vanguard global ex-u.s. real estate index fund · 2017-12-22 · vanguard global ex-u.s. real...

Vanguard Global ex-U.S. Real Estate

Index Fund

Annual Report | October 31, 2017

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

Chairman’s Perspective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Fund Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Your Fund’s After-Tax Returns. . . . . . . . . . . . . . . . . . . . . . . 37

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

Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Your Fund’s Performance at a Glance

1

Total Returns: Fiscal Year Ended October 31, 2017

TotalReturns

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

Investor Shares 15.88%

ETF Shares

Market Price 16.30

Net Asset Value 16.13

Admiral™ Shares 16.15

Institutional Shares 16.17

S&P Global ex-U.S. Property Index 15.58

International Real Estate Funds Average 13.70

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 about 16% for the year

ended October 31, 2017, ahead of its benchmark index and exceeding the average

return of its peers by more than 2 percentage points. 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

emerging markets accounting for a large portion of the fund’s return. About one-fifth

of the fund’s assets are in emerging markets.

• China was a significant driver of performance; the country’s stable economic growth

eased some concerns about its real estate sector. Key markets such as Australia and

the United Kingdom contributed modestly to results. Indonesia and Qatar were among

the biggest detractors.

2

Total Returns: Inception Through October 31, 2017

Average

Annual Return

Global ex-U.S. Real Estate Index Fund Investor Shares (Returns since inception: 11/1/2010) 6.20%

S&P Global ex-U.S. Property Index 6.00

International Real Estate Funds Average 5.07

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

The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our 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.

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 0.35% 0.15% 0.15% 0.13% 1.36%

The fund expense ratios shown are from the prospectus dated February 24, 2017, and represent estimated costs for the current fiscal year.For the fiscal year ended October 31, 2017, the fund’s 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, a ThomsonReuters Company, and captures information through year-end 2016.

Peer group: International Real Estate Funds.

Dear Shareholder,

When I find outstanding products or

services, I’m likely to be loyal to them.

And my loyalty usually gets rewarded as

I experience consistently high quality––

whether it’s from a favorite restaurant

or a favorite author. What’s past, in

most cases, is prologue.

As tempting as it is to apply this rationale

to investing—for example, if technology

stocks have done well this year, they’re

bound to do well the next—it’s not all

that helpful and can actually be counter-

productive. You’ve heard it many times:

Past performance cannot be used to

predict future returns.

Taking a new approach

The caution about past performance is

so familiar that investors are apt to treat

it as mere background noise. That’s why

past-performance bias merited a fresh

look from Vanguard’s Investment Strategy

Group, which tackled the issue last year

in a research paper. (I encourage you to

read the full paper, Reframing Investor Choices: Right Mindset, Wrong Market, at vanguard.com/research.)

Our strategists were hardly the first to

delve into the topic, but they approached

it in a new way. They started with the

premise that it’s perfectly understandable

for investors to lean heavily on past

performance, because that works well in

many areas of life. After all, as the paper

describes, in lots of other industries and

realms, performance from one time period

Chairman’s Perspective

Bill McNabb

Chairman and Chief Executive Officer

3

to another is extremely consistent.

The researchers looked at everything

from cars to fine restaurants to heart

surgeons, and in all these examples,

past performance was a good predictor

of later outcomes.

It’s different with investing

In a nutshell, our brains typically are

rewarded and our satisfaction is boosted

when we use past performance as a guide

for navigating decisions, big and small. But

when applied to investing, this method

breaks down.

Why? Among other reasons, top-

performing asset classes one year

tend not to repeat as leaders the next.

Strong past performance leads to higher

valuations, making an investment, all else

being equal, less attractive in the future.

The data are quite overwhelming in

this regard.

By allowing past performance to inform

their decisions, individual and institutional

investors inadvertently end up as momen-

tum investors, putting them on a treadmill

of buying high and selling low.

A path to better decision-making

Of course, many investors are already

aware of the pitfalls of projecting past

performance into the future. The real

question is, what can we all do about it?

What does it take to go from having a

general awareness to actually changing

our behavior?

Market Barometer

Average Annual Total Returns

Periods Ended October 31, 2017

One Year Three Years Five Years

Stocks

Russell 1000 Index (Large-caps) 23.67% 10.58% 15.18%

Russell 2000 Index (Small-caps) 27.85 10.12 14.49

Russell 3000 Index (Broad U.S. market) 23.98 10.53 15.12

FTSE All-World ex US Index (International) 23.48 6.12 7.67

Bonds

Bloomberg Barclays U.S. Aggregate Bond Index

(Broad taxable market) 0.90% 2.40% 2.04%

Bloomberg Barclays Municipal Bond Index

(Broad tax-exempt market) 2.19 3.04 3.00

Citigroup Three-Month U.S. Treasury Bill Index 0.71 0.31 0.20

CPI

Consumer Price Index 2.04% 1.28% 1.29%

4

Acknowledging that such change isn’t

easy, our strategists offered a few ideas

for reframing how investors approach their

decisions. These recommendations were

targeted at advisors working with clients,

but they apply equally to individuals and

institutions:

• Educate yourself. The more investors

understand why a method that works so

well in other areas of life—relying on past

performance to drive decisions—doesn’t

carry over to investing, the better off

they’ll be.

• Be disciplined. The bias toward past

performance is ingrained in everybody,

professionals included, and shifting away

from it can be difficult. But the long-term

benefits make the effort worthwhile.

• Focus on what you can control. It’s

always most constructive for investors to

concentrate on what’s actually within their

control, such as setting goals, following

long-term portfolio construction principles,

selecting low-cost investments, and

rebalancing periodically.

Here’s to keeping the past in the rearview

mirror. And, as always, thank you for

investing with Vanguard.

Sincerely,

F. William McNabb III

Chairman and Chief Executive Officer

November 14, 2017

5

Global ex-U.S. Real Estate Index Fund

Fund ProfileAs of October 31, 2017

1 The expense ratios shown are from the prospectus dated February 24, 2017, and represent estimated costs for the current fiscal year.For the fiscal year ended October 31, 2017, the expense ratios were 0.34% for Investor Shares, 0.14% for ETF Shares, 0.14% for AdmiralShares, and 0.12% for Institutional Shares.

6

Share-Class Characteristics

Investor

Shares ETF Shares

Admiral

Shares

Institutional

Shares

Ticker Symbol VGXRX VNQI VGRLX VGRNX

Expense Ratio1 0.35% 0.15% 0.15% 0.13%

Portfolio Characteristics

Fund

S&P

Global

ex-U.S.

Property

Index

Number of Stocks 665 602

Median Market Cap $6.8B $6.8B

Price/Earnings Ratio 10.5x 10.5x

Price/Book Ratio 1.1x 1.1x

Return on Equity 10.9% 10.8%

Earnings Growth Rate 10.5% 10.6%

Dividend Yield 3.4% 3.4%

Turnover Rate 6% —

Short-Term Reserves -0.2% —

Allocation by Region (% of equity exposure)

49.7% Pacific

24.0% Europe

22.3% EmergingMarkets

2.3% North America

1.0% Middle East

0.7% Other

Volatility Measures

S&P

Global

ex-U.S.

Property

Index

MSCI AC

World

Index

ex USA

R-Squared 0.99 0.78

Beta 0.95 0.82

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

Ten Largest Holdings (% of total net assets)

Sun Hung Kai Properties

Ltd.

Diversified Real

Estate Activities 2.5%

Mitsubishi Estate Co.

Ltd.

Diversified Real

Estate Activities 2.3

Unibail-Rodamco SE Retail REITs 2.3

Daiwa House Industry

Co. Ltd.

Diversified Real


Mitsui Fudosan Co. Ltd. Diversified Real


CK Asset Holdings Ltd. Real Estate

Development 2.0

Vonovia SE Real Estate

Operating

Companies 2.0

Link REIT Retail REITs 1.7

Scentre Group Retail REITs 1.5

Sumitomo Realty &

Development Co. Ltd.

Real Estate

Development 1.5

Top Ten 20.2%

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


7

Market Diversification (% of equity exposure)

Fund

S&PGlobal

ex-U.S.Property

Index

Europe

United Kingdom 6.3% 6.4%

Germany 5.3 5.3

France 5.1 5.1

Sweden 2.0 2.0

Switzerland 1.3 1.3

Spain 1.1 1.1

Other 2.9 2.8

Subtotal 24.0% 24.0%

Pacific

Japan 20.7% 20.8%

Hong Kong 13.0 13.1

Australia 9.2 9.2

Singapore 6.3 6.3

Other 0.5 0.4


Emerging Markets

China 10.6% 10.5%

South Africa 2.6 2.6

Philippines 1.6 1.6

Thailand 1.2 1.3

United Arab Emirates 1.2 1.3

Mexico 1.0 1.0

Other 4.1 4.1


North America

Canada 2.3% 2.3%

Middle East 1.0% 1.0%

Other 0.7% 0.5%

"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.

