Semiannual Report   |   April 30, 2022
Vanguard International Stock Index Funds
Vanguard European Stock Index Fund
Vanguard Pacific Stock Index Fund

 

Contents
About Your Fund’s Expenses
 1
European Stock Index Fund
 3
Pacific Stock Index Fund
 38
Trustees Approve Advisory Arrangements
 82
Liquidity Risk Management
 84

 

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

 

Six Months Ended April 30, 2022      
  Beginning
Account Value
10/31/2021 		Ending
Account Value
4/30/2022 		Expenses
Paid During
Period
Based on Actual Fund Return      
European Stock Index Fund      
Investor Shares $1,000.00 $864.80 $1.16
FTSE Europe ETF Shares 1,000.00 865.40 0.46
Admiral™ Shares 1,000.00 865.20 0.55
Institutional Shares 1,000.00 865.50 0.46
Institutional Plus Shares 1,000.00 865.50 0.42
Pacific Stock Index Fund      
Investor Shares $1,000.00 $868.00 $1.07
FTSE Pacific ETF Shares 1,000.00 868.80 0.37
Admiral Shares 1,000.00 868.70 0.46
Institutional Shares 1,000.00 868.90 0.37
Based on Hypothetical 5% Yearly Return      
European Stock Index Fund      
Investor Shares $1,000.00 $1,023.56 $1.25
FTSE Europe ETF Shares 1,000.00 1,024.30 0.50
Admiral Shares 1,000.00 1,024.20 0.60
Institutional Shares 1,000.00 1,024.30 0.50
Institutional Plus Shares 1,000.00 1,024.35 0.45
Pacific Stock Index Fund      
Investor Shares $1,000.00 $1,023.65 $1.15
FTSE Pacific ETF Shares 1,000.00 1,024.40 0.40
Admiral Shares 1,000.00 1,024.30 0.50
Institutional Shares 1,000.00 1,024.40 0.40
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 European Stock Index Fund, 0.25% for Investor Shares, 0.10% for FTSE Europe ETF Shares, 0.12% for Admiral Shares, 0.10% for Institutional Shares and 0.09% for Institutional Plus Shares; and for the Pacific Stock Index Fund, 0.23% for Investor Shares, 0.08% for FTSE Pacific ETF Shares, 0.10% for Admiral Shares and 0.08% for Institutional Shares. The dollar amounts shown as “Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

European Stock Index Fund
Fund Allocation
As of April 30, 2022
United Kingdom 25.7%
France 15.6
Switzerland 15.3
Germany 12.4
Netherlands 6.2
Sweden 5.8
Denmark 4.1
Italy 4.0
Spain 3.8
Finland 2.1
Belgium 1.7
Norway 1.6
Other 1.7
The table reflects the fund’s investments, except for short-term investments and derivatives.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
3

 

European Stock Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 2022
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 (99.0%)
Austria (0.5%)
  Erste Group Bank AG     658,107     20,491
  OMV AG     301,417     15,408
  Verbund AG     139,917     14,956
*,1 BAWAG Group AG     183,191      8,699
  Wienerberger AG     243,009      6,860
  voestalpine AG     243,609      6,339
  ANDRITZ AG     146,279      6,218
* IMMOFINANZ AG     138,169      3,343
  Mayr Melnhof Karton AG      17,952      3,159
  Raiffeisen Bank International AG     275,072      3,131
  AT&S Austria Technologie & Systemtechnik AG      53,595      2,744
* Lenzing AG      29,335      2,663
  S IMMO AG     105,872      2,541
  CA Immobilien Anlagen AG      86,993      2,457
2 Oesterreichische Post AG      69,345      2,234
  Telekom Austria AG Class A     290,288      2,070
  Vienna Insurance Group AG Wiener Versicherung Gruppe      81,123      2,012
  EVN AG      77,295      1,968
  UNIQA Insurance Group AG     224,470      1,711
* Schoeller-Bleckmann Oilfield Equipment AG      24,169      1,383
* DO & CO AG      14,132      1,244
  Strabag SE (Bearer)      31,788      1,242
* Flughafen Wien AG      22,097        622
  Palfinger AG      21,524        545
  Agrana Beteiligungs AG      23,831        423
* Porr AG      29,928        379
         114,842
Belgium (1.7%)
  Anheuser-Busch InBev SA   1,839,794    105,861
  KBC Group NV     584,841     39,788
* Argenx SE     108,370     31,222
  UCB SA     257,004     29,214
    Shares Market
Value•

