Semiannual Report  |  April 30, 2023
Vanguard Total International Stock Index Fund

 

Contents
About Your Fund's Expenses
 1
Financial Statements
 4
Trustees Approve Advisory Arrangement
 87
Liquidity Risk Management
 89

 

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.
1

 

Six Months Ended April 30, 2023      
  Beginning
Account Value
10/31/2022 		Ending
Account Value
4/30/2023 		Expenses
Paid During
Period
Based on Actual Fund Return
Total International Stock Index Fund      
Investor Shares $1,000.00 $1,202.80 $0.93
ETF Shares 1,000.00 1,203.80 0.38
Admiral™ Shares 1,000.00 1,203.40 0.60
Institutional Shares 1,000.00 1,203.60 0.44
Institutional Plus Shares 1,000.00 1,203.70 0.38
Institutional Select Shares 1,000.00 1,203.80 0.26
Based on Hypothetical 5% Yearly Return
Total International Stock Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
ETF Shares 1,000.00 1,024.45 0.35
Admiral Shares 1,000.00 1,024.25 0.55
Institutional Shares 1,000.00 1,024.40 0.40
Institutional Plus Shares 1,000.00 1,024.45 0.35
Institutional Select Shares 1,000.00 1,024.56 0.24
The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are: 0.17% for Investor Shares, 0.07% for ETF Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares, 0.07% for Institutional Plus Shares, and 0.048% for Institutional Select Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Total International Stock Index Fund
Fund Allocation
As of April 30, 2023
 
Japan 15.1%
United Kingdom 10.2
China 8.1
Canada 7.2
France 7.2
Switzerland 6.0
Germany 5.3
Australia 5.1
Taiwan 4.3
India 4.2
South Korea 3.3
Netherlands 2.7
Sweden 2.2
Denmark 1.9
Hong Kong 1.8
Italy 1.7
Spain 1.6
Brazil 1.4
Saudi Arabia 1.1
Other 9.6
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.
3

 

Total International Stock Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 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 (98.7%)
Argentina (0.0%)
* Ternium Argentina SA Class A            390           1
Australia (5.0%)
  Commonwealth Bank of Australia     22,336,000   1,478,109
  CSL Ltd.      6,358,358   1,269,362
  BHP Group Ltd. (XASX)     39,435,618   1,170,351
  National Australia Bank Ltd.     41,545,392     799,797
  BHP Group Ltd.     27,076,249     797,113
  Westpac Banking Corp.     46,046,679     689,281
  ANZ Group Holdings Ltd.     39,544,634     642,136
  Macquarie Group Ltd.      4,585,687     559,416
  Wesfarmers Ltd.     14,943,822     516,958
  Woodside Energy Group Ltd. (XASX)     20,080,285     455,628
  Woolworths Group Ltd.     16,032,394     413,585
  Transurban Group     40,534,277     404,260
  Rio Tinto Ltd.      4,907,769     368,106
  Goodman Group     24,258,478     312,731
  Fortescue Metals Group Ltd.     21,030,280     294,248
  Aristocrat Leisure Ltd.      8,712,133     220,378
  Amcor plc      19,652,933     214,868
  Newcrest Mining Ltd. (XASX)     11,119,195     212,320
  Coles Group Ltd.     16,755,360     202,408
  QBE Insurance Group Ltd.     19,573,490     200,155
  Santos Ltd.     39,806,350     188,567
  Brambles Ltd.     18,295,734     173,312
  South32 Ltd.     60,728,836     171,665
  Telstra Group Ltd.     53,872,819     156,297
  Sonic Healthcare Ltd.      6,062,980     142,922
  Suncorp Group Ltd.     16,707,631     139,108
  Cochlear Ltd.        847,965     139,039
  Northern Star Resources Ltd.     14,995,170     133,754
  Scentre Group     68,614,727     131,678
  James Hardie Industries plc       5,851,663     130,581
  Origin Energy Ltd.     22,733,808     126,048
  ASX Ltd.      2,553,025     116,187
  Woodside Energy Group Ltd.      4,892,708     110,957
  Mineral Resources Ltd.      2,205,555     108,801
  Insurance Australia Group Ltd.     32,606,307     108,028
  APA Group     15,573,129     106,325
  Computershare Ltd.      7,112,587     105,877
  Pilbara Minerals Ltd.     36,806,556     104,759
* Xero Ltd.      1,671,184     104,325
1 Ramsay Health Care Ltd.      2,304,268      99,086
  Lottery Corp. Ltd.     29,367,448      98,469
  WiseTech Global Ltd.      2,092,818      95,863
  Stockland     31,660,731      93,854
  Treasury Wine Estates Ltd.      9,545,634      88,422
  Medibank Pvt Ltd.     36,419,868      86,190
  Mirvac Group     52,107,443      83,655
  Atlas Arteria Ltd.     19,202,511      83,489
  BlueScope Steel Ltd.      6,137,173      81,574
  Endeavour Group Ltd.     18,082,775      81,503
  IGO Ltd.      8,210,889      75,613
  SEEK Ltd.      4,624,596      75,456
2 OZ Minerals Ltd.      4,316,702      75,163
  carsales.com Ltd.      4,714,644      74,766
  GPT Group     25,215,994      74,148
          Shares Market
Value•

