Semiannual
Report |
April 30, 2022
Vanguard
Global ex-U.S. Real Estate Index Fund
Contents
|
About Your Fund’s Expenses
|
1 |
|
Financial Statements
|
4 |
|
Trustees Approve Advisory Arrangement
|
32 |
|
Liquidity Risk Management
|
34 |
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, 2022 | |||
| Beginning Account Value 10/31/2021 |
Ending Account Value 4/30/2022 |
Expenses Paid During Period | |
| Based on Actual Fund Return | |||
| Global ex-U.S. Real Estate Index Fund | |||
| ETF Shares | $1,000.00 | $899.50 | $0.57 |
| Admiral™ Shares | 1,000.00 | 899.90 | 0.57 |
| Institutional Shares | 1,000.00 | 900.00 | 0.52 |
| Based on Hypothetical 5% Yearly Return | |||
| Global ex-U.S. Real Estate Index Fund | |||
| 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, 2022
| Japan | 20.8% |
| Australia | 10.6 |
| Hong Kong | 9.0 |
| United Kingdom | 8.6 |
| China | 8.4 |
| Singapore | 6.5 |
| Germany | 5.0 |
| Sweden | 3.6 |
| Canada | 3.3 |
| France | 2.6 |
| Israel | 2.2 |
| Belgium | 2.2 |
| Switzerland | 1.8 |
| India | 1.6 |
| United Arab Emirates | 1.4 |
| South Africa | 1.4 |
| Philippines | 1.4 |
| Thailand | 1.1 |
| Taiwan | 1.1 |
| Other | 7.4 |
The
table reflects the fund’s investments, except for short-term investments and
derivatives.
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.
3
Global
ex-U.S. Real Estate Index Fund
Financial
Statements (unaudited)
Schedule
of Investments
As
of April 30, 2022
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 (98.6%) | |||
| Australia (10.4%) | |||
| Goodman Group | 8,120,331 | 135,154 | |
| Scentre Group | 24,793,796 | 51,658 | |
| Dexus (XASX) | 5,138,932 | 40,179 | |
| Stockland | 11,391,165 | 32,971 | |
| GPT Group | 9,140,752 | 32,494 | |
| Mirvac Group | 18,836,756 | 31,836 | |
| Lendlease Corp. Ltd. | 3,292,342 | 28,203 | |
| Vicinity Centres | 18,490,006 | 24,126 | |
| Charter Hall Group | 2,223,847 | 23,901 | |
| Shopping Centres Australasia Property Group | 5,306,285 | 11,357 | |
| Charter Hall Long Wale REIT | 2,894,320 | 10,863 | |
| National Storage REIT | 5,144,555 | 9,318 | |
| Charter Hall Retail REIT | 2,493,579 | 7,789 | |
| Centuria Industrial REIT | 2,577,444 | 7,183 | |
| HomeCo Daily Needs REIT | 6,948,286 | 6,982 | |
| BWP Trust | 2,309,528 | 6,713 | |
| Waypoint REIT Ltd. | 3,465,129 | 6,532 | |
| Centuria Capital Group | 3,007,853 | 5,842 | |
| Ingenia Communities Group | 1,740,421 | 5,730 | |
| Arena REIT | 1,644,853 | 5,566 | |
| Lifestyle Communities Ltd. | 452,721 | 4,771 | |
| Charter Hall Social Infrastructure REIT | 1,576,577 | 4,463 | |
| Growthpoint Properties Australia Ltd. | 1,395,799 | 4,293 | |
| Abacus Property Group | 1,821,109 | 4,179 | |
| Home Consortium Ltd. | 869,960 | 4,102 | |
| Cromwell Property Group | 6,711,184 | 4,028 | |
| Rural Funds Group | 1,814,003 | 3,900 | |
| Irongate Group | 2,486,859 | 3,363 | |
| Centuria Office REIT | 2,101,461 | 3,240 | |
| Hotel Property Investments | 916,440 | 2,622 | |
| Dexus Industria REIT | 1,062,991 | 2,543 | |
| GDI Property Group | 2,410,897 | 1,917 | |
| HealthCo REIT | 925,729 | 1,287 | |
| Shares | Market Value• ($000) | ||
| Cedar Woods Properties Ltd. | 310,885 | 1,018 | |
| Ram Essential Services Prope | 1,245,625 | 848 | |
| 530,971 | |||
| Austria (0.4%) | |||
| IMMOFINANZ AG | 347,656 | 8,411 | |
| CA Immobilien Anlagen AG | 223,034 | 6,299 | |
| S IMMO AG | 201,566 | 4,838 | |
| 19,548 | |||
| Belgium (2.2%) | |||
| Warehouses De Pauw CVA | 670,658 | 25,800 | |
| Aedifica SA | 173,317 | 20,544 | |
| Cofinimmo SA | 140,518 | 18,870 | |
| VGP NV | 42,794 | 11,131 | |
| Shurgard Self Storage SA | 118,741 | 6,871 | |
| Montea NV | 48,602 | 5,803 | |
| Befimmo SA | 116,240 | 5,802 | |
| Xior Student Housing NV | 91,046 | 4,863 | |
| Retail Estates NV | 54,108 | 4,121 | |
| Intervest Offices & Warehouses NV | 112,573 | 3,346 | |
| Care Property Invest NV | 122,756 | 3,122 | |
| 1 | Immobel SA | 19,501 | 1,407 |
| 111,680 | |||
| Brazil (0.5%) | |||
| * | BR Malls Participacoes SA | 4,020,653 | 7,718 |
| Multiplan Empreendimentos Imobiliarios SA | 1,267,210 | 6,318 | |
| * | Iguatemi SA (BVMF) | 782,421 | 3,322 |
| Aliansce Sonae Shopping Centers SA | 630,037 | 2,689 | |
| JHSF Participacoes SA | 1,434,596 | 1,904 | |
| BR Properties SA | 890,371 | 1,608 | |
| LOG Commercial Properties e Participacoes SA | 198,714 | 962 | |
4
