# EDGAR Filing Document

**Accession Number:** 0001004655
**File Stem:** 0001104659-25-064867
**Filing Date:** 2025-7
**Character Count:** 359252
**Document Hash:** b0dee4de338e6ee95b850829416c1ec6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064867.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-064867

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WHITEHALL FUNDS
- **CENTRAL INDEX KEY:** 0001004655

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07443
- **FILM NUMBER:** 251097893

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WHITEHALL FUNDS INC
- **DATE OF NAME CHANGE:** 19951207

## Series and Classes Contracts Data

### Vanguard International Explorer Fund (Series ID: S000004407)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012165 | Investor Shares | VINEX           |

### Vanguard High Dividend Yield Index Fund (Series ID: S000014011)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000038295 | ETF Shares     | VYM             |
| C000209802 | Admiral Shares | VHYAX           |

### Vanguard Advice Select International Growth Fund (Series ID: S000074280)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000231925 | Admiral Shares | VAIGX           |

### Vanguard Advice Select Dividend Growth Fund (Series ID: S000074281)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000231926 | Admiral Shares | VADGX           |

### Vanguard Advice Select Global Value Fund (Series ID: S000074282)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000231927 | Admiral Shares | VAGVX           |

?xml version='1.0' encoding='ASCII'? 8ddaf08c90c707a

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-07443**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Whitehall Funds** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| **Name and address of agent for service:** | **Tonya T. Robinson, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: October 31

Date of reporting period: November 1, 2024—April 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Vanguard Advice Select International Growth Fund](#classname4d48a13c-3586-45f4-9d67-229811c915c2)<br> **[Admiral<sup>™</sup> Shares - VAIGX](#classname4d48a13c-3586-45f4-9d67-229811c915c2)**  |
|  [Vanguard Advice Select Dividend Growth Fund](#classname9469cefc-d07d-4809-889b-96f11d3f3891)<br> **[Admiral<sup>™</sup> Shares - VADGX](#classname9469cefc-d07d-4809-889b-96f11d3f3891)**  |
|  [Vanguard Advice Select Global Value Fund](#classnameed53a0f1-7032-4114-943d-8d875e204d49)<br> **[Admiral<sup>™</sup> Shares - VAGVX](#classnameed53a0f1-7032-4114-943d-8d875e204d49)**  |
|  [Vanguard International Explorer™ Fund](#classnamef8434442-2a87-4eb9-b1e6-39cca088408d)<br> **[Investor Shares - VINEX](#classnamef8434442-2a87-4eb9-b1e6-39cca088408d)**  |
|  [Vanguard High Dividend Yield Index Fund](#classname553cc341-5c43-460c-8d40-efc2461164db)<br> **[ETF Shares - VYM](#classname553cc341-5c43-460c-8d40-efc2461164db)**  |
|  [Vanguard High Dividend Yield Index Fund](#classname2410a154-f6c2-4e9a-b9c2-a49717711315)<br> **[Admiral<sup>™</sup> Shares - VHYAX](#classname2410a154-f6c2-4e9a-b9c2-a49717711315)**  |

---

![Logo](tm2515692d8_inlinepkgimg001.jpg)

#### Vanguard Advice Select International Growth Fund

#### Admiral<sup>™</sup> Shares (VAIGX)
Semi-Annual Shareholder Report \| April 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Advice Select International Growth Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Admiral Shares | $220.44%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |
| Asia | 27.7% |
| Europe | 46.2% |
| North America | 22.7% |
| South America | 1.6% |
| Other Assets and Liabilities—Net | 1.8% |

---

#### Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

 **Connect with Vanguard** <sup>**<sup>®</sup>**</sup> • vanguard.com

 **Fund Information** • 800-662-7447

 **Direct Investor Account Services** • 800-662-2739

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4437

![Logo](tm2515692d8_inlinepkgimg001.jpg)

#### Vanguard Advice Select Dividend Growth Fund

#### Admiral<sup>™</sup> Shares (VADGX)
Semi-Annual Shareholder Report \| April 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Advice Select Dividend Growth Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Admiral Shares | $180.36%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |  |
| Communication Services | 2.6% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 8.5% |
| Financials | 24.3% |
| Health Care | 12.2% |
| Industrials | 8.5% |
| Information Technology | 27.4% |
| Materials | 4.6% |
| Other Assets and Liabilities—Net | 1.7% |

---

#### Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

 **Connect with Vanguard** <sup>**<sup>®</sup>**</sup> • vanguard.com

 **Fund Information** • 800-662-7447

 **Direct Investor Account Services** • 800-662-2739

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4435

![Logo](tm2515692d8_inlinepkgimg001.jpg)

#### Vanguard Advice Select Global Value Fund

#### Admiral<sup>™</sup> Shares (VAGVX)
Semi-Annual Shareholder Report \| April 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard Advice Select Global Value Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Admiral Shares | $200.41%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |
| Asia | 16.7% |
| Europe | 23.0% |
| North America | 59.0% |
| Other Assets and Liabilities—Net | 1.3% |

---

#### Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

 **Connect with Vanguard** <sup>**<sup>®</sup>**</sup> • vanguard.com

 **Fund Information** • 800-662-7447

 **Direct Investor Account Services** • 800-662-2739

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4436

![Logo](tm2515692d8_inlinepkgimg001.jpg)

#### Vanguard International Explorer™ Fund

#### Investor Shares (VINEX)
Semi-Annual Shareholder Report \| April 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard International Explorer Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $230.46%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |
| Africa | 0.1% |
| Asia | 40.1% |
| Europe | 46.3% |
| North America | 1.9% |
| Oceania | 5.4% |
| Other | 0.1% |
| South America | 1.9% |
| Other Assets and Liabilities—Net | 4.2% |

---

#### Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

 **Connect with Vanguard** <sup>**<sup>®</sup>**</sup> • vanguard.com

 **Fund Information** • 800-662-7447

 **Direct Investor Account Services** • 800-662-2739

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR126

![Logo](tm2515692d8_inlinepkgimg001.jpg)

#### Vanguard High Dividend Yield Index Fund

#### ETF Shares (VYM) NYSE Arca
Semi-Annual Shareholder Report \| April 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| ETF Shares | $30.06%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$70423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |
| Basic Materials | 2.0% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 10.8% |
| Energy | 8.4% |
| Financials | 20.7% |
| Health Care | 13.6% |
| Industrials | 13.2% |
| Real Estate | 0.0% |
| Technology | 9.9% |
| Telecommunications | 4.1% |
| Utilities | 6.8% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

 **Connect with Vanguard** <sup>**<sup>®</sup>**</sup> • vanguard.com

 **Fund Information** • 800-662-7447

 **Direct Investor Account Services** • 800-662-2739

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR923

![Logo](tm2515692d8_inlinepkgimg001.jpg)

#### Vanguard High Dividend Yield Index Fund

#### Admiral<sup>™</sup> Shares (VHYAX)
Semi-Annual Shareholder Report \| April 30, 2025

------

This semi-annual shareholder report contains important information about Vanguard High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

#### What were the Fund costs for the last six months?
 *(based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Admiral Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$70423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |
| Basic Materials | 2.0% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 10.8% |
| Energy | 8.4% |
| Financials | 20.7% |
| Health Care | 13.6% |
| Industrials | 13.2% |
| Real Estate | 0.0% |
| Technology | 9.9% |
| Telecommunications | 4.1% |
| Utilities | 6.8% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

 **Connect with Vanguard** <sup>**<sup>®</sup>**</sup> • vanguard.com

 **Fund Information** • 800-662-7447

 **Direct Investor Account Services** • 800-662-2739

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5023

**Item 2: Code of Ethics.** 

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2515692d8intlgrowfini001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Advice Select International Growth Fund

------

Contents

Financial Statements 1 <br>

------

Advice Select International Growth Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (98.2%)** | **Common Stocks (98.2%)** | **Common Stocks (98.2%)** | **Common Stocks (98.2%)** |
| **Brazil (1.6%)** | **Brazil (1.6%)** | **Brazil (1.6%)** | **Brazil (1.6%)** |
| <sup>\*</sup> | NU Holdings Ltd. Class A | &nbsp;&nbsp;1361517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16924 |
| **Canada (3.3%)** | **Canada (3.3%)** | **Canada (3.3%)** | **Canada (3.3%)** |
| <sup>\*</sup> | Shopify Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;381900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36280 |
| **China (12.4%)** | **China (12.4%)** | **China (12.4%)** | **China (12.4%)** |
|  | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;671900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41155 |
| <sup>\*,1</sup> | Meituan Class B | &nbsp;&nbsp;2336550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38687 |
| <sup>\*</sup> | PDD Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;256415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27070 |
|  | BYD Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;569500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**133961** |
| **Denmark (0.9%)** | **Denmark (0.9%)** | **Denmark (0.9%)** | **Denmark (0.9%)** |
|  | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;142477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9526 |
| **France (7.9%)** | **France (7.9%)** | **France (7.9%)** | **France (7.9%)** |
|  | Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46439 |
| <sup>\*</sup> | L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23030 |
|  | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85461** |
| **Germany (4.1%)** | **Germany (4.1%)** | **Germany (4.1%)** | **Germany (4.1%)** |
| <sup>\*,1</sup> | Delivery Hero SE Class A | &nbsp;&nbsp;1017014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28743 |
| <sup>\*</sup> | BioNTech SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;146239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15231 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43974** |
| **Italy (4.2%)** | **Italy (4.2%)** | **Italy (4.2%)** | **Italy (4.2%)** |
|  | Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;100456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45987 |
| **Japan (0.8%)** | **Japan (0.8%)** | **Japan (0.8%)** | **Japan (0.8%)** |
|  | M3 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;742500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9305 |
| **Netherlands (10.6%)** | **Netherlands (10.6%)** | **Netherlands (10.6%)** | **Netherlands (10.6%)** |
| <sup>\*,1</sup> | Adyen NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72764 |
|  | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41669 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**114433** |
| **Singapore (4.7%)** | **Singapore (4.7%)** | **Singapore (4.7%)** | **Singapore (4.7%)** |
| <sup>\*</sup> | Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;380738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51038 |
| **South Korea (3.5%)** | **South Korea (3.5%)** | **South Korea (3.5%)** | **South Korea (3.5%)** |
| <sup>\*</sup> | Coupang Inc. | &nbsp;&nbsp;1607472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37567 |
| **Sweden (14.3%)** | **Sweden (14.3%)** | **Sweden (14.3%)** | **Sweden (14.3%)** |
| <sup>\*</sup> | Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;204932 | &nbsp;&nbsp;&nbsp;&nbsp;125824 |
|  | Atlas Copco AB Class B | &nbsp;&nbsp;1345848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18688 |
| <sup>\*</sup> | Kinnevik AB Class B | &nbsp;&nbsp;1302341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**154936** |
| **Taiwan (6.3%)** | **Taiwan (6.3%)** | **Taiwan (6.3%)** | **Taiwan (6.3%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;2424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68683 |
| **United Kingdom (4.2%)** | **United Kingdom (4.2%)** | **United Kingdom (4.2%)** | **United Kingdom (4.2%)** |
| <sup>\*</sup> | Wise plc Class A | &nbsp;&nbsp;2262806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29680 |
| <sup>\*</sup> | Ocado Group plc | &nbsp;&nbsp;4105475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15511 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45191** |
| **United States (19.4%)** | **United States (19.4%)** | **United States (19.4%)** | **United States (19.4%)** |
| <sup>\*</sup> | MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65716 | &nbsp;&nbsp;&nbsp;&nbsp;153174 |
|  | NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;435518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47437 |
| <sup>\*</sup> | Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**209715** |
| **Total Common Stocks (Cost $824,649)** | **Total Common Stocks (Cost $824,649)** | **Total Common Stocks (Cost $824,649)** | **1062981** |

---

------

Advice Select International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** |
| **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** |
| <sup>2</sup> | Vanguard Market Liquidity Fund, 4.350% **(Cost $15,502)** | &nbsp;&nbsp;155048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15503** |
| **Total Investments (99.6%) (Cost $840,151)** | **Total Investments (99.6%) (Cost $840,151)** |  | &nbsp;&nbsp;**1078484** |
| **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4260** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**1082744** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, the aggregate value was $140,194, representing 12.9% of net assets. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

ADR—American Depositary Receipt.

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

------

Advice Select International Growth Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $824,649) | 1062981 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $15,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15503 |
| Total Investments in Securities | 1078484 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 |
| **Total Assets** | **1086677** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3933** |
| **Net Assets** | **1082744** |
| **<br>At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;832177 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;250567 |
| **Net Assets** | **1082744** |
| **Net Assets** |  |
| **Applicable to 52,144,885 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1082744** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.76** |

---

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

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Advice Select International Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 |
| **Net Investment Loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(391)** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14414 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14308** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35958 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35970** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49887** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $291. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $365, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Advice Select International Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35970 | &nbsp;&nbsp;&nbsp;&nbsp;259902 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49887 | &nbsp;&nbsp;&nbsp;&nbsp;272208 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(837) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;146829 | &nbsp;&nbsp;&nbsp;&nbsp;346672 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(98873) | &nbsp;&nbsp;&nbsp;(125600) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50278 | &nbsp;&nbsp;&nbsp;&nbsp;221634 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96206 | &nbsp;&nbsp;&nbsp;&nbsp;493005 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**986538** | &nbsp;&nbsp;&nbsp;&nbsp;**493533** |
| **End of Period** | **1082744** | &nbsp;&nbsp;&nbsp;&nbsp;**986538** |

---

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

------

Advice Select International Growth Fund

Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;November 9,<br> 2021<sup>1</sup> to<br> October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$19.88** | &nbsp;&nbsp;&nbsp;**$13.42** | &nbsp;&nbsp;&nbsp;**$12.65** | &nbsp;&nbsp;&nbsp;**$25.00** |
| **Investment Operations** |  |  |  |  |
| Net Investment Income (Loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.009) |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.738 | &nbsp;&nbsp;&nbsp;&nbsp;(12.341) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.770 | &nbsp;&nbsp;&nbsp;&nbsp;(12.350) |
| **Distributions** |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.021) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.018) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.021) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$20.76** | &nbsp;&nbsp;&nbsp;**$19.88** | &nbsp;&nbsp;&nbsp;**$13.42** | &nbsp;&nbsp;&nbsp;**$12.65** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**4.85%** | &nbsp;&nbsp;&nbsp;**48.33%** | &nbsp;&nbsp;&nbsp;**6.09%** | &nbsp;&nbsp;&nbsp;**-49.40%** |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1083 | &nbsp;&nbsp;&nbsp;$987 | &nbsp;&nbsp;&nbsp;$494 | &nbsp;&nbsp;&nbsp;$196 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.44%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.40%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.41%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.42%<sup>5</sup> |
| Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;(0.06%)<sup>5</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;11% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | Includes performance-based investment advisory fee increases (decreases) of 0.02%, (0.02%), and (0.02%). |
| 5 | Annualized. |

---

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

------

Advice Select International Growth Fund

Notes to Financial Statements

Vanguard Advice Select International Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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.

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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.

The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

B. Baillie Gifford Overseas Ltd. provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the fund's performance relative to the MSCI ACWI ex-USA Growth Index for the preceding three years. For the six months ended April 30, 2025, the investment advisory fee represented an effective annual basic rate of 0.22% of the fund's average net assets, before a net increase of $101,000 (0.02%) based on performance.

------

Advice Select International Growth Fund

C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution, and cash management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $28,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

D. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 262919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;262919 |
| Common Stocks—Other | 256730 | &nbsp;&nbsp;&nbsp;543332 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;800062 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;15503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15503 |
| Total | 535152 | &nbsp;&nbsp;&nbsp;543332 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1078484 |

---

E. As of April 30, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;&nbsp;841637 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;345578 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;(108731) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;236847 |

---

F. During the six months ended April 30, 2025, the fund purchased $141,080,000 of investment securities and sold $97,845,000 of investment securities, other than temporary cash investments.

G. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;7273 | &nbsp;&nbsp;&nbsp;19816 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Redeemed | (4867) | &nbsp;&nbsp;&nbsp;(7004) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;12846 |

---

H. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

I. The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer

------

Advice Select International Growth Fund

collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

J. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

Q44372 062025

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![](tm2515692d8divdndgrthfini001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Advice Select Dividend Growth Fund

------

Contents

Financial Statements 1 <br>

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Advice Select Dividend Growth Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (98.3%)** | **Common Stocks (98.3%)** | **Common Stocks (98.3%)** |
| **Communication Services (2.6%)** | **Communication Services (2.6%)** | **Communication Services (2.6%)** |
| Alphabet Inc. Class A | &nbsp;&nbsp;136936 | &nbsp;&nbsp;&nbsp;&nbsp;21745 |
| **Consumer Discretionary (10.2%)** | **Consumer Discretionary (10.2%)** | **Consumer Discretionary (10.2%)** |
| TJX Cos. Inc. | &nbsp;&nbsp;356714 | &nbsp;&nbsp;&nbsp;&nbsp;45902 |
| McDonald's Corp. | &nbsp;&nbsp;126221 | &nbsp;&nbsp;&nbsp;&nbsp;40347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**86249** |
| **Consumer Staples (8.5%)** | **Consumer Staples (8.5%)** | **Consumer Staples (8.5%)** |
| Coca-Cola Co. | &nbsp;&nbsp;520435 | &nbsp;&nbsp;&nbsp;&nbsp;37758 |
| Procter & Gamble Co. | &nbsp;&nbsp;207905 | &nbsp;&nbsp;&nbsp;&nbsp;33799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**71557** |
| **Financials (24.3%)** | **Financials (24.3%)** | **Financials (24.3%)** |
| Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;72750 | &nbsp;&nbsp;&nbsp;&nbsp;39871 |
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;168777 | &nbsp;&nbsp;&nbsp;&nbsp;38054 |
| S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70223 | &nbsp;&nbsp;&nbsp;&nbsp;35115 |
| Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;92063 | &nbsp;&nbsp;&nbsp;&nbsp;31808 |
| American Express Co. | &nbsp;&nbsp;114533 | &nbsp;&nbsp;&nbsp;&nbsp;30513 |
| Chubb Ltd. | &nbsp;&nbsp;105014 | &nbsp;&nbsp;&nbsp;&nbsp;30042 |
|  |  | &nbsp;&nbsp;**205403** |
| **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** |
| Danaher Corp. | &nbsp;&nbsp;171403 | &nbsp;&nbsp;&nbsp;&nbsp;34166 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83406 | &nbsp;&nbsp;&nbsp;&nbsp;31187 |
| UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48248 | &nbsp;&nbsp;&nbsp;&nbsp;19851 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;19781 | &nbsp;&nbsp;&nbsp;&nbsp;17782 |
|  |  | &nbsp;&nbsp;**102986** |
| **Industrials (8.5%)** | **Industrials (8.5%)** | **Industrials (8.5%)** |
| Honeywell International Inc. | &nbsp;&nbsp;171110 | &nbsp;&nbsp;&nbsp;&nbsp;36019 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50805 | &nbsp;&nbsp;&nbsp;&nbsp;24716 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53858 | &nbsp;&nbsp;&nbsp;&nbsp;11615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**72350** |
| **Information Technology (27.4%)** | **Information Technology (27.4%)** | **Information Technology (27.4%)** |
| Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70698 | &nbsp;&nbsp;&nbsp;&nbsp;44361 |
| Broadcom Inc. | &nbsp;&nbsp;209224 | &nbsp;&nbsp;&nbsp;&nbsp;40270 |
| Texas Instruments Inc. | &nbsp;&nbsp;243975 | &nbsp;&nbsp;&nbsp;&nbsp;39048 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95854 | &nbsp;&nbsp;&nbsp;&nbsp;37887 |
| Accenture plc Class A | &nbsp;&nbsp;126034 | &nbsp;&nbsp;&nbsp;&nbsp;37703 |
| Apple Inc. | &nbsp;&nbsp;151721 | &nbsp;&nbsp;&nbsp;&nbsp;32241 |
|  |  | &nbsp;&nbsp;**231510** |
| **Materials (4.6%)** | **Materials (4.6%)** | **Materials (4.6%)** |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;86027 | &nbsp;&nbsp;&nbsp;&nbsp;38990 |
| **Total Common Stocks (Cost $722,649)** | **Total Common Stocks (Cost $722,649)** | **830790** |
| **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** |
| **Money Market Fund (2.1%)** | **Money Market Fund (2.1%)** | **Money Market Fund (2.1%)** |
| Vanguard Market Liquidity Fund, 4.350% **(Cost $18,152)** | &nbsp;&nbsp;181555 | &nbsp;&nbsp;&nbsp;&nbsp;**18154** |
| **Total Investments (100.4%) (Cost $740,801)** |  | &nbsp;&nbsp;**848944** |
| **Other Assets and Liabilities—Net (-0.4%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(3738)** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**845206** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

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

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

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Advice Select Dividend Growth Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $722,649) | 830790 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $18,152) | &nbsp;&nbsp;&nbsp;18154 |
| Total Investments in Securities | 848944 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;1075 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 |
| **Total Assets** | **850738** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;4691 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**5532** |
| **Net Assets** | **845206** |
| **<br>At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 757514 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;87692 |
| **Net Assets** | **845206** |
| **Net Assets** |  |
| **Applicable to 29,697,578 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **845206** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;**$28.46** |

---

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

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Advice Select Dividend Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5160** |
| **Realized Net Gain (Loss) on Investment Securities Sold<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(21309)** |
| **Change in Unrealized Appreciation (Depreciation) of Investment Securities<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6287)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(22436)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $441, $2, and $1, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

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Advice Select Dividend Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;(21309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(6287) | &nbsp;&nbsp;&nbsp;&nbsp;107974 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(22436) | &nbsp;&nbsp;&nbsp;&nbsp;123143 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(10951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9329) |
| **Capital Share Transactions** |  |  |
| Issued | 137228 | &nbsp;&nbsp;&nbsp;&nbsp;318221 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6194 |
| Redeemed | &nbsp;&nbsp;(87503) | &nbsp;&nbsp;&nbsp;(140572) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;56365 | &nbsp;&nbsp;&nbsp;&nbsp;183843 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;22978 | &nbsp;&nbsp;&nbsp;&nbsp;297657 |
| **Net Assets** |  |  |
| **Beginning of Period** | **822228** | &nbsp;&nbsp;&nbsp;&nbsp;**524571** |
| **End of Period** | **845206** | &nbsp;&nbsp;&nbsp;&nbsp;**822228** |

---

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

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Advice Select Dividend Growth Fund

Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;November 9,<br> 2021<sup>1</sup> to<br> October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$29.63** | &nbsp;&nbsp;&nbsp;**$24.85** | &nbsp;&nbsp;&nbsp;**$24.00** | &nbsp;&nbsp;&nbsp;**$25.00** |
| **Investment Operations** |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.295 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.763 | &nbsp;&nbsp;&nbsp;&nbsp;(1.187) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.892) |
| **Distributions** |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.108) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.009) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.108) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$28.46** | &nbsp;&nbsp;&nbsp;**$29.63** | &nbsp;&nbsp;&nbsp;**$24.85** | &nbsp;&nbsp;&nbsp;**$24.00** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**-2.66%** | &nbsp;&nbsp;&nbsp;**20.91%** | &nbsp;&nbsp;&nbsp;**4.73%** | &nbsp;&nbsp;&nbsp;**-3.56%** |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$845 | &nbsp;&nbsp;&nbsp;$822 | &nbsp;&nbsp;&nbsp;$525 | &nbsp;&nbsp;&nbsp;$210 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.36%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.41%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.46%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.45%<sup>5</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;1.28%<sup>5</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;20% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | Includes performance-based investment advisory fee increases (decreases) of (0.07%), (0.02%), and 0.02%. |
| 5 | Annualized. |

---

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

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Advice Select Dividend Growth Fund

Notes to Financial Statements

Vanguard Advice Select Dividend Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

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 by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

5. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.

B. Wellington Management Company llp provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the fund's performance relative to the S&P U.S. Dividend Growers Index for the preceding three years. For the six months ended April 30, 2025, the investment advisory fee represented an effective annual basic rate of 0.23% of the fund's average net assets, before a net decrease of $299,000 (0.07%) based on performance.

C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $23,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

Advice Select Dividend Growth Fund

D. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

At April 30, 2025, 100% of the market value of the fund's investments was determined based on Level 1 inputs.

E. As of April 30, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;741751 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;122429 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(15236) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;107193 |

---

F. During the six months ended April 30, 2025, the fund purchased $252,334,000 of investment securities and sold $204,577,000 of investment securities, other than temporary cash investments.

G. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;11394 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Redeemed | (2972) | &nbsp;&nbsp;&nbsp;(4976) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;1946 | &nbsp;&nbsp;&nbsp;&nbsp;6645 |

---

H. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

I. The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

J. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

Q44352 062025

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![](tm2515692d8globlvalfini001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Advice Select Global Value Fund

------

Contents

Financial Statements 1 <br>

------

Advice Select Global Value Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (98.7%)** | **Common Stocks (98.7%)** | **Common Stocks (98.7%)** | **Common Stocks (98.7%)** |
| **Canada (2.3%)** | **Canada (2.3%)** | **Canada (2.3%)** | **Canada (2.3%)** |
|  | National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;128137 | &nbsp;&nbsp;11254 |
|  | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;340417 | &nbsp;&nbsp;&nbsp;&nbsp;9767 |
|  | Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;485103 | &nbsp;&nbsp;&nbsp;&nbsp;9236 |
|  |  |  | &nbsp;&nbsp;**30257** |
| **China (3.0%)** | **China (3.0%)** | **China (3.0%)** | **China (3.0%)** |
|  | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;309846 | &nbsp;&nbsp;18978 |
|  | ANTA Sports Products Ltd. | &nbsp;&nbsp;1068400 | &nbsp;&nbsp;12624 |
|  | Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187750 | &nbsp;&nbsp;&nbsp;&nbsp;8132 |
|  |  |  | &nbsp;&nbsp;**39734** |
| **France (5.7%)** | **France (5.7%)** | **France (5.7%)** | **France (5.7%)** |
|  | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;188473 | &nbsp;&nbsp;20617 |
|  | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;297602 | &nbsp;&nbsp;15517 |
|  | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87520 | &nbsp;&nbsp;13973 |
|  | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;674267 | &nbsp;&nbsp;13936 |
|  | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25528 | &nbsp;&nbsp;&nbsp;&nbsp;7151 |
|  | Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26189 | &nbsp;&nbsp;&nbsp;&nbsp;4444 |
|  |  |  | &nbsp;&nbsp;**75638** |
| **Germany (0.7%)** | **Germany (0.7%)** | **Germany (0.7%)** | **Germany (0.7%)** |
|  | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70783 | &nbsp;&nbsp;&nbsp;&nbsp;9854 |
| **Hong Kong (2.9%)** | **Hong Kong (2.9%)** | **Hong Kong (2.9%)** | **Hong Kong (2.9%)** |
|  | AIA Group Ltd. | &nbsp;&nbsp;1917200 | &nbsp;&nbsp;14365 |
|  | Techtronic Industries Co. Ltd. | &nbsp;&nbsp;1116939 | &nbsp;&nbsp;11241 |
| <sup>1</sup> | WH Group Ltd. | &nbsp;&nbsp;6810037 | &nbsp;&nbsp;&nbsp;&nbsp;6090 |
| <sup>\*</sup> | Sands China Ltd. | &nbsp;&nbsp;3392362 | &nbsp;&nbsp;&nbsp;&nbsp;6075 |
|  |  |  | &nbsp;&nbsp;**37771** |
| **Ireland (2.8%)** | **Ireland (2.8%)** | **Ireland (2.8%)** | **Ireland (2.8%)** |
|  | Bank of Ireland Group plc | &nbsp;&nbsp;1132149 | &nbsp;&nbsp;13598 |
|  | CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;122158 | &nbsp;&nbsp;11587 |
| <sup>\*</sup> | ICON plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76044 | &nbsp;&nbsp;11516 |
|  |  |  | &nbsp;&nbsp;**36701** |
| **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;1020861 | &nbsp;&nbsp;20428 |
| **Japan (7.5%)** | **Japan (7.5%)** | **Japan (7.5%)** | **Japan (7.5%)** |
|  | Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;885200 | &nbsp;&nbsp;23354 |
|  | MISUMI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;954400 | &nbsp;&nbsp;13370 |
|  | FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;475300 | &nbsp;&nbsp;12063 |
|  | Chiba Bank Ltd. | &nbsp;&nbsp;1344940 | &nbsp;&nbsp;11959 |
|  | MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;650600 | &nbsp;&nbsp;11943 |
|  | Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76700 | &nbsp;&nbsp;11420 |
|  | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;304569 | &nbsp;&nbsp;&nbsp;&nbsp;7791 |
|  | Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346518 | &nbsp;&nbsp;&nbsp;&nbsp;4366 |
|  | SUMCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;471100 | &nbsp;&nbsp;&nbsp;&nbsp;3249 |
|  |  |  | &nbsp;&nbsp;**99515** |
| **Mexico (1.0%)** | **Mexico (1.0%)** | **Mexico (1.0%)** | **Mexico (1.0%)** |
|  | Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;4184600 | &nbsp;&nbsp;13262 |
| **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** |
|  | ASML Holding NV (Registered) ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18892 | &nbsp;&nbsp;12621 |
|  | Aegon Ltd. | &nbsp;&nbsp;1932644 | &nbsp;&nbsp;12431 |
|  |  |  | &nbsp;&nbsp;**25052** |
| **Norway (0.6%)** | **Norway (0.6%)** | **Norway (0.6%)** | **Norway (0.6%)** |
|  | Equinor ASA ADR | &nbsp;&nbsp;&nbsp;&nbsp;331858 | &nbsp;&nbsp;&nbsp;&nbsp;7397 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,2</sup> | Sberbank of Russia PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

