Annual Report  |  August 31, 2023
Vanguard ESG International Stock ETF
See the inside front cover for important information about your fund’s annual and semiannual shareholder reports.

 

Important information about shareholder reports
Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.
You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
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Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

 

Table of Contents
Your Fund’s Performance at a Glance
• For the 12 months ended August 31, 2023, Vanguard ESG International Stock ETF returned 11.36% (based on net asset value), roughly in line with the 10.97% return of its expense-free benchmark.
• Early in the period, inflation in many developed markets began to ease off multidecade highs but remained stubbornly high in some sectors, including services, which felt the effects of tight labor markets. While aggressive interest rate hikes by many major central banks fanned fears of recession, the global economy proved more resilient than expected.
• By market region, Europe added the most to performance. Italy, Spain, Denmark, and Germany all posted gains of 30% or more. Japan, the largest constituent in the index, also outperformed the index with a return of about 14%. Emerging markets as a whole returned a little more than 2%.
•   For the fund’s benchmark index, eight industry sectors recorded gains. Technology was the standout among them, rising more than 18%. Consumer discretionary and financials were also high up on the leaderboard. Energy, real estate, and utilities, all of which represented relatively small slices of the index, posted declines.
Market Barometer
  Average Annual Total Returns
Periods Ended August 31, 2023
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) 15.40% 9.93% 10.77%
Russell 2000 Index (Small-caps) 4.65 8.12 3.14
Russell 3000 Index (Broad U.S. market) 14.76 9.81 10.25
FTSE All-World ex US Index (International) 12.02 4.49 3.74
Bonds      
Bloomberg U.S. Aggregate Float Adjusted Index
(Broad taxable market) 		-1.05% -4.40% 0.55%
Bloomberg Municipal Bond Index
(Broad tax-exempt market) 		1.70 -1.32 1.52
FTSE Three-Month U.S. Treasury Bill Index 4.44 1.63 1.68
CPI      
Consumer Price Index 3.67% 5.71% 4.02%
1

 

Table of Contents
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
2

 

Table of Contents
Six Months Ended August 31, 2023      
ESG International Stock ETF Beginning
Account Value
2/28/2023 		Ending
Account Value
8/31/2023 		Expenses
Paid During
Period
Based on Actual Fund Return $1,000.00 $1,044.20 $0.62
Based on Hypothetical 5% Yearly Return 1,000.00 1,024.60 0.61
The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratio for that period is 0.12%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
3

 

Table of Contents
ESG International Stock ETF
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: September 18, 2018, Through August 31, 2023
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended August 31, 2023 		 
    One
Year 		Since
Inception
(9/18/2018) 		Final Value
of a $10,000
Investment
ESG International Stock ETF Net Asset Value 11.36% 3.36% $11,776
  ESG International Stock ETF Market Price 11.41 3.36 11,775
FTSE Global All Cap ex US Choice Index 10.97 3.51 11,860
FTSE Global All Cap ex US Index 11.73 3.83 12,044
“Since Inception” performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).
See Financial Highlights for dividend and capital gains information.
4

 

Table of Contents
ESG International Stock ETF
Cumulative Returns of ETF Shares: September 18, 2018, Through August 31, 2023
  One
Year 		Since
Inception
(9/18/2018)
ESG International Stock ETF Market Price 11.41% 17.75%
ESG International Stock ETF Net Asset Value 11.36 17.76
FTSE Global All Cap ex US Choice Index 10.97 18.60
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard(s).
The market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares’ market prices have compared with their net asset value, visit vanguard.com, select your ETF, click on Price, and then scroll down to the Premium/Discount chart. The ETF premium/discount chart there shows the percentage and days on which the ETF Shares’ market price was above or below the NAV.
5

 

Table of Contents
ESG International Stock ETF
Fund Allocation
As of August 31, 2023
 
Japan 17.5%
United Kingdom 7.9
China 7.5
Switzerland 6.8
Canada 6.5
Taiwan 6.0
Germany 5.2
Australia 4.9
France 4.5
India 4.4
South Korea 4.0
Netherlands 3.2
Denmark 2.4
Sweden 2.1
Italy 1.7
Hong Kong 1.6
Spain 1.4
Brazil 1.3
Singapore 1.0
South Africa 1.0
Mexico 1.0
Other 8.1
The table reflects the fund’s investments, except for short-term investments and derivatives.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
6

 

Table of Contents
ESG International Stock ETF
Financial Statements
Schedule of Investments
As of August 31, 2023
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 (98.6%)
Australia (4.8%)
    Commonwealth Bank of Australia     279,657    18,423
    CSL Ltd.      79,967    14,122
    National Australia Bank Ltd.     522,131     9,731
    Westpac Banking Corp.     580,596     8,214
    ANZ Group Holdings Ltd.     501,033     8,180
    Macquarie Group Ltd.      59,518     6,805
    Wesfarmers Ltd.     185,667     6,462
    Goodman Group     317,801     4,788
    Transurban Group     505,352     4,327
    Fortescue Metals Group Ltd.     266,839     3,674
    Amcor plc      250,044     2,438
    QBE Insurance Group Ltd.     251,947     2,430
    Newcrest Mining Ltd. (XASX)     145,416     2,424
    Brambles Ltd.     240,250     2,327
  * James Hardie Industries plc       75,518     2,270
    Cochlear Ltd.      11,278     1,980
    Suncorp Group Ltd.     221,126     1,939
    Telstra Group Ltd.     698,623     1,812
  * Xero Ltd.      21,418     1,734
    Scentre Group     932,911     1,654
    Insurance Australia Group Ltd.     424,432     1,593
    Sonic Healthcare Ltd.      76,214     1,584
    Computershare Ltd.      92,285     1,500
    Northern Star Resources Ltd.     191,335     1,466
    Pilbara Minerals Ltd.     475,196     1,425
    Mineral Resources Ltd.      28,012     1,286
    ASX Ltd.      33,657     1,253
    Stockland     442,771     1,209
    WiseTech Global Ltd.      26,332     1,181
    Medibank Pvt Ltd.     488,808     1,156
    Mirvac Group     741,032     1,155
    carsales.com Ltd.      62,087     1,155
    BlueScope Steel Ltd.      82,280     1,112
    Dexus     207,420     1,036
          Shares Market
Value•

($000)
    Ramsay Health Care Ltd.      30,676     1,018
    GPT Group     372,156     1,008
    Atlas Arteria Ltd.     249,589       981
    IGO Ltd.     107,810       962
    SEEK Ltd.      64,106       957
    Vicinity Ltd.     748,042       902
    Orica Ltd.      88,523       897
    REA Group Ltd.       8,101       864
  * NEXTDC Ltd.      93,735       819
  * Lynas Rare Earths Ltd.     161,671       746
    Steadfast Group Ltd.     204,338       744
    Bendigo & Adelaide Bank Ltd.     114,414       701
    Evolution Mining Ltd.     289,746       692
    JB Hi-Fi Ltd.      23,433       691
    IDP Education Ltd.      43,440       691
    Incitec Pivot Ltd.     359,276       678
    Lendlease Corp. Ltd.     125,538       632
    Aurizon Holdings Ltd.     267,360       630
    Charter Hall Group      88,546       618
    Bank of Queensland Ltd.     144,068       535
    Cleanaway Waste Management Ltd.     311,825       528
    Altium Ltd.      16,869       527
  * Liontown Resources Ltd.     288,146       504
  * Qantas Airways Ltd.     127,832       487
    Qube Holdings Ltd.     243,187       482
    Challenger Ltd.     106,810       468
    nib holdings Ltd.      80,923       435
    Iluka Resources Ltd.      74,990       411
    AMP Ltd.     486,748       397
    Downer EDI Ltd.     139,875       386
    Reece Ltd.      29,269       385
  1 Orora Ltd.     164,176       382
    Breville Group Ltd.      23,294       369
  * Flight Centre Travel Group Ltd.      26,599       362
    Domino's Pizza Enterprises Ltd.      10,312       359
  * Sandfire Resources Ltd.      82,303       353
    Technology One Ltd.      34,925       347
    Super Retail Group Ltd.      41,132       344
  * Alumina Ltd.     492,116       342
7

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Nine Entertainment Co. Holdings Ltd.     257,801       342
    Eagers Automotive Ltd.      30,261       312
  * Webjet Ltd.      68,597       309
    Reliance Worldwide Corp. Ltd.     108,864       293
    Champion Iron Ltd.      73,303       286
    Pro Medicus Ltd.       5,910       280
    Perpetual Ltd.      20,323       276
    National Storage REIT     184,602       276
    Ansell Ltd.      16,968       259
    Perseus Mining Ltd.     200,727       243
    Data#3 Ltd.      46,746       224
    ARB Corp. Ltd.      10,182       222
    Credit Corp. Group Ltd.      15,994       220
    InvoCare Ltd.      27,100       220
    Bapcor Ltd.      50,812       218
    Harvey Norman Holdings Ltd.      81,899       214
    Sims Ltd.      21,298       210
  * Megaport Ltd.      26,459       205
  * PEXA Group Ltd.      27,052       201
    Charter Hall Long Wale REIT      84,150       192
  * Telix Pharmaceuticals Ltd.      26,210       188
    CSR Ltd.      49,255       187
  * De Grey Mining Ltd.     203,822       187
    Corporate Travel Management Ltd.      15,477       186
    AUB Group Ltd.       9,349       186
    Gold Road Resources Ltd.     157,439       179
    Domain Holdings Australia Ltd.      70,255       174
    Region RE Ltd.     123,093       172
  * Boral Ltd.      54,758       167
    EVT Ltd.      21,129       166
  * Bellevue Gold Ltd.     150,340       164
    TPG Telecom Ltd.      44,717       163
    GrainCorp Ltd. Class A      34,469       162
    HUB24 Ltd.       7,789       162
    Brickworks Ltd.       9,006       159
    Nufarm Ltd.      46,719       156
 *,2 Life360 Inc.      25,790       155
    Premier Investments Ltd.       9,311       154
    GDI Property Group Partnership     366,675       152
  * Neuren Pharmaceuticals Ltd.      18,249       148
  * Capricorn Metals Ltd.      49,645       145
  * Chalice Mining Ltd.      62,487       143
    Ramelius Resources Ltd.     160,574       142
    Healius Ltd.      77,595       140
    Lifestyle Communities Ltd.      12,338       138
    Ingenia Communities Group      50,136       135
    IRESS Ltd.      31,279       129
    Deterra Royalties Ltd.      44,607       128
          Shares Market
Value•

($000)
    Insignia Financial Ltd.      74,554       125
    GUD Holdings Ltd.      15,533       122
    HMC Capital Ltd.      33,403       116
    Helia Group Ltd.      44,810       112
  * West African Resources Ltd.     201,913       111
    Costa Group Holdings Ltd.      58,502       108
 *,1 Leo Lithium Ltd.     145,596       108
    Lovisa Holdings Ltd.       7,385       107
    Nickel Industries Ltd.     209,230       107
    Regis Resources Ltd.     101,994       106
    Centuria Capital Group     111,358       106
    Monadelphous Group Ltd.      11,148       105
    IPH Ltd.      20,867       103
    Waypoint REIT Ltd.      63,208       102
    Johns Lyng Group Ltd.      24,635       102
  * SiteMinder Ltd.      32,433       102
    Magellan Financial Group Ltd.      17,186        99
    Kelsian Group Ltd.      24,353        99
    Adbri Ltd.      68,572        98
    Netwealth Group Ltd.       9,630        93
  * PolyNovo Ltd.      93,871        90
  * Nanosonics Ltd.      32,627        88
    Newcrest Mining Ltd. (XTSE)       5,301        88
  * Resolute Mining Ltd.     365,628        87
  1 NRW Holdings Ltd.      48,672        87
  * Silver Lake Resources Ltd.     137,522        87
    GQG Partners Inc.      82,172        82
    Collins Foods Ltd.      12,729        81
    Clinuvel Pharmaceuticals Ltd.       6,454        80
  * Temple & Webster Group Ltd.      17,109        80
    Arena REIT      32,118        77
  * Sayona Mining Ltd.   1,094,334        77
  * Westgold Resources Ltd.      72,561        76
    Imdex Ltd.      69,503        73
    Elders Ltd.      17,352        72
    Platinum Asset Management Ltd.      75,038        69
    Estia Health Ltd.      35,029        69
  * Calix Ltd.      27,741        69
    Inghams Group Ltd.      29,955        67
  * Audinate Group Ltd.       7,468        67
    Accent Group Ltd.      49,592        66
    Sigma Healthcare Ltd.     125,266        65
    Vulcan Steel Ltd.      12,759        65
  * Perenti Ltd.      93,452        64
  * Macquarie Technology Group Ltd.       1,451        63
    Pinnacle Investment Management Group Ltd.      10,358        62
    Bega Cheese Ltd.      31,399        61
    oOh!media Ltd.      64,438        61
 
8

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Hansen Technologies Ltd.      16,814        60
    Charter Hall Retail REIT      26,043        59
    Nick Scali Ltd.       7,198        58
  * FleetPartners Group Ltd.      30,424        58
    Link Administration Holdings Ltd.      65,491        57
    Infomedia Ltd.      52,246        57
    Hotel Property Investments Ltd.      28,618        56
  * Omni Bridgeway Ltd.      41,479        56
  * ioneer Ltd.     350,440        54
    APM Human Services International Ltd.      45,498        54
    Service Stream Ltd.      91,961        53
    McMillan Shakespeare Ltd.       4,540        52
  * Tietto Minerals Ltd.     164,874        52
  * Nuix Ltd.      51,812        50
    Baby Bunting Group Ltd.      34,679        49
  * Judo Capital Holdings Ltd.      79,207        47
  * Syrah Resources Ltd.     122,456        46
  * Tyro Payments Ltd.      50,654        46
    Oceania Healthcare Ltd.     101,609        46
 *,1 AVZ Minerals Ltd.     358,175        45
    Myer Holdings Ltd.     102,436        44
    SmartGroup Corp. Ltd.       7,607        42
  * Alkane Resources Ltd.      96,939        42
  * Imugene Ltd.     915,985        40
  * OFX Group Ltd.      33,880        38
    Select Harvests Ltd.      13,463        37
  * Kogan.com Ltd.      10,546        37
  * Vulcan Energy Resources Ltd.      16,396        36
    GWA Group Ltd.      28,131        35
    Emeco Holdings Ltd.      81,576        35
    Mayne Pharma Group Ltd.      14,939        35
  * Aussie Broadband Ltd.      15,404        35
    G8 Education Ltd.      46,012        34
    Regis Healthcare Ltd.      20,849        34
  * Superloop Ltd.      75,487        34
 *,3 Lake Resources NL     230,973        33
  * Seven West Media Ltd.     166,120        32
  * EML Payments Ltd.      43,095        32
    Integral Diagnostics Ltd.      16,490        32
    Cedar Woods Properties Ltd.       8,900        31
    Australian Ethical Investment Ltd.      10,797        31
    PWR Holdings Ltd.       4,495        31
 *,3 Mesoblast Ltd.      92,240        30
    MyState Ltd.      13,978        30
  * Argosy Minerals Ltd.     181,256        30
    Bravura Solutions Ltd.      55,130        27
 *,3 Zip Co. Ltd.     133,731        27
 *,3 BrainChip Holdings Ltd.     130,435        27
  * Abacus Storage King      33,633        27
  * Praemium Ltd.      55,192        26
          Shares Market
Value•

($000)
  * Australian Agricultural Co. Ltd.      26,373        25
  * Mount Gibson Iron Ltd.      86,412        25
  * Neometals Ltd.      75,493        25
  * Ardent Leisure Group Ltd.      67,417        24
    Solvar Ltd.      28,545        24
    Abacus Group      30,860        24
 *,3 Novonix Ltd.      36,080        23
    29Metals Ltd. (XASX)      37,737        21
  * Opthea Ltd.      75,888        21
    Australian Clinical Labs Ltd.      10,261        20
    Cromwell Property Group      61,810        19
  * St. Barbara Ltd.     148,272        19
  * Aurelia Metals Ltd.     272,344        16
  * Appen Ltd.      15,792        16
  * Paradigm Biopharmaceuticals Ltd.      39,491        16
    Australian Finance Group Ltd.      13,403        14
  * Fineos Corp. Ltd.       9,886        13
  * Australian Strategic Materials Ltd.      10,534        12
  * Jervois Global Ltd.     380,965        12
    SG Fleet Group Ltd.       6,490        11
  * Incannex Healthcare Ltd.     207,332        11
    Jupiter Mines Ltd.      74,019        10
  * 29Metals Ltd.      17,153        10
  * Bubs Australia Ltd.      75,873         9
    Growthpoint Properties Australia Ltd.       4,631         8
    Dicker Data Ltd.       1,282         8
    Southern Cross Media Group Ltd.      13,677         7
  * Navigator Global Investments Ltd.       7,694         7
  * Andromeda Metals Ltd.     324,268         6
    Humm Group Ltd.      18,121         5
  * Starpharma Holdings Ltd. Class A      37,635         4
 *,1 AMA Group Ltd.      35,873         3
  * Pact Group Holdings Ltd.       2,475         1
                          163,680
Austria (0.2%)
    Erste Group Bank AG      56,902     2,030
  2 BAWAG Group AG      15,091       711
    ANDRITZ AG      10,657       566
    Wienerberger AG      20,343       560
  * Raiffeisen Bank International AG      23,677       340
    Oesterreichische Post AG       5,524       190
  3 AT&S Austria Technologie & Systemtechnik AG       4,104       146
 *,3 Lenzing AG       3,024       143
 
9

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    CA Immobilien Anlagen AG       4,074       135
    UNIQA Insurance Group AG      16,104       130
    Vienna Insurance Group AG Wiener Versicherung Gruppe       3,955       106
    DO & CO AG         852        99
    Telekom Austria AG Class A      12,522        94
  * IMMOFINANZ AG       4,805        92
    Strabag SE       1,095        47
    Palfinger AG         963        26
    Porr AG         657         9
    Agrana Beteiligungs AG         168         3
                            5,427
Belgium (0.6%)
  * Argenx SE       9,617     4,833
    KBC Group NV      41,483     2,722
    UCB SA      20,803     1,866
    Solvay SA      12,823     1,485
    Ageas SA/NV      30,584     1,216
    Groupe Bruxelles Lambert NV      14,265     1,149
    Elia Group SA/NV       7,212       831
    Warehouses De Pauw CVA      27,331       781
    Ackermans & van Haaren NV       4,828       760
    Aedifica SA      10,287       689
    Sofina SA       2,439       548
    D'ieteren Group       3,331       544
    Lotus Bakeries NV          62       489
    Cofinimmo SA       6,111       476
    Euronav NV      21,758       379
    KBC Ancora       8,453       375
    Etablissements Franz Colruyt NV       7,595       290
    Melexis NV       2,735       258
    Bekaert SA       4,289       203
    Xior Student Housing NV       6,903       202
    Proximus SADP      25,171       190
    Barco NV       8,369       180
    Montea NV       1,805       145
    VGP NV       1,391       145
    Shurgard Self Storage Ltd.       3,065       141
    Fagron       7,403       132
    Gimv NV       2,791       128
    Deme Group NV         677        79
  * Ontex Group NV       8,272        67
    Kinepolis Group NV       1,404        67
    bpost SA      12,398        58
  * AGFA-Gevaert NV      25,005        57
    Retail Estates NV         838        52
    Wereldhave Belgium Comm VA         768        39
    Econocom Group SA/NV      12,005        36
          Shares Market
Value•

($000)
    Telenet Group Holding NV         833        19
    Van de Velde NV         515        19
                           21,650
Brazil (0.9%)
    B3 SA - Brasil Bolsa Balcao     961,730     2,511
    WEG SA     244,262     1,770
    Localiza Rent a Car SA     137,136     1,752
    Banco do Brasil SA     140,204     1,334
    Banco BTG Pactual SA     190,200     1,247
    Suzano SA     117,825     1,193
    Raia Drogasil SA     177,860       987
    Equatorial Energia SA     150,977       965
    Rumo SA     196,579       887
    Banco Bradesco SA     298,735       799
  2 Rede D'Or Sao Luiz SA     127,830       740
    Itau Unibanco Holding SA     148,500       699
    BB Seguridade Participacoes SA     111,200       682
 *,2 Hapvida Participacoes e Investimentos SA     777,874       669
    Cia de Saneamento Basico do Estado de Sao Paulo SABESP      52,630       616
    Klabin SA     125,900       579
    Telefonica Brasil SA      69,000       576
    Sendas Distribuidora SA     220,139       516
    Lojas Renner SA     152,542       494
    CCR SA     192,758       485
  * Natura & Co. Holding SA     156,287       479
    Hypera SA      59,700       470
    TOTVS SA      69,988       392
  * BRF SA     212,863       389
    Cia Energetica de Minas Gerais      97,563       388
    Energisa SA      40,300       375
    TIM SA     115,300       336
    Transmissora Alianca de Energia Eletrica SA      48,000       332
    Aliansce Sonae Shopping Centers SA      72,180       332
    Banco Santander Brasil SA      56,032       307
  2 GPS Participacoes e Empreendimentos SA      77,500       289
  * Magazine Luiza SA     496,916       277
    Cia Siderurgica Nacional SA      96,334       236
    Sao Martinho SA      31,500       230
    Cia de Saneamento do Parana      49,500       226
    Tres Tentos Agroindustrial SA      83,800       225
    Santos Brasil Participacoes SA     123,581       215
    Fleury SA      69,999       209
    Alupar Investimento SA      35,376       202
    YDUQS Participacoes SA      48,200       198
 
10

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    M Dias Branco SA      25,000       188
    Atacadao SA      84,300       175
  * Multiplan Empreendimentos Imobiliarios SA      34,700       173
  * Porto Seguro SA      32,200       170
  * Cogna Educacao SA     276,700       163
    Auren Energia SA      58,032       159
    Cyrela Brazil Realty SA Empreendimentos e Participacoes      34,200       155
    Cia de Saneamento de Minas Gerais Copasa MG      40,200       145
    Arezzo Industria e Comercio SA       9,500       136
    SLC Agricola SA      16,610       135
    Vamos Locacao de Caminhoes Maquinas e Equipamentos SA      54,093       128
    Fras-Le SA      44,500       123
  * Omega Energia SA      60,353       122
  * IRB-Brasil Resseguros SA      13,936       121
    Cielo SA     158,700       119
    Mahle Metal Leve SA      12,100       117
  * Grupo Mateus SA      85,700       116
    SIMPAR SA      58,300       115
  * AES Brasil Energia SA      48,377       108
    MRV Engenharia e Participacoes SA      45,800       105
  2 Locaweb Servicos de Internet SA      69,900       100
    Grupo De Moda Soma SA      65,888       100
  * Hidrovias do Brasil SA     121,500        97
    Vulcabras Azaleia SA      24,400        97
    EcoRodovias Infraestrutura e Logistica SA      63,100        96
    Odontoprev SA      44,610        93
    Direcional Engenharia SA      21,877        89
    JHSF Participacoes SA      92,000        89
    Dexco SA      55,418        89
    CM Hospitalar SA      23,000        89
    Iguatemi SA      20,512        85
    Mills Estruturas e Servicos de Engenharia SA      32,200        82
    Movida Participacoes SA      30,400        76
    Vivara Participacoes SA      13,800        76
    Grendene SA      53,800        74
    Camil Alimentos SA      43,400        74
    Marfrig Global Foods SA      48,705        73
  * Smartfit Escola de Ginastica e Danca SA      17,300        72
    Wilson Sons Holdings Brasil SA      28,300        72
  * Oncoclinicas do Brasil Servicos Medicos SA      28,700        70
          Shares Market
Value•

($000)
    Pet Center Comercio e Participacoes SA      62,300        69
    Intelbras SA Industria de Telecomunicacao Eletronica Brasileira      15,600        69
    Minerva SA      39,707        67
  * Log-in Logistica Intermodal SA       8,300        67
    Ez Tec Empreendimentos e Participacoes SA      14,200        63
  * Via SA     236,200        61
  * Zamp SA      54,706        61
    LOG Commercial Properties e Participacoes SA      15,667        59
    Caixa Seguridade Participacoes SA      26,100        57
    BrasilAgro - Co. Brasileira de Propriedades Agricolas      10,900        52
    Iochpe Maxion SA      16,900        47
    Tupy SA       8,800        46
  * Anima Holding SA      62,413        46
  * Lojas Quero Quero SA      44,000        43
    Usinas Siderurgicas de Minas Gerais SA Usiminas      30,700        43
    Hospital Mater Dei SA      21,700        42
    CSN Mineracao SA      44,600        39
    Empreendimentos Pague Menos SA      47,279        37
    Wiz Co.      31,400        37
  * Multilaser Industrial SA      58,000        36
  * Guararapes Confeccoes SA      26,100        33
    Ambipar Participacoes e Empreendimentos SA       7,800        33
    Blau Farmaceutica SA       9,300        33
  * CVC Brasil Operadora e Agencia de Viagens SA      63,210        32
    Grupo SBF SA      22,200        32
    Armac Locacao Logistica E Servicos SA      12,400        32
  * Infracommerce CXAAS SA      80,894        31
    Bradespar SA       6,300        27
  * Cia Brasileira de Distribuicao      22,800        23
    BRPR Corporate Offices Fundo de Investimento Imobiliario       1,637        22
 *,2 Meliuz SA      13,300        18
    Qualicorp Consultoria e Corretora de Seguros SA      24,900        17
    Cia Brasileira de Aluminio      19,100        17
    BR Properties SA          65         5
                           31,470
 
11

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
Canada (6.5%)
    Royal Bank of Canada     229,119    20,643
    Toronto-Dominion Bank     301,126    18,368
    Canadian Pacific Kansas City Ltd.     154,151    12,237
  * Shopify Inc. Class A (XNYS)     182,038    12,110
    Canadian National Railway Co.      98,747    11,123
    Bank of Montreal     116,015     9,992
    Bank of Nova Scotia     196,788     9,338
    Waste Connections Inc.      43,099     5,909
    Canadian Imperial Bank of Commerce     142,948     5,664
    Manulife Financial Corp.     305,544     5,649
    Nutrien Ltd.      83,249     5,273
    Sun Life Financial Inc.      94,735     4,621
    Franco-Nevada Corp.      31,872     4,592
    Intact Financial Corp.      28,630     4,036
    National Bank of Canada      54,096     3,770
  * CGI Inc.      36,156     3,770
    Thomson Reuters Corp.      29,154     3,754
    Agnico Eagle Mines Ltd.      76,348     3,707
    Restaurant Brands International Inc.      51,791     3,597
    Wheaton Precious Metals Corp.      75,729     3,303
    Dollarama Inc.      46,477     3,013
    Fairfax Financial Holdings Ltd.       3,464     2,857
  3 Magna International Inc.      44,743     2,632
    First Quantum Minerals Ltd.      92,956     2,497
    Loblaw Cos. Ltd.      26,177     2,273
    BCE Inc.      47,276     2,003
    TFI International Inc.      13,821     1,883
    RB Global Inc.      30,267     1,872
    Metro Inc. Class A      35,664     1,838
    Open Text Corp.      45,382     1,829
  2 Hydro One Ltd.      52,362     1,361
    George Weston Ltd.      12,106     1,343
    TELUS Corp.      72,298     1,270
    Canadian Apartment Properties REIT      34,435     1,235
    Toromont Industries Ltd.      14,784     1,213
  3 Great-West Lifeco Inc.      39,375     1,131
  * Descartes Systems Group Inc.      14,526     1,089
    Kinross Gold Corp.     208,755     1,060
    West Fraser Timber Co. Ltd.      13,726     1,038
    Element Fleet Management Corp.      67,251     1,034
    iA Financial Corp. Inc.      16,482     1,034
    FirstService Corp.       6,743     1,020
  3 RioCan REIT      66,007       943
    Gildan Activewear Inc.      31,067       927
    Saputo Inc.      42,427       917
    Lundin Mining Corp.     117,702       913
    TMX Group Ltd.      40,580       898
    Alamos Gold Inc. Class A      69,010       888
          Shares Market
Value•

($000)
  * Ivanhoe Mines Ltd. Class A      96,305       857
    GFL Environmental Inc. (XTSE)      26,107       846
    Finning International Inc.      25,054       787
  3 Brookfield Infrastructure Corp. Class A      18,102       704
  3 Granite REIT      11,733       654
    Choice Properties REIT      66,473       645
  * Kinaxis Inc.       5,069       625
    Onex Corp.       9,962       615
    Colliers International Group Inc.       5,008       579
    B2Gold Corp.     187,337       577
    Boyd Group Services Inc.       3,134       565
  * Air Canada      32,929       556
    SSR Mining Inc.      36,474       541
    First Capital REIT      53,238       541
    Boardwalk REIT      10,324       522
  * BlackBerry Ltd.      90,195       503
    Premium Brands Holdings Corp. Class A       6,335       487
    SmartCentres REIT      27,304       486
    BRP Inc.       6,256       478
    H&R REIT      59,836       458
  * Shopify Inc. Class A (XTSE)       6,844       455
  * Bausch Health Cos. Inc.      53,296       445
    Stella-Jones Inc.       8,311       403
    CI Financial Corp.      31,079       399
    Primo Water Corp.      26,016       397
    Canadian Western Bank      20,195       393
    Chartwell Retirement Residences      50,807       386
  * Celestica Inc.      15,839       369
    Methanex Corp.       8,435       359
  * Lightspeed Commerce Inc.      21,578       352
    Osisko Gold Royalties Ltd. (XTSE)      25,999       347
    Dream Industrial REIT      33,864       346
    Linamar Corp.       6,420       337
    Tricon Residential Inc.      38,778       329
  * Capstone Copper Corp.      70,152       327
    Definity Financial Corp.      11,640       320
    Laurentian Bank of Canada      11,561       314
    Quebecor Inc. Class B      12,625       289
    Innergex Renewable Energy Inc.      29,970       286
  * Eldorado Gold Corp.      28,302       270
    First Majestic Silver Corp.      42,517       261
  * Lithium Americas Corp.      14,225       261
  * Aritzia Inc.      13,983       257
    Boralex Inc. Class A      10,175       247
    Hudbay Minerals Inc.      48,994       244
    OceanaGold Corp.     110,605       239
  3 Russel Metals Inc.       7,942       236
    Home Capital Group Inc. Class B       7,115       233
 
12

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Maple Leaf Foods Inc.      10,553       227
    Lundin Gold Inc.      18,898       227
    IGM Financial Inc.       7,611       217
    Cascades Inc.      22,753       214
  * IAMGOLD Corp.      85,888       213
  3 Artis REIT      40,464       210
  * Equinox Gold Corp.      41,311       208
    Primaris REIT      20,999       208
    Centerra Gold Inc.      34,244       205
  2 Nuvei Corp.      10,326       186
    NorthWest Healthcare Properties REIT      34,462       174
  * Novagold Resources Inc.      41,492       172
    North West Co. Inc.       7,625       172
    Superior Plus Corp.      22,502       170
    Cargojet Inc.       2,180       155
  * Torex Gold Resources Inc.      13,218       153
  * Ballard Power Systems Inc.      36,402       153
    Enghouse Systems Ltd.       6,219       141
  * Canada Goose Holdings Inc.       7,896       124
    Westshore Terminals Investment Corp.       5,700       123
  * Canfor Corp.       7,130       110
    GFL Environmental Inc.       3,333       108
    Mullen Group Ltd.       9,776       103
    Transcontinental Inc. Class A       8,395        82
    Winpak Ltd.       2,273        67
    Dye & Durham Ltd.       3,941        53
    Osisko Gold Royalties Ltd.       2,950        39
    Cogeco Communications Inc.         300        15
    First National Financial Corp.         384        11
                          218,834
Chile (0.1%)
    Banco de Chile   7,050,726       769
    Banco Santander Chile   9,674,923       463
    Cencosud SA     190,545       408
    Sociedad Quimica y Minera de Chile SA ADR       6,122       383
    Empresas CMPC SA     177,691       323
    Falabella SA     124,894       308
    Banco de Credito e Inversiones SA       8,621       248
    Cia Sud Americana de Vapores SA   2,906,540       194
    Parque Arauco SA     127,417       189
    Banco Itau Chile SA      13,395       147
    SMU SA     775,148       144
    Aguas Andinas SA Class A     389,042       133
    Inversiones Aguas Metropolitanas SA     151,407       123
    Cencosud Shopping SA      66,503       111
    CAP SA      15,639       110
          Shares Market
Value•

($000)
    SONDA SA     206,981       104
    Empresa Nacional de Telecomunicaciones SA      25,073        94
    Inversiones La Construccion SA      13,884        88
    Sociedad de Inversiones Oro Blanco SA   7,537,247        61
    Ripley Corp. SA     158,688        35
    Plaza SA      20,224        31
                            4,466
China (7.4%)
  * Alibaba Group Holding Ltd.   2,868,100    33,288
 *,2 Meituan Class B     891,055    14,746
    China Construction Bank Corp. Class H  15,471,000     8,278
  * PDD Holdings Inc. ADR      72,586     7,184
    JD.com Inc. Class A     393,203     6,530
    NetEase Inc.     305,115     6,321
    Industrial & Commercial Bank of China Ltd. Class H  13,354,000     6,123
    Ping An Insurance Group Co. of China Ltd. Class H     994,000     5,951
 *,2 Xiaomi Corp. Class B   2,466,000     3,887
  * Li Auto Inc. Class A     176,336     3,671
    Bank of China Ltd. Class H  10,784,000     3,655
 *,2 Kuaishou Technology     437,100     3,578
    Yum China Holdings Inc. (XHKG)      65,950     3,506
  * Trip.com Group Ltd.      88,748     3,495
 *,2 Wuxi Biologics Cayman Inc.     595,237     3,356
    China Merchants Bank Co. Ltd. Class H     709,000     2,808
    ANTA Sports Products Ltd.     210,200     2,370
  * NIO Inc. ADR     201,255     2,067
    China Resources Land Ltd.     456,000     1,927
    China Life Insurance Co. Ltd. Class H   1,248,000     1,892
  * KE Holdings Inc. ADR     106,689     1,835
    ZTO Express Cayman Inc.      73,893     1,834
    China Mengniu Dairy Co. Ltd.     537,120     1,806
    Li Ning Co. Ltd.     376,678     1,780
  * BeiGene Ltd.     105,800     1,697
  2 Nongfu Spring Co. Ltd. Class H     296,200     1,664
  * XPeng Inc. Class A     181,500     1,631
    Contemporary Amperex Technology Co. Ltd. Class A      50,263     1,630
  * H World Group Ltd. ADR      36,070     1,453
    China Overseas Land & Investment Ltd.     669,500     1,411
 
13

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Shenzhou International Group Holdings Ltd.     132,184     1,354
    Agricultural Bank of China Ltd. Class A   2,806,600     1,332
    PICC Property & Casualty Co. Ltd. Class H   1,146,000     1,318
  * New Oriental Education & Technology Group Inc.     229,890     1,247
    Geely Automobile Holdings Ltd.     940,900     1,168
    Ping An Insurance Group Co. of China Ltd. Class A     172,400     1,156
    CSPC Pharmaceutical Group Ltd.   1,481,280     1,113
 *,2 Innovent Biologics Inc.     236,500     1,058
    Haier Smart Home Co. Ltd. Class A     324,100     1,045
    ENN Energy Holdings Ltd.     131,300     1,030
    Agricultural Bank of China Ltd. Class H   2,884,000       989
  * Vipshop Holdings Ltd. ADR      60,935       962
 *,2 JD Health International Inc.     170,750       921
  2 Postal Savings Bank of China Co. Ltd. Class H   1,863,000       919
    Sunny Optical Technology Group Co. Ltd.     112,000       914
    Bank of China Ltd. Class A   1,763,100       907
    China Yangtze Power Co. Ltd. Class A     266,900       808
  2 China Tower Corp. Ltd. Class H   8,276,000       801
  * Kanzhun Ltd. ADR      52,544       778
    China Pacific Insurance Group Co. Ltd. Class H     337,200       771
    China Merchants Bank Co. Ltd. Class A     176,100       764
    CITIC Securities Co. Ltd. Class H     389,537       761
  * Full Truck Alliance Co. Ltd. ADR     108,222       725
    Sino Biopharmaceutical Ltd.   1,804,000       685
  2 Longfor Group Holdings Ltd.     322,800       681
  * Kingdee International Software Group Co. Ltd.     440,000       680
    Sinopharm Group Co. Ltd. Class H     221,300       642
    China Pacific Insurance Group Co. Ltd. Class A     165,900       632
    Xinyi Solar Holdings Ltd.     738,000       616
          Shares Market
Value•

($000)
    Bank of Communications Co. Ltd. Class H   1,074,000       615
  * Bilibili Inc.      39,483       597
    Kingsoft Corp. Ltd.     148,600       592
    COSCO SHIPPING Holdings Co. Ltd. Class H     572,400       587
    GCL Technology Holdings Ltd.   3,355,000       581
    China Gas Holdings Ltd.     557,633       569
  2 WuXi AppTec Co. Ltd. Class H      50,536       554
  * Alibaba Health Information Technology Ltd.     926,000       547
  * TAL Education Group ADR      75,854       535
    ZTE Corp. Class H     165,800       534
    People's Insurance Co. Group of China Ltd. Class H   1,554,000       529
  2 China International Capital Corp. Ltd. Class H     274,800       528
    Yangzijiang Shipbuilding Holdings Ltd.     412,700       516
    Tingyi Cayman Islands Holding Corp.     344,000       505
 *,2 SenseTime Group Inc. Class B   2,524,000       501
    China CITIC Bank Corp. Ltd. Class H   1,123,000       500
    Hengan International Group Co. Ltd.     134,000       497
    Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A      13,182       489
    China Tourism Group Duty Free Corp. Ltd. Class A      32,020       479
    Industrial Bank Co. Ltd. Class A     216,800       470
  * Tongcheng Travel Holdings Ltd.     207,200       464
    Bank of Communications Co. Ltd. Class A     583,600       444
    New China Life Insurance Co. Ltd. Class H     174,900       438
    Foxconn Industrial Internet Co. Ltd. Class A     143,900       432
    China Resources Gas Group Ltd.     153,600       431
    Industrial & Commercial Bank of China Ltd. Class A     678,900       430
    Wanhua Chemical Group Co. Ltd. Class A      33,372       429
 
14

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    China National Building Material Co. Ltd. Class H     840,000       427
    China Hongqiao Group Ltd.     428,500       427
  2 Fuyao Glass Industry Group Co. Ltd. Class H      92,400       418
  3 Country Garden Services Holdings Co. Ltd.     358,646       417
    Haier Smart Home Co. Ltd. Class H     133,200       413
  * Zai Lab Ltd.     155,370       405
    Haitong Securities Co. Ltd. Class H     651,200       404
    WuXi AppTec Co. Ltd. Class A      35,164       394
    Shandong Weigao Group Medical Polymer Co. Ltd. Class H     395,200       393
  2 China Resources Mixc Lifestyle Services Ltd.      90,800       392
    China Vanke Co. Ltd. Class H     331,200       386
    China Medical System Holdings Ltd.     267,000       385
  2 CSC Financial Co. Ltd. Class H     356,000       379
  2 Pop Mart International Group Ltd.     116,600       379
    Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A      65,800       378
    CITIC Securities Co. Ltd. Class A     121,645       371
 *,2 JD Logistics Inc.     276,400       368
    Yuexiu Property Co. Ltd.     296,280       367
    Weichai Power Co. Ltd. Class H     281,000       364
 *,2 ZhongAn Online P&C Insurance Co. Ltd. Class H     122,800       364
  * MINISO Group Holding Ltd. ADR      13,882       360
  * Genscript Biotech Corp.     154,000       359
  2 Topsports International Holdings Ltd.     440,000       358
 *,2 Akeso Inc.      80,000       351
    Great Wall Motor Co. Ltd. Class A      96,000       344
    Luxshare Precision Industry Co. Ltd. Class A      75,899       343
    Zhuzhou CRRC Times Electric Co. Ltd. Class H      98,200       342
 *,2 East Buy Holding Ltd.      66,500       337
    Kingboard Holdings Ltd.     148,000       336
    China Galaxy Securities Co. Ltd. Class H     619,000       333
          Shares Market
Value•

($000)
    CRRC Corp. Ltd. Class A     395,300       322
    Minth Group Ltd.     108,000       321
    China Minsheng Banking Corp. Ltd. Class H     977,000       314
    China Taiping Insurance Holdings Co. Ltd.     296,600       312
    Muyuan Foods Co. Ltd. Class A      55,912       311
  2 Yadea Group Holdings Ltd.     162,000       311
  2 Huatai Securities Co. Ltd. Class H     232,400       306
    LONGi Green Energy Technology Co. Ltd. Class A      83,932       306
    SF Holding Co. Ltd. Class A      51,100       305
    CMOC Group Ltd. Class A     385,700       303
  2 Hygeia Healthcare Holdings Co. Ltd.      59,745       302
  2 Ganfeng Lithium Group Co. Ltd. Class H      63,000       301
    Ping An Bank Co. Ltd. Class A     196,800       300
    China Everbright Bank Co. Ltd. Class H   1,004,000       289
    Foshan Haitian Flavouring & Food Co. Ltd. Class A      53,760       289
    C&D International Investment Group Ltd.     112,000       285
    Shanghai Pudong Development Bank Co. Ltd. Class A     295,300       283
    TravelSky Technology Ltd. Class H     156,000       279
    Beijing Kingsoft Office Software Inc. Class A       5,137       278
  2 Guotai Junan Securities Co. Ltd. Class H     228,800       268
    Autohome Inc. ADR       9,228       267
    China Conch Venture Holdings Ltd.     269,500       265
    Jiangxi Copper Co. Ltd. Class H     168,000       262
  * Microport Scientific Corp.     151,300       259
    Great Wall Motor Co. Ltd. Class H     217,500       258
    China CITIC Bank Corp. Ltd. Class A     340,800       256
    Shenzhen Inovance Technology Co. Ltd. Class A      27,000       253
  2 3SBio Inc.     302,500       253
    China Minsheng Banking Corp. Ltd. Class A     477,700       248
 
15

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Aier Eye Hospital Group Co. Ltd. Class A      99,448       246
 *,3 Country Garden Holdings Co. Ltd.   2,160,000       245
    GF Securities Co. Ltd. Class A     118,500       245
    China Overseas Property Holdings Ltd.     205,000       245
    Weichai Power Co. Ltd. Class A     149,000       241
    Fuyao Glass Industry Group Co. Ltd. Class A      46,000       240
    Zhaojin Mining Industry Co. Ltd. Class H     171,000       239
  * HUTCHMED China Ltd.      77,500       238
    Poly Developments & Holdings Group Co. Ltd. Class A     122,600       236
    Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A       6,200       235
    Zhejiang Expressway Co. Ltd. Class H     312,000       233
    JOYY Inc. ADR       6,748       232
    Far East Horizon Ltd.     336,000       230
  * GDS Holdings Ltd. Class A     154,541       229
    CRRC Corp. Ltd. Class H     459,000       226
  2 Jiumaojiu International Holdings Ltd.     141,000       226
    Shandong Gold Mining Co. Ltd. Class A      62,660       224
    NAURA Technology Group Co. Ltd. Class A       6,006       223
 *,3 Canadian Solar Inc.       7,929       222
    Sungrow Power Supply Co. Ltd. Class A      16,218       222
    Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H     463,800       221
    BOE Technology Group Co. Ltd. Class A     398,100       219
    Sany Heavy Equipment International Holdings Co. Ltd.     140,000       218
    Hello Group Inc. ADR      25,303       218
  * JinkoSolar Holding Co. Ltd. ADR       6,437       216
    Inner Mongolia Yili Industrial Group Co. Ltd. Class A      60,600       216
 *,2 Ping An Healthcare & Technology Co. Ltd.      86,230       215
    China Cinda Asset Management Co. Ltd. Class H   2,192,000       215
    Bosideng International Holdings Ltd.     544,000       213
          Shares Market
Value•