($000)
  Dexus     14,226,605      73,736
  Washington H Soul Pattinson & Co. Ltd.      3,491,778      73,095
  Vicinity Ltd.     49,704,903      69,486
  Orica Ltd.      5,989,723      64,652
* Allkem Ltd.      7,682,952      63,096
  Ampol Ltd.      3,130,994      62,472
  REA Group Ltd.        661,043      62,170
  ALS Ltd.      6,356,004      55,474
  Incitec Pivot Ltd.     25,682,886      54,720
  Evolution Mining Ltd.     22,769,712      53,691
  Steadfast Group Ltd.     13,454,231      53,042
  Aurizon Holdings Ltd.     23,241,410      52,843
* Lynas Rare Earths Ltd.     11,878,410      51,017
  Worley Ltd.      4,953,075      49,766
* Qantas Airways Ltd.     10,996,866      48,496
  Whitehaven Coal Ltd.     10,072,307      48,335
  Cleanaway Waste Management Ltd.     29,477,709      47,473
  Charter Hall Group      6,253,787      46,527
* NEXTDC Ltd.      5,967,520      45,792
  Lendlease Corp. Ltd.      9,115,057      45,269
  Qube Holdings Ltd.     21,968,301      44,943
  IDP Education Ltd.      2,385,836      44,822
  AGL Energy Ltd.      8,039,589      44,258
  JB Hi-Fi Ltd.      1,450,221      42,920
  Bendigo & Adelaide Bank Ltd.      7,451,346      42,899
*,1 Liontown Resources Ltd.     22,703,834      41,753
  Iluka Resources Ltd.      5,546,325      40,754
  Altium Ltd.      1,550,701      39,529
  Technology One Ltd.      3,646,646      36,765
  Challenger Ltd.      8,855,895      35,636
  Reece Ltd.      2,828,396      34,454
  Alumina Ltd.     33,051,854      33,546
  Bank of Queensland Ltd.      8,600,100      33,210
  Metcash Ltd.     12,788,621      33,142
  nib holdings Ltd.      6,268,539      32,164
  AMP Ltd.     41,118,410      31,088
  Ansell Ltd.      1,685,327      29,991
  Seven Group Holdings Ltd.      1,872,776      29,582
  Reliance Worldwide Corp. Ltd.     10,490,888      28,610
  Domino's Pizza Enterprises Ltd.        821,836      27,663
  Perseus Mining Ltd.     17,935,386      26,507
  Champion Iron Ltd.      6,091,622      26,467
  Nine Entertainment Co. Holdings Ltd.     19,169,135      26,442
*,1 Flight Centre Travel Group Ltd.      2,005,921      26,341
* Sandfire Resources Ltd.      5,954,123      25,941
  Orora Ltd.     11,237,067      25,683
1 Breville Group Ltd.      1,857,590      25,519
  Charter Hall Long Wale REIT      8,784,391      25,429
  National Storage REIT     15,244,004      25,390
  Region RE Ltd.     15,193,397      24,863
*,1 Webjet Ltd.      4,944,708      24,453
1 Eagers Automotive Ltd.      2,579,635      24,361
1 Perpetual Ltd.      1,477,104      24,140
* Chalice Mining Ltd.      4,399,012      23,387
3 Viva Energy Group Ltd.     11,202,512      23,156
  Beach Energy Ltd.     23,244,289      22,879
1 Pro Medicus Ltd.        552,638      22,684
  CSR Ltd.      6,357,948      22,257
  Sims Ltd.      2,106,315      22,074
4

 

