Annual Report | October 31, 2020

Vanguard Global ex-U.S. Index Fund

See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.

Contents

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

About Your Fund’s Expenses...... 2

Performance Summary...... 4

Financial Statements...... 7

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. Your Fund’s Performance at a Glance

• Vanguard Global ex-U.S. Real Estate Index Fund returned –17.71% for ETF Shares, –18.11% for Admiral Shares, and –18.10% for Institutional Shares for the 12 months ended October 31, 2020. Those returns were higher than the return of the fund’s benchmark (–18.34%), in part because of differences in the prices of securities used by the fund to calculate its net asset value and the quoted or published prices for the same securities.1 • The period was marked by the global spread of COVID-19 and efforts to contain it. However, responses from policymakers, the start of trials for vaccines and treatments, and the easing of some pandemic-related restrictions eventually lifted investor sentiment. • Real estate investment trusts (REITs) and real estate management and development companies outside the United States significantly underperformed the broad ex-U.S. stock market. Shopping centers were hurt by lockdowns that affected all brick-and- mortar stores as consumers turned to online purchases. • Commercial real estate took a hit as well, with many companies reassessing their office space needs after their employees began working from home. • By region, the Pacific saw the sharpest decline owing to the underperformance of its two largest constituents—Japan and Hong Kong. Europe held up better in part because of positive performances from Germany and Sweden.

Market Barometer Average Annual Total Returns Periods Ended October 31, 2020 One Year Three Years Five Years Stocks Russell 1000 Index (Large-caps) 10.87% 10.63% 11.79% Russell 2000 Index (Small-caps) -0.14 2.19 7.27 Russell 3000 Index (Broad U.S. market) 10.15 10.04 11.48 FTSE All-World ex US Index (International) -2.17 0.13 4.52

Bonds Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) 6.19% 5.06% 4.08% Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) 3.59 4.09 3.70 FTSE Three-Month U.S. Treasury Bill Index 0.86 1.62 1.15

CPI Consumer Price Index 1.18% 1.82% 1.83%

Fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions of fund shares. The fee does not apply to the ETF Shares. 1 See Note 1 in the Notes to Financial Statements. 1 About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

2 Six Months Ended October 31, 2020 Beginning Ending Expenses Account Value Account Value Paid During Global ex-U.S. Real Estate Index Fund 4/30/2020 10/31/2020 Period Based on Actual Fund Return ETF Shares $1,000.00 $1,041.17 $0.62 Admiral™ Shares 1,000.00 1,041.27 0.62 Institutional Shares 1,000.00 1,041.22 0.56 Based on Hypothetical 5% Yearly Return ETF Shares $1,000.00 $1,024.53 $0.61 Admiral Shares 1,000.00 1,024.53 0.61 Institutional Shares 1,000.00 1,024.58 0.56 The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.12% for ETF Shares, 0.12% for Admiral Shares, and 0.11% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/366).

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

Performance Summary

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 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. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: November 1, 2010, Through October 31, 2020 Initial Investment of $10,000

$20,000

14,161

6,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Average Annual Total Returns Periods Ended October 31, 2020

Since Final Value One Five Inception of a $10,000 Year Years (11/1/2010) Investment Global ex-U.S. Real Estate Index Fund ETF Shares Net Asset Value -17.71% 1.92% 3.54% $14,161 Global ex-U.S. Real Estate Index Fund ETF Shares Market Price -17.93 1.89 3.47 14,071

• • • • • • • • S&P Global ex-U.S. Property Index -18.34 1.42 3.18 13,672

______MSCI All Country World Index ex USA -2.19 4.76 3.72 14,404 "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).

Since Final Value One Five Inception of a $10,000 Year Years (2/10/2011) Investment Global ex-U.S. Real Estate Index Fund Admiral Shares -18.11% 1.82% 3.65% $14,170 S&P Global ex-U.S. Property Index -18.34 1.42 3.34 13,765 "Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standard(s).

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

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

Average Annual Total Returns Periods Ended October 31, 2020 Since Final Value One Five Inception of a $5,000,000 Year Years (4/19/2011) Investment Global ex-U.S. Real Estate Index Fund Institutional Shares -18.10% 1.83% 3.48% $6,930,834

S&P Global ex-U.S. Property Index -18.34 1.42 3.18 6,741,368 "Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standard(s).

Cumulative Returns of ETF Shares: November 1, 2010, Through October 31, 2020

Since One Five Inception Year Years (11/1/2010) Global ex-U.S. Real Estate Index Fund ETF Shares Market Price -17.93% 9.82% 40.71% Global ex-U.S. Real Estate Index Fund ETF Shares Net Asset Value -17.71 9.96 41.61 S&P Global ex-U.S. Property Index -18.34 7.32 36.72 "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s). 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 fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares.

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

Fund Allocation As of October 31, 2020

Diversified Real Estate Activites 17.4% Diversified REITs 10.9 Health Care REITs 1.3 Hotel & Resort REITs 0.9 Industrial REITs 10.4 Office REITs 7.2 17.7 Real Estate Operating Companies 20.7 Residential REITs 2.9 Retail REITs 9.4 Specialized REITs 1.2 The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard ("GICS"), except for the "Other" category (if applicable), which includes securities that have not been provided a GICS classification as of the effective report- ing period. The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at- tempting to remain fully invested and tracking its target index as closely as possible.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. 6 Global ex-U.S. Real Estate Index Fund

Financial Statements

Schedule of Investments As of October 31, 2020

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

Market Market Value• Value• Shares ($000) Shares ($000) Common Stocks (99.2%) GDI Property Group 2,646,728 1,979 Australia (8.8%) Hotel Property Goodman Group 8,325,214 107,755 Investments 815,620 1,772 ^ Scentre Group 25,937,506 38,277 Home Consortium Ltd. 662,420 1,725 Dexus 5,460,695 33,038 Cedar Woods Properties Stockland 11,929,916 32,260 Ltd. 306,025 1,234 ^ Mirvac Group 19,693,415 29,205 APN Industria REIT 650,202 1,202 * Lendlease Corp. Ltd. 3,426,627 28,825 Centuria Capital Group 140,106 229 GPT Group 9,742,148 27,592 428,372 Charter Hall Group 2,336,520 20,259 Austria (0.4%) Vicinity Centres 19,314,163 16,413 CA Immobilien Anlagen Shopping Centres AG 361,791 9,938 Australasia Property * Immofinanz AG 487,254 6,534 Group 5,423,514 8,849 S Immo AG 215,925 3,191 Charter Hall Long Wale 19,663 REIT 2,225,274 7,461 Belgium (1.9%) BWP Trust 2,497,880 7,042 Warehouses De Pauw Waypoint REIT 3,669,131 6,914 CVA 663,491 22,229 Charter Hall Retail REIT 2,539,741 6,146 Cofinimmo SA 130,773 17,773 National Storage REIT 4,799,355 6,091 Aedifica SA 167,512 16,882 Ingenia Communities Montea C.V.A. 52,305 5,744 Group 1,495,132 4,851 Shurgard Self Storage Cromwell Property SA 120,072 5,120 Group 7,141,946 4,395 VGP NV 36,230 4,721 Centuria Industrial Befimmo SA 119,158 4,639 REIT 2,020,551 4,364 Xior Student Housing NV 68,318 3,885 Growthpoint Properties *,^ Care Property Invest NV 110,351 3,345 Australia Ltd. 1,523,636 3,643 Retail Estates NV 56,406 3,334 Centuria Capital Group Intervest Offices & (XASX) 2,094,915 3,421 Warehouses NV 113,085 2,796 Abacus Property Group 1,672,736 3,258 ^ Immobel SA 9,793 678 Charter Hall Social 91,146 Infrastructure REIT 1,568,967 3,195 Brazil (0.5%) Lifestyle Communities * BR Malls Participacoes Ltd. 433,985 3,104 SA 3,947,913 5,614 Arena REIT 1,625,388 3,013 Multiplan Rural Funds Group 1,741,449 2,939 Empreendimentos Aventus Group 1,674,767 2,896 Imobiliarios SA 1,415,244 4,679 Centuria Office REIT 1,986,135 2,876 * Aliansce Sonae Australia Shopping Centers sa 684,367 2,744 Property Fund 2,464,981 2,149

