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.

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).

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

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

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

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

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

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	1,661
	China Lesso Group Holdings Ltd.	1,910,883	1,652
	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H	502,620	1,651
	Citic Pacific Special Steel Group Co. Ltd. Class A	703,853	1,643
	Henan Shuanghui Investment & Development Co. Ltd. Class A	454,600	1,639
¹	China Suntien Green Energy Corp. Ltd. Class H	3,635,000	1,592
	Kunlun Tech Co. Ltd. Class A	169,000	1,592
	Will Semiconductor Co. Ltd. Shanghai Class A	120,074	1,588
²	China Merchants Securities Co. Ltd. Class H	1,560,113	1,584
	Sichuan Road & Bridge Co. Ltd. Class A	687,170	1,574
	Jiangsu King's Luck Brewery JSC Ltd. Class A	181,206	1,567
^*,1,2	China Huarong Asset Management Co. Ltd. Class H	29,756,000	1,561
	Gigadevice Semiconductor Beijing Inc. Class A	99,071	1,557

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Sinopec Engineering Group Co. Ltd. Class H	3,000,688	1,556
	Orient Securities Co. Ltd. Class A	1,002,057	1,554
	Great Wall Motor Co. Ltd. Class A	397,780	1,549
	Weichai Power Co. Ltd. Class A	911,888	1,519
	Aluminum Corp. of China Ltd. Class A	1,640,900	1,519
	Inner Mongolia BaoTou Steel Union Co. Ltd. Class A	5,744,625	1,512
	Anhui Conch Cement Co. Ltd. Class A	388,800	1,511
	Pharmaron Beijing Co. Ltd. Class A	212,852	1,507
	Chongqing Changan Automobile Co. Ltd. Class B	3,311,764	1,506
	XCMG Construction Machinery Co. Ltd. Class A	1,518,000	1,504
	Zhejiang Dahua Technology Co. Ltd. Class A	443,200	1,504
	Huatai Securities Co. Ltd. Class A	739,600	1,503
	Jiangsu Hengli Hydraulic Co. Ltd. Class A	168,658	1,501
	Sinopec Shanghai Petrochemical Co. Ltd. Class H	8,570,940	1,499
	Yonyou Network Technology Co. Ltd. Class A	477,962	1,494
	China Meidong Auto Holdings Ltd.	960,000	1,490
^*	GD Power Development Co. Ltd. Class A	2,655,496	1,482
	China Merchants Securities Co. Ltd. Class A	731,967	1,479
	Shanghai Putailai New Energy Technology Co. Ltd. Class A	194,680	1,472
	Bank of Hangzhou Co. Ltd. Class A	808,835	1,468
	GF Securities Co. Ltd. Class A	660,600	1,466
	Huadong Medicine Co. Ltd. Class A	244,100	1,462
	Hangzhou Tigermed Consulting Co. Ltd. Class A	110,729	1,457
	Sinotrans Ltd. Class H	4,198,064	1,453
	Hopson Development Holdings Ltd.	1,593,142	1,417
	Montage Technology Co. Ltd. Class A	159,095	1,402
	Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H	2,565,915	1,401
	Lao Feng Xiang Co. Ltd. Class B	391,321	1,390

		Shares	Market Value• ($000)
	Shandong Hualu Hengsheng Chemical Co. Ltd. Class A	299,044	1,379
	Wingtech Technology Co. Ltd. Class A	180,800	1,377
	Mango Excellent Media Co. Ltd. Class A	264,729	1,373
	Shenzhen Expressway Co. Ltd. Class H	1,471,782	1,372
	Inner Mongolia Eerduosi Resources Co. Ltd. Class A	656,585	1,372
	China National Chemical Engineering Co. Ltd. Class A	891,800	1,366
	Shanghai Pharmaceuticals Holding Co. Ltd. Class A	406,644	1,346
	Vinda International Holdings Ltd.	512,842	1,340
²	BAIC Motor Corp. Ltd. Class H	4,740,936	1,334
	Changchun High & New Technology Industry Group Inc. Class A	55,882	1,317
²	China Railway Signal & Communication Corp. Ltd. Class H	2,781,353	1,306
	Shanghai Industrial Holdings Ltd.	888,512	1,302
^*,1,2	Shanghai Junshi Biosciences Co. Ltd. Class H	331,343	1,300
	Anhui Expressway Co. Ltd. Class H	1,248,728	1,272
	GoerTek Inc. Class A	492,220	1,264
	Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A	430,650	1,256
	TCL Technology Group Corp. Class A	2,168,500	1,254
	Livzon Pharmaceutical Group Inc. Class H	344,871	1,251
	Sichuan Chuantou Energy Co. Ltd. Class A	601,900	1,251
	Zhongji Innolight Co. Ltd. Class A	95,298	1,240
	Guanghui Energy Co. Ltd. Class A	916,800	1,234
	Shanghai International Port Group Co. Ltd. Class A	1,473,900	1,221
	Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A	1,298,700	1,216
	Lee & Man Paper Manufacturing Ltd.	2,857,583	1,215
	Xinjiang Goldwind Science & Technology Co. Ltd. Class H	1,479,461	1,213
	China Jushi Co. Ltd. Class A	575,453	1,213

		Shares	Market Value• ($000)
	Lens Technology Co. Ltd. Class A	717,500	1,210
²	A-Living Smart City Services Co. Ltd.	1,496,040	1,202
	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A	261,815	1,202
	Shougang Fushan Resources Group Ltd.	3,524,303	1,198
	Inspur Electronic Information Industry Co. Ltd. Class A	200,420	1,193
	China Everbright Ltd.	1,656,662	1,190
^*	New Hope Liuhe Co. Ltd. Class A	630,900	1,186
	China Resources Microelectronics Ltd. Class A	143,162	1,186
^*,1	Kingsoft Cloud Holdings Ltd. ADR	205,933	1,180
	Chaozhou Three-Circle Group Co. Ltd. Class A	269,500	1,179
^*	China Southern Airlines Co. Ltd. Class A	1,037,697	1,162
^*	COSCO SHIPPING Energy Transportation Co. Ltd. Class A	612,400	1,162
	Zhejiang China Commodities City Group Co. Ltd. Class A	829,300	1,161
	China Merchants Energy Shipping Co. Ltd.	1,209,100	1,159
^*	Seazen Group Ltd.	5,389,639	1,159
	People's Insurance Co. Group of China Ltd. Class A	1,288,500	1,159
	Jiangxi Copper Co. Ltd. Class A	391,000	1,156
^1,2	Orient Securities Co. Ltd. Class H	1,927,235	1,151
	China Molybdenum Co. Ltd. Class A	1,333,091	1,151
	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A	133,000	1,133
	ENN Natural Gas Co. Ltd. Class A	385,400	1,131
	Ningbo Deye Technology Co. Claas A	31,028	1,128
^*	Air China Ltd. Class A	728,326	1,121
	Ninestar Corp. Class A	195,225	1,117
^1,2	Angelalign Technology, Inc.	88,767	1,113
	Shanghai Fudan Microelectronics Group Co. Ltd. Class H	367,000	1,111
	Industrial Securities Co. Ltd. Class A	1,135,810	1,104
	CSG Holding Co. Ltd. Class B	2,877,152	1,101
	New China Life Insurance Co. Ltd. Class A	195,747	1,101

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A	241,860	1,100
	Hengli Petrochemical Co. Ltd. Class A	480,400	1,098
^*	Datang International Power Generation Co. Ltd. Class H	5,821,035	1,092
	Dongfang Electric Corp. Ltd. Class H	765,491	1,085
	Yealink Network Technology Corp. Ltd. Class A	112,568	1,073
^*	Towngas Smart Energy Co. Ltd.	2,296,307	1,061
	Jiangsu Eastern Shenghong Co. Ltd. Class A	578,700	1,060
	Zhejiang NHU Co. Ltd. Class A	428,628	1,058
^1,3	CIFI Holdings Group Co. Ltd.	10,923,387	1,058
	Chongqing Brewery Co. Ltd. Class A	69,400	1,046
	JCET Group Co. Ltd. Class A	260,200	1,038
²	Legend Holdings Corp. Class H	988,779	1,036
	China Reinsurance Group Corp. Class H	13,486,206	1,033
	Huizhou Desay Sv Automotive Co. Ltd. Class A	68,900	1,030
	Metallurgical Corp. of China Ltd. Class A	1,588,300	1,029
	Everbright Securities Co. Ltd. Class A	467,695	1,027
	Huayu Automotive Systems Co. Ltd. Class A	430,169	1,019
	China International Marine Containers Group Co. Ltd. Class H	1,576,825	1,019
	Jiangsu Zhongtian Technology Co. Ltd. Class A	479,900	1,014
	Hangzhou Silan Microelectronics Co. Ltd. Class A	212,500	1,013
^*	Walvax Biotechnology Co. Ltd. Class A	218,600	1,009
	Zhejiang Supcon Technology Co. Ltd.	72,298	1,009
^*	Zhejiang Century Huatong Group Co. Ltd. Class A	1,017,007	1,008
	Shenzhen Investment Ltd.	5,193,151	1,002
^1,2	Blue Moon Group Holdings Ltd.	1,677,000	998
	Shanghai Jinjiang International Hotels Co. Ltd. Class B	483,647	997
^*	Suzhou Maxwell Technologies Co. Ltd. Class A	25,104	997
	China Zhenhua Group Science & Technology Co. Ltd. Class A	76,000	988

		Shares	Market Value• ($000)
	Gotion High-tech Co. Ltd. Class A	247,900	987
	Fu Jian Anjoy Foods Co. Ltd. Class A	40,100	986
	Maxscend Microelectronics Co. Ltd. Class A	67,008	985
	Shanxi Coking Coal Energy Group Co. Ltd. Class A	658,120	978
	Ming Yang Smart Energy Group Ltd. Class A	326,600	977
	YTO Express Group Co. Ltd. Class A	389,000	973
^*	Huaneng Power International Inc. Class A	692,900	971
²	China Bohai Bank Co. Ltd. Class H	5,854,083	971
	China Railway Signal & Communication Corp. Ltd. Class A	1,025,723	967
	Yunnan Aluminium Co. Ltd. Class A	466,000	960
	Fuyao Glass Industry Group Co. Ltd. Class A	194,900	957
	Ningbo Tuopu Group Co. Ltd. Class A	130,300	956
^*	Tianqi Lithium Corp. Class H	152,200	956
	Huaneng Lancang River Hydropower Inc.	942,200	946
	Satellite Chemical Co. Ltd. Class A	460,380	945
	Guosen Securities Co. Ltd. Class A	693,581	943
	COSCO SHIPPING Development Co. Ltd. Class H	6,979,713	936
	Humanwell Healthcare Group Co. Ltd. Class A	238,300	930
	SG Micro Corp. Class A (XSHE)	51,750	929
	Shanghai Fudan Microelectronics Group Co. Ltd.Class A	115,520	922
	Yanzhou Coal Mining Co. Ltd. Class A	184,236	917
	Lepu Medical Technology Beijing Co. Ltd. Class A	264,200	912
	Beijing New Building Materials plc Class A	236,796	907
	Hualan Biological Engineering Inc. Class A	267,864	902
	Dongfang Electric Corp. Ltd. Class A	355,984	897
^*	Ginlong Technologies Co. Ltd. Class A	54,314	895
^*	Tuya Inc. ADR	454,387	895
^*	China Eastern Airlines Corp. Ltd. Class A	1,192,829	893
	Angang Steel Co. Ltd. Class H	2,658,568	883

		Shares	Market Value• ($000)
	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A	195,900	870
	Shanghai RAAS Blood Products Co. Ltd. Class A	917,200	870
	Shui On Land Ltd.	7,146,576	867
	Sichuan Kelun Pharmaceutical Co. Ltd. Class A	188,690	867
^*	Shanghai Junshi Biosciences Co. Ltd. Class A	113,129	863
	Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A	241,100	862
	Yanlord Land Group Ltd.	1,342,387	858
	LB Group Co. Ltd. Class A	340,500	852
	Zhejiang Juhua Co. Ltd. Class A	387,549	849
	Shenzhen Overseas Chinese Town Co. Ltd. Class A	1,166,700	845
	Shandong Nanshan Aluminum Co. Ltd. Class A	1,715,000	842
^1,2	Joinn Laboratories China Co. Ltd. Class H	218,260	841
^*	Dada Nexus Ltd. ADR	137,907	836
	WUS Printed Circuit Kunshan Co. Ltd. Class A	263,770	836
	Rongsheng Petrochemical Co. Ltd. Class A (XSEC)	435,350	832
	Hoshine Silicon Industry Co. Ltd. Class A	78,400	831
^*	Lingyi iTech Guangdong Co. Class A	966,500	829
	Jiangsu Pacific Quartz Co. Ltd.Class A	48,200	827
	Beijing Jingneng Clean Energy Co. Ltd. Class H	3,358,579	824
	Kuang-Chi Technologies Co. Ltd. Class A	322,300	818
	China National Software & Service Co. Ltd.	98,998	816
	Bank of Jiangsu Co. Ltd. Class A	727,090	810
^*	Shanghai Electric Group Co. Ltd. Class A	1,189,400	807
	Ecovacs Robotics Co. Ltd. Class A	80,000	805
	China Oilfield Services Ltd. Class A	344,089	805
	Ingenic Semiconductor Co. Ltd. Class A	62,500	800

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	StarPower Semiconductor Ltd. Class A	22,700	796
	Beijing Shiji Information Technology Co. Ltd. Class A	286,935	795
	Shanghai Bairun Investment Holding Group Co. Ltd. Class A	132,692	786
	Unisplendour Corp. Ltd. Class A	183,037	785
	Pylon Technologies Co. Ltd.	22,358	784
^*	Topchoice Medical Corp. Class A	45,378	783
^1,2	CanSino Biologics Inc. Class H	163,659	776
^*	Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A	149,200	775
^*	Shanghai Aiko Solar Energy Co. Ltd. Claas A	171,500	775
	Wuhan Guide Infrared Co. Ltd. Class A	480,843	767
	Gemdale Corp. Class A	649,600	766
	Yintai Gold Co. Ltd. Class A	410,040	763
	JiuGui Liquor Co. Ltd. Class A	47,100	761
	Shenzhen Capchem Technology Co. Ltd. Class A	107,740	760
	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A	157,100	760
	Shanghai Jinjiang International Hotels Co. Ltd. Class A	97,720	755
	CNGR Advanced Material Co. Ltd. Class A	84,080	753
	Xiamen C & D Inc. Class A	428,300	751
	Xinhua Winshare Publishing and Media Co. Ltd. Class H	829,439	750
	Wens Foodstuffs Group Co. Ltd. Class A	259,880	743
	China Greatwall Technology Group Co. Ltd. Class A	442,000	741
	Sinoma Science & Technology Co. Ltd. Class A	241,600	737
	China International Capital Corp. Ltd. Class A	120,800	736
	Shan Xi Hua Yang Group New Energy Co. Ltd. Class A	362,400	734
	Guangzhou Automobile Group Co. Ltd. Class A	476,130	733
	Guotai Junan Securities Co. Ltd. Class A	334,700	732

		Shares	Market Value• ($000)
^*	Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A	1,204,200	731
^*	Li Auto Inc. Class A	61,681	731
^*	Hangzhou Lion Electronics Co. Ltd. Class A	109,534	731
	Offshore Oil Engineering Co. Ltd. Class A	749,000	730
	Sinoma International Engineering Co. Class A	349,900	730
^*	Amlogic Shanghai Co. Ltd. Class A	60,336	730
	Hangzhou First Applied Material Co. Ltd. Class A	101,976	725
	Ningxia Baofeng Energy Group Co. Ltd. Class A	380,300	725
	Songcheng Performance Development Co. Ltd. Class A	342,320	721
	Western Superconducting Technologies Co. Ltd. Class A	63,976	721
	Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B	739,152	720
	Beijing Yanjing Brewery Co. Ltd. Class A	380,500	720
^*	Guangshen Railway Co. Ltd. Class H	3,076,100	719
^*	Skshu Paint Co. Ltd. Class A	48,420	718
	Zhejiang Chint Electrics Co. Ltd. Class A	190,493	718
	Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A	60,600	717
	By-health Co. Ltd. Class A	207,366	715
	Caitong Securities Co. Ltd. Class A	630,577	708
	Xinjiang Goldwind Science & Technology Co. Ltd. Class A	445,497	706
^*	Juneyao Airlines Co. Ltd. Class A	272,018	705
	Angel Yeast Co. Ltd. Class A	121,700	704
¹	Jinke Smart Services Group Co. Ltd. Class H	459,100	704
	Shenzhen Kangtai Biological Products Co. Ltd. Class A	160,322	703
²	Pharmaron Beijing Co. Ltd. Class H	160,618	696
	Sinomine Resource Group Co. Ltd. Class A	63,200	696
	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A	1,103,700	693

		Shares	Market Value• ($000)
^*	Yunnan Yuntianhua Co. Ltd.	250,396	693
^*	Seazen Holdings Co. Ltd. Class A	321,597	692
	Ningbo Shanshan Co. Ltd. Class A	314,000	689
	Bloomage Biotechnology Corp. Ltd. Class A	47,917	689
	GEM Co. Ltd. Class A	677,098	688
	Yifeng Pharmacy Chain Co. Ltd. Class A (XSHG)	94,771	683
	Bluefocus Intelligent Communications Group Co. Ltd. Class A	360,200	681
^*	China Minmetals Rare Earth Co. Ltd. Class A	139,300	681
	Tianshui Huatian Technology Co. Ltd. Class A	524,000	679
	Hangzhou Chang Chuan Technology Co. Ltd. Class A	97,100	677
	Hengdian Group DMEGC Magnetics Co. Ltd. Class A	246,000	676
	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A	148,300	676
	SooChow Securities Co. Ltd. Class A	645,606	676
	Hengtong Optic-electric Co. Ltd. Class A	320,200	675
	Sieyuan Electric Co. Ltd. Class A	101,500	674
	Jiangsu Yoke Technology Co. Ltd. Class A	68,700	672
	Thunder Software Technology Co. Ltd. Class A	54,800	670
	Huadian Power International Corp. Ltd. Class A	733,700	670
	Shengyi Technology Co. Ltd. Class A	288,700	670
	G-bits Network Technology Xiamen Co. Ltd. Class A	8,800	666
	Huagong Tech Co. Ltd. Class A	137,159	662
	Ningbo Zhoushan Port Co. Ltd. Class A	1,203,000	659
	Shenzhen SC New Energy Technology Corp. Class A	44,100	656
^*,1	Agile Group Holdings Ltd.	3,217,881	655
	Zhejiang Weixing New Building Materials Co. Ltd. Class A	205,000	655
	BBMG Corp. Class H	5,067,085	654
	Shanxi Meijin Energy Co. Ltd. Class A	571,200	654

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Tongling Nonferrous Metals Group Co. Ltd. Class A	1,372,758	653
^*	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A	43,082	653
	AVIC Industry-Finance Holdings Co. Ltd. Class A	1,176,800	650
	Youngor Group Co. Ltd. Class A	655,000	649
	Western Securities Co. Ltd. Class A	662,694	642
	Dong-E-E-Jiao Co. Ltd. Class A	86,100	640
	Guoyuan Securities Co. Ltd. Class A	631,751	640
	Ningbo Orient Wires & Cables Co. Ltd. Class A	94,300	639
^*	Shanghai Electric Power Co. Ltd. Class A	422,000	638
	Haohua Chemical Science & Technology Co. Ltd. Class A	113,400	638
	Xinjiang Daqo New Energy Co. Ltd. Class A	106,415	638
	Tongkun Group Co. Ltd. Class A	339,000	633
	Wuxi Shangji Automation Co. Ltd. Class A	49,020	632
^1,2	Everbright Securities Co. Ltd. Class H	848,070	629
	Sailun Group Co. Ltd. Class A	420,800	626
	Beijing United Information Technology Co. Ltd.	71,900	625
	Xiamen Faratronic Co. Ltd. Class A	32,300	622
^*	Suzhou TA&A Ultra Clean Technology Co. Ltd. Class A	88,400	622
	Western Mining Co. Ltd. Class A	326,300	621
	AECC Aero-Engine Control Co. Ltd. Class A	180,000	620
	Zhejiang Huahai Pharmaceutical Co. Ltd. Class A	219,220	620
	Jiangsu Yangnong Chemical Co. Ltd. Class A	46,600	620
	Asymchem Laboratories Tianjin Co. Ltd. Class A	33,740	617
	Shenzhen Dynanonic Co. Ltd. Class A	26,020	616
	Sichuan Swellfun Co. Ltd. Class A	64,700	613
	Henan Shenhuo Coal & Power Co. Ltd. Class A	258,800	610
	YongXing Special Materials Technology Co. Ltd. Class A	65,910	609

		Shares	Market Value• ($000)
	Huaibei Mining Holdings Co. Ltd. Class A	309,600	609
	Jiangsu Phoenix Publishing & Media Corp. Ltd. Class A	307,100	609
	Maanshan Iron & Steel Co. Ltd. Class A	1,540,900	608
	Jason Furniture Hangzhou Co. Ltd. Class A	113,230	607
	Shenzhen Energy Group Co. Ltd. Class A	651,220	604
	Shenzhen Kedali Industry Co. Ltd. Class A	30,400	603
	Hunan Valin Steel Co. Ltd. Class A	787,000	601
	Huafon Chemical Co. Ltd. Class A	577,800	601
	NavInfo Co. Ltd. Class A	350,596	600
	Huaxin Cement Co. Ltd. Class H	599,700	598
	Hangzhou Binjiang Real Estate Group Co. Ltd. Class A	445,100	593
	Bank of Changsha Co. Ltd. Class A	500,900	593
¹	Ming Yuan Cloud Group Holdings Ltd.	1,138,000	592
	Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A	37,300	591
	Ningbo Ronbay New Energy Technology Co. Ltd. Class A	61,201	590
	Yantai Changyu Pioneer Wine Co. Ltd. Class B	389,084	584
	Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A	504,600	583
	Shenzhen Kaifa Technology Co. Ltd. Class A	225,500	581
	Changjiang Securities Co. Ltd. Class A	706,986	580
^*	Wanda Film Holding Co. Ltd.	279,999	578
	Jointown Pharmaceutical Group Co. Ltd. Class A	241,100	577
	China National Accord Medicines Corp. Ltd. Class B	212,045	576
	Sunwoda Electronic Co. Ltd. Class A	235,400	573
	Yantai Jereh Oilfield Services Group Co. Ltd. Class A	145,897	573
	BTG Hotels Group Co. Ltd. Class A	182,796	572
	Chinese Universe Publishing and Media Group Co. Ltd. Class A	220,300	569
	Hubei Xingfa Chemicals Group Co. Ltd. Class A	159,000	569

		Shares	Market Value• ($000)
	Lao Feng Xiang Co. Ltd. Class A	58,369	568
²	Red Star Macalline Group Corp. Ltd. Class H	1,255,882	566
	Beijing Enlight Media Co. Ltd. Class A	382,000	564
	Ovctek China Inc. Class A	120,520	564
	GRG Banking Equipment Co. Ltd. Class A	328,787	562
	China Coal Energy Co. Ltd. Class A	431,438	562
	Shanghai Mechanical and Electrical Industry Co. Ltd. Class B	494,438	559
	Longshine Technology Group Co. Ltd. Class A	161,400	559
	Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd. Class A	104,394	555
¹	Central China Securities Co. Ltd. Class H	3,501,621	554
	Shanghai Friendess Electronic Technology Corp. Ltd. Class A	19,514	551
^*	TongFu Microelectronics Co. Ltd. Class A	212,100	550
	Goke Microelectronics Co. Ltd. Class A	37,300	550
^*	Beijing Dabeinong Technology Group Co. Ltd. Class A	536,800	549
	CNPC Capital Co. Ltd. Class A	516,091	547
	First Capital Securities Co. Ltd. Class A	636,700	545
	Hesteel Co. Ltd. Class A	1,626,300	543
	Xuji Electric Co. Ltd. Class A	166,500	542
	Shenzhen Kstar Science And Technology Co. Ltd. Class A	80,100	541
	COSCO SHIPPING Development Co. Ltd. Class A	1,440,340	541
	CETC Cyberspace Security Technology Co. Ltd. Class A	114,898	540
	GoodWe Technologies Co. Ltd. Class A	14,349	540
	Zangge Mining Co. Ltd.	163,196	540
	Yangzhou Yangjie Electronic Technology Co. Ltd. Class A	83,500	537
	Beijing Shougang Co. Ltd. Class A	1,001,600	535
	Beijing Easpring Material Technology Co. Ltd. Class A	68,900	534

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Hangzhou Oxygen Plant Group Co. Ltd. Class A	91,877	534
	Dongxing Securities Co. Ltd. Class A	442,092	533
	Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A	236,000	533
	Xiamen ITG Group Corp. Ltd. Class A	403,400	531
	Sino-Ocean Group Holding Ltd.	5,999,904	530
	Xiamen Tungsten Co. Ltd. Class A	187,399	530
	Chengxin Lithium Group Co. Ltd. Class A	115,200	529
	China Baoan Group Co. Ltd. Class A	342,200	528
²	Shandong Gold Mining Co. Ltd. Class H	246,366	525
	Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A	1,207,990	524
	Shandong Himile Mechanical Science & Technology Co. Ltd. Class A	118,174	523
^*,3	Shimao Group Holdings Ltd.	2,734,246	522
^*	Apeloa Pharmaceutical Co. Ltd. Class A	174,800	522
	Bethel Automotive Safety Systems Co. Ltd. Class A	56,200	521
	Tianma Microelectronics Co. Ltd. Class A	364,666	520
	Yangling Metron New Material Inc.	78,900	520
	Hubei Energy Group Co. Ltd. Class A	842,208	519
^*	Meinian Onehealth Healthcare Holdings Co. Ltd. Class A	510,640	517
	Shandong Sun Paper Industry JSC Ltd. Class A	313,600	516
	Wuchan Zhongda Group Co. Ltd. Class A	654,300	516
	Inner Mongolia Yuan Xing Energy Co. Ltd. Class A	484,600	515
	Flat Glass Group Co. Ltd. Class A	116,000	514
	Oppein Home Group Inc. Class A	30,762	512
	Perfect World Co. Ltd. Class A	161,300	512
	Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A	110,500	512
	Liaoning Port Co. Ltd. Class A	2,183,500	511
^*	Eastroc Beverage Group Co. Ltd. Class A	19,800	511
^*	Yatsen Holding Ltd. ADR	502,387	507

		Shares	Market Value• ($000)
	Beijing Ultrapower Software Co. Ltd. Class A	254,000	505
	Taiji Computer Corp. Ltd. Class A	86,698	504
	Sichuan Hebang Biotechnology Co. Ltd. Class A	1,261,800	504
^1,2	Shenwan Hongyuan Group Co. Ltd. Class H	2,496,800	503
^*,2,3	Evergrande Property Services Group Ltd.	7,876,000	502
	Gree Electric Appliances Inc. of Zhuhai Class A	87,600	498
	Hengyi Petrochemical Co. Ltd. Class A	448,600	497
	Southwest Securities Co. Ltd. Class A	893,700	497
	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class A	92,900	496
	Fujian Sunner Development Co. Ltd. Class A	160,100	495
	Yunnan Tin Co. Ltd. Class A	221,500	495
^*	Guangdong Electric Power Development Co. Ltd. Class B	1,771,491	494
	Jizhong Energy Resources Co. Ltd. Class A	461,603	494
	3peak Inc.	14,710	494
	Titan Wind Energy Suzhou Co. Ltd. Class A	247,600	493
	Tianjin Guangyu Development Co. Ltd. Class A	292,500	493
	Shanghai Lingang Holdings Corp. Ltd. Class A	277,488	493
	Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A	73,600	492
	Keda Industrial Group Co. Ltd. Class A	270,600	492
	Chongqing Fuling Zhacai Group Co. Ltd. Class A	131,300	489
	Winning Health Technology Group Co. Ltd. Class A	298,080	486
	Guangdong HEC Technology Holding Co. Ltd. Class A	432,553	486
	Wuxi Autowell Technology Co. Ltd.	19,968	483
	AVICOPTER plc Class A	78,400	482
	Huafa Industrial Co. Ltd. Zhuhai Class A	313,100	480
	CECEP Wind-Power Corp. Class A	864,890	478
^*	Beijing Jetsen Technology Co. Ltd. Class A	473,700	477

		Shares	Market Value• ($000)
	Joincare Pharmaceutical Group Industry Co. Ltd. Class A	254,400	476
	Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A	140,570	475
	Beijing Shunxin Agriculture Co. Ltd. Class A	94,995	475
	Shenghe Resources Holding Co. Ltd. Class A	237,500	474
^1,2	Sunac Services Holdings Ltd.	1,306,666	474
	Weifu High-Technology Group Co. Ltd. Class B	347,462	470
^*,3	China Evergrande Group	3,687,461	470
	Weihai Guangwei Composites Co. Ltd. Class A	62,200	468
^*	Shenzhen MTC Co. Ltd. Class A	671,146	467
	Beijing Sinnet Technology Co. Ltd. Class A	261,100	465
	CNOOC Energy Technology & Services Ltd. Class A	868,100	464
	People.cn Co. Ltd. Class A	155,681	463
	Shanghai Zhenhua Heavy Industries Co. Ltd. Class B	1,844,864	462
	Hangzhou Robam Appliances Co. Ltd. Class A	122,700	462
	China South Publishing & Media Group Co. Ltd. Class A	230,100	460
	Nanjing Iron & Steel Co. Ltd. Class A	866,100	459
^*	Sichuan New Energy Power Co. Ltd.	216,500	459
^*	Yunnan Copper Co. Ltd. Class A	250,500	457
	TangShan Port Group Co. Ltd. Class A	801,200	457
^*	Sinopec Oilfield Service Corp. Class H	5,410,803	456
	Zhuzhou CRRC Times Electric Co. Ltd. Class A	67,667	456
	Heilongjiang Agriculture Co. Ltd. Class A	231,300	454
^*	Fangda Carbon New Material Co. Ltd. Class A	485,516	453
	Zhejiang Supor Co. Ltd. Class A	60,776	452
	Do-Fluoride New Materials Co. Ltd. Class A	153,020	450
	DHC Software Co. Ltd. Class A	399,300	449
^*	Han's Laser Technology Industry Group Co. Ltd. Class A	118,000	446

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
^*	China Zheshang Bank Co. Ltd. Class A	1,001,500	446
	Jafron Biomedical Co. Ltd. Class A	105,984	441
	Eastern Air Logistics Co. Ltd.	210,498	441
	Pingdingshan Tianan Coal Mining Co. Ltd. Class A	315,800	440
^*	Ningbo Joyson Electronic Corp. Class A	197,500	440
	China Galaxy Securities Co. Ltd. Class A	282,300	440
	Guangzhou Haige Communications Group Inc. Co. Class A	308,400	439
	Guangzhou Great Power Energy & Technology Co. Ltd. Class A	58,000	437
^*	Hang Zhou Great Star Industrial Co. Ltd. Class A	159,100	436
^*	Beijing E-Hualu Information Technology Co. Ltd. Class A	88,500	435
	Dongguan Yiheda Automation Co. Ltd. Class A	55,100	433
	Tangshan Jidong Cement Co. Ltd. Class A	365,900	432
	Daan Gene Co. Ltd. Class A	192,016	432
^*	GCL System Integration Technology Co. Ltd. Class A	974,100	431
^*	Shenzhen Senior Technology Material Co. Ltd. Class A	172,100	429
	Raytron Technology Co. Ltd. Class A	57,119	427
	Yunnan Botanee Bio-Technology Group Co. Ltd. Class A	25,900	427
	Guolian Securities Co. Ltd. Class A	286,300	426
^*,1	Shandong Chenming Paper Holdings Ltd. Class H	1,382,798	425
	Hongfa Technology Co. Ltd. Class A	93,700	424
	Shanxi Taigang Stainless Steel Co. Ltd. Class A	731,500	423
^*	Jiangxi Special Electric Class A	232,600	422
	CECEP Solar Energy Co. Ltd. Class A	417,380	420
	Fiberhome Telecommunication Technologies Co. Ltd. Class A	141,597	419
	Tian Di Science & Technology Co. Ltd. Class A	529,200	418

		Shares	Market Value• ($000)
	China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd. Class A	424,400	418
	China Meheco Co. Ltd. Class A	202,720	417
	Shanghai M&G Stationery Inc. Class A	62,300	417
^1,2	China East Education Holdings Ltd.	828,803	415
	Bank of Guiyang Co. Ltd. Class A	508,200	415
	Luxi Chemical Group Co. Ltd. Class A	238,800	414
	China CITIC Bank Corp. Ltd. Class A	441,035	414
	Guangxi Guiguan Electric Power Co. Ltd. Class A	515,960	413
	iRay Technology Co. Ltd.	10,374	413
	Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B	465,271	411
	Avary Holding Shenzhen Co. Ltd. Class A	108,600	410
	Beijing Originwater Technology Co. Ltd. Class A	516,100	408
	Shenzhen Gas Corp. Ltd. Class A	408,000	408
	Chongqing Rural Commercial Bank Co. Ltd. Class A	727,900	407
	Shanghai Tunnel Engineering Co. Ltd. Class A	427,444	404
	Chengdu Xingrong Environment Co. Ltd. Class A	533,705	403
	Sangfor Technologies Inc. Class A	23,400	403
	Huaxin Cement Co. Ltd. Class A	187,800	401
	Guangdong Baolihua New Energy Stock Co. Ltd. Class A	417,500	400
	Haisco Pharmaceutical Group Co. Ltd. Class A	105,000	399
^*,1,2	Shimao Services Holdings Ltd.	1,611,000	398
^*	Datang International Power Generation Co. Ltd. Class A	882,200	397
	Zhengzhou Coal Mining Machinery Group Co. Ltd. Class A	192,900	396
^*	Shandong Chenming Paper Holdings Ltd. Class B	1,407,350	395
	China Resources Double Crane Pharmaceutical Co. Ltd. Class A	131,500	395
	Levima Advanced Materials Corp. Class A	101,600	394

		Shares	Market Value• ($000)
	Hunan Gold Corp. Ltd. Class A	180,700	392
^*	Kaishan Group Co. Ltd. Class A	163,044	392
	Financial Street Holdings Co. Ltd. Class A	536,890	391
	Wangsu Science & Technology Co. Ltd. Class A	300,300	391
	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A	268,072	391
	China Great Wall Securities Co. Ltd. Class A	309,000	390
	Anhui Yingjia Distillery Co. Ltd. Class A	42,100	390
	Boya Bio-pharmaceutical Group Co. Ltd. Class A	70,706	388
	Shanxi Securities Co. Ltd. Class A	455,390	387
	Zhefu Holding Group Co. Ltd. Class A	694,800	383
^*	Yifan Pharmaceutical Co. Ltd. Class A	174,100	378
	Angang Steel Co. Ltd. Class A	884,100	377
	Shandong Humon Smelting Co. Ltd. Class A	212,176	376
	Hefei Meiya Optoelectronic Technology Inc. Class A	95,810	376
	Sealand Securities Co. Ltd. Class A	740,740	374
	Sichuan Yahua Industrial Group Co. Ltd. Class A	137,700	374
	Topsec Technologies Group Inc. Class A	218,300	374
^*	Yuan Longping High-tech Agriculture Co. Ltd. Class A	169,100	372
	Hubei Biocause Pharmaceutical Co. Ltd. Class A	745,732	371
	Glarun Technology Co. Ltd. Class A	159,000	371
^*	Youngy Co. Ltd. Class A	36,300	371
	Inner Mongolia Dian Tou Energy Corp. Ltd. Class A	189,700	370
	Zhuzhou Kibing Group Co. Ltd. Class A	248,300	369
^*	Qingdao TGOOD Electric Co. Ltd. Class A	137,700	368
	BBMG Corp. Class A	1,057,400	368
	CGN Power Co. Ltd. Class A	818,000	366
	Bright Dairy & Food Co. Ltd. Class A	234,200	366
	Jilin Aodong Pharmaceutical Group Co. Ltd. Class A	148,600	365

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A	275,373	365
^*	Porton Pharma Solutions Ltd.	73,195	364
	Oriental Energy Co. Ltd. Class A	283,300	362
	Dian Diagnostics Group Co. Ltd. Class A	92,200	361
	Xinxing Ductile Iron Pipes Co. Ltd. Class A	546,300	359
	Beijing Zhong Ke San Huan High-Tech Co. Ltd. Class A	207,783	357
	Northeast Securities Co. Ltd. Class A	324,100	357
	Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A	37,397	357
	Guangdong Kinlong Hardware Products Co. Ltd. Class A	35,300	356
	Xinjiang Tianshan Cement Co. Ltd. Class A	293,400	355
	Wanxiang Qianchao Co. Ltd. Class A	479,233	353
	Shandong Hi-speed Co. Ltd. Class A	338,700	353
	Shandong Linglong Tyre Co. Ltd. Class A	110,700	353
	Shanghai Construction Group Co. Ltd. Class A	851,600	351
	Zhejiang Dingli Machinery Co. Ltd. Class A	47,554	351
	Shenzhen Kingdom Sci-Tech Co. Ltd. Class A	127,991	350
	FAW Jiefang Group Co. Ltd.	296,300	349
^1,2	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class H	178,430	349
	Shenzhen Sunway Communication Co. Ltd. Class A	125,300	348
	Zhongtai Securities Co. Ltd. Class A	321,300	347
	All Winner Technology Co. Ltd. Class A	90,420	346
	Huaxi Securities Co. Ltd. Class A	270,300	346
^*	Wonders Information Co. Ltd.	183,400	346
^*	Youzu Interactive Co. Ltd. Class A	108,800	345
	Anhui Anke Biotechnology Group Co. Ltd. Class A	214,728	343
	Harbin Boshi Automation Co. Ltd. Class A	142,800	343

		Shares	Market Value• ($000)
^*	Sinopec Oilfield Service Corp. Class A	1,051,000	342
	Shenzhen New Industries Biomedical Engineering Co. Ltd. Class A	44,783	342
	Inner Mangolia ERDOS Resources Co. Ltd.	189,330	342
	Tianjin Chase Sun Pharmaceutical Co. Ltd. Class A	408,600	341
	Zhejiang Hailiang Co. Ltd. Class A	193,600	341
	Zhejiang HangKe Technology Inc. Co. Class A	47,174	340
^*	Montnets Cloud Technology Group Co. Ltd. Class A	155,700	338
	Bank of Chengdu Co. Ltd. Class A	169,900	338
	East Group Co. Ltd. Class A	263,800	335
^*	Ourpalm Co. Ltd. Class A	375,000	334
	Livzon Pharmaceutical Group Inc. Class A	64,500	333
	Sinotrans Ltd. Class A	502,200	332
	CMST Development Co. Ltd. Class A	379,200	332
	Ningbo Sanxing Medical Electric Co. Ltd. Class A	166,100	332
	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A	452,300	331
	Shandong Denghai Seeds Co. Ltd. Class A	135,400	330
^*	OFILM Group Co. Ltd. Class A	479,400	330
	Zhuzhou Hongda Electronics Corp. Ltd. Class A	54,700	326
	Shanghai Rural Commercial Bank Co. Ltd.	382,189	326
	Newland Digital Technology Co. Ltd. Class A	140,399	324
^*	Siasun Robot & Automation Co. Ltd. Class A	200,120	323
	Meihua Holdings Group Co. Ltd. Class A	233,100	322
^*	STO Express Co. Ltd. Class A	207,099	321
	Jiangsu Linyang Energy Co. Ltd. Class A	282,500	321
	China Merchants Property Operation & Service Co. Ltd. Class A	141,100	316
	Laobaixing Pharmacy Chain JSC Class A	62,608	315
	Guangzhou Zhujiang Brewery Co. Ltd. Class A	229,800	311

		Shares	Market Value• ($000)
	Zheshang Securities Co. Ltd. Class A	209,900	311
	Guizhou Panjiang Refined Coal Co. Ltd. Class A	316,700	311
	Yantai Changyu Pioneer Wine Co. Ltd. Class A	69,100	310
	CanSino Biologics Inc. Class A	21,240	310
	Valiant Co. Ltd. Class A	115,600	306
	Wolong Electric Group Co. Ltd. Class A	172,500	306
^*	Xinjiang Zhongtai Chemical Co. Ltd. Class A	322,500	305
	Bank of Qingdao Co. Ltd. Class A	636,280	305
	Universal Scientific Industrial Shanghai Co. Ltd. Class A	149,700	305
	North Industries Group Red Arrow Co. Ltd. Class A	115,200	303
	Addsino Co. Ltd. Class A	205,500	301
	Leyard Optoelectronic Co. Ltd. Class A	328,500	301
	Zhejiang Huace Film & Television Co. Ltd. Class A	240,100	300
	Eternal Asia Supply Chain Management Ltd. Class A	378,500	300
^*	Yixintang Pharmaceutical Group Co. Ltd. Class A	71,700	299
	Shenzhen Airport Co. Ltd. Class A	282,616	298
	Zhongshan Public Utilities Group Co. Ltd. Class A	279,400	298
^*	Bank of Zhengzhou Co. Ltd. Class A	889,401	298
^*	Guangdong Electric Power Development Co. Ltd. Class A	341,100	298
	Shenzhen YUTO Packaging Technology Co. Ltd. Class A	81,000	297
	Zhejiang Weiming Environment Protection Co. Ltd. Class A	112,083	296
	Guangzhou Yuexiu Financial Holdings Group Co. Ltd. Class A	296,885	296
	Guangxi Liugong Machinery Co. Ltd. Class A	267,700	295
	Zhejiang Yongtai Technology Co. Ltd. Class A	119,415	295
^*	Zhejiang Crystal-Optech Co. Ltd. Class A	174,796	294
	Yunda Holding Co. Ltd. Class A	167,770	294

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. Class A	28,472	291
	Guangzhou Wondfo Biotech Co. Ltd. Class A	66,460	289
^*	China TransInfo Technology Co. Ltd. Class A	137,600	289
^*	Guosheng Financial Holding Inc. Class A	244,600	289
	Anhui Kouzi Distillery Co. Ltd. Class A	32,600	284
^*	Leo Group Co. Ltd. Class A	873,400	284
	Anhui Zhongding Sealing Parts Co. Ltd. Class A	167,600	283
	Inmyshow Digital Technology Group Co. Ltd. Class A	252,000	283
	Chinalin Securities Co. Ltd. Class A	141,500	281
	Shandong Pharmaceutical Glass Co. Ltd. Class A	78,800	280
²	Qingdao Port International Co. Ltd. Class H	476,433	279
	Rockchip Electronics Co. Ltd. Class A	26,300	279
	Hangzhou Shunwang Technology Co. Ltd. Class A	115,900	276
	Shanghai Flyco Electrical Appliance Co. Ltd. Class A	24,566	275
^*	Hytera Communications Corp. Ltd. Class A	316,800	274
	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. Class A	128,727	270
	C&S Paper Co. Ltd. Class A	158,800	270
	Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. Class A	114,200	270
	Guangdong Golden Dragon Development Inc. Class A	136,800	268
	Shanghai Baosight Software Co. Ltd.	34,100	266
	Luoyang Xinqianglian Slewing Bearing Co. Ltd. Class A	45,050	266
	Fujian Funeng Co. Ltd. Class A	155,800	265
	Joinn Laboratories China Co. Ltd. Class A	37,020	265
	Yantai Eddie Precision Machinery Co. Ltd. Class A	107,240	264
	Intco Medical Technology Co. Ltd. Class A	83,610	264

		Shares	Market Value• ($000)
	Chongqing Water Group Co. Ltd. Class A	330,700	263
	Jiangsu Cnano Technology Co. Ltd.	33,748	263
	Shennan Circuits Co. Ltd. Class A	21,938	261
	Xiangcai Co. Ltd. Class A	215,000	261
^*	Beijing Orient National Communication Science & Technology Co. Ltd. Class A	157,100	260
^*	Lakala Payment Co. Ltd. Class A	106,100	260
^*	Jiajiayue Group Co. Ltd. Class A	121,900	260
^*	Shenzhen Everwin Precision Technology Co. Ltd. Class A	156,497	259
^*	Suzhou Nanomicro Technology Co. Ltd. Class A	41,917	257
	Xinyangfeng Agricultural Technology Co. Ltd. Class A	156,400	256
	Hubei Jumpcan Pharmaceutical Co. Ltd. Class A	55,400	253
	Zhejiang Hisoar Pharmaceutical Co. Ltd. Class A	225,000	251
	China World Trade Center Co. Ltd. Class A	93,200	250
^*	Zhejiang Wanfeng Auto Wheel Co. Ltd. Class A	282,600	249
	Shanghai AJ Group Co. Ltd. Class A	315,233	246
	Shandong Publishing & Media Co. Ltd. Class A	145,100	243
	Shenzhen Yan Tian Port Holding Co. Ltd. Class A	314,900	243
	Shandong Shida Shenghua Chemical Group Co. Ltd. Class A	25,600	242
^*	Grandjoy Holdings Group Co. Ltd. Class A	456,788	241
^*	Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A	307,900	240
	Huali Industrial Group Co. Ltd. Class A	37,300	238
	Shanghai Dazhong Public Utilities Group Co. Ltd. Class A	545,300	237
	NSFOCUS Technologies Group Co. Ltd. Class A	128,395	236
	Caida Securities Co. Ltd.	215,500	236
	Autohome Inc. Class A	31,424	233

		Shares	Market Value• ($000)
	Shanghai Huayi Group Co. Ltd. Class B	421,647	231
	Tianshan Aluminum Group Co. Ltd. Class A	218,800	230
^*	An Hui Wenergy Co. Ltd. Class A	291,400	229
	Zhejiang Medicine Co. Ltd. Class A	131,900	228
	Suofeiya Home Collection Co. Ltd. Class A	83,100	227
^*	Tibet Summit Resources Co. Ltd. Class A	79,600	226
	Joyoung Co. Ltd. Class A	95,700	225
^*	Alpha Group Class A	166,500	224
	Guizhou Xinbang Pharmaceutical Co. Ltd. Class A	315,000	222
	Shanying International Holding Co. Ltd. Class A	647,200	222
	Shenzhen Huaqiang Industry Co. Ltd. Class A	124,300	220
	Beijing Capital Development Co. Ltd. Class A	340,513	220
	Tangshan Sanyou Chemical Industries Co. Ltd. Class A	263,100	220
	North Huajin Chemical Industries Co. Ltd. Class A	215,896	218
	Shanghai Bailian Group Co. Ltd. Class B	308,716	217
^*	Zhejiang Wanliyang Co. Ltd. Class A	177,600	217
	Luenmei Quantum Co. Ltd. Class A	244,900	217
	Betta Pharmaceuticals Co. Ltd. Class A	21,800	215
	Chongqing Department Store Co. Ltd. Class A	50,200	214
	Shanghai 2345 Network Holding Group Co. Ltd. Class A	477,970	213
	Sansteel Minguang Co. Ltd. Fujian Class A	312,100	212
	Lianhe Chemical Technology Co. Ltd. Class A	121,610	211
	Skyworth Digital Co. Ltd. Class A	88,700	211
	Shanghai Shibei Hi-Tech Co. Ltd. Class B	842,160	210
	Shaanxi International Trust Co. Ltd. Class A	446,000	210
^*	China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd. Class A	275,400	210

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Dongguan Development Holdings Co. Ltd. Class A	145,600	210
	Visual China Group Co. Ltd. Class A	87,900	209
	Shenzhen Hepalink Pharmaceutical Group Co. Ltd. Class A	112,000	209
	Shenzhen Agricultural Products Group Co. Ltd. Class A	223,300	208
	Guangdong South New Media Co. Ltd. Class A	29,300	208
	DaShenLin Pharmaceutical Group Co. Ltd. Class A	41,644	207
	Tianjin 712 Communication & Broadcasting Co. Ltd. Class A	44,200	207
	ORG Technology Co. Ltd. Class A	296,500	205
	Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. Class A	305,880	204
	Camel Group Co. Ltd. Class A	148,270	204
^*	Shenzhen Neptunus Bioengineering Co. Ltd. Class A	410,300	201
	Juewei Food Co. Ltd. Class A	34,894	201
	Bank of Suzhou Co. Ltd. Class A	184,760	201
	NanJi E-Commerce Co. Ltd. Class A	314,099	200
	Weifu High-Technology Group Co. Ltd. Class A	82,500	199
^*	Guangshen Railway Co. Ltd. Class A	505,300	199
	BOC International China Co. Ltd. Class A	127,700	198
^*	Offcn Education Technology Co. Ltd. Class A	277,400	197
	Huapont Life Sciences Co. Ltd. Class A	257,600	197
	Jiangsu Expressway Co. Ltd. Class A	152,175	196
	LianChuang Electronic Technology Co. Ltd. Class A	145,110	196
	Nanjing Hanrui Cobalt Co. Ltd. Class A	40,600	195
	Easyhome New Retail Group Co. Ltd.Class A	323,400	195
	Zhejiang Runtu Co. Ltd. Class A	181,405	194
^*	Shenzhen Infogem Technologies Co. Ltd. Class A	96,688	194
	Shenzhen Jinjia Group Co. Ltd. Class A	178,500	189

		Shares	Market Value• ($000)
	Beijing SL Pharmaceutical Co. Ltd. Class A	136,000	187
	Keboda Technology Co. Ltd. Class A	24,000	186
	Winner Medical Co. Ltd. Class A	21,100	185
	Autobio Diagnostics Co. Ltd. Class A	22,100	183
	Central China Securities Co. Ltd. Class A	316,700	181
^*	Holitech Technology Co. Ltd. Class A	399,600	180
	Suning Universal Co. Ltd. Class A	420,023	179
^*	Deppon Logistics Co. Ltd. Class A	73,700	179
^*	Shijiazhuang Changshan BeiMing Technology Co. Ltd. Class A	174,300	174
²	Shenzhen Hepalink Pharmaceutical Group Co. Ltd. Class H	257,236	173
	Shandong Buchang Pharmaceuticals Co. Ltd. Class A	55,700	173
	Chengdu XGimi Technology Co. Ltd. Class A	6,844	172
	Sinopec Shanghai Petrochemical Co. Ltd. Class A	338,000	169
	Shenzhen Expressway Corp. Ltd. Class A	126,300	168
	ADAMA Ltd. Class A	134,900	167
	JL Mag Rare-Earth Co. Ltd. Class A	41,200	166
	BGI Genomics Co. Ltd. Class A	18,391	165
^*	Guizhou Bailing Group Pharmaceutical Co. Ltd. Class A	139,100	163
^*	Jiangsu Guoxin Corp. Ltd. Class A	176,345	163
	Sinosoft Co. Ltd. Class A	28,393	160
	China National Accord Medicines Corp. Ltd. Class A	16,900	159
	Bluestar Adisseo Co. Class A	133,700	158
	SDIC Capital Co. Ltd. Class A	149,000	157
	China International Marine Containers Group Co. Ltd. Class A	155,340	157
	Zhongshan Broad Ocean Motor Co. Ltd. Class A	203,400	155
	Beijing Sanju Environmental Protection and New Material Co. Ltd. Class A	292,200	153
^*	Jinneng Holding Shanxi Electric Power Co. Ltd. Class A	342,000	153

		Shares	Market Value• ($000)
	Suzhou Anjie Technology Co. Ltd. Class A	77,100	146
^*	Jiangxi Zhengbang Technology Co. Ltd. Class A	381,181	146
	Opple Lighting Co. Ltd. Class A	47,874	144
	Qinhuangdao Port Co. Ltd. Class A	294,000	143
	Digital China Information Service Co. Ltd. Class A	72,800	142
	KingClean Electric Co. Ltd. Class A	35,714	140
	China Merchants Port Group Co. Ltd. Class A	48,600	140
	Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class A	81,200	137
^*	Jinke Properties Group Co. Ltd. Class A	684,000	136
	Zhejiang Semir Garment Co. Ltd. Class A	138,900	135
	Guizhou Zhenhua E Chem Inc. Class A	26,227	134
	Maccura Biotechnology Co. Ltd. Class A	55,900	133
	Chengdu Kanghong Pharmaceutical Group Co. Ltd. Class A	49,600	133
^*	Jiangsu Zhongnan Construction Group Co. Ltd. Class A	511,300	132
	Shenzhen Kinwong Electronic Co. Ltd. Class A	39,340	131
	Toly Bread Co. Ltd. Class A	76,654	127
	Anker Innovations Technology Co. Ltd. Class A	12,000	127
^*	Jointo Energy Investment Co. Ltd. Hebei Class A	140,800	122
^*	RiseSun Real Estate Development Co. Ltd. Class A	527,066	121
	Xinfengming Group Co. Ltd. Class A	81,300	121
	Qingdao Rural Commercial Bank Corp. Class A	289,500	121
	Maanshan Iron & Steel Co. Ltd. Class H	552,000	118
	Transfar Zhilian Co. Ltd. Class A	144,000	115
	China Energy Engineering Corp. Ltd. Class H	764,000	115
	Double Medical Technology Inc. Class A	19,400	109
^*	Blue Sail Medical Co. Ltd. Class A	99,100	109
^*	Shenzhen Aisidi Co. Ltd. Class A	83,700	105

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
^*	Yango Group Co. Ltd. Class A	522,797	104
	Anhui Expressway Co. Ltd. Class A	76,200	104
^*	Huabao Flavours & Fragrances Co. Ltd. Class A	29,400	102
^*	Shenzhen New Nanshan Holding Group Co. Ltd. Class A	188,500	89
	Sichuan Teway Food Group Co. Ltd. Class A	34,944	87
	Jiangling Motors Corp. Ltd. Class B	105,836	86
	Hunan Changyuan Lico Co. Ltd. Class A	52,330	84
	Qingdao Hanhe Cable Co. Ltd. Class A	139,900	82
	Red Star Macalline Group Corp. Ltd. Class A	107,580	81
	Tibet Cheezheng Tibetan Medicine Co. Ltd. Class A	22,700	80
	Autel Intelligent Technology Corp. Ltd. Class A	18,295	77
	Jiangling Motors Corp. Ltd. Class A	37,254	74
	Xiamen Intretech Inc. Class A	26,180	68
	China West Construction Group Co. Ltd. Class A	50,600	66
^*	Oceanwide Holdings Co. Ltd. Class A	516,700	64
	Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A	37,660	64
^*	Trip.com Group Ltd.	1,802	64
	Three Squirrels Inc. Class A	18,000	55
	Sansure Biotech Inc. Class A	20,483	55
^*	Shandong Chenming Paper Holdings Ltd. Class A	61,800	45
	Contec Medical Systems Co. Ltd. Class A	11,700	44
	CSG Holding Co. Ltd. Class A	30,500	29
^*,3	Tianhe Chemicals Group Ltd.	3,538,329	—
			4,316,379
Colombia (0.0%)
	Bancolombia SA ADR	242,790	5,948
	Bancolombia SA	510,692	3,913
	Interconexion Electrica SA ESP	900,268	3,488
	Ecopetrol SA	5,845,448	2,847
¹	Ecopetrol SA ADR	190,733	1,854
	Grupo Aval Acciones y Valores SA Preference Shares	8,114,368	1,015
	Grupo De Inversiones Suramericana SA Preference Shares	127,029	314

		Shares	Market Value• ($000)
	Bac Holding International Co.	1,668,242	81
	Bancolombia SA Preference Shares	11,063	68
	Grupo Aval Acciones y Valores SA ADR	21,896	54
	Cementos Argos SA Preference Shares	65,600	33
			19,615
Czech Republic (0.0%)
	CEZ A/S	319,450	17,150
	Komercni banka A/S	152,878	4,936
²	Moneta Money Bank A/S	670,223	2,457
	Philip Morris CR A/S	812	672
	Colt CZ Group SE	14,222	388
			25,603
Denmark (1.9%)
	Novo Nordisk A/S Class B	3,155,906	524,999
	DSV A/S	359,327	67,626
^*	Vestas Wind Systems A/S	2,027,421	56,100
^*	Genmab A/S	132,015	54,254
	Coloplast A/S Class B	267,752	38,578
²	Orsted A/S	379,935	34,099
	Carlsberg A/S Class B	184,217	30,487
^*	Danske Bank A/S	1,322,687	27,955
	Novozymes A/S Class B	400,827	20,868
	AP Moller - Maersk A/S Class B	10,357	18,721
	Tryg A/S	702,455	16,601
	Chr Hansen Holding A/S	206,415	16,065
	Pandora A/S	173,001	16,013
	AP Moller - Maersk A/S Class A	5,054	9,033
	Royal Unibrew A/S	99,537	8,897
^*	Demant A/S	194,951	8,355
	ROCKWOOL A/S Class B	12,807	3,102
	H Lundbeck A/S	490,004	2,594
	H Lundbeck A/S Class A	124,308	626
			954,973
Egypt (0.0%)
	Commercial International Bank Egypt SAE	4,514,970	7,829
	Egypt Kuwait Holding Co. SAE (XCAI)	554,619	637
	Telecom Egypt Co.	732,337	584
	Egypt Kuwait Holding Co. SAE	229,221	326
			9,376
Finland (0.8%)
	Nordea Bank Abp	5,225,418	58,051
	Nokia OYJ	11,400,120	48,236
	Sampo OYJ Class A	940,604	47,703
	Neste OYJ	837,581	40,593
	Kone OYJ Class B	658,351	37,559
	UPM-Kymmene OYJ	1,075,929	34,312
	Nordea Bank Abp (XHEL)	1,740,241	19,292
	Elisa OYJ	298,588	18,543
	Stora Enso OYJ Class R	1,152,993	14,628
	Metso Outotec OYJ	1,224,720	13,522
	Fortum OYJ	877,658	13,109

		Shares	Market Value• ($000)
	Valmet OYJ	339,271	11,478
	Kesko OYJ Class B	547,644	11,417
	Wartsila OYJ Abp	978,305	11,345
	Orion OYJ Class B	209,359	9,834
	Huhtamaki OYJ	189,158	6,818
	Kojamo OYJ	396,512	4,923
			401,363
France (7.6%)
	LVMH Moet Hennessy Louis Vuitton SE	497,782	478,807
	TotalEnergies SE	4,588,179	293,185
	Sanofi	2,197,542	236,825
	Schneider Electric SE	1,072,401	187,018
	Airbus SE	1,124,932	157,530
	BNP Paribas SA	2,224,784	143,751
^*	L'Oreal SA Loyalty Shares	290,348	138,762
	Hermes International	62,494	135,679
	Vinci SA	1,002,050	123,945
	AXA SA	3,769,321	123,031
	EssilorLuxottica SA	600,758	118,938
^*	Air Liquide SA Loyalty Shares	645,773	116,168
	Safran SA	701,839	109,150
	Pernod Ricard SA	412,950	95,371
	Kering SA	144,966	92,832
	Danone SA	1,229,292	81,359
	L'Oreal SA (XPAR)	148,892	71,158
	Air Liquide SA (XPAR)	348,814	62,748
	Capgemini SE	322,461	58,803
	STMicroelectronics NV	1,280,822	54,790
	Dassault Systemes SE	1,347,002	54,682
	Cie de Saint-Gobain	925,375	53,574
	Legrand SA	539,239	51,041
	Orange SA	3,863,564	50,288
	Cie Generale des Etablissements Michelin SCA	1,413,384	45,013
	Veolia Environnement SA	1,281,601	40,582
	Publicis Groupe SA	456,313	37,307
	Societe Generale SA	1,478,109	35,901
^*	Engie SA Loyalty Shares	2,078,776	33,269
	Edenred	501,237	32,567
	Thales SA	202,423	30,890
	Credit Agricole SA	2,445,645	29,894
^*	L'Oreal SA Loyalty Line 2024	57,973	27,706
	Carrefour SA	1,188,852	24,729
	Teleperformance	117,317	23,447
^*,2	Worldline SA	491,975	21,402
	Engie SA (XPAR)	1,150,750	18,417
	Eiffage SA	149,685	17,816
	Eurofins Scientific SE	246,207	17,198
	Bureau Veritas SA	576,771	16,631
¹	Alstom SA	612,374	15,392
	Bouygues SA	419,424	15,359
	Vivendi SE	1,394,859	15,322
^*	Renault SA	386,952	14,373
¹	Bollore SE	1,986,300	13,418
	Getlink SE	710,516	13,279
^*	Accor SA	371,071	13,165
²	Euronext NV	164,079	13,049
	Sartorius Stedim Biotech	48,349	12,953
	Arkema SA	130,174	12,880

