Vanguard® Global Minimum Volatility Fund
Schedule of Investments (unaudited)
As of July 31, 2026
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. 
 
 
Shares
Market
Value
($000)
Common Stocks (98.0%)
Australia (3.1%)
 
Wesfarmers Ltd.
   256,416
   16,061
 
Medibank Pvt Ltd.
 3,915,472
   14,193
 
Coles Group Ltd.
   555,805
    9,389
 
Brambles Ltd.
   604,799
    8,302
 
Insurance Australia Group Ltd.
 1,240,901
    7,393
 
Transurban Group
   355,198
    3,689
 
APA Group
   208,203
    1,489
 
CSL Ltd.
    11,979
    1,036
 
Washington H Soul Pattinson & Co. Ltd.
    25,507
      828
  
 
          
   62,380
Belgium (0.1%)
 
Colruyt Group NV
    34,351
    1,540
*
Argenx SE
     1,140
      976
  
 
          
    2,516
Brazil (1.1%)
 
Itau Unibanco Holding SA ADR
 2,391,522
   20,232
 
Petroleo Brasileiro SA - Petrobras ADR
   102,139
    1,752
  
 
          
   21,984
Canada (3.8%)
1
Hydro One Ltd.
   507,688
   21,150
 
Pembina Pipeline Corp.
   333,973
   16,329
 
Enbridge Inc.
   250,262
   13,618
 
Intact Financial Corp.
    57,574
   11,304
 
Dollarama Inc.
    58,640
    7,988
 
Fortis Inc. (XTSE)
    67,577
    3,847
 
Royal Bank of Canada
     3,090
      647
*
Kinaxis Inc.
     4,750
      569
  
 
          
   75,452
China (1.0%)
 
Sinopharm Group Co. Ltd. Class H
 2,340,400
    5,190
 
China Shenhua Energy Co. Ltd. Class H
   779,500
    4,318
 
China Merchants Bank Co. Ltd. Class H
   405,000
    2,628
 
Tencent Holdings Ltd.
    36,100
    2,206
 
Shanghai Fudan Microelectronics Group Co. Ltd. Class H
   701,000
    2,137
*,2
InnoScience Suzhou Technology Holding Co. Ltd. Class H
   336,100
    1,671
 
Beijing Enterprises Holdings Ltd.
   345,500
    1,394
1
Fuyao Glass Industry Group Co. Ltd. Class H
   131,200
      992
  
 
          
   20,536
Denmark (0.1%)
 
Tryg A/S
   111,348
    2,650
Finland (0.3%)
 
Sampo OYJ Class A (XHEL)
   633,903
    7,018
France (3.2%)
 
Orange SA
 1,411,509
   26,962
 
Danone SA
   281,090
   21,865
 
Engie SA (XPAR)
   258,023
    8,043
 
Klepierre SA
    94,914
    4,311
 
Sodexo SA (XPAR)
    28,267
    1,859
 
Sanofi SA
    15,189
    1,308
  
 
          
   64,348
Germany (0.5%)
1
Scout24 SE
    74,063
    6,350
 
SAP SE
    17,535
    3,214
  
 
          
    9,564
 
 
Shares
Market
Value
($000)
Hong Kong (0.8%)
 
CLP Holdings Ltd.
 1,437,605
   14,293
 
Power Assets Holdings Ltd.
   139,770
    1,052
  
 
          
   15,345
India (3.0%)
 
ICICI Bank Ltd. ADR
   929,025
   27,861
 
HDFC Bank Ltd. ADR
   680,139
   16,276
 
Dr Reddy's Laboratories Ltd. ADR
 1,369,305
   16,226
  
 
          
   60,363
Indonesia (0.1%)
 
Telkom Indonesia Persero Tbk PT ADR
   137,395
    2,014
Israel (0.5%)
 
Elbit Systems Ltd.
     4,391
    3,547
*
Tower Semiconductor Ltd.
    15,264
    3,344
 
Israel Discount Bank Ltd. Class A
   121,586
    1,269
 
First International Bank of Israel Ltd.
    10,046
      776
*
Enlight Renewable Energy Ltd.
     6,463
      549
*
Nova Ltd.
     1,283
      510
*
OPC Energy Ltd.
    15,729
      493
  
 
          
   10,488
Italy (0.8%)
 
