Vanguard Global ex-U.S. Real Estate Index Fundpersonal.vanguard.com/funds/reports/q7380.pdf · 1 • Vanguard Global ex-U.S. Real Estate Index Fund returned –6.6 1% for Investor

Vanguard Global ex-U.S. Real Estate

Index Fund

Annual Report | October 31, 2018

Contents

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

See the Glossary for definitions of investment terms used in this report.

Vanguard’s Principles for Investing Success

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

Goals. Create clear, appropriate investment goals.

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

Cost. Minimize cost.

Discipline. Maintain perspective and long-term discipline.

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

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

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

Fund Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

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

Your Fund’s After-Tax Returns. . . . . . . . . . . . . . . . . . . . . . . 40

About Your Fund’s Expenses. . . . . . . . . . . . . . . . . . . . . . . . 41

Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

1

• Vanguard Global ex-U.S. Real Estate Index Fund returned –6.61% for Investor Shares

for the 12 months ended October 31, 2018, closely tracking its benchmark.

• Returns were negative in all three of the largest global real estate sectors—the Pacific

region, Europe, and emerging markets. The S&P Global ex-U.S. Property Index returned

–6.79% for the period. The FTSE All-World ex US Index, which includes large- and mid-

capitalization stocks in emerging and developed markets outside the United States,

returned –7.99%.

• China was the largest detractor in emerging markets while Hong Kong subtracted

most from the Pacific region. Germany and Sweden were among the few European

markets turning in a positive performance.

• Please note that shortly after the close of the period, Vanguard lowered the

investment minimum for your fund’s Admiral Shares from $10,000 to $3,000.

Your Fund’s Performance at a Glance

1

Total Returns: Fiscal Year Ended October 31, 2018

TotalReturns

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

Investor Shares -6.61%

ETF Shares

Market Price -6.78

Net Asset Value -6.42

Admiral™ Shares -6.43

Institutional Shares -6.42

S&P Global ex-U.S. Property Index -6.79

International Real Estate Funds Average -3.07

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

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

2

Total Returns: Inception Through October 31, 2018

Average

Annual Return

Global ex-U.S. Real Estate Index Fund Investor Shares (Returns since inception: 11/1/2010) 4.51%

S&P Global ex-U.S. Property Index 4.31

International Real Estate Funds Average 4.02

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

The figures shown represent past performance, which is not a guarantee of future results. (Currentperformance may be lower or higher than the performance data cited. For performance data current to themost recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investmentreturns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth moreor less than their original cost.

Expense RatiosYour Fund Compared With Its Peer Group

Investor

Shares

ETF

Shares

Admiral

Shares

Institutional

Shares

Peer Group

Average

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

The fund expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year.For the fiscal year ended October 31, 2018, the fund’s expense ratios were 0.31% for Investor Shares, 0.12% for ETF Shares, 0.12%for Admiral Shares, and 0.11% for Institutional Shares. The peer-group expense ratio is derived from data provided by Lipper, a ThomsonReuters Company, and captures information through year-end 2017.

Peer group: International Real Estate Funds.

Dear Shareholder,

Over the years, I’ve found that prudent

investors exhibit a common trait:

discipline. No matter how the markets

move or what new investing fad hits the

headlines, those who stay focused on

their goals and tune out the noise are

set up for long-term success.

The prime gateway to investing is saving,

and you don’t usually become a saver

without a healthy dose of discipline.

Savers make the decision to sock away

part of their income, which means

spending less and delaying gratification,

no matter how difficult that may be.

Of course, disciplined investing extends

beyond diligent saving. The financial

markets, in the short term especially,

are unpredictable; I have yet to meet the

investor who can time them perfectly.

It takes discipline to resist the urge to

go all-in when markets are frothy or to

retreat when things look bleak.

Staying put with your investments is one

strategy for handling volatility. Another,

rebalancing, requires even more discipline

because it means steering your money

away from strong performers and toward

poorer performers.

Patience—a form of discipline—is also

the friend of long-term investors. Higher

returns are the potential reward for

weathering the market’s turbulence

and uncertainty.

CEO’s Perspective

Tim BuckleyPresident and Chief Executive Officer

3

We have been enjoying one of the longest

bull markets in history, but it won’t continue

forever. Prepare yourself now for how

you will react when volatility comes back.

Don’t panic. Don’t chase returns or look

for answers outside the asset classes you

trust. And be sure to rebalance periodically,

even when there’s turmoil.

Whether you’re a master of self-control,

get a boost from technology, or work with

a professional advisor, know that discipline

is necessary to get the most out of your

investment portfolio. And know that

Vanguard is with you for the entire ride.

Thank you for your continued loyalty.

Sincerely,

Mortimer J. Buckley

President and Chief Executive Officer

November 16, 2018

Market Barometer Average Annual Total Returns

Periods Ended October 31, 2018

One Year Three Years Five Years

Stocks

Russell 1000 Index (Large-caps) 6.98% 11.31% 11.05%

Russell 2000 Index (Small-caps) 1.85 10.68 8.01

Russell 3000 Index (Broad U.S. market) 6.60 11.27 10.81

FTSE All-World ex US Index (International) -7.99 4.57 2.01

Bonds

Bloomberg Barclays U.S. Aggregate Bond Index

(Broad taxable market) -2.05% 1.04% 1.83%

Bloomberg Barclays Municipal Bond Index

(Broad tax-exempt market) -0.51 1.90 3.25

FTSE Three-Month U.S. Treasury Bill Index 1.67 0.86 0.52

CPI

Consumer Price Index 2.52% 2.07% 1.60%

4

Global ex-U.S. Real Estate Index Fund

Fund ProfileAs of October 31, 2018

1 The expense ratios shown are from the prospectus dated February 23, 2018, and represent estimated costs for the current fiscal year.For the fiscal year ended October 31, 2018, the expense ratios were 0.31% for Investor Shares, 0.12% for ETF Shares, 0.12% for AdmiralShares, and 0.11% for Institutional Shares.

5

Share-Class Characteristics

Investor

Shares ETF Shares

Admiral

Shares

Institutional

Shares

Ticker Symbol VGXRX VNQI VGRLX VGRNX

Expense Ratio1 0.34% 0.14% 0.14% 0.12%

Portfolio Characteristics

Fund

S&P

Global

ex-U.S.

Property

Index

Number of Stocks 635 567

Median Market Cap $5.9B $5.9B

Price/Earnings Ratio 8.0x 8.0x

Price/Book Ratio 0.9x 1.0x

Return on Equity 10.7% 10.8%

Earnings Growth Rate 13.3% 13.4%

Dividend Yield 4.0% 4.0%

Turnover Rate 7% —

Short-Term Reserves -0.6% —

Allocation by Region (% of equity exposure)

49.6% Pacific

26.9% Europe

19.9% EmergingMarkets

2.5% North America

0.9% Middle East

0.2% Other

Volatility Measures

S&P

Global

ex-U.S.

Property

Index

MSCI AC

World

Index

ex USA

R-Squared 0.99 0.78

Beta 0.97 0.89

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

Ten Largest Holdings (% of total net assets)

Unibail-Rodamco-

Westfield Retail REITs 2.6%

Vonovia SE Real Estate

Operating

Companies 2.4

Mitsui Fudosan Co. Ltd. Diversified Real

Estate Activities 2.3

Mitsubishi Estate Co.

Ltd.

Diversified Real


Daiwa House Industry

Co. Ltd.

Diversified Real


Sun Hung Kai Properties

Ltd.

Diversified Real


Link REIT Retail REITs 1.9

CK Asset Holdings Ltd. Real Estate

Development 1.8

Sumitomo Realty &

Development Co. Ltd.

Diversified Real


Deutsche Wohnen SE Real Estate

Operating

Companies 1.7

Top Ten 20.8%

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


6

Market Diversification (% of equity exposure)

Fund

S&PGlobal

ex-U.S.Property

Index

Europe

Germany 7.0% 7.1%

United Kingdom 7.0 7.1

France 5.5 5.5

Sweden 2.2 2.2

Switzerland 1.5 1.5

Spain 1.0 1.0

Other 2.7 2.7

Subtotal 26.9% 27.1%

Pacific

Japan 23.1% 23.2%

Hong Kong 12.1 12.1

Australia 8.5 8.6

Singapore 5.4 5.4

Other 0.5 0.5


Emerging Markets

China 9.1% 9.0%

South Africa 2.3 2.3

Philippines 1.5 1.5

Thailand 1.5 1.5

United Arab Emirates 1.0 1.0

Other 4.5 4.3


North America

Canada 2.5% 2.5%

Middle East 0.9% 0.9%

Other 0.2% 0.1%

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

on fund distributions or on the sale of fund shares.


