Semiannual Report   |   April 30, 2023
Vanguard FTSE International Index Funds
Vanguard FTSE All-World ex-US Index Fund
Vanguard FTSE All-World ex-US Small-Cap Index Fund

 

Contents
About Your Fund’s Expenses
 1
FTSE All-World ex-US Index Fund
 3
FTSE All-World ex-US Small-Cap Index Fund
 51
Trustees Approve Advisory Arrangements
 98
Liquidity Risk Management
 99

 

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      
FTSE All-World ex-US Index Fund      
ETF Shares $1,000.00 $1,207.30 $0.38
Admiral™ Shares 1,000.00 1,207.00 0.60
Institutional Shares 1,000.00 1,207.10 0.44
Institutional Plus Shares 1,000.00 1,207.30 0.33
FTSE All-World ex-US Small-Cap Index Fund      
ETF Shares $1,000.00 $1,172.70 $0.38
Admiral Shares 1,000.00 1,172.30 0.86
Institutional Shares 1,000.00 1,172.40 0.59
Based on Hypothetical 5% Yearly Return      
FTSE All-World ex-US Index Fund      
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 1,024.50 0.30
FTSE All-World ex-US Small-Cap Index Fund      
ETF Shares $1,000.00 $1,024.45 $0.35
Admiral Shares 1,000.00 1,024.00 0.80
Institutional Shares 1,000.00 1,024.25 0.55
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the FTSE All-World ex-US Index Fund, 0.07% for ETF Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares, and 0.06% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.07% for ETF Shares, 0.16% for Admiral Shares and 0.11% for Institutional 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

 

FTSE All-World ex-US Index Fund
Fund Allocation
As of April 30, 2023
Japan 15.2%
United Kingdom 10.3
China 8.5
France 7.6
Canada 6.3
Switzerland 6.3
Germany 5.5
Australia 5.2
India 4.1
Taiwan 4.0
South Korea 3.2
Netherlands 2.8
Sweden 2.1
Hong Kong 1.9
Denmark 1.9
Italy 1.7
Spain 1.6
Brazil 1.4
Saudi Arabia 1.2
Other 9.2
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

 

FTSE All-World ex-US 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 (99.2%)
Australia (5.1%)
  BHP Group Ltd.    10,156,750    301,427
  Commonwealth Bank of Australia     3,410,427    225,689
  CSL Ltd.       970,906    193,829
  National Australia Bank Ltd.     6,345,684    122,162
  Westpac Banking Corp.     7,031,856    105,261
  ANZ Group Holdings Ltd.     6,038,276     98,051
  Woodside Energy Group Ltd.     3,814,096     86,543
  Macquarie Group Ltd.       700,987     85,515
  Wesfarmers Ltd.     2,286,310     79,091
  Woolworths Group Ltd.     2,451,646     63,245
  Transurban Group     6,192,634     61,761
  Rio Tinto Ltd.       750,691     56,305
  Goodman Group     3,696,655     47,656
  Fortescue Metals Group Ltd.     3,209,339     44,904
  Newcrest Mining Ltd. (XASX)     1,800,687     34,384
  Aristocrat Leisure Ltd.     1,329,836     33,639
  Amcor plc GDR     3,000,040     32,800
  Coles Group Ltd.     2,563,616     30,969
  QBE Insurance Group Ltd.     2,984,927     30,523
  Santos Ltd.     6,075,161     28,779
  Brambles Ltd.     2,791,701     26,445
  South32 Ltd.     9,251,327     26,151
  Telstra Group Ltd.     8,240,083     23,906
  Anglogold Ltd.       843,424     22,542
  Sonic Healthcare Ltd.       921,719     21,728
  Suncorp Group Ltd.     2,549,731     21,229
  Cochlear Ltd.       129,075     21,164
  Northern Star Resources Ltd.     2,262,306     20,179
  Scentre Group    10,480,721     20,114
  James Hardie Industries plc GDR       891,552     19,895
  Origin Energy Ltd.     3,471,853     19,250
  ASX Ltd.       391,276     17,807
  Mineral Resources Ltd.       335,641     16,557
  Insurance Australia Group Ltd.     4,976,735     16,488
  APA Group     2,370,873     16,187
  Computershare Ltd. (XASX)     1,082,802     16,118
  Pilbara Minerals Ltd.     5,598,536     15,935
* Xero Ltd.       254,361     15,879
  Ramsay Health Care Ltd.       354,229     15,232
  Lottery Corp. Ltd.     4,482,177     15,029
  WiseTech Global Ltd.       318,895     14,607
  Stockland     4,816,837     14,279
  Treasury Wine Estates Ltd.     1,456,260     13,489
    Shares Market
Value•