Eni SpA
   589,825
   16,407
Japan (2.6%)
 
Softbank Corp.
13,712,700
   19,247
 
McDonald's Holdings Co. Japan Ltd.
   146,900
    7,466
 
Canon Inc.
   186,400
    5,188
 
Kyushu Railway Co.
   191,100
    4,312
 
Nippon Building Fund Inc.
     3,378
    2,849
 
Obic Co. Ltd.
    53,200
    1,526
 
Yamada Holdings Co. Ltd.
   337,000
    1,505
 
Japan Real Estate Investment Corp.
     1,935
    1,481
 
Toho Co. Ltd.
   144,500
    1,388
 
Japan Metropolitan Fund Investment
     1,451
    1,072
 
Brother Industries Ltd.
    35,200
      877
 
COMSYS Holdings Corp.
    19,400
      637
 
Otsuka Corp.
    30,400
      627
 
KDX Realty Investment Corp.
       592
      579
 
Nomura Real Estate Master Fund Inc.
       494
      472
 
USS Co. Ltd.
    37,100
      468
 
GLP J-Reit
       514
      467
 
FUJIFILM Holdings Corp.
    19,100
      450
 
Seino Holdings Co. Ltd.
    26,200
      433
 
SHO-BOND Holdings Co. Ltd.
    51,700
      428
  
 
          
   51,472
Mexico (0.3%)
 
America Movil SAB de CV ADR
   171,455
    4,346
 
Fomento Economico Mexicano SAB de CV ADR
     9,321
    1,193
  
 
          
    5,539
Netherlands (1.0%)
 
Koninklijke KPN NV
 2,381,986
   11,247
 
ASML Holding NV
     5,005
    8,248
  
 
          
   19,495
Norway (0.4%)
 
DNB Bank ASA
    94,545
    3,044
 
Orkla ASA
   250,044
    2,777
 
Equinor ASA
    24,330
      999
 
Telenor ASA
    46,170
      653
  
 
          
    7,473
Singapore (0.7%)
 
Oversea-Chinese Banking Corp. Ltd.
   636,161
   14,450
 
United Overseas Bank Ltd.
    12,100
      409
  
 
          
   14,859
South Korea (2.4%)
 
KT&G Corp.
   151,177
   18,812
 
LEENO Industrial Inc.
   181,395
    7,973
 
 
Shares
Market
Value
($000)
 
Celltrion Inc.
    45,054
    5,806
 
HMM Co. Ltd.
   300,353
    4,377
 
NAVER Corp.
    29,418
    4,212
 
DB HiTek Co. Ltd.
    37,158
    2,110
 
Samsung SDS Co. Ltd.
    12,289
    1,732
 
Industrial Bank of Korea
    87,249
    1,251
 
Doosan Tesna Inc.
    23,828
    1,039
 
ISC Co. Ltd.
     7,839
      691
*
Fadu Inc.
    12,626
      544
2
Jusung Engineering Co. Ltd.
     3,649
      301
  
 
          
   48,848
Spain (0.4%)
 
Bankinter SA
   400,014
    7,358
Sweden (0.3%)
 
Tele2 AB Class B
   280,452
    4,859
 
Essity AB Class B
    35,154
    1,021
  
 
          
    5,880
Switzerland (2.9%)
 
Swisscom AG (Registered)
    34,594
   26,584
 
Novartis AG (Registered)
   165,348
   25,859
1
Galenica AG
    27,144
    2,883
 
Banque Cantonale Vaudoise (Registered)
    17,241
    2,705
 
PSP Swiss Property AG (Registered)
     4,143
      747
  
 
          
   58,778
Taiwan (4.0%)
 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
    72,859
   29,453
 
ASE Technology Holding Co. Ltd. ADR
   775,085
   27,260
 
United Microelectronics Corp. ADR
 1,077,002
   20,495
 
Chunghwa Telecom Co. Ltd. ADR
    71,220
    3,035
  
 
          
   80,243
Turkiye (0.0%)
 
Turkcell Iletisim Hizmetleri A/S ADR
   104,270
      561
United Kingdom (5.9%)
 