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Gecina SA	104,598	11,644
^*	Rexel SA	485,052	11,236
^*,1	Unibail-Rodamco-Westfield	207,793	11,143
^*	Aeroports de Paris	64,641	10,272
	Electricite de France SA Class A	739,809	9,729
	Klepierre SA	380,118	9,628
	Valeo	488,292	9,535
	Dassault Aviation SA	46,843	9,154
	BioMerieux	86,051	9,010
	Remy Cointreau SA	49,915	8,637
	Ipsen SA	69,712	8,454
	SCOR SE	304,343	7,872
^*	Sodexo SA ACT Loyalty Shares	71,094	7,619
²	Amundi SA	114,984	7,533
²	La Francaise des Jeux SAEM	172,909	7,390
^*	SOITEC	49,891	7,369
^*	Air Liquide SA	36,120	6,498
	Wendel SE	55,802	6,260
	Sodexo SA (XPAR)	55,980	5,999
	Covivio SA	102,739	5,842
^*	Ubisoft Entertainment SA	191,463	5,607
^*	SEB SA Loyalty Shares	37,427	4,291
^*	Sodexo SA Loyalty Shares 2025	38,129	4,086
^*	Eurazeo Prime De Fidelite	54,926	3,922
^1,2	Neoen SA	123,327	3,703
²	ALD SA	272,513	3,283
^*	JCDecaux SE	148,208	3,281
	ICADE	64,565	3,032
	SEB SA (XPAR)	18,059	2,071
	Eurazeo SE (XPAR)	27,870	1,990
^*	Engie SA	122,657	1,963
	Cie de L'Odet SE	746	1,313
^*	Eurazeo SE	11,587	827
^*	Sodexo SA Loyalty Shares 2026	6,296	675
^*	Sodexo Inc.	5,047	541
^*	SEB SA PF25	3,101	356
^*	SEB Prime De Fidelite 2024	2,241	257
^*	Eurazeo SE Prime Fidelite 2024	1,811	129
			3,893,545
Germany (5.4%)
	SAP SE	2,238,597	302,919
	Siemens AG (Registered)	1,504,644	248,014
	Allianz SE (Registered)	810,899	203,622
	Deutsche Telekom AG (Registered)	6,830,386	164,693
	Mercedes-Benz Group AG	1,737,055	135,466
	Bayer AG (Registered)	1,984,350	130,960
^*	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)	282,439	106,148
	Infineon Technologies AG	2,631,579	95,834
	BASF SE	1,847,213	95,546
	Deutsche Post AG (Registered)	1,954,737	94,022

		Shares	Market Value• ($000)
	Bayerische Motoren Werke AG (XETR)	641,690	71,923
	Deutsche Boerse AG	370,720	70,700
	adidas AG Class B	338,597	59,629
^*	RWE AG	1,271,524	59,617
	E.ON SE	4,470,146	59,130
	Volkswagen AG Preference Shares	404,989	55,301
^*	Merck KGaA	260,955	46,807
	Deutsche Bank AG (Registered)	4,082,821	44,881
²	Siemens Healthineers AG	559,637	34,880
	Symrise AG Class A	262,746	31,746
	Vonovia SE	1,427,635	30,963
	MTU Aero Engines AG	107,317	28,178
	Henkel AG & Co. KGaA Preference Shares	347,639	28,106
	Beiersdorf AG	201,133	28,084
^*	Daimler Truck Holding AG	849,255	28,062
	Hannover Rueck SE Class A	121,218	25,899
	Rheinmetall AG	87,426	25,606
	Brenntag SE	311,169	25,362
	Fresenius SE & Co. KGaA	825,077	23,906
^*	Siemens Energy AG	952,610	23,381
^*	Commerzbank AG	2,093,794	23,269
	HeidelbergCement AG	292,429	22,149
¹	Fresenius Medical Care AG & Co. KGaA	409,281	19,860
^*	QIAGEN NV	442,414	19,785
	Sartorius AG Preference Shares	48,799	18,968
^*,2	Zalando SE	444,194	18,269
^*,2	Covestro AG	356,018	15,619
	GEA Group AG	330,097	15,525
	Continental AG	218,714	15,347
^*,2	Delivery Hero SE	375,003	14,989
	Henkel AG & Co. KGaA (XTER)	198,690	14,694
^*	Deutsche Lufthansa AG (Registered)	1,209,969	13,007
	Bayerische Motoren Werke AG Preference Shares	116,451	12,378
	Puma SE	200,124	11,727
	Volkswagen AG	59,222	9,943
	Carl Zeiss Meditec AG (Bearer)	73,895	9,939
²	Scout24 SE	152,924	9,531
	Knorr-Bremse AG	133,407	9,351
	LEG Immobilien SE (XETR)	150,183	9,348
^*	HelloFresh SE	327,583	8,796
	Nemetschek SE	108,913	8,513
	Evonik Industries AG	381,861	8,335
^*	CTS Eventim AG & Co. KGaA	117,457	7,739
	Bechtle AG	165,787	7,711
¹	thyssenkrupp AG	997,750	7,180
	LANXESS AG Class B	174,267	7,101
	Rational AG	9,630	6,975
	Telefonica Deutschland Holding AG	1,815,221	6,134
	KION Group AG	144,261	5,983

		Shares	Market Value• ($000)
	FUCHS PETROLUB SE Preference Shares	139,872	5,526
^*	Talanx AG	107,097	5,386
	Sixt SE (XETR)	38,112	4,728
	Wacker Chemie AG	30,213	4,672
	Hella GmbH & Co. KGaA	46,673	3,947
^*	Fraport AG Frankfurt Airport Services Worldwide	71,445	3,848
	HOCHTIEF AG	42,772	3,580
^*	RTL Group SA	75,999	3,562
	United Internet AG (Registered)	175,758	3,018
	Fielmann AG	47,968	2,485
	Traton SE	100,672	2,329
^*	METRO AG	270,493	2,300
²	DWS Group GmbH & Co. KGaA	67,123	2,232
	FUCHS PETROLUB SE	68,592	2,228
	Deutsche Wohnen SE	97,797	2,214
	Sartorius AG	5,502	1,709
^*	SUSE SA	81,744	1,545
	Sixt SE Preference Shares	15,557	1,239
			2,794,098
Greece (0.1%)
^*	Eurobank Ergasias Services and Holdings SA	5,122,166	7,242
	OPAP SA	376,641	6,423
	Hellenic Telecommunications Organization SA	427,505	6,247
	Mytilineos SA	206,806	6,000
^*	National Bank of Greece SA	1,110,359	5,811
^*	Alpha Services and Holdings SA	4,351,036	5,455
	JUMBO SA	223,578	5,151
^*	Public Power Corp. SA	421,073	3,634
^*	Piraeus Financial Holdings SA	1,314,015	3,108
	Motor Oil Hellas Corinth Refineries SA	114,884	2,738
	Terna Energy SA	108,095	2,396
^*	GEK Terna Holding Real Estate Construction SA	101,982	1,395
^*	Titan Cement International SA	69,060	1,141
	Hellenic Petroleum SA	123,008	977
^*	LAMDA Development SA	132,967	821
	Viohalco SA	126,541	693
^*	Aegean Airlines SA	76,910	660
	Autohellas Tourist and Trading SA	37,932	536
	Athens Water Supply & Sewage Co. SA	72,796	506
	Sarantis SA	58,908	466
	Holding Co. ADMIE IPTO SA	201,766	392
^*	Ellaktor SA	165,836	361
	Quest Holdings SA	49,530	270

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
^*,3	FF Group	60,219	—
			62,423
Hong Kong (1.9%)
	AIA Group Ltd.	23,608,811	257,031
	Hong Kong Exchanges & Clearing Ltd.	2,561,055	106,327
	Sun Hung Kai Properties Ltd.	2,868,994	39,946
	CK Hutchison Holdings Ltd.	5,363,599	35,858
	Link REIT	5,106,830	33,403
^*	Galaxy Entertainment Group Ltd.	4,347,061	30,939
	Techtronic Industries Co. Ltd.	2,644,274	28,607
	CLP Holdings Ltd.	3,302,871	24,592
	CK Asset Holdings Ltd.	3,945,938	23,333
	BOC Hong Kong Holdings Ltd.	7,253,530	22,897
	Hang Seng Bank Ltd.	1,460,537	21,649
	Hong Kong & China Gas Co. Ltd.	21,949,110	19,489
	Jardine Matheson Holdings Ltd.	397,332	19,208
	Wharf Real Estate Investment Co. Ltd.	3,116,420	17,972
^*	Sands China Ltd.	4,832,304	17,307
	Power Assets Holdings Ltd.	2,752,404	15,728
	Lenovo Group Ltd.	15,050,809	15,398
	MTR Corp. Ltd.	2,919,672	14,588
	Sino Land Co. Ltd.	7,606,520	10,250
	Hongkong Land Holdings Ltd.	2,232,054	9,934
²	Budweiser Brewing Co. APAC Ltd.	3,426,933	9,901
	Henderson Land Development Co. Ltd.	2,606,302	9,280
²	WH Group Ltd.	15,676,002	8,727
^*,2	Samsonite International SA	2,601,103	8,242
	PRADA SpA	1,040,735	7,663
	New World Development Co. Ltd.	2,856,554	7,618
	Xinyi Glass Holdings Ltd.	4,155,583	7,603
	Chow Tai Fook Jewellery Group Ltd.	3,555,897	7,141
	Swire Pacific Ltd. Class A	896,352	7,115
	CK Infrastructure Holdings Ltd.	1,187,559	6,761
	Hang Lung Properties Ltd.	3,650,140	6,672
²	ESR Group Ltd.	4,048,114	6,328
	Swire Properties Ltd.	2,146,292	5,769
	Want Want China Holdings Ltd.	8,769,807	5,593
	Orient Overseas International Ltd.	264,500	5,374
	ASMPT Ltd.	632,200	4,970
	SITC International Holdings Co. Ltd.	2,382,534	4,407
	Wharf Holdings Ltd.	1,914,643	4,378
	PCCW Ltd.	8,175,776	4,265
	Hysan Development Co. Ltd.	1,222,877	3,456

		Shares	Market Value• ($000)
²	BOC Aviation Ltd.	419,326	3,324
	Hang Lung Group Ltd.	1,790,040	3,147
^*	Wynn Macau Ltd.	2,899,320	3,137
	Kerry Properties Ltd.	1,183,233	3,053
^*	HUTCHMED China Ltd.	971,500	3,001
^*	AAC Technologies Holdings Inc.	1,397,837	2,955
	Vitasoy International Holdings Ltd.	1,612,957	2,853
	Man Wah Holdings Ltd.	3,146,853	2,647
^*,1	SJM Holdings Ltd.	4,726,143	2,461
	Bank of East Asia Ltd.	1,863,452	2,456
	NWS Holdings Ltd.	2,831,079	2,452
^*	NagaCorp Ltd.	3,006,536	2,438
	L'Occitane International SA	922,855	2,348
^*	United Energy Group Ltd.	15,262,205	2,300
²	Js Global Lifestyle Co. Ltd.	2,505,091	2,221
	Swire Pacific Ltd. Class B	1,663,588	2,112
^*,1	MGM China Holdings Ltd.	1,545,323	2,111
	Yue Yuen Industrial Holdings Ltd.	1,375,824	2,071
^*	Shangri-La Asia Ltd.	2,180,616	2,012
	VTech Holdings Ltd.	332,020	1,993
^*,1	Cathay Pacific Airways Ltd.	2,037,730	1,972
^*	Melco International Development Ltd.	1,601,675	1,864
^*	MMG Ltd.	4,931,627	1,805
	DFI Retail Group Holdings Ltd.	599,214	1,803
	Champion REIT	3,968,530	1,657
	First Pacific Co. Ltd.	4,527,139	1,516
^*	China Travel International Investment Hong Kong Ltd.	5,292,794	1,129
	Nexteer Automotive Group Ltd.	1,648,541	924
	Cafe de Coral Holdings Ltd.	656,419	919
¹	Huabao International Holdings Ltd.	1,942,849	917
	Johnson Electric Holdings Ltd.	725,143	811
	Kerry Logistics Network Ltd.	532,965	755
	Dah Sing Financial Holdings Ltd.	289,449	742
^*,1	Super Hi International Holding Ltd.	323,523	675
	Dah Sing Banking Group Ltd.	762,105	611
^*,1	Haitong International Securities Group Ltd.	5,646,751	477
	Hutchison Telecommunications Hong Kong Holdings Ltd.	2,662,363	462
^*,1,2	FIT Hon Teng Ltd.	2,240,242	444
	Guotai Junan International Holdings Ltd.	4,617,212	390

		Shares	Market Value• ($000)
^*	China Com Rich Rene Ene Invest	14,742,000	383
^*,3	Brightoil Petroleum Holdings Ltd.	3,241,567	—
^*,3	Huishan Dairy	5,503,795	—
			967,067
Hungary (0.1%)
	OTP Bank Nyrt	464,724	14,162
	Richter Gedeon Nyrt	279,522	6,751
	MOL Hungarian Oil & Gas plc	726,529	5,892
^*	Magyar Telekom Telecommunications plc	694,052	873
			27,678
Iceland (0.0%)
	Marel HF	1,145,201	4,936
²	Arion Banki HF	2,772,686	2,912
	Islandsbanki HF	2,113,099	1,930
	Kvika banki HF	8,423,794	1,130
	Hagar HF	2,087,422	1,031
	Eimskipafelag Islands HF	220,481	929
	Reitir fasteignafelag HF	1,431,854	888
	Festi HF	501,549	727
^*	Icelandair Group HF	48,100,311	699
			15,182
India (4.1%)
	Housing Development Finance Corp. Ltd.	3,529,368	120,252
	Reliance Industries Ltd.	4,046,984	120,184
	Tata Consultancy Services Ltd.	2,054,298	81,220
²	Reliance Industries Ltd. GDR	1,271,219	75,760
	Infosys Ltd. ADR	3,790,484	58,904
	Hindustan Unilever Ltd.	1,783,870	53,694
	Infosys Ltd.	3,388,626	52,284
	Axis Bank Ltd.	4,582,676	48,374
	Bharti Airtel Ltd (XNSE)	4,801,226	47,001
	Larsen & Toubro Ltd.	1,388,470	40,255
	Bajaj Finance Ltd.	476,910	36,786
	ICICI Bank Ltd.	3,171,205	35,775
	Asian Paints Ltd.	911,720	32,447
	ITC Ltd.	5,983,785	31,204
	HCL Technologies Ltd.	2,193,952	28,684
	Maruti Suzuki India Ltd.	267,848	28,210
	Mahindra & Mahindra Ltd.	1,863,364	28,036
	Titan Co. Ltd.	840,835	27,242
	Sun Pharmaceutical Industries Ltd.	2,200,779	26,621
	Tata Steel Ltd.	16,461,950	21,825
^*	Tata Motors Ltd.	3,635,146	21,689
	UltraTech Cement Ltd.	232,845	21,555
	NTPC Ltd.	9,360,039	19,742
	Nestle India Ltd.	72,960	19,436
	State Bank of India GDR (Registered)	270,365	19,065
	Power Grid Corp. of India Ltd.	6,365,543	18,510
	JSW Steel Ltd.	2,028,446	18,048

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Grasim Industries Ltd.	781,806	16,487
	Tech Mahindra Ltd.	1,224,531	15,408
	Hindalco Industries Ltd.	2,856,400	15,326
	Oil & Natural Gas Corp. Ltd.	7,476,838	14,582
	Adani Ports & Special Economic Zone Ltd.	1,636,078	13,677
	Britannia Industries Ltd.	241,524	13,467
^*,2	Avenue Supermarts Ltd.	302,236	13,017
	Adani Enterprises Ltd.	550,039	13,004
	Bajaj Finserv Ltd.	775,800	12,906
²	HDFC Life Insurance Co. Ltd.	1,984,517	12,883
²	SBI Life Insurance Co. Ltd.	854,441	11,938
	Coal India Ltd.	4,070,407	11,634
	Cipla Ltd.	1,037,683	11,545
	Eicher Motors Ltd.	284,633	11,526
	Tata Consumer Products Ltd.	1,229,946	11,508
	Apollo Hospitals Enterprise Ltd.	202,324	11,200
	Dr. Reddy's Laboratories Ltd.	173,190	10,444
	Divi's Laboratories Ltd.	258,247	10,346
²	LTIMindtree Ltd.	181,303	9,855
	UPL Ltd.	1,070,031	9,711
^*	Adani Green Energy Ltd.	808,601	9,439
	Pidilite Industries Ltd.	311,662	9,240
^*	Zomato Ltd.	11,232,662	8,982
	SRF Ltd.	288,001	8,975
	Bharat Petroleum Corp. Ltd.	2,023,759	8,858
	Cholamandalam Investment and Finance Co. Ltd.	823,181	8,799
	Vedanta Ltd.	2,487,042	8,532
	Bharat Electronics Ltd.	6,721,587	8,513
^*	Max Healthcare Institute Ltd.	1,504,291	8,476
	Indian Oil Corp. Ltd.	8,406,180	8,377
	Tata Power Co. Ltd.	3,375,290	8,337
	Hero MotoCorp Ltd.	265,007	8,310
^*	Godrej Consumer Products Ltd.	746,707	8,297
	Shree Cement Ltd.	27,672	8,251
	Shriram Finance Ltd.	483,017	7,894
	Wipro Ltd. ADR	1,651,373	7,761
	Siemens Ltd.	181,580	7,675
	Dabur India Ltd.	1,172,930	7,656
^*	Yes Bank Ltd.	39,746,194	7,649
	Bajaj Auto Ltd.	138,478	7,516
	Havells India Ltd.	491,940	7,421
	Varun Beverages Ltd.	412,352	7,308
	Info Edge India Ltd.	153,916	7,142
	Gail India Ltd.	5,321,635	6,995
	Indian Hotels Co. Ltd. Class A	1,678,547	6,982
	Hindustan Aeronautics Ltd.	191,134	6,845
^*	Ambuja Cements Ltd.	1,388,020	6,750
	DLF Ltd.	1,270,990	6,648

		Shares	Market Value• ($000)
	State Bank of India	922,442	6,551
	TVS Motor Co. Ltd.	469,227	6,550
²	ICICI Lombard General Insurance Co. Ltd.	490,721	6,487
	Adani Total Gas Ltd.	559,633	6,485
	PI Industries Ltd.	156,253	6,480
^*	Adani Transmission Ltd.	510,810	6,443
	Marico Ltd.	1,047,402	6,370
	Tube Investments of India Ltd.	199,522	6,330
	Trent Ltd.	368,257	6,173
^*,2	InterGlobe Aviation Ltd.	247,941	6,143
	MRF Ltd.	5,531	6,030
	Page Industries Ltd.	11,747	5,803
	Jindal Steel & Power Ltd.	804,390	5,756
	Persistent Systems Ltd.	98,532	5,740
	Tata Elxsi Ltd.	69,700	5,688
^*	United Spirits Ltd.	588,534	5,611
	SBI Cards & Payment Services Ltd.	591,390	5,597
^*	Adani Power Ltd.	1,981,084	5,464
	CG Power & Industrial Solutions Ltd.	1,440,861	5,457
^*,2	AU Small Finance Bank Ltd.	666,386	5,432
	Cummins India Ltd.	275,935	5,329
	Ashok Leyland Ltd.	2,962,131	5,306
	Colgate-Palmolive India Ltd.	269,476	5,262
^*	PB Fintech Ltd.	709,163	5,224
	Federal Bank Ltd.	3,140,072	5,202
	Bharat Forge Ltd.	513,522	5,044
	Embassy Office Parks REIT	1,240,778	5,002
	Power Finance Corp. Ltd.	2,349,297	4,893
	Bank of Baroda	2,114,089	4,876
	APL Apollo Tubes Ltd.	332,796	4,876
^*	IDFC First Bank Ltd.	6,258,674	4,725
	Indian Railway Catering & Tourism Corp. Ltd.	614,344	4,657
^*,2	Bandhan Bank Ltd.	1,614,942	4,548
	Voltas Ltd.	463,308	4,540
	Bajaj Holdings & Investment Ltd.	53,937	4,526
	ABB India Ltd.	106,870	4,476
	Petronet LNG Ltd.	1,533,181	4,453
	NIIT Technologies Ltd.	85,139	4,380
	Dr Reddy's Laboratories Ltd. ADR	71,982	4,352
	Indraprastha Gas Ltd.	716,334	4,351
	Astral Ltd. (XNSE)	243,097	4,317
	Kotak Mahindra Bank Ltd.	181,015	4,308
	Lupin Ltd.	492,818	4,283
	Wipro Ltd.	902,945	4,276
	Balkrishna Industries Ltd.	164,470	4,200
	Container Corp. of India Ltd.	558,721	4,189
²	ICICI Prudential Life Insurance Co. Ltd.	777,199	4,141
	Bosch Ltd.	17,413	4,133

		Shares	Market Value• ($000)
	REC Ltd.	2,544,708	4,123
	Supreme Industries Ltd.	123,534	4,116
	Dalmia Bharat Ltd.	167,987	4,110
^*	FSN E-Commerce Ventures Ltd.	2,726,092	4,102
	Jubilant Foodworks Ltd.	745,678	4,089
	Zee Entertainment Enterprises Ltd.	1,693,182	4,086
	Aurobindo Pharma Ltd.	531,423	4,017
	Torrent Pharmaceuticals Ltd.	198,176	4,012
²	Sona Blw Precision Forgings Ltd.	680,941	4,010
	Motherson Sumi Systems Ltd.	4,406,333	3,969
^*	Max Financial Services Ltd.	492,748	3,861
	Mahindra & Mahindra Financial Services Ltd.	1,212,999	3,858
	Hindustan Petroleum Corp. Ltd.	1,242,101	3,821
	Mphasis Ltd.	167,474	3,736
^*	ACC Ltd.	172,600	3,730
	Berger Paints India Ltd.	495,354	3,707
	Polycab India Ltd.	90,750	3,567
	Tata Communications Ltd.	227,611	3,544
	Deepak Nitrite Ltd.	151,315	3,503
	Indus Towers Ltd.	1,778,223	3,379
	Cadila Healthcare Ltd.	510,024	3,248
	Gujarat Fluorochemicals Ltd.	77,592	3,219
	NMDC Ltd. (XNSE)	2,356,824	3,138
²	HDFC Asset Management Co. Ltd.	143,143	3,094
	Steel Authority of India Ltd.	2,972,783	3,021
	Torrent Power Ltd.	435,356	2,942
^*	Godrej Properties Ltd.	180,858	2,921
	Canara Bank	746,362	2,912
^*	Tata Motors Ltd. Class A	952,217	2,909
²	Laurus Labs Ltd.	745,381	2,809
	Schaeffler India Ltd.	82,096	2,792
^*	GMR Infrastructure Ltd.	4,896,277	2,741
	Muthoot Finance Ltd.	216,821	2,711
	Oberoi Realty Ltd.	241,229	2,708
	LIC Housing Finance Ltd.	631,320	2,665
	Aarti Industries Ltd.	383,873	2,647
	Biocon Ltd.	918,476	2,616
	Dixon Technologies India Ltd.	72,852	2,607
^*	Macrotech Developers Ltd.	228,671	2,605
	Coromandel International Ltd.	224,815	2,596
	NHPC Ltd.	4,722,688	2,564
	JSW Energy Ltd.	790,925	2,531
²	L&T Technology Services Ltd.	53,603	2,490
^*	Star Health & Allied Insurance Co. Ltd.	342,341	2,481

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	United Breweries Ltd.	136,493	2,474
	Bharat Heavy Electricals Ltd.	2,560,459	2,464
	Ipca Laboratories Ltd.	274,594	2,387
^*	One 97 Communications Ltd.	295,406	2,369
	Gujarat Gas Ltd.	403,569	2,317
	Piramal Enterprises Ltd.	252,834	2,285
^*	Exide Industries Ltd.	938,673	2,253
	Bata India Ltd.	121,156	2,189
	Alkem Laboratories Ltd.	49,550	2,130
	Minda Industries Ltd.	332,852	2,127
	Union Bank of India	2,271,072	2,116
	Linde India Ltd.	43,195	2,110
	Oil India Ltd.	666,162	2,082
	Glenmark Pharmaceuticals Ltd.	298,086	2,057
	L&T Finance Holdings Ltd.	1,739,695	1,977
^*	Aditya Birla Capital Ltd.	953,912	1,958
	Emami Ltd.	423,817	1,946
	Honeywell Automation India Ltd.	4,462	1,946
	Oracle Financial Services Software Ltd.	44,441	1,941
	Rajesh Exports Ltd.	278,548	1,903
	Solar Industries India Ltd.	39,110	1,832
	Hindustan Zinc Ltd.	470,755	1,814
^*,2	RBL Bank Ltd.	902,847	1,794
²	Dr Lal PathLabs Ltd.	69,923	1,675
^*	Adani Wilmar Ltd.	316,631	1,602
	3M India Ltd.	5,542	1,530
	Bank of India	1,442,250	1,487
	Relaxo Footwears Ltd.	142,301	1,470
²	Indian Railway Finance Corp. Ltd.	3,726,350	1,450
	Castrol India Ltd.	984,699	1,445
	Patanjali Foods Ltd.	123,317	1,426
	Indian Bank	356,521	1,411
	Punjab National Bank	2,189,294	1,404
^*	Vodafone Idea Ltd.	15,937,069	1,358
	GlaxoSmithKline Pharmaceuticals Ltd.	84,128	1,278
	Bayer CropScience Ltd.	25,215	1,278
	Kansai Nerolac Paints Ltd.	273,396	1,272
	Sun TV Network Ltd.	198,656	1,051
	Whirlpool of India Ltd.	60,354	978
	Vedant Fashions Ltd.	60,341	942
²	Nippon Life India Asset Management Ltd.	317,363	926
^*	Godrej Industries Ltd.	166,707	919
^*	Tata Teleservices Maharashtra Ltd.	1,003,654	754
^*	IDBI Bank Ltd.	998,348	670
²	General Insurance Corp. of India	193,929	365

		Shares	Market Value• ($000)
^*	Mangalore Refinery & Petrochemicals Ltd.	392,134	309
	Bharti Airtel Ltd.	32,300	162
			2,077,294
Indonesia (0.6%)
	Bank Central Asia Tbk PT	111,893,243	69,245
	Bank Rakyat Indonesia Persero Tbk PT	140,270,303	48,881
	Bank Mandiri Persero Tbk PT	88,673,044	31,346
	Telkom Indonesia Persero Tbk PT	93,692,224	27,138
	Astra International Tbk PT	40,971,688	18,899
^*	GoTo Gojek Tokopedia Tbk PT	1,437,759,800	10,266
	Bank Negara Indonesia Persero Tbk PT	15,035,087	9,689
^*	Merdeka Copper Gold Tbk PT	33,739,100	9,101
	Sumber Alfaria Trijaya Tbk PT	38,836,200	7,679
	United Tractors Tbk PT	3,064,912	6,050
	Kalbe Farma Tbk PT	38,404,437	5,560
	Adaro Energy Tbk PT	25,754,263	5,513
	Charoen Pokphand Indonesia Tbk PT	15,000,564	4,696
	Indofood Sukses Makmur Tbk PT	9,174,905	4,039
	Unilever Indonesia Tbk PT	11,765,350	3,534
	Indofood CBP Sukses Makmur Tbk PT	4,580,984	3,308
	Barito Pacific Tbk PT	51,834,350	2,956
	Indah Kiat Pulp & Paper Corp. Tbk PT	5,427,500	2,884
	Sarana Menara Nusantara Tbk PT	41,002,000	2,872
	Elang Mahkota Teknologi Tbk PT	58,544,300	2,826
^*	Semen Indonesia Persero Tbk PT	6,731,719	2,738
	Indocement Tunggal Prakarsa Tbk PT	3,235,998	2,397
	Bukit Asam Tbk PT	8,352,055	2,362
	Dayamitra Telekomunikasi PT	45,647,200	2,180
	Perusahaan Gas Negara Persero Tbk PT	21,193,346	2,073
^*	Vale Indonesia Tbk PT	4,142,662	1,980
	Gudang Garam Tbk PT	892,586	1,732
	Mayora Indah Tbk PT	7,227,000	1,282
	Avia Avian Tbk PT	30,505,100	1,248
^*	Bumi Serpong Damai Tbk PT	16,988,240	1,235
	Hanjaya Mandala Sampoerna Tbk PT	17,319,200	1,200
	Tower Bersama Infrastructure Tbk PT	8,390,657	1,180
	XL Axiata Tbk PT	9,005,305	1,078
	Indosat Tbk PT	2,208,200	1,055
^*	Jasa Marga Persero Tbk PT	4,282,519	961

		Shares	Market Value• ($000)
^*	MNC Digital Entertainment Tbk PT	3,174,400	873
	LEG Immobilien SE	6,721,661	794
^*	Smartfren Telecom Tbk PT	193,520,100	780
	Surya Citra Media Tbk PT	46,597,995	525
	Astra Agro Lestari Tbk PT	800,525	422
^*	Media Nusantara Citra Tbk PT	10,296,366	415
	Bank Danamon Indonesia Tbk PT	1,646,227	317
			305,309
Ireland (0.2%)
	Kerry Group plc Class A	310,777	32,733
	Bank of Ireland Group plc	2,157,339	22,313
	Kingspan Group plc	304,480	21,100
	AIB Group plc	2,320,578	9,980
	Glanbia plc (XDUB)	369,887	5,609
^*,3	Irish Bank Resolution Corp.	236,607	—
			91,735
Israel (0.4%)
^*	Nice Ltd.	128,075	26,253
	Bank Leumi Le-Israel BM	3,096,145	24,542
	Bank Hapoalim BM	2,697,024	23,234
^*	Teva Pharmaceutical Industries Ltd.	2,009,577	17,612
	Israel Discount Bank Ltd. Class A	2,486,455	12,357
^*	Tower Semiconductor Ltd.	221,095	9,748
	Elbit Systems Ltd.	48,984	9,068
	ICL Group Ltd.	1,450,983	9,012
	Mizrahi Tefahot Bank Ltd.	274,708	9,009
	Bezeq The Israeli Telecommunication Corp. Ltd.	4,122,781	5,613
^*	Nova Ltd.	58,329	5,424
	Azrieli Group Ltd.	74,682	4,355
	First International Bank of Israel Ltd.	105,495	3,833
	Mivne Real Estate KD Ltd.	1,316,003	3,686
^*	Enlight Renewable Energy Ltd.	197,987	3,281
^*	Shufersal Ltd.	533,572	2,720
	Phoenix Holdings Ltd.	243,118	2,608
	Melisron Ltd.	35,115	2,348
^*	Big Shopping Centers Ltd.	27,385	2,336
	Israel Corp. Ltd.	7,277	2,131
	Harel Insurance Investments & Financial Services Ltd.	229,414	2,059
^*	Strauss Group Ltd.	83,589	1,864
^*	Airport City Ltd.	141,111	1,807
	Amot Investments Ltd.	331,679	1,758
	Delek Group Ltd.	16,004	1,743
	Alony Hetz Properties & Investments Ltd.	218,134	1,722

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Shapir Engineering and Industry Ltd.	229,616	1,641
	Electra Ltd.	3,602	1,547
	Energix-Renewable Energies Ltd.	422,055	1,256
	Ashtrom Group Ltd.	78,859	1,243
^*	OPC Energy Ltd.	164,233	1,172
^*	Fattal Holdings 1998 Ltd.	12,476	1,121
^*	Shikun & Binui Ltd.	490,022	1,052
	Kenon Holdings Ltd.	32,187	856
	Elco Ltd.	18,817	653
	Gav-Yam Lands Corp. Ltd.	55,428	400
			201,064
Italy (1.7%)
	Enel SpA	15,694,362	107,226
	Intesa Sanpaolo SpA	32,700,385	85,982
	UniCredit SpA	3,784,246	74,987
	Ferrari NV	242,945	67,696
	Eni SpA	4,466,194	67,473
	Assicurazioni Generali SpA Class A	2,732,028	56,903
	Stellantis NV	2,466,178	40,905
	Moncler SpA	409,982	30,413
	Stellantis NV (XNYS)	1,726,792	28,611
	CNH Industrial NV	1,997,858	28,114
	Snam SpA	4,516,296	25,100
	Terna - Rete Elettrica Nazionale	2,836,653	24,553
	Prysmian SpA	530,363	21,705
	FinecoBank Banca Fineco SpA	1,237,101	18,752
	Mediobanca Banca di Credito Finanziario SpA	1,290,951	13,864
	Davide Campari-Milano NV	1,007,261	12,981
	Tenaris SA	789,964	11,301
¹	Banco BPM SpA	2,752,602	11,192
²	Infrastrutture Wireless Italiane SpA	708,632	9,835
	Leonardo SpA	806,547	9,611
²	Poste Italiane SpA	922,205	9,597
	Amplifon SpA	260,561	9,565
^*,2	Nexi SpA	1,117,746	9,268
	Recordati Industria Chimica e Farmaceutica SpA	195,886	9,017
	Interpump Group SpA	161,094	8,991
^*,1	Telecom Italia SpA (MTAA)	22,469,365	6,609
	Italgas SpA	991,322	6,473
	A2A SpA	3,038,830	5,362
	Reply SpA	45,549	5,307
²	Pirelli & C SpA	999,843	5,237
	Hera SpA	1,588,307	4,945
	DiaSorin SpA	44,482	4,831
	Banca Mediolanum SpA	486,581	4,399
	Buzzi Unicem SpA	172,713	4,295
^*	Telecom Italia SpA	11,373,571	3,284
	De' Longhi SpA	140,443	3,263
	UnipolSai Assicurazioni SpA	848,152	2,282
	Tenaris SA ADR	75,547	2,169
			852,098

		Shares	Market Value• ($000)
Japan (15.1%)
	Toyota Motor Corp.	24,168,735	331,838
	Sony Group Corp.	2,492,584	225,513
	Keyence Corp.	393,174	177,304
	Mitsubishi UFJ Financial Group Inc.	23,417,654	146,584
	Daiichi Sankyo Co. Ltd.	3,792,269	130,130
	Shin-Etsu Chemical Co. Ltd.	3,906,285	111,469
	Sumitomo Mitsui Financial Group Inc.	2,588,781	105,813
	Tokyo Electron Ltd.	896,320	102,634
	KDDI Corp.	3,220,124	100,526
	Hitachi Ltd.	1,814,736	100,381
	Takeda Pharmaceutical Co. Ltd.	3,015,555	99,993
	Daikin Industries Ltd.	535,431	97,251
	Mitsui & Co. Ltd.	3,015,870	94,152
	Nintendo Co. Ltd.	2,119,650	89,613
	ITOCHU Corp.	2,699,628	89,560
	Honda Motor Co. Ltd.	3,354,013	88,959
	Mitsubishi Corp.	2,364,072	87,650
	Recruit Holdings Co. Ltd.	2,726,214	76,480
	Tokio Marine Holdings Inc.	3,758,610	75,574
	Mizuho Financial Group Inc.	5,115,570	74,154
	Fast Retailing Co. Ltd.	310,786	73,595
	SoftBank Group Corp.	1,952,807	73,235
	Hoya Corp.	696,309	73,012
	Nippon Telegraph & Telephone Corp.	2,324,049	70,916
	Seven & i Holdings Co. Ltd.	1,553,259	70,390
	Oriental Land Co. Ltd.	1,889,429	66,865
	FANUC Corp.	1,940,330	65,527
	Murata Manufacturing Co. Ltd.	1,132,155	64,234
	Softbank Corp.	5,507,639	62,009
	SMC Corp.	113,731	56,723
	Astellas Pharma Inc.	3,684,016	55,498
	Denso Corp.	890,684	53,765
	Japan Tobacco Inc.	2,387,075	51,362
	Mitsubishi Electric Corp.	3,919,426	48,596
	Fujitsu Ltd.	362,739	48,345
	Canon Inc.	1,956,840	46,607
	Nidec Corp.	932,069	46,121
	Komatsu Ltd.	1,850,609	46,024
	Bridgestone Corp.	1,134,602	45,564
	Central Japan Railway Co.	365,497	45,248
	Marubeni Corp.	3,077,427	43,679
	Olympus Corp.	2,492,379	43,633
	East Japan Railway Co.	728,319	41,676
	Panasonic Holdings Corp.	4,304,384	40,542
	Sumitomo Corp.	2,256,827	40,449
	ORIX Corp.	2,375,121	40,407
	Shiseido Co. Ltd.	783,184	39,258
	Terumo Corp.	1,309,531	39,215

		Shares	Market Value• ($000)
	Asahi Group Holdings Ltd.	977,950	37,782
	FUJIFILM Holdings Corp.	715,826	37,309
	Kao Corp.	920,483	37,195
	Mitsui Fudosan Co. Ltd.	1,832,185	36,391
	Dai-ichi Life Holdings Inc.	1,934,725	35,987
	Nippon Steel Corp.	1,643,240	35,095
	Japan Post Holdings Co. Ltd.	4,234,625	34,859
	Ajinomoto Co. Inc.	953,586	34,295
	Chugai Pharmaceutical Co. Ltd.	1,311,321	33,839
	Kubota Corp.	2,181,770	33,060
	Daiwa House Industry Co. Ltd.	1,289,429	32,866
	Kyocera Corp.	614,021	32,228
^*	Renesas Electronics Corp.	2,454,956	31,994
	Suzuki Motor Corp.	909,697	31,720
	Unicharm Corp.	782,978	31,609
	Eisai Co. Ltd.	532,974	30,754
	MS&AD Insurance Group Holdings Inc.	905,748	29,729
	Advantest Corp.	373,841	29,134
	Aeon Co. Ltd.	1,414,285	28,826
	Otsuka Holdings Co. Ltd.	842,600	28,666
	Mitsubishi Estate Co. Ltd.	2,238,883	27,593
	Toshiba Corp.	847,785	27,315
	Bandai Namco Holdings Inc.	1,172,830	26,641
	Sumitomo Mitsui Trust Holdings Inc.	726,298	26,181
	Sompo Holdings Inc.	622,021	25,957
	TDK Corp.	724,892	24,921
	Secom Co. Ltd.	388,673	24,888
	Sysmex Corp.	383,118	24,643
	Kirin Holdings Co. Ltd.	1,502,714	24,412
	Japan Post Bank Co. Ltd.	3,013,170	24,062
	Shimano Inc.	154,960	23,965
	Shionogi & Co. Ltd.	532,997	23,859
¹	Nippon Yusen KK	970,944	22,952
	Sekisui House Ltd.	1,114,479	22,912
	Mitsubishi Heavy Industries Ltd.	576,225	21,851
	Kikkoman Corp.	366,873	21,731
	Nomura Holdings Inc.	6,049,580	21,687
	Nomura Research Institute Ltd.	861,238	21,668
	Omron Corp.	364,403	21,376
	Resona Holdings Inc.	4,277,151	21,317
	Yaskawa Electric Corp.	519,759	21,168
	Lasertec Corp.	153,340	20,861
	M3 Inc.	848,611	20,830
	Obic Co. Ltd.	134,069	20,657
	Inpex Corp.	1,878,898	20,561
	West Japan Railway Co.	468,049	20,286
	ENEOS Holdings Inc.	5,668,724	20,167
	Subaru Corp.	1,225,944	20,010
	NEC Corp.	516,684	19,869

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Yakult Honsha Co. Ltd.	260,998	19,631
	Sumitomo Electric Industries Ltd.	1,506,880	19,231
	Disco Corp.	168,733	19,211
	Nitori Holdings Co. Ltd.	150,194	19,125
	Nitto Denko Corp.	295,087	19,077
	Toyota Industries Corp.	322,404	18,737
	Toyota Tsusho Corp.	446,987	18,580
	Sumitomo Realty & Development Co. Ltd.	794,390	18,548
	Nippon Paint Holdings Co. Ltd.	2,036,721	18,376
	Nexon Co. Ltd.	806,872	18,228
	Sumitomo Metal Mining Co. Ltd.	477,546	17,626
	Asahi Kasei Corp.	2,475,178	17,483
	Japan Exchange Group Inc.	1,067,819	17,339
	Toray Industries Inc.	3,048,506	17,277
	NTT Data Corp.	1,268,809	17,234
	Tokyo Gas Co. Ltd.	840,492	17,216
	Tokyu Corp.	1,202,210	16,970
	Ono Pharmaceutical Co. Ltd.	842,782	16,969
	Shimadzu Corp.	539,414	16,871
¹	Mitsui OSK Lines Ltd.	667,695	16,553
	Yamaha Motor Co. Ltd.	611,684	15,862
	Kansai Electric Power Co. Inc.	1,459,401	15,754
	Chubu Electric Power Co. Inc.	1,399,715	15,610
	MINEBEA MITSUMI Inc.	831,956	15,407
	Dentsu Group Inc.	417,520	15,045
	Pan Pacific International Holdings Corp.	804,005	15,024
	Mitsubishi Chemical Group Corp.	2,556,878	15,000
	Dai Nippon Printing Co. Ltd.	521,069	14,979
	Z Holdings Corp.	5,262,922	14,416
	MISUMI Group Inc.	563,344	14,212
	Nissan Motor Co. Ltd.	3,879,799	14,147
	Makita Corp.	492,185	13,885
	AGC Inc.	370,891	13,829
	Hankyu Hanshin Holdings Inc.	438,525	13,691
	Hamamatsu Photonics KK	256,512	13,599
	Daiwa Securities Group Inc.	2,904,302	13,490
	Capcom Co. Ltd.	356,770	13,407
	MatsukiyoCocokara & Co.	247,175	13,236
	Osaka Gas Co. Ltd.	794,091	13,135
	Nissin Foods Holdings Co. Ltd.	135,722	13,085
	Nippon Building Fund Inc.	3,092	12,965
	TIS Inc.	463,380	12,724
	Rohm Co. Ltd.	166,693	12,550
	MEIJI Holdings Co. Ltd.	517,978	12,499
	T&D Holdings Inc.	1,009,859	12,367

		Shares	Market Value• ($000)
	Kintetsu Group Holdings Co. Ltd.	365,481	12,338
	Isuzu Motors Ltd.	1,042,844	12,315
	Daito Trust Construction Co. Ltd.	129,675	12,290
	SG Holdings Co. Ltd.	852,325	12,265
	JFE Holdings Inc.	1,029,251	12,176
	Yamaha Corp.	306,752	12,089
	Taisei Corp.	351,966	11,971
	Nissan Chemical Corp.	265,653	11,806
	Trend Micro Inc.	233,690	11,419
	TOPPAN Inc.	537,107	11,418
	Kajima Corp.	860,487	11,385
	Yamato Holdings Co. Ltd.	662,476	11,380
	Obayashi Corp.	1,359,423	11,333
^*	Tokyo Electric Power Co. Holdings Inc.	3,128,886	11,218
	Kyowa Kirin Co. Ltd.	500,382	11,134
	Nippon Prologis REIT Inc.	4,728	10,771
	Daifuku Co. Ltd.	581,296	10,710
	Nomura Real Estate Master Fund Inc.	9,046	10,585
	Kawasaki Kisen Kaisha Ltd.	443,700	10,574
	Tobu Railway Co. Ltd.	411,786	10,511
	Mazda Motor Corp.	1,153,192	10,436
	Japan Real Estate Investment Corp.	2,630	10,421
	Japan Metropolitan Fund Investment	13,969	10,228
	Sumitomo Chemical Co. Ltd.	3,019,230	10,203
	Fuji Electric Co. Ltd.	252,666	10,199
	Aisin Corp.	345,955	10,154
	GLP J-REIT	8,835	10,095
	Idemitsu Kosan Co. Ltd.	469,243	9,992
	TOTO Ltd.	290,192	9,925
	Keisei Electric Railway Co. Ltd.	279,131	9,850
	Sojitz Corp.	464,005	9,773
	Asics Corp.	343,935	9,613
	SBI Holdings Inc.	491,753	9,604
	Suntory Beverage & Food Ltd.	251,815	9,480
	Konami Group Corp.	192,519	9,473
	Ricoh Co. Ltd.	1,143,595	9,469
	BayCurrent Consulting Inc.	271,200	9,427
	SUMCO Corp.	684,453	9,426
	Sekisui Chemical Co. Ltd.	659,081	9,380
	Kurita Water Industries Ltd.	220,302	9,233
	Daiwa House REIT Investment Corp.	4,300	9,149
	Toho Co. Ltd.	222,007	8,820
	Koito Manufacturing Co. Ltd.	455,552	8,812
	Odakyu Electric Railway Co. Ltd.	624,700	8,726
	Keio Corp.	232,999	8,654
	Mitsui Chemicals Inc.	341,654	8,644
	Hirose Electric Co. Ltd.	63,960	8,632
	Ibiden Co. Ltd.	216,460	8,517
	Concordia Financial Group Ltd.	2,200,884	8,351

		Shares	Market Value• ($000)
	Lixil Corp.	522,576	8,226
	JSR Corp.	353,213	8,196
	Niterra Co. Ltd.	388,402	8,141
	Rakuten Group Inc.	1,630,238	8,132
	Toyo Suisan Kaisha Ltd.	181,641	8,110
	Rohto Pharmaceutical Co. Ltd.	389,550	8,082
	Seiko Epson Corp.	525,958	8,044
	NIPPON EXPRESS HOLDINGS Inc.	136,781	8,027
	Ebara Corp.	182,597	7,989
	Yokogawa Electric Corp.	490,893	7,972
	Hoshizaki Corp.	225,952	7,958
	Chiba Bank Ltd.	1,209,946	7,901
	Kobe Bussan Co. Ltd.	280,188	7,836
	Isetan Mitsukoshi Holdings Ltd.	703,049	7,762
	Square Enix Holdings Co. Ltd.	156,364	7,695
	Taiyo Yuden Co. Ltd.	246,350	7,543
	Otsuka Corp.	205,441	7,478
	Tosoh Corp.	558,742	7,465
	Shizuoka Financial Group Inc.	990,128	7,463
	Persol Holdings Co. Ltd.	360,091	7,425
	Kobayashi Pharmaceutical Co. Ltd.	118,649	7,404
	Brother Industries Ltd.	469,528	7,374
	Kyushu Railway Co.	324,688	7,373
	CyberAgent Inc.	841,068	7,340
	Hulic Co. Ltd.	846,164	7,286
	MonotaRO Co. Ltd.	475,856	7,199
	Asahi Intecc Co. Ltd.	395,667	7,160
	Azbil Corp.	255,810	7,154
	Bank of Kyoto Ltd.	145,367	7,152
	McDonald's Holdings Co. Japan Ltd.	170,400	7,099
	USS Co. Ltd.	419,821	7,055
^*	ANA Holdings Inc.	321,534	7,014
	Orix JREIT Inc.	5,338	6,900
	Oji Holdings Corp.	1,753,273	6,890
	Advance Residence Investment Corp.	2,627	6,816
	Kose Corp.	58,293	6,803
	Stanley Electric Co. Ltd.	297,140	6,703
	United Urban Investment Corp.	6,010	6,673
	Shimizu Corp.	1,090,034	6,657
	Mitsubishi HC Capital Inc. (XTKS)	1,277,433	6,631
	Goldwin Inc.	71,701	6,515
	SCREEN Holdings Co. Ltd.	79,921	6,501
	IHI Corp.	257,624	6,492
	Nagoya Railroad Co. Ltd.	400,658	6,463
	GMO Payment Gateway Inc.	82,335	6,440
	Kawasaki Heavy Industries Ltd.	293,847	6,392
	Haseko Corp.	523,402	6,390
	Nikon Corp.	618,099	6,389
	NGK Insulators Ltd.	504,441	6,332
	Kuraray Co. Ltd.	676,279	6,324

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Nisshin Seifun Group Inc.	516,404	6,260
	Tokyu Fudosan Holdings Corp.	1,229,970	6,242
	Zensho Holdings Co. Ltd.	195,528	6,212
	Japan Post Insurance Co. Ltd.	382,439	6,210
	Fukuoka Financial Group Inc.	325,012	6,122
	NOF Corp.	133,850	6,116
^*	Skylark Holdings Co. Ltd.	455,564	6,112
	Hikari Tsushin Inc.	44,211	6,032
	Sumitomo Forestry Co. Ltd.	278,670	6,020
	Sega Sammy Holdings Inc.	321,868	6,016
	TechnoPro Holdings Inc.	218,688	5,967
	Marui Group Co. Ltd.	373,663	5,953
	Amada Co. Ltd.	622,785	5,815
	NH Foods Ltd.	198,678	5,798
	Open House Group Co. Ltd.	144,983	5,795
	Santen Pharmaceutical Co. Ltd.	682,700	5,744
	Yokohama Rubber Co. Ltd.	262,863	5,715
	Japan Airlines Co. Ltd.	298,365	5,692
	Resonac Holdings Corp.	356,236	5,641
	Hakuhodo DY Holdings Inc.	477,698	5,629
	Nabtesco Corp.	230,243	5,550
	Nomura Real Estate Holdings Inc.	222,319	5,540
	JGC Holdings Corp.	438,554	5,486
^*	Kyushu Electric Power Co. Inc.	940,268	5,475
	Keihan Holdings Co. Ltd.	198,835	5,473
	Koei Tecmo Holdings Co. Ltd.	295,400	5,432
	Lion Corp.	497,670	5,426
	THK Co. Ltd.	241,321	5,414
	Sumitomo Heavy Industries Ltd.	222,601	5,378
	Electric Power Development Co. Ltd.	334,606	5,350
	Japan Airport Terminal Co. Ltd.	108,883	5,336
	Miura Co. Ltd.	197,450	5,260
	Sanrio Co. Ltd.	113,600	5,258
	Nippon Sanso Holdings Corp.	290,856	5,248
	Hitachi Construction Machinery Co. Ltd.	212,139	5,227
	Mitsubishi Gas Chemical Co. Inc.	358,979	5,226
	J Front Retailing Co. Ltd.	494,656	5,202
	Mebuki Financial Group Inc.	2,029,873	5,200
	Cosmo Energy Holdings Co. Ltd.	161,426	5,161
	Japan Hotel REIT Investment Corp.	9,128	5,157
	Rinnai Corp.	213,048	5,149
	Nankai Electric Railway Co. Ltd.	217,938	5,084

		Shares	Market Value• ($000)
	Tokyo Tatemono Co. Ltd.	400,821	5,076
	Kansai Paint Co. Ltd.	358,502	5,054
	Ryohin Keikaku Co. Ltd.	478,046	5,031
	Itochu Techno-Solutions Corp.	194,226	5,030
	Iida Group Holdings Co. Ltd.	281,811	5,010
	Kobe Steel Ltd.	672,167	5,008
	NSK Ltd.	881,858	4,979
	Food & Life Cos. Ltd.	206,000	4,962
^*	Tohoku Electric Power Co. Inc.	959,080	4,931
	Alfresa Holdings Corp.	338,113	4,896
	Keikyu Corp.	502,446	4,884
	Tsuruha Holdings Inc.	74,051	4,850
	Nifco Inc.	168,379	4,843
^*	Mitsubishi Motors Corp.	1,258,264	4,836
	Japan Prime Realty Investment Corp.	1,852	4,816
	Iwatani Corp.	101,100	4,786
	Nippon Shinyaku Co. Ltd.	103,913	4,752
	Seibu Holdings Inc.	422,808	4,732
¹	Sekisui House REIT Inc.	8,270	4,688
	Oracle Corp. Japan	64,751	4,647
	ZOZO Inc.	220,256	4,635
	Internet Initiative Japan Inc.	220,500	4,563
	Air Water Inc.	360,314	4,553
	Medipal Holdings Corp.	296,057	4,523
	Nippon Accommodations Fund Inc.	922	4,482
	Lawson Inc.	95,758	4,349
	Tokyo Century Corp.	126,411	4,349
	Industrial & Infrastructure Fund Investment Corp.	3,770	4,320
	Yamada Holdings Co. Ltd.	1,235,817	4,306
¹	Aozora Bank Ltd.	238,874	4,285
	Credit Saison Co. Ltd.	309,090	4,282
	Nichirei Corp.	208,420	4,276
	Horiba Ltd.	77,395	4,264
	Sanwa Holdings Corp.	389,072	4,262
	Welcia Holdings Co. Ltd.	203,148	4,253
	Kamigumi Co. Ltd.	193,903	4,250
	Taiheiyo Cement Corp.	236,546	4,242
	Activia Properties Inc.	1,452	4,231
	LaSalle Logiport REIT	3,552	4,220
	Japan Logistics Fund Inc.	1,774	4,213
	Teijin Ltd.	374,258	4,180
	Mitsubishi Materials Corp.	254,000	4,159
	Casio Computer Co. Ltd.	432,508	4,115
	Toyo Seikan Group Holdings Ltd.	290,438	4,103
	Invincible Investment Corp.	9,487	4,096

		Shares	Market Value• ($000)
	COMSYS Holdings Corp.	213,389	4,083
^*	SHIFT Inc.	21,900	4,077
	Nihon Kohden Corp.	146,820	4,062
	Hachijuni Bank Ltd.	905,177	4,055
^*	Park24 Co. Ltd.	261,989	4,050
	Suzuken Co. Ltd.	142,109	4,045
	Nihon M&A Center Holdings Inc.	528,192	4,037
	Takashimaya Co. Ltd.	272,826	4,030
	Shimamura Co. Ltd.	43,667	4,009
	Mitsui Fudosan Logistics Park Inc.	1,064	3,998
	Kadokawa Corp.	186,500	3,977
	SHO-BOND Holdings Co. Ltd.	92,457	3,951
	Daicel Corp.	500,223	3,944
	Shinko Electric Industries Co. Ltd.	132,800	3,943
	AEON REIT Investment Corp.	3,430	3,932
^*	Mercari Inc.	227,879	3,919
	Hisamitsu Pharmaceutical Co. Inc.	140,796	3,894
	NET One Systems Co. Ltd.	164,756	3,885
	Ulvac Inc.	97,446	3,868
	Tokyo Ohka Kogyo Co. Ltd.	73,978	3,862
	Taisho Pharmaceutical Holdings Co. Ltd.	89,378	3,860
	Sankyo Co. Ltd.	85,760	3,783
	Konica Minolta Inc.	906,562	3,782
	Sohgo Security Services Co. Ltd.	135,344	3,780
^*	Money Forward Inc.	90,320	3,761
	Zenkoku Hosho Co. Ltd.	102,268	3,759
	SCSK Corp.	248,909	3,758
	JTEKT Corp.	454,064	3,750
	Alps Alpine Co. Ltd.	408,107	3,726
	Kagome Co. Ltd.	152,125	3,695
	EXEO Group Inc.	198,019	3,674
	Sapporo Holdings Ltd.	129,219	3,605
	Tokai Carbon Co. Ltd.	395,543	3,595
	Mori Hills REIT Investment Corp.	3,178	3,592
	Sundrug Co. Ltd.	130,270	3,591
¹	Workman Co. Ltd.	87,921	3,582
¹	Ito En Ltd.	115,523	3,573
	Fujikura Ltd.	522,900	3,565
	INFRONEER Holdings Inc.	450,045	3,555
	Frontier Real Estate Investment Corp.	977	3,530
	Kewpie Corp.	209,153	3,511
	Denka Co. Ltd.	174,941	3,504
	Kakaku.com Inc.	253,711	3,491
	Cosmos Pharmaceutical Corp.	35,363	3,478
	Daiwa Securities Living Investments Corp.	4,091	3,478
¹	Kenedix Office Investment Corp.	1,536	3,396
	Nagase & Co. Ltd.	215,041	3,388
	Toho Gas Co. Ltd.	180,968	3,386
	Sumitomo Rubber Industries Ltd.	368,443	3,379

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Pigeon Corp.	216,182	3,366
	Sankyu Inc.	95,425	3,366
¹	DMG Mori Co. Ltd.	209,365	3,359
	Kinden Corp.	245,940	3,353
	Relo Group Inc.	213,006	3,311
	Kaneka Corp.	123,436	3,284
	Iyogin Holdings Inc.	560,694	3,283
	Yamazaki Baking Co. Ltd.	239,270	3,206
^*	Chugoku Electric Power Co. Inc.	608,429	3,204
	Aeon Mall Co. Ltd.	236,172	3,184
	UBE Corp.	199,676	3,168
	House Foods Group Inc.	143,682	3,159
	Calbee Inc.	144,595	3,127
	DIC Corp.	168,630	3,115
	BIPROGY Inc.	128,893	3,108
	Mitsubishi Logistics Corp.	125,074	3,099
	Sharp Corp.	428,790	3,056
	Seino Holdings Co. Ltd.	274,626	3,049
	Nippon Kayaku Co. Ltd.	332,576	3,017
	NOK Corp.	223,539	3,012
	Sugi Holdings Co. Ltd.	70,728	3,001
	Dowa Holdings Co. Ltd.	91,614	2,993
	Coca-Cola Bottlers Japan Holdings Inc.	277,104	2,986
	Nippon Electric Glass Co. Ltd.	155,779	2,974
	Hirogin Holdings Inc.	596,784	2,960
	ABC-Mart Inc.	52,021	2,956
	Fuyo General Lease Co. Ltd.	40,334	2,952
	Harmonic Drive Systems Inc.	96,141	2,939
	Sotetsu Holdings Inc.	152,799	2,909
	Rakus Co. Ltd.	189,538	2,881
	Fujitsu General Ltd.	111,947	2,880
	Zeon Corp.	278,553	2,874
	Morinaga Milk Industry Co. Ltd.	74,837	2,815
	Mabuchi Motor Co. Ltd.	99,195	2,799
	Daiichikosho Co. Ltd.	156,066	2,798
	Kotobuki Spirits Co. Ltd.	37,837	2,794
	Ship Healthcare Holdings Inc.	158,202	2,791
¹	Mitsui High-Tec Inc.	46,200	2,786
	Toda Corp.	475,259	2,781
	Penta-Ocean Construction Co. Ltd.	569,097	2,767
	Daido Steel Co. Ltd.	71,555	2,756
	Takara Holdings Inc.	349,780	2,756
	Nishi-Nippon Railroad Co. Ltd.	149,357	2,739
	K's Holdings Corp.	307,833	2,728
	Ushio Inc.	218,824	2,722
	Rengo Co. Ltd.	415,597	2,710
	GS Yuasa Corp.	153,225	2,697
	Seven Bank Ltd.	1,316,281	2,694
	Kyushu Financial Group Inc.	742,476	2,676
	Tsumura & Co.	131,690	2,672

		Shares	Market Value• ($000)
	Yamato Kogyo Co. Ltd.	67,915	2,668
	TS Tech Co. Ltd.	197,636	2,665
	Maruichi Steel Tube Ltd.	116,741	2,641
	Amano Corp.	129,450	2,636
	Mitsui Mining & Smelting Co. Ltd.	110,045	2,620
	Yamaguchi Financial Group Inc.	424,057	2,607
	Nippon Shokubai Co. Ltd.	64,900	2,602
	Toyoda Gosei Co. Ltd.	150,120	2,575
	OKUMA Corp.	57,363	2,547
	Ezaki Glico Co. Ltd.	98,818	2,542
	Aica Kogyo Co. Ltd.	111,562	2,536
	Sumitomo Bakelite Co. Ltd.	66,279	2,535
	Descente Ltd.	79,100	2,512
	Jeol Ltd.	84,000	2,451
	Toyo Tire Corp.	203,958	2,430
	Bic Camera Inc.	289,689	2,424
^*	PeptiDream Inc.	178,234	2,408
	Anritsu Corp.	261,960	2,399
	NHK Spring Co. Ltd.	322,386	2,390
	Fancl Corp.	138,047	2,389
	SMS Co. Ltd.	101,299	2,381
	Daiwa Office Investment Corp.	547	2,378
	PALTAC Corp.	61,960	2,377
	DeNA Co. Ltd.	168,982	2,373
	Canon Marketing Japan Inc.	92,718	2,318
	Ain Holdings Inc.	55,712	2,317
	FP Corp.	92,703	2,306
	Kokuyo Co. Ltd.	160,913	2,300
	Japan Steel Works Ltd.	125,900	2,287
	Chugin Financial Group Inc.	336,372	2,257
	SBI Shinsei Bank Ltd.	125,271	2,248
	Morinaga & Co. Ltd.	75,346	2,233
	GMO internet group Inc.	110,882	2,231
¹	Yaoko Co. Ltd.	42,401	2,223
	Furukawa Electric Co. Ltd.	120,274	2,202
	Sawai Group Holdings Co. Ltd.	75,802	2,193
	Menicon Co. Ltd.	103,200	2,192
^*	JMDC Inc.	61,000	2,187
	Heiwa Corp.	109,559	2,163
^*	Hino Motors Ltd.	543,802	2,143
	H.U. Group Holdings Inc.	105,884	2,141
	Sumitomo Pharma Co. Ltd.	340,247	2,135
	Resorttrust Inc.	128,799	2,127
	OSG Corp.	151,240	2,125
	OBIC Business Consultants Co. Ltd.	55,691	2,115
	Kyudenko Corp.	78,961	2,106
	Pola Orbis Holdings Inc.	148,470	2,064
	As One Corp.	48,256	2,044
	AEON Financial Service Co. Ltd.	227,874	2,030
	Benesse Holdings Inc.	139,609	2,004
	Katitas Co. Ltd.	98,700	1,927