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

Market Market Value• Value• Shares ($000) Shares ($000) Iguatemi Empresa de ^ Plaza Retail REIT 124,999 300 Shopping Centers SA 444,486 2,323 DREAM Unlimited JHSF Participacoes SA 1,461,300 1,638 Corp. Class A 1 — BR Properties SA 1,082,675 1,636 105,846 LOG Commercial Chile (0.2%) Properties e Parque Arauco SA 3,480,584 4,465 Participacoes SA 229,378 1,253 Cencosud Shopping SA 2,414,984 3,192 Jereissati Participacoes Plaza SA 1,476,592 1,883 SA 160,500 587 9,540 Cyrela Commercial (13.2%) Properties SA Empreendimentos e Ltd. 14,270,446 58,361 Participacoes 230,100 525 China Overseas Land *,1 Mitre Realty & Investment Ltd. 18,598,710 46,716 Empreendimentos E China Holdings Participacoes LTDA 211,500 479 Ltd. 12,574,278 46,602 * Moura Dubeux Engenharia S/A 241,900 403 Holdings Co. Ltd. 36,372,163 44,951 21,881 1 Longfor Group Canada (2.2%) Holdings Ltd. 7,997,708 43,820 ^ Canadian Apartment China Co. Ltd. Properties REIT 417,793 13,431 Class H 8,908,483 27,652 ^ RioCan REIT 781,478 8,435 Shimao Group Granite REIT 143,910 8,069 Holdings Ltd. 6,194,664 21,943 ^ Tricon Residential Inc. 923,011 7,579 ^ China Evergrande Allied Properties REIT 303,825 7,368 Group 9,161,921 18,271 ^ Choice Properties REIT 787,313 7,109 China Vanke Co. Ltd. ^ SmartCentres REIT 366,362 5,791 Class A 4,213,742 17,376 H&R REIT 698,957 5,372 Wharf Holdings Ltd. 7,676,652 15,891 ^ First Capital REIT 540,496 4,795 *,1 ESR Cayman Ltd. 5,057,000 15,274 ^ NorthWest Healthcare Holdings Properties REIT 442,755 3,792 Group Ltd. 27,375,054 13,870 ^ Summit Industrial CIFI Holdings Group Income REIT 342,748 3,465 Co. Ltd. 19,026,000 13,181 ^ Dream Industrial REIT 382,275 3,394 Poly Developments ^ Killam Apartment REIT 252,211 3,031 and Holdings Group InterRent REIT 338,435 2,886 Co. Ltd. Class A 4,776,593 10,981 WPT Industrial REIT 211,139 2,734 Agile Group Holdings ^ CT REIT 258,859 2,679 Ltd. 7,293,409 10,008 ^ Cominar REIT 450,048 2,398 Hopson Development ^ Boardwalk REIT 116,004 2,332 Holdings Ltd. 3,336,710 8,536 ^ Crombie REIT 233,744 2,281 R&F Artis REIT 347,850 2,178 Properties Co. Ltd. ^ Dream Office REIT 141,087 1,854 Class H 6,438,613 8,188 ^ Minto Apartment REIT 89,742 1,100 KWG Group Holdings ^ Morguard North Ltd. 5,894,658 7,817 American Residential Seazen Group Ltd. 9,122,000 6,839 REIT 97,717 1,013 China Merchants ^ True North Commercial Shekou Industrial REIT 199,226 819 Zone Holdings Co. ^ Slate Grocery REIT 103,421 813 Ltd. Class A 3,153,807 6,639 ^ Slate Office REIT 167,586 438 Logan Group Co. Ltd. 4,170,984 6,544 Automotive Properties REIT 53,382 390 Holdings Ltd. 3,882,814 6,310

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

Market Market Value• Value• Shares ($000) Shares ($000) Co. Ltd. 17,386,038 2,293 Ltd. 31,257,094 6,069 China South City Zhenro Properties Holdings Ltd. 21,918,111 2,212 Group Ltd. 9,908,000 5,718 Zhongliang Holdings Group Co. Ltd. 3,193,500 2,156 Ltd. 6,074,000 5,712 Jiangsu Zhongnan Kaisa Group Holdings Construction Group Ltd. 11,096,000 5,175 Co. Ltd. Class A 1,532,464 2,071 Lujiazui 1 Redco Properties Finance & Trade Zone Group Ltd. 4,660,000 2,063 Development Co. Ltd. C&D International Class B 6,034,714 4,970 Investment Group Ltd. 1,237,000 2,013 China Overseas Grand Ronshine China Oceans Group Ltd. 8,453,079 4,934 Holdings Ltd. 2,924,500 1,994 Times China Holdings Skyfame Realty Ltd. 3,683,000 4,920 Holdings Ltd. 14,847,012 1,956 Powerlong Real Estate Central China Real Holdings Ltd. 7,229,139 4,867 Estate Ltd. 3,584,000 1,928 Seazen Holdings Co. LVGEM China Real Ltd. 923,082 4,492 Estate Investment Gemdale Properties & Co. Ltd. 5,944,000 1,903 Investment Corp. Ltd. 27,322,000 4,243 Shanghai Zhangjiang Shenzhen Investment High-Tech Park Ltd. 13,530,201 4,133 Development Co. Ltd. *,1 China Logistics Class A 649,590 1,840 Property Holdings Co. RiseSun Real Estate Ltd. 7,885,000 4,122 Development Co. Ltd. Shoucheng Holdings Class A 1,733,875 1,824 Ltd. 11,468,000 4,118 Shanghai Lingang Gemdale Corp. Class A 1,833,940 3,664 Holdings Corp. Ltd. Yuzhou Group Holdings Class A 517,466 1,753 Co. Ltd. 9,265,470 3,586 Redsun Properties China SCE Group Group Ltd. 4,717,000 1,712 Holdings Ltd. 8,229,766 3,537 * Sinic Holdings Group Yuexiu REIT 7,589,516 3,504 Co. Ltd. 3,151,000 1,696 China Fortune Land Yango Group Co. Ltd. Development Co. Ltd. Class A 1,636,911 1,681 Class A 1,561,432 3,291 Xinhu Zhongbao Co. Sino-Ocean Group Ltd. Class A 3,465,681 1,662 Holding Ltd. 15,715,329 3,006 * Zhuguang Holdings Group Group Co. Ltd. 10,202,000 1,581 Co. Ltd. 9,805,048 2,832 Dexin China Holdings 1 Midea Real Estate Co. Ltd. 3,845,000 1,518 Holding Ltd. 1,219,416 2,758 Shanghai Jinqiao Jiayuan International Export Processing Group Ltd. 6,252,000 2,670 Zone Development * SOHO China Ltd. 9,595,545 2,571 Co. Ltd. Class B 1,415,021 1,380 Jinke Properties Group Greenland Hong Kong Co. Ltd. Class A 2,173,605 2,522 Holdings Ltd. 4,107,000 1,335 * KWG Living Group Road King Infrastructure Holdings Ltd. 2,996,829 2,350 Ltd. 1,115,000 1,326 1 Red Star Macalline * Gree Real Estate Co. Group Corp. Ltd. Ltd. Class A 861,111 1,248 Class H 3,845,636 2,318

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

Market Market Value• Value• Shares ($000) Shares ($000) Shanghai Lingang Group Co. Ltd. 6,520,443 1,233 Holdings Corp. Ltd. Shanghai Shimao Co. Class B 625,222 849 Ltd. Class A 1,412,468 1,223 Zensun Enterprises Ltd. 14,750,000 829 §,* Yida China Holdings North Star Co. Ltd. 4,361,350 1,195 Ltd. Class H 4,074,000 817 Beijing Capital Land Huafa Industrial Co. Ltd. Class H 6,840,551 1,177 Ltd. Zhuhai Class A 794,300 770 China Enterprise Co. Greattown Holdings Ltd. Class A 1,956,568 1,147 Ltd. Class A 970,100 763 * Huijing Holdings Co. * Silver Grant Ltd. 4,082,000 1,133 International Holdings Financial Street Group Ltd. 6,122,000 752 Holdings Co. Ltd. Jingrui Holdings Ltd. 2,529,000 691 Class A 1,128,560 1,126 China Electronics *,^ Xinji Shaxi Group Co. Optics Valley Union Ltd. 3,663,000 1,114 Holding Co. Ltd. 12,276,000 690 Joy City Property Ltd. 18,011,500 1,108 Cinda Real Estate Co. Shanghai Lujiazui Ltd. Class A 1,065,283 663 Finance & Trade Zone Shanghai Industrial Development Co. Ltd. Development Co. Ltd. Class A 632,790 1,088 Class A 785,300 596 * Shanghai Wanye Suning Universal Co. Enterprises Co. Ltd. Ltd. Class A 1,295,589 593 Class A 412,200 1,040 Shenzhen SEG Co. Ltd. China Merchants Class A 553,900 586 Commercial REIT 3,332,000 1,034 * Tahoe Group Co. Ltd. §,* Mingfa Group Class A 1,040,879 585 International Co. Ltd. 4,231,908 1,032 * Myhome Real Estate DaFa Properties Group Development Group Ltd. 1,149,970 1,029 Co. Ltd. Class A 1,042,073 574 China Merchants Land Shanghai Jinqiao Ltd. 6,742,000 978 Export Processing Hangzhou Binjiang Real Zone Development Estate Group Co. Ltd. Co. Ltd. Class A 298,552 567 Class A 1,326,811 961 ^,1 China Vast Industrial Sichuan Languang Urban Development Development Co. Ltd. Co. Ltd. 1,403,000 561 Class A 1,299,216 959 * Lushang Health Beijing Capital Industry Development Development Co. Ltd. Co. Ltd. Class A 321,500 500 Class A 1,014,012 936 1 Sunshine 100 China Grandjoy Holdings Holdings Ltd. 3,145,000 500 Group Co. Ltd. China World Trade Class A 1,369,420 934 Center Co. Ltd. Shanghai Shibei Hi-Tech Class A 271,172 499 Co. Ltd. Class B 2,465,450 892 Shenzhen Zhenye Shanghai Industrial Group Co. Ltd. Urban Development Class A 580,000 497 Group Ltd. 9,260,799 863 * Yincheng International JY Grandmark Holdings Holding Co. Ltd. 1,632,000 495 Ltd. 2,129,000 853 Shenzhen Heungkong Holding Co. Ltd. Class A 1,452,200 443

