NPORT-EX 2 vgglobalexusreit01312020.htm vgglobalexusreit01312020.htm - Generated by SEC Publisher for SEC Filing
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