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 | 1,746 | |
| Chongqing Rural Commercial Bank Co. Ltd. Class H | 4,452,181 | 1,729 | |
| Metallurgical Corp. of China Ltd. Class H | 6,742,030 | 1,726 | |
| Yunnan Baiyao Group Co. Ltd. Class A | 148,000 | 1,705 | |
| *,3 | Jinxin Fertility Group Ltd. | 2,719,161 | 1,704 |
| Gigadevice Semiconductor Beijing Inc. Class A | 91,471 | 1,702 | |
| Imeik Technology Development Co. Ltd. Class A | 21,800 | 1,696 | |
| Focus Media Information Technology Co. Ltd. Class A | 1,929,600 | 1,695 | |
| Poly Property Services Co. Ltd. | 252,646 | 1,679 | |
| *,1,3 | Akeso Inc. | 890,000 | 1,660 |
| Shanghai Putailai New Energy Technology Co. Ltd. Class A | 93,340 | 1,656 |
13
FTSE
All-World ex-US Index Fund
| Shares | Market Value• ($000) | ||
| Foxconn Industrial Internet Co. Ltd. Class A | 1,146,800 | 1,648 | |
| Weichai Power Co. Ltd. Class A | 974,888 | 1,638 | |
| 3 | China Resources Pharmaceutical Group Ltd. | 3,095,232 | 1,631 |
| Seazen Group Ltd. | 3,851,639 | 1,627 | |
| *,3 | 3SBio Inc. | 2,306,769 | 1,627 |
| Power Construction Corp. of China Ltd. Class A | 1,390,000 | 1,621 | |
| Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 246,515 | 1,594 | |
| Hello Group Inc. ADR | 299,126 | 1,591 | |
| GF Securities Co. Ltd. Class A | 660,600 | 1,590 | |
| Wingtech Technology Co. Ltd. Class A | 159,000 | 1,565 | |
| 3 | Ganfeng Lithium Co. Ltd. Class H | 129,279 | 1,547 |
| 1,2 | Shimao Group Holdings Ltd. | 2,734,246 | 1,540 |
| * | Yangzijiang Financial Holding | 3,869,296 | 1,525 |
| Sinotruk Hong Kong Ltd. | 1,245,884 | 1,507 | |
| 3 | CSC Financial Co. Ltd. Class H | 1,628,748 | 1,500 |
| Sinopec Shanghai Petrochemical Co. Ltd. Class H | 7,974,940 | 1,492 | |
| Suzhou Maxwell Technologies Co. Ltd. Class A | 29,504 | 1,485 | |
| Yihai Kerry Arawana Holdings Co. Ltd. Class A | 204,900 | 1,485 | |
| * | Daqin Railway Co. Ltd. Class A | 1,463,900 | 1,476 |
| Sinopec Engineering Group Co. Ltd. Class H | 2,768,188 | 1,446 | |
| SG Micro Corp. Class A | 34,500 | 1,446 | |
| * | Inner Mongolia BaoTou Steel Union Co. Ltd. Class A | 5,104,725 | 1,443 |
| China Everbright Ltd. | 1,488,662 | 1,427 | |
| Huatai Securities Co. Ltd. Class A | 704,100 | 1,412 | |
| Shenzhen Expressway Co. Ltd. Class H | 1,369,782 | 1,409 | |
| China CSSC Holdings Ltd. Class A | 592,500 | 1,402 | |
| Guangzhou Tinci Materials Technology Co. Ltd. Class A | 124,610 | 1,398 |
| Shares | Market Value• ($000) | ||
| Hangzhou Tigermed Consulting Co. Ltd. Class A | 103,929 | 1,397 | |
| *,3 | CanSino Biologics Inc. Class H | 131,459 | 1,395 |
| TBEA Co. Ltd. Class A | 480,100 | 1,395 | |
| 1 | Ming Yuan Cloud Group Holdings Ltd. | 1,073,000 | 1,394 |
| Anhui Gujing Distillery Co. Ltd. Class A | 46,688 | 1,376 | |
| Yonyou Network Technology Co. Ltd. Class A | 477,962 | 1,374 | |
| Shenzhen Transsion Holdings Co. Ltd. Class A | 106,430 | 1,356 | |
| Zhejiang NHU Co. Ltd. Class A | 331,440 | 1,341 | |
| China International Marine Containers Group Co. Ltd. Class H | 972,517 | 1,338 | |
| *,1 | China Eastern Airlines Corp. Ltd. Class H | 3,925,171 | 1,322 |
| * | China Energy Engineering Corp. Ltd. | 3,629,700 | 1,322 |
| SDIC Power Holdings Co. Ltd. Class A | 901,900 | 1,320 | |
| Mango Excellent Media Co. Ltd. Class A | 245,429 | 1,318 | |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A | 174,100 | 1,318 | |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A | 53,882 | 1,315 | |
| Shanghai Industrial Holdings Ltd. | 888,512 | 1,309 | |
| Montage Technology Co. Ltd. Class A | 148,279 | 1,296 | |
| Tsingtao Brewery Co. Ltd. Class A | 99,611 | 1,295 | |
