Vanguard Global ex-U.S. Real Estate Index Fundpersonal.vanguard.com/funds/reports/q7382.pdf ·...

Vanguard Global ex-U.S. Real Estate

Index Fund

Semiannual Report | April 30, 2018

Contents

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promisesor advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of thisreport. Of course, the risks of investing in your fund are spelled out in the prospectus.

See the Glossary for definitions of investment terms used in this report.About the cover: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For anincoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to putyou first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,stemming from our unique ownership structure, assure that your interests are paramount.

Vanguard’s Principles for Investing Success

We want to give you the best chance of investment success. Theseprinciples, grounded in Vanguard’s research and experience, can put you onthe right path.

Goals. Create clear, appropriate investment goals.

Balance. Develop a suitable asset allocation using broadly diversified funds.

Cost. Minimize cost.

Discipline. Maintain perspective and long-term discipline.

A single theme unites these principles: Focus on the things you can control.We believe there is no wiser course for any investor.

Your Fund’s Performance at a Glance. . . . . . . . . . . . . . . . . . 1

CEO’s Perspective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Results of Proxy Voting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Fund Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

About Your Fund’s Expenses. . . . . . . . . . . . . . . . . . . . . . . . 38

Trustees Approve Advisory Arrangement. . . . . . . . . . . . . . 40

Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Your Fund’s Performance at a Glance

1

Total Returns: Six Months Ended April 30, 2018

TotalReturns

Vanguard Global ex-U.S. Real Estate Index Fund

Investor Shares 6.23%

ETF Shares

Market Price 6.09

Net Asset Value 6.32

Admiral™ Shares 6.33

Institutional Shares 6.32

S&P Global ex-U.S. Property Index 6.57

International Real Estate Funds Average 7.74

International Real Estate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.

Institutional Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. TheVanguard ETF® Shares shown are traded on the Nasdaq exchange and are available only through brokers. The table provides ETF returnsbased on both the Nasdaq market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573;8,090,646; and 8,417,623.

For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.

• Vanguard Global ex-U.S. Real Estate Index Fund returned more than 6% for the six

months ended April 30, 2018, trailing its benchmark index and the average return of its

international real estate peers. Its return diverged from that of its benchmark in part

because of temporary pricing discrepancies arising from fair-value adjustments.

Please see the Glossary entry for Fair-Value Pricing.

• The global real estate sector benefited from decent economic growth trends in both

developed and emerging markets. Each major region generated positive results, with the

exception of the Middle East. The Pacific region and Europe, which together account for

about three-quarters of the index, were responsible for a large portion of the fund’s return.

• Japan was the main driver of performance in the Pacific region, while the United

Kingdom boosted performance in Europe. Brazil, Indonesia, the Philippines, the United

Arab Emirates, and Israel were among the largest detractors.

2

Expense RatiosYour Fund Compared With Its Peer Group

Investor

Shares

ETF

Shares

Admiral

Shares

Institutional

Shares

Peer Group

Average

Global ex-U.S. Real Estate Index Fund 0.34% 0.14% 0.14% 0.12% 1.36%

The fund expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year.For the six months ended April 30, 2018, the fund’s annualized expense ratios were 0.34% for Investor Shares, 0.14% for ETF Shares,0.14% for Admiral Shares, and 0.12% for Institutional Shares. The peer-group expense ratio is derived from data provided by Lipper, aThomson Reuters Company, and captures information through year-end 2017.

Peer group: International Real Estate Funds.

Dear Shareholder,

I feel extremely fortunate to have the

chance to lead a company filled with

people who come to work every day

passionate about Vanguard’s core

purpose: to take a stand for all investors,

to treat them fairly, and to give them the

best chance for investment success.

When I joined Vanguard in 1991,

I found a mission-driven team focused

on improving lives—helping people retire

more comfortably, put their children

through college, and achieve financial

security. I also found a company with

purpose in an industry ripe for

improvement.

It was clear, even early in my career,

that the cards were stacked against most

investors. Hidden fees, performance-

chasing, and poor advice were relentlessly

eroding investors’ dreams.

We knew Vanguard could be different

and, as a result, could make a real

difference. We have lowered the costs

of investing for our shareholders

significantly. And we’re proud of the

performance of our funds.

Vanguard is built for Vanguard

investors—we focus solely on you,

our fund shareholders. Everything we

do is designed to give our clients the

best chance for investment success.

In my role as CEO, I’ll keep this priority

CEO’s Perspective

Tim Buckley

President and Chief Executive Officer

3

front and center. We’re proud of what

we’ve achieved, but we’re even more

excited about what’s to come.

Steady, time-tested guidance

Our guidance for investors, as always, is

to stay the course, tune out the hyperbolic

headlines, and focus on your goals and

what you can control, such as costs and

how much you save. This time-tested

advice has served our clients well over

the decades.

Regardless of how the markets perform

in the short term, I’m incredibly optimistic

about the future for our investors. We

have a dedicated team serving you,

and we will never stop striving to make

Vanguard the best place for you to

invest through our high-quality funds

and services, advice and guidance

to help you meet your financial goals,

and an experience that makes you

feel good about entrusting us with

your hard-earned savings.

Thank you for your continued loyalty.

Sincerely,

Mortimer J. Buckley

President and Chief Executive Officer

May 16, 2018

Market Barometer

Total Returns

Periods Ended April 30, 2018

Six One Five Years

Months Year (Annualized)

Stocks

Russell 1000 Index (Large-caps) 3.83% 13.17% 12.84%

Russell 2000 Index (Small-caps) 3.27 11.54 11.74

Russell 3000 Index (Broad U.S. market) 3.79 13.05 12.75

FTSE All-World ex US Index (International) 3.72 15.84 5.85

Bonds

Bloomberg Barclays U.S. Aggregate Bond Index

(Broad taxable market) -1.87% -0.32% 1.47%

Bloomberg Barclays Municipal Bond Index

(Broad tax-exempt market) -0.97 1.56 2.44

Citigroup Three-Month U.S. Treasury Bill Index 0.67 1.16 0.32

CPI

Consumer Price Index 1.57% 2.46% 1.50%

4

Results of Proxy Voting

At a special meeting of shareholders on November 15, 2017, fund shareholders approved the

following proposals:

Proposal 1—Elect trustees for the fund.*

The individuals listed in the table below were elected as trustees for the fund. All trustees with the

exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director

of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.

Percentage

Trustee For Withheld For

Mortimer J. Buckley 2,339,442,601 69,365,078 97.1%

Emerson U. Fullwood 2,338,836,617 69,971,063 97.1%

Amy Gutmann 2,339,842,903 68,964,776 97.1%

JoAnn Heffernan Heisen 2,332,323,293 76,484,386 96.8%

F. Joseph Loughrey 2,331,093,587 77,714,092 96.8%

Mark Loughridge 2,331,742,523 77,065,156 96.8%

Scott C. Malpass 2,339,621,962 69,185,717 97.1%

F. William McNabb III 2,335,834,840 72,972,840 97.0%

Deanna Mulligan 2,342,264,462 66,543,217 97.2%

André F. Perold 2,331,307,170 77,500,510 96.8%

Sarah Bloom Raskin 2,341,521,293 67,286,386 97.2%

Peter F. Volanakis 2,331,354,993 77,452,686 96.8%

* Results are for all funds within the same trust.

Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.

This arrangement enables the fund to enter into and materially amend investment advisory

arrangements with third-party investment advisors, subject to the approval of the fund’s board

of trustees and certain conditions imposed by the Securities and Exchange Commission, while

avoiding the costs and delays associated with obtaining future shareholder approval.

Broker Percentage

Vanguard Fund For Abstain Against Non-Votes For

Global ex-U.S. Real Estate

Index Fund 51,721,186 1,716,512 1,333,204 11,540,331 78.0%

5

Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries

of Vanguard.

This arrangement enables Vanguard or the fund to enter into and materially amend investment

advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the

fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission

(SEC), while avoiding the costs and delays associated with obtaining future shareholder approval.

The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending

application for an order of exemption.

Broker Percentage

Vanguard Fund For Abstain Against Non-Votes For

Global ex-U.S. Real Estate

Index Fund 51,926,154 1,689,680 1,155,067 11,540,331 78.3%

6

Global ex-U.S. Real Estate Index Fund

Fund ProfileAs of April 30, 2018

1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year.For the six months ended April 30, 2018, the annualized expense ratios were 0.34% for Investor Shares, 0.14% for ETF Shares, 0.14% forAdmiral Shares, and 0.12% for Institutional Shares.

7

Volatility Measures

S&P

Global

ex-U.S.

Property

Index

MSCI AC

World

Index

ex USA

R-Squared 0.98 0.78

Beta 0.95 0.86

These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

Share-Class Characteristics

Investor

Shares ETF Shares

Admiral

Shares

Institutional

Shares

Ticker Symbol VGXRX VNQI VGRLX VGRNX

Expense Ratio1 0.34% 0.14% 0.14% 0.12%

Portfolio Characteristics

Fund

S&P

Global

ex-U.S.

Property

Index

Number of Stocks 637 608

Median Market Cap $7.1B $7.1B

Price/Earnings Ratio 9.7x 9.7x

Price/Book Ratio 1.1x 1.1x

Return on Equity 11.1% 11.1%

Earnings Growth

Rate 13.2% 13.2%

Dividend Yield 3.4% 3.4%

Turnover Rate

(Annualized) 4% —

Short-Term Reserves -0.5% —

Ten Largest Holdings (% of total net assets)

Sun Hung Kai Properties

Ltd.

Diversified Real

Estate Activities 2.3%

Mitsubishi Estate Co.

Ltd.

Diversified Real

Estate Activities 2.2

Mitsui Fudosan Co. Ltd. Diversified Real


Daiwa House Industry

Co. Ltd.

Diversified Real


Vonovia SE Real Estate

Operating

Companies 2.1

Unibail-Rodamco SE Retail REITs 2.1

CK Asset Holdings Ltd. Real Estate

Development 2.0

Link REIT Retail REITs 1.7

Sumitomo Realty &

Development Co. Ltd.

Diversified Real


Deutsche Wohnen SE Real Estate

Operating

Companies 1.5

Top Ten 19.9%

The holdings listed exclude any temporary cash investments andequity index products.


Allocation by Region (% of equity exposure)

48.9% Pacific

25.1% Europe

22.6% Emerging Markets

2.3% North America

0.8% Middle East

0.3% Other

8

Market Diversification (% of equity exposure)

Fund

S&PGlobal

ex-U.S.Property

Index

Europe

United Kingdom 7.0% 7.0%

Germany 5.7 5.7

France 4.9 4.9

Sweden 1.9 1.9

Switzerland 1.3 1.3

Spain 1.3 1.2

Other 3.0 3.0

Subtotal 25.1% 25.0%

Pacific

Japan 21.6% 21.6%

Hong Kong 12.7 12.8

Australia 8.6 8.7

Singapore 5.5 5.5

Other 0.5 0.5


Emerging Markets

China 11.5% 11.5%

South Africa 2.5 2.5

Philippines 1.4 1.4

Thailand 1.2 1.2

Mexico 1.0 1.0

Other 5.0 4.7


North America

Canada 2.3% 2.3%

Middle East 0.8% 0.9%

Other 0.3% 0.4%

"Other" represents securities that are not classified by the fund's benchmark index.