Shell plc (XLON)
   655,209
   29,990
 
Compass Group plc
   907,281
   28,812
 
Pearson plc
 1,099,156
   18,548
 
GSK plc
   395,740
   10,290
 
Sage Group plc
   715,833
    9,430
 
Haleon plc
 1,459,146
    7,143
 
Unilever plc
    91,359
    5,813
 
AstraZeneca plc
    31,205
    5,308
1
Autotrader Group plc
   238,167
    1,682
 
Softcat plc
    33,439
      877
  
 
          
  117,893
United States (58.7%)
3
Microsoft Corp.
    79,180
   36,796
3
Coca-Cola Co.
   375,331
   32,875
3,4
Cisco Systems Inc.
   260,955
   30,268
3
Waste Management Inc.
   128,682
   29,153
 
Motorola Solutions Inc.
    66,613
   29,027
3
Church & Dwight Co. Inc.
   291,280
   28,781
 
Republic Services Inc.
   134,833
   28,389
3
Lockheed Martin Corp.
    48,471
   28,246
 
TJX Cos. Inc.
   178,677
   28,113
 
Cencora Inc.
    87,349
   27,195
 
RTX Corp.
   124,654
   26,828
3
NVIDIA Corp.
   131,503
   26,399
3
Texas Instruments Inc.
    95,400
   26,306
*
O'Reilly Automotive Inc.
   290,955
   25,997
 
McDonald's Corp.
    95,781
   25,922
3
McKesson Corp.
    30,092
   25,764
3
International Business Machines Corp.
   107,931
   24,139
 
White Mountains Insurance Group Ltd.
    11,312
   23,729
 
Roper Technologies Inc.
    60,332
   23,648
 
Northrop Grumman Corp.
    42,741
   23,186
3
Analog Devices Inc.
    59,641
   21,913
 
 
Shares
Market
Value
($000)
 
Omega Healthcare Investors Inc.
   410,358
   20,776
 
VeriSign Inc.
    70,781
   20,528
3
Cboe Global Markets Inc.
    65,545
   20,334
 
Amdocs Ltd.
   355,191
   19,791
3
Colgate-Palmolive Co.
   212,887
   19,437
3
Alphabet Inc. Class C
    52,766
   18,819
 
Southern Co.
   198,032
   18,722
 
Consolidated Edison Inc.
   165,850
   18,053
 
General Dynamics Corp.
    46,139
   17,691
 
Kinder Morgan Inc.
   527,562
   16,977
 
ExxonMobil Holdings Corp.
   104,085
   16,179
 
IDACORP Inc.
   110,117
   15,737
 
AptarGroup Inc.
   116,769
   15,642
3
CME Group Inc.
    58,070
   15,551
 
HP Inc.
   524,469
   14,302
 
Chemed Corp.
    25,121
   13,371
 
Dolby Laboratories Inc. Class A
   223,006
   13,115
*
Cirrus Logic Inc.
    99,328
   12,848
 
Agree Realty Corp.
   159,435
   12,404
3
Automatic Data Processing Inc.
    43,331
   11,546
 
General Mills Inc.
   320,764
   11,467
3
Apple Inc.
    36,180
   11,176
 
Alphabet Inc. Class A
    30,636
   10,910
 
Fox Corp. Class B
   209,417
   10,877
*
Boston Scientific Corp.
   225,354
   10,531
 
Aon plc Class A (XNYS)
    28,388
   10,235
*
Berkshire Hathaway Inc. Class A
        13
    9,966
*
Madison Square Garden Sports Corp.
    25,279
    9,952
 
Chevron Corp.
    50,493
    9,938
 
Procter & Gamble Co.
    66,748
    9,644
*
FTI Consulting Inc.
    59,474
    9,479
 
Equity LifeStyle Properties Inc.
   145,108
    9,442
3
Atmos Energy Corp.
    52,975
    9,153
 
Chubb Ltd.
    24,728
    8,672
 
Micron Technology Inc.
    10,000
    8,230
 
Kimberly-Clark Corp.
    69,689
    7,618
 
Progressive Corp.
    34,886
    7,376
 
Duke Energy Corp.
    58,524
    7,341
3
Abbott Laboratories
    68,228
    7,212
3
AbbVie Inc.
    28,413
    7,130
 