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| Terra Santa Propriedades Agricolas SA | 144,500 | 830 | |
| Lavvi Empreendimentos Imobiliarios Ltda | 391,486 | 386 | |
| * | Moura Dubeux Engenharia SA | 218,122 | 271 |
| 2 | Mitre Realty Empreendimentos E Participacoes LTDA | 226,858 | 270 |
| SYN prop e tech SA | 229,298 | 264 | |
| * | HBR Realty Empreendimentos Imobiliarios SA | 168,978 | 215 |
| Iguatemi SA | 60 | — | |
| 26,757 | |||
| Canada (3.2%) | |||
| 1 | Tricon Capital Group Inc. | 1,310,765 | 18,968 |
| Canadian Apartment Properties REIT | 404,733 | 15,853 | |
| RioCan REIT | 742,880 | 13,879 | |
| Granite REIT | 153,851 | 11,394 | |
| 1 | Allied Properties REIT | 298,114 | 9,684 |
| 1 | Choice Properties REIT | 763,312 | 9,020 |
| SmartCentres REIT | 337,349 | 8,217 | |
| 1 | Summit Industrial Income REIT | 433,434 | 6,863 |
| First Capital REIT | 511,836 | 6,821 | |
| H&R REIT | 677,324 | 6,738 | |
| Dream Industrial REIT | 573,775 | 6,682 | |
| 1 | NorthWest Healthcare Properties REIT | 506,901 | 5,228 |
| 1 | Boardwalk REIT | 108,648 | 4,767 |
| 1 | Killam Apartment REIT | 257,158 | 4,046 |
| 1 | DREAM Unlimited Corp. Class A | 109,784 | 3,948 |
| 1 | InterRent REIT | 325,656 | 3,577 |
| 1 | CT REIT | 247,355 | 3,418 |
| 1 | Crombie REIT | 226,742 | 3,091 |
| Artis REIT | 291,252 | 2,972 | |
| 1 | Dream Office REIT | 115,347 | 2,335 |
| Primaris REIT | 214,309 | 2,305 | |
| Morguard Corp. | 20,631 | 2,027 | |
| 1 | Slate Grocery REIT | 137,225 | 1,688 |
| 1,2 | Minto Apartment REIT | 92,596 | 1,417 |
| 1 | Morguard North American Residential REIT | 91,278 | 1,311 |
| 1 | Nexus Industrial REIT | 116,429 | 1,161 |
| 1 | True North Commercial REIT | 206,109 | 1,091 |
| 1 | Automotive Properties REIT | 91,416 | 966 |
| 1 | Plaza Retail REIT | 236,816 | 883 |
| 1 | European Residential REIT | 205,613 | 784 |
| Slate Office REIT | 155,664 | 609 | |
| BTB REIT | 166,293 | 538 | |
| Shares | Market Value• ($000) | ||
| 1 | Inovalis REIT | 76,159 | 490 |
| 162,771 | |||
| Chile (0.1%) | |||
| Parque Arauco SA | 3,177,344 | 2,668 | |
| Cencosud Shopping SA | 2,246,172 | 2,291 | |
| Plaza SA | 1,355,153 | 1,258 | |
| 6,217 | |||
| China (8.3%) | |||
| China Resources Land Ltd. | 13,558,446 | 60,555 | |
| China Overseas Land & Investment Ltd. | 17,692,210 | 54,656 | |
| 2 | Longfor Group Holdings Ltd. | 7,545,008 | 37,367 |
| Country Garden Holdings Co. | 34,929,163 | 24,160 | |
| Wharf Holdings Ltd. | 6,571,652 | 19,254 | |
| China Vanke Co. Ltd. Class H | 7,772,183 | 18,327 | |
| Poly Developments and Holdings Group Co. Ltd. Class A | 4,561,117 | 12,560 | |
| China Vanke Co. Ltd. Class A | 3,944,408 | 11,588 | |
| CIFI Holdings Group Co. Ltd. | 20,151,400 | 9,693 | |
| 3 | Sunac China Holdings Ltd. | 15,857,136 | 9,255 |
| China Jinmao Holdings Group Ltd. | 25,487,054 | 8,376 | |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 3,005,315 | 7,142 | |
| Greentown China Holdings Ltd. | 3,676,814 | 6,457 | |
| 1 | Hopson Development Holdings Ltd. | 3,286,281 | 6,336 |
| C&D International Investment Group Ltd. | 2,573,000 | 6,315 | |
| Yuexiu Property Co. Ltd. | 5,903,218 | 6,142 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 5,267,140 | 4,815 | |
| China Overseas Grand Oceans Group Ltd. | 8,144,079 | 4,741 | |
| Yuexiu REIT | 10,643,576 | 4,251 | |
| Seazen Group Ltd. | 9,916,666 | 4,189 | |
| Gemdale Corp. Class A | 1,720,532 | 3,735 | |
| Seazen Holdings Co. Ltd. Class A | 857,702 | 3,598 | |
| 1,3 | Shimao Group Holdings Ltd. | 6,178,164 | 3,480 |
| 1 | Agile Group Holdings Ltd. | 6,873,409 | 3,292 |
| Gemdale Properties & Investment Corp. Ltd. | 29,308,000 | 3,109 | |
5
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| 1 | Guangzhou R&F Properties Co. Ltd. Class H | 7,851,413 | 2,915 |
| Sino-Ocean Group Holding Ltd. | 14,860,829 | 2,806 | |
| Shenzhen Investment Ltd. | 11,878,201 | 2,563 | |
| Shui On Land Ltd. | 17,284,538 | 2,446 | |
| Poly Property Group Co. Ltd. | 9,375,048 | 2,355 | |
| 1 | Powerlong Real Estate Holdings Ltd. | 6,904,139 | 2,341 |
| 2 | Midea Real Estate Holding Ltd. | 1,114,616 | 2,122 |
| Zhuguang Holdings Group Co. Ltd. | 11,390,000 | 2,076 | |
| Kwg Group Holdings Ltd. | 5,603,658 | 2,005 | |
| China South City Holdings Ltd. | 20,412,111 | 1,925 | |
| 1,3 | China Evergrande Group | 8,834,921 | 1,858 |
| Shoucheng Holdings Ltd. | 13,554,000 | 1,851 | |