($000)
  Medibank Pvt Ltd.     5,578,895     13,203
  Mirvac Group     7,976,960     12,806
  Atlas Arteria Ltd.     2,941,004     12,787
  BlueScope Steel Ltd.       938,219     12,471
  Endeavour Group Ltd.     2,752,227     12,405
  IGO Ltd.     1,250,960     11,520
  SEEK Ltd.       705,412     11,510
  carsales.com Ltd.       721,102     11,435
  GPT Group     3,881,169     11,413
  Dexus     2,174,323     11,270
  Washington H Soul Pattinson & Co. Ltd.       537,045     11,242
  Vicinity Ltd.     7,626,386     10,661
  Orica Ltd.       906,741      9,787
* Allkem Ltd.     1,173,854      9,640
  Ampol Ltd.       481,334      9,604
  REA Group Ltd.       101,085      9,507
  ALS Ltd.       984,192      8,590
  Incitec Pivot Ltd.     3,920,752      8,354
  Evolution Mining Ltd.     3,466,613      8,174
  Aurizon Holdings Ltd.     3,576,272      8,131
  Steadfast Group Ltd.     2,024,904      7,983
* Lynas Rare Earths Ltd.     1,810,930      7,778
  Worley Ltd.       757,973      7,616
  Cleanaway Waste Management Ltd.     4,466,470      7,193
* Qantas Airways Ltd.     1,627,855      7,179
  Whitehaven Coal Ltd.     1,496,082      7,179
  Charter Hall Group       955,318      7,107
* NEXTDC Ltd.       916,412      7,032
  IDP Education Ltd.       369,870      6,949
  Lendlease Corp. Ltd.     1,391,752      6,912
  Qube Holdings Ltd.     3,363,199      6,880
  AGL Energy Ltd.     1,212,652      6,676
  Bendigo & Adelaide Bank Ltd.     1,148,082      6,610
  JB Hi-Fi Ltd.       220,248      6,518
  Iluka Resources Ltd.       843,543      6,198
  Altium Ltd.       237,962      6,066
  Challenger Ltd.     1,353,651      5,447
  Reece Ltd.       434,461      5,292
  Alumina Ltd.     5,110,413      5,187
1 Bank of Queensland Ltd.     1,317,703      5,088
  Metcash Ltd.     1,950,812      5,056
  AMP Ltd.     6,149,036      4,649
  Ansell Ltd.       257,568      4,583
  Seven Group Holdings Ltd.       287,995      4,549
  Domino's Pizza Enterprises Ltd.       124,985      4,207
* Flight Centre Travel Group Ltd.       303,985      3,992
  Orora Ltd.     1,736,551      3,969
  Region RE Ltd.     2,278,085      3,728
  Perpetual Ltd.       227,735      3,722
  Beach Energy Ltd.     3,615,160      3,558
  Pro Medicus Ltd.        84,316      3,461
  Sims Ltd.       330,297      3,461
    Shares Market
Value•

($000)
  CSR Ltd.       973,780      3,409
  Downer EDI Ltd.     1,367,238      3,235
  Tabcorp Holdings Ltd.     4,528,357      3,159
  Nufarm Ltd.       773,641      2,877
1 Harvey Norman Holdings Ltd.     1,182,893      2,841
  TPG Telecom Ltd.       736,846      2,630
  Deterra Royalties Ltd.       844,260      2,589
  Insignia Financial Ltd.     1,289,573      2,560
* Star Entertainment Group Ltd.     2,754,987      2,335
* Boral Ltd.       657,906      1,806
  New Hope Corp. Ltd.       469,453      1,659
1 Magellan Financial Group Ltd.       275,389      1,492
  Platinum Asset Management Ltd.     1,024,622      1,197
1 Yancoal Australia Ltd.       321,867      1,190
  Domain Holdings Australia Ltd.       494,305      1,102
  Adbri Ltd.       914,595        966
                     2,624,125
Austria (0.1%)
  Erste Group Bank AG       661,107     24,037
  OMV AG       286,438     13,555
  Verbund AG       133,348     11,876
  ANDRITZ AG       140,034      9,095
  voestalpine AG       231,387      8,023
* Raiffeisen Bank International AG       260,252      3,998
* Telekom Austria AG Class A       262,957      2,053
                        72,637
Belgium (0.7%)
  Anheuser-Busch InBev SA     1,744,621    113,434
* Argenx SE       111,089     42,853
  KBC Group NV       555,211     39,691
  UCB SA       243,824     22,665
  Groupe Bruxelles Lambert NV       200,642     18,008
  Solvay SA       141,321     16,961
  Ageas SA       371,337     16,545
  Umicore SA       417,748     13,713
  Elia Group SA        76,007     10,422
  Warehouses De Pauw CVA       308,730      9,232
  D'ieteren Group        46,791      8,810
  Ackermans & van Haaren NV        45,466      7,997
  Sofina SA        30,996      7,117
  Lotus Bakeries NV Class B           796      5,496
  Proximus SADP       277,536      2,366
                       335,310
Brazil (1.4%)
  Vale SA     5,909,995     85,786
  Itau Unibanco Holding SA ADR     5,760,559     29,667
4

 