		Shares	Market Value• ($000)
	Toyota Boshoku Corp.	119,265	1,888
	Acom Co. Ltd.	757,217	1,855
	Fuji Kyuko Co. Ltd.	47,800	1,836
	Izumi Co. Ltd.	77,928	1,833
^*	Shikoku Electric Power Co. Inc.	303,387	1,793
	Shochiku Co. Ltd.	19,696	1,769
	Kaken Pharmaceutical Co. Ltd.	63,144	1,739
	Justsystems Corp.	65,737	1,737
	Nipro Corp.	228,066	1,718
	NS Solutions Corp.	62,076	1,689
	Kandenko Co. Ltd.	221,763	1,671
	NEC Networks & System Integration Corp.	132,456	1,651
	Mani Inc.	123,238	1,613
	Benefit One Inc.	116,568	1,604
	Information Services International-Dentsu Ltd.	44,900	1,583
	Japan Aviation Electronics Industry Ltd.	89,381	1,568
	Ariake Japan Co. Ltd.	37,834	1,534
	Itoham Yonekyu Holdings Inc.	278,217	1,525
	Lintec Corp.	89,495	1,497
	Kusuri no Aoki Holdings Co. Ltd.	31,090	1,492
	Fuji Oil Holdings Inc.	92,974	1,436
	Toshiba TEC Corp.	47,761	1,387
^*	RENOVA Inc.	94,500	1,339
	Daio Paper Corp.	160,200	1,298
	GungHo Online Entertainment Inc.	66,675	1,280
	JCR Pharmaceuticals Co. Ltd.	112,116	1,213
	Noevir Holdings Co. Ltd.	29,488	1,203
	AZ-COM Maruwa Holdings Inc.	80,800	1,191
	Matsui Securities Co. Ltd.	199,821	1,143
	Takara Bio Inc.	90,361	1,140
¹	Toei Animation Co. Ltd.	10,785	1,099
	TBS Holdings Inc.	68,117	1,027
	Takeda Pharmaceutical Co. Ltd. ADR	61,835	1,026
	Orient Corp.	118,574	989
	Amvis Holdings Inc.	45,095	982
	ASKUL Corp.	73,422	978
	Fuji Media Holdings Inc.	87,309	818
			7,748,744
Kuwait (0.2%)
	National Bank of Kuwait SAKP	15,159,284	49,768
	Kuwait Finance House KSCP	18,054,996	44,119
	Mobile Telecommunications Co. KSCP	3,930,220	7,324
	Agility Public Warehousing Co. KSC	3,068,828	6,229
	Boubyan Bank KSCP	2,461,840	5,437
	Gulf Bank KSCP	3,707,830	3,414
	Mabanee Co. KPSC	1,341,228	3,343

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
^*	Humansoft Holding Co. KSC	177,747	2,265
	Boubyan Petrochemicals Co. KSCP	803,985	2,144
	Burgan Bank SAK	1,856,045	1,312
			125,355
Malaysia (0.4%)
	Malayan Banking Bhd.	14,548,700	28,272
	Public Bank Bhd.	29,084,095	25,398
	CIMB Group Holdings Bhd.	13,588,273	15,438
	Tenaga Nasional Bhd.	6,563,000	13,108
	Petronas Chemicals Group Bhd.	5,811,768	9,249
	Press Metal Aluminium Holdings Bhd.	7,211,500	8,357
	CELCOMDIGI Bhd.	7,669,166	7,574
	Ihh Healthcare Bhd.	5,666,300	7,292
	Sime Darby Plantation Bhd.	7,370,705	7,094
	Axiata Group Bhd.	9,184,424	6,171
	MISC Bhd.	3,541,835	5,804
	Hong Leong Bank Bhd.	1,260,300	5,696
	PPB Group Bhd.	1,355,260	4,941
	Genting Bhd.	4,658,600	4,921
	IOI Corp. Bhd.	5,370,765	4,613
	Petronas Gas	1,145,450	4,342
	Gamuda Bhd.	4,650,500	4,332
	Dialog Group Bhd.	8,330,900	4,289
	Kuala Lumpur Kepong Bhd.	868,500	4,195
	Maxis Bhd.	4,097,700	4,048
	RHB Bank Bhd.	3,250,900	3,999
	Nestle Malaysia Bhd.	123,500	3,753
	Sime Darby Bhd.	7,068,005	3,444
	AMMB Holdings Bhd.	4,205,800	3,411
	Genting Malaysia Bhd.	5,536,200	3,372
	Malaysia Airports Holdings Bhd.	1,922,200	3,042
	Petronas Dagangan Bhd.	539,100	2,739
	QL Resources Bhd.	2,137,600	2,709
	Telekom Malaysia Bhd.	2,281,057	2,541
^*	Top Glove Corp. Bhd.	10,649,000	2,348
	IJM Corp. Bhd.	6,110,840	2,142
	Hong Leong Financial Group Bhd.	438,335	1,782
	Fraser & Neave Holdings Bhd.	284,700	1,695
	Alliance Bank Malaysia Bhd.	2,232,600	1,669
²	MR DIY Group M Bhd.	4,417,700	1,569
	Hartalega Holdings Bhd.	3,514,100	1,485
	YTL Corp. Bhd.	9,555,924	1,417
	Westports Holdings Bhd.	1,421,296	1,127
	British American Tobacco Malaysia Bhd.	272,600	646
	Astro Malaysia Holdings Bhd.	3,131,768	488
	FGV Holdings Bhd.	1,366,400	460
			220,972

		Shares	Market Value• ($000)
Mexico (0.8%)
	America Movil SAB de CV Series B	56,901,393	61,365
	Grupo Financiero Banorte SAB de CV Class O	5,820,418	50,333
	Wal-Mart de Mexico SAB de CV	10,417,997	42,003
	Fomento Economico Mexicano SAB de CV	3,676,327	35,766
	Grupo Mexico SAB de CV Series B	6,369,633	31,321
	Grupo Bimbo SAB de CV Series A	4,461,840	23,898
	Grupo Aeroportuario del Pacifico SAB de CV Class B	696,527	12,393
	Grupo Aeroportuario del Sureste SAB de CV Class B	404,420	11,608
^*	Grupo Financiero Inbursa SAB de CV Class O	4,058,849	9,879
^*	Cemex SAB de CV ADR	1,519,257	9,115
^*	Cemex SAB de CV	14,550,677	8,740
	Coca-Cola Femsa SAB de CV	1,056,659	8,723
	Arca Continental SAB de CV	896,883	8,535
	Fibra Uno Administracion SA de CV	5,816,189	8,035
	Grupo Elektra SAB de CV	122,287	7,838
	Gruma SAB de CV Class B	399,723	6,257
	Grupo Aeroportuario del Centro Norte SAB de CV Class B	546,612	6,009
	Grupo Comercial Chedraui SA de CV	938,048	5,545
	Grupo Carso SAB de CV	922,445	5,207
	Grupo Televisa SAB	4,866,461	4,937
²	Banco del Bajio SA	1,438,843	4,734
	Alfa SAB de CV Class A	7,264,075	4,610
	Promotora y Operadora de Infraestructura SAB de CV	439,652	4,573
	Orbia Advance Corp. SAB de CV	1,984,479	4,572
	Prologis Property Mexico SA de CV	1,139,702	3,937
	Kimberly-Clark de Mexico SAB de CV Class A	1,691,726	3,837
^*	Industrias Penoles SAB de CV	247,866	3,809
^*	Regional SAB de CV	479,148	3,509
	GCC SAB de CV	331,600	2,636
	Becle SAB de CV	1,101,483	2,542
	Operadora De Sites Mexicanos SAB de CV	2,532,446	2,458
	El Puerto de Liverpool SAB de CV Class C1	395,010	2,412
	Qualitas Controladora SAB de CV	330,349	2,184
	Megacable Holdings SAB de CV	581,495	1,573

		Shares	Market Value• ($000)
^*	Sitios Latinoamerica SAB de CV	3,541,125	1,434
	Alpek SAB de CV	745,131	788
	Concentradora Fibra Danhos SA de CV	464,214	618
			407,733
Netherlands (2.8%)
	ASML Holding NV	813,408	516,199
^*	Prosus NV	1,493,646	111,775
^*,2	Adyen NV	59,356	95,376
^*	ING Groep NV	7,309,181	90,651
	Wolters Kluwer NV	505,698	67,002
	Koninklijke Ahold Delhaize NV Class B	1,933,008	66,466
	Heineken NV	508,024	58,334
^*	DSM-Firmenich AG	350,948	45,926
	Koninklijke Philips NV	1,786,351	37,713
	ASM International NV	92,829	33,701
	Universal Music Group NV	1,505,675	32,895
	Akzo Nobel NV	351,585	29,167
	ArcelorMittal SA	962,042	27,331
	Koninklijke KPN NV	6,427,922	23,442
	Heineken Holding NV	240,334	23,068
	NN Group NV	568,280	21,191
	IMCD NV	115,176	17,339
^*	EXOR NV	204,290	16,813
	Aegon NV	3,440,878	15,700
	BE Semiconductor Industries NV	157,664	14,192
	ASR Nederland NV	291,117	12,804
^1,2	ABN AMRO Bank NV GDR	797,980	12,789
	Randstad NV	221,995	12,062
	Aalberts NV	193,154	8,921
²	Signify NV	250,839	8,377
^*,2	Just Eat Takeaway.com NV	399,922	7,013
	OCI NV	197,090	5,193
¹	Koninklijke Vopak NV Class B	131,066	5,008
	JDE Peet's NV	162,956	4,957
^*	Allfunds Group plc	681,456	4,521
^*	InPost SA	412,075	4,423
^1,2	CTP NV	202,733	2,660
			1,433,009
New Zealand (0.2%)
	Fisher & Paykel Healthcare Corp. Ltd.	1,145,997	19,657
^*	Auckland International Airport Ltd.	2,385,462	13,061
	Spark New Zealand Ltd.	3,775,901	12,235
	EBOS Group Ltd.	321,409	8,821
	Infratil Ltd.	1,457,884	8,621
	Meridian Energy Ltd.	2,515,102	8,518
	Contact Energy Ltd.	1,555,743	7,545
	Mainfreight Ltd.	162,793	7,230
	Mercury NZ Ltd.	1,375,599	5,403
^*	a2 Milk Co. Ltd.	1,464,100	5,348
	Fletcher Building Ltd.	1,601,826	4,466
	Ryman Healthcare Ltd.	1,114,888	3,663
	SKYCITY Entertainment Group Ltd.	1,492,401	2,216
	Kiwi Property Group Ltd.	3,155,590	1,799

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
^*	Air New Zealand Ltd.	3,142,896	1,481
			110,064
Norway (0.5%)
	Equinor ASA	1,863,981	53,666
	DNB Bank ASA	2,064,595	36,316
	Norsk Hydro ASA	2,690,455	19,799
	Mowi ASA	893,343	17,044
	Telenor ASA	1,275,574	15,917
	Aker BP ASA	618,522	14,786
	Yara International ASA	327,536	13,190
	Orkla ASA	1,525,213	10,963
	TOMRA Systems ASA	472,827	7,250
	Kongsberg Gruppen ASA	153,180	6,880
	Salmar ASA	140,486	6,242
	Gjensidige Forsikring ASA	343,471	5,983
^*	Adevinta ASA	546,528	4,210
^*	Nordic Semiconductor ASA	316,281	3,425
	Schibsted ASA Class B	208,894	3,382
^*,2	AutoStore Holdings Ltd.	1,436,404	3,094
	Aker ASA Class A	48,161	2,944
	Leroy Seafood Group ASA	524,709	2,763
	Schibsted ASA Class A	139,384	2,475
	Var Energi ASA	822,438	2,158
			232,487
Pakistan (0.0%)
	Oil & Gas Development Co. Ltd.	1,346,667	408
	Pakistan Petroleum Ltd.	1,225,773	288
	Fauji Fertilizer Co. Ltd.	732,895	266
			962
Philippines (0.2%)
	SM Prime Holdings Inc.	21,440,023	13,170
	Bdo Unibank Inc.	4,758,211	12,403
	International Container Terminal Services Inc.	2,206,205	8,652
	Bank of The Philippines Islands	3,969,575	7,721
	Ayala Land Inc.	15,019,901	7,259
	Ayala Corp.	569,647	6,598
	JG Summit Holdings Inc.	6,134,720	5,632
	Universal Robina Corp.	1,794,249	4,775
	PLDT Inc.	184,946	4,025
	Metropolitan Bank & Trust Co.	3,623,396	3,838
	Jollibee Foods Corp.	857,408	3,487
	Manila Electric Co.	532,198	3,264
²	Monde Nissin Corp.	14,496,900	2,451
	Aboitiz Power Corp.	3,214,211	2,210
	Globe Telecom Inc.	65,153	2,005
	Emperador Inc.	5,135,300	1,938
	Alliance Global Group Inc.	7,504,048	1,872
	Metro Pacific Investments Corp.	22,180,466	1,775

		Shares	Market Value• ($000)
	GT Capital Holdings Inc.	195,798	1,693
^*	AC Energy Corp.	15,547,941	1,693
	DMCI Holdings Inc.	8,305,978	1,474
	San Miguel Corp.	732,025	1,404
^*	Bloomberry Resorts Corp.	6,650,441	1,262
	Semirara Mining & Power Corp. Class A	2,425,100	1,185
	Puregold Price Club Inc.	1,939,592	1,143
^*	Converge Information and Communications Technology Solutions Inc.	5,162,800	1,102
	LT Group Inc.	5,394,616	990
	Megaworld Corp.	22,608,985	818
			105,839
Poland (0.2%)
	Polski Koncern Naftowy ORLEN SA	1,161,767	17,724
	Powszechna Kasa Oszczednosci Bank Polski SA	1,724,067	13,331
	Powszechny Zaklad Ubezpieczen SA	1,126,885	10,382
^*,2	Dino Polska SA	96,419	9,833
	KGHM Polska Miedz SA	277,060	7,970
	Bank Polska Kasa Opieki SA	317,518	7,347
	LPP SA	2,230	6,428
^*,1,2	Allegro.eu SA	807,800	6,367
	Santander Bank Polska SA	59,827	4,866
^*	Pepco Group NV	300,479	2,882
			87,130
Portugal (0.1%)
	EDP - Energias de Portugal SA	5,708,705	31,455
	Jeronimo Martins SGPS SA	555,361	14,015
	Galp Energia SGPS SA	1,018,426	12,306
^*	EDP Renovaveis SA	485,551	10,793
			68,569
Qatar (0.3%)
	Qatar National Bank QPSC	8,931,157	37,818
	Qatar Islamic Bank SAQ	3,633,027	17,955
	Industries Qatar QSC	3,154,316	11,115
	Commercial Bank PSQC	6,805,927	11,037
	Masraf Al Rayan QSC	12,624,650	8,910
	Qatar International Islamic Bank QSC	2,380,585	6,508
	Qatar Gas Transport Co. Ltd.	5,570,523	6,076
	Qatar Fuel QSC	1,199,994	5,478
	Mesaieed Petrochemical Holding Co.	8,852,610	4,843
	Ooredoo QPSC	1,671,321	4,548
	Qatar Electricity & Water Co. QSC	914,426	4,204
	Qatar Navigation QSC	1,142,905	2,846

		Shares	Market Value• ($000)
	Barwa Real Estate Co.	3,856,036	2,663
	Qatar Aluminum Manufacturing Co.	5,643,566	2,403
	Doha Bank QPSC	4,809,454	2,054
	Vodafone Qatar QSC	3,441,163	1,625
^*	Ezdan Holding Group QSC	3,127,081	827
			130,910
Romania (0.0%)
	Banca Transilvania SA	1,149,736	4,926
	OMV Petrom SA (XBSE)	32,706,302	3,550
	Societatea Nationala Nuclearelectrica SA	101,922	1,043
^*	MED Life SA	159,533	660
	One United Properties SA	2,968,714	554
			10,733
Russia (0.0%)
^*,3	Inter Rao Ues PJSC	68,280,500	—
^*,3	Polyus PJSC (Registered) GDR	1	—
^*,3	MMC Norilsk Nickel PJSC ADR	724,348	—
^*,3	Sberbank of Russia PJSC ADR (XLON)	1,096,646	—
^*,3	Sberbank of Russia PJSC	15,141,656	—
^*,3	Mobile TeleSystems PJSC ADR	289,221	—
^*,3	Moscow Exchange MICEX-RTS PJSC	2,697,004	—
^*,3	Rosneft Oil Co. PJSC (Registered) GDR	1,744,072	—
^*,3	Magnit PJSC GDR (Registered)	375,829	—
^*,3	MMC Norilsk Nickel PJSC	22,643	—
^*,3	Sberbank of Russia PJSC ADR	2,249	—
^*,3	LUKOIL PJSC ADR	509,946	—
^*,3	Gazprom PJSC ADR	6,827,148	—
^*,3	Surgutneftegas PJSC ADR	1,031,634	—
^*,3	Severstal PAO GDR (Registered)	297,905	—
^*,3	Tatneft PJSC ADR	403,718	—
^*,3	VTB Bank PJSC GDR (Registered)	1,904,444	—
^*,1,3	Rostelecom PJSC ADR	98,835	—
^*,3	Alrosa PJSC	4,689,820	—
^*,3	PhosAgro PJSC	16,169	—
^*,3	United Co. Rusal International	4,778,250	—
^*,3	Sistema PJSFC (Registered) GDR	185,097	—
^*,3	Unipro PJSC	22,147,100	—
^*,3	Polyus PJSC	53,186	—
^*,3	Raspadskaya OJSC	120,950	—
^*,3	RusHydro PJSC	217,254,634	—
^*,3	Aeroflot PJSC	1,875,381	—
^*,3	Rostelecom PJSC	1,223,758	—
^*,3	Tatneft PJSC	470,953	—
^*,3	Novolipetskiy Metallurgicheskiy Kombinat PJSC	2,190,647	—
^*,3	Mobile TeleSystems PJSC	1,107,812	—
^*,3	Magnit PJSC	66,366	—

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
^*,3	Novatek PJSC	2,025,468	—
^*,3	Gazprom PJSC	6,439,237	—
^*,3	Mosenergo PJSC	17,082,000	—
^*,3	Transneft PJSC Preference Shares	2,923	—
^*,3	Federal Grid Co.	489,926,667	—
^*,3	Lukoil PJSC	221,305	—
^*,3	M Video PJSC	79,232	—
^*,3	Rosneft Oil Co. PJSC	466,895	—
^*,3	Magnitogorsk Iron & Steel Works PJSC	3,955,368	—
^*,3	Tatneft PJSC Preference Shares	191,100	—
^*,3	VTB Bank PJSC	5,529,218,867	—
^*,3	ROSSETI PJSC	54,338,896	—
^*,3	Bashneft PJSC Preference Shares	37,751	—
^*,3	Sistema PJSFC	1,475,900	—
^*,3	Severstal PAO PJSC	69,236	—
^*,3	Surgutneftegas PJSC	3,872,600	—
^*,3	Surgutneftegas PJSC Preference Shares	14,258,400	—
^*,3	Credit Bank of Moscow PJSC	22,920,900	—
^*,3	Sovcomflot PJSC	702,230	—
^*,2,3	Segezha Group PJSC	4,388,900	—
^*,3	PhosAgro PJSC GDR	1,038	—
^*,3	PhosAgro PJSC GDR (Registered)	161,274	—
			—
Saudi Arabia (1.2%)
	Al Rajhi Bank	3,952,879	81,587
	Saudi National Bank	4,379,416	57,478
²	Saudi Arabian Oil Co.	5,663,573	54,592
	Saudi Basic Industries Corp.	1,812,560	44,848
	Saudi Telecom Co.	3,617,535	43,541
^*	Saudi Arabian Mining Co.	1,628,244	30,459
	Riyad Bank	2,966,639	23,927
	Saudi British Bank	2,021,764	19,629
	SABIC Agri-Nutrients Co.	470,057	16,901
	Alinma Bank	1,981,098	16,866
	Dr Sulaiman Al Habib Medical Services Group Co.	185,685	14,264
	Banque Saudi Fransi	1,187,697	12,324
	International Co. For Water & Power Projects	268,294	11,286
^*	Bank AlBilad	991,664	11,053
	Saudi Electricity Co.	1,574,923	10,210
	Arab National Bank	1,346,493	9,873
	Etihad Etisalat Co.	761,116	9,387
	Almarai Co. JSC	507,377	8,004
	Sahara International Petrochemical Co.	725,068	7,560
	Bupa Arabia for Cooperative Insurance Co.	146,437	6,907
	Yanbu National Petrochemical Co.	555,134	6,665
	Mouwasat Medical Services Co.	95,830	6,333
	Elm Co.	51,894	6,154
	Jarir Marketing Co.	118,986	5,191
	Saudi Industrial Investment Group	749,505	5,111
^*	Saudi Kayan Petrochemical Co.	1,479,245	5,022

		Shares	Market Value• ($000)
^*	Dar Al Arkan Real Estate Development Co.	1,079,878	4,662
	Savola Group	528,180	4,499
	Saudi Tadawul Group Holding Co.	97,989	4,398
	Saudi Investment Bank	988,722	4,339
	Bank Al-Jazira	816,327	4,271
	Arabian Internet & Communications Services Co.	51,773	3,875
	Nahdi Medical Co.	79,791	3,834
	Dallah Healthcare Co.	82,258	3,748
^*	Saudi Research & Media Group	66,194	3,722
^*	Mobile Telecommunications Co. Saudi Arabia	886,793	3,552
	Abdullah Al Othaim Markets Co.	89,313	3,424
^*	Co. for Cooperative Insurance	123,857	3,412
	Advanced Petrochemical Co.	255,629	3,264
^*	Rabigh Refining & Petrochemical Co.	867,373	2,586
^*	National Industrialization Co.	656,874	2,409
	Saudia Dairy & Foodstuff Co.	31,221	2,322
	Saudi Cement Co.	152,856	2,298
	Saudi Airlines Catering Co.	82,072	2,086
^*	Seera Group Holding	300,281	1,995
	Southern Province Cement Co.	137,988	1,940
^*	Emaar Economic City	741,402	1,922
	Arabian Centres Co. Ltd.	326,005	1,891
	Yamama Cement Co.	194,389	1,709
	Qassim Cement Co.	90,222	1,660
	United Electronics Co.	76,972	1,579
	Yanbu Cement Co.	158,271	1,516
	BinDawood Holding Co.	59,310	1,086
			603,171
Singapore (0.9%)
	DBS Group Holdings Ltd.	3,644,934	90,066
	Oversea-Chinese Banking Corp. Ltd.	7,091,102	67,088
	United Overseas Bank Ltd.	2,599,212	55,202
	Singapore Telecommunications Ltd.	15,115,030	28,966
	CapitaLand Integrated Commercial Trust	10,232,980	15,625
	CapitaLand Ascendas REIT	6,912,841	14,876
	Capitaland Investment Ltd.	5,142,228	14,394
	Keppel Corp. Ltd.	2,797,132	12,988
	Wilmar International Ltd.	4,217,418	12,457
	Singapore Exchange Ltd.	1,643,866	11,830
	Singapore Airlines Ltd.	2,552,356	11,226

		Shares	Market Value• ($000)
	Genting Singapore Ltd.	11,868,090	10,097
	Mapletree Logistics Trust	6,499,478	8,506
	Singapore Technologies Engineering Ltd.	3,060,693	8,332
^*	Sembcorp Marine Ltd.	84,005,612	7,835
	Mapletree Industrial Trust	3,840,442	6,865
	Venture Corp. Ltd.	530,882	6,782
	Mapletree Pan Asia Commercial Trust	4,683,003	6,203
	Sembcorp Industries Ltd.	1,866,602	6,006
	Frasers Logistics & Commercial Trust	5,759,934	5,846
	UOL Group Ltd.	1,013,218	5,286
	Jardine Cycle & Carriage Ltd.	202,388	5,155
	City Developments Ltd.	966,991	5,059
	Suntec REIT	4,345,866	4,405
	Keppel DC REIT	2,590,874	4,189
	NetLink NBN Trust	5,689,116	3,735
	ComfortDelGro Corp. Ltd.	4,041,791	3,618
	CapitaLand Ascott Trust	4,087,765	3,319
^*	SATS Ltd.	1,690,287	3,229
	Keppel REIT	4,386,168	2,868
	Olam Group Ltd.	2,210,013	2,668
	Hutchison Port Holdings Trust Class U	10,440,363	1,981
^*	Yangzijiang Financial Holding	4,972,896	1,440
	Singapore Post Ltd.	2,976,352	1,140
	StarHub Ltd.	1,374,697	1,032
^*	SIA Engineering Co. Ltd.	505,816	848
			451,162
South Africa (0.9%)
	Naspers Ltd. Class N	388,373	69,232
	FirstRand Ltd.	10,032,459	35,357
	Gold Fields Ltd.	1,772,258	27,618
	MTN Group Ltd.	3,627,692	25,480
	Standard Bank Group Ltd.	2,678,064	25,109
¹	Absa Group Ltd.	1,670,614	16,251
	Impala Platinum Holdings Ltd.	1,640,323	15,970
	Bid Corp. Ltd.	670,762	15,281
	Capitec Bank Holdings Ltd.	170,674	14,877
	Sasol Ltd.	1,124,891	14,648
	Sibanye Stillwater Ltd.	5,668,187	12,531
	Shoprite Holdings Ltd.	979,158	11,950
¹	Sanlam Ltd.	3,524,390	10,879
¹	Nedbank Group Ltd.	843,281	9,742
	Bidvest Group Ltd.	683,625	9,364
^*	Discovery Ltd.	1,055,052	8,299
	Vodacom Group Ltd.	1,201,585	8,236
	Remgro Ltd.	1,009,355	7,726
	Aspen Pharmacare Holdings Ltd.	748,390	7,490
^*	Northam Platinum Holdings Ltd.	745,589	7,300
	Clicks Group Ltd.	494,465	7,220

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Anglo American Platinum Ltd.	113,607	6,736
	Woolworths Holdings Ltd.	1,854,563	6,603
	Reinet Investments SCA	276,007	6,029
	Old Mutual Ltd. (XZIM)	9,062,688	5,765
	NEPI Rockcastle NV	945,533	5,708
	Exxaro Resources Ltd.	487,466	5,122
	Harmony Gold Mining Co. Ltd.	1,071,256	5,018
¹	Growthpoint Properties Ltd.	6,852,274	4,776
	Mr Price Group Ltd.	522,198	4,296
²	Pepkor Holdings Ltd.	4,200,737	3,894
	Multichoice Group	594,108	3,717
	Tiger Brands Ltd.	318,481	3,451
	Foschini Group Ltd.	658,302	3,413
	Life Healthcare Group Holdings Ltd.	2,798,212	3,175
	Outsurance Group Ltd.	1,663,293	3,169
	Investec Ltd.	559,678	3,078
	Redefine Properties Ltd.	13,533,123	2,871
	African Rainbow Minerals Ltd.	217,637	2,734
	Kumba Iron Ore Ltd.	111,540	2,712
	Momentum Metropolitan Holdings	2,612,364	2,647
	Sappi Ltd.	1,159,932	2,639
	Netcare Ltd.	2,887,266	2,522
	AVI Ltd.	672,111	2,508
	Pick n Pay Stores Ltd.	704,024	1,670
	Santam Ltd.	79,784	1,240
	Royal Bafokeng Platinum Ltd.	156,952	1,232
²	Dis-chem Pharmacies Ltd.	770,454	1,123
	Transaction Capital Ltd.	1,134,244	755
			459,163
South Korea (3.2%)
	Samsung Electronics Co. Ltd. (XKRX)	9,765,787	480,517
	SK Hynix Inc.	1,085,755	73,053
	Samsung Electronics Co. Ltd. Preference Shares	1,396,992	58,401
	Samsung SDI Co. Ltd. (XKRX)	104,102	54,026
	LG Chem Ltd. (XKRX)	93,408	51,887
	NAVER Corp.	287,968	41,719
	Hyundai Motor Co.	279,711	41,433
	Kia Corp.	517,145	32,753
^*,1	LG Energy Solution Ltd.	69,576	30,324
	Celltrion Inc.	221,171	26,649
	Kakao Corp.	607,067	26,583
	POSCO Holdings Inc. (XNYS) ADR	350,805	24,949
^*,2	Samsung Biologics Co. Ltd.	36,933	21,601
	Hyundai Mobis Co. Ltd.	124,861	20,335
	Hana Financial Group Inc.	578,866	18,190
¹	POSCO Holdings Inc.	64,164	18,159

		Shares	Market Value• ($000)
	LG Electronics Inc. (XKRX)	210,665	17,299
	KB Financial Group Inc. ADR (XNYS)	443,449	16,536
¹	Ecopro BM Co. Ltd.	79,128	15,890
	Shinhan Financial Group Co. Ltd.	542,257	14,197
	KT&G Corp.	215,901	13,835
¹	POSCO Future M Co. Ltd.	54,856	13,808
	Samsung C&T Corp.	167,876	13,787
^*	SK Innovation Co. Ltd.	105,264	13,700
	KB Financial Group Inc.	353,982	13,138
¹	Shinhan Financial Group Co. Ltd. ADR	462,377	12,142
	Samsung Electro-Mechanics Co. Ltd.	111,856	12,097
	LG Corp.	175,307	11,474
	Woori Financial Group Inc.	1,273,804	11,203
	Samsung Fire & Marine Insurance Co. Ltd.	64,698	10,884
^*	Doosan Enerbility Co. Ltd.	842,062	10,551
¹	Celltrion Healthcare Co. Ltd.	199,922	10,421
¹	L&F Co. Ltd.	46,477	9,277
^*	Meritz Financial Group Inc.	264,650	9,110
	NCSoft Corp.	31,821	9,004
¹	HMM Co. Ltd.	584,530	8,953
	SK Inc.	72,185	8,803
^*	Krafton Inc.	58,909	8,510
	LG H&H Co. Ltd. (XKRX)	17,466	8,156
^*	Hanwha Solutions Corp.	210,142	7,562
^*	HYBE Co. Ltd.	36,910	7,464
	Samsung Life Insurance Co. Ltd.	149,834	7,428
¹	Korea Zinc Co. Ltd.	19,189	7,375
^*	Samsung Engineering Co. Ltd.	319,653	6,977
	Samsung SDS Co. Ltd.	73,360	6,450
^*	SK Square Co. Ltd.	197,691	6,300
	Korean Air Lines Co. Ltd.	355,770	6,103
	Hyundai Motor Co. Preference Shares (XKRX)	71,857	5,961
	Korea Aerospace Industries Ltd.	140,918	5,788
	LG Innotek Co. Ltd.	28,703	5,713
	DB Insurance Co. Ltd.	90,789	5,707
¹	KakaoBank Corp.	340,110	5,631
^*	Korea Shipbuilding & Offshore Engineering Co. Ltd.	86,368	5,493
¹	Amorepacific Corp.	59,197	5,477
^*,1	HLB Inc.	202,791	5,389
	Hanwha Aerospace Co. Ltd.	69,340	5,336
^*	Samsung Heavy Industries Co. Ltd.	1,246,494	5,310

		Shares	Market Value• ($000)
^*	LG Display Co. Ltd.	448,043	4,995
^*	Korea Electric Power Corp.	346,907	4,843
	Orion Corp.Republic of Korea	43,511	4,717
	S-Oil Corp.	83,295	4,665
	Hyundai Glovis Co. Ltd.	37,784	4,635
¹	Lotte Chemical Corp.	36,396	4,587
	Yuhan Corp.	105,969	4,569
	HD Hyundai Co. Ltd.	102,983	4,567
	LG Chem Ltd. Preference Shares	15,153	4,434
	Hyundai Engineering & Construction Co. Ltd.	142,433	4,382
¹	Coway Co. Ltd.	114,300	4,197
	Hyundai Steel Co.	151,107	4,132
	CJ CheilJedang Corp. (XKRX)	16,861	3,904
	Industrial Bank of Korea	516,933	3,893
	Hankook Tire & Technology Co. Ltd.	147,782	3,817
¹	Hotel Shilla Co. Ltd.	61,933	3,784
¹	Hanmi Pharm Co. Ltd.	15,486	3,746
	LG Uplus Corp.	423,550	3,494
	Kumho Petrochemical Co. Ltd.	33,864	3,463
¹	F&F Co. Ltd.	32,446	3,433
	Hyundai Marine & Fire Insurance Co. Ltd.	121,951	3,426
^1,3	OCI Co. Ltd.	37,066	3,334
	Samsung Securities Co. Ltd.	128,468	3,261
	Hyundai Motor Co. Preference Shares	40,775	3,236
	Korea Investment Holdings Co. Ltd.	77,806	3,216
^*,1,2	SK IE Technology Co. Ltd.	52,660	3,062
	GS Holdings Corp.	100,654	2,991
	Kangwon Land Inc.	210,342	2,980
^*	Hyundai Heavy Industries Co. Ltd.	36,043	2,965
¹	SKC Co. Ltd.	39,294	2,935
	BNK Financial Group Inc.	579,637	2,884
	Fila Holdings Corp.	104,258	2,864
	E-MART Inc.	39,021	2,854
	Mirae Asset Securities Co. Ltd.	508,793	2,644
^*,1	SK Biopharmaceuticals Co. Ltd.	49,328	2,551
^*,1	Celltrion Pharm Inc.	40,544	2,485
¹	HL Mando Co. Ltd.	67,317	2,339
	LS Corp.	34,584	2,323
¹	Korea Electric Power Corp. ADR	326,843	2,294
^*	Hyundai Mipo Dockyard Co. Ltd.	40,987	2,256
	Hanon Systems	322,271	2,215
^*,1	Alteogen Inc.	66,756	2,186
^*,1	SK Bioscience Co. Ltd.	40,560	2,143
¹	Shinsegae Inc.	13,585	2,097
	Hyundai Doosan Infracore Co. Ltd.	281,858	2,085

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	GS Engineering & Construction Corp.	127,553	2,070
	NH Investment & Securities Co. Ltd.	294,456	2,062
^*	Pearl Abyss Corp.	61,474	1,991
	Cheil Worldwide Inc.	142,874	1,977
^*,1	Daewoo Shipbuilding & Marine Engineering Co. Ltd.	94,707	1,916
	Doosan Bobcat Inc.	48,707	1,869
¹	Lotte Energy Materials Corp.	41,200	1,864
¹	NongShim Co. Ltd.	6,244	1,850
¹	Posco International Corp.	91,306	1,836
	LG Electronics Inc. Preference Shares	49,495	1,823
	BGF retail Co. Ltd.	12,835	1,791
^*,1	Kakaopay Corp.	42,928	1,764
^*,1	Kakao Games Corp.	57,389	1,744
	CJ Corp.	24,900	1,705
	LOTTE Fine Chemical Co. Ltd.	36,234	1,664
¹	S-1 Corp.	38,056	1,662
^*,1,2	Netmarble Corp.	33,798	1,646
	DL E&C Co. Ltd.	60,827	1,607
¹	AMOREPACIFIC Group	58,539	1,605
¹	Pan Ocean Co. Ltd.	388,565	1,586
	DGB Financial Group Inc.	302,310	1,550
	GS Retail Co. Ltd.	76,397	1,522
	Hanwha Corp. (XKRX)	74,671	1,516
¹	Hanmi Science Co. Ltd.	45,775	1,503
	Samsung SDI Co. Ltd. Preference Shares	5,902	1,500
	KCC Corp.	8,532	1,422
¹	Wemade Co. Ltd.	33,650	1,410
	Samsung Card Co. Ltd.	62,921	1,402
¹	Lotte Shopping Co. Ltd.	22,219	1,328
¹	Hyundai Wia Corp.	31,000	1,303
¹	Hanjin Kal Corp.	43,742	1,295
^*,1	Daewoo Engineering & Construction Co. Ltd.	368,036	1,164
¹	Lotte Corp.	55,196	1,158
^*	CJ ENM Co. Ltd.	19,381	1,157
	SK Chemicals Co. Ltd.	20,779	1,110
	Hyundai Department Store Co. Ltd.	28,501	1,104
¹	SD Biosensor Inc.	69,302	1,081
^*	Korea Gas Corp.	53,684	1,077
¹	KEPCO Plant Service & Engineering Co. Ltd.	40,103	1,073
	Green Cross Corp.	11,458	1,062
^*,1	Paradise Co. Ltd.	91,433	1,053
¹	Seegene Inc.	57,570	1,049
^*	Hanwha Life Insurance Co. Ltd.	558,778	1,038
¹	SK Networks Co. Ltd.	293,505	1,024
	Hite Jinro Co. Ltd.	60,827	1,014
	SSANGYONG C&E Co. Ltd.	226,645	992

		Shares	Market Value• ($000)
	Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares	7,608	950
	DL Holdings Co. Ltd.	25,620	949
¹	CJ Logistics Corp.	15,917	919
	Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares	333,315	918
	SK Telecom Co. Ltd.	25,433	906
^*,1	Shin Poong Pharmaceutical Co. Ltd.	66,853	905
	LG H&H Co. Ltd. Preference Shares	4,509	903
	Dongsuh Cos. Inc.	59,769	859
	Ottogi Corp.	2,473	854
	Solus Advanced Materials Co. Ltd.	26,324	798
	Hanwha Corp. Preference Shares	65,914	711
	Lotte Chilsung Beverage Co. Ltd.	5,667	661
^*	NHN Corp.	31,965	651
	Amorepacific Corp. (XKRX) Preference Shares	19,249	577
^*	Hanwha Galleria Co. Ltd.	236,997	305
	Hyundai Engineering & Construction Co. Ltd. Preference Shares	4,186	161
	CJ CheilJedang Corp. Preference Shares	649	71
	SK Telecom Co. Ltd. ADR	7	—
			1,636,738
Spain (1.6%)
	Iberdrola SA (XMAD)	12,027,426	155,853
	Banco Santander SA	33,023,872	116,015
	Banco Bilbao Vizcaya Argentaria SA	12,140,384	88,880
	Industria de Diseno Textil SA	2,116,973	72,775
^*	Amadeus IT Group SA	907,715	63,799
^*,2	Cellnex Telecom SA	1,130,451	47,596
	Telefonica SA	10,059,657	45,693
	Repsol SA	2,572,099	37,783
	Ferrovial SA	950,322	29,796
	CaixaBank SA	7,691,626	28,471
^*,2	Aena SME SA	141,902	23,899
	Red Electrica Corp. SA	872,490	15,863
	Endesa SA	638,375	14,320
	ACS Actividades de Construccion y Servicios SA	408,670	14,051
	Enagas SA	496,892	9,948
	Naturgy Energy Group SA	292,762	9,116
	Acciona SA	46,209	8,562
	Bankinter SA	1,388,525	8,211
^*	Grifols SA	602,750	6,204
	Merlin Properties Socimi SA	684,165	6,049
	Inmobiliaria Colonial Socimi SA	691,712	4,422
^*	Grifols SA (XMAD) Preference Shares	597,397	4,420

		Shares	Market Value• ($000)
^*	Corp. ACCIONA Energias Renovables SA	116,389	4,179
	Mapfre SA	1,991,733	3,990
			819,895
Sweden (2.0%)
	Investor AB	3,607,233	77,495
	Atlas Copco AB Class A	5,099,622	73,762
	Volvo AB Class B	3,060,114	62,918
	Assa Abloy AB Class B	1,960,155	46,703
	Sandvik AB	2,170,187	44,206
	Hexagon AB Class B	3,773,552	43,206
²	Evolution AB	322,730	43,119
	Atlas Copco AB Class B	3,045,740	39,067
	Essity AB Class B	1,229,575	37,263
	Skandinaviska Enskilda Banken AB Class A	3,243,193	36,878
	Swedbank AB Class A	2,029,009	35,257
	Telefonaktiebolaget LM Ericsson Class B	6,064,711	33,390
	Nibe Industrier AB Class B	2,926,527	32,768
	Svenska Handelsbanken AB Class A	2,991,455	26,444
	Epiroc AB Class A	1,292,888	25,901
	Investor AB (XSTO)	1,129,981	24,778
	Alfa Laval AB	625,045	22,931
	Boliden AB	551,896	19,723
	H & M Hennes & Mauritz AB Class B	1,331,663	19,523
	Svenska Cellulosa AB SCA Class B	1,169,137	16,040
	EQT AB	684,521	14,743
	SKF AB Class B	776,869	14,070
	Telia Co. AB	4,984,720	13,878
	Indutrade AB	567,979	13,638
	Epiroc AB Class B	717,818	12,359
	SSAB AB Class B	1,782,426	12,048
	Tele2 AB Class B	1,121,012	11,912
	Skanska AB Class B	727,705	11,903
	Trelleborg AB Class B	462,832	11,630
	Getinge AB Class B	453,397	11,508
¹	Industrivarden AB Class C	379,783	10,845
	Beijer Ref AB Class B	658,968	10,779
	Lifco AB Class B	458,982	10,467
	Saab AB Class B	184,487	10,359
	Securitas AB Class B	987,642	8,853
^*	Swedish Orphan Biovitrum AB	355,794	8,658
	Volvo AB Class A	399,089	8,451
	Sagax AB Class B	333,299	8,175
^*	Kinnevik AB Class B	485,674	7,979
	Holmen AB Class B	195,710	7,404
	L E Lundbergforetagen AB Class B	150,827	7,237
	Husqvarna AB Class B	769,687	6,643
¹	Electrolux AB Class B	438,288	6,612
¹	Castellum AB	519,637	6,317
	Investment AB Latour Class B	291,606	6,314
^*	Fastighets AB Balder Class B	1,252,089	5,830

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Sweco AB Class B	409,289	5,487
	Axfood AB	220,360	5,469
	Industrivarden AB Class A	180,678	5,170
^*,1	Volvo Car AB Class B	1,097,080	4,528
	Sagax AB Class D	354,266	936
¹	Svenska Handelsbanken AB Class B	76,049	836
	Skandinaviska Enskilda Banken AB Class C	53,527	683
	Husqvarna AB Class A	56,030	481
	Telefonaktiebolaget LM Ericsson Class A	74,560	457
	Svenska Cellulosa AB SCA Class A	31,616	432
	SSAB AB Class A	30,179	214
			1,044,677
Switzerland (6.2%)
	Nestle SA (Registered)	5,443,316	698,321
	Roche Holding AG	1,396,653	437,348
	Novartis AG (Registered)	4,017,400	410,955
	Cie Financiere Richemont SA Class A (Registered)	1,031,233	170,464
	Zurich Insurance Group AG	299,390	145,190
^*	UBS Group AG (Registered)	5,776,034	117,557
	ABB Ltd. (Registered)	3,070,495	110,764
	Lonza Group AG (Registered)	149,276	93,095
	Sika AG (Registered) Class A	292,166	80,703
^*	Holcim AG	1,099,268	72,632
	Alcon Inc.	929,162	67,658
	Swiss Re AG	581,562	58,566
	Givaudan SA (Registered)	16,015	56,020
	Partners Group Holding AG	44,743	43,434
^*	Swiss Life Holding AG (Registered)	61,280	40,448
	Geberit AG (Registered)	68,763	39,165
	Swisscom AG (Registered)	51,240	35,179
	Straumann Holding AG (Registered)	214,931	32,337
	Sonova Holding AG (Registered)	101,907	32,317
	Julius Baer Group Ltd.	424,825	30,441
	Kuehne & Nagel International AG (Registered)	99,971	29,617
	SGS SA (Registered)	296,775	26,857
	Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf.	2,094	25,855
	Chocoladefabriken Lindt & Spruengli AG (Registered)	202	24,899
	Roche Holding AG (Bearer)	63,097	21,352
	Swatch Group AG (Bearer)	61,143	20,976

		Shares	Market Value• ($000)
	Schindler Holding AG (XSWX)	84,161	18,808
²	VAT Group AG	51,828	18,284
^*	SIG Group AG	662,527	17,733
	Logitech International SA (Registered)	287,416	17,008
	Barry Callebaut AG (Registered)	7,168	15,304
	Baloise Holding AG (Registered)	91,428	15,304
	Swiss Prime Site AG (Registered)	152,875	13,838
	Georg Fischer AG (Registered)	164,148	11,970
	EMS-Chemie Holding AG (Registered)	14,247	11,701
^*	Adecco Group AG (Registered)	322,424	11,090
^*	Tecan Group AG (Registered)	25,382	11,061
	PSP Swiss Property AG (Registered)	90,240	10,627
	Helvetia Holding AG (Registered)	70,828	10,595
	Temenos AG (Registered)	122,038	10,280
	Belimo Holding AG (Registered)	18,718	9,034
	Schindler Holding AG (Registered)	36,163	7,725
^*	Clariant AG (Registered)	457,730	7,635
	Flughafen Zurich AG (Registered)	37,699	7,256
	Bachem Holding AG	61,943	6,767
^*	Credit Suisse Group AG (Registered)	7,295,981	6,565
	BKW AG	36,482	6,247
	Banque Cantonale Vaudoise (Registered)	57,521	6,053
	DKSH Holding AG	72,053	5,739
	Swatch Group AG (Registered)	72,160	4,552
	Emmi AG (Registered)	4,137	4,305
			3,187,631
Taiwan (3.9%)
	Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI)	30,967,873	507,117
	Taiwan Semiconductor Manufacturing Co. Ltd. ADR	3,470,011	292,522
	Hon Hai Precision Industry Co. Ltd.	24,008,823	81,811
	MediaTek Inc.	3,004,700	65,334
	Delta Electronics Inc.	4,343,676	42,551
	Nan Ya Plastics Corp.	11,406,615	28,991
	Fubon Financial Holding Co. Ltd.	14,904,172	28,704
	CTBC Financial Holding Co. Ltd.	36,762,939	27,099
	Cathay Financial Holding Co. Ltd.	18,460,620	25,575
	Mega Financial Holding Co. Ltd.	22,602,821	25,076
	China Steel Corp.	24,888,234	23,605
	E.Sun Financial Holding Co. Ltd.	28,634,248	23,287
	Uni-President Enterprises Corp.	9,693,487	23,239

		Shares	Market Value• ($000)
	Formosa Plastics Corp.	7,539,873	23,065
	ASE Technology Holding Co. Ltd.	6,779,449	22,288
^*,1	United Microelectronics Corp. ADR	2,577,236	20,695
	Chailease Holding Co. Ltd.	2,786,380	20,294
	First Financial Holding Co. Ltd.	21,098,876	18,636
	Taiwan Cooperative Financial Holding Co. Ltd.	20,538,993	17,903
	Yuanta Financial Holding Co. Ltd.	24,231,070	17,837
	Chunghwa Telecom Co. Ltd. ADR	431,137	17,771
^*,1	United Microelectronics Corp.	10,402,978	16,732
	Taiwan Cement Corp. (XTAI)	12,574,726	15,863
¹	Novatek Microelectronics Corp.	1,148,916	15,707
	Formosa Chemicals & Fibre Corp.	6,935,306	15,564
	Quanta Computer Inc.	5,373,598	15,046
	Hua Nan Financial Holdings Co. Ltd.	20,668,170	14,759
	Chunghwa Telecom Co. Ltd.	3,496,207	14,467
	Hotai Motor Co. Ltd.	649,000	13,990
	China Development Financial Holding Corp.	31,901,019	13,641
	Largan Precision Co. Ltd.	206,848	13,582
	Asustek Computer Inc.	1,423,026	13,116
	Taishin Financial Holding Co. Ltd.	23,134,530	13,052
	Yageo Corp.	789,251	12,795
	Sinopac Holdings Co.	22,702,359	12,355
	Unimicron Technology Corp.	2,542,975	12,083
	Taiwan Mobile Co. Ltd.	3,509,713	11,826
	Airtac International Group	315,773	11,461
¹	Walsin Lihwa Corp.	6,931,643	11,257
	Realtek Semiconductor Corp.	955,768	11,208
	E Ink Holdings Inc.	1,799,000	11,208
	Shanghai Commercial & Savings Bank Ltd.	7,388,048	11,174
¹	Evergreen Marine Corp. Taiwan Ltd.	2,029,520	10,719
	Accton Technology Corp.	1,079,000	10,541
	Lite-On Technology Corp. ADR	4,310,767	10,327
	Silergy Corp.	653,000	10,307
	Advantech Co. Ltd.	832,536	10,080
	President Chain Store Corp.	1,142,904	10,069
	Pegatron Corp.	4,115,038	9,391
	Wistron Corp.	5,804,445	8,798
	eMemory Technology Inc.	140,000	8,371

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Far EasTone Telecommunications Co. Ltd.	3,240,643	8,326
	Far Eastern New Century Corp.	7,928,819	8,242
	Catcher Technology Co. Ltd.	1,387,153	8,183
	Formosa Petrochemical Corp.	2,774,580	7,850
	Chang Hwa Bank	13,454,653	7,803
	Voltronic Power Technology Corp.	132,000	7,590
	Shin Kong Financial Holdings Co. Ltd.	27,218,986	7,439
	Innolux Corp.	16,709,274	7,320
	Yang Ming Marine Transport Corp.	3,529,000	7,280
	Asia Cement Corp.	5,018,519	7,188
	Globalwafers Co. Ltd.	432,000	6,789
	Inventec Corp.	6,154,064	6,638
¹	Wiwynn Corp.	174,000	6,622
	Micro-Star International Co. Ltd.	1,388,000	6,597
	Compal Electronics Inc.	8,343,510	6,511
	Eclat Textile Co. Ltd.	402,398	6,408
	Teco Electric and Machinery Co. Ltd.	3,969,000	5,714
	Acer Inc.	5,763,396	5,685
	Powerchip Semiconductor Manufacturing Corp.	5,759,000	5,595
	Synnex Technology International Corp.	2,762,889	5,575
	Ruentex Development Co. Ltd.	4,749,500	5,550
	Feng TAY Enterprise Co. Ltd.	888,532	5,528
	Pou Chen Corp.	5,331,125	5,523
	ASPEED Technology Inc.	61,400	5,258
¹	Vanguard International Semiconductor Corp.	1,820,466	5,159
	Sino-American Silicon Products Inc.	1,069,000	5,152
	AU Optronics Corp.	9,182,600	5,100
	Taiwan Business Bank	11,017,038	5,007
	Winbond Electronics Corp.	5,892,000	5,000
^*	Oneness Biotech Co. Ltd.	616,000	4,846
	Zhen Ding Technology Holding Ltd.	1,284,000	4,678
	Cheng Shin Rubber Industry Co. Ltd.	3,717,222	4,581
¹	Eva Airways Corp.	5,149,188	4,515
	Hiwin Technologies Corp.	580,664	4,460
	Win Semiconductors Corp.	820,000	4,378
	Taiwan High Speed Rail Corp.	4,298,000	4,346
¹	Parade Technologies Ltd.	140,000	4,288
	Powertech Technology Inc.	1,350,000	4,042

		Shares	Market Value• ($000)
	Foxconn Technology Co. Ltd.	2,261,925	3,977
	Chicony Electronics Co. Ltd.	1,244,337	3,932
	Wan Hai Lines Ltd.	1,841,812	3,916
¹	Nan Ya Printed Circuit Board Corp.	422,000	3,799
	Giant Manufacturing Co. Ltd.	626,548	3,758
	Nanya Technology Corp.	1,674,600	3,711
¹	China Airlines Ltd.	5,872,913	3,643
	Auo Corp. ADR	589,839	3,362
	Nien Made Enterprise Co. Ltd.	285,000	3,138
	Walsin Technology Corp.	997,000	3,108
	momo.com Inc.	113,720	3,081
	Taiwan Fertilizer Co. Ltd.	1,529,000	2,944
	Yulon Motor Co. Ltd.	1,112,377	2,925
	ASMedia Technology Inc.	77,000	2,864
^*	HTC Corp.	1,479,570	2,746
	ENNOSTAR Inc.	1,411,000	2,301
	Taiwan Glass Industry Corp.	3,234,089	2,142
	Eternal Materials Co. Ltd.	2,010,398	2,120
¹	Genius Electronic Optical Co. Ltd.	170,000	2,063
	Taiwan Secom Co. Ltd.	580,725	2,052
	Formosa Taffeta Co. Ltd.	2,123,000	1,958
	Capital Securities Corp.	4,156,587	1,857
	Far Eastern International Bank	4,941,953	1,803
	U-Ming Marine Transport Corp.	889,000	1,579
	China Motor Corp.	513,642	1,323
	Transcend Information Inc.	570,455	1,320
	Advanced Energy Solution Holding Co. Ltd.	48,000	1,078
	Formosa Sumco Technology Corp.	120,000	586
	ASE Technology Holding Co. Ltd. ADR	50,685	348
	Yulon Nissan Motor Co. Ltd.	50,000	315
			2,023,404
Thailand (0.6%)
	PTT PCL	28,775,778	26,195
^*	CP ALL PCL	11,991,075	22,787
^*	Airports of Thailand PCL	8,469,651	18,196
	Bangkok Dusit Medical Services PCL Class F	18,020,200	15,481
	Advanced Info Service PCL	2,252,596	14,143
¹	Gulf Energy Development PCL	8,620,340	12,857
	PTT Exploration & Production PCL	2,789,061	12,135
	Delta Electronics Thailand PCL	5,613,560	11,960
	Central Pattana PCL	5,362,082	10,715
	Kasikornbank PCL	2,272,718	8,344

		Shares	Market Value• ($000)
	Central Retail Corp. PCL	5,659,497	7,446
	Bumrungrad Hospital PCL	1,064,305	7,433
	Minor International PCL	7,563,455	7,006
	Siam Cement PCL NDVR	739,280	6,812
	SCB X PCL Foreign	2,219,544	6,751
	Siam Cement PCL (Registered)	730,694	6,733
¹	Krung Thai Bank PCL	12,367,162	6,538
	Energy Absolute PCL (XBKK)	3,117,441	6,206
¹	Charoen Pokphand Foods PCL	9,681,228	5,763
	PTT Global Chemical PCL	4,090,887	4,992
	Bangkok Bank PCL NVDR	1,078,300	4,972
	Home Product Center PCL	11,588,792	4,768
	True Corp. PCL	18,794,912	4,376
	Bangkok Expressway & Metro PCL	15,625,782	4,057
¹	Banpu PCL (Registered)	14,800,708	3,958
¹	Krungthai Card PCL	2,533,621	3,926
	BTS Group Holdings PCL	17,327,021	3,916
	Digital Telecommunications Infrastructure Fund Class F	10,445,639	3,886
¹	TMBThanachart Bank PCL	88,195,796	3,757
	SCB X PCL NVDR	1,230,600	3,743
	PTT Oil & Retail Business PCL	5,699,100	3,711
	Indorama Ventures PCL	3,588,015	3,584
	Siam Makro PCL	3,097,187	3,434
	Intouch Holdings PCL Class F	1,527,359	3,363
	Thai Oil PCL	2,291,702	3,137
	SCG Packaging PCL	2,418,800	3,126
	Land & Houses PCL (Registered)	10,601,008	3,048
	Kasikornbank PCL NVDR	808,437	2,968
	Global Power Synergy PCL Class F	1,400,152	2,634
	Electricity Generating PCL	528,279	2,426
	Ratch Group PCL	2,152,092	2,384
	Berli Jucker PCL	2,077,782	2,380
¹	Thai Union Group PCL Class F	5,852,163	2,368
	Osotspa PCL	2,721,791	2,356
^*	Asset World Corp. PCL	14,493,308	2,257
¹	Srisawad Corp. PCL	1,308,304	2,138
	Land & Houses PCL NVDR	6,394,100	1,838
^*	Thai Life Insurance PCL	4,699,100	1,709
	B Grimm Power PCL	1,459,652	1,664
¹	Carabao Group PCL Class F	706,977	1,486
¹	IRPC PCL	20,609,489	1,429
	Muangthai Capital PCL	1,426,662	1,428

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	Bangkok Bank PCL (Registered)	270,602	1,248
¹	Siam City Cement PCL	177,239	699
	Intouch Holdings PCL NVDR	273,800	603
	Bangkok Life Assurance PCL	716,902	588
¹	Energy Absolute PCL	270,400	538
	Central Pattana PCL NVDR	258,400	516
	True Corp. PCL NVDR	2,088,999	486
¹	Sri Trang Gloves Thailand PCL	1,807,810	483
	Bumrungrad Hospital PCL NDVR	50,700	354
¹	Bangkok Life Assurance PCL NVDR	354,600	291
	Krung Thai Bank PCL NDVR	166,000	88
			320,614
Turkey (0.3%)
^*	Turk Hava Yollari AO	1,121,324	7,374
	BIM Birlesik Magazalar A/S	916,702	7,366
	KOC Holding A/S	1,738,473	6,768
	Turkiye Petrol Rafinerileri A/S	1,803,746	6,160
	Turkiye Sise ve Cam Fabrikalari A/S	3,037,911	5,763
	Akbank TAS	6,244,920	5,163
	Enka Insaat ve Sanayi A/S	3,625,271	5,102
^*	Eregli Demir ve Celik Fabrikalari TAS	2,747,811	4,689
	Turkcell Iletisim Hizmetleri A/S	2,409,536	4,105
	Haci Omer Sabanci Holding A/S	1,985,418	3,903
^*	Sasa Polyester Sanayi A/S	695,901	3,569
	Turkiye Is Bankasi A/S Class C	6,313,240	3,519
	Ford Otomotiv Sanayi A/S	126,262	3,490
^*	Hektas Ticaret TAS	2,389,480	3,313
	Aselsan Elektronik Sanayi Ve Ticaret A/S	1,204,086	2,771
	Yapi ve Kredi Bankasi A/S	5,538,422	2,702
	Tofas Turk Otomobil Fabrikasi A/S	244,852	2,419
	Koza Altin Isletmeleri A/S	1,981,413	1,927
^*	Pegasus Hava Tasimaciligi A/S	79,317	1,811
^*	Gubre Fabrikalari TAS	169,759	1,766
	Turkiye Garanti Bankasi A/S	1,221,957	1,723
^*	Petkim Petrokimya Holding A/S	2,567,753	1,718
^*	Migros Ticaret A/S	177,614	1,594
	Coca-Cola Icecek A/S	128,158	1,552
	Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D	1,898,265	1,464
	Anadolu Efes Biracilik Ve Malt Sanayii A/S	413,314	1,339
^*	TAV Havalimanlari Holding A/S	347,561	1,261

		Shares	Market Value• ($000)
	AG Anadolu Grubu Holding A/S	251,210	1,227
	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S	3,832,007	1,187
^*	Arcelik A/S	235,996	1,176
	Kontrolmatik Enerji Ve Muhendislik A/S	169,157	1,151
^*	Oyak Cimento Fabrikalari A/S	624,309	970
	Aksa Enerji Uretim A/S Class B	654,174	941
^*	Investco Holding A/S	74,375	937
^*	Turkiye Vakiflar Bankasi TAO Class D	2,061,525	913
^*	Turk Telekomunikasyon A/S	1,067,656	894
^*	Sok Marketler Ticaret A/S	498,958	853
^*	Girisim Elektrik Taahhut Ticaret Ve Sanayi A/S	245,040	845
	Dogan Sirketler Grubu Holding A/S	1,866,875	823
	Nuh Cimento Sanayi A/S	122,088	810
	Alarko Holding A/S	263,407	798
	Aksa Akrilik Kimya Sanayii A/S	227,798	769
	Turk Traktor ve Ziraat Makineleri A/S	26,114	750
	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S	500,216	748
²	Mavi Giyim Sanayi Ve Ticaret A/S Class B	129,256	697
^*	Koza Anadolu Metal Madencilik Isletmeleri A/S	372,399	679
^*	ODAS Elektrik Uretim ve Sanayi Ticaret A/S	2,208,973	677
^*	Turkiye Halk Bankasi A/S	1,203,597	651
	Bera Holding A/S	1,225,061	640
^*	Otokar Otomotiv Ve Savunma Sanayi A/S	14,585	630
²	Enerjisa Enerji A/S	428,357	614
	Dogus Otomotiv Servis ve Ticaret A/S	97,368	613
^*	Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret A/S	162,340	585
	Is Yatirim Menkul Degerler A/S	243,982	551
	Borusan Yatirim ve Pazarlama A/S	12,252	538
^*,2	MLP Saglik Hizmetleri A/S	157,139	534
	Tekfen Holding A/S	357,302	530
^*	Vestel Elektronik Sanayi ve Ticaret A/S	247,283	526
	EGE Endustri VE Ticaret A/S	2,248	525
	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S	314,404	479

