Semiannual Report   |   April 30, 2021
Vanguard Global ex-U.S. Real Estate Index Fund

Contents
About Your Fund’s Expenses

1
Financial Statements

4
Trustees Approve Advisory Arrangement

36
Liquidity Risk Management

38

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

Six Months Ended April 30, 2021      
Global ex-U.S. Real Estate Index Fund Beginning
Account Value
10/31/2020
Ending
Account Value
4/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
ETF Shares $1,000.00 $1,228.70 $0.66
Admiral™ Shares 1,000.00 1,228.80 0.66
Institutional Shares 1,000.00 1,228.60 0.61
Based on Hypothetical 5% Yearly Return      
ETF Shares $1,000.00 $1,024.20 $0.60
Admiral Shares 1,000.00 1,024.20 0.60
Institutional Shares 1,000.00 1,024.25 0.55
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.12% for ETF Shares, 0.12% for Admiral Shares, and 0.11% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

Global ex-U.S. Real Estate Index Fund
Fund Allocation
As of April 30, 2021
Diversified Real Estate Activities 16.7%
Diversified REITs 11.7
Health Care REITs 1.2
Hotel & Resort REITs 0.9
Industrial REITs 9.7
Office REITs 7.6
Other 0.5
Real Estate Development 16.2
Real Estate Operating Companies 20.4
Residential REITs 3.0
Retail REITs 11.1
Specialized REITs 1.0
The table reflects the fund’s investments, except short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
3

Global ex-U.S. Real Estate Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value

($000)
Common Stocks (98.9%)
Australia (9.1%)
  Goodman Group   8,173,004   119,183
  Scentre Group  25,232,672    52,812
  Stockland  11,604,347    41,818
  Dexus   5,283,047    41,471
  Mirvac Group  19,152,072    39,683
  GPT Group   9,470,769    33,709
  Lendlease Corp. Ltd.   3,342,874    32,666
  Charter Hall Group   2,263,569    24,452
  Vicinity Centres  18,824,470    23,005
  Shopping Centres Australasia Property Group   5,278,150    10,144
  Charter Hall Long Wale REIT   2,492,988     9,388
  BWP Trust   2,368,328     7,538
  Waypoint REIT   3,787,026     7,278
  Charter Hall Retail REIT   2,477,477     7,103
  National Storage REIT   4,542,129     7,045
  Cromwell Property Group   9,249,894     6,233
  Centuria Industrial REIT   2,249,876     6,027
  Ingenia Communities Group   1,427,549     5,815
  Lifestyle Communities Ltd.     454,652     4,899
  Centuria Capital Group   2,370,353     4,865
  Abacus Property Group   1,912,136     4,459
  Growthpoint Properties Australia Ltd.   1,421,718     4,108
  Aventus Group   1,791,572     4,096
  Arena REIT   1,636,367     4,077
  Charter Hall Social Infrastructure REIT   1,568,159     3,926
  Home Consortium Ltd.     888,152     3,418
  Rural Funds Group   1,683,952     3,157
  Centuria Office REIT   1,846,437     3,131
1 Irongate Group   2,585,845     2,781
  GDI Property Group   2,565,560     2,104
  Hotel Property Investments     845,158     2,004
  APN Industria REIT     716,392     1,705
  Cedar Woods Properties Ltd.     297,945     1,682
  HomeCo Daily Needs REIT   1,546,827     1,558
  HomeCo Daily Needs REIT (XASX)     656,083       662
* HomeCo Daily Needs REIT Rights Exp. 5/7/21     656,083        —
        528,002
4

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
Austria (0.5%)
  CA Immobilien Anlagen AG     345,446    15,138
* IMMOFINANZ AG     467,077     9,719
  S IMMO AG     203,756     5,290
         30,147
Belgium (1.8%)
  Warehouses De Pauw CVA     662,205    23,355
  Cofinimmo SA     138,548    21,241
  Aedifica SA     160,508    19,608
  VGP NV      36,984     6,456
  Shurgard Self Storage SA     119,711     5,569
* Montea CVA      48,959     5,365
  Befimmo SA     125,511     5,336
* Xior Student Housing NV      81,924     4,578
  Retail Estates NV      53,599     4,121
  Care Property Invest NV     125,120     3,793
* Intervest Offices & Warehouses NV     110,310     2,945
1 Immobel SA      14,111     1,113
        103,480
Brazil (0.4%)
* BR Malls Participacoes SA   3,781,013     6,626
  Multiplan Empreendimentos Imobiliarios SA   1,348,544     5,717
  Aliansce Sonae Shopping Centers SA     660,567     3,122
  Iguatemi Empresa de Shopping Centers SA     422,086     2,859
  JHSF Participacoes SA   1,454,500     1,829
  BR Properties SA     985,425     1,627
  LOG Commercial Properties e Participacoes SA     207,228     1,126
  Jereissati Participacoes SA     180,000       889
  Lavvi Empreendimentos Imobiliarios Ltda     455,700       720
  Cyrela Commercial Properties SA Empreendimentos e Participacoes     279,050       629
*,2 Mitre Realty Empreendimentos E Participacoes LTDA     251,200       584
* Moura Dubeux Engenharia SA     272,900       454
         26,182
Canada (2.5%)
1 Canadian Apartment Properties REIT     407,563    18,118
1 RioCan REIT     754,037    12,895
1 Allied Properties REIT     301,282    10,454
1 Tricon Capital Group Inc.     941,822     9,992
  Granite REIT     146,096     9,353
1 Choice Properties REIT     767,710     8,707
  H&R REIT     681,960     8,450
1 SmartCentres REIT     343,809     8,005
  First Capital REIT     526,471     7,586
1 Summit Industrial Income REIT     399,300     5,071
1 NorthWest Healthcare Properties REIT     457,702     4,863
1 Dream Industrial REIT     404,891     4,490
1 InterRent REIT     330,273     4,124
1 Killam Apartment REIT     246,011     3,791
  Cominar REIT     439,175     3,487
1 WPT Industrial REIT     206,027     3,445
1 CT REIT     252,165     3,395
1 Boardwalk REIT     113,244     3,378
1 Crombie REIT     227,795     3,034
  Artis REIT     319,062     2,822
5