FTSE All-World ex-US Index Fund
    Shares Market
Value•

($000)
  Petroleo Brasileiro SA ADR     3,036,130     28,813
  B3 SA - Brasil Bolsa Balcao    12,253,015     28,693
  Petroleo Brasileiro SA Preference Shares     5,957,512     28,308
  Vale SA Class B ADR     1,939,671     27,951
  Petroleo Brasileiro SA     4,686,871     25,061
  Weg SA     2,989,788     24,648
  Itau Unibanco Holding SA Preference Shares     3,905,882     20,298
  Localiza Rent a Car SA (BVMF)     1,595,187     18,553
  Itausa SA Preference Shares    10,588,211     18,426
1 Banco Bradesco SA ADR     6,502,278     18,206
  Centrais Eletricas Brasileiras SA     2,648,525     17,974
  Banco Do Brasil SA     1,731,085     14,875
  Ambev SA     5,233,837     14,858
  Banco Bradesco SA Preference Shares     4,537,274     12,599
  Raia Drogasil SA     2,166,200     11,413
  Suzano SA     1,416,288     11,301
  Banco BTG Pactual SA.     2,341,852     10,996
  Petroleo Brasileiro SA ADR (XNYS)     1,030,857     10,948
  Equatorial Energia SA     1,898,219     10,405
  Rumo SA     2,558,105     10,104
  JBS SA     2,722,970      9,772
  Ambev SA ADR     3,467,074      9,708
* Petro Rio SA     1,363,500      9,499
  BB Seguridade Participacoes SA     1,367,460      9,406
  Cosan SA     2,428,108      7,292
2 Rede D'Or Sao Luiz SA     1,574,760      7,221
* Cia de Saneamento Basico do Estado de Sao Paulo       690,085      6,382
  Lojas Renner SA     1,953,526      6,204
  CCR SA     2,267,951      6,170
  Hypera SA       815,694      6,092
  Vibra Energia SA     2,277,753      6,028
  Banco Bradesco SA     2,415,802      6,015
  Gerdau SA Preference Shares     1,175,979      5,937
  Klabin SA     1,520,480      5,832
* Embraer SA     1,489,952      5,801
* Eneva SA     2,485,888      5,657
  Telefonica Brasil SA       660,155      5,442
  Ultrapar Participacoes SA     1,711,392      4,955
  Gerdau SA ADR       970,048      4,841
  Energisa SA       565,324      4,738
  Totvs SA       901,491      4,638
  Sendas Distribuidora SA     1,870,610      4,609
*,2 Hapvida Participacoes e Investimentos SA     7,985,547      4,419
  Cia Energetica de Minas Gerais Preference Shares     1,778,313      4,403
* Natura & Co. Holding SA     1,943,423      4,309
  TIM SA     1,501,430      4,214
  Centrais Eletricas Brasileiras SA Preference Shares       567,966      4,146
    Shares Market
Value•

($000)
* Magazine Luiza SA     6,105,715      4,089
  Banco Santander Brasil SA       752,953      4,056
  Itau Unibanco Holding SA       823,223      3,646
  Transmissora Alianca de Energia Eletrica SA       447,356      3,271
  Metalurgica Gerdau SA Preference Shares     1,359,000      3,177
  Multiplan Empreendimentos Imobiliarios SA       580,917      3,016
  Engie Brasil Energia SA       359,110      2,968
  Cia Energetica de Minas Gerais       654,439      2,650
  CPFL Energia SA       390,200      2,593
  Cielo SA     2,361,176      2,585
  Bradespar SA Preference Shares       530,490      2,521
  EDP - Energias do Brasil SA       529,557      2,389
  Auren Energia SA       752,884      2,382
  Atacadao SA     1,100,912      2,373
  Cia Paranaense de Energia Preference Shares     1,457,400      2,343
2 GPS Participacoes e Empreendimentos SA       856,700      2,162
  Cia Paranaense de Energia ADR       273,148      2,114
  Sao Martinho SA       333,000      2,096
* BRF SA     1,640,394      2,085
  Cia Energetica de Minas Gerais ADR       817,644      1,979
  Cia Siderurgica Nacional SA       691,751      1,971
  Porto Seguro SA       386,924      1,949
  Telefonica Brasil SA ADR       232,429      1,899
  Caixa Seguridade Participacoes SA       944,600      1,792
  SLC Agricola SA       204,700      1,785
  CTEEP-Cia de Transmissao de Energia Eletrica Paulista. Preference Shares       384,096      1,775
1 Cia Siderurgica Nacional SA ADR       562,004      1,602
  GRUPO DE MODA SOMA SA       918,700      1,547
  Petroreconcavo SA       379,600      1,498
  M Dias Branco SA       260,186      1,492
  Neoenergia SA       473,200      1,466
  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA       561,572      1,376
  Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A       947,100      1,367
1 Sendas Distribuidora SA ADR       107,761      1,322
  Unipar Carbocloro SA Preference Shares        99,089      1,296
* Braskem SA Preference Shares       256,500      1,018
  CSN Mineracao SA     1,092,500      1,016
* Grupo Mateus SA       809,900        895
    Shares Market
Value•

($000)
  Marfrig Global Foods SA       640,700        836
  Dexco SA       673,002        795
* Smartfit Escola de Ginastica e Danca SA       252,600        772
  Cia Paranaense de Energia       527,080        751
* Alpargatas SA Preference Shares       460,200        684
*,1 Braskem SA ADR        68,298        537
  Intelbras SA Industria de Telecomunicacao Eletronica Brasileira       112,800        510
  Usinas Siderurgicas de Minas Gerais SA Usiminas       350,700        496
1 TIM SA ADR        31,251        435
  Diagnosticos da America SA       168,790        286
  Bradespar SA        33,240        152
* Localiza Rent a Car SA Rights Exp. 5/11/23         7,137         25
                       731,453
Canada (6.3%)
1 Royal Bank of Canada     2,832,199    281,182
  Toronto-Dominion Bank     3,672,195    222,443
  Enbridge Inc.     4,053,612    161,175
  Canadian Pacific Kansas City Ltd.     1,874,642    147,774
  Canadian National Railway Co.     1,198,574    142,872
  Canadian Natural Resources Ltd.     2,191,736    133,557
1 Bank of Montreal     1,336,129    120,442
  Bank of Nova Scotia     2,406,027    120,102
* Shopify Inc. Class A     2,269,595    109,958
  Brookfield Corp. Class A     2,695,719     87,466
  Suncor Energy Inc.     2,724,700     85,310
  TC Energy Corp.     2,036,360     84,635
  Alimentation Couche-Tard Inc.     1,540,423     76,882
  Constellation Software Inc.        38,537     75,428
  Canadian Imperial Bank of Commerce     1,781,774     74,698
  Manulife Financial Corp.     3,765,816     74,352
  Nutrien Ltd.     1,050,969     72,909
  Waste Connections Inc.       517,738     72,018
  Franco-Nevada Corp.       384,787     58,386
  Sun Life Financial Inc.     1,183,394     58,050
  Agnico Eagle Mines Ltd.       991,970     56,274
  Intact Financial Corp.       354,950     53,691
  National Bank of Canada       677,736     50,538
  Barrick Gold Corp.     2,515,626     47,830
  Cenovus Energy Inc.     2,799,302     46,984
  Wheaton Precious Metals Corp.       912,018     45,000
  Thomson Reuters Corp.       328,630     43,214
* CGI Inc.       425,701     43,206
  Restaurant Brands International Inc.       608,475     42,656
5

