| Vanguard Global ex-U.S. Real Estate Index Fund | ||
| Schedule of Investments (unaudited) | ||
| As of January 31, 2020 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Common Stocks (98.9%)1 | ||
| Australia (8.1%) | ||
| Goodman Group | 8,923,365 | 88,341 |
| Scentre Group | 29,644,626 | 76,063 |
| Dexus | 6,033,945 | 50,915 |
| Mirvac Group | 22,038,455 | 49,718 |
| Stockland | 13,557,542 | 44,323 |
| GPT Group | 10,727,030 | 42,802 |
| Lendlease Group | 3,248,972 | 39,021 |
| Vicinity Centres | 17,894,188 | 30,204 |
| Charter Hall Group | 2,578,671 | 22,002 |
| Shopping Centres Australasia Property Group | 5,193,562 | 10,002 |
| Charter Hall Long Wale REIT | 2,366,918 | 8,962 |
| Cromwell Property Group | 10,713,592 | 8,741 |
| BWP Trust | 2,767,208 | 7,551 |
| National Storage REIT | 4,382,326 | 6,282 |
| Charter Hall Retail REIT | 1,989,121 | 6,231 |
| Abacus Property Group | 1,994,123 | 5,019 |
| Viva Energy REIT | 2,552,682 | 4,709 |
| Centuria Metropolitan REIT | 2,300,188 | 4,614 |
| Growthpoint Properties Australia Ltd. | 1,561,958 | 4,543 |
| Ingenia Communities Group | 1,347,099 | 4,292 |
| Arena REIT | 1,669,252 | 3,443 |
| Charter Hall Social Infrastructure REIT | 1,477,538 | 3,435 |
| GDI Property Group | 2,865,218 | 2,957 |
| Rural Funds Group | 1,883,035 | 2,325 |
| Hotel Property Investments | 806,977 | 1,836 |
| Cedar Woods Properties Ltd. | 331,795 | 1,767 |
| APN Industria REIT | 679,400 | 1,399 |
| 531,497 | ||
| Austria (0.6%) | ||
| CA Immobilien Anlagen AG | 407,592 | 17,934 |
| IMMOFINANZ AG | 515,027 | 14,292 |
| S IMMO AG | 291,729 | 7,815 |
| 40,041 | ||
| Belgium (1.3%) | ||
| Cofinimmo SA | 136,715 | 21,793 |
| Warehouses De Pauw CVA | 718,265 | 20,528 |
| Aedifica SA | 136,953 | 18,526 |
| Befimmo SA | 129,716 | 7,980 |
| Montea C.V.A | 60,985 | 6,031 |
| Retail Estates NV | 63,014 | 5,785 |
| Intervest Offices & Warehouses NV | 125,782 | 3,737 |
| 84,380 | ||
| Brazil (0.9%) | ||
| BR Malls Participacoes SA | 4,854,516 | 20,857 |
| Multiplan Empreendimentos Imobiliarios SA | 1,507,448 | 12,207 |
| Aliansce Sonae Shopping Centers sa | 761,916 | 9,356 |
| Iguatemi Empresa de Shopping Centers SA | 480,786 | 5,984 |
| * BR Properties SA | 1,125,675 | 4,093 |
| JHSF Participacoes SA | 1,471,700 | 2,704 |
| LOG Commercial Properties e Participacoes SA | 239,678 | 1,769 |
| 56,970 | ||
| Canada (2.5%) | ||
| ^ Canadian Apartment Properties REIT | 461,717 | 19,747 |
| RioCan REIT | 864,919 | 17,751 |
| Allied Properties REIT | 334,548 | 13,959 |
| H&R REIT | 779,066 | 12,592 |
| ^ First Capital REIT | 601,020 | 9,841 |
| ^ Choice Properties REIT | 841,720 | 9,299 |
| ^ SmartCentres REIT | 390,246 | 9,262 |
| Granite REIT | 147,534 | 7,972 |
| Tricon Capital Group Inc. | 798,753 | 6,579 |
| ^ Cominar REIT | 498,362 | 5,487 |
| ^ Boardwalk REIT | 126,390 | 4,510 |
| ^ Northview Apartment REIT | 183,450 | 4,257 |
| ^ InterRent REIT | 328,807 | 4,179 |
| Killam Apartment REIT | 265,229 | 4,040 |
| ^ Dream Office REIT | 154,671 | 3,804 |
| ^ NorthWest Healthcare Properties REIT | 412,608 | 3,801 |
| ^ Dream Industrial REIT | 350,488 | 3,702 |
| ^ Summit Industrial Income REIT | 370,193 | 3,611 |
| ^ CT REIT | 283,722 | 3,458 |
| ^ Artis REIT | 377,791 | 3,366 |
| ^ Crombie REIT | 244,328 | 2,954 |
| DREAM Unlimited Corp. Class A | 326,929 | 2,888 |
| ^ Minto Apartment REIT | 99,636 | 1,855 |
| ^ Morguard North American Residential REIT | 106,961 | 1,542 |
| True North Commercial REIT | 221,454 | 1,265 |
| ^ Slate Retail REIT | 114,658 | 1,152 |
| ^ Slate Office REIT | 184,980 | 818 |
| 163,691 | ||
| Chile (0.3%) | ||
| Parque Arauco SA | 3,965,709 | 9,065 |
| Cencosud Shopping SA | 2,500,000 | 5,122 |
| Plaza SA | 1,622,680 | 2,920 |
| 17,107 | ||
| China (11.2%) | ||
| China Overseas Land & Investment Ltd. | 20,734,710 | 66,650 |
| China Resources Land Ltd. | 15,482,446 | 64,406 |
| Sunac China Holdings Ltd. | 12,852,278 | 61,987 |
| Country Garden Holdings Co. Ltd. | 41,339,163 | 52,278 |
| ^ China Evergrande Group | 16,870,921 | 37,279 |
| 2 Longfor Group Holdings Ltd. | 7,976,208 | 33,661 |
| China Vanke Co. Ltd. (XHKG) | 8,818,083 | 31,087 |
| China Jinmao Holdings Group Ltd. | 26,973,054 | 18,032 |
| Shimao Property Holdings Ltd. | 5,512,664 | 17,789 |
| China Vanke Co. Ltd. Class A (XSEC) | 4,297,042 | 17,380 |
| Wharf Holdings Ltd. | 6,102,000 | 15,074 |
| CIFI Holdings Group Co. Ltd. | 20,636,000 | 14,170 |
| Poly Developments and Holdings Group Co. Ltd. | 5,301,393 | 11,295 |
| Guangzhou R&F Properties Co. Ltd. | 7,196,213 | 10,855 |
| Logan Property Holdings Co. Ltd. | 7,019,984 | 10,611 |
| Agile Group Holdings Ltd. | 8,061,409 | 10,608 |
| China Aoyuan Group Ltd. | 7,243,000 | 9,652 |
| Seazen Group Ltd. | 9,522,000 | 9,559 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. | 3,508,707 | 8,927 | |
| Greentown China Holdings Ltd. | 7,253,814 | 8,616 | |
| KWG Group Holdings Ltd. | 6,543,158 | 8,473 | |
| Times China Holdings Ltd. | 4,131,000 | 7,207 | |
| Zhenro Properties Group Ltd. | 11,626,000 | 7,188 | |
| Yuexiu Property Co. Ltd. | 34,429,094 | 6,892 | |