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher thanthe performance data cited. For performance data current to the most recent month-end, visitour website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay

on fund distributions or on the sale of fund shares.


Performance Summary

Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares. TheFiscal-Year Total Returns chart is not adjusted for fees.See Financial Highlights for dividend and capital gains information.

9

Fiscal-Year Total Returns (%): November 1, 2010, Through April 30, 2018

–8.49 –7.48

2011

21.3119.71

2012

14.69 14.79

2013

2.41 1.31

2014

–1.82 –1.10

2015

2.72 2.08

2016

15.88 15.58

2017

6.23 6.57

2018

Global ex-U.S. Real Estate Index Fund Investor Shares

S&P Global ex-U.S. Property Index

Note: For 2018, performance data reflect the six months ended April 30, 2018.

Average Annual Total Returns: Periods Ended March 31, 2018This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.Securities and Exchange Commission rules require that we provide this information.

InceptionDate

OneYear

FiveYears

SinceInception

Investor Shares 11/1/2010 18.68% 5.05% 6.58%

Fee-Adjusted Returns 18.10 4.95 6.52

ETF Shares 11/1/2010

Market Price 19.04 5.16 6.73

Net Asset Value 18.91 5.22 6.74

Admiral Shares 2/10/2011 18.92 5.24 7.09


Institutional Shares 4/19/2011 18.95 5.26 6.94


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Common Stocks (99.1%)1

Australia (8.6%)

Scentre Group 32,186,882 97,286

Westfield Corp. 11,557,057 79,862

Goodman Group 9,689,716 65,925

LendLease Group 3,527,550 47,309

Stockland 14,716,562 45,745

Dexus 6,101,535 43,392

GPT Group 10,850,311 39,345

Mirvac Group 22,399,321 37,590

Vicinity Centres 19,424,990 35,567

Charter Hall Group 2,799,652 12,391

Investa Office Fund 3,005,612 9,900

Cromwell Property

Group 9,574,174 7,793

Shopping Centres

Australasia Property

Group 4,329,801 7,733

BWP Trust 2,947,276 6,927

Charter Hall Retail

REIT 1,985,858 5,885

Abacus Property

Group 1,940,011 5,264

Aveo Group 2,551,241 5,010

Viva Energy REIT 2,656,838 4,028

National Storage REIT 3,340,886 4,011

Growthpoint

Properties Australia

Ltd. 1,549,751 4,001

Charter Hall Long

Wale REIT 1,029,265 3,160

Folkestone Education

Trust 1,341,137 2,884

GDI Property Group 3,058,217 2,875

Gateway Lifestyle 1,839,501 2,744

Arena REIT 1,568,548 2,625

Ingenia Communities

Group 1,239,487 2,484

Rural Funds Group 1,544,637 2,471

Hotel Property

Investments 863,061 1,994

Propertylink Group 2,236,388 1,735

Cedar Woods

Properties Ltd. 315,749 1,453

Villa World Ltd. 647,492 1,202

Industria REIT 566,644 1,080

Servcorp Ltd. 277,345 996

592,667

Austria (0.9%) ^ BUWOG AG 678,337 23,798

IMMOFINANZ AG 5,871,300 15,371

CA Immobilien

Anlagen AG 441,928 15,324

S IMMO AG 323,811 6,406

60,899

Belgium (0.8%)

Cofinimmo SA 117,905 15,652

Warehouses De

Pauw CVA 96,896 11,918

Aedifica SA 108,725 9,859

Befimmo SA 139,118 9,034

Retail Estates NV 46,719 4,104

Intervest Offices &

Warehouses NV 99,150 2,848

53,415

Brazil (0.6%)

BR Malls

Participacoes SA 5,158,616 16,080

Multiplan

Empreendimentos

Imobiliarios SA 790,816 15,016

Iguatemi Empresa de

Shopping Centers SA 514,786 5,246

Financial Statements (unaudited)

Statement of Net AssetsAs of April 30, 2018

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at

the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual

and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with

the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms

N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s

Public Reference Room (see the back cover of this report for further information).


10


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Aliansce Shopping

Centers SA 534,137 2,624

BR Properties SA 737,374 1,873

Sonae Sierra Brasil SA 117,365 751* Helbor

Empreendimentos SA 1,153,309 478

42,068

Canada (2.3%) ^ RioCan REIT 955,112 17,370

First Capital Realty Inc. 990,183 15,478

H&R REIT 859,506 13,803^ Canadian Apartment

Properties REIT 406,825 11,736

Allied Properties REIT 272,448 8,802^ SmartCentres REIT 390,095 8,750^ Canadian REIT 217,352 8,549^ Tricon Capital Group

Inc. 817,075 6,402

Pure Industrial Real

Estate Trust 900,992 5,670

Granite REIT 141,636 5,572

Dream Global REIT 513,237 5,472^ Cominar REIT 544,617 5,315^ Boardwalk REIT 137,008 4,920^ Artis REIT 454,339 4,738

Dream Office REIT 224,074 4,150* DREAM Unlimited

Corp. Class A 428,084 3,191

Northview Apartment

REIT 151,188 3,004

Killam Apartment

REIT 243,078 2,685^ Crombie REIT 268,023 2,595

NorthWest Healthcare

Properties REIT 296,759 2,589^ Choice Properties REIT 290,492 2,586

InterRent REIT 270,030 2,116^ CT REIT 187,742 1,915

Dream Industrial REIT 208,620 1,636

Morguard REIT 130,532 1,353^ Slate Retail REIT 127,011 1,223

Summit Industrial

Income REIT 184,708 1,195^ Slate Office REIT 203,185 1,187

Morguard North

American Residential

REIT 92,815 1,008

Agellan Commercial

REIT 91,794 791

155,801

Chile (0.2%)

Parque Arauco SA 3,737,891 11,580

China (11.4%)

Country Garden

Holdings Co. Ltd. 42,038,163 85,719

China Overseas Land

& Investment Ltd. 23,186,710 77,690* China Evergrande

Group 20,684,921 65,521

China Resources

Land Ltd. 16,330,446 61,333

Sunac China Holdings

Ltd. 13,029,278 55,345

China Vanke Co. Ltd. 7,950,983 32,860

Longfor Properties

Co. Ltd. 8,562,708 25,609^,* Zall Group Ltd. 18,258,574 23,824^ Fullshare Holdings

Ltd. 41,575,135 22,825

Shimao Property

Holdings Ltd. 6,560,664 17,353

Agile Group Holdings

Ltd. 8,737,409 17,235

CIFI Holdings Group

Co. Ltd. 21,148,000 16,653

China Jinmao

Holdings Group Ltd. 27,151,054 15,370

Guangzhou R&F

Properties Co. Ltd. 6,130,609 14,576

Future Land Holdings

Co. Ltd. Class A 2,878,159 14,344

Sino-Ocean Group

Holding Ltd. 18,337,329 12,733^,* Jiayuan International

Group Ltd. 6,594,000 12,235

KWG Property

Holding Ltd. 8,390,158 11,302

Logan Property

Holdings Co. Ltd. 7,615,984 11,166

Yuexiu Property Co.

Ltd. 37,399,094 8,4142 Red Star Macalline

Group Corp. Ltd. 6,038,000 8,108

Future Land

Development

Holdings Ltd. 9,650,000 7,991

Shanghai Lujiazui

Finance & Trade

Zone Development

Co. Ltd. Class B 5,455,978 7,804

Shenzhen Investment

Ltd. 19,096,201 7,718^,* Kaisa Group Holdings

Ltd. 14,226,000 7,599

Yuzhou Properties Co.

Ltd. 9,631,470 7,006

11


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

^ China Aoyuan

Property Group Ltd. 7,784,000 6,253

SOHO China Ltd. 11,518,545 5,915

Shui On Land Ltd. 21,124,038 5,688* Poly Property Group

Co. Ltd. 11,684,048 5,431^ Greentown China

Holdings Ltd. 3,940,814 5,193

China SCE Property

Holdings Ltd. 10,048,766 5,043

Times China

Holdings Ltd. 3,410,000 4,954

Yuexiu REIT 6,810,516 4,546

Powerlong Real Estate

Holdings Ltd. 8,487,139 4,376

China South City

Holdings Ltd. 19,962,111 4,340* Ronshine China

Holdings Ltd. 2,915,500 4,325* Zhenro Properties

Group Ltd. 6,882,000 4,286

Hopson Development

Holdings Ltd. 4,010,710 4,267^,* Skyfame Realty

Holdings Ltd. 5,727,004 4,025^,*,2 China Logistics

Property Holdings

Co. Ltd. 11,195,000 3,960^ China Overseas

Grand Oceans

Group Ltd. 8,018,079 3,481

Joy City Property Ltd. 22,015,520 3,454^,2 Redco Group 5,392,000 3,377

Gemdale Properties

& Investment Corp.

Ltd. 27,902,000 3,165

Road King

Infrastructure Ltd. 1,475,000 2,796

Beijing Capital Land

Ltd. 5,213,034 2,776^ LVGEM China Real

Estate Investment

Co. Ltd. 6,056,000 2,482^,* Carnival Group

International

Holdings Ltd. 54,582,799 2,394

Spring REIT 5,697,000 2,366^,* Ground International

Development Ltd. 11,030,000 2,359^,* Zhuguang Holdings

Group Co. Ltd. 11,766,000 2,256* C C Land Holdings Ltd. 9,735,500 2,220

Greenland Hong Kong

Holdings Ltd. 4,754,000 2,190

Shanghai Jinqiao

Export Processing

Zone Development

Co. Ltd. Class B 1,550,210 2,020* Renhe Commercial

Holdings Co. Ltd. 99,237,484 2,001

Nam Tai Property Inc. 148,747 1,807

Shanghai Industrial

Urban Development

Group Ltd. 7,956,799 1,711

Central China Real

Estate Ltd. 3,580,000 1,634

Fantasia Holdings

Group Co. Ltd. 8,101,443 1,593^ China Merchants

Land Ltd. 7,172,000 1,505

Yida China Holdings

Ltd. 4,482,000 1,456

Beijing North Star

Co. Ltd. 3,976,000 1,416

China Electronics

Optics Valley Union

Holding Co. Ltd. 17,200,000 1,416^,* AVIC International

Holding HK Ltd. 32,593,742 1,399

Guorui Properties Ltd. 4,055,000 1,336

Shanghai Shibei

Hi-Tech Co. Ltd.