 

FTSE All-World ex-US Index Fund
    Shares Market
Value•

($000)
1 Fortis Inc. (XTSE)       962,482     42,262
* Teck Resources Ltd. Class B       899,607     41,904
  Pembina Pipeline Corp.     1,107,511     36,458
  Dollarama Inc.       548,869     33,997
  Fairfax Financial Holdings Ltd.        42,548     29,734
  BCE Inc.       614,145     29,518
  Loblaw Cos. Ltd.       310,028     29,160
  Power Corp. of Canada     1,082,784     29,003
  Magna International Inc.       537,052     28,001
  Metro Inc.       475,212     27,085
  Tourmaline Oil Corp.       576,818     25,915
  TELUS Corp.       958,980     20,328
  Barrick Gold Corp. (XLON)     1,025,962     19,658
2 Hydro One Ltd.       637,860     18,681
  George Weston Ltd.       138,482     18,594
  Brookfield Asset Management Ltd. Class A       545,698     18,294
  Imperial Oil Ltd.       357,573     18,226
  Great-West Lifeco Inc.       546,499     15,538
1 Canadian Tire Corp. Ltd. Class A       107,170     14,049
  Saputo Inc.       485,766     12,578
1 Canadian Utilities Ltd. Class A       249,008      7,199
1 IGM Financial Inc.       161,405      4,953
  Enbridge Inc. (XTSE)        30,400      1,209
* Shopify Inc. Class A (XTSE)        23,840      1,155
                     3,212,531
Chile (0.2%)
  Sociedad Quimica y Minera de Chile SA Class B       151,337     10,245
  Banco De Chile    89,381,353      9,517
1 Sociedad Quimica y Minera de Chile SA ADR       120,415      8,126
  Empresas COPEC SA       973,482      6,774
* Cencosud SA     2,696,851      5,496
  Enel Americas SA    38,558,799      5,254
1 Banco Santander Chile ADR       231,726      4,438
  Empresas CMPC SA     2,443,501      3,829
  Cia Sud Americana de Vapores SA    34,843,784      3,561
  Falabella SA     1,612,968      3,459
  Banco de Credito e Inversiones SA       110,948      3,347
  Quinenco SA       537,243      2,206
  Cia Cervecerias Unidas SA       268,292      2,190
  Colbun SA    14,394,990      2,015
  Enel Chile SA    34,176,284      1,947
  Embotelladora Andina SA Preference Shares       736,510      1,845
  Cencosud Shopping SA       967,439      1,541
  Banco Santander Chile SA    29,997,292      1,434
  Banco Itau Chile SA   629,077,878      1,418
  CAP SA       145,603      1,019
  Enel Chile SA ADR       354,630        996
    Shares Market
Value•

($000)
  Plaza SA       661,427        851
                        81,508
China (8.4%)
  Tencent Holdings Ltd.    12,115,704    538,133
* Alibaba Group Holding Ltd.    29,657,540    313,588
*,2 Meituan Class B     9,502,578    162,403
  China Construction Bank Corp. Class H   182,126,517    121,756
  Ping An Insurance Group Co. of China Ltd. Class H    12,313,362     89,832
  Industrial & Commercial Bank of China Ltd. Class H   162,432,655     87,389
  JD.com Inc. Class A     4,775,963     85,241
* Baidu Inc. Class A     4,528,762     68,167
  NetEase Inc.     3,703,582     65,933
* PDD Holdings Inc.       881,931     60,104
  Bank of China Ltd. Class H   148,298,284     59,224
  BYD Co. Ltd. Class H     1,841,155     55,835
  Yum China Holdings Inc.       852,543     52,174
  Kweichow Moutai Co. Ltd. Class A       177,212     45,111
*,2 Wuxi Biologics Cayman Inc.     7,153,612     42,656
*,2 Xiaomi Corp. Class B    29,626,168     42,052
  China Merchants Bank Co. Ltd. Class H     7,871,841     37,998
* Trip.com Group Ltd. ADR     1,069,183     37,967
  China Petroleum and Chemical Corp. (Sinopec) Class H    51,196,731     33,555
  Li Ning Co. Ltd.     4,579,802     32,753
  ANTA Sports Products Ltd.     2,525,473     31,382
  PetroChina Co. Ltd. Class H    42,294,969     29,380
  China Life Insurance Co. Ltd. Class H    15,015,183     28,846
*,2 Kuaishou Technology     3,954,600     26,180
  China Resources Land Ltd.     5,547,316     25,832
* China Mengniu Dairy Co. Ltd.     6,206,504     25,053
  China Resources Beer Holdings Co. Ltd.     3,167,630     24,469
  China Shenhua Energy Co. Ltd. Class H     7,319,860     24,313
* BeiGene Ltd.     1,238,000     24,294
* Li Auto Inc. ADR     1,028,646     24,173
  ZTO Express Cayman Inc.       874,491     24,077
  Agricultural Bank of China Ltd. Class H    60,147,835     23,255
  ENN Energy Holdings Ltd.     1,531,818     21,004
  Contemporary Amperex Technology Co. Ltd. Class A       622,074     20,816
* KE Holdings Inc. ADR     1,293,779     20,299
* H World Group Ltd. ADR       426,179     19,988
  China Overseas Land & Investment Ltd.     7,714,629     19,565
    Shares Market
Value•