Advice Select Global Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Singapore (1.2%)** | **Singapore (1.2%)** | **Singapore (1.2%)** | **Singapore (1.2%)** |
|  | United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616500 | &nbsp;&nbsp;16374 |
| **South Korea (0.7%)** | **South Korea (0.7%)** | **South Korea (0.7%)** | **South Korea (0.7%)** |
|  | Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71051 | &nbsp;&nbsp;&nbsp;&nbsp;9521 |
| **Spain (2.0%)** | **Spain (2.0%)** | **Spain (2.0%)** | **Spain (2.0%)** |
|  | Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;1454260 | &nbsp;&nbsp;26214 |
| **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** |
|  | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567293 | &nbsp;&nbsp;11711 |
| **Taiwan (1.4%)** | **Taiwan (1.4%)** | **Taiwan (1.4%)** | **Taiwan (1.4%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106802 | &nbsp;&nbsp;17803 |
| **United Kingdom (6.8%)** | **United Kingdom (6.8%)** | **United Kingdom (6.8%)** | **United Kingdom (6.8%)** |
|  | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366503 | &nbsp;&nbsp;23335 |
|  | Lloyds Banking Group plc | &nbsp;&nbsp;14660855 | &nbsp;&nbsp;14404 |
|  | AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96907 | &nbsp;&nbsp;13884 |
|  | Intermediate Capital Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458755 | &nbsp;&nbsp;11539 |
|  | Haleon plc | &nbsp;&nbsp;&nbsp;&nbsp;1949569 | &nbsp;&nbsp;&nbsp;&nbsp;9810 |
|  | Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155468 | &nbsp;&nbsp;&nbsp;&nbsp;9264 |
|  | Rentokil Initial plc | &nbsp;&nbsp;&nbsp;&nbsp;1707773 | &nbsp;&nbsp;&nbsp;&nbsp;7824 |
|  |  |  | &nbsp;&nbsp;**90060** |
| **United States (55.7%)** | **United States (55.7%)** | **United States (55.7%)** | **United States (55.7%)** |
|  | American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107634 | &nbsp;&nbsp;24262 |
|  | Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140402 | &nbsp;&nbsp;22296 |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23660 | &nbsp;&nbsp;20365 |
|  | Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123204 | &nbsp;&nbsp;16884 |
|  | Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54761 | &nbsp;&nbsp;16382 |
|  | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87872 | &nbsp;&nbsp;16196 |
| <sup>\*</sup> | Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132520 | &nbsp;&nbsp;16157 |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446171 | &nbsp;&nbsp;16076 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219673 | &nbsp;&nbsp;15599 |
|  | Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52990 | &nbsp;&nbsp;15273 |
|  | Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149176 | &nbsp;&nbsp;15246 |
|  | UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36446 | &nbsp;&nbsp;14995 |
|  | NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262216 | &nbsp;&nbsp;14789 |
| <sup>\*</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181860 | &nbsp;&nbsp;14732 |
|  | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442226 | &nbsp;&nbsp;14704 |
|  | Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75730 | &nbsp;&nbsp;14576 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76331 | &nbsp;&nbsp;14330 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122909 | &nbsp;&nbsp;14269 |
|  | Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231571 | &nbsp;&nbsp;14181 |
|  | Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129828 | &nbsp;&nbsp;13646 |
| <sup>\*</sup> | Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56485 | &nbsp;&nbsp;13612 |
| <sup>\*</sup> | Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36230 | &nbsp;&nbsp;13586 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29005 | &nbsp;&nbsp;13281 |
|  | Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120467 | &nbsp;&nbsp;12962 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87971 | &nbsp;&nbsp;12429 |
|  | Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135939 | &nbsp;&nbsp;12364 |
|  | T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48372 | &nbsp;&nbsp;11945 |
|  | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200574 | &nbsp;&nbsp;11930 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342587 | &nbsp;&nbsp;11850 |
|  | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142201 | &nbsp;&nbsp;11797 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277403 | &nbsp;&nbsp;11618 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95486 | &nbsp;&nbsp;11460 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225953 | &nbsp;&nbsp;11343 |
|  | Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31430 | &nbsp;&nbsp;11278 |
|  | Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34384 | &nbsp;&nbsp;10583 |
|  | Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131600 | &nbsp;&nbsp;10535 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84875 | &nbsp;&nbsp;&nbsp;&nbsp;9796 |
|  | M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57396 | &nbsp;&nbsp;&nbsp;&nbsp;9744 |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89112 | &nbsp;&nbsp;&nbsp;&nbsp;9596 |
|  | PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86632 | &nbsp;&nbsp;&nbsp;&nbsp;9431 |
| <sup>\*</sup> | Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78121 | &nbsp;&nbsp;&nbsp;&nbsp;9346 |
|  | Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33983 | &nbsp;&nbsp;&nbsp;&nbsp;9132 |
|  | Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48556 | &nbsp;&nbsp;&nbsp;&nbsp;9106 |
|  | Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274521 | &nbsp;&nbsp;&nbsp;&nbsp;8966 |

---

------

Advice Select Global Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Sempra | &nbsp;&nbsp;116050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8619 |
|  | Gentex Corp. | &nbsp;&nbsp;384898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |
| <sup>\*</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344 |
|  | Skyworks Solutions Inc. | &nbsp;&nbsp;128161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8238 |
|  | TPG Inc. Class A | &nbsp;&nbsp;164526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642 |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 |
|  | CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7449 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7347 |
|  | AT&T Inc. | &nbsp;&nbsp;265106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343 |
|  | Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577 |
| <sup>\*</sup> | Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6576 |
|  | FMC Corp. | &nbsp;&nbsp;152375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6388 |
|  | MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274 |
|  | Kenvue Inc. | &nbsp;&nbsp;255492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030 |
|  | Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883 |
|  | Coterra Energy Inc. | &nbsp;&nbsp;186964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 |
|  | Knight-Swift Transportation Holdings Inc. Class A | &nbsp;&nbsp;115473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523 |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716 |
|  | Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 |
|  | Halliburton Co. | &nbsp;&nbsp;153961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**735042** |
| **Total Common Stocks (Cost $1,264,558)** | **Total Common Stocks (Cost $1,264,558)** | **Total Common Stocks (Cost $1,264,558)** | **1302334** |
| **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** |
| **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** |
| <sup>3</sup> | Vanguard Market Liquidity Fund, 4.350% **(Cost $21,798)** | &nbsp;&nbsp;217998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21798** |
| **Total Investments (100.3%) (Cost $1,286,356)** | **Total Investments (100.3%) (Cost $1,286,356)** |  | &nbsp;&nbsp;**1324132** |
| **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4487)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**1319645** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, the aggregate value was $6,090, representing 0.5% of net assets. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

ADR—American Depositary Receipt.

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

------

Advice Select Global Value Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $1,264,558) | 1302334 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $21,798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21798 |
| Total Investments in Securities | 1324132 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Foreign Currency, at Value (Cost $1,173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
| **Total Assets** | **1329751** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10106** |
| **Net Assets** | **1319645** |
| **<br>At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1233482 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86163 |
| **Net Assets** | **1319645** |
| **Net Assets** |  |
| **Applicable to 50,444,020 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1319645** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26.16** |

---

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

------

Advice Select Global Value Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14790 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15089 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12442** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40231 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40266** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56306) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(56165)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3457)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $739. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $292, $2, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Advice Select Global Value Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23693 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70479 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(56165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114144 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208316 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(89085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23339) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;221859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502961 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16205 |
| Redeemed | &nbsp;&nbsp;&nbsp;(143373) | &nbsp;&nbsp;&nbsp;&nbsp;(219997) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;132406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299169 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484146 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1279781** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**795635** |
| **End of Period** | **1319645** | &nbsp;&nbsp;&nbsp;**1279781** |

---

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

------

Advice Select Global Value Fund

Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;November 9,<br> 2021<sup>1</sup> to<br> October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$28.21** | &nbsp;&nbsp;&nbsp;**$23.45** | &nbsp;&nbsp;&nbsp;**$21.47** | &nbsp;&nbsp;&nbsp;**$25.00** |
| **Investment Operations** |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.313 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.684 | &nbsp;&nbsp;&nbsp;&nbsp;(3.812) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.130 | &nbsp;&nbsp;&nbsp;&nbsp;(3.499) |
| **Distributions** |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.031) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(1.456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.012) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.031) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$26.16** | &nbsp;&nbsp;&nbsp;**$28.21** | &nbsp;&nbsp;&nbsp;**$23.45** | &nbsp;&nbsp;&nbsp;**$21.47** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**-0.29%** | &nbsp;&nbsp;&nbsp;**23.36%** | &nbsp;&nbsp;&nbsp;**9.94%** | &nbsp;&nbsp;&nbsp;**-14.01%** |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1320 | &nbsp;&nbsp;&nbsp;$1280 | &nbsp;&nbsp;&nbsp;$796 | &nbsp;&nbsp;&nbsp;$311 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.41%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;0.40%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;0.42%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.40%<sup>6</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;1.45%<sup>6</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;56% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.41% and 0.40%. |
| 5 | Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.01%, and 0.02%. |
| 6 | Annualized. |

---

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

------

Advice Select Global Value Fund

Notes to Financial Statements

Vanguard Advice Select Global Value Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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.

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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the

------

Advice Select Global Value Fund

securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ‎ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of ‎payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

B. Wellington Management Company llp provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the fund's performance relative to the MSCI ACWI Value Index for the preceding three years. For the six months ended April 30, 2025, the investment advisory fee represented an effective annual basic rate of 0.20% of the fund's average net assets, before a net increase of $89,000 (0.01%) based on performance.

C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution, and cash management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $36,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

D. The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended April 30, 2025, these arrangements reduced the fund's expenses by $3,000 (an annual rate of less than 0.01% of average net assets).

E. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 778561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;778561 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;57469 | &nbsp;&nbsp;&nbsp;466304 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;523773 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;21798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21798 |
| Total | 857828 | &nbsp;&nbsp;&nbsp;466304 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1324132 |

---

F. As of April 30, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1289659 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149040 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(114567) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34473 |

---

G. During the six months ended April 30, 2025, the fund purchased $473,546,000 of investment securities and sold $422,237,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended April 30, 2025, such purchases were $1,207,000 and sales were $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

Advice Select Global Value Fund

H. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;8264 | &nbsp;&nbsp;&nbsp;19061 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
| Redeemed | (5270) | &nbsp;&nbsp;&nbsp;(8256) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;5073 | &nbsp;&nbsp;&nbsp;11441 |

---

I. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

J. The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

Q44362 062025

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![](tm2515692d8intexplfunfini001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard International Explorer<sup>™</sup> Fund

------

Contents

Financial Statements 1 <br>

------

International Explorer Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (95.6%)** | **Common Stocks (95.6%)** | **Common Stocks (95.6%)** | **Common Stocks (95.6%)** |
| **Australia (5.0%)** | **Australia (5.0%)** | **Australia (5.0%)** | **Australia (5.0%)** |
| <sup>\*</sup> | MAC Copper Ltd. | &nbsp;&nbsp;1002510 | &nbsp;&nbsp;&nbsp;&nbsp;9553 |
|  | Stockland | &nbsp;&nbsp;2574396 | &nbsp;&nbsp;&nbsp;&nbsp;9047 |
|  | ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;122553 | &nbsp;&nbsp;&nbsp;&nbsp;5549 |
| <sup>\*</sup> | Xero Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52449 | &nbsp;&nbsp;&nbsp;&nbsp;5524 |
|  | Challenger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;969375 | &nbsp;&nbsp;&nbsp;&nbsp;4392 |
|  | Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;661506 | &nbsp;&nbsp;&nbsp;&nbsp;3318 |
|  | Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;293576 | &nbsp;&nbsp;&nbsp;&nbsp;3174 |
| <sup>\*</sup> | Judo Capital Holdings Ltd. | &nbsp;&nbsp;2726968 | &nbsp;&nbsp;&nbsp;&nbsp;3109 |
|  | Iluka Resources Ltd. | &nbsp;&nbsp;1031758 | &nbsp;&nbsp;&nbsp;&nbsp;2734 |
| <sup>\*</sup> | James Hardie Industries plc | &nbsp;&nbsp;&nbsp;&nbsp;116377 | &nbsp;&nbsp;&nbsp;&nbsp;2732 |
|  | Liberty Financial Group Ltd. | &nbsp;&nbsp;1151136 | &nbsp;&nbsp;&nbsp;&nbsp;2435 |
| <sup>\*</sup> | Genesis Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;869201 | &nbsp;&nbsp;&nbsp;&nbsp;2146 |
|  | JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29341 | &nbsp;&nbsp;&nbsp;&nbsp;1944 |
|  | Orora Ltd. | &nbsp;&nbsp;1540969 | &nbsp;&nbsp;&nbsp;&nbsp;1785 |
|  | Deterra Royalties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;715170 | &nbsp;&nbsp;&nbsp;&nbsp;1668 |
| <sup>\*</sup> | SiteMinder Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;474594 | &nbsp;&nbsp;&nbsp;&nbsp;1252 |
|  | Worley Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;150185 | &nbsp;&nbsp;&nbsp;&nbsp;1197 |
|  | Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;422600 | &nbsp;&nbsp;&nbsp;&nbsp;1136 |
|  | Nufarm Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;426008 | &nbsp;&nbsp;&nbsp;&nbsp;1052 |
|  | Brickworks Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 |
|  | Ventia Services Group Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
|  |  |  | &nbsp;&nbsp;**65063** |
| **Austria (2.2%)** | **Austria (2.2%)** | **Austria (2.2%)** | **Austria (2.2%)** |
| <sup>1</sup> | BAWAG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;137828 | &nbsp;&nbsp;15107 |
|  | ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77374 | &nbsp;&nbsp;&nbsp;&nbsp;5560 |
| <sup>\*</sup> | DO & CO AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32765 | &nbsp;&nbsp;&nbsp;&nbsp;5234 |
|  | Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42545 | &nbsp;&nbsp;&nbsp;&nbsp;1494 |
|  | Addiko Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51816 | &nbsp;&nbsp;&nbsp;&nbsp;1162 |
|  |  |  | &nbsp;&nbsp;**28557** |
| **Belgium (2.5%)** | **Belgium (2.5%)** | **Belgium (2.5%)** | **Belgium (2.5%)** |
| <sup>\*</sup> | Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;433051 | &nbsp;&nbsp;11061 |
|  | KBC Ancora | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88713 | &nbsp;&nbsp;&nbsp;&nbsp;5812 |
| <sup>2</sup> | Elia Group SA/NV Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46402 | &nbsp;&nbsp;&nbsp;&nbsp;5031 |
| <sup>2</sup> | Recticel SA | &nbsp;&nbsp;&nbsp;&nbsp;276285 | &nbsp;&nbsp;&nbsp;&nbsp;3346 |
|  | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14310 | &nbsp;&nbsp;&nbsp;&nbsp;2858 |
|  | Azelis Group NV | &nbsp;&nbsp;&nbsp;&nbsp;147219 | &nbsp;&nbsp;&nbsp;&nbsp;2281 |
| <sup>3</sup> | Aedifica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23303 | &nbsp;&nbsp;&nbsp;&nbsp;1865 |
|  |  |  | &nbsp;&nbsp;**32254** |
| **Brazil (1.9%)** | **Brazil (1.9%)** | **Brazil (1.9%)** | **Brazil (1.9%)** |
|  | Rumo SA | &nbsp;&nbsp;2916700 | &nbsp;&nbsp;&nbsp;&nbsp;9971 |
|  | TOTVS SA | &nbsp;&nbsp;1272400 | &nbsp;&nbsp;&nbsp;&nbsp;8435 |
|  | TIM SA | &nbsp;&nbsp;1451000 | &nbsp;&nbsp;&nbsp;&nbsp;4845 |
| <sup>\*,1</sup> | Hapvida Participacoes e Investimentos SA | &nbsp;&nbsp;2317667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 |
|  |  |  | &nbsp;&nbsp;**24198** |
| **Canada (1.5%)** | **Canada (1.5%)** | **Canada (1.5%)** | **Canada (1.5%)** |
|  | Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;519099 | &nbsp;&nbsp;&nbsp;&nbsp;4248 |
| <sup>\*</sup> | Montage Gold Corp. | &nbsp;&nbsp;1511458 | &nbsp;&nbsp;&nbsp;&nbsp;3903 |
| <sup>\*</sup> | Faraday Copper Corp. | &nbsp;&nbsp;3264681 | &nbsp;&nbsp;&nbsp;&nbsp;2108 |
| <sup>2</sup> | Peyto Exploration & Development Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155554 | &nbsp;&nbsp;&nbsp;&nbsp;1948 |
| <sup>\*</sup> | Advantage Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;237162 | &nbsp;&nbsp;&nbsp;&nbsp;1684 |
| <sup>\*</sup> | NGEx Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;190909 | &nbsp;&nbsp;&nbsp;&nbsp;1674 |
| <sup>\*</sup> | NuVista Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;189978 | &nbsp;&nbsp;&nbsp;&nbsp;1619 |
|  | Birchcliff Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;286998 | &nbsp;&nbsp;&nbsp;&nbsp;1172 |
|  | MEG Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 |
|  | Topaz Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
|  |  |  | &nbsp;&nbsp;**19859** |
| **China (1.3%)** | **China (1.3%)** | **China (1.3%)** | **China (1.3%)** |
|  | ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;468100 | &nbsp;&nbsp;&nbsp;&nbsp;3695 |