| *,2 | Red Star Macalline Group Corp. Ltd. Class H | 4,024,636 | 1,701 |
| 1 | Radiance Holdings Group Co. Ltd. | 3,080,000 | 1,673 |
| *,1 | SOHO China Ltd. | 8,906,045 | 1,627 |
| 1 | Redsun Properties Group Ltd. | 4,587,000 | 1,608 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 1,200,647 | 1,496 | |
| 1 | Dexin China Holdings Co. Ltd. | 3,882,000 | 1,467 |
| Shanghai Lingang Holdings Corp. Ltd. Class A | 731,261 | 1,411 | |
| China SCE Group Holdings Ltd. | 7,848,766 | 1,404 | |
| 1 | Datang Group Holdings Ltd. | 2,568,000 | 1,391 |
| Jinke Properties Group Co. Ltd. Class A | 2,028,945 | 1,377 | |
| Times China Holdings Ltd. | 3,786,000 | 1,342 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 817,264 | 1,308 | |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 1,354,599 | 1,302 | |
| 3 | Kaisa Group Holdings Ltd. | 12,019,944 | 1,287 |
| 1 | Logan Group Co. Ltd. | 3,942,984 | 1,227 |
| 1,2 | Redco Properties Group Ltd. | 4,384,000 | 1,219 |
| Shares | Market Value• ($000) | ||
| 1 | Ganglong China Property Group Ltd. | 2,011,000 | 1,155 |
| Financial Street Holdings Co. Ltd. Class A | 1,163,218 | 1,136 | |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 599,672 | 1,052 | |
| Shanghai Lingang Holdings Corp. Ltd. Class B | 1,004,789 | 1,014 | |
| 1 | Huijing Holdings Co. Ltd. | 3,934,000 | 960 |
| RiseSun Real Estate Development Co. Ltd. Class A | 1,676,879 | 952 | |
| 1 | China Merchants Commercial REIT | 2,856,000 | 949 |
| Zhongliang Holdings Group Co. Ltd. | 2,921,500 | 938 | |
| Huafa Industrial Co. Ltd. Zhuhai Class A | 808,624 | 936 | |
| 1 | Yincheng International Holding Co. Ltd. | 2,720,000 | 935 |
| 1,3 | China Aoyuan Group Ltd. | 6,084,000 | 915 |
| Road King Infrastructure Ltd. | 1,087,000 | 889 | |
| Tianjin Guangyu Development Co. Ltd. Class A | 530,450 | 888 | |
| Jiayuan International Group Ltd. | 5,856,000 | 887 | |
| Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 1,477,888 | 881 | |
| Beijing Capital Development Co. Ltd. Class A | 992,876 | 856 | |
| Shanghai Wanye Enterprises Co. Ltd. Class A | 365,542 | 847 | |
| *,1 | Nam Tai Property Inc. | 134,535 | 835 |
| 1 | Ronshine China Holdings Ltd. | 2,641,500 | 781 |
| Greenland Hong Kong Holdings Ltd. | 3,631,000 | 755 | |
| Shanghai Industrial Urban Development Group Ltd. | 8,450,799 | 736 | |
| Zhenro Properties Group Ltd. | 9,347,000 | 719 | |
| *,1 | Sunkwan Properties Group Ltd. | 3,430,000 | 717 |
| * | Grandjoy Holdings Group Co. Ltd. Class A | 1,192,302 | 709 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 294,396 | 685 |
6
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| 1 | Yuzhou Group Holdings Co. Ltd. | 9,461,383 | 669 |
| *,1 | Leading Holdings Group Ltd. | 1,318,000 | 656 |
| Joy City Property Ltd. | 17,011,500 | 647 | |
| * | GR Properties Ltd. | 4,392,000 | 633 |
| Yango Group Co. Ltd. Class A | 1,605,275 | 629 | |
| * | Suning Universal Co. Ltd. Class A | 1,184,575 | 627 |
| Beijing North Star Co. Ltd. Class H | 4,374,000 | 591 | |
| Shanghai Shibei Hi-Tech Co. Ltd. Class B | 2,202,109 | 591 | |
| Shanghai Shimao Co. Ltd. Class A | 1,195,104 | 559 | |
| 1 | DaFa Properties Group Ltd. | 1,146,970 | 556 |
| * | Gree Real Estate Co. Ltd. Class A | 716,889 | 556 |
| *,1 | LVGEM China Real Estate Investment Co. Ltd. | 4,118,000 | 556 |
| 1 | JY Grandmark Holdings Ltd. | 2,048,000 | 552 |
| China World Trade Center Co. Ltd. Class A | 228,364 | 492 | |
| 1 | Jingrui Holdings Ltd. | 2,333,000 | 483 |
| Lushang Health Industry Development Co. Ltd. Class A | 372,098 | 480 | |
| China-Singapore Suzhou Industrial Park Development Group Co. Ltd. Class A | 345,436 | 459 | |
| Greattown Holdings Ltd. Class A | 895,512 | 431 | |
| 1 | Central China Real Estate Ltd. | 4,540,000 | 390 |
| Shenzhen Properties & Resources Development Group Ltd. Class A | 203,800 | 367 | |
| * | Zhong An Group Ltd. | 9,551,000 | 363 |
| Hefei Urban Construction Development Co. Ltd. Class A | 317,300 | 355 | |
| Shenzhen Zhenye Group Co. Ltd. Class A | 516,934 | 340 | |
| Chongqing Dima Industry Co. Ltd. Class A | 979,187 | 323 | |
| * | Sanxun Holdings Group Ltd. | 848,000 | 311 |
| * | Sichuan Languang Development Co. Ltd. Class A | 1,166,344 | 303 |
| Shares | Market Value• ($000) | ||
| 1,2 | China Vast Industrial Urban Development Co. Ltd. | 1,175,000 | 281 |