Class B 2,619,850 1,3072 China Vast Industrial

Urban Development

Co. Ltd. 2,395,000 1,225* Glorious Property

Holdings Ltd. 14,812,036 1,200

Tian An China

Investment Co. Ltd. 1,905,000 1,181*,3 Mingfa Group

International Co. Ltd. 4,231,908 1,019

Xinyuan Real Estate

Co. Ltd. ADR 191,087 961

Greattown Holdings

Ltd. Class B 868,573 583^,* Hydoo International

Holding Ltd. 9,258,000 552* Shanghai Huili

Building Materials

Co. Ltd. Class B 471,800 494* China Minsheng

Drawin Technology

Group Ltd. 16,500,000 396* Wuzhou International

Holdings Ltd. 4,784,000 364

12


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

* EverChina International

Holdings Co. Ltd. 14,714,331 331* China New City

Commercial

Development Ltd. 52,000 9

785,167

Denmark (0.0%) * TK Development A/S 449,255 513

Egypt (0.2%)

Talaat Moustafa Group 5,900,770 4,544* Six of October

Development &

Investment 1,490,785 2,281* Palm Hills

Developments SAE 7,501,157 2,215* Medinet Nasr Housing 2,957,104 2,139

Heliopolis Housing 763,610 1,517* Emaar Misr for

Development SAE 3,479,997 899

13,595

Finland (0.1%)

Citycon Oyj 2,232,892 5,107

Technopolis Oyj 723,560 3,384

8,491

France (4.9%)

Unibail-Rodamco SE 600,454 144,152^ Klepierre SA 1,254,331 51,339

Gecina SA 291,090 50,461

Fonciere Des Regions 325,653 36,421^,* ICADE 272,438 27,074

Nexity SA 280,436 17,536^ Mercialys SA 338,831 6,484

Altarea SCA 22,299 5,683

339,150

Germany (5.7%)

Vonovia SE 2,932,643 146,941

Deutsche Wohnen SE 2,144,015 101,187

LEG Immobilien AG 379,423 43,749

TAG Immobilien AG 879,923 18,595

Grand City Properties

SA 636,401 15,332

TLG Immobilien AG 481,190 13,844

alstria office REIT-AG 838,400 12,613

Deutsche EuroShop AG 305,116 10,9662 ADO Properties SA 165,658 9,106

Hamborner REIT AG 484,754 5,439* PATRIZIA Immobilien

AG 269,931 5,389

DIC Asset AG 282,832 3,480* ADLER Real Estate AG 169,821 3,155

WCM Beteiligungs &

Grundbesitz-AG 168,935 841

390,637

Greece (0.1%)

Grivalia Properties

REIC AE 241,493 2,652* LAMDA Development

SA 209,654 1,688

4,340

Hong Kong (12.7%)

Sun Hung Kai

Properties Ltd. 9,983,441 160,778* CK Asset Holdings

Ltd. 15,866,875 136,978

Link REIT 13,115,589 115,917

Wharf Real Estate

Investment Co. Ltd. 7,146,000 53,579

Henderson Land

Development Co. Ltd. 8,217,452 52,103

Hongkong Land

Holdings Ltd. 7,112,312 51,402

New World


Wheelock & Co. Ltd. 4,806,652 35,662

Sino Land Co. Ltd. 18,724,604 32,322

Hang Lung Properties

Ltd. 12,241,932 28,971

Wharf Holdings Ltd. 7,166,000 23,840

Swire Properties Ltd. 6,371,200 22,615

Hysan Development

Co. Ltd. 3,098,655 18,035

Kerry Properties Ltd. 3,589,832 17,161

Hang Lung Group Ltd. 5,187,103 15,668

Champion REIT 12,282,512 8,677

Great Eagle Holdings

Ltd. 1,441,697 7,282

K Wah International

Holdings Ltd. 8,082,338 4,961^ Chinese Estates

Holdings Ltd. 2,873,952 4,275

Sunlight REIT 6,155,400 4,166

Far East Consortium

International Ltd. 6,520,000 3,723^ Wang On Properties

Ltd. 22,828,000 3,591

Prosperity REIT 7,211,649 2,974

HKR International Ltd. 4,486,082 2,730

Kowloon Development

Co. Ltd. 2,051,414 2,314

Lai Sun Development

Co. Ltd. 1,407,609 2,175

CSI Properties Ltd. 32,538,348 2,103

Langham Hospitality

Investments and

Langham Hospitality

Investments Ltd. 4,748,000 1,988

Liu Chong Hing

Investment Ltd. 1,142,000 1,836

13


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Emperor International

Holdings Ltd. 5,169,832 1,568

Asia Standard

International Group

Ltd. 3,814,000 914

Soundwill Holdings

Ltd. 462,000 822* CNQC International

Holdings Ltd. 1,535,000 557* Ping An Securities

Group Holdings Ltd. 50,940,000 504^,* Master Glory Group

Ltd. 37,890,000 361* Man Sang

International Ltd. 2,496,000 145

872,818

India (0.5%)

DLF Ltd. 2,546,746 8,450* Indiabulls Real Estate

Ltd. 1,581,092 5,059

Oberoi Realty Ltd. 565,594 4,638* Godrej Properties Ltd. 309,019 3,716

Phoenix Mills Ltd. 327,761 3,060

Prestige Estates

Projects Ltd. 669,155 3,050

Sobha Ltd. 250,617 2,057

Sunteck Realty Ltd. 202,933 1,303* Unitech Ltd. 12,893,631 1,103

Mahindra Lifespace

Developers Ltd. 140,489 976

Omaxe Ltd. 246,863 823

Brigade Enterprises

Ltd. 194,222 816* Housing Development

& Infrastructure Ltd. 1,562,087 773

Anant Raj Ltd. 662,446 464

36,288

Indonesia (0.6%)

Bumi Serpong Damai

Tbk PT 56,253,327 6,793

Ciputra Development

Tbk PT 71,408,491 5,617

Pakuwon Jati Tbk PT 129,065,628 5,456* Hanson International

Tbk PT 425,654,900 4,295

Summarecon Agung

Tbk PT 55,252,900 3,575* Lippo Karawaci Tbk

PT 108,382,400 3,462

Kawasan Industri

Jababeka Tbk PT 102,000,411 1,801

Alam Sutera Realty

Tbk PT 61,882,597 1,613* Sentul City Tbk PT 117,538,000 1,569

Modernland Realty

Tbk PT 43,511,200 1,108

PP Properti Tbk PT 91,455,907 1,047

Intiland Development

Tbk PT 29,107,051 644

Puradelta Lestari Tbk

PT 44,711,000 540

Bekasi Fajar Industrial

Estate Tbk PT 24,202,082 461* Lippo Cikarang Tbk

PT 2,386,700 395

38,376

Ireland (0.3%)

Green REIT plc 4,194,682 7,686

Hibernia REIT plc 4,211,240 7,541

Irish Residential

Properties REIT plc 2,162,443 3,550

18,777

Israel (0.8%)

Azrieli Group Ltd. 220,932 10,106

Alony Hetz Properties

& Investments Ltd. 667,703 5,923

Gazit-Globe Ltd. 578,568 5,470* Airport City Ltd. 440,182 5,026

Melisron Ltd. 106,401 4,344

Reit 1 Ltd. 1,044,066 4,189

Amot Investments

Ltd. 781,916 3,853* Jerusalem Economy

Ltd. 1,243,575 3,023* Brack Capital

Properties NV 20,728 2,301

Summit Real Estate

Holdings Ltd. 212,687 1,909

Sella Capital Real

Estate Ltd. 999,960 1,842* Africa Israel

Properties Ltd. 74,481 1,717

Norstar Holdings Inc. 94,854 1,673

Big Shopping Centers

Ltd. 26,027 1,669

Alrov Properties and

Lodgings Ltd. 42,102 1,423* ADO Group Ltd. 69,900 1,274

Blue Square Real

Estate Ltd. 29,891 1,070

Property & Building

Corp. Ltd. 12,996 967

57,779

14


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Italy (0.1%)

Beni Stabili SpA SIIQ 6,319,605 5,984* Immobiliare Grande

Distribuzione SIIQ SPA 287,052 2,686

8,670

Japan (21.4%)

Mitsubishi Estate Co.

Ltd. 8,409,645 153,666

Mitsui Fudosan Co.

Ltd. 5,994,257 153,545

Daiwa House Industry

Co. Ltd. 4,027,574 147,253

Sumitomo Realty &


Daito Trust Construction

Co. Ltd. 464,925 77,580

Nippon Building Fund

Inc. 8,549 48,038

Japan Real Estate

Investment Corp. 8,319 43,100

Nomura Real Estate

Master Fund Inc. 25,309 35,378

Hulic Co. Ltd. 2,930,024 31,528

Japan Retail Fund


United Urban


Nippon Prologis REIT

Inc. 13,156 27,727

Daiwa House REIT


Orix JREIT Inc. 16,170 24,648

Tokyu Fudosan

Holdings Corp. 3,094,956 24,356

GLP J-Reit 20,473 22,008

Advance Residence


Japan Prime Realty


Tokyo Tatemono Co.

Ltd. 1,312,083 19,982

Nomura Real Estate

Holdings Inc. 767,329 18,989

Activia Properties Inc. 4,239 18,784

Japan Hotel REIT


Kenedix Office


Aeon Mall Co. Ltd. 683,983 13,831

Leopalace21 Corp. 1,526,550 13,240

Nippon

Accommodations

Fund Inc. 2,950 13,197

Frontier Real Estate


Mori Hills REIT


Industrial &

Infrastructure Fund


Japan Logistics Fund

Inc. 5,601 11,356

Invincible Investment

Corp. 25,140 11,222^ Daiwa Office


Japan Excellent Inc. 7,930 10,311

AEON REIT

Investment Corp. 9,054 9,400^ Hulic Reit Inc. 5,972 9,217

Mori Trust Sogo Reit

Inc. 5,860 8,742

Comforia Residential

REIT Inc. 3,542 8,134

Tokyu REIT Inc. 5,992 8,071

Premier Investment

Corp. 8,018 7,850

NTT Urban

Development Corp. 663,500 7,817

Japan Rental Housing

Investments Inc. 9,864 7,673

Sekisui House Reit

Inc. 11,834 7,619

Fukuoka REIT Corp. 4,827 7,482

MCUBS MidCity


NIPPON REIT


Kenedix Residential

Next Investment Corp. 4,726 6,974^,3 Sekisui House

Residential Investment

Corp. 6,669 6,909

Ichigo Office REIT

Investment 9,275 6,880

LaSalle Logiport REIT 6,589 6,766

Kenedix Retail REIT

Corp. 3,100 6,562

Hoshino Resorts

REIT Inc. 1,269 6,245

Ichigo Inc. 1,376,000 6,127

Heiwa Real Estate

REIT Inc. 6,093 5,830^ Invesco Office J-Reit

Inc. 44,139 5,577

Global One Real

Estate Investment

Corp. 5,449 5,454

Hankyu Reit Inc. 3,861 4,929

15


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Heiwa Real Estate Co.

Ltd. 206,232 4,831

Mitsui Fudosan

Logistics Park Inc. 1,365 4,396

Daibiru Corp. 347,557 4,144

TOC Co. Ltd. 467,129 4,136

Daikyo Inc. 184,305 4,011

Unizo Holdings Co.

Ltd. 141,100 3,360

Mitsubishi Estate

Logistics REIT

Investment Corp. 1,285 3,101^ Mirai Corp. 1,782 2,999

Mori Trust Hotel Reit

Inc. 2,054 2,715^ One REIT Inc. 1,127 2,570

Keihanshin Building

Co. Ltd. 296,200 2,524

Star Asia Investment

Corp. 2,525 2,433^ Shinoken Group Co.