($000)
2 Nongfu Spring Co. Ltd. Class H     3,518,200     19,089
*,1 NIO Inc. ADR     2,415,381     19,009
  Zijin Mining Group Co. Ltd. Class H    10,928,882     18,503
  CSPC Pharmaceutical Group Ltd.    16,826,869     17,135
  China Pacific Insurance Group Co. Ltd. Class H     5,609,625     16,756
  PICC Property & Casualty Co. Ltd. Class H    13,582,470     16,427
*,2 JD Health International Inc.     2,091,523     15,093
  Haier Smart Home Co. Ltd. Class H     4,551,101     14,835
  Shenzhou International Group Holdings Ltd.     1,521,349     14,613
  Ping An Insurance Group Co. of China Ltd. Class A     1,871,038     14,030
  Sunny Optical Technology Group Co. Ltd.     1,311,818     13,862
  Geely Automobile Holdings Ltd.    10,900,097     13,532
  Wuliangye Yibin Co. Ltd. Class A       551,908     13,484
*,2 Innovent Biologics Inc.     2,794,347     13,435
  Yanzhou Coal Mining Co. Ltd. Class H     3,836,861     13,163
  China Merchants Bank Co. Ltd. Class A     2,685,669     13,071
  Tsingtao Brewery Co. Ltd. Class H     1,219,057     13,051
2 Postal Savings Bank of China Co. Ltd. Class H    19,501,351     12,715
  BYD Co. Ltd. Class A       338,817     12,555
  Citic Pacific Ltd.     9,861,697     12,379
* New Oriental Education & Technology Group Inc.     2,722,150     12,363
* Vipshop Holdings Ltd. ADR       770,613     12,099
2 China Tower Corp. Ltd. Class H    94,087,053     12,008
  China CITIC Bank Corp. Ltd. Class H    20,361,749     11,015
  Sino Biopharmaceutical Ltd.    19,648,718     10,907
  Bank of Communications Ltd. Class H    16,773,099     10,834
* GCL-Poly Energy Holdings Ltd.    41,905,000     10,522
2 Longfor Group Holdings Ltd.     3,835,835     10,497
*,1,2 SenseTime Group Inc. Class B    31,049,000     10,368
  China Yangtze Power Co. Ltd. Class A     3,270,079     10,338
  CITIC Securities Co. Ltd. Class H     4,853,765     10,220
*,1 XPeng Inc. Class A     2,111,916     10,084
* Bilibili Inc. Class Z       476,343      9,690
  Xinyi Solar Holdings Ltd.     8,624,220      9,272
6

 

FTSE All-World ex-US Index Fund
    Shares Market
Value•

($000)
* Tencent Music Entertainment Group ADR     1,245,067      9,226
  Sinopharm Group Co. Ltd. Class H     2,556,506      9,056
  Anhui Conch Cement Co. Ltd. Class H     2,638,937      8,332
  China Resources Power Holdings Co. Ltd.     3,797,843      8,269
* Full Truck Alliance Co. Ltd. ADR     1,270,905      8,134
  Shandong Weigao Group Medical Polymer Co. Ltd. Class H     4,697,146      8,015
* Kingdee International Software Group Co. Ltd.     5,156,303      7,929
* COSCO SHIPPING Holdings Co. Ltd. Class H     6,703,490      7,786
  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A       171,965      7,756
  China Vanke Co. Ltd. Class H     4,912,539      7,680
  Kingsoft Corp. Ltd.     1,742,323      7,659
  China Gas Holdings Ltd.     5,890,592      7,578
  Industrial Bank Co. Ltd. Class A     2,994,400      7,459
*,2 Haidilao International Holding Ltd.     3,034,237      7,418
  Agricultural Bank of China Ltd. Class A    14,846,800      7,333
  WuXi AppTec Co. Ltd. Class A       732,221      7,161
  China Longyuan Power Group Corp. Ltd. Class H     6,765,086      7,100
  China Railway Group Ltd. Class H     9,119,299      7,011
* Alibaba Health Information Technology Ltd.     9,602,719      6,922
  China National Building Material Co. Ltd. Class H     9,213,670      6,913
  Kunlun Energy Co. Ltd.     7,433,356      6,891
  Luzhou Laojiao Co. Ltd. Class A       209,500      6,846
1 Country Garden Holdings Co. Ltd.    26,067,793      6,715
  People's Insurance Co. Group of China Ltd. Class H    17,032,882      6,699
  Tingyi Cayman Islands Holding Corp.     3,822,367      6,680
  Country Garden Services Holdings Co. Ltd.     4,163,727      6,544
*,1 Zai Lab Ltd.     1,866,310      6,534
  China Tourism Group Duty Free Corp. Ltd. Class A       279,962      6,532
  Zijin Mining Group Co. Ltd. Class A     3,483,774      6,480
  Jiangsu Hengrui Medicine Co. Ltd. Class A       916,318      6,446
    Shares Market
Value•