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
1 Dream Office REIT     119,848     2,060
2 Minto Apartment REIT      87,644     1,557
  Morguard North American Residential REIT      95,409     1,219
1 Slate Grocery REIT     111,951     1,130
1 True North Commercial REIT     193,472     1,121
  Automotive Properties REIT      90,143       874
  Plaza Retail REIT     230,889       740
1 Slate Office REIT     163,474       581
        144,742
Chile (0.2%)
  Parque Arauco SA   3,315,379     5,146
  Cencosud Shopping SA   2,330,180     3,803
  Plaza SA   1,442,066     2,435
         11,384
China (11.1%)
  China Resources Land Ltd.  13,854,446    64,868
2 Longfor Group Holdings Ltd.   7,945,008    49,350
  Sunac China Holdings Ltd.  12,237,278    47,466
  China Overseas Land & Investment Ltd.  18,081,710    45,762
  Country Garden Holdings Co.  35,318,163    41,986
* China Vanke Co. Ltd. Class H   8,856,483    30,970
  Wharf Holdings Ltd.   7,424,652    22,520
* China Vanke Co. Ltd. Class A   4,114,642    17,889
  Shimao Group Holdings Ltd.   6,022,164    17,395
  CIFI Holdings Group Co. Ltd.  18,380,000    16,421
* China Evergrande Group   9,000,921    15,189
  Hopson Development Holdings Ltd.   3,160,710    12,396
  Agile Group Holdings Ltd.   7,019,409    10,966
* Franshion Properties of China Ltd.  27,287,054    10,338
* Poly Developments and Holdings Group Co. Ltd. Class A   4,652,393    10,038
  Guangzhou R&F Properties Co. Ltd. Class H   7,685,013     9,809
* Seazen Group Ltd.   8,764,000     9,341
  Kwg Group Holdings Ltd.   5,728,658     9,178
  Powerlong Real Estate Holdings Ltd.   7,054,139     7,416
  Yuexiu Property Co. Ltd.  30,331,094     7,012
  Zhenro Properties Group Ltd.   9,620,000     6,489
  Logan Group Co. Ltd.   4,056,984     6,444
  China Aoyuan Group Ltd.   5,924,000     6,148
* Seazen Holdings Co. Ltd. Class A     879,482     6,110
* China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A   3,075,607     5,514
*,1 Kaisa Group Holdings Ltd.  12,340,857     5,356
  China Overseas Grand Oceans Group Ltd.   8,253,079     5,257
* Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B   5,774,014     5,208
  Times China Holdings Ltd.   3,583,000     5,100
  Shenzhen Investment Ltd.  13,102,201     4,794
  Greentown China Holdings Ltd.   3,766,814     4,519
*,1,2 China Logistics Property Holdings Co. Ltd.   7,685,000     4,368
  China SCE Group Holdings Ltd.   8,029,766     3,757
  Gemdale Properties & Investment Corp. Ltd.  26,686,000     3,744
  Yuexiu REIT   7,389,516     3,717
* KWG Living Group Holdings Ltd.   3,608,632     3,698
  Sino-Ocean Group Holding Ltd.  15,327,829     3,405
* Gemdale Corp. Class A   1,752,740     3,177
  Jiayuan International Group Ltd.   6,102,000     2,809
* SOHO China Ltd.   9,289,545     2,803
6