| 1 | Shinsun Holdings Group Co. Ltd. | 3,369,000 | 278 |
| *,3 | Yida China Holdings Ltd. | 4,082,000 | 263 |
| Beijing North Star Co. Ltd. Class A | 639,373 | 220 | |
| 3 | Sinic Holdings Group Co. Ltd. Class H | 2,979,000 | 190 |
| 1,3 | Fantasia Holdings Group Co. Ltd. | 6,671,943 | 170 |
| * | Red Star Macalline Group Corp. Ltd. Class A | 203,941 | 154 |
| Skyfame Realty Holdings Ltd. | 12,759,012 | 138 | |
| *,1 | Xinji Shaxi Group Co. Ltd. | 3,084,000 | 108 |
| * | Silver Grant International Holdings Group Ltd. | 422,000 | 24 |
| * | Zhongan Group Rights | 50,803 | — |
| 420,368 | |||
| Egypt (0.1%) | |||
| Talaat Moustafa Group | 4,649,218 | 2,191 | |
| Medinet Nasr Housing | 5,214,770 | 679 | |
| Palm Hills Developments SAE | 6,502,877 | 584 | |
| Heliopolis Housing | 1,848,100 | 572 | |
| * | Emaar Misr for Development SAE | 2,958,705 | 448 |
| 4,474 | |||
| Finland (0.3%) | |||
| Kojamo OYJ | 719,498 | 14,313 | |
| 1 | Citycon OYJ | 364,145 | 2,588 |
| 16,901 | |||
| France (2.6%) | |||
| *,1 | Unibail-Rodamco-Westfield | 551,467 | 38,920 |
| Gecina SA | 259,331 | 29,213 | |
| Klepierre SA | 930,313 | 22,268 | |
| 1 | Covivio | 225,584 | 16,065 |
| ICADE | 153,061 | 9,139 | |
| Nexity SA | 232,667 | 7,065 | |
| Carmila SA | 215,607 | 3,354 | |
| Altarea SCA | 20,286 | 3,105 | |
| Mercialys SA | 236,779 | 2,286 | |
| 131,415 | |||
| Germany (4.9%) | |||
| 1 | Vonovia SE | 3,682,631 | 146,720 |
| LEG Immobilien SE (XETR) | 345,867 | 35,462 | |
| Aroundtown SA | 4,568,549 | 22,973 | |
| TAG Immobilien AG | 698,927 | 13,968 | |
| Grand City Properties SA | 492,053 | 8,687 | |
| Deutsche Wohnen SE | 229,787 | 6,581 | |
| Deutsche EuroShop AG | 221,204 | 3,665 | |
7
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| 2 | Instone Real Estate Group SE | 223,627 | 3,433 |
| Hamborner REIT AG | 336,523 | 3,141 | |
| 1,2 | ADLER Group SA | 391,265 | 2,981 |
| DIC Asset AG | 175,374 | 2,454 | |
| 1 | alstria office REIT AG | 67,958 | 952 |
| 251,017 | |||
| Greece (0.0%) | |||
| * | LAMDA Development SA | 327,648 | 2,230 |
| Hong Kong (8.9%) | |||
| Link REIT | 9,988,989 | 86,283 | |
| Sun Hung Kai Properties Ltd. | 7,317,441 | 84,276 | |
| CK Asset Holdings Ltd. | 9,370,613 | 63,525 | |
| *,2 | ESR Cayman Ltd. | 12,404,000 | 37,654 |
| Wharf Real Estate Investment Co. Ltd. | 7,387,652 | 34,815 | |
| Hongkong Land Holdings Ltd. | 5,517,812 | 25,740 | |
| Henderson Land Development Co. Ltd. | 6,243,936 | 25,251 | |
| Sino Land Co. Ltd. | 14,832,022 | 19,605 | |
| Hang Lung Properties Ltd. | 8,815,932 | 16,861 | |
| Swire Properties Ltd. | 5,036,600 | 12,070 | |
| Hysan Development Co. Ltd. | 2,877,655 | 8,467 | |
| Hang Lung Group Ltd. | 3,980,103 | 7,771 | |
| Kerry Properties Ltd. | 2,783,832 | 7,528 | |
| Fortune REIT | 6,852,861 | 5,987 | |
| Champion REIT | 9,041,512 | 3,959 | |
| K Wah International Holdings Ltd. | 6,721,338 | 2,519 | |
| Sunlight REIT | 4,945,400 | 2,416 | |
| * | Shun Tak Holdings Ltd. | 11,176,000 | 2,264 |
| Prosperity REIT | 5,987,649 | 2,053 | |
| Far East Consortium International Ltd. | 5,387,000 | 1,679 | |
| 1 | Zensun Enterprises Ltd. | 2,563,000 | 1,200 |
| 1 | SF REIT | 2,470,000 | 949 |
| * | Jinmao Property Services Co. Ltd. | 381,103 | 284 |
| 453,156 | |||
| India (1.6%) | |||
| DLF Ltd. | 2,946,101 | 14,195 | |
| Embassy Office Parks REIT | 2,525,300 | 12,677 | |
| * | Godrej Properties Ltd. | 555,814 | 11,305 |
| * | Oberoi Realty Ltd. | 551,318 | 6,868 |
| Phoenix Mills Ltd. | 445,760 | 6,291 | |
| * | Macrotech Developers Ltd. | 410,558 | 5,380 |
| 2 | Mindspace Business Parks REIT | 1,038,729 | 4,729 |
| Prestige Estates Projects Ltd. | 665,382 | 4,091 | |
| Brigade Enterprises Ltd. | 610,697 | 3,599 | |
| Shares | Market Value• ($000) | ||
| 2 | Brookfield India Real Estate Trust | 719,654 | 3,115 |
| * | Indiabulls Real Estate Ltd. | 1,602,379 | 1,851 |
| * | Mahindra Lifespace Developers Ltd. | 353,566 | 1,738 |
| Sunteck Realty Ltd. | 229,823 | 1,435 | |
| Sobha Ltd. | 168,591 | 1,411 | |
| NESCO Ltd. | 101,212 | 755 | |
| * | Hemisphere Properties India Ltd. | 360,320 | 540 |
| 79,980 | |||
| Indonesia (0.3%) | |||
| Ciputra Development Tbk PT | 41,523,391 | 3,042 | |
| * | Bumi Serpong Damai Tbk PT | 43,346,927 | 2,873 |
| * | Pakuwon Jati Tbk PT | 71,104,528 | 2,743 |
| * | Summarecon Agung Tbk PT | 42,439,981 | 2,078 |
