Semiannual Report   |   April 30, 2022
Vanguard FTSE International Index Funds
Vanguard FTSE All-World ex-US Index Fund
Vanguard FTSE All-World ex-US Small-Cap Index Fund

 

Contents
About Your Fund’s Expenses
 1
FTSE All-World ex-US Index Fund
 3
FTSE All-World ex-US Small-Cap Index Fund
 77
Trustees Approve Advisory Arrangements
 167
Liquidity Risk Management
 169

 

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

 

Six Months Ended April 30, 2022      
  Beginning
Account Value
10/31/2021 		Ending
Account Value
4/30/2022 		Expenses
Paid During
Period
Based on Actual Fund Return      
FTSE All-World ex-US Index Fund      
ETF Shares $1,000.00 $877.60 $0.33
Admiral™ Shares 1,000.00 877.40 0.51
Institutional Shares 1,000.00 877.60 0.37
Institutional Plus Shares 1,000.00 877.60 0.28
FTSE All-World ex-US Small-Cap Index Fund      
ETF Shares $1,000.00 $853.20 $0.32
Admiral Shares 1,000.00 852.70 0.73
Institutional Shares 1,000.00 853.00 0.51
Based on Hypothetical 5% Yearly Return      
FTSE All-World ex-US Index Fund      
ETF Shares $1,000.00 $1,024.45 $0.35
Admiral Shares 1,000.00 1,024.25 0.55
Institutional Shares 1,000.00 1,024.40 0.40
Institutional Plus Shares 1,000.00 1,024.50 0.30
FTSE All-World ex-US Small-Cap Index Fund      
ETF Shares $1,000.00 $1,024.45 $0.35
Admiral Shares 1,000.00 1,024.00 0.80
Institutional Shares 1,000.00 1,024.25 0.55
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the FTSE All-World ex-US Index Fund, 0.07% for ETF Shares, 0.11% for Admiral Shares, 0.08% for Institutional Shares and 0.06% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.07% for ETF Shares, 0.16% for Admiral Shares and 0.11% for Institutional Shares. The dollar amounts shown as “Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

FTSE All-World ex-US Index Fund
Fund Allocation
As of April 30, 2022
Japan 15.0%
United Kingdom 10.1
China 8.4
Canada 6.9
France 6.5
Switzerland 6.4
Australia 5.5
Germany 5.0
Taiwan 4.4
India 4.2
South Korea 3.5
Netherlands 2.6
Sweden 2.1
Hong Kong 2.1
Brazil 1.7
Denmark 1.6
Italy 1.5
Spain 1.5
Saudi Arabia 1.5
South Africa 1.1
Other 8.4
The table reflects the fund’s investments, except for short-term investments and derivatives.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
3

 

FTSE All-World ex-US Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value•

($000)
Common Stocks (99.2%)
Australia (5.5%)
  BHP Group Ltd.     9,705,185    324,303
  Commonwealth Bank of Australia     3,298,528    239,749
  CSL Ltd.       925,201    176,575
  National Australia Bank Ltd.     6,293,287    143,668
  Westpac Banking Corp.     6,767,523    113,288
  Australia & New Zealand Banking Group Ltd.     5,465,325    104,001
  Macquarie Group Ltd.       659,957     95,009
  Wesfarmers Ltd.     2,198,889     76,088
  Woolworths Group Ltd.     2,353,414     63,667
  Transurban Group (XASX)     5,904,423     59,290
  Goodman Group     3,538,735     58,898
  Rio Tinto Ltd.       715,747     56,618
  Fortescue Metals Group Ltd.     3,085,616     46,633
  Woodside Petroleum Ltd.     1,872,043     40,728
  Amcor plc GDR     2,980,382     35,335
  Santos Ltd.     5,970,646     33,364
  Coles Group Ltd.     2,479,688     32,605
  Newcrest Mining Ltd.     1,731,405     32,515
  South32 Ltd.     9,122,000     30,379
  Aristocrat Leisure Ltd.     1,291,005     29,954
  James Hardie Industries plc GDR       873,038     25,168
  QBE Insurance Group Ltd.     2,875,475     24,808
  Sonic Healthcare Ltd.       939,357     24,260
  Telstra Corp. Ltd.     8,120,793     23,052
  ASX Ltd.       379,811     22,963
  Scentre Group    10,200,247     21,252
  Brambles Ltd.     2,819,610     20,821
  Cochlear Ltd.       125,594     20,229
  Suncorp Group Ltd.     2,510,819     20,159
  Ramsay Health Care Ltd.       342,791     19,452
    Shares Market
Value•