| Sino-Ocean Group Holding Ltd. | 17,739,829 | 6,379 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. | 6,680,814 | 6,270 | |
| China SCE Group Holdings Ltd. | 11,630,766 | 6,111 | |
| China Overseas Grand Oceans Group Ltd. | 9,149,079 | 5,978 | |
| Yuexiu REIT | 8,484,516 | 5,569 | |
| Gemdale Properties & Investment Corp. Ltd. | 39,682,000 | 5,354 | |
| Shenzhen Investment Ltd. | 14,744,201 | 5,092 | |
| ^ | China Dili Group | 16,291,948 | 4,982 |
| China Fortune Land Development Co. Ltd. | 1,333,025 | 4,929 | |
| Kaisa Group Holdings Ltd. | 11,836,000 | 4,908 | |
| Seazen Holdings Co. Ltd. | 1,002,882 | 4,782 | |
| Yuzhou Properties Co. Ltd. | 9,881,470 | 4,559 | |
| Powerlong Real Estate Holdings Ltd. | 8,088,139 | 4,427 | |
| Poly Property Group Co. Ltd. | 10,789,048 | 4,179 | |
| SOHO China Ltd. | 10,735,545 | 4,093 | |
| Shui On Land Ltd. | 19,921,538 | 3,971 | |
| 2 | Midea Real Estate Holding Ltd. | 1,388,816 | 3,883 |
| Gemdale Corp. | 2,004,540 | 3,717 | |
| Ronshine China Holdings Ltd. | 3,337,000 | 3,529 | |
| *,2 China Logistics Property Holdings Co. Ltd. | 8,981,000 | 3,521 | |
| Hopson Development Holdings Ltd. | 3,848,710 | 3,517 | |
| 2 | Red Star Macalline Group Corp. Ltd. | 3,825,524 | 2,871 |
| China South City Holdings Ltd. | 24,866,111 | 2,768 | |
| Jiayuan International Group Ltd. | 7,002,000 | 2,511 | |
| RiseSun Real Estate Development Co. Ltd. | 1,927,775 | 2,454 | |
| Jinke Properties Group Co. Ltd. | 2,369,205 | 2,378 | |
| ^,2 Redco Properties Group Ltd. | 5,048,000 | 2,221 | |
| Central China Real Estate Ltd. | 3,859,000 | 2,216 | |
| Skyfame Realty Holdings Ltd. | 17,063,012 | 2,211 | |
| LVGEM China Real Estate Investment Co. Ltd. | 6,484,000 | 2,191 | |
| Jiangsu Zhongnan Construction Group Co. Ltd. | 1,656,864 | 2,156 | |
| Road King Infrastructure Ltd. | 1,264,000 | 2,122 | |
| Joy City Property Ltd. | 20,661,500 | 2,059 | |
| Beijing Capital Land Ltd. | 7,576,551 | 1,981 | |
| Xinhu Zhongbao Co. Ltd. | 3,819,281 | 1,899 | |
| Yango Group Co. Ltd. | 1,799,011 | 1,789 | |
| Zhongliang Holdings Group Co. Ltd. | 2,431,500 | 1,688 | |
| Greenland Hong Kong Holdings Ltd. | 4,467,000 | 1,685 | |
| C&D International Investment Group Ltd. | 1,360,000 | 1,677 | |
| Shanghai Lingang Holdings Corp. Ltd. Class A | 487,466 | 1,636 | |
| * | Zhuguang Holdings Group Co. Ltd. | 11,102,000 | 1,630 |
| ^ | Dexin China Holdings Co. Ltd. | 4,205,000 | 1,619 |
| Redsun Properties Group Ltd. | 5,167,000 | 1,603 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 849,790 | 1,563 | |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 1,673,721 | 1,503 | |
| Financial Street Holdings Co. Ltd. Class A | 1,312,960 | 1,410 | |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 683,500 | 1,384 | |
| Sichuan Languang Development Co. Ltd. | 1,329,800 | 1,297 | |
| China Enterprise Co. Ltd. | 1,983,564 | 1,289 | |
| *,§ Yida China Holdings Ltd. | 4,476,000 | 1,274 | |
| Beijing North Star Co. Ltd. | 4,438,000 | 1,262 | |
| Fantasia Holdings Group Co. Ltd. | 7,060,443 | 1,260 | |
| Beijing Capital Development Co. Ltd. | 1,141,712 | 1,207 | |
| Grandjoy Holdings Group Co. Ltd. | 1,295,620 | 1,172 | |
| Shanghai Industrial Urban Development Group Ltd. | 10,146,799 | 1,168 | |
| China Merchants Land Ltd. | 7,282,000 | 1,088 | |
| *,§ Mingfa Group International Co. Ltd. | 4,231,908 | 1,030 | |
| Shanghai Wanye Enterprises Co. Ltd. | 359,500 | 1,027 | |
| Shanghai Shibei Hi-Tech Co. Ltd. Class B | 2,748,750 | 979 | |
| Shanghai Shimao Co. Ltd. Class A | 1,671,368 | 972 | |
| China Electronics Optics Valley Union Holding Co. Ltd. | 16,720,000 | 970 | |
| Red Star Macalline Group Corp. Ltd. Class A | 582,118 | 968 | |
| Huafa Industrial Co. Ltd. Zhuhai Class A | 936,800 | 958 | |
| DaFa Properties Group Ltd. | 1,239,970 | 934 | |
| Greattown Holdings Ltd. Class A | 1,007,300 | 889 | |
| Tahoe Group Co. Ltd. | 1,093,279 | 867 | |
| Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 1,375,011 | 866 | |
| Guorui Properties Ltd. | 4,267,000 | 838 | |
| Jingrui Holdings Ltd. | 2,709,000 | 798 | |
| Times Neighborhood Holdings Ltd. | 1,145,153 | 711 | |
| *,2 Sunshine 100 China Holdings Ltd. | 3,870,000 | 701 | |
| Suning Universal Co. Ltd. Class A | 1,347,789 | 651 | |
| China World Trade Center Co. Ltd. Class A | 277,972 | 622 | |
| Tianjin Guangyu Development Co. Ltd. Class A | 606,804 | 621 | |
| Shanghai Industrial Development Co. Ltd. Class A | 816,000 | 617 | |
| Xinyuan Real Estate Co. Ltd. ADR | 183,803 | 610 | |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 316,152 | 602 | |
| Gree Real Estate Co. Ltd. | 895,411 | 588 | |
| Cinda Real Estate Co. Ltd. | 1,084,783 | 567 | |
| ^,2 China Vast Industrial Urban Development Co. Ltd. | 1,493,000 | 521 | |
| Chongqing Dima Industry Co. Ltd. Class A | 1,085,353 | 486 | |
| Minmetals Land Ltd. | 3,124,000 | 482 | |
| Beijing North Star Co. Ltd. Class A | 1,082,919 | 474 | |
| Shenzhen Heungkong Holding Co. Ltd. | 1,494,000 | 474 | |
| * | Nam Tai Property Inc. | 52,504 | 469 |
| Bright Real Estate Group Co. Ltd. | 981,800 | 459 | |
| Macrolink Culturaltainment Development Co. Ltd. | 836,192 | 450 | |