8

Cumulative Performance: November 1, 2010, Through October 31, 2017Initial Investment of $10,000

2017201620152014201320122011

$18,000

6,000

15,170



OneYear

FiveYears

SinceInception

(11/1/2010)

Final Valueof a $10,000Investment

Global ex-U.S. Real Estate Index FundInvestor Shares 15.32% 6.44% 6.14% $15,170

• • • • • • • • S&P Global ex-U.S. Property Index 15.58 6.30 6.00 15,032

– – – – International Real Estate Funds Average 13.70 5.23 5.07 14,139

________ MSCI All Country World Index ex USA 24.20 7.77 5.22 14,278

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

"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.

OneYear

FiveYears

SinceInception

(11/1/2010)


Global ex-U.S. Real Estate Index FundETFShares Net Asset Value 16.13% 6.70% 6.36% $15,394

S&P Global ex-U.S. Property Index 15.58 6.30 6.00 15,032

MSCI All Country World Index ex USA 24.20 7.77 5.22 14,281

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.

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.


9



OneYear

FiveYears

SinceInception

(2/10/2011)


Global ex-U.S. Real Estate Index FundAdmiral Shares 15.58% 6.62% 6.64% $15,401

S&P Global ex-U.S. Property Index 15.58 6.30 6.36 15,134

MSCI All Country World Index ex USA 24.20 7.77 4.95 13,839

"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards.

OneYear

FiveYears

SinceInception

(4/19/2011)

Final Valueof a $5,000,000

Investment

Global ex-U.S. Real Estate Index FundInstitutional Shares 15.60% 6.65% 6.47% $7,531,436

S&P Global ex-U.S. Property Index 15.58 6.30 6.21 7,411,799

MSCI All Country World Index ex USA 24.20 7.77 4.61 6,710,244

"Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standards.

Cumulative Returns of ETF Shares: November 1, 2010, Through October 31, 2017

OneYear

FiveYears

SinceInception

(11/1/2010)

Global ex-U.S. Real Estate Index Fund ETF SharesMarket Price 16.30% 38.06% 53.60%

Global ex-U.S. Real Estate Index Fund ETF SharesNet Asset Value 16.13 38.30 53.94

S&P Global ex-U.S. Property Index 15.58 35.71 50.32

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.

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.


10

Fiscal-Year Total Returns (%): November 1, 2010, Through October 31, 2017

–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

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

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

Average Annual Total Returns: Periods Ended September 30, 2017This 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 10.09% 7.01% 6.22%

Fee-Adjusted Returns 9.55 6.91 6.15

ETF Shares 11/1/2010

Market Price 10.22 7.18 6.35

Net Asset Value 10.29 7.16 6.37

Admiral Shares 2/10/2011 10.31 7.18 6.72


Institutional Shares 4/19/2011 10.32 7.20 6.56


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Common Stocks (99.5%)1

Australia (9.1%)

Scentre Group 28,559,406 88,061

Westfield Corp. 10,255,092 61,123

Goodman Group 8,539,862 54,756

Stockland 12,952,660 44,893

Dexus 5,429,741 40,658

LendLease Group 3,130,385 38,873

GPT Group 9,668,887 37,755

Mirvac Group 19,965,874 36,904

Vicinity Centres 17,597,697 35,770

Charter Hall Group 2,504,824 11,137

Investa Office Fund 2,672,618 9,179

Shopping Centres

Australasia Property

Group 3,916,450 7,059

BWP Trust 2,618,400 6,199

Charter Hall Retail REIT 1,812,753 5,639

Cromwell Property

Group 7,024,237 5,377

Abacus Property Group 1,729,281 5,033

Aveo Group 2,345,596 4,542

Viva Energy REIT 2,368,504 3,884^ Growthpoint Properties

Australia Ltd. 1,375,999 3,508

National Storage REIT 2,777,963 3,139

Charter Hall Long Wale

REIT 841,690 2,679

GDI Property Group 2,834,191 2,593

Folkestone Education

Trust 1,165,061 2,498

Gateway Lifestyle 1,601,337 2,421

Arena REIT 1,378,226 2,364

Ingenia Communities

Group 1,140,331 2,318

Rural Funds Group 1,357,327 2,296^ Hotel Property

Investments 704,011 1,694

Propertylink Group 2,067,948 1,585

Cedar Woods

Properties Ltd. 271,988 1,193

Servcorp Ltd. 241,848 1,031

Villa World Ltd. 515,027 1,026

Industria REIT 491,351 993

ALE Property Group 1,228 4

528,184

Austria (0.8%)

BUWOG AG 601,619 17,342

IMMOFINANZ AG 5,197,959 13,137

CA Immobilien Anlagen

AG 395,828 11,286

S IMMO AG 295,181 5,199

Atrium European Real

Estate Ltd. 1,083 5

46,969

Belgium (0.8%)

Cofinimmo SA 105,102 13,334

Warehouses De Pauw

CVA 87,032 9,415

Aedifica SA 95,768 9,128

Befimmo SA 125,560 7,800

Retail Estates NV 34,355 2,754

Intervest Offices &

Warehouses NV 85,206 2,171

Montea SCA 4,187 211

44,813

Brazil (0.8%)

BR Malls Participacoes

SA 4,495,216 17,424

Multiplan

Empreendimentos

Imobiliarios SA 689,311 15,066

Iguatemi Empresa de

Shopping Centers SA 445,986 5,246* Aliansce Shopping

Centers SA 459,737 2,465

Financial Statements

Statement of Net AssetsAs of October 31, 2017

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).


11


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

BR Properties SA 593,974 1,896

Sonae Sierra Brasil SA 94,865 810* Helbor Empreendimentos

SA 689,900 434* Helbor Empreendimentos

SA Rights

Exp. 11/17/2017 301,742 5

43,346

Canada (2.3%)

RioCan REIT 853,529 16,189

First Capital Realty Inc. 879,428 13,947

H&R REIT 755,146 12,538^ Canadian Apartment

Properties REIT 358,869 9,477

Allied Properties REIT 243,862 7,814

Smart REIT 346,825 7,791

Canadian REIT 194,246 7,016^ Tricon Capital Group Inc. 720,733 6,056

Cominar REIT 481,677 5,167

Granite REIT 125,612 4,853

Artis REIT 404,931 4,366

Pure Industrial Real

Estate Trust 804,884 4,155^ Boardwalk REIT 124,145 3,831^ Dream Global REIT 439,887 3,802

Dream Office REIT 205,436 3,483

Choice Properties REIT 248,300 2,610^ Crombie REIT 246,514 2,557

Northview Apartment

REIT 132,578 2,392* DREAM Unlimited Corp.

Class A 405,568 2,311

NorthWest Healthcare

Properties REIT 259,567 2,288

Killam Apartment REIT 198,583 2,033

CT REIT 149,673 1,641

Morguard REIT 119,332 1,318

InterRent REIT 179,611 1,158

Dream Industrial REIT 151,929 1,063

Slate Retail REIT 93,276 954

Morguard North American

Residential REIT 78,974 952^ Slate Office REIT 133,907 842

Summit Industrial Income

REIT 133,152 773

Agellan Commercial REIT 75,829 688

Morguard Corp. 33 5

134,070

Chile (0.2%)

Parque Arauco SA 3,224,844 9,252

China (10.6%) * China Evergrande

Group 18,253,921 70,412

China Overseas Land

& Investment Ltd. 20,564,710 66,774

Country Garden

Holdings Co. Ltd. 36,643,163 58,087^ Sunac China Holdings

Ltd. 10,841,678 55,237

China Resources Land

Ltd. 14,538,446 43,390

China Vanke Co. Ltd. 7,057,883 25,124

Longfor Properties Co.

Ltd. 7,586,208 17,721^ Fullshare Holdings Ltd. 36,965,135 15,821^,* Zall Group Ltd. 16,252,574 12,999

Shimao Property

Holdings Ltd. 5,814,664 12,189

Guangzhou R&F

Properties Co. Ltd. 5,460,209 11,643

Agile Group Holdings

Ltd. 7,895,409 11,519

Sino-Ocean Group

Holding Ltd. 16,158,829 10,552

CIFI Holdings Group

Co. Ltd. 18,318,000 10,212

China Jinmao Holdings

Group Ltd. 22,553,054 10,135

Future Land Holdings

Co. Ltd. Class A 2,878,159 8,875* Kaisa Group Holdings

Ltd. 12,508,000 7,992

Shanghai Lujiazui

Finance & Trade Zone

Development Co. Ltd.

Class B 4,727,278 7,337

KWG Property Holding

Ltd. 7,380,658 7,328

Shenzhen Investment

Ltd. 16,336,201 7,288

Yuexiu Property Co.

