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       5,458
  Tokmanni Group Corp.     350,433       4,140
* WithSecure OYJ     777,878       4,087
  YIT OYJ   1,130,740       3,778
  Citycon OYJ     540,448       3,681
  TietoEVRY OYJ     125,869       3,126
  Oriola OYJ Class B     992,213       1,974
  Raisio OYJ Class V     919,099       1,869
    Shares Market
Value

($000)
*,1 Finnair OYJ   4,082,887       1,759
*,3 Ahlstrom-Munksjo OYJ Rights      70,191       1,312
        1,506,120
France (8.1%)
  LVMH Moet Hennessy Louis Vuitton SE   1,806,713   1,107,295
  TotalEnergies SE  17,333,693     912,393
  Sanofi   7,897,000     796,381
  Schneider Electric SE   3,854,715     459,311
  Airbus SE   4,044,344     395,577
  BNP Paribas SA   7,756,924     371,029
  L'Oreal SA Loyalty Shares   1,041,412     361,584
1 EssilorLuxottica SA   2,158,478     327,253
  Vinci SA   3,601,876     323,310
  AXA SA  13,408,307     306,266
  Air Liquide SA Loyalty Shares   2,203,918     296,654
  Pernod Ricard SA   1,506,765     278,563
  Kering SA     528,070     273,660
  Hermes International     224,508     252,668
  Safran SA   2,525,800     251,483
  Danone SA   4,184,388     234,335
  L'Oreal SA (XPAR)     625,448     217,159
  Capgemini SE   1,160,393     200,122
  Dassault Systemes SE   4,841,548     179,335
  Air Liquide SA (XPAR)   1,264,136     170,156
* Orange SA  13,889,503     163,668
  Cie de Saint-Gobain   3,381,053     146,093
  STMicroelectronics NV   4,590,900     145,187
  Legrand SA   1,937,945     143,890
  Cie Generale des Etablissements Michelin SCA   5,101,003     139,313
  Teleperformance     421,148     130,044
  Societe Generale SA   5,404,092     119,483
  Veolia Environnement SA   4,522,679     110,866
* Thales SA     727,483      89,318
  Edenred   1,802,688      85,395
  Engie SA Loyalty Shares   7,165,633      82,971
  Publicis Groupe SA   1,642,388      80,774
  Credit Agricole SA   8,523,548      78,578
  Carrefour SA   4,367,079      77,521
  Eurofins Scientific SE     886,135      69,985
*,2 Worldline SA   1,769,274      65,993
  Getlink SE   3,313,305      58,763
  Sartorius Stedim Biotech     173,851      54,853
  Bureau Veritas SA   2,066,428      53,165
  Vivendi SE   5,175,406      52,814
  Alstom SA   2,194,007      50,099
  Eiffage SA     533,941      48,300
2 Euronext NV     588,548      48,269
  Bouygues SA   1,548,660      47,797
  Engie SA (XPAR)   4,057,924      46,987
  Arkema SA     467,286      41,800
* Accor SA   1,327,741      36,223
  Gecina SA     374,859      35,181
 
11

 

Developed Markets Index Fund
    Shares Market
Value

($000)
* Renault SA   1,390,969      35,116
  Rexel SA   2,210,053      34,150
  Valeo   1,750,430      34,109
  Bollore SE   7,203,305      33,580
* Remy Cointreau SA     177,460      31,137
* Ubisoft Entertainment SA     695,392      30,669
  BioMerieux     310,883      30,483
  L'Oreal SA      82,735      28,726
  Dassault Aviation SA     169,313      26,440
  Gaztransport Et Technigaz SA     209,713      26,341
  Klepierre SA   1,358,770      26,295
* Aeroports de Paris     205,360      26,179
  SCOR SE   1,106,460      23,832
  SES SA Class A GDR   2,711,599      23,735
  Ipsen SA     250,631      23,731
*,1 Faurecia SE (XPAR)   1,170,423      23,456
* SOITEC     160,123      23,000
2 Amundi SA     417,133      22,966
  Alten SA     209,202      22,920
2 La Francaise des Jeux SAEM     632,124      21,950
  Elis SA (XPAR)   1,610,642      21,551
  Covivio     362,279      20,240
  SPIE SA     920,174      20,081
  Air Liquide SA     143,408      19,303
  EDF Loyalty Shares 2024   2,184,747      17,945
  Nexans SA     214,850      16,739
  Wendel SE     196,279      16,451
* Sodexo SA (XPAR)     226,121      15,995
  Rubis SCA     679,021      15,970
  Sodexo SA ACT Loyalty Shares     219,488      15,525
  Sopra Steria Group SACA     102,804      15,460
  Eutelsat Communications SA   1,319,216      14,888
  Electricite de France SA (XPAR)   1,777,513      14,600
* Vallourec SA   1,111,515      13,323
  IPSOS     277,344      13,229
  L'Oreal SA Loyalty Shares 2023      36,583      12,702
  Air Liquide      93,177      12,542
  Technip Energies NV     994,441      12,460
  SEB SA Loyalty Shares     128,822      12,432
  Virbac SA      31,526      12,327
2 Verallia SA     510,731      12,247
  Eurazeo SA     193,320      12,010
  ICADE     234,121      11,489
*,1 Air France-KLM   9,491,485      11,210
  Societe BIC SA     179,017       9,823
* Atos SE     692,651       9,390
  Eurazeo SE     144,667       8,987
* JCDecaux SA     532,971       8,976
  Sodexo SA Loyalty Shares 2023     124,704       8,821
1 Orpea SA     356,693       8,750
  Imerys SA     281,715       8,623
  Nexity SA     307,150       8,248
* Coface SA     753,265       7,912
1,2 Neoen SA (XPAR)     196,152       7,394
*,1 Valneva SE     642,814       7,325
  Somfy SA      55,600       7,238
    Shares Market
Value

($000)
  SEB SA (XPAR)      74,862       7,225
  Eramet SA      68,505       7,174
  Korian SA     474,502       7,152
  Metropole Television SA     468,350       6,945
2 ALD SA     587,999       6,885
  Rothschild & Co.     202,359       6,862
  Cie Plastic Omnium SA     392,379       6,825
  Engie SA     553,090       6,404
  Interparfums SA     125,195       5,963
  Carmila SA     418,625       5,956
  Trigano SA      58,666       5,773
*,1 Euroapi SA     341,625       5,389
  Television Francaise 1     748,713       5,311
  Fnac Darty SA     122,324       5,204
  Albioma SA (XPAR)      96,364       5,035
* ID Logistics Group      17,536       4,871
1 Lagardere SA     272,489       4,692
* CGG SA   5,173,191       4,516
  Albioma SA Loyalty Shares      83,981       4,388
  Quadient SA     240,933       4,104
  Derichebourg SA     678,062       3,939
  Altarea SCA      28,618       3,926
* Voltalia SA (Registered)     194,794       3,902
*,1 Casino Guichard Perrachon SA     283,979       3,681
  Mercialys SA     447,240       3,631
  Vetoquinol SA      27,941       3,411
  PEUGEOT Investment      37,247       3,381
  Mersen SA     106,262       3,188
  Engie SA Prime Fidelite 2023     275,135       3,186
2 Maisons du Monde SA     314,533       3,145
  Cie de L'Odet SE       2,740       3,111
  Vicat SA     112,091       3,102
* SES-imagotag SA      34,684       2,952
*,1 OVH Groupe SAS     158,057       2,882
  Beneteau SA     258,832       2,628
*,2 X-Fab Silicon Foundries SE     391,642       2,568
  Pharmagest Interactive      29,483       2,356
*,1 Solutions 30 SE     586,891       2,204
  Bonduelle SCA     131,165       2,139
  Sodexo SA Loyalty Shares 2025      28,377       2,007
*,2 Elior Group SA     866,632       1,938
* Etablissements Maurel et Prom SA     404,682       1,886
  Vilmorin & Cie SA      44,548       1,881
  Electricite de France SA (Euronext Paris)     208,159       1,710
  EDF     197,999       1,626
  Jacquet Metals SACA      92,407       1,603
*,2 SMCP SA     304,157       1,600
  Manitou BF SA      85,487       1,596
  Sodexo SA      22,289       1,577
* GL Events      89,000       1,460
* Lisi SA      71,212       1,364
 
12

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  AKWEL      67,557       1,141
  Eurazeo SE (XPAR)      16,261       1,010
  Seb SA      10,361       1,000
  Guerbet      42,430         988
  Lisi (XPAR)      41,657         798
* Believe SA      95,771         796
  Boiron SA      18,380         793
  Sodexo SA Loyalty Shares 2025 (XPAR)      11,102         785
  Albioma      13,158         688
* Tarkett SA      51,733         673
  SEB SA Loyalty Shares 2023       5,993         578
*,1,2 Aramis Group SAS     112,263         511
  Albioma Loyalty Shares 2023       6,994         365
  Lisi SA Prime De Fidelite       3,549          68
  Lisi       2,575          49
       11,235,382
Germany (6.2%)
  SAP SE   8,043,207     733,142
  Allianz SE (Registered)   2,952,563     566,037
  Siemens AG (Registered)   5,475,131     562,824
  Deutsche Telekom AG (Registered)  24,538,563     488,054
  Bayer AG (Registered)   7,129,686     425,759
  Mercedes-Benz Group AG   6,097,425     354,128
  BASF SE   6,638,551     290,452
  Deutsche Post AG (Registered)   7,012,404     264,761
  adidas AG   1,363,080     242,125
  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)   1,016,724     240,503
  Infineon Technologies AG   9,448,015     229,828
  Deutsche Boerse AG   1,332,950     223,838
  Bayerische Motoren Werke AG   2,329,278     180,567
  Volkswagen AG Preference Shares   1,328,647     178,889
  Vonovia SE   5,638,938     174,471
  RWE AG   4,571,651     169,087
  Merck KGaA     936,578     158,864
  E.ON SE  16,070,276     135,361
  Deutsche Bank AG (Registered)  14,701,906     129,196
  Symrise AG Class A     943,947     102,952
2 Siemens Healthineers AG   2,011,332     102,551
  Fresenius SE & Co. KGaA   2,957,596      89,946
* Daimler Truck Holding AG   3,046,362      80,229
* QIAGEN NV   1,593,936      74,944
  Beiersdorf AG     722,601      74,151
  Porsche Automobil Holding SE Preference Shares   1,110,595      73,867
    Shares Market
Value

($000)
  Fresenius Medical Care AG & Co. KGaA   1,472,520      73,775
  Henkel AG & Co. KGaA Preference Shares   1,191,528      73,732
  Brenntag SE   1,120,883      73,393
  Rheinmetall AG     314,080      72,479
  MTU Aero Engines AG     387,111      70,915
  Hannover Rueck SE     435,064      63,456
  Sartorius AG Preference Shares     178,855      62,772
  Continental AG     783,463      54,990
* Commerzbank AG   7,540,320      53,500
  Henkel AG & Co. KGaA     808,399      49,668
  HeidelbergCement AG   1,019,914      49,243
*,1,2 Delivery Hero SE   1,283,876      48,435
  Puma SE     722,476      47,934
* Siemens Energy AG   3,104,422      45,754
2 Covestro AG   1,306,245      45,390
  LEG Immobilien SE (XETR)     528,434      43,977
  Volkswagen AG     231,529      42,343
*,2 Zalando SE   1,600,596      42,164
  GEA Group AG   1,206,464      41,826
* HelloFresh SE   1,186,223      38,700
  K+S AG (Registered)   1,395,561      33,965
  Carl Zeiss Meditec AG (Bearer)     266,351      32,023
  Bayerische Motoren Werke AG Preference Shares     429,038      30,601
  Evonik Industries AG   1,384,796      29,699
2 Scout24 SE     573,827      29,561
* Evotec SE   1,146,167      27,782
  Knorr-Bremse AG     482,158      27,616
1 Aroundtown SA   8,259,247      26,416
*,1 Deutsche Lufthansa AG (Registered)   4,359,534      25,679
  Bechtle AG     597,673      24,549
  KION Group AG     572,434      23,963
  Nemetschek SE     393,320      23,928
* CTS Eventim AG & Co. KGaA     428,928      22,626
  United Internet AG (Registered)     788,439      22,600
  LANXESS AG     622,984      22,486
  HUGO BOSS AG     411,279      21,779
  Freenet AG     862,822      21,517
* thyssenkrupp AG   3,587,780      20,459
  Rational AG      34,539      20,136
  AIXTRON SE     768,802      19,637
  Vantage Towers AG     672,595      18,819
  Telefonica Deutschland Holding AG   6,497,259      18,736
  Aurubis AG     253,529      17,300
  Wacker Chemie AG     109,865      15,933
* Talanx AG     386,985      14,792
1 Gerresheimer AG     226,235      14,779
1 Encavis AG     798,902      14,681
*,1 Aareal Bank AG     438,111      14,600
  FUCHS PETROLUB SE Preference Shares     514,998      14,408
 
13

 

Developed Markets Index Fund
    Shares Market
Value

($000)
2 Befesa SA     292,388      14,252
1 Software AG     360,511      11,954
* RTL Group SA     277,558      11,626
*,2 TeamViewer AG   1,150,953      11,510
* Fraport AG Frankfurt Airport Services Worldwide     260,412      11,388
  ProSiebenSat.1 Media SE   1,214,642      11,298
  Siltronic AG     150,780      11,285
1 Hella GmbH & Co. KGaA     163,692      11,080
  TAG Immobilien AG     913,476      10,459
1 Sixt SE      99,451      10,251
  Synlab AG     568,228       9,899
  Hensoldt AG     379,013       9,548
  Uniper SE     635,540       9,498
1 Grand City Properties SA     694,097       9,389
  Suedzucker AG     563,482       9,124
  CANCOM SE     263,591       8,906
  Fielmann AG     176,094       8,797
  Stabilus SA     176,028       8,652
1 Varta AG     102,874       8,618
  Deutsche EuroShop AG     368,127       8,591
  Deutsche Wohnen SE     361,489       8,333
  Jenoptik AG     368,972       8,299
  Duerr AG     353,718       8,202
2 Deutsche Pfandbriefbank AG     901,727       8,145
  Stroeer SE & Co. KGaA     178,958       8,084
  Krones AG     105,219       8,068
* METRO AG     948,793       8,048
  Jungheinrich AG Preference Shares     345,914       7,589
  CompuGroup Medical SE & Co. KGaA     177,122       7,565
  Pfeiffer Vacuum Technology AG      47,409       7,470
  VERBIO Vereinigte BioEnergie AG     143,849       7,247
  Sixt SE Preference Shares     114,409       7,181
  HOCHTIEF AG     139,010       6,815
1 Salzgitter AG     278,549       6,811
* SUSE SA     287,745       6,541
*,1 Nordex SE     756,419       6,489
*,1 Nagarro SE      56,845       6,485
2 DWS Group GmbH & Co. KGaA     245,552       6,474
  1&1 AG     331,340       6,277
* Vitesco Technologies Group AG Class A     158,006       6,137
  Dermapharm Holding SE     121,963       6,078
  Bilfinger SE     204,030       5,996
* Hypoport SE      29,545       5,893
* flatexDEGIRO AG     611,461       5,845
  FUCHS PETROLUB SE     234,408       5,747
  Sartorius AG      16,101       5,457
  Traton SE     357,046       5,258
1 S&T AG     351,900       5,210
    Shares Market
Value

($000)
  Hornbach Holding AG & Co. KGaA      62,242       5,122
  Norma Group SE     227,592       5,101
*,1,2 Auto1 Group SE     679,393       5,003
*,1 MorphoSys AG     253,181       4,981
  GFT Technologies SE     124,854       4,970
1 STRATEC SE      51,498       4,730
1 GRENKE AG     190,222       4,687
*,1,2 Shop Apotheke Europe NV      52,300       4,672
  BayWa AG     104,455       4,639
  KWS Saat SE & Co. KGaA      74,985       4,455
1 Zeal Network SE     112,096       4,412
  Kloeckner & Co. SE Preference Shares     533,706       4,103
  DIC Asset AG     369,909       4,093
  Washtec AG      85,900       4,012
2 Instone Real Estate Group SE     335,906       3,983
  Adesso SE      25,288       3,891
  PATRIZIA AG     322,991       3,832
  Eckert & Ziegler Strahlen- und Medizintechnik AG      98,988       3,804
  Takkt AG     233,787       3,684
  Atoss Software AG      28,741       3,656
  CECONOMY AG   1,302,178       3,651
  Deutz AG     878,673       3,414
  Indus Holding AG     143,533       3,354
  Wacker Neuson SE     179,840       3,121
  Schaeffler AG Preference Shares     547,373       3,111
  Draegerwerk AG & Co. KGaA Preference Shares      58,946       3,081
  New Work SE      20,412       2,909
  Secunet Security Networks AG       9,668       2,890
  Deutsche Beteiligungs AG     102,309       2,719
  Hamburger Hafen und Logistik AG     189,454       2,691
*,1 SMA Solar Technology AG      64,588       2,633
*,1,2 ADLER Group SA     652,032       2,590
  Wuestenrot & Wuerttembergische AG     136,304       2,419
* SGL Carbon SE     356,466       2,251
1 Basler AG      27,259       2,193
  Vossloh AG      65,087       2,081
  CropEnergies AG     135,498       1,808
*,1 About You Holding SE     245,573       1,758
  ElringKlinger AG     214,380       1,625
* Koenig & Bauer AG     103,492       1,494
* Global Fashion Group SA     831,978       1,276
  Bertrandt AG      33,510       1,260
  Draegerwerk AG & Co. KGaA      25,620       1,136
        8,633,206
Hong Kong (2.8%)
  AIA Group Ltd.  87,726,556     958,550
  Hong Kong Exchanges & Clearing Ltd.   9,209,844     455,484
 
14

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  CK Hutchison Holdings Ltd.  19,291,984     130,877
  Link REIT  15,314,807     125,143
  Sun Hung Kai Properties Ltd.  10,321,385     122,206
  BOC Hong Kong Holdings Ltd.  26,004,212     103,262
  CK Asset Holdings Ltd.  14,303,689     101,632
  Techtronic Industries Co. Ltd.   9,522,415      99,435
  CLP Holdings Ltd.  11,921,030      99,067
  Galaxy Entertainment Group Ltd.  15,612,121      93,526
  Hang Seng Bank Ltd.   5,250,173      93,038
  Hong Kong & China Gas Co. Ltd.  78,797,553      85,040
  Power Assets Holdings Ltd.   9,914,142      62,458
  Jardine Matheson Holdings Ltd.   1,183,641      62,193
  MTR Corp. Ltd.  10,447,516      54,774
  Wharf Real Estate Investment Co. Ltd.  11,224,820      53,601
  Lenovo Group Ltd.  54,147,583      50,883
2 WH Group Ltd.  56,828,245      43,984
* Sands China Ltd.  17,413,162      41,891
  Hongkong Land Holdings Ltd.   8,152,249      40,942
  Sino Land Co. Ltd.  26,263,541      38,783
2 Budweiser Brewing Co. APAC Ltd.  12,277,977      36,842
  New World Development Co. Ltd.  10,215,114      36,796
  Henderson Land Development Co. Ltd.   9,404,923      35,347
  Xinyi Glass Holdings Ltd.  14,608,561      35,247
*,2 ESR Cayman Ltd.  12,060,881      32,705
  Wharf Holdings Ltd.   8,852,675      32,260
  Want Want China Holdings Ltd.  31,208,100      27,215
  CK Infrastructure Holdings Ltd.   4,297,126      26,397
1 Orient Overseas International Ltd.     956,033      25,472
  Hang Lung Properties Ltd.  13,157,040      25,035
  SITC International Holdings Co. Ltd.   8,613,001      24,497
  Chow Tai Fook Jewellery Group Ltd.  12,717,539      24,022
  Tingyi Cayman Islands Holding Corp.  13,570,367      23,322
  PRADA SpA   3,724,541      20,946
  Swire Pacific Ltd. Class A   3,291,749      19,659
  ASM Pacific Technology Ltd.   2,248,764      19,140
  Swire Properties Ltd.   7,633,037      19,003
*,2 Samsonite International SA   9,438,210      18,769
  PCCW Ltd.  29,931,015      15,823
    Shares Market
Value

($000)
  Minth Group Ltd.   5,166,898      14,157
  Hysan Development Co. Ltd.   4,484,459      13,529
2 BOC Aviation Ltd.   1,531,083      12,945
  Kerry Properties Ltd.   4,377,898      12,174
  Pacific Basin Shipping Ltd.  31,529,402      12,122
  Man Wah Holdings Ltd.  11,184,225      12,077
  Hang Lung Group Ltd.   6,304,531      11,900
1 AAC Technologies Holdings Inc.   4,965,415      11,472
  L'Occitane International SA   3,269,563      10,251
1 Vitasoy International Holdings Ltd.   5,789,657      10,149
*,1 Microport Scientific Corp.   3,479,570      10,105
  NWS Holdings Ltd.  10,236,381       9,726
  Bank of East Asia Ltd.   6,910,465       9,725
  VTech Holdings Ltd.   1,167,433       9,194
  Swire Pacific Ltd. Class B   9,000,996       9,024
*,1 HUTCHMED China Ltd.   3,611,101       8,929
* NagaCorp Ltd.  10,780,188       8,833
  Fortune REIT   9,784,109       8,116
*,1 Cathay Pacific Airways Ltd.   7,212,621       7,920
  Uni-President China Holdings Ltd.   8,443,768       7,261
* Wynn Macau Ltd.  10,476,643       7,139
  Yue Yuen Industrial Holdings Ltd.   5,112,606       6,658
* MMG Ltd.  17,840,757       6,624
  United Energy Group Ltd.  54,483,725       6,511
  First Pacific Co. Ltd.  16,547,671       6,432
  HKBN Ltd.   5,660,897       6,427
  Dairy Farm International Holdings Ltd.   2,188,602       6,419
  Luk Fook Holdings International Ltd.   2,482,865       6,408
* Shangri-La Asia Ltd.   7,779,232       6,311
*,1 SJM Holdings Ltd.  13,828,023       6,287
  Champion REIT  14,094,513       6,269
2 Js Global Lifestyle Co. Ltd.   4,781,475       6,246
*,1 Vobile Group Ltd.  10,369,503       6,162
1 Huabao International Holdings Ltd.   7,083,883       5,468
1 LK Technology Holdings Ltd.   2,698,633       5,181
*,1 Theme International Holdings Ltd.  36,584,955       4,945
  Vinda International Holdings Ltd.   1,902,914       4,881
2 Asiainfo Technologies Ltd.   2,762,597       4,783
  Jinchuan Group International Resources Co. Ltd.  34,724,007       4,568
  Towngas Smart Energy Co. Ltd.   8,554,804       4,562
 
15

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Nexteer Automotive Group Ltd.   6,052,198       4,373
  Lee & Man Paper Manufacturing Ltd.  10,163,977       4,369
  Kerry Logistics Network Ltd.   1,939,682       4,172
* Melco International Development Ltd.   5,622,584       4,165
* China Travel International Investment Hong Kong Ltd.  18,509,588       3,872
  Cafe de Coral Holdings Ltd.   2,393,676       3,851
  VSTECS Holdings Ltd.   4,660,556       3,737
* Esprit Holdings Ltd. (XHKG)  20,111,136       3,629
  Sunlight REIT   7,660,147       3,564
  Truly International Holdings Ltd.  11,507,954       3,538
*,1 Realord Group Holdings Ltd.   2,621,192       3,520
  CITIC Telecom International Holdings Ltd.  10,397,165       3,443
  SUNeVision Holdings Ltd.   4,381,502       3,346
  Shui On Land Ltd.  24,167,784       3,272
  K Wah International Holdings Ltd.   8,846,668       3,258
  Johnson Electric Holdings Ltd.   2,504,040       3,250
*,1 MGM China Holdings Ltd.   5,392,932       3,066
  EC Healthcare   3,031,202       3,059
1 Hong Kong Technology Venture Co. Ltd.   3,870,146       3,051
*,1 OCI International Holdings Ltd.   6,861,241       3,008
  Haitong International Securities Group Ltd.  20,702,366       2,957
  Dah Sing Financial Holdings Ltd.   1,029,543       2,943
  Beijing Tong Ren Tang Chinese Medicine Co. Ltd.   1,805,245       2,928
*,2 Hua Medicine   6,103,073       2,902
  Stella International Holdings Ltd.   3,028,515       2,890
* FIH Mobile Ltd.  20,048,087       2,868
*,1 Cosmopolitan International Holdings Ltd.  13,398,999       2,822
* Cowell e Holdings Inc.   2,116,268       2,758
  Prosperity REIT   8,502,884       2,598
  Canvest Environmental Protection Group Co. Ltd.   4,893,455       2,544
  Value Partners Group Ltd.   6,682,165       2,522
  IGG Inc.   5,794,970       2,516
  Far East Consortium International Ltd.   7,556,342       2,411
    Shares Market
Value

($000)
  United Laboratories International Holdings Ltd.   3,707,064       2,205
  Texhong Textile Group Ltd.   2,074,858       2,194
  Dah Sing Banking Group Ltd.   2,699,626       2,192
*,1 C-Mer Eye Care Holdings Ltd.   3,381,601       2,124
  China Tobacco International HK Co. Ltd.   1,300,456       2,114
*,2 Jacobio Pharmaceuticals Group Co. Ltd.   2,603,812       2,037
  Guotai Junan International Holdings Ltd.  17,087,503       2,030
2 Xiabuxiabu Catering Management China Holdings Co. Ltd.   3,632,824       1,992
*,1,2 Everest Medicines Ltd.     689,009       1,980
  Chow Sang Sang Holdings International Ltd.   1,748,991       1,953
  Giordano International Ltd.   7,839,774       1,857
*,2 Frontage Holdings Corp.   4,596,348       1,838
* Shun Tak Holdings Ltd.   9,005,763       1,807
  Sun Hung Kai & Co. Ltd.   3,830,130       1,792
*,1,2 Antengene Corp. Ltd.   1,953,569       1,761
  Powerlong Real Estate Holdings Ltd.  10,225,943       1,711
  Asia Cement China Holdings Corp.   3,078,794       1,689
  Pou Sheng International Holdings Ltd.  14,521,211       1,645
1 Vesync Co. Ltd.   2,690,865       1,642
*,1,2 JW Cayman Therapeutics Co. Ltd. (XHKG)   1,542,426       1,599
  Dynam Japan Holdings Co. Ltd.   1,779,917       1,592
  Road King Infrastructure Ltd.   2,207,656       1,578
*,1 GCL New Energy Holdings Ltd.  61,237,949       1,575
  Singamas Container Holdings Ltd.  10,297,574       1,568
  Hutchison Telecommunications Hong Kong Holdings Ltd.   8,130,014       1,555
  SmarTone Telecommunications Holdings Ltd.   2,725,909       1,438
* Apollo Future Mobility Group Ltd.  32,863,237       1,429
  Pacific Textiles Holdings Ltd.   3,491,659       1,396
 
16

 