| *,^ Sansheng Holdings Group Co. Ltd. | 390,000 | 430 | |
| Shenzhen Zhenye Group Co. Ltd. Class A | 593,000 | 429 | |
| Myhome Real Estate Development Group Co. Ltd. | 1,073,273 | 414 | |
| Landsea Green Properties Co. Ltd. | 3,776,000 | 373 | |
| Beijing Hualian Department Store Co. Ltd. | 1,210,112 | 372 | |
| China Union Holdings Ltd. Class A | 657,444 | 369 | |
| Hubei Fuxing Science And Technology Co. Ltd. | 419,532 | 359 | |
| Guangdong Shirongzhaoye Co. Ltd. | 302,434 | 348 | |
| Everbright Jiabao Co. Ltd. Class A | 647,400 | 343 | |
| Guangdong Highsun Group Co. Ltd. | 972,655 | 331 | |
| YunNan Metropolitan Real Estate Development Co. Ltd. | 704,700 | 289 | |
| Shanghai Lingang Holdings Corp. Ltd. | 195,400 | 289 | |
| Rongan Property Co. Ltd. | 686,900 | 272 | |
| * | Glorious Property Holdings Ltd. | 11,714,036 | 259 |
| Zhong An Group Ltd. | 8,606,000 | 248 | |
| * | EverChina International Holdings Co. Ltd. | 6,949,331 | 194 |
| * | Shanghai Zendai Property Ltd. | 29,640,000 | 169 |
| * | Wanda Hotel Development Co. Ltd. | 3,210,000 | 139 |
| * | DIT Group Ltd. | 5,480,000 | 99 |
| 729,595 | |||
| Egypt (0.1%) | |||
| Talaat Moustafa Group | 5,373,565 | 2,745 | |
| * | Medinet Nasr Housing | 4,518,790 | 1,349 |
| Six of October Development & Investment | 1,452,595 | 1,165 | |
| * | Heliopolis Housing | 683,594 | 921 |
| * | Palm Hills Developments SAE | 7,762,587 | 805 |
| * | Emaar Misr for Development SAE | 3,234,421 | 588 |
| 7,573 | |||
| Finland (0.1%) | |||
| ^ | Citycon Oyj | 364,709 | 3,858 |
| France (4.1%) | |||
| Unibail-Rodamco-Westfield | 766,382 | 104,129 | |
| Gecina SA | 305,365 | 57,595 | |
| Klepierre SA | 1,164,062 | 39,569 | |
| Covivio | 247,318 | 29,348 | |
| ICADE | 156,379 | 17,467 | |
| Nexity SA | 257,358 | 12,425 | |
| Altarea SCA | 19,853 | 4,550 | |
| Mercialys SA | 138,398 | 1,745 | |
| 266,828 | |||
| Germany (6.7%) | |||
| Vonovia SE | 3,022,210 | 172,497 | |
| Deutsche Wohnen SE | 2,002,315 | 84,719 | |
| LEG IMMOBILIEN AG | 381,449 | 47,048 | |
| Aroundtown SA | 4,969,532 | 47,046 | |
| TAG Immobilien AG | 810,529 | 21,362 | |
| alstria office REIT AG | 886,184 | 17,581 | |
| Grand City Properties SA | 564,718 | 14,474 | |
| TLG Immobilien AG | 335,874 | 11,484 | |
| Deutsche EuroShop AG | 277,700 | 7,571 | |
| 2 | ADO Properties SA | 152,023 | 4,700 |
| DIC Asset AG | 240,903 | 4,514 | |
| Hamborner REIT AG | 393,959 | 4,413 | |
| *,^ ADLER Real Estate AG | 236,946 | 3,181 | |
| 440,590 | |||
| Greece (0.0%) | |||
| * | LAMDA Development SA | 353,286 | 3,160 |
| Hong Kong (8.9%) | |||
| Link REIT | 11,671,589 | 118,029 | |
| Sun Hung Kai Properties Ltd. | 8,232,941 | 114,688 | |
| CK Asset Holdings Ltd. | 14,183,375 | 90,617 | |
| Henderson Land Development Co. Ltd. | 9,151,936 | 41,089 | |
| Hongkong Land Holdings Ltd. | 6,494,012 | 34,470 | |
| Wharf Real Estate Investment Co. Ltd. | 6,421,000 | 33,160 | |
| Wheelock & Co. Ltd. | 4,328,652 | 26,349 | |
| Sino Land Co. Ltd. | 16,680,604 | 22,733 | |
| Hang Lung Properties Ltd. | 10,598,932 | 22,141 | |
| Swire Properties Ltd. | 5,857,800 | 18,185 | |
| Hysan Development Co. Ltd. | 3,464,655 | 12,934 | |
| Hang Lung Group Ltd. | 4,854,103 | 11,995 | |
| Kerry Properties Ltd. | 3,318,832 | 9,257 | |
| Champion REIT | 11,340,512 | 6,805 | |
| K Wah International Holdings Ltd. | 8,660,338 | 4,221 | |
| Sunlight REIT | 5,850,400 | 3,716 | |
| Prosperity REIT | 7,215,649 | 2,744 | |
| Far East Consortium International Ltd. | 5,842,000 | 2,514 | |
| ^ | Wang On Properties Ltd. | 21,428,000 | 2,444 |
| Chinese Estates Holdings Ltd. | 2,827,452 | 1,995 | |
| Langham Hospitality Investments and Langham Hospitality Investments Ltd. | 4,347,000 | 1,125 | |
| 581,211 | |||
| India (0.6%) | |||
| DLF Ltd. | 3,298,926 | 12,001 | |
| * | Godrej Properties Ltd. | 334,963 | 5,058 |
| Oberoi Realty Ltd. | 605,150 | 4,622 | |
| Phoenix Mills Ltd. | 325,422 | 4,003 | |
| Prestige Estates Projects Ltd. | 623,758 | 3,352 | |
| * | Indiabulls Real Estate Ltd. | 1,397,965 | 2,074 |
| Sobha Ltd. | 251,252 | 1,578 | |
| Sunteck Realty Ltd. | 193,647 | 1,073 | |
| NESCO Ltd. | 92,087 | 972 | |
| Brigade Enterprises Ltd. | 267,291 | 893 | |
| Mahindra Lifespace Developers Ltd. | 135,357 | 795 | |
| Omaxe Ltd. | 236,799 | 514 | |
| 36,935 | |||
| Indonesia (0.3%) | |||
| * | Bumi Serpong Damai Tbk PT | 52,087,227 | 4,223 |
| Ciputra Development Tbk PT | 55,041,991 | 3,576 | |
| Pakuwon Jati Tbk PT | 82,542,928 | 3,133 | |
| Summarecon Agung Tbk PT | 43,217,900 | 2,670 | |
| * | Lippo Karawaci Tbk PT | 158,087,749 | 2,657 |
| *,§ Hanson International Tbk PT | 444,252,900 | 1,627 | |
| Puradelta Lestari Tbk PT | 47,828,300 | 969 | |
| * | Alam Sutera Realty Tbk PT | 61,557,897 | 891 |
| MODERNLAND REALTY TBK PT | 47,594,800 | 671 | |
| * | Sentul City Tbk PT | 112,209,100 | 475 |
| * | Lippo Cikarang Tbk PT | 6,909,100 | 374 |
| PP Properti Tbk PT | 70,685,607 | 274 | |
| § | Armidian Karyatama Tbk PT | 34,315,100 | 126 |
| Maha Properti Indonesia Tbk PT | 121,039 | 13 | |
| 21,679 | |||
| Ireland (0.2%) | |||