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
* Shui On Land Ltd.  16,961,038     2,791
  Poly Property Group Co. Ltd.   9,593,048     2,738
  Zhuguang Holdings Group Co. Ltd.   9,408,000     2,692
1 Shoucheng Holdings Ltd.  11,686,000     2,659
1,2 Midea Real Estate Holding Ltd.   1,139,416     2,592
* C&D International Investment Group Ltd.   1,264,000     2,523
  Yuzhou Group Holdings Co. Ltd.   9,040,470     2,509
  China South City Holdings Ltd.  21,020,111     2,215
*,2 Red Star Macalline Group Corp. Ltd. Class H   3,755,636     2,122
* Jinke Properties Group Co. Ltd. Class A   2,071,705     2,108
1 Zhongliang Holdings Group Co. Ltd.   3,048,000     2,038
*,1 Ronshine China Holdings Ltd.   2,829,500     1,974
  Central China Real Estate Ltd.   3,459,000     1,903
1 Zensun Enterprises Ltd.  25,650,000     1,847
  Skyfame Realty Holdings Ltd.  14,497,012     1,826
* Radiance Holdings Group Co. Ltd.   2,942,000     1,776
* Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A     602,190     1,687
*,1,2 Redco Properties Group Ltd.   4,560,000     1,650
* Shanghai Lingang Holdings Corp. Ltd. Class A     517,466     1,645
*,1 LVGEM China Real Estate Investment Co. Ltd.   5,794,000     1,645
* Jiangsu Zhongnan Construction Group Co. Ltd. Class A   1,482,664     1,619
* Xinhu Zhongbao Co. Ltd. Class A   3,308,781     1,572
1 Sinic Holdings Group Co. Ltd. Class H   3,048,000     1,568
* RiseSun Real Estate Development Co. Ltd. Class A   1,642,675     1,561
  Redsun Properties Group Ltd.   4,592,000     1,535
* Dexin China Holdings Co. Ltd.   3,745,000     1,462
  Road King Infrastructure Ltd.   1,090,000     1,448
* Yango Group Co. Ltd. Class A   1,589,611     1,405
  Greenland Hong Kong Holdings Ltd.   3,893,000     1,353
* Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B   1,415,021     1,301
* China Fortune Land Development Co. Ltd. Class A   1,505,232     1,295
* Suning Universal Co. Ltd. Class A   1,181,989     1,246
*,3 Yida China Holdings Ltd.   4,361,350     1,225
*,1 Ganglong China Property Group Ltd.   2,066,000     1,178
  Joy City Property Ltd.  17,561,500     1,084
* Financial Street Holdings Co. Ltd. Class A   1,128,560     1,079
  China Merchants Commercial REIT   3,075,000     1,067
* Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A     632,790     1,063
1 Huijing Holdings Co. Ltd.   3,982,000       996
  China Merchants Land Ltd.   6,592,000       965
  Shanghai Industrial Urban Development Group Ltd.   9,060,799       932
  DaFa Properties Group Ltd.   1,124,970       928
* Lushang Health Industry Development Co. Ltd. Class A     373,700       926
* Yincheng International Holding Co. Ltd.   2,464,000       895
* Beijing Capital Land Ltd. Class H   6,690,551       894
* China Enterprise Co. Ltd. Class A   1,755,268       878
* Beijing Capital Development Co. Ltd. Class A     983,312       848
  JY Grandmark Holdings Ltd.   2,079,000       839
* Gree Real Estate Co. Ltd. Class A     806,611       837
* Shanghai Lingang Holdings Corp. Ltd. Class B     662,222       822
* Shanghai Shimao Co. Ltd. Class A   1,271,668       821
* Shanghai Wanye Enterprises Co. Ltd. Class A     370,400       820
* Hangzhou Binjiang Real Estate Group Co. Ltd. Class A   1,203,511       818
* Fantasia Holdings Group Co. Ltd.   6,370,443       817
* Huafa Industrial Co. Ltd. Zhuhai Class A     794,300       771
7

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
  Beijing North Star Co. Ltd. Class H   3,974,000       730
* C&D Property Management Group Co. Ltd.   1,212,000       724
* Jingrui Holdings Ltd.   2,479,000       722
* Shanghai Shibei Hi-Tech Co. Ltd. Class B   2,365,662       715
* Sichuan Languang Development Co. Ltd. Class A   1,168,716       701
* Grandjoy Holdings Group Co. Ltd. Class A   1,231,520       694
  Xinji Shaxi Group Co. Ltd.   3,588,000       605
2 China Vast Industrial Urban Development Co. Ltd.   1,378,000       537
* Cinda Real Estate Co. Ltd. Class A     956,383       536
* China World Trade Center Co. Ltd. Class A     239,272       515
* Shanghai Industrial Development Co. Ltd. Class A     704,000       510
* Shenzhen SEG Co. Ltd. Class A     553,900       500
* Silver Grant International Holdings Group Ltd.   5,952,000       498
* Greattown Holdings Ltd. Class A     839,800       470
* Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A     233,352       440
* Shenzhen Zhenye Group Co. Ltd. Class A     518,000       431
* Chongqing Dima Industry Co. Ltd. Class A     981,153       412
* Tahoe Group Co. Ltd. Class A     962,079       383
* Tianjin Guangyu Development Co. Ltd. Class A     349,004       292
* Myhome Real Estate Development Group Co. Ltd. Class A     957,573       265
* Macrolink Culturaltainment Development Co. Ltd. Class A     721,692       265
* Rongan Property Co. Ltd. Class A     617,700       263
* Everbright Jiabao Co. Ltd. Class A     566,700       263
  Guorui Properties Ltd.   4,973,000       256
* Beijing North Star Co. Ltd. Class A     640,819       225
* China-Singapore Suzhou Industrial Park Development Group Co. Ltd. Class A     133,400       204
* Shanghai Shibei Hi-Tech Co. Ltd. Class A     185,600       156
* Red Star Macalline Group Corp. Ltd. Class A      88,529       125
* Shenzhen SEG Co. Ltd. Class B     427,531       114
        643,086
Egypt (0.1%)
  Talaat Moustafa Group   4,701,589     1,702
  Six of October Development & Investment   1,282,154     1,383
  Medinet Nasr Housing   4,019,164       867
  Palm Hills Developments SAE   6,923,493       708
  Heliopolis Housing   1,835,570       542
* Emaar Misr for Development SAE   2,874,736       413
          5,615
Finland (0.0%)
*,1 Citycon Oyj     311,464     2,735
France (3.0%)
* Unibail-Rodamco-Westfield     672,835    55,409
  Gecina SA     263,710    38,601
  Klepierre SA     974,369    25,861
  Covivio     234,380    20,909
  Nexity SA     231,098    12,524
1 ICADE     152,201    11,844
  Carmila SA     228,790     3,841
* Altarea SCA      17,762     3,582
1 Mercialys SA     192,372     2,462
        175,033
Germany (7.8%)
1 Vonovia SE   2,751,343   180,776
  Deutsche Wohnen SE   1,749,637    94,653
8