Developed Markets Index Fund
    Shares Market
Value

($000)
*,1 Sa Sa International Holdings Ltd.   7,488,035       1,376
* Lifestyle International Holdings Ltd.   3,326,832       1,347
*,3 Convoy  62,200,399       1,324
2 Crystal International Group Ltd.   3,723,261       1,288
  CITIC Resources Holdings Ltd.  17,603,284       1,173
*,1 Television Broadcasts Ltd.   1,993,005       1,097
*,1,2 FIT Hon Teng Ltd.   7,154,481         977
*,1 Digital Domain Holdings Ltd.  15,891,399         950
* Chinese Estates Holdings Ltd.   3,163,788         901
  Powerlong Commercial Management Holdings Ltd.   1,266,184         862
  Texwinca Holdings Ltd.   4,482,702         848
2 IMAX China Holding Inc.     717,921         726
*,1 Glory Sun Financial Group Ltd. 119,255,936         708
1 CMBC Capital Holdings Ltd.   2,532,178         678
1 Lee's Pharmaceutical Holdings Ltd.   2,077,069         530
1,2 VPower Group International Holdings Ltd.   4,697,279         505
*,1 Macau Legend Development Ltd.   9,125,914         463
*,3 MH Development NPV   2,274,000         336
* China LNG Group Ltd.   5,218,115         267
*,3 Brightoil  10,098,301         257
*,3 Suncity Group Holdings Ltd.   2,046,409          15
*,3 Agritrade Resources Ltd.  14,695,000          —
*,3 Microport Rights Exp. 7/29/22       1,287          —
        3,917,279
Ireland (0.2%)
  Kerry Group plc Class A   1,116,647     106,787
  Kingspan Group plc   1,094,557      65,817
  Bank of Ireland Group plc   6,609,064      41,773
  AIB Group plc   6,690,896      15,271
  Glanbia plc (XDUB)   1,335,649      14,502
* Dalata Hotel Group plc   1,597,581       5,828
*,3 Irish Bank Resolution Corp.     257,065          —
          249,978
Israel (0.7%)
  Bank Leumi Le-Israel BM  11,140,651      99,665
* Nice Ltd.     460,915      88,942
  Bank Hapoalim BM   9,713,017      81,562
    Shares Market
Value

($000)
* Teva Pharmaceutical Industries Ltd.   7,230,239      54,732
  ICL Group Ltd.   5,223,495      47,716
  Israel Discount Bank Ltd. Class A   8,975,484      46,999
  Elbit Systems Ltd.     177,949      40,871
* Tower Semiconductor Ltd.     792,506      36,966
  Mizrahi Tefahot Bank Ltd.     990,664      32,980
  Bezeq The Israeli Telecommunication Corp. Ltd.  14,801,683      23,072
  Azrieli Group Ltd.     266,140      18,737
* Nova Ltd.     205,457      18,006
  First International Bank of Israel Ltd.     378,202      14,172
  Mivne Real Estate KD Ltd.   4,828,853      14,123
* Enlight Renewable Energy Ltd.   6,848,589      13,110
* Israel Corp. Ltd.      26,691      11,831
  Alony Hetz Properties & Investments Ltd.     771,684       9,722
  Big Shopping Centers Ltd.      73,891       9,145
* Paz Oil Co. Ltd.      71,716       8,626
  Phoenix Holdings Ltd.     861,726       8,556
* Melisron Ltd.     126,982       8,517
* Airport City Ltd.     492,154       8,451
* Clal Insurance Enterprises Holdings Ltd.     460,143       8,233
  Harel Insurance Investments & Financial Services Ltd.     812,758       7,961
  Strauss Group Ltd.     299,177       7,368
* Delek Group Ltd.      55,561       7,219
* Amot Investments Ltd.   1,193,797       7,215
  Electra Ltd.      12,848       7,167
  REIT 1 Ltd.   1,358,245       7,136
  Shapir Engineering and Industry Ltd.     799,654       6,554
* Shikun & Binui Ltd.   1,597,119       6,550
  Ashtrom Group Ltd.     273,130       6,047
  Shufersal Ltd.     894,920       5,895
  AFI Properties Ltd.     118,688       5,733
  Fox Wizel Ltd.      49,646       5,668
  Matrix IT Ltd.     232,983       5,429
* OPC Energy Ltd.     547,745       5,396
  Hilan Ltd.     101,550       5,371
* Perion Network Ltd.     284,495       5,225
* Partner Communications Co. Ltd.     727,266       5,194
  FIBI Holdings Ltd.     121,527       5,118
  Formula Systems 1985 Ltd.      53,940       4,893
  Isracard Ltd.   1,350,085       4,832
  One Software Technologies Ltd.     301,645       4,781
  Summit Real Estate Holdings Ltd.     295,838       4,741
* Camtek Ltd.     194,444       4,734
 
17

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Sapiens International Corp. NV     199,620       4,723
  Kenon Holdings Ltd.     116,360       4,701
  Mega Or Holdings Ltd.     147,132       4,456
  Energix-Renewable Energies Ltd.   1,460,098       4,450
  Maytronics Ltd.     310,936       4,405
  Elco Ltd.      67,540       4,366
  Sella Capital Real Estate Ltd.   1,555,194       4,257
  Danel Adir Yeoshua Ltd.      32,863       4,163
  AudioCodes Ltd.     185,648       4,069
  Delek Automotive Systems Ltd.     366,890       4,006
  Oil Refineries Ltd.  11,017,977       3,959
  Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.      54,975       3,941
* Fattal Holdings 1998 Ltd.      36,158       3,785
  Israel Canada T.R Ltd.     961,821       3,731
* Equital Ltd.     117,422       3,728
  Migdal Insurance & Financial Holdings Ltd.   2,292,348       3,423
  Delta Galil Industries Ltd.      67,165       3,313
* Gazit-Globe Ltd.     542,751       3,107
* Cellcom Israel Ltd.     623,021       3,083
* Menora Mivtachim Holdings Ltd.     161,776       2,982
  Gav-Yam Lands Corp. Ltd.     222,541       1,853
* Naphtha Israel Petroleum Corp. Ltd.     278,268       1,843
  IDI Insurance Co. Ltd.      59,336       1,549
* Gilat Satellite Networks Ltd.     205,065       1,236
* Allot Ltd.     231,923       1,170
* Compugen Ltd.     573,940       1,028
* Kamada Ltd.     209,172         954
          929,242
Italy (2.0%)
  Enel SpA  56,351,919     309,046
  Intesa Sanpaolo SpA 120,323,974     225,183
  Eni SpA  17,885,206     212,130
  Stellantis NV  14,698,220     182,475
  Ferrari NV     872,378     160,550
  Assicurazioni Generali SpA   9,440,513     150,791
  UniCredit SpA  15,083,605     144,144
  Atlantia SpA   3,661,100      85,942
  Snam SpA (MTAA)  16,142,086      84,687
  CNH Industrial NV   7,154,356      82,743
  Terna - Rete Elettrica Nazionale  10,207,783      80,256
  Moncler SpA   1,566,883      67,511
  FinecoBank Banca Fineco SpA   4,438,569      53,248
  Prysmian SpA   1,916,021      52,639
  EXOR NV     747,773      46,728
*,2 Nexi SpA   5,490,971      45,599
    Shares Market
Value

($000)
  Tenaris SA   3,385,759      43,487
  Mediobanca Banca di Credito Finanziario SpA   4,842,572      41,998
  Davide Campari-Milano NV   3,605,608      38,038
2 Poste Italiane SpA   3,330,568      31,162
  Recordati Industria Chimica e Farmaceutica SpA     699,776      30,517
  Leonardo SpA   2,919,516      29,621
  Amplifon SpA     933,894      28,712
  Banco BPM SpA   9,956,892      28,424
2 Infrastrutture Wireless Italiane SpA   2,559,355      26,019
  Interpump Group SpA     578,439      22,147
  DiaSorin SpA     164,243      21,600
* Telecom Italia SpA  80,007,492      20,979
  Italgas SpA   3,584,162      20,915
  Reply SpA     163,265      19,861
  Hera SpA   5,707,453      16,539
  Unipol Gruppo SpA   3,497,838      15,933
  ERG SpA     480,793      14,989
2 Pirelli & C SpA   3,560,387      14,491
  A2A SpA  10,991,094      13,986
  Azimut Holding SpA     772,595      13,448
  BPER Banca   7,696,579      12,686
  Banca Mediolanum SpA   1,759,491      11,609
  Banca Generali SpA     403,471      11,423
  Brunello Cucinelli SpA     243,888      11,016
* Telecom Italia SpA Savings Shares  41,935,647      10,492
  Brembo SpA   1,066,517      10,399
  Iren SpA   4,688,006      10,257
  Buzzi Unicem SpA     622,550      10,219
  Banca Popolare di Sondrio SpA   2,853,007       9,855
  De' Longhi SpA     501,143       9,345
* Autogrill SpA   1,368,929       9,109
2 BFF Bank SpA   1,326,288       8,925
  Salvatore Ferragamo SpA     499,166       7,711
* Iveco Group NV   1,447,320       7,663
*,2 Enav SpA   1,798,914       7,546
1 UnipolSai Assicurazioni SpA   3,049,319       7,313
  Sesa SpA      51,619       6,577
2 Technogym SpA     969,327       6,338
2 Carel Industries SpA     315,736       6,281
2 Anima Holding SpA   1,685,243       6,197
* Saras SpA   3,961,490       5,780
  Tamburi Investment Partners SpA     744,302       5,727
  El.En. SpA     366,282       4,757
  ACEA SpA     310,370       4,601
  SOL SpA     259,501       4,482
*,2 GVS SpA     492,478       4,026
  Danieli & C Officine Meccaniche SpA Savings Shares     275,676       3,885
* Intercos SpA     276,968       3,651
1 Webuild SpA (MTAA)   2,340,897       3,642
2 RAI Way SpA     668,708       3,577
 
18

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  MARR SpA     246,613       3,405
1 Maire Tecnimont SpA   1,178,132       3,395
  Sanlorenzo SpA      98,469       3,309
  Credito Emiliano SpA     589,409       3,252
  Tinexta SpA     138,119       3,236
  Gruppo MutuiOnline SpA     119,669       3,032
  Piaggio & C SpA   1,237,419       2,904
  Italmobiliare SpA     101,377       2,804
* CIR SpA-Compagnie Industriali   6,557,019       2,770
  Zignago Vetro SpA     216,864       2,649
2 doValue SpA     418,689       2,479
  Banca IFIS SpA     170,410       2,425
  Cementir Holding NV     335,299       2,179
  Danieli & C Officine Meccaniche SpA     100,566       2,067
1 Societa Cattolica Di Assicurazione SpA     286,994       2,033
*,1 Tod's SpA      63,801       1,991
*,1 Fincantieri SpA   3,563,225       1,977
  Immobiliare Grande Distribuzione SIIQ SpA     512,901       1,912
  Arnoldo Mondadori Editore SpA     916,963       1,646
*,1 Juventus Football Club SpA   3,973,986       1,509
1 MFE-MediaForEurope NV Class B   2,012,358       1,419
1 Biesse SpA     101,247       1,346
*,1 Banca Monte dei Paschi di Siena SpA   2,152,368       1,224
  Datalogic SpA     136,010       1,015
*,1 MFE-MediaForEurope NV Class A   1,882,521         864
  Rizzoli Corriere Della Sera Mediagroup SpA     735,649         491
1 Saipem SpA      84,286         226
*,1 Webuild SpA     196,679          72
        2,759,258
Japan (20.2%)
  Toyota Motor Corp.  88,021,842   1,358,116
  Sony Group Corp.   8,957,364     730,534
  Keyence Corp.   1,412,943     484,552
  Mitsubishi UFJ Financial Group Inc.  88,276,170     472,282
  KDDI Corp.  11,854,990     373,840
  Tokyo Electron Ltd.   1,073,008     350,223
  Daiichi Sankyo Co. Ltd.  13,629,347     346,628
  Nintendo Co. Ltd.     761,104     327,318
  Shin-Etsu Chemical Co. Ltd.   2,877,872     323,504
  Hitachi Ltd.   6,712,690     319,323
  Daikin Industries Ltd.   1,922,448     308,667
  SoftBank Group Corp.   7,910,348     306,593
  Takeda Pharmaceutical Co. Ltd.  10,629,790     298,573
  Honda Motor Co. Ltd.  12,270,267     295,850
    Shares Market
Value

($000)
  Recruit Holdings Co. Ltd.  10,008,753     294,762
  Sumitomo Mitsui Financial Group Inc.   9,405,678     279,585
  Tokio Marine Holdings Inc.   4,563,479     266,105
  ITOCHU Corp.   9,698,927     261,657
  Mitsubishi Corp.   8,680,051     258,502
  Mitsui & Co. Ltd.  11,293,447     248,168
  Nippon Telegraph & Telephone Corp.   8,567,587     246,174
  Murata Manufacturing Co. Ltd.   4,131,375     224,860
  Softbank Corp.  19,814,889     219,996
  Hoya Corp.   2,562,767     219,329
  FANUC Corp.   1,391,234     218,061
  Seven & i Holdings Co. Ltd.   5,575,263     216,322
  Mizuho Financial Group Inc.  18,382,831     209,287
  Astellas Pharma Inc.  13,246,202     206,663
  Nidec Corp.   3,328,692     206,269
  Fast Retailing Co. Ltd.     372,607     195,722
  Oriental Land Co. Ltd.   1,359,544     189,863
  Olympus Corp.   9,094,786     184,308
  SMC Corp.     408,983     182,055
  Denso Corp.   3,243,885     171,220
  Fujitsu Ltd.   1,345,795     168,397
1 Canon Inc.   7,207,572     163,334
  Mitsubishi Electric Corp.  14,085,347     151,406
1 Bridgestone Corp.   4,143,233     151,060
  Central Japan Railway Co.   1,313,217     150,932
1 Japan Tobacco Inc.   8,578,421     148,654
  Komatsu Ltd.   6,634,442     147,730
  ORIX Corp.   8,669,514     145,300
  Terumo Corp.   4,779,276     144,578
  Mitsui Fudosan Co. Ltd.   6,586,763     141,516
  FUJIFILM Holdings Corp.   2,564,036     137,769
  Kao Corp.   3,353,369     135,977
  East Japan Railway Co.   2,616,067     133,810
  Dai-ichi Life Holdings Inc.   7,098,138     131,283
  Panasonic Corp.  15,446,722     124,720
  Toshiba Corp.   3,052,953     124,042
  Chugai Pharmaceutical Co. Ltd.   4,708,164     120,437
  Mitsubishi Estate Co. Ltd.   8,154,143     118,181
  Kyocera Corp.   2,204,210     117,829
  Kubota Corp.   7,833,199     117,389
  Asahi Group Holdings Ltd.   3,516,686     115,648
  Japan Post Holdings Co. Ltd.  15,919,136     113,900
  Shiseido Co. Ltd.   2,811,475     113,323
  Sumitomo Corp.   8,122,339     110,411
  Daiwa House Industry Co. Ltd.   4,644,379     108,618
 
19

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Otsuka Holdings Co. Ltd.   3,033,361     108,281
  Suzuki Motor Corp.   3,275,621     102,979
  MS&AD Insurance Group Holdings Inc.   3,340,162     102,421
  Sompo Holdings Inc.   2,301,308     101,644
  Shionogi & Co. Ltd.   1,967,580     100,422
  Marubeni Corp.  11,190,689     100,398
  Bandai Namco Holdings Inc.   1,411,080      99,612
  Unicharm Corp.   2,810,132      94,300
1 Shimano Inc.     556,446      93,737
  Aeon Co. Ltd.   5,097,634      88,547
  M3 Inc.   3,053,399      87,892
1 Kirin Holdings Co. Ltd.   5,539,067      87,501
  Secom Co. Ltd.   1,396,469      86,225
  Ajinomoto Co. Inc.   3,462,408      84,433
  Sysmex Corp.   1,374,410      82,933
  Nippon Steel Corp.   5,912,265      82,743
  Sumitomo Mitsui Trust Holdings Inc.   2,646,855      81,804
  ENEOS Holdings Inc.  21,661,442      81,508
  Eisai Co. Ltd.   1,912,533      80,862
  TDK Corp.   2,604,105      80,514
  Nippon Yusen KK   1,163,307      79,762
  Nomura Holdings Inc.  21,718,165      78,904
  Subaru Corp.   4,412,058      78,042
  Ono Pharmaceutical Co. Ltd.   3,030,157      77,843
1 Inpex Corp.   7,182,730      77,001
  Nomura Research Institute Ltd.   2,822,533      75,747
  Sumitomo Realty & Development Co. Ltd.   2,860,173      75,505
  NEC Corp.   1,899,961      74,131
  Advantest Corp.   1,377,322      74,068
  Mitsubishi Heavy Industries Ltd.   2,069,496      72,332
  Sekisui House Ltd.   4,092,669      71,848
  Toyota Industries Corp.   1,158,707      71,848
  Kikkoman Corp.   1,319,003      70,193
  Nitto Denko Corp.   1,061,984      68,688
  Obic Co. Ltd.     482,649      68,636
  Asahi Kasei Corp.   8,955,035      68,124
  Omron Corp.   1,329,150      67,649
* Renesas Electronics Corp.   7,264,012      65,735
1 Lasertec Corp.     549,630      65,463
  Tokyo Gas Co. Ltd.   3,056,377      63,341
  NTT Data Corp.   4,557,480      63,225
  Toray Industries Inc.  10,977,939      61,793
  Shimadzu Corp.   1,944,688      61,638
  West Japan Railway Co.   1,671,904      61,507
  Nexon Co. Ltd.   2,952,795      60,635
  Yaskawa Electric Corp.   1,866,576      60,287
  Sumitomo Electric Industries Ltd.   5,448,517      60,209
  Resona Holdings Inc.  15,613,404      58,402
1 Mitsui OSK Lines Ltd.   2,413,339      55,518
    Shares Market
Value

($000)
  Japan Exchange Group Inc.   3,826,786      55,468
  Nippon Building Fund Inc.      11,056      55,177
  Yakult Honsha Co. Ltd.     954,350      55,046
  Z Holdings Corp.  18,882,760      54,912
1 Nippon Paint Holdings Co. Ltd.   7,338,687      54,909
  Nissan Motor Co. Ltd.  13,985,761      54,777
  Osaka Gas Co. Ltd.   2,853,939      54,696
  Sumitomo Metal Mining Co. Ltd.   1,714,542      53,158
  Toyota Tsusho Corp.   1,613,446      52,603
  Kansai Electric Power Co. Inc.   5,259,676      52,063
  SG Holdings Co. Ltd.   3,067,293      51,868
  Nitori Holdings Co. Ltd.     541,188      51,501
  Chubu Electric Power Co. Inc.   5,059,233      50,944
  Mitsubishi Chemical Holdings Corp.   9,229,007      50,147
  MINEBEA MITSUMI Inc.   2,938,847      50,088
  Disco Corp.     201,248      47,889
  Daiwa Securities Group Inc.  10,575,186      47,352
* Tokyo Electric Power Co. Holdings Inc.  11,273,323      47,159
1 AGC Inc.   1,336,212      46,951
  MEIJI Holdings Co. Ltd.     941,735      46,275
  Pan Pacific International Holdings Corp.   2,896,799      46,184
1 Dentsu Group Inc.   1,528,238      46,073
  Yamaha Corp.   1,103,665      45,499
  TIS Inc.   1,702,825      44,803
  T&D Holdings Inc.   3,676,050      44,004
  Nissan Chemical Corp.     951,028      43,897
  Makita Corp.   1,766,193      43,778
  Japan Real Estate Investment Corp.       9,407      43,316
  Hankyu Hanshin Holdings Inc.   1,572,180      42,941
  Sumitomo Chemical Co. Ltd.  10,919,923      42,737
  MISUMI Group Inc.   2,016,835      42,595
  Tokyu Corp.   3,537,781      41,758
  Rohm Co. Ltd.     594,785      41,694
  Taisei Corp.   1,336,602      41,675
1 Yamaha Motor Co. Ltd.   2,262,595      41,547
  Nippon Prologis REIT Inc.      16,744      41,240
  Trend Micro Inc.     842,881      41,235
  Isuzu Motors Ltd.   3,727,580      41,232
  Dai Nippon Printing Co. Ltd.   1,912,773      41,145
  Nomura Real Estate Master Fund Inc.      32,647      40,779
  Kintetsu Group Holdings Co. Ltd.   1,304,072      40,572
  Kyowa Kirin Co. Ltd.   1,797,032      40,571
 
20

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Daito Trust Construction Co. Ltd.     468,546      40,532
  Idemitsu Kosan Co. Ltd.   1,696,353      40,524
  Daifuku Co. Ltd.     699,607      40,039
  JFE Holdings Inc.   3,718,414      39,118
  Japan Metropolitan Fund Investment      49,767      38,777
  Aisin Corp.   1,251,407      38,732
  Yamato Holdings Co. Ltd.   2,377,637      38,050
  Konami Holdings Corp.     681,188      37,739
  Fuji Electric Co. Ltd.     910,945      37,662
  GLP J-REIT      30,726      37,653
  Kawasaki Kisen Kaisha Ltd.     599,721      36,697
  Kajima Corp.   3,143,251      36,042
  Hamamatsu Photonics KK     923,364      35,972
  Lixil Corp.   1,909,915      35,898
  MatsukiyoCocokara & Co.     887,374      35,885
  Obayashi Corp.   4,867,184      35,400
  Daiwa House REIT Investment Corp.      15,466      35,153
  TOTO Ltd.   1,046,151      34,640
  Suntory Beverage & Food Ltd.     914,153      34,521
  SBI Holdings Inc.   1,751,612      34,226
  Nissin Foods Holdings Co. Ltd.     494,925      34,185
  JSR Corp.   1,310,335      34,051
  Ricoh Co. Ltd.   4,324,013      33,758
  Mazda Motor Corp.   4,133,017      33,736
  Tobu Railway Co. Ltd.   1,473,247      33,629
  Sekisui Chemical Co. Ltd.   2,448,240      33,565
  TOPPAN Inc.   1,970,360      32,873
  Capcom Co. Ltd.   1,312,797      31,935
  SUMCO Corp.   2,428,884      31,587
  Hirose Electric Co. Ltd.     235,402      31,257
  Taiyo Yuden Co. Ltd.     888,942      30,292
  CyberAgent Inc.   3,021,962      30,276
  Odakyu Electric Railway Co. Ltd.   2,236,616      30,176
  Keio Corp.     839,094      30,101
  Brother Industries Ltd.   1,704,296      29,986
  Toho Co. Ltd. (XTKS)     806,483      29,215
  Yokogawa Electric Corp.   1,752,016      28,984
  Kurita Water Industries Ltd.     793,969      28,740
  Concordia Financial Group Ltd.   8,014,081      27,826
  Oji Holdings Corp.   6,422,251      27,823
  Keisei Electric Railway Co. Ltd.   1,005,294      27,758
  Seiko Epson Corp.   1,959,748      27,725
  NIPPON Experes Holding Inc.     499,561      27,213
  Kobayashi Pharmaceutical Co. Ltd.     437,537      27,097
    Shares Market
Value

($000)
  Nikon Corp.   2,334,263      26,918
  Mitsui Chemicals Inc.   1,254,936      26,767
  Rakuten Group Inc.   5,901,063      26,682
  Koito Manufacturing Co. Ltd.     827,544      26,284
  BayCurrent Consulting Inc.      98,264      26,271
  Orix JREIT Inc.      19,173      26,048
  USS Co. Ltd.   1,500,526      26,007
  NGK Spark Plug Co. Ltd.   1,414,257      25,654
  Toyo Suisan Kaisha Ltd.     656,123      25,617
1 MonotaRO Co. Ltd.   1,694,319      25,269
  Tosoh Corp.   2,025,493      25,195
  NGK Insulators Ltd.   1,868,933      25,179
  Advance Residence Investment Corp.       9,418      25,096
  Square Enix Holdings Co. Ltd.     562,507      24,968
  IHI Corp.     932,561      24,913
  Kobe Bussan Co. Ltd.   1,009,826      24,823
  Azbil Corp.     936,302      24,685
  Ebara Corp.     659,642      24,649
  Marui Group Co. Ltd.   1,388,785      24,314
  Chiba Bank Ltd.   4,386,045      24,008
  Kyushu Railway Co.   1,145,302      23,879
  Sojitz Corp.   1,672,982      23,713
  Persol Holdings Co. Ltd.   1,279,056      23,353
  Hulic Co. Ltd.   2,999,282      23,263
  Japan Post Bank Co. Ltd.   2,978,572      23,190
  Tokyu Fudosan Holdings Corp.   4,391,944      23,112
  Japan Post Insurance Co. Ltd.   1,439,950      23,046
  Nippon Shinyaku Co. Ltd.     374,105      22,836
  Hoshizaki Corp.     764,032      22,773
  United Urban Investment Corp.      21,661      22,771
  Asics Corp.   1,244,765      22,546
  Bank of Kyoto Ltd.     525,949      22,511
  NH Foods Ltd.     708,734      22,200
  Ibiden Co. Ltd.     780,138      22,102
  Otsuka Corp.     740,913      22,050
  Haseko Corp.   1,871,401      21,980
  Showa Denko KK   1,288,306      21,912
  Nisshin Seifun Group Inc.   1,871,672      21,904
  Nagoya Railroad Co. Ltd.   1,418,233      21,870
* Hitachi Metals Ltd.   1,438,845      21,781
  Kyushu Electric Power Co. Inc.   3,385,815      21,769
  Shizuoka Bank Ltd.   3,589,045      21,609
  Open House Co. Ltd.     541,482      21,554
  Mitsubishi HC Capital Inc. (XTKS)   4,663,952      21,526
  Shimizu Corp.   3,875,051      21,407
  Asahi Intecc Co. Ltd.   1,412,799      21,391
  GMO Payment Gateway Inc.     298,283      21,247
  Fukuoka Financial Group Inc.   1,173,438      21,134
 
21

 

Developed Markets Index Fund
    Shares Market
Value

($000)
* ANA Holdings Inc.   1,137,307      21,008
  Isetan Mitsukoshi Holdings Ltd.   2,550,725      20,646
  Santen Pharmaceutical Co. Ltd.   2,609,004      20,582
  Rohto Pharmaceutical Co. Ltd.     707,281      20,506
  Nihon M&A Center Holdings Inc.   1,910,607      20,367
  JGC Holdings Corp.   1,564,582      20,096
  Electric Power Development Co. Ltd.   1,206,564      19,948
1 Kuraray Co. Ltd.   2,467,514      19,908
  Keikyu Corp.   1,813,596      19,872
1 Tokyo Tatemono Co. Ltd.   1,439,788      19,863
  Kawasaki Heavy Industries Ltd.   1,057,657      19,850
  Lion Corp.   1,788,252      19,798
  Nomura Real Estate Holdings Inc.     801,125      19,600
1 Japan Prime Realty Investment Corp.       6,629      19,504
1 Nabtesco Corp.     822,368      19,297
  Yamada Denki Co. Ltd.   5,354,987      19,257
  SCREEN Holdings Co. Ltd.     281,467      19,098
1 Kose Corp.     208,285      18,982
  Mitsubishi Gas Chemical Co. Inc.   1,300,481      18,813
*,1 Skylark Holdings Co. Ltd.   1,599,780      18,760
  Ito En Ltd.     410,586      18,465
  Sega Sammy Holdings Inc.   1,149,264      18,460
  Tohoku Electric Power Co. Inc.   3,436,228      18,444
* Japan Airlines Co. Ltd.   1,066,597      18,326
  Industrial & Infrastructure Fund Investment Corp.      13,779      18,245
  Sumitomo Heavy Industries Ltd.     818,949      18,129
  Kansai Paint Co. Ltd.   1,416,842      18,088
  NOF Corp.     487,326      18,084
  Sekisui House REIT Inc.      30,027      17,820
  Keihan Holdings Co. Ltd.     709,632      17,686
  Rinnai Corp.     256,369      17,660
  Itochu Techno-Solutions Corp.     706,089      17,361
  NSK Ltd.   3,198,093      17,206
  Koei Tecmo Holdings Co. Ltd.     528,092      17,124
  Stanley Electric Co. Ltd.   1,039,012      17,057
  Hitachi Construction Machinery Co. Ltd.     767,645      17,052
  Nippon Accommodations Fund Inc.       3,377      16,991
    Shares Market
Value