Williams Cos. Inc.
    93,514
    6,690
*
Box Inc. Class A
   167,230
    5,276
 
FirstEnergy Corp.
   108,594
    5,246
 
W R Berkley Corp.
    68,481
    4,968
 
Quest Diagnostics Inc.
    20,894
    4,868
3
Visa Inc. Class A (XNYS)
    12,959
    4,745
3
Caterpillar Inc. (XNYS)
     5,789
    4,717
*
Tesla Inc.
    13,579
    4,226
 
Intuit Inc.
    13,044
    4,123
 
Casey's General Stores Inc.
     4,630
    4,033
*
AutoZone Inc.
     1,288
    3,885
 
NewMarket Corp.
     4,435
    3,770
 
WEC Energy Group Inc.
    33,602
    3,677
 
Oracle Corp.
    19,862
    2,579
 
CMS Energy Corp.
    35,273
    2,539
 
Service Corp. International
    29,374
    2,532
*
Check Point Software Technologies Ltd.
    19,457
    2,474
 
New York Times Co. Class A
    32,618
    2,443
3
QUALCOMM Inc.
    16,207
    2,392
 
Becton Dickinson & Co.
    13,722
    2,273
3
Loews Corp.
    18,331
    2,127
 
Walmart Inc.
    16,373
    1,821
 
Western Digital Corp.
     2,826
    1,540
 
Marsh & McLennan Cos. Inc.
     7,565
    1,435
*
Tyler Technologies Inc.
     3,772
    1,168
*
Atlanta Braves Holdings Inc. Class C
    18,549
      943
 
Cardinal Health Inc.
     3,908
      899
 
InterDigital Inc.
     2,903
      885
 
Fox Corp. Class A
    14,472
      843
 
Ensign Group Inc.
     3,611
      643
 
 
Shares
Market
Value
($000)
3
Realty Income Corp.
     7,573
      484
 
AMETEK Inc.
     1,858
      449
  
 
          
1,181,539
Total Common Stocks (Cost $1,457,013)
1,971,003
Preferred Stocks (1.4%)
 
Samsung Electronics Co. Ltd. Preference Shares
   219,598
   27,596
 
Henkel AG & Co. KGaA Preference Shares
    15,210
    1,326
Total Preferred Stocks (Cost $17,390)
28,922
Temporary Cash Investments (0.9%)
Money Market Fund (0.9%)
5,6
Vanguard Market Liquidity Fund, 3.718% (Cost $17,533)
   175,361
         17,534
Total Investments (100.3%) (Cost $1,491,936)
2,017,459
Other Assets and Liabilities—Net (-0.3%)
(5,614)
Net Assets (100%)
2,011,845
Cost is in $000.
 
*
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 July 31, 2026, the
aggregate value was $33,057, representing 1.6% of net assets.
2
Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,671.
3
Securities with a value of $12,712 have been segregated as collateral for open forward currency contracts.
4
Securities with a value of $1,619 have been segregated as initial margin for open futures contracts.
5
Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6
Collateral of $1,773 was received for securities on loan.
 
ADR—American Depositary Receipt.
 
Derivative Financial Instruments Outstanding as of Period End
 
Futures Contracts
 
 
 
($000)
 
Expiration
Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index
September 2026
32
12,031
31
 
Forward Currency Contracts
Counterparty

Contract
Settlement
Date
Contract Amount (000)

Unrealized
Appreciation
($000)

Unrealized
Depreciation
($000)
 
Receive
 
Deliver
BNP Paribas
8/17/2026
EUR
1,246
USD
1,424
13
—
State Street Bank & Trust Co.
8/17/2026
GBP
875
USD
1,169
11
—
State Street Bank & Trust Co.
8/17/2026
INR
655,246
USD
6,752
107
—
Citibank, N.A.
8/18/2026
KRW
11,302,955
USD
7,781
51
—
Goldman Sachs International
8/18/2026
KRW
9,633,667
USD
6,516
159
—
State Street Bank & Trust Co.
8/18/2026
KRW
2,877,583
USD
1,901
92
—
State Street Bank & Trust Co.
8/17/2026
TWD
562,726
USD
17,376
74
—
State Street Bank & Trust Co.
8/17/2026
TWD
231,302
USD
7,199
—
(26)
Goldman Sachs International
8/17/2026
TWD
167,148
USD
5,175
8
—
Bank of Montreal
8/17/2026
USD
59,882
AUD
86,340
—
(850)
State Street Bank & Trust Co.
8/17/2026
USD
1,246
AUD
1,797
—
(17)
State Street Bank & Trust Co.
8/17/2026
USD
20,471
BRL
106,376
—
(419)
Barclays Bank plc
8/17/2026
USD
80,053
CAD
113,527
—
(990)
Bank of Montreal
8/17/2026
USD
61,611
CHF
49,473
300
—
Deutsche Bank AG
8/17/2026
USD
2,708
DKK
17,673
—
(21)
Toronto-Dominion Bank
8/17/2026
USD
125,795
EUR
109,856
—
(973)
Citibank, N.A.
8/17/2026
USD
5,002
EUR
4,351
—
(19)
Bank of Montreal
8/17/2026
USD
113,244
GBP
84,690
—
(894)
Forward Currency Contracts (continued)
Counterparty
Contract
Settlement
Date
Contract Amount (000)
Unrealized
Appreciation
($000)
Unrealized
Depreciation
($000)
 