		Shares	Market Value• ($000)
^*	Borusan Mannesmann Boru Sanayi ve Ticaret A/S	73,964	454
^*	Turkiye Sinai Kalkinma Bankasi A/S	2,227,189	451
^*	Qua Granite Hayal	108,170	436
^*	Ulker Biskuvi Sanayi A/S	278,919	431
^*	Iskenderun Demir ve Celik A/S	273,450	421
	Cimsa Cimento Sanayi VE Ticaret A/S	91,863	401
	Margun Enerji Uretim Sanayi VE Ticaret A/S	196,986	376
	Kordsa Teknik Tekstil A/S	112,344	372
^*	Can2 Termik A/S	146,957	367
^*	Is Gayrimenkul Yatirim Ortakligi A/S	848,161	359
	Ziraat Gayrimenkul Yatirim Ortakligi A/S	1,759,881	358
	Aygaz A/S	102,347	342
^*	GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret A/S	147,057	337
^*	Penta Teknoloji Urunleri Dag	392,868	301
^*	Karsan Otomotiv Sanayii Ve Ticaret A/S	643,475	281
	Akcansa Cimento A/S	81,868	272
^*	Konya Cimento Sanayii A/S	1,813	265
	Kimteks Poliuretan Sanayi VE Ticaret AS	59,783	263
	Selcuk Ecza Deposu Ticaret ve Sanayi A/S.	165,889	259
^*	Zorlu Enerji Elektrik Uretim A/S	999,230	228
	Vestel Beyaz Esya Sanayi ve Ticaret A/S	412,799	225
	Oyak Yatirim Menkul Degerler A/S	116,133	221
^*	Tukas Gida Sanayi ve Ticaret A/S	317,549	216
	Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S	93,395	208
	Eczacibasi Yatirim Holding Ortakligi A/S	30,123	205
^*	Torunlar Gayrimenkul Yatirim Ortakligi A/S	298,744	204
^*	Karel Elektronik Sanayi ve Ticaret A/S	247,293	204
^*	Europen Endustri Insaat Sanayi VE Ticaret AS	383,785	195
^*	Kiler Holding AS	153,063	195
	Polisan Holding A/S	356,946	186
^*	Kocaer Celik Sanayi Ve Ticaret AS	243,473	182
^*	Ozak Gayrimenkul Yatirim Ortakligi	326,727	180

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
^*	Kerevitas Gida Sanayi ve Ticaret A/S	377,575	178
	Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi A/S	249,669	176
	Anadolu Isuzu Otomotiv Sanayi Ve Ticaret A/S	24,778	173
^*	Erciyas Celik Boru Sanayi A/S	36,525	163
^*	Galata Wind Enerji A/S	195,730	158
^*	Kizilbuk Gayrimenkul Yatirim Ortakligi A/S	176,657	154
^*	Yayla Agro Gida Sanayi VE Nakliyat A/S	88,605	133
	Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class A	165,475	124
^*	Aydem Yenilenebilir Enerji A/S Class A	161,609	109
			130,355
United Arab Emirates (0.4%)
	Emirates Telecommunications Group Co. PJSC	7,032,007	46,031
	First Abu Dhabi Bank PJSC	8,969,702	34,684
	Emaar Properties PJSC	13,387,967	21,705
^*	Alpha Dhabi Holding PJSC	2,719,859	16,304
	Abu Dhabi Commercial Bank PJSC	5,967,451	14,338
	Aldar Properties PJSC	7,207,229	10,631
	Abu Dhabi Islamic Bank PJSC	2,978,840	9,229
	Dubai Islamic Bank PJSC	5,868,996	8,904
	Abu Dhabi National Oil Co. for Distribution PJSC	5,827,226	6,971
	Dubai Electricity & Water Authority PJSC	9,866,969	6,669
^*	Multiply Group PJSC	6,916,605	6,346
	Americana Restaurants International plc (XADS)	5,555,314	5,929
	ADNOC Drilling Co. PJSC	3,292,897	3,849
^*	Abu Dhabi Ports Co. PJSC	1,781,131	3,328
^*	Q Holding PJSC	4,190,504	2,916
	Salik Co. PJSC	3,469,158	2,830
	Dubai Investments PJSC	4,174,704	2,791
	Air Arabia PJSC	4,627,370	2,765
	Borouge plc	3,746,340	2,695
^*	National Marine Dredging Co.	420,663	2,491
	Fertiglobe plc	2,369,418	2,482
	Emaar Development PJSC	1,643,346	2,479
	Dana Gas PJSC	7,038,745	1,716
	Dubai Financial Market PJSC	3,201,832	1,313

		Shares	Market Value• ($000)
	Aramex PJSC	1,061,719	945
^*	Ghitha Holding PJSC	77,844	901
^*	AL Seer Marine Supplies & Equipment Co LLC	390,180	816
^*	Apex Investments Co. PSC	1,019,338	545
	Americana Restaurants International plc	231,651	249
			222,852
United Kingdom (10.2%)
	AstraZeneca plc	2,981,798	438,810
	Shell plc (XLON)	14,053,066	431,825
	HSBC Holdings plc	40,631,307	292,844
	BP plc	35,703,852	239,537
	Diageo plc	4,482,670	204,482
	British American Tobacco plc	4,521,880	167,065
	Glencore plc	25,477,088	150,382
	GSK plc	8,065,164	145,441
	Unilever plc	2,597,169	144,655
	Rio Tinto plc	2,196,150	139,615
	Unilever plc (XLON)	2,472,316	137,664
	Reckitt Benckiser Group plc	1,443,909	116,682
	National Grid plc	7,351,557	105,406
	Compass Group plc	3,539,064	93,364
	Prudential plc (XLON)	5,544,388	84,835
	London Stock Exchange Group plc	787,252	82,656
	Lloyds Banking Group plc	135,261,660	82,174
	RELX plc	2,379,375	79,278
	BAE Systems plc	6,162,991	78,516
	Anglo American plc	2,436,441	75,077
	CRH plc (XDUB)	1,509,122	73,239
	Experian plc	1,853,258	65,614
	Barclays plc	31,880,824	64,221
	Ferguson plc	419,061	59,213
	Vodafone Group plc	47,570,448	57,138
	Tesco plc	14,574,631	51,528
	Ashtead Group plc	879,346	50,700
	SSE plc	2,179,837	50,296
	RELX plc (XLON)	1,494,869	49,733
	Imperial Brands plc	1,870,175	46,295
	Haleon plc	10,069,172	44,271
	3i Group plc	1,922,603	42,776
^*	Flutter Entertainment plc (XDUB)	205,583	41,198
	Rentokil Initial plc	5,051,172	40,214
	Standard Chartered plc	4,786,326	37,923
	NatWest Group plc	10,899,006	35,902
	Legal & General Group plc	11,973,565	35,328
^*	Rolls-Royce Holdings plc	16,894,900	32,365
	Aviva plc Class B	5,654,008	30,104
^*	Flutter Entertainment plc	148,385	29,650
	Smith & Nephew plc	1,760,481	28,995
	BT Group plc	13,988,576	27,939
	Bunzl plc	680,905	27,105
	Informa plc	2,842,777	25,844
	Segro plc	2,423,803	25,518
	Burberry Group plc	760,437	24,822
	WPP plc	2,114,236	24,640
	Croda International plc	280,131	24,612

		Shares	Market Value• ($000)
	InterContinental Hotels Group plc	357,130	24,555
	Halma plc	765,158	22,253
	Entain plc	1,181,012	21,520
	Next plc	249,879	21,201
	Sage Group plc	2,055,712	21,200
	Spirax-Sarco Engineering plc	148,256	20,717
	Smurfit Kappa Group plc	525,913	19,487
	United Utilities Group plc	1,374,056	18,666
	Severn Trent plc	504,350	18,577
	Associated British Foods plc	702,071	17,298
	Intertek Group plc	327,635	17,140
	Admiral Group plc	580,307	16,866
	Centrica plc	11,701,739	16,815
	Whitbread plc	407,836	16,694
	St. James's Place plc	1,086,497	16,524
	Pearson plc	1,451,327	16,147
	Mondi plc (XLON)	983,980	15,680
	Smiths Group plc	723,435	15,297
²	Auto Trader Group plc	1,823,182	14,580
	Melrose Industries plc (XLON)	2,698,322	13,899
	Antofagasta plc	699,672	12,869
	Kingfisher plc	3,962,416	12,843
	Barratt Developments plc	2,026,524	12,750
	DCC plc	199,540	12,415
	Land Securities Group plc Class B	1,451,177	12,314
^*	Coca-Cola HBC AG	399,939	12,209
	Weir Group plc	526,187	12,178
	J Sainsbury plc	3,497,391	12,153
	Rightmove plc	1,662,218	12,031
	Berkeley Group Holdings plc	212,701	11,903
	Taylor Wimpey plc	7,118,892	11,489
	B&M European Value Retail SA	1,884,635	11,377
	M&G plc	4,396,474	11,363
	Phoenix Group Holdings plc	1,484,410	11,060
	RS Group plc	952,475	11,051
	Abrdn plc	4,001,178	10,722
	Persimmon plc	640,571	10,601
	Dechra Pharmaceuticals plc	223,980	10,514
	IMI plc	518,279	10,399
	Schroders plc	1,686,093	10,327
	DS Smith plc	2,600,060	10,151
	JD Sports Fashion plc	4,960,851	10,068
	Hiscox Ltd.	674,008	10,031
	Beazley plc	1,322,182	9,920
^*	Wise plc Class A	1,414,710	9,795
	Endeavour Mining plc	368,136	9,520
	British Land Co. plc	1,882,332	9,484
	Howden Joinery Group plc	1,086,235	9,364
	Intermediate Capital Group plc	567,261	9,314
²	ConvaTec Group plc	3,303,830	9,134
	Johnson Matthey plc	367,399	9,076
	Tate & Lyle plc	809,786	8,303
	UNITE Group plc	650,441	7,848
^*	Ocado Group plc	1,219,639	7,762
	Hargreaves Lansdown plc	763,357	7,728

FTSE All-World ex-US Index Fund

		Shares	Market Value• ($000)
	ITV plc	7,572,694	7,708
	Hikma Pharmaceuticals plc	327,480	7,585
	Derwent London plc	217,172	6,556
	Direct Line Insurance Group plc	2,664,167	5,759
^*	Dowlais Group plc	2,698,321	4,497
^*	International Consolidated Airlines Group SA	2,246,507	4,309
	Fresnillo plc	376,670	3,371
²	Airtel Africa plc	2,176,412	3,285
	Renishaw plc	68,226	3,095
^*,3	Evraz plc	1,117,658	—
^*,3	NMC Health plc	140,418	—
			5,218,838
Total Common Stocks (Cost $42,311,951)			50,873,373

		Shares	Market Value• ($000)
Temporary Cash Investments (1.4%)
Money Market Fund (1.4%)
^4,5	Vanguard Market Liquidity Fund, 4.853% (Cost $717,166)	7,173,244	717,253
Total Investments (100.6%) (Cost $43,029,117)			51,590,626
Other Assets and Liabilities—Net (-0.6%)			(298,775)
Net Assets (100%)			51,291,851
Cost is in $000.

•	See Note A in Notes to Financial Statements.
*	Non-income-producing security.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $670,710,000.
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 April 30, 2023, the aggregate value was $1,381,153,000, representing 2.7% of net assets.
3	Security value determined using significant unobservable inputs.
4	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5	Collateral of $711,541,000 was received for securities on loan, of which $701,033,000 is held in Vanguard Market Liquidity Fund and $10,508,000 is held in cash.
	ADR—American Depositary Receipt.
	GDR—Global Depositary Receipt.
	NVDR—Non-Voting Depository Receipt.
	Ptg. Ctf.—Participating Certificates.
	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
E-mini S&P 500 Index	June 2023	92	19,267	778
MSCI EAFE Index	June 2023	2,836	304,813	15,220
MSCI Emerging Markets Index	June 2023	2,253	110,870	923
S&P ASX 200 Index	June 2023	62	7,506	217
Topix Index	June 2023	24	3,625	102
				17,240

Forward Currency Contracts
	Contract Settlement Date	Contract Amount (000)				Unrealized Appreciation ($000)	Unrealized Depreciation ($000)
Counterparty	Contract Settlement Date		Receive		Deliver		Unrealized Depreciation ($000)
State Street Bank & Trust Co.	6/21/23	CAD	34,000	USD	25,267	Unrealized Appreciation ($000)	—	(145)
UBS AG	6/21/23	INR	3,388,229	USD	41,105	191	—
Royal Bank of Canada	6/21/23	JPY	213,510	USD	1,626	—	(47)
Deutsche Bank AG	6/21/23	JPY	125,831	USD	934	—	(3)
BNP Paribas	6/21/23	USD	26,404	AUD	39,793	13	—
Bank of America, N.A.	6/21/23	USD	3,478	AUD	5,232	9	—
HSBC Bank plc	6/21/23	USD	1,528	AUD	2,270	23	—

FTSE All-World ex-US Index Fund

Forward Currency Contracts (continued)
	Contract Settlement Date	Contract Amount (000)				Unrealized Appreciation ($000)	Unrealized Depreciation ($000)
Counterparty	Contract Settlement Date		Receive		Deliver		Unrealized Depreciation ($000)
Royal Bank of Canada	6/21/23	USD	18,486	BRL	97,423	Unrealized Appreciation ($000)	—	(852)
Royal Bank of Canada	6/21/23	USD	16,183	CAD	21,891	8	—
Toronto-Dominion Bank	6/21/23	USD	16,182	CAD	21,891	7	—
Deutsche Bank AG	6/21/23	USD	1,098	CAD	1,492	—	(5)
State Street Bank & Trust Co.	6/21/23	USD	59,290	CHF	54,970	—	(2,580)
Morgan Stanley Capital Services Inc.	6/21/23	USD	21,271	CHF	19,539	—	(720)
UBS AG	6/21/23	USD	15,219	CHF	13,512	11	—
JPMorgan Chase Bank, N.A.	6/21/23	USD	5,005	CHF	4,444	3	—
Standard Chartered Bank	6/21/23	USD	55,425	EUR	51,666	—	(1,677)
Toronto-Dominion Bank	6/21/23	USD	25,363	EUR	23,188	—	(264)
JPMorgan Chase Bank, N.A.	6/21/23	USD	10,265	EUR	9,290	—	(3)
HSBC Bank plc	6/21/23	USD	26,457	GBP	22,044	—	(1,278)
State Street Bank & Trust Co.	6/21/23	USD	9,057	GBP	7,296	—	(123)
JPMorgan Chase Bank, N.A.	6/21/23	USD	5,090	HKD	39,805	9	—
Bank of America, N.A.	6/21/23	USD	19,510	JPY	2,554,112	614	—
BNP Paribas	6/21/23	USD	13,058	JPY	1,708,408	418	—
Toronto-Dominion Bank	6/21/23	USD	12,984	JPY	1,699,908	407	—
UBS AG	6/21/23	USD	12,854	JPY	1,682,909	403	—
JPMorgan Chase Bank, N.A.	6/21/23	USD	10,674	JPY	1,422,844	147	—
State Street Bank & Trust Co.	6/21/23	USD	6,524	JPY	854,204	204	—
HSBC Bank plc	6/21/23	USD	4,403	JPY	573,300	161	—
State Street Bank & Trust Co.	6/21/23	USD	7,025	KRW	9,136,190	177	—
Bank of America, N.A.	6/21/23	USD	11,298	SEK	117,535	—	(194)
BNP Paribas	6/21/23	USD	7,905	TWD	240,543	34	—
						2,839	(7,891)

AUD—Australian dollar.

BRL—Brazilian real.

CAD—Canadian dollar.

CHF—Swiss franc.

EUR—euro.

GBP—British pound.

HKD—Hong Kong dollar.

INR—Indian rupee.

JPY—Japanese yen.

KRW—Korean won.

SEK—Swedish krona.

TWD—Taiwanese dollar.

USD—U.S. dollar.

At April 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $730,000 in connection with open forward currency contracts.

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

FTSE All-World ex-US Index Fund

Statement of Assets and Liabilities

As of April 30, 2023

($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value¹
Unaffiliated Issuers (Cost $42,311,951)	50,873,373
Affiliated Issuers (Cost $717,166)	717,253
Total Investments in Securities	51,590,626
Investment in Vanguard	1,791
Cash	42,090
Cash Collateral Pledged—Futures Contracts	13,985
Cash Collateral Pledged—Forward Currency Contracts	7,750
Foreign Currency, at Value (Cost $116,944)	113,873
Receivables for Investment Securities Sold	11,535
Receivables for Accrued Income	315,497
Receivables for Capital Shares Issued	10,456
Variation Margin Receivable—Futures Contracts	475
Unrealized Appreciation—Forward Currency Contracts	2,839
Total Assets	52,110,917
Liabilities
Payables for Investment Securities Purchased	31,804
Collateral for Securities on Loan	711,541
Payables for Capital Shares Redeemed	10,527
Payables to Vanguard	5,470
Unrealized Depreciation—Forward Currency Contracts	7,891
Deferred Foreign Capital Gains Taxes	51,833
Total Liabilities	819,066
Net Assets	51,291,851
1 Includes $670,710,000 of securities on loan.
At April 30, 2023, net assets consisted of:

Paid-in Capital	46,677,343
Total Distributable Earnings (Loss)	4,614,508
Net Assets	51,291,851

ETF Shares—Net Assets
Applicable to 645,101,026 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	35,143,536
Net Asset Value Per Share—ETF Shares	$54.48

Admiral Shares—Net Assets
Applicable to 238,337,706 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	8,070,715
Net Asset Value Per Share—Admiral Shares	$33.86

Institutional Shares—Net Assets
Applicable to 45,322,656 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	4,865,331
Net Asset Value Per Share—Institutional Shares	$107.35

Institutional Plus Shares—Net Assets
Applicable to 28,257,263 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	3,212,269
Net Asset Value Per Share—Institutional Plus Shares	$113.68

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

FTSE All-World ex-US Index Fund

Statement of Operations


		Six Months Ended April 30, 2023
		($000)
Investment Income
Income
Dividends¹		740,028
Interest²		1,895
Securities Lending—Net		3,957
Total Income		745,880
Expenses
The Vanguard Group—Note B
Investment Advisory Services		1,742
Management and Administrative— ETF Shares		7,751
Management and Administrative— Admiral Shares		3,342
Management and Administrative— Institutional Shares		1,450
Management and Administrative— Institutional Plus Shares		598
Marketing and Distribution— ETF Shares		592
Marketing and Distribution— Admiral Shares		193
Marketing and Distribution— Institutional Shares		80
Marketing and Distribution— Institutional Plus Shares		47
Custodian Fees		2,655
Shareholders’ Reports—ETF Shares		373
Shareholders’ Reports—Admiral Shares		41
Shareholders’ Reports—Institutional Shares		14
Shareholders’ Reports—Institutional Plus Shares		5
Trustees’ Fees and Expenses		11
Other Expenses		987
Total Expenses		19,881
Expenses Paid Indirectly		(35)
Net Expenses		19,846
Net Investment Income		726,034
Realized Net Gain (Loss)
Investment Securities Sold^2,3		(268,042)
Futures Contracts		36,753
Forward Currency Contracts		(7,677)
Foreign Currencies		12,188
Realized Net Gain (Loss)		(226,778)
Change in Unrealized Appreciation (Depreciation)
Investment Securities^2,4		8,446,829
Futures Contracts		20,836
Forward Currency Contracts		(10,391)
Foreign Currencies		10,378
Change in Unrealized Appreciation (Depreciation)		8,467,652
Net Increase (Decrease) in Net Assets Resulting from Operations		8,966,908

1	Dividends are net of foreign withholding taxes of $74,611,000.
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 $1,622,000, $31,000, less than $1,000, and $28,000, respectively. Purchases and sales are for temporary cash investment purposes.

3	Includes $146,911,000 of net gain (loss) resulting from in-kind redemptions.
4	The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($6,696,000).

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

FTSE All-World ex-US Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$45.79	$62.49	$49.33	$51.58	$47.79	$53.65
Investment Operations
Net Investment Income¹	.766	1.749	1.604	1.211	1.629	1.557
Net Realized and Unrealized Gain (Loss) on Investments	8.658	(16.658)	13.047	(2.166)	3.692	(5.911)
Total from Investment Operations	9.424	(14.909)	14.651	(.955)	5.321	(4.354)
Distributions
Dividends from Net Investment Income	(.734)	(1.791)	(1.491)	(1.295)	(1.531)	(1.506)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.734)	(1.791)	(1.491)	(1.295)	(1.531)	(1.506)
Net Asset Value, End of Period	$54.48	$45.79	$62.49	$49.33	$51.58	$47.79
Total Return	20.73%	-24.27%	29.82%	-1.83%	11.42%	-8.37%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$35,144	$29,524	$35,493	$24,308	$24,652	$21,348
Ratio of Total Expenses to Average Net Assets	0.07%²	0.08%²	0.07%	0.08%	0.08%	0.09%
Ratio of Net Investment Income to Average Net Assets	2.93%	3.22%	2.62%	2.46%	3.30%	2.91%
Portfolio Turnover Rate³	2%	3%	5%	4%	4%	6%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07% and 0.08%, respectively.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$28.46	$38.84	$30.66	$32.06	$29.70	$33.35
Investment Operations
Net Investment Income¹	.469	1.069	.972	.750	1.010	.969
Net Realized and Unrealized Gain (Loss) on Investments	5.381	(10.351)	8.121	(1.355)	2.289	(3.682)
Total from Investment Operations	5.850	(9.282)	9.093	(.605)	3.299	(2.713)
Distributions
Dividends from Net Investment Income	(.450)	(1.098)	(.913)	(.795)	(.939)	(.937)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.450)	(1.098)	(.913)	(.795)	(.939)	(.937)
Net Asset Value, End of Period	$33.86	$28.46	$38.84	$30.66	$32.06	$29.70
Total Return²	20.70%	-24.30%	29.76%	-1.89%	11.38%	-8.37%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$8,071	$6,804	$8,667	$6,919	$6,717	$5,458
Ratio of Total Expenses to Average Net Assets	0.11%³	0.12%³	0.11%	0.11%	0.11%	0.11%
Ratio of Net Investment Income to Average Net Assets	2.88%	3.16%	2.56%	2.46%	3.29%	2.89%
Portfolio Turnover Rate⁴	2%	3%	5%	4%	4%	6%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11% and 0.12%, respectively.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

FTSE All-World ex-US Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$90.23	$123.14	$97.19	$101.64	$94.16	$105.72
Investment Operations
Net Investment Income¹	1.480	3.422	3.108	2.380	3.224	3.046
Net Realized and Unrealized Gain (Loss) on Investments	17.081	(32.817)	25.772	(4.281)	7.271	(11.621)
Total from Investment Operations	18.561	(29.395)	28.880	(1.901)	10.495	(8.575)
Distributions
Dividends from Net Investment Income	(1.441)	(3.515)	(2.930)	(2.549)	(3.015)	(2.985)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.441)	(3.515)	(2.930)	(2.549)	(3.015)	(2.985)
Net Asset Value, End of Period	$107.35	$90.23	$123.14	$97.19	$101.64	$94.16
Total Return	20.71%	-24.28%	29.82%	-1.87%	11.42%	-8.35%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$4,865	$4,430	$5,753	$4,658	$4,991	$4,719
Ratio of Total Expenses to Average Net Assets	0.08%²	0.09%²	0.08%	0.08%	0.08%	0.08%
Ratio of Net Investment Income to Average Net Assets	2.87%	3.19%	2.58%	2.45%	3.31%	2.92%
Portfolio Turnover Rate³	2%	3%	5%	4%	4%	6%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08% and 0.09%, respectively.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

FTSE All-World ex-US Index Fund

Financial Highlights

Institutional Plus Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$95.55	$130.41	$102.93	$107.63	$99.71	$111.96
Investment Operations
Net Investment Income¹	1.605	3.572	3.312	2.548	3.403	3.336
Net Realized and Unrealized Gain (Loss) on Investments	18.061	(34.687)	27.296	(4.528)	7.725	(12.397)
Total from Investment Operations	19.666	(31.115)	30.608	(1.980)	11.128	(9.061)
Distributions
Dividends from Net Investment Income	(1.536)	(3.745)	(3.128)	(2.720)	(3.208)	(3.189)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.536)	(3.745)	(3.128)	(2.720)	(3.208)	(3.189)
Net Asset Value, End of Period	$113.68	$95.55	$130.41	$102.93	$107.63	$99.71
Total Return	20.73%	-24.27%	29.84%	-1.83%	11.43%	-8.33%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$3,212	$2,749	$4,118	$3,311	$2,793	$2,588
Ratio of Total Expenses to Average Net Assets	0.06%²	0.07%²	0.06%	0.06%	0.06%	0.06%
Ratio of Net Investment Income to Average Net Assets	2.94%	3.13%	2.60%	2.48%	3.30%	2.94%
Portfolio Turnover Rate³	2%	3%	5%	4%	4%	6%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06% and 0.07%, respectively.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

FTSE All-World ex-US Index Fund

Notes to Financial Statements

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

A.	The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. 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. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

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

During the six months ended April 30, 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

FTSE All-World ex-US Index Fund

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 six months ended April 30, 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.

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.

FTSE All-World ex-US Index Fund

and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

For the six months ended April 30, 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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 fund's understanding of 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.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

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

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2023, the fund had contributed to Vanguard capital in the amount of $1,791,000, representing less than 0.01% of the fund’s net assets and 0.72% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $35,000 (an annual rate of less than 0.01% of average net assets).

FTSE All-World ex-US Index Fund

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

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

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.

The following table summarizes the market value of the fund’s investments and derivatives as of April 30, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks—North and South America	4,369,044	83,796	—	4,452,840
Common Stocks—Other	736,044	45,678,603	5,886	46,420,533
Temporary Cash Investments	717,253	—	—	717,253
Total	5,822,341	45,762,399	5,886	51,590,626
Derivative Financial Instruments
Assets
Futures Contracts¹	17,240	—	—	17,240
Forward Currency Contracts	—	2,839	—	2,839
Total	17,240	2,839	—	20,079
Liabilities
Forward Currency Contracts	—	7,891	—	7,891

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

E.	At April 30, 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—Futures Contracts¹	17,240	—	17,240
Unrealized Appreciation—Forward Currency Contracts	—	2,839	2,839
Total Assets	17,240	2,839	20,079

Unrealized Depreciation—Forward Currency Contracts	—	7,891	7,891
Total Liabilities	—	7,891	7,891

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.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2023, were:

Realized Net Gain (Loss) on Derivatives	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Futures Contracts	36,753	—	36,753
Forward Currency Contracts	—	(7,677)	(7,677)
Realized Net Gain (Loss) on Derivatives	36,753	(7,677)	29,076
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts	20,836	—	20,836

FTSE All-World ex-US Index Fund

	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Forward Currency Contracts	—	(10,391)	(10,391)
Change in Unrealized Appreciation (Depreciation) on Derivatives	20,836	(10,391)	10,445

F.	As of April 30, 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	43,415,915
Gross Unrealized Appreciation	13,627,006
Gross Unrealized Depreciation	(5,440,107)
Net Unrealized Appreciation (Depreciation)	8,186,899

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2022, the fund had available capital losses totaling $3,735,507,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

G.	During the six months ended April 30, 2023, the fund purchased $928,054,000 of investment securities and sold $1,471,357,000 of investment securities, other than temporary cash investments. Purchases and sales include $103,793,000 and $264,946,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
H.	Capital share transactions for each class of shares were:

	Six Months Ended April 30, 2023		Year Ended October 31, 2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
ETF Shares
Issued	317,379	6,334	4,220,930	77,405
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(320,607)	(6,000)	(32,292)	(600)
Net Increase (Decrease)—ETF Shares	(3,228)	334	4,188,638	76,805
Admiral Shares
Issued	756,623	23,725	2,458,545	75,541
Issued in Lieu of Cash Distributions	80,940	2,602	191,775	5,730
Redeemed	(866,846)	(27,040)	(2,137,376)	(65,341)
Net Increase (Decrease)—Admiral Shares	(29,283)	(713)	512,944	15,930
Institutional Shares
Issued	402,168	3,989	1,299,195	12,163
Issued in Lieu of Cash Distributions	57,286	581	140,575	1,321
Redeemed	(858,820)	(8,343)	(1,193,359)	(11,108)
Net Increase (Decrease)—Institutional Shares	(399,366)	(3,773)	246,411	2,376
Institutional Plus Shares
Issued	256,095	2,352	485,285	4,355
Issued in Lieu of Cash Distributions	42,493	407	109,314	966
Redeemed	(351,440)	(3,277)	(969,632)	(8,121)
Net Increase (Decrease)—Institutional Plus Shares	(52,852)	(518)	(375,033)	(2,800)

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.

FTSE All-World ex-US Small-Cap Index Fund

Financial Statements (unaudited)

Schedule of Investments

As of April 30, 2023

		Shares	Market Value• ($000)
Common Stocks (98.8%)
Australia (4.8%)
^*,1	Liontown Resources Ltd.	6,519,537	11,990
	Technology One Ltd.	1,061,332	10,700
	nib holdings Ltd.	1,820,288	9,340
	Reliance Worldwide Corp. Ltd.	2,965,184	8,086
	Nine Entertainment Co. Holdings Ltd.	5,659,610	7,807
	Perseus Mining Ltd.	5,228,915	7,728
	Champion Iron Ltd.	1,753,747	7,620
¹	Breville Group Ltd.	547,537	7,522
	Sandfire Resources Ltd.	1,722,416	7,504
	National Storage REIT	4,378,001	7,292
^*	Webjet Ltd.	1,467,305	7,256
	Eagers Automotive Ltd.	755,349	7,133
	Charter Hall Long Wale REIT	2,449,227	7,090
^*	Chalice Mining Ltd.	1,301,857	6,921
²	Viva Energy Group Ltd.	3,324,004	6,871
	AUB Group Ltd.	340,283	6,237
	ARB Corp. Ltd.	290,987	6,216
	Corporate Travel Management Ltd.	429,181	6,005
	Super Retail Group Ltd.	651,020	5,875
	Bapcor Ltd.	1,311,675	5,724
	Premier Investments Ltd.	317,630	5,528
^*	De Grey Mining Ltd.	4,966,132	5,330
	HomeCo Daily Needs REIT	6,596,988	5,274
^*,1	Paladin Energy Ltd.	11,519,481	5,067
	Gold Road Resources Ltd.	4,058,797	5,050
	IRESS Ltd.	714,669	4,910
	BWP Trust	1,844,769	4,755
	Charter Hall Retail REIT	1,840,503	4,738
	Waypoint REIT Ltd.	2,708,058	4,703
^*,1	Core Lithium Ltd.	7,040,463	4,634
^*	Telix Pharmaceuticals Ltd.	630,962	4,271
	HUB24 Ltd.	221,999	4,198
	Lifestyle Communities Ltd.	368,046	4,167
	Ingenia Communities Group	1,451,904	4,138
	Centuria Industrial REIT	1,978,931	4,115
	Healius Ltd.	2,041,286	4,057
	InvoCare Ltd.	544,832	4,024
^*	PEXA Group Ltd.	453,456	4,024
	GrainCorp Ltd. Class A	859,470	3,894
	Regis Resources Ltd.	2,749,851	3,891
	Lovisa Holdings Ltd.	212,134	3,763
	Blackmores Ltd.	59,278	3,744

		Shares	Market Value• ($000)
^*	Neuren Pharmaceuticals Ltd.	393,361	3,710
	IPH Ltd.	671,883	3,635
	Brickworks Ltd.	217,425	3,618
^*	Nanosonics Ltd.	930,082	3,543
	GUD Holdings Ltd.	554,014	3,534
^*,1	Sayona Mining Ltd.	25,850,508	3,492
^*	Bellevue Gold Ltd.	3,714,708	3,487
^*	Capricorn Metals Ltd.	1,161,955	3,419
	Nickel Industries Ltd.	5,266,701	3,351
	EVT Ltd.	413,976	3,318
	Abacus Property Group	1,861,421	3,296
	Centuria Capital Group	2,841,627	3,256
	Elders Ltd.	598,985	3,225
	United Malt Group Ltd.	1,098,039	3,217
²	Coronado Global Resources Inc.	2,841,086	3,132
	Arena REIT	1,225,558	3,047
	Monadelphous Group Ltd.	366,967	3,025
	Johns Lyng Group Ltd.	659,764	2,975
	Bega Cheese Ltd.	1,172,190	2,952
	Ventia Services Group Pty. Ltd.	1,671,109	2,910
	Ramelius Resources Ltd.	3,289,559	2,871
	Costa Group Holdings Ltd.	1,709,464	2,837
	Helia Group Ltd.	1,349,232	2,834
	Netwealth Group Ltd.	311,631	2,832
^*	Silver Lake Resources Ltd.	3,351,719	2,826
	Link Administration Holdings Ltd.	1,986,122	2,802
	G8 Education Ltd.	3,448,918	2,793
	NRW Holdings Ltd.	1,722,888	2,769
^*	Karoon Energy Ltd.	1,901,482	2,718
	Credit Corp. Group Ltd.	225,048	2,710
	Data#3 Ltd.	536,116	2,706
^*	Strike Energy Ltd.	8,283,877	2,617
	Charter Hall Social Infrastructure REIT	1,250,075	2,515
^*	West African Resources Ltd.	3,858,371	2,496
	McMillan Shakespeare Ltd.	243,302	2,485
	Collins Foods Ltd.	423,307	2,441
^*,1	PolyNovo Ltd.	2,229,278	2,422
^*	Resolute Mining Ltd.	7,509,433	2,383
	Imdex Ltd.	1,676,738	2,317
^*,1	Megaport Ltd.	599,651	2,267
	Codan Ltd.	460,070	2,235
	Growthpoint Properties Australia Ltd.	1,028,143	2,229
^*,2	Life360 Inc. GDR	643,995	2,203

		Shares	Market Value• ($000)
	Kelsian Group Ltd.	534,523	2,179
^*,1	Weebit Nano Ltd.	601,471	2,130
	GQG Partners Inc.	2,339,731	2,129
	oOh!media Ltd.	1,932,111	2,117
	Pinnacle Investment Management Group Ltd.	379,416	2,089
	Cromwell Property Group	5,506,076	2,086
¹	Clinuvel Pharmaceuticals Ltd.	154,229	2,075
	Accent Group Ltd.	1,199,579	2,030
^*	Perenti Ltd.	2,605,399	1,997
^*	Syrah Resources Ltd.	2,573,441	1,990
^*	Imugene Ltd.	22,881,095	1,910
^*,1	Boss Energy Ltd.	1,050,472	1,850
	Jumbo Interactive Ltd.	211,253	1,838
	Rural Funds Group	1,405,647	1,831
	Hansen Technologies Ltd.	611,446	1,831
^*	SiteMinder Ltd.	732,553	1,777
^*	Arafura Rare Earths Ltd.	6,346,734	1,744
^*	ioneer Ltd.	8,440,297	1,723
	Myer Holdings Ltd.	2,890,139	1,682
	Dexus Industria REIT	907,582	1,682
	Centuria Office REIT	1,760,095	1,666
	Vulcan Steel Ltd.	320,755	1,659
^*	Calix Ltd.	517,236	1,629
^*	Stanmore Resources Ltd.	790,650	1,611
	Hotel Property Investments Ltd.	695,502	1,579
^*	Westgold Resources Ltd.	1,536,123	1,552
^*	Audinate Group Ltd.	263,684	1,537
	Sigma Healthcare Ltd.	3,293,671	1,529
	Estia Health Ltd.	874,008	1,525
^*	Fleetpartners Group Ltd.	1,092,191	1,522
	PWR Holdings Ltd.	225,877	1,509
^*,1	Vulcan Energy Resources Ltd.	378,527	1,507
^*	Omni Bridgeway Ltd.	982,610	1,498
	HMC Capital Ltd.	566,285	1,482
	SmartGroup Corp. Ltd.	330,130	1,478
^*,1	Lake Resources NL	5,178,766	1,462
^*	Judo Capital Holdings Ltd.	1,761,484	1,452
^*,1	Mincor Resources NL	1,505,715	1,407
	APM Human Services International Ltd.	1,117,416	1,400
^*,1	Mesoblast Ltd.	2,447,087	1,398
^*	Tyro Payments Ltd.	1,310,373	1,387
^*,1	Macquarie Telecom Group Ltd.	34,038	1,387
	Infomedia Ltd.	1,344,933	1,339

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*	Aussie Broadband Ltd.	602,244	1,327
	Austal Ltd.	1,204,387	1,322
^*	Leo Lithium Ltd.	3,703,310	1,301
	GWA Group Ltd.	1,109,708	1,296
	Inghams Group Ltd.	686,545	1,282
^*	Tietto Minerals Ltd.	3,228,921	1,282
	Integral Diagnostics Ltd.	610,445	1,279
^*	St Barbara Ltd.	3,193,037	1,278
	Select Harvests Ltd.	418,882	1,229
^*	Silex Systems Ltd.	544,458	1,217
^*	Argosy Minerals Ltd.	4,336,813	1,180
^*	Australian Agricultural Co. Ltd.	1,143,347	1,165
^*,3	AVZ Minerals Ltd.	9,005,310	1,162
	Nick Scali Ltd.	174,321	1,128
	Australian Clinical Labs Ltd.	465,598	1,092
^*	Cooper Energy Ltd.	9,279,252	1,049
^*,1	Temple & Webster Group Ltd.	380,858	1,021
	Dicker Data Ltd.	185,151	1,002
	GDI Property Group Partnership	2,038,866	969
^*	Alkane Resources Ltd.	1,623,831	947
	MyState Ltd.	390,378	923
	Emeco Holdings Ltd.	2,015,771	917
^*,1	BrainChip Holdings Ltd.	3,356,483	909
^*,1	Zip Co. Ltd.	2,652,506	906
	Cedar Woods Properties Ltd.	273,801	889
^*,1	Opthea Ltd.	1,838,710	867
	Australian Ethical Investment Ltd.	392,035	846
	Solvar Ltd.	670,067	840
¹	Service Stream Ltd.	1,898,760	839
^*,1	Seven West Media Ltd.	3,218,759	823
	29Metals Ltd.	1,032,918	817
	Praemium Ltd.	1,764,065	806
^*,1	Mayne Pharma Group Ltd.	278,906	770
¹	Australian Finance Group Ltd.	714,392	765
^*	OFX Group Ltd.	792,206	751
^*	Neometals Ltd.	1,798,006	746
^*	Mount Gibson Iron Ltd.	2,350,222	743
^*,1	Appen Ltd.	353,251	741
^*,1	Paradigm Biopharmaceuticals Ltd.	1,026,837	696
	Baby Bunting Group Ltd.	470,645	677
^*,1	Novonix Ltd.	1,007,109	667
	Jupiter Mines Ltd.	3,864,808	641
^*	PointsBet Holdings Ltd.	586,581	611
^*	Fineos Corp. Ltd.	502,426	578
^*,1	Kogan.com Ltd.	196,795	570
	Navigator Global Investments Ltd.	784,154	555
^*	Superloop Ltd.	1,327,949	542
¹	Regis Healthcare Ltd.	375,893	531
^*	Carnarvon Energy Ltd.	6,033,601	501
^*,1	Starpharma Holdings Ltd. Class A	1,519,254	485

		Shares	Market Value• ($000)
¹	Ardent Leisure Group Ltd.	1,327,454	482
^*,1	EML Payments Ltd.	977,634	470
	SG Fleet Group Ltd.	331,373	444
	Southern Cross Media Group Ltd.	790,371	439
^*	Nuix Ltd.	585,121	418
^*,1	Jervois Global Ltd.	6,981,639	411
^*,1	Incannex Healthcare Ltd.	4,817,957	385
	Humm Group Ltd.	1,180,738	375
	Bravura Solutions Ltd.	1,189,153	356
^*	Aurelia Metals Ltd.	3,816,681	344
	Pact Group Holdings Ltd.	451,405	300
^*,1	Bubs Australia Ltd.	2,323,704	300
^*	Australian Strategic Materials Ltd.	374,114	263
^*,1	AMA Group Ltd.	2,342,627	256
^*	Betmakers Technology Group Ltd.	2,177,323	255
^*	Andromeda Metals Ltd.	8,177,327	218
^*,3	Firefinch Ltd.	4,116,778	163
^*	Dubber Corp. Ltd.	562,159	73
^*,1	PointsBet Holdings Ltd. Warrants Exp. 7/8/24	39,874	—
			499,279
Austria (0.7%)
²	BAWAG Group AG	302,418	14,750
	Wienerberger AG	403,091	12,143
	Oesterreichische Post AG	133,427	5,140
	Mayr Melnhof Karton AG	32,140	5,131
	CA Immobilien Anlagen AG	156,704	4,546
	Vienna Insurance Group AG Wiener Versicherung Gruppe	143,602	4,225
	UNIQA Insurance Group AG	405,213	3,636
	Lenzing AG	51,170	3,349
	EVN AG	137,567	3,315
	AT&S Austria Technologie & Systemtechnik AG	98,104	3,000
^*	DO & CO AG	24,067	2,819
	Schoeller-Bleckmann Oilfield Equipment AG	40,535	2,546
	Strabag SE	43,913	1,915
^*	IMMOFINANZ AG	114,083	1,864
	Palfinger AG	51,862	1,705
^*	Flughafen Wien AG	16,314	722
	Porr AG	44,772	685
	Agrana Beteiligungs AG	30,733	578
	S IMMO AG (XWBO)	20,394	287
^*,3	S IMMO AG Rights Exp. 8/11/23	182,723	—
			72,356
Belgium (1.1%)
	Aedifica SA	154,819	12,932
	Cofinimmo SA	125,101	11,952
	Euronav NV	476,431	8,162
	Barco NV	268,399	7,839
	Melexis NV	76,269	7,270

		Shares	Market Value• ($000)
	Bekaert SA	137,483	6,400
	KBC Ancora	131,738	6,340
¹	Shurgard Self Storage Ltd. (XBRU)	95,468	4,936
	Etablissements Franz Colruyt NV	177,300	4,925
	Montea NV	53,342	4,673
	Fagron	224,681	4,176
	Telenet Group Holding NV	177,877	4,126
	VGP NV Class B	37,851	3,963
	Gimv NV	69,187	3,609
	Xior Student Housing NV	107,835	3,425
^*	Deme Group NV	25,013	3,310
^*	Tessenderlo Group SA	99,073	3,283
	Retail Estates NV	42,608	3,157
^*,1	Kinepolis Group NV	51,092	2,586
^*	Ontex Group NV	263,690	2,262
	bpost SA	403,728	1,986
^*	AGFA-Gevaert NV	531,057	1,491
	Econocom Group SA NV	366,663	1,259
	Van de Velde NV	25,366	990
	Wereldhave Belgium Comm VA	8,195	444
			115,496
Brazil (1.3%)
	Aliansce Sonae Shopping Centers SA	1,856,727	6,939
	Kinea Indice de Precos FII	300,779	5,525
	Santos Brasil Participacoes SA	2,814,267	4,773
	Tres Tentos Agroindustrial SA	1,924,266	4,186
^*	3R PETROLEUM OLEO E GAS SA	650,944	4,133
^*	Cyrela Brazil Realty SA Empreendimentos e Participacoes	1,113,158	3,448
	Cia de Saneamento do Parana	900,218	3,429
	Arezzo Industria e Comercio SA	255,514	3,401
	CSHG Logistica FI Imobiliario	92,233	3,005
^*	Cogna Educacao	7,182,927	2,938
	Fleury SA	989,127	2,879
	Kinea Renda Imobiliaria FII	95,566	2,797
	Kinea Rendimentos Imobiliarios FII	141,111	2,744
	Alupar Investimento SA	503,807	2,731
	Raizen SA Preference Shares	3,890,100	2,488
	AES Brasil Energia SA	1,122,175	2,403
	Cia de Saneamento de Minas Gerais Copasa MG.	696,523	2,380
^*	Omega Energia SA	1,274,653	2,361
^*	Azul SA Preference Shares	1,029,055	2,241
	FII Iridium	137,289	2,174
^*	Via SA	5,832,102	2,151
	XP Log FII	100,707	2,019

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*	IRB Brasil Resseguros SA	317,730	2,005
	Minerva SA	1,040,471	1,784
^*	Cia Brasileira de Distribuicao	573,800	1,726
^*	YDUQS Part	1,049,625	1,709
^*,2	Locaweb Servicos de Internet SA	1,606,283	1,694
	MRV Engenharia e Participacoes SA	1,169,292	1,688
	Marcopolo SA Preference Shares	2,327,832	1,675
	Odontoprev SA	803,099	1,610
	Pet Center Comercio E Participacoes SA	1,275,960	1,578
	Cia de Ferro Ligas da Bahia FERBASA Preference Shares	152,000	1,569
^*	Log-in Logistica Intermodal SA	201,619	1,563
	Vivara Participacoes SA	344,800	1,473
	Wilson Sons Holdings Brasil SA	721,000	1,446
	Banco Pan SA Preference Shares	1,322,400	1,421
	SIMPAR SA	896,800	1,379
	Banco do Estado do Rio Grande do Sul SA Class B Preference Shares	633,300	1,351
	Iguatemi SA (BVMF)	308,720	1,260
	Grendene SA	743,100	1,217
^*	Oncoclinicas do Brasil Servicos Medicos SA	668,500	1,210
	Vulcabras Azaleia SA	451,800	1,206
	BrasilAgro - Co. Brasileira de Propriedades Agricolas	245,912	1,191
	Tupy SA	264,431	1,182
	Randon SAImplementos E Participacoes Preference Shares	687,837	1,139
	Mahle-Metal Leve SA	194,000	1,118
^*	Gol Linhas Aereas Inteligentes SA Preference Shares	832,355	1,108
	Ez Tec Empreendimentos e Participacoes SA	376,600	1,097
	EcoRodovias Infraestrutura e Logistica SA	859,861	1,064
	Boa Vista Servicos SA	696,600	1,050
	Iochpe Maxion SA	452,544	1,030
	Direcional Engenharia SA	321,894	1,013
	Mills Estruturas e Servicos de Engenharia SA	540,105	991
	CM Hospitalar SA	299,800	955
	JHSF Participacoes SA	1,177,500	916
	Movida Participacoes SA	492,800	851
	Taurus Armas SA Preference Shares	239,200	820
^*	Hidrovias do Brasil SA	1,476,200	758
	Light SA	1,140,601	736

		Shares	Market Value• ($000)
	LOG Commercial Properties e Participacoes SA	222,765	732
^*	Zamp SA	861,983	726
	Fras-Le SA	385,099	724
	FII Hectare Ce	72,170	723
	Blau Farmaceutica SA	176,800	705
	Instituto Hermes Pardini SA	172,400	700
	Ambipar Participacoes e Empreendimentos SA	167,400	688
^*	Lojas Quero Quero SA	736,263	607
	Qualicorp Consultoria e Corretora de Seguros SA	761,200	606
^*	Anima Holding SA	1,297,131	601
	Enauta Participacoes SA	258,400	598
	Camil Alimentos SA	414,100	598
	Hospital Mater Dei SA	328,400	553
	Grupo SBF SA	357,508	550
	Cia Brasileira de Aluminio	480,165	508
	Armac Locacao Logistica E Servicos SA	204,700	498
^*	CVC Brasil Operadora e Agencia de Viagens SA	905,753	494
^*,2	Meliuz SA	2,832,700	488
^*	Wiz Co.	340,900	404
	Empreendimentos Pague Menos S/A	581,300	343
^*	Infracommerce CXAAS SA	1,229,804	296
	Guararapes Confeccoes SA	317,500	269
	BR Properties SA	17,842	227
	Multilaser Industrial SA	526,200	210
	BRPR Corporate Offices FI	17,842	210
^*	3R PETROLEUM OLEO E GAS SA Rights Exp. 5/22/23	117,984	182
	Iguatemi SA Pref Preference	36,439	66
^*	Meliuz Sa Right Exp. 5/25/23	19,264	2
			132,036
Canada (15.4%)
	WSP Global Inc.	441,820	58,310
	First Quantum Minerals Ltd.	2,097,805	50,972
	Cameco Corp.	1,630,742	44,835
¹	Emera Inc.	1,010,832	43,012
¹	Ritchie Bros Auctioneers Inc. (XNYS)	681,544	38,996
	Open Text Corp.	1,009,819	38,243
	TFI International Inc.	310,803	33,497
¹	ARC Resources Ltd.	2,410,517	29,943
	CCL Industries Inc. Class B	557,394	26,211
	iA Financial Corp. Inc.	390,461	26,200
^*	Descartes Systems Group Inc.	320,627	25,407

		Shares	Market Value• ($000)
¹	Stantec Inc.	419,311	25,205
^*	CAE Inc.	1,110,527	24,992
	Toromont Industries Ltd.	305,551	24,690
	Pan American Silver Corp.	1,362,195	24,251
	Kinross Gold Corp.	4,735,951	23,875
¹	Canadian Apartment Properties REIT	634,720	23,251
¹	Northland Power Inc.	932,359	22,888
¹	Algonquin Power & Utilities Corp.	2,582,163	21,956
	Gildan Activewear Inc.	666,612	21,708
	FirstService Corp.	143,760	21,625
	TMX Group Ltd.	208,689	21,136
	West Fraser Timber Co. Ltd.	291,028	21,051
	GFL Environmental Inc.	570,865	20,735
¹	Keyera Corp.	844,832	19,879
	Lundin Mining Corp.	2,574,130	19,664
	Element Fleet Management Corp.	1,481,109	19,371
	Alamos Gold Inc. Class A	1,477,221	19,091
^*	MEG Energy Corp.	1,136,767	18,929
	B2Gold Corp.	4,773,695	18,780
^*	Ivanhoe Mines Ltd. Class A	2,138,064	18,542
¹	AltaGas Ltd.	1,059,523	18,534
	RioCan REIT	1,110,677	17,199
	Brookfield Renewable Corp. Class A (XTSE)	496,634	16,594
¹	Brookfield Infrastructure Corp. Class A	378,386	16,123
	SNC-Lavalin Group Inc.	670,549	15,442
	Finning International Inc.	569,880	14,768
¹	Capital Power Corp.	451,942	14,731
¹	Crescent Point Energy Corp.	1,949,768	14,420
^*	Kinaxis Inc.	104,466	14,346
	Granite REIT	223,359	13,891
^*	Bombardier Inc. Class B	319,523	13,801
	Boyd Group Services Inc.	80,873	13,487
	Enerplus Corp.	882,595	13,198
¹	PrairieSky Royalty Ltd.	816,534	12,885
	Colliers International Group Inc.	117,900	12,538
	Parkland Corp.	517,729	12,209
^*	ATS Corp.	282,466	12,109
	Onex Corp.	261,017	12,020
	SSR Mining Inc.	786,385	11,260
^*	Aritzia Inc.	334,222	10,622
	Premium Brands Holdings Corp. Class A	140,973	10,583
	Osisko Gold Royalties Ltd.	638,145	10,372
	Choice Properties REIT	958,276	10,355
	Dream Industrial REIT	925,113	10,133
¹	BRP Inc.	135,504	10,123
^*,2	Nuvei Corp.	235,767	9,574

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
¹	Gibson Energy Inc.	560,949	9,519
	Methanex Corp.	209,606	9,383
	First Capital REIT	791,129	9,290
^*,1	Air Canada	663,205	9,281
¹	SmartCentres REIT	473,977	9,159
	Primo Water Corp.	602,157	9,147
	Atco Ltd. Class I	275,224	9,095
¹	Whitecap Resources Inc.	1,153,556	9,093
	Boralex Inc. Class A	309,927	9,036
	Stella-Jones Inc.	230,359	9,015
^*	Bausch Health Cos. Inc.	1,207,099	8,883
	H&R REIT	982,938	8,525
	Parex Resources Inc.	414,972	8,426
	TransAlta Corp.	928,995	8,283
^*	Baytex Energy Corp.	2,130,580	8,020
	Allied Properties REIT	475,977	8,003
^*	Eldorado Gold Corp.	719,152	7,946
	Vermilion Energy Inc.	619,917	7,847
^*	Capstone Mining Corp.	1,667,220	7,839
^*	BlackBerry Ltd.	1,977,845	7,708
¹	Linamar Corp.	161,714	7,687
	Definity Financial Corp.	276,138	7,490
	Tricon Residential Inc.	913,343	7,321
^*,1	Lithium Americas Corp.	359,112	7,178
	Paramount Resources Ltd. Class A	290,192	6,871
^*	Lightspeed Commerce Inc.	487,024	6,402
¹	CI Financial Corp.	637,200	6,274
¹	Russel Metals Inc.	243,326	6,196
	Canadian Western Bank	343,006	6,152
	OceanaGold Corp.	2,686,443	6,147
¹	First Majestic Silver Corp.	866,179	6,118
¹	Boardwalk REIT	142,175	6,086
	Lundin Gold Inc.	478,115	6,063
¹	Innergex Renewable Energy Inc.	590,337	6,056
	Chartwell Retirement Residences	916,583	5,994
	Maple Leaf Foods Inc.	287,362	5,888
	Stelco Holdings Inc.	165,231	5,773
	Centerra Gold Inc.	832,058	5,625
	Quebecor Inc. Class B	207,333	5,351
^*	Torex Gold Resources Inc.	325,566	5,342
^*	IAMGOLD Corp.	1,862,836	5,335
	North West Co. Inc.	179,956	5,278
^*	Equinox Gold Corp.	992,860	4,932
¹	NorthWest Healthcare Properties REIT	805,734	4,847
^*	Novagold Resources Inc.	892,127	4,833
	Enghouse Systems Ltd.	171,211	4,712
¹	Superior Plus Corp.	626,595	4,648
	Home Capital Group Inc. Class B	141,331	4,543
^*,1	Ballard Power Systems Inc.	998,067	4,413

		Shares	Market Value• ($000)
	Hudbay Minerals Inc.	855,952	4,290
^*	Celestica Inc.	390,682	4,239
¹	Mullen Group Ltd.	347,421	3,849
	Winpak Ltd.	115,054	3,837
	Laurentian Bank of Canada	159,036	3,781
	Primaris REIT	376,211	3,710
¹	TransAlta Renewables Inc.	396,357	3,701
	Topaz Energy Corp.	252,905	3,623
^*,1	Canada Goose Holdings Inc.	181,933	3,566
^*	Canfor Corp.	226,684	3,406
	Transcontinental Inc. Class A	293,711	3,163
¹	Westshore Terminals Investment Corp.	148,016	3,017
	Cascades Inc.	367,802	2,997
¹	Cargojet Inc.	34,663	2,607
¹	Cogeco Communications Inc.	39,529	1,916
	First National Financial Corp.	59,325	1,656
^*,1	Canopy Growth Corp.	1,162,085	1,501
	Artis REIT	281,159	1,461
	Dye & Durham Ltd.	122,003	1,298
^*	Cronos Group Inc.	613,643	1,141
	Osisko Gold Royalties Ltd. (XTSE)	65,199	1,060
^*,1	Lightspeed Commerce Inc. (XTSE)	37,307	490
			1,591,924
Chile (0.2%)
	Parque Arauco SA	2,615,174	3,706
	Aguas Andinas SA Class A	9,854,714	2,979
	Empresa Nacional de Telecomunicaciones SA	508,155	2,114
	SMU SA	10,884,241	1,901
^*	Engie Energia Chile SA	2,144,106	1,660
	Inversiones Aguas Metropolitanas SA	1,842,778	1,279
	Soc Inversiones Oro Blanco	141,447,564	1,253
	SONDA SA	2,304,829	1,164
	Vina Concha y Toro SA	919,704	1,099
	Ripley Corp. SA	3,875,438	784
	Inversiones La Construccion SA	121,904	770
			18,709
China (5.2%)
^*,1	JinkoSolar Holding Co. Ltd. ADR	149,560	7,420
^*,1	Canadian Solar Inc.	193,204	7,230
	Chinasoft International Ltd.	8,926,304	5,951
^*,1	Chindra Group Holdings Ltd.	930,725	5,873
	China Overseas Property Holdings Ltd.	5,000,000	5,552
^*,2	Keymed Biosciences Inc.	602,500	4,814
^*,2	Alphamab Oncology	2,378,000	4,658
	Hello Group Inc. ADR	556,678	4,654
	Dongyue Group Ltd.	4,561,000	4,641

		Shares	Market Value• ($000)
^*,2	New Horizon Health Ltd.	1,266,500	4,545
	Sany Heavy Equipment International Holdings Co. Ltd.	3,278,000	4,348
	SSY Group Ltd.	5,973,324	4,178
^*,1,2	Weimob Inc.	7,878,000	4,078
	China Grand Pharmaceutical and Healthcare Holdings Ltd. Class A	5,881,740	3,830
	Hollysys Automation Technologies Ltd.	234,885	3,749
¹	Xinte Energy Co. Ltd. Class H	1,426,800	3,533
	Fufeng Group Ltd.	5,786,864	3,507
	China Datang Corp Renewable Power Co. Ltd. Class H	8,916,000	3,463
	China Education Group Holdings Ltd.	3,752,000	3,341
	Hisense Home Appliances Group Co. Ltd. Class A	914,864	3,278
^*,2	InnoCare Pharma Ltd.	2,822,000	3,249
	Fu Shou Yuan International Group Ltd.	3,944,000	3,201
^*	Lifetech Scientific Corp.	8,826,058	3,092
¹	Tianneng Power International Ltd.	2,604,468	3,024
	China Water Affairs Group Ltd.	3,687,600	2,956
	Tong Ren Tang Technologies Co. Ltd. Class H	2,728,516	2,954
^*	Gushengtang Holdings Ltd.	431,300	2,883
^*,1	XD Inc.	873,200	2,768
^*	Golden Solar New Energy Technology Holdings Ltd.	2,924,000	2,747
	China Overseas Grand Oceans Group Ltd.	4,731,500	2,739
¹	Skyworth Group Ltd.	5,354,710	2,670
	China Yongda Automobiles Services Holdings Ltd.	3,851,500	2,590
^*,1,2	Haichang Ocean Park Holdings Ltd.	12,505,000	2,589
²	Asiainfo Technologies Ltd.	1,408,400	2,578
¹	China Risun Group Ltd.	5,491,000	2,570
²	Genertec Universal Medical Group Co. Ltd.	3,680,309	2,449
^*,1	Shanghai MicroPort MedBot Group Co. Ltd.	829,500	2,442
	FinVolution Group ADR	612,484	2,438
^*,1,2	Alliance International Education Leasing Holdings Ltd.	3,395,000	2,387
	BOE Varitronix Ltd.	1,456,065	2,382
	Shoucheng Holdings Ltd.	9,153,246	2,373