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
  LEG Immobilien SE (XETR)     350,239    48,731
  Aroundtown SA   5,826,564    44,865
* TAG Immobilien AG     711,454    22,002
  alstria office REIT-AG     860,876    15,414
2 ADLER Group SA     416,994    12,316
  Grand City Properties SA     453,506    12,194
*,2 Instone Real Estate Group AG     225,243     6,697
  Deutsche EuroShop AG     244,068     5,634
  DIC Asset AG     219,321     3,912
1 Hamborner REIT AG     348,865     3,825
        451,019
Greece (0.1%)
* LAMDA Development SA     332,853     2,993
Hong Kong (9.7%)
  Sun Hung Kai Properties Ltd.   7,452,941   112,110
  Link REIT  10,109,389    95,362
  CK Asset Holdings Ltd.  11,835,875    74,100
  Wharf Real Estate Investment Co. Ltd.   8,417,652    48,376
  New World Development Co. Ltd.   6,924,000    36,640
  Henderson Land Development Co. Ltd.   6,562,936    29,170
  Hongkong Land Holdings Ltd.   5,663,012    28,005
  Hang Lung Properties Ltd.   8,984,932    24,513
  Sino Land Co. Ltd.  15,326,022    22,761
*,2 ESR Cayman Ltd.   4,919,400    16,801
  Swire Properties Ltd.   5,140,000    15,339
  Hysan Development Co. Ltd.   2,924,655    11,010
  Hang Lung Group Ltd.   4,172,103    10,945
  Kerry Properties Ltd.   2,895,832     9,757
  Fortune REIT   6,978,861     7,033
  Great Eagle Holdings Ltd.   1,654,000     5,825
  Champion REIT   9,569,512     5,558
  K Wah International Holdings Ltd.   6,991,338     3,479
  Sunlight REIT   5,066,400     2,786
  Prosperity REIT   6,215,649     2,070
  Far East Consortium International Ltd.   5,267,000     1,863
  Chinese Estates Holdings Ltd.   2,302,952     1,139
        564,642
India (0.9%)
* Godrej Properties Ltd.     568,736    10,483
  DLF Ltd.   3,015,929    10,043
  Embassy Office Parks REIT   1,940,200     8,182
* Phoenix Mills Ltd.     453,045     4,375
*,2 Mindspace Business Parks REIT   1,065,600     4,306
* Oberoi Realty Ltd.     566,826     4,183
* Prestige Estates Projects Ltd.     608,376     2,228
* Brigade Enterprises Ltd.     481,715     1,624
* Indiabulls Real Estate Ltd.   1,397,193     1,454
  Sobha Ltd.     173,716     1,137
  Sunteck Realty Ltd.     239,231       859
* NESCO Ltd.     110,219       740
* Hemisphere Properties India Ltd.     347,497       613
         50,227
9