Ltd. 33,993,094 6,5872 Red Star Macalline

Group Corp. Ltd. 5,446,600 6,515^ Logan Property

Holdings Co. Ltd. 6,819,984 6,318^ SOHO China Ltd. 10,152,545 5,882* Poly Property Group

Co. Ltd. 10,598,048 5,137

China South City

Holdings Ltd. 17,642,111 4,932

Shui On Land Ltd. 18,734,038 4,640

Yuzhou Properties Co.

Ltd. 8,529,470 4,213

China Aoyuan Property

Group Ltd. 6,922,000 4,196

12


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

^ Greentown China

Holdings Ltd. 3,358,814 4,196

K Wah International

Holdings Ltd. 7,034,338 4,041

China SCE Property

Holdings Ltd. 8,830,766 3,987^ Future Land

Development Holdings

Ltd. 7,952,000 3,828

Yuexiu REIT 5,998,516 3,784

Hopson Development

Holdings Ltd. 3,668,710 3,754

Powerlong Real Estate

Holdings Ltd. 7,647,139 3,637^,* China Logistics

Property Holdings Co.

Ltd. 10,143,000 3,447

Joy City Property Ltd. 19,438,860 3,392^,* Jiayuan International

Group Ltd. 4,436,000 3,201

Times Property

Holdings Ltd. 3,044,000 3,144

China Overseas Grand

Oceans Group Ltd. 5,077,386 2,978

Gemdale Properties

& Investment Corp.

Ltd. 24,650,000 2,528

Beijing Capital Land

Ltd. 4,655,034 2,508^,2 Redco Properties

Group Ltd. 4,816,000 2,397

Spring REIT 5,427,000 2,387^,* Carnival Group

International Holdings

Ltd. 45,798,799 2,319^,* Renhe Commercial

Holdings Co. Ltd. 88,601,484 2,080

Road King

Infrastructure Ltd. 1,243,000 2,044* C C Land Holdings Ltd. 8,915,500 1,944^,* Ronshine China

Holdings Ltd. 1,681,500 1,894

Shanghai Jinqiao

Export Processing

Zone Development

Co. Ltd. Class B 1,268,155 1,840

Greenland Hong Kong

Holdings Ltd. 3,749,000 1,797* Tian An China

Investment Co. Ltd. 2,306,000 1,723

Shanghai Industrial

Urban Development

Group Ltd. 7,218,799 1,556

^ LVGEM China Real

Estate Investment

Co. Ltd. 5,096,000 1,497

Nam Tai Property Inc. 122,427 1,481

China Electronics

Optics Valley Union

Holding Co. Ltd. 15,540,000 1,477* Glorious Property

Holdings Ltd. 13,325,036 1,452^,* Zhuguang Holdings

Group Co. Ltd. 10,652,000 1,433

Shanghai Shibei

Hi-Tech Co. Ltd.

Class B 2,273,600 1,344* Central China Real

Estate Ltd. 2,792,000 1,338

Beijing North Star Co.

Ltd. 3,258,000 1,2123 Yida China Holdings Ltd. 4,482,000 1,179

China Merchants Land

Ltd. 5,994,000 1,1302 China Vast Industrial

Urban Development

Co. Ltd. 2,017,000 1,100

Guorui Properties Ltd. 3,545,000 1,046*,3 Mingfa Group

International Co. Ltd. 4,231,908 1,025* AVIC International

Holding HK Ltd. 14,954,000 998

Xinyuan Real Estate

Co. Ltd. ADR 175,442 981

Fantasia Holdings

Group Co. Ltd. 6,352,443 905^,* Hydoo International

Holding Ltd. 7,670,000 741* Wuzhou International

Holdings Ltd. 5,222,000 623* China Minsheng Drawin

Technology Group Ltd. 16,500,000 550* Shanghai Huili Building

Materials Co. Ltd.

Class B 363,700 529

Greattown Holdings Ltd.

Class B 693,993 502* EverChina International

Holdings Co. Ltd. 18,109,331 428* China New City

Commercial

Development Ltd. 594,000 135^,* Crown International

Corp. Ltd. 462,000 77* Guangdong Land

Holdings Ltd. 284,000 59

13


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

* Beijing Properties

Holdings Ltd. 654,000 29* Shenzhen Wongtee

International Enterprise

Co. Ltd. Class B 15,159 9* China Oceanwide Holdings

Ltd. 80,000 7

612,748

Denmark (0.0%) * TK Development A/S 378,623 557

Egypt (0.2%)

Talaat Moustafa Group 4,939,943 2,691

Medinet Nasr Housing 2,672,109 1,601* Palm Hills Developments

SAE 5,784,135 1,356* Six of October

Development &

Investment 1,065,253 1,120

Heliopolis Housing 596,596 1,031* Emaar Misr for

Development SAE 2,888,419 647

8,446

Finland (0.1%)

Citycon Oyj 1,954,724 4,773

Technopolis Oyj 682,537 3,076

7,849

France (5.1%)

Unibail-Rodamco SE 532,743 133,351

Klepierre 1,117,284 44,477

Gecina SA 247,302 40,168

Fonciere Des Regions 286,236 29,147

ICADE 242,425 21,186

Nexity SA 249,159 15,314^ Mercialys SA 298,432 5,813

Altarea SCA 19,917 4,486

293,942

Germany (5.3%)

Vonovia SE 2,601,604 114,923

Deutsche Wohnen AG 1,901,926 81,404

LEG Immobilien AG 338,194 34,450

TAG Immobilien AG 787,810 13,582

Grand City Properties SA 566,659 12,198

TLG Immobilien AG 423,850 9,832

Deutsche EuroShop AG 259,790 9,495

alstria office REIT-AG 667,825 9,4942 ADO Properties SA 147,116 7,273* PATRIZIA Immobilien AG 240,507 5,095

Hamborner REIT AG 434,824 4,617

DIC Asset AG 264,810 3,114^,* ADLER Real Estate AG 146,272 2,266

VIB Vermoegen AG 154 4

307,747

Greece (0.1%)

Grivalia Properties

REIC AE 216,457 2,258* LAMDA Development

SA 194,763 1,465

3,723

Hong Kong (13.0%)

Sun Hung Kai

Properties Ltd. 8,849,441 144,772* CK Asset Holdings Ltd. 14,080,875 115,883

Link REIT 11,895,589 100,010

Wharf Holdings Ltd. 6,369,000 58,010

Henderson Land

Development Co. Ltd. 7,313,452 47,727

Hongkong Land

Holdings Ltd. 6,338,112 45,970

New World


Wheelock & Co. Ltd. 4,231,652 29,480

Sino Land Co. Ltd. 16,306,604 28,105

Hang Lung Properties

Ltd. 10,848,932 24,912

Swire Properties Ltd. 5,650,800 19,095

Hang Lung Group Ltd. 4,660,103 16,374

Kerry Properties Ltd. 3,182,832 14,324

Hysan Development

Co. Ltd. 2,754,655 13,309

Champion REIT 10,939,512 7,895

Great Eagle Holdings

Ltd. 1,318,697 7,260^ Chinese Estates

Holdings Ltd. 2,638,452 4,485

Sunlight REIT 5,621,400 3,813^,* Wang On Properties

Ltd. 20,212,000 3,370

Far East Consortium

International Ltd. 5,708,000 3,118

Prosperity REIT 6,593,649 2,815

HKR International Ltd. 3,814,082 2,434* Lai Sun Development

Co. Ltd. 1,177,812 2,130

Kowloon Development

Co. Ltd. 1,850,414 2,064^ Langham Hospitality

Investments and

Langham Hospitality

Investments Ltd. 4,085,500 1,761* Skyfame Realty

Holdings Ltd. 4,881,004 1,615

Liu Chong Hing

Investment Ltd. 932,000 1,602

Emperor International

Holdings Ltd. 4,309,832 1,525

14


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

^,* Ground International

Development Ltd. 6,620,000 1,519

CSI Properties Ltd. 25,398,348 1,303

Asia Standard

International Group 3,352,000 898

Soundwill Holdings Ltd. 381,500 826^ SEA Holdings Ltd. 782,000 814* International

Entertainment Corp. 2,554,000 669* Master Glory Group

Ltd. 37,890,000 471* Man Sang International

Ltd. 4,136,000 248

Chuang’s Consortium

International Ltd. 620,000 145

754,750

India (0.5%)

DLF Ltd. 2,206,598 6,868* Indiabulls Real Estate

Ltd. 1,369,919 4,761

Oberoi Realty Ltd. 490,052 3,592* Godrej Properties Ltd. 247,380 2,595

Prestige Estates

Projects Ltd. 538,020 2,528

Phoenix Mills Ltd. 265,666 2,161

Sobha Ltd. 208,591 1,640* Housing Development

& Infrastructure Ltd. 1,346,434 1,229* Unitech Ltd. 10,066,520 1,043

Sunteck Realty Ltd. 156,682 852

Mahindra Lifespace

Developers Ltd. 117,684 805

Brigade Enterprises Ltd. 168,751 688

Omaxe Ltd. 193,009 611

Anant Raj Ltd. 565,780 526

29,899

Indonesia (0.7%)