($000)
  Ryohin Keikaku Co. Ltd.   1,727,408      16,922
  Zensho Holdings Co. Ltd.     699,941      16,807
  Nippon Sanso Holdings Corp.   1,044,107      16,717
  Amada Co. Ltd.   2,252,433      16,606
  Japan Hotel REIT Investment Corp.      32,809      16,451
  Alfresa Holdings Corp.   1,223,511      16,450
1 Aozora Bank Ltd.     841,207      16,371
1 THK Co. Ltd.     866,332      16,318
  Air Water Inc.   1,282,818      16,165
1 Hikari Tsushin Inc.     156,810      16,120
  Hakuhodo DY Holdings Inc.   1,740,786      15,991
  LaSalle Logiport REIT      12,958      15,944
  Iida Group Holdings Co. Ltd.   1,038,421      15,942
  Food & Life Cos. Ltd.     742,052      15,920
  Seibu Holdings Inc.   1,507,438      15,885
  Activia Properties Inc.       5,278      15,769
  TechnoPro Holdings Inc.     778,590      15,629
  Nankai Electric Railway Co. Ltd.     784,649      15,577
  Cosmo Energy Holdings Co. Ltd.     564,524      15,567
  Toho Gas Co. Ltd.     644,314      15,564
  Kakaku.com Inc.     934,396      15,519
  SCSK Corp.     913,644      15,516
* Mitsubishi Motors Corp.   4,576,601      15,438
* Japan Airport Terminal Co. Ltd.     387,518      15,397
  J Front Retailing Co. Ltd.   1,801,221      15,377
  Denka Co. Ltd.     624,727      15,138
  Suzuken Co. Ltd.     535,786      15,103
  COMSYS Holdings Corp.     793,220      15,101
  Tokyo Century Corp.     452,280      15,026
  Japan Logistics Fund Inc.       6,443      14,896
  Medipal Holdings Corp.   1,054,096      14,870
  Hitachi Transport System Ltd.     234,799      14,837
  Alps Alpine Co. Ltd.   1,457,025      14,806
  Mitsui Fudosan Logistics Park Inc.       3,890      14,717
  Welcia Holdings Co. Ltd.     726,322      14,602
  SHO-BOND Holdings Co. Ltd.     330,837      14,581
  Tsuruha Holdings Inc.     267,311      14,546
  Mebuki Financial Group Inc.   7,331,153      14,459
  Goldwin Inc.     256,476      14,415
  ZOZO Inc.     793,315      14,353
  Casio Computer Co. Ltd.   1,545,808      14,344
  Kadokawa Corp.     661,147      14,302
  Miura Co. Ltd.     721,587      14,297
  Iwatani Corp.     369,362      14,255
 
22

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Chugoku Electric Power Co. Inc.   2,201,434      14,174
1 Sumitomo Forestry Co. Ltd.     993,827      14,134
  Shimamura Co. Ltd.     159,232      13,991
  AEON REIT Investment Corp.      12,381      13,987
  Internet Initiative Japan Inc.     398,455      13,964
  Nifco Inc.     596,534      13,952
  Teijin Ltd.   1,325,315      13,799
  Kenedix Office Investment Corp.       2,737      13,764
1 Kagome Co. Ltd.     559,947      13,685
  Kamigumi Co. Ltd.     707,007      13,667
  Oracle Corp. Japan     234,666      13,666
  Sanwa Holdings Corp.   1,421,037      13,608
1 Frontier Real Estate Investment Corp.       3,513      13,570
  Sohgo Security Services Co. Ltd.     488,081      13,553
  Nichirei Corp.     753,645      13,115
  NET One Systems Co. Ltd.     586,994      13,045
  Daiwa Securities Living Investments Corp.      14,694      12,895
1 Yokohama Rubber Co. Ltd.     950,743      12,888
  Tokyo Ohka Kogyo Co. Ltd.     261,703      12,808
  Mitsubishi Materials Corp.     893,730      12,793
* Park24 Co. Ltd.     925,112      12,792
  Mori Hills REIT Investment Corp.      11,372      12,786
  Hisamitsu Pharmaceutical Co. Inc.     493,225      12,750
  Taisho Pharmaceutical Holdings Co. Ltd.     322,296      12,740
  Kewpie Corp.     752,087      12,739
  Credit Saison Co. Ltd.   1,104,827      12,679
  Fujitec Co. Ltd.     566,327      12,521
  Relo Group Inc.     769,996      12,419
  Taiheiyo Cement Corp.     833,472      12,419
  ADEKA Corp.     715,573      12,367
  Cosmos Pharmaceutical Corp.     128,721      12,363
  Shinko Electric Industries Co. Ltd.     477,472      12,332
  JTEKT Corp.   1,625,423      12,220
1 Coca-Cola Bottlers Japan Holdings Inc.   1,012,479      12,103
  Ulvac Inc.     353,382      12,036
1 Kenedix Residential Next Investment Corp.       7,451      11,952
  Nishi-Nippon Railroad Co. Ltd.     555,823      11,914
  INFRONEER Holdings Inc.   1,672,027      11,884
  Jeol Ltd.     306,984      11,882
    Shares Market
Value

($000)
  Hachijuni Bank Ltd.   3,216,557      11,878
  Horiba Ltd.     278,133      11,865
  Lawson Inc.     352,682      11,738
  Comforia Residential REIT Inc.       4,715      11,664
  EXEO Group Inc.     729,403      11,420
  Daicel Corp.   1,843,041      11,394
  Zenkoku Hosho Co. Ltd.     362,520      11,386
1 Sumitomo Rubber Industries Ltd.   1,321,341      11,300
  Sugi Holdings Co. Ltd.     256,619      11,272
  Sharp Corp.   1,436,897      11,115
  Dowa Holdings Co. Ltd.     333,351      11,037
  Nihon Kohden Corp.     536,337      10,992
  Nippon Gas Co. Ltd.     771,939      10,991
  Penta-Ocean Construction Co. Ltd.   2,037,030      10,988
  Fujikura Ltd.   1,934,044      10,955
  Hulic REIT Inc.       9,247      10,907
1 Tokai Carbon Co. Ltd.   1,426,941      10,884
  Kobe Steel Ltd.   2,396,534      10,876
  House Foods Group Inc.     520,645      10,865
  Toyo Seikan Group Holdings Ltd.   1,034,933      10,855
1 Pigeon Corp.     788,350      10,846
  Konica Minolta Inc.   3,244,492      10,814
  Mitsubishi Logistics Corp.     451,243      10,809
  K's Holdings Corp   1,105,304      10,791
1 Nippon Electric Glass Co. Ltd.     561,070      10,746
  Sundrug Co. Ltd.     479,351      10,720
  Anritsu Corp.     988,721      10,704
  Yamazaki Baking Co. Ltd.     874,520      10,698
  Calbee Inc.     530,438      10,691
  Ain Holdings Inc.     199,484      10,682
  Mitsubishi Estate Logistics REIT Investment Corp.       3,144      10,679
1 Ezaki Glico Co. Ltd.     367,802      10,655
  Tsumura & Co.     471,653      10,608
  NTT UD REIT Investment Corp.       9,668      10,558
  Invincible Investment Corp.      35,657      10,503
  Aeon Mall Co. Ltd.     856,072      10,480
  Nagase & Co. Ltd.     760,921      10,467
1 DIC Corp.     586,691      10,416
  Mitsui High-Tec Inc.     165,982      10,347
  Ube Industries Ltd.     695,769      10,336
  Daiseki Co. Ltd.     330,840      10,328
* SHIFT Inc.      78,711      10,322
  Kaneka Corp.     417,223      10,276
  Kinden Corp.     877,354      10,126
  Hino Motors Ltd.   1,963,804      10,109
  Zeon Corp.   1,041,725      10,105
  Daiwa Office Investment Corp.       1,958      10,058
  Sapporo Holdings Ltd.     452,163      10,045
1 Takashimaya Co. Ltd.   1,025,689      10,037
 
23

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Ship Healthcare Holdings Inc.     559,536       9,987
  Sankyu Inc.     346,450       9,975
  Japan Steel Works Ltd.     455,030       9,910
  Hirogin Holdings Inc.   2,120,530       9,883
  Tokyu REIT Inc.       6,729       9,869
  Ushio Inc.     795,887       9,857
  Topcon Corp.     747,021       9,769
  Iyo Bank Ltd.   1,972,400       9,697
  Sotetsu Holdings Inc.     559,710       9,677
  Sumitomo Dainippon Pharma Co. Ltd.   1,194,868       9,596
  Morinaga Milk Industry Co. Ltd.     266,295       9,537
  Nippon Kayaku Co. Ltd.   1,175,122       9,509
  Sankyo Co. Ltd.     310,311       9,387
  Nihon Unisys Ltd.     468,072       9,334
1 Mabuchi Motor Co. Ltd.     360,946       9,303
  Dexerials Corp.     346,565       9,250
  Takara Holdings Inc.   1,244,573       9,226
1 DMG Mori Co. Ltd.     738,776       9,188
  Mitsui Mining & Smelting Co. Ltd.     393,665       9,181
  Maruichi Steel Tube Ltd.     432,631       9,165
1 Bic Camera Inc.   1,058,463       9,139
  Kureha Corp.     129,579       9,127
  Toyo Tire Corp.     729,635       9,120
  Sanrio Co. Ltd.     401,274       9,115
  Morinaga & Co. Ltd.     284,153       9,105
  Fuji Corp.     616,304       9,091
  DeNA Co. Ltd.     649,403       9,070
  Fancl Corp.     492,433       9,050
1 Pilot Corp.     253,263       9,021
  Tokyo Seimitsu Co. Ltd.     270,881       8,929
  Seven Bank Ltd.   4,670,937       8,920
  Takeda Pharmaceutical Co. Ltd. ADR     634,713       8,911
  Nippon Shokubai Co. Ltd.     229,767       8,881
  Toda Corp.   1,662,108       8,799
  Yamaguchi Financial Group Inc.   1,597,906       8,776
  Chugoku Bank Ltd.   1,209,081       8,773
  GS Yuasa Corp.     550,045       8,607
  NSD Co. Ltd.     491,154       8,580
1 Fuji Soft Inc.     149,254       8,573
  Yoshinoya Holdings Co. Ltd.     464,148       8,558
  Hoshino Resorts REIT Inc.       1,761       8,522
  Toyoda Gosei Co. Ltd.     537,098       8,475
  Kenedix Retail REIT Corp.       4,163       8,450
  Sawai Group Holdings Co. Ltd.     277,601       8,419
  Amano Corp.     486,466       8,418
  Daiwabo Holdings Co. Ltd.     639,399       8,352
  ABC-Mart Inc.     187,881       8,312
  Meitec Corp.     515,340       8,308
    Shares Market
Value

($000)
  Rengo Co. Ltd.   1,526,653       8,295
  Daiichikosho Co. Ltd.     283,855       8,278
  NIPPON REIT Investment Corp.       3,081       8,275
  Menicon Co. Ltd.     358,652       8,269
  Benesse Holdings Inc.     510,281       8,257
  Asahi Holdings Inc.     526,045       8,253
  Gunma Bank Ltd.   2,914,456       8,237
  Rakus Co. Ltd     688,614       8,220
  H.U. Group Holdings Inc.     374,455       8,142
  AEON Financial Service Co. Ltd.     859,841       8,118
  Japan Excellent Inc.       8,974       8,117
  OKUMA Corp.     214,260       8,047
  Fujitsu General Ltd.     404,650       8,035
  Seino Holdings Co. Ltd.   1,000,688       8,021
  Nippon Suisan Kaisha Ltd.   1,893,572       8,005
* Money Forward Inc.     316,398       7,964
  Kintetsu World Express Inc.     259,103       7,945
  Yamato Kogyo Co. Ltd.     239,761       7,924
  Sakata Seed Corp.     232,375       7,831
  Aica Kogyo Co. Ltd.     373,358       7,816
  Resorttrust Inc.     476,315       7,801
  Fuyo General Lease Co. Ltd.     135,603       7,695
  Citizen Watch Co. Ltd.   1,888,396       7,682
  Kyushu Financial Group Inc.   2,674,577       7,664
  TS Tech Co. Ltd.     736,415       7,624
  Mori Trust Sogo REIT Inc.       7,219       7,556
  Katitas Co. Ltd.     349,309       7,553
  Nisshinbo Holdings Inc.     993,923       7,486
1 Kokuyo Co. Ltd.     589,909       7,474
  Inaba Denki Sangyo Co. Ltd.     380,306       7,463
  Kotobuki Spirits Co. Ltd.     136,495       7,429
  Hitachi Zosen Corp.   1,178,047       7,426
  Hazama Ando Corp.   1,190,217       7,387
  NHK Spring Co. Ltd.   1,111,211       7,293
  Furukawa Electric Co. Ltd.     443,174       7,272
  GMO internet Inc.     413,228       7,150
  OBIC Business Consultants Co. Ltd.     206,993       7,138
  Sumitomo Bakelite Co. Ltd.     237,366       7,117
  SMS Co. Ltd.     358,059       7,103
  Mirait Holdings Corp.     602,945       7,086
  Heiwa Real Estate REIT Inc.       6,541       7,051
  Shiga Bank Ltd.     345,130       7,042
  PALTAC Corp.     226,398       7,035
  As One Corp.     176,928       6,990
  Justsystems Corp.     244,176       6,949
  FP Corp.     331,528       6,932
  Mizuho Leasing Co. Ltd.     300,994       6,895
 
24

 

Developed Markets Index Fund
    Shares Market
Value

($000)
1 Colowide Co. Ltd.     508,118       6,890
* PeptiDream Inc.     653,814       6,889
  Yaoko Co. Ltd.     153,403       6,888
  77 Bank Ltd.     511,221       6,852
1 Canon Marketing Japan Inc.     328,029       6,821
  JCR Pharmaceuticals Co. Ltd.     397,501       6,816
  Shinsei Bank Ltd.     450,568       6,790
  Shoei Co. Ltd.     171,096       6,713
1 Pola Orbis Holdings Inc.     539,245       6,675
  Heiwa Real Estate Co. Ltd.     231,898       6,655
  Maruwa Co. Ltd.      58,152       6,635
  NOK Corp.     815,875       6,631
  Nichias Corp.     399,117       6,622
  Kaken Pharmaceutical Co. Ltd.     235,410       6,620
  Nipro Corp.     840,405       6,610
  OSG Corp.     566,558       6,607
  Kyoritsu Maintenance Co. Ltd.     176,364       6,583
  Shikoku Electric Power Co. Inc.   1,118,170       6,541
  Daido Steel Co. Ltd.     252,486       6,503
  Acom Co. Ltd.   2,779,925       6,494
  Macnica Fuji Electronics Holdings Inc.     336,250       6,486
  NEC Networks & System Integration Corp.     476,370       6,452
  Tokuyama Corp.     507,204       6,452
  Toyota Boshoku Corp.     434,127       6,449
  Central Glass Co. Ltd.     282,991       6,444
  Wacom Co. Ltd.   1,030,276       6,393
  Tomy Co. Ltd.     635,533       6,389
1 Toagosei Co. Ltd.     856,242       6,374
  Toei Co. Ltd.      48,672       6,368
  Fukuoka REIT Corp.       5,120       6,359
* Shochiku Co. Ltd.      71,466       6,353
  Izumi Co. Ltd.     281,383       6,348
  Descente Ltd.     272,555       6,318
  Digital Garage Inc.     232,849       6,310
  Tokyo Steel Manufacturing Co. Ltd.     569,195       6,281
  Wacoal Holdings Corp.     395,499       6,259
  Duskin Co. Ltd.     292,914       6,248
  NS Solutions Corp.     233,422       6,235
  Jafco Co. Ltd.     515,101       6,228
  Daio Paper Corp.     592,472       6,199
  DTS Corp.     276,488       6,162
*,1 RENOVA Inc.     331,872       5,986
  Lintec Corp.     352,649       5,980
  Nippon Soda Co. Ltd.     184,559       5,931
  Kanematsu Corp.     599,659       5,916
  Nishimatsu Construction Co. Ltd.     197,813       5,911
    Shares Market
Value

($000)
  Japan Material Co. Ltd.     410,952       5,882
  Nishi-Nippon Financial Holdings Inc.   1,058,889       5,860
  Benefit One Inc.     432,356       5,857
  Fujimi Inc.     139,030       5,841
*,1 W-Scope Corp.     348,723       5,828
  Toho Holdings Co. Ltd.     375,239       5,810
  Nikkon Holdings Co. Ltd.     364,760       5,785
* NTN Corp.   3,029,017       5,779
  Glory Ltd.     381,267       5,753
  Systena Corp.   1,962,748       5,728
  Outsourcing Inc.     746,672       5,711
  Hokuhoku Financial Group Inc.     920,133       5,688
  Kyudenko Corp.     279,297       5,655
  EDION Corp.     601,523       5,648
  Sumitomo Osaka Cement Co. Ltd.     227,042       5,642
  Daishi Hokuetsu Financial Group Inc.     303,890       5,625
  Okumura Corp.     251,706       5,594
  Heiwa Corp.     375,818       5,580
  Sumitomo Warehouse Co. Ltd.     376,238       5,570
  Ariake Japan Co. Ltd.     134,603       5,538
  Hanwa Co. Ltd.     265,082       5,534
  Aiful Corp.   2,131,185       5,501
  Toshiba TEC Corp.     170,758       5,460
  Tadano Ltd.     827,713       5,458
  DCM Holdings Co. Ltd.     711,535       5,452
  CKD Corp.     426,350       5,448
  TOKAI Holdings Corp.     830,059       5,427
  Kumiai Chemical Industry Co. Ltd.     665,935       5,426
  Hokkoku Financial Holdings Inc.     159,393       5,423
  Global One Real Estate Investment Corp.       6,876       5,375
  Fuji Oil Holdings Inc.     337,650       5,336
  Japan Elevator Service Holdings Co. Ltd.     508,623       5,320
  Ichigo Office REIT Investment Corp.       8,480       5,288
  CRE Logistics REIT Inc.       3,793       5,275
  Tsubakimoto Chain Co.     235,185       5,271
  San-In Godo Bank Ltd.   1,082,707       5,237
  Hankyu Hanshin REIT Inc.       4,741       5,227
  Star Asia Investment Corp.      11,489       5,197
  Round One Corp.     459,726       5,169
  Japan Petroleum Exploration Co. Ltd.     220,318       5,168
  Takuma Co. Ltd.     527,151       5,168
 
25

 

Developed Markets Index Fund
    Shares Market
Value

($000)
1 Toridoll Holdings Corp.     300,927       5,134
  Taiyo Holdings Co. Ltd.     242,466       5,089
  Fuji Kyuko Co. Ltd.     163,907       5,084
1 Create Restaurants Holdings Inc.     733,462       5,058
  Hokuetsu Corp.     973,194       5,031
  Joyful Honda Co. Ltd.     430,239       5,027
  SOSiLA Logistics REIT Inc.       4,690       5,022
  Information Services International-Dentsu Ltd.     168,342       5,018
  Takasago Thermal Engineering Co. Ltd.     419,189       4,979
  TKC Corp.     204,348       4,963
  Kumagai Gumi Co. Ltd.     244,679       4,955
1 Royal Holdings Co. Ltd.     277,867       4,898
  Kusuri no Aoki Holdings Co. Ltd.     114,243       4,898
  Maruha Nichiro Corp.     259,336       4,883
  Nojima Corp.     234,480       4,867
  Transcosmos Inc.     187,462       4,837
  Nippon Paper Industries Co. Ltd.     682,579       4,835
  Sanken Electric Co. Ltd.     138,737       4,832
  Itoham Yonekyu Holdings Inc.     942,923       4,803
  Japan Aviation Electronics Industry Ltd.     316,949       4,786
  H2O Retailing Corp.     616,787       4,760
  Takara Bio Inc.     335,343       4,756
  Okamura Corp.     532,431       4,749
  Paramount Bed Holdings Co. Ltd.     292,253       4,749
  Nippon Light Metal Holdings Co. Ltd.     430,698       4,735
  Hokuriku Electric Power Co.   1,205,401       4,730
  Inabata & Co. Ltd.     289,447       4,726
  Milbon Co. Ltd.     133,899       4,723
  Taikisha Ltd.     200,857       4,710
  Toyobo Co. Ltd.     637,050       4,710
*,1 Atom Corp.     810,573       4,674
1 BeNext-Yumeshin Group Co.     422,823       4,673
  Kohnan Shoji Co. Ltd.     172,513       4,659
1 KH Neochem Co. Ltd.     253,781       4,654
  Fukuyama Transporting Co. Ltd.     204,367       4,646
  Jaccs Co. Ltd.     186,605       4,622
  Senko Group Holdings Co. Ltd.     710,939       4,606
  Hokkaido Electric Power Co. Inc.   1,262,224       4,605
  Mixi Inc.     277,079       4,604
  Itochu Advance Logistics Investment Corp.       4,136       4,590
    Shares Market
Value

($000)
  Kandenko Co. Ltd.     733,959       4,572
  Noevir Holdings Co. Ltd.     107,514       4,571
  Sangetsu Corp.     396,990       4,560
  Makino Milling Machine Co. Ltd.     145,141       4,532
  Seiren Co. Ltd.     298,710       4,455
*,1 HIS Co. Ltd.     295,566       4,443
  Nextage Co. Ltd.     256,539       4,435
  Kissei Pharmaceutical Co. Ltd.     224,640       4,397
  Nihon Parkerizing Co. Ltd.     666,948       4,391
  Kiyo Bank Ltd.     445,577       4,387
  Juroku Financial Group Inc.     253,521       4,380
  Autobacs Seven Co. Ltd.     422,376       4,352
  Matsui Securities Co. Ltd.     730,732       4,341
  GungHo Online Entertainment Inc.     243,916       4,327
  Daihen Corp.     139,431       4,326
  Raito Kogyo Co. Ltd.     315,073       4,306
  Rorze Corp.      68,517       4,298
  Seiko Holdings Corp.     201,180       4,297
  Tokai Tokyo Financial Holdings Inc.   1,571,414       4,289
  Mirai Corp.      11,637       4,284
  ZERIA Pharmaceutical Co. Ltd.     270,578       4,283
  Mochida Pharmaceutical Co. Ltd.     177,633       4,278
  Infomart Corp.   1,526,776       4,264
  Meidensha Corp.     289,443       4,253
  Mani Inc.     436,226       4,246
  Dip Corp.     152,496       4,244
  Takeuchi Manufacturing Co. Ltd.     245,716       4,216
  Starts Corp. Inc.     204,170       4,187
  Sanki Engineering Co. Ltd.     368,870       4,172
  Nippn Corp.     345,859       4,162
1 Snow Peak Inc.     208,193       4,149
  Monex Group Inc.   1,310,612       4,083
1 Nagawa Co. Ltd.      68,800       4,079
  Megmilk Snow Brand Co. Ltd.     303,925       4,067
  MOS Food Services Inc.     175,442       4,040
  eRex Co. Ltd.     247,555       4,012
*,1 euglena Co. Ltd.     577,772       4,000
  Nichiha Corp.     205,379       3,990
  Earth Corp.     104,053       3,990
  Ichibanya Co. Ltd.     114,695       3,988
  Nichicon Corp.     428,335       3,976
  Ohsho Food Service Corp.      77,051       3,974
  Nippon Steel Trading Corp.     105,445       3,953
  Daiho Corp.     115,208       3,909
  Orient Corp.   4,094,367       3,872
  Japan Securities Finance Co. Ltd.     613,909       3,865
 
26

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  San-A Co. Ltd.     127,800       3,859
* Sansan Inc.     559,477       3,847
  KOMEDA Holdings Co. Ltd.     226,689       3,846
  Eizo Corp.     137,871       3,837
1 Toho Titanium Co. Ltd.     236,134       3,837
  Komeri Co. Ltd.     196,616       3,823
  Nomura Co. Ltd.     553,233       3,791
  Nisshin Oillio Group Ltd.     163,815       3,790
  Idec Corp.     183,351       3,787
  Awa Bank Ltd.     253,340       3,780
  Tokai Rika Co. Ltd.     345,794       3,772
1 Change Inc.     236,576       3,762
  BML Inc.     144,528       3,758
  Valor Holdings Co. Ltd.     279,034       3,758
  JCU Corp.     148,550       3,726
  eGuarantee Inc.     233,862       3,716
* Leopalace21 Corp.   1,748,642       3,682
  Trusco Nakayama Corp.     289,679       3,673
  Toyo Ink SC Holdings Co. Ltd.     260,971       3,662
  Arcs Co. Ltd.     247,394       3,652
  Nissin Electric Co. Ltd.     324,352       3,651
  Fuso Chemical Co. Ltd.     139,260       3,649
1 Fuji Co. Ltd.     231,908       3,624
  KYORIN Holdings Inc.     277,099       3,623
  Hyakugo Bank Ltd.   1,489,218       3,604
  Suruga Bank Ltd.   1,325,927       3,598
  Saizeriya Co. Ltd.     181,208       3,596
* Japan Display Inc.   7,022,124       3,583
  Sumitomo Mitsui Construction Co. Ltd.   1,049,041       3,562
  Kato Sangyo Co. Ltd.     147,925       3,551
  Nitto Boseki Co. Ltd.     206,148       3,544
  Elecom Co. Ltd.     311,993       3,513
  Tocalo Co. Ltd.     385,403       3,510
  Totetsu Kogyo Co. Ltd.     196,155       3,504
* Chiyoda Corp.   1,112,202       3,502
  Ogaki Kyoritsu Bank Ltd.     274,628       3,495
  Nishimatsuya Chain Co. Ltd.     331,751       3,493
  Funai Soken Holdings Inc.     218,993       3,492
  Showa Sangyo Co. Ltd.     186,051       3,488
  Create SD Holdings Co. Ltd.     157,735       3,479
  One REIT Inc.       1,755       3,475
  Iriso Electronics Co. Ltd.     146,135       3,463
  S-Pool Inc.     415,199       3,461
  Hosiden Corp.     378,593       3,446
  Prima Meat Packers Ltd.     205,119       3,444
  Kameda Seika Co. Ltd.      96,233       3,424
1 Optex Group Co. Ltd.     229,173       3,410
    Shares Market
Value

($000)
  ASKUL Corp.     284,787       3,404
  Japan Wool Textile Co. Ltd.     463,904       3,373
  Toyo Construction Co. Ltd.     512,119       3,373
  Mitsubishi Shokuhin Co. Ltd.     120,163       3,356
  Oki Electric Industry Co. Ltd.     610,769       3,335
  SKY Perfect JSAT Holdings Inc.     835,398       3,322
  Riken Keiki Co. Ltd.     124,420       3,319
  North Pacific Bank Ltd.   2,014,205       3,316
  Kura Sushi Inc.     141,828       3,313
  JINS Holdings Inc.     104,955       3,308
  Takara Leben Real Estate Investment Corp.       3,813       3,301
1 Mitsubishi Pencil Co. Ltd.     304,429       3,295
1 Maeda Kosen Co. Ltd.     152,095       3,289
  Nanto Bank Ltd.     223,510       3,283
  Yamazen Corp.     448,132       3,281
  Ichigo Inc.   1,415,752       3,269
  Nachi-Fujikoshi Corp.     126,795       3,257
  Yodogawa Steel Works Ltd.     195,984       3,255
  Osaka Soda Co. Ltd.     138,166       3,254
  Meiko Electronics Co. Ltd.     138,502       3,254
  Shibaura Machine Co. Ltd.     167,195       3,248
  Nippon Densetsu Kogyo Co. Ltd.     250,285       3,245
  UT Group Co. Ltd.     195,684       3,245
  Zojirushi Corp.     316,216       3,229
  Japan Lifeline Co. Ltd.     477,825       3,225
  TRE Holdings Corp.     231,667       3,225
  Fuji Seal International Inc.     295,050       3,214
  Towa Pharmaceutical Co. Ltd.     176,854       3,210
  Max Co. Ltd.     270,056       3,208
  Musashi Seimitsu Industry Co. Ltd.     312,534       3,202
  Mitsuboshi Belting Ltd.     153,467       3,200
  Yokogawa Bridge Holdings Corp.     220,733       3,177
  KYB Corp.     139,163       3,175
  Mitsui-Soko Holdings Co. Ltd.     149,294       3,170
1 Monogatari Corp.      72,998       3,168
  Comture Corp.     161,885       3,166
  Tokyotokeiba Co. Ltd.     108,900       3,156
  Shinmaywa Industries Ltd.     395,853       3,152
  Adastria Co. Ltd.     190,399       3,151
  Tokyo Kiraboshi Financial Group Inc.     188,630       3,151
  Okinawa Electric Power Co. Inc.     324,836       3,144
  Tri Chemical Laboratories Inc.     193,460       3,126
 