($000)
  Computershare Ltd. (XASX)     1,067,944     18,828
  APA Group     2,311,157     18,570
  Dexus (XASX)     2,164,890     16,926
  Origin Energy Ltd.     3,456,414     16,533
* Xero Ltd.       244,392     16,116
  Tabcorp Holdings Ltd.     4,098,040     15,672
  Insurance Australia Group Ltd.     4,821,422     15,396
  Northern Star Resources Ltd.     2,219,857     15,259
  BlueScope Steel Ltd.       990,528     14,081
  GPT Group     3,879,433     13,791
  Stockland     4,757,073     13,769
  Mirvac Group     7,854,450     13,275
  SEEK Ltd.       670,337     13,136
  Endeavour Group Ltd.     2,375,555     13,004
  Medibank Pvt Ltd.     5,442,351     12,230
  Lendlease Corp. Ltd.     1,364,748     11,691
  Treasury Wine Estates Ltd.     1,424,068     11,267
  Ampol Ltd.       470,533     11,063
  OZ Minerals Ltd.       626,411     10,873
  Mineral Resources Ltd.       267,131     10,854
  IGO Ltd.     1,161,089     10,557
  Incitec Pivot Ltd.     3,863,379     10,420
* Lynas Rare Earths Ltd.     1,655,712     10,390
  Charter Hall Group       933,014     10,027
  Vicinity Centres     7,570,543      9,878
  Aurizon Holdings Ltd.     3,430,163      9,687
  Evolution Mining Ltd.     3,347,316      9,472
* Pilbara Minerals Ltd.     4,875,668      9,457
  Atlas Arteria Ltd.     1,922,417      9,339
  Orica Ltd.       807,476      9,279
  Washington H Soul Pattinson & Co. Ltd.       467,989      9,119
* Allkem Ltd.     1,093,154      9,111
  WiseTech Global Ltd.       271,889      8,429
  JB Hi-Fi Ltd.       224,923      8,330
  REA Group Ltd.        92,234      8,263
4

 

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

($000)
  Bendigo & Adelaide Bank Ltd.     1,090,563      8,131
  ALS Ltd.       893,280      8,089
  AGL Energy Ltd.     1,195,581      7,268
  carsales.com Ltd.       488,590      7,213
* NEXTDC Ltd.       908,328      7,052
  Challenger Ltd.     1,353,307      6,847
  Bank of Queensland Ltd.     1,199,020      6,803
  Worley Ltd.       697,296      6,781
  IDP Education Ltd.       358,931      6,659
  Alumina Ltd.     5,032,132      6,335
  Domino's Pizza Enterprises Ltd.       119,373      6,258
  Metcash Ltd.     1,854,366      6,225
  Iluka Resources Ltd.       779,446      6,105
  Reece Ltd.       501,474      6,093
* Crown Resorts Ltd.       661,489      5,989
  Qube Holdings Ltd.     2,777,741      5,740
  Cleanaway Waste Management Ltd.     2,530,104      5,671
  Whitehaven Coal Ltd.     1,635,781      5,617
* Qantas Airways Ltd.     1,379,821      5,347
* AMP Ltd.     6,257,731      5,056
  Downer EDI Ltd.     1,301,549      5,036
  Altium Ltd.       208,739      4,702
  Orora Ltd.     1,652,125      4,630
  Ansell Ltd.       239,453      4,586
  Sims Ltd.       307,221      4,442
  Shopping Centres Australasia Property Group     2,002,391      4,286
*,1 Flight Centre Travel Group Ltd.       266,407      4,160
  Harvey Norman Holdings Ltd.     1,107,537      3,945
  CSR Ltd.       897,918      3,845
  Beach Energy Ltd.     3,240,394      3,694
  Seven Group Holdings Ltd.       262,100      3,657
* Star Entertainment Grp Ltd.     1,593,026      3,519
1 Magellan Financial Group Ltd.       264,965      2,998
  Insignia Financial Ltd.     1,183,748      2,846
  TPG Telecom Ltd.       687,085      2,817
  Nufarm Ltd.       608,767      2,739
  Deterra Royalties Ltd.       756,601      2,563
  Pro Medicus Ltd.        75,540      2,470
  Perpetual Ltd.       101,810      2,341
  Boral Ltd.       846,863      2,113
  Adbri Ltd.       856,505      1,748
  Domain Holdings Australia Ltd.       441,845      1,076
  Appen Ltd.       202,402        925
  Platinum Asset Management Ltd.       639,302        837
*,2 Bgp Holdings plc     3,738,510         13
       2,644,190
Austria (0.1%)
  Erste Group Bank AG       599,307     18,660
  OMV AG       275,608     14,089
  Verbund AG       130,835     13,985
  ANDRITZ AG       139,902      5,947
    Shares Market
Value•

($000)
  voestalpine AG       214,927      5,593
  Raiffeisen Bank International AG       244,323      2,781
  Telekom Austria AG Class A       289,070      2,061
          63,116
Belgium (0.6%)
  Anheuser-Busch InBev SA     1,659,535     95,489
  KBC Group NV       532,853     36,251
* Argenx SE        99,708     28,727
  UCB SA       236,205     26,850
  Groupe Bruxelles Lambert SA       198,567     18,737
  Ageas SA       349,032     16,702
  Umicore SA       401,310     15,428
  Solvay SA       138,119     12,988
  Elia Group SA        69,515     11,065
  Warehouses De Pauw CVA       259,499      9,983
  Sofina SA        28,505      8,736
  Ackermans & van Haaren NV        41,601      7,416
  D'ieteren Group        42,863      6,880
  Proximus SADP       282,496      4,937
  Etablissements Franz Colruyt NV        98,628      3,622
  Telenet Group Holding NV        82,754      2,466
         306,277
Brazil (1.7%)
  Vale SA     5,378,525     90,611
  Vale SA Class B ADR     2,577,301     43,531
  Petroleo Brasileiro SA ADR     3,036,130     37,253
  Petroleo Brasileiro SA Preference Shares     5,451,127     33,386
  B3 SA - Brasil Bolsa Balcao    11,761,170     31,639
  Petroleo Brasileiro SA     4,375,999     29,598
  Itau Unibanco Holding SA ADR     6,163,038     29,521
  Banco Bradesco SA ADR     6,544,198     23,559
  JBS SA     2,757,171     21,108
  Weg SA     2,868,280     17,463
  Itau Unibanco Holding SA Preference Shares     3,567,382     17,224
  Itausa SA Preference Shares     9,208,014     17,153
  Petroleo Brasileiro SA ADR (XNYS)     1,060,141     14,386
  Ambev SA     4,767,054     14,000
  Suzano SA     1,394,872     13,997
3 Hapvida Participacoes e Investimentos SA     7,714,947     13,685
  Banco Bradesco SA Preference Shares     3,711,746     13,499
  Localiza Rent a Car SA     1,136,814     12,173
 