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
Indonesia (0.3%)
* Bumi Serpong Damai Tbk PT  43,623,027     3,545
  Ciputra Development Tbk PT  42,761,591     3,365
* Pakuwon Jati Tbk PT  72,433,428     2,654
* Summarecon Agung Tbk PT  37,107,800     2,485
* Lippo Karawaci Tbk PT 163,429,949     2,418
*,3 Hanson International Tbk PT 444,252,900     1,538
* Pollux Properti Indonesia Tbk PT   6,054,500     1,097
* Alam Sutera Realty Tbk PT  56,562,197       774
  Puradelta Lestari Tbk PT  43,532,600       728
* Dms Propertindo Tbk  11,141,600       242
*,3 Armidian Karyatama Tbk PT  34,315,100       119
*,3 Modernland Realty Tbk PT      67,400        —
         18,965
Ireland (0.1%)
  Hibernia REIT plc   3,209,804     4,388
  Irish Residential Properties REIT plc   2,088,096     4,083
          8,471
Israel (1.5%)
  Azrieli Group Ltd.     176,595    12,392
  Alony Hetz Properties & Investments Ltd.     710,948    10,225
  Mivne Real Estate KD Ltd.   2,880,496     7,900
  Bayside Land Corp. Ltd.     733,922     6,725
* Melisron Ltd.     101,335     6,118
  Amot Investments Ltd.     881,745     5,749
* Big Shopping Centers Ltd.      46,499     5,604
* Airport City Ltd.     314,084     5,215
  REIT 1 Ltd.     861,926     4,566
  Mega Or Holdings Ltd.     109,414     3,621
* Summit Real Estate Holdings Ltd.     170,049     2,770
  Sella Capital Real Estate Ltd.     953,371     2,429
  Gazit-Globe Ltd.     332,462     2,166
* AFI Properties Ltd.      48,788     2,019
  Israel Canada T.R Ltd.     504,480     1,911
  YH Dimri Construction & Development Ltd.      30,286     1,799
  Blue Square Real Estate Ltd.      23,825     1,749
  Isras Investment Co. Ltd.       7,862     1,716
  Property & Building Corp. Ltd.      10,109     1,205
* Brack Capital Properties NV      10,411       972
  Ashtrom Group Ltd.           1        —
         86,851
Italy (0.0%)
* Immobiliare Grande Distribuzione SIIQ SPA     275,452     1,305
Japan (21.8%)
  Mitsubishi Estate Co. Ltd.   6,760,645   111,273
  Mitsui Fudosan Co. Ltd.   4,691,957   102,000
  Daiwa House Industry Co. Ltd.   3,239,074    96,046
  Sumitomo Realty & Development Co. Ltd.   2,314,567    77,262
  Nippon Building Fund Inc.       8,026    52,675
  Japan Real Estate Investment Corp.       6,726    41,689
  Nippon Prologis REIT Inc.      12,523    40,130
  Nomura Real Estate Master Fund Inc.      22,879    36,150
  Daito Trust Construction Co. Ltd.     335,125    35,635
* GLP J-REIT      21,096    35,389
10

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
  Japan Metropolitan Fund Investment      33,995    33,501
  Hulic Co. Ltd.   2,419,348    27,601
  Daiwa House REIT Investment Corp.       9,686    25,941
  Orix JREIT Inc.      13,413    23,660
  United Urban Investment Corp.      15,175    22,654
  Advance Residence Investment Corp.       6,731    21,437
  Japan Prime Realty Investment Corp.       4,635    18,815
  Industrial & Infrastructure Fund Investment Corp.      10,044    18,187
* Sekisui House REIT Inc.      20,780    17,291
  Tokyu Fudosan Holdings Corp.   2,938,444    16,355
  Activia Properties Inc.       3,381    15,590
*,1 Kenedix Office Investment Corp.       2,090    15,390
  Tokyo Tatemono Co. Ltd.   1,014,483    15,020
  Nippon Accommodations Fund Inc.       2,449    14,528
  Nomura Real Estate Holdings Inc.     580,429    14,309
* LaSalle Logiport REIT       8,647    14,033
* Mitsui Fudosan Logistics Park Inc.       2,454    12,701
  Japan Logistics Fund Inc.       4,410    12,611
  Japan Hotel REIT Investment Corp.      21,726    12,442
  Mori Hills REIT Investment Corp.       7,847    11,383
  Invincible Investment Corp.      29,677    10,665
  Daiwa Securities Living Investments Corp.      10,361    10,633
  Daiwa Office Investment Corp.       1,469    10,615
  Frontier Real Estate Investment Corp.       2,347    10,254
  AEON REIT Investment Corp.       7,418    10,200
  Comforia Residential REIT Inc.       3,062     9,812
*,1 NTT UD REIT Investment Corp.       6,407     9,499
  Kenedix Residential Next Investment Corp.       4,599     9,486
  Hulic REIT Inc.       5,673     9,054
  Japan Excellent Inc.       6,266     8,762
  NIPPON REIT Investment Corp.       2,195     8,517
* Invesco Office J-REIT Inc.      43,238     7,976
* Mitsubishi Estate Logistics REIT Investment Corp.       1,884     7,793
  Aeon Mall Co. Ltd.     481,283     7,640
  Tokyu REIT Inc.       4,498     7,630
  Katitas Co. Ltd.     245,892     7,366
  Mori Trust Sogo REIT Inc.       4,671     6,731
  Kenedix Retail REIT Corp.       2,587     6,626
* Ichigo Office REIT Investment Corp.       7,461     6,512
  Heiwa Real Estate REIT Inc.       4,252     6,407
*,1 Hoshino Resorts REIT Inc.       1,087     6,380
  Fukuoka REIT Corp.       3,494     5,728
  Heiwa Real Estate Co. Ltd.     160,832     5,477
  Global One Real Estate Investment Corp.       4,648     5,379
  Hankyu Hanshin REIT Inc.       3,393     4,755
  Star Asia Investment Corp.       8,215     4,206
  Starts Corp. Inc.     158,300     3,877
  SOSiLA Logistics REIT Inc.       2,970     3,877
  Ichigo Inc.   1,175,800     3,675
* Mirai Corp.       8,152     3,660
  CRE Logistics REIT Inc.       2,168     3,588
* Itochu Advance Logistics Investment Corp.       2,702     3,479
  One REIT Inc.       1,183     3,320
  Daibiru Corp.     282,057     3,300
  SAMTY Co. Ltd.     166,200     3,044
11