Bumi Serpong Damai

Tbk PT 50,374,727 6,394

Ciputra Development

Tbk PT 63,067,891 5,628

Pakuwon Jati Tbk PT 114,222,028 5,304

Lippo Karawaci Tbk PT 94,910,400 4,829

Summarecon Agung

Tbk PT 48,614,100 3,711* Hanson International

Tbk PT 345,140,500 3,004

Kawasan Industri

Jababeka Tbk PT 96,952,471 2,173

Alam Sutera Realty

Tbk PT 51,492,397 1,543

PP Properti Tbk PT 83,008,007 1,286* Sentul City Tbk PT 105,369,100 1,111

Modernland Realty

Tbk PT 43,511,200 1,059

Intiland Development

Tbk PT 29,107,051 833

Puradelta Lestari Tbk

PT 44,711,000 620* Lippo Cikarang Tbk PT 1,939,200 544

Bekasi Fajar Industrial

Estate Tbk PT 18,193,882 381

38,420

Ireland (0.3%)

Green REIT plc 3,747,670 6,593

Hibernia REIT plc 3,768,642 6,472

Irish Residential

Properties REIT plc 1,928,691 3,317

16,382

Israel (1.0%)

Azrieli Group Ltd. 195,700 11,056

Alony Hetz Properties

& Investments Ltd. 574,971 5,947* Airport City Ltd. 395,483 5,066

Melisron Ltd. 96,426 5,039

Gazit-Globe Ltd. 523,342 4,981

Amot Investments Ltd. 668,414 3,945

Reit 1 Ltd. 939,166 3,768* Brack Capital Properties

NV 23,001 2,503* Jerusalem Economy Ltd. 887,070 2,399

Big Shopping Centers Ltd. 23,851 1,745

Sella Capital Real Estate

Ltd. 825,664 1,659

Norstar Holdings Inc. 77,682 1,396* Africa Israel Properties

Ltd. 58,399 1,384* ADO Group Ltd. 64,164 1,301

Summit Real Estate

Holdings Ltd. 163,929 1,253

Alrov Properties and

Lodgings Ltd. 38,991 1,250

Blue Square Real Estate

Ltd. 24,714 1,020

Property & Building

Corp. Ltd. 10,324 991

56,703

Italy (0.1%)

Beni Stabili SpA SIIQ 5,490,586 4,858

Immobiliare Grande

Distribuzione SIIQ SPA 1,918,987 2,219

7,077

Japan (20.7%)

Mitsubishi Estate Co.

Ltd. 7,460,845 135,299

15


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Daiwa House Industry

Co. Ltd. 3,574,174 131,004

Mitsui Fudosan Co. Ltd. 5,318,457 124,138

Sumitomo Realty &


Daito Trust Construction

Co. Ltd. 411,625 71,966

Nippon Building Fund Inc. 7,582 36,607

Japan Real Estate

Investment Corp. 7,012 32,873

Nomura Real Estate

Master Fund Inc. 22,511 28,156

Hulic Co. Ltd. 2,611,916 26,945

Japan Retail Fund


United Urban Investment

Corp. 16,472 23,697

Nippon Prologis REIT Inc. 10,924 22,969

Orix JREIT Inc. 14,437 19,836

Daiwa House REIT


Tokyu Fudosan Holdings

Corp. 2,772,256 18,175

Advance Residence


Tokyo Tatemono Co. Ltd. 1,175,783 16,494

Japan Prime Realty


GLP J-Reit 15,388 15,425

Nomura Real Estate

Holdings Inc. 680,629 14,981

Japan Hotel REIT


Activia Properties Inc. 3,623 14,177

Kenedix Office


Aeon Mall Co. Ltd. 617,283 11,038

Leopalace21 Corp. 1,414,750 10,564

Frontier Real Estate


Nippon Accommodations

Fund Inc. 2,632 10,145

Mori Hills REIT


Invincible Investment Corp. 22,105 8,959

Japan Logistics Fund Inc. 4,955 8,891

Industrial & Infrastructure

Fund Investment Corp. 2,099 8,551

Japan Excellent Inc. 7,022 8,242^ Daiwa Office Investment

Corp. 1,669 8,111^ AEON REIT Investment

Corp. 7,994 8,045

Mori Trust Sogo Reit Inc. 5,196 7,412^ Hulic Reit Inc. 5,276 7,362

Premier Investment Corp. 7,090 6,258

Tokyu REIT Inc. 5,296 6,215

Comforia Residential

REIT Inc. 3,021 6,189

Japan Rental Housing

Investments Inc. 8,933 6,177

NTT Urban Development

Corp. 593,800 6,146

NIPPON REIT Investment

Corp. 2,074 5,937^ Sekisui House Residential


Fukuoka REIT Corp. 4,139 5,869

Sekisui House Reit Inc. 5,221 5,780

LaSalle Logiport REIT 6,038 5,681

Kenedix Retail REIT Corp. 2,752 5,431

Ichigo Office REIT

Investment 8,231 5,328

MCUBS MidCity


Kenedix Residential


Heiwa Real Estate REIT

Inc. 5,620 4,531^ Hoshino Resorts REIT

Inc. 934 4,498

Ichigo Inc. 1,230,200 4,375

Invesco Office J-Reit Inc. 4,443 4,061^ Hankyu Reit Inc. 3,303 3,834

Global One Real Estate


Daibiru Corp. 319,657 3,769^ TOC Co. Ltd. 407,129 3,664

Unizo Holdings Co. Ltd. 125,400 3,336

Daikyo Inc. 166,705 3,210

Heiwa Real Estate Co.

Ltd. 182,732 3,188

Mitsui Fudosan Logistics

Park Inc. 1,019 2,979^ Mirai Corp. 1,660 2,419

Mori Trust Hotel Reit Inc. 1,837 2,249

Takara Leben Co. Ltd. 450,652 2,072

Goldcrest Co. Ltd. 87,440 1,894^ One REIT Inc. 910 1,780

Star Asia Investment

Corp. 1,922 1,760

Keihanshin Building

Co. Ltd. 220,900 1,550^ Starts Proceed


Tosei Corp. 146,900 1,447^ Shinoken Group Co. Ltd. 56,100 1,378

Sun Frontier Fudousan

Co. Ltd. 106,300 1,280

16


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Sakura Sogo REIT

Investment Corp. 1,596 1,268^ Ichigo Hotel REIT

Investment Corp. 1,213 1,213^ Samty Residential


Nisshin Fudosan

Co./Japan 150,800 1,061^ SAMTY Co. Ltd. 71,900 1,024* Star Mica Co. Ltd. 63,200 900

Arealink Co. Ltd. 41,500 869

Japan Property

Management Center

Co. Ltd. 60,700 819^ Ardepro Co. Ltd. 887,200 808^ Health Care & Medical

Investment Corp. 902 770^ Tosei Reit Investment

Corp. 796 737^ Nippon Commercial

Development Co. Ltd. 46,200 682* Mugen Estate Co. Ltd. 58,100 602^ Ooedo Onsen Reit

Investment Corp. 748 600^ Tokyo Theatres Co. Inc. 35,401 455^ Japan Senior Living

Investment Corp. 360 437

1,197,418

Malaysia (0.7%)

IOI Properties Group

Bhd. 11,390,000 5,358

Sunway Bhd. 9,805,376 4,004

SP Setia Bhd Group 4,924,960 3,808

KLCCP Stapled Group 1,767,770 3,343

IGB REIT 6,870,400 2,678

Sunway REIT 6,374,634 2,589

Mah Sing Group Bhd. 5,889,325 2,145* Eco World Development

Group Bhd. 5,311,000 1,946

UOA Development Bhd. 3,021,000 1,820* UEM Sunrise Bhd. 5,758,665 1,510

Capitaland Malaysia

Mall Trust 4,106,000 1,435

Pavilion REIT 3,435,500 1,388

Eastern & Oriental Bhd. 3,585,856 1,305

Matrix Concepts

Holdings Bhd. 2,342,728 1,245

Axis REIT 2,857,200 1,040* Eco World International

Bhd. 4,177,593 1,037* MKH Bhd. 1,716,000 839* KSL Holdings Bhd. 2,211,800 658

LBS Bina Group Bhd. 1,329,900 603* Aspen Group Holdings

Ltd. 3,278,100 517

KIP REIT 2,237,500 492

Titijaya Land Bhd. 689,700 249* YNH Property Bhd. 635,000 212* Sunway Bhd. Warrants 1,260,691 191* Eco World Development

Group Bhd Warrants 2

Exp. 3/26/2022 450,320 47* Eastern & Oriental

Bhd Warrants

Exp. 7/21/2019 438,840 15* Matrix Concepts

Holdings Bhd.

Warrants 7/20/2020 167,103 14* Mah Sing Group

Warrants

Expire 1/15/2026 264,345 8* Mah Sing Group Bhd.

