Semiannual Report   |   June 30, 2022
Vanguard Developed Markets Index Fund

 

Contents
About Your Fund’s Expenses
 1
Financial Statements
 4
Trustees Approve Advisory Arrangement
 71
Liquidity Risk Management
 73

 

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 June 30, 2022      
  Beginning
Account Value
12/31/2021 		Ending
Account Value
6/30/2022 		Expenses
Paid During
Period
Based on Actual Fund Return      
Developed Markets Index Fund      
Investor Shares $1,000.00 $807.10 $0.72
FTSE Developed Markets ETF Shares 1,000.00 807.40 0.22
Admiral™ Shares 1,000.00 807.40 0.31
Institutional Shares 1,000.00 807.70 0.22
Institutional Plus Shares 1,000.00 807.50 0.18
Based on Hypothetical 5% Yearly Return      
Developed Markets Index Fund      
Investor Shares $1,000.00 $1,024.00 $0.80
FTSE Developed Markets ETF Shares 1,000.00 1,024.55 0.25
Admiral Shares 1,000.00 1,024.45 0.35
Institutional Shares 1,000.00 1,024.55 0.25
Institutional Plus Shares 1,000.00 1,024.60 0.20
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.16% for Investor Shares, 0.05% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.05% for Institutional Shares, and 0.04% for Institutional Plus 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

 

Developed Markets Index Fund
Fund Allocation
As of June 30, 2022
Japan 20.5%
United Kingdom 13.7
Canada 10.5
France 8.2
Switzerland 8.0
Australia 7.1
Germany 6.3
South Korea 4.6
Netherlands 3.2
Hong Kong 2.9
Sweden 2.9
Denmark 2.1
Spain 2.1
Italy 2.0
Singapore 1.2
Finland 1.1
Other 3.6
The table reflects the fund’s investments, except for short-term investments and derivatives.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
3

 

Developed Markets Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 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 (98.8%)
Australia (7.0%)
  BHP Group Ltd.  36,505,019   1,045,271
  Commonwealth Bank of Australia  12,389,739     774,068
  CSL Ltd.   3,490,822     648,158
  National Australia Bank Ltd.  23,361,966     443,009
  Westpac Banking Corp.  25,282,661     341,036
  Australia & New Zealand Banking Group Ltd.  20,289,355     309,021
  Woodside Energy Group Ltd.  13,713,109     301,394
  Macquarie Group Ltd.   2,520,850     287,014
  Wesfarmers Ltd.   8,212,141     237,528
  Transurban Group (XASX)  22,277,754     221,648
  Woolworths Group Ltd.   8,808,984     216,369
  Rio Tinto Ltd.   2,696,624     192,374
  Goodman Group  13,317,714     164,444
  Fortescue Metals Group Ltd.  11,548,269     138,865
  Amcor plc GDR  10,899,875     136,281
  Aristocrat Leisure Ltd.   4,852,704     115,427
  Coles Group Ltd.   9,211,421     113,359
  Santos Ltd.  22,309,482     113,113
  South32 Ltd.  33,689,749      91,289
  QBE Insurance Group Ltd.  10,750,362      90,334
  Newcrest Mining Ltd.   5,994,163      85,394
  ASX Ltd.   1,406,828      79,520
  Sonic Healthcare Ltd.   3,488,270      79,509
  Telstra Corp. Ltd.  29,609,381      78,754
  Brambles Ltd.  10,411,507      76,986
  James Hardie Industries plc GDR   3,209,622      70,268
  Suncorp Group Ltd.   9,181,039      70,012
  Scentre Group  37,724,820      67,737
  APA Group   8,558,619      66,653
  Computershare Ltd. (XASX)   3,895,109      66,424
  Ramsay Health Care Ltd.   1,271,473      64,401
    Shares Market
Value•

($000)
  Cochlear Ltd.     466,327      64,023
  Insurance Australia Group Ltd.  17,875,981      53,906
  Origin Energy Ltd.  12,737,040      50,560
* Xero Ltd.     916,979      48,912
  Dexus (XASX)   7,833,367      48,171
  Endeavour Group Ltd.   9,196,235      48,110
* Lottery Corp. Ltd.  15,084,380      47,062
  Medibank Pvt Ltd.  19,983,286      44,946
  Lundin Energy Mergerco AB   1,367,888      44,540
  Stockland  17,305,623      43,208
  Treasury Wine Estates Ltd.   5,266,339      41,300
  Ampol Ltd.   1,726,871      40,758
  GPT Group  13,898,617      40,621
  Mineral Resources Ltd.   1,207,833      40,538
* Lynas Rare Earths Ltd.   6,546,286      39,568
  Mirvac Group  28,578,590      39,064
  Atlas Arteria Ltd.   6,953,007      38,740
  Northern Star Resources Ltd.   8,258,674      38,739
  BlueScope Steel Ltd.   3,503,649      38,606
  SEEK Ltd.   2,535,483      36,780
  Vicinity Centres  27,511,988      34,950
  Aurizon Holdings Ltd.  12,873,297      33,857
  Incitec Pivot Ltd.  14,147,574      32,558
  Orica Ltd.   2,975,343      32,552
  Washington H Soul Pattinson & Co. Ltd.   1,943,120      31,645
  Lendlease Corp. Ltd.   4,989,945      31,431
  IGO Ltd.   4,505,740      30,884
* Pilbara Minerals Ltd.  19,191,873      30,528
* Allkem Ltd.   4,219,699      30,181
  WiseTech Global Ltd.   1,147,625      30,093
  OZ Minerals Ltd.   2,380,620      29,265
  REA Group Ltd.     367,014      28,341
  AGL Energy Ltd.   4,880,790      27,901
  Worley Ltd.   2,722,813      26,847
  ALS Ltd.   3,502,617      25,912
  Charter Hall Group   3,425,623      25,696
  Bendigo & Adelaide Bank Ltd.   4,090,279      25,675
  carsales.com Ltd. (XASX)   1,956,062      24,861
4