($000)
  Groupe Bruxelles Lambert SA     217,503     20,524
  Ageas SA     379,586     18,164
  Umicore SA     433,985     16,684
  Solvay SA     148,165     13,933
  Elia Group SA      74,771     11,902
  Warehouses De Pauw CVA     301,949     11,616
  Sofina SA      32,554      9,976
  Aedifica SA      76,928      9,119
  Cofinimmo SA      67,402      9,051
  Ackermans & van Haaren NV      47,311      8,434
  D'ieteren Group      48,967      7,860
  Proximus SADP     293,421      5,129
  Euronav NV     398,754      4,611
  VGP NV      17,040      4,432
  Etablissements Franz Colruyt NV     104,824      3,849
  Melexis NV      42,423      3,641
  Barco NV     145,209      3,270
  KBC Ancora      77,275      3,126
  Shurgard Self Storage SA      53,023      3,068
  Montea NV      25,274      3,018
  Telenet Group Holding NV      97,370      2,902
  Bekaert SA      76,069      2,820
  Xior Student Housing NV      46,589      2,489
  Gimv NV      40,771      2,340
  Befimmo SA      46,118      2,302
  Fagron     122,650      2,301
  Cie d'Entreprises CFE      14,407      1,882
* Tessenderlo Group SA      53,732      1,881
  Retail Estates NV      22,134      1,686
* Kinepolis Group NV      26,230      1,451
* bpost SA     228,958      1,387
* AGFA-Gevaert NV     320,933      1,285
* Ontex Group NV     175,269      1,214
  Econocom Group SA NV     270,445      1,033
  Orange Belgium SA      32,148        623
  Van de Velde NV      12,345        507
*,2 Mithra Pharmaceuticals SA      47,768        466
  Wereldhave Belgium Comm VA       5,568        321
         406,382
4

 

European Stock Index Fund
    Shares Market
Value•

($000)
Denmark (4.0%)
  Novo Nordisk A/S Class B   3,382,385    386,357
  DSV A/S     414,034     67,882
  Vestas Wind Systems A/S   2,150,624     54,843
1 Orsted A/S     400,796     44,340
* Genmab A/S     125,797     44,235
  Coloplast A/S Class B     283,069     38,138
  AP Moller - Maersk A/S Class B      11,595     33,559
  Novozymes A/S Class B     423,529     29,524
  Carlsberg A/S Class B     204,720     26,006
  AP Moller - Maersk A/S Class A       8,842     25,029
  Danske Bank A/S   1,407,896     21,595
  Pandora A/S     198,146     17,398
  Chr Hansen Holding A/S     219,139     17,073
  Tryg A/S     655,280     15,581
  GN Store Nord A/S     271,537     10,191
* Demant A/S     214,426      9,423
  Royal Unibrew A/S     102,128      8,803
  Ringkjoebing Landbobank A/S      60,654      7,438
* Jyske Bank A/S (Registered)     117,798      6,514
* ISS A/S     392,795      6,447
* Alaska Air Group Inc. (XCSE)     282,580      6,164
  SimCorp A/S      84,964      5,948
  Topdanmark A/S      89,689      5,033
2 Ambu A/S Class B     359,528      4,732
  Sydbank A/S     126,308      4,342
* NKT A/S      90,513      4,314
1 Netcompany Group A/S      68,433      3,806
  Chemometec A/S      33,236      3,757
  ROCKWOOL International A/S Class B      13,230      3,700
  FLSmidth & Co. A/S     118,534      3,249
2 Alm Brand A/S   1,788,273      3,086
* Bavarian Nordic A/S     161,321      3,060
  H Lundbeck A/S     127,716      2,927
1 Scandinavian Tobacco Group A/S Class A     125,242      2,611
* Dfds A/S      62,262      2,411
* Drilling Co. of 1972 A/S      46,043      2,296
  Spar Nord Bank A/S     167,093      2,122
  Schouw & Co. A/S      26,864      2,054
  D/S Norden A/S      52,944      1,967
* NTG Nordic Transport Group A/S Class A      32,216      1,749
* Nilfisk Holding A/S      57,517      1,610
*,2 Zealand Pharma A/S      98,486      1,110
         942,424
Finland (2.0%)
* Nokia OYJ  12,013,104     60,907
  Nordea Bank Abp   5,654,691     56,378
  Sampo OYJ Class A   1,078,709     52,379
  Kone OYJ Class B     835,207     40,155
  UPM-Kymmene OYJ   1,138,034     39,367
  Neste OYJ     885,273     37,986
    Shares Market
Value•