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	COFCO Meat Holdings Ltd.	8,916,000	2,301
^*	Noah Holdings Ltd. ADR	144,607	2,293
	China Nonferrous Mining Corp. Ltd.	4,447,000	2,276
^*,2	Arrail Group Ltd.	1,650,500	2,273
	Hangzhou Steam Turbine Co. Ltd. Class B	1,611,011	2,271
	Greentown Service Group Co. Ltd.	3,642,000	2,237
²	Simcere Pharmaceutical Group Ltd.	1,871,000	2,212
	Digital China Holdings Ltd.	5,159,588	2,143
	Poly Property Group Co. Ltd.	8,203,000	2,137
^*,1,2	Meitu Inc.	7,521,000	2,103
^*,1	Helens International Holdings Co. Ltd.	1,329,500	2,075
^*,2	Bairong Inc.	1,494,000	2,067
	NetDragon Websoft Holdings Ltd.	1,049,090	2,054
^*,2	Peijia Medical Ltd.	1,617,000	2,047
	CIMC Enric Holdings Ltd.	2,172,000	2,001
^*,2	CARsgen Therapeutics Holdings Ltd.	1,262,000	1,992
	PAX Global Technology Ltd.	2,416,062	1,990
	China Resources Medical Holdings Co. Ltd.	2,080,291	1,943
¹	Zhongyu Gas Holdings Ltd.	2,450,000	1,902
¹	Sihuan Pharmaceutical Holdings Group Ltd.	18,343,000	1,879
	Xinyi Energy Holdings Ltd.	6,594,000	1,845
^*	Hainan Meilan International Airport Co. Ltd. Class H	884,000	1,833
^*,1	DingDong Cayman Ltd. ADR	468,243	1,821
²	AK Medical Holdings Ltd.	1,354,000	1,820
¹	Chervon Holdings Ltd.	357,400	1,819
^*	Gaotu Techedu Inc. ADR	542,260	1,779
	Yuexiu REIT	6,635,013	1,745
^*,2	Ascentage Pharma Group International	592,200	1,736
	China BlueChemical Ltd. Class H	6,428,000	1,699
^1,2	Zhou Hei Ya International Holdings Co. Ltd.	3,707,000	1,699
^*,1	Yeahka Ltd.	614,800	1,688
^*,1	CMGE Technology Group Ltd.	5,179,200	1,677
	China Oriental Group Co. Ltd.	10,304,000	1,658
	Concord New Energy Group Ltd.	18,480,000	1,651
^*,1,2	Venus MedTech Hangzhou Inc. Class H	1,132,000	1,585

		Shares	Market Value• ($000)
	Biem.L.Fdlkk Garment Co. Ltd. Class A	302,280	1,574
^*,1	Canaan Inc. ADR	539,853	1,522
^*,1,2	Microport Cardioflow Medtech Corp.	5,134,000	1,517
^*	Sohu.com Ltd. ADR	113,214	1,501
^*,1	EHang Holdings Ltd. ADR	130,723	1,452
²	Xiabuxiabu Catering Management China Holdings Co. Ltd.	1,867,500	1,423
^*,1,2	Linklogis Inc. Class B	3,746,500	1,419
	Sinopec Kantons Holdings Ltd.	3,809,962	1,410
	Bank of Chongqing Co. Ltd. Class H	2,472,343	1,403
^*,2	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H	1,534,400	1,385
^*,1	China Conch Environment Protection Holdings Ltd.	4,419,415	1,379
	Lonking Holdings Ltd.	7,737,313	1,372
	Guangdong Provincial Expressway Development Co. Ltd. Class B	1,776,304	1,368
	Shenzhen SED Industry Co. Ltd. Class A	298,600	1,362
^*	Vnet Group Inc. ADR	462,748	1,360
	Yuexiu Transport Infrastructure Ltd.	2,456,000	1,341
	Tiangong International Co. Ltd.	4,388,000	1,334
^*	SOHO China Ltd.	7,973,542	1,333
	Comba Telecom Systems Holdings Ltd.	6,779,959	1,327
	Consun Pharmaceutical Group Ltd.	2,040,000	1,326
	Gemdale Properties & Investment Corp. Ltd.	19,896,000	1,321
^*	LexinFintech Holdings Ltd. ADR	546,556	1,306
	Sichuan Expressway Co. Ltd. Class A	2,211,211	1,304
¹	CGN New Energy Holdings Co. Ltd.	4,032,720	1,279
¹	Kangji Medical Holdings Ltd.	1,008,500	1,271
^*,1,2	Yidu Tech Inc.	1,669,000	1,260
^*	Kingnet Network Co. Ltd. Class A	513,400	1,239
^*,1	Guangzhou R&F Properties Co. Ltd. Class H	6,191,200	1,229
	Hisense Home Appliances Group Co. Ltd. Class H	515,173	1,192
	Shanghai Haohai Biological Technology Co. Ltd. Class A	74,086	1,186
^*	Harbin Electric Co. Ltd. Class H	2,633,813	1,174
¹	China Modern Dairy Holdings Ltd.	9,472,000	1,174

		Shares	Market Value• ($000)
	Wasu Media Holding Co. Ltd. Class A	839,037	1,149
	Eoptolink Technology Inc. Ltd Class A	113,621	1,135
	AIMA Technology Group Co. Ltd.	135,890	1,111
^*,1	GOME Retail Holdings Ltd.	82,204,000	1,100
^*	HUYA Inc. ADR	335,869	1,092
	Shenzhen Fastprint Circuit Tech Co. Ltd. Class A	511,100	1,092
	Hebei Hengshui Laobaigan Liquor Co. Ltd. Class A	232,900	1,086
	Giant Network Group Co. Ltd.	470,800	1,079
	Red Avenue New Materials Group Co. Ltd. Class A	191,900	1,065
	Sunresin New Materials Co. Ltd. Class A	81,000	1,053
²	China New Higher Education Group Ltd.	3,025,000	1,052
^*,1	China South City Holdings Ltd.	16,108,000	1,049
	C&D Property Management Group Co. Ltd.	1,782,000	1,043
	Eastern Communications Co. Ltd. Class A	692,600	1,041
^*,1,2	Maoyan Entertainment	927,000	1,032
	TCL Electronics Holdings Ltd.	2,193,122	1,027
	Grandblue Environment Co. Ltd. Class A	353,572	1,027
²	Midea Real Estate Holding Ltd.	857,200	1,025
	Wuhan Jingce Electronic Group Co. Ltd. Class A	66,392	1,017
	China Shineway Pharmaceutical Group Ltd.	972,343	1,016
¹	Tian Lun Gas Holdings Ltd.	1,417,900	1,014
^*	Zhejiang Jinke Tom Culture Industry Co. Ltd. Class A	796,400	1,003
	Beijing GeoEnviron Engineering & Technology Inc. Class A	694,126	990
	Anji Microelectronics Technology Shanghai Co. Ltd. Class A	25,216	985
	Guangdong Fenghua Advanced Technology Holding Co. Ltd.	429,893	982
	Western Region Gold Co. Ltd. Class A	470,767	981
	Hangjin Technology Co. Ltd. Class A	167,603	979
	Shanghai Chlor-Alkali Chemical Co. Ltd. Class B	1,530,300	975
^1,2	Hope Education Group Co. Ltd.	12,692,000	974

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Health & Happiness H&H International Holdings Ltd.	568,000	973
	Qianhe Condiment and Food Co. Ltd. Class A	269,342	926
	Tianjin ZhongXin Pharmaceutical Group Corp. Ltd. Class A	148,500	924
	Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A	224,400	922
	Heibei Sinopack Electronic Technology Co. Ltd.	53,193	922
¹	CIFI Ever Sunshine Services Group Ltd.	2,370,000	921
	China Lilang Ltd.	1,658,000	901
	China Automotive Engineering Research Institute Co. Ltd. Class A	279,000	899
	Shaanxi Construction Engineering Group Corp. Ltd. Class A	991,400	898
	Hangcha Group Co. Ltd. Class A	290,647	897
	Tianjin Capital Environmental Protection Group Co. Ltd. Class A	1,039,800	894
^*	Shuangliang Eco-Energy Systems Co. Ltd. Class A	421,800	890
	Hubei Feilihua Quartz Glass Co. Ltd. Class A	128,100	885
^*,2	Ocumension Therapeutics	775,000	873
	Suzhou TFC Optical Communication Co. Ltd. Class A	98,780	870
	West China Cement Ltd.	6,997,200	867
^*,3	China Dili Group	10,268,897	863
	Hubei Dinglong Co. Ltd. Class A	223,012	855
	Bank of Chongqing Co. Ltd. Class A	745,375	853
^1,2	China Renaissance Holdings Ltd.	914,500	847
	Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H	330,000	843
	Sonoscape Medical Corp. Class A	106,400	840
	Guangdong Hongda Blasting Co. Ltd. Class A	194,374	840
	Beijing Cisri-Gaona Materials & Technology Co. Ltd. Class A	151,200	832
	Shanghai Zhonggu Logistics Co. Ltd.	345,400	829
	Zhejiang Cfmoto Power Co. Ltd. Class A	42,100	828

		Shares	Market Value• ($000)
^*,1	LVGEM China Real Estate Investment Co. Ltd.	3,802,000	827
	Chongqing Sanfeng Environment Group Corp. Ltd. Class A	760,800	827
^*	China Railway Materials Co. Class A	1,837,363	823
	Huangshan Tourism Development Co. Ltd. Class B	1,007,215	821
	SPIC Dongfang New Energy Corp. Class A	1,321,250	821
^*,2	Mobvista Inc.	1,649,000	821
	China Foods Ltd.	2,228,000	818
^*	Risen Energy Co. Ltd. Class A	227,000	816
	State Grid Information & Communication Co. Ltd. Class A	303,100	814
^*	Qingdao Sentury Tire Co. Ltd.	193,100	812
	Shenzhen Sunlord Electronics Co. Ltd. Class A	254,188	810
	Sinofibers Technology Co. Ltd. Class A	105,800	801
	Ningbo Xusheng Group Co. Ltd. Class A	233,790	786
	Xiamen Bank Co. Ltd.	970,894	783
^*	Youdao Inc. ADR	126,376	782
^*	Asia - Potash International Investment Guangzhou Co. Ltd. Class A	221,600	782
	JNBY Design Ltd.	707,500	779
	CETC Digital Technology Co. Ltd. Class A	224,850	773
	GCL Energy Technology Co. Ltd.	373,800	769
	Chengtun Mining Group Co. Ltd. Class A	1,011,738	768
	Infore Environment Technology Group Co. Ltd. Class A	997,565	764
^*	Jiangsu Lihua Animal Husbandry Stock Co. Ltd. Class A	136,500	759
	Sinocare Inc. Class A	182,300	757
	Sinofert Holdings Ltd.	5,978,000	756
	Beijing Huafeng Test & Control Technology Co. Ltd. Class A	19,390	748
	Shanghai Wanye Enterprises Co. Ltd. Class A	252,100	747
	Shenzhen Megmeet Electrical Co. Ltd. Class A	169,550	737
^*	Zhuguang Holdings Group Co. Ltd.	7,900,000	736
^*,1	Q Technology Group Co. Ltd.	1,508,000	735

		Shares	Market Value• ($000)
	Hainan Drinda New Energy Technology Co. Ltd. Class A	50,890	735
^*,1	Tongdao Liepin Group	571,600	732
	INESA Intelligent Tech Inc. Class B	1,253,106	731
^*,1,2	Viva Biotech Holdings	3,499,000	721
^*	Zibo Qixiang Tengda Chemical Co. Ltd. Class A	697,140	719
	China Kepei Education Group Ltd.	2,184,000	718
	Kehua Data Co. Ltd. Class A	118,200	718
^*	I-Mab ADR	232,827	717
^*	DouYu International Holdings Ltd. ADR	642,865	714
	IKD Co. Ltd. Class A	255,200	707
	Tofflon Science & Technology Group Co. Ltd. Class A	199,100	707
^*	Inner Mongolia Mining Co. Ltd.	411,388	707
	Gree Real Estate Co. Ltd. Class A	605,435	704
^1,2	Medlive Technology Co. Ltd.	636,000	704
	Dajin Heavy Industry Co. Ltd.	159,700	704
^*	Jiangsu Hoperun Software Co. Ltd. Class A	207,900	703
	KBC Corp. Ltd. Class A	27,604	702
	Jinneng Holding Shanxi Coal Industry Co. Ltd. Claas A	434,700	702
	Anhui Honglu Steel Construction Group Co. Ltd. Class A	150,570	701
	Shandong Weifang Rainbow Chemical Co. Ltd.	65,300	699
^*,1,2	Kintor Pharmaceutical Ltd.	977,000	676
	Wuxi Taiji Industry Co. Ltd. Class A	707,468	675
	China National Gold Group Gold Jewellery Co. Ltd.	386,200	675
	CNNC Hua Yuan Titanium Dioxide Co. Ltd. Class A	737,959	673
	Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd. Class A	506,200	667
	Norinco International Cooperation Ltd. Class A	251,860	661
^*	Zhejiang Narada Power Source Co. Ltd. Class A	227,100	660
^*,1	FIH Mobile Ltd.	6,253,000	656
	Hangzhou Dptech Technologies Co. Ltd. Class A	262,900	656
	Digital China Group Co. Ltd. Class A	168,800	651

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*,1,2	Archosaur Games Inc.	1,022,000	650
	Arcsoft Corp. Ltd. Class A	125,620	649
	Xi'an Triangle Defense Co. Ltd. Class A	124,120	643
	Anhui Guangxin Agrochemical Co. Ltd. Class A	151,840	641
	YGSOFT Inc. Class A	521,369	640
	Guangdong Zhongsheng Pharmaceutical Co. Ltd. Class A	199,100	639
	Qingdao Haier Biomedical Co. Ltd. Class A	64,045	639
^*	Sichuan Development Lomon Co. Ltd. Class A	472,000	638
	Shanghai Moons' Electric Co. Ltd. Class A	113,000	637
^*	Chongqing Iron & Steel Co. Ltd. Class A	2,916,067	636
	Jiangsu Nata Opto-electronic Material Co. Ltd. Class A	123,715	636
	Nanjing Yunhai Special Metals Co. Ltd. Class A	189,500	635
	Sino-Platinum Metals Co. Ltd. Class A	261,859	634
	Qingdao Gaoce Technology Co. Ltd.	61,998	632
	Yankershop Food Co. Ltd. Class A	34,500	630
	Zhejiang Orient Financial Holdings Group Co. Ltd. Class A	1,091,405	629
	Shanghai Medicilon Inc. Class A	28,990	629
	Hainan Haide Capital Management Co. Ltd.	230,392	626
	CPMC Holdings Ltd.	1,094,000	625
^*	Kwg Group Holdings Ltd.	4,728,000	624
^*,1,2	Ascletis Pharma Inc.	1,910,000	621
^*,1,2	CStone Pharmaceuticals	1,459,000	620
	Piesat Information Technology Co. Ltd. Class A	42,839	620
	Xiamen Xiangyu Co. Ltd. Class A (XSHG)	399,900	616
	Guangdong Tapai Group Co. Ltd. Class A	524,728	615
	Xiamen Kingdomway Group Co. Class A	202,433	614
	Edifier Technology Co. Ltd. Class A	211,700	613
	COFCO Biotechnology Co. Ltd. Class A	536,900	612

		Shares	Market Value• ($000)
	Nantong Jianghai Capacitor Co. Ltd. Class A	210,600	611
	Yantai Tayho Advanced Materials Co. Ltd. Class A	201,900	610
	Konfoong Materials International Co. Ltd. Class A	57,300	609
^*	Niu Technologies ADR	163,824	609
^*	Wuhan Raycus Fiber Laser Technologies Co. Ltd. Class A	162,200	608
^*	China Aluminum International Engineering Corp. Ltd. Class A	591,800	608
	Southern Shuanglin Bio-pharmacy Co. Ltd. Class A	178,363	606
^*,1	Zhihu Inc. ADR	550,248	605
	Chongqing Fuling Electric Power Industrial Co. Ltd. Class A	235,680	604
	Kunshan Kinglai Hygienic Materials Co. Ltd. Class A	58,400	604
	Nanjing Gaoke Co. Ltd. Class A	615,000	602
	Dazhong Transportation Group Co. Ltd. Class B	2,606,435	597
^*	Tibet Mineral Development Co.	125,100	597
	Zhejiang JIULI Hi-tech Metals Co. Ltd. Class A	255,700	589
	Shanxi Lanhua Sci-Tech Venture Co. Ltd. Class A	319,800	588
	Zhejiang Jingxin Pharmaceutical Co. Ltd. Class A	273,199	585
	Xingda International Holdings Ltd.	2,833,645	582
^*	Shandong Hi-Speed New Energy Group Ltd.	73,400,000	581
	Sichuan Shuangma Cement Co. Ltd. Class A	208,000	578
	Guangdong Jia Yuan Technology Shares Co. Ltd. Class A	104,330	578
	Wuxi Boton Technology Co. Ltd. Class A	133,700	576
	Xinyu Iron & Steel Co. Ltd. Class A	996,463	572
	CNHTC Jinan Truck Co. Ltd. Class A	270,660	571
	China CAMC Engineering Co. Ltd. Class A	279,800	570
	Beijing Bei Mo Gao Ke Friction Material Co. Ltd. Class A	90,357	570
	Accelink Technologies Co. Ltd. Class A	164,100	568
^*	Guocheng Mining Co. Ltd. Class A	217,475	567

		Shares	Market Value• ($000)
	China Kings Resources Group Co. Ltd. Class A	109,694	567
	Sanquan Food Co. Ltd. Class A	233,200	566
	Victory Giant Technology Huizhou Co. Ltd. Class A	210,757	565
	Shenzhen FRD Science & Technology Co. Ltd.	205,043	565
	Fangda Special Steel Technology Co. Ltd. Class A	731,788	564
	Shenzhen Envicool Technology Co. Ltd. Class A	98,000	564
	Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A	498,700	563
^*,3	Fire Rock Holdings Ltd.	7,890,000	563
	Shanghai Huace Navigation Technology Ltd. Class A	136,360	563
^*	Jilin Electric Power Co. Ltd. Class A	711,864	561
	Shanghai Pret Composites Co. Ltd. Class A	273,164	559
	KPC Pharmaceuticals Inc. Class A	183,100	558
	Jiangsu Jiejie Microelectronics Co. Ltd. Class A	192,114	556
^*	CHN Energy Changyuan Electric Power Co. Ltd. Class A	701,300	555
	Leader Harmonious Drive Systems Co. Ltd. Class A	34,153	554
^*	Talkweb Information System Co. Ltd. Class A	313,800	551
	Shenyang Xingqi Pharmaceutical Co. Ltd. Class A	21,700	549
	Wuhan DR Laser Technology Corp. Ltd. Class A	38,640	545
	Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A	106,400	544
¹	China SCE Group Holdings Ltd.	6,608,000	542
	Jingjin Equipment Inc. Class A	129,689	542
	Wuhu Token Science Co. Ltd. Class A	609,410	541
	Foran Energy Group Co. Ltd. Class A	309,910	539
	Zhejiang Jiemei Electronic & Technology Co. Ltd. Class A	148,033	537

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Zhejiang Xinan Chemical Industrial Group Co. Ltd. Class A	296,871	537
	COFCO Capital Holdings Co. Ltd. Class A	497,300	536
^*	Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A	257,410	535
	Milkyway Chemical Supply Chain Service Co. Ltd. Class A	40,038	535
	Fibocom Wireless Inc. Class A	146,913	533
	Jiangsu ToLand Alloy Co. Ltd.	75,300	533
	Shanghai Daimay Automotive Interior Co. Ltd.	217,894	532
	Xinxiang Richful Lube Addi Class A	34,000	530
	Geovis Technology Co. Ltd. Class A	45,124	530
^*	Pengdu Agriculture & Animal Husbandry Co. Ltd. Class A	1,532,300	527
	Ningbo Huaxiang Electronic Co. Ltd. Class A	277,300	526
	Hainan Strait Shipping Co. Ltd. Class A	532,050	525
	Zhejiang Yasha Decoration Co. Ltd. Class A	789,700	523
	Hangzhou Electronic Soul Network Technology Co. Ltd. Class A	73,700	522
	Guangzhou Restaurant Group Co. Ltd. Class A	117,260	520
	CNSIG Inner Mongolia Chemical Industry Co. Ltd.	256,700	520
^*	Sino Biological Inc.	34,993	520
	Anhui Jiangnan Chemical Industry Co. Ltd. Class A	682,200	518
	Tongyu Heavy Industry Co. Ltd. Class A	1,418,300	517
	Three's Co. Media Group Co. Ltd. Class A	22,942	516
	Lizhong Sitong Light Alloys Group Co. Ltd.	154,295	516
^*	Roshow Technology Co. Ltd. Class A	462,100	514
	Shanghai Sinyang Semiconductor Materials Co. Ltd. Class A	84,550	513
^*	Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. Class A	297,800	510
	Shenzhen Topband Co. Ltd. Class A	312,800	510

		Shares	Market Value• ($000)
^*	Inner Mongolia Xingye Mining Co. Ltd. Class A	403,700	509
	Chengdu RML Technology Co. Ltd.	49,495	508
	Jiuzhitang Co. Ltd. Class A	267,600	507
	Sunflower Pharmaceutical Group Co. Ltd. Class A	132,971	506
	Jiangsu Guotai International Group Co. Ltd. Class A	427,100	505
	Shanghai Hanbell Precise Machinery Co. Ltd. Class A	142,500	505
	GCI Science & Technology Co. Ltd. Class A	157,500	503
	Vats Liquor Chain Store Management JSC Ltd.	128,600	502
^*,1,2	Redco Properties Group Ltd.	2,958,000	501
	Shenzhen H&T Intelligent Control Co. Ltd. Class A	219,904	501
	Guangdong Provincial Expressway Development Co. Ltd. Class A	443,959	498
¹	KWG Living Group Holdings Ltd.	3,658,350	497
	Shenzhen Leaguer Co. Ltd. Class A	394,400	496
	Jiangxi Wannianqing Cement Co. Ltd. Class A	388,400	495
	Zhejiang Xianju Pharmaceutical Co. Ltd. Class A	229,000	494
	Shanghai Fullhan Microelectronics Co. Ltd. Class A	57,320	494
	Beijing BDStar Navigation Co. Ltd. Class A	104,659	493
	SGIS Songshan Co. Ltd. Class A	1,268,700	493
	Shanghai Huafon Aluminium Corp.	251,500	493
	China Wafer Level Csp Co. Class A	150,720	492
	Jiangsu Jiangyin Rural Commercial Bank Co. Ltd. Class A	831,128	490
	First Tractor Co. Ltd. Class H	912,954	486
^*	Jiangsu Akcome Science & Technology Co. Ltd. Class A	1,202,200	486
	B-Soft Co. Ltd. Class A	388,230	483
	Shanghai Belling Co. Ltd. Class A	176,800	482
	Bafang Electric Suzhou Co. Ltd. Class A	37,300	481
	First Tractor Co. Ltd. Class A	287,300	481

		Shares	Market Value• ($000)
	Xinhuanet Co. Ltd. Class A	106,300	481
	Ligao Foods Co. Ltd. Class A	34,900	481
	Sai Micro Electronics Inc. Class A	163,000	478
	Mayinglong Pharmaceutical Group Co. Ltd. Class A	126,500	478
	Quectel Wireless Solutions Co. Ltd. Class A	42,224	477
	Sineng Electric Co. Ltd.	59,300	475
^*	China High Speed Transmission Equipment Group Co. Ltd.	1,296,300	474
	Grinm Advanced Materials Co. Ltd. Class A	237,500	472
	Henan Mingtai Al Industrial Co. Ltd.	233,496	469
	Anhui Jinhe Industrial Co. Ltd. Class A	125,400	468
	Beijing Strong Biotechnologies Inc. Class A	138,200	467
	Lushang Health Industry Development Co. Ltd. Class A	294,800	467
	Tibet Rhodiola Pharmaceutical Holding Co. Class A	54,500	466
	Beijing Jingyuntong Technology Co. Ltd. Class A	510,900	465
^*,1	Ausnutria Dairy Corp. Ltd.	972,000	464
	Cangzhou Mingzhu Plastic Co. Ltd. Class A	728,080	464
	Chengdu CORPRO Technology Co. Ltd. Class A	138,400	464
	Shanghai MicroPort Endovascular MedTech Group Co. Ltd. Class A	18,505	463
	Shanghai Kaibao Pharmaceutical Co. Ltd.	398,100	463
	Jiangxi Jovo Energy Co. Ltd.	143,000	461
^*	China Express Airlines Co. Ltd. Class A	294,100	460
	Beijing eGOVA Co. Ltd.	123,900	458
	Shenzhen Fortune Trend Technology Co. Ltd. Class A	20,161	456
	Jiangsu Haili Wind Power Equipment Technology Co. Ltd. Class A	42,200	454
	Shandong Xinhua Pharmaceutical Co. Ltd. Class A	115,700	450
	Shandong Hi-Speed Road & Bridge Co. Ltd. Class A	401,300	450

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*	Wellhope Foods Co. Ltd. Class A	304,700	448
	China Tungsten And Hightech Materials Co. Ltd. Class A	232,400	447
	Xianhe Co. Ltd. Class A	127,300	446
	Wuxi NCE Power Co. Ltd. Class A	64,288	446
	ZWSOFT Co. Ltd. Guangzhou	15,736	445
	Kidswant Children Products Co. Ltd. Class A	282,900	445
	Hexing Electrical Co. Ltd. Class A	141,962	444
	Zhejiang Orient Gene Biotech Co. Ltd. Class A	51,895	442
	Telling Telecommunication Holding Co. Ltd. Class A	275,400	439
^*	Shengda Resources Co. Ltd. Class A	162,000	439
	Nuode Investment Co. Ltd.	420,892	439
^*	Bohai Leasing Co. Ltd. Class A	1,376,000	438
^*	Shenzhen Clou Electronics Co. Ltd. Class A	375,200	438
	Jiangsu Guomao Reducer Co. Ltd.	155,279	436
^*	PNC Process Systems Co. Ltd.	71,700	435
	PharmaBlock Sciences Nanjing Inc. Class A	53,300	431
	CQ Pharmaceutical Holding Co. Ltd. Class A	380,600	431
	Luoxin Pharmaceuticals Group Stock Co. Ltd. Class A	421,800	431
	Jiangsu Azure Corp. Class A	266,900	430
	Kunshan Dongwei Technology Co. Ltd. Class A	35,184	429
	Yotrio Group Co. Ltd. Class A	750,400	428
	MLS Co. Ltd. Class A	333,000	428
	Shandong Dongyue Organosilicon Material Co. Ltd. Class A	285,800	428
	Edan Instruments Inc. Class A	189,000	426
^*	JS Corrugating Machinery Co. Ltd. Class A	155,700	425
	Zhejiang Meida Industrial Co. Ltd. Class A	264,400	422
	CTS International Logistics Corp. Ltd. Class A	291,080	420
^*	Hubei Yihua Chemical Industry Co. Ltd. Class A	232,800	419

		Shares	Market Value• ($000)
	Sino Wealth Electronic Ltd. Class A	85,129	418
	Shanghai Haixin Group Co. Class B	1,321,500	417
^1,2	China Everbright Greentech Ltd.	2,160,000	417
	Shanghai Zijiang Enterprise Group Co. Ltd. Class A	539,300	415
	Shandong Jinjing Science & Technology Co. Ltd.	346,200	415
	Fujian Boss Software Development Co. Ltd. Class A	146,500	415
	Xinjiang Communications Construction Group Co. Ltd. Class A	150,600	413
	Lancy Co. Ltd. Class A	104,400	412
	Moon Environment Technology Co. Ltd. Class A	192,700	412
	Fujian Star-net Communication Co. Ltd. Class A	134,100	411
^*	Focused Photonics Hangzhou Inc. Class A	116,800	407
	Jade Bird Fire Co. Ltd. Class A	112,000	407
^*	Wuxi Paike New Materials Technology Co. Ltd. Class A	26,200	407
	Yusys Technologies Co. Ltd. Class A	151,780	406
	Suplet Power Co. Ltd. Class A	95,760	406
	Riyue Heavy Industry Co. Ltd. Class A	129,000	404
	Beijing Tongtech Co. Ltd. Class A	107,460	400
	Chengdu Hongqi Chain Co. Ltd. Class A	443,200	400
	Beibuwan Port Co. Ltd. Class A	320,019	396
^*	Keshun Waterproof Technologies Co. Ltd. Class A	253,700	395
	Guangzhou GRG Metrology & Test Co. Ltd. Class A	120,757	395
	Sichuan Anning Iron and Titanium Co. Ltd.	81,033	395
^*	Hebei Chengde Lolo Co. Class A	301,760	394
	Ningbo Peacebird Fashion Co. Ltd. Class A	121,100	394
^*	Hybio Pharmaceutical Co. Ltd. Class A	236,600	394
^*	Jinlei Technology Co. Ltd. Class A	67,800	390
	Xinjiang Xintai Natural Gas Co. Ltd. Class A	113,700	389

		Shares	Market Value• ($000)
	Shenzhen Desay Battery Technology Co. Class A	72,635	388
	Shanghai Liangxin Electrical Co. Ltd. Class A	233,240	387
	Jiangsu Provincial Agricultural Reclamation and Development Corp. (XSSC)	223,100	387
	China Tianying Inc. Class A	577,300	386
	Shenzhen Yinghe Technology Co. Ltd. Class A	145,096	386
	Suzhou Good-Ark Electronics Co. Ltd. Class A	199,000	384
	Electric Connector Technology Co. Ltd. Class A	86,000	384
	Winall Hi-Tech Seed Co. Ltd. Class A	173,250	381
	Chengdu ALD Aviation Manufacturing Corp.	110,554	381
	Shanxi Coking Co. Ltd. Class A (XSHG)	487,227	379
	Zhejiang Communications Technology Co. Ltd.	423,800	378
^*	Fulin Precision Co. Ltd. Class A	256,500	378
	Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A	252,641	377
^*	Aotecar New Energy Technology Co. Ltd. Class A	1,007,400	376
	Zhejiang Tianyu Pharmaceutical Co. Ltd. Class A	91,400	373
	Wencan Group Co. Ltd.	64,897	373
^*	Advanced Technology & Materials Co. Ltd. Class A	293,200	372
	Marssenger Kitchenware Co. Ltd.	93,000	371
	Sumavision Technologies Co. Ltd. Class A	393,700	370
	Henan Liliang Diamond Co. Ltd. Class A	30,500	370
	Shanghai AtHub Co. Ltd. Class A	73,400	369
	Zhejiang Wanma Co. Ltd. Class A	235,900	368
	Anhui Truchum Advanced Materials & Technology Co. Ltd. Class A	354,600	366
	Yantai Dongcheng Pharmaceutical Co. Ltd. Class A	167,500	366
	Riyue Heavy Industry Co. Ltd. Class A (XSHG)	116,900	366

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Xilinmen Furniture Co. Ltd. Class A	99,600	366
^*	Tangrenshen Group Co. Ltd. Class A	346,800	365
	Anhui Construction Engineering Group Co. Ltd. Class A	400,800	365
	Yantai Zhenghai Magnetic Material Co. Ltd. Class A	204,100	364
^*	Shanghai Runda Medical Technology Co. Ltd. Class A	193,100	362
	Xiamen Xiangyu Co. Ltd. Class A	234,533	361
	Shenzhen Fine Made Electronics Group Co. Ltd. Class A	56,200	360
	Zhejiang Windey Co. Ltd. Class A	182,832	359
	Jiangsu Lopal Tech Co. Ltd.	128,792	359
	Hangxiao Steel Structure Co. Ltd. Class A	556,700	358
	Shandong Bohui Paper Industrial Co. Ltd. Class A	387,458	358
	Lier Chemical Co. Ltd. Class A	168,680	356
	Hunan TV & Broadcast Intermediary Co. Ltd. Class A	388,828	353
	Bear Electric Appliance Co. Ltd. Class A	28,800	351
	Chengdu Wintrue Holding Co. Ltd. Class A	234,900	351
	Henan Yuguang Gold & Lead Co. Ltd. Class A	378,800	350
	Zhejiang Tiantie Industry Co. Ltd.	263,094	350
^*	Chengzhi Co. Ltd. Class A	293,300	349
	Anhui Huilong Agricultural Means of Production Co. Ltd. Class A	291,300	349
	Cccg Real Estate Corp. Ltd. Class A	182,200	348
	Guizhou Chanhen Chemical Corp.	106,600	346
	Venustech Group Inc. Class A	76,800	345
^*	Hunan Er-Kang Pharmaceutical Co. Ltd. Class A	699,900	344
	Sinosteel Engineering & Technology Co. Ltd. Class A	268,300	344
	Zhejiang Jiahua Energy Chemical Industry Co. Ltd.	241,400	343
^*	Zhejiang Dun'An Artificial Environment Co. Ltd.	164,600	343
	Qingdao East Steel Tower Stock Co. Ltd.	293,600	342

		Shares	Market Value• ($000)
	Top Resource Conservation & Environment Corp.	192,500	341
	Shanxi Blue Flame Holding Co. Ltd. Class A	291,800	340
	Shenzhen Special Economic Zone Real Estate & Properties Group Co. Ltd. Class A	216,696	340
^*	Zhejiang Qianjiang Motorcycle Co. Ltd. Class A	109,500	339
	Truking Technology Ltd. Class A	148,900	338
	FAWER Automotive Parts Co. Ltd. Class A	500,400	337
	DeHua TB New Decoration Materials Co. Ltd. Class A	213,400	335
	Shenzhen Tagen Group Co. Ltd. Class A	430,300	333
	Luyang Energy-Saving Materials Co. Ltd.	109,666	333
	Amoy Diagnostics Co. Ltd. Class A	81,720	332
	Hainan Poly Pharm Co. Ltd. Class A	108,902	332
	Jiangyin Hengrun Heavy Industries Co. Ltd. Class A	114,400	331
	Shanghai Haoyuan Chemexpress Co. Ltd. Class A	19,772	331
	Renhe Pharmacy Co. Ltd. Class A	346,200	330
	Tongling Jingda Special Magnet Wire Co. Ltd. Class A	518,200	330
	PCI Technology Group Co. Ltd. Class A	324,200	329
	Guangdong Hongtu Technology Holdings Co. Ltd. Class A	130,600	329
	Beijing SuperMap Software Co. Ltd. Class A	106,000	325
	Chengdu Kanghua Biological Products Co. Ltd. Class A	26,100	325
	Zhejiang Weixing Industrial Development Co. Ltd.	246,691	325
	Tibet Urban Development and Investment Co. Ltd. Class A	159,700	325
	Road King Infrastructure Ltd.	813,346	324
	Shenzhen Changhong Technology Co. Ltd. Class A	127,700	324
	Longhua Technology Group Luoyang Co. Ltd. Class A	281,200	324

		Shares	Market Value• ($000)
^*	Hand Enterprise Solutions Co. Ltd. Class A	206,900	323
	Guangdong Advertising Group Co. Ltd. Class A	383,500	323
^*	Genimous Technology Co. Ltd. Class A	339,100	322
	Lihuayi Weiyuan Chemical Co. Ltd.	115,400	322
^*	Beijing Compass Technology Development Co. Ltd. Class A	44,400	320
	BrightGene Bio-Medical Technology Co. Ltd. Class A	92,017	320
	Jinghua Pharmaceutical Group Co. Ltd.	206,290	320
	Shandong Shanda WIT Science & Tech Co. Ltd. Class A	60,200	319
	Beijing Dahao Technology Corp. Ltd. Class A	149,100	318
^*	Guangdong Create Century Intelligent Equipment Group Corp. Ltd. Class A	322,304	315
	Jinneng Science&Technology Co. Ltd. Class A	234,000	314
^*	Jiangxi Ganneng Co. Ltd. Class A	260,624	313
^*	Delixi New Energy Technology Co. Ltd. Class A	36,500	311
	Wuhan Department Store Group Co. Ltd. Class A	188,173	310
^*	Great Chinasoft Technology Co. Ltd. Class A	173,800	310
	Guangdong Aofei Data Technology Co. Ltd. Class A	163,860	307
	Dongjiang Environmental Co. Ltd. Class A	346,499	306
^*	Tech-Bank Food Co. Ltd. Class A	401,497	305
	Shanghai Bright Power Semiconductor Co. Ltd. Class A	14,799	305
	Zhejiang Ausun Pharmaceutical Co. Ltd.	91,500	302
^*	Shandong Longda Meat Foodstuff Co. Ltd. Class A	248,700	301
	Shandong Jincheng Pharmaceutical Group Co. Ltd. Class A	103,300	300
	Guangdong Great River Smarter Logistics Co. Ltd. Class A	95,700	299
^*	Hongda Xingye Co. Ltd. Class A	807,800	299

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. Class H	735,000	298
	Shandong Dawn Polymer Co. Ltd. Class A	119,800	298
	Jiangsu Shuangxing Color Plastic New Materials Co. Ltd. Class A	206,600	297
	Hunan Zhongke Electric Co. Ltd. Class A	166,500	296
^*	Nations Technologies Inc. Class A	142,300	296
	Jiangsu Boqian New Materia Class A	60,400	293
^*	Luoniushan Co. Ltd. Class A	268,600	290
^*	Hainan Development Holdings Nanhai Co. Ltd. Class A	176,900	290
	Suzhou Recodeal Interconnect System Co. Ltd. Class A	26,239	290
^*	Guangdong Shenglu Telecommunication Tech Co. Ltd. Class A	212,000	288
^*	YaGuang Technology Group Co. Ltd. Class A	274,900	288
	Nantong Jiangshan Agrochemical & Chemical LLC Class A	56,700	288
	QuakeSafe Technologies Co. Ltd. Class A	57,117	287
	Jinhui Liquor Co. Ltd. Class A	77,400	287
^*,3	China Aoyuan Group Ltd.	5,071,786	286
^*	Innuovo Technology Co. Ltd. Class A	308,700	286
	Shenzhen Gongjin Electronics Co. Ltd. Class A	212,400	284
	Chow Tai Seng Jewellery Co. Ltd. Class A	116,250	284
	Beyondsoft Corp.	140,900	283
	Hunan Aihua Group Co. Ltd. Class A	86,843	279
	PhiChem Corp. Class A	105,500	278
	CGN Nuclear Technology Development Co. Ltd. Class A	252,324	278
	Foryou Corp.	67,400	276
	Zhejiang Jiecang Linear Motion Technology Co. Ltd. Class A	97,440	273
	Jiangsu Shagang Co. Ltd. Class A	480,000	272
	Beijing North Star Co. Ltd. Class H	2,368,000	272
	Guangdong Dowstone Technology Co. Ltd. Class A	143,400	272

		Shares	Market Value• ($000)
	Changchun Faway Automobile Components Co. Ltd. Class A	231,260	271
^*	Luoyang Glass Co. Ltd. Class A	102,500	271
	Shandong Xiantan Co. Ltd.	208,300	270
^*	HC SemiTek Corp.	282,100	270
^*,1	Yuzhou Group Holdings Co. Ltd.	8,700,391	267
	Xinxiang Tuoxin Pharmaceutical Co. Ltd. Class A	21,400	267
^*	Shenzhen World Union Group Inc. Class A	679,900	266
^*	HyUnion Holding Co. Ltd. Class A	247,800	265
	Sichuan Jiuzhou Electric Co. Ltd. Class A	259,700	264
	Jiangsu Huahong Technology Stock Co. Ltd.	141,893	264
	Shenzhen Suntak Circuit Technology Co. Ltd. Class A	150,700	263
	Chengdu Leejun Industrial Co. Ltd. Class A	253,100	263
^*	Ningxia Zhongyin Cashmere Class A	1,104,900	263
	Yibin Tianyuan Group Co. Ltd. Class A	263,250	263
^*	Orient Group Inc. Class A	774,900	262
	Yonggao Co. Ltd. Class A	348,100	261
^*	Beijing VRV Software Corp. Ltd. Class A	348,300	260
	Chongqing Zongshen Power Machinery Co. Ltd. Class A	279,043	260
	Gansu Qilianshan Cement Group Co. Ltd. Class A	158,700	259
	Beijing Water Business Doctor Co. Ltd. Class A	221,500	258
^*	Bestway Marine & Energy Technology Co. Ltd. Class A	390,400	256
	Hangzhou Boiler Group Co. Ltd. Class A	97,700	254
	Shantui Construction Machinery Co. Ltd. Class A	382,600	253
	Qinghai Huzhu Tianyoude Class A	120,900	251
^*	INKON Life Technology Co. Ltd. Class A	141,100	249
	Shenzhen Microgate Technology Co. Ltd. Class A	200,900	248
	Zhejiang Hailide New Material Co. Ltd. Class A	315,400	248
	Beijing Ctrowell Technology Corp. Ltd. Class A	181,800	247
	Archermind Technology Nanjing Co. Ltd. Class A	38,100	246

		Shares	Market Value• ($000)
^*	Sichuan Haite High-tech Co. Ltd. Class A	190,200	245
	Qingdao Eastsoft Communication Technology Co. Ltd. Class A	114,600	245
^*	Visionox Technology Inc. Class A	252,200	243
^*	Client Service International Inc. Class A	117,300	242
	Rongsheng Petrochemical Co. Ltd. Class A	234,055	242
	Zhejiang Garden Bio-Chemical High-tech Co. Ltd. Class A	131,300	240
	Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A	239,600	238
	City Development Environment Co. Ltd. Class A	139,720	238
	DBG Technology Co. Ltd. Class A	160,060	237
	Hangzhou Onechance Tech Corp. Class A	54,300	236
	Guangdong Guanghua Sci Tech Class A	100,900	234
	China Harmony New Energy Auto Holding Ltd.	2,067,423	233
^*	Tongding Interconnection Information Co. Ltd.	287,300	232
	ZheJiang Dali Technology Co. Ltd. Class A	114,720	232
	Shandong Head Co. Ltd. Class A	80,800	231
^*	YanTai Shuangta Food Co. Ltd. Class A	301,100	229
	Jenkem Technology Co. Ltd. Class A	12,615	229
^*	China Reform Health Management and Services Group Co. Ltd. Class A	147,400	229
	Shenzhen Sunline Tech Co. Ltd. Class A	133,900	226
	Dalian Huarui Heavy Industry Group Co. Ltd. Class A	309,500	226
	Ningbo Yunsheng Co. Ltd. Class A	183,000	223
	Unilumin Group Co. Ltd. Class A	182,800	221
	Black Peony Group Co. Ltd. Class A	228,740	221
	Ningbo Zhenyu Technology Co. Ltd.	19,994	221
^*	Anhui Tatfook Technology Co. Ltd. Class A	166,884	220
	Shenzhen Ysstech Info-tech Co. Ltd. Class A	177,100	219

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Guangzhou Zhiguang Electric Co. Ltd. Class A	202,900	219
	Tangshan Sunfar Silicon Industry Co. Ltd. Class A	49,100	218
	Monalisa Group Co. Ltd. Class A	87,171	217
	Ganzhou Teng Yuan Cobalt New Material Co. Ltd. Class A	28,740	217
	Sino GeoPhysical Co. Ltd. Class A	83,000	216
^*,1	Times China Holdings Ltd.	2,835,693	214
	Wuhan Keqian Biology Co. Ltd.	57,815	214
	Jiangsu Amer New Material Co. Ltd.	143,900	213
	Anhui Genuine New Materials Co. Ltd. Class A	155,717	212
	Hangzhou Haoyue Personal Care Co. Ltd. Class A	26,894	212
^*	Zhenro Properties Group Ltd.	7,160,921	211
	Shenzhen Click Technology Co Ltd	97,400	211
	Wuhan Fingu Electronic Technology Co. Ltd. Class A	142,060	209
^*	China High Speed Railway Technology Co. Ltd. Class A	610,400	209
^*	Shenzhen Center Power Tech Co. Ltd. Class A	85,800	209
	Aerospace Hi-Tech Holdings Group Ltd. Class A	147,897	207
	Yijiahe Technology Co. Ltd. Class A	39,200	207
^*	Henan Yuneng Holdings Co. Ltd. Class A	322,700	207
^*	Guangdong Dongfang Precision Science & Technology Co. Ltd. Class A	277,500	205
	Zhejiang Starry Pharmaceutical Co. Ltd. Class A	81,900	205
	Guangdong Hybribio Biotech Co. Ltd. Class A	96,858	205
	Goldenmax International Technology Ltd. Class A	166,100	203
	Konka Group Co. Ltd. Class A	295,400	202
	China Harzone Industry Corp. Ltd. Class A	174,200	199
	Changying Xinzhi Technology Co. Ltd. Class A	103,400	198
	5I5J Holding Group Co. Ltd. Class A	434,300	197
	Shenzhen Das Intellitech Co. Ltd. Class A	350,600	196

		Shares	Market Value• ($000)
	Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd. Class A	261,700	195
	Zhejiang Shuanghuan Driveline Co. Ltd. Class A	57,300	195
	China Dongxiang Group Co. Ltd.	4,809,000	191
	JSTI Group Class A	201,500	190
^*	Rianlon Corp.	32,500	190
	Jinyuan EP Co. Ltd.	148,800	185
	Realcan Pharmaceutical Group Co. Ltd. Class A	333,900	181
	Yunnan Energy Investment Co. Ltd. Class A	113,200	181
^*	Zhejiang Jingu Co. Ltd. Class A	185,200	179
	Gansu Shangfeng Cement Co. Ltd. Class A	109,920	179
^*	Huafon Microfibre Shanghai Technology Co. Ltd. Class T	313,743	177
	Jiangsu Provincial Agricultural Reclamation and Development Corp.	102,100	177
	Jin Tong Ling Technology Class A	383,000	177
^*	Sunward Intelligent Equipment Co. Ltd. Class A	200,700	175
^*	Beijing Sinohytec Co. Ltd. Class A	15,061	175
^*	Fujian Snowman Co. Ltd.	149,300	172
^*	Zhongtian Financial Group Co. Ltd. Class A	1,790,700	171
^*	Zhongtong Bus Co. Ltd. A Class A	113,400	165
	Inner Mongolia M-Grass Ecology And Enviroment Group Co. Ltd. Class A	323,600	162
	Chongyi Zhangyuan Tungsten Industry Co. Ltd. Class A	146,200	161
^*	Beijing Orient Landscape & Environment Co. Ltd. Class A	568,600	159
	Shenzhen Sunmoon Microelectronics Co. Ltd.	20,499	159
	Differ Group Holding Co. Ltd.	8,802,000	150
	Huafu Fashion Co. Ltd. Class A	316,500	141
^*	Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A	291,200	141
	Central China Management Co. Ltd.	2,145,256	134
^*	Antong Holdings Co. Ltd. Class A	281,500	133

		Shares	Market Value• ($000)
	Shanxi Coking Co. Ltd. Class A	165,100	129
	Rainbow Digital Commercial Co. Ltd. Class A	141,500	127
^*	Kaisa Group Holdings Ltd.	3,268,268	121
²	Shanghai Haohai Biological Technology Co. Ltd. Class H	21,600	119
	Chongqing Zaisheng Technology Corp. Ltd. Class A	182,980	118
	Qingling Motors Co. Ltd. Class H	1,078,217	111
^*	Chongqing Iron & Steel Co. Ltd. Class H	903,500	103
^*,3	Boshiwa International Ltd.	469,000	100
	Beken Corp. Class A	22,300	95
^*	Shenzhen Click Technology Co. Ltd.	75,271	92
^*	Guangdong Highsun Group Co. Ltd.	291,300	84
	COFCO Capital Holdings Co. Ltd. Class A (XSHE)	74,500	80
	Shenzhen Tellus Holding Co. Ltd. Class A	27,600	68
^*,1,3	China Fishery Group Ltd.	1,088,512	62
^*,3	Colour Life Services Group Co. Ltd.	748,370	59
	Tianjin Capital Environmental Protection Group Co. Ltd. Class H	132,629	53
	Greenland Hong Kong Holdings Ltd.	497,912	38
	China Fangda Group Co. Ltd. Class B	128,605	34
	Beijing North Star Co. Ltd. Class A	101,400	29
	Eastern Communications Co. Ltd. Class B	57,250	25
	Beken Corp.	5,400	23
	Shanghai Industrial Urban Development Group Ltd.	347,616	22
	Chongqing Zaisheng Technology Corp. Ltd. Class A (XSSC)	13,720	9
^*,1,3	Midas Holdings Ltd.	2,619,447	—
^*,3	Fantasia Holdings Group Co. Ltd.	1,143,000	—
^*,3	Real Gold Mining Ltd.	239,476	—
^*,3	China Animal Healthcare Ltd.	1,003,918	—
^*,3	China Zhongwang Holdings Ltd.	4,366,000	—
^*	Xinyi Energy Holdings Ltd. Rights Exp. 5/23/23	656,200	—
			533,956
Colombia (0.0%)
	Banco Davivienda SA Preference Shares	372,349	1,672

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
Denmark (1.8%)
	SimCorp A/S	140,094	15,186
	Ringkjoebing Landbobank A/S	104,551	14,705
	ISS A/S	699,217	14,619
^*	Jyske Bank A/S (Registered)	193,674	14,160
^*	GN Store Nord A/S	461,752	12,327
^*	Ambu A/S Class B	655,237	10,419
	Sydbank A/S	217,802	9,717
^*	NKT A/S	164,886	8,665
	FLSmidth & Co. A/S	218,497	8,632
	Topdanmark A/S	159,403	8,415
^*	Bavarian Nordic A/S	270,560	7,441
^*	Zealand Pharma A/S	198,534	6,714
^*	ALK-Abello A/S	503,445	6,373
	Alm Brand A/S	3,270,337	6,050
	D/S Norden A/S	88,706	5,574
	Spar Nord Bank AS Class B	311,375	5,065
^*,2	Netcompany Group A/S	125,576	4,860
	Dfds A/S	117,037	4,715
²	Scandinavian Tobacco Group A/S	214,769	4,195
	Schouw & Co. A/S	46,689	3,975
^*	Chemometec A/S	61,561	3,562
	Torm plc Class A	111,217	3,481
^*	NTG Nordic Transport Group A/S Class A	56,234	2,992
			181,842
Egypt (0.1%)
^*	Egyptian Financial Group-Hermes Holding Co.	4,131,541	2,454
^*	Fawry for Banking & Payment Technology Services SAE	9,945,323	1,928
	Eastern Co. SAE	3,408,883	1,925
^*	ElSewedy Electric Co.	2,442,445	1,450
	Talaat Moustafa Group	3,748,596	1,161
^*	Medinet Nasr Housing	3,634,045	427
			9,345
Finland (0.8%)
	Konecranes OYJ Class A	278,237	10,898
	Cargotec OYJ Class B	185,423	10,246
	TietoEVRY OYJ (XHEL)	271,395	8,672
	Outokumpu OYJ	1,245,816	6,792
^*,1	QT Group OYJ	74,538	6,428
	Kemira OYJ	334,758	5,872
	Uponor OYJ	209,942	5,603
	Nokian Renkaat OYJ	507,475	4,944
	Metsa Board OYJ Class A	656,087	4,731
	Revenio Group OYJ Class B	86,757	3,262
	Sanoma OYJ	291,854	2,531
	Tokmanni Group Corp.	181,539	2,486
²	Terveystalo OYJ	278,765	2,437
	Citycon OYJ	284,739	2,152
	TietoEVRY OYJ	56,975	1,820
	YIT OYJ	622,106	1,610
	F-Secure OYJ	367,734	1,185

		Shares	Market Value• ($000)
^*	Finnair OYJ	1,948,469	1,141
	Raisio OYJ Class V	395,070	992
	Oriola OYJ Class B	473,337	758
^*,3	Ahlstrom-Munksjo Oyj Rights	29,401	578
			85,138
France (2.9%)
	Alten SA	109,902	18,684
	SPIE SA	485,091	15,141
	Technip Energies NV Class B	674,029	14,954
	Elis SA GDR	711,485	14,133
	Gaztransport Et Technigaz SA Class B	120,660	12,904
^*	Faurecia SE (XPAR)	580,409	12,052
	Sopra Steria Group SACA	55,414	11,995
	Nexans SA	127,793	10,996
²	Verallia SA	267,555	10,860
	Rubis SCA	356,228	10,528
	SES SA Class A	1,427,210	8,852
	IPSOS	151,063	8,191
^*	Air France-KLM	4,391,863	7,607
^*	Vallourec SA	586,647	6,701
	Coface SA	412,811	6,319
	Imerys SA	148,548	6,107
	Virbac SA	16,627	5,679
	Societe BIC SA	91,747	5,662
	Rothschild & Co.	105,577	5,450
	Interparfums SA	67,155	5,334
^*,1	Atos SE	362,505	5,025
	Nexity SA	164,937	4,327
^*	SES-imagotag SA	26,688	4,268
	Trigano SA	32,056	4,176
	Metropole Television SA	247,725	3,999
^*	Cie Plastic Omnium SA	207,379	3,672
	Eramet SA	37,312	3,634
¹	Eutelsat Communications SA	541,243	3,598
	Carmila SA	210,035	3,555
	Mercialys SA	353,350	3,553
	Television Francaise 1	398,478	3,211
	Fnac Darty SA	73,093	2,756
	ARGAN SA	35,260	2,751
	Quadient SA	137,526	2,734
^*	ID Logistics Group	9,091	2,672
	Derichebourg SA	385,501	2,384
	PEUGEOT Investment	19,037	2,336
	Korian SA	256,208	2,223
	Beneteau SA	134,621	2,167
^*	Euroapi SA	180,422	2,167
¹	Mersen SA	53,578	2,161
^*,1	Voltalia SA (Registered)	138,319	2,103
^*	CGG SA	2,723,398	2,038
	Altarea SCA	14,500	1,898
^*,1	Valneva SE	387,327	1,882
²	Maisons du Monde SA	171,832	1,812
	Antin Infrastructure Partners SA	102,691	1,733
	Vicat SA	59,142	1,725
^*,2	X-Fab Silicon Foundries SE	190,481	1,622
^*,2	Elior Group SA	451,127	1,570
	Lagardere SA	60,279	1,454

		Shares	Market Value• ($000)
	Vetoquinol SA	14,508	1,422
^*,1	Casino Guichard Perrachon SA	144,581	1,230
^*,2	SMCP SA	136,302	1,207
	Equasens	13,692	1,082
	Vilmorin & Cie SA	22,234	1,055
	Manitou BF SA	41,765	1,032
^*	GL Events	41,305	992
^*	Lisi SA	31,889	904
^*,1	OVH Groupe SAS	78,061	822
	Etablissements Maurel et Prom SA	198,509	758
	Jacquet Metals SACA	37,532	734
^*,1	Orpea SA	226,123	669
^*	Believe SA Class B	50,767	605
	LISI	17,813	505
	Bonduelle SCA	39,068	493
	Boiron SA	8,023	353
^*,2	Aramis Group SAS	60,452	269
^*	Lissi	5,945	169
	Lisi SA Prime De Fidelite	3,729	106
^*,1	Mersen SA Rights Exp. 5/2/23	53,326	87
			297,849
Germany (3.3%)
	HUGO BOSS AG	217,361	16,387
	K&S AG (Registered)	725,151	14,464
	Gerresheimer AG	131,025	14,277
	Freenet AG	455,637	12,990
	Aurubis AG	134,396	12,609
	AIXTRON SE	405,514	11,481
^*	Evotec SE	589,561	10,828
^*,2	TeamViewer SE	529,420	9,771
	Hensoldt AG	203,623	7,637
	Encavis AG	424,896	7,347
	Krones AG	55,880	7,342
²	Befesa SA	154,516	6,957
	Software AG	192,747	6,585
	Duerr AG	188,814	6,551
	Jenoptik AG	197,331	6,299
^*	Aareal Bank AG	183,444	6,246
	Stabilus SE	93,779	6,129
	Suedzucker AG	294,393	5,947
¹	ProSiebenSat.1 Media SE	659,585	5,923
¹	Salzgitter AG	148,761	5,898
^*	Nordex SE Class B	483,818	5,827
	Siltronic AG	78,858	5,684
	Stroeer SE & Co. KGaA	97,673	5,356
	CompuGroup Medical SE & Co. KGaA	95,076	5,228
	TAG Immobilien AG	579,139	4,959
^*	Vitesco Technologies Group AG Class A	71,326	4,885
	Bilfinger SE	106,657	4,614
	CANCOM SE	127,127	4,577
^1,2	Deutsche Pfandbriefbank AG	472,887	4,362
^*	flatexDEGIRO AG	325,000	3,503
^*	SMA Solar Technology AG	32,268	3,490
	Kontron AG	179,284	3,469
¹	GRENKE AG	96,196	3,450
¹	Aroundtown SA	2,510,677	3,421
	Dermapharm Holding SE	66,018	3,314
^*,1	Nagarro SE	30,774	3,314

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Deutz AG	487,500	3,241
	Synlab AG	294,350	3,108
	Kloeckner & Co. SE Preference Shares	269,811	2,995
	Grand City Properties SA	354,540	2,961
	Atoss Software AG	14,726	2,954
^*,1,2	Auto1 Group SE	367,794	2,902
	VERBIO Vereinigte BioEnergie AG	77,212	2,876
	Eckert & Ziegler Strahlen- und Medizintechnik AG Class B	55,432	2,867
^*,1	MorphoSys AG	135,847	2,853
	Norma Group SE	119,732	2,848
^*,2	Shop Apotheke Europe NV	27,709	2,766
	PNE AG	168,791	2,758
	Hornbach Holding AG & Co. KGaA	31,474	2,674
^*	Hypoport SE	16,152	2,590
	Draegerwerk AG & Co. KGaA Preference Shares	45,433	2,557
	KWS Saat SE & Co. KGaA	38,915	2,523
	Indus Holding AG	83,408	2,470
	GFT Technologies SE	60,580	2,392
	BayWa AG	53,126	2,275
	Wacker Neuson SE	91,398	2,229
	STRATEC SE	30,139	2,074
¹	CECONOMY AG	672,895	2,053
	1&1 AG	173,884	2,029
	Adesso SE	13,066	1,959
	Takkt AG	121,941	1,953
	New Work SE	10,584	1,930
	PATRIZIA SE	167,503	1,801
	Energiekontor AG	21,179	1,697
	Deutsche Beteiligungs AG	52,228	1,651
^*,1	SGL Carbon SE	171,004	1,578
¹	DIC Asset AG	200,252	1,524
	Vossloh AG	32,460	1,489
	Hamburger Hafen und Logistik AG Class B	84,704	1,169
	Bertrandt AG	20,775	1,157
¹	Varta AG	42,348	1,098
^*,1	Aareal Bank AG (XETR)	29,220	1,053
	Secunet Security Networks AG	4,696	1,037
²	Instone Real Estate Group SE	129,118	1,033
	Wuestenrot & Wuerttembergische AG	56,540	1,029
	ElringKlinger AG	84,584	951
	Deutsche EuroShop AG	40,087	906
	Basler AG	40,211	867
^*,1	About You Holding SE	140,239	863
	CropEnergies AG	72,521	840
^*	ADVA Optical Networking SE	32,926	726
	Draegerwerk AG & Co. KGaA (XETR)	3,536	163
			340,590

		Shares	Market Value• ($000)
Greece (0.0%)
	Hellenic Exchanges - Athens Stock Exchange SA	256,791	1,136
	Fourlis Holdings SA	114,251	504
			1,640
Hong Kong (0.8%)
	Pacific Basin Shipping Ltd.	18,091,532	6,295
	Fortune REIT	5,248,589	4,391
	Luk Fook Holdings International Ltd.	1,361,399	4,363
^*	IGG Inc.	3,378,000	2,792
^*	Theme International Holdings Ltd.	19,968,347	2,320
^*,1	Vobile Group Ltd.	5,791,000	2,260
	HKBN Ltd.	3,168,629	2,236
	CITIC Telecom International Holdings Ltd.	5,492,004	2,206
^*	Cowell e Holdings Inc.	1,139,000	2,203
	Sunlight REIT	4,704,072	1,824
^*,2	Sirnaomics Ltd.	251,578	1,780
	K Wah International Holdings Ltd.	5,055,398	1,747
	Chow Sang Sang Holdings International Ltd.	1,234,565	1,622
	Stella International Holdings Ltd.	1,511,500	1,574
¹	Beijing Tong Ren Tang Chinese Medicine Co. Ltd.	768,000	1,569
	United Laboratories International Holdings Ltd.	1,916,500	1,552
¹	LK Technology Holdings Ltd.	1,404,475	1,436
¹	Hong Kong Technology Venture Co. Ltd.	2,145,000	1,349
	SUNeVision Holdings Ltd.	2,287,000	1,300
¹	Canvest Environmental Protection Group Co. Ltd.	2,467,000	1,299
^*,2	Jacobio Pharmaceuticals Group Co. Ltd.	1,458,600	1,284
	VSTECS Holdings Ltd.	2,230,000	1,281
^*,2	Hua Medicine	3,280,000	1,280
	Value Partners Group Ltd.	3,926,434	1,246
	Giordano International Ltd.	4,111,735	1,237
	Jinchuan Group International Resources Co. Ltd.	16,988,000	1,217
^*	Cosmopolitan International Holdings Ltd.	6,528,000	1,215
^*	Sa Sa International Holdings Ltd.	4,586,000	1,078
	Far East Consortium International Ltd.	4,226,043	1,068
	EC Healthcare	1,569,000	1,057
	Prosperity REIT	4,012,000	973
^*	Television Broadcasts Ltd.	1,099,600	964
^*,1	Realord Group Holdings Ltd.	1,332,000	922

