
Infosys Ltd. | 814,695 | 14,806 | |
ITC Ltd. | 714,146 | 1,950 | |
Bharat Petroleum Corp. Ltd. | 264,506 | 1,502 |
Shares | Market Value• ($000) | ||
Power Grid Corp. of India Ltd. | 493,958 | 1,466 | |
NTPC Ltd. | 950,474 | 1,312 | |
Hero MotoCorp Ltd. | 27,946 | 1,063 | |
Indus Towers Ltd. | 309,704 | 1,053 | |
Gail India Ltd. | 370,416 | 684 | |
Vedanta Ltd. | 187,029 | 648 | |
Petronet LNG Ltd. | 199,758 | 646 | |
Oil & Natural Gas Corp. Ltd. | 415,473 | 604 | |
Hindustan Petroleum Corp. Ltd. | 180,204 | 569 | |
Power Finance Corp. Ltd. | 347,114 | 507 | |
REC Ltd. | 253,207 | 437 | |
Mphasis Ltd. | 16,468 | 392 | |
Indian Oil Corp. Ltd. | 283,241 | 346 | |
NMDC Ltd. | 160,314 | 336 | |
Coal India Ltd. | 118,736 | 213 | |
Oil India Ltd. | 128,205 | 210 | |
Oracle Financial Services Software Ltd. | 4,192 | 197 | |
Hindustan Zinc Ltd. | 43,111 | 177 | |
NHPC Ltd. | 473,396 | 155 | |
Castrol India Ltd. | 78,808 | 134 | |
Sun TV Network Ltd. | 15,984 | 117 | |
29,524 | |||
Indonesia (0.4%) | |||
Bank Rakyat Indonesia Persero Tbk PT | 11,838,700 | 3,313 | |
Telkom Indonesia Persero Tbk PT | 9,187,100 | 2,030 | |
Bank Mandiri Persero Tbk PT | 4,452,700 | 1,896 | |
Astra International Tbk PT | 4,866,600 | 1,849 | |
PT United Tractors | 381,204 | 558 | |
Indofood Sukses Makmur Tbk PT | 1,122,100 | 506 | |
Indocement Tunggal Prakarsa Tbk PT | 430,500 | 382 | |
Hanjaya Mandala Sampoerna Tbk PT | 3,280,000 | 299 | |
Indofood CBP Sukses Makmur Tbk PT | 490,100 | 295 | |
Bukit Asam Tbk PT | 818,800 | 134 | |
Bank Danamon Indonesia Tbk PT | 153,600 | 28 | |
11,290 | |||
Israel (0.2%) | |||
* | Bank Leumi Le-Israel BM | 349,207 | 2,451 |
* | Bank Hapoalim BM | 261,182 | 2,076 |
ICL Group Ltd. | 163,528 | 1,047 | |
Gazit-Globe Ltd. | 10,908 | 71 | |
5,645 | |||
Italy (1.9%) | |||
Enel SPA | 1,766,242 | 17,538 | |
* | Intesa Sanpaolo SPA | 3,651,644 | 10,181 |
Eni SPA | 521,524 | 6,212 | |
Assicurazioni Generali SPA | 297,521 | 5,955 | |
Snam SPA (MTAA) | 520,652 | 2,930 | |
Terna Rete Elettrica Nazionale SPA | 330,597 | 2,437 | |
2 | Poste Italiane SPA | 110,784 | 1,450 |
Telecom Italia SPA Savings Shares | 1,503,668 | 882 | |
2 | Infrastrutture Wireless Italiane SPA | 74,314 | 867 |
A2A SPA | 403,474 | 789 | |
Italgas SPA | 107,811 | 703 | |
Banca Mediolanum SPA | 70,562 | 658 |
Shares | Market Value• ($000) | ||
Hera SPA | 113,016 | 455 | |
UnipolSai Assicurazioni SPA | 101,841 | 316 | |
51,373 | |||
Japan (11.0%) | |||
Toyota Motor Corp. | 561,913 | 42,045 | |
Mitsubishi UFJ Financial Group Inc. | 2,870,700 | 15,272 | |
KDDI Corp. | 388,000 | 11,729 | |
Honda Motor Co. Ltd. | 392,400 | 11,701 | |
Takeda Pharmaceutical Co. Ltd. | 331,100 | 11,059 | |
Sumitomo Mitsui Financial Group Inc. | 301,254 | 10,583 | |
ITOCHU Corp. | 305,484 | 9,537 | |
Softbank Corp. | 619,982 | 7,992 | |
Mitsui & Co. Ltd. | 369,212 | 7,792 | |
Mizuho Financial Group Inc. | 540,820 | 7,612 | |
Mitsubishi Corp. | 269,600 | 7,455 | |
Tokio Marine Holdings Inc. | 149,234 | 7,157 | |
Nippon Telegraph & Telephone Corp. | 279,700 | 7,052 | |
Bridgestone Corp. | 129,300 | 5,182 | |
Canon Inc. | 208,200 | 4,951 | |
ORIX Corp. | 276,000 | 4,456 | |
Japan Tobacco Inc. | 236,600 | 4,438 | |
Daiwa House Industry Co. Ltd. | 145,100 | 4,303 | |
Dai-ichi Life Holdings Inc. | 237,600 | 4,290 | |
Nomura Holdings Inc. | 697,000 | 3,746 | |
Sumitomo Corp. | 267,538 | 3,636 | |
Kirin Holdings Co. Ltd. | 167,700 | 3,149 | |
Asahi Kasei Corp. | 296,400 | 3,122 | |
Marubeni Corp. | 374,400 | 3,118 | |
ENEOS Holdings Inc. | 718,705 | 3,091 | |
MS&AD Insurance Group Holdings Inc. | 107,100 | 3,039 | |
Sumitomo Mitsui Trust Holdings Inc. | 85,600 | 2,917 | |
Sompo Holdings Inc. | 78,500 | 2,917 | |
Sekisui House Ltd. | 139,702 | 2,829 | |
Sumitomo Electric Industries Ltd. | 181,000 | 2,693 | |
Mitsubishi Chemical Holdings Corp. | 312,100 | 2,323 | |
Resona Holdings Inc. | 559,700 | 2,304 | |
Subaru Corp. | 121,609 | 2,261 | |
Toyota Tsusho Corp. | 51,400 | 2,178 | |
Japan Post Holdings Co. Ltd. | 253,874 | 2,133 | |
Mitsubishi Heavy Industries Ltd. | 69,800 | 2,078 | |
Chubu Electric Power Co. Inc. | 169,400 | 2,053 | |
AGC Inc. | 43,300 | 1,974 | |
Daiwa Securities Group Inc. | 367,914 | 1,963 | |
Sumitomo Chemical Co. Ltd. | 370,700 | 1,892 | |
Lixil Corp. | 64,700 | 1,753 | |
Kansai Electric Power Co. Inc. | 174,800 | 1,736 | |
Yamaha Motor Co. Ltd. | 68,700 | 1,717 | |
Taisei Corp. | 46,100 | 1,703 | |
T&D Holdings Inc. | 134,700 | 1,653 | |
SBI Holdings Inc. | 58,200 | 1,645 | |
Daito Trust Construction Co. Ltd. | 14,500 | 1,542 | |
Kajima Corp. | 110,000 | 1,522 | |
Inpex Corp. | 222,100 | 1,511 | |
Obayashi Corp. | 154,000 | 1,409 | |
Idemitsu Kosan Co. Ltd. | 58,353 | 1,396 |
Shares | Market Value• ($000) | ||
Aisin Corp. | 35,900 | 1,382 | |
Nippon Yusen KK | 33,500 | 1,317 | |
Mitsui Chemicals Inc. | 40,800 | 1,284 | |
Dai Nippon Printing Co. Ltd. | 62,100 | 1,231 | |
Tosoh Corp. | 69,000 | 1,223 | |
Seiko Epson Corp. | 68,000 | 1,160 | |
Trend Micro Inc. | 24,300 | 1,157 | |
Shimizu Corp. | 140,600 | 1,152 | |
Kyushu Electric Power Co. Inc. | 117,700 | 1,079 | |
Concordia Financial Group Ltd. | 281,300 | 1,058 | |
Tohoku Electric Power Co. Inc. | 119,000 | 1,051 | |
Marui Group Co. Ltd. | 53,300 | 1,002 | |
Japan Post Bank Co. Ltd. | 109,348 | 1,000 | |
Mitsubishi Gas Chemical Co. Inc. | 43,200 | 998 | |