Ltd. 73,400 2,232

Goldcrest Co. Ltd. 97,340 2,068

Takara Leben Co. Ltd. 487,752 2,066

Starts Proceed

Investment Corp. 1,374 2,023^ Ichigo Hotel REIT

Investment Corp. 1,567 1,925^ SAMTY Co. Ltd. 100,100 1,850

Tosei Corp. 146,900 1,801

Arealink Co. Ltd. 53,000 1,749

Sakura Sogo REIT


Sun Frontier Fudousan

Co. Ltd. 142,700 1,722^ Samty Residential


Star Mica Co. Ltd. 70,800 1,530

Tosei Reit Investment

Corp. 1,369 1,407

Nisshin Fudosan Co. 166,000 1,247

Japan Property

Management Center

Co. Ltd. 73,800 1,082^ Ooedo Onsen Reit

Investment Corp. 1,296 1,062^ Health Care & Medical

Investment Corp. 1,085 1,053^ Nippon Commercial

Development Co. Ltd. 58,300 954^,* CRE Logistics REIT Inc. 823 860

Mugen Estate Co. Ltd. 58,100 738^ Tokyo Theatres Co. Inc. 45,701 610^ Ardepro Co. Ltd. 1,045,400 602

1,475,647

Malaysia (0.7%)

Sime Darby Property

Bhd. 15,776,200 5,977

SP Setia Bhd Group 7,161,000 5,798

IOI Properties Group

Bhd. 13,100,300 5,202

Sunway Bhd. 11,433,576 4,386

KLCCP Stapled Group

Bhd. 2,040,270 4,034

IGB REIT 7,941,300 3,221

Sunway REIT 7,357,334 3,016

UOA Development

Bhd. 3,610,400 2,231

Mah Sing Group Bhd. 7,386,025 1,914* Eco World

Development Group

Bhd. 6,147,600 1,796* UEM Sunrise Bhd. 7,338,765 1,719

Eastern & Oriental Bhd. 4,751,656 1,691

Matrix Concepts

Holdings Bhd. 3,104,128 1,593

Pavilion REIT 3,801,900 1,449* Eco World

International Bhd. 5,329,593 1,322

Axis REIT 3,534,300 1,240

Capitaland Malaysia

Mall Trust 4,106,000 1,191

LBS Bina Group Bhd. 3,787,740 925

MKH Bhd. 1,986,600 695* KSL Holdings Bhd. 2,666,900 644

KIP REIT 2,881,900 564

Titijaya Land Bhd. 2,872,500 334* Sunway Bhd.

Warrants Exp.

12/31/2024 1,260,691 127* Eco World

Development Group

Bhd Warrants Exp.

03/26/2022 450,320 33* Matrix Concepts

Holdings Bhd.

Warrants Exp.

07/20/2020 167,103 11* Eastern & Oriental

Bhd Warrants Exp.

07/21/2019 438,840 9* Mah Sing Group

Warrants Exp.

01/15/2026 264,345 5

51,127

16


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Mexico (1.0%)

Fibra Uno

Administracion SA

de CV 19,855,940 32,881

Concentradora Fibra

Danhos SA de CV 4,773,325 8,489

PLA Administradora

Industrial S de RL

de CV 4,809,396 7,669

Macquarie Mexico

Real Estate

Management SA

de CV 4,844,306 5,170

Corp Inmobiliaria

Vesta SAB de CV 3,260,650 4,707

Prologis Property

Mexico SA de CV 2,096,300 3,8942 Concentradora Fibra

Hotelera Mexicana

SA de CV 4,142,948 2,576* Grupo GICSA SA

de CV 2,845,403 1,508

Asesor de Activos

Prisma SAPI de CV 2,053,863 1,411

Fibra Shop Portafolios

Inmobiliarios SAPI

de CV 2,293,018 1,334

69,639

Netherlands (0.5%)

Eurocommercial

Properties NV 299,404 12,549^ Wereldhave NV 243,189 9,772

Vastned Retail NV 97,217 4,861

NSI NV 112,919 4,860* Griffin Premium

RE NV 198,854 288

32,330

New Zealand (0.4%)

Kiwi Property Group

Ltd. 8,586,822 8,257

Goodman Property

Trust 6,255,532 6,002

Precinct Properties

New Zealand Ltd. 5,864,664 5,272

Argosy Property Ltd. 5,112,163 3,647

Vital Healthcare

Property Trust 2,018,518 2,944

Stride Property Group 2,290,076 2,783

Investore Property Ltd. 1,179,227 1,177

30,082

Norway (0.2%) 2 Entra ASA 749,147 10,274

Selvaag Bolig ASA 274,657 1,395

11,669

Other (0.2%)4

^,5 Vanguard Real Estate

ETF 146,614 11,156

Philippines (1.4%)

SM Prime Holdings

Inc. 69,831,695 46,019

Ayala Land Inc. 35,525,800 27,916

Megaworld Corp. 76,780,500 6,663

Robinsons Land Corp. 12,303,372 4,243

Vista Land &

Lifescapes Inc. 30,763,178 3,857* DoubleDragon

Properties Corp. 3,550,260 2,139

Filinvest Land Inc. 57,696,000 1,852

Belle Corp. 24,827,800 1,609* International

Entertainment Corp. 2,554,000 603

Cebu Landmasters Inc. 3,552,644 312

95,213

Poland (0.1%) ^ Echo Polska

Properties NV 2,765,393 4,205

Globe Trade Centre SA 1,121,714 2,948

7,153

Qatar (0.1%)

Barwa Real Estate Co. 580,320 5,625

United Development

Co. QSC 1,031,998 4,128* Mazaya Qatar Real

Estate Development

QSC 323,513 614

10,367

Russia (0.1%)

LSR Group PJSC GDR 1,218,335 3,226

Etalon Group plc GDR 505,571 1,445

4,671

Singapore (5.5%)

CapitaLand Ltd. 15,367,838 43,335

City Developments

Ltd. 3,739,690 35,538

Ascendas REIT 14,511,161 29,111

CapitaLand Mall Trust 16,305,734 25,750

UOL Group Ltd. 3,349,178 22,120

CapitaLand

Commercial Trust 15,735,687 21,498

Suntec REIT 13,502,327 19,847

Mapletree

Commercial Trust 11,492,433 14,009

Mapletree Logistics

Trust 12,402,566 11,848

Mapletree Industrial

Trust 7,404,434 11,301

Keppel REIT 10,809,215 10,091

17


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Fortune REIT 8,324,861 9,858

Mapletree Greater

China Commercial

Trust 10,712,550 9,584

Ascott Residence Trust 7,590,866 6,520

CDL Hospitality Trusts 4,542,446 6,078

Frasers Centrepoint

Trust 3,451,241 5,819

Manulife US REIT 5,805,300 5,513

Frasers Logistics &

Industrial Trust 6,788,400 5,361

Parkway Life REIT 2,342,055 4,917

Yanlord Land Group

Ltd. 3,777,104 4,816

Keppel DC REIT 4,311,013 4,631

Starhill Global REIT 8,244,668 4,470

OUE Hospitality Trust 6,691,100 4,230

CapitaLand Retail

China Trust 3,566,886 4,213

Frasers Commercial

Trust 3,886,467 4,094

Cache Logistics Trust 6,456,042 4,062

AIMS AMP Capital

Industrial REIT 3,641,676 3,897

Wing Tai Holdings Ltd. 2,310,410 3,540

First REIT 3,428,054 3,538

Frasers Property Ltd. 2,288,500 3,495^ ESR-REIT 8,203,435 3,270

Lippo Malls Indonesia

Retail Trust 11,632,906 2,847

SPH REIT 3,807,000 2,842

Ascendas Hospitality

Trust 4,427,300 2,713

GuocoLand Ltd. 1,613,777 2,630

Far East Hospitality

Trust 5,114,392 2,597

Wheelock Properties

Singapore Ltd. 1,806,069 2,470^ Yoma Strategic

Holdings Ltd. 7,378,018 2,377^ OUE Ltd. 1,686,100 2,294* Cromwell European

REIT 2,703,600 1,987^ GSH Corp. Ltd. 5,396,200 1,928

Soilbuild Business

Space REIT 3,600,260 1,804

Sabana Shari’ah

Compliant Industrial

REIT 4,497,972 1,439

Sinarmas Land Ltd. 4,552,000 1,247^,* Ying Li International

Real Estate Ltd. 6,562,600 681* Aspen Group Holdings

Ltd. 4,012,300 645

376,855

South Africa (2.5%)

Growthpoint

Properties Ltd. 17,334,035 40,463

NEPI Rockcastle plc 3,493,429 38,500

Redefine Properties

Ltd. 32,104,648 30,853

Hyprop Investments

Ltd. 1,496,135 13,659^ Resilient REIT Ltd. 2,343,684 12,752

Vukile Property Fund

Ltd. 4,742,171 8,533* Attacq Ltd. 4,574,319 7,055

SA Corporate Real

Estate Ltd. 15,361,914 5,882

Emira Property Fund

Ltd. 3,168,743 4,094

Arrowhead Properties

Ltd. 6,347,321 3,555

Rebosis Property Fund

Ltd. 4,044,060 2,627

Octodec Investments

Ltd. 968,364 1,698

Delta Property Fund

Ltd. 3,120,760 1,637

Balwin Properties Ltd. 1,167,168 553

171,861

South Korea (0.0%) ^ SK D&D Co. Ltd. 45,403 1,253

Dongwon Development

Co. Ltd. 219,593 1,018

2,271

Spain (1.3%)

Merlin Properties

Socimi SA 2,012,008 31,045

Inmobiliaria Colonial

Socimi SA 1,942,248 22,569

Hispania Activos

Inmobiliarios

SOCIMI SA 654,895 13,885

Lar Espana Real

Estate Socimi SA 562,535 6,379*,2 Aedas Homes SAU 140,745 5,032*,2 Metrovacesa SA 233,582 4,197

Axiare Patrimonio

SOCIMI SA 102,132 2,165^,* Realia Business SA 1,046,346 1,387^,* Quabit Inmobiliaria SA 434,127 1,011* Quabit Inmobiliaria

SA Rights Exp.

05/11/2018 434,127 24

87,694

18


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Sweden (1.9%)

Castellum AB 1,651,647 26,699* Fabege AB 1,698,898 19,561* Fastighets AB Balder

Class B 591,814 15,246

Hemfosa Fastigheter

AB 953,560 11,812^ Wallenstam AB 1,289,141 11,549

Hufvudstaden AB

Class A 712,677 10,459

Wihlborgs Fastigheter

AB 419,182 9,715

Kungsleden AB 1,128,937 8,006^,* D Carnegie & Co.

AB Class B 263,753 4,103

Klovern AB 3,281,144 4,094^ Dios Fastigheter AB 530,113 3,363

Victoria Park AB

Class B 646,384 2,654^ Magnolia Bostad AB 97,637 573

127,834

Switzerland (1.3%)

Swiss Prime Site AG 432,071 40,483

PSP Swiss Property AG 244,351 22,831* Allreal Holding AG 86,447 14,213* Mobimo Holding AG 37,072 9,575

Intershop Holding AG 9,103 4,544

91,646

Taiwan (0.6%)

Highwealth

Construction Corp. 5,343,544 8,227* Ruentex Development

Co. Ltd. 6,464,874 7,741

Chong Hong

Construction Co. Ltd. 1,209,297 3,512

Huaku Development

Co. Ltd. 1,382,854 3,193

Hung Sheng

Construction Ltd. 2,618,000 3,075

Shin Kong No.1 REIT 6,049,000 2,977

Prince Housing &

Development Corp. 7,048,478 2,803

Cathay Real Estate


Farglory Land

Development Co. Ltd. 1,622,631 1,778* Radium Life Tech Co.