Receive
 
Deliver
State Street Bank & Trust Co.
8/17/2026
USD
6,254
GBP
4,708
—
(91)
UBS AG
8/17/2026
USD
32,089
HKD
251,308
24
—
State Street Bank & Trust Co.
8/17/2026
USD
4,204
HKD
32,923
3
—
Goldman Sachs International
8/18/2026
USD
1,106
IDR
19,862,918
6
—
Goldman Sachs International
8/17/2026
USD
11,373
ILS
34,483
85
—
BNP Paribas
8/17/2026
USD
65,478
INR
6,231,846
245
—
Toronto-Dominion Bank
8/17/2026
USD
48,494
JPY
7,827,996
—
(774)
BNP Paribas
8/18/2026
USD
81,888
KRW
124,026,568
—
(4,049)
Goldman Sachs International
8/18/2026
USD
5,900
KRW
8,629,766
—
(80)
State Street Bank & Trust Co.
8/17/2026
USD
6,930
MXN
121,520
—
(76)
Toronto-Dominion Bank
8/17/2026
USD
6,533
NOK
64,083
—
(227)
Toronto-Dominion Bank
8/17/2026
USD
6,097
SEK
58,832
—
(87)
UBS AG
8/17/2026
USD
12,852
SGD
16,556
—
(74)
Barclays Bank plc
8/17/2026
USD
1,177
SGD
1,516
—
(7)
State Street Bank & Trust Co.
8/17/2026
USD
95,288
TWD
3,063,045
302
—
Toronto-Dominion Bank
8/17/2026
USD
6,121
TWD
196,819
17
—
State Street Bank & Trust Co.
8/17/2026
USD
5,007
TWD
162,143
—
(21)
 
1,497
(9,695)
 
AUD—Australian dollar.
BRL—Brazilian real.
CAD—Canadian dollar.
CHF—Swiss franc.
DKK—Danish krone.
EUR—euro.
GBP—British pound.
HKD—Hong Kong dollar.
IDR—Indonesian rupiah.
ILS—Israeli shekel.
INR—Indian rupee.
JPY—Japanese yen.
KRW—Korean won.
MXN—Mexican peso.
NOK—Norwegian krone.
SEK—Swedish krona.
SGD—Singapore dollar.
TWD—Taiwanese dollar.
USD—U.S. dollar.
At July 31, 2026, the counterparties had deposited in segregated accounts securities with a value of $791 in connection with open forward currency contracts.
A. 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.
B. 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).
C. 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. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. 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. Fluctuations in the value of the contracts are recorded as an asset (liability).
E. 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 July 31, 2026, based on the inputs used to value them: 
 
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments 
 
 
 
 
Assets
 
 
 
 
Common Stocks—North and South America
1,284,514
—
—
1,284,514
Common Stocks—Other
143,181
543,308
—
686,489
Preferred Stocks
—
28,922
—
28,922
Temporary Cash Investments
17,534
—
—
17,534
Total
1,445,229
572,230
—
2,017,459
 
Derivative Financial Instruments 
 
 
 
 
Assets
 
 
 
 
Futures Contracts1
31
—
—
31
Forward Currency Contracts
—
1,497
—
1,497
Total
31
1,497
—
1,528
Liabilities
 
 
 
 
Forward Currency Contracts
—
(9,695)
—
(9,695)
 
1
Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.