Vanguard Tax-Managed Funds
08/30/2024 | Press release | Distributed by Public on 08/30/2024 15:02
Semi Annual Report by Investment Company Form N CSRS
Consolidated ssr-output-EDGAR XBRL File
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07175
| Name of Registrant: | Vanguard Tax-Managed Funds |
| Address of Registrant: |
P.O. Box 2600 Valley Forge, PA 19482 |
| Name and address of agent for service: |
John E. Schadl, Esquire P.O. Box 876 Valley Forge, PA 19482 |
Registrant's telephone number, including area code: (610) 669-1000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2024-June 30, 2024Item 1: Reports to Shareholders.
TABLE OF CONTENTS
|
Developed Markets Index Fund |
|
|
Developed Markets Index Fund |
|
|
Developed Markets Index Fund |
|
|
Developed Markets Index Fund |
|
|
Developed Markets Index Fund |
|
Vanguard Developed Markets Index Fund
Investor Shares (VDVIX)
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about Vanguard Developed Markets Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$8
|
0.16%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of June 30, 2024)
|
Europe
|
53.3%
|
|
Asia
|
29.1%
|
|
North America
|
9.5%
|
|
Oceania
|
6.9%
|
|
Other Assets and Liabilities-Net
|
1.2%
|
Fund Statistics
(as of June 30, 2024)
|
Fund Net Assets (in millions)
|
$191,207
|
|
Number of Portfolio Holdings
|
3,994
|
|
Portfolio Turnover Rate
|
1%
|
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard®• vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR1397
Vanguard Developed Markets Index Fund
FTSE Developed Markets ETF Shares (VEA) NYSEArca
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about Vanguard Developed Markets Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
FTSE Developed Markets ETF Shares
|
$3
|
0.05%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of June 30, 2024)
|
Europe
|
53.3%
|
|
Asia
|
29.1%
|
|
North America
|
9.5%
|
|
Oceania
|
6.9%
|
|
Other Assets and Liabilities-Net
|
1.2%
|
Fund Statistics
(as of June 30, 2024)
|
Fund Net Assets (in millions)
|
$191,207
|
|
Number of Portfolio Holdings
|
3,994
|
|
Portfolio Turnover Rate
|
1%
|
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard®• vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR936
Vanguard Developed Markets Index Fund
Admiral™ Shares (VTMGX)
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about Vanguard Developed Markets Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Admiral Shares
|
$4
|
0.07%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of June 30, 2024)
|
Europe
|
53.3%
|
|
Asia
|
29.1%
|
|
North America
|
9.5%
|
|
Oceania
|
6.9%
|
|
Other Assets and Liabilities-Net
|
1.2%
|
Fund Statistics
(as of June 30, 2024)
|
Fund Net Assets (in millions)
|
$191,207
|
|
Number of Portfolio Holdings
|
3,994
|
|
Portfolio Turnover Rate
|
1%
|
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard®• vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR127
Vanguard Developed Markets Index Fund
Institutional Shares (VTMNX)
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about Vanguard Developed Markets Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$3
|
0.05%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of June 30, 2024)
|
Europe
|
53.3%
|
|
Asia
|
29.1%
|
|
North America
|
9.5%
|
|
Oceania
|
6.9%
|
|
Other Assets and Liabilities-Net
|
1.2%
|
Fund Statistics
(as of June 30, 2024)
|
Fund Net Assets (in millions)
|
$191,207
|
|
Number of Portfolio Holdings
|
3,994
|
|
Portfolio Turnover Rate
|
1%
|
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard®• vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR137
Vanguard Developed Markets Index Fund
Institutional Plus Shares (VDIPX)
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder report contains important information about Vanguard Developed Markets Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Plus Shares
|
$2
|
0.04%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of June 30, 2024)
|
Europe
|
53.3%
|
|
Asia
|
29.1%
|
|
North America
|
9.5%
|
|
Oceania
|
6.9%
|
|
Other Assets and Liabilities-Net
|
1.2%
|
Fund Statistics
(as of June 30, 2024)
|
Fund Net Assets (in millions)
|
$191,207
|
|
Number of Portfolio Holdings
|
3,994
|
|
Portfolio Turnover Rate
|
1%
|
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard®• vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR1457
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial Statements
For the six-months ended June 30, 2024
Vanguard Developed Markets Index Fund
Contents
|
Financial Statements
|
1 |
Developed Markets Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2024
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 (98.4%) | |||
| Australia (6.7%) | |||
| BHP Group Ltd. | 42,416,169 | 1,212,337 | |
| Commonwealth Bank of Australia | 14,110,137 | 1,195,288 | |
| CSL Ltd. | 4,061,335 | 796,416 | |
| National Australia Bank Ltd. | 26,190,968 | 631,601 | |
| Westpac Banking Corp. | 29,285,745 | 530,281 | |
| ANZ Group Holdings Ltd. | 25,292,651 | 475,191 | |
| Macquarie Group Ltd. | 3,054,930 | 415,688 | |
| Wesfarmers Ltd. | 9,523,372 | 412,376 | |
| Goodman Group | 15,691,332 | 361,997 | |
| Woodside Energy Group Ltd. | 15,909,623 | 299,594 | |
| Rio Tinto Ltd. | 3,118,862 | 247,051 | |
| Woolworths Group Ltd. | 10,273,282 | 230,655 | |
| Transurban Group | 26,010,909 | 214,527 | |
| Fortescue Ltd. | 13,385,401 | 190,561 | |
| Aristocrat Leisure Ltd. | 5,363,791 | 177,625 | |
| QBE Insurance Group Ltd. | 12,620,592 | 145,687 | |
| Santos Ltd. | 27,305,072 | 138,530 | |
| Coles Group Ltd. | 10,931,747 | 123,841 | |
| Suncorp Group Ltd. | 10,683,638 | 123,546 | |
| Amcor plc GDR | 12,147,651 | 120,285 | |
| Cochlear Ltd. | 538,241 | 118,811 | |
| * | Xero Ltd. | 1,269,179 | 114,780 |
| * | James Hardie Industries plc GDR | 3,655,135 | 114,397 |
| Brambles Ltd. | 11,715,503 | 113,054 | |
| Origin Energy Ltd. | 14,466,448 | 104,664 | |
| Insurance Australia Group Ltd. | 20,132,116 | 95,437 | |
| South32 Ltd. | 38,323,053 | 92,975 | |
| Scentre Group | 43,724,000 | 90,627 | |
| WiseTech Global Ltd. | 1,361,122 | 90,486 | |
| Computershare Ltd. (XASX) | 4,987,427 | 87,229 | |
| Telstra Group Ltd. | 34,042,365 | 82,186 | |
| Northern Star Resources Ltd. | 9,461,594 | 82,165 | |
| CAR Group Ltd. | 3,082,161 | 72,160 | |
| Sonic Healthcare Ltd. | 4,030,557 | 70,388 | |
| ASX Ltd. | 1,629,186 | 65,006 | |
| * | NEXTDC Ltd. | 5,557,543 | 64,884 |
| Lottery Corp. Ltd. | 18,684,827 | 62,976 | |
| APA Group | 10,796,179 | 57,387 | |
| Medibank Pvt Ltd. | 23,137,429 | 57,342 | |
| Treasury Wine Estates Ltd. | 6,818,086 | 56,415 | |
| Stockland | 20,103,363 | 55,682 | |
| REA Group Ltd. | 423,114 | 55,248 | |
| Mineral Resources Ltd. | 1,450,307 | 51,886 | |
| BlueScope Steel Ltd. | 3,716,792 | 50,454 | |
| Pilbara Minerals Ltd. | 24,259,811 | 49,364 | |
| Orica Ltd. | 4,074,031 | 48,383 | |
| Ramsay Health Care Ltd. | 1,476,906 | 46,629 | |
| Altium Ltd. | 991,537 | 44,830 | |
| Washington H Soul Pattinson & Co. Ltd. | 2,045,302 | 44,622 | |
| GPT Group | 16,143,195 | 43,041 | |
| Ampol Ltd. | 1,993,776 | 42,883 | |
| SEEK Ltd. | 2,943,225 | 41,775 | |
| Mirvac Group | 33,144,212 | 41,237 | |
| Endeavour Group Ltd. | 12,233,591 | 41,023 | |
| Pro Medicus Ltd. | 427,374 | 40,589 | |
| Worley Ltd. | 4,007,350 | 39,906 | |
| Vicinity Ltd. | 31,750,457 | 39,040 | |
| Dexus | 9,028,865 | 38,950 | |
| Steadfast Group Ltd. | 9,226,158 | 37,865 | |
| 1 | Seven Group Holdings Ltd. | 1,510,948 | 37,747 |
1
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| ALS Ltd. | 4,050,251 | 37,722 | |
| JB Hi-Fi Ltd. | 917,709 | 37,288 | |
| Evolution Mining Ltd. | 15,710,917 | 36,738 | |
| Bendigo & Adelaide Bank Ltd. | 4,776,443 | 36,475 | |
| AGL Energy Ltd. | 5,025,518 | 36,211 | |
| Aurizon Holdings Ltd. | 14,800,703 | 35,954 | |
| Qube Holdings Ltd. | 14,737,549 | 35,793 | |
| Cleanaway Waste Management Ltd. | 18,685,977 | 34,484 | |
| Atlas Arteria Ltd. | 9,534,586 | 32,410 | |
| Incitec Pivot Ltd. | 16,316,530 | 31,475 | |
| * | Lynas Rare Earths Ltd. | 7,820,408 | 30,809 |
| Whitehaven Coal Ltd. | 5,874,760 | 29,893 | |
| Reece Ltd. | 1,787,226 | 29,847 | |
| * | Telix Pharmaceuticals Ltd. | 2,400,878 | 29,773 |
| Charter Hall Group | 3,978,906 | 29,587 | |
| Technology One Ltd. | 2,348,565 | 28,956 | |
| * | Qantas Airways Ltd. | 6,923,747 | 26,945 |
| * | Alumina Ltd. | 21,201,523 | 23,732 |
| IDP Education Ltd. | 2,325,729 | 23,405 | |
| 1 | Flight Centre Travel Group Ltd. | 1,710,099 | 22,963 |
| * | Sandfire Resources Ltd. | 3,791,458 | 22,021 |
| Breville Group Ltd. | 1,200,047 | 21,572 | |
| Bank of Queensland Ltd. | 5,578,703 | 21,548 | |
| Ansell Ltd. | 1,209,420 | 21,341 | |
| Metcash Ltd. | 9,061,304 | 21,323 | |
| Lendlease Corp. Ltd. | 5,769,188 | 20,749 | |
| * | Paladin Energy Ltd. | 2,455,918 | 20,274 |
| nib holdings Ltd. | 4,072,516 | 19,852 | |
| Reliance Worldwide Corp. Ltd. | 6,607,035 | 19,753 | |
| IGO Ltd. | 5,245,434 | 19,635 | |
| 2 | Viva Energy Group Ltd. | 9,373,325 | 19,607 |
| * | Webjet Ltd. | 3,176,448 | 18,930 |
| Perseus Mining Ltd. | 11,513,527 | 18,078 | |
| National Storage REIT | 11,533,256 | 17,679 | |
| Challenger Ltd. | 3,766,060 | 17,551 | |
| Downer EDI Ltd. | 5,600,862 | 17,179 | |
| *,2 | Life360 Inc. GDR | 1,577,929 | 17,129 |
| Ventia Services Group Pty. Ltd. | 6,682,531 | 17,002 | |
| AMP Ltd. | 23,177,382 | 16,831 | |
| Champion Iron Ltd. | 3,893,815 | 16,506 | |
| AUB Group Ltd. | 771,418 | 16,224 | |
| ARB Corp. Ltd. | 637,793 | 15,891 | |
| Iluka Resources Ltd. | 3,591,216 | 15,596 | |
| Orora Ltd. | 11,355,269 | 14,842 | |
| HUB24 Ltd. | 477,023 | 14,721 | |
| Beach Energy Ltd. | 14,868,541 | 14,701 | |
| Premier Investments Ltd. | 685,564 | 14,181 | |
| Region RE Ltd. | 10,124,569 | 14,132 | |
| New Hope Corp. Ltd. | 4,290,795 | 13,897 | |
| Harvey Norman Holdings Ltd. | 4,982,712 | 13,794 | |
| Perpetual Ltd. | 938,225 | 13,269 | |
| * | Neuren Pharmaceuticals Ltd. | 920,229 | 12,992 |
| Domino's Pizza Enterprises Ltd. | 538,331 | 12,845 | |
| Super Retail Group Ltd. | 1,358,697 | 12,519 | |
| Ramelius Resources Ltd. | 9,606,834 | 12,340 | |
| Charter Hall Long Wale REIT | 5,671,970 | 12,283 | |
| * | Red 5 Ltd. | 50,388,664 | 12,069 |
| 1 | Yancoal Australia Ltd. | 2,742,705 | 12,057 |
| * | Bellevue Gold Ltd. | 9,700,421 | 11,545 |
| Sigma Healthcare Ltd. | 13,340,931 | 11,319 | |
| HomeCo Daily Needs REIT | 14,507,460 | 11,175 | |
| Eagers Automotive Ltd. | 1,604,250 | 11,174 | |
| GrainCorp Ltd. Class A | 1,880,541 | 11,088 | |
| * | De Grey Mining Ltd. | 14,484,122 | 10,989 |
| Nine Entertainment Co. Holdings Ltd. | 11,788,928 | 10,966 | |
| * | Genesis Minerals Ltd. | 9,190,004 | 10,788 |
| BWP Trust | 4,579,432 | 10,541 | |
| * | Emerald Resources NL | 4,457,770 | 10,475 |
| Gold Road Resources Ltd. | 9,133,466 | 10,383 | |
| Netwealth Group Ltd. | 703,421 | 10,351 |
2
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| * | PEXA Group Ltd. | 1,114,951 | 10,211 |
| GQG Partners Inc. GDR | 5,355,256 | 10,099 | |
| Lovisa Holdings Ltd. | 459,186 | 9,976 | |
| Nufarm Ltd. | 3,234,839 | 9,865 | |
| Ingenia Communities Group | 3,087,788 | 9,811 | |
| HMC Capital Ltd. | 2,037,191 | 9,725 | |
| Bapcor Ltd. | 2,826,304 | 9,645 | |
| Deterra Royalties Ltd. | 3,548,014 | 9,415 | |
| TPG Telecom Ltd. | 3,079,347 | 9,369 | |
| * | Megaport Ltd. | 1,257,978 | 9,350 |
| * | Boss Energy Ltd. | 3,397,491 | 9,322 |
| * | West African Resources Ltd. | 8,618,985 | 9,246 |
| Charter Hall Retail REIT | 4,205,249 | 9,077 | |
| Sims Ltd. | 1,326,684 | 9,074 | |
| Centuria Industrial REIT | 4,461,678 | 8,929 | |
| Tabcorp Holdings Ltd. | 18,860,396 | 8,751 | |
| Brickworks Ltd. | 497,370 | 8,666 | |
| Insignia Financial Ltd. | 5,590,267 | 8,496 | |
| * | PolyNovo Ltd. | 5,169,420 | 8,379 |
| * | Zip Co. Ltd. | 8,633,289 | 8,330 |
| Corporate Travel Management Ltd. | 944,796 | 8,315 | |
| * | IRESS Ltd. | 1,541,393 | 8,225 |
| * | Capricorn Metals Ltd. | 2,567,678 | 8,170 |
| Amotiv Ltd. | 1,168,639 | 8,149 | |
| Codan Ltd. | 1,013,469 | 8,126 | |
| * | Karoon Energy Ltd. | 6,679,640 | 8,082 |
| Waypoint REIT Ltd. | 5,550,925 | 8,020 | |
| Arena REIT | 3,079,542 | 7,928 | |
| IPH Ltd. | 1,881,499 | 7,840 | |
| *,1 | Liontown Resources Ltd. | 13,041,927 | 7,830 |
| Lifestyle Communities Ltd. | 929,496 | 7,679 | |
| Nickel Industries Ltd. | 14,434,905 | 7,649 | |
| Pinnacle Investment Management Group Ltd. | 813,265 | 7,632 | |
| Inghams Group Ltd. | 3,143,397 | 7,575 | |
| 1 | Centuria Capital Group | 6,825,953 | 7,462 |
| NRW Holdings Ltd. | 3,637,304 | 7,456 | |
| * | Macquarie Technology Group Ltd. | 114,338 | 7,208 |
| * | Star Entertainment Group Ltd. | 21,892,037 | 7,138 |
| Bega Cheese Ltd. | 2,473,654 | 6,964 | |
| Elders Ltd. | 1,277,874 | 6,931 | |
| Data#3 Ltd. | 1,216,258 | 6,770 | |
| * | Regis Resources Ltd. | 5,776,831 | 6,768 |
| EVT Ltd. | 879,016 | 6,766 | |
| Monadelphous Group Ltd. | 786,408 | 6,698 | |
| * | Deep Yellow Ltd. | 7,364,218 | 6,523 |
| * | Audinate Group Ltd. | 617,694 | 6,498 |
| Helia Group Ltd. | 2,511,491 | 6,459 | |
| Magellan Financial Group Ltd. | 1,144,857 | 6,386 | |
| Stanmore Resources Ltd. | 2,709,383 | 6,365 | |
| Imdex Ltd. | 4,304,329 | 6,342 | |
| * | Resolute Mining Ltd. | 17,930,706 | 6,235 |
| *,1 | Mesoblast Ltd. | 8,949,524 | 5,883 |
| *,1 | SiteMinder Ltd. | 1,746,876 | 5,883 |
| * | Temple & Webster Group Ltd. | 934,951 | 5,813 |
| Johns Lyng Group Ltd. | 1,530,905 | 5,791 | |
| * | Silex Systems Ltd. | 1,631,650 | 5,758 |
| McMillan Shakespeare Ltd. | 489,397 | 5,725 | |
| Collins Foods Ltd. | 920,912 | 5,555 | |
| Kelsian Group Ltd. | 1,624,776 | 5,551 | |
| * | Healius Ltd. | 5,573,326 | 5,550 |
| G8 Education Ltd. | 6,768,779 | 5,348 | |
| Westgold Resources Ltd. | 3,270,175 | 5,263 | |
| * | MMA Offshore Ltd. | 3,027,413 | 5,192 |
| Perenti Ltd. | 7,712,077 | 5,132 | |
| 2 | Coronado Global Resources Inc. GDR | 6,302,428 | 4,965 |
| * | Aussie Broadband Ltd. | 2,107,190 | 4,853 |
| Credit Corp. Group Ltd. | 488,358 | 4,850 | |
| Jumbo Interactive Ltd. | 421,617 | 4,843 | |
| * | Fleetpartners Group Ltd. | 2,034,352 | 4,832 |
| Charter Hall Social Infrastructure REIT | 2,977,664 | 4,699 |
3
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Austal Ltd. | 2,713,704 | 4,500 | |
| * | Strike Energy Ltd. | 23,983,041 | 4,454 |
| Rural Funds Group | 3,231,010 | 4,294 | |
| Domain Holdings Australia Ltd. | 2,046,087 | 4,133 | |
| Hansen Technologies Ltd. | 1,354,937 | 4,091 | |
| Service Stream Ltd. | 4,665,821 | 3,980 | |
| SmartGroup Corp. Ltd. | 706,464 | 3,957 | |
| Clinuvel Pharmaceuticals Ltd. | 385,745 | 3,943 | |
| * | Nanosonics Ltd. | 1,982,149 | 3,920 |
| * | Alpha HPA Ltd. | 6,687,368 | 3,852 |
| Myer Holdings Ltd. | 6,873,960 | 3,768 | |
| * | Superloop Ltd. | 3,512,306 | 3,755 |
| PWR Holdings Ltd. | 509,319 | 3,719 | |
| Accent Group Ltd. | 2,851,861 | 3,673 | |
| * | Judo Capital Holdings Ltd. | 4,389,022 | 3,673 |
| Nick Scali Ltd. | 391,260 | 3,600 | |
| 1 | Vulcan Steel Ltd. | 798,830 | 3,544 |
| Hotel Property Investments Ltd. | 1,656,926 | 3,500 | |
| Abacus Storage King | 4,474,787 | 3,456 | |
| Growthpoint Properties Australia Ltd. | 2,374,821 | 3,427 | |
| Infomedia Ltd. | 3,051,960 | 3,422 | |
| Dexus Industria REIT | 1,808,204 | 3,401 | |
| GWA Group Ltd. | 2,117,795 | 3,384 | |
| * | Cooper Energy Ltd. | 21,896,783 | 3,279 |
| oOh!media Ltd. | 3,633,598 | 3,275 | |
| * | Nuix Ltd. | 1,599,437 | 3,270 |
| Abacus Group | 4,217,921 | 3,262 | |
| Regis Healthcare Ltd. | 1,075,702 | 3,125 | |
| Cromwell Property Group | 11,792,264 | 3,071 | |
| *,1 | Vulcan Energy Resources Ltd. | 1,228,282 | 3,056 |
| Ridley Corp. Ltd. | 2,102,447 | 2,977 | |
| Platinum Asset Management Ltd. | 4,286,834 | 2,967 | |
| * | OFX Group Ltd. | 2,009,346 | 2,953 |
| Navigator Global Investments Ltd. (XASX) | 2,156,261 | 2,928 | |
| *,1 | Chalice Mining Ltd. | 2,964,757 | 2,800 |
| HealthCo REIT | 3,964,054 | 2,791 | |
| Dicker Data Ltd. | 423,447 | 2,723 | |
| Centuria Office REIT | 3,679,836 | 2,714 | |
| Australian Ethical Investment Ltd. | 915,826 | 2,637 | |
| 1 | Integral Diagnostics Ltd. | 1,467,972 | 2,604 |
| * | Select Harvests Ltd. | 985,337 | 2,584 |
| *,3 | Leo Lithium Ltd. | 7,547,085 | 2,543 |
| * | Australian Agricultural Co. Ltd. | 2,585,056 | 2,509 |
| *,1 | Weebit Nano Ltd. | 1,470,107 | 2,484 |
| *,1 | Latin Resources Ltd. | 21,801,109 | 2,472 |
| * | Opthea Ltd. | 9,983,718 | 2,339 |
| *,1 | Arafura Rare Earths Ltd. | 19,958,321 | 2,318 |
| APM Human Services International Ltd. | 2,417,789 | 2,227 | |
| *,1 | Imugene Ltd. | 56,608,722 | 2,132 |
| * | Bravura Solutions Ltd. | 2,947,517 | 2,114 |
| MyState Ltd. | 839,516 | 2,089 | |
| Emeco Holdings Ltd. | 4,362,407 | 2,074 | |
| * | Mayne Pharma Group Ltd. | 657,999 | 2,067 |
| 1 | SG Fleet Group Ltd. | 925,050 | 2,030 |
| *,1 | BrainChip Holdings Ltd. | 13,278,480 | 1,939 |
| *,1 | Carnarvon Energy Ltd. | 14,751,459 | 1,926 |
| * | Tyro Payments Ltd. | 2,895,672 | 1,909 |
| Kogan.com Ltd. | 670,367 | 1,852 | |
| * | Aurelia Metals Ltd. | 14,557,973 | 1,849 |
| Cedar Woods Properties Ltd. | 578,425 | 1,824 | |
| *,1 | ioneer Ltd. | 17,428,213 | 1,748 |
| *,1 | Sayona Mining Ltd. | 72,334,147 | 1,725 |
| * | Omni Bridgeway Ltd. | 2,325,195 | 1,706 |
| 1 | Australian Clinical Labs Ltd. | 995,421 | 1,663 |
| * | Wildcat Resources Ltd. | 7,779,789 | 1,631 |
| 1 | Jupiter Mines Ltd. | 7,668,459 | 1,618 |
| *,1 | Syrah Resources Ltd. | 6,860,198 | 1,603 |
| *,1 | EML Payments Ltd. | 2,579,954 | 1,589 |
| * | Mount Gibson Iron Ltd. | 5,773,933 | 1,582 |
| Australian Finance Group Ltd. | 1,606,818 | 1,481 |
4
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| *,1 | Fineos Corp. Ltd. GDR | 1,285,705 | 1,448 |
| GDI Property Group Partnership | 3,552,430 | 1,327 | |
| *,1 | Cettire Ltd. | 1,673,116 | 1,295 |
| *,1 | Praemium Ltd. | 3,716,078 | 1,251 |
| *,1 | Calix Ltd. | 1,315,539 | 1,242 |
| *,3 | AVZ Minerals Ltd. | 18,520,485 | 1,236 |
| * | Coast Entertainment Holdings Ltd. | 3,999,660 | 1,222 |
| * | Alkane Resources Ltd. | 3,626,578 | 1,207 |
| 1 | Baby Bunting Group Ltd. | 1,085,195 | 1,119 |
| Solvar Ltd. | 1,338,328 | 1,019 | |
| *,1 | Core Lithium Ltd. | 15,963,741 | 988 |
| * | Seven West Media Ltd. | 7,220,984 | 889 |
| 1 | Humm Group Ltd. | 3,207,318 | 862 |
| St Barbara Ltd. | 6,310,052 | 844 | |
| *,1 | 29Metals Ltd. | 3,013,058 | 844 |
| *,1 | Novonix Ltd. | 1,768,371 | 817 |
| Southern Cross Media Group Ltd. | 1,891,003 | 769 | |
| * | Australian Strategic Materials Ltd. | 1,299,190 | 674 |
| *,1 | Argosy Minerals Ltd. | 9,847,470 | 602 |
| 1 | PointsBet Holdings Ltd. | 1,642,457 | 515 |
| *,3 | Firefinch Ltd. | 8,031,301 | 321 |
| *,1 | Lake Resources NL | 10,707,296 | 284 |
| 12,753,458 | |||
| Austria (0.2%) | |||
| Erste Group Bank AG | 2,544,630 | 120,450 | |
| OMV AG | 1,193,748 | 51,889 | |
| 1 | Verbund AG | 555,024 | 43,915 |
| 2 | BAWAG Group AG | 640,980 | 40,520 |
| ANDRITZ AG | 580,379 | 35,869 | |
| Wienerberger AG | 929,713 | 30,820 | |
| 1 | voestalpine AG | 929,057 | 25,117 |
| Raiffeisen Bank International AG | 1,082,797 | 18,707 | |
| DO & Co. AG | 62,291 | 11,089 | |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 323,611 | 10,550 | |
| EVN AG | 305,478 | 9,760 | |
| 1 | CA Immobilien Anlagen AG | 282,643 | 9,370 |
| 1 | Oesterreichische Post AG | 280,766 | 9,006 |
| 1 | Mayr Melnhof Karton AG | 72,367 | 8,730 |
| UNIQA Insurance Group AG | 934,161 | 7,938 | |
| * | IMMOFINANZ AG | 271,297 | 7,514 |
| * | Telekom Austria AG | 751,316 | 7,513 |
| *,1 | Lenzing AG | 160,151 | 5,623 |
| 1 | AT&S Austria Technologie & Systemtechnik AG | 213,661 | 4,939 |
| Strabag SE | 100,393 | 4,174 | |
| 1 | Schoeller-Bleckmann Oilfield Equipment AG | 93,127 | 3,763 |
| Palfinger AG | 108,973 | 2,586 | |
| Porr AG | 136,532 | 2,052 | |
| *,1 | S IMMO AG (XWBO) | 67,881 | 1,595 |
| Agrana Beteiligungs AG | 84,876 | 1,258 | |
| * | Eurotelesites AG | 271,157 | 1,063 |
| 475,810 | |||
| Belgium (0.8%) | |||
| Anheuser-Busch InBev SA | 7,391,174 | 429,100 | |
| * | Argenx SE | 500,473 | 217,150 |
| UCB SA | 1,018,655 | 151,257 | |
| KBC Group NV | 2,014,698 | 141,961 | |
| Ageas SA | 1,383,544 | 63,127 | |
| Syensqo SA | 594,676 | 53,080 | |
| Groupe Bruxelles Lambert NV | 717,388 | 51,079 | |
| D'ieteren Group | 187,097 | 39,618 | |
| Warehouses De Pauw CVA | 1,432,299 | 38,684 | |
| Lotus Bakeries NV | 3,360 | 34,646 | |
| Sofina SA | 144,084 | 32,787 | |
| Ackermans & van Haaren NV | 184,035 | 31,792 | |
| Elia Group SA | 316,012 | 29,514 | |
| Umicore SA | 1,713,837 | 25,791 | |
| Aedifica SA | 397,448 | 24,197 | |
| Azelis Group NV | 1,257,611 | 22,517 | |
| Solvay SA | 591,079 | 20,844 |
5
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Colruyt Group NV | 402,325 | 19,203 | |
| Cofinimmo SA | 310,112 | 18,685 | |
| Melexis NV | 169,522 | 14,540 | |
| KBC Ancora | 302,380 | 14,061 | |
| Montea NV | 151,542 | 12,828 | |
| Bekaert SA | 304,264 | 12,720 | |
| Deme Group NV | 58,200 | 10,091 | |
| Proximus SADP | 1,259,622 | 10,026 | |
| Shurgard Self Storage Ltd. (XBRU) | 253,765 | 9,808 | |
| Fagron | 488,041 | 9,497 | |
| VGP NV | 84,346 | 9,402 | |
| Xior Student Housing NV | 282,323 | 9,041 | |
| Gimv NV | 171,824 | 8,099 | |
| Retail Estates NV | 101,056 | 6,702 | |
| Barco NV | 590,624 | 6,532 | |
| Tessenderlo Group SA | 186,422 | 4,724 | |
| * | Ontex Group NV | 537,927 | 4,671 |
| Kinepolis Group NV | 111,662 | 4,064 | |
| 1 | Euronav NV | 202,920 | 3,348 |
| bpost SA | 795,737 | 2,577 | |
| 1,597,763 | |||
| Canada (9.5%) | |||
| Royal Bank of Canada | 11,856,823 | 1,262,342 | |
| Toronto-Dominion Bank | 14,869,292 | 817,346 | |
| * | Shopify Inc. Class A | 9,993,075 | 660,410 |
| Enbridge Inc. | 17,875,018 | 635,925 | |
| 1 | Canadian Natural Resources Ltd. | 17,700,706 | 630,500 |
| Canadian Pacific Kansas City Ltd. | 7,848,326 | 618,090 | |
| Canadian National Railway Co. | 4,744,902 | 560,697 | |
| Brookfield Corp. | 12,526,566 | 521,006 | |
| Bank of Montreal | 6,100,449 | 512,053 | |
| Constellation Software Inc. | 166,840 | 480,730 | |
| Bank of Nova Scotia | 10,273,374 | 469,945 | |
| Suncor Energy Inc. | 10,875,671 | 414,580 | |
| Manulife Financial Corp. | 15,253,928 | 406,199 | |
| Waste Connections Inc. | 2,164,278 | 379,732 | |
| 1 | Canadian Imperial Bank of Commerce | 7,877,221 | 374,557 |
| Alimentation Couche-Tard Inc. | 6,102,920 | 342,474 | |
| 1 | TC Energy Corp. | 8,728,587 | 330,883 |
| Agnico Eagle Mines Ltd. | 4,186,852 | 273,849 | |
| Intact Financial Corp. | 1,496,278 | 249,382 | |
| Barrick Gold Corp. | 14,783,729 | 246,603 | |
| Sun Life Financial Inc. | 4,917,761 | 241,134 | |
| 1 | National Bank of Canada | 2,848,516 | 225,937 |
| 1 | Cenovus Energy Inc. | 10,945,928 | 215,150 |
| Nutrien Ltd. | 4,162,793 | 211,936 | |
| Dollarama Inc. | 2,283,642 | 208,508 | |
| Fairfax Financial Holdings Ltd. | 180,427 | 205,259 | |
| Wheaton Precious Metals Corp. | 3,808,106 | 199,668 | |
| Thomson Reuters Corp. | 1,166,751 | 196,677 | |
| Franco-Nevada Corp. | 1,607,300 | 190,566 | |
| Restaurant Brands International Inc. | 2,623,408 | 184,859 | |
| Teck Resources Ltd. Class B | 3,810,714 | 182,618 | |
| Cameco Corp. | 3,650,179 | 179,594 | |
| * | CGI Inc. | 1,716,143 | 171,294 |
| Pembina Pipeline Corp. | 4,611,829 | 171,117 | |
| WSP Global Inc. | 1,047,084 | 163,050 | |
| Fortis Inc. (XTSE) | 4,144,201 | 161,067 | |
| Loblaw Cos. Ltd. | 1,233,038 | 143,038 | |
| 1 | Brookfield Asset Management Ltd. Class A | 3,470,719 | 132,126 |
| Tourmaline Oil Corp. | 2,803,411 | 127,153 | |
| 1 | Power Corp. of Canada | 4,572,503 | 127,076 |
| 1 | RB Global Inc. | 1,538,135 | 117,312 |
| TFI International Inc. | 671,068 | 97,439 | |
| Metro Inc. | 1,743,187 | 96,573 | |
| Magna International Inc. | 2,252,387 | 94,406 | |
| Imperial Oil Ltd. | 1,367,894 | 93,269 | |
| ARC Resources Ltd. | 5,017,017 | 89,518 | |
| 1 | Kinross Gold Corp. | 10,296,981 | 85,730 |
6
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| BCE Inc. | 2,553,490 | 82,705 | |
| Stantec Inc. | 956,726 | 80,095 | |
| Emera Inc. | 2,399,783 | 80,078 | |
| 2 | Hydro One Ltd. | 2,659,931 | 77,481 |
| First Quantum Minerals Ltd. | 5,706,698 | 74,960 | |
| GFL Environmental Inc. | 1,876,909 | 73,098 | |
| George Weston Ltd. | 487,250 | 70,090 | |
| * | Descartes Systems Group Inc. | 713,648 | 69,145 |
| * | Ivanhoe Mines Ltd. Class A | 5,249,939 | 67,733 |
| Open Text Corp. | 2,240,313 | 67,272 | |
| Great-West Lifeco Inc. | 2,297,545 | 67,026 | |
| TMX Group Ltd. | 2,322,641 | 64,651 | |
| AtkinsRealis Group Inc. | 1,474,459 | 63,826 | |
| TELUS Corp. | 4,120,833 | 62,383 | |
| Lundin Mining Corp. | 5,544,260 | 61,722 | |
| Pan American Silver Corp. | 3,059,732 | 60,812 | |
| Toromont Industries Ltd. | 684,698 | 60,625 | |
| Element Fleet Management Corp. | 3,291,950 | 59,893 | |
| * | Celestica Inc. | 988,026 | 56,578 |
| AltaGas Ltd. | 2,455,258 | 55,475 | |
| Gildan Activewear Inc. | 1,416,609 | 53,732 | |
| Keyera Corp. | 1,906,962 | 52,816 | |
| iA Financial Corp. Inc. | 833,663 | 52,352 | |
| Alamos Gold Inc. Class A | 3,327,558 | 52,198 | |
| FirstService Corp. | 335,405 | 51,044 | |
| * | CAE Inc. | 2,669,012 | 49,574 |
| * | MEG Energy Corp. | 2,299,061 | 49,189 |
| West Fraser Timber Co. Ltd. | 632,310 | 48,563 | |
| * | Bombardier Inc. Class B | 722,910 | 46,359 |
| Saputo Inc. | 2,046,664 | 45,959 | |
| Canadian Apartment Properties REIT | 1,402,363 | 45,565 | |
| Canadian Tire Corp. Ltd. Class A | 432,347 | 42,898 | |
| 1 | Veren Inc. | 5,164,282 | 40,731 |
| Colliers International Group Inc. | 363,038 | 40,540 | |
| 1 | PrairieSky Royalty Ltd. | 1,974,223 | 37,520 |
| Onex Corp. | 546,486 | 37,158 | |
| 1 | Northland Power Inc. | 2,156,132 | 37,069 |
| 1 | Whitecap Resources Inc. | 5,004,062 | 36,615 |
| Finning International Inc. | 1,209,011 | 35,447 | |
| 1 | Algonquin Power & Utilities Corp. | 5,837,189 | 34,305 |
| Boyd Group Services Inc. | 179,802 | 33,773 | |
| Brookfield Infrastructure Corp. Class A | 996,235 | 33,534 | |
| Parkland Corp. | 1,166,664 | 32,705 | |
| Brookfield Renewable Corp. Class A (XTSE) | 1,132,166 | 32,077 | |
| Stella-Jones Inc. | 481,544 | 31,422 | |
| 1 | Capital Power Corp. | 1,086,810 | 30,975 |
| 1 | RioCan REIT | 2,495,436 | 30,663 |
| * | NexGen Energy Ltd. | 4,293,540 | 29,941 |
| Hudbay Minerals Inc. | 3,301,217 | 29,874 | |
| B2Gold Corp. | 10,843,956 | 29,091 | |
| * | Capstone Copper Corp. | 4,085,944 | 28,971 |
| Primo Water Corp. | 1,312,059 | 28,676 | |
| * | Kinaxis Inc. | 235,311 | 27,135 |
| Granite REIT | 527,557 | 26,142 | |
| Canadian Western Bank | 800,580 | 25,386 | |
| * | Eldorado Gold Corp. | 1,701,926 | 25,142 |
| 1 | Osisko Gold Royalties Ltd. | 1,553,396 | 24,208 |
| 1 | Gibson Energy Inc. | 1,334,625 | 22,682 |
| 1 | Methanex Corp. | 467,786 | 22,585 |
| Definity Financial Corp. | 668,807 | 21,990 | |
| * | ATS Corp. | 667,045 | 21,586 |
| Premium Brands Holdings Corp. | 312,638 | 21,534 | |
| 1 | Choice Properties REIT | 2,289,366 | 21,487 |
| * | Aritzia Inc. | 751,523 | 21,270 |
| 1 | Dream Industrial REIT | 2,274,997 | 21,070 |
| Baytex Energy Corp. | 6,013,887 | 20,837 | |
| * | Air Canada | 1,480,188 | 19,367 |
| 1 | First Capital REIT | 1,784,425 | 19,174 |
| IGM Financial Inc. | 685,527 | 18,926 | |
| Chartwell Retirement Residences | 2,004,960 | 18,832 |
7