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Steadfast Group Ltd.   7,031,717      24,466
* NEXTDC Ltd.   3,307,680      24,344
  Challenger Ltd.   4,859,657      23,007
  IDP Education Ltd.   1,323,687      21,676
  Bank of Queensland Ltd.   4,664,189      21,513
  JB Hi-Fi Ltd.     791,818      21,059
  Domino's Pizza Enterprises Ltd.     442,115      20,782
  Whitehaven Coal Ltd.   6,157,467      20,691
  Metcash Ltd.   7,007,306      20,540
  Evolution Mining Ltd.  12,511,883      20,444
  Qube Holdings Ltd.  10,665,450      20,117
  Iluka Resources Ltd.   3,048,496      19,885
* Qantas Airways Ltd.   6,020,995      18,634
  Alumina Ltd.  18,299,813      18,550
  Cleanaway Waste Management Ltd.   9,887,908      17,212
  Downer EDI Ltd.   4,902,308      17,105
  nib holdings Ltd.   3,338,648      17,019
* Uniti Group Ltd.   4,856,207      16,505
  Reliance Worldwide Corp. Ltd.   5,724,912      15,999
* AMP Ltd.  24,006,639      15,857
  Orora Ltd.   6,163,276      15,552
  Shopping Centres Australasia Property Group   8,094,997      15,421
  Beach Energy Ltd.  12,835,714      15,288
  Technology One Ltd.   2,034,608      15,087
  Altium Ltd.     790,784      14,739
  Reece Ltd.   1,544,588      14,672
  Ansell Ltd.     932,071      14,327
  Charter Hall Long Wale REIT   4,780,549      14,125
  Nine Entertainment Co. Holdings Ltd.  10,687,155      13,517
1 Breville Group Ltd.   1,012,205      12,562
*,1 Flight Centre Travel Group Ltd.   1,043,154      12,545
  Champion Iron Ltd.   3,334,866      12,467
  National Storage REIT   8,375,542      12,425
2 Viva Energy Group Ltd.   6,149,986      12,289
* Star Entertainment Grp Ltd.   6,188,957      11,948
  Seven Group Holdings Ltd.   1,017,869      11,702
  Tabcorp Holdings Ltd.  15,223,546      11,237
  HomeCo Daily Needs REIT  12,548,126      11,089
  GrainCorp Ltd. Class A   1,683,244      11,084
  TPG Telecom Ltd.   2,683,163      11,071
  Sims Ltd.   1,160,723      11,032
  IRESS Ltd.   1,378,254      10,951
  Harvey Norman Holdings Ltd.   4,266,817      10,941
  ARB Corp. Ltd.     551,286      10,770
* Corporate Travel Management Ltd.     814,379      10,461
  Bapcor Ltd.   2,456,088      10,323
* Webjet Ltd.   2,700,025       9,996
*,1,3 AVZ Minerals Ltd.  18,520,485       9,971
  CSR Ltd.   3,507,032       9,859
    Shares Market
Value•