Haseko Corp. | 73,086 | 980 | |
Chiba Bank Ltd. | 155,500 | 972 | |
Kuraray Co. Ltd. | 88,600 | 963 | |
Denka Co. Ltd. | 24,200 | 948 | |
Chugoku Electric Power Co. Inc. | 78,835 | 882 | |
Amada Co. Ltd. | 80,300 | 871 | |
NGK Spark Plug Co. Ltd. | 51,300 | 857 | |
Iida Group Holdings Co. Ltd. | 33,700 | 821 | |
Hulic Co. Ltd. | 68,300 | 779 | |
Mitsubishi HC Capital Inc. (XTKS) | 131,820 | 758 | |
Fukuoka Financial Group Inc. | 44,200 | 754 | |
Kyowa Exeo Corp. | 27,300 | 726 | |
Aozora Bank Ltd. | 31,600 | 680 | |
Nomura Real Estate Holdings Inc. | 27,300 | 673 | |
Electric Power Development Co. Ltd. | 40,200 | 644 | |
Tokyo Tatemono Co. Ltd. | 41,400 | 613 | |
Teijin Ltd. | 36,000 | 593 | |
Mebuki Financial Group Inc. | 256,600 | 560 | |
Konica Minolta Inc. | 95,400 | 541 | |
Kaneka Corp. | 13,300 | 518 | |
J Front Retailing Co. Ltd. | 52,500 | 501 | |
Sanwa Holdings Corp. | 38,700 | 500 | |
Penta-Ocean Construction Co. Ltd. | 62,800 | 490 | |
Sumitomo Rubber Industries Ltd. | 39,200 | 486 | |
DIC Corp. | 18,600 | 475 | |
Yokohama Rubber Co. Ltd. | 24,900 | 463 | |
Hachijuni Bank Ltd. | 129,000 | 441 | |
Lawson Inc. | 9,700 | 436 | |
Ube Industries Ltd. | 20,400 | 413 | |
Hirogin Holdings Inc. | 74,600 | 412 | |
Nippon Electric Glass Co. Ltd. | 16,200 | 410 | |
Daicel Corp. | 52,300 | 404 | |
Gunma Bank Ltd. | 123,100 | 403 | |
Credit Saison Co. Ltd. | 34,900 | 402 | |
Seven Bank Ltd. | 185,700 | 400 | |
Yamaguchi Financial Group Inc. | 65,200 | 386 | |
Cosmo Energy Holdings Co. Ltd. | 17,500 | 375 | |
Kaken Pharmaceutical Co. Ltd. | 8,500 | 350 | |
Aica Kogyo Co. Ltd. | 9,600 | 341 | |
Tokuyama Corp. | 14,900 | 337 | |
Toda Corp. | 45,600 | 326 |
Shares | Market Value• ($000) | ||
Miraca Holdings Inc. | 9,700 | 317 | |
AEON Financial Service Co. Ltd. | 23,100 | 263 | |
Nippon Paper Industries Co. Ltd. | 20,900 | 257 | |
Heiwa Corp. | 14,300 | 242 | |
Kyudenko Corp. | 6,900 | 241 | |
Sankyo Co. Ltd. | 8,200 | 212 | |
Shikoku Electric Power Co. Inc. | 28,900 | 212 | |
Toyota Boshoku Corp. | 11,000 | 205 | |
Yamato Kogyo Co. Ltd. | 6,300 | 190 | |
Matsui Securities Co. Ltd. | 21,100 | 166 | |
Tokai Rika Co. Ltd. | 9,100 | 147 | |
Noevir Holdings Co. Ltd. | 2,900 | 128 | |
Lintec Corp. | 5,400 | 118 | |
Fuyo General Lease Co. Ltd. | 1,700 | 113 | |
SKY Perfect JSAT Holdings Inc. | 24,100 | 101 | |
Kandenko Co. Ltd. | 11,700 | 100 | |
Fuji Media Holdings Inc. | 6,500 | 79 | |
300,678 | |||
Kuwait (0.2%) | |||
National Bank of Kuwait SAKP | 1,541,346 | 4,202 | |
Mobile Telecommunications Co. KSCP | 475,209 | 949 | |
Humansoft Holding Co. KSC | 31,304 | 342 | |
Gulf Bank KSCP | 407,216 | 293 | |
Boubyan Petrochemicals Co. KSCP | 65,339 | 200 | |
Burgan Bank SAK | 149,341 | 111 | |
6,097 | |||
Malaysia (0.8%) | |||
Public Bank Bhd. | 3,553,200 | 3,597 | |
Malayan Banking Bhd. | 1,397,897 | 2,808 | |
Tenaga Nasional Bhd. | 709,433 | 1,724 | |
CIMB Group Holdings Bhd. | 1,638,200 | 1,654 | |
Top Glove Corp. Bhd. | 1,188,800 | 1,636 | |
Axiata Group Bhd. | 969,500 | 915 | |
DiGi.Com Bhd. | 854,400 | 874 | |
Hartalega Holdings Bhd. | 343,700 | 861 | |
MISC Bhd. | 453,744 | 750 | |
Maxis Bhd. | 644,600 | 724 | |
Genting Bhd. | 578,400 | 702 | |
Hong Leong Bank Bhd. | 149,200 | 649 | |
Supermax Corporation Bhd. | 385,400 | 566 | |
Petronas Gas | 139,332 | 535 | |
Petronas Dagangan Bhd. | 96,500 | 474 | |
RHB Bank Bhd. | 338,600 | 430 | |
Sime Darby Bhd. | 699,700 | 386 | |
Genting Malaysia Bhd. | 530,300 | 373 | |
AMMB Holdings Bhd. | 511,000 | 371 | |
Westports Holdings Bhd. | 203,500 | 213 | |
Sime Darby Property Bhd. | 865,700 | 140 | |
British American Tobacco Malaysia Bhd. | 26,200 | 92 | |
Astro Malaysia Holdings Bhd. | 288,500 | 70 | |
20,544 | |||
Mexico (0.6%) | |||
America Movil SAB de CV Series L | 6,866,400 | 4,796 | |
Wal-Mart de Mexico SAB de CV | 1,173,535 | 3,842 |
Shares | Market Value• ($000) | ||
Grupo Mexico SAB de CV Series B | 706,900 | 3,195 | |
* | Grupo Aeroportuario del Pacifico SAB de CV Class B | 95,954 | 986 |
Coca-Cola Femsa SAB de CV | 163,000 | 763 | |
Orbia Advance Corp. SAB de CV | 201,000 | 561 | |
Alfa SAB de CV Class A | 613,700 | 429 | |
Promotora y Operadora de Infraestructura SAB de CV | 51,265 | 396 | |
Kimberly-Clark de Mexico SAB de CV Class A | 162,100 | 280 | |
Megacable Holdings SAB de CV | 35,700 | 131 | |
* | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 111,500 | 126 |
Grupo Lala SAB de CV | 124,400 | 92 | |
15,597 | |||
Netherlands (1.1%) | |||
ING Groep NV | 861,391 | 11,004 | |
Koninklijke Ahold Delhaize NV | 243,187 | 6,545 | |
NN Group NV | 72,622 | 3,622 | |
Koninklijke KPN NV | 798,976 | 2,756 | |
Aegon NV | 425,445 | 1,972 | |
Randstad NV | 23,023 | 1,661 | |
2 | Signify NV | 26,954 | 1,531 |
ASR Nederland NV | 34,367 | 1,501 | |
Koninklijke Vopak NV | 16,559 | 758 | |
31,350 | |||
New Zealand (0.2%) | |||
Spark New Zealand Ltd. | 455,425 | 1,433 | |
Meridian Energy Ltd. | 298,605 | 1,138 | |
Contact Energy Ltd. | 175,984 | 950 | |
Fletcher Building Ltd. | 172,508 | 897 | |
Mercury NZ Ltd. | 170,911 | 847 | |
5,265 | |||
Norway (0.9%) | |||
DNB ASA | 229,324 | 4,918 | |
Equinor ASA | 223,816 | 4,519 | |
Telenor ASA | 149,761 | 2,668 | |
Mowi ASA | 102,586 | 2,531 | |
Yara International ASA | 41,990 | 2,190 | |
Orkla ASA | 185,204 | 1,888 | |
Norsk Hydro ASA | 289,725 | 1,845 | |
Salmar ASA | 13,069 | 904 | |
Aker BP ASA | 26,507 | 755 | |