($000)
    Xtep International Holdings Ltd.     212,000       210
    China United Network Communications Ltd. Class A     293,300       210
  2 China Resources Pharmaceutical Group Ltd.     311,000       208
    Shanghai Pharmaceuticals Holding Co. Ltd. Class H     126,700       208
    Tongwei Co. Ltd. Class A      47,208       208
  * Chindata Group Holdings Ltd. ADR      24,842       208
    China Vanke Co. Ltd. Class A     110,700       207
    Beijing Enterprises Water Group Ltd.     878,000       202
    Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H      86,000       202
    China Everbright Environment Group Ltd.     544,000       198
    Haitong Securities Co. Ltd. Class A     143,700       194
    Haitian International Holdings Ltd.      90,000       193
    SAIC Motor Corp. Ltd. Class A      97,700       193
    Guangzhou Automobile Group Co. Ltd. Class H     364,000       192
  2 Hansoh Pharmaceutical Group Co. Ltd.     148,000       192
    Iflytek Co. Ltd. Class A      25,100       189
    Sinotruk Hong Kong Ltd.     101,500       188
    CMOC Group Ltd. Class H     309,000       184
  * Air China Ltd. Class A     154,300       183
 *,2 Weimob Inc.     350,000       183
  * China Ruyi Holdings Ltd.     680,000       180
    COSCO SHIPPING Ports Ltd.     290,000       179
    Fu Shou Yuan International Group Ltd.     241,000       179
    Flat Glass Group Co. Ltd. Class A      42,100       178
    Hangzhou Tigermed Consulting Co. Ltd. Class A      19,400       177
 *,2 Hua Hong Semiconductor Ltd.      66,757       174
    Shenzhen Transsion Holdings Co. Ltd. Class A       8,643       174
    Chongqing Zhifei Biological Products Co. Ltd. Class A      28,600       173
 
16

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    China Communications Services Corp. Ltd. Class H     380,000       171
  * China Southern Airlines Co. Ltd. Class A     197,500       171
    Shenzhen International Holdings Ltd.     238,500       170
    FinVolution Group ADR      33,549       168
    COSCO SHIPPING Holdings Co. Ltd. Class A     124,180       167
    Sany Heavy Industry Co. Ltd. Class A      78,000       166
    Hisense Home Appliances Group Co. Ltd. Class H      62,000       164
    Huatai Securities Co. Ltd. Class A      74,500       163
 *,2 Keymed Biosciences Inc.      24,000       163
    Greentown China Holdings Ltd.     136,500       162
    Grand Pharmaceutical Group Ltd.     311,500       161
    GF Securities Co. Ltd. Class H     111,400       159
    Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H      56,000       157
    Chongqing Changan Automobile Co. Ltd. Class A      89,718       155
    Shoucheng Holdings Ltd.     663,600       155
    Dongyue Group Ltd.     180,000       154
    TCL Zhonghuan Renewable Energy Technology Co. Ltd. Class A      43,750       154
    China Traditional Chinese Medicine Holdings Co. Ltd.     390,000       152
    Hangzhou Steam Turbine Power Group Co. Ltd. Class B     143,237       152
 *,2 Luye Pharma Group Ltd.     411,000       151
    Jiangsu Expressway Co. Ltd. Class H     166,000       150
    Focus Media Information Technology Co. Ltd. Class A     141,800       150
    Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A      39,300       150
    Canvest Environmental Protection Group Co. Ltd.     281,000       150
  * Advanced Micro-Fabrication Equipment Inc. China Class A       6,958       146
          Shares Market
Value•

($000)
  2 China Tourism Group Duty Free Corp. Ltd. Class H      10,900       146
    Yihai International Holding Ltd.      77,000       144
    China Jinmao Holdings Group Ltd.   1,010,000       143
  * EHang Holdings Ltd. ADR       7,225       143
  * Qinghai Salt Lake Industry Co. Ltd. Class A      57,500       141
 1,2 Dali Foods Group Co. Ltd.     292,500       140
    JA Solar Technology Co. Ltd. Class A      36,639       140
    Lufax Holding Ltd. ADR     115,893       140
    Eve Energy Co. Ltd. Class A      20,300       138
  2 Orient Securities Co. Ltd. Class H     247,600       137
    Nine Dragons Paper Holdings Ltd.     245,000       136
    China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A      72,200       135
  2 Shandong Gold Mining Co. Ltd. Class H      67,100       135
  * Beijing Capital International Airport Co. Ltd. Class H     256,000       134
    Yum China Holdings Inc.       2,493       134
  * Lifetech Scientific Corp.     432,000       134
    Pharmaron Beijing Co. Ltd. Class A      32,820       134
    Kingboard Laminates Holdings Ltd.     160,500       133
  * Alibaba Pictures Group Ltd.   2,010,000       133
    Fufeng Group Ltd.     250,000       133
    Consun Pharmaceutical Group Ltd.     202,000       133
    Uni-President China Holdings Ltd.     179,000       132
    China Merchants Securities Co. Ltd. Class A      66,620       130
    Guangzhou Automobile Group Co. Ltd. Class A      93,700       130
    Bank of Shanghai Co. Ltd. Class A     158,000       129
    China Education Group Holdings Ltd.     151,000       128
    Tianqi Lithium Corp. Class A      15,916       126
 *,2 New Horizon Health Ltd.      56,500       125
    Tianqi Lithium Corp. Class H      22,400       123
    Huaxia Bank Co. Ltd. Class A     160,400       122
 
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Value•

($000)
  * Air China Ltd. Class H     164,000       121
    Chongqing Rural Commercial Bank Co. Ltd. Class H     343,000       121
  * Shanghai International Airport Co. Ltd. Class A      22,376       121
 *,2 Remegen Co. Ltd. Class H      26,000       121
    Chongqing Changan Automobile Co. Ltd. Class B     275,392       120
    JCET Group Co. Ltd. Class A      26,900       120
 *,2 Jinxin Fertility Group Ltd.     237,000       119
    China Resources Cement Holdings Ltd.     354,000       117
    ZTE Corp. Class A      23,900       116
    Tianneng Power International Ltd.     108,000       115
    Ganfeng Lithium Group Co. Ltd. Class A      17,694       115
    China Construction Bank Corp. Class A     139,600       115
 *,2 Alphamab Oncology     105,000       115
    China Nonferrous Mining Corp. Ltd.     213,000       115
  * Unigroup Guoxin Microelectronics Co. Ltd. Class A       8,959       114
    Will Semiconductor Co. Ltd. Shanghai Class A       9,045       114
    Imeik Technology Development Co. Ltd. Class A       1,900       114
  * Xinte Energy Co. Ltd. Class H      64,400       114
    SSY Group Ltd.     212,000       113
  2 Meitu Inc.     292,000       112
    Shenwan Hongyuan Group Co. Ltd. Class A     186,400       111
    Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A      14,400       111
    China Water Affairs Group Ltd.     144,000       110
    Central China Securities Co. Ltd. Class H     698,000       110
    Trina Solar Co. Ltd. Class A      23,655       110
  2 BAIC Motor Corp. Ltd. Class H     392,500       109
    Everbright Securities Co. Ltd. Class A      46,500       109
    China Suntien Green Energy Corp. Ltd. Class H     308,000       108
  * Gushengtang Holdings Ltd.      20,300       108
    China Everbright Bank Co. Ltd. Class A     253,300       105
          Shares Market
Value•

($000)
  * Golden Solar New Energy Technology Holdings Ltd.     122,000       105
    Yangzijiang Financial Holding Ltd.     389,200       105
    Yuexiu REIT     541,206       101
    Guangdong Haid Group Co. Ltd. Class A      15,200       101
    Jiangxi Copper Co. Ltd. Class A      39,000       101
  * Kingsoft Cloud Holdings Ltd. ADR      17,554       100
    Hundsun Technologies Inc. Class A      20,080        99
    Yonyou Network Technology Co. Ltd. Class A      39,600        99
  * Guangshen Railway Co. Ltd. Class H     426,000        98
 *,2 InnoCare Pharma Ltd.     115,000        97
    Sinopec Engineering Group Co. Ltd. Class H     208,500        96
    Inspur Electronic Information Industry Co. Ltd. Class A      17,800        95
  * XD Inc.      43,000        95
 *,2 China Huarong Asset Management Co. Ltd. Class H   2,034,000        93
    Zhejiang Huayou Cobalt Co. Ltd. Class A      16,900        93
    Citic Pacific Special Steel Group Co. Ltd. Class A      48,000        93
  * Hopson Development Holdings Ltd.     152,474        93
    Noah Holdings Ltd. ADR       6,639        92
    China Resources Medical Holdings Co. Ltd.     124,500        92
    Jiangsu Expressway Co. Ltd. Class A      68,400        91
    Jiangsu Jiangyin Rural Commercial Bank Co. Ltd. Class A     175,900        90
  * China Eastern Airlines Corp. Ltd. Class H     252,000        89
    Towngas Smart Energy Co. Ltd.     211,000        89
    Sinotrans Ltd. Class A     114,000        89
  * Huangshan Tourism Development Co. Ltd. Class B     122,860        88
    Vinda International Holdings Ltd.      38,000        88
 *,2 Shanghai Junshi Biosciences Co. Ltd. Class H      32,400        88
    Poly Property Services Co. Ltd. Class H      19,000        88
 
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ESG International Stock ETF
          Shares Market
Value•

($000)
  2 China New Higher Education Group Ltd.     278,000        88
    Beijing Tongrentang Co. Ltd. Class A      11,300        87
  * Seazen Group Ltd.     444,567        87
    People.cn Co. Ltd. Class A      15,200        87
    Montage Technology Co. Ltd. Class A      12,362        87
 *,2 China Bohai Bank Co. Ltd. Class H     561,500        87
    Maxscend Microelectronics Co. Ltd. Class A       5,040        86
  2 Legend Holdings Corp. Class H      95,500        85
    Shanghai Pharmaceuticals Holding Co. Ltd. Class A      34,600        85
    Guangzhou Tinci Materials Technology Co. Ltd. Class A      18,600        84
    China Risun Group Ltd.     189,000        84
  * Shanghai MicroPort MedBot Group Co. Ltd.      35,500        84
  * Shanghai Zhenhua Heavy Industries Co. Ltd. Class B     373,500        83
 *,2 Bairong Inc. Class B      68,000        83
    China Resources Microelectronics Ltd. Class A      10,366        83
    Skyworth Group Ltd.     225,111        82
    Huadong Medicine Co. Ltd. Class A      15,700        82
    Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A      17,500        82
 *,1 CIFI Holdings Group Co. Ltd.     840,800        81
    PAX Global Technology Ltd.     107,000        81
  2 Red Star Macalline Group Corp. Ltd. Class H     234,200        81
 *,2 A-Living Smart City Services Co. Ltd.     125,500        80
  * COFCO Joycome Foods Ltd.     344,000        80
    Lens Technology Co. Ltd. Class A      47,600        80
  * Wingtech Technology Co. Ltd. Class A      12,600        80
  2 AsiaInfo Technologies Ltd.      66,000        80
    China Yongda Automobiles Services Holdings Ltd.     178,500        79
          Shares Market
Value•

($000)
  * LexinFintech Holdings Ltd. ADR      30,649        79
    C&D Property Management Group Co. Ltd.     172,000        79
    China Everbright Ltd.     134,000        78
    Anhui Expressway Co. Ltd. Class H      80,000        78
    Poly Property Group Co. Ltd.     334,000        78
    Digital China Holdings Ltd.     242,000        78
  2 China Merchants Securities Co. Ltd. Class H      84,660        78
    Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A      30,200        78
    Goldwind Science & Technology Co. Ltd. Class A      59,100        77
 *,2 Ascentage Pharma Group International      25,200        77
  2 Shenwan Hongyuan Group Co. Ltd. Class H     394,400        77
    Yunnan Baiyao Group Co. Ltd. Class A      10,100        76
    Zhongyu Energy Holdings Ltd.     109,000        76
    NetDragon Websoft Holdings Ltd.      38,500        75
    China Lesso Group Holdings Ltd.     136,000        75
    Yunnan Aluminium Co. Ltd. Class A      38,000        75
    Jiangsu Zhongtian Technology Co. Ltd. Class A      37,400        75
 *,2 Peijia Medical Ltd.      81,000        75
  * Tuya Inc. ADR      40,534        75
    Shanghai Fudan Microelectronics Group Co. Ltd. Class A      10,400        75
    Tong Ren Tang Technologies Co. Ltd. Class H      93,000        74
    Changchun High & New Technology Industry Group Inc. Class A       3,900        74
    GoerTek Inc. Class A      35,400        74
    Guangzhou Restaurant Group Co. Ltd. Class A      22,000        74
    Sinoma International Engineering Co. Class A      46,000        74
    Guangdong Great River Smarter Logistics Co. Ltd. Class A      24,500        74
    Flat Glass Group Co. Ltd. Class H      30,000        74
 
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ESG International Stock ETF
          Shares Market
Value•

($000)
    Yihai Kerry Arawana Holdings Co. Ltd. Class A      15,200        74
*,2,3 Haichang Ocean Park Holdings Ltd.     573,000        74
    Lonking Holdings Ltd.     408,000        73
  3 Shanghai Fudan Microelectronics Group Co. Ltd. Class H      30,000        72
  * Gaotu Techedu Inc. ADR      25,119        72
    Postal Savings Bank of China Co. Ltd. Class A     108,700        72
  * China Southern Airlines Co. Ltd. Class H     134,000        71
    Chaozhou Three-Circle Group Co. Ltd. Class A      16,100        71
    Henan Shuanghui Investment & Development Co. Ltd. Class A      19,400        71
    Shengyi Technology Co. Ltd. Class A      34,700        71
    China Overseas Grand Oceans Group Ltd.     178,000        70
    China BlueChemical Ltd. Class H     280,000        70
    Bethel Automotive Safety Systems Co. Ltd. Class A       6,800        70
    Sun Art Retail Group Ltd.     295,000        69
  * Vnet Group Inc. ADR      18,360        69
    Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A      50,200        69
    Shanghai Pudong Construction Co. Ltd. Class A      74,100        69
    Western Region Gold Co. Ltd. Class A      35,600        69
    Xinyi Energy Holdings Ltd.     316,800        69
    Sichuan Expressway Co. Ltd. Class H     224,000        67
    China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A      10,200        67
    Hisense Home Appliances Group Co. Ltd. Class A      20,000        67
    Concord New Energy Group Ltd.     820,000        67
  2 Genertec Universal Medical Group Co. Ltd.     128,500        67
    China Reinsurance Group Corp. Class H   1,035,000        67
 *,2 Ocumension Therapeutics      63,500        67
    CPMC Holdings Ltd.      89,000        66
          Shares Market
Value•

($000)
  * Wuxi Taiji Industry Co. Ltd. Class A      70,900        66
  * Yeahka Ltd.      33,200        66
  * China Conch Environment Protection Holdings Ltd.     262,500        66
    Orient Securities Co. Ltd. Class A      47,532        65
    Guotai Junan Securities Co. Ltd. Class A      32,400        65
*,1,2 China Renaissance Holdings Ltd.      70,200        65
    Tiangong International Co. Ltd.     188,000        64
    Yintai Gold Co. Ltd. Class A      32,800        64
    Suzhou TFC Optical Communication Co. Ltd. Class A       5,500        64
  2 Blue Moon Group Holdings Ltd.     137,500        64
    WUS Printed Circuit Kunshan Co. Ltd. Class A      21,840        63
    Zhejiang NHU Co. Ltd. Class A      28,256        63
  * TCL Technology Group Corp. Class A     111,320        63
 *,2 CARsgen Therapeutics Holdings Ltd.      53,500        63
    Yuexiu Transport Infrastructure Ltd.     120,000        62
  * Zhejiang Century Huatong Group Co. Ltd. Class A      83,400        62
  * Dada Nexus Ltd. ADR      11,215        61
    China Oriental Group Co. Ltd.     390,000        60
 *,2 Zhou Hei Ya International Holdings Co. Ltd.     171,000        60
    37 Interactive Entertainment Network Technology Group Co. Ltd. Class A      17,400        59
    COSCO SHIPPING Development Co. Ltd. Class A     177,900        58
  2 Xiabuxiabu Catering Management China Holdings Co. Ltd.     119,000        58
 *,2 Maoyan Entertainment      42,000        58
    Shanghai Mechanical & Electrical Industry Co. Ltd. Class B      57,700        57
    Beijing New Building Materials plc Class A      13,800        57
    BOE Varitronix Ltd.      59,000        57
    Lee & Man Paper Manufacturing Ltd.     192,000        56
 
20

 

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ESG International Stock ETF
          Shares Market
Value•

($000)
    China Shineway Pharmaceutical Group Ltd.      57,000        56
  3 Greentown Service Group Co. Ltd.     120,000        56
    LB Group Co. Ltd. Class A      22,600        56
    Zhejiang Hailiang Co. Ltd. Class A      35,700        56
    Sieyuan Electric Co. Ltd. Class A       7,900        55
    Walvax Biotechnology Co. Ltd. Class A      17,000        55
 *,2 YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H      68,400        55
    Beibuwan Port Co. Ltd. Class A      51,190        55
    Shandong Nanshan Aluminum Co. Ltd. Class A     128,400        55
    China Foods Ltd.     146,000        54
    China Greatwall Technology Group Co. Ltd. Class A      36,500        54
  2 China Railway Signal & Communication Corp. Ltd. Class H     162,000        54
    China Galaxy Securities Co. Ltd. Class A      33,800        54
    China Meidong Auto Holdings Ltd.      72,000        54
  2 Simcere Pharmaceutical Group Ltd.      69,000        54
    Ninestar Corp. Class A      13,800        53
    Industrial Securities Co. Ltd. Class A      59,880        53
  * Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A     103,900        53
    Universal Scientific Industrial Shanghai Co. Ltd. Class A      26,100        53
    China Railway Signal & Communication Corp. Ltd. Class A      68,875        53
  * Ming Yuan Cloud Group Holdings Ltd.     106,000        53
  * Yatsen Holding Ltd. ADR      51,964        53
    Shanghai Sinyang Semiconductor Materials Co. Ltd. Class A      10,200        52
  * Amlogic Shanghai Co. Ltd. Class A       4,360        52
  * Tongdao Liepin Group      53,600        51
    TCL Electronics Holdings Ltd.     128,000        50
    Sinotrans Ltd. Class H     123,000        50
          Shares Market
Value•

($000)
    Shaanxi International Trust Co. Ltd. Class A     118,700        50
    YGSOFT Inc. Class A      55,440        50
  2 AK Medical Holdings Ltd.      62,000        50
    Eoptolink Technology Inc. Ltd. Class A       7,980        50
 *,2 Yidu Tech Inc.      97,800        50
    Bank of Chongqing Co. Ltd. Class A      46,700        50
 *,2 Microport Cardioflow Medtech Corp.     211,000        50
 *,2 Arrail Group Ltd.      49,000        50
    Sihuan Pharmaceutical Holdings Group Ltd.     595,000        49
    Lingyi iTech Guangdong Co. Class A      58,900        49
  2 Everbright Securities Co. Ltd. Class H      66,632        49
    Bank of Chongqing Co. Ltd. Class H      95,000        49
  * Seazen Holdings Co. Ltd. Class A      24,500        49
    Ming Yang Smart Energy Group Ltd. Class A      23,800        49
  * China Eastern Airlines Corp. Ltd. Class A      82,000        49
    Shanghai Jinjiang International Hotels Co. Ltd. Class A       9,200        49
  * Skshu Paint Co. Ltd. Class A       4,732        49
    Chongqing Water Group Co. Ltd. Class A      63,700        48
    Huagong Tech Co. Ltd. Class A      11,200        48
    COFCO Capital Holdings Co. Ltd. Class A      45,800        48
  2 Angelalign Technology Inc.       7,200        48
  * Canaan Inc. ADR      23,797        48
    Shenzhen Investment Ltd.     266,000        47
    China Lilang Ltd.      95,000        47
    Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A       2,300        47
  * Jinke Smart Services Group Co. Ltd. Class H      35,700        47
    CNGR Advanced Material Co. Ltd. Class A       6,300        47
    Chervon Holdings Ltd.      14,200        47
    First Tractor Co. Ltd. Class H      90,000        46
    GEM Co. Ltd. Class A      53,900        46
    Zhejiang Weixing New Building Materials Co. Ltd. Class A      16,600        46
 
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ESG International Stock ETF
          Shares Market
Value•

($000)
 *,2 Hope Education Group Co. Ltd.     706,000        46
    Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A      26,300        46
  * Beijing Bei Mo Gao Ke Friction Material Co. Ltd. Class A       8,710        46
 *,2 Mobvista Inc.     101,000        46
    BOE Technology Group Co. Ltd. Class B     122,100        45
  * Sohu.com Ltd. ADR       4,291        45
    Angang Steel Co. Ltd. Class A     118,000        45
    Xiamen C & D Inc. Class A      29,900        45
    Zhejiang Juhua Co. Ltd. Class A      20,100        45
    Grinm Advanced Materials Co. Ltd. Class A      26,600        45
    Jiangsu Jiejie Microelectronics Co. Ltd. Class A      18,800        45
  * Yanlord Land Group Ltd.      88,100        44
    Perfect World Co. Ltd. Class A      23,000        44
    Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A       5,400        44
  2 Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. Class H      31,500        44
    DeHua TB New Decoration Materials Co. Ltd. Class A      30,200        44
    Shenzhen SED Industry Co. Ltd. Class A      11,800        44
    Shui On Land Ltd.     446,000        43
    Gemdale Corp. Class A      43,900        43
    Shenzhen Kaifa Technology Co. Ltd. Class A      17,500        43
    Wellhope Foods Co. Ltd. Class A      35,500        43
    Humanwell Healthcare Group Co. Ltd. Class A      13,300        43
    Ginlong Technologies Co. Ltd. Class A       4,200        43
  1 CIFI Ever Sunshine Services Group Ltd.     110,000        43
  * DingDong Cayman Ltd. ADR      20,902        43
    Xingda International Holdings Ltd.     228,360        42
    Goldwind Science & Technology Co. Ltd.      79,600        42
  * New Hope Liuhe Co. Ltd. Class A      26,300        42
    Livzon Pharmaceutical Group Inc. Class H      13,300        42
          Shares Market
Value•

($000)
    MLS Co. Ltd. Class A      34,200        42
    Asymchem Laboratories Tianjin Co. Ltd. Class A       2,300        42
*,2,3 CanSino Biologics Inc. Class H      14,400        42
    CSG Holding Co. Ltd. Class B     129,900        41
  * Kingnet Network Co. Ltd. Class A      19,700        41
    Wens Foodstuffs Group Co. Ltd. Class A      18,000        41
    B-Soft Co. Ltd. Class A      45,260        41
    Hubei Feilihua Quartz Glass Co. Ltd. Class A       6,324        41
    Ningbo Orient Wires & Cables Co. Ltd. Class A       8,100        41
    Gemdale Properties & Investment Corp. Ltd.     924,000        40
  * Unisplendour Corp. Ltd. Class A      10,960        40
    Lepu Medical Technology Beijing Co. Ltd. Class A      17,800        40
    Guoyuan Securities Co. Ltd. Class A      41,700        40
    Livzon Pharmaceutical Group Inc. Class A       8,500        40
    China International Marine Containers Group Co. Ltd. Class A      41,450        40
    CQ Pharmaceutical Holding Co. Ltd. Class A      52,800        40
    Gaona Aero Material Co. Ltd. Class A      11,680        40
  * Cosmopolitan International Holdings Ltd.     270,000        40
  2 Linklogis Inc. Class B     176,500        40
    Hangcha Group Co. Ltd. Class A      12,600        40
    Sunresin New Materials Co. Ltd. Class A       4,800        40
  * CMGE Technology Group Ltd.     218,000        40
    Xinjiang Daqo New Energy Co. Ltd. Class A       6,988        40
    Sinofert Holdings Ltd.     316,000        39
  * China TransInfo Technology Co. Ltd. Class A      22,600        39
    Caitong Securities Co. Ltd. Class A      35,800        39
    JNBY Design Ltd.      37,500        39
    Beijing United Information Technology Co. Ltd. Class A       7,830        39
    Shanghai Zhonggu Logistics Co. Ltd. Class A      30,192        39
 
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ESG International Stock ETF
          Shares Market
Value•

($000)
    Tian Lun Gas Holdings Ltd.      73,000        38
  * Topchoice Medical Corp. Class A       3,004        38
    Anjoy Foods Group Co. Ltd. Class A       2,100        38
  * China Railway Materials Co. Ltd. Class A     102,600        38
    Rongsheng Petrochemical Co. Ltd. Class A      22,100        37
    Changjiang Securities Co. Ltd. Class A      45,300        37
  * Shenzhen Overseas Chinese Town Co. Ltd. Class A      62,100        37
    New China Life Insurance Co. Ltd. Class A       6,600        37
    Liaoning Port Co. Ltd. Class A     169,500        37
    Taiji Computer Corp. Ltd. Class A       7,400        37
  * DouYu International Holdings Ltd. ADR      36,721        37
    Shanghai Liangxin Electrical Co. Ltd. Class A      23,700        37
    Shenzhen Dynanonic Co. Ltd. Class A       2,880        37
    Comba Telecom Systems Holdings Ltd.     264,000        36
  * Guangzhou R&F Properties Co. Ltd. Class H     237,600        36
    China Modern Dairy Holdings Ltd.     383,000        36
  * Bluefocus Intelligent Communications Group Co. Ltd. Class A      29,400        36
    Yantai Dongcheng Pharmaceutical Co. Ltd. Class A      18,700        36
 *,2 Venus MedTech Hangzhou Inc. Class H      51,000        36
    Joinn Laboratories China Co. Ltd. Class A      10,897        36
    Chongqing Sanfeng Environment Group Corp. Ltd. Class A      35,200        36
    Shanghai Chlor-Alkali Chemical Co. Ltd. Class B      74,700        35
    COSCO SHIPPING Development Co. Ltd. Class H     320,000        35
  * China South City Holdings Ltd.     598,000        35
    CSC Financial Co. Ltd. Class A       9,800        35
          Shares Market
Value•

($000)
    Health & Happiness H&H International Holdings Ltd.      26,500        35
    Foran Energy Group Co. Ltd. Class A      20,600        35
    Shanghai International Port Group Co. Ltd. Class A      50,500        35
    Tianjin Capital Environmental Protection Group Co. Ltd. Class A      42,700        35
    China Jushi Co. Ltd. Class A      18,144        35
    Hongfa Technology Co. Ltd. Class A       7,280        35
    Cheng De Lolo Co. Ltd. Class A      30,000        35
    Xinhua Winshare Publishing & Media Co. Ltd. Class A      18,200        35
 *,2 Ascletis Pharma Inc.     125,000        35
  * LVGEM China Real Estate Investment Co. Ltd.     164,000        35
    Shenzhen Expressway Corp. Ltd. Class A      27,700        35
  * Luoxin Pharmaceuticals Group Stock Co. Ltd. Class A      46,400        35
 2,3 Sunac Services Holdings Ltd.     113,000        35
    Kangji Medical Holdings Ltd.      39,500        35
    China Automotive Engineering Research Institute Co. Ltd. Class A      12,000        35
    Shenzhen Expressway Corp. Ltd. Class H      42,000        34
*,1,2 Redco Properties Group Ltd.     202,000        34
    Accelink Technologies Co. Ltd. Class A       8,800        34
    Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A       9,400        34
    Three's Co. Media Group Co. Ltd. Class A       3,216        34
  * Hainan Meilan International Airport Co. Ltd. Class H      35,000        34
    Guangdong Provincial Expressway Development Co. Ltd. Class B      44,700        33
    Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B      80,800        33
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Shandong Himile Mechanical Science & Technology Co. Ltd. Class A       7,000        33
    DHC Software Co. Ltd. Class A      35,800        33
    Huayu Automotive Systems Co. Ltd. Class A      12,900        33
    Hubei Dinglong Co. Ltd. Class A      11,300        33
    Hangjin Technology Co. Ltd. Class A       7,800        33
    First Capital Securities Co. Ltd. Class A      39,600        33
    Victory Giant Technology Huizhou Co. Ltd. Class A      11,000        33
    Henan Yuguang Gold & Lead Co. Ltd. Class A      34,100        33
  * Guangzhou Great Power Energy & Technology Co. Ltd. Class A       6,700        33
    Anji Microelectronics Technology Shanghai Co. Ltd. Class A       1,549        33
    Raytron Technology Co. Ltd. Class A       4,763        33
  * Shanghai Junshi Biosciences Co. Ltd. Class A       6,375        33
    Ningbo Ronbay New Energy Technology Co. Ltd. Class A       4,709        33
    GCL Energy Technology Co. Ltd. Class A      19,800        33
    INESA Intelligent Tech Inc. Class B      50,600        32
  * Meinian Onehealth Healthcare Holdings Co. Ltd. Class A      33,900        32
    Changchun Faway Automobile Components Co. Ltd. Class A      26,600        32
  * China Tianying Inc. Class A      45,200        32
    Wuhan Jingce Electronic Group Co. Ltd. Class A       2,600        32
    Risen Energy Co. Ltd. Class A      11,800        32
    China Tungsten & Hightech Materials Co. Ltd. Class A      24,830        32
 *,1 China Dili Group     378,000        32
    AIMA Technology Group Co. Ltd. Class A       8,250        32
  * Zhuguang Holdings Group Co. Ltd.     486,000        31
          Shares Market
Value•

($000)
    Zhejiang Huahai Pharmaceutical Co. Ltd. Class A      13,300        31
    Hengdian Group DMEGC Magnetics Co. Ltd. Class A      13,800        31
    Sinotruk Jinan Truck Co. Ltd. Class A      14,420        31
    Shenzhen Megmeet Electrical Co. Ltd. Class A       7,200        31
    Longshine Technology Group Co. Ltd. Class A      10,300        31
    Shenzhen Gongjin Electronics Co. Ltd. Class A      20,000        31
    Lianhe Chemical Technology Co. Ltd. Class A      26,100        31
  * Shenzhen Kangtai Biological Products Co. Ltd. Class A       7,800        30
    AVIC Industry-Finance Holdings Co. Ltd. Class A      59,800        30
    BBMG Corp. Class A     100,200        30
  2 China East Education Holdings Ltd.      70,000        30
    Shenyang Xingqi Pharmaceutical Co. Ltd. Class A       1,200        30
    Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H      17,500        30
  * Niu Technologies ADR       9,737        30
    GRG Metrology & Test Group Co. Ltd. Class A      14,900        30
    Shaanxi Construction Engineering Group Corp. Ltd. Class A      45,600        30
    Shanghai Daimay Automotive Interior Co. Ltd. Class A      11,745        30
  * Shandong Hi-Speed New Energy Group Ltd.      85,600        30
  2 Midea Real Estate Holding Ltd.      30,600        29
    SooChow Securities Co. Ltd. Class A      25,400        29
    Shenzhen Gas Corp. Ltd. Class A      30,200        29
    G-bits Network Technology Xiamen Co. Ltd. Class A         500        29
    Innuovo Technology Co. Ltd. Class A      32,800        29
  * Shenzhen FRD Science & Technology Co. Ltd. Class A      11,700        29
  * Qingdao Sentury Tire Co. Ltd. Class A       6,400        29
 
24

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Angang Steel Co. Ltd. Class H     110,000        28
  * Agile Group Holdings Ltd.     248,000        28
 *,3 KWG Group Holdings Ltd.     238,500        28
    Tofflon Science & Technology Group Co. Ltd. Class A      10,300        28
  * Beijing Sinnet Technology Co. Ltd. Class A      20,400        28
    City Development Environment Co. Ltd. Class A      18,700        28
    Ningbo Xusheng Group Co. Ltd. Class A       9,100        28
  * SOHO China Ltd.     231,500        27
    Jointown Pharmaceutical Group Co. Ltd. Class A      19,370        27
  * Chongqing Iron & Steel Co. Ltd. Class A     126,900        27
    Konfoong Materials International Co. Ltd. Class A       3,300        27
    Shanghai Belling Co. Ltd. Class A      12,400        27
    Sino-Platinum Metals Co. Ltd. Class A      13,363        27
    Shanxi Taigang Stainless Steel Co. Ltd. Class A      49,600        27
  * Talkweb Information System Co. Ltd. Class A      11,800        27
    Sino Wealth Electronic Ltd. Class A       7,469        27
    Digital China Group Co. Ltd. Class A       6,200        27
 *,2 Shimao Services Holdings Ltd.     139,000        27
  2 Hangzhou Tigermed Consulting Co. Ltd. Class H       4,900        27
    Zhejiang HangKe Technology Inc. Co. Class A       7,252        27
    Hangzhou Lion Electronics Co. Ltd. Class A       6,000        27
    GoodWe Technologies Co. Ltd. Class A       1,428        27
    Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. Class H      82,000        26
    West China Cement Ltd.     260,000        26
    China International Marine Containers Group Co. Ltd. Class H      46,950        26
          Shares Market
Value•

($000)
    Shenzhen Agricultural Products Group Co. Ltd. Class A      28,200        26
    Beijing Strong Biotechnologies Inc. Class A       9,900        26
  * Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. Class A       5,700        26
    Ningbo Joyson Electronic Corp. Class A      10,200        26
    Weihai Guangwei Composites Co. Ltd. Class A       6,720        26
    Shanghai Pret Composites Co. Ltd. Class A      13,700        26
    Shanghai Hanbell Precise Machinery Co. Ltd. Class A       7,600        26
 *,2 Archosaur Games Inc.      57,000        26
    Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A       7,100        26
 2,3 Joinn Laboratories China Co. Ltd. Class H      13,132        26
    Huaxin Cement Co. Ltd. Class H      28,200        26
    Beijing Dabeinong Technology Group Co. Ltd. Class A      28,100        25
    Red Avenue New Materials Group Co. Ltd. Class A       6,100        25
  2 Shanghai Haohai Biological Technology Co. Ltd. Class H       4,400        25
  * Jilin Electric Power Co. Ltd. Class A      37,000        25
    Yunnan Copper Co. Ltd. Class A      15,700        25
    Beijing eGOVA Co. Ltd. Class A       8,880        25
    Xinjiang Communications Construction Group Co. Ltd. Class A      10,400        25
    Anhui Truchum Advanced Materials & Technology Co. Ltd. Class A      25,500        25
    Wuhan DR Laser Technology Corp. Ltd. Class A       3,584        25
    Shenzhen Kstar Science & Technology Co. Ltd. Class A       6,000        25
    Shenzhen Topband Co. Ltd. Class A      17,100        25
  2 Medlive Technology Co. Ltd.      27,500        25
 
25

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Chengdu ALD Aviation Manufacturing Corp. Class A       8,800        25
  * Hebei Sinopack Electronic Technology Co. Ltd. Class A       1,800        25
    Inner Mongolia Dazhong Mining Co. Ltd. Class A      17,100        25
 *,2 Alliance International Education Leasing Holdings Ltd.     151,000        25
    Shanghai Jinjiang International Hotels Co. Ltd. Class B      14,600        24
    Shandong Sun Paper Industry JSC Ltd. Class A      15,000        24
    Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A      23,900        24
    China Meheco Co. Ltd. Class A      13,800        24
    China Resources Double Crane Pharmaceutical Co. Ltd. Class A      11,000        24
    Anhui Construction Engineering Group Co. Ltd. Class A      35,000        24
  * Q Technology Group Co. Ltd.      65,000        24
    Advanced Technology & Materials Co. Ltd. Class A      18,300        24
    Norinco International Cooperation Ltd. Class A      11,800        24
    Zhejiang Dingli Machinery Co. Ltd. Class A       3,300        24
  2 Pharmaron Beijing Co. Ltd. Class H      10,350        24
  * Hengyi Petrochemical Co. Ltd. Class A      22,400        24
    China Kepei Education Group Ltd.      88,000        24
 *,2 Viva Biotech Holdings     128,500        24
    Nantong Jianghai Capacitor Co. Ltd. Class A       9,500        24
    Jiangsu Azure Corp. Class A      18,100        24
    Huali Industrial Group Co. Ltd. Class A       3,400        24
    Yunnan Yuntianhua Co. Ltd. Class A      10,300        24
    Wuxi Autowell Technology Co. Ltd. Class A       1,018        24
          Shares Market
Value•

($000)
  * Chengdu CORPRO Technology Co. Ltd. Class A       7,900        23
    Sealand Securities Co. Ltd. Class A      44,000        23
    Fiberhome Telecommunication Technologies Co. Ltd. Class A       9,400        23
  * Zhejiang Jinke Tom Culture Industry Co. Ltd. Class A      30,600        23
  * China Aluminum International Engineering Corp. Ltd. Class A      33,900        23
 *,2 CStone Pharmaceuticals      80,000        23
    Avary Holding Shenzhen Co. Ltd. Class A       7,800        23
    Jiangsu Lihua Animal Husbandry Stock Co. Ltd. Class A       9,180        23
    Youngor Group Co. Ltd. Class A      24,300        23
  * YaGuang Technology Group Co. Ltd. Class A      24,200        23
    Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd. Class A      33,400        23
    Chengdu Leejun Industrial Co. Ltd. Class A      21,800        23
    Shanghai Huace Navigation Technology Ltd. Class A       5,300        23
    Shanghai Huafon Aluminium Corp. Class A      10,400        23
    Geovis Technology Co. Ltd. Class A       3,412        23
  * Alpha Group Class A      18,300        22
    Hainan Strait Shipping Co. Ltd. Class A      27,750        22
  2 Qingdao Port International Co. Ltd. Class H      43,000        22
    Nanjing Iron & Steel Co. Ltd. Class A      44,500        22
  * Pengdu Agriculture & Animal Husbandry Co. Ltd. Class A      95,300        22
    Tangrenshen Group Co. Ltd. Class A      24,600        22
    Beijing Tongtech Co. Ltd. Class A       9,020        22
  * Shengda Resources Co. Ltd. Class A      11,100        22
    Eastern Communications Co. Ltd. Class A      13,600        22
 
26

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
  * Zhejiang Akcome New Energy Technology Co. Ltd.      67,800        22
    Eastroc Beverage Group Co. Ltd. Class A         800        22
    Beijing Huafeng Test & Control Technology Co. Ltd. Class A       1,169        22
    3peak Inc. Class A         882        22
  * Sino-Ocean Group Holding Ltd.     455,500        21
  * FIH Mobile Ltd.     243,000        21
  * Jiangsu Hoperun Software Co. Ltd. Class A       7,600        21
    Shenzhen Sunway Communication Co. Ltd. Class A       8,800        21
    Hefei Meiya Optoelectronic Technology Inc. Class A       6,500        21
    Northeast Securities Co. Ltd. Class A      19,200        21
    Hunan Valin Steel Co. Ltd. Class A      25,300        21
    Zhejiang Communications Technology Co. Ltd. Class A      36,960        21
    Oppein Home Group Inc. Class A       1,600        21
    Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd. Class A      19,300        21
    Zhejiang Wanma Co. Ltd. Class A      15,000        21
  * China SCE Group Holdings Ltd.     412,000        21
    Amoy Diagnostics Co. Ltd. Class A       6,420        21
    Shenzhen Fastprint Circuit Tech Co. Ltd. Class A      12,300        21
  * Youdao Inc. ADR       5,399        21
  * I-Mab ADR      11,131        21
    Arcsoft Corp. Ltd. Class A       3,820        21
    Sino Biological Inc. Class A       1,700        21
    Chengdu RML Technology Co. Ltd. Class A       2,600        21
    Yunnan Tin Co. Ltd. Class A      10,200        20
    Jiangsu Guotai International Group Co. Ltd. Class A      19,400        20
    Guangdong Tapai Group Co. Ltd. Class A      17,800        20
          Shares Market
Value•

($000)
    Leyard Optoelectronic Co. Ltd. Class A      23,300        20
  * Shenzhen Everwin Precision Technology Co. Ltd. Class A      14,200        20
    Shenzhen Yinghe Technology Co. Ltd. Class A       6,200        20
    Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A       8,800        20
    CSG Holding Co. Ltd. Class A      24,600        20
    Infore Environment Technology Group Co. Ltd. Class A      29,500        20
  * Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A      15,600        20
    Edifier Technology Co. Ltd. Class A       8,600        20
    Shanghai Wanye Enterprises Co. Ltd. Class A       9,200        20
    Yankershop Food Co. Ltd. Class A       1,950        20
    Hunan TV & Broadcast Intermediary Co. Ltd. Class A      24,300        20
    Shanghai Haohai Biological Technology Co. Ltd. Class A       1,374        20
    Edan Instruments Inc. Class A      13,000        20
    Shandong Weifang Rainbow Chemical Co. Ltd. Class A       1,900        20
    Ausnutria Dairy Corp. Ltd.      46,000        19
  * Beijing BDStar Navigation Co. Ltd. Class A       4,600        19
    Daan Gene Co. Ltd. Class A      14,600        19
    IKD Co. Ltd. Class A       5,700        19
    Zhejiang Jiemei Electronic & Technology Co. Ltd. Class A       5,000        19
    China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A      14,300        19
    Hexing Electrical Co. Ltd. Class A       5,300        19
    Sinocare Inc. Class A       5,700        19
    Biem.L.Fdlkk Garment Co. Ltd. Class A       4,100        19
 
27

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Beijing GeoEnviron Engineering & Technology Inc. Class A      14,600        19
    Zhejiang Weiming Environment Protection Co. Ltd. Class A       7,657        19
    Sanquan Food Co. Ltd. Class A       9,630        19
    Yusys Technologies Co. Ltd. Class A       7,680        19
    Milkyway Chemical Supply Chain Service Co. Ltd. Class A       1,700        19
    Jiangsu Provincial Agricultural Reclamation & Development Corp. Class A      11,400        19
  * KWG Living Group Holdings Ltd.     180,906        19
    CETC Digital Technology Co. Ltd. Class A       6,240        19
  * Roshow Technology Co. Ltd. Class A      20,400        19
    Chongqing Fuling Electric Power Industrial Co. Ltd. Class A      10,320        19
    Shenzhen Fortune Trend Technology Co. Ltd. Class A         907        19
    China Kings Resources Group Co. Ltd. Class A       5,320        19
    Jiangsu ToLand Alloy Co. Ltd. Class A       4,030        19
    Jiangxi Jovo Energy Co. Ltd. Class A       5,800        19
    ZWSOFT Co. Ltd. Guangzhou Class A       1,045        19
    Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. Class A      14,400        18
  * Topsec Technologies Group Inc. Class A      13,800        18
    Shanghai M&G Stationery Inc. Class A       3,500        18
    Suning Universal Co. Ltd. Class A      43,100        18
    Jiangxi Wannianqing Cement Co. Ltd. Class A      15,700        18
    China Wafer Level CSP Co. Ltd. Class A       6,000        18
    Chongqing Zaisheng Technology Corp. Ltd. Class A      28,400        18
  * Yijiahe Technology Co. Ltd. Class A       4,200        18
          Shares Market
Value•