($000)
  Stora Enso OYJ Class R   1,223,897     24,086
  Nordea Bank Abp (XHEL)   2,119,333     21,144
  Elisa OYJ     306,731     17,981
  Fortum OYJ     915,306     15,218
  Kesko OYJ Class B     570,885     14,373
  Metso Outotec OYJ   1,300,764     11,076
  Valmet OYJ     360,208      9,647
  Orion OYJ Class B     219,990      8,629
  Wartsila OYJ Abp   1,033,087      8,296
  Kojamo OYJ     415,763      8,271
  Huhtamaki OYJ     196,900      7,443
* Konecranes OYJ Class A     154,076      4,330
  TietoEVRY OYJ (XHEL)     163,889      4,111
  Metsa Board OYJ     359,784      3,877
  Nokian Renkaat OYJ     285,353      3,832
* QT Group OYJ      40,774      3,552
  Cargotec OYJ Class B     100,896      3,493
* Outokumpu OYJ     700,083      3,437
  Kemira OYJ     183,507      2,407
  Revenio Group OYJ      47,847      2,277
  Sanoma OYJ     156,244      1,974
  Uponor OYJ     112,134      1,970
1 Terveystalo OYJ     155,055      1,737
  YIT OYJ     362,806      1,460
  Tokmanni Group Corp.      99,047      1,287
* WithSecure OYJ     221,088      1,208
* Citycon OYJ     154,683      1,099
  TietoEVRY OYJ      38,768        966
*,2 Finnair OYJ   1,261,644        622
  Raisio OYJ Class V     254,346        596
  Oriola OYJ Class B     270,792        588
*,3 Ahlstrom-Munksjo OYJ Rights      19,422        366
         478,525
France (15.5%)
  LVMH Moet Hennessy Louis Vuitton SE     531,376    343,872
  TotalEnergies SE   5,063,159    248,616
  Sanofi   2,316,854    244,880
  Schneider Electric SE   1,127,547    161,768
* Airbus SE   1,185,293    129,756
* L'Oreal SA Loyalty Shares     355,795    129,442
* Air Liquide SA Loyalty Shares     687,371    118,921
  BNP Paribas SA   2,279,529    118,197
  AXA SA   4,097,132    108,390
  EssilorLuxottica SA     628,449    106,992
  Vinci SA   1,068,629    103,693
  Pernod Ricard SA     444,742     91,788
  Kering SA     156,335     83,182
  Hermes International      65,933     81,299
  Safran SA     742,383     79,731
  Danone SA   1,279,697     77,385
  Capgemini SE     341,421     69,506
  Dassault Systemes SE   1,418,814     62,746
  Cie de Saint-Gobain     995,907     58,099
  L'Oreal SA (XPAR)     154,707     56,284
  Legrand SA     568,610     50,387
  STMicroelectronics NV   1,348,963     49,840
  Orange SA   4,090,392     48,698
 
5

 