($000)
2 China International Capital Corp. Ltd. Class H     3,066,827      6,444
  Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A       175,760      6,315
2 CGN Power Co. Ltd. Class H    23,584,536      6,228
  Hengan International Group Co. Ltd.     1,391,793      6,216
2 China Resources Mixc Lifestyle Services Ltd.     1,167,600      6,190
1 Great Wall Motor Co. Ltd. Class H     5,069,692      6,152
  New China Life Insurance Co. Ltd. Class H     2,103,189      6,023
* Wanhua Chemical Group Co. Ltd. Class A       449,900      5,998
  Weichai Power Co. Ltd. Class H     4,032,334      5,960
* Foshan Haitian Flavouring & Food Co. Ltd. Class A       580,921      5,933
  Industrial & Commercial Bank of China Ltd. Class A     8,621,508      5,879
* Huaneng Power International Inc. Class H     9,340,226      5,821
  SF Holding Co. Ltd. Class A       709,495      5,788
  China State Construction Engineering Corp. Ltd. Class A     6,014,629      5,713
  Zhongsheng Group Holdings Ltd.     1,333,104      5,694
  China Resources Gas Group Ltd.     1,800,989      5,685
  Guangdong Investment Ltd.     5,850,664      5,593
  LONGi Green Energy Technology Co. Ltd. Class A     1,086,060      5,486
*,2 Akeso Inc.       996,000      5,470
2 China Feihe Ltd.     8,059,745      5,443
  CRRC Corp. Ltd. Class H     8,410,000      5,442
2 Fuyao Glass Industry Group Co. Ltd. Class H     1,336,365      5,437
* iQIYI Inc. ADR       874,666      5,335
  East Money Information Co. Ltd. Class A     2,278,414      5,310
  Muyuan Foods Co. Ltd. Class A       767,637      5,308
  China Construction Bank Corp. Class A     5,771,800      5,260
*,2 JD Logistics Inc.     3,357,917      5,247
  Bank of China Ltd. Class A     9,872,403      5,234
* TAL Education Group ADR       885,190      5,187
* Daqo New Energy Corp. ADR       112,967      5,187
  China Minsheng Banking Corp. Ltd. Class H    14,100,169      5,180
* Genscript Biotech Corp.     1,957,596      5,175
    Shares Market
Value•

($000)
  ZTE Corp. Class H     1,602,712      5,162
*,1,2 Hygeia Healthcare Holdings Co. Ltd.       695,867      5,128
  Aluminum Corp. of China Ltd. Class H     8,509,642      5,055
* Tongcheng-Elong Holdings Ltd.     2,358,518      5,017
* Kanzhun Ltd.       271,253      5,015
  Ping An Bank Co. Ltd. Class A     2,742,700      4,980
  China Molybdenum Co. Ltd. Class H     7,992,984      4,900
  Yangzijiang Shipbuilding Holdings Ltd.     5,189,196      4,839
  Haitong Securities Co. Ltd. Class H     7,256,010      4,819
  China Conch Venture Holdings Ltd.     3,012,415      4,806
  BYD Electronic International Co. Ltd.     1,582,591      4,800
*,2 ZhongAn Online P&C Insurance Co. Ltd. Class H     1,536,996      4,785
2 Huatai Securities Co. Ltd. Class H     3,651,785      4,717
2 Yadea Group Holdings Ltd.     2,010,000      4,699
  Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A       217,000      4,692
  Shanghai Pudong Development Bank Co. Ltd. Class A     4,259,862      4,678
  CITIC Securities Co. Ltd. Class A     1,520,594      4,628
  Anhui Gujing Distillery Co. Ltd. Class B       259,439      4,601
  Kingboard Holdings Ltd.     1,472,813      4,511
  China State Construction International Holdings Ltd.     3,625,767      4,508
  C&D International Investment Group Ltd.     1,457,759      4,489
  China Merchants Port Holdings Co. Ltd.     3,008,229      4,464
  China Hongqiao Group Ltd.     4,514,067      4,446
  Zhuzhou CRRC Times Electric Co. Ltd.     1,097,825      4,431
  Beijing Enterprises Holdings Ltd.     1,041,088      4,321
  Shandong Gold Mining Co. Ltd. Class A     1,160,763      4,314
  Aier Eye Hospital Group Co. Ltd. Class A     1,011,795      4,307
1,2 Smoore International Holdings Ltd.     3,632,350      4,246
  Beijing Kingsoft Office Software Inc. Class A        65,964      4,203
  Shanghai Baosight Software Co. Ltd. Class B     1,223,858      4,191
  Minth Group Ltd.     1,443,714      4,180
* Microport Scientific Corp.     1,854,774      4,116
7

 

FTSE All-World ex-US Index Fund
    Shares Market
Value•

($000)
  China Galaxy Securities Co. Ltd. Class H     7,574,617      4,114
  China Medical System Holdings Ltd.     2,469,850      4,100
  Foxconn Industrial Internet Co. Ltd. Class A     1,759,700      4,099
  China Coal Energy Co. Ltd. Class H     4,763,041      4,092
  Qifu Technology Inc.       230,764      4,071
  China Oilfield Services Ltd. Class H     3,450,706      4,059
  Ganfeng Lithium Co. Ltd. Class A       425,600      4,005
  Jiangxi Copper Co. Ltd. Class H     2,195,392      3,905
  Shaanxi Coal Industry Co. Ltd. Class A     1,378,000      3,900
  China Petroleum & Chemical Corp. Class A     4,007,000      3,889
  Guangzhou Automobile Group Co. Ltd. Class H     6,230,058      3,888
* Air China Ltd. Class H     4,374,019      3,872
  Luxshare Precision Industry Co. Ltd. Class A     1,023,139      3,870
  Inner Mongolia Yili Industrial Group Co. Ltd. Class A       904,200      3,861
  China Power International Development Ltd.    10,121,326      3,842
  PetroChina Co. Ltd. Class A     3,352,095      3,830
*,2 China Literature Ltd.       825,229      3,813
2 Guotai Junan Securities Co. Ltd. Class H     2,912,331      3,753
  Tongwei Co. Ltd. Class A       648,500      3,739
  TravelSky Technology Ltd. Class H     1,862,759      3,718
1 Yuexiu Property Co. Ltd.     2,552,965      3,693
  Bank of Ningbo Co. Ltd. Class A       930,970      3,686
  GF Securities Co. Ltd. Class H     2,560,797      3,677
* Gds Holdings Ltd. Class A     1,887,527      3,655
* RLX Technology Inc. ADR     1,476,178      3,631
2 Hansoh Pharmaceutical Group Co. Ltd.     1,982,608      3,617
  NARI Technology Co. Ltd. Class A       955,156      3,610
  NAURA Technology Group Co. Ltd. Class A        74,500      3,609
  Haier Smart Home Co. Ltd. Class A     1,016,696      3,488
  Bosideng International Holdings Ltd.     7,044,931      3,474
  Poly Developments and Holdings Group Co. Ltd. Class A     1,727,695      3,474
    Shares Market
Value•