Warrants

Exp. 3/18/2018 156,256 4

40,500

Mexico (1.0%)

Fibra Uno

Administracion SA de

CV 16,641,244 26,188

Concentradora Fibra

Danhos SA de CV 4,250,125 7,200

PLA Administradora

Industrial S de RL de

CV 4,264,328 6,564

Macquarie Mexico Real

Estate Management

SA de CV 4,495,690 5,393

Corp Inmobiliaria Vesta

SAB de CV 2,991,630 3,714

Prologis Property

Mexico SA de CV 1,894,500 3,7082 Concentradora Fibra

Hotelera Mexicana

SA de CV 3,658,675 2,450* Grupo GICSA SA de CV 2,422,403 1,466

Asesor de Activos

Prisma SAPI de CV 1,727,463 1,080

Fibra Shop Portafolios

Inmobiliarios SAPI de

CV 1,649,918 1,016

58,779

Netherlands (0.5%)

Eurocommercial

Properties NV 263,072 10,954

Wereldhave NV 217,427 9,884

NSI NV 97,870 3,713

Vastned Retail NV 84,685 3,709

28,260

17


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

New Zealand (0.4%)

Kiwi Property Group

Ltd. 7,570,681 6,867

Goodman Property

Trust 5,463,030 4,899

Precinct Properties

New Zealand Ltd. 5,406,066 4,792

Argosy Property Ltd. 4,544,525 3,220

Vital Healthcare

Property Trust 1,780,822 2,694

Stride Property Group 2,009,240 2,240^ Investore Property Ltd. 1,061,938 975

Property for Industry

Ltd. 2,879 3

25,690

Norway (0.2%) 2 Entra ASA 662,863 9,123

Selvaag Bolig ASA 221,404 808

Olav Thon

Eiendomsselskap ASA 194 4

9,935

Other (0.1%)4

5 Vanguard REIT ETF 96,203 7,908

Philippines (1.6%)

SM Prime Holdings

Inc. 62,246,131 44,656

Ayala Land Inc. 31,737,100 26,582

Megaworld Corp. 67,907,300 7,011

Robinsons Land Corp. 8,736,850 4,275

Vista Land &

Lifescapes Inc. 26,925,378 3,176* DoubleDragon

Properties Corp. 3,185,340 2,499

Filinvest Land Inc. 47,595,000 1,828

Belle Corp. 20,105,800 1,480* Cebu Landmasters Inc. 3,552,644 338

91,845

Poland (0.1%)

Echo Polska Properties

NV 2,011,221 3,074

Globe Trade Centre SA 1,021,613 2,525* Griffin Premium RE NV 342,896 497

6,096

Qatar (0.1%)

Barwa Real Estate Co. 501,349 4,125

United Development

Co. QSC 894,163 3,268* Mazaya Qatar Real

Estate Development

QSC 249,413 558

7,951

Russia (0.1%)

LSR Group PJSC GDR 1,116,982 3,217

Etalon Group Ltd. GDR 401,749 1,625

4,842

Singapore (6.2%)

Global Logistic

Properties Ltd. 15,910,431 38,756

CapitaLand Ltd. 13,673,138 36,822

City Developments Ltd. 3,328,290 31,608

Ascendas REIT 12,863,061 25,863

CapitaLand Mall Trust 14,501,134 21,497

UOL Group Ltd. 2,878,778 19,091

CapitaLand

Commercial Trust 13,875,887 17,675

Suntec REIT 11,927,027 17,074

Mapletree Commercial

Trust 10,182,633 11,614

Mapletree Logistics

Trust 10,970,366 10,223

Mapletree Industrial

Trust 6,400,834 9,110

Fortune REIT 7,296,861 8,839

Keppel REIT 9,698,415 8,360

Mapletree Greater

China Commercial

Trust 9,472,778 8,166

Ascott Residence Trust 6,785,138 5,951

Frasers Centrepoint

Trust 3,067,041 4,882

Frasers Logistics &

Industrial Trust 5,892,200 4,820

CDL Hospitality Trusts 3,923,226 4,706

Parkway Life REIT 2,127,455 4,447

Yanlord Land Group Ltd. 3,342,004 4,392

Starhill Global REIT 7,311,068 4,131

Keppel DC REIT 3,823,213 3,856

OUE Hospitality Trust 6,325,700 3,734

Wing Tai Holdings Ltd. 2,060,810 3,628

CapitaLand Retail

China Trust 2,941,886 3,582

Manulife US REIT 3,676,900 3,328

Lippo Malls Indonesia

Retail Trust 10,309,506 3,292

Cache Logistics Trust 5,448,142 3,277

AIMS AMP Capital

Industrial REIT 3,071,876 3,258

Frasers Commercial

Trust 3,179,067 3,231

Frasers Centrepoint Ltd. 2,033,700 3,103

First REIT 3,049,454 3,098

GuocoLand Ltd. 1,506,877 2,645

Yoma Strategic

Holdings Ltd. 6,001,318 2,575

18


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Ascendas Hospitality

Trust 3,926,500 2,520

SPH REIT 3,396,400 2,492

ESR REIT 6,116,409 2,491

Wheelock Properties

Singapore Ltd. 1,571,069 2,306

Far East Hospitality

Trust 4,248,092 2,182^ Sinarmas Land Ltd. 5,776,600 1,800^ GSH Corp. Ltd. 4,454,200 1,780

Soilbuild Business

Space REIT 3,341,860 1,619

Sabana Shari’ah

Compliant Industrial

REIT 4,497,972 1,518

United Industrial Corp.

Ltd. 480,300 1,160^,* Ying Li International

Real Estate Ltd. 5,403,400 567

Ascendas India Trust 3,900 3

361,072

South Africa (2.6%)

NEPI Rockcastle plc 3,090,528 43,023

Growthpoint Properties

Ltd. 14,562,583 25,260

Redefine Properties

Ltd. 28,493,517 21,399

Resilient REIT Ltd. 2,086,369 20,787

Hyprop Investments

Ltd. 1,334,055 10,026

Vukile Property Fund

Ltd. 4,079,616 5,691* Attacq Ltd. 4,030,445 5,323

SA Corporate Real

Estate Ltd. 13,604,578 4,607

Arrowhead Properties

Ltd. 5,595,191 3,150

Emira Property Fund

Ltd. 2,839,546 2,637

Rebosis Property Fund

Ltd. 3,459,688 2,619

Delta Property Fund

Ltd. 2,819,992 1,475

Octodec Investments

Ltd. 877,283 1,248

Balwin Properties Ltd. 955,253 416

147,661

South Korea (0.0%) ^ Dongwon Development

Co. Ltd. 186,949 946^ SK D&D Co. Ltd. 31,967 860

1,806

Spain (1.1%)

Merlin Properties

Socimi SA 1,789,487 23,629

Inmobiliaria Colonial SA 1,729,307 16,464

Hispania Activos

Inmobiliarios SOCIMI

SA 585,875 10,110

Axiare Patrimonio

SOCIMI SA 361,217 6,774

Lar Espana Real Estate

Socimi SA 494,373 4,847^,* Realia Business SA 1,008,015 1,290^,* Quabit Inmobiliaria SA 284,320 546

63,660

Sweden (2.0%)

Castellum AB 1,473,501 23,644

Fabege AB 753,748 15,915* Fastighets AB Balder

Class B 525,210 13,672^ Wallenstam AB 1,139,556 10,643

Hufvudstaden AB

Class A 636,805 10,479

Hemfosa Fastigheter AB 851,516 10,345

Wihlborgs Fastigheter

AB 373,684 8,872

Kungsleden AB 1,021,023 7,286^ Klovern AB 2,901,856 3,907

Dios Fastigheter AB 470,423 3,091* D Carnegie & Co. AB

Class B 201,275 2,784

Victoria Park AB Class B 562,027 2,074^ Magnolia Bostad AB 82,533 700

Sagax AB Class B 426 5

Atrium Ljungberg AB 302 5

113,422

Switzerland (1.3%)

Swiss Prime Site AG 384,853 32,862

PSP Swiss Property AG 217,757 19,167

Allreal Holding AG 77,604 12,971

Mobimo Holding AG 33,522 8,471

Intershop Holding AG 8,059 3,958

Zug Estates Holding AG

Class B 2 3

77,432

Taiwan (0.6%)

Highwealth Construction

Corp. 4,629,544 6,194* Ruentex Development

Co. Ltd. 5,600,874 5,752

Huaku Development

Co. Ltd. 1,197,854 2,689

Shin Kong No.1 REIT 5,241,000 2,494

19


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Chong Hong

Construction Co. Ltd. 994,297 2,431

Prince Housing &

Development Corp. 6,107,478 2,249

Hung Sheng

Construction Ltd. 1,994,000 1,576* Radium Life Tech Co.