Performance Summary

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

7

Cumulative Performance: November 1, 2010, Through October 31, 2018Initial Investment of $10,000

20182017201620152014201320122011

$19,000

6,000

14,168

Average Annual Total Returns


OneYear

FiveYears

SinceInception

(11/1/2010)

Final Valueof a $10,000Investment

Global ex-U.S. Real Estate Index FundInvestor Shares -7.07% 2.16% 4.45% $14,168

• • • • • • • • S&P Global ex-U.S. Property Index -6.79 1.96 4.31 14,012

– – – – International Real Estate Funds Average -3.07 2.12 4.02 13,705

________ MSCI All Country World Index ex USA -7.80 2.10 3.50 13,165

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

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

OneYear

FiveYears

SinceInception

(11/1/2010)


Global ex-U.S. Real Estate Index FundETFShares Net Asset Value -6.42% 2.43% 4.67% $14,405

S&P Global ex-U.S. Property Index -6.79 1.96 4.31 14,012

MSCI All Country World Index ex USA -7.80 2.10 3.50 13,165

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

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


8

Average Annual Total Returns


OneYear

FiveYears

SinceInception

(2/10/2011)


Global ex-U.S. Real Estate Index FundAdmiral Shares -6.89% 2.34% 4.85% $14,412

S&P Global ex-U.S. Property Index -6.79 1.96 4.56 14,107

MSCI All Country World Index ex USA -7.80 2.10 3.21 12,760

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

OneYear

FiveYears

SinceInception

(4/19/2011)

Final Valueof a $5,000,000

InvestmentGlobal ex-U.S. Real Estate Index FundInstitutional Shares -6.88% 2.36% 4.66% $7,048,560

S&P Global ex-U.S. Property Index -6.79 1.96 4.39 6,908,855

MSCI All Country World Index ex USA -7.80 2.10 2.87 6,187,060

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

Cumulative Returns of ETF Shares: November 1, 2010, Through October 31, 2018

OneYear

FiveYears

SinceInception

(11/1/2010)

Global ex-U.S. Real Estate Index Fund ETF SharesMarket Price -6.78% 12.26% 43.18%

Global ex-U.S. Real Estate Index Fund ETF SharesNet Asset Value -6.42 12.76 44.05

S&P Global ex-U.S. Property Index -6.79 10.20 40.12

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

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


9

Fiscal-Year Total Returns (%): November 1, 2010, Through October 31, 2018

–8.49 –7.48

2011

21.3119.71

2012

14.69 14.79

2013

2.41 1.31

2014

–1.82 –1.10

2015

2.72 2.08

2016

15.88 15.58

2017

–6.61 –6.79

2018

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

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

Average Annual Total Returns: Periods Ended September 30, 2018This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.Securities and Exchange Commission rules require that we provide this information.

InceptionDate

OneYear

FiveYears

SinceInception

Investor Shares 11/1/2010 -0.51% 3.89% 5.34%

Fee-Adjusted Returns -0.99 3.80 5.28

ETF Shares 11/1/2010

Market Price -0.64 4.00 5.44

Net Asset Value -0.33 4.06 5.50

Admiral Shares 2/10/2011 -0.33 4.07 5.77


Institutional Shares 4/19/2011 -0.32 4.09 5.61


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Common Stocks (98.9%)1

Australia (8.4%)

Scentre Group 32,268,408 90,909

Goodman Group 9,687,000 71,194

LendLease Group 3,529,950 44,084

Dexus 6,099,700 44,072

GPT Group 10,841,905 39,651

Stockland 14,711,671 37,634

Vicinity Centres 19,428,664 36,446

Mirvac Group 22,401,769 34,459

Charter Hall Group 2,804,065 13,724

Investa Office Fund 2,994,542 11,782

Shopping Centres

Australasia Property

Group 5,051,547 9,188

BWP Trust 2,910,521 7,142

Cromwell Property

Group 8,649,331 6,313

Charter Hall Retail

REIT 1,967,431 5,930

Abacus Property

Group 1,954,683 4,550

National Storage REIT 3,670,539 4,435

Viva Energy REIT 2,623,847 4,054

Growthpoint Properties

Australia Ltd. 1,531,564 3,950

Aveo Group 2,536,538 3,318

Charter Hall Long

Wale REIT 1,087,937 3,177

Rural Funds Group 1,954,043 2,952

GDI Property Group 3,015,769 2,755

Folkestone Education

Trust 1,323,859 2,678

Ingenia Communities

Group 1,225,737 2,498

Arena REIT 1,545,157 2,373

Propertylink Group 2,627,019 2,177

Hotel Property

Investments 841,102 1,840

Cedar Woods

Properties Ltd. 344,220 1,293

Industria REIT 632,742 1,133

Villa World Ltd. 714,928 1,019

Servcorp Ltd. 14,200 35

496,765

Austria (0.6%)

CA Immobilien

Anlagen AG 444,203 14,455* IMMOFINANZ AG 561,064 13,356

S IMMO AG 316,186 5,406^ BUWOG AG 67,449 2,292

35,509

Belgium (0.9%)

Cofinimmo SA 127,699 15,271

Warehouses De

Pauw CVA 102,375 13,277

Aedifica SA 108,669 9,091

Befimmo SA 139,434 7,643

Retail Estates NV 46,157 3,685

Intervest Offices &

Warehouses NV 98,851 2,567

51,534

Brazil (0.7%) * BR Malls Participacoes

SA 5,472,016 18,674

Multiplan

Empreendimentos

Imobiliarios SA 1,696,548 10,485

Iguatemi Empresa de

Shopping Centers SA 549,486 5,738

Aliansce Shopping

Centers SA 554,837 2,612

BR Properties SA 780,774 1,638

Sonae Sierra Brasil SA 138,165 852

39,999

Financial Statements

Statement of Net AssetsAs of October 31, 2018

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

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

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

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

N-Q on the SEC’s website at sec.gov.


10


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Canada (2.5%) ^ RioCan REIT 926,359 16,888

First Capital Realty

Inc. 1,048,261 15,639^ Canadian Apartment

Properties REIT 430,565 15,310

H&R REIT 857,380 12,967^ Allied Properties REIT 294,692 9,469^ SmartCentres REIT 396,136 9,051

Choice Properties

REIT 818,958 7,428^ Tricon Capital Group

Inc. 808,074 6,421^ Dream Global REIT 562,224 5,731

Granite REIT 134,698 5,562^ Boardwalk REIT 135,370 5,040^ Cominar REIT 538,108 4,468^ Artis REIT 449,003 3,820

Northview Apartment

REIT 163,676 3,147^ Dream Office REIT 175,535 3,107

Killam Apartment

REIT 239,678 2,944^ InterRent REIT 305,465 2,928^ Crombie REIT 263,973 2,641^ NorthWest Healthcare

Properties REIT 301,775 2,432* DREAM Unlimited

Corp. Class A 421,498 2,321

Dream Industrial REIT 257,130 1,910

CT REIT 187,742 1,854

Summit Industrial

Income REIT 247,441 1,697^ Slate Retail REIT 127,011 1,221^ Slate Office REIT 203,345 1,193

Morguard North

American Residential

REIT 95,615 1,180

Agellan Commercial

REIT 98,494 964

True North Commercial

REIT 174,518 850

148,183

Chile (0.2%)

Parque Arauco SA 4,154,456 9,424

China (9.0%)

China Overseas Land

& Investment Ltd. 22,559,710 70,924

China Resources

Land Ltd. 16,374,446 55,693

Country Garden

Holdings Co. Ltd. 43,341,163 46,642

^ China Evergrande

Group 18,172,921 43,575

Sunac China Holdings

Ltd. 13,854,278 37,919

China Vanke Co. Ltd. 7,966,483 24,600

Longfor Group

Holdings Ltd. 8,970,208 21,799

Shimao Property

Holdings Ltd. 6,454,164 12,718

China Jinmao Holdings

Group Ltd. 25,212,054 10,623

Jiayuan International

Group Ltd. 5,990,000 10,515

Agile Group Holdings

Ltd. 8,741,409 10,043

Guangzhou R&F

Properties Co. Ltd. 6,092,209 9,619

CIFI Holdings Group

Co. Ltd. 22,038,000 9,246

Sino-Ocean Group

Holding Ltd. 18,908,829 7,433

Shanghai Lujiazui

Finance & Trade Zone

Development Co. Ltd.

Class B 5,746,518 7,315

Logan Property

Holdings Co. Ltd. 7,623,984 7,061^ Future Land

Development

Holdings Ltd. 10,366,000 5,979

Yuexiu Property Co.

Ltd. 37,335,094 5,925

KWG Group Holdings

Ltd. 7,302,158 5,604

Shenzhen Investment

Ltd. 18,894,201 5,438

Yuexiu REIT 7,885,516 4,790^ Zhenro Properties

Group Ltd. 7,713,000 4,674

China Aoyuan Property

Group Ltd. 7,820,000 4,591* Renhe Commercial

Holdings Co. Ltd. 127,131,484 4,310

Shui On Land Ltd. 20,896,538 4,223*,^ Ronshine China

Holdings Ltd. 3,542,000 3,996

SOHO China Ltd. 11,402,045 3,876

China South City

Holdings Ltd. 26,090,111 3,835

Yuzhou Properties

Co. Ltd. 10,683,470 3,814

China SCE Group

Holdings Ltd. 11,084,766 3,789

11


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

^,2 Red Star Macalline

Group Corp. Ltd. 4,035,324 3,570

Poly Property Group

Co. Ltd. 11,677,048 3,499

Kaisa Group Holdings

Ltd. 13,218,000 3,233

Powerlong Real Estate

Holdings Ltd. 9,391,139 3,223*,2 China Logistics

Property Holdings

Co. Ltd. 9,509,000 3,153

Hopson Development

Holdings Ltd. 4,012,710 3,085

Times China Holdings

Ltd. 3,221,000 2,822

Zall Smart Commerce

Group Ltd. 3,652,000 2,613

Gemdale Properties &

Investment Corp. Ltd. 27,512,000 2,540

Greentown China

Holdings Ltd. 3,541,814 2,475^,2 Redco Group 5,426,000 2,458^ China Overseas Grand

Oceans Group Ltd. 7,889,079 2,445

Joy City Property Ltd. 21,853,515 2,323

C C Land Holdings Ltd. 9,723,500 2,310*,^ Zhuguang Holdings

Group Co. Ltd. 12,316,000 2,282*,2 Sunshine 100 China

Holdings Ltd. 4,655,000 2,258

Road King

Infrastructure Ltd. 1,449,000 2,243* Skyfame Realty

Holdings Ltd. 12,981,012 2,235^ LVGEM China Real

Estate Investment

Co. Ltd. 6,584,000 1,853

Shanghai Jinqiao

Export Processing

Zone Development

Co. Ltd. Class B 1,668,650 1,849

Beijing Capital Land

Ltd. 5,089,034 1,728

Central China Real

Estate Ltd. 4,426,000 1,617

Yida China Holdings

Ltd. 4,482,000 1,520

Shanghai Industrial

Urban Development

Group Ltd. 8,552,799 1,280* C&D International

Investment Group Ltd. 1,425,000 1,237

Minmetals Land Ltd. 7,956,000 1,221

*,^ Ground International

Development Ltd. 11,520,000 1,177

Nam Tai Property Inc. 124,518 1,149

Beijing North Star Co.