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

Market Market Value• Value• Shares ($000) Shares ($000) Chongqing Dima Covivio 242,335 14,431 Industry Co. Ltd. ^ Klepierre SA 1,022,089 12,950 Class A 1,051,253 434 Icade 144,922 7,329 Guorui Properties Ltd. 3,907,000 429 Nexity SA 236,873 6,651 Bright Real Estate Group Altarea SCA 18,212 2,332 Co. Ltd. Class A 951,600 373 Carmila SA 215,708 1,668 * Macrolink Mercialys SA 146,522 702 Culturaltainment 107,506 Development Co. Ltd. Germany (8.5%) Class A 790,392 361 Vonovia SE 2,833,841 180,980 Everbright Jiabao Co. Deutsche Wohnen SE 1,804,216 91,065 Ltd. Class A 647,400 348 LEG Immobilien AG 355,296 48,020 Guangyu * Aroundtown SA 5,355,925 25,691 Development Co. Ltd. TAG Immobilien AG 735,308 21,669 Class A 349,004 329 Grand City Properties * SA 518,878 11,778 Shirongzhaoye Co. Ltd. alstria office REIT-AG 823,983 10,490 Class A 302,434 294 *,1 ADLER Group SA 323,086 8,122 Rongan Property Co. *,1 Instone Real Estate Ltd. Class A 686,900 268 Group AG 227,182 4,701 * Sansheng Holdings ^ Hamborner REIT AG 362,782 3,386 Group Co. Ltd. 352,000 259 * Deutsche EuroShop AG 256,579 3,241 Beijing North Star Co. DIC Asset AG 224,922 2,589 Ltd. Class A 680,319 244 411,732 *,1 Shimao Services Greece (0.0%) Holdings Ltd. 102,314 219 * LAMDA Development * Shanghai Shibei Hi-Tech SA 324,609 1,919 Co. Ltd. Class A 185,600 203 Red Star Macalline Hong Kong (9.3%) Group Corp. Ltd. Sun Hung Kai Class A 123,729 172 Properties Ltd. 7,661,941 98,623 * China Dili Group 168,000 39 Link REIT 10,345,389 78,955 * EverChina International CK Asset Holdings Ltd. 12,188,875 56,599 Holdings Co. Ltd. 1,199,331 28 Wharf Real Estate 639,872 Investment Co. Ltd. 8,662,652 33,341 Egypt (0.1%) * New World Talaat Moustafa Group 4,940,886 1,911 Development Co. Ltd. 6,887,000 32,881 Six of October Henderson Land Development & Development Co. Ltd. 6,851,936 24,202 Investment 1,401,986 1,065 Hang Lung Properties Medinet Nasr Housing 4,383,588 1,025 Ltd. 9,263,932 22,553 Heliopolis Housing 1,983,712 799 Hongkong Land * Palm Hills Holdings Ltd. 5,870,212 21,550 Developments SAE 7,466,845 630 ^ Sino Land Co. Ltd. 15,322,022 18,158 * Emaar Misr for Swire Properties Ltd. 5,320,800 14,278 Development SAE 3,151,038 461 Hysan Development 5,891 Co. Ltd. 3,042,655 9,700 Finland (0.1%) Hang Lung Group Ltd. 4,320,103 9,590 ^ Citycon Oyj 335,959 2,586 Kerry Properties Ltd. 3,027,832 7,429 Fortune REIT 7,153,861 5,975 France (2.2%) Champion REIT 9,842,512 4,769 Gecina SA 270,870 33,627 Great Eagle Holdings Unibail-Rodamco- Ltd. 1,505,000 3,638 Westfield 687,140 27,816

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

Market Market Value• Value• Shares ($000) Shares ($000) K Wah International PP Properti Tbk PT 35,302,007 121 Holdings Ltd. 7,538,338 3,577 §,* Armidian Karyatama Sunlight REIT 5,191,400 2,238 Tbk PT 34,315,100 117 Prosperity REIT 6,365,649 1,806 * Maha Properti Far East Consortium Indonesia Tbk PT 118,639 8 International Ltd. 5,392,000 1,595 §,* Modernland Realty Chinese Estates Tbk PT 67,400 — Holdings Ltd. 2,480,452 1,251 16,756 * Jiayuan International Ireland (0.2%) Group Ltd. Rights 76,463 — Hibernia REIT plc 3,457,653 4,183 452,708 Irish Residential India (0.7%) Properties REIT plc 2,227,664 3,542 Embassy Office 7,725 Parks REIT 1,510,200 7,013 Israel (1.2%) DLF Ltd. 3,141,267 6,702 Azrieli Group Ltd. 188,112 8,829 * Godrej Properties Ltd. 451,170 6,293 Alony Hetz Properties * Oberoi Realty Ltd. 593,928 3,548 & Investments Ltd. 724,892 7,266 * Phoenix Mills Ltd. 450,490 3,508 Mivne Real Estate KD Prestige Estates Ltd. 2,880,033 5,508 Projects Ltd. 643,854 2,174 Amot Investments Ltd. 867,636 3,976 Brigade Enterprises Melisron Ltd. 108,756 3,933 Ltd. 493,453 1,192 * Airport City Ltd. 342,403 3,711 Sunteck Realty Ltd. 259,448 937 REIT 1 Ltd. 926,974 3,513 * Indiabulls Real Estate Mega Or Holdings Ltd. 105,835 2,731 Ltd. 1,351,885 869 * AFI Properties Ltd. 102,050 2,445 NESCO Ltd. 120,904 823 * Big Shopping Centers Sobha Ltd. 199,034 782 Ltd. 32,168 2,433 33,841 Bayside Land Corp. 294,079 2,048 Indonesia (0.4%) Gazit-Globe Ltd. 375,738 1,556 * Bumi Serpong Damai Sella Capital Real Tbk PT 46,029,727 2,740 Estate Ltd. 982,762 1,550 * Pollux Properti Summit Real Estate Indonesia Tbk PT 6,390,300 2,638 Holdings Ltd. 166,056 1,441 Ciputra Development * Isras Investment Co. Tbk PT 45,548,891 2,505 Ltd. 6,872 1,091 * Pakuwon Jati Tbk PT 77,429,628 2,165 Blue Square Real * Summarecon Agung Estate Ltd. 21,885 893 Tbk PT 39,902,300 1,760 Property & Building §,* Hanson International Corp. Ltd. 10,327 845 Tbk PT 444,252,900 1,519 * YH Dimri Construction * Lippo Karawaci Tbk & Development Ltd. 27,488 816 PT 146,654,749 1,330 * Israel Canada T.R Ltd. 431,401 729 Puradelta Lestari Tbk * Ashtrom Properties Ltd. 127,783 718 PT 44,572,600 682 * Brack Capital Properties * Alam Sutera Realty NV 9,178 694 Tbk PT 58,010,297 605 56,726 * Sentul City Tbk PT 108,767,124 371 Italy (0.0%) * DMS Propertindo Immobiliare Grande Tbk PT 8,770,800 195 Distribuzione SIIQ SPA 260,609 758

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

Market Market Value• Value• Shares ($000) Shares ($000) Japan (22.5%) Daiwa Securities Living Mitsubishi Estate Co. Investments Corp. 10,328 10,089 Ltd. 6,955,145 103,742 Mori Hills REIT Daiwa House Industry Investment Corp. 7,974 9,822 Co. Ltd. 3,329,974 87,494 Invincible Investment Mitsui Fudosan Co. Ltd. 4,893,857 83,330 Corp. 30,450 9,734 Sumitomo Realty & Comforia Residential Development Co. Ltd. 2,379,667 63,678 REIT Inc. 3,079 8,805 Nippon Building Fund AEON REIT Investment Inc. 8,345 42,149 Corp. 7,597 8,592 Nippon Prologis REIT Daiwa Office Investment Inc. 12,337 40,606 Corp. 1,533 8,319 Japan Real Estate Frontier Real Estate Investment Corp. 6,925 33,937 Investment Corp. 2,407 8,058 Daito Trust Construction Aeon Mall Co. Ltd. 503,783 7,859 Co. Ltd. 344,825 31,367 Kenedix Residential Next GLP J-REIT 19,924 30,716 Investment Corp. 4,793 7,829 Nomura Real Estate Hulic REIT Inc. 5,823 7,655 Master Fund Inc. 23,567 28,143 ^ Premier Investment Corp. 6,630 7,293 Hulic Co. Ltd. 2,497,548 23,135 NIPPON REIT Investment Daiwa House REIT Corp. 2,250 7,224 Investment Corp. 9,983 23,093 Katitas Co. Ltd. 254,292 7,214 Advance Residence Japan Excellent Inc. 6,416 7,059 Investment Corp. 6,933 20,244 Mitsubishi Estate Logistics Orix JREIT Inc. 13,768 19,350 REIT Investment Corp. 1,743 6,949 Japan Retail Fund MCUBS MidCity Investment Corp. 12,973 18,699 Investment Corp 8,902 6,385 Industrial & Tokyu REIT Inc. 4,623 6,286 Infrastructure Fund Mori Trust Sogo REIT Inc. 4,796 5,728 Investment Corp. 10,294 17,523 Invesco Office J-REIT Inc. 44,300 5,496 United Urban ^ Hoshino Resorts REIT Inc. 1,117 5,273 Investment Corp. 15,622 16,679 Kenedix Retail REIT Corp. 2,710 5,187 Sekisui House REIT Inc. 21,068 14,733 Heiwa Real Estate Co. Nippon Accommodations Ltd. 173,032 5,052 Fund Inc. 2,434 13,944 ^ Ichigo Office REIT Tokyu Fudosan Holdings Investment Corp. 7,623 4,930 Corp. 3,025,344 13,220 Heiwa Real Estate REIT Japan Prime Realty Inc. 4,389 4,745 Investment Corp. 4,792 12,951 Kenedix Inc. 893,200 4,629 Japan Logistics Fund Inc. 4,519 12,700 Fukuoka REIT Corp. 3,594 4,357 LaSalle Logiport REIT 8,123 12,646 Global One Real Estate Activia Properties Inc. 3,480 12,573 Investment Corp. 4,773 4,309 ^ Kenedix Office Starts Corp. Inc. 170,700 3,970 Investment Corp. 2,148 12,424 Keihanshin Building Co. Tokyo Tatemono Co. Ltd. 217,200 3,939 Ltd. 1,053,083 12,112 Hankyu Hanshin REIT Mitsui Fudosan Inc. 3,468 3,832 Logistics Park Inc. 2,484 11,868 Star Asia Investment Japan Hotel REIT Corp. 8,415 3,570 Investment Corp. 22,329 10,813 Daibiru Corp. 297,557 3,369 Nomura Real Estate SOSiLA Logistics REIT Inc. 2,529 3,270 Holdings Inc. 599,329 10,468 ^ Itochu Advance Logistics Investment Corp. 2,308 3,157