| 1 | Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | 2,207,515 | 1,291 |
| Hengli Petrochemical Co. Ltd. Class A | 409,800 | 1,290 | |
| Shanghai Electric Group Co. Ltd. Class H | 5,249,404 | 1,278 | |
| * | Advanced Micro-Fabrication Equipment Inc. Class A | 81,173 | 1,278 |
| 3 | BAIC Motor Corp. Ltd. Class H | 4,088,436 | 1,277 |
14
FTSE
All-World ex-US Index Fund
| Shares | Market Value• ($000) | ||
| Huayu Automotive Systems Co. Ltd. Class A | 430,169 | 1,269 | |
| Lao Feng Xiang Co. Ltd. Class B | 391,321 | 1,258 | |
| Gemdale Corp. Class A | 578,200 | 1,255 | |
| 1 | Agile Group Holdings Ltd. | 2,613,881 | 1,252 |
| Hundsun Technologies Inc. Class A | 217,217 | 1,249 | |
| Changchun High & New Technology Industry Group Inc. Class A | 52,682 | 1,247 | |
| Shandong Hualu Hengsheng Chemical Co. Ltd. Class A | 273,344 | 1,242 | |
| Huizhou Desay Sv Automotive Co. Ltd. Class A | 68,900 | 1,235 | |
| * | Guanghui Energy Co. Ltd. Class A | 916,800 | 1,230 |
| China Jushi Co. Ltd. Class A | 518,653 | 1,228 | |
| *,1 | Gome Electrical Appliances Holdings Ltd. | 25,183,816 | 1,220 |
| Seazen Holdings Co. Ltd. Class A | 290,897 | 1,220 | |
| 1 | COSCO SHIPPING Development Co. Ltd. Class H | 6,221,713 | 1,220 |
| Shanghai International Port Group Co. Ltd. Class A | 1,361,200 | 1,219 | |
| Orient Securities Co. Ltd. Class A | 887,157 | 1,218 | |
| Yealink Network Technology Corp. Ltd. Class A | 103,668 | 1,216 | |
| Ginlong Technologies Co. Ltd. Class A | 41,600 | 1,205 | |
| * | New Hope Liuhe Co. Ltd. Class A | 569,100 | 1,204 |
| 3 | Blue Moon Group Holdings Ltd. | 1,530,000 | 1,195 |
| * | Chongqing Brewery Co. Ltd. Class A | 63,100 | 1,192 |
| Hangzhou Silan Microelectronics Co. Ltd. Class A | 190,400 | 1,190 | |
| Chongqing Changan Automobile Co. Ltd. Class B | 2,547,511 | 1,188 | |
| Ecovacs Robotics Co. Ltd. Class A | 73,100 | 1,187 | |
| Satellite Chemical Co. Ltd. Class A | 216,440 | 1,178 | |
| Chongqing Changan Automobile Co. Ltd. Class A | 750,200 | 1,177 | |
| Jiangsu Zhongtian Technology Co. Ltd. Class A | 479,900 | 1,176 |
| Shares | Market Value• ($000) | ||
| CSC Financial Co. Ltd. Class A | 361,838 | 1,171 | |
| 3 | Legend Holdings Corp. Class H | 989,579 | 1,171 |
| Huadong Medicine Co. Ltd. Class A | 227,800 | 1,169 | |
| 1 | Huadian Power International Corp. Ltd. Class H | 3,353,550 | 1,164 |
| Angang Steel Co. Ltd. Class H | 2,658,568 | 1,163 | |
| Livzon Pharmaceutical Group Inc. Class H | 344,871 | 1,161 | |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A | 459,470 | 1,156 | |
| Sinotrans Ltd. Class H | 3,824,064 | 1,156 | |
| TCL Technology Group Corp. Class A | 1,838,300 | 1,156 | |
| COSCO SHIPPING Energy Transportation Co. Ltd. Class H | 2,185,306 | 1,146 | |
| StarPower Semiconductor Ltd. Class A | 22,200 | 1,143 | |
| 3 | Joinn Laboratories China Co. Ltd. Class H | 155,900 | 1,141 |
| Shanxi Coking Coal Energy Group Co. Ltd. Class A | 536,920 | 1,136 | |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 1,298,700 | 1,135 | |
| China National Chemical Engineering Co. Ltd. Class A | 814,400 | 1,118 | |
| 1 | Guangzhou R&F Properties Co. Ltd. Class H | 3,009,421 | 1,117 |
| Jiangsu Hengli Hydraulic Co. Ltd. Class A | 158,758 | 1,099 | |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A | 286,060 | 1,082 | |
| China Reinsurance Group Corp. Class H | 12,380,206 | 1,079 | |
| GD Power Development Co. Ltd. Class A | 2,361,796 | 1,074 | |
| Maxscend Microelectronics Co. Ltd. Class A | 38,580 | 1,072 | |
| Shanghai Jinjiang International Hotels Co. Ltd. Class B | 538,225 | 1,071 |
15