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| * | Bausch Health Cos. Inc. | 2,586,243 | 18,035 |
| 1 | Boralex Inc. Class A | 735,687 | 18,020 |
| Atco Ltd. Class I | 618,568 | 17,620 | |
| BRP Inc. | 274,786 | 17,605 | |
| 1 | SmartCentres REIT | 1,090,704 | 17,532 |
| Boardwalk REIT | 337,686 | 17,397 | |
| Linamar Corp. | 355,851 | 17,295 | |
| 2 | Nuvei Corp. | 530,537 | 17,184 |
| TransAlta Corp. | 2,310,720 | 16,384 | |
| * | IAMGOLD Corp. | 4,298,490 | 16,150 |
| * | Lightspeed Commerce Inc. | 1,171,806 | 16,018 |
| * | Equinox Gold Corp. | 2,984,538 | 15,577 |
| Paramount Resources Ltd. Class A | 658,919 | 14,970 | |
| 1 | Vermilion Energy Inc. | 1,338,276 | 14,732 |
| 1 | First Majestic Silver Corp. | 2,367,296 | 14,016 |
| H&R REIT | 2,139,139 | 13,995 | |
| Parex Resources Inc. | 862,426 | 13,819 | |
| Topaz Energy Corp. | 785,055 | 13,772 | |
| OceanaGold Corp. | 5,981,761 | 13,730 | |
| Russel Metals Inc. | 503,703 | 13,722 | |
| 1 | Superior Plus Corp. | 2,011,482 | 13,042 |
| 1 | CI Financial Corp. | 1,197,070 | 12,600 |
| Centerra Gold Inc. | 1,809,911 | 12,171 | |
| Lundin Gold Inc. | 815,944 | 12,054 | |
| North West Co. Inc. | 395,691 | 11,986 | |
| 1 | Allied Properties REIT | 1,069,582 | 11,970 |
| * | Torex Gold Resources Inc. | 717,983 | 11,126 |
| *,1 | BlackBerry Ltd. | 4,433,282 | 11,083 |
| * | Shopify Inc. Class A (XTSE) | 165,520 | 10,933 |
| Stelco Holdings Inc. | 388,975 | 10,568 | |
| 1 | Maple Leaf Foods Inc. | 629,553 | 10,547 |
| 1 | Innergex Renewable Energy Inc. | 1,377,546 | 10,301 |
| Quebecor Inc. Class B | 433,212 | 9,142 | |
| Winpak Ltd. | 261,429 | 8,532 | |
| Enghouse Systems Ltd. | 363,648 | 8,020 | |
| SSR Mining Inc. | 1,690,664 | 7,637 | |
| Primaris REIT | 782,961 | 7,595 | |
| Cargojet Inc. | 72,190 | 7,388 | |
| * | Novagold Resources Inc. | 2,018,946 | 7,069 |
| 1 | Laurentian Bank of Canada | 361,107 | 7,008 |
| 1 | Mullen Group Ltd. | 704,559 | 6,767 |
| Transcontinental Inc. Class A | 601,073 | 6,643 | |
| 1 | NorthWest Healthcare Properties REIT | 1,879,510 | 6,402 |
| 1 | Westshore Terminals Investment Corp. | 328,097 | 5,447 |
| * | Canfor Corp. | 496,729 | 5,268 |
| *,1 | Ballard Power Systems Inc. | 2,131,478 | 4,814 |
| Cascades Inc. | 708,516 | 4,677 | |
| *,1 | Cronos Group Inc. | 1,622,321 | 3,783 |
| 1 | First National Financial Corp. | 142,377 | 3,704 |
| *,1 | Lithium Americas Argentina Corp. | 1,038,738 | 3,311 |
| Cogeco Communications Inc. | 85,975 | 3,242 | |
| * | IAMGOLD Corp. (XTSE) | 313,687 | 1,176 |
| 18,089,293 | |||
| Denmark (3.0%) | |||
| Novo Nordisk A/S Class B | 25,731,924 | 3,681,846 | |
| DSV A/S | 1,411,915 | 216,726 | |
| * | Vestas Wind Systems A/S | 8,464,908 | 196,284 |
| Novonesis Class B | 2,909,740 | 177,769 | |
| Danske Bank A/S | 5,562,520 | 165,908 | |
| * | Genmab A/S | 545,653 | 136,737 |
| Coloplast A/S Class B | 1,044,914 | 125,612 | |
| Pandora A/S | 689,777 | 103,820 | |
| Carlsberg A/S Class B | 780,337 | 93,683 | |
| *,2 | Orsted A/S | 1,585,697 | 84,235 |
| * | Zealand Pharma A/S (XCSE) | 559,051 | 71,461 |
| Tryg A/S | 2,813,347 | 61,468 | |
| AP Moller - Maersk A/S Class B | 33,944 | 58,871 | |
| AP Moller - Maersk A/S Class A | 28,993 | 49,196 | |
| * | NKT A/S | 449,955 | 39,287 |
8
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Ringkjoebing Landbobank A/S | 220,609 | 36,902 | |
| * | Demant A/S | 802,346 | 34,750 |
| * | GN Store Nord A/S | 1,225,168 | 34,132 |
| * | Royal Unibrew A/S | 418,899 | 33,223 |
| Jyske Bank A/S (Registered) | 387,010 | 30,831 | |
| ROCKWOOL A/S Class B | 72,625 | 29,441 | |
| * | Ambu A/S Class B | 1,521,594 | 29,288 |
| * | ALK-Abello A/S | 1,103,583 | 24,110 |
| Sydbank A/S | 449,268 | 23,798 | |
| FLSmidth & Co. A/S | 476,456 | 23,674 | |
| ISS A/S | 1,288,586 | 22,125 | |
| Topdanmark A/S | 359,471 | 18,975 | |
| Alm Brand A/S | 7,149,612 | 14,191 | |
| Torm plc Class A | 336,054 | 13,199 | |
| * | Bavarian Nordic A/S | 529,996 | 13,136 |
| Spar Nord Bank A/S | 655,857 | 12,627 | |
| H Lundbeck A/S | 2,134,737 | 11,925 | |
| *,2 | Netcompany Group A/S | 278,315 | 11,909 |
| Schouw & Co. A/S | 103,603 | 8,145 | |
| D/S Norden A/S | 182,600 | 7,960 | |
| Dfds A/S | 272,054 | 7,687 | |
| 2 | Scandinavian Tobacco Group A/S | 458,944 | 6,487 |
| * | NTG Nordic Transport Group A/S | 134,926 | 5,904 |
| Chemometec A/S | 129,417 | 5,635 | |
| * | Svitzer Group A/S | 111,057 | 4,139 |
| H Lundbeck A/S Class A | 491,213 | 2,365 | |
| * | Zealand Pharma A/S | 16,825 | 2,156 |
| 5,731,617 | |||
| Finland (0.9%) | |||
| Nordea Bank Abp (XHEL) | 27,985,268 | 333,613 | |
| Nokia OYJ | 43,829,113 | 166,816 | |
| Sampo OYJ Class A | 3,746,144 | 161,550 | |
| UPM-Kymmene OYJ | 4,478,564 | 157,299 | |
| Kone OYJ Class B | 2,744,076 | 136,055 | |
| Wartsila OYJ Abp | 4,075,882 | 79,016 | |
| Stora Enso OYJ Class R | 4,953,528 | 67,643 | |
| Neste OYJ | 3,502,906 | 62,508 | |
| Metso OYJ | 5,369,346 | 57,067 | |
| Elisa OYJ | 1,201,082 | 54,989 | |
| Fortum OYJ | 3,666,971 | 53,683 | |
| Kesko OYJ Class B | 2,260,735 | 39,771 | |
| Valmet OYJ | 1,382,442 | 39,564 | |
| Orion OYJ Class B | 894,502 | 38,150 | |
| Konecranes OYJ | 595,075 | 33,718 | |
| Huhtamaki OYJ | 783,569 | 31,336 | |
| Cargotec OYJ Class B | 366,796 | 29,470 | |
| Kemira OYJ | 956,373 | 23,288 | |
| Mandatum OYJ | 3,946,035 | 17,622 | |
| TietoEVRY OYJ (XHEL) | 892,002 | 17,225 | |
| * | Kojamo OYJ | 1,329,203 | 13,689 |
| *,1 | QT Group OYJ | 164,400 | 13,606 |
| 1 | Outokumpu OYJ | 3,047,044 | 11,006 |
| Metsa Board OYJ Class B | 1,266,348 | 9,956 | |
| Nokian Renkaat OYJ | 1,039,399 | 8,542 | |
| 2 | Terveystalo OYJ | 627,093 | 5,766 |
| Revenio Group OYJ | 191,015 | 5,618 | |
| Tokmanni Group Corp. | 396,643 | 5,562 | |
| Sanoma OYJ | 606,052 | 4,198 | |
| YIT OYJ | 1,525,071 | 3,677 | |
| Citycon OYJ | 739,730 | 3,135 | |
| * | Finnair OYJ | 722,684 | 2,030 |
| F-Secure OYJ | 843,602 | 1,750 | |
| 1,688,918 | |||
| France (8.3%) | |||
| LVMH Moet Hennessy Louis Vuitton SE | 2,072,542 | 1,591,279 | |
| TotalEnergies SE | 16,909,622 | 1,132,162 | |
| Schneider Electric SE | 4,482,990 | 1,074,778 | |
| Sanofi SA | 9,255,848 | 892,663 | |
| Airbus SE | 4,937,499 | 677,655 |
9
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Hermes International SCA | 285,156 | 658,604 | |
| Safran SA | 2,843,561 | 599,305 | |
| EssilorLuxottica SA | 2,565,767 | 551,341 | |
| BNP Paribas SA | 8,432,458 | 539,273 | |
| L'Oreal SA Loyalty Shares | 1,160,730 | 510,913 | |
| AXA SA | 15,077,482 | 494,108 | |
| Air Liquide SA Loyalty Shares | 2,731,182 | 471,368 | |
| Vinci SA | 4,166,383 | 439,155 | |
| Danone SA | 5,255,697 | 321,910 | |
| Cie de Saint-Gobain SA | 3,850,802 | 299,493 | |
| L'Oreal SA (XPAR) | 631,760 | 278,079 | |
| Air Liquide SA (XPAR) | 1,556,211 | 268,583 | |
| Capgemini SE | 1,350,698 | 268,299 | |
| Pernod Ricard SA | 1,699,964 | 231,942 | |
| Cie Generale des Etablissements Michelin SCA | 5,890,546 | 227,676 | |
| Kering SA | 605,412 | 220,216 | |
| STMicroelectronics NV | 5,470,964 | 214,286 | |
| Dassault Systemes SE | 5,631,496 | 211,750 | |
| Legrand SA | 2,132,494 | 211,661 | |
| Publicis Groupe SA | 1,918,681 | 203,800 | |
| Orange SA | 16,087,080 | 161,361 | |
| Veolia Environnement SA | 5,254,732 | 157,394 | |
| Societe Generale SA | 6,134,683 | 144,233 | |
| Thales SA | 818,904 | 130,999 | |
| Credit Agricole SA | 8,446,624 | 115,335 | |
| Engie SA Loyalty Shares | 7,993,858 | 114,475 | |
| Edenred SE | 2,095,465 | 88,872 | |
| Renault SA | 1,608,608 | 82,497 | |
| Engie SA (XPAR) | 5,388,968 | 77,172 | |
| Bureau Veritas SA | 2,603,147 | 72,339 | |
| Unibail-Rodamco-Westfield | 866,302 | 68,461 | |
| L'Oreal SA | 148,958 | 65,566 | |
| 2 | Euronext NV | 675,018 | 62,554 |
| Carrefour SA | 4,389,134 | 62,195 | |
| Eiffage SA | 652,814 | 59,998 | |
| Accor SA | 1,451,613 | 59,399 | |
| Vivendi SE | 5,583,039 | 58,352 | |
| Eurofins Scientific SE | 1,088,611 | 54,506 | |
| Teleperformance SE | 505,417 | 53,397 | |
| Rexel SA | 1,994,611 | 51,598 | |
| 1 | Alstom SA | 2,913,044 | 49,128 |
| Bouygues SA | 1,520,894 | 48,888 | |
| Getlink SE | 2,946,937 | 48,794 | |
| Air Liquide SA PF 2025 | 281,876 | 48,648 | |
| Bollore SE | 7,896,555 | 46,360 | |
| Klepierre SA | 1,721,456 | 45,959 | |
| Arkema SA | 482,743 | 42,068 | |
| SPIE SA | 1,128,241 | 40,877 | |
| Gecina SA | 432,640 | 39,938 | |
| Gaztransport Et Technigaz SA | 291,659 | 38,157 | |
| Ipsen SA | 287,748 | 35,352 | |
| Sartorius Stedim Biotech | 213,063 | 35,211 | |
| Dassault Aviation SA | 186,051 | 33,691 | |
| Air Liquide SA (XETR) | 194,525 | 33,573 | |
| Sodexo SA ACT Loyalty Shares | 372,569 | 33,561 | |
| BioMerieux | 351,140 | 33,390 | |
| Aeroports de Paris SA | 269,119 | 32,779 | |
| SCOR SE | 1,266,671 | 32,108 | |
| Elis SA | 1,456,551 | 31,607 | |
| 2 | Amundi SA | 478,427 | 30,943 |
| 2 | La Francaise des Jeux SAEM | 837,596 | 28,529 |
| Nexans SA | 252,583 | 27,799 | |
| Alten SA | 246,736 | 27,167 | |
| Technip Energies NV | 1,154,967 | 25,948 | |
| 2 | Neoen SA | 577,372 | 23,352 |
| Sopra Steria Group | 119,971 | 23,330 | |
| * | SOITEC | 209,373 | 23,246 |
| Sodexo SA (XPAR) | 250,487 | 22,564 | |
| *,2 | Worldline SA | 2,059,991 | 22,449 |
| Rubis SCA | 782,640 | 22,049 |
10
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Covivio SA | 459,982 | 21,996 | |
| *,1 | Vallourec SACA | 1,373,740 | 21,595 |
| 2 | Verallia SA | 585,699 | 21,313 |
| * | Pluxee NV | 731,247 | 20,590 |
| Wendel SE | 226,353 | 20,008 | |
| Valeo SE | 1,868,755 | 19,983 | |
| IPSOS SA | 314,179 | 19,792 | |
| * | Ubisoft Entertainment SA | 874,032 | 19,127 |
| Eurazeo SE Prime DE Fidelite | 209,581 | 16,712 | |
| Remy Cointreau SA | 188,905 | 15,872 | |
| Forvia SE | 1,327,814 | 15,843 | |
| SES SA | 2,993,872 | 15,231 | |
| SEB SA | 126,015 | 12,933 | |
| Virbac SACA | 36,026 | 12,635 | |
| Coface SA | 882,752 | 12,289 | |
| Engie SA PF 2025 | 834,909 | 11,956 | |
| * | JCDecaux SE | 605,657 | 11,914 |
| Imerys SA | 328,135 | 11,822 | |
| Societe BIC SA | 200,135 | 11,793 | |
| Eurazeo SE (XPAR) | 143,290 | 11,426 | |
| 1 | VusionGroup | 65,907 | 9,141 |
| *,1 | Air France-KLM | 991,991 | 8,782 |
| SEB SA (XPAR) | 85,359 | 8,761 | |
| Mercialys SA | 786,424 | 8,746 | |
| * | ID Logistics Group SACA | 21,943 | 8,275 |
| Eramet SA | 79,492 | 8,049 | |
| Carmila SA | 477,834 | 8,039 | |
| Trigano SA | 67,023 | 7,869 | |
| ARGAN SA | 99,543 | 7,765 | |
| Engie SA | 522,401 | 7,481 | |
| Interparfums SA | 175,083 | 7,158 | |
| ICADE | 284,476 | 7,038 | |
| 2 | Ayvens SA | 1,185,810 | 6,912 |
| Television Francaise 1 SA | 867,189 | 6,771 | |
| Metropole Television SA | 532,685 | 6,679 | |
| *,1 | Eutelsat Communications SACA | 1,346,786 | 5,386 |
| Quadient SA | 277,324 | 5,187 | |
| Mersen SA | 145,804 | 4,988 | |
| Altarea SCA | 52,337 | 4,649 | |
| Vicat SACA | 125,298 | 4,507 | |
| Opmobility | 457,991 | 4,457 | |
| PEUGEOT INVEST | 42,894 | 4,141 | |
| Eurazeo SE PF 2025 | 49,881 | 3,977 | |
| Lagardere SA | 174,370 | 3,864 | |
| * | Exclusive Networks SA | 183,015 | 3,689 |
| Derichebourg SA | 794,492 | 3,630 | |
| Sodexo Inc. (Prime Fidelite 2026) | 39,000 | 3,513 | |
| Sodexo Prime De Fidelite 2027 | 37,444 | 3,373 | |
| * | Nexity SA | 369,015 | 3,318 |
| Vetoquinol SA | 32,257 | 3,246 | |
| Beneteau SACA | 295,898 | 3,082 | |
| * | Viridien | 5,869,167 | 3,001 |
| * | Voltalia SA (Registered) | 320,790 | 2,975 |
| Etablissements Maurel et Prom SA | 458,701 | 2,960 | |
| *,1 | Valneva SE | 839,357 | 2,842 |
| * | Fnac Darty SA | 87,396 | 2,767 |
| Antin Infrastructure Partners SA | 227,119 | 2,757 | |
| *,1,2 | X-Fab Silicon Foundries SE | 427,717 | 2,732 |
| *,2 | Elior Group SA | 930,041 | 2,645 |
| Equasens | 40,976 | 2,339 | |
| Manitou BF SA | 101,748 | 2,282 | |
| Sodexo SA (Loyalty Line 2025) | 22,289 | 2,008 | |
| Lisi SA | 77,336 | 1,923 | |
| GL Events SACA | 98,875 | 1,765 | |
| Jacquet Metals SACA | 103,585 | 1,628 | |
| *,1 | Euroapi SA | 584,309 | 1,596 |
| *,1 | OVH Groupe SAS | 227,803 | 1,419 |
| Boiron SA | 29,894 | 1,008 | |
| Sodexo SA Loyalty Shares 2025 | 11,102 | 1,000 | |
| LISI SA (XPAR) | 33,974 | 845 |
11
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| *,1 | Atos SE | 785,583 | 816 |
| Eurazeo SE | 8,870 | 707 | |
| Bonduelle SCA | 104,031 | 678 | |
| * | Believe SA | 40,965 | 649 |
| *,1,2 | Aramis Group SAS | 144,063 | 643 |
| LISI | 3,517 | 87 | |
| 15,909,842 | |||
| Germany (6.4%) | |||
| SAP SE | 9,232,852 | 1,854,654 | |
| Siemens AG (Registered) | 6,251,751 | 1,163,610 | |
| Allianz SE (Registered) | 3,281,658 | 911,418 | |
| Deutsche Telekom AG (Registered) | 28,130,759 | 707,081 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1,112,393 | 556,147 | |
| Mercedes-Benz Group AG | 7,042,027 | 487,389 | |
| Infineon Technologies AG | 10,933,224 | 401,253 | |
| BASF SE | 7,477,149 | 361,464 | |
| Deutsche Post AG | 8,296,980 | 336,915 | |
| adidas AG | 1,388,948 | 331,634 | |
| Deutsche Boerse AG | 1,557,321 | 318,311 | |
| Deutsche Bank AG (Registered) | 16,459,122 | 263,059 | |
| E.ON SE | 18,643,976 | 245,032 | |
| Bayerische Motoren Werke AG (XETR) | 2,483,769 | 234,943 | |
| Bayer AG (Registered) | 8,270,795 | 233,137 | |
| RWE AG | 5,988,691 | 205,444 | |
| Rheinmetall AG | 365,421 | 186,224 | |
| Merck KGaA | 1,087,125 | 179,784 | |
| Daimler Truck Holding AG | 4,411,876 | 175,959 | |
| Vonovia SE | 5,856,609 | 166,670 | |
| 2 | Siemens Healthineers AG | 2,335,864 | 134,520 |
| Symrise AG | 1,094,888 | 133,967 | |
| Commerzbank AG | 8,678,469 | 131,637 | |
| Hannover Rueck SE | 503,710 | 127,508 | |
| Beiersdorf AG | 836,716 | 122,467 | |
| Heidelberg Materials AG | 1,156,367 | 119,538 | |
| * | Siemens Energy AG | 4,529,742 | 118,111 |
| MTU Aero Engines AG | 452,075 | 115,258 | |
| * | Fresenius SE & Co. KGaA | 3,456,435 | 103,258 |
| *,2 | Covestro AG | 1,587,145 | 93,033 |
| * | Qiagen NV | 1,857,010 | 76,728 |
| Brenntag SE | 1,107,910 | 74,740 | |
| Henkel AG & Co. KGaA (XTER) | 842,606 | 66,294 | |
| Fresenius Medical Care AG | 1,709,952 | 65,349 | |
| GEA Group AG | 1,444,218 | 60,041 | |
| Continental AG | 908,240 | 51,440 | |
| LEG Immobilien SE (XETR) | 621,609 | 50,783 | |
| 2 | Scout24 SE | 624,619 | 47,723 |
| Nemetschek SE | 453,952 | 44,318 | |
| *,2 | Zalando SE | 1,844,396 | 43,296 |
| Knorr-Bremse AG | 555,351 | 42,448 | |
| CTS Eventim AG & Co. KGaA | 492,360 | 40,989 | |
| Talanx AG | 500,740 | 39,904 | |
| *,2 | Delivery Hero SE | 1,672,070 | 39,719 |
| Evonik Industries AG | 1,915,303 | 39,081 | |
| Puma SE | 839,539 | 38,560 | |
| Rational AG | 39,960 | 33,132 | |
| Bechtle AG | 688,591 | 32,390 | |
| Gerresheimer AG | 290,525 | 31,221 | |
| 1 | Deutsche Lufthansa AG (Registered) | 5,017,422 | 30,775 |
| Volkswagen AG | 237,422 | 28,449 | |
| Freenet AG | 998,061 | 26,538 | |
| * | TUI AG | 3,746,034 | 26,480 |
| KION Group AG | 603,590 | 25,214 | |
| Carl Zeiss Meditec AG (Bearer) | 307,190 | 21,597 | |
| HUGO BOSS AG | 475,272 | 21,370 | |
| 1 | K&S AG (Registered) | 1,514,677 | 20,416 |
| HOCHTIEF AG | 177,798 | 20,254 | |
| Aurubis AG | 252,787 | 19,830 | |
| * | TAG Immobilien AG | 1,263,475 | 18,467 |
| thyssenkrupp AG | 4,144,389 | 17,942 |
12
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Hensoldt AG | 482,764 | 17,787 | |
| LANXESS AG | 721,185 | 17,740 | |
| AIXTRON SE | 894,411 | 17,548 | |
| Stroeer SE & Co. KGaA | 264,390 | 16,935 | |
| * | Fraport AG Frankfurt Airport Services Worldwide | 297,452 | 15,392 |
| Krones AG | 121,833 | 15,288 | |
| United Internet AG (Registered) | 670,706 | 14,489 | |
| * | Nordex SE | 1,171,891 | 14,326 |
| Traton SE | 427,702 | 14,037 | |
| Wacker Chemie AG | 125,799 | 13,705 | |
| 1 | Siltronic AG | 175,418 | 13,642 |
| *,2 | TeamViewer SE | 1,211,799 | 13,563 |
| * | Encavis AG | 731,393 | 13,394 |
| * | Evotec SE | 1,321,042 | 12,664 |
| Jenoptik AG | 428,569 | 12,381 | |
| * | Aroundtown SA | 5,735,459 | 12,048 |
| * | Hypoport SE | 36,129 | 11,568 |
| Bilfinger SE | 218,694 | 11,501 | |
| 2 | Befesa SA | 337,760 | 11,175 |
| 2 | DWS Group GmbH & Co. KGaA | 302,921 | 10,731 |
| CANCOM SE | 293,243 | 10,133 | |
| flatexDEGIRO AG | 707,079 | 10,042 | |
| 1 | ProSiebenSat.1 Media SE | 1,414,697 | 10,000 |
| FUCHS SE | 276,471 | 9,862 | |
| 1 | RTL Group SA | 323,809 | 9,832 |
| * | Grand City Properties SA | 839,517 | 9,743 |
| Schott Pharma AG & Co. KGaA | 288,484 | 9,471 | |
| Stabilus SE | 206,434 | 9,459 | |
| Fielmann Group AG | 205,415 | 9,457 | |
| Duerr AG | 408,949 | 8,654 | |
| *,2 | Redcare Pharmacy NV | 67,441 | 8,227 |
| Deutsche Wohnen SE | 414,981 | 7,966 | |
| 1 | Sixt SE (XETR) | 110,216 | 7,827 |
| Atoss Software SE | 64,866 | 7,758 | |
| Suedzucker AG | 496,208 | 7,231 | |
| 1 | Kontron AG | 350,264 | 7,205 |
| Deutz AG | 1,052,095 | 6,759 | |
| * | HelloFresh SE | 1,372,521 | 6,629 |
| 1&1 AG | 383,960 | 6,521 | |
| Hornbach Holding AG & Co. KGaA | 75,898 | 6,400 | |
| Salzgitter AG | 317,270 | 6,138 | |
| Eckert & Ziegler SE | 118,169 | 5,804 | |
| 1 | Elmos Semiconductor SE | 70,802 | 5,772 |
| *,1 | Nagarro SE | 69,268 | 5,625 |
| *,1,2 | Deutsche Pfandbriefbank AG | 1,031,603 | 5,609 |
| KWS Saat SE & Co. KGaA | 87,124 | 5,564 | |
| Dermapharm Holding SE | 142,263 | 5,491 | |
| * | Ionos SE | 199,755 | 5,435 |
| CompuGroup Medical SE & Co. KGaA | 202,179 | 5,166 | |
| *,1,2 | Auto1 Group SE | 786,842 | 5,152 |
| 1 | PNE AG | 352,610 | 5,128 |
| METRO AG | 1,117,430 | 5,064 | |
| Norma Group SE | 265,856 | 4,914 | |
| * | CECONOMY AG | 1,534,220 | 4,881 |
| GRENKE AG | 216,486 | 4,766 | |
| Indus Holding AG | 171,381 | 4,416 | |
| Sartorius AG | 20,461 | 3,928 | |
| Energiekontor AG | 56,386 | 3,777 | |
| GFT Technologies SE | 137,524 | 3,662 | |
| Vossloh AG | 71,564 | 3,580 | |
| 1 | Takkt AG | 272,745 | 3,473 |
| 1 | Deutsche EuroShop AG | 143,818 | 3,409 |
| Wacker Neuson SE | 203,480 | 3,362 | |
| *,1 | Encavis AG (XETR) | 182,847 | 3,312 |
| * | Adtran Networks SE | 155,504 | 3,295 |
| Hamburger Hafen und Logistik AG (XETR) | 188,640 | 3,229 | |
| 1 | Deutsche Beteiligungs AG | 117,870 | 3,180 |
| 1 | Verbio SE | 163,507 | 3,050 |
| Wuestenrot & Wuerttembergische AG | 210,996 | 2,976 | |
| Kloeckner & Co. SE | 493,285 | 2,912 |
13
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| STRATEC SE | 57,344 | 2,786 | |
| *,1 | SGL Carbon SE | 404,770 | 2,746 |
| 1 | Adesso SE | 29,535 | 2,652 |
| PATRIZIA SE | 332,987 | 2,527 | |
| *,1 | BayWa AG | 115,393 | 2,509 |
| *,1,2 | Thyssenkrupp Nucera AG & Co. KGaA | 257,451 | 2,508 |
| 1 | Vitesco Technologies Group AG (XETR) | 37,744 | 2,429 |
| *,1 | MorphoSys AG | 31,544 | 2,308 |
| 1 | SMA Solar Technology AG | 72,437 | 2,046 |
| New Work SE | 24,140 | 1,698 | |
| *,1 | Varta AG | 175,747 | 1,655 |
| Secunet Security Networks AG | 12,303 | 1,650 | |
| *,1 | Basler AG | 114,072 | 1,300 |
| * | About You Holding SE | 378,506 | 1,298 |
| 1 | ElringKlinger AG | 227,635 | 1,210 |
| Draegerwerk AG & Co. KGaA (XETR) | 24,155 | 1,141 | |
| 1 | Hamburger Hafen und Logistik AG | 9,928 | 180 |
| 12,328,716 | |||
| Hong Kong (1.6%) | |||
| AIA Group Ltd. | 94,543,356 | 639,656 | |
| Hong Kong Exchanges & Clearing Ltd. | 10,680,799 | 341,819 | |
| Techtronic Industries Co. Ltd. | 11,034,212 | 125,789 | |
| CLP Holdings Ltd. | 13,838,221 | 111,925 | |
| CK Hutchison Holdings Ltd. | 22,303,514 | 106,389 | |
| Sun Hung Kai Properties Ltd. | 11,947,003 | 103,515 | |
| BOC Hong Kong Holdings Ltd. | 30,116,439 | 92,930 | |
| Lenovo Group Ltd. | 64,792,312 | 90,929 | |
| Galaxy Entertainment Group Ltd. | 18,186,879 | 84,640 | |
| Link REIT | 21,513,437 | 83,545 | |
| Hang Seng Bank Ltd. | 6,079,115 | 78,155 | |
| Hong Kong & China Gas Co. Ltd. | 91,543,076 | 69,567 | |
| Power Assets Holdings Ltd. | 11,510,073 | 62,206 | |
| CK Asset Holdings Ltd. | 16,091,301 | 60,279 | |
| Jardine Matheson Holdings Ltd. | 1,647,724 | 58,164 | |
| 2 | WH Group Ltd. | 65,445,917 | 43,077 |
| * | Sands China Ltd. | 20,221,342 | 42,046 |
| MTR Corp. Ltd. | 12,197,336 | 38,500 | |
| ASMPT Ltd. | 2,612,301 | 36,176 | |
| Wharf Real Estate Investment Co. Ltd. | 13,053,940 | 34,599 | |
| 2 | Samsonite International SA | 11,546,699 | 34,417 |
| PRADA SpA | 4,314,649 | 32,150 | |
| Sino Land Co. Ltd. | 29,585,785 | 30,447 | |
| Hongkong Land Holdings Ltd. | 9,220,008 | 29,705 | |
| 2 | ESR Group Ltd. | 22,381,554 | 29,431 |
| Henderson Land Development Co. Ltd. | 10,877,969 | 29,166 | |
| SITC International Holdings Co. Ltd. | 10,750,736 | 29,152 | |
| Swire Pacific Ltd. Class A | 3,249,894 | 28,692 | |
| CK Infrastructure Holdings Ltd. | 4,971,559 | 28,076 | |
| Wharf Holdings Ltd. | 8,024,898 | 22,549 | |
| AAC Technologies Holdings Inc. | 5,667,331 | 22,174 | |
| Xinyi Glass Holdings Ltd. | 17,843,536 | 19,541 | |
| Orient Overseas International Ltd. | 1,105,527 | 17,965 | |
| PCCW Ltd. | 34,869,641 | 17,444 | |
| 2 | Budweiser Brewing Co. APAC Ltd. | 14,256,463 | 16,780 |
| Chow Tai Fook Jewellery Group Ltd. | 14,665,312 | 15,877 | |
| Bank of East Asia Ltd. | 11,974,704 | 15,185 | |
| * | HUTCHMED China Ltd. | 4,143,545 | 14,546 |
| L'Occitane International SA | 3,342,567 | 14,191 | |
| Swire Properties Ltd. | 8,886,600 | 14,158 | |
| Hang Lung Properties Ltd. | 15,133,093 | 12,877 | |
| Pacific Basin Shipping Ltd. | 39,954,261 | 12,593 | |
| 2 | BOC Aviation Ltd. | 1,743,667 | 12,455 |
| Yue Yuen Industrial Holdings Ltd. | 5,943,366 | 11,450 | |
| 1 | New World Development Co. Ltd. | 11,860,367 | 11,099 |
| Swire Pacific Ltd. Class B | 8,051,958 | 10,808 | |
| VTech Holdings Ltd. | 1,385,019 | 10,355 | |
| Wynn Macau Ltd. | 12,407,916 | 10,145 | |
| Stella International Holdings Ltd. | 4,969,948 | 10,078 | |
| MGM China Holdings Ltd. | 6,172,809 | 9,596 |
14
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| First Pacific Co. Ltd. | 19,346,433 | 8,978 | |
| Man Wah Holdings Ltd. | 12,824,303 | 8,798 | |
| Kerry Properties Ltd. | 4,953,779 | 8,619 | |
| United Laboratories International Holdings Ltd. | 8,055,064 | 8,521 | |
| 1 | Cathay Pacific Airways Ltd. | 8,243,453 | 8,427 |
| *,1 | MMG Ltd. | 20,727,153 | 7,908 |
| Hang Lung Group Ltd. | 7,200,993 | 7,830 | |
| Hysan Development Co. Ltd. | 5,134,079 | 7,372 | |
| NWS Holdings Ltd. | 7,936,458 | 7,036 | |
| * | CGN Mining Co. Ltd. | 20,320,000 | 6,770 |
| *,1 | SJM Holdings Ltd. | 19,576,247 | 6,635 |
| Shangri-La Asia Ltd. | 9,252,314 | 6,365 | |
| Luk Fook Holdings International Ltd. | 2,869,653 | 6,099 | |
| *,1 | Cowell e Holdings Inc. | 1,942,722 | 6,083 |
| Fortune REIT | 12,112,182 | 5,833 | |
| * | NagaCorp Ltd. | 11,443,386 | 5,610 |
| Vitasoy International Holdings Ltd. | 6,627,174 | 5,000 | |
| *,1 | Mongolian Mining Corp. | 4,191,000 | 4,802 |
| DFI Retail Group Holdings Ltd. | 2,501,405 | 4,739 | |
| Johnson Electric Holdings Ltd. | 3,010,627 | 4,544 | |
| * | Melco International Development Ltd. | 6,517,627 | 4,372 |
| * | Jinchuan Group International Resources Co. Ltd. | 40,561,802 | 4,304 |
| CITIC Telecom International Holdings Ltd. | 12,739,932 | 4,271 | |
| Dah Sing Financial Holdings Ltd. | 1,480,507 | 4,119 | |
| *,2 | FIT Hon Teng Ltd. | 9,029,481 | 3,995 |
| China Travel International Investment Hong Kong Ltd. | 22,274,609 | 3,304 | |
| Champion REIT | 16,207,036 | 3,261 | |
| VSTECS Holdings Ltd. | 5,570,750 | 3,161 | |
| Nexteer Automotive Group Ltd. | 6,921,777 | 3,113 | |
| Cafe de Coral Holdings Ltd. | 2,650,597 | 2,733 | |
| * | Super Hi International Holding Ltd. | 1,418,000 | 2,641 |
| Dah Sing Banking Group Ltd. | 3,130,023 | 2,607 | |
| * | IGG Inc. | 6,720,344 | 2,579 |
| Theme International Holdings Ltd. | 40,968,893 | 2,570 | |
| Value Partners Group Ltd. | 12,581,044 | 2,506 | |
| 1 | United Energy Group Ltd. | 63,345,098 | 2,471 |
| 1 | Huabao International Holdings Ltd. | 8,024,172 | 2,453 |
| 1 | Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 2,100,616 | 2,419 |
| *,1 | Vobile Group Ltd. | 14,614,230 | 2,330 |
| Giordano International Ltd. | 9,757,774 | 2,310 | |
| *,1,2 | Everest Medicines Ltd. | 900,509 | 2,257 |
| K Wah International Holdings Ltd. | 9,798,489 | 2,171 | |
| Kerry Logistics Network Ltd. | 2,232,005 | 2,154 | |
| HKBN Ltd. | 6,743,993 | 2,120 | |
| *,1 | Realord Group Holdings Ltd. | 3,007,595 | 2,071 |
| 2 | Js Global Lifestyle Co. Ltd. | 9,806,625 | 1,928 |
| Sunlight REIT | 8,800,663 | 1,927 | |
| SUNeVision Holdings Ltd. | 5,896,962 | 1,921 | |
| Chow Sang Sang Holdings International Ltd. | 1,839,991 | 1,706 | |
| Prosperity REIT | 8,962,983 | 1,583 | |
| * | C-Mer Eye Care Holdings Ltd. | 4,287,601 | 1,525 |
| Far East Consortium International Ltd. | 10,721,460 | 1,480 | |
| Guotai Junan International Holdings Ltd. | 18,949,503 | 1,453 | |
| Singamas Container Holdings Ltd. | 11,325,574 | 1,375 | |
| * | Texhong International Group Ltd. | 2,413,858 | 1,352 |
| SmarTone Telecommunications Holdings Ltd. | 2,902,409 | 1,349 | |
| Truly International Holdings Ltd. | 11,368,294 | 1,306 | |
| Asia Cement China Holdings Corp. | 3,484,794 | 1,293 | |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 10,268,014 | 1,290 | |
| 1 | LK Technology Holdings Ltd. | 2,995,466 | 1,223 |
| CITIC Resources Holdings Ltd. | 19,533,284 | 1,126 | |
| *,1 | Television Broadcasts Ltd. | 2,268,705 | 965 |
| * | Shun Tak Holdings Ltd. | 10,039,763 | 949 |
| *,2 | IMAX China Holding Inc. | 830,321 | 913 |
| * | Sa Sa International Holdings Ltd. | 8,580,035 | 912 |
| * | Hong Kong Technology Venture Co. Ltd. | 4,101,959 | 893 |
| *,1 | Powerlong Real Estate Holdings Ltd. | 11,003,943 | 816 |
| * | Kingkey Financial International Holdings Ltd. | 53,628,529 | 767 |
| *,2 | Fosun Tourism Group | 1,521,600 | 704 |
| * | OCI International Holdings Ltd. | 5,798,452 | 610 |
15
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| *,1,2 | Jacobio Pharmaceuticals Group Co. Ltd. | 2,918,512 | 586 |
| *,1,2 | Frontage Holdings Corp. | 5,280,348 | 539 |
| 1 | EC Healthcare | 3,003,207 | 464 |
| *,1,2 | Sirnaomics Ltd. | 544,587 | 298 |
| * | Apollo Future Mobility Group Ltd. | 1,766,761 | 163 |
| * | Renze Harvest International Ltd. | 4,235,229 | 76 |
| * | Esprit Holdings Ltd. | 682,218 | 13 |
| *,3 | Convoy Inc. | 62,200,399 | - |
| 3,118,774 | |||
| Ireland (0.2%) | |||
| Kingspan Group plc | 1,277,981 | 108,613 | |
| Kerry Group plc Class A | 1,279,758 | 103,710 | |
| Bank of Ireland Group plc | 8,736,012 | 91,260 | |
| AIB Group plc | 12,774,005 | 67,461 | |
| Glanbia plc (XDUB) | 1,493,275 | 29,017 | |
| Dalata Hotel Group plc | 1,840,608 | 7,845 | |
| *,3 | Irish Bank Resolution Corp. Ltd. | 257,065 | - |
| 407,906 | |||
| Israel (0.6%) | |||
| * | Teva Pharmaceutical Industries Ltd. | 9,479,979 | 154,236 |
| Bank Leumi Le-Israel BM | 12,745,193 | 103,894 | |
| Bank Hapoalim BM | 11,244,523 | 99,307 | |
| * | Nice Ltd. | 531,938 | 91,513 |
| * | Nova Ltd. | 244,581 | 57,400 |
| Israel Discount Bank Ltd. Class A | 10,390,431 | 51,853 | |
| Mizrahi Tefahot Bank Ltd. | 1,153,616 | 39,121 | |
| * | Tower Semiconductor Ltd. | 937,416 | 36,094 |
| Elbit Systems Ltd. | 206,112 | 35,866 | |
| Camtek Ltd. | 230,297 | 28,763 | |
| ICL Group Ltd. | 6,075,970 | 26,128 | |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 17,244,434 | 19,335 | |
| Azrieli Group Ltd. | 307,557 | 17,969 | |
| First International Bank of Israel Ltd. | 435,196 | 16,528 | |
| * | Enlight Renewable Energy Ltd. | 987,136 | 15,604 |
| Shufersal Ltd. | 2,225,740 | 14,521 | |
| Melisron Ltd. | 210,113 | 13,830 | |
