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, 2021—April 30, 2022
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, 2022 | |||
Selected Value Fund | Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $969.40 | $1.86 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.91 | 1.91 |
Communication Services | 1.7% |
Consumer Discretionary | 15.3 |
Consumer Staples | 1.8 |
Energy | 4.7 |
Financials | 26.5 |
Health Care | 8.2 |
Industrials | 19.3 |
Information Technology | 9.9 |
Materials | 6.2 |
Real Estate | 1.9 |
Utilities | 4.5 |
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 2022 | 600 | 123,825 | (12,154) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,155,598) | 6,081,503 |
Affiliated Issuers (Cost $225,453) | 225,473 |
Total Investments in Securities | 6,306,976 |
Investment in Vanguard | 228 |
Cash | 581 |
Cash Collateral Pledged—Futures Contracts | 6,724 |
Receivables for Investment Securities Sold | 3,604 |
Receivables for Accrued Income | 3,791 |
Receivables for Capital Shares Issued | 1,918 |
Total Assets | 6,323,822 |
Liabilities | |
Payables for Investment Securities Purchased | 9,180 |
Collateral for Securities on Loan | 8,505 |
Payables to Investment Advisor | 3,938 |
Payables for Capital Shares Redeemed | 3,535 |
Payables to Vanguard | 430 |
Variation Margin Payable—Futures Contracts | 4,680 |
Total Liabilities | 30,268 |
Net Assets | 6,293,554 |
1 Includes $7,993 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 4,925,779 |
Total Distributable Earnings (Loss) | 1,367,775 |
Net Assets | 6,293,554 |
Net Assets | |
Applicable to 217,931,586 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,293,554 |
Net Asset Value Per Share | $28.88 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 56,308 |
Interest2 | 233 |
Securities Lending—Net | 72 |
Total Income | 56,613 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 7,321 |
Performance Adjustment | 121 |
The Vanguard Group—Note C | |
Management and Administrative | 4,989 |
Marketing and Distribution | 291 |
Custodian Fees | 14 |
Shareholders’ Reports | 59 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 8 |
Total Expenses | 12,805 |
Expenses Paid Indirectly | (53) |
Net Expenses | 12,752 |
Net Investment Income | 43,861 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 448,099 |
Futures Contracts | (6,268) |
Realized Net Gain (Loss) | 441,831 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (669,526) |
Futures Contracts | (16,440) |
Change in Unrealized Appreciation (Depreciation) | (685,966) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (200,274) |
1 | Dividends are net of foreign withholding taxes of $253,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $229,000, ($27,000), $6,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 43,861 | 83,448 | |
Realized Net Gain (Loss) | 441,831 | 438,021 | |
Change in Unrealized Appreciation (Depreciation) | (685,966) | 2,084,933 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (200,274) | 2,606,402 | |
Distributions | |||
Total Distributions | (497,527) | (550,483) | |
Capital Share Transactions | |||
Issued | 389,775 | 1,117,513 | |
Issued in Lieu of Cash Distributions | 454,963 | 506,643 | |
Redeemed | (653,663) | (1,889,032) | |
Net Increase (Decrease) from Capital Share Transactions | 191,075 | (264,876) | |
Total Increase (Decrease) | (506,726) | 1,791,043 | |
Net Assets | |||
Beginning of Period | 6,800,280 | 5,009,237 | |
End of Period | 6,293,554 | 6,800,280 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $32.26 | $22.78 | $27.59 | $27.38 | $33.15 | $27.24 |
Investment Operations | ||||||
Net Investment Income1 | .200 | .389 | .368 | .493 | .493 | .449 |
Net Realized and Unrealized Gain (Loss) on Investments | (1.197) | 11.737 | (3.163) | 2.392 | (3.153) | 6.760 |
Total from Investment Operations | (.997) | 12.126 | (2.795) | 2.885 | (2.660) | 7.209 |
Distributions | ||||||
Dividends from Net Investment Income | (.393) | (.360) | (.450) | (.506) | (.423) | (.501) |
Distributions from Realized Capital Gains | (1.990) | (2.286) | (1.565) | (2.169) | (2.687) | (.798) |
Total Distributions | (2.383) | (2.646) | (2.015) | (2.675) | (3.110) | (1.299) |
Net Asset Value, End of Period | $28.88 | $32.26 | $22.78 | $27.59 | $27.38 | $33.15 |
Total Return2 | -3.06% | 56.30% | -11.25% | 12.51% | -9.15% | 27.17% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,294 | $6,800 | $5,009 | $7,892 | $8,811 | $10,574 |
Ratio of Total Expenses to Average Net Assets3 | 0.38% | 0.32% | 0.31% | 0.33% | 0.36% | 0.39% |
Ratio of Net Investment Income to Average Net Assets | 1.26% | 1.30% | 1.58% | 1.89% | 1.61% | 1.47% |
Portfolio Turnover Rate | 14% | 30% | 85% | 31% | 31% | 22% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.00%, (0.05%), (0.06%), (0.06%), (0.02%), and 0.00%. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Cooke & Bieler, LP, Pzena Investment Management, LLC, and Donald Smith & Co., Inc., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Cooke & Bieler, LP, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index since January 31, 2020. The basic fee of Pzena Investment Management, LLC, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index for the preceding three years. The basic fee of Donald Smith & Co., Inc., is subject to quarterly adjustments based on performance relative to the MSCI Investable Market 2500 Index for the preceding five years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the six months ended April 30, 2022, these arrangements reduced the fund’s expenses by $53,000 (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, 2022, 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 | 5,385,669 |
Gross Unrealized Appreciation | 1,249,599 |
Gross Unrealized Depreciation | (340,446) |
Net Unrealized Appreciation (Depreciation) | 909,153 |
G. | During the six months ended April 30, 2022, the fund purchased $916,841,000 of investment securities and sold $1,114,543,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 12,652 | 37,120 | |
Issued in Lieu of Cash Distributions | 15,825 | 19,853 | |
Redeemed | (21,322) | (66,137) | |
Net Increase (Decrease) in Shares Outstanding | 7,155 | (9,164) |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangements | 15 |
Liquidity Risk Management | 17 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2022 | |||
Mid-Cap Growth Fund | Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $733.80 | $1.50 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.06 | 1.76 |
Communication Services | 6.1% |
Consumer Discretionary | 18.0 |
Consumer Staples | 1.5 |
Energy | 1.4 |
Financials | 9.1 |
Health Care | 16.9 |
Industrials | 12.1 |
Information Technology | 33.1 |
Materials | 1.5 |
Real Estate | 0.3 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (3.9%) | |||
Money Market Fund (3.9%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.409% (Cost $135,107) | 1,351,435 | 135,130 |
Total Investments (100.1%) (Cost $3,474,553) | 3,475,694 | ||
Other Assets and Liabilities—Net (-0.1%) | (2,017) | ||
Net Assets (100%) | 3,473,677 | ||
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 $1,872,000. |
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 $2,060,000 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 2022 | 392 | 80,899 | (2,422) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $3,339,446) | 3,340,564 |
Affiliated Issuers (Cost $135,107) | 135,130 |
Total Investments in Securities | 3,475,694 |
Investment in Vanguard | 133 |
Cash Collateral Pledged—Futures Contracts | 4,390 |
Receivables for Investment Securities Sold | 21,299 |
Receivables for Accrued Income | 353 |
Receivables for Capital Shares Issued | 1,892 |
Total Assets | 3,503,761 |
Liabilities | |
Due to Custodian | 798 |
Payables for Investment Securities Purchased | 18,902 |
Collateral for Securities on Loan | 2,060 |
Payables to Investment Advisor | 1,557 |
Payables for Capital Shares Redeemed | 3,525 |
Payables to Vanguard | 302 |
Variation Margin Payable—Futures Contracts | 2,931 |
Other Liabilities | 9 |
Total Liabilities | 30,084 |
Net Assets | 3,473,677 |
1 Includes $1,872 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 3,476,125 |
Total Distributable Earnings (Loss) | (2,448) |
Net Assets | 3,473,677 |
Net Assets | |
Applicable to 166,771,426 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,473,677 |
Net Asset Value Per Share | $20.83 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 7,567 |
Interest2 | 123 |
Securities Lending—Net | 4 |
Total Income | 7,694 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 4,266 |
Performance Adjustment | (994) |
The Vanguard Group—Note C | |
Management and Administrative | 4,026 |
Marketing and Distribution | 203 |
Custodian Fees | 33 |
Shareholders’ Reports | 36 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 8 |
Total Expenses | 7,579 |
Expenses Paid Indirectly | (41) |
Net Expenses | 7,538 |
Net Investment Income | 156 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 54,913 |
Futures Contracts | (15) |
Realized Net Gain (Loss) | 54,898 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,378,544) |
Futures Contracts | (10,091) |
Change in Unrealized Appreciation (Depreciation) | (1,388,635) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,333,581) |
1 | Dividends are net of foreign withholding taxes of $11,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $120,000, ($21,000), $2,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 156 | (1,915) | |
Realized Net Gain (Loss) | 54,898 | 1,291,603 | |
Change in Unrealized Appreciation (Depreciation) | (1,388,635) | 283,921 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,333,581) | 1,573,609 | |
Distributions | |||
Total Distributions | (1,251,685) | (305,267) | |
Capital Share Transactions | |||
Issued | 314,140 | 663,839 | |
Issued in Lieu of Cash Distributions | 1,179,383 | 290,788 | |
Redeemed | (724,957) | (1,346,909) | |
Net Increase (Decrease) from Capital Share Transactions | 768,566 | (392,282) | |
Total Increase (Decrease) | (1,816,700) | 876,060 | |
Net Assets | |||
Beginning of Period | 5,290,377 | 4,414,317 | |
End of Period | 3,473,677 | 5,290,377 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $38.72 | $29.89 | $27.93 | $28.08 | $26.51 | $21.75 |
Investment Operations | ||||||
Net Investment Income (Loss)1 | .001 | (.013) | .068 | .074 | .114 | .093 |
Net Realized and Unrealized Gain (Loss) on Investments | (8.570) | 10.957 | 4.680 | 3.027 | 2.379 | 4.817 |
Total from Investment Operations | (8.569) | 10.944 | 4.748 | 3.101 | 2.493 | 4.910 |
Distributions | ||||||
Dividends from Net Investment Income | (.005) | (.051) | (.067) | (.099) | (.095) | (.150) |
Distributions from Realized Capital Gains | (9.316) | (2.063) | (2.721) | (3.152) | (.828) | — |
Total Distributions | (9.321) | (2.114) | (2.788) | (3.251) | (.923) | (.150) |
Net Asset Value, End of Period | $20.83 | $38.72 | $29.89 | $27.93 | $28.08 | $26.51 |
Total Return2 | -26.62% | 37.68% | 18.33% | 13.56% | 9.61% | 22.69% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,474 | $5,290 | $4,414 | $4,536 | $4,161 | $4,240 |
Ratio of Total Expenses to Average Net Assets3 | 0.35%4 | 0.33% | 0.34% | 0.36% | 0.36% | 0.36% |
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.02)% | (0.04)% | 0.25% | 0.27% | 0.40% | 0.39% |
Portfolio Turnover Rate | 34% | 98% | 74% | 111% | 75% | 118% |
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%), (0.05%), (0.02%), (0.04%), and (0.05%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.35%. |
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, 2022, these arrangements reduced the fund’s expenses by $41,000 (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, 2022, 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 | 3,524,276 |
Gross Unrealized Appreciation | 528,108 |
Gross Unrealized Depreciation | (579,112) |
Net Unrealized Appreciation (Depreciation) | (51,004) |
G. | During the six months ended April 30, 2022, the fund purchased $1,445,761,000 of investment securities and sold $1,823,423,000 of investment securities, other than temporary cash investments. |
H. | Capital shares issued and redeemed were: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 11,186 | 19,010 | |
Issued in Lieu of Cash Distributions | 46,070 | 8,647 | |
Redeemed | (27,101) | (38,747) | |
Net Increase (Decrease) in Shares Outstanding | 30,155 | (11,090) |
I. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, 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, 2022 | |||
International Explorer Fund | Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $768.00 | $1.75 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,022.81 | 2.01 |
Japan | 22.0% |
United Kingdom | 17.1 |
Sweden | 6.3 |
Germany | 5.9 |
Australia | 4.8 |
Italy | 4.2 |
Taiwan | 4.2 |
France | 4.0 |
Switzerland | 3.4 |
Belgium | 3.1 |
Netherlands | 2.9 |
Denmark | 2.2 |
Hong Kong | 2.1 |
Canada | 2.0 |
Spain | 1.9 |
Ireland | 1.7 |
South Korea | 1.7 |
India | 1.4 |
China | 1.3 |
Brazil | 1.3 |
Singapore | 1.0 |
Other | 5.5 |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | June 2022 | 286 | 28,552 | (1,908) |
MSCI Emerging Market Index | June 2022 | 236 | 12,477 | (734) |
(2,642) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $1,858,668) | 1,875,581 |
Affiliated Issuers (Cost $106,020) | 106,031 |
Total Investments in Securities | 1,981,612 |
Investment in Vanguard | 73 |
Cash | 6,022 |
Foreign Currency, at Value (Cost $4,371) | 4,351 |
Cash Collateral Pledged—Futures Contracts | 2,170 |
Receivables for Investment Securities Sold | 26,101 |
Receivables for Accrued Income | 10,575 |
Receivables for Capital Shares Issued | 1,137 |
Total Assets | 2,032,041 |
Liabilities | |
Payables for Investment Securities Purchased | 30,988 |
Collateral for Securities on Loan | 41,147 |
Payables for Capital Shares Redeemed | 702 |
Payables to Investment Advisor | 1,109 |
Payables to Vanguard | 150 |
Variation Margin Payable—Futures Contracts | 333 |
Total Liabilities | 74,429 |
Net Assets | 1,957,612 |
1 Includes $32,609 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 1,928,545 |
Total Distributable Earnings (Loss) | 29,067 |
Net Assets | 1,957,612 |
Net Assets | |
Applicable to 117,947,125 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,957,612 |
Net Asset Value Per Share | $16.60 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 21,542 |
Interest2 | 64 |
Securities Lending—Net | 374 |
Total Income | 21,980 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 3,250 |
Performance Adjustment | (680) |
The Vanguard Group—Note C | |
Management and Administrative | 1,883 |
Marketing and Distribution | 106 |
Custodian Fees | 114 |
Shareholders’ Reports | 29 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 12 |
Total Expenses | 4,715 |
Expenses Paid Indirectly | (2) |
Net Expenses | 4,713 |
Net Investment Income | 17,267 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 29,248 |
Futures Contracts | (6,451) |
Foreign Currencies | (428) |
Realized Net Gain (Loss) | 22,369 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (649,816) |
Futures Contracts | (2,143) |
Foreign Currencies | (428) |
Change in Unrealized Appreciation (Depreciation) | (652,387) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (612,751) |
1 | Dividends include foreign tax reclaims of $1,507,000 and are net of foreign withholding taxes of $2,579,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $61,000, ($17,000), $2,000, and $5,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 17,267 | 36,253 | |
Realized Net Gain (Loss) | 22,369 | 359,948 | |
Change in Unrealized Appreciation (Depreciation) | (652,387) | 411,374 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (612,751) | 807,575 | |
Distributions | |||
Total Distributions | (121,682) | (29,013) | |
Capital Share Transactions | |||
Issued | 115,531 | 270,839 | |
Issued in Lieu of Cash Distributions | 102,893 | 25,535 | |
Redeemed | (341,358) | (588,908) | |
Net Increase (Decrease) from Capital Share Transactions | (122,934) | (292,534) | |
Total Increase (Decrease) | (857,367) | 486,028 | |
Net Assets | |||
Beginning of Period | 2,814,979 | 2,328,951 | |
End of Period | 1,957,612 | 2,814,979 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $22.70 | $16.90 | $17.22 | $17.86 | $21.87 | $16.82 |
Investment Operations | ||||||
Net Investment Income1 | .142 | .280 | .211 | .379 | .369 | .333 |
Net Realized and Unrealized Gain (Loss) on Investments | (5.220) | 5.736 | (.081) | .300 | (3.032) | 5.035 |
Total from Investment Operations | (5.078) | 6.016 | .130 | .679 | (2.663) | 5.368 |
Distributions | ||||||
Dividends from Net Investment Income | (.487) | (.216) | (.450) | (.289) | (.447) | (.318) |
Distributions from Realized Capital Gains | (.535) | — | — | (1.030) | (.900) | — |
