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	127,968	46
	MBK W2 Warrants Exp. 11/24/22	123,692	43
	SC Asset Corp. PCL (XBKK)	251,197	25
*,3	U City PCL	41,778,372	13
*,3	PACE Development Corp. PCL Warrants Exp. 8/29/22	11,308,800	7
			58,056
Turkey (0.1%)
	Emlak Konut Gayrimenkul Yatirim Ortakligi AS	9,745,264	2,149
*	Is Gayrimenkul Yatirim Ortakligi AS	2,500,054	562
*	Vakif Gayrimenkul Yatirim Ortakligi AS	1,002,702	300
			3,011
United Arab Emirates (0.8%)
	Aldar Properties PJSC	18,761,697	17,880
	Emaar Properties PJSC	17,084,634	17,248
*	Emaar Malls PJSC	9,547,059	4,759
*	Emaar Development PJSC	4,123,579	3,063
*	DAMAC Properties Dubai Co. PJSC	8,261,350	2,691
*	RAK Properties PJSC	5,041,151	736
*	Deyaar Development PJSC	7,120,912	517
*	Eshraq Investments PJSC	5,751,745	487
			47,381
United Kingdom (7.6%)
	Segro plc	5,791,791	80,463
	Land Securities Group plc	3,651,850	36,391
	British Land Co. plc	4,560,665	32,682
	UNITE Group plc	1,935,743	31,142
	Derwent London plc	543,403	24,995
	Tritax Big Box REIT plc	8,375,131	22,008
	LondonMetric Property plc	4,416,024	13,760
	Primary Health Properties plc	6,452,978	13,479
	Assura plc	12,965,791	13,348
	Big Yellow Group plc	802,254	13,275
	Grainger plc	3,277,927	12,940
*,1	Shaftesbury plc	1,475,606	12,824
	Safestore Holdings plc	1,023,181	12,040
	Great Portland Estates plc	1,231,619	11,789
1	Hammerson plc	19,713,879	10,858
*	Capital & Counties Properties plc	4,136,983	10,377
	Sirius Real Estate Ltd.	5,114,032	7,181
	Workspace Group plc	625,540	7,082
	Supermarket Income REIT plc	3,938,449	6,173
	St. Modwen Properties plc	998,014	5,986
	GCP Student Living plc	2,193,026	4,969
	Civitas Social Housing plc	3,065,351	4,833
	LXI REIT plc	2,562,047	4,832

17

Global ex-U.S. Real Estate Index Fund

		Shares	Market Value• ($000)
	BMO Commercial Property Trust Ltd.	3,918,537	4,314
	UK Commercial Property REIT Ltd.	3,647,390	4,053
*	Empiric Student Property plc	2,924,524	3,556
	Picton Property Income Ltd.	2,657,872	3,339
	CLS Holdings plc	895,732	3,079
	Helical plc	518,875	3,037
	Custodian REIT plc	2,036,482	2,876
	MAS Real Estate Inc.	2,248,657	2,675
2	Triple Point Social Housing REIT plc	1,790,647	2,610
	Phoenix Spree Deutschland Ltd.	490,525	2,464
2	Regional REIT Ltd.	2,066,815	2,405
	Impact Healthcare REIT plc	1,522,638	2,353
	RDI REIT plc	1,300,984	2,180
*	NewRiver REIT plc	1,484,663	2,084
	Standard Life Investment Property Income Trust Ltd.	1,940,033	1,953
1	Home REIT plc	1,173,264	1,832
	Schroder REIT Ltd.	2,840,123	1,745
	AEW UK REIT plc	787,641	1,005
*,1,3	Intu Properties plc	5,001,586	123
			441,110
United States (0.1%)
	Brookfield Property REIT Inc. Class A	186,691	3,358
Total Common Stocks (Cost $5,616,840)			5,749,041
Temporary Cash Investments (2.8%)
Money Market Fund (2.8%)
6,7	Vanguard Market Liquidity Fund, 0.068% (Cost $160,960)	1,609,666	160,967
Total Investments (101.7%) (Cost $5,777,800)			5,910,008
Other Assets and Liabilities—Net (-1.7%)			(98,086)
Net Assets (100%)			5,811,922
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 $138,272,000.
2	Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $135,079,000, representing 2.3% of net assets.
3	Security value determined using significant unobservable inputs.
4	“Other” represents securities that are not classified by the fund’s benchmark index.
5	Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
6	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7	Collateral of $149,855,000 was received for securities on loan, of which $148,691,000 is held in Vanguard Market Liquidity Fund and $1,164,000 is held in cash.