27

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Heiwado Co. Ltd.     211,642       3,118
  Takara Standard Co. Ltd.     336,853       3,101
  Shima Seiki Manufacturing Ltd.     200,940       3,097
1 Gree Inc.     510,852       3,095
  Nitto Kogyo Corp.     178,678       3,091
  Star Micronics Co. Ltd.     258,251       3,089
  TBS Holdings Inc.     245,882       3,086
  S Foods Inc.     133,664       3,081
  T Hasegawa Co. Ltd.     150,947       3,076
  Mandom Corp.     260,185       3,065
  United Super Markets Holdings Inc.     387,944       3,058
  Token Corp.      53,567       3,052
  Musashino Bank Ltd.     231,481       3,051
  UACJ Corp.     200,727       3,051
  Iino Kaiun Kaisha Ltd.     602,542       3,042
  Digital Arts Inc.      69,931       3,036
  Mitsubishi Logisnext Co. Ltd.     471,900       3,028
  Kanamoto Co. Ltd.     213,262       3,026
  Organo Corp.      48,247       3,020
  Gunze Ltd.     111,246       3,015
1 SAMTY Co. Ltd.     201,522       2,996
  Prestige International Inc.     598,200       2,992
1 Nissha Co. Ltd.     274,832       2,974
  Eiken Chemical Co. Ltd.     224,707       2,962
  MCJ Co. Ltd.     455,887       2,959
  Wakita & Co. Ltd.     335,025       2,958
  Keiyo Bank Ltd.     839,602       2,954
1 Hioki EE Corp.      62,746       2,947
  Yuasa Trading Co. Ltd.     118,855       2,938
  Samty Residential Investment Corp.       2,930       2,930
  United Arrows Ltd.     187,637       2,901
  Ringer Hut Co. Ltd.     167,223       2,878
  Aeon Hokkaido Corp.     358,499       2,877
  Hiday Hidaka Corp.     188,890       2,876
  Okasan Securities Group Inc.   1,151,472       2,876
1 Hogy Medical Co. Ltd.     129,480       2,875
  Nippon Signal Co. Ltd.     395,911       2,866
  Ai Holdings Corp.     250,218       2,866
  Maxell Ltd.     293,197       2,863
  Financial Products Group Co. Ltd.     427,384       2,861
  Senshu Ikeda Holdings Inc.   1,934,363       2,853
  Maruwa Unyu Kikan Co. Ltd.     288,881       2,851
  en japan Inc.     216,971       2,844
  Noritake Co. Ltd.      95,347       2,837
1 Shizuoka Gas Co. Ltd.     422,333       2,832
  Starts Proceed Investment Corp.       1,586       2,826
  Aeon Delight Co. Ltd.     128,530       2,815
    Shares Market
Value

($000)
  Morita Holdings Corp.     287,833       2,804
  Kaga Electronics Co. Ltd.     125,264       2,801
  Fuji Media Holdings Inc.     330,614       2,800
  Megachips Corp.     119,906       2,799
  Okamoto Industries Inc.      99,586       2,796
  Ryosan Co. Ltd.     172,296       2,785
  San-Ai Oil Co. Ltd.     389,008       2,758
  Chudenko Corp.     174,025       2,740
  Fujimori Kogyo Co. Ltd.     106,650       2,735
  ValueCommerce Co. Ltd.     117,148       2,725
  Nitta Corp.     133,439       2,714
1 Future Corp.     261,118       2,696
*,1 OSAKA Titanium Technologies Co. Ltd.     140,461       2,696
  Simplex Holdings Inc.     207,844       2,679
  Anicom Holdings Inc.     559,394       2,671
  Roland Corp.      89,702       2,665
  Procrea Holdings Inc.     185,648       2,661
  Tsugami Corp.     318,666       2,658
1 Kitz Corp.     568,168       2,654
  Bank of Nagoya Ltd.     115,488       2,654
1 Nikkiso Co. Ltd.     446,602       2,639
  Bunka Shutter Co. Ltd.     357,249       2,628
  Sanyo Chemical Industries Ltd.      74,778       2,622
1 Shibuya Corp.     151,453       2,617
  Aida Engineering Ltd.     388,982       2,606
  Riso Kagaku Corp.     159,323       2,606
1 Noritz Corp.     242,687       2,595
  Pacific Industrial Co. Ltd.     335,336       2,594
  Life Corp.     135,596       2,589
  Piolax Inc.     174,030       2,571
  Noritsu Koki Co. Ltd.     151,690       2,568
  Yellow Hat Ltd.     202,071       2,564
  Strike Co. Ltd.     101,320       2,555
  Arata Corp.      88,584       2,551
  Raiznext Corp.     302,980       2,551
  Restar Holdings Corp.     180,908       2,541
  Belc Co. Ltd.      66,539       2,538
  Sanyo Denki Co. Ltd.      65,796       2,536
  Kanematsu Electronics Ltd.      85,103       2,533
  SBS Holdings Inc.     126,052       2,529
  Exedy Corp.     199,098       2,526
1 Kisoji Co. Ltd.     156,764       2,525
  Nagaileben Co. Ltd.     178,355       2,493
1 Shoei Foods Corp.      90,255       2,492
  Aichi Bank Ltd.      63,684       2,485
  Maruzen Showa Unyu Co. Ltd.     110,473       2,483
  YA-MAN Ltd.     194,248       2,478
  Base Co. Ltd.      58,203       2,476
  Argo Graphics Inc.     103,624       2,452
  Ricoh Leasing Co. Ltd.      95,055       2,448
 
28

 

Developed Markets Index Fund
    Shares Market
Value

($000)
1 Nippon Koei Co. Ltd.     101,712       2,443
  TOMONY Holdings Inc.   1,059,140       2,439
  Yokowo Co. Ltd.     158,524       2,436
  Okinawa Financial Group Inc.     150,298       2,432
  Bell System24 Holdings Inc.     236,804       2,425
  Insource Co. Ltd.     144,648       2,424
  Itochu Enex Co. Ltd.     311,165       2,412
  Plenus Co. Ltd.     162,359       2,390
  Nippon Kanzai Co. Ltd.     124,807       2,387
  Mitani Sekisan Co. Ltd.      74,937       2,373
1 Tamura Corp.     569,161       2,369
  Relia Inc.     300,558       2,366
  Giken Ltd.     103,789       2,361
  Taihei Dengyo Kaisha Ltd.     108,703       2,361
  Saibu Gas Holdings Co. Ltd.     168,937       2,359
  Sankei Real Estate Inc.       3,283       2,359
  METAWATER Co. Ltd.     158,435       2,347
  Axial Retailing Inc.     102,031       2,346
  Koa Corp.     196,638       2,344
  Avex Inc.     235,787       2,342
  Shin-Etsu Polymer Co. Ltd.     268,025       2,335
  Trancom Co. Ltd.      46,392       2,333
  RS Technologies Co. Ltd.      49,865       2,329
  Sekisui Jushi Corp.     187,223       2,327
  FCC Co. Ltd.     234,002       2,326
* Raksul Inc.     167,596       2,322
  Uchida Yoko Co. Ltd.      62,665       2,315
* M&A Capital Partners Co. Ltd.      87,670       2,313
  Hamakyorex Co. Ltd.     108,940       2,305
  Keihanshin Building Co. Ltd.     238,362       2,305
  Hyakujushi Bank Ltd.     183,898       2,297
  Topre Corp.     312,008       2,293
1 KeePer Technical Laboratory Co. Ltd.      87,433       2,292
  GLOBERIDE Inc.     145,431       2,287
  Sato Holdings Corp.     165,858       2,284
  Nippon Pillar Packing Co. Ltd.     113,849       2,284
  Doutor Nichires Holdings Co. Ltd.     200,776       2,282
  Zuken Inc.     100,866       2,276
  Sanyo Special Steel Co. Ltd.     156,483       2,266
  Tokyu Construction Co. Ltd.     483,166       2,263
  Kyokuto Kaihatsu Kogyo Co. Ltd.     212,267       2,254
  Nishio Rent All Co. Ltd.     113,085       2,248
1 PHC Holdings Corp.     238,100       2,248
  Mizuno Corp.     130,061       2,245
  FULLCAST Holdings Co. Ltd.     139,318       2,232
  Towa Corp.     173,415       2,227
    Shares Market
Value

($000)
  Oiles Corp.     197,866       2,226
  Nippon Seiki Co. Ltd.     348,550       2,219
  Nohmi Bosai Ltd.     162,081       2,213
  Aoyama Trading Co. Ltd.     331,572       2,205
  Infocom Corp.     146,365       2,205
  Kanto Denka Kogyo Co. Ltd.     335,772       2,190
  Intage Holdings Inc.     231,676       2,182
  Toyo Tanso Co. Ltd.     104,278       2,177
  Micronics Japan Co. Ltd.     236,005       2,168
  Sodick Co. Ltd.     361,387       2,168
  VT Holdings Co. Ltd.     609,677       2,165
  DyDo Group Holdings Inc.      58,099       2,157
  Yonex Co. Ltd.     255,659       2,155
  Fujicco Co. Ltd.     146,544       2,153
  Nippon Carbon Co. Ltd.      72,698       2,144
1 KFC Holdings Japan Ltd.     102,081       2,140
  Mitsuuroko Group Holdings Co. Ltd.     312,314       2,133
  Arcland Sakamoto Co. Ltd.     190,862       2,127
  PAL GROUP Holdings Co. Ltd.     159,190       2,116
  Katakura Industries Co. Ltd.     141,210       2,108
  Toa Corp.     114,541       2,094
*,1 Oisix ra daichi Inc.     170,459       2,088
  Curves Holdings Co. Ltd.     427,445       2,087
  Furukawa Co. Ltd.     235,116       2,075
  Nissan Shatai Co. Ltd.     489,497       2,073
1 Roland DG Corp.      87,106       2,072
1 Retail Partners Co. Ltd.     245,735       2,068
  Sakai Moving Service Co. Ltd.      61,606       2,062
  Japan Pulp & Paper Co. Ltd.      72,663       2,044
  Chugoku Marine Paints Ltd.     314,574       2,043
  Konishi Co. Ltd.     179,114       2,041
  Nippon Denko Co. Ltd.     797,527       2,041
1 Torii Pharmaceutical Co. Ltd.      86,084       2,036
  Broadleaf Co. Ltd.     623,128       2,035
  Bando Chemical Industries Ltd.     298,285       2,026
  Shin Nippon Biomedical Laboratories Ltd.     138,621       2,021
  Tsurumi Manufacturing Co. Ltd.     147,640       2,018
  SWCC Showa Holdings Co. Ltd.     160,151       2,016
  Fukushima Galilei Co. Ltd.      79,343       2,013
  YAMABIKO Corp.     238,254       2,013
  LITALICO Inc.     127,552       2,012
  Shikoku Chemicals Corp.     219,315       2,007
  Toho Bank Ltd.   1,304,682       2,005
 
29

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Valqua Ltd.     106,173       2,001
  NS United Kaiun Kaisha Ltd.      73,127       1,992
  Weathernews Inc.      40,584       1,989
  IDOM Inc.     358,695       1,979
  Hokuto Corp.     138,612       1,978
  MARUKA FURUSATO Corp.     110,779       1,978
  TechMatrix Corp.     158,558       1,971
  Kurabo Industries Ltd.     137,638       1,970
  Teikoku Sen-I Co. Ltd.     161,831       1,969
  Fujibo Holdings Inc.      82,148       1,968
  Nippon Ceramic Co. Ltd.     130,315       1,962
  Mori Trust Hotel REIT Inc.       2,109       1,954
  Sakata INX Corp.     288,948       1,947
  Joshin Denki Co. Ltd.     135,008       1,934
  Yondoshi Holdings Inc.     144,559       1,933
  Sumitomo Densetsu Co. Ltd.     100,858       1,929
  Yokorei Co. Ltd.     296,268       1,923
  Carta Holdings Inc.     143,789       1,921
  Hirata Corp.      61,674       1,917
1 J Trust Co. Ltd.     586,085       1,910
  Komatsu Matere Co. Ltd.     228,964       1,903
  Ki-Star Real Estate Co. Ltd.      54,871       1,902
  Sanyo Electric Railway Co. Ltd.     118,920       1,899
  Tsubaki Nakashima Co. Ltd.     284,676       1,898
  TOC Co. Ltd.     356,412       1,892
  Nippon Thompson Co. Ltd.     494,192       1,888
  Aruhi Corp.     251,595       1,882
  Direct Marketing MiX Inc.     147,583       1,880
* Matsuya Co. Ltd.     272,847       1,868
  Ishihara Sangyo Kaisha Ltd.     251,897       1,862
  Press Kogyo Co. Ltd.     632,839       1,860
  ARTERIA Networks Corp.     205,933       1,858
*,1 Management Solutions Co. Ltd.     110,065       1,853
  Osaka Organic Chemical Industry Ltd.     113,362       1,850
* Nippon Sheet Glass Co. Ltd.     656,743       1,849
  Pasona Group Inc.     132,992       1,849
  Ines Corp.     153,980       1,846
1 Midac Holdings Co. Ltd.      88,856       1,842
  Nippon Fine Chemical Co. Ltd.     131,801       1,840
  Tanseisha Co. Ltd.     303,979       1,829
1 Pharma Foods International Co. Ltd.     175,150       1,829
  T-Gaia Corp.     152,731       1,822
  Alconix Corp.     191,229       1,809
  Belluna Co. Ltd.     328,788       1,808
    Shares Market
Value

($000)
  Konoike Transport Co. Ltd.     192,760       1,802
  Pacific Metals Co. Ltd.     103,858       1,801
  Takasago International Corp.     100,091       1,801
  San ju San Financial Group Inc.     175,247       1,801
  Komori Corp.     298,050       1,795
* Vision Inc.     188,007       1,790
  Marudai Food Co. Ltd.     157,873       1,788
*,1 Kappa Create Co. Ltd.     167,639       1,776
  Kyokuyo Co. Ltd.      69,616       1,774
  Yamanashi Chuo Bank Ltd.     210,627       1,766
  Sinko Industries Ltd.     146,538       1,764
1 Tama Home Co. Ltd.      97,433       1,762
  Matsuyafoods Holdings Co. Ltd.      61,383       1,761
  Siix Corp.     250,674       1,758
1 Chofu Seisakusho Co. Ltd.     135,062       1,757
1 Fujio Food Group Inc.     181,073       1,756
  Keiyo Co. Ltd.     261,683       1,751
  Doshisha Co. Ltd.     150,836       1,747
  Sintokogio Ltd.     350,246       1,743
  Koshidaka Holdings Co. Ltd.     310,616       1,743
  Mitsui DM Sugar Holdings Co. Ltd.     123,884       1,742
  Daiki Aluminium Industry Co. Ltd.     197,680       1,741
  Sinfonia Technology Co. Ltd.     175,975       1,737
  Tosei Corp.     186,302       1,731
  Key Coffee Inc.     111,419       1,728
1 Tamron Co. Ltd.      93,251       1,728
  Solasto Corp.     320,542       1,728
  Asahi Diamond Industrial Co. Ltd.     371,774       1,726
1 Alpen Co. Ltd.     115,691       1,726
  Hosokawa Micron Corp.      89,486       1,717
  Miyazaki Bank Ltd.     111,129       1,716
  Hibiya Engineering Ltd.     119,572       1,714
  Sinanen Holdings Co. Ltd.      68,206       1,714
1 Ryoyo Electro Corp.     103,353       1,713
  Geo Holdings Corp.     187,048       1,702
  Mimasu Semiconductor Industry Co. Ltd.     109,173       1,701
  Usen-Next Holdings Co. Ltd.     118,644       1,701
  Daiichi Jitsugyo Co. Ltd.      69,023       1,700
* Nippon Chemi-Con Corp.     135,472       1,698
  TPR Co. Ltd.     191,975       1,697
  Oyo Corp.     138,603       1,696
  Qol Holdings Co. Ltd.     162,571       1,689
  Zenrin Co. Ltd.     246,063       1,675
  Bank of the Ryukyus Ltd.     287,005       1,672
 
30

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Elan Corp.     216,486       1,671
1 EM Systems Co. Ltd.     234,849       1,666
  Nittetsu Mining Co. Ltd.      43,888       1,661
  Starzen Co. Ltd.     113,060       1,660
  TV Asahi Holdings Corp.     152,003       1,657
  Senshu Electric Co. Ltd.      46,609       1,657
  COLOPL Inc.     342,626       1,656
1 Macromill Inc.     249,281       1,655
  Tsukishima Kikai Co. Ltd.     256,306       1,647
  Bank of Iwate Ltd.     110,873       1,642
  Shikoku Bank Ltd.     263,792       1,642
  Unipres Corp.     277,205       1,638
  Tenma Corp.      96,361       1,635
  ES-Con Japan Ltd.     287,751       1,626
  Airtrip Corp.      86,009       1,621
  Ehime Bank Ltd.     242,670       1,610
  Nippon Yakin Kogyo Co. Ltd.     103,337       1,610
  Union Tool Co.      67,741       1,610
  Takamatsu Construction Group Co. Ltd.     105,582       1,605
  ESPEC Corp.     124,572       1,584
  Marusan Securities Co. Ltd.     438,619       1,581
1 I'll Inc.     138,285       1,581
  Dai-Dan Co. Ltd.     101,696       1,580
  Kyoei Steel Ltd.     154,832       1,577
  HI-LEX Corp.     190,091       1,576
  Sun Frontier Fudousan Co. Ltd.     190,757       1,568
  Inageya Co. Ltd.     171,534       1,566
  Takara Leben Co. Ltd.     589,945       1,563
  Tokyo Electron Device Ltd.      41,199       1,559
  Anest Iwata Corp.     231,965       1,550
  Softcreate Holdings Corp.      54,683       1,549
  Meisei Industrial Co. Ltd.     298,323       1,548
  Nissei ASB Machine Co. Ltd.      59,420       1,548
  Riso Kyoiku Co. Ltd.     657,922       1,547
  Onward Holdings Co. Ltd.     819,070       1,540
1 Ryobi Ltd.     201,511       1,539
  Pressance Corp.     137,970       1,535
  Daito Pharmaceutical Co. Ltd.      74,819       1,535
1 MEC Co. Ltd.      93,594       1,535
  Hakuto Co. Ltd.      81,557       1,524
  Fukui Bank Ltd.     152,995       1,523
* MedPeer Inc.     110,795       1,513
  Torishima Pump Manufacturing Co. Ltd.     159,594       1,508
  Oita Bank Ltd.     109,122       1,506
  Seikagaku Corp.     249,059       1,501
  Daikyonishikawa Corp.     390,488       1,500
1 Arcland Service Holdings Co. Ltd.      96,644       1,499
    Shares Market
Value

($000)
1 Genky DrugStores Co. Ltd.      60,160       1,496
  Toho Zinc Co. Ltd.      94,546       1,492
  Obara Group Inc.      69,392       1,480
  Daiken Corp.     109,319       1,480
  J-Oil Mills Inc.     124,439       1,476
  Yamagata Bank Ltd.     221,806       1,472
  Poletowin Pitcrew Holdings Inc.     214,751       1,471
  Nichiden Corp.     105,183       1,467
  AOKI Holdings Inc.     284,925       1,464
  TSI Holdings Co. Ltd.     568,349       1,454
  Tachi-S Co. Ltd.     179,932       1,452
  Halows Co. Ltd.      64,694       1,444
  Daiwa Industries Ltd.     178,218       1,443
  Rheon Automatic Machinery Co. Ltd.     154,642       1,443
*,1 giftee Inc.     163,530       1,436
  Alpha Systems Inc.      45,438       1,434
  WingArc1st Inc.     124,048       1,431
1 Mie Kotsu Group Holdings Inc.     393,637       1,430
  Goldcrest Co. Ltd.     112,353       1,424
1 Computer Engineering & Consulting Ltd.     168,004       1,421
  Riken Vitamin Co. Ltd.     113,218       1,421
  Chubu Shiryo Co. Ltd.     184,210       1,420
  Tokai Corp.     114,768       1,409
  G-Tekt Corp.     149,901       1,408
  JVCKenwood Corp.   1,080,473       1,408
  JAC Recruitment Co. Ltd.     109,739       1,407
  Nichireki Co. Ltd.     146,802       1,406
  Shinko Shoji Co. Ltd.     216,046       1,404
  Akita Bank Ltd.     114,825       1,403
  Canon Electronics Inc.     124,003       1,399
  Yurtec Corp.     256,757       1,395
* Atrae Inc.     108,193       1,391
1 Rock Field Co. Ltd.     129,705       1,390
  Sakai Chemical Industry Co. Ltd.      99,622       1,384
  Onoken Co. Ltd.     133,659       1,380
  Tachibana Eletech Co. Ltd.     123,006       1,379
  Nippon Television Holdings Inc.     154,425       1,374
1 GMO GlobalSign Holdings KK      37,641       1,374
  DKK Co. Ltd.      79,428       1,364
  Denyo Co. Ltd.     115,647       1,357
  V Technology Co. Ltd.      65,653       1,354
  Itochu-Shokuhin Co. Ltd.      37,513       1,354
  Mitsubishi Research Institute Inc.      44,479       1,353
  Furuno Electric Co. Ltd.     181,338       1,352
  Futaba Corp.     274,511       1,347
  Pack Corp.      81,267       1,347
  Nihon Nohyaku Co. Ltd.     262,063       1,340
 
31

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Teikoku Electric Manufacturing Co. Ltd.     113,668       1,337
  Maxvalu Tokai Co. Ltd.      66,965       1,337
  Aichi Steel Corp.      86,985       1,335
  Toenec Corp.      51,623       1,332
  Sparx Group Co. Ltd.     677,935       1,325
  Matsuda Sangyo Co. Ltd.      89,337       1,323
  Sagami Holdings Corp.     157,367       1,318
*,1 Open Door Inc.      96,296       1,314
  Tonami Holdings Co. Ltd.      50,574       1,312
  Kanagawa Chuo Kotsu Co. Ltd.      51,071       1,309
  Okabe Co. Ltd.     290,987       1,307
1 Fujiya Co. Ltd.      73,699       1,306
  Gakken Holdings Co. Ltd.     185,574       1,304
  Vector Inc.     182,790       1,303
  Cawachi Ltd.      81,931       1,296
  Nippon Parking Development Co. Ltd.   1,023,331       1,286
  Shindengen Electric Manufacturing Co. Ltd.      51,358       1,284
  Tokushu Tokai Paper Co. Ltd.      55,106       1,281
  World Co. Ltd.     127,047       1,281
  Eagle Industry Co. Ltd.     177,449       1,278
  Tochigi Bank Ltd.     675,333       1,278
  ASAHI YUKIZAI Corp.      86,487       1,275
  G-7 Holdings Inc.     120,059       1,274
  Aisan Industry Co. Ltd.     242,283       1,273
  Dainichiseika Color & Chemicals Manufacturing Co. Ltd.      97,940       1,265
  Kamei Corp.     162,892       1,262
1 V-Cube Inc.     149,442       1,260
* Mitsui E&S Holdings Co. Ltd.     508,269       1,255
1 Link And Motivation Inc.     354,959       1,254
  Cybozu Inc.     179,632       1,250
  Fukui Computer Holdings Inc.      49,444       1,246
  Sumitomo Seika Chemicals Co. Ltd.      58,078       1,237
  Shin Nippon Air Technologies Co. Ltd.      90,783       1,231
  Proto Corp.     163,432       1,230
  Happinet Corp.     104,520       1,226
*,1 Fujita Kanko Inc.      58,127       1,225
  Daido Metal Co. Ltd.     319,056       1,224
  Fukuda Corp.      35,435       1,217
  Shinwa Co. Ltd.      78,412       1,213
  Japan Transcity Corp.     333,688       1,213
  Oriental Shiraishi Corp.     688,476       1,213
1 Taki Chemical Co. Ltd.      36,667       1,212
    Shares Market
Value

($000)
  Futaba Industrial Co. Ltd.     425,028       1,202
  Neturen Co. Ltd.     246,419       1,188
  Chiyoda Integre Co. Ltd.      83,747       1,186
  Topy Industries Ltd.     118,051       1,186
  Chori Co. Ltd.      82,072       1,183
  Studio Alice Co. Ltd.      67,234       1,182
  JM Holdings Co. Ltd.     100,719       1,180
  Nippon Road Co. Ltd.      25,092       1,175
  Tekken Corp.      88,688       1,174
  Ichiyoshi Securities Co. Ltd.     243,646       1,169
  CONEXIO Corp.     119,560       1,169
  Warabeya Nichiyo Holdings Co. Ltd.      89,096       1,165
* PIA Corp.      47,853       1,160
  Nissin Sugar Co. Ltd.      89,967       1,151
  gremz Inc.     103,655       1,147
*,1 SRE Holdings Corp.      67,964       1,145
  World Holdings Co. Ltd.      70,135       1,143
*,1 Net Protections Holdings Inc.     322,800       1,143
  FIDEA Holdings Co. Ltd.     120,055       1,140
  Marvelous Inc.     229,895       1,138
  Vital KSK Holdings Inc.     223,215       1,136
  Aichi Corp.     179,484       1,134
  Aiphone Co. Ltd.      88,745       1,131
  Modec Inc.     131,417       1,131
1 K&O Energy Group Inc.     102,552       1,130
  Shibusawa Warehouse Co. Ltd.      71,880       1,125
  CMK Corp.     354,639       1,120
  Icom Inc.      62,168       1,120
  Tosho Co. Ltd.     121,563       1,116
  Toyo Corp.     136,249       1,114
  Sankyo Seiko Co. Ltd.     236,436       1,109
  CI Takiron Corp.     279,000       1,109
* Kintetsu Department Store Co. Ltd.      61,618       1,106
  YAKUODO Holdings Co. Ltd.      71,372       1,102
  Sumitomo Riko Co. Ltd.     251,609       1,093
  Miroku Jyoho Service Co. Ltd.     123,848       1,088
  Chilled & Frozen Logistics Holdings Co. Ltd.     138,884       1,087
1 Inui Global Logistics Co. Ltd.      84,153       1,084
  Okuwa Co. Ltd.     173,744       1,082
  St. Marc Holdings Co. Ltd.      92,569       1,080
  Xebio Holdings Co. Ltd.     156,633       1,070
  Nagatanien Holdings Co. Ltd.      72,886       1,068
  Ryoden Corp.      91,106       1,064
  Raccoon Holdings Inc.      85,890       1,063
 