---

------

International Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Zai Lab Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96797 | &nbsp;&nbsp;&nbsp;&nbsp;3068 |
|  | Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp;1110400 | &nbsp;&nbsp;&nbsp;&nbsp;2913 |
|  | Shandong Weigao Group Medical Polymer Co. Ltd. Class H | &nbsp;&nbsp;3349532 | &nbsp;&nbsp;&nbsp;&nbsp;2465 |
| <sup>1</sup> | BOC Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;240757 | &nbsp;&nbsp;&nbsp;&nbsp;1804 |
| <sup>\*</sup> | Kanzhun Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96735 | &nbsp;&nbsp;&nbsp;&nbsp;1480 |
| <sup>\*</sup> | Minth Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;574079 | &nbsp;&nbsp;&nbsp;&nbsp;1371 |
| <sup>\*,2</sup> | Pony AI Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 |
|  |  |  | &nbsp;&nbsp;**17357** |
| **Denmark (1.2%)** | **Denmark (1.2%)** | **Denmark (1.2%)** | **Denmark (1.2%)** |
|  | Royal Unibrew A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56936 | &nbsp;&nbsp;&nbsp;&nbsp;4527 |
|  | Ringkjoebing Landbobank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16108 | &nbsp;&nbsp;&nbsp;&nbsp;3080 |
| <sup>\*</sup> | ALK-Abello A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;112818 | &nbsp;&nbsp;&nbsp;&nbsp;2630 |
| <sup>\*</sup> | Ascendis Pharma A/S ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13035 | &nbsp;&nbsp;&nbsp;&nbsp;2222 |
| <sup>\*</sup> | Dfds A/S | &nbsp;&nbsp;&nbsp;&nbsp;127992 | &nbsp;&nbsp;&nbsp;&nbsp;1780 |
| <sup>\*</sup> | NTG Nordic Transport Group A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35637 | &nbsp;&nbsp;&nbsp;&nbsp;1354 |
| <sup>\*,3</sup> | OW Bunker A/S | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;**15593** |
| **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** |
|  | Kemira OYJ | &nbsp;&nbsp;&nbsp;&nbsp;186629 | &nbsp;&nbsp;&nbsp;&nbsp;3851 |
| <sup>2</sup> | Nokian Renkaat OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4361** |
| **France (2.6%)** | **France (2.6%)** | **France (2.6%)** | **France (2.6%)** |
|  | Nexans SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59272 | &nbsp;&nbsp;&nbsp;&nbsp;6511 |
| <sup>\*</sup> | JCDecaux SE | &nbsp;&nbsp;&nbsp;&nbsp;355750 | &nbsp;&nbsp;&nbsp;&nbsp;6192 |
| <sup>1</sup> | Ayvens SA | &nbsp;&nbsp;&nbsp;&nbsp;357412 | &nbsp;&nbsp;&nbsp;&nbsp;3623 |
|  | Technip Energies NV | &nbsp;&nbsp;&nbsp;&nbsp;102415 | &nbsp;&nbsp;&nbsp;&nbsp;3495 |
|  | Trigano SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24614 | &nbsp;&nbsp;&nbsp;&nbsp;2924 |
|  | Kaufman & Broad SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60269 | &nbsp;&nbsp;&nbsp;&nbsp;2366 |
| <sup>\*,2</sup> | Medincell SA | &nbsp;&nbsp;&nbsp;&nbsp;105627 | &nbsp;&nbsp;&nbsp;&nbsp;1824 |
|  | Valeo SE | &nbsp;&nbsp;&nbsp;&nbsp;182425 | &nbsp;&nbsp;&nbsp;&nbsp;1812 |
|  | Gaztransport Et Technigaz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928 | &nbsp;&nbsp;&nbsp;&nbsp;1618 |
|  | Interparfums SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39412 | &nbsp;&nbsp;&nbsp;&nbsp;1562 |
|  | Vicat SACA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19397 | &nbsp;&nbsp;&nbsp;&nbsp;1086 |
|  | Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10414 | &nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  | Imerys SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
|  |  |  | &nbsp;&nbsp;**34621** |
| **Germany (3.1%)** | **Germany (3.1%)** | **Germany (3.1%)** | **Germany (3.1%)** |
|  | CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89492 | &nbsp;&nbsp;10604 |
| <sup>2</sup> | Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;135199 | &nbsp;&nbsp;10474 |
|  | United Internet AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;208671 | &nbsp;&nbsp;&nbsp;&nbsp;4732 |
| <sup>2</sup> | Schott Pharma AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;162200 | &nbsp;&nbsp;&nbsp;&nbsp;4574 |
|  | RENK Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43879 | &nbsp;&nbsp;&nbsp;&nbsp;2643 |
|  | KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42897 | &nbsp;&nbsp;&nbsp;&nbsp;1825 |
|  | Gerresheimer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20142 | &nbsp;&nbsp;&nbsp;&nbsp;1367 |
| <sup>\*</sup> | Immatics NV | &nbsp;&nbsp;&nbsp;&nbsp;257019 | &nbsp;&nbsp;&nbsp;&nbsp;1285 |
|  | Stabilus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46321 | &nbsp;&nbsp;&nbsp;&nbsp;1285 |
| <sup>\*</sup> | Evotec SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 |
|  | Bertrandt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |
| <sup>\*</sup> | Hypoport SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
|  |  |  | &nbsp;&nbsp;**40879** |
| **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** |
|  | Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;227963 | &nbsp;&nbsp;&nbsp;&nbsp;4326 |
|  | Alpha Services & Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;365709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5218** |
| **Hong Kong (1.2%)** | **Hong Kong (1.2%)** | **Hong Kong (1.2%)** | **Hong Kong (1.2%)** |
|  | Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp;1140199 | &nbsp;&nbsp;&nbsp;&nbsp;4163 |
|  | Kerry Properties Ltd. | &nbsp;&nbsp;1475500 | &nbsp;&nbsp;&nbsp;&nbsp;3465 |
|  | SUNeVision Holdings Ltd. | &nbsp;&nbsp;3524274 | &nbsp;&nbsp;&nbsp;&nbsp;2947 |
|  | Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;198500 | &nbsp;&nbsp;&nbsp;&nbsp;1998 |
|  | Dah Sing Banking Group Ltd. | &nbsp;&nbsp;1424000 | &nbsp;&nbsp;&nbsp;&nbsp;1534 |
| <sup>1</sup> | Crystal International Group Ltd. | &nbsp;&nbsp;1948500 | &nbsp;&nbsp;&nbsp;&nbsp;1136 |
|  |  |  | &nbsp;&nbsp;**15243** |
| **India (1.2%)** | **India (1.2%)** | **India (1.2%)** | **India (1.2%)** |
|  | Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107587 | &nbsp;&nbsp;&nbsp;&nbsp;8892 |
|  | Oberoi Realty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;322475 | &nbsp;&nbsp;&nbsp;&nbsp;6260 |
|  | Ashok Leyland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;241038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |

---

------

International Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | PB Fintech Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
|  |  |  | &nbsp;&nbsp;**15861** |
| **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** |
|  | Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp;348846 | &nbsp;&nbsp;&nbsp;&nbsp;4096 |
| **Israel (2.7%)** | **Israel (2.7%)** | **Israel (2.7%)** | **Israel (2.7%)** |
| <sup>\*</sup> | Fiverr International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;322561 | &nbsp;&nbsp;&nbsp;&nbsp;8209 |
|  | Melisron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83654 | &nbsp;&nbsp;&nbsp;&nbsp;7117 |
|  | Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;238531 | &nbsp;&nbsp;&nbsp;&nbsp;6534 |
|  | First International Bank of Israel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66512 | &nbsp;&nbsp;&nbsp;&nbsp;3653 |
| <sup>\*</sup> | Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88483 | &nbsp;&nbsp;&nbsp;&nbsp;3166 |
| <sup>\*,2</sup> | Camtek Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47074 | &nbsp;&nbsp;&nbsp;&nbsp;3076 |
| <sup>\*</sup> | SimilarWeb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;289702 | &nbsp;&nbsp;&nbsp;&nbsp;2184 |
| <sup>\*</sup> | Nova Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631 | &nbsp;&nbsp;&nbsp;&nbsp;1301 |
|  |  |  | &nbsp;&nbsp;**35240** |
| **Italy (3.7%)** | **Italy (3.7%)** | **Italy (3.7%)** | **Italy (3.7%)** |
|  | Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;817574 | &nbsp;&nbsp;&nbsp;&nbsp;6717 |
|  | Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95476 | &nbsp;&nbsp;&nbsp;&nbsp;5893 |
| <sup>\*,1</sup> | BFF Bank SpA | &nbsp;&nbsp;&nbsp;&nbsp;452587 | &nbsp;&nbsp;&nbsp;&nbsp;4288 |
|  | Reply SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23615 | &nbsp;&nbsp;&nbsp;&nbsp;4216 |
| <sup>1</sup> | Technogym SpA | &nbsp;&nbsp;&nbsp;&nbsp;297454 | &nbsp;&nbsp;&nbsp;&nbsp;4019 |
|  | Banca Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63921 | &nbsp;&nbsp;&nbsp;&nbsp;3792 |
|  | DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31055 | &nbsp;&nbsp;&nbsp;&nbsp;3549 |
|  | De' Longhi SpA | &nbsp;&nbsp;&nbsp;&nbsp;100621 | &nbsp;&nbsp;&nbsp;&nbsp;3114 |
| <sup>\*</sup> | Technoprobe SpA | &nbsp;&nbsp;&nbsp;&nbsp;475177 | &nbsp;&nbsp;&nbsp;&nbsp;3053 |
| <sup>\*</sup> | PRADA SpA | &nbsp;&nbsp;&nbsp;&nbsp;365900 | &nbsp;&nbsp;&nbsp;&nbsp;2285 |
|  | Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39512 | &nbsp;&nbsp;&nbsp;&nbsp;2070 |
|  | Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16750 | &nbsp;&nbsp;&nbsp;&nbsp;1891 |
| <sup>\*,2</sup> | Saipem SpA | &nbsp;&nbsp;&nbsp;&nbsp;564357 | &nbsp;&nbsp;&nbsp;&nbsp;1304 |
|  | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;119362 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
| <sup>2</sup> | Eurogroup Laminations SpA | &nbsp;&nbsp;&nbsp;&nbsp;202184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 |
|  |  |  | &nbsp;&nbsp;**47762** |
| **Japan (30.4%)** | **Japan (30.4%)** | **Japan (30.4%)** | **Japan (30.4%)** |
|  | Mebuki Financial Group Inc. | &nbsp;&nbsp;2385800 | &nbsp;&nbsp;11657 |
|  | Kyushu Electric Power Co. Inc. | &nbsp;&nbsp;1042100 | &nbsp;&nbsp;&nbsp;&nbsp;9288 |
|  | Shimamura Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132833 | &nbsp;&nbsp;&nbsp;&nbsp;8839 |
| <sup>\*</sup> | Rakuten Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;201038 | &nbsp;&nbsp;&nbsp;&nbsp;8455 |
|  | OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172246 | &nbsp;&nbsp;&nbsp;&nbsp;8280 |
|  | Nippon Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;447700 | &nbsp;&nbsp;&nbsp;&nbsp;8258 |
|  | Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;308700 | &nbsp;&nbsp;&nbsp;&nbsp;8167 |
|  | FP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;356800 | &nbsp;&nbsp;&nbsp;&nbsp;7694 |
|  | Sega Sammy Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363859 | &nbsp;&nbsp;&nbsp;&nbsp;7637 |
|  | Marui Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;381520 | &nbsp;&nbsp;&nbsp;&nbsp;7594 |
|  | KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;363600 | &nbsp;&nbsp;&nbsp;&nbsp;7350 |
|  | Kobe Bussan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;237700 | &nbsp;&nbsp;&nbsp;&nbsp;7264 |
|  | SBI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274700 | &nbsp;&nbsp;&nbsp;&nbsp;7223 |
|  | Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;330100 | &nbsp;&nbsp;&nbsp;&nbsp;7137 |
|  | Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;351300 | &nbsp;&nbsp;&nbsp;&nbsp;7132 |
|  | Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;469200 | &nbsp;&nbsp;&nbsp;&nbsp;7131 |
|  | Aica Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;307200 | &nbsp;&nbsp;&nbsp;&nbsp;7122 |
|  | GMO internet group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;302700 | &nbsp;&nbsp;&nbsp;&nbsp;7118 |
|  | Digital Garage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226300 | &nbsp;&nbsp;&nbsp;&nbsp;7114 |
|  | Trusco Nakayama Corp. | &nbsp;&nbsp;&nbsp;&nbsp;475400 | &nbsp;&nbsp;&nbsp;&nbsp;7093 |
|  | Miura Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;329300 | &nbsp;&nbsp;&nbsp;&nbsp;7014 |
|  | Kureha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;393800 | &nbsp;&nbsp;&nbsp;&nbsp;6893 |
|  | Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;257100 | &nbsp;&nbsp;&nbsp;&nbsp;6747 |
|  | Mani Inc. | &nbsp;&nbsp;&nbsp;&nbsp;771900 | &nbsp;&nbsp;&nbsp;&nbsp;6216 |
|  | TechnoPro Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277793 | &nbsp;&nbsp;&nbsp;&nbsp;6195 |
|  | Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;211800 | &nbsp;&nbsp;&nbsp;&nbsp;6099 |
|  | Sohgo Security Services Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;748846 | &nbsp;&nbsp;&nbsp;&nbsp;5919 |
|  | Galilei Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;292800 | &nbsp;&nbsp;&nbsp;&nbsp;5876 |
|  | Concordia Financial Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;872900 | &nbsp;&nbsp;&nbsp;&nbsp;5646 |
|  | Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;783977 | &nbsp;&nbsp;&nbsp;&nbsp;5491 |
|  | Ai Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;362700 | &nbsp;&nbsp;&nbsp;&nbsp;5367 |
|  | eGuarantee Inc. | &nbsp;&nbsp;&nbsp;&nbsp;425300 | &nbsp;&nbsp;&nbsp;&nbsp;5276 |
|  | Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91477 | &nbsp;&nbsp;&nbsp;&nbsp;5105 |
|  | Invincible Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12282 | &nbsp;&nbsp;&nbsp;&nbsp;5076 |
|  | ABC-Mart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271553 | &nbsp;&nbsp;&nbsp;&nbsp;5050 |

---

------

International Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | MISUMI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;359836 | &nbsp;&nbsp;5041 |
|  | Harmonic Drive Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207900 | &nbsp;&nbsp;4887 |
|  | Japan Material Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;563600 | &nbsp;&nbsp;4725 |
|  | Hirose Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39750 | &nbsp;&nbsp;4496 |
|  | Canon Marketing Japan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121935 | &nbsp;&nbsp;4317 |
|  | Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283400 | &nbsp;&nbsp;4163 |
|  | ASKUL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386541 | &nbsp;&nbsp;4114 |
|  | Resorttrust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360200 | &nbsp;&nbsp;3707 |
|  | Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670 | &nbsp;&nbsp;3706 |
|  | M3 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290762 | &nbsp;&nbsp;3644 |
|  | IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;3642 |
|  | Socionext Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336483 | &nbsp;&nbsp;3619 |
|  | Adastria Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;173894 | &nbsp;&nbsp;3553 |
|  | Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54400 | &nbsp;&nbsp;3245 |
|  | BayCurrent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59745 | &nbsp;&nbsp;3219 |
|  | Kokusai Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;3139 |
|  | Rorze Corp. | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;3040 |
|  | Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;2999 |
|  | PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104444 | &nbsp;&nbsp;2896 |
|  | Persol Holdings Co. Ltd. | &nbsp;&nbsp;1577185 | &nbsp;&nbsp;2857 |
|  | Ibiden Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102900 | &nbsp;&nbsp;2853 |
|  | GMO Payment Gateway Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42886 | &nbsp;&nbsp;2686 |
|  | Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172600 | &nbsp;&nbsp;2593 |
|  | en Japan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219400 | &nbsp;&nbsp;2519 |
|  | Nifco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101001 | &nbsp;&nbsp;2504 |
|  | Hakuhodo DY Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;2444 |
|  | Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68600 | &nbsp;&nbsp;2252 |
|  | Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76900 | &nbsp;&nbsp;2212 |
|  | Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93280 | &nbsp;&nbsp;2207 |
|  | Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196300 | &nbsp;&nbsp;2097 |
| <sup>\*</sup> | Visional Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34531 | &nbsp;&nbsp;2089 |
| <sup>\*</sup> | Nxera Pharma Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;330500 | &nbsp;&nbsp;2071 |
| <sup>\*</sup> | Sansan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134488 | &nbsp;&nbsp;1837 |
|  | THK Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65900 | &nbsp;&nbsp;1623 |
|  | Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp;1544 |
|  | Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60100 | &nbsp;&nbsp;1491 |
|  | Amada Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147700 | &nbsp;&nbsp;1479 |
|  | Air Water Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106400 | &nbsp;&nbsp;1451 |
|  | Koito Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117150 | &nbsp;&nbsp;1419 |
|  | NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500 | &nbsp;&nbsp;1407 |
|  | Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;109400 | &nbsp;&nbsp;1378 |
|  | Lixil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114800 | &nbsp;&nbsp;1353 |
|  | COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;1334 |
|  | EXEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112900 | &nbsp;&nbsp;1318 |
|  | Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;1272 |
|  | Kansai Paint Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80100 | &nbsp;&nbsp;1207 |
|  | Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82100 | &nbsp;&nbsp;1157 |
|  | Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44400 | &nbsp;&nbsp;1149 |
|  | Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;459500 | &nbsp;&nbsp;1111 |
|  | Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;1104 |
|  | Kokuyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53102 | &nbsp;&nbsp;1088 |
|  | Mitsui Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;1061 |
|  | Resonac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57500 | &nbsp;&nbsp;1046 |
|  | NGK Insulators Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84300 | &nbsp;&nbsp;1040 |
|  | Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp;1000 |
|  | Japan Steel Works Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp;985 |
|  | DMG Mori Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;973 |
|  | Kyudenko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;964 |
|  | Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp;948 |
|  | MIRAIT ONE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57100 | &nbsp;&nbsp;&nbsp;&nbsp;898 |
|  | Taiheiyo Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp;886 |
|  | TOTO Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100 | &nbsp;&nbsp;&nbsp;&nbsp;873 |
|  | Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57900 | &nbsp;&nbsp;&nbsp;&nbsp;869 |
|  | JGC Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97600 | &nbsp;&nbsp;&nbsp;&nbsp;781 |
|  | Fujitec Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;744 |
|  | ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40700 | &nbsp;&nbsp;&nbsp;&nbsp;734 |
|  | Nippon Shokubai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;718 |
|  | Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82100 | &nbsp;&nbsp;&nbsp;&nbsp;699 |
|  | Lintec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;658 |
|  | SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;643 |