Ltd. 4,208,947 1,528

Kindom Construction

Corp. 1,983,000 1,293* Taiwan Land

Development Corp. 3,515,450 1,115* Kuoyang Construction

Co. Ltd. 2,042,665 1,018

Hong Pu Real Estate

Development Co. Ltd. 1,273,194 970

Advancetek Enterprise

Co. Ltd. 1,300,000 863* Shining Building

Business Co. Ltd. 2,188,119 853

KEE TAI Properties

Co. Ltd. 2,325,869 851* ZongTai Real Estate

Development Co. Ltd. 1,120,574 807

Huang Hsiang

Construction Corp. 790,000 751

45,160

Thailand (1.2%) * Central Pattana PCL 8,135,200 20,760* Land & Houses PCL 21,297,200 7,413* CPN Retail Growth

Leasehold REIT 9,812,110 7,023

Tesco Lotus Retail

Growth Freehold &

Leasehold Property

Fund 10,654,698 6,168* WHA Corp. PCL-F 37,764,830 4,718* Bangkok Land PCL

ORD 53,815,100 3,189* Quality Houses PCL 26,649,900 2,581

Samui Airport

Property Fund

Leasehold 3,474,875 2,577* Origin Property PCL 4,097,899 2,352* Supalai PCL 3,189,305 2,339* IMPACT Growth REIT 4,143,000 2,333* Amata Corp. PCL 3,186,500 2,055

Platinum Group PCL 6,495,300 1,692* Golden Ventures

Leasehold REIT 3,410,500 1,567* U City PCL 1,546,928,600 1,470* Siam Future

Development PCL 4,866,767 1,393

TICON Industrial

Connection PCL 2,436,280 1,3653 Pruksa Real Estate

PCL 3,024,500 1,286* Sansiri PCL (Local) 20,529,400 1,088* Ananda Development

PCL 8,422,500 1,043* LPN Development

PCL 3,236,600 1,024* AP Thailand PCL 3,794,350 1,008* Singha Estate PCL 8,997,436 984* Gland Office

Leasehold REIT 2,526,803 953* Hemaraj Leasehold

REIT 3,553,300 849

Sansiri PCL 14,694,200 779

19


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

* Pruksa Holding PCL 875,600 617^ WHA Corp. PCL 4,759,678 595* Supalai PCL 806,276 591* Univentures PCL 2,078,700 589* TICON Industrial

Connection PCL 861,000 482^ Univentures PCL-

FRGN 1,577,100 447^ Asian Property

Development PCL

(Foreign) 1,513,270 402* Bhiraj Office

Leasehold REIT 959,800 398* SC Asset Corp. ORD 3,071,925 370* SC Asset Corp. NVDR 2,627,700 316* SC Asset Corp.

ORD F 2,526,712 304^,* Bangkok Land PCL

ORD F 4,269,495 253^ Land & Houses PCL-F 481,300 168

TICON Industrial

Connection PCL

(Foreign) 50,093 28^,* Singha Estate PCL-F 253,164 28* WHA Corp. PCL

Warrants Exp.

12/31/2019 108,341 24* Raimon Land PCL

Warrants Exp.

06/14/2018 1,271,475 —

85,621

Turkey (0.1%) * Emlak Konut

Gayrimenkul Yatirim

Ortakligi AS 11,757,351 7,045

Is Gayrimenkul

Yatirim Ortakligi AS 3,230,639 970

AKIS Gayrimenkul

Yatirimi AS 875,671 730

Torunlar Gayrimenkul

Yatirim Ortakligi AS 818,753 564

9,309

United Arab Emirates (0.9%)

Emaar Properties

PJSC 20,741,755 32,600

Aldar Properties PJSC 18,706,923 10,678* DAMAC Properties

Dubai Co. PJSC 10,075,995 7,578* Emaar Malls PJSC 11,611,454 7,015* Eshraq Properties Co.

PJSC 7,035,885 1,359* Deyaar Development

PJSC 8,123,599 1,036

RAK Properties PJSC 5,511,338 990

61,256

United Kingdom (6.9%)

Land Securities

Group plc 4,542,666 61,668

British Land Co. plc 6,006,842 55,473

Segro plc 6,011,823 53,348

Hammerson plc 4,798,605 36,174

Derwent London plc 670,702 29,417

Shaftesbury plc 1,480,734 20,603

UNITE Group plc 1,588,941 18,242

Capital & Counties

Properties plc 4,549,143 18,005

Tritax Big Box REIT

plc 8,418,164 17,348* Great Portland

Estates plc 1,696,524 16,348

Intu Properties plc 5,288,494 14,211

Assura plc 14,363,451 11,777

Big Yellow Group plc 896,633 11,345

Workspace Group plc 717,324 10,956

LondonMetric

Property plc 4,184,682 10,950

Grainger plc 2,509,819 10,809

F&C Commercial

Property Trust Ltd. 4,795,117 9,679

Safestore Holdings plc 1,265,392 9,518

NewRiver REIT plc 1,844,331 7,368

St. Modwen


Primary Health


UK Commercial

Property Trust Ltd. 4,069,892 5,000

MAS Real Estate Inc. 2,581,732 4,856

Hansteen Holdings plc 2,495,184 4,554

Picton Property

Income Ltd. 3,293,088 4,077

Empiric Student

Property plc 3,468,559 4,071

Redefine

International plc 7,894,677 4,038

Helical plc 650,070 3,365

Schroder REIT Ltd. 3,142,640 2,6522 Regional REIT Ltd. 1,838,672 2,524

Capital & Regional plc 3,136,500 2,292

LXI REIT plc 1,184,756 1,678

Civitas Social

Housing plc 1,173,413 1,6622 AEW UK Long

Lease Reit plc 485,849 636

477,296

Total Common Stocks

(Cost $6,323,999) 6,826,888

20


Market

Value•

Shares ($000)

Amount

($000)

Temporary Cash Investments (3.9%)1

Money Market Fund (3.8%)6,7 Vanguard Market

Liquidity Fund,

1.886% 2,636,053 263,605

Face

Amount

($000)

U.S. Government and Agency Obligations (0.1%) 8 United States Treasury Bill,

1.414%, 5/24/18 500 5008 United States Treasury Bill,

1.422%, 5/31/18 1,350 1,3488 United States Treasury Bill,

1.518%, 6/28/18 200 199

United States Treasury Bill,

1.946%, 10/4/18 500 496

2,543

Total Temporary Cash Investments

(Cost $266,131) 266,148

Total Investments (103.0%)

(Cost $6,590,130) 7,093,036

Other Assets and Liabilities (-3.0%)

Other Assets

Investment in Vanguard 365

Receivables for Accrued Income 28,059

Receivables for Capital Shares Issued 5,431

Variation Margin Receivable—

Futures Contracts 1

Unrealized Appreciation—

Forward Currency Contracts 177

Other Assets8 6,194

Total Other Assets 40,227

Liabilities

Payables for Investment Securities

Purchased (1,377)

Collateral for Securities on Loan (242,460)

Payables for Capital Shares Redeemed (246)

Payables to Vanguard (1,528)

Variation Margin Payable—

Futures Contracts (275)

Unrealized Depreciation—

Forward Currency Contracts (596)

Other Liabilities (794)

Total Liabilities (247,276)

Net Assets (100%) 6,885,987

21


At April 30, 2018, net assets consisted of:

Amount

($000)

Paid-in Capital 6,488,912

Overdistributed Net Investment Income (10,392)

Accumulated Net Realized Losses (94,751)

Unrealized Appreciation (Depreciation)

Investment Securities 502,906

Futures Contracts 57


Foreign Currencies (326)

Net Assets 6,885,987

Investor Shares—Net Assets

Applicable to 2,487,461 outstanding

$.001 par value shares of beneficial

interest (unlimited authorization) 60,913

Net Asset Value Per Share—

Investor Shares $24.49

ETF Shares—Net Assets



interest (unlimited authorization) 6,128,408


ETF Shares $61.23

Admiral Shares—Net Assets





Admiral Shares $37.11

Amount

($000)

Institutional Shares—Net Assets





Institutional Shares $123.62

• See Note A in Notes to Financial Statements.

^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $230,685,000.

* Non-income-producing security.

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 3.0%, 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 April 30, 2018, the aggregate value of these securities was $51,015,000, representing 0.7% of net assets.

3 Security value determined using significant unobservable inputs.

4 “Other” represents securities that are not classified by the fund’s benchmark index.

5 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.

6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

7 Includes $242,460,000 of collateral received for securities on loan.

8 Securities with a value of $2,047,000 and cash value of $187,000 have been segregated as initial margin for open futures contracts.

ADR—American Depositary Receipt.

GDR—Global Depositary Receipt.

NVDR—Non-Voting Depository Receipt.

REIT—Real Estate Investment Trust.

22


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

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 June 2018 388 22,353 (952)

Topix Index June 2018 97 15,774 684

E-mini S&P 500 Index June 2018 73 9,662 (26)

FTSE 100 Index June 2018 84 8,631 351

57

Unrealized appreciation (depreciation) on open futures contracts, except for Topix Index, is required

to be treated as realized gain (loss) for tax purposes. Unrealized appreciation (depreciation) for Topix

Index futures contracts is generally treated the same for financial reporting and tax purposes.

Forward Currency Contracts

Unrealized

Contract Appreciation

Settlement Contract Amount (000) (Depreciation)

Counterparty Date Receive Deliver ($000)

Goldman Sachs International 6/12/18 JPY 1,394,017 USD 13,196 (406)

Barclays Bank plc 6/12/18 JPY 137,520 USD 1,287 (25)

JPMorgan Chase Bank, N.A. 6/12/18 JPY 121,100 USD 1,138 (27)

Barclays Bank plc 6/20/18 GBP 4,351 USD 6,089 (84)

JPMorgan Chase Bank, N.A. 6/20/18 GBP 731 USD 1,024 (15)

Deutsche Bank AG 6/20/18 GBP 503 USD 718 (23)

Morgan Stanley Capital Services LLC 6/20/18 GBP 427 USD 605 (16)

Goldman Sachs International 6/12/18 USD 2,435 JPY 258,667 62

Barclays Bank plc 6/12/18 USD 2,431 JPY 258,667 58

Credit Suisse International 6/12/18 USD 2,430 JPY 258,667 57

(419)

GBP—British pound.

JPY—Japanese yen.

USD—U.S. dollar.