Total Distributions | (1.022) | (.216) | (.450) | (1.319) | (1.347) | (.318) |
Net Asset Value, End of Period | $16.60 | $22.70 | $16.90 | $17.22 | $17.86 | $21.87 |
Total Return2 | -23.20% | 35.79% | 0.62% | 4.85% | -13.08% | 32.58% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,958 | $2,815 | $2,329 | $3,163 | $3,649 | $3,980 |
Ratio of Total Expenses to Average Net Assets3 | 0.40%4 | 0.40% | 0.39% | 0.39% | 0.39% | 0.38% |
Ratio of Net Investment Income to Average Net Assets | 1.34% | 1.30% | 1.29% | 2.28% | 1.75% | 1.68% |
Portfolio Turnover Rate | 24% | 51% | 71% | 35% | 40% | 43% |
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 (0.06%), (0.05%), (0.04%), (0.03%), (0.01%), and (0.01%). |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was less than 0.01%. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 97,267 | 1,771,614 | — | 1,868,881 |
Temporary Cash Investments | 106,031 | 6,700 | — | 112,731 |
Total | 203,298 | 1,778,314 | — | 1,981,612 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 2,642 | — | — | 2,642 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Tax Cost | 1,989,151 |
Gross Unrealized Appreciation | 296,179 |
Gross Unrealized Depreciation | (306,360) |
Net Unrealized Appreciation (Depreciation) | (10,181) |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 5,855 | 12,684 | |
Issued in Lieu of Cash Distributions | 5,056 | 1,290 | |
Redeemed | (16,949) | (27,817) | |
Net Increase (Decrease) in Shares Outstanding | (6,038) | (13,843) |
• | 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, 2022 | |||
Beginning
Account Value 10/31/2021 |
Ending
Account Value 4/30/2022 |
Expenses
Paid During Period | |
Based on Actual Fund Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,006.40 | $0.30 |
Admiral™ Shares | 1,000.00 | 1,006.40 | 0.40 |
Based on Hypothetical 5% Yearly Return | |||
High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,024.50 | $0.30 |
Admiral Shares | 1,000.00 | 1,024.40 | 0.40 |
Basic Materials | 4.3% |
Consumer Discretionary | 9.0 |
Consumer Staples | 13.4 |
Energy | 9.1 |
Financials | 19.6 |
Health Care | 14.4 |
Industrials | 10.1 |
Real Estate | 0.0 |
Technology | 6.9 |
Telecommunications | 5.2 |
Utilities | 8.0 |
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 2022 | 235 | 48,498 | (2,740) |
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) |
Phillips 66 | 8/31/22 | BANA | 40,085 | (0.322) | 163 | — |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $44,630,695) | 55,676,931 |
Affiliated Issuers (Cost $69,749) | 69,749 |
Total Investments in Securities | 55,746,680 |
Investment in Vanguard | 1,930 |
Cash Collateral Pledged—Futures Contracts | 2,640 |
Receivables for Investment Securities Sold | 81 |
Receivables for Accrued Income | 80,548 |
Receivables for Capital Shares Issued | 10,182 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 163 |
Total Assets | 55,842,224 |
Liabilities | |
Due to Custodian | 3,634 |
Payables for Investment Securities Purchased | 32,781 |
Collateral for Securities on Loan | 27,723 |
Payables for Capital Shares Redeemed | 6,298 |
Payables to Vanguard | 1,522 |
Variation Margin Payable—Futures Contracts | 1,833 |
Total Liabilities | 73,791 |
Net Assets | 55,768,433 |
1 Includes $24,573 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 46,619,280 |
Total Distributable Earnings (Loss) | 9,149,153 |
Net Assets | 55,768,433 |
ETF Shares—Net Assets | |
Applicable
to 407,013,405 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
43,769,408 |
Net Asset Value Per Share—ETF Shares | $107.54 |
Admiral Shares—Net Assets | |
Applicable
to 370,037,127 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
11,999,025 |
Net Asset Value Per Share—Admiral Shares | $32.43 |
Six
Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 798,831 |
Interest 1 | 57 |
Securities Lending—Net | 240 |
Total Income | 799,128 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 763 |
Management and Administrative—ETF Shares | 11,158 |
Management and Administrative—Admiral Shares | 4,191 |
Marketing and Distribution—ETF Shares | 487 |
Marketing and Distribution—Admiral Shares | 281 |
Custodian Fees | 186 |
Shareholders’ Reports—ETF Shares | 359 |
Shareholders’ Reports—Admiral Shares | 77 |
Trustees’ Fees and Expenses | 14 |
Other Expenses | 8 |
Total Expenses | 17,524 |
Net Investment Income | 781,604 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 383,925 |
Futures Contracts | 5,048 |
Swap Contracts | (7,438) |
Realized Net Gain (Loss) | 381,535 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (930,245) |
Futures Contracts | (6,446) |
Swap Contracts | (3,455) |
Change in Unrealized Appreciation (Depreciation) | (940,146) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 222,993 |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $57,000, ($14,000), $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $750,178,000 of net gain (loss) resulting from in-kind redemptions. |
Six
Months Ended April 30, 2022 |
Year
Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 781,604 | 1,357,112 | |
Realized Net Gain (Loss) | 381,535 | 1,205,834 | |
Change in Unrealized Appreciation (Depreciation) | (940,146) | 11,496,343 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 222,993 | 14,059,289 | |
Distributions | |||
ETF Shares | (617,533) | (1,045,675) | |
Admiral Shares | (171,001) | (295,106) | |
Total Distributions | (788,534) | (1,340,781) | |
Capital Share Transactions | |||
ETF Shares | 4,450,324 | 3,606,248 | |
Admiral Shares | 699,036 | 916,264 | |
Net Increase (Decrease) from Capital Share Transactions | 5,149,360 | 4,522,512 | |
Total Increase (Decrease) | 4,583,819 | 17,241,020 | |
Net Assets | |||
Beginning of Period | 51,184,614 | 33,943,594 | |
End of Period | 55,768,433 | 51,184,614 |
ETF Shares | ||||||
For
a Share Outstanding Throughout Each Period |
Six
Months Ended April 30, 2022 |
Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $108.42 | $79.49 | $89.60 | $83.26 | $82.46 | $71.19 |
Investment Operations | ||||||
Net Investment Income1 | 1.583 | 3.010 | 2.950 | 2.891 | 2.623 | 2.394 |
Net Realized and Unrealized Gain (Loss) on Investments | (.862) | 28.887 | (10.184) | 6.251 | .731 | 11.301 |
Total from Investment Operations | .721 | 31.897 | (7.234) | 9.142 | 3.354 | 13.695 |
Distributions | ||||||
Dividends from Net Investment Income | (1.601) | (2.967) | (2.876) | (2.802) | (2.554) | (2.425) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.601) | (2.967) | (2.876) | (2.802) | (2.554) | (2.425) |
Net Asset Value, End of Period | $107.54 | $108.42 | $79.49 | $89.60 | $83.26 | $82.46 |
Total Return | 0.64% | 40.55% | -8.17% | 11.31% | 4.05% | 19.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $43,769 | $39,766 | $26,279 | $26,816 | $21,328 | $20,010 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.84% | 2.99% | 3.53% | 3.38% | 3.08% | 3.07% |
Portfolio Turnover Rate2 | 9% | 8% | 11% | 7% | 13% | 9% |
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, 2022 |
Year Ended October 31, | February
7, 20191 to October 31, 2019 | |
2021 | 2020 | |||
Net Asset Value, Beginning of Period | $32.69 | $23.97 | $27.02 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .475 | .902 | .887 | .624 |
Net Realized and Unrealized Gain (Loss) on Investments | (.256) | 8.707 | (3.075) | 2.010 |
Total from Investment Operations | .219 | 9.609 | (2.188) | 2.634 |
Distributions | ||||
Dividends from Net Investment Income | (.479) | (.889) | (.862) | (.614) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.479) | (.889) | (.862) | (.614) |
Net Asset Value, End of Period | $32.43 | $32.69 | $23.97 | $27.02 |
Total Return3 | 0.64% | 40.50% | -8.19% | 10.64% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $11,999 | $11,418 | $7,665 | $8,814 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% 4 |
Ratio of Net Investment Income to Average Net Assets | 2.82% | 2.97% | 3.52% | 3.24% 4 |
Portfolio Turnover Rate5 | 9% | 8% | 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 | 55,676,931 | — | — | 55,676,931 |
Temporary Cash Investments | 69,749 | — | — | 69,749 |
Total | 55,746,680 | — | — | 55,746,680 |
Level
1 ($000) |
Level
2 ($000) |
Level
3 ($000) |
Total
($000) | |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 163 | — | 163 |
Liabilities | ||||
Futures Contracts1 | 2,740 | — | — | 2,740 |
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 | 44,790,654 |
Gross Unrealized Appreciation | 12,775,414 |
Gross Unrealized Depreciation | (1,821,965) |
Net Unrealized Appreciation (Depreciation) | 10,953,449 |
Six
Months Ended April 30, 2022 |
Year
Ended October 31, 2021 | ||||
Amount
($000) |
Shares
(000) |
Amount
($000) |
Shares
(000) | ||
ETF Shares | |||||
Issued | 6,183,270 | 55,720 | 7,291,624 | 73,333 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,732,946) | (15,475) | (3,685,376) | (37,150) | |
Net Increase (Decrease)—ETF Shares | 4,450,324 | 40,245 | 3,606,248 | 36,183 | |
Admiral Shares | |||||
Issued | 1,403,912 | 41,852 | 2,290,496 | 75,589 | |
Issued in Lieu of Cash Distributions | 132,066 | 3,980 | 229,798 | 7,717 | |
Redeemed | (836,942) | (25,048) | (1,604,030) | (53,826) | |
Net Increase (Decrease)—Admiral Shares | 699,036 | 20,784 | 916,264 | 29,480 |
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 35 |
Liquidity Risk Management | 37 |
• | 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, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $855.90 | $0.92 |
Admiral™ Shares | 1,000.00 | 855.80 | 0.92 |
Institutional Shares | 1,000.00 | 855.80 | 0.83 |
Based on Hypothetical 5% Yearly Return | |||
Emerging Markets Government Bond Index Fund | |||
ETF Shares | $1,000.00 | $1,023.80 | $1.00 |
Admiral Shares | 1,000.00 | 1,023.80 | 1.00 |
Institutional Shares | 1,000.00 | 1,023.90 | 0.90 |
Mexico | 9.7% |
Saudi Arabia | 9.1 |
Indonesia | 7.0 |
Turkey | 6.5 |
United Arab Emirates | 6.3 |
Qatar | 5.4 |
China | 5.3 |
Brazil | 3.8 |
Colombia | 3.4 |
Philippines | 3.2 |
Oman | 2.6 |
Peru | 2.4 |
Panama | 2.4 |
Chile | 2.3 |
Dominican Republic | 2.3 |
Argentina | 2.3 |
Egypt | 2.2 |
South Africa | 2.0 |
Bahrain | 2.0 |
Uruguay | 1.5 |
Malaysia | 1.4 |
Nigeria | 1.3 |
Ecuador | 1.1 |
Other | 14.5 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (0.1%) | |||||
United States Treasury Note/Bond (Cost $1,861) | 1.750% | 3/15/25 | 1,900 | 1,840 | |
Corporate Bonds (14.8%) | |||||
Azerbaijan (0.2%) | |||||
1 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | 5,800 | 6,141 |
Brazil (0.4%) | |||||
Petrobras Global Finance BV | 5.600% | 1/3/31 | 4,765 | 4,682 | |
Petrobras Global Finance BV | 6.875% | 1/20/40 | 1 | 1 | |
Petrobras Global Finance BV | 6.850% | 6/5/15 | 6,500 | 5,734 | |
10,417 | |||||
Chile (0.2%) | |||||
Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 7,900 | 6,275 | |
China (3.4%) | |||||
Bank of China Ltd. | 5.000% | 11/13/24 | 9,000 | 9,277 | |
China Cinda Finance 2015 I Ltd. | 4.250% | 4/23/25 | 5,000 | 5,012 | |
China Construction Bank Corp. | 4.250% | 2/27/29 | 5,500 | 5,546 | |
China Construction Bank Corp. | 2.450% | 6/24/30 | 5,950 | 5,667 | |
China Construction Bank Corp. | 2.850% | 1/21/32 | 6,000 | 5,579 | |
CNAC HK Finbridge Co. Ltd. | 5.125% | 3/14/28 | 5,155 | 5,233 | |
CNOOC Finance 2013 Ltd. | 3.000% | 5/9/23 | 5,500 | 5,492 | |
CNOOC Finance 2014 ULC | 4.250% | 4/30/24 | 7,031 | 7,142 | |
CNOOC Finance 2015 USA LLC | 3.500% | 5/5/25 | 6,000 | 5,974 | |
Industrial & Commercial Bank of China Ltd. | 4.875% | 9/21/25 | 6,000 | 6,165 | |
Industrial & Commercial Bank of China Ltd. | 3.200% | 12/31/99 | 18,350 | 17,500 | |
Sinopec Group Overseas Development 2013 Ltd. | 4.375% | 10/17/23 | 4,400 | 4,476 | |
Sinopec Group Overseas Development 2015 Ltd. | 3.250% | 4/28/25 | 4,450 | 4,412 | |
Sinopec Group Overseas Development 2018 Ltd. | 2.700% | 5/13/30 | 4,550 | 4,110 | |
State Grid Overseas Investment 2014 Ltd. | 4.125% | 5/7/24 | 4,845 | 4,938 | |
State Grid Overseas Investment BVI Ltd. | 3.500% | 5/4/27 | 6,994 | 6,889 | |
103,412 | |||||
Colombia (0.7%) | |||||
Ecopetrol SA | 5.875% | 9/18/23 | 5,440 | 5,520 | |
Ecopetrol SA | 5.375% | 6/26/26 | 4,300 | 4,232 | |
Ecopetrol SA | 6.875% | 4/29/30 | 5,975 | 5,903 | |
Ecopetrol SA | 5.875% | 5/28/45 | 5,917 | 4,619 | |
20,274 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Indonesia (0.6%) | |||||
2 | Freeport Indonesia PT | 5.315% | 4/14/32 | 4,500 | 4,331 |
Pertamina Persero PT | 4.300% | 5/20/23 | 4,665 | 4,701 | |
Pertamina Persero PT | 6.450% | 5/30/44 | 4,000 | 4,256 | |
Pertamina Persero PT | 6.500% | 11/7/48 | 400 | 427 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | 5/15/27 | 4,557 | 4,469 | |
18,184 | |||||
Kazakhstan (0.1%) | |||||
KazMunayGas National Co. JSC | 6.375% | 10/24/48 | 4,500 | 4,301 | |
Malaysia (0.9%) | |||||
Petronas Capital Ltd. | 3.500% | 3/18/25 | 4,450 | 4,450 | |
Petronas Capital Ltd. | 3.500% | 4/21/30 | 6,750 | 6,449 | |
Petronas Capital Ltd. | 4.500% | 3/18/45 | 4,660 | 4,668 | |
Petronas Capital Ltd. | 4.550% | 4/21/50 | 8,400 | 8,461 | |
2 | Petronas Capital Ltd. | 3.404% | 4/28/61 | 4,600 | 3,627 |
Petronas Capital Ltd. | 3.404% | 4/28/61 | 300 | 237 | |
27,892 | |||||
Mexico (4.0%) | |||||
Mexico City Airport Trust | 5.500% | 7/31/47 | 6,379 | 5,090 | |
Petroleos Mexicanos | 6.875% | 8/4/26 | 7,425 | 7,401 | |
Petroleos Mexicanos | 6.490% | 1/23/27 | 4,556 | 4,371 | |
Petroleos Mexicanos | 6.500% | 3/13/27 | 11,850 | 11,354 | |
Petroleos Mexicanos | 5.350% | 2/12/28 | 5,745 | 5,105 | |
Petroleos Mexicanos | 6.840% | 1/23/30 | 7,100 | 6,499 | |
Petroleos Mexicanos | 5.950% | 1/28/31 | 11,325 | 9,544 | |
Petroleos Mexicanos | 6.625% | 6/15/35 | 8,200 | 6,666 | |
Petroleos Mexicanos | 6.500% | 6/2/41 | 4,680 | 3,481 | |
Petroleos Mexicanos | 6.750% | 9/21/47 | 16,540 | 11,987 | |
Petroleos Mexicanos | 6.350% | 2/12/48 | 4,700 | 3,291 | |
Petroleos Mexicanos | 7.690% | 1/23/50 | 24,284 | 19,030 | |
Petroleos Mexicanos | 6.950% | 1/28/60 | 11,340 | 8,214 | |
3 | Petroleos Mexicanos | 6.700% | 2/16/32 | 20,199 | 17,456 |
119,489 | |||||
Peru (0.1%) | |||||
Petroleos del Peru SA | 5.625% | 6/19/47 | 6,000 | 4,359 | |
Qatar (1.1%) | |||||
Qatar Energy | 1.375% | 9/12/26 | 375 | 341 | |
2 | Qatar Energy | 2.250% | 7/12/31 | 6,500 | 5,689 |
Qatar Energy | 3.300% | 7/12/51 | 11,925 | 9,796 | |
2 | Qatar Petroleum | 1.375% | 9/12/26 | 4,100 | 3,717 |
Qatar Petroleum | 2.250% | 7/12/31 | 3,400 | 2,972 | |
4 | Qatar Petroleum | 3.125% | 7/12/41 | 11,034 | 9,192 |
31,707 | |||||
Saudi Arabia (2.2%) | |||||
2 | SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 4,380 | 4,023 |
SA Global Sukuk Ltd. | 1.602% | 6/17/26 | 1,638 | 1,503 | |
2 | SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 6,400 | 5,757 |
SA Global Sukuk Ltd. | 2.694% | 6/17/31 | 700 | 628 | |
Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 6,075 | 6,003 | |
2 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 500 | 485 |
Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 8,916 | 8,624 | |
2 | Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 1,675 | 1,459 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Saudi Arabian Oil Co. | 2.250% | 11/24/30 | 4,900 | 4,247 | |
2 | Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 2,500 | 2,382 |
Saudi Arabian Oil Co. | 4.250% | 4/16/39 | 6,200 | 5,917 | |
Saudi Arabian Oil Co. | 4.375% | 4/16/49 | 9,480 | 8,936 | |
Saudi Arabian Oil Co. | 3.250% | 11/24/50 | 6,408 | 5,018 | |
2 | Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 5,000 | 3,801 |
Saudi Arabian Oil Co. | 3.500% | 11/24/70 | 1,900 | 1,451 | |
Saudi Electricity Global Sukuk Co. 3 | 4.000% | 4/8/24 | 4,250 | 4,297 | |
64,531 | |||||
United Arab Emirates (0.9%) | |||||
3 | Abu Dhabi Crude Oil Pipeline LLC | 4.600% | 11/2/47 | 6,475 | 6,377 |
2 | DP World Ltd. | 6.850% | 7/2/37 | 4,340 | 4,923 |
DP World Ltd. | 5.625% | 9/25/48 | 675 | 677 | |
DP World Salaam | 6.000% | 12/31/99 | 4,500 | 4,557 | |
2 | MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 1,000 | 916 |
MDGH GMTN RSC Ltd. | 3.700% | 11/7/49 | 3,403 | 3,113 | |
MDGH GMTN RSC Ltd. | 3.950% | 5/21/50 | 6,400 | 6,078 | |
26,641 | |||||
Total Corporate Bonds (Cost $505,777) | 443,623 | ||||
Sovereign Bonds (83.2%) | |||||
Angola (0.9%) | |||||
Republic of Angola | 8.250% | 5/9/28 | 7,750 | 7,462 | |
Republic of Angola | 8.000% | 11/26/29 | 5,223 | 4,886 | |
2 | Republic of Angola | 8.750% | 4/14/32 | 5,135 | 4,864 |
Republic of Angola | 9.375% | 5/8/48 | 5,800 | 5,236 | |
Republic of Angola | 9.125% | 11/26/49 | 2,850 | 2,529 | |
2 | Republic of Angola | 9.125% | 11/26/49 | 600 | 530 |
25,507 | |||||
Argentina (2.2%) | |||||
5 | Provincia de Buenos Aires, 5.2500% coupon rate effective 9/1/22 | 3.900% | 9/1/37 | 18,450 | 7,598 |
Republic of Argentina | 1.000% | 7/9/29 | 7,876 | 2,536 | |
5 | Republic of Argentina, 0.750% coupon rate effective 7/9/23 | 0.500% | 7/9/30 | 48,077 | 15,151 |