---

------

International Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 |
|  | Nichias Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
|  | Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
|  | UBE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 |
|  | NSK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  | INFRONEER Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
|  | Teijin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 |
|  | Denka Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
|  |  |  | &nbsp;&nbsp;**395725** |
| **Mexico (0.2%)** | **Mexico (0.2%)** | **Mexico (0.2%)** | **Mexico (0.2%)** |
|  | Grupo Aeroportuario del Sureste SAB de CV Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 |
| <sup>\*,1</sup> | Grupo Traxion SAB de CV Class A | &nbsp;&nbsp;&nbsp;&nbsp;782424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2725** |
| **Netherlands (1.4%)** | **Netherlands (1.4%)** | **Netherlands (1.4%)** | **Netherlands (1.4%)** |
|  | Aalberts NV | &nbsp;&nbsp;&nbsp;&nbsp;195015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 |
| <sup>\*</sup> | Merus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 |
|  | Allfunds Group plc | &nbsp;&nbsp;&nbsp;&nbsp;513322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 |
|  | BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702 |
|  | Arcadis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616 |
|  | Corbion NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18969** |
| **New Zealand (0.4%)** | **New Zealand (0.4%)** | **New Zealand (0.4%)** | **New Zealand (0.4%)** |
|  | Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;214297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318 |
| <sup>\*</sup> | Fletcher Building Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;408407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5061** |
| **Norway (1.2%)** | **Norway (1.2%)** | **Norway (1.2%)** | **Norway (1.2%)** |
| <sup>1</sup> | Europris ASA | &nbsp;&nbsp;&nbsp;&nbsp;705322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 |
|  | Borregaard ASA | &nbsp;&nbsp;&nbsp;&nbsp;221787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816 |
|  | Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;288263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 |
|  | Subsea 7 SA | &nbsp;&nbsp;&nbsp;&nbsp;117189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 |
| <sup>\*</sup> | DOF Group ASA | &nbsp;&nbsp;&nbsp;&nbsp;126953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**15296** |
| **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** | **Other (0.1%)** |
|  | iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 |
| **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** |
|  | Wilcon Depot Inc. | &nbsp;&nbsp;6400400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 |
| **Poland (0.7%)** | **Poland (0.7%)** | **Poland (0.7%)** | **Poland (0.7%)** |
| <sup>\*,1</sup> | Dino Polska SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335 |
|  | Grupa Pracuj SA | &nbsp;&nbsp;&nbsp;&nbsp;162101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 |
|  | Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8597** |
| **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** |
|  | Keppel DC REIT | &nbsp;&nbsp;2653733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391 |
|  | ComfortDelGro Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;942900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5497** |
| **Slovenia (0.3%)** | **Slovenia (0.3%)** | **Slovenia (0.3%)** | **Slovenia (0.3%)** |
|  | Nova Ljubljanska Banka dd GDR | &nbsp;&nbsp;&nbsp;&nbsp;134582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983 |
| **South Africa (0.1%)** | **South Africa (0.1%)** | **South Africa (0.1%)** | **South Africa (0.1%)** |
|  | Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;121662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 |
| **South Korea (0.1%)** | **South Korea (0.1%)** | **South Korea (0.1%)** | **South Korea (0.1%)** |
|  | Park Systems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
| **Spain (1.8%)** | **Spain (1.8%)** | **Spain (1.8%)** | **Spain (1.8%)** |
|  | Fluidra SA | &nbsp;&nbsp;&nbsp;&nbsp;423827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9812 |
|  | Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;431117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 |
|  | Almirall SA | &nbsp;&nbsp;&nbsp;&nbsp;292012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 |
|  | Melia Hotels International SA | &nbsp;&nbsp;&nbsp;&nbsp;322225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 |
|  | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | &nbsp;&nbsp;1085638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 |
| <sup>1</sup> | Unicaja Banco SA | &nbsp;&nbsp;&nbsp;&nbsp;726632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**23375** |
| **Sweden (3.6%)** | **Sweden (3.6%)** | **Sweden (3.6%)** | **Sweden (3.6%)** |
|  | Nordnet AB publ | &nbsp;&nbsp;&nbsp;&nbsp;269689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139 |
|  | INVISIO AB | &nbsp;&nbsp;&nbsp;&nbsp;175551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055 |

---

------

International Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>1</sup> | Thule Group AB | &nbsp;&nbsp;&nbsp;&nbsp;286486 | &nbsp;&nbsp;&nbsp;&nbsp;6530 |
|  | Cibus Nordic Real Estate AB publ | &nbsp;&nbsp;&nbsp;&nbsp;347979 | &nbsp;&nbsp;&nbsp;&nbsp;6023 |
| <sup>\*</sup> | Hemnet Group AB | &nbsp;&nbsp;&nbsp;&nbsp;160842 | &nbsp;&nbsp;&nbsp;&nbsp;5521 |
|  | AddTech AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;163906 | &nbsp;&nbsp;&nbsp;&nbsp;5514 |
|  | Billerud Aktiebolag | &nbsp;&nbsp;&nbsp;&nbsp;318528 | &nbsp;&nbsp;&nbsp;&nbsp;3361 |
| <sup>\*,2</sup> | Cint Group AB | &nbsp;&nbsp;2750045 | &nbsp;&nbsp;&nbsp;&nbsp;2075 |
| <sup>\*,1</sup> | BoneSupport Holding AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63425 | &nbsp;&nbsp;&nbsp;&nbsp;2075 |
|  | Bufab AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37974 | &nbsp;&nbsp;&nbsp;&nbsp;1570 |
|  |  |  | &nbsp;&nbsp;**46863** |
| **Switzerland (3.5%)** | **Switzerland (3.5%)** | **Switzerland (3.5%)** | **Switzerland (3.5%)** |
|  | Ypsomed Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19331 | &nbsp;&nbsp;&nbsp;&nbsp;8236 |
| <sup>\*</sup> | Siegfried Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52880 | &nbsp;&nbsp;&nbsp;&nbsp;6296 |
|  | PSP Swiss Property AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30228 | &nbsp;&nbsp;&nbsp;&nbsp;5383 |
|  | SKAN Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51071 | &nbsp;&nbsp;&nbsp;&nbsp;4185 |
| <sup>\*</sup> | Bachem Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65658 | &nbsp;&nbsp;&nbsp;&nbsp;4024 |
|  | Emmi AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp;&nbsp;&nbsp;3959 |
|  | Tecan Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17323 | &nbsp;&nbsp;&nbsp;&nbsp;3374 |
|  | Accelleron Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50286 | &nbsp;&nbsp;&nbsp;&nbsp;2700 |
| <sup>\*,1</sup> | Montana Aerospace AG | &nbsp;&nbsp;&nbsp;&nbsp;124656 | &nbsp;&nbsp;&nbsp;&nbsp;2489 |
|  | Kardex Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030 | &nbsp;&nbsp;&nbsp;&nbsp;2275 |
|  | Comet Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736 | &nbsp;&nbsp;&nbsp;&nbsp;1739 |
| <sup>\*,1</sup> | Sensirion Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19873 | &nbsp;&nbsp;&nbsp;&nbsp;1540 |
|  |  |  | &nbsp;&nbsp;**46200** |
| **Taiwan (2.5%)** | **Taiwan (2.5%)** | **Taiwan (2.5%)** | **Taiwan (2.5%)** |
|  | Voltronic Power Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129252 | &nbsp;&nbsp;&nbsp;&nbsp;6061 |
|  | Chroma ATE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;655312 | &nbsp;&nbsp;&nbsp;&nbsp;5990 |
|  | ASPEED Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59883 | &nbsp;&nbsp;&nbsp;&nbsp;5633 |
|  | Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;262025 | &nbsp;&nbsp;&nbsp;&nbsp;3027 |
|  | E Ink Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;2794 |
|  | Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;&nbsp;2599 |
|  | Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;2498 |
|  | Sporton International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417000 | &nbsp;&nbsp;&nbsp;&nbsp;2187 |
|  | Merida Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;1452 |
|  |  |  | &nbsp;&nbsp;**32241** |
| **Thailand (0.2%)** | **Thailand (0.2%)** | **Thailand (0.2%)** | **Thailand (0.2%)** |
|  | Bumrungrad Hospital PCL (Foreign) | &nbsp;&nbsp;&nbsp;&nbsp;517900 | &nbsp;&nbsp;&nbsp;&nbsp;2552 |
|  | AEON Thana Sinsap Thailand PCL (Foreign) | &nbsp;&nbsp;&nbsp;&nbsp;249600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3340** |
| **United Kingdom (17.3%)** | **United Kingdom (17.3%)** | **United Kingdom (17.3%)** | **United Kingdom (17.3%)** |
|  | Rotork plc | &nbsp;&nbsp;3281305 | &nbsp;&nbsp;13361 |
| <sup>\*</sup> | Currys plc | &nbsp;&nbsp;6470528 | &nbsp;&nbsp;&nbsp;&nbsp;9590 |
|  | Hammerson plc | &nbsp;&nbsp;2798694 | &nbsp;&nbsp;&nbsp;&nbsp;9442 |
|  | IMI plc | &nbsp;&nbsp;&nbsp;&nbsp;376609 | &nbsp;&nbsp;&nbsp;&nbsp;8938 |
|  | Telecom Plus plc | &nbsp;&nbsp;&nbsp;&nbsp;335874 | &nbsp;&nbsp;&nbsp;&nbsp;8492 |
|  | Softcat plc | &nbsp;&nbsp;&nbsp;&nbsp;378768 | &nbsp;&nbsp;&nbsp;&nbsp;8460 |
|  | British Land Co. plc | &nbsp;&nbsp;1406728 | &nbsp;&nbsp;&nbsp;&nbsp;7401 |
|  | Cranswick plc | &nbsp;&nbsp;&nbsp;&nbsp;105735 | &nbsp;&nbsp;&nbsp;&nbsp;7318 |
| <sup>\*,1</sup> | Trainline plc | &nbsp;&nbsp;1862680 | &nbsp;&nbsp;&nbsp;&nbsp;7296 |
|  | Beazley plc | &nbsp;&nbsp;&nbsp;&nbsp;591356 | &nbsp;&nbsp;&nbsp;&nbsp;7007 |
|  | Games Workshop Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33551 | &nbsp;&nbsp;&nbsp;&nbsp;6910 |
|  | Smiths Group plc | &nbsp;&nbsp;&nbsp;&nbsp;269154 | &nbsp;&nbsp;&nbsp;&nbsp;6707 |
|  | Bellway plc | &nbsp;&nbsp;&nbsp;&nbsp;186396 | &nbsp;&nbsp;&nbsp;&nbsp;6692 |
|  | Halma plc | &nbsp;&nbsp;&nbsp;&nbsp;177484 | &nbsp;&nbsp;&nbsp;&nbsp;6551 |
|  | 4imprint Group plc | &nbsp;&nbsp;&nbsp;&nbsp;136444 | &nbsp;&nbsp;&nbsp;&nbsp;6250 |
| <sup>\*</sup> | Verona Pharma plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84592 | &nbsp;&nbsp;&nbsp;&nbsp;6096 |
|  | Diploma plc | &nbsp;&nbsp;&nbsp;&nbsp;112266 | &nbsp;&nbsp;&nbsp;&nbsp;5957 |
| <sup>\*,1</sup> | Deliveroo plc | &nbsp;&nbsp;2406286 | &nbsp;&nbsp;&nbsp;&nbsp;5464 |
|  | Weir Group plc | &nbsp;&nbsp;&nbsp;&nbsp;173328 | &nbsp;&nbsp;&nbsp;&nbsp;5225 |
|  | Rightmove plc | &nbsp;&nbsp;&nbsp;&nbsp;520109 | &nbsp;&nbsp;&nbsp;&nbsp;5137 |
|  | Hill & Smith plc | &nbsp;&nbsp;&nbsp;&nbsp;212878 | &nbsp;&nbsp;&nbsp;&nbsp;5118 |
|  | Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;186264 | &nbsp;&nbsp;&nbsp;&nbsp;4986 |
|  | Marks & Spencer Group plc | &nbsp;&nbsp;&nbsp;&nbsp;895206 | &nbsp;&nbsp;&nbsp;&nbsp;4652 |
| <sup>\*</sup> | Wise plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;333237 | &nbsp;&nbsp;&nbsp;&nbsp;4371 |
|  | Tate & Lyle plc | &nbsp;&nbsp;&nbsp;&nbsp;573767 | &nbsp;&nbsp;&nbsp;&nbsp;4276 |
|  | JET2 plc | &nbsp;&nbsp;&nbsp;&nbsp;182456 | &nbsp;&nbsp;&nbsp;&nbsp;3861 |
|  | Land Securities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;468877 | &nbsp;&nbsp;&nbsp;&nbsp;3715 |
|  | Fevertree Drinks plc | &nbsp;&nbsp;&nbsp;&nbsp;344761 | &nbsp;&nbsp;&nbsp;&nbsp;3671 |
|  | WH Smith plc | &nbsp;&nbsp;&nbsp;&nbsp;288819 | &nbsp;&nbsp;&nbsp;&nbsp;3495 |

---

------

International Explorer Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Volution Group plc | &nbsp;&nbsp;&nbsp;&nbsp;459317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478 |
|  | Baltic Classifieds Group plc | &nbsp;&nbsp;&nbsp;&nbsp;764441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 |
|  | Hiscox Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;222864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 |
|  | Inchcape plc | &nbsp;&nbsp;&nbsp;&nbsp;346894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 |
|  | Clarkson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 |
| <sup>2</sup> | Pennon Group plc | &nbsp;&nbsp;&nbsp;&nbsp;445238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981 |
|  | Genus plc | &nbsp;&nbsp;&nbsp;&nbsp;112335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 |
| <sup>\*,1</sup> | Watches of Switzerland Group plc | &nbsp;&nbsp;&nbsp;&nbsp;550991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621 |
|  | Elementis plc | &nbsp;&nbsp;1505617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 |
| <sup>\*</sup> | Bank of Cyprus Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;371366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 |
| <sup>\*</sup> | Immunocore Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 |
|  | easyJet plc | &nbsp;&nbsp;&nbsp;&nbsp;253273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 |
| <sup>\*</sup> | Autolus Therapeutics plc ADR | &nbsp;&nbsp;1138297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 |
|  | Intermediate Capital Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 |
| <sup>1</sup> | Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 |
|  | Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
| <sup>\*,3</sup> | Bank of Cyprus Holdings plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 |
| <sup>\*</sup> | Synthomer plc | &nbsp;&nbsp;&nbsp;&nbsp;360097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**224988** |
| **United States (0.2%)** | **United States (0.2%)** | **United States (0.2%)** | **United States (0.2%)** |
| <sup>\*</sup> | IMAX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076 |
| **Total Common Stocks (Cost $1,102,031)** | **Total Common Stocks (Cost $1,102,031)** | **Total Common Stocks (Cost $1,102,031)** | **1246154** |
| **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** |
|  | Jungheinrich AG Preference Shares **(Cost $2,754)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2629** |
| **Temporary Cash Investments (4.1%)** | **Temporary Cash Investments (4.1%)** | **Temporary Cash Investments (4.1%)** | **Temporary Cash Investments (4.1%)** |
| **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** |
| <sup>4,5</sup> | Vanguard Market Liquidity Fund, 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;490849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49080 |
|  |  | &nbsp;&nbsp;Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (0.3%)** | **Repurchase Agreements (0.3%)** | **Repurchase Agreements (0.3%)** | **Repurchase Agreements (0.3%)** |
|  | Goldman Sachs & Co.<br> 4.380%, 5/1/2025 (Dated 4/30/25, Repurchase Value $4,000, collateralized by U.S. Government Agency Obligations 1.500%–6.000%, 12/1/27–2/1/51, with a value of $4,080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 |
| **Total Temporary Cash Investments (Cost $53,066)** | **Total Temporary Cash Investments (Cost $53,066)** | **Total Temporary Cash Investments (Cost $53,066)** | &nbsp;&nbsp;&nbsp;&nbsp;**53080** |
| **Total Investments (99.9%) (Cost $1,157,851)** | **Total Investments (99.9%) (Cost $1,157,851)** |  | &nbsp;&nbsp;**1301863** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1500** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**1303363** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, the aggregate value was $71,420, representing 5.5% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $14,016. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $14,683 was received for securities on loan. |