Ltd. 4,334,000 1,146

Greenland Hong Kong

Holdings Ltd. 4,827,000 1,113

Guorui Properties Ltd. 4,456,000 1,070

China Electronics

Optics Valley Union

Holding Co. Ltd. 18,920,000 1,053*,^ Carnival Group

International

Holdings Ltd. 57,272,799 1,0382 China Vast Industrial

Urban Development

Co. Ltd. 2,645,000 1,031

Shanghai Shibei

Hi-Tech Co. Ltd.

Class B 2,877,550 1,021*,§ Mingfa Group

International Co. Ltd. 4,231,908 1,020

China Merchants

Land Ltd. 7,820,000 1,011

Xinyuan Real Estate

Co. Ltd. ADR 214,908 888

Fantasia Holdings

Group Co. Ltd. 8,831,943 883*,^ Jingrui Holdings Ltd. 3,018,000 782^ Modern Land China

Co. Ltd. 5,934,000 747* Glorious Property

Holdings Ltd. 14,812,036 722*,^ AVIC International

Holding HK Ltd. 29,153,742 674* Zhong An Real Estate

Ltd. 15,993,000 551

Tian An China

Investment Co. Ltd. 1,028,000 549

Shanghai Lingang

Holdings Corp. Ltd.

Class B 431,435 534* Sansheng Holdings

Group Co. Ltd. 366,000 501* Hydoo International

Holding Ltd. 9,360,000 500* Shanghai Zendai

Property Ltd. 34,440,000 486

Greattown Holdings

Ltd. Class B 808,800 348* Wanda Hotel

Development Co. Ltd. 4,269,000 330

12


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

^ Top Spring

International

Holdings Ltd. 1,188,500 312* China Minsheng

DIT Group Ltd. 12,840,000 271* EverChina

International

Holdings Co. Ltd. 11,159,331 257* Shanghai Huili

Building Materials

Co. Ltd. Class B 106,200 77

Spring REIT 80,000 48^ Fullshare Holdings Ltd. 100,000 39

532,969

Denmark (0.0%) * TK Development A/S 5,256 5

Egypt (0.1%)

Talaat Moustafa Group 5,419,949 2,803* Medinet Nasr Housing 4,277,445 1,690* Six of October

Development &

Investment 1,490,785 1,247* Palm Hills

Developments SAE 6,064,461 796

Heliopolis Housing 763,610 765* Emaar Misr for

Development SAE 3,985,076 697* Palm Hills

Developments SAE

Rights Exp. 11/15/2018 2,021,487 31

8,029

Finland (0.1%)

Citycon Oyj 2,206,318 4,288

France (5.4%) * Unibail-Rodamco-

Westfield (Amsterdam

Shares) 617,867 111,809

Gecina SA 332,061 48,701

Klepierre SA 1,253,769 42,487* Unibail-Rodamco-

Westfield 216,117 39,235

Covivio 325,901 32,702

ICADE 272,838 23,119

Nexity SA 297,664 14,235^ Mercialys SA 336,406 4,932

Altarea SCA 22,026 4,832

322,052

Germany (6.9%)

Vonovia SE 3,139,532 143,466

Deutsche Wohnen SE 2,149,294 98,310

LEG Immobilien AG 379,430 41,475* Aroundtown SA 4,106,104 34,026

TAG Immobilien AG 881,400 20,107

Grand City

Properties SA 626,510 15,146

alstria office REIT-AG 955,011 13,7482 ADO Properties SA 166,102 9,797

Deutsche EuroShop

AG 305,439 9,478

TLG Immobilien AG 332,489 8,442

Hamborner REIT AG 479,362 4,830

PATRIZIA Immobilien

AG 267,358 4,596

ADLER Real Estate

AG 201,809 3,263

DIC Asset AG 265,584 2,864* WCM Beteiligungs

& Grundbesitz-AG 2,735 12

409,560

Greece (0.1%)

Grivalia Properties

REIC AE 295,146 2,536* LAMDA Development

SA 239,643 1,653

4,189

Hong Kong (12.0%)

Sun Hung Kai

Properties Ltd. 9,308,941 120,981

Link REIT 12,914,589 114,773

CK Asset Holdings

Ltd. 16,140,875 105,041

New World

Development Co.

Ltd. 34,611,000 44,031

Wharf Real Estate

Investment Co. Ltd. 7,005,000 43,530

Henderson Land

Development Co. Ltd. 9,046,397 42,193

Hongkong Land

Holdings Ltd. 7,109,012 42,099

Sino Land Co. Ltd. 19,602,604 30,796

Wheelock & Co. Ltd. 4,708,152 25,170

Swire Properties Ltd. 6,377,400 21,794

Hang Lung Properties

Ltd. 11,990,932 21,736

Wharf Holdings Ltd. 6,996,000 17,488

Hysan Development

Co. Ltd. 3,712,655 17,411

Hang Lung Group Ltd. 5,187,103 12,770

Kerry Properties Ltd. 3,568,832 11,236

Champion REIT 12,029,512 8,094

Great Eagle Holdings

Ltd. 868,000 3,964

Sunlight REIT 6,077,400 3,659

K Wah International

Holdings Ltd. 7,127,338 3,229

13


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Far East Consortium

International Ltd. 6,429,000 3,002^ Wang On Properties

Ltd. 22,516,000 2,788^ Chinese Estates

Holdings Ltd. 2,843,952 2,677

Prosperity REIT 7,095,649 2,517

Landing International

Development Ltd. 8,792,400 1,834

Langham Hospitality

Investments and

Langham Hospitality

Investments Ltd. 5,056,500 1,799

CSI Properties Ltd. 33,178,348 1,298

Lai Sun Development

Co. Ltd. 760,800 1,104

Liu Chong Hing

Investment Ltd. 560,000 810

Kowloon Development

Co. Ltd. 443,000 456

Emperor International

Holdings Ltd. 1,736,000 425

Soundwill Holdings

Ltd. 223,500 292

Asia Standard

International Group

Ltd. 1,508,000 284

HKR International Ltd. 38,400 18

709,299

India (0.4%)

DLF Ltd. 2,682,379 5,977

Oberoi Realty Ltd. 682,146 3,908* Godrej Properties

Ltd. 344,576 2,791

Phoenix Mills Ltd. 353,925 2,659

Prestige Estates

Projects Ltd. 699,890 1,844* Indiabulls Real Estate

Ltd. 1,690,760 1,718

Sobha Ltd. 269,084 1,626

Sunteck Realty Ltd. 222,901 976

Mahindra Lifespace

Developers Ltd. 156,706 866

Omaxe Ltd. 270,192 778* Housing Development

& Infrastructure Ltd. 1,562,087 426

Brigade Enterprises Ltd. 194,222 420* Unitech Ltd. 12,893,631 375

NESCO Ltd. 53,807 322

24,686

Indonesia (0.4%) * Bumi Serpong Damai

Tbk PT 56,190,427 4,079* Hanson International

Tbk PT 460,130,500 3,667

Ciputra Development

Tbk PT 59,559,091 3,221

Pakuwon Jati Tbk PT 87,669,628 2,759

Summarecon Agung

Tbk PT 46,971,600 1,854

Lippo Karawaci Tbk

PT 100,277,300 1,853* Kawasan Industri

Jababeka Tbk PT 101,276,111 1,479* Alam Sutera Realty

Tbk PT 67,462,397 1,236* Sentul City Tbk PT 125,524,500 786

PP Properti Tbk PT 104,663,007 662

Puradelta Lestari

Tbk PT 59,056,200 505* Intiland Development

Tbk PT 18,733,000 401* Lippo Cikarang

Tbk PT 1,115,200 113

22,615

Ireland (0.3%)

Green REIT plc 3,975,571 6,568

Hibernia REIT plc 4,161,268 6,554

Irish Residential

Properties REIT plc 2,131,320 3,435

16,557

Israel (0.9%)

Azrieli Group Ltd. 218,386 10,604

Alony Hetz Properties

& Investments Ltd. 665,002 6,326* Airport City Ltd. 436,706 5,087

Gazit-Globe Ltd. 576,796 4,823

Melisron Ltd. 105,596 4,477

Amot Investments

Ltd. 873,934 4,341

Reit 1 Ltd. 1,040,696 4,069* Jerusalem Economy

Ltd. 1,241,428 3,331

Bayside Land Corp. 5,723 2,457* Brack Capital

Properties NV 18,447 1,962

Sella Capital Real

Estate Ltd. 1,151,411 1,907

Big Shopping

Centers Ltd. 28,839 1,878* ADO Group Ltd. 76,007 1,669

14


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Property & Building

Corp. Ltd. 14,607 1,048* Africa Israel

Investments Ltd. —

53,979

Italy (0.1%)

Beni Stabili SpA SIIQ 6,254,452 5,355

Immobiliare Grande

Distribuzione SIIQ

SPA 293,544 2,071*,§ Beni Stabili SpA SIIQ

Rights Exp. 11/10/2018 6,501,127 —

7,426

Japan (22.8%)

Mitsui Fudosan Co.

Ltd. 6,007,457 135,301

Mitsubishi Estate Co.

Ltd. 8,429,445 134,718

Daiwa House Industry

Co. Ltd. 4,036,874 121,891

Sumitomo Realty &


Daito Trust

Construction Co. Ltd. 457,825 60,359

Nippon Building Fund

Inc. 8,529 48,740

Japan Real Estate

Investment Corp. 8,365 43,170

Nomura Real Estate

Master Fund Inc. 26,087 33,790

Japan Retail Fund


United Urban


Hulic Co. Ltd. 2,970,080 27,178

Nippon Prologis REIT

Inc. 13,200 26,570

Orix JREIT Inc. 16,690 25,532

Daiwa House REIT


GLP J-Reit 23,001 22,761

Advance Residence


Japan Prime Realty


Tokyu Fudosan

Holdings Corp. 3,450,144 19,439

Japan Hotel REIT


Kenedix Office


Activia Properties Inc. 3,838 15,929

Invincible Investment

Corp. 34,794 14,412

Sekisui House Reit Inc. 22,629 14,163

Tokyo Tatemono Co.