Total International Stock Index Fund
          Shares Market
Value•

($000)
1 ARB Corp. Ltd.      1,008,681      21,548
  Downer EDI Ltd.      8,876,450      20,999
  AUB Group Ltd.      1,138,032      20,857
  Corporate Travel Management Ltd.      1,477,169      20,667
  Tabcorp Holdings Ltd.     29,600,587      20,647
  Bapcor Ltd.      4,473,827      19,522
  Super Retail Group Ltd.      2,161,922      19,510
  Premier Investments Ltd.      1,090,836      18,984
1 Harvey Norman Holdings Ltd.      7,801,499      18,736
  Nufarm Ltd.      5,031,427      18,708
  HomeCo Daily Needs REIT     23,133,486      18,493
* De Grey Mining Ltd.     16,982,797      18,228
  Deterra Royalties Ltd.      5,740,744      17,603
  Gold Road Resources Ltd.     14,119,416      17,569
  TPG Telecom Ltd.      4,821,555      17,211
  Charter Hall Retail REIT      6,649,835      17,118
* Paladin Energy Ltd.     38,837,565      17,082
  BWP Trust      6,522,381      16,813
  Insignia Financial Ltd.      8,395,000      16,662
  IRESS Ltd.      2,410,055      16,559
  Waypoint REIT Ltd.      9,511,247      16,519
*,1 Core Lithium Ltd.     23,891,383      15,727
* PEXA Group Ltd.      1,747,169      15,506
* Star Entertainment Group Ltd.     18,095,314      15,339
* Telix Pharmaceuticals Ltd.      2,221,278      15,036
  Centuria Industrial REIT      6,996,984      14,551
1 Lifestyle Communities Ltd.      1,249,787      14,150
  InvoCare Ltd.      1,902,503      14,051
  Healius Ltd.      7,065,174      14,041
  Ingenia Communities Group      4,875,908      13,897
  HUB24 Ltd.        728,399      13,773
1 Newcrest Mining Ltd. (XTSE)        721,560      13,714
  GrainCorp Ltd. Class A      2,972,999      13,470
* Neuren Pharmaceuticals Ltd.      1,424,099      13,433
  Brickworks Ltd.        799,020      13,294
* Bellevue Gold Ltd.     14,052,140      13,192
  Regis Resources Ltd.      9,158,366      12,958
  Lovisa Holdings Ltd.        716,464      12,711
*,1 Sayona Mining Ltd.     93,754,327      12,664
  Nickel Industries Ltd.     19,514,338      12,416
* Boral Ltd.      4,500,457      12,353
  Blackmores Ltd.        191,739      12,112
  Abacus Property Group      6,818,042      12,072
* Capricorn Metals Ltd.      4,094,670      12,049
  IPH Ltd.      2,188,576      11,839
  GUD Holdings Ltd.      1,855,812      11,838
*,1 Nanosonics Ltd.      3,029,342      11,541
  EVT Ltd.      1,431,915      11,476
  New Hope Corp. Ltd.      3,125,184      11,047
  Elders Ltd.      2,017,118      10,860
3 Coronado Global Resources Inc.      9,841,682      10,851
  Arena REIT      4,254,699      10,577
  Data#3 Ltd.      2,092,249      10,562
  United Malt Group Ltd.      3,587,885      10,511
  Johns Lyng Group Ltd.      2,310,177      10,416
  Helia Group Ltd.      4,934,152      10,365
1 Centuria Capital Group      8,972,355      10,281
  Bega Cheese Ltd.      3,963,432       9,980
  Ramelius Resources Ltd.     11,301,192       9,863
  Netwealth Group Ltd.      1,084,301       9,853
  Ventia Services Group Pty Ltd.      5,657,519       9,853
  Magellan Financial Group Ltd.      1,795,490       9,731
  Monadelphous Group Ltd.      1,180,395       9,730
* Strike Energy Ltd.     30,597,093       9,665
  Costa Group Holdings Ltd.      5,821,255       9,660
* Silver Lake Resources Ltd.     11,380,818       9,594
* Karoon Energy Ltd.      6,637,064       9,488
          Shares Market
Value•

($000)
1 Credit Corp. Group Ltd.        774,073       9,321
  NRW Holdings Ltd.      5,754,028       9,247
  Link Administration Holdings Ltd.      6,397,625       9,026
  Charter Hall Social Infrastructure REIT      4,441,968       8,936
* Resolute Mining Ltd.     27,670,837       8,781
* West African Resources Ltd.     13,429,054       8,688
  Platinum Asset Management Ltd.      7,415,221       8,662
*,1 PolyNovo Ltd.      7,920,627       8,605
  Imdex Ltd.      6,100,626       8,430
  G8 Education Ltd.     10,349,342       8,380
  McMillan Shakespeare Ltd.        809,078       8,265
1 Yancoal Australia Ltd.      2,213,227       8,182
  Collins Foods Ltd.      1,418,170       8,176
  Growthpoint Properties Australia Ltd.      3,767,093       8,166
  Kelsian Group Ltd.      1,918,239       7,820
  Codan Ltd.      1,592,258       7,734
*,1 Weebit Nano Ltd.      2,180,391       7,722
* Boss Energy Ltd.      4,359,362       7,676
*,1,3 Life360 Inc.      2,223,552       7,607
* Megaport Ltd.      1,971,073       7,453
  GQG Partners Inc.      8,179,562       7,444
  Cromwell Property Group     19,293,760       7,311
  Accent Group Ltd.      4,307,562       7,290
  Domain Holdings Australia Ltd.      3,233,693       7,212
  Hansen Technologies Ltd.      2,395,143       7,174
* Perenti Ltd.      9,169,940       7,027
  oOh!media Ltd.      6,360,581       6,969
1 Clinuvel Pharmaceuticals Ltd.        514,899       6,929
  Pinnacle Investment Management Group Ltd.      1,246,843       6,866
* SiteMinder Ltd.      2,785,505       6,756
*,1 Imugene Ltd.     80,857,660       6,750
* Syrah Resources Ltd.      8,695,412       6,723
  Rural Funds Group      5,139,984       6,697
*,1 Arafura Rare Earths Ltd.     23,487,190       6,452
* Stanmore Resources Ltd.      3,149,084       6,416
  Adbri Ltd.      6,041,651       6,379
  Myer Holdings Ltd.     10,857,641       6,320
* Calix Ltd.      1,995,866       6,285
  Hotel Property Investments Ltd.      2,726,979       6,192
* Judo Capital Holdings Ltd.      7,503,032       6,185
1 HMC Capital Ltd.      2,256,918       5,908
*,1 Mincor Resources NL      6,266,327       5,858
  Jumbo Interactive Ltd.        658,542       5,728
  Vulcan Steel Ltd.      1,088,260       5,629
* ioneer Ltd.     27,363,534       5,587
*,1 Vulcan Energy Resources Ltd.      1,397,673       5,566
  Centuria Office REIT      5,690,875       5,386
* FleetPartners Group Ltd.      3,843,535       5,357
  Sigma Healthcare Ltd.     11,517,987       5,346
* Omni Bridgeway Ltd.      3,466,842       5,286
* Macquarie Telecom Group Ltd.        128,912       5,252
  PWR Holdings Ltd.        784,186       5,238
*,1 Tietto Minerals Ltd.     13,161,348       5,226
*,1 Westgold Resources Ltd.      5,138,380       5,193
*,1 Aussie Broadband Ltd.      2,354,311       5,188
  Estia Health Ltd.      2,972,208       5,186
  Dexus Industria REIT      2,758,990       5,112
  SmartGroup Corp. Ltd.      1,139,983       5,103
*,1 Lake Resources NL     17,910,462       5,055
*,1 Audinate Group Ltd.        863,313       5,032
  APM Human Services International Ltd.      3,965,570       4,969
  Infomedia Ltd.      4,901,189       4,878
* Australian Agricultural Co. Ltd.      4,745,465       4,834
*,1 Mesoblast Ltd.      8,357,338       4,773
*,1 Argosy Minerals Ltd.     17,279,055       4,703
  Integral Diagnostics Ltd.      2,231,308       4,674
  Inghams Group Ltd.      2,502,194       4,671
 