($000)
  Healius Ltd.   3,874,328       9,823
  Elders Ltd.   1,105,871       9,628
  Perseus Mining Ltd.   8,821,553       9,572
  Link Administration Holdings Ltd.   3,618,792       9,476
  BWP Trust   3,511,291       9,446
  Eagers Automotive Ltd.   1,395,472       9,371
* Liontown Resources Ltd.  12,535,104       9,152
  Sandfire Resources Ltd. (XASX)   2,966,983       9,147
  Charter Hall Retail REIT   3,501,323       9,144
1 Magellan Financial Group Ltd.   1,018,223       9,105
  Deterra Royalties Ltd.   3,046,490       8,930
  Pro Medicus Ltd.     300,976       8,796
  Insignia Financial Ltd.   4,692,049       8,744
  Pendal Group Ltd.   2,793,219       8,546
* Paladin Energy Ltd.  21,166,899       8,494
  Waypoint REIT Ltd.   5,208,081       8,354
  Nufarm Ltd.   2,302,157       8,118
  Perpetual Ltd.     406,144       8,107
*,1 Core Lithium Ltd.  12,068,458       7,978
  Premier Investments Ltd.     586,977       7,819
  InvoCare Ltd.   1,044,802       7,540
  Ingenia Communities Group   2,641,387       7,275
  Centuria Industrial REIT   3,731,345       7,258
  AUB Group Ltd.     591,834       7,253
  Super Retail Group Ltd.   1,178,536       6,923
* EVENT Hospitality and Entertainment Ltd.     761,558       6,846
  Arena REIT   2,307,662       6,818
  Nickel Mines Ltd.   9,804,916       6,613
  Abacus Property Group   3,647,595       6,485
  IPH Ltd.   1,147,076       6,454
  Lifestyle Communities Ltd.     679,617       6,372
  Centuria Capital Group   5,077,533       6,354
  Costa Group Holdings Ltd. (XASX)   3,209,047       6,346
2 Coronado Global Resources Inc. GDR   5,322,648       6,129
* West African Resources Ltd.   7,280,619       6,061
  carsales.com Ltd.     470,207       5,969
* Chalice Mining Ltd.   2,259,049       5,913
  Credit Corp. Group Ltd.     410,871       5,758
1 Newcrest Mining Ltd. (XASX)     408,112       5,720
  Adbri Ltd.   3,397,613       5,695
  Bega Cheese Ltd.   2,155,295       5,690
  HUB24 Ltd.     401,944       5,631
  Charter Hall Social Infrastructure REIT   2,383,248       5,571
 
5

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Gold Road Resources Ltd.   7,109,551       5,530
  GUD Holdings Ltd.     998,836       5,507
  Brickworks Ltd.     422,755       5,421
* De Grey Mining Ltd.   9,670,152       5,353
  Cromwell Property Group  10,151,439       5,297
  Boral Ltd.   2,938,774       5,257
  Blackmores Ltd.     107,447       5,231
  Collins Foods Ltd.     759,394       5,204
  Netwealth Group Ltd.     615,733       5,178
  Tassal Group Ltd.   1,559,799       5,161
* Silver Lake Resources Ltd.   6,183,958       5,140
*,1 Lake Resources NL   9,318,517       5,080
*,1 Imugene Ltd.  40,219,864       5,006
  Johns Lyng Group Ltd.   1,240,514       4,912
  Genworth Mortgage Insurance Australia Ltd.   2,990,055       4,757
  Growthpoint Properties Australia Ltd.   2,006,307       4,736
*,1 Capricorn Metals Ltd.   2,148,753       4,655
  Irongate Group   3,548,769       4,653
  GQG Partners Inc. GDR   4,616,846       4,651
  Rural Funds Group   2,630,215       4,561
  Platinum Asset Management Ltd.   3,753,319       4,531
  G8 Education Ltd.   6,133,546       4,480
  Regis Resources Ltd.   5,023,377       4,474
* Omni Bridgeway Ltd.   1,810,503       4,456
  Monadelphous Group Ltd.     642,796       4,421
* Karoon Energy Ltd.   3,651,184       4,387
* ioneer Ltd.  15,306,639       4,364
  United Malt Grp Ltd.   1,918,590       4,339
  Codan Ltd.     886,324       4,268
* APM Human Services International Ltd.   2,142,540       4,255
  Hansen Technologies Ltd.   1,183,544       4,253
* Calix Ltd.     995,748       4,218
*,1 Syrah Resources Ltd.   4,762,775       4,087
*,1 PolyNovo Ltd.   4,330,029       4,052
* Mincor Resources NL   3,411,962       3,949
* Jervois Global Ltd.  10,759,121       3,942
* Nanosonics Ltd.   1,691,852       3,921
  Centuria Office REIT   3,276,785       3,853
1 New Hope Corp. Ltd.   1,577,964       3,792
  Domain Holdings Australia Ltd.   1,815,588       3,772
  NRW Holdings Ltd.   3,170,835       3,721
* SiteMinder Ltd.   1,514,430       3,690
  Lovisa Holdings Ltd.     385,830       3,685
  Jumbo Interactive Ltd.     373,567       3,675
* Telix Pharmaceuticals Ltd.   1,159,491       3,641
    Shares Market
Value•