Ltd. 1,302,683 14,011

Nomura Real Estate

Holdings Inc. 744,829 13,992

Nippon

Accommodations

Fund Inc. 2,911 13,343

Mori Hills REIT


Aeon Mall Co. Ltd. 619,883 11,448

Frontier Real Estate

Investment Corp. 2,979 11,418^ Daiwa Office


Japan Logistics Fund

Inc. 5,565 11,101

Japan Excellent Inc. 7,935 10,288

Industrial &

Infrastructure Fund


AEON REIT


Hulic Reit Inc. 6,704 9,755

NTT Urban

Development Corp. 653,000 9,705

NIPPON REIT


Comforia Residential

REIT Inc. 3,538 8,463

Tokyu REIT Inc. 5,914 8,319

Mori Trust Sogo Reit

Inc. 5,811 8,240

Premier Investment

Corp. 7,957 8,231

Kenedix Residential

Next Investment Corp. 5,215 7,954

Japan Rental Housing

Investments Inc. 9,840 7,723

MCUBS MidCity


Ichigo Office REIT

Investment 9,158 7,517

Invesco Office J-Reit

Inc. 52,114 7,344

Fukuoka REIT Corp. 4,762 7,188

Kenedix Retail REIT

Corp. 3,061 6,509

Leopalace21 Corp. 1,517,850 6,323

LaSalle Logiport REIT 6,620 6,096

Heiwa Real Estate

REIT Inc. 6,088 5,971

Hoshino Resorts

REIT Inc. 1,254 5,881

15


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Global One Real Estate


Ichigo Inc. 1,491,900 4,871

Hankyu Hanshin REIT

Inc. 3,809 4,739

Daikyo Inc. 161,805 4,247

Mitsui Fudosan

Logistics Park Inc. 1,413 4,121

Heiwa Real Estate

Co. Ltd. 205,032 3,797

Unizo Holdings Co.

Ltd. 196,300 3,698^ Katitas Co. Ltd. 145,800 3,536

Daibiru Corp. 342,357 3,451

Mitsubishi Estate

Logistics REIT

Investment Corp. 1,487 3,299^ Mirai Corp. 2,018 3,181^ One REIT Inc. 1,404 3,131

Star Asia Investment

Corp. 3,210 2,991

Mori Trust Hotel Reit

Inc. 2,058 2,487

TOC Co. Ltd. 344,129 2,344

Keihanshin Building

Co. Ltd. 279,400 2,057

Starts Proceed

Investment Corp. 1,373 1,983^ Ichigo Hotel REIT


Sakura Sogo REIT


Sun Frontier

Fudousan Co. Ltd. 165,200 1,686

Goldcrest Co. Ltd. 103,940 1,628

Takara Leben Co. Ltd. 522,052 1,504

Samty Residential

Investment Corp. 1,910 1,502^ SAMTY Co. Ltd. 107,100 1,402

Tosei Corp. 151,600 1,386^ Tosei Reit Investment

Corp. 1,420 1,378

XYMAX REIT

Investment Corp. 1,314 1,312^ Shinoken Group Co.

Ltd. 153,600 1,270^ Health Care & Medical

Investment Corp. 1,215 1,215^ CRE Logistics REIT

Inc. 1,244 1,173^ Ooedo Onsen Reit


Nippon Commercial

Development Co. Ltd. 66,400 1,007

^ Star Mica Co. Ltd. 70,800 967

Japan Property

Management Center

Co. Ltd. 83,300 908

Arealink Co. Ltd. 57,800 853* Marimo Regional

Revitalization REIT Inc. 713 688^ Ardepro Co. Ltd. 1,045,400 581^ Mugen Estate Co. Ltd. 69,700 399*,^ SAMTY Co. Ltd. Rights

Exp. 11/19/2018 107,100 104

1,349,456

Malaysia (0.6%)

Sime Darby Property

Bhd. 17,437,100 4,073

SP Setia Bhd. Group 7,844,600 3,942

KLCCP Stapled Group

Bhd. 2,131,070 3,903

IGB REIT 8,829,200 3,545

IOI Properties Group

Bhd. 11,018,600 3,450

Sunway REIT 6,998,534 2,825

Mah Sing Group Bhd. 7,812,825 1,793

Axis REIT 4,623,900 1,688

Pavilion REIT 4,141,600 1,573

UOA Development

Bhd. 3,356,100 1,566

Matrix Concepts

Holdings Bhd. 3,356,828 1,484* Eastern & Oriental

Bhd. 5,158,197 1,458* Eco World

Development Group

Bhd. 5,523,800 1,321

UEM Sunrise Bhd. 7,954,465 1,305* Eco World

International Bhd. 5,329,593 1,140

Capitaland Malaysia

Mall Trust 4,522,300 1,114

YNH Property Bhd. 2,430,300 782

LBS Bina Group Bhd. 4,304,340 701

KIP REIT 2,295,100 443

MKH Bhd. 1,087,700 322* KSL Holdings Bhd. 1,200,900 204* Sunway Bhd. Warrants

Exp. 12/31/2024 1,260,691 87* Eco World

Development Group

Bhd. Warrants

Exp. 03/26/2022 450,320 25* Matrix Concepts

Holdings Bhd.

Warrants

Exp. 07/20/2020 167,103 7

16


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

* Mah Sing Group

Warrants

Exp. 01/15/2026 264,345 4* Eastern & Oriental

Bhd. Warrants

Exp. 07/21/2019 438,840 3

38,758

Mexico (0.8%)

Fibra Uno

Administracion SA

de CV 18,294,985 19,661

Concentradora Fibra

Danhos SA de CV 4,977,092 6,554

PLA Administradora

Industrial S de RL

de CV 4,767,447 5,797

Macquarie Mexico

Real Estate

Management SA de

CV 4,800,518 4,675

Corp Inmobiliaria

Vesta SAB de CV 3,286,040 4,012

Prologis Property

Mexico SA de CV 2,076,200 3,6602 Concentradora Fibra

Hotelera Mexicana

SA de CV 4,123,348 1,979* Grupo GICSA SAB

de CV 3,905,927 1,521

Asesor de Activos

Prisma SAPI de CV 2,795,540 1,394

49,253

Netherlands (0.4%)

Eurocommercial

Properties NV 246,313 9,107^ Wereldhave NV 243,690 8,361

NSI NV 111,793 4,409

Vastned Retail NV 95,932 3,797

25,674

New Zealand (0.5%)

Kiwi Property Group

Ltd. 8,493,964 7,291

Goodman Property

Trust 6,182,707 6,056

Precinct Properties

New Zealand Ltd. 6,171,442 5,688

Argosy Property Ltd. 5,053,289 3,530

Stride Property Group 2,266,150 2,787

Vital Healthcare

Property Trust 1,996,813 2,704

28,056

Norway (0.2%) 2 Entra ASA 748,972 10,135

Selvaag Bolig ASA 274,657 1,229

11,364

Other (0.2%)3

4 Vanguard Real Estate

ETF 146,614 11,483

Philippines (1.5%)

SM Prime Holdings

Inc. 69,831,993 44,149

Ayala Land Inc. 35,471,400 26,320

Megaworld Corp. 75,937,200 6,265

Robinsons Land Corp. 12,165,572 4,782

Vista Land &

Lifescapes Inc. 25,529,278 2,522* DoubleDragon

Properties Corp. 4,452,060 1,601

Filinvest Land Inc. 57,819,000 1,514

Belle Corp. 14,032,000 619

Cebu Landmasters Inc. 2,273,000 183* International

Entertainment Corp. 1,250,000 167

88,122

Poland (0.1%) ^ EPP NV 2,723,924 3,832

LC Corp. SA 2,799,833 1,751

Globe Trade Centre SA 9,232 19

5,602

Qatar (0.3%)

Barwa Real Estate Co. 1,192,375 12,235

United Development

Co. QSC 1,097,747 4,215* Mazaya Qatar Real

Estate Development

QSC 323,513 672

17,122

Russia (0.1%)

LSR Group PJSC GDR 1,261,037 2,345

Etalon Group plc GDR 505,571 1,159

3,504

Singapore (5.4%)

CapitaLand Ltd. 15,193,738 34,512

Ascendas REIT 15,420,643 28,079

CapitaLand Mall Trust 16,332,134 24,876

City Developments

Ltd. 3,730,490 21,319

CapitaLand

Commercial Trust 16,796,287 20,988

Suntec REIT 13,555,227 17,348

UOL Group Ltd. 3,267,878 14,234

Mapletree Commercial

Trust 11,479,833 13,349

Mapletree Logistics

Trust 14,458,996 12,636

Mapletree North Asia

Commercial Trust 13,000,504 10,620

Mapletree Industrial

Trust 7,554,934 10,083

17


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Fortune REIT 8,324,861 9,108

Keppel REIT 10,953,015 8,941

Frasers Logistics &

Industrial Trust 9,633,950 7,093

Ascott Residence

Trust 7,336,362 5,571^ Keppel DC REIT 5,691,098 5,474

Frasers Centrepoint

Trust 3,455,841 5,392

Manulife US REIT 7,119,234 5,065

CDL Hospitality Trusts 4,545,086 4,760

Parkway Life REIT 2,334,755 4,385

ESR-REIT 11,579,235 4,059

Frasers Commercial

Trust 4,070,567 4,032

Starhill Global REIT 8,152,668 3,945

Yanlord Land Group

Ltd. 3,975,804 3,626

AIMS AMP Capital

Industrial REIT 3,606,376 3,488

CapitaLand Retail

China Trust 3,521,386 3,487

OUE Hospitality Trust 6,712,400 3,294

Cache Logistics Trust 6,354,942 3,145

First REIT 3,445,154 2,987

SPH REIT 3,857,300 2,745

Frasers Property Ltd. 2,298,800 2,621

Ascendas Hospitality

Trust 4,364,900 2,489

Far East Hospitality

Trust 5,478,192 2,354

GuocoLand Ltd. 1,797,277 2,168

Lippo Malls Indonesia

Retail Trust 11,458,906 1,986

Soilbuild Business

Space REIT 4,435,060 1,825

OUE Ltd. 1,727,400 1,748

Sabana Shari’ah

Compliant Industrial

REIT 4,899,872 1,414

GSH Corp. Ltd. 4,962,300 1,401

Chip Eng Seng Corp.