| Phoenix Holdings Ltd. | 1,381,387 | 12,561 | |
| Mivne Real Estate KD Ltd. | 5,253,382 | 12,268 | |
| * | Big Shopping Centers Ltd. | 115,726 | 11,098 |
| Alony Hetz Properties & Investments Ltd. | 1,282,214 | 8,557 | |
| Sapiens International Corp. NV | 254,086 | 8,428 | |
| Energix-Renewable Energies Ltd. | 2,201,071 | 8,230 | |
| * | Clal Insurance Enterprises Holdings Ltd. | 566,195 | 7,999 |
| * | Airport City Ltd. | 560,038 | 7,873 |
| Paz Oil Co. Ltd. | 83,029 | 7,515 | |
| Harel Insurance Investments & Financial Services Ltd. | 928,963 | 7,432 | |
| Amot Investments Ltd. | 1,813,853 | 7,306 | |
| Delek Group Ltd. | 65,701 | 6,923 | |
| Israel Corp. Ltd. | 30,911 | 6,877 | |
| Strauss Group Ltd. | 423,083 | 6,246 | |
| Hilan Ltd. | 120,938 | 6,242 | |
| REIT 1 Ltd. | 1,647,498 | 6,063 | |
| * | Shapir Engineering and Industry Ltd. | 1,176,500 | 5,947 |
| Formula Systems 1985 Ltd. | 79,424 | 5,558 | |
| * | Fattal Holdings 1998 Ltd. | 54,089 | 5,544 |
| FIBI Holdings Ltd. | 139,751 | 5,491 | |
| Isracard Ltd. | 1,551,850 | 5,175 | |
| * | OPC Energy Ltd. | 711,956 | 4,987 |
| Electra Ltd. | 14,807 | 4,940 | |
| * | Shikun & Binui Ltd. | 2,636,791 | 4,885 |
| Matrix IT Ltd. | 263,393 | 4,759 | |
| Menora Mivtachim Holdings Ltd. | 194,121 | 4,650 | |
| Oil Refineries Ltd. | 19,763,086 | 4,559 | |
| Kenon Holdings Ltd. | 180,594 | 4,499 | |
| One Software Technologies Ltd. | 354,069 | 4,284 | |
| * | Equital Ltd. | 145,712 | 4,162 |
| Summit Real Estate Holdings Ltd. | 358,458 | 4,043 | |
| Mega Or Holdings Ltd. | 167,882 | 4,007 | |
| Israel Canada T.R Ltd. | 1,255,553 | 3,966 |
16
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Fox Wizel Ltd. | 57,240 | 3,850 | |
| Migdal Insurance & Financial Holdings Ltd. | 3,377,723 | 3,759 | |
| * | Ashtrom Group Ltd. | 310,858 | 3,536 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 65,136 | 3,421 | |
| * | Partner Communications Co. Ltd. | 845,552 | 3,402 |
| Sella Capital Real Estate Ltd. | 1,890,618 | 3,281 | |
| Danel Adir Yeoshua Ltd. | 39,633 | 3,238 | |
| Delta Galil Ltd. | 76,731 | 3,217 | |
| * | Perion Network Ltd. | 358,295 | 3,020 |
| * | Cellcom Israel Ltd. | 728,343 | 2,495 |
| Gav-Yam Lands Corp. Ltd. | 323,175 | 2,125 | |
| AudioCodes Ltd. | 205,002 | 2,116 | |
| Delek Automotive Systems Ltd. | 390,557 | 1,965 | |
| * | AFI Properties Ltd. | 45,339 | 1,948 |
| Elco Ltd. | 74,534 | 1,937 | |
| * | G City Ltd. | 784,909 | 1,844 |
| IDI Insurance Co. Ltd. | 60,287 | 1,554 | |
| * | Kamada Ltd. | 312,393 | 1,547 |
| Maytronics Ltd. | 353,966 | 1,320 | |
| Ashdod Refinery Ltd. | 78,167 | 1,195 | |
| 1,085,806 | |||
| Italy (2.4%) | |||
| UniCredit SpA | 13,718,559 | 507,669 | |
| Intesa Sanpaolo SpA | 135,484,650 | 503,517 | |
| Enel SpA | 65,330,376 | 453,314 | |
| Ferrari NV | 987,701 | 403,073 | |
| Stellantis NV | 17,378,722 | 343,555 | |
| Eni SpA | 18,928,979 | 290,648 | |
| Assicurazioni Generali SpA | 10,485,955 | 261,037 | |
| Prysmian SpA | 2,294,384 | 141,648 | |
| Moncler SpA | 1,733,329 | 106,329 | |
| 1 | Terna - Rete Elettrica Nazionale | 11,822,496 | 91,135 |
| Snam SpA | 19,065,630 | 84,194 | |
| Leonardo SpA | 3,364,040 | 77,941 | |
| FinecoBank Banca Fineco SpA | 5,130,739 | 76,239 | |
| Banco BPM SpA | 11,508,755 | 74,068 | |
| Mediobanca Banca di Credito Finanziario SpA | 4,663,370 | 68,263 | |
| Tenaris SA | 3,804,816 | 58,527 | |
| 1,2 | Poste Italiane SpA | 3,808,963 | 48,467 |
| BPER Banca SpA | 8,863,333 | 44,869 | |
| Recordati Industria Chimica e Farmaceutica SpA | 816,534 | 42,499 | |
| *,2 | Nexi SpA | 6,935,609 | 42,279 |
| Amplifon SpA | 1,089,528 | 38,743 | |
| Davide Campari-Milano NV | 4,009,587 | 37,962 | |
| Unipol Gruppo SpA | 3,615,018 | 35,851 | |
| Banca Monte dei Paschi di Siena SpA | 7,553,210 | 35,610 | |
| * | Saipem SpA | 12,181,456 | 31,237 |
| 2 | Infrastrutture Wireless Italiane SpA | 2,973,021 | 30,966 |
| Interpump Group SpA | 667,038 | 29,595 | |
| Buzzi SpA | 721,093 | 29,037 | |
| Brunello Cucinelli SpA | 285,049 | 28,450 | |
| Reply SpA | 189,901 | 28,001 | |
| A2A SpA | 12,894,715 | 25,598 | |
| Banca Mediolanum SpA | 2,035,010 | 22,425 | |
| 1 | Hera SpA | 6,467,631 | 22,107 |
| Banca Popolare di Sondrio SpA | 3,039,802 | 21,718 | |
| Azimut Holding SpA | 912,059 | 21,496 | |
| *,1 | Telecom Italia SpA (MTAA) | 88,350,555 | 21,132 |
| Italgas SpA | 4,111,714 | 20,305 | |
| 1,2 | Pirelli & C SpA | 3,234,137 | 19,219 |
| Banca Generali SpA | 457,171 | 18,351 | |
| Iveco Group NV | 1,623,695 | 18,182 | |
| De' Longhi SpA | 580,005 | 18,148 | |
| DiaSorin SpA | 179,809 | 17,887 | |
| 2 | BFF Bank SpA | 1,462,238 | 13,877 |
| Brembo NV | 1,215,524 | 13,350 | |
| * | Technoprobe SpA | 1,241,777 | 12,201 |
| 2 | Technogym SpA | 1,129,543 | 11,619 |
| ERG SpA | 459,233 | 11,512 |
17
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| * | Iren SpA | 5,376,628 | 11,188 |
| Maire SpA | 1,345,508 | 11,175 | |
| SOL SpA | 302,160 | 10,689 | |
| Lottomatica Group SpA | 883,960 | 10,669 | |
| 1 | UnipolSai Assicurazioni SpA | 3,545,672 | 9,617 |
| 2 | Anima Holding SpA | 1,792,152 | 8,937 |
| MFE-MediaForEurope NV Class A | 2,568,160 | 8,855 | |
| Saras SpA | 5,092,843 | 8,804 | |
| 2 | Enav SpA | 2,121,884 | 8,436 |
| Tamburi Investment Partners SpA | 842,221 | 8,412 | |
| Webuild SpA (MTAA) | 3,584,175 | 7,833 | |
| 2 | Carel Industries SpA | 410,691 | 7,639 |
| Sesa SpA | 60,361 | 7,458 | |
| Credito Emiliano SpA | 649,229 | 6,478 | |
| 1 | ACEA SpA | 359,521 | 5,819 |
| Salcef Group SpA | 176,283 | 4,809 | |
| Moltiply Group SpA | 130,025 | 4,751 | |
| Sanlorenzo SpA | 113,575 | 4,703 | |
| 1 | Salvatore Ferragamo SpA | 534,634 | 4,539 |
| El.En. SpA | 426,196 | 4,279 | |
| Banca IFIS SpA | 198,072 | 4,113 | |
| *,2 | GVS SpA | 569,028 | 4,018 |
| Piaggio & C SpA | 1,351,725 | 4,015 | |
| 2 | RAI Way SpA | 750,921 | 3,956 |
| Cementir Holding NV | 381,584 | 3,809 | |
| 1 | Ariston Holding NV | 875,533 | 3,607 |
| Italmobiliare SpA | 116,385 | 3,564 | |
| Danieli & C Officine Meccaniche SpA (MTAA) | 89,356 | 3,407 | |
| Zignago Vetro SpA | 249,727 | 3,157 | |
| *,1 | Juventus Football Club SpA | 1,137,881 | 2,688 |
| 1 | Tinexta SpA | 148,906 | 2,571 |
| Arnoldo Mondadori Editore SpA | 961,382 | 2,499 | |
| MARR SpA | 180,259 | 2,347 | |
| *,1 | Fincantieri SpA | 377,254 | 1,829 |
| Biesse SpA | 101,247 | 1,157 | |
| Alerion Cleanpower SpA | 46,878 | 816 | |
| * | Datalogic SpA | 134,038 | 802 |
| Rizzoli Corriere Della Sera Mediagroup SpA | 899,703 | 710 | |
| 4,558,005 | |||
| Japan (21.1%) | |||
| Toyota Motor Corp. | 99,856,178 | 2,048,795 | |
| Mitsubishi UFJ Financial Group Inc. | 91,123,578 | 983,408 | |
| Sony Group Corp. | 10,102,648 | 860,959 | |
| Hitachi Ltd. | 37,300,185 | 839,863 | |
| Tokyo Electron Ltd. | 3,697,881 | 809,468 | |
| Keyence Corp. | 1,638,845 | 717,286 | |
| Sumitomo Mitsui Financial Group Inc. | 10,448,298 | 701,341 | |
| Recruit Holdings Co. Ltd. | 11,905,407 | 640,596 | |
| Shin-Etsu Chemical Co. Ltd. | 16,034,720 | 623,456 | |
| Mitsubishi Corp. | 31,551,754 | 620,241 | |
| Tokio Marine Holdings Inc. | 15,995,661 | 601,102 | |
| ITOCHU Corp. | 11,388,419 | 559,834 | |
| Daiichi Sankyo Co. Ltd. | 15,819,309 | 549,780 | |
| SoftBank Group Corp. | 8,240,856 | 530,062 | |
| Mitsui & Co. Ltd. | 20,954,530 | 477,902 | |
| Nintendo Co. Ltd. | 8,762,190 | 467,914 | |
| Mizuho Financial Group Inc. | 21,330,678 | 448,955 | |
| Honda Motor Co. Ltd. | 40,115,930 | 431,246 | |
| Hoya Corp. | 2,950,828 | 345,068 | |
| KDDI Corp. | 12,957,613 | 343,267 | |
| Takeda Pharmaceutical Co. Ltd. | 12,897,732 | 334,544 | |
| Fast Retailing Co. Ltd. | 1,296,432 | 327,921 | |
| Daikin Industries Ltd. | 2,230,465 | 310,516 | |
| Murata Manufacturing Co. Ltd. | 14,143,215 | 292,883 | |
| Softbank Corp. | 23,042,291 | 281,807 | |
| 1 | Japan Tobacco Inc. | 9,937,196 | 269,094 |
| Denso Corp. | 17,211,160 | 268,650 | |
| Disco Corp. | 702,569 | 267,608 | |
| Mitsubishi Heavy Industries Ltd. | 24,792,890 | 266,897 |
18
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Mitsubishi Electric Corp. | 16,224,314 | 259,997 | |
| Oriental Land Co. Ltd. | 9,065,190 | 253,319 | |
| Advantest Corp. | 6,217,384 | 251,965 | |
| MS&AD Insurance Group Holdings Inc. | 11,222,492 | 250,553 | |
| Marubeni Corp. | 13,357,503 | 247,682 | |
| Renesas Electronics Corp. | 12,761,687 | 242,021 | |
| Seven & i Holdings Co. Ltd. | 19,255,554 | 235,306 | |
| FUJIFILM Holdings Corp. | 9,691,846 | 227,339 | |
| Komatsu Ltd. | 7,700,543 | 224,929 | |
| Nippon Telegraph & Telephone Corp. | 235,715,175 | 222,893 | |
| SMC Corp. | 466,412 | 222,225 | |
| FANUC Corp. | 7,980,890 | 219,097 | |
| Sumitomo Corp. | 8,610,778 | 216,319 | |
| Fujitsu Ltd. | 13,698,590 | 214,842 | |
| 1 | Canon Inc. | 7,899,547 | 214,296 |
| Mitsui Fudosan Co. Ltd. | 22,538,895 | 207,446 | |
| ORIX Corp. | 9,244,988 | 204,905 | |
| Dai-ichi Life Holdings Inc. | 7,610,650 | 203,812 | |
| Terumo Corp. | 12,006,972 | 199,138 | |
| Nidec Corp. | 4,348,026 | 195,659 | |
| Chugai Pharmaceutical Co. Ltd. | 5,471,552 | 194,833 | |
| TDK Corp. | 3,024,870 | 186,005 | |
| Bridgestone Corp. | 4,706,030 | 185,697 | |
| NEC Corp. | 2,154,722 | 177,671 | |
| Suzuki Motor Corp. | 15,119,636 | 174,550 | |
| Otsuka Holdings Co. Ltd. | 4,036,401 | 170,525 | |
| Sompo Holdings Inc. | 7,694,063 | 164,835 | |
| Central Japan Railway Co. | 7,599,130 | 164,727 | |
| Lasertec Corp. | 721,661 | 161,999 | |
| Kao Corp. | 3,812,443 | 154,354 | |
| East Japan Railway Co. | 9,077,721 | 151,141 | |
| Astellas Pharma Inc. | 15,086,238 | 148,837 | |
| Olympus Corp. | 9,184,777 | 148,264 | |
| Japan Post Holdings Co. Ltd. | 14,685,830 | 145,973 | |
| Nippon Steel Corp. | 6,856,501 | 145,347 | |
| Mitsubishi Estate Co. Ltd. | 9,077,716 | 142,914 | |
| Panasonic Holdings Corp. | 17,225,404 | 141,601 | |
| Nomura Holdings Inc. | 23,758,224 | 137,235 | |
| Sumitomo Mitsui Trust Holdings Inc. | 5,938,760 | 136,480 | |
| Ajinomoto Co. Inc. | 3,833,251 | 134,912 | |
| Asahi Group Holdings Ltd. | 3,811,115 | 134,855 | |
| Daiwa House Industry Co. Ltd. | 5,052,219 | 128,629 | |
| Aeon Co. Ltd. | 5,968,498 | 127,744 | |
| Resona Holdings Inc. | 18,503,017 | 123,085 | |
| ENEOS Holdings Inc. | 23,517,324 | 121,195 | |
| Kyocera Corp. | 10,032,712 | 115,716 | |
| Kubota Corp. | 8,216,650 | 115,468 | |
| Japan Post Bank Co. Ltd. | 12,125,929 | 115,135 | |
| Toyota Industries Corp. | 1,343,343 | 114,272 | |
| Toyota Tsusho Corp. | 5,603,739 | 109,515 | |
| Nippon Yusen KK | 3,715,799 | 108,415 | |
| Subaru Corp. | 5,029,279 | 106,949 | |
| Inpex Corp. | 7,162,363 | 105,183 | |
| Unicharm Corp. | 3,238,462 | 104,069 | |
| Japan Exchange Group Inc. | 4,381,852 | 102,769 | |
| Kansai Electric Power Co. Inc. | 6,103,899 | 102,495 | |
| Sekisui House Ltd. | 4,595,282 | 102,131 | |
| Secom Co. Ltd. | 1,721,202 | 101,936 | |
| Nomura Research Institute Ltd. | 3,498,637 | 98,884 | |
| Shimano Inc. | 639,162 | 98,779 | |
| Sumitomo Electric Industries Ltd. | 6,302,439 | 98,536 | |
| Sumitomo Realty & Development Co. Ltd. | 3,318,188 | 97,913 | |
| Bandai Namco Holdings Inc. | 4,908,746 | 96,169 | |
| Nitto Denko Corp. | 1,185,524 | 94,032 | |
| Shiseido Co. Ltd. | 3,263,302 | 93,001 | |
| Eisai Co. Ltd. | 2,223,862 | 91,542 | |
| Kikkoman Corp. | 7,621,300 | 88,575 | |
| Daiwa Securities Group Inc. | 11,307,416 | 86,810 | |
| Mitsui OSK Lines Ltd. | 2,828,910 | 85,056 | |
| Kirin Holdings Co. Ltd. | 6,517,900 | 84,196 |
19
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Asics Corp. | 5,130,160 | 79,098 | |
| Shionogi & Co. Ltd. | 2,019,097 | 78,641 | |
| Pan Pacific International Holdings Corp. | 3,351,638 | 78,401 | |
| Yaskawa Electric Corp. | 2,164,309 | 78,043 | |
| NTT Data Group Corp. | 5,271,592 | 77,877 | |
| Sysmex Corp. | 4,776,870 | 77,108 | |
| T&D Holdings Inc. | 4,191,634 | 73,216 | |
| West Japan Railway Co. | 3,864,810 | 72,115 | |
| Obic Co. Ltd. | 557,421 | 71,925 | |
| JFE Holdings Inc. | 4,929,711 | 71,149 | |
| Minebea Mitsumi Inc. | 3,426,598 | 70,591 | |
| 1 | Yamaha Motor Co. Ltd. | 7,472,909 | 69,474 |
| Tokyo Gas Co. Ltd. | 3,225,778 | 69,444 | |
| Osaka Gas Co. Ltd. | 3,126,476 | 69,096 | |
| Obayashi Corp. | 5,625,334 | 67,225 | |
| Asahi Kasei Corp. | 10,362,408 | 66,538 | |
| * | Tokyo Electric Power Co. Holdings Inc. | 12,354,457 | 66,529 |
| Idemitsu Kosan Co. Ltd. | 10,218,325 | 66,415 | |
| Nitori Holdings Co. Ltd. | 627,237 | 66,404 | |
| Chubu Electric Power Co. Inc. | 5,594,881 | 66,094 | |
| TOPPAN Holdings Inc. | 2,322,172 | 64,418 | |
| Isuzu Motors Ltd. | 4,815,255 | 64,016 | |
| Dai Nippon Printing Co. Ltd. | 1,880,229 | 63,440 | |
| Kajima Corp. | 3,551,669 | 61,607 | |
| Ebara Corp. | 3,837,200 | 61,203 | |
| * | Rakuten Group Inc. | 11,707,310 | 60,649 |
| SCREEN Holdings Co. Ltd. | 666,344 | 60,410 | |
| Sumitomo Metal Mining Co. Ltd. | 1,986,995 | 60,372 | |
| Toray Industries Inc. | 12,685,207 | 60,163 | |
| Fuji Electric Co. Ltd. | 1,050,511 | 60,027 | |
| Mitsubishi Chemical Group Corp. | 10,700,094 | 59,619 | |
| Konami Group Corp. | 797,247 | 57,644 | |
| SBI Holdings Inc. | 2,263,806 | 57,457 | |
| Shimadzu Corp. | 2,246,154 | 56,298 | |
| Capcom Co. Ltd. | 2,967,934 | 56,144 | |
| Makita Corp. | 2,045,337 | 55,997 | |
| Isetan Mitsukoshi Holdings Ltd. | 2,906,440 | 54,632 | |
| Nippon Paint Holdings Co. Ltd. | 8,281,681 | 54,137 | |
| Concordia Financial Group Ltd. | 9,075,335 | 53,757 | |
| LY Corp. | 21,905,310 | 52,894 | |
| Omron Corp. | 1,523,725 | 52,764 | |
| Taisei Corp. | 1,411,261 | 52,503 | |
| Kawasaki Kisen Kaisha Ltd. | 3,521,414 | 51,352 | |
| Nexon Co. Ltd. | 2,746,415 | 51,095 | |
| Chiba Bank Ltd. | 5,583,914 | 50,050 | |
| Daito Trust Construction Co. Ltd. | 481,350 | 49,825 | |
| Nissan Motor Co. Ltd. | 14,657,629 | 49,762 | |
| Ono Pharmaceutical Co. Ltd. | 3,571,306 | 48,796 | |
| Hankyu Hanshin Holdings Inc. | 1,821,041 | 48,577 | |
| Yokogawa Electric Corp. | 1,985,989 | 48,232 | |
| 1 | AGC Inc. | 1,475,273 | 48,003 |
| Aisin Corp. | 1,446,347 | 47,250 | |
| Kawasaki Heavy Industries Ltd. | 1,223,707 | 46,718 | |
| MEIJI Holdings Co. Ltd. | 2,156,574 | 46,643 | |
| Mazda Motor Corp. | 4,789,428 | 46,175 | |
| Mitsubishi HC Capital Inc. (XTKS) | 6,973,041 | 46,137 | |
| Tokyu Corp. | 4,153,157 | 45,860 | |
| Sekisui Chemical Co. Ltd. | 3,276,835 | 45,491 | |
| Nippon Sanso Holdings Corp. | 1,514,901 | 44,988 | |
| Toyo Suisan Kaisha Ltd. | 754,837 | 44,960 | |
| Nippon Building Fund Inc. | 12,778 | 44,823 | |
| Daifuku Co. Ltd. | 2,384,563 | 44,787 | |
| Sojitz Corp. | 1,816,522 | 44,373 | |
| Fujikura Ltd. | 2,219,366 | 43,920 | |
| Yakult Honsha Co. Ltd. | 2,445,850 | 43,821 | |
| MatsukiyoCocokara & Co. | 3,047,373 | 43,761 | |
| 1 | Dentsu Group Inc. | 1,726,292 | 43,710 |
| Nissin Foods Holdings Co. Ltd. | 1,686,937 | 42,892 | |
| Niterra Co. Ltd. | 1,466,476 | 42,763 | |
| Kyoto Financial Group Inc. | 2,385,860 | 42,627 |
20
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Ricoh Co. Ltd. | 4,789,206 | 41,049 | |
| SUMCO Corp. | 2,815,821 | 40,733 | |
| MISUMI Group Inc. | 2,317,950 | 39,778 | |
| Mitsui Chemicals Inc. | 1,417,784 | 39,260 | |
| Kurita Water Industries Ltd. | 920,384 | 39,109 | |
| Hikari Tsushin Inc. | 206,779 | 38,734 | |
| Trend Micro Inc. | 945,592 | 38,543 | |
| Sumitomo Forestry Co. Ltd. | 1,173,621 | 37,623 | |
| Keisei Electric Railway Co. Ltd. | 1,158,858 | 37,475 | |
| Suntory Beverage & Food Ltd. | 1,048,517 | 37,239 | |
| TIS Inc. | 1,911,303 | 37,133 | |
| Ibiden Co. Ltd. | 902,683 | 36,949 | |
| Kyushu Electric Power Co. Inc. | 3,581,789 | 36,949 | |
| Shizuoka Financial Group Inc. | 3,790,363 | 36,641 | |
| Rohm Co. Ltd. | 2,713,680 | 36,276 | |
| Fukuoka Financial Group Inc. | 1,346,142 | 36,250 | |
| Socionext Inc. | 1,505,390 | 35,819 | |
| Kyowa Kirin Co. Ltd. | 2,088,301 | 35,795 | |
| Tohoku Electric Power Co. Inc. | 3,957,658 | 35,774 | |
| Japan Real Estate Investment Corp. | 11,173 | 35,316 | |
| Kobe Steel Ltd. | 2,769,854 | 34,457 | |
| Brother Industries Ltd. | 1,944,180 | 34,342 | |
| Nissan Chemical Corp. | 1,078,902 | 34,293 | |
| Seiko Epson Corp. | 2,175,585 | 34,011 | |
| M3 Inc. | 3,548,707 | 33,954 | |
| Rohto Pharmaceutical Co. Ltd. | 1,621,514 | 33,947 | |
| KDX Realty Investment Corp. | 34,636 | 33,668 | |
| Tokyu Fudosan Holdings Corp. | 5,008,497 | 33,620 | |
| Nomura Real Estate Master Fund Inc. | 37,643 | 33,439 | |
| Otsuka Corp. | 1,716,478 | 33,108 | |
| Resonac Holdings Corp. | 1,490,168 | 32,923 | |
| Ryohin Keikaku Co. Ltd. | 1,977,281 | 32,906 | |
| Kintetsu Group Holdings Co. Ltd. | 1,502,910 | 32,781 | |
| Kuraray Co. Ltd. | 2,819,570 | 32,623 | |
| SG Holdings Co. Ltd. | 3,526,471 | 32,610 | |
| Japan Metropolitan Fund Investment | 57,582 | 32,398 | |
| Nippon Prologis REIT Inc. | 20,584 | 32,128 | |
| IHI Corp. | 1,066,590 | 31,983 | |
| GLP J-Reit | 39,045 | 31,880 | |
| Sanrio Co. Ltd. | 1,701,966 | 31,486 | |
| Mebuki Financial Group Inc. | 7,990,731 | 31,335 | |
| Amada Co. Ltd. | 2,785,157 | 30,967 | |
| 1 | Hulic Co. Ltd. | 3,474,402 | 30,882 |
| Japan Post Insurance Co. Ltd. | 1,577,322 | 30,676 | |
| Tosoh Corp. | 2,335,111 | 30,566 | |
| Hoshizaki Corp. | 945,725 | 30,081 | |
| Sanwa Holdings Corp. | 1,630,731 | 29,926 | |
| Mitsubishi Gas Chemical Co. Inc. | 1,534,210 | 29,430 | |
| Oji Holdings Corp. | 7,401,681 | 29,219 | |
| Azbil Corp. | 1,039,508 | 29,036 | |
| Hamamatsu Photonics KK | 1,070,897 | 28,768 | |
| Daiwa House REIT Investment Corp. | 18,724 | 28,669 | |
| Zensho Holdings Co. Ltd. | 748,656 | 28,542 | |
| TOTO Ltd. | 1,210,825 | 28,526 | |
| USS Co. Ltd. | 3,387,062 | 28,522 | |
| McDonald's Holdings Co. Japan Ltd. | 721,800 | 28,486 | |
| Tobu Railway Co. Ltd. | 1,687,627 | 28,452 | |
| 1 | DMG Mori Co. Ltd. | 1,045,181 | 27,339 |
| Sumitomo Chemical Co. Ltd. | 12,667,211 | 27,199 | |
| Credit Saison Co. Ltd. | 1,301,553 | 27,099 | |
| Hirose Electric Co. Ltd. | 244,204 | 27,079 | |
| Toho Co. Ltd. | 925,271 | 27,068 | |
| Cosmo Energy Holdings Co. Ltd. | 531,923 | 26,851 | |
| Shimizu Corp. | 4,730,731 | 26,659 | |
| Ulvac Inc. | 402,038 | 26,428 | |
| 1 | Tokyo Tatemono Co. Ltd. | 1,659,732 | 26,411 |
| Yamaha Corp. | 1,122,518 | 26,382 | |
| NGK Insulators Ltd. | 2,051,687 | 26,344 | |
| Kyushu Railway Co. | 1,212,977 | 26,331 | |
| Kobe Bussan Co. Ltd. | 1,178,874 | 26,261 |
21
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Horiba Ltd. | 323,035 | 26,202 | |
| Taiyo Yuden Co. Ltd. | 1,030,848 | 26,160 | |
| 1 | NIPPON EXPRESS HOLDINGS Inc. | 561,597 | 25,991 |
| Nikon Corp. | 2,548,898 | 25,867 | |
| Odakyu Electric Railway Co. Ltd. | 2,647,481 | 25,678 | |
| Santen Pharmaceutical Co. Ltd. | 2,491,402 | 25,488 | |
| Koito Manufacturing Co. Ltd. | 1,843,074 | 25,409 | |
| Kansai Paint Co. Ltd. | 1,557,573 | 25,184 | |
| Yamato Holdings Co. Ltd. | 2,281,081 | 25,137 | |
| Tokyo Ohka Kogyo Co. Ltd. | 916,847 | 25,017 | |
| NOF Corp. | 1,817,303 | 24,925 | |
| Medipal Holdings Corp. | 1,623,956 | 24,758 | |
| Nisshin Seifun Group Inc. | 2,143,919 | 24,742 | |
| NH Foods Ltd. | 823,822 | 24,740 | |
| Iwatani Corp. | 423,482 | 24,669 | |
| Sumitomo Heavy Industries Ltd. | 941,708 | 24,576 | |
| Yokohama Rubber Co. Ltd. | 1,102,419 | 24,521 | |
| Skylark Holdings Co. Ltd. | 1,840,678 | 24,520 | |
| ANA Holdings Inc. | 1,318,488 | 24,370 | |
| SCSK Corp. | 1,211,308 | 24,234 | |
| Seibu Holdings Inc. | 1,734,452 | 23,969 | |
| Tokyo Seimitsu Co. Ltd. | 312,199 | 23,953 | |
| Haseko Corp. | 2,151,462 | 23,827 | |
| Taiheiyo Cement Corp. | 945,403 | 23,785 | |
| Hitachi Construction Machinery Co. Ltd. | 885,418 | 23,743 | |
| Hachijuni Bank Ltd. | 3,612,649 | 23,730 | |
| Asahi Intecc Co. Ltd. | 1,643,195 | 23,069 | |
| Lixil Corp. | 2,180,068 | 22,978 | |
| ZOZO Inc. | 918,729 | 22,970 | |
| Invincible Investment Corp. | 56,479 | 22,956 | |
| MonotaRO Co. Ltd. | 1,953,515 | 22,879 | |
| BayCurrent Consulting Inc. | 1,129,276 | 22,862 | |
| Nomura Real Estate Holdings Inc. | 902,817 | 22,727 | |
| Advance Residence Investment Corp. | 11,133 | 22,686 | |
| Fuji Soft Inc. | 497,274 | 22,463 | |
| Keio Corp. | 961,527 | 22,324 | |
| Yamazaki Baking Co. Ltd. | 1,074,055 | 22,172 | |
| CyberAgent Inc. | 3,511,737 | 22,009 | |
| United Urban Investment Corp. | 24,667 | 21,899 | |
| Orix JREIT Inc. | 21,981 | 21,783 | |
| J Front Retailing Co. Ltd. | 2,078,608 | 21,697 | |
| Electric Power Development Co. Ltd. | 1,376,223 | 21,516 | |
| Marui Group Co. Ltd. | 1,513,028 | 21,356 | |
| Iyogin Holdings Inc. | 2,247,660 | 20,945 | |
| Kinden Corp. | 1,020,572 | 20,409 | |
| Persol Holdings Co. Ltd. | 14,691,170 | 20,357 | |
| Air Water Inc. | 1,482,895 | 20,150 | |
| Dexerials Corp. | 430,547 | 20,105 | |
| Toyo Seikan Group Holdings Ltd. | 1,275,742 | 20,055 | |
| Kokusai Electric Corp. | 681,600 | 20,041 | |
| Open House Group Co. Ltd. | 645,037 | 19,819 | |
| Suzuken Co. Ltd. | 644,756 | 19,660 | |
| Square Enix Holdings Co. Ltd. | 649,914 | 19,582 | |
| Tokyo Century Corp. | 2,077,596 | 19,534 | |
| Japan Airport Terminal Co. Ltd. | 569,796 | 19,482 | |
| Rinnai Corp. | 853,681 | 19,464 | |
| Daicel Corp. | 2,018,199 | 19,435 | |
| Sohgo Security Services Co. Ltd. | 3,323,935 | 19,425 | |
| Japan Airlines Co. Ltd. | 1,223,348 | 19,329 | |
| Sega Sammy Holdings Inc. | 1,300,119 | 19,316 | |
| Tsuruha Holdings Inc. | 339,254 | 19,285 | |
| Shinko Electric Industries Co. Ltd. | 551,559 | 19,284 | |
| Mitsubishi Materials Corp. | 1,045,811 | 19,210 | |
| Nichirei Corp. | 861,940 | 19,021 | |
| GMO Payment Gateway Inc. | 342,550 | 18,966 | |
| Gunma Bank Ltd. | 2,938,397 | 18,928 | |
| Takashimaya Co. Ltd. | 1,116,737 | 18,860 | |
| Yamaguchi Financial Group Inc. | 1,632,410 | 18,681 | |
| Japan Hotel REIT Investment Corp. | 38,678 | 18,674 | |
| Oracle Corp. Japan | 270,470 | 18,664 |
22
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Sapporo Holdings Ltd. | 520,999 | 18,307 | |
| Kyushu Financial Group Inc. | 3,085,328 | 18,205 | |
| Toho Gas Co. Ltd. | 740,753 | 18,019 | |
| Hirogin Holdings Inc. | 2,310,892 | 17,965 | |
| THK Co. Ltd. | 998,686 | 17,914 | |
| Nihon Kohden Corp. | 1,232,406 | 17,833 | |
| 1 | Kose Corp. | 279,646 | 17,753 |
| Nagoya Railroad Co. Ltd. | 1,622,832 | 17,747 | |
| Alfresa Holdings Corp. | 1,286,040 | 17,676 | |
| COMSYS Holdings Corp. | 907,744 | 17,523 | |
| Takasago Thermal Engineering Co. Ltd. | 490,501 | 17,479 | |
| Mitsubishi Logistics Corp. | 530,476 | 17,456 | |
| Kewpie Corp. | 872,371 | 17,353 | |
| NSK Ltd. | 3,534,079 | 17,240 | |
| Stanley Electric Co. Ltd. | 958,201 | 17,170 | |
| ADEKA Corp. | 840,040 | 16,985 | |
| Sekisui House REIT Inc. | 34,462 | 16,952 | |
| Fujitec Co. Ltd. | 622,734 | 16,717 | |
| Shimamura Co. Ltd. | 366,396 | 16,684 | |
| 77 Bank Ltd. | 595,044 | 16,662 | |
| Nifco Inc. | 688,567 | 16,509 | |
| Chugoku Electric Power Co. Inc. | 2,517,481 | 16,499 | |
| Nagase & Co. Ltd. | 839,489 | 16,479 | |
| Miura Co. Ltd. | 812,164 | 16,476 | |
| EXEO Group Inc. | 1,642,288 | 16,398 | |
| Goldwin Inc. | 296,926 | 16,262 | |
| Macnica Holdings Inc. | 384,633 | 16,163 | |
| Lion Corp. | 2,068,754 | 16,124 | |
| Maruwa Co. Ltd. | 67,329 | 16,120 | |
| Nabtesco Corp. | 945,122 | 16,106 | |
| Jeol Ltd. | 354,536 | 16,100 | |
| Rorze Corp. | 81,372 | 16,077 | |
| Alps Alpine Co. Ltd. | 1,673,437 | 16,046 | |
| 1 | Aozora Bank Ltd. | 972,500 | 15,931 |
| Kobayashi Pharmaceutical Co. Ltd. | 484,204 | 15,725 | |
| Kamigumi Co. Ltd. | 758,505 | 15,670 | |
| Zenkoku Hosho Co. Ltd. | 423,443 | 15,624 | |
| Nippon Accommodations Fund Inc. | 3,930 | 15,622 | |
| Sumitomo Bakelite Co. Ltd. | 530,054 | 15,573 | |
| 1 | Japan Prime Realty Investment Corp. | 7,679 | 15,506 |
| Industrial & Infrastructure Fund Investment Corp. | 19,579 | 15,423 | |
| Iida Group Holdings Co. Ltd. | 1,165,338 | 15,397 | |
| Keikyu Corp. | 2,090,164 | 15,304 | |
| Sankyo Co. Ltd. | 1,405,470 | 15,283 | |
| Sumitomo Rubber Industries Ltd. | 1,508,458 | 15,134 | |
| Nankai Electric Railway Co. Ltd. | 908,465 | 15,099 | |
| BIPROGY Inc. | 542,178 | 15,059 | |
| Nishi-Nippon Financial Holdings Inc. | 1,185,327 | 14,970 | |
| Nippon Electric Glass Co. Ltd. | 650,770 | 14,858 | |
| Kyudenko Corp. | 401,301 | 14,793 | |
| Coca-Cola Bottlers Japan Holdings Inc. | 1,174,720 | 14,767 | |
| TechnoPro Holdings Inc. | 900,930 | 14,756 | |
| Chugin Financial Group Inc. | 1,386,582 | 14,657 | |
| Keihan Holdings Co. Ltd. | 816,029 | 14,636 | |
| Mitsubishi Motors Corp. | 5,281,447 | 14,621 | |
| GS Yuasa Corp. | 732,995 | 14,620 | |
| Mitsui Mining & Smelting Co. Ltd. | 455,520 | 14,597 | |
| Tomy Co. Ltd. | 731,104 | 14,425 | |
| UBE Corp. | 816,974 | 14,401 | |
| Sankyu Inc. | 419,806 | 14,380 | |
| Hakuhodo DY Holdings Inc. | 1,963,529 | 14,373 | |
| LaSalle Logiport REIT | 15,503 | 14,251 | |
| Seino Holdings Co. Ltd. | 1,052,090 | 14,245 | |
| Tsumura & Co. | 550,942 | 14,117 | |
| Towa Corp. | 198,615 | 13,987 | |
| Japan Steel Works Ltd. | 524,973 | 13,983 | |
| Amano Corp. | 539,148 | 13,976 | |
| JGC Holdings Corp. | 1,774,557 | 13,950 | |
| Sundrug Co. Ltd. | 548,537 | 13,839 | |
| Activia Properties Inc. | 6,060 | 13,728 |
23
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Food & Life Cos. Ltd. | 842,889 | 13,664 | |
| Dowa Holdings Co. Ltd. | 381,147 | 13,629 | |
| Toyo Tire Corp. | 848,467 | 13,617 | |
| Nichias Corp. | 462,974 | 13,614 | |
| SHO-BOND Holdings Co. Ltd. | 378,634 | 13,570 | |
| Yamato Kogyo Co. Ltd. | 277,254 | 13,538 | |
| Daido Steel Co. Ltd. | 1,460,855 | 13,534 | |
| Nippon Gas Co. Ltd. | 895,111 | 13,516 | |
| Kagome Co. Ltd. | 661,646 | 13,473 | |
| Daiwabo Holdings Co. Ltd. | 743,531 | 13,355 | |
| Sawai Group Holdings Co. Ltd. | 328,301 | 13,322 | |
| Internet Initiative Japan Inc. | 895,724 | 13,269 | |
| Kokuyo Co. Ltd. | 787,254 | 13,225 | |
| JTEKT Corp. | 1,889,031 | 13,201 | |
| Toda Corp. | 2,002,310 | 13,159 | |
| Hokuhoku Financial Group Inc. | 1,013,995 | 13,148 | |
| * | Rakuten Bank Ltd. | 721,200 | 13,147 |
| Furukawa Electric Co. Ltd. | 515,937 | 13,111 | |
| MEITEC Group Holdings Inc. | 642,849 | 13,031 | |
| INFRONEER Holdings Inc. | 1,595,491 | 12,984 | |
| NHK Spring Co. Ltd. | 1,292,838 | 12,968 | |
| Nissui Corp. | 2,409,401 | 12,952 | |
| Teijin Ltd. | 1,552,566 | 12,940 | |
| Casio Computer Co. Ltd. | 1,726,366 | 12,925 | |
| DIC Corp. | 676,547 | 12,875 | |
| Yamada Holdings Co. Ltd. | 4,769,300 | 12,829 | |
| Mitsui Fudosan Logistics Park Inc. | 4,685 | 12,652 | |
| Morinaga Milk Industry Co. Ltd. | 600,350 | 12,632 | |
| * | Money Forward Inc. | 375,623 | 12,609 |
| Yaoko Co. Ltd. | 206,278 | 12,503 | |
| Kakaku.com Inc. | 951,906 | 12,491 | |
| Japan Logistics Fund Inc. | 7,484 | 12,380 | |
| Mizuho Leasing Co. Ltd. | 1,766,400 | 12,369 | |
| AEON REIT Investment Corp. | 14,847 | 12,297 | |
| 1 | Mabuchi Motor Co. Ltd. | 819,968 | 12,240 |
| Toho Holdings Co. Ltd. | 463,835 | 12,165 | |
| Fuyo General Lease Co. Ltd. | 158,415 | 12,132 | |
| Kadokawa Corp. | 749,644 | 12,076 | |
| * | Mercari Inc. | 969,230 | 12,040 |
| NET One Systems Co. Ltd. | 656,052 | 12,039 | |
| Hanwa Co. Ltd. | 311,622 | 11,965 | |
| Nihon M&A Center Holdings Inc. | 2,284,084 | 11,829 | |
| Osaka Soda Co. Ltd. | 174,273 | 11,798 | |
| Cosmos Pharmaceutical Corp. | 146,154 | 11,784 | |
| * | PeptiDream Inc. | 754,043 | 11,719 |
| Kaneka Corp. | 443,944 | 11,691 | |
| Rengo Co. Ltd. | 1,799,270 | 11,675 | |
| Kanematsu Corp. | 693,706 | 11,657 | |
| Hisamitsu Pharmaceutical Co. Inc. | 501,963 | 11,625 | |