GDR—Global Depositary Receipt.

REIT—Real Estate Investment Trust.

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Global ex-U.S. Real Estate Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
			($000)
	Expiration	Number of Long (Short) Contracts	Notional Amount	Value and Unrealized Appreciation (Depreciation)
Long Futures Contracts
E-mini S&P 500 Index	June 2021	135	28,177	767
MSCI Emerging Markets Index	June 2021	340	22,722	(72)
Topix Index	June 2021	75	13,049	(64)
				631

    

Forward Currency Contracts
	Contract Settlement Date	Contract Amount (000)				Unrealized Appreciation ($000)	Unrealized Depreciation ($000)
Counterparty		Receive		Deliver
Toronto-Dominion Bank	6/16/21	USD	3,128	GBP	2,267	—	(3)

GBP—British pound.

USD—U.S. dollar.

  

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

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Global ex-U.S. Real Estate Index Fund

Statement of Assets and Liabilities

As of April 30, 2021

($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $5,594,324)	5,722,516
Affiliated Issuers (Cost $183,476)	187,492
Total Investments in Securities	5,910,008
Investment in Vanguard	214
Cash	4,563
Cash Collateral Pledged—Futures Contracts	3,260
Foreign Currency, at Value (Cost $14,178)	14,357
Receivables for Investment Securities Sold	1,541
Receivables for Accrued Income	33,299
Receivables for Capital Shares Issued	123
Total Assets	5,967,365
Liabilities
Payables for Investment Securities Purchased	4,087
Collateral for Securities on Loan	149,855
Payables for Capital Shares Redeemed	59
Payables to Vanguard	288
Variation Margin Payable—Futures Contracts	1,151
Unrealized Depreciation—Forward Currency Contracts	3
Total Liabilities	155,443
Net Assets	5,811,922

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Global ex-U.S. Real Estate Index Fund

Statement of Assets and Liabilities (continued)
At April 30, 2021, net assets consisted of:
($000s, except shares and per-share amounts)	Amount
Paid-in Capital	6,171,920
Total Distributable Earnings (Loss)	(359,998)
Net Assets	5,811,922
ETF Shares—Net Assets
Applicable to 88,013,225 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	5,038,895
Net Asset Value Per Share—ETF Shares	$57.25
Admiral Shares—Net Assets
Applicable to 14,656,959 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	508,710
Net Asset Value Per Share—Admiral Shares	$34.71
Institutional Shares—Net Assets
Applicable to 2,286,722 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	264,317
Net Asset Value Per Share—Institutional Shares	$115.59

  

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

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Global ex-U.S. Real Estate Index Fund