Gjensidige Forsikring ASA | 30,681 | 697 | |
Leroy Seafood Group ASA | 52,329 | 480 | |
Aker ASA Class A | 5,053 | 376 | |
23,771 | |||
Pakistan (0.0%) | |||
Habib Bank Ltd. | 125,375 | 102 | |
Pakistan Petroleum Ltd. | 146,680 | 78 | |
Fauji Fertilizer Co. Ltd. | 112,299 | 77 | |
Oil & Gas Development Co. Ltd. | 119,600 | 71 | |
328 | |||
Philippines (0.1%) | |||
International Container Terminal Services Inc. | 223,640 | 603 | |
PLDT Inc. | 22,075 | 583 | |
Manila Electric Co. | 74,150 | 420 | |
Globe Telecom Inc. | 8,660 | 329 |
Shares | Market Value• ($000) | ||
Metro Pacific Investments Corp. | 2,824,000 | 237 | |
Aboitiz Power Corp. | 315,800 | 151 | |
LT Group Inc. | 457,200 | 127 | |
DMCI Holdings Inc. | 702,800 | 78 | |
Semirara Mining & Power Corp. Class A | 185,720 | 47 | |
2,575 | |||
Poland (0.1%) | |||
Polski Koncern Naftowy ORLEN SA | 76,208 | 1,339 | |
Cyfrowy Polsat SA | 51,594 | 401 | |
1,740 | |||
Portugal (0.2%) | |||
EDP - Energias de Portugal SA | 615,578 | 3,422 | |
Galp Energia SGPS SA | 134,500 | 1,549 | |
4,971 | |||
Qatar (0.5%) | |||
Qatar National Bank QPSC | 1,013,302 | 4,975 | |
Industries Qatar QSC | 452,703 | 1,670 | |
Qatar Islamic Bank SAQ | 283,794 | 1,356 | |
Masraf Al Rayan QSC | 779,571 | 957 | |
Commercial Bank PSQC | 481,149 | 713 | |
Qatar Fuel QSC | 120,719 | 602 | |
Qatar Electricity & Water Co. QSC | 122,608 | 579 | |
Qatar Gas Transport Co. Ltd. | 602,147 | 521 | |
Ooredoo QPSC | 210,646 | 410 | |
Qatar International Islamic Bank QSC | 148,644 | 377 | |
Barwa Real Estate Co. | 393,957 | 350 | |
Doha Bank QPSC | 289,407 | 209 | |
Vodafone Qatar QSC | 200,348 | 97 | |
12,816 | |||
Romania (0.0%) | |||
Banca Transilvania SA | 871,901 | 530 | |
Russia (1.7%) | |||
Sberbank of Russia PJSC | 2,286,455 | 9,033 | |
Gazprom PJSC ADR | 748,819 | 4,541 | |
Novatek PJSC | 247,376 | 4,462 | |
LUKOIL PJSC ADR | 49,539 | 3,792 | |
Gazprom PJSC | 936,916 | 2,856 | |
Lukoil PJSC | 33,605 | 2,591 | |
MMC Norilsk Nickel PJSC | 6,470 | 2,207 | |
MMC Norilsk Nickel PJSC ADR | 53,701 | 1,821 | |
Tatneft PJSC ADR | 44,997 | 1,807 | |
Rosneft Oil Co. PJSC (Registered) GDR | 190,781 | 1,316 | |
Surgutneftegas PJSC Preference Shares | 1,990,804 | 1,134 | |
Mobile TeleSystems PJSC ADR | 112,115 | 950 | |
Novolipetskiy Metallurgicheskiy Kombinat PJSC | 263,816 | 931 | |
Alrosa PJSC | 617,320 | 892 | |
Severstal PAO GDR (Registered) | 34,635 | 815 | |
Moscow Exchange MICEX-RTS PJSC | 336,750 | 792 | |
Transneft PJSC Preference Shares | 410 | 772 | |
* | Polyus PJSC | 4,002 | 738 |
VTB Bank PJSC GDR (Registered) | 505,128 | 670 | |
* | Inter Rao Ues PJSC | 8,451,000 | 551 |
Magnit PJSC | 7,889 | 536 |
Shares | Market Value• ($000) | ||
Rosneft Oil Co. PJSC | 76,170 | 531 | |
Magnit PJSC GDR (Registered) | 36,161 | 509 | |
Tatneft PJSC | 74,898 | 504 | |
* | United Co. Rusal International | 639,220 | 429 |
Polyus PJSC (Registered) GDR | 4,270 | 396 | |
Magnitogorsk Iron & Steel Works PJSC | 320,000 | 277 | |
* | Rostelecom PJSC | 188,410 | 260 |
Sistema PJSFC | 519,100 | 234 | |
* | RusHydro PJSC | 21,425,000 | 233 |
Tatneft PJSC Preference Shares | 37,113 | 230 | |
Severstal PAO PJSC | 9,421 | 222 | |
PhosAgro PJSC | 3,654 | 212 | |
PhosAgro PJSC GDR (Registered) | 10,445 | 192 | |
* | Federal Grid Co. | 48,020,000 | 136 |
Unipro PJSC | 1,744,000 | 67 | |
* | Mosenergo PJSC | 1,739,000 | 52 |
Mobile TeleSystems PJSC | 9,210 | 39 | |
47,730 | |||
Saudi Arabia (1.3%) | |||
National Commercial Bank | 472,524 | 7,154 | |
Saudi Basic Industries Corp. | 198,959 | 6,557 | |
2 | Saudi Arabian Oil Co. | 604,872 | 5,704 |
Saudi Telecom Co. | 137,197 | 4,639 | |
Riyad Bank | 327,402 | 2,325 | |
Saudi Electricity Co. | 185,694 | 1,286 | |
SABIC Agri-Nutrients Co. | 45,394 | 1,268 | |
Yanbu National Petrochemical Co. | 53,562 | 1,040 | |
Arab National Bank | 138,901 | 841 | |
Jarir Marketing Co. | 14,105 | 748 | |
Advanced Petrochemical Co. | 27,972 | 604 | |
Sahara International Petrochemical Co. | 69,054 | 499 | |
Abdullah Al Othaim Markets Co. | 11,586 | 416 | |
Saudi Industrial Investment Group | 42,422 | 400 | |
Bank Al-Jazira | 76,846 | 391 | |
National Petrochemical Co. | 27,816 | 359 | |
Southern Province Cement Co. | 13,218 | 297 | |
Saudi Cement Co. | 14,858 | 257 | |
Arabian Centres Co. Ltd. | 32,218 | 213 | |
Qassim Cement Co. | 8,259 | 186 | |
* | Seera Group Holding | 28,116 | 149 |
Yanbu Cement Co. | 10,906 | 125 | |
Saudia Dairy & Foodstuff Co. | 1,758 | 79 | |
35,537 | |||
Singapore (1.3%) | |||
DBS Group Holdings Ltd. | 404,278 | 9,060 | |
Oversea-Chinese Banking Corp. Ltd. | 785,400 | 7,180 | |
United Overseas Bank Ltd. | 284,645 | 5,674 | |
Singapore Telecommunications Ltd. | 1,552,088 | 2,912 | |
CapitaLand Ltd. | 663,200 | 1,849 | |
Singapore Exchange Ltd. | 202,232 | 1,584 | |
Keppel Corp. Ltd. | 354,612 | 1,441 | |
Singapore Technologies Engineering Ltd. | 398,000 | 1,152 | |
Venture Corp. Ltd. | 71,800 | 1,083 | |
Genting Singapore Ltd. | 1,517,700 | 984 | |
ComfortDelGro Corp. Ltd. | 540,000 | 697 |
Shares | Market Value• ($000) | ||
Singapore Press Holdings Ltd. | 300,700 | 415 | |
NetLink NBN Trust | 570,000 | 415 | |
Jardine Cycle & Carriage Ltd. | 18,800 | 327 | |
Sembcorp Industries Ltd. | 188,000 | 299 | |
Hutchison Port Holdings Trust Class U | 1,014,500 | 253 | |
Golden Agri-Resources Ltd. | 1,238,900 | 232 | |