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

Market Market Value• Value• Shares ($000) Shares ($000) Ichigo Inc. 1,103,300 3,127 IOI Properties Group Mirai Corp. 8,420 2,910 Bhd. 9,669,000 2,003 One REIT Inc. 1,234 2,852 Mah Sing Group Bhd. 7,686,025 1,686 ^ Samty Residential Sime Darby Property Investment Corp. 2,793 2,683 Bhd. 12,144,100 1,578 ^ CRE Logistics REIT Inc. 1,674 2,452 * YNH Property Bhd. 2,014,000 1,362 SAMTY Co. Ltd. 141,200 2,237 Pavilion REIT 3,696,200 1,236 Starts Proceed Matrix Concepts Investment Corp. 1,161 2,216 Holdings Bhd. 3,150,128 1,206 ^ Health Care & Medical UOA Development Bhd. 3,056,300 1,096 Investment Corp. 1,577 1,889 SP Setia Bhd. Group 5,459,700 908 ^ Takara Leben Real Estate * UEM Sunrise Bhd. 6,492,365 579 Investment Corp. 2,279 1,823 * Eco World Development ^ Tosei REIT Investment Group Bhd. 5,880,300 538 Corp. 1,714 1,704 YTL Hospitality REIT 2,169,500 368 Mori Trust Hotel REIT Inc. 1,616 1,672 Eastern & Oriental Bhd. 3,902,997 339 ^ Sankei Real Estate Inc. 1,837 1,662 * Sunway Bhd. Warrants TOC Co. Ltd. 261,229 1,593 Exp. 12/31/2024 1,260,691 68 ^ ESCON Japan REIT * Eco World Development Investment Corp. 1,478 1,552 Group Bhd. Warrants Tosei Corp. 143,800 1,441 Exp. 03/26/2022 450,320 10 ^ Shinoken Group Co. Ltd. 135,100 1,341 25,564 *,^ Leopalace21 Corp. 839,650 1,315 Mexico (0.7%) Takara Leben Co. Ltd. 422,252 1,179 Fibra Uno Goldcrest Co. Ltd. 84,740 1,083 Administracion SA Sun Frontier Fudousan de CV 14,717,985 11,151 Co. Ltd. 132,300 1,063 PLA Administradora Nippon Commercial Industrial SA de RL Development Co. Ltd. 56,600 916 de CV 3,980,500 5,465 XYMAX REIT Investment Prologis Property Corp. 1,093 898 Mexico SA de CV 2,303,823 4,616 ^ Ichigo Hotel REIT Corp Inmobiliaria Vesta Investment Corp. 1,341 892 SAB de CV 2,851,317 4,581 Japan Property 1 Macquarie Mexico Real Management Center Estate Management Co. Ltd. 67,200 867 SA de CV 3,820,180 4,389 ^ Ooedo Onsen REIT Concentradora Fibra Investment Corp. 1,243 831 Danhos SA de CV 4,118,992 3,728 ^ Star Mica Holdings Co. 1 Concentradora Fibra Ltd. 58,500 788 Hotelera Mexicana SA Marimo Regional de CV 825,077 176 Revitalization REIT Inc. 677 693 34,106 * SRE Holdings Corp. 22,200 672 Netherlands (0.2%) * Prospect Co. Ltd. 1,677,200 564 Nsi NV 86,936 2,745 ^ Dear Life Co. Ltd. 125,800 455 Vastned Retail NV 99,350 2,627 1,089,692 Eurocommercial Kuwait (0.0%) Properties NV 186,428 2,035 * National Real Estate Co. ^ Wereldhave NV 207,033 1,924 KPSC 4,224,774 1,017 9,331

New Zealand (0.6%) Malaysia (0.5%) Goodman Property KLCCP Stapled Group 2,239,570 4,095 Trust 5,522,537 9,058 IGB REIT 7,953,500 3,196 Kiwi Property Group Sunway REIT 7,948,934 2,735 Ltd. 7,795,207 6,337 Axis REIT 5,070,300 2,561

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

Market Market Value• Value• Shares ($000) Shares ($000) Precinct Properties Jadwa REIT Saudi New Zealand Ltd. 5,407,070 6,325 Fund 564,542 1,953 Argosy Property Ltd. 4,232,418 3,884 * Saudi Real Estate Co. 451,767 1,756 Vital Healthcare Arriyadh Development Property Trust 1,689,799 3,249 Co. 387,195 1,733 28,853 Al Rajhi REIT 580,080 1,415 Norway (0.2%) Derayah REIT 443,920 1,252 1 Entra ASA 816,017 10,668 Riyad REIT Fund 543,759 1,172 Selvaag Bolig ASA 227,638 1,135 Alandalus Property Co. 180,644 948 Musharaka Real Estate 11,803 Income Fund 235,951 559 Other (0.2%)2 * Alahli REIT Fund 1 89,712 206 3 Vanguard Real Estate ETF 96,814 7,415 25,338 Singapore (5.7%) Philippines (1.4%) Ascendas REIT 14,124,481 29,804 SM Prime Holdings Inc. 56,188,007 39,123 CapitaLand Mall Trust 22,629,976 28,685 Ayala Land Inc. 29,452,060 20,050 CapitaLand Ltd. 12,573,738 23,661 * Megaworld Corp. 60,753,100 3,801 Mapletree Logistics Robinsons Land Corp. 10,018,872 3,103 Trust 13,378,985 19,112 Vista Land & Mapletree Industrial Lifescapes Inc. 15,723,178 1,093 Trust 8,172,539 18,214 * DoubleDragon Mapletree Commercial Properties Corp. 3,610,860 1,048 Trust 10,988,241 13,855 Filinvest Land Inc. 42,515,000 851 Keppel DC REIT 6,350,564 13,484 DM Wenceslao and Frasers Logistics & Associates Inc. 3,626,900 403 Commercial Trust 12,766,152 11,512 * Altus Property UOL Group Ltd. 2,427,578 11,065 Ventures Inc. 68,234 18 City Developments Ltd. 2,350,290 10,914 Suntec REIT 10,715,427 10,523 69,490 Frasers Centrepoint Poland (0.0%) Trust 4,956,247 7,672 ^ Develia SA 2,404,318 973 Mapletree North Asia * Epp NV 2,483,304 884 Commercial Trust 10,302,466 6,573 1,857 Keppel REIT 8,654,915 6,312 Qatar (0.3%) Parkway Life REIT 1,998,055 5,923 Barwa Real Estate Co. 9,609,547 8,801 Ascott Residence Trust 9,502,322 5,786 * Ezdan Holding Group Manulife US REIT 7,085,910 5,072 QSC 8,022,013 3,724 Ascendas India Trust 3,625,900 3,454 United Development Cromwell European Co. QSC 8,808,965 3,575 REIT 6,294,000 3,339 * Mazaya Real Estate CapitaLand Retail Development QPSC 858,405 236 China Trust 3,572,958 3,063 16,336 OUE Commercial REIT 12,162,767 2,901 Russia (0.1%) CDL Hospitality Trusts 3,938,906 2,860 LSR Group PJSC GDR 1,098,070 2,421 Esr-REIT 11,033,790 2,833 * Etalon Group plc GDR 956,902 1,546 Wing Tai Holdings Ltd. 1,963,200 2,573 3,967 Sph REIT 4,364,500 2,381 Saudi Arabia (0.5%) Yanlord Land Group Ltd. 2,981,304 2,293 * Dar Al Arkan Real Keppel Pacific Oak US Estate Development REIT 3,159,400 2,215 Co. 2,711,888 5,763 ARA LOGOS Logistics * Emaar Economic City 2,151,721 5,102 Trust 5,017,142 2,187 Arabian Centres Co. Starhill Global REIT 7,144,868 2,172 Ltd. 538,739 3,479 Aims Apac REIT 2,270,976 1,964

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

Market Market Value• Value• Shares ($000) Shares ($000) Far East Hospitality Arrowhead Properties Trust 4,346,392 1,783 Ltd. Class B 4,741,971 440 Prime US REIT 2,340,600 1,732 * Fortress REIT Ltd. Lendlease Global Class B 3,710,047 394 Commercial REIT 3,762,500 1,681 39,773 Sasseur REIT 2,553,000 1,402 South Korea (0.2%) Soilbuild Business LOTTE REIT Co. Ltd. 462,242 2,208 Space REIT 4,192,748 1,382 Mirae Asset Maps Asia OUE Ltd. 1,471,600 1,207 Pacific Real Estate 1 IREIT Global 2,550,753 1,102 Investment 474,501 1,693 Frasers Hospitality Trust 3,744,800 1,097 SK D&D Co. Ltd. 38,717 1,395 Sabana Shari’ah ^ Shinhan Alpha REIT Co. Compliant Industrial Ltd. 198,560 1,261 REIT 3,952,672 1,013 Korea Real Estate First REIT 2,910,354 853 Investment & Trust Chip Eng Seng Corp. Co. Ltd. 378,213 601 Ltd. 2,414,875 761 7,158 Lippo Malls Indonesia Spain (0.5%) Retail Trust 9,515,206 614 Merlin Properties Oxley Holdings Ltd. 3,734,700 575 Socimi SA 1,677,392 11,291 § Eagle Hospitality Trust 2,602,300 357 Inmobiliaria Colonial * Ying Li International Socimi SA 1,261,064 8,977 Real Estate Ltd. 3,210,900 176 *,1 Aedas Homes SA 97,315 1,926 EC World REIT 237,500 122 *,1 Metrovacesa SA 235,488 1,327 * Mapletree Logistics Lar Espana Real Estate Trust Rights Socimi SA 317,424 1,132 Exp. 11/10/2020 254,930 — * Quabit Inmobiliaria SA 125,800 48 278,259 24,701 South Africa (0.8%) Sweden (3.2%) Growthpoint Properties Castellum AB 1,214,634 25,290 Ltd. 15,065,630 9,856 * Fastighets AB Balder NEPI Rockcastle plc 2,064,182 7,320 Class B 491,769 23,144 Fortress REIT Ltd. Fabege AB 1,370,571 17,306 Class A 5,954,321 4,595 Wallenstam AB 1,056,506 14,005 Redefine Properties Wihlborgs Fastigheter Ltd. 27,416,277 3,369 AB 680,373 12,263 ^ Equites Property Fund ^ Samhallsbyggnadsbolaget Ltd. 3,059,437 2,930 i Norden AB (Ordinary Resilient REIT Ltd. 1,471,025 2,784 Shares) 4,070,463 11,203 * Hyprop Investments Ltd. 1,303,058 1,613 Hufvudstaden AB Stor-Age Property REIT Class A 602,401 7,864 Ltd. 2,167,082 1,586 Kungsleden AB 920,178 7,808 Vukile Property Fund * Nyfosa AB 891,802 7,374 Ltd. 4,247,961 1,263 Catena AB 122,668 4,993 Investec Property Fund Klovern AB 2,702,324 4,118 Ltd. 2,335,964 1,078 Atrium Ljungberg AB 244,410 3,948 SA Corporate Real Dios Fastigheter AB 448,821 3,142 Estate Ltd. 13,081,215 975 Cibus Nordic Real Emira Property Fund Estate AB 156,345 2,713 Ltd. 2,191,900 843 Platzer Fastigheter Attacq Ltd. 3,793,273 727 Holding AB Class B 260,530 2,496