5

 

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

($000)
  Banco Do Brasil SA     1,660,439     11,157
  Ambev SA ADR     3,678,000     10,703
  Equatorial Energia SA     1,970,819     10,221
  Cosan SA     2,394,408     10,171
  Banco BTG Pactual SA (BVMF)     2,111,052      9,859
  Centrais Eletricas Brasileiras SA     1,202,968      9,850
  Vibra Energia SA     2,235,653      9,550
  Lojas Renner SA     1,865,758      8,963
  Raia Drogasil SA     2,056,600      8,707
  Rumo SA     2,401,905      7,953
  Banco Bradesco SA     2,547,502      7,683
* Petro Rio SA     1,308,600      7,067
  Natura & Co. Holding SA     1,840,923      6,922
3 Rede D'Or Sao Luiz SA       918,776      6,826
  Totvs SA     1,037,491      6,709
  BB Seguridade Participacoes SA     1,276,060      6,564
  Telefonica Brasil SA       602,655      6,484
  Klabin SA     1,524,580      6,396
  Gerdau SA ADR     1,073,497      6,087
  Americanas SA     1,252,495      6,080
  Gerdau SA Preference Shares     1,073,780      6,075
  Cia de Saneamento Basico do Estado de Sao Paulo       659,785      5,943
  Magazine Luiza SA     5,792,015      5,717
  Hypera SA       753,194      5,701
  CCR SA     2,207,651      5,542
* BRF SA     1,923,994      5,285
* Eneva SA     1,799,400      4,994
  Banco Santander Brasil SA       732,653      4,705
  Ultrapar Participacoes SA     1,771,592      4,683
  Energisa SA       485,224      4,676
  Centrais Eletricas Brasileiras SA Preference Shares       547,776      4,449
  Sul America SA       769,368      4,133
  Transmissora Alianca de Energia Eletrica SA       463,356      4,122
* Embraer SA     1,399,152      4,021
  TIM SA     1,379,530      3,761
  Cia Energetica de Minas Gerais Preference Shares     1,188,626      3,527
  Raizen SA Preference Shares     2,381,041      3,323
  Metalurgica Gerdau SA Preference Shares     1,426,800      3,278
  Cia de Locacao das Americas       648,400      3,090
  Bradespar SA Preference Shares       508,490      3,012
    Shares Market
Value•

($000)
* BR Malls Participacoes SA     1,556,578      2,988
  Sao Martinho SA       313,300      2,941
  Sendas Distribuidora SA       951,210      2,940
  Cia Siderurgica Nacional SA       659,951      2,813
  Engie Brasil Energia SA       323,610      2,743
  CPFL Energia SA       359,200      2,626
  Marfrig Global Foods SA       684,000      2,594
* Azul SA Preference Shares       555,426      2,468
1 Telefonica Brasil SA ADR       232,429      2,464
  Multiplan Empreendimentos Imobiliarios SA       487,917      2,433
1 Cia Siderurgica Nacional SA ADR       577,080      2,429
3 GPS Participacoes e Empreendimentos SA       785,700      2,381
  EDP - Energias do Brasil SA       533,657      2,286
  Itau Unibanco Holding SA       538,479      2,187
  Usinas Siderurgicas De Minas Gerais SAUsiminas Preference Shares       879,900      2,013
  Atacadao SA       481,012      2,001
  Cia de Transmissao de Energia Eletrica Paulista Preference Shares       392,396      1,997
1 Cia Paranaense de Energia ADR       273,148      1,983
  Cia Energetica de Minas Gerais       503,415      1,950
* Via SA     3,176,543      1,908
  Cia Energetica de Minas Gerais ADR       628,957      1,906
* GRUPO DE MODA SOMA SA       775,100      1,894
  Cia Paranaense de Energia Preference Shares     1,234,700      1,858
3 Banco Inter SA Preference Shares     1,747,395      1,848
  Braskem SA Preference Shares       224,200      1,824
  YDUQS Part       557,692      1,818
1 Sendas Distribuidora SA ADR       107,761      1,679
  Neoenergia SA       441,400      1,677
  Cyrela Brazil Realty SA Empreendimentos e Participacoes       573,800      1,642
  Auren Energia SA       531,484      1,576
  Cielo SA     2,133,076      1,467
  Dexco SA       562,320      1,464
 
6

 