($000)
* Megaport Ltd.     956,693       3,616
  Kelsian Group Ltd.     914,334       3,604
*,1 PEXA Group Ltd.     375,687       3,599
  Ramelius Resources Ltd.   6,005,450       3,595
  Home Consortium Ltd.   1,126,817       3,517
  Imdex Ltd.   2,745,402       3,495
  Pinnacle Investment Management Group Ltd.     703,920       3,429
  Data#3 Ltd.   1,039,523       3,345
* Australian Agricultural Co. Ltd.   2,238,363       3,341
* Eclipx Group Ltd.   2,057,057       3,268
1 Appen Ltd.     812,596       3,156
* Judo Capital Holdings Ltd.   3,770,888       3,148
* Bellevue Gold Ltd.   7,019,025       3,100
* Aussie Broadband Ltd.   1,354,915       3,100
  Infomedia Ltd.   2,662,208       3,065
  St. Barbara Ltd.   5,910,615       3,035
  Sigma Healthcare Ltd.   7,524,805       3,018
  oOh!media Ltd.   3,600,336       3,004
*,1 PointsBet Holdings Ltd.   1,611,892       2,999
* 5E Advanced Materials Inc.   2,312,195       2,917
  Hotel Property Investments   1,354,081       2,903
  Australian Clinical Labs Ltd.     909,448       2,883
  Austal Ltd.   2,301,347       2,859
  Select Harvests Ltd.     877,541       2,851
1 Dicker Data Ltd.     371,498       2,839
  Dexus Industria REIT   1,516,436       2,829
  Baby Bunting Group Ltd.     992,333       2,797
1 Clinuvel Pharmaceuticals Ltd.     269,243       2,762
*,1 Vulcan Energy Resources Ltd.     705,126       2,655
  SmartGroup Corp. Ltd.     628,205       2,654
  Australian Ethical Investment Ltd.     812,938       2,620
*,1 Novonix Ltd.   1,657,652       2,616
  Virtus Health Ltd.     477,379       2,604
  McMillan Shakespeare Ltd.     378,422       2,545
* OFX Group Ltd.   1,606,214       2,538
  GWA Group Ltd.   1,851,622       2,515
  Integral Diagnostics Ltd.   1,197,165       2,508
* Service Stream Ltd.   4,111,708       2,486
  Inghams Group Ltd.   1,347,422       2,402
  Perenti Global Ltd.   5,246,938       2,379
* 29Metals Ltd.   1,949,737       2,343
  Westgold Resources Ltd.   2,837,835       2,317
  Estia Health Ltd.   1,726,565       2,277
*,1 Audinate Group Ltd.     435,343       2,270
*,2 Life360 Inc. GDR   1,138,047       2,241
  Leo Lithium Ltd.   5,736,643       2,198
 
6

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
* Neometals Ltd.   3,459,919       2,168
*,1 nearmap Ltd.   2,944,160       2,096
* Mayne Pharma Group Ltd.  12,098,650       2,091
  MyState Ltd.     741,844       2,089
  Nick Scali Ltd.     363,853       2,075
  Accent Group Ltd.   2,416,879       2,070
  GDI Property Group   3,157,482       1,984
1 Mount Gibson Iron Ltd.   5,130,328       1,920
*,1 EML Payments Ltd.   2,244,691       1,912
* Seven West Media Ltd.   6,624,110       1,874
* Opthea Ltd.   2,419,478       1,836
  Money3 Corp. Ltd.   1,351,906       1,836
1 Emeco Holdings Ltd.   3,969,434       1,788
*,1 Mesoblast Ltd.   4,224,401       1,778
  Pact Group Holdings Ltd.   1,420,127       1,775
*,1 Temple & Webster Group Ltd.     769,388       1,768
*,1 Australian Strategic Materials Ltd.     732,778       1,750
* Carnarvon Energy Ltd.  12,791,733       1,725
1 Ebusco Holding NV      71,776       1,713
*,1 Bubs Australia Ltd.   4,011,525       1,673
* Cooper Energy Ltd. (XASX)   9,788,098       1,658
  Bravura Solutions Ltd.   1,656,647       1,620
  Australian Finance Group Ltd.   1,536,988       1,608
* Aurelia Metals Ltd.   8,642,950       1,522
* Superloop Ltd.   3,007,344       1,497
* Alkane Resources Ltd.   3,388,373       1,451
* Starpharma Holdings Ltd. Class A   2,716,076       1,390
  Southern Cross Media Group Ltd.   1,990,043       1,371
  Myer Holdings Ltd.   6,072,967       1,365
*,1 Zip Co. Ltd.   4,371,988       1,334
*,1 City Chic Collective Ltd.   1,021,733       1,293
*,1 Betmakers Technology Group Ltd.   5,391,513       1,273
* Resolute Mining Ltd.   8,143,962       1,266
* Incannex Healthcare Ltd.   8,533,551       1,245
  SG Fleet Group Ltd.     824,704       1,219
1 Regis Healthcare Ltd.     946,613       1,207
1 Cedar Woods Properties Ltd.     466,167       1,186
  Macmahon Holdings Ltd.  12,525,676       1,169
*,3 Firefinch Ltd.   8,031,301       1,105
* Praemium Ltd.   3,388,969       1,090
  MACA Ltd.   2,386,624       1,089
  Navigator Global Investments Ltd.   1,233,061       1,062
*,1 Andromeda Metals Ltd.  21,412,926       1,037
*,1 Dubber Corp. Ltd.   2,156,907         960
*,1 Tyro Payments Ltd.   2,282,395         949
*,1 Kogan.com Ltd.     485,361         933
    Shares Market
Value•