5

 

Total International Stock Index Fund
          Shares Market
Value•

($000)
* Tyro Payments Ltd.      4,395,020       4,652
  Austal Ltd.      4,213,882       4,625
1 Select Harvests Ltd.      1,550,323       4,549
*,1 Silex Systems Ltd.      2,015,081       4,503
*,1 Leo Lithium Ltd.     12,448,299       4,372
*,2 AVZ Minerals Ltd.     33,065,566       4,266
* St. Barbara Ltd.     10,652,084       4,264
  GWA Group Ltd.      3,544,622       4,141
1 Australian Clinical Labs Ltd.      1,724,780       4,047
  Nick Scali Ltd.        621,504       4,023
  MyState Ltd.      1,622,368       3,835
  GDI Property Group Partnership      8,042,125       3,821
* Cooper Energy Ltd.     33,271,979       3,762
  Oceania Healthcare Ltd.      8,769,017       3,745
*,1 Temple & Webster Group Ltd.      1,380,642       3,702
1 Dicker Data Ltd.        644,976       3,490
* Alkane Resources Ltd.      5,963,798       3,479
1 Service Stream Ltd.      7,266,058       3,210
1 Emeco Holdings Ltd.      6,891,988       3,137
* OFX Group Ltd.      3,282,359       3,111
*,1 BrainChip Holdings Ltd.     11,391,394       3,084
*,1 Appen Ltd.      1,463,107       3,068
  Australian Ethical Investment Ltd.      1,417,836       3,060
*,1 Zip Co. Ltd.      8,667,898       2,961
* Mount Gibson Iron Ltd.      9,325,729       2,949
1 Praemium Ltd.      6,446,620       2,944
*,1 PointsBet Holdings Ltd.      2,816,206       2,934
1 Mayne Pharma Group Ltd.      1,048,317       2,893
1 Solvar Ltd.      2,248,313       2,818
*,1 Opthea Ltd.      5,944,926       2,804
* Seven West Media Ltd.     10,930,475       2,795
1 29Metals Ltd.      3,405,343       2,694
*,1 Neometals Ltd.      6,422,866       2,666
  Australian Finance Group Ltd.      2,423,852       2,597
*,1 Kogan.com Ltd.        891,112       2,581
  Cedar Woods Properties Ltd.        716,052       2,326
  Regis Healthcare Ltd.      1,637,087       2,312
*,1 Paradigm Biopharmaceuticals Ltd.      3,364,415       2,282
  Jupiter Mines Ltd.     13,500,043       2,239
1 Baby Bunting Group Ltd.      1,500,415       2,158
* Fineos Corp. Ltd.      1,808,935       2,083
*,1 Novonix Ltd.      3,126,738       2,071
* Superloop Ltd.      5,046,611       2,060
*,1 EML Payments Ltd.      4,254,377       2,045
1 SG Fleet Group Ltd.      1,501,305       2,011
*,1 Carnarvon Energy Ltd.     22,711,398       1,886
1 Southern Cross Media Group Ltd.      3,265,480       1,813
  Ardent Leisure Group Ltd.      4,896,145       1,776
* Nuix Ltd.      2,469,495       1,764
*,1 Starpharma Holdings Ltd. Class A      5,100,825       1,627
1 Pact Group Holdings Ltd.      2,374,939       1,577
*,1 Jervois Global Ltd.     25,675,613       1,511
  Navigator Global Investments Ltd.      2,107,055       1,490
1 Bravura Solutions Ltd.      4,966,832       1,486
*,1 Incannex Healthcare Ltd.     18,079,992       1,444
*,1 Aurelia Metals Ltd.     15,952,422       1,438
1 Humm Group Ltd.      4,487,001       1,427
*,1 Australian Strategic Materials Ltd.      1,638,866       1,151
*,1 Betmakers Technology Group Ltd.      9,483,079       1,109
*,1 Bubs Australia Ltd.      8,350,570       1,078
*,1 Andromeda Metals Ltd.     38,614,346       1,029
*,1 AMA Group Ltd.      8,114,639         887
*,2 Firefinch Ltd.     14,620,770         580
*,1 Dubber Corp. Ltd.      3,548,759         462
  Sims Ltd. ADR             57           1
          Shares Market
Value•