Statement of Operations

	Six Months Ended April 30, 2021
	($000)
Investment Income
Income
Dividends—Unaffiliated Issuers1	83,128
Dividends—Affiliated Issuers	321
Interest—Unaffiliated Issuers	8
Interest—Affiliated Issuers	7
Securities Lending—Net	2,038
Total Income	85,502
Expenses
The Vanguard Group—Note B
Investment Advisory Services	427
Management and Administrative—ETF Shares	2,176
Management and Administrative—Admiral Shares	209
Management and Administrative—Institutional Shares	97
Marketing and Distribution—ETF Shares	73
Marketing and Distribution—Admiral Shares	11
Marketing and Distribution—Institutional Shares	4
Custodian Fees	355
Shareholders’ Reports—ETF Shares	1
Shareholders’ Reports—Admiral Shares	2
Shareholders’ Reports—Institutional Shares	—
Trustees’ Fees and Expenses	1
Total Expenses	3,356
Net Investment Income	82,146
Realized Net Gain (Loss)
Investment Securities Sold—Unaffiliated Issuers2	43,257
Investment Securities Sold—Affiliated Issuers	(10)
Futures Contracts	8,081
Swap Contracts	167
Forward Currency Contracts	(306)
Foreign Currencies	786
Realized Net Gain (Loss)	51,975

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Global ex-U.S. Real Estate Index Fund

Statement of Operations (continued)
	Six Months Ended April 30, 2021
	($000)
Change in Unrealized Appreciation (Depreciation)
Investment Securities—Unaffiliated Issuers	964,017
Investment Securities—Affiliated Issuers	4,133
Futures Contracts	899
Swap Contracts	(41)
Forward Currency Contracts	115
Foreign Currencies	67
Change in Unrealized Appreciation (Depreciation)	969,190
Net Increase (Decrease) in Net Assets Resulting from Operations	1,103,311

1	Dividends are net of foreign withholding taxes of $8,737,000.
2	Includes $72,040,000 of net gain (loss) resulting from in-kind redemptions.

  

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

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Global ex-U.S. Real Estate Index Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2021		Year Ended October 31, 2020
	($000)		($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	82,146		195,576
Realized Net Gain (Loss)	51,975		(110,687)
Change in Unrealized Appreciation (Depreciation)	969,190		(1,222,266)
Net Increase (Decrease) in Net Assets Resulting from Operations	1,103,311		(1,137,377)
Distributions
ETF Shares	(46,083)		(358,889)
Admiral Shares	(4,435)		(37,035)
Institutional Shares	(2,294)		(14,097)
Total Distributions	(52,812)		(410,021)
Capital Share Transactions
ETF Shares	(94,379)		(372,426)
Admiral Shares	(2,929)		(56,772)
Institutional Shares	13,616		27,341
Net Increase (Decrease) from Capital Share Transactions	(83,692)		(401,857)
Total Increase (Decrease)	966,807		(1,949,255)
Net Assets
Beginning of Period	4,845,115		6,794,370
End of Period	5,811,922		4,845,115

  

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

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Global ex-U.S. Real Estate Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
		2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$47.04	$60.79	$52.99	$59.49	$53.35	$53.58
Investment Operations
Net Investment Income1	.789	1.761	2.033	2.672	1.900	1.752
Net Realized and Unrealized Gain (Loss) on Investments	9.926	(11.864)	7.969	(6.240)	6.325	(.241)
Total from Investment Operations	10.715	(10.103)	10.002	(3.568)	8.225	1.511
Distributions
Dividends from Net Investment Income	(.505)	(3.647)	2.202	(2.932)	(2.085)	(1.741)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.505)	(3.647)	2.202	(2.932)	(2.085)	(1.741)
Net Asset Value, End of Period	$57.25	$47.04	$60.79	$52.99	$59.49	$53.35
Total Return	22.87%	-17.71%	19.47%	-6.42%	16.13%	2.92%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$5,039	$4,219	$5,945	$5,270	$5,122	$3,616
Ratio of Total Expenses to Average Net Assets	0.12%	0.12%	0.12%	0.12%	0.14%	0.15%
Ratio of Net Investment Income to Average Net Assets	2.89%	3.44%	3.54%	4.51%	3.44%	3.30%
Portfolio Turnover Rate2	2%	11%	7%	7%	6%	7%
The expense ratio and net investment income ratio for the current period have been annualized.