Ltd. 3,152,947 1,412

Farglory Land


Cathay Real Estate


Kindom Construction

Corp. 1,794,000 1,146* Taiwan Land

Development Corp. 3,069,450 1,028

Hong Pu Real Estate

Development Co. Ltd. 1,038,194 697

Huang Hsiang

Construction Corp. 670,000 694

KEE TAI Properties Co.

Ltd. 1,967,869 685* Kuoyang Construction

Co. Ltd. 1,689,665 684

Advancetek Enterprise

Co. Ltd. 1,103,000 665* Shining Building

Business Co. Ltd. 1,725,119 598* ZongTai Real Estate

Development Co. Ltd. 931,574 572

34,270

Thailand (1.3%) * Central Pattana PCL 7,338,700 17,576* Land & Houses PCL

(Local) 18,744,300 6,150

CPN Retail Growth

Leasehold Property

Fund 9,014,210 5,920

Tesco Lotus Retail

Growth Freehold &

Leasehold Property

Fund 9,609,154 5,004* WHA Corp. PCL (Local) 33,741,830 3,900* Bangkok Land PCL

(Local) 49,118,300 2,736* Supalai PCL 3,421,205 2,532* Origin Property PCL 3,592,899 2,230

Samui Airport Property

Fund Leasehold 3,059,875 2,212

Pruksa Real Estate PCL 3,024,500 2,069* Quality Houses PCL 22,170,700 1,963* Amata Corp. PCL 2,694,500 1,744* IMPACT Growth REIT 3,757,800 1,596

Platinum Group PCL 5,627,700 1,524

* Golden Ventures

Leasehold REIT 2,744,000 1,215* U City PCL 1,316,963,400 1,189* Ananda

Development PCL 6,594,800 1,181

TICON Property Fund 3,216,000 1,114^ TICON Industrial

Connection PCL

NVDR 2,113,680 1,063* Sansiri PCL (Local) 15,027,600 1,058

Sansiri PCL 14,694,200 1,035* LPN Development PCL 2,447,500 965* Siam Future

Development PCL 3,772,367 824* Singha Estate PCL

(Local) 6,925,636 809* AP Thailand PCL 3,005,350 805* Gland Office Leasehold

REIT 2,054,003 711* Pruksa Holding PCL 898,800 683* Hemaraj Leasehold

REIT 2,507,700 630^ Univentures PCL

(Foreign) 1,577,100 589

WHA Corp. PCL

(Foreign) 4,759,678 550* Supalai PCL Warrants

Exp. 10/20/2018 804,901 499^ Rojana Industrial Park

PCL NVDR 2,602,482 474* TICON Industrial

Connection PCL (Local) 861,000 433* Property Perfect PCL

(Local) 14,915,800 417

Asian Property

Development PCL

(Foreign) 1,513,270 406* Univentures PCL (Local) 1,067,500 399* SC Asset Corp. PCL

(Local) 3,071,925 314

Sansiri PCL (Foreign) 4,060,798 286

SC Asset Corp. PCL

(Foreign) 2,526,712 259

Bangkok Land PCL

(Foreign) 4,269,495 238

CP Tower Growth

Leasehold Property

Fund 410,600 158^ Land & Houses PCL

(Foreign) 481,300 158* Rojana Industrial Park

PCL 495,412 90

Rojana Industrial Park

PCL (Foreign) 481,328 88

20


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

SC Asset Corp. PCL

NVDR 831,300 85* WHA Corp. PCL

Warrants

Expire 12/31/19 108,341 32^,* Singha Estate PCL

(Foreign) 253,164 30

TICON Industrial

Connection PCL

(Foreign) 50,093 25* Raimon Land PCL

Warrants

Expire 6/14/18 1,271,475 3* Sansiri PLC Foreign

Warrants

Expire 11/24/17 3,159,666 1* Sansiri PLC NVDR

Warrants

Expire 11/24/17 2,936,700 1

75,973

Turkey (0.2%) * Emlak Konut

Gayrimenkul Yatirim

Ortakligi AS 10,549,642 7,363

Is Gayrimenkul Yatirim

Ortakligi AS 2,518,451 882

AKIS Gayrimenkul

Yatirimi AS 875,671 732

Torunlar Gayrimenkul

Yatirim Ortakligi AS 336,025 586

9,563

United Arab Emirates (1.2%)

Emaar Properties PJSC 18,080,287 40,801

Aldar Properties PJSC 16,208,390 10,515

DAMAC Properties

Dubai Co. PJSC 8,730,226 9,367

Emaar Malls PJSC 10,060,606 6,315* Eshraq Properties Co.

PJSC 5,355,078 1,150* Deyaar Development

PJSC 6,299,477 913

RAK Properties PJSC 4,606,518 890

69,951

United Kingdom (6.5%)

Land Securities Group

plc 4,030,936 51,773

British Land Co. plc 5,564,970 44,432

Segro plc 5,353,872 38,651

Hammerson plc 4,270,770 29,730

Derwent London plc 596,726 21,209

Shaftesbury plc 1,192,768 15,694

Great Portland Estates

plc 1,764,064 14,573

Tritax Big Box REIT plc 7,319,821 14,321

Capital & Counties

Properties plc 4,033,937 14,265

Intu Properties plc 4,689,270 13,462

UNITE Group plc 1,291,294 12,063

LondonMetric Property

plc 3,744,216 8,767

Grainger plc 2,245,033 8,303

Big Yellow Group plc 801,123 8,278

F&C Commercial

Property Trust Ltd. 4,286,603 8,119

Assura plc 9,767,524 7,841

Workspace Group plc 640,430 7,530

NewRiver REIT plc 1,613,164 7,178

Safestore Holdings plc 1,107,149 6,541

St. Modwen Properties

plc 1,027,281 5,192

Primary Health

Properties plc 3,203,488 5,041

UK Commercial

Property Trust Ltd. 3,530,565 4,103^ Hansteen Holdings plc 2,223,913 4,044

Empiric Student

Property plc 3,104,637 4,012

MAS Real Estate Inc. 1,811,815 3,960

Redefine International

plc 6,723,647 3,316

Picton Property Income

Ltd. 2,859,142 3,266

Helical plc 583,198 2,384

Schroder REIT Ltd. 2,811,600 2,2292 Regional REIT Ltd. 1,467,146 2,036

Capital & Regional plc 2,543,932 1,843

Civitas Social Housing

plc 1,046,563 1,530* LXI REIT plc 1,051,190 1,457*,2 AEW UK Long Lease

Reit plc 433,711 594

McKay Securities plc 1,906 6* Raven Russia Ltd. 8,389 5

Daejan Holdings plc 46 4

CLS Holdings plc 875 3

Mucklow A & J Group

plc 329 2

Impact Healthcare Reit

plc 1,597 2

Urban & Civic plc 574 2

U & I Group plc 691 2*,3 Civitas Social Housing

plc Rights

Exp. 11/07/2017 1,543,684 —

377,763

Total Common Stocks

(Cost $5,458,438) 5,756,674

21


Market

Value•

Shares ($000)

Amount

($000)

Temporary Cash Investments (2.6%)1

Money Market Fund (2.5%)6,7 Vanguard Market

Liquidity Fund, 1.246% 1,470,521 147,067

Face

Amount

($000)

U.S. Government and Agency Obligations (0.1%) 8 United States Cash

Management Bill,

1.029%–1.048%, 1/2/18 4,000 3,993

United States Treasury Bill,

1.052%, 11/24/17 200 2008 United States Treasury Bill,

1.169%, 3/22/18 700 696

4,889

Total Temporary Cash Investments

(Cost $151,952) 151,956

Total Investments (102.1%)

(Cost $5,610,390) 5,908,630

Other Assets and Liabilities (-2.1%)

Other Assets

Investment in Vanguard 346

Receivables for Investment Securities Sold 4,309

Receivables for Accrued Income 16,574

Receivables for Capital Shares Issued 2,449

Variation Margin Receivable—

Futures Contracts 36

Other Assets 2,609

Total Other Assets 26,323

Liabilities

Payables for Investment Securities

Purchased (3,154)

Collateral for Securities on Loan (142,152)

Payables for Capital Shares Redeemed (92)

Payables to Vanguard (1,428)

Other Liabilities (2,369)

Total Liabilities (149,195)

Net Assets (100%) 5,785,758

22


At October 31, 2017, net assets consisted of:

Amount

($000)

Amount

($000)

Paid-in Capital 5,540,484

Undistributed Net Investment Income 45,146

Accumulated Net Realized Losses (98,538)

Unrealized Appreciation (Depreciation)

Investment Securities 298,240


Foreign Currencies (79)

Net Assets 5,785,758

Investor Shares—Net Assets

Applicable to 2,334,098 outstanding

$.001 par value shares of beneficial

interest (unlimited authorization) 55,536

Net Asset Value Per Share—

Investor Shares $23.79

ETF Shares—Net Assets



interest (unlimited authorization) 5,121,577


ETF Shares $59.49

Admiral Shares—Net Assets





Admiral Shares $36.05

Institutional Shares—Net Assets





Institutional Shares $120.11

• 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 $133,185,000.