($000)
  Sungrow Power Supply Co. Ltd. Class A       211,762      3,459
1,2 Pop Mart International Group Ltd.     1,420,600      3,446
  China Insurance International Holdings Co. Ltd.     2,992,872      3,438
*,2 Hua Hong Semiconductor Ltd.       836,633      3,438
  Autohome Inc. ADR       115,446      3,423
* Zhaojin Mining Industry Co. Ltd. Class H     2,140,137      3,407
  Shenzhen Inovance Technology Co. Ltd. Class A       381,200      3,406
  Shanghai Pharmaceuticals Holding Co. Ltd. Class H     1,663,619      3,382
  Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H     1,182,566      3,380
2 China Resources Pharmaceutical Group Ltd.     3,402,732      3,380
  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A        85,597      3,366
  CRRC Corp. Ltd. Class A     3,301,600      3,337
  MINISO Group Holding Ltd. ADR       178,309      3,288
  China Railway Group Ltd. Class A     2,432,818      3,268
2 Topsports International Holdings Ltd.     3,646,209      3,250
* China Southern Airlines Co. Ltd. Class H     4,637,237      3,248
  Bank of Communications Co. Ltd. Class A     3,983,600      3,205
  China Pacific Insurance Group Co. Ltd. Class A       701,800      3,168
  Inner Mongolia Yitai Coal Co. Ltd. Class B     2,121,714      3,147
2 3SBio Inc.     3,086,769      3,093
  China Everbright International Ltd.     7,208,484      3,060
  Haitian International Holdings Ltd.     1,174,947      3,053
  Fosun International Ltd.     4,347,788      3,049
  China United Network Communications Ltd. Class A     3,875,200      3,046
  Iflytek Co. Ltd. Class A       334,800      2,934
2 Jiumaojiu International Holdings Ltd.     1,290,000      2,899
  Sany Heavy Industry Co. Ltd. Class A     1,206,800      2,879
  China Energy Engineering Corp. Ltd. (XSSC)     7,341,699      2,876
    Shares Market
Value•

($000)
2 Ganfeng Lithium Co. Ltd. Class H       434,390      2,866
  JOYY Inc. ADR        92,967      2,829
*,1,2 China Tourism Group Duty Free Corp. Ltd. Class H       131,800      2,819
  Tianjin Zhonghuan Semiconductor Co. Ltd. Class A       461,900      2,777
* Beijing Capital International Airport Co. Ltd. Class H     3,555,292      2,770
  SAIC Motor Corp. Ltd. Class A     1,353,415      2,765
  China Shenhua Energy Co. Ltd. Class A       656,956      2,763
  JA Solar Technology Co. Ltd. Class A       469,089      2,737
  China Everbright Bank Co. Ltd. Class H     8,497,063      2,721
  ZTE Corp. Class A       525,479      2,706
  Xtep International Holdings Ltd.     2,316,500      2,702
2 CSC Financial Co. Ltd. Class H     2,651,748      2,699
* Shanghai International Airport Co. Ltd. Class A       347,598      2,699
  Dongfeng Motor Group Co. Ltd. Class H     5,622,643      2,690
  Chongqing Zhifei Biological Products Co. Ltd. Class A       228,300      2,687
  COSCO SHIPPING Holdings Co. Ltd. Class A     1,668,680      2,684
  China Three Gorges Renewables Group Co. Ltd. Class A     3,413,500      2,675
  China Traditional Chinese Medicine Holdings Co. Ltd.     4,849,306      2,651
  AviChina Industry & Technology Co. Ltd. Class H     4,898,567      2,648
2 WuXi AppTec Co. Ltd. Class H       299,198      2,631
  Eve Energy Co. Ltd. Class A       277,364      2,631
  Power Construction Corp. of China Ltd. Class A     2,344,400      2,608
  China Communications Services Corp. Ltd. Class H     4,673,205      2,561
* Weibo Corp. ADR       145,392      2,546
  China Jinmao Holdings Group Ltd.    13,517,706      2,525
  Jiangsu Expressway Co. Ltd. Class H     2,491,275      2,524
* Yihai International Holding Ltd.       942,418      2,501
  Far East Horizon Ltd.     2,779,301      2,500
  Shenzhen International Holdings Ltd.     2,766,160      2,490
8

 