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
*,1 Samty Residential Investment Corp.       2,718     2,936
  Keihanshin Building Co. Ltd.     210,200     2,866
  Takara Leben Real Estate Investment Corp.       2,229     2,365
* Starts Proceed Investment Corp.       1,075     2,234
*,1 Tosei REIT Investment Corp.       1,664     2,039
1 Sankei Real Estate Inc.       1,763     1,967
  Mori Trust Hotel REIT Inc.       1,554     1,940
* Health Care & Medical Investment Corp.       1,527     1,904
1 ESCON Japan REIT Investment Corp.       1,418     1,697
  TOC Co. Ltd.     253,729     1,649
  Shinoken Group Co. Ltd.     130,200     1,393
  Tosei Corp.     139,800     1,384
  Takara Leben Co. Ltd.     412,252     1,322
*,1 SRE Holdings Corp.      24,900     1,213
  Goldcrest Co. Ltd.      82,240     1,194
  Xymax Reit Investment Corp.       1,052     1,100
* Leopalace21 Corp.     763,150     1,054
  Sun Frontier Fudousan Co. Ltd.     120,500     1,052
  Ichigo Hotel REIT Investment Corp.       1,274       998
1 Ooedo Onsen REIT Investment Corp.       1,202       904
  Nippon Commercial Development Co. Ltd.      54,100       830
* Marimo Regional Revitalization REIT Inc.         652       771
  Japan Property Management Center Co. Ltd.      64,700       754
1 Star Mica Holdings Co. Ltd.      55,600       560
  Dear Life Co. Ltd.     123,300       537
  Tokyo Rakutenchi Co. Ltd.      12,700       496
* Prospect Co. Ltd.   1,654,200       485
      1,265,265
Kuwait (0.0%)
* National Real Estate Co. KPSC   3,940,835     2,379
Malaysia (0.5%)
  KLCCP Stapled Group   3,008,570     5,097
  Sunway REIT   9,861,034     3,609
  IGB REIT   7,676,800     3,278
  IOI Properties Group Bhd.   9,490,100     3,170
  Axis REIT   5,176,900     2,488
  Mah Sing Group Bhd.   7,697,825     1,931
  Sime Darby Property Bhd.  11,323,800     1,836
  Matrix Concepts Holdings Bhd.   2,962,128     1,373
* UOA Development Bhd.   3,056,300     1,372
* SP Setia Bhd. Group   5,144,100     1,293
  YNH Property Bhd.   1,884,900     1,269
  Pavilion REIT   3,678,900     1,248
* Eco World Development Group Bhd. (XKLS)   5,493,200       832
  YTL Hospitality REIT   3,529,300       746
* UEM Sunrise Bhd.   6,102,965       632
  Eastern & Oriental Bhd.   3,902,997       571
* Sunway Bhd. Warrants Exp. 10/3/24   1,339,862       129
* Eco World Development Group Bhd.     450,320         9
         30,883
Mexico (0.8%)
  Fibra Uno Administracion SA  14,360,185    17,730
  Corp. Inmobiliaria Vesta SAB de CV   3,239,217     6,313
  PLA Administradora Industrial S de RL de CV   3,846,800     5,855
12

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
  Prologis Property Mexico SA de CV   2,253,553     4,831
* Concentradora Fibra Danhos SA de CV   4,004,992     4,729
2 Macquarie Mexico Real Estate Management SA de CV   3,704,080     4,396
         43,854
Netherlands (0.2%)
  Eurocommercial Properties NV GDR     175,248     4,533
  NSI NV      84,811     3,448
  Wereldhave NV     194,753     3,365
  Vastned Retail NV      94,120     2,824
         14,170
New Zealand (0.5%)
  Goodman Property Trust   5,353,950     8,534
  Kiwi Property Group Ltd.   7,605,066     6,901
  Precinct Properties New Zealand Ltd.   5,250,490     6,188
  Argosy Property Ltd.   4,092,658     4,344
  Vital Healthcare Property Trust   1,878,079     3,944
         29,911
Norway (0.3%)
2 Entra ASA     814,925    18,404
  Selvaag Bolig ASA     220,564     1,619
         20,023
Other (0.5%)4
5 Vanguard Real Estate ETF     267,714    26,525
Philippines (1.2%)
  SM Prime Holdings Inc.  54,751,707    39,132
  Ayala Land Inc.  28,663,960    19,123
  Megaworld Corp.  59,176,100     3,864
  Robinson's Land Corp.   9,908,872     3,366
  AREIT Inc.   1,991,500     1,418
  Vista Land & Lifescapes Inc.  14,980,178     1,094
  Filinvest Land Inc.  42,471,000       961
* DoubleDragon Properties Corp.   3,453,460       917
         69,875
Poland (0.1%)
* EPP NV   2,464,219     2,005
  Develia SA   2,208,332     1,777
          3,782
Qatar (0.3%)
  Barwa Real Estate Co.   9,305,243     8,257
* Ezdan Holding Group QSC   7,769,721     3,716
  United Development Co. QSC   8,490,478     3,697
         15,670
Russia (0.1%)
  LSR Group PJSC GDR (Registered)   1,176,784     2,419
  Etalon Group plc GDR (Registered)     932,993     1,516
          3,935
Saudi Arabia (0.5%)
* Dar Al Arkan Real Estate Development Co.   2,586,176     7,110
* Emaar Economic City   2,033,860     5,805
  Arabian Centres Co. Ltd.     512,544     3,388
  Arriyadh Development Co.     426,102     2,563
  Jadwa REIT Saudi Fund     586,435     2,406
13