---

ADR—American Depositary Receipt. <br> GDR—Global Depositary Receipt. <br> REIT—Real Estate Investment Trust.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| MSCI EAFE Index | June 2025 | 158 | 19708 | &nbsp;&nbsp;&nbsp;&nbsp;(79) |
| MSCI Emerging Markets Index | June 2025 | 114 | &nbsp;&nbsp;&nbsp;6327 | &nbsp;&nbsp;(201) |
|  |  |  |  | &nbsp;&nbsp;(280) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> (Depreciation) ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> (Depreciation) ($000) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;289720 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 | &nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deutsche Bank AG | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;11180 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Bank of America, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;279371 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;69520 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6906 | &nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;292745 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(95) |
| Citibank, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;279371 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(56) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;69519 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(273) |
| Morgan Stanley Capital Services LLC | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;13189 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(58) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;(493) |

---

---

| |
|:---|
| EUR—euro. |
| INR—Indian rupee. |
| JPY—Japanese yen. |
| SEK—Swedish krona. |
| USD—U.S. dollar. |

---

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

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International Explorer Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $1,108,785) | 1252783 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $49,066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49080 |
| Total Investments in Securities | 1301863 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| Foreign Currency, at Value (Cost $1,029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11378 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10170 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 |
| **Total Assets** | **1326918** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14683 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23555** |
| **Net Assets** | **1303363** |
| 1 Includes $14,016 of securities on loan. |  |
| **<br>At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1236329 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67034 |
| **Net Assets** | **1303363** |
| **Net Assets** |  |
| **Applicable to 73,757,053 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1303363** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.67** |

---

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

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International Explorer Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16305 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17379 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14424** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48783 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48022** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7004) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5685)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56761** |

---

---

| | |
|:---|:---|
| 1 | Dividends include foreign tax reclaims of $988 and are net of foreign withholding taxes of $2,537. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $716, $2, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($296). |

---

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

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International Explorer Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27048 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41718 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218865 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287631 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(51395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35779) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81565 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29830 |
| Redeemed | &nbsp;&nbsp;&nbsp;(149984) | &nbsp;&nbsp;&nbsp;&nbsp;(285304) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(58420) | &nbsp;&nbsp;&nbsp;&nbsp;(173909) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(53054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77943 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1356417** | &nbsp;&nbsp;&nbsp;**1278474** |
| **End of Period** | **1303363** | &nbsp;&nbsp;&nbsp;**1356417** |

---

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

------

International Explorer Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$17.59** | &nbsp;&nbsp;&nbsp;**$14.64** | &nbsp;&nbsp;&nbsp;**$13.87** | &nbsp;&nbsp;&nbsp;**$22.70** | &nbsp;&nbsp;&nbsp;**$16.90** | &nbsp;&nbsp;&nbsp;**$17.22** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.211 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.712 | &nbsp;&nbsp;&nbsp;&nbsp;(8.145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.081) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.034 | &nbsp;&nbsp;&nbsp;&nbsp;(7.808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.130 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.450) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.535) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.264) | &nbsp;&nbsp;&nbsp;&nbsp;(1.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.450) |
| **Net Asset Value, End of Period** | **$17.67** | &nbsp;&nbsp;&nbsp;**$17.59** | &nbsp;&nbsp;&nbsp;**$14.64** | &nbsp;&nbsp;&nbsp;**$13.87** | &nbsp;&nbsp;&nbsp;**$22.70** | &nbsp;&nbsp;&nbsp;**$16.90** |
| **Total Return<sup>2</sup>** | **4.65%** | &nbsp;&nbsp;&nbsp;**23.22%** | &nbsp;&nbsp;&nbsp;**7.41%** | &nbsp;&nbsp;&nbsp;**-35.83%** | &nbsp;&nbsp;&nbsp;**35.79%** | &nbsp;&nbsp;&nbsp;**0.62%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $1303 | &nbsp;&nbsp;&nbsp;$1356 | &nbsp;&nbsp;&nbsp;$1278 | &nbsp;&nbsp;&nbsp;$1447 | &nbsp;&nbsp;&nbsp;$2815 | &nbsp;&nbsp;&nbsp;$2329 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.46% | &nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;0.41%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;0.39% |
| Ratio of Net Investment Income to Average Net Assets | 2.20% | &nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.29% |
| Portfolio Turnover Rate | 47% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;71% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), 0.01%, (0.06%), (0.05%), and (0.04%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.41%. |

---

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

------

International Explorer Fund

Notes to Financial Statements

Vanguard International Explorer Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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.

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. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

4. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended April 30, 2025, the fund's average investments in long and short futures contracts represented 2% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the

------

International Explorer Fund

value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

During the six months ended April 30, 2025, the fund's average investment in forward currency contracts represented 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

8. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ‎ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of ‎payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

B. The investment advisory firms Wellington Management Company llp and Schroder Investment Management North America Inc. each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of Wellington Management Company llp and Schroder Investment Management North America Inc. are subject to quarterly adjustments based on performance relative to the S&P EPAC SmallCap for periods prior to October 9, 2022, and to the current MSCI EAFE Small Cap Index, beginning October 9, 2022, for the preceding three years. The benchmark change will be fully phased in by October 2025. Until February 2025, a portion of the fund was managed by Baillie Gifford Overseas Ltd. The basic fee paid to Baillie Gifford Overseas Ltd. was subject to quarterly adjustments based on performance relative to the MSCI All Country World Index ex US Small-Cap Index for the preceding three years.

------

International Explorer Fund

Vanguard manages the cash reserves of the fund as described below.

For the six months ended April 30, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.29% of the fund's average net assets, before a net decrease of $35,000 (0.01%) based on performance.

C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution, and cash management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $34,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;96781 | &nbsp;&nbsp;&nbsp;1147024 | &nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;1246154 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;49080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53080 |
| Total | 145861 | &nbsp;&nbsp;&nbsp;1153653 | &nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;1301863 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493) |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

E. At April 30, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;480 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;480 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | (280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(280) |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(493) | &nbsp;&nbsp;&nbsp;(493) |
| Total Liabilities | (280) | &nbsp;&nbsp;&nbsp;(493) | &nbsp;&nbsp;&nbsp;(773) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

------

International Explorer Fund

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | (859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(859) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;(129) |
| Realized Net Gain (Loss) on Derivatives | (859) | &nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;(988) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | &nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;745 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;(42) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | &nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;703 |

---

F. As of April 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1182055 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230522 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(111007) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119515 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $110,656,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

G. During the six months ended April 30, 2025, the fund purchased $583,220,000 of investment securities and sold $681,565,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended April 30, 2025, such purchases were $1,829,000 and sales were $5,036,000, resulting in net realized gain of $416,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

H. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;2588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 |
| Redeemed | (8852) | &nbsp;&nbsp;&nbsp;(16758) |
| Net Increase (Decrease) in Shares Outstanding | (3363) | &nbsp;&nbsp;&nbsp;(10196) |

---

I. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

J. The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief

------

International Explorer Fund

executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

Q1262 062025

------

![](tm2515692d8higdivyiindfii001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard High Dividend Yield Index Fund

------

Contents

Financial Statements 1 <br>

------

High Dividend Yield Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Basic Materials (2.0%)** | **Basic Materials (2.0%)** | **Basic Materials (2.0%)** |
| Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843441 | &nbsp;&nbsp;&nbsp;&nbsp;228648 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4328880 | &nbsp;&nbsp;&nbsp;&nbsp;228045 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;2175248 | &nbsp;&nbsp;&nbsp;&nbsp;176130 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891535 | &nbsp;&nbsp;&nbsp;&nbsp;106423 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;1986848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90759 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76205 |
| Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58995 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57671 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52083 |
| CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51611 |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;1200716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36502 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33726 |
| Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29977 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26110 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19861 |
| Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15743 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15702 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15659 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14894 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11834 |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11324 |
| Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714 |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490 |
| Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |
| Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245 |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786 |
| Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 |
| Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249 |
| Tronox Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 |
|  |  | **1430609** |
| **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** |
| Walmart Inc. | &nbsp;&nbsp;16498378 | &nbsp;&nbsp;1604467 |
| Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3770072 | &nbsp;&nbsp;1359073 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2738740 | &nbsp;&nbsp;&nbsp;&nbsp;875438 |
| Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2146989 | &nbsp;&nbsp;&nbsp;&nbsp;479981 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4306471 | &nbsp;&nbsp;&nbsp;&nbsp;344733 |
| NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;4491247 | &nbsp;&nbsp;&nbsp;&nbsp;253306 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1757371 | &nbsp;&nbsp;&nbsp;&nbsp;169938 |
| Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1070133 | &nbsp;&nbsp;&nbsp;&nbsp;160991 |
| Ford Motor Co. | &nbsp;&nbsp;14902242 | &nbsp;&nbsp;&nbsp;&nbsp;149171 |
| eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1817825 | &nbsp;&nbsp;&nbsp;&nbsp;123903 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588299 | &nbsp;&nbsp;&nbsp;&nbsp;109935 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;2028017 | &nbsp;&nbsp;&nbsp;&nbsp;102658 |
| Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94728 |
| Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89260 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78212 |
| Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71518 |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;2270356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63479 |
| Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62400 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62156 |
| Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56203 |
| Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53968 |
| Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52471 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1323138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48520 |
| Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41966 |
| Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39960 |

---

------

High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37688 |
|  | Interpublic Group of Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1421618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35711 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33724 |
|  | Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32725 |
|  | H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31233 |
| <sup>1</sup> | Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp;2254173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26464 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25120 |
|  | Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24463 |
|  | Autoliv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24371 |
|  | BorgWarner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23506 |
|  | Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23208 |
|  | Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19834 |
|  | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855 |
|  | Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18502 |
|  | Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17648 |
|  | Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17542 |
|  | Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16924 |
|  | Nexstar Media Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16830 |
|  | VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1323511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15723 |
|  | Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15361 |
|  | Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14045 |
|  | Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12476 |
|  | Macy's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1044740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11931 |
|  | Penske Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11021 |
|  | Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924 |
|  | TEGNA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948 |
|  | Harley-Davidson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821 |
|  | Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344 |
|  | Nordstrom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9260 |
| <sup>1</sup> | Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132 |
|  | Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8257 |
|  | Red Rock Resorts Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914 |
|  | HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 |
|  | Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1574566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526 |
|  | Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7480 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407 |
|  | Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7243 |
|  | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7219 |
|  | American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 |
|  | International Game Technology plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7115 |
|  | Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801 |
|  | Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737 |
|  | Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 |
|  | John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303 |
|  | La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6187 |
|  | Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986 |
|  | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 |
|  | Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844 |
|  | Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 |
|  | Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 |
|  | Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338 |
|  | MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 |
|  | Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 |
|  | Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 |
|  | PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 |
|  | Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971 |
| <sup>1</sup> | Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 |
|  | Steelcase Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 |
|  | Winnebago Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 |
| <sup>1</sup> | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 |
|  | Oxford Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 |
|  | Bloomin' Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 |
|  | Krispy Kreme Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 |
|  |  |  | **7315797** |
| **Consumer Staples (10.8%)** | **Consumer Staples (10.8%)** | **Consumer Staples (10.8%)** | **Consumer Staples (10.8%)** |
|  | Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;8970187 | &nbsp;&nbsp;1458283 |
|  | Coca-Cola Co. | &nbsp;&nbsp;14757462 | &nbsp;&nbsp;1070654 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5909051 | &nbsp;&nbsp;1012575 |

---

------

High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5225548 | &nbsp;&nbsp;&nbsp;&nbsp;708480 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6445084 | &nbsp;&nbsp;&nbsp;&nbsp;381227 |
|  | Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5089448 | &nbsp;&nbsp;&nbsp;&nbsp;346744 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4793489 | &nbsp;&nbsp;&nbsp;&nbsp;319774 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;3088315 | &nbsp;&nbsp;&nbsp;&nbsp;284712 |
|  | Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;2520150 | &nbsp;&nbsp;&nbsp;&nbsp;181980 |
|  | Kenvue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7277172 | &nbsp;&nbsp;&nbsp;&nbsp;171741 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1259414 | &nbsp;&nbsp;&nbsp;&nbsp;165966 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4534247 | &nbsp;&nbsp;&nbsp;&nbsp;156840 |
|  | Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1867596 | &nbsp;&nbsp;&nbsp;&nbsp;133346 |
|  | General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2096408 | &nbsp;&nbsp;&nbsp;&nbsp;118950 |
|  | Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597610 | &nbsp;&nbsp;&nbsp;&nbsp;112076 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;3369237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98045 |
|  | Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92494 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;1811376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86493 |
|  | Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82517 |
|  | McCormick & Co. Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73287 |
|  | Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1068369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65427 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52384 |
|  | J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45563 |
|  | Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1812271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44781 |
|  | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39677 |
|  | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37283 |
|  | Albertsons Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1587598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34895 |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33020 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1101784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32943 |
|  | Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28507 |
|  | Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26594 |
|  | Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22830 |
| <sup>1</sup> | Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15481 |
|  | Flowers Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12569 |
|  | Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12047 |
|  | Nomad Foods Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10179 |
|  | J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7418 |
|  | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301 |
|  | Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314 |
|  | Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510 |
|  | Weis Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5339 |
|  | Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261 |
|  | Reynolds Consumer Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734 |
|  | WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417 |
|  | Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316 |
|  |  |  | **7620974** |
| **Energy (8.4%)** | **Energy (8.4%)** | **Energy (8.4%)** | **Energy (8.4%)** |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;16714515 | &nbsp;&nbsp;1765554 |
|  | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6221990 | &nbsp;&nbsp;&nbsp;&nbsp;846564 |
|  | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;4918858 | &nbsp;&nbsp;&nbsp;&nbsp;438369 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4625123 | &nbsp;&nbsp;&nbsp;&nbsp;270894 |
|  | EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2129180 | &nbsp;&nbsp;&nbsp;&nbsp;234912 |
|  | Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7367127 | &nbsp;&nbsp;&nbsp;&nbsp;193755 |
|  | ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2356361 | &nbsp;&nbsp;&nbsp;&nbsp;193599 |
|  | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;5362421 | &nbsp;&nbsp;&nbsp;&nbsp;178301 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1220836 | &nbsp;&nbsp;&nbsp;&nbsp;167755 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;1567863 | &nbsp;&nbsp;&nbsp;&nbsp;163152 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822380 | &nbsp;&nbsp;&nbsp;&nbsp;140545 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1198690 | &nbsp;&nbsp;&nbsp;&nbsp;139156 |
|  | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;3793184 | &nbsp;&nbsp;&nbsp;&nbsp;134279 |
|  | EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2239016 | &nbsp;&nbsp;&nbsp;&nbsp;110697 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2585846 | &nbsp;&nbsp;&nbsp;&nbsp;101908 |
|  | Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94530 |
|  | Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91063 |
|  | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2365421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71932 |
|  | Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2770356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68040 |
|  | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;3352018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66437 |
|  | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37257 |
|  | Ovintiv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33078 |
|  | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30529 |
|  | Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2485009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29323 |
|  | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1375638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21377 |