| *,3 | Hanson International Tbk PT | 444,252,900 | 1,532 |
| * | Lippo Karawaci Tbk PT | 155,228,349 | 1,326 |
| * | Mega Manunggal Property Tbk PT | 21,308,900 | 857 |
| * | Kawasan Industri Jababeka Tbk PT | 55,751,700 | 652 |
| * | Alam Sutera Realty Tbk PT | 56,494,297 | 619 |
| Puradelta Lestari Tbk PT | 43,753,400 | 525 | |
| * | Pollux Properti Indonesia Tbk PT | 8,423,800 | 265 |
| *,3 | Armidian Karyatama Tbk PT | 34,315,100 | 118 |
| 16,630 | |||
| Ireland (0.2%) | |||
| Hibernia REIT plc | 3,149,658 | 5,403 | |
| Irish Residential Properties REIT plc | 2,034,913 | 3,126 | |
| 8,529 | |||
| Israel (2.2%) | |||
| Azrieli Group Ltd. | 173,586 | 14,911 | |
| Alony Hetz Properties & Investments Ltd. | 713,265 | 11,674 | |
| Mivne Real Estate KD Ltd. | 2,824,433 | 10,583 | |
| * | Melisron Ltd. | 108,995 | 8,841 |
| Big Shopping Centers Ltd. | 52,598 | 7,949 | |
| * | Airport City Ltd. | 315,973 | 7,034 |
| Amot Investments Ltd. | 907,919 | 6,892 | |
| REIT 1 Ltd. | 852,721 | 5,532 | |
| Mega Or Holdings Ltd. | 107,248 | 4,084 | |
| Summit Real Estate Holdings Ltd. | 168,619 | 3,961 | |
| Sella Capital Real Estate Ltd. | 1,024,688 | 3,470 | |
| Gazit-Globe Ltd. | 324,751 | 3,044 | |
| YH Dimri Construction & Development Ltd. | 33,069 | 2,969 | |
8
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| Israel Canada T.R Ltd. | 583,723 | 2,886 | |
| AFI Properties Ltd. | 46,303 | 2,792 | |
| Blue Square Real Estate Ltd. | 23,658 | 2,114 | |
| Gav-Yam Lands Corp. Ltd. | 186,343 | 2,051 | |
| Isras Investment Co. Ltd. | 7,722 | 1,882 | |
| Norstar Holdings Inc. | 114,838 | 1,832 | |
| * | Property & Building Corp. Ltd. | 13,004 | 1,804 |
| * | Brack Capital Properties NV | 11,038 | 1,706 |
| Electra Real Estate Ltd. | 97,524 | 1,635 | |
| Israel Land Development - Urban Renewal Ltd. | 75,161 | 1,363 | |
| Prashkovsky Investments and Construction Ltd. | 30,725 | 1,206 | |
| 112,215 | |||
| Italy (0.0%) | |||
| * | Immobiliare Grande Distribuzione SIIQ SpA | 256,411 | 1,216 |
| 2 | COIMA RES SpA | 105,011 | 1,089 |
| 2,305 | |||
| Japan (20.6%) | |||
| Mitsui Fudosan Co. Ltd. | 4,583,157 | 97,134 | |
| Mitsubishi Estate Co. Ltd. | 6,615,745 | 96,369 | |
| Daiwa House Industry Co. Ltd. | 3,166,874 | 76,132 | |
| Sumitomo Realty & Development Co. Ltd. | 2,261,367 | 59,991 | |
| Nippon Building Fund Inc. | 8,010 | 41,582 | |
| Nippon Prologis REIT Inc. | 12,584 | 34,830 | |
| Japan Real Estate Investment Corp. | 6,609 | 31,987 | |
| Daito Trust Construction Co. Ltd. | 329,125 | 31,699 | |
| GLP J-REIT | 21,441 | 28,932 | |
| Nomura Real Estate Master Fund Inc. | 22,524 | 28,280 | |
| Japan Metropolitan Fund Investment | 33,389 | 26,539 | |
| Daiwa House REIT Investment Corp. | 10,085 | 24,547 | |
| Hulic Co. Ltd. | 2,825,437 | 23,856 | |
| Advance Residence Investment Corp. | 6,616 | 18,117 | |
| Orix JREIT Inc. | 13,178 | 17,813 | |
| United Urban Investment Corp. | 14,890 | 16,292 | |
| Tokyu Fudosan Holdings Corp. | 2,885,344 | 15,014 | |
| Shares | Market Value• ($000) | ||
| Industrial & Infrastructure Fund Investment Corp. | 9,893 | 14,195 | |
| Tokyo Tatemono Co. Ltd. | 999,783 | 14,096 | |
| Japan Prime Realty Investment Corp. | 4,601 | 13,958 | |
| Nomura Real Estate Holdings Inc. | 558,629 | 13,611 | |
| Sekisui House REIT Inc. | 21,143 | 12,372 | |
| Nippon Accommodations Fund Inc. | 2,405 | 11,846 | |
| LaSalle Logiport REIT | 8,516 | 11,521 | |
| Activia Properties Inc. | 3,579 | 11,437 | |
| Mitsui Fudosan Logistics Park Inc. | 2,603 | 11,160 | |
| Japan Hotel REIT Investment Corp. | 21,357 | 10,847 | |
| 1 | Kenedix Office Investment Corp. | 2,050 | 10,715 |
| Japan Logistics Fund Inc. | 4,321 | 10,545 | |
| Invincible Investment Corp. | 29,145 | 9,504 | |
| Frontier Real Estate Investment Corp. | 2,422 | 9,384 | |
| AEON REIT Investment Corp. | 8,114 | 9,316 | |
| Daiwa Securities Living Investments Corp. | 10,537 | 9,274 | |
| Mori Hills REIT Investment Corp. | 7,761 | 8,802 | |
| Daiwa Office Investment Corp. | 1,392 | 7,880 | |
| 1 | NTT UD REIT Investment Corp. | 6,667 | 7,701 |
| Mitsubishi Estate Logistics REIT Investment Corp. | 2,135 | 7,660 | |
| Kenedix Residential Next Investment Corp. | 4,749 | 7,639 | |
| Hulic REIT Inc. | 6,134 | 7,620 | |
| Comforia Residential REIT Inc. | 3,020 | 7,525 | |
| Tokyu REIT Inc. | 4,443 | 6,228 | |
| NIPPON REIT Investment Corp. | 2,154 | 6,174 | |