European Stock Index Fund
    Shares Market
Value•

($000)
  Air Liquide SA (XPAR)     274,984     47,575
  Cie Generale des Etablissements Michelin SCA     372,145     46,094
  Teleperformance     123,627     44,371
  Societe Generale SA   1,621,128     38,962
  Veolia Environnement SA   1,324,243     38,637
  Publicis Groupe SA     486,531     29,210
  Engie SA Loyalty Shares   2,421,494     28,575
  Carrefour SA   1,323,488     28,068
  Credit Agricole SA   2,583,970     27,902
  Thales SA     213,936     27,389
  Edenred     530,228     26,629
  Eurofins Scientific SE     257,962     23,974
*,1 Worldline SA     517,336     20,354
  Getlink SE     973,167     17,808
  Vivendi SE   1,523,415     17,497
  Bureau Veritas SA     606,278     17,416
  Sartorius Stedim Biotech      51,252     16,771
  Arkema SA     138,719     15,806
  Bouygues SA     455,369     15,657
  Eiffage SA     158,120     15,614
1 Euronext NV     175,460     14,058
  Alstom SA     629,111     13,828
* Rexel SA     644,292     13,198
* Accor SA     386,602     12,701
  Gecina SA     109,348     12,318
  Engie SA (XPAR)   1,012,540     11,948
  Remy Cointreau SA      52,313     10,370
  Bollore SE   2,097,373      9,787
* Renault SA     390,147      9,533
  SCOR SE     332,049      9,388
  Klepierre SA     390,703      9,352
  Valeo     509,601      9,265
* Ubisoft Entertainment SA     202,492      9,155
  BioMerieux      90,364      8,603
* EDF Loyalty Shares 2024     941,514      8,559
* Aeroports de Paris      60,082      8,499
* SOITEC      46,496      8,329
* Sodexo SA ACT Loyalty Shares     109,891      8,267
  Dassault Aviation SA      48,840      8,196
  Alten SA      60,779      8,157
  Covivio     107,157      7,631
  Ipsen SA      73,014      7,569
  Gaztransport Et Technigaz SA      61,171      7,284
1 Amundi SA     121,032      7,278
  SES SA Class A GDR     805,218      7,205
  CNP Assurances     319,385      7,018
1 La Francaise des Jeux SAEM     185,051      6,910
* Elis SA (XPAR)     469,489      6,733
  SPIE SA     273,288      6,432
  Wendel SE      56,567      5,636
  Nexans SA      61,747      5,624
  Sopra Steria Group SACA      30,252      5,362
  SEB SA Loyalty Shares      44,083      5,294
  Rubis SCA     196,483      5,226
* L'Oreal SA      14,264      5,189
  Atos SE     203,050      4,947
    Shares Market
Value•

($000)
  Faurecia SE (XPAR)     214,036      4,653
* Air Liquide SA      26,731      4,625
  Eutelsat Communications SA     395,162      4,392
2 Electricite de France SA (XPAR)     478,321      4,348
  Eurazeo SA      54,401      4,180
1 Verallia SA     151,866      4,175
  Sodexo SA (XPAR)      55,433      4,170
  ICADE      67,708      4,043
  IPSOS      80,385      3,870
* Vallourec SA     318,051      3,748
  Virbac SA       9,110      3,678
  Orpea SA     102,228      3,656
* Technip Energies NV     286,580      3,482
  Imerys SA      81,991      3,226
* JCDecaux SA     151,886      3,184
  Societe BIC SA      53,094      3,168
  Korian SA     135,719      2,850
  Nexity SA      92,623      2,813
  Eurazeo SE      36,199      2,782
* Coface SA     218,651      2,621
* Eramet SA      19,007      2,533
  Metropole Television SA     135,189      2,509
*,2 Air France-KLM     591,995      2,439
*,2 Valneva SE     185,148      2,370
  Rothschild & Co.      58,625      2,297
1 ALD SA     167,977      2,284
* Albioma SA Loyalty Shares      42,934      2,282
*,1,2 Neoen SA (XPAR)      55,506      2,218
  Trigano SA      16,643      2,144
  Somfy SA      16,078      2,143
  SEB SA (XPAR)      17,498      2,101
* Lagardere SA      78,885      2,066
*,2 Casino Guichard Perrachon SA     116,034      2,033
  Television Francaise 1     220,414      1,867
  Interparfums SA      33,076      1,835
  Cie Plastic Omnium SA     112,539      1,822
* Derichebourg SA     193,991      1,751
  Fnac Darty SA      35,308      1,748
* CGG SA   1,514,876      1,743
* ID Logistics Group       4,942      1,574
1 Maisons du Monde SA      89,037      1,519
* Engie SA     126,028      1,487
* Sodexo SA      19,189      1,444
  Carmila SA      91,815      1,428
  PEUGEOT Investment      12,369      1,382
  Quadient SA      72,981      1,365
  Altarea SCA       8,752      1,340
  Mercialys SA     138,683      1,339
* Voltalia SA (Registered)      61,322      1,295
  Vetoquinol SA       9,209      1,199
* Solutions 30 SE     176,487      1,023
  Mersen SA      30,782      1,018
* SES-imagotag SA      10,989      1,011
  Vicat SA      32,864        988
* Beneteau SA      78,530        986
  Cie de L'Odet SE         838        967
* Eurazeo SE (XPAR)      12,115        931
*,1 Elior Group SA     280,038        855
 
6

 