5 | Republic of Argentina, 1.500% coupon rate effective 7/9/22 | 1.125% | 7/9/35 | 61,304 | 17,464 |
5 | Republic of Argentina, 1.500% coupon rate effective 7/9/22 | 1.125% | 7/9/46 | 6,249 | 1,810 |
5 | Republic of Argentina, 3.500% coupon rate effective 7/9/22 | 2.500% | 7/9/41 | 31,214 | 10,451 |
5 | Republic of Argentina, 3.875% coupon rate effective 7/9/22 | 2.000% | 1/9/38 | 34,141 | 12,270 |
67,280 | |||||
Armenia (0.1%) | |||||
Republic of Armenia | 7.150% | 3/26/25 | 1,500 | 1,475 | |
Republic of Armenia | 3.950% | 9/26/29 | 1,650 | 1,326 | |
2 | Republic of Armenia | 3.600% | 2/2/31 | 1,150 | 859 |
Republic of Armenia | 3.600% | 2/2/31 | 850 | 631 | |
4,291 | |||||
Azerbaijan (0.2%) | |||||
Republic of Azerbaijan | 4.750% | 3/18/24 | 3,750 | 3,748 | |
3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 3,150 | 2,778 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,3 | Republic of Azerbaijan | 3.500% | 9/1/32 | 300 | 264 |
6,790 | |||||
Bahamas (0.1%) | |||||
2,3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 850 | 619 |
3 | Commonwealth of Bahamas | 6.000% | 11/21/28 | 700 | 509 |
2,3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,750 | 1,323 |
3 | Commonwealth of Bahamas | 8.950% | 10/15/32 | 1,200 | 908 |
3,359 | |||||
Bahrain (2.0%) | |||||
CBB International Sukuk Co. 5 Spc | 5.624% | 2/12/24 | 3,800 | 3,861 | |
CBB International Sukuk Co. 6 Spc | 5.250% | 3/20/25 | 2,400 | 2,442 | |
CBB International Sukuk Co. 6 Spc | 6.875% | 10/5/25 | 3,100 | 3,333 | |
CBB International Sukuk Programme Co. WLL | 6.250% | 11/14/24 | 2,858 | 2,970 | |
CBB International Sukuk Programme Co. WLL | 4.500% | 3/30/27 | 2,456 | 2,441 | |
CBB International Sukuk Programme Co. WLL | 3.950% | 9/16/27 | 2,600 | 2,508 | |
2 | CBB International Sukuk Programme Co. WLL | 3.875% | 5/18/29 | 1,500 | 1,400 |
CBB International Sukuk Programme Co. WLL | 3.875% | 5/18/29 | 200 | 186 | |
Kingdom of Bahrain | 6.125% | 8/1/23 | 4,202 | 4,299 | |
Kingdom of Bahrain | 7.000% | 1/26/26 | 4,150 | 4,416 | |
Kingdom of Bahrain | 4.250% | 1/25/28 | 900 | 839 | |
Kingdom of Bahrain | 7.000% | 10/12/28 | 4,900 | 5,133 | |
Kingdom of Bahrain | 6.750% | 9/20/29 | 4,100 | 4,143 | |
Kingdom of Bahrain | 7.375% | 5/14/30 | 3,650 | 3,788 | |
Kingdom of Bahrain | 5.625% | 9/30/31 | 2,970 | 2,733 | |
Kingdom of Bahrain | 5.450% | 9/16/32 | 3,900 | 3,503 | |
Kingdom of Bahrain | 5.250% | 1/25/33 | 1,800 | 1,576 | |
2 | Kingdom of Bahrain | 5.625% | 5/18/34 | 2,400 | 2,155 |
Kingdom of Bahrain | 5.625% | 5/18/34 | 400 | 358 | |
Kingdom of Bahrain | 6.000% | 9/19/44 | 4,000 | 3,291 | |
Kingdom of Bahrain | 7.500% | 9/20/47 | 2,800 | 2,594 | |
Kingdom of Bahrain | 6.250% | 1/25/51 | 1,600 | 1,317 | |
59,286 | |||||
Belarus (0.0%) | |||||
Republic of Belarus | 5.875% | 2/24/26 | 1,000 | 133 | |
Republic of Belarus | 7.625% | 6/29/27 | 1,600 | 208 | |
Republic of Belarus | 6.200% | 2/28/30 | 1,600 | 192 | |
2 | Republic of Belarus | 6.378% | 2/24/31 | 550 | 73 |
Republic of Belarus | 6.378% | 2/24/31 | 2,200 | 274 | |
880 | |||||
Bermuda (0.2%) | |||||
Government of Bermuda | 3.717% | 1/25/27 | 1,550 | 1,537 | |
2 | Government of Bermuda | 4.750% | 2/15/29 | 600 | 630 |
Government of Bermuda | 2.375% | 8/20/30 | 1,200 | 1,060 | |
2 | Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 818 |
Government of Bermuda | 3.375% | 8/20/50 | 1,000 | 819 | |
4,864 | |||||
Bolivia (0.2%) | |||||
2,3 | Bolivian Government | 4.500% | 3/20/28 | 700 | 594 |
3 | Bolivian Government | 4.500% | 3/20/28 | 2,706 | 2,296 |
2 | Bolivian Government | 7.500% | 3/2/30 | 2,000 | 1,976 |
4,866 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Brazil (3.4%) | |||||
Federative Republic of Brazil | 8.875% | 4/15/24 | 3,226 | 3,605 | |
Federative Republic of Brazil | 4.250% | 1/7/25 | 13,753 | 13,884 | |
Federative Republic of Brazil | 8.750% | 2/4/25 | 1,400 | 1,592 | |
Federative Republic of Brazil | 2.875% | 6/6/25 | 5,350 | 5,128 | |
Federative Republic of Brazil | 6.000% | 4/7/26 | 5,400 | 5,708 | |
Federative Republic of Brazil | 10.125% | 5/15/27 | 2,000 | 2,545 | |
Federative Republic of Brazil | 4.625% | 1/13/28 | 10,000 | 9,765 | |
Federative Republic of Brazil | 4.500% | 5/30/29 | 5,800 | 5,468 | |
Federative Republic of Brazil | 3.875% | 6/12/30 | 10,400 | 9,182 | |
Federative Republic of Brazil | 3.750% | 9/12/31 | 4,450 | 3,836 | |
Federative Republic of Brazil | 8.250% | 1/20/34 | 4,100 | 4,781 | |
Federative Republic of Brazil | 7.125% | 1/20/37 | 4,900 | 5,277 | |
Federative Republic of Brazil | 5.625% | 1/7/41 | 6,200 | 5,533 | |
Federative Republic of Brazil | 5.000% | 1/27/45 | 10,186 | 8,209 | |
Federative Republic of Brazil | 5.625% | 2/21/47 | 4,033 | 3,455 | |
Federative Republic of Brazil | 4.750% | 1/14/50 | 16,685 | 12,661 | |
100,629 | |||||
Chile (2.1%) | |||||
Republic of Chile | 3.125% | 1/21/26 | 2,000 | 1,958 | |
Republic of Chile | 2.750% | 1/31/27 | 4,600 | 4,355 | |
Republic of Chile | 3.240% | 2/6/28 | 5,940 | 5,680 | |
Republic of Chile | 2.450% | 1/31/31 | 4,650 | 4,056 | |
Republic of Chile | 2.550% | 7/27/33 | 7,400 | 6,190 | |
Republic of Chile | 3.500% | 1/31/34 | 8,600 | 7,825 | |
Republic of Chile | 3.100% | 5/7/41 | 8,050 | 6,297 | |
Republic of Chile | 4.340% | 3/7/42 | 5,750 | 5,269 | |
Republic of Chile | 3.860% | 6/21/47 | 3,925 | 3,400 | |
Republic of Chile | 3.500% | 1/25/50 | 6,600 | 5,238 | |
Republic of Chile | 4.000% | 1/31/52 | 2,850 | 2,438 | |
Republic of Chile | 3.500% | 4/15/53 | 4,350 | 3,375 | |
Republic of Chile | 3.100% | 1/22/61 | 5,850 | 4,064 | |
Republic of Chile | 3.250% | 9/21/71 | 3,100 | 2,119 | |
62,264 | |||||
China (1.7%) | |||||
China Government Bond | 3.250% | 10/19/23 | 4,525 | 4,560 | |
China Government Bond | 0.400% | 10/21/23 | 3,900 | 3,772 | |
China Government Bond | 1.950% | 12/3/24 | 6,200 | 6,057 | |
China Government Bond | 0.550% | 10/21/25 | 7,000 | 6,465 | |
China Government Bond | 2.625% | 11/2/27 | 3,651 | 3,552 | |
China Government Bond | 3.500% | 10/19/28 | 2,300 | 2,345 | |
China Government Bond | 2.125% | 12/3/29 | 8,600 | 8,078 | |
China Government Bond | 1.200% | 10/21/30 | 4,550 | 3,920 | |
China Government Bond | 1.750% | 10/26/31 | 1,600 | 1,428 | |
China Government Bond | 2.750% | 12/3/39 | 1,725 | 1,504 | |
China Government Bond | 4.000% | 10/19/48 | 1,400 | 1,450 | |
2 | China Government Bond | 2.250% | 10/21/50 | 800 | 591 |
China Government Bond | 2.250% | 10/21/50 | 800 | 588 | |
2 | China Government Bond | 2.500% | 10/26/51 | 2,925 | 2,272 |
China Government Bond | 2.500% | 10/26/51 | 200 | 155 | |
Export-Import Bank of China | 3.625% | 7/31/24 | 4,572 | 4,630 | |
51,367 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Colombia (2.6%) | |||||
Republic of Colombia | 4.000% | 2/26/24 | 4,545 | 4,475 | |
Republic of Colombia | 8.125% | 5/21/24 | 3,005 | 3,178 | |
Republic of Colombia | 4.500% | 1/28/26 | 4,467 | 4,292 | |
Republic of Colombia | 3.875% | 4/25/27 | 5,800 | 5,290 | |
Republic of Colombia | 4.500% | 3/15/29 | 6,000 | 5,433 | |
Republic of Colombia | 3.000% | 1/30/30 | 4,575 | 3,660 | |
Republic of Colombia | 3.125% | 4/15/31 | 7,580 | 5,926 | |
Republic of Colombia | 3.250% | 4/22/32 | 5,900 | 4,546 | |
Republic of Colombia | 7.375% | 9/18/37 | 2,812 | 2,910 | |
Republic of Colombia | 6.125% | 1/18/41 | 10,200 | 9,002 | |
Republic of Colombia | 4.125% | 2/22/42 | 2,850 | 1,997 | |
Republic of Colombia | 5.625% | 2/26/44 | 7,475 | 6,061 | |
Republic of Colombia | 5.000% | 6/15/45 | 13,375 | 10,014 | |
Republic of Colombia | 5.200% | 5/15/49 | 8,220 | 6,205 | |
Republic of Colombia | 4.125% | 5/15/51 | 5,700 | 3,824 | |
Republic of Colombia | 3.875% | 2/15/61 | 2,550 | 1,636 | |
78,449 | |||||
Costa Rica (0.4%) | |||||
Republic of Costa Rica | 4.375% | 4/30/25 | 1,400 | 1,400 | |
Republic of Costa Rica | 6.125% | 2/19/31 | 3,625 | 3,594 | |
Republic of Costa Rica | 5.625% | 4/30/43 | 1,500 | 1,273 | |
Republic of Costa Rica | 7.000% | 4/4/44 | 3,130 | 2,991 | |
Republic of Costa Rica | 7.158% | 3/12/45 | 3,801 | 3,683 | |
12,941 | |||||
Croatia (0.2%) | |||||
Republic of Croatia | 6.000% | 1/26/24 | 5,225 | 5,429 | |
Dominican Republic (2.3%) | |||||
Dominican Republic | 5.500% | 1/27/25 | 4,300 | 4,411 | |
Dominican Republic | 6.875% | 1/29/26 | 4,795 | 5,041 | |
Dominican Republic | 5.950% | 1/25/27 | 5,350 | 5,365 | |
Dominican Republic | 6.000% | 7/19/28 | 4,069 | 4,019 | |
2 | Dominican Republic | 5.500% | 2/22/29 | 5,150 | 4,802 |
Dominican Republic | 4.500% | 1/30/30 | 5,606 | 4,831 | |
2 | Dominican Republic | 4.875% | 9/23/32 | 1,150 | 966 |
Dominican Republic | 4.875% | 9/23/32 | 9,100 | 7,643 | |
2 | Dominican Republic | 6.000% | 2/22/33 | 4,050 | 3,672 |
2 | Dominican Republic | 5.300% | 1/21/41 | 700 | 553 |
Dominican Republic | 5.300% | 1/21/41 | 3,850 | 3,046 | |
Dominican Republic | 7.450% | 4/30/44 | 4,900 | 4,747 | |
Dominican Republic | 6.850% | 1/27/45 | 5,894 | 5,314 | |
Dominican Republic | 6.500% | 2/15/48 | 3,100 | 2,672 | |
Dominican Republic | 6.400% | 6/5/49 | 4,550 | 3,865 | |
2 | Dominican Republic | 5.875% | 1/30/60 | 500 | 379 |
Dominican Republic | 5.875% | 1/30/60 | 8,827 | 6,690 | |
68,016 | |||||
Ecuador (1.1%) | |||||
2,3 | Republic of Ecuador | 0.000% | 7/31/30 | 300 | 164 |
3 | Republic of Ecuador | 0.000% | 7/31/30 | 2,730 | 1,490 |
2,5 | Republic of Ecuador, 1.500% coupon rate effective 7/31/2022 | 0.500% | 7/31/40 | 5,658 | 3,082 |
5 | Republic of Ecuador, 1.500% coupon rate effective 7/31/2022 | 0.500% | 7/31/40 | 4,475 | 2,438 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,5 | Republic of Ecuador, 2.500% coupon rate effective 7/31/2022 | 1.000% | 7/31/35 | 10,051 | 6,327 |
5 | Republic of Ecuador, 2.500% coupon rate effective 7/31/22 | 1.000% | 7/31/35 | 15,230 | 9,586 |
2,5 | Republic of Ecuador, 5.500% coupon rate effective 7/31/22 | 5.000% | 7/31/30 | 2,060 | 1,673 |
5 | Republic of Ecuador, 5.500% coupon rate effective 7/31/22 | 5.000% | 7/31/30 | 8,945 | 7,266 |
32,026 | |||||
Egypt (2.2%) | |||||
Arab Republic of Egypt | 4.550% | 11/20/23 | 1,478 | 1,407 | |
Arab Republic of Egypt | 6.200% | 3/1/24 | 2,200 | 2,101 | |
Arab Republic of Egypt | 5.750% | 5/29/24 | 3,720 | 3,470 | |
Arab Republic of Egypt | 5.875% | 6/11/25 | 4,475 | 4,041 | |
Arab Republic of Egypt | 5.250% | 10/6/25 | 2,350 | 2,082 | |
2 | Arab Republic of Egypt | 3.875% | 2/16/26 | 1,100 | 893 |
Arab Republic of Egypt | 3.875% | 2/16/26 | 800 | 650 | |
Arab Republic of Egypt | 7.500% | 1/31/27 | 6,200 | 5,475 | |
2 | Arab Republic of Egypt | 5.800% | 9/30/27 | 1,575 | 1,293 |
Arab Republic of Egypt | 5.800% | 9/30/27 | 400 | 327 | |
Arab Republic of Egypt | 6.588% | 2/21/28 | 5,325 | 4,428 | |
Arab Republic of Egypt | 7.600% | 3/1/29 | 5,200 | 4,425 | |
Arab Republic of Egypt | 5.875% | 2/16/31 | 4,350 | 3,181 | |
Arab Republic of Egypt | 7.053% | 1/15/32 | 5,100 | 3,935 | |
Arab Republic of Egypt | 7.625% | 5/29/32 | 2,644 | 2,061 | |
2 | Arab Republic of Egypt | 7.300% | 9/30/33 | 2,900 | 2,168 |
Arab Republic of Egypt | 7.300% | 9/30/33 | 300 | 225 | |
Arab Republic of Egypt | 6.875% | 4/30/40 | 900 | 633 | |
Arab Republic of Egypt | 8.500% | 1/31/47 | 8,080 | 5,874 | |
Arab Republic of Egypt | 7.903% | 2/21/48 | 4,700 | 3,208 | |
Arab Republic of Egypt | 8.700% | 3/1/49 | 5,150 | 3,734 | |
Arab Republic of Egypt | 8.875% | 5/29/50 | 5,640 | 4,140 | |
2 | Arab Republic of Egypt | 8.750% | 9/30/51 | 1,750 | 1,282 |
Arab Republic of Egypt | 8.150% | 11/20/59 | 1,550 | 1,073 | |
2 | Arab Republic of Egypt | 7.500% | 2/16/61 | 3,600 | 2,401 |
Arab Republic of Egypt | 7.500% | 2/16/61 | 1,000 | 665 | |
65,172 | |||||
El Salvador (0.3%) | |||||
Republic of El Salvador | 5.875% | 1/30/25 | 2,568 | 1,221 | |
Republic of El Salvador | 6.375% | 1/18/27 | 2,362 | 978 | |
Republic of El Salvador | 8.625% | 2/28/29 | 1,625 | 651 | |
Republic of El Salvador | 8.250% | 4/10/32 | 1,332 | 555 | |
Republic of El Salvador | 7.650% | 6/15/35 | 3,150 | 1,220 | |
Republic of El Salvador | 7.625% | 2/1/41 | 1,918 | 727 | |
2 | Republic of El Salvador | 7.125% | 1/20/50 | 350 | 129 |
Republic of El Salvador | 7.125% | 1/20/50 | 2,800 | 1,025 | |
2 | Republic of El Salvador | 9.500% | 7/15/52 | 750 | 302 |
Republic of El Salvador | 9.500% | 7/15/52 | 2,300 | 932 | |
7,740 | |||||
Ethiopia (0.1%) | |||||
Federal Republic of Ethiopia | 6.625% | 12/11/24 | 2,850 | 1,979 | |
Gabon (0.2%) | |||||
Republic of Gabon | 6.950% | 6/16/25 | 1,800 | 1,793 | |
3 | Republic of Gabon | 6.625% | 2/6/31 | 2,000 | 1,809 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
2,3 | Republic of Gabon | 6.625% | 2/6/31 | 900 | 812 |
2 | Republic of Gabon | 7.000% | 11/24/31 | 2,325 | 2,102 |
Republic of Gabon | 7.000% | 11/24/31 | 400 | 363 | |
6,879 | |||||
Georgia (0.0%) | |||||
2 | Republic of Georgia | 2.750% | 4/22/26 | 750 | 644 |
Republic of Georgia | 2.750% | 4/22/26 | 800 | 686 | |
1,330 | |||||
Ghana (0.8%) | |||||
3 | Republic of Ghana | 8.125% | 1/18/26 | 4,045 | 3,117 |
3 | Republic of Ghana | 6.375% | 2/11/27 | 4,106 | 2,793 |
3 | Republic of Ghana | 7.875% | 3/26/27 | 2,130 | 1,492 |
3 | Republic of Ghana | 7.750% | 4/7/29 | 800 | 509 |
3 | Republic of Ghana | 7.625% | 5/16/29 | 4,500 | 2,842 |
3 | Republic of Ghana | 10.750% | 10/14/30 | 3,100 | 3,069 |
3 | Republic of Ghana | 8.125% | 3/26/32 | 4,100 | 2,516 |
Republic of Ghana | 8.625% | 4/7/34 | 2,700 | 1,635 | |
3 | Republic of Ghana | 7.875% | 2/11/35 | 2,700 | 1,589 |
2 | Republic of Ghana | 8.875% | 5/7/42 | 800 | 472 |
Republic of Ghana | 8.875% | 5/7/42 | 200 | 118 | |
3 | Republic of Ghana | 8.627% | 6/16/49 | 3,250 | 1,883 |
3 | Republic of Ghana | 8.950% | 3/26/51 | 2,925 | 1,707 |
2,3 | Republic of Ghana | 8.750% | 3/11/61 | 600 | 345 |
3 | Republic of Ghana | 8.750% | 3/11/61 | 2,250 | 1,309 |
25,396 | |||||
Guatemala (0.5%) | |||||
Republic of Guatemala | 4.500% | 5/3/26 | 2,050 | 2,029 | |
Republic of Guatemala | 4.375% | 6/5/27 | 1,400 | 1,379 | |
Republic of Guatemala | 4.875% | 2/13/28 | 2,000 | 1,994 | |
3 | Republic of Guatemala | 4.900% | 6/1/30 | 1,600 | 1,570 |
Republic of Guatemala | 5.375% | 4/24/32 | 2,000 | 2,009 | |
2 | Republic of Guatemala | 3.700% | 10/7/33 | 1,100 | 948 |
2 | Republic of Guatemala | 4.650% | 10/7/41 | 1,300 | 1,115 |
Republic of Guatemala | 4.650% | 10/7/41 | 200 | 171 | |
3 | Republic of Guatemala | 6.125% | 6/1/50 | 4,200 | 4,016 |
15,231 | |||||
Honduras (0.1%) | |||||
Republic of Honduras | 6.250% | 1/19/27 | 2,020 | 1,767 | |
2 | Republic of Honduras | 5.625% | 6/24/30 | 650 | 510 |
Republic of Honduras | 5.625% | 6/24/30 | 1,150 | 902 | |
3,179 | |||||
Hungary (0.8%) | |||||
Republic of Hungary | 5.750% | 11/22/23 | 4,940 | 5,107 | |
Republic of Hungary | 5.375% | 3/25/24 | 5,493 | 5,669 | |
2 | Republic of Hungary | 2.125% | 9/22/31 | 5,900 | 4,732 |
Republic of Hungary | 2.125% | 9/22/31 | 1,150 | 922 | |
Republic of Hungary | 7.625% | 3/29/41 | 3,670 | 4,618 | |
2 | Republic of Hungary | 3.125% | 9/21/51 | 4,900 | 3,388 |
Republic of Hungary | 3.125% | 9/21/51 | 1,000 | 689 | |
25,125 | |||||
Indonesia (6.3%) | |||||
Perusahaan Penerbit SBSN Indonesia III | 3.900% | 8/20/24 | 2,050 | 2,091 | |
Perusahaan Penerbit SBSN Indonesia III | 4.350% | 9/10/24 | 4,800 | 4,908 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Perusahaan Penerbit SBSN Indonesia III | 4.325% | 5/28/25 | 6,369 | 6,535 | |
Perusahaan Penerbit SBSN Indonesia III | 2.300% | 6/23/25 | 1,550 | 1,505 | |
Perusahaan Penerbit SBSN Indonesia III | 4.550% | 3/29/26 | 5,520 | 5,666 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 3,150 | 2,899 |
Perusahaan Penerbit SBSN Indonesia III | 1.500% | 6/9/26 | 675 | 621 | |
Perusahaan Penerbit SBSN Indonesia III | 4.150% | 3/29/27 | 5,964 | 6,053 | |
Perusahaan Penerbit SBSN Indonesia III | 4.400% | 3/1/28 | 4,690 | 4,807 | |
Perusahaan Penerbit SBSN Indonesia III | 4.450% | 2/20/29 | 3,285 | 3,383 | |
Perusahaan Penerbit SBSN Indonesia III | 2.800% | 6/23/30 | 3,350 | 3,091 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 1,900 | 1,707 |
Perusahaan Penerbit SBSN Indonesia III | 2.550% | 6/9/31 | 1,200 | 1,078 | |
Perusahaan Penerbit SBSN Indonesia III | 3.800% | 6/23/50 | 2,300 | 1,995 | |
2 | Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 1,800 | 1,503 |
Perusahaan Penerbit SBSN Indonesia III | 3.550% | 6/9/51 | 400 | 334 | |
Republic of Indonesia | 5.875% | 1/15/24 | 6,850 | 7,141 | |
Republic of Indonesia | 4.125% | 1/15/25 | 5,900 | 5,970 | |
Republic of Indonesia | 4.750% | 1/8/26 | 6,600 | 6,815 | |
Republic of Indonesia | 4.350% | 1/8/27 | 4,150 | 4,247 | |
Republic of Indonesia | 3.850% | 7/18/27 | 2,950 | 2,960 | |
Republic of Indonesia | 3.500% | 1/11/28 | 3,636 | 3,557 | |
Republic of Indonesia | 4.100% | 4/24/28 | 3,000 | 3,024 | |
Republic of Indonesia | 4.750% | 2/11/29 | 3,958 | 4,126 | |