FTSE All-World ex-US Index Fund
    Shares Market
Value•

($000)
*,1 COSCO SHIPPING Energy Transportation Co. Ltd. Class H     2,417,306      2,485
1 Flat Glass Group Co. Ltd. Class H       880,649      2,476
  Baoshan Iron & Steel Co. Ltd. Class A     2,646,300      2,464
  China CSSC Holdings Ltd. Class A       646,800      2,426
  China Everbright Bank Co. Ltd. Class A     5,241,026      2,424
  China National Nuclear Power Co. Ltd. Class A     2,418,100      2,413
  Zhejiang Expressway Co. Ltd. Class H     2,895,007      2,402
* Tianqi Lithium Corp. Class A (XSEC)       231,384      2,389
  Lufax Holding Ltd. ADR     1,402,792      2,385
  AECC Aviation Power Co. Ltd. Class A       373,300      2,364
  China Vanke Co. Ltd. Class A     1,070,200      2,340
  360 Security Technology Inc. Class A     1,000,799      2,313
* Advanced Micro-Fabrication Equipment Inc. Class A        87,685      2,305
* Qinghai Salt Lake Industry Co. Ltd.       777,295      2,296
  Trina Solar Co. Ltd. Class A       316,234      2,251
  Daqin Railway Co. Ltd. Class A     2,011,300      2,237
  Uni-President China Holdings Ltd.     2,234,604      2,231
  Kingboard Laminates Holdings Ltd.     2,153,118      2,219
  Shenwan Hongyuan Group Co. Ltd. Class A     3,395,431      2,218
  Nine Dragons Paper Holdings Ltd.     3,151,072      2,186
  China Minsheng Banking Corp. Ltd. Class A     4,142,600      2,173
  Bank of Beijing Co. Ltd. Class A     3,106,900      2,128
  Metallurgical Corp. of China Ltd. Class H     6,867,030      2,095
  Beijing Enterprises Water Group Ltd.     8,233,390      2,091
  Greentown China Holdings Ltd.     1,737,297      2,088
  BOE Technology Group Co. Ltd. Class A     3,583,100      2,082
2 Hangzhou Tigermed Consulting Co. Ltd. Class H       248,543      2,070
  Anhui Gujing Distillery Co. Ltd. Class A        52,188      2,064
1,2 Jinxin Fertility Group Ltd.     3,099,161      2,046
1 China Cinda Asset Management Co. Ltd. Class H    17,147,916      2,040
  CSC Financial Co. Ltd. Class A       556,038      2,039
    Shares Market
Value•

($000)
  China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A     1,032,996      2,038
*,1 HengTen Networks Group Ltd.     8,367,840      2,037
  China Resources Cement Holdings Ltd.     4,461,958      2,020
  Sinotruk Hong Kong Ltd.     1,316,384      2,012
  Bank of Nanjing Co. Ltd. Class A     1,464,065      1,992
  Cosco Shipping Ports Ltd.     3,011,097      1,981
  Chongqing Changan Automobile Co. Ltd. Class A     1,147,380      1,979
  Postal Savings Bank of China Co. Ltd. Class A     2,470,836      1,969
  Hundsun Technologies Inc. Class A       274,442      1,963
  Hithink RoyalFlush Information Network Co. Ltd. Class A        75,666      1,952
  Yunnan Baiyao Group Co. Ltd. Class A       231,620      1,946
*,1,2 East Buy Holding Ltd.       558,500      1,936
  Unigroup Guoxin Microelectronics Co. Ltd. Class A       125,575      1,925
  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A       194,000      1,922
  Focus Media Information Technology Co. Ltd. Class A     2,060,300      1,919
1 Huadian Power International Corp. Ltd. Class H     3,909,550      1,896
  China Northern Rare Earth Group High-Tech Co. Ltd. Class A       519,800      1,893
  Tsingtao Brewery Co. Ltd. Class A       111,511      1,885
*,1,2 Ping An Healthcare and Technology Co. Ltd.       750,008      1,875
  Guangdong Haid Group Co. Ltd. Class A       233,808      1,855
* Imeik Technology Development Co. Ltd. Class A        23,400      1,840
  Haitong Securities Co. Ltd. Class A     1,364,026      1,829
  Shenzhen Transsion Holdings Co. Ltd. Class A       115,047      1,813
*,2 Luye Pharma Group Ltd.     3,681,461      1,811
  TBEA Co. Ltd. Class A       548,200      1,792
* Alibaba Pictures Group Ltd.    27,622,294      1,758
  Bank of Shanghai Co. Ltd. Class A     1,928,791      1,750
  Huaxia Bank Co. Ltd. Class A     2,096,898      1,746
    Shares Market
Value•

($000)
  Guangzhou Tinci Materials Technology Co. Ltd. Class A       282,020      1,742
  Chongqing Rural Commercial Bank Co. Ltd. Class H     4,452,181      1,721
*,1,2 Remegen Co. Ltd. Class H       290,500      1,707
  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B     2,253,034      1,706
* Shanghai Electric Group Co. Ltd. Class H     6,281,404      1,699
  Yihai Kerry Arawana Holdings Co. Ltd. Class A       269,300      1,691
*,1 China Eastern Airlines Corp. Ltd. Class H     4,299,171      1,690
  Zhejiang Huayou Cobalt Co. Ltd. Class A       224,050      1,688
2 Dali Foods Group Co. Ltd.     4,035,257      1,679
1 Poly Property Services Co. Ltd.       271,246      1,678
  BOE Technology Group Co. Ltd. Class B     4,005,815      1,670
  Beijing Tongrentang Co. Ltd.       198,686      1,670
  Sun Art Retail Group Ltd.     3,832,500      1,666
  Yunnan Energy New Material Co. Ltd. Class A       110,310