European Stock Index Fund
    Shares Market
Value•

($000)
*,1 X-Fab Silicon Foundries SE     114,995        814
  Faurecia SE      36,944        810
  Albioma SA (XPAR)      14,205        755
  Pharmagest Interactive       7,814        628
* Etablissements Maurel et Prom SA     137,514        627
  Vilmorin & Cie SA      12,768        607
*,1 SMCP SA      92,980        604
  Manitou BF SA      26,135        593
  Jacquet Metals SACA      26,881        579
  Bonduelle SCA      30,228        510
* GL Events      27,173        505
* Lisi      21,296        481
* Believe SA      31,104        379
  AKWEL      17,843        328
  Guerbet      11,712        306
* Seb SA       2,385        286
  Boiron SA       5,440        239
  Lisi (XPAR)      10,408        235
*,1 Aramis Group SAS      36,824        214
* Tarkett SA      14,019        197
* Lisi SA Prime De Fidelite       3,538         80
*,3 Bourbon Corp.      37,237         —
       3,619,407
Germany (12.2%)
  SAP SE   2,362,705    239,451
  Allianz SE (Registered)     875,013    197,433
  Siemens AG (Registered)   1,602,356    197,018
  Bayer AG (Registered)   2,095,171    138,011
  Deutsche Telekom AG (Registered)   7,208,089    132,781
  Mercedes-Benz Group AG   1,790,765    124,998
  BASF SE   1,950,729    102,731
  Deutsche Post AG (Registered)   2,084,835     89,069
2 adidas AG     390,735     78,795
  Infineon Technologies AG   2,775,028     78,764
  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)     298,628     71,115
  Deutsche Boerse AG     391,368     68,135
  Vonovia SE   1,656,644     66,002
  Volkswagen AG Preference Shares     390,543     60,482
  Bayerische Motoren Werke AG     683,224     55,796
  RWE AG   1,343,092     55,764
  Merck KGaA     275,610     51,133
  E.ON SE   4,619,191     48,072
* Deutsche Bank AG (Registered)   4,358,698     43,584
  Symrise AG Class A     277,002     32,962
1 Siemens Healthineers AG     591,761     31,641
  Fresenius SE & Co. KGaA     867,869     30,677
  Porsche Automobil Holding SE Preference Shares     326,700     26,946
    Shares Market
Value•

($000)
  Fresenius Medical Care AG & Co. KGaA     432,962     26,925
  Brenntag SE     329,892     25,456
* Daimler Truck Holding AG     896,161     24,102
  Henkel AG & Co. KGaA Preference Shares     373,621     23,991
  MTU Aero Engines AG     114,002     22,990
* QIAGEN NV     483,137     22,281
  Beiersdorf AG     212,264     21,320
  Rheinmetall AG      91,759     20,685
  Hannover Rueck SE     128,101     19,911
  Sartorius AG Preference Shares      52,607     19,724
* Siemens Energy AG     973,025     18,743
*,1 Zalando SE     467,329     18,388
  HeidelbergCement AG     309,734     17,843
1 Covestro AG     381,983     16,446
  LEG Immobilien SE (XETR)     154,714     15,863
* Continental AG     231,216     15,848
  Puma SE     212,495     15,635
2 Volkswagen AG      67,786     14,700
* HelloFresh SE     346,151     14,592
* Commerzbank AG   2,204,732     14,393
*,1 Delivery Hero SE     398,903     14,023
* K+S AG (Registered)     407,550     13,689
  GEA Group AG     351,578     13,686
  Henkel AG & Co. KGaA     213,417     13,544
  Aroundtown SA   2,413,801     12,138
  Evonik Industries AG     406,008     10,620
1 Scout24 SE     159,690     10,100
  Knorr-Bremse AG     140,608     10,027
  Carl Zeiss Meditec AG (Bearer)      77,559      9,742
*,2 Deutsche Lufthansa AG (Registered)   1,272,169      9,464
  KION Group AG     165,894      9,228
  Bayerische Motoren Werke AG Preference Shares     124,368      9,162
  Nemetschek SE     115,020      9,127
* CTS Eventim AG & Co. KGaA     125,473      8,612
  Aurubis AG      74,793      8,499
* Evotec SE     333,330      8,116
* thyssenkrupp AG   1,048,908      8,044
  Bechtle AG     173,429      8,014
  Freenet AG     269,021      7,443
  United Internet AG (Registered)     228,970      7,366
  LANXESS AG     181,164      7,003
  Vantage Towers AG     198,707      6,756
  HUGO BOSS AG     108,837      6,104
  AIXTRON SE     228,060      5,847
  TAG Immobilien AG     268,576      5,368
1 Befesa SA      85,425      5,335
  Wacker Chemie AG      31,999      5,077
  Encavis AG     230,976      5,042
  FUCHS PETROLUB SE Preference Shares     151,389      4,775
  Uniper SE     184,297      4,737
* Talanx AG     112,042      4,659
  Gerresheimer AG      65,993      4,584
 