Ltd. 1,569,900 759* Ying Li International

Real Estate Ltd. 7,738,700 476* Aspen Group

Holdings Ltd. 1,200,200 158

Wing Tai Holdings Ltd. 24,000 33

Yoma Strategic

Holdings Ltd. 132,000 24

318,097

South Africa (2.3%)

Growthpoint

Properties Ltd. 17,995,940 27,629

NEPI Rockcastle plc 2,875,171 24,837

^ Redefine Properties

Ltd. 32,490,515 21,118

Hyprop Investments

Ltd. 1,536,663 9,406

Resilient REIT Ltd. 2,076,295 8,425

Fortress REIT Ltd.

Class A 7,121,349 8,170

Vukile Property Fund

Ltd. 4,928,101 6,790

Fortress REIT Ltd.

Class B 5,678,125 5,550

Attacq Ltd. 4,511,162 4,450

SA Corporate Real

Estate Ltd. 15,122,514 4,055

Equites Property

Fund Ltd. 2,716,929 3,689

Emira Property Fund

Ltd. 2,608,371 2,630

Arrowhead Properties

Ltd. 6,247,918 2,276* Stor-Age Property

REIT Ltd. 2,134,841 1,778

Rebosis Property

Fund Ltd. 3,765,131 1,584

Delta Property Fund

Ltd. 3,373,933 1,369

Octodec Investments

Ltd. 1,036,853 1,357

135,113

South Korea (0.0%)

SK D&D Co. Ltd. 45,403 1,222^ Dongwon

Development Co. Ltd. 247,658 772

1,994

Spain (1.0%)

Merlin Properties

Socimi SA 2,218,615 27,800

Inmobiliaria Colonial

Socimi SA 1,791,532 17,988

Lar Espana Real

Estate Socimi SA 431,314 4,274*,2 Aedas Homes SAU 139,562 3,613*,2 Metrovacesa SA 274,903 3,381* Quabit Inmobiliaria SA 737,345 1,417* Realia Business SA 22,034 25

58,498

Sweden (2.2%)

Castellum AB 1,651,573 28,469* Fabege AB 1,644,187 20,995* Fastighets AB Balder

Class B 588,831 14,768

Hemfosa Fastigheter

AB 1,016,027 12,552^ Wallenstam AB 1,181,909 10,649

18


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Hufvudstaden AB

Class A 712,404 10,532* Wihlborgs Fastigheter

AB 809,358 9,131

Kungsleden AB 1,135,520 7,938

Klovern AB 3,236,119 3,734* Hembla AB Class B 213,279 3,647

Dios Fastigheter AB 525,983 3,168

Sagax AB 509,723 1,867

Victoria Park AB

Class B 104,720 420

Magnolia Bostad AB 3,673 16

127,886

Switzerland (1.4%)

Swiss Prime Site AG 459,510 37,286

PSP Swiss Property AG 244,416 23,583

Allreal Holding AG 79,198 12,149

Mobimo Holding AG 39,940 8,894

Intershop Holding AG 8,109 3,985

85,897

Taiwan (0.7%)

Highwealth

Construction Corp. 5,627,544 8,266

Ruentex Development

Co. Ltd. 4,085,325 5,670

Chong Hong

Construction Co. Ltd. 1,293,297 2,948

Huaku Development

Co. Ltd. 1,436,854 2,923

Hung Sheng

Construction Ltd. 3,264,000 2,775

Prince Housing &

Development Corp. 7,378,478 2,410* Radium Life Tech Co.

Ltd. 4,208,947 2,077

Farglory Land


Cathay Real Estate


Kindom Construction

Corp. 2,172,000 1,197* Taiwan Land

Development Corp. 4,118,450 1,065

KEE TAI Properties

Co. Ltd. 2,678,869 1,015

Kuoyang Construction

Co. Ltd. 2,684,887 976

Hong Pu Real Estate

Development Co. Ltd. 1,444,194 926* Shining Building

Business Co. Ltd. 2,633,524 837

Long Bon

International Co. Ltd. 1,544,000 745

Huang Hsiang

Construction Corp. 790,000 636

Advancetek

Enterprise Co. Ltd. 1,300,000 633

Hung Ching

Development &

Construction Co. Ltd. 829,000 625

ZongTai Real Estate

Development Co. Ltd. 1,120,574 590

40,148

Thailand (1.4%) * Central Pattana PCL 8,098,800 19,313* CPN Retail Growth

Leasehold REIT 9,706,610 7,681* Land & Houses PCL

(Local) 21,035,600 6,552

Tesco Lotus Retail

Growth Freehold &

Leasehold Property

Fund 10,523,756 6,064* WHA Corp. PCL

(Local) 37,014,230 4,608

MBK PCL 4,058,900 2,988* Bangkok Land PCL

(Local) 48,233,400 2,506* Quality Houses PCL 26,250,800 2,490

Samui Airport

Property Fund

Leasehold 3,457,175 2,451* Supalai PCL (Local) 3,548,305 2,345* Amata Corp. PCL 3,116,300 2,270* IMPACT Growth REIT 3,872,800 2,210* Pruksa Holding PCL 2,842,300 1,733* Origin Property PCL 6,182,098 1,720* Singha Estate PCL

(Local) 16,462,336 1,565* U City PCL 1,665,852,400 1,508* Platinum Group PCL 5,603,200 1,338* Ananda

Development PCL 9,015,100 1,260* Siam Future

Development PCL 5,300,267 1,233*,§ Pruksa Real Estate

PCL 3,024,500 1,224* Grand Canal Land

PCL 13,403,200 1,191* AP Thailand PCL 4,272,950 1,060* Sansiri PCL (Local) 20,529,400 973* LPN Development

PCL 3,430,000 970* Golden Land Property

Development PCL 3,052,700 849

Property Perfect PCL 26,569,900 802

19


Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

^ WHA Corp. PCL

(Foreign) 5,869,056 731^ Sansiri PCL 14,694,200 697* Golden Ventures

Leasehold REIT 1,540,000 683

SC Asset Corp. PCL

NVDR 5,349,100 549* PACE Development

Corp. PCL 33,926,400 544^ Supalai PCL (Foreign) 806,276 533* Country Group

Development PCL 13,148,100 532* Univentures PCL

(Local) 2,078,700 463^ Univentures PCL

(Foreign) 1,856,500 413

Asian Property

Development PCL

(Foreign) 1,513,270 375* SC Asset Corp. PCL

(Local) 3,071,925 315

SC Asset Corp. PCL

(Foreign) 2,817,412 289

Bangkok Land PCL

(Foreign) 4,269,495 222* Bhiraj Office

Leasehold REIT 536,900 214

Land & Houses PCL

(Foreign) 481,300 150* Origin Property PCL

Warrants 908,724 54*,^ Singha Estate PCL

(Foreign) 253,164 24* TICON Industrial

Connection PCL 8,123 4

85,696

Turkey (0.1%)

Emlak Konut

Gayrimenkul Yatirim

Ortakligi AS 11,662,082 3,493

Is Gayrimenkul Yatirim

Ortakligi AS 3,389,740 528

Torunlar Gayrimenkul

Yatirim Ortakligi AS 85,158 24

4,045

United Arab Emirates (1.0%)

Emaar Properties PJSC 21,978,710 30,495

Aldar Properties PJSC 24,093,076 11,358

Emaar Malls PJSC 12,229,847 6,089

DAMAC Properties

Dubai Co. PJSC 10,612,613 5,842

* Eshraq Properties Co.

PJSC 7,035,885 1,151* Deyaar Development

PJSC 9,121,738 1,096

RAK Properties PJSC 5,511,338 836

56,867

United Kingdom (6.9%)

Land Securities

Group plc 4,535,725 49,340

Segro plc 6,103,324 47,849

British Land Co. plc 6,002,216 45,331

Hammerson plc 4,798,802 26,792

Derwent London plc 668,898 25,013

UNITE Group plc 1,591,673 17,330

Tritax Big Box REIT

plc 8,917,163 16,280

Shaftesbury plc 1,397,031 15,997

Great Portland

Estates plc 1,703,164 15,154

Capital & Counties

Properties plc 4,535,472 14,471

Intu Properties plc 5,281,237 13,210

Big Yellow Group plc 946,348 10,419

Workspace Group plc 799,155 9,795

LondonMetric

Property plc 4,185,377 9,638

Assura plc 14,360,401 9,592

Grainger plc 2,508,697 8,667

Safestore Holdings

plc 1,267,081 8,652

F&C Commercial

Property Trust Ltd. 4,845,360 8,333

Primary Health


NewRiver REIT plc 1,855,986 5,985

St. Modwen


UK Commercial

Property REIT Ltd. 4,116,641 4,615

Empiric Student

Property plc 3,426,400 4,153

MAS Real Estate Inc. 2,546,949 3,641

Picton Property

Income Ltd. 3,256,622 3,610

Redefine

International plc 8,079,390 3,402

Hansteen Holdings

plc 2,467,831 3,035

LXI REIT plc 1,889,302 2,864

Helical plc 641,768 2,5422 Regional REIT Ltd. 1,816,181 2,328

Schroder REIT Ltd. 3,104,311 2,319

20


Market

Value•

Shares ($000)

Amount

($000)

U & I Group plc 710,612 2,080

Capital & Regional plc 3,096,211 1,666

Civitas Social

Housing plc 1,158,990 1,6302 Triple Point Social

Housing Reit plc 1,203,645 1,5802 AEW UK Long Lease

Reit plc 124,067 143

409,517

Total Common Stocks

(Cost $6,348,456) 5,849,220

Temporary Cash Investments (3.1%)1

Money Market Fund (3.0%)5,6 Vanguard Market

Liquidity Fund, 2.308% 1,773,416 177,342

Face

Amount

($000)