| Citizen Watch Co. Ltd. | 1,723,317 | 11,550 | |
| Bic Camera Inc. | 1,206,859 | 11,525 | |
| 1 | Frontier Real Estate Investment Corp. | 4,210 | 11,512 |
| San-In Godo Bank Ltd. | 1,282,612 | 11,511 | |
| Maruichi Steel Tube Ltd. | 493,827 | 11,477 | |
| Comforia Residential REIT Inc. | 5,801 | 11,471 | |
| ABC-Mart Inc. | 649,355 | 11,396 | |
| Harmonic Drive Systems Inc. | 402,308 | 11,382 | |
| Calbee Inc. | 589,921 | 11,344 | |
| Micronics Japan Co. Ltd. | 270,005 | 11,256 | |
| Organo Corp. | 218,988 | 11,253 | |
| Daishi Hokuetsu Financial Group Inc. | 350,742 | 11,253 | |
| NSD Co. Ltd. | 581,105 | 11,163 | |
| Fuji Corp. | 701,100 | 11,138 | |
| Shikoku Electric Power Co. Inc. | 1,292,223 | 11,110 | |
| K's Holdings Corp. | 1,174,743 | 11,068 | |
| Inaba Denki Sangyo Co. Ltd. | 451,808 | 11,061 | |
| NOK Corp. | 829,818 | 11,060 | |
| Tokuyama Corp. | 599,629 | 11,046 | |
| Sugi Holdings Co. Ltd. | 800,440 | 11,000 | |
| Hokkaido Electric Power Co. Inc. | 1,474,036 | 10,980 |
24
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Mori Hills REIT Investment Corp. | 13,309 | 10,880 | |
| 1 | Ezaki Glico Co. Ltd. | 416,416 | 10,830 |
| Nikkon Holdings Co. Ltd. | 477,378 | 10,828 | |
| Ushio Inc. | 824,980 | 10,762 | |
| * | Park24 Co. Ltd. | 1,065,742 | 10,675 |
| Daiwa Securities Living Investments Corp. | 16,222 | 10,603 | |
| House Foods Group Inc. | 596,448 | 10,555 | |
| Nippon Shokubai Co. Ltd. | 1,050,892 | 10,524 | |
| Canon Marketing Japan Inc. | 376,738 | 10,508 | |
| Konica Minolta Inc. | 3,776,037 | 10,508 | |
| 1 | Koei Tecmo Holdings Co. Ltd. | 1,210,148 | 10,505 |
| Nippon Kayaku Co. Ltd. | 1,361,498 | 10,445 | |
| Tsubakimoto Chain Co. | 265,386 | 10,308 | |
| Welcia Holdings Co. Ltd. | 825,684 | 10,297 | |
| Rakus Co. Ltd. | 793,365 | 10,294 | |
| Nishi-Nippon Railroad Co. Ltd. | 638,360 | 10,267 | |
| Ito En Ltd. | 472,612 | 10,257 | |
| OKUMA Corp. | 226,301 | 10,253 | |
| Yoshinoya Holdings Co. Ltd. | 535,651 | 10,214 | |
| OBIC Business Consultants Co. Ltd. | 240,356 | 10,128 | |
| Suruga Bank Ltd. | 1,525,604 | 10,069 | |
| * | Sharp Corp. | 1,738,394 | 10,059 |
| Morinaga & Co. Ltd. | 644,804 | 10,016 | |
| Sotetsu Holdings Inc. | 659,425 | 10,010 | |
| H2O Retailing Corp. | 670,884 | 9,944 | |
| Takeuchi Manufacturing Co. Ltd. | 283,498 | 9,941 | |
| Fancl Corp. | 579,889 | 9,930 | |
| Takara Holdings Inc. | 1,458,096 | 9,916 | |
| Topcon Corp. | 874,623 | 9,847 | |
| Zeon Corp. | 1,181,941 | 9,835 | |
| Penta-Ocean Construction Co. Ltd. | 2,377,051 | 9,796 | |
| Mitsubishi Estate Logistics REIT Investment Corp. | 4,121 | 9,772 | |
| Ship Healthcare Holdings Inc. | 656,745 | 9,734 | |
| Japan Petroleum Exploration Co. Ltd. | 240,065 | 9,725 | |
| CKD Corp. | 489,852 | 9,720 | |
| Denka Co. Ltd. | 718,997 | 9,696 | |
| Hulic REIT Inc. | 10,641 | 9,673 | |
| Toyoda Gosei Co. Ltd. | 545,974 | 9,648 | |
| TS Tech Co. Ltd. | 800,590 | 9,504 | |
| Hazama Ando Corp. | 1,298,901 | 9,430 | |
| Aica Kogyo Co. Ltd. | 431,675 | 9,416 | |
| 1 | Tokai Carbon Co. Ltd. | 1,638,314 | 9,395 |
| Kandenko Co. Ltd. | 873,072 | 9,389 | |
| Relo Group Inc. | 876,381 | 9,366 | |
| Wacoal Holdings Corp. | 332,871 | 9,331 | |
| Shiga Bank Ltd. | 352,411 | 9,295 | |
| Nakanishi Inc. | 585,802 | 9,275 | |
| Fujimi Inc. | 484,305 | 9,160 | |
| Seven Bank Ltd. | 5,457,223 | 9,154 | |
| Mirait One Corp. | 698,572 | 9,131 | |
| Kotobuki Spirits Co. Ltd. | 782,245 | 9,107 | |
| 1 | Aeon Mall Co. Ltd. | 767,341 | 9,072 |
| 1 | Toagosei Co. Ltd. | 955,296 | 9,020 |
| Okumura Corp. | 287,577 | 8,994 | |
| Nitto Boseki Co. Ltd. | 220,523 | 8,982 | |
| Mori Trust REIT Inc. | 20,767 | 8,970 | |
| Hitachi Zosen Corp. | 1,364,345 | 8,959 | |
| Hokuriku Electric Power Co. | 1,409,213 | 8,944 | |
| NS Solutions Corp. | 520,880 | 8,842 | |
| OSG Corp. | 715,389 | 8,761 | |
| DCM Holdings Co. Ltd. | 961,339 | 8,741 | |
| Sangetsu Corp. | 469,841 | 8,725 | |
| Nippon Shinyaku Co. Ltd. | 430,012 | 8,694 | |
| Anritsu Corp. | 1,126,928 | 8,652 | |
| As One Corp. | 480,806 | 8,594 | |
| NEC Networks & System Integration Corp. | 561,444 | 8,593 | |
| 1 | Workman Co. Ltd. | 367,100 | 8,569 |
| Juroku Financial Group Inc. | 285,694 | 8,517 | |
| Daiseki Co. Ltd. | 364,439 | 8,516 | |
| NTT UD REIT Investment Corp. | 11,747 | 8,501 |
25
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Ain Holdings Inc. | 227,765 | 8,492 | |
| Lintec Corp. | 397,512 | 8,488 | |
| Japan Elevator Service Holdings Co. Ltd. | 519,757 | 8,380 | |
| Daihen Corp. | 160,634 | 8,348 | |
| * | SHIFT Inc. | 91,746 | 8,321 |
| 1 | Toridoll Holdings Corp. | 358,976 | 8,275 |
| DTS Corp. | 314,002 | 8,243 | |
| Okamura Corp. | 579,639 | 8,128 | |
| Pigeon Corp. | 893,782 | 8,091 | |
| Okasan Securities Group Inc. | 1,621,548 | 8,081 | |
| Acom Co. Ltd. | 3,168,225 | 8,067 | |
| Resorttrust Inc. | 540,120 | 8,024 | |
| Taikisha Ltd. | 241,424 | 8,010 | |
| Seiko Group Corp. | 261,465 | 8,009 | |
| Yodogawa Steel Works Ltd. | 227,571 | 7,962 | |
| Daiwa Office Investment Corp. | 4,496 | 7,928 | |
| AEON Financial Service Co. Ltd. | 963,349 | 7,919 | |
| Round One Corp. | 1,523,041 | 7,833 | |
| Pilot Corp. | 291,924 | 7,796 | |
| ARE Holdings Inc. | 590,926 | 7,724 | |
| Kureha Corp. | 438,112 | 7,636 | |
| Kyoritsu Maintenance Co. Ltd. | 407,488 | 7,633 | |
| Riken Keiki Co. Ltd. | 289,218 | 7,602 | |
| 1 | Japan Excellent Inc. | 10,288 | 7,593 |
| Hyakugo Bank Ltd. | 1,746,174 | 7,551 | |
| Meidensha Corp. | 332,039 | 7,550 | |
| Nipro Corp. | 959,233 | 7,542 | |
| Seria Co. Ltd. | 416,052 | 7,539 | |
| Mizuno Corp. | 152,861 | 7,528 | |
| Toyota Boshoku Corp. | 566,195 | 7,520 | |
| Kusuri no Aoki Holdings Co. Ltd. | 398,006 | 7,503 | |
| Mitsui High-Tec Inc. | 191,535 | 7,496 | |
| North Pacific Bank Ltd. | 2,247,342 | 7,468 | |
| Duskin Co. Ltd. | 326,694 | 7,465 | |
| Nisshinbo Holdings Inc. | 1,111,591 | 7,445 | |
| Tokyu REIT Inc. | 7,667 | 7,441 | |
| 1 | Hokuetsu Corp. | 1,123,054 | 7,397 |
| 1 | Colowide Co. Ltd. | 590,044 | 7,353 |
| Meiko Electronics Co. Ltd. | 163,305 | 7,342 | |
| 1 | NIPPON REIT Investment Corp. | 3,557 | 7,311 |
| GMO internet group Inc. | 476,956 | 7,294 | |
| SWCC Corp. | 236,751 | 7,278 | |
| PALTAC Corp. | 264,619 | 7,231 | |
| Saizeriya Co. Ltd. | 210,727 | 7,195 | |
| Makino Milling Machine Co. Ltd. | 169,933 | 7,152 | |
| Inabata & Co. Ltd. | 325,335 | 7,148 | |
| Sanken Electric Co. Ltd. | 165,738 | 7,096 | |
| JVCKenwood Corp. | 1,224,473 | 7,094 | |
| NTN Corp. | 3,531,339 | 7,044 | |
| Glory Ltd. | 403,072 | 7,039 | |
| Mitsui E&S Co. Ltd. | 771,369 | 7,021 | |
| Nippon Soda Co. Ltd. | 211,975 | 6,961 | |
| DeNA Co. Ltd. | 698,505 | 6,953 | |
| * | Sansan Inc. | 644,395 | 6,941 |
| Simplex Holdings Inc. | 391,805 | 6,938 | |
| Heiwa Real Estate REIT Inc. | 8,446 | 6,936 | |
| 1 | Modec Inc. | 383,617 | 6,935 |
| Ryoyo Ryosan Holdings Inc. | 377,285 | 6,932 | |
| Paramount Bed Holdings Co. Ltd. | 407,838 | 6,916 | |
| Sumitomo Warehouse Co. Ltd. | 423,258 | 6,903 | |
| Hoshino Resorts REIT Inc. | 2,126 | 6,895 | |
| Max Co. Ltd. | 286,984 | 6,893 | |
| Tadano Ltd. | 971,167 | 6,851 | |
| Daiichikosho Co. Ltd. | 661,186 | 6,823 | |
| Tamron Co. Ltd. | 262,482 | 6,822 | |
| TBS Holdings Inc. | 269,262 | 6,817 | |
| SKY Perfect JSAT Holdings Inc. | 1,256,776 | 6,810 | |
| Financial Partners Group Co. Ltd. | 485,608 | 6,788 | |
| Star Asia Investment Corp. | 18,154 | 6,744 | |
| Ferrotec Holdings Corp. | 389,342 | 6,725 |
26
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| 1 | Namura Shipbuilding Co. Ltd. | 448,800 | 6,719 |
| Arcs Co. Ltd. | 368,768 | 6,682 | |
| Descente Ltd. | 317,772 | 6,679 | |
| * | Nxera Pharma Co. Ltd. | 671,100 | 6,672 |
| Japan Securities Finance Co. Ltd. | 665,938 | 6,640 | |
| Izumi Co. Ltd. | 330,481 | 6,626 | |
| EDION Corp. | 654,068 | 6,618 | |
| SBI Sumishin Net Bank Ltd. | 348,300 | 6,618 | |
| Japan Material Co. Ltd. | 477,588 | 6,607 | |
| Monex Group Inc. | 1,450,741 | 6,584 | |
| 1 | Nomura Micro Science Co. Ltd. | 243,600 | 6,575 |
| Heiwa Real Estate Co. Ltd. | 268,205 | 6,565 | |
| Sumitomo Osaka Cement Co. Ltd. | 267,262 | 6,543 | |
| Tokai Tokyo Financial Holdings Inc. | 1,819,704 | 6,529 | |
| Fuji Oil Holdings Inc. | 370,765 | 6,513 | |
| Tokyo Steel Manufacturing Co. Ltd. | 639,615 | 6,503 | |
| Toei Animation Co. Ltd. | 418,100 | 6,477 | |
| Tokyo Kiraboshi Financial Group Inc. | 215,840 | 6,455 | |
| Aichi Financial Group Inc. | 384,485 | 6,449 | |
| Joyful Honda Co. Ltd. | 463,849 | 6,434 | |
| Kaken Pharmaceutical Co. Ltd. | 268,006 | 6,416 | |
| Toei Co. Ltd. | 271,330 | 6,416 | |
| Nishimatsu Construction Co. Ltd. | 228,098 | 6,404 | |
| Infocom Corp. | 169,765 | 6,397 | |
| C Uyemura & Co. Ltd. | 91,900 | 6,384 | |
| Mani Inc. | 513,892 | 6,360 | |
| H.U. Group Holdings Inc. | 435,753 | 6,353 | |
| Dentsu Soken Inc. | 189,790 | 6,240 | |
| Leopalace21 Corp. | 1,943,540 | 6,233 | |
| Takuma Co. Ltd. | 603,239 | 6,229 | |
| Fuji Kyuko Co. Ltd. | 309,658 | 6,178 | |
| Toyo Ink SC Holdings Co. Ltd. | 294,515 | 6,173 | |
| Jaccs Co. Ltd. | 212,523 | 6,159 | |
| Kumagai Gumi Co. Ltd. | 268,050 | 6,152 | |
| Kissei Pharmaceutical Co. Ltd. | 302,658 | 6,136 | |
| Senko Group Holdings Co. Ltd. | 869,165 | 6,105 | |
| Nihon Parkerizing Co. Ltd. | 748,526 | 6,098 | |
| Nippn Corp. | 417,719 | 6,079 | |
| Fujitsu General Ltd. | 465,801 | 6,040 | |
| Fukuyama Transporting Co. Ltd. | 243,231 | 6,011 | |
| San-Ai Obbli Co. Ltd. | 464,287 | 5,976 | |
| Mixi Inc. | 314,983 | 5,952 | |
| TOKAI Holdings Corp. | 965,987 | 5,919 | |
| Tri Chemical Laboratories Inc. | 217,359 | 5,918 | |
| Hokkoku Financial Holdings Inc. | 178,553 | 5,895 | |
| Kiyo Bank Ltd. | 498,827 | 5,873 | |
| Aiful Corp. | 2,453,047 | 5,831 | |
| Nanto Bank Ltd. | 259,731 | 5,783 | |
| * | Hino Motors Ltd. | 2,214,507 | 5,776 |
| Taiyo Holdings Co. Ltd. | 271,759 | 5,773 | |
| Create Restaurants Holdings Inc. | 836,418 | 5,731 | |
| Nippon Light Metal Holdings Co. Ltd. | 511,298 | 5,731 | |
| FP Corp. | 381,138 | 5,730 | |
| Fukuoka REIT Corp. | 5,847 | 5,726 | |
| ARCLANDS Corp. | 473,313 | 5,725 | |
| Sakata Seed Corp. | 264,893 | 5,690 | |
| Maruha Nichiro Corp. | 287,988 | 5,677 | |
| Open Up Group Inc. | 458,546 | 5,665 | |
| Itoham Yonekyu Holdings Inc. | 211,402 | 5,662 | |
| UACJ Corp. | 236,198 | 5,662 | |
| Senshu Ikeda Holdings Inc. | 2,252,968 | 5,637 | |
| Chilled & Frozen Logistics Holdings Co. Ltd. | 158,284 | 5,636 | |
| Kato Sangyo Co. Ltd. | 209,421 | 5,616 | |
| Musashino Bank Ltd. | 273,163 | 5,602 | |
| 1 | Royal Holdings Co. Ltd. | 352,580 | 5,581 |
| Nisshin Oillio Group Ltd. | 184,773 | 5,574 | |
| Heiwa Corp. | 431,718 | 5,562 | |
| Global One Real Estate Investment Corp. | 8,765 | 5,562 | |
| Megmilk Snow Brand Co. Ltd. | 342,994 | 5,552 | |
| Tocalo Co. Ltd. | 430,803 | 5,541 |
27
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Mitsubishi Pencil Co. Ltd. | 352,376 | 5,533 | |
| Noritake Co. Ltd. | 221,296 | 5,481 | |
| Hosiden Corp. | 405,990 | 5,455 | |
| Iino Kaiun Kaisha Ltd. | 678,579 | 5,430 | |
| KYB Corp. | 159,166 | 5,383 | |
| Mitsui-Soko Holdings Co. Ltd. | 180,067 | 5,369 | |
| Seiren Co. Ltd. | 358,969 | 5,365 | |
| GungHo Online Entertainment Inc. | 317,518 | 5,353 | |
| Mitsubishi Logisnext Co. Ltd. | 535,413 | 5,349 | |
| Kaga Electronics Co. Ltd. | 148,107 | 5,323 | |
| Bunka Shutter Co. Ltd. | 480,978 | 5,295 | |
| Toyo Construction Co. Ltd. | 590,340 | 5,292 | |
| Justsystems Corp. | 282,460 | 5,282 | |
| Bank of Nagoya Ltd. | 108,944 | 5,280 | |
| Nojima Corp. | 524,384 | 5,274 | |
| SMS Co. Ltd. | 414,989 | 5,271 | |
| Tokai Rika Co. Ltd. | 389,641 | 5,256 | |
| Daiei Kankyo Co. Ltd. | 307,500 | 5,229 | |
| Fuji Seal International Inc. | 339,530 | 5,224 | |
| Arata Corp. | 237,686 | 5,224 | |
| JMDC Inc. | 251,800 | 5,219 | |
| Awa Bank Ltd. | 291,699 | 5,158 | |
| Shoei Co. Ltd. | 419,972 | 5,127 | |
| Tsurumi Manufacturing Co. Ltd. | 169,346 | 5,126 | |
| * | Appier Group Inc. | 681,200 | 5,120 |
| Valor Holdings Co. Ltd. | 331,535 | 5,085 | |
| 1 | Pola Orbis Holdings Inc. | 625,787 | 5,082 |
| TKC Corp. | 234,812 | 5,078 | |
| Adastria Co. Ltd. | 223,497 | 5,042 | |
| JAFCO Group Co. Ltd. | 426,113 | 5,040 | |
| Japan Aviation Electronics Industry Ltd. | 310,066 | 5,012 | |
| MCJ Co. Ltd. | 528,626 | 4,971 | |
| Ichigo Office REIT Investment Corp. | 9,666 | 4,967 | |
| Autobacs Seven Co. Ltd. | 511,663 | 4,958 | |
| Trusco Nakayama Corp. | 323,484 | 4,958 | |
| Fukuda Denshi Co. Ltd. | 116,682 | 4,944 | |
| Eizo Corp. | 162,677 | 4,938 | |
| Starts Corp. Inc. | 231,937 | 4,910 | |
| Nishimatsuya Chain Co. Ltd. | 368,275 | 4,909 | |
| Sanki Engineering Co. Ltd. | 369,366 | 4,905 | |
| Shochiku Co. Ltd. | 82,914 | 4,867 | |
| Funai Soken Holdings Inc. | 340,232 | 4,859 | |
| Toyo Tanso Co. Ltd. | 115,478 | 4,856 | |
| Nichiha Corp. | 227,543 | 4,851 | |
| Ariake Japan Co. Ltd. | 148,530 | 4,838 | |
| 1 | Monogatari Corp. | 228,262 | 4,816 |
| Komeri Co. Ltd. | 220,403 | 4,808 | |
| 1 | KFC Holdings Japan Ltd. | 118,881 | 4,804 |
| Kohnan Shoji Co. Ltd. | 184,147 | 4,786 | |
| 1 | Noritsu Koki Co. Ltd. | 172,279 | 4,781 |
| Wacom Co. Ltd. | 1,012,135 | 4,774 | |
| Toyobo Co. Ltd. | 726,115 | 4,767 | |
| Exedy Corp. | 258,760 | 4,755 | |
| Ohsho Food Service Corp. | 88,288 | 4,744 | |
| Kitz Corp. | 666,261 | 4,722 | |
| Gunze Ltd. | 131,406 | 4,707 | |
| Hankyu Hanshin REIT Inc. | 5,729 | 4,697 | |
| JCU Corp. | 188,436 | 4,696 | |
| Mitsubishi Shokuhin Co. Ltd. | 137,112 | 4,667 | |
| Yamazen Corp. | 526,244 | 4,661 | |
| KOMEDA Holdings Co. Ltd. | 275,406 | 4,657 | |
| Ichibanya Co. Ltd. | 674,230 | 4,646 | |
| Nippon Paper Industries Co. Ltd. | 775,847 | 4,629 | |
| Okinawa Cellular Telephone Co. | 188,163 | 4,597 | |
| Yuasa Trading Co. Ltd. | 129,911 | 4,594 | |
| Topre Corp. | 346,608 | 4,586 | |
| Raito Kogyo Co. Ltd. | 350,905 | 4,583 | |
| Shibaura Machine Co. Ltd. | 190,048 | 4,564 | |
| UT Group Co. Ltd. | 223,366 | 4,558 | |
| Chugoku Marine Paints Ltd. | 359,174 | 4,556 |
28
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Hyakujushi Bank Ltd. | 214,398 | 4,552 | |
| Digital Garage Inc. | 294,552 | 4,545 | |
| Mitsuboshi Belting Ltd. | 161,261 | 4,541 | |
| * | M&A Research Institute Holdings Inc. | 181,613 | 4,537 |
| Nextage Co. Ltd. | 303,583 | 4,528 | |
| Showa Sangyo Co. Ltd. | 230,257 | 4,515 | |
| Totetsu Kogyo Co. Ltd. | 226,139 | 4,502 | |
| Noevir Holdings Co. Ltd. | 128,284 | 4,497 | |
| San-A Co. Ltd. | 142,335 | 4,477 | |
| Oki Electric Industry Co. Ltd. | 705,397 | 4,472 | |
| Nitto Kogyo Corp. | 204,701 | 4,463 | |
| Ogaki Kyoritsu Bank Ltd. | 311,640 | 4,454 | |
| Amvis Holdings Inc. | 311,815 | 4,451 | |
| Dai-Dan Co. Ltd. | 231,892 | 4,444 | |
| SOSiLA Logistics REIT Inc. | 6,066 | 4,441 | |
| Dip Corp. | 259,789 | 4,421 | |
| MOS Food Services Inc. | 195,969 | 4,412 | |
| Matsui Securities Co. Ltd. | 844,572 | 4,409 | |
| Central Glass Co. Ltd. | 188,290 | 4,404 | |
| Taihei Dengyo Kaisha Ltd. | 132,740 | 4,400 | |
| Token Corp. | 59,356 | 4,394 | |
| Katitas Co. Ltd. | 405,663 | 4,391 | |
| *,1 | Anycolor Inc. | 254,800 | 4,386 |
| Riso Kagaku Corp. | 206,578 | 4,384 | |
| 1 | CRE Logistics REIT Inc. | 4,913 | 4,383 |
| Systena Corp. | 2,240,398 | 4,382 | |
| Sakata INX Corp. | 388,548 | 4,376 | |
| FCC Co. Ltd. | 297,447 | 4,359 | |
| ASKUL Corp. | 320,202 | 4,349 | |
| Sinfonia Technology Co. Ltd. | 204,275 | 4,343 | |
| Keiyo Bank Ltd. | 790,678 | 4,337 | |
| Ai Holdings Corp. | 291,782 | 4,328 | |
| Nippon Pillar Packing Co. Ltd. | 128,749 | 4,312 | |
| Advance Logistics Investment Corp. | 5,764 | 4,308 | |
| Ichigo Inc. | 1,712,016 | 4,280 | |
| 1 | Create SD Holdings Co. Ltd. | 190,104 | 4,277 |
| Musashi Seimitsu Industry Co. Ltd. | 363,367 | 4,267 | |
| Yokogawa Bridge Holdings Corp. | 252,971 | 4,265 | |
| Fuji Media Holdings Inc. | 371,733 | 4,259 | |
| *,1 | Atom Corp. | 945,940 | 4,253 |
| Nissha Co. Ltd. | 333,832 | 4,240 | |
| Restar Corp. | 212,727 | 4,237 | |
| Maruzen Showa Unyu Co. Ltd. | 123,446 | 4,216 | |
| Kanamoto Co. Ltd. | 228,437 | 4,214 | |
| Sun Corp. | 145,200 | 4,208 | |
| Transcosmos Inc. | 193,761 | 4,191 | |
| Nagawa Co. Ltd. | 81,853 | 4,190 | |
| Mirai Corp. | 14,889 | 4,155 | |
| KH Neochem Co. Ltd. | 290,545 | 4,154 | |
| Npr Riken Corp. | 235,626 | 4,146 | |
| Toshiba TEC Corp. | 191,888 | 4,114 | |
| Hiday Hidaka Corp. | 220,085 | 4,112 | |
| Bando Chemical Industries Ltd. | 325,685 | 4,077 | |
| TOMONY Holdings Inc. | 1,547,704 | 4,073 | |
| Kura Sushi Inc. | 160,730 | 4,054 | |
| Chudenko Corp. | 201,846 | 4,051 | |
| Sinko Industries Ltd. | 156,938 | 4,049 | |
| 1 | Sakura Internet Inc. | 148,200 | 4,037 |
| Takara Standard Co. Ltd. | 372,437 | 4,028 | |
| Idec Corp. | 218,171 | 4,026 | |
| Japan Wool Textile Co. Ltd. | 474,627 | 4,021 | |
| * | Medley Inc. | 179,100 | 4,011 |
| Premium Group Co. Ltd. | 295,000 | 3,983 | |
| 1 | Furuya Metal Co. Ltd. | 146,100 | 3,972 |
| Shibaura Mechatronics Corp. | 75,100 | 3,971 | |
| Kurabo Industries Ltd. | 127,038 | 3,957 | |
| Life Corp. | 161,102 | 3,949 | |
| Fuso Chemical Co. Ltd. | 153,574 | 3,933 | |
| PAL GROUP Holdings Co. Ltd. | 346,580 | 3,902 | |
| Shinmaywa Industries Ltd. | 439,511 | 3,893 |
29
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Tokyo Electron Device Ltd. | 145,167 | 3,882 | |
| ZERIA Pharmaceutical Co. Ltd. | 294,918 | 3,879 | |
| Towa Pharmaceutical Co. Ltd. | 211,362 | 3,865 | |
| Nagaileben Co. Ltd. | 233,381 | 3,848 | |
| YAMABIKO Corp. | 269,654 | 3,845 | |
| Mitsuuroko Group Holdings Co. Ltd. | 347,914 | 3,819 | |
| Japan Lifeline Co. Ltd. | 539,419 | 3,804 | |
| Yonex Co. Ltd. | 313,159 | 3,802 | |
| Kumiai Chemical Industry Co. Ltd. | 757,116 | 3,793 | |
| SAMTY HOLDINGS Co. Ltd. | 244,885 | 3,790 | |
| en japan Inc. | 231,904 | 3,784 | |
| Elecom Co. Ltd. | 371,948 | 3,782 | |
| Heiwado Co. Ltd. | 250,592 | 3,777 | |
| Central Automotive Products Ltd. | 113,847 | 3,777 | |
| Mochida Pharmaceutical Co. Ltd. | 193,862 | 3,760 | |
| Nitta Corp. | 146,700 | 3,756 | |
| Ricoh Leasing Co. Ltd. | 113,253 | 3,751 | |
| Daio Paper Corp. | 676,327 | 3,744 | |
| IDOM Inc. | 430,895 | 3,742 | |
| Wakita & Co. Ltd. | 346,068 | 3,730 | |
| Nissin Corp. | 124,854 | 3,725 | |
| Morita Holdings Corp. | 318,646 | 3,720 | |
| Fukushima Galilei Co. Ltd. | 89,843 | 3,719 | |
| *,1 | Fujita Kanko Inc. | 61,327 | 3,714 |
| Nippon Seiki Co. Ltd. | 404,250 | 3,712 | |
| Kyorin Pharmaceutical Co. Ltd. | 349,906 | 3,705 | |
| Nichicon Corp. | 494,215 | 3,701 | |
| U-Next Holdings Co. Ltd. | 131,744 | 3,701 | |
| Itoki Corp. | 344,800 | 3,692 | |
| Star Micronics Co. Ltd. | 279,020 | 3,674 | |
| Shibuya Corp. | 164,721 | 3,672 | |
| Kosaido Holdings Co. Ltd. | 949,800 | 3,657 | |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 233,467 | 3,656 | |
| 1 | Earth Corp. | 121,635 | 3,645 |
| Uchida Yoko Co. Ltd. | 69,265 | 3,614 | |
| Aeon Delight Co. Ltd. | 144,862 | 3,598 | |
| Hogy Medical Co. Ltd. | 145,908 | 3,594 | |
| T Hasegawa Co. Ltd. | 171,526 | 3,593 | |
| Takara Leben Real Estate Investment Corp. | 5,784 | 3,583 | |
| Belc Co. Ltd. | 75,602 | 3,580 | |
| Nippon Densetsu Kogyo Co. Ltd. | 290,455 | 3,580 | |
| Maeda Kosen Co. Ltd. | 338,954 | 3,575 | |
| 1 | Toyo Gosei Co. Ltd. | 56,494 | 3,556 |
| Prima Meat Packers Ltd. | 239,479 | 3,554 | |
| Aoyama Trading Co. Ltd. | 382,272 | 3,541 | |
| TPR Co. Ltd. | 220,475 | 3,513 | |
| Eiken Chemical Co. Ltd. | 250,734 | 3,506 | |
| Zojirushi Corp. | 363,753 | 3,502 | |
| Itochu Enex Co. Ltd. | 369,174 | 3,498 | |
| * | Sumitomo Pharma Co. Ltd. | 1,384,701 | 3,490 |
| Fujimori Kogyo Co. Ltd. | 131,720 | 3,486 | |
| Strike Co. Ltd. | 121,106 | 3,476 | |
| Menicon Co. Ltd. | 421,377 | 3,468 | |
| Tsugami Corp. | 358,107 | 3,465 | |
| Daiichi Jitsugyo Co. Ltd. | 227,369 | 3,454 | |
| Senshu Electric Co. Ltd. | 102,518 | 3,451 | |
| Konoike Transport Co. Ltd. | 230,760 | 3,443 | |
| Argo Graphics Inc. | 115,201 | 3,441 | |
| *,1 | HIS Co. Ltd. | 340,244 | 3,436 |
| 1 | Tsuburaya Fields Holdings Inc. | 320,358 | 3,436 |
| Onward Holdings Co. Ltd. | 881,370 | 3,422 | |
| TSI Holdings Co. Ltd. | 568,349 | 3,406 | |
| Okamoto Industries Inc. | 108,678 | 3,395 | |
| Nichireki Co. Ltd. | 219,102 | 3,391 | |
| Tosei Corp. | 223,202 | 3,387 | |
| Fuji Co. Ltd. | 268,418 | 3,375 | |
| Pacific Industrial Co. Ltd. | 357,341 | 3,371 | |
| Infomart Corp. | 1,744,712 | 3,365 | |
| Yellow Hat Ltd. | 234,633 | 3,360 | |
| Torishima Pump Manufacturing Co. Ltd. | 169,694 | 3,354 |
30
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| *,1 | euglena Co. Ltd. | 993,225 | 3,352 |
| Hamakyorex Co. Ltd. | 121,609 | 3,345 | |
| Maxell Ltd. | 300,591 | 3,343 | |
| Megachips Corp. | 131,065 | 3,332 | |
| Milbon Co. Ltd. | 160,719 | 3,324 | |
| Sanyo Denki Co. Ltd. | 73,096 | 3,322 | |
| Toa Corp. | 522,564 | 3,315 | |
| Oiles Corp. | 227,466 | 3,313 | |
| Nikkiso Co. Ltd. | 457,886 | 3,297 | |
| ASAHI YUKIZAI Corp. | 100,987 | 3,294 | |
| Vital KSK Holdings Inc. | 388,215 | 3,294 | |
| Optorun Co. Ltd. | 261,005 | 3,294 | |
| Nomura Co. Ltd. | 608,457 | 3,291 | |
| Nishio Holdings Co. Ltd. | 127,285 | 3,283 | |
| Konishi Co. Ltd. | 400,088 | 3,254 | |
| One REIT Inc. | 2,028 | 3,235 | |
| ESPEC Corp. | 162,672 | 3,230 | |
| Nachi-Fujikoshi Corp. | 147,826 | 3,229 | |
| 1 | Sumiseki Holdings Inc. | 379,600 | 3,214 |
| Mitani Sekisan Co. Ltd. | 85,437 | 3,213 | |
| T-Gaia Corp. | 168,211 | 3,204 | |
| AZ-COM Maruwa Holdings Inc. | 439,082 | 3,199 | |
| Toho Bank Ltd. | 1,550,882 | 3,195 | |
| Marusan Securities Co. Ltd. | 470,619 | 3,190 | |
| Nittetsu Mining Co. Ltd. | 100,576 | 3,188 | |
| Iriso Electronics Co. Ltd. | 167,233 | 3,176 | |
| Nippon Signal Company Ltd. | 483,241 | 3,171 | |
| Kisoji Co. Ltd. | 194,219 | 3,142 | |
| Nissan Shatai Co. Ltd. | 514,241 | 3,140 | |
| Nippon Yakin Kogyo Co. Ltd. | 109,837 | 3,134 | |
| Sekisui Jushi Corp. | 220,823 | 3,133 | |
| 1 | Union Tool Co. | 79,241 | 3,131 |
| Raiznext Corp. | 270,600 | 3,123 | |
| Prestige International Inc. | 711,411 | 3,118 | |
| Totech Corp. | 196,200 | 3,113 | |
| Orient Corp. | 484,369 | 3,109 | |
| Shikoku Kasei Holdings Corp. | 232,915 | 3,104 | |
| * | RENOVA Inc. | 501,579 | 3,099 |
| 1 | Hioki EE Corp. | 73,412 | 3,093 |
| Integrated Design & Engineering Holdings Co. Ltd. | 117,004 | 3,093 | |
| Ryobi Ltd. | 214,711 | 3,074 | |
| Furukawa Co. Ltd. | 262,216 | 3,066 | |
| Ringer Hut Co. Ltd. | 215,641 | 3,056 | |
| Sumitomo Mitsui Construction Co. Ltd. | 1,222,516 | 3,052 | |
| 1 | Tokyotokeiba Co. Ltd. | 120,882 | 3,049 |
| Takasago International Corp. | 123,491 | 3,034 | |
| Joshin Denki Co. Ltd. | 182,708 | 3,015 | |
| Axial Retailing Inc. | 470,276 | 3,000 | |
| * | PKSHA Technology Inc. | 134,766 | 2,996 |
| Fujibo Holdings Inc. | 95,748 | 2,991 | |
| JINS Holdings Inc. | 122,534 | 2,987 | |
| Hibiya Engineering Ltd. | 134,152 | 2,986 | |
| Osaka Organic Chemical Industry Ltd. | 125,562 | 2,974 | |
| MEC Co. Ltd. | 103,094 | 2,972 | |
| Teikoku Sen-I Co. Ltd. | 179,431 | 2,971 | |
| Nafco Co. Ltd. | 155,600 | 2,967 | |
| Nichiden Corp. | 132,283 | 2,966 | |
| Sun Frontier Fudousan Co. Ltd. | 234,357 | 2,951 | |
| Shoei Foods Corp. | 100,864 | 2,934 | |
| 1 | Noritz Corp. | 267,790 | 2,933 |
| BML Inc. | 162,730 | 2,919 | |
| Valqua Ltd. | 127,773 | 2,919 | |
| Retail Partners Co. Ltd. | 268,335 | 2,915 | |
| Nippon Carbon Co. Ltd. | 89,788 | 2,903 | |
| Hirata Corp. | 69,974 | 2,899 | |
| Yamanashi Chuo Bank Ltd. | 220,627 | 2,893 | |
| Komori Corp. | 340,050 | 2,883 | |
| West Holdings Corp. | 177,600 | 2,880 | |
| Zuken Inc. | 109,166 | 2,875 | |
| Shin-Etsu Polymer Co. Ltd. | 305,125 | 2,874 |
31
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Lifedrink Co. Inc. | 68,799 | 2,873 | |
| Procrea Holdings Inc. | 235,636 | 2,872 | |
| Kameda Seika Co. Ltd. | 108,730 | 2,871 | |
| Doutor Nichires Holdings Co. Ltd. | 205,376 | 2,860 | |
| Shizuoka Gas Co. Ltd. | 477,572 | 2,846 | |
| Shin Nippon Air Technologies Co. Ltd. | 113,853 | 2,822 | |
| Hokuetsu Industries Co. Ltd. | 188,600 | 2,815 | |
| Yamae Group Holdings Co. Ltd. | 181,100 | 2,809 | |
| AOKI Holdings Inc. | 337,325 | 2,807 | |
| Yurtec Corp. | 301,557 | 2,800 | |
| Tokyu Construction Co. Ltd. | 583,566 | 2,797 | |
| Hakuto Co. Ltd. | 86,757 | 2,777 | |
| Optex Group Co. Ltd. | 262,787 | 2,771 | |
| TOA ROAD Corp. | 338,460 | 2,764 | |
| Future Corp. | 289,776 | 2,763 | |
| Nohmi Bosai Ltd. | 182,281 | 2,761 | |
| Sintokogio Ltd. | 384,346 | 2,758 | |
| Ishihara Sangyo Kaisha Ltd. | 271,297 | 2,754 | |
| Tamura Corp. | 616,561 | 2,754 | |
| CTI Engineering Co. Ltd. | 86,200 | 2,749 | |
| Tachibana Eletech Co. Ltd. | 144,106 | 2,748 | |
| Bell System24 Holdings Inc. | 275,203 | 2,747 | |
| Miyazaki Bank Ltd. | 123,729 | 2,742 | |
| ASKA Pharmaceutical Holdings Co. Ltd. | 177,205 | 2,741 | |
| Mitsui DM Sugar Holdings Co. Ltd. | 129,584 | 2,740 | |
| Sumitomo Riko Co. Ltd. | 295,709 | 2,732 | |
| Keihanshin Building Co. Ltd. | 260,962 | 2,730 | |
| Mimasu Semiconductor Industry Co. Ltd. | 118,073 | 2,719 | |
| OSAKA Titanium Technologies Co. Ltd. | 157,480 | 2,711 | |
| Japan Transcity Corp. | 401,788 | 2,711 | |
| Tenma Corp. | 156,661 | 2,707 | |
| Doshisha Co. Ltd. | 183,236 | 2,699 | |
| Press Kogyo Co. Ltd. | 668,639 | 2,699 | |
| 1 | Tama Home Co. Ltd. | 110,433 | 2,697 |
| Kamei Corp. | 182,592 | 2,693 | |
| Anicom Holdings Inc. | 642,080 | 2,689 | |
| Piolax Inc. | 183,781 | 2,674 | |
| 1 | Enplas Corp. | 53,490 | 2,672 |
| Oyo Corp. | 151,103 | 2,662 | |
| Okinawa Financial Group Inc. | 161,498 | 2,662 | |
| JBCC Holdings Inc. | 116,700 | 2,662 | |
| 1 | K&O Energy Group Inc. | 111,952 | 2,660 |
| Cybozu Inc. | 213,632 | 2,653 | |
| San ju San Financial Group Inc. | 198,247 | 2,653 | |
| Oita Bank Ltd. | 119,222 | 2,645 | |
| Tachi-S Co. Ltd. | 216,032 | 2,645 | |
| Fukui Bank Ltd. | 183,695 | 2,644 | |
| Chubu Steel Plate Co. Ltd. | 139,400 | 2,623 | |
| Futaba Industrial Co. Ltd. | 476,128 | 2,622 | |
| Change Holdings Inc. | 349,089 | 2,620 | |
| Eagle Industry Co. Ltd. | 217,549 | 2,614 | |
| United Arrows Ltd. | 211,136 | 2,613 | |
| S Foods Inc. | 143,888 | 2,611 | |
| RS Technologies Co. Ltd. | 119,230 | 2,604 | |
| Meisei Industrial Co. Ltd. | 322,723 | 2,590 | |
| Mirai Industry Co. Ltd. | 104,400 | 2,589 | |
| Starts Proceed Investment Corp. | 2,079 | 2,588 | |
| NS United Kaiun Kaisha Ltd. | 81,827 | 2,581 | |
| Sumitomo Densetsu Co. Ltd. | 113,058 | 2,576 | |
| Furuno Electric Co. Ltd. | 197,638 | 2,575 | |
| Bank of the Ryukyus Ltd. | 319,805 | 2,571 | |
| Obara Group Inc. | 98,792 | 2,567 | |
| Shima Seiki Manufacturing Ltd. | 242,907 | 2,558 | |
| Okinawa Electric Power Co. Inc. | 367,163 | 2,547 | |
| Shinagawa Refractories Co. Ltd. | 205,044 | 2,543 | |
| Hosokawa Micron Corp. | 96,586 | 2,542 | |
| Roland Corp. | 99,918 | 2,530 | |
| Computer Engineering & Consulting Ltd. | 189,504 | 2,525 | |
| Genky DrugStores Co. Ltd. | 140,320 | 2,521 | |
| SIGMAXYZ Holdings Inc. | 254,692 | 2,519 |
32
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Tsukishima Holdings Co. Ltd. | 271,406 | 2,514 | |
| Matsuyafoods Holdings Co. Ltd. | 67,483 | 2,508 | |
| WingArc1st Inc. | 148,248 | 2,508 | |
| Japan Pulp & Paper Co. Ltd. | 66,063 | 2,501 | |
| Anest Iwata Corp. | 243,765 | 2,495 | |
| *,1 | Chiyoda Corp. | 1,323,764 | 2,492 |
| Avex Inc. | 292,891 | 2,490 | |
| Mars Group Holdings Corp. | 105,096 | 2,487 | |