($000)
    Jiangsu Nata Opto-electronic Material Co. Ltd. Class A       4,160        18
    Shanghai Medicilon Inc. Class A       1,783        18
    Xinxiang Richful Lube Additive Co. Ltd. Class A       2,470        18
    Zhejiang Weixing Industrial Development Co. Ltd. Class A      13,300        18
    Hainan Haide Capital Management Co. Ltd. Class A      11,165        18
    Dajin Heavy Industry Co. Ltd. Class A       5,200        18
    Qingdao Gaoce Technology Co. Ltd. Class A       2,861        18
  * China High Speed Transmission Equipment Group Co. Ltd.      51,000        17
    Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A      24,700        17
  * Sunward Intelligent Equipment Co. Ltd. Class A      20,700        17
    China Resources Boya Bio-pharmaceutical Group Co. Ltd. Class A       4,000        17
    Sonoscape Medical Corp. Class A       2,700        17
    JL Mag Rare-Earth Co. Ltd. Class A       7,200        17
    Xinhuanet Co. Ltd. Class A       3,600        17
    Keshun Waterproof Technologies Co. Ltd. Class A      16,460        17
    Shandong Dawn Polymer Co. Ltd. Class A       9,000        17
    State Grid Information & Communication Co. Ltd. Class A       8,100        17
    Guangdong Hybribio Biotech Co. Ltd. Class A      12,825        17
  * Hainan Development Holdings Nanhai Co. Ltd. Class A      13,500        17
    Zhejiang Cfmoto Power Co. Ltd. Class A         900        17
    Chongyi Zhangyuan Tungsten Industry Co. Ltd. Class A      22,490        17
*,2,3 Kintor Pharmaceutical Ltd.      37,500        17
 
28

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    China National Gold Group Gold Jewellery Co. Ltd. Class A      11,400        17
    Henan Mingtai Al Industrial Co. Ltd. Class A       8,800        17
    Pacific Textiles Holdings Ltd.      77,000        16
    Xinhua Winshare Publishing & Media Co. Ltd. Class H      22,000        16
    Guangdong Provincial Expressway Development Co. Ltd. Class A      15,200        16
    Zhejiang Wanfeng Auto Wheel Co. Ltd. Class A      20,800        16
    Chengdu Xingrong Environment Co. Ltd. Class A      22,200        16
  * Youzu Interactive Co. Ltd. Class A       9,200        16
    Zhejiang Xianju Pharmaceutical Co. Ltd. Class A       9,900        16
    Guangdong Zhongsheng Pharmaceutical Co. Ltd. Class A       7,700        16
    Shandong Xinhua Pharmaceutical Co. Ltd. Class A       5,700        16
    Jiangsu Shuangxing Color Plastic New Materials Co. Ltd. Class A      12,600        16
    Shanghai Kaibao Pharmaceutical Co. Ltd. Class A      17,400        16
    Black Peony Group Co. Ltd. Class A      19,800        16
    Intco Medical Technology Co. Ltd. Class A       5,300        16
  2 Shenzhen Hepalink Pharmaceutical Group Co. Ltd. Class H      31,000        16
    Sichuan Development Lomon Co. Ltd. Class A      15,400        16
    CHN Energy Changyuan Electric Power Co. Ltd. Class A      23,900        16
    CNSIG Inner Mongolia Chemical Industry Co. Ltd. Class A      12,870        16
    Anhui Guangxin Agrochemical Co. Ltd. Class A       5,740        16
    Beyondsoft Corp. Class A       8,800        16
          Shares Market
Value•

($000)
    Qingdao East Steel Tower Stock Co. Ltd. Class A      16,000        16
    Jiangsu Guomao Reducer Co. Ltd. Class A       6,700        16
    Lizhong Sitong Light Alloys Group Co. Ltd. Class A       5,200        16
    Sichuan Anning Iron & Titanium Co. Ltd. Class A       3,900        16
    PNC Process Systems Co. Ltd. Class A       4,320        16
    Beijing Originwater Technology Co. Ltd. Class A      20,105        15
    Tayho Advanced Materials Group Co. Ltd. Class A       5,700        15
    JSTI Group Class A      18,000        15
    Sunflower Pharmaceutical Group Co. Ltd. Class A       4,700        15
    Xinyu Iron & Steel Co. Ltd. Class A      27,300        15
    Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A       3,400        15
    Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class A       9,300        15
    Hangxiao Steel Structure Co. Ltd. Class A      28,100        15
    Shenzhen Desay Battery Technology Co. Class A       3,600        15
  * Zhejiang Narada Power Source Co. Ltd. Class A       6,900        15
  * Beijing Water Business Doctor Co. Ltd. Class A      15,600        15
    Xinjiang Tianshan Cement Co. Ltd. Class A      13,800        15
    Suzhou Anjie Technology Co. Ltd. Class A       8,300        15
    Shenzhen Sunline Tech Co. Ltd. Class A      10,300        15
    Shenzhen H&T Intelligent Control Co. Ltd. Class A       7,500        15
    Zhejiang Xinan Chemical Industrial Group Co. Ltd. Class A      11,060        15
    Wuchan Zhongda Group Co. Ltd. Class A      23,600        15
    Shandong Jinjing Science & Technology Co. Ltd. Class A      14,500        15
 
29

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
  * Bohai Leasing Co. Ltd. Class A      40,800        15
    Fibocom Wireless Inc. Class A       5,220        15
    Era Co. Ltd. Class A      18,600        15
  * Shandong Longda Meishi Co. Ltd. Class A      14,700        15
    Chengdu Kanghua Biological Products Co. Ltd. Class A       1,750        15
    Moon Environment Technology Co. Ltd. Class A       6,600        15
    Shanghai MicroPort Endovascular MedTech Group Co. Ltd. Class A         671        15
    Ningbo Zhenyu Technology Co. Ltd. Class A       1,800        15
  * Road King Infrastructure Ltd.      59,000        14
    BBMG Corp. Class H     133,000        14
  * OFILM Group Co. Ltd. Class A      18,000        14
  * Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A       8,700        14
  2 China Everbright Greentech Ltd.     125,000        14
  * Sichuan Hexie Shuangma Co. Ltd. Class A       6,000        14
  * Zhejiang Jingu Co. Ltd. Class A      15,900        14
    Zhejiang Jingxin Pharmaceutical Co. Ltd. Class A       9,300        14
    Guangdong Dowstone Technology Co. Ltd. Class A       9,200        14
  * Sai Micro Electronics Inc. Class A       4,500        14
    KPC Pharmaceuticals Inc. Class A       6,400        14
    China CAMC Engineering Co. Ltd. Class A      10,100        14
    Yantai Zhenghai Magnetic Material Co. Ltd. Class A       8,500        14
    Sinofibers Technology Co. Ltd. Class A       2,700        14
    Nanjing Yunhai Special Metals Co. Ltd. Class A       5,300        14
    Qingdao Haier Biomedical Co. Ltd. Class A       2,543        14
          Shares Market
Value•

($000)
    Hangzhou Electronic Soul Network Technology Co. Ltd. Class A       3,100        14
  * Guangdong Guanghua Sci-Tech Co. Ltd. Class A       6,500        14
    Hubei Yihua Chemical Industry Co. Ltd. Class A       9,000        14
    Jingjin Equipment Inc. Class A       3,760        14
    Jiangsu Amer New Material Co. Ltd. Class A      11,600        14
    Nuode New Materials Co. Ltd. Class A      17,200        14
    Wencan Group Co. Ltd. Class A       2,800        14
    Shenzhen Tagen Group Co. Ltd. Class A      14,300        13
    Fujian Star-net Communication Co. Ltd. Class A       5,100        13
    CETC Potevio Science & Technology Co. Ltd. Class A       4,600        13
  * Tianma Microelectronics Co. Ltd. Class A      11,400        13
  * Beijing SuperMap Software Co. Ltd. Class A       4,000        13
    Yunda Holding Co. Ltd. Class A       9,800        13
    C&S Paper Co. Ltd. Class A       9,200        13
    Shandong Hi-speed Co. Ltd. Class A      14,300        13
    Telling Telecommunication Holding Co. Ltd. Class A      10,900        13
    Zhejiang Medicine Co. Ltd. Class A       9,000        13
  * Gree Real Estate Co. Ltd. Class A      15,800        13
    Bafang Electric Suzhou Co. Ltd. Class A       1,680        13
    Pacific Shuanglin Bio-pharmacy Co. Ltd. Class A       5,300        13
    Winall Hi-Tech Seed Co. Ltd. Class A       8,960        13
    Jade Bird Fire Co. Ltd. Class A       5,590        13
    Wuxi NCE Power Co. Ltd. Class A       2,660        13
    Sineng Electric Co. Ltd. Class A       3,144        13
    Marssenger Kitchenware Co. Ltd. Class A       4,800        13
 
30

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B      16,700        12
    Guocheng Mining Co. Ltd. Class A       7,100        12
  * PCI Technology Group Co. Ltd. Class A      14,900        12
  * Times China Holdings Ltd.     184,000        12
    Wuhan Raycus Fiber Laser Technologies Co. Ltd. Class A       3,315        12
    Grandblue Environment Co. Ltd. Class A       4,800        12
    Laobaixing Pharmacy Chain JSC Class A       3,328        12
    Shenzhen Suntak Circuit Technology Co. Ltd. Class A       7,900        12
    Lier Chemical Co. Ltd. Class A       6,800        12
    Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A      12,800        12
    China Zheshang Bank Co. Ltd. Class A      33,540        12
    Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A      29,300        12
  * Guangdong Create Century Intelligent Equipment Group Corp. Ltd. Class A      14,600        12
    Ligao Foods Co. Ltd. Class A       1,200        12
    KBC Corp. Ltd. Class A       1,055        12
  * Tibet Mineral Development Co. Class A       3,600        12
    Guizhou Chanhen Chemical Corp. Class A       4,900        12
    Guangdong Jia Yuan Technology Shares Co. Ltd. Class A       4,293        12
    Jiangsu Cnano Technology Co. Ltd. Class A       3,205        12
    Jiangsu Huahong Technology Stock Co. Ltd. Class A       8,900        12
    Shanghai Bailian Group Co. Ltd. Class B      19,200        11
    Joyoung Co. Ltd. Class A       5,800        11
  * Shenzhen Airport Co. Ltd. Class A      11,600        11
    Hunan Aihua Group Co. Ltd. Class A       3,800        11
          Shares Market
Value•

($000)
    CNNC Hua Yuan Titanium Dioxide Co. Ltd. Class A      15,900        11
  * Tech-Bank Food Co. Ltd. Class A      18,000        11
    Shanghai AtHub Co. Ltd. Class A       3,360        11
    PharmaBlock Sciences Nanjing Inc. Class A       1,800        11
    Bank of Changsha Co. Ltd. Class A      10,000        11
    CTS International Logistics Corp. Ltd. Class A      10,800        11
    Chongqing Rural Commercial Bank Co. Ltd. Class A      20,400        11
    DBG Technology Co. Ltd. Class A       7,500        11
    Xiamen Xiangyu Co. Ltd. Class A      11,000        11
    Guangdong Aofei Data Technology Co. Ltd. Class A       8,207        11
    Longhua Technology Group Luoyang Co. Ltd. Class A      10,000        11
    QuakeSafe Technologies Co. Ltd. Class A       3,839        11
  * Archermind Technology Nanjing Co. Ltd. Class A       1,600        11
    Anhui Jiangnan Chemical Industry Co. Ltd. Class A      15,700        11
    Zhejiang Windey Co. Ltd. Class A       7,150        11
    Tongling Jingda Special Magnet Wire Co. Ltd. Class A      19,100        11
    Hunan Zhongke Electric Co. Ltd. Class A       7,500        11
    Suplet Power Co. Ltd. Class A       4,550        11
    Jiangsu Lopal Tech Co. Ltd. Class A       6,000        11
    People's Insurance Co. Group of China Ltd. Class A      13,900        11
    Zhejiang Tiantie Industry Co. Ltd. Class A      12,100        11
    Hand Enterprise Solutions Co. Ltd. Class A       8,300        10
  * RiseSun Real Estate Development Co. Ltd. Class A      28,700        10
    Shenzhen Ysstech Info-tech Co. Ltd. Class A       7,600        10
  * Sichuan Haite High-tech Co. Ltd. Class A       7,900        10
 
31

 

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          Shares Market
Value•

($000)
  * Guangdong Dongfang Precision Science & Technology Co. Ltd. Class A      13,700        10
  * Fangda Special Steel Technology Co. Ltd. Class A      15,200        10
  * Aotecar New Energy Technology Co. Ltd. Class A      30,000        10
    Beijing Aerospace Shenzhou Intelligent Equipment Technology Co. Ltd. Class A       6,600        10
  * Orient Group Inc. Class A      32,200        10
    Shenzhen Changhong Technology Co. Ltd. Class A       5,000        10
  * China Express Airlines Co. Ltd. Class A       9,600        10
  * CanSino Biologics Inc. Class A         948        10
    Zhejiang Qianjiang Motorcycle Co. Ltd. Class A       4,800        10
    Zhongtai Securities Co. Ltd. Class A       9,800        10
    Shandong WIT Dyne Health Co. Ltd. Class A       2,300        10
  * Bestway Marine & Energy Technology Co. Ltd. Class A      16,200        10
  * Jinlei Technology Co. Ltd. Class A       2,700        10
    Luyang Energy-Saving Materials Co. Ltd.       4,400        10
    Zhejiang Shuanghuan Driveline Co. Ltd. Class A       2,200        10
  * Shenzhen Fine Made Electronics Group Co. Ltd. Class A       2,200        10
    Jiangsu Boqian New Materials Stock Co. Ltd. Class A       2,400        10
    Xilinmen Furniture Co. Ltd. Class A       3,600        10
    Beijing Dahao Technology Corp. Ltd. Class A       4,920        10
    Eastern Communications Co. Ltd. Class B      24,000         9
  * Dongjiang Environmental Co. Ltd. Class A      11,300         9
  * STO Express Co. Ltd. Class A       6,300         9
    FAWER Automotive Parts Co. Ltd. Class A      12,500         9
          Shares Market
Value•

($000)
  * 5I5J Holding Group Co. Ltd. Class A      20,800         9
    Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A       1,200         9
    Heilongjiang Agriculture Co. Ltd. Class A       4,800         9
    Hainan Poly Pharm Co. Ltd. Class A       3,500         9
    Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A       2,100         9
    Joincare Pharmaceutical Group Industry Co. Ltd. Class A       5,900         9
    Ningbo Peacebird Fashion Co. Ltd. Class A       3,600         9
    Wuhu Token Science Co. Ltd. Class A      11,500         9
  * Focused Photonics Hangzhou Inc. Class A       4,200         9
    Zhongshan Broad Ocean Motor Co. Ltd. Class A      12,700         9
    Shanghai Stonehill Technology Co. Ltd. Class A      20,000         9
    Shandong Hi-Speed Road & Bridge Co. Ltd. Class A      10,100         9
    Goldenmax International Group Ltd. Class A       7,000         9
    Zhejiang Garden Biopharmaceutical Co. Ltd. Class A       5,500         9
    Mayinglong Pharmaceutical Group Co. Ltd. Class A       3,000         9
    Shanghai Runda Medical Technology Co. Ltd. Class A       4,900         9
    Monalisa Group Co. Ltd. Class A       3,500         9
    Hangzhou Dptech Technologies Co. Ltd. Class A       4,350         9
    Bear Electric Appliance Co. Ltd. Class A       1,100         9
  * Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. Class A       5,000         9
    Shenzhen Microgate Technology Co. Ltd. Class A       7,000         9
    Zhejiang Hailide New Material Co. Ltd. Class A      12,000         9
  * Ningxia Zhongyin Cashmere Co. Ltd. Class A      36,600         9
 
32


 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Ningbo Huaxiang Electronic Co. Ltd. Class A       4,200         8
    Chengdu Kanghong Pharmaceutical Group Co. Ltd. Class A       3,700         8
    Qingdao Eastsoft Communication Technology Co. Ltd. Class A       4,000         8
    Bluestar Adisseo Co. Class A       7,400         8
    Renhe Pharmacy Co. Ltd. Class A       8,300         8
    Sumavision Technologies Co. Ltd. Class A      11,000         8
    Xuji Electric Co. Ltd. Class A       3,100         8
    Shennan Circuits Co. Ltd. Class A         900         8
    Shandong Xiantan Co. Ltd. Class A       7,300         8
    Guangzhou Zhiguang Electric Co. Ltd. Class A       7,900         8
    Shenzhen Center Power Tech Co. Ltd. Class A       3,900         8
  * Zhejiang Tianyu Pharmaceutical Co. Ltd. Class A       2,660         8
    Tibet Rhodiola Pharmaceutical Holding Co. Class A       1,200         8
    Sichuan Jiuzhou Electric Co. Ltd. Class A       9,400         8
  * Anhui Tatfook Technology Co. Ltd. Class A       6,000         8
    Zhejiang Orient Gene Biotech Co. Ltd. Class A       1,543         8
    Truking Technology Ltd. Class A       4,900         8
    Shantui Construction Machinery Co. Ltd. Class A      11,900         8
  * Yuzhou Group Holdings Co. Ltd.     319,000         7
  * Hytera Communications Corp. Ltd. Class A       8,400         7
    Shenzhen Yan Tian Port Holding Co. Ltd. Class A      10,800         7
  * Jinke Properties Group Co. Ltd. Class A      22,100         7
  * Beijing VRV Software Corp. Ltd. Class A      10,400         7
    Aerospace Hi-Tech Holdings Group Ltd. Class A       4,900         7
          Shares Market
Value•

($000)
    Chongqing Zongshen Power Machinery Co. Ltd. Class A       7,900         7
  * Gansu Qilianshan Cement Group Co. Ltd. Class A       4,300         7
    Shanghai Zijiang Enterprise Group Co. Ltd. Class A      10,000         7
    COFCO Biotechnology Co. Ltd. Class A       7,000         7
    Shandong Jincheng Pharmaceutical Group Co. Ltd. Class A       2,800         7
    Zhejiang Jiecang Linear Motion Technology Co. Ltd. Class A       2,700         7
  * Lushang Freda Pharmaceutical Co. Ltd. Class A       5,800         7
  * Wuxi Boton Technology Co. Ltd. Class A       2,600         7
  * INKON Life Technology Co. Ltd. Class A       5,300         7
  * Lancy Co. Ltd. Class A       2,300         7
    Shenzhen Click Technology Co. Ltd. Class A       4,400         7
    Shanghai Fullhan Microelectronics Co. Ltd. Class A       1,000         7
    Hangzhou Onechance Tech Corp. Class A       2,000         7
  * Shanghai Bright Power Semiconductor Co. Ltd. Class A         424         7
    Yibin Tianyuan Group Co. Ltd. Class A       9,000         7
    Shenzhen Das Intellitech Co. Ltd. Class A      12,700         6
    Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A       9,000         6
  * Konka Group Co. Ltd. Class A      10,500         6
    Anhui Jinhe Industrial Co. Ltd. Class A       2,000         6
  * Huafon Microfibre Shanghai Technology Co. Ltd. Class A      12,400         6
    BGI Genomics Co. Ltd. Class A         800         6
    Luoniushan Co. Ltd. Class A       7,800         6
    Han's Laser Technology Industry Group Co. Ltd. Class A       1,800         6
    Digital China Information Service Co. Ltd. Class A       3,500         6
 
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Table of Contents
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          Shares Market
Value•

($000)
    Xiamen Kingdomway Group Co. Class A       2,400         6
    Zhejiang Orient Financial Holdings Group Co. Ltd. Class A      11,700         6
    Quectel Wireless Solutions Co. Ltd. Class A         869         6
    Gansu Shangfeng Cement Co. Ltd. Class A       4,920         6
    PhiChem Corp. Class A       2,600         6
    Client Service International Inc. Class A       2,850         6
    Xinzhi Group Co. Ltd. Class A       3,000         6
    Anhui Huilong Agricultural Means of Production Co. Ltd. Class A       6,100         6
    Jenkem Technology Co. Ltd. Class A         437         6
    Shanghai Shibei Hi-Tech Co. Ltd. Class B      29,400         5
    Chengzhi Co. Ltd. Class A       4,900         5
 *,1 China Aoyuan Group Ltd.      91,000         5
  * Shanying International Holding Co. Ltd. Class A      15,900         5
    ADAMA Ltd. Class A       5,000         5
    Electric Connector Technology Co. Ltd. Class A       1,100         5
  * YanTai Shuangta Food Co. Ltd. Class A       8,100         5
    Fulin Precision Co. Ltd. Class A       3,750         5
    Zhejiang Starry Pharmaceutical Co. Ltd. Class A       2,800         5
    Shandong Head Group Co. Ltd. Class A       2,000         5
  * Jin Tong Ling Technology Group Co. Ltd. Class A      12,200         5
  * Beijing North Star Co. Ltd. Class H      44,000         4
    Shenzhen Leaguer Co. Ltd. Class A       3,200         4
    Guangdong Advertising Group Co. Ltd. Class A       5,100         4
  * Beijing Compass Technology Development Co. Ltd. Class A         500         4
  * Differ Group Auto Ltd.     488,000         4
    Skyworth Digital Co. Ltd. Class A       1,700         3
    Maccura Biotechnology Co. Ltd. Class A       1,500         3
          Shares Market
Value•

($000)
    Wuhan Fingu Electronic Technology Co. Ltd. Class A       2,100         3
    Shandong Dongyue Organosilicon Material Co. Ltd. Class A       2,200         3
    Chengdu Wintrue Holding Co. Ltd. Class A       2,200         3
    Xizi Clean Energy Equipment Manufacturing Co. Ltd. Class A         900         2
    BrightGene Bio-Medical Technology Co. Ltd. Class A         889         2
    Foryou Corp. Class A         500         2
  * Triumph New Energy Co. Ltd. Class A         300         1
 *,1 Yango Group Co. Ltd. Class A      15,800         1
 *,1 China Zhongwang Holdings Ltd.     133,200        —
                          251,098
Colombia (0.0%)
    Bancolombia SA      53,281       379
    Interconexion Electrica SA ESP      69,057       253
    Bancolombia SA ADR       3,800       101
                              733
Czech Republic (0.0%)
    Komercni Banka A/S      16,385       512
  2 Moneta Money Bank A/S      78,199       291
                              803
Denmark (2.3%)
    Novo Nordisk A/S Class B     259,788    47,919
    DSV A/S      29,685     5,637
  * Genmab A/S      10,967     4,202
  * Vestas Wind Systems A/S     167,435     3,869
    Coloplast A/S Class B (XCSE)      19,843     2,260
    AP Moller - Maersk A/S Class B       1,071     1,944
    Pandora A/S      14,639     1,516
    Novozymes A/S Class B      34,907     1,511
    Chr Hansen Holding A/S      17,821     1,162
    Tryg A/S      54,222     1,034
    Ringkjoebing Landbobank A/S       5,511       816
    SimCorp A/S       6,773       720
  * Demant A/S      16,451       672
  * Jyske Bank A/S (Registered)       7,959       566
  * GN Store Nord A/S      24,544       501
    Sydbank A/S      10,541       495
  * NKT A/S       8,757       474
  * Ambu A/S Class B      29,441       356
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
  * Zealand Pharma A/S Class A       9,400       350
    ROCKWOOL A/S Class B       1,258       321
  * Bavarian Nordic A/S      12,217       271
    Topdanmark A/S       5,466       259
  * ALK-Abello A/S Class B      19,927       237
    AP Moller - Maersk A/S Class A         131       234
    D/S Norden A/S       4,550       218
    H Lundbeck A/S      38,008       193
 *,2 Netcompany Group A/S       5,066       192
    Alm Brand A/S     109,972       182
  * Chemometec A/S       2,439       149
    Spar Nord Bank A/S       9,375       141
  * NTG Nordic Transport Group A/S       2,231       122
    TORM plc Class A       4,874       120
    Dfds A/S       3,398       114
  * Coloplast A/S Class B         926       106
    Schouw & Co. A/S         966        71
    H Lundbeck A/S Class A       3,013        13
                           78,947
Egypt (0.0%)
    Commercial International Bank Egypt SAE     351,576       648
  * EFG Holding S.A.E.     224,472       116
    Telecom Egypt Co.      67,366        57
    Madinet Masr For Housing & Development     440,666        48
                              869
Finland (0.8%)
    Nordea Bank Abp     571,625     6,259
    Nokia OYJ     881,684     3,526
    Sampo OYJ Class A      80,076     3,515
    UPM-Kymmene OYJ      86,562     2,962
    Kone OYJ Class B      55,527     2,526
    Stora Enso OYJ     104,286     1,326
    Elisa OYJ      26,755     1,313
    Kesko OYJ Class B      48,089       939
    Valmet OYJ      29,055       739
    Orion OYJ Class B      16,923       692
    Huhtamaki OYJ      13,528       465
    TietoEVRY OYJ      12,926       316
    Kojamo OYJ      29,350       292
    Uponor OYJ       8,761       277
    Kemira OYJ      15,535       246
  * QT Group OYJ       3,324       212
    Nokian Renkaat OYJ      22,781       197
  2 Terveystalo OYJ      12,303       104
    Tokmanni Group Corp.       6,631        98
    Revenio Group OYJ       2,865        73
    Citycon OYJ      10,816        66
    Sanoma OYJ       8,012        62
    YIT OYJ      17,941        44
    F-Secure OYJ      15,991        41
  * Finnair OYJ      62,177        35
 *,1 Ahlstrom-Munksjo OYJ         884        17
          Shares Market
Value•

($000)
    Raisio OYJ       4,240         9
    Oriola OYJ Class B       4,424         5
                           26,356
France (4.5%)
    Sanofi     180,475    19,221
    L'Oreal SA      38,307    16,826
    BNP Paribas SA     183,157    11,844
    Hermes International SCA       5,632    11,583
    EssilorLuxottica SA      49,530     9,310
    AXA SA     296,159     8,898
    Kering SA      12,017     6,426
    Danone SA     101,759     5,932
    STMicroelectronics NV     107,721     5,084
    Legrand SA      45,495     4,482
    Cie Generale des Etablissements Michelin SCA     120,375     3,766
    Orange SA     303,551     3,408
    Societe Generale SA     116,283     3,294
    Publicis Groupe SA      38,989     3,042
    Edenred      42,521     2,710
    Credit Agricole SA     188,136     2,372
    Carrefour SA     100,924     1,929
    Sodexo SA      13,141     1,410
 *,2 Worldline SA      41,788     1,360
    Teleperformance SE       9,757     1,348
    Eurofins Scientific SE      20,408     1,256
    Arkema SA      11,702     1,223
    Vivendi SE     124,742     1,136
    Gecina SA      10,436     1,116
    Sartorius Stedim Biotech       3,908     1,108
    Accor SA      30,947     1,107
    Getlink SE      63,905     1,070
    Klepierre SA      38,638     1,021
    Rexel SA      43,462     1,019
  * Unibail-Rodamco-Westfield      17,245       920
    SCOR SE      26,436       822
    Elis SA      40,690       777
  * SOITEC       4,240       775
    Ipsen SA       5,642       731
    Valeo SE      36,991       719
    BioMerieux       6,809       703
    Aeroports de Paris       5,173       681
    Wendel SE       6,590       602
  2 Amundi SA       8,982       535
    SES SA Class A ADR      71,065       517
    Covivio SA      10,369       506
  2 Verallia SA      10,369       495
    Eurazeo SE       8,356       492
  * Ubisoft Entertainment SA      16,123       488
  * Forvia SE (XPAR)      22,754       482
    SEB SA       4,243       465
    Sopra Steria Group SACA       2,028       446
  2 Neoen SA      10,105       303
    Rubis SCA      11,559       282
    IPSOS       5,456       273
  * Air France-KLM      17,648       269
 
35

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Societe BIC SA       3,005       192
    Sodexo SA French Loyalty Line       1,731       186
  * JCDecaux SE       9,912       184
    Virbac SA         618       184
    Rothschild & Co.       4,287       180
    Coface SA      13,403       179
    Imerys SA       5,164       176
  2 ALD SA      17,494       169
    Interparfums SA       2,514       166
    Trigano SA       1,174       165
  3 Eutelsat Communications SA      26,152       159
    Peugeot Invest       1,412       157
  * SES-imagotag SA       1,260       149
    Lagardere SA       6,228       147
  * Voltalia SA (Registered)       7,203       126
    ICADE       3,310       125
  * Carmila SA       7,818       122
    Metropole Television SA       8,254       113
    Cie Plastic Omnium SE       6,334       111
 *,3 Valneva SE      15,268       105
  * Euroapi SA       6,766        92
    Nexity SA       5,129        85
    Argan SA         955        77
    Mercialys SA       8,169        76
    Quadient SA       3,391        70
    Beneteau SA       4,558        69
  * ID Logistics Group         256        67
  * Forvia SE (MTAA)       2,833        60
    Antin Infrastructure Partners SA       4,064        60
    Television Francaise 1       7,087        58
 *,2 X-Fab Silicon Foundries SE       5,051        57
    Clariane SE       8,211        56
    Derichebourg SA       9,125        50
    Fnac Darty SA       1,500        47
    LISI       1,700        42
  2 Maisons du Monde SA       4,411        41
  * OVH Groupe SAS       4,002        41
    Vetoquinol SA         410        39
 *,2 Elior Group SA      15,833        35
    Bonduelle SCA       2,165        26
    Manitou BF SA         983        26
 *,2 SMCP SA       3,555        23
  * Believe SA       2,144        22
 *,3 Casino Guichard Perrachon SA       4,805        15
    GL Events         718        15
    Vicat SA         393        13
    Jacquet Metals SACA         618        12
    Equasens         152        12
    Lisi SA         498        12
 *,2 Aramis Group SAS       2,503        11
    Altarea SCA          93         9
    Boiron SA          65         4
                          151,001
Germany (5.1%)
    SAP SE     181,677    25,345
    Allianz SE (Registered)      65,908    16,021
          Shares Market
Value•

($000)
    Deutsche Telekom AG (Registered)     559,778    11,981
    Mercedes-Benz Group AG     142,476    10,426
    Bayer AG (Registered)     163,205     8,929
    Infineon Technologies AG     216,418     7,734
    DHL Group     157,976     7,367
    adidas AG      27,542     5,497
    Bayerische Motoren Werke AG      52,187     5,489
    Deutsche Boerse AG      30,532     5,420
    Merck KGaA      21,586     3,875
    Deutsche Bank AG (Registered)     336,745     3,663
    Daimler Truck Holding AG      78,229     2,753
    Vonovia SE     114,003     2,735
    Symrise AG Class A      22,275     2,322
    Beiersdorf AG      17,418     2,281
  2 Siemens Healthineers AG      45,050     2,255
    Fresenius SE & Co. KGaA      69,643     2,233
    Brenntag SE      26,928     2,178
    Hannover Rueck SE      10,230     2,176
    Heidelberg Materials AG      24,686     1,985
    Commerzbank AG     174,415     1,916
  * QIAGEN NV      39,796     1,816
    Henkel AG & Co. KGaA      25,637     1,772
    Fresenius Medical Care AG & Co. KGaA      34,836     1,677
 *,2 Covestro AG      30,793     1,635
    Continental AG      18,599     1,380
    Puma SE      17,655     1,183
 *,2 Delivery Hero SE      32,079     1,170
 *,2 Zalando SE      37,606     1,169
    GEA Group AG      28,778     1,135
  2 Scout24 SE      13,517       931
  * LEG Immobilien SE      12,870       927
  * Deutsche Lufthansa AG (Registered)      99,845       892
  * HelloFresh SE      27,543       888
    HUGO BOSS AG      10,890       820
    Gerresheimer AG       5,802       753
    FUCHS SE      22,462       737
    Knorr-Bremse AG      10,541       720
    Bechtle AG      14,491       705
    Freenet AG      28,200       675
    AIXTRON SE      17,609       669
    K+S AG (Registered)      34,818       654
    Nemetschek SE       9,328       644
    Evonik Industries AG      33,382       640
  * Evotec SE      26,838       629
    Carl Zeiss Meditec AG       6,073       602
    Rational AG         758       577
    Talanx AG       7,940       534
    LANXESS AG      16,738       528
    KION Group AG      12,990       519
    Aurubis AG       5,306       439
 *,2 TeamViewer SE      23,522       436
    Wacker Chemie AG       2,187       322
 
36

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    United Internet AG (Registered)      16,451       316
    Siltronic AG       3,920       313
  * Fraport AG Frankfurt Airport Services Worldwide       5,751       311
    Stabilus SE       5,198       292
  * Encavis AG      17,519       268
  * TAG Immobilien AG      23,320       264
  3 ProSiebenSat.1 Media SE      33,053       262
  * Nordex SE      20,001       239
  * Aroundtown SA     132,750       239
  * Software AG       6,785       234
    Hella GmbH & Co. KGaA       3,181       227
    Telefonica Deutschland Holding AG     116,033       221
  2 Befesa SA       5,842       215
  * Vitesco Technologies Group AG       2,530       200
    Duerr AG       6,459       193
    Jenoptik AG       6,378       187
    CompuGroup Medical SE & Co. KGaA       3,988       186
    CANCOM SE       6,192       180
    Suedzucker AG      11,157       180
    Krones AG       1,648       178
    Kontron AG       7,644       166
  * MorphoSys AG       5,355       161
    Salzgitter AG       5,339       157
    Fielmann Group AG       3,222       151
    Sixt SE       1,407       150
    Deutsche Wohnen SE       6,329       145
    VERBIO Vereinigte BioEnergie AG       3,048       144
    Synlab AG      13,286       136
    PNE AG       9,583       132
  * Hypoport SE         693       129
    Stroeer SE & Co. KGaA       2,800       127
  * Grand City Properties SA      13,736       123
 *,2 Auto1 Group SE      14,476       121
  * flatexDEGIRO AG      13,702       120
  * SUSE SA       7,029       118
 *,2 Redcare Pharmacy NV         980       117
    GRENKE AG       4,528       115
    RTL Group SA       3,068       113
  * SMA Solar Technology AG       1,388       112
  * METRO AG      13,995       111
  2 Deutsche Pfandbriefbank AG      13,314       105
    Atoss Software AG         423       103
    Dermapharm Holding SE       2,010        96
    Energiekontor AG         948        90
    Wacker Neuson SE       3,980        88
    Eckert & Ziegler Strahlen- und Medizintechnik AG       2,398        86
 *,3 Nagarro SE       1,094        82
          Shares Market
Value•

($000)
    1&1 AG       5,343        79
    Norma Group SE       4,214        77
    Vossloh AG       1,407        63
    Deutz AG      12,936        61
  * CECONOMY AG      22,876        60
    Draegerwerk AG & Co. KGaA       1,290        53
    STRATEC SE         976        53
    GFT Technologies SE       1,903        53
  * Adtran Networks SE       2,375        52
    Hornbach Holding AG & Co. KGaA         649        51
  2 DWS Group GmbH & Co. KGaA       1,444        50
    Adesso SE         385        48
    Secunet Security Networks AG         181        44
    Takkt AG       2,938        43
    New Work SE         399        43
    Software AG (XETR)       1,198        41
 *,3 Varta AG       1,838        40
  2 Instone Real Estate Group SE       5,402        35
    PATRIZIA SE       3,200        31
    Deutsche Beteiligungs AG         832        29
  * About You Holding SE       4,154        28
    DIC Asset AG       5,723        27
    KWS Saat SE & Co. KGaA         396        24
    BayWa AG         684        24
    Basler AG       1,584        24
    CropEnergies AG       2,432        22
    Deutsche EuroShop AG         797        18
    ElringKlinger AG       1,438         9
    Wuestenrot & Wuerttembergische AG         318         5
    Hamburger Hafen und Logistik AG         346         4
                          171,953
Greece (0.1%)
  * Eurobank Ergasias Services & Holdings SA     445,726       773
  * Alpha Services & Holdings SA     362,655       610
    Hellenic Telecommunications Organization SA      38,776       579
  * National Bank of Greece SA      82,397       559
    JUMBO SA      16,061       496
  * Piraeus Financial Holdings SA     121,034       417
  * Aegean Airlines SA      11,894       170
    Fourlis Holdings SA      22,860       115
    Hellenic Exchanges - Athens Stock Exchange SA      17,518       100
    Terna Energy SA       5,096        91
 
37

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    GEK Terna Holding Real Estate Construction SA       5,870        86
    Titan Cement International SA       2,698        54
    Autohellas Tourist & Trading SA       2,922        45
    Sarantis SA       4,643        39
  * Ellaktor SA      13,171        36
    Viohalco SA       4,507        34
  * Holding Co. ADMIE IPTO SA      12,993        32
    Quest Holdings SA       2,608        18
  * LAMDA Development SA         930         7
                            4,261
Hong Kong (1.6%)
    AIA Group Ltd.   1,933,800    17,498
    Hong Kong Exchanges & Clearing Ltd.     211,600     8,201
    Sun Hung Kai Properties Ltd.     240,500     2,707
    Techtronic Industries Co. Ltd.     219,500     2,165
    Link REIT     431,220     2,138
    BOC Hong Kong Holdings Ltd.     614,000     1,706
    Hang Seng Bank Ltd.     125,200     1,596
    Lenovo Group Ltd.   1,284,000     1,451
    Wharf Real Estate Investment Co. Ltd.     268,000     1,117
    MTR Corp. Ltd.     220,500       920
  2 WH Group Ltd.   1,520,592       783
    Sino Land Co. Ltd.     626,000       717
 *,2 Samsonite International SA     203,400       681
  2 ESR Group Ltd.     447,400       671
    Hongkong Land Holdings Ltd.     178,800       634
    Want Want China Holdings Ltd.     844,000       558
    ASMPT Ltd.      54,800       548
    PRADA SpA      83,200       543
    Henderson Land Development Co. Ltd.     180,400       495
    PCCW Ltd.   1,025,590       488
    Hang Lung Properties Ltd.     343,000       457
    Swire Pacific Ltd. Class B     345,000       455
    SITC International Holdings Co. Ltd.     238,000       444
    Swire Properties Ltd.     208,600       436
    Chow Tai Fook Jewellery Group Ltd.     279,000       423
    Swire Pacific Ltd. Class A      49,000       404
    Wharf Holdings Ltd.     164,000       347
    Bank of East Asia Ltd.     236,800       337
    Orient Overseas International Ltd.      20,500       275
    Hysan Development Co. Ltd.     127,000       265
          Shares Market
Value•

($000)
    L'Occitane International SA      72,000       255
    AAC Technologies Holdings Inc.     126,500       245
  2 BOC Aviation Ltd.      29,200       219
    Pacific Basin Shipping Ltd.     747,000       202
    Vitasoy International Holdings Ltd.     130,000       168
    Giordano International Ltd.     420,000       161
    Man Wah Holdings Ltd.     207,200       151
    VTech Holdings Ltd.      22,600       138
    Luk Fook Holdings International Ltd.      55,180       137
    Fortune REIT     220,000       137
  * MMG Ltd.     408,000       135
    Kerry Properties Ltd.      72,500       134
    First Pacific Co. Ltd.     304,000       129
    Yue Yuen Industrial Holdings Ltd.     103,000       129
  * Cowell e Holdings Inc.      58,000       114
  * Cathay Pacific Airways Ltd.      92,181        98
    DFI Retail Group Holdings Ltd.      39,400        97
  * Shangri-La Asia Ltd.     134,000        92
    Nexteer Automotive Group Ltd.     142,000        91
    Hang Lung Group Ltd.      57,000        79
  * China Travel International Investment Hong Kong Ltd.     412,000        78
  * IGG Inc.     159,000        75
 *,2 Sirnaomics Ltd.      11,950        74
  * Theme International Holdings Ltd.     770,000        73
    United Laboratories International Holdings Ltd.      80,000        71
  * Vobile Group Ltd.     247,000        71
    Hong Kong Technology Venture Co. Ltd.     148,000        66
    Johnson Electric Holdings Ltd.      48,500        65
    Champion REIT     180,000        58
    LK Technology Holdings Ltd.      57,500        55
    Cafe de Coral Holdings Ltd.      40,000        49
    Beijing Tong Ren Tang Chinese Medicine Co. Ltd.      27,000        49
    Dah Sing Financial Holdings Ltd.      22,000        48
    Stella International Holdings Ltd.      46,000        48
    HKBN Ltd.      97,500        47
    Value Partners Group Ltd.     129,000        44
 
38

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
  * Realord Group Holdings Ltd.      64,000        44
    Chow Sang Sang Holdings International Ltd.      35,000        42
    Dah Sing Banking Group Ltd.      58,800        40
    Far East Consortium International Ltd.     168,000        38
    Kerry Logistics Network Ltd.      39,500        37
 *,2 Fosun Tourism Group      36,400        37
    SmarTone Telecommunications Holdings Ltd.      65,000        36
    Asia Cement China Holdings Corp.      93,000        36
*,2,3 Everest Medicines Ltd.      15,500        36
 *,2 FIT Hon Teng Ltd.     221,000        30
  2 IMAX China Holding Inc.      24,100        29
 *,2 Hua Medicine     133,000        29
 *,2 Jacobio Pharmaceuticals Group Co. Ltd.      60,900        29
    Hutchison Telecommunications Hong Kong Holdings Ltd.     202,000        28
    VSTECS Holdings Ltd.      52,000        27
    Truly International Holdings Ltd.     234,000        26
    Texhong International Group Ltd.      49,000        26
  * Vesync Co. Ltd.      64,000        26
  * Shun Tak Holdings Ltd.     180,000        25
 *,2 JS Global Lifestyle Co. Ltd.     176,000        25
  * C-Mer Eye Care Holdings Ltd.      52,000        24
  * Powerlong Real Estate Holdings Ltd.     218,000        23
 *,2 Frontage Holdings Corp.      82,000        23
    Prosperity REIT     113,000        22
    Singamas Container Holdings Ltd.     216,000        20
  * Esprit Holdings Ltd.     357,471        19
  * Television Broadcasts Ltd.      38,900        19
    Powerlong Commercial Management Holdings Ltd.      37,000        19
    SUNeVision Holdings Ltd.      33,000        16
  * CMBC Capital Holdings Ltd.     164,250        16
  * Sa Sa International Holdings Ltd.     106,000        15
    EC Healthcare      31,000        15
    Texwinca Holdings Ltd.      96,000        14
  * Haitong International Securities Group Ltd.     144,430        12
          Shares Market
Value•