32

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  SRA Holdings      51,843       1,061
  Achilles Corp.     106,876       1,058
1 Kansai Super Market Ltd.     120,466       1,054
  Chukyo Bank Ltd.      84,657       1,052
  Tayca Corp.     118,254       1,051
*,1 KNT-CT Holdings Co. Ltd.      84,869       1,050
  Riken Technos Corp.     329,319       1,047
  SIGMAXYZ Holdings Inc.     130,292       1,046
  Nippon Beet Sugar Manufacturing Co. Ltd.      82,970       1,045
  Japan Medical Dynamic Marketing Inc.      88,564       1,041
  Yahagi Construction Co. Ltd.     186,629       1,039
  Nichiban Co. Ltd.      86,809       1,031
  Enplas Corp.      43,890       1,029
  Stella Chemifa Corp.      57,895       1,022
  SB Technology Corp.      63,534       1,020
  Kenko Mayonnaise Co. Ltd.      95,401       1,019
  Hoosiers Holdings     172,437       1,019
  Amuse Inc.      71,194       1,012
  Feed One Co. Ltd.     200,035       1,006
1 BRONCO BILLY Co. Ltd.      57,262       1,006
  Kurimoto Ltd.      82,044         998
  Riken Corp.      57,663         994
  Sanei Architecture Planning Co. Ltd.      82,063         994
1 Ichikoh Industries Ltd.     386,094         993
  Takaoka Toko Co. Ltd.      79,640         993
  Osaki Electric Co. Ltd.     275,630         992
  Hokkaido Gas Co. Ltd.      80,086         991
  Yukiguni Maitake Co. Ltd.     149,269         991
  Dai Nippon Toryo Co. Ltd.     189,165         988
  CTS Co. Ltd.     167,728         988
  Bank of Saga Ltd.      90,787         987
  Central Security Patrols Co. Ltd.      49,415         987
  Fixstars Corp.     140,650         987
  Moriroku Holdings Co. Ltd.      74,703         981
  Yorozu Corp.     149,914         979
  Towa Bank Ltd.     256,077         975
  Hodogaya Chemical Co. Ltd.      40,018         974
  ASKA Pharmaceutical Holdings Co. Ltd.     131,305         972
  France Bed Holdings Co. Ltd.     144,975         970
* KLab Inc.     217,750         966
  Osaka Steel Co. Ltd.      88,526         964
  Melco Holdings Inc.      37,690         962
  JDC Corp.     249,519         961
  Fudo Tetra Corp.      84,337         960
  Toyo Kanetsu KK      49,271         960
    Shares Market
Value

($000)
  Kyosan Electric Manufacturing Co. Ltd.     301,004         959
  Honeys Holdings Co. Ltd.     112,490         958
  Chiyoda Co. Ltd.     167,035         954
  Rokko Butter Co. Ltd.      91,786         952
*,1 Sourcenext Corp.     557,588         950
  Toa Corp. (XTKS)     170,991         950
1 IR Japan Holdings Ltd.      62,874         950
1 Daikokutenbussan Co. Ltd.      32,468         933
  Elematec Corp.      99,983         927
  Nissin Corp.      78,854         925
*,1 Nichi-iko Pharmaceutical Co. Ltd.     352,569         920
  Tokyo Energy & Systems Inc.     128,080         913
* Optim Corp.     164,193         911
  Asahi Co. Ltd.      96,340         909
  Optorun Co. Ltd.      68,405         908
  Hochiki Corp.      94,876         900
  Digital Holdings Inc.      99,939         900
  WDB Holdings Co. Ltd.      52,962         896
  Aeon Fantasy Co. Ltd.      45,073         893
*,1 WATAMI Co. Ltd.     131,258         889
  Kanaden Corp.     117,206         880
  Krosaki Harima Corp.      27,590         873
  Ministop Co. Ltd.      80,383         867
  Koatsu Gas Kogyo Co. Ltd.     177,389         864
  Maezawa Kyuso Industries Co. Ltd.     131,454         864
  Nippon Coke & Engineering Co. Ltd.   1,013,050         864
  ST Corp.      77,518         862
  DKS Co. Ltd.      54,542         861
  ZIGExN Co. Ltd.     368,730         858
  Shinnihon Corp.     164,848         857
  Iseki & Co. Ltd.      98,729         855
  Sumida Corp.     144,373         850
  Seika Corp.      70,164         849
  Advan Group Co. Ltd.     145,032         844
  Kyodo Printing Co. Ltd.      45,696         834
1 Tess Holdings Co. Ltd.      95,761         831
  Arakawa Chemical Industries Ltd.     113,189         827
  Hisaka Works Ltd.     133,559         826
  Shimizu Bank Ltd.      75,898         821
  Toa Oil Co. Ltd.      45,136         819
  Sankyo Tateyama Inc.     201,761         818
  Ubicom Holdings Inc.      47,071         817
  Kawada Technologies Inc.      31,567         816
  Cosel Co. Ltd.     134,465         812
  Nihon Chouzai Co. Ltd.      83,030         805
 
33

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Yushin Precision Equipment Co. Ltd.     156,000         803
*,1 Kourakuen Holdings Corp.      82,063         787
  Mars Group Holdings Corp.      64,396         785
  Tatsuta Electric Wire and Cable Co. Ltd.     231,943         785
  Nippon Rietec Co. Ltd.     108,697         784
  Hito Communications Holdings Inc.      69,880         781
  JSP Corp.      75,924         779
*,1 Taiko Pharmaceutical Co. Ltd.     181,125         762
  LEC Inc.     160,053         755
  Tomoku Co. Ltd.      67,705         749
  Nitto Kohki Co. Ltd.      66,900         735
* BrainPad Inc.      98,930         726
* Gurunavi Inc.     253,539         724
1 Medical Data Vision Co. Ltd.      96,703         724
  Kojima Co. Ltd.     149,555         722
  FAN Communications Inc.     253,644         721
  Artnature Inc.     135,500         721
1 Furukawa Battery Co. Ltd.      80,297         720
  Nihon Tokushu Toryo Co. Ltd.      96,520         715
  Sanoh Industrial Co. Ltd.     147,165         710
  NEC Capital Solutions Ltd.      47,030         707
  Fuso Pharmaceutical Industries Ltd.      44,642         706
  MTI Ltd.     194,175         702
  Ebase Co. Ltd.     177,512         696
1 Inaba Seisakusho Co. Ltd.      67,743         693
  Fuji Pharma Co. Ltd.      99,463         693
  Taisei Lamick Co. Ltd.      35,721         691
  Pronexus Inc.      86,944         686
  Nippon Sharyo Ltd.      44,431         679
  Central Sports Co. Ltd.      36,729         676
  Tsutsumi Jewelry Co. Ltd.      46,070         675
1 Tokyo Individualized Educational Institute Inc.     145,137         670
  Kyokuto Securities Co. Ltd.     131,359         669
  Tv Tokyo Holdings Corp.      46,503         668
  JP-Holdings Inc.     356,703         664
  CMIC Holdings Co. Ltd.      62,561         662
  Akatsuki Inc.      32,502         652
* Jamco Corp.      71,580         651
  Okura Industrial Co. Ltd.      51,597         649
  Mitsuba Corp.     219,425         648
  Linical Co. Ltd.     107,878         641
*,1 FDK Corp.     109,288         637
    Shares Market
Value

($000)
  Japan Best Rescue System Co. Ltd.     114,186         624
* Unitika Ltd.     363,762         622
* Akebono Brake Industry Co. Ltd.     542,566         619
  Tokyo Rakutenchi Co. Ltd.      21,060         611
1 CAC Holdings Corp.      60,013         608
1 Daisyo Corp.      67,791         605
1 Kitanotatsujin Corp.     401,710         605
  Sanshin Electronics Co. Ltd.      52,811         596
  Airport Facilities Co. Ltd.     151,162         595
  Hokkan Holdings Ltd.      65,429         591
  LIFULL Co. Ltd.     487,803         586
* Istyle Inc.     346,167         584
  Corona Corp. Class A      94,836         572
1 Yamashin-Filter Corp.     245,644         566
*,1 Gunosy Inc.     102,774         565
  Chuo Spring Co. Ltd.     107,880         551
* Godo Steel Ltd.      55,451         550
  Ohara Inc.      61,097         534
1 Kanamic Network Co. Ltd.     129,606         533
1 I-PEX Inc.      56,442         530
1 Kamakura Shinsho Ltd.     125,263         525
  Media Do Co. Ltd.      42,088         522
  Enigmo Inc.     146,156         517
  Nihon Trim Co. Ltd.      27,019         502
  Sekisui Kasei Co. Ltd.     166,741         502
1 CHIMNEY Co. Ltd.      53,904         498
* TerraSky Co. Ltd.      45,246         491
1 Oro Co. Ltd.      39,522         488
  Gecoss Corp.      78,885         480
  Taiho Kogyo Co. Ltd.      96,611         476
  Cleanup Corp.     112,468         475
* RPA Holdings Inc.     191,370         468
  Nisso Corp.     108,107         458
  Shimojima Co. Ltd.      63,272         448
1 Fibergate Inc.      57,641         406
*,1 COOKPAD Inc.     271,541         405
  Wowow Inc.      35,634         396
  Takamiya Co. Ltd.     136,908         396
*,1 Right On Co. Ltd.      65,911         362
  Nakayama Steel Works Ltd.     106,563         336
* Tokyo Base Co. Ltd.     136,684         326
1 Robot Home Inc.     224,508         296
* Heroz Inc.      38,610         231
       27,963,473
Netherlands (3.2%)
  ASML Holding NV   2,775,848   1,311,416
  Prosus NV   6,336,246     410,295
*,2 Adyen NV     213,355     307,899
  ING Groep NV  27,434,034     270,269
  Koninklijke Ahold Delhaize NV   7,334,887     190,920
  Wolters Kluwer NV   1,874,890     181,711
  Koninklijke DSM NV   1,259,744     180,459
  Heineken NV   1,724,906     157,004
  Koninklijke Philips NV   6,316,254     135,474
 
34

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Universal Music Group NV   5,410,759     108,410
  NN Group NV   2,159,491      97,810
  ArcelorMittal SA   3,962,202      88,854
  ASM International NV     346,330      86,169
  Akzo Nobel NV   1,281,174      83,786
  Koninklijke KPN NV  23,157,205      82,396
  IMCD NV     413,104      56,486
  Heineken Holding NV     765,678      55,622
  Aegon NV  12,825,516      55,235
  ASR Nederland NV     969,531      39,089
  Randstad NV     795,968      38,469
* Unibail-Rodamco-Westfield     745,564      37,904
1,2 ABN AMRO Bank NV GDR   3,000,355      33,714
2 Signify NV     905,838      29,884
  Aalberts NV     699,277      27,155
  BE Semiconductor Industries NV     546,316      26,105
  OCI NV     702,923      23,123
*,2 Just Eat Takeaway.com NV   1,325,807      20,833
* Galapagos NV     352,691      19,556
  Boskalis Westminster     577,959      19,362
  Arcadis NV     518,445      17,364
  JDE Peet's NV     605,388      17,237
  SBM Offshore NV   1,111,764      15,057
*,2 Basic-Fit NV     381,775      14,387
  Corbion NV     431,052      12,986
*,2 Intertrust NV     647,917      12,978
  Koninklijke Vopak NV     473,229      11,926
  TKH Group NV GDR     295,303      11,125
  APERAM SA     340,395       9,454
* Fugro NV     739,227       9,305
* InPost SA   1,471,197       8,524
1 PostNL NV   2,749,823       8,331
  Eurocommercial Properties NV     376,349       8,086
*,2 Alfen Beheer BV      80,293       7,383
  AMG Advanced Metallurgical Group NV     226,392       5,818
2 CTP NV     474,880       5,467
2 Flow Traders     186,886       5,362
* Sligro Food Group NV     250,010       4,729
  NSI NV     129,169       4,447
1 Wereldhave NV     290,522       4,364
* Koninklijke BAM Groep NV   1,782,836       4,205
  Majorel Group Luxembourg SA     148,664       3,949
* TomTom NV     485,165       3,577
  Vastned Retail NV     125,707       2,807
  Brunel International NV     144,161       1,568
2 B&S Group Sarl     216,728       1,136
1 ForFarmers NV     260,296         725
  Aegon NV ADR (Registered)      18,190          80
        4,387,786
    Shares Market
Value

($000)
New Zealand (0.3%)
  Fisher & Paykel Healthcare Corp. Ltd.   4,145,194      51,640
  Spark New Zealand Ltd.  13,602,514      40,709
* Auckland International Airport Ltd.   8,612,734      38,582
  EBOS Group Ltd.   1,140,459      27,746
  Meridian Energy Ltd.   8,977,092      26,196
  Contact Energy Ltd.   5,685,908      25,814
  Mainfreight Ltd.     584,350      25,473
  Fletcher Building Ltd.   5,697,213      17,887
  Infratil Ltd.   3,727,832      17,860
  Mercury NZ Ltd.   4,964,331      17,480
  Ryman Healthcare Ltd.   2,975,664      16,520
* a2 Milk Co. Ltd.   5,371,087      16,512
  Chorus Ltd.   3,221,446      14,508
  SKYCITY Entertainment Group Ltd.   5,477,254       9,952
  Summerset Group Holdings Ltd.   1,649,436       9,881
  Goodman Property Trust   7,871,593       9,805
  Precinct Properties New Zealand Ltd.   9,563,109       8,170
  Kiwi Property Group Ltd.  11,187,234       6,810
  Freightways Ltd.   1,149,062       6,551
  Genesis Energy Ltd.   3,678,432       6,084
  Vital Healthcare Property Trust   3,438,332       5,777
  Arvida Group Ltd.   5,171,286       4,775
  Vector Ltd.   1,806,226       4,703
  Argosy Property Ltd.   5,960,162       4,592
* Pushpay Holdings Ltd.   5,408,915       4,272
  Skellerup Holdings Ltd.   1,290,801       4,264
* Air New Zealand Ltd.  10,837,367       3,852
  Heartland Group Holdings Ltd.   2,999,337       3,562
  Stride Property Group   3,434,858       3,556
  KMD Brands Ltd.   4,151,967       2,845
  Oceania Healthcare Ltd.   4,859,674       2,816
  Scales Corp. Ltd.     808,540       2,191
* Pacific Edge Ltd.   5,037,828       2,145
* SKY Network Television Ltd.   1,224,521       1,807
* Vista Group International Ltd.   1,524,321       1,615
* Serko Ltd.     684,046       1,580
* Tourism Holdings Ltd.   1,079,857       1,565
  Restaurant Brands New Zealand Ltd.     228,318       1,542
*,1 Synlait Milk Ltd.     768,389       1,495
          453,134
Norway (0.8%)
  Equinor ASA   6,964,261     242,672
  DNB Bank ASA   7,432,799     134,560
  Mowi ASA   3,204,075      73,270
  Telenor ASA   4,592,607      61,372
 
35

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Norsk Hydro ASA   9,693,196      54,779
  Yara International ASA   1,178,773      49,392
  Orkla ASA   5,532,061      44,316
  TOMRA Systems ASA   1,695,685      31,825
  Aker BP ASA     914,297      31,665
  Salmar ASA     394,410      27,923
  Gjensidige Forsikring ASA   1,228,995      25,018
  Storebrand ASA   3,423,352      24,614
  Bakkafrost P/F     370,414      23,873
  Kongsberg Gruppen ASA     543,449      19,545
* Nordic Semiconductor ASA   1,139,886      17,996
* Adevinta ASA   2,012,164      14,813
  SpareBank 1 SR-Bank ASA   1,279,509      13,943
  Aker ASA Class A     174,572      13,491
  Leroy Seafood Group ASA   1,873,598      13,415
  Subsea 7 SA   1,672,906      13,361
*,1 NEL ASA  10,668,643      13,060
  Schibsted ASA Class B     742,600      12,164
  TGS ASA     838,139      11,768
  Borregaard ASA     718,198      11,740
  SpareBank 1 SMN     944,417      11,152
  Schibsted ASA Class A     528,578       9,548
*,1 Frontline Ltd.     895,756       8,038
  Austevoll Seafood ASA     654,864       7,724
2 Scatec ASA     858,480       7,466
*,2 Crayon Group Holding ASA     577,527       7,404
  Veidekke ASA     772,372       7,047
  Atea ASA     599,653       6,254
2 Elkem ASA   1,923,838       6,180
*,2 AutoStore Holdings Ltd.   4,210,061       6,101
  Grieg Seafood ASA     403,922       5,790
  DNO ASA   3,835,095       5,324
2 Entra ASA     409,232       5,186
  Bonheur ASA     140,932       5,138
  MPC Container Ships ASA   2,383,989       4,755
*,1 Kahoot! ASA   2,376,323       4,415
* Aker Carbon Capture ASA   2,464,837       4,250
2 BW LPG Ltd.     560,533       4,165
  Wallenius Wilhelmsen ASA     746,750       4,055
  Stolt-Nielsen Ltd.     158,557       3,360
  Sparebank 1 Oestlandet     221,091       2,651
* Norway Royal Salmon ASA     102,719       2,624
  Arendals Fossekompani A/S      80,335       2,297
* Hexagon Composites ASA     824,254       2,279
  BW Offshore Ltd.     640,059       1,735
*,1 Aker Horizons Holding ASA   1,034,813       1,701
    Shares Market
Value

($000)
* BW Energy Ltd.     465,083       1,203
        1,118,417
Poland (0.2%)
* Powszechna Kasa Oszczednosci Bank Polski SA   6,176,211      38,740
  Polski Koncern Naftowy ORLEN SA   2,258,720      34,684
  Powszechny Zaklad Ubezpieczen SA   4,089,786      27,419
  KGHM Polska Miedz SA     990,001      26,451
*,2 Dino Polska SA     350,785      25,020
  Bank Polska Kasa Opieki SA   1,138,877      20,848
  LPP SA       8,107      16,379
  Polskie Gornictwo Naftowe i Gazownictwo SA  12,654,096      16,142
*,1,2 Allegro.eu SA   2,822,805      15,175
* PGE Polska Grupa Energetyczna SA   5,312,470      12,684
  Santander Bank Polska SA     215,064      11,209
  Grupa Lotos SA     705,347      10,887
1 CD Projekt SA     479,300      10,298
  Cyfrowy Polsat SA   1,963,891       9,303
  Orange Polska SA   4,881,488       6,832
  Asseco Poland SA     401,543       6,778
  KRUK SA     122,317       6,530
*,2 Pepco Group NV     791,991       6,160
*,1 Jastrzebska Spolka Weglowa SA     378,909       5,424
* Tauron Polska Energia SA   6,841,037       5,277
* mBank SA      92,628       4,675
* Alior Bank SA     667,947       4,089
* Bank Millennium SA   4,440,927       3,865
* Grupa Azoty SA     327,213       3,292
* Enea SA   1,493,268       3,255
*,1 CCC SA     284,727       2,952
  Bank Handlowy w Warszawie SA     230,939       2,904
* AmRest Holdings SE     508,868       2,056
  Warsaw Stock Exchange     195,585       1,640
* Ciech SA     188,644       1,583
  Kernel Holding SA     313,585       1,336
          343,887
Portugal (0.2%)
  EDP - Energias de Portugal SA  20,530,980      95,681
  Galp Energia SGPS SA   3,742,461      43,791
  Jeronimo Martins SGPS SA   1,991,383      43,170
  EDP Renovaveis SA   1,743,093      41,176
  Banco Comercial Portugues SA Class R  56,123,905       9,697
  REN - Redes Energeticas Nacionais SGPS SA   2,751,357       8,283
  Sonae SGPS SA   6,553,207       8,041
  Navigator Co. SA   1,829,137       7,353
  NOS SGPS SA   1,506,309       6,053
 
36

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  CTT-Correios de Portugal SA   1,075,861       3,519
  Altri SGPS SA     497,814       3,322
* Greenvolt-Energias Renovaveis SA     376,641       2,898
  Corticeira Amorim SGPS SA     245,885       2,717
  Semapa-Sociedade de Investimento e Gestao     101,290       1,428
          277,129
Singapore (1.2%)
  DBS Group Holdings Ltd.  13,134,906     281,053
  Oversea-Chinese Banking Corp. Ltd.  25,516,769     209,315
  United Overseas Bank Ltd.   9,360,001     176,830
  Singapore Telecommunications Ltd.  54,488,220      99,172
  CapitaLand Integrated Commercial Trust  36,665,703      57,317
  Capitaland Investment Ltd.  18,540,823      51,030
  Ascendas REIT  24,815,164      50,929
  Keppel Corp. Ltd.  10,249,067      47,880
  Wilmar International Ltd.  15,238,685      44,353
  Singapore Exchange Ltd.   5,962,002      40,619
* Singapore Airlines Ltd.   9,267,577      34,053
  Singapore Technologies Engineering Ltd.  11,003,582      32,393
  Mapletree Logistics Trust  23,238,844      28,123
  Mapletree Industrial Trust  13,532,798      25,334
  Venture Corp. Ltd.   1,883,778      22,565
  Genting Singapore Ltd.  41,673,138      21,613
  Mapletree Commercial Trust  15,887,142      20,939
  City Developments Ltd.   3,416,918      20,069
  Frasers Logistics & Commercial Trust  20,799,093      19,924
  UOL Group Ltd.   3,547,052      18,801
  Suntec REIT  15,232,709      17,773
  ComfortDelGro Corp. Ltd.  14,772,212      14,892
  NetLink NBN Trust  21,069,420      14,713
  Jardine Cycle & Carriage Ltd.     713,340      14,540
  Sembcorp Industries Ltd.   6,550,445      13,445
  Keppel DC REIT   9,245,027      13,116
* SATS Ltd.   4,585,365      12,865
  Frasers Centrepoint Trust   7,786,626      12,845
  Keppel REIT  15,653,989      12,286
  ESR-REIT  38,517,322      11,231
  Ascott Residence Trust  13,619,318      11,185
    Shares Market
Value

($000)
  Keppel Infrastructure Trust  25,347,675      10,411
  Parkway Life REIT   2,754,578       9,660
  Hutchison Port Holdings Trust Class U  36,791,296       8,654
* Sembcorp Marine Ltd. 111,247,673       8,648
  Golden Agri-Resources Ltd.  46,008,144       8,282
  Haw Par Corp. Ltd.   1,033,279       8,173
  SPH REIT  10,730,146       7,224
  Lendlease Global Commercial REIT  12,178,649       6,975
  CapitaLand China Trust   8,045,129       6,662
  Manulife US REIT  11,637,202       6,635
  AEM Holdings Ltd.   1,969,574       5,877
  CDL Hospitality Trusts   6,347,076       5,805
  Olam Group Ltd.   5,279,537       5,786
  Raffles Medical Group Ltd.   6,660,069       5,370
  Ascendas India Trust   6,181,987       5,210
  Singapore Post Ltd.  10,858,891       5,082
  Cromwell European REIT   2,271,907       4,641
  First Resources Ltd.   3,745,576       4,403
  OUE Commercial REIT  15,835,587       4,392
  Starhill Global REIT  10,320,378       4,308
  Keppel Pacific Oak US REIT   6,135,705       4,296
  AIMS APAC REIT   4,068,297       3,956
* Digital Core REIT Management Pte Ltd.   4,935,600       3,802
  StarHub Ltd.   4,109,993       3,641
  iFAST Corp. Ltd.   1,168,184       3,482
  Sheng Siong Group Ltd.   3,096,515       3,388
  Wing Tai Holdings Ltd.   2,698,899       3,382
  Far East Hospitality Trust   7,097,433       3,270
  Prime US REIT   4,482,715       3,027
* SIA Engineering Co. Ltd.   1,621,589       2,848
  UMS Holdings Ltd.   3,321,237       2,657
* Thomson Medical Group Ltd.  44,564,804       2,533
  Sabana Industrial REIT   7,298,657       2,391
  Nanofilm Technologies International Ltd.   1,369,479       2,299
  Riverstone Holdings Ltd.   3,830,673       2,040
  First REIT   8,144,516       1,613
  Lippo Malls Indonesia Retail Trust  40,962,559       1,505
  Silverlake Axis Ltd.   3,790,626       1,079
  Bumitama Agri Ltd.   2,160,408       1,035
  Asian Pay Television Trust  11,440,151       1,021
 
37

 

Developed Markets Index Fund
    Shares Market
Value

($000)
* COSCO Shipping International Singapore Co. Ltd.   7,561,216       1,016
* Yoma Strategic Holdings Ltd.   9,181,090         919
*,3 Eagle Hospitality Trust   4,532,200         621
*,3 Best World International Ltd.     367,562         360
*,1,3 Ezra Holdings Ltd.  10,329,900          82
*,1,3 Ezion Holdings Ltd. Warrants Exp. 4/16/23   5,153,611          —
        1,639,664
South Korea (4.6%)
  Samsung Electronics Co. Ltd.  34,111,146   1,504,553
  SK Hynix Inc.   3,902,107     275,544
  Samsung Electronics Co. Ltd. Preference Shares   4,996,360     200,831
  NAVER Corp.   1,039,250     193,848
  Samsung SDI Co. Ltd.     379,591     156,538
  Hyundai Motor Co.   1,004,657     140,398
  LG Chem Ltd.     335,146     133,147
  Kakao Corp.   2,184,917     118,390
  Kia Corp.   1,855,009     110,717
  Celltrion Inc.     772,548     106,652
1 Shinhan Financial Group Co. Ltd.   3,587,048     102,857
  KB Financial Group Inc.   2,596,829      96,974
  POSCO Holdings Inc.     538,752      96,079
*,2 Samsung Biologics Co. Ltd.     132,588      81,060
  Hyundai Mobis Co. Ltd.     443,304      68,330
  Hana Financial Group Inc.   2,075,989      63,097
1 HMM Co. Ltd.   3,040,314      57,883
  Samsung C&T Corp.     603,868      57,491
* SK Innovation Co. Ltd.     373,332      55,424
  LG Electronics Inc.     770,449      52,542
*,1 LG Energy Solution     174,074      50,210
  KT&G Corp.     772,388      48,958
  Samsung Electronics Co. Ltd. GDR (Registered)      43,730      47,612
  SK Inc.     259,774      43,231
  Woori Financial Group Inc.   4,562,208      42,706
*,1 Doosan Heavy Industries & Construction Co. Ltd.   2,812,954      42,245
  Samsung Electro-Mechanics Co. Ltd.     401,081      40,579
  LG Corp.     638,144      38,384
  Celltrion Healthcare Co. Ltd.     686,820      36,456
*,1 Krafton Inc.     211,176      35,675
  Samsung Fire & Marine Insurance Co. Ltd.     223,256      34,686
    Shares Market
Value

($000)
  LG Household & Health Care Ltd.      61,643      32,387
1 NCSoft Corp.     113,905      30,747
* Korea Electric Power Corp.   1,683,714      29,363
  LG Innotek Co. Ltd.     101,452      26,909
  Korea Zinc Co. Ltd.      71,280      26,829
*,1 L&F Co. Ltd.     162,079      26,422
  Samsung SDS Co. Ltd.     262,227      26,334
*,1 KakaoBank Corp.   1,114,675      26,040
* Korean Air Lines Co. Ltd.   1,268,802      24,745
1 Ecopro BM Co. Ltd.     280,012      24,676
* Hanwha Solutions Corp.     825,094      24,160
  S-Oil Corp.     296,173      23,606
* Korea Shipbuilding & Offshore Engineering Co. Ltd.     311,588      22,618
  Samsung Life Insurance Co. Ltd.     461,165      22,286
* SK Square Co. Ltd.     716,333      21,641
  Amorepacific Corp.     209,377      21,045
  Korea Aerospace Industries Ltd.     506,284      20,937
* Samsung Heavy Industries Co. Ltd.   4,451,848      20,823
  Coway Co. Ltd.     409,361      20,254
* Samsung Engineering Co. Ltd.   1,135,062      18,866
  Hyundai Glovis Co. Ltd.     133,841      18,607
1 LG Display Co. Ltd.   1,608,563      18,048
  Hyundai Motor Co. Preference Shares (XKRS)     260,336      17,593
*,1 HLB Inc.     639,592      17,516
  Hyundai Heavy Industries Holdings Co. Ltd.     362,338      16,648
1 POSCO Chemical Co. Ltd.     198,203      16,414
  Hyundai Engineering & Construction Co. Ltd.     509,373      16,291
  CJ CheilJedang Corp.      54,858      16,059
  Yuhan Corp.     360,212      15,581
  DB Insurance Co. Ltd.     320,874      15,201
* Kangwon Land Inc.     768,455      15,089
* LG Uplus Corp.   1,524,967      15,007
  Lotte Chemical Corp.     107,498      14,987
*,1 HYBE Co. Ltd.     132,623      14,896
1 OCI Co. Ltd.     129,682      14,331
  SKC Co. Ltd.     138,953      14,289
*,1,2 SK IE Technology Co. Ltd.     185,813      14,122
1 Kumho Petrochemical Co. Ltd.     127,846      13,751
  Hyundai Steel Co.     546,437      13,554
  Hankook Tire & Technology Co. Ltd.     529,965      13,511
 