Republic of Indonesia | 3.400% | 9/18/29 | 2,250 | 2,168 | |
Republic of Indonesia | 2.850% | 2/14/30 | 3,800 | 3,528 | |
Republic of Indonesia | 3.850% | 10/15/30 | 4,850 | 4,789 | |
Republic of Indonesia | 1.850% | 3/12/31 | 3,450 | 2,927 | |
Republic of Indonesia | 2.150% | 7/28/31 | 3,525 | 3,043 | |
Republic of Indonesia | 3.550% | 3/31/32 | 3,250 | 3,074 | |
Republic of Indonesia | 8.500% | 10/12/35 | 4,800 | 6,418 | |
Republic of Indonesia | 6.625% | 2/17/37 | 4,387 | 5,029 | |
Republic of Indonesia | 7.750% | 1/17/38 | 6,050 | 7,644 | |
Republic of Indonesia | 5.250% | 1/17/42 | 6,625 | 6,657 | |
Republic of Indonesia | 4.625% | 4/15/43 | 4,360 | 4,097 | |
Republic of Indonesia | 6.750% | 1/15/44 | 5,930 | 7,086 | |
Republic of Indonesia | 5.125% | 1/15/45 | 5,901 | 5,834 | |
Republic of Indonesia | 5.950% | 1/8/46 | 3,891 | 4,292 | |
Republic of Indonesia | 5.250% | 1/8/47 | 4,450 | 4,511 | |
Republic of Indonesia | 4.750% | 7/18/47 | 3,000 | 2,866 | |
Republic of Indonesia | 4.350% | 1/11/48 | 5,300 | 4,842 | |
Republic of Indonesia | 5.350% | 2/11/49 | 2,873 | 2,967 | |
Republic of Indonesia | 3.700% | 10/30/49 | 2,900 | 2,431 | |
Republic of Indonesia | 3.500% | 2/14/50 | 2,300 | 1,883 | |
Republic of Indonesia | 4.200% | 10/15/50 | 4,950 | 4,432 | |
Republic of Indonesia | 3.050% | 3/12/51 | 5,900 | 4,669 | |
Republic of Indonesia | 4.300% | 3/31/52 | 2,400 | 2,184 | |
Republic of Indonesia | 3.200% | 9/23/61 | 1,900 | 1,372 | |
Republic of Indonesia | 4.450% | 4/15/70 | 3,000 | 2,702 | |
Republic of Indonesia | 3.350% | 3/12/71 | 2,400 | 1,715 | |
189,176 | |||||
Iraq (0.2%) | |||||
3 | Republic of Iraq | 5.800% | 1/15/28 | 5,959 | 5,732 |
Ivory Coast (0.3%) | |||||
3 | Ivory Coast | 6.375% | 3/3/28 | 2,350 | 2,338 |
Ivory Coast | 5.750% | 12/31/32 | 1,790 | 1,705 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Ivory Coast | 6.125% | 6/15/33 | 3,900 | 3,554 |
7,597 | |||||
Jamaica (0.5%) | |||||
3 | Jamaica | 6.750% | 4/28/28 | 4,200 | 4,529 |
3 | Jamaica | 8.000% | 3/15/39 | 3,700 | 4,612 |
Jamaica | 7.875% | 7/28/45 | 5,400 | 6,636 | |
15,777 | |||||
Jordan (0.4%) | |||||
Kingdom of Jordan | 4.950% | 7/7/25 | 800 | 764 | |
Kingdom of Jordan | 6.125% | 1/29/26 | 3,500 | 3,378 | |
Kingdom of Jordan | 5.750% | 1/31/27 | 3,000 | 2,825 | |
2 | Kingdom of Jordan | 5.850% | 7/7/30 | 1,000 | 883 |
Kingdom of Jordan | 5.850% | 7/7/30 | 2,811 | 2,474 | |
Kingdom of Jordan | 7.375% | 10/10/47 | 3,050 | 2,631 | |
12,955 | |||||
Kazakhstan (0.7%) | |||||
Republic of Kazakhstan | 3.875% | 10/14/24 | 4,370 | 4,427 | |
Republic of Kazakhstan | 5.125% | 7/21/25 | 7,500 | 7,825 | |
Republic of Kazakhstan | 4.875% | 10/14/44 | 2,950 | 2,792 | |
Republic of Kazakhstan | 6.500% | 7/21/45 | 4,430 | 5,009 | |
20,053 | |||||
Kenya (0.6%) | |||||
Republic of Kenya | 6.875% | 6/24/24 | 6,000 | 5,790 | |
Republic of Kenya | 7.000% | 5/22/27 | 2,475 | 2,203 | |
Republic of Kenya | 7.250% | 2/28/28 | 3,200 | 2,815 | |
Republic of Kenya | 8.000% | 5/22/32 | 3,800 | 3,257 | |
2 | Republic of Kenya | 6.300% | 1/23/34 | 2,400 | 1,807 |
Republic of Kenya | 6.300% | 1/23/34 | 350 | 267 | |
Republic of Kenya | 8.250% | 2/28/48 | 3,025 | 2,315 | |
18,454 | |||||
Kuwait (0.5%) | |||||
Kuwait | 3.500% | 3/20/27 | 13,425 | 13,530 | |
Lebanon (0.1%) | |||||
6 | Lebanon Republic | 6.650% | 4/22/24 | 2,250 | 248 |
6 | Lebanon Republic | 6.200% | 2/26/25 | 3,548 | 393 |
6 | Lebanon Republic | 6.600% | 11/27/26 | 6,047 | 697 |
6 | Lebanon Republic | 6.850% | 3/23/27 | 4,335 | 505 |
6 | Lebanon Republic | 6.750% | 11/29/27 | 4,009 | 449 |
6 | Lebanon Republic | 6.650% | 11/3/28 | 3,217 | 361 |
6 | Lebanon Republic | 6.850% | 5/25/29 | 3,552 | 392 |
6 | Lebanon Republic | 6.650% | 2/26/30 | 4,520 | 507 |
6 | Lebanon Republic | 7.000% | 3/23/32 | 4,315 | 513 |
6 | Lebanon Republic | 7.250% | 3/23/37 | 2,405 | 271 |
4,336 | |||||
Malaysia (0.4%) | |||||
Malaysia Sovereign Sukuk Bhd. | 3.043% | 4/22/25 | 2,850 | 2,834 | |
2 | Malaysia Sovereign Sukuk Bhd. | 2.070% | 4/28/31 | 1,750 | 1,567 |
Malaysia Sovereign Sukuk Bhd. | 4.236% | 4/22/45 | 1,625 | 1,695 | |
2 | Malaysia Sovereign Sukuk Bhd. | 3.075% | 4/28/51 | 1,200 | 1,006 |
Malaysia Sukuk Global Bhd. | 3.179% | 4/27/26 | 3,000 | 2,991 | |
Malaysia Sukuk Global Bhd. | 4.080% | 4/27/46 | 1,550 | 1,576 | |
Malaysia Wakala Sukuk Bhd. | 2.070% | 4/28/31 | 500 | 446 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Malaysia Wakala Sukuk Bhd. | 3.075% | 4/28/51 | 250 | 211 | |
12,326 | |||||
Maldives (0.0%) | |||||
2 | Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 1,365 | 1,288 |
Maldives Sukuk Issuance Ltd. | 9.875% | 4/8/26 | 200 | 188 | |
1,476 | |||||
Mexico (5.5%) | |||||
United Mexican States | 3.600% | 1/30/25 | 5,000 | 4,989 | |
United Mexican States | 3.900% | 4/27/25 | 2,700 | 2,707 | |
United Mexican States | 4.125% | 1/21/26 | 6,162 | 6,195 | |
United Mexican States | 4.150% | 3/28/27 | 6,870 | 6,886 | |
United Mexican States | 3.750% | 1/11/28 | 5,500 | 5,307 | |
United Mexican States | 4.500% | 4/22/29 | 9,136 | 9,042 | |
United Mexican States | 3.250% | 4/16/30 | 6,725 | 6,041 | |
United Mexican States | 2.659% | 5/24/31 | 9,807 | 8,219 | |
United Mexican States | 8.300% | 8/15/31 | 3,450 | 4,429 | |
United Mexican States | 4.750% | 4/27/32 | 7,265 | 7,113 | |
United Mexican States | 7.500% | 4/8/33 | 2,310 | 2,817 | |
United Mexican States | 3.500% | 2/12/34 | 12,347 | 10,443 | |
United Mexican States | 6.750% | 9/27/34 | 2,029 | 2,326 | |
United Mexican States | 6.050% | 1/11/40 | 8,799 | 9,099 | |
United Mexican States | 4.280% | 8/14/41 | 10,970 | 9,155 | |
United Mexican States | 4.750% | 3/8/44 | 10,956 | 9,668 | |
United Mexican States | 5.550% | 1/21/45 | 8,359 | 8,133 | |
United Mexican States | 4.600% | 1/23/46 | 7,000 | 5,934 | |
United Mexican States | 4.350% | 1/15/47 | 4,376 | 3,554 | |
United Mexican States | 4.600% | 2/10/48 | 6,023 | 5,074 | |
United Mexican States | 4.500% | 1/31/50 | 6,899 | 5,726 | |
United Mexican States | 5.000% | 4/27/51 | 7,475 | 6,679 | |
United Mexican States | 4.400% | 2/12/52 | 7,450 | 5,962 | |
United Mexican States | 3.771% | 5/24/61 | 9,503 | 6,590 | |
United Mexican States | 3.750% | 4/19/71 | 9,200 | 6,279 | |
United Mexican States | 5.750% | 10/12/10 | 8,130 | 7,334 | |
165,701 | |||||
Mongolia (0.3%) | |||||
Mongolia | 5.625% | 5/1/23 | 1,200 | 1,192 | |
Mongolia | 8.750% | 3/9/24 | 2,100 | 2,156 | |
2 | Mongolia | 5.125% | 4/7/26 | 848 | 795 |
Mongolia | 5.125% | 4/7/26 | 1,000 | 939 | |
2 | Mongolia | 3.500% | 7/7/27 | 1,100 | 952 |
Mongolia | 3.500% | 7/7/27 | 400 | 346 | |
2 | Mongolia | 4.450% | 7/7/31 | 1,300 | 1,119 |
Mongolia | 4.450% | 7/7/31 | 200 | 172 | |
7,671 | |||||
Morocco (0.3%) | |||||
Kingdom of Morocco | 2.375% | 12/15/27 | 2,200 | 1,899 | |
Kingdom of Morocco | 3.000% | 12/15/32 | 3,100 | 2,451 | |
Kingdom of Morocco | 5.500% | 12/11/42 | 2,240 | 1,955 | |
2 | Kingdom of Morocco | 4.000% | 12/15/50 | 2,250 | 1,544 |
Kingdom of Morocco | 4.000% | 12/15/50 | 1,250 | 866 | |
8,715 | |||||
Mozambique (0.1%) | |||||
5 | Republic of Mozambique, 9.000% coupon rate effective 9/15/23 | 5.000% | 9/15/31 | 2,600 | 2,258 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Namibia (0.1%) | |||||
Repubilc of Namibia | 5.250% | 10/29/25 | 2,300 | 2,215 | |
Nigeria (1.3%) | |||||
Republic of Nigeria | 6.375% | 7/12/23 | 1,200 | 1,200 | |
Republic of Nigeria | 7.625% | 11/21/25 | 3,500 | 3,488 | |
Republic of Nigeria | 6.500% | 11/28/27 | 4,750 | 4,228 | |
2 | Republic of Nigeria | 6.125% | 9/28/28 | 3,400 | 2,906 |
Republic of Nigeria | 6.125% | 9/28/28 | 350 | 301 | |
2 | Republic of Nigeria | 8.375% | 3/24/29 | 3,800 | 3,548 |
Republic of Nigeria | 7.143% | 2/23/30 | 3,800 | 3,257 | |
Republic of Nigeria | 8.747% | 1/21/31 | 2,900 | 2,612 | |
Republic of Nigeria | 7.875% | 2/16/32 | 4,550 | 3,791 | |
2 | Republic of Nigeria | 7.375% | 9/28/33 | 3,100 | 2,482 |
Republic of Nigeria | 7.375% | 9/28/33 | 1,200 | 955 | |
Republic of Nigeria | 7.696% | 2/23/38 | 3,767 | 2,841 | |
Republic of Nigeria | 7.625% | 11/28/47 | 4,400 | 3,137 | |
Republic of Nigeria | 9.248% | 1/21/49 | 2,300 | 1,933 | |
2 | Republic of Nigeria | 8.250% | 9/28/51 | 3,350 | 2,542 |
Republic of Nigeria | 8.250% | 9/28/51 | 400 | 304 | |
39,525 | |||||
Oman (2.6%) | |||||
Oman Sovereign Sukuk Co. | 4.397% | 6/1/24 | 6,075 | 6,087 | |
Oman Sovereign Sukuk Co. | 5.932% | 10/31/25 | 4,656 | 4,881 | |
2 | Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 4,700 | 4,769 |
Oman Sovereign Sukuk Co. | 4.875% | 6/15/30 | 200 | 203 | |
Sultanate of Oman | 4.875% | 2/1/25 | 3,744 | 3,753 | |
Sultanate of Oman | 4.750% | 6/15/26 | 7,575 | 7,432 | |
Sultanate of Oman | 5.375% | 3/8/27 | 5,900 | 5,891 | |
Sultanate of Oman | 6.750% | 10/28/27 | 4,240 | 4,467 | |
Sultanate of Oman | 5.625% | 1/17/28 | 7,900 | 7,906 | |
Sultanate of Oman | 6.000% | 8/1/29 | 6,472 | 6,539 | |
2 | Sultanate of Oman | 6.250% | 1/25/31 | 1,000 | 1,017 |
Sultanate of Oman | 6.250% | 1/25/31 | 4,300 | 4,373 | |
Sultanate of Oman | 7.375% | 10/28/32 | 2,937 | 3,219 | |
Sultanate of Oman | 6.500% | 3/8/47 | 5,915 | 5,402 | |
Sultanate of Oman | 6.750% | 1/17/48 | 8,150 | 7,626 | |
2 | Sultanate of Oman | 7.000% | 1/25/51 | 2,100 | 2,018 |
Sultanate of Oman | 7.000% | 1/25/51 | 1,000 | 959 | |
76,542 | |||||
Pakistan (0.6%) | |||||
Islamic Republic of Pakistan | 8.250% | 4/15/24 | 3,000 | 2,687 | |
Islamic Republic of Pakistan | 8.250% | 9/30/25 | 1,650 | 1,402 | |
2 | Islamic Republic of Pakistan | 6.000% | 4/8/26 | 400 | 327 |
Islamic Republic of Pakistan | 6.000% | 4/8/26 | 3,250 | 2,658 | |
Islamic Republic of Pakistan | 6.875% | 12/5/27 | 4,900 | 4,005 | |
2 | Islamic Republic of Pakistan | 7.375% | 4/8/31 | 2,000 | 1,543 |
Islamic Republic of Pakistan | 7.375% | 4/8/31 | 2,400 | 1,848 | |
4 | Islamic Republic of Pakistan | 8.875% | 4/8/51 | 2,370 | 1,703 |
2 | Pakistan Global Sukuk Programme Co. Ltd. | 7.950% | 1/31/29 | 2,500 | 2,377 |
18,550 | |||||
Panama (2.3%) | |||||
Republic of Panama | 4.000% | 9/22/24 | 2,600 | 2,619 | |
Republic of Panama | 3.750% | 3/16/25 | 3,659 | 3,649 | |
Republic of Panama | 7.125% | 1/29/26 | 2,875 | 3,178 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Panama | 8.875% | 9/30/27 | 2,900 | 3,531 | |
Republic of Panama | 3.875% | 3/17/28 | 3,733 | 3,618 | |
Republic of Panama | 9.375% | 4/1/29 | 2,850 | 3,627 | |
Republic of Panama | 3.160% | 1/23/30 | 4,500 | 4,092 | |
Republic of Panama | 2.252% | 9/29/32 | 7,500 | 6,020 | |
Republic of Panama | 3.298% | 1/19/33 | 3,050 | 2,672 | |
3 | Republic of Panama | 6.700% | 1/26/36 | 6,050 | 6,808 |
3 | Republic of Panama | 4.500% | 5/15/47 | 3,500 | 3,059 |
3 | Republic of Panama | 4.500% | 4/16/50 | 7,475 | 6,444 |
3 | Republic of Panama | 4.300% | 4/29/53 | 5,150 | 4,299 |
Republic of Panama | 4.500% | 4/1/56 | 7,475 | 6,353 | |
3 | Republic of Panama | 3.870% | 7/23/60 | 8,950 | 6,693 |
Republic of Panama | 4.500% | 1/19/63 | 4,450 | 3,687 | |
70,349 | |||||
Papua New Guinea (0.0%) | |||||
Papua New Guinea | 8.375% | 10/4/28 | 1,400 | 1,210 | |
Paraguay (0.5%) | |||||
Republic of Paraguay | 5.000% | 4/15/26 | 1,500 | 1,518 | |
Republic of Paraguay | 4.700% | 3/27/27 | 1,600 | 1,595 | |
3 | Republic of Paraguay | 4.950% | 4/28/31 | 3,197 | 3,132 |
2 | Republic of Paraguay | 2.739% | 1/29/33 | 608 | 495 |
Republic of Paraguay | 2.739% | 1/29/33 | 1,200 | 967 | |
2 | Republic of Paraguay | 3.849% | 6/28/33 | 1,095 | 969 |
Republic of Paraguay | 3.849% | 6/28/33 | 200 | 178 | |
Republic of Paraguay | 6.100% | 8/11/44 | 3,200 | 3,165 | |
Republic of Paraguay | 5.600% | 3/13/48 | 1,650 | 1,494 | |
3 | Republic of Paraguay | 5.400% | 3/30/50 | 3,350 | 2,969 |
16,482 | |||||
Peru (2.2%) | |||||
Republic of Peru | 7.350% | 7/21/25 | 4,509 | 4,932 | |
Republic of Peru | 2.392% | 1/23/26 | 4,500 | 4,212 | |
Republic of Peru | 4.125% | 8/25/27 | 2,997 | 2,978 | |
Republic of Peru | 2.783% | 1/23/31 | 13,200 | 11,431 | |
Republic of Peru | 1.862% | 12/1/32 | 2,900 | 2,252 | |
Republic of Peru | 8.750% | 11/21/33 | 6,466 | 8,577 | |
Republic of Peru | 3.000% | 1/15/34 | 7,900 | 6,587 | |
3 | Republic of Peru | 6.550% | 3/14/37 | 3,146 | 3,618 |
Republic of Peru | 3.300% | 3/11/41 | 4,100 | 3,218 | |
Republic of Peru | 5.625% | 11/18/50 | 6,758 | 7,385 | |
Republic of Peru | 3.550% | 3/10/51 | 5,350 | 4,168 | |
Republic of Peru | 2.780% | 12/1/60 | 5,775 | 3,751 | |
Republic of Peru | 3.600% | 1/15/72 | 3,100 | 2,199 | |
Republic of Peru | 3.230% | 7/28/21 | 3,027 | 1,924 | |
67,232 | |||||
Philippines (3.2%) | |||||
Republic of Philippines | 4.200% | 1/21/24 | 4,314 | 4,375 | |
3 | Republic of Philippines | 7.500% | 9/25/24 | 1,150 | 1,204 |
Republic of Philippines | 10.625% | 3/16/25 | 4,450 | 5,307 | |
Republic of Philippines | 5.500% | 3/30/26 | 3,100 | 3,283 | |
Republic of Philippines | 3.229% | 3/29/27 | 1,700 | 1,654 | |
Republic of Philippines | 3.000% | 2/1/28 | 6,050 | 5,798 | |
Republic of Philippines | 3.750% | 1/14/29 | 4,600 | 4,525 | |
Republic of Philippines | 9.500% | 2/2/30 | 6,035 | 8,076 | |
Republic of Philippines | 2.457% | 5/5/30 | 2,975 | 2,646 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Republic of Philippines | 7.750% | 1/14/31 | 5,554 | 6,909 | |
Republic of Philippines | 1.648% | 6/10/31 | 3,150 | 2,599 | |
Republic of Philippines | 1.950% | 1/6/32 | 2,300 | 1,927 | |
Republic of Philippines | 6.375% | 1/15/32 | 3,100 | 3,577 | |
Republic of Philippines | 3.556% | 9/29/32 | 2,300 | 2,184 | |
Republic of Philippines | 6.375% | 10/23/34 | 5,735 | 6,645 | |
Republic of Philippines | 5.000% | 1/13/37 | 4,005 | 4,118 | |
Republic of Philippines | 3.950% | 1/20/40 | 5,900 | 5,299 | |
Republic of Philippines | 3.700% | 3/1/41 | 6,100 | 5,298 | |
Republic of Philippines | 3.700% | 2/2/42 | 5,970 | 5,172 | |
Republic of Philippines | 2.950% | 5/5/45 | 3,900 | 2,937 | |
Republic of Philippines | 2.650% | 12/10/45 | 4,400 | 3,159 | |
Republic of Philippines | 3.200% | 7/6/46 | 6,675 | 5,214 | |
Republic of Philippines | 4.200% | 3/29/47 | 2,950 | 2,719 | |
94,625 | |||||
Poland (0.4%) | |||||
Republic of Poland | 3.000% | 3/17/23 | 830 | 830 | |
7 | Republic of Poland | 4.000% | 1/22/24 | 5,933 | 5,996 |
Republic of Poland | 3.250% | 4/6/26 | 5,175 | 5,131 | |
11,957 | |||||
Qatar (4.2%) | |||||
State of Qatar | 3.375% | 3/14/24 | 6,439 | 6,469 | |
State of Qatar | 3.400% | 4/16/25 | 6,017 | 6,032 | |
State of Qatar | 3.250% | 6/2/26 | 10,350 | 10,288 | |
State of Qatar | 4.500% | 4/23/28 | 8,950 | 9,419 | |
State of Qatar | 4.000% | 3/14/29 | 11,800 | 12,092 | |
State of Qatar | 3.750% | 4/16/30 | 9,815 | 9,902 | |
2 | State of Qatar | 9.750% | 6/15/30 | 3,328 | 4,734 |
2 | State of Qatar | 6.400% | 1/20/40 | 2,970 | 3,704 |
2 | State of Qatar | 5.750% | 1/20/42 | 3,000 | 3,539 |
State of Qatar | 4.625% | 6/2/46 | 6,100 | 6,371 | |
State of Qatar | 5.103% | 4/23/48 | 17,900 | 19,885 | |
State of Qatar | 4.817% | 3/14/49 | 17,925 | 19,229 | |
State of Qatar | 4.400% | 4/16/50 | 14,900 | 15,066 | |
126,730 | |||||
Romania (0.9%) | |||||
Romania | 4.375% | 8/22/23 | 3,800 | 3,848 | |
Romania | 4.875% | 1/22/24 | 2,870 | 2,936 | |
2 | Romania | 3.000% | 2/27/27 | 3,600 | 3,348 |
2 | Romania | 3.000% | 2/14/31 | 1,300 | 1,108 |
Romania | 3.000% | 2/14/31 | 2,600 | 2,220 | |
2 | Romania | 3.625% | 3/27/32 | 3,150 | 2,710 |
Romania | 6.125% | 1/22/44 | 3,300 | 3,403 | |
Romania | 5.125% | 6/15/48 | 3,628 | 3,304 | |
2 | Romania | 4.000% | 2/14/51 | 2,000 | 1,511 |
Romania | 4.000% | 2/14/51 | 3,694 | 2,811 | |
27,199 | |||||
Rwanda (0.1%) | |||||
2 | Republic of Rwanda | 5.500% | 8/9/31 | 1,700 | 1,507 |
Republic of Rwanda | 5.500% | 8/9/31 | 200 | 178 | |
1,685 | |||||
Saudi Arabia (6.7%) | |||||
Kingdom of Saudi Arabia | 4.000% | 4/17/25 | 13,300 | 13,518 | |
Kingdom of Saudi Arabia | 2.900% | 10/22/25 | 7,500 | 7,386 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Kingdom of Saudi Arabia | 3.250% | 10/26/26 | 15,900 | 15,818 | |
Kingdom of Saudi Arabia | 2.500% | 2/3/27 | 4,000 | 3,848 | |
Kingdom of Saudi Arabia | 3.625% | 3/4/28 | 14,932 | 14,919 | |
Kingdom of Saudi Arabia | 4.375% | 4/16/29 | 12,200 | 12,692 | |
Kingdom of Saudi Arabia | 4.500% | 4/17/30 | 9,250 | 9,673 | |
Kingdom of Saudi Arabia | 3.250% | 10/22/30 | 5,194 | 5,014 | |
Kingdom of Saudi Arabia | 2.750% | 2/3/32 | 3,100 | 2,852 | |
Kingdom of Saudi Arabia | 2.250% | 2/2/33 | 8,700 | 7,523 | |
Kingdom of Saudi Arabia | 4.500% | 10/26/46 | 19,200 | 18,350 | |
Kingdom of Saudi Arabia | 4.625% | 10/4/47 | 13,418 | 13,062 | |
Kingdom of Saudi Arabia | 5.000% | 4/17/49 | 11,925 | 12,327 | |
Kingdom of Saudi Arabia | 5.250% | 1/16/50 | 10,192 | 10,995 | |
2 | Kingdom of Saudi Arabia | 3.250% | 11/17/51 | 1,000 | 803 |
Kingdom of Saudi Arabia | 3.250% | 11/17/51 | 1,150 | 919 | |
Kingdom of Saudi Arabia | 3.750% | 1/21/55 | 8,748 | 7,610 | |
Kingdom of Saudi Arabia | 4.500% | 4/22/60 | 8,750 | 8,608 | |