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

($000)
  Porto Seguro SA       337,624      1,390
  Unipar Carbocloro SA Preference Shares        68,420      1,329
  Caixa Seguridade Participacoes SA       807,700      1,281
  Alpargatas SA Preference Shares       317,100      1,257
  Grendene SA       625,200      1,195
  Banco Pan SA Preference Shares       625,200      1,184
  M Dias Branco SA       247,086      1,183
*,3 Locaweb Servicos de Internet SA       797,200      1,156
  CSN Mineracao SA     1,092,500      1,149
  Braskem SA ADR        68,298      1,117
  Odontoprev SA       535,480      1,099
  SIMPAR SA       441,300      1,042
  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA       376,400      1,040
  Banco Inter SA       820,053        846
* Grupo Mateus SA       809,900        775
  Cia Brasileira de Distribuicao       185,342        762
  Usinas Siderurgicas de Minas Gerais SA Usiminas       350,700        746
* Smartfit Escola de Ginastica e Danca SA       202,000        733
  Cia Paranaense de Energia       527,080        695
1 Cia Brasileira de Distribuicao ADR       127,955        535
  Armac Locacao Logistica E Servicos SA       143,356        430
  TIM SA ADR        31,251        426
*,1 BRF SA ADR       133,815        375
  Getnet Adquirencia e Servicos para Meios de Pagamento SA       169,234        114
  Bradespar SA        19,700        107
         818,539
Canada (6.9%)
  Royal Bank of Canada     2,740,857    276,827
1 Toronto-Dominion Bank     3,509,124    253,463
  Enbridge Inc.     3,851,117    168,056
  Bank of Nova Scotia     2,332,042    147,676
  Canadian Natural Resources Ltd.     2,259,691    139,858
1 Bank of Montreal     1,284,077    136,149
  Canadian National Railway Co.     1,147,557    134,957
  Canadian Pacific Railway Ltd. (XTSE)     1,802,492    131,849
  Brookfield Asset Management Inc. Class A     2,589,405    129,163
  Nutrien Ltd.     1,109,302    109,009
  Suncor Energy Inc.     2,796,505    100,527
    Shares Market
Value•

($000)
  TC Energy Corp.     1,887,658     99,845
  Canadian Imperial Bank of Commerce       847,246     93,664
* Shopify Inc. Class A       213,601     91,371
  Manulife Financial Corp.     3,726,329     72,865
  Waste Connections Inc.       511,813     70,610
  Alimentation Couche Tard Inc.     1,539,898     68,553
  Constellation Software Inc.        37,040     58,296
  Sun Life Financial Inc.     1,125,137     55,974
  Franco-Nevada Corp.       369,585     55,893
  Barrick Gold Corp. (XLON)     2,418,772     53,943
  Agnico Eagle Mines Ltd.       875,783     50,980
  National Bank of Canada       651,465     45,498
  Cenovus Energy Inc.     2,458,867     45,458
  Fortis Inc. (XTSE)       913,891     44,469
  Pembina Pipeline Corp.     1,068,943     40,448
  Wheaton Precious Metals Corp.       877,165     39,316
  Intact Financial Corp.       278,606     38,976
  Rogers Communications Inc. Class B       688,017     37,479
  Teck Resources Ltd. Class B       902,328     35,597
  Restaurant Brands International Inc. (XTSE)       594,058     33,938
* CGI Inc.       425,235     33,909
  Magna International Inc.       548,101     33,032
  Thomson Reuters Corp.       322,690     32,263
  Dollarama Inc.       573,071     31,860
  Power Corp. of Canada     1,047,865     30,833
  BCE Inc.       578,997     30,783
  Loblaw Cos. Ltd.       315,389     28,849
  Metro Inc.       483,784     26,591
  Shaw Communications Inc. Class B       827,964     24,659
  Fairfax Financial Holdings Ltd.        44,119     24,242
  Barrick Gold Corp.     1,025,962     23,078
  TELUS Corp.       880,108     22,019
  Imperial Oil Ltd.       419,945     21,144
  George Weston Ltd.       143,097     17,802
3 Hydro One Ltd.       631,206     17,064
  Canadian Tire Corp. Ltd. Class A       113,364     15,615
  Great-West Lifeco Inc.       499,393     13,777
* Bausch Health Cos. Inc.       614,225     11,671
  Saputo Inc.       471,685     10,083
  Canadian Utilities Ltd. Class A       235,015      7,065
 
7

 

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

($000)
  IGM Financial Inc.       154,365      4,892
* Shopify Inc. Class A (XTSE)         5,259      2,245
  Enbridge Inc. (XTSE)        30,400      1,327
       3,325,510
Chile (0.2%)
  Sociedad Quimica y Minera de Chile SA Class B Preference Shares       141,988     10,540
1 Sociedad Quimica y Minera de Chile SA ADR       128,913      9,514
  Banco De Chile    87,769,407      8,764
  Empresas COPEC SA       911,749      6,704
  Banco Santander Chile ADR       253,042      4,919
  Falabella SA     1,469,814      4,128
  Cencosud SA     2,474,211      3,960
  Cia Sud Americana de Vapores SA    32,821,680      3,710
  Empresas CMPC SA     2,257,084      3,364
  Banco de Credito e Inversiones SA        91,576      2,834
1 Enel Americas SA ADR       408,506      2,173
  Quimica Y Minera Chile A        27,652      1,937
  Enel Americas SA    17,568,281      1,840
  Cia Cervecerias Unidas SA       250,001      1,671
  CAP SA       134,720      1,671
  Itau CorpBanca Chile SA   685,155,966      1,398
  Embotelladora Andina SA Preference Shares       687,024      1,249
  Banco Santander Chile SA    25,843,539      1,244
  Quinenco SA       372,707      1,023
  Colbun SA    13,117,670        937
  Cencosud Shopping SA       876,636        894
  Enel Chile SA    30,780,956        812
  Plaza SA       540,607        502
1 Enel Chile SA ADR       291,605        391
          76,179
China (8.4%)
  Tencent Holdings Ltd.    11,621,804    547,676
* Alibaba Group Holding Ltd.    27,507,540    335,528
*,3 Meituan Class B     7,546,118    161,686
  China Construction Bank Corp. Class H   175,765,517    125,215
  Industrial & Commercial Bank of China Ltd. Class H   155,600,655     93,797
* JD.com Inc. Class A     3,006,913     93,751
  Ping An Insurance Group Co. of China Ltd. Class H    11,294,862     71,392
    Shares Market
Value•