38

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Industrial Bank of Korea   1,810,142      13,443
  SK Telecom Co. Ltd.     326,713      13,111
  Korea Investment Holdings Co. Ltd.     272,009      12,966
  Hanmi Pharm Co. Ltd.      53,897      12,841
  Orion Corp.Republic of Korea     157,434      12,660
1 Hotel Shilla Co. Ltd.     222,573      12,250
  F&F Co. Ltd.     115,222      11,975
  GS Holdings Corp.     367,079      11,860
  E-MART Inc.     144,689      11,797
*,1 Hyundai Heavy Industries Co. Ltd.     106,142      11,715
  Samsung Securities Co. Ltd.     450,531      11,646
*,1 SK Bioscience Co. Ltd.     144,190      11,212
  GS Engineering & Construction Corp.     450,037      10,984
  BNK Financial Group Inc.   2,096,534      10,877
  Hyundai Motor Co. Preference Shares     155,445      10,436
*,1 Hyundai Mipo Dockyard Co. Ltd.     148,181      10,425
  LG Chem Ltd. Preference Shares      55,742      10,323
*,1 SK Biopharmaceuticals Co. Ltd.     176,433      10,207
  Hyundai Marine & Fire Insurance Co. Ltd.     426,674      10,199
  Meritz Fire & Marine Insurance Co. Ltd.     390,732      10,006
  Mirae Asset Securities Co. Ltd.   1,949,807       9,954
  DB HiTek Co. Ltd.     255,438       9,895
  Hansol Chemical Co. Ltd.      60,425       9,554
  Hanwha Aerospace Co. Ltd.     253,026       9,498
*,1 Alteogen Inc.     199,743       9,421
  Cheil Worldwide Inc.     501,718       9,214
  Hanon Systems   1,174,411       9,130
*,1 Pearl Abyss Corp.     226,573       8,936
1 Mando Corp.     237,127       8,710
*,1 Celltrion Pharm Inc.     138,764       8,449
  Shinsegae Inc.      50,002       8,417
*,1 Hyundai Rotem Co. Ltd.     519,215       8,324
  Fila Holdings Corp.     373,494       8,117
*,1 KB Financial Group Inc. ADR     215,866       8,030
*,1 Kakao Games Corp.     207,638       7,891
*,1 Hanjin Kal Corp.     151,842       7,255
1 JYP Entertainment Corp.     194,294       7,230
  SD Biosensor Inc.     240,465       7,207
*,1 Kakaopay Corp.     151,682       7,077
1 Ecopro Co. Ltd.     126,110       7,003
  DL E&C Co. Ltd.     217,420       6,971
1 KCC Corp.      31,103       6,901
  SK Chemicals Co. Ltd.      96,785       6,881
  NH Investment & Securities Co. Ltd.     979,917       6,855
    Shares Market
Value

($000)
  BGF retail Co. Ltd.      46,158       6,736
  S-1 Corp.     135,213       6,705
1,2 Netmarble Corp.     125,386       6,665
  Meritz Securities Co. Ltd.   1,891,138       6,647
1 Hyosung Advanced Materials Corp.      22,548       6,618
  Lotte Shopping Co. Ltd.      81,903       6,583
  Iljin Materials Co. Ltd.     121,284       6,565
  DGB Financial Group Inc.   1,117,698       6,562
  LEENO Industrial Inc.      65,356       6,556
  CS Wind Corp.     144,061       6,417
  LOTTE Fine Chemical Co. Ltd.     126,492       6,405
  Youngone Corp.     214,026       6,354
*,1 Daewoo Shipbuilding & Marine Engineering Co. Ltd.     342,895       6,337
  LS Corp.     128,312       6,312
  Pan Ocean Co. Ltd.   1,354,301       6,223
1 SM Entertainment Co. Ltd.     124,450       6,056
1 KIWOOM Securities Co. Ltd.      94,161       6,026
  JB Financial Group Co. Ltd.   1,041,877       5,911
  AMOREPACIFIC Group     204,527       5,894
1 WONIK IPS Co. Ltd.     251,558       5,807
* Daewoo Engineering & Construction Co. Ltd.   1,277,244       5,769
1 Seegene Inc.     205,503       5,731
1 Hyosung TNC Corp.      21,503       5,685
  Hanwha Corp.     284,538       5,676
  Korea Gas Corp.     185,493       5,671
  GS Retail Co. Ltd.     286,020       5,661
  Hyundai Department Store Co. Ltd.     104,583       5,657
1 Wemade Co. Ltd.     122,021       5,462
* CosmoAM&T Co. Ltd.     146,207       5,422
  CJ Corp.      90,183       5,415
  Lotte Corp.     188,013       5,412
  Kolon Industries Inc.     133,549       5,399
*,1 HLB Life Science Co. Ltd.     568,734       5,347
1 Soulbrain Co. Ltd.      30,269       5,345
  Posco International Corp.     358,654       5,324
  CJ ENM Co. Ltd.      73,201       5,297
1 Dongjin Semichem Co. Ltd.     210,764       5,237
* CJ Logistics Corp.      59,215       5,220
  Samsung Card Co. Ltd.     221,783       5,217
  Green Cross Corp.      39,518       5,140
1 Hite Jinro Co. Ltd.     216,270       5,139
1 Foosung Co. Ltd.     369,099       5,066
  LS Electric Co. Ltd.     113,357       5,052
  Hyundai Wia Corp.     116,186       5,017
*,1 Doosan Fuel Cell Co. Ltd.     214,642       4,978
 
39

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  DL Holdings Co. Ltd.      90,782       4,967
1 KEPCO Engineering & Construction Co. Inc.      88,275       4,874
  Daeduck Electronics Co. Ltd.     240,543       4,861
  NongShim Co. Ltd.      23,045       4,765
1 Chunbo Co. Ltd.      29,313       4,720
1 Koh Young Technology Inc.     430,878       4,706
1 LX Semicon Co. Ltd.      63,070       4,681
  LG Household & Health Care Ltd. Preference Shares      18,315       4,609
  Daewoong Pharmaceutical Co. Ltd.      33,747       4,602
1 KEPCO Plant Service & Engineering Co. Ltd.     155,273       4,600
*,1 Naturecell Co. Ltd.     338,956       4,563
1 Hanwha Systems Co. Ltd.     420,859       4,534
  LG Electronics Inc. Preference Shares     137,213       4,496
  Samsung Fire & Marine Insurance Co. Ltd. Preference Shares      36,997       4,489
  People & Technology Inc.     131,645       4,471
  Dongsuh Cos. Inc.     219,778       4,441
*,1 Hyundai Bioscience Co. Ltd.     261,391       4,427
1 ST Pharm Co. Ltd.      63,460       4,402
1 LIG Nex1 Co. Ltd.      76,316       4,240
1 SSANGYONG C&E Co. Ltd.     791,972       4,211
  LX International Corp.     166,637       4,166
*,1 KMW Co. Ltd.     203,684       4,102
  SFA Engineering Corp.     133,946       4,086
*,1 Creative & Innovative System     331,928       4,071
* GeneOne Life Science Inc.     510,657       4,055
*,1 Hyundai Doosan Infracore Co. Ltd.     960,428       4,052
*,1 Shin Poong Pharmaceutical Co. Ltd.     239,635       4,040
1 Dongkuk Steel Mill Co. Ltd.     403,696       4,008
  Doosan Bobcat Inc.     174,903       3,914
  Korean Reinsurance Co.     601,788       3,897
  Meritz Financial Group Inc.     194,740       3,891
  Amorepacific Corp. Preference Shares      98,852       3,877
*,1 Taihan Electric Wire Co. Ltd.   2,685,429       3,834
1 SIMMTECH Co. Ltd.     133,042       3,814
*,1 LegoChem Biosciences Inc.     117,433       3,813
  Douzone Bizon Co. Ltd.     135,039       3,811
  Hyosung Corp.      61,440       3,810
    Shares Market
Value

($000)
  LOTTE REIT Co. Ltd.     911,901       3,778
  ESR Kendall Square REIT Co. Ltd.     868,669       3,766
1 Eo Technics Co. Ltd.      60,048       3,746
* SOLUM Co. Ltd.     249,299       3,738
1 Com2uSCorp      67,325       3,716
*,1 Helixmith Co. Ltd.     229,664       3,686
  Chong Kun Dang Pharmaceutical Corp.      54,399       3,676
*,1 Chabiotech Co. Ltd.     330,246       3,673
  Hyundai Elevator Co. Ltd.     172,355       3,576
*,1 Oscotec Inc.     165,195       3,537
*,1 Paradise Co. Ltd.     337,926       3,526
1 Daejoo Electronic Materials Co. Ltd.      69,019       3,520
1 Dawonsys Co. Ltd.     189,271       3,507
*,1 Hugel Inc.      42,866       3,476
  Solus Advanced Materials Co. Ltd.      97,951       3,430
1 Hanssem Co. Ltd.      68,953       3,423
* Pharmicell Co. Ltd.     386,163       3,423
* Hanwha Life Insurance Co. Ltd.   1,979,146       3,398
*,1 ABLBio Inc.     171,621       3,331
1 MegaStudyEdu Co. Ltd.      54,090       3,275
*,1 Hanall Biopharma Co. Ltd.     256,923       3,270
1 Jusung Engineering Co. Ltd.     248,792       3,263
1 BH Co. Ltd.     170,220       3,203
*,1 Hana Tour Service Inc.      76,495       3,202
1 Kolmar Korea Co. Ltd.     108,182       3,188
  Daewoong Co. Ltd.     150,039       3,157
  Hanmi Semiconductor Co. Ltd.     324,352       3,156
1 Green Cross Holdings Corp.     207,933       3,144
*,1 CJ CGV Co. Ltd.     175,081       3,140
  Hanmi Science Co. Ltd.     101,457       3,135
1 AfreecaTV Co. Ltd.      50,438       3,132
* TY Holdings Co. Ltd.     215,102       3,120
  Dentium Co. Ltd.      47,197       3,113
* Genexine Inc.     131,496       3,101
1 HK inno N Corp.     105,615       3,095
  SK Networks Co. Ltd.     948,554       3,079
1 Ottogi Corp.       9,257       3,027
  Hyundai Construction Equipment Co. Ltd.      86,463       3,006
1 IS Dongseo Co. Ltd.      98,825       2,980
  Lotte Chilsung Beverage Co. Ltd.      21,816       2,951
* Hyundai Electric & Energy System Co. Ltd.     150,128       2,937
* Asiana Airlines Inc.     240,684       2,914
* Bioneer Corp.     150,819       2,857
1 Ahnlab Inc.      42,723       2,834
* NHN Corp.     130,236       2,804
 
40

 

Developed Markets Index Fund
    Shares Market
Value

($000)
1 HDC Hyundai Development Co-Engineering & Construction Class E     322,557       2,782
  NICE Information Service Co. Ltd.     248,476       2,765
*,1 Medytox Inc.      32,315       2,745
1 Taekwang Industrial Co. Ltd.       3,925       2,737
  Hyundai Autoever Corp.      31,375       2,730
  Humasis Co. Ltd.     223,343       2,726
1 SL Corp.     112,294       2,725
  Innocean Worldwide Inc.      76,890       2,719
* HJ Shipbuilding & Construction Co. Ltd.     491,009       2,716
*,1 Korea Electric Power Corp. ADR     304,610       2,674
1 YG Entertainment Inc.      78,285       2,672
  Mirae Asset Securities Co. Ltd. Preference Shares     915,021       2,670
* Kumho Tire Co. Inc.     986,366       2,659
  Poongsan Corp.     138,531       2,653
  JR Global REIT     705,017       2,634
1 Tokai Carbon Korea Co. Ltd.      29,845       2,599
* Sam Chun Dang Pharm Co. Ltd.      99,855       2,596
1 DongKook Pharmaceutical Co. Ltd.     172,328       2,590
*,1 Eubiologics Co. Ltd.     229,218       2,577
*,1 Hana Micron Inc.     253,641       2,549
*,1 Myoung Shin Industrial Co. Ltd.     194,825       2,522
* GC Cell Corp.      58,130       2,519
*,1 GemVax & Kael Co. Ltd.     248,348       2,518
* Studio Dragon Corp.      45,940       2,500
* Eoflow Co. Ltd.     164,732       2,461
*,1 Wysiwyg Studios Co. Ltd.     159,600       2,459
*,1 Amicogen Inc.     137,290       2,455
  Innox Advanced Materials Co. Ltd.      94,832       2,434
  Daishin Securities Co. Ltd.     207,649       2,422
*,1 NKMax Co. Ltd.     208,965       2,401
* KCC Glass Corp.      63,811       2,379
  Daou Technology Inc.     175,818       2,364
  Handsome Co. Ltd.      99,619       2,364
1 Park Systems Corp.      31,374       2,339
  PharmaResearch Co. Ltd.      44,798       2,330
1 Zinus Inc.      61,885       2,329
* Hyosung Chemical Corp.      15,506       2,327
  PI Advanced Materials Co. Ltd.      94,471       2,326
  Daishin Securities Co. Ltd. Preference Shares     217,819       2,311
1 Sebang Global Battery Co. Ltd.      56,760       2,310
    Shares Market
Value

($000)
1 Cosmax Inc.      52,713       2,298
  L&C Bio Co. Ltd.      95,248       2,276
  Hyundai Greenfood Co. Ltd.     377,538       2,269
  Hanjin Transportation Co. Ltd.     105,405       2,258
  Samyang Holdings Corp.      40,948       2,246
  Ecopro HN Co. Ltd.      74,866       2,234
* Hyosung Heavy Industries Corp.      45,650       2,224
  Eugene Technology Co. Ltd.      97,813       2,224
*,1 Vaxcell-Bio Therapeutics Co. Ltd.      74,429       2,213
  Daesang Corp.     139,677       2,208
1 Huchems Fine Chemical Corp.     144,088       2,201
  Samsung SDI Co. Ltd. Preference Shares      10,516       2,197
1 Doosan Co. Ltd.      40,459       2,190
  Samchully Co. Ltd.      15,685       2,179
1 SK Discovery Co. Ltd.      79,768       2,154
1 GOLFZON Co. Ltd.      20,575       2,132
* Next Science Co. Ltd.     272,401       2,113
* LX Holdings Corp.     296,548       2,092
  Korea Electric Terminal Co. Ltd.      50,134       2,086
  Intellian Technologies Inc.      44,898       2,078
*,1 SFA Semicon Co. Ltd.     529,868       2,065
1 Seoul Semiconductor Co. Ltd.     254,206       2,063
* HLB Therapeutics Co. Ltd.     199,129       2,048
  Mcnex Co. Ltd.      84,843       2,045
* Korea Line Corp.   1,009,741       2,042
  Hanwha Corp. Preference Shares     184,189       2,036
*,1 Lotte Tour Development Co. Ltd.     213,145       2,018
*,1 Danal Co. Ltd.     369,561       2,007
*,1 Duk San Neolux Co. Ltd.      86,278       2,001
  Hanwha Investment & Securities Co. Ltd.     785,040       1,980
1 Shinsegae International Inc.      83,670       1,950
1 RFHIC Corp.     116,876       1,943
*,1 Vidente Co. Ltd.     290,888       1,929
  Harim Holdings Co. Ltd.     297,752       1,929
* Hanwha General Insurance Co. Ltd.     588,946       1,912
  Lutronic Corp.     144,282       1,910
  Hankook & Co. Co. Ltd.     191,909       1,905
  DoubleUGames Co. Ltd.      63,900       1,892
1 Korea Petrochemical Ind Co. Ltd.      19,915       1,890
 
41

 

Developed Markets Index Fund
    Shares Market
Value

($000)
*,1 BNC Korea Co. Ltd.     329,823       1,888
1 Bukwang Pharmaceutical Co. Ltd.     282,158       1,843
* Sambu Engineering & Construction Co. Ltd.   1,024,093       1,833
1 SNT Motiv Co. Ltd.      55,100       1,829
*,1 Enchem Co. Ltd.      49,517       1,828
  Dong-A Socio Holdings Co. Ltd.      23,035       1,819
  Partron Co. Ltd.     275,076       1,797
* NEPES Corp.     118,498       1,788
1 Songwon Industrial Co. Ltd.     116,644       1,787
*,1 Shinsung E&G Co. Ltd.   1,104,821       1,785
1 S&S Tech Corp.     116,236       1,777
1 Tesna Inc.      74,961       1,761
  CJ CheilJedang Corp. Preference Shares      14,089       1,760
*,1 Yungjin Pharmaceutical Co. Ltd.     628,483       1,757
  Dongwon Industries Co. Ltd.      10,012       1,732
  Orion Holdings Corp.     149,295       1,729
*,1 Webzen Inc.     121,412       1,724
1 Sangsangin Co. Ltd.     260,466       1,714
  INTOPS Co. Ltd.      84,946       1,708
*,1 Cellivery Therapeutics Inc.      94,739       1,706
* Hancom Inc.     122,353       1,703
*,1 MedPacto Inc.      95,497       1,699
* Binex Co. Ltd.     169,163       1,684
  LF Corp.     139,267       1,668
  Samwha Capacitor Co. Ltd.      54,799       1,667
* DIO Corp.      81,573       1,657
1 Seojin System Co. Ltd.     143,600       1,657
* Ananti Inc.     311,442       1,597
  NICE Holdings Co. Ltd.     139,018       1,585
1 Hansae Co. Ltd.     120,725       1,582
  JW Pharmaceutical Corp.      90,246       1,571
1 Ilyang Pharmaceutical Co. Ltd.      91,514       1,567
  SK Gas Ltd.      16,672       1,562
1 KH Vatec Co. Ltd.     108,001       1,554
* Medipost Co. Ltd.     107,192       1,554
  Youngone Holdings Co. Ltd.      42,817       1,548
*,1 NHN KCP Corp.     158,788       1,533
  SK Securities Co. Ltd.   2,674,850       1,523
* Neowiz      84,997       1,513
1 Young Poong Corp.       3,717       1,504
1 ENF Technology Co. Ltd.      67,173       1,502
*,1 UniTest Inc.     110,240       1,500
  Halla Holdings Corp.      52,319       1,479
1 Posco ICT Co. Ltd.     365,039       1,476
    Shares Market
Value

($000)
  Hyundai Home Shopping Network Corp.      37,389       1,461
1 TES Co. Ltd.      94,344       1,442
  Mirae Asset Life Insurance Co. Ltd.     599,051       1,429
  Boryung Pharmaceutical Co. Ltd.     181,920       1,424
  Korea Real Estate Investment & Trust Co. Ltd.   1,080,367       1,422
  Nature Holdings Co. Ltd.      66,050       1,421
*,1 CrystalGenomics Inc.     453,286       1,415
*,1 iNtRON Biotechnology Inc.     201,678       1,396
  HDC Holdings Co. Ltd.     271,867       1,391
  Dong-A ST Co. Ltd.      30,834       1,386
*,1 CMG Pharmaceutical Co. Ltd.     712,693       1,373
*,1 Komipharm International Co. Ltd.     246,758       1,360
*,1 Modetour Network Inc.     109,425       1,359
  Youlchon Chemical Co. Ltd.      89,901       1,353
*,1 Mezzion Pharma Co. Ltd.     106,176       1,349
  LX Hausys Ltd.      40,913       1,341
  i-SENS Inc.      58,464       1,303
*,1 Kuk-il Paper Manufacturing Co. Ltd.     665,811       1,299
  InBody Co. Ltd.      70,251       1,295
  KUMHOE&C Co. Ltd.     211,991       1,287
  Vieworks Co. Ltd.      47,415       1,284
* Com2uS Holdings Corp.      32,783       1,242
*,1 Grand Korea Leisure Co. Ltd.     123,613       1,240
  Yuanta Securities Korea Co. Ltd.     588,778       1,234
  Binggrae Co. Ltd.      34,438       1,228
* Solid Inc.     336,006       1,223
* Ace Technologies Corp.     221,404       1,220
* Inscobee Inc.     701,054       1,192
  HS Industries Co. Ltd.     329,094       1,192
  KISWIRE Ltd.      73,437       1,188
  Hansol Paper Co. Ltd.     122,002       1,180
1 Hanil Cement Co. Ltd.     113,880       1,173
  Korea Asset In Trust Co. Ltd.     429,889       1,169
1 ITM Semiconductor Co. Ltd.      48,634       1,165
1 Huons Co. Ltd.      42,644       1,159
* Insun ENT Co. Ltd.     172,967       1,153
  Tongyang Inc.   1,290,994       1,131
  iMarketKorea Inc.     141,650       1,125
* OliX Pharmaceuticals Inc.      64,145       1,120
 
42

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Sungwoo Hitech Co. Ltd.     328,968       1,106
1 Kwang Dong Pharmaceutical Co. Ltd.     229,423       1,100
1 Seobu T&D     192,574       1,094
  Nexen Tire Corp.     264,890       1,083
  LOTTE Himart Co. Ltd.      82,729       1,072
  Korea United Pharm Inc.      62,526       1,066
  CJ Freshway Corp.      33,406       1,065
  Eugene Investment & Securities Co. Ltd.     507,556       1,056
  Advanced Process Systems Corp.      81,510       1,047
  KTB Investment & Securities Co. Ltd.     320,266       1,043
  TK Corp.      97,952       1,035
1 OptoElectronics Solutions Co. Ltd.      58,194       1,020
  Tongyang Life Insurance Co. Ltd.     231,140       1,018
  Hankook Shell Oil Co. Ltd.       5,336       1,013
  Namhae Chemical Corp.     131,949       1,009
*,3 S-MAC Co. Ltd.     382,992         998
*,1 Daea TI Co. Ltd.     402,644         997
* Peptron Inc.     129,978         997
  Sung Kwang Bend Co. Ltd.     107,458         987
  SPC Samlip Co. Ltd.      18,028         986
1 Gradiant Corp.      75,794         983
*,1 Samsung Pharmaceutical Co. Ltd.     393,124         969
  Maeil Dairies Co. Ltd.      21,677         968
*,1 Enzychem Lifesciences Corp.      77,757         962
* KH Feelux Co. Ltd.     802,603         927
  Chongkundang Holdings Corp.      21,069         921
1 Dongwon F&B Co. Ltd.       8,025         918
* Giantstep Inc.      56,889         915
*,1 Cafe24 Corp.      95,275         909
  Cuckoo Homesys Co. Ltd.      41,570         908
  Seah Besteel Corp.      75,904         899
*,1 STCUBE     201,528         894
  Taeyoung Engineering & Construction Co. Ltd.     170,103         892
  Kolon Corp.      50,498         884
  KC Tech Co. Ltd.      61,863         864
  Lotte Confectionery Co. Ltd.       9,324         857
  E1 Corp.      23,997         854
  Namyang Dairy Products Co. Ltd.       3,000         848
*,1,3 SillaJen Inc.     340,708         840
  Hyundai Bioland Co. Ltd.      94,249         835
* Wonik Holdings Co. Ltd.     282,074         829
    Shares Market
Value

($000)
  LG HelloVision Co. Ltd.     193,176         813
  DB Financial Investment Co. Ltd.     209,111         807
*,1 Toptec Co. Ltd.     146,200         807
  KC Co. Ltd.      55,206         797
  Daeduck Co. Ltd.     163,705         789
  Dae Han Flour Mills Co. Ltd.       7,283         778
* Hansol Technics Co. Ltd.     191,204         775
  Samyang Corp.      24,474         768
  KT Skylife Co. Ltd.     121,208         765
  Jeil Pharmaceutical Co. Ltd.      47,828         742
*,1 AbClon Inc.      84,140         738
  Kyobo Securities Co. Ltd.     149,907         734
  BGF Co. Ltd.     229,646         733
* Aprogen pharmaceuticals Inc.   1,590,421         725
* CUROCOM Co. Ltd.     836,724         724
  Hansol Holdings Co. Ltd.     302,373         718
  Kolmar Korea Holdings Co. Ltd.      52,623         707
  KISCO Corp.     136,006         697
* Interflex Co. Ltd.      72,569         685
  Hyundai Corp.      58,136         681
  Eusu Holdings Co. Ltd.     150,259         674
  Humedix Co. Ltd.      39,149         670
1 Woongjin Thinkbig Co. Ltd.     374,697         670
  Lotte Food Co. Ltd.       2,583         662
*,1 Namsun Aluminum Co. Ltd.     394,210         654
  Sindoh Co. Ltd.      27,107         652
1 Huons Global Co. Ltd.      39,208         638
* Dongsung Pharmaceutical Co. Ltd.     109,753         632
  Hanil Holdings Co. Ltd.      74,880         629
* Lock&Lock Co. Ltd.     105,522         621
*,1 Cellid Co. Ltd.      43,704         606
* Anterogen Co. Ltd.      36,241         579
  ICD Co. Ltd.      78,844         555
  Byucksan Corp.     262,104         553
1 Soulbrain Holdings Co. Ltd.      37,247         553
  Sam Young Electronics Co. Ltd.      66,280         551
1 Cuckoo Holdings Co. Ltd.      44,020         544
* Able C&C Co. Ltd.     130,186         536
  Hyundai Livart Furniture Co. Ltd.      61,583         519
* Homecast Co. Ltd.     188,125         496
*,1 Telcon RF Pharmaceutical Inc.     451,534         488
  Aekyung Industrial Co. Ltd.      43,196         475
 
43

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Hyundai Engineering & Construction Co. Ltd. Preference Shares       8,336         458
* SCM Lifescience Co. Ltd.      58,969         442
* Eutilex Co. Ltd.      61,839         423
* Eyegene Inc.      45,741         295
  Daekyo Co. Ltd.      47,300         102
  SK Telecom Co. Ltd. ADR       2,813          63
  Shinhan Financial Group Co. Ltd. ADR       1,772          51
* Eutilex Co. Ltd. Rights      25,188          29
* JR Global REIT Rights Exp. 7/14/22     135,281           3
        6,307,833
Spain (2.0%)
  Iberdrola SA (XMAD)  43,088,873     448,616
  Banco Santander SA 121,983,948     345,143
  Banco Bilbao Vizcaya Argentaria SA  47,452,968     215,559
* Telefonica SA  37,347,267     190,678
  Industria de Diseno Textil SA   7,610,248     172,947
* Amadeus IT Group SA   3,085,841     172,789
2 Cellnex Telecom SA   4,402,947     171,355
  Repsol SA   9,307,083     137,205
  CaixaBank SA  31,930,885     111,824
  Ferrovial SA   3,473,885      88,389
*,2 Aena SME SA     510,023      65,080
1 Red Electrica Corp. SA   3,125,277      59,160
* Grifols SA   2,370,766      44,960
1 Endesa SA   2,296,415      43,442
  Enagas SA   1,810,472      40,041
  ACS Actividades de Construccion y Servicios SA   1,535,561      37,424
  Banco de Sabadell SA  40,933,691      32,822
  Bankinter SA   4,988,334      31,201
* Siemens Gamesa Renewable Energy SA   1,626,165      30,660
  Acciona SA     166,245      30,632
  Naturgy Energy Group SA   1,046,685      30,245
  Merlin Properties Socimi SA   2,417,534      23,412
* Grifols SA Preference Shares   1,866,002      22,180
  Fluidra SA     816,751      16,618
  Corp. ACCIONA Energias Renovables SA     412,696      16,002
  Inmobiliaria Colonial Socimi SA   2,491,051      15,937
  Viscofan SA     285,658      15,760
  Acerinox SA   1,544,852      15,000
  Mapfre SA   7,189,708      12,714
  Grupo Catalana Occidente SA     379,370      11,858
    Shares Market
Value