* 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 99.9% and 2.2%, 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 October 31, 2017, the aggregate value of these securities was $31,488,000, representing 0.5% 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 $142,152,000 of collateral received for securities on loan.

8 Securities with a value of $946,000 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.

23


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

E-mini S&P 500 Index December 2017 165 21,225 505

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized

gain (loss) for tax purposes.

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

24

Year Ended

October 31, 2017

($000)

Investment Income

Income

Dividends1,2 163,178

Interest2 102

Securities Lending—Net 4,578

Total Income 167,858

Expenses

The Vanguard Group—Note B

Investment Advisory Services 1,057

Management and Administrative—Investor Shares 156

Management and Administrative—ETF Shares 2,741

Management and Administrative—Admiral Shares 319

Management and Administrative—Institutional Shares 114

Marketing and Distribution—Investor Shares 9

Marketing and Distribution—ETF Shares 215

Marketing and Distribution—Admiral Shares 35

Marketing and Distribution—Institutional Shares 7

Custodian Fees 1,200

Auditing Fees 42

Shareholders’ Reports and Proxy—Investor Shares 9

Shareholders’ Reports and Proxy—ETF Shares 716

Shareholders’ Reports and Proxy—Admiral Shares 15

Shareholders’ Reports and Proxy—Institutional Shares —

Trustees’ Fees and Expenses 3

Total Expenses 6,638

Net Investment Income 161,220

Realized Net Gain (Loss)

Investment Securities Sold2 46,163

Futures Contracts 4,009

Foreign Currencies (471)

Realized Net Gain (Loss) 49,701

Change in Unrealized Appreciation (Depreciation)

Investment Securities2 488,321


Foreign Currencies 356

Change in Unrealized Appreciation (Depreciation) 489,291

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

1 Dividends are net of foreign withholding taxes of $12,536,000.

2 Dividend income, interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated companies of the fund were $317,000, $87,000, ($214,000), and ($111,000), respectively.


Statement of Operations


25

Statement of Changes in Net Assets



Year Ended October 31,

2017 2016

($000) ($000)

Increase (Decrease) in Net Assets

Operations

Net Investment Income 161,220 129,127

Realized Net Gain (Loss) 49,701 (31,723)

Change in Unrealized Appreciation (Depreciation) 489,291 3,273

Net Increase (Decrease) in Net Assets Resulting from Operations 700,212 100,677

Distributions

Net Investment Income

Investor Shares (2,179) (1,787)

ETF Shares (142,965) (110,683)

Admiral Shares (14,861) (11,538)

Institutional Shares (6,531) (5,506)

Realized Capital Gain

Investor Shares — —

ETF Shares — —

Admiral Shares — —

Institutional Shares — —

Total Distributions (166,536) (129,514)

Capital Share Transactions

Investor Shares (10,258) 1,259

ETF Shares 1,045,850 531,472

Admiral Shares 33,006 25,946

Institutional Shares (29,219) (2,165)

Net Increase (Decrease) from Capital Share Transactions 1,039,379 556,512

Total Increase (Decrease) 1,573,055 527,675

Net Assets

Beginning of Period 4,212,703 3,685,028

End of Period1 5,785,758 4,212,703

1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $45,146,000 and $20,409,000.

26

Investor Shares

For a Share Outstanding Year Ended October 31,

Throughout Each Period 2017 2016 2015 2014 2013

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

Investment Operations

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

Net Realized and Unrealized Gain (Loss)

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

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

Distributions

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

Distributions from Realized Capital Gains — — — — —

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

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

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

Ratios/Supplemental Data

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

Ratio of Total Expenses to Average Net Assets 0.34% 0.35% 0.36% 0.37% 0.40%

Ratio of Net Investment Income to

Average Net Assets 3.24% 3.10% 2.97% 4.10% 2.95%

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

1 Calculated based on average shares outstanding.

2 Includes increases from purchase and redemption fees of $.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



27

ETF Shares





Net Investment Income 1.9001 1.7521 1.802 2.437 1.7131


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

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

Distributions

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


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


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


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











28

Admiral Shares







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

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

Distributions





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







Signal Shares were renamed Admiral Shares in October 2013.



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.





29

Institutional Shares







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

Total from Investment Operations 16.630 3.076 (1.884) 2.681 15.337

Distributions





Total Return3 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.





30

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 Contracts: The fund uses index futures contracts to a limited extent, with the objectives

of maintaining full exposure to the stock market, enhancing returns, 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

fund may seek to enhance returns by using futures contracts instead of the underlying securities

when futures are believed to be priced more attractively than the underlying securities. 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

31


an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearing-

house is the counterparty instead of the clearing broker. To further mitigate counterparty risk,

the fund trades futures contracts on an exchange, monitors the financial strength of its clearing

brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers.

The clearinghouse imposes initial margin requirements to secure the fund’s performance and

requires daily settlement of variation margin representing changes in the market value of

each contract.

Futures contracts are valued at their quoted daily settlement prices. 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 futures gains (losses).

During the year ended October 31, 2017, 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.

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 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.

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 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 counter-

parties. 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

32


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 October 31, 2017, 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.

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.

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

Vanguard. At October 31, 2017, the fund had contributed to Vanguard capital in the amount of

$346,000, representing 0.01% of the fund’s net assets and 0.14% 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.

33


The following table summarizes the market value of the fund’s investments as of October 31, 2017,

based on the inputs used to value them:

Level 1 Level 2 Level 3

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

Common Stocks 255,817 5,498,653 2,204

Temporary Cash Investments 147,067 4,889 —

Futures Contracts—Assets1 36 — —

Total 402,920 5,503,542 2,204

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

D. 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.

During the year ended October 31, 2017, the fund realized net foreign currency losses of $471,000,

which decreased distributable net income for tax purposes; accordingly, such losses have been

reclassified from accumulated net realized losses to undistributed net investment income. 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 income for tax purposes. During the year ended October 31, 2017, the fund realized gains on

the sale of passive foreign investment companies of $30,527,000, which have been included in

current and prior periods’ taxable income; accordingly, such gains have been reclassified from

accumulated net realized losses to undistributed net investment income. Passive foreign

investment companies held at October 31, 2017, had unrealized appreciation of $80,637,000.

During the year ended October 31, 2017, the fund realized $30,225,000 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.

For tax purposes, at October 31, 2017, the fund had $126,851,000 of ordinary income available

for distribution. 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.

At October 31, 2017, the cost of investment securities for tax purposes was $5,691,027,000. Net

unrealized appreciation of investment securities for tax purposes was $217,603,000, consisting

of unrealized gains of $608,045,000 on securities that had risen in value since their purchase and

$390,442,000 in unrealized losses on securities that had fallen in value since their purchase.

34


E. During the year ended October 31, 2017, the fund purchased $1,861,900,000 of investment

securities and sold $821,736,000 of investment securities, other than temporary cash investments.

Purchases and sales include $1,397,658,000 and $524,230,000, respectively, in connection with

in-kind purchases and redemptions of the fund’s capital shares.

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

Year Ended October 31,

2017 2016

Amount Shares Amount Shares

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

Investor Shares

Issued1 9,645 443 9,439 444

Issued in Lieu of Cash Distributions 1,894 94 1,605 76

Redeemed2 (21,797) (968) (9,785) (462)

Net Increase (Decrease)—Investor Shares (10,258) (431) 1,259 58

ETF Shares

Issued1 1,594,745 29,212 623,142 11,610

Issued in Lieu of Cash Distributions — — — —

Redeemed2 (548,895) (10,900) (91,670) (1,900)

Net Increase (Decrease)—ETF Shares 1,045,850 18,312 531,472 9,710

Admiral Shares

Issued1 96,042 2,884 69,738 2,160


Redeemed2 (75,833) (2,272) (53,677) (1,680)

Net Increase (Decrease)—Admiral Shares 33,006 1,029 25,946 790

Institutional Shares

Issued1 35,925 321 8,742 83


Redeemed2 (69,386) (595) (14,517) (132)

Net Increase (Decrease)—Institutional Shares (29,219) (233) (2,165) (15)

1 Includes purchase fees for fiscal 2017 and 2016 of $495,000 and $266,000, respectively (fund totals).

2 Net of redemption fees for fiscal 2017 and 2016 of $251,000 and $170,000, respectively (fund totals).

At October 31, 2017, one shareholder was the record or beneficial owner of 27% 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.

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

October 31, 2017, that would require recognition or disclosure in these financial statements.