7

 

European Stock Index Fund
    Shares Market
Value•

($000)
*,2 Sixt SE      34,287      4,458
  Rational AG       7,158      4,367
2 Aareal Bank AG     125,621      4,280
  Telefonica Deutschland Holding AG   1,410,410      4,242
* RTL Group SA      80,748      4,199
  Siltronic AG      44,623      4,191
*,1 TeamViewer AG     336,642      4,039
* Fraport AG Frankfurt Airport Services Worldwide      74,896      4,002
2 ProSiebenSat.1 Media SE     323,979      3,728
  CANCOM SE      76,778      3,707
  Grand City Properties SA     205,142      3,622
* Salzgitter AG      81,209      3,371
1 Deutsche Pfandbriefbank AG     258,823      3,257
  Software AG     102,995      3,170
*,2 Nordex SE     217,504      3,139
  Stroeer SE & Co. KGaA      52,161      3,121
  Hella GmbH & Co. KGaA      47,998      3,030
* flatexDEGIRO AG     175,853      3,003
  Jenoptik AG     106,218      2,986
  Deutsche Wohnen SE     103,795      2,973
  VERBIO Vereinigte BioEnergie AG      41,556      2,945
2 Varta AG      29,465      2,757
* METRO AG     306,827      2,695
  CompuGroup Medical SE & Co. KGaA      50,239      2,685
  Duerr AG     102,255      2,658
  Fielmann AG      50,795      2,568
  Jungheinrich AG Preference Shares     100,738      2,464
  Pfeiffer Vacuum Technology AG      13,666      2,433
* SUSE SA      74,962      2,429
  HOCHTIEF AG      39,954      2,418
  Stabilus SA      51,028      2,403
1 DWS Group GmbH & Co. KGaA      72,596      2,389
* Hypoport SE       8,423      2,329
  Krones AG      30,075      2,322
  Bilfinger SE      55,461      2,232
  Suedzucker AG     163,747      2,133
  Hornbach Holding AG & Co. KGaA      17,569      2,103
*,1 Auto1 Group SE     200,083      2,095
* Nagarro SE      14,893      2,094
  1&1 AG      96,216      2,028
  Dermapharm Holding SE      35,787      2,023
* Kloeckner & Co. SE Preference Shares     151,545      1,952
* Vitesco Technologies Group AG Class A      44,805      1,801
  Hensoldt AG      63,916      1,780
  Deutsche EuroShop AG     107,279      1,777
  FUCHS PETROLUB SE      66,347      1,768
  Traton SE     104,520      1,742
* Synlab AG     116,002      1,731
    Shares Market
Value•

($000)
  STRATEC SE      15,029      1,701
2 S&T AG     100,479      1,699
  Sixt SE Preference Shares      22,733      1,643
  Norma Group SE      66,342      1,637
  KWS Saat SE & Co. KGaA      21,730      1,604
  PATRIZIA AG      90,562      1,549
  Adesso SE       7,820      1,533
* MorphoSys AG      70,537      1,511
  Sartorius AG       4,552      1,510
  BayWa AG      31,295      1,492
1 Instone Real Estate Group SE      96,844      1,487
2 GRENKE AG      55,996      1,477
1,2 ADLER Group SA     191,085      1,456
  DIC Asset AG     103,188      1,444
  GFT Technologies SE      36,294      1,442
  Eckert & Ziegler Strahlen- und Medizintechnik AG      28,714      1,441
* CECONOMY AG     404,744      1,387
  Zeal Network SE      35,300      1,373
*,1,2 Shop Apotheke Europe NV      15,770      1,301
  Indus Holding AG      43,865      1,248
  Draegerwerk AG & Co. KGaA Preference Shares      25,208      1,248
  Secunet Security Networks AG       2,891      1,224
  Washtec AG      22,424      1,223
  Wacker Neuson SE      58,909      1,223
* Deutz AG     273,971      1,214
  Atoss Software AG       8,291      1,205
  Takkt AG      72,818      1,176
  New Work SE       6,101      1,039
  Deutsche Beteiligungs AG      31,453        977
  Basler AG       8,537        955
  Hamburger Hafen und Logistik AG      55,042        896
2 Schaeffler AG Preference Shares     161,597        868
  Wuestenrot & Wuerttembergische AG      44,645        842
2 SMA Solar Technology AG      18,323        834
* About You Holding SE      71,362        771
  Vossloh AG      19,328        737
* SGL Carbon SE     105,553        580
* Koenig & Bauer AG      29,389        574
  CropEnergies AG      41,817        542
* ElringKlinger AG      62,013        514
  Bertrandt AG      10,770        500
* Global Fashion Group SA     225,331        429
       2,862,272
Ireland (0.4%)
  Kerry Group plc Class A     327,899     36,188
  Kingspan Group plc     321,546     29,932
* Bank of Ireland Group plc   1,947,394     11,803
  Glanbia plc (XDUB)     400,050      4,769
* AIB Group plc   1,652,180      3,589
  Hibernia REIT plc   1,400,644      2,403
 