23

24

Six Months Ended

April 30, 2018

($000)

Investment Income

Income

Dividends—Unaffiliated Issuers1 146,749

Dividends—Affiliated Issuers 172

Interest—Unaffiliated Issuers 18

Interest—Affiliated Issuers 156

Securities Lending—Net 2,567

Total Income 149,662

Expenses

The Vanguard Group—Note B

Investment Advisory Services 830

Management and Administrative—Investor Shares 77

Management and Administrative—ETF Shares 2,182

Management and Administrative—Admiral Shares 205

Management and Administrative—Institutional Shares 55

Marketing and Distribution—Investor Shares 5

Marketing and Distribution—ETF Shares 169

Marketing and Distribution—Admiral Shares 17

Marketing and Distribution—Institutional Shares 2

Custodian Fees 756

Shareholders’ Reports and Proxy—Investor Shares 2

Shareholders’ Reports and Proxy—ETF Shares 252

Shareholders’ Reports and Proxy—Admiral Shares 2

Shareholders’ Reports and Proxy—Institutional Shares —

Trustees’ Fees and Expenses 2

Total Expenses 4,556

Net Investment Income 145,106

Realized Net Gain (Loss)

Investment Securities Sold—Unaffiliated Issuers 17,954

Investment Securities Sold—Affiliated Issuers 319

Futures Contracts 2,674

Forward Currency Contracts 369

Foreign Currencies 807

Realized Net Gain (Loss) 22,123

Change in Unrealized Appreciation (Depreciation)

Investment Securities—Unaffiliated Issuers 205,009

Investment Securities—Affiliated Issuers (343)

Futures Contracts (448)


Foreign Currencies (247)

Change in Unrealized Appreciation (Depreciation) 203,552

Net Increase (Decrease) in Net Assets Resulting from Operations 370,781

1 Dividends are net of foreign withholding taxes of $8,900,000.

Statement of Operations



Statement of Changes in Net Assets



Six Months Ended Year Ended

April 30, October 31,

2018 2017

($000) ($000)

Increase (Decrease) in Net Assets

Operations

Net Investment Income 145,106 161,220

Realized Net Gain (Loss) 22,123 49,701

Change in Unrealized Appreciation (Depreciation) 203,552 489,291

Net Increase (Decrease) in Net Assets Resulting from Operations 370,781 700,212

Distributions

Net Investment Income

Investor Shares (1,745) (2,179)

ETF Shares (183,825) (142,965)

Admiral Shares (15,284) (14,861)

Institutional Shares (5,147) (6,531)

Realized Capital Gain

Investor Shares — —

ETF Shares — —

Admiral Shares — —

Institutional Shares — —

Total Distributions (206,001) (166,536)

Capital Share Transactions

Investor Shares 3,718 (10,258)

ETF Shares 861,082 1,045,850

Admiral Shares 70,299 33,006

Institutional Shares 350 (29,219)

Net Increase (Decrease) from Capital Share Transactions 935,449 1,039,379

Total Increase (Decrease) 1,100,229 1,573,055

Net Assets

Beginning of Period 5,785,758 4,212,703

End of Period1 6,885,987 5,785,758

1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($10,392,000) and $45,146,000.

25

26

Investor Shares

Six Months

Ended

For a Share Outstanding April 30, Year Ended October 31,

Throughout Each Period 2018 2017 2016 2015 2014 2013

Net Asset Value, Beginning of Period $23.79 $21.35 $21.44 $22.63 $23.06 $21.04

Investment Operations

Net Investment Income .5221 .7111 .6551 .683 .944 .6851

Net Realized and Unrealized Gain (Loss)

on Investments2 .937 2.530 (.088) (1.103) (.443) 2.321

Total from Investment Operations 1.459 3.241 .567 (.420) .501 3.006

Distributions

Dividends from Net Investment Income (.759) (.801) (.657) (.770) (.931) (.986)

Distributions from Realized Capital Gains — — — — — —

Total Distributions (.759) (.801) (.657) (.770) (.931) (.986)

Net Asset Value, End of Period $24.49 $23.79 $21.35 $21.44 $22.63 $23.06

Total Return3 6.23% 15.88% 2.72% -1.82% 2.41% 14.69%

Ratios/Supplemental Data

Net Assets, End of Period (Millions) $61 $56 $59 $58 $51 $156

Ratio of Total Expenses to

Average Net Assets 0.34% 0.34% 0.35% 0.36% 0.37% 0.40%

Ratio of Net Investment Income to


Portfolio Turnover Rate4 4% 6% 7% 12% 8% 8%

The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.

1 Calculated based on average shares outstanding.

2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, $.00, and $.02.

3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.

4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

Financial Highlights



ETF Shares

Six Months

Ended





Net Investment Income 1.3571 1.9001 1.7521 1.802 2.437 1.7131


on Investments2 2.341 6.325 (.241) (2.747) (1.120) 5.869

Total from Investment Operations 3.698 8.225 1.511 (.945) 1.317 7.582

Distributions

Dividends from Net Investment Income (1.958) (2.085) (1.741) (2.015) (2.417) (2.542)


Total Distributions (1.958) (2.085) (1.741) (2.015) (2.417) (2.542)


Total Return 6.32% 16.13% 2.92% -1.66% 2.51% 14.77%


Net Assets, End of Period (Millions) $6,128 $5,122 $3,616 $3,111 $2,203 $1,306













27

Admiral Shares

Six Months

Ended





Net Investment Income .8221 1.1411 1.0581 1.090 1.466 1.0121


on Investments2 1.424 3.844 (.139) (1.673) (.661) 3.580

Total from Investment Operations 2.246 4.985 .919 (.583) .805 4.592

Distributions





Total Return3 6.33% 16.15% 2.91% -1.66% 2.55% 14.83%











3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.





28

Institutional Shares

Six Months

Ended





Net Investment Income 2.7941 3.8891 3.5591 3.657 4.954 3.4071


on Investments2 4.680 12.741 (.483) (5.541) (2.273) 11.930

Total from Investment Operations 7.474 16.630 3.076 (1.884) 2.681 15.337

Distributions





Total Return3 6.32% 16.17% 2.93% -1.61% 2.55% 14.87%











3 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.





29

Notes to Financial Statements


Vanguard Global ex-U.S. Real Estate Index Fund is registered under the Investment Company Act

of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign

issuers, which may subject it to investment risks not normally associated with investing in securities

of U.S. corporations. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral

Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s

minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be

purchased and sold through a broker. Admiral Shares and Institutional Shares are designed for

investors who meet certain administrative, service, and account-size criteria.

A. The following significant accounting policies conform to generally accepted accounting principles

for U.S. investment companies. The fund consistently follows such policies in preparing its financial

statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange

(generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted

sales prices or official closing prices taken from the primary market in which each security trades;

such securities not traded on the valuation date are valued at the mean of the latest quoted bid and

asked prices. Securities for which market quotations are not readily available, or whose values have

been affected by events occurring before the fund’s pricing time but after the close of the securities’

primary markets, are valued at their fair values calculated according to procedures adopted by the

board of trustees. These procedures include obtaining quotations from an independent pricing

service, monitoring news to identify significant market- or security-specific events, and evaluating

changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-

traded funds), between the time the foreign markets close and the fund’s pricing time. When

fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset

value may differ from quoted or published prices for the same securities. Investments in Vanguard

Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are

valued using the latest bid prices or using valuations based on a matrix system (which considers

such factors as security prices, yields, maturities, and ratings), both as furnished by independent

pricing services.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies

are translated into U.S. dollars using exchange rates obtained from an independent third party as

of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation

(depreciation) on investment securities include the effects of changes in exchange rates since the

securities were purchased, combined with the effects of changes in security prices. Fluctuations

in the value of other assets and liabilities resulting from changes in exchange rates are recorded as

unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which

time they are recorded as realized foreign currency gains (losses).

3. Futures 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

30


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.

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 rehypoth-

ecated. 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 Statement of Net Assets. 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 in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in

the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized

appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains

(losses) on futures or forward currency contracts.

During the six months ended April 30, 2018, the fund’s average investments in long and short

futures contracts represented less than 1% and 0% of net assets, respectively, based on the

average of the notional amounts at each quarter-end during the period. The fund’s average

investment in forward currency contracts represented less than 1% of net assets, based on

the average of the notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company

and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for

all open federal income tax years (October 31, 2014–2017), and for the period ended April 30, 2018,

and has concluded that no provision for federal income tax is required in the fund’s financial

statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

31


6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional

borrowers. Security loans are subject to termination by the fund at any time, and are required to

be secured at all times by collateral in an amount at least equal to the market value of securities

loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than

the value of the collateral received. When this occurs, the collateral is adjusted and settled before

the opening of the market on the next business day. The fund further mitigates its counterparty

risk by entering into securities lending transactions only with a diverse group of prequalified

counterparties, monitoring their financial strength, and entering into master securities lending

agreements with its counterparties. The master securities lending agreements provide that, in

the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans

with that borrower, determine the net amount owed, and sell or retain the collateral up to the

net amount owed to the fund; however, such actions may be subject to legal proceedings. While

collateral mitigates counterparty risk, in the event of a default, the fund may experience delays

and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard

Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the

collateral, during the period the securities are on loan. Securities lending income represents fees

charged to borrowers plus income earned on invested cash collateral, less expenses associated

with the loan. During the term of the loan, the fund is entitled to all distributions made on or in

respect of the loaned securities.

7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”)

participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to

a credit agreement that may be renewed annually; each fund is individually liable for its borrowings,

if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes,

and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating

funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn

amount of the facility; these fees are allocated to the funds based on a method approved by the

fund’s board of trustees and included in Management and Administrative expenses on the fund’s

Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the

higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight

bank funding rate plus an agreed-upon spread.

The fund had no borrowings outstanding at April 30, 2018, or at any time during the period

then ended.

8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income

distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and

discounts on debt securities purchased are amortized and accreted, respectively, to interest income

over the lives of the respective securities. Security transactions are accounted for on the date

securities are bought or sold. Costs used to determine realized gains (losses) on the sale of

investment securities are those of the specific securities sold. Fees assessed on capital share

transactions are credited to paid-in capital.

Each class of shares has equal rights as to assets and earnings, except that each class separately

bears certain class-specific expenses related to maintenance of shareholder accounts (included in

Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and

distribution expenses are allocated to each class of shares based on a method approved by the

board of trustees. Income, other non-class-specific expenses, and gains and losses on investments

are allocated to each class of shares based on its relative net assets.

32


B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard

and the fund, Vanguard furnishes to the fund investment advisory, corporate management,

administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined

by the FSA). These costs of operations are allocated to the fund based on methods and guidelines

approved by the board of trustees. Vanguard does not require reimbursement in the current period

for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs);

the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement

of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in

Vanguard. At April 30, 2018, the fund had contributed to Vanguard capital in the amount of

$365,000, representing 0.01% of the fund’s net assets and 0.15% of Vanguard’s capitalization.

The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. 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 Statement of Net Assets.