| Hibernia REIT plc | 3,859,358 | 5,864 | |
| Irish Residential Properties REIT plc | 2,386,761 | 4,385 | |
| 10,249 | |||
| Israel (1.0%) | |||
| Azrieli Group Ltd. | 203,339 | 14,985 | |
| Alony Hetz Properties & Investments Ltd. | 734,720 | 12,142 | |
| Melisron Ltd. | 115,453 | 7,581 | |
| * | Airport City Ltd. | 405,505 | 7,130 |
| Amot Investments Ltd. | 917,821 | 6,676 | |
| Reit 1 Ltd. | 996,390 | 6,096 | |
| Gazit-Globe Ltd. | 474,789 | 5,495 | |
| Big Shopping Centers Ltd. | 34,963 | 3,936 | |
| Sella Capital Real Estate Ltd. | 1,069,634 | 3,365 | |
| Property & Building Corp. Ltd. | 11,786 | 1,293 | |
| 68,699 | |||
| Italy (0.0%) | ||
| Immobiliare Grande Distribuzione SIIQ SPA | 266,154 | 1,769 |
| Japan (23.8%) | ||
| Mitsubishi Estate Co. Ltd. | 7,754,045 | 151,859 |
| Mitsui Fudosan Co. Ltd. | 5,458,557 | 144,573 |
| Daiwa House Industry Co. Ltd. | 3,720,274 | 117,123 |
| Sumitomo Realty & Development Co. Ltd. | 2,661,267 | 97,976 |
| Nippon Building Fund Inc. | 7,860 | 63,671 |
| Japan Real Estate Investment Corp. | 7,711 | 56,308 |
| Daito Trust Construction Co. Ltd. | 421,025 | 49,595 |
| Nomura Real Estate Master Fund Inc. | 25,312 | 44,518 |
| Nippon Prologis REIT Inc. | 13,077 | 37,593 |
| Hulic Co. Ltd. | 2,775,048 | 33,646 |
| Orix JREIT Inc. | 15,365 | 32,464 |
| Japan Retail Fund Investment Corp. | 14,571 | 31,179 |
| United Urban Investment Corp. | 17,358 | 31,094 |
| GLP JREIT | 21,338 | 28,662 |
| Daiwa House REIT Investment Corp. | 10,393 | 27,729 |
| Advance Residence Investment Corp. | 7,709 | 24,244 |
| Japan Prime Realty Investment Corp. | 5,139 | 23,775 |
| Tokyu Fudosan Holdings Corp. | 3,365,844 | 23,727 |
| Activia Properties Inc. | 3,904 | 20,789 |
| Tokyo Tatemono Co. Ltd. | 1,208,283 | 19,523 |
| Sekisui House Reit Inc. | 22,693 | 19,438 |
| Kenedix Office Investment Corp. | 2,388 | 19,182 |
| Nippon Accommodations Fund Inc. | 2,699 | 17,905 |
| Invincible Investment Corp. | 33,932 | 17,142 |
| Japan Hotel REIT Investment Corp. | 24,835 | 16,727 |
| Nomura Real Estate Holdings Inc. | 675,229 | 16,628 |
| Industrial & Infrastructure Fund Investment Corp. | 9,986 | 15,322 |
| Mori Hills REIT Investment Corp. | 8,873 | 14,851 |
| Japan Logistics Fund Inc. | 5,039 | 13,634 |
| Daiwa Office Investment Corp. | 1,700 | 13,624 |
| Japan Excellent Inc. | 6,912 | 12,513 |
| LaSalle Logiport REIT | 7,597 | 12,262 |
| Hulic Reit Inc. | 6,497 | 12,018 |
| NIPPON REIT Investment Corp. | 2,502 | 11,721 |
| MCUBS MidCity Investment Corp | 9,892 | 11,610 |
| Frontier Real Estate Investment Corp. | 2,753 | 11,512 |
| AEON REIT Investment Corp. | 8,352 | 11,385 |
| Comforia Residential REIT Inc. | 3,320 | 10,927 |
| Premier Investment Corp. | 7,333 | 10,840 |
| Invesco Office J-Reit Inc. | 49,514 | 10,545 |
| Unizo Holdings Co. Ltd. | 203,000 | 10,323 |
| Tokyu REIT Inc. | 5,174 | 10,123 |
| Kenedix Residential Next Investment Corp. | 5,048 | 10,024 |
| Mori Trust Sogo Reit Inc. | 5,364 | 9,844 |
| Aeon Mall Co. Ltd. | 569,583 | 9,464 |
| ^ Mitsui Fudosan Logistics Park Inc. | 1,941 | 9,409 |
| Ichigo Office REIT Investment | 8,526 | 9,213 |
| Japan Rental Housing Investments Inc. | 9,247 | 9,197 |
| Kenedix Retail REIT Corp. | 3,000 | 7,425 |
| Global One Real Estate Investment Corp. | 5,355 | 7,165 |
| Fukuoka REIT Corp. | 4,036 | 6,981 |
| Heiwa Real Estate REIT Inc. | 4,927 | 6,619 |
| Hoshino Resorts REIT Inc. | 1,234 | 6,341 |
| Mitsubishi Estate Logistics REIT Investment Corp. | 1,707 | 6,247 | |
| Hankyu Hanshin REIT Inc. | 3,870 | 6,215 | |
| Katitas Co. Ltd. | 137,700 | 5,533 | |
| Heiwa Real Estate Co. Ltd. | 186,232 | 5,488 | |
| Mirai Corp. | 9,278 | 5,227 | |
| Kenedix Inc. | 977,300 | 4,916 | |
| One REIT Inc. | 1,337 | 4,649 | |
| Ichigo Inc. | 1,209,300 | 4,537 | |
| Daibiru Corp. | 324,557 | 3,995 | |
| *,^ Leopalace21 Corp. | 1,365,150 | 3,923 | |
| Keihanshin Building Co. Ltd. | 242,400 | 3,266 | |
| Samty Residential Investment Corp. | 3,076 | 3,239 | |
| Star Asia Investment Corp. | 3,016 | 3,186 | |
| Takara Leben Real Estate Investment Corp. | 2,459 | 2,938 | |
| Mori Trust Hotel Reit Inc. | 1,878 | 2,555 | |
| SAMTY Co. Ltd. | 150,400 | 2,550 | |
| Sankei Real Estate Inc. | 2,002 | 2,489 | |
| Starts Proceed Investment Corp. | 1,231 | 2,382 | |
| Tosei Reit Investment Corp. | 1,894 | 2,357 | |
| TOC Co. Ltd. | 287,229 | 2,307 | |
| ^ | CRE Logistics REIT | 1,667 | 2,246 |
| ^ | Itochu Advance Logistics Investment Corp. | 1,913 | 2,221 |
| ^ | Health Care & Medical Investment Corp. | 1,745 | 2,207 |
| Tosei Corp. | 165,000 | 2,130 | |
| Takara Leben Co. Ltd. | 458,252 | 2,042 | |
| Sun Frontier Fudousan Co. Ltd. | 156,500 | 1,748 | |
| ^ | Sakura Sogo REIT Investment Corp. | 1,873 | 1,682 |
| ESCON Japan Reit Investment Corp. | 1,363 | 1,646 | |
| Goldcrest Co. Ltd. | 93,740 | 1,611 | |
| Shinoken Group Co. Ltd. | 144,100 | 1,604 | |
| ^ | Ichigo Hotel REIT Investment Corp. | 1,431 | 1,590 |
| XYMAX REIT Investment Corp. | 1,183 | 1,513 | |
| Ooedo Onsen Reit Investment Corp. | 1,333 | 1,131 | |
| ^ | Star Mica Holdings Co. Ltd. | 64,800 | 975 |