U.S. Government and Agency Obligations (0.1%) 7 United States Treasury

Bill, 2.078%, 11/15/18 1,400 1,3997 United States Treasury

Bill, 2.037%, 11/29/18 1,000 9987 United States Treasury

Bill, 2.082%, 12/20/18 1,000 9977 United States Treasury

Bill, 2.284%, 2/21/19 400 397

3,791

Total Temporary Cash Investments

(Cost $181,123) 181,133

Total Investments (102.0%)

(Cost $6,529,579) 6,030,353

Other Assets and Liabilities (-2.0%)

Other Assets

Investment in Vanguard 329

Receivables for Investment Securities Sold 325

Receivables for Accrued Income 23,940

Receivables for Capital Shares Issued 431

Variation Margin Receivable—

Futures Contracts 708

Unrealized Appreciation—

Forward Currency Contracts 119

Other Assets6 17,126

Total Other Assets 42,978

Liabilities

Payables for Investment Securities

Purchased (3,502)

Collateral for Securities on Loan (153,729)

Payables for Capital Shares Redeemed (3,672)

Payables to Vanguard (1,112)

Unrealized Depreciation—

Forward Currency Contracts (495)

Other Liabilities (228)

Total Liabilities (162,738)

Net Assets (100%) 5,910,593

21


At October 31, 2018, net assets consisted of:

Amount

($000)

Amount

($000)

Paid-in Capital 6,501,223

Total Distributable Earnings (Loss) (590,630)

Net Assets 5,910,593

Investor Shares—Net Assets

Applicable to 2,410,766 outstanding

$.001 par value shares of beneficial

interest (unlimited authorization) 51,093

Net Asset Value Per Share—

Investor Shares $21.19

ETF Shares—Net Assets



interest (unlimited authorization) 5,269,877


ETF Shares $52.99

Admiral Shares—Net Assets





Admiral Shares $32.11

Institutional Shares—Net Assets





Institutional Shares $106.98

• See Note A in Notes to Financial Statements.

* Non-income-producing security.

^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $134,792,000.

§ Security value determined using significant unobservable inputs.

1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 2.0%, respectively, of net assets.

2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2018, the aggregate value of these securities was $45,426,000, representing 0.8% of net assets.

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

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

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

6 Includes $153,729,000 of collateral received for securities on loan, of which $139,842,000 is held in Vanguard Market Liquidity Fund and $13,887,000 is held in cash.

7 Securities with a value of $2,922,000 have been segregated as initial margin for open futures contracts.

ADR—American Depositary Receipt.

GDR—Global Depositary Receipt.

NVDR—Non-Voting Depository Receipt.

REIT—Real Estate Investment Trust.

22


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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

($000)

Value and

Number of Unrealized

Long (Short) Notional Appreciation

Expiration Contracts Amount (Depreciation)

Long Futures Contracts

E-mini S&P 500 Index December 2018 227 30,771 (2,261)

MSCI Emerging Market Index December 2018 417 19,947 (1,595)

Topix Index December 2018 51 7,416 (139)

FTSE 100 Index December 2018 40 3,634 (94)

(4,089)

Forward Currency Contracts

Unrealized

Contract Appreciation

Settlement Contract Amount (000) (Depreciation)

Counterparty Date Receive Deliver ($000)

Morgan Stanley Capital Services LLC 12/18/18 JPY 1,721,992 USD 15,557 (230)

Toronto-Dominion Bank 12/28/18 GBP 5,473 USD 7,283 (265)

UBS AG 12/18/18 USD 9,086 JPY 1,018,640 19

Barclays Bank plc 12/18/18 USD 6,435 JPY 722,600 3

UBS AG 12/28/18 USD 2,749 GBP 2,083 79

Deutsche Bank AG 12/28/18 USD 685 GBP 520 18

(376)

GBP—British pound.

JPY—Japanese yen.

USD—U.S. dollar.

23

24

Year Ended

October 31, 2018

($000)

Investment Income

Income

Dividends—Unaffiliated Issuers1 297,601

Dividends—Affiliated Issuers 447

Interest—Unaffiliated Issuers 57

Interest—Affiliated Issuers 451

Securities Lending—Net 6,208

Total Income 304,764

Expenses

The Vanguard Group—Note B

Investment Advisory Services 991

Management and Administrative—Investor Shares 146

Management and Administrative—ETF Shares 4,240

Management and Administrative—Admiral Shares 393

Management and Administrative—Institutional Shares 105

Marketing and Distribution—Investor Shares 10

Marketing and Distribution—ETF Shares 328

Marketing and Distribution—Admiral Shares 34

Marketing and Distribution—Institutional Shares 3

Custodian Fees 1,352

Auditing Fees 39

Shareholders’ Reports and Proxy—Investor Shares 2

Shareholders’ Reports and Proxy—ETF Shares 373

Shareholders’ Reports and Proxy—Admiral Shares 4

Shareholders’ Reports and Proxy—Institutional Shares —

Trustees’ Fees and Expenses 4

Total Expenses 8,024

Net Investment Income 296,740

Realized Net Gain (Loss)

Investment Securities Sold—Unaffiliated Issuers2 38,333

Investment Securities Sold—Affiliated Issuers 319

Futures Contracts 306


Foreign Currencies (337)

Realized Net Gain (Loss) 37,970

Change in Unrealized Appreciation (Depreciation)

Investment Securities Sold—Unaffiliated Issuers (797,533)

Investment Securities Sold—Affiliated Issuers 67

Futures Contracts (4,594)


Foreign Currencies (112)

Change in Unrealized Appreciation (Depreciation) (802,548)

Net Increase (Decrease) in Net Assets Resulting from Operations (467,838)

1 Dividends are net of foreign withholding taxes of $18,393,000.

2 Includes $49,332,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.


Statement of Operations


Statement of Changes in Net Assets



Year Ended October 31,

2018 2017

($000) ($000)

Increase (Decrease) in Net Assets

Operations

Net Investment Income 296,740 161,220

Realized Net Gain (Loss) 37,970 49,701

Change in Unrealized Appreciation (Depreciation) (802,548) 489,291

Net Increase (Decrease) in Net Assets Resulting from Operations (467,838) 700,212

Distributions

Net Investment Income

Investor Shares (2,637) (2,179)

ETF Shares (284,755) (142,965)

Admiral Shares (24,016) (14,861)

Institutional Shares (7,330) (6,531)

Realized Capital Gain

Investor Shares — —

ETF Shares — —

Admiral Shares — —

Institutional Shares — —

Total Distributions (318,738) (166,536)

Capital Share Transactions

Investor Shares 1,905 (10,258)

ETF Shares 852,990 1,045,850

Admiral Shares 82,863 33,006

Institutional Shares (26,347) (29,219)

Net Increase (Decrease) from Capital Share Transactions 911,411 1,039,379

Total Increase (Decrease) 124,835 1,573,055

Net Assets

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

End of Period 5,910,593 5,785,758

25

Investor Shares

For a Share Outstanding Year Ended October 31,

Throughout Each Period 2018 2017 2016 2015 2014

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

Investment Operations

Net Investment Income 1.0311 .7111 .6551 .683 .944

Net Realized and Unrealized Gain (Loss)

on Investments (2.505) 2.530 (.088) (1.103) (.443)

Total from Investment Operations (1.474) 3.241 .567 (.420) .501

Distributions

Dividends from Net Investment Income (1.126) (.801) (.657) (.770) (.931)

Distributions from Realized Capital Gains — — — — —

Total Distributions (1.126) (.801) (.657) (.770) (.931)

Net Asset Value, End of Period $21.19 $23.79 $21.35 $21.44 $22.63

Total Return2 -6.61% 15.88% 2.72% -1.82% 2.41%

Ratios/Supplemental Data

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

Ratio of Total Expenses to Average Net Assets 0.31% 0.34% 0.35% 0.36% 0.37%

Ratio of Net Investment Income to

Average Net Assets 4.32% 3.24% 3.10% 2.97% 4.10%

Portfolio Turnover Rate3 7% 6% 7% 12% 8%

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.

Financial Highlights



26

ETF Shares





Net Investment Income 2.6721 1.9001 1.7521 1.802 2.437


on Investments (6.240) 6.325 (.241) (2.747) (1.120)

Total from Investment Operations (3.568) 8.225 1.511 (.945) 1.317

Distributions

Dividends from Net Investment Income (2.932) (2.085) (1.741) (2.015) (2.417)


Total Distributions (2.932) (2.085) (1.741) (2.015) (2.417)


Total Return -6.42% 16.13% 2.92% -1.66% 2.51%


Net Assets, End of Period (Millions) $5,270 $5,122 $3,616 $3,111 $2,203










27

Admiral Shares







on Investments (3.784) 3.844 (.139) (1.673) (.661)

Total from Investment Operations (2.164) 4.985 .919 (.583) .805

Distributions





Total Return2 -6.43% 16.15% 2.91% -1.66% 2.55%








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.





28

Institutional Shares







on Investments (12.740) 12.741 (.483) (5.541) (2.273)

Total from Investment Operations (7.197) 16.630 3.076 (1.884) 2.681

Distributions





Total Return2 -6.42% 16.17% 2.93% -1.61% 2.55%








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.





29

Notes to Financial Statements


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

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

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

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

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

minimum purchase requirements. ETF Shares are listed for trading on Nasdaq; they can be purchased

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

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

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

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

statements.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

pricing services.

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

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

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

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

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

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

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

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

3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited

extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity,

and minimizing transaction costs. The fund may purchase futures contracts to immediately invest

incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully

invested position in the underlying index while maintaining a cash balance for liquidity. The primary

risks associated with the use of futures contracts are imperfect correlation between changes in

market values of stocks held by the fund and the prices of futures contracts, and the possibility

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

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

30


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 clearing-

house imposes initial margin requirements to secure the fund’s performance and requires daily

settlement of variation margin representing changes in the market value of each contract. Any

assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.