Singapore Post Ltd. | 295,700 | 171 | |
Olam International Ltd. | 109,400 | 143 | |
StarHub Ltd. | 108,700 | 110 | |
SIA Engineering Co. Ltd. | 47,400 | 81 | |
Frasers Property Ltd. | 26,825 | 25 | |
Singapore Telecommunications Ltd. (XSES) | 8,800 | 17 | |
36,104 | |||
South Africa (1.2%) | |||
FirstRand Ltd. | 1,128,858 | 3,971 | |
Impala Platinum Holdings Ltd. | 184,436 | 3,446 | |
Sibanye Stillwater Ltd. | 646,074 | 3,006 | |
* | MTN Group | 383,048 | 2,423 |
Standard Bank Group Ltd. | 259,696 | 2,112 | |
Anglo American Platinum Ltd. | 14,672 | 2,004 | |
Anglogold Ltd. | 92,922 | 1,917 | |
Gold Fields Ltd. | 192,723 | 1,808 | |
Sanlam Ltd. | 416,814 | 1,609 | |
Vodacom Group Ltd. | 143,725 | 1,246 | |
Shoprite Holdings Ltd. | 111,491 | 1,111 | |
Old Mutual Ltd. (XZIM) | 1,120,192 | 975 | |
Remgro Ltd. | 118,713 | 901 | |
Nedbank Group Ltd. | 87,670 | 893 | |
Mr Price Group Ltd. | 68,477 | 857 | |
NEPI Rockcastle plc | 101,312 | 682 | |
Exxaro Resources Ltd. | 62,153 | 652 | |
SPAR Group Ltd. | 51,225 | 647 | |
Tiger Brands Ltd. | 46,667 | 627 | |
Kumba Iron Ore Ltd. | 10,939 | 496 | |
Harmony Gold Mining Co. Ltd. | 109,599 | 494 | |
African Rainbow Minerals Ltd. | 20,990 | 392 | |
AVI Ltd. | 60,172 | 294 | |
Truworths International Ltd. | 87,445 | 290 | |
Momentum Metropolitan Holdings | 196,280 | 261 | |
Pick n Pay Stores Ltd. | 68,187 | 255 | |
Coronation Fund Managers Ltd. | 52,173 | 198 | |
Investec Ltd. | 49,381 | 188 | |
* | Santam Ltd. | 7,834 | 138 |
* | Liberty Holdings Ltd. | 21,815 | 87 |
33,980 | |||
South Korea (1.4%) | |||
POSCO | 14,983 | 4,897 | |
KB Financial Group Inc. | 87,635 | 4,314 | |
Shinhan Financial Group Co. Ltd. | 103,496 | 3,719 | |
Hana Financial Group Inc. | 67,496 | 2,767 | |
3 | LG Corp. | 19,766 | 2,236 |
KT&G Corp. | 26,379 | 1,952 | |
SK Telecom Co. Ltd. ADR | 58,931 | 1,770 | |
Samsung Fire & Marine Insurance Co. Ltd. | 7,263 | 1,290 | |
Korea Electric Power Corp. | 59,080 | 1,254 |
Shares | Market Value• ($000) | ||
Woori Financial Group Inc. | 120,801 | 1,161 | |
Samsung Life Insurance Co. Ltd. | 15,522 | 1,137 | |
Korea Zinc Co. Ltd. | 2,286 | 914 | |
Korea Investment Holdings Co. Ltd. | 8,255 | 829 | |
Mirae Asset Securities Co. Ltd. | 81,564 | 731 | |
Hyundai Heavy Industries Holdings Co. Ltd. | 10,455 | 660 | |
Hyundai Motor Co. Preference Shares (XKRS) | 6,913 | 658 | |
* | Kangwon Land Inc. | 28,592 | 647 |
Industrial Bank of Korea | 73,293 | 638 | |
GS Holdings Corp. | 15,489 | 597 | |
LG Uplus Corp. | 45,756 | 542 | |
BNK Financial Group Inc. | 78,288 | 539 | |
Samsung Securities Co. Ltd. | 13,305 | 508 | |
GS Engineering & Construction Corp. | 12,410 | 491 | |
Hyundai Motor Co. Preference Shares | 4,693 | 449 | |
S-1 Corp. | 5,304 | 388 | |
DB Insurance Co. Ltd. | 8,618 | 379 | |
Lotte Shopping Co. Ltd. | 3,009 | 334 | |
DGB Financial Group Inc. | 42,020 | 334 | |
NH Investment & Securities Co. Ltd. | 24,405 | 281 | |
Cheil Worldwide Inc. | 13,341 | 263 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 11,183 | 244 | |
KCC Corp. | 858 | 241 | |
Lotte Corp. | 6,271 | 206 | |
DL Holdings Co. Ltd. | 2,383 | 202 | |
LOTTE Fine Chemical Co. Ltd. | 3,199 | 194 | |
Samsung Card Co. Ltd. | 5,849 | 185 | |
Posco International Corp. | 9,498 | 179 | |
Doosan Bobcat Inc. | 4,315 | 176 | |
* | Korea Gas Corp. | 5,303 | 166 |
SSANGYONG C&E Co. Ltd. | 19,061 | 133 | |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 937 | 132 | |
KEPCO Plant Service & Engineering Co. Ltd. | 4,297 | 131 | |
Hyundai Motor Co. | 346 | 66 | |
Hanwha Corp. Preference Shares | 3,489 | 47 | |
Mirae Asset Securities Co. Ltd. Preference Shares | 9,728 | 43 | |
39,024 | |||
Spain (2.6%) | |||
Iberdrola SA (XMAD) | 1,348,352 | 18,222 | |
Banco Santander SA | 3,759,859 | 14,504 | |
1 | Industria de Diseno Textil SA | 242,870 | 8,642 |
Banco Bilbao Vizcaya Argentaria SA | 1,432,870 | 8,023 | |
Telefonica SA | 985,353 | 4,566 | |
Repsol SA | 276,155 | 3,296 | |
CaixaBank SA | 948,896 | 3,036 | |
Endesa SA | 73,513 | 1,934 | |
Red Electrica Corp. SA | 103,019 | 1,891 | |
Naturgy Energy Group SA | 68,871 | 1,769 | |
ACS Actividades de Construccion y Servicios SA | 54,200 | 1,766 | |
Enagas SA | 62,395 | 1,358 | |
Acciona SA | 5,552 | 965 | |
Bankinter SA | 171,203 | 936 | |
Mapfre SA | 285,400 | 613 | |
Zardoya Otis SA | 57,783 | 366 |
Shares | Market Value• ($000) | ||
* | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 171,203 | 336 |
72,223 | |||
Sweden (1.7%) | |||
Investor AB Class B | 106,399 | 9,032 | |
Volvo AB Class B | 338,958 | 8,278 | |
Skandinaviska Enskilda Banken AB Class A | 341,798 | 4,379 | |
Swedbank AB Class A | 224,746 | 3,945 | |
Svenska Handelsbanken AB Class A | 339,935 | 3,937 | |
1 | Boliden AB | 66,119 | 2,572 |
Telia Co. AB | 618,343 | 2,562 | |
SKF AB Class B | 91,578 | 2,366 | |
Skanska AB Class B | 86,486 | 2,342 | |
Tele2 AB Class B | 128,359 | 1,658 | |
Castellum AB | 66,563 | 1,621 | |
Lundin Energy AB | 47,277 | 1,508 | |
Electrolux AB Class B | 45,871 | 1,287 | |
Securitas AB Class B | 56,396 | 960 | |
ICA Gruppen AB | 15,165 | 699 | |
Skandinaviska Enskilda Banken AB Class C | 2,521 | 32 | |
47,178 | |||
Switzerland (9.0%) | |||
Nestle SA (Registered) | 636,158 | 75,913 | |
Novartis AG (Registered) | 472,182 | 40,294 | |
Roche Holding AG | 122,080 | 39,817 | |
Roche Holding AG (Bearer) | 41,025 | 14,265 | |