($000)
  Laboratorios Farmaceuticos Rovi SA     158,560       9,711
  Ebro Foods SA     566,385       9,575
* Solaria Energia y Medio Ambiente SA     439,139       9,358
  CIE Automotive SA     372,864       9,285
  Faes Farma SA   2,245,120       9,156
2 Unicaja Banco SA   9,085,258       8,916
  Cia de Distribucion Integral Logista Holdings SA     448,087       8,781
* Indra Sistemas SA     885,301       8,478
  Applus Services SA   1,026,896       7,115
*,1 Pharma Mar SA      97,630       6,903
  Sacyr SA (XMAD)   2,766,594       6,669
  Linea Directa Aseguradora SA Cia de Seguros y Reaseguros   4,991,762       6,589
  Almirall SA     527,409       5,866
  Corp. Financiera Alba SA     105,196       5,735
* Melia Hotels International SA     783,237       4,999
* Mediaset Espana Comunicacion SA   1,082,703       4,463
  Construcciones y Auxiliar de Ferrocarriles SA     140,525       4,149
2 Neinor Homes SA     315,927       3,967
2 Gestamp Automocion SA   1,108,674       3,871
2 Global Dominion Access SA     844,044       3,673
2 Aedas Homes SA     141,139       3,158
* Prosegur Cia de Seguridad SA   1,751,187       3,105
  Ence Energia y Celulosa SA     882,968       3,032
  Fomento de Construcciones y Contratas SA     286,420       2,834
  Lar Espana Real Estate Socimi SA     429,637       2,135
  Atresmedia Corp. de Medios de Comunicacion SA     574,923       1,994
*,2 Prosegur Cash SA   2,667,582       1,738
*,1 Tecnicas Reunidas SA     228,237       1,691
* Distribuidora Internacional de Alimentacion SA 107,060,010       1,464
*,1 NH Hotel Group SA (XMAD)     198,590         725
* Fomento DE Construccion Rights Exp.7/7/22     286,420         103
        2,808,891
Sweden (2.8%)
  Investor AB Class B  12,670,527     208,959
  Atlas Copco AB Class A  18,302,280     171,310
  Volvo AB Class B  10,960,956     170,546
  Telefonaktiebolaget LM Ericsson Class B  21,810,037     162,900
 
44

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Hexagon AB Class B  13,593,060     142,035
  Assa Abloy AB Class B   6,644,924     141,803
  Sandvik AB   7,802,208     127,153
  Essity AB Class B   4,418,019     115,490
  Swedish Match AB  11,030,126     112,535
2 Evolution AB   1,159,021     106,028
  Skandinaviska Enskilda Banken AB Class A  10,316,470     101,636
  Swedbank AB Class A   7,286,525      92,412
  Svenska Handelsbanken AB Class A  10,748,963      92,268
  Atlas Copco AB Class B  10,978,314      91,986
  Investor AB Class A   4,300,910      77,463
1 H & M Hennes & Mauritz AB Class B   6,349,998      76,217
  Telia Co. AB  18,600,505      71,391
  Epiroc AB Class A   4,545,937      70,485
  Nibe Industrier AB Class B   8,685,613      65,474
  Svenska Cellulosa AB SCA Class B   4,328,237      65,032
  Boliden AB   1,983,326      63,428
  Alfa Laval AB   2,272,834      55,098
  Tele2 AB Class B   4,010,611      45,732
  EQT AB   2,066,063      42,464
  SKF AB Class B   2,752,499      40,837
  Skanska AB Class B   2,608,937      40,140
  Industrivarden AB Class A   1,713,304      38,733
  Getinge AB Class B   1,617,768      37,494
  Indutrade AB   2,034,684      37,332
  Epiroc AB Class B   2,706,220      36,673
  Trelleborg AB Class B   1,756,815      35,545
  Holmen AB Class B     699,889      28,509
* Kinnevik AB Class B   1,740,996      28,180
* Swedish Orphan Biovitrum AB   1,282,195      27,850
  Saab AB Class B     663,515      27,438
  Lifco AB Class B   1,656,788      26,755
  Industrivarden AB Class C   1,156,469      25,852
* Volvo Car AB Class B Class B   3,882,508      25,798
  Beijer Ref AB Class B   1,775,449      24,347
  Castellum AB   1,863,294      24,020
  Volvo AB Class A   1,471,929      23,837
  Sagax AB Class B   1,255,300      23,273
  Axfood AB     788,726      22,709
  Husqvarna AB Class B   2,955,666      21,786
1 Electrolux AB Class B   1,612,174      21,775
  L E Lundbergforetagen AB Class B     532,148      21,699
* Fastighets AB Balder Class B   4,377,964      20,973
  Investment AB Latour Class B   1,047,139      20,799
  SSAB AB Class B   4,911,196      20,407
    Shares Market
Value

($000)
  AAK AB   1,246,740      20,343
  Securitas AB Class B   2,239,392      19,361
2 Thule Group AB     766,496      18,962
  Elekta AB Class B   2,598,725      18,010
  AddTech AB Class B   1,365,743      17,871
  Fabege AB   1,844,505      17,481
  Nordnet AB publ   1,245,709      16,399
  Hexpol AB   1,803,696      15,446
  Sweco AB Class B   1,460,085      15,218
  Avanza Bank Holding AB     898,185      15,146
  BillerudKorsnas AB   1,283,489      15,049
*,1,2 Sinch AB   4,301,727      14,051
  Storskogen Group AB Class B Class B   9,931,929      14,016
2 Dometic Group AB   2,334,021      13,768
  Wihlborgs Fastigheter AB   1,951,267      13,650
1 Samhallsbyggnadsbolaget i Norden AB   7,977,048      13,333
  Loomis AB Class B     539,393      13,176
2 Bravida Holding AB   1,451,084      12,648
  Sectra AB Class B     927,754      12,474
  AddLife AB Class B     793,561      11,968
* Nordic Entertainment Group AB Class B     549,121      11,280
  Vitrolife AB     474,795      10,954
  Intrum AB     568,703      10,879
  Wallenstam AB Class B   2,432,287      10,640
  Hexatronic Group AB   1,418,965      10,551
  Arjo AB Class B   1,629,854      10,321
  Nyfosa AB   1,330,842       9,988
  AFRY AB     717,718       9,894
  Electrolux Professional AB Class B   1,653,326       8,907
  HMS Networks AB     201,517       8,615
  Hufvudstaden AB Class A     776,202       8,591
  Biotage AB     477,005       8,490
  Peab AB Class B   1,442,923       8,462
  JM AB     502,532       8,351
  Catena AB     220,220       7,970
  Bure Equity AB     392,660       7,873
  Bilia AB Class A     536,169       7,737
  Vitec Software Group AB Class B     178,177       7,725
  Mycronic AB     510,009       7,185
  Lindab International AB     493,476       7,178
* Pandox AB Class B     633,954       7,145
  Instalco AB   1,705,434       7,095
* Stillfront Group AB   3,167,529       7,032
  AddNode Group AB     862,576       7,032
  SSAB AB Class A   1,599,056       7,017
  Mips AB     157,187       6,903
  NCC AB Class B     683,469       6,899
  Nolato AB Class B   1,261,158       6,799
  Modern Times Group MTG AB Shares B     788,616       6,354
  Ratos AB Class B   1,437,296       6,134
  Granges AB     768,123       5,770
  Bufab AB     216,544       5,636
 
45

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Dredging Environmental & Marine Engineering NV      50,708       5,580
  Medicover AB Class B     424,228       5,567
* Truecaller AB Class B Class B   1,105,947       5,348
  Cibus Nordic Real Estate AB     345,037       5,340
  Betsson AB Class B     881,175       5,326
  Hemnet Group AB     427,988       5,273
  Beijer Alma AB     309,864       5,123
  Corem Property Group AB Class B   4,276,643       4,806
* Sdiptech AB Class B     206,425       4,785
  Concentric AB     274,370       4,767
* Cint Group AB     840,807       4,713
  Dios Fastigheter AB     669,683       4,671
2 Munters Group AB     768,900       4,482
  Troax Group AB     246,943       4,291
  Atrium Ljungberg AB Class B     322,579       4,227
  SkiStar AB     307,693       4,174
  NP3 Fastigheter AB     201,289       3,980
*,1,2 Scandic Hotels Group AB     964,343       3,743
  INVISIO AB     236,423       3,403
  Mekonomen AB     302,034       3,267
  Cloetta AB Class B   1,529,871       3,143
* Cary Group AB     497,545       3,076
*,1,2 Boozt AB     456,155       3,017
* BillerudKorsnas AB (XSTO)     256,090       3,004
  Clas Ohlson AB Class B     288,741       2,994
  Corem Property Group AB Preference Shares     134,217       2,744
* Camurus AB     141,148       2,681
  Telefonaktiebolaget LM Ericsson Class A     322,926       2,620
1 Svenska Handelsbanken AB Class B     265,149       2,615
  Platzer Fastigheter Holding AB Class B     397,551       2,580
* Systemair AB     528,102       2,573
  Investment AB Oresund     247,155       2,436
  Nobia AB     852,151       2,295
  Fagerhult AB     480,248       2,141
2 Resurs Holding AB   1,054,449       2,098
  Svenska Cellulosa AB SCA Class A     132,587       1,982
  Volati AB     146,754       1,831
* BHG Group AB     574,985       1,828
* Collector AB     601,002       1,821
*,1 BICO Group AB Class B     207,515       1,810
* Kinnevik AB Class A     107,033       1,774
  Sagax AB Class D     775,791       1,750
  Bonava AB Class B     599,925       1,746
*,1 SAS AB  26,356,162       1,673
*,2 Attendo AB     770,941       1,668
    Shares Market
Value

($000)
  Skandinaviska Enskilda Banken AB Class C     145,370       1,615
* Hansa Biopharma AB     335,224       1,608
* VNV Global AB     662,595       1,560
  Husqvarna AB Class A     173,105       1,322
  Lundin Energy AB   1,367,888         930
1 Samhallsbyggnadsbolaget i Norden AB Class D     475,247         726
  SKF AB Class A      37,666         654
  NCC AB Class A      30,837         335
        3,901,899
Switzerland (7.9%)
  Nestle SA (Registered)  20,031,922   2,341,186
  Roche Holding AG   4,999,655   1,671,384
  Novartis AG (Registered)  15,065,613   1,277,272
  Zurich Insurance Group AG   1,075,223     468,876
  Cie Financiere Richemont SA Class A (Registered)   3,705,370     398,561
  UBS Group AG (Registered)  22,720,498     367,316
  ABB Ltd. (Registered)  11,712,795     314,116
  Lonza Group AG (Registered)     536,932     286,796
  Sika AG (Registered)   1,108,843     255,962
  Givaudan SA (Registered)      66,921     235,877
  Alcon Inc.   3,337,510     234,031
  Swiss Re AG   2,090,893     162,291
  Partners Group Holding AG     162,705     146,938
  Holcim Ltd.   3,314,167     142,143
  Sonova Holding AG (Registered)     380,119     121,479
  Geberit AG (Registered)     251,357     120,929
  Swiss Life Holding AG (Registered)     224,882     109,780
  Roche Holding AG (Bearer)     280,392     108,511
  Credit Suisse Group AG (Registered)  18,505,725     105,628
  Swisscom AG (Registered)     183,972     101,759
  SGS SA (Registered)      42,626      97,770
  Straumann Holding AG Reg     772,032      93,004
  Kuehne + Nagel International AG (Registered)     363,321      86,326
  Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf.       7,701      78,412
  Chocoladefabriken Lindt & Spruengli AG (Registered)         717      75,256
  Julius Baer Group Ltd.   1,555,792      72,173
* Vifor Pharma AG (XSWX)     389,396      67,475
 
46

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Barry Callebaut AG (Registered)      25,828      57,788
* Logitech International SA (Registered)   1,049,856      54,745
  SIG Combibloc Group AG   2,431,722      53,697
  Schindler Holding AG Ptg. Ctf.     291,868      53,371
  Baloise Holding AG (Registered)     324,360      53,096
  Swatch Group AG (Bearer)     214,550      50,964
  Swiss Prime Site AG (Registered)     545,783      47,955
2 VAT Group AG     185,825      44,441
  Adecco Group AG (Registered)   1,155,008      39,368
* EMS-Chemie Holding AG (Registered)      51,411      38,368
  Temenos AG (Registered)     439,443      37,608
  PSP Swiss Property AG (Registered)     312,091      34,746
  Clariant AG (Registered)   1,643,249      31,334
  Helvetia Holding AG (Registered)     251,477      29,534
  Georg Fischer AG     595,381      29,405
  Holcim Ltd. (XSWX)     635,227      27,359
2 Galenica AG     347,697      26,747
  Tecan Group AG (Registered)      91,404      26,616
  Schindler Holding AG (Registered)     140,689      25,338
  Belimo Holding AG (Registered)      67,494      23,763
  DKSH Holding AG     258,218      21,366
* Flughafen Zurich AG (Registered)     137,056      20,767
  Siegfried Holding AG (Registered)      29,105      18,640
  Allreal Holding AG (Registered)     104,741      17,331
  Bucher Industries AG (Registered)      46,459      16,216
* ams AG   1,789,510      16,190
  Banque Cantonale Vaudoise (Registered)     204,218      16,049
  Bachem Holding AG Class B     224,122      15,621
  Cembra Money Bank AG     214,407      15,369
* Dufry AG (Registered)     451,579      14,654
  Vontobel Holding AG (Registered)     198,008      13,913
  Emmi AG (Registered)      14,079      13,749
  BKW AG     129,744      13,574
  Swatch Group AG (Registered)     289,663      12,924
*,1 Idorsia Ltd.     878,651      12,587
1 Stadler Rail AG     385,459      12,559
  SFS Group AG     122,502      12,430
  Mobimo Holding AG (Registered)      51,037      12,420
    Shares Market
Value

($000)
  Daetwyler Holding AG (Bearer)      53,307      11,026
  Inficon Holding AG (Registered)      13,929      10,982
  Huber + Suhner AG (Registered)     126,187      10,065
  Valiant Holding AG (Registered)     113,321       9,970
  dormakaba Holding AG      22,258       9,714
  Burckhardt Compression Holding AG      22,395       9,423
  Softwareone Holding AG     785,983       9,422
  St. Galler Kantonalbank AG (Registered)      20,408       9,390
  OC Oerlikon Corp. AG (Registered)   1,341,962       9,369
  Landis+Gyr Group AG     176,441       9,260
  Forbo Holding AG (Registered)       6,686       8,934
  Interroll Holding AG (Registered)       3,928       8,821
  Comet Holding AG (Registered)      53,423       8,423
*,1 Meyer Burger Technology AG  19,221,029       8,163
  Sulzer AG (Registered)     125,091       7,797
* Aryzta AG   6,951,909       7,716
*,2 Sensirion Holding AG      73,835       7,500
  Vifor Pharma AG      40,814       7,301
2 PolyPeptide Group AG     104,875       7,173
  Kardex Holding AG (Registered)      41,915       6,989
  VZ Holding AG      95,276       6,921
*,1 Dottikon Es Holding AG (Registered)      32,039       6,907
  Bystronic AG       9,383       6,845
  Swissquote Group Holding SA (Registered)      63,681       6,495
  Schweiter Technologies AG (Bearer)       6,755       6,405
  LEM Holding SA (Registered)       3,351       6,399
  Komax Holding AG (Registered)      25,109       6,168
  Intershop Holding AG       7,902       5,115
* u-blox Holding AG      48,100       4,883
  Valora Holding AG (Registered)      27,871       4,827
*,1 Zur Rose Group AG      58,407       4,389
  Arbonia AG     321,694       4,283
2 Medacta Group SA      44,621       4,259
  Zehnder Group AG      70,830       4,192
  SKAN Group AG      77,825       4,186
  Leonteq AG      75,048       4,176
  EFG International AG     552,878       4,071
2 Medmix AG     177,321       3,920
  Bell Food Group AG (Registered)      14,493       3,832
 
47

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  ALSO Holding AG (Registered)      19,220       3,791
  Vetropack Holding AG Class A (Registered)      88,217       3,655
  Bossard Holding AG (Registered) Class A      18,632       3,615
  Bobst Group SA (Registered)      56,025       3,606
*,1 Basilea Pharmaceutica AG (Registered)      84,012       3,404
1 COSMO Pharmaceuticals NV      68,208       3,343
  Ypsomed Holding AG (Registered)      24,010       3,261
*,2 Medartis Holding AG      32,152       2,953
  Rieter Holding AG (Registered)      21,682       2,509
*,2 Montana Aerospace AG     156,362       2,418
* Implenia AG (Registered)     104,169       2,389
  Hiag Immobilien Holding AG      25,504       2,243
1 Autoneum Holding AG      20,148       1,913
  Ascom Holding AG (Registered)     258,706       1,819
  VP Bank AG Class A      18,555       1,747
* Swiss Steel Holding AG   5,484,468       1,369
  APG SGA SA       6,721       1,241
       10,924,840
United Kingdom (13.6%)
  AstraZeneca plc  11,243,289   1,483,235
  Shell plc (XLON)  54,492,686   1,419,141
  HSBC Holdings plc 146,056,004     954,114
  GlaxoSmithKline plc  36,232,417     780,867
  Diageo plc  16,366,324     706,906
  British American Tobacco plc  16,419,039     703,790
  BP plc 138,715,221     651,337
  Glencore plc  94,956,054     514,323
  Rio Tinto plc   7,895,240     472,030
  Unilever plc   9,376,176     425,870
  Unilever plc (XLON)   9,036,365     411,876
  RELX plc  13,449,654     365,176
  Reckitt Benckiser Group plc   4,606,412     346,459
  National Grid plc  26,438,809     339,764
  Vodafone Group plc 204,882,230     318,570
  Anglo American plc   8,759,116     313,126
  Compass Group plc  12,928,422     265,439
  Lloyds Banking Group plc 504,513,689     259,576
  Prudential plc (XLON)  19,949,275     248,154
  London Stock Exchange Group plc   2,656,218     247,856
  BAE Systems plc  22,882,915     231,667
  Barclays plc 121,278,805     226,786
  Experian plc   6,673,765     195,947
  CRH plc (XDUB)   5,547,601     191,173
  Ferguson plc   1,564,367     175,244
    Shares Market
Value

($000)
  Tesco plc  54,505,499     169,872
  Imperial Brands plc   6,857,537     153,525
  SSE plc   7,749,718     152,943
  Ashtead Group plc   3,203,299     134,758
  Standard Chartered plc  17,700,096     133,625
* Flutter Entertainment plc (XDUB)   1,273,640     128,670
  Legal & General Group plc  43,042,306     125,837
1 BT Group plc  50,369,172     114,477
  Natwest Group plc  39,666,078     105,582
  Segro plc   8,717,585     104,069
  Aviva plc  20,606,194     100,935
  3i Group plc   6,917,072      93,753
  Smith & Nephew plc   6,340,384      88,669
  Bunzl plc   2,443,359      81,146
  Rentokil Initial plc  13,515,767      78,350
  WPP plc   7,733,365      78,117
  Croda International plc     975,803      77,129
  InterContinental Hotels Group plc   1,332,795      70,835
* Informa plc  10,638,277      68,730
  Halma plc   2,745,168      67,400
  Next plc     909,645      64,985
* Entain plc   4,252,309      64,710
  Spirax-Sarco Engineering plc     533,001      64,285
  Smurfit Kappa Group plc   1,875,339      63,074
  Mondi plc (XLON)   3,511,126      62,323
* Rolls-Royce Holdings plc  60,682,214      61,754
  United Utilities Group plc   4,958,658      61,727
  Severn Trent plc   1,820,219      60,432
  Intertek Group plc   1,169,522      60,113
  Melrose Industries plc  31,378,260      57,556
  Burberry Group plc   2,851,178      57,199
  Sage Group plc   7,379,921      57,149
* Meggitt plc   5,670,479      54,505
  Persimmon plc   2,302,289      52,381
  St. James's Place plc   3,877,495      52,173
  Pearson plc   5,409,927      49,541
  Associated British Foods plc   2,519,103      48,608
  Smiths Group plc   2,745,283      46,947
2 Auto Trader Group plc   6,682,635      45,258
  Admiral Group plc   1,629,503      44,616
  DCC plc     715,427      44,511
  M&G plc  18,758,796      44,472
  Whitbread plc   1,462,716      44,356
  Kingfisher plc  14,621,493      43,696
* Centrica plc  42,920,579      41,914
  Rightmove plc   6,046,032      41,898
  Land Securities Group plc   5,162,618      41,894
  Barratt Developments plc   7,365,171      41,198
* Ocado Group plc   4,184,719      39,892
  Phoenix Group Holdings plc   5,337,701      38,456
  Taylor Wimpey plc  25,771,312      36,710
  British Land Co. plc   6,707,970      36,695
 
48

 

Developed Markets Index Fund
    Shares Market
Value

($000)
  Electrocomponents plc   3,429,699      36,479
  Antofagasta plc   2,508,757      35,426
  Berkeley Group Holdings plc     748,919      34,049
2 ConvaTec Group plc  11,794,102      32,327
  Intermediate Capital Group plc   2,015,474      32,223
  Dechra Pharmaceuticals plc     760,429      32,064
  Coca-Cola HBC AG   1,426,858      31,793
  DS Smith plc   9,317,654      31,557
  Weir Group plc   1,877,363      31,290
  J Sainsbury plc  12,464,927      31,021
  Johnson Matthey plc   1,309,415      30,877
  Abrdn plc  15,602,713      30,456
  B&M European Value Retail SA   6,784,137      30,361
  Tritax Big Box REIT plc  13,623,188      30,188
  UNITE Group plc   2,311,692      30,049
  Howden Joinery Group plc   4,029,205      29,701
  Direct Line Insurance Group plc   9,588,740      29,432
  HomeServe plc   2,019,495      28,914
  Man Group plc   9,448,805      28,845
  Hiscox Ltd.   2,437,112      28,068
  Endeavour Mining plc   1,329,255      27,540
  Spectris plc     808,109      26,772
  Tate & Lyle plc   2,916,275      26,725
  IMI plc   1,862,160      26,708
  Hargreaves Lansdown plc   2,756,096      26,592
  Beazley plc   4,357,092      26,567
  Schroders plc     812,180      26,532
  Investec plc   4,810,658      26,196
2 Avast plc   4,053,475      25,512
  JD Sports Fashion plc  17,986,055      25,343
  IG Group Holdings plc   2,917,551      24,624
  Diploma plc     888,320      24,193
  AVEVA Group plc     867,097      23,804
* Marks & Spencer Group plc  14,291,547      23,710
  Bellway plc     895,724      23,551
  Hikma Pharmaceuticals plc   1,191,842      23,516
  Derwent London plc     734,086      23,405
  Inchcape plc   2,724,985      23,157
  Drax Group plc   2,900,656      22,769
  Pennon Group plc   1,914,225      22,274
  ITV plc  27,068,409      21,616
  Ultra Electronics Holdings plc     507,616      21,394
  Royal Mail plc   6,350,402      20,978
  Big Yellow Group plc   1,219,171      19,561
  Games Workshop Group plc     238,098      19,384
  Safestore Holdings plc   1,485,634      19,237
  LondonMetric Property plc   6,899,173      19,174
    Shares Market
Value

($000)
  Britvic plc   1,925,060      19,082
  Harbour Energy plc   4,242,293      18,846
  Serco Group plc   8,691,396      18,434
  QinetiQ Group plc   4,076,923      18,234
  Rotork plc   6,203,371      18,223
  Travis Perkins plc   1,524,489      18,070
  Grainger plc   5,233,385      17,933
  Future plc     826,746      17,495
  Assura plc  21,128,488      16,835
* Indivior plc   4,415,139      16,645
* SSP Group plc   5,736,210      16,284
  Vistry Group plc   1,594,728      16,243
  OSB Group plc   2,758,947      16,214
  Greggs plc     727,431      16,108
*,2 Watches of Switzerland Group plc   1,690,512      16,020
  Computacenter plc     558,110      15,983
  Primary Health Properties plc   9,582,166      15,921
* Mediclinic International plc   2,827,589      15,824
* WH Smith plc     912,079      15,678
* Oxford Nanopore Technologies plc   4,599,497      15,550
  Hays plc  11,213,062      15,335
  Grafton Group plc   1,586,051      15,066
* Playtech plc   2,218,195      14,674
  Softcat plc     906,483      14,592
  Virgin Money UK plc   9,028,551      14,467
  Genus plc     472,030      14,439
  Cranswick plc     383,467      14,360
*,1 TUI AG   8,796,535      14,282
  Plus500 Ltd.     700,532      14,277
  Balfour Beatty plc   4,572,027      14,212
  Close Brothers Group plc   1,085,813      13,649
* Energean plc     985,012      13,177
  Spirent Communications plc   4,382,777      13,167
  Brewin Dolphin Holdings plc   2,103,589      13,122
2 Airtel Africa plc   7,864,071      13,064
  Victrex plc     597,409      13,027
  Pets at Home Group plc   3,451,467      12,991
  Great Portland Estates plc   1,835,145      12,851
  Shaftesbury plc   1,998,732      12,665
  Euromoney Institutional Investor plc     768,855      12,598
  Fresnillo plc   1,342,871      12,544
2 Quilter plc   9,961,721      12,486
* Wise plc Class A   3,368,885      12,234
* easyJet plc   2,721,096      12,222
* Sanne Group plc   1,088,307      12,007
  Dr. Martens plc   4,106,039      11,966
* IWG plc   5,215,919      11,943
*,2 Trainline plc   3,349,416      11,852
  Savills plc     959,313      11,828
  Telecom Plus plc     480,262      11,455
  LXI REIT plc   6,599,835      11,433
  Pagegroup plc   2,245,384      10,998
  Domino's Pizza Group plc   3,201,181      10,910
* S4 Capital plc   3,877,752      10,880
 
49

 