The fund also enters into forward currency contracts to provide the appropriate currency exposure

related to any open futures contracts. The fund’s risks in using these contracts include movement

in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties

to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering

into forward currency contracts only with a diverse group of prequalified counterparties, monitoring

their financial strength, entering into master netting arrangements with its counterparties, and

requiring its counterparties to transfer collateral as security for their performance. In the absence

of a default, the collateral pledged or received by the fund cannot be repledged, resold, or

rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s

default (including bankruptcy), the fund may terminate the forward currency contracts, determine

the net amount owed by either party in accordance with its master netting arrangements, and sell

or retain any collateral held up to the net amount owed to the fund under the master netting

arrangements. The forward currency contracts contain provisions whereby a counterparty may

terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment

by the fund if the fund is in a net liability position at the time of the termination. The payment

amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral

for open contracts are noted in the Statement of Net Assets. The value of collateral received or

pledged is compared daily to the value of the forward currency contracts exposure with each

counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted

and settled within two business days.

Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are

valued at their quoted daily prices obtained from an independent third party, adjusted for currency

risk based on the expiration date of each contract. The notional amounts of the contracts are not

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

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

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

(losses) on futures or forward currency contracts.

During the year ended October 31, 2018, the fund’s average investments in long and short futures

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

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

forward currency contracts represented less than 1% of net assets, based on the average of the

notional amounts at each quarter-end during the period.

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

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

all open federal income tax years (October 31, 2015–2018), and has concluded that no provision for

federal income tax is required in the fund’s financial statements.

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

are determined on a tax basis and may differ from net investment income and realized capital gains

for financial reporting purposes.

31


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

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

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

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

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

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

entering into securities lending transactions only with a diverse group of prequalified counterparties,

monitoring their financial strength, and entering into master securities lending agreements with its

counterparties. The master securities lending agreements provide that, in the event of a counterparty’s

default (including bankruptcy), the fund may terminate any loans with that borrower, determine the

net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however,

such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in

the event of a default, the fund may experience delays and costs in recovering the securities loaned.

The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability

in the Statement of Net Assets for the return of the collateral, during the period the securities are

on loan. Securities lending income represents fees charged to borrowers plus income earned on

invested cash collateral, less expenses associated with the loan. During the term of the loan, the

fund is entitled to all distributions made on or in respect of the loaned securities.

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

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

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

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

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

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

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

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

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

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

bank funding rate plus an agreed-upon spread.

The fund had no borrowings outstanding at October 31, 2018, or at any time during the period

then ended.

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

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

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

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

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

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

transactions are credited to paid-in capital.

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

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

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

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

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

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

32


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

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

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

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

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

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

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

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

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

Vanguard. At October 31, 2018, the fund had contributed to Vanguard capital in the amount of

$329,000, representing 0.01% of the fund’s net assets and 0.13% of Vanguard’s capitalization.

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

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are

summarized in three broad levels for financial statement purposes. The inputs or methodologies

used to value securities are not necessarily an indication of the risk associated with investing in

those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest

rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine

the fair value of investments). Any investments valued with significant unobservable inputs are

noted on the Statement of Net Assets.

The following table summarizes the market value of the fund’s investments as of October 31, 2018,

based on the inputs used to value them:

Level 1 Level 2 Level 3

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

Common Stocks 260,379 5,586,597 2,244

Temporary Cash Investments 177,342 3,791 —

Futures Contracts—Assets1 708 — —

Forward Currency Contracts—Assets — 119 —

Forward Currency Contracts—Liabilities — (495) —

Total 438,429 5,590,012 2,244

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

33


D. At October 31, 2018, the fair values of derivatives were reflected in the Statement of Net Assets

as follows:

Foreign

Equity Exchange

Contracts Contracts Total

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

Variation Margin Receivable—Futures Contracts 708 — 708

Unrealized Appreciation—Forward Currency Contracts — 119 119

Total Assets 708 119 827

Unrealized Depreciation—Forward Currency Contracts — (495) (495)

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

the year ended October 31, 2018, were:

Foreign

Equity Exchange

Contracts Contracts Total

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

Futures Contracts 306 — 306

Forward Currency Contracts — (651) (651)

Realized Net Gain (Loss) on Derivatives 306 (651) (345)

Change in Unrealized Appreciation (Depreciation) on Derivatives

Futures Contracts (4,594) — (4,594)

Forward Currency Contracts — (376) (376)

Change in Unrealized Appreciation

(Depreciation) on Derivatives (4,594) (376) (4,970)

E. 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, the

following permanent differences primarily attributable to the accounting for in-kind redemptions,

foreign currency transactions, and passive foreign investment companies were reclassified to the

following accounts:

Amount

($000)

Paid-in Capital 49,328

Total Distributable Earnings (Loss) (49,328)

34


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 tax deferral of losses on wash sales, the realization

of unrealized gains or losses on certain futures contracts and forward currency contracts, and

unrealized gains on passive foreign investment companies. 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 121,794

Undistributed Long-Term Gains —

Capital Loss Carryforwards* (132,727)

Net Unrealized Gains (Losses) (578,876)

* Includes $1,948,000, which may be used to offset future net capital gains through October 31, 2019, as well as capital losses of $130,779,000, which may be carried forward indefinitely but must be used before any expiring loss carryforwards.

As of October 31, 2018, 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 6,608,899

Gross Unrealized Appreciation 298,334

Gross Unrealized Depreciation (877,019)

Net Unrealized Appreciation (Depreciation) (578,685)

F. During the year ended October 31, 2018, the fund purchased $1,630,564,000 of investment

securities and sold $787,971,000 of investment securities, other than temporary cash investments.

Purchases and sales include $988,439,000 and $353,169,000, respectively, in connection with

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

35


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

Year Ended October 31,

2018 2017

Amount Shares Amount Shares

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

Investor Shares

Issued1 11,117 463 9,645 443

Issued in Lieu of Cash Distributions 2,293 98 1,894 94

Redeemed2 (11,505) (484) (21,797) (968)

Net Increase (Decrease)—Investor Shares 1,905 77 (10,258) (431)

ETF Shares

Issued1 1,222,061 20,065 1,594,745 29,212

Issued in Lieu of Cash Distributions — — — —

Redeemed2 (369,071) (6,700) (548,895) (10,900)

Net Increase (Decrease)—ETF Shares 852,990 13,365 1,045,850 18,312

Admiral Shares

Issued1 136,046 3,715 96,042 2,884


Redeemed2 (73,267) (2,064) (75,833) (2,272)

Net Increase (Decrease)—Admiral Shares 82,863 2,215 33,006 1,029

Institutional Shares

Issued1 5,719 47 35,925 321


Redeemed2 (35,866) (300) (69,386) (595)

Net Increase (Decrease)—Institutional Shares (26,347) (221) (29,219) (233)

1 Includes purchase fees for fiscal 2018 and 2017 of $350,000 and $495,000, respectively (fund totals).

2 Net of redemption fees for fiscal 2018 and 2017 of $227,000 and $251,000, respectively (fund totals).

At October 31, 2018, one shareholder was the record or beneficial owner of 27% of the fund’s net

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

in an increase in the fund’s expense ratio.

36


H. 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,

2017 from Net Change in Capital Gain 2018

Market Purchases Securities Gain Unrealized Distributions Market

Value at Cost Sold (Loss) App. (Dep.) Income Received Value

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

Vanguard Market

Liquidity Fund 147,067 NA1 NA1 (7) 6 451 — 177,342

Vanguard Real

Estate ETF 7,908 31,823 28,5452 326 61 447 — 11,483

Total 154,975 319 67 898 — 188,825

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

2 Does not include adjustment related to return of capital.

I. Management has determined that no events or transactions occurred subsequent to October 31,

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

37

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 net assets 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, 2018, the related statement of operations for the year

ended October 31, 2018, the statement of changes in net assets for each of the two years in the

period ended October 31, 2018, including the related notes, and the financial highlights for each

of the five years in the period ended October 31, 2018 (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, 2018, 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,

2018 and the financial highlights for each of the five years in the period ended October 31, 2018

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, 2018 by correspondence with the custodians 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 13, 2018

We have served as the auditor of one or more investment companies in The Vanguard Group of

Funds since 1975.

Report of Independent Registered Public Accounting Firm

38

Special 2018 tax information (unaudited) for Vanguard Global ex-U.S. Real Estate Index Fund

This information for the fiscal year ended October 31, 2018, is included pursuant to provisions of

the Internal Revenue Code.

The fund distributed $54,753,000 of qualified dividend income to shareholders during the fiscal year.

The fund designates to shareholders foreign source income of $289,914,000 and foreign taxes paid

of $17,951,000. Shareholders will receive more detailed information with their Form 1099-DIV in

January 2019 to determine the calendar-year amounts to be included on their 2018 tax returns.

39

Your Fund’s After-Tax Returns

40

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

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

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

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

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

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

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

and estimates for 2018. (In the example, returns after the sale of fund shares may be higher than

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

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

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

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

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

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

subject to current taxes.

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

guarantee future results.

Average Annual Total Returns: Global ex-U.S. Real Estate Index Fund Investor Shares Periods Ended October 31, 2018

One

Year

Five

Years

Since

Inception

(11/1/2010)

Returns Before Taxes -7.07% 2.16% 4.45%

Returns After Taxes on Distributions -8.68 0.69 3.13

Returns After Taxes on Distributions and Sale of Fund Shares -3.92 1.11 2.99

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

About Your Fund’s Expenses

41

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management,

administrative services, and shareholder reports (like this one), among others. Operating expenses,

which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as

the expense ratio. The following examples are intended to help you understand the ongoing costs (in

dollars) of investing in your fund and to compare these costs with those of other mutual funds. The

examples are based on an investment of $1,000 made at the beginning of the period shown and held

for the entire period.