Zurich Insurance Group AG | 33,580 | 13,777 | |
ABB Ltd. (Registered) | 384,665 | 12,495 | |
UBS Group AG (Registered) | 764,802 | 11,679 | |
LafargeHolcim Ltd. (Registered) (XSWX) | 114,750 | 7,081 | |
Swiss Re AG | 63,572 | 5,902 | |
SGS SA (Registered) | 1,423 | 4,211 | |
Swiss Life Holding AG (Registered) | 7,576 | 3,691 | |
Julius Baer Group Ltd. | 52,084 | 3,278 | |
Swisscom AG (Registered) | 5,885 | 3,195 | |
Adecco Group AG (Registered) | 37,083 | 2,513 | |
Baloise Holding AG (Registered) | 11,039 | 1,867 | |
Swiss Prime Site AG (Registered) | 18,418 | 1,792 | |
PSP Swiss Property AG (Registered) | 10,617 | 1,310 | |
Clariant AG (Registered) | 59,082 | 1,238 | |
Helvetia Holding AG (Registered) | 8,796 | 1,058 | |
DKSH Holding AG | 9,503 | 765 | |
Banque Cantonale Vaudoise (Registered) | 5,723 | 583 | |
OC Oerlikon Corp. AG (Registered) | 37,554 | 439 | |
Sulzer AG (Registered) | 3,497 | 398 | |
247,561 | |||
Taiwan (4.3%) | |||
Hon Hai Precision Industry Co. Ltd. | 2,723,000 | 11,194 | |
Delta Electronics Inc. | 483,802 | 5,183 | |
United Microelectronics Corp. | 2,398,000 | 4,783 | |
Formosa Plastics Corp. | 1,098,879 | 4,154 | |
Nan Ya Plastics Corp. | 1,242,000 | 3,903 | |
China Steel Corp. | 2,757,000 | 3,858 | |
Fubon Financial Holding Co. Ltd. | 1,663,000 | 3,811 | |
Chunghwa Telecom Co. Ltd. | 865,000 | 3,526 |
Shares | Market Value• ($000) | ||
Cathay Financial Holding Co. Ltd. | 1,878,388 | 3,507 | |
Chinatrust Financial Holding Co. Ltd. | 4,208,120 | 3,425 | |
Uni-President Enterprises Corp. | 1,099,000 | 2,944 | |
Novatek Microelectronics Corp. | 131,000 | 2,890 | |
Mega Financial Holding Co. Ltd. | 2,461,000 | 2,872 | |
Formosa Chemicals & Fibre Corp. | 765,000 | 2,480 | |
Yuanta Financial Holding Co. Ltd. | 2,585,360 | 2,398 | |
Asustek Computer Inc. | 159,268 | 2,133 | |
Taiwan Cement Corp. | 1,113,365 | 2,072 | |
Quanta Computer Inc. | 589,000 | 2,061 | |
Realtek Semiconductor Corp. | 108,000 | 2,037 | |
Chailease Holding Co. Ltd. | 282,494 | 2,036 | |
Yageo Corp. | 105,000 | 2,022 | |
Innolux Corp. | 1,892,000 | 2,020 | |
ASE Technology Holding Co. Ltd. | 444,171 | 1,856 | |
First Financial Holding Co. Ltd. | 2,248,973 | 1,839 | |
* | Evergreen Marine Corp. Taiwan Ltd. | 542,000 | 1,525 |
Globalwafers Co. Ltd. | 49,000 | 1,502 | |
Hua Nan Financial Holdings Co. Ltd. | 2,180,468 | 1,481 | |
ASE Technology Holding Co. Ltd. ADR | 172,889 | 1,437 | |
Formosa Petrochemical Corp. | 380,000 | 1,405 | |
Accton Technology Corp. | 120,000 | 1,359 | |
Taiwan Mobile Co. Ltd. | 373,000 | 1,334 | |
Pegatron Corp. | 470,000 | 1,231 | |
Catcher Technology Co. Ltd. | 168,672 | 1,190 | |
Sinopac Holdings Co. | 2,508,641 | 1,190 | |
President Chain Store Corp. | 122,000 | 1,179 | |
Shanghai Commercial & Savings Bank Ltd. | 755,000 | 1,170 | |
Taishin Financial Holding Co. Ltd. | 2,312,982 | 1,166 | |
Lite-On Technology Corp. | 494,194 | 1,120 | |
Asia Cement Corp. | 571,000 | 1,016 | |
Micro-Star International Co. Ltd. | 153,000 | 1,002 | |
Far Eastern New Century Corp. | 839,000 | 995 | |
Walsin Technology Corp. | 113,000 | 970 | |
Far EasTone Telecommunications Co. Ltd. | 399,000 | 929 | |
Vanguard International Semiconductor Corp. | 215,000 | 910 | |
Cheng Shin Rubber Industry Co. Ltd. | 466,994 | 901 | |
Eclat Textile Co. Ltd. | 46,200 | 885 | |
Pou Chen Corp. | 663,000 | 842 | |
Sino-American Silicon Products Inc. | 117,000 | 814 | |
Compal Electronics Inc. | 910,000 | 811 | |
Acer Inc. | 646,000 | 790 | |
Feng TAY Enterprise Co. Ltd. | 103,280 | 764 | |
Wistron Corp. | 644,656 | 751 | |
Inventec Corp. | 734,994 | 713 | |
Synnex Technology International Corp. | 328,000 | 651 | |
Nanya Technology Corp. | 195,000 | 631 | |
Teco Electric and Machinery Co. Ltd. | 504,000 | 628 | |
Powertech Technology Inc. | 152,000 | 603 | |
Foxconn Technology Co. Ltd. | 242,190 | 595 | |
Zhen Ding Technology Holding Ltd. | 157,000 | 593 | |
Wiwynn Corp. | 18,000 | 585 | |
Chicony Electronics Co. Ltd. | 141,370 | 426 | |
Nien Made Enterprise Co. Ltd. | 26,000 | 419 | |
Taiwan Fertilizer Co. Ltd. | 141,000 | 307 |
Shares | Market Value• ($000) | ||
Formosa Taffeta Co. Ltd. | 198,000 | 234 | |
Taiwan Secom Co. Ltd. | 53,000 | 181 | |
Transcend Information Inc. | 52,000 | 150 | |
116,389 | |||
Thailand (0.8%) | |||
PTT PCL | 3,470,500 | 4,442 | |
Siam Cement PCL (Registered) | 199,750 | 2,960 | |
Siam Commercial Bank PCL | 560,700 | 1,889 | |
Advanced Info Service PCL | 266,604 | 1,463 | |
PTT Exploration & Production PCL | 358,530 | 1,363 | |
PTT Global Chemical PCL | 569,999 | 1,236 | |
Intouch Holdings PCL Class F | 561,106 | 1,148 | |
Kasikornbank PCL NVDR | 206,300 | 873 | |
Krung Thai Bank PCL | 1,806,500 | 655 | |
Charoen Pokphand Foods PCL | 701,900 | 653 | |
Bangkok Bank PCL (Registered) | 113,700 | 443 | |
Digital Telecommunications Infrastructure Fund Class F | 1,120,197 | 435 | |
Sri Trang Gloves Thailand PCL | 299,500 | 425 | |
Banpu PCL (Registered) | 1,071,200 | 422 | |
TMB Bank PCL | 10,617,600 | 398 | |
Osotspa PCL | 328,800 | 377 | |
Land & Houses PCL (Registered) | 1,322,600 | 367 | |
Electricity Generating PCL | 64,600 | 366 | |
BTS Group Holdings PCL | 1,250,700 | 359 | |
Thai Union Group PCL Class F | 598,200 | 290 | |
IRPC PCL | 2,183,000 | 289 | |
Ratch Group PCL | 146,800 | 238 | |
Kasikornbank PCL | 41,900 | 177 | |
Siam Commercial Bank PCL NVDR | 30,700 | 104 | |