($000)
*,1 Paradigm Biopharmaceuticals Ltd.   1,318,907         879
* New Century Resources Ltd.     751,317         869
  Jupiter Mines Ltd.   6,327,614         855
* Fineos Corp. Ltd. GDR     830,698         850
*,1 Redbubble Ltd.   1,245,137         774
1 Humm Group Ltd.   2,718,469         769
* Nuix Ltd.   1,430,279         752
  Cooper Energy Ltd.   3,915,239         662
*,1 Electro Optic Systems Holdings Ltd.     919,689         660
*,1 AMA Group Ltd.   4,723,388         554
* PPK Group Ltd.     325,790         460
1 BWX Ltd.     914,499         405
* Dacian Gold Ltd.   7,134,886         401
1 Marley Spoon AG CDI   1,847,743         255
* Minerals 260 Ltd.     875,501         142
*,3 Bgp Holdings plc   7,179,555          25
* Falcon Metals Ltd.     131,462          17
*,3 Ppk Mining Equipment Group     227,506          —
* Incannex Healthcare Ltd. Warrants Exp. 4/28/23     220,259          —
*,3 BWX Ltd. Rights Exp. 7/13/22      91,449          —
        9,700,176
Austria (0.3%)
  Erste Group Bank AG   2,371,925      60,274
  OMV AG   1,028,945      48,392
  Verbund AG     478,775      47,063
2 BAWAG Group AG     626,651      26,454
  ANDRITZ AG     504,333      20,358
  Wienerberger AG     833,510      17,998
  voestalpine AG     838,222      17,915
  Mayr Melnhof Karton AG      62,345      10,657
  Raiffeisen Bank International AG     937,387      10,241
* AT&S Austria Technologie & Systemtechnik AG     184,941       9,938
  CA Immobilien Anlagen AG     301,946       9,612
  S IMMO AG     367,951       8,803
  Lenzing AG      95,194       7,716
1 Oesterreichische Post AG     239,611       6,854
  Telekom Austria AG Class A     982,143       6,542
  Vienna Insurance Group AG Wiener Versicherung Gruppe     277,703       6,352
  UNIQA Insurance Group AG     827,308       5,872
  EVN AG     264,883       5,641
* IMMOFINANZ AG     328,982       5,002
  Strabag SE (Bearer)     106,701       4,541
  Schoeller-Bleckmann Oilfield Equipment AG      78,112       4,394
* DO & CO AG      47,001       3,954
 
7

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
* Flughafen Wien AG      72,824       2,500
  Palfinger AG      75,682       1,729
*,1 Agrana Beteiligungs AG      74,216       1,326
  Porr AG      93,195       1,206
          351,334
Belgium (0.9%)
  Anheuser-Busch InBev SA   6,266,827     337,481
* Argenx SE     388,897     146,596
  KBC Group NV   1,991,458     112,041
  UCB SA     875,117      74,157
  Groupe Bruxelles Lambert SA     721,347      60,470
  Ageas SA   1,344,801      59,296
  Umicore SA   1,487,090      52,129
  Solvay SA     505,377      41,171
  Elia Group SA     273,729      38,875
  Warehouses De Pauw CVA   1,033,836      32,622
  Aedifica SA     284,742      27,359
* Cofinimmo SA     229,684      25,050
  D'ieteren Group     166,748      24,503
  Ackermans & van Haaren NV     161,572      24,172
  Sofina SA     111,462      22,848
  Euronav NV   1,389,565      16,763
  Proximus SADP   1,015,235      14,985
  Barco NV     503,456      10,617
  Melexis NV     143,308      10,307
* Etablissements Franz Colruyt NV     364,434       9,903
  KBC Ancora     260,963       9,602
  VGP NV      58,476       9,328
  Shurgard Self Storage SA     181,500       8,464
  Montea NV      88,226       8,455
  Bekaert SA     252,591       8,263
  Befimmo SA     157,648       7,805
  Gimv NV     138,930       7,678
  Xior Student Housing NV     157,854       6,869
  Telenet Group Holding NV     328,437       6,825
  Fagron     416,977       6,759
* Tessenderlo Group SA     185,880       5,900
  Retail Estates NV      75,255       5,020
* Kinepolis Group NV      94,494       4,549
* Ontex Group NV     576,608       4,522
  bpost SA     728,890       4,319
* AGFA-Gevaert NV     986,265       3,646
  Econocom Group SA NV     822,673       2,877
* Orange Belgium SA     109,969       2,074
  Van de Velde NV      45,819       1,660
*,1 Mithra Pharmaceuticals SA     159,855       1,216
  Wereldhave Belgium Comm VA      20,644       1,058
* Cie d'Entreprises CFE      50,708         440
        1,258,674
    Shares Market
Value•