| Takara Bio Inc. | 361,023 | 2,480 | |
| Saibu Gas Holdings Co. Ltd. | 197,537 | 2,476 | |
| Nippon Kanzai Holdings Co. Ltd. | 146,541 | 2,473 | |
| Torii Pharmaceutical Co. Ltd. | 107,384 | 2,457 | |
| Unipres Corp. | 292,605 | 2,452 | |
| 1 | United Super Markets Holdings Inc. | 450,501 | 2,452 |
| Happinet Corp. | 117,520 | 2,443 | |
| Sumitomo Seika Chemicals Co. Ltd. | 73,478 | 2,435 | |
| 1 | KeePer Technical Laboratory Co. Ltd. | 95,533 | 2,435 |
| Aida Engineering Ltd. | 427,940 | 2,427 | |
| SBS Holdings Inc. | 145,393 | 2,426 | |
| Broadleaf Co. Ltd. | 669,028 | 2,424 | |
| Plus Alpha Consulting Co. Ltd. | 205,253 | 2,422 | |
| I'll Inc. | 156,885 | 2,420 | |
| DyDo Group Holdings Inc. | 145,298 | 2,419 | |
| 1 | Vision Inc. | 312,607 | 2,416 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 113,140 | 2,412 | |
| Sanyo Special Steel Co. Ltd. | 180,983 | 2,408 | |
| Aeon Hokkaido Corp. | 426,122 | 2,406 | |
| Sato Holdings Corp. | 178,558 | 2,403 | |
| Curves Holdings Co. Ltd. | 491,945 | 2,398 | |
| GLOBERIDE Inc. | 179,031 | 2,385 | |
| Tosei REIT Investment Corp. | 2,757 | 2,385 | |
| Komehyo Holdings Co. Ltd. | 85,700 | 2,384 | |
| Godo Steel Ltd. | 74,351 | 2,380 | |
| TechMatrix Corp. | 190,758 | 2,379 | |
| Asahi Diamond Industrial Co. Ltd. | 385,774 | 2,378 | |
| Sala Corp. | 438,400 | 2,373 | |
| Chofu Seisakusho Co. Ltd. | 171,862 | 2,363 | |
| Kurimoto Ltd. | 80,844 | 2,363 | |
| Mirarth Holdings Inc. | 728,445 | 2,354 | |
| eGuarantee Inc. | 258,075 | 2,335 | |
| * | SRE Holdings Corp. | 77,664 | 2,335 |
| FP Partner Inc. | 127,523 | 2,328 | |
| Starzen Co. Ltd. | 123,860 | 2,327 | |
| 1 | Toho Titanium Co. Ltd. | 259,644 | 2,324 |
| Yokorei Co. Ltd. | 354,668 | 2,320 | |
| * | Raksul Inc. | 391,492 | 2,318 |
| Krosaki Harima Corp. | 133,060 | 2,316 | |
| Trancom Co. Ltd. | 56,799 | 2,311 | |
| Aisan Industry Co. Ltd. | 262,983 | 2,301 | |
| VT Holdings Co. Ltd. | 719,577 | 2,286 | |
| Asanuma Corp. | 97,000 | 2,285 | |
| Takamatsu Construction Group Co. Ltd. | 117,882 | 2,275 | |
| Digital Arts Inc. | 80,685 | 2,270 | |
| Yokowo Co. Ltd. | 173,324 | 2,270 | |
| ES-Con Japan Ltd. | 343,651 | 2,268 | |
| Kyoei Steel Ltd. | 173,132 | 2,263 | |
| Ehime Bank Ltd. | 275,670 | 2,260 | |
| TV Asahi Holdings Corp. | 168,903 | 2,249 | |
| Nissei ASB Machine Co. Ltd. | 65,120 | 2,247 | |
| Topy Industries Ltd. | 144,651 | 2,245 | |
| Sinanen Holdings Co. Ltd. | 73,806 | 2,244 | |
| Samty Residential Investment Corp. | 3,422 | 2,244 | |
| Bank of Iwate Ltd. | 124,973 | 2,235 | |
| Canon Electronics Inc. | 158,603 | 2,233 | |
| Matsuya Co. Ltd. | 319,747 | 2,231 | |
| 1 | Altech Corp. | 141,900 | 2,231 |
| Health Care & Medical Investment Corp. | 2,779 | 2,229 | |
| Nippon Ceramic Co. Ltd. | 140,315 | 2,224 | |
| Sakai Moving Service Co. Ltd. | 139,012 | 2,207 | |
| Comture Corp. | 193,049 | 2,198 |
33
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Toenec Corp. | 58,923 | 2,197 | |
| Shinnihon Corp. | 214,048 | 2,182 | |
| Halows Co. Ltd. | 78,294 | 2,179 | |
| 1 | Pack Corp. | 91,967 | 2,177 |
| Denyo Co. Ltd. | 119,417 | 2,172 | |
| Koa Corp. | 224,807 | 2,171 | |
| Yahagi Construction Co. Ltd. | 207,929 | 2,170 | |
| Siix Corp. | 270,574 | 2,167 | |
| Kanto Denka Kogyo Co. Ltd. | 362,872 | 2,165 | |
| Riken Vitamin Co. Ltd. | 125,418 | 2,161 | |
| Nippon Thompson Co. Ltd. | 544,092 | 2,150 | |
| Tanseisha Co. Ltd. | 343,079 | 2,146 | |
| Chubu Shiryo Co. Ltd. | 211,910 | 2,139 | |
| JM Holdings Co. Ltd. | 117,219 | 2,131 | |
| Riken Technos Corp. | 320,819 | 2,125 | |
| Daikokutenbussan Co. Ltd. | 39,768 | 2,116 | |
| Sakai Chemical Industry Co. Ltd. | 112,092 | 2,116 | |
| Shikoku Bank Ltd. | 277,142 | 2,109 | |
| METAWATER Co. Ltd. | 173,035 | 2,107 | |
| Seikitokyu Kogyo Co. Ltd. | 192,800 | 2,105 | |
| Tokai Corp. | 146,368 | 2,104 | |
| Arisawa Manufacturing Co. Ltd. | 207,500 | 2,103 | |
| Akita Bank Ltd. | 126,125 | 2,093 | |
| Mandom Corp. | 277,541 | 2,089 | |
| Alconix Corp. | 214,329 | 2,088 | |
| Goldcrest Co. Ltd. | 124,153 | 2,084 | |
| Katakura Industries Co. Ltd. | 155,310 | 2,082 | |
| Aichi Steel Corp. | 93,785 | 2,063 | |
| G-Tekt Corp. | 169,201 | 2,060 | |
| Seika Corp. | 74,664 | 2,056 | |
| 1 | Kappa Create Co. Ltd. | 189,239 | 2,031 |
| Tonami Holdings Co. Ltd. | 49,874 | 2,024 | |
| TRE Holdings Corp. | 250,081 | 2,023 | |
| Fujicco Co. Ltd. | 174,244 | 2,016 | |
| Geo Holdings Corp. | 193,648 | 2,011 | |
| Sanyo Chemical Industries Ltd. | 81,020 | 2,008 | |
| Fixstars Corp. | 163,650 | 2,005 | |
| Mitsuba Corp. | 280,625 | 2,003 | |
| Oriental Shiraishi Corp. | 887,876 | 2,003 | |
| Yondoshi Holdings Inc. | 163,459 | 1,985 | |
| Kyokuyo Co. Ltd. | 78,016 | 1,984 | |
| J Trust Co. Ltd. | 782,285 | 1,981 | |
| 1 | Daikoku Denki Co. Ltd. | 77,900 | 1,976 |
| Hokuto Corp. | 166,912 | 1,975 | |
| Hokkaido Gas Co. Ltd. | 91,986 | 1,973 | |
| 1 | PHC Holdings Corp. | 269,398 | 1,970 |
| Tochigi Bank Ltd. | 852,633 | 1,968 | |
| 1 | Septeni Holdings Co. Ltd. | 852,200 | 1,962 |
| Nippon Fine Chemical Co. Ltd. | 113,601 | 1,961 | |
| Daiwa Industries Ltd. | 205,518 | 1,960 | |
| Koshidaka Holdings Co. Ltd. | 360,116 | 1,940 | |
| Ines Corp. | 168,450 | 1,938 | |
| *,1 | Fujio Food Group Inc. | 216,873 | 1,937 |
| Fukuda Corp. | 53,135 | 1,936 | |
| Teikoku Electric Manufacturing Co. Ltd. | 122,768 | 1,929 | |
| France Bed Holdings Co. Ltd. | 244,175 | 1,924 | |
| * | Nippon Sheet Glass Co. Ltd. | 729,843 | 1,923 |
| Pasona Group Inc. | 145,892 | 1,919 | |
| Akatsuki Inc. | 116,402 | 1,918 | |
| gremz Inc. | 119,555 | 1,916 | |
| ESCON Japan REIT Investment Corp. | 2,511 | 1,913 | |
| Sumida Corp. | 266,273 | 1,911 | |
| Daiki Aluminium Industry Co. Ltd. | 240,880 | 1,911 | |
| Stella Chemifa Corp. | 70,695 | 1,910 | |
| Hodogaya Chemical Co. Ltd. | 55,718 | 1,900 | |
| Sankei Real Estate Inc. | 3,589 | 1,900 | |
| HI-LEX Corp. | 207,691 | 1,900 | |
| * | Nippon Chemi-Con Corp. | 185,572 | 1,896 |
| Aiphone Co. Ltd. | 97,945 | 1,888 | |
| KPP Group Holdings Co. Ltd. | 372,700 | 1,882 |
34
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| TOC Co. Ltd. | 408,712 | 1,881 | |
| Tekken Corp. | 115,488 | 1,880 | |
| Itochu-Shokuhin Co. Ltd. | 42,613 | 1,869 | |
| Matsuda Sangyo Co. Ltd. | 102,237 | 1,869 | |
| Gree Inc. | 561,894 | 1,869 | |
| Transaction Co. Ltd. | 154,400 | 1,862 | |
| Yamagata Bank Ltd. | 245,906 | 1,861 | |
| Daikyonishikawa Corp. | 421,988 | 1,847 | |
| Insource Co. Ltd. | 333,280 | 1,844 | |
| Pressance Corp. | 151,070 | 1,843 | |
| J-Oil Mills Inc. | 148,119 | 1,838 | |
| Taki Chemical Co. Ltd. | 66,367 | 1,831 | |
| Fudo Tetra Corp. | 121,407 | 1,830 | |
| Kawada Technologies Inc. | 106,801 | 1,829 | |
| Chori Co. Ltd. | 81,272 | 1,817 | |
| World Co. Ltd. | 138,147 | 1,814 | |
| Universal Entertainment Corp. | 185,226 | 1,814 | |
| JSB Co. Ltd. | 90,500 | 1,804 | |
| Ryoden Corp. | 104,476 | 1,799 | |
| JAC Recruitment Co. Ltd. | 438,956 | 1,799 | |
| Genki Sushi Co. Ltd. | 85,440 | 1,785 | |
| Raysum Co. Ltd. | 83,500 | 1,784 | |
| Hochiki Corp. | 126,876 | 1,773 | |
| CMK Corp. | 476,939 | 1,772 | |
| Miroku Jyoho Service Co. Ltd. | 143,048 | 1,772 | |
| Belluna Co. Ltd. | 371,088 | 1,770 | |
| Kansai Food Market Ltd. | 114,766 | 1,767 | |
| JCR Pharmaceuticals Co. Ltd. | 465,249 | 1,758 | |
| Sagami Holdings Corp. | 166,467 | 1,753 | |
| Bank of Saga Ltd. | 102,957 | 1,750 | |
| Marudai Food Co. Ltd. | 161,543 | 1,747 | |
| LITALICO Inc. | 160,452 | 1,740 | |
| GMO Financial Holdings Inc. | 353,600 | 1,728 | |
| SRA Holdings | 62,023 | 1,715 | |
| m-up Holdings Inc. | 191,300 | 1,715 | |
| Rheon Automatic Machinery Co. Ltd. | 158,842 | 1,703 | |
| Tsubaki Nakashima Co. Ltd. | 347,076 | 1,700 | |
| Nagatanien Holdings Co. Ltd. | 88,086 | 1,699 | |
| Cawachi Ltd. | 92,731 | 1,697 | |
| Gakken Holdings Co. Ltd. | 256,474 | 1,690 | |
| Key Coffee Inc. | 130,419 | 1,689 | |
| Sanyo Electric Railway Co. Ltd. | 126,920 | 1,689 | |
| 1 | Carta Holdings Inc. | 167,989 | 1,687 |
| Neturen Co. Ltd. | 243,419 | 1,682 | |
| Dai Nippon Toryo Co. Ltd. | 203,805 | 1,678 | |
| Proto Corp. | 181,232 | 1,672 | |
| Mie Kotsu Group Holdings Inc. | 442,137 | 1,669 | |
| Toyo Corp. | 153,649 | 1,664 | |
| Sparx Group Co. Ltd. | 156,087 | 1,660 | |
| Avant Group Corp. | 193,300 | 1,659 | |
| Shinwa Co. Ltd. | 90,412 | 1,658 | |
| * | Istyle Inc. | 548,267 | 1,656 |
| Qol Holdings Co. Ltd. | 177,871 | 1,651 | |
| Mitsubishi Research Institute Inc. | 52,879 | 1,640 | |
| Chiyoda Integre Co. Ltd. | 83,247 | 1,638 | |
| BRONCO BILLY Co. Ltd. | 69,362 | 1,636 | |
| Kyosan Electric Manufacturing Co. Ltd. | 363,004 | 1,632 | |
| *,1 | Oisix ra daichi Inc. | 210,859 | 1,631 |
| Aichi Corp. | 208,984 | 1,622 | |
| Onoken Co. Ltd. | 154,159 | 1,621 | |
| Sodick Co. Ltd. | 356,787 | 1,616 | |
| Wellneo Sugar Co. Ltd. | 108,947 | 1,601 | |
| 1 | MARUKA FURUSATO Corp. | 118,779 | 1,596 |
| NEC Capital Solutions Ltd. | 61,730 | 1,591 | |
| Nippon Denko Co. Ltd. | 873,427 | 1,590 | |
| JP-Holdings Inc. | 466,003 | 1,588 | |
| FIDEA Holdings Co. Ltd. | 153,055 | 1,582 | |
| Vector Inc. | 207,090 | 1,581 | |
| Kyokuto Securities Co. Ltd. | 171,859 | 1,574 | |
| DKS Co. Ltd. | 62,542 | 1,565 |
35
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| 1 | Alpen Co. Ltd. | 123,091 | 1,563 |
| Elematec Corp. | 124,183 | 1,557 | |
| Nippon Road Co. Ltd. | 138,460 | 1,557 | |
| ZIGExN Co. Ltd. | 417,130 | 1,557 | |
| Softcreate Holdings Corp. | 125,666 | 1,553 | |
| Seikagaku Corp. | 280,759 | 1,538 | |
| St. Marc Holdings Co. Ltd. | 109,869 | 1,517 | |
| Koatsu Gas Kogyo Co. Ltd. | 246,589 | 1,504 | |
| COLOPL Inc. | 369,126 | 1,502 | |
| CI Takiron Corp. | 327,300 | 1,499 | |
| Feed One Co. Ltd. | 252,035 | 1,499 | |
| Ki-Star Real Estate Co. Ltd. | 68,071 | 1,494 | |
| LEC Inc. | 195,753 | 1,487 | |
| Warabeya Nichiyo Holdings Co. Ltd. | 104,496 | 1,487 | |
| YAKUODO Holdings Co. Ltd. | 82,172 | 1,472 | |
| Okabe Co. Ltd. | 303,587 | 1,471 | |
| M&A Capital Partners Co. Ltd. | 107,370 | 1,466 | |
| Daito Pharmaceutical Co. Ltd. | 105,400 | 1,461 | |
| Toyo Kanetsu KK | 59,571 | 1,459 | |
| Tokushu Tokai Paper Co. Ltd. | 63,206 | 1,459 | |
| Nippon Parking Development Co. Ltd. | 1,126,331 | 1,458 | |
| Ichikoh Industries Ltd. | 429,094 | 1,456 | |
| Shibusawa Warehouse Co. Ltd. | 71,380 | 1,452 | |
| Icom Inc. | 75,868 | 1,447 | |
| V Technology Co. Ltd. | 75,853 | 1,441 | |
| Tokyo Energy & Systems Inc. | 165,480 | 1,441 | |
| Zenrin Co. Ltd. | 244,263 | 1,426 | |
| Hoosiers Holdings Co. Ltd. | 196,737 | 1,421 | |
| JSP Corp. | 98,524 | 1,418 | |
| Macromill Inc. | 267,081 | 1,413 | |
| Towa Bank Ltd. | 314,177 | 1,390 | |
| G-7 Holdings Inc. | 134,959 | 1,388 | |
| Moriroku Holdings Co. Ltd. | 77,803 | 1,387 | |
| Tomoku Co. Ltd. | 76,805 | 1,372 | |
| Fujiya Co. Ltd. | 84,299 | 1,370 | |
| Kyodo Printing Co. Ltd. | 56,296 | 1,365 | |
| Futaba Corp. | 333,811 | 1,363 | |
| Base Co. Ltd. | 76,706 | 1,360 | |
| Nihon Nohyaku Co. Ltd. | 287,263 | 1,357 | |
| 1 | Rock Field Co. Ltd. | 148,605 | 1,351 |
| Giken Ltd. | 111,989 | 1,348 | |
| Kenko Mayonnaise Co. Ltd. | 107,401 | 1,346 | |
| 1 | Link & Motivation Inc. | 463,359 | 1,346 |
| FULLCAST Holdings Co. Ltd. | 148,718 | 1,345 | |
| Elan Corp. | 242,086 | 1,344 | |
| Weathernews Inc. | 45,784 | 1,339 | |
| Cosel Co. Ltd. | 170,165 | 1,328 | |
| Daido Metal Co. Ltd. | 341,156 | 1,327 | |
| Osaka Steel Co. Ltd. | 88,526 | 1,325 | |
| Osaki Electric Co. Ltd. | 300,930 | 1,317 | |
| 1 | Shin Nippon Biomedical Laboratories Ltd. | 148,621 | 1,316 |
| Ichiyoshi Securities Co. Ltd. | 243,646 | 1,313 | |
| Nitto Kohki Co. Ltd. | 86,600 | 1,303 | |
| Tayca Corp. | 128,554 | 1,300 | |
| Honeys Holdings Co. Ltd. | 131,390 | 1,291 | |
| * | Tatsuta Electric Wire & Cable Co. Ltd. | 288,163 | 1,289 |
| Advan Group Co. Ltd. | 211,232 | 1,288 | |
| *,1 | eRex Co. Ltd. | 290,421 | 1,286 |
| Nittoku Co. Ltd. | 121,000 | 1,285 | |
| Toa Corp. (XTKS) | 184,991 | 1,280 | |
| Xebio Holdings Co. Ltd. | 171,933 | 1,274 | |
| Shinko Shoji Co. Ltd. | 216,046 | 1,269 | |
| *,1 | W-Scope Corp. | 397,880 | 1,266 |
| Inageya Co. Ltd. | 161,334 | 1,230 | |
| Central Security Patrols Co. Ltd. | 62,215 | 1,221 | |
| 1 | Daiho Corp. | 57,965 | 1,212 |
| Fuji Pharma Co. Ltd. | 129,413 | 1,205 | |
| Kanaden Corp. | 113,906 | 1,201 | |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 82,970 | 1,200 | |
| Nichiban Co. Ltd. | 100,009 | 1,195 |
36
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Achilles Corp. | 115,946 | 1,180 | |
| CTS Co. Ltd. | 233,828 | 1,179 | |
| Asahi Co. Ltd. | 122,110 | 1,175 | |
| 1 | Gamecard-Joyco Holdings Inc. | 77,100 | 1,174 |
| 1 | Okura Industrial Co. Ltd. | 65,997 | 1,165 |
| Kojima Co. Ltd. | 192,155 | 1,159 | |
| Studio Alice Co. Ltd. | 86,834 | 1,152 | |
| 1 | Management Solutions Co. Ltd. | 128,165 | 1,149 |
| Artnature Inc. | 220,300 | 1,144 | |
| 1 | YA-MAN Ltd. | 222,248 | 1,137 |
| 1 | Pharma Foods International Co. Ltd. | 188,050 | 1,136 |
| Okuwa Co. Ltd. | 198,244 | 1,133 | |
| *,1 | giftee Inc. | 161,430 | 1,119 |
| ST Corp. | 114,018 | 1,115 | |
| * | PIA Corp. | 57,053 | 1,110 |
| Komatsu Matere Co. Ltd. | 228,964 | 1,104 | |
| Sankyo Seiko Co. Ltd. | 236,436 | 1,095 | |
| Sanoh Industrial Co. Ltd. | 170,665 | 1,091 | |
| Maezawa Kyuso Industries Co. Ltd. | 130,354 | 1,089 | |
| Shindengen Electric Manufacturing Co. Ltd. | 59,058 | 1,089 | |
| Marvelous Inc. | 268,795 | 1,086 | |
| *,1 | Remixpoint Inc. | 906,038 | 1,085 |
| Central Sports Co. Ltd. | 68,929 | 1,081 | |
| Pronexus Inc. | 131,344 | 1,078 | |
| MTI Ltd. | 198,175 | 1,078 | |
| Maxvalu Tokai Co. Ltd. | 55,665 | 1,077 | |
| Ministop Co. Ltd. | 101,283 | 1,069 | |
| Tv Tokyo Holdings Corp. | 45,183 | 1,062 | |
| Yorozu Corp. | 148,414 | 1,058 | |
| *,1 | Pacific Metals Co. Ltd. | 132,158 | 1,057 |
| Kintetsu Department Store Co. Ltd. | 74,618 | 1,051 | |
| DKK Co. Ltd. | 79,428 | 1,047 | |
| Sankyo Tateyama Inc. | 205,761 | 1,029 | |
| Solasto Corp. | 354,342 | 1,029 | |
| Ebase Co. Ltd. | 228,612 | 1,029 | |
| Chuo Spring Co. Ltd. | 124,480 | 1,010 | |
| Intage Holdings Inc. | 107,076 | 1,002 | |
| EM Systems Co. Ltd. | 262,949 | 1,001 | |
| Takaoka Toko Co. Ltd. | 79,640 | 999 | |
| Hisaka Works Ltd. | 151,059 | 996 | |
| Riso Kyoiku Co. Ltd. | 644,822 | 980 | |
| CAC Holdings Corp. | 83,513 | 974 | |
| Chiyoda Co. Ltd. | 165,335 | 960 | |
| Nihon Tokushu Toryo Co. Ltd. | 123,720 | 956 | |
| Nihon Chouzai Co. Ltd. | 102,730 | 956 | |
| Nippon Coke & Engineering Co. Ltd. | 1,236,550 | 946 | |
| World Holdings Co. Ltd. | 70,135 | 944 | |
| Kanagawa Chuo Kotsu Co. Ltd. | 47,971 | 937 | |
| Alpha Systems Inc. | 49,538 | 932 | |
| Yukiguni Maitake Co. Ltd. | 147,769 | 931 | |
| Inaba Seisakusho Co. Ltd. | 77,413 | 929 | |
| * | Gurunavi Inc. | 469,296 | 927 |
| Pole To Win Holdings Inc. | 302,851 | 918 | |
| 1 | Takatori Corp. | 39,671 | 911 |
| WATAMI Co. Ltd. | 154,758 | 904 | |
| Nippon Sharyo Ltd. | 56,431 | 896 | |
| S-Pool Inc. | 436,825 | 881 | |
| Rokko Butter Co. Ltd. | 90,786 | 879 | |
| Furukawa Battery Co. Ltd. | 105,797 | 868 | |
| WDB Holdings Co. Ltd. | 74,162 | 866 | |
| Arakawa Chemical Industries Ltd. | 114,549 | 863 | |
| Hokkan Holdings Ltd. | 76,229 | 856 | |
| ValueCommerce Co. Ltd. | 115,611 | 845 | |
| Nippon Rietec Co. Ltd. | 107,597 | 845 | |
| JDC Corp. | 288,219 | 843 | |
| Oro Co. Ltd. | 52,722 | 842 | |
| I-PEX Inc. | 63,542 | 834 | |
| Nisso Holdings Co. Ltd. | 157,507 | 833 | |
| Midac Holdings Co. Ltd. | 87,256 | 824 | |
| *,1 | Sourcenext Corp. | 623,888 | 822 |
37
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Melco Holdings Inc. | 37,690 | 820 | |
| *,1 | Roland DG Corp. | 24,106 | 802 |
| 1 | Abalance Corp. | 89,100 | 802 |
| 1 | BrainPad Inc. | 121,830 | 800 |
| Taisei Lamick Co. Ltd. | 45,221 | 793 | |
| *,1 | Demae-Can Co. Ltd. | 573,600 | 791 |
| Iseki & Co. Ltd. | 121,629 | 790 | |
| Nihon Trim Co. Ltd. | 36,619 | 787 | |
| Fuso Pharmaceutical Industries Ltd. | 51,742 | 787 | |
| Nakayama Steel Works Ltd. | 133,863 | 786 | |
| Shimojima Co. Ltd. | 94,172 | 784 | |
| * | Jamco Corp. | 82,580 | 770 |
| Shimizu Bank Ltd. | 74,898 | 769 | |
| Fukui Computer Holdings Inc. | 48,844 | 767 | |
| Tsutsumi Jewelry Co. Ltd. | 56,370 | 764 | |
| * | Kourakuen Holdings Corp. | 90,163 | 760 |
| Aeon Fantasy Co. Ltd. | 52,673 | 749 | |
| Yamashin-Filter Corp. | 300,744 | 746 | |
| Airport Facilities Co. Ltd. | 195,162 | 734 | |
| Airtrip Corp. | 85,009 | 734 | |
| Yushin Precision Equipment Co. Ltd. | 156,000 | 733 | |
| * | TerraSky Co. Ltd. | 57,646 | 730 |
| Amuse Inc. | 71,194 | 722 | |
| SBI ARUHI Corp. | 126,295 | 720 | |
| Sanshin Electronics Co. Ltd. | 52,111 | 714 | |
| Inui Global Logistics Co. Ltd. | 98,653 | 713 | |
| * | KNT-CT Holdings Co. Ltd. | 84,869 | 704 |
| Kanamic Network Co. Ltd. | 199,106 | 690 | |
| GMO GlobalSign Holdings KK | 37,041 | 685 | |
| Digital Holdings Inc. | 99,939 | 671 | |
| FAN Communications Inc. | 253,644 | 658 | |
| * | Optim Corp. | 146,893 | 642 |
| * | Atrae Inc. | 125,093 | 633 |
| Tess Holdings Co. Ltd. | 227,961 | 619 | |
| Cleanup Corp. | 133,388 | 616 | |
| Gecoss Corp. | 94,435 | 600 | |
| Taiho Kogyo Co. Ltd. | 117,011 | 593 | |
| Corona Corp. | 97,486 | 591 | |
| *,1 | Japan Display Inc. | 4,984,772 | 585 |
| * | Toho Zinc Co. Ltd. | 108,446 | 575 |
| IR Japan Holdings Ltd. | 75,174 | 568 | |
| Tosho Co. Ltd. | 121,563 | 546 | |
| 1 | Kitanotatsujin Corp. | 488,910 | 542 |
| Daisyo Corp. | 67,791 | 525 | |
| * | Gunosy Inc. | 102,774 | 524 |
| Hito Communications Holdings Inc. | 83,980 | 497 | |
| Ohara Inc. | 59,997 | 489 | |
| Sekisui Kasei Co. Ltd. | 166,741 | 487 | |
| 1 | Fibergate Inc. | 69,541 | 481 |
| * | FDK Corp. | 107,188 | 478 |
| LIFULL Co. Ltd. | 478,903 | 471 | |
| 1 | CHIMNEY Co. Ltd. | 53,904 | 453 |
| Tokyo Individualized Educational Institute Inc. | 169,837 | 444 | |
| MedPeer Inc. | 113,695 | 443 | |
| 1 | Medical Data Vision Co. Ltd. | 116,903 | 435 |
| Takamiya Co. Ltd. | 134,308 | 420 | |
| Ubicom Holdings Inc. | 47,071 | 397 | |
| Media Do Co. Ltd. | 42,088 | 396 | |
| * | Net Protections Holdings Inc. | 322,800 | 388 |
| *,1 | Open Door Inc. | 94,896 | 386 |
| Japan Medical Dynamic Marketing Inc. | 88,564 | 378 | |
| Kamakura Shinsho Ltd. | 133,163 | 356 | |
| * | RPA Holdings Inc. | 191,370 | 325 |
| Robot home Inc. | 224,508 | 262 | |
| Direct Marketing MiX Inc. | 170,483 | 261 | |
| Wowow Inc. | 35,634 | 248 | |
| * | Right On Co. Ltd. | 50,911 | 120 |
| 40,416,492 |
38
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Netherlands (3.9%) | |||
| ASML Holding NV | 3,312,765 | 3,376,257 | |
| ING Groep NV | 26,169,209 | 449,657 | |
| Prosus NV | 12,233,066 | 434,989 | |
| Wolters Kluwer NV | 2,030,882 | 335,376 | |
| ASM International NV | 391,838 | 299,512 | |
| *,2 | Adyen NV | 248,134 | 294,703 |
| Koninklijke Ahold Delhaize NV | 7,939,371 | 233,633 | |
| Heineken NV | 2,325,468 | 224,980 | |
| 1 | Universal Music Group NV | 6,328,111 | 188,250 |
| * | Koninklijke Philips NV | 6,708,102 | 168,699 |
| DSM-Firmenich AG | 1,452,472 | 163,556 | |
| Koninklijke KPN NV | 31,631,741 | 121,236 | |
| NN Group NV | 2,322,063 | 107,926 | |
| BE Semiconductor Industries NV | 640,101 | 106,930 | |
| ArcelorMittal SA | 4,105,735 | 94,059 | |
| EXOR NV | 844,155 | 88,178 | |
| Akzo Nobel NV | 1,430,129 | 87,165 | |
| Heineken Holding NV | 1,101,184 | 86,795 | |
| Aegon Ltd. | 12,206,508 | 75,472 | |
| IMCD NV | 477,814 | 65,865 | |
| 2 | ABN AMRO Bank NV | 3,867,642 | 63,521 |
| ASR Nederland NV | 1,225,005 | 58,321 | |
| Randstad NV | 893,179 | 40,553 | |
| Arcadis NV | 605,355 | 38,308 | |
| Aalberts NV | 810,085 | 32,803 | |
| * | InPost SA | 1,836,664 | 32,317 |
| 2 | Signify NV | 1,055,501 | 26,214 |
| Koninklijke Vopak NV | 548,022 | 22,768 | |
| Fugro NV | 938,108 | 22,623 | |
| SBM Offshore NV | 1,310,099 | 20,051 | |
| OCI NV | 808,645 | 19,750 | |
| *,2 | Just Eat Takeaway.com NV | 1,627,557 | 19,452 |
| JDE Peet's NV | 846,606 | 16,886 | |
| Allfunds Group plc | 2,794,403 | 15,575 | |
| 2 | CTP NV | 912,325 | 15,568 |
| TKH Group NV | 344,362 | 15,009 | |
| Van Lanschot Kempen NV | 322,733 | 12,955 | |
| *,1 | Galapagos NV | 407,842 | 10,129 |
| Corbion NV | 494,707 | 9,874 | |
| Royal BAM Group NV | 2,291,754 | 9,615 | |
| *,1,2 | Basic-Fit NV | 440,460 | 9,490 |
| APERAM SA | 362,328 | 9,367 | |
| Eurocommercial Properties NV | 363,661 | 8,762 | |
| Flow Traders Ltd. | 276,055 | 5,479 | |
| Wereldhave NV | 362,058 | 5,124 | |
| AMG Critical Materials NV | 268,202 | 4,448 | |
| 1 | PostNL NV | 2,935,835 | 3,988 |
| Sligro Food Group NV | 284,864 | 3,948 | |
| Vastned Retail NV | 138,884 | 3,451 | |
| *,1,2 | Alfen NV | 180,039 | 3,328 |
| NSI NV | 160,773 | 3,317 | |
| *,1 | TomTom NV | 561,115 | 3,168 |
| 1 | Brunel International NV | 159,610 | 1,706 |
| 2 | B&S Group Sarl | 201,844 | 1,083 |
| 7,572,189 | |||
| New Zealand (0.3%) | |||
| Fisher & Paykel Healthcare Corp. Ltd. | 4,842,606 | 88,635 | |
| Infratil Ltd. | 7,814,282 | 53,332 | |
| Auckland International Airport Ltd. | 11,035,969 | 51,263 | |
| Meridian Energy Ltd. | 10,427,474 | 39,942 | |
| Spark New Zealand Ltd. | 15,237,649 | 38,629 | |
| Contact Energy Ltd. | 6,617,203 | 36,245 | |
| Mainfreight Ltd. | 675,677 | 27,862 | |
| EBOS Group Ltd. | 1,336,890 | 26,239 | |
| *,1 | a2 Milk Co. Ltd. | 6,010,286 | 25,990 |
| Mercury NZ Ltd. | 5,820,200 | 23,275 | |
| Goodman Property Trust | 9,171,516 | 11,238 | |
| Summerset Group Holdings Ltd. | 1,941,150 | 11,232 |
39
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Fletcher Building Ltd. | 6,508,076 | 11,217 | |
| * | Ryman Healthcare Ltd. | 5,017,098 | 10,869 |
| Precinct Properties Group | 11,493,950 | 7,803 | |
| Kiwi Property Group Ltd. | 13,614,424 | 6,878 | |
| Freightways Group Ltd. | 1,390,712 | 6,520 | |
| Genesis Energy Ltd. | 4,691,451 | 6,264 | |
| SKYCITY Entertainment Group Ltd. | 6,361,539 | 5,661 | |
| Vector Ltd. | 2,072,047 | 4,684 | |
| Vital Healthcare Property Trust | 4,247,167 | 4,655 | |
| Argosy Property Ltd. | 6,807,545 | 4,233 | |
| Air New Zealand Ltd. | 12,319,618 | 3,979 | |
| Stride Property Group | 4,684,592 | 3,398 | |
| Scales Corp. Ltd. | 918,887 | 2,016 | |
| * | Oceania Healthcare Ltd. | 5,539,457 | 1,788 |
| SKY Network Television Ltd. | 1,159,530 | 1,659 | |
| * | Synlait Milk Ltd. | 398,462 | 55 |
| 515,561 | |||
| Norway (0.7%) | |||
| Equinor ASA | 7,304,064 | 209,216 | |
| DNB Bank ASA | 8,455,060 | 165,896 | |
| Norsk Hydro ASA | 11,130,553 | 69,393 | |
| Aker BP ASA | 2,571,284 | 65,703 | |
| Mowi ASA | 3,710,345 | 61,667 | |
| Telenor ASA | 5,304,299 | 60,575 | |
| Orkla ASA | 6,393,287 | 51,844 | |
| Kongsberg Gruppen ASA | 621,252 | 50,590 | |
| Yara International ASA | 1,362,159 | 39,255 | |
| Subsea 7 SA | 1,977,200 | 37,105 | |
| Storebrand ASA | 3,428,727 | 35,005 | |
| Frontline plc | 1,203,508 | 31,475 | |
| Salmar ASA | 530,626 | 27,829 | |
| Var Energi ASA | 7,489,607 | 26,540 | |
| Gjensidige Forsikring ASA | 1,421,809 | 25,375 | |
| TOMRA Systems ASA | 1,962,407 | 23,393 | |
| Schibsted ASA Class A | 736,345 | 21,682 | |
| Bakkafrost P/F | 426,894 | 21,623 | |
| * | Nordic Semiconductor ASA | 1,594,142 | 21,174 |
| SpareBank 1 SR-Bank ASA | 1,539,847 | 18,860 | |
| Schibsted ASA Class B | 661,922 | 18,518 | |
| Hafnia Ltd. | 2,171,725 | 18,233 | |
| SpareBank 1 SMN | 1,059,015 | 14,963 | |
| Borregaard ASA | 828,301 | 14,955 | |
| Golden Ocean Group Ltd. | 1,012,426 | 13,982 | |
| Protector Forsikring ASA | 572,651 | 13,745 | |
| 1 | TGS ASA | 1,104,535 | 13,248 |
| 2 | BW LPG Ltd. | 702,727 | 13,067 |
| Borr Drilling Ltd. | 1,968,562 | 12,618 | |
| Aker ASA Class A | 198,440 | 11,419 | |
| * | Cadeler A/S | 1,772,699 | 11,138 |
| Hoegh Autoliners ASA | 923,291 | 10,926 | |
| *,2 | AutoStore Holdings Ltd. | 9,091,805 | 10,663 |
| Atea ASA | 713,336 | 10,242 | |
| Veidekke ASA | 906,882 | 9,716 | |
| Leroy Seafood Group ASA | 2,364,528 | 9,585 | |
| 2 | Europris ASA | 1,360,927 | 9,198 |
| Aker Solutions ASA | 2,212,852 | 9,170 | |
| Wallenius Wilhelmsen ASA | 862,631 | 8,833 | |
| Stolt-Nielsen Ltd. | 185,364 | 8,763 | |
| *,2 | Scatec ASA | 996,504 | 8,068 |
| *,2 | Crayon Group Holding ASA | 687,577 | 8,024 |
| *,1 | NEL ASA | 14,187,183 | 7,430 |
| DNO ASA | 7,062,281 | 7,387 | |
| FLEX LNG Ltd. | 249,364 | 6,862 | |
| MPC Container Ships ASA | 3,144,774 | 6,603 | |
| *,2 | Entra ASA | 588,733 | 6,043 |
| Austevoll Seafood ASA | 737,762 | 5,706 | |
| *,2 | Elkem ASA | 2,450,285 | 4,624 |
| Wilh Wilhelmsen Holding ASA Class A | 106,228 | 3,864 | |
| Bonheur ASA | 163,306 | 3,660 |
40
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Hexagon Composites ASA | 1,026,488 | 2,880 | |
| Grieg Seafood ASA | 453,407 | 2,660 | |
| BW Offshore Ltd. | 699,118 | 2,008 | |
| * | Aker Carbon Capture ASA | 2,790,423 | 1,743 |
| * | BW Energy Ltd. | 583,196 | 1,700 |
| *,1 | Cavendish Hydrogen ASA | 283,313 | 730 |
| 1,387,174 | |||
| Poland (0.4%) | |||
| Powszechna Kasa Oszczednosci Bank Polski SA | 7,163,857 | 111,758 | |
| ORLEN SA | 4,846,431 | 81,424 | |
| Powszechny Zaklad Ubezpieczen SA | 4,697,747 | 59,977 | |
| Bank Polska Kasa Opieki SA | 1,315,699 | 54,745 | |
| *,2 | Allegro.eu SA | 4,710,400 | 44,023 |
| KGHM Polska Miedz SA | 1,145,711 | 42,508 | |
| *,2 | Dino Polska SA | 403,686 | 40,680 |
| LPP SA | 9,332 | 39,578 | |
| Santander Bank Polska SA | 279,241 | 37,424 | |
| Alior Bank SA | 773,305 | 19,666 | |
| 1 | CD Projekt SA | 544,959 | 18,798 |
| Budimex SA | 106,681 | 18,458 | |
| Grupa Kety SA | 81,239 | 18,056 | |
| * | mBank SA | 108,452 | 17,089 |
| KRUK SA | 146,611 | 16,831 | |
| * | PGE Polska Grupa Energetyczna SA | 7,412,476 | 13,222 |
| *,1 | Bank Millennium SA | 5,141,213 | 11,963 |
| * | CCC SA | 383,660 | 11,723 |
| Orange Polska SA | 5,548,711 | 10,757 | |
| Benefit Systems SA | 14,168 | 10,208 | |
| Asseco Poland SA | 431,802 | 8,576 | |
| * | Tauron Polska Energia SA | 8,017,128 | 7,874 |
| Bank Handlowy w Warszawie SA | 271,010 | 6,579 | |
| *,1 | Pepco Group NV | 1,241,490 | 6,431 |
| * | Enea SA | 2,165,045 | 5,724 |
| *,1 | Cyfrowy Polsat SA | 1,213,553 | 3,644 |
| * | AmRest Holdings SE | 588,386 | 3,589 |
| *,1 | Jastrzebska Spolka Weglowa SA | 434,382 | 3,191 |
| Warsaw Stock Exchange | 230,978 | 2,778 | |
| *,1 | Grupa Azoty SA | 370,285 | 1,846 |
| 729,120 | |||
| Portugal (0.2%) | |||
| EDP - Energias de Portugal SA | 25,339,777 | 95,006 | |
| Galp Energia SGPS SA | 3,674,495 | 77,609 | |
| Jeronimo Martins SGPS SA | 2,310,525 | 45,157 | |
| EDP Renovaveis SA | 2,555,753 | 35,712 | |
| Banco Comercial Portugues SA Class R | 64,001,155 | 23,022 | |
| Navigator Co. SA | 2,112,748 | 8,790 | |
| REN - Redes Energeticas Nacionais SGPS SA | 3,272,536 | 8,036 | |
| Sonae SGPS SA | 7,675,608 | 7,184 | |
| NOS SGPS SA | 1,635,317 | 5,793 | |
| *,1 | Greenvolt-Energias Renovaveis SA | 533,246 | 4,750 |
| Altri SGPS SA | 613,537 | 3,528 | |
| CTT-Correios de Portugal SA | 734,564 | 3,288 | |
| Corticeira Amorim SGPS SA | 280,389 | 2,707 | |
| Mota-Engil SGPS SA | 685,151 | 2,517 | |
| Semapa-Sociedade de Investimento e Gestao | 129,788 | 2,004 | |
| 325,103 | |||
| Singapore (1.1%) | |||
| DBS Group Holdings Ltd. | 16,917,251 | 445,580 | |
| Oversea-Chinese Banking Corp. Ltd. | 29,477,731 | 313,035 | |
| United Overseas Bank Ltd. | 10,187,349 | 234,985 | |
| Singapore Telecommunications Ltd. | 63,240,593 | 127,972 | |
| CapitaLand Integrated Commercial Trust | 42,620,637 | 62,053 | |