($000)
*,2 PPK Mining Equipment Hire Pty Ltd.        452,746          —
*,1 PointsBet Holdings Ltd. Warrants Exp. 7/8/24        145,829          —
                             18,857,367
Austria (0.2%)
  Erste Group Bank AG      4,321,723     157,134
  OMV AG      1,869,498      88,470
  Verbund AG        871,529      77,619
  ANDRITZ AG        913,424      59,323
3 BAWAG Group AG      1,127,623      54,999
  voestalpine AG      1,513,306      52,469
  Wienerberger AG      1,444,141      43,504
* Raiffeisen Bank International AG      1,707,983      26,237
  Mayr Melnhof Karton AG        109,517      17,483
1 Oesterreichische Post AG        438,713      16,900
* CA Immobilien Anlagen AG        548,568      15,915
  Vienna Insurance Group AG Wiener Versicherung Gruppe        484,654      14,260
  UNIQA Insurance Group AG      1,558,739      13,986
* Telekom Austria AG Class A      1,617,742      12,630
  EVN AG        481,632      11,608
* Lenzing AG        176,357      11,542
  Schoeller-Bleckmann Oilfield Equipment AG        164,661      10,342
* DO & CO AG         87,664      10,268
  AT&S Austria Technologie & Systemtechnik AG        333,733      10,205
  Strabag SE        174,470       7,608
  Palfinger AG        206,375       6,786
* IMMOFINANZ AG        386,815       6,319
  Porr AG        209,845       3,209
  Agrana Beteiligungs AG        164,285       3,089
* Flughafen Wien AG         41,171       1,823
  S IMMO AG         70,988         998
*,2 S IMMO AG Rights        682,367          —
                                734,726
Belgium (0.7%)
  Anheuser-Busch InBev SA/NV     11,418,177     742,404
* Argenx SE        727,952     280,806
  KBC Group NV      3,631,026     259,576
  UCB SA      1,592,209     148,008
  Groupe Bruxelles Lambert NV      1,305,848     117,202
  Solvay SA        919,525     110,360
  Ageas SA/NV      2,427,423     108,155
  Umicore SA      2,714,674      89,111
  Elia Group SA/NV        497,011      68,150
  Warehouses De Pauw CVA      2,081,839      62,251
  D'ieteren Group        301,758      56,818
  Ackermans & van Haaren NV        296,282      52,115
  Sofina SA        201,496      46,262
  Aedifica SA        533,852      44,594
1 Cofinimmo SA        436,797      41,729
  Lotus Bakeries NV          5,344      36,900
  Euronav NV      1,630,631      27,934
  Barco NV        899,507      26,270
  Melexis NV        267,887      25,536
  KBC Ancora        470,812      22,659
  Bekaert SA        465,781      21,684
  Etablissements Franz Colruyt NV        667,705      18,547
1 Shurgard Self Storage Ltd.        336,031      17,375
  Proximus SADP      1,843,169      15,712
  Montea NV        176,341      15,450
  Fagron        767,160      14,260
  Telenet Group Holding NV        598,346      13,880
  VGP NV        132,342      13,855
  Gimv NV        248,807      12,978
  Xior Student Housing NV        361,820      11,491
* Tessenderlo Group SA        338,284      11,209
* Deme Group NV         84,006      11,116
 
6

 