($000)
* Baidu Inc. Class A     4,301,862     68,588
  Bank of China Ltd. Class H   145,755,284     57,192
  NetEase Inc.     2,883,882     55,242
*,3 Wuxi Biologics Cayman Inc.     6,386,112     47,135
  Kweichow Moutai Co. Ltd. Class A       169,725     46,993
  China Merchants Bank Co. Ltd. Class H     7,669,341     46,225
  BYD Co. Ltd. Class H     1,546,655     45,010
* NIO Inc. ADR     2,500,191     41,753
*,3 Xiaomi Corp. Class B    25,771,568     39,233
  Li Ning Co. Ltd.     4,418,302     34,437
  China Mengniu Dairy Co. Ltd.     6,067,504     32,746
* Pinduoduo Inc. ADR       720,607     31,051
  China Petroleum and Chemical Corp. (Sinopec) Class H    52,156,731     25,529
  ANTA Sports Products Ltd.     2,202,273     25,310
*,3 Kuaishou Technology     3,040,100     24,825
* Trip.com Group Ltd. ADR     1,023,157     24,198
  China Resources Land Ltd.     5,395,316     24,097
  China Overseas Land & Investment Ltd.     7,568,629     23,382
  China Shenhua Energy Co. Ltd. Class H     7,297,860     23,316
* XPeng Inc. Class A ADR       921,927     22,689
  Agricultural Bank of China Ltd. Class H    57,191,835     21,450
  China Life Insurance Co. Ltd. Class H    14,250,183     20,708
  Shenzhou International Group Holdings Ltd.     1,474,449     20,007
  ENN Energy Holdings Ltd.     1,485,218     19,895
  Contemporary Amperex Technology Co. Ltd. Class A       314,597     19,233
  PetroChina Co. Ltd. Class H    39,918,969     18,949
  China Resources Beer Holdings Co. Ltd.     3,161,630     18,571
  Sunny Optical Technology Group Co. Ltd.     1,272,418     18,544
3 Longfor Group Holdings Ltd.     3,626,835     17,962
* Li Auto Inc. ADR       775,228     17,388
3 Nongfu Spring Co. Ltd. Class H     3,261,800     17,261
  CSPC Pharmaceutical Group Ltd.    16,602,869     16,974
 
8

 

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

($000)
  Geely Automobile Holdings Ltd.    10,369,097     16,033
  Zijin Mining Group Co. Ltd. Class H    10,646,882     15,503
  Haier Smart Home Co. Ltd. Class H     4,282,901     15,131
  Country Garden Services Holdings Co. Ltd.     3,469,701     14,624
  China Merchants Bank Co. Ltd. Class A     2,367,151     14,268
3 Postal Savings Bank of China Co. Ltd. Class H    18,467,351     14,002
  Anhui Conch Cement Co. Ltd. Class H     2,528,437     13,740
  PICC Property & Casualty Co. Ltd. Class H    13,326,470     13,631
* Kanzhun Ltd.       559,998     13,177
  Huazhu Group Ltd. ADR       427,428     12,925
  China Longyuan Power Group Corp. Ltd. Class H     6,672,086     12,869
  Wuliangye Yibin Co. Ltd. Class A       522,008     12,757
  CITIC Securities Co. Ltd. Class H     5,714,765     12,556
  Xinyi Solar Holdings Ltd.     8,328,220     12,379
  China Pacific Insurance Group Co. Ltd. Class H     5,461,825     12,109
  Ping An Insurance Group Co. of China Ltd. Class A     1,788,650     12,017
* Bilibili Inc. Class Z       488,023     11,883
  WuXi AppTec Co. Ltd. Class A       741,021     11,519
  Bank of Communications Ltd. Class H    16,247,099     11,306
3 China Tower Corp. Ltd. Class H    92,927,053     10,845
  BYD Co. Ltd. Class A       288,600     10,502
  Yanzhou Coal Mining Co. Ltd. Class H     3,706,861     10,458
  Country Garden Holdings Co.    14,953,793     10,343
* Kingdee International Software Group Co. Ltd.     5,045,303     10,295
  China National Building Material Co. Ltd. Class H     7,711,670     10,263
  Sino Biopharmaceutical Ltd.    19,562,718     10,261
* COSCO SHIPPING Holdings Co. Ltd. Class H     6,551,990     10,193
  Citic Pacific Ltd.     9,702,697     10,038
  China CITIC Bank Corp. Ltd. Class H    19,263,749      9,791
    Shares Market
Value•