Siam City Cement PCL | 17,732 | 103 | |
Bangkok Life Assurance PCL NVDR | 98,900 | 80 | |
Land & Houses PCL NVDR | 252,900 | 70 | |
21,625 | |||
Turkey (0.2%) | |||
Eregli Demir ve Celik Fabrikalari TAS | 354,956 | 815 | |
BIM Birlesik Magazalar AS | 98,424 | 772 | |
Turkcell Iletisim Hizmetleri AS | 307,165 | 550 | |
Akbank TAS | 695,740 | 411 | |
Turkiye Garanti Bankasi AS | 451,983 | 394 | |
Turkiye Is Bankasi AS Class C | 508,622 | 300 | |
Ford Otomotiv Sanayi AS | 13,522 | 287 | |
Turkiye Sise ve Cam Fabrikalari AS | 259,877 | 236 | |
Haci Omer Sabanci Holding AS | 188,005 | 184 | |
Enka Insaat ve Sanayi AS | 147,429 | 140 | |
Coca-Cola Icecek AS | 13,419 | 128 | |
Anadolu Efes Biracilik Ve Malt Sanayii AS | 34,663 | 98 | |
Tofas Turk Otomobil Fabrikasi AS | 22,707 | 82 | |
Arcelik AS | 17,517 | 73 | |
Tekfen Holding AS | 36,865 | 71 | |
Iskenderun Demir ve Celik AS | 33,322 | 54 | |
2 | Enerjisa Enerji AS | 30,193 | 37 |
Turk Telekomunikasyon AS | 41,704 | 32 | |
4,664 |
Shares | Market Value• ($000) | ||
United Arab Emirates (0.4%) | |||
First Abu Dhabi Bank PJSC | 978,369 | 3,787 | |
Emirates Telecommunications Group Co. PJSC | 386,125 | 2,226 | |
Emirates NBD Bank PJSC | 546,367 | 1,851 | |
Abu Dhabi Commercial Bank PJSC | 602,706 | 1,027 | |
Aldar Properties PJSC | 837,806 | 798 | |
Dubai Islamic Bank PJSC | 481,304 | 582 | |
Abu Dhabi Islamic Bank PJSC | 288,344 | 378 | |
Dana Gas PJSC | 1,073,947 | 240 | |
Dubai Investments PJSC | 388,932 | 163 | |
* | Air Arabia PJSC | 448,581 | 156 |
11,208 | |||
United Kingdom (13.3%) | |||
AstraZeneca plc | 302,142 | 32,161 | |
HSBC Holdings plc | 4,682,629 | 29,237 | |
Rio Tinto plc | 248,559 | 20,819 | |
GlaxoSmithKline plc | 1,091,613 | 20,173 | |
British American Tobacco plc | 501,405 | 18,604 | |
BP plc | 4,381,546 | 18,343 | |
Unilever plc (XLON) | 301,806 | 17,679 | |
Royal Dutch Shell plc Class A | 899,843 | 16,932 | |
Unilever plc | 279,987 | 16,349 | |
Royal Dutch Shell plc Class B | 820,381 | 14,680 | |
BHP Group plc | 477,086 | 14,367 | |
Anglo American plc | 280,576 | 11,896 | |
Vodafone Group plc | 5,848,018 | 11,036 | |
National Grid plc | 809,861 | 10,209 | |
Glencore plc | 2,469,565 | 10,059 | |
Barclays plc | 3,994,923 | 9,672 | |
BAE Systems plc | 750,988 | 5,246 | |
Legal & General Group plc | 1,374,981 | 5,162 | |
Aviva plc | 917,803 | 5,074 | |
SSE plc | 240,395 | 4,874 | |
Tesco plc | 1,563,404 | 4,772 | |
Imperial Brands plc | 203,942 | 4,251 | |
3i Group plc | 226,591 | 4,013 | |
WPP plc | 270,931 | 3,653 | |
Persimmon plc | 71,837 | 3,108 | |
Mondi plc (XLON) | 108,448 | 2,944 | |
Natwest Group plc | 1,079,687 | 2,930 | |
Barratt Developments plc | 229,215 | 2,444 | |
St. James's Place plc | 127,985 | 2,407 | |
Sage Group plc | 248,917 | 2,193 | |
RSA Insurance Group plc | 232,683 | 2,191 | |
United Utilities Group plc | 159,258 | 2,130 | |
Admiral Group plc | 48,756 | 2,107 | |
Pearson plc | 180,777 | 2,074 | |
Intermediate Capital Group plc | 68,137 | 2,057 | |
Standard Life Aberdeen plc | 523,902 | 2,008 | |
Severn Trent plc | 56,951 | 1,949 | |
M&G plc | 623,628 | 1,872 | |
Berkeley Group Holdings plc | 28,611 | 1,828 | |
Polymetal International plc | 86,733 | 1,791 | |
DS Smith plc | 293,351 | 1,705 | |
B&M European Value Retail SA | 200,469 | 1,567 |
Shares | Market Value• ($000) | ||
Bellway plc | 30,530 | 1,523 | |
Pennon Group plc | 99,318 | 1,419 | |
Schroders plc | 26,395 | 1,315 | |
J Sainsbury plc | 397,364 | 1,305 | |
Wm Morrison Supermarkets plc | 534,072 | 1,283 | |
Direct Line Insurance Group plc | 325,786 | 1,282 | |
Phoenix Group Holdings plc | 130,190 | 1,277 | |
Tate & Lyle plc | 114,451 | 1,266 | |
Evraz plc | 136,837 | 1,213 | |
2 | Quilter plc | 450,210 | 1,017 |
Ashmore Group plc | 112,489 | 622 | |
Fresnillo plc | 45,108 | 513 | |
British American Tobacco plc ADR | 4,220 | 158 | |
362,759 | |||
Total Common Stocks (Cost $2,469,530) | 2,709,257 | ||
Temporary Cash Investments (1.7%) | |||
Money Market Fund (1.7%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.068% (Cost $46,913) | 469,137 | 46,914 |
Total Investments (100.8%) (Cost $2,516,443) | 2,756,171 | ||
Other Assets and Liabilities—Net (-0.8%) | (20,819) | ||
Net Assets (100%) | 2,735,352 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $35,505,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $29,113,000, representing 1.1% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $38,036,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | June 2021 | 181 | 20,429 | 38 |
MSCI Emerging Markets Index | June 2021 | 56 | 3,742 | (6) |
32 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Standard Chartered Bank | 6/16/21 | USD | 1,859 | CHF | 1,711 | — | (18) |
Royal Bank of Canada | 6/16/21 | USD | 1,259 | GBP | 916 | — | (6) |
BNP Paribas | 6/16/21 | USD | 3,993 | JPY | 439,964 | — | (34) |
— | (58) |
CHF—Swiss franc. |
GBP—British pound. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,469,530) | 2,709,257 |
Affiliated Issuers (Cost $46,913) | 46,914 |
Total Investments in Securities | 2,756,171 |
Investment in Vanguard | 94 |
Cash | 618 |
Cash Collateral Pledged—Futures Contracts | 1,536 |
Receivables for Investment Securities Sold | 1,392 |
Receivables for Accrued Income | 17,582 |
Receivables for Capital Shares Issued | 333 |
Total Assets | 2,777,726 |
Liabilities | |
Foreign Currency Due to Custodian, at Value (Proceeds $2,004) | 1,994 |