Kingdom of Saudi Arabia | 3.450% | 2/2/61 | 6,500 | 5,186 | |
KSA Sukuk Ltd. | 3.628% | 4/20/27 | 13,700 | 13,771 | |
KSA Sukuk Ltd. | 4.303% | 1/19/29 | 6,300 | 6,520 | |
KSA Sukuk Ltd. | 2.969% | 10/29/29 | 7,620 | 7,291 | |
KSA Sukuk Ltd. | 2.250% | 5/17/31 | 4,300 | 3,836 | |
202,521 | |||||
Senegal (0.2%) | |||||
3 | Republic of Senegal | 6.250% | 5/23/33 | 3,100 | 2,770 |
3 | Republic of Senegal | 6.750% | 3/13/48 | 3,200 | 2,526 |
5,296 | |||||
Serbia (0.1%) | |||||
Republic of Serbia | 2.125% | 12/1/30 | 3,250 | 2,425 | |
South Africa (2.0%) | |||||
Republic of South Africa | 4.665% | 1/17/24 | 4,500 | 4,518 | |
Republic of South Africa | 5.875% | 9/16/25 | 6,000 | 6,189 | |
Republic of South Africa | 4.875% | 4/14/26 | 3,850 | 3,796 | |
Republic of South Africa | 4.850% | 9/27/27 | 3,000 | 2,867 | |
Republic of South Africa | 4.300% | 10/12/28 | 6,050 | 5,511 | |
Republic of South Africa | 4.850% | 9/30/29 | 5,860 | 5,385 | |
Republic of South Africa | 5.875% | 6/22/30 | 4,300 | 4,210 | |
Republic of South Africa | 5.875% | 4/20/32 | 4,200 | 3,984 | |
Republic of South Africa | 6.250% | 3/8/41 | 2,200 | 1,996 | |
Republic of South Africa | 5.375% | 7/24/44 | 2,950 | 2,351 | |
Republic of South Africa | 5.000% | 10/12/46 | 2,950 | 2,223 | |
Republic of South Africa | 5.650% | 9/27/47 | 4,475 | 3,530 | |
Republic of South Africa | 6.300% | 6/22/48 | 1,800 | 1,538 | |
Republic of South Africa | 5.750% | 9/30/49 | 8,950 | 7,072 | |
Republic of South Africa | 7.300% | 4/20/52 | 4,800 | 4,471 | |
59,641 | |||||
Sri Lanka (0.4%) | |||||
6 | Republic of Sri Lanka | 6.850% | 3/14/24 | 3,150 | 1,352 |
6 | Republic of Sri Lanka | 6.350% | 6/28/24 | 1,400 | 601 |
6 | Republic of Sri Lanka | 6.125% | 6/3/25 | 1,950 | 880 |
6 | Republic of Sri Lanka | 6.850% | 11/3/25 | 4,600 | 1,984 |
6 | Republic of Sri Lanka | 6.825% | 7/18/26 | 2,950 | 1,285 |
6 | Republic of Sri Lanka | 6.200% | 5/11/27 | 4,450 | 1,904 |
6 | Republic of Sri Lanka | 6.750% | 4/18/28 | 3,750 | 1,604 |
6 | Republic of Sri Lanka | 7.850% | 3/14/29 | 4,080 | 1,748 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
6 | Republic of Sri Lanka | 7.550% | 3/28/30 | 4,375 | 1,868 |
13,226 | |||||
Suriname (0.0%) | |||||
6 | Republic of Suriname | 9.250% | 10/26/26 | 1,500 | 1,239 |
Tajikistan (0.0%) | |||||
3 | Republic of Tajikistan | 7.125% | 9/14/27 | 1,375 | 1,020 |
Trinidad & Tobago (0.2%) | |||||
Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 1,300 | 1,304 | |
2 | Republic of Trinidad & Tobago | 4.375% | 1/16/24 | 200 | 201 |
Republic of Trinidad & Tobago | 4.500% | 8/4/26 | 2,800 | 2,780 | |
2 | Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 850 | 808 |
Republic of Trinidad & Tobago | 4.500% | 6/26/30 | 800 | 755 | |
5,848 | |||||
Tunisia (0.1%) | |||||
Tunisian Republic | 5.750% | 1/30/25 | 2,925 | 1,980 | |
Turkey (6.4%) | |||||
Hazine Mustesarligi Varlik Kiralama A/S | 4.489% | 11/25/24 | 3,078 | 2,969 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 3,300 | 3,099 |
Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | 6/22/26 | 4,200 | 3,945 | |
2 | Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | 2/24/27 | 9,000 | 9,026 |
Republic of Turkey | 7.250% | 12/23/23 | 5,850 | 5,929 | |
Republic of Turkey | 5.750% | 3/22/24 | 7,400 | 7,239 | |
Republic of Turkey | 6.350% | 8/10/24 | 6,750 | 6,599 | |
Republic of Turkey | 5.600% | 11/14/24 | 7,500 | 7,171 | |
Republic of Turkey | 7.375% | 2/5/25 | 9,650 | 9,603 | |
Republic of Turkey | 4.250% | 3/13/25 | 5,850 | 5,382 | |
Republic of Turkey | 6.375% | 10/14/25 | 7,600 | 7,279 | |
Republic of Turkey | 4.750% | 1/26/26 | 6,150 | 5,540 | |
Republic of Turkey | 4.875% | 10/9/26 | 13,324 | 11,742 | |
Republic of Turkey | 6.000% | 3/25/27 | 9,662 | 8,790 | |
Republic of Turkey | 8.600% | 9/24/27 | 5,900 | 5,965 | |
Republic of Turkey | 5.125% | 2/17/28 | 6,325 | 5,405 | |
Republic of Turkey | 6.125% | 10/24/28 | 7,808 | 6,957 | |
Republic of Turkey | 7.625% | 4/26/29 | 9,025 | 8,605 | |
Republic of Turkey | 11.875% | 1/15/30 | 4,530 | 5,364 | |
Republic of Turkey | 5.250% | 3/13/30 | 5,948 | 4,870 | |
Republic of Turkey | 5.950% | 1/15/31 | 6,650 | 5,577 | |
Republic of Turkey | 5.875% | 6/26/31 | 5,150 | 4,270 | |
Republic of Turkey | 6.500% | 9/20/33 | 4,500 | 3,815 | |
Republic of Turkey | 8.000% | 2/14/34 | 4,171 | 4,056 | |
Republic of Turkey | 6.875% | 3/17/36 | 8,300 | 7,121 | |
Republic of Turkey | 7.250% | 3/5/38 | 2,925 | 2,586 | |
Republic of Turkey | 6.750% | 5/30/40 | 5,600 | 4,645 | |
Republic of Turkey | 6.000% | 1/14/41 | 8,665 | 6,516 | |
Republic of Turkey | 4.875% | 4/16/43 | 9,400 | 6,345 | |
Republic of Turkey | 6.625% | 2/17/45 | 8,950 | 7,088 | |
Republic of Turkey | 5.750% | 5/11/47 | 10,400 | 7,379 | |
190,877 | |||||
Ukraine (0.5%) | |||||
Ukraine | 7.750% | 9/1/23 | 4,100 | 1,670 | |
Ukraine | 8.994% | 2/1/24 | 2,350 | 839 | |
Ukraine | 7.750% | 9/1/24 | 4,010 | 1,369 | |
Ukraine | 7.750% | 9/1/25 | 3,950 | 1,320 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
Ukraine | 7.750% | 9/1/26 | 3,975 | 1,338 | |
Ukraine | 7.750% | 9/1/27 | 4,000 | 1,335 | |
Ukraine | 9.750% | 11/1/28 | 4,350 | 1,467 | |
2 | Ukraine | 6.876% | 5/21/29 | 2,250 | 707 |
Ukraine | 6.876% | 5/21/29 | 3,650 | 1,172 | |
3 | Ukraine | 7.375% | 9/25/32 | 8,400 | 2,646 |
2 | Ukraine | 7.253% | 3/15/33 | 2,050 | 650 |
Ukraine | 7.253% | 3/15/33 | 5,650 | 1,812 | |
16,325 | |||||
United Arab Emirates (5.3%) | |||||
Dubai DOF Sukuk Ltd. | 5.000% | 4/30/29 | 4,630 | 4,937 | |
8 | Dubai DOF Sukuk Ltd. | 2.763% | 9/9/30 | 4,500 | 4,204 |
Emirate of Abu Dhabi | 0.750% | 9/2/23 | 6,275 | 6,100 | |
Emirate of Abu Dhabi | 2.125% | 9/30/24 | 8,750 | 8,526 | |
Emirate of Abu Dhabi | 2.500% | 4/16/25 | 9,500 | 9,343 | |
Emirate of Abu Dhabi | 3.125% | 5/3/26 | 7,122 | 7,077 | |
Emirate of Abu Dhabi | 3.125% | 10/11/27 | 12,850 | 12,814 | |
2 | Emirate of Abu Dhabi | 1.625% | 6/2/28 | 600 | 541 |
Emirate of Abu Dhabi | 1.625% | 6/2/28 | 3,712 | 3,357 | |
Emirate of Abu Dhabi | 2.500% | 9/30/29 | 9,350 | 8,797 | |
Emirate of Abu Dhabi | 3.125% | 4/16/30 | 9,100 | 8,834 | |
Emirate of Abu Dhabi | 1.700% | 3/2/31 | 5,250 | 4,519 | |
2 | Emirate of Abu Dhabi | 1.875% | 9/15/31 | 1,600 | 1,388 |
Emirate of Abu Dhabi | 1.875% | 9/15/31 | 3,500 | 3,035 | |
2 | Emirate of Abu Dhabi | 2.000% | 10/19/31 | 2,700 | 2,392 |
2 | Emirate of Abu Dhabi | 2.875% | 10/19/41 | 2,700 | 2,253 |
Emirate of Abu Dhabi | 2.875% | 10/19/41 | 200 | 167 | |
Emirate of Abu Dhabi | 4.125% | 10/11/47 | 9,175 | 8,946 | |
Emirate of Abu Dhabi | 3.125% | 9/30/49 | 12,300 | 10,092 | |
Emirate of Abu Dhabi | 3.875% | 4/16/50 | 12,250 | 11,529 | |
Emirate of Abu Dhabi | 3.000% | 9/15/51 | 2,075 | 1,667 | |
2 | Emirate of Abu Dhabi | 3.250% | 10/19/61 | 5,300 | 4,340 |
Emirate of Abu Dhabi | 3.250% | 10/19/61 | 650 | 533 | |
Emirate of Abu Dhabi | 2.700% | 9/2/70 | 4,600 | 3,250 | |
Emirate of Dubai | 5.250% | 1/30/43 | 3,100 | 3,011 | |
Emirate of Dubai | 3.900% | 9/9/50 | 3,817 | 2,994 | |
Finance Department Government of Sharjah | 3.625% | 3/10/33 | 2,400 | 2,105 | |
Finance Department Government of Sharjah | 4.000% | 7/28/50 | 3,398 | 2,530 | |
Finance Department Government of Sharjah | 4.375% | 3/10/51 | 1,200 | 942 | |
RAK Capital | 3.094% | 3/31/25 | 2,833 | 2,780 | |
Sharjah Sukuk Ltd. | 3.764% | 9/17/24 | 1,910 | 1,925 | |
Sharjah Sukuk Program Ltd. | 3.854% | 4/3/26 | 3,300 | 3,291 | |
Sharjah Sukuk Program Ltd. | 2.942% | 6/10/27 | 3,640 | 3,443 | |
Sharjah Sukuk Program Ltd. | 4.226% | 3/14/28 | 3,700 | 3,663 | |
Sharjah Sukuk Program Ltd. | 3.234% | 10/23/29 | 2,839 | 2,629 | |
Sharjah Sukuk Program Ltd. | 3.200% | 7/13/31 | 1,950 | 1,780 | |
159,734 | |||||
Uruguay (1.5%) | |||||
3 | Oriental Republic of Uruguay | 4.500% | 8/14/24 | 2,864 | 2,918 |
3 | Oriental Republic of Uruguay | 4.375% | 10/27/27 | 4,166 | 4,254 |
3 | Oriental Republic of Uruguay | 4.375% | 1/23/31 | 7,100 | 7,288 |
3 | Oriental Republic of Uruguay | 7.875% | 1/15/33 | 2,400 | 3,099 |
3 | Oriental Republic of Uruguay | 7.625% | 3/21/36 | 3,115 | 4,079 |
3 | Oriental Republic of Uruguay | 4.125% | 11/20/45 | 2,170 | 2,097 |
3 | Oriental Republic of Uruguay | 5.100% | 6/18/50 | 12,067 | 12,664 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
3 | Oriental Republic of Uruguay | 4.975% | 4/20/55 | 7,609 | 7,781 |
44,180 | |||||
Uzbekistan (0.2%) | |||||
Republic of Uzbekistan | 4.750% | 2/20/24 | 1,445 | 1,422 | |
Republic of Uzbekistan | 5.375% | 2/20/29 | 1,475 | 1,411 | |
Republic of Uzbekistan | 3.700% | 11/25/30 | 2,550 | 2,086 | |
2 | Republic of Uzbekistan | 3.900% | 10/19/31 | 950 | 781 |
Republic of Uzbekistan | 3.900% | 10/19/31 | 200 | 163 | |
5,863 | |||||
Vietnam (0.1%) | |||||
Socialist Republic of Vietnam | 4.800% | 11/19/24 | 3,000 | 3,073 | |
Zambia (0.2%) | |||||
6 | Republic of Zambia | 8.500% | 4/14/24 | 2,930 | 2,213 |
6 | Republic of Zambia | 8.970% | 7/30/27 | 3,825 | 2,847 |
5,060 | |||||
Total Sovereign Bonds (Cost $2,942,419) | 2,498,641 | ||||
Shares | |||||
Temporary Cash Investments (0.6%) | |||||
Money Market Fund (0.6%) | |||||
9 | Vanguard Market Liquidity Fund (Cost $19,156) | 0.409% | 191,590 | 19,157 | |
Total Investments (98.7%) (Cost $3,469,213) | 2,963,261 | ||||
Other Assets and Liabilities—Net (1.3%) | 38,181 | ||||
Net Assets (100.0%) | 3,001,442 | ||||
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, 2022, the aggregate value was $196,445,000, representing 6.5% 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 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of April 30, 2022. |
5 | Step bond. |
6 | Non-income-producing security—security in default. |
7 | Securities with a value of $60,000 have been segregated as initial margin for open futures contracts. |
8 | Guaranteed by the Kingdom of United Arab Emirates. |
9 | 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 2022 | 2 | 422 | (2) |
5-Year U.S. Treasury Note | June 2022 | 34 | 3,831 | 4 |
10-Year U.S. Treasury Note | June 2022 | 8 | 953 | 1 |
Ultra 10-Year U.S. Treasury Note | June 2022 | 18 | 2,322 | (124) |
(121) | ||||
Short Futures Contracts | ||||
Long U.S. Treasury Bond | June 2022 | (8) | (1,126) | 113 |
Ultra Long U.S. Treasury Bond | June 2022 | (5) | (802) | 1 |
114 | ||||
(7) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,450,057) | 2,944,104 |
Affiliated Issuers (Cost $19,156) | 19,157 |
Total Investments in Securities | 2,963,261 |
Investment in Vanguard | 109 |
Cash | 310 |
Receivables for Investment Securities Sold | 51,409 |
Receivables for Accrued Income | 36,757 |
Receivables for Capital Shares Issued | 360 |
Variation Margin Receivable—Futures Contracts | 15 |
Total Assets | 3,052,221 |
Liabilities | |
Payables for Investment Securities Purchased | 49,920 |
Payables for Capital Shares Redeemed | 468 |
Payables for Distributions | 139 |
Payables to Vanguard | 252 |
Total Liabilities | 50,779 |
Net Assets | 3,001,442 |
Statement of Assets and Liabilities (continued) | |
At April 30, 2022, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 3,701,580 |
Total Distributable Earnings (Loss) | (700,138) |
Net Assets | 3,001,442 |
ETF Shares—Net Assets | |
Applicable to 42,568,717 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,782,167 |
Net Asset Value Per Share—ETF Shares | $65.36 |
Admiral Shares—Net Assets | |
Applicable to 11,061,734 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 181,333 |
Net Asset Value Per Share—Admiral Shares | $16.39 |
Institutional Shares—Net Assets | |
Applicable to 1,443,001 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 37,942 |
Net Asset Value Per Share—Institutional Shares | $26.29 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 75,435 |
Total Income | 75,435 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 29 |
Management and Administrative—ETF Shares | 2,858 |
Management and Administrative—Admiral Shares | 200 |
Management and Administrative—Institutional Shares | 36 |
Marketing and Distribution—ETF Shares | 51 |
Marketing and Distribution—Admiral Shares | 5 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 30 |
Shareholders’ Reports—ETF Shares | 63 |
Shareholders’ Reports—Admiral Shares | 8 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 8 |
Total Expenses | 3,290 |
Net Investment Income | 72,145 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | (128,540) |
Futures Contracts | (205) |
Realized Net Gain (Loss) | (128,745) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (455,724) |
Futures Contracts | 12 |
Change in Unrealized Appreciation (Depreciation) | (455,712) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (512,312) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,000, less than $1,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes ($6,677,000) of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 72,145 | 122,751 | |
Realized Net Gain (Loss) | (128,745) | 27,409 | |
Change in Unrealized Appreciation (Depreciation) | (455,712) | (70,850) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (512,312) | 79,310 | |
Distributions | |||
ETF Shares | (65,730) | (106,958) | |
Admiral Shares | (4,714) | (9,798) | |
Institutional Shares | (933) | (1,721) | |
Total Distributions | (71,377) | (118,477) | |
Capital Share Transactions | |||
ETF Shares | 296,674 | 1,209,882 | |
Admiral Shares | (22,864) | (1,061) | |
Institutional Shares | 549 | 2,461 | |
Net Increase (Decrease) from Capital Share Transactions | 274,359 | 1,211,282 | |
Total Increase (Decrease) | (309,330) | 1,172,115 | |
Net Assets | |||
Beginning of Period | 3,310,772 | 2,138,657 | |
End of Period | 3,001,442 | 3,310,772 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $78.02 | $78.01 | $80.38 | $74.27 | $80.73 | $80.11 |
Investment Operations | ||||||
Net Investment Income1 | 1.591 | 3.190 | 3.551 | 3.738 | 3.411 | 3.713 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (12.661) | (.036) | (2.322) | 6.044 | (6.445) | .589 |
Total from Investment Operations | (11.070) | 3.154 | 1.229 | 9.782 | (3.034) | 4.302 |
Distributions | ||||||
Dividends from Net Investment Income | (1.590) | (3.144) | (3.599) | (3.672) | (3.426) | (3.682) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.590) | (3.144) | (3.599) | (3.672) | (3.426) | (3.682) |
Net Asset Value, End of Period | $65.36 | $78.02 | $78.01 | $80.38 | $74.27 | $80.73 |
Total Return | -14.41% | 4.06% | 1.65% | 13.47% | -3.84% | 5.56% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,782 | $3,024 | $1,853 | $1,538 | $1,033 | $1,002 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.20% | 0.25% | 0.25% | 0.30% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.39% | 4.02% | 4.55% | 4.79% | 4.42% | 4.67% |
Portfolio Turnover Rate3 | 9% | 16% | 21% | 48% | 25% | 19% |
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, $.00, $0.04, and $0.07. |
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, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $19.58 | $19.58 | $20.16 | $18.63 | $20.24 | $20.09 |
Investment Operations | ||||||
Net Investment Income1 | .400 | .806 | .897 | .939 | .858 | .934 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (3.189) | (.015) | (.586) | 1.521 | (1.613) | .150 |
Total from Investment Operations | (2.789) | .791 | .311 | 2.460 | (.755) | 1.084 |
Distributions | ||||||
Dividends from Net Investment Income | (.401) | (.791) | (.891) | (.930) | (.855) | (.934) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.401) | (.791) | (.891) | (.930) | (.855) | (.934) |
Net Asset Value, End of Period | $16.39 | $19.58 | $19.58 | $20.16 | $18.63 | $20.24 |
Total Return3 | -14.42% | 4.04% | 1.66% | 13.46% | -3.80% | 5.57% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $181 | $242 | $243 | $273 | $256 | $288 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.20% | 0.25% | 0.25% | 0.30% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.37% | 4.03% | 4.57% | 4.79% | 4.42% | 4.67% |
Portfolio Turnover Rate4 | 9% | 16% | 21% | 48% | 25% | 19% |
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, $.00, $0.01, and $0.02. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | 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, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $31.41 | $31.40 | $32.33 | $29.88 | $32.47 | $32.24 |
Investment Operations | ||||||
Net Investment Income1 | .645 | 1.298 | 1.443 | 1.522 | 1.380 | 1.508 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (5.119) | (.014) | (.938) | 2.425 | (2.596) | .238 |
Total from Investment Operations | (4.474) | 1.284 | .505 | 3.947 | (1.216) | 1.746 |
Distributions | ||||||
Dividends from Net Investment Income | (.646) | (1.274) | (1.435) | (1.497) | (1.374) | (1.516) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.646) | (1.274) | (1.435) | (1.497) | (1.374) | (1.516) |
Net Asset Value, End of Period | $26.29 | $31.41 | $31.40 | $32.33 | $29.88 | $32.47 |