35

To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of

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

In our opinion, the accompanying statement of net assets and the related statements of operations

and of changes in net assets and the financial highlights present fairly, in all material respects, the

financial position of Vanguard Global ex-U.S. Real Estate Index Fund (constituting a separate portfolio

of Vanguard International Equity Index Funds, hereafter referred to as the “Fund”) as of October 31,

2017, the results of its operations for the year then ended, the changes in its net assets for each of

the two years in the period then ended and the financial highlights for each of the five years in the

period then ended, in conformity with accounting principles generally accepted in the United States

of America. These financial statements and financial highlights (hereafter referred to as “financial

statements”) are the responsibility of the Fund’s management. Our responsibility is to express

an opinion on these financial statements based on our audits. We conducted our audits of these

financial statements in accordance with the standards of the Public Company Accounting Oversight

Board (United States). Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement.

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in

the financial statements, assessing the accounting principles used and significant estimates made

by management, and evaluating the overall financial statement presentation. We believe that our

audits, which included confirmation of securities as of October 31, 2017 by correspondence with

the custodian and brokers and by agreement to the underlying ownership records of the transfer

agent, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 13, 2017

Report of Independent Registered Public Accounting Firm

Special 2017 tax information (unaudited) for Vanguard Global ex-U.S. Real Estate Index Fund

This information for the fiscal year ended October 31, 2017, is included pursuant to provisions

of the Internal Revenue Code.

The fund distributed $27,206,000 of qualified dividend income to shareholders during the

fiscal year.

The fund designates to shareholders foreign source income of $158,714,000 and foreign taxes paid

of $12,319,000. Shareholders will receive more detailed information with their Form 1099-DIV in

January 2017 to determine the calendar-year amounts to be included on their 2016 tax returns.

36

Your Fund’s After-Tax Returns

37

This table presents returns for your fund both before and after taxes. The after-tax returns are

shown in two ways: (1) assuming that an investor owned the fund during the entire period and

paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s

distributions and sold all shares at the end of each period.

Calculations are based on the highest individual federal income tax and capital gains tax rates in

effect at the times of the distributions and the hypothetical sales. State and local taxes were not

considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures

and estimates for 2017. (In the example, returns after the sale of fund shares may be higher than

those assuming no sale. This occurs when the sale would have produced a capital loss. The

calculation assumes that the investor received a tax deduction for the loss.)

The table shows returns for Investor Shares only; returns for other share classes will differ. Please

note that your actual after-tax returns will depend on your tax situation and may differ from those

shown. Also note that if you own the fund in a tax-deferred account, such as an individual

retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not

subject to current taxes.

Finally, keep in mind that a fund’s performance—whether before or after taxes—does not

guarantee future results.

Average Annual Total Returns: Global ex-U.S. Real Estate Index Fund Investor Shares Periods Ended October 31, 2017

One

Year

Five

Years

Since

Inception

(11/1/2010)

Returns Before Taxes 15.32% 6.44% 6.14%

Returns After Taxes on Distributions 13.63 4.98 4.86

Returns After Taxes on Distributions and Sale of Fund Shares 8.73 4.41 4.29

Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions.

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 October 31, 2017


Beginning

Account Value

4/30/2017

Ending

Account Value

10/31/2017

Expenses

Paid During

Period

Based on Actual Fund Return

Investor Shares $1,000.00 $1,122.63 $1.77

ETF Shares 1,000.00 1,123.48 0.70

Admiral Shares 1,000.00 1,123.74 0.59

Institutional Shares 1,000.00 1,123.67 0.70

Based on Hypothetical 5% Yearly Return

Investor Shares $1,000.00 $1,023.54 $1.68

ETF Shares 1,000.00 1,024.55 0.66

Admiral Shares 1,000.00 1,024.65 0.56

Institutional Shares 1,000.00 1,024.55 0.66

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 0.33% for Investor Shares, 0.13% for ETF Shares, 0.13% for Admiral Shares, and 0.11% 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 (184/365).

Glossary

40

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.

41

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

200 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 Trustee1

F. William McNabb III

Born 1957. Trustee Since July 2009. Chairman

of the Board. Principal Occupation(s) During the

Past Five Years and Other Experience: Chairman

of the Board of The Vanguard Group, Inc., and

of each of the investment companies served by

The Vanguard Group, since January 2010; Chief

Executive Officer and Director of The Vanguard

Group and President and Chief Executive Officer


The Vanguard Group, since 2008; Director of

Vanguard Marketing Corporation; President of

The Vanguard Group (2008–2017); Managing

Director of The Vanguard Group (1995–2008).

Independent Trustees

Emerson U. Fullwood

Born 1948. Trustee Since January 2008. Principal

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 manage ment products and services);

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 United Way of Rochester, the

University of Rochester Medical Center, Monroe

Community College Foundation, North Carolina

A&T University, and Roberts Wesleyan College;

Trustee of the University of Rochester.

Rajiv L. Gupta

Born 1945. Trustee Since December 2001.2

Principal Occupation(s) During the Past Five

Years and Other Experience: Chairman and

Chief Executive Officer (retired 2009) and

President (2006–2008) of Rohm and Haas Co.

(chemicals); Director of Arconic Inc. (diversified

manufacturer), HP Inc. (printer and personal

computer manufacturing), and Delphi Automotive

plc (automotive components); Senior Advisor at

New Mountain Capital.

Amy Gutmann

Born 1949. Trustee Since June 2006. Principal

Occupation(s) During the Past Five Years and

Other Experience: President of the University

of Pennsylvania; Christopher H. Browne

1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.

Distinguished Professor of Political Science,

School of Arts and Sciences, and Professor

of Communication, Annenberg School for

Communication, with secondary faculty appoint-

ments 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.

JoAnn Heffernan Heisen

Born 1950. Trustee Since July 1998. Principal


Other Experience: Corporate Vice President

and Member of the 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 (pharmaceuticals/medical devices/

consumer products); 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 1949. Trustee Since October 2009.


Years and Other Experience: President and Chief

Operating Officer (retired 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 1953. Trustee Since March 2012. Principal


Other Experience: Senior Vice President and

Chief Financial Officer (retired 2013) at IBM

(information technology services); Fiduciary

Member of IBM’s Retirement Plan Committee

(2004–2013); Member of the Council on

Chicago Booth.

Scott C. Malpass

Born 1962. Trustee Since March 2012. Principal


Other Experience: Chief Investment Officer and

Vice President at the University of Notre Dame;

Assistant Professor of Finance at the Mendoza

College of Business at Notre Dame; Member of

the Notre Dame 403(b) Investment Committee,

the Board of Advisors for Spruceview Capital

Partners, the Board of Catholic Investment

Services, Inc. (investment advisor), and the

Board of Superintendence of the Institute for

the Works of Religion; Chairman of the Board of

TIFF Advisory Services, Inc. (investment advisor).

André F. Perold

Born 1952. Trustee Since December 2004.

Principal Occupation(s) During the Past Five Years

and Other 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.

Peter F. Volanakis

Born 1955. Trustee Since July 2009. Principal


Other Experience: President and Chief Operating

Officer (retired 2010) of Corning Incorporated

(communications equipment); 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 1967. Investment Stewardship Officer Since

February 2017. Principal Occupation(s) During the

Past Five Years and Other Experience: Principal of

The Vanguard Group, Inc.; Treasurer (2015–2017),

Controller (2010–2015), and Assistant Controller

(2001–2010) of each of the investment companies

served by The Vanguard Group.

Thomas J. Higgins

Born 1957. Chief Financial Officer Since

September 2008. Principal Occupation(s) During

the Past Five Years and Other Experience: Principal

of The Vanguard Group, Inc.; Chief Financial Officer


The Vanguard Group; Treasurer of each of the

investment companies served by The Vanguard

Group (1998–2008).

Peter Mahoney

Born 1974. Controller Since May 2015. Principal


Other Experience: Principal of The Vanguard

Group, Inc.; Controller of each of the investment

companies served by The Vanguard Group; Head

of International Fund Services at The Vanguard

Group (2008–2014).

Anne E. Robinson

Born 1970. Secretary Since September 2016.

Principal Occupation(s) During the Past Five Years

and Other Experience: Managing Director of The

Vanguard Group, Inc.; General Counsel of The

Vanguard Group; Secretary of The Vanguard Group

and of each of the investment companies served

by The Vanguard Group; Director and Senior Vice

President of Vanguard Marketing Corporation;

Managing Director and General Counsel of Global

Cards and Consumer Services at Citigroup

(2014–2016); Counsel at American Express

(2003–2014).

Michael Rollings

Born 1963. Treasurer Since February 2017.


Years and Other Experience: Managing Director

of The Vanguard Group, Inc.; Treasurer of each

of the investment companies served by The

Vanguard Group; Director of Vanguard Marketing

Corporation; Executive Vice President and Chief

Financial Officer of MassMutual Financial Group

(2006–2016).

Vanguard Senior Management Team

Mortimer J. Buckley Chris D. McIsaac

Gregory Davis James M. Norris

John James Thomas M. Rampulla

Martha G. King Karin A. Risi

John T. Marcante

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.

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.

© 2017 The Vanguard Group, Inc.All rights reserved.Vanguard Marketing Corporation, Distributor.

Q7380 122017

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