Payables for Investment Securities Purchased | 928 |
Collateral for Securities on Loan | 38,036 |
Payables for Capital Shares Redeemed | 243 |
Payables to Vanguard | 214 |
Variation Margin Payable—Futures Contracts | 338 |
Unrealized Depreciation—Forward Currency Contracts | 58 |
Deferred Foreign Capital Gains Taxes | 563 |
Total Liabilities | 42,374 |
Net Assets | 2,735,352 |
Statement of Assets and Liabilities (continued) | |
At April 30, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 2,534,729 |
Total Distributable Earnings (Loss) | 200,623 |
Net Assets | 2,735,352 |
ETF Shares—Net Assets | |
Applicable to 35,456,849 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,368,955 |
Net Asset Value Per Share—ETF Shares | $66.81 |
Admiral Shares—Net Assets | |
Applicable to 11,315,544 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 366,397 |
Net Asset Value Per Share—Admiral Shares | $32.38 |
Six Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 45,055 |
Interest2 | 5 |
Securities Lending—Net | 92 |
Total Income | 45,152 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 169 |
Management and Administrative—ETF Shares | 2,024 |
Management and Administrative—Admiral Shares | 364 |
Marketing and Distribution—ETF Shares | 41 |
Marketing and Distribution—Admiral Shares | 6 |
Custodian Fees | 206 |
Shareholders’ Reports—ETF Shares | 9 |
Shareholders’ Reports—Admiral Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 2,819 |
Net Investment Income | 42,333 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 58,699 |
Futures Contracts | 2,770 |
Forward Currency Contracts | (45) |
Foreign Currencies | (58) |
Realized Net Gain (Loss) | 61,366 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,3 | 475,459 |
Futures Contracts | 442 |
Forward Currency Contracts | (8) |
Foreign Currencies | 48 |
Change in Unrealized Appreciation (Depreciation) | 475,941 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 579,640 |
1 | Dividends are net of foreign withholding taxes of $4,551,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $563,000. |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 42,333 | 59,565 | |
Realized Net Gain (Loss) | 61,366 | (110,009) | |
Change in Unrealized Appreciation (Depreciation) | 475,941 | (210,218) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 579,640 | (260,662) | |
Distributions | |||
ETF Shares | (28,544) | (46,653) | |
Admiral Shares | (5,082) | (9,161) | |
Total Distributions | (33,626) | (55,814) | |
Capital Share Transactions | |||
ETF Shares | 585,385 | 328,155 | |
Admiral Shares | 12,057 | 117,287 | |
Net Increase (Decrease) from Capital Share Transactions | 597,442 | 445,442 | |
Total Increase (Decrease) | 1,143,456 | 128,966 | |
Net Assets | |||
Beginning of Period | 1,591,896 | 1,462,930 | |
End of Period | 2,735,352 | 1,591,896 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | February 25, 20161 to October 31, 2016 | |||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $50.47 | $61.27 | $58.85 | $65.69 | $55.61 | $50.00 |
Investment Operations | ||||||
Net Investment Income2 | 1.196 | 2.076 | 2.746 | 2.639 | 2.329 | 1.323 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 16.093 | (10.944) | 2.302 | (7.097) | 9.763 | 5.305 |
Total from Investment Operations | 17.289 | (8.868) | 5.048 | (4.458) | 12.092 | 6.628 |
Distributions | ||||||
Dividends from Net Investment Income | (.949) | (1.932) | (2.628) | (2.382) | (2.012) | (1.018) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.949) | (1.932) | (2.628) | (2.382) | (2.012) | (1.018) |
Net Asset Value, End of Period | $66.81 | $50.47 | $61.27 | $58.85 | $65.69 | $55.61 |
Total Return | 34.41% | -14.55% | 8.87% | -7.03% | 22.03% | 13.37% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,369 | $1,325 | $1,264 | $889 | $598 | $117 |
Ratio of Total Expenses to Average Net Assets | 0.25% | 0.28%4 | 0.27% | 0.32% | 0.32% | 0.32%5,6 |
Ratio of Net Investment Income to Average Net Assets | 3.76% | 3.81% | 4.59% | 4.06% | 3.73% | 3.65%5 |
Portfolio Turnover Rate7 | 20% | 20% | 15% | 10% | 8% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Includes increases from purchase and redemption fees of $.00 for 2021, $.03 for 2020, $.01 for 2019, $.02 for 2018, and $.04 for 2017. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.27%. |
5 | Annualized. |
6 | The ratio of total expenses to average net assets before an expense reimbursement of 0.31% was 0.63%. The expense reimbursement was due to higher-than-anticipated custody costs associated with a higher volume of securities transactions, which included transactions from a rebalance of the benchmark index shortly after the fund’s inception. The fund is not obligated to repay this amount to Vanguard. |
7 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2021 | Year Ended October 31, | March 2, 20161 to October 31, 2016 | |||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $24.45 | $29.69 | $28.52 | $31.83 | $26.92 | $25.00 |
Investment Operations | ||||||
Net Investment Income2 | .553 | 1.034 | 1.322 | 1.264 | 1.114 | .597 |
Net Realized and Unrealized Gain (Loss) on Investments3 | 7.835 | (5.336) | 1.120 | (3.423) | 4.743 | 1.817 |
Total from Investment Operations | 8.388 | (4.302) | 2.442 | (2.159) | 5.857 | 2.414 |
Distributions | ||||||