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

• Based on actual fund return. This section helps you to estimate the actual expenses that you

paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return,

and the third column shows the dollar amount that would have been paid by an investor who started

with $1,000 in the fund. You may use the information here, together with the amount you invested,

to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided

by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading

”Expenses Paid During Period.“

• Based on hypothetical 5% yearly return. This section is intended to help you compare your

fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5%

before expenses, but that the expense ratio is unchanged. In this case—because the return used is

not the fund’s actual return—the results do not apply to your investment. The example is useful in

making comparisons because the Securities and Exchange Commission requires all mutual funds to

calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this

hypothetical example with the hypothetical examples that appear in shareholder reports of other

funds.

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

The calculations assume no shares were bought or sold during the period. Your actual costs may

have been higher or lower, depending on the amount of your investment and the timing of any

purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the

Financial Statements section of this report. For additional information on operating expenses and

other shareholder costs, please refer to your fund’s current prospectus.

42

Six Months Ended October 31, 2018


Beginning

Account Value

4/30/2018

Ending

Account Value

10/31/2018

Expenses

Paid During

Period

Based on Actual Fund Return

Investor Shares $1,000.00 $879.14 $1.33

ETF Shares 1,000.00 880.18 0.47

Admiral Shares 1,000.00 880.02 0.47

Institutional Shares 1,000.00 880.18 0.47

Based on Hypothetical 5% Yearly Return

Investor Shares $1,000.00 $1,023.79 $1.43

ETF Shares 1,000.00 1,024.70 0.51

Admiral Shares 1,000.00 1,024.70 0.51

Institutional Shares 1,000.00 1,024.70 0.51

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios forthat period are 0.28% for Investor Shares, 0.10% for ETF Shares, 0.10% for Admiral Shares, and 0.10% for Institutional Shares. The dollaramounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period,multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-monthperiod (184/365).

Glossary

43

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

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

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

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

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

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

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

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

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

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

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

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

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

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

the stocks now in a fund.

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

holdings in short-term reserves are excluded.

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

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

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

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

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

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

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

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

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

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

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

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

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

difference that usually corrects itself when the foreign markets reopen.

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

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

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

the inception date.

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

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

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

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

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

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

44

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

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

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

company’s future growth.

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

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

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

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

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

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

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

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

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

that can be readily converted to cash.

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

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

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

costs.

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The People Who Govern Your Fund

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

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

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

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

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

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

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

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

211 Vanguard funds.

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

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

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

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

Interested Trustees1

F. William McNabb III

Born in 1957. Trustee since July 2009. Principal

occupation(s) during the past five years and

other experience: chairman of the board

(January 2010–present) of Vanguard and of each

of the investment companies served by Vanguard,

trustee (2009–present) of each of the investment

companies served by Vanguard, and director

(2008–present) of Vanguard. Chief executive officer

and president (2008–2017) of Vanguard and each

of the investment companies served by Vanguard,

managing director (1995–2008) of Vanguard,

and director (1997–2018) of Vanguard Marketing

Corporation. Director (2018–present) of

UnitedHealth Group.

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal

occupation(s) during the past five years and

other experience: chief executive officer

(January 2018–present) of Vanguard; chief executive

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

of each of the investment companies served by

Vanguard; president and director (2017–present) of

Vanguard; and president (February 2018–present) of

Vanguard Marketing Corporation. Chief investment

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

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

chief information officer (2001–2006) of Vanguard.

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

Hospital of Philadelphia.

Independent Trustees

Emerson U. Fullwood


occupation(s) during the past five years and other

experience: executive chief staff and marketing officer

for North America and corporate vice president (retired

2008) of Xerox Corporation (document management

products and services). Former president of the

Worldwide Channels Group, Latin America, and

Worldwide Customer Service and executive chief

staff officer of Developing Markets of Xerox. Executive

in residence and 2009–2010 Distinguished Minett

Professor at the Rochester Institute of Technology.

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

manufacturing). Director of the University of Rochester

Medical Center, the Monroe Community College

Foundation, the United Way of Rochester, North

Carolina A&T University, and Roberts Wesleyan

College. Trustee of the University of Rochester.

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal


experience: president (2004–present) of the University

of Pennsylvania. Christopher H. Browne Distinguished

Professor of Political Science, School of Arts and

Sciences, and professor of communication, Annenberg

School for Communication, with secondary faculty

appointments in the Department of Philosophy, School

of Arts and Sciences, and at the Graduate School of

Education, University of Pennsylvania. Trustee of the

National Constitution Center.

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

JoAnn Heffernan Heisen



experience: corporate vice president of Johnson &

Johnson (pharmaceuticals/medical devices/consumer

products) and member of its executive committee

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

2008), vice president and chief information officer

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

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

of Johnson & Johnson. Director of Skytop Lodge

Corporation (hotels) and the Robert Wood Johnson

Foundation. Member of the advisory board of the

Institute for Women’s Leadership at Rutgers University.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal


experience: president and chief operating officer

(retired 2009) and vice chairman of the board

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

Chairman of the board of Hillenbrand, Inc. (specialized

consumer services), Oxfam America, and the Lumina

Foundation for Education. Director of the V Foundation

for Cancer Research. Member of the advisory council

for the College of Arts and Letters and chair of the

advisory board to the Kellogg Institute for International

Studies, both at the University of Notre Dame.

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal


experience: senior vice president and chief financial

officer (retired 2013) of IBM (information technology

services). Fiduciary member of IBM’s Retirement

Plan Committee (2004–2013), senior vice president

and general manager (2002–2004) of IBM Global

Financing, vice president and controller (1998–2002)

of IBM, and a variety of other prior management roles

at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal


experience: chief investment officer (1989–present)

and vice president (1996–present) of the University

of Notre Dame. Assistant professor of finance at the

Mendoza College of Business, University of Notre

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

Investment Committee. Chairman of the board of

TIFF Advisory Services, Inc. Member of the board

of Catholic Investment Services, Inc. (investment

advisors), the board of advisors for Spruceview

Capital Partners, and the board of superintendence

of the Institute for the Works of Religion.

Deanna Mulligan



experience: president (2010–present) and chief

executive officer (2011–present) of The Guardian

Life Insurance Company of America. Chief operating

officer (2010–2011) and executive vice president

(2008–2010) of Individual Life and Disability of

The Guardian Life Insurance Company of America.

Member of the board of The Guardian Life Insurance

Company of America, the American Council of Life

Insurers, the Partnership for New York City (business

leadership), and the Committee Encouraging Corporate

Philanthropy. Trustee of the Economic Club of New

York and the Bruce Museum (arts and science).

Member of the Advisory Council for the Stanford

Graduate School of Business.

André F. Perold

Born in 1952. Trustee since December 2004. Principal


experience: George Gund Professor of Finance and

Banking, Emeritus at the Harvard Business School

(retired 2011). Chief investment officer and co-

managing partner of HighVista Strategies LLC

(private investment firm). Overseer of the Museum

of Fine Arts Boston.

Sarah Bloom Raskin



experience: deputy secretary (2014–2017) of

the United States Department of the Treasury.

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

Commissioner (2007–2010) of financial regulation

for the State of Maryland. Member of the board of

directors (2012–2014) of Neighborhood Reinvestment

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

Peter F. Volanakis



experience: president and chief operating officer

(retired 2010) of Corning Incorporated (communications

equipment) and director of Corning Incorporated

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

Director (2012) of SPX Corporation (multi-industry

manufacturing). Overseer of the Amos Tuck School

of Business Administration, Dartmouth College

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

Colby-Sawyer College. Member of the Board of

Hypertherm Inc. (industrial cutting systems, software,

and consumables).

Executive Officers

Glenn Booraem

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

five years and other experience: principal of Vanguard.

Investment stewardship officer (2017–present),

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

and assistant controller (2001–2010) of each of

the investment companies served by Vanguard.

Christine M. Buchanan


five years and other experience: principal of Vanguard

and global head of Fund Administration at Vanguard.

Treasurer (2017–present) of each of the investment

companies served by Vanguard. Partner (2005–2017)

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

Brian Dvorak



Chief compliance officer (2017–present) of Vanguard

and each of the investment companies served by

Vanguard. Assistant vice president (2017–present) of

Vanguard Marketing Corporation. Vice president and

director of Enterprise Risk Management (2011–2013)

at Oppenheimer Funds, Inc.

Thomas J. Higgins



Chief financial officer (2008–present) and treasurer

(1998–2008) of each of the investment companies

served by Vanguard.

Peter Mahoney



Controller (2015–present) of each of the investment

companies served by Vanguard. Head of International

Fund Services (2008–2014) at Vanguard.

Anne E. Robinson

Born in 1970. Principal occupation(s) during the

past five years and other experience: general

counsel (2016–present) of Vanguard. Secretary

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

investment companies served by Vanguard.

Managing director (2016–present) of Vanguard.

Director and senior vice president (2016–2018)

of Vanguard Marketing Corporation. Managing

director and general counsel of Global Cards and

Consumer Services (2014–2016) at Citigroup.

Counsel (2003–2014) at American Express.

Michael Rollings

Born in 1963. Principal occupation(s) during the

past five years and other experience: finance

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

of the investment companies served by Vanguard.

Managing director (2016–present) of Vanguard. Chief

financial officer (2016–present) of Vanguard. Director

(2016–present) of Vanguard Marketing Corporation.

Executive vice president and chief financial officer

(2006–2016) of MassMutual Financial Group.

Vanguard Senior Management Team

Joseph Brennan Chris D. McIsaac

Mortimer J. Buckley James M. Norris

Gregory Davis Thomas M. Rampulla

John James Karin A. Risi

Martha G. King Anne E. Robinson

John T. Marcante Michael Rollings

Chairman Emeritus and Senior Advisor

John J. Brennan

Chairman, 1996–2009

Chief Executive Officer and President, 1996–2008

Founder

John C. Bogle

Chairman and Chief Executive Officer, 1974–1996

P.O. Box 2600

Valley Forge, PA 19482-2600

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

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

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

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

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

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

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

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

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

Q7380 122018

Documents

Vanguard Global ex-U.S. Real Estate Index Fundpersonal.vanguard.com/funds/reports/q7380.pdf · 1 • Vanguard Global ex-U.S. Real Estate Index Fund returned –6.6 1% for Investor