Total Return3 | -14.42% | 4.10% | 1.68% | 13.46% | -3.82% | 5.59% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $38 | $45 | $42 | $51 | $19 | $20 |
Ratio of Total Expenses to Average Net Assets | 0.18% | 0.18% | 0.23% | 0.23% | 0.29% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 4.40% | 4.05% | 4.59% | 4.81% | 4.43% | 4.70% |
Portfolio Turnover Rate4 | 9% | 16% | 21% | 48% | 25% | 19% |
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, $.00, $0.02, and $0.03. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | 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 | — | 1,840 | — | 1,840 |
Corporate Bonds | — | 443,623 | — | 443,623 |
Sovereign Bonds | — | 2,498,641 | — | 2,498,641 |
Temporary Cash Investments | 19,157 | — | — | 19,157 |
Total | 19,157 | 2,944,104 | — | 2,963,261 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 119 | — | — | 119 |
Liabilities | ||||
Futures Contracts1 | 126 | — | — | 126 |
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, 2022, 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 | 3,469,671 |
Gross Unrealized Appreciation | 937 |
Gross Unrealized Depreciation | (507,354) |
Net Unrealized Appreciation (Depreciation) | (506,417) |
E. | During the six months ended April 30, 2022, the fund purchased $687,271,000 of investment securities and sold $423,658,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $47,366,000 and $45,350,000, respectively. Purchases and sales include $435,094,000 and $144,807,000, 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, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 443,393 | 5,907 | 1,758,897 | 22,006 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (146,719) | (2,100) | (549,015) | (7,000) | |
Net Increase (Decrease)—ETF Shares | 296,674 | 3,807 | 1,209,882 | 15,006 | |
Admiral Shares | |||||
Issued1 | 14,960 | 817 | 37,672 | 1,880 | |
Issued in Lieu of Cash Distributions | 3,846 | 212 | 8,085 | 406 | |
Redeemed | (41,670) | (2,316) | (46,818) | (2,342) | |
Net Increase (Decrease)—Admiral Shares | (22,864) | (1,287) | (1,061) | (56) | |
Institutional Shares | |||||
Issued1 | 10,003 | 340 | 5,306 | 165 | |
Issued in Lieu of Cash Distributions | 933 | 32 | 1,721 | 54 | |
Redeemed | (10,387) | (356) | (4,566) | (144) | |
Net Increase (Decrease)—Institutional Shares | 549 | 16 | 2,461 | 75 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $164,000 and $335,000, respectively (fund totals). |
G. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 23 |
Liquidity Risk Management | 25 |
• | 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, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $983.10 | $1.03 |
Admiral™ Shares | 1,000.00 | 983.10 | 0.69 |
Based on Hypothetical 5% Yearly Return | |||
Global Minimum Volatility Fund | |||
Investor Shares | $1,000.00 | $1,023.75 | $1.05 |
Admiral Shares | 1,000.00 | 1,024.10 | 0.70 |
United States | 56.3% |
Japan | 9.6 |
Canada | 6.3 |
Australia | 4.4 |
Switzerland | 4.2 |
United Kingdom | 4.1 |
South Korea | 2.7 |
India | 2.6 |
China | 2.6 |
Taiwan | 1.6 |
Hong Kong | 1.6 |
Other | 4.0 |
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 2022 | 159 | 32,814 | (1,512) |
Euro Stoxx 50 Index | June 2022 | 6 | 236 | (2) |
FTSE 100 Index | June 2022 | 12 | 1,134 | 34 |
S&P ASX 200 Index | June 2022 | 6 | 785 | 37 |
Topix Index | June 2022 | 9 | 1,320 | 102 |
(1,341) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Royal Bank of Canada | 5/16/22 | AUD | 4,959 | USD | 3,733 | — | (228) |
Royal Bank of Canada | 5/16/22 | CAD | 9,446 | USD | 7,380 | — | (28) |
Toronto-Dominion Bank | 5/16/22 | CAD | 2,784 | USD | 2,224 | — | (57) |
Royal Bank of Canada | 5/16/22 | CHF | 5,979 | USD | 6,176 | — | (25) |
Royal Bank of Canada | 5/16/22 | GBP | 4,793 | USD | 6,040 | — | (12) |
Deutsche Bank AG | 5/16/22 | JPY | 871,486 | USD | 6,934 | — | (215) |
Toronto-Dominion Bank | 5/16/22 | USD | 110,560 | AUD | 146,654 | 6,912 | — |
Royal Bank of Canada | 5/16/22 | USD | 164,700 | CAD | 205,956 | 4,385 | — |
State Street Bank & Trust Co. | 5/16/22 | USD | 107,318 | CHF | 100,101 | 4,335 | — |
Royal Bank of Canada | 5/16/22 | USD | 2,639 | CHF | 2,457 | 111 | — |
Royal Bank of Canada | 5/16/22 | USD | 11,958 | CNH | 76,292 | 489 | — |
BNP Paribas | 5/16/22 | USD | 12,224 | DKK | 83,228 | 413 | — |
Royal Bank of Canada | 5/16/22 | USD | 38,535 | EUR | 35,270 | 1,301 | — |
Toronto-Dominion Bank | 5/16/22 | USD | 99,018 | GBP | 75,705 | 3,824 | — |
Royal Bank of Canada | 5/16/22 | USD | 5,808 | GBP | 4,442 | 222 | — |
Deutsche Bank AG | 5/16/22 | USD | 91,193 | HKD | 714,503 | 107 | — |
BNP Paribas | 5/17/22 | USD | 6,669 | IDR | 95,952,241 | 57 | — |
Barclays Bank plc | 5/16/22 | USD | 5,524 | ILS | 17,891 | 161 | — |
Deutsche Bank AG | 5/17/22 | USD | 69,021 | INR | 5,265,233 | 278 | — |
Toronto-Dominion Bank | 5/16/22 | USD | 242,430 | JPY | 29,999,111 | 11,148 | — |
Deutsche Bank AG | 5/16/22 | USD | 69,125 | KRW | 84,273,906 | 2,030 | — |
BNP Paribas | 5/16/22 | USD | 8,961 | MXN | 180,794 | 130 | — |
BNP Paribas | 5/16/22 | USD | 11,792 | NOK | 103,269 | 782 | — |
Royal Bank of Canada | 5/16/22 | USD | 5,168 | NZD | 7,455 | 355 | — |
BNP Paribas | 5/16/22 | USD | 2,850 | SEK | 26,920 | 108 | — |
Deutsche Bank AG | 5/17/22 | USD | 17,712 | SGD | 24,076 | 303 | — |
Citibank, N.A. | 5/16/22 | USD | 37,378 | TWD | 1,073,375 | 959 | — |
BNP Paribas | 5/16/22 | USD | 4,157 | TWD | 119,326 | 108 | — |
38,518 | (565) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
CNH—Chinese yuan (offshore). |
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. |
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 Value1 | |
Unaffiliated Issuers (Cost $2,128,874) | 2,398,538 |
Affiliated Issuers (Cost $31,287) | 31,288 |
Total Investments in Securities | 2,429,826 |
Investment in Vanguard | 84 |
Cash | 24,001 |
Receivables for Accrued Income | 10,397 |
Receivables for Capital Shares Issued | 1,517 |
Unrealized Appreciation—Forward Currency Contracts | 38,518 |
Total Assets | 2,504,343 |
Liabilities | |
Foreign Currency Due to Custodian, at Value (Proceeds $1,150) | 1,150 |
Payables for Investment Securities Purchased | 24,009 |
Collateral for Securities on Loan | 29,838 |
Payables for Capital Shares Redeemed | 2,863 |
Payables to Vanguard | 152 |
Variation Margin Payable—Futures Contracts | 1,186 |
Unrealized Depreciation—Forward Currency Contracts | 565 |
Total Liabilities | 59,763 |
Net Assets | 2,444,580 |
1 Includes $27,315 of securities on loan. | |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 2,097,406 |
Total Distributable Earnings (Loss) | 347,174 |
Net Assets | 2,444,580 |
Investor Shares—Net Assets | |
Applicable to 19,909,977 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 280,447 |
Net Asset Value Per Share—Investor Shares | $14.09 |
Admiral Shares—Net Assets | |
Applicable to 76,820,351 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,164,133 |
Net Asset Value Per Share—Admiral Shares | $28.17 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 31,609 |
Interest2 | 3 |
Securities Lending—Net | 120 |
Total Income | 31,732 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 275 |
Management and Administrative—Investor Shares | 240 |
Management and Administrative—Admiral Shares | 1,232 |
Marketing and Distribution—Investor Shares | 15 |
Marketing and Distribution—Admiral Shares | 66 |
Custodian Fees | 47 |
Shareholders’ Reports—Investor Shares | 8 |
Shareholders’ Reports—Admiral Shares | 18 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 9 |
Total Expenses | 1,911 |
Net Investment Income | 29,821 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 67,052 |
Futures Contracts | 403 |
Forward Currency Contracts | 37,295 |
Foreign Currencies | (16) |
Realized Net Gain (Loss) | 104,734 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (215,600) |
Futures Contracts | (1,359) |
Forward Currency Contracts | 40,457 |
Foreign Currencies | (413) |
Change in Unrealized Appreciation (Depreciation) | (176,915) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (42,360) |
1 | Dividends are net of foreign withholding taxes of $2,038,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,000, ($6,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 29,821 | 54,760 | |
Realized Net Gain (Loss) | 104,734 | 242,664 | |
Change in Unrealized Appreciation (Depreciation) | (176,915) | 239,710 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (42,360) | 537,134 | |
Distributions | |||
Investor Shares | (10,057) | (6,959) | |
Admiral Shares | (83,618) | (62,342) | |
Total Distributions | (93,675) | (69,301) | |
Capital Share Transactions | |||
Investor Shares | (5,801) | (87,211) | |
Admiral Shares | (163,427) | (793,086) | |
Net Increase (Decrease) from Capital Share Transactions | (169,228) | (880,297) | |
Total Increase (Decrease) | (305,263) | (412,464) | |
Net Assets | |||
Beginning of Period | 2,749,843 | 3,162,307 | |
End of Period | 2,444,580 | 2,749,843 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $14.83 | $12.77 | $14.71 | $13.78 | $13.57 | $11.92 |
Investment Operations | ||||||
Net Investment Income1 | .162 | .252 | .293 | .428 | .374 | .324 |
Net Realized and Unrealized Gain (Loss) on Investments | (.397) | 2.085 | (1.571) | 1.403 | .148 | 1.650 |
Total from Investment Operations | (.235) | 2.337 | (1.278) | 1.831 | .522 | 1.974 |
Distributions | ||||||
Dividends from Net Investment Income | (.505) | (.277) | (.397) | (.300) | (.312) | (.324) |
Distributions from Realized Capital Gains | — | — | (.265) | (.601) | — | — |
Total Distributions | (.505) | (.277) | (.662) | (.901) | (.312) | (.324) |
Net Asset Value, End of Period | $14.09 | $14.83 | $12.77 | $14.71 | $13.78 | $13.57 |
Total Return2 | -1.69% | 18.51% | -9.22% | 14.41% | 3.89% | 16.93% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $280 | $301 | $338 | $643 | $515 | $539 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.21% | 0.21% | 0.21% | 0.23% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 2.24% | 1.77% | 2.16% | 3.09% | 2.66% | 2.54% |
Portfolio Turnover Rate | 17% | 24% | 58% | 46% | 24% | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $29.67 | $25.56 | $29.45 | $27.58 | $27.15 | $23.86 |
Investment Operations | ||||||
Net Investment Income1 | .332 | .520 | .608 | .878 | .758 | .668 |
Net Realized and Unrealized Gain (Loss) on Investments | (.800) | 4.177 | (3.155) | 2.819 | .297 | 3.295 |
Total from Investment Operations | (.468) | 4.697 | (2.547) | 3.697 | 1.055 | 3.963 |
Distributions | ||||||
Dividends from Net Investment Income | (1.032) | (.587) | (.812) | (.624) | (.625) | (.673) |
Distributions from Realized Capital Gains | — | — | (.531) | (1.203) | — | — |
Total Distributions | (1.032) | (.587) | (1.343) | (1.827) | (.625) | (.673) |
Net Asset Value, End of Period | $28.17 | $29.67 | $25.56 | $29.45 | $27.58 | $27.15 |
Total Return2 | -1.69% | 18.60% | -9.18% | 14.54% | 3.93% | 16.99% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,164 | $2,449 | $2,824 | $3,483 | $2,542 | $1,699 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.14% | 0.14% | 0.15% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 2.30% | 1.83% | 2.26% | 3.16% | 2.74% | 2.62% |
Portfolio Turnover Rate | 17% | 24% | 58% | 46% | 24% | 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. |
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. |
Assets Reflected in Statement of Assets and Liabilities1 ($000) | Liabilities Reflected in Statement of Assets and Liabilities1 ($000) | Net Amount Receivable (Payable) ($000) | Amounts Not Offset in the Statement of Assets and Liabilities | Net Exposure3 (Not Less Than $0) ($000) | ||
Collateral Pledged2 ($000) | Collateral Received2 ($000) | |||||
Derivatives Subject to Offsetting Arrangements, by Counterparty | ||||||
Barclays Bank plc | 161 | — | 161 | — | — | 161 |
BNP Paribas | 1,598 | — | 1,598 | — | 1,762 | — |
Citibank, N.A. | 959 | — | 959 | — | 990 | — |
Deutsche Bank AG | 2,718 | (215) | 2,503 | — | 3,140 | — |
Royal Bank of Canada | 6,863 | (293) | 6,570 | — | 6,470 | 100 |
State Street Bank & Trust Co. | 4,335 | — | 4,335 | — | 3,983 | 352 |
Toronto-Dominion Bank | 21,884 | (57) | 21,827 | — | 24,270 | — |
Exchange-Traded Futures Contracts | — | (1,186) | (1,186) | 2,463 | — | — |
Total | 38,518 | (1,751) | 36,767 | 2,463 | 40,615 | 613 |
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 | 277,081 | 769,971 | — | 1,047,052 |
Common Stocks—United States | 1,351,486 | — | — | 1,351,486 |
Temporary Cash Investments | 31,288 | — | — | 31,288 |
Total | 1,659,855 | 769,971 | — | 2,429,826 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 173 | — | — | 173 |
Forward Currency Contracts | — | 38,518 | — | 38,518 |
Total | 173 | 38,518 | — | 38,691 |
Liabilities | ||||
Futures Contracts1 | 1,514 | — | — | 1,514 |
Forward Currency Contracts | — | 565 | — | 565 |
Total | 1,514 | 565 | — | 2,079 |
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 | 173 | — | 173 |
Unrealized Appreciation—Forward Currency Contracts | — | 38,518 | 38,518 |
Total Assets | 173 | 38,518 | 38,691 |
Unrealized Depreciation—Futures Contracts1 | 1,514 | — | 1,514 |
Unrealized Depreciation—Forward Currency Contracts | — | 565 | 565 |
Total Liabilities | 1,514 | 565 | 2,079 |
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 | 403 | — | 403 |
Forward Currency Contracts | — | 37,295 | 37,295 |
Realized Net Gain (Loss) on Derivatives | 403 | 37,295 | 37,698 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (1,359) | — | (1,359) |
Forward Currency Contracts | — | 40,457 | 40,457 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (1,359) | 40,457 | 39,098 |
E. | As of April 30, 2022, 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 | 2,161,521 |
Gross Unrealized Appreciation | 443,060 |
Gross Unrealized Depreciation | (138,143) |
Net Unrealized Appreciation (Depreciation) | 304,917 |
F. | During the six months ended April 30, 2022, the fund purchased $445,007,000 of investment securities and sold $626,995,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 22,790 | 1,580 | 49,143 | 3,454 | |
Issued in Lieu of Cash Distributions | 9,216 | 633 | 6,352 | 470 | |
Redeemed | (37,807) | (2,609) | (142,706) | (10,122) | |
Net Increase (Decrease)—Investor Shares | (5,801) | (396) | (87,211) | (6,198) | |
Admiral Shares | |||||
Issued | 106,721 | 3,659 | 439,983 | 15,585 | |
Issued in Lieu of Cash Distributions | 73,352 | 2,518 | 55,463 | 2,050 | |
Redeemed | (343,500) | (11,904) | (1,288,532) | (45,588) | |
Net Increase (Decrease)—Admiral Shares | (163,427) | (5,727) | (793,086) | (27,953) |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, 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 | 21 |
Trustees Approve Advisory Arrangements | 54 |
Liquidity Risk Management | 56 |
• | 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, 2022 | |||
Beginning Account Value 10/31/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $888.90 | $0.70 |
Admiral™ Shares | 1,000.00 | 888.90 | 0.75 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $959.70 | $1.07 |
Admiral Shares | 1,000.00 | 959.90 | 1.07 |
Based on Hypothetical 5% Yearly Return | |||
International Dividend Appreciation Index Fund | |||
ETF Shares | $1,000.00 | $1,024.05 | $0.75 |
Admiral Shares | 1,000.00 | 1,024.00 | 0.80 |
International High Dividend Yield Index Fund | |||
ETF Shares | $1,000.00 | $1,023.70 | $1.10 |
Admiral Shares | 1,000.00 | 1,023.70 | 1.10 |
Switzerland | 17.1% |
Canada | 17.0 |
Japan | 14.4 |
United Kingdom | 8.0 |
India | 6.9 |
Denmark | 5.8 |
France | 5.3 |
Germany | 5.0 |
China | 4.7 |
Hong Kong | 4.0 |
Australia | 3.8 |
Sweden | 2.4 |
Other | 5.6 |
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 2022 | 23 | 4,747 | (288) |
Euro Stoxx 50 Index | June 2022 | 146 | 5,754 | (48) |
MSCI Emerging Markets Index | June 2022 | 115 | 6,080 | (214) |
Topix Index | June 2022 | 27 | 3,959 | 33 |
(517) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 6/15/22 | EUR | 5,240 | USD | 5,719 | — | (179) |
Royal Bank of Canada | 6/15/22 | EUR | 1,145 | USD | 1,273 | — | (63) |
BNP Paribas | 6/15/22 | INR | 416,000 | USD | 5,370 | 46 | — |
State Street Bank & Trust Co. | 6/15/22 | JPY | 98,050 | USD | 799 | — | (43) |
Bank of America, N.A. | 6/15/22 | JPY | 60,474 | USD | 524 | — | (57) |
State Street Bank & Trust Co. | 6/15/22 | USD | 6,283 | CHF | 5,748 | 359 | — |
Barclays Bank plc | 6/15/22 | USD | 3,929 | CHF | 3,659 | 158 | — |
Bank of America, N.A. | 6/15/22 | USD | 2,364 | EUR | 2,169 | 72 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 1,324 | GBP | 1,000 | 66 | — |
BNP Paribas | 6/15/22 | USD | 3,860 | INR | 300,000 | — | (46) |
State Street Bank & Trust Co. | 6/15/22 | USD | 3,819 | JPY | 465,083 | 229 | — |
930 | (388) |