The following table summarizes the market value of the fund’s investments as of April 30, 2018,

based on the inputs used to value them:

Level 1 Level 2 Level 3

Investments ($000) ($000) ($000)

Common Stocks 293,012 6,524,662 9,214

Temporary Cash Investments 263,605 2,543 —

Futures Contract-Assets1 1 — —

Futures Contracts—Liabilities1 (275) — —

Forward Currency Contracts—Assets — 177 —

Forward Currency Contracts—Liabilities — (596) —

Total 556,343 6,526,786 9,214

1 Represents variation margin on the last day of the reporting period.

33


D. At April 30, 2018, the fair values of derivatives were reflected in the Statement of Net Assets

as follows:

Foreign

Equity Exchange

Contracts Contracts Total

Statement of Net Assets Caption ($000) ($000) ($000)

Variation Margin Receivable—Futures Contracts 1 — 1

Unrealized Appreciation—Forward Currency Contracts — 177 177

Total Assets 1 177 178

Variation Margin Payable—Futures Contracts (275) — (275)

Unrealized Depreciation—Forward Currency Contracts — (596) (596)

Total Liabilities (275) (596) (871)

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for

the six months ended April 30, 2018, were:

Foreign

Equity Exchange

Contracts Contracts Total

Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000)

Futures Contracts 2,674 — 2,674

Forward Currency Contracts — 369 369

Realized Net Gain (Loss) on Derivatives 2,674 369 3,043

Change in Unrealized Appreciation (Depreciation) on Derivatives

Futures Contracts (448) — (448)

Forward Currency Contracts — (419) (419)

Change in Unrealized Appreciation (Depreciation) on Derivatives (448) (419) (867)

34


E. Distributions are determined on a tax basis and may differ from net investment income and

realized capital gains for financial reporting purposes. Differences may be permanent or temporary.

Permanent differences are reclassified among capital accounts in the financial statements to reflect

their tax character. Temporary differences arise when certain items of income, expense, gain, or

loss are recognized in different periods for financial statement and tax purposes. These differences

will reverse at some time in the future. Differences in classification may also result from the

treatment of short-term gains as ordinary income for tax purposes.

Certain of the fund’s investments are in securities considered to be passive foreign investment

companies, for which any unrealized appreciation and/or realized gains are required to be included

in distributable net investment income for tax purposes. During the six months ended April 30, 2018,

the fund realized gains on the sale of passive foreign investment companies of $4,550,000, which

have been included in current and prior periods’ taxable income; accordingly, such gains have been

reclassified from accumulated net realized losses to overdistributed net investment income.

Passive foreign investment companies had unrealized appreciation of $76,169,000 at April 30, 2018.

During the six months ended April 30, 2018, the fund realized $15,137,000 of net capital gains

resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities

held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not

distributed to shareholders, they have been reclassified from accumulated net realized losses to

paid-in capital.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For

tax purposes, at October 31, 2017, the fund had available capital losses totaling $98,031,000 to offset

future net capital gains. Of this amount, $1,948,000 is subject to expiration on October 31, 2019.

Capital losses of $96,083,000 realized beginning in fiscal 2012 may be carried forward indefinitely

under the Regulated Investment Company Modernization Act of 2010, but must be used before

any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital

gains, if any, realized during the year ending October 31, 2018; should the fund realize net capital

losses for the year, the losses will be added to the loss carryforward balance above.

At April 30, 2018, the cost of investment securities for tax purposes was $6,666,299,000. Net

unrealized appreciation of investment securities for tax purposes was $426,737,000, consisting

of unrealized gains of $813,259,000 on securities that had risen in value since their purchase and

$386,522,000 in unrealized losses on securities that had fallen in value since their purchase.

F. During the six months ended April 30, 2018, the fund purchased $1,047,165,000 of investment

securities and sold $199,721,000 of investment securities, other than temporary cash investments.

Purchases and sales include $742,951,000 and $62,628,000, respectively, in connection with in-kind

purchases and redemptions of the fund’s capital shares.

35


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

Six Months Ended Year Ended

April 30, 2018 October 31, 2017

Amount Shares Amount Shares

($000) (000) ($000) (000)

Investor Shares (sample)

Issued1 8,293 340 9,645 443

Issued in Lieu of Cash Distributions 1,524 64 1,894 94

Redeemed2 (6,099) (251) (21,797) (968)

Net Increase (Decrease)—Investor Shares 3,718 153 (10,258) (431)

ETF Shares

Issued1 926,705 15,101 1,594,745 29,212

Issued in Lieu of Cash Distributions — — — —

Redeemed2 (65,623) (1,100) (548,895) (10,900)

Net Increase (Decrease)—ETF Shares 861,082 14,001 1,045,850 18,312

Admiral Shares

Issued1 90,628 2,430 96,042 2,884


Redeemed2 (33,473) (911) (75,833) (2,272)

Net Increase (Decrease)—Admiral Shares 70,299 1,883 33,006 1,029

Institutional Shares

Issued1 5,766 48 35,925 321


Redeemed2 (8,204) (68) (69,386) (595)

Net Increase (Decrease)—Institutional Shares 350 3 (29,219) (233)

1 Includes purchase fees for fiscal 2018 and 2017 of $242,000 and $495,000, respectively (fund totals).

2 Net of redemption fees for fiscal 2018 and 2017 of $92,000 and $251,000, respectively (fund totals).

At April 30, 2018, one shareholder was the record or beneficial owner of 26% of the fund’s net

assets. If the shareholder were to redeem its investment in the fund, the redemption might result

in an increase in the fund’s expense ratio.

36


H. Certain of the fund’s investments are in companies that are considered to be affiliated companies

of the fund because the fund owns more than 5% of the outstanding voting securities of the company

or the issuer is another member of The Vanguard Group. Transactions during the period in securities

of these companies were as follows:

Current Period Transactions

Oct. 31, Proceeds Realized April 30,

2017 from Net Change in Capital Gain 2018

Market Purchases Securities 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 147,067 NA1 NA1 (7) 13 156 — 263,605

Vanguard Real

Estate ETF 7,908 31,823 28,545 326 (356) 172 — 11,156

Total 154,975 319 (343) 328 — 274,761

1 Not applicable—purchases and sales are for temporary cash investment purposes.

I. Management has determined that no material events or transactions occurred subsequent

to April 30, 2018, that would require recognition or disclosure in these financial statements.

37

About Your Fund’s Expenses

38

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 ongoingcosts only and do not reflect transaction costs incurred by the fund for buying and sellingsecurities. Further, the expenses do not include any purchase, redemption, or account servicefees described in the fund prospectus. If such fees were applied to your account, your costswould 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.

39

Six Months Ended April 30, 2018


Beginning

Account Value

10/31/2017

Ending

Account Value

4/30/2018

Expenses

Paid During

Period

Based on Actual Fund Return

Investor Shares $1,000.00 $1,062.25 $1.74

ETF Shares 1,000.00 1,063.19 0.72

Admiral Shares 1,000.00 1,063.28 0.72

Institutional Shares 1,000.00 1,063.19 0.61

Based on Hypothetical 5% Yearly Return

Investor Shares $1,000.00 $1,023.52 $1.71

ETF Shares 1,000.00 1,024.51 0.70

Admiral Shares 1,000.00 1,024.51 0.70

Institutional Shares 1,000.00 1,024.61 0.60

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios forthat period are 0.34% for Investor Shares, 0.14% for ETF Shares, 0.14% for Admiral Shares, and 0.12% for Institutional Shares. The dollaramounts 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-monthperiod (181/365).

The board of trustees of Vanguard Global ex-U.S. Real Estate Index Fund has renewed the fund’s

investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity

Index Group. The board determined that continuing the fund’s internalized management structure

was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio

management process, and performance. This evaluation included information provided to the

board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor

oversight and product management. The Portfolio Review Department met regularly with the

advisor and made monthly presentations to the board during the fiscal year that directed the

board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information

throughout the year during advisor presentations. For each advisor presentation, the board was

provided with letters and reports that included information about, among other things, the advisory

firm and the advisor’s assessment of the investment environment, portfolio performance, and

portfolio characteristics.

In addition, the board received monthly reports, which included a Market and Economic Report,

a Fund Dashboard Monthly Summary, and a Fund Performance Report.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the

information they received over the course of the year. They also considered the factors discussed

below, among others. However, no single factor determined whether the board approved the

arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services

The board reviewed the quality of the investment management services provided to the fund

since its inception in 2010 and took into account the organizational depth and stability of the

advisor. The board considered that Vanguard has been managing investments for more than

three decades. The Equity Index Group adheres to a sound, disciplined investment management

process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among

other factors, warranted continuation of the advisory arrangement.

Investment performance

The board considered the fund’s performance since its inception, including any periods of out-

performance or underperformance compared with its target index and peer group. The board

concluded that the performance was such that the advisory arrangement should continue.

Information about the fund’s most recent performance can be found in the Performance

Summary section of this report.

Trustees Approve Advisory Arrangement

40

Cost

The board concluded that the fund’s expense ratio was well below the average expense ratio

charged by funds in its peer group and that the fund’s advisory expenses were also below the

peer-group average. Information about the fund’s expenses appears in the About Your Fund’s

Expenses section of this report as well as in the Financial Statements section.

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique

“at-cost” structure. Unlike most other mutual fund management companies, Vanguard is

owned by the funds it oversees and produces “profits” only in the form of reduced expenses

for fund shareholders.

The benefit of economies of scale

The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will

realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

41

Glossary

42

Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups

and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given

index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12%

when the index rose or fell by 10%. For this report, beta is based on returns over the past 36

months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction

with its R-squared (see definition). The lower the R-squared, the less correlation there is between

the fund and the index, and the less reliable beta is as an indicator of volatility.

Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate

market value (or of net asset value, for a fund). The yield is determined by dividing the amount of

the annual dividends by the aggregate value (or net asset value) at the end of the period. For a

fund, the dividend yield is based solely on stock holdings and does not include any income

produced by other investments. This yield may include some payments that represent a return of

capital, capital gains distributions, or both by the underlying stocks.

Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for

the stocks now in a fund.

Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any

holdings in short-term reserves are excluded.

Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s

average net assets. The expense ratio includes management and administrative expenses, but

does not include the transaction costs of buying and selling portfolio securities.

Fair-Value Pricing. Fair-value adjustments, which are required by the Securities and Exchange

Commission, address pricing discrepancies that may arise because of time-zone differences

among global stock markets. Foreign stocks may trade on exchanges that close many hours

before a fund’s closing share price is calculated in the United States, generally at 4 p.m., Eastern

time. In the hours between the foreign close and the U.S. close, the value of these foreign

securities may change—because of company-specific announcements or market-wide

developments, for example. Such price changes are not immediately reflected in international

index values. Fair-value pricing takes such changes into account in calculating the fund’s daily net

asset value, thus ensuring that the NAV doesn’t include “stale” prices. The result can be a

temporary divergence between the return of the fund and that of its benchmark index—a

difference that usually corrects itself when the foreign markets reopen.

Inception Date. The date on which the assets of a fund (or one of its share classes) are first

invested in accordance with the fund’s investment objective. For funds with a subscription period,

the inception date is the day after that period ends. Investment performance is measured from

the inception date.

Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint

of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the

proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s

assets have market capitalizations above the median, and the rest are below it.

Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share.

For a fund, the weighted average price/book ratio of the stocks it holds.

43

Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past

year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market

expectations about corporate prospects; the higher the P/E, the greater the expectations for a

company’s future growth.

R-Squared. A measure of how much of a fund’s past returns can be explained by the returns

from the market in general, as measured by a given index. If a fund’s total returns were precisely

synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no

relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based

on returns over the past 36 months for both the fund and the index.