($000)
  China Yangtze Power Co. Ltd. Class A     2,838,779      9,758
  China Vanke Co. Ltd. Class H     4,128,739      9,736
*,3 JD Health International Inc.     1,422,723      8,869
*,1 Didi Global Inc. ADR     4,709,865      8,855
  Zhongsheng Group Holdings Ltd.     1,305,104      8,624
  Industrial Bank Co. Ltd. Class A     2,786,600      8,594
  China Conch Venture Holdings Ltd.     3,280,915      8,520
  Tsingtao Brewery Co. Ltd. Class H     1,029,438      8,334
  Great Wall Motor Co. Ltd. Class H     5,921,192      8,292
*,3 Innovent Biologics Inc.     2,584,847      8,017
  Guangdong Investment Ltd.     5,956,664      7,627
  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A       156,265      7,389
  LONGi Green Energy Technology Co. Ltd. Class A       725,400      7,358
* Gds Holdings Ltd. Class A     1,808,527      7,264
  China Gas Holdings Ltd.     5,911,792      7,206
  China Tourism Group Duty Free Corp. Ltd. Class A       262,262      7,138
3 Smoore International Holdings Ltd.     3,397,350      7,105
  China Resources Power Holdings Co. Ltd.     3,763,843      7,077
  Agricultural Bank of China Ltd. Class A    15,230,200      7,059
  ZTO Express Cayman Inc.       254,091      6,994
  Hengan International Group Co. Ltd.     1,440,793      6,809
  Kingboard Holdings Ltd.     1,491,313      6,714
* Vipshop Holdings Ltd. ADR       868,736      6,655
  Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A       161,260      6,640
  China Resources Gas Group Ltd.     1,766,189      6,636
* Full Truck Alliance Co. Ltd. ADR     1,071,262      6,460
*,3 JD Logistics Inc.     3,117,317      6,424
* KE Holdings Inc. ADR       452,447      6,416
  Foshan Haitian Flavouring & Food Co. Ltd. Class A       509,891      6,271
  Luzhou Laojiao Co. Ltd. Class A       196,900      6,249
 
9

 

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

($000)
  Lufax Holding Ltd. ADR     1,097,454      6,091
  Kunlun Energy Co. Ltd.     7,331,356      6,084
  Ping An Bank Co. Ltd. Class A     2,621,200      6,059
3 CGN Power Co. Ltd. Class H    21,425,536      6,021
3 China International Capital Corp. Ltd. Class H     2,966,027      5,945
1,3 Pop Mart International Group Ltd.     1,312,600      5,939
  Sinopharm Group Co. Ltd. Class H     2,531,306      5,825
  Industrial & Commercial Bank of China Ltd. Class A     8,040,900      5,818
  East Money Information Co. Ltd. Class A     1,623,979      5,538
  China Railway Group Ltd. Class H     7,713,299      5,402
  Muyuan Foods Co. Ltd. Class A       681,237      5,346
  China Minsheng Banking Corp. Ltd. Class H    14,074,169      5,337
  China Hongqiao Group Ltd.     4,275,567      5,320
  China Construction Bank Corp. Class A     5,788,200      5,310
  Ganfeng Lithium Co. Ltd. Class A       319,200      5,294
  Kingsoft Corp. Ltd.     1,763,523      5,292
  China State Construction Engineering Corp. Ltd. Class A     5,567,829      5,287
  New China Life Insurance Co. Ltd. Class H     2,075,889      5,260
* Alibaba Health Information Technology Ltd.     9,320,719      5,252
  Weichai Power Co. Ltd. Class H     3,758,334      5,250
3 Fuyao Glass Industry Group Co. Ltd. Class H     1,280,765      5,233
  China Power International Development Ltd.    10,725,326      5,186
3 China Resources Mixc Lifestyle Services Ltd.     1,075,000      5,165
  Zijin Mining Group Co. Ltd. Class A     3,093,174      5,134
* Genscript Biotech Corp.     1,813,596      5,123
  Guangzhou Automobile Group Co. Ltd. Class H     6,038,058      5,120
    Shares Market
Value•

($000)
  Shanghai Pudong Development Bank Co. Ltd. Class A     4,184,333      5,085
  People's Insurance Co. Group of China Ltd. Class H    15,818,882      5,039
  Shandong Weigao Group Medical Polymer Co. Ltd. Class H     4,709,946      5,018
3 China Feihe Ltd.     5,231,745      4,974
  SF Holding Co. Ltd. Class A       636,495      4,923
  Inner Mongolia Yili Industrial Group Co. Ltd. Class A       839,600      4,880
* Tencent Music Entertainment Group ADR     1,145,442      4,868
3 Huatai Securities Co. Ltd. Class H     3,517,985      4,835
  Bank of Ningbo Co. Ltd. Class A       881,970      4,818
  Wanhua Chemical Group Co. Ltd. Class A       410,500      4,817
  Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A       197,000      4,716
* Zai Lab Ltd. ADR       114,495      4,575
  Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H     1,062,566      4,546
  China Merchants Port Holdings Co. Ltd.     2,600,229      4,539
  Huaneng Power International Inc. Class H     9,004,226      4,523
  Haitong Securities Co. Ltd. Class H     6,468,810      4,518
  Luxshare Precision Industry Co. Ltd. Class A       949,139      4,402
  Fosun International Ltd.     4,124,788      4,347
  Poly Developments and Holdings Group Co. Ltd. Class A     1,576,895      4,342
*,3 ZhongAn Online P&C Insurance Co. Ltd. Class H     1,248,196      4,292
  China Jinmao Holdings Group Ltd.    13,045,706      4,288
  China State Construction International Holdings Ltd.     3,235,767      4,176
  GF Securities Co. Ltd. Class H     3,327,997      4,160
3 Guotai Junan Securities Co. Ltd. Class H     3,220,131      4,155
  JOYY Inc. ADR       104,136      4,121
 
10

 