Total International Stock Index Fund
          Shares Market
Value•

($000)
  Retail Estates NV        143,323      10,619
* Ontex Group NV      1,031,495       8,847
*,1 Kinepolis Group NV        153,333       7,761
  bpost SA      1,331,176       6,549
  Econocom Group SA/NV      1,547,776       5,316
* AGFA-Gevaert NV      1,885,400       5,292
  Van de Velde NV         88,309       3,445
  Wereldhave Belgium Comm VA         23,650       1,281
                              2,593,507
Brazil (1.4%)
  Vale SA     51,372,567     745,694
  Petroleo Brasileiro SA Preference Shares     72,189,400     343,015
  Itau Unibanco Holding SA Preference Shares     64,465,989     335,009
  Petroleo Brasileiro SA     49,555,263     264,974
  Banco Bradesco SA Preference Shares     68,441,370     190,046
  B3 SA - Brasil Bolsa Balcao     80,162,031     187,717
  Ambev SA     57,162,278     162,280
  WEG SA     19,583,134     161,446
  Localiza Rent a Car SA     10,318,289     120,006
  Itausa SA Preference Shares     68,847,816     119,812
  Centrais Eletricas Brasileiras SA     17,043,811     115,669
  Banco do Brasil SA     11,317,298      97,249
  Raia Drogasil SA     14,165,990      74,639
  Suzano SA      9,294,304      74,164
  Banco BTG Pactual SA     15,276,540      71,730
  Gerdau SA Preference Shares     13,579,979      68,556
  Equatorial Energia SA     12,374,465      67,829
  Rumo SA     16,587,533      65,515
  JBS SA     17,838,553      64,018
* Petro Rio SA      8,975,480      62,532
  BB Seguridade Participacoes SA      8,939,760      61,495
  Banco Bradesco SA     20,348,942      50,670
  Cosan SA     15,765,061      47,348
3 Rede D'Or Sao Luiz SA     10,174,505      46,652
  Telefonica Brasil SA      5,073,026      41,823
  Lojas Renner SA     12,878,784      40,900
  Cia Energetica de Minas Gerais Preference Shares     16,423,675      40,666
  CCR SA     14,895,827      40,526
  Hypera SA      5,294,128      39,538
  Vibra Energia SA     14,817,192      39,213
  Klabin SA      9,999,123      38,350
* Eneva SA     16,099,552      36,635
* Cia de Saneamento Basico do Estado de Sao Paulo SABESP      3,757,261      34,749
  Sendas Distribuidora SA     13,575,958      33,451
  Energisa SA      3,861,598      32,362
  Ultrapar Participacoes SA     10,938,035      31,666
  TOTVS SA      5,928,855      30,501
* Embraer SA      7,653,339      29,798
*,3 Hapvida Participacoes e Investimentos SA     52,888,353      29,266
* Natura & Co. Holding SA     12,776,450      28,331
* Magazine Luiza SA     40,239,236      26,946
  TIM SA      9,458,212      26,548
  Banco Santander Brasil SA      4,851,107      26,134
  Cia Paranaense de Energia Preference Shares     15,816,510      25,432
  Centrais Eletricas Brasileiras SA Preference Shares Class B      3,113,928      22,731
  Aliansce Sonae Shopping Centers SA      6,067,846      22,676
  Transmissora Alianca de Energia Eletrica SA      2,938,975      21,489
  Metalurgica Gerdau SA Preference Shares      8,974,818      20,980
* Multiplan Empreendimentos Imobiliarios SA      3,756,538      19,506
  Engie Brasil Energia SA      2,338,833      19,333
  Cia Siderurgica Nacional SA      6,678,233      19,026
  Kinea Indice de Precos FII        998,130      18,334
  Bradespar SA Preference Shares      3,706,013      17,609
  CPFL Energia SA      2,513,000      16,697
          Shares Market
Value•

($000)
  Cielo SA     15,218,757      16,660
  Santos Brasil Participacoes SA      9,384,847      15,918
  EDP - Energias do Brasil SA      3,517,929      15,869
  Atacadao SA      7,044,765      15,183
  Auren Energia SA      4,794,484      15,168
  Tres Tentos Agroindustrial SA      6,587,100      14,329
* 3R Petroleum Oleo E Gas SA      2,248,849      14,279
3 GPS Participacoes e Empreendimentos SA      5,605,500      14,149
  Sao Martinho SA      2,193,217      13,807
* BRF SA     10,665,258      13,557
  Porto Seguro SA      2,506,158      12,627
  Itau Unibanco Holding SA ADR      2,392,806      12,323
* Cia de Saneamento do Parana      3,233,895      12,319
  CSHG Logistica FI Imobiliario        374,893      12,214
  Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A      8,161,495      11,781
  CTEEP-Cia de Transmissao de Energia Eletrica Paulista Preference Shares      2,534,142      11,711
  Caixa Seguridade Participacoes SA      6,119,000      11,605
  Arezzo Industria e Comercio SA        868,527      11,559
  SLC Agricola SA      1,308,525      11,412
* Cyrela Brazil Realty SA Empreendimentos e Participacoes      3,679,854      11,399
  Fleury SA      3,659,003      10,652
  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA      4,193,108      10,273
  Itau Unibanco Holding SA      2,308,554      10,224
* Cogna Educacao SA     24,977,885      10,216
  Petroreconcavo SA      2,567,350      10,130
  Raizen SA Preference Shares     15,457,354       9,886
  Grupo De Moda Soma SA      5,834,757       9,826
  Cia Energetica de Minas Gerais ADR      3,998,236       9,676
  M Dias Branco SA      1,662,992       9,536
  Neoenergia SA      3,051,600       9,452
  Kinea Rendimentos Imobiliarios FII        444,838       8,649
  Cia de Saneamento de Minas Gerais Copasa MG      2,503,903       8,554
* Braskem SA Preference Shares Class A      2,134,883       8,471
  Unipar Carbocloro SA Preference Shares Class B        631,673       8,263
  AES Brasil Energia SA      3,856,510       8,258
* Azul SA Preference Shares      3,688,355       8,031
* Omega Energia SA      4,333,950       8,029
  Kinea Renda Imobiliaria FII        271,297       7,941
  Alupar Investimento SA      1,463,541       7,934
* Embraer SA ADR        500,190       7,728
* Via SA     20,393,251       7,523
  Odontoprev SA      3,733,708       7,486
  Grendene SA      4,567,376       7,481
  FII Iridium        460,658       7,296
  Cia Energetica de Minas Gerais      1,756,607       7,114
  Cia Paranaense de Energia ADR        905,188       7,006
* IRB-Brasil Resseguros SA      1,088,084       6,865
*,1 Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR        698,508       6,461
  CSN Mineracao SA      6,889,000       6,409
* YDUQS Participacoes SA      3,920,420       6,382
*,3 Locaweb Servicos de Internet SA      5,753,605       6,068
  SIMPAR SA      3,914,200       6,019
  XP Log FII        298,712       5,989
  Minerva SA      3,478,943       5,964
* Grupo Mateus SA      5,382,280       5,946
  Banco do Estado do Rio Grande do Sul SA Preference Shares Class B      2,759,374       5,886
  MRV Engenharia e Participacoes SA      4,001,840       5,777
  Petroleo Brasileiro SA ADR        604,901       5,741
  Marcopolo SA Preference Shares      7,732,128       5,565
1 Telefonica Brasil SA ADR        677,866       5,538
 