---

------

High Dividend Yield Index Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1288428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21324 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20828 |
| Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19557 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17699 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17592 |
| NOV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1474968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17124 |
| Golar LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15823 |
| Archrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14743 |
| Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14286 |
| Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13347 |
| Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11334 |
| Noble Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790 |
| Civitas Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10038 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9797 |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065 |
| Northern Oil & Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8941 |
| Patterson-UTI Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1461689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8244 |
| Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 |
| Liberty Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842 |
| PBF Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473 |
| Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371 |
| Delek US Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063 |
|  |  | **5908957** |
| **Financials (20.7%)** | **Financials (20.7%)** | **Financials (20.7%)** |
| JPMorgan Chase & Co. | &nbsp;&nbsp;10679569 | &nbsp;&nbsp;2612436 |
| Bank of America Corp. | &nbsp;&nbsp;25312023 | &nbsp;&nbsp;1009443 |
| Wells Fargo & Co. | &nbsp;&nbsp;12511018 | &nbsp;&nbsp;&nbsp;&nbsp;888407 |
| Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1146535 | &nbsp;&nbsp;&nbsp;&nbsp;627785 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2222195 | &nbsp;&nbsp;&nbsp;&nbsp;626081 |
| Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561156 | &nbsp;&nbsp;&nbsp;&nbsp;513042 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;4358871 | &nbsp;&nbsp;&nbsp;&nbsp;503101 |
| Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7192997 | &nbsp;&nbsp;&nbsp;&nbsp;491857 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1537977 | &nbsp;&nbsp;&nbsp;&nbsp;439984 |
| CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1366358 | &nbsp;&nbsp;&nbsp;&nbsp;378590 |
| Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2742360 | &nbsp;&nbsp;&nbsp;&nbsp;361196 |
| Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1982638 | &nbsp;&nbsp;&nbsp;&nbsp;270590 |
| PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1509568 | &nbsp;&nbsp;&nbsp;&nbsp;242572 |
| US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5926481 | &nbsp;&nbsp;&nbsp;&nbsp;239074 |
| Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2098456 | &nbsp;&nbsp;&nbsp;&nbsp;228060 |
| Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859219 | &nbsp;&nbsp;&nbsp;&nbsp;226946 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2731691 | &nbsp;&nbsp;&nbsp;&nbsp;219655 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998106 | &nbsp;&nbsp;&nbsp;&nbsp;198014 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5069109 | &nbsp;&nbsp;&nbsp;&nbsp;194350 |
| American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2368594 | &nbsp;&nbsp;&nbsp;&nbsp;193088 |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950007 | &nbsp;&nbsp;&nbsp;&nbsp;173538 |
| Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365671 | &nbsp;&nbsp;&nbsp;&nbsp;172238 |
| MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2199891 | &nbsp;&nbsp;&nbsp;&nbsp;165806 |
| Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1365605 | &nbsp;&nbsp;&nbsp;&nbsp;140261 |
| Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100162 | &nbsp;&nbsp;&nbsp;&nbsp;134957 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631758 | &nbsp;&nbsp;&nbsp;&nbsp;107247 |
| Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703002 | &nbsp;&nbsp;&nbsp;&nbsp;107229 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1111514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97924 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;2569556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92350 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80997 |
| W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1117036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80080 |
| Huntington Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5484918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79696 |
| T. Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73827 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3455293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70523 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69196 |
| Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63922 |
| Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63112 |
| Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1669373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61583 |
| Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1186848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58690 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57889 |
| Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53589 |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52324 |
| KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;3515098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52164 |

---

------

High Dividend Yield Index Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249591 | &nbsp;&nbsp;46751 |
| East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;523477 | &nbsp;&nbsp;44783 |
| Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194335 | &nbsp;&nbsp;37456 |
| Blue Owl Capital Inc. Class A | &nbsp;&nbsp;1991738 | &nbsp;&nbsp;36907 |
| First Horizon Corp. | &nbsp;&nbsp;1976530 | &nbsp;&nbsp;35736 |
| American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272295 | &nbsp;&nbsp;34489 |
| Ally Financial Inc. | &nbsp;&nbsp;1042750 | &nbsp;&nbsp;34056 |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;879588 | &nbsp;&nbsp;33073 |
| Houlihan Lokey Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;201643 | &nbsp;&nbsp;32682 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;376893 | &nbsp;&nbsp;32296 |
| Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;830901 | &nbsp;&nbsp;32106 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;368426 | &nbsp;&nbsp;31972 |
| Corebridge Financial Inc. | &nbsp;&nbsp;1078238 | &nbsp;&nbsp;31948 |
| Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;662582 | &nbsp;&nbsp;30962 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;647947 | &nbsp;&nbsp;30648 |
| Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;469477 | &nbsp;&nbsp;28516 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;407710 | &nbsp;&nbsp;28421 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;291448 | &nbsp;&nbsp;28072 |
| Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134647 | &nbsp;&nbsp;27642 |
| Comerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;503454 | &nbsp;&nbsp;27061 |
| Cullen/Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223570 | &nbsp;&nbsp;26039 |
| Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262907 | &nbsp;&nbsp;25087 |
| XP Inc. Class A | &nbsp;&nbsp;1551167 | &nbsp;&nbsp;24974 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;549372 | &nbsp;&nbsp;24705 |
| Old National Bancorp | &nbsp;&nbsp;1186045 | &nbsp;&nbsp;24421 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;257027 | &nbsp;&nbsp;24307 |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;952111 | &nbsp;&nbsp;23717 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314819 | &nbsp;&nbsp;23300 |
| Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340849 | &nbsp;&nbsp;23144 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;532891 | &nbsp;&nbsp;23085 |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;798468 | &nbsp;&nbsp;23084 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;379597 | &nbsp;&nbsp;23083 |
| Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135617 | &nbsp;&nbsp;22526 |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;393594 | &nbsp;&nbsp;22407 |
| Franklin Resources Inc. | &nbsp;&nbsp;1176960 | &nbsp;&nbsp;22080 |
| Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365708 | &nbsp;&nbsp;21650 |
| Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;276020 | &nbsp;&nbsp;21505 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;646748 | &nbsp;&nbsp;20612 |
| OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429365 | &nbsp;&nbsp;20210 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;687694 | &nbsp;&nbsp;20122 |
| Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228594 | &nbsp;&nbsp;19940 |
| Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;703080 | &nbsp;&nbsp;19510 |
| FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144982 | &nbsp;&nbsp;19422 |
| Invesco Ltd. | &nbsp;&nbsp;1390520 | &nbsp;&nbsp;19370 |
| Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;562424 | &nbsp;&nbsp;17964 |
| Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793709 | &nbsp;&nbsp;17795 |
| FNB Corp. | &nbsp;&nbsp;1353799 | &nbsp;&nbsp;17721 |
| Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430336 | &nbsp;&nbsp;17541 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;404644 | &nbsp;&nbsp;17238 |
| United Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;499609 | &nbsp;&nbsp;17132 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;325818 | &nbsp;&nbsp;16972 |
| First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;491568 | &nbsp;&nbsp;16472 |
| Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416925 | &nbsp;&nbsp;16218 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;183823 | &nbsp;&nbsp;16127 |
| Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;482877 | &nbsp;&nbsp;16036 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65582 | &nbsp;&nbsp;15813 |
| Valley National Bancorp | &nbsp;&nbsp;1791732 | &nbsp;&nbsp;15409 |
| TPG Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;324059 | &nbsp;&nbsp;15053 |
| CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;385579 | &nbsp;&nbsp;14629 |
| Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;265295 | &nbsp;&nbsp;14215 |
| ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191961 | &nbsp;&nbsp;13671 |
| Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;615439 | &nbsp;&nbsp;13577 |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;229141 | &nbsp;&nbsp;13547 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;485509 | &nbsp;&nbsp;13449 |
| StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;249894 | &nbsp;&nbsp;12497 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;204632 | &nbsp;&nbsp;12491 |
| United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;449198 | &nbsp;&nbsp;12402 |
| First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;607892 | &nbsp;&nbsp;11939 |
| Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;303388 | &nbsp;&nbsp;11878 |
| Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;681887 | &nbsp;&nbsp;11374 |

---

------

High Dividend Yield Index Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11185 |
| First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11017 |
| Eastern Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10810 |
| Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10624 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9698 |
| WesBanco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9602 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9420 |
| Walker & Dunlop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345 |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9226 |
| BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9161 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8920 |
| Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8859 |
| Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8858 |
| Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8855 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8696 |
| Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8696 |
| WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8665 |
| First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8211 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993 |
| First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921 |
| Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879 |
| First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806 |
| Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7744 |
| Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523 |
| Pacific Premier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431 |
| NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318 |
| Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7099 |
| Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6699 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313 |
| Northwest Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 |
| S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218 |
| Hilltop Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162 |
| Westamerica Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673 |
| Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561 |
| Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507 |
| WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386 |
| Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223 |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 |
| CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 |
| Berkshire Hills Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 |
| Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843 |
| Cannae Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 |
| Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567 |
| TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 |
| F&G Annuities & Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 |
| Republic Bancorp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 |
|  |  | &nbsp;&nbsp;**14539305** |
| **Health Care (13.6%)** | **Health Care (13.6%)** | **Health Care (13.6%)** |
| UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3495643 | &nbsp;&nbsp;&nbsp;&nbsp;1438247 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;9169246 | &nbsp;&nbsp;&nbsp;&nbsp;1433245 |
| AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6734307 | &nbsp;&nbsp;&nbsp;&nbsp;1313863 |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;6574551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859623 |
| Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9637758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821137 |
| Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1868208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543499 |
| Pfizer Inc. | &nbsp;&nbsp;21542999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525865 |
| Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4743930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505418 |
| Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;4877915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413452 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;7708927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386988 |
| Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371638 |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;1022337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347636 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1099205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227634 |
| Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130749 |

---

------

High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75227 |
|  | Baxter International Inc. | &nbsp;&nbsp;1937274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60385 |
|  | Royalty Pharma plc Class A | &nbsp;&nbsp;1465978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48113 |
|  | Viatris Inc. | &nbsp;&nbsp;4517540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38038 |
|  | Perrigo Co. plc | &nbsp;&nbsp;&nbsp;&nbsp;516769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13291 |
|  | Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;983924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12722 |
|  | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;758705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10546 |
|  | Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;412599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526 |
|  | Premier Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;367205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473 |
|  |  |  | **9592315** |
| **Industrials (13.2%)** | **Industrials (13.2%)** | **Industrials (13.2%)** | **Industrials (13.2%)** |
|  | Accenture plc Class A | &nbsp;&nbsp;2385026 | &nbsp;&nbsp;&nbsp;&nbsp;713481 |
|  | RTX Corp. | &nbsp;&nbsp;5055185 | &nbsp;&nbsp;&nbsp;&nbsp;637611 |
|  | Caterpillar Inc. | &nbsp;&nbsp;1834638 | &nbsp;&nbsp;&nbsp;&nbsp;567399 |
|  | Honeywell International Inc. | &nbsp;&nbsp;2476890 | &nbsp;&nbsp;&nbsp;&nbsp;521385 |
|  | Union Pacific Corp. | &nbsp;&nbsp;2318596 | &nbsp;&nbsp;&nbsp;&nbsp;500028 |
|  | Automatic Data Processing Inc. | &nbsp;&nbsp;1563058 | &nbsp;&nbsp;&nbsp;&nbsp;469855 |
|  | Eaton Corp. plc | &nbsp;&nbsp;1500067 | &nbsp;&nbsp;&nbsp;&nbsp;441575 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;801578 | &nbsp;&nbsp;&nbsp;&nbsp;382954 |
|  | 3M Co. | &nbsp;&nbsp;2066946 | &nbsp;&nbsp;&nbsp;&nbsp;287119 |
|  | General Dynamics Corp. | &nbsp;&nbsp;1037690 | &nbsp;&nbsp;&nbsp;&nbsp;282376 |
|  | Illinois Tool Works Inc. | &nbsp;&nbsp;1112404 | &nbsp;&nbsp;&nbsp;&nbsp;266877 |
|  | United Parcel Service Inc. Class B | &nbsp;&nbsp;2767669 | &nbsp;&nbsp;&nbsp;&nbsp;263759 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;518957 | &nbsp;&nbsp;&nbsp;&nbsp;252473 |
|  | Emerson Electric Co. | &nbsp;&nbsp;2171884 | &nbsp;&nbsp;&nbsp;&nbsp;228287 |
|  | Johnson Controls International plc | &nbsp;&nbsp;2506676 | &nbsp;&nbsp;&nbsp;&nbsp;210310 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;858686 | &nbsp;&nbsp;&nbsp;&nbsp;192389 |
|  | Paychex Inc. | &nbsp;&nbsp;1222269 | &nbsp;&nbsp;&nbsp;&nbsp;179820 |
|  | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;842865 | &nbsp;&nbsp;&nbsp;&nbsp;177280 |
|  | PACCAR Inc. | &nbsp;&nbsp;1954445 | &nbsp;&nbsp;&nbsp;&nbsp;176311 |
|  | Fidelity National Information Services Inc. | &nbsp;&nbsp;2047727 | &nbsp;&nbsp;&nbsp;&nbsp;161525 |
|  | L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;719130 | &nbsp;&nbsp;&nbsp;&nbsp;158223 |
|  | Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519082 | &nbsp;&nbsp;&nbsp;&nbsp;152527 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;1515843 | &nbsp;&nbsp;&nbsp;&nbsp;145930 |
|  | Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;759608 | &nbsp;&nbsp;&nbsp;&nbsp;128875 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429563 | &nbsp;&nbsp;&nbsp;&nbsp;106394 |
|  | DuPont de Nemours Inc. | &nbsp;&nbsp;1587852 | &nbsp;&nbsp;&nbsp;&nbsp;104782 |
|  | PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;878439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95627 |
|  | Dow Inc. | &nbsp;&nbsp;2667274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81592 |
| <sup>1</sup> | Amcor plc | &nbsp;&nbsp;8610815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79220 |
|  | Synchrony Financial | &nbsp;&nbsp;1477199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76741 |
|  | Hubbell Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;203456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73891 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;336439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62446 |
|  | Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61705 |
|  | Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60406 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;478626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57445 |
|  | RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51483 |
|  | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;817705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49561 |
|  | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;324094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47127 |
|  | FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;383339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41059 |
|  | CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39466 |
|  | CNH Industrial NV | &nbsp;&nbsp;3314779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38352 |
|  | Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35049 |
|  | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;626823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34419 |
|  | Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34099 |
|  | A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;450236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30553 |
|  | Graphic Packaging Holding Co. | &nbsp;&nbsp;1128692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28567 |
|  | Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;384612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26261 |
|  | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;498933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22567 |
|  | Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21741 |
|  | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;247924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20766 |
|  | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;236658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20076 |
|  | GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19658 |
|  | Air Lease Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;396911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18560 |
|  | Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;384767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17045 |
|  | Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;373101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15297 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;554521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15283 |
|  | Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14808 |
|  | Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14386 |

---

------

High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13476 |
|  | MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13376 |
|  | Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;1290221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12786 |
|  | Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12328 |
|  | Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12132 |
|  | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11890 |
|  | Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11595 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11531 |
|  | ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11371 |
|  | ADT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1407358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11287 |
|  | H&E Equipment Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909 |
|  | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9774 |
|  | Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9376 |
|  | Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8840 |
|  | Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8786 |
|  | Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699 |
|  | Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7703 |
|  | ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641 |
|  | Scorpio Tankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 |
|  | Werner Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736 |
|  | Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697 |
| <sup>1</sup> | Star Bulk Carriers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565 |
| <sup>1</sup> | ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514 |
|  | Hillenbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336 |
|  | Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139 |
|  | Greif Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 |
|  | Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887 |
|  | SFL Corp. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067 |
|  | Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 |
|  | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 |
|  | Ardagh Metal Packaging SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 |
|  |  |  | **9269251** |
| **Real Estate (0.0%)** | **Real Estate (0.0%)** | **Real Estate (0.0%)** | **Real Estate (0.0%)** |
|  | HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076 |
|  | Newmark Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5433 |
|  | eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22066** |
| **Technology (9.9%)** | **Technology (9.9%)** | **Technology (9.9%)** | **Technology (9.9%)** |
|  | Broadcom Inc. | &nbsp;&nbsp;17482712 | &nbsp;&nbsp;3364899 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3487024 | &nbsp;&nbsp;&nbsp;&nbsp;843232 |
|  | QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4244824 | &nbsp;&nbsp;&nbsp;&nbsp;630187 |
|  | Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3459792 | &nbsp;&nbsp;&nbsp;&nbsp;553740 |
|  | Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1883409 | &nbsp;&nbsp;&nbsp;&nbsp;367114 |
|  | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972135 | &nbsp;&nbsp;&nbsp;&nbsp;179174 |
|  | TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;1163741 | &nbsp;&nbsp;&nbsp;&nbsp;170348 |
|  | Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2912272 | &nbsp;&nbsp;&nbsp;&nbsp;129247 |
|  | Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;1044616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95854 |
|  | Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2013941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92802 |
|  | HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3561523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91068 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;4986092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80874 |
|  | NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69162 |
|  | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67094 |
|  | Gen Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2064687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53414 |
|  | Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39212 |
|  | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37299 |
|  | Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15303 |
|  | Dun & Bradstreet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1144260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10264 |
| <sup>1</sup> | Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8986 |
|  | Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245 |
|  | Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7447 |
|  | CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526 |
|  | Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 |
|  | Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6106 |
|  | Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 |
|  | Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 |
|  | Shutterstock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 |
|  |  |  | **6941792** |