| Nippon Commercial Development Co. Ltd. | 62,700 | 974 | |
| Japan Property Management Center Co. Ltd. | 76,200 | 929 | |
| Marimo Regional Revitalization REIT Inc. | 670 | 793 | |
| Dear Life Co. Ltd. | 137,800 | 735 | |
| 1,557,738 | |||
| Kuwait (0.0%) | |||
| Kuwait Real Estate Co. KSC | 3,751,754 | 1,255 | |
| National Real Estate Co. KPSC | 4,112,981 | 1,236 | |
| 2,491 | |||
| Malaysia (0.5%) | |||
| KLCCP Stapled Group Bhd. | 2,491,570 | 4,757 | |
| IGB REIT | 9,788,000 | 4,580 | |
| Sunway REIT | 8,504,934 | 3,775 | |
| IOI Properties Group Bhd. | 11,001,500 | 3,123 | |
| Sime Darby Property Bhd. | 15,496,700 | 2,939 | |
| SP Setia Bhd Group | 7,141,100 | 2,272 | |
| Pavilion REIT | 4,807,900 | 2,003 | |
| Axis REIT | 4,474,600 | 1,945 | |
| UOA Development Bhd. | 3,056,300 | 1,472 | |
| Matrix Concepts Holdings Bhd. | 3,150,128 | 1,466 | |
| * | YNH Property Bhd. | 2,152,400 | 1,407 |
| Mah Sing Group Bhd. | 7,899,025 | 1,288 | |
| Capitaland Malaysia Mall Trust | 5,174,000 | 1,253 | |
| * | UEM Sunrise Bhd. | 6,492,365 | 944 |
| * | Eco World Development Group Bhd. | 6,015,000 | 935 |
| Eastern & Oriental Bhd. | 3,902,997 | 532 | |
| LBS Bina Group Bhd. | 4,030,440 | 466 | |
| * | Sunway Bhd. Warrants Exp. 12/31/2024 | 1,260,691 | 122 |
| * | Eco World Development Group Bhd. Warrants Exp. 03/26/2022 | 450,320 | 18 |
| * | Matrix Concepts Holdings Bhd. Warrants Exp. 07/20/2020 | 167,103 | 1 |
| *,§ Mah Sing Group Warrants Exp. 01/15/2026 | 264,345 | — | |
| 35,298 | |||
| Mexico (0.9%) | |||
| Fibra Uno Administracion SA de CV | 16,716,885 | 27,435 | |
| Concentradora Fibra Danhos SA de CV | 5,119,092 | 7,859 | |
| PLA Administradora Industrial S de RL de CV | 4,686,200 | 7,609 | |
| 2 | Macquarie Mexico Real Estate Management SA de CV | 4,555,080 | 6,171 |
| Corp Inmobiliaria Vesta SAB de CV | 3,316,117 | 6,076 | |
| Prologis Property Mexico SA de CV | 1,955,100 | 4,326 | |
| 2 | Concentradora Fibra Hotelera Mexicana SA de CV | 3,946,252 | 1,744 |
| 61,220 | |||
| Netherlands (0.3%) | |||
| Eurocommercial Properties NV | 235,681 | 5,894 | |
| NSI NV | 94,016 | 5,133 | |
| ^ | Wereldhave NV | 224,839 | 4,131 |
| Vastned Retail NV | 110,340 | 2,972 | |
| 18,130 | |||
| New Zealand (0.5%) | |||
| Goodman Property Trust | 6,296,939 | 9,416 | |
| Kiwi Property Group Ltd. | 8,702,149 | 8,773 | |
| Precinct Properties New Zealand Ltd. | 6,162,919 | 7,463 | |
| Argosy Property Ltd. | 4,579,925 | 4,221 | |
| Vital Healthcare Property Trust | 1,895,774 | 3,400 | |
| 33,273 | |||
| Norway (0.2%) | |||
| 2 | Entra ASA | 796,661 | 13,596 |
| ^ | Selvaag Bolig ASA | 251,806 | 1,439 |
| 15,035 | |||
| Other (0.2%)3 | |||
| 4 | Vanguard Real Estate ETF | 135,214 | 12,701 |
| Philippines (1.4%) | |||
| SM Prime Holdings Inc. | 62,928,707 | 47,979 | |
| Ayala Land Inc. | 32,221,360 | 26,228 | |
| Robinsons Land Corp. | 11,271,072 | 5,638 | |
| Megaworld Corp. | 68,546,100 | 5,446 | |
| Vista Land & Lifescapes Inc. | 16,653,778 | 2,295 | |
| Filinvest Land Inc. | 53,841,000 | 1,541 | |
| * | DoubleDragon Properties Corp. | 3,759,060 | 1,173 |
| DM Wenceslao and Associates Inc. | 1,965,100 | 337 | |
| § | Altus San Nicolas Corp. | 227,449 | 23 |
| 90,660 | |||
| Poland (0.1%) | |||
| EPP NV | 2,415,476 | 2,776 | |
| Develia SA | 2,612,963 | 1,843 | |
| 4,619 | |||
| Qatar (0.2%) | ||
| Barwa Real Estate Co. | 10,561,152 | 10,229 |
| United Development Co. QSC | 9,616,530 | 4,003 |
| Mazaya Qatar Real Estate Development QSC | 3,106,095 | 656 |
| 14,888 | ||
| Russia (0.1%) | ||
| LSR Group PJSC | 968,431 | 2,686 |
| Etalon Group plc | 1,084,250 | 2,494 |
| 5,180 | ||
| Saudi Arabia (0.4%) | ||
| Dar Al Arkan Real Estate Development Co. | 2,932,967 | 7,667 |
| Emaar Economic City | 2,318,110 | 6,174 |
| Arabian Centres Co. Ltd. | 653,394 | 5,313 |
| Saudi Real Estate Co. | 470,152 | 1,732 |
| Al Rajhi REIT | 616,648 | 1,649 |
| Jadwa REIT Saudi Fund | 496,064 | 1,631 |
| Riyad REIT Fund | 568,611 | 1,451 |
| Derayah REIT | 467,749 | 1,391 |
| Alandalus Property Co. | 191,305 | 816 |
| Musharaka Real Estate Income Fund | 247,354 | 599 |
| 28,423 | ||
| Singapore (6.2%) | ||
| Ascendas REIT | 16,662,881 | 38,367 |
| CapitaLand Ltd. | 13,981,438 | 36,844 |
| CapitaLand Mall Trust | 15,781,934 | 29,016 |
| City Developments Ltd. | 3,428,690 | 26,426 |
| CapitaLand Commercial Trust | 15,865,787 | 23,878 |
| Mapletree Logistics Trust | 16,665,996 | 22,429 |
| Mapletree Commercial Trust | 11,952,741 | 20,527 |
| UOL Group Ltd. | 2,992,478 | 17,383 |
| Suntec REIT | 12,911,427 | 17,345 |
| Mapletree Industrial Trust | 8,439,134 | 17,153 |
| Keppel DC REIT | 6,798,964 | 11,220 |
| Mapletree North Asia Commercial Trust | 11,892,366 | 10,335 |
| Ascott Residence Trust | 10,408,422 | 9,611 |
| Keppel REIT | 10,686,815 | 9,478 |
| Fortune REIT | 8,021,861 | 9,145 |
| Manulife US REIT | 8,180,010 | 8,666 |
| Frasers Centrepoint Trust | 4,032,133 | 8,503 |
| Frasers Logistics & Industrial Trust | 8,639,950 | 7,714 |
| Parkway Life REIT | 2,173,055 | 5,690 |
| OUE Commercial REIT | 14,145,267 | 5,645 |
| Ascendas India Trust | 4,793,700 | 5,538 |