		Shares	Market Value• ($000)
^*,1,2	Fosun Tourism Group	791,200	922
	Powerlong Real Estate Holdings Ltd.	5,907,000	921
^*	Shun Tak Holdings Ltd.	4,912,000	892
¹	China Tobacco International HK Co. Ltd.	650,000	817
^*,1	C-Mer Eye Care Holdings Ltd.	1,424,000	816
^*	Esprit Holdings Ltd.	9,966,350	815
	Texhong International Group Ltd.	1,099,500	803
	Truly International Holdings Ltd.	6,273,000	795
^*,2	Frontage Holdings Corp.	2,406,000	749
	Sun Hung Kai & Co. Ltd.	2,025,000	747
	Pacific Textiles Holdings Ltd.	2,198,000	707
^*,1,2	Everest Medicines Ltd.	384,500	700
	SmarTone Telecommunications Holdings Ltd.	1,080,730	658
	Asia Cement China Holdings Corp.	1,403,500	616
	CITIC Resources Holdings Ltd.	9,572,000	575
	Vesync Co. Ltd.	1,410,000	550
²	IMAX China Holding Inc.	530,300	516
¹	Powerlong Commercial Management Holdings Ltd.	795,500	516
	Texwinca Holdings Ltd.	2,408,000	430
	Singamas Container Holdings Ltd.	5,413,960	421
^*	Chinese Estates Holdings Ltd.	1,378,887	398
^*,2	Antengene Corp. Ltd.	1,088,500	376
	Pou Sheng International Holdings Ltd.	4,451,298	369
^*	OCI International Holdings Ltd.	3,388,000	324
	Dynam Japan Holdings Co. Ltd.	475,040	297
^*,1,3	National Agricultural Holdings	1,560,000	237
	CMBC Capital Holdings Ltd.	1,360,021	212
^*	Apollo Future Mobility Group Ltd.	13,892,000	211
^*,1,2	JW Cayman Therapeutics Co. Ltd.	476,000	201
^*	Digital Domain Holdings Ltd.	5,014,000	150
^*	Glory Sun Financial Group Ltd.	5,485,000	120
^*,2	VPower Group International Holdings Ltd.	844,000	39
^*,3	Anxin China Holdings Ltd.	2,621,200	—
^*,3	C Fiber Optic	2,215,200	—
^*,3	Hua Han Health Industry Holdings Ltd.	1,817,183	—

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*,3	SMI Holdings Group Ltd.	2,800,800	—
^*,3	Tech Pro Tech Dev	10,406,800	—
^*,3	Superb Summit International	3,957,346	—
^*,3	Huiyuan Juice	1,333,000	—
^*,3	Convoy Inc.	26,130,000	—
^*,3	MH Development NPV	1,068,000	—
^*,3	CTEG	6,439,760	—
^*,3	Agritrade Resources Ltd.	6,905,000	—
^*,3	China Lumena New Materials Corp.	98,750	—
			77,840
Hungary (0.0%)
^*	Opus Global Nyrt	74,718	26
Iceland (0.0%)
	Siminn HF	9,970,597	852
	Vatryggingafelag Islands HF	4,704,344	631
	Sjova-Almennar Tryggingar hf	2,331,135	610
^*	Olgerdin Egill Skallagrims HF	3,297,093	313
			2,406
India (5.0%)
^*	Delhivery Ltd.	2,000,511	9,180
	Navin Fluorine International Ltd.	133,949	7,959
	Crompton Greaves Consumer Electricals Ltd.	2,397,932	7,488
	Tata Chemicals Ltd.	627,576	7,331
	KPIT Technologies Ltd.	624,659	7,040
	IIFL Finance Ltd.	1,106,203	6,516
	Apollo Tyres Ltd.	1,450,835	6,169
^*	Fortis Healthcare Ltd.	1,926,261	6,152
	Carborundum Universal Ltd.	418,268	5,521
	IDFC Ltd.	5,055,101	5,449
	Atul Ltd.	62,752	5,281
	Sundram Fasteners Ltd.	410,325	5,254
	JK Cement Ltd.	141,115	5,181
^*	PVR Ltd.	285,914	5,130
	AIA Engineering Ltd.	151,761	5,054
	Phoenix Mills Ltd.	284,431	5,039
	Jindal Stainless Ltd. (XNSE)	1,375,175	4,761
	Cyient Ltd.	327,303	4,733
	KEI Industries Ltd.	202,628	4,714
	Elgi Equipments Ltd.	811,714	4,629
	SKF India Ltd.	89,180	4,550
	Ramco Cements Ltd.	479,723	4,329
	Redington India Ltd.	2,025,625	4,188
^*	Aditya Birla Fashion and Retail Ltd.	1,524,203	4,161
	Radico Khaitan Ltd.	300,724	4,151
	Kajaria Ceramics Ltd.	309,007	4,144
	Motherson Sumi Wiring India Ltd.	6,269,475	4,133
	Grindwell Norton Ltd.	176,209	4,103
	Thermax Ltd.	146,404	4,102
	Blue Star Ltd.	224,347	4,065
	Sonata Software Ltd.	383,113	4,015
	Gujarat State Petronet Ltd.	1,092,152	3,814

		Shares	Market Value• ($000)
	Manappuram Finance Ltd.	2,353,863	3,748
	JB Chemicals & Pharmaceuticals Ltd.	142,489	3,715
²	Syngene International Ltd.	418,295	3,470
	National Aluminium Co. Ltd.	3,368,340	3,431
	Computer Age Management Services Ltd.	135,410	3,423
	Amara Raja Batteries Ltd.	459,982	3,389
²	Indian Energy Exchange Ltd.	1,717,724	3,300
	Timken India Ltd.	89,105	3,255
^*	Devyani International Ltd.	1,626,426	3,222
^*	Suzlon Energy Ltd.	31,025,205	3,165
	Great Eastern Shipping Co. Ltd.	374,467	3,111
	Pfizer Ltd.	66,435	3,050
^*,2	Equitas Small Finance Bank Ltd.	3,595,278	3,046
	Magma Fincorp Ltd.	754,521	2,994
	Escorts Ltd.	123,268	2,993
	NCC Ltd.	2,025,365	2,979
	360 One Wam Ltd.	578,368	2,976
	Finolex Cables Ltd.	267,574	2,935
^*,2	Aster DM Healthcare Ltd.	956,990	2,895
	Mahanagar Gas Ltd.	231,312	2,858
	IRB Infrastructure Developers Ltd.	8,501,750	2,858
	Lakshmi Machine Works Ltd.	21,739	2,844
	Brigade Enterprises Ltd.	450,458	2,770
	Ratnamani Metals & Tubes Ltd.	104,319	2,745
^*	EIH Ltd.	1,176,048	2,722
^*	Aavas Financiers Ltd.	157,085	2,670
^*,2	Lemon Tree Hotels Ltd.	2,449,301	2,648
	Cholamandalam Financial Holdings Ltd.	356,465	2,645
	CRISIL Ltd.	59,666	2,631
	Angel One Ltd.	173,632	2,627
	Balrampur Chini Mills Ltd.	509,051	2,595
	Can Fin Homes Ltd.	341,907	2,586
	Raymond Ltd.	129,654	2,534
	UTI Asset Management Co. Ltd.	309,023	2,495
	City Union Bank Ltd.	1,427,664	2,480
	Finolex Industries Ltd.	1,206,592	2,477
	Firstsource Solutions Ltd.	1,724,397	2,474
	Gujarat Narmada Valley Fertilizers & Chemicals Ltd.	342,990	2,474
	Narayana Hrudayalaya Ltd.	263,043	2,454
	KEC International Ltd.	433,175	2,434
	Sanofi India Ltd.	35,491	2,419
	Vinati Organics Ltd.	99,330	2,408
²	Endurance Technologies Ltd.	146,279	2,406

		Shares	Market Value• ($000)
	JK Lakshmi Cement Ltd.	248,870	2,389
	Suven Pharmaceuticals Ltd.	412,155	2,380
	Asahi India Glass Ltd.	399,062	2,339
²	Brookfield India Real Estate Trust	692,150	2,336
	HFCL Ltd.	2,927,052	2,328
	Aegis Logistics Ltd.	484,380	2,326
	Prestige Estates Projects Ltd.	383,798	2,309
^*	Westlife Foodworld Ltd.	244,842	2,290
	Natco Pharma Ltd.	324,020	2,281
	Central Depository Services India Ltd.	183,398	2,264
	KPR Mill Ltd.	305,473	2,250
	EID Parry India Ltd.	357,805	2,204
^*	Medplus Health Services Ltd.	242,729	2,197
²	IndiaMart InterMesh Ltd.	33,200	2,185
	Birlasoft Ltd.	650,147	2,183
	Happiest Minds Technologies Ltd.	214,173	2,167
	Chambal Fertilizers and Chemicals Ltd.	617,985	2,165
²	Mindspace Business Parks REIT	556,381	2,160
	CESC Ltd.	2,558,443	2,148
	Ajanta Pharma Ltd.	132,949	2,135
	Mahindra CIE Automotive Ltd.	436,232	2,133
	Hatsun Agro Product Ltd.	204,385	2,122
	Bajaj Electricals Ltd.	154,700	2,078
^*	Reliance Infrastructure Ltd.	1,034,727	2,004
	Aptus Value Housing Finance India Ltd.	677,502	1,993
^*,2	Tejas Networks Ltd.	244,996	1,981
	Praj Industries Ltd.	454,030	1,980
	Intellect Design Arena Ltd.	357,727	1,958
	Granules India Ltd.	530,055	1,951
	India Cements Ltd.	842,159	1,918
	VIP Industries Ltd.	259,250	1,887
	Karur Vysya Bank Ltd.	1,559,054	1,874
	DCM Shriram Ltd.	186,037	1,862
	V-Guard Industries Ltd.	592,359	1,848
	CCL Products India Ltd.	249,597	1,841
	Sumitomo Chemical India Ltd.	372,201	1,837
^*	Indiabulls Housing Finance Ltd.	1,375,999	1,819
^*	Kalyan Jewellers India Ltd.	1,424,663	1,796
^*,2	Krishna Institute of Medical Sciences Ltd.	96,291	1,780
^*	CreditAccess Grameen Ltd.	149,253	1,764
	Triveni Turbine Ltd.	392,299	1,759
	Edelweiss Financial Services Ltd.	2,176,763	1,758
^*	Affle India Ltd.	153,237	1,753
	Deepak Fertilisers & Petrochemicals Corp. Ltd.	237,663	1,751
	GHCL Ltd.	293,183	1,742

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Tanla Platforms Ltd.	207,670	1,725
	Poly Medicure Ltd.	143,003	1,714
^*	Indiabulls Real Estate Ltd.	1,903,794	1,702
	Trident Ltd.	4,453,019	1,700
^*	Shree Renuka Sugars Ltd.	2,938,591	1,691
	Kalpataru Power Transmission Ltd.	253,853	1,680
	Hitachi Energy India Ltd.	40,949	1,660
	Blue Dart Express Ltd.	22,627	1,646
	Mastek Ltd.	75,418	1,594
	eClerx Services Ltd.	95,453	1,586
	BSE Ltd.	245,508	1,576
^*	Vardhman Textiles Ltd.	403,335	1,572
^*	Amber Enterprises India Ltd.	68,586	1,570
	KRBL Ltd.	321,529	1,560
	Fine Organic Industries Ltd.	28,748	1,560
^*	Nuvoco Vistas Corp. Ltd.	382,971	1,550
	Century Textiles & Industries Ltd.	184,830	1,542
	Gujarat Pipavav Port Ltd.	1,099,323	1,536
^*	Reliance Power Ltd.	10,201,690	1,530
	Ceat Ltd.	79,743	1,522
	KNR Constructions Ltd.	505,788	1,489
	Clean Science & Technology Ltd.	83,556	1,480
	Zydus Wellness Ltd.	77,780	1,479
	Jubilant Ingrevia Ltd.	282,754	1,462
	Alkyl Amines Chemicals Ltd.	49,854	1,444
	Zensar Technologies Ltd.	420,605	1,438
	Route Mobile Ltd.	92,156	1,438
	Century Plyboards India Ltd.	224,648	1,434
	Balaji Amines Ltd.	55,625	1,433
^*	NIIT Ltd.	323,111	1,432
	Bharat Dynamics Ltd.	114,347	1,410
	Rain Industries Ltd.	700,811	1,396
²	Metropolis Healthcare Ltd.	90,940	1,395
	PNC Infratech Ltd.	398,490	1,386
^*	Chemplast Sanmar Ltd.	263,220	1,384
	Multi Commodity Exchange of India Ltd.	80,542	1,382
^*	Restaurant Brands Asia Ltd.	1,096,276	1,374
²	ICICI Securities Ltd.	251,481	1,366
	Procter & Gamble Health Ltd.	23,886	1,361
	TTK Prestige Ltd.	150,942	1,353
	Orient Electric Ltd.	483,720	1,319
	Sterlite Technologies Ltd.	662,370	1,303
	Welspun Corp. Ltd.	466,970	1,291
	GMM Pfaudler Ltd.	71,136	1,291
	Mahindra Lifespace Developers Ltd.	274,608	1,253
^*	Sheela Foam Ltd.	97,728	1,251
	Jubilant Pharmova Ltd. Class A (XNSE)	326,896	1,249

		Shares	Market Value• ($000)
	Gujarat State Fertilizers & Chemicals Ltd.	640,396	1,248
	BASF India Ltd.	42,777	1,243
^*	Borosil Renewables Ltd.	193,834	1,217
	Galaxy Surfactants Ltd.	39,424	1,200
	Motilal Oswal Financial Services Ltd.	157,928	1,197
	NBCC India Ltd.	2,476,755	1,195
	EPL Ltd.	556,009	1,192
	Saregama India Ltd.	292,768	1,185
	Akzo Nobel India Ltd.	41,562	1,182
^*	Campus Activewear Ltd.	269,509	1,177
^*,2	PNB Housing Finance Ltd. (XNSE)	212,718	1,164
	Welspun India Ltd.	1,077,399	1,157
^*	Strides Pharma Science Ltd.	275,162	1,148
	Alembic Pharmaceuticals Ltd.	168,528	1,148
	Bombay Burmah Trading Co.	89,267	1,134
²	New India Assurance Co. Ltd.	872,631	1,133
²	Godrej Agrovet Ltd.	210,029	1,127
	Garware Technical Fibres Ltd.	31,217	1,115
²	Quess Corp. Ltd.	248,084	1,105
	Birla Corp. Ltd.	97,439	1,095
	Cera Sanitaryware Ltd.	14,300	1,093
^*	Jaiprakash Power Ventures Ltd.	14,552,604	1,045
	NOCIL Ltd.	396,741	1,036
	Infibeam Avenues Ltd. (XNSE)	6,151,551	1,035
	Sobha Ltd.	183,154	1,030
	JK Paper Ltd.	220,624	1,022
	Engineers India Ltd.	1,005,533	1,021
	Gateway Rail Freight Ltd.	1,277,088	997
	PTC India Ltd.	844,724	983
^*	TeamLease Services Ltd.	37,282	971
	Craftsman Automation Ltd.	24,929	947
	Vaibhav Global Ltd.	241,167	933
	Karnataka Bank Ltd.	561,117	927
	JM Financial Ltd.	1,224,075	911
	Polyplex Corp. Ltd.	54,590	910
	Avanti Feeds Ltd.	198,001	877
	V-Mart Retail Ltd.	32,329	859
	Graphite India Ltd.	232,645	847
	Rallis India Ltd.	345,033	801
	Allcargo Logistics Ltd.	230,708	772
	AstraZeneca Pharma India Ltd.	19,612	765
	Jindal Saw Ltd.	377,317	757
	Rhi Magnesita India Ltd.	93,453	736
^*	Alok Industries Ltd.	4,759,279	735
^*	Sun Pharma Advanced Research Co. Ltd.	307,238	733
	HEG Ltd.	53,181	728
	Kaveri Seed Co. Ltd.	111,117	723

		Shares	Market Value• ($000)
	Care Ratings Ltd.	90,646	709
^*	South Indian Bank Ltd.	3,481,360	703
	Bajaj Consumer Care Ltd.	358,931	695
	Symphony Ltd.	56,435	678
	DCB Bank Ltd.	504,247	656
^*	Hindustan Construction Co. Ltd.	3,291,280	655
^*	PNB Housing Finance Ltd.	114,237	622
^*	Just Dial Ltd.	69,658	577
^*	TV18 Broadcast Ltd.	1,507,082	560
^*	Dhani Services Ltd.	1,179,154	556
	Brightcom Group Ltd.	4,189,726	482
	Vakrangee Ltd.	2,270,405	468
^*	Sapphire Foods India Ltd.	31,808	467
²	Dilip Buildcon Ltd.	199,935	443
^*	IFCI Ltd.	2,973,486	414
	WABCO India Ltd.	3,310	413
^*	Wockhardt Ltd.	144,380	299
²	IRB InvIT Fund	253,799	218
^*	Allcargo Terminals Ltd.	207,166	217
^*,3	Ghcl Textiles Ltd.	293,183	51
^*,3	Chennai Super Kings Cricket	176,674	—
^*	TransIndia Realty & Logistics Parks Ltd.	207,166	—
			510,860
Indonesia (0.6%)
	Aneka Tambang Tbk	32,823,919	4,722
	Mitra Keluarga Karyasehat Tbk PT	21,793,400	4,295
	Ciputra Development Tbk PT	56,609,355	3,841
	Medikaloka Hermina Tbk PT	39,782,300	3,839
	Indo Tambangraya Megah Tbk PT	1,544,400	3,514
	AKR Corporindo Tbk PT	31,387,315	3,474
	Pakuwon Jati Tbk PT	88,601,034	2,939
	BFI Finance Indonesia Tbk PT	30,640,900	2,879
	Medco Energi Internasional Tbk PT	35,841,888	2,484
^*	Mitra Adiperkasa Tbk PT	26,334,900	2,462
	Pabrik Kertas Tjiwi Kimia Tbk PT	5,099,700	2,360
	Matahari Department Store Tbk PT	7,294,200	2,015
	Summarecon Agung Tbk PT	49,358,847	1,888
	Japfa Comfeed Indonesia Tbk PT	26,558,700	1,886
	Surya Esa Perkasa Tbk PT	30,972,200	1,480
	Bank Tabungan Negara Persero Tbk PT	17,242,050	1,467
^*	Bank Neo Commerce Tbk PT	34,633,272	1,434
	Bank BTPN Syariah Tbk PT	8,910,000	1,301
	Panin Financial Tbk PT	61,222,900	1,195

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*	Waskita Karya Persero Tbk PT	70,850,081	1,111
	Bank Pan Indonesia Tbk PT	14,263,700	1,075
	Industri Jamu Dan Farmasi Sido Muncul Tbk PT	19,584,600	1,055
^*	Lippo Karawaci Tbk PT	131,358,777	834
	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT	9,641,099	825
	Ace Hardware Indonesia Tbk PT	26,826,600	824
	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT	10,236,729	709
^*	Bank Bukopin Tbk PT (XIDX)	100,894,900	709
	Timah Tbk PT	9,609,420	667
^*	Adhi Karya Persero Tbk PT	17,764,145	529
^*	Global Mediacom Tbk PT	27,752,606	527
^*	Alam Sutera Realty Tbk PT	33,599,591	408
^*	Wijaya Karya Persero Tbk PT	9,754,633	403
^*	PP Persero Tbk PT	8,066,200	358
	Ramayana Lestari Sentosa Tbk PT	7,703,600	321
^*	Krakatau Steel Persero Tbk PT	15,387,950	298
^*	Bank Rakyat Indonesia Agroniaga Tbk PT	9,770,554	284
^*,3	Trada Alam Minera Tbk PT	95,405,707	—
			60,412
Ireland (0.0%)
^*	Dalata Hotel Group plc	848,420	4,265
Israel (0.6%)
^*	Perion Network Ltd.	154,395	5,564
^*	Clal Insurance Enterprises Holdings Ltd.	250,924	3,861
	REIT 1 Ltd.	782,622	3,355
^*	Paz Oil Co. Ltd.	33,822	3,186
	Isracard Ltd.	746,343	3,039
	FIBI Holdings Ltd.	71,456	2,666
^*	Camtek Ltd.	96,262	2,496
	Hilan Ltd.	55,649	2,467
	Matrix IT Ltd.	130,758	2,350
^*	Partner Communications Co. Ltd.	433,989	2,114
	Fox Wizel Ltd.	23,514	1,978
	Formula Systems 1985 Ltd.	30,967	1,961
	Sapiens International Corp. NV	95,529	1,937
	Menora Mivtachim Holdings Ltd.	83,165	1,746
	Sella Capital Real Estate Ltd.	845,351	1,746
	One Software Technologies Ltd.	161,845	1,733
	Summit Real Estate Holdings Ltd.	152,122	1,688
^*	Equital Ltd.	65,292	1,658

		Shares	Market Value• ($000)
	Delek Automotive Systems Ltd.	200,726	1,621
	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.	27,949	1,596
	Oil Refineries Ltd.	5,553,431	1,546
	Maytronics Ltd.	145,238	1,528
	Mega Or Holdings Ltd.	73,400	1,450
	Delta Galil Ltd.	33,474	1,417
^*	Migdal Insurance & Financial Holdings Ltd.	1,142,063	1,232
	Danel Adir Yeoshua Ltd.	16,741	1,224
^*	Cellcom Israel Ltd.	322,883	1,158
	AudioCodes Ltd.	101,133	1,017
	G City Ltd.	312,474	981
	Israel Canada T.R Ltd.	492,432	910
	IDI Insurance Co. Ltd.	24,310	627
	Naphtha Israel Petroleum Corp. Ltd.	105,239	450
^*	Gilat Satellite Networks Ltd.	82,686	385
^*	Kamada Ltd.	81,400	372
^*	Allot Ltd.	130,770	355
^*	AFI Properties Ltd.	1,068	29
^*,1	Allot Ltd. (XNGS)	1,781	5
			63,448
Italy (1.8%)
	Brunello Cucinelli SpA	126,820	12,143
	BPER Banca	3,999,572	11,234
	Azimut Holding SpA	401,073	8,958
	Unipol Gruppo SpA	1,557,737	8,758
	Brembo SpA	556,948	8,184
	Banca Generali SpA	210,403	6,985
²	BFF Bank SpA	708,263	6,816
^*	Iveco Group NV	747,848	6,729
	Banca Popolare di Sondrio SpA	1,476,811	6,709
	ERG SpA	218,058	6,585
^*	Saipem SpA	3,808,424	5,826
	Iren SpA	2,473,086	5,344
^*	Autogrill SpA	701,671	5,140
	Salvatore Ferragamo SpA	268,913	4,728
²	Technogym SpA	506,112	4,618
²	Enav SpA	977,355	4,593
²	Carel Industries SpA	171,418	4,496
	SOL SpA	132,724	3,835
²	Anima Holding SpA	922,221	3,832
	Tamburi Investment Partners SpA	397,375	3,795
^*	Banca Monte dei Paschi di Siena SpA	1,572,296	3,625
	Sesa SpA	27,616	3,385
	Danieli & C Officine Meccaniche SpA	159,396	3,265
^*	Saras SpA	2,206,355	2,853
	Piaggio & C SpA	640,054	2,634
¹	Webuild SpA (MTAA)	1,211,649	2,605
¹	Maire Tecnimont SpA	589,710	2,531
	El.En. SpA	194,581	2,513
	ACEA SpA	150,421	2,206
	Credito Emiliano SpA	284,709	2,186
²	RAI Way SpA	335,957	2,152

		Shares	Market Value• ($000)
¹	Sanlorenzo SpA Class B	47,437	2,129
	Zignago Vetro SpA	112,909	2,097
	Gruppo MutuiOnline SpA	65,065	2,029
	MARR SpA	129,185	2,024
^*,2	GVS SpA	253,689	1,731
	Banca IFIS SpA	96,171	1,615
²	doValue SpA	212,632	1,493
	Italmobiliare SpA	51,223	1,446
	Tinexta SpA	64,283	1,311
^*	Tod's SpA	30,542	1,291
¹	MFE-MediaForEurope NV Class A	2,601,639	1,230
	Cementir Holding NV	138,880	1,165
	Salcef Group SpA	47,915	1,118
	Danieli & C Officine Meccaniche SpA (MTAA)	39,239	1,021
^*,1	Fincantieri SpA	1,621,514	988
	Alerion Cleanpower SpA	25,220	813
	Immobiliare Grande Distribuzione SIIQ SpA	246,001	805
^*,1	Juventus Football Club SpA	2,448,975	781
	Arnoldo Mondadori Editore SpA	349,282	763
	MFE-MediaForEurope NV Class B	850,741	627
	Biesse SpA	38,218	584
	Datalogic SpA	52,135	433
	Rizzoli Corriere Della Sera Mediagroup SpA	311,758	269
^*,1	Webuild SpA Rights Exp. 2/8/30	104,185	94
			187,120
Japan (13.5%)
¹	Fujitec Co. Ltd.	290,784	7,746
	Daiwabo Holdings Co. Ltd.	351,480	6,632
	ADEKA Corp.	373,955	6,315
	Comforia Residential REIT Inc.	2,488	6,225
	Kenedix Residential Next Investment Corp.	3,884	6,093
	Topcon Corp.	408,900	5,824
	Sanken Electric Co. Ltd.	76,929	5,778
	Nippon Gas Co. Ltd.	410,200	5,768
	Mitsubishi Estate Logistics REIT Investment Corp.	1,833	5,621
	Hulic REIT Inc.	4,773	5,499
	Fuji Corp.	327,388	5,491
	Gunma Bank Ltd.	1,563,900	5,355
	Citizen Watch Co. Ltd.	943,100	5,219
	Mori Trust REIT Inc.	9,801	5,158
	Tokyo Seimitsu Co. Ltd.	139,634	5,151
	Meitec Corp.	299,938	5,068
	Hoshino Resorts REIT Inc.	961	5,005
¹	NTT UD REIT Investment Corp.	5,049	4,866
	Macnica Holdings Inc.	175,913	4,834

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Daiseki Co. Ltd.	168,844	4,831
	Fuji Soft Inc.	80,474	4,808
	NSD Co. Ltd.	256,668	4,722
	Inaba Denki Sangyo Co. Ltd.	210,900	4,711
	Tokyu REIT Inc.	3,525	4,709
	Nishi-Nippon Financial Holdings Inc.	552,700	4,604
	Tokuyama Corp.	281,700	4,594
	Yoshinoya Holdings Co. Ltd.	247,920	4,584
	Hanwa Co. Ltd.	147,183	4,558
	Pilot Corp.	136,000	4,533
	77 Bank Ltd.	278,700	4,531
	Nissui Corp.	1,031,822	4,512
	Kureha Corp.	71,902	4,464
	Mizuho Leasing Co. Ltd.	157,701	4,419
	Heiwa Real Estate REIT Inc.	3,707	4,342
	Digital Garage Inc.	122,500	4,322
	Nichias Corp.	211,269	4,273
	Nisshinbo Holdings Inc.	549,400	4,230
	Colowide Co. Ltd.	274,800	4,210
	Kenedix Retail REIT Corp.	2,319	4,172
	Kanematsu Corp.	316,800	4,124
	Japan Elevator Service Holdings Co. Ltd.	276,800	4,118
	Toho Holdings Co. Ltd.	205,818	4,106
	Glory Ltd.	191,600	4,074
	Outsourcing Inc.	398,000	4,054
	Maruwa Co. Ltd.	31,700	4,043
	Toagosei Co. Ltd.	466,992	4,037
	Asahi Holdings Inc.	273,400	4,025
	Hitachi Zosen Corp.	648,810	4,024
	Hazama Ando Corp.	608,679	4,018
	Wacoal Holdings Corp.	205,900	4,004
	NTN Corp.	1,610,600	3,978
	Fujimi Inc.	75,847	3,929
	DCM Holdings Co. Ltd.	374,788	3,926
	Mirait One Corp.	315,771	3,922
^*	Sansan Inc.	290,600	3,898
	Japan Excellent Inc.	4,554	3,897
	H2O Retailing Corp.	328,400	3,891
	Tomy Co. Ltd.	343,717	3,884
	Kyoritsu Maintenance Co. Ltd.	96,100	3,879
¹	Japan Petroleum Exploration Co. Ltd.	115,900	3,856
	Shiga Bank Ltd.	184,200	3,840
	Nakanishi Inc.	202,200	3,831
	Takeuchi Manufacturing Co. Ltd.	138,500	3,801
	NIPPON REIT Investment Corp.	1,619	3,800
	CKD Corp.	242,500	3,694
	Nikkon Holdings Co. Ltd.	189,548	3,673
	Sangetsu Corp.	218,620	3,645
	Toei Co. Ltd.	26,749	3,602
	Hokuhoku Financial Group Inc.	499,700	3,601

		Shares	Market Value• ($000)
	Sumitomo Osaka Cement Co. Ltd.	127,800	3,594
	Daishi Hokuetsu Financial Group Inc.	160,000	3,566
	Sakata Seed Corp.	121,856	3,565
	Takasago Thermal Engineering Co. Ltd.	212,089	3,561
	Duskin Co. Ltd.	145,060	3,559
	Dexerials Corp.	186,800	3,555
	Royal Holdings Co. Ltd.	167,300	3,548
	Heiwa Real Estate Co. Ltd.	123,942	3,547
	Toridoll Holdings Corp.	164,000	3,498
	Hokuetsu Corp.	527,021	3,486
	Mixi Inc.	164,400	3,476
	Tadano Ltd.	443,400	3,471
	DTS Corp.	145,842	3,465
	Open Up Group Inc.	233,492	3,459
	Japan Material Co. Ltd.	227,700	3,414
	Ferrotec Holdings Corp.	150,353	3,400
	Nippon Soda Co. Ltd.	98,425	3,395
	Takuma Co. Ltd.	317,800	3,325
	Round One Corp.	765,700	3,312
	Shoei Co. Ltd.	177,700	3,297
	San-In Godo Bank Ltd.	573,800	3,224
	Fukuoka REIT Corp.	2,681	3,221
	EDION Corp.	326,575	3,214
¹	Sumitomo Warehouse Co. Ltd.	191,555	3,182
	Tsubakimoto Chain Co.	128,064	3,172
	Okumura Corp.	128,252	3,147
	Paramount Bed Holdings Co. Ltd.	177,400	3,146
	Jaccs Co. Ltd.	93,300	3,127
	Senko Group Holdings Co. Ltd.	433,700	3,099
	Inabata & Co. Ltd.	150,600	3,074
	Kumagai Gumi Co. Ltd.	144,280	3,068
	TOKAI Holdings Corp.	470,700	3,058
	Juroku Financial Group Inc.	138,100	3,057
	Milbon Co. Ltd.	72,120	3,041
	Hokkoku Financial Holdings Inc.	85,951	3,004
	CRE Logistics REIT Inc.	2,155	2,967
	Hokuriku Electric Power Co.	631,700	2,951
	Tokyo Steel Manufacturing Co. Ltd.	292,400	2,943
	Okamura Corp.	274,747	2,933
¹	Ichigo Office REIT Investment Corp.	4,525	2,928
	TKC Corp.	108,098	2,922
	Taikisha Ltd.	107,688	2,917
	Create Restaurants Holdings Inc.	397,940	2,904
	Aichi Financial Group Inc.	184,834	2,903
	Joyful Honda Co. Ltd.	217,748	2,901
	Aiful Corp.	1,061,500	2,887

		Shares	Market Value• ($000)
	Tokai Rika Co. Ltd.	206,900	2,858
	Trusco Nakayama Corp.	164,000	2,849
	Autobacs Seven Co. Ltd.	249,400	2,836
	Advance Logistics Investment Corp.	2,776	2,814
	Nippon Paper Industries Co. Ltd.	351,000	2,812
	Global One Real Estate Investment Corp.	3,572	2,764
	Makino Milling Machine Co. Ltd.	75,380	2,757
	Nojima Corp.	254,800	2,733
	Monex Group Inc.	719,187	2,731
	Kiyo Bank Ltd.	232,710	2,721
	Wacom Co. Ltd.	534,736	2,716
	Nihon Parkerizing Co. Ltd.	345,761	2,706
	Iriso Electronics Co. Ltd.	78,200	2,677
	Hankyu Hanshin REIT Inc.	2,493	2,672
	Osaka Soda Co. Ltd.	82,400	2,665
	Nishimatsu Construction Co. Ltd.	101,062	2,656
	Fukuyama Transporting Co. Ltd.	99,300	2,654
	Komeri Co. Ltd.	113,800	2,647
	Kohnan Shoji Co. Ltd.	97,900	2,641
¹	Seiren Co. Ltd.	158,700	2,639
	Funai Soken Holdings Inc.	137,450	2,635
	JAFCO Group Co. Ltd.	206,000	2,625
	Toyobo Co. Ltd.	347,800	2,625
	Base Co. Ltd.	59,700	2,619
	Maruha Nichiro Corp.	140,300	2,612
	KYB Corp.	81,300	2,594
	Mitsubishi Pencil Co. Ltd.	198,300	2,594
	Rorze Corp.	35,000	2,593
	Suruga Bank Ltd.	683,400	2,592
	San-A Co. Ltd.	76,144	2,575
	Hosiden Corp.	200,467	2,567
	SOSiLA Logistics REIT Inc.	2,569	2,555
	KH Neochem Co. Ltd.	147,900	2,550
	Nippn Corp.	195,829	2,546
	Max Co. Ltd.	158,900	2,538
	Okasan Securities Group Inc.	803,600	2,526
^*,1	Atom Corp.	409,857	2,524
	Riken Keiki Co. Ltd.	65,300	2,509
	Musashi Seimitsu Industry Co. Ltd.	184,930	2,493
	Hokkaido Electric Power Co. Inc.	660,200	2,487
	Nextage Co. Ltd.	136,900	2,483
	ZERIA Pharmaceutical Co. Ltd.	138,340	2,480
	Idec Corp.	100,700	2,466
	Daihen Corp.	74,051	2,439
	Star Asia Investment Corp.	5,944	2,433
	Seria Co. Ltd.	136,693	2,430
	Raito Kogyo Co. Ltd.	163,400	2,410

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Valor Holdings Co. Ltd.	157,300	2,408
	Ichibanya Co. Ltd.	60,268	2,394
	Japan Securities Finance Co. Ltd.	316,441	2,388
	Nippon Light Metal Holdings Co. Ltd.	227,696	2,386
	Mochida Pharmaceutical Co. Ltd.	92,300	2,372
	Totetsu Kogyo Co. Ltd.	118,700	2,372
	Monogatari Corp.	112,020	2,355
	Organo Corp.	97,200	2,347
	Mitsui-Soko Holdings Co. Ltd.	79,952	2,347
	Create SD Holdings Co. Ltd.	96,518	2,341
	Fuso Chemical Co. Ltd.	83,900	2,335
	Iino Kaiun Kaisha Ltd.	308,836	2,324
	Arcs Co. Ltd.	127,600	2,320
	Eizo Corp.	70,556	2,313
	Kissei Pharmaceutical Co. Ltd.	113,900	2,308
	Saizeriya Co. Ltd.	91,721	2,306
	Nichicon Corp.	243,283	2,306
	Zojirushi Corp.	175,700	2,306
	Kumiai Chemical Industry Co. Ltd.	344,350	2,292
	Nichiha Corp.	108,400	2,290
	Sanki Engineering Co. Ltd.	206,067	2,278
	Mirai Corp.	6,819	2,277
	Kato Sangyo Co. Ltd.	85,400	2,271
	Taiyo Holdings Co. Ltd.	125,100	2,261
	Kaga Electronics Co. Ltd.	63,400	2,249
	Gunze Ltd.	64,707	2,238
	Hyakugo Bank Ltd.	772,900	2,232
	Seiko Group Corp.	101,558	2,229
	Kyorin Pharmaceutical Co. Ltd.	173,000	2,227
	Transcosmos Inc.	95,396	2,226
^*	Leopalace21 Corp.	842,400	2,223
	Systena Corp.	1,073,600	2,221
	KOMEDA Holdings Co. Ltd.	117,600	2,220
	UT Group Co. Ltd.	116,000	2,220
	Nisshin Oillio Group Ltd.	87,952	2,198
	Megmilk Snow Brand Co. Ltd.	152,600	2,190
	Toyo Ink SC Holdings Co. Ltd.	135,554	2,188
	North Pacific Bank Ltd.	1,021,300	2,185
	Shinmaywa Industries Ltd.	242,568	2,184
^*,1	HIS Co. Ltd.	144,900	2,183
^*	euglena Co. Ltd.	332,600	2,178
	UACJ Corp.	108,485	2,165
	Change Holdings Inc.	127,900	2,164
	Adastria Co. Ltd.	114,300	2,156
	Mitsuboshi Belting Ltd.	74,400	2,132
	Yokogawa Bridge Holdings Corp.	129,800	2,124
	Tokai Tokyo Financial Holdings Inc.	816,400	2,113

		Shares	Market Value• ($000)
	Yamazen Corp.	272,400	2,113
	Ai Holdings Corp.	120,500	2,110
	Takara Standard Co. Ltd.	173,599	2,100
	United Super Markets Holdings Inc.	242,650	2,096
	Yodogawa Steel Works Ltd.	99,733	2,090
	Showa Sangyo Co. Ltd.	105,800	2,083
	en japan Inc.	115,600	2,075
	MOS Food Services Inc.	89,858	2,065
	Mitsubishi Logisnext Co. Ltd.	281,600	2,051
	eGuarantee Inc.	131,900	2,050
	Nanto Bank Ltd.	112,500	2,049
	Earth Corp.	55,743	2,043
	Dip Corp.	82,700	2,040
	Prima Meat Packers Ltd.	120,188	2,035
	JVCKenwood Corp.	596,140	2,032
	Meidensha Corp.	148,687	2,020
	Nomura Co. Ltd.	290,300	2,011
	Nippon Densetsu Kogyo Co. Ltd.	153,903	1,996
	Kanematsu Electronics Ltd.	43,600	1,982
	Kitz Corp.	288,448	1,973
^*	Raksul Inc.	193,200	1,967
	Ryosan Co. Ltd.	83,157	1,964
	Heiwado Co. Ltd.	129,200	1,963
	Hiday Hidaka Corp.	116,419	1,958
	Hioki EE Corp.	29,400	1,958
	Senshu Ikeda Holdings Inc.	1,112,700	1,957
	Nishimatsuya Chain Co. Ltd.	164,900	1,956
	Tokyo Kiraboshi Financial Group Inc.	95,866	1,953
	Toyo Construction Co. Ltd.	269,800	1,932
	Nitto Kogyo Corp.	97,488	1,930
	Tokyotokeiba Co. Ltd.	60,900	1,923
	Nachi-Fujikoshi Corp.	67,851	1,918
	Simplex Holdings Inc.	110,200	1,917
	C Uyemura & Co. Ltd.	39,700	1,916
	Maeda Kosen Co. Ltd.	79,900	1,912
	Nissha Co. Ltd.	139,960	1,910
	Musashino Bank Ltd.	117,300	1,904
	One REIT Inc.	1,074	1,900
	Awa Bank Ltd.	126,900	1,898
	Nitta Corp.	82,900	1,886
	Noritake Co. Ltd.	54,800	1,882
	Hogy Medical Co. Ltd.	75,022	1,879
	Kameda Seika Co. Ltd.	56,200	1,871
	T Hasegawa Co. Ltd.	78,600	1,871
	San-Ai Obbli Co. Ltd.	177,200	1,867
	Central Glass Co. Ltd.	86,413	1,866
^*,1	Oisix ra daichi Inc.	99,618	1,864
	Ohsho Food Service Corp.	40,774	1,857
	Nippon Signal Company Ltd.	226,116	1,847
	Starts Corp. Inc.	97,715	1,847

		Shares	Market Value• ($000)
	Cybozu Inc.	92,400	1,844
	West Holdings Corp.	76,600	1,826
	Mitsuuroko Group Holdings Co. Ltd.	185,600	1,821
	FCC Co. Ltd.	141,143	1,820
	Toho Titanium Co. Ltd.	121,700	1,817
	Shibaura Machine Co. Ltd.	77,900	1,814
	Japan Wool Textile Co. Ltd.	243,989	1,812
	Nagawa Co. Ltd.	38,800	1,812
	Kanamoto Co. Ltd.	108,000	1,809
	Infomart Corp.	840,900	1,808
¹	Kura Sushi Inc.	75,400	1,805
	Token Corp.	30,986	1,803
	Shizuoka Gas Co. Ltd.	211,000	1,794
	Oki Electric Industry Co. Ltd.	330,506	1,793
	PAL GROUP Holdings Co. Ltd.	78,000	1,791
	Chudenko Corp.	109,100	1,789
	JCU Corp.	75,600	1,785
	Nagaileben Co. Ltd.	114,400	1,780
	Star Micronics Co. Ltd.	136,698	1,779
¹	Nissan Shatai Co. Ltd.	258,414	1,775
	SAMTY Co. Ltd.	108,600	1,773
	Optex Group Co. Ltd.	117,600	1,770
	Ogaki Kyoritsu Bank Ltd.	129,874	1,769
	Raiznext Corp.	164,900	1,766
	SKY Perfect JSAT Holdings Inc.	451,400	1,760
	Taihei Dengyo Kaisha Ltd.	57,500	1,754
	Premium Group Co. Ltd.	145,900	1,752
	Tamura Corp.	305,000	1,748
	Japan Lifeline Co. Ltd.	253,800	1,746
	Yuasa Trading Co. Ltd.	60,100	1,745
^*	Chiyoda Corp.	588,700	1,737
	Shibuya Corp.	93,900	1,737
	MCJ Co. Ltd.	250,200	1,730
	Financial Partners Group Co. Ltd.	212,500	1,730
	Morita Holdings Corp.	164,066	1,729
	Chofu Seisakusho Co. Ltd.	94,700	1,710
	Nippon Pillar Packing Co. Ltd.	61,300	1,704
	Topre Corp.	167,900	1,701
	Future Corp.	132,900	1,700
	Maxell Ltd.	154,000	1,696
	Tocalo Co. Ltd.	179,900	1,689
¹	Snow Peak Inc.	111,400	1,688
	Keiyo Bank Ltd.	402,800	1,673
	KeePer Technical Laboratory Co. Ltd.	44,936	1,671
^*	Nippon Sheet Glass Co. Ltd.	344,600	1,668
	BML Inc.	74,200	1,666
	Sekisui Jushi Corp.	103,600	1,664
	Sumitomo Mitsui Construction Co. Ltd.	586,346	1,662
	Noritz Corp.	121,387	1,646

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	United Arrows Ltd.	112,667	1,644
	Tokyu Construction Co. Ltd.	306,200	1,623
	TOMONY Holdings Inc.	596,800	1,623
	Bunka Shutter Co. Ltd.	190,000	1,619
	Mizuno Corp.	64,656	1,614
	eRex Co. Ltd.	126,300	1,614
	Yonex Co. Ltd.	135,100	1,613
	Nikkiso Co. Ltd.	229,561	1,612
	Aeon Delight Co. Ltd.	72,400	1,604
	Tsuburaya Fields Holdings Inc.	117,874	1,604
	Takara Leben Real Estate Investment Corp.	2,385	1,604
	Ringer Hut Co. Ltd.	90,300	1,603
	Okamoto Industries Inc.	53,600	1,596
	Tri Chemical Laboratories Inc.	98,576	1,594
	Strike Co. Ltd.	58,914	1,581
	Mandom Corp.	132,954	1,580
	Fuji Seal International Inc.	138,400	1,573
	Mitsubishi Shokuhin Co. Ltd.	60,900	1,573
	Hirata Corp.	31,311	1,563
	Pacific Industrial Co. Ltd.	172,800	1,561
	Tsugami Corp.	149,900	1,557
	Wakita & Co. Ltd.	152,200	1,549
	Relia Inc.	144,100	1,547
	Argo Graphics Inc.	54,900	1,547
	Toyo Tanso Co. Ltd.	53,210	1,547
	Fukushima Galilei Co. Ltd.	40,900	1,542
	Health Care & Medical Investment Corp.	1,283	1,542
	Arata Corp.	47,259	1,537
	Ishihara Sangyo Kaisha Ltd.	177,700	1,536
	Doutor Nichires Holdings Co. Ltd.	97,237	1,533
	OSAKA Titanium Technologies Co. Ltd.	71,800	1,529
^*,1	W-Scope Corp.	183,600	1,525
	Elecom Co. Ltd.	160,300	1,521
	Bank of Nagoya Ltd.	60,112	1,520
	Eiken Chemical Co. Ltd.	130,400	1,516
	Life Corp.	71,000	1,506
	Yellow Hat Ltd.	105,800	1,504
	Belc Co. Ltd.	33,200	1,500
	Restar Holdings Corp.	95,200	1,489
	Fuji Co. Ltd.	114,000	1,488
	Towa Pharmaceutical Co. Ltd.	103,982	1,484
	S Foods Inc.	66,600	1,482
	Hamakyorex Co. Ltd.	57,800	1,479
	Sanyo Denki Co. Ltd.	29,600	1,479
	Nippon Yakin Kogyo Co. Ltd.	50,779	1,476
¹	Okinawa Financial Group Inc.	95,544	1,475
	Daiichi Jitsugyo Co. Ltd.	34,500	1,472
	Arcland Service Holdings Co. Ltd.	69,800	1,467

		Shares	Market Value• ($000)
	Japan Pulp & Paper Co. Ltd.	38,000	1,465
	SBS Holdings Inc.	60,100	1,465
	Sato Holdings Corp.	86,600	1,465
	Sintokogio Ltd.	201,500	1,461
	Meiko Electronics Co. Ltd.	72,057	1,454
	Itochu Enex Co. Ltd.	169,300	1,449
	Yokowo Co. Ltd.	97,737	1,445
	Saibu Gas Holdings Co. Ltd.	103,673	1,444
	Ricoh Leasing Co. Ltd.	49,606	1,435
^*	Universal Entertainment Corp.	67,962	1,431
	Procrea Holdings Inc.	89,461	1,431
	Shima Seiki Manufacturing Ltd.	104,500	1,429
	Digital Arts Inc.	38,300	1,426
	Chugoku Marine Paints Ltd.	163,100	1,425
	Noritsu Koki Co. Ltd.	86,400	1,420
	Onward Holdings Co. Ltd.	512,756	1,419
	Starts Proceed Investment Corp.	834	1,412
	Kanto Denka Kogyo Co. Ltd.	186,000	1,411
¹	Kisoji Co. Ltd.	81,160	1,408
	Fujimori Kogyo Co. Ltd.	60,500	1,406
	Nippon Koei Co. Ltd.	50,300	1,402
	Sanyo Special Steel Co. Ltd.	78,870	1,396
	Fujicco Co. Ltd.	98,205	1,390
	Intage Holdings Inc.	118,800	1,384
	Konishi Co. Ltd.	92,100	1,383
	ESPEC Corp.	91,408	1,382
	Riso Kagaku Corp.	75,684	1,380
	Kyokuto Kaihatsu Kogyo Co. Ltd.	109,200	1,377
	TSI Holdings Co. Ltd.	288,900	1,377
	Curves Holdings Co. Ltd.	235,608	1,374
	Avex Inc.	119,900	1,373
	Ichigo Inc.	717,600	1,373
	Nishio Holdings Co. Ltd.	57,800	1,373
	Maruzen Showa Unyu Co. Ltd.	54,800	1,372
	Gree Inc.	264,700	1,371
	Valqua Ltd.	54,400	1,369
¹	Shoei Foods Corp.	46,300	1,362
	Prestige International Inc.	310,900	1,357
¹	Management Solutions Co. Ltd.	57,236	1,356
	Nitto Boseki Co. Ltd.	96,611	1,350
	Roland Corp.	44,900	1,346
	Hyakujushi Bank Ltd.	97,600	1,340
	GLOBERIDE Inc.	73,000	1,338
	Nippon Ceramic Co. Ltd.	66,800	1,337
	Okinawa Electric Power Co. Inc.	163,608	1,334
	Axial Retailing Inc.	51,130	1,327
	Yondoshi Holdings Inc.	101,400	1,326
	Insource Co. Ltd.	144,000	1,321
	Megachips Corp.	55,581	1,318
^*	giftee Inc.	79,504	1,318

		Shares	Market Value• ($000)
	Koshidaka Holdings Co. Ltd.	155,308	1,315
	Zuken Inc.	51,700	1,313
	Hibiya Engineering Ltd.	79,100	1,310
	Koa Corp.	104,300	1,308
^*	M&A Capital Partners Co. Ltd.	46,300	1,308
	Shin Nippon Biomedical Laboratories Ltd.	71,400	1,304
	Oiles Corp.	103,108	1,303
	FULLCAST Holdings Co. Ltd.	71,446	1,297
	Nippon Carbon Co. Ltd.	42,300	1,296
	Shin-Etsu Polymer Co. Ltd.	131,200	1,291
	Tsurumi Manufacturing Co. Ltd.	75,500	1,291
¹	Tama Home Co. Ltd.	47,000	1,286
	Aida Engineering Ltd.	203,806	1,284
	Infocom Corp.	76,740	1,275
	Toa Corp.	58,700	1,274
	Bando Chemical Industries Ltd.	158,400	1,273
	Doshisha Co. Ltd.	80,800	1,272
	Piolax Inc.	85,500	1,269
	Aoyama Trading Co. Ltd.	185,500	1,268
	Ryobi Ltd.	108,887	1,267
	Asahi Diamond Industrial Co. Ltd.	189,322	1,266
	Nippon Kanzai Holdings Co. Ltd.	64,900	1,264
	Furukawa Co. Ltd.	127,298	1,258
	IDOM Inc.	203,300	1,257
	Sakata INX Corp.	154,100	1,257
	Press Kogyo Co. Ltd.	313,200	1,256
	Samty Residential Investment Corp.	1,473	1,254
	Mitani Sekisan Co. Ltd.	35,300	1,247
	Bell System24 Holdings Inc.	121,200	1,246
	Hakuto Co. Ltd.	39,600	1,243
	Siix Corp.	123,200	1,237
	PHC Holdings Corp.	120,300	1,236
	Yokorei Co. Ltd.	153,200	1,233
	Komori Corp.	158,900	1,231
	Uchida Yoko Co. Ltd.	32,300	1,230
	Usen-Next Holdings Co. Ltd.	54,600	1,226
	VT Holdings Co. Ltd.	311,800	1,225
	Bank of Iwate Ltd.	76,724	1,225
	Retail Partners Co. Ltd.	108,600	1,222
	I'll Inc.	59,700	1,215
	Towa Corp.	80,465	1,211
	Tosei Corp.	101,600	1,209
	Nippon Denko Co. Ltd.	472,990	1,206
	Shikoku Kasei Holdings Corp.	115,700	1,206
	Torii Pharmaceutical Co. Ltd.	47,500	1,206
	Pharma Foods International Co. Ltd.	93,016	1,206
	Konoike Transport Co. Ltd.	102,400	1,205

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Kosaido Holdings Co. Ltd.	60,700	1,205
	Toho Bank Ltd.	728,664	1,203
	Daikyonishikawa Corp.	240,000	1,202
	Nittetsu Mining Co. Ltd.	44,400	1,201
	Comture Corp.	81,300	1,199
	Zenrin Co. Ltd.	184,650	1,195
	Keihanshin Building Co. Ltd.	125,700	1,186
	Exedy Corp.	82,300	1,185
	Kurabo Industries Ltd.	63,900	1,175
	Shibaura Mechatronics Corp.	10,400	1,164
	Tokyo Electron Device Ltd.	20,300	1,163
	Marudai Food Co. Ltd.	102,818	1,162
	COLOPL Inc.	246,200	1,158
	JINS Holdings Inc.	53,200	1,146
	DyDo Group Holdings Inc.	30,644	1,145
	Seikagaku Corp.	186,341	1,144
	Geo Holdings Corp.	94,200	1,140
	Oyo Corp.	75,600	1,138
	Meisei Industrial Co. Ltd.	164,700	1,137
^*	Nippon Chemi-Con Corp.	76,181	1,137
	Tosei REIT Investment Corp.	1,188	1,133
	Matsuya Co. Ltd.	130,600	1,131
	Sakai Moving Service Co. Ltd.	32,100	1,131
	St. Marc Holdings Co. Ltd.	82,855	1,131
	San ju San Financial Group Inc.	96,252	1,129
	Aeon Hokkaido Corp.	187,800	1,127
	Nippon Seiki Co. Ltd.	176,932	1,126
	YAMABIKO Corp.	113,400	1,123
¹	Toyo Gosei Co. Ltd.	19,600	1,117
	KFC Holdings Japan Ltd.	52,200	1,111
	Tamron Co. Ltd.	45,400	1,108
	LITALICO Inc.	61,700	1,106
	Sinfonia Technology Co. Ltd.	86,400	1,104
	J-Oil Mills Inc.	92,800	1,102
	Anicom Holdings Inc.	282,500	1,100
	Sodick Co. Ltd.	197,878	1,095
	TPR Co. Ltd.	105,129	1,085
	Micronics Japan Co. Ltd.	118,800	1,082
	MARUKA FURUSATO Corp.	55,600	1,077
	Sanyo Electric Railway Co. Ltd.	61,384	1,075
	Senshu Electric Co. Ltd.	46,882	1,075
	Trancom Co. Ltd.	21,400	1,074
	RS Technologies Co. Ltd.	47,800	1,074
	Sumitomo Densetsu Co. Ltd.	51,400	1,069
	ARCLANDS Corp.	94,300	1,068
	ASAHI YUKIZAI Corp.	45,511	1,067
	Daito Pharmaceutical Co. Ltd.	57,300	1,066
	Tanseisha Co. Ltd.	179,400	1,065

		Shares	Market Value• ($000)
	Inageya Co. Ltd.	87,600	1,064
	Tsubaki Nakashima Co. Ltd.	150,900	1,057
^*	Vision Inc.	84,065	1,056
	Daiki Aluminium Industry Co. Ltd.	102,930	1,056
	TRE Holdings Corp.	120,400	1,055
	Sankei Real Estate Inc.	1,706	1,051
	Genky DrugStores Co. Ltd.	35,500	1,049
	METAWATER Co. Ltd.	79,600	1,049
	Tachibana Eletech Co. Ltd.	68,534	1,045
	Unipres Corp.	149,980	1,045
	Weathernews Inc.	20,800	1,044
	Tsukishima Holdings Co. Ltd.	128,700	1,044
	Sumitomo Seika Chemicals Co. Ltd.	32,300	1,043
¹	J Trust Co. Ltd.	357,200	1,042
	Yamagata Bank Ltd.	130,985	1,040
	Nichireki Co. Ltd.	81,500	1,035
	Daiwa Industries Ltd.	97,600	1,031
	Mitsubishi Research Institute Inc.	28,400	1,030
	Shinko Shoji Co. Ltd.	116,800	1,029
	Nohmi Bosai Ltd.	79,700	1,028
	Macromill Inc.	154,200	1,027
¹	Joshin Denki Co. Ltd.	68,226	1,018
	Takasago International Corp.	53,200	1,015
	Alconix Corp.	99,614	1,015
	Hokuto Corp.	73,724	1,012
	Pasona Group Inc.	73,500	1,012
	Mimasu Semiconductor Industry Co. Ltd.	52,200	1,009
	Nippon Fine Chemical Co. Ltd.	51,600	1,008
	NS United Kaiun Kaisha Ltd.	34,300	1,005
	WingArc1st Inc.	61,500	1,004
	Daiho Corp.	34,900	1,003
¹	Mie Kotsu Group Holdings Inc.	231,799	1,002
	Kyoei Steel Ltd.	74,012	1,001
	TechMatrix Corp.	83,900	1,001
	Mitsui DM Sugar Holdings Co. Ltd.	59,600	1,000
	Topy Industries Ltd.	72,579	999
	Oriental Shiraishi Corp.	410,694	995
	Hosokawa Micron Corp.	45,600	988
	Sun Frontier Fudousan Co. Ltd.	101,800	988
	Teikoku Electric Manufacturing Co. Ltd.	55,800	984
	Ryoyo Electro Corp.	53,942	984
	Miyazaki Bank Ltd.	54,893	983
	Teikoku Sen-I Co. Ltd.	77,484	982
	Sala Corp.	173,600	982
	Tokai Corp.	64,900	981
	Nippon Road Co. Ltd.	16,500	978
	Tenma Corp.	56,600	975
	SWCC Corp.	74,700	970
	Osaka Organic Chemical Industry Ltd.	63,900	969

		Shares	Market Value• ($000)
	Daiken Corp.	56,300	968
	Starzen Co. Ltd.	56,200	967
	Sanyo Chemical Industries Ltd.	30,754	966
	Belluna Co. Ltd.	175,900	965
	Roland DG Corp.	38,400	965
	Fujibo Holdings Inc.	40,400	951
^*	Kappa Create Co. Ltd.	85,588	951
	Sinko Industries Ltd.	71,641	951
	Pack Corp.	41,500	951
	Vector Inc.	100,000	946
	Toyo Corp.	91,617	945
	AOKI Holdings Inc.	135,504	944
	Matsuyafoods Holdings Co. Ltd.	29,700	934
	K&O Energy Group Inc.	52,300	934
	Okinawa Cellular Telephone Co.	41,637	930
¹	Obara Group Inc.	29,540	929
	Katakura Industries Co. Ltd.	69,492	928
	ESCON Japan REIT Investment Corp.	1,125	928
^*	Mitsui E&S Co. Ltd.	241,400	927
	T-Gaia Corp.	75,600	927
¹	Fujio Food Group Inc.	89,500	927
	Oita Bank Ltd.	60,907	926
	Broadleaf Co. Ltd.	293,400	926
	Kyokuyo Co. Ltd.	35,100	924
	Tachi-S Co. Ltd.	103,200	924
	Xebio Holdings Co. Ltd.	104,108	924
	Asanuma Corp.	40,200	924
	Sinanen Holdings Co. Ltd.	33,000	918
	S-Pool Inc.	197,860	918
	Key Coffee Inc.	59,293	914
	Ines Corp.	89,100	911
¹	Alpen Co. Ltd.	59,300	907
	ES-Con Japan Ltd.	142,000	906
^*,1	Istyle Inc.	226,800	905
	Sparx Group Co. Ltd.	82,220	897
	ARTERIA Networks Corp.	93,500	896
	Fukui Bank Ltd.	82,455	894
	Yamanashi Chuo Bank Ltd.	107,117	894
	Takamatsu Construction Group Co. Ltd.	54,800	889
	EM Systems Co. Ltd.	153,600	887
	Pressance Corp.	61,148	883
¹	Alpha Systems Inc.	28,900	880
	Futaba Corp.	227,832	880
	TOC Co. Ltd.	178,046	877
	Enplas Corp.	25,953	876
	Nippon Thompson Co. Ltd.	202,100	875
	TV Asahi Holdings Corp.	75,600	874
	Elan Corp.	116,700	874
	JAC Recruitment Co. Ltd.	46,500	869
	Riken Vitamin Co. Ltd.	57,700	866
	Ki-Star Real Estate Co. Ltd.	28,700	862
	Sun Corp.	53,500	856
	Nittoku Co. Ltd.	44,400	855
	Aichi Steel Corp.	42,302	847