Developed Markets Index Fund
    Shares Market
Value

($000)
*,2 Countryside Partnerships plc   3,582,742      10,862
  Renishaw plc     246,438      10,733
*,1 International Consolidated Airlines Group SA   8,112,791      10,672
*,2 Deliveroo plc Class A   9,545,318      10,567
  Rathbones Group plc     446,070      10,562
  Paragon Banking Group plc   1,751,093      10,450
* Frasers Group plc   1,263,342      10,279
  Redrow plc   1,651,332       9,859
* Ascential plc   3,083,253       9,727
  Oxford Instruments plc     387,279       9,423
* John Wood Group plc   4,895,864       9,295
* National Express Group plc   3,913,678       9,293
  Capital & Counties Properties plc   5,331,037       9,102
  Ashmore Group plc   3,355,231       9,076
  Marshalls plc   1,656,695       9,048
* Carnival plc   1,146,440       8,840
* Darktrace plc   2,461,581       8,835
  Bodycote plc   1,369,877       8,815
  Lancashire Holdings Ltd.   1,773,756       8,717
  Sirius Real Estate Ltd.   7,892,244       8,590
* Firstgroup plc   5,466,990       8,506
* Helios Towers plc   5,579,835       8,246
  Dunelm Group plc     812,694       8,115
  Hill & Smith Holdings plc     571,515       8,053
  Moneysupermarket.com Group plc   3,784,850       8,012
  Coats Group plc  10,439,988       7,931
  Genuit Group plc   1,689,868       7,892
*,2 Network International Holdings plc   3,422,279       7,874
  Chemring Group plc   2,046,811       7,871
  TP ICAP Group plc   5,711,083       7,792
  Centamin plc   7,854,879       7,510
  Bytes Technology Group plc (XLON)   1,474,077       7,501
1 Hammerson plc  32,254,789       7,471
  Micro Focus International plc   2,184,181       7,432
2 Biffa plc   1,595,224       7,276
  Redde Northgate plc   1,770,278       7,272
  Synthomer plc   2,636,104       7,231
  Ninety One plc   2,990,532       7,216
* Auction Technology Group plc     642,592       7,160
  Premier Foods plc   5,150,873       7,052
  Mitie Group plc  10,242,883       7,036
* THG plc Class B   6,947,333       6,976
  Workspace Group plc   1,034,865       6,969
* Babcock International Group plc   1,823,614       6,884
  Morgan Advanced Materials plc   2,032,865       6,797
2 JTC plc     941,255       6,788
  AJ Bell plc   2,075,816       6,772
    Shares Market
Value

($000)
  Essentra plc   2,170,215       6,578
  Clarkson plc     178,909       6,532
  Just Group plc   7,475,349       6,508
* C&C Group plc   2,882,765       6,491
  Morgan Sindall Group plc     290,528       6,443
  FDM Group Holdings plc     613,833       6,421
  Hilton Food Group plc     500,287       6,233
* Capricorn Energy plc   2,344,064       6,231
  IP Group plc   7,017,517       6,007
*,1 Tullow Oil plc  10,419,797       5,976
  Currys plc   7,102,933       5,905
*,2 Spire Healthcare Group plc   2,005,034       5,734
  Vesuvius plc   1,542,938       5,729
  IntegraFin Holdings plc   2,078,247       5,712
  Jupiter Fund Management plc   3,163,413       5,690
2 Ibstock plc   2,798,450       5,638
* Molten Ventures plc   1,088,308       5,572
2 Bridgepoint Group plc (Registered)   1,892,517       5,565
  Volution Group plc   1,341,913       5,479
  Kainos Group plc     399,924       5,429
2 Petershill Partners plc   2,061,001       5,372
  Crest Nicholson Holdings plc   1,792,629       5,345
* Moonpig Group plc   1,930,202       5,305
  Liontrust Asset Management plc     451,534       5,026
  Rhi Magnesita NV     202,969       4,922
* Elementis plc   4,105,391       4,918
2 Vivo Energy plc   2,746,751       4,879
  NCC Group plc   2,121,466       4,837
  BMO Commercial Property Trust Ltd.   3,531,050       4,801
  UK Commercial Property REIT Ltd.   5,239,266       4,789
  888 Holdings plc   2,335,196       4,768
* J D Wetherspoon plc     623,613       4,744
* Greencore Group plc   3,806,024       4,603
  Keller Group plc     520,255       4,588
  Provident Financial plc   1,840,614       4,483
* Senior plc   3,165,338       4,477
  Bank of Georgia Group plc     273,640       4,354
  Picton Property Income Ltd.   3,962,294       4,272
* Mitchells & Butlers plc   1,877,563       4,234
2 TI Fluid Systems plc Class B   2,286,505       4,224
* Petrofac Ltd. (XLON)   3,020,996       4,130
  TBC Bank Group plc     258,345       3,976
*,2 Wizz Air Holdings plc     179,398       3,858
  XP Power Ltd.     110,013       3,826
  Wickes Group plc   1,884,392       3,781
2 ContourGlobal plc   1,222,173       3,757
  AG Barr plc     594,122       3,753
* Capita plc  12,043,469       3,742
  Helical plc     736,944       3,342
  Ferrexpo plc   2,083,265       3,323
  PZ Cussons plc   1,319,399       3,171
 
50

 

Developed Markets Index Fund
    Shares Market
Value

($000)
*,2 Trustpilot Group plc   2,468,020       3,028
* Oxford Biomedica plc     530,023       2,939
* Restaurant Group plc   5,239,730       2,856
* Marston's plc   4,494,745       2,830
  Devro plc   1,229,425       2,762
  Halfords Group plc   1,558,693       2,721
  CLS Holdings plc   1,099,509       2,708
*,1,2 Aston Martin Lagonda Global Holdings plc     499,391       2,697
  Hochschild Mining plc   2,286,872       2,691
2 CMC Markets plc     776,019       2,592
*,1 Alphawave IP Group plc   1,476,020       2,418
  Avon Protection plc     201,247       2,406
* PureTech Health plc   1,130,597       2,357
* SIG plc   5,035,658       1,829
*,1 Cineworld Group plc   7,119,877       1,828
*,1 AO World plc   1,999,102       1,686
2 Alfa Financial Software Holdings plc     885,597       1,617
* Rank Group plc   1,443,804       1,509
2 Bakkavor Group plc   1,119,915       1,271
*,1,2 Funding Circle Holdings plc   1,080,074         747
  Micro Focus International plc ADR     221,338         746
  Smurfit Kappa Group plc (XDUB)      17,019         574
*,2,3 Finablr plc   1,120,022         150
* Saipem SpA Rights Exp. 7/11/22      84,286         111
* Greenvolt Energias Renovaveis Rights Exp. 7/4/22     374,992         100
*,1,3 Intu Properties plc   5,470,032          —
3 Evraz plc   4,134,463          —
*,3 NMC Health plc     510,606          —
    Shares Market
Value

($000)
*,3 Carillion plc   2,500,529          —
       18,745,251
Total Common Stocks (Cost $133,248,955) 136,699,501
Temporary Cash Investments (2.8%)
Money Market Fund (2.8%)
4,5 Vanguard Market Liquidity Fund, 1.417% (Cost $3,842,853)  38,442,591            3,843,106
Total Investments (101.6%) (Cost $137,091,808) 140,542,607
Other Assets and Liabilities—Net (-1.6%) (2,227,046)
Net Assets (100%) 138,315,561
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 $2,625,375,000.
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 June 30, 2022, the aggregate value was $2,570,551,000, representing 1.9% 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 $2,880,300,000 was received for securities on loan.
  ADR—American Depositary Receipt.
  GDR—Global Depositary 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        
Euro Stoxx 50 Index September 2022 14,944 538,880 (6,942)
FTSE 100 Index September 2022 3,567 309,202 (763)
S&P TSX 60 Index September 2022 1,221 216,748 (13,910)
SPI 200 Index September 2022 2,011 224,212 (3,357)
Topix Index September 2022 2,961 408,207 (15,747)
        (40,719)
    
51

 

Developed Markets Index Fund
Forward Currency Contracts
  Contract
Settlement
Date
Contract Amount (000) Unrealized
Appreciation
($000)
Unrealized
Depreciation
($000)
Counterparty Receive Deliver
Toronto-Dominion Bank 9/21/22 AUD 366,396 USD 265,703 (12,623)
HSBC Bank plc 9/21/22 AUD 148,441 USD 102,639 (106)
JPMorgan Chase Bank, N.A. 9/21/22 AUD 9,696 USD 6,688 9
BNP Paribas 9/21/22 CAD 128,018 USD 101,533 (2,064)
UBS AG 9/21/22 CAD 122,998 USD 97,567 (1,999)
HSBC Bank plc 9/21/22 CAD 72,830 USD 57,918 (1,330)
Morgan Stanley Capital Services Inc. 9/21/22 EUR 157,642 USD 170,105 (3,919)
Toronto-Dominion Bank 9/21/22 EUR 157,642 USD 169,790 (3,604)
State Street Bank & Trust Co. 9/21/22 EUR 155,289 USD 167,743 (4,038)
Toronto-Dominion Bank 9/21/22 EUR 77,578 USD 81,766 17
JPMorgan Chase Bank, N.A. 9/21/22 EUR 40,200 USD 43,258 (879)
State Street Bank & Trust Co. 9/21/22 GBP 123,742 USD 155,466 (4,592)
BNP Paribas 9/21/22 GBP 106,210 USD 133,774 (4,276)
Standard Chartered Bank 9/21/22 GBP 21,437 USD 27,009 (871)
State Street Bank & Trust Co. 9/21/22 JPY 16,000,000 USD 118,078 544
BNP Paribas 9/21/22 JPY 13,208,451 USD 102,240 (4,314)
HSBC Bank plc 9/21/22 JPY 9,325,819 USD 72,247 (3,106)
State Street Bank & Trust Co. 9/21/22 JPY 5,754,539 USD 42,875 (212)
JPMorgan Chase Bank, N.A. 9/21/22 JPY 4,362,886 USD 33,098 (752)
JPMorgan Chase Bank, N.A. 9/21/22 JPY 1,381,313 USD 10,194 47
UBS AG 9/21/22 KRW 7,509,098 USD 5,783 13
BNP Paribas 9/21/22 USD 28,078 AUD 40,273 260
Bank of America, N.A. 9/21/22 USD 13,838 AUD 19,836 137
Bank of New York 9/21/22 USD 10,484 AUD 15,027 104
HSBC Bank plc 9/21/22 USD 106,996 CHF 103,806 (2,395)
UBS AG 9/21/22 USD 102,831 CHF 99,736 (2,270)
Bank of America, N.A. 9/21/22 USD 11,796 DKK 81,202 285
BNP Paribas 9/21/22 USD 24,889 GBP 20,259 189
HSBC Bank plc 9/21/22 USD 12,267 GBP 9,978 101
Bank of New York 9/21/22 USD 9,293 GBP 7,559 76
Toronto-Dominion Bank 9/21/22 USD 3,648 HKD 28,545 2
BNP Paribas 9/21/22 USD 34,166 KRW 42,550,893 1,326
52

 

Developed Markets Index Fund
Forward Currency Contracts (continued)
  Contract
Settlement
Date
Contract Amount (000) Unrealized
Appreciation
($000)
Unrealized
Depreciation
($000)
Counterparty Receive Deliver
Bank of America, N.A. 9/21/22 USD 1,063 SEK 10,330 50
JPMorgan Chase Bank, N.A. 9/21/22 USD 25,884 SGD 35,764 127
            3,287 (53,350)
AUD—Australian dollar.
CAD—Canadian dollar.
CHF—Swiss franc.
DKK—Danish krone.
EUR—euro.
GBP—British pound.
HKD—Hong Kong dollar.
JPY—Japanese yen.
KRW—Korean won.
SEK—Swedish krona.
SGD—Singapore dollar.
USD—U.S. dollar.
At June 30, 2022, the counterparties had deposited in segregated accounts securities with a value of $560,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
53

 

Developed Markets Index Fund
Statement of Assets and Liabilities
As of June 30, 2022
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $133,248,955) 136,699,501
Affiliated Issuers (Cost $3,842,853) 3,843,106
Total Investments in Securities 140,542,607
Investment in Vanguard 5,525
Cash Collateral Pledged—Futures Contracts 132,692
Cash Collateral Pledged—Forward Currency Contracts 54,480
Foreign Currency, at Value (Cost $76,889) 76,955
Receivables for Investment Securities Sold 27,835
Receivables for Accrued Income 516,957
Receivables for Capital Shares Issued 58,376
Unrealized Appreciation—Forward Currency Contracts 3,287
Total Assets 141,418,714
Liabilities  
Due to Custodian 45,355
Payables for Investment Securities Purchased 12,064
Collateral for Securities on Loan 2,880,300
Payables for Capital Shares Redeemed 82,115
Payables to Vanguard 2,975
Variation Margin Payable—Futures Contracts 26,994
Unrealized Depreciation—Forward Currency Contracts 53,350
Total Liabilities 3,103,153
Net Assets 138,315,561
1 Includes $2,625,375 of securities on loan.  
54

 

Developed Markets Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2022, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 139,933,409
Total Distributable Earnings (Loss) (1,617,848)
Net Assets 138,315,561
 
Investor Shares—Net Assets  
Applicable to 2,099,421 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
21,268
Net Asset Value Per Share—Investor Shares $10.13
 
ETF Shares—Net Assets  
Applicable to 2,245,598,291 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
91,367,867
Net Asset Value Per Share—ETF Shares $40.69
 
Admiral Shares—Net Assets  
Applicable to 1,580,827,584 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
20,678,630
Net Asset Value Per Share—Admiral Shares $13.08
 
Institutional Shares—Net Assets  
Applicable to 977,510,554 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
12,804,080
Net Asset Value Per Share—Institutional Shares $13.10
 
Institutional Plus Shares—Net Assets  
Applicable to 656,644,708 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
13,443,716
Net Asset Value Per Share—Institutional Plus Shares $20.47
  
See accompanying Notes, which are an integral part of the Financial Statements.
55

 

Developed Markets Index Fund
Statement of Operations
  Six Months Ended
June 30, 2022
  ($000)
Investment Income  
Income  
Dividends1 3,061,190
Interest2 2,458
Securities Lending—Net 23,834
Total Income 3,087,482
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,284
Management and Administrative—Investor Shares 17
Management and Administrative—ETF Shares 16,613
Management and Administrative—Admiral Shares 5,642
Management and Administrative—Institutional Shares 2,245
Management and Administrative—Institutional Plus Shares 1,773
Marketing and Distribution—Investor Shares 1
Marketing and Distribution—ETF Shares 1,148
Marketing and Distribution—Admiral Shares 561
Marketing and Distribution—Institutional Shares 259
Marketing and Distribution—Institutional Plus Shares 275
Custodian Fees 2,328
Shareholders’ Reports—Investor Shares
Shareholders’ Reports—ETF Shares 1,029
Shareholders’ Reports—Admiral Shares 125
Shareholders’ Reports—Institutional Shares 50
Shareholders’ Reports—Institutional Plus Shares 42
Trustees’ Fees and Expenses 40
Professional Services 6,877
Other Expenses 18
Total Expenses 40,327
Expenses Paid Indirectly (1)
Net Expenses 40,326
Net Investment Income 3,047,156
Realized Net Gain (Loss)  
Investment Securities Sold2,3,4 (686,455)
Futures Contracts (162,226)
Forward Currency Contracts (71,650)
Foreign Currencies (58,939)
Realized Net Gain (Loss) (979,270)
56

 

Developed Markets Index Fund
Statement of Operations (continued)
  Six Months Ended
June 30, 2022
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 (34,933,134)
Futures Contracts (65,189)
Forward Currency Contracts (54,524)
Foreign Currencies (14,895)
Change in Unrealized Appreciation (Depreciation) (35,067,742)
Net Increase (Decrease) in Net Assets Resulting from Operations (32,999,856)
1 Dividends are net of foreign withholding taxes of $193,596,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,293,000, ($333,000), and ($102,000), respectively. Purchases and sales are for temporary cash investment purposes.
3 Realized gain (loss) is net of foreign capital gain taxes of $28,000.
4 Includes $470,772,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
57

 

Developed Markets Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2022
  Year Ended
December 31,
2021
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 3,047,156   4,194,482
Realized Net Gain (Loss) (979,270)   726,433
Change in Unrealized Appreciation (Depreciation) (35,067,742)   11,293,186
Net Increase (Decrease) in Net Assets Resulting from Operations (32,999,856)   16,214,101
Distributions      
Investor Shares (302)   (1,404)
ETF Shares (1,371,360)   (3,293,465)
Admiral Shares (305,718)   (750,682)
Institutional Shares (190,411)   (476,451)
Institutional Plus Shares (202,092)   (528,259)
Total Distributions (2,069,883)   (5,050,261)
Capital Share Transactions      
Investor Shares (9,913)   (16,666)
ETF Shares 4,517,417   15,456,013
Admiral Shares 1,090,393   1,864,044
Institutional Shares 751,836   47,662
Institutional Plus Shares 28,983   106,182
Net Increase (Decrease) from Capital Share Transactions 6,378,716   17,457,235
Total Increase (Decrease) (28,691,023)   28,621,075
Net Assets      
Beginning of Period 167,006,584   138,385,509
End of Period 138,315,561   167,006,584
  
See accompanying Notes, which are an integral part of the Financial Statements.
58

 

Developed Markets Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2022
Year Ended December 31,
2021 2020 2019 2018 2017
Net Asset Value, Beginning of Period $12.73 $11.79 $10.95 $9.26 $11.16 $9.09
Investment Operations            
Net Investment Income1 .211 .331 .235 .361 .312 .284
Net Realized and Unrealized Gain (Loss) on Investments (2.666) .996 .834 1.651 (1.914) 2.086
Total from Investment Operations (2.455) 1.327 1.069 2.012 (1.602) 2.370
Distributions            
Dividends from Net Investment Income (.145) (.387) (.229) (.322) (.298) (.300)
Distributions from Realized Capital Gains
Total Distributions (.145) (.387) (.229) (.322) (.298) (.300)
Net Asset Value, End of Period $10.13 $12.73 $11.79 $10.95 $9.26 $11.16
Total Return2 -19.29% 11.35% 10.11% 21.96% -14.56% 26.31%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $21 $37 $49 $59 $731 $950
Ratio of Total Expenses to Average Net Assets 0.16%3 0.16% 0.16% 0.16% 0.16% 0.17%
Ratio of Net Investment Income to Average Net Assets 3.56% 2.61% 2.34% 3.56% 2.89% 2.71%
Portfolio Turnover Rate4 2% 3% 3% 2% 3% 3%
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 0.16%.
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.
59

 

Developed Markets Index Fund
Financial Highlights
FTSE Developed Markets ETF Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2022
Year Ended December 31,
2021 2020 2019 2018 2017
Net Asset Value, Beginning of Period $51.14 $47.36 $43.98 $37.20 $44.83 $36.51
Investment Operations            
Net Investment Income1 .909 1.370 .982 1.289 1.291 1.166
Net Realized and Unrealized Gain (Loss) on Investments (10.746) 4.024 3.363 6.831 (7.677) 8.397
Total from Investment Operations (9.837) 5.394 4.345 8.120 (6.386) 9.563
Distributions            
Dividends from Net Investment Income (.613) (1.614) (.965) (1.340) (1.244) (1.243)
Distributions from Realized Capital Gains
Total Distributions (.613) (1.614) (.965) (1.340) (1.244) (1.243)
Net Asset Value, End of Period $40.69 $51.14 $47.36 $43.98 $37.20 $44.83
Total Return -19.26% 11.49% 10.29% 22.08% -14.47% 26.44%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $91,368 $110,103 $87,578 $78,752 $65,139 $68,406
Ratio of Total Expenses to Average Net Assets 0.05%2 0.05% 0.05% 0.05% 0.05% 0.07%
Ratio of Net Investment Income to Average Net Assets 3.84% 2.69% 2.43% 3.13% 3.00% 2.81%
Portfolio Turnover Rate3 2% 3% 3% 2% 3% 3%
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 0.05%.
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.
60

 

Developed Markets Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2022
Year Ended December 31,
2021 2020 2019 2018 2017
Net Asset Value, Beginning of Period $16.44 $15.23 $14.14 $11.96 $14.41 $11.74
Investment Operations            
Net Investment Income1 .291 .438 .313 .410 .412 .375
Net Realized and Unrealized Gain (Loss) on Investments (3.455) 1.287 1.085 2.198 (2.464) 2.695
Total from Investment Operations (3.164) 1.725 1.398 2.608 (2.052) 3.070
Distributions            
Dividends from Net Investment Income (.196) (.515) (.308) (.428) (.398) (.400)
Distributions from Realized Capital Gains
Total Distributions (.196) (.515) (.308) (.428) (.398) (.400)
Net Asset Value, End of Period $13.08 $16.44 $15.23 $14.14 $11.96 $14.41
Total Return2 -19.26% 11.43% 10.26% 22.05% -14.46% 26.40%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $20,679 $24,782 $21,207 $20,143 $15,209 $15,180
Ratio of Total Expenses to Average Net Assets 0.07%3 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 3.82% 2.68% 2.41% 3.10% 2.98% 2.81%
Portfolio Turnover Rate4 2% 3% 3% 2% 3% 3%
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 0.07%.
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.
61

 

Developed Markets Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2022
Year Ended December 31,
2021 2020 2019 2018 2017
Net Asset Value, Beginning of Period $16.46 $15.25 $14.16 $11.97 $14.43 $11.75
Investment Operations            
Net Investment Income1 .293 .442 .315 .417 .416 .379
Net Realized and Unrealized Gain (Loss) on Investments (3.456) 1.287 1.086 2.205 (2.475) 2.701
Total from Investment Operations (3.163) 1.729 1.401 2.622 (2.059) 3.080
Distributions            
Dividends from Net Investment Income (.197) (.519) (.311) (.432) (.401) (.400)
Distributions from Realized Capital Gains
Total Distributions (.197) (.519) (.311) (.432) (.401) (.400)
Net Asset Value, End of Period $13.10 $16.46 $15.25 $14.16 $11.97 $14.43
Total Return -19.23% 11.44% 10.27% 22.14% -14.49% 26.46%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $12,804 $15,219 $14,020 $12,449 $10,361 $11,998
Ratio of Total Expenses to Average Net Assets 0.05%2 0.05% 0.05% 0.05% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 3.84% 2.70% 2.42% 3.15% 3.00% 2.82%
Portfolio Turnover Rate3 2% 3% 3% 2% 3% 3%
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 0.05%.
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.
62

 

Developed Markets Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2022
Year Ended December 31,
2021 2020 2019 2018 2017
Net Asset Value, Beginning of Period $25.73 $23.83 $22.13 $18.72 $22.56 $18.37
Investment Operations            
Net Investment Income1 .457 .693 .495 .647 .643 .597
Net Realized and Unrealized Gain (Loss) on Investments (5.407) 2.022 1.693 3.439 (3.855) 4.223
Total from Investment Operations (4.950) 2.715 2.188 4.086 (3.212) 4.820
Distributions            
Dividends from Net Investment Income (.310) (.815) (.488) (.676) (.628) (.630)
Distributions from Realized Capital Gains
Total Distributions (.310) (.815) (.488) (.676) (.628) (.630)
Net Asset Value, End of Period $20.47 $25.73 $23.83 $22.13 $18.72 $22.56
Total Return -19.25% 11.49% 10.27% 22.07% -14.45% 26.49%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $13,444 $16,866 $15,531 $13,790 $9,265 $10,102
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04% 0.04% 0.04% 0.04% 0.05%
Ratio of Net Investment Income to Average Net Assets 3.84% 2.71% 2.43% 3.12% 3.01% 2.83%
Portfolio Turnover Rate3 2% 3% 3% 2% 3% 3%
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 0.04%.
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.
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Developed Markets Index Fund
Notes to Financial Statements
Vanguard Developed Markets Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor 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, known as Vanguard FTSE Developed Markets ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. 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.
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 at their fair values calculated according to procedures adopted 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.
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.
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Developed Markets Index Fund
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 June 30, 2022, 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 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.
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Developed Markets Index Fund
During the six months ended June 30, 2022, the fund’s average investment in forward currency contracts represented 2% 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 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.
8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 overnight bank funding rate, or the Daily Simple
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Developed Markets Index Fund
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 June 30, 2022, 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. 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. Such tax reclaims received and related professional fees incurred during the year, if any, are included in dividend income and professional services, respectively. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
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.
B. 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 June 30, 2022, the fund had contributed to Vanguard capital in the amount of $5,525,000, representing less than 0.01% of the fund’s net assets and 2.21% of Vanguard’s
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Developed Markets Index Fund
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 June 30, 2022, custodian fee offset arrangements reduced the fund’s expenses by $1,000 (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.).
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 June 30, 2022, 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 14,281,996 65,579 14,347,575
Common Stocks—Other 31,855 122,302,675 17,396 122,351,926
Temporary Cash Investments 3,843,106 3,843,106
Total 18,156,957 122,368,254 17,396 140,542,607
Derivative Financial Instruments        
Assets        
Forward Currency Contracts 3,287 3,287
Liabilities        
Futures Contracts1 40,719 40,719
Forward Currency Contracts 53,350 53,350
Total 40,719 53,350 94,069
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.
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Developed Markets Index Fund
E. At June 30, 2022, 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—Forward Currency Contracts 3,287 3,287
Total Assets 3,287 3,287
       
Unrealized Depreciation—Futures Contracts1 40,719 40,719
Unrealized Depreciation—Forward Currency Contracts 53,350 53,350
Total Liabilities 40,719 53,350 94,069
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 June 30, 2022, were:
Realized Net Gain (Loss) on Derivatives Equity
Contracts
($000)
Foreign
Exchange
Contracts
($000)
Total
($000)
Futures Contracts (162,226) (162,226)
Forward Currency Contracts (71,650) (71,650)
Realized Net Gain (Loss) on Derivatives (162,226) (71,650) (233,876)
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts (65,189) (65,189)
Forward Currency Contracts (54,524) (54,524)
Change in Unrealized Appreciation (Depreciation) on Derivatives (65,189) (54,524) (119,713)
F. As of June 30, 2022, 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 138,636,852
Gross Unrealized Appreciation 22,544,343
Gross Unrealized Depreciation (20,729,370)
Net Unrealized Appreciation (Depreciation) 1,814,973
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2021, the fund had available capital losses totaling $3,577,062,000 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 December 31, 2022; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
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Developed Markets Index Fund
G. During the six months ended June 30, 2022, the fund purchased $10,639,617,000 of investment securities and sold $3,921,258,000 of investment securities, other than temporary cash investments. Purchases and sales include $4,150,182,000 and $868,542,000, 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
June 30, 2022
  Year Ended
December 31, 2021
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 1,416 122   8,102 645
Issued in Lieu of Cash Distributions 302 29   1,404 112
Redeemed (11,631) (933)   (26,172) (2,048)
Net Increase (Decrease)—Investor Shares (9,913) (782)   (16,666) (1,291)
ETF Shares          
Issued 4,517,417 92,593   15,456,013 303,914
Issued in Lieu of Cash Distributions  
Redeemed  
Net Increase (Decrease)—ETF Shares 4,517,417 92,593   15,456,013 303,914
Admiral Shares          
Issued 3,453,974 231,459   5,398,666 330,877
Issued in Lieu of Cash Distributions 240,105 18,143   592,710 36,704
Redeemed (2,603,686) (176,125)   (4,127,332) (252,978)
Net Increase (Decrease)—Admiral Shares 1,090,393 73,477   1,864,044 114,603
Institutional Shares          
Issued 2,488,386 166,216   3,635,178 223,000
Issued in Lieu of Cash Distributions 173,557 13,094   436,044 26,962
Redeemed (1,910,107) (126,193)   (4,023,560) (245,046)
Net Increase (Decrease)—Institutional Shares 751,836 53,117   47,662 4,916
Institutional Plus Shares          
Issued 2,456,459 102,369   4,068,197 157,723
Issued in Lieu of Cash Distributions 187,622 9,039   498,151 19,715
Redeemed (2,615,098) (110,190)   (4,460,166) (173,701)
Net Increase (Decrease)—Institutional Plus Shares 28,983 1,218   106,182 3,737
I. Management has determined that no events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in these financial statements.
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Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Developed Markets Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision 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 monthly 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 the portfolio’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 arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s 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 arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.
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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 fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
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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 Tax-Managed Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Developed Markets Index Fund's Program 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, 2021, through December 31, 2021 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
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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.
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U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.
Q1272 082022