^ Akelius Residential Property AB 1,087,531 1,968

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

Market Market Value• Value• Shares ($000) Shares ($000) Samhallsbyggnadsbolaget * Sakura Development i Norden AB 548,937 1,784 Co. Ltd. 591,000 620 Sagax AB 485,641 1,692 Hung Ching NP3 Fastigheter AB 118,623 1,382 Development & * K-fast Holding AB Construction Co. Ltd. 726,000 467 Class B 37,724 911 Sweeten Real Estate 155,404 Development Co. Ltd. 528,896 396 Switzerland (1.8%) Advancetek Enterprise Swiss Prime Site AG 381,904 32,130 Co. Ltd. 435,000 291 PSP Swiss Property AG 212,326 25,676 43,354 Allreal Holding AG 72,886 15,437 Thailand (1.0%) Mobimo Holding AG 33,775 9,760 Central Pattana PCL 6,737,600 8,323 Intershop Holding AG 6,517 3,996 CPN Retail Growth 86,999 Leasehold REIT 8,954,935 5,227 Taiwan (0.9%) Tesco Lotus Retail Highwealth Construction Growth Freehold & Corp. 5,181,598 7,526 Leasehold Property Ruentex Development Fund 8,839,330 4,225 Co. Ltd. 5,044,986 6,976 Land & Houses PCL 18,700,800 3,835 Huaku Development Frasers Property Co. Ltd. 1,225,854 3,717 Thailand Industrial Chong Hong Freehold & Leasehold Construction Co. Ltd. 1,165,297 3,246 REIT 7,532,100 3,068 Prince Housing & ^ WHA Corp. PCL 37,089,186 2,828 Development Corp. 6,182,478 2,282 WHA Premium Growth Kindom Development Freehold & Leasehold Co. Ltd. 1,840,000 2,242 Real Estate Farglory Land Investment Trust 6,578,296 2,678 Development Co. Ltd. 1,254,631 1,932 IMPACT Growth REIT 3,211,100 1,802 Kuoyang Construction Supalai PCL 3,384,781 1,704 Co. Ltd. 2,072,887 1,712 Siam Future Cathay Real Estate Development PCL 11,757,560 1,606 Development Co. Ltd. 2,567,100 1,711 ^ Quality Houses PCL 20,853,300 1,390 Hung Sheng § Pruksa Real Estate PCL 3,024,500 1,302 Construction Ltd. 2,334,400 1,397 Bangkok Land PCL 41,623,095 1,295 Radium Life Tech Co. Mbk Pcl 3,189,300 1,104 Ltd. 3,274,125 1,210 Origin Property PCL 5,011,798 1,060 ZongTai Real Estate S Prime Growth Development Co. Ltd. 873,516 1,180 Leasehold REIT 4,456,100 1,000 Chung Lien Asian Property Transportation Co. Ltd. 434,000 1,058 Development PCL Hong Pu Real Estate (Foreign) 4,977,520 997 Development Co. Ltd. 1,215,194 1,010 Amata Corp. PCL Huang Hsiang (Foreign) 2,509,523 941 Construction Corp. 712,000 965 Pruksa Holding PCL 2,842,100 893 * King’s Town Noble Development Construction Co. Ltd. 710,000 941 PCL 1,033,500 660 * Taiwan Land ^ Singha Estate PCL 14,174,500 504 Development Corp. 3,639,450 936 *,^ U City PCL 13,700,024 479 * Shining Building Hemaraj Leasehold Business Co. Ltd. 2,218,869 789 REIT 1,781,000 423 KEE TAI Properties Co. ^ LPN Development PCL 2,977,800 363 Ltd. 2,222,869 750

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

Market Market Value• Value• Shares ($000) Shares ($000) SC Asset Corp. PCL Co. plc 4,720,458 21,317 (Foreign) 4,247,437 313 Derwent plc 550,175 18,946 ^ SC Asset Corp. PCL Tritax Big Box REIT plc 8,584,204 17,417 NVDR 4,237,400 312 13,420,844 13,249 Sansiri PCL (Foreign) 15,046,300 280 LondonMetric Property Sansiri PCL 13,342,700 248 plc 4,573,532 12,787 * Amata Corp. PCL 581,900 218 3,430,012 12,426 Frasers Property Primary Health Thailand PCL NVDR 354,499 110 Properties plc 6,614,536 12,339 Property Perfect PCL 3,306,790 35 plc 836,720 11,924 * MBK PCL Warrants Holdings plc 1,062,889 11,065 Exp. 12/31/2023 127,968 32 §,* PACE Development plc 1,288,265 9,631 Corp. PCL Warrants 1,173,384 6,916 Exp. 08/29/2022 11,308,800 7 Capital & Counties Platinum Group PCL 58,400 4 Properties plc 4,336,576 5,878 Frasers Property plc 641,119 5,125 Thailand PCL Ltd. 4,983,556 4,747 (Foreign) 1,501 — Supermarket Income * Property Perfect PCL Reit plc 3,339,894 4,457 Rights 3,106,237 — St. Modwen Properties * Hemaraj Leasehold plc 1,023,180 4,395 REIT Rights Exp. 11/27/2020 348,363 — plc 3,160,786 4,259 49,266 plc 19,081,935 4,030 Turkey (0.1%) LXI REIT plc 2,652,455 3,761 Emlak Konut UK Commercial Gayrimenkul Yatirim Property REIT Ltd. 3,754,118 3,317 Ortakligi AS 9,982,667 2,043 BMO Commercial * Is Gayrimenkul Yatirim Property Trust Ltd. 4,034,366 3,215 Ortakligi AS 2,560,380 581 GCP Student Living plc 2,081,410 3,020 * Vakif Gayrimenkul 1 Triple Point Social Yatirim Ortakligi AS 886,021 357 Housing REIT plc 1,836,186 2,510 Helical plc 535,604 2,359 2,981 Picton Property Income United Arab Emirates (0.8%) Ltd. 2,833,967 2,288 Aldar Properties PJSC 19,411,748 14,334 Empiric Student * Emaar Properties PJSC 17,566,953 12,589 Property plc 3,124,527 2,186 * Emaar Malls PJSC 9,985,967 3,982 CLS Holdings plc 830,226 2,132 * Emaar Development Urban & Civic plc 754,460 2,004 PJSC 4,305,538 2,647 * Custodian REIT plc 1,657,735 1,832 * DAMAC Properties Impact Healthcare Dubai Co. PJSC 8,622,014 2,537 REIT plc 1,420,853 1,822 * Deyaar Development Phoenix Spree PJSC 7,761,390 569 Deutschland Ltd. 445,298 1,800 RAK Properties PJSC 5,356,151 560 1 Regional REIT Ltd. 2,119,113 1,713 * Eshraq Investments Redefine International PJSC 6,041,280 495 plc 1,371,212 1,577 37,713 MAS Real Estate Inc. 2,320,305 1,458 United Kingdom (7.0%) NewRiver REIT plc 1,522,304 1,252 plc 5,959,292 69,633 Standard Life Land Securities Group Investment Property plc 3,764,176 24,836 Income Trust Ltd. 1,757,675 1,207 * UNITE Group plc 2,000,009 21,584 Schroder REIT Ltd. 2,939,415 1,173

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

Market Face Market Value• Amount Value• Shares ($000) ($000) ($000) AEW UK REIT plc 806,771 794 Total Investments (102.5%) §,* Properties plc 5,001,586 115 (Cost $5,801,459) 4,965,517 * Shaftesbury plc Rights Other Assets and Liabilities— Exp. 11/11/2020 142,047 101 Net (-2.5%) (120,402) U & I Group plc 80,089 58 Net Assets (100%) 4,845,115 338,655 United States (0.1%) Cost is in $000. ^ Brookfield Property • See Note A in Notes to Financial Statements. REIT Inc. Class A 280,716 4,141 § Security value determined using significant unobservable Total Common Stocks inputs. (Cost $5,643,580) 4,807,641 * Non-income-producing security. ^ Includes partial security positions on loan to broker-dealers. Temporary Cash Investments (3.3%) The total value of securities on loan is $142,661,000. Money Market Fund (3.2%) 1 Security exempt from registration under Rule 144A of the 4,5 Vanguard Market Securities Act of 1933. Such securities may be sold in Liquidity Fund, 0.112% 1,542,745 154,274 transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the aggregate value of these securities was $107,646,000, representing 2.2% of Face net assets. Amount 2 “Other” represents securities that are not classified by the ($000) fund’s benchmark index. U.S. Government and Agency Obligations (0.1%) 3 Considered an affiliated company of the fund as the issuer is 6 United States Cash Management another member of The Vanguard Group. Bill, 0.145%, 12/15/2020 2,900 2,900 4 Affiliated money market fund available only to Vanguard funds 6 United States Treasury and certain trusts and accounts managed by Vanguard. Rate Bill, 0.109%, 12/31/2020 702 702 shown is the 7-day yield. 3,602 5 Includes collateral received for securities on loan. 6 Securities with a value of $2,089,000 have been segregated Total Temporary Cash Investments as initial margin for open futures contracts. (Cost $157,879) 157,876 GDR—Global Depositary Receipt. NVDR—Non-Voting Depository Receipt. REIT—Real Estate Investment Trust.