($000)
 *,2 JW Cayman Therapeutics Co. Ltd.      37,500        11
  * Apollo Future Mobility Group Ltd.     864,000        10
 *,2 Antengene Corp. Ltd.      55,500         9
    K Wah International Holdings Ltd.      26,000         8
  * Renze Harvest International Ltd.     168,000         6
    CITIC Telecom International Holdings Ltd.      12,000         5
    Sun Hung Kai & Co. Ltd.      11,000         4
    Guotai Junan International Holdings Ltd.      25,000         2
 *,1 MH Development Ltd.       6,000        —
                           54,300
Hungary (0.1%)
    OTP Bank Nyrt.      39,195     1,599
    Richter Gedeon Nyrt.      26,163       655
    Magyar Telekom Telecommunications plc      55,008        73
                            2,327
Iceland (0.0%)
  2 Arion Banki HF     240,114       258
    Sjova-Almennar Tryggingar hf     152,709        40
    Vatryggingafelag Islands Hf     226,296        33
    Siminn HF     238,478        19
                              350
India (4.4%)
    Infosys Ltd.     581,585    10,078
    HDFC Bank Ltd.     489,061     9,261
    Hindustan Unilever Ltd.     146,896     4,444
    Axis Bank Ltd.     375,932     4,417
    Bharti Airtel Ltd.     425,072     4,151
    Bajaj Finance Ltd.      39,422     3,407
    ICICI Bank Ltd.     253,274     2,924
    Asian Paints Ltd.      73,398     2,886
    Maruti Suzuki India Ltd.      21,967     2,653
    Titan Co. Ltd.      68,325     2,560
    HCL Technologies Ltd.     180,837     2,558
    Sun Pharmaceutical Industries Ltd.     176,050     2,360
    State Bank of India     292,319     1,980
    UltraTech Cement Ltd.      18,558     1,859
    Nestle India Ltd.       5,724     1,519
    Power Grid Corp. of India Ltd.     510,538     1,507
    Dr Reddy's Laboratories Ltd.      19,804     1,340
    Adani Ports & Special Economic Zone Ltd.     135,703     1,297
    Grasim Industries Ltd.      58,872     1,273
  2 HDFC Life Insurance Co. Ltd.     161,528     1,257
    Cipla Ltd.      79,944     1,213
    Bajaj Finserv Ltd.      63,185     1,135
 
39

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Wipro Ltd.     227,359     1,120
    Shriram Finance Ltd.      46,310     1,078
  * Zomato Ltd.     912,809     1,074
 *,2 Avenue Supermarts Ltd.      23,805     1,070
  2 SBI Life Insurance Co. Ltd.      68,385     1,067
    Britannia Industries Ltd.      19,089     1,030
    Tata Consumer Products Ltd.      94,053       947
    Apollo Hospitals Enterprise Ltd.      15,960       927
    Divi's Laboratories Ltd.      21,133       916
    Eicher Motors Ltd.      22,603       910
  * Max Healthcare Institute Ltd.     122,867       875
    Cholamandalam Investment & Finance Co. Ltd.      63,516       860
    Varun Beverages Ltd.      72,510       787
  * Adani Green Energy Ltd.      69,599       779
    Hero MotoCorp Ltd.      21,439       755
    Trent Ltd.      30,132       745
  * Godrej Consumer Products Ltd.      58,149       706
    Pidilite Industries Ltd.      23,176       704
 *,2 InterGlobe Aviation Ltd.      23,193       682
  * Yes Bank Ltd.   3,339,275       677
    SRF Ltd.      23,167       659
    Indian Hotels Co. Ltd. Class A     128,150       651
  2 ICICI Lombard General Insurance Co. Ltd.      39,834       632
    Bajaj Auto Ltd.      11,215       624
    Info Edge India Ltd.      11,838       619
    TVS Motor Co. Ltd.      35,854       614
    Marico Ltd.      89,032       613
    Havells India Ltd.      36,632       612
    Dabur India Ltd.      91,286       609
    Ambuja Cements Ltd.     115,783       599
    UPL Ltd.      82,058       586
  * IDFC First Bank Ltd.     520,672       586
    Coforge Ltd.       8,861       584
    CG Power & Industrial Solutions Ltd.     111,728       579
    Persistent Systems Ltd.       8,787       569
    DLF Ltd.      91,219       555
    PI Industries Ltd.      12,626       553
    Tube Investments of India Ltd.      15,724       550
    APL Apollo Tubes Ltd.      27,072       548
    Power Finance Corp. Ltd.     173,554       545
    Supreme Industries Ltd.      10,002       538
  2 HDFC Asset Management Co. Ltd.      16,657       508
    Federal Bank Ltd.     288,374       501
    Colgate-Palmolive India Ltd.      21,308       500
    Lupin Ltd.      36,696       486
    Tata Elxsi Ltd.       5,517       482
  * Delhivery Ltd.      91,155       481
    REC Ltd.     163,642       471
          Shares Market
Value•

($000)
  2 AU Small Finance Bank Ltd.      53,712       469
    Mphasis Ltd.      15,941       467
    Page Industries Ltd.         956       463
    Ashok Leyland Ltd.     203,119       451
  * Max Financial Services Ltd.      39,681       447
  * Suzlon Energy Ltd.   1,458,219       432
  2 ICICI Prudential Life Insurance Co. Ltd.      63,255       431
    Voltas Ltd.      40,053       421
    SBI Cards & Payment Services Ltd.      42,716       421
    Astral Ltd.      17,818       420
    Polycab India Ltd.       6,751       417
    Bank of Baroda     183,685       415
    KPIT Technologies Ltd.      29,253       415
    Embassy Office Parks REIT     111,182       410
    Aurobindo Pharma Ltd.      40,137       402
    Indian Railway Catering & Tourism Corp. Ltd.      47,910       389
    Tata Communications Ltd.      17,870       386
    Zee Entertainment Enterprises Ltd.     119,688       379
    Balkrishna Industries Ltd.      13,507       379
    IIFL Finance Ltd.      51,715       379
    Samvardhana Motherson International Ltd.     325,624       376
    Jubilant Foodworks Ltd.      59,920       370
    Adani Total Gas Ltd.      47,263       363
    Indraprastha Gas Ltd.      64,138       362
    Bajaj Holdings & Investment Ltd.       3,984       358
  2 Sona Blw Precision Forgings Ltd.      49,110       353
  * FSN E-Commerce Ventures Ltd.     218,788       353
    Mahindra & Mahindra Financial Services Ltd.      96,880       348
    KEI Industries Ltd.      10,600       346
  2 Bandhan Bank Ltd.     124,169       344
    Berger Paints India Ltd.      39,014       338
    Muthoot Finance Ltd.      21,709       330
    Crompton Greaves Consumer Electricals Ltd.      90,905       329
    ACC Ltd.      13,561       328
    AIA Engineering Ltd.       7,314       326
  * Dixon Technologies India Ltd.       5,245       317
    Fortis Healthcare Ltd.      78,951       316
  * Indus Towers Ltd.     148,928       315
    Dalmia Bharat Ltd.      12,429       313
    Carborundum Universal Ltd.      22,595       310
    IDFC Ltd.     209,109       307
    Deepak Nitrite Ltd.      11,462       307
 
40

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
  * One 97 Communications Ltd.      29,662       306
    Sundram Fasteners Ltd.      19,854       305
    Kotak Mahindra Bank Ltd.      14,125       300
    Torrent Pharmaceuticals Ltd.      12,902       287
    Navin Fluorine International Ltd.       5,160       287
    Tata Chemicals Ltd.      22,342       286
 *,2 Macrotech Developers Ltd.      34,914       282
  2 Laurus Labs Ltd.      58,314       281
    Zydus Lifesciences Ltd.      37,093       280
    Schaeffler India Ltd.       7,534       278
    NMDC Ltd.     183,617       273
    LIC Housing Finance Ltd.      53,107       271
    Canara Bank      67,689       262
    Apollo Tyres Ltd.      54,622       256
    Blue Star Ltd.      28,290       253
    Kajaria Ceramics Ltd.      14,110       251
    Coromandel International Ltd.      18,638       245
  2 RBL Bank Ltd.      84,625       244
    Bosch Ltd.       1,084       243
    Linde India Ltd.       3,212       243
 *,2 Aster DM Healthcare Ltd.      60,595       243
    Union Bank of India Ltd.     231,832       240
    Piramal Enterprises Ltd.      18,819       239
    Cholamandalam Financial Holdings Ltd.      20,025       238
    Escorts Kubota Ltd.       6,114       233
    NCC Ltd.     113,086       231
    Oberoi Realty Ltd.      17,079       231
    Emami Ltd.      36,251       230
    Phoenix Mills Ltd.      10,508       228
    Biocon Ltd.      72,396       227
    Natco Pharma Ltd.      20,481       226
    Gujarat Fluorochemicals Ltd.       6,143       226
    Computer Age Management Services Ltd.       7,793       223
  * PVR Inox Ltd.      10,128       219
    SKF India Ltd.       3,474       219
    Atul Ltd.       2,438       216
    Amara Raja Batteries Ltd.      28,315       215
    Grindwell Norton Ltd.       7,784       214
    Ipca Laboratories Ltd.      20,194       213
    Poly Medicure Ltd.      12,009       212
    KEC International Ltd.      26,052       211
    Finolex Cables Ltd.      15,794       210
    Finolex Industries Ltd.      72,070       208
    NHPC Ltd.     339,704       206
    Prestige Estates Projects Ltd.      26,341       205
    Thermax Ltd.       6,011       204
    Narayana Hrudayalaya Ltd.      16,140       203
          Shares Market
Value•

($000)
    Elgi Equipments Ltd.      33,761       200
    Can Fin Homes Ltd.      21,911       199
    Sonata Software Ltd.      15,729       199
    Brigade Enterprises Ltd.      27,656       198
    EIH Ltd.      64,453       194
    Punjab National Bank     255,022       194
  * Aditya Birla Capital Ltd.      88,884       194
    JB Chemicals & Pharmaceuticals Ltd.       5,810       194
    V-Guard Industries Ltd.      50,797       193
    Motherson Sumi Wiring India Ltd.     257,220       193
    Westlife Foodworld Ltd.      16,809       190
    Exide Industries Ltd.      58,485       188
    Redington Ltd.      99,304       188
  2 Syngene International Ltd.      20,002       187
    JK Cement Ltd.       4,602       183
    Akzo Nobel India Ltd.       5,519       183
  2 Indian Railway Finance Corp. Ltd.     302,861       183
    Aarti Industries Ltd.      30,604       182
    Glenmark Pharmaceuticals Ltd.      19,567       181
    Suven Pharmaceuticals Ltd.      29,059       180
    Angel One Ltd.       7,915       179
  * Gujarat Gas Ltd.      32,791       178
  * CreditAccess Grameen Ltd.      10,221       175
    Manappuram Finance Ltd.      93,394       174
    Indian Bank      37,677       172
    Kansai Nerolac Paints Ltd.      42,100       169
    Bata India Ltd.       8,230       168
    IRB Infrastructure Developers Ltd.     491,950       168
    Birlasoft Ltd.      26,813       165
    CRISIL Ltd.       3,429       164
    Bayer CropScience Ltd.       2,800       163
    UNO Minda Ltd.      22,490       163
  2 ICICI Securities Ltd.      21,613       163
    Chambal Fertilisers & Chemicals Ltd.      48,046       160
    Mahanagar Gas Ltd.      12,969       160
  * Devyani International Ltd.      67,918       160
    Lakshmi Machine Works Ltd.         860       159
    Bank of India     150,769       156
    BSE Ltd.      12,146       156
    Oracle Financial Services Software Ltd.       3,124       155
    Karur Vysya Bank Ltd.     102,986       151
    Zensar Technologies Ltd.      23,716       151
    Vedant Fashions Ltd.       9,932       151
    KPR Mill Ltd.      16,373       150
    Alkem Laboratories Ltd.       3,359       148
    Sumitomo Chemical India Ltd.      27,465       146
 
41

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
 *,2 PNB Housing Finance Ltd.      18,371       144
  * Aditya Birla Fashion & Retail Ltd.      54,020       143
    360 ONE WAM Ltd.      24,360       143
  * Aavas Financiers Ltd.       7,197       142
  2 Dr Lal PathLabs Ltd.       5,395       142
  2 Mindspace Business Parks REIT      38,203       142
    Mastek Ltd.       4,950       142
    Whirlpool of India Ltd.       7,161       141
    Gateway Distriparks Ltd.     136,208       141
 *,2 Lemon Tree Hotels Ltd.     107,192       141
  2 Nippon Life India Asset Management Ltd.      37,289       140
    Central Depository Services India Ltd.      10,163       140
    Intellect Design Arena Ltd.      15,767       140
    Poonawalla Fincorp Ltd.      27,778       140
    Hindustan Zinc Ltd.      36,232       139
  2 IndiaMart InterMesh Ltd.       3,770       139
    Kalyan Jewellers India Ltd.      45,284       138
    National Aluminium Co. Ltd.     120,978       137
    JM Financial Ltd.     144,324       136
    Rajesh Exports Ltd.      22,377       135
    Tanla Platforms Ltd.      11,484       135
    Zydus Wellnes Ltd.       6,698       133
  2 Indian Energy Exchange Ltd.      86,389       132
    Relaxo Footwears Ltd.      11,513       131
    Ajanta Pharma Ltd.       6,240       130
    AstraZeneca Pharma India Ltd.       2,527       130
    Bajaj Electricals Ltd.       9,251       130
  * Affle India Ltd.      10,011       130
  2 Equitas Small Finance Bank Ltd.     117,793       129
  * Bombay Burmah Trading Co.      10,636       128
    PNC Infratech Ltd.      31,815       127
    Gujarat Pipavav Port Ltd.      80,315       126
    UTI Asset Management Co. Ltd.      13,965       126
    Ceat Ltd.       4,588       125
    Great Eastern Shipping Co. Ltd.      13,508       125
  * Medplus Health Services Ltd.      12,612       124
    Karnataka Bank Ltd.      46,225       123
    Raymond Ltd.       5,086       123
    City Union Bank Ltd.      82,480       123
  * Vodafone Idea Ltd.   1,123,026       123
  2 Godrej Agrovet Ltd.      21,051       122
    Balrampur Chini Mills Ltd.      25,755       121
  * Indiabulls Housing Finance Ltd.      50,205       120
          Shares Market
Value•

($000)
    Hatsun Agro Product Ltd.       8,159       118
    Care Ratings Ltd.      11,667       117
  * Kaveri Seed Co. Ltd.      17,682       117
    Avanti Feeds Ltd.      22,146       116
    Asahi India Glass Ltd.      16,150       116
    JK Lakshmi Cement Ltd.      14,107       115
    Kalpataru Projects International Ltd.      14,467       115
    VIP Industries Ltd.      14,063       113
    PTC India Ltd.      66,473       112
    Welspun Corp. Ltd.      28,252       112
    eClerx Services Ltd.       5,713       112
  * Amber Enterprises India Ltd.       3,167       111
 *,2 Krishna Institute of Medical Sciences Ltd.       4,575       110
    Motilal Oswal Financial Services Ltd.       9,746       108
    Happiest Minds Technologies Ltd.       9,337       105
 *,2 Tejas Networks Ltd.       9,976       105
    Jindal Saw Ltd.      24,514       104
  * V-Mart Retail Ltd.       3,833       103
    KRBL Ltd.      20,932       102
    Gujarat State Petronet Ltd.      30,461       102
    Aptus Value Housing Finance India Ltd.      31,288       102
    Century Textiles & Industries Ltd.       8,117       101
    CIE Automotive India Ltd.      16,024       101
    Bajaj Consumer Care Ltd.      32,552       101
  * TeamLease Services Ltd.       3,463       101
    Vaibhav Global Ltd.      18,866       101
    Gujarat Narmada Valley Fertilizers & Chemicals Ltd.      13,731       101
    DCB Bank Ltd.      71,201       100
  * Triveni Turbine Ltd.      21,258       100
    CCL Products India Ltd.      13,601        99
    Cera Sanitaryware Ltd.         852        98
  * Godrej Industries Ltd.      14,866        96
    Hitachi Energy India Ltd.       1,796        95
    Pfizer Ltd.       2,032        94
    Sterlite Technologies Ltd.      45,252        94
    EPL Ltd.      39,713        94
  2 Brookfield India Real Estate Trust      31,131        93
  * Restaurant Brands Asia Ltd.      60,920        93
    EID Parry India Ltd.      15,993        92
    Granules India Ltd.      25,705        92
  * Tata Teleservices Maharashtra Ltd.      85,777        91
    Jubilant Pharmova Ltd. Class A      15,700        89
 
42

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Vinati Organics Ltd.       3,971        89
    Alkyl Amines Chemicals       2,943        89
    GlaxoSmithKline Pharmaceuticals Ltd.       5,071        88
  * Indiabulls Real Estate Ltd.      90,985        88
  * Sun Pharma Advanced Research Co. Ltd.      28,046        87
    Welspun India Ltd.      55,556        84
  * Piramal Pharma Ltd.      67,312        84
    Strides Pharma Science Ltd.      15,586        83
    Edelweiss Financial Services Ltd.     125,759        83
    Trident Ltd.     187,460        83
    DCM Shriram Ltd.       7,257        82
    Century Plyboards India Ltd.       9,875        82
    Route Mobile Ltd.       4,308        82
  2 Endurance Technologies Ltd.       4,052        81
    KNR Constructions Ltd.      24,359        81
    Orient Electric Ltd.      27,671        80
  * Vardhman Textiles Ltd.      16,852        80
    Craftsman Automation Ltd.       1,356        80
    Sobha Ltd.      10,730        79
  * Alok Industries Ltd.     320,847        77
    Firstsource Solutions Ltd.      38,991        77
    Mahindra Lifespace Developers Ltd.      11,232        77
  * IFCI Ltd.     412,343        76
    Graphite India Ltd.      13,217        76
    Alembic Pharmaceuticals Ltd.       7,940        74
    Rallis India Ltd.      25,921        74
    Multi Commodity Exchange of India Ltd.       3,581        73
  2 Metropolis Healthcare Ltd.       4,469        72
    Deepak Fertilisers & Petrochemicals Corp. Ltd.       9,893        72
  2 Quess Corp. Ltd.      13,750        71
  * Chemplast Sanmar Ltd.      11,255        71
 *,2 New India Assurance Co. Ltd.      44,883        70
    Gujarat State Fertilizers & Chemicals Ltd.      33,039        70
    Birla Corp. Ltd.       4,984        69
    Garware Technical Fibres Ltd.       1,797        69
    South Indian Bank Ltd.     238,605        67
    Procter & Gamble Health Ltd.       1,146        67
    Saregama India Ltd.      14,041        67
    Fine Organic Industries Ltd.       1,161        67
  * Global Health Ltd.       7,675        66
    Jubilant Ingrevia Ltd.      10,447        65
    NOCIL Ltd.      23,823        65
          Shares Market
Value•

($000)
    Rhi Magnesita India Ltd.       7,494        65
 *,1 Nuvama Wealth Management Ltd.       1,895        65
    ZF Commercial Vehicle Control Systems India Ltd.         385        64
    Balaji Amines Ltd.       2,333        63
    TTK Prestige Ltd.       6,540        62
    Clean Science & Technology Ltd.       3,557        61
    Blue Dart Express Ltd.         789        60
    Symphony Ltd.       5,587        60
  * Nuvoco Vistas Corp. Ltd.      14,469        59
    GMM Pfaudler Ltd.       2,987        57
    IDBI Bank Ltd.      78,888        57
    BASF India Ltd.       1,770        56
 *,2 General Insurance Corp. of India      20,787        55
  * Borosil Renewables Ltd.      10,389        55
    JK Paper Ltd.      12,236        54
    NBCC India Ltd.      85,173        53
    Rain Industries Ltd.      26,663        52
  * Just Dial Ltd.       5,648        52
    Galaxy Surfactants Ltd.       1,566        51
  * Dhani Services Ltd.      84,039        49
    Polyplex Corp. Ltd.       3,353        49
  * Sheela Foam Ltd.       3,563        48
  * Infibeam Avenues Ltd.     261,334        46
  * TV18 Broadcast Ltd.      71,623        42
    Allcargo Logistics Ltd.      10,977        36
    Brightcom Group Ltd.     154,046        32
  * Campus Activewear Ltd.       8,205        30
  * Sapphire Foods India Ltd.       1,515        26
    Vakrangee Ltd.      86,136        16
  * NIIT Ltd.      13,822        13
 *,1 Digidrive Distributors Ltd.       2,808         5
                          149,626
Indonesia (0.7%)
    Bank Central Asia Tbk. PT   9,191,316     5,533
    Bank Rakyat Indonesia Persero Tbk. PT  11,639,396     4,240
    Bank Mandiri Persero Tbk. PT   7,387,140     2,921
    Telkom Indonesia Persero Tbk. PT   7,894,700     1,930
    Bank Negara Indonesia Persero Tbk. PT   1,362,600       821
  * Merdeka Copper Gold Tbk. PT   2,986,800       662
    Sumber Alfaria Trijaya Tbk. PT   2,848,000       543
  * Charoen Pokphand Indonesia Tbk. PT   1,230,900       418
    Kalbe Farma Tbk. PT   2,891,600       344
    Indofood Sukses Makmur Tbk. PT     693,500       323
    Sarana Menara Nusantara Tbk. PT   4,317,800       292
    Barito Pacific Tbk. PT   3,954,274       278
 
43

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Unilever Indonesia Tbk. PT     893,100       215
    Indah Kiat Pulp & Paper Tbk. PT     357,800       214
    Indofood CBP Sukses Makmur Tbk. PT     270,600       199
    Dayamitra Telekomunikasi PT   3,675,800       181
    Indosat Tbk. PT     280,000       177
    Elang Mahkota Teknologi Tbk. PT   4,514,400       169
    Indocement Tunggal Prakarsa Tbk. PT     236,800       166
    Mitra Keluarga Karyasehat Tbk. PT     878,600       163
    Tower Bersama Infrastructure Tbk. PT   1,080,560       149
    Ciputra Development Tbk. PT   1,970,300       148
    XL Axiata Tbk. PT     903,550       148
    Medikaloka Hermina Tbk. PT   1,613,400       148
    Summarecon Agung Tbk. PT   3,327,206       147
    Mitra Adiperkasa Tbk. PT   1,091,500       139
    Vale Indonesia Tbk. PT     256,700        99
    Japfa Comfeed Indonesia Tbk. PT   1,080,400        92
    Matahari Department Store Tbk. PT     534,600        91
    Avia Avian Tbk. PT   2,306,500        91
    BFI Finance Indonesia Tbk. PT   1,111,600        88
  * Bumi Serpong Damai Tbk. PT   1,078,700        80
    Pakuwon Jati Tbk. PT   2,457,700        73
  * Panin Financial Tbk. PT   3,652,100        70
  * Bank Pan Indonesia Tbk. PT     809,000        69
    Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT     865,526        67
    Mayora Indah Tbk. PT     374,700        64
  * Bank Bukopin Tbk. PT   9,900,640        63
  * Adhi Karya Persero Tbk. PT   2,192,343        62
    Ace Hardware Indonesia Tbk. PT   1,262,600        61
    Bank Syariah Indonesia Tbk. PT     534,000        60
  * Smartfren Telecom Tbk. PT  16,193,800        59
    Jasa Marga Persero Tbk. PT     191,300        54
  * Global Mediacom Tbk. PT   2,154,300        43
 *,1 Waskita Karya Persero Tbk. PT   3,046,719        40
    Bank BTPN Syariah Tbk. PT     276,900        39
          Shares Market
Value•

($000)
    Industri Jamu Dan Farmasi Sido Muncul Tbk. PT     872,600        36
    Ramayana Lestari Sentosa Tbk. PT     945,400        35
  * Bank Neo Commerce Tbk. PT   1,417,538        32
    Bank Tabungan Negara Persero Tbk. PT     342,048        28
    Surya Citra Media Tbk. PT   2,787,300        27
  * Lippo Karawaci Tbk. PT   3,991,800        26
    Bank Danamon Indonesia Tbk. PT     109,100        21
    Media Nusantara Citra Tbk. PT     608,900        21
  * Alam Sutera Realty Tbk. PT   1,777,500        21
    Astra Agro Lestari Tbk. PT      38,600        19
  * Wijaya Karya Persero Tbk. PT     489,100        13
  * Bank Raya Indonesia Tbk. PT     373,851         9
 *,1 Trada Alam Minera Tbk. PT     477,100        —
                           22,321
Ireland (0.2%)
    Kerry Group plc Class A      25,583     2,387
    Kingspan Group plc (XDUB)      23,490     1,985
    Bank of Ireland Group plc     176,362     1,756
    AIB Group plc     209,160       952
    Glanbia plc (XDUB)      25,873       430
    Kingspan Group plc (XLON)       2,173       183
  * Dalata Hotel Group plc      22,784       106
    Glanbia plc (XLON)          28         1
                            7,800
Israel (0.4%)
  * Nice Ltd.      10,700     2,085
    Bank Leumi Le-Israel BM     263,184     2,043
    Bank Hapoalim BM     229,404     1,899
    Israel Discount Bank Ltd. Class A     219,739     1,099
    Mizrahi Tefahot Bank Ltd.      23,926       787
  * Nova Ltd.       4,483       578
  * Tower Semiconductor Ltd.      18,770       548
    Bezeq The Israeli Telecommunication Corp. Ltd.     287,146       389
    First International Bank of Israel Ltd.       8,609       348
    Azrieli Group Ltd.       6,235       334
  * Enlight Renewable Energy Ltd.      18,274       297
  * Camtek Ltd.       4,306       262
    Phoenix Holdings Ltd.      22,910       230
 
44

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Reit 1 Ltd.      51,819       221
  * Perion Network Ltd.       6,614       220
  * Shufersal Ltd.      40,795       190
  * Big Shopping Centers Ltd.       2,153       180
    Alony Hetz Properties & Investments Ltd.      20,175       153
    Sapiens International Corp. NV       4,900       146
  * Clal Insurance Enterprises Holdings Ltd.       9,523       141
    Harel Insurance Investments & Financial Services Ltd.      16,468       120
  * Strauss Group Ltd.       5,310       115
    Isracard Ltd.      27,519       112
    Hilan Ltd.       1,863        96
    Electra Ltd.         245        95
    One Software Technologies Ltd.       7,504        95
  * Shikun & Binui Ltd.      36,562        91
    Matrix IT Ltd.       4,483        91
    Sella Capital Real Estate Ltd.      38,179        80
  * Partner Communications Co. Ltd.      18,911        79
    Mega Or Holdings Ltd.       4,166        77
    FIBI Holdings Ltd.       1,731        75
    Maytronics Ltd.       6,590        71
    Fox Wizel Ltd.         893        65
    Delta Galil Ltd.       1,506        59
  * Kamada Ltd.      10,240        59
    Danel Adir Yeoshua Ltd.         724        58
    Summit Real Estate Holdings Ltd.       4,301        57
    Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.         890        51
    Elco Ltd.       1,586        51
  * Cellcom Israel Ltd.      15,170        50
    IDI Insurance Co. Ltd.       2,191        48
    Menora Mivtachim Holdings Ltd.       2,250        47
    Israel Canada T.R Ltd.      19,092        43
    AudioCodes Ltd.       3,589        37
    G City Ltd.      11,329        36
  * AFI Properties Ltd.       1,025        34
  * Allot Ltd.       5,846        15
                           14,057
Italy (1.7%)
    UniCredit SpA     307,439     7,490
    Intesa Sanpaolo SpA   2,574,923     6,876
    Ferrari NV      19,663     6,234
    Stellantis NV     256,626     4,764
    Assicurazioni Generali SpA     216,960     4,494
    Moncler SpA      35,293     2,391
    CNH Industrial NV     161,827     2,231
    Terna - Rete Elettrica Nazionale     250,741     2,068
          Shares Market
Value•

($000)
    Mediobanca Banca di Credito Finanziario SpA     113,575     1,483
    FinecoBank Banca Fineco SpA     106,239     1,452
    Stellantis NV (XPAR)      73,590     1,364
    Banco BPM SpA     237,436     1,133
    Recordati Industria Chimica e Farmaceutica SpA      17,473       876
    Interpump Group SpA      14,891       753
  2 Poste Italiane SpA      66,567       739
 *,2 Nexi SpA     102,016       732
  * Telecom Italia SpA (Bearer)   2,300,351       705
    Amplifon SpA      21,397       695
  2 Infrastrutture Wireless Italiane SpA      51,036       631
    BPER Banca     163,173       491
    Reply SpA       4,502       460
    Brunello Cucinelli SpA       5,363       443
    Azimut Holding SpA      18,768       434
    Buzzi SpA      13,995       418
    Banca Popolare di Sondrio SPA      86,982       413
    Italgas SpA      69,870       397
    Unipol Gruppo SpA      67,062       373
  2 Pirelli & C SpA      73,857       368
    DiaSorin SpA       3,402       359
    Brembo SpA      22,072       307
    Banca Mediolanum SpA      33,476       306
  2 BFF Bank SpA      23,955       257
    Tamburi Investment Partners SpA      26,773       256
    Banca Generali SpA       6,834       249
    De' Longhi SpA       9,242       244
  2 Carel Industries SpA       7,464       210
  * Banca Monte dei Paschi di Siena SpA      72,137       200
  2 Anima Holding SpA      46,105       190
  * Telecom Italia SpA (Registered)     599,561       186
  2 Enav SpA      45,370       183
    Arnoldo Mondadori Editore SpA      73,257       171
  2 Technogym SpA      19,768       169
    Banca IFIS SpA       8,740       153
    Maire Tecnimont SpA      37,554       150
    Salvatore Ferragamo SpA       7,840       125
    SOL SpA       4,538       124
    Gruppo MutuiOnline SpA       3,987       113
    Sesa SpA         932       109
    Biesse SpA       7,676       107
    Tinexta SpA       5,052       101
    Danieli & C Officine Meccaniche SpA Saving Shares       5,269       100
    Italmobiliare SpA       3,648        98
    El.En. SpA       7,636        91
  2 RAI Way SpA      15,400        86
 
45

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Rizzoli Corriere Della Sera Mediagroup SpA     109,788        86
    Webuild SpA      39,750        81
    MARR SpA       4,699        69
    Zignago Vetro SpA       3,537        61
 *,2 GVS SpA       9,878        61
    Salcef Group SpA       2,286        61
    MFE-MediaForEurope NV Class A     113,926        58
    Immobiliare Grande Distribuzione SIIQ SpA      22,995        57
    Credito Emiliano SpA       6,294        53
    Sanlorenzo SpA       1,303        52
  2 doValue SpA       9,811        48
 *,3 Juventus Football Club SpA     104,047        41
    Piaggio & C SpA       9,562        37
    UnipolSai Assicurazioni SpA      14,275        36
    MFE-MediaForEurope NV Class B      48,774        35
    Danieli & C Officine Meccaniche SpA       1,043        25
  * Tod's SpA         471        19
    Datalogic SpA       2,377        17
    Cementir Holding NV       1,388        12
    Alerion Cleanpower SpA         239         7
                           56,468
Japan (17.4%)
    Toyota Motor Corp.   1,980,600    34,124
    Sony Group Corp.     204,700    17,030
    Mitsubishi UFJ Financial Group Inc.   1,925,700    15,363
    Keyence Corp.      32,400    13,452
    Tokyo Electron Ltd.      73,900    10,976
    Shin-Etsu Chemical Co. Ltd.     321,000    10,231
    Sumitomo Mitsui Financial Group Inc.     211,800     9,683
    Daiichi Sankyo Co. Ltd.     312,700     9,210
    Honda Motor Co. Ltd.     275,200     8,893
    KDDI Corp.     267,900     7,964
    Recruit Holdings Co. Ltd.     222,549     7,928
    Takeda Pharmaceutical Co. Ltd.     255,757     7,904
    Nintendo Co. Ltd.     173,900     7,456
    SoftBank Group Corp.     161,100     7,220
    Mizuho Financial Group Inc.     424,320     6,992
    Tokio Marine Holdings Inc.     310,000     6,841
    Hoya Corp.      57,000     6,324
    Fast Retailing Co. Ltd.      25,700     5,896
    Oriental Land Co. Ltd.     155,400     5,598
    Nippon Telegraph & Telephone Corp.   4,815,000     5,560
    Murata Manufacturing Co. Ltd.      95,300     5,331
    SoftBank Corp.     458,543     5,259
  3 Seven & i Holdings Co. Ltd.     127,800     5,244
          Shares Market
Value•

($000)
    Denso Corp.      75,200     5,133
    Astellas Pharma Inc.     306,700     4,640
    FANUC Corp.     161,200     4,585
    SMC Corp.       9,400     4,570
    Nidec Corp.      84,900     4,418
    Panasonic Holdings Corp.     359,100     4,133
    Canon Inc.     165,000     4,061
    Central Japan Railway Co.      30,900     3,962
    Advantest Corp.      30,700     3,843
    Bridgestone Corp.      97,500     3,786
    Fujitsu Ltd.      30,200     3,775
    FUJIFILM Holdings Corp.      60,400     3,569
    East Japan Railway Co.      60,700     3,432
    Chugai Pharmaceutical Co. Ltd.     111,500     3,399
    Ajinomoto Co. Inc.      79,800     3,381
    Mitsui Fudosan Co. Ltd.     154,100     3,374
    Terumo Corp.     110,300     3,337
  * Renesas Electronics Corp.     199,577     3,325
    Daiwa House Industry Co. Ltd.     112,500     3,125
    Suzuki Motor Corp.      77,500     3,045
    Kao Corp.      78,800     3,044
    Kubota Corp.     187,000     3,009
    Otsuka Holdings Co. Ltd.      78,000     2,963
    Dai-ichi Life Holdings Inc.     158,900     2,953
    Eisai Co. Ltd.      44,500     2,813
    Olympus Corp.     208,100     2,811
    MS&AD Insurance Group Holdings Inc.      78,000     2,801
    Kyocera Corp.      53,900     2,765
    Disco Corp.      13,900     2,747
    Japan Post Holdings Co. Ltd.     351,767     2,697
    Shiseido Co. Ltd.      65,900     2,674
    Aeon Co. Ltd.     127,800     2,649
    Unicharm Corp.      65,700     2,621
    Mitsubishi Estate Co. Ltd.     196,400     2,502
    NEC Corp.      46,500     2,451
    Bandai Namco Holdings Inc.     104,000     2,413
    Secom Co. Ltd.      33,900     2,373
    Sompo Holdings Inc.      54,300     2,363
    Sumitomo Mitsui Trust Holdings Inc.      61,300     2,296
    Nippon Yusen KK      82,900     2,206
    TDK Corp.      59,800     2,177
    Shionogi & Co. Ltd.      48,500     2,130
    Sekisui House Ltd.     102,400     2,087
    Nomura Research Institute Ltd.      71,300     2,049
    Nomura Holdings Inc.     517,300     2,003
    Japan Post Bank Co. Ltd.     245,218     1,968
    Lasertec Corp.      12,600     1,959
 
46

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Toyota Industries Corp.      27,300     1,928
    Resona Holdings Inc.     362,750     1,922
    Shimano Inc.      12,700     1,863
    West Japan Railway Co.      41,651     1,803
    Sumitomo Realty & Development Co. Ltd.      68,700     1,756
    Sumitomo Electric Industries Ltd.     143,000     1,751
    Nitto Denko Corp.      25,500     1,740
    Yaskawa Electric Corp.      44,300     1,737
    Sysmex Corp.      32,600     1,730
    Japan Exchange Group Inc.      97,700     1,705
    Omron Corp.      32,600     1,573
    Asahi Kasei Corp.     240,000     1,549
    Daiwa Securities Group Inc.     270,000     1,535
    NTT Data Group Corp.     112,000     1,506
    Mitsui OSK Lines Ltd.      54,000     1,495
    Toray Industries Inc.     274,800     1,482
    Pan Pacific International Holdings Corp.      72,700     1,449
    M3 Inc.      72,700     1,449
    Nissan Motor Co. Ltd.     338,400     1,439
    Mitsubishi Chemical Group Corp.     240,900     1,438
    Ono Pharmaceutical Co. Ltd.      75,800     1,432
    Shimadzu Corp.      48,700     1,431
    Yamaha Motor Co. Ltd.      54,100     1,400
    Z Holdings Corp.     459,900     1,381
    Nitori Holdings Co. Ltd.      12,100     1,377
    Tokyu Corp.     108,200     1,367
    T&D Holdings Inc.      85,100     1,349
    Capcom Co. Ltd.      31,100     1,312
    Nexon Co. Ltd.      64,300     1,304
    Nippon Paint Holdings Co. Ltd.     167,113     1,291
    Isuzu Motors Ltd.      99,800     1,278
    Kawasaki Kisen Kaisha Ltd.      37,900     1,270
    MINEBEA MITSUMI Inc.      74,400     1,261
    MEIJI Holdings Co. Ltd.      50,300     1,261
    MatsukiyoCocokara & Co.      21,200     1,248
    Yakult Honsha Co. Ltd.      23,038     1,207
    Dai Nippon Printing Co. Ltd.      43,700     1,194
    Hankyu Hanshin Holdings Inc.      32,100     1,152
    Nippon Building Fund Inc.         272     1,149
    Aisin Corp.      34,300     1,145
    Makita Corp.      41,500     1,138
    Kintetsu Group Holdings Co. Ltd.      35,700     1,130
    Yamato Holdings Co. Ltd.      59,700     1,121
    Hamamatsu Photonics KK      24,200     1,120
    SG Holdings Co. Ltd.      77,434     1,119
          Shares Market
Value•

($000)
    Ibiden Co. Ltd.      18,500     1,115
    Daito Trust Construction Co. Ltd.      10,100     1,114
    Dentsu Group Inc.      37,300     1,114
    Nissan Chemical Corp.      26,000     1,114
    Rohm Co. Ltd.      13,300     1,109
    Tobu Railway Co. Ltd.      40,400     1,108
    Asics Corp.      30,200     1,099
    Mazda Motor Corp.     102,600     1,069
    Niterra Co. Ltd.      44,400     1,030
    Sekisui Chemical Co. Ltd.      66,300     1,017
    Toppan Inc.      41,400     1,000
    Japan Real Estate Investment Corp.         229       952
    SBI Holdings Inc.      46,400       947
    TIS Inc.      40,000       943
    Mitsui Chemicals Inc.      34,500       935
    Toho Co. Ltd.      24,300       926
    Nissin Foods Holdings Co. Ltd.      10,400       908
    JSR Corp.      32,300       902
    Odakyu Electric Railway Co. Ltd.      60,600       901
    Rohto Pharmaceutical Co. Ltd.      34,500       898
  3 Nomura Real Estate Master Fund Inc.         757       890
    Konami Group Corp.      15,300       888
    Concordia Financial Group Ltd.     194,300       861
    Daifuku Co. Ltd.      46,000       849
    Kurita Water Industries Ltd.      21,800       849
    Keisei Electric Railway Co. Ltd.      22,100       846
    MISUMI Group Inc.      48,500       845
    USS Co. Ltd.      47,700       833
    Kyowa Kirin Co. Ltd.      44,900       821
    SUMCO Corp.      61,300       819
    Kuraray Co. Ltd.      71,500       812
    Brother Industries Ltd.      47,700       807
    Seiko Epson Corp.      51,100       800
    Trend Micro Inc.      18,800       798
    BayCurrent Consulting Inc.      23,200       797
    Chiba Bank Ltd.     111,400       795
    Zensho Holdings Co. Ltd.      16,800       792
    Bank of Kyoto Ltd.      13,600       785
    Azbil Corp.      23,400       780
    Oji Holdings Corp.     190,300       778
    Koito Manufacturing Co. Ltd.      45,400       770
  * ANA Holdings Inc.      33,841       764
    Hulic Co. Ltd.      84,670       760
    NH Foods Ltd.      24,400       757
    Yamaha Corp.      24,500       756
    Shizuoka Financial Group Inc.      92,800       754
    Amada Co. Ltd.      71,100       752
 
47

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Nisshin Seifun Group Inc.      56,900       750
    Haseko Corp.      59,800       742
    Nippon Prologis REIT Inc.         369       742
    TOTO Ltd.      26,700       732
    Fukuoka Financial Group Inc.      30,900       730
    Keio Corp.      20,700       716
    Toyo Suisan Kaisha Ltd.      17,100       705
    Rakuten Group Inc.     177,700       691
    Otsuka Corp.      15,000       669
    Keihan Holdings Co. Ltd.      23,300       665
    Nikon Corp.      61,400       662
    Hoshizaki Corp.      17,000       652
    Santen Pharmaceutical Co. Ltd.      69,800       648
    Lixil Corp.      51,600       646
    Taiyo Yuden Co. Ltd.      23,100       642
    Tokyu Fudosan Holdings Corp.     102,300       636
    Japan Airlines Co. Ltd.      30,623       631
    Suntory Beverage & Food Ltd.      19,600       631
    Asahi Intecc Co. Ltd.      31,000       629
    Isetan Mitsukoshi Holdings Ltd.      54,400       624
    SCREEN Holdings Co. Ltd.       5,900       601
    COMSYS Holdings Corp.      28,100       598
    Nagoya Railroad Co. Ltd.      36,800       591
    Taiheiyo Cement Corp.      30,800       591
    Resonac Holdings Corp.      35,967       585
    Daiwa House REIT Investment Corp.         308       584
    Marui Group Co. Ltd.      33,400       578
    Sumitomo Forestry Co. Ltd.      20,300       571
    Stanley Electric Co. Ltd.      32,300       567
    Alfresa Holdings Corp.      32,100       548
  3 Aozora Bank Ltd.      27,900       548
    Hirose Electric Co. Ltd.       4,500       545
    Advance Residence Investment Corp.         224       539
    Hikari Tsushin Inc.       3,200       532
    Nippon Sanso Holdings Corp.      22,000       530
    McDonald's Holdings Co. Japan Ltd.      13,300       529
  3 Hisamitsu Pharmaceutical Co. Inc.      15,600       528
    Sohgo Security Services Co. Ltd.      82,000       523
    Persol Holdings Co. Ltd.      30,600       523
    Iwatani Corp.       9,900       521
    CyberAgent Inc.      81,100       516
    Mitsubishi HC Capital Inc.      78,860       512
          Shares Market
Value•