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

  

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

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Global ex-U.S. Real Estate Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
		2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$28.51	$36.84	$32.11	$36.05	$32.33	$32.47
Investment Operations
Net Investment Income1	.480	1.079	1.236	1.620	1.141	1.058
Net Realized and Unrealized Gain (Loss) on Investments	6.024	(7.199)	4.828	(3.784)	3.844	(.139)
Total from Investment Operations	6.504	(6.120)	6.064	(2.164)	4.985	.919
Distributions
Dividends from Net Investment Income	(.304)	(2.210)	1.334	(1.776)	(1.265)	(1.059)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.304)	(2.210)	1.334	(1.776)	(1.265)	(1.059)
Net Asset Value, End of Period	$34.71	$28.51	$36.84	$32.11	$36.05	$32.33
Total Return2	22.88%	-17.71%	19.46%	-6.43%	16.15%	2.91%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$509	$421	$617	$475	$453	$373
Ratio of Total Expenses to Average Net Assets	0.12%	0.12%	0.12%	0.12%	0.14%	0.15%
Ratio of Net Investment Income to Average Net Assets	2.90%	3.49%	3.55%	4.51%	3.44%	3.30%
Portfolio Turnover Rate3	2%	11%	7%	7%	6%	7%
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 transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction or account service fees.
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.

  

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

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Global ex-U.S. Real Estate Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2021	Year Ended October 31,
		2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$94.98	$122.73	$106.98	$120.11	$107.71	$108.17
Investment Operations
Net Investment Income1	1.603	3.646	4.143	5.543	3.889	3.559
Net Realized and Unrealized Gain (Loss) on Investments	20.043	(24.030)	16.064	(12.740)	12.741	(.483)
Total from Investment Operations	21.646	(20.384)	20.207	(7.197)	16.630	3.076
Distributions
Dividends from Net Investment Income	(1.036)	(7.366)	4.457	(5.933)	(4.230)	(3.536)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.036)	(7.366)	4.457	(5.933)	(4.230)	(3.536)
Net Asset Value, End of Period	$115.59	$94.98	$122.73	$106.98	$120.11	$107.71
Total Return2	22.86%	-17.71%	19.46%	-6.42%	16.17%	2.93%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$264	$205	$232	$115	$156	$165
Ratio of Total Expenses to Average Net Assets	0.11%	0.11%	0.11%	0.11%	0.12%	0.13%
Ratio of Net Investment Income to Average Net Assets	2.91%	3.55%	3.57%	4.52%	3.46%	3.32%
Portfolio Turnover Rate3	2%	11%	7%	7%	6%	7%
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 transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
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.

  

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

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Global ex-U.S. Real Estate Index Fund

Notes to Financial Statements

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

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

A.	The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the

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Global ex-U.S. Real Estate Index Fund

counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended April 30, 2021, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

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Global ex-U.S. Real Estate Index Fund

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

During the six months ended April 30, 2021, the fund’s average investment in forward currency contracts represented 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

5.  Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

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Global ex-U.S. Real Estate Index Fund

During the six months ended April 30, 2021, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no open swap contracts at April 30, 2021.

6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

8. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds

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Global ex-U.S. Real Estate Index Fund

effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.

10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B.

In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2021, the fund had contributed to Vanguard capital in the amount of $214,000, representing less than 0.01% of the fund’s net assets and 0.09% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

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.

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Global ex-U.S. Real Estate Index Fund

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.

The following table summarizes the market value of the fund’s investments and derivatives as of April 30, 2021, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	256,045	5,489,614	3,382	5,749,041
Temporary Cash Investments	160,967	—	—	160,967
Total	417,012	5,489,614	3,382	5,910,008
Derivative Financial Instruments
Assets
Futures Contracts1	767	—	—	767
Liabilities
Futures Contracts1	136	—	—	136
Forward Currency Contracts	—	3	—	3
Total	136	3	—	139

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

D.	At April 30, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

    

Statement of Assets and Liabilities	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Unrealized Appreciation—Futures Contracts1	767	—	767
Total Assets	767	—	767
Unrealized Depreciation—Futures Contracts1	136	—	136
Unrealized Depreciation—Forward Currency Contracts	—	3	3
Total Liabilities	136	3	139

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.