($000)
Canada (10.4%)
  Royal Bank of Canada  10,290,137     996,397
  Toronto-Dominion Bank  13,198,753     865,527
  Enbridge Inc.  14,688,558     620,315
1 Bank of Nova Scotia   8,742,625     517,412
  Canadian National Railway Co.   4,453,731     500,976
  Canadian Pacific Railway Ltd. (XTSE)   6,737,312     470,596
  Bank of Montreal   4,706,935     452,629
  Canadian Natural Resources Ltd.   8,292,314     445,602
  Brookfield Asset Management Inc. Class A   9,666,059     429,986
1 TC Energy Corp.   7,120,490     368,858
  Suncor Energy Inc.  10,428,525     365,873
  Nutrien Ltd.   4,000,815     318,617
1 Canadian Imperial Bank of Commerce   6,404,755     311,033
* Shopify Inc. Class A   8,237,150     257,379
1 Manulife Financial Corp.  14,065,030     243,887
  Waste Connections Inc.   1,860,612     230,697
  Alimentation Couche Tard Inc.   5,745,398     224,112
  Constellation Software Inc.     138,475     205,569
1 Sun Life Financial Inc.   4,256,095     195,016
  Franco-Nevada Corp.   1,382,070     181,799
  Cenovus Energy Inc.   9,041,804     172,028
  Barrick Gold Corp. (XLON)   9,301,089     164,460
1 Fortis Inc. (XTSE)   3,462,566     163,686
  National Bank of Canada   2,433,063     159,665
  Agnico Eagle Mines Ltd.   3,304,517     151,260
  Intact Financial Corp.   1,033,386     145,760
  Pembina Pipeline Corp.   3,984,766     140,854
  Thomson Reuters Corp.   1,197,768     124,867
* CGI Inc.   1,564,665     124,643
  Rogers Communications Inc. Class B   2,536,572     121,547
  Wheaton Precious Metals Corp.   3,272,753     117,923
  Dollarama Inc.   2,002,341     115,300
  Restaurant Brands International Inc. (XTSE)   2,197,063     110,212
  Magna International Inc.   1,990,772     109,313
1 BCE Inc.   2,199,188     108,097
  Tourmaline Oil Corp.   2,051,926     106,693
* Teck Resources Ltd. Class B   3,407,198     104,185
  Loblaw Cos. Ltd.   1,141,429     102,943
1 Power Corp. of Canada   3,904,205     100,456
  WSP Global Inc.     850,414      96,154
 
8

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Metro Inc.   1,736,537      93,208
  Shaw Communications Inc. Class B   3,103,237      91,443
  Emera Inc.   1,907,884      89,377
  Fairfax Financial Holdings Ltd.     155,482      82,392
  First Quantum Minerals Ltd.   4,028,190      76,421
  TELUS Corp.   3,324,808      74,054
  Open Text Corp.   1,939,287      73,356
1 Imperial Oil Ltd.   1,474,318      69,501
1 Algonquin Power & Utilities Corp.   4,883,231      65,631
  Barrick Gold Corp.   3,561,990      65,579
2 Hydro One Ltd.   2,289,420      61,558
1 Cameco Corp.   2,884,365      60,636
  George Weston Ltd.     512,657      59,888
1 ARC Resources Ltd.   4,507,516      56,834
1 West Fraser Timber Co. Ltd.     695,012      53,330
* CAE Inc.   2,132,644      52,554
  Ritchie Bros Auctioneers Inc.     801,791      52,168
  Canadian Tire Corp. Ltd. Class A     401,626      50,671
1 TFI International Inc.     627,305      50,357
  CCL Industries Inc. Class B   1,063,755      50,279
  Northland Power Inc.   1,671,789      49,769
1 Great-West Lifeco Inc.   1,974,658      48,216
  Toromont Industries Ltd.     585,346      47,330
1 Canadian Apartment Properties REIT   1,253,283      43,639
1 AltaGas Ltd.   2,027,835      42,788
  TMX Group Ltd.     401,019      40,812
  Gildan Activewear Inc.   1,387,812      39,946
  iA Financial Corp. Inc.     779,874      38,788
1 Saputo Inc.   1,758,547      38,349
* Descartes Systems Group Inc.     613,160      38,103
  Empire Co. Ltd. Class A   1,187,335      36,574
1 Keyera Corp.   1,597,461      36,487
  Stantec Inc.     806,256      35,321
1 RioCan REIT   2,235,564      34,770
  Kinross Gold Corp.   9,389,162      33,408
1 FirstService Corp.     274,497      33,297
1 Brookfield Renewable Corp. Class A (XTSE)     926,016      32,985
1 Yamana Gold Inc.   6,952,209      32,352
  Lundin Mining Corp.   5,031,772      31,898
* MEG Energy Corp.   2,223,298      30,779
1 Parkland Corp.   1,120,084      30,421
  Element Fleet Management Corp.   2,895,448      30,187
  Brookfield Infrastructure Corp. Class A     699,723      29,697
1 Pan American Silver Corp.   1,508,809      29,644
1 Capital Power Corp.     840,232      29,381
    Shares Market
Value•