Return on Equity. The annual average rate of return generated by a company during the past five

years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a

fund, the weighted average return on equity for the companies whose stocks it holds.

Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities

that can be readily converted to cash.

Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur

higher transaction costs and may be more likely to distribute capital gains (which may be taxable

to investors). The turnover rate excludes in-kind transactions, which have minimal impact on

costs.

The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your

best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also

serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard

funds and provides services to them on an at-cost basis.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation

with Vanguard or the funds they oversee, apart from the sizable personal investments they have

made as private individuals. The independent board members have distinguished backgrounds

in business, academia, and public service. Each of the trustees and executive officers oversees

208 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. The mailing address

of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the

trustees is in the Statement of Additional Information, which can be obtained, without charge,

by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustees1

F. William McNabb III

Born in 1957. Trustee since July 2009. Principal

occupation(s) during the past five years and

other experience: chairman of the board

(January 2010–present) of Vanguard and of each

of the investment companies served by Vanguard,

trustee (2009–present) of each of the investment

companies served by Vanguard, and director

(2008–present) of Vanguard. Chief executive officer

and president (2008–2017) of Vanguard and each

of the investment companies served by Vanguard,

managing director (1995–2008) of Vanguard,

and director (1997–2018) of Vanguard Marketing

Corporation. Director (2018–present) of

UnitedHealth Group.

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal

occupation(s) during the past five years and

other experience: chief executive officer

(January 2018–present) of Vanguard; chief executive

officer, president, and trustee (January 2018–present)

of each of the investment companies served by

Vanguard; president and director (2017–present) of

Vanguard; and president (February 2018–present) of

Vanguard Marketing Corporation. Chief investment

officer (2013–2017), managing director (2002–2017),

head of the Retail Investor Group (2006–2012), and

chief information officer (2001–2006) of Vanguard.

Chairman of the board (2011–2017) of the Children’s

Hospital of Philadelphia.

Independent Trustees

Emerson U. Fullwood


occupation(s) during the past five years and other

experience: executive chief staff and marketing officer

for North America and corporate vice president (retired

2008) of Xerox Corporation (document management

products and services). Former president of the

Worldwide Channels Group, Latin America, and

Worldwide Customer Service and executive chief

staff officer of Developing Markets of Xerox. Executive

in residence and 2009–2010 Distinguished Minett

Professor at the Rochester Institute of Technology.

Lead director of SPX FLOW, Inc. (multi-industry

manufacturing). Director of the University of Rochester

Medical Center, the Monroe Community College

Foundation, the United Way of Rochester, North

Carolina A&T University, and Roberts Wesleyan

College. Trustee of the University of Rochester.

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal


experience: president (2004–present) of the University

of Pennsylvania. Christopher H. Browne Distinguished

Professor of Political Science, School of Arts and

Sciences, and professor of communication, Annenberg

School for Communication, with secondary faculty

appointments in the Department of Philosophy, School

of Arts and Sciences, and at the Graduate School of

Education, University of Pennsylvania. Trustee of the

National Constitution Center.

1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.

JoAnn Heffernan Heisen



experience: corporate vice president of Johnson &

Johnson (pharmaceuticals/medical devices/consumer

products) and member of its executive committee

(1997–2008). Chief global diversity officer (retired

2008), vice president and chief information officer

(1997–2006), controller (1995–1997), treasurer

(1991–1995), and assistant treasurer (1989–1991)

of Johnson & Johnson. Director of Skytop Lodge

Corporation (hotels) and the Robert Wood Johnson

Foundation. Member of the advisory board of the

Institute for Women’s Leadership at Rutgers University.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal


experience: president and chief operating officer

(retired 2009) and vice chairman of the board

(2008–2009) of Cummins Inc. (industrial machinery).

Chairman of the board of Hillenbrand, Inc. (specialized

consumer services), Oxfam America, and the Lumina

Foundation for Education. Director of the V Foundation

for Cancer Research. Member of the advisory council

for the College of Arts and Letters and chair of the

advisory board to the Kellogg Institute for International

Studies, both at the University of Notre Dame.

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal


experience: senior vice president and chief financial

officer (retired 2013) of IBM (information technology

services). Fiduciary member of IBM’s Retirement

Plan Committee (2004–2013), senior vice president

and general manager (2002–2004) of IBM Global

Financing, vice president and controller (1998–2002)

of IBM, and a variety of other prior management roles

at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal


experience: chief investment officer (1989–present)

and vice president (1996–present) of the University

of Notre Dame. Assistant professor of finance at the

Mendoza College of Business, University of Notre

Dame, and member of the Notre Dame 403(b)

Investment Committee. Chairman of the board of

TIFF Advisory Services, Inc. Member of the board

of Catholic Investment Services, Inc. (investment

advisors), the board of advisors for Spruceview

Capital Partners, and the board of superintendence

of the Institute for the Works of Religion.

Deanna Mulligan



experience: president (2010–present) and chief

executive officer (2011–present) of The Guardian

Life Insurance Company of America. Chief operating

officer (2010–2011) and executive vice president

(2008–2010) of Individual Life and Disability of

The Guardian Life Insurance Company of America.

Member of the board of The Guardian Life Insurance

Company of America, the American Council of Life

Insurers, the Partnership for New York City (business

leadership), and the Committee Encouraging Corporate

Philanthropy. Trustee of the Economic Club of New

York and the Bruce Museum (arts and science).

Member of the Advisory Council for the Stanford

Graduate School of Business.

André F. Perold

Born in 1952. Trustee since December 2004. Principal


experience: George Gund Professor of Finance and

Banking, Emeritus at the Harvard Business School

(retired 2011). Chief investment officer and co-

managing partner of HighVista Strategies LLC

(private investment firm). Overseer of the Museum

of Fine Arts Boston.

Sarah Bloom Raskin



experience: deputy secretary (2014–2017) of

the United States Department of the Treasury.

Governor (2010–2014) of the Federal Reserve Board.

Commissioner (2007–2010) of financial regulation

for the State of Maryland. Member of the board of

directors (2012–2014) of Neighborhood Reinvestment

Corporation. Director of i(x) Investments, LLC.

Peter F. Volanakis



experience: president and chief operating officer

(retired 2010) of Corning Incorporated (communications

equipment) and director of Corning Incorporated

(2000–2010) and Dow Corning (2001–2010).

Director (2012) of SPX Corporation (multi-industry

manufacturing). Overseer of the Amos Tuck School

of Business Administration, Dartmouth College

(2001–2013). Chairman of the board of trustees of

Colby-Sawyer College. Member of the Board of

Hypertherm Inc. (industrial cutting systems, software,

and consumables).

Executive Officers

Glenn Booraem

Born in 1967. Principal occupation(s) during the past

five years and other experience: principal of Vanguard.

Investment stewardship officer (2017–present),

treasurer (2015–2017), controller (2010–2015),

and assistant controller (2001–2010) of each of

the investment companies served by Vanguard.

Christine M. Buchanan


five years and other experience: principal of Vanguard

and global head of Fund Administration at Vanguard.

Treasurer (2017–present) of each of the investment

companies served by Vanguard. Partner (2005–2017)

at KPMG LLP (audit, tax, and advisory services).

Brian Dvorak



Chief compliance officer (2017–present) of Vanguard

and each of the investment companies served by

Vanguard. Assistant vice president (2017–present) of

Vanguard Marketing Corporation. Vice president and

director of Enterprise Risk Management (2011–2013)

at Oppenheimer Funds, Inc.

Thomas J. Higgins



Chief financial officer (2008–present) and treasurer

(1998–2008) of each of the investment companies

served by Vanguard.

Peter Mahoney



Controller (2015–present) of each of the investment

companies served by Vanguard. Head of International

Fund Services (2008–2014) at Vanguard.

Anne E. Robinson

Born in 1970. Principal occupation(s) during the

past five years and other experience: general

counsel (2016–present) of Vanguard. Secretary

(2016–present) of Vanguard and of each of the

investment companies served by Vanguard.

Managing director (2016–present) of Vanguard.

Director and senior vice president (2016–2018)

of Vanguard Marketing Corporation. Managing

director and general counsel of Global Cards and

Consumer Services (2014–2016) at Citigroup.

Counsel (2003–2014) at American Express.

Michael Rollings

Born in 1963. Principal occupation(s) during the

past five years and other experience: finance

director (2017–present) and treasurer (2017) of each

of the investment companies served by Vanguard.

Managing director (2016–present) of Vanguard. Chief

financial officer (2016–present) of Vanguard. Director

(2016–present) of Vanguard Marketing Corporation.

Executive vice president and chief financial officer

(2006–2016) of MassMutual Financial Group.

Vanguard Senior Management Team

Mortimer J. Buckley James M. Norris

Gregory Davis Thomas M. Rampulla

John James Karin A. Risi

Martha G. King Anne E. Robinson

John T. Marcante Michael Rollings

Chris D. McIsaac

Chairman Emeritus and Senior Advisor

John J. Brennan

Chairman, 1996–2009

Chief Executive Officer and President, 1996–2008

Founder

John C. Bogle

Chairman and Chief Executive Officer, 1974–1996

P.O. Box 2600

Valley Forge, PA 19482-2600

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for PeopleWho Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunctionwith the offering of shares of any Vanguardfund only if preceded or accompanied bythe fund’s current prospectus.

All comparative mutual fund data are from Lipper, aThomson Reuters Company, or Morningstar, Inc., unlessotherwise noted.

You can obtain a free copy of Vanguard’s proxy votingguidelines by visiting vanguard.com/proxyreporting or bycalling Vanguard at 800-662-2739. The guidelines arealso available from the SEC’s website, sec.gov. Inaddition, you may obtain a free report on how your fundvoted the proxies for securities it owned during the 12months ended June 30. To get the report, visit eithervanguard.com/proxyreporting or sec.gov.

You can review and copy information about your fund atthe SEC’s Public Reference Room in Washington, D.C. Tofind out more about this public service, call the SEC at202-551-8090. Information about your fund is alsoavailable on the SEC’s website, and you can receivecopies of this information, for a fee, by sending arequest in either of two ways: via email addressed [email protected] or via regular mail addressed to thePublic Reference Section, Securities and ExchangeCommission, Washington, DC 20549-1520.

Source for Bloomberg Barclays indexes: BloombergIndex Services Limited. Copyright 2018, Bloomberg. Allrights reserved.

The index is a product of S&P Dow Jones Indices LLC(“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s® and S&P® are registeredtrademarks of Standard & Poor’s Financial Services LLC(“S&P”); Dow Jones® is a registered trademark of DowJones Trademark Holdings LLC (“Dow Jones”); S&P®and S&P 500® are trademarks of S&P; and thesetrademarks have been licensed for use by SPDJI andsublicensed for certain purposes by Vanguard. Vanguard product(s) are not sponsored, endorsed, soldor promoted by SPDJI, Dow Jones, S&P, or theirrespective affiliates and none of such parties make anyrepresentation regarding the advisability of investing insuch product(s) nor do they have any liability for anyerrors, omissions, or interruptions of the index.

© 2018 The Vanguard Group, Inc.All rights reserved.Vanguard Marketing Corporation, Distributor.

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