| Singapore Airlines Ltd. | 11,586,453 | 58,870 | |
| CapitaLand Ascendas REIT | 30,047,328 | 56,613 | |
| Keppel Ltd. | 11,663,473 | 55,442 | |
| Singapore Exchange Ltd. | 6,870,869 | 47,913 | |
| Capitaland Investment Ltd. | 21,185,630 | 41,433 | |
| Singapore Technologies Engineering Ltd. | 12,780,180 | 40,696 | |
| Wilmar International Ltd. | 17,481,900 | 39,863 |
41
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Genting Singapore Ltd. | 48,910,328 | 31,089 | |
| Sembcorp Industries Ltd. | 7,663,613 | 27,088 | |
| Mapletree Logistics Trust | 28,127,502 | 26,710 | |
| Mapletree Industrial Trust | 16,588,149 | 25,791 | |
| Venture Corp. Ltd. | 2,226,836 | 23,306 | |
| Thai Beverage PCL | 68,184,900 | 22,602 | |
| Mapletree Pan Asia Commercial Trust | 19,246,982 | 17,272 | |
| * | Seatrium Ltd. | 17,011,750 | 17,255 |
| ComfortDelGro Corp. Ltd. | 17,124,559 | 16,915 | |
| Frasers Logistics & Commercial Trust | 24,115,034 | 16,864 | |
| 1 | Jardine Cycle & Carriage Ltd. | 830,018 | 16,239 |
| UOL Group Ltd. | 4,125,358 | 15,806 | |
| * | SATS Ltd. | 7,520,403 | 15,775 |
| NetLink NBN Trust | 24,817,244 | 15,191 | |
| City Developments Ltd. | 3,942,089 | 14,986 | |
| Frasers Centrepoint Trust | 9,206,283 | 14,434 | |
| Keppel DC REIT | 10,810,372 | 14,332 | |
| Suntec REIT | 17,907,281 | 13,840 | |
| CapitaLand Ascott Trust | 20,681,786 | 13,323 | |
| Keppel REIT | 20,462,372 | 12,576 | |
| Keppel Infrastructure Trust | 33,396,581 | 11,562 | |
| Golden Agri-Resources Ltd. | 53,493,732 | 10,645 | |
| ESR-LOGOS REIT | 51,915,757 | 10,342 | |
| Parkway Life REIT | 3,239,166 | 8,356 | |
| Olam Group Ltd. | 9,552,810 | 8,072 | |
| iFAST Corp. Ltd. | 1,352,469 | 7,168 | |
| Sheng Siong Group Ltd. | 5,739,873 | 6,301 | |
| Lendlease Global Commercial REIT | 14,651,767 | 6,042 | |
| Capitaland India Trust | 8,093,094 | 5,840 | |
| Raffles Medical Group Ltd. | 7,616,394 | 5,586 | |
| PARAGON REIT | 8,827,893 | 5,568 | |
| CDL Hospitality Trusts | 7,722,912 | 5,412 | |
| Hutchison Port Holdings Trust | 41,548,824 | 5,315 | |
| AIMS APAC REIT | 5,433,913 | 5,010 | |
| CapitaLand China Trust | 9,625,348 | 4,752 | |
| StarHub Ltd. | 5,139,674 | 4,580 | |
| Starhill Global REIT | 12,418,470 | 4,439 | |
| UMS Holdings Ltd. | 5,048,692 | 4,377 | |
| First Resources Ltd. | 4,278,332 | 4,351 | |
| Digital Core REIT Management Pte. Ltd. | 7,532,070 | 4,282 | |
| Singapore Post Ltd. | 12,819,168 | 4,064 | |
| Cromwell European REIT | 2,628,926 | 3,942 | |
| Far East Hospitality Trust | 7,756,859 | 3,537 | |
| OUE REIT | 17,599,535 | 3,360 | |
| Riverstone Holdings Ltd. | 4,587,573 | 3,274 | |
| SIA Engineering Co. Ltd. | 1,849,016 | 3,159 | |
| *,1 | AEM Holdings Ltd. | 2,270,204 | 3,000 |
| First REIT | 9,078,316 | 1,641 | |
| Bumitama Agri Ltd. | 2,741,008 | 1,423 | |
| Silverlake Axis Ltd. | 6,045,926 | 1,246 | |
| Keppel Pacific Oak US REIT | 7,131,557 | 951 | |
| * | Manulife US REIT | 13,166,219 | 838 |
| * | COSCO Shipping International Singapore Co. Ltd. | 7,470,216 | 831 |
| 1 | Nanofilm Technologies International Ltd. | 1,506,479 | 824 |
| Prime US REIT | 5,871,564 | 683 | |
| *,1,3 | Ezra Holdings Ltd. | 9,329,900 | - |
| *,3 | Eagle Hospitality Trust | 4,532,200 | - |
| 2,056,622 | |||
| South Korea (4.5%) | |||
| Samsung Electronics Co. Ltd. (XKRX) | 40,079,448 | 2,358,827 | |
| SK Hynix Inc. | 4,534,510 | 769,545 | |
| Hyundai Motor Co. | 1,115,563 | 237,903 | |
| Kia Corp. | 2,086,299 | 195,218 | |
| KB Financial Group Inc. | 2,934,927 | 166,939 | |
| POSCO Holdings Inc. | 627,249 | 164,177 | |
| Celltrion Inc. | 1,217,558 | 153,513 | |
| Shinhan Financial Group Co. Ltd. | 4,168,336 | 145,316 | |
| NAVER Corp. | 1,145,719 | 137,869 | |
| Samsung SDI Co. Ltd. (XKRX) | 439,247 | 112,162 |
42
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Hyundai Mobis Co. Ltd. | 566,068 | 102,839 | |
| LG Chem Ltd. (XKRX) | 395,511 | 98,559 | |
| Hana Financial Group Inc. | 2,201,222 | 96,810 | |
| Kakao Corp. | 2,788,031 | 81,683 | |
| *,1 | LG Energy Solution Ltd. | 334,785 | 78,907 |
| *,2 | Samsung Biologics Co. Ltd. | 148,220 | 78,005 |
| Samsung Fire & Marine Insurance Co. Ltd. | 270,841 | 76,184 | |
| LG Electronics Inc. (XKRX) | 899,583 | 72,097 | |
| Samsung C&T Corp. | 701,255 | 71,966 | |
| * | Alteogen Inc. | 354,458 | 71,856 |
| * | Krafton Inc. | 291,177 | 59,231 |
| * | SK Square Co. Ltd. | 778,813 | 56,202 |
| Woori Financial Group Inc. | 5,051,845 | 53,902 | |
| KT&G Corp. | 839,777 | 53,659 | |
| *,1 | Ecopro Co. Ltd. | 823,416 | 53,490 |
| Samsung Electro-Mechanics Co. Ltd. | 465,651 | 53,094 | |
| Hanwha Aerospace Co. Ltd. | 289,472 | 52,206 | |
| * | Doosan Enerbility Co. Ltd. | 3,546,487 | 51,558 |
| *,1 | Ecopro BM Co. Ltd. | 383,884 | 50,645 |
| Hanmi Semiconductor Co. Ltd. | 368,954 | 45,582 | |
| 1 | POSCO Future M Co. Ltd. | 238,599 | 44,360 |
| Meritz Financial Group Inc. | 769,744 | 44,074 | |
| LG Corp. | 740,883 | 43,100 | |
| * | HLB Inc. | 995,462 | 42,088 |
| * | SK Innovation Co. Ltd. | 499,421 | 41,844 |
| * | Korea Shipbuilding & Offshore Engineering Co. Ltd. | 361,225 | 41,582 |
| HD Hyundai Electric Co Ltd. | 183,724 | 41,057 | |
| Samsung Life Insurance Co. Ltd. | 621,024 | 39,721 | |
| * | Samsung Heavy Industries Co. Ltd. | 5,444,021 | 36,924 |
| HMM Co. Ltd. | 2,442,547 | 34,801 | |
| SK Inc. | 297,320 | 34,028 | |
| 1 | Korea Zinc Co. Ltd. | 90,344 | 33,659 |
| Samsung SDS Co. Ltd. | 303,491 | 32,576 | |
| DB Insurance Co. Ltd. | 371,700 | 30,796 | |
| Korea Electric Power Corp. | 2,137,413 | 30,258 | |
| Amorepacific Corp. | 243,342 | 29,457 | |
| KakaoBank Corp. | 1,801,897 | 26,427 | |
| Korean Air Lines Co. Ltd. | 1,556,562 | 26,217 | |
| Yuhan Corp. | 440,500 | 25,783 | |
| HYBE Co. Ltd. | 175,210 | 25,662 | |
| Hyundai Glovis Co. Ltd. | 153,981 | 24,423 | |
| LG Innotek Co. Ltd. | 117,992 | 23,181 | |
| Industrial Bank of Korea | 2,264,612 | 23,055 | |
| * | Samsung E&A Co. Ltd. | 1,315,590 | 22,929 |
| Korea Aerospace Industries Ltd. | 584,462 | 22,434 | |
| * | LG Display Co. Ltd. | 2,673,408 | 22,216 |
| Coway Co. Ltd. | 470,425 | 21,806 | |
| *,1 | L&F Co. Ltd. | 209,405 | 20,431 |
| LS Electric Co. Ltd. | 127,803 | 20,308 | |
| * | Hyundai Heavy Industries Co. Ltd. | 179,465 | 20,244 |
| Hankook Tire & Technology Co. Ltd. | 613,531 | 20,050 | |
| * | CosmoAM&T Co. Ltd. | 187,902 | 19,533 |
| LG H&H Co. Ltd. (XKRX) | 77,999 | 19,481 | |
| HD Hyundai Co. Ltd. | 352,709 | 19,016 | |
| * | SKC Co. Ltd. | 155,979 | 18,990 |
| *,1 | Enchem Co. Ltd. | 113,901 | 18,475 |
| Posco International Corp. | 382,907 | 18,042 | |
| Hyundai Rotem Co. Ltd. | 609,611 | 18,025 | |
| CJ CheilJedang Corp. (XKRX) | 64,133 | 17,895 | |
| *,1 | Kum Yang Co. Ltd. | 283,411 | 17,566 |
| Hanwha Solutions Corp. | 866,241 | 17,220 | |
| NCSoft Corp. | 132,320 | 17,192 | |
| S-Oil Corp. | 342,561 | 16,513 | |
| IsuPetasys Co. Ltd. | 391,755 | 16,415 | |
| Samyang Foods Co. Ltd. | 33,849 | 16,407 | |
| Korea Investment Holdings Co. Ltd. | 314,816 | 15,916 | |
| Doosan Bobcat Inc. | 410,941 | 15,214 | |
| Samsung Securities Co. Ltd. | 519,901 | 14,966 | |
| LS Corp. | 143,593 | 14,899 | |
| Hyundai Steel Co. | 703,896 | 14,790 |
43
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Kumho Petrochemical Co. Ltd. | 137,656 | 14,599 | |
| LIG Nex1 Co. Ltd. | 89,028 | 14,212 | |
| BNK Financial Group Inc. | 2,305,945 | 14,174 | |
| JB Financial Group Co. Ltd. | 1,325,613 | 14,081 | |
| Hyundai Engineering & Construction Co. Ltd. | 606,313 | 14,053 | |
| Hyosung Heavy Industries Corp. | 53,790 | 13,429 | |
| * | SK Biopharmaceuticals Co. Ltd. | 234,395 | 13,133 |
| LEENO Industrial Inc. | 76,879 | 12,995 | |
| Hanmi Pharm Co. Ltd. | 64,734 | 12,673 | |
| Lotte Chemical Corp. | 152,237 | 12,629 | |
| GS Holdings Corp. | 369,684 | 12,552 | |
| LG Uplus Corp. | 1,758,601 | 12,524 | |
| Fila Holdings Corp. | 430,131 | 12,481 | |
| Hanjin Kal Corp. | 263,840 | 12,314 | |
| Orion Corp.Republic of Korea | 184,383 | 12,308 | |
| *,1 | Sam Chun Dang Pharm Co. Ltd. | 115,903 | 12,249 |
| Hyundai Marine & Fire Insurance Co. Ltd. | 487,185 | 12,175 | |
| Posco DX Co. Ltd. | 439,755 | 12,157 | |
| * | HD HYUNDAI MIPO | 171,376 | 11,547 |
| Mirae Asset Securities Co. Ltd. | 2,149,644 | 11,371 | |
| * | Hanwha Ocean Co. Ltd. | 509,965 | 11,304 |
| HPSP Co. Ltd. | 363,146 | 10,212 | |
| NH Investment & Securities Co. Ltd. | 1,110,578 | 10,201 | |
| 1 | KIWOOM Securities Co. Ltd. | 109,866 | 9,998 |
| * | Celltrion Pharm Inc. | 154,428 | 9,911 |
| Hotel Shilla Co. Ltd. | 254,643 | 9,877 | |
| CJ Corp. | 109,326 | 9,600 | |
| JYP Entertainment Corp. | 230,309 | 9,529 | |
| DB HiTek Co. Ltd. | 268,186 | 9,460 | |
| * | Doosan Robotics Inc. | 162,507 | 9,367 |
| NongShim Co. Ltd. | 26,395 | 9,356 | |
| Eo Technics Co. Ltd. | 67,551 | 9,049 | |
| Kangwon Land Inc. | 892,157 | 8,970 | |
| * | Pearl Abyss Corp. | 277,461 | 8,859 |
| Hansol Chemical Co. Ltd. | 66,921 | 8,819 | |
| Cosmax Inc. | 62,480 | 8,803 | |
| HL Mando Co. Ltd. | 275,358 | 8,733 | |
| * | Daejoo Electronic Materials Co. Ltd. | 81,790 | 8,439 |
| * | Korea Gas Corp. | 220,474 | 8,339 |
| OCI Holdings Co. Ltd. | 129,459 | 8,284 | |
| Hanwha Corp. (XKRX) | 408,321 | 7,926 | |
| * | Hugel Inc. | 46,424 | 7,772 |
| Classys Inc. | 211,354 | 7,767 | |
| KCC Corp. | 34,773 | 7,752 | |
| * | LigaChem Biosciences Inc. | 149,104 | 7,669 |
| Cheil Worldwide Inc. | 574,463 | 7,655 | |
| *,1 | Rainbow Robotics | 66,098 | 7,604 |
| Doosan Co. Ltd. | 48,278 | 7,566 | |
| * | People & Technology Inc. | 155,984 | 7,562 |
| Jusung Engineering Co. Ltd. | 281,483 | 7,558 | |
| * | SK Bioscience Co. Ltd. | 195,018 | 7,420 |
| DGB Financial Group Inc. | 1,266,372 | 7,373 | |
| * | Oscotec Inc. | 270,781 | 7,350 |
| 1 | Soulbrain Co. Ltd. | 34,646 | 7,256 |
| Poongsan Corp. | 157,767 | 7,232 | |
| * | WONIK IPS Co. Ltd. | 288,230 | 7,228 |
| Dongjin Semichem Co. Ltd. | 247,462 | 7,136 | |
| *,2 | Netmarble Corp. | 183,344 | 7,106 |
| Hyosung Advanced Materials Corp. | 25,997 | 7,105 | |
| Douzone Bizon Co. Ltd. | 130,614 | 6,873 | |
| Lotte Energy Materials Corp. | 179,353 | 6,836 | |
| Samsung Card Co. Ltd. | 244,167 | 6,773 | |
| * | Hanall Biopharma Co. Ltd. | 302,069 | 6,752 |
| *,2 | SK IE Technology Co. Ltd. | 210,387 | 6,701 |
| Hanwha Systems Co. Ltd. | 490,541 | 6,691 | |
| Kolmar Korea Co. Ltd. | 128,267 | 6,605 | |
| S-1 Corp. | 156,083 | 6,554 | |
| E-MART Inc. | 158,999 | 6,508 | |
| Hyundai Autoever Corp. | 54,737 | 6,502 | |
| * | Ecopro Materials Co. Ltd. | 98,624 | 6,459 |
44
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Shinsegae Inc. | 56,544 | 6,427 | |
| Hyundai Doosan Infracore Co. Ltd. | 1,157,217 | 6,384 | |
| Hanwha Life Insurance Co. Ltd. | 2,940,622 | 6,381 | |
| Hyosung TNC Corp. | 25,375 | 6,328 | |
| Youngone Corp. | 248,428 | 6,258 | |
| Pan Ocean Co. Ltd. | 2,001,330 | 6,219 | |
| * | Lunit Inc. | 180,488 | 6,084 |
| Soop Co. Ltd. | 63,579 | 6,040 | |
| F&F Co. Ltd. | 130,275 | 5,873 | |
| DL E&C Co. Ltd. | 249,997 | 5,843 | |
| CS Wind Corp. | 163,299 | 5,834 | |
| * | ISU Specialty Chemical | 169,182 | 5,821 |
| 1 | Hyundai Elevator Co. Ltd. | 181,765 | 5,820 |
| * | GS Engineering & Construction Corp. | 534,675 | 5,816 |
| TCC Steel | 143,905 | 5,776 | |
| 1 | Advanced Nano Products Co. Ltd. | 67,032 | 5,678 |
| * | Synopex Inc. | 637,257 | 5,650 |
| * | Taihan Electric Wire Co. Ltd. | 468,838 | 5,607 |
| Shinsung Delta Tech Co. Ltd. | 122,565 | 5,524 | |
| Hyundai Wia Corp. | 131,048 | 5,488 | |
| Korean Reinsurance Co. | 946,512 | 5,483 | |
| PharmaResearch Co. Ltd. | 50,655 | 5,457 | |
| * | Kumho Tire Co. Inc. | 1,145,248 | 5,422 |
| * | Peptron Inc. | 151,513 | 5,401 |
| SM Entertainment Co. Ltd. | 92,412 | 5,373 | |
| SK REITs Co. Ltd. | 1,533,013 | 5,358 | |
| LX Semicon Co. Ltd. | 90,524 | 5,315 | |
| GS Retail Co. Ltd. | 350,744 | 5,297 | |
| * | Kakao Games Corp. | 355,561 | 5,265 |
| * | CJ ENM Co. Ltd. | 86,395 | 5,263 |
| * | SOLUM Co. Ltd. | 343,094 | 5,209 |
| KEPCO Engineering & Construction Co. Inc. | 102,854 | 5,097 | |
| BGF retail Co. Ltd. | 66,875 | 5,002 | |
| * | Wemade Co. Ltd. | 162,334 | 5,000 |
| * | HLB Life Science Co. Ltd. | 839,905 | 4,994 |
| Park Systems Corp. | 36,972 | 4,990 | |
| Sebang Global Battery Co. Ltd. | 65,427 | 4,923 | |
| AMOREPACIFIC Group | 207,673 | 4,857 | |
| KEPCO Plant Service & Engineering Co. Ltd. | 175,128 | 4,814 | |
| Hana Micron Inc. | 322,431 | 4,745 | |
| LX International Corp. | 213,541 | 4,715 | |
| * | Seojin System Co. Ltd. | 211,592 | 4,698 |
| Medytox Inc. | 42,508 | 4,660 | |
| Chong Kun Dang Pharmaceutical Corp. | 65,736 | 4,657 | |
| Dentium Co. Ltd. | 54,303 | 4,651 | |
| CJ Logistics Corp. | 67,262 | 4,633 | |
| HDC Hyundai Development Co-Engineering & Construction | 349,049 | 4,605 | |
| Hanmi Science Co. Ltd. | 202,149 | 4,542 | |
| Hanon Systems | 1,327,072 | 4,537 | |
| * | Kakaopay Corp. | 233,326 | 4,526 |
| * | Cosmochemical Co. Ltd. | 224,296 | 4,522 |
| ST Pharm Co. Ltd. | 73,156 | 4,520 | |
| Koh Young Technology Inc. | 490,406 | 4,468 | |
| DL Holdings Co. Ltd. | 103,048 | 4,405 | |
| * | Daewoo Engineering & Construction Co. Ltd. | 1,636,794 | 4,405 |
| * | Lake Materials Co. Ltd. | 304,400 | 4,399 |
| Daeduck Electronics Co. Ltd. | 279,493 | 4,355 | |
| Green Cross Corp. | 51,956 | 4,297 | |
| Kolon Industries Inc. | 152,272 | 4,221 | |
| Lotte Shopping Co. Ltd. | 91,331 | 4,199 | |
| 1 | ISC Co. Ltd. | 88,864 | 4,177 |
| SL Corp. | 129,169 | 4,163 | |
| Eugene Technology Co. Ltd. | 113,258 | 4,044 | |
| * | Jeisys Medical Inc. | 432,544 | 4,029 |
| * | Chabiotech Co. Ltd. | 356,382 | 3,998 |
| 1 | SIMMTECH Co. Ltd. | 153,694 | 3,979 |
| 1 | Ecopro HN Co. Ltd. | 89,701 | 3,966 |
| Hyundai Department Store Co. Ltd. | 111,940 | 3,946 | |
| *,1 | Hyundai Bioscience Co. Ltd. | 295,942 | 3,943 |
| LOTTE Fine Chemical Co. Ltd. | 122,347 | 3,940 |
45
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| *,1 | W Scope Chungju Plant Co. Ltd. | 179,983 | 3,926 |
| Hyundai Construction Equipment Co. Ltd. | 98,326 | 3,906 | |
| Lotte Corp. | 211,856 | 3,867 | |
| *,1 | Doosan Fuel Cell Co. Ltd. | 252,522 | 3,854 |
| * | Bioneer Corp. | 179,812 | 3,827 |
| Paradise Co. Ltd. | 372,930 | 3,807 | |
| Hana Tour Service Inc. | 89,707 | 3,799 | |
| Hite Jinro Co. Ltd. | 246,363 | 3,794 | |
| Ottogi Corp. | 12,042 | 3,779 | |
| 3 | Hyosung Corp. | 87,992 | 3,778 |
| * | Mezzion Pharma Co. Ltd. | 138,868 | 3,725 |
| Seegene Inc. | 255,177 | 3,696 | |
| * | Fadu Inc. | 241,234 | 3,611 |
| Dongsuh Cos. Inc. | 254,360 | 3,539 | |
| Sam-A Aluminum Co. Ltd. | 67,066 | 3,519 | |
| S&S Tech Corp. | 136,665 | 3,511 | |
| BH Co. Ltd. | 199,511 | 3,488 | |
| * | Creative & Innovative System | 437,132 | 3,427 |
| ESR Kendall Square REIT Co. Ltd. | 1,007,813 | 3,374 | |
| * | ABLBio Inc. | 206,885 | 3,360 |
| * | Cafe24 Corp. | 114,087 | 3,337 |
| Tokai Carbon Korea Co. Ltd. | 34,135 | 3,300 | |
| Innox Advanced Materials Co. Ltd. | 110,073 | 3,254 | |
| SK Networks Co. Ltd. | 926,325 | 3,229 | |
| HK inno N Corp. | 116,264 | 3,160 | |
| Daesang Corp. | 153,429 | 3,132 | |
| Solus Advanced Materials Co. Ltd. | 228,324 | 3,013 | |
| Binggrae Co. Ltd. | 42,426 | 3,000 | |
| NEXTIN Inc. | 59,653 | 2,987 | |
| Daewoong Pharmaceutical Co. Ltd. | 40,163 | 2,977 | |
| DoubleUGames Co. Ltd. | 88,577 | 2,957 | |
| OCI Co. Ltd. | 39,002 | 2,907 | |
| * | Duk San Neolux Co. Ltd. | 99,290 | 2,895 |
| Innocean Worldwide Inc. | 185,190 | 2,881 | |
| SK Chemicals Co. Ltd. | 81,503 | 2,875 | |
| Korea Electric Terminal Co. Ltd. | 57,570 | 2,869 | |
| HAESUNG DS Co. Ltd. | 87,196 | 2,868 | |
| Lotte Chilsung Beverage Co. Ltd. | 29,711 | 2,861 | |
| Hanssem Co. Ltd. | 64,594 | 2,854 | |
| * | HLB Therapeutics Co. Ltd. | 560,652 | 2,846 |
| DongKook Pharmaceutical Co. Ltd. | 210,088 | 2,836 | |
| YG Entertainment Inc. | 95,229 | 2,775 | |
| 1 | Youlchon Chemical Co. Ltd. | 105,108 | 2,742 |
| Daou Technology Inc. | 196,567 | 2,692 | |
| * | Korea Line Corp. | 1,274,690 | 2,679 |
| Daishin Securities Co. Ltd. | 217,239 | 2,677 | |
| * | Naturecell Co. Ltd. | 393,193 | 2,665 |
| Lotte Wellfood Co. Ltd. | 20,027 | 2,663 | |
| JR Global REIT | 907,788 | 2,623 | |
| Intellian Technologies Inc. | 60,761 | 2,590 | |
| * | Foosung Co. Ltd. | 488,565 | 2,585 |
| KC Tech Co. Ltd. | 79,055 | 2,578 | |
| Youngone Holdings Co. Ltd. | 42,817 | 2,562 | |
| * | Eubiologics Co. Ltd. | 288,124 | 2,509 |
| JW Pharmaceutical Corp. | 114,506 | 2,506 | |
| 1 | Posco M-Tech Co. Ltd. | 168,706 | 2,497 |
| SK Gas Ltd. | 19,649 | 2,493 | |
| SFA Engineering Corp. | 126,528 | 2,466 | |
| Hankook & Co. Co. Ltd. | 222,287 | 2,453 | |
| TKG Huchems Co. Ltd. | 169,309 | 2,444 | |
| Shinhan Alpha REIT Co. Ltd. | 533,710 | 2,441 | |
| * | SD Biosensor Inc. | 334,620 | 2,386 |
| * | KMW Co. Ltd. | 247,844 | 2,366 |
| Green Cross Holdings Corp. | 233,167 | 2,362 | |
| * | Shin Poong Pharmaceutical Co. Ltd. | 273,693 | 2,355 |
| * | SFA Semicon Co. Ltd. | 596,135 | 2,339 |
| Korea Petrochemical Ind Co. Ltd. | 23,692 | 2,322 | |
| Hanwha General Insurance Co. Ltd. | 640,267 | 2,319 | |
| SK Discovery Co. Ltd. | 84,272 | 2,319 | |
| * | SK oceanplant Co. Ltd. | 227,391 | 2,312 |
46
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| * | GemVax & Kael Co. Ltd. | 305,194 | 2,303 |
| Sungwoo Hitech Co. Ltd. | 354,206 | 2,300 | |
| Myoung Shin Industrial Co. Ltd. | 223,623 | 2,283 | |
| * | Asiana Airlines Inc. | 297,936 | 2,272 |
| LOTTE REIT Co. Ltd. | 944,160 | 2,241 | |
| Samyang Holdings Corp. | 44,789 | 2,235 | |
| Soulbrain Holdings Co. Ltd. | 46,034 | 2,226 | |
| MegaStudyEdu Co. Ltd. | 54,395 | 2,218 | |
| Hancom Inc. | 134,647 | 2,202 | |
| Unid Co. Ltd. | 29,949 | 2,202 | |
| * | Sungeel Hitech Co. Ltd. | 39,447 | 2,171 |
| Doosan Tesna Inc. | 79,967 | 2,156 | |
| KCC Glass Corp. | 74,109 | 2,154 | |
| * | PI Advanced Materials Co. Ltd. | 118,263 | 2,138 |
| Eugene Investment & Securities Co. Ltd. | 501,710 | 2,102 | |
| NICE Information Service Co. Ltd. | 254,952 | 2,098 | |
| * | Lotte Tour Development Co. Ltd. | 298,302 | 2,090 |
| TES Co. Ltd. | 108,066 | 2,069 | |
| Com2uSCorp | 74,763 | 2,068 | |
| * | Hanwha Investment & Securities Co. Ltd. | 884,332 | 2,062 |
| Ahnlab Inc. | 47,034 | 2,060 | |
| * | Dawonsys Co. Ltd. | 253,095 | 2,048 |
| 1 | Taekwang Industrial Co. Ltd. | 4,459 | 2,022 |
| Caregen Co. Ltd. | 128,048 | 2,022 | |
| Han Kuk Carbon Co. Ltd. | 260,169 | 2,021 | |
| * | Binex Co. Ltd. | 188,103 | 2,020 |
| * | CJ CGV Co. Ltd. | 496,330 | 2,020 |
| Dong-A Socio Holdings Co. Ltd. | 26,159 | 1,998 | |
| SNT Motiv Co. Ltd. | 55,100 | 1,991 | |
| Lotte Rental Co. Ltd. | 87,338 | 1,979 | |
| Partron Co. Ltd. | 349,986 | 1,966 | |
| NHN Corp. | 128,990 | 1,940 | |
| *,1 | Nexon Games Co. Ltd. | 174,329 | 1,937 |
| Seoul Semiconductor Co. Ltd. | 291,480 | 1,927 | |
| * | Jeju Air Co. Ltd. | 257,856 | 1,927 |
| i-SENS Inc. | 139,123 | 1,908 | |
| Hyundai Home Shopping Network Corp. | 50,941 | 1,891 | |
| Samwha Capacitor Co. Ltd. | 63,215 | 1,886 | |
| IS Dongseo Co. Ltd. | 103,633 | 1,865 | |
| Dongkuk Steel Mill Co. Ltd. | 261,947 | 1,852 | |
| * | Shinsung E&G Co. Ltd. | 1,285,227 | 1,843 |
| Hanjin Transportation Co. Ltd. | 125,610 | 1,784 | |
| Advanced Process Systems Corp. | 95,643 | 1,780 | |
| Orion Holdings Corp. | 161,210 | 1,777 | |
| LX Holdings Corp. | 347,614 | 1,767 | |
| 1 | ENF Technology Co. Ltd. | 82,991 | 1,719 |
| * | Chunbo Co. Ltd. | 32,978 | 1,711 |
| Daewoong Co. Ltd. | 152,538 | 1,701 | |
| L&C Bio Co. Ltd. | 95,248 | 1,696 | |
| Nexen Tire Corp. | 297,132 | 1,676 | |
| * | Pharmicell Co. Ltd. | 411,857 | 1,669 |
| Dong-A ST Co. Ltd. | 36,449 | 1,660 | |
| INTOPS Co. Ltd. | 93,623 | 1,657 | |
| * | Sambu Engineering & Construction Co. Ltd. | 1,481,516 | 1,638 |
| Mcnex Co. Ltd. | 98,169 | 1,616 | |
| Boryung | 229,689 | 1,598 | |
| HDC Holdings Co. Ltd. | 269,923 | 1,582 | |
| Webzen Inc. | 128,051 | 1,551 | |
| Namyang Dairy Products Co. Ltd. | 3,679 | 1,548 | |
| * | BNC Korea Co. Ltd. | 446,444 | 1,546 |
| Neowiz | 103,875 | 1,537 | |
| Harim Holdings Co. Ltd. | 354,252 | 1,523 | |
| LX Hausys Ltd. | 46,419 | 1,516 | |
| Hansae Co. Ltd. | 103,851 | 1,513 | |
| * | NEPES Corp. | 134,920 | 1,508 |
| Solid Inc. | 380,681 | 1,502 | |
| RFHIC Corp. | 144,807 | 1,495 | |
| * | Studio Dragon Corp. | 49,538 | 1,491 |
| InBody Co. Ltd. | 79,017 | 1,489 | |
| * | Amicogen Inc. | 405,229 | 1,469 |
47
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| KISWIRE Ltd. | 90,540 | 1,464 | |
| Ilyang Pharmaceutical Co. Ltd. | 157,559 | 1,461 | |
| 1 | GC Cell Corp. | 71,515 | 1,459 |
| Modetour Network Inc. | 132,995 | 1,449 | |
| *,1 | Ananti Inc. | 356,731 | 1,441 |
| Handsome Co. Ltd. | 110,768 | 1,420 | |
| Tongyang Life Insurance Co. Ltd. | 249,987 | 1,418 | |
| *,1 | Insun ENT Co. Ltd. | 254,463 | 1,410 |
| Dongwon F&B Co. Ltd. | 43,782 | 1,396 | |
| LF Corp. | 139,267 | 1,388 | |
| Grand Korea Leisure Co. Ltd. | 148,062 | 1,365 | |
| Seah Besteel Holdings Corp. | 88,195 | 1,325 | |
| Hyundai Green Food | 147,261 | 1,319 | |
| * | Vaxcell-Bio Therapeutics Co. Ltd. | 121,364 | 1,308 |
| 1 | Seobu T&D | 257,981 | 1,303 |
| 1 | Yunsung F&C Co. Ltd. | 25,961 | 1,300 |
| HL Holdings Corp. | 52,319 | 1,291 | |
| KH Vatec Co. Ltd. | 127,475 | 1,273 | |
| Yuanta Securities Korea Co. Ltd. | 605,566 | 1,271 | |
| UniTest Inc. | 120,023 | 1,262 | |
| 1 | GOLFZON Co. Ltd. | 22,441 | 1,255 |
| Hanil Cement Co. Ltd. | 128,948 | 1,252 | |
| * | DIO Corp. | 89,992 | 1,243 |
| * | CMG Pharmaceutical Co. Ltd. | 793,520 | 1,227 |
| Huons Co. Ltd. | 53,584 | 1,227 | |
| NHN KCP Corp. | 181,462 | 1,221 | |
| * | Daea TI Co. Ltd. | 552,193 | 1,200 |
| * | AbClon Inc. | 109,361 | 1,199 |
| * | Il Dong Pharmaceutical Co. Ltd. | 126,493 | 1,192 |
| * | Genexine Inc. | 264,221 | 1,187 |
| * | ITM Semiconductor Co. Ltd. | 69,103 | 1,166 |
| Hankook Shell Oil Co. Ltd. | 5,336 | 1,164 | |
| Korea United Pharm Inc. | 68,666 | 1,164 | |
| * | Danal Co. Ltd. | 417,314 | 1,161 |
| * | Enplus Co. Ltd. | 565,401 | 1,158 |
| E1 Corp. | 20,673 | 1,155 | |
| * | CrystalGenomics Invites Co. Ltd. | 584,877 | 1,141 |
| Samchully Co. Ltd. | 16,920 | 1,118 | |
| NICE Holdings Co. Ltd. | 139,018 | 1,105 | |
| *,1 | Humasis Co. Ltd. | 945,724 | 1,102 |
| Huons Global Co. Ltd. | 64,945 | 1,095 | |
| Humedix Co. Ltd. | 46,672 | 1,090 | |
| SK Securities Co. Ltd. | 2,674,850 | 1,089 | |
| Daeduck Co. Ltd. | 229,972 | 1,088 | |
| Sung Kwang Bend Co. Ltd. | 129,374 | 1,080 | |
| Dongwon Industries Co. Ltd. | 41,589 | 1,079 | |
| * | Interflex Co. Ltd. | 94,228 | 1,077 |
| * | Bukwang Pharmaceutical Co. Ltd. | 278,657 | 1,076 |
| Kwang Dong Pharmaceutical Co. Ltd. | 229,423 | 1,071 | |
| Vieworks Co. Ltd. | 52,535 | 1,067 | |
| TK Corp. | 113,213 | 1,063 | |
| Songwon Industrial Co. Ltd. | 120,402 | 1,061 | |
| iMarketKorea Inc. | 166,520 | 1,050 | |
| Able C&C Co. Ltd. | 150,097 | 1,039 | |
| KISCO Corp. | 148,646 | 1,019 | |
| * | Medipost Co. Ltd. | 213,447 | 1,011 |
| Aekyung Industrial Co. Ltd. | 66,636 | 1,004 | |
| Young Poong Corp. | 4,090 | 1,003 | |
| Hansol Paper Co. Ltd. | 122,002 | 995 | |
| * | Samsung Pharmaceutical Co. Ltd. | 890,563 | 987 |
| Zinus Inc. | 96,361 | 976 | |
| * | HLB Global Co. Ltd. | 318,524 | 972 |
| Shinsegae International Inc. | 83,670 | 965 | |
| Hyundai GF Holdings | 292,102 | 954 | |
| Hyundai Corp. | 58,136 | 952 | |
| * | Yungjin Pharmaceutical Co. Ltd. | 628,483 | 952 |
| Korea Asset In Trust Co. Ltd. | 429,889 | 939 | |
| Samyang Corp. | 24,474 | 933 | |
| Tongyang Inc. | 1,450,596 | 923 | |
| *,1,3 | Cellivery Therapeutics Inc. | 189,478 | 920 |
48
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| HS Industries Co. Ltd. | 313,182 | 916 | |
| iNtRON Biotechnology Inc. | 201,678 | 911 | |
| * | MedPacto Inc. | 176,623 | 907 |
| Daol Investment & Securities Co. Ltd. | 384,150 | 903 | |
| * | GeneOne Life Science Inc. | 604,205 | 895 |
| * | Namsun Aluminum Co. Ltd. | 723,447 | 894 |
| * | Komipharm International Co. Ltd. | 296,964 | 889 |
| Gradiant Corp. | 84,141 | 882 | |
| Chongkundang Holdings Corp. | 22,451 | 878 | |
| * | STCUBE | 215,533 | 873 |
| *,1 | Helixmith Co. Ltd. | 331,746 | 873 |
| Namhae Chemical Corp. | 164,723 | 845 | |
| *,1 | Wysiwyg Studios Co. Ltd. | 698,692 | 841 |
| Toptec Co. Ltd. | 146,200 | 835 | |
| * | Hyosung Chemical Corp. | 17,591 | 830 |
| KC Co. Ltd. | 55,206 | 823 | |
| Hansol Technics Co. Ltd. | 205,189 | 816 | |
| Korea Real Estate Investment & Trust Co. Ltd. | 1,080,367 | 784 | |
| * | Hanwha Galleria Corp. | 880,756 | 782 |
| *,1,3 | NKMax Co. Ltd. | 512,594 | 752 |
| Daehan Flour Mill Co. Ltd. | 7,283 | 748 | |
| SPC Samlip Co. Ltd. | 18,028 | 747 | |
| * | Com2uS Holdings Corp. | 41,091 | 742 |
| * | Inscobee Inc. | 999,483 | 720 |
| 1 | Cuckoo Homesys Co. Ltd. | 41,570 | 714 |
| Jeil Pharmaceutical Co. Ltd. | 63,980 | 705 | |
| Dongkuk CM Co. Ltd. | 139,242 | 697 | |
| * | Wonik Holdings Co. Ltd. | 282,074 | 695 |
| Maeil Dairies Co. Ltd. | 21,677 | 675 | |
| * | Enzychem Lifesciences Corp. | 466,542 | 665 |
| *,1 | Sangsangin Co. Ltd. | 288,645 | 652 |
| 1 | Nature Holdings Co. Ltd. | 67,977 | 617 |
| * | KUMHOE&C Co. Ltd. | 211,991 | 585 |
| Kolon Corp. | 50,498 | 584 | |
| *,1 | OliX Pharmaceuticals Inc. | 91,013 | 577 |
| * | Woongjin Thinkbig Co. Ltd. | 374,697 | 575 |
| * | HJ Shipbuilding & Construction Co. Ltd. | 211,327 | 550 |
| LOTTE Himart Co. Ltd. | 82,729 | 545 | |
| CJ Freshway Corp. | 33,406 | 495 | |
| *,1,3 | Kuk-il Paper Manufacturing Co. Ltd. | 665,811 | 387 |
| * | Ace Technologies Corp. | 419,131 | 379 |
| Eusu Holdings Co. Ltd. | 84,922 | 347 | |
| * | Dongsung Pharmaceutical Co. Ltd. | 54,658 | 191 |
| Hansol Holdings Co. Ltd. | 85,121 | 167 | |
| * | Homecast Co. Ltd. | 78,469 | 149 |
| DB Financial Investment Co. Ltd. | 29,348 | 93 | |
| OptoElectronics Solutions Co. Ltd. | 5,671 | 43 | |
| * | Giantstep Inc. | 6,202 | 30 |
| 8,537,833 | |||
| Spain (2.2%) | |||
| Iberdrola SA (XMAD) | 49,189,642 | 638,232 | |
| Banco Santander SA | 130,701,008 | 608,122 | |
| Banco Bilbao Vizcaya Argentaria SA | 48,382,158 | 485,684 | |
| Industria de Diseno Textil SA | 8,830,365 | 438,193 | |
| Amadeus IT Group SA | 3,672,449 | 244,381 | |
| Telefonica SA | 43,247,571 | 183,207 | |
| Ferrovial SE | 4,403,773 | 171,077 | |
| CaixaBank SA | 31,193,657 | 165,655 | |
| Repsol SA | 10,212,786 | 161,961 | |
| 2 | Cellnex Telecom SA | 4,711,575 | 153,242 |
| 2 | Aena SME SA | 590,946 | 119,665 |
| Banco de Sabadell SA | 44,115,458 | 85,171 | |
| ACS Actividades de Construccion y Servicios SA | 1,889,197 | 81,598 | |
| Redeia Corp. SA | 3,621,083 | 63,320 | |
| Endesa SA | 2,659,732 | 49,974 | |
| Bankinter SA | 5,395,944 | 44,154 | |
| Merlin Properties Socimi SA | 2,803,092 | 31,244 | |
| Enagas SA | 2,079,878 | 30,928 | |
| 1 | Naturgy Energy Group SA | 1,102,492 | 23,962 |
49
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Fluidra SA | 1,146,404 | 23,901 | |
| Acciona SA | 191,346 | 22,645 | |
| Viscofan SA | 333,924 | 21,893 | |
| Vidrala SA (XMAD) | 190,665 | 21,509 | |
| 1 | Indra Sistemas SA | 1,030,447 | 21,160 |
| Mapfre SA | 8,341,943 | 19,238 | |
| * | Grifols SA | 2,222,954 | 18,800 |
| 2 | Unicaja Banco SA | 13,016,530 | 17,896 |
| Acerinox SA | 1,652,987 | 17,217 | |
| Laboratorios Farmaceuticos Rovi SA | 178,217 | 16,691 | |
| Inmobiliaria Colonial Socimi SA | 2,738,593 | 15,960 | |