($000)
    NSK Ltd.      87,300       508
    Keikyu Corp.      54,600       504
    Nippon Express Holdings Inc.       9,500       493
    Kansai Paint Co. Ltd.      29,900       490
    Sanrio Co. Ltd.       9,400       490
    Japan Post Insurance Co. Ltd.      30,239       487
    Hachijuni Bank Ltd.      88,900       479
    Teijin Ltd.      46,800       475
  3 Ryohin Keikaku Co. Ltd.      36,500       471
    Seibu Holdings Inc.      44,500       471
    Orix JREIT Inc.         378       470
    Nabtesco Corp.      24,400       461
    Square Enix Holdings Co. Ltd.      12,100       459
    Sanwa Holdings Corp.      29,100       443
    United Urban Investment Corp.         409       440
    Yamada Holdings Co. Ltd.     139,700       439
    Kobayashi Pharmaceutical Co. Ltd.       8,800       434
  * Mercari Inc.      18,800       428
    Shinko Electric Industries Co. Ltd.      10,400       426
    Toagosei Co. Ltd.      44,400       423
    Lion Corp.      38,600       420
    TechnoPro Holdings Inc.      17,100       419
    GMO Payment Gateway Inc.       6,500       412
    Mitsubishi Motors Corp.     104,100       407
    Kyushu Railway Co.      18,400       401
    Yokohama Rubber Co. Ltd.      19,700       400
    Nippon Shinyaku Co. Ltd.       9,100       398
    Fuyo General Lease Co. Ltd.       4,800       397
    Tsuruha Holdings Inc.       5,400       395
    Nomura Real Estate Holdings Inc.      15,700       395
    Hirogin Holdings Inc.      63,100       394
    Goldwin Inc.       5,500       393
    Mebuki Financial Group Inc.     141,900       392
    Nifco Inc.      13,200       389
  3 J Front Retailing Co. Ltd.      36,500       384
    Hakuhodo DY Holdings Inc.      40,300       382
    Zenkoku Hosho Co. Ltd.      10,900       378
    Oracle Corp. Japan       5,400       377
    Yamazaki Baking Co. Ltd.      19,800       375
    Tokyo Ohka Kogyo Co. Ltd.       5,500       372
    Lintec Corp.      22,400       369
    Koei Tecmo Holdings Co. Ltd.      23,780       369
    Nagase & Co. Ltd.      21,500       368
 
48

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Kose Corp.       4,400       365
    Credit Saison Co. Ltd.      23,200       363
    Toyo Seikan Group Holdings Ltd.      19,600       355
    Japan Hotel REIT Investment Corp.         698       354
  * SHIFT Inc.       1,700       350
    Open House Group Co. Ltd.      10,200       345
    Miura Co. Ltd.      14,900       344
    Medipal Holdings Corp.      19,200       329
    Fujikura Ltd.      39,600       328
    Nankai Electric Railway Co. Ltd.      15,600       328
    ZOZO Inc.      16,400       328
    Alps Alpine Co. Ltd.      39,200       327
    Kaken Pharmaceutical Co. Ltd.      13,300       326
    SCSK Corp.      18,800       326
    Wacoal Holdings Corp.      14,800       325
    Tokyo Seimitsu Co. Ltd.       5,900       325
    Maruha Nichiro Corp.      18,600       325
    INFRONEER Holdings Inc.      31,108       325
    Macnica Holdings Inc.       6,900       323
    Tokyo Century Corp.       8,400       322
    Nippon Kayaku Co. Ltd.      35,600       319
    Nichirei Corp.      13,500       319
    Iida Group Holdings Co. Ltd.      19,500       319
    THK Co. Ltd.      17,400       318
    Tokyo Tatemono Co. Ltd.      23,900       314
    Sekisui House REIT Inc.         540       312
    Shimamura Co. Ltd.       3,000       309
    Daishi Hokuetsu Financial Group Inc.      12,300       308
    Seino Holdings Co. Ltd.      21,100       307
    Fujitec Co. Ltd.      12,000       307
    Kadokawa Corp.      12,844       302
    Suzuken Co. Ltd.      10,100       299
    Takashimaya Co. Ltd.      19,900       299
    Invincible Investment Corp.         709       295
    Daihen Corp.       8,000       292
    Japan Prime Realty Investment Corp.         114       289
  * Money Forward Inc.       7,500       282
    Konica Minolta Inc.      91,100       281
    DIC Corp.      16,200       279
    Rinnai Corp.      14,400       279
    Industrial & Infrastructure Fund Investment Corp.         278       279
    Iyogin Holdings Inc.      39,800       276
    Kamigumi Co. Ltd.      12,200       275
    Internet Initiative Japan Inc.      15,600       271
    Mitsui Fudosan Logistics Park Inc.          79       269
    Daicel Corp.      32,100       268
          Shares Market
Value•

($000)
    Coca-Cola Bottlers Japan Holdings Inc.      20,400       266
    Sundrug Co. Ltd.       9,000       266
    JTEKT Corp.      29,200       264
    NSD Co. Ltd.      15,000       263
    Nakanishi Inc.      10,400       262
  * Park24 Co. Ltd.      18,500       261
    Rakus Co. Ltd.      16,000       260
    OKUMA Corp.       5,500       258
    Nippon Gas Co. Ltd.      16,500       257
    Pigeon Corp.      21,900       254
    Nihon Kohden Corp.       9,500       253
    Activia Properties Inc.          90       252
    Anritsu Corp.      34,100       250
 *,3 Right On Co. Ltd.      67,000       250
    NOK Corp.      17,800       249
    Ito En Ltd.       8,400       248
    Ulvac Inc.       6,400       248
    Kaneka Corp.       8,800       247
    Toyo Corp.      26,500       246
    Artnature Inc.      45,700       246
    Toho Gas Co. Ltd.      13,700       245
    Gunma Bank Ltd.      53,000       244
    Toyoda Gosei Co. Ltd.      11,300       244
    Kyushu Financial Group Inc.      49,600       243
    DMG Mori Co. Ltd.      13,300       242
    Tomy Co. Ltd.      14,900       242
    Maruwa Co. Ltd.       1,300       242
    Nagatanien Holdings Co. Ltd.      14,900       241
    LaSalle Logiport REIT         233       238
    Daiwabo Holdings Co. Ltd.      11,700       237
    Nippon Electric Glass Co. Ltd.      13,300       235
    Taisho Pharmaceutical Holdings Co. Ltd.       5,700       235
    Denka Co. Ltd.      12,300       232
    Mitsui High-Tec Inc.       3,400       231
    BIPROGY Inc.       8,900       230
    Daiwa Office Investment Corp.          49       230
    Fuji Soft Inc.       7,600       229
    Sanken Electric Co. Ltd.       3,000       229
    Kewpie Corp.      13,700       228
    NET One Systems Co. Ltd.      11,600       227
    SHO-BOND Holdings Co. Ltd.       5,600       226
    Casio Computer Co. Ltd.      25,400       225
    Citizen Watch Co. Ltd.      36,800       225
    Nihon M&A Center Holdings Inc.      40,500       225
    ST Corp.      21,400       225
    Furukawa Electric Co. Ltd.      13,000       223
    Nishi-Nippon Financial Holdings Inc.      21,500       222
 
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ESG International Stock ETF
          Shares Market
Value•

($000)
    Mitsubishi Estate Logistics REIT Investment Corp.          82       222
    Sumitomo Rubber Industries Ltd.      21,000       221
    Yamaguchi Financial Group Inc.      27,600       219
    Toyo Tire Corp.      14,500       218
    ADEKA Corp.      11,300       217
    Sugi Holdings Co. Ltd.       4,800       215
    Kagome Co. Ltd.       9,200       215
    Mori Trust REIT Inc.         422       213
    Sankyu Inc.       6,100       213
    Frontier Real Estate Investment Corp.          66       213
    House Foods Group Inc.       9,800       212
    Kakaku.com Inc.      17,800       212
    77 Bank Ltd.       9,800       212
    Ezaki Glico Co. Ltd.       8,000       211
    EXEO Group Inc.       9,900       211
    Zeon Corp.      18,800       207
    Kenedix Office Investment Corp.          87       205
    Daiwa Securities Living Investments Corp.         268       205
    Sumitomo Bakelite Co. Ltd.       4,300       203
    Fujimi Inc.       8,700       201
    Dowa Holdings Co. Ltd.       6,200       199
    Hanwa Co. Ltd.       6,200       197
    Kenedix Residential Next Investment Corp.         126       196
    GS Yuasa Corp.      10,300       195
    Jeol Ltd.       6,100       194
  * Sharp Corp.      31,400       193
    Daiseki Co. Ltd.       6,380       193
    Rengo Co. Ltd.      28,300       192
    Ushio Inc.      15,100       190
    NHK Spring Co. Ltd.      24,300       188
    Tsumura & Co.      10,000       188
    Morinaga Milk Industry Co. Ltd.       4,600       188
    Calbee Inc.       9,300       186
    Daiichikosho Co. Ltd.       9,400       182
    Mori Hills REIT Investment Corp.         181       182
  3 ABC-Mart Inc.       9,900       180
  * PeptiDream Inc.      14,000       180
    Topcon Corp.      14,900       179
    Yushin Precision Equipment Co. Ltd.      37,700       179
    Mizuho Leasing Co. Ltd.       5,400       178
    Mabuchi Motor Co. Ltd.       5,700       174
    Amano Corp.       8,000       174
    Morinaga & Co. Ltd.       4,700       171
    Toyota Boshoku Corp.       9,000       170
    Meitec Corp.       9,700       170
    Relo Group Inc.      14,400       169
    OSG Corp.      13,400       169
    PALTAC Corp.       5,100       168
  * Fujita Kanko Inc.       5,100       167
          Shares Market
Value•

($000)
    Information Services International-Dentsu Ltd.       4,100       164
    Gunze Ltd.       5,200       164
  * Hino Motors Ltd.      41,200       161
    Toridoll Holdings Corp.       5,900       161
    NTT UD REIT Investment Corp.         169       161
    Nisshinbo Holdings Inc.      21,600       160
    Nissui Corp.      30,500       160
    Sangetsu Corp.       7,700       160
    Kanamoto Co. Ltd.       9,400       159
    Hokuhoku Financial Group Inc.      17,500       158
    Osaka Soda Co. Ltd.       3,300       158
    Takeuchi Manufacturing Co. Ltd.       4,900       156
    Dexerials Corp.       6,300       156
    Canon Marketing Japan Inc.       5,900       155
    SMS Co. Ltd.       8,000       154
    Sotetsu Holdings Inc.       7,800       152
    Hazama Ando Corp.      18,600       152
    Pilot Corp.       4,700       151
    Benesse Holdings Inc.      11,800       150
    Fancl Corp.       8,500       149
    Okamura Corp.      10,000       149
    Hulic REIT Inc.         134       149
    Descente Ltd.       5,800       147
    Kaga Electronics Co. Ltd.       3,200       145
    Nippon Kanzai Holdings Co. Ltd.       7,900       145
    Fuji Corp.       8,700       143
    Japan Material Co. Ltd.       7,800       143
    Seven Bank Ltd.      66,700       142
    Fujitsu General Ltd.       7,300       141
    SBI Shinsei Bank Ltd.       7,277       141
    Wellneo Sugar Co. Ltd.       9,400       140
    Ain Holdings Inc.       3,900       139
    Yoshinoya Holdings Co. Ltd.       7,100       139
    TKC Corp.       5,500       139
  * Sansan Inc.      14,000       139
    JAFCO Group Co. Ltd.      10,800       138
    Sawai Group Holdings Co. Ltd.       4,300       138
    Japan Aviation Electronics Industry Ltd.       6,500       137
    Nextage Co. Ltd.       6,100       137
    Shiga Bank Ltd.       6,100       136
    Ferrotec Holdings Corp.       6,500       135
    K's Holdings Corp.      14,400       133
    Glory Ltd.       6,100       129
    Taiyo Holdings Co. Ltd.       7,100       128
    Mitsubishi Logistics Corp.       4,800       127
  * Leopalace21 Corp.      50,300       126
    Kenedix Retail REIT Corp.          63       125
    Kyudenko Corp.       4,000       123
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
  * Nippon Paper Industries Co. Ltd.      13,700       123
    Digital Garage Inc.       4,800       123
    Kureha Corp.       2,100       123
    Resorttrust Inc.       7,600       122
    Pola Orbis Holdings Inc.       9,400       121
    Elecom Co. Ltd.      10,100       121
    Kyoritsu Maintenance Co. Ltd.       2,800       121
  3 Aeon Mall Co. Ltd.      10,000       120
    Tokuyama Corp.       7,500       120
    Taikisha Ltd.       3,800       119
    Japan Excellent Inc.         131       119
    Chugin Financial Group Inc.      17,900       119
    Nishi-Nippon Railroad Co. Ltd.       6,300       118
    TS Tech Co. Ltd.      10,000       118
    As One Corp.       3,000       118
    Mochida Pharmaceutical Co. Ltd.       5,100       118
    JVCKenwood Corp.      27,100       118
    H2O Retailing Corp.       9,700       117
    Fuji Kyuko Co. Ltd.       3,200       117
    Outsourcing Inc.      14,900       117
    MIRAIT ONE Corp.       8,800       117
    NTN Corp.      58,400       116
    San-In Godo Bank Ltd.      18,200       115
    Sumitomo Osaka Cement Co. Ltd.       4,200       115
    Takasago Thermal Engineering Co. Ltd.       5,700       115
    Nippon Shokubai Co. Ltd.       3,000       114
    Organo Corp.       4,100       114
    Kanematsu Corp.       8,100       114
    Okasan Securities Group Inc.      28,900       114
    Hokuetsu Corp.      18,200       113
    NEC Networks & System Integration Corp.       8,500       113
    Mani Inc.       8,500       111
    C Uyemura & Co. Ltd.       1,700       111
    Izumi Co. Ltd.       4,200       110
    Aichi Financial Group Inc.       6,563       110
    H.U. Group Holdings Inc.       6,000       109
    ARE Holdings Inc.       8,400       109
    Sumitomo Pharma Co. Ltd.      31,100       108
    GMO internet group Inc.       6,700       108
    Sumitomo Warehouse Co. Ltd.       6,300       108
    FP Corp.       5,500       106
    Seria Co. Ltd.       6,700       106
    Takuma Co. Ltd.       9,600       106
    Yaoko Co. Ltd.       2,000       105
    Katitas Co. Ltd.       6,500       104
    EM Systems Co. Ltd.      20,400       104
          Shares Market
Value•

($000)
    Heiwa Real Estate REIT Inc.         104       104
    Rorze Corp.       1,300       103
    Torishima Pump Manufacturing Co. Ltd.       7,900       103
    Bank of Iwate Ltd.       5,900       102
    Kumiai Chemical Industry Co. Ltd.      13,100       101
    Simplex Holdings Inc.       5,100       101
    Makino Milling Machine Co. Ltd.       2,100       100
    Toho Holdings Co. Ltd.       5,000       100
    Nipro Corp.      12,000        99
    DCM Holdings Co. Ltd.      11,900        99
    Inabata & Co. Ltd.       4,500        98
    Kokuyo Co. Ltd.       6,300        98
    Shibaura Machine Co. Ltd.       3,400        98
    Menicon Co. Ltd.       7,000        98
    Juroku Financial Group Inc.       3,900        98
    Prima Meat Packers Ltd.       5,600        97
    Tadano Ltd.      12,000        97
    DeNA Co. Ltd.       9,300        96
    Open Up Group Inc.       7,000        96
    AZ-COM MARUWA Holdings Inc.       6,100        95
    Hokkoku Financial Holdings Inc.       2,800        94
    Belc Co. Ltd.       2,000        93
    Milbon Co. Ltd.       3,000        93
    Nitto Kogyo Corp.       3,500        93
    Daio Paper Corp.      10,900        93
    Tokai Rika Co. Ltd.       5,900        92
    Trusco Nakayama Corp.       5,200        92
    Nippon Soda Co. Ltd.       2,500        92
    CRE Logistics REIT Inc.          79        92
    Heiwa Real Estate Co. Ltd.       3,400        91
    Nikkon Holdings Co. Ltd.       4,000        91
    CKD Corp.       6,500        90
    Tokyo Individualized Educational Institute Inc.      27,000        90
    Riken Keiki Co. Ltd.       2,500        90
    Aica Kogyo Co. Ltd.       3,700        88
    Nitto Boseki Co. Ltd.       3,200        88
    Starts Corp. Inc.       4,200        88
    Shoei Co. Ltd.       5,200        88
    Shibaura Mechatronics Corp.         500        88
    Toa Corp.       6,000        88
    TBS Holdings Inc.       4,900        87
    Iino Kaiun Kaisha Ltd.      12,100        87
    Bic Camera Inc.      11,700        87
    Base Co. Ltd.       2,900        87
    Bando Chemical Industries Ltd.       8,200        86
    DTS Corp.       3,900        86
 
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ESG International Stock ETF
          Shares Market
Value•

($000)
    Ichigo Office REIT Investment Corp.         140        86
    Megachips Corp.       2,900        84
  3 Ministop Co. Ltd.       8,500        84
    Seiren Co. Ltd.       5,100        84
    Tokyo Kiraboshi Financial Group Inc.       3,200        84
    Intage Holdings Inc.       6,900        83
    Mitsubishi Logisnext Co. Ltd.       8,800        83
    Sanyo Electric Railway Co. Ltd.       5,400        83
    Kitz Corp.      11,400        82
    Japan Wool Textile Co. Ltd.       9,300        80
    Mitsui-Soko Holdings Co. Ltd.       2,800        80
  3 AEON Financial Service Co. Ltd.       9,100        79
    PAL GROUP Holdings Co. Ltd.       5,600        79
    Yamazen Corp.      10,100        79
    Change Holdings Inc.       5,600        79
    KeePer Technical Laboratory Co. Ltd.       1,700        79
    Ryosan Co. Ltd.       2,700        78
    Kissei Pharmaceutical Co. Ltd.       3,300        77
    Jaccs Co. Ltd.       2,200        77
    MOS Food Services Inc.       3,300        77
    Monex Group Inc.      21,600        77
    Heiwado Co. Ltd.       4,600        76
    JP-Holdings Inc.      33,800        76
    Matsuyafoods Holdings Co. Ltd.       2,600        76
    Hyakugo Bank Ltd.      22,000        76
    Shochiku Co. Ltd.       1,000        76
    KOMEDA Holdings Co. Ltd.       3,900        76
    Advance Logistics Investment Corp.          84        76
    Meiko Electronics Co. Ltd.       3,100        76
    Topre Corp.       6,300        75
    UACJ Corp.       3,500        75
    Hirata Corp.       1,400        75
    Takara Bio Inc.       7,600        74
    Iriso Electronics Co. Ltd.       2,500        74
    Aoyama Trading Co. Ltd.       6,600        73
    Toshiba TEC Corp.       3,000        73
  * Raksul Inc.       7,600        73
    Aiful Corp.      30,400        72
    Musashi Seimitsu Industry Co. Ltd.       6,100        72
    Godo Steel Ltd.       2,400        72
    Toho Titanium Co. Ltd.       5,300        72
    Joyful Honda Co. Ltd.       6,100        72
    PHC Holdings Corp.       7,400        72
    Arata Corp.       1,900        71
    Nippon Yakin Kogyo Co. Ltd.       2,300        71
  * UT Group Co. Ltd.       4,300        71
          Shares Market
Value•

($000)
    Cybozu Inc.       4,700        70
    JCR Pharmaceuticals Co. Ltd.       8,000        70
    Life Corp.       2,800        70
    Yodogawa Steel Works Ltd.       3,000        70
    Japan Best Rescue System Co. Ltd.      14,200        70
    Ariake Japan Co. Ltd.       1,900        69
    Fuji Media Holdings Inc.       6,600        69
    FCC Co. Ltd.       5,200        69
    en Japan Inc.       3,900        68
    Kiyo Bank Ltd.       6,600        68
    Kyokuyo Co. Ltd.       2,600        68
    Fuso Chemical Co. Ltd.       2,300        67
    Hosiden Corp.       5,400        67
    Nishimatsu Construction Co. Ltd.       2,625        67
    Nissha Co. Ltd.       5,500        67
  * RENOVA Inc.       7,100        67
    Central Glass Co. Ltd.       3,300        66
    Raito Kogyo Co. Ltd.       4,700        66
    Sakata INX Corp.       7,000        66
    Transcosmos Inc.       3,000        66
    Tsubakimoto Chain Co.       2,500        66
    North Pacific Bank Ltd.      31,300        66
    Hokkan Holdings Ltd.       6,000        65
    Inaba Denki Sangyo Co. Ltd.       3,000        65
    Towa Corp.       2,600        65
    Tsurumi Manufacturing Co. Ltd.       3,100        65
    OSAKA Titanium Technologies Co. Ltd.       2,800        64
    Zuken Inc.       2,200        64
    BML Inc.       3,200        63
    Seiko Group Corp.       3,400        63
    Maxell Ltd.       5,800        63
    Konishi Co. Ltd.       3,700        63
    Nisshin Oillio Group Ltd.       2,200        63
    Benefit One Inc.       7,300        63
    JCU Corp.       2,700        63
    Duskin Co. Ltd.       2,800        63
    Paramount Bed Holdings Co. Ltd.       3,900        63
    Hokuto Corp.       4,900        62
    Max Co. Ltd.       3,300        62
    Nanto Bank Ltd.       3,400        62
    Nichiha Corp.       2,900        62
    Noritake Co. Ltd.       1,500        62
    Ricoh Leasing Co. Ltd.       2,100        62
    Sinko Industries Ltd.       4,500        62
    Tri Chemical Laboratories Inc.       3,300        62
    Japan Lifeline Co. Ltd.       7,700        61
    Chudenko Corp.       3,700        61
    Nichicon Corp.       6,300        61
    Nippn Corp.       4,300        61
  * euglena Co. Ltd.      11,000        61
    Adastria Co. Ltd.       3,000        60
    KFC Holdings Japan Ltd.       2,900        60
    Musashino Bank Ltd.       3,300        60
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Ai Holdings Corp.       3,700        60
    Premium Group Co. Ltd.       5,400        60
    Shizuoka Gas Co. Ltd.       8,400        59
    Achilles Corp.       5,800        59
    Shoei Foods Corp.       1,900        59
    Wakita & Co. Ltd.       6,400        59
    Koshidaka Holdings Co. Ltd.       6,400        59
    KH Neochem Co. Ltd.       3,800        59
    Asahi Diamond Industrial Co. Ltd.       9,400        58
    United Arrows Ltd.       3,900        58
    Hioki EE Corp.       1,100        58
    Onward Holdings Co. Ltd.      16,300        58
    dip Corp.       2,400        58
    TOKAI Holdings Corp.       9,000        58
    Tama Home Co. Ltd.       2,400        58
    Furukawa Co. Ltd.       4,700        57
    Aeon Delight Co. Ltd.       2,600        57
    Systena Corp.      31,000        57
    Mizuno Corp.       1,800        57
    Nippon Densetsu Kogyo Co. Ltd.       3,900        57
    Noritsu Koki Co. Ltd.       2,800        57
    Yokorei Co. Ltd.       6,300        57
    LITALICO Inc.       3,800        57
    Nishio Holdings Co. Ltd.       2,300        56
    Matsuya Co. Ltd.       7,400        55
    Mitsuuroko Group Holdings Co. Ltd.       6,100        55
    Nippon Carbon Co. Ltd.       1,800        55
  * Nippon Sheet Glass Co. Ltd.      10,500        55
    Tachibana Eletech Co. Ltd.       3,000        55
    Tokai Tokyo Financial Holdings Inc.      17,500        54
    Fuji Seal International Inc.       4,500        54
    Ichibanya Co. Ltd.       1,400        54
    San-A Co. Ltd.       1,600        54
    Idec Corp.       2,600        54
    EDION Corp.       5,400        54
    Nojima Corp.       6,200        54
    Sintokogio Ltd.       7,200        54
    Zojirushi Corp.       4,400        54
    Insource Co. Ltd.       7,200        54
    West Holdings Corp.       2,800        54
    Siix Corp.       4,900        53
    Keiyo Bank Ltd.      13,000        53
    Enplas Corp.         700        53
    Toyo Construction Co. Ltd.       7,000        53
    Senshu Electric Co. Ltd.       2,000        53
    KYB Corp.       1,600        52
    Komori Corp.       6,900        52
    Retail Partners Co. Ltd.       4,700        52
    Mitsubishi Pencil Co. Ltd.       3,900        52
    Nomura Co. Ltd.       8,800        52
          Shares Market
Value•

($000)
    Sakai Moving Service Co. Ltd.       1,400        52
    Nippon Pillar Packing Co. Ltd.       1,800        52
    Megmilk Snow Brand Co. Ltd.       3,100        51
    Argo Graphics Inc.       2,200        51
    YAMABIKO Corp.       5,000        51
    Toyo Gosei Co. Ltd.       1,000        51
    Septeni Holdings Co. Ltd.      17,600        51
    ARCLANDS Corp.       4,400        50
    Awa Bank Ltd.       3,200        50
    Geo Holdings Corp.       2,800        50
    Ichiyoshi Securities Co. Ltd.      10,600        50
    Miroku Jyoho Service Co. Ltd.       4,800        50
    Tekken Corp.       3,600        50
    Kyorin Pharmaceutical Co. Ltd.       4,100        50
    JINS Holdings Inc.       2,100        50
    Nippon Light Metal Holdings Co. Ltd.       4,690        50
    Genky DrugStores Co. Ltd.       1,400        50
  * PKSHA Technology Inc.       2,900        50
    Kosaido Holdings Co. Ltd.       2,600        50
    Japan Pulp & Paper Co. Ltd.       1,500        49
    Torii Pharmaceutical Co. Ltd.       1,900        49
    TSI Holdings Co. Ltd.       9,900        49
    ARTERIA Networks Corp.       3,600        49
    Aiphone Co. Ltd.       2,300        48
    Sato Holdings Corp.       3,300        48
    Topy Industries Ltd.       3,100        48
    T Hasegawa Co. Ltd.       2,000        48
    Japan Transcity Corp.      10,900        48
    Starzen Co. Ltd.       2,700        48
    Earth Corp.       1,400        48
    Senshu Ikeda Holdings Inc.      26,300        48
    San ju San Financial Group Inc.       4,000        48
    Chugoku Marine Paints Ltd.       4,800        47
    Riken Corp.       2,100        47
    Ryobi Ltd.       2,400        47
    ESPEC Corp.       3,000        47
    Trancom Co. Ltd.         900        47
    Yuasa Trading Co. Ltd.       1,600        47
    Aisan Industry Co. Ltd.       5,200        46
    Fuji Co. Ltd.       3,700        46
    WATAMI Co. Ltd.       5,700        46
    Unipres Corp.       5,500        46
    Acom Co. Ltd.      19,000        45
    MIXI Inc.       2,700        45
    VT Holdings Co. Ltd.      12,700        45
    Future Corp.       4,200        45
 
53

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Sanyo Chemical Industries Ltd.       1,600        45
    Yondoshi Holdings Inc.       3,500        45
    Uchida Yoko Co. Ltd.       1,000        45
    MCJ Co. Ltd.       5,500        45
    J Trust Co. Ltd.      13,800        44
    Daiichi Jitsugyo Co. Ltd.       1,200        44
    Fujiya Co. Ltd.       2,600        44
    Funai Soken Holdings Inc.       2,400        44
    Kohnan Shoji Co. Ltd.       1,800        44
    Studio Alice Co. Ltd.       3,000        44
    Ogaki Kyoritsu Bank Ltd.       3,200        44
    Sanyo Denki Co. Ltd.         900        44
    Yahagi Construction Co. Ltd.       5,100        44
    Yonex Co. Ltd.       4,600        44
    Pasona Group Inc.       3,900        44
    Feed One Co. Ltd.       7,780        44
  * Vision Inc.       3,800        44
    Mirai Corp.         135        44
    Altech Corp.       2,500        44
    Fuji Oil Holdings Inc.       2,700        43
    Aichi Steel Corp.       1,700        43
    Teikoku Electric Manufacturing Co. Ltd.       2,500        43
    ASKUL Corp.       3,200        43
    Kurimoto Ltd.       2,200        43
    Asahi Yukizai Corp.       1,500        42
    Kameda Seika Co. Ltd.       1,400        42
    Qol Holdings Co. Ltd.       3,200        42
    JAC Recruitment Co. Ltd.       2,300        42
    Doutor Nichires Holdings Co. Ltd.       2,600        42
    Anicom Holdings Inc.       9,400        42
    Sala Corp.       8,100        42
  * HIS Co. Ltd.       3,000        41
    Maruzen Showa Unyu Co. Ltd.       1,500        41
    Tokyo Electron Device Ltd.         600        41
    Sinfonia Technology Co. Ltd.       3,800        41
    Showa Sangyo Co. Ltd.       1,981        41
    Tachi-S Co. Ltd.       3,400        41
    Vector Inc.       4,500        41
    Usen-Next Holdings Co. Ltd.       1,700        41
    Bank of the Ryukyus Ltd.       5,500        40
    Inageya Co. Ltd.       3,900        40
    Piolax Inc.       2,500        40
    Digital Arts Inc.       1,200        40
    Press Kogyo Co. Ltd.       8,800        40
    Sumitomo Densetsu Co. Ltd.       2,000        40
    Towa Pharmaceutical Co. Ltd.       2,100        40
    Hankyu Hanshin REIT Inc.          41        40
    Procrea Holdings Inc.       2,900        40
          Shares Market
Value•

($000)
    SKY Perfect JSAT Holdings Inc.       8,600        39
    CMK Corp.       9,300        39
    Daiwa Industries Ltd.       4,000        39
    Fujicco Co. Ltd.       2,900        39
    Anest Iwata Corp.       4,600        39
    Mitsui DM Sugar Holdings Co. Ltd.       1,900        39
    Optex Group Co. Ltd.       3,200        39
    WingArc1st Inc.       2,300        39
    Dai Nippon Toryo Co. Ltd.       5,700        38
    Ishihara Sangyo Kaisha Ltd.       3,900        38
    Kurabo Industries Ltd.       2,400        38
    Bank of Nagoya Ltd.       1,300        38
    Okamoto Industries Inc.       1,200        38
    Hyakujushi Bank Ltd.       2,500        38
    Sanyo Special Steel Co. Ltd.       2,000        38
    TOMONY Holdings Inc.      13,300        38
  * Istyle Inc.      11,000        38
    RS Technologies Co. Ltd.       2,000        38
    Aeon Hokkaido Corp.       6,500        38
    Futaba Industrial Co. Ltd.       7,800        37
    Ines Corp.       3,200        37
    Rock Field Co. Ltd.       3,500        37
    Token Corp.         700        37
    Toyo Kanetsu KK       1,600        37
    Tsugami Corp.       4,600        37
    Warabeya Nichiyo Holdings Co. Ltd.       2,000        37
    MEC Co. Ltd.       1,400        37
    Snow Peak Inc.       3,400        37
    Prestige International Inc.       8,900        36
    ES-Con Japan Ltd.       6,100        36
    Neturen Co. Ltd.       5,200        36
    Shin Nippon Biomedical Laboratories Ltd.       2,300        36
    Ki-Star Real Estate Co. Ltd.       1,100        36
    Chiyoda Integre Co. Ltd.       1,800        35
    G-Tekt Corp.       2,800        35
    Nippon Signal Co. Ltd.       5,300        35
    Tochigi Bank Ltd.      17,200        35
    Noevir Holdings Co. Ltd.         900        35
  * Japan Display Inc.     131,700        35
    Roland Corp.       1,300        35
    Nippon Fine Chemical Co. Ltd.       2,000        35
    Computer Engineering & Consulting Ltd.       2,900        34
    Keiyo Co. Ltd.       5,900        34
    Nichiban Co. Ltd.       2,600        34
    Nippon Sharyo Ltd.       2,400        34
    Sumida Corp.       3,000        34
    Sodick Co. Ltd.       7,200        34
    Tanseisha Co. Ltd.       6,300        34
    Totetsu Kogyo Co. Ltd.       1,800        34
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Mitsubishi Research Institute Inc.       1,000        34
    eRex Co. Ltd.       5,300        34
    TRE Holdings Corp.       4,200        34
    Health Care & Medical Investment Corp.          33        34
    Roland DG Corp.       1,400        33
    Koa Corp.       2,600        33
    Sumitomo Mitsui Construction Co. Ltd.      11,800        33
    Oita Bank Ltd.       2,000        33
    Shima Seiki Manufacturing Ltd.       2,400        33
    Tenma Corp.       1,900        33
    CTI Engineering Co. Ltd.       1,100        33
    TV Asahi Holdings Corp.       2,800        32
    Arakawa Chemical Industries Ltd.       4,600        32
    Fukushima Galilei Co. Ltd.         900        32
    Kanto Denka Kogyo Co. Ltd.       5,600        32
    Komeri Co. Ltd.       1,500        32
    Mitsuba Corp.       6,100        32
    Nihon Parkerizing Co. Ltd.       4,000        32
    Shibusawa Warehouse Co. Ltd.       1,400        32
    Star Micronics Co. Ltd.       2,500        32
    Pack Corp.       1,500        32
    Tsubaki Nakashima Co. Ltd.       5,700        32
    Broadleaf Co. Ltd.       8,600        32
    Weathernews Inc.         700        31
    Fujibo Holdings Inc.       1,300        31
    Kyodo Printing Co. Ltd.       1,400        31
    Nippon Thompson Co. Ltd.       8,000        31
    Ryoyo Electro Corp.       1,300        31
    Senko Group Holdings Co. Ltd.       4,400        31
    Shikoku Kasei Holdings Corp.       3,100        31
    COLOPL Inc.       7,100        31
    ZIGExN Co. Ltd.       7,800        31
    Chilled & Frozen Logistics Holdings Co. Ltd.       3,200        31
    Avant Group Corp.       3,200        31
    Itoham Yonekyu Holdings Inc.       5,400        30
    FULLCAST Holdings Co. Ltd.       2,100        30
    Mandom Corp.       3,000        30
    Mitsuboshi Belting Ltd.         900        30
    Pacific Industrial Co. Ltd.       3,100        30
    Riso Kagaku Corp.       1,900        30
    Seikagaku Corp.       5,500        30
    SWCC Corp.       2,200        30
    TOC Co. Ltd.       7,000        30
          Shares Market
Value•

($000)
    Toyo Ink SC Holdings Co. Ltd.       1,900        30
    Zenrin Co. Ltd.       4,800        30
    Vital KSK Holdings Inc.       4,400        30
    Hoosiers Holdings Co. Ltd.       4,100        30
    Fixstars Corp.       3,500        30
    YAKUODO Holdings Co. Ltd.       1,700        30
    TechMatrix Corp.       2,700        30
    m-up Holdings Inc.       2,900        30
    Integrated Design & Engineering Holdings Co. Ltd.       1,300        30
    Key Coffee Inc.       2,000        29
    Nippon Seiki Co. Ltd.       3,800        29
    Riken Vitamin Co. Ltd.       1,800        29
    Shinko Shoji Co. Ltd.       3,600        29
    Yamagata Bank Ltd.       3,900        29
    Yokowo Co. Ltd.       2,500        29
    Solasto Corp.       6,400        29
    Nisso Corp.       5,000        29
    JDC Corp.       6,900        29
    Elan Corp.       4,800        29
  * Demae-Can Co. Ltd.      10,400        29
    Akita Bank Ltd.       2,200        28
    Goldcrest Co. Ltd.       2,100        28
    Komatsu Matere Co. Ltd.       5,600        28
    Kintetsu Department Store Co. Ltd.       1,400        28
    Nissan Shatai Co. Ltd.       4,500        28
    Okura Industrial Co. Ltd.       1,600        28
    Shikoku Bank Ltd.       4,400        28
    Tamron Co. Ltd.         900        28
    Yurtec Corp.       4,400        28
    DKS Co. Ltd.       2,400        28
    Osaka Organic Chemical Industry Ltd.       1,600        28
    Fibergate Inc.       2,700        28
    Midac Holdings Co. Ltd.       2,200        28
    KPP Group Holdings Co. Ltd.       6,200        28
    Obara Group Inc.       1,000        27
    Avex Inc.       2,700        27
    Riso Kyoiku Co. Ltd.      15,700        27
    Dainichiseika Color & Chemicals Manufacturing Co. Ltd.       1,700        27
    Ichigo Inc.      12,400        27
    Oki Electric Industry Co. Ltd.       4,300        27
    SBS Holdings Inc.       1,300        27
    Tocalo Co. Ltd.       2,800        27
    Sakai Chemical Industry Co. Ltd.       2,000        27
    Sankyo Tateyama Inc.       4,400        27
    V Technology Co. Ltd.       1,600        26
    Marudai Food Co. Ltd.       2,200        26
    Nippon Parking Development Co. Ltd.      17,100        26
    Nippon Road Co. Ltd.         400        26
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Rheon Automatic Machinery Co. Ltd.       2,700        26
    Riken Technos Corp.       5,300        26
    SRA Holdings       1,100        26
    Mie Kotsu Group Holdings Inc.       6,400        26
    Furuya Metal Co. Ltd.         400        26
    Shinwa Co. Ltd.       1,600        25
    Fudo Tetra Corp.       2,000        25
    Fukui Bank Ltd.       2,300        25
    Nihon Nohyaku Co. Ltd.       5,200        25
    Sumitomo Seika Chemicals Co. Ltd.         800        25
    Tatsuta Electric Wire & Cable Co. Ltd.       5,200        25
    Toho Bank Ltd.      13,000        25
    Yamashin-Filter Corp.      11,300        25
    One REIT Inc.          14        25
    ASKA Pharmaceutical Holdings Co. Ltd.       2,200        25
    Autobacs Seven Co. Ltd.       2,200        24
    Chuo Spring Co. Ltd.       4,700        24
    Nissei ASB Machine Co. Ltd.         800        24
    CI Takiron Corp.       5,900        24
    Sumitomo Riko Co. Ltd.       3,200        24
    Sanei Architecture Planning Co. Ltd.       1,700        24
    Gree Inc.       5,700        24
    Takaoka Toko Co. Ltd.       1,600        24
    Toyobo Co. Ltd.       3,200        23
    Central Security Patrols Co. Ltd.       1,100        23
    Fujimori Kogyo Co. Ltd.         900        23
    Fukuda Corp.         700        23
    JSP Corp.       1,700        23
  * Jamco Corp.       2,200        23
    Kanaden Corp.       2,300        23
    Infocom Corp.       1,200        23
    Nissin Corp.       1,300        23
    Tosei Corp.       1,800        23
    Ryoden Corp.       1,400        23
    Tamura Corp.       5,700        23
    Tayca Corp.       2,500        23
    S-Pool Inc.       6,900        23
    Ebase Co. Ltd.       4,800        23
    Exedy Corp.       1,200        22
    Furuno Electric Co. Ltd.       2,500        22
    Hokkaido Gas Co. Ltd.       1,400        22
  * Sourcenext Corp.      17,100        22
    Nihon Tokushu Toryo Co. Ltd.       2,400        22
  * Nippon Chemi-Con Corp.       2,300        22
    France Bed Holdings Co. Ltd.       2,600        22
    Shin-Etsu Polymer Co. Ltd.       2,300        22
    Xebio Holdings Co. Ltd.       3,200        22
    NEC Capital Solutions Ltd.       1,000        22
          Shares Market
Value•

($000)
    Airtrip Corp.       1,400        22
    Daiken Corp.       1,000        21
    Hibiya Engineering Ltd.       1,400        21
    Oriental Shiraishi Corp.       9,400        21
    Bunka Shutter Co. Ltd.       2,700        20
    Chiyoda Co. Ltd.       3,000        20
    Chubu Shiryo Co. Ltd.       2,600        20
    Nakayama Steel Works Ltd.       3,100        20
    Macromill Inc.       3,900        20
    Oro Co. Ltd.       1,400        20
    Cosel Co. Ltd.       2,100        19
  * KNT-CT Holdings Co. Ltd.       1,800        19
    Kyosan Electric Manufacturing Co. Ltd.       6,000        19
    Valor Holdings Co. Ltd.       1,300        19
    Nihon Chouzai Co. Ltd.       2,000        19
    Tv Tokyo Holdings Corp.         900        19
  * Net Protections Holdings Inc.       7,000        19
    ESCON Japan REIT Investment Corp.          24        19
    Tosei REIT Investment Corp.          20        19
    Happinet Corp.       1,000        18
    Joshin Denki Co. Ltd.       1,200        18
    CMIC Holdings Co. Ltd.       1,500        18
    Nitto Kohki Co. Ltd.       1,300        18
    Nippon Beet Sugar Manufacturing Co. Ltd.       1,400        18
    Nippon Ceramic Co. Ltd.       1,000        18
    Nitta Corp.         800        18
    Digital Holdings Inc.       2,500        18
    Asahi Co. Ltd.       2,000        18
    Restar Holdings Corp.       1,100        18
    YA-MAN Ltd.       2,600        18
    Nittoku Co. Ltd.       1,100        18
    Yukiguni Maitake Co. Ltd.       2,900        18
    Nafco Co. Ltd.       1,400        18
    Futaba Corp.       4,500        17
    Fuso Pharmaceutical Industries Ltd.       1,200        17
    Ichikoh Industries Ltd.       4,600        17
    Kansai Food Market Ltd.       1,700        17
    J-Oil Mills Inc.       1,400        17
  * Pacific Metals Co. Ltd.       1,600        17
    Tokyu Construction Co. Ltd.       3,300        17
    Saibu Gas Holdings Co. Ltd.       1,200        17
    NS United Kaiun Kaisha Ltd.         600        17
  * Unitika Ltd.      11,200        17
    Yorozu Corp.       2,700        17
    FIDEA Holdings Co. Ltd.       1,600        17
    Aeon Fantasy Co. Ltd.         700        16
    Iseki & Co. Ltd.       1,900        16
    Toho Zinc Co. Ltd.       1,400        16
    Tomoku Co. Ltd.       1,000        16
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    ValueCommerce Co. Ltd.       1,800        16
    Medical Data Vision Co. Ltd.       3,200        16
    METAWATER Co. Ltd.       1,200        16
    Bell System24 Holdings Inc.       1,500        16
    Belluna Co. Ltd.       3,100        15
    Daido Metal Co. Ltd.       4,000        15
    Fuji Pharma Co. Ltd.       1,900        15
    Mirarth Holdings Inc.       4,800        15
    Kyokuto Kaihatsu Kogyo Co. Ltd.       1,200        15
    Yokogawa Bridge Holdings Corp.         800        15
    Takamiya Co. Ltd.       4,200        15
    Kamakura Shinsho Ltd.       3,400        15
    Daiki Aluminium Industry Co. Ltd.       1,500        15
    Corona Corp. Class A       2,200        14
    Hodogaya Chemical Co. Ltd.         600        14
    Oiles Corp.       1,000        14
    Takasago International Corp.         700        14
    I-PEX Inc.       1,200        14
    Aida Engineering Ltd.       1,900        13
    Central Sports Co. Ltd.         800        13
    Tsukishima Holdings Co. Ltd.       1,400        13
    Tsutsumi Jewelry Co. Ltd.         800        13
    Ohara Inc.       1,400        13
    LIFULL Co. Ltd.       7,700        13
    Create SD Holdings Co. Ltd.         500        13
    Konoike Transport Co. Ltd.         900        13
    Sanki Engineering Co. Ltd.       1,100        12
    Daito Pharmaceutical Co. Ltd.         770        12
    Hosokawa Micron Corp.         400        11
    Halows Co. Ltd.         400        11
    Matsuda Sangyo Co. Ltd.         700        11
    Noritz Corp.       1,000        11
    SB Technology Corp.         700        11
    Direct Marketing MiX Inc.       2,700        11
    Alpha Systems Inc.         500        10
    Union Tool Co.         400        10
    World Holdings Co. Ltd.         600        10
    Proto Corp.       1,200        10
  * TerraSky Co. Ltd.         700        10
    Takamatsu Construction Group Co. Ltd.         500         9
    Nichiden Corp.         500         9
    Sekisui Jushi Corp.         500         9
    Shibuya Corp.         500         9
    TPR Co. Ltd.         700         9
          Shares Market
Value•