33

Global ex-U.S. Real Estate Index Fund

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2021, were:

Realized Net Gain (Loss) on Derivatives	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Futures Contracts	8,081	—	8,081
Swap Contracts	167	—	167
Forward Currency Contracts	—	(306)	(306)
Realized Net Gain (Loss) on Derivatives	8,248	(306)	7,942
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts	899	—	899
Swap Contracts	(41)	—	(41)
Forward Currency Contracts	—	115	115
Change in Unrealized Appreciation (Depreciation) on Derivatives	858	115	973

E.	As of April 30, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	5,896,176
Gross Unrealized Appreciation	827,795
Gross Unrealized Depreciation	(813,336)
Net Unrealized Appreciation (Depreciation)	14,459

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2020, the fund had available capital losses totaling $477,984,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

F.

During the six months ended April 30, 2021, the fund purchased $337,957,000 of investment securities and sold $403,160,000 of investment securities, other than temporary cash investments. Purchases and sales include $185,778,000 and $312,775,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

34

Global ex-U.S. Real Estate Index Fund

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

    

	Six Months Ended April 30, 2021			Year Ended October 31, 2020
	Amount ($000)	Shares (000)		Amount ($000)	Shares (000)
ETF Shares
Issued1	243,975	4,518		299,697	5,699
Issued in Lieu of Cash Distributions	—	—		—	—
Redeemed2	(338,354)	(6,200)		(672,123)	(13,800)
Net Increase (Decrease)—ETF Shares	(94,379)	(1,682)		(372,426)	(8,101)
Admiral Shares
Issued1	56,228	1,705		125,819	4,401
Issued in Lieu of Cash Distributions	3,466	106		28,790	825
Redeemed2	(62,623)	(1,907)		(211,381)	(7,235)
Net Increase (Decrease)—Admiral Shares	(2,929)	(96)		(56,772)	(2,009)
Institutional Shares
Issued1	19,964	185		32,658	330
Issued in Lieu of Cash Distributions	834	8		5,630	48
Redeemed2	(7,182)	(65)		(10,947)	(112)
Net Increase (Decrease)—Institutional Shares	13,616	128		27,341	266

1	Includes purchase fees for fiscal 2021 and 2020 of $191,000 and $396,000, respectively (fund totals).
2	Net of redemption fees for fiscal 2021 and 2020 of $149,000 and $473,000, respectively (fund totals).

H.	Transactions during the period in affiliated underlying Vanguard funds were as follows:

		Current Period Transactions
	Oct. 31, 2020 Market Value ($000)	Purchases at Cost ($000)	Proceeds from Securities Sold1 ($000)	Realized Net Gain (Loss) ($000)	Change in Unrealized App. (Dep.) ($000)	Income ($000)	Capital Gain Distributions Received ($000)	Apr. 30, 2021 Market Value ($000)
Vanguard Market Liquidity Fund	154,274	NA2	NA2	(10)	9	7	—	160,967
Vanguard Real Estate ETF	7,415	15,143	—	—	4,124	321	—	26,525
Total	161,689			(10)	4,133	328	—	187,492

1	Does not include adjustments related to return of capital.
2	Not applicable—purchases and sales are for temporary cash investment purposes.

I.	Management has determined that no other events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements.

35

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard Global ex-U.S. Real Estate Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services

The board reviewed the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

Cost

The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average.

36

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The board concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

37

Liquidity Risk Management

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The board of trustees of Vanguard International Equity Index Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Global Ex-U.S. Real Estate Index Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.

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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].

© 2021 The Vanguard Group, Inc.
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.

Q7382 062021