($000)
  Granite REIT     449,186      27,551
  Crescent Point Energy Corp.   3,786,492      26,916
1 Canadian Utilities Ltd. Class A     880,822      26,270
  Onex Corp.     525,150      26,151
  B2Gold Corp.   7,646,832      25,901
  SSR Mining Inc.   1,538,667      25,700
  Colliers International Group Inc.     229,603      25,156
  Quebecor Inc. Class B   1,164,233      24,882
  GFL Environmental Inc.     928,639      23,923
  Finning International Inc.   1,132,727      23,839
  Allied Properties REIT     919,026      23,697
*,1 Ivanhoe Mines Ltd. Class A   4,107,959      23,648
  Enerplus Corp.   1,741,874      23,018
1 SNC-Lavalin Group Inc.   1,282,023      22,051
1 Vermilion Energy Inc.   1,157,333      22,028
* Kinaxis Inc.     196,888      21,255
*,1 BlackBerry Ltd.   3,778,944      20,374
* Lightspeed Commerce Inc. (XTSE)     911,624      20,326
1 Choice Properties REIT   1,859,672      20,299
1 SmartCentres REIT     938,935      20,052
  Alamos Gold Inc. Class A   2,839,511      19,920
1 H&R REIT   2,044,905      19,779
1 Premium Brands Holdings Corp. Class A     271,595      19,684
  Boralex Inc. Class A     589,682      19,644
1 Gibson Energy Inc.   1,051,973      19,483
1 TransAlta Corp.   1,703,442      19,440
1 PrairieSky Royalty Ltd.   1,541,766      19,416
* Turquoise Hill Resources Ltd.     723,881      19,391
* Bausch Health Cos. Inc.   2,305,928      19,276
  Atco Ltd. Class I     544,068      18,640
1 First Capital REIT   1,582,031      18,411
  Tricon Capital Group Inc.   1,772,457      17,970
*,2 Nuvei Corp.     480,131      17,352
* Aritzia Inc.     635,245      17,199
1 Summit Industrial Income REIT   1,280,265      17,018
  Boyd Group Services Inc.     156,169      16,823
1 Dream Industrial REIT   1,773,567      16,644
1 BRP Inc.     266,786      16,419
  Methanex Corp.     420,545      16,065
* Air Canada Class A   1,272,869      15,861
1 IGM Financial Inc.     587,726      15,753
  Primo Water Corp.   1,138,353      15,202
1 Whitecap Resources Inc.   2,188,033      15,197
1 Innergex Renewable Energy Inc.   1,122,563      15,087
 
9

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
* ATS Automation Tooling Systems Inc.     539,096      14,805
1 Chartwell Retirement Residences   1,695,263      14,685
  Linamar Corp.     330,740      14,014
  Parex Resources Inc.     819,144      13,873
*,1 Lithium Americas Corp.     684,392      13,787
  Definity Financial Corp.     531,134      13,728
1 CI Financial Corp.   1,285,617      13,653
1 Cargojet Inc.     122,739      13,589
  Paramount Resources Ltd. Class A     541,753      12,938
  Canadian Western Bank     637,261      12,887
  Osisko Gold Royalties Ltd. (XTSE)   1,195,457      12,055
1 First Majestic Silver Corp.   1,653,752      11,858
  Stella-Jones Inc.     462,676      11,682
*,1 Ballard Power Systems Inc.   1,818,479      11,486
  Maple Leaf Foods Inc.     550,497      10,824
  Centerra Gold Inc.   1,583,926      10,742
  Stelco Holdings Inc.     405,655      10,141
1 TransAlta Renewables Inc.     777,277       9,933
* OceanaGold Corp.   5,123,358       9,831
1 Superior Plus Corp.   1,071,340       9,455
1 Laurentian Bank of Canada     313,483       9,420
  Russel Metals Inc.     461,321       9,325
*,1 Bombardier Inc. Class B Class B     606,206       9,099
1 Boardwalk REIT     273,463       8,897
1 North West Co. Inc.     341,670       8,836
* Eldorado Gold Corp.   1,352,086       8,624
* Novagold Resources Inc.   1,742,572       8,326
* Equinox Gold Corp.   1,829,294       8,157
* Canfor Corp.     444,992       7,761
  Winpak Ltd.     222,357       7,599
* Celestica Inc.     751,877       7,313
1 Westshore Terminals Investment Corp.     282,499       7,012
  Enghouse Systems Ltd.     314,038       6,936
  ECN Capital Corp.   1,610,277       6,893
1 Primaris REIT     709,443       6,741
* Canada Goose Holdings Inc.     357,087       6,442
  Hudbay Minerals Inc.   1,565,037       6,383
  Transcontinental Inc. Class A     529,121       6,293
1 Home Capital Group Inc. Class B     309,728       5,862
1 Mullen Group Ltd.     642,988       5,640
*,1 IAMGOLD Corp.   3,466,383       5,574
1 Artis REIT     598,398       5,467
  Cascades Inc.     693,522       5,458
1 NFI Group Inc.     503,562       5,238
    Shares Market
Value•