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Nippon Parking Development Co. Ltd.	491,400	847
	Torishima Pump Manufacturing Co. Ltd.	72,800	846
¹	YA-MAN Ltd.	97,600	843
	Union Tool Co.	34,800	832
¹	Shin Nippon Air Technologies Co. Ltd.	57,800	830
	Giken Ltd.	52,500	825
	Qol Holdings Co. Ltd.	89,799	823
	Okabe Co. Ltd.	132,735	822
	Denyo Co. Ltd.	58,400	816
¹	Remixpoint Inc.	441,602	813
	Mirarth Holdings Inc.	286,400	808
	Sumida Corp.	64,809	806
	FIDEA Holdings Co. Ltd.	80,820	805
	Airtrip Corp.	40,018	805
^*,1	SRE Holdings Corp.	35,896	805
^*	Modec Inc.	73,888	802
^*	Japan Display Inc.	2,647,900	802
	Fudo Tetra Corp.	60,820	799
	Akita Bank Ltd.	60,300	797
	Kanaden Corp.	89,400	796
	Ehime Bank Ltd.	126,800	795
	Warabeya Nichiyo Holdings Co. Ltd.	48,000	791
	Halows Co. Ltd.	33,300	790
	Nissei ASB Machine Co. Ltd.	25,200	790
	Futaba Industrial Co. Ltd.	234,800	786
	Sagami Holdings Corp.	80,196	786
	Sumitomo Riko Co. Ltd.	147,700	786
	MEC Co. Ltd.	42,000	786
	Nagatanien Holdings Co. Ltd.	48,500	784
¹	Rock Field Co. Ltd.	70,168	784
	Canon Electronics Inc.	56,494	769
	Chori Co. Ltd.	39,800	756
	Achilles Corp.	70,900	754
	Pacific Metals Co. Ltd.	53,608	746
¹	Daikokutenbussan Co. Ltd.	18,600	745
	Yorozu Corp.	112,176	744
	Fixstars Corp.	72,200	744
	HI-LEX Corp.	82,500	743
	gremz Inc.	46,800	743
	Bank of the Ryukyus Ltd.	108,867	742
	Computer Engineering & Consulting Ltd.	71,070	739
	Hoosiers Holdings Co. Ltd.	118,700	738
	Cawachi Ltd.	42,900	735
	Towa Bank Ltd.	178,650	734
	Kamei Corp.	63,300	727
	Japan Transcity Corp.	145,592	727
	Happinet Corp.	50,300	726
	Riso Kyoiku Co. Ltd.	332,800	726
	IR Japan Holdings Ltd.	46,000	725
	Keiyo Co. Ltd.	116,600	721
	Onoken Co. Ltd.	63,100	720

		Shares	Market Value• ($000)
	Neturen Co. Ltd.	135,300	719
	V Technology Co. Ltd.	32,100	715
	Kansai Food Market Ltd.	62,800	711
	Pole To Win Holdings Inc.	105,500	711
¹	Nichiden Corp.	47,500	704
	Osaki Electric Co. Ltd.	168,600	701
	m-up Holdings Inc.	76,700	698
	Nihon Nohyaku Co. Ltd.	137,500	697
	Anest Iwata Corp.	92,900	696
	Eagle Industry Co. Ltd.	71,700	692
	ValueCommerce Co. Ltd.	71,200	690
	Carta Holdings Inc.	64,500	688
	France Bed Holdings Co. Ltd.	86,400	687
	Tokushu Tokai Paper Co. Ltd.	31,300	681
	SB Technology Corp.	39,800	680
	Gakken Holdings Co. Ltd.	104,700	675
	Avant Group Corp.	65,000	673
	Dai-Dan Co. Ltd.	37,100	671
	CAC Holdings Corp.	53,100	667
	Solasto Corp.	143,100	667
	Marusan Securities Co. Ltd.	214,855	665
	DKK Co. Ltd.	38,780	659
	Matsuda Sangyo Co. Ltd.	39,600	658
	Tatsuta Electric Wire & Cable Co. Ltd.	125,000	657
	Cleanup Corp.	116,900	654
	Vital KSK Holdings Inc.	90,700	652
^*,1	Sourcenext Corp.	385,400	649
	Riken Technos Corp.	144,600	649
	Kurimoto Ltd.	43,400	644
	Toho Zinc Co. Ltd.	46,978	642
¹	Miroku Jyoho Service Co. Ltd.	51,200	640
	Sakai Chemical Industry Co. Ltd.	47,409	637
	Tochigi Bank Ltd.	309,712	632
	Chilled & Frozen Logistics Holdings Co. Ltd.	64,600	630
	Softcreate Holdings Corp.	53,478	627
	Shindengen Electric Manufacturing Co. Ltd.	24,600	626
	Elematec Corp.	49,200	625
	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.	45,103	618
	Shikoku Bank Ltd.	94,940	617
	Direct Marketing MiX Inc.	69,900	616
	G-7 Holdings Inc.	58,200	614
	Toyo Kanetsu KK	30,600	612
	Aisan Industry Co. Ltd.	85,100	609
	Kitanotatsujin Corp.	263,000	606
	ZIGExN Co. Ltd.	162,900	606
	Yurtec Corp.	99,400	604
	Komatsu Matere Co. Ltd.	119,200	603

		Shares	Market Value• ($000)
	Airport Facilities Co. Ltd.	141,900	601
	Ichikoh Industries Ltd.	148,566	601
	YAKUODO Holdings Co. Ltd.	32,800	600
	Fukuda Corp.	16,800	598
	G-Tekt Corp.	54,500	597
	Tonami Holdings Co. Ltd.	17,600	597
	Godo Steel Ltd.	26,400	595
	Mitsuba Corp.	136,724	592
	Goldcrest Co. Ltd.	43,980	590
	Nissin Corp.	37,400	589
	Aiphone Co. Ltd.	37,200	587
	Yukiguni Maitake Co. Ltd.	78,200	585
^*	Fujita Kanko Inc.	22,400	583
	Midac Holdings Co. Ltd.	41,310	581
	Icom Inc.	28,500	580
^*	Net Protections Holdings Inc.	153,100	580
¹	Itochu-Shokuhin Co. Ltd.	14,400	577
¹	Link & Motivation Inc.	158,300	568
	Maxvalu Tokai Co. Ltd.	28,400	566
	Chiyoda Integre Co. Ltd.	33,000	565
	Kyokuto Securities Co. Ltd.	126,500	565
^*	Optim Corp.	82,338	565
	Chubu Shiryo Co. Ltd.	68,600	562
^*	PIA Corp.	23,100	562
	Mars Group Holdings Corp.	25,000	559
	Hochiki Corp.	46,900	558
¹	Inui Global Logistics Co. Ltd.	43,808	557
	Sanshin Electronics Co. Ltd.	33,400	555
	Taki Chemical Co. Ltd.	16,200	554
	World Co. Ltd.	49,300	551
	JDC Corp.	121,600	550
	Septeni Holdings Co. Ltd.	199,700	550
	Shibusawa Warehouse Co. Ltd.	32,209	548
^*,1	Demae-Can Co. Ltd.	196,600	548
	Ryoden Corp.	35,500	545
	Shinnihon Corp.	69,800	543
	KPP Group Holdings Co. Ltd.	113,215	541
	Sankyo Seiko Co. Ltd.	125,197	538
	Fujiya Co. Ltd.	28,900	537
	SIGMAXYZ Holdings Inc.	68,000	535
	Shimizu Bank Ltd.	49,800	534
	GMO GlobalSign Holdings KK	18,778	533
	CMK Corp.	155,200	528
	Asahi Co. Ltd.	55,000	526
	Shimojima Co. Ltd.	62,300	525
	ASKA Pharmaceutical Holdings Co. Ltd.	55,900	524
	JM Holdings Co. Ltd.	35,700	522
	Tekken Corp.	36,600	520

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
¹	Takatori Corp.	17,490	518
	Rheon Automatic Machinery Co. Ltd.	53,615	515
	Toenec Corp.	20,200	515
	World Holdings Co. Ltd.	25,200	512
^*,1	MedPeer Inc.	62,800	512
	Shinwa Co. Ltd.	32,400	509
¹	Nichiban Co. Ltd.	34,300	507
	Stella Chemifa Corp.	25,400	504
¹	Proto Corp.	57,600	503
	Sanei Architecture Planning Co. Ltd.	45,800	493
	BRONCO BILLY Co. Ltd.	24,200	485
	Honeys Holdings Co. Ltd.	41,790	484
	Krosaki Harima Corp.	10,600	480
	Takaoka Toko Co. Ltd.	31,900	480
¹	Kamakura Shinsho Ltd.	69,600	478
	CMIC Holdings Co. Ltd.	33,300	477
	Aeon Fantasy Co. Ltd.	19,800	476
	Optorun Co. Ltd.	31,000	473
	Okuwa Co. Ltd.	71,500	472
	Furuno Electric Co. Ltd.	68,900	470
	Studio Alice Co. Ltd.	29,800	468
	Cosel Co. Ltd.	58,400	467
	CI Takiron Corp.	126,900	467
^*,1	Open Door Inc.	43,200	466
	Daido Metal Co. Ltd.	119,200	462
	Seika Corp.	27,900	460
	Riken Corp.	22,400	451
	Central Security Patrols Co. Ltd.	21,595	447
	Kanagawa Chuo Kotsu Co. Ltd.	19,000	447
	Kintetsu Department Store Co. Ltd.	24,500	447
	Hokkaido Gas Co. Ltd.	30,800	439
	LEC Inc.	69,648	439
	Aruhi Corp.	55,126	439
	Marvelous Inc.	88,000	437
^*	TerraSky Co. Ltd.	22,910	437
	Aichi Corp.	69,900	433
	Kyodo Printing Co. Ltd.	20,600	429
	Yahagi Construction Co. Ltd.	67,700	428
	SRA Holdings	19,100	427
	Tess Holdings Co. Ltd.	48,400	427
	Dai Nippon Toryo Co. Ltd.	67,000	424
	Feed One Co. Ltd.	77,820	424
	Arisawa Manufacturing Co. Ltd.	46,000	424
	Tosho Co. Ltd.	41,800	422
	Advan Group Co. Ltd.	60,400	421
	Sankyo Tateyama Inc.	83,600	421
	Ichiyoshi Securities Co. Ltd.	96,700	420
	JP-Holdings Inc.	180,300	415
	Nitto Kohki Co. Ltd.	28,100	415
	Moriroku Holdings Co. Ltd.	29,100	415

		Shares	Market Value• ($000)
^*	KNT-CT Holdings Co. Ltd.	35,800	414
¹	Yamashin-Filter Corp.	165,800	414
^*	PKSHA Technology Inc.	29,800	414
^*	Akebono Brake Industry Co. Ltd.	375,983	413
	Tayca Corp.	46,232	412
¹	Furuya Metal Co. Ltd.	6,200	412
	Melco Holdings Inc.	16,600	409
	WATAMI Co. Ltd.	59,400	409
	CTS Co. Ltd.	69,742	405
	Nippon Rietec Co. Ltd.	43,100	405
	Koatsu Gas Kogyo Co. Ltd.	73,900	404
	Hodogaya Chemical Co. Ltd.	17,500	403
¹	Kyosan Electric Manufacturing Co. Ltd.	129,100	403
¹	NEC Capital Solutions Ltd.	20,400	403
	Fuji Pharma Co. Ltd.	43,800	398
¹	Wellneo Sugar Co. Ltd.	31,325	396
	Bank of Saga Ltd.	32,100	395
	Chiyoda Co. Ltd.	64,200	395
¹	Nakayama Steel Works Ltd.	61,200	395
	Furukawa Battery Co. Ltd.	46,455	391
	Tokyo Energy & Systems Inc.	57,500	386
^*	KLab Inc.	135,560	386
	Nippon Beet Sugar Manufacturing Co. Ltd.	30,000	381
	Maezawa Kyuso Industries Co. Ltd.	47,000	372
	Toa Corp. (XTKS)	58,900	370
	Medical Data Vision Co. Ltd.	61,800	369
	Media Do Co. Ltd.	35,721	369
	Amuse Inc.	26,700	364
	Hisaka Works Ltd.	54,100	363
	Iseki & Co. Ltd.	40,887	361
	Taisei Lamick Co. Ltd.	17,100	360
	Fukui Computer Holdings Inc.	17,900	355
	Digital Holdings Inc.	40,945	354
	ST Corp.	30,300	354
	JSP Corp.	30,700	353
¹	Raccoon Holdings Inc.	65,162	350
^*	Jamco Corp.	33,800	348
	Ebase Co. Ltd.	68,800	348
	Kawada Technologies Inc.	11,500	345
	Ministop Co. Ltd.	33,100	344
^*	Atrae Inc.	56,816	344
	Rokko Butter Co. Ltd.	33,000	342
	Japan Best Rescue System Co. Ltd.	59,965	342
	Tomoku Co. Ltd.	29,100	341
	FAN Communications Inc.	111,900	337
	Nippon Coke & Engineering Co. Ltd.	494,700	331
¹	V-Cube Inc.	86,165	331

		Shares	Market Value• ($000)
	Arakawa Chemical Industries Ltd.	44,600	325
	Okura Industrial Co. Ltd.	20,700	324
	Kenko Mayonnaise Co. Ltd.	35,300	323
	Yushin Precision Equipment Co. Ltd.	55,200	322
	Corona Corp. Class A	46,600	319
	Nihon Chouzai Co. Ltd.	34,900	317
	Artnature Inc.	54,800	315
	Sekisui Kasei Co. Ltd.	90,300	312
	Hito Communications Holdings Inc.	26,766	312
	WDB Holdings Co. Ltd.	20,712	309
	Fibergate Inc.	33,349	309
	Sanoh Industrial Co. Ltd.	60,600	307
	DKS Co. Ltd.	22,000	306
	Tsutsumi Jewelry Co. Ltd.	18,200	302
¹	Osaka Steel Co. Ltd.	31,000	299
	Tv Tokyo Holdings Corp.	16,000	299
	Nihon Tokushu Toryo Co. Ltd.	40,500	298
	Ubicom Holdings Inc.	18,700	298
	Fuso Pharmaceutical Industries Ltd.	19,700	297
	Central Sports Co. Ltd.	15,675	296
	Hokkan Holdings Ltd.	28,200	290
¹	Pronexus Inc.	39,035	287
	Nippon Sharyo Ltd.	18,500	284
	MTI Ltd.	70,000	266
^*,1	FDK Corp.	41,914	265
¹	Kojima Co. Ltd.	63,300	265
	CTI Engineering Co. Ltd.	10,900	265
^*	Taiko Pharmaceutical Co. Ltd.	93,037	263
	Inaba Seisakusho Co. Ltd.	24,400	261
	Enigmo Inc.	83,000	261
	Nihon Trim Co. Ltd.	11,900	256
	Nisso Corp.	44,600	255
	Oro Co. Ltd.	13,967	251
	LIFULL Co. Ltd.	152,800	248
^*	RPA Holdings Inc.	86,600	248
^*	Gurunavi Inc.	93,300	247
	Japan Medical Dynamic Marketing Inc.	32,118	241
	Akatsuki Inc.	14,200	236
	I-PEX Inc.	22,900	235
	Chuo Spring Co. Ltd.	43,600	232
	Gecoss Corp.	34,200	224
^*	Unitika Ltd.	140,200	224
	Tokyo Individualized Educational Institute Inc.	55,312	221
	Altech Corp.	11,700	221
	Daisyo Corp.	25,700	218
	Tokyo Rakutenchi Co. Ltd.	6,900	214
^*	BrainPad Inc.	41,157	210
^*,1	Kourakuen Holdings Corp.	26,400	208

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Ohara Inc.	24,388	207
	Tokyo Base Co. Ltd.	62,300	206
	Takamiya Co. Ltd.	62,800	205
	Taiho Kogyo Co. Ltd.	37,900	203
¹	CHIMNEY Co. Ltd.	20,000	198
	Wowow Inc.	20,400	197
^*	COOKPAD Inc.	137,800	196
^*	Gunosy Inc.	42,000	188
	Kanamic Network Co. Ltd.	56,600	182
	Robot Home Inc.	94,100	156
	Linical Co. Ltd.	28,300	145
^*	Right On Co. Ltd.	28,800	123
			1,386,625
Kuwait (0.2%)
	National Industries Group Holding SAK	6,763,148	4,800
	Kuwait Projects Co. Holding KSCP	7,805,333	3,342
	Warba Bank KSCP	3,553,316	2,655
	Boursa Kuwait Securities Co. KPSC	404,603	2,374
	Kuwait Telecommunications Co.	1,142,941	2,214
	Salhia Real Estate Co. KSCP	1,082,697	1,803
	Jazeera Airways Co. KSCP	281,650	1,656
	Kuwait International Bank KSCP	2,088,570	1,266
^*	National Real Estate Co. KPSC	4,381,384	1,209
	Integrated Holding Co. KCSC	652,260	849
	Alimtiaz Investment Group KSC	3,634,723	745
			22,913
Malaysia (0.7%)
	Inari Amertron Bhd.	10,858,800	5,637
	TIME dotCom Bhd.	3,743,700	4,612
	Yinson Holdings Bhd.	6,581,740	3,870
	My EG Services Bhd.	18,564,200	3,300
	Sunway REIT	8,013,400	2,895
	Bursa Malaysia Bhd.	2,042,754	2,877
	Frontken Corp. Bhd.	4,032,550	2,768
	ViTrox Corp. Bhd.	1,501,200	2,698
	D&O Green Technologies Bhd.	2,842,800	2,630
	Pentamaster Corp. Bhd.	2,214,350	2,447
^*	Bumi Armada Bhd.	14,204,800	2,145
	KPJ Healthcare Bhd.	8,519,200	2,141
	Genting Plantations Bhd.	1,552,773	2,090
	Malaysian Pacific Industries Bhd.	317,500	2,031
^*	PMB Technology Bhd.	2,135,517	1,993
	Axis REIT	4,643,200	1,979
	VS Industry Bhd.	9,834,450	1,803
	Mega First Corp. Bhd.	2,300,200	1,764
	United Plantations Bhd.	471,200	1,750
	Scientex Bhd.	2,192,100	1,678
	UMW Holdings Bhd.	1,926,300	1,673
	BerMaz Auto Bhd.	3,120,240	1,617
^*	Greatech Technology Bhd.	1,450,400	1,566

		Shares	Market Value• ($000)
	Chin Hin Group Bhd.	1,514,500	1,473
	Kossan Rubber Industries Bhd.	4,840,600	1,359
	CTOS Digital Bhd.	4,154,300	1,318
	Supermax Corporation Bhd.	6,730,700	1,316
^*	Dagang NeXchange Bhd.	10,514,200	1,233
	Padini Holdings Bhd.	1,330,200	1,209
	Malaysia Building Society Bhd.	8,234,300	1,147
	DRB-Hicom Bhd.	3,156,427	1,000
	UWC Bhd.	1,315,500	951
	Hibiscus Petroleum Bhd.	3,906,800	900
	Berjaya Sports Toto Bhd.	2,817,340	879
^*	Berjaya Corp. Bhd.	12,538,763	844
	SP Setia Bhd. Group	5,496,600	711
	Syarikat Takaful Malaysia Keluarga Bhd.	881,100	651
^*	Velesto Energy Bhd.	12,183,080	633
	Malaysian Resources Corp. Bhd.	7,777,538	534
²	Lotte Chemical Titan Holding Bhd.	1,843,705	517
	Cahya Mata Sarawak Bhd.	1,862,300	469
^*	Hong Seng Consolidated Bhd.	10,735,000	314
	WCT Holdings Bhd.	2,548,151	252
	UEM Sunrise Bhd.	4,211,200	242
^*	Sunway Bhd. Warrants Exp. 10/3/24	385,748	27
^*	Velesto Energy Bhd. Warrants Exp. 10/18/24	2,470,020	14
^*	Malaysian Resources Corp. Bhd. Warrants Exp. 10/29/27	430,554	6
^*,3	Serba Dinamik Holdings Bhd. Warrants Exp. 12/5/24	878,820	1
			75,964
Mexico (0.5%)
	Corp. Inmobiliaria Vesta SAB de CV	2,531,042	7,994
	TF Administradora Industrial S de RL de CV	3,065,813	5,746
^*	Alsea SAB de CV	1,962,200	5,258
²	Macquarie Mexico Real Estate Management SA de CV	2,901,102	4,770
^*	Controladora Vuela Cia de Aviacion SAB de CV Class A	3,581,398	4,219
	Gentera SAB de CV	3,765,225	4,142
	Bolsa Mexicana de Valores SAB de CV	1,799,566	3,979
	La Comer SAB de CV	1,789,607	3,900
^*,2	Grupo Traxion SAB de CV	1,319,981	2,569
	Genomma Lab Internacional SAB de CV Class B	2,990,380	2,485
^*,2	Nemak SAB de CV	8,214,187	1,900

		Shares	Market Value• ($000)
	Grupo Rotoplas SAB de CV	564,563	787
			47,749
Netherlands (1.0%)
	Arcadis NV	276,594	11,426
^*,1,2	Basic-Fit NV	199,812	8,473
	SBM Offshore NV	578,186	8,172
	TKH Group NV	167,022	8,086
^*,1	Galapagos NV	185,978	7,216
	Corbion NV	223,642	7,041
	APERAM SA	176,892	6,559
^*,1,2	Alfen NV	77,007	6,231
^*	Fugro NV	438,676	6,220
	Eurocommercial Properties NV	197,640	4,740
	AMG Advanced Metallurgical Group NV	121,502	4,536
¹	PostNL NV	1,440,716	2,592
	Majorel Group Luxembourg SA Class B	77,171	2,500
	Sligro Food Group NV	138,541	2,418
	Flow Traders Ltd.	94,349	2,337
	Wereldhave NV	149,424	2,295
^*	TomTom NV	252,202	2,162
	Koninklijke BAM Groep NV	915,183	2,005
	NSI NV	65,075	1,495
	Vastned Retail NV	58,458	1,332
	Brunel International NV	53,114	718
^*,1	Ebusco Holding NV	42,057	414
²	B&S Group Sarl	77,048	333
^*,3	SNS Reaal	96,364	—
			99,301
New Zealand (0.5%)
	Chorus Ltd.	1,728,890	9,244
	Goodman Property Trust	4,322,230	5,846
	Summerset Group Holdings Ltd.	923,146	4,652
	Freightways Group Ltd.	668,959	3,932
	Precinct Properties New Zealand Ltd.	5,065,365	3,887
	Genesis Energy Ltd.	2,000,468	3,357
	Vital Healthcare Property Trust	1,820,814	2,626
^*	Pushpay Holdings Ltd.	2,734,258	2,405
	Vector Ltd.	923,349	2,270
	Argosy Property Ltd.	3,185,492	2,208
	Heartland Group Holdings Ltd.	2,239,359	2,206
	Skellerup Holdings Ltd.	653,132	1,974
	Stride Property Group	2,066,989	1,650
	KMD Brands Ltd.	2,145,832	1,475
	Oceania Healthcare Ltd.	2,309,829	986
	Scales Corp. Ltd.	419,772	819
	SKY Network Television Ltd.	488,172	796
^*	Pacific Edge Ltd.	2,330,729	672
^*	Synlait Milk Ltd.	446,695	446
			51,451
Norway (1.4%)
	Bakkafrost P/F	194,821	14,204
	Storebrand ASA	1,765,207	13,620

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Subsea 7 SA	880,909	10,069
	SpareBank 1 SR-Bank ASA	696,651	8,161
^*,1	NEL ASA	5,644,417	7,757
	TGS ASA	464,422	7,283
	Borregaard ASA	388,503	6,501
	SpareBank 1 SMN	477,543	6,174
	Veidekke ASA	425,742	4,901
	Atea ASA	345,809	4,757
^*	Borr Drilling Ltd.	629,402	4,360
	Hafnia Ltd.	787,667	4,273
^*	Kahoot! ASA	1,474,703	3,850
²	Europris ASA	534,180	3,826
	FLEX LNG Ltd.	109,249	3,789
	Aker Solutions ASA	1,009,968	3,605
²	Elkem ASA	1,054,610	3,569
	Austevoll Seafood ASA	345,106	3,250
²	Scatec ASA	475,574	3,109
	Wallenius Wilhelmsen ASA	406,019	3,039
	MPC Container Ships ASA	1,545,546	2,536
^*,2	Crayon Group Holding ASA	326,626	2,525
²	BW LPG Ltd.	311,749	2,519
	DNO ASA	2,426,689	2,428
	Stolt-Nielsen Ltd.	83,000	2,393
²	Entra ASA	203,154	2,064
	Grieg Seafood ASA	204,778	1,717
	Bonheur ASA	73,932	1,652
	Hoegh Autoliners ASA	204,778	1,330
	Sparebank 1 Oestlandet	109,075	1,283
^*	Aker Carbon Capture ASA	1,208,109	1,240
^*	Hexagon Composites ASA Class B	372,527	1,130
	BW Offshore Ltd.	372,352	994
	Wilh Wilhelmsen Holding ASA Class A	32,182	843
	Arendals Fossekompani ASA	39,107	809
^*	BW Energy Ltd.	234,505	631
^*	Aker Horizons ASA	772,830	610
			146,801
Pakistan (0.1%)
	Engro Corp. Ltd.	1,203,707	1,304
	Hub Power Co. Ltd.	4,765,529	1,208
^*	Lucky Cement Ltd.	819,896	1,160
	MCB Bank Ltd.	1,860,210	787
	Pakistan Oilfields Ltd.	508,586	733
	Engro Fertilizers Ltd.	2,089,103	618
^*	TRG Pakistan	1,551,968	599
	Pakistan State Oil Co. Ltd.	1,297,746	526
	Habib Bank Ltd.	1,573,445	402
	Millat Tractors Ltd.	199,303	367
	United Bank Ltd.	845,938	366
^*	Systems Ltd.	147,115	236
^*	Searle Co. Ltd.	325,451	62
	National Bank of Pakistan	240,000	18
	Nishat Mills Ltd.	71,008	14
			8,400
Philippines (0.2%)
	Security Bank Corp.	1,935,099	3,228
	Wilcon Depot Inc.	5,265,600	2,756

		Shares	Market Value• ($000)
	Robinsons Retail Holdings Inc.	2,203,980	2,168
	Robinson's Land Corp.	7,295,297	1,903
	Century Pacific Food Inc.	3,302,900	1,543
	RL Commercial REIT Inc.	14,754,400	1,538
	Manila Water Co. Inc.	4,341,285	1,509
	AREIT Inc.	2,236,100	1,361
	D&L Industries Inc.	7,925,400	1,201
	First Gen Corp.	1,848,087	528
^*	Cebu Air Inc.	519,080	370
	Filinvest Land Inc.	9,533,400	136
	Vista Land & Lifescapes Inc.	2,779,022	88
			18,329
Poland (0.5%)
¹	CD Projekt SA	248,602	6,783
	KRUK SA	67,429	6,088
	Orange Polska SA	2,615,782	4,557
	Asseco Poland SA	223,599	4,537
^*	mBank SA	48,644	4,072
	Cyfrowy Polsat SA	927,594	3,890
^*	PGE Polska Grupa Energetyczna SA	2,313,676	3,833
^*	Alior Bank SA	358,748	3,758
^*	Bank Millennium SA	2,254,009	2,675
	Bank Handlowy w Warszawie SA	121,020	2,614
^*,1	Jastrzebska Spolka Weglowa SA	204,424	2,116
^*	Tauron Polska Energia SA	3,702,507	1,844
^*,1	CCC SA	163,276	1,760
^*	Enea SA	921,814	1,491
^*	Grupa Azoty SA	184,529	1,427
^*	AmRest Holdings SE	235,679	1,062
	Kernel Holding SA	162,269	707
	Warsaw Stock Exchange	75,126	653
	Ciech SA	29,021	338
^*,3	CAPITEA SA	103,234	93
			54,298
Portugal (0.3%)
	Banco Comercial Portugues SA Class R	29,489,595	7,580
	Sonae SGPS SA	3,539,496	4,036
	REN - Redes Energeticas Nacionais SGPS SA	1,289,619	3,745
	Navigator Co. SA	973,531	3,573
	NOS SGPS SA	755,680	3,322
	CTT-Correios de Portugal SA	573,787	2,370
^*,1	Greenvolt-Energias Renovaveis SA	216,068	1,469
	Corticeira Amorim SGPS SA	124,358	1,405
	Altri SGPS SA	267,201	1,383
	Semapa-Sociedade de Investimento e Gestao	49,025	741
			29,624
Qatar (0.1%)
	Gulf International Services QSC	3,401,641	1,972
	United Development Co. QSC	5,336,327	1,650

		Shares	Market Value• ($000)
	Al Meera Consumer Goods Co. QSC	379,062	1,517
	Medicare Group	764,301	1,263
			6,402
Romania (0.0%)
	Teraplast SA	3,866,662	499
Russia (0.0%)
^*,3	Mechel PJSC Preference Shares	434,330	—
^*,2,3	Detsky Mir PJSC	2,390,633	—
^*,3	OGK-2 PJSC	54,519,850	—
^*,3	TGC-1 PJSC	2,060,900,000	—
^*,3	Mechel PJSC	477,169	—
^*,3	Rosseti Lenenergo PJSC Preference Shares	305,131	—
^*,3	LSR Group PJSC Class A	66,793	—
^*,3	EL5-ENERO PJSC	24,682,000	—
^*,3	Samolet Group	30,568	—
^*,3	Novorossiysk Commercial Sea Port PJSC	16,380,500	—
^*,3	Bank St. Petersburg PJSC	642,145	—
^*,3	IDGC of Centre and Volga Region PJSC	236,900,000	—
^*,3	Cherkizovo Group PJSC	13,969	—
			—
Saudi Arabia (0.5%)
	Al Hammadi Co. for Development and Investment	302,236	4,543
	Aldrees Petroleum and Transport Services Co.	139,921	3,760
	Leejam Sports Co. JSC	108,173	3,448
	Astra Industrial Group	131,699	2,371
	Jadwa REIT Saudi Fund	631,260	2,271
	United International Transportation Co.	141,208	2,250
	National Gas & Industrialization Co.	135,968	2,238
	Al Masane Al Kobra Mining Co.	101,718	2,104
	Arabian Cement Co.	221,563	2,098
^*	Saudi Real Estate Co.	550,452	2,034
	National Medical Care Co.	79,266	2,011
^*	Saudi Ground Services Co.	275,952	1,913
	Al-Dawaa Medical Services Co.	90,397	1,867
	Eastern Province Cement Co.	163,137	1,855
	Arriyadh Development Co.	323,773	1,752
^*	Middle East Healthcare Co.	149,659	1,557
^*	National Agriculture Development Co.	191,579	1,508
	City Cement Co.	254,398	1,484
	Najran Cement Co.	357,901	1,369
	Saudi Pharmaceutical Industries & Medical Appliances Corp.	188,467	1,293

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Saudi Ceramic Co.	147,491	1,267
	Saudi Chemical Co. Holding	153,343	1,235
^*	Dur Hospitality Co.	162,788	1,209
^*	Saudi Public Transport Co.	241,736	1,188
	Northern Region Cement Co.	324,699	1,041
^*	Aseer Trading Tourism & Manufacturing Co.	311,090	1,022
	Bawan Co.	106,912	832
^*	Methanol Chemicals Co.	123,062	828
^*	Fawaz Abdulaziz Al Hokair & Co.	171,223	737
^*	Herfy Food Services Co.	70,644	671
	Tabuk Cement Co.	146,229	609
^*	Al Jouf Cement Co.	176,654	603
	Hail Cement Co.	165,567	541
^*	Zamil Industrial Investment Co.	92,227	451
^*	Mediterranean & Gulf Insurance & Reinsurance Co.	154,570	368
			56,328
Singapore (0.7%)
	Frasers Centrepoint Trust	4,125,408	6,855
	ESR-LOGOS REIT	21,082,884	5,147
	Keppel Infrastructure Trust	13,296,446	4,888
	Parkway Life REIT	1,518,181	4,422
	Raffles Medical Group Ltd.	3,738,384	4,128
	Lendlease Global Commercial REIT	7,245,419	3,812
	CapitaLand China Trust	4,289,099	3,577
	CDL Hospitality Trusts	3,463,742	3,285
	PARAGON REIT	4,393,200	3,084
	AEM Holdings Ltd.	1,085,600	2,767
	Capitaland India Trust	3,253,800	2,664
	AIMS APAC REIT	2,243,500	2,311
	iFAST Corp. Ltd.	630,600	2,195
	First Resources Ltd.	1,898,529	2,189
	Sheng Siong Group Ltd.	1,638,700	2,176
	Starhill Global REIT	5,310,808	2,093
	Cromwell European REIT	1,210,840	2,057
	Far East Hospitality Trust	4,115,400	1,917
	OUE Commercial REIT	7,810,309	1,907
	UMS Holdings Ltd.	1,697,700	1,319
^*,1	Golden Energy & Resources Ltd.	1,806,700	1,297
	Hour Glass Ltd.	761,200	1,190
	Manulife US REIT	6,221,088	1,117
	Keppel Pacific Oak US REIT	3,092,700	1,115
	Digital Core REIT Management Pte. Ltd.	2,506,600	1,094
	Nanofilm Technologies International Ltd.	866,000	981
	Riverstone Holdings Ltd.	1,877,000	854
	First REIT	3,903,172	791

		Shares	Market Value• ($000)
	Prime US REIT	2,331,469	608
	Silverlake Axis Ltd.	2,343,207	590
	Bumitama Agri Ltd.	938,600	406
^*	COSCO Shipping International Singapore Co. Ltd.	3,208,700	405
^*	Yoma Strategic Holdings Ltd.	4,687,430	356
^*,1,3	Ezra Holdings Ltd.	4,500,399	37
^*	Keppel Infrastructure Trust Rights Exp. 5/10/25	664,822	11
^*,3	Eagle Hospitality Trust	2,004,300	—
			73,645
South Africa (0.7%)
	SPAR Group Ltd.	692,507	5,320
	Thungela Resources Ltd.	514,547	4,823
	Truworths International Ltd.	1,241,896	3,699
	Barloworld Ltd.	720,830	3,577
^*	Fortress Real Estate Investments Ltd. Class B	11,544,371	3,172
	Motus Holdings Ltd.	593,896	3,084
	Equites Property Fund Ltd.	2,951,315	2,518
	Hyprop Investments Ltd.	1,440,462	2,516
¹	Resilient REIT Ltd.	1,004,739	2,495
	Omnia Holdings Ltd.	759,066	2,390
	Super Group Ltd.	1,332,763	2,335
	Vukile Property Fund Ltd.	3,326,314	2,297
	AECI Ltd.	454,961	2,149
	Ninety One Ltd.	908,964	2,056
^*	Telkom SA SOC Ltd.	1,130,256	2,052
	MAS Real Estate Inc.	1,698,489	2,010
	DRDGOLD Ltd.	1,830,127	1,958
	Reunert Ltd.	557,702	1,799
	JSE Ltd.	314,176	1,653
	Sun International Ltd.	720,101	1,615
	KAP Ltd.	8,874,357	1,477
	DataTec Ltd.	703,518	1,399
	Coronation Fund Managers Ltd.	828,739	1,360
	Astral Foods Ltd.	144,318	1,327
	Attacq Ltd.	2,449,091	1,210
	Tsogo Sun Gaming Ltd.	1,703,310	1,138
^*	Wilson Bayly Holmes-Ovcon Ltd.	187,599	1,112
	Investec Property Fund Ltd.	2,118,501	1,020
	SA Corporate Real Estate Ltd.	8,808,054	901
	Raubex Group Ltd.	597,565	863
	Adcock Ingram Holdings Ltd.	308,980	847
	Curro Holdings Ltd.	1,881,911	834
	Cashbuild Ltd.	76,354	740
	Emira Property Fund Ltd.	1,147,647	631
^*	Zeda Ltd.	685,020	455
^*	Blue Label Telecoms Ltd.	1,834,502	453
^*	Fortress Real Estate Investments Ltd. Class A	304,545	216
^*	Brait plc	32,899	6
			69,507

		Shares	Market Value• ($000)
South Korea (4.3%)
¹	Ecopro Co. Ltd.	68,693	37,728
^*	CosmoAM&T Co. Ltd.	78,009	10,236
¹	JYP Entertainment Corp.	106,493	7,204
^*,1	Hyundai Rotem Co. Ltd.	274,229	6,763
¹	DB HiTek Co. Ltd.	137,144	6,244
^*	Kum Yang Co. Ltd.	110,775	5,566
	Hansol Chemical Co. Ltd.	32,546	5,425
¹	CS Wind Corp.	77,480	4,386
^*	Cosmochemical Co. Ltd.	90,647	3,971
	Youngone Corp.	115,614	3,826
^*,1	Bioneer Corp.	85,093	3,715
	KIWOOM Securities Co. Ltd.	52,229	3,670
¹	LX Semicon Co. Ltd.	43,855	3,467
¹	Hyosung Advanced Materials Corp.	11,860	3,459
¹	LEENO Industrial Inc.	34,304	3,445
	JB Financial Group Co. Ltd.	550,236	3,443
	Hyosung TNC Corp.	11,580	3,274
	Medytox Inc.	18,109	3,206
	HD Hyundai Electric Co Ltd.	82,836	3,142
¹	WONIK IPS Co. Ltd.	136,861	3,134
¹	Sam Chun Dang Pharm Co. Ltd.	54,053	3,050
	Soulbrain Co. Ltd.	17,714	2,915
¹	Advanced Nano Products Co. Ltd.	25,829	2,896
	LS Electric Co. Ltd.	60,515	2,868
	Hanmi Semiconductor Co. Ltd.	182,808	2,830
	Daejoo Electronic Materials Co. Ltd.	37,667	2,784
¹	People & Technology Inc.	68,387	2,771
¹	Kolon Industries Inc.	83,386	2,676
	SM Entertainment Co. Ltd.	33,131	2,670
¹	Dongjin Semichem Co. Ltd.	118,906	2,635
^*,1	HLB Life Science Co. Ltd.	326,155	2,626
^*	Doosan Fuel Cell Co. Ltd.	116,683	2,621
^*	SOLUM Co. Ltd.	140,261	2,569
	Dentium Co. Ltd.	23,072	2,491
¹	Hanwha Systems Co. Ltd.	234,016	2,481
	LIG Nex1 Co. Ltd.	41,276	2,420
¹	KEPCO Engineering & Construction Co. Inc.	45,494	2,398
¹	Chunbo Co. Ltd.	16,419	2,392
¹	Hyundai Elevator Co. Ltd.	94,739	2,378
¹	Eo Technics Co. Ltd.	36,294	2,376
^*	Hanall Biopharma Co. Ltd.	152,964	2,353
	Hyundai Construction Equipment Co. Ltd.	45,482	2,315
¹	Koh Young Technology Inc.	232,153	2,307
¹	SFA Engineering Corp.	76,743	2,294

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Daeduck Electronics Co. Ltd.	139,234	2,258
	Poongsan Corp.	67,837	2,156
	Chong Kun Dang Pharmaceutical Corp.	33,708	2,137
^*,1	STCUBE	154,196	2,103
	ST Pharm Co. Ltd.	35,164	2,084
^*,1	Hyundai Bioscience Co. Ltd.	135,994	2,066
	Daishin Securities Co. Ltd.	204,104	2,054
¹	Foosung Co. Ltd.	196,995	1,998
¹	Ecopro HN Co. Ltd.	39,649	1,990
^*,1	Sungeel Hitech Co. Ltd.	19,216	1,969
¹	Posco DX Co. Ltd.	197,872	1,966
	Korean Reinsurance Co.	345,509	1,955
¹	Com2uSCorp	36,931	1,901
	LX International Corp.	85,850	1,883
¹	YG Entertainment Inc.	41,012	1,879
	Dongkuk Steel Mill Co. Ltd.	208,319	1,867
¹	PharmaResearch Co. Ltd.	24,513	1,858
^*,1	LegoChem Biosciences Inc.	64,462	1,851
^*,1	Hana Tour Service Inc.	44,786	1,850
^*,1	Oscotec Inc.	116,068	1,847
^*,1	Cosmax Inc.	31,688	1,834
¹	Park Systems Corp.	16,737	1,834
^*	Kumho Tire Co. Inc.	543,922	1,832
¹	S&S Tech Corp.	54,401	1,828
^*	Hugel Inc.	21,449	1,826
^*,1	Chabiotech Co. Ltd.	184,532	1,798
¹	Kolmar Korea Co. Ltd.	59,219	1,795
^*,1	Eoflow Co. Ltd.	91,924	1,710
¹	Dongwon Industries Co. Ltd.	49,124	1,707
¹	BH Co. Ltd.	97,020	1,682
^*,1	KMW Co. Ltd.	115,131	1,665
¹	Innox Advanced Materials Co. Ltd.	50,248	1,664
¹	Hyosung Corp.	33,066	1,630
¹	AfreecaTV Co. Ltd.	27,790	1,620
	Hyundai Autoever Corp.	17,258	1,591
	SK REITs Co. Ltd.	429,934	1,586
^*,1	Creative & Innovative System	167,008	1,570
	Douzone Bizon Co. Ltd.	68,415	1,562
^*,1	GemVax & Kael Co. Ltd.	149,278	1,557
^*	SK oceanplant Co. Ltd.	104,808	1,542
¹	TKG Huchems Co. Ltd.	88,497	1,510
^*,1	ABLBio Inc.	95,206	1,505
¹	Hana Micron Inc.	130,994	1,504
^*,1	Enchem Co. Ltd.	28,053	1,474
	Innocean Worldwide Inc.	48,948	1,466
^*	W Scope Chungju Plant Co. Ltd.	42,222	1,458
¹	Daewoong Pharmaceutical Co. Ltd.	17,595	1,455

		Shares	Market Value• ($000)
¹	SIMMTECH Co. Ltd.	67,439	1,455
^*	Pharmicell Co. Ltd.	211,277	1,437
¹	Doosan Co. Ltd.	19,953	1,395
^*,1,3	Taihan Electric Wire Co. Ltd.	1,243,971	1,392
^*	Neowiz	42,069	1,390
^*,1	Duk San Neolux Co. Ltd.	42,481	1,386
¹	Jusung Engineering Co. Ltd.	117,461	1,385
^*	Myoung Shin Industrial Co. Ltd.	101,273	1,375
¹	HDC Hyundai Development Co-Engineering & Construction Class E	151,393	1,369
	MegaStudyEdu Co. Ltd.	29,071	1,365
	JR Global REIT	407,952	1,348
¹	HK inno N Corp.	55,568	1,344
¹	Seoul Semiconductor Co. Ltd.	167,768	1,340
^*,1	Naturecell Co. Ltd.	168,797	1,334
^*	Hyosung Heavy Industries Corp.	22,660	1,334
	HAESUNG DS Co. Ltd.	37,801	1,326
^*,1	IS Dongseo Co. Ltd.	47,431	1,316
	Youlchon Chemical Co. Ltd.	45,417	1,315
	Korea Petrochemical Ind Co. Ltd.	12,024	1,309
	Lutronic Corp.	66,502	1,293
	ESR Kendall Square REIT Co. Ltd.	454,039	1,278
	Daou Technology Inc.	88,954	1,276
¹	DongKook Pharmaceutical Co. Ltd.	111,645	1,261
¹	SL Corp.	53,966	1,257
^*	GeneOne Life Science Inc.	277,462	1,250
	Korea Electric Terminal Co. Ltd.	27,199	1,248
¹	NICE Information Service Co. Ltd.	144,592	1,242
^*,1	Genexine Inc.	136,227	1,236
¹	Intellian Technologies Inc.	23,503	1,209
	LOTTE REIT Co. Ltd.	447,337	1,206
^*,1	Wysiwyg Studios Co. Ltd.	90,775	1,200
¹	PI Advanced Materials Co. Ltd.	48,541	1,190
¹	RFHIC Corp.	67,588	1,190
¹	Harim Holdings Co. Ltd.	169,108	1,189
¹	Taekwang Industrial Co. Ltd.	2,276	1,188
¹	Doosan Tesna Inc.	43,910	1,177
^*	Asiana Airlines Inc.	121,767	1,171
^*,1	Studio Dragon Corp.	23,277	1,155
	Shinhan Alpha REIT Co. Ltd.	258,953	1,136
¹	Tokai Carbon Korea Co. Ltd.	15,137	1,133
	Hyundai Home Shopping Network Corp.	31,376	1,131
^*	Jeju Air Co. Ltd.	106,368	1,124
^*	CJ CGV Co. Ltd.	97,783	1,122
^*,1	Grand Korea Leisure Co. Ltd.	81,598	1,120

		Shares	Market Value• ($000)
	Samyang Holdings Corp.	19,731	1,117
¹	Sebang Global Battery Co. Ltd.	27,616	1,111
¹	L&C Bio Co. Ltd.	48,115	1,109
	Green Cross Holdings Corp.	93,682	1,095
^*,1	Vaxcell-Bio Therapeutics Co. Ltd.	36,514	1,095
^*,1	SFA Semicon Co. Ltd.	272,456	1,085
	KCC Glass Corp.	31,390	1,080
	Eugene Technology Co. Ltd.	49,569	1,076
¹	Daesang Corp.	73,504	1,070
^*,1	Dawonsys Co. Ltd.	116,231	1,064
	GC Cell Corp.	32,805	1,053
¹	DoubleUGames Co. Ltd.	30,675	1,041
^*	Seojin System Co. Ltd.	85,445	1,028
¹	INTOPS Co. Ltd.	38,831	1,024
	Youngone Holdings Co. Ltd.	20,975	1,016
	SK Discovery Co. Ltd.	42,004	1,014
^*,1	NKMax Co. Ltd.	116,441	1,005
^*,1	Mezzion Pharma Co. Ltd.	61,131	1,001
^*,1	Amicogen Inc.	77,688	988
¹	Ahnlab Inc.	21,444	981
	Samchully Co. Ltd.	8,433	965
^*,1	Humasis Co. Ltd.	437,516	964
	Han Kuk Carbon Co. Ltd.	112,004	962
	Samyang Foods Co. Ltd.	10,930	953
¹	Sungwoo Hitech Co. Ltd.	148,395	946
^*,1	NEPES Corp.	62,567	946
	LX Holdings Corp.	146,966	937
^*,1	Lotte Tour Development Co. Ltd.	114,177	936
^*,1	MedPacto Inc.	55,851	933
	Handsome Co. Ltd.	49,758	930
	Mcnex Co. Ltd.	38,455	906
¹	Partron Co. Ltd.	147,808	881
¹	Zinus Inc.	41,120	881
	JW Pharmaceutical Corp.	51,620	879
^*	Hanwha General Insurance Co. Ltd.	257,794	877
¹	Hankook & Co. Co. Ltd.	92,671	875
	Samwha Capacitor Co. Ltd.	28,104	873
	Hanjin Transportation Co. Ltd.	58,263	868
	Orion Holdings Corp.	68,741	852
^*	HLB Therapeutics Co. Ltd.	229,862	833
^*	Shinsung E&G Co. Ltd.	556,229	832
^*,1	Helixmith Co. Ltd.	128,167	826
¹	GOLFZON Co. Ltd.	9,827	822
¹	Daewoong Co. Ltd.	72,559	812
	Bukwang Pharmaceutical Co. Ltd.	134,499	807
¹	TES Co. Ltd.	49,761	803
¹	NHN KCP Corp.	95,298	803

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*	Hanwha Investment & Securities Co. Ltd.	383,737	795
	i-SENS Inc.	61,954	793
	SNT Motiv Co. Ltd.	22,094	790
	Young Poong Corp.	1,847	789
^*	DIO Corp.	35,057	782
	SK Gas Ltd.	8,613	778
	Lotte Rental Co. Ltd.	39,938	778
	Songwon Industrial Co. Ltd.	59,532	767
^*	Il Dong Pharmaceutical Co. Ltd.	50,893	765
	TK Corp.	55,768	743
^*,1	Hancom Inc.	69,354	738
^*,1	Ananti Inc.	154,821	730
^*	Hyosung Chemical Corp.	9,076	726
	LF Corp.	55,138	722
^*	AbClon Inc.	50,930	719
¹	Hansae Co. Ltd.	56,311	716
¹	KH Vatec Co. Ltd.	50,386	713
^*,1	Hyundai Green Food	78,353	712
	iMarketKorea Inc.	95,700	708
^*	Korea Line Corp.	455,846	705
	Nexen Tire Corp.	113,929	703
^*	Yungjin Pharmaceutical Co. Ltd.	316,309	699
¹	Hanssem Co. Ltd.	20,687	692
^*	iNtRON Biotechnology Inc.	118,350	689
¹	NICE Holdings Co. Ltd.	72,461	688
	SK Securities Co. Ltd.	1,337,369	681
	TY Holdings Co. Ltd.	84,110	681
	Vieworks Co. Ltd.	26,371	676
^*,1	Danal Co. Ltd.	218,352	676
¹	Lotte Confectionery Co. Ltd.	8,523	675
	HDC Holdings Co. Ltd.	136,690	671
^*	Com2uS Holdings Corp.	20,496	669
¹	InBody Co. Ltd.	31,689	659
^*,1	Komipharm International Co. Ltd.	116,807	654
^*,1	Binex Co. Ltd.	91,844	642
	Webzen Inc.	55,962	639
	Dong-A ST Co. Ltd.	15,527	636
	Korea Asset In Trust Co. Ltd.	288,833	633
	Namyang Dairy Products Co. Ltd.	1,683	623
	Binggrae Co. Ltd.	18,626	620
¹	Shinsegae International Inc.	42,245	620
^*	HLB Global Co. Ltd.	142,176	618
^*	CMG Pharmaceutical Co. Ltd.	383,090	617
	Unid Co. Ltd.	12,652	616
¹	Nature Holdings Co. Ltd.	28,943	613
	Seah Besteel Holdings Corp.	35,155	611
^*,1	BNC Korea Co. Ltd.	206,008	596
	Dong-A Socio Holdings Co. Ltd.	9,560	592
^*	Modetour Network Inc.	47,716	588

		Shares	Market Value• ($000)
	Solid Inc.	146,704	579
	Ilyang Pharmaceutical Co. Ltd.	44,081	568
^*	Medipost Co. Ltd.	51,638	562
¹	Hanil Cement Co. Ltd.	59,370	556
^*	UniTest Inc.	60,678	554
¹	Boryung	84,761	551
	Korea Real Estate Investment & Trust Co. Ltd.	546,836	550
^*	Giantstep Inc.	39,469	543
¹	KUMHOE&C Co. Ltd.	113,346	542
	Sung Kwang Bend Co. Ltd.	58,703	539
^*	OliX Pharmaceuticals Inc.	33,958	539
^*	Daea TI Co. Ltd.	234,869	533
	LX Hausys Ltd.	17,333	533
	Tongyang Inc.	667,833	529
¹	OptoElectronics Solutions Co. Ltd.	42,683	524
	Advanced Process Systems Corp.	34,129	521
	Yuanta Securities Korea Co. Ltd.	263,543	519
^*,1	Insun ENT Co. Ltd.	81,980	504
	Samyang Corp.	15,975	496
	HL Holdings Corp.	19,666	488
^*	Cafe24 Corp.	72,626	482
¹	Hankook Shell Oil Co. Ltd.	2,786	480
	Hansol Holdings Co. Ltd.	206,585	479
¹	Sangsangin Co. Ltd.	129,559	478
	KISWIRE Ltd.	33,668	478
¹	Huons Co. Ltd.	19,429	478
^*	CrystalGenomics Inc.	207,711	469
¹	Hyundai GF Holdings	147,598	462
	KC Co. Ltd.	31,238	461
	ICD Co. Ltd.	49,746	454
¹	Korea United Pharm Inc.	28,052	452
¹	ITM Semiconductor Co. Ltd.	22,410	451
¹	ENF Technology Co. Ltd.	29,094	451
	Hansol Technics Co. Ltd.	102,248	449
^*	Ace Technologies Corp.	135,359	449
^*	Sambu Engineering & Construction Co. Ltd.	565,614	448
^*	HJ Shipbuilding & Construction Co. Ltd.	164,546	447
	Gradiant Corp.	41,274	440
	Aekyung Industrial Co. Ltd.	27,149	438
	KC Tech Co. Ltd.	30,441	429
^*,1	Samsung Pharmaceutical Co. Ltd.	202,583	423
¹	Seobu T&D	75,937	421
	Namhae Chemical Corp.	64,980	420
	Hansol Paper Co. Ltd.	49,400	420
	Humedix Co. Ltd.	19,600	416
^*,3	Cellivery Therapeutics Inc.	78,877	394

		Shares	Market Value• ($000)
	Sam Young Electronics Co. Ltd.	55,413	391
	Daol Investment & Securities Co. Ltd.	154,806	388
	Toptec Co. Ltd.	58,529	386
	Eusu Holdings Co. Ltd.	75,588	383
	E1 Corp.	10,695	381
^*	Eubiologics Co. Ltd.	70,470	381
	Dongwon F&B Co. Ltd.	16,470	377
	SPC Samlip Co. Ltd.	6,908	375
^*	Namsun Aluminum Co. Ltd.	214,367	372
	Kwang Dong Pharmaceutical Co. Ltd.	83,083	359
¹	Woongjin Thinkbig Co. Ltd.	152,463	354
	Daesung Holdings Co. Ltd.	13,836	352
	Kolon Corp.	23,081	351
	KT Skylife Co. Ltd.	67,335	349
	Cuckoo Homesys Co. Ltd.	17,976	343
¹	Soulbrain Holdings Co. Ltd.	16,872	337
	HS Industries Co. Ltd.	121,990	336
	Hyundai Corp.	25,414	331
^*	Homecast Co. Ltd.	106,580	331
	KISCO Corp.	64,243	329
	Jeil Pharmaceutical Co. Ltd.	23,196	321
^*	Peptron Inc.	59,471	320
	Chongkundang Holdings Corp.	8,288	314
¹	Maeil Dairies Co. Ltd.	8,362	297
	Eugene Investment & Securities Co. Ltd.	155,434	294
^*	Dongsung Pharmaceutical Co. Ltd.	66,487	294
	CJ Freshway Corp.	13,655	291
	Huons Global Co. Ltd.	18,780	285
^*	Enzychem Lifesciences Corp.	210,541	284
^*	Able C&C Co. Ltd.	44,668	281
^*,1	Wonik Holdings Co. Ltd.	104,194	278
	Dae Han Flour Mills Co. Ltd.	2,609	278
^*	Tongyang Life Insurance Co. Ltd.	92,674	274
	LG HelloVision Co. Ltd.	89,011	274
	Hyundai Bioland Co. Ltd.	29,899	273
	BGF Co. Ltd.	88,189	272
	Daeduck Co. Ltd.	56,872	271
	Sindoh Co. Ltd.	10,491	270
^*,1	Eutilex Co. Ltd.	70,438	264
	Hanil Holdings Co. Ltd.	30,794	259
	Cuckoo Holdings Co. Ltd.	20,198	233
	LOTTE Himart Co. Ltd.	26,231	222
^*	Interflex Co. Ltd.	28,626	208

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	DB Financial Investment Co. Ltd.	68,332	207
	Kolmar Korea Holdings Co. Ltd.	18,175	202
^*,1	Telcon RF Pharmaceutical Inc.	240,257	191
^*	Inscobee Inc.	176,261	185
	Lock&Lock Co. Ltd.	42,729	183
^*,1,3	Kuk-il Paper Manufacturing Co. Ltd.	305,865	183
	Taeyoung Engineering & Construction Co. Ltd.	53,202	152
^*	Unid Btplus Co. Ltd.	18,219	130
^*	Mirae Asset Life Insurance Co. Ltd.	42,058	88
^*	Hyundai Livart Furniture Co. Ltd.	669	4
			443,382
Spain (1.3%)
	Banco de Sabadell SA	21,226,597	22,122
	Viscofan SA	148,829	10,202
	Acerinox SA	741,328	8,010
	Vidrala SA	70,892	7,442
	Cia de Distribucion Integral Logista Holdings SA	239,621	6,507
	Fluidra SA	372,743	6,385
	Indra Sistemas SA	455,410	6,030
	CIE Automotive SA	187,806	5,663
	Ebro Foods SA	282,625	5,246
	Sacyr SA	1,535,209	5,080
²	Unicaja Banco SA	4,628,349	4,697
	Applus Services SA	503,992	4,229
	Faes Farma SA	1,180,518	4,161
^*	Solaria Energia y Medio Ambiente SA	236,869	3,737
	Laboratorios Farmaceuticos Rovi SA	82,799	3,663
	Almirall SA	288,654	2,955
^*	Melia Hotels International SA	421,324	2,720
²	Gestamp Automocion SA	574,942	2,489
	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros	2,665,675	2,460
	Pharma Mar SA	56,130	2,330
	Construcciones y Auxiliar de Ferrocarriles SA	68,667	2,131
	Ence Energia y Celulosa SA	482,881	1,892
	Prosegur Cia de Seguridad SA	883,471	1,695
²	Global Dominion Access SA	404,732	1,693
²	Neinor Homes SA	154,864	1,569
	Fomento de Construcciones y Contratas SA	139,835	1,416
	Lar Espana Real Estate Socimi SA	231,016	1,305
^*,1	Tecnicas Reunidas SA	128,578	1,193

		Shares	Market Value• ($000)
	Atresmedia Corp. de Medios de Comunicacion SA	293,153	1,172
^*	Distribuidora Internacional de Alimentacion SA	56,097,194	978
²	Prosegur Cash SA	1,197,502	829
^*	Mediaset Espana Comunicacion SA	187,825	624
^*,1	NH Hotel Group SA	69,008	270
^*	Faes Farma SA Rights Exp. 5/2/23	1,169,398	159
^*,1	Tecnicas Reunidas SA Rights Exp. 5/2/23	128,578	146
^*,1,3	Let's Gowex SA	31,105	—
			133,200
Sweden (4.0%)
	AddTech AB Class B	723,712	14,505
	AAK AB	664,311	13,388
²	Thule Group AB	407,225	11,778
	Fortnox AB	1,696,850	11,696
	Elekta AB Class B	1,369,850	11,518
	Hexpol AB	946,184	11,152
	Nordnet AB publ	650,535	10,227
	Avanza Bank Holding AB	471,941	10,042
²	Bravida Holding AB	773,579	9,418
	Lagercrantz Group AB	728,998	9,382
	Loomis AB Class B	275,929	8,832
²	Dometic Group AB	1,212,825	8,693
	Wihlborgs Fastigheter AB	1,001,392	8,094
^*	Sectra AB	505,298	7,979
	Billerud AB	809,715	7,777
	Fabege AB	950,651	7,624
^*	Viaplay Group AB Class B	289,037	7,386
	AFRY AB	380,967	7,162
	Hexatronic Group AB	762,098	6,446
^*,1,2	Sinch AB	2,348,612	6,234
	Hufvudstaden AB Class A	402,147	5,735
	Mycronic AB	261,212	5,551
	AddNode Group AB Class B	435,431	5,538
	Bure Equity AB	213,416	5,457
	Electrolux Professional AB Class B	888,273	5,178
	Vitrolife AB	229,743	5,173
	HMS Networks AB Class B	108,151	5,031
	Vitec Software Group AB Class B Class B	95,372	5,024
	Wallenstam AB Class B	1,251,939	4,968
^*	Betsson AB Class B	457,648	4,944
	Storskogen Group AB Class B	5,278,207	4,811
	Instalco AB	910,384	4,785
	Nyfosa AB	684,948	4,694
	Mips AB	86,198	4,661
	Catena AB	116,104	4,454
	AddLife AB Class A	371,058	4,397
	Hemnet Group AB	266,041	4,362
¹	Samhallsbyggnadsbolaget i Norden AB Class D	2,766,261	4,191
	Peab AB Class B	791,017	4,185

		Shares	Market Value• ($000)
	Lindab International AB	260,775	4,176
	Granges AB	416,680	4,144
	Pandox AB Class B	339,690	4,048
	Bufab AB	121,462	4,029
¹	JM AB	247,902	3,980
²	Munters Group AB	404,464	3,970
	Medicover AB Class B	240,806	3,970
	Arjo AB Class B	879,176	3,900
^*	Modern Times Group MTG AB Shares B Class B	478,627	3,848
	Nolato AB Class B	678,666	3,765
^*	Stillfront Group AB	1,727,884	3,681
	Beijer Alma AB	159,064	3,617
	Biotage AB	265,029	3,297
^*	Alleima AB	631,009	3,239
	Bilia AB Class A	283,807	3,203
	NCC AB Class B	319,796	3,180
^*,2	BioArctic AB Class B	119,855	3,096
	Atrium Ljungberg AB Class B	166,254	3,092
^*	OX2 AB	383,481	2,964
	Concentric AB	140,243	2,949
^*,1,2	Boozt AB	247,076	2,864
	Ratos AB Class B	799,891	2,765
	Troax Group AB	121,488	2,753
¹	Intrum AB	291,933	2,643
^*	Sdiptech AB Class B	109,708	2,535
¹	Samhallsbyggnadsbolaget i Norden AB	2,060,949	2,424
	INVISIO AB	115,909	2,381
	Dios Fastigheter AB	329,376	2,351
	Systemair AB	265,622	2,309
^*,1	Truecaller AB Class B	742,554	2,220
	Corem Property Group AB Class B	2,761,324	2,191
	SkiStar AB	159,723	2,056
	Cibus Nordic Real Estate AB	184,230	1,971
	NP3 Fastigheter AB	98,193	1,890
^*,2	Scandic Hotels Group AB	510,229	1,825
	MEKO AB	148,016	1,815
	Fagerhult AB	269,618	1,723
^*	Camurus AB	75,213	1,712
	Platzer Fastigheter Holding AB Class B	197,599	1,665
	Cloetta AB Class B	780,193	1,652
^*,2	Attendo AB	445,597	1,579
	Investment AB Oresund	109,365	1,311
	Clas Ohlson AB Class B	151,490	1,144
^*	Cint Group AB	687,837	1,082
²	Resurs Holding AB	560,084	1,066
^*,1	BICO Group AB Class B	151,065	906
^*	Collector Bank AB	278,993	888
	Volati AB	76,267	763
	Corem Property Group AB Preference Shares	33,612	695
	Nobia AB	244,769	357
	NCC AB Class A	4,913	54
^*,3	Ow Bunker A/S	24,023	—
			408,210