| Japan Excellent Inc. | 6,116 | 6,001 | |
| Kenedix Retail REIT Corp. | 2,778 | 5,848 | |
| Hoshino Resorts REIT Inc. | 1,099 | 5,669 | |
| Katitas Co. Ltd. | 239,992 | 5,598 | |
| Aeon Mall Co. Ltd. | 457,683 | 5,569 | |
| Heiwa Real Estate REIT Inc. | 4,453 | 5,101 | |
| Mori Trust Sogo REIT Inc. | 4,601 | 5,010 |
9
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| Heiwa Real Estate Co. Ltd. | 158,532 | 5,001 | |
| 1 | Ichigo Office REIT Investment Corp. | 7,199 | 4,621 |
| Fukuoka REIT Corp. | 3,471 | 4,341 | |
| CRE Logistics REIT Inc. | 2,700 | 4,129 | |
| Global One Real Estate Investment Corp. | 4,593 | 3,937 | |
| Star Asia Investment Corp. | 8,501 | 3,879 | |
| Hankyu Hanshin REIT Inc. | 3,301 | 3,751 | |
| SOSiLA Logistics REIT Inc. | 3,043 | 3,699 | |
| Samty Residential Investment Corp. | 3,361 | 3,397 | |
| Itochu Advance Logistics Investment Corp. | 2,695 | 3,329 | |
| Mirai Corp. | 7,915 | 3,074 | |
| Starts Corp. Inc. | 158,300 | 2,934 | |
| One REIT Inc. | 1,288 | 2,734 | |
| Ichigo Inc. | 1,179,700 | 2,646 | |
| Takara Leben Real Estate Investment Corp. | 2,747 | 2,560 | |
| Keihanshin Building Co. Ltd. | 210,400 | 2,190 | |
| SAMTY Co. Ltd. | 127,500 | 2,059 | |
| Starts Proceed Investment Corp. | 1,051 | 1,883 | |
| 1 | Health Care & Medical Investment Corp. | 1,507 | 1,829 |
| ESCON Japan REIT Investment Corp. | 1,689 | 1,738 | |
| Sankei Real Estate Inc. | 2,218 | 1,691 | |
| Mori Trust Hotel REIT Inc. | 1,513 | 1,501 | |
| 1 | Tosei REIT Investment Corp. | 1,417 | 1,436 |
| * | Leopalace21 Corp. | 879,750 | 1,323 |
| TOC Co. Ltd. | 226,229 | 1,165 | |
| Tosei Corp. | 133,200 | 1,121 | |
| Sun Frontier Fudousan Co. Ltd. | 131,600 | 1,100 | |
| *,1 | TKP Corp. | 74,100 | 1,078 |
| Xymax REIT Investment Corp. | 1,002 | 948 | |
| Goldcrest Co. Ltd. | 70,940 | 923 | |
| Takara Leben Co. Ltd. | 397,752 | 910 | |
| 1 | Shinoken Group Co. Ltd. | 112,500 | 876 |
| 1 | Ichigo Hotel REIT Investment Corp. | 1,210 | 839 |
| Nippon Commercial Development Co. Ltd. | 56,700 | 834 | |
| Marimo Regional Revitalization REIT Inc. | 714 | 737 | |
| CRE Inc. | 56,900 | 706 |
| Shares | Market Value• ($000) | ||
| Star Mica Holdings Co. Ltd. | 58,200 | 689 | |
| * | SRE Holdings Corp. | 29,900 | 617 |
| Ooedo Onsen REIT Investment Corp. | 1,109 | 578 | |
| Airport Facilities Co. Ltd. | 121,400 | 505 | |
| Japan Property Management Center Co. Ltd. | 65,100 | 498 | |
| 1 | Arealink Co. Ltd. | 42,600 | 491 |
| Tokyo Rakutenchi Co. Ltd. | 14,400 | 438 | |
| Dear Life Co. Ltd. | 104,200 | 412 | |
| 1 | Good Com Asset Co. Ltd. | 39,100 | 318 |
| 1 | Ardepro Co. Ltd. | 838,400 | 283 |
| 1 | Mirainovate Co. Ltd. | 183,929 | 227 |
| 1,044,895 | |||
| Kuwait (0.2%) | |||
| * | National Real Estate Co. KPSC | 4,319,079 | 3,353 |
| Commercial Real Estate Co. KSC | 6,801,001 | 2,618 | |
| * | Kuwait Real Estate Co. KSC | 2,731,841 | 1,511 |
| * | Al Mazaya Holding Co. KSCP | 2,507,286 | 609 |
| 8,091 | |||
| Malaysia (0.5%) | |||
| KLCCP Stapled Group | 2,405,770 | 3,676 | |
| Sunway REIT | 8,677,834 | 2,905 | |
| IGB REIT | 7,544,800 | 2,823 | |
| Axis REIT | 5,461,700 | 2,398 | |
| IOI Properties Group Bhd. | 9,292,300 | 2,175 | |
| Sime Darby Property Bhd. | 13,110,200 | 1,774 | |
| SP Setia Bhd. Group | 6,362,000 | 1,703 | |
| Matrix Concepts Holdings Bhd. | 2,820,028 | 1,489 | |
| UOA Development Bhd. | 3,293,000 | 1,359 | |
| Eco World Development Group Bhd. (XKLS) | 5,930,400 | 1,300 | |
| Mah Sing Group Bhd. | 7,343,825 | 1,152 | |
| Pavilion REIT | 3,374,000 | 1,022 | |
| OSK Holdings Bhd | 4,255,800 | 907 | |
| YTL Hospitality REIT | 3,736,200 | 811 | |
| * | UEM Sunrise Bhd. | 5,575,165 | 432 |
| Eco World International Bhd. | 4,131,600 | 405 | |
| * | YNH Property Bhd. | 478,700 | 317 |
| * | Eastern & Oriental Bhd. | 2,335,000 | 288 |
| * | Sunway Bhd. Warrants Exp. 10/3/24 | 1,339,862 | 128 |
10
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| * | Eco World Development Group Bhd. Warrants Exp. 4/12/29 | 1,186,080 | 46 |
| 27,110 | |||
| Mexico (0.8%) | |||
| Fibra Uno Administracion SA de CV | 14,105,785 | 15,470 | |
| Corp. Inmobiliaria Vesta SAB de CV | 3,151,050 | 5,838 | |
| Prologis Property Mexico SA de CV | 2,108,819 | 5,660 | |
| PLA Administradora Industrial S de RL de CV | 3,880,508 | 5,148 | |
| Concentradora Fibra Danhos SA de CV | 4,110,598 | 4,599 | |