8

 

European Stock Index Fund
    Shares Market
Value•

($000)
* Dalata Hotel Group plc     464,391      2,121
* Cairn Homes plc (XDUB)       4,908          6
*,2,3 Irish Bank Resolution Corp.   2,503,596         —
          90,811
Italy (3.9%)
  Enel SpA  16,548,931    107,616
  Eni SpA   5,276,818     73,764
  Intesa Sanpaolo SpA  35,390,673     72,116
  Ferrari NV     264,599     55,713
  Assicurazioni Generali SpA   2,765,417     52,358
  UniCredit SpA   4,568,998     42,286
  Stellantis NV   2,626,419     35,261
  CNH Industrial NV   2,142,699     30,354
  Snam SpA (MTAA)   4,731,266     25,949
* Atlantia SpA   1,048,389     25,010
  Terna - Rete Elettrica Nazionale   3,004,914     24,508
  Moncler SpA     458,488     23,884
  Stellantis NV (XNYS)   1,684,979     22,670
  Prysmian SpA     558,249     18,157
  FinecoBank Banca Fineco SpA   1,304,139     18,129
*,1 Nexi SpA   1,572,933     15,427
  Tenaris SA     993,653     15,185
  EXOR NV     218,230     15,144
  Mediobanca Banca di Credito Finanziario SpA   1,471,811     14,752
  Davide Campari-Milano NV   1,045,406     11,796
  Amplifon SpA     274,775     10,962
  Banco BPM SpA   3,195,463     10,068
  Recordati Industria Chimica e Farmaceutica SpA     205,284      9,892
1 Poste Italiane SpA     968,612      9,492
* Leonardo SpA     847,247      8,719
  Telecom Italia SpA  28,303,865      8,265
1 Infrastrutture Wireless Italiane SpA     745,889      7,959
  Reply SpA      48,355      7,119
  Interpump Group SpA     169,674      6,860
  Italgas SpA   1,020,240      6,606
  DiaSorin SpA      47,815      6,263
  Hera SpA   1,667,766      6,220
  Unipol Gruppo SpA   1,027,140      5,601
  A2A SpA   3,221,917      5,505
1 Pirelli & C SpA   1,050,805      5,208
  Azimut Holding SpA     228,597      4,852
  ERG SpA     137,495      4,737
2 Banca Generali SpA     117,513      3,885
  De' Longhi SpA     152,545      3,699
  BPER Banca   2,183,756      3,648
  Banca Mediolanum SpA     498,320      3,617
  Buzzi Unicem SpA     194,069      3,594
* Brunello Cucinelli SpA      69,785      3,572
  Banca Popolare di Sondrio SpA     875,250      3,476
  Iren SpA   1,293,396      3,343
* Autogrill SpA     410,807      3,051
  Brembo SpA     301,603      3,019
1 Anima Holding SpA     548,665      2,673
    Shares Market
Value•