($000)
*,1 Canopy Growth Corp.   1,772,589       5,040
  Cogeco Communications Inc.      74,187       5,018
1 Dye & Durham Ltd.     289,283       4,888
* Torex Gold Resources Inc.     618,816       4,779
1 Aecon Group Inc.     425,496       4,340
*,1 Cronos Group Inc.   1,380,910       3,862
1 Dream Office REIT     251,446       3,786
1 Martinrea International Inc.     566,194       3,655
1 First National Financial Corp.     119,795       3,081
*,1 Aurora Cannabis Inc.   1,563,747       2,065
  GFL Environmental Inc. (XTSE)      59,062       1,524
* Shopify Inc. Class A (XTSE)      11,430         357
1 Brookfield Infrastructure Corp. Class A (XTSE)       8,355         355
* Lightspeed Commerce Inc.      13,078         292
1 Osisko Gold Royalties Ltd.       5,558          56
       14,347,575
Denmark (2.1%)
  Novo Nordisk A/S Class B  11,341,142   1,257,760
  DSV A/S   1,381,673     194,287
  Vestas Wind Systems A/S   7,293,737     155,079
2 Orsted A/S   1,367,705     144,052
* Genmab A/S     429,667     139,403
  Coloplast A/S Class B     965,134     110,276
  AP Moller - Maersk A/S Class B      38,582      90,575
  Carlsberg A/S Class B     686,115      87,687
  Novozymes A/S Class B   1,438,523      86,574
  AP Moller - Maersk A/S Class A      30,413      70,587
* Danske Bank A/S   4,764,727      67,815
  Tryg A/S   2,603,350      58,653
  Chr Hansen Holding A/S     744,716      54,363
  Pandora A/S     660,569      41,968
  GN Store Nord A/S     919,868      32,450
  Royal Unibrew A/S     347,712      30,946
* Demant A/S     706,210      26,547
  Ringkjoebing Landbobank A/S     199,492      21,829
* ISS A/S   1,345,606      21,453
  SimCorp A/S     287,085      20,987
* Jyske Bank A/S (Registered)     396,447      19,541
*,1 Bavarian Nordic A/S     511,505      17,017
* ALK-Abello A/S     952,227      16,589
  Topdanmark A/S     308,203      16,048
* NKT A/S     314,242      13,436
*,2 Netcompany Group A/S     237,514      13,085
  Sydbank A/S     422,649      13,010
 
10

 

Developed Markets Index Fund
    Shares Market
Value•

($000)
  Chemometec A/S     113,536      12,202
1 Ambu A/S Class B   1,242,402      12,140
  ROCKWOOL International A/S Class B      44,998      10,216
  FLSmidth & Co. A/S     409,430      10,144
  Alm Brand A/S   6,170,260       9,090
2 Scandinavian Tobacco Group A/S Class A     428,887       8,407
  H Lundbeck A/S   1,724,132       8,373
* Dfds A/S     217,583       6,630
  Schouw & Co. A/S      93,530       6,540
* Drilling Co. of 1972 A/S     155,930       6,401
  Spar Nord Bank A/S     602,141       6,394
  D/S Norden A/S     173,977       6,061
* Nilfisk Holding A/S     200,776       4,270
* Zealand Pharma A/S     312,121       4,109
* NTG Nordic Transport Group A/S Class A     111,513       3,980
* H Lundbeck A/S Share A Class A     437,459       2,099
        2,939,073
Finland (1.1%)
  Nokia OYJ  40,891,587     189,535
  Nordea Bank Abp  19,089,656     168,629
  Sampo OYJ Class A   3,553,749     155,303
  Kone OYJ Class B   2,847,782     136,110
  Neste OYJ   3,019,707     134,320
  UPM-Kymmene OYJ   3,862,301     118,431
  Nordea Bank Abp (XHEL)   8,338,591      73,739
  Stora Enso OYJ Class R   4,159,801      65,913
  Elisa OYJ   1,039,670      58,531
  Fortum OYJ   3,126,605      47,258
  Kesko OYJ Class B   1,964,314      46,487
  Orion OYJ Class B     754,189      33,753
* Metso Outotec OYJ   4,417,973      33,346
  Valmet OYJ   1,221,669      30,106
  Wartsila OYJ Abp   3,522,163      27,609
  Huhtamaki OYJ     673,751      26,803
  Kojamo OYJ   1,421,936      24,693
  TietoEVRY OYJ (XHEL)     505,112      12,519
  Konecranes OYJ Class A     528,120      12,367
  Nokian Renkaat OYJ     990,724      10,927
  Metsa Board OYJ   1,240,441      10,389
* QT Group OYJ     138,340      10,267
  Outokumpu OYJ   2,449,062      10,221
  Cargotec OYJ Class B     354,254       9,378
  Kemira OYJ     635,951       7,797
  Sanoma OYJ     526,555       7,337
  Revenio Group OYJ     163,379       7,295
2 Terveystalo OYJ     548,903       5,873
  Uponor OYJ     393,298