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts ($000) Value and Number of Unrealized Long (Short) Notional Appreciation Expiration Contracts Amount (Depreciation) Long Futures Contracts MSCI Emerging Market Index December 2020 335 18,457 (35) Topix Index December 2020 52 7,813 (188) E-mini S&P 500 Index December 2020 7 1,143 (45) (268)

Forward Currency Contracts Contract Unrealized Unrealized Settlement Contract Amount (000) Appreciation (Depreciation) Counterparty Date Receive Deliver ($000) ($000) State Street Bank & Trust Co. 1/14/21 HKD 202,937 USD 26,175 — — UBS AG 1/14/21 EUR 7,280 USD 8,599 — (104) Goldman Sachs International 1/14/21 JPY 276,620 USD 2,644 1 — Bank of America, N.A. 1/14/21 USD 26,164 HKD 202,937 — (12) Standard Chartered Bank 1/14/21 USD 8,544 EUR 7,280 49 — Bank of America, N.A. 1/14/21 USD 2,912 GBP 2,267 — (27) Barclays Bank plc 1/14/21 USD 2,620 JPY 276,621 — (25) 50 (168) EUR—euro. GBP—British pound. HKD—Hong Kong dollar. JPY—Japanese yen. USD—U.S. dollar.

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

Over-the-Counter Total Return Swaps Floating Interest Rate Value and Value and Notional Received Unrealized Unrealized Termination Amount (Paid)1 Appreciation (Depreciation) Reference Entity Date Counterparty ($000) (%) ($000) ($000) Northview Apartment REIT 9/2/21 BOANA 4,961 1.098 41 — 1 Based on 1-month USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. BOANA—Bank of America, N.A.

See accompanying Notes, which are an integral part of the Financial Statements. 21 Global ex-U.S. Real Estate Index Fund

Statement of Assets and Liabilities As of October 31, 2020

($000s, except shares and per-share amounts) Amount Assets Investments in Securities, at Value Unaffiliated Issuers (Cost $5,639,653) 4,803,828 Affiliated Issuers (Cost $161,806) 161,689 Total Investments in Securities 4,965,517 Investment in Vanguard 212 Cash 250 Foreign Currency, at Value (Cost $17,437) 17,503 Receivables for Investment Securities Sold 14,035 Receivables for Accrued Income 20,592 Receivables for Capital Shares Issued 488 Unrealized Appreciation—Forward Currency Contracts 50 Unrealized Appreciation—Over-the-Counter Swap Contracts 41 Total Assets 5,018,688 Liabilities Payables for Investment Securities Purchased 17,415 Collateral for Securities on Loan 154,337 Payables for Capital Shares Redeemed 1,113 Payables to Vanguard 296 Variation Margin Payable—Futures Contracts 244 Unrealized Depreciation—Forward Currency Contracts 168 Total Liabilities 173,573 Net Assets 4,845,115

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

Statement of Assets and Liabilities (continued)

At October 31, 2020, net assets consisted of:

($000s, except shares and per-share amounts) Amount Paid-in Capital 6,255,612 Total Distributable Earnings (Loss) (1,410,497) Net Assets 4,845,115

ETF Shares—Net Assets Applicable to 89,694,555 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 4,219,424 Net Asset Value Per Share—ETF Shares $47.04

Admiral Shares—Net Assets Applicable to 14,752,517 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 420,583 Net Asset Value Per Share—Admiral Shares $28.51

Institutional Shares—Net Assets Applicable to 2,159,380 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 205,108 Net Asset Value Per Share—Institutional Shares $94.98

See accompanying Notes, which are an integral part of the Financial Statements. 23 Global ex-U.S. Real Estate Index Fund

Statement of Operations

Year Ended October 31, 2020 ($000) Investment Income Income Dividends—Unaffiliated Issuers1 198,821 Dividends—Affiliated Issuers 241 Interest—Unaffiliated Issuers 15 Interest—Affiliated Issuers 35 Securities Lending—Net 3,254 Total Income 202,366 Expenses The Vanguard Group—Note B Investment Advisory Services 849 Management and Administrative—ETF Shares 3,792 Management and Administrative—Admiral Shares 452 Management and Administrative—Institutional Shares 170 Marketing and Distribution—ETF Shares 206 Marketing and Distribution—Admiral Shares 30 Marketing and Distribution—Institutional Shares 8 Custodian Fees 790 Auditing Fees 37 Shareholders’ Reports—ETF Shares 570 Shareholders’ Reports—Admiral Shares 8 Shareholders’ Reports—Institutional Shares — Trustees’ Fees and Expenses 4 Total Expenses 6,916 Expenses Paid Indirectly (126) Net Expenses 6,790 Net Investment Income 195,576 Realized Net Gain (Loss) Investment Securities Sold—Unaffiliated Issuers2 (112,152) Investment Securities Sold—Affiliated Issuers (1,015) Futures Contracts 1,983 Swap Contracts 539 Forward Currency Contracts (91) Foreign Currencies 49 Realized Net Gain (Loss) (110,687)

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

Statement of Operations (continued) Year Ended October 31, 2020 ($000) Change in Unrealized Appreciation (Depreciation) Investment Securities—Unaffiliated Issuers (1,219,897) Investment Securities—Affiliated Issuers (2,070) Futures Contracts (690) Swap Contracts 41 Forward Currency Contracts (237) Foreign Currencies 587 Change in Unrealized Appreciation (Depreciation) (1,222,266) Net Increase (Decrease) in Net Assets Resulting from Operations (1,137,377) 1 Dividends are net of foreign withholding taxes of $17,938,000. 2 Includes $88,187,000 of net gain (loss) resulting from in-kind redemptions.

See accompanying Notes, which are an integral part of the Financial Statements. 25 Global ex-U.S. Real Estate Index Fund

Statement of Changes in Net Assets

Year Ended October 31, 2020 2019 ($000) ($000) Increase (Decrease) in Net Assets Operations Net Investment Income 195,576 228,005 Realized Net Gain (Loss) (110,687) 4,956 Change in Unrealized Appreciation (Depreciation) (1,222,266) 890,079 Net Increase (Decrease) in Net Assets Resulting from Operations (1,137,377) 1,123,040 Distributions1 Investor Shares — (1,426) ETF Shares (358,889) (218,936) Admiral Shares (37,035) (19,819) Institutional Shares (14,097) (7,705) Total Distributions (410,021) (247,886) Capital Share Transactions Investor Shares — (56,179) ETF Shares (372,426) (96,341) Admiral Shares (56,772) 70,373 Institutional Shares 27,341 90,770 Net Increase (Decrease) from Capital Share Transactions (401,857) 8,623 Total Increase (Decrease) (1,949,255) 883,777 Net Assets Beginning of Period 6,794,370 5,910,593 End of Period 4,845,115 6,794,370 1 Certain prior-period numbers have been reclassified to conform with the current-period presentation.

See accompanying Notes, which are an integral part of the Financial Statements. 26 Global ex-U.S. Real Estate Index Fund

Financial Highlights

ETF Shares

For a Share Outstanding Year Ended October 31, Throughout Each Period 2020 2019 2018 2017 2016 Net Asset Value, Beginning of Period $60.79 $52.99 $59.49 $53.35 $53.58 Investment Operations Net Investment Income1 1.761 2.033 2.672 1.900 1.752 Net Realized and Unrealized Gain (Loss) on Investments (11.864) 7.969 (6.240) 6.325 (.241) Total from Investment Operations (10.103) 10.002 (3.568) 8.225 1.511 Distributions Dividends from Net Investment Income (3.647) 2.202 (2.932) (2.085) (1.741) Distributions from Realized Capital Gains — — — — — Total Distributions (3.647) 2.202 (2.932) (2.085) (1.741) Net Asset Value, End of Period $47.04 $60.79 $52.99 $59.49 $53.35

Total Return -17.71% 19.47% -6.42% 16.13% 2.92%

Ratios/Supplemental Data Net Assets, End of Period (Millions) $4,219 $5,945 $5,270 $5,122 $3,616 Ratio of Total Expenses to Average Net Assets 0.12% 0.12% 0.12% 0.14% 0.15% Ratio of Net Investment Income to Average Net Assets 3.44% 3.54% 4.51% 3.44% 3.30% Portfolio Turnover Rate2 11% 7% 7% 6% 7% 1 Calculated based on average shares outstanding. 2 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.