| 2 | Macquarie Mexico Real Estate Management SA de CV | 3,579,290 | 3,953 |
| 40,668 | |||
| Netherlands (0.3%) | |||
| Eurocommercial Properties NV | 187,805 | 4,544 | |
| 2 | CTP NV | 292,352 | 4,139 |
| NSI NV | 84,333 | 3,299 | |
| Wereldhave NV | 191,462 | 3,123 | |
| Vastned Retail NV | 86,824 | 2,207 | |
| 17,312 | |||
| New Zealand (0.5%) | |||
| Goodman Property Trust | 5,016,360 | 7,302 | |
| Precinct Properties New Zealand Ltd. | 6,184,040 | 6,043 | |
| Kiwi Property Group Ltd. | 7,469,991 | 5,095 | |
| 3 | Vital Healthcare Property Trust | 1,990,248 | 4,009 |
| Argosy Property Ltd. | 4,067,200 | 3,408 | |
| *,3 | Vital Healthcare Property Rights | 233,050 | — |
| 25,857 | |||
| Norway (0.3%) | |||
| 2 | Entra ASA | 868,841 | 14,325 |
| Selvaag Bolig ASA | 210,106 | 993 | |
| 15,318 | |||
| Other (0.5%)4 | |||
| 5 | Vanguard Real Estate ETF | 250,514 | 26,038 |
| Philippines (1.4%) | |||
| SM Prime Holdings Inc. | 53,565,407 | 35,704 | |
| Ayala Land Inc. | 27,938,560 | 17,053 | |
| Robinson's Land Corp. | 9,639,172 | 3,501 | |
| Megaworld Corp. | 56,108,100 | 3,041 | |
| RL Commercial REIT Inc. | 16,728,000 | 2,331 | |
| AREIT Inc. | 2,833,820 | 2,154 | |
| MREIT Inc. | 4,251,800 | 1,422 | |
| Filinvest REIT Corp. | 8,963,600 | 1,253 | |
| Shares | Market Value• ($000) | ||
| DDMP REIT Inc. | 30,906,000 | 857 | |
| Filinvest Land Inc. | 39,829,000 | 800 | |
| Vista Land & Lifescapes Inc. | 14,774,178 | 725 | |
| DoubleDragon Properties Corp. | 3,498,860 | 556 | |
| 69,397 | |||
| Poland (0.0%) | |||
| 1 | Develia SA | 2,205,445 | 1,756 |
| Qatar (0.2%) | |||
| Barwa Real Estate Co. | 9,048,332 | 8,409 | |
| * | Ezdan Holding Group QSC | 7,460,285 | 2,695 |
| 11,104 | |||
| Romania (0.1%) | |||
| MAS Real Estate Inc. | 2,005,156 | 2,683 | |
| Russia (0.0%) | |||
| 3 | Etalon Group plc GDR (Registered) | 993,429 | — |
| 3 | INGRAD PJSC | 43,530 | — |
| — | |||
| Saudi Arabia (0.7%) | |||
| * | Emaar Economic City | 2,630,976 | 7,629 |
| * | Dar Al Arkan Real Estate Development Co. | 2,512,534 | 7,193 |
| Arriyadh Development Co. | 415,827 | 3,364 | |
| Arabian Centres Co. Ltd. | 498,113 | 2,923 | |
| * | Saudi Real Estate Co. | 396,099 | 2,326 |
| Jadwa REIT Saudi Fund | 584,002 | 2,188 | |
| Riyad REIT Fund | 580,774 | 1,692 | |
| Al Rajhi REIT | 566,526 | 1,647 | |
| Derayah REIT | 480,969 | 1,579 | |
| Alandalus Property Co. | 217,018 | 1,034 | |
| Musharaka Real Estate Income Fund | 292,854 | 760 | |
| Alahli REIT Fund 1 | 208,941 | 664 | |
| Alkhabeer REIT | 267,231 | 629 | |
| Al Maather REIT Fund | 197,064 | 469 | |
| Sedco Capital REIT Fund | 152,904 | 451 | |
| * | Swicorp Wabel REIT | 203,729 | 364 |
| 34,912 | |||
| Singapore (6.4%) | |||
| CapitaLand Integrated Commercial Trust | 23,872,768 | 40,001 | |
| * | Capitaland Investment Ltd. | 11,901,038 | 36,086 |
| Ascendas REIT | 16,014,684 | 32,950 | |
| Mapletree Logistics Trust | 14,877,123 | 19,107 | |
| Mapletree Industrial Trust | 9,266,291 | 17,412 | |
| Frasers Logistics & Commercial Trust | 13,896,952 | 14,472 | |
| Mapletree Commercial Trust | 10,475,241 | 14,088 | |
11
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| City Developments Ltd. | 2,252,790 | 13,812 | |
| Suntec REIT | 10,369,927 | 13,699 | |
| UOL Group Ltd. | 2,261,678 | 11,884 | |
| Keppel DC REIT | 6,311,024 | 9,408 | |
| Frasers Centrepoint Trust | 5,125,840 | 9,027 | |
| Mapletree North Asia Commercial Trust | 10,350,066 | 8,939 | |
| Keppel REIT | 9,286,215 | 8,136 | |
| Ascott Residence Trust | 9,193,622 | 7,638 | |
| ESR-REIT | 24,469,161 | 6,863 | |
| Parkway Life REIT | 1,841,597 | 6,417 | |
| Manulife US REIT | 8,006,110 | 4,988 | |
| Lendlease Global Commercial REIT | 8,147,589 | 4,654 | |
| CapitaLand China Trust | 5,368,508 | 4,511 | |
| Cromwell European REIT | 1,482,966 | 3,600 | |
| CDL Hospitality Trusts | 3,625,506 | 3,484 | |
| OUE Commercial REIT | 11,390,367 | 3,404 | |
| 3 | SPH REIT | 4,528,600 | 3,195 |
| Ascendas India Trust | 3,460,900 | 3,127 | |
| Wing Tai Holdings Ltd. | 2,351,800 | 2,952 | |
| Starhill Global REIT | 6,681,368 | 2,860 | |
| Keppel Pacific Oak US REIT | 3,717,300 | 2,692 | |
| Far East Hospitality Trust | 4,977,092 | 2,398 | |
| Yanlord Land Group Ltd. | 2,675,404 | 2,344 | |
| AIMS APAC REIT | 2,153,376 | 2,202 | |
| Prime US REIT | 2,662,800 | 1,962 | |
| Sasseur REIT | 2,483,600 | 1,495 | |