| Cia de Distribucion Integral Logista Holdings SA | 524,333 | 14,858 | |
| Faes Farma SA | 2,662,609 | 10,276 | |
| Corp. ACCIONA Energias Renovables SA | 477,107 | 9,816 | |
| CIE Automotive SA | 354,001 | 9,804 | |
| Sacyr SA | 2,755,515 | 9,717 | |
| *,1 | Solaria Energia y Medio Ambiente SA | 685,339 | 8,485 |
| Construcciones y Auxiliar de Ferrocarriles SA | 219,709 | 8,259 | |
| * | Melia Hotels International SA | 892,578 | 7,329 |
| Almirall SA | 727,349 | 7,302 | |
| * | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 5,660,076 | 7,013 |
| Fomento de Construcciones y Contratas SA | 429,934 | 6,410 | |
| * | Tecnicas Reunidas SA | 371,734 | 5,033 |
| 2 | Gestamp Automocion SA | 1,327,364 | 3,943 |
| * | Ence Energia y Celulosa SA | 1,057,130 | 3,873 |
| Pharma Mar SA | 109,475 | 3,727 | |
| Lar Espana Real Estate Socimi SA | 483,241 | 3,518 | |
| Atresmedia Corp. de Medios de Comunicacion SA | 702,578 | 3,330 | |
| 2 | Global Dominion Access SA | 825,572 | 2,848 |
| 2 | Neinor Homes SA | 207,400 | 2,774 |
| Prosegur Cia de Seguridad SA | 1,145,205 | 2,103 | |
| 2 | Prosegur Cash SA | 3,053,987 | 1,706 |
| * | Distribuidora Internacional de Alimentacion SA | 102,880,236 | 1,356 |
| 1 | Applus Services SA | 82,563 | 1,133 |
| 4,131,293 | |||
| Sweden (3.0%) | |||
| Atlas Copco AB Class A | 21,372,697 | 401,299 | |
| Investor AB Class B | 13,601,266 | 372,716 | |
| Volvo AB Class B | 12,779,670 | 328,366 | |
| Assa Abloy AB Class B | 8,152,974 | 230,897 | |
| Atlas Copco AB Class B | 12,583,223 | 203,185 | |
| Hexagon AB Class B | 17,716,885 | 200,754 | |
| Skandinaviska Enskilda Banken AB Class A | 12,819,359 | 189,530 | |
| Sandvik AB | 9,029,692 | 181,445 | |
| 2 | Evolution AB | 1,530,200 | 159,277 |
| EQT AB | 5,291,157 | 155,123 | |
| Swedbank AB Class A | 7,280,684 | 149,969 | |
| Telefonaktiebolaget LM Ericsson Class B | 23,407,500 | 145,295 | |
| Essity AB Class B | 5,113,398 | 130,723 | |
| Investor AB Class A (XSTO) | 4,583,270 | 124,358 | |
| Alfa Laval AB | 2,593,912 | 113,592 | |
| Svenska Handelsbanken AB Class A | 11,456,110 | 109,476 | |
| Epiroc AB Class A | 5,234,938 | 104,894 | |
| H & M Hennes & Mauritz AB Class B | 5,018,338 | 79,491 | |
| Boliden AB | 2,295,627 | 73,829 | |
| Svenska Cellulosa AB SCA Class B | 4,974,274 | 73,205 | |
| Trelleborg AB Class B | 1,793,246 | 69,786 | |
| Saab AB Class B | 2,717,117 | 65,278 | |
| Epiroc AB Class B | 3,163,177 | 58,063 | |
| SKF AB Class B | 2,881,355 | 57,907 | |
| Indutrade AB | 2,238,825 | 57,503 | |
| Telia Co. AB | 20,672,024 | 55,424 | |
| Skanska AB Class B | 3,043,582 | 54,907 | |
| Volvo AB Class A | 2,009,667 | 52,539 | |
| Lifco AB Class B | 1,904,825 | 52,282 | |
| Nibe Industrier AB Class B | 12,220,607 | 51,541 | |
| 1 | Beijer Ref AB | 3,262,428 | 50,355 |
| * | Swedish Orphan Biovitrum AB | 1,823,217 | 48,769 |
| Tele2 AB Class B | 4,648,101 | 46,920 |
50
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Industrivarden AB Class A | 1,367,849 | 46,594 | |
| AddTech AB Class B | 1,866,081 | 46,536 | |
| Sagax AB Class B | 1,798,390 | 46,086 | |
| * | Castellum AB | 3,577,620 | 43,661 |
| AAK AB | 1,462,286 | 42,817 | |
| Securitas AB Class B | 4,072,718 | 40,370 | |
| * | Fastighets AB Balder Class B | 5,304,654 | 36,415 |
| Industrivarden AB Class C | 1,022,827 | 34,538 | |
| Investment AB Latour Class B | 1,201,474 | 32,454 | |
| Getinge AB Class B | 1,869,967 | 31,763 | |
| L E Lundbergforetagen AB Class B | 619,023 | 30,615 | |
| Nordnet AB publ | 1,441,830 | 30,219 | |
| * | Sectra AB Class B | 1,264,648 | 28,978 |
| Holmen AB Class B | 670,454 | 26,381 | |
| Lagercrantz Group AB Class B | 1,595,655 | 26,000 | |
| SSAB AB Class B | 4,697,186 | 25,469 | |
| Avanza Bank Holding AB | 1,049,070 | 25,417 | |
| Fortnox AB | 4,150,331 | 24,969 | |
| Mycronic AB | 626,301 | 24,268 | |
| Axfood AB | 902,502 | 23,657 | |
| Sweco AB Class B | 1,690,913 | 23,186 | |
| Husqvarna AB Class B | 2,877,429 | 23,010 | |
| Hexpol AB | 2,069,932 | 22,946 | |
| 2 | Thule Group AB | 810,872 | 21,178 |
| Wihlborgs Fastigheter AB | 2,241,507 | 20,753 | |
| 2 | Munters Group AB | 1,093,116 | 20,587 |
| Hemnet Group AB | 675,849 | 20,360 | |
| Elekta AB Class B | 2,872,963 | 17,913 | |
| 2 | Dometic Group AB | 2,694,392 | 17,083 |
| Billerud Aktiebolag | 1,822,159 | 16,876 | |
| Fabege AB | 2,108,978 | 16,836 | |
| Kinnevik AB Class B | 2,037,768 | 16,680 | |
| * | Volvo Car AB Class B | 5,368,816 | 16,600 |
| *,1 | Embracer Group AB | 7,534,175 | 16,476 |
| Bure Equity AB | 458,276 | 15,417 | |
| Catena AB | 302,901 | 15,137 | |
| Loomis AB | 580,362 | 15,067 | |
| * | Electrolux AB Class B | 1,818,185 | 15,018 |
| * | Camurus AB | 264,590 | 14,984 |
| Vitec Software Group AB Class B | 285,708 | 14,803 | |
| AFRY AB | 817,569 | 14,669 | |
| Nyfosa AB | 1,512,921 | 14,664 | |
| Wallenstam AB Class B | 2,814,254 | 13,356 | |
| Pandox AB | 743,816 | 13,263 | |
| SSAB AB Class A | 2,324,169 | 12,800 | |
| 2 | Bravida Holding AB | 1,710,963 | 12,682 |
| Electrolux Professional AB Class B | 1,911,664 | 12,655 | |
| *,2 | Sinch AB | 5,157,026 | 12,490 |
| Lindab International AB | 573,897 | 12,285 | |
| AddNode Group AB | 1,035,687 | 11,865 | |
| NCAB Group AB | 1,479,265 | 11,612 | |
| Granges AB | 899,036 | 11,534 | |
| Betsson AB | 974,735 | 11,395 | |
| AddLife AB Class B | 921,307 | 10,853 | |
| Hufvudstaden AB Class A | 896,630 | 10,616 | |
| Alleima AB | 1,568,139 | 10,175 | |
| JM AB | 545,309 | 10,166 | |
| Peab AB Class B | 1,610,196 | 10,099 | |
| HMS Networks AB | 251,966 | 9,940 | |
| Vitrolife AB | 558,338 | 9,152 | |
| * | Sdiptech AB Class B | 298,380 | 9,118 |
| Bufab AB | 247,839 | 9,111 | |
| Storskogen Group AB Class B | 11,660,381 | 8,981 | |
| Mips AB | 218,922 | 8,591 | |
| NCC AB Class B | 658,591 | 8,544 | |
| Bilia AB Class A | 602,303 | 7,996 | |
| Nolato AB Class B | 1,473,084 | 7,992 | |
| Instalco AB | 2,002,943 | 7,661 | |
| Beijer Alma AB | 373,104 | 7,302 | |
| Arjo AB Class B | 1,863,429 | 7,225 |
51
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| *,1 | Hexatronic Group AB | 1,509,971 | 7,225 |
| Troax Group AB | 323,779 | 7,221 | |
| Biotage AB | 464,100 | 7,127 | |
| Atrium Ljungberg AB Class B | 366,973 | 7,121 | |
| Cibus Nordic Real Estate AB publ | 471,252 | 7,008 | |
| Medicover AB Class B | 388,143 | 6,965 | |
| * | OX2 AB | 1,222,887 | 6,855 |
| *,1 | Better Collective A/S | 315,728 | 6,756 |
| *,1,2 | Scandic Hotels Group AB | 1,112,798 | 6,739 |
| Dios Fastigheter AB | 765,202 | 6,239 | |
| * | Modern Times Group MTG AB Class B | 768,796 | 6,172 |
| NP3 Fastigheter AB | 254,241 | 6,157 | |
| INVISIO AB | 273,890 | 6,056 | |
| 1 | Svenska Handelsbanken AB Class B | 523,142 | 6,048 |
| *,2 | BioArctic AB | 278,532 | 6,023 |
| Ratos AB Class B | 1,654,791 | 5,620 | |
| *,2 | Boozt AB | 460,938 | 5,510 |
| Clas Ohlson AB Class B | 297,106 | 4,958 | |
| 1 | Samhallsbyggnadsbolaget i Norden AB | 9,327,754 | 4,757 |
| SkiStar AB | 340,135 | 4,740 | |
| Truecaller AB Class B | 1,406,167 | 4,714 | |
| Systemair AB | 535,382 | 3,959 | |
| Corem Property Group AB Class B | 4,777,663 | 3,948 | |
| MEKO AB | 353,221 | 3,946 | |
| Platzer Fastigheter Holding AB Class B | 451,371 | 3,885 | |
| 2 | Attendo AB | 888,004 | 3,668 |
| Fagerhult Group AB | 557,981 | 3,610 | |
| * | Stillfront Group AB | 3,745,275 | 3,506 |
| Cloetta AB Class B | 1,628,089 | 3,161 | |
| Investment AB Oresund | 257,730 | 3,028 | |
| Sagax AB Class D | 998,132 | 2,909 | |
| * | Norion Bank AB | 661,046 | 2,733 |
| 2 | Resurs Holding AB | 1,180,554 | 2,548 |
| Volati AB | 212,783 | 2,020 | |
| 1 | Intrum AB | 695,667 | 1,981 |
| Skandinaviska Enskilda Banken AB Class C | 89,140 | 1,342 | |
| 1 | Samhallsbyggnadsbolaget i Norden AB Class D | 1,571,172 | 1,053 |
| Svenska Cellulosa AB SCA Class A | 31,965 | 474 | |
| NCC AB Class A | 27,527 | 355 | |
| 5,773,744 | |||
| Switzerland (7.5%) | |||
| Nestle SA (Registered) | 22,064,422 | 2,252,210 | |
| Novartis AG (Registered) | 17,176,869 | 1,828,849 | |
| Roche Holding AG | 5,819,470 | 1,612,335 | |
| UBS Group AG (Registered) | 27,006,411 | 793,182 | |
| ABB Ltd. (Registered) | 13,336,210 | 739,505 | |
| Cie Financiere Richemont SA Class A (Registered) | 4,468,455 | 698,343 | |
| Zurich Insurance Group AG | 1,211,353 | 645,282 | |
| Holcim AG | 4,719,303 | 417,149 | |
| Alcon Inc. | 4,151,307 | 369,017 | |
| Sika AG (Registered) | 1,276,191 | 364,301 | |
| Lonza Group AG (Registered) | 607,116 | 330,517 | |
| Givaudan SA (Registered) | 66,826 | 316,529 | |
| Swiss Re AG | 2,439,342 | 302,422 | |
| Partners Group Holding AG | 185,782 | 237,904 | |
| Swiss Life Holding AG (Registered) | 247,369 | 181,552 | |
| Geberit AG (Registered) | 278,878 | 164,274 | |
| Sandoz Group AG | 3,620,558 | 131,238 | |
| Logitech International SA (Registered) | 1,301,682 | 125,275 | |
| Sonova Holding AG (Registered) | 403,786 | 124,393 | |
| Kuehne & Nagel International AG (Registered) | 424,297 | 122,105 | |
| 2 | VAT Group AG | 215,786 | 121,845 |
| Swisscom AG (Registered) | 213,697 | 120,165 | |
| SGS SA (Registered) | 1,249,213 | 111,370 | |
| Straumann Holding AG (Registered) | 898,124 | 110,863 | |
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 921 | 106,166 | |
| Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 8,272 | 96,624 | |
| Julius Baer Group Ltd. | 1,716,763 | 96,022 | |
| Roche Holding AG (Bearer) | 312,658 | 95,324 |
52
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Schindler Holding AG (XSWX) | 345,611 | 86,715 | |
| Baloise Holding AG (Registered) | 377,821 | 66,611 | |
| Swiss Prime Site AG (Registered) | 638,516 | 60,464 | |
| SIG Group AG | 2,765,481 | 50,818 | |
| Swatch Group AG (Bearer) | 243,110 | 49,808 | |
| Barry Callebaut AG (Registered) | 29,911 | 48,761 | |
| PSP Swiss Property AG (Registered) | 378,676 | 48,611 | |
| EMS-Chemie Holding AG (Registered) | 59,400 | 48,608 | |
| Georg Fischer AG (Registered) | 686,506 | 45,924 | |
| Adecco Group AG (Registered) | 1,337,021 | 44,355 | |
| Schindler Holding AG (Registered) | 169,909 | 42,356 | |
| Helvetia Holding AG (Registered) | 291,814 | 39,441 | |
| Belimo Holding AG (Registered) | 77,736 | 38,991 | |
| Tecan Group AG (Registered) | 107,059 | 35,845 | |
| Siegfried Holding AG (Registered) | 34,413 | 35,691 | |
| Temenos AG (Registered) | 513,293 | 35,372 | |
| Flughafen Zurich AG (Registered) | 158,838 | 35,160 | |
| Avolta AG | 895,204 | 34,803 | |
| 2 | Galenica AG | 407,139 | 33,343 |
| Accelleron Industries AG | 788,114 | 30,870 | |
| Clariant AG (Registered) | 1,885,125 | 29,697 | |
| Banque Cantonale Vaudoise (Registered) | 236,926 | 25,138 | |
| Comet Holding AG (Registered) | 61,988 | 24,850 | |
| Inficon Holding AG (Registered) | 16,196 | 24,504 | |
| BKW AG | 152,118 | 24,281 | |
| Bachem Holding AG | 262,807 | 24,015 | |
| Swissquote Group Holding SA (Registered) | 72,763 | 22,912 | |
| Bucher Industries AG (Registered) | 54,702 | 22,004 | |
| Cembra Money Bank AG | 245,611 | 20,954 | |
| Allreal Holding AG (Registered) | 122,241 | 20,953 | |
| DKSH Holding AG | 301,164 | 20,360 | |
| Sulzer AG (Registered) | 145,195 | 20,077 | |
| SFS Group AG | 146,323 | 19,421 | |
| Softwareone Holding AG | 1,013,603 | 18,990 | |
| Swatch Group AG (Registered) | 431,087 | 17,650 | |
| Emmi AG (Registered) | 17,759 | 17,565 | |
| Burckhardt Compression Holding AG | 26,299 | 17,275 | |
| Mobimo Holding AG (Registered) | 59,378 | 16,843 | |
| Valiant Holding AG (Registered) | 132,313 | 14,994 | |
| Landis & Gyr Group AG | 180,645 | 14,586 | |
| VZ Holding AG | 112,033 | 14,366 | |
| * | Aryzta AG | 7,868,274 | 14,018 |
| Vontobel Holding AG (Registered) | 232,041 | 13,900 | |
| Interroll Holding AG (Registered) | 4,561 | 13,445 | |
| Ypsomed Holding AG (Registered) | 29,909 | 13,360 | |
| ALSO Holding AG (Registered) | 43,057 | 13,250 | |
| dormakaba Holding AG | 25,426 | 13,043 | |
| 1 | Stadler Rail AG | 442,112 | 12,600 |
| Kardex Holding AG (Registered) | 48,875 | 12,429 | |
| EFG International AG | 834,013 | 12,342 | |
| Huber and Suhner AG (Registered) | 143,114 | 12,159 | |
| Daetwyler Holding AG | 61,495 | 11,520 | |
| St. Galler Kantonalbank AG | 23,730 | 11,427 | |
| * | ams-OSRAM AG | 7,800,618 | 10,784 |
| Forbo Holding AG (Registered) | 7,893 | 9,186 | |
| 1 | OC Oerlikon Corp. AG (Registered) | 1,565,944 | 8,448 |
| SKAN Group AG | 90,722 | 8,037 | |
| *,2 | Sensirion Holding AG | 86,192 | 7,454 |
| 2 | Medacta Group SA | 50,669 | 6,909 |
| 1 | LEM Holding SA (Registered) | 4,008 | 6,379 |
| * | Arbonia AG | 447,607 | 6,357 |
| * | COSMO Pharmaceuticals NV | 81,582 | 6,347 |
| u-blox Holding AG | 58,141 | 6,094 | |
| Intershop Holding AG | 45,601 | 6,008 | |
| Komax Holding AG (Registered) | 40,452 | 5,857 | |
| Bossard Holding AG (Registered) Class A | 22,961 | 5,390 | |
| Bell Food Group AG (Registered) | 16,226 | 4,682 | |
| Implenia AG (Registered) | 128,852 | 4,604 | |
| Bystronic AG | 10,810 | 4,548 | |
| Zehnder Group AG | 76,425 | 4,507 |
53
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| * | DocMorris AG | 75,998 | 4,495 |
| * | Basilea Pharmaceutica AG (Registered) | 101,425 | 4,404 |
| 1 | Autoneum Holding AG | 28,805 | 4,158 |
| *,2 | Montana Aerospace AG | 186,102 | 3,879 |
| *,2 | PolyPeptide Group AG | 121,196 | 3,857 |
| Vetropack Holding AG (Registered) | 101,396 | 3,663 | |
| Schweiter Technologies AG | 7,559 | 3,356 | |
| Rieter Holding AG (Registered) | 24,898 | 3,178 | |
| 2 | Medmix AG | 206,974 | 3,130 |
| *,2 | Medartis Holding AG | 36,135 | 2,775 |
| Investis Holding SA | 22,246 | 2,500 | |
| *,1 | Meyer Burger Technology AG | 197,783,447 | 2,431 |
| 1 | PIERER Mobility AG | 76,400 | 2,372 |
| *,1 | Idorsia Ltd. | 997,479 | 2,273 |
| Leonteq AG | 83,955 | 2,081 | |
| APG SGA SA | 8,401 | 1,836 | |
| VP Bank AG Class A | 18,976 | 1,588 | |
| 14,275,803 | |||
| United Kingdom (12.9%) | |||
| AstraZeneca plc | 12,612,963 | 1,962,993 | |
| Shell plc (XLON) | 53,799,938 | 1,929,694 | |
| HSBC Holdings plc | 158,507,939 | 1,368,241 | |
| Unilever plc (XLON) | 20,742,252 | 1,138,487 | |
| BP plc | 142,131,193 | 855,739 | |
| RELX plc | 15,758,598 | 722,041 | |
| GSK plc | 33,677,084 | 647,752 | |
| Rio Tinto plc | 9,013,791 | 591,469 | |
| Diageo plc | 18,698,967 | 587,035 | |
| Glencore plc | 102,303,289 | 582,133 | |
| British American Tobacco plc | 16,844,060 | 517,444 | |
| London Stock Exchange Group plc | 4,178,916 | 495,529 | |
| National Grid plc | 40,437,970 | 451,536 | |
| CRH plc (SGMX) | 5,776,107 | 428,034 | |
| BAE Systems plc | 25,575,923 | 426,009 | |
| * | Rolls-Royce Holdings plc | 70,840,132 | 406,852 |
| Compass Group plc | 14,349,098 | 390,917 | |
| Lloyds Banking Group plc | 532,129,318 | 367,017 | |
| Experian plc | 7,712,785 | 358,311 | |
| Barclays plc | 126,138,102 | 333,309 | |
| Anglo American plc | 10,472,715 | 330,943 | |
| Ferguson plc | 1,703,285 | 326,667 | |
| Reckitt Benckiser Group plc | 5,951,574 | 321,975 | |
| 3i Group plc | 7,831,402 | 301,829 | |
| * | Flutter Entertainment plc | 1,490,100 | 271,046 |
| Ashtead Group plc | 3,672,924 | 244,887 | |
| Haleon plc | 58,237,143 | 236,950 | |
| Tesco plc | 59,118,400 | 228,361 | |
| Prudential plc (XLON) | 23,145,828 | 209,864 | |
| NatWest Group plc | 52,834,324 | 207,855 | |
| SSE plc | 9,195,539 | 207,668 | |
| Imperial Brands plc | 7,301,386 | 186,834 | |
| Vodafone Group plc | 183,828,134 | 162,658 | |
| Standard Chartered plc | 17,954,381 | 162,118 | |
| InterContinental Hotels Group plc | 1,377,427 | 144,735 | |
| Legal & General Group plc | 50,156,881 | 143,628 | |
| Aviva plc | 22,904,095 | 137,958 | |
| Segro plc | 11,228,486 | 127,041 | |
| Informa plc | 11,455,187 | 123,624 | |
| Rentokil Initial plc | 21,214,218 | 123,204 | |
| Sage Group plc | 8,528,614 | 116,845 | |
| Next plc | 1,010,617 | 115,330 | |
| Halma plc | 3,182,954 | 108,493 | |
| Bunzl plc | 2,830,246 | 107,533 | |
| 1 | Smurfit Kappa Group plc | 2,181,720 | 97,150 |
| 1 | BT Group plc | 53,114,266 | 94,164 |
| Smith & Nephew plc | 7,322,692 | 90,745 | |
| Associated British Foods plc | 2,717,874 | 84,862 | |
| WPP plc | 9,007,206 | 82,476 | |
| Intertek Group plc | 1,352,937 | 81,785 |
54
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Admiral Group plc | 2,470,425 | 81,635 | |
| Antofagasta plc | 2,908,882 | 77,307 | |
| Centrica plc | 45,133,845 | 76,930 | |
| Melrose Industries plc (XLON) | 11,042,925 | 76,908 | |
| 2 | Auto Trader Group plc | 7,483,253 | 75,320 |
| Pearson plc | 5,805,143 | 72,490 | |
| United Utilities Group plc | 5,720,256 | 71,061 | |
| Mondi plc | 3,690,578 | 70,737 | |
| Severn Trent plc | 2,214,812 | 66,664 | |
| Spirax-Sarco Engineering plc | 618,437 | 66,284 | |
| Smiths Group plc | 2,916,418 | 62,751 | |
| Marks & Spencer Group plc | 17,110,825 | 61,868 | |
| Intermediate Capital Group plc | 2,253,522 | 61,801 | |
| DS Smith plc | 11,527,547 | 61,096 | |
| Whitbread plc | 1,576,350 | 59,160 | |
| Diploma plc | 1,120,697 | 58,581 | |
| Croda International plc | 1,171,495 | 58,281 | |
| Coca-Cola HBC AG | 1,708,939 | 58,162 | |
| DCC plc | 827,275 | 57,737 | |
| Weir Group plc | 2,174,882 | 54,393 | |
| * | Wise plc Class A | 6,295,970 | 53,998 |
| Taylor Wimpey plc | 29,543,257 | 52,904 | |
| Howden Joinery Group plc | 4,583,785 | 50,696 | |
| Berkeley Group Holdings plc | 873,150 | 50,450 | |
| Beazley plc | 5,585,103 | 49,884 | |
| Kingfisher plc | 15,713,009 | 49,271 | |
| Barratt Developments plc | 8,198,459 | 48,692 | |
| J Sainsbury plc | 15,070,194 | 48,554 | |
| IMI plc | 2,167,525 | 48,165 | |
| Land Securities Group plc | 6,024,877 | 47,076 | |
| M&G plc | 18,234,259 | 46,877 | |
| Hargreaves Lansdown plc | 3,190,057 | 45,472 | |
| Persimmon plc | 2,678,610 | 45,454 | |
| Rightmove plc | 6,686,083 | 45,131 | |
| 1 | B&M European Value Retail SA | 7,935,577 | 43,717 |
| Phoenix Group Holdings plc | 6,255,033 | 41,176 | |
| 2 | ConvaTec Group plc | 13,848,316 | 41,029 |
| Hiscox Ltd. | 2,818,238 | 40,907 | |
| Entain plc | 5,157,815 | 40,900 | |
| Tritax Big Box REIT plc | 20,668,552 | 40,411 | |
| British Land Co. plc | 7,758,626 | 40,328 | |
| LondonMetric Property plc | 16,523,604 | 40,239 | |
| * | Vistry Group plc | 2,649,530 | 39,508 |
| Investec plc | 5,161,031 | 37,308 | |
| Games Workshop Group plc | 275,362 | 37,088 | |
| Endeavour Mining plc | 1,682,882 | 35,813 | |
| * | International Consolidated Airlines Group SA | 17,488,402 | 35,763 |
| RS Group plc | 3,981,631 | 35,187 | |
| ITV plc | 33,636,528 | 34,204 | |
| UNITE Group plc | 3,025,966 | 34,137 | |
| Burberry Group plc | 2,995,001 | 33,260 | |
| Schroders plc | 7,077,031 | 32,388 | |
| Hikma Pharmaceuticals plc | 1,355,285 | 32,291 | |
| Bellway plc | 1,011,438 | 32,205 | |
| IG Group Holdings plc | 3,099,883 | 32,109 | |
| St. James's Place plc | 4,610,150 | 31,680 | |
| JD Sports Fashion plc | 21,012,009 | 31,552 | |
| Britvic plc | 2,088,947 | 31,205 | |
| Rotork plc | 7,208,214 | 30,654 | |
| Johnson Matthey plc | 1,529,226 | 30,323 | |
| Man Group plc | 9,861,130 | 30,130 | |
| Spectris plc | 856,027 | 30,034 | |
| Greggs plc | 846,764 | 29,591 | |
| Inchcape plc | 3,133,454 | 29,445 | |
| 1 | Abrdn plc | 15,230,104 | 28,444 |
| Direct Line Insurance Group plc | 10,995,464 | 27,880 | |
| Derwent London plc | 933,308 | 26,667 | |
| * | Darktrace plc | 3,566,492 | 25,931 |
| Virgin Money UK plc | 9,404,586 | 25,384 | |
| Tate & Lyle plc | 3,354,741 | 25,281 |
55
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Cranswick plc | 445,728 | 25,095 | |
| Softcat plc | 1,082,666 | 24,868 | |
| QinetiQ Group plc | 4,344,626 | 24,260 | |
| Big Yellow Group plc | 1,562,448 | 23,107 | |
| * | International Distribution Services plc | 5,644,399 | 22,787 |
| Shaftesbury Capital plc | 12,429,488 | 21,738 | |
| * | Carnival plc | 1,229,946 | 21,133 |
| Computacenter plc | 583,028 | 21,067 | |
| Harbour Energy plc | 5,344,166 | 20,983 | |
| Balfour Beatty plc | 4,523,571 | 20,834 | |
| Serco Group plc | 9,140,672 | 20,704 | |
| Drax Group plc | 3,234,110 | 20,142 | |
| *,2 | Network International Holdings plc | 4,064,521 | 20,111 |
| Redrow plc | 2,255,936 | 19,016 | |
| Grainger plc | 6,111,196 | 18,752 | |
| Plus500 Ltd. | 649,017 | 18,659 | |
| * | Ocado Group plc | 5,093,137 | 18,499 |
| Grafton Group plc GDR | 1,579,377 | 18,456 | |
| easyJet plc | 3,127,767 | 18,042 | |
| *,2 | Deliveroo plc | 10,718,601 | 17,726 |
| OSB Group plc | 3,273,045 | 17,679 | |
| Travis Perkins plc | 1,803,184 | 17,526 | |
| 2 | Quilter plc | 11,473,039 | 17,362 |
| Pennon Group plc | 2,389,439 | 17,349 | |
| Safestore Holdings plc | 1,779,531 | 17,260 | |
| 4imprint Group plc | 233,201 | 17,113 | |
| Hill & Smith plc | 674,100 | 16,718 | |
| Paragon Banking Group plc | 1,787,214 | 16,585 | |
| * | Indivior plc | 1,053,091 | 16,456 |
| TP ICAP Group plc | 6,492,730 | 16,418 | |
| Mitie Group plc | 11,207,370 | 16,335 | |
| Hays plc | 13,405,379 | 15,970 | |
| Lancashire Holdings Ltd. | 2,039,305 | 15,821 | |
| Savills plc | 1,121,164 | 15,793 | |
| WH Smith plc | 1,089,756 | 15,592 | |
| 2 | JTC plc | 1,275,393 | 15,448 |
| 2 | Airtel Africa plc | 10,077,527 | 15,246 |
| * | Playtech plc | 2,585,390 | 15,194 |
| Bank of Georgia Group plc | 296,821 | 15,101 | |
| *,2 | Trainline plc | 3,811,280 | 15,026 |
| Oxford Instruments plc | 481,707 | 14,988 | |
| * | John Wood Group plc | 5,770,508 | 14,984 |
| Pets at Home Group plc | 4,002,809 | 14,920 | |
| Centamin plc | 9,662,473 | 14,766 | |
| Energean plc | 1,171,533 | 14,571 | |
| Babcock International Group plc | 2,133,615 | 14,096 | |
| Pagegroup plc | 2,598,744 | 14,004 | |
| Dunelm Group plc | 1,040,414 | 13,966 | |
| Bodycote plc | 1,591,397 | 13,669 | |
| Bytes Technology Group plc (XLON) | 1,953,637 | 13,654 | |
| Telecom Plus plc | 605,680 | 13,500 | |
| Coats Group plc | 13,370,123 | 13,346 | |
| International Workplace Group plc | 6,118,589 | 13,339 | |
| Renishaw plc | 285,451 | 13,279 | |
| Sirius Real Estate Ltd. | 11,121,250 | 13,150 | |
| Hammerson plc | 36,764,914 | 12,893 | |
| Primary Health Properties plc | 11,116,456 | 12,865 | |
| AJ Bell plc | 2,659,718 | 12,807 | |
| Domino's Pizza Group plc | 3,304,333 | 12,801 | |
| * | Helios Towers plc | 8,795,435 | 12,798 |
| Future plc | 966,245 | 12,790 | |
| MONY Group plc | 4,467,041 | 12,500 | |
| Assura plc | 24,474,243 | 12,406 | |
| Great Portland Estates plc | 2,928,285 | 12,403 | |
| Clarkson plc | 236,492 | 12,368 | |
| SSP Group plc | 6,600,752 | 12,298 | |
| TBC Bank Group plc | 376,466 | 12,207 | |
| Breedon Group plc | 2,475,828 | 12,044 | |
| Morgan Sindall Group plc | 359,357 | 11,519 | |
| Just Group plc | 8,676,435 | 11,517 |
56
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Genus plc | 547,841 | 11,372 | |
| Genuit Group plc | 2,066,733 | 11,198 | |
| Spirent Communications plc | 4,806,764 | 11,100 | |
| Kainos Group plc | 827,685 | 11,092 | |
| Firstgroup plc | 5,477,583 | 11,031 | |
| Rathbones Group plc | 519,850 | 11,029 | |
| Premier Foods plc | 5,494,735 | 11,007 | |
| Chemring Group plc | 2,318,714 | 10,945 | |
| Fresnillo plc | 1,542,775 | 10,922 | |
| IntegraFin Holdings plc | 2,468,593 | 10,807 | |
| * | Frasers Group plc | 958,861 | 10,695 |
| Dowlais Group plc | 11,533,885 | 10,653 | |
| Victrex plc | 724,662 | 10,488 | |
| Vesuvius plc | 1,790,668 | 10,444 | |
| Zigup plc | 1,910,754 | 10,166 | |
| *,2 | Watches of Switzerland Group plc | 1,946,501 | 10,155 |
| Supermarket Income REIT plc | 10,311,340 | 9,487 | |
| Keller Group plc | 599,098 | 9,252 | |
| Morgan Advanced Materials plc | 2,359,028 | 9,175 | |
| Volution Group plc | 1,581,282 | 8,996 | |
| Elementis plc | 4,825,971 | 8,919 | |
| Workspace Group plc | 1,177,491 | 8,823 | |
| * | Greencore Group plc | 4,074,531 | 8,568 |
| Ashmore Group plc | 3,811,525 | 8,171 | |
| *,2 | Trustpilot Group plc | 3,004,341 | 8,123 |
| * | Mitchells & Butlers plc | 2,135,950 | 7,715 |
| Hilton Food Group plc | 678,405 | 7,680 | |
| Marshalls plc | 2,082,162 | 7,663 | |
| * | Currys plc | 8,286,009 | 7,552 |
| Ascential plc | 1,699,364 | 7,346 | |
| 2 | Spire Healthcare Group plc | 2,399,623 | 7,118 |
| Senior plc | 3,524,661 | 7,059 | |
| * | Molten Ventures plc | 1,481,548 | 6,834 |
| Close Brothers Group plc | 1,268,220 | 6,781 | |
| Rhi Magnesita NV | 153,577 | 6,685 | |
| * | Moonpig Group plc | 2,766,620 | 6,648 |
| AG Barr plc | 875,711 | 6,640 | |
| * | J D Wetherspoon plc | 720,366 | 6,638 |
| 1 | C&C Group plc | 3,268,512 | 6,547 |
| * | THG plc | 8,133,641 | 6,389 |
| Crest Nicholson Holdings plc | 2,094,000 | 6,313 | |
| 2 | Ibstock plc | 3,217,312 | 6,298 |
| * | Oxford Nanopore Technologies plc | 5,050,550 | 6,024 |
| * | Hochschild Mining plc | 2,624,204 | 5,912 |
| Ninety One plc | 2,786,001 | 5,892 | |
| 2 | Bridgepoint Group plc | 2,042,066 | 5,640 |
| 1,2 | Petershill Partners plc | 1,966,973 | 5,129 |
| Diversified Energy Co. plc | 382,666 | 5,075 | |
| * | Auction Technology Group plc | 791,965 | 5,004 |
| 2 | TI Fluid Systems plc | 3,014,379 | 4,961 |
| Essentra plc | 2,428,374 | 4,874 | |
| *,1 | Alphawave IP Group plc | 2,641,339 | 4,796 |
| NCC Group plc | 2,477,579 | 4,750 | |
| * | PureTech Health plc | 1,999,374 | 4,594 |
| Dr. Martens plc | 4,784,416 | 4,529 | |
| Balanced Commercial Property Trust Ltd. | 4,503,448 | 4,521 | |
| Liontrust Asset Management plc | 519,775 | 4,502 | |
| IP Group plc | 8,371,108 | 4,409 | |
| * | Tullow Oil plc | 9,850,268 | 3,961 |
| * | AO World plc | 2,788,118 | 3,877 |
| FDM Group Holdings plc | 739,173 | 3,842 | |
| Picton Property Income Ltd. | 4,478,042 | 3,821 | |
| *,2 | Aston Martin Lagonda Global Holdings plc | 2,041,514 | 3,693 |
| 2 | CMC Markets plc | 889,981 | 3,666 |
| Wickes Group plc | 2,126,273 | 3,576 | |
| Jupiter Fund Management plc | 3,521,173 | 3,414 | |
| Halfords Group plc | 1,865,091 | 3,298 | |
| * | Evoke plc | 3,066,359 | 3,242 |
| * | Synthomer plc | 979,761 | 3,176 |
| Helical plc | 994,578 | 3,114 |
57
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Mobico Group plc | 4,430,613 | 2,851 | |
| 2 | Bakkavor Group plc | 1,398,058 | 2,526 |
| *,1 | ASOS plc | 556,588 | 2,502 |
| * | Capita plc | 13,764,198 | 2,347 |
| PZ Cussons plc | 1,877,937 | 2,338 | |
| *,3 | Home REIT plc | 5,987,549 | 2,160 |
| * | S4 Capital plc | 4,032,755 | 2,145 |
| * | SIG plc | 5,533,944 | 1,740 |
| CLS Holdings plc | 1,330,540 | 1,515 | |
| Ithaca Energy plc | 923,917 | 1,454 | |
| * | Rank Group plc | 1,692,306 | 1,439 |
| Vanquis Banking Group plc | 2,184,118 | 1,385 | |
| * | Ferrexpo plc | 2,336,242 | 1,325 |
| *,3 | Evraz plc | 4,134,463 | - |
| *,3 | NMC Health plc | 510,606 | - |
| *,2,3 | Finablr plc | 1,120,022 | - |
| *,3 | Carillion plc | 2,500,529 | - |
| 24,623,691 | |||
| United States (0.0%) | |||
| * | Seadrill Ltd. | 388,277 | 19,756 |
| Gen Digital Inc. | 91 | 2 | |
| 19,758 | |||
| Total Common Stocks (Cost $151,460,653) | 188,110,291 | ||
| Preferred Stocks (0.4%) | |||
| Samsung Electronics Co. Ltd. Preference Shares | 6,925,079 | 317,977 | |
| Volkswagen AG Preference Shares | 1,543,866 | 174,324 | |
| Henkel AG & Co. KGaA Preference Shares | 1,364,624 | 121,502 | |
| Sartorius AG Preference Shares | 210,700 | 49,322 | |
| Bayerische Motoren Werke AG Preference Shares | 477,682 | 42,179 | |
| Hyundai Motor Co. Preference Shares (XKRX) | 293,188 | 38,879 | |
| FUCHS SE Preference Shares | 560,871 | 25,640 | |
| Hyundai Motor Co. Preference Shares | 182,503 | 24,013 | |