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

($000)
*,3 Hua Hong Semiconductor Ltd.     1,039,633      4,037
  CITIC Securities Co. Ltd. Class A     1,356,794      4,012
  Zhuzhou CRRC Times Electric Co. Ltd.     1,017,825      4,001
  Shanghai Baosight Software Co. Ltd. Class B     1,090,229      4,000
1,3 Haidilao International Holding Ltd.     2,048,237      3,976
  China Everbright International Ltd.     6,735,484      3,954
  Dongfeng Motor Group Co. Ltd. Class H     5,340,643      3,896
  China Coal Energy Co. Ltd. Class H     4,530,041      3,814
* Brilliance China Automotive Holdings Ltd.     5,101,410      3,811
  China Galaxy Securities Co. Ltd. Class H     6,990,117      3,802
  Jiangsu Hengrui Medicine Co. Ltd. Class A       851,818      3,795
  Aier Eye Hospital Group Co. Ltd. Class A       698,086      3,768
  360 DigiTech Inc. ADR       259,775      3,749
1,2 Sunac China Holdings Ltd.     6,343,141      3,702
  Bank of China Ltd. Class A     7,485,923      3,662
  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A        79,397      3,659
  NARI Technology Co. Ltd. Class A       752,380      3,617
  China Molybdenum Co. Ltd. Class H     7,263,984      3,612
* Aluminum Corp. of China Ltd. Class H     7,869,642      3,609
  Tongwei Co. Ltd. Class A       583,700      3,597
  Haier Smart Home Co. Ltd. Class A       916,196      3,565
  China Insurance International Holdings Co. Ltd.     3,075,672      3,516
  China Oilfield Services Ltd. Class H     3,398,706      3,479
  Anhui Gujing Distillery Co. Ltd. Class B       259,739      3,456
*,3 China Literature Ltd.       818,629      3,440
  China Resources Cement Holdings Ltd.     4,099,958      3,402
  Shandong Gold Mining Co. Ltd. Class A     1,160,763      3,382
    Shares Market
Value•

($000)
  Far East Horizon Ltd.     4,136,301      3,374
* COSCO SHIPPING Holdings Co. Ltd. Class A     1,547,480      3,342
* New Oriental Educatio Sp ADR       264,659      3,321
  CIFI Holdings Group Co. Ltd.     6,890,719      3,315
  Jiangxi Copper Co. Ltd. Class H     2,118,392      3,314
  China Medical System Holdings Ltd.     2,298,850      3,291
  Beijing Enterprises Holdings Ltd.       968,088      3,273
  Beijing Enterprises Water Group Ltd.    10,067,390      3,257
*,1 51job Inc. ADR        52,642      3,203
  Yunnan Energy New Material Co. Ltd. Class A       104,410      3,180
  SAIC Motor Corp. Ltd. Class A     1,309,915      3,147
  BYD Electronic International Co. Ltd.     1,576,091      3,142
  Pharmaron Beijing Co. Ltd. Class A       165,368      3,129
  Autohome Inc. ADR       105,472      3,066
  Chongqing Zhifei Biological Products Co. Ltd. Class A       212,200      3,030
  China Vanke Co. Ltd. Class A     1,028,600      3,022
  ZTE Corp. Class H     1,435,712      3,014
  Kingboard Laminates Holdings Ltd.     1,951,118      2,993
  Inner Mongolia Yitai Coal Co. Ltd. Class B     2,215,814      2,971
  Shenzhen Inovance Technology Co. Ltd. Class A       340,700      2,953
3 Hansoh Pharmaceutical Group Co. Ltd.     1,782,608      2,936
  Flat Glass Group Co. Ltd. Class H       807,649      2,888
3 Hygeia Healthcare Holdings Co. Ltd.       596,467      2,882
* RLX Technology Inc. ADR     1,403,541      2,849
* TAL Education Group ADR       834,008      2,827
3 WuXi AppTec Co. Ltd. Class H       207,398      2,821
* China Conch Environment Protection Holdings Ltd.     3,280,915      2,810
  JA Solar Technology Co. Ltd. Class A       230,000      2,807
  China Meidong Auto Holdings Ltd.       850,000      2,798
  Bank of Communications Co. Ltd. Class A     3,632,900      2,791
 
11

 

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

($000)
  CRRC Corp. Ltd. Class H     7,504,000      2,784
  Sany Heavy Industry Co. Ltd. Class A     1,117,000      2,779
* Tongcheng-Elong Holdings Ltd.     1,562,918      2,756
3 Yadea Group Holdings Ltd.     1,818,000      2,740
* Weibo Corp. ADR       118,130      2,734
  China Cinda Asset Management Co. Ltd. Class H    15,961,916      2,692
  China Everbright Bank Co. Ltd. Class A     5,499,326      2,652
  TravelSky Technology Ltd. Class H     1,744,759      2,635
  Shanghai Pharmaceuticals Holding Co. Ltd. Class H     1,627,419      2,631
  Haitian International Holdings Ltd.     1,061,947      2,614
  China Railway Group Ltd. Class A     2,432,818      2,608
  Greentown China Holdings Ltd.     1,481,797      2,602
  Nine Dragons Paper Holdings Ltd.     2,911,072      2,571
  Shaanxi Coal Industry Co. Ltd. Class A       985,600      2,567
* Air China Ltd. Class H     3,790,019      2,555
  NAURA Technology Group Co. Ltd. Class A        71,400      2,546
3 Topsports International Holdings Ltd.     3,321,209      2,540
  Yangzijiang Shipbuilding Holdings Ltd.     3,869,296      2,524
1,3 Jiumaojiu International Holdings Ltd.     1,146,000      2,521
  CRRC Corp. Ltd. Class A     3,301,600      2,520
  China Everbright Bank Co. Ltd. Class H     6,920,063      2,507
  Cosco Shipping Ports Ltd.     3,509,097      2,502
  Eve Energy Co. Ltd. Class A       254,464      2,491
  Tianjin Zhonghuan Semiconductor Co. Ltd. Class A       424,400      2,482
  Yihai International Holding Ltd.       877,418      2,470
  Jiangsu Expressway Co. Ltd. Class H     2,491,275      2,461
  Yuexiu Property Co. Ltd.     2,346,965      2,442
  Baoshan Iron & Steel Co. Ltd. Class A     2,506,900      2,440
    Shares Market
Value•