---

------

High Dividend Yield Index Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Telecommunications (4.1%)** | **Telecommunications (4.1%)** | **Telecommunications (4.1%)** |
| Cisco Systems Inc. | &nbsp;&nbsp;15172724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875921 |
| AT&T Inc. | &nbsp;&nbsp;27297053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756128 |
| Verizon Communications Inc. | &nbsp;&nbsp;16007139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705275 |
| Comcast Corp. Class A | &nbsp;&nbsp;14243828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487139 |
| Juniper Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1237412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44943 |
| Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13990 |
| Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10407 |
| Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 |
| Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2908783** |
| **Utilities (6.8%)** | **Utilities (6.8%)** | **Utilities (6.8%)** |
| NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7814828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522656 |
| Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;4162352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382478 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2932784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357858 |
| Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1524596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355780 |
| American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2024180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219300 |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;2406596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178738 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3800893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178262 |
| Dominion Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3182505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173065 |
| Xcel Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2184503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154444 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1894770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151449 |
| Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1315772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148353 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1620343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134764 |
| WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1201802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131621 |
| American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109032 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107598 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2807238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102464 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1011725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100404 |
| CenterPoint Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2452392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95104 |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94539 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2187942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93819 |
| NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83972 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1130021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83226 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;1394610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82951 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;1445401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77343 |
| NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1775530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69441 |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59425 |
| Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58398 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40979 |
| Essential Utilities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39347 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34454 |
| AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2693554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26936 |
| UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26770 |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26122 |
| IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23832 |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18424 |
| TXNM Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18083 |
| ONE Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16713 |
| Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16619 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16554 |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16544 |
| Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16438 |
| ALLETE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 |
| Northwestern Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13510 |
| MDU Resources Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13194 |
| MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12377 |
| Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12349 |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11528 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11335 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11180 |
| Clearway Energy Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136 |
| SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479 |
| Clearway Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4770459** |
| **Total Common Stocks (Cost $55,481,969)** | **Total Common Stocks (Cost $55,481,969)** | **70320308** |

---

------

High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>2,3</sup> | Vanguard Market Liquidity Fund, 4.350% **(Cost $31,448)** | &nbsp;&nbsp;314526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31450** |
| **Total Investments (99.9%) (Cost $55,513,417)** | **Total Investments (99.9%) (Cost $55,513,417)** | **Total Investments (99.9%) (Cost $55,513,417)** | **70351758** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71489** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**70423247** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $24,293. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $25,216 was received for securities on loan. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini S&P 500 Index | June 2025 | 134 | 37433 | &nbsp;&nbsp;1399 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| Amgen Inc. | 8/29/25 | BANA | 52964 | (4.337) |  | (3692) |
| Clorox Co. | 8/29/25 | BANA | 15167 | (4.337) |  | &nbsp;&nbsp;&nbsp;&nbsp;(437) |
|  |  |  |  |  |  | (4129) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

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

------

High Dividend Yield Index Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $55,481,969) | 70320308 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $31,448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31450 |
| Total Investments in Securities | 70351758 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93783 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total Assets** | **70462459** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25216 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39212** |
| **Net Assets** | **70423247** |
| 1 Includes $24,293 of securities on loan. |  |
| **<br>At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 58024991 |
| Total Distributable Earnings (Loss) | 12398256 |
| **Net Assets** | **70423247** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 456,865,170 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **56836763** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$124.41** |
| **Admiral<sup>™</sup> Shares—Net Assets** |  |
| **Applicable to 362,171,038 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **13586484** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$37.51** |

---

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

------

High Dividend Yield Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046841 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048865 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23336 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1025529** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203166 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5853) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3444) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2193869** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4112974) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(728) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4110747)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(891349)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $624. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,841, $40, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $2,953,030 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

High Dividend Yield Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1025529 | &nbsp;&nbsp;&nbsp;&nbsp;1965591 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;2193869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966979 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(4110747) | &nbsp;&nbsp;&nbsp;14501035 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(891349) | &nbsp;&nbsp;&nbsp;17433605 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(863196) | &nbsp;&nbsp;&nbsp;&nbsp;(1670561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(193858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389289) |
| Total Distributions | &nbsp;&nbsp;(1057054) | &nbsp;&nbsp;&nbsp;&nbsp;(2059850) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(503386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336710) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(287710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185715 |
| Total Increase (Decrease) | &nbsp;&nbsp;(2236113) | &nbsp;&nbsp;&nbsp;15559470 |
| **Net Assets** |  |  |
| **Beginning of Period** | **72659360** | &nbsp;&nbsp;&nbsp;**57099890** |
| **End of Period** | **70423247** | &nbsp;&nbsp;&nbsp;**72659360** |

---

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

------

High Dividend Yield Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$127.79** | &nbsp;&nbsp;&nbsp;**$100.48** | &nbsp;&nbsp;&nbsp;**$106.42** | &nbsp;&nbsp;&nbsp;**$108.42** | &nbsp;&nbsp;&nbsp;&nbsp;**$79.49** | &nbsp;&nbsp;&nbsp;**$89.60** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(3.366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.887 | &nbsp;&nbsp;&nbsp;&nbsp;(10.184) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(1.566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.897 | &nbsp;&nbsp;&nbsp;&nbsp;(7.234) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.967) | &nbsp;&nbsp;&nbsp;&nbsp;(2.876) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.967) | &nbsp;&nbsp;&nbsp;&nbsp;(2.876) |
| **Net Asset Value, End of Period** | **$124.41** | &nbsp;&nbsp;&nbsp;**$127.79** | &nbsp;&nbsp;&nbsp;**$100.48** | &nbsp;&nbsp;&nbsp;**$106.42** | &nbsp;&nbsp;&nbsp;**$108.42** | &nbsp;&nbsp;&nbsp;**$79.49** |
| **Total Return** | **-1.26%** | &nbsp;&nbsp;&nbsp;**31.15%** | &nbsp;&nbsp;&nbsp;**-2.54%** | &nbsp;&nbsp;&nbsp;**1.18%** | &nbsp;&nbsp;&nbsp;**40.55%** | &nbsp;&nbsp;&nbsp;**-8.17%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $56837 | &nbsp;&nbsp;&nbsp;$58925 | &nbsp;&nbsp;&nbsp;$45997 | &nbsp;&nbsp;&nbsp;$48689 | &nbsp;&nbsp;&nbsp;$39766 | &nbsp;&nbsp;&nbsp;$26279 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | 2.76% | &nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;3.53% |
| Portfolio Turnover Rate<sup>3</sup> | 10% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;11% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

High Dividend Yield Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$38.53** | &nbsp;&nbsp;&nbsp;**$30.30** | &nbsp;&nbsp;&nbsp;**$32.09** | &nbsp;&nbsp;&nbsp;**$32.69** | &nbsp;&nbsp;&nbsp;**$23.97** | &nbsp;&nbsp;&nbsp;**$27.02** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.887 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(1.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.272 | &nbsp;&nbsp;&nbsp;&nbsp;(1.815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.707 | &nbsp;&nbsp;&nbsp;&nbsp;(3.075) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(.477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.609 | &nbsp;&nbsp;&nbsp;&nbsp;(2.188) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.543) | &nbsp;&nbsp;&nbsp;&nbsp;(1.087) | &nbsp;&nbsp;&nbsp;&nbsp;(1.005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.862) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.543) | &nbsp;&nbsp;&nbsp;&nbsp;(1.087) | &nbsp;&nbsp;&nbsp;&nbsp;(1.005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.862) |
| **Net Asset Value, End of Period** | **$37.51** | &nbsp;&nbsp;&nbsp;**$38.53** | &nbsp;&nbsp;&nbsp;**$30.30** | &nbsp;&nbsp;&nbsp;**$32.09** | &nbsp;&nbsp;&nbsp;**$32.69** | &nbsp;&nbsp;&nbsp;**$23.97** |
| **Total Return<sup>2</sup>** | **-1.27%** | &nbsp;&nbsp;&nbsp;**31.11%** | &nbsp;&nbsp;&nbsp;**-2.56%** | &nbsp;&nbsp;&nbsp;**1.19%** | &nbsp;&nbsp;&nbsp;**40.50%** | &nbsp;&nbsp;&nbsp;**-8.19%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $13586 | &nbsp;&nbsp;&nbsp;$13734 | &nbsp;&nbsp;&nbsp;$11103 | &nbsp;&nbsp;&nbsp;$12199 | &nbsp;&nbsp;&nbsp;$11418 | &nbsp;&nbsp;&nbsp;$7665 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.08%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | 2.74% | &nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;3.52% |
| Portfolio Turnover Rate<sup>4</sup> | 10% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;11% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

High Dividend Yield Index Fund

Notes to Financial Statements

Vanguard High Dividend Yield Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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 by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended April 30, 2025, 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.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the six months ended April 30, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

------

High Dividend Yield Index Fund

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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.

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 proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $2,002,000, representing less than 0.01% of the fund's net assets and 0.80% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

High Dividend Yield Index Fund

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 70320308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;70320308 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31450 |
| Total | 70351758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;70351758 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4129) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4129) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. As of April 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;55600151 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;17980877 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3232000) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;14748877 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $4,691,257,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

E. During the six months ended April 30, 2025, the fund purchased $7,670,159,000 of investment securities and sold $7,367,148,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $5,644,904,000 and $6,129,579,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended April 30, 2025, such purchases were $885,104,000 and sales were $956,203,000, resulting in net realized loss of $120,051,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;5714877 | &nbsp;&nbsp;&nbsp;&nbsp;44109 | &nbsp;&nbsp;&nbsp;&nbsp;5332948 | &nbsp;&nbsp;&nbsp;&nbsp;44898 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (6218263) | &nbsp;&nbsp;&nbsp;(48350) | &nbsp;&nbsp;&nbsp;(4810523) | &nbsp;&nbsp;&nbsp;(41575) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;(503386) | &nbsp;&nbsp;&nbsp;&nbsp;(4241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323 |

---

------

High Dividend Yield Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1088253 | &nbsp;&nbsp;&nbsp;&nbsp;28192 | &nbsp;&nbsp;&nbsp;&nbsp;1195383 | &nbsp;&nbsp;&nbsp;&nbsp;33576 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;153357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8653 |
| Redeemed | (1025934) | &nbsp;&nbsp;&nbsp;(26420) | &nbsp;&nbsp;&nbsp;(1838567) | &nbsp;&nbsp;&nbsp;(52285) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;215676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336710) | &nbsp;&nbsp;&nbsp;(10056) |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

H. The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

Q6232 062025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Whitehall Funds (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker <br>Non-Votes |
| Tara Bunch | 78283461934 | 967758519 | N/A | N/A |
| Mark Loughridge | 77645029894 | 1606190558 | N/A | N/A |
| Scott C. Malpass | 77745731639 | 1505488814 | N/A | N/A |
| John Murphy | 78341600711 | 909619742 | N/A | N/A |
| Lubos Pastor | 78270336930 | 980883523 | N/A | N/A |
| Rebecca Patterson | 78357023411 | 894197042 | N/A | N/A |
| André F. Perold | 78038946056 | 1212274397 | N/A | N/A |
| Salim Ramji | 78011916458 | 1239303995 | N/A | N/A |
| Sarah Bloom Raskin | 78109535752 | 1141684701 | N/A | N/A |
| Grant Reid | 78330964197 | 920256256 | N/A | N/A |
| David Thomas | 78248994516 | 1002225937 | N/A | N/A |
| Barbara Venneman | 78347426235 | 903794218 | N/A | N/A |
| Peter F. Volanakis | 77658923572 | 1592296880 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement – High Dividend Yield Index Fund** 

The board of trustees of Vanguard High Dividend Yield Index Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services** 

The board reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance** 

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale** 

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

**Trustees Approve Advisory Arrangement – Advice Select Global Value Fund**

The board of trustees of Vanguard Advice Select Global Value Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The board determined renewing the investment advisory arrangement was in the best interests of the fund and its prospective shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about each fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the fund since its inception in 2021; it also took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, an investment management company founded in 1928, is among the nation's oldest and most respected institutional investment managers. Wellington Management utilizes a bottom-up, fundamentally driven approach to invest in solid companies whose current fundamentals are depressed relative to longer-term earnings potential. Wellington Management has the ability to seek undervalued stocks across the capitalization spectrum. The investment team has the support of Wellington Management's global industry analysts in conducting their research-intensive approach. Wellington Management has managed the fund since its inception in 2021.

The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2021, including any periods of outperformance or underperformance compared with a relevant benchmark and peer group.

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

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was below its peer-group average.

The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fee, because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

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

**Trustees Approve Advisory Arrangement – Advice Select International Growth Fund** 

The board of trustees of Vanguard Advice Select International Growth Fund has renewed the fund's investment advisory arrangement with Baillie Gifford Overseas Ltd. (Baillie Gifford). The board determined renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about each fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the fund since its inception in 2021; it also took into account the organizational depth and stability of the advisor. The board considered that Baillie Gifford—a unit of Baillie Gifford & Co., founded in 1908—is among the largest independently owned investment management firms in the United Kingdom. The advisor utilizes fundamental research to make long-term investments in companies that have above average growth potential resulting from sustainable competitive advantages, special cultures and management, or competitive strength in underestimated technology shifts. Baillie Gifford believes that equities' asymmetrical return pattern means that alpha is generated by focusing on the upside and the potential to earn exponential returns rather than being overly concerned with avoiding losing investments. The advisor takes a bottom-up, stock-driven approach to sector and country allocation. Baillie Gifford has advised the fund since its inception in 2021.

The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2021, including any periods of outperformance or underperformance compared with a relevant benchmark and peer group.

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

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below its peer group average.

The board did not consider the profitability of Baillie Gifford in determining whether to approve the advisory fee, because Baillie Gifford is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Baillie Gifford. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

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

**Trustees Approve Advisory Arrangement – Advice Select Dividend Growth Fund** 

The board of trustees of Vanguard Advice Select Dividend Growth Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The board determined renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about each fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the fund since its inception in 2021; it also took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, an investment management company founded in 1928, is among the nation's oldest and most respected institutional investment managers. Wellington Management seeks to invest in select companies with a history of paying a stable or growing dividend and the ability to continue increasing their dividend over the long-term. Utilizing fundamental research, Wellington Management focuses on a company's ability to create value and the ability and willingness to distribute that value to shareholders in a sustainable manner. Valuation is also an important input to the investment process, as Wellington Management seeks to purchase these businesses when short-term dislocations have made the share price attractive. Wellington Management has managed the fund since its inception in 2021.

The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2021, including any periods of outperformance or underperformance compared with a relevant benchmark and peer group.

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

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below its peer group average.

The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fee, because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

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

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

(a)(1) Not applicable.

[(a)(2)](tm2515692d8_ex99-cert.htm) [Certifications filed herewith.](tm2515692d8_ex99-cert.htm)

[(a)(2)](tm2515692d8_ex99-906cert.htm) [Certifications filed herewith.](tm2515692d8_ex99-906cert.htm)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD WHITEHALL FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD WHITEHALL FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
|  | VANGUARD WHITEHALL FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
| \* By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Whitehall Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Whitehall Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Whitehall Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: June 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Whitehall Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: June 23, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---