Dividends from Net Investment Income | (.458) | (.938) | (1.272) | (1.151) | (.947) | (.494) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.458) | (.938) | (1.272) | (1.151) | (.947) | (.494) |
Net Asset Value, End of Period | $32.38 | $24.45 | $29.69 | $28.52 | $31.83 | $26.92 |
Total Return4 | 34.45%5 | -14.59%5 | 8.83%5 | -7.00%5 | 22.04%5 | 9.73% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $366 | $267 | $199 | $181 | $168 | $84 |
Ratio of Total Expenses to Average Net Assets | 0.26% | 0.28%6 | 0.27% | 0.32% | 0.32% | 0.32%7,8 |
Ratio of Net Investment Income to Average Net Assets | 3.61% | 3.99% | 4.57% | 4.06% | 3.73% | 3.65%7 |
Portfolio Turnover Rate9 | 20% | 20% | 15% | 10% | 8% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Includes increases from purchase and redemption fees of $.00 for 2021, $.01 for 2020, $.01 for 2019, $.01 for 2018, and $.02 for 2017. |
4 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
5 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.27%. |
7 | Annualized. |
8 | The ratio of total expenses to average net assets before an expense reimbursement of 0.31% was 0.63%. The expense reimbursement was due to higher-than-anticipated custody costs associated with a higher volume of securities transactions, which included transactions from a rebalance of the benchmark index shortly after the fund’s inception. The fund is not obligated to repay this amount to Vanguard. |
9 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 300,712 | — | — | 300,712 |
Common Stocks—Other | 4,315 | 2,401,243 | 2,987 | 2,408,545 |
Temporary Cash Investments | 46,914 | — | — | 46,914 |
Total | 351,941 | 2,401,243 | 2,987 | 2,756,171 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 38 | — | — | 38 |
Liabilities | ||||
Futures Contracts1 | 6 | — | — | 6 |
Forward Currency Contracts | — | 58 | — | 58 |
Total | 6 | 58 | — | 64 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | At April 30, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts | 38 | — | 38 |
Total Assets | 38 | — | 38 |
Unrealized Depreciation—Futures Contracts | 6 | — | 6 |
Unrealized Depreciation—Forward Currency Contracts | — | 58 | 58 |
Total Liabilities | 6 | 58 | 64 |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,770 | — | 2,770 |
Forward Currency Contracts | — | (45) | (45) |
Realized Net Gain (Loss) on Derivatives | 2,770 | (45) | 2,725 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 442 | — | 442 |
Forward Currency Contracts | — | (8) | (8) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 442 | (8) | 434 |
E. | As of April 30, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 2,521,232 |
Gross Unrealized Appreciation | 330,165 |
Gross Unrealized Depreciation | (95,252) |
Net Unrealized Appreciation (Depreciation) | 234,913 |
F. | During the six months ended April 30, 2021, the fund purchased $1,023,006,000 of investment securities and sold $429,487,000 of investment securities, other than temporary cash investments. Purchases and sales include $415,191,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 585,385 | 9,210 | 377,560 | 6,711 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | — | — | (49,405) | (1,100) | |
Net Increase (Decrease)—ETF Shares | 585,385 | 9,210 | 328,155 | 5,611 | |
Admiral Shares | |||||
Issued1 | 30,045 | 984 | 173,979 | 6,455 | |
Issued in Lieu of Cash Distributions | 2,548 | 84 | 5,196 | 203 | |
Redeemed2 | (20,536) | (679) | (61,888) | (2,421) | |
Net Increase (Decrease)—Admiral Shares | 12,057 | 389 | 117,287 | 4,237 |
1 | Includes purchase fees for fiscal 2021 and 2020 of $75,000 and $728,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2021 and 2020 of $47,000 and $151,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard International Dividend Appreciation Index Fund, Vanguard International High Dividend Yield Index Fund, Vanguard Global Minimum Volatility Fund, Vanguard International Explorer Fund, and Vanguard Emerging Markets Government Bond Index Fund. There were no other significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 18, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 18, 2021
VANGUARD WHITEHALL FUNDS | ||
BY: | /s/ JOHN BENDL* | |
JOHN BENDL | ||
CHIEF FINANCIAL OFFICER |
Date: June 18, 2021
* By: /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference
Exhibit 99.CERT
CERTIFICATIONS
I, Mortimer J. Buckley, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard Whitehall Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: June 18, 2021
/s/ Mortimer J. Buckley | |
Mortimer J. Buckley | |
Chief Executive Officer |
CERTIFICATIONS
I, John Bendl, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard Whitehall Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: June 18, 2021
/s/ John Bendl | |
John Bendl | |
Chief Financial Officer |
Exhibit 99.906CERT
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Name of Issuer: Vanguard Whitehall Funds
In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer. |
Date: June 18, 2021 | |
/s/ Mortimer J. Buckley | |
Mortimer J. Buckley | |
Chief Executive Officer |
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Name of Issuer: Vanguard Whitehall Funds
In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer. |
Date: June 18, 2021 | |
/s/ John Bendl | |
John Bendl | |
Chief Financial Officer |
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