7

 

Total International Stock Index Fund
          Shares Market
Value•

($000)
  Vivara Participacoes SA      1,291,900       5,520
  Cia de Ferro Ligas da Bahia FERBASA Preference Shares        529,552       5,468
* Dexco SA      4,558,648       5,383
  Pet Center Comercio e Participacoes SA      4,340,622       5,369
* Log-in Logistica Intermodal SA        690,674       5,355
  Marfrig Global Foods SA      4,083,284       5,329
  Banco Pan SA Preference Shares      4,906,900       5,273
1 Sendas Distribuidora SA ADR        401,699       4,929
* Cia Brasileira de Distribuicao      1,637,185       4,924
* Smartfit Escola de Ginastica e Danca SA      1,565,400       4,786
* Alpargatas SA Preference Shares      3,065,150       4,554
  Intelbras SA Industria de Telecomunicacao Eletronica Brasileira        995,560       4,505
  BrasilAgro - Co. Brasileira de Propriedades Agricolas        923,616       4,474
  Wilson Sons Holdings Brasil SA      2,142,800       4,296
  Tupy SA        936,060       4,185
  Randon SA Implementos e Participacoes Preference Shares      2,467,111       4,086
1 Cia Siderurgica Nacional SA ADR      1,430,087       4,076
  Ez Tec Empreendimentos e Participacoes SA      1,372,902       3,999
  Iochpe Maxion SA      1,722,571       3,920
  Boa Vista Servicos SA      2,562,500       3,863
  Mills Estruturas e Servicos de Engenharia SA      2,099,367       3,851
  EcoRodovias Infraestrutura e Logistica SA      3,100,371       3,835
* Oncoclinicas do Brasil Servicos Medicos SA      2,057,806       3,725
  JHSF Participacoes SA      4,411,900       3,432
1 TIM SA ADR        243,230       3,386
  Direcional Engenharia SA      1,075,536       3,385
1 Centrais Eletricas Brasileiras SA ADR        497,289       3,342
  Gerdau SA ADR        664,646       3,317
* Taurus Armas SA Preference Shares        960,200       3,292
* Light SA      5,085,221       3,283
  Movida Participacoes SA      1,815,992       3,135
  Vulcabras Azaleia SA      1,137,400       3,035
1 Centrais Eletricas Brasileiras SA ADR (XNYS)        422,051       3,001
* Hidrovias do Brasil SA      5,518,500       2,832
  CM Hospitalar SA        887,303       2,825
  Ambipar Participacoes e Empreendimentos SA        668,729       2,748
* Zamp SA      3,015,885       2,540
  Hospital Mater Dei SA      1,506,400       2,537
  Instituto Hermes Pardini SA        622,256       2,526
  Mahle Metal Leve SA        421,464       2,429
  Blau Farmaceutica SA        608,300       2,425
* Enauta Participacoes SA      1,032,969       2,392
  Iguatemi SA (BVMF)        570,538       2,329
  Camil Alimentos SA      1,594,226       2,301
  Armac Locacao Logistica E Servicos SA        861,600       2,095
* Anima Holding SA      4,278,055       1,981
* Gol Linhas Aereas Inteligentes SA Preference Shares      1,459,255       1,943
  LOG Commercial Properties e Participacoes SA        590,356       1,940
  Qualicorp Consultoria e Corretora de Seguros SA      2,423,045       1,929
  Grupo SBF SA      1,241,641       1,912
  Cia Brasileira de Aluminio      1,711,789       1,812
* Lojas Quero Quero SA      2,073,000       1,708
* CVC Brasil Operadora e Agencia de Viagens SA      3,062,381       1,670
*,1 Gol Linhas Aereas Inteligentes SA ADR        616,823       1,653
  Fras-Le SA        839,099       1,578
1 Cia Brasileira de Distribuicao ADR        476,044       1,442
* Diagnosticos da America SA        849,313       1,439
*,3 Meliuz SA      8,314,453       1,434
* Braskem SA Class A ADR        179,968       1,415
  Cia Paranaense de Energia        987,240       1,407
  Ambev SA ADR        476,924       1,335
          Shares Market
Value•