($000)
    Tokushu Tokai Paper Co. Ltd.         400         9
    Linical Co. Ltd.       1,900         9
    Moriroku Holdings Co. Ltd.         600         9
    Eiken Chemical Co. Ltd.         800         8
    DyDo Group Holdings Inc.         200         8
    Axial Retailing Inc.         300         8
    Nachi-Fujikoshi Corp.         300         8
    Alpen Co. Ltd.         600         8
    KAWADA TECHNOLOGIES Inc.         200         8
    World Co. Ltd.         700         8
 *,3 Open Door Inc.       1,000         8
    Matsui Securities Co. Ltd.       1,300         7
    Gecoss Corp.       1,100         7
    Marvelous Inc.       1,400         7
    T-Gaia Corp.         600         7
    Sekisui Kasei Co. Ltd.       2,400         7
    Towa Bank Ltd.       1,700         7
    Cleanup Corp.       1,200         6
  * FDK Corp.       1,000         6
    Koatsu Gas Kogyo Co. Ltd.       1,200         6
    Dai-Dan Co. Ltd.         300         6
    Tokyo Base Co. Ltd.       2,700         6
    Raccoon Holdings Inc.       1,100         6
  * Akebono Brake Industry Co. Ltd.       5,400         5
    Advan Group Co. Ltd.         800         5
    MTI Ltd.       1,400         5
    Osaka Steel Co. Ltd.         400         5
    Tokai Corp.         400         5
    Orient Corp.         500         4
    Taiho Kogyo Co. Ltd.         700         4
    Chori Co. Ltd.         200         4
    Wowow Inc.         500         4
    Okuwa Co. Ltd.         700         4
    Sanoh Industrial Co. Ltd.         600         4
  * Gurunavi Inc.       1,600         4
    Japan Medical Dynamic Marketing Inc.         700         4
    Taki Chemical Co. Ltd.         100         3
    Toenec Corp.         100         3
    Robot Home Inc.       2,200         3
    Gakken Holdings Co. Ltd.         400         2
    Shindengen Electric Manufacturing Co. Ltd.         100         2
  * Media Do Co. Ltd.         200         2
    Airport Facilities Co. Ltd.         200         1
                          588,379
Kuwait (0.3%)
    National Bank of Kuwait SAKP   1,232,009     3,676
    Kuwait Finance House KSCP   1,466,446     3,543
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Mobile Telecommunications Co. KSCP     281,799       466
  * Agility Public Warehousing Co. KSC     236,894       442
    Boubyan Bank KSCP     205,885       407
    Mabanee Co. KPSC     113,213       307
    National Industries Group Holding SAK     355,789       262
    Gulf Bank KSCP     274,922       225
    Warba Bank KSCP     209,136       136
    Boursa Kuwait Securities Co. KPSC      16,677       108
    Burgan Bank SAK     165,785       104
  * Kuwait Projects Co. Holding KSCP     260,973       104
    Salhia Real Estate Co. KSCP      66,894       104
    Kuwait Telecommunications Co.      51,605        95
  * Alimtiaz Investment Group KSC     393,277        90
    Jazeera Airways Co. KSCP      15,409        83
    Kuwait International Bank KSCP     150,793        79
    Integrated Holding Co. KCSC      46,810        63
  * National Real Estate Co. KPSC     206,404        54
                           10,348
Malaysia (0.5%)
    Malayan Banking Bhd.   1,142,800     2,243
    Public Bank Bhd.   2,272,500     2,071
    CIMB Group Holdings Bhd.   1,217,400     1,476
    Petronas Chemicals Group Bhd.     432,000       663
    Celcomdigi Bhd.     648,100       612
    Press Metal Aluminium Holdings Bhd.     550,500       575
    IHH Healthcare Bhd.     432,400       552
    Sime Darby Plantation Bhd.     575,200       546
    MISC Bhd.     267,674       415
    IOI Corp. Bhd.     456,900       397
    Kuala Lumpur Kepong Bhd.      84,600       393
    PPB Group Bhd.     102,700       348
    Axiata Group Bhd.     684,600       348
    Hong Leong Bank Bhd.      79,000       340
    Gamuda Bhd.     347,700       338
    TIME dotCom Bhd.     280,500       333
    Malaysia Airports Holdings Bhd.     195,100       310
    RHB Bank Bhd.     252,500       305
    Nestle Malaysia Bhd.      10,100       284
    Maxis Bhd.     325,400       281
    Inari Amertron Bhd.     404,900       275
    Sime Darby Bhd.     471,200       233
    AMMB Holdings Bhd.     283,400       228
          Shares Market
Value•

($000)
    Pentamaster Corp. Bhd.     177,250       202
    Telekom Malaysia Bhd.     178,782       197
    Alliance Bank Malaysia Bhd.     261,000       194
    Bermaz Auto Bhd.     364,300       176
    My EG Services Bhd.   1,007,800       173
    QL Resources Bhd.     141,500       165
    Bursa Malaysia Bhd.     102,900       153
  * Top Glove Corp. Bhd.     888,400       147
    Padini Holdings Bhd.     159,600       136
    Mega First Corp. Bhd.     187,000       134
    Frontken Corp. Bhd.     174,200       132
    ViTrox Corp. Bhd.      80,200       131
    Fraser & Neave Holdings Bhd.      23,500       129
    Malaysian Pacific Industries Bhd.      19,700       122
    KPJ Healthcare Bhd.     474,900       119
    Genting Plantations Bhd.     101,500       118
    Hartalega Holdings Bhd.     274,600       116
  2 MR DIY Group M Bhd.     345,000       115
    Malaysia Building Society Bhd.     716,600       114
    FGV Holdings Bhd.     378,900       111
    Hong Leong Financial Group Bhd.      26,900       106
    D&O Green Technologies Bhd.     129,900        99
    Scientex Bhd.     111,400        91
    VS Industry Bhd.     434,600        90
    Syarikat Takaful Malaysia Keluarga Bhd.     112,600        90
    Westports Holdings Bhd.     114,100        86
  * Chin Hin Group Bhd.      90,500        84
  * PMB Technology Bhd.     101,000        79
    UWC Bhd.      98,400        74
    United Plantations Bhd.      20,400        70
    CTOS Digital Bhd.     221,500        68
    Malaysian Resources Corp. Bhd.     663,900        64
  * Greatech Technology Bhd.      62,200        60
    Kossan Rubber Industries Bhd.     185,000        51
  2 Lotte Chemical Titan Holding Bhd.     192,400        51
    UMW Holdings Bhd.      44,900        46
    SP Setia Bhd. Group     187,100        37
    WCT Holdings Bhd.     339,300        37
    Astro Malaysia Holdings Bhd.     306,900        34
    Cahya Mata Sarawak Bhd.     102,500        26
    UEM Sunrise Bhd.     131,300        21
  * Hong Seng Consolidated Bhd.     518,100         5
                           17,819
Mexico (1.0%)
    America Movil SAB de CV Class B   4,747,141     4,469
 
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Table of Contents
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          Shares Market
Value•

($000)
    Grupo Financiero Banorte SAB de CV     483,400     4,094
    Fomento Economico Mexicano SAB de CV     308,223     3,449
    Wal-Mart de Mexico SAB de CV     868,200     3,420
  * Cemex SAB de CV   2,602,900     2,053
    Grupo Bimbo SAB de CV Class A     388,634     1,912
    Grupo Aeroportuario del Pacifico SAB de CV Class B      65,700     1,207
    Grupo Aeroportuario del Sureste SAB de CV Class B      37,660     1,026
    Coca-Cola Femsa SAB de CV     101,010       856
  * Grupo Financiero Inbursa SAB de CV     303,100       655
    Grupo Elektra SAB de CV       9,080       625
    Fibra Uno Administracion SA de CV     420,500       613
    Arca Continental SAB de CV      62,900       612
    Grupo Aeroportuario del Centro Norte SAB de CV Class B      47,753       553
    Gruma SAB de CV Class B      31,360       524
    Grupo Carso SAB de CV      64,693       516
    Corp. Inmobiliaria Vesta SAB de CV     126,200       468
  2 FIBRA Macquarie Mexico     235,463       440
    Grupo Televisa SAB     437,300       388
    Grupo Comercial Chedraui SA de CV      67,200       376
    TF Administradora Industrial S de RL de CV     195,700       367
  2 Banco del Bajio SA     111,700       352
    Orbia Advance Corp. SAB de CV     133,300       297
  * Alsea SAB de CV      82,600       291
    Prologis Property Mexico SA de CV      78,433       275
  * Industrias Penoles SAB de CV      19,130       271
    Regional SAB de CV      36,700       269
    Kimberly-Clark de Mexico SAB de CV Class A      94,400       212
    La Comer SAB de CV      86,700       188
    Gentera SAB de CV     150,500       184
    Operadora De Sites Mexicanos SAB de CV     181,600       170
  * Controladora Vuela Cia de Aviacion SAB de CV Class A     143,500       143
          Shares Market
Value•

($000)
    Qualitas Controladora SAB de CV      17,700       140
  * Sitios Latinoamerica SAB de CV     272,347       114
    Bolsa Mexicana de Valores SAB de CV      55,300       110
    El Puerto de Liverpool SAB de CV      17,000       106
 *,2 Grupo Traxion SAB de CV Class A      53,400        97
    Megacable Holdings SAB de CV      35,600        86
    Genomma Lab Internacional SAB de CV Class B     102,900        83
 *,2 Nemak SAB de CV     327,600        72
    Grupo Rotoplas SAB de CV      24,620        37
    Alpek SAB de CV Class A      32,100        32
    Concentradora Fibra Danhos SA de CV      25,700        32
                           32,184
Netherlands (3.2%)
    ASML Holding NV      65,422    43,017
    ING Groep NV     583,921     8,274
  * Prosus NV     117,670     8,116
    Koninklijke Ahold Delhaize NV     160,592     5,253
    Wolters Kluwer NV      41,628     5,016
 *,2 Adyen NV       4,884     4,078
    ASM International NV       7,806     3,758
  * Koninklijke Philips NV     153,733     3,455
    Universal Music Group NV     122,470     3,036
    DSM-Firmenich AG      28,840     2,668
    Akzo Nobel NV      29,621     2,405
    Koninklijke KPN NV     562,263     1,968
  3 NN Group NV      47,944     1,846
    Aegon NV     303,095     1,553
    BE Semiconductor Industries NV      12,992     1,491
    EXOR NV      15,950     1,411
    IMCD NV      10,035     1,382
    Randstad NV      19,599     1,150
    ASR Nederland NV      26,005     1,137
  2 Euronext NV      14,332     1,035
  2 ABN AMRO Bank NV       67,156       988
  2 Signify NV      22,521       637
 *,2 Just Eat Takeaway.com NV      32,508       457
    TKH Group NV        9,592       442
    JDE Peet's NV      14,940       416
  * InPost SA      32,122       377
    OCI NV      14,637       370
    Koninklijke Vopak NV       9,947       359
    Allfunds Group plc      59,019       349
  * Galapagos NV       7,324       277
    Corbion NV      10,555       252
 *,2 Basic-Fit NV       7,386       225
    APERAM SA       7,156       202
 *,2 Alfen NV       3,351       194
 
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          Shares Market
Value•

($000)
  2 CTP NV      13,380       190
    Eurocommercial Properties NV       6,306       151
    PostNL NV      52,070       121
    Majorel Group Luxembourg SA       3,742       120
  * TomTom NV       8,898        71
    Flow Traders Ltd.       2,694        54
    Brunel International NV       3,101        42
    Wereldhave NV       1,276        22
    Vastned Retail NV         701        15
    NSI NV         625        13
  * Ebusco Holding NV         307         2
                          108,395
New Zealand (0.3%)
    Fisher & Paykel Healthcare Corp. Ltd.     101,172     1,366
    Spark New Zealand Ltd.     361,478     1,094
  * Auckland International Airport Ltd.     226,285     1,054
    Meridian Energy Ltd.     235,533       753
    Infratil Ltd.     115,436       695
    EBOS Group Ltd.      24,943       564
    Mainfreight Ltd.      13,338       521
  * a2 Milk Co. Ltd.     135,168       402
    Ryman Healthcare Ltd.      90,946       360
    Fletcher Building Ltd.     120,526       347
    Mercury NZ Ltd.      92,026       341
    Chorus Ltd.      56,007       268
    Summerset Group Holdings Ltd.      43,015       263
    Heartland Group Holdings Ltd.     135,080       144
    Precinct Properties New Zealand Ltd.     167,459       123
    Stride Property Group     134,058       111
    Freightways Group Ltd.      18,588        97
    Kiwi Property Group Ltd.     175,245        92
    SKY Network Television Ltd.      61,285        91
  * Air New Zealand Ltd.     166,443        80
    Vector Ltd.      30,069        72
    Argosy Property Ltd.      97,257        68
    Skellerup Holdings Ltd.      17,971        46
    KMD Brands Ltd.      51,665        26
    Scales Corp. Ltd.       9,888        18
  * Pacific Edge Ltd.     114,132         7
  * Synlait Milk Ltd.       7,302         6
                            9,009
Norway (0.5%)
    DNB Bank ASA     170,526     3,371
    Mowi ASA      76,998     1,396
    Norsk Hydro ASA     229,226     1,268
    Yara International ASA      29,850     1,088
    Telenor ASA      99,703     1,068
    Orkla ASA     116,581       890
    Storebrand ASA      95,363       764
    TOMRA Systems ASA      42,722       586
    Salmar ASA      10,802       527
    Bakkafrost P/F       9,199       464
    SpareBank 1 SMN      32,459       429
          Shares Market
Value•

($000)
    SpareBank 1 SR-Bank ASA      33,329       403
    Schibsted ASA Class A      18,609       395
  * Nordic Semiconductor ASA      30,919       376
    Gjensidige Forsikring ASA      22,776       354
  * Adevinta ASA      43,226       307
  * NEL ASA     237,162       259
    Hafnia Ltd.      38,201       223
    Schibsted ASA Class B      10,696       210
 *,2 AutoStore Holdings Ltd.     121,992       208
    Borregaard ASA      14,037       204
    Aker ASA Class A       3,243       200
  * Kahoot! ASA      57,004       184
  2 BW LPG Ltd.      13,321       161
    Atea ASA      12,433       154
    Leroy Seafood Group ASA      35,260       146
    Wallenius Wilhelmsen ASA      14,719       119
    FLEX LNG Ltd.       3,843       117
  2 Scatec ASA      16,143       108
  2 Europris ASA      18,874       107
    Veidekke ASA      10,924       103
 *,2 Crayon Group Holding ASA      12,606       102
  2 Elkem ASA      47,514        98
  2 Entra ASA       9,765        91
    MPC Container Ships ASA      53,024        91
    Austevoll Seafood ASA      11,638        84
    Bonheur ASA       3,216        70
    Grieg Seafood ASA       8,499        60
    Hoegh Autoliners ASA       8,631        60
    Sparebank 1 Oestlandet       4,578        58
  * Aker Carbon Capture ASA      50,252        58
    Stolt-Nielsen Ltd.       2,215        55
  * Hexagon Composites ASA      12,496        44
    Wilh Wilhelmsen Holding ASA Class A         975        27
    Arendals Fossekompani ASA       1,417        20
  * Aker Horizons ASA      38,312        17
  * Hexagon Purus ASA       4,288         8
                           17,132
Pakistan (0.0%)
    Millat Tractors Ltd.      44,430        64
    United Bank Ltd.     101,400        46
  * Lucky Cement Ltd.      23,964        44
    Habib Bank Ltd.     121,342        38
  * TRG Pakistan      98,500        29
    Engro Fertilizers Ltd.      92,446        24
    Systems Ltd.      16,462        23
    MCB Bank Ltd.      43,000        18
                              286
Philippines (0.2%)
    BDO Unibank Inc.     412,134     1,013
    SM Prime Holdings Inc.   1,872,700       966
 
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          Shares Market
Value•

($000)
    International Container Terminal Services Inc.     204,870       749
    Ayala Land Inc.   1,367,800       655
    Bank of the Philippine Islands     318,063       618
    JG Summit Holdings Inc.     485,200       313
    PLDT Inc.      13,690       278
    Universal Robina Corp.     125,750       248
    Metropolitan Bank & Trust Co.     223,077       217
    Jollibee Foods Corp.      47,590       199
  2 Monde Nissin Corp.   1,047,900       133
    Globe Telecom Inc.       3,980       127
    GT Capital Holdings Inc.      11,630       118
    Metro Pacific Investments Corp.   1,223,000       109
    Robinsons Retail Holdings Inc.     124,080       108
    Wilcon Depot Inc.     252,300        99
    Security Bank Corp.      53,520        76
  * Cebu Air Inc.     101,020        64
    Century Pacific Food Inc.     115,400        55
    AREIT Inc.      94,300        55
    Manila Water Co. Inc.     166,400        52
  * Converge Information & Communications Technology Solutions Inc.     368,400        51
    Robinsons Land Corp.     176,600        46
    Megaworld Corp.     704,000        25
    RL Commercial REIT Inc.     249,800        21
    D&L Industries Inc.     101,700        12
                            6,407
Poland (0.2%)
  * Powszechna Kasa Oszczednosci Bank Polski SA     151,138     1,365
    Powszechny Zaklad Ubezpieczen SA     102,050     1,022
    Bank Polska Kasa Opieki SA      29,562       772
 *,2 Dino Polska SA       7,660       702
    LPP SA         186       626
 *,2 Allegro.eu SA      72,808       582
    CD Projekt SA      10,741       383
  * Santander Bank Polska SA       4,132       372
  * KRUK SA       2,501       242
    Asseco Poland SA      11,594       206
    Orange Polska SA     109,659       190
 *,2 Pepco Group NV      23,436       183
  * mBank SA       1,637       170
  * Alior Bank SA      12,039       164
  * Bank Millennium SA      72,607       107
    Cyfrowy Polsat SA      31,836       105
    Bank Handlowy w Warszawie SA       4,281        90
  * AmRest Holdings SE       8,831        59
  * CCC SA       5,109        55
          Shares Market
Value•

($000)
  * Grupa Azoty SA       4,644        28
    Warsaw Stock Exchange       1,564        14
                            7,437
Portugal (0.1%)
    Jeronimo Martins SGPS SA      43,947     1,120
    EDP Renovaveis SA      45,863       839
  * Banco Comercial Portugues SA   1,384,355       386
    NOS SGPS SA      84,622       319
    Sonae SGPS SA     197,943       209
    CTT-Correios de Portugal SA      39,640       145
    REN - Redes Energeticas Nacionais SGPS SA      46,945       128
    Navigator Co. SA      12,569        46
  * Greenvolt-Energias Renovaveis SA       3,501        24
    Altri SGPS SA       4,107        20
                            3,236
Qatar (0.3%)
    Qatar National Bank QPSC     740,231     3,171
    Qatar Islamic Bank SAQ     296,872     1,575
    Commercial Bank PSQC     550,607       859
    Industries Qatar QSC     246,386       836
    Masraf Al Rayan QSC   1,036,092       631
    Qatar Gas Transport Co. Ltd.     458,592       467
    Ooredoo QPSC     137,432       408
    Mesaieed Petrochemical Holding Co.     654,554       331
    Qatar Navigation QSC      96,438       253
    Vodafone Qatar QSC     466,805       237
    Barwa Real Estate Co.     286,341       206
    Doha Bank QPSC     410,310       194
    Qatar Aluminum Manufacturing Co.     427,710       156
    United Development Co. QSC     355,162       109
    Medicare Group      61,475       101
    Al Meera Consumer Goods Co. QSC      20,566        78
                            9,612
Romania (0.0%)
  * Banca Transilvania SA      90,981       419
  * MED Life SA      11,561        47
    One United Properties SA     156,822        32
  * Teraplast SA     209,443        21
                              519
Russia (0.0%)
 *,1 Sberbank of Russia PJSC   1,437,070        —
 *,1 Mobile TeleSystems PJSC ADR       8,336        —
 *,1 Unipro PJSC   2,240,000        —
 *,1 VTB Bank PJSC GDR      17,656        —
 
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          Shares Market
Value•

($000)
 *,1 PhosAgro PJSC       3,204        —
 *,1 OGK-2 PJSC   6,493,000        —
 *,1 Polyus PJSC       3,525        —
 *,1 TGC-1 PJSC 698,000,000        —
 *,1 RusHydro PJSC   6,697,000        —
 *,1 Aeroflot PJSC     169,870        —
 *,1 Rostelecom PJSC     108,980        —
 *,1 Novolipetsk Steel PJSC     118,300        —
 *,1 Mobile TeleSystems PJSC      72,320        —
 *,1 Magnit PJSC       9,808        —
 *,1 Mosenergo PJSC   1,671,000        —
 *,1 Federal Grid Co. - Rosseti PJSC (Registered)  59,114,436        —
 *,1 M.Video PJSC      15,392        —
 *,1 VTB Bank PJSC 511,420,000        —
 *,1 Inter RAO UES PJSC   3,338,400        —
 *,1 EL5-ENERO PJSC  20,838,000        —
 *,1 Sistema PJSFC     466,300        —
 *,1 Moscow Exchange MICEX-RTS PJSC     175,830        —
*,1,2 Detsky Mir PJSC     100,010        —
 *,1 Credit Bank of Moscow PJSC   1,108,700        —
 *,1 Novorossiysk Commercial Sea Port PJSC   1,721,500        —
 *,1 Cherkizovo Group PJSC       1,432        —
 *,1 Samolet Group         951        —
 *,1 IDGC of Centre & Volga Region PJSC  13,690,000        —
                               —
Saudi Arabia (0.9%)
    Al Rajhi Bank     322,867     6,207
    Saudi National Bank     482,156     4,592
    Saudi Telecom Co.     290,223     3,080
  * Saudi Arabian Mining Co.     202,699     2,184
    Riyad Bank     245,178     1,988
    Alinma Bank     154,579     1,519
    Banque Saudi Fransi      94,547       966
    Elm Co.       3,965       897
    Arab National Bank     113,343       779
    Etihad Etisalat Co.      56,281       677
    Almarai Co. JSC      36,949       624
    Sahara International Petrochemical Co.      55,517       539
  * Dar Al Arkan Real Estate Development Co.      83,582       414
    Arabian Internet & Communications Services Co.       4,364       410
    Savola Group      36,989       373
    Co. for Cooperative Insurance      11,727       363
    Jarir Marketing Co.      86,220       339
    Abdullah Al Othaim Markets Co.      82,580       320
    Mobile Telecommunications Co. Saudi Arabia      79,713       287
          Shares Market
Value•

($000)
    Saudi Airlines Catering Co.       8,842       254
    Saudia Dairy & Foodstuff Co.       2,925       249
    Leejam Sports Co. JSC       5,437       222
    Advanced Petrochemical Co.      16,820       191
    Arriyadh Development Co.      30,775       175
    Astra Industrial Group       7,037       172
    Arabian Centres Co. Ltd.      27,779       166
  * National Industrialization Co.      45,468       154
    Jadwa REIT Saudi Fund      44,868       144
    United International Transportation Co.       6,872       135
  * Dur Hospitality Co.      15,330       114
  * Mediterranean & Gulf Cooperative Insurance & Reinsurance Co.      28,462       110
  * Tabuk Cement Co.      26,491       105
    Yanbu Cement Co.      10,314       100
    Hail Cement Co.      26,970        93
    Northern Region Cement Co.      30,836        93
    Bawan Co.       9,947        93
    Eastern Province Cement Co.       7,888        89
  * Methanol Chemicals Co.      14,617        89
  * Saudi Pharmaceutical Industries & Medical Appliances Corp.       8,007        80
    Saudi Chemical Co. Holding      63,750        76
    City Cement Co.      13,514        73
    Al Masane Al Kobra Mining Co.       5,115        73
    Saudi Ceramic Co.       9,332        72
  * Sinad Holding Co.      23,127        70
    BinDawood Holding Co.      41,810        69
    Najran Cement Co.      19,398        65
  * Zamil Industrial Investment Co.       7,113        48
  * Al Jouf Cement Co.      14,789        48
    Al-Dawaa Medical Services Co.       1,751        45
  * Fawaz Abdulaziz Al Hokair & Co.       5,533        31
  * Saudi Public Transport Co.       4,324        21
                           30,077
Singapore (1.0%)
    DBS Group Holdings Ltd.     297,300     7,318
    Oversea-Chinese Banking Corp. Ltd.     566,600     5,257
    United Overseas Bank Ltd.     205,600     4,319
    Singapore Telecommunications Ltd.   1,291,000     2,268
 
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          Shares Market
Value•

($000)
    CapitaLand Ascendas REIT     552,900     1,132
    Singapore Exchange Ltd.     157,300     1,120
    Keppel Corp. Ltd.     217,100     1,114
    Wilmar International Ltd.     397,987     1,113
    CapitaLand Integrated Commercial Trust     787,200     1,112
    CapitaLand Investment Ltd.     458,600     1,099
    Singapore Airlines Ltd.     205,100     1,042
  * Seatrium Ltd.   7,050,977       756
    Venture Corp. Ltd.      58,900       571
    UOL Group Ltd.     109,800       539
    Mapletree Logistics Trust     421,800       524
    Keppel DC REIT     308,723       502
    Frasers Centrepoint Trust     283,419       469
    ComfortDelGro Corp. Ltd.     478,300       449
    Mapletree Pan Asia Commercial Trust     352,500       396
    Mapletree Industrial Trust     219,400       373
    Frasers Logistics & Commercial Trust     405,189       360
  * SATS Ltd.     167,793       321
    City Developments Ltd.      50,700       251
    NetLink NBN Trust     302,300       193
    ESR-LOGOS REIT     824,578       189
    Raffles Medical Group Ltd.     187,000       174
    AEM Holdings Ltd.      56,300       146
    AIMS APAC REIT     154,836       144
    Olam Group Ltd.     147,000       136
    Keppel REIT     207,800       133
    Lendlease Global Commercial REIT     310,632       132
    Starhill Global REIT     341,900       123
    CapitaLand China Trust     181,800       122
    Hutchison Port Holdings Trust     689,300       114
    SIA Engineering Co. Ltd.      61,500       109
    iFAST Corp. Ltd.      22,100        93
    StarHub Ltd.     106,900        81
    Sheng Siong Group Ltd.      67,800        76
    First Resources Ltd.      65,400        75
    UMS Holdings Ltd.      75,500        70
    CDL Hospitality Trusts      85,800        65
    Singapore Post Ltd.     161,500        59
    Digital Core REIT Management Pte. Ltd.     104,600        58
    Hour Glass Ltd.      34,800        50
    Bumitama Agri Ltd.      98,300        40
    Silverlake Axis Ltd.     130,249        28
    Riverstone Holdings Ltd.      52,900        25
    Manulife US REIT     209,594        14
          Shares Market
Value•

($000)
    Nanofilm Technologies International Ltd.      11,500         9
  * Yoma Strategic Holdings Ltd.      71,400         5
 *,1 Eagle Hospitality Trust      38,000        —
                           34,868
South Africa (1.0%)
    Naspers Ltd.      31,347     5,321
    FirstRand Ltd.     824,915     3,205
    Standard Bank Group Ltd.     229,676     2,345
    Gold Fields Ltd.     147,501     1,887
    Absa Group Ltd.     149,738     1,444
    Bid Corp. Ltd.      58,660     1,317
    Capitec Bank Holdings Ltd.      15,002     1,258
    Shoprite Holdings Ltd.      88,951     1,241
    Sanlam Ltd.     335,355     1,206
    Bidvest Group Ltd.      61,294       925
    Remgro Ltd.     107,730       904
    Nedbank Group Ltd.      77,069       882
    Impala Platinum Holdings Ltd.     147,097       757
    Clicks Group Ltd.      49,598       718
  * Discovery Ltd.      77,908       605
    Woolworths Holdings Ltd.     150,429       591
    Aspen Pharmacare Holdings Ltd.      58,729       536
    Old Mutual Ltd.     776,394       520
    Vodacom Group Ltd.      88,905       507
  * Northam Platinum Holdings Ltd.      65,805       435
    Foschini Group Ltd.      74,132       409
    NEPI Rockcastle NV      67,682       404
    Mr Price Group Ltd.      56,938       398
    Harmony Gold Mining Co. Ltd.      91,409       379
    Growthpoint Properties Ltd.     563,524       352
    Anglo American Platinum Ltd.       9,410       328
    AVI Ltd.      82,649       316
  2 Pepkor Holdings Ltd.     341,446       294
    Sappi Ltd.      98,503       209
    Life Healthcare Group Holdings Ltd.     182,951       207
    Tiger Brands Ltd.      23,800       206
    Investec Ltd.      35,005       205
    SPAR Group Ltd.      36,395       199
    Truworths International Ltd.      50,716       195
    MultiChoice Group      46,797       194
    OUTsurance Group Ltd.      91,164       193
    Kumba Iron Ore Ltd.       8,339       183
    Redefine Properties Ltd.     964,963       183
    Momentum Metropolitan Holdings     154,309       164
    African Rainbow Minerals Ltd.      13,980       132
    Netcare Ltd.     157,245       110
 
63

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
  * Fortress Real Estate Investments Ltd. Class B     326,354       106
    Barloworld Ltd.      20,248        91
    Motus Holdings Ltd.      16,791        90
    MAS plc      74,821        83
    Pick n Pay Stores Ltd.      44,098        81
    Super Group Ltd.      41,486        75
    Vukile Property Fund Ltd.      97,670        69
  * Telkom SA SOC Ltd.      44,457        64
    DataTec Ltd.      31,485        61
    Ninety One Ltd.      28,960        61
    DRDGOLD Ltd.      56,618        57
    Equites Property Fund Ltd.      75,121        50
    KAP Ltd.     332,934        44
    SA Corporate Real Estate Ltd.     439,502        44
    Transaction Capital Ltd.     128,158        44
  * Wilson Bayly Holmes-Ovcon Ltd.       7,154        43
    Santam Ltd.       2,634        41
    Resilient REIT Ltd.      19,260        40
    AECI Ltd.       6,429        37
    Attacq Ltd.      83,388        37
  2 Dis-Chem Pharmacies Ltd.      28,893        36
    Omnia Holdings Ltd.      12,166        35
    Raubex Group Ltd.      23,881        33
    Astral Foods Ltd.       3,351        30
  * Fortress Real Estate Investments Ltd. Class A      42,461        30
    Adcock Ingram Holdings Ltd.       9,871        29
    Hyprop Investments Ltd.      16,725        29
    Coronation Fund Managers Ltd.      16,269        28
    Cashbuild Ltd.       2,490        24
    Curro Holdings Ltd.      34,490        18
    JSE Ltd.       2,651        14
  * Blue Label Telecoms Ltd.      72,465        12
    Emira Property Fund Ltd.      14,713         7
                           33,407
South Korea (3.7%)
    Samsung Electronics Co. Ltd.     789,497    39,930
    SK Hynix Inc.      89,269     8,208
    Samsung SDI Co. Ltd.       8,509     3,946
    NAVER Corp.      23,748     3,844
    LG Chem Ltd.       7,085     3,120
    Hyundai Motor Co.      21,441     3,064
  3 Ecopro Co. Ltd.       3,151     2,989
    KB Financial Group Inc.      63,655     2,593
    Shinhan Financial Group Co. Ltd.      80,155     2,153
  3 Celltrion Inc.      18,419     2,004
  3 Ecopro BM Co. Ltd.       7,581     1,857
          Shares Market
Value•

($000)
    Hyundai Mobis Co. Ltd.      10,352     1,807
    Kakao Corp.      48,727     1,768
 *,2 Samsung Biologics Co. Ltd.       2,970     1,655
    POSCO Future M Co. Ltd.       4,643     1,576
    Hana Financial Group Inc.      46,883     1,401
    LG Electronics Inc.      15,567     1,159
    Woori Financial Group Inc.     108,993       981
    Samsung Electro-Mechanics Co. Ltd.       8,665       886
    Samsung Fire & Marine Insurance Co. Ltd.       4,708       877
    LG Corp.      13,905       863
  3 Celltrion Healthcare Co. Ltd.      16,412       803
    Meritz Financial Group Inc.      17,164       709
    Korea Zinc Co. Ltd.       1,663       662
    KakaoBank Corp.      33,212       661
    L&F Co. Ltd.       4,029       654
  * Samsung Heavy Industries Co. Ltd.      98,204       654
    HMM Co. Ltd.      51,382       647
  * Samsung Engineering Co. Ltd.      24,478       629
    Samsung Life Insurance Co. Ltd.      11,450       585
  * Krafton Inc.       4,702       551
    Samsung SDS Co. Ltd.       5,109       548
    LG H&H Co. Ltd.       1,402       492
    Yuhan Corp.       8,679       478
    NCSoft Corp.       2,506       476
  * Kum Yang Co. Ltd.       4,785       466
  * Hanwha Solutions Corp.      16,542       455
  3 Posco DX Co. Ltd.      10,481       444
    LG Innotek Co. Ltd.       2,100       428
    DB Insurance Co. Ltd.       6,920       427
  * CosmoAM&T Co. Ltd.       3,307       394
 *,3 HLB Inc.      17,252       376
    Amorepacific Corp.       3,709       375
  * LG Display Co. Ltd.      36,637       371
    JYP Entertainment Corp.       4,294       364
    Samsung Securities Co. Ltd.      12,794       361
    Hyundai Glovis Co. Ltd.       2,730       356
    BNK Financial Group Inc.      67,705       349
    Hankook Tire & Technology Co. Ltd.      11,267       330
    Mirae Asset Securities Co. Ltd.      64,531       325
    Industrial Bank of Korea      39,772       324
    Hyundai Steel Co.      10,970       300
    Doosan Bobcat Inc.       7,299       297
    Hanmi Semiconductor Co. Ltd.       6,523       294
    Hotel Shilla Co. Ltd.       4,382       292
 
64

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Coway Co. Ltd.       8,670       283
    Orion Corp.       3,059       282
 *,2 SK IE Technology Co. Ltd.       4,080       278
    CJ CheilJedang Corp.       1,224       277
    NH Investment & Securities Co. Ltd.      33,668       262
  * SK Biopharmaceuticals Co. Ltd.       3,849       249
    Hanmi Pharm Co. Ltd.       1,104       246
    Korea Investment Holdings Co. Ltd.       5,489       216
    DB HiTek Co. Ltd.       5,308       214
    Fila Holdings Corp.       7,354       211
    LG Uplus Corp.      26,370       208
    Hyundai Marine & Fire Insurance Co. Ltd.       8,870       203
    Kolmar Korea Co. Ltd.       4,465       195
  * Hyundai Mipo Dockyard Co. Ltd.       2,824       194
    SKC Co. Ltd.       2,779       192
  * SK Bioscience Co. Ltd.       3,377       188
    Youngone Corp.       4,603       187
    SM Entertainment Co. Ltd.       1,778       185
  * Celltrion Pharm Inc.       3,519       183
    F&F Co. Ltd.       2,338       182
    LEENO Industrial Inc.       1,429       181
    LOTTE Fine Chemical Co. Ltd.       3,920       179
    Hyosung Advanced Materials Corp.         524       179
  * Alteogen Inc.       5,181       177
  * Kakao Games Corp.       8,038       173
  * Cosmax Inc.       1,458       169
  * Pearl Abyss Corp.       4,645       169
  * SOLUM Co. Ltd.       7,156       165
    Hanjin Kal Corp.       4,884       164
    JB Financial Group Co. Ltd.      21,976       161
    LS Electric Co. Ltd.       2,092       158
    People & Technology Inc.       2,911       154
    Park Systems Corp.       1,116       152
  3 Eo Technics Co. Ltd.       1,181       151
    KIWOOM Securities Co. Ltd.       1,900       148
  * Sam Chun Dang Pharm Co. Ltd.       2,216       147
    Medytox Inc.         774       145
    Hanon Systems      20,946       144
    JR Global REIT      44,619       141
    Binggrae Co. Ltd.       3,313       140
    Hansol Chemical Co. Ltd.       1,145       140
    Ecopro HN Co. Ltd.       1,964       138
    HL Mando Co. Ltd.       4,209       133
    Advanced Nano Products Co. Ltd.       1,120       133
    NongShim Co. Ltd.         379       131
    Daeduck Electronics Co. Ltd.       5,916       129
          Shares Market
Value•

($000)
 *,3 Cosmochemical Co. Ltd.       3,921       129
    CJ Corp.       2,387       127
    Hyundai Elevator Co. Ltd.       3,707       126
    CS Wind Corp.       2,630       126
    Hyundai Department Store Co. Ltd.       2,381       125
    Cheil Worldwide Inc.       8,667       124
    WONIK IPS Co. Ltd.       5,305       124
    DGB Financial Group Inc.      21,571       122
    i-SENS Inc.       4,828       121
    PharmaResearch Co. Ltd.       1,081       118
    Pan Ocean Co. Ltd.      34,205       115
    Jusung Engineering Co. Ltd.       5,500       114
    Hyosung TNC Corp.         451       113
    YG Entertainment Inc.       1,825       112
    Maeil Dairies Co. Ltd.       3,291       111
    Dongjin Semichem Co. Ltd.       4,277       110
    BGF retail Co. Ltd.         929       110
    S&S Tech Corp.       3,081       110
    Korea Asset In Trust Co. Ltd.      47,142       109
  * Shinsung E&G Co. Ltd.      48,757       109
    KCC Corp.         654       108
  * Hyundai Bioscience Co. Ltd.       5,242       108
    Hyundai Autoever Corp.         806       107
    Daehan Flour Mill Co. Ltd.       1,068       106
    AMOREPACIFIC Group       4,161       106
    S-1 Corp.       2,499       105
    Eusu Holdings Co. Ltd.      23,518       105
  * Hanall Biopharma Co. Ltd.       5,823       105
  * Bioneer Corp.       3,245       105
    LX Semicon Co. Ltd.       1,551       104
    Seoul Semiconductor Co. Ltd.      11,036        98
    Ottogi Corp.         353        98
    HD Hyundai Construction Equipment Co. Ltd.       1,829        98
 *,3 Mezzion Pharma Co. Ltd.       2,595        97
  3 Daejoo Electronic Materials Co. Ltd.       1,286        96
    Shinsegae International Inc.       6,659        95
 *,2 Netmarble Corp.       2,939        95
    MegaStudyEdu Co. Ltd.       2,449        95
    Sindoh Co. Ltd.       3,764        94
    Dentium Co. Ltd.       1,010        94
    SIMMTECH Co. Ltd.       3,410        93
  * Hanwha Life Insurance Co. Ltd.      48,048        91
    SK REITs Co. Ltd.      25,913        91
    HAESUNG DS Co. Ltd.       1,752        91
 
65

 

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ESG International Stock ETF
          Shares Market
Value•

($000)
    Youngone Holdings Co. Ltd.       1,569        89
  * Creative & Innovative System      10,517        89
    Seobu T&D      11,851        88
    Koh Young Technology Inc.       8,974        88
    Mcnex Co. Ltd.       3,985        88
    Soulbrain Co. Ltd.         509        88
    Hansol Holdings Co. Ltd.      40,245        87
    Eugene Investment & Securities Co. Ltd.      27,240        87
  * Oscotec Inc.       4,105        87
  * GemVax & Kael Co. Ltd.       8,613        86
    Korean Reinsurance Co.      14,175        85
    Hana Micron Inc.       5,283        85
    Samsung Card Co. Ltd.       3,697        84
    DoubleUGames Co. Ltd.       2,609        84
    Shinsegae Inc.         540        83
  * Eoflow Co. Ltd.       4,134        83
  3 Foosung Co. Ltd.       9,231        82
  * Peptron Inc.       2,777        82
  * Duk San Neolux Co. Ltd.       2,518        81
  * SK oceanplant Co. Ltd.       4,947        81
    Sam Young Electronics Co. Ltd.      11,789        80
    SPC Samlip Co. Ltd.       1,535        80
  * HLB Life Science Co. Ltd.      12,318        80
  * Hana Tour Service Inc.       2,152        79
    Innox Advanced Materials Co. Ltd.       2,734        79
    Youlchon Chemical Co. Ltd.       3,154        77
    DB Financial Investment Co. Ltd.      24,968        77
    LOTTE REIT Co. Ltd.      30,078        77
    KC Co. Ltd.       5,641        75
    KISWIRE Ltd.       4,445        74
    Partron Co. Ltd.      12,074        74
    Kolon Industries Inc.       1,934        74
  * Chabiotech Co. Ltd.       5,571        74
    Daou Technology Inc.       5,200        73
    CJ Logistics Corp.       1,213        72
    Lotte Shopping Co. Ltd.       1,336        72
  * LegoChem Biosciences Inc.       2,690        72
    Cuckoo Homesys Co. Ltd.       4,132        71
    Wemade Co. Ltd.       2,568        70
    InBody Co. Ltd.       3,476        69
  * STCUBE       6,890        69
    Namyang Dairy Products Co. Ltd.         194        68
  * NHN Corp.       3,452        68
    Eugene Technology Co. Ltd.       2,626        68
  * Korea Line Corp.      49,353        67
  * Sungeel Hitech Co. Ltd.         699        67
    SK Gas Ltd.         688        66
          Shares Market
Value•