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
* Saudi Real Estate Co.     411,284     2,106
  Al Rajhi REIT     580,080     1,566
  Derayah REIT     425,366     1,348
  Riyad REIT Fund     535,340     1,313
* Alandalus Property Co.     168,343     1,163
  Musharaka Real Estate Income Fund     241,344       655
  Alahli REIT Fund 1     212,473       555
         29,978
Singapore (5.8%)
  Ascendas REIT  15,375,784    35,831
  CapitaLand Integrated Commercial Trust  22,054,476    35,582
  CapitaLand Ltd.  12,131,038    33,817
  Mapletree Logistics Trust  14,131,518    21,093
  Mapletree Commercial Trust  10,618,441    17,419
  Mapletree Industrial Trust   8,068,439    17,117
  Frasers Logistics & Commercial Trust  12,898,652    14,214
  City Developments Ltd.   2,246,990    13,292
  UOL Group Ltd.   2,294,778    13,241
  Keppel DC REIT   6,196,294    12,509
  Suntec REIT  10,456,727    11,983
  Frasers Centrepoint Trust   6,457,440    11,767
  Keppel REIT   9,426,915     8,773
  Mapletree North Asia Commercial Trust  10,050,066     8,233
  Ascott Residence Trust   9,008,922     7,157
  Parkway Life REIT   1,877,755     5,882
  Manulife U.S. REIT   6,894,210     5,236
  CapitaLand China Trust   4,717,508     4,886
  Cromwell European REIT   7,046,700     4,031
  Ascendas India Trust   3,527,200     3,758
  ESR-REIT  11,633,590     3,625
  OUE Commercial REIT  11,742,667     3,570
  CDL Hospitality Trusts   3,683,306     3,455
  Wing Tai Holdings Ltd.   2,322,100     3,346
  SPH REIT   4,854,000     3,229
  ARA LOGOS Logistics Trust   5,464,931     3,177
  Yanlord Land Group Ltd.   2,864,204     2,860
  Starhill Global REIT   6,701,068     2,838
  Lendlease Global Commercial REIT   4,291,500     2,624
  Keppel Pacific Oak U.S. REIT   3,225,000     2,402
  AIMS APAC REIT   2,217,276     2,333
  Far East Hospitality Trust   4,763,292     2,250
  Prime U.S. REIT   2,266,800     1,959
  Sasseur REIT   2,491,800     1,732
  Frasers Hospitality Trust   3,652,300     1,521
* OUE Ltd.   1,348,500     1,488
* Lippo Malls Indonesia Retail Trust  24,635,855     1,277
  First REIT   6,444,926     1,257
  IREIT Global   2,446,853     1,185
  Sabana Shari'ah Compliant Industrial REIT   3,664,772     1,156
  Chip Eng Seng Corp. Ltd.   2,354,875       865
  Oxley Holdings Ltd.   3,639,700       696
  EC World REIT   1,254,800       693
*,3 Eagle Hospitality Trust   2,602,300       357
        335,716
14

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
South Africa (1.2%)
  Growthpoint Properties Ltd.  16,656,315    16,670
  NEPI Rockcastle plc   1,950,900    13,137
* Redefine Properties Ltd.  26,495,138     7,896
  Fortress REIT Ltd. Class A   5,805,696     5,913
  Resilient REIT Ltd.   1,414,682     4,880
  Equites Property Fund Ltd.   2,983,066     4,164
  Vukile Property Fund Ltd.   4,212,290     3,236
  Hyprop Investments Ltd.   1,439,182     3,020
1 Investec Property Fund Ltd.   2,685,002     2,038
  Stor-Age Property REIT Ltd.   2,113,770     2,033
  SA Corporate Real Estate Ltd.  12,689,467     1,859
* Attacq Ltd.   3,667,390     1,849
  Emira Property Fund Ltd.   2,120,312     1,452
  Arrowhead Properties Ltd. Class B   4,615,924     1,053
* Fortress REIT Ltd. Class B   3,743,412       866
         70,066
South Korea (0.2%)
  LOTTE REIT Co. Ltd.     593,519     2,884
  JR REIT XXVII     535,921     2,452
  Mirae Asset Maps Asia Pacific Real Estate 1 Investment     400,358     1,755
  Korea Real Estate Investment & Trust Co. Ltd.     707,323     1,469
  Shinhan Alpha REIT Co. Ltd.     198,560     1,450
  SK D&D Co. Ltd.      36,776     1,207
  Koramco Energy Plus REIT     165,973       856
  IGIS Value Plus REIT Co. Ltd.     121,646       543
         12,616
Spain (0.6%)
  Merlin Properties Socimi SA   1,622,655    17,934
  Inmobiliaria Colonial Socimi SA   1,232,747    12,506
*,2 Aedas Homes SA      90,803     2,344
*,2 Metrovacesa SA     222,851     2,040
  Lar Espana Real Estate Socimi SA     300,416     1,937
         36,761
Sweden (3.3%)
  Castellum AB   1,186,199    28,886
* Fastighets AB Balder Class B     495,664    28,559
  Fabege AB   1,321,843    19,708
* Wallenstam AB Class B   1,003,823    15,514
1 Samhallsbyggnadsbolaget i Norden AB   4,041,585    15,373
1 Wihlborgs Fastigheter AB     650,749    13,303
  Nyfosa AB     844,740    10,162
  Kungsleden AB     869,050    10,104
  Hufvudstaden AB Class A     574,302     9,154
  Catena AB     128,149     6,194
  Klovern AB Class B   3,181,612     6,158
  Atrium Ljungberg AB Class B     225,691     4,727
  Cibus Nordic Real Estate AB     195,212     4,124
* Dios Fastigheter AB     417,728     3,976
* Platzer Fastigheter Holding AB Class B     291,166     3,807
  NP3 Fastigheter AB     142,454     2,616
  Samhallsbyggnadsbolaget i Norden AB Class D     693,248     2,468
  Sagax AB Class D     580,792     2,254
  Akelius Residential Property AB Class D   1,061,493     2,068
15