($000)
* China Three Gorges Renewables Group Co. Ltd. Class A     2,781,400      2,440
  AviChina Industry & Technology Co. Ltd. Class H     4,479,567      2,430
  BOE Technology Group Co. Ltd. Class B     5,113,637      2,428
  Hopson Development Holdings Ltd.     1,249,847      2,410
  Bosideng International Holdings Ltd.     4,810,931      2,400
3 China Merchants Securities Co. Ltd. Class H     2,307,313      2,386
  GoerTek Inc. Class A       446,920      2,352
*,3 Shanghai Junshi Biosciences Co. Ltd. Class H       331,343      2,352
  Anhui Conch Cement Co. Ltd. Class A       388,800      2,349
  China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A       979,996      2,329
  Shougang Fushan Resources Group Ltd.     6,200,303      2,317
3 Hangzhou Tigermed Consulting Co. Ltd. Class H       238,343      2,310
*,2,3 Evergrande Property Services Group Ltd.     7,876,000      2,309
*,1 China Southern Airlines Co. Ltd. Class H     4,129,237      2,306
  Bank of Nanjing Co. Ltd. Class A     1,305,765      2,286
  Unigroup Guoxin Microelectronics Co. Ltd. Class A        82,697      2,285
  China Northern Rare Earth Group High-Tech Co. Ltd. Class A       476,100      2,261
  China Shenhua Energy Co. Ltd. Class A       480,656      2,235
* Trina Solar Co. Ltd. Class A       294,444      2,233
  Zhejiang Expressway Co. Ltd. Class H     2,687,007      2,215
  China Minsheng Banking Corp. Ltd. Class A     3,900,600      2,186
  China Traditional Chinese Medicine Holdings Co. Ltd.     4,479,306      2,182
  Bank of Beijing Co. Ltd. Class A     3,127,000      2,162
  China National Nuclear Power Co. Ltd. Class A     1,993,800      2,137
 
12

 

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

($000)
  Bank of Shanghai Co. Ltd. Class A     2,166,891      2,127
  China Lesso Group Holdings Ltd.     1,695,883      2,121
  Beijing-Shanghai High Speed Railway Co. Ltd. Class A     3,042,590      2,111
  Shenwan Hongyuan Group Co. Ltd. Class A     3,395,431      2,093
* Alibaba Pictures Group Ltd.    24,632,294      2,078
  Guangdong Haid Group Co. Ltd. Class A       222,408      2,073
  Haitong Securities Co. Ltd. Class A     1,514,826      2,064
  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B     2,253,034      2,060
  China Pacific Insurance Group Co. Ltd. Class A       656,000      2,057
  Xinjiang Goldwind Science & Technology Co. Ltd. Class H     1,418,261      2,016
  China Communications Services Corp. Ltd. Class H     4,417,205      2,012
  Huaxia Bank Co. Ltd. Class A     2,432,398      2,005
  AECC Aviation Power Co. Ltd. Class A       351,600      2,002
* iQIYI Inc. ADR       555,076      1,976
  Zhejiang Huayou Cobalt Co. Ltd. Class A       158,500      1,958
3 Dali Foods Group Co. Ltd.     3,837,757      1,953
  China Life Insurance Co. Ltd. Class A       507,500      1,946
  Sungrow Power Supply Co. Ltd. Class A       205,400      1,943
  China Petroleum & Chemical Corp. Class A     2,951,500      1,933
  Henan Shuanghui Investment & Development Co. Ltd. Class A       428,000      1,923
  ZTE Corp. Class A       525,479      1,908
  Iflytek Co. Ltd. Class A       340,300      1,890
  China United Network Communications Ltd. Class A     3,543,700      1,888
  Walvax Biotechnology Co. Ltd. Class A       233,200      1,873
  Will Semiconductor Co. Ltd. Shanghai Class A        82,796      1,867
    Shares Market
Value•

($000)
  Shenzhen International Holdings Ltd.     1,733,160      1,856
* Beijing Capital International Airport Co. Ltd. Class H     3,385,292      1,849
  BOE Technology Group Co. Ltd. Class A     3,216,100      1,843
* Postal Savings Bank of China Co. Ltd. Class A     2,246,436      1,831
  China Merchants Securities Co. Ltd. Class A       947,567      1,825
  Citic Pacific Special Steel Group Co. Ltd. Class A       671,053      1,823
* Shanghai International Airport Co. Ltd. Class A       244,400      1,820
  Jinke Smart Services Group Co. Ltd. Class H       559,000      1,820
*,1,3 Ping An Healthcare and Technology Co. Ltd.       734,708      1,808
  Beijing Kingsoft Office Software Inc. Class A        63,425      1,802
  Great Wall Motor Co. Ltd. Class A       480,380      1,788
  Zhaojin Mining Industry Co. Ltd. Class H     1,840,637      1,750
  Bank of Hangzhou Co. Ltd. Class A       757,835