($000)
  UnipolSai Assicurazioni SpA     881,934      2,481
* Salvatore Ferragamo SpA     138,806      2,413
* Iveco Group NV     406,760      2,393
1 BFF Bank SpA     379,851      2,369
*,1 Enav SpA     512,804      2,367
  Falck Renewables SpA     248,101      2,310
1 Carel Industries SpA      92,213      2,219
  Sesa SpA      15,087      2,181
1 Technogym SpA     274,572      2,072
  Telecom Italia SpA Savings Shares   6,947,248      1,934
  Tamburi Investment Partners SpA     210,828      1,921
  ACEA SpA      90,503      1,552
  El.En. SpA     108,884      1,518
  SOL SpA      82,387      1,448
*,2 Saipem SpA   1,248,229      1,413
1 GVS SpA     155,425      1,295
2 Webuild SpA (MTAA)     714,536      1,215
1 doValue SpA     138,849      1,181
  MARR SpA      71,907      1,164
1 RAI Way SpA     196,915      1,158
  Credito Emiliano SpA     187,232      1,144
* Saras SpA   1,213,707      1,130
  Gruppo MutuiOnline SpA      36,884      1,129
  Danieli & C Officine Meccaniche SpA Savings Shares      70,227      1,099
  Tinexta SpA      43,410      1,086
2 Maire Tecnimont SpA     365,331      1,070
  Sanlorenzo SpA      29,097      1,029
  Italmobiliare SpA      31,739      1,006
  Banca IFIS SpA      55,367      1,005
  Piaggio & C SpA     396,294        988
  Zignago Vetro SpA      74,567        914
2 Danieli & C Officine Meccaniche SpA      34,145        727
* Tod's SpA      17,841        705
  Cementir Holding NV      97,369        678
* CIR SpA-Compagnie Industriali   1,524,625        661
* Immobiliare Grande Distribuzione SIIQ SpA     138,980        659
*,2 Fincantieri SpA   1,014,173        619
* Arnoldo Mondadori Editore SpA     284,595        583
  MFE-MediaForEurope NV Class B     606,315        558
*,2 Societa Cattolica Di Assicurazione SpA      83,511        541
* Banca Monte dei Paschi di Siena SpA     561,822        473
* Biesse SpA      29,449        459
*,2 Juventus Football Club SpA   1,404,172        456
  Datalogic SpA      41,386        402
*,2 MFE-MediaForEurope NV Class A     614,027        375
  Rizzoli Corriere Della Sera Mediagroup SpA     308,248        239
  DeA Capital SpA      25,227         34
 
9

 

European Stock Index Fund
    Shares Market
Value•

($000)
*,2 Webuild SpA      61,413         32
         918,389
Netherlands (6.2%)
  ASML Holding NV     815,131    462,618
*,1 Adyen NV      62,689    105,148
* Prosus NV   1,879,665     90,654
  ING Groep NV   8,057,793     76,341
  Koninklijke Ahold Delhaize NV   2,076,146     61,238
  Koninklijke DSM NV     354,339     59,568
  Wolters Kluwer NV     546,576     55,195
2 Heineken NV     507,597     49,547
  Koninklijke Philips NV   1,866,353     48,770
  Universal Music Group NV   1,587,977     36,851
  ArcelorMittal SA   1,249,233     36,425
  NN Group NV     666,238     32,633
  Akzo Nobel NV     365,727     31,725
  ASM International NV     101,614     30,534
  Koninklijke KPN NV   6,926,828     23,902
  Aegon NV   3,772,406     19,559
  IMCD NV     121,576     19,358
  Heineken Holding NV     225,447     17,599
* Unibail-Rodamco-Westfield     217,478     15,348
  ASR Nederland NV     279,602     12,708
  Randstad NV     234,355     12,392
1 Signify NV     266,228     11,263
1 ABN AMRO Bank NV GDR     878,147     10,916
*,1 Just Eat Takeaway.com NV     382,378     10,386
  Aalberts NV     204,317      9,928
  BE Semiconductor Industries NV     155,740      9,494
* OCI NV     204,410      7,746
  Arcadis NV     152,686      6,371
* Galapagos NV     102,211      6,001
  Boskalis Westminster     170,074      5,907
  JDE Peet's NV     177,732      5,229
  SBM Offshore NV     341,081      4,943
*,1 Basic-Fit NV     110,035      4,610
  Corbion NV     123,476      4,281
  TKH Group NV GDR      86,497      4,242
*,1 Intertrust NV     188,356      3,887
  APERAM SA      98,897      3,817
  Koninklijke Vopak NV     139,040      3,739
* Accell Group NV      44,789      2,706
2 PostNL NV     803,724      2,634
* Fugro NV     211,531      2,591
* InPost SA     421,793      2,586
  Eurocommercial Properties NV     106,503      2,577
  AMG Advanced Metallurgical Group NV      61,541      2,406
*,1 Alfen Beheer BV      23,394      2,104
1 CTP NV     140,440      1,988
1 Flow Traders      54,392      1,776
* Sligro Food Group NV      71,843      1,686
  NSI NV      41,145      1,609
*