| CDL Hospitality Trusts | 4,499,506 | 5,140 |
| CapitaLand Retail China Trust | 4,240,558 | 4,801 |
| ESR-REIT | 11,455,890 | 4,580 |
| Frasers Commercial Trust | 3,760,367 | 4,484 |
| Starhill Global REIT | 7,507,468 | 4,035 |
| SPH REIT | 4,759,300 | 3,693 |
| Wing Tai Holdings Ltd. | 2,140,800 | 3,132 |
| Yanlord Land Group Ltd. | 3,649,204 | 3,052 |
| Cache Logistics Trust | 5,468,442 | 2,805 |
| AIMS APAC REIT | 2,471,576 | 2,637 |
| ARA US Hospitality Trust | 2,982,000 | 2,534 |
| Far East Hospitality Trust | 4,676,992 | 2,324 |
| First REIT | 3,119,754 | 2,305 |
| Frasers Hospitality Trust | 4,092,000 | 2,066 | |
| Prime US REIT | 1,807,400 | 1,824 | |
| Soilbuild Business Space REIT | 4,548,248 | 1,682 | |
| OUE Ltd. | 1,592,600 | 1,677 | |
| Lippo Malls Indonesia Retail Trust | 10,372,906 | 1,626 | |
| Sasseur REIT | 2,786,100 | 1,624 | |
| Sabana Shari'ah Compliant Industrial REIT | 4,700,872 | 1,602 | |
| Eagle Hospitality Trust | 2,623,900 | 1,310 | |
| Chip Eng Seng Corp. Ltd. | 2,627,975 | 1,121 | |
| Oxley Holdings Ltd. | 4,067,600 | 1,038 | |
| * | Ying Li International Real Estate Ltd. | 6,072,200 | 480 |
| 402,485 | |||
| South Africa (1.6%) | |||
| Growthpoint Properties Ltd. | 16,517,704 | 23,145 | |
| NEPI Rockcastle plc | 2,628,736 | 21,488 | |
| Redefine Properties Ltd. | 30,283,451 | 14,443 | |
| Fortress REIT Ltd. Class A | 6,777,160 | 8,347 | |
| Resilient REIT Ltd. | 1,445,982 | 6,262 | |
| Vukile Property Fund Ltd. | 4,944,333 | 5,893 | |
| Hyprop Investments Ltd. | 1,422,265 | 5,065 | |
| Equites Property Fund Ltd. | 3,073,810 | 4,069 | |
| Attacq Ltd. | 4,199,503 | 3,195 | |
| SA Corporate Real Estate Ltd. | 14,679,001 | 2,828 | |
| Fortress REIT Ltd. Class B | 4,586,240 | 2,280 | |
| Stor-Age Property REIT Ltd. | 2,263,240 | 2,157 | |
| Emira Property Fund Ltd. | 2,377,629 | 2,022 | |
| Arrowhead Properties Ltd. Class B | 5,327,754 | 1,345 | |
| *,^ Rebosis Property Fund Ltd. | 79,427 | 2 | |
| 102,541 | |||
| South Korea (0.1%) | |||
| ^ | Mirae Asset Maps Asia Pacific Real Estate 1 Investment | 538,347 | 2,158 |
| ^ | Shinhan Alpha REIT Co. Ltd. | 188,351 | 1,189 |
| ^ | SK D&D Co. Ltd. | 45,330 | 1,033 |
| Dongwon Development Co. Ltd. | 214,562 | 699 | |
| 5,079 | |||
| Spain (0.9%) | |||
| Merlin Properties Socimi SA | 2,039,969 | 28,934 | |
| Inmobiliaria Colonial Socimi SA | 1,357,838 | 18,194 | |
| *,2 Aedas Homes SA | 134,287 | 3,041 | |
| Lar Espana Real Estate Socimi SA | 369,216 | 2,733 | |
| 2 | Metrovacesa SA | 255,191 | 2,566 |
| *,^ Quabit Inmobiliaria SA | 694,101 | 815 | |
| 56,283 | |||
| Sweden (2.9%) | |||
| Castellum AB | 1,429,868 | 35,127 | |
| Fabege AB | 1,528,750 | 26,205 | |
| * | Fastighets AB Balder Class B | 535,616 | 25,410 |
| Wallenstam AB | 1,169,734 | 15,317 | |
| Wihlborgs Fastigheter AB | 753,862 | 14,440 | |
| Hufvudstaden AB Class A | 644,899 | 12,776 | |
| ^ | Samhallsbyggnadsbolaget i Norden AB Ordinary Shares | 4,638,232 | 11,435 |
| Kungsleden AB | 997,620 | 10,633 | |
| * | Nyfosa AB | 943,565 | 9,236 |
| Klovern AB | 2,955,020 | 7,411 | |
| Atrium Ljungberg AB | 273,660 | 6,616 | |
| Catena AB | 125,091 | 5,416 | |
| Dios Fastigheter AB | 487,818 | 4,499 |
| Sagax AB | 513,489 | 1,952 |
| Samhallsbyggnadsbolaget i Norden AB | 449,007 | 1,660 |
| 188,133 | ||
| Switzerland (1.8%) | ||
| Swiss Prime Site AG | 422,644 | 51,599 |
| PSP Swiss Property AG | 229,672 | 34,728 |
| Allreal Holding AG | 78,826 | 16,351 |
| Mobimo Holding AG | 37,621 | 12,140 |
| Intershop Holding AG | 7,834 | 5,044 |
| 119,862 | ||
| Taiwan (0.6%) | ||
| Highwealth Construction Corp. | 4,918,544 | 7,346 |
| Ruentex Development Co. Ltd. | 3,675,324 | 5,134 |
| Huaku Development Co. Ltd. | 1,293,854 | 3,822 |
| Chong Hong Construction Co. Ltd. | 1,208,297 | 3,346 |
| Prince Housing & Development Corp. | 6,909,478 | 2,475 |
| Cathay Real Estate Development Co. Ltd. | 2,764,100 | 1,867 |
| Kindom Development Co. Ltd. | 1,964,000 | 1,828 |
| Hung Sheng Construction Ltd. | 2,392,400 | 1,806 |
| Farglory Land Development Co. Ltd. | 1,305,631 | 1,736 |
| Kuoyang Construction Co. Ltd. | 2,284,887 | 1,461 |
| Radium Life Tech Co. Ltd. | 3,442,125 | 1,159 |
| * Taiwan Land Development Corp. | 3,870,450 | 1,002 |
| Hong Pu Real Estate Development Co. Ltd. | 1,265,194 | 943 |
| ZongTai Real Estate Development Co. Ltd. | 921,516 | 935 |
| KEE TAI Properties Co. Ltd. | 2,305,869 | 908 |
| Huang Hsiang Construction Corp. | 731,000 | 872 |
| San Far Property Ltd. | 926,000 | 791 |
| * Shining Building Business Co. Ltd. | 2,370,869 | 765 |
| King's Town Construction Co. Ltd. | 745,000 | 762 |
| Hung Ching Development & Construction Co. Ltd. | 764,000 | 523 |
| Sweeten Real Estate Development Co. Ltd. | 517,700 | 371 |
| Advancetek Enterprise Co. Ltd. | 589,000 | 366 |
| Long Bon International Co. Ltd. | 714,200 | 329 |
| 40,547 | ||
| Thailand (1.2%) | ||
| Central Pattana PCL | 7,896,600 | 15,299 |
| CPN Retail Growth Leasehold REIT (Foreign) | 9,450,035 | 10,964 |
| Tesco Lotus Retail Growth Freehold & Leasehold Property Fund | 9,796,930 | 6,873 |
| Land & Houses PCL (Foreign) | 20,365,700 | 6,037 |