($000)
* Infracommerce CXAAS SA      4,681,687       1,126
  Empreendimentos Pague Menos SA      1,877,750       1,107
* Wiz Co.        930,516       1,103
* Guararapes Confeccoes SA      1,217,824       1,033
  FII Hectare Ce         96,513         967
  Multilaser Industrial SA      2,218,400         885
* BRPR Corporate Offices Fundo de Investimento Imobiliario         67,509         795
* 3R Petroleum Oleo E Gas SA Rights Exp. 5/19/23        407,605         628
  Usinas Siderurgicas de Minas Gerais SA Usiminas        190,600         269
  Iguatemi SA Preference Shares        126,666         228
  BR Properties SA         15,709         200
* Localiza Rent a Car SA Rights Exp. 5/11/23         46,168         159
* Meliuz SA Rights Exp. 5/25/23         56,544           7
                              5,250,792
Canada (7.1%)
1 Royal Bank of Canada     18,549,739   1,841,625
  Toronto-Dominion Bank     24,044,761   1,456,511
  Enbridge Inc.     26,740,891   1,063,241
  Canadian Pacific Kansas City Ltd.     12,276,447     967,727
  Canadian National Railway Co.      7,846,400     935,302
  Canadian Natural Resources Ltd.     14,354,947     874,742
1 Bank of Montreal      8,744,503     788,254
  Bank of Nova Scotia     15,754,273     786,405
*,1 Shopify Inc. Class A (XTSE)     14,750,616     714,640
  Brookfield Corp. Class A     17,648,644     572,635
  Suncor Energy Inc.     17,860,173     559,197
1 TC Energy Corp.     13,330,839     554,054
  Alimentation Couche-Tard Inc.     10,078,366     503,007
  Constellation Software Inc.        252,075     493,381
  Canadian Imperial Bank of Commerce     11,664,916     489,034
  Manulife Financial Corp.     24,657,114     486,827
  Nutrien Ltd.      6,879,875     477,278
  Waste Connections Inc.      3,388,625     471,359
1 Franco-Nevada Corp.      2,516,540     381,851
  Sun Life Financial Inc.      7,744,622     379,900
  Agnico Eagle Mines Ltd.      6,491,177     368,241
1 Intact Financial Corp.      2,324,662     351,638
  National Bank of Canada      4,424,384     329,922
  Cenovus Energy Inc.     18,351,126     308,008
1 Wheaton Precious Metals Corp.      5,964,712     294,306
1 Thomson Reuters Corp.      2,151,116     282,867
* CGI Inc.      2,777,975     281,950
  Restaurant Brands International Inc.      3,989,778     279,698
1 Fortis Inc.      6,297,094     276,499
  Teck Resources Ltd. Class B      5,893,382     274,518
  Barrick Gold Corp. (XTSE)     13,177,102     250,539
  Pembina Pipeline Corp.      7,216,423     237,556
1 Dollarama Inc.      3,587,203     222,193
  WSP Global Inc.      1,554,937     205,217
  Fairfax Financial Holdings Ltd.        281,331     196,600
  BCE Inc.      3,992,592     191,901
  Loblaw Cos. Ltd.      2,036,635     191,555
1 Power Corp. of Canada      7,073,624     189,469
  Magna International Inc.      3,514,629     183,248
1 First Quantum Minerals Ltd.      7,337,609     178,288
  Metro Inc. Class A      3,115,154     177,549
  Barrick Gold Corp. (XLON)      9,008,462     172,609
  Tourmaline Oil Corp.      3,779,962     169,824
  Cameco Corp.      5,528,757     152,007
1 Emera Inc.      3,539,488     150,608
  Ritchie Bros Auctioneers Inc.      2,387,060     136,580
  Open Text Corp.      3,535,380     133,890
  TELUS Corp.      6,278,912     133,100
1 Imperial Oil Ltd.      2,397,735     122,218
 
8

 

Total International Stock Index Fund
          Shares Market
Value•

($000)
3 Hydro One Ltd.      4,160,182     121,841
  Brookfield Asset Management Ltd. Class A      3,633,526     121,810
  George Weston Ltd.        905,099     121,530
  TFI International Inc.      1,086,308     117,078
1 ARC Resources Ltd.      8,385,358     104,163
  Great-West Lifeco Inc.      3,586,662     101,973
1 Canadian Tire Corp. Ltd. Class A        721,397      94,569
  iA Financial Corp. Inc.      1,394,165      93,548
  CCL Industries Inc. Class B      1,934,220      90,954
* Descartes Systems Group Inc.      1,116,056      88,438
  Stantec Inc.      1,464,154      88,010
* CAE Inc.      3,888,396      87,506
  Toromont Industries Ltd.      1,069,466      86,419
  Kinross Gold Corp.     16,880,948      85,099
1 Pan American Silver Corp.      4,759,754      84,737