See accompanying Notes, which are an integral part of the Financial Statements. 27 Global ex-U.S. Real Estate Index Fund

Financial Highlights

Admiral Shares

For a Share Outstanding Year Ended October 31, Throughout Each Period 2020 2019 2018 2017 2016 Net Asset Value, Beginning of Period $36.84 $32.11 $36.05 $32.33 $32.47 Investment Operations Net Investment Income1 1.079 1.236 1.620 1.141 1.058 Net Realized and Unrealized Gain (Loss) on Investments (7.199) 4.828 (3.784) 3.844 (.139) Total from Investment Operations (6.120) 6.064 (2.164) 4.985 .919 Distributions Dividends from Net Investment Income (2.210) 1.334 (1.776) (1.265) (1.059) Distributions from Realized Capital Gains — — — — — Total Distributions (2.210) 1.334 (1.776) (1.265) (1.059) Net Asset Value, End of Period $28.51 $36.84 $32.11 $36.05 $32.33

Total Return2 -17.71% 19.46% -6.43% 16.15% 2.91%

Ratios/Supplemental Data Net Assets, End of Period (Millions) $421 $617 $475 $453 $373 Ratio of Total Expenses to Average Net Assets 0.12% 0.12% 0.12% 0.14% 0.15% Ratio of Net Investment Income to Average Net Assets 3.49% 3.55% 4.51% 3.44% 3.30% Portfolio Turnover Rate3 11% 7% 7% 6% 7% 1 Calculated based on average shares outstanding. 2 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. 3 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.

See accompanying Notes, which are an integral part of the Financial Statements. 28 Global ex-U.S. Real Estate Index Fund

Financial Highlights

Institutional Shares

For a Share Outstanding Year Ended October 31, Throughout Each Period 2020 2019 2018 2017 2016 Net Asset Value, Beginning of Period $122.73 $106.98 $120.11 $107.71 $108.17 Investment Operations Net Investment Income1 3.646 4.143 5.543 3.889 3.559 Net Realized and Unrealized Gain (Loss) on Investments (24.030) 16.064 (12.740) 12.741 (.483) Total from Investment Operations (20.384) 20.207 (7.197) 16.630 3.076 Distributions Dividends from Net Investment Income (7.366) 4.457 (5.933) (4.230) (3.536) Distributions from Realized Capital Gains — — — — — Total Distributions (7.366) 4.457 (5.933) (4.230) (3.536) Net Asset Value, End of Period $94.98 $122.73 $106.98 $120.11 $107.71

Total Return2 -17.71% 19.46% -6.42% 16.17% 2.93%

Ratios/Supplemental Data Net Assets, End of Period (Millions) $205 $232 $115 $156 $165 Ratio of Total Expenses to Average Net Assets 0.11% 0.11% 0.11% 0.12% 0.13% Ratio of Net Investment Income to Average Net Assets 3.55% 3.57% 4.52% 3.46% 3.32% Portfolio Turnover Rate3 11% 7% 7% 6% 7% 1 Calculated based on average shares outstanding. 2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. 3 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.

See accompanying Notes, which are an integral part of the Financial Statements. 29 Global ex-U.S. Real Estate Index Fund

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 three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance. 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, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with

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

the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments. Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts. During the year ended October 31, 2020, 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. Forward Currency Contracts: The fund enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

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

During the year ended October 31, 2020, the fund’s average investment in forward currency contracts represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. 5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days. The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded. During the year ended October 31, 2020, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

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

6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements. 7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes. 8. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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. 9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed 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 either facility bear interest at a rate based upon the higher of the one- month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.

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

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program. For the year ended October 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program. 10. 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 are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. 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) and shareholder reporting. 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 and are generally settled twice a month. Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2020, the fund had contributed to Vanguard capital in the amount of $212,000, representing less than 0.01% of the fund’s net assets and 0.08% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

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

C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2020, custodian fee offset arrangements reduced the fund’s expenses by $126,000 (an annual rate of less than 0.01% of average net assets). D. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments. The following table summarizes the market value of the fund’s investments and derivatives as of October 31, 2020, based on the inputs used to value them: Level 1 Level 2 Level 3 Total ($000) ($000) ($000) ($000) Investments Assets Common Stocks 182,927 4,619,070 5,644 4,807,641 Temporary Cash Investments 154,274 3,602 — 157,876 Total 337,201 4,622,672 5,644 4,965,517 Derivative Financial Instruments Assets Forward Currency Contracts — 50 — 50 Swap Contracts — 41 — 41 Total — 91 — 91 Liabilities Futures Contracts1 244 — — 244 Forward Currency Contracts — 168 — 168 Total 244 168 — 412 1 Represents variation margin on the last day of the reporting period.

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

E. At October 31, 2020, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: Foreign Equity Exchange Contracts Contracts Total Statement of Assets and Liabilities Caption ($000) ($000) ($000) Unrealized Appreciation—Forward Currency Contracts — 50 50 Unrealized Appreciation—Over-the-Counter Swap Contracts 41 — 41 Total Assets 41 50 91

Variation Margin Payable—Futures Contracts 244 — 244 Unrealized Depreciation—Forward Currency Contracts — 168 168 Total Liabilities 244 168 412

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2020, were: Foreign Equity Exchange Contracts Contracts Total Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000) Futures Contracts 1,983 — 1,983 Swap Contracts 539 — 539 Forward Currency Contracts — (91) (91) Realized Net Gain (Loss) on Derivatives 2,522 (91) 2,431

Change in Unrealized Appreciation (Depreciation) on Derivatives Futures Contracts (690) — (690) Swap Contracts 41 — 41 Forward Currency Contracts — (237) (237) Change in Unrealized Appreciation (Depreciation) on Derivatives (649) (237) (886)

F. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, passive foreign investment companies, corporate actions, swap agreements, and tax expense on capital gains were reclassified between the following accounts: Amount ($000) Paid-in Capital 44,517 Total Distributable Earnings (Loss) (44,517)

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

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from passive foreign investment companies; the treatment of income from corporate actions; and the classification of securities for tax purposes. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows: Amount ($000) Undistributed Ordinary Income 27,220 Undistributed Long-Term Gains — Capital Loss Carryforwards (477,984) Qualified Late-Year Losses — Net Unrealized Gains (Losses) (959,733)

The tax character of distributions paid was as follows: October 31, 2020 October 31, 2019 Amount Amount ($000) ($000) Ordinary Income* 410,021 247,886 Long-Term Capital Gains — — Total 410,021 247,886 * Includes short-term capital gains, if any.

As of October 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: Amount ($000) Tax Cost 5,925,268 Gross Unrealized Appreciation 516,916 Gross Unrealized Depreciation (1,476,867) Net Unrealized Appreciation (Depreciation) (959,951)

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

G. During the year ended October 31, 2020, the fund purchased $898,945,000 of investment securities and sold $1,504,493,000 of investment securities, other than temporary cash investments. Purchases and sales include $272,486,000 and $624,923,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. H. Capital share transactions for each class of shares were: Year Ended October 31, 2020 2019 Amount Shares Amount Shares ($000) (000) ($000) (000) Investor Shares Issued1 — — 6,420 274 Issued in Lieu of Cash Distributions — — 1,213 58 Redeemed2,3 — — (63,812) (2,743) Net Increase (Decrease)—Investor Shares — — (56,179) (2,411) ETF Shares Issued1 299,697 5,699 482,975 8,342 Issued in Lieu of Cash Distributions — — — — Redeemed2 (672,123) (13,800) (579,316) (10,000) Net Increase (Decrease)—ETF Shares (372,426) (8,101) (96,341) (1,658) Admiral Shares Issued1,3 125,819 4,401 145,581 4,167 Issued in Lieu of Cash Distributions 28,790 825 16,080 490 Redeemed2 (211,381) (7,235) (91,288) (2,674) Net Increase (Decrease)—Admiral Shares (56,772) (2,009) 70,373 1,983 Institutional Shares Issued1 32,658 330 95,873 861 Issued in Lieu of Cash Distributions 5,630 48 3,296 30 Redeemed2 (10,947) (112) (8,399) (73) Net Increase (Decrease)—Institutional Shares 27,341 266 90,770 818 1 Includes purchase fees for fiscal 2020 and 2019 of $396,000 and $462,000, respectively (fund totals). 2 Net of redemption fees for fiscal 2020 and 2019 of $473,000 and $230,000, respectively (fund totals). 3 In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019. Investor Shares—Redeemed and Admiral Shares—Issued include 2,294,000 and 1,514,000 shares, respectively, in the amount of $53,445,000 from the conversion during the year ended October 31, 2019.

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

I. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows: Current Period Transactions Oct. 31, Proceeds Realized Oct. 31, 2019 from Net Change in Capital Gain 2020 Market Purchases Securities Gain Unrealized Distributions Market Value at Cost Sold1 (Loss) App. (Dep.) Income Received Value ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) Vanguard Market Liquidity Fund 98,940 NA2 NA2 (55) (16) 35 — 154,274 Vanguard Real Estate ETF 11,053 5,221 5,739 (960) (2,054) 241 — 7,415 Total 109,993 (1,015) (2,070) 276 — 161,689 1 Does not include adjustments related to return of capital. 2 Not applicable—purchases and sales are for temporary cash investment purposes.

J. Management has determined that no events or transactions occurred subsequent to October 31, 2020, that would require recognition or disclosure in these financial statements.

39 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Vanguard International Equity Index Funds and Shareholders of Vanguard Global ex-U.S. Real Estate Index Fund Opinion on the Financial Statements We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Global ex-U.S. Real Estate Index Fund (one of the funds constituting Vanguard International Equity Index Funds, referred to hereafter as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, 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 ended October 31, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Philadelphia, Pennsylvania December 15, 2020 We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

40 Special 2020 tax information (unaudited) for Vanguard Global ex-U.S. Real Estate Index Fund

This information for the fiscal year ended October 31, 2020, is included pursuant to provisions of the Internal Revenue Code. The fund distributed $31,285,000 of qualified dividend income to shareholders during the fiscal year. The fund designates to shareholders foreign source income of $246,821,000 and foreign taxes paid of $15,231,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2021 to determine the calendar-year amounts to be included on their 2020 tax returns.