| ^ WHA Corp. PCL (Foreign) | 39,527,786 | 4,013 |
| Frasers Property Thailand Industrial Freehold & Leasehold REIT | 6,627,400 | 3,361 |
| IMPACT Growth REIT (Foreign) | 4,069,100 | 3,157 |
| WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust | 5,817,996 | 3,155 |
| ^ MBK PCL (Foreign) | 3,798,200 | 2,417 |
| Supalai PCL | 4,460,181 | 2,307 |
| Bangkok Land PCL | 46,046,395 | 1,757 |
| ^ Quality Houses PCL | 19,658,800 | 1,557 |
| ^ Siam Future Development PCL (Foreign) | 9,015,160 | 1,543 |
| Pruksa Holding PCL (Foreign) | 3,016,300 | 1,360 |
| Origin Property PCL | 6,508,498 | 1,359 |
| Amata Corp. PCL | 2,532,100 | 1,316 |
| § Pruksa Real Estate PCL | 3,024,500 | 1,302 |
| Asian Property Development PCL (Foreign) | 5,519,820 | 1,217 |
| ^ Singha Estate PCL (Foreign) | 15,662,100 | 1,131 |
| Hemaraj Leasehold REIT | 3,593,800 | 983 |
| S Prime Growth Leasehold REIT | 2,051,400 | 961 |
| Samui Airport Property Fund Leasehold | 1,172,375 | 850 |
| U City PCL | 14,368,624 | 694 |
| Noble Development PCL | 1,306,900 | 681 |
| ^ Sansiri PCL (Foreign) | 20,635,500 | 659 |
| Platinum Group PCL | 5,232,300 | 655 |
| ^ Property Perfect PCL | 24,927,500 | 629 |
| ^ Ananda Development PCL (Foreign) | 9,211,474 | 605 |
| Univentures PCL | 3,809,100 | 563 |
| ^ Frasers Property Thailand PCL NVDR | 1,182,000 | 540 |
| LPN Development PCL | 3,379,700 | 525 |
| SC Asset Corp. PCL (Foreign) | 6,228,337 | 443 |
| Sansiri PCL | 13,342,700 | 426 |
| Country Group Development PCL | 12,635,400 | 356 |
| SC Asset Corp. PCL NVDR | 4,237,400 | 301 |
| Golden Land Property Development PCL (Foreign) | 668,200 | 170 |
| * Golden Land Property Development PCL | 618,000 | 158 |
| * Siam Future Development PCL | 909,000 | 156 |
| Grand Canal Land PCL | 607,300 | 53 |
| § PACE Development Corp. PCL Warrants Exp. 08/29/2022 | 11,308,800 | 14 |
| Frasers Property Thailand PCL | 15,023 | 7 |
| Property Perfect PCL Rights | 3,106,237 | — |
| 80,554 | ||
| Turkey (0.1%) | ||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 10,829,550 | 3,016 |
| * Is Gayrimenkul Yatirim Ortakligi AS | 2,841,659 | 888 |
| 3,904 | ||
| United Arab Emirates (0.7%) | ||
| Emaar Properties PJSC | 19,460,383 | 21,235 |
| Aldar Properties PJSC | 21,370,354 | 12,909 |
| Emaar Malls PJSC | 10,746,385 | 5,304 |
| Emaar Development PJSC | 4,623,208 | 4,772 |
| * DAMAC Properties Dubai Co. PJSC | 9,338,774 | 1,758 |
| * Deyaar Development PJSC | 7,942,573 | 762 |
| * RAK Properties PJSC | 5,356,151 | 676 |
| * Eshraq Investments PJSC | 6,041,280 | 501 |
| 47,917 | ||
| United Kingdom (7.2%) | ||
| Segro PLC | 6,104,220 | 73,300 |
| Land Securities Group plc | 4,184,051 | 51,734 |
| British Land Co. plc | 5,244,172 | 38,353 |
| UNITE Group plc | 2,031,079 | 34,104 |
| Derwent London plc | 586,272 | 31,765 |
| Tritax Big Box REIT plc | 9,494,852 | 17,498 |
| Great Portland Estates plc | 1,415,662 | 17,399 |
| Capital & Counties Properties plc | 4,757,020 | 15,265 |
| Shaftesbury plc | 1,231,761 | 14,616 |
| LondonMetric Property plc | 4,672,278 | 14,047 |
| Primary Health Properties plc | 6,754,088 | 14,030 |
| Assura plc | 13,482,776 | 13,844 |
| Big Yellow Group plc | 862,589 | 13,403 |
| Grainger plc | 3,412,834 | 13,325 |
| Hammerson plc | 4,289,809 | 13,201 |
| Safestore Holdings plc | 1,164,550 | 12,397 |
| Workspace Group plc | 712,302 | 11,425 |
| St. Modwen Properties plc | 1,091,798 | 7,093 | |||
| BMO Commercial Property Trust | 4,451,778 | 6,489 | |||
| UK Commercial Property REIT Ltd. | 4,707,911 | 5,386 | |||
| LXI REIT plc | 2,999,229 | 5,381 | |||
| Civitas Social Housing plc | 3,571,441 | 4,670 | |||
| Empiric Student Property plc | 3,346,045 | 4,372 | |||
| NewRiver REIT plc | 1,716,934 | 4,259 | |||
| Picton Property Income Ltd. | 3,053,092 | 4,111 | |||
| Urban & Civic plc | 832,902 | 3,989 | |||
| Hansteen Holdings plc | 2,393,640 | 3,686 | |||
| Helical plc | 582,598 | 3,682 | |||
| 2 | Regional REIT Ltd. | 2,304,699 | 3,541 | ||
| MAS Real Estate Inc. | 2,594,179 | 3,412 | |||
| 2 | Triple Point Social Housing Reit plc | 2,016,733 | 2,633 | ||
| Redefine International plc | 1,501,710 | 2,619 | |||
| Schroder REIT Ltd. | 3,254,357 | 2,266 | |||
| U & I Group plc | 703,482 | 1,662 | |||
| *,^ Intu Properties plc | 5,167,836 | 1,161 | |||
| AEW UK REIT plc | 877,138 | 1,139 | |||
| Capital & Regional plc | 277,914 | 846 | |||
| 472,103 | |||||
| United States (0.1%) | |||||
| Brookfield Property REIT Inc. Class A | 365,325 | 6,744 | |||
| Total Common Stocks (Cost $6,038,507) | 6,471,640 | ||||
| Coupon | |||||
| Temporary Cash Investments (1.7%)1 | |||||
| Money Market Fund (1.6%) | |||||
| 5,6 Vanguard Market Liquidity Fund | 1.730% | 1,057,607 | 105,782 | ||
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| U.S. Government and Agency Obligations (0.1%) | |||||
| United States Treasury Bill | 1.521% | 4/2/20 | 700 | 698 | |
| 7 | United States Treasury Bill | 1.543% | 4/16/20 | 717 | 715 |
| 7 | United States Treasury Bill | 1.527% | 4/30/20 | 350 | 349 |
| 1,762 | |||||
| Total Temporary Cash Investments (Cost $107,521) | 107,544 | ||||