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
Switzerland (3.2%)
²	Galenica AG	183,585	16,453
^*	Dufry AG (Registered)	267,742	12,378
	Siegfried Holding AG (Registered)	15,520	11,961
	Bucher Industries AG (Registered)	24,688	11,118
	Allreal Holding AG (Registered)	56,073	9,951
	Cembra Money Bank AG Class B	111,140	8,925
^*	Meyer Burger Technology AG	13,667,849	8,803
	SFS Group AG	67,141	8,773
¹	Stadler Rail AG	201,160	8,360
^*	Accelleron Industries AG	333,784	8,233
	Inficon Holding AG (Registered)	7,444	8,105
	Landis & Gyr Group AG	94,872	7,860
	Interroll Holding AG (Registered)	2,114	7,716
	Swissquote Group Holding SA (Registered)	34,361	7,356
	Burckhardt Compression Holding AG	11,876	7,333
	Mobimo Holding AG (Registered)	27,088	7,265
	Vontobel Holding AG (Registered)	107,632	7,209
	Daetwyler Holding AG	28,353	7,174
	Comet Holding AG (Registered)	28,655	6,926
	Valiant Holding AG (Registered)	58,527	6,803
^*	ams-OSRAM AG	931,188	6,431
^*	Aryzta AG	3,611,391	6,417
	Softwareone Holding AG	417,791	6,302
	St Galler Kantonalbank AG (Registered)	9,993	5,629
	Huber & Suhner AG (Registered)	67,935	5,596
	Sulzer AG (Registered)	65,348	5,476
	Kardex Holding AG (Registered)	23,063	5,271
	Forbo Holding AG (Registered)	3,515	5,174
	dormakaba Holding AG	11,533	5,167
	Komax Holding AG (Registered)	18,161	4,814
	VZ Holding AG	48,975	4,568
^*,1	Idorsia Ltd.	467,982	4,523
^*	Dottikon Es Holding AG (Registered)	17,242	4,503
^*,2	Sensirion Holding AG	40,900	4,438
	OC Oerlikon Corp. AG (Registered)	721,428	4,040
	LEM Holding SA (Registered)	1,812	3,995
	SKAN Group AG	40,154	3,881
	Bystronic AG	5,154	3,720
	Zehnder Group AG	38,592	3,152
	u-blox Holding AG	25,793	3,109
	Intershop Holding AG	4,376	3,073
²	Medacta Group SA	22,851	3,071

		Shares	Market Value• ($000)
	Ypsomed Holding AG (Registered)	12,745	2,963
	EFG International AG	297,962	2,867
¹	Schweiter Technologies AG	3,559	2,840
	PIERER Mobility AG	32,084	2,737
	Bossard Holding AG (Registered) Class A	10,199	2,501
	Vetropack Holding AG (Registered) Class A	47,269	2,457
	Implenia AG (Registered)	54,234	2,447
^*	Basilea Pharmaceutica AG (Registered)	50,269	2,436
	Bell Food Group AG (Registered)	7,287	2,314
	COSMO Pharmaceuticals NV	36,607	2,208
¹	Leonteq AG	40,294	2,186
	ALSO Holding AG (Registered)	9,962	2,136
²	Medmix AG	84,452	2,004
	Arbonia AG	161,137	1,973
	Autoneum Holding AG	10,444	1,587
^*,1	Zur Rose Group AG	33,738	1,476
^*,2	Medartis Holding AG	16,684	1,398
^*,2	Montana Aerospace AG	75,878	1,375
	TX Group AG	10,916	1,271
	Hiag Immobilien Holding AG	13,143	1,222
²	PolyPeptide Group AG	45,584	1,144
	Rieter Holding AG (Registered)	9,566	1,042
	VP Bank AG Class A	7,857	874
	APG SGA SA	2,801	618
			327,128
Taiwan (7.7%)
¹	Global Unichip Corp.	329,649	10,755
¹	Alchip Technologies Ltd.	263,000	10,214
	Chroma ATE Inc.	1,504,040	9,337
^*	Tatung Co. Ltd.	8,481,584	9,009
	WPG Holdings Ltd.	5,484,137	8,938
	Sinbon Electronics Co. Ltd.	796,066	8,826
	TA Chen Stainless Pipe	5,964,072	8,650
	Lien Hwa Industrial Holdings Corp.	4,084,681	8,126
	Gigabyte Technology Co. Ltd.	1,867,271	7,996
	Lotes Co. Ltd.	276,706	7,934
	Phison Electronics Corp.	606,962	7,704
	Macronix International Co. Ltd.	6,670,386	7,014
	Tripod Technology Corp.	1,857,327	6,962
	Simplo Technology Co. Ltd.	664,631	6,672
	International Games System Co. Ltd.	378,426	6,609
	Highwealth Construction Corp.	4,780,289	6,547

		Shares	Market Value• ($000)
	King Yuan Electronics Co. Ltd.	4,198,963	6,444
	Radiant Opto-Electronics Corp.	1,685,147	6,209
	Elite Material Co. Ltd.	1,125,519	6,020
	Compeq Manufacturing Co. Ltd.	4,198,471	5,914
	Taichung Commercial Bank Co. Ltd.	12,706,941	5,835
	Qisda Corp. ADR	5,160,000	5,822
	Ruentex Industries Ltd.	3,071,349	5,789
	Makalot Industrial Co. Ltd.	794,795	5,772
	Poya International Co. Ltd.	296,547	5,550
	Chung-Hsin Electric & Machinery Manufacturing Corp.	1,669,625	5,535
	Asia Vital Components Co. Ltd.	1,059,239	5,450
	Merida Industry Co. Ltd.	971,055	5,438
	Jentech Precision Industrial Co. Ltd.	358,156	5,326
	Yulon Finance Corp.	879,349	5,295
	YFY Inc.	5,070,000	5,092
¹	Bizlink Holding Inc.	577,651	4,961
	Chipbond Technology Corp.	2,300,852	4,941
	IBF Financial Holdings Co. Ltd.	11,937,398	4,797
¹	AP Memory Technology Corp.	512,154	4,690
	China Petrochemical Development Corp.	14,088,620	4,640
	Union Bank Of Taiwan	8,828,336	4,631
	Great Wall Enterprise Co. Ltd.	2,625,686	4,391
	Tung Ho Steel Enterprise Corp.	2,334,350	4,390
¹	Faraday Technology Corp.	804,000	4,325
	Sanyang Motor Co. Ltd.	2,342,037	4,182
	King's Town Bank Co. Ltd.	3,596,193	4,128
	United Integrated Services Co. Ltd.	583,200	4,121
	Wisdom Marine Lines Co. Ltd.	1,915,241	4,009
¹	Gold Circuit Electronics Ltd.	1,218,652	3,926
	Goldsun Building Materials Co. Ltd.	4,173,402	3,809
	CTCI Corp.	2,718,667	3,764
	Topco Scientific Co. Ltd.	617,793	3,758
¹	Kinsus Interconnect Technology Corp.	1,031,282	3,733
	Coretronic Corp.	1,477,000	3,608
	Taiwan Surface Mounting Technology Corp.	1,110,530	3,574
	Cheng Loong Corp.	3,503,920	3,573
	Microbio Co. Ltd.	1,733,310	3,539
	Bora Pharmaceuticals Co. Ltd.	149,000	3,539

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*,1	Polaris Group	1,128,000	3,496
	FLEXium Interconnect Inc.	1,129,140	3,481
	HannStar Display Corp.	8,700,810	3,469
	Wistron NeWeb Corp.	1,142,495	3,446
	King Slide Works Co. Ltd.	254,675	3,430
	Taiwan Hon Chuan Enterprise Co. Ltd.	1,036,401	3,375
	Fusheng Precision Co. Ltd.	473,000	3,331
	Ardentec Corp.	1,877,851	3,313
	Elan Microelectronics Corp.	1,074,545	3,310
^*	United Renewable Energy Co. Ltd.	4,875,129	3,301
	WT Microelectronics Co. Ltd.	1,516,377	3,284
	Feng Hsin Steel Co. Ltd.	1,471,000	3,258
	Pan Jit International Inc.	1,522,000	3,258
^*	Nan Kang Rubber Tire Co. Ltd.	2,576,107	3,230
	Shinkong Synthetic Fibers Corp.	5,611,416	3,220
¹	Via Technologies Inc.	1,313,000	3,182
	Tong Hsing Electronic Industries Ltd.	561,514	3,115
	Mitac Holdings Corp.	3,355,617	3,106
	Raydium Semiconductor Corp.	244,000	3,040
	Fitipower Integrated Technology Inc.	574,226	2,972
	TXC Corp.	1,068,877	2,971
	Episil Technologies Inc.	1,166,101	2,971
	USI Corp.	3,568,784	2,969
	Tong Yang Industry Co. Ltd.	1,880,919	2,924
	Lotus Pharmaceutical Co. Ltd.	339,000	2,873
	Charoen Pokphand Enterprise	967,400	2,836
	TCI Co. Ltd.	419,067	2,832
	Far Eastern Department Stores Ltd.	3,879,043	2,829
	Wafer Works Corp.	1,996,363	2,820
	Sitronix Technology Corp.	377,282	2,809
	Sigurd Microelectronics Corp.	1,638,822	2,787
^*	EirGenix Inc.	795,855	2,777
	Taiwan Semiconductor Co. Ltd.	915,000	2,747
	Getac Holdings Corp.	1,421,000	2,726
^*	Wowprime Corp.	260,761	2,697
^*	TaiMed Biologics Inc.	698,000	2,690
	Sercomm Corp.	1,003,000	2,689
	Grape King Bio Ltd.	448,000	2,671
	Hotai Finance Co. Ltd.	617,000	2,664
	Gloria Material Technology Corp.	1,364,023	2,620
	ChipMOS Technologies Inc.	2,139,494	2,585

		Shares	Market Value• ($000)
	Nuvoton Technology Corp.	593,000	2,584
	Huaku Development Co. Ltd.	833,499	2,569
	Chung Hung Steel Corp.	3,204,000	2,563
	Center Laboratories Inc.	1,522,662	2,522
	TSRC Corp.	2,785,046	2,521
	Elite Semiconductor Microelectronics Technology Inc.	949,000	2,517
	Yieh Phui Enterprise Co. Ltd.	5,053,755	2,507
	O-Bank Co. Ltd.	7,487,000	2,502
	Primax Electronics Ltd.	1,262,000	2,470
	VisEra Technologies Co. Ltd.	350,000	2,466
	Universal Vision Biotechnology Co. Ltd.	183,750	2,406
	Gudeng Precision Industrial Co. Ltd.	208,511	2,377
	Arcadyan Technology Corp.	706,737	2,320
	Supreme Electronics Co. Ltd.	1,633,250	2,312
^*	Phihong Technology Co. Ltd.	947,618	2,278
	Tainan Spinning Co. Ltd.	4,104,674	2,263
	ADATA Technology Co. Ltd.	916,915	2,250
	Standard Foods Taiwan Ltd.	1,709,708	2,249
	SDI Corp.	567,000	2,236
	Grand Pacific Petrochemical	3,346,928	2,211
	Foxsemicon Integrated Technology Inc.	360,400	2,201
	Kenda Rubber Industrial Co. Ltd.	2,159,000	2,195
	Innodisk Corp.	223,556	2,179
	Sporton International Inc.	250,159	2,158
	International CSRC Investment Holdings Co.	3,301,997	2,153
	Solar Applied Materials Technology Corp.	1,802,691	2,139
	Kinpo Electronics	4,969,196	2,134
	China Steel Chemical Corp.	568,853	2,133
	Farglory Land Development Co. Ltd.	1,065,854	2,131
	Taiwan Cogeneration Corp.	1,340,903	2,120
	Formosa International Hotels Corp.	235,841	2,119
	Century Iron & Steel Industrial Co. Ltd.	582,000	2,098
	Andes Technology Corp.	141,000	2,095
	TTY Biopharm Co. Ltd.	828,987	2,075
	Hota Industrial Manufacturing Co. Ltd.	900,317	2,073
	Pegavision Corp.	146,000	2,071
	XinTec Inc.	640,000	2,050

		Shares	Market Value• ($000)
	Cheng Uei Precision Industry Co. Ltd.	1,493,000	2,041
	Everlight Electronics Co. Ltd.	1,564,725	2,039
	Visual Photonics Epitaxy Co. Ltd.	646,455	2,039
	Merry Electronics Co. Ltd.	713,307	2,004
	AURAS Technology Co. Ltd.	245,000	1,989
^*	Medigen Vaccine Biologics Corp.	914,544	1,962
	General Interface Solution Holding Ltd.	752,000	1,951
	Chicony Power Technology Co. Ltd.	699,000	1,948
	Ta Ya Electric Wire & Cable	2,154,971	1,929
^*,1	TSEC Corp.	1,602,471	1,927
	Kaori Heat Treatment Co. Ltd.	296,210	1,922
	Greatek Electronics Inc.	1,092,000	1,919
	Wah Lee Industrial Corp.	673,500	1,915
	ITEQ Corp.	837,870	1,913
	Cub Elecparts Inc.	332,969	1,908
	President Securities Corp.	3,513,526	1,907
	Cleanaway Co. Ltd.	311,000	1,904
	Taiwan Union Technology Corp.	878,000	1,902
¹	AcBel Polytech Inc.	1,374,000	1,899
	Longchen Paper & Packaging Co. Ltd.	3,332,707	1,870
	Ennoconn Corp.	228,432	1,869
	Oriental Union Chemical Corp.	2,740,000	1,868
	Nantex Industry Co. Ltd.	1,447,000	1,862
^*,1	UPI Semiconductor Corp.	180,000	1,860
¹	FocalTech Systems Co. Ltd.	716,258	1,856
	BES Engineering Corp.	5,427,468	1,848
^*	Taiwan TEA Corp.	2,469,293	1,843
	Ton Yi Industrial Corp.	2,706,000	1,833
	Taiwan Mask Corp.	693,540	1,816
^*	Adimmune Corp.	1,390,343	1,804
	Pan-International Industrial Corp.	1,452,595	1,784
	Topkey Corp.	272,000	1,784
	Continental Holdings Corp.	1,732,000	1,761
	Holy Stone Enterprise Co. Ltd.	524,769	1,745
	Brighton-Best International Taiwan Inc.	1,509,000	1,744
	Chong Hong Construction Co. Ltd.	664,493	1,729
	TPK Holding Co. Ltd.	1,413,000	1,723
	RichWave Technology Corp.	307,569	1,716
	Depo Auto Parts Ind Co. Ltd.	537,313	1,711
	Prince Housing & Development Corp.	4,334,183	1,694
	Allied Supreme Corp.	184,000	1,692

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	Chang Wah Technology Co. Ltd.	1,225,000	1,691
	Asia Optical Co. Inc.	806,000	1,687
¹	Evergreen International Storage & Transport Corp.	1,878,502	1,660
	Shiny Chemical Industrial Co. Ltd.	393,250	1,656
	Chang Wah Electromaterials Inc.	1,512,000	1,642
	Unizyx Holding Corp.	1,207,250	1,626
	Acter Group Corp. Ltd.	367,962	1,625
	Taiwan Paiho Ltd.	893,183	1,625
	Fulgent Sun International Holding Co. Ltd.	401,270	1,611
	OptoTech Corp.	1,399,406	1,604
	Advanced Wireless Semiconductor Co.	588,192	1,592
	Global Mixed Mode Technology Inc.	267,199	1,581
	Shin Zu Shing Co. Ltd.	550,224	1,568
	UPC Technology Corp.	3,211,065	1,566
	Sinon Corp.	1,293,000	1,562
	Co-Tech Development Corp.	872,000	1,561
	Kinik Co.	430,000	1,554
	Taiwan Sakura Corp.	740,000	1,551
	Darfon Electronics Corp.	1,082,000	1,548
	Systex Corp.	580,000	1,542
	Gourmet Master Co. Ltd.	301,789	1,531
	Hsin Kuang Steel Co. Ltd.	954,569	1,522
	Shinkong Insurance Co. Ltd.	904,000	1,514
	Great Tree Pharmacy Co. Ltd.	113,000	1,491
	Test Research Inc.	705,371	1,479
	Chin-Poon Industrial Co. Ltd.	1,405,072	1,474
^*	CSBC Corp. Taiwan	1,721,956	1,458
	TaiDoc Technology Corp.	243,000	1,457
	Nichidenbo Corp.	769,000	1,434
	Asia Polymer Corp.	1,586,151	1,425
	Synmosa Biopharma Corp.	910,778	1,420
	Pixart Imaging Inc.	418,920	1,413
	Motech Industries Inc.	1,123,928	1,384
^*	Asia Pacific Telecom Co. Ltd.	6,322,891	1,381
	Chlitina Holding Ltd.	192,750	1,376
	Thinking Electronic Industrial Co. Ltd.	285,000	1,369
	Hannstar Board Corp.	1,097,438	1,360
	Hu Lane Associate Inc.	302,500	1,355
	Silicon Integrated Systems Corp.	2,365,508	1,353
	YC INOX Co. Ltd.	1,410,750	1,344
	Advanced International Multitech Co. Ltd.	454,000	1,339
^*	Unitech Printed Circuit Board Corp.	2,251,714	1,321

		Shares	Market Value• ($000)
	Chief Telecom Inc.	108,000	1,319
^*	Mercuries Life Insurance Co. Ltd.	7,658,094	1,313
	Kindom Development Co. Ltd.	1,354,900	1,311
	Cathay Real Estate Development Co. Ltd.	2,372,000	1,306
	Sunonwealth Electric Machine Industry Co. Ltd.	761,000	1,305
	Etron Technology Inc.	923,396	1,303
	St. Shine Optical Co. Ltd.	159,419	1,295
	YungShin Global Holding Corp.	860,697	1,294
	Advanced Ceramic X Corp.	190,000	1,287
	Holtek Semiconductor Inc.	570,279	1,279
^*	Career Technology MFG. Co. Ltd.	1,684,584	1,276
^*	China Man-Made Fiber Corp.	4,592,384	1,253
	ITE Technology Inc.	432,418	1,249
	Kung Long Batteries Industrial Co. Ltd.	266,000	1,247
	China General Plastics Corp.	1,520,717	1,242
	91APP Inc.	261,555	1,242
	Marketech International Corp.	292,000	1,236
	Sunny Friend Environmental Technology Co. Ltd.	239,000	1,235
¹	Anpec Electronics Corp.	222,000	1,232
¹	China Metal Products	1,076,515	1,207
	Actron Technology Corp.	206,000	1,204
	Tung Thih Electronic Co. Ltd.	260,000	1,199
	Dynapack International Technology Corp.	477,299	1,184
	Apex International Co. Ltd.	656,000	1,181
	Orient Semiconductor Electronics Ltd.	1,830,197	1,169
¹	Panion & BF Biotech Inc.	218,354	1,155
	Chia Hsin Cement Corp.	1,759,000	1,150
	Gemtek Technology Corp.	1,137,115	1,150
	Chunghwa Precision Test Tech Co. Ltd.	73,000	1,150
^*	Ambassador Hotel	924,000	1,149
	Sunplus Technology Co. Ltd.	1,474,000	1,142
	CHC Healthcare Group	510,727	1,140
	Sampo Corp.	1,329,048	1,139
	IEI Integration Corp.	439,716	1,135
	Infortrend Technology Inc.	1,266,885	1,125
^*	First Steamship Co. Ltd.	3,746,850	1,124
	Gamania Digital Entertainment Co. Ltd.	464,000	1,116

		Shares	Market Value• ($000)
	Xxentria Technology Materials Corp.	512,776	1,114
	D-Link Corp.	1,919,774	1,106
	Taiwan PCB Techvest Co. Ltd.	821,102	1,096
	Alpha Networks Inc.	944,599	1,092
	Wei Chuan Foods Corp.	1,659,835	1,084
	Soft-World International Corp.	351,520	1,078
	Lealea Enterprise Co. Ltd.	3,044,849	1,068
	Adlink Technology Inc.	546,127	1,066
	ScinoPharm Taiwan Ltd.	1,148,891	1,064
	Chung Hwa Pulp Corp.	1,328,135	1,062
	China Bills Finance Corp.	2,143,000	1,054
^*	RDC Semiconductor Co. Ltd.	195,000	1,053
^*	Foresee Pharmaceuticals Co. Ltd.	349,000	1,050
	Sinyi Realty Inc.	1,104,465	1,045
	Quanta Storage Inc.	591,000	1,038
	L&K Engineering Co. Ltd.	699,000	1,034
	Flytech Technology Co. Ltd.	447,845	1,033
	Hung Sheng Construction Ltd.	1,385,620	1,029
	Altek Corp.	942,250	1,027
	Dimerco Express Corp.	358,792	1,013
	Genesys Logic Inc.	286,000	1,009
	Sensortek Technology Corp.	92,000	1,004
	Ho Tung Chemical Corp.	3,303,362	1,002
^*	Federal Corp.	1,494,505	998
	Everlight Chemical Industrial Corp.	1,390,649	993
	Namchow Holdings Co. Ltd.	631,000	986
	PharmaEngine Inc.	304,102	971
	ASROCK Inc.	219,000	971
	LandMark Optoelectronics Corp.	293,600	968
	Mercuries & Associates Holding Ltd.	1,954,968	965
	KMC Kuei Meng International Inc.	204,000	964
	Lung Yen Life Service Corp.	783,000	956
	Huang Hsiang Construction Corp.	631,051	955
	FSP Technology Inc.	573,428	932
^*	OBI Pharma Inc.	335,000	928
	T3EX Global Holdings Corp.	366,000	920
	Global Brands Manufacture Ltd.	819,361	904
	CMC Magnetics Corp.	3,438,758	903
	Amazing Microelectronic Corp.	260,085	902
	AmTRAN Technology Co. Ltd.	2,393,126	894

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	CyberTAN Technology Inc.	1,181,571	881
	Firich Enterprises Co. Ltd.	942,539	881
	Posiflex Technology Inc.	253,822	879
	Swancor Holding Co. Ltd.	263,000	867
	Weltrend Semiconductor	553,753	866
	Formosan Rubber Group Inc.	1,198,089	855
	Dynamic Holding Co. Ltd.	1,071,004	854
	Taiwan Styrene Monomer	1,542,579	845
	Sonix Technology Co. Ltd.	520,000	843
	Chun Yuan Steel Industry Co. Ltd.	1,581,000	838
	Rich Development Co. Ltd.	2,671,000	834
	Bank of Kaohsiung Co. Ltd.	2,048,426	821
	VIA Labs Inc.	123,000	820
	Zeng Hsing Industrial Co. Ltd.	224,536	815
	Johnson Health Tech Co. Ltd.	370,283	810
	Sincere Navigation Corp.	1,094,970	806
	Taiflex Scientific Co. Ltd.	588,594	805
	Syncmold Enterprise Corp.	411,750	800
^*	Kuo Yang Construction Co. Ltd.	1,323,000	787
	Ultra Chip Inc.	229,000	781
	Ichia Technologies Inc.	842,000	779
	Kaimei Electronic Corp.	344,800	778
	Bioteque Corp.	207,000	769
	Radium Life Tech Co. Ltd.	2,544,910	763
	China Chemical & Pharmaceutical Co. Ltd.	852,000	760
^*	Savior Lifetec Corp.	1,253,728	751
	Elite Advanced Laser Corp.	617,607	743
^*	Shining Building Business Co. Ltd.	2,355,675	741
	Machvision Inc.	120,157	724
^*	Gigastorage Corp.	1,158,742	722
	Elitegroup Computer Systems Co. Ltd.	853,647	691
^*	Darwin Precisions Corp.	2,025,000	678
	Yeong Guan Energy Technology Group Co. Ltd.	263,776	678
^*	Hong Pu Real Estate Development Co. Ltd.	843,195	673
	Iron Force Industrial Co. Ltd.	248,000	664
	Kuo Toong International Co. Ltd.	718,662	654
^*	Li Peng Enterprise Co. Ltd.	2,453,915	647
	KEE TAI Properties Co. Ltd.	1,468,740	643

		Shares	Market Value• ($000)
	AGV Products Corp.	1,780,425	639
^*	Tanvex BioPharma Inc.	258,216	639
^*	Brogent Technologies Inc.	160,293	633
	PChome Online Inc.	333,082	622
	China Electric Manufacturing Corp.	1,067,980	617
^*	Ritek Corp.	2,064,048	609
	Speed Tech Corp.	345,000	598
	Tyntek Corp.	990,250	587
	Senao International Co. Ltd.	510,107	580
	Nidec Chaun-Choung Technology Corp.	110,000	578
	Taiyen Biotech Co. Ltd.	528,877	576
	Lingsen Precision Industries Ltd.	1,209,000	563
	Rechi Precision Co. Ltd.	964,668	561
	HannsTouch Solution Inc.	1,703,329	558
	Egis Technology Inc.	198,000	550
	Clevo Co.	552,576	549
^*	Taigen Biopharmaceuticals Holdings Ltd.	1,088,723	546
	TA-I Technology Co. Ltd.	346,500	540
	Fittech Co. Ltd.	190,647	540
	Rexon Industrial Corp. Ltd.	534,000	517
	TYC Brother Industrial Co. Ltd.	523,710	505
	WUS Printed Circuit Co. Ltd.	511,555	476
^*	Globe Union Industrial Corp.	1,004,527	475
	Ability Enterprise Co. Ltd.	705,099	467
	Tong-Tai Machine & Tool Co. Ltd.	779,429	438
	Jess-Link Products Co. Ltd.	246,100	426
	Dyaco International Inc.	293,000	406
	Basso Industry Corp.	295,000	404
^*	Medigen Biotechnology Corp.	355,680	398
	Nan Liu Enterprise Co. Ltd.	150,000	394
	Cyberlink Corp.	116,076	367
	Shin Foong Specialty & Applied Materials Co. Ltd.	181,469	357
^*	Gigasolar Materials Corp.	102,922	353
^*	Li Cheng Enterprise Co. Ltd.	426,892	339
	Sheng Yu Steel Co. Ltd.	402,000	338
	Toung Loong Textile Manufacturing	355,980	326
^*	ALI Corp.	475,281	305
^*	Zinwell Corp.	425,099	268
^*	Newmax Technology Co. Ltd.	265,000	249
	GeneReach Biotechnology Corp.	129,906	246

		Shares	Market Value• ($000)
	Test Rite International Co. Ltd.	324,547	219
^*,3	Roo Hsing Co. Ltd.	2,084,000	198
^*,3	Taiwan Land Development Corp.	159,840	—
^*,3	Pihsiang Machinery Manufacturing Co. Ltd.	191,000	—
^*,3	Unity Opto Technology Co. Ltd.	1,203,000	—
^*,3	Xpec Entertainment Inc.	125,457	—
^*,3	Pharmally International Holding Co. Ltd.	126,271	—
			794,322
Thailand (1.3%)
	Thonburi Healthcare Group PCL	2,822,600	5,543
	Tisco Financial Group PCL	1,834,250	4,853
	Kiatnakin Bank PCL	2,129,405	3,751
	WHA Corp. PCL	28,438,092	3,675
	Com7 PCL Class F	4,693,700	3,489
	Bangchak Corp. PCL	3,886,900	3,458
	KCE Electronics PCL	3,063,300	3,432
¹	Thanachart Capital PCL	2,673,795	3,393
^*	Central Plaza Hotel PCL	1,960,790	3,151
¹	Siam Global House PCL	6,253,193	3,140
	Sansiri PCL	55,930,200	3,120
	Ngern Tid Lor PCL	4,784,457	2,981
	Jasmine Broadband Internet Infrastructure Fund Class F	13,722,463	2,815
¹	JMT Network Services PCL Class F	2,401,123	2,790
¹	Hana Microelectronics PCL	2,230,746	2,729
¹	Bangkok Chain Hospital PCL	4,081,948	2,600
¹	Bangkok Commercial Asset Management PCL (XBKK)	6,594,500	2,558
	Supalai PCL	3,952,350	2,457
	AP Thailand PCL	6,488,256	2,399
¹	CH Karnchang PCL	3,837,200	2,375
	Amata Corp. PCL	3,407,797	2,331
	Vibhavadi Medical Center PCL	29,679,800	2,262
¹	Ramkhamhaeng Hospital PCL	1,279,557	1,988
	Chularat Hospital PCL Class F	19,236,260	1,973
	AEON Thana Sinsap Thailand PCL	343,700	1,946
^*	STARK Corp. PCL	27,455,900	1,914
	Sri Trang Agro-Industry PCL	3,262,123	1,885
¹	Star Petroleum Refining PCL	6,458,000	1,844
¹	Gunkul Engineering PCL	16,551,183	1,839
¹	VGI PCL	17,957,161	1,773
¹	CK Power PCL	15,556,731	1,744

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*,1	Beyond Securities PCL	7,981,600	1,734
¹	Dohome PCL (XBKK)	4,448,056	1,686
	Thailand Future Fund	7,495,000	1,681
	Dhipaya Group Holdings PCL	1,458,100	1,657
¹	TOA Paint Thailand PCL	1,868,000	1,604
¹	Mega Lifesciences PCL	1,315,700	1,583
	Quality Houses PCL	22,402,133	1,551
¹	Sino-Thai Engineering & Construction PCL	4,375,615	1,491
	Forth Corp. PCL	1,730,200	1,412
	Tipco Asphalt PCL	2,394,300	1,411
	Plan B Media PCL Class F	5,705,972	1,365
¹	Thai Vegetable Oil PCL	1,730,810	1,332
¹	Esso Thailand PCL	5,107,800	1,306
	TPI Polene PCL	29,002,800	1,276
¹	Jaymart Group Holdings PCL	2,154,600	1,257
¹	Thoresen Thai Agencies PCL	5,739,841	1,212
	Major Cineplex Group PCL	2,516,944	1,196
	Thaifoods Group PCL Class F	7,805,600	1,181
¹	TTW PCL	4,580,300	1,162
^*	Bangkok Airways PCL	2,850,900	1,114
¹	Bangkok Land PCL	39,532,000	1,078
¹	Singer Thailand PCL	2,418,400	1,011
¹	Banpu Power PCL	2,314,100	923
¹	TPI Polene Power PCL	9,361,700	911
¹	PTG Energy PCL	2,180,507	872
¹	Thaicom PCL	2,413,540	851
¹	BEC World PCL	3,710,100	849
¹	Ratchthani Leasing PCL	7,699,250	823
¹	MK Restaurants Group PCL	560,100	809
¹	Pruksa Holding PCL	2,202,900	801
	TQM Corp. PCL	1,058,500	793
	Super Energy Corp. PCL	44,967,100	792
^*,1	Central Plaza Hotel PCL NVDR	489,800	787
	AP Thailand PCL NVDR	2,127,300	786
^*,1	Jasmine Technology Solution PCL	901,300	752
	BCPG PCL	2,569,637	736
	North Bangkok Power Plant Block 1 Infrastructure Fund - EGAT Class F	3,786,000	727
¹	MBK PCL	1,647,176	696
¹	LPN Development PCL	5,027,811	675
¹	GFPT PCL	2,027,500	638
	Taokaenoi Food & Marketing PCL Class F	2,339,100	635
^*,1	Jasmine International PCL	11,447,388	625
	Origin Property PCL Class F	1,778,650	617
	Tisco Financial Group PCL NDVR	225,450	597

		Shares	Market Value• ($000)
	SPCG PCL	1,561,900	582
^*,1	Kerry Express Thailand PCL	1,539,900	560
¹	Workpoint Entertainment PCL	1,049,600	495
^*,1	Italian-Thai Development PCL	11,390,210	468
	CPN Retail Growth Leasehold REIT	1,248,820	468
¹	Precious Shipping PCL	1,234,000	449
¹	Precious Shipping pcl NVDR	1,095,000	399
^*,1	Rabbit Holdings PCL Class F	15,504,548	337
	Supalai pcl NVDR	518,650	322
¹	VGI PCL NVDR	2,351,570	232
^*,1	Samart Corp. PCL	1,963,421	229
^*,3	Thai Airways International PCL	3,045,000	227
	Pruksa Real Estate PCL	1,063,290	193
	Sino-Thai Engineering & Construction PCL NVDR	423,000	144
^*	Jasmine Technology Solution PCL (XBKK)	146,900	123
^*,1	Italian-Thai Development PCL NVDR	2,448,500	101
^*	Unique Engineering & Construction PCL	341,000	37
^*	VGI PCL Warrants Exp. 5/23/27 (XBKK)	4,948,352	22
^*	VGI PCL Warrants Exp. 5/23/27	542,670	2
^*	Kiatnakin Phatra Bank PCL Rights Exp. 4/26/24	177,451	—
^*	Kiatnakin Phatra Bank PCL Rights Exp. 4/26/24 (XBKK)	177,450	—
			138,593
Turkey (0.1%)
	Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A/S	516,016	1,384
^*	Reysas Tasimacilik ve Lojistik Ticaret A/S	626,493	915
	Logo Yazilim Sanayi Ve Ticaret A/S	296,661	908
^*	Bursa Cimento Fabrikasi A/S	2,958,541	807
	Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S	468,209	744
^*	Imas Makina Sanayi AS	453,568	637
^*	Anadolu Anonim Turk Sigorta Sirketi	656,974	607
^*	Biotrend Cevre VE Enerji Yatirimlari A/S	790,887	602
^*	Baticim Bati Anadolu Cimento Sanayii A/S	293,493	494
	Kervan Gida Sanayi Ve Ticaret A/S	623,428	484
^*	Albaraka Turk Katilim Bankasi A/S	3,557,069	476
^*	Izmir Demir Celik Sanayi A/S	1,855,365	452

		Shares	Market Value• ($000)
^*	Aksigorta A/S	2,772,937	405
^*	Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim A/S	314,777	404
	LDR Turizm AS	77,951	354
^*	NET Holding A/S	660,268	348
	Tat Gida Sanayi A/S	324,280	330
^*	Sinpas Gayrimenkul Yatirim Ortakligi A/S	2,284,366	306
^*	Bagfas Bandirma Gubre Fabrikalari A/S	241,082	299
^*	Suwen Tekstil Sanayi Pazarlama AS	85,083	288
	Kartonsan Karton Sanayi ve Ticaret A/S	85,173	287
^*	AKIS Gayrimenkul Yatirimi A/S	1,277,406	283
	Sekerbank Turk A/S	2,433,586	277
^*	Is Finansal Kiralama A/S	935,634	268
^*	Vakif Gayrimenkul Yatirim Ortakligi A/S	1,664,831	243
^*	Marti Otel Isletmeleri A/S	1,300,896	201
	SUN Tekstil Sanayi Ve Ticaret AS	89,973	174
^*	Consus Enerji Isletmeciligi ve Hizmetleri AS	377,435	107
^*,3	Asya Katilim Bankasi A/S	975,452	—
			13,084
United Arab Emirates (0.1%)
	GFH Financial Group BSC	12,835,904	3,209
	AL Yah Satellite Communications Co-Pjsc-Yah Sat	4,157,152	2,912
	Sharjah Islamic Bank	4,581,835	2,412
^*	RAK Properties PJSC	3,464,889	586
^*,3	Arabtec Holding PJSC	2,033,180	293
^*,3	Drake & Scull International PJSC	1,238,097	—
			9,412
United Kingdom (9.5%)
	Spectris plc	398,881	18,890
	Diploma plc	499,228	16,917
^*	Marks & Spencer Group plc	7,520,925	15,562
	Games Workshop Group plc	124,276	15,512
	Inchcape plc	1,406,723	14,321
	Tritax Big Box REIT plc	7,083,173	13,839
	Greggs plc	387,023	13,745
	IG Group Holdings plc	1,461,529	13,492
	Bellway plc	441,532	13,387
	Rotork plc	3,245,465	13,375
	Investec plc	2,392,542	13,337
	Man Group plc	4,629,665	13,241
	Vistry Group plc	1,269,551	12,514
	Drax Group plc	1,524,650	12,081
	Britvic plc	1,012,790	11,644
	Balfour Beatty plc	2,227,722	10,736
^*,1	TUI AG	1,654,544	10,596

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
	OSB Group plc	1,636,127	10,244
	Big Yellow Group plc	643,324	9,903
	Travis Perkins plc	809,887	9,774
	Safestore Holdings plc	780,747	9,732
^*	SSP Group plc	2,990,709	9,689
	Pennon Group plc	883,511	9,555
	WH Smith plc	476,934	9,460
	QinetiQ Group plc	2,010,142	9,393
^*,2	Watches of Switzerland Group plc	882,682	9,240
^*	Indivior plc	472,561	9,070
	Grainger plc	2,776,224	9,032
	Mediclinic International plc	1,435,665	8,999
	LondonMetric Property plc	3,609,756	8,755
^*,2	Network International Holdings plc	1,794,795	8,741
	Virgin Money UK plc	4,442,989	8,732
	Serco Group plc	4,487,166	8,583
	Pets at Home Group plc	1,759,687	8,537
	Computacenter plc	292,647	8,484
	Genus plc	250,552	8,471
^*	Playtech plc	1,166,326	8,466
	Grafton Group plc	776,113	8,465
	Hays plc	5,878,495	8,434
	Harbour Energy plc	2,700,582	8,401
^*	easyJet plc	1,321,093	8,288
	Cranswick plc	201,918	8,165
	Energean plc	515,959	8,015
	Softcat plc	466,932	7,867
	Shaftesbury Capital plc	5,230,999	7,737
	International Distributions Services plc	2,400,594	7,643
	LXI REIT plc	5,708,674	7,572
^*	John Wood Group plc	2,579,943	7,321
	Plus500 Ltd.	349,113	7,304
	Lancashire Holdings Ltd.	947,005	7,299
	Victrex plc	340,565	7,196
	Assura plc	11,070,468	7,078
^*	Oxford Nanopore Technologies plc	2,432,749	7,019
^*,2	Deliveroo plc Class A	5,088,988	7,003
	Oxford Instruments plc	201,597	6,992
	Moneysupermarket.com Group plc	1,976,196	6,824
	Pagegroup plc	1,183,145	6,752
	Primary Health Properties plc	4,962,072	6,656
	Redrow plc	1,013,558	6,608
	Close Brothers Group plc	576,053	6,584
	TP ICAP Group plc	3,014,424	6,448
	Future plc	446,579	6,337
	Bodycote plc	709,714	6,164
	Dunelm Group plc	426,818	6,146
	Savills plc	503,935	6,101
	Mitie Group plc	5,241,329	6,068
	Coats Group plc	6,107,167	6,014
^*	IWG plc	2,777,722	5,932
	4imprint Group plc	102,861	5,837
	TBC Bank Group plc	194,282	5,747
	Centamin plc	4,409,441	5,723
	Rathbones Group plc	231,149	5,685

		Shares	Market Value• ($000)
	Telecom Plus plc	250,550	5,683
²	Quilter plc	5,268,835	5,640
^*	Darktrace plc	1,584,754	5,588
	Kainos Group plc	355,671	5,551
	Great Portland Estates plc	825,324	5,536
	Paragon Banking Group plc	870,650	5,503
	Ashmore Group plc	1,783,483	5,467
^*,2	Trainline plc	1,743,980	5,456
¹	Hammerson plc	15,139,072	5,347
	Bank of Georgia Group plc	142,417	5,298
	Domino's Pizza Group plc	1,423,647	5,267
^*	Ascential plc	1,631,995	5,241
	Spirent Communications plc	2,293,128	5,214
	Hill & Smith plc	300,935	5,206
	Supermarket Income REIT plc	4,710,178	5,183
²	JTC plc	491,356	4,902
^*	Frasers Group plc	503,870	4,869
^*,1	THG plc Class B	3,619,530	4,566
	AJ Bell plc	1,098,123	4,515
^*	Carnival plc	545,664	4,506
	Redde Northgate plc	926,875	4,384
	Just Group plc	3,862,087	4,291
	Sirius Real Estate Ltd.	4,212,749	4,271
	Diversified Energy Co. plc	3,496,683	4,162
	Dr. Martens plc	1,995,259	4,160
	Morgan Advanced Materials plc	1,072,515	4,146
	Volution Group plc	743,885	4,063
	Premier Foods plc	2,577,858	4,047
	Firstgroup plc	2,854,410	4,026
	Vesuvius plc	786,129	4,012
	IntegraFin Holdings plc	1,150,072	3,931
	Clarkson plc Class A	99,113	3,869
^*	Babcock International Group plc	963,079	3,850
	Chemring Group plc	1,063,956	3,808
^*	Helios Towers plc	2,877,546	3,761
^*	Elementis plc	2,177,273	3,439
^*	S4 Capital plc	1,863,237	3,425
^*	Capricorn Energy plc	1,236,535	3,409
	Genuit Group plc	870,603	3,291
	Senior plc	1,587,304	3,276
^*	J D Wetherspoon plc	361,157	3,243
	Marshalls plc	856,464	3,234
	Morgan Sindall Group plc	151,538	3,232
	Workspace Group plc	534,303	3,205
	Ninety One plc	1,407,756	3,197
	National Express Group plc	2,083,443	3,184
²	Ibstock plc	1,464,419	3,130
	Crest Nicholson Holdings plc	921,590	3,114
²	Bridgepoint Group plc (Registered)	1,015,771	3,085
^*,2	Spire Healthcare Group plc	1,070,399	3,077
	Rhi Magnesita NV	107,289	3,050
^*,2	Aston Martin Lagonda Global Holdings plc	972,003	2,959
	Essentra plc	1,133,264	2,946

		Shares	Market Value• ($000)
^*	C&C Group plc	1,489,574	2,932
	Bytes Technology Group plc (XLON)	558,867	2,920
^*	Auction Technology Group plc	326,277	2,870
	Vanquis Banking Group plc	969,884	2,743
	FDM Group Holdings plc	324,006	2,743
	Currys plc	3,777,687	2,715
	Jupiter Fund Management plc	1,647,983	2,697
^*	Capita plc	6,094,361	2,664
	Liontrust Asset Management plc	245,166	2,655
	IP Group plc	3,666,701	2,593
^*	PureTech Health plc	971,423	2,558
^*	ASOS plc	255,699	2,380
	Keller Group plc	270,781	2,271
²	Petershill Partners plc	1,077,120	2,264
	Hilton Food Group plc	263,018	2,245
	Halfords Group plc	824,497	2,178
^*	Mitchells & Butlers plc	985,957	2,168
^*	Greencore Group plc	1,996,707	2,153
^*	Molten Ventures plc Class A	609,333	2,147
	Balanced Commercial Property Trust Ltd.	1,988,710	2,059
	Picton Property Income Ltd.	2,103,587	2,019
	XP Power Ltd.	71,708	1,992
	Synthomer plc	1,305,341	1,967
	AG Barr plc	309,422	1,954
^*	Moonpig Group plc	1,108,824	1,907
	UK Commercial Property REIT Ltd.	2,812,262	1,899
	PZ Cussons plc Class A	716,539	1,807
^*	Oxford Biomedica plc	320,059	1,747
²	TI Fluid Systems plc	1,307,211	1,738
	Wickes Group plc	980,074	1,659
^*,1	Petrofac Ltd.	1,769,805	1,591
^*,1	Tullow Oil plc	4,502,232	1,581
^*	AO World plc	1,591,450	1,544
^*	888 Holdings plc	1,507,092	1,523
	NCC Group plc	1,116,732	1,507
	Ferrexpo plc	1,105,960	1,504
	Helical plc	383,072	1,441
^*,2	Wizz Air Holdings plc	37,136	1,414
^*	Alphawave IP Group plc	1,092,474	1,396
^*	SIG plc	2,480,854	1,390
³	Home REIT plc	2,905,246	1,389
^*,2	Trustpilot Group plc	1,247,873	1,386
	Avon Protection plc	109,261	1,363
	Bytes Technology Group plc	236,220	1,216
	Hochschild Mining plc	1,132,127	1,023
	CLS Holdings plc	574,215	978
²	CMC Markets plc	416,319	966
^*	Rank Group plc Class B	795,110	963
^1,2	Bakkavor Group plc	557,807	672
^*,2,3	Finablr plc	496,892	—

FTSE All-World ex-US Small-Cap Index Fund

		Shares	Market Value• ($000)
^*,3	Carillion plc	961,048	—
			975,780
Total Common Stocks (Cost $10,705,731)			10,179,156

		Shares	Market Value• ($000)
Temporary Cash Investments (6.1%)
Money Market Fund (6.1%)
^4,5	Vanguard Market Liquidity Fund, 4.853% (Cost $630,590)	6,307,638	630,701
Total Investments (104.9%) (Cost $11,336,321)			10,809,857
Other Assets and Liabilities—Net (-4.9%)			(501,627)
Net Assets (100%)			10,308,230
Cost is in $000.

•	See Note A in Notes to Financial Statements.
*	Non-income-producing security.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $552,368,000.
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 April 30, 2023, the aggregate value was $434,370,000, representing 4.2% of net assets.
3	Security value determined using significant unobservable inputs.
4	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5	Collateral of $600,993,000 was received for securities on loan, of which $592,355,000 is held in Vanguard Market Liquidity Fund and $8,638,000 is held in cash.
	ADR—American Depositary Receipt.
	GDR—Global Depositary Receipt.
	NVDR—Non-Voting Depository 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
E-mini Russell 2000 Index	June 2023	254	22,540	(239)
E-mini S&P 500 Index	June 2023	5	1,047	15
MSCI EAFE Index	June 2023	569	61,156	2,715
MSCI Emerging Markets Index	June 2023	576	28,345	390
S&P TSX 60 Index	June 2023	46	8,478	326
				3,207

Forward Currency Contracts
	Contract Settlement Date	Contract Amount (000)				Unrealized Appreciation ($000)	Unrealized Depreciation ($000)
Counterparty	Contract Settlement Date		Receive		Deliver		Unrealized Depreciation ($000)
Toronto-Dominion Bank	6/21/23	CAD	7,300	USD	5,397	Unrealized Appreciation ($000)	—	(3)
UBS AG	6/21/23	INR	330,310	USD	4,007	19	—
Bank of America, N.A.	6/21/23	USD	6,301	AUD	9,478	16	—
Deutsche Bank AG	6/21/23	USD	1,980	CAD	2,692	—	(9)
Royal Bank of Canada	6/21/23	USD	2,386	CHF	2,106	16	—
State Street Bank & Trust Co.	6/21/23	USD	1,257	CHF	1,166	—	(55)
Standard Chartered Bank	6/21/23	USD	10,566	EUR	9,849	—	(320)
HSBC Bank plc	6/21/23	USD	9,431	GBP	7,858	—	(456)

FTSE All-World ex-US Small-Cap Index Fund

Statement of Assets and Liabilities

As of April 30, 2023

($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value¹
Unaffiliated Issuers (Cost $10,705,731)	10,179,156
Affiliated Issuers (Cost $630,590)	630,701
Total Investments in Securities	10,809,857
Investment in Vanguard	360
Cash	16,061
Cash Collateral Pledged—Futures Contracts	4,990
Cash Collateral Pledged—Forward Currency Contracts	30
Foreign Currency, at Value (Cost $24,430)	23,846
Receivables for Investment Securities Sold	708
Receivables for Accrued Income	54,847
Receivables for Capital Shares Issued	5,207
Variation Margin Receivable—Futures Contracts	324
Unrealized Appreciation—Forward Currency Contracts	404
Total Assets	10,916,634
Liabilities
Payables for Investment Securities Purchased	4,189
Collateral for Securities on Loan	600,993
Payables for Capital Shares Redeemed	480
Payables to Vanguard	783
Unrealized Depreciation—Forward Currency Contracts	848
Foreign Capital Gain Taxes Payable	10
Deferred Foreign Capital Gains Taxes	1,101
Total Liabilities	608,404
Net Assets	10,308,230
1 Includes $552,368,000 of securities on loan.
At April 30, 2023, net assets consisted of:

Paid-in Capital	11,136,162
Total Distributable Earnings (Loss)	(827,932)
Net Assets	10,308,230

ETF Shares—Net Assets
Applicable to 76,823,876 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	8,494,456
Net Asset Value Per Share—ETF Shares	$110.57

Admiral Shares—Net Assets
Applicable to 50,416,958 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	1,375,999
Net Asset Value Per Share—Admiral Shares	$27.29

Institutional Shares—Net Assets
Applicable to 2,071,790 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	437,775
Net Asset Value Per Share—Institutional Shares	$211.30

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

FTSE All-World ex-US Small-Cap Index Fund

Statement of Operations


		Six Months Ended April 30, 2023
		($000)
Investment Income
Income
Dividends¹		122,238
Interest²		1,069
Securities Lending—Net		6,708
Total Income		130,015
Expenses
The Vanguard Group—Note B
Investment Advisory Services		348
Management and Administrative— ETF Shares		1,373
Management and Administrative— Admiral Shares		860
Management and Administrative— Institutional Shares		176
Marketing and Distribution— ETF Shares		176
Marketing and Distribution— Admiral Shares		37
Marketing and Distribution— Institutional Shares		9
Custodian Fees		668
Shareholders’ Reports—ETF Shares		405
Shareholders’ Reports—Admiral Shares		23
Shareholders’ Reports—Institutional Shares		—
Trustees’ Fees and Expenses		2
Professional Services		308
Other Expenses		26
Total Expenses		4,411
Expenses Paid Indirectly		(37)
Net Expenses		4,374
Net Investment Income		125,641
Realized Net Gain (Loss)
Investment Securities Sold^2,3,4		(184,199)
Futures Contracts		5,862
Forward Currency Contracts		(424)
Foreign Currencies		2,338
Realized Net Gain (Loss)		(176,423)
Change in Unrealized Appreciation (Depreciation)
Investment Securities^2,5		1,522,167
Futures Contracts		5,286
Forward Currency Contracts		(1,429)
Foreign Currencies		880
Change in Unrealized Appreciation (Depreciation)		1,526,904
Net Increase (Decrease) in Net Assets Resulting from Operations		1,476,122

1	Dividends are net of foreign withholding taxes of $14,726,000.
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 $974,000, $17,000, less than $1,000, and $30,000, respectively. Purchases and sales are for temporary cash investment purposes.
3	Realized gain (loss) is net of foreign capital gain taxes of $37,000.
4	Includes $8,273,000 of net gain (loss) resulting from in-kind redemptions.
5	The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($2,159,000).

Statement of Changes in Net Assets


	Six Months Ended April 30, 2023	Year Ended October 31, 2022
	($000)	($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	125,641	276,080
Realized Net Gain (Loss)	(176,423)	111,819
Change in Unrealized Appreciation (Depreciation)	1,526,904	(3,765,374)
Net Increase (Decrease) in Net Assets Resulting from Operations	1,476,122	(3,377,475)
Distributions
ETF Shares	(136,518)	(221,750)
Admiral Shares	(22,234)	(34,781)
Institutional Shares	(7,046)	(8,913)
Total Distributions	(165,798)	(265,444)
Capital Share Transactions
ETF Shares	540,307	(51,783)
Admiral Shares	21,634	91,571
Institutional Shares	13,887	104,477
Net Increase (Decrease) from Capital Share Transactions	575,828	144,265
Total Increase (Decrease)	1,886,152	(3,498,654)
Net Assets
Beginning of Period	8,422,078	11,920,732
End of Period	10,308,230	8,422,078

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

FTSE All-World ex-US Small-Cap Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$95.98	$137.63	$102.74	$105.96	$100.93	$116.30
Investment Operations
Net Investment Income¹	1.387	3.157	2.770	2.177	2.871	3.019
Net Realized and Unrealized Gain (Loss) on Investments	15.031	(41.764)	35.250	(2.905)	5.156	(15.269)
Total from Investment Operations	16.418	(38.607)	38.020	(.728)	8.027	(12.250)
Distributions
Dividends from Net Investment Income	(1.828)	(3.043)	(3.130)	(2.492)	(2.997)	(3.120)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.828)	(3.043)	(3.130)	(2.492)	(2.997)	(3.120)
Net Asset Value, End of Period	$110.57	$95.98	$137.63	$102.74	$105.96	$100.93
Total Return	17.27%	-28.52%	37.35%	-0.81%	8.28%	-10.87%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$8,494	$6,882	$9,941	$4,814	$5,400	$5,009
Ratio of Total Expenses to Average Net Assets	0.07%²	0.07%²	0.07%	0.11%	0.11%	0.12%
Ratio of Net Investment Income to Average Net Assets	2.58%	2.72%	2.10%	2.17%	2.80%	2.60%
Portfolio Turnover Rate³	6%	18%	17%	22%	17%	15%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	February 7, 2019¹ to October 31, 2019	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	February 7, 2019¹ to October 31, 2019	2022	2021	2020
Net Asset Value, Beginning of Period	$23.69	$33.98	$25.37	$26.16	$25.00
Investment Operations
Net Investment Income²	.328	.758	.626	.524	.572
Net Realized and Unrealized Gain (Loss) on Investments	3.718	(10.319)	8.739	(.711)	.935
Total from Investment Operations	4.046	(9.561)	9.365	(.187)	1.507
Distributions
Dividends from Net Investment Income	(.446)	(.729)	(.755)	(.603)	(.347)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(.446)	(.729)	(.755)	(.603)	(.347)
Net Asset Value, End of Period	$27.29	$23.69	$33.98	$25.37	$26.16
Total Return³	17.23%	-28.61%	37.22%	-0.84%	6.08%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,376	$1,174	$1,585	$1,110	$981
Ratio of Total Expenses to Average Net Assets	0.16%⁴	0.16%⁴	0.16%	0.16%	0.16%⁵
Ratio of Net Investment Income to Average Net Assets	2.47%	2.65%	1.94%	2.12%	3.07%⁵
Portfolio Turnover Rate⁶	6%	18%	17%	22%	17%⁷
The expense ratio and net investment income ratio for the current period have been annualized.

1	Inception.
2	Calculated based on average shares outstanding.
3	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
4	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.16%.
5	Annualized.
6	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.
7	Reflects the fund’s portfolio turnover for the fiscal year ended October 31, 2019.

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

FTSE All-World ex-US Small-Cap Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	Year Ended October 31,
For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$183.43	$262.99	$196.33	$202.46	$192.87	$222.24
Investment Operations
Net Investment Income¹	2.598	6.071	4.974	4.111	5.500	5.748
Net Realized and Unrealized Gain (Loss) on Investments	28.746	(79.906)	67.622	(5.479)	9.824	(29.138)
Total from Investment Operations	31.344	(73.835)	72.596	(1.368)	15.324	(23.390)
Distributions
Dividends from Net Investment Income	(3.474)	(5.725)	(5.936)	(4.762)	(5.734)	(5.980)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(3.474)	(5.725)	(5.936)	(4.762)	(5.734)	(5.980)
Net Asset Value, End of Period	$211.30	$183.43	$262.99	$196.33	$202.46	$192.87
Total Return	17.24%	-28.55%	37.29%	-0.81%	8.26%	-10.85%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$438	$366	$395	$258	$242	$203
Ratio of Total Expenses to Average Net Assets	0.11%²	0.11%²	0.11%	0.11%	0.11%	0.11%
Ratio of Net Investment Income to Average Net Assets	2.53%	2.76%	1.99%	2.13%	2.81%	2.61%
Portfolio Turnover Rate³	6%	18%	17%	22%	17%	15%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

FTSE All-World ex-US Small-Cap Index Fund

Notes to Financial Statements

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

A.	The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

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

FTSE All-World ex-US Small-Cap Index Fund

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.

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

FTSE All-World ex-US Small-Cap Index Fund

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.

For the six months ended April 30, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2023, the fund had contributed to Vanguard capital in the amount of $360,000, representing less than 0.01% of the fund’s net assets and 0.14% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

C.	The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $37,000 (an annual rate of less than 0.01% of average net assets).
D.	Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

FTSE All-World ex-US Small-Cap Index Fund

The following table summarizes the market value of the fund’s investments and derivatives as of April 30, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks—North and South America	1,778,130	13,960	—	1,792,090
Common Stocks—Other	50,926	8,327,809	8,331	8,387,066
Temporary Cash Investments	630,701	—	—	630,701
Total	2,459,757	8,341,769	8,331	10,809,857
Derivative Financial Instruments
Assets
Futures Contracts¹	3,446	—	—	3,446
Forward Currency Contracts	—	404	—	404
Total	3,446	404	—	3,850
Liabilities
Futures Contracts¹	239	—	—	239
Forward Currency Contracts	—	848	—	848
Total	239	848	—	1,087

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

E.	At April 30, 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—Futures Contracts¹	3,446	—	3,446
Unrealized Appreciation—Forward Currency Contracts	—	404	404
Total Assets	3,446	404	3,850

Unrealized Depreciation—Futures Contracts¹	239	—	239
Unrealized Depreciation—Forward Currency Contracts	—	848	848
Total Liabilities	239	848	1,087

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.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2023, were:

Realized Net Gain (Loss) on Derivatives	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Futures Contracts	5,862	—	5,862
Forward Currency Contracts	—	(424)	(424)
Realized Net Gain (Loss) on Derivatives	5,862	(424)	5,438
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts	5,286	—	5,286
Forward Currency Contracts	—	(1,429)	(1,429)
Change in Unrealized Appreciation (Depreciation) on Derivatives	5,286	(1,429)	3,857

FTSE All-World ex-US Small-Cap Index Fund

F.	As of April 30, 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	11,425,062
Gross Unrealized Appreciation	1,317,189
Gross Unrealized Depreciation	(1,929,631)
Net Unrealized Appreciation (Depreciation)	(612,442)

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2022, the fund had available capital losses totaling $133,509,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

G.	During the six months ended April 30, 2023, the fund purchased $1,118,411,000 of investment securities and sold $608,968,000 of investment securities, other than temporary cash investments. Purchases and sales include $358,553,000 and $25,034,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
H.	Capital share transactions for each class of shares were:

	Six Months Ended April 30, 2023		Year Ended October 31, 2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
ETF Shares
Issued	572,707	5,425	673,248	5,673
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(32,400)	(300)	(725,031)	(6,200)
Net Increase (Decrease)—ETF Shares	540,307	5,125	(51,783)	(527)
Admiral Shares
Issued	151,483	5,787	356,838	12,315
Issued in Lieu of Cash Distributions	18,896	749	28,773	945
Redeemed	(148,745)	(5,681)	(294,040)	(10,348)
Net Increase (Decrease)—Admiral Shares	21,634	855	91,571	2,912
Institutional Shares
Issued	48,691	239	202,970	949
Issued in Lieu of Cash Distributions	6,699	34	8,566	37
Redeemed	(41,503)	(196)	(107,059)	(493)
Net Increase (Decrease)—Institutional Shares	13,887	77	104,477	493

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

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

J.	Management has determined that no events or transactions occurred subsequent to April 30, 2023, that would require recognition or disclosure in these financial statements.

Trustees Approve Advisory Arrangements

The board of trustees of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its decisions 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 each 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 decisions.

Nature, extent, and quality of services

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

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

Investment performance

The board considered the short- and long-term performance of the funds, including any periods of out performance or under performance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangements should continue.

Cost

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

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

The benefit of economies of scale

The board concluded that the funds’ arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

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

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 International Equity Index Funds approved the appointment of liquidity risk management program administrators responsible for administering the Program for Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World Ex-US Small-Cap Index Fund, 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 funds' liquidity risk.

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.

100

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

Canada	15.6%
Japan	13.6
United Kingdom	9.6
Taiwan	7.8
China	5.3
India	5.0
Australia	4.9
South Korea	4.4
Sweden	4.0
Germany	3.4
Switzerland	3.2
France	2.9
Italy	1.8
Denmark	1.8
Norway	1.4
Thailand	1.4
Spain	1.3
Brazil	1.3
Belgium	1.1
Netherlands	1.0
Other	9.2