41 The S&P Global ex-U.S. Property Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s®, and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Vanguard. Vanguard Global ex-U.S. Real Estate Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of the Vanguard Global ex-U.S. Real Estate Index Fund or any member of the public regarding the advisability of investing in securities generally or in Vanguard Global ex-U.S. Real Estate Index Fund particularly or the ability of the S&P Global ex-U.S. Property Index to track general market performance. S&P Dow Jones Indices’ only relationship to Vanguard with respect to the S&P Global ex-U.S. Property Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P Global ex-U.S. Property Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Vanguard or the Vanguard Global ex-U.S. Real Estate Index Fund. S&P Dow Jones Indices have no obligation to take the needs of Vanguard or the owners of Vanguard Global ex-U.S. Real Estate Index Fund into consideration in determining, composing or calculating the S&P Global ex-U.S. Property Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of Vanguard Global ex-U.S. Real Estate Index Fund or the timing of the issuance or sale of Vanguard Global ex-U.S. Real Estate Index Fund or in the determination or calculation of the equation by which Vanguard Global ex-U.S. Real Estate Index Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of Vanguard Global ex-U.S. Real Estate Index Fund. There is no assurance that investment products based on the S&P Global ex-U.S. Property Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P GLOBAL EX-U.S. PROPERTY INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P GLOBAL EX-U.S. PROPERTY INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

42 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. 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 213 Vanguard funds. Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. 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 Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive Mortimer J. Buckley in residence and 2009–2010 Distinguished Minett Born in 1969. Trustee since January 2018. Principal Professor at the Rochester Institute of Technology. occupation(s) during the past five years and other Director of SPX FLOW, Inc. (multi-industry manufac- experience: chairman of the board (2019–present) of turing). Director of the University of Rochester Medical Vanguard and of each of the investment companies Center, the Monroe Community College Foundation, served by Vanguard; chief executive officer (2018– the United Way of Rochester, North Carolina A&T present) of Vanguard; chief executive officer, president, University, and Roberts Wesleyan College. Trustee and trustee (2018–present) of each of the investment of the University of Rochester. companies served by Vanguard; president and director (2017–present) of Vanguard; and president Amy Gutmann (2018–present) of Vanguard Marketing Corporation. Born in 1949. Trustee since June 2006. Principal Chief investment officer (2013–2017), managing occupation(s) during the past five years and other director (2002–2017), head of the Retail Investor experience: president (2004–present) of the University Group (2006–2012), and chief information officer of Pennsylvania. Christopher H. Browne Distinguished (2001–2006) of Vanguard. Chairman of the board Professor of Political Science, School of Arts and (2011–2017) and trustee (2009–2017) of the Children’s Sciences, and professor of communication, Annenberg Hospital of Philadelphia; and trustee (2018–present) School for Communication, with secondary faculty and vice chair (2019–present) of The Shipley School. appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Independent Trustees F. Joseph Loughrey Emerson U. Fullwood Born in 1949. Trustee since October 2009. Principal Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other occupation(s) during the past five years and other experience: president and chief operating officer experience: executive chief staff and marketing officer (retired 2009) and vice chairman of the board for North America and corporate vice president (retired (2008–2009) of Cummins Inc. (industrial machinery). 2008) of Xerox Corporation (document management Chairman of the board of Hillenbrand, Inc. (specialized products and services). Former president of the consumer services) and the Lumina Foundation. Worldwide Channels Group, Latin America, and Director of the V Foundation. Member of the advisory

1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds. council for the College of Arts and Letters and André F. Perold chair of the advisory board to the Kellogg Institute Born in 1952. Trustee since December 2004. Principal for International Studies, both at the University of occupation(s) during the past five years and other Notre Dame. experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School Mark Loughridge (retired 2011). Chief investment officer and co- Born in 1953. Trustee since March 2012. Principal managing partner of HighVista Strategies (private occupation(s) during the past five years and other investment firm). Member of the board of advisors experience: senior vice president and chief financial and member of the investment committee of the officer (retired 2013) of IBM (information technology Museum of Fine Arts Boston. Member of the board services). Fiduciary member of IBM’s Retirement (2018–present) of RIT Capital Partners (investment Plan Committee (2004–2013), senior vice president firm). Member of the investment committee of and general manager (2002–2004) of IBM Global Partners Health Care System. Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles Sarah Bloom Raskin at IBM. Member of the Council on Chicago Booth. Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other Scott C. Malpass experience: deputy secretary (2014–2017) of Born in 1962. Trustee since March 2012. Principal the United States Department of the Treasury. occupation(s) during the past five years and other Governor (2010–2014) of the Federal Reserve experience: chief investment officer (retired June Board. Commissioner (2007–2010) of financial 2020) and vice president (retired June 2020) of the regulation for the State of Maryland. Member of University of Notre Dame. Assistant professor of the board of directors (2012–2014) of Neighborhood finance at the Mendoza College of Business, University Reinvestment Corporation. Director (2017–present) of Notre Dame, and member of the Notre Dame 403(b) of i(x) Investments, LLC; director (2017–present) of Investment Committee (retired June 2020). Member Reserve Trust. Rubenstein Fellow (2017–present) of the board of Catholic Investment Services, Inc. of Duke University; trustee (2017–present) of Amherst (investment advisors) and the board of superintendence College, and trustee (2019–present) of the Folger of the Institute for the Works of Religion. Shakespeare Library.

Deanna Mulligan Peter F. Volanakis Born in 1963. Trustee since January 2018. Principal Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other occupation(s) during the past five years and other experience: board chair (2020–present), chief executive experience: president and chief operating officer officer (2011–2020), and president (2010–2019) of (retired 2010) of Corning Incorporated (communications The Guardian Life Insurance Company of America. equipment) and director of Corning Incorporated Chief operating officer (2010–2011) and executive (2000–2010) and Dow Corning (2001–2010). vice president (2008–2010) of the individual life and Director (2012) of SPX Corporation (multi-industry disability division of Guardian Life. Member of the manufacturing). Overseer of the Amos Tuck School board of the American Council of Life Insurers and the of Business Administration, Dartmouth College board of the Economic Club of New York. Trustee of (2001–2013). Chairman of the board of trustees the Partnership for New York City (business leadership), of Colby-Sawyer College. Member of the board of Chief Executives for Corporate Purpose, NewYork- Hypertherm Inc. (industrial cutting systems, software, Presbyterian Hospital, Catalyst, and the Bruce Museum and consumables). (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business. Executive Officers Peter Mahoney Born in 1974. Principal occupation(s) during the past John Bendl five years and other experience: principal of Vanguard. Born in 1970. Principal occupation(s) during the past Controller (2015–present) of each of the investment five years and other experience: principal of Vanguard. companies served by Vanguard. Head of International Chief financial officer (2019–present) of each of the Fund Services (2008–2014) at Vanguard. investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard Anne E. Robinson (2017–present). Partner (2003–2016) at KPMG (audit, Born in 1970. Principal occupation(s) during the tax, and advisory services). past five years and other experience: general counsel (2016–present) of Vanguard. Secretary Christine M. Buchanan (2016–present) of Vanguard and of each of the Born in 1970. Principal occupation(s) during the past investment companies served by Vanguard. five years and other experience: principal of Vanguard. Managing director (2016–present) of Vanguard. Treasurer (2017–present) of each of the investment Managing director and general counsel of Global companies served by Vanguard. Partner (2005–2017) Cards and Consumer Services (2014–2016) at at KPMG (audit, tax, and advisory services). Citigroup. Counsel (2003–2014) at American Express.

David Cermak Michael Rollings Born in 1960. Principal occupation(s) during the Born in 1963. Principal occupation(s) during the past five years and other experience: principal of past five years and other experience: finance Vanguard. Finance director (2019–present) of each director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. of the investment companies served by Vanguard. Managing director and head (2017–present) of Managing director (2016–present) of Vanguard. Chief Vanguard Investments Singapore. Managing director financial officer (2016–present) of Vanguard. Director and head (2017–2019) of Vanguard Investments Hong (2016–present) of Vanguard Marketing Corporation. Kong. Representative director and head (2014–2017) Executive vice president and chief financial officer of Vanguard Investments Japan. (2006–2016) of MassMutual Financial Group.

John Galloway John E. Schadl Born in 1973. Principal occupation(s) during the Born in 1972. Principal occupation(s) during the past past five years and other experience: principal of five years and other experience: principal of Vanguard. Vanguard. Investment stewardship officer (September Chief compliance officer (2019–present) of Vanguard 2020–present) of each of the investment companies and of each of the investment companies served by served by Vanguard. Head of Investor Advocacy Vanguard. Assistant vice president (2019–present) (February 2020–present) and head of Marketing of Vanguard Marketing Corporation. Strategy and Planning (2017–2020) at Vanguard. Deputy assistant to the President of the United States (2015). Vanguard Senior Management Team

Thomas J. Higgins Joseph Brennan James M. Norris Born in 1957. Principal occupation(s) during the past Mortimer J. Buckley Thomas M. Rampulla five years and other experience: principal of Vanguard. Gregory Davis Karin A. Risi Finance director (2019–present), chief financial officer John James Anne E. Robinson (2008–2019), and treasurer (1998–2008) of each of John T. Marcante Michael Rollings the investment companies served by Vanguard. Chris D. McIsaac Lauren Valente Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447 Source for Bloomberg Barclays indexes: Bloomberg Direct Investor Account Services > 800-662-2739 Index Services Limited. Copyright 2020, Bloomberg. All rights reserved. Institutional Investor Services > 800-523-1036

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

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].

© 2020 The Vanguard Group, Inc. All rights reserved. U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636. Vanguard Marketing Corporation, Distributor.

Q7380 122020