($000)
  * Wonik Holdings Co. Ltd.      26,653        66
    AfreecaTV Co. Ltd.       1,066        66
    Hanil Holdings Co. Ltd.       7,572        65
    BH Co. Ltd.       3,513        64
  * Sambu Engineering & Construction Co. Ltd.      24,425        64
    Daesang Corp.       4,629        63
  * Hugel Inc.         742        63
 *,3 Vaxcell-Bio Therapeutics Co. Ltd.       1,986        63
  * CJ ENM Co. Ltd.       1,406        62
    NICE Information Service Co. Ltd.       8,409        62
    SL Corp.       2,310        62
    Innocean Worldwide Inc.       2,014        62
    L&C Bio Co. Ltd.       2,238        62
    Chunbo Co. Ltd.         542        62
    Samwha Capacitor Co. Ltd.       2,038        61
    Toptec Co. Ltd.       9,683        61
  * SFA Semicon Co. Ltd.      16,020        60
  * Kumho Tire Co. Inc.      16,081        60
    KC Tech Co. Ltd.       3,625        60
    ST Pharm Co. Ltd.         968        59
    LX Holdings Corp.       9,687        59
  * Asiana Airlines Inc.       6,963        58
    Kolmar Korea Holdings Co. Ltd.       4,921        58
    Dongwon Industries Co. Ltd.       2,190        58
    Dongwon F&B Co. Ltd.       2,535        58
    Han Kuk Carbon Co. Ltd.       5,293        58
    Advanced Process Systems Corp.       4,113        57
    Doosan Tesna Inc.       1,544        57
    Daishin Securities Co. Ltd.       5,185        56
    Samyang Foods Co. Ltd.         383        56
    Sebang Global Battery Co. Ltd.       1,217        55
    SK Securities Co. Ltd.     112,916        55
    Chong Kun Dang Pharmaceutical Corp.         843        55
    Hanil Cement Co. Ltd.       5,724        55
  * Sangsangin Co. Ltd.      15,579        54
    Yuanta Securities Korea Co. Ltd.      28,078        54
  * NKMax Co. Ltd.       4,832        54
  * UniTest Inc.       5,156        54
 *,3 Enchem Co. Ltd.       1,081        54
    CJ Freshway Corp.       2,829        53
  * Aprogen Biologics     145,301        53
    KH Vatec Co. Ltd.       4,675        53
    Harim Holdings Co. Ltd.       9,638        53
    Hanssem Co. Ltd.       1,158        52
    Daeduck Co. Ltd.      10,366        51
    iMarketKorea Inc.       7,289        51
    KT Skylife Co. Ltd.      10,313        50
    Ahnlab Inc.       1,001        49
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Hanjin Transportation Co. Ltd.       3,074        49
  * CMG Pharmaceutical Co. Ltd.      26,786        49
  * Modetour Network Inc.       3,999        49
    Hyundai Bioland Co. Ltd.       6,027        49
  * Amicogen Inc.       3,483        48
  * ABLBio Inc.       3,505        48
    Dongsuh Cos. Inc.       3,470        47
    Dong-A ST Co. Ltd.       1,015        47
    Shinhan Alpha REIT Co. Ltd.      10,056        47
  * Ananti Inc.       7,379        46
  * Daea TI Co. Ltd.      19,070        46
    Hansol Technics Co. Ltd.       9,370        46
  * Myoung Shin Industrial Co. Ltd.       2,881        46
    JW Pharmaceutical Corp.       1,301        45
  * IS Dongseo Co. Ltd.       1,835        44
    SSANGYONG C&E Co. Ltd.      10,590        44
    TES Co. Ltd.       2,992        44
  * iNtRON Biotechnology Inc.       5,515        44
  * Cafe24 Corp.       4,294        44
    Humedix Co. Ltd.       1,444        44
    ENF Technology Co. Ltd.       2,744        44
    Daewoong Pharmaceutical Co. Ltd.         544        43
  * Able C&C Co. Ltd.       6,997        43
    Com2uSCorp       1,190        43
    ICD Co. Ltd.       6,320        43
    Tokai Carbon Korea Co. Ltd.         624        43
  * Naturecell Co. Ltd.       7,141        42
    INTOPS Co. Ltd.       1,889        42
  * Pharmicell Co. Ltd.       7,990        42
    Vieworks Co. Ltd.       1,793        42
    RFHIC Corp.       3,212        42
    Gradiant Corp.       3,857        41
    Sungwoo Hitech Co. Ltd.       5,321        41
    NICE Holdings Co. Ltd.       3,866        41
  * Hanwha General Insurance Co. Ltd.      12,867        41
    Woongjin Thinkbig Co. Ltd.      22,181        41
 *,3 Humasis Co. Ltd.      21,564        41
  * Wysiwyg Studios Co. Ltd.      18,032        41
    Intellian Technologies Inc.         635        41
    Daol Investment & Securities Co. Ltd.      13,079        40
    Seegene Inc.       2,412        40
  * Interflex Co. Ltd.       5,004        39
    Webzen Inc.       3,628        39
    Huons Co. Ltd.       1,104        39
    HS Industries Co. Ltd.      13,845        38
          Shares Market
Value•

($000)
  * Eubiologics Co. Ltd.       5,035        38
    Samyang Holdings Corp.         694        37
    Solus Advanced Materials Co. Ltd.       1,516        37
    Lotte Rental Co. Ltd.       1,780        37
  * NEPES Corp.       2,665        36
    Young Poong Corp.          88        36
    TY Holdings Co. Ltd.       6,915        36
    Zinus Inc.       1,742        35
  * Medipost Co. Ltd.       4,996        34
  * Neowiz       1,279        34
    HK inno N Corp.       1,229        34
    Daewoong Co. Ltd.       3,023        33
    Green Cross Holdings Corp.       3,162        33
    TKG Huchems Co. Ltd.       1,974        33
  * Hancom Inc.       2,992        33
    PI Advanced Materials Co. Ltd.       1,453        33
  * ITM Semiconductor Co. Ltd.       1,835        33
  * Insun ENT Co. Ltd.       5,066        32
    Tongyang Inc.      40,643        32
  * AbClon Inc.       2,495        32
  * GeneOne Life Science Inc.      10,592        31
  * Hyundai Green Food       3,278        31
  * Jeju Air Co. Ltd.       3,182        31
    Kwang Dong Pharmaceutical Co. Ltd.       6,101        30
  * DIO Corp.       1,349        30
  * Tongyang Life Insurance Co. Ltd.       9,006        30
    GC Cell Corp.       1,068        30
    Korea Electric Terminal Co. Ltd.         722        29
  * Homecast Co. Ltd.       8,585        29
    Taeyoung Engineering & Construction Co. Ltd.       9,768        29
    Samyang Corp.         836        29
    GOLFZON Co. Ltd.         418        29
    OptoElectronics Solutions Co. Ltd.       2,577        28
    HDC Holdings Co. Ltd.       5,695        27
    Hansae Co. Ltd.       1,819        27
    HL Holdings Corp.       1,004        27
  * Genexine Inc.       3,512        27
    KCC Glass Corp.         840        27
  * Seojin System Co. Ltd.       2,115        26
    Boryung       3,724        26
  * Dongkuk Steel Mill Co. Ltd.       3,456        26
    LF Corp.       2,298        25
    Unid Co. Ltd.         564        25
    Korea Petrochemical Ind Co. Ltd.         249        24
  * Hanwha Investment & Securities Co. Ltd.      12,702        24
    Green Cross Corp.         275        24
 
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($000)
    DongKook Pharmaceutical Co. Ltd.       2,270        24
    LX Hausys Ltd.         610        24
  * Studio Dragon Corp.         606        24
    Nexen Tire Corp.       3,733        23
  * HLB Therapeutics Co. Ltd.       7,952        23
    Hansol Paper Co. Ltd.       2,818        23
    Dong-A Socio Holdings Co. Ltd.         303        22
  * Eutilex Co. Ltd.       8,139        22
  * OliX Pharmaceuticals Inc.       1,510        22
  * CrystalGenomics Invites Co. Ltd.       8,036        21
  * MedPacto Inc.       1,912        21
  * Yungjin Pharmaceutical Co. Ltd.      10,899        20
  * Il Dong Pharmaceutical Co. Ltd.       1,676        20
  * Inscobee Inc.      20,202        19
    Huons Global Co. Ltd.         996        19
    Korea United Pharm Inc.         915        19
    Korea Real Estate Investment & Trust Co. Ltd.      19,485        18
  * Com2uS Holdings Corp.         778        18
    Solid Inc.       4,031        18
  * BNC Korea Co. Ltd.       5,668        18
  * Hanwha Galleria Corp.      17,902        18
    Handsome Co. Ltd.       1,165        17
  * Komipharm International Co. Ltd.       4,115        17
    Hyundai GF Holdings       6,175        17
    Soulbrain Holdings Co. Ltd.         579        17
  * Helixmith Co. Ltd.       4,555        17
    Hyundai Home Shopping Network Corp.         528        17
  * Hyosung Chemical Corp.         217        17
  * Namsun Aluminum Co. Ltd.       8,724        17
    Namhae Chemical Corp.       2,835        16
  * Samsung Pharmaceutical Co. Ltd.       7,549        16
  * Dongsung Pharmaceutical Co. Ltd.       3,606        16
    NHN KCP Corp.       2,311        16
    Nature Holdings Co. Ltd.         949        16
  * Binex Co. Ltd.       2,235        15
    Cuckoo Holdings Co. Ltd.         938        15
    Taekwang Industrial Co. Ltd.          31        14
          Shares Market
Value•

($000)
  * Bukwang Pharmaceutical Co. Ltd.       2,512        13
  * CJ CGV Co. Ltd.       2,121        13
    LG HelloVision Co. Ltd.       4,383        13
  * Dongkuk CM Co. Ltd.       2,083        13
 *,1 Cellivery Therapeutics Inc.       2,360        12
    Hankook & Co. Co. Ltd.       1,208        10
    Dongkuk Holdings Co. Ltd.       1,109        10
    Songwon Industrial Co. Ltd.         652        10
    Ilyang Pharmaceutical Co. Ltd.         837        10
    BGF Co. Ltd.       3,740        10
  * Giantstep Inc.       1,095        10
  * Telcon RF Pharmaceutical Inc.      12,975         9
  * Enzychem Lifesciences Corp.       5,028         7
    Lock&Lock Co. Ltd.       1,322         6
    Jeil Pharmaceutical Co. Ltd.         482         6
    Chongkundang Holdings Corp.          97         4
                          126,409
Spain (1.4%)
    Banco Santander SA   2,668,066    10,415
    Banco Bilbao Vizcaya Argentaria SA     997,468     7,870
    Industria de Diseno Textil SA     175,540     6,725
    Amadeus IT Group SA      74,799     5,132
  2 Cellnex Telecom SA      93,701     3,584
    Telefonica SA     851,818     3,530
    CaixaBank SA     643,053     2,605
  2 Aena SME SA      12,359     1,943
    Banco de Sabadell SA     970,392     1,122
    Bankinter SA     124,809       800
    Merlin Properties Socimi SA      73,489       658
    Fluidra SA      17,001       382
    Viscofan SA       5,630       366
    Acerinox SA      31,506       316
    Mapfre SA     130,196       275
    Vidrala SA       2,890       272
    Faes Farma SA      76,966       269
    Inmobiliaria Colonial Socimi SA      39,797       242
    Corp. ACCIONA Energias Renovables SA       8,151       242
  2 Unicaja Banco SA     209,656       232
    Laboratorios Farmaceuticos Rovi SA       3,118       177
    Sacyr SA      53,962       172
  * Solaria Energia y Medio Ambiente SA       8,268       123
    Ebro Foods SA       6,049       109
 
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($000)
    Linea Directa Aseguradora SA Cia de Seguros y Reaseguros      93,929        95
  2 Gestamp Automocion SA      20,764        93
    Almirall SA       8,810        90
    Pharma Mar SA       1,817        70
  * Melia Hotels International SA      10,538        69
  2 Global Dominion Access SA      10,196        41
    Construcciones y Auxiliar de Ferrocarriles SA       1,148        41
    Lar Espana Real Estate Socimi SA       6,008        38
  2 Prosegur Cash SA      56,654        37
 *,2 Neinor Homes SA       3,582        36
  * Distribuidora Internacional de Alimentacion SA   1,053,042        16
  * NH Hotel Group SA       2,962        13
    Atresmedia Corp. de Medios de Comunicacion SA       2,847        11
    Prosegur Cia de Seguridad SA       6,488        11
                           48,222
Sweden (2.1%)
    Atlas Copco AB Class A     435,594     5,759
    Investor AB Class B     265,815     5,116
    Assa Abloy AB Class B     161,428     3,633
    Skandinaviska Enskilda Banken AB Class A     263,694     3,057
    Swedbank AB Class A     162,735     2,880
    Epiroc AB Class A     139,410     2,675
    Atlas Copco AB Class B     232,132     2,672
    Telefonaktiebolaget LM Ericsson Class B     499,087     2,561
    Essity AB Class B     103,283     2,411
    Svenska Handelsbanken AB Class A     258,134     2,154
    Nibe Industrier AB Class B     241,718     1,809
    Investor AB Class A      90,073     1,719
    H & M Hennes & Mauritz AB Class B     112,101     1,712
    Svenska Cellulosa AB SCA Class B     107,227     1,427
    Industrivarden AB Class A      51,701     1,347
    Boliden AB      47,348     1,259
    EQT AB      54,778     1,101
    SKF AB Class B      67,556     1,094
    Trelleborg AB Class B      39,555     1,004
    Skanska AB Class B      65,770       963
    Telia Co. AB     449,196       907
    Castellum AB      74,324       792
    Securitas AB Class B      88,206       718
    Tele2 AB Class B     100,975       713
    Beijer Ref AB Class B      62,143       712
    SSAB AB Class B     127,693       707
          Shares Market
Value•

($000)
    Getinge AB Class B      40,611       704
    AddTech AB Class B      38,140       644
    Sagax AB Class B      29,911       622
    Holmen AB Class B      15,982       606
  2 Thule Group AB      18,959       548
  * Swedish Orphan Biovitrum AB      28,339       547
    AAK AB      28,332       525
  * Kinnevik AB Class B      43,589       512
    Husqvarna AB Class B      58,419       503
  * Fastighets AB Balder Class B     105,140       503
    Elekta AB Class B      65,422       467
    L E Lundbergforetagen AB Class B      11,177       454
    Investment AB Latour Class B      23,933       435
    Axfood AB      17,964       434
    Avanza Bank Holding AB      21,558       416
    Electrolux AB Class B      37,446       412
    Epiroc AB Class B      25,119       411
    Fortnox AB      78,822       409
    Fabege AB      45,345       388
    Wihlborgs Fastigheter AB      49,343       379
  * Volvo Car AB Class B      91,989       349
    Nordnet AB publ      25,143       325
    Lagercrantz Group AB Class B      30,622       321
  2 Dometic Group AB      49,747       319
  * Sectra AB Class B      19,370       303
  2 Bravida Holding AB      38,064       271
    Loomis AB Class B       9,936       263
    Billerud Aktiebolag      28,478       233
  2 Munters Group AB      18,331       226
    Electrolux Professional AB Class B      40,253       217
 *,2 Sinch AB     101,830       214
    Mycronic AB       9,963       204
    Vitec Software Group AB Class B       3,693       199
    Hemnet Group AB      10,674       193
    Lindab International AB      13,108       192
    Hexatronic Group AB      32,964       179
    Nyfosa AB      28,158       177
    JM AB      13,235       174
    HMS Networks AB       4,300       172
    Bure Equity AB       8,372       168
    Vitrolife AB      12,002       163
    Wallenstam AB Class B      45,313       163
    Storskogen Group AB Class B     214,391       162
    SSAB AB Class A      27,836       160
    Catena AB       4,200       153
    MIPS AB       3,993       148
 *,2 BioArctic AB Class B       5,204       148
    Medicover AB Class B      10,152       146
    Granges AB      15,040       143
    Hufvudstaden AB Class A      11,692       135
    Bufab AB       4,829       130
    Arjo AB Class B      32,524       128
 
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          Shares Market
Value•

($000)
    AddLife AB Class B      17,773       123
  * Modern Times Group MTG AB Class B      17,667       120
    Nolato AB Class B      27,698       119
    Instalco AB      34,472       117
  * Stillfront Group AB      68,590       113
    Pandox AB Class B       9,933       110
    Biotage AB      10,199       110
    Addnode Group AB Class B      16,068       109
  * OX2 AB Class B      22,397       109
  * Sdiptech AB Class B       4,531       103
  * Truecaller AB Class B      31,680        99
 *,2 Boozt AB      10,586        98
    Atrium Ljungberg AB Class B       5,230        95
    Peab AB Class B      21,094        86
    Beijer Alma AB       5,273        83
    Bilia AB Class A       8,435        81
    Cibus Nordic Real Estate AB       6,854        74
    Concentric AB       4,503        71
  * Camurus AB       2,560        69
    Skandinaviska Enskilda Banken AB Class C       5,756        68
    Ratos AB Class B      22,102        68
    NCC AB Class B       6,418        66
    SkiStar AB       6,073        65
    Troax Group AB       4,073        65
  3 Intrum AB      10,067        64
  3 Samhallsbyggnadsbolaget i Norden AB B Shares     181,180        58
    NP3 Fastigheter AB       3,741        57
  * Viaplay Group AB Class B      11,860        56
    Corem Property Group AB Class B      71,376        52
 *,2 Scandic Hotels Group AB      15,177        49
  * Systemair AB       8,015        49
    Sagax AB      19,461        47
    NCC AB Class A       4,523        46
    Fagerhult Group AB       8,279        40
    Dios Fastigheter AB       6,202        39
 *,2 Attendo AB      13,033        37
    MEKO AB       3,765        34
    Platzer Fastigheter Holding AB Class B       4,452        30
 *,3 BICO Group AB Class B       7,308        29
  * Cint Group AB      26,005        23
    Clas Ohlson AB Class B       2,408        22
  * Collector Bank AB       7,003        22
    Volati AB       2,413        20
  2 Resurs Holding AB       8,234        18
    Investment AB Oresund       1,595        15
    Svenska Handelsbanken AB Class B       1,415        14
    Husqvarna AB Class A       1,455        12
    Cloetta AB Class B       4,552         8
          Shares Market
Value•

($000)
    Samhallsbyggnadsbolaget i Norden AB      20,190         6
  * Nobia AB       3,638         3
                           70,370
Switzerland (6.8%)
    Nestle SA (Registered)     442,833    53,246
    Roche Holding AG (XVTX)     114,798    33,692
    Novartis AG (Registered)     334,042    33,619
    UBS Group AG (Registered)     500,289    13,251
    Zurich Insurance Group AG      24,601    11,535
    Lonza Group AG (Registered)      12,374     6,825
    Alcon Inc.      81,487     6,801
    Swiss Re AG      47,616     4,624
    Givaudan SA (Registered)       1,339     4,460
    Partners Group Holding AG       3,726     4,016
    Chocoladefabriken Lindt & Spruengli AG         284     3,395
    Swiss Life Holding AG (Registered)       5,218     3,268
    Geberit AG (Registered)       5,749     2,975
    Straumann Holding AG (Registered)      17,883     2,704
    Kuehne + Nagel International AG (Registered)       8,605     2,585
    Julius Baer Group Ltd.      35,894     2,491
    Swisscom AG (Registered)       3,964     2,414
    Sonova Holding AG (Registered)       8,569     2,264
    Logitech International SA (Registered)      26,703     1,847
    Schindler Holding AG       8,062     1,795
  2 VAT Group AG       4,352     1,739
    Roche Holding AG (XSWX)       4,970     1,549
    SIG Group AG      57,776     1,520
    Swiss Prime Site AG (Registered)      14,578     1,400
    Baloise Holding AG (Registered)       8,682     1,356
    Helvetia Holding AG (Registered)       6,715     1,021
    Georg Fischer AG (Registered)      15,673     1,013
    Barry Callebaut AG (Registered)         580     1,011
    Swatch Group AG (Registered)      18,126       966
    Tecan Group AG (Registered)       2,271       905
    Belimo Holding AG (Registered)       1,668       877
    Clariant AG (Registered)      49,873       830
    Flughafen Zurich AG (Registered)       4,014       826
 
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          Shares Market
Value•

($000)
    Chocoladefabriken Lindt & Spruengli AG (Registered)           7       825
    Temenos AG (Registered)      10,393       824
  2 Galenica AG      10,013       795
    PSP Swiss Property AG (Registered)       6,521       792
    Swatch Group AG       2,796       785
    EMS-Chemie Holding AG (Registered)       1,018       764
    Siegfried Holding AG (Registered)         630       569
    Mobimo Holding AG (Registered)       1,816       531
    Bachem Holding AG       5,253       489
    Cembra Money Bank AG       6,473       471
    Banque Cantonale Vaudoise (Registered)       4,142       449
    Valiant Holding AG (Registered)       4,072       437
    Accelleron Industries AG      14,781       399
    Bucher Industries AG (Registered)         902       370
    Inficon Holding AG (Registered)         287       366
    Schindler Holding AG (Registered)       1,572       330
    DKSH Holding AG       4,257       325
  * ams-OSRAM AG      45,484       319
    Softwareone Holding AG      15,866       317
    Comet Holding AG (Registered)       1,191       305
    Emmi AG (Registered)         278       299
    SFS Group AG       2,601       298
    Allreal Holding AG (Registered)       1,632       285
    Stadler Rail AG       6,965       283
  * Meyer Burger Technology AG     627,153       282
    Forbo Holding AG (Registered)         205       277
    Burckhardt Compression Holding AG         448       264
    Swissquote Group Holding SA (Registered)       1,313       261
    Landis+Gyr Group AG       3,335       246
    Interroll Holding AG (Registered)          80       238
    Vontobel Holding AG (Registered)       3,815       236
    Huber + Suhner AG (Registered)       3,004       231
    dormakaba Holding AG         429       224
    Daetwyler Holding AG       1,054       220
  * Aryzta AG     125,139       208
    VZ Holding AG       1,803       182
          Shares Market
Value•

($000)
    Kardex Holding AG (Registered)         734       168
  2 Medacta Group SA       1,188       167
    Komax Holding AG (Registered)         653       164
    St. Galler Kantonalbank AG (Registered)         287       160
    SKAN Group AG       1,667       151
  * Dottikon Es Holding AG (Registered)         590       147
    EFG International AG      12,948       145
 *,3 Idorsia Ltd.      21,510       117
    LEM Holding SA (Registered)          52       117
 *,2 Sensirion Holding AG       1,275       112
  * Basilea Pharmaceutica AG (Registered)       1,995       109
    Ypsomed Holding AG (Registered)         362       107
    u-blox Holding AG       1,196       107
    ALSO Holding AG (Registered)         424       103
    Bystronic AG         139        94
    PIERER Mobility AG       1,075        88
    Bossard Holding AG (Registered) Class A         380        87
    Schweiter Technologies AG         118        85
    OC Oerlikon Corp. AG (Registered)      17,048        84
  * DocMorris AG       1,113        84
    Bell Food Group AG (Registered)         239        72
    Implenia AG (Registered)       1,982        71
    Zehnder Group AG       1,068        71
    COSMO Pharmaceuticals NV       1,312        66
 *,2 PolyPeptide Group AG       1,883        53
    Intershop Holding AG          77        52
 *,2 Medartis Holding AG         540        52
    Rieter Holding AG (Registered)         403        43
  * Autoneum Holding AG         288        43
    Leonteq AG         937        42
    TX Group AG         369        39
    Arbonia AG       3,407        36
    VP Bank AG Class A         345        35
    Vetropack Holding AG (Registered) Class A         673        35
    Hiag Immobilien Holding AG         274        23
    APG SGA SA          21         4
                          230,449
Taiwan (6.0%)
    Taiwan Semiconductor Manufacturing Co. Ltd.   3,979,630    68,382
    Hon Hai Precision Industry Co. Ltd.   1,981,130     6,614
    MediaTek Inc.     246,937     5,446
    Delta Electronics Inc.     357,496     3,863
    Quanta Computer Inc.     436,760     3,462
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    United Microelectronics Corp.   1,910,112     2,727
    Fubon Financial Holding Co. Ltd.   1,197,846     2,389
    Chunghwa Telecom Co. Ltd.     603,000     2,198
    CTBC Financial Holding Co. Ltd.   2,905,000     2,171
    Cathay Financial Holding Co. Ltd.   1,465,482     2,095
    Mega Financial Holding Co. Ltd.   1,808,528     2,035
    ASE Technology Holding Co. Ltd.     545,276     2,018
    Nan Ya Plastics Corp.     888,878     1,845
    E.Sun Financial Holding Co. Ltd.   2,330,781     1,788
    Uni-President Enterprises Corp.     795,000     1,763
    Wistron Corp.     470,000     1,718
    China Steel Corp.   2,059,796     1,713
    Formosa Plastics Corp.     631,784     1,577
    Lite-On Technology Corp.     348,958     1,492
    Asustek Computer Inc.     113,492     1,430
    Yuanta Financial Holding Co. Ltd.   1,823,122     1,395
    First Financial Holding Co. Ltd.   1,668,697     1,377
    Taiwan Cooperative Financial Holding Co. Ltd.   1,640,604     1,352
    Chailease Holding Co. Ltd.     234,247     1,306
    Accton Technology Corp.      86,000     1,283
    Unimicron Technology Corp.     208,000     1,204
    Novatek Microelectronics Corp.      90,995     1,138
    Hotai Motor Co. Ltd.      53,337     1,135
    Largan Precision Co. Ltd.      17,000     1,092
    Taishin Financial Holding Co. Ltd.   1,849,303     1,032
    Formosa Chemicals & Fibre Corp.     529,708     1,031
    Hua Nan Financial Holdings Co. Ltd.   1,556,450     1,002
    Realtek Semiconductor Corp.      76,294       997
  * China Development Financial Holding Corp.   2,615,308       972
    SinoPac Financial Holdings Co. Ltd.   1,757,021       943
    Yageo Corp.      61,506       934
    Inventec Corp.     493,000       869
    E Ink Holdings Inc.     151,728       867
    Alchip Technologies Ltd.      11,000       846
    Gigabyte Technology Co. Ltd.      78,000       831
    President Chain Store Corp.      94,000       788
          Shares Market
Value•

($000)
    Shanghai Commercial & Savings Bank Ltd.     574,087       768
    Airtac International Group      25,603       738
    Taiwan Mobile Co. Ltd.     247,000       723
    Pegatron Corp.     286,000       699
    Wiwynn Corp.      14,000       682
  * Shin Kong Financial Holding Co. Ltd.   2,168,287       644
    Global Unichip Corp.      14,000       637
    eMemory Technology Inc.      11,000       623
    Compal Electronics Inc.     620,000       619
    AUO Corp.   1,104,400       617
    Elite Material Co. Ltd.      44,000       601
  * Tatung Co. Ltd.     360,000       571
    Evergreen Marine Corp. Taiwan Ltd.     169,670       567
    Tripod Technology Corp.      95,000       563
    Chang Hwa Commercial Bank Ltd.   1,021,914       555
  * Innolux Corp.   1,225,690       555
    Catcher Technology Co. Ltd.      98,000       554
    Chroma ATE Inc.      61,000       534
    WPG Holdings Ltd.     306,680       528
    Walsin Lihwa Corp.     435,104       517
    Micro-Star International Co. Ltd.     102,000       510
    Teco Electric & Machinery Co. Ltd.     326,000       510
    Far EasTone Telecommunications Co. Ltd.     228,000       506
    Voltronic Power Technology Corp.      11,152       506
    Globalwafers Co. Ltd.      35,000       503
    Asia Cement Corp.     401,000       502
    Far Eastern New Century Corp.     564,000       498
    Synnex Technology International Corp.     256,000       491
    Acer Inc.     422,000       484
    Asia Vital Components Co. Ltd.      46,165       483
    Eclat Textile Co. Ltd.      30,000       478
  * Ruentex Development Co. Ltd.     408,600       472
    ASPEED Technology Inc.       5,500       464
    Powerchip Semiconductor Manufacturing Corp.     494,000       431
    Feng TAY Enterprise Co. Ltd.      77,728       409
    Eva Airways Corp.     405,932       401
    Sino-American Silicon Products Inc.      79,000       387
    Yang Ming Marine Transport Corp.     292,398       387
    King Yuan Electronics Co. Ltd.     158,000       380
 
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          Shares Market
Value•

($000)
    Taichung Commercial Bank Co. Ltd.     811,434       375
    Powertech Technology Inc.     117,000       365
    Oneness Biotech Co. Ltd.      56,887       354
  * Winbond Electronics Corp.     428,000       352
    Foxconn Technology Co. Ltd.     200,000       349
    Pou Chen Corp.     379,000       340
    Lien Hwa Industrial Holdings Corp.     175,835       337
    Parade Technologies Ltd.      12,000       337
    Faraday Technology Corp.      31,000       334
    Phison Electronics Corp.      25,000       331
    Radiant Opto-Electronics Corp.      87,000       326
    Yulon Finance Corp.      56,569       315
    King Slide Works Co. Ltd.      11,000       314
    Gold Circuit Electronics Ltd.      46,500       313
    TA Chen Stainless Pipe     272,763       311
    Taiwan High Speed Rail Corp.     330,000       308
    Lotes Co. Ltd.      11,377       307
    Giant Manufacturing Co. Ltd.      49,740       305
    Hiwin Technologies Corp.      47,504       305
    Vanguard International Semiconductor Corp.     142,000       304
    Sinbon Electronics Co. Ltd.      31,000       301
    Makalot Industrial Co. Ltd.      28,707       301
    Taiwan Business Bank     713,787       299
    China Airlines Ltd.     410,000       291
    International Games System Co. Ltd.      16,000       288
    Macronix International Co. Ltd.     272,000       287
    Cheng Shin Rubber Industry Co. Ltd.     230,000       286
    Jentech Precision Industrial Co. Ltd.      13,999       283
    Win Semiconductors Corp.      65,000       277
    Orient Semiconductor Electronics Ltd.     183,000       270
    Zhen Ding Technology Holding Ltd.      88,000       266
  * China Petrochemical Development Corp.     896,386       265
    Qisda Corp.     187,000       262
    Nanya Technology Corp.     121,000       252
    Simplo Technology Co. Ltd.      26,000       251
          Shares Market
Value•

($000)
    Nan Ya Printed Circuit Board Corp.      33,000       249
    Highwealth Construction Corp.     181,418       245
    Silicon Integrated Systems Corp.     218,080       242
    Poya International Co. Ltd.      15,484       236
    Ruentex Industries Ltd.     119,002       233
    Xxentria Technology Materials Corp.      97,900       230
    Via Technologies Inc.      64,000       229
  * Bank of Kaohsiung Co. Ltd.     578,337       227
    Yulon Motor Co. Ltd.      86,185       225
    Walsin Technology Corp.      72,000       223
    Wan Hai Lines Ltd.     157,260       223
    Wistron NeWeb Corp.      53,000       222
    Sanyang Motor Co. Ltd.      95,000       221
    Chicony Electronics Co. Ltd.      68,000       220
    Sigurd Microelectronics Corp.     121,000       219
  * Charoen Pokphand Enterprise      70,600       215
  * IBF Financial Holdings Co. Ltd.     575,060       215
    Huaku Development Co. Ltd.      74,000       208
    Kindom Development Co. Ltd.     204,100       208
    O-Bank Co. Ltd.     698,000       208
    Topco Scientific Co. Ltd.      38,271       207
    Merida Industry Co. Ltd.      34,000       206
    AP Memory Technology Corp.      20,000       205
    Bora Pharmaceuticals Co. Ltd.       9,092       204
    Hotai Finance Co. Ltd.      49,500       200
    Taiyen Biotech Co. Ltd.     182,000       196
    Senao International Co. Ltd.     162,000       189
    AGV Products Corp.     466,000       186
    Chipbond Technology Corp.      85,000       186
    YFY Inc.     187,000       185
    ASMedia Technology Inc.       6,000       185
    Sunonwealth Electric Machine Industry Co. Ltd.      43,000       183
    Test Research Inc.      97,000       182
    Nien Made Enterprise Co. Ltd.      19,000       178
    Compeq Manufacturing Co. Ltd.     125,000       177
    Systex Corp.      50,000       176
    AcBel Polytech Inc.     120,883       176
    Union Bank of Taiwan     385,350       175
  * Nan Kang Rubber Tire Co. Ltd.     141,000       173
    Acter Group Corp. Ltd.      35,000       172
 
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          Shares Market
Value•

($000)
  * HTC Corp.     103,000       170
    Fusheng Precision Co. Ltd.      27,000       168
    Sercomm Corp.      44,000       167
    Tung Ho Steel Enterprise Corp.      89,110       167
    Mitac Holdings Corp.     131,248       166
    King's Town Bank Co. Ltd.     142,000       165
  * Globe Union Industrial Corp.     346,828       163
    Great Wall Enterprise Co. Ltd.      94,402       162
    Bizlink Holding Inc.      20,708       162
    Taiwan Fertilizer Co. Ltd.      86,000       161
  * Radium Life Tech Co. Ltd.     573,200       161
    Sunplus Technology Co. Ltd.     158,000       159
    Elan Microelectronics Corp.      42,000       158
    Dynamic Holding Co. Ltd.      87,997       157
    Sporton International Inc.      19,372       156
    Ardentec Corp.      79,000       155
    momo.com Inc.       9,504       155
    KEE TAI Properties Co. Ltd.     341,000       154
    FSP Technology Inc.      95,000       152
    Far Eastern Department Stores Ltd.     203,000       151
    Tong Yang Industry Co. Ltd.      71,000       151
    Ambassador Hotel      83,000       149
  * Polaris Group      55,000       149
    Taiwan Hon Chuan Enterprise Co. Ltd.      45,000       147
    Capital Securities Corp.     307,000       142
    Quanta Storage Inc.      46,000       142
    Nichidenbo Corp.      85,000       142
    Kung Long Batteries Industrial Co. Ltd.      33,000       138
    Ta Ya Electric Wire & Cable     118,253       137
    ITEQ Corp.      43,466       134
    AURAS Technology Co. Ltd.      15,000       134
    Kinsus Interconnect Technology Corp.      40,000       133
    Taiwan Union Technology Corp.      34,000       133
    Taiwan Semiconductor Manufacturing Co. Ltd. ADR       1,419       133
    YungShin Global Holding Corp.      97,000       132
    Chicony Power Technology Co. Ltd.      36,000       132
    Feng Hsin Steel Co. Ltd.      62,000       131
  * Phihong Technology Co. Ltd.      57,000       130
          Shares Market
Value•

($000)
    Century Iron & Steel Industrial Co. Ltd.      26,000       130
    United Integrated Services Co. Ltd.      19,000       129
    Hong Pu Real Estate Development Co. Ltd.     161,000       129
    Visual Photonics Epitaxy Co. Ltd.      28,000       128
    Chief Telecom Inc.      11,000       128
  * Taiwan Glass Industry Corp.     205,000       127
    Getac Holdings Corp.      57,000       126
    Grape King Bio Ltd.      26,000       125
    Sitronix Technology Corp.      16,000       125
    Coretronic Corp.      50,000       124
    WT Microelectronics Co. Ltd.      58,000       124
    FLEXium Interconnect Inc.      43,000       123
  * Kuo Yang Construction Co. Ltd.     207,000       123
    Microbio Co. Ltd.      75,965       122
    Taiwan Surface Mounting Technology Corp.      42,000       121
    Innodisk Corp.      13,651       120
  * Ennostar Inc.      84,000       120
    Goldsun Building Materials Co. Ltd.     141,753       119
    Jess-Link Products Co. Ltd.      58,000       119
    Gloria Material Technology Corp.      83,000       117
    Formosa Taffeta Co. Ltd.     146,000       117
    Standard Foods Corp.      98,000       117
  * Mercuries Life Insurance Co. Ltd.     710,421       117
  * TaiMed Biologics Inc.      31,000       115
    Taiwan Semiconductor Co. Ltd.      43,000       113
    Greatek Electronics Inc.      62,000       113
    Iron Force Industrial Co. Ltd.      41,000       113
    Ennoconn Corp.      13,710       113
    Shinkong Synthetic Fibers Corp.     228,000       112
    Wei Chuan Foods Corp.     188,000       111
    Career Technology MFG. Co. Ltd.     152,513       109
    Taiwan Secom Co. Ltd.      33,000       109
    Gudeng Precision Industrial Co. Ltd.      10,000       108
    ChipMOS Technologies Inc.      89,000       107
    Hota Industrial Manufacturing Co. Ltd.      51,810       106
  * HannStar Display Corp.     276,000       106
  * Medigen Vaccine Biologics Corp.      44,390       106
    Zyxel Group Corp.      70,961       105
    China Motor Corp.      37,200       105
 
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          Shares Market
Value•

($000)
    L&K Engineering Co. Ltd.      36,000       105
    Tong Hsing Electronic Industries Ltd.      25,322       105
    Wah Lee Industrial Corp.      36,720       104
    Taiwan PCB Techvest Co. Ltd.      75,000       104
  * Advanced Wireless Semiconductor Co.      34,370       104
    Cheng Loong Corp.     115,000       103
    ITE Technology Inc.      23,000       103
    Arcadyan Technology Corp.      22,123       103
    Ichia Technologies Inc.      69,000       102
  * CMC Magnetics Corp.     259,747       102
    Ton Yi Industrial Corp.     185,000       101
    Wisdom Marine Lines Co. Ltd.      70,543       101
    Fulgent Sun International Holding Co. Ltd.      25,000       101
    Raydium Semiconductor Corp.      10,000       101
    Global Brands Manufacture Ltd.      56,120       100
    Topkey Corp.      19,000       100
    Kenda Rubber Industrial Co. Ltd.     105,001        99
    Chung Hung Steel Corp.     135,000        98
    TYC Brother Industrial Co. Ltd.      90,000        97
    Pan Jit International Inc.      48,400        97
    Eternal Materials Co. Ltd.     106,400        97
    Far Eastern International Bank     265,036        96
    XinTec Inc.      27,000        96
    Everlight Electronics Co. Ltd.      66,000        95
    President Securities Corp.     155,532        95
    Lotus Pharmaceutical Co. Ltd.      12,000        95
    Apex International Co. Ltd.      53,000        95
    Fitipower Integrated Technology Inc.      21,083        95
    Taiwan-Asia Semiconductor Corp.      61,000        94
    Wafer Works Corp.      69,923        93
    Flytech Technology Co. Ltd.      44,000        93
    Prince Housing & Development Corp.     282,000        93
    United Renewable Energy Co. Ltd.     180,420        93
    Hannstar Board Corp.      54,000        93
    Pan-International Industrial Corp.      78,000        92
    Pixart Imaging Inc.      23,000        92
    Bioteque Corp.      27,000        92
          Shares Market
Value•

($000)
    Foxsemicon Integrated Technology Inc.      16,000        91
  * Adimmune Corp.      86,000        90
    China Steel Chemical Corp.      26,000        89
    Sunny Friend Environmental Technology Co. Ltd.      24,737        89
  * Unitech Printed Circuit Board Corp.     154,363        88
    TCI Co. Ltd.      17,297        88
    Kuo Toong International Co. Ltd.      91,330        87
    Continental Holdings Corp.     104,000        87
    Kinpo Electronics     170,000        86
  * RichWave Technology Corp.      17,650        86
    VisEra Technologies Co. Ltd.      13,000        86
  * Tyntek Corp.     151,000        85
    Grand Pacific Petrochemical     161,000        85
    Egis Technology Inc.      33,000        85
    Holy Stone Enterprise Co. Ltd.      27,300        84
  * Lung Yen Life Service Corp.      74,000        84
    U-Ming Marine Transport Corp.      59,000        84
    Rich Development Co. Ltd.     285,000        83
    TXC Corp.      28,000        83
    Merry Electronics Co. Ltd.      30,298        82
    Soft-World International Corp.      27,000        82
    Elite Semiconductor Microelectronics Technology Inc.      35,000        82
    Darfon Electronics Corp.      60,000        82
    China Chemical & Pharmaceutical Co. Ltd.     112,000        81
    Evergreen International Storage & Transport Corp.      91,000        81
    Weltrend Semiconductor      36,000        81
    Sinyi Realty Inc.      89,000        80
    IEI Integration Corp.      31,000        79
    SDI Corp.      25,000        79
    Primax Electronics Ltd.      38,000        79
    Pegavision Corp.       6,514        79
    Taiwan Sakura Corp.      40,000        78
    Advanced Energy Solution Holding Co. Ltd.       4,000        78
    Lingsen Precision Industries Ltd.     129,000        77
    Dyaco International Inc.      76,505        77
 
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          Shares Market
Value•

($000)
    China Electric Manufacturing Corp.     140,540        76
    China Bills Finance Corp.     165,000        76
    Advanced International Multitech Co. Ltd.      32,000        76
    Shinkong Insurance Co. Ltd.      42,000        76
    Etron Technology Inc.      57,832        75
    Sampo Corp.      86,000        75
    Gamania Digital Entertainment Co. Ltd.      35,000        74
    YC INOX Co. Ltd.      85,476        73
    Dimerco Express Corp.      30,451        73
    Nuvoton Technology Corp.      19,000        73
    China Metal Products      64,000        72
    Basso Industry Corp.      59,000        72
    USI Corp.     108,000        72
  * Taiwan TEA Corp.      98,000        71
    KMC Kuei Meng International Inc.      16,000        71
    Tong-Tai Machine & Tool Co. Ltd.     128,000        70
    Tainan Spinning Co. Ltd.     148,000        70
    Yieh Phui Enterprise Co. Ltd.     148,365        70
    Universal Vision Biotechnology Co. Ltd.       6,678        70
    Taiwan Mask Corp.      32,000        70
    Allied Supreme Corp.       8,000        70
    Machvision Inc.      11,039        69
    Co-Tech Development Corp.      32,000        69
    Johnson Health Tech Co. Ltd.      28,000        68
  * CyberTAN Technology Inc.      98,000        68
    Center Laboratories Inc.      42,409        68
    Sheng Yu Steel Co. Ltd.      92,000        68
    CHC Healthcare Group      40,000        68
    Brighton-Best International Taiwan Inc.      66,000        68
    Great Tree Pharmacy Co. Ltd.       6,140        68
    Solar Applied Materials Technology Corp.      57,000        67
    International CSRC Investment Holdings Co.     104,990        66
    Supreme Electronics Co. Ltd.      42,980        65
    Dynapack International Technology Corp.      26,000        65
    Chlitina Holding Ltd.      11,000        65
    TSRC Corp.      86,000        64
    Taiwan Paiho Ltd.      42,000        63
    Rechi Precision Co. Ltd.      98,000        63
    Taiflex Scientific Co. Ltd.      46,000        63
    Chia Hsin Cement Corp.     107,100        63
    Sinon Corp.      55,000        63
          Shares Market
Value•

($000)
    Elitegroup Computer Systems Co. Ltd.      50,000        62
  * Rexon Industrial Corp. Ltd.      56,000        61
  * Zinwell Corp.      66,000        60
    Hsin Kuang Steel Co. Ltd.      41,000        60
  * OBI Pharma Inc.      22,354        60
    Savior Lifetec Corp.     104,436        60
  * Lealea Enterprise Co. Ltd.     179,920        59
  * HannsTouch Holdings Co.     190,000        59
    Chang Wah Technology Co. Ltd.      53,500        59
    Cleanaway Co. Ltd.      10,000        58
    Asia Polymer Corp.      71,757        57
    Chung Hwa Pulp Corp.      78,000        57
    Sonix Technology Co. Ltd.      41,000        57
    TTY Biopharm Co. Ltd.      24,000        57
    Infortrend Technology Inc.      86,000        57
    Syncmold Enterprise Corp.      30,000        57
    FocalTech Systems Co. Ltd.      25,203        57
    Thinking Electronic Industrial Co. Ltd.      12,000        57
    D-Link Corp.      71,760        56
    Hung Sheng Construction Ltd.      92,600        56
    Namchow Holdings Co. Ltd.      37,000        56
    Shiny Chemical Industrial Co. Ltd.      13,750        56
    Transcend Information Inc.      24,000        55
    Cheng Uei Precision Industry Co. Ltd.      37,000        54
    Chun Yuan Steel Industry Co. Ltd.      99,000        54
    Farglory Land Development Co. Ltd.      31,000        54
    Alpha Networks Inc.      43,772        54
    PharmaEngine Inc.      20,000        54
    Brogent Technologies Inc.      15,100        54
    Chin-Poon Industrial Co. Ltd.      43,000        53
    TPK Holding Co. Ltd.      49,000        53
    Chang Wah Electromaterials Inc.      56,000        53
    Cathay Real Estate Development Co. Ltd.     110,000        52
    Motech Industries Inc.      56,594        52
    Sensortek Technology Corp.       5,000        52
    Hu Lane Associate Inc.      11,275        51
    Zeng Hsing Industrial Co. Ltd.      16,115        51
  * Cub Elecparts Inc.      10,745        51
 
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          Shares Market
Value•