| * | Grifols SA Preference Shares (XMAD) | 2,156,520 | 13,242 |
| LG Chem Ltd. Preference Shares | 65,464 | 11,405 | |
| * | Telecom Italia SpA Preference Shares | 38,852,948 | 10,110 |
| Danieli & C Officine Meccaniche SpA Preference Shares | 306,050 | 8,706 | |
| Sixt SE Preference Shares | 138,267 | 7,606 | |
| Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares | 31,697 | 6,405 | |
| LG Electronics Inc. Preference Shares | 153,165 | 5,401 | |
| Draegerwerk AG & Co. KGaA Preference Shares | 70,858 | 3,783 | |
| Amorepacific Corp. (XKRX) Preference Shares | 90,788 | 3,091 | |
| Samsung SDI Co. Ltd. Preference Shares | 15,739 | 2,497 | |
| LG H&H Co. Ltd. Preference Shares | 21,708 | 2,402 | |
| CJ CheilJedang Corp. Preference Shares | 18,855 | 2,110 | |
| Daishin Securities Co. Ltd. Preference Shares | 188,928 | 2,031 | |
| Corem Property Group AB Preference Shares | 84,944 | 1,891 | |
| Hanwha Corp. Preference Shares | 140,238 | 1,535 | |
| Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares | 229,377 | 595 | |
| Total Preferred Stocks (Cost $819,884) | 876,646 | ||
| Rights (0.0%) | |||
| *,3 | AHL Strom-Munksjo OYJ | 70,191 | 1,341 |
| *,1 | Fincantieri SpA Exp. 7/11/24 | 377,254 | 677 |
| * | MMG Ltd. Exp. 7/5/24 | 8,278,061 | 366 |
| * | Hana Micron Inc. Exp. 7/30/24 | 28,164 | 40 |
| * | Amplifon SpA Exp. 7/9/24 | 1,078,685 | - |
| Total Rights (Cost $1,651) | 2,424 | ||
| Warrants (0.0%) | |||
| *,1,3 | Webuild SpA Exp. 8/2/30 | 196,679 | 182 |
| *,1 | Paradigm Biopharmaceuticals Ltd. Exp. 11/30/24 | 127,344 | 1 |
| * | PointsBet Holdings Ltd. Exp. 7/8/24 | 79,796 | - |
| * | Opthea Ltd. Exp. 6/30/26 | 1,499,056 | - |
| *,3 | Constellation Software Inc. Exp. 3/31/40 | 152,472 | - |
| Total Warrants (Cost $-) | 183 | ||
| Temporary Cash Investments (2.0%) |
58
Developed Markets Index Fund
| Shares |
Market Value• ($000) |
||
| Money Market Fund (2.0%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 5.380%(Cost$3,771,316) | 37,723,126 | 3,771,935 |
| Total Investments (100.8%) (Cost $156,053,504) | 192,761,479 | ||
| Other Assets and Liabilities-Net (-0.8%) | (1,554,119) | ||
| Net Assets (100%) | 191,207,360 | ||
| 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 $2,580,954,000. |
| 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, 2024, the aggregate value was $2,946,593,000, representing 1.5% 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 $2,822,516,000 was received for securities on loan, of which $2,820,195,000 is held in Vanguard Market Liquidity Fund and $2,321,000 is held in cash. |
| 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 | ||||
| E-mini S&P 500 Index | September 2024 | 263 | 72,608 | (98) |
| Euro Stoxx 50 Index | September 2024 | 12,624 | 665,979 | (2,452) |
| FTSE 100 Index | September 2024 | 3,694 | 383,466 | 1,067 |
| S&P ASX 200 Index | September 2024 | 2,058 | 266,753 | 1,091 |
| S&P TSX 60 Index | September 2024 | 1,333 | 255,385 | 2,497 |
| Topix Index | September 2024 | 2,835 | 495,231 | 3,023 |
| 5,128 |
| Forward Currency Contracts | |||||||||
|
Contract Settlement Date |
Contract Amount (000) |
Unrealized Appreciation ($000) |
Unrealized Depreciation ($000) |
||||||
| Counterparty | Receive | Deliver | |||||||
| BNP Paribas | 9/18/24 | AUD | 301,494 | USD | 199,950 | 1,591 | - | ||
| BNP Paribas | 9/18/24 | CAD | 278,041 | USD | 202,508 | 1,116 | - | ||
| BNP Paribas | 9/18/24 | EUR | 235,087 | USD | 254,850 | - | (2,114) | ||
| Standard Chartered Bank | 9/18/24 | EUR | 235,087 | USD | 254,651 | - | (1,916) | ||
| State Street Bank & Trust Co. | 9/18/24 | GBP | 205,233 | USD | 261,616 | - | (2,028) | ||
| State Street Bank & Trust Co. | 9/18/24 | JPY | 29,809,570 | USD | 192,703 | - | (5,160) | ||
| Toronto-Dominion Bank | 9/18/24 | JPY | 20,000,000 | USD | 126,071 | - | (244) | ||
| JPMorgan Chase Bank, N.A. | 9/18/24 | JPY | 15,800,130 | USD | 100,288 | - | (884) | ||
| Toronto-Dominion Bank | 7/2/24 | JPY | 1,460,250 | USD | 9,906 | - | (827) | ||
| State Street Bank & Trust Co. | 9/18/24 | USD | 280,523 | CHF | 248,768 | 966 | - | ||
| UBS AG | 9/18/24 | USD | 27,576 | DKK | 190,400 | 108 | - | ||
| Barclays Bank plc | 9/19/24 | USD | 13,802 | HKD | 107,513 | 3 | - | ||
| State Street Bank & Trust Co. | 9/19/24 | USD | 46,890 | KRW | 64,286,126 | 104 | - | ||
| Toronto-Dominion Bank | 9/18/24 | USD | 14,690 | NOK | 157,024 | - | (46) |
59
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. | 9/18/24 | USD | 39,774 | SEK | 414,519 | 505 | - | ||
| State Street Bank & Trust Co. | 9/18/24 | USD | 6,123 | SGD | 8,251 | 16 | - | ||
| 4,409 | (13,219) |
| 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. |
| NOK-Norwegian krone. |
| SEK-Swedish krona. |
| SGD-Singapore dollar. |
| USD-U.S. dollar. |
| Over-the-Counter Total Return Swaps | ||||||
| Reference Entity |
Termination Date |
Counterparty |
Notional Amount ($000) |
Floating Interest Rate Received (Paid)1 (%) |
Value and Unrealized Appreciation ($000) |
Value and Unrealized (Depreciation) ($000) |
| Hanwha Ocean Co. | 7/31/24 | GSI | 5,883 | (3.824) | - | (341) |
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| GSI-Goldman Sachs International. |
See accompanying Notes, which are an integral part of the Financial Statements.
60
Developed Markets Index Fund
Statement of Assets and Liabilities
As of June 30, 2024
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $152,282,188) | 188,989,544 |
| Affiliated Issuers (Cost $3,771,316) | 3,771,935 |
| Total Investments in Securities | 192,761,479 |
| Investment in Vanguard | 5,725 |
| Cash | 2,321 |
| Cash Collateral Pledged-Futures Contracts | 125,212 |
| Cash Collateral Pledged-Foward Currency Contracts and Over-the-Counter Swap Contracts | 10,160 |
| Foreign Currency, at Value (Cost $214,987) | 214,673 |
| Receivables for Investment Securities Sold | 150,363 |
| Receivables for Accrued Income | 800,633 |
| Receivables for Capital Shares Issued | 162,702 |
| Variation Margin Receivable-Futures Contracts | 844 |
| Unrealized Appreciation-Forward Currency Contracts | 4,409 |
| Total Assets | 194,238,521 |
| Liabilities | |
| Due to Custodian | 111,580 |
| Payables for Investment Securities Purchased | 28,091 |
| Collateral for Securities on Loan | 2,822,516 |
| Payables for Capital Shares Redeemed | 47,618 |
| Payables to Vanguard | 7,796 |
| Unrealized Depreciation-Forward Currency Contracts | 13,219 |
| Unrealized Depreciation-Over-the-Counter Swap Contracts | 341 |
| Total Liabilities | 3,031,161 |
| Net Assets | 191,207,360 |
| 1 Includes $2,580,954,000 of securities on loan. |
61
Developed Markets Index Fund
| Statement of Assets and Liabilities (continued) | |
| At June 30, 2024, net assets consisted of: | |
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Paid-in Capital | 162,992,159 |
| Total Distributable Earnings (Loss) | 28,215,201 |
| Net Assets | 191,207,360 |
| Investor Shares-Net Assets | |
|
Applicable to 1,791,007 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
21,969 |
| Net Asset Value Per Share-Investor Shares | $12.27 |
| ETF Shares-Net Assets | |
|
Applicable to 2,682,609,281 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
132,161,043 |
| Net Asset Value Per Share-ETF Shares | $49.27 |
| Admiral Shares-Net Assets | |
|
Applicable to 1,745,179,281 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
27,641,283 |
| Net Asset Value Per Share-Admiral Shares | $15.84 |
| Institutional Shares-Net Assets | |
|
Applicable to 937,587,457 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
14,870,813 |
| Net Asset Value Per Share-Institutional Shares | $15.86 |
| Institutional Plus Shares-Net Assets | |
|
Applicable to 666,079,270 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
16,512,252 |
| Net Asset Value Per Share-Institutional Plus Shares | $24.79 |
See accompanying Notes, which are an integral part of the Financial Statements.
62
Developed Markets Index Fund
Statement of Operations
|
Six Months Ended June 30, 2024 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 3,494,047 |
| Interest2 | 21,629 |
| Securities Lending-Net | 23,548 |
| Total Income | 3,539,224 |
| Expenses | |
| The Vanguard Group-Note B | |
| Investment Advisory Services | 5,625 |
| Management and Administrative-Investor Shares | 15 |
| Management and Administrative-ETF Shares | 22,543 |
| Management and Administrative-Admiral Shares | 7,442 |
| Management and Administrative-Institutional Shares | 2,676 |
| Management and Administrative-Institutional Plus Shares | 2,300 |
| Marketing and Distribution-Investor Shares | 1 |
| Marketing and Distribution-ETF Shares | 1,933 |
| Marketing and Distribution-Admiral Shares | 724 |
| Marketing and Distribution-Institutional Shares | 251 |
| Marketing and Distribution-Institutional Plus Shares | 264 |
| Custodian Fees | 2,685 |
| Shareholders' Reports-Investor Shares | - |
| Shareholders' Reports-ETF Shares | 1,434 |
| Shareholders' Reports-Admiral Shares | 181 |
| Shareholders' Reports-Institutional Shares | 62 |
| Shareholders' Reports-Institutional Plus Shares | 93 |
| Trustees' Fees and Expenses | 54 |
| Other Expenses | 490 |
| Total Expenses | 48,773 |
| Expenses Paid Indirectly | (38) |
| Net Expenses | 48,735 |
| Net Investment Income | 3,490,489 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | (310,085) |
| Futures Contracts | 139,703 |
| Swap Contracts | 601 |
| Forward Currency Contracts | (3,471) |
| Foreign Currencies | (36,622) |
| Realized Net Gain (Loss) | (209,874) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 4,771,890 |
| Futures Contracts | (7,793) |
| Swap Contracts | 15 |
| Forward Currency Contracts | (27,255) |
| Foreign Currencies | (22,405) |
| Change in Unrealized Appreciation (Depreciation) | 4,714,452 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 7,995,067 |
| 1 | Dividends are net of foreign withholding taxes of $333,353,000. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $17,838,000, ($140,000), and $209,000, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $353,771,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
63
Developed Markets Index Fund
Statement of Changes in Net Assets
|
Six Months Ended June 30, 2024 |
Year Ended December 31, 2023 |
||
| ($000) | ($000) | ||
| Increase (Decrease) in Net Assets | |||
| Operations | |||
| Net Investment Income | 3,490,489 | 4,941,638 | |
| Realized Net Gain (Loss) | (209,874) | (878,746) | |
| Change in Unrealized Appreciation (Depreciation) | 4,714,452 | 22,767,434 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 7,995,067 | 26,830,326 | |
| Distributions | |||
| Investor Shares | (315) | (742) | |
| ETF Shares | (1,968,327) | (3,785,156) | |
| Admiral Shares | (412,950) | (812,549) | |
| Institutional Shares | (219,803) | (455,255) | |
| Institutional Plus Shares | (253,079) | (504,249) | |
| Total Distributions | (2,854,474) | (5,557,951) | |
| Capital Share Transactions | |||
| Investor Shares | (813) | (2,896) | |
| ETF Shares | 5,942,113 | 7,850,186 | |
| Admiral Shares | 445,464 | 1,074,990 | |
| Institutional Shares | 292,213 | (595,082) | |
| Institutional Plus Shares | (657,371) | 1,416,031 | |
| Net Increase (Decrease) from Capital Share Transactions | 6,021,606 | 9,743,229 | |
| Total Increase (Decrease) | 11,162,199 | 31,015,604 | |
| Net Assets | |||
| Beginning of Period | 180,045,161 | 149,029,557 | |
| End of Period | 191,207,360 | 180,045,161 |
See accompanying Notes, which are an integral part of the Financial Statements.
64
Developed Markets Index Fund
Financial Highlights
| Investor Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended June 30, 2024 |
Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net Asset Value, Beginning of Period | $11.93 | $10.47 | $12.73 | $11.79 | $10.95 | $9.26 |
| Investment Operations | ||||||
| Net Investment Income1 | .221 | .328 | .333 | .331 | .235 | .361 |
| Net Realized and Unrealized Gain (Loss) on Investments | .298 | 1.496 | (2.302) | .996 | .834 | 1.651 |
| Total from Investment Operations | .519 | 1.824 | (1.969) | 1.327 | 1.069 | 2.012 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.179) | (.364) | (.291) | (.387) | (.229) | (.322) |
| Distributions from Realized Capital Gains | - | - | - | - | - | - |
| Total Distributions | (.179) | (.364) | (.291) | (.387) | (.229) | (.322) |
| Net Asset Value, End of Period | $12.27 | $11.93 | $10.47 | $12.73 | $11.79 | $10.95 |
| Total Return2 | 4.36% | 17.61% | -15.39% | 11.35% | 10.11% | 21.96% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $22 | $22 | $22 | $37 | $49 | $59 |
| Ratio of Total Expenses to Average Net Assets | 0.16%3 | 0.17%3 | 0.16%3 | 0.16% | 0.16% | 0.16% |
| Ratio of Net Investment Income to Average Net Assets | 3.61% | 2.92% | 3.06% | 2.61% | 2.34% | 3.56% |
| Portfolio Turnover Rate4 | 1% | 3% | 4% | 3% | 3% | 2% |
| 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%, 0.17%, and 0.16%, respectively. |
| 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.
65
Developed Markets Index Fund
Financial Highlights
| FTSE Developed Markets ETF Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended June 30, 2024 |
Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net Asset Value, Beginning of Period | $47.91 | $42.04 | $51.14 | $47.36 | $43.98 | $37.20 |
| Investment Operations | ||||||
| Net Investment Income1 | .918 | 1.361 | 1.403 | 1.370 | .982 | 1.289 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.189 | 6.020 | (9.281) | 4.024 | 3.363 | 6.831 |
| Total from Investment Operations | 2.107 | 7.381 | (7.878) | 5.394 | 4.345 | 8.120 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.747) | (1.511) | (1.222) | (1.614) | (.965) | (1.340) |
| Distributions from Realized Capital Gains | - | - | - | - | - | - |
| Total Distributions | (.747) | (1.511) | (1.222) | (1.614) | (.965) | (1.340) |
| Net Asset Value, End of Period | $49.27 | $47.91 | $42.04 | $51.14 | $47.36 | $43.98 |
| Total Return | 4.41% | 17.77% | -15.35% | 11.49% | 10.29% | 22.08% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $132,161 | $122,714 | $100,471 | $110,103 | $87,578 | $78,752 |
| Ratio of Total Expenses to Average Net Assets | 0.05%2 | 0.06%2 | 0.05%2 | 0.05% | 0.05% | 0.05% |
| Ratio of Net Investment Income to Average Net Assets | 3.74% | 3.01% | 3.22% | 2.69% | 2.43% | 3.13% |
| Portfolio Turnover Rate3 | 1% | 3% | 4% | 3% | 3% | 2% |
| 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%, 0.06%, and 0.05%, respectively. |
| 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.
66
Developed Markets Index Fund
Financial Highlights
| Admiral Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended June 30, 2024 |
Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net Asset Value, Beginning of Period | $15.40 | $13.52 | $16.44 | $15.23 | $14.14 | $11.96 |
| Investment Operations | ||||||
| Net Investment Income1 | .293 | .435 | .448 | .438 | .313 | .410 |
| Net Realized and Unrealized Gain (Loss) on Investments | .386 | 1.928 | (2.978) | 1.287 | 1.085 | 2.198 |
| Total from Investment Operations | .679 | 2.363 | (2.530) | 1.725 | 1.398 | 2.608 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.239) | (.483) | (.390) | (.515) | (.308) | (.428) |
| Distributions from Realized Capital Gains | - | - | - | - | - | - |
| Total Distributions | (.239) | (.483) | (.390) | (.515) | (.308) | (.428) |
| Net Asset Value, End of Period | $15.84 | $15.40 | $13.52 | $16.44 | $15.23 | $14.14 |
| Total Return2 | 4.42% | 17.67% | -15.32% | 11.43% | 10.26% | 22.05% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $27,641 | $26,441 | $22,214 | $24,782 | $21,207 | $20,143 |
| Ratio of Total Expenses to Average Net Assets | 0.07%3 | 0.08%3 | 0.07%3 | 0.07% | 0.07% | 0.07% |
| Ratio of Net Investment Income to Average Net Assets | 3.71% | 2.99% | 3.21% | 2.68% | 2.41% | 3.10% |
| Portfolio Turnover Rate4 | 1% | 3% | 4% | 3% | 3% | 2% |
| 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%, 0.08%, and 0.07%, respectively. |
| 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.
67
Developed Markets Index Fund
Financial Highlights
| Institutional Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended June 30, 2024 |
Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net Asset Value, Beginning of Period | $15.43 | $13.53 | $16.46 | $15.25 | $14.16 | $11.97 |
| Investment Operations | ||||||
| Net Investment Income1 | .294 | .442 | .452 | .442 | .315 | .417 |
| Net Realized and Unrealized Gain (Loss) on Investments | .377 | 1.944 | (2.989) | 1.287 | 1.086 | 2.205 |
| Total from Investment Operations | .671 | 2.386 | (2.537) | 1.729 | 1.401 | 2.622 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.241) | (.486) | (.393) | (.519) | (.311) | (.432) |
| Distributions from Realized Capital Gains | - | - | - | - | - | - |
| Total Distributions | (.241) | (.486) | (.393) | (.519) | (.311) | (.432) |
| Net Asset Value, End of Period | $15.86 | $15.43 | $13.53 | $16.46 | $15.25 | $14.16 |
| Total Return | 4.35% | 17.84% | -15.34% | 11.44% | 10.27% | 22.14% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $14,871 | $14,194 | $12,983 | $15,219 | $14,020 | $12,449 |
| Ratio of Total Expenses to Average Net Assets | 0.05%2 | 0.06%2 | 0.05%2 | 0.05% | 0.05% | 0.05% |
| Ratio of Net Investment Income to Average Net Assets | 3.72% | 3.04% | 3.23% | 2.70% | 2.42% | 3.15% |
| Portfolio Turnover Rate3 | 1% | 3% | 4% | 3% | 3% | 2% |
| 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%, 0.06%, and 0.05%, respectively. |
| 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.
68
Developed Markets Index Fund
Financial Highlights
| Institutional Plus Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended June 30, 2024 |
Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net Asset Value, Beginning of Period | $24.11 | $21.15 | $25.73 | $23.83 | $22.13 | $18.72 |
| Investment Operations | ||||||
| Net Investment Income1 | .461 | .687 | .717 | .693 | .495 | .647 |
| Net Realized and Unrealized Gain (Loss) on Investments | .596 | 3.036 | (4.680) | 2.022 | 1.693 | 3.439 |
| Total from Investment Operations | 1.057 | 3.723 | (3.963) | 2.715 | 2.188 | 4.086 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.377) | (.763) | (.617) | (.815) | (.488) | (.676) |
| Distributions from Realized Capital Gains | - | - | - | - | - | - |
| Total Distributions | (.377) | (.763) | (.617) | (.815) | (.488) | (.676) |
| Net Asset Value, End of Period | $24.79 | $24.11 | $21.15 | $25.73 | $23.83 | $22.13 |
| Total Return | 4.39% | 17.80% | -15.33% | 11.49% | 10.27% | 22.07% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $16,512 | $16,674 | $13,339 | $16,866 | $15,531 | $13,790 |
| Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.05%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
| Ratio of Net Investment Income to Average Net Assets | 3.74% | 3.02% | 3.26% | 2.71% | 2.43% | 3.12% |
| Portfolio Turnover Rate3 | 1% | 3% | 4% | 3% | 3% | 2% |
| 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%, 0.05%, and 0.04%, respectively. |
| 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.
69
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.
| 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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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. 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, 2024, 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. Risks associated with these types of forward currency 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.
During the six months ended June 30, 2024, the fund's average investment in forward currency contracts represented 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
70
Developed Markets Index Fund
5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps 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. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, 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 swap 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 swap 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.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the six months ended June 30, 2024, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually 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.
7. 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.
8. 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.
9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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 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, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
71
Developed Markets Index Fund
10. 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 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. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.
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, 2024, the fund had contributed to Vanguard capital in the amount of $5,725,000, representing less than 0.01% of the fund's net assets and 2.29% of Vanguard's 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, 2024, custodian fee offset arrangements reduced the fund's expenses by $38,000 (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, 2024, based on the inputs used to value them:
|
Level 1 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
| Investments | ||||
| Assets | ||||
| Common Stocks | 18,114,488 | 169,983,706 | 12,097 | 188,110,291 |
| Preferred Stocks | - | 876,646 | - | 876,646 |
| Rights | 1,043 | 40 | 1,341 | 2,424 |
| Warrants | 1 | - | 182 | 183 |
| Temporary Cash Investments | 3,771,935 | - | - | 3,771,935 |
| Total | 21,887,467 | 170,860,392 | 13,620 | 192,761,479 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 7,678 | - | - | 7,678 |
| Forward Currency Contracts | - | 4,409 | - | 4,409 |
| Total | 7,678 | 4,409 | - | 12,087 |
| Liabilities | ||||
| Futures Contracts1 | 2,550 | - | - | 2,550 |
| Forward Currency Contracts | - | 13,219 | - | 13,219 |
| Swap Contracts | - | 341 | - | 341 |
| Total | 2,550 | 13,560 | - | 16,110 |
| 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. |
72
Developed Markets Index Fund
| E. | At June 30, 2024, 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-Futures Contracts1 | 7,678 | - | 7,678 |
| Unrealized Appreciation-Forward Currency Contracts | - | 4,409 | 4,409 |
| Total Assets | 7,678 | 4,409 | 12,087 |
| Unrealized Depreciation-Futures Contracts1 | 2,550 | - | 2,550 |
| Unrealized Depreciation-Forward Currency Contracts | - | 13,219 | 13,219 |
|
Unrealized Depreciation- Over-the-Counter Swap Contracts |
341 | - | 341 |
| Total Liabilities | 2,891 | 13,219 | 16,110 |
| 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, 2024, were:
| Realized Net Gain (Loss) on Derivatives |
Equity Contracts ($000) |
Foreign Exchange Contracts ($000) |
Total ($000) |
| Futures Contracts | 139,703 | - | 139,703 |
| Swap Contracts | 601 | - | 601 |
| Forward Currency Contracts | - | (3,471) | (3,471) |
| Realized Net Gain (Loss) on Derivatives | 140,304 | (3,471) | 136,833 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | (7,793) | - | (7,793) |
| Swap Contracts | 15 | - | 15 |
| Forward Currency Contracts | - | (27,255) | (27,255) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (7,778) | (27,255) | (35,033) |
| F. | As of June 30, 2024, 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 | 158,135,486 |
| Gross Unrealized Appreciation | 51,160,987 |
| Gross Unrealized Depreciation | (16,538,676) |
| Net Unrealized Appreciation (Depreciation) | 34,622,311 |
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, 2023, the fund had available capital losses totaling $7,281,438,000 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, 2024; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
| G. | During the six months ended June 30, 2024, the fund purchased $5,918,695,000 of investment securities and sold $2,700,714,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $3,258,928,000 and $624,080,000, 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, 2024 |
Year Ended December 31, 2023 |
||||
|
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
| Investor Shares | |||||
| Issued | 2,375 | 194 | 2,817 | 248 | |
| Issued in Lieu of Cash Distributions | 315 | 26 | 742 | 65 | |
| Redeemed | (3,503) | (293) | (6,455) | (560) | |
| Net Increase (Decrease)-Investor Shares | (813) | (73) | (2,896) | (247) |
73
Developed Markets Index Fund
|
Six Months Ended June 30, 2024 |
Year Ended December 31, 2023 |
||||
|
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
| ETF Shares | |||||
| Issued | 5,942,113 | 121,392 | 7,965,686 | 173,908 | |
| Issued in Lieu of Cash Distributions | - | - | - | - | |
| Redeemed | - | - | (115,500) | (2,500) | |
| Net Increase (Decrease)-ETF Shares | 5,942,113 | 121,392 | 7,850,186 | 171,408 | |
| Admiral Shares | |||||
| Issued | 2,664,836 | 169,579 | 4,661,375 | 320,781 | |
| Issued in Lieu of Cash Distributions | 330,964 | 20,936 | 648,170 | 43,896 | |
| Redeemed | (2,550,336) | (161,925) | (4,234,555) | (291,593) | |
| Net Increase (Decrease)-Admiral Shares | 445,464 | 28,590 | 1,074,990 | 73,084 | |
| Institutional Shares | |||||
| Issued | 1,493,160 | 94,379 | 2,954,089 | 204,004 | |
| Issued in Lieu of Cash Distributions | 200,480 | 12,667 | 413,669 | 27,991 | |
| Redeemed | (1,401,427) | (89,625) | (3,962,840) | (271,040) | |
| Net Increase (Decrease)-Institutional Shares | 292,213 | 17,421 | (595,082) | (39,045) | |
| Institutional Plus Shares | |||||
| Issued | 1,243,867 | 50,242 | 4,467,377 | 195,295 | |
| Issued in Lieu of Cash Distributions | 229,990 | 9,295 | 465,138 | 20,110 | |
| Redeemed | (2,131,228) | (85,049) | (3,516,484) | (154,375) | |
| Net Increase (Decrease)-Institutional Plus Shares | (657,371) | (25,512) | 1,416,031 | 61,030 |
| I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, 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. |
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
| J. | Management has determined that no events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in these financial statements. |
Q1272 082024
74
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Trustees Approve Advisory Arrangements - Developed Markets Index Fund
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 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 conducted by the Portfolio Review Department. 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.
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.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant's Internal Control Over Financial Reporting or in other factors that could significantly affect this control during the period covered by this report, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19: Exhibits.
| (a)(1) | Not applicable. |
| (a)(2) | Certifications filed herewith. |
| (a)(2) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD TAX-MANAGED FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
| Date: August 21, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD TAX-MANAGED FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
| Date: August 21, 2024 | ||
| VANGUARD TAX-MANAGED FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER | ||
| Date: August 21, 2024 | ||
| * By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on July 25, 2024 (see File Number 33-48863), Incorporated by Reference.