| Total Investments (100.6%) (Cost $6,146,028) | 6,579,184 | ||||
| Other Assets and Liabilities-Net (-0.6%)6,7 | (36,300) | ||||
| Net Assets (100%) | 6,542,884 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $91,100,000.
§ Security value determined using significant unobservable inputs.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After
giving effect to futures investments, the fund's effective common stock and temporary cash investment positions
represent 100.0% and 0.6%, respectively, of net assets.
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 January 31, 2020, the
aggregate value of these securities was $85,371,000, representing 1.3% of net assets.
3 “Other” represents securities that are not classified by the fund's benchmark index.
4 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
6 Collateral of $100,160,000 was received for securities on loan.
7 Securities with a value of $1,064,000 and cash of $1,719,000 have been segregated as initial margin for open
futures contracts.
ADR—American Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
| Derivative Financial Instruments Outstanding as of Period End | |||||||
| Futures Contracts | |||||||
| ($000) | |||||||
| Value and | |||||||
| Number of | Unrealized | ||||||
| Long (Short) | Notional | Appreciation | |||||
| Expiration | Contracts | Amount | (Depreciation) | ||||
| Long Futures Contracts | |||||||
| MSCI Emerging Market Index | March 2020 | 583 | 30,610 | (1,600) | |||
| E-mini S&P 500 Index | March 2020 | 120 | 19,344 | (571) | |||
| Topix Index | March 2020 | 104 | 16,115 | (396) | |||
| (2,567) | |||||||
| Forward Currency Contracts | |||||||
| Contract | Unrealized | Unrealized | |||||
| Settlement | Contract Amount (000) | Appreciation | (Depreciation) | ||||
| Counterparty | Date | Receive | Deliver | ($000) | ($000) | ||
| JPMorgan | |||||||
| Chase Bank, | |||||||
| N.A. | 4/2/20 | JPY | 589,712 | USD | 5,465 | — | (3) |
| UBS AG | 4/2/20 | JPY | 467,910 | USD | 4,298 | 35 | — |
| Royal Bank | |||||||
| of Canada | 4/2/20 | JPY | 429,625 | USD | 3,944 | 35 | — |
| Toronto- | |||||||
| Dominion | |||||||
| Bank | 4/2/20 | GBP | 2,500 | USD | 3,346 | — | (39) |
| 70 | (42) | ||||||
GBP—British pound.
JPY—Japanese yen.
USD—U.S. dollar.
A. 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
Global ex-U.S. Real Estate Index Fund
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.
B. 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).
C. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent,
with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and
minimizing transaction costs. The fund may purchase futures contracts to immediately invest
incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully
invested position in the underlying index while maintaining a cash balance for liquidity. 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 assets pledged as
initial margin for open contracts are noted in the Schedule of Investments.
The fund also enters into forward currency contracts to provide the appropriate currency exposure
related to any open futures contracts. 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 assets 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.
Futures contracts are valued at their quoted daily settlement prices. 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
Global ex-U.S. Real Estate Index Fund
in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as an asset
(liability).
D. Various inputs may be used to determine the value of the fund's investments. These inputs are
summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those
securities.
Level 1—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 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
January 31, 2020, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 302,405 | 6,163,839 | 5,396 |
| Temporary Cash Investments | 105,782 | 1,762 | — |
| Futures Contracts—Assets1 | 43 | — | — |
| Futures Contracts—Liabilities1 | (1,248) | — | — |
| Forward Currency Contracts—Assets | — | 70 | — |
| Forward Currency Contracts—Liabilities | — | (42) | — |
| Total | 406,982 | 6,165,629 | 5,396 |
| 1 Represents variation margin on the last day of the reporting period. | |||
E. Transactions during the period in investments where the issuer is another member of The
Vanguard Group were as follows:
| Current Period Transactions | ||||||||
| Oct. 31, | Proceeds | Jan. 31, | ||||||
| 2019 | from | Realized | Change in | Capital Gain | 2020 | |||
| Market | Purchases | Securities | Net Gain | Unrealized | Distributions | Market | ||
| Value | at Cost | Sold | (Loss) | App.(Dep.) | Income | Received | Value | |
| ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
| Vanguard | ||||||||
| Market Liquidity | ||||||||
| Fund | 98,940 | NA1 | NA1 | 1 | 9 | 18 | — | 105,782 |
| Vanguard Real | ||||||||
| Estate ETF | 11,053 | 1,663 | — | — | (15) | 129 | — | 12,701 |
| Total | 109,993 | 1 | (6) | 147 | — | 118,483 | ||
1 Not applicable—purchases and sales are for temporary cash investment purposes.
Global ex-U.S. Real Estate Index Fund