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
* K-fast Holding AB Class B      51,066     1,861
* Annehem Fastigheter AB Class B     187,644       657
* WastBygg AB      42,578       537
        192,210
Switzerland (1.5%)
  Swiss Prime Site AG (Registered)     368,765    35,888
  PSP Swiss Property AG (Registered)     204,834    25,276
  Allreal Holding AG (Registered)      68,894    13,944
  Mobimo Holding AG (Registered)      32,057    10,187
  Intershop Holding AG       6,196     4,145
         89,440
Taiwan (0.8%)
* Ruentex Development Co. Ltd.   4,835,986     9,171
* Highwealth Construction Corp.   5,064,598     8,190
  Huaku Development Co. Ltd.   1,146,854     3,885
  Chong Hong Construction Co. Ltd.   1,076,297     3,192
  Kindom Development Co. Ltd.   1,698,000     2,640
  Prince Housing & Development Corp.   5,705,478     2,570
  Farglory Land Development Co. Ltd.   1,105,631     2,278
  Cathay Real Estate Development Co. Ltd.   2,491,100     1,908
  Hung Sheng Construction Ltd.   1,739,520     1,410
* Kuoyang Construction Co. Ltd.   1,086,802     1,359
  Radium Life Tech Co. Ltd.   2,861,125     1,337
  Chung Lien Transportation Co. Ltd.     393,000     1,238
* Shining Building Business Co. Ltd.   2,191,869     1,200
  ZongTai Real Estate Development Co. Ltd.     742,516     1,080
  Sakura Development Co. Ltd.     926,000     1,076
  Huang Hsiang Construction Corp.     633,000       997
  Hong Pu Real Estate Development Co. Ltd.   1,116,194       947
* King's Town Construction Co. Ltd.     629,000       879
  Advancetek Enterprise Co. Ltd.   1,303,000       847
  KEE TAI Properties Co. Ltd.   2,110,869       807
  GTM Holdings Corp.     637,000       604
  Hung Ching Development & Construction Co. Ltd.     661,000       571
  Sweeten Real Estate Development Co. Ltd.         896         1
         48,187
Thailand (1.0%)
  Central Pattana PCL   6,593,300    11,041
* CPN Retail Growth Leasehold REIT   8,761,635     5,507
  Land & Houses PCL (Registered)  16,916,000     4,695
  Lotus's Retail Growth Freehold And Leasehold Property Fund   8,628,830     4,242
1 WHA Corp. PCL  36,628,986     3,970
  Frasers Property THA   6,924,700     2,915
1 WHA Premium Growth Freehold & Leasehold REIT Class F   6,185,696     2,621
  Siam Future Development PCL  11,632,660     2,352
  Supalai PCL   3,418,081     2,249
  IMPACT Growth REIT   3,134,900     1,841
  Quality Houses PCL  21,854,500     1,670
  Amata Corp. PCL   2,829,523     1,569
  Origin Property PCL Class F   4,894,298     1,443
  Bangkok Land PCL  40,602,495     1,408
  AP Thailand PCL   4,863,220     1,342
  MBK PCL   2,966,900     1,313
  Pruksa Holding PCL   2,916,100     1,198
16

Global ex-U.S. Real Estate Index Fund
    Shares Market
Value

($000)
1 S Prime Growth Leasehold REIT   4,411,100     1,036
1 SC Asset Corp. PCL   9,519,640       953
* Pruksa Real Estate   3,024,500       933
*,1 Singha Estate PCL  13,850,200       933
1 Sansiri PCL  27,704,000       924
  Noble Development PCL   3,019,228       873
1 LPN Development PCL   2,907,800       472
*,1 U City PCL Class F  13,367,524       364
* Noble Development PCL (XBKK)     783,375        58
* MBK PCL Warrants Exp. 11/15/23