($000)
    Mercuries & Associates Holding Ltd.     119,281        50
    Gemtek Technology Corp.      42,000        49
    Advanced Ceramic X Corp.       8,000        49
  * Yeong Guan Energy Technology Group Co. Ltd.      28,468        49
    General Interface Solution Holding Ltd.      25,000        49
    UPI Semiconductor Corp.       7,000        49
    Oriental Union Chemical Corp.      75,000        48
    Chunghwa Precision Test Tech Co. Ltd.       3,000        48
    BES Engineering Corp.     150,000        47
    Everlight Chemical Industrial Corp.      77,000        47
    Longchen Paper & Packaging Co. Ltd.     100,803        47
    LandMark Optoelectronics Corp.      15,000        47
    Posiflex Technology Inc.      14,000        46
    Nan Liu Enterprise Co. Ltd.      19,000        46
    Speed Tech Corp.      26,000        46
    Kaimei Electronic Corp.      23,200        46
    Sincere Navigation Corp.      71,900        45
    ASROCK Inc.       6,000        44
    UPC Technology Corp.      91,000        43
    T3EX Global Holdings Corp.      18,000        42
    Tung Thih Electronic Co. Ltd.      10,000        41
    Synmosa Biopharma Corp.      35,820        41
  * Asia Pacific Telecom Co. Ltd.     204,779        40
    Elite Advanced Laser Corp.      30,000        39
    Genesys Logic Inc.      11,000        39
    Marketech International Corp.       9,000        39
    Holtek Semiconductor Inc.      19,000        38
  * TaiDoc Technology Corp.       7,000        38
    Actron Technology Corp.       7,000        38
    Shin Zu Shing Co. Ltd.      14,165        37
  * Foresee Pharmaceuticals Co. Ltd.      14,538        37
    AmTRAN Technology Co. Ltd.      90,888        35
    Darwin Precisions Corp.      75,000        35
    Adlink Technology Inc.      17,000        34
    Taiwan Styrene Monomer      70,000        34
    China General Plastics Corp.      43,155        33
          Shares Market
Value•

($000)
  * China Man-Made Fiber Corp.     133,240        33
  * Shining Building Business Co. Ltd.     112,000        33
  * Federal Corp.      61,000        33
    Gourmet Master Co. Ltd.       9,000        32
    Formosa Sumco Technology Corp.       7,000        32
  * Li Peng Enterprise Co. Ltd.     128,000        31
    Nantex Industry Co. Ltd.      25,000        29
    Global Mixed Mode Technology Inc.       4,000        29
    Swancor Holding Co. Ltd.      10,000        29
    Ability Enterprise Co. Ltd.      36,000        26
    91APP Inc.       8,000        26
    Anpec Electronics Corp.       6,000        26
    Panion & BF Biotech Inc.       8,000        26
    RDC Semiconductor Co. Ltd.       8,240        25
  * Taigen Biopharmaceuticals Holdings Ltd.      49,000        24
    Ho Tung Chemical Corp.      85,000        23
    Yulon Nissan Motor Co. Ltd.       4,000        23
  * PChome Online Inc.      15,430        21
    Fittech Co. Ltd.      10,000        21
    Amazing Microelectronic Corp.       6,242        21
    VIA Labs Inc.       3,000        21
  * Medigen Biotechnology Corp.      18,000        20
    St. Shine Optical Co. Ltd.       3,000        19
  * Ritek Corp.      71,214        19
    Ultra Chip Inc.       6,000        17
    Altek Corp.      14,000        16
  * ALI Corp.      27,000        15
  * Gigasolar Materials Corp.       5,790        15
    ScinoPharm Taiwan Ltd.      13,000        11
    Shin Foong Specialty & Applied Materials Co. Ltd.       7,000        11
    GeneReach Biotechnology Corp.       5,660         6
 *,1 Unity Opto Technology Co. Ltd.      90,000        —
 *,1 Pharmally International Holding Co. Ltd.       1,282        —
                          203,261
Thailand (0.7%)
    CP ALL PCL (Foreign)   1,022,600     1,904
    Delta Electronics Thailand PCL (Foreign)     463,200     1,434
  * Airports of Thailand PCL (Foreign)     688,800     1,425
 
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          Shares Market
Value•

($000)
    Bangkok Dusit Medical Services PCL (Foreign)   1,725,200     1,379
    Advanced Info Service PCL (Foreign)     195,500     1,205
    Siam Cement PCL (Foreign)     118,200     1,056
    Kasikornbank PCL (Foreign)     276,700     1,031
    SCB X PCL (Foreign)     299,600     1,009
    Central Pattana PCL (Foreign)     503,800       988
    Bumrungrad Hospital PCL (Foreign)      94,300       697
    Minor International PCL (Foreign)     696,400       661
    Krung Thai Bank PCL (Foreign)     983,000       542
    Central Retail Corp. PCL (Foreign)     444,400       523
    Energy Absolute PCL (Foreign)     285,400       515
    Bangkok Bank PCL (Foreign)     102,700       497
    Charoen Pokphand Foods PCL (Foreign)     762,500       451
    Intouch Holdings PCL (Foreign)     195,356       406
    Home Product Center PCL (Foreign)   1,024,400       400
    Bangkok Expressway & Metro PCL (Foreign)   1,508,700       373
    PTT Global Chemical PCL (Foreign)     319,600       340
    TMBThanachart Bank PCL (Foreign)   6,695,824       327
    Tisco Financial Group PCL (Foreign)     110,400       325
    True Corp. PCL (Foreign)   1,623,714       320
    Land & Houses PCL (Foreign)   1,277,100       303
    Indorama Ventures PCL (Foreign)     350,700       290
    Krungthai Card PCL (Foreign)     202,600       280
    BTS Group Holdings PCL (Foreign)   1,331,200       279
    Kiatnakin Phatra Bank PCL (Foreign)     158,400       271
    Thonburi Healthcare Group PCL (Foreign)     120,600       226
    CP Axtra PCL (Foreign)     214,037       221
    SCG Packaging PCL (Foreign)     188,000       220
  * Central Plaza Hotel PCL (Foreign)     158,700       216
    Com7 PCL (Foreign)     214,100       197
    Thai Union Group PCL (Foreign)     464,300       190
    KCE Electronics PCL (Foreign)     126,800       184
    Osotspa PCL (Foreign)     209,000       179
          Shares Market
Value•

($000)
    Thanachart Capital PCL (Foreign)     118,500       173
    Hana Microelectronics PCL (Foreign)      94,300       167
    Supalai PCL (Foreign)     246,800       153
    Berli Jucker PCL (Foreign)     154,400       149
    Srisawad Corp. PCL (Foreign)      99,100       144
    Asset World Corp. PCL (Foreign)   1,079,700       134
    Siam Global House PCL (Foreign)     247,874       133
    Ngern Tid Lor PCL (Foreign)     194,513       131
    AP Thailand PCL (Foreign)     357,600       130
  * Beyond Securities PCL (Foreign)     493,900       129
    JMT Network Services PCL (Foreign)      96,292       128
    Sansiri PCL (Foreign)   2,125,700       124
    Muangthai Capital PCL (Foreign)     105,000       122
    Sino-Thai Engineering & Construction PCL (Foreign)     303,000       104
    Amata Corp. PCL (Foreign)     136,593        99
    Ramkhamhaeng Hospital PCL (Foreign)      75,100        94
    Bangkok Chain Hospital PCL (Foreign)     168,500        93
    Bangkok Commercial Asset Management PCL (Foreign)     270,300        92
    Forth Corp. PCL (Foreign)      90,900        91
    Vibhavadi Medical Center PCL (Foreign)   1,254,700        82
    Chularat Hospital PCL (Foreign)     885,000        80
    AEON Thana Sinsap Thailand PCL (Foreign)      15,000        75
    Thailand Future Fund     347,700        75
    Mega Lifesciences PCL (Foreign)      56,000        70
    VGI PCL (Foreign)     790,949        67
    Quality Houses PCL (Foreign)     994,900        66
    Jaymart Group Holdings PCL (Foreign)      95,100        65
    Plan B Media PCL (Foreign)     228,468        61
  3 Dohome PCL (Foreign)     183,366        61
    Dhipaya Group Holdings PCL (Foreign)      50,400        60
    TOA Paint Thailand PCL (Foreign)      75,200        57
    Bangkok Life Assurance PCL NVDR      80,800        56
 
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($000)
  * Bangkok Airways PCL (Foreign)     110,500        55
    Siam City Cement PCL (Foreign)      13,400        53
  * Jasmine Technology Solution PCL (Foreign)      51,700        53
    Sri Trang Agro-Industry PCL (Foreign)     125,500        52
    Thai Vegetable Oil PCL (Foreign)      76,070        51
    Thoresen Thai Agencies PCL (Foreign)     289,000        51
    BEC World PCL (Foreign)     193,400        48
    Tipco Asphalt PCL (Foreign)      94,800        47
    TTW PCL (Foreign)     179,400        45
    TQM Alpha PCL (Foreign)      46,700        41
  * Bangkok Land PCL (Foreign)   1,730,200        40
    Singer Thailand PCL (Foreign)      90,800        39
    Major Cineplex Group PCL (Foreign)      92,700        38
    Thaicom PCL (Foreign)      93,100        38
    Workpoint Entertainment PCL (Foreign)      80,100        35
 *,1 Thai Airways International PCL (Foreign)     469,000        34
    MBK PCL (Foreign)      59,400        31
  * Jasmine International PCL (Foreign)     539,700        31
    Taokaenoi Food & Marketing PCL (Foreign)      77,500        31
    Pruksa Holding PCL (Foreign)      78,900        30
    Sri Trang Gloves Thailand PCL (Foreign)     142,600        30
    MK Restaurants Group PCL (Foreign)      21,000        28
    BCPG PCL (Foreign)      95,352        28
    Ratchthani Leasing PCL (Foreign)     285,000        28
    GFPT PCL (Foreign)      83,900        26
  * Italian-Thai Development PCL (Foreign)     575,900        26
    Thaifoods Group PCL (Foreign)     213,600        24
    Precious Shipping PCL (Foreign)      89,000        23
    LPN Development PCL (Foreign)     190,300        23
  * Super Energy Corp. PCL (Foreign)   1,608,300        23
    SPCG PCL (Foreign)      57,800        21
  * Samart Corp. PCL (Foreign)     116,300        20
          Shares Market
Value•

($000)
  * Rabbit Holdings PCL (Foreign)     738,100        19
    Origin Property PCL (Foreign)      38,000        11
    Advanced Info Service PCL       1,200         7
                           25,309
Turkey (0.3%)
  * Turk Hava Yollari AO      84,323       772
    BIM Birlesik Magazalar A/S      70,553       666
    Akbank TAS     483,007       520
    Turkiye Sise ve Cam Fabrikalari A/S     265,964       510
    Turkiye Is Bankasi A/S Class C     509,653       401
  * Eregli Demir ve Celik Fabrikalari TAS     248,984       400
  * Turkcell Iletisim Hizmetleri A/S     187,165       390
    Ford Otomotiv Sanayi A/S       9,454       305
    Yapi ve Kredi Bankasi A/S     464,668       276
    Is Yatirim Menkul Degerler A/S     150,933       240
    AG Anadolu Grubu Holding A/S      26,745       207
    Coca-Cola Icecek A/S      13,425       198
  * Pegasus Hava Tasimaciligi A/S       5,600       183
  * Hektas Ticaret TAS     188,434       181
    Turkiye Garanti Bankasi A/S      95,765       180
    Tofas Turk Otomobil Fabrikasi A/S      16,997       172
  * Gubre Fabrikalari TAS      12,309       164
    Migros Ticaret A/S      12,293       160
    Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S     162,844       152
    Turk Traktor ve Ziraat Makineleri A/S       4,460       152
  * Oyak Cimento Fabrikalari A/S      60,330       143
  2 Mavi Giyim Sanayi ve Ticaret A/S Class B      33,892       137
  * Petkim Petrokimya Holding A/S     160,441       123
  * Ulker Biskuvi Sanayi A/S      43,170        98
    Emlak Konut Gayrimenkul Yatirim Ortakligi A/S     297,714        96
    Borusan Yatirim ve Pazarlama A/S       1,289        96
    Sok Marketler Ticaret A/S      40,730        95
    Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S      66,713        94
 *,2 MLP Saglik Hizmetleri A/S Class B      18,870        90
 
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($000)
    Dogus Otomotiv Servis ve Ticaret A/S       7,746        83
  * Turkiye Vakiflar Bankasi TAO     162,457        83
  * TAV Havalimanlari Holding A/S      17,778        82
    Nuh Cimento Sanayi A/S      11,274        80
  * Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S      53,666        79
  * Arcelik A/S      11,806        72
  * Is Gayrimenkul Yatirim Ortakligi A/S      99,192        71
  * Tat Gida Sanayi A/S      42,142        68
    Torunlar Gayrimenkul Yatirim Ortakligi A/S      70,799        68
    Dogan Sirketler Grubu Holding A/S     124,692        66
    Logo Yazilim Sanayi ve Ticaret A/S      23,155        64
  * Turk Telekomunikasyon A/S      63,776        61
  * Aksigorta A/S     315,652        60
    Cimsa Cimento Sanayi ve Ticaret A/S       7,525        60
  * Konya Cimento Sanayii A/S         247        54
    EGE Endustri ve Ticaret A/S         195        52
    Aygaz A/S      11,072        50
  * Koza Anadolu Metal Madencilik Isletmeleri A/S      20,611        50
  * Is Finansal Kiralama A/S      96,694        48
  * Turkiye Halk Bankasi A/S      93,985        47
    Bera Holding A/S      92,664        47
    Akcansa Cimento A/S       8,930        46
    EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S      24,671        46
  * Turkiye Sinai Kalkinma Bankasi A/S     159,385        42
    Tekfen Holding A/S      22,841        41
    Kartonsan Karton Sanayi ve Ticaret A/S      12,049        38
  * Bursa Cimento Fabrikasi A/S     119,826        36
  2 Enerjisa Enerji A/S      18,394        35
  * Vestel Elektronik Sanayi ve Ticaret A/S      13,419        34
  * Baticim Bati Anadolu Cimento Sanayii A/S      13,816        32
    Kordsa Teknik Tekstil A/S       9,659        30
  * Penta Teknoloji Urunleri Dagitim Ticaret A/S      34,291        30
    Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class A      31,509        28
  * Imas Makina Sanayi A/S      36,497        24
  * Iskenderun Demir ve Celik A/S      15,458        23
          Shares Market
Value•

($000)
    Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S       7,642        21
  * Ziraat Gayrimenkul Yatirim Ortakligi A/S     102,610        21
  * Albaraka Turk Katilim Bankasi A/S     119,176        18
  * Kizilbuk Gayrimenkul Yatirim Ortakligi A/S      19,623        17
    Polisan Holding A/S      33,442        16
    Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi A/S      21,642        15
    Kervan Gida Sanayi ve Ticaret A/S Class B      14,653        14
  * Sinpas Gayrimenkul Yatirim Ortakligi A/S     113,550        14
    Sekerbank Turk A/S      83,507        13
    Turkiye Petrol Rafinerileri A/S           1        —
  * Zorlu Enerji Elektrik Uretim A/S           1        —
                            9,180
United Arab Emirates (0.4%)
    Emirates Telecommunications Group Co. PJSC     584,376     3,156
    First Abu Dhabi Bank PJSC     732,986     2,729
    Emaar Properties PJSC   1,107,440     2,128
  * Alpha Dhabi Holding PJSC     222,668     1,218
    Abu Dhabi Commercial Bank PJSC     468,102     1,100
    Dubai Electricity & Water Authority PJSC   1,258,441       874
    Aldar Properties PJSC     563,840       807
    Abu Dhabi Islamic Bank PJSC     259,408       736
    Air Arabia PJSC     500,431       402
    Dubai Investments PJSC     352,810       238
    Emaar Development PJSC     128,179       229
    Sharjah Islamic Bank     286,561       196
  * National Marine Dredging Co.      32,870       194
  * RAK Properties PJSC     520,983       164
    Dubai Financial Market PJSC     301,364       132
    GFH Financial Group BSC     390,935       104
    AL Yah Satellite Communications Co-PJSC-Yah Sat     149,892       103
    Aramex PJSC     127,687        88
 *,1 Arabtec Holding PJSC     101,139        15
                           14,613
United Kingdom (7.9%)
    AstraZeneca plc     244,678    32,866
    Unilever plc (XLON)     313,286    15,999
    GSK plc     668,465    11,709
 
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($000)
    RELX plc     316,166    10,305
    Reckitt Benckiser Group plc     118,526     8,554
    London Stock Exchange Group plc      71,121     7,358
    Compass Group plc     289,625     7,303
    CRH plc     122,898     7,063
    Lloyds Banking Group plc  11,001,303     5,878
    Ferguson plc      34,601     5,614
    Prudential plc     457,912     5,577
    Experian plc     153,540     5,362
    Unilever plc (XAMS)     101,641     5,200
    Ashtead Group plc      73,184     5,105
    Barclays plc   2,585,851     4,817
    Tesco plc   1,224,435     4,119
    3i Group plc     159,438     4,015
    Haleon plc     875,066     3,583
    Standard Chartered plc     386,581     3,478
    Vodafone Group plc   3,661,158     3,394
    Rentokil Initial plc     420,236     3,199
    Legal & General Group plc     985,632     2,723
    NatWest Group plc     906,199     2,635
    Informa plc     246,683     2,279
    Aviva plc     466,573     2,214
    Sage Group plc     179,017     2,200
    InterContinental Hotels Group plc      28,206     2,122
    Bunzl plc      58,425     2,092
    Smith & Nephew plc     149,414     2,016
    Smurfit Kappa Group plc      46,050     1,933
    Segro plc     206,774     1,928
    Next plc      21,385     1,890
    Halma plc      66,378     1,799
    Burberry Group plc      64,949     1,793
    WPP plc     183,168     1,776
    BT Group plc   1,173,190     1,716
    Croda International plc      23,715     1,656
    Admiral Group plc      47,249     1,489
    Mondi plc      89,446     1,486
    Associated British Foods plc      54,613     1,376
    Whitbread plc      31,065     1,351
    Pearson plc     123,236     1,306
    United Utilities Group plc     106,072     1,270
  2 Auto Trader Group plc     159,550     1,223
    Severn Trent plc      37,500     1,139
    B&M European Value Retail SA     153,411     1,121
  * Ocado Group plc     100,844     1,111
    St. James's Place plc      96,513     1,079
    Rightmove plc     151,311     1,071
    Antofagasta plc      58,366     1,069
    J Sainsbury plc     311,646     1,066
    Kingfisher plc     357,130     1,058
    Berkeley Group Holdings plc      19,537     1,004
    Barratt Developments plc     174,880     1,002
    DCC plc      17,954       982
          Shares Market
Value•

($000)
  * Marks & Spencer Group plc     340,219       976
    DS Smith plc     243,450       961
  * Wise plc Class A     118,424       959
    Coca-Cola HBC AG      33,070       953
    Howden Joinery Group plc     101,632       951
    M&G plc     393,059       949
    Taylor Wimpey plc     636,671       920
    Dechra Pharmaceuticals plc      17,853       858
    Diploma plc      21,473       850
    Intermediate Capital Group plc      49,688       849
    Beazley plc     119,123       822
    Hikma Pharmaceuticals plc      29,510       815
    Phoenix Group Holdings plc     122,433       807
    Games Workshop Group plc       5,878       805
    Land Securities Group plc     104,889       799
    JD Sports Fashion plc     434,855       798
    Spectris plc      18,869       794
    UNITE Group plc      65,975       785
    Britvic plc      67,669       752
  2 ConvaTec Group plc     252,993       743
    Persimmon plc      54,839       739
    British Land Co. plc     179,997       736
    abrdn plc     352,141       735
    Tate & Lyle plc      79,860       714
    Johnson Matthey plc      34,563       713
    RS Group plc      73,321       705
    Schroders plc     133,544       695
    Hargreaves Lansdown plc      70,036       674
    Investec plc     113,936       673
    Greggs plc      21,458       669
    Endeavour Mining plc      31,943       652
    Hiscox Ltd.      49,695       627
    Bellway plc      23,036       623
    ITV plc     642,719       575
    Vistry Group plc      56,713       561
    Man Group plc     207,200       555
    Inchcape plc      55,595       537
    Derwent London plc      21,937       516
  * Direct Line Insurance Group plc     234,864       481
    WH Smith plc      24,571       456
    IG Group Holdings plc      52,945       453
  * TUI AG      75,901       450
    LondonMetric Property plc     175,355       402
    Softcat plc      20,626       392
    Genus plc      13,141       387
 *,2 Network International Holdings plc      78,478       386
    Pennon Group plc      47,237       385
  * International Distributions Services plc     124,831       383
 
81

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    Virgin Money UK plc     181,120       372
    Safestore Holdings plc      32,209       352
    Grainger plc     113,645       340
    Bank of Georgia Group plc       7,686       339
    Domino's Pizza Group plc      65,609       328
  * Oxford Nanopore Technologies plc     107,185       324
  * Darktrace plc      70,484       321
    Big Yellow Group plc      23,557       320
    Shaftesbury Capital plc     214,573       319
  * Carnival plc      22,340       316
    Pets at Home Group plc      65,569       313
  2 Airtel Africa plc     207,911       300
  * easyJet plc      55,847       298
    Close Brothers Group plc      28,390       295
    Mitie Group plc     238,464       293
    TBC Bank Group plc       8,117       292
 *,2 Deliveroo plc Class A     202,828       290
    Paragon Banking Group plc      42,275       282
  * International Consolidated Airlines Group SA     137,503       281
    Computacenter plc       9,981       276
    OSB Group plc      62,537       270
    TP ICAP Group plc     128,646       269
    4imprint Group plc       4,119       266
    Hays plc     195,323       265
    Grafton Group plc      23,343       255
 *,2 Watches of Switzerland Group plc      34,680       255
    Victrex plc      13,350       254
    Cranswick plc       5,851       250
  * Frasers Group plc      23,752       243
    Dunelm Group plc      16,399       242
    Lancashire Holdings Ltd.      32,351       234
    Plus500 Ltd.      12,851       232
    Redrow plc      38,445       231
  * IWG plc      98,718       224
 *,2 Trainline plc      74,686       221
    Moneysupermarket.com Group plc      69,893       220
    Coats Group plc     226,470       220
    Pagegroup plc      41,055       218
    Centamin plc     192,034       213
 *,2 Aston Martin Lagonda Global Holdings plc      45,706       206
    Kainos Group plc      13,262       204
  2 Quilter plc     187,691       203
    Firstgroup plc     109,698       201
    Sirius Real Estate Ltd.     180,711       199
  * THG plc Class B     159,991       199
    Telecom Plus plc       9,552       192
    Fresnillo plc      26,432       192
    Supermarket Income REIT plc     194,176       190
    Assura plc     321,991       187
          Shares Market
Value•

($000)
    Primary Health Properties plc     154,184       184
    Savills plc      15,760       182
    Hammerson plc     574,845       175
    Ashmore Group plc      69,207       170
    Spirent Communications plc      85,580       170
    Future plc      17,277       170
    Dr. Martens plc      85,408       170
  * Ascential plc      61,681       157
    Bytes Technology Group plc      25,620       157
    Rathbones Group plc       6,545       146
  2 JTC plc      16,112       142
    Just Group plc     144,144       137
    Great Portland Estates plc      25,718       137
    Genuit Group plc      33,160       134
    RHI Magnesita NV       3,748       134
    Workspace Group plc      20,840       132
    AJ Bell plc      35,417       130
    Volution Group plc      26,478       128
  * Helios Towers plc     109,266       126
    IntegraFin Holdings plc      39,648       121
    Premier Foods plc      75,666       118
  * Auction Technology Group plc      13,116       118
    Redde Northgate plc      27,801       113
    Marshalls plc      31,469       109
    Clarkson plc       3,174       109
  * Moonpig Group plc      48,020       103
  * S4 Capital plc      77,426        97
  2 Spire Healthcare Group plc      34,587        95
    Currys plc     141,319        89
  * PureTech Health plc      35,771        89
    Keller Group plc       8,904        87
    Vesuvius plc      15,181        85
    PZ Cussons plc      40,812        82
  2 Bridgepoint Group plc      36,608        81
    IP Group plc     107,808        80
    Hilton Food Group plc       9,416        80
  * Alphawave IP Group plc      43,172        79
    Ninety One plc      35,925        78
    Crest Nicholson Holdings plc      33,944        77
  2 Ibstock plc      39,118        74
  * AO World plc      60,942        72
    Picton Property Income Ltd.      81,152        71
    Mobico Group plc      66,519        70
  * Greencore Group plc      64,694        69
    FDM Group Holdings plc       9,307        68
  * Elementis plc      46,692        67
  * Molten Ventures plc      21,588        66
  2 TI Fluid Systems plc      39,793        64
  2 Petershill Partners plc      28,505        63
    Halfords Group plc      26,302        61
 *,3 ASOS plc      11,038        61
    Liontrust Asset Management plc       7,017        58
 
82

 

Table of Contents
ESG International Stock ETF
          Shares Market
Value•

($000)
    XP Power Ltd.       2,029        55
  * Oxford Biomedica plc      12,600        51
    Wickes Group plc      27,870        50
    Jupiter Fund Management plc      38,914        49
 *,2 Trustpilot Group plc      46,538        48
  * Ferrexpo plc      48,315        47
  * Synthomer plc      57,042        46
    Hochschild Mining plc      39,324        46
    NCC Group plc      34,647        44
    Vanquis Banking Group plc      30,705        40
    CLS Holdings plc      23,736        38
    Helical plc      10,512        31
  2 Bakkavor Group plc      21,342        27
  * SIG plc      45,294        19
    AG Barr plc       2,978        18
  2 CMC Markets plc       9,033        12
 *,1 NMC Health plc       4,208        —
                          266,555
Total Common Stocks
(Cost $3,372,957) 		3,342,280
Preferred Stocks (0.7%)
    Samsung Electronics Co. Ltd. Preference Shares     130,919     5,344
    Itau Unibanco Holding SA Preference Shares     742,778     4,114
    Banco Bradesco SA Preference Shares     824,706     2,490
    Sartorius AG Preference Shares       4,449     1,819
    Itausa SA Preference Shares     819,211     1,529
    Henkel AG & Co. KGaA Preference Shares      19,334     1,482
    Sociedad Quimica y Minera de Chile SA Preference Shares Class B      16,720     1,035
    Bayerische Motoren Werke AG Preference Shares       9,444       907
    Hyundai Motor Co. Preference Shares      11,596       898
    Gerdau SA Preference Shares     171,150       893
    LG Chem Ltd. Preference Shares       2,724       703
    Bancolombia SA Preference Shares      56,362       375
    Cia Energetica de Minas Gerais Preference Shares     131,686       328
    Sixt SE Preference Shares       3,840       249
    LG Electronics Inc. Preference Shares       6,781       240
    Metalurgica Gerdau SA Preference Shares      91,100       217
          Shares Market
Value•

($000)
    Samsung SDI Co. Ltd. Preference Shares         911       207
    Samsung Fire & Marine Insurance Co. Ltd. Preference Shares       1,490       204
    Marcopolo SA Preference Shares     132,300       162
    Bradespar SA Preference Shares      35,309       160
  * Azul SA Preference Shares      49,063       144
    Unipar Carbocloro SA Preference Shares Class B       8,521       133
    Amorepacific Corp. Preference Shares       4,447       132
    Raizen SA Preference Shares     179,700       132
    Banco Pan SA Preference Shares      53,100        94
    Cia de Ferro Ligas da Bahia FERBASA Preference Shares      10,100        94
    CTEEP-Cia de Transmissao de Energia Eletrica Paulista Preference Shares      17,400        88
    Banco Davivienda SA Preference Shares      19,293        87
    Grupo Aval Acciones y Valores SA Preference Shares     638,547        79
    Corem Property Group AB Preference Shares       4,568        79
    Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A      53,400        74
    LG H&H Co. Ltd. Preference Shares         474        69
    Randon SA Implementos e Participacoes Preference Shares      27,400        66
  * Alpargatas SA Preference Shares      36,500        62
  * Gol Linhas Aereas Inteligentes SA Preference Shares      40,679        58
    Grupo de Inversiones Suramericana SA Preference Shares      16,290        50
    Daishin Securities Co. Ltd. Preference Shares       3,701        38
    Cia de Saneamento do Parana Preference Shares      37,400        34
    Banco do Estado do Rio Grande do Sul SA Preference Shares Class B       9,200        23
 
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          Shares Market
Value•

($000)
    Draegerwerk AG & Co. KGaA Preference Shares         235        11
    FUCHS SE Preference Shares         203         9
    Iguatemi SA Preference Shares       4,931         7
    CJ CheilJedang Corp. Preference Shares          25         3
 *,1 Rosseti Lenenergo PJSC Preference Shares      25,440        —
Total Preferred Stocks (Cost $26,830) 24,922
Rights (0.0%)
  * Swedish Orphan Biovitrum AB Exp. 9/14/23      28,339        26
  * Itausa SA Exp. 9/22/23      11,393         6
  * SK REITs Co. Ltd. Exp. 9/22/23       9,700         3
  * Marfrig Global Foods SA Exp. 9/18/23      22,933         1
 *,1 S IMMO AG       5,093        —
 *,1 Samart Corp. PCL Exp. 12/19/23       1,163        —
 *,1 CJ CGV Co. Ltd. Exp. 9/7/23       2,987        —
 *,1 Actron Technology Corp. Exp. 9/18/23         574        —
 *,1 Mercuries & Associates Holding Ltd. Exp. 9/12/23      20,688        —
  * Gol Linhas Aereas Inteligentes SA Exp. 9/26/23     183,978        —
Total Rights (Cost $33) 36
Warrants (0.0%)
  * Webuild SpA Exp. 8/2/30       3,597         3
          Shares Market
Value•

($000)
  * VGI PCL Exp. 5/23/27      88,419        —
Total Warrants (Cost $—) 3
Temporary Cash Investments (1.3%)
Money Market Fund (1.3%)
 4,5 Vanguard Market Liquidity Fund, 5.384%
(Cost $43,446) 		    434,541          43,450
Total Investments (100.6%)
(Cost $3,443,266) 		  3,410,691
Other Assets and Liabilities—Net (-0.6%)   (20,993)
Net Assets (100%)   3,389,698
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Security value determined using significant unobservable inputs.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2023, the aggregate value was $106,252,000, representing 3.1% of net assets.
3 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $26,431,000.
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 $31,046,000 was received for securities on loan.
  ADR—American Depositary Receipt.
  GDR—Global Depositary Receipt.
  NVDR—Non-Voting Depositary Receipt.
  REIT—Real Estate Investment Trust.
 
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
MSCI EAFE Index September 2023 140 14,765 (275)
MSCI Emerging Market Index September 2023 136 6,659 (245)
        (520)
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Forward Currency Contracts
  Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
(Depreciation)
($000)
Counterparty   Receive   Deliver
BNP Paribas 9/20/23 AUD 1,553 USD 1,047 — (40)
BNP Paribas 9/20/23 EUR 1,272 USD 1,411 — (31)
BNP Paribas 9/20/23 HKD 21,319 USD 2,732 — (12)
JPMorgan Chase Bank, N.A. 9/20/23 INR 111,596 USD 1,355 — (8)
JPMorgan Chase Bank, N.A. 9/20/23 INR 107,647 USD 1,299 — —
BNP Paribas 9/20/23 JPY 585,372 USD 4,134 — (101)
JPMorgan Chase Bank, N.A. 9/20/23 JPY 200,000 USD 1,408 — (30)
Toronto-Dominion Bank 9/20/23 USD 1,431 AUD 2,136 46 —
UBS AG 9/20/23 USD 3,804 CHF 3,418 — (72)
Toronto-Dominion Bank 9/20/23 USD 2,947 EUR 2,725 — (11)
Toronto-Dominion Bank 9/20/23 USD 1,355 GBP 1,091 — (27)
UBS AG 9/20/23 USD 2,737 HKD 21,389 8 —
Goldman Sachs International 9/20/23 USD 941 HKD 7,353 3 —
BNP Paribas 9/20/23 USD 5,700 JPY 784,753 293 —
BNP Paribas 9/20/23 USD 827 KRW 1,069,562 17 —
Toronto-Dominion Bank 9/20/23 USD 934 SGD 1,256 4 —
BNP Paribas 9/20/23 USD 1,893 TWD 58,168 63 —
UBS AG 9/20/23 USD 236 TWD 7,197 10 —
            444 (332)
AUD—Australian dollar.
CHF—Swiss franc.
EUR—euro.
GBP—British pound.
HKD—Hong Kong dollar.
INR—Indian rupee.
JPY—Japanese yen.
KRW—Korean won.
SGD—Singapore dollar.
TWD—Taiwanese dollar.
USD—U.S. dollar.
See accompanying Notes, which are an integral part of the Financial Statements.
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Statement of Assets and Liabilities
As of August 31, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $3,399,820) 3,367,241
Affiliated Issuers (Cost $43,446) 43,450
Total Investments in Securities 3,410,691
Investment in Vanguard 117
Foreign Currency, at Value (Cost $3,535) 3,519
Cash Collateral Pledged—Futures Contracts 650
Receivables for Investment Securities Sold 5,155
Receivables for Accrued Income 10,175
Unrealized Appreciation—Forward Currency Contracts 444
Total Assets 3,430,751
Liabilities  
Due to Custodian 5,129
Payables for Investment Securities Purchased 198
Collateral for Securities on Loan 31,046
Payables to Vanguard 245
Variation Margin Payable—Futures Contracts 163
Unrealized Depreciation—Forward Currency Contracts 332
Deferred Foreign Capital Gains Taxes 3,940
Total Liabilities 41,053
Net Assets 3,389,698
1 Includes $26,431,000 of securities on loan.  
 
At August 31, 2023, net assets consisted of:

   
Paid-in Capital 3,562,615
Total Distributable Earnings (Loss) (172,917)
Net Assets 3,389,698
Net Assets  
Applicable to 64,400,000 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		3,389,698
Net Asset Value Per Share $52.64
See accompanying Notes, which are an integral part of the Financial Statements.
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Statement of Operations
  Year Ended
August 31, 2023
  ($000)
Investment Income  
Income  
Dividends1 89,760
Interest2 297
Securities Lending—Net 511
Total Income 90,568
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 212
Management and Administrative 2,751
Marketing and Distribution 162
Custodian Fees 439
Auditing Fees 47
Shareholders’ Reports 76
Trustees’ Fees and Expenses 2
Other Expenses 199
Total Expenses 3,888
Net Investment Income 86,680
Realized Net Gain (Loss)  
Investment Securities Sold2,3 (73,481)
Futures Contracts 2,238
Forward Currency Contracts 690
Foreign Currencies (333)
Realized Net Gain (Loss) (70,886)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2,4 325,735
Futures Contracts (386)
Forward Currency Contracts (462)
Foreign Currencies 363
Change in Unrealized Appreciation (Depreciation) 325,250
Net Increase (Decrease) in Net Assets Resulting from Operations 341,044
1 Dividends are net of foreign withholding taxes of $11,154,000.
2 Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $269,000, $4,000, less than $1,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Realized Gain (Loss) is net of foreign capital gains taxes of $38,000.
4 The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $1,835,000.
See accompanying Notes, which are an integral part of the Financial Statements.
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Statement of Changes in Net Assets
  Year Ended August 31,
  2023
($000) 		2022
($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 86,680 85,865
Realized Net Gain (Loss) (70,886) (70,545)
Change in Unrealized Appreciation (Depreciation) 325,250 (789,356)
Net Increase (Decrease) in Net Assets Resulting from Operations 341,044 (774,036)
Distributions    
Total Distributions (80,304) (87,251)
Capital Share Transactions    
Issued 265,085 1,164,332
Issued in Lieu of Cash Distributions — —
Redeemed — —
Net Increase (Decrease) from Capital Share Transactions 265,085 1,164,332
Total Increase (Decrease) 525,825 303,045
Net Assets    
Beginning of Period 2,863,873 2,560,828
End of Period 3,389,698 2,863,873
See accompanying Notes, which are an integral part of the Financial Statements.
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Financial Highlights
For a Share Outstanding
Throughout Each Period 		Year Ended August 31, September 18,
20181 to
August 31,
2019
2023 2022 2021 2020  
Net Asset Value, Beginning of Period $48.46 $64.34 $52.38 $48.09 $50.00
Investment Operations          
Net Investment Income2 1.385 1.632 1.295 1.192 1.529
Net Realized and Unrealized Gain (Loss) on Investments 4.073 (15.837) 11.907 4.138 (2.714)
Total from Investment Operations 5.458 (14.205) 13.202 5.330 (1.185)
Distributions          
Dividends from Net Investment Income (1.278) (1.675) (1.242) (1.040) (.725)
Distributions from Realized Capital Gains — — — — —
Total Distributions (1.278) (1.675) (1.242) (1.040) (.725)
Net Asset Value, End of Period $52.64 $48.46 $64.34 $52.38 $48.09
Total Return 11.36% -22.38% 25.45% 11.23% -2.36%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $3,390 $2,864 $2,561 $1,205 $418
Ratio of Total Expenses to Average Net Assets 0.12% 0.12% 0.12% 0.15% 0.17%3,4
Ratio of Net Investment Income to Average Net Assets 2.72% 2.89% 2.14% 2.45% 3.30%3
Portfolio Turnover Rate5 9% 12% 7% 12% 22%
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
4 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.15%.
5 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.
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Notes to Financial Statements
Vanguard ESG International Stock ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.  ETF Shares are listed for trading on Cboe BZX Exchange, Inc.; 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. 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. 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
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the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended August 31, 2023, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the year ended August 31, 2023, 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.
5. 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.
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6. 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.
7. 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.
8. 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.
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For the year ended August 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. 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.  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 August 31, 2023, the fund had contributed to Vanguard capital in the amount of $117,000, representing less than 0.01% of the fund’s net assets and 0.05% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  Various inputs may be used to determine the value of the fund’s investments 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.
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The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 306,601 3,034,465 1,214 3,342,280
Preferred Stocks 12,528 12,394 — 24,922
Rights 7 29 — 36
Warrants — 3 — 3
Temporary Cash Investments 43,450 — — 43,450
Total 362,586 3,046,891 1,214 3,410,691
Derivative Financial Instruments        
Assets        
Forward Currency Contracts — 444 — 444
Liabilities        
Futures Contracts1 520 — — 520
Forward Currency Contracts — 332 — 332
Total 520 332 — 852
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.  At August 31, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
Statement of Assets and Liabilities Equity
Contracts
($000) 		Foreign
Exchange
Contracts
($000) 		Total
($000)
Unrealized Appreciation—Forward Currency Contracts — 444 444
Total Assets — 444 444
       
Unrealized Depreciation—Futures Contracts1 520 — 520
Unrealized Depreciation—Forward Currency Contracts — 332 332
Total Liabilities 520 332 852
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.
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Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended August 31, 2023, were:
Realized Net Gain (Loss) on Derivatives Equity
Contracts
($000) 		Foreign
Exchange
Contracts
($000) 		Total
($000)
Futures Contracts 2,238 — 2,238
Forward Currency Contracts — 690 690
Realized Net Gain (Loss) on Derivatives 2,238 690 2,928
 
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts (386) — (386)
Forward Currency Contracts — (462) (462)
Change in Unrealized Appreciation (Depreciation) on Derivatives (386) (462) (848)
E.  Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions, passive foreign investment companies, and tax expense on capital gains were reclassified between the individual components of total distributable earnings (loss).
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from passive foreign investment companies; and the classification of securities for tax purposes. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income 30,207
Undistributed Long-Term Gains —
Net Unrealized Gains (Losses) (53,855)
Capital Loss Carryforwards (149,932)
Qualified Late-Year Losses —
Other Temporary Differences 663
Total (172,917)
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ESG International Stock ETF
The tax character of distributions paid was as follows:
  Year Ended August 31,
  2023
Amount
($000) 		2022
Amount
($000)
Ordinary Income* 80,304 87,251
Long-Term Capital Gains — —
Total 80,304 87,251
* Includes short-term capital gains, if any.
As of August 31, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 3,460,776
Gross Unrealized Appreciation 441,750
Gross Unrealized Depreciation (491,759)
Net Unrealized Appreciation (Depreciation) (50,009)
F.  During the year ended August 31, 2023, the fund purchased $531,896,000 of investment securities and sold $269,423,000 of investment securities, other than temporary cash investments. Purchases and sales include $201,068,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G.  Capital shares issued and redeemed were:
  Year Ended August 31,  
  2023
Shares
(000) 		  2022
Shares
(000)
     
Issued 5,300   19,300
Issued in Lieu of Cash Distributions —   —
Redeemed —   —
Net Increase (Decrease) in Shares Outstanding 5,300   19,300
H.  Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental ‎disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, 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.
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ESG International Stock ETF
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.
I.  Management has determined that no events or transactions occurred subsequent to August 31, 2023, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard ESG International Stock ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard ESG International Stock ETF (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2023 and for the period September 18, 2018 (inception) through August 31, 2019 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the four years in the period ended August 31, 2023 and for the period September 18, 2018 (inception) through August 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 18, 2023
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Tax information (unaudited)
The fund hereby designates $55,598,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for individual shareholders for the fiscal year.
The fund hereby designates $86,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
The fund designates to shareholders foreign source income of $100,719,000 and foreign taxes paid of $9,301,000, or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.
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Trustees Approve Advisory Arrangement
The board of trustees of Vanguard ESG International Stock ETF 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 Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department 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. 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 Portfolio Review Department’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 2018; it also 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-term and since-inception 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.
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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.
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Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard World Fund approved the appointment of liquidity risk management program administrators responsible for administering Vanguard ESG International Stock ETF’s Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
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London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies’ index values and the use of their indexes to create financial products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 205 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University’s Leavey School of Business.
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief ‎operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Director of the V Foundation. Member of the advisory council for the College of Arts and ‎Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
 
1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

 

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Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer ‎‎(retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. ‎‎(investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment ‎Committee, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–‎‎2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of ‎financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–‎present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School ‎‎(2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Partners (climate policy advisory services). ‎Member of the board of directors of Arcadia (energy solution technology).
Grant Reid
Born in 1959. Trustee since July 2023. Principal occupation(s) during the past five years and other experience: chief executive officer and president (2014–2022) and member of the board of directors (2015–2022) of Mars, Incorporated (multinational manufacturer). Member of the board of directors of Marriott International, Inc. Chair of Agribusiness Task Force, Sustainable Markets Initiative.
David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

 

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Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer ‎‎(November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) ‎and deputy chief compliance officer (2017–2019) of State Street.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the ‎investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at ‎Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
Jodi Miller
Born in 1980. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2022–present) of each of the investment companies served by Vanguard. Head of Enterprise Investment Services (2020–present), head of Retail Client Services and Operations (2020–2022), and head of Retail Strategic Support (2018–2020) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director (2022–present) of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Matthew Benchener Thomas M. Rampulla
Joseph Brennan Karin A. Risi
Mortimer J. Buckley Anne E. Robinson
Gregory Davis Michael Rollings
John James Nitin Tandon
Chris D. McIsaac Lauren Valente

 

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All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].
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© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q43940 102023