| OUE Ltd. | 1,467,100 | 1,441 | |
| First REIT | 5,754,726 | 1,301 | |
| IREIT Global | 1,923,953 | 889 | |
| Tuan Sing Holdings Ltd. | 2,407,900 | 705 | |
| EC World REIT | 1,234,400 | 573 | |
| *,3 | Eagle Hospitality Trust | 2,602,300 | 356 |
| 325,072 | |||
| South Africa (1.4%) | |||
| Growthpoint Properties Ltd. | 16,319,549 | 14,591 | |
| NEPI Rockcastle plc | 2,267,829 | 13,876 | |
| Redefine Properties Ltd. | 31,399,941 | 8,682 | |
| Resilient REIT Ltd. | 1,543,325 | 5,662 | |
| Equites Property Fund Ltd. | 3,583,130 | 4,810 | |
| Fortress REIT Ltd. Class A | 5,710,817 | 4,494 | |
| Hyprop Investments Ltd. | 1,634,346 | 3,715 | |
| Vukile Property Fund Ltd. | 4,270,409 | 3,617 | |
| Investec Property Fund Ltd. | 2,817,879 | 2,195 | |
| Stor-Age Property REIT Ltd. | 2,149,806 | 2,040 | |
| SA Corporate Real Estate Ltd. | 11,976,334 | 1,693 | |
| * | Attacq Ltd. | 3,729,211 | 1,598 |
| Shares | Market Value• ($000) | ||
| Emira Property Fund Ltd. | 1,432,096 | 982 | |
| Fairvest Ltd. | 3,988,653 | 864 | |
| * | Fortress REIT Ltd. Class B | 4,058,745 | 849 |
| 69,668 | |||
| South Korea (0.4%) | |||
| ESR Kendall Square REIT Co. Ltd. | 695,521 | 4,056 | |
| LOTTE REIT Co. Ltd. | 580,630 | 2,742 | |
| JR Global REIT | 556,864 | 2,605 | |
| Mirae Asset Maps Asia Pacific Real Estate 1 Investment | 439,708 | 1,746 | |
| SK REIT Co. Ltd. | 264,841 | 1,515 | |
| Koramco Energy Plus REIT | 231,682 | 1,332 | |
| Shinhan Alpha REIT Co. Ltd. | 204,724 | 1,300 | |
| Korea Real Estate Investment & Trust Co. Ltd. | 664,567 | 1,156 | |
| D&D Platform REIT Co. Ltd. | 238,217 | 1,028 | |
| 1 | SK D&D Co. Ltd. | 37,059 | 838 |
| IGIS Value Plus REIT Co. Ltd. | 134,765 | 667 | |
| 18,985 | |||
| Spain (0.7%) | |||
| Merlin Properties Socimi SA | 1,591,149 | 17,286 | |
| Inmobiliaria Colonial Socimi SA | 1,288,787 | 10,717 | |
| 2 | Aedas Homes SA | 86,942 | 2,034 |
| 1,2 | Metrovacesa SA | 216,816 | 1,731 |
| Lar Espana Real Estate Socimi SA | 299,574 | 1,570 | |
| 33,338 | |||
| Sweden (3.6%) | |||
| Castellum AB | 1,352,673 | 26,788 | |
| * | Fastighets AB Balder Class B | 499,394 | 24,754 |
| Sagax AB Class B | 793,756 | 20,276 | |
| Samhallsbyggnadsbolaget i Norden AB | 5,410,448 | 16,995 | |
| Fabege AB | 1,295,072 | 15,720 | |
| Wihlborgs Fastigheter AB | 638,703 | 11,074 | |
| Wallenstam AB Class B | 998,734 | 11,043 | |
| Nyfosa AB | 805,869 | 8,882 | |
| Catena AB | 139,265 | 7,270 | |
| Hufvudstaden AB Class A | 560,162 | 7,258 | |
| * | Pandox AB Class B | 424,490 | 5,914 |
| Cibus Nordic Real Estate AB | 190,227 | 4,399 | |
| NP3 Fastigheter AB | 136,961 | 3,806 | |
| Atrium Ljungberg AB Class B | 227,484 | 3,720 | |
| Dios Fastigheter AB | 409,394 | 3,655 | |
12
Global
ex-U.S. Real Estate Index Fund
| Shares | Market Value• ($000) | ||
| Platzer Fastigheter Holding AB Class B | 298,720 | 3,034 | |
| 1 | Samhallsbyggnadsbolaget i Norden AB Class D | 696,385 | 1,827 |
| Akelius Residential Property AB Class D | 984,168 | 1,824 | |
| Sagax AB Class D | 558,885 | 1,719 | |
| * | K-fast Holding AB Class B | 297,818 | 1,364 |
| * | Annehem Fastigheter AB Class B | 191,813 | 523 |
| 181,845 | |||
| Switzerland (1.8%) | |||
| Swiss Prime Site AG (Registered) | 362,801 | 35,462 | |
| PSP Swiss Property AG (Registered) | 219,115 | 27,616 | |
| Allreal Holding AG (Registered) | 72,088 | 13,597 | |
| Mobimo Holding AG (Registered) | 34,523 | 9,873 | |
| Intershop Holding AG | 5,889 | 3,835 | |
| * | Mobimo Holding AG Rights Exp. 5/3/22 | 7,436 | 26 |
| 90,409 | |||
| Taiwan (1.0%) | |||
| Ruentex Development Co. Ltd. | 6,518,580 | 17,061 | |
| Highwealth Construction Corp. | 5,189,598 | 8,224 | |
| Huaku Development Co. Ltd. | 1,111,854 | 3,473 | |
| Chong Hong Construction Co. Ltd. | 1,054,297 | 2,615 | |
| Farglory Land Development Co. Ltd. | 960,631 | 2,184 | |
| Prince Housing & Development Corp. | 5,183,478 | 2,183 | |
| Kindom Development Co. Ltd. | 1,761,900 | 2,063 | |
| Hung Sheng Construction Ltd. | 1,627,520 | 1,392 | |
| Cathay Real Estate Development Co. Ltd. | 2,231,100 | 1,390 | |
| Sakura Development Co. Ltd. | 1,103,931 | 1,215 | |
| Chung Lien Co. Ltd. | 384,000 | 999 | |
| Huang Hsiang Construction Corp. | 509,000 | 952 | |
| * | Delpha Construction Co. Ltd. | 1,900,000 | 924 |
| Advancetek Enterprise Co. Ltd. | 1,194,000 | 914 | |
| Kuo Yang Construction Co. Ltd. | 1,226,802 | 833 | |