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 $3,982,409) | 4,110,137 |
Affiliated Issuers (Cost $3,922) | 3,922 |
Total Investments in Securities | 4,114,059 |
Investment in Vanguard | 146 |
Cash Collateral Pledged—Futures Contracts | 1,415 |
Cash Collateral Pledged—Forward Currency Contracts | 10 |
Foreign Currency, at Value (Cost $2,405) | 2,293 |
Receivables for Investment Securities Sold | 2,043 |
Receivables for Accrued Income | 17,378 |
Receivables for Capital Shares Issued | 287 |
Variation Margin Receivable—Futures Contracts | 22 |
Unrealized Appreciation—Forward Currency Contracts | 930 |
Total Assets | 4,138,583 |
Liabilities | |
Due to Custodian | 8 |
Payables for Investment Securities Purchased | 3,633 |
Payables for Capital Shares Redeemed | 220 |
Payables to Vanguard | 261 |
Unrealized Depreciation—Forward Currency Contracts | 388 |
Deferred Foreign Capital Gains Taxes | 4,393 |
Total Liabilities | 8,903 |
Net Assets | 4,129,680 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 3,983,267 |
Total Distributable Earnings (Loss) | 146,413 |
Net Assets | 4,129,680 |
ETF Shares—Net Assets | |
Applicable to 51,350,532 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,838,858 |
Net Asset Value Per Share—ETF Shares | $74.76 |
Admiral Shares—Net Assets | |
Applicable to 7,991,034 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 290,822 |
Net Asset Value Per Share—Admiral Shares | $36.39 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 37,630 |
Non-Cash Dividends | 3,522 |
Interest2 | 5 |
Securities Lending—Net | 34 |
Total Income | 41,191 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 210 |
Management and Administrative—ETF Shares | 2,494 |
Management and Administrative—Admiral Shares | 206 |
Marketing and Distribution—ETF Shares | 61 |
Marketing and Distribution—Admiral Shares | 7 |
Custodian Fees | 194 |
Shareholders’ Reports—ETF Shares | 67 |
Shareholders’ Reports—Admiral Shares | 7 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 14 |
Total Expenses | 3,261 |
Net Investment Income | 37,930 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 11,107 |
Futures Contracts | (2,160) |
Forward Currency Contracts | (660) |
Foreign Currencies | (264) |
Realized Net Gain (Loss) | 8,023 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,4 | (555,276) |
Futures Contracts | (559) |
Forward Currency Contracts | 868 |
Foreign Currencies | (1,190) |
Change in Unrealized Appreciation (Depreciation) | (556,157) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (510,204) |
1 | Dividends are net of foreign withholding taxes of $5,484,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, ($2,000), less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $2,006,000 . |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($247,000). |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 37,930 | 48,504 | |
Realized Net Gain (Loss) | 8,023 | 459,247 | |
Change in Unrealized Appreciation (Depreciation) | (556,157) | 351,103 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (510,204) | 858,854 | |
Distributions | |||
ETF Shares | (264,741) | (39,771) | |
Admiral Shares | (20,625) | (3,300) | |
Total Distributions | (285,366) | (43,071) | |
Capital Share Transactions | |||
ETF Shares | 427,199 | 943,215 | |
Admiral Shares | 24,833 | 38,209 | |
Net Increase (Decrease) from Capital Share Transactions | 452,032 | 981,424 | |
Total Increase (Decrease) | (343,538) | 1,797,207 | |
Net Assets | |||
Beginning of Period | 4,473,218 | 2,676,011 | |
End of Period | 4,129,680 | 4,473,218 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $89.86 | $69.97 | $68.72 | $58.65 | $64.25 | $54.43 |
Investment Operations | ||||||
Net Investment Income1 | .716 | 1.094 | .958 | 1.4522 | 1.196 | 1.179 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (10.185) | 19.776 | 1.551 | 9.578 | (5.623) | 9.715 |
Total from Investment Operations | (9.469) | 20.870 | 2.509 | 11.030 | (4.427) | 10.894 |
Distributions | ||||||
Dividends from Net Investment Income | (.449) | (.980) | (1.259) | (.960) | (1.173) | (1.074) |
Distributions from Realized Capital Gains | (5.182) | — | — | — | — | — |
Total Distributions | (5.631) | (.980) | (1.259) | (.960) | (1.173) | (1.074) |
Net Asset Value, End of Period | $74.76 | $89.86 | $69.97 | $68.72 | $58.65 | $64.25 |
Total Return | -11.11% | 29.93% | 3.73% | 18.96% | -7.04% | 20.19% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,839 | $4,150 | $2,456 | $1,305 | $861 | $634 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.20% | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.76% | 1.28% | 1.40% | 2.24%2 | 1.83% | 1.96% |
Portfolio Turnover Rate4 | 18% | 65% | 17% | 42% | 36% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.388 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $.00, $.00, $.01, $.02, $.02, and $.04. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $43.72 | $34.03 | $33.42 | $28.52 | $31.24 | $26.45 |
Investment Operations | ||||||
Net Investment Income1 | .343 | .518 | .453 | .6862 | .576 | .573 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (4.936) | 9.645 | .765 | 4.679 | (2.727) | 4.720 |
Total from Investment Operations | (4.593) | 10.163 | 1.218 | 5.365 | (2.151) | 5.293 |
Distributions | ||||||
Dividends from Net Investment Income | (.216) | (.473) | (.608) | (.465) | (.569) | (.503) |
Distributions from Realized Capital Gains | (2.521) | — | — | — | — | — |
Total Distributions | (2.737) | (.473) | (.608) | (.465) | (.569) | (.503) |
Net Asset Value, End of Period | $36.39 | $43.72 | $34.03 | $33.42 | $28.52 | $31.24 |
Total Return4 | -11.11% | 29.96% | 3.72% | 18.96% | -7.03% | 20.18% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $291 | $323 | $220 | $218 | $175 | $152 |
Ratio of Total Expenses to Average Net Assets | 0.16% | 0.16% | 0.20% | 0.20% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.73% | 1.25% | 1.36% | 2.24%2 | 1.83% | 1.96% |
Portfolio Turnover Rate5 | 18% | 65% | 17% | 42% | 36% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.188 and 0.65%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, $.01, and $.02. |
4 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
5 | 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 | 733,259 | — | — | 733,259 |
Common Stocks—Other | 64,651 | 3,312,227 | — | 3,376,878 |
Temporary Cash Investments | 3,922 | — | — | 3,922 |
Total | 801,832 | 3,312,227 | — | 4,114,059 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 33 | — | — | 33 |
Forward Currency Contracts | — | 930 | — | 930 |
Total | 33 | 930 | — | 963 |
Liabilities | ||||
Futures Contracts1 | 550 | — | — | 550 |
Forward Currency Contracts | — | 388 | — | 388 |
Total | 550 | 388 | — | 938 |
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, 2022, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 33 | — | 33 |
Unrealized Appreciation—Forward Currency Contracts | — | 930 | 930 |
Total Assets | 33 | 930 | 963 |
Unrealized Depreciation—Futures Contracts1 | 550 | — | 550 |
Unrealized Depreciation—Forward Currency Contracts | — | 388 | 388 |
Total Liabilities | 550 | 388 | 938 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | (2,160) | — | (2,160) |
Forward Currency Contracts | — | (660) | (660) |
Realized Net Gain (Loss) on Derivatives | (2,160) | (660) | (2,820) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (559) | — | (559) |
Forward Currency Contracts | — | 868 | 868 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (559) | 868 | 309 |
E. | As of April 30, 2022, 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 | 3,996,264 |
Gross Unrealized Appreciation | 391,732 |
Gross Unrealized Depreciation | (273,912) |
Net Unrealized Appreciation (Depreciation) | 117,820 |
F. | During the six months ended April 30, 2022, the fund purchased $1,148,054,000 of investment securities and sold $941,514,000 of investment securities, other than temporary cash investments. Purchases and sales include $365,035,000 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, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 427,199 | 5,168 | 1,155,426 | 13,632 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | — | — | (212,211) | (2,550) | |
Net Increase (Decrease)—ETF Shares | 427,199 | 5,168 | 943,215 | 11,082 | |
Admiral Shares | |||||
Issued1 | 31,128 | 770 | 69,649 | 1,698 | |
Issued in Lieu of Cash Distributions | 17,638 | 437 | 2,725 | 66 | |
Redeemed2 | (23,933) | (608) | (34,165) | (833) | |
Net Increase (Decrease)—Admiral Shares | 24,833 | 599 | 38,209 | 931 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $78,000 and $175,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2022 and 2021 of $60,000 and $80,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in these financial statements. |
United Kingdom | 13.3% |
Japan | 12.4 |
Canada | 8.8 |
Australia | 8.4 |
Switzerland | 6.9 |
Germany | 6.1 |
France | 5.8 |
China | 5.8 |
Taiwan | 4.9 |
Brazil | 2.9 |
Hong Kong | 2.1 |
Italy | 1.9 |
Saudi Arabia | 1.7 |
Sweden | 1.6 |
Spain | 1.6 |
South Korea | 1.5 |
Singapore | 1.4 |
Finland | 1.4 |
South Africa | 1.3 |
Netherlands | 1.2 |
Norway | 1.0 |
Other | 8.0 |
Shares | Market Value• ($000) | ||
Johnson Matthey plc | 73,502 | 2,022 | |
DS Smith plc | 452,216 | 1,858 | |
Abrdn plc | 791,088 | 1,858 | |
J Sainsbury plc | 632,704 | 1,846 | |
Hargreaves Lansdown plc | 141,889 | 1,624 | |
Direct Line Insurance Group plc | 503,464 | 1,598 | |
Coca-Cola HBC AG | 73,268 | 1,485 | |
Schroders plc | 41,657 | 1,471 | |
Royal Mail plc | 337,692 | 1,448 | |
Bellway plc | 46,127 | 1,401 | |
Pennon Group plc | 100,330 | 1,394 | |
HomeServe plc | 103,183 | 1,268 | |
Fresnillo plc | 68,649 | 664 | |
* | TechnipFMC plc | 3,906 | 27 |
3 | Evraz plc | 193,110 | — |
552,965 | |||
Total Common Stocks (Cost $4,182,993) | 4,161,056 | ||
Temporary Cash Investments (1.9%) | |||
Money Market Fund (1.9%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.409% (Cost $80,633) | 806,418 | 80,634 |
Total Investments (101.2%) (Cost $4,263,626) | 4,241,690 | ||
Other Assets and Liabilities—Net (-1.2%) | (52,334) | ||
Net Assets (100%) | 4,189,356 | ||
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 $52,655,000. |
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, 2022, the aggregate value was $50,298,000, representing 1.2% 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 $74,747,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | June 2022 | 272 | 27,154 | (1,794) |
MSCI Emerging Markets Index | June 2022 | 67 | 3,542 | (151) |
(1,945) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 6/15/22 | AUD | 2,000 | USD | 1,504 | — | (90) |
Barclays Bank plc | 6/6/22 | GBP | 2,400 | USD | 3,017 | 1 | — |
Standard Chartered Bank | 6/15/22 | GBP | 1,000 | USD | 1,274 | — | (17) |
State Street Bank & Trust Co. | 6/15/22 | USD | 3,956 | AUD | 5,389 | 145 | — |
State Street Bank & Trust Co. | 6/2/22 | USD | 1,687 | BRL | 8,016 | 82 | — |
Goldman Sachs International | 6/2/22 | USD | 562 | BRL | 2,672 | 27 | — |
State Street Bank & Trust Co. | 5/2/22 | USD | 390 | CAD | 500 | 1 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 2,417 | CHF | 2,211 | 138 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 776 | EUR | 709 | 27 | — |
Barclays Bank plc | 6/15/22 | USD | 5,931 | GBP | 4,500 | 272 | — |
State Street Bank & Trust Co. | 6/15/22 | USD | 929 | GBP | 702 | 46 | — |
Bank of America, N.A. | 6/15/22 | USD | 7,717 | JPY | 939,835 | 463 | — |
BNP Paribas | 6/15/22 | USD | 977 | JPY | 112,501 | 109 | — |
1,311 | (107) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $4,182,993) | 4,161,056 |
Affiliated Issuers (Cost $80,633) | 80,634 |
Total Investments in Securities | 4,241,690 |
Investment in Vanguard | 144 |
Cash | 7,597 |
Cash Collateral Pledged—Futures Contracts | 1,609 |
Cash Collateral Received for ETF Capital Activity | 28,834 |
Foreign Currency, at Value (Cost $2,448) | 2,655 |
Receivables for Investment Securities Sold | 1,907 |
Receivables for Accrued Income | 24,296 |
Receivables for Capital Shares Issued | 151 |
Unrealized Appreciation—Forward Currency Contracts | 1,311 |
Total Assets | 4,310,194 |
Liabilities | |
Payables for Investment Securities Purchased | 15,707 |
Collateral for Securities on Loan | 74,747 |
Collateral for ETF Capital Activity | 28,834 |
Payables for Capital Shares Redeemed | 177 |
Payables to Vanguard | 385 |
Variation Margin Payable—Futures Contracts | 350 |
Unrealized Depreciation—Forward Currency Contracts | 107 |
Deferred Foreign Capital Gains Taxes | 531 |
Total Liabilities | 120,838 |
Net Assets | 4,189,356 |
1 Includes $52,655 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2022, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 4,213,186 |
Total Distributable Earnings (Loss) | (23,830) |
Net Assets | 4,189,356 |
ETF Shares—Net Assets | |
Applicable to 59,267,306 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,780,844 |
Net Asset Value Per Share—ETF Shares | $63.79 |
Admiral Shares—Net Assets | |
Applicable to 13,206,355 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 408,512 |
Net Asset Value Per Share—Admiral Shares | $30.93 |
Six Months Ended April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 86,089 |
Interest2 | 6 |
Securities Lending—Net | 199 |
Total Income | 86,294 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 183 |
Management and Administrative—ETF Shares | 3,205 |
Management and Administrative—Admiral Shares | 385 |
Marketing and Distribution—ETF Shares | 51 |
Marketing and Distribution—Admiral Shares | 9 |
Custodian Fees | 323 |
Shareholders’ Reports—ETF Shares | 38 |
Shareholders’ Reports—Admiral Shares | 2 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 19 |
Total Expenses | 4,216 |
Net Investment Income | 82,078 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | 32,259 |
Futures Contracts | (889) |
Forward Currency Contracts | 226 |
Foreign Currencies | (927) |
Realized Net Gain (Loss) | 30,669 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | (301,368) |
Futures Contracts | (2,049) |
Forward Currency Contracts | 1,061 |
Foreign Currencies | (928) |
Change in Unrealized Appreciation (Depreciation) | (303,284) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (190,537) |
1 | Dividends are net of foreign withholding taxes of $8,162,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, ($1,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $1,287,000 . |
4 | Includes $14,160,000 of net gain (loss) resulting from in-kind redemptions. |
5 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($856,000). |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 82,078 | 114,370 | |
Realized Net Gain (Loss) | 30,669 | 57,611 | |
Change in Unrealized Appreciation (Depreciation) | (303,284) | 515,631 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (190,537) | 687,612 | |
Distributions | |||
ETF Shares | (63,113) | (90,829) | |
Admiral Shares | (7,674) | (13,898) | |
Total Distributions | (70,787) | (104,727) | |
Capital Share Transactions | |||
ETF Shares | 955,645 | 1,245,225 | |
Admiral Shares | 39,659 | 35,370 | |
Net Increase (Decrease) from Capital Share Transactions | 995,304 | 1,280,595 | |
Total Increase (Decrease) | 733,980 | 1,863,480 | |
Net Assets | |||
Beginning of Period | 3,455,376 | 1,591,896 | |
End of Period | 4,189,356 | 3,455,376 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $67.77 | $50.47 | $61.27 | $58.85 | $65.69 | $55.61 |
Investment Operations | ||||||
Net Investment Income1 | 1.434 | 2.824 | 2.076 | 2.746 | 2.639 | 2.329 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (4.137) | 16.986 | (10.944) | 2.302 | (7.097) | 9.763 |
Total from Investment Operations | (2.703) | 19.810 | (8.868) | 5.048 | (4.458) | 12.092 |
Distributions | ||||||
Dividends from Net Investment Income | (1.277) | (2.510) | (1.932) | (2.628) | (2.382) | (2.012) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.277) | (2.510) | (1.932) | (2.628) | (2.382) | (2.012) |
Net Asset Value, End of Period | $63.79 | $67.77 | $50.47 | $61.27 | $58.85 | $65.69 |
Total Return | -4.03% | 39.55% | -14.55% | 8.87% | -7.03% | 22.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,781 | $3,061 | $1,325 | $1,264 | $889 | $598 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.22% | 0.28%3 | 0.27% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.27% | 4.29% | 3.81% | 4.59% | 4.06% | 3.73% |
Portfolio Turnover Rate4 | 15% | 18% | 20% | 15% | 10% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.00, $.03, $.01, $.02, and $.04. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.27%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $32.85 | $24.45 | $29.69 | $28.52 | $31.83 | $26.92 |
Investment Operations | ||||||
Net Investment Income1 | .676 | 1.329 | 1.034 | 1.322 | 1.264 | 1.114 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (1.978) | 8.286 | (5.336) | 1.120 | (3.423) | 4.743 |
Total from Investment Operations | (1.302) | 9.615 | (4.302) | 2.442 | (2.159) | 5.857 |
Distributions | ||||||
Dividends from Net Investment Income | (.618) | (1.215) | (.938) | (1.272) | (1.151) | (.947) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.618) | (1.215) | (.938) | (1.272) | (1.151) | (.947) |
Net Asset Value, End of Period | $30.93 | $32.85 | $24.45 | $29.69 | $28.52 | $31.83 |
Total Return3 | -4.01% | 39.59% | -14.59% | 8.83% | -7.00% | 22.04% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $409 | $395 | $267 | $199 | $181 | $168 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.22% | 0.28%4 | 0.27% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 4.15% | 4.19% | 3.99% | 4.57% | 4.06% | 3.73% |
Portfolio Turnover Rate5 | 15% | 18% | 20% | 15% | 10% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $.00, $.00, $.01, $.01, $.01, and $.02. |
3 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.27%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 | 536,984 | — | — | 536,984 |
Common Stocks—Other | 2,759 | 3,619,569 | 1,744 | 3,624,072 |
Temporary Cash Investments | 80,634 | — | — | 80,634 |
Total | 620,377 | 3,619,569 | 1,744 | 4,241,690 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 1,311 | — | 1,311 |
Liabilities | ||||
Futures Contracts1 | 1,945 | — | — | 1,945 |
Forward Currency Contracts | — | 107 | — | 107 |
Total | 1,945 | 107 | — | 2,052 |
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, 2022, 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—Forward Currency Contracts | — | 1,311 | 1,311 |
Total Assets | — | 1,311 | 1,311 |
Unrealized Depreciation—Futures Contracts1 | 1,945 | — | 1,945 |
Unrealized Depreciation—Forward Currency Contracts | — | 107 | 107 |
Total Liabilities | 1,945 | 107 | 2,052 |
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 | (889) | — | (889) |
Forward Currency Contracts | — | 226 | 226 |
Realized Net Gain (Loss) on Derivatives | (889) | 226 | (663) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (2,049) | — | (2,049) |
Forward Currency Contracts | — | 1,061 | 1,061 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (2,049) | 1,061 | (988) |
E. | As of April 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 4,292,774 |
Gross Unrealized Appreciation | 310,650 |
Gross Unrealized Depreciation | (362,475) |
Net Unrealized Appreciation (Depreciation) | (51,825) |
F. | During the six months ended April 30, 2022, the fund purchased $1,595,790,000 of investment securities and sold $597,073,000 of investment securities, other than temporary cash investments. Purchases and sales include $775,323,000 and $37,331,000, 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, 2022 | Year Ended October 31, 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 996,001 | 14,707 | 1,245,225 | 18,913 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (40,356) | (600) | — | — | |
Net Increase (Decrease)—ETF Shares | 955,645 | 14,107 | 1,245,225 | 18,913 | |
Admiral Shares | |||||
Issued1 | 75,535 | 2,296 | 64,421 | 2,021 | |
Issued in Lieu of Cash Distributions | 4,002 | 125 | 6,979 | 221 | |
Redeemed2 | (39,878) | (1,233) | (36,030) | (1,151) | |
Net Increase (Decrease)—Admiral Shares | 39,659 | 1,188 | 35,370 | 1,091 |
1 | Includes purchase fees for fiscal 2022 and 2021 of $189,000 and $162,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2022 and 2021 of $68,000 and $88,000, respectively (fund totals). |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2022, 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. |
Period Ended April 30, 2022 | |||
Advice Select Global Value Fund | Beginning Account Value 11/9/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $914.00 | $1.80 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,021.68 | 1.91 |
United States | 53.5% |
Japan | 9.6 |
United Kingdom | 7.7 |
France | 4.2 |
China | 4.1 |
Spain | 3.8 |
Canada | 3.1 |
South Korea | 3.1 |
Ireland | 2.3 |
India | 2.1 |
Hong Kong | 1.7 |
Denmark | 1.2 |
Germany | 1.0 |
Other | 2.6 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $78,654) | 74,583 |
Affiliated Issuers (Cost $8,129) | 8,129 |
Total Investments in Securities | 82,712 |
Investment in Vanguard | 1 |
Cash | 62 |
Foreign Currency, at Value (Cost $97) | 97 |
Receivables for Investment Securities Sold | 290 |
Receivables for Accrued Income | 116 |
Receivables for Capital Shares Issued | 1,961 |
Total Assets | 85,239 |
Liabilities | |
Payables for Investment Securities Purchased | 5,557 |
Payables for Capital Shares Redeemed | 1 |
Payables to Investment Advisor | 20 |
Payables to Vanguard | 5 |
Total Liabilities | 5,583 |
Net Assets | 79,656 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 83,690 |
Total Distributable Earnings (Loss) | (4,034) |
Net Assets | 79,656 |
Net Assets | |
Applicable to 3,489,937 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 79,656 |
Net Asset Value Per Share | $22.82 |
November 9, 20211 to April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends2 | 268 |
Interest3 | 2 |
Total Income | 270 |
Expenses | |
Investment Advisory Fees—Note B | 25 |
The Vanguard Group—Note C | |
Management and Administrative | — |
Marketing and Distribution | — |
Custodian Fees | 21 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | — |
Professional Fees | 3 |
Total Expenses | 57 |
Expense Reduction—Note D | (8) |
Net Expenses | 49 |
Net Investment Income | 221 |
Realized Net Gain (Loss) | |
Investment Securities Sold3 | (158) |
Foreign Currencies | (7) |
Realized Net Gain (Loss) | (165) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities3 | (4,071) |
Foreign Currencies | (7) |
Change in Unrealized Appreciation (Depreciation) | (4,078) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,022) |
1 | Inception. |
2 | Dividends are net of foreign withholding taxes of $23,000. |
3 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to April 30, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 221 |
Realized Net Gain (Loss) | (165) |
Change in Unrealized Appreciation (Depreciation) | (4,078) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,022) |
Distributions | |
Total Distributions | (12) |
Capital Share Transactions | |
Issued | 85,509 |
Issued in Lieu of Cash Distributions | 12 |
Redeemed | (1,831) |
Net Increase (Decrease) from Capital Share Transactions | 83,690 |
Total Increase (Decrease) | 79,656 |
Net Assets | |
Beginning of Period | — |
End of Period | 79,656 |
1 | Inception. |
November 9, 20211 to April 30, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .202 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.351) |
Total from Investment Operations | (2.149) |
Distributions | |
Dividends from Net Investment Income | (.031) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.031) |
Net Asset Value, End of Period | $22.82 |
Total Return3 | -8.60% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $80 |
Ratio of Total Expenses to Average Net Assets | 0.40% |
Ratio of Net Investment Income to Average Net Assets | 1.78% |
Portfolio Turnover Rate | 42% |
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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 42,255 | — | — | 42,255 |
Common Stocks—Other | 1,647 | 30,681 | — | 32,328 |
Temporary Cash Investments | 8,129 | — | — | 8,129 |
Total | 52,031 | 30,681 | — | 82,712 |
Amount ($000) | |
Tax Cost | 86,929 |
Gross Unrealized Appreciation | 1,475 |
Gross Unrealized Depreciation | (5,692) |
Net Unrealized Appreciation (Depreciation) | (4,217) |
November 9, 20211 to April 30, 2022 | |
Shares (000) | |
Issued | 3,564 |
Issued in Lieu of Cash Distributions | 1 |
Redeemed | (75) |
Net Increase (Decrease) in Shares Outstanding | 3,490 |
1 | Inception. |
• | 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. |
Period Ended April 30, 2022 | |||
Advice Select International Growth Fund | Beginning Account Value 11/9/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $607.20 | $1.59 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,021.58 | 2.00 |
United States | 24.3% |
Netherlands | 19.8 |
China | 17.5 |
France | 10.8 |
Germany | 7.2 |
Sweden | 5.4 |
Italy | 4.8 |
Denmark | 3.4 |
United Kingdom | 3.1 |
Japan | 2.4 |
Canada | 1.3 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $55,355) | 46,410 |
Affiliated Issuers (Cost $4,466) | 4,466 |
Total Investments in Securities | 50,876 |
Investment in Vanguard | 1 |
Receivables for Investment Securities Sold | 1 |
Receivables for Accrued Income | 19 |
Receivables for Capital Shares Issued | 1,298 |
Total Assets | 52,195 |
Liabilities | |
Payables for Investment Securities Purchased | 3,120 |
Payables for Capital Shares Redeemed | 1 |
Payables to Investment Advisor | 14 |
Payables to Vanguard | 3 |
Total Liabilities | 3,138 |
Net Assets | 49,057 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 58,569 |
Total Distributable Earnings (Loss) | (9,512) |
Net Assets | 49,057 |
Net Assets | |
Applicable to 3,230,749 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 49,057 |
Net Asset Value Per Share | $15.18 |
November 9, 20211 to April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends2 | 50 |
Interest3 | 2 |
Total Income | 52 |
Expenses | |
Investment Advisory Fees—Note B | 18 |
The Vanguard Group—Note C | |
Management and Administrative | — |
Marketing and Distribution | — |
Custodian Fees | 13 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | — |
Professional Fees | 3 |
Total Expenses | 42 |
Expense Reduction—Note D | (8) |
Net Expenses | 34 |
Net Investment Income | 18 |
Realized Net Gain (Loss) | |
Investment Securities Sold3 | (574) |
Foreign Currencies | (9) |
Realized Net Gain (Loss) | (583) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities3 | (8,945) |
Foreign Currencies | (2) |
Change in Unrealized Appreciation (Depreciation) | (8,947) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (9,512) |
1 | Inception. |
2 | Dividends are net of foreign withholding taxes of $6,000. |
3 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to April 30, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 18 |
Realized Net Gain (Loss) | (583) |
Change in Unrealized Appreciation (Depreciation) | (8,947) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (9,512) |
Distributions | |
Total Distributions | — |
Capital Share Transactions | |
Issued | 60,806 |
Issued in Lieu of Cash Distributions | — |
Redeemed | (2,237) |
Net Increase (Decrease) from Capital Share Transactions | 58,569 |
Total Increase (Decrease) | 49,057 |
Net Assets | |
Beginning of Period | — |
End of Period | 49,057 |
1 | Inception. |
November 9, 20211 to April 30, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .018 |
Net Realized and Unrealized Gain (Loss) on Investments | (9.838) |
Total from Investment Operations | (9.820) |
Distributions | |
Dividends from Net Investment Income | — |
Distributions from Realized Capital Gains | — |
Total Distributions | — |
Net Asset Value, End of Period | $15.18 |
Total Return3 | -39.28% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $49 |
Ratio of Total Expenses to Average Net Assets | 0.42% |
Ratio of Net Investment Income to Average Net Assets | 0.21% |
Portfolio Turnover Rate | 10% |
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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 11,857 | — | — | 11,857 |
Common Stocks—Other | 2,101 | 32,452 | — | 34,553 |
Temporary Cash Investments | 4,466 | — | — | 4,466 |
Total | 18,424 | 32,452 | — | 50,876 |
Amount ($000) | |
Tax Cost | 60,362 |
Gross Unrealized Appreciation | 455 |
Gross Unrealized Depreciation | (9,941) |
Net Unrealized Appreciation (Depreciation) | (9,486) |
November 9, 20211 to April 30, 2022 | |
Shares (000) | |
Issued | 3,353 |
Issued in Lieu of Cash Distributions | — |
Redeemed | (122) |
Net Increase (Decrease) in Shares Outstanding | 3,231 |
1 | Inception. |
• | 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. |
Period Ended April 30, 2022 | |||
Advice Select Dividend Growth Fund | Beginning Account Value 11/9/2021 | Ending Account Value 4/30/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $984.10 | $2.10 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,021.44 | 2.14 |
Consumer Discretionary | 13.7% |
Consumer Staples | 17.4 |
Financials | 13.0 |
Health Care | 22.2 |
Industrials | 13.9 |
Information Technology | 10.5 |
Materials | 7.5 |
Real Estate | 1.8 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $50,348) | 49,161 |
Affiliated Issuers (Cost $5,213) | 5,213 |
Total Investments in Securities | 54,374 |
Investment in Vanguard | 1 |
Receivables for Accrued Income | 34 |
Receivables for Capital Shares Issued | 935 |
Total Assets | 55,344 |
Liabilities | |
Due to Custodian | 1 |
Payables for Investment Securities Purchased | 3,007 |
Payables for Capital Shares Redeemed | 1 |
Payables to Investment Advisor | 17 |
Payables to Vanguard | 3 |
Total Liabilities | 3,029 |
Net Assets | 52,315 |
At April 30, 2022, net assets consisted of: | |
Paid-in Capital | 53,381 |
Total Distributable Earnings (Loss) | (1,066) |
Net Assets | 52,315 |
Net Assets | |
Applicable to 2,130,493 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 52,315 |
Net Asset Value Per Share | $24.56 |
November 9, 20211 to April 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 129 |
Interest2 | 1 |
Total Income | 130 |
Expenses | |
Investment Advisory Fees—Note B | 21 |
The Vanguard Group—Note C | |
Management and Administrative | 9 |
Marketing and Distribution | — |
Custodian Fees | 5 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | — |
Professional Fees | 3 |
Total Expenses | 46 |
Expense Reduction—Note D | (8) |
Net Expenses | 38 |
Net Investment Income | 92 |
Realized Net Gain (Loss) on Investment Securities Sold2 | 42 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities2 | (1,187) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,053) |
1 | Inception. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,000, less than $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
November 9, 20211 to April 30, 2022 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 92 |
Realized Net Gain (Loss) | 42 |
Change in Unrealized Appreciation (Depreciation) | (1,187) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,053) |
Distributions | |
Total Distributions | (13) |
Capital Share Transactions | |
Issued | 53,966 |
Issued in Lieu of Cash Distributions | 13 |
Redeemed | (598) |
Net Increase (Decrease) from Capital Share Transactions | 53,381 |
Total Increase (Decrease) | 52,315 |
Net Assets | |
Beginning of Period | — |
End of Period | 52,315 |
1 | Inception. |
November 9, 20211 to April 30, 2022 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $25.00 |
Investment Operations | |
Net Investment Income2 | .129 |
Net Realized and Unrealized Gain (Loss) on Investments | (.526) |
Total from Investment Operations | (.397) |
Distributions | |
Dividends from Net Investment Income | (.043) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.043) |
Net Asset Value, End of Period | $24.56 |
Total Return3 | -1.59% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $52 |
Ratio of Total Expenses to Average Net Assets | 0.45% |
Ratio of Net Investment Income to Average Net Assets | 1.09% |
Portfolio Turnover Rate | 13% |
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. |
Amount ($000) | |
Tax Cost | 55,585 |
Gross Unrealized Appreciation | 815 |
Gross Unrealized Depreciation | (2,026) |
Net Unrealized Appreciation (Depreciation) | (1,211) |
November 9, 20211 to April 30, 2022 | |
Shares (000) | |
Issued | 2,153 |
Issued in Lieu of Cash Distributions | 1 |
Redeemed | (24) |
Net Increase (Decrease) in Shares Outstanding | 2,130 |
1 | Inception. |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD Whitehall FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 17, 2022
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 17, 2022
VANGUARD whitehall FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 17, 2022
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on November 29, 2021 (see File Number 33-64845), a Power of Attorney filed on October 12, 2021 (see File Number 33-23444), and a Power of Attorney filed on August 26, 2021 (see file Number 811-02652), 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 17, 2022
/s/ Mortimer J. Buckley | |
Mortimer J. Buckley | |
Chief Executive Officer |
CERTIFICATIONS
I, Christine Buchanan, 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 17, 2022
/s/ Christine Buchanan | |
Christine Buchanan | |
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 17, 2022
/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 her 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 17, 2022
/s/ Christine Buchanan | |
Christine